UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

 

 

GPS Funds I

(Exact name of registrant as specified in charter)

 

 

1655 Grant Street, 10th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

 

 

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord, CA 94520

(Name and address of agent for service)

 

 

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2023

Date of reporting period: April 1, 2022 through September 30, 2022

 

 

 


Item 1. Reports to Stockholders.

(a)


GuideMark® Funds

GuidePath® Funds

 

Investment Advisor

AssetMark, Inc.

 

SEMI-ANNUAL REPORT

 

September 30, 2022

 


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 Semi-Annual Report for the GuideMark and GuidePath Funds covering the period from April 1, 2022 to September 30, 2022.

Market Review

For the 6-month reporting period ending September 30, 2022, US equities returned (20.2)%1. Headlines of slowing economic growth leading to an eventual recession and tightening monetary policy intended to tame persistently high inflation have plagued markets over the last 6 months. International developed markets underperformed US equities, returning (22.3)%2 in US dollar terms for the 6-month period ending September 30, 2022. Results were impacted by the war in Ukraine, with significant reliance on Russian commodity exports by Europe driving inflation to record highs in the region. A stronger US dollar also led to lower returns in international developed markets, as losses in local currencies stood at (10.9)%3. Emerging markets also struggled for the 6-month period ending September 30, 2022, declining (21.5)%4 as China’s continued restrictive, zero tolerance COVID policy remained highly disruptive to the region’s economy and markets.

Within US equity sectors, all 11 sectors posted negative returns for the 6-month period ending September 30, 2022. Energy was the best performing among the sectors with losses of 2.9%.5 In addition, defensive sectors such as Utilities and Healthcare rounded the top three as investors sought safety amid rising uncertainty, each returning (10.8)% for the 6-month period ending September 30, 20225. The worst performing sector for the 6-month period was Communication Services, a sector that can be viewed as non-essential and dependent on cashflows in the future, which was down 30.8%6 as of September 30, 2022. For many growth style stocks, investors historically have paid a premium for distant growth in earnings and cashflows. However, in a rising interest rate environment, investors tend to favor companies with near term cashflows such as dividend paying stocks and pull back from long duration stocks.

Within equity styles, across US large-cap stocks, while posting negative absolute returns, value outperformed growth for the 6-month reporting period by 7.4%7. This was a reversal from the last decade where value style underperformed but rising interest rates and lofty valuations put pressure on the growth segments driving underperformance of growth during the most of the reporting period. Across the capitalization spectrum, small-cap stocks outperformed large-cap stocks8.

Looking at broader asset class returns for the 6-month period ending September 30, 2022, commodities fell 9.5%9 as recession concerns weighed on future demand despite supply disruptions resulting from the ongoing war in Ukraine. Gold fell by 14.9%10 hurt by a rising US dollar, despite higher equity market volatility in 2022. Real estate investment trusts (REITs) returned (23.9)%11 over the same period hurt by rising interest rates.

Within fixed income, the US bond market started 2022 with its worst performance on record since the inception of the Bloomberg US Aggregate Bond Index as interest rates rose sharply after the Federal Reserve set out on a more aggressive path of monetary tightening in an effort to tame inflation. US core bonds returned (9.2)% for the 6-month period ending September 30, 202212. Longer-term Treasuries, which have the greatest sensitivity to interest-rate changes, were the hardest hit and fell 20.4%13 for the same time period. High yield bonds (which carry less interest rate sensitivity) fell 10.4%14, surprisingly outperforming investment grade corporate bonds, despite recessionary fears hitting other risk assets. Finally, emerging market bonds struggled with weaker regional ecnomic growth and a stronger US dollar, falling 12.4%15 for the 6-month period ending September 30, 2022.

Fund Review

Looking across the fund family, six of the 15 funds performed in line with or outperformed their benchmarks over the 6-month period.

 


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

 

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

 

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

 

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

 

5    Source: Zephyr Style Advisor. Energy sector represented by S&P 500 Energy Index; Utilities sector represented by S&P 500 Utilities Index; Health care sector represented by S&P 500 Healthcare Index.

 

6    Source: Zephyr Style Advisor. Communication Services sector represented by S&P 500 Communication Services Index.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

1


Performance of the GuideMark Funds was mixed during the reporting period. The GuideMark Large Cap Core Fund outperformed its benchmark, benefitting from exposure to the momentum factor in light of trends growing stronger in value stocks in the latter part of the period as investors grew concerned over lofty valuations, rising interest rates, and inflationary pressures. The GuideMark Small/Mid Cap Fund, GuideMark World Ex-US Fund, and GuideMark Emerging Markets Fund lagged their respective benchmarks over the six month period largely due to their exposure to the quality factor. The GuideMark Core Fixed Income Fund underperformed its benchmark due its overweight allocation to corporate credit as well as agency-mortgage exposure which fell under pressure due to rising interest rates during the period.

The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund and GuidePath Flexible Income Allocation Fund each underperformed its respective benchmark, generally as a result of broad asset class diversification, with exposure to global equities, and in particular growth-oriented equities, along with global REITs and long-term Treasuries and Treasury Inflation Protected Securities within fixed income all weighing on returns for the period. The GuidePath Tactical Allocation Fund outperformed its benchmark due to its overweight allocations to the Energy and Healthcare sectors. However, the Fund’s higher total equity positioning relative to its benchmark detracted during the period. The GuidePath Multi-Asset Income Allocation Fund outperformed its benchmark due to overweight exposures to US dividend equity, the Utilities sector, high yield bonds and mortgage backed securities during the period. The GuidePath Managed Futures Strategy Fund outperformed its benchmark for the 6-month period largely due to its strong performance in the second quarter. In particular, short positions in fixed income and long positioning in the U.S. dollar were primary contributors.

Of the three GuidePath income-focused funds, both the GuidePath Conservative Income Fund and the GuidePath Growth and Income Fund outperformed their respective benchmarks for the reporting period. The GuidePath Conservative Income Fund primarily benefited from a target allocation to cash equivalents that beat the negative returns of short-term Treasuries as the Federal Reserve signaled its willingness to continue raising interest rates. Exposure to master limited partnerships (MLPs) and energy-oriented stocks lifted returns in the GuidePath Growth and Income Fund, as did the Fund’s volatility targeting component especially during the August-September sharp market decline. The GuidePath Income Fund underperformed its benchmark for the period. The Fund’s allocation to investment grade credit within diversified bond exposures was a significant detractor from returns during the period. The Fund’s put-write strategy also detracted from returns, as the collection of the option premiums was offset by increased market volatility.

Looking Ahead

When we are so focused on the near term and current losses seen in portfolios, it’s really difficult to lean into the markets when they are ‘on sale’. Although a balanced and well diversified portfolio can help, we need to remember that market falls are part of a normal functioning market and bear markets always end. Investing into and during bear markets can be additive to investor returns as the strongest market returns historically have tended to occur after market downturns—the average 1-year return following a bear market cycle is 49.6%16. But investing into bear markets needs a long-term focus, patience, a calm-mind and a strong stomach! Remembering that investing is about the future and not the past and that today’s realities provide investment opportunities allows us to make good decisions today that can provide greater benefit to a portfolio in the longer term.

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

Sincerely,

 

LOGO

Carrie E. Hansen

Trustee, Chairperson and President of the Funds

Important Information

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

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

The prospectus includes additional information about the GuideMark and GuidePath Funds including investment objectives, risk factors, fees and charges as well as other important information that should be carefully read and considered before investing. You may obtain a prospectus by contacting your registered representative.

AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. The Principal Underwriter for the GuideMark and GuidePath Funds is AssetMark Brokerage®, LLC (AssetMark Brokerage), a member of the Financial Industry Regulatory Authority, Inc. AssetMark Brokerage is an affiliate of AssetMark, Inc. and shares its address. ©2022 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.

 


16    Source: MFS, “Market Declines: A History of Recoveries.”

 

2


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.

 

3


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 September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

RUSSELL 1000® INDEX – The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. As of May 6, 2022, the market capitalization of the companies in the Russell 1000® Index ranged from $2.9 billion to $2.5 trillion.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)(2)

 

GuideMark Large Cap Core Fund(3)

                                   

Service Shares

     -18.03      8.42      9.91      5.19

Institutional Shares

     -17.88      8.94      10.50      9.44

Russell 1000® Index

     -17.22      9.00      11.60      7.40

 

(1) 

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

 

(2) 

The return shown for the Russell 1000® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 10.82%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

4


GuideMark Large Cap Core Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (20.46)%, outperforming the Russell 1000 Index at (20.51)%.

 

 

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

 

 

The Fund benefitted from its investment process tilt toward stocks with smaller market capitalizations within its investment universe.

 

 

The Fund’s allocation to the quality factor combined with security selection within technology was a detractor.

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Apple, Inc.     5.85
  2      Microsoft Corp.     4.67
  3      Vanguard S&P 500 ETF     3.69
  4      Amazon.com, Inc.     2.37
  5      Alphabet, Inc. – Class A     1.44
  6      Telsa, Inc.     1.44
  7      Alphabet, Inc. – Class C     1.31
  8      UnitedHealth Group, Inc.     1.29
  9      Johnson & Johnson     1.16
  10      Exxon Mobil Corp.     0.89

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

 

5


GuideMark Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

MSCI EMERGING MARKETS INDEX – The MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets. The emerging market country indices included are: 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 September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)

 

GuideMark Emerging Markets Fund(2)

                                   

Service Shares

     -28.34      -2.69      5.28      3.34

MSCI Emerging Markets Index

     -27.80      -1.44      1.42      7.70

 

(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).

 

6


GuideMark Emerging Markets Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (22.89)%, underperforming the MSCI Emerging Markets Index at (21.46)%.

 

 

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was the largest detractor due to value’s underperformance in the last quarter of the reporting period.

 

 

Exposure to the quality factor, which underperformed during the reporting period, detracted from the Fund’s returns.

 

 

Driven by the Fund’s factor investment approach, the Fund’s underweight to the Financials sector and an overweight allocation to Korean equities detracted from performance.

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Taiwan Semiconductor Manufacturing Co., Ltd.     5.49
  2      iShares MSCI Saudi Arabia ETF     4.38
  3      Tencent Holdings, Ltd.     3.25
  4      Samsung Electronics Co., Ltd.     2.99
  5      iShares Core MSCI Emerging Markets ETF     2.57
  6      Alibaba Group Holdings, Ltd.     1.85
  7      Vale SA     1.03
  8      Infosys, Ltd.     1.01
  9      China Construction Bank Corp. – Series H     0.94
  10      Reliance Industries, Ltd.     0.88

 

7


GuideMark Small/Mid 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 September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

RUSSELL 2500TM INDEX – The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 6, 2022, the market capitalization of the companies in the Russell 2500TM Index ranged from $240 million to $16.9 billion.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)

 

GuideMark Small/Mid Cap Core Fund(2)

                                   

Service Shares

     -21.15      5.87      9.30      7.05

Russell 2500TM Index

     -21.11      5.45      9.58      8.12

 

(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).

 

8


GuideMark Small/Mid Cap Core Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (19.82)%, underperforming the Russell 2500 Index at (19.32)%.

 

 

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

 

 

During the reporting period, the Fund was hurt by exposure to the value factor as value underperformed relative to growth in last quarter of the reporting period.

 

 

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

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard Extended Market ETF     3.29
  2      LPL Financial Holdings, Inc.     0.34
  3      Builders FirstSource, Inc.     0.30
  4      Steel Dynamics, Inc.     0.30
  5      United Therapeutics Corp.     0.28
  6      Reliance Steel & Aluminum Co.     0.26
  7      Quanta Services, Inc.     0.25
  8      BJ’s Wholesale Club Holdings, Inc.     0.25
  9      Dillard’s, Inc. – Class A     0.24
  10      APA Corp.     0.24

 

9


GuideMark World ex-US 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 September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

MSCI WORLD EX-USA INDEX – The MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 developed markets countries excluding the U.S. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)(2)

 

GuideMark World ex-US Fund(3)

                                   

Service Shares

     -26.71      -1.59      2.17      1.84

Institutional Shares(4)

     -26.08      -0.98      2.87      1.26

MSCI World ex-USA Index

     -23.50      0.12      4.14      4.66

 

(1) 

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

 

(2) 

The return shown for the MSCI World ex-USA Index is from the inception date of the Service Shares. The MSCI World ex-USA Index return from the inception date of the Institutional Shares is 2.54%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

(4) 

During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period.

 

10


GuideMark World ex-US Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (23.08)%, underperforming the MSCI World ex-USA Index at (22.24)%.

 

 

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

 

 

Exposure to developed international equity, led by German equities, detracted from Fund returns for the period.

 

 

Security selection within the Industrials sector detracted from the Fund’s performance, which was driven by exposure to the quality factor.

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      iShares MSCI EAFE ETF     3.64
  2      Nestle SA     1.60
  3      Roche Holdings AG     1.56
  4      Novo Nordisk AS – Series B     1.33
  5      Shell PLC     1.17
  6      LVMH Moet Hennessy Louis Vuitton SE     1.04
  7      AstraZeneca PLC     1.04
  8      Novartis AG     0.95
  9      Royal Bank of Canada     0.85
  10      Total SA     0.79

 

11


GuideMark Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. 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. 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 September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)

 

GuideMark Core Fixed Income Fund(2)

                                   

Service Shares

     -16.25      -0.98      0.10      2.73

Bloomberg U.S. Aggregate Bond Index

     -14.60      -0.27      0.89      3.52

 

(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).

 

12


GuideMark Core Fixed Income Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (10.57)%, underperforming the Bloomberg US Aggregate Bond Index at (9.22)%.

 

 

Overweight exposure to investment grade corporate credit detracted from returns as credit spreads widened during the period.

 

 

Exposure to the securitized credit sector, including residential mortgage-backed securities, tempered returns as the Fed continued to raise rates in an effort to drive down inflation.

Components of Portfolio Holdings*

 

 

LOGO

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

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Federal National Mortgage Association, 3.000%, 10/15/2050     4.16
  2      U.S. Treasury Note, 2.875%, 06/15/2025     3.15
  3      U.S. Treasury Note, 1.875%, 02/28/2029     2.60
  4      Government National Mortgage Association, 2.500%, 10/15/2046     2.56
  5      Federal National Mortgage Association, 2.000%, 01/01/2052     2.26
  6      U.S. Treasury Note, 2.00%, 11/15/2026     2.24
  7      Federal National Mortgage Association, 2.500%, 10/15/2046     1.87
  8      Federal National Mortgage Association, 2.500%, 06/01/2052     1.81
  9      U.S. Treasury Note, 0.750%, 04/30/2026     1.74
  10      Federal National Mortgage Association, 1.500%, 10/15/2035     1.59

 

13


GuidePath Growth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)(2)

 

GuidePath Growth Allocation Fund(3)

                                   

Service Shares

     -22.80      4.03      6.14      4.96

Institutional Shares

     -22.86      4.49      6.69      6.48

S&P® Target Risk Aggressive Index

     -18.49      3.87      7.16      6.47

 

(1) 

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

 

(2) 

The return shown for the S&P® Target Risk Aggressive Index is annualized from the inception date of the Service Shares. The S&P® Target Risk Aggressive Index average annual return from the inception date of the Institutional Shares is 6.95%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

14


GuidePath Growth Allocation Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (22.00)%, underperforming the S&P® Target Risk Aggressive Index at (18.51)%.

 

 

Exposure to large cap growth stocks hurt Fund returns for the reporting period, as investors favored stable companies with steady earnings. International equity exposure also detracted from performance.

 

 

Global REITs exposure hurt returns as central banks raised interest rates in an effort to fight persistently high inflation.

 

 

Exposure to U.S. small-cap stocks benefitted Fund performance during the period.

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard S&P 500 ETF     17.95
  2      Vanguard FTSE Developed Markets ETF     9.77
  3      Schwab U.S. Large-Cap ETF     6.90
  4      iShares Core S&P Small-Cap ETF     6.54
  5      American Funds – The Growth Fund of America – Class F3     6.36
  6      Schwab U.S. Large-Cap Growth ETF     6.25
  7      iShares Core MSCI Emerging Markets ETF     6.20
  8      AMCAP Fund – Class F3     5.03
  9      Vanguard Russell 1000 Growth ETF     5.03
  10      American Funds – Fundamental Investors – Class F3     5.01

 

15


GuidePath Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)(2)

 

GuidePath Conservative Allocation Fund(3)

                                   

Service Shares

     -14.78      1.96      3.55      3.06

Institutional Shares

     -14.38      2.51      4.16      4.02

S&P® Target Risk Conservative Index

     -15.59      1.68      3.30      3.46

 

(1) 

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

 

(2) 

The return shown for the S&P® Target Risk Conservative Index is annualized from the inception date of the Service Shares. The S&P® Target Risk Conservative Index average annual return from the inception date of the Institutional Shares is 3.24%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

16


GuidePath Conservative Allocation Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (14.18)% underperforming the S&P® Target Risk Conservative Index at (12.52)%.

 

 

International equity exposure detracted from performance. Global REITs exposure hurt returns as central banks raised interest rates in an effort to fight persistently high inflation.

 

 

Long-term Treasuries dampened returns as the Federal Reserve raised interest rates. Emerging markets bonds and investment grade credit also detracted from returns during the period.

 

 

Exposures to short-term Treasuries, high yield bonds, and mortgage-backed securities benefitted Fund performance.

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard S&P 500 ETF     5.97
  2      iShares 1-3 Year Treasury Bond ETF     5.43
  3      American Funds – The Income Fund of America – Class F3     4.69
  4      American Funds – Capital Income Builder – Class F3     4.63
  5      iShares Core Aggressive Allocation ETF     4.63
  6      Vanguard Mortgage-Backed Securities ETF     4.37
  7      American Funds – Multi-Sector Income Fund – Class F3     4.04
  8      American Funds – The Bond Fund of America – Class F3     4.01
  9      iShares Core U.S. Aggregate Bond ETF     4.00
  10      iShares Core Growth Allocation ETF     3.97

 

17


GuidePath Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)(2)

 

GuidePath Tactical Allocation Fund(3)

                                   

Service Shares

     -3.15      4.66      4.85      3.95

Institutional Shares

     -2.81      5.21      5.42      5.30

S&P 500® Daily Risk Control 10% Index

     -6.31      6.24      8.09      6.95

 

(1) 

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

 

(2) 

The return shown for the S&P 500® Daily Risk Control 10% Index is annualized from the inception date of the Service Shares. The S&P 500® Daily Risk Control 10% Index average annual return from the inception date of the Institutional Shares is 7.94%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

18


GuidePath Tactical Allocation Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (8.82)%, outperforming the S&P® 500 Daily Risk Control 10% Index at (9.20)%.

 

 

An Energy sector overweight helped returns as it was the best performing sector for the period. Overweight positioning in the defensive Healthcare sector also proved beneficial to performance.

 

 

An underweight to the Technology sector was a tailwind as it was the second worst performing sector for the period.

 

 

Higher total equity positioning relative to the benchmark was a detractor in light of the steady decline in equity markets over the reporting period, except for a mid-July to mid-August run-up.

Components of Portfolio Holdings*

 

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Aflac, Inc.     2.66
  2      Apple, Inc.     2.59
  3      Microsoft Corp.     2.54
  4      CVS Health Corp.     2.47
  5      Pfizer, Inc.     2.47
  6      Hartford Financials Services Group, Inc.     2.39
  7      Procter & Gamble Co.     2.37
  8      United Therapeutics Corp.     2.26
  9      Archer-Daniels-Midland Co.     2.24
  10      ConocoPhillips     2.22

 

19


GuidePath Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Year

     Ten Year

     Since Inception(1)(2)

 

GuidePath Absolute Return Allocation Fund(3)

                                   

Service Shares

     -12.43      -0.56      1.16      1.25

Institutional Shares

     -12.11      -0.03      1.74      1.75

FTSE 3-Month Treasury Bill Index

     0.63      1.13      0.66      0.58

 

(1) 

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

 

(2) 

The return shown for the FTSE 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The FTSE 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.66%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

20


GuidePath Absolute Return Allocation Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (8.58)%, underperforming the FTSE 3-Month Treasury Bill Index at 0.59%.

 

 

Exposure to high yield bonds, emerging market government bonds, mortgage-backed securities, core fixed income and long-term Treasuries detracted from performance during the period as the Federal Reserve raised interest rates sharply.

 

 

Small allocations to US and developed market equities were detractors as markets grew cautious in light of tightening monetary policies.

 

 

Exposures to short-term Treasuries, low duration bonds and floating rate notes benefitted Fund performance during the period.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard Intermediate-Term Corporate Bond ETF     12.87
  2      Vanguard Mortgage-Backed Securities ETF     12.39
  3      Vanguard Short-Term Corporate Bond ETF     12.17
  4      DoubleLine Total Return Bond Fund – Institutional Shares     10.31
  5      iShares 7-10 Year Treasury Bond ETF     7.46
  6      DoubleLine Low Duration Bond Fund – Institutional Shares     7.42
  7      BlackRock Low Duration Bond Portfolio – Insitutional Shares     7.37
  8      Schwab Short-Term U.S. Treasury ETF     5.12
  9      T. Rowe Price Institutional Floating Rate Fund – Investor Shares     5.06
  10      BlackRock Strategic Income Opportunities Portfolio – Institutional Shares     3.28

 

21


GuidePath Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

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

 

AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)  
     One Year

     Five Years

     Ten Years

     Since Inception(1)

 

GuidePath Multi-Asset Income Allocation Fund(2)

                                   

Service Shares

     -15.42      0.33      2.59      2.71

Morningstar Multi-Asset High Income Index

     -20.27      -2.11      1.33      1.39

 

(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).

 

22


GuidePath Multi-Asset Income Allocation Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (15.47)%, outperforming the Morningstar Multi-Asset High Income Index at (16.02)%.

 

 

Positioning in US dividend equity benefitted Fund performance, as did positioning in preferred stock. A small exposure to the Utilities sector also benefitted relative returns, as Utilities was the second-best performing sector during the period.

 

 

Exposures to high yield bonds, mortgage-backed securities, and core fixed income benefitted Fund performance during the period.

 

 

International dividend equity exposure detracted from performance. Global REITs exposure also hurt returns as central banks raised interest rates in an effort to fight persistently high inflation. Long-term Treasuries holdings also detracted from returns.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard High-Yield Corporate Fund – Admiral Shares     9.14
  2      Global X US Preferred ETF     7.42
  3      Vanguard High Dividend Yield ETF     5.50
  4      iShares Emerging Markets Dividend ETF     5.15
  5      Schwab US Dividend Equity ETF     5.14
  6      Loomis Sayles Global Allocation Fund – Class Y     4.70
  7      iShares 0-5 Year High Yield Corporate Bond ETF     4.54
  8      T.Rowe Price Institutional Floating Rate Fund – Investor Shares     4.35
  9      WisdomTree U.S. Large Cap Dividend Fund     4.24
  10      iShares Select Dividend ETF     4.14

 

23


GuidePath Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)


 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

 

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2012. 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. 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 September 30)  
     One Year

     Five Years

     Ten Years

     Since Inception(1)(2)

 

GuidePath Flexible Income Allocation Fund(3)

                                   

Service Shares

     -14.43      1.19      1.33      1.36

Institutional Shares

     -14.14      1.72      1.96      1.99

Bloomberg U.S. Aggregate Bond Index

     -14.60      -0.27      0.89      0.90

 

(1) 

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

 

(2) 

The return shown for the Bloomberg U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 0.94%.

 

(3) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

24


GuidePath Flexible Income Allocation Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned (10.13)%, underperforming the Bloomberg US Aggregate Bond Index at (9.22)%.

 

 

Exposure to long-term Treasuries detracted from returns as the Federal Reserve continued to raise target interest rates. Exposure to Treasury Inflation Protected Securities (TIPS) also detracted from returns.

 

 

A small exposure to Technology sector equity detracted from performance.

 

 

Positioning in the US Dollar benefited returns as it rose strongly against all other major currencies during the period. Short-term Treasuries exposure also benefitted Fund performance during the period.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      SPDR Portfolio Short Term Treasury ETF     22.70
  2      Vanguard Short-Term Treasury ETF     12.43
  3      Vanguard Long-Term Treasury ETF     7.21
  4      Vanguard Total Bond Market ETF     6.67
  5      Schwab Short-Term U.S. Treasury ETF     5.44
  6      iShares Convertible Bond ETF     4.94
  7      JP Morgan Ultra-Short Income ETF     4.10
  8      BlackRock Short Maturity Bond ETF     4.10
  9      SPDR Portfolio Mortgage Backed Bond ETF     3.36
  10      iShares Agency Bond ETF     3.33

 

25


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 September 30)  
     One Year

     Five Year

     Since Inception(1)

 

GuidePath Managed Futures Strategy Fund(2)

                          

Service Shares

     45.82      11.41      6.15

Institutional Shares

     46.95      12.08      6.79

FTSE 3-Month Treasury Bill Index

     0.63      1.13      0.96

SG Trend Index

     33.87      11.19      5.55

 

(1) 

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

 

(2) 

The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

 

26


GuidePath Managed Futures Strategy Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund’s Service Shares returned 25.27%, outperforming the SG Trend Index at 15.24%.

 

 

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

 

 

Long energy positions contributed positively to Fund performance, while long agriculture positions detracted within commodities.

 

 

Equity positioning was a detractor due to long positions to global markets.

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 September 30, 2022.

 

 

27


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 September 30)  
     One Year

     Since Inception(1)

 

GuidePath Conservative Income Fund(2)

                 

Shares

     -2.52      0.15

Bloomberg U.S. Treasury 1-3 Year Bond Index

     -5.07      0.75

 

(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).

 

28


GuidePath Conservative Income Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund returned (1.14)%, outperforming the Bloomberg US Treasury 1-3 Year Bond Index at (2.06)%.

 

 

Exposure to investment grade bonds benefitted Fund returns but was off-set by bank loan exposure in April and TIPS exposure in the latter part of the period.

 

 

A target allocation of 50% to cash equivalents benefitted performance, outperforming the negative returns of short-term Treasuries as the Federal Reserve signaled its willingness to continue raising interest rates.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Schwab Short-Term U.S. Treasury ETF     38.41
  2      SPDR Bloomberg Investment Grade Floating Rate ETF     11.48

 

29


GuidePath 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. 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 September 30)  
     One Year

     Since Inception(1)

 

GuidePath Income Fund(2)

                 

Shares

     -15.79      -2.12

Bloomberg U.S. Aggregate Bond Index

     -14.60      0.11

 

(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).

 

30


GuidePath Income Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund returned (9.35)%, underperforming the Bloomberg US Aggregate Bond Index at (9.22)%.

 

 

Exposure to investment grade credit within the Fund’s diversified bond allocation detracted from returns.

 

 

Exposure to government bonds benefitted Fund returns during the period.

Components of Portfolio Holdings*

 

LOGO

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard Total Bond Market ETF     49.06
  2      iShares Core U.S. Aggregate Bond ETF     48.62

 

31


GuidePath Growth and 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.

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 September 30)  
     One Year

     Since Inception(1)

 

GuidePath Growth and Income Fund(2)

                 

Shares

     -7.82      3.67

MSCI USA High Dividend Yield Index

     -7.28      5.80

 

(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).

 

32


GuidePath Growth and Income Fund

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


 

 

For the 6 months ended September 30, 2022, the Fund returned (11.67)%, outperforming the MSCI USA High Dividend Yield Index at (14.43)%.

 

 

Exposure to MLPs and Energy sector-stocks boosted returns as energy prices gained traction, especially in May.

 

 

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

 

 

The Fund’s volatility targeting component contributed to returns, especially during the August - September sharp market decline.

Components of Portfolio Holdings*

 

LOGO

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

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

Top Ten Holdings

 

Rank      Security/Holding   % of Net
Assets
 
  1      Vanguard High Dividend Yield ETF     26.79
  2      Global X MLP ETF     8.35
  3      Johnson & Johnson     1.29
  4      Procter & Gamble, Co.     1.16
  5      Home Depot, Inc.     1.16
  6      Coca-Cola Co.     1.15
  7      PepsiCo, Inc.     1.14
  8      Merck & Co., Inc.     1.06
  9      McDonald’s Corp.     0.90
  10      Pfizer, Inc.     0.90

 

33


GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Unaudited)

September 30, 2022


 

As a shareholder of the GuideMark & GuidePath Funds (the “Funds”), you incur ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from April 1, 2022 to September 30, 2022, 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
April 1, 2022
     Ending
Account Value
September 30, 2022
     Annualized
Expense Ratio1
based on the period
April 1, 2022 –
September 30, 2022
     Expenses Paid
During Period2
April 1, 2022 –
September 30, 2022
 
INSTITUTIONAL SHARES                                         
GuideMark Large Cap    Actual    $ 1,000.00      $ 795.40        0.54%      $ 2.43  
Core Fund    Hypothetical3    $ 1,000.00      $ 1,022.36        0.54%      $ 2.74  
GuideMark World    Actual    $ 1,000.00      $ 774.50        0.80%      $ 3.56  
ex-US Fund    Hypothetical3    $ 1,000.00      $ 1,021.16        0.80%      $ 4.05  
GuidePath Growth    Actual    $ 1,000.00      $ 778.00        0.33%      $ 1.46  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,023.43        0.33%      $ 1.66  
GuidePath Conservative    Actual    $ 1,000.00      $ 860.50        0.23%      $ 1.07  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,023.92        0.23%      $ 1.17  
GuidePath Tactical    Actual    $ 1,000.00      $ 913.50        0.45%      $ 2.16  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,022.81        0.45%      $ 2.28  
GuidePath Absolute Return    Actual    $ 1,000.00      $ 915.90        0.29%      $ 1.39  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,023.61        0.29%      $ 1.47  
GuidePath Flexible Income    Actual    $ 1,000.00      $ 900.40        0.23%      $ 1.10  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,023.92        0.23%      $ 1.17  
GuidePath Managed Futures    Actual    $ 1,000.00      $ 1,260.00        1.14%      $ 6.46  
Strategy Fund    Hypothetical3    $ 1,000.00      $ 1,019.35        1.14%      $ 5.77  
1 

The expense ratio excludes securities lending credits as applicable.

 

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 183/365 to reflect the one-half year period.

 

3 

5% annualized return before expenses.

 

34


GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

September 30, 2022


 

Fund         Beginning
Account Value
April 1, 2022
     Ending
Account Value
September 30, 2022
     Annualized
Expense Ratio1
based on the period
April 1, 2022 –
September 30, 2022
     Expenses Paid
During Period2
April 1, 2022 –
September 30, 2022
 
SINGLE CLASS SHARES                                         
GuidePath Conservative    Actual    $ 1,000.00      $ 988.60        0.75%      $ 3.74  
Income Fund    Hypothetical3    $ 1,000.00      $ 1,021.31        0.75%      $ 3.80  
GuidePath Income    Actual    $ 1,000.00      $ 906.50        0.81%      $ 3.87  
Fund    Hypothetical3    $ 1,000.00      $ 1,021.01        0.81%      $ 4.10  
GuidePath Growth and    Actual    $ 1,000.00      $ 883.30        0.94%      $ 4.44  
Income Fund    Hypothetical3    $ 1,000.00      $ 1,020.36        0.94%      $ 4.76  
1 

The expense ratio excludes securities lending credits as applicable.

 

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 183/365 to reflect the one-half year period.

 

3 

5% annualized return before expenses.

 

Fund         Beginning
Account Value
April 1, 2022
     Ending
Account Value
September 30, 2022
     Annualized
Expense Ratio1
based on the period
April 1, 2022 –
September 30, 2022
     Expenses Paid
During Period2
April 1, 2022 –
September 30, 2022
 
SERVICE SHARES                                         
GuideMark Large Cap    Actual    $ 1,000.00      $ 795.40        0.91%      $ 4.10  
Core Fund    Hypothetical3    $ 1,000.00      $ 1,020.51        0.91%      $ 4.61  
GuideMark Emerging    Actual    $ 1,000.00      $ 771.10        1.42%      $ 6.30  
Markets Fund    Hypothetical3    $ 1,000.00      $ 1,017.95        1.42%      $ 7.18  
GuideMark Small/Mid Cap    Actual    $ 1,000.00      $ 801.80        1.17%      $ 5.28  
Core Fund    Hypothetical3    $ 1,000.00      $ 1,019.20        1.17%      $ 5.92  
GuideMark World    Actual    $ 1,000.00      $ 769.20        1.15%      $ 5.10  
ex-US Fund    Hypothetical3    $ 1,000.00      $ 1,019.30        1.15%      $ 5.82  
GuideMark Core    Actual    $ 1,000.00      $ 894.30        0.95%      $ 4.51  
Fixed Income Fund    Hypothetical3    $ 1,000.00      $ 1,020.31        0.95%      $ 4.81  
GuidePath Growth    Actual    $ 1,000.00      $ 780.00        0.69%      $ 3.08  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,021.61        0.69%      $ 3.50  
GuidePath Conservative    Actual    $ 1,000.00      $ 858.20        0.58%      $ 2.70  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,022.16        0.58%      $ 2.94  
GuidePath Tactical    Actual    $ 1,000.00      $ 911.80        0.80%      $ 3.83  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,021.06        0.80%      $ 4.05  
GuidePath Absolute Return    Actual    $ 1,000.00      $ 914.20        0.66%      $ 3.17  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,021.76        0.66%      $ 3.35  
GuidePath Multi-Asset Income    Actual    $ 1,000.00      $ 845.30        0.86%      $ 3.98  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,020.76        0.86%      $ 4.36  
GuidePath Flexible Income    Actual    $ 1,000.00      $ 898.70        0.58%      $ 2.76  
Allocation Fund    Hypothetical3    $ 1,000.00      $ 1,022.16        0.58%      $ 2.94  
GuidePath Managed Futures    Actual    $ 1,000.00      $ 1,252.70        1.50%      $ 8.47  
Strategy Fund    Hypothetical3    $ 1,000.00      $ 1,017.55        1.50%      $ 7.59  
1 

The expense ratio excludes securities lending credits as applicable.

 

2 

Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

 

3 

5% annualized return before expenses.

 

35


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS - 94.29%

 

       

Aerospace & Defense - 1.10%

 

  1,531    

Curtiss-Wright Corp. (b)

  $ 213,054  
  3,438    

General Dynamics Corp.

    729,440  
  1,041    

HEICO Corp.

    149,883  
  1,562    

HEICO Corp. - Class A

    179,036  
  1,955    

Hexcel Corp. (b)

    101,113  
  5,535    

Howmet Aerospace, Inc.

    171,197  
  1,434    

Huntington Ingalls Industries, Inc.

    317,631  
  599    

L3Harris Technologies, Inc.

    124,490  
  2,079    

Lockheed Martin Corp.

    803,097  
  1,458    

Northrop Grumman Corp.

    685,727  
  9,503    

Raytheon Technologies Corp.

    777,916  
  12,739    

Textron, Inc.

    742,174  
  385    

TransDigm Group, Inc.

    202,056  
           


              5,196,814  
           


       

Air Freight & Logistics - 0.31%

       
  6,607    

C.H. Robinson Worldwide, Inc. (b)

    636,320  
  2,843    

FedEx Corp.

    422,100  
  2,528    

United Parcel Service, Inc. - Class B (b)

    408,373  
           


              1,466,793  
           


       

Airlines - 0.28%

       
  20,098    

Alaska Air Group, Inc. (a)

    786,837  
  2,526    

Southwest Airlines Co. (a)

    77,902  
  13,654    

United Airlines Holdings, Inc. (a)

    444,164  
           


              1,308,903  
           


       

Automobiles - 1.99%

       
  106,087    

Ford Motor Co.

    1,188,174  
  6,050    

Harley-Davidson, Inc.

    211,024  
  25,548    

Tesla, Inc. (a)

    6,776,607  
  17,577    

Thor Industries, Inc. (b)

    1,230,039  
           


              9,405,844  
           


       

Banks - 2.29%

       
  45,952    

Bank of America Corp.

    1,387,751  
  2,038    

BOK Financial Corp.

    181,097  
  30,702    

Citigroup, Inc.

    1,279,352  
  4,566    

Citizens Financial Group, Inc.

    156,888  
  3,429    

Comerica, Inc.

    243,802  
  3,194    

Commerce Bancshares, Inc.

    211,315  
  2,506    

Cullen Frost Bankers, Inc. (b)

    331,343  
  18,459    

F.N.B. Corp.

    214,124  
  2,358    

Fifth Third Bancorp

    75,362  
  26,246    

JPMorgan Chase & Co.

    2,742,707  
  19,749    

KeyCorp

    316,379  
  1,274    

M&T Bank Corp.

    224,632  
  25,588    

PacWest Bancorp

    578,289  
  5,790    

Popular, Inc. - ADR

    417,227  
  3,226    

Prosperity Bancshares, Inc.

    215,110  
  13,484    

Regions Financial Corp.

    270,624  
  3,283    

Synovus Financial Corp.

    123,145  
  4,605    

Truist Financial Corp. (b)

    200,502  
  2,578    

U.S. Bancorp (b)

    103,945  
  32,406    

Wells Fargo & Co.

    1,303,369  
  2,597    

Wintrust Financial Corp.

    211,785  
           


              10,788,748  
           


       

Beverages - 1.46%

       
  1,404    

Boston Beer Co., Inc. - Class A (a)

    454,405  
  3,643    

Brown-Forman Corp. - Class A (b)

    246,121  

Number of
Shares


       

Value


 
       

Beverages (Continued)

 

  4,069    

Brown-Forman Corp. - Class B

  $ 270,873  
  1,364    

Constellation Brands, Inc. - Class A

    313,283  
  4,090    

Keurig Dr. Pepper, Inc. (b)

    146,504  
  22,211    

Molson Coors Brewing Co. - Class B (b)

    1,065,906  
  2,844    

Monster Beverage Corp. (a)

    247,314  
  15,960    

PepsiCo, Inc.

    2,605,630  
  27,582    

The Coca-Cola Co.

    1,545,144  
           


              6,895,180  
           


       

Biotechnology - 1.98%

       
  6,735    

Amgen, Inc.

    1,518,069  
  2,039    

Biogen, Inc. (a)

    544,413  
  2,514    

BioMarin Pharmaceutical, Inc. (a)(b)

    213,112  
  32,700    

Exelixis, Inc. (a)

    512,736  
  15,632    

Gilead Sciences, Inc.

    964,338  
  7,881    

Incyte Corp. (a)

    525,190  
  3,996    

Ionis Pharmaceuticals, Inc. (a)

    176,743  
  8,186    

Moderna, Inc. (a)

    967,994  
  1,545    

Regeneron Pharmaceuticals, Inc. (a)(b)

    1,064,304  
  1,881    

Sarepta Therapeutics, Inc. (a)

    207,926  
  1,822    

Seagen, Inc. (a)

    249,304  
  4,469    

United Therapeutics Corp. (a)

    935,719  
  5,127    

Vertex Pharmaceuticals, Inc. (a)

    1,484,472  
           


              9,364,320  
           


       

Building Products - 0.91%

       
  4,380    

A. O. Smith Corp.

    212,780  
  1,402    

Advanced Drainage Systems, Inc.

    174,367  
  26,529    

Builders FirstSource, Inc. (a)

    1,563,089  
  1,202    

Lennox International, Inc.

    267,649  
  9,739    

Masco Corp.

    454,714  
  14,470    

Owens Corning, Inc. (b)

    1,137,487  
  10,532    

Trex Co., Inc. (a)

    462,776  
           


              4,272,862  
           


       

Capital Markets - 1.97%

       
  2,888    

Ameriprise Financial, Inc.

    727,632  
  4,270    

Ares Management Corp. - Class A

    264,526  
  1,104    

CME Group, Inc.

    195,552  
  6,362    

Evercore, Inc. - Class A

    523,275  
  1,722    

FactSet Research Systems, Inc.

    688,989  
  22,233    

Franklin Resources, Inc. (b)

    478,454  
  49,823    

Invesco, Ltd. - ADR

    682,575  
  21,031    

Janus Henderson Group PLC - ADR

    427,140  
  14,557    

Lazard, Ltd. - Class A - ADR

    463,349  
  3,658    

LPL Financial Holdings, Inc. (b)

    799,200  
  2,500    

Moody’s Corp.

    607,775  
  5,495    

Morgan Stanley

    434,160  
  4,372    

Raymond James Financial, Inc.

    432,041  
  2,738    

SEI Investments Co.

    134,299  
  5,051    

Stifel Financial Corp. (b)

    262,197  
  1,153    

T. Rowe Price Group, Inc.

    121,077  
  2,206    

The Bank of New York Mellon Corp.

    84,975  
  11,414    

The Blackstone Group, Inc. (b)

    955,352  
  10,982    

The Carlyle Group, Inc.

    283,775  
  8,591    

The Charles Schwab Corp.

    617,435  
  4,447    

Virtu Financial, Inc. - Class A

    92,364  
           


              9,276,142  
           


       

Chemicals - 1.20%

       
  633    

Air Products & Chemicals, Inc.

    147,318  
  1,485    

Albemarle Corp.

    392,693  
 

 

See notes to financial statements.

 

36


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Chemicals (Continued)

       
  1,530    

Ashland Global Holdings, Inc.

  $ 145,304  
  7,063    

CF Industries Holdings, Inc.

    679,814  
  8,748    

Corteva, Inc.

    499,948  
  12,363    

Dow, Inc.

    543,107  
  24,495    

Huntsman Corp. (b)

    601,107  
  1,448    

Linde PLC - ADR

    390,366  
  4,349    

LyondellBasell Industries NV - Class A - ADR

    327,393  
  10,435    

Olin Corp.

    447,453  
  2,974    

RPM International, Inc.

    247,764  
  4,012    

The Chemours Co.

    98,896  
  10,435    

The Mosaic Co.

    504,323  
  7,601    

Westlake Chemical Corp. (b)

    660,375  
           


              5,685,861  
           


       

Commercial Services & Supplies - 0.58%

       
  57,446    

ADT, Inc.

    430,271  
  2,097    

Cintas Corp.

    814,034  
  1,209    

Clean Harbors, Inc. (a)

    132,966  
  2,559    

Republic Services, Inc.

    348,126  
  16,847    

Rollins, Inc.

    584,254  
  2,600    

Waste Management, Inc.

    416,546  
           


              2,726,197  
           


       

Communications Equipment - 1.34%

       
  5,464    

Arista Networks, Inc. (a)

    616,831  
  35,419    

Cisco Systems, Inc.

    1,416,760  
  1,503    

F5 Networks, Inc. (a)

    217,529  
  6,819    

Juniper Networks, Inc.

    178,113  
  2,667    

Lumentum Holdings, Inc. (a)(b)

    182,876  
  2,030    

Motorola Solutions, Inc.

    454,659  
  4,311    

Palo Alto Networks, Inc. (a)

    706,099  
  15,706    

Qualcomm, Inc.

    1,774,464  
  2,654    

Ubiquiti, Inc.

    779,108  
           


              6,326,439  
           


       

Construction & Engineering - 0.35%

       
  10,326    

AECOM

    705,989  
  4,043    

KBR, Inc.

    174,738  
  5,246    

MasTec, Inc. (a)

    333,121  
  1,712    

Quanta Services, Inc. (b)

    218,092  
  5,370    

WillScot Mobile Mini Holdings Corp. (a)

    216,572  
           


              1,648,512  
           


       

Consumer Finance - 1.17%

       
  30,965    

Ally Financial, Inc.

    861,756  
  6,569    

American Express Co.

    886,224  
  10,462    

Capital One Financial Corp.

    964,283  
  850    

Credit Acceptance Corp. (a)(b)

    372,300  
  4,392    

Discover Financial Services

    399,321  
  27,476    

OneMain Holdings, Inc. (b)

    811,091  
  16,455    

SLM Corp.

    230,205  
  34,869    

Synchrony Financial

    982,957  
           


              5,508,137  
           


       

Containers & Packaging - 0.21%

       
  8,343    

Ardagh Group SA - ADR (c)(d)(f)

    67,620  
  9,685    

Graphic Packaging Holding Co.

    191,182  
  1,803    

Sealed Air Corp.

    80,251  
  3,529    

Silgan Holdings, Inc.

    148,359  
  16,693    

WestRock Co.

    515,647  
           


              1,003,059  
           


Number of
Shares


       

Value


 
       

Distributors - 0.28%

       
  3,815    

Genuine Parts Co.

  $ 569,656  
  16,411    

LKQ Corp.

    773,778  
           


              1,343,434  
           


       

Diversified Consumer Services - 0.29%

       
  5,911    

Grand Canyon Education, Inc. (a)

    486,180  
  14,908    

H&R Block, Inc. (b)

    634,186  
  3,946    

Service Corp. International

    227,842  
           


              1,348,208  
           


       

Diversified Financial Services - 0.43%

       
  23,931    

Equitable Holdings, Inc.

    630,582  
  30,698    

Jefferies Financial Group, Inc.

    905,591  
  8,526    

Voya Financial, Inc. (b)

    515,823  
           


              2,051,996  
           


       

Diversified Telecommunication Services - 0.49%

       
  43,038    

AT&T, Inc.

    660,203  
  130,742    

Lumen Technologies, Inc. (b)

    951,802  
  17,961    

Verizon Communications, Inc.

    681,979  
           


              2,293,984  
           


       

Electric Utilities - 1.21%

       
  5,290    

American Electric Power Co., Inc.

    457,320  
  3,162    

Constellation Energy Corp.

    263,047  
  5,841    

Duke Energy Corp.

    543,330  
  6,501    

Edison International (b)

    367,827  
  919    

Entergy Corp.

    92,479  
  3,221    

Evergy, Inc.

    191,327  
  1,933    

Eversource Energy

    150,697  
  15,716    

Exelon Corp.

    588,721  
  9,810    

FirstEnergy Corp.

    362,970  
  3,852    

Hawaiian Electric Industries, Inc.

    133,510  
  1,190    

IDACORP, Inc.

    117,822  
  10,096    

NextEra Energy, Inc.

    791,627  
  9,054    

OGE Energy Corp.

    330,109  
  30,589    

PG&E Corp. (a)

    382,363  
  7,509    

PPL Corp.

    190,353  
  8,814    

The Southern Co.

    599,352  
  2,275    

Xcel Energy, Inc.

    145,600  
           


              5,708,454  
           


       

Electrical Equipment - 0.31%

       
  3,363    

Acuity Brands, Inc.

    529,572  
  1,318    

Agilent Technologies, Inc. (b)

    160,203  
  728    

Enphase Energy, Inc. (a)

    201,998  
  915    

Hubbell, Inc.

    204,045  
  5,392    

nVent Electric PLC - ADR

    170,441  
  3,808    

Plug Power, Inc. (a)(b)

    80,006  
  3,228    

Sensata Technologies Holding PLC - ADR

    120,340  
           


              1,466,605  
           


       

Electronic Equipment, Instruments & Components - 0.33%

 

  3,057    

Amphenol Corp. - Class A

    204,697  
  880    

Arrow Electronics, Inc. (a)

    81,127  
  2,930    

Avnet, Inc.

    105,831  
  3,844    

Cognex Corp.

    159,334  
  2,181    

Dolby Laboratories, Inc. - Class A

    142,092  
  2,344    

Keysight Technologies, Inc. (a)

    368,852  
  11,309    

National Instruments Corp.

    426,802  
  229    

Zebra Technologies Corp. - Class A (a)

    60,000  
           


              1,548,735  
           


 

 

See notes to financial statements.

 

37


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Energy Equipment & Services - 0.22%

       
  7,438    

Baker Hughes Co.

  $ 155,900  
  14,088    

Halliburton Co.

    346,847  
  11,049    

NOV, Inc.

    178,773  
  10,332    

Schlumberger Ltd. - ADR

    370,919  
           


              1,052,439  
           


       

Entertainment - 0.43%

       
  71,740    

Discovery Communications, Inc. - Series C (a)

    825,010  
  2,752    

Electronic Arts, Inc.

    318,434  
  5,382    

Liberty Media Corp. - Liberty Formula One - Class C (a)

    314,847  
  22,547    

Playtika Holding Corp. (a)(b)

    211,716  
  1,379    

Spotify Technology SA - ADR (a)

    119,008  
  469    

The Walt Disney Co. (a)

    44,241  
  2,978    

World Wrestling Entertainment, Inc. - Class A (b)

    208,966  
           


              2,042,222  
           


       

Food & Staples Retailing - 2.76%

       
  36,075    

Albertsons Cos., Inc. - Class A

    896,824  
  3,074    

BJ’s Wholesale Club Holdings, Inc. (a)

    223,818  
  3,130    

Casey’s General Stores, Inc. (b)

    633,888  
  5,759    

Costco Wholesale Corp.

    2,719,803  
  27,332    

CVS Health Corp.

    2,606,653  
  5,397    

Grocery Outlet Holding Corp. (a)

    179,666  
  28,109    

Kroger Co. (b)

    1,229,769  
  4,989    

Performance Food Group Co. (a)

    214,278  
  12,857    

SYSCO Corp.

    909,118  
  3,306    

US Foods Holding Corp. (a)

    87,411  
  35,403    

Walgreens Boots Alliance, Inc.

    1,111,654  
  16,903    

Walmart, Inc.

    2,192,319  
           


              13,005,201  
           


       

Food Products - 1.91%

       
  15,996    

Archer-Daniels-Midland Co.

    1,286,878  
  5,225    

Bunge, Ltd. - ADR

    431,428  
  3,660    

Campbell Soup Co.

    172,459  
  5,966    

ConAgra Brands, Inc.

    194,671  
  1,855    

Darling International, Inc. (a)

    122,708  
  28,315    

Flowers Foods, Inc.

    699,097  
  10,412    

General Mills, Inc.

    797,663  
  4,373    

Hormel Foods Corp.

    198,709  
  2,570    

Ingredion, Inc.

    206,936  
  5,636    

Kellogg Co.

    392,604  
  1,894    

Lamb Weston Holdings, Inc.

    146,558  
  2,481    

McCormick & Co, Inc. - Non Voting

    176,821  
  8,527    

Mondelez International, Inc. - Class A

    467,535  
  17,271    

Pilgrim’s Pride Corp. (a)

    397,579  
  12,414    

Post Holdings, Inc. (a)

    1,016,831  
  4,385    

The Hershey Co.

    966,761  
  1,762    

The J.M. Smucker Co.

    242,117  
  14,285    

The Kraft Heinz Co.

    476,405  
  9,723    

Tyson Foods, Inc. - Class A

    641,037  
           


              9,034,797  
           


       

Gas Utilities - 0.37%

       
  1,901    

Atmos Energy Corp.

    193,617  
  10,717    

EQT Corp. (b)

    436,718  
  6,556    

National Fuel Gas Co. (b)

    403,522  
  21,910    

UGI Corp.

    708,350  
           


              1,742,207  
           


Number of
Shares


       

Value


 
       

Health Care Equipment & Supplies - 1.18%

       
  1,606    

ABIOMED, Inc. (a)

  $ 394,530  
  1,838    

Align Technology, Inc. (a)

    380,668  
  988    

Becton Dickinson and Co.

    220,156  
  3,544    

Danaher Corp.

    915,380  
  7,617    

Dentsply Sirona, Inc.

    215,942  
  2,217    

DexCom, Inc. (a)

    178,557  
  9,508    

Edwards Lifesciences Corp. (a)

    785,646  
  2,382    

Globus Medical, Inc. - Class A (a)

    141,896  
  3,011    

Hologic, Inc. (a)(b)

    194,270  
  2,108    

IDEXX Laboratories, Inc. (a)

    686,786  
  794    

Insulet Corp. (a)

    182,144  
  670    

Masimo Corp. (a)

    94,577  
  1,026    

Novocure, Ltd. - ADR (a)(b)

    77,955  
  753    

Penumbra, Inc. (a)(b)

    142,769  
  2,512    

ResMed, Inc.

    548,370  
  910    

Stryker Corp.

    184,311  
  1,413    

Tandem Diabetes Care, Inc. (a)

    67,612  
  683    

West Pharmaceutical Services, Inc.

    168,073  
           


              5,579,642  
           


       

Health Care Providers & Services - 3.77%

       
  2,115    

Acadia Healthcare Co., Inc. (a)(b)

    165,351  
  2,825    

Amedisys, Inc. (a)

    273,432  
  2,943    

AmerisourceBergen Corp.

    398,276  
  3,247    

Anthem, Inc.

    1,474,917  
  6,469    

Cardinal Health, Inc. (b)

    431,353  
  22,522    

Centene Corp. (a)

    1,752,437  
  1,036    

Chemed Corp.

    452,276  
  7,794    

Cigna Corp.

    2,162,601  
  895    

DaVita, Inc. (a)(b)

    74,079  
  1,052    

HCA Healthcare, Inc.

    193,347  
  8,034    

Henry Schein, Inc. (a)

    528,396  
  2,066    

Humana, Inc.

    1,002,403  
  2,510    

Laboratory Corp. of America Holdings

    514,073  
  2,444    

McKesson Corp.

    830,642  
  1,074    

Molina Healthcare, Inc. (a)

    354,248  
  1,510    

PerkinElmer, Inc.

    181,699  
  3,142    

Quest Diagnostics, Inc. (b)

    385,492  
  12,029    

UnitedHealth Group, Inc.

    6,075,126  
  6,143    

Universal Health Services, Inc. - Class B (b)

    541,690  
           


              17,791,838  
           


       

Health Care Technology - 0.02%

       
  559    

Veeva Systems, Inc. - Class A (a)

    92,168  
           


       

Hotels, Restaurants & Leisure - 1.02%

       
  6,085    

Aramark

    189,852  
  5,739    

Boyd Gaming Corp. (b)

    273,463  
  1,942    

Domino’s Pizza, Inc.

    602,409  
  2,541    

Hyatt Hotels Corp. - Class A (a)

    205,719  
  1,742    

Marriott International, Inc. - Class A

    244,124  
  2,279    

Marriott Vacations Worldwide Corp. (b)

    277,719  
  5,144    

McDonald’s Corp.

    1,186,927  
  11,590    

MGM Resorts International

    344,455  
  34,218    

Penn National Gaming, Inc. (a)(b)

    941,337  
  5,280    

Yum! Brands, Inc.

    561,475  
           


              4,827,480  
           


       

Household Durables - 0.63%

       
  901    

Garmin Ltd. - ADR

    72,359  
  8,482    

Lennar Corp. - Class A (b)

    632,333  
  9,292    

Lennar Corp. - Class B

    552,967  
 

 

See notes to financial statements.

 

38


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Household Durables (Continued)

       
  98    

NVR, Inc. (a)

  $ 390,734  
  4,925    

PulteGroup, Inc. (b)

    184,688  
  13,089    

Tempur Sealy International, Inc. (b)

    315,968  
  19,741    

Toll Brothers, Inc. (b)

    829,122  
           


              2,978,171  
           


       

Household Products - 1.10%

       
  3,675    

Church & Dwight, Inc.

    262,542  
  1,937    

Clorox Co.

    248,691  
  14,603    

Colgate-Palmolive Co.

    1,025,861  
  2,187    

Kimberly-Clark Corp.

    246,125  
  27,017    

The Procter & Gamble Co.

    3,410,896  
           


              5,194,115  
           


       

Independent Power and Renewable Electricity Producers - 0.53%

 

  50,221    

NRG Energy, Inc.

    1,921,958  
  28,773    

Vistra Energy Corp.

    604,233  
           


              2,526,191  
           


       

Industrial Conglomerates - 0.28%

       
  3,326    

3M Co.

    367,523  
  1,805    

Carlisle Companies, Inc.

    506,140  
  6,873    

General Electric Co.

    425,507  
           


              1,299,170  
           


       

Insurance - 3.99%

       
  7,483    

Aflac, Inc.

    420,545  
  227    

Alleghany Corp. (a)

    190,537  
  2,958    

American Financial Group, Inc.

    363,627  
  19,070    

American International Group, Inc.

    905,444  
  4,564    

Aon PLC - Class A - ADR

    1,222,559  
  3,982    

Arch Capital Group, Ltd. - ADR (a)

    181,340  
  3,483    

Arthur J. Gallagher & Co.

    596,359  
  1,594    

Assurant, Inc.

    231,560  
  5,740    

Assured Guaranty, Ltd. - ADR

    278,103  
  5,972    

Axis Capital Holdings, Ltd. - ADR

    293,524  
  14,307    

Berkshire Hathaway, Inc. - Class B (a)

    3,820,255  
  16,634    

Brighthouse Financial, Inc. (a)

    722,248  
  7,509    

Brown & Brown, Inc.

    454,144  
  2,644    

Chubb, Ltd. - ADR

    480,891  
  1,436    

Cincinnati Financial Corp.

    128,623  
  3,936    

CNA Financial Corp.

    145,238  
  697    

Erie Indemnity Co. - Class A

    154,950  
  397    

Everest Re Group, Ltd. - ADR

    104,189  
  17,457    

Fidelity National Financial, Inc.

    631,943  
  13,479    

First American Financial Corp.

    621,382  
  1,308    

Globe Life, Inc.

    130,408  
  3,585    

Hartford Financial Services Group, Inc.

    222,055  
  10,612    

Lincoln National Corp.

    465,973  
  2,883    

Loews Corp.

    143,689  
  7,043    

Marsh & McLennan Cos., Inc.

    1,051,450  
  11,741    

MetLife, Inc.

    713,618  
  25,640    

Old Republic International Corp.

    536,645  
  4,163    

Principal Financial Group, Inc. (b)

    300,360  
  4,067    

Prudential Financial, Inc.

    348,867  
  1,526    

Reinsurance Group of America, Inc.

    191,986  
  4,732    

Ryan Specialty Holdings, Inc. (a)

    192,214  
  1,381    

The Allstate Corp.

    171,976  
  5,485    

The Progressive Corp.

    637,412  
  1,357    

The Travelers Cos., Inc.

    207,892  
  25,098    

Unum Group

    973,802  
  6,600    

W.R. Berkley Corp.

    426,228  
  137    

White Mountains Insurance Group, Ltd. - ADR

    178,514  
           


              18,840,550  
           


Number of
Shares


       

Value


 
       

Interactive Media & Services - 3.90%

       
  70,937    

Alphabet, Inc. - Class A (a)

  $ 6,785,124  
  64,128    

Alphabet, Inc. - Class C (a)

    6,165,907  
  8,164    

Match Group, Inc. (a)

    389,831  
  24,477    

Meta Platforms, Inc. - Class A (a)

    3,321,039  
  19,641    

Pinterest, Inc. - Class A (a)

    457,635  
  8,122    

TripAdvisor, Inc. (a)

    179,334  
  18,905    

Zillow Group, Inc. - Class A (a)

    541,250  
  19,583    

Zillow Group, Inc. - Class C (a)

    560,270  
           


              18,400,390  
           


       

Internet & Direct Marketing Retail - 2.64%

       
  98,823    

Amazon.com, Inc. (a)

    11,166,999  
  263    

Booking Holdings, Inc. (a)

    432,164  
  3,909    

eBay, Inc.

    143,890  
  3,529    

Etsy, Inc. (a)(b)

    353,359  
  10,528    

Wayfair, Inc. - Class A (a)(b)

    342,687  
           


              12,439,099  
           


       

IT Services - 3.97%

       
  7,973    

Accenture PLC - Class A - ADR

    2,051,453  
  3,022    

Akamai Technologies, Inc. (a)

    242,727  
  7,417    

Amdocs, Ltd. - ADR

    589,281  
  3,884    

Automatic Data Processing, Inc.

    878,522  
  2,513    

Block, Inc. (a)

    138,190  
  3,010    

Booz Allen Hamilton Holding Corp.

    277,973  
  3,072    

CACI International, Inc. - Class A (a)

    801,976  
  14,162    

Cognizant Technology Solutions Corp. - Class A

    813,465  
  4,398    

Concentrix Corp.

    490,949  
  71,521    

DXC Technology Co. (a)

    1,750,834  
  643    

EPAM Systems, Inc. (a)

    232,888  
  5,157    

Euronet Worldwide, Inc. (a)

    390,694  
  8,456    

Fidelity National Information Services, Inc.

    639,020  
  6,795    

Fiserv, Inc. (a)

    635,808  
  487    

FleetCor Technologies, Inc. (a)

    85,795  
  1,753    

Gartner, Inc. (a)

    485,038  
  5,124    

Genpact, Ltd. - ADR

    224,277  
  4,359    

Global Payments, Inc.

    470,990  
  2,328    

GoDaddy, Inc. - Class A (a)

    165,009  
  7,505    

MasterCard, Inc. - Class A (b)

    2,133,972  
  5,565    

Paychex, Inc.

    624,449  
  6,136    

PayPal Holdings, Inc. (a)

    528,126  
  3,623    

Science Applications International Corp.

    320,382  
  11,561    

Switch, Inc. - Class A

    389,490  
  29,697    

The Western Union Co.

    400,909  
  1,297    

T-Mobile USA, Inc. (a)(b)

    174,018  
  3,594    

VeriSign, Inc. (a)

    624,278  
  11,103    

Visa, Inc. - Class A (b)

    1,972,448  
  2,734    

Wix.com, Ltd. - ADR (a)

    213,881  
           


              18,746,842  
           


       

Leisure Products - 0.25%

       
  26,821    

Mattel, Inc. (a)(b)

    507,990  
  1,161    

Pool Corp. (b)

    369,442  
  10,585    

YETI Holdings, Inc. (a)(b)

    301,884  
           


              1,179,316  
           


       

Life Sciences Tools & Services - 0.77%

       
  5,149    

10X Genomics, Inc. - Class A (a)

    146,644  
  6,810    

Avantor, Inc. (a)

    133,476  
  162    

Bio-Techne Corp.

    46,008  
  1,077    

Bruker Corp.

    57,146  
  426    

IQVIA Holdings, Inc. (a)

    77,166  
 

 

See notes to financial statements.

 

39


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Life Sciences Tools & Services (Continued)

       
  541    

Mettler-Toledo International, Inc. (a)

  $ 586,509  
  13,136    

Syneos Health, Inc. (a)

    619,362  
  2,923    

Thermo Fisher Scientific, Inc.

    1,482,516  
  1,848    

Waters Corp. (a)

    498,091  
           


              3,646,918  
           


       

Machinery - 1.20%

       
  7,297    

Allison Transmission Holdings, Inc.

    246,347  
  1,013    

Deere & Co.

    338,231  
  4,671    

Donaldson Co., Inc.

    228,926  
  14,290    

Esab Corp.

    476,714  
  49,452    

Gates Industrial Corp PLC - ADR (a)

    482,651  
  4,072    

Graco, Inc.

    244,116  
  2,106    

Illinois Tool Works, Inc.

    380,449  
  3,784    

Lincoln Electric Holdings, Inc.

    475,724  
  1,111    

Nordson Corp.

    235,832  
  13,985    

Oshkosh Corp.

    983,006  
  4,720    

Otis Worldwide Corp.

    301,136  
  2,353    

PACCAR, Inc.

    196,923  
  1,042    

Parker-Hannifin Corp.

    252,487  
  816    

Snap-on, Inc. (b)

    164,302  
  2,771    

The Toro Co.

    239,636  
  585    

Valmont Industries, Inc.

    157,143  
  3,193    

Wabtec Corp. (b)

    259,750  
           


              5,663,373  
           


       

Marine - 0.04%

       
  3,493    

Kirby Corp. (a)(b)

    212,270  
           


       

Media - 1.41%

       
  39,713    

Comcast Corp. - Class A

    1,164,782  
  16,294    

Fox Corp. - Class A (b)

    499,900  
  16,700    

Fox Corp. - Class B

    475,950  
  18,163    

Liberty Media Corp.-Liberty SiriusXM - Class A (a)(b)

    691,465  
  18,628    

Liberty Media Corp.-Liberty SiriusXM - Class C (a)

    702,462  
  5,043    

Liberty Media Group - Class A (a)

    264,858  
  47,972    

News Corp. - Class A

    724,857  
  46,028    

News Corp. - Class B (b)

    709,752  
  4,542    

Nexstar Media Group, Inc.

    757,833  
  84,549    

Sirius XM Holdings, Inc. (b)

    482,775  
  6,819    

The New York Times Co. - Class A

    196,046  
           


              6,670,680  
           


       

Metals & Mining - 1.02%

       
  9,173    

Alcoa Corp.

    308,763  
  43,807    

Cleveland-Cliffs, Inc. (a)(b)

    590,080  
  9,522    

Nucor Corp. (b)

    1,018,759  
  6,398    

Reliance Steel & Aluminum Co.

    1,115,875  
  13,343    

Steel Dynamics, Inc. (b)

    946,686  
  46,935    

United States Steel Corp. (b)

    850,462  
           


              4,830,625  
           


       

Multiline Retail - 1.18%

       
  3,053    

Burlington Stores, Inc. (a)(b)

    341,600  
  3,691    

Dollar General Corp.

    885,323  
  3,988    

Dollar Tree, Inc. (a)

    542,767  
  29,475    

Kohl’s Corp.

    741,296  
  101,583    

Macy’s, Inc. (b)

    1,591,806  
  31,801    

Nordstrom, Inc. (b)

    532,031  
  6,457    

Target Corp.

    958,154  
           


              5,592,977  
           


Number of
Shares


       

Value


 
       

Multi-Utilities - 0.70%

       
  3,455    

Ameren Corp.

  $ 278,300  
  15,531    

CenterPoint Energy, Inc.

    437,664  
  3,140    

CMS Energy Corp.

    182,874  
  6,339    

Consolidated Edison, Inc.

    543,633  
  4,850    

Dominion Energy, Inc.

    335,183  
  3,096    

DTE Energy Co.

    356,195  
  13,074    

NiSource, Inc.

    329,334  
  3,105    

Public Service Enterprise Group, Inc.

    174,594  
  2,579    

Sempra Energy

    386,695  
  2,958    

WEC Energy Group, Inc.

    264,534  
           


              3,289,006  
           


       

Oil, Gas & Consumable Fuels - 5.47%

       
  20,466    

Antero Midstream Corp.

    187,878  
  12,435    

Antero Resources Corp. (a)

    379,640  
  12,469    

APA Corp.

    426,315  
  16,111    

Cabot Oil & Gas Corp.

    420,819  
  4,601    

Cheniere Energy, Inc.

    763,352  
  19,532    

Chevron Corp.

    2,806,162  
  15,411    

ConocoPhillips

    1,577,162  
  5,348    

Continental Resources, Inc.

    357,300  
  13,578    

Devon Energy Corp. (b)

    816,445  
  3,471    

Diamondback Energy, Inc.

    418,117  
  6,168    

DT Midstream, Inc.

    320,057  
  3,777    

Enviva, Inc.

    226,847  
  7,453    

EOG Resources, Inc.

    832,724  
  48,222    

Exxon Mobil Corp.

    4,210,263  
  3,058    

Hess Corp. (b)

    333,291  
  18,087    

HF Sinclair Corp.

    973,804  
  8,134    

Kinder Morgan, Inc.

    135,350  
  53,570    

Marathon Oil Corp.

    1,209,610  
  16,731    

Marathon Petroleum Corp.

    1,661,890  
  3,273    

New Fortress Energy, Inc. (b)

    143,063  
  18,607    

Occidental Petroleum Corp. (b)

    1,143,400  
  6,520    

ONEOK, Inc.

    334,085  
  12,115    

OVINTIV, Inc.

    557,290  
  6,789    

PDC Energy, Inc.

    392,336  
  15,129    

Phillips 66

    1,221,213  
  3,162    

Pioneer Natural Resources Co.

    684,668  
  11,115    

Range Resources Corp. (b)

    280,765  
  30,123    

Southwestern Energy Co. (a)

    184,353  
  11,412    

Targa Resources Corp.

    688,600  
  129    

Texas Pacific Land Corp. (b)

    229,263  
  17,509    

The Williams Companies, Inc. (b)

    501,283  
  12,955    

Valero Energy Corp.

    1,384,242  
           


              25,801,587  
           


       

Paper & Forest Products - 0.16%

       
  15,112    

Louisiana-Pacific Corp. (b)

    773,583  
           


       

Personal Products - 0.28%

       
  97,419    

Coty, Inc. - Class A (a)

    615,688  
  3,254    

The Estee Lauder Cos., Inc. - Class A

    702,539  
           


              1,318,227  
           


       

Pharmaceuticals - 5.34%

       
  14,269    

Abbott Laboratories

    1,380,668  
  23,946    

AbbVie, Inc.

    3,213,793  
  34,066    

Bristol-Myers Squibb Co.

    2,421,752  
  31,144    

Elanco Animal Health, Inc. (a)

    386,497  
  10,792    

Eli Lilly & Co.

    3,489,593  
  3,875    

Horizon Therapeutics PLC - ADR (a)

    239,824  
 

 

See notes to financial statements.

 

40


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Pharmaceuticals (Continued)

       
  2,516    

Jazz Pharmaceuticals PLC - ADR (a)

  $ 335,358  
  33,424    

Johnson & Johnson

    5,460,145  
  33,602    

Merck & Co., Inc.

    2,893,804  
  69,216    

Pfizer, Inc.

    3,028,892  
  2,426    

Royalty Pharma Plc - Class A - ADR

    97,477  
  192,862    

Viatris, Inc.

    1,643,184  
  4,191    

Zoetis, Inc.

    621,483  
           


              25,212,470  
           


       

Professional Services - 0.42%

       
  2,315    

FTI Consulting, Inc. (a)(b)

    383,619  
  497    

Jacobs Solutions, Inc. (b)

    53,920  
  13,663    

ManpowerGroup, Inc.

    883,859  
  8,429    

Robert Half International, Inc.

    644,818  
           


              1,966,216  
           


       

Real Estate Management & Development - 0.36%

 

  8,333    

CBRE Group, Inc. - Class A (a)

    562,561  
  7,434    

Jones Lang LaSalle, Inc. (a)

    1,123,054  
           


              1,685,615  
           


       

Road & Rail - 0.75%

       
  5,140    

CSX Corp.

    136,930  
  1,343    

J.B. Hunt Transport Services, Inc.

    210,072  
  22,310    

Knight-Swift Transportation Holdings, Inc. (b)

    1,091,628  
  4,215    

Landstar System, Inc.

    608,520  
  922    

Norfolk Southern Corp.

    193,297  
  1,714    

Old Dominion Freight Line, Inc. (b)

    426,392  
  9,554    

Schneider National, Inc. - Class B

    193,946  
  3,445    

Union Pacific Corp.

    671,155  
           


              3,531,940  
           


       

Semiconductors & Semiconductor Equipment - 3.59%

 

  11,019    

Advanced Micro Devices, Inc. (a)(b)

    698,164  
  10,229    

Allegro MicroSystems, Inc. (a)

    223,504  
  3,197    

Analog Devices, Inc.

    445,470  
  11,588    

Applied Materials, Inc.

    949,405  
  4,662    

Broadcom, Inc.

    2,069,975  
  8,232    

Cirrus Logic, Inc. (a)

    566,362  
  32,668    

Intel Corp.

    841,854  
  2,420    

KLA-Tencor Corp.

    732,365  
  1,993    

Lam Research Corp.

    729,438  
  4,631    

Lattice Semiconductor Corp. (a)

    227,891  
  2,041    

Microchip Technology, Inc.

    124,562  
  23,179    

Micron Technology, Inc.

    1,161,268  
  3,761    

MKS Instruments, Inc. (b)

    310,809  
  1,466    

Monolithic Power Systems, Inc. (b)

    532,744  
  28,337    

NVIDIA Corp.

    3,439,828  
  17,003    

ON Semiconductor Corp. (a)

    1,059,797  
  8,289    

Qorvo, Inc. (a)

    658,229  
  1,875    

Skyworks Solutions, Inc.

    159,881  
  8,037    

Teradyne, Inc. (b)

    603,981  
  9,222    

Texas Instruments, Inc.

    1,427,381  
           


              16,962,908  
           


       

Software - 8.12%

       
  4,977    

Adobe Systems, Inc. (a)

    1,369,670  
  1,578    

Alteryx, Inc. - Class A (a)

    88,116  
  7,331    

AppLovin Corp. - Class A (a)(b)

    142,881  
  2,965    

Atlassian Corp. PLC - Class A - ADR (a)

    624,399  
  2,880    

Autodesk, Inc. (a)

    537,984  
  7,165    

Cadence Design System, Inc. (a)

    1,170,976  

Number of
Shares


       

Value


 
       

Software (Continued)

       
  2,655    

Citrix Systems, Inc. (c)(d)(f)

  $ 276,120  
  2,284    

Datadog, Inc. - Class A (a)

    202,774  
  9,347    

DocuSign, Inc. (a)(b)

    499,784  
  24,724    

Dropbox, Inc. - Class A (a)

    512,281  
  2,727    

Elastic NV - ADR (a)

    195,635  
  1,413    

Fair Isaac Corp. (a)

    582,170  
  18,088    

Fortinet, Inc. (a)

    888,664  
  1,649    

HubSpot, Inc. (a)

    445,428  
  5,275    

Informatica, Inc. - Class A (a)

    105,869  
  2,045    

Intuit, Inc.

    792,069  
  2,996    

Jack Henry & Associates, Inc.

    546,081  
  4,511    

Manhattan Associates, Inc. (a)

    600,098  
  94,636    

Microsoft Corp.

    22,040,724  
  4,363    

New Relic, Inc. (a)

    250,349  
  16,159    

NortonLifeLock, Inc.

    325,442  
  20,642    

Nutanix, Inc. - Class A (a)(b)

    429,973  
  6,262    

Oracle Corp.

    382,420  
  12,346    

Pegasystems, Inc. (b)

    396,801  
  9,657    

RingCentral, Inc. - Class A (a)

    385,894  
  4,895    

salesforce.com, Inc. (a)

    704,097  
  2,314    

ServiceNow, Inc. (a)

    873,790  
  10,260    

Smartsheet, Inc. - Class A (a)

    352,534  
  2,609    

Splunk, Inc. (a)

    196,197  
  9,616    

SS&C Technologies Holdings, Inc.

    459,164  
  3,074    

Synopsys, Inc. (a)

    939,138  
  2,572    

VMware, Inc. - Class A

    273,815  
  4,934    

Zendesk, Inc. (a)

    375,477  
  4,836    

Zoom Video Communications, Inc. - Class A (a)(b)

    355,881  
           


              38,322,695  
           


       

Specialty Retail - 3.98%

       
  1,688    

Advance Auto Parts, Inc.

    263,902  
  16,697    

AutoNation, Inc. (a)(b)

    1,700,923  
  642    

AutoZone, Inc. (a)

    1,375,119  
  10,200    

Bath & Body Works, Inc.

    332,520  
  8,947    

Best Buy Co., Inc.

    566,703  
  7,880    

Dick’s Sporting Goods, Inc. (b)

    824,563  
  2,505    

Floor & Decor Holdings, Inc. - Class A (a)(b)

    176,001  
  11,892    

GameStop Corp. - Class A (a)(b)

    298,846  
  17,831    

Leslie’s, Inc. (a)

    262,294  
  2,020    

Lithia Motors, Inc. (b)

    433,391  
  10,227    

Lowe’s Cos., Inc.

    1,920,733  
  1,897    

O’Reilly Automotive, Inc. (a)

    1,334,255  
  16,111    

Penske Automotive Group, Inc. (b)

    1,585,806  
  7,473    

Petco Health & Wellness Co., Inc. (a)

    83,399  
  2,275    

Ross Stores, Inc.

    191,714  
  1,884    

Sherwin-Williams Co.

    385,749  
  38,075    

The Gap, Inc. (b)

    312,596  
  11,606    

The Home Depot, Inc.

    3,202,560  
  11,871    

The TJX Cos., Inc.

    737,426  
  4,309    

Tractor Supply Co.

    800,957  
  2,472    

Ulta Beauty, Inc. (a)

    991,742  
  14,546    

Victoria’s Secret & Co. (a)

    423,579  
  4,940    

Williams Sonoma, Inc. (b)

    582,179  
           


              18,786,957  
           


       

Technology Hardware, Storage & Peripherals - 7.13%

 

  199,818    

Apple, Inc.

    27,614,847  
  80,263    

Hewlett Packard Enterprise Co.

    961,551  
  11,898    

HP, Inc.

    296,498  
 

 

See notes to financial statements.

 

41


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Technology Hardware, Storage & Peripherals (Continued)

 

  11,395    

International Business Machines Corp.

  $ 1,353,840  
  47,717    

NCR Corp. (a)

    907,100  
  4,802    

NetApp, Inc.

    297,004  
  21,613    

Pure Storage, Inc. - Class A (a)

    591,548  
  25,975    

Teradata Corp. (a)(b)

    806,783  
  24,974    

Western Digital Corp. (a)

    812,904  
           


              33,642,075  
           


       

Textiles, Apparel & Luxury Goods - 1.43%

       
  10,991    

Capri Holdings, Ltd. - ADR (a)(b)

    422,494  
  7,250    

Carter’s, Inc. (b)

    475,092  
  7,074    

Columbia Sportswear Co.

    476,080  
  1,749    

Deckers Outdoor Corp. (a)

    546,755  
  10,079    

Hanesbrands, Inc.

    70,150  
  2,521    

lululemon athletica, Inc. (a)

    704,771  
  9,575    

NIKE, Inc. - Class B

    795,874  
  18,415    

PVH Corp.

    824,992  
  5,399    

Ralph Lauren Corp. (b)

    458,537  
  10,632    

Skechers U.S.A., Inc. - Class A (a)

    337,247  
  16,599    

Tapestry, Inc.

    471,910  
  69,351    

Under Armour, Inc. - Class A (a)(b)

    461,184  
  70,634    

Under Armour, Inc. - Class C (a)

    420,979  
  10,118    

VF Corp. (b)

    302,629  
           


              6,768,694  
           


       

Thrifts & Mortgage Finance - 0.22%

       
  18,556    

MGIC Investment Corp.

    237,888  
  52,561    

New York Community Bancorp, Inc. (b)

    448,345  
  28,453    

Rocket Cos, Inc. - Class A (b)

    179,823  
  56,087    

UWM Holdings Corp. (b)

    164,335  
           


              1,030,391  
           


       

Tobacco - 0.45%

       
  14,228    

Altria Group, Inc.

    574,527  
  18,734    

Philip Morris International, Inc.

    1,555,109  
           


              2,129,636  
           


       

Trading Companies & Distributors - 0.79%

       
  18,710    

Fastenal Co.

    861,408  
  7,330    

MSC Industrial Direct Co., Inc. - Class A

    533,697  
  2,139    

SiteOne Landscape Supply, Inc. (a)

    222,756  
  18,930    

Univar Solutions, Inc. (a)

    430,468  
  1,961    

W.W. Grainger, Inc. (b)

    959,302  
  1,989    

Watsco, Inc. (b)

    512,088  
  1,627    

WESCO International, Inc. (a)(b)

    194,231  
           


              3,713,950  
           


       

Water Utilities - 0.03%

       
  2,931    

Essential Utilities, Inc.

    121,285  
           


       

Total Common Stocks
(Cost $312,212,672)

    445,081,143  
           


       

INVESTMENT COMPANIES - 3.69%

 

       

Domestic Equity Funds - 3.69%

 

  53,000    

Vanguard S&P 500 ETF

    17,399,900  
           


       

Total Investment Companies
(Cost $15,129,651)

    17,399,900  
           


Number of
Shares


       

Value


 
       

REAL ESTATE INVESTMENT TRUSTS - 1.49%

 

       

Real Estate Investment Trusts - 1.49%

 

  13,991    

Annaly Capital Management, Inc.

  $ 240,086  
  5,511    

Brixmor Property Group, Inc.

    101,788  
  313    

Crown Castle International Corp.

    45,244  
  4,782    

Douglas Emmett, Inc. (b)

    85,741  
  8,317    

Duke Realty Corp.

    400,879  
  5,185    

EPR Properties

    185,934  
  2,556    

Extra Space Storage, Inc.

    441,447  
  2,516    

First Industrial Realty Trust, Inc.

    112,742  
  4,152    

Gaming and Leisure Properties, Inc.

    183,684  
  3,666    

Highwoods Properties, Inc.

    98,835  
  8,562    

Host Hotels & Resorts, Inc.

    135,965  
  52,700    

Hudson Pacific Properties, Inc.

    577,065  
  2,912    

Invitation Homes, Inc.

    98,338  
  7,387    

Iron Mountain, Inc.

    324,806  
  6,194    

Kimco Realty Corp.

    114,032  
  2,849    

Life Storage, Inc.

    315,555  
  2,425    

National Retail Properties, Inc.

    96,661  
  83,160    

New Residential Investment Corp.

    608,731  
  27,284    

Park Hotels & Resorts, Inc.

    307,218  
  5,522    

Prologis, Inc.

    561,035  
  1,750    

Public Storage

    512,418  
  6,814    

Realty Income Corp.

    396,575  
  1,480    

Regency Centers Corp.

    79,698  
  3,701    

Rexford Industrial Realty, Inc.

    192,452  
  8,649    

VICI Properties, Inc.

    258,173  
  3,002    

Vornado Realty Trust

    69,526  
  8,617    

Weyerhaeuser Co.

    246,102  
  3,513    

WP Carey, Inc. (b)

    245,207  
           


       

Total Real Estate Investment Trusts
(Cost $8,730,724)

    7,035,937  
           


       

SHORT TERM INVESTMENTS - 0.48%

 

       

Money Market Funds - 0.48%

 

  2,263,271    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (e)

    2,263,271  
           


       

Total Short Term Investments
(Cost $2,263,271)

    2,263,271  
           


Number of
Units


       
 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 10.78%

 

  50,893,955    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 3.18% (e)

    50,893,955  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $50,893,955)

    50,893,955  
           


       

Total Investments
(Cost $389,230,273) - 110.73%

    522,674,206  
       

Liabilities in Excess of
Other Assets - (10.73)%

    (50,654,129
           


       

TOTAL NET ASSETS - 100.00%

  $ 472,020,077  
           


 

 

See notes to financial statements.

 

42


GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Percentages are stated as a percent of net assets.

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(d)   As of September 30, 2022, the Valuation Committee has fair valued this security. The value of this security was $343,740, which represents 0.07% of total net assets.
(e)   Seven-day yield as of September 30, 2022.
(f)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities was $343,740, which represents 0.07% of total net assets.

Glossary of Terms

ADR   -   American Depositary Receipt
 

 

See notes to financial statements.

 

43


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS - 90.15%

 

       

Bermuda - 0.04%

 

  15,969    

Hopson Development Holdings, Ltd.

  $ 16,628  
           


       

Brazil - 3.44%

 

  12,706    

Ambev SA (a)

    36,627  
  13,497    

B3 SA - Brasil Bolsa Balcao

    32,902  
  15,847    

Banco do Brasil SA

    112,955  
  33,563    

BB Seguridade Participacoes SA

    165,315  
  9,249    

Cia de Saneamento Basico do Estado de Sao Paulo

    85,077  
  9,346    

Cia Siderurgica Nacional SA

    22,073  
  27,412    

JBS SA

    128,260  
  13,627    

Natura & Co., Holding SA (a)

    37,387  
  52,328    

Petroleo Brasileiro SA

    322,833  
  21,499    

Raia Drogasil SA (a)

    90,669  
  1,310    

SUZANO SA

    10,848  
  34,446    

Vale SA

    460,911  
  4,552    

WEG SA

    27,045  
           


              1,532,902  
           


       

Cayman Islands - 6.14%

 

  5,531    

360 DigiTech, Inc. - ADR

    70,907  
  82,803    

Alibaba Group Holding, Ltd. (a)

    826,319  
  5,462    

Baidu, Inc. - Class A (a)

    80,407  
  171,507    

China Evergrande Group (a)(e)(f)(g)

    29,682  
  84,652    

China Feihe, Ltd.

    59,106  
  64,482    

China Medical System Holdings, Ltd.

    76,813  
  12,599    

China Meidong Auto Holdings, Ltd.

    19,937  
  8,006    

China Resources Land, Ltd.

    31,359  
  55,030    

China State Construction International Holdings, Ltd.

    55,453  
  26,053    

Chinasoft International, Ltd.

    15,914  
  1,641    

Daqo New Energy Corp. - ADR (a)

    87,104  
  26,212    

Dongyue Group, Ltd.

    25,975  
  7,011    

Genscript Biotech Corp. (a)

    15,177  
  16,148    

Greentown China Holdings, Ltd.

    30,307  
  64,718    

Haidilao International Holding, Ltd. (a)

    125,532  
  8,689    

JD.com, Inc. - Class A

    219,208  
  35,061    

Jiumaojiu International Holdings, Ltd.

    57,017  
  6,861    

Kuaishou Technology (a)

    44,007  
  1,055    

Li Auto, Inc. - ADR (a)

    24,276  
  17,798    

Meituan - Class B (a)

    374,051  
  5,922    

NetEase, Inc.

    89,360  
  507    

Parade Technologies, Ltd.

    9,316  
  1,134    

Pinduoduo, Inc. - ADR (a)(b)

    70,966  
  32,449    

RLX Technology, Inc. - ADR (a)

    34,071  
  118,740    

Seazen Group, Ltd. (a)

    27,626  
  3,236    

Silergy Corp.

    42,204  
  8,701    

Smoore International Holdings, Ltd.

    10,322  
  138,091    

Topsports International Holdings, Ltd.

    96,531  
  2,820    

Wuxi Biologics Cayman, Inc. (a)

    16,787  
  17,398    

Xiaomi Corp. - Class B (a)

    19,701  
  15,353    

Yadea Group Holdings, Ltd.

    24,538  
  8,274    

Zhen Ding Technology Holding, Ltd.

    27,435  
           


              2,737,408  
           


       

Chile - 0.27%

 

  33,942    

Cencosud SA

    42,931  
  6,643    

Cia Cervecerias Unidas SA

    36,068  
  636,448    

Cia Sud Americana de Vapores SA

    43,850  
           


              122,849  
           


                 

Number of
Shares


       

Value


 
       

China - 21.24%

 

  22,900    

37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A

  $ 56,030  
  373,865    

Agricultural Bank of China, Ltd. - Series H

    111,896  
  5,155    

Aier Eye Hospital Group Co., Ltd. - Class A

    20,795  
  14,300    

Air China, Ltd. - Class A (a)

    21,049  
  28,224    

Air China, Ltd. - Series H (a)

    21,466  
  10,867    

Anhui Conch Cement Co., Ltd. - Series H

    34,348  
  12,089    

ANTA Sports Products, Ltd.

    126,896  
  828,188    

Bank of China, Ltd. - Series H

    270,482  
  90,100    

Bank of Communications Co., Ltd. - Class A

    58,632  
  246,960    

Bank of Communications Co., Ltd. - Series H

    130,191  
  3,900    

Beijing Tongrentang Co., Ltd. - Class A

    24,932  
  1,500    

Beijing United Information Technology Co., Ltd. - Class A

    22,770  
  2,755    

Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A

    44,311  
  1,600    

Bloomage Biotechnology Corp, Ltd. - Class A

    29,404  
  5,139    

BYD Co., Ltd. - Series H

    126,602  
  12,800    

By-health Co., Ltd. - Class A

    31,720  
  1,500    

Changchun High & New Technology Industry Group, Inc. - Class A

    35,926  
  5,084    

Chengxin Lithium Group Co., Ltd. - Class A

    33,415  
  569,672    

China Cinda Asset Management Co., Ltd. - Series H

    62,897  
  268,528    

China CITIC Bank Corp., Ltd. - Series H

    106,564  
  135,583    

China Coal Energy Co., Ltd. - Series H

    122,145  
  324,598    

China Communications Services Corp., Ltd. - Series H

    109,129  
  723,610    

China Construction Bank Corp. - Series H

    417,669  
  100,600    

China Everbright Bank Co., Ltd. - Class A

    39,928  
  347,000    

China Everbright Bank Co., Ltd. - Series H

    95,276  
  103,748    

China Hongqiao Group, Ltd.

    84,929  
  17,280    

China Merchants Bank Co., Ltd. - Series H

    79,969  
  19,900    

China Merchants Energy Shipping Co., Ltd. - Class A

    19,858  
  129,568    

China National Building Material Co., Ltd. - Series H

    98,656  
  5,200    

China Northern Rare Earth Group High-Tech Co., Ltd. - Class A

    19,384  
  320,832    

China Petroleum & Chemical Corp. - Series H

    137,004  
  100,382    

China Power International Development, Ltd.

    39,739  
  17,814    

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A

    96,205  
  7,500    

China Shenhua Energy Co., Ltd. - Class A

    33,375  
  27,821    

China Shenhua Energy Co., Ltd. - Series H

    82,786  
  1,648    

China Tourism Group Duty Free Corp, Ltd. - Class A

    45,534  
  81,300    

China United Network Communications, Ltd. - Class A

    38,330  
  8,400    

China Yangtze Power Co., Ltd. - Class A

    26,888  
  4,000    

China Zhenhua Group Science & Technology Co., Ltd. - Class A

    65,254  
  3,700    

Chongqing Brewery Co., Ltd. - Class A

    58,207  
  2,100    

Chongqing Zhifei Biological Products Co., Ltd. - Class A

    25,512  
  746    

Contemporary Amperex Technology Co., Ltd. - Class A

    42,003  
  22,700    

COSCO SHIPPING Energy Transportation Co., Ltd. - Class A (a)

    57,737  
  112,436    

COSCO SHIPPING Holdings Co., Ltd. - Series H

    130,782  
 

 

See notes to financial statements.

 

44


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

       
       

China (Continued)

       
  169,456    

Country Garden Holdings Co., Ltd.

  $ 39,144  
  160,393    

CSPC Pharmaceutical Group, Ltd.

    158,978  
  20,000    

Daan Gene Co., Ltd. - Class A

    46,672  
  11,760    

DaShenLin Pharmaceutical Group Co., Ltd. - Class A

    50,003  
  87,253    

Dongfeng Motor Group Co., Ltd. - Series H

    46,642  
  4,800    

Ecovacs Robotics Co., Ltd. - Class A

    44,907  
  57,500    

Focus Media Information Technology Co., Ltd. - Class A

    44,629  
  700    

G-bits Network Technology Xiamen Co., Ltd. - Class A

    24,415  
  33,800    

GD Power Development Co., Ltd. - Class A (a)

    19,329  
  38,114    

Guanghui Energy Co., Ltd. - Class A

    66,134  
  4,438    

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A

    16,187  
  3,000    

Guangzhou Kingmed Diagnostics Group Co., Ltd. - Class A

    26,676  
  8,000    

Guangzhou Tinci Materials Technology Co., Ltd. - Class A (a)

    49,455  
  9,000    

Hangzhou Robam Appliances Co., Ltd. - Class A

    29,005  
  3,900    

Hithink RoyalFlush Information Network Co., Ltd. - Class A

    42,417  
  3,396    

Hoshine Silicon Industry Co., Ltd. - Class A

    52,323  
  6,869    

Huadong Medicine Co., Ltd. - Class A

    38,756  
  63,100    

Huaxia Bank Co., Ltd. - Class A

    44,686  
  8,446    

Hubei Xingfa Chemicals Group Co., Ltd. - Class A

    39,530  
  2,400    

Huizhou Desay Sv Automotive Co., Ltd. - Class A

    46,492  
  5,200    

Hundsun Technologies, Inc. - Class A

    24,743  
  392,052    

Industrial & Commercial Bank of China, Ltd. - Series H

    183,914  
  49,177    

Inner Mongolia BaoTou Steel Union Co., Ltd. - Class A

    12,710  
  6,575    

Inner Mongolia Yili Industrial Group Co., Ltd. - Class A

    30,507  
  5,376    

JA Solar Technology Co., Ltd. - Class A

    48,395  
  8,800    

Jafron Biomedical Co., Ltd. - Class A

    60,121  
  8,200    

Jiangsu Hengrui Medicine Co., Ltd. - Class A

    40,416  
  11,700    

Jiangxi Copper Co., Ltd. - Class A

    25,018  
  25,097    

Jiangxi Copper Co., Ltd. Series H

    28,953  
  130,700    

Jinke Properties Group Co., Ltd. (a)

    38,430  
  2,300    

JiuGui Liquor Co., Ltd. - Class A

    40,629  
  11,771    

Joincare Pharmaceutical Group Industry Co., Ltd. - Class A

    17,405  
  200    

Kweichow Moutai Co., Ltd. - Class A

    52,636  
  140,696    

Lenovo Group, Ltd.

    97,319  
  18,519    

Li Ning Co., Ltd.

    140,520  
  1,400    

Luzhou Laojiao Co., Ltd. - Class A

    45,487  
  93,200    

Metallurgical Corp of China, Ltd. - Class A

    39,125  
  3,600    

Muyuan Foods Co., Ltd. - Class A

    27,641  
  6,400    

Ninestar Corp. - Class A

    38,835  
  5,100    

Ningbo Orient Wires & Cables Co., Ltd. - Class A

    49,833  
  5,100    

Ningbo Tuopu Group Co., Ltd. - Class A

    52,753  
  25,169    

Nongfu Spring Co., Ltd. - Class H

    145,559  
  13,903    

North Industries Group Red Arrow Co., Ltd. - Class A

    43,723  
  34,200    

PetroChina Co., Ltd. - Class A

    24,797  
  272,281    

PetroChina Co., Ltd. - Series H

    111,306  
  172,318    

PICC Property & Casualty Co., Ltd. - Series H

    178,191  
  29,743    

Ping An Insurance Group Co. of China, Ltd. - Series H

    148,382  

Number of
Shares


       

Value


 
       

China (Continued)

       
  4,180    

Proya Cosmetics Co., Ltd. - Class A

  $ 95,861  
  2,600    

Sangfor Technologies, Inc. - Class A

    36,547  
  11,200    

Seazen Holdings Co., Ltd. - Class A (a)

    27,509  
  1,650    

SG Micro Corp. - Class A

    32,663  
  9,200    

Shaanxi Coal Industry Co., Ltd. - Class A

    29,489  
  8,800    

Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A

    22,536  
  21,100    

Shandong Buchang Pharmaceuticals Co., Ltd. - Class A

    51,931  
  75,500    

Shanghai Construction Group Co., Ltd. - Class A

    26,806  
  2,600    

Shanghai International Airport Co., Ltd. - Class A (a)

    21,090  
  2,900    

Shanghai Jinjiang International Hotels Co., Ltd. - Class A

    23,503  
  6,100    

Shanghai M&G Stationery, Inc. - Class A

    38,731  
  1,100    

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. - Class A

    46,817  
  1,153    

Shenzhen Kedali Industry Co., Ltd. - Class A

    15,583  
  11,770    

Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A

    35,947  
  35,432    

Shimao Property Holdings, Ltd. (a)(e)(f)(g)

    15,453  
  67,836    

Sichuan Hebang Biotechnology Co., Ltd. - Class A

    30,615  
  28,555    

Sichuan Road & Bridge Co., Ltd. - Class A

    41,033  
  3,200    

Sichuan Swellfun Co., Ltd. - Class A

    28,187  
  46,301    

Sunac China Holdings, Ltd. (a)(e)(f)(g)

    20,761  
  1,319    

Sunny Optical Technology Group Co., Ltd.

    12,535  
  19,186    

TAL Education Group - ADR (a)

    94,779  
  42,900    

Tencent Holdings, Ltd.

    1,449,004  
  5,590    

Tibet Summit Resources Co., Ltd. - Class A (a)

    17,433  
  66,102    

Tingyi Cayman Islands Holding Corp.

    113,835  
  11,434    

Titan Wind Energy Suzhou Co., Ltd. - Class A

    20,316  
  3,751    

Tsingtao Brewery Co., Ltd. - Series H

    35,364  
  1,041    

Unigroup Guoxin Microelectronics Co., Ltd. - Class A

    21,128  
  78,261    

Uni-President China Holdings, Ltd.

    65,576  
  16,004    

Vipshop Holdings, Ltd. - ADR (a)

    134,594  
  75,147    

Want Want China Holdings, Ltd.

    49,076  
  9,500    

Wens Foodstuffs Group Co., Ltd. - Class A (a)

    27,435  
  34,300    

Xiamen C & D, Inc. - Class A

    66,792  
  1,054    

Xiamen Faratronic Co., Ltd. - Class A

    23,700  
  6,100    

Yankuang Energy Group Co., Ltd. - Class A

    43,044  
  46,289    

Yanzhou Coal Mining Co., Ltd. Series H

    167,135  
  3,353    

Yifeng Pharmacy Chain Co., Ltd. - Class A

    23,438  
  20,942    

Yihai International Holding, Ltd.

    44,101  
  1,063    

YongXing Special Materials Technology Co., Ltd. - Class A

    18,507  
  1,772    

Youngy Co., Ltd. - Class A (a)

    28,011  
  11,400    

YTO Express Group Co., Ltd. - Class A

    33,255  
  2,665    

Yum China Holdings, Inc. (b)

    126,134  
  1,000    

Yunnan Botanee Bio-Technology Group Co., Ltd. - Class A

    24,231  
  2,380    

Zhejiang Orient Gene Biotech Co., Ltd. - Class A

    25,207  
  9,000    

Zhejiang Supor Co., Ltd. - Class A

    58,462  
  13,855    

Zhejiang Weixing New Building Materials Co., Ltd. - Class A

    40,107  
  6,700    

Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. - Class A

    45,995  
  10,601    

Zhuzhou Kibing Group Co., Ltd. - Class A

    14,321  
           


              9,474,930  
           


 

 

See notes to financial statements.

 

45


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

       
       

Cyprus - 0.00%

       
  2,617    

TCS Group Holding PLC (a)(d)(e)(f)(g)

  $ 0  
           


       

Czech Republic - 0.26%

       
  3,091    

CEZ AS

    105,921  
  467    

Komercni Banka AS

    11,680  
           


              117,601  
           


       

Egypt - 0.29%

       
  101,153    

Commercial International Bank Egypt SAE

    129,870  
           


       

Hong Kong - 1.54%

       
  4,653    

Beijing Enterprises Holdings, Ltd.

    13,040  
  224,427    

Bosideng International Holdings, Ltd.

    110,674  
  28,602    

China Mengniu Dairy Co., Ltd.

    113,067  
  7,635    

China Overseas Land & Investment, Ltd.

    19,863  
  1,938    

China Resources Beer Holdings Co., Ltd.

    13,443  
  96,339    

China Taiping Insurance Holdings Co., Ltd.

    80,753  
  66,261    

China Traditional Chinese Medicine Holdings Co., Ltd.

    23,052  
  128,661    

CITIC, Ltd.

    121,219  
  26,844    

Kingboard Chemical Holdings, Ltd.

    75,569  
  3,050    

Orient Overseas International, Ltd.

    53,079  
  59,913    

Sino Biopharmaceutical, Ltd.

    28,077  
  29,505    

Yuexiu Property Co., Ltd.

    35,553  
           


              687,389  
           


       

Hungary - 0.29%

       
  18,405    

MOL Hungarian Oil & Gas PLC

    102,216  
  1,461    

OTP Bank PLC

    26,653  
           


              128,869  
           


       

India - 14.92%

       
  1,378    

ACC, Ltd.

    40,734  
  4,246    

Adani Enterprises, Ltd.

    179,201  
  1,516    

Adani Green Energy, Ltd. (a)

    41,724  
  11,182    

Adani Power, Ltd. (a)

    50,833  
  2,744    

Adani Total Gas, Ltd.

    111,894  
  3,370    

Adani Transmission, Ltd. (a)

    135,048  
  5,194    

Ambuja Cements, Ltd.

    32,755  
  1,479    

Asian Paints, Ltd.

    60,464  
  13,505    

Aurobindo Pharma, Ltd.

    84,305  
  536    

Bajaj Finance, Ltd.

    47,891  
  34,011    

Bharat Electronics, Ltd.

    41,941  
  14,995    

Bharat Petroleum Corp., Ltd.

    55,831  
  4,538    

Bharti Airtel, Ltd.

    44,413  
  1,778    

Britannia Industries, Ltd.

    83,665  
  2,073    

Cholamandalam Investment and Finance Co., Ltd.

    18,524  
  7,603    

Cipla, Ltd.

    103,656  
  17,239    

Coal India, Ltd.

    44,673  
  4,611    

Colgate-Palmolive India, Ltd.

    92,127  
  5,408    

Dabur India, Ltd.

    37,898  
  488    

Divi’s Laboratories, Ltd.

    22,094  
  1,193    

Dr. Reddy’s Laboratories, Ltd.

    63,149  
  4,407    

Grasim Industries, Ltd.

    90,238  
  12,299    

HCL Technologies, Ltd.

    139,681  
  40,659    

Hindalco Industries, Ltd.

    192,730  
  29,305    

Hindustan Petroleum Corp, Ltd.

    77,422  
  2,222    

Hindustan Unilever, Ltd.

    73,280  
  6,856    

Housing Development Finance Corp., Ltd.

    191,279  
  25,648    

ICICI Bank, Ltd.

    269,285  
  76,571    

Indian Oil Corp, Ltd.

    62,627  
  4,986    

Indian Railway Catering & Tourism Corp., Ltd.

    42,826  

Number of
Shares


       

Value


 
       

India (Continued)

       
  26,368    

Infosys, Ltd.

  $ 452,008  
  20,548    

ITC, Ltd.

    83,512  
  11,017    

Jindal Steel & Power, Ltd.

    57,419  
  14,098    

JSW Steel, Ltd.

    108,705  
  4,166    

Jubilant Foodworks, Ltd.

    31,583  
  2,387    

Larsen & Toubro Infotech, Ltd.

    129,309  
  5,480    

Larsen & Toubro, Ltd.

    123,713  
  4,140    

Lupin, Ltd.

    34,453  
  9,326    

Mahindra & Mahindra, Ltd.

    144,291  
  12,740    

Marico, Ltd.

    83,869  
  265    

Maruti Suzuki India, Ltd.

    28,606  
  2,442    

Mindtree, Ltd.

    93,567  
  3,222    

Mphasis, Ltd.

    81,705  
  3,914    

Muthoot Finance, Ltd.

    49,665  
  520    

Nestle India, Ltd.

    121,964  
  58,671    

NTPC, Ltd.

    114,588  
  128,778    

Oil & Natural Gas Corp., Ltd.

    199,484  
  288    

Page Industries, Ltd.

    178,539  
  1,592    

Pidilite Industries, Ltd.

    52,317  
  7,137    

Power Grid Corp of India, Ltd.

    18,531  
  13,509    

Reliance Industries, Ltd.

    392,059  
  1,322    

SRF, Ltd.

    40,361  
  16,763    

State Bank of India

    108,558  
  6,323    

Sun Pharmaceutical Industries, Ltd.

    73,434  
  8,075    

Tata Consultancy Services, Ltd.

    295,940  
  668    

Tata Elxsi, Ltd.

    69,532  
  27,719    

Tata Motors, Ltd. (a)

    136,381  
  195,360    

Tata Steel, Ltd.

    235,854  
  12,623    

Tech Mahindra, Ltd.

    154,942  
  13,560    

The Tata Power Co., Ltd.

    35,768  
  1,402    

Titan Co., Ltd.

    44,580  
  1,164    

Trent, Ltd.

    20,185  
  641    

UltraTech Cement, Ltd.

    49,032  
  71,220    

Vedanta, Ltd.

    233,716  
  9,175    

Wipro, Ltd.

    44,026  
           


              6,654,384  
           


       

Indonesia - 2.51%

       
  1,216,789    

Adaro Energy Tbk PT

    313,788  
  175,027    

Astra International Tbk PT

    75,743  
  102,700    

Bank Negara Indonesia Persero Tbk PT

    60,069  
  48,759    

Bank of Mandiri Persero Tbk PT

    29,940  
  111,277    

Bank Rakyat Indonesia Persero Tbk PT

    32,568  
  184,243    

Indah Kiat Pulp & Paper Corp. Tbk PT

    108,855  
  262,537    

Indofood Sukses Makmur Tbk PT

    103,734  
  510,158    

Kalbe Farma Tbk PT

    61,190  
  73,862    

Merdeka Copper Gold Tbk PT (a)

    19,013  
  352,514    

Sumber Alfaria Trijaya Tbk PT

    55,321  
  463,270    

Telekomunikasi Indonesia Persero Tbk PT

    135,018  
  393,038    

Unilever Indonesia Tbk PT

    124,322  
           


              1,119,561  
           


       

Mexico - 1.99%

       
  147,565    

America Movil SAB de CV - Series L

    121,557  
  4,805    

Arca Continental SAB de CV

    34,597  
  284,957    

Cemex SAB de CV (a)

    98,478  
  57,190    

Grupo Bimbo SAB de CV - Series A

    200,965  
  10,427    

Grupo Financiero Banorte SAB de CV - Series O

    66,794  
  51,303    

Grupo Financiero Inbursa SAB de CV - Series O (a)

    81,440  
  23,128    

Grupo Mexico SAB de CV - Series B

    78,114  
 

 

See notes to financial statements.

 

46


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

       
       

Mexico (Continued)

       
  16,455    

Orbia Advance Corp SAB de CV

  $ 27,698  
  7,378    

Sitios Latinoamerica SAB de CV (a)

    3,359  
  49,475    

Wal-Mart de Mexico SAB de CV

    173,756  
           


              886,758  
           


       

Peru - 0.15%

       
  166    

Credicorp, Ltd. - ADR (b)

    20,385  
  1,024    

Southern Copper Corp. (b)

    45,916  
           


              66,301  
           


       

Poland - 0.94%

       
  2,858    

Bank Polska Kasa Opieki SA

    34,710  
  1,019    

CD Projekt SA

    20,406  
  2,379    

Dino Polska SA (a)

    144,098  
  18    

LPP SA

    28,080  
  51,462    

Orange Polska SA

    53,468  
  67,386    

PGE Polska Grupa Energetyczna SA (a)

    84,772  
  2,117    

Polski Koncern Naftowy Orlen SA

    22,726  
  6,724    

Powszechna Kasa Oszczednosci Bank Polski SA

    29,373  
           


              417,633  
           


       

Qatar - 1.70%

       
  17,004    

Industries Qatar QSC

    78,496  
  19,733    

Masraf Al Rayan QSC

    22,192  
  112,875    

Ooredoo QPSC

    275,082  
  10,659    

Qatar Islamic Bank SAQ

    71,947  
  44,056    

Qatar National Bank QPSC

    239,781  
  36,411    

The Commercial Bank PQSC

    70,098  
           


              757,596  
           


       

Republic of Korea - 11.38%

       
  925    

Amorepacific Corp.

    65,221  
  8,743    

Cheil Worldwide, Inc.

    137,822  
  1,964    

CJ Corp.

    94,696  
  791    

CJ ENM Co., Ltd.

    41,632  
  3,929    

DB Insurance Co., Ltd.

    150,524  
  1,412    

Ecopro BM Co., Ltd.

    85,421  
  872    

F&F Co., Ltd.

    82,704  
  5,210    

GS Engineering & Construction Corp.

    81,244  
  1,142    

GS Holdings Corp.

    33,061  
  3,983    

Hana Financial Group, Inc.

    97,803  
  3,378    

Hankook Tire Co., Ltd.

    82,452  
  524    

Hanwha Solutions Corp. (a)

    17,069  
  3,104    

HMM Co., Ltd.

    39,632  
  715    

Hotel Shilla Co., Ltd.

    35,561  
  2,507    

Hyundai Engineering & Construction Co., Ltd.

    65,020  
  457    

Hyundai Mobis Co., Ltd.

    60,326  
  4,746    

Hyundai Steel Co.

    92,190  
  240    

Iljin Materials Co., Ltd.

    8,391  
  14,389    

Industrial Bank of Korea

    95,156  
  4,354    

KB Financial Group, Inc.

    131,484  
  1,716    

Kia Motors Corp.

    85,409  
  2,697    

Korea Aerospace Industries, Ltd.

    90,895  
  667    

Korea Investment Holdings Co., Ltd.

    21,916  
  2,682    

Korean Air Lines Co., Ltd. (a)

    40,925  
  545    

KT&G Corp.

    32,907  
  713    

Kumho Petrochemical Co., Ltd.

    57,085  
  539    

L&F Co., Ltd. (a)

    65,544  
  107    

LG Chemical, Ltd.

    39,508  
  7,824    

LG Display Co., Ltd.

    64,840  
  1,432    

LG Electronics, Inc.

    77,708  

Number of
Shares


       

Value


 
       

Republic of Korea (Continued)

       
  208    

LG Household & Health Care, Ltd.

  $ 91,170  
  400    

LG Innotek Co., Ltd.

    75,394  
  15,796    

LG Uplus Corp.

    118,119  
  4,274    

Meritz Financial Group, Inc.

    61,656  
  3,890    

Meritz Fire & Marine Insurance Co., Ltd.

    79,631  
  26,396    

Meritz Securities Co., Ltd.

    67,154  
  278    

NCSoft Corp.

    66,497  
  8,278    

NH Investment & Securities Co., Ltd.

    51,673  
  481    

Orion Corp.

    34,398  
  6,150    

Pan Ocean Co., Ltd.

    19,167  
  735    

Pearl Abyss Corp. (a)

    23,660  
  72    

POSCO

    10,502  
  452    

Samsung Electro-Mechanics Co., Ltd.

    34,874  
  36,297    

Samsung Electronics Co., Ltd.

    1,332,799  
  2,697    

Samsung Engineering Co., Ltd. (a)

    42,456  
  461    

Samsung Fire & Marine Insurance Co., Ltd.

    58,961  
  15,386    

Samsung Heavy Industries Co., Ltd. (a)

    56,687  
  2,897    

Samsung Securities Co., Ltd.

    61,670  
  1,177    

SD Biosensor, Inc.

    21,698  
  3,554    

Seegene, Inc.

    65,918  
  5,446    

Shinhan Financial Group Co., Ltd.

    126,506  
  5,225    

SK Hynix, Inc.

    298,871  
  246    

SKC Co., Ltd.

    14,211  
  2,544    

Woongjin Coway Co., Ltd.

    95,137  
  12,323    

Woori Financial Group Inc.

    91,451  
           


              5,074,406  
           


       

Russian Federation - 0.00%

       
  44,711    

Gazprom PJSC - ADR (a)(e)(f)(g)

    0  
  3,704    

LUKOIL PJSC - ADR (e)(f)(g)

    0  
  1,813    

Magnit PJSC (e)(f)(g)

    0  
  2    

Magnit PJSC - ADR (d)(e)(f)(g)

    0  
  5,783    

MMC Norilsk Nickel PJSC - ADR (e)(f)(g)

    0  
  4,954    

Novolipetsk Steel PJSC - ADR (e)(f)(g)

    0  
  5,230    

PhosAgro PJSC (a)(e)(f)(g)

    0  
  33    

PhosAgro PJSC - GDR (a)(d)(e)(f)(g)

    0  
  994    

Polyus PJSC - GDR - ADR (d)(e)(f)(g)

    0  
  13,382    

Rosneft Oil Co PJSC (e)(f)(g)

    0  
  120,116    

Sberbank Of Russia (a)(e)(f)(g)

    0  
  21,281    

Surgutneftegas OJSC - ADR (a)(e)(f)(g)

    0  
  4,243    

Tatneft PJSC - ADR (e)(f)(g)

    0  
  128,418,000    

VTB Bank PJSC (a)(e)(f)(g)

    0  
  3,865    

X5 Retail Group NV - ADR (d)(e)(f)(g)

    0  
  2,515    

Yandex NV - Class A - ADR (a)(e)(f)(g)

    0  
           


              0  
           


       

Singapore - 0.04%

       
  2,567    

BOC Aviation, Ltd.

    18,147  
           


       

South Africa - 4.48%

       
  13,641    

Absa Group, Ltd.

    132,508  
  2,453    

African Rainbow Minerals, Ltd.

    33,139  
  894    

Anglo American Platinum, Ltd.

    63,406  
  10,631    

Aspen Pharmacare Holdings, Ltd.

    78,570  
  5,766    

Bid Corp., Ltd.

    88,822  
  810    

Capitec Bank Holdings, Ltd.

    69,396  
  3,652    

Clicks Group, Ltd.

    57,597  
  30,263    

FirstRand, Ltd.

    101,026  
  4,916    

Gold Fields, Ltd.

    39,650  
  18,428    

Harmony Gold Mining Co., Ltd.

    43,436  
  13,423    

Impala Platinum Holdings, Ltd.

    124,802  
 

 

See notes to financial statements.

 

47


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

       
       

South Africa (Continued)

       
  4,136    

Kumba Iron Ore, Ltd.

  $ 87,737  
  5,550    

Mr. Price Group, Ltd.

    52,875  
  19,943    

MTN Group, Ltd.

    131,584  
  15,906    

MultiChoice Group, Ltd.

    101,623  
  12,159    

Nedbank Group, Ltd.

    133,778  
  58,167    

Old Mutual, Ltd.

    31,258  
  54,379    

Pepkor Holdings, Ltd.

    62,401  
  7,886    

Sasol, Ltd.

    123,350  
  4,548    

Shoprite Holdings, Ltd.

    54,297  
  36,031    

Sibanye Stillwater, Ltd.

    82,710  
  14,073    

Standard Bank Group, Ltd.

    111,173  
  4,392    

The Bidvest Group, Ltd.

    47,574  
  43,859    

Woolworths Holdings, Ltd.

    147,376  
           


              2,000,088  
           


       

South Korea - 0.28%

       
  2,093    

Lotte Shopping Co., Ltd.

    125,529  
           


       

Taiwan, Province of China - 13.86%

       
  3,162    

Accton Technology Corp.

    26,970  
  5,147    

Advantech Co., Ltd.

    47,411  
  170,772    

AU Optronics Corp. (g)

    78,152  
  69,121    

Cathay Financial Holding Co., Ltd.

    86,632  
  6,458    

Chailease Holding Co., Ltd.

    36,889  
  44,823    

Chang Hwa Commercial Bank, Ltd.

    24,146  
  331,564    

China Development Financial Holding Corp.

    124,684  
  75,797    

China Steel Corp.

    63,543  
  19,247    

Chunghwa Telecom Co., Ltd.

    68,888  
  81,673    

CTBC Financial Holding Co., Ltd.

    50,809  
  3,456    

Delta Electronics, Inc.

    27,451  
  9,650    

E Ink Holdings, Inc.

    63,709  
  107,040    

E.SUN Financial Holdings Co., Ltd.

    86,610  
  2,098    

eMemory Technology, Inc.

    74,261  
  38,043    

Eva Airways Corp.

    33,632  
  30,495    

Evergreen Marine Corp. Taiwan, Ltd.

    139,040  
  67,203    

Far Eastern New Century Corp.

    68,231  
  25,258    

Far EasTone Telecommunications Co., Ltd.

    57,471  
  7,996    

Feng TAY Enterprise Co., Ltd.

    39,551  
  91,990    

First Financial Holding Co., Ltd.

    75,096  
  92,447    

Fubon Financial Holding Co., Ltd.

    144,570  
  32,529    

Hon Hai Precision Industry Co., Ltd.

    104,161  
  111,471    

Hua Nan Financial Holdings Co., Ltd.

    77,769  
  254,477    

Innolux Corp. (g)

    82,893  
  11,393    

MediaTek, Inc.

    196,602  
  60,181    

Mega Financial Holding Co., Ltd.

    58,880  
  9,860    

Micro-Star International Co., Ltd.

    33,190  
  1,837    

momo.com, Inc.

    30,656  
  25,095    

Nan Ya Plastics Corp.

    52,660  
  4,972    

Nan Ya Printed Circuit Board Corp.

    29,225  
  32,428    

Nanya Technology Corp.

    49,695  
  8,088    

Nien Made Enterprise Co., Ltd.

    63,850  
  12,818    

Novatek Microelectronics Corp.

    87,728  
  50,730    

Pegatron Corp.

    93,110  
  17,722    

President Chain Store Corp.

    157,245  
  8,575    

Quanta Computer, Inc.

    20,757  
  12,817    

Realtek Semiconductor Corp.

    108,202  
  41,142    

Ruentex Development Co., Ltd.

    66,133  
  290,751    

Shin Kong Financial Holding Co., Ltd.

    74,837  
  190,476    

SinoPac Financial Holdings Co., Ltd.

    103,351  
  24,831    

Synnex Technology International Corp.

    41,134  

Number of
Shares


       

Value


 
       

Taiwan, Province of China (Continued)

       
  7,095    

Taishin Financial Holding Co., Ltd.

  $ 3,050  
  82,531    

Taiwan Cooperative Financial Holding Co., Ltd.

    67,950  
  8,931    

Taiwan Mobile Co., Ltd.

    26,879  
  184,675    

Taiwan Semiconductor Manufacturing Co., Ltd.

    2,447,940  
  27,459    

The Shanghai Commercial & Savings Bank, Ltd.

    42,391  
  13,818    

Unimicron Technology Corp.

    50,584  
  83,949    

Uni-President Enterprises Corp.

    177,535  
  100,601    

United Microelectronics Corp.

    112,582  
  19,114    

Wan Hai Lines, Ltd.

    39,872  
  136,715    

Winbond Electronics Corp.

    84,419  
  23,098    

WPG Holdings, Ltd.

    33,734  
  46,395    

Yang Ming Marine Transport Corp.

    89,135  
  90,245    

Yuanta Financial Holding Co., Ltd.

    55,344  
           


              6,181,239  
           


       

Thailand - 1.08%

       
  6,760    

Advanced Info Service PCL - NVDR

    34,866  
  12,884    

Airports of Thailand PCL - NVDR (a)

    24,678  
  184,823    

Asset World Corp PCL

    28,310  
  14,032    

Central Pattana PCL - NVDR

    24,135  
  4,020    

Delta Electronics Thailand PCL - NVDR

    69,272  
  40,177    

Gulf Energy Development PCL - NVDR

    55,674  
  45,073    

Home Product Center PCL - NVDR

    16,049  
  28,173    

JMT Network Services PCL

    50,713  
  78,908    

Krung Thai Bank PCL

    34,815  
  11,163    

Krungthai Card PCL

    16,931  
  60,632    

Osotspa PCL - NVDR

    43,677  
  4,955    

PTT Exploration & Production PCL

    21,129  
  26,741    

PTT Global Chemical PCL - NVDR

    29,264  
  243,554    

True Corp. PCL

    32,497  
           


              482,010  
           


       

Turkey - 1.66%

       
  176,271    

Akbank Turk AS

    107,216  
  15,190    

BIM Birlesik Magazalar AS

    94,635  
  32,172    

Eregli Demir ve Celik Fabrikalari TAS

    50,166  
  19,325    

Haci Omer Sabanci Holding AS

    26,808  
  48,789    

KOC Holding AS

    118,756  
  21,566    

Turk Hava Yollari AO (a)

    81,885  
  45,392    

Turkcell Iletisim Hizmetleri AS

    48,239  
  524,336    

Turkiye Is Bankasi - Series C

    211,159  
           


              738,864  
           


       

United Arab Emirates - 1.65%

       
  48,916    

Abu Dhabi Commercial Bank PJSC

    119,984  
  35,872    

Abu Dhabi Islamic Bank PJSC

    88,274  
  63,845    

Abu Dhabi National Oil Co. for Distribution PJSC

    77,174  
  86,422    

Aldar Properties PJSC

    98,656  
  89,456    

Emaar Properties PJSC

    140,368  
  21,120    

Emirates NBD Bank PJSC

    73,850  
  7,442    

Emirates Telecommunications Group Co. PJSC

    47,301  
  18,360    

First Abu Dhabi Bank PJSC

    89,055  
           


              734,662  
           


       

Total Common Stocks
(Cost $42,155,658)

    40,205,624  
           


       

INVESTMENT COMPANIES - 6.95%

       
       

China - 2.57%

       
  26,661    

iShares Core MSCI Emerging Markets ETF

    1,145,890  
           


 

 

See notes to financial statements.

 

48


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES (Continued)

       
       

Saudi Arabia - 4.38%

       
  47,643    

iShares MSCI Saudi Arabia ETF (b)

  $ 1,953,363  
           


       

Total Investment Companies
(Cost $2,810,616)

    3,099,253  
           


       

PREFERRED STOCKS - 2.79%

       
       

Brazil - 2.08%

       
  37,803    

Banco Bradesco SA - Preference Shares

    139,037  
  14,963    

Braskem SA - Series A - Preference Shares

    72,785  
  53,341    

Cia Energetica de Minas Gerais - Preference Shares

    106,694  
  22,680    

Gerdau SA - Preference Shares

    102,756  
  37,716    

Itau Unibanco Holding SA - Preference Shares

    195,769  
  55,666    

Petroleo Brasileiro SA - Preference Shares

    309,167  
           


              926,208  
           


       

Chile - 0.17%

       
  843    

Sociedad Quimica y Minera de Chile SA - Class B

    78,456  
           


       

Republic of Korea - 0.54%

       
  434    

LG Household & Health Care, Ltd. - Preference Shares

    99,431  
  4,305    

Samsung Electronics Co., Ltd. - Preference Shares

    139,839  
           


              239,270  
           


       

Total Preferred Stocks
(Cost $1,182,722)

    1,243,934  
           


       

RIGHTS - 0.00%

       
       

China - 0.00%

       
  142    

Guangzhou Tinci Materials Technology Co., Ltd. (e)(f)

    0  
  213    

Hubei Xingfa Chemicals Group Co., Ltd. (a)(e)(f)

    0  
           


              0  
           


       

Total Rights
(Cost $0)

    0  
           


       

SHORT TERM INVESTMENTS - 0.26%

       
       

Money Market Funds - 0.26%

       
  116,460    

DWS Government Money Market Series -
Institutional Shares
Effective Yield, 3.04% (c)

    116,460  
           


       

Total Short Term Investments
(Cost $116,460)

    116,460  
           


Number of
Units


       

Value


 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.78%

 

  2,132,591    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (c)

  $ 2,132,591  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,132,591)

    2,132,591  
           


       

Total Investments
(Cost $48,398,047) - 104.93%

    46,797,862  
       

Liabilities in Excess of
Other Assets - (4.93)%

    (2,197,740
           


       

TOTAL NET ASSETS - 100.00%

  $ 44,600,122  
           


Percentages are stated as a percent of net assets.

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Seven-day yield as of September 30, 2022.
(d)   Regulation S securities, as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets.
(e)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(f)   As of September 30, 2022, the Valuation Committee has fair valued these securities. The value of these securities were $65,896, which represents 0.15% of total net assets.
(g)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $226,941, which represents 0.51% of total net assets.

Glossary of Terms

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

 

See notes to financial statements.

 

49


GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2022


 

COMMON STOCKS

        
       0.01%  

Aerospace & Defense

     0.30%  

Air Freight & Logistics

     0.07%  

Airlines

     0.45%  

Auto Components

     0.58%  

Automobiles

     1.55%  

Banks

     12.07%  

Beverages

     1.38%  

Biotechnology

     0.53%  

Building Products

     0.12%  

Capital Markets

     0.89%  

Chemicals

     1.32%  

Commercial Services & Supplies

     0.18%  

Communications Equipment

     0.21%  

Construction & Engineering

     1.06%  

Construction Materials

     1.00%  

Consumer Finance

     0.57%  

Department Stores

     0.28%  

Diversified Consumer Services

     0.21%  

Diversified Financial Services

     0.51%  

Diversified Telecommunication Services

     1.88%  

Electric Utilities

     0.85%  

Electrical Equipment

     0.57%  

Electronic Equipment, Instruments & Components

     2.17%  

Entertainment

     0.57%  

Food & Staples Retailing

     2.32%  

Food Products

     3.10%  

Gas Utilities

     0.28%  

Health Care Equipment & Supplies

     0.18%  

Health Care Providers & Services

     0.19%  

Hotels, Restaurants & Leisure

     0.88%  

Household Durables

     1.11%  

Household Products

     0.37%  

Independent Power and Renewable Electricity Producers

     0.78%  

Industrial Conglomerates

     1.19%  

Insurance

     2.69%  

Interactive Media & Services

     0.28%  

Internet & Direct Marketing Retail

     3.71%  

Internet Software & Services

     0.00%  

IT Services

     6.40%  

Life Sciences Tools & Services

     0.12%  

Machinery

     0.23%  

Marine

     1.24%  

Media

     0.64%  

Metals & Mining

     5.28%  

Multiline Retail

     0.33%  

Oil, Gas & Consumable Fuels

     6.03%  
          

Paper & Forest Products

     0.34%  

Personal Products

     1.05%  

Pharmaceuticals

     2.58%  

Real Estate Management & Development

     1.48%  

Semiconductors & Semiconductor Equipment

     11.29%  

Software

     0.44%  

Specialty Retail

     0.96%  

Technology Hardware, Storage & Peripherals

     0.79%  

Textiles, Apparel & Luxury Goods

     1.69%  

Thrifts & Mortgage Finance

     0.43%  

Tobacco

     0.36%  

Trading Companies & Distributors

     0.64%  

Transportation Infrastructure

     0.10%  

Water Utilities

     0.19%  

Wireless Telecommunication Services

     1.13%  
    


TOTAL COMMON STOCKS

     90.15%  
    


INVESTMENT COMPANIES

        

International Equity Funds

     6.95%  
    


TOTAL INVESTMENT COMPANIES

     6.95%  
    


PREFERRED STOCKS

        

Banks

     0.76%  

Chemicals

     0.34%  

Electric Utilities

     0.24%  

Metals & Mining

     0.23%  

Oil, Gas & Consumable Fuels

     0.69%  

Personal Products

     0.22%  

Semiconductors & Semiconductor Equipment

     0.31%  
    


TOTAL PREFERRED STOCKS

     2.79%  
    


RIGHTS

        

Chemicals

     0.00%  
    


TOTAL RIGHTS

     0.00%  
    


SHORT TERM INVESTMENTS

        

Money Market Funds

     0.26%  
    


TOTAL SHORT TERM INVESTMENTS

     0.26%  
    


INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

        

Privat Investment Funds

     4.78%  
    


TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

     4.78%  
    


TOTAL INVESTMENTS

     104.93%  

Liabilities in Excess of Other Assets

     (4.93)%  
    


TOTAL NET ASSETS

     100.00%  
    


 

 

See notes to financial statements.

 

50


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS - 90.72%

 

       

Aerospace & Defense - 1.00%

 

  1,220    

AAR Corp. (a)(b)

  $ 43,700  
  476    

Aerojet Rocketdyne Holdings, Inc. (a)

    19,035  
  211    

AeroVironment, Inc. (a)

    17,589  
  938    

Axon Enterprise, Inc. (a)

    108,574  
  567    

Curtiss-Wright Corp. (b)

    78,904  
  684    

Ducommun, Inc. (a)

    27,127  
  647    

Hexcel Corp. (b)

    33,463  
  3,348    

Howmet Aerospace, Inc.

    103,554  
  485    

Huntington Ingalls Industries, Inc.

    107,428  
  1,506    

Maxar Technologies, Inc.

    28,192  
  660    

Moog, Inc. - Class A

    46,431  
  908    

Parsons Corp. (a)

    35,594  
  2,897    

Textron, Inc.

    168,779  
  1,721    

Triumph Group, Inc. (a)

    14,783  
  1,164    

Vectrus, Inc. (a)

    41,206  
  2,033    

Virgin Galactic Holdings, Inc. (a)

    9,575  
           


              883,934  
           


       

Air Freight & Logistics - 0.39%

 

  981    

Air Transport Services Group, Inc. (a)

    23,632  
  930    

Atlas Air Worldwide Holdings, Inc. (a)

    88,880  
  541    

Forward Air Corp.

    48,831  
  1,186    

GXO Logistics, Inc. (a)

    41,581  
  732    

Hub Group, Inc. - Class A (a)

    50,493  
  8,035    

Radiant Logistics, Inc. (a)

    45,719  
  978    

XPO Logistics, Inc. (a)(b)

    43,541  
           


              342,677  
           


       

Airlines - 0.17%

 

  1,405    

Alaska Air Group, Inc. (a)

    55,006  
  280    

Allegiant Travel Co. (a)(b)

    20,434  
  2,027    

American Airlines Group, Inc. (a)(b)

    24,405  
  2,954    

JetBlue Airways Corp. (a)

    19,585  
  3,835    

Joby Aviation, Inc. (a)(b)

    16,606  
  750    

SkyWest, Inc. (a)

    12,195  
           


              148,231  
           


       

Auto Components - 0.70%

 

  1,357    

Adient PLC - ADR (a)

    37,657  
  3,589    

American Axle & Manufacturing Holdings, Inc. (a)

    24,513  
  2,430    

BorgWarner, Inc.

    76,302  
  807    

Dana, Inc.

    9,224  
  404    

Dorman Products, Inc. (a)

    33,176  
  381    

Fox Factory Holding Corp. (a)

    30,129  
  2,920    

Gentex Corp.

    69,613  
  464    

Gentherm, Inc. (a)

    23,075  
  4,193    

Goodyear Tire & Rubber Co. (a)

    42,307  
  425    

LCI Industries

    43,121  
  513    

Lear Corp.

    61,401  
  2,834    

Modine Manufacturing Co. (a)

    36,672  
  894    

Standard Motor Products, Inc.

    29,055  
  1,319    

Stoneridge, Inc. (a)

    22,357  
  147    

Visteon Corp. (a)

    15,591  
  1,020    

XPEL, Inc. (a)

    65,729  
           


              619,922  
           


       

Automobiles - 0.17%

 

  1,852    

Harley-Davidson, Inc.

    64,598  
  722    

Thor Industries, Inc. (b)

    50,526  

Number of
Shares


       

Value


 
       

Automobiles (Continued)

 

  674    

Winnebago Industries, Inc. (b)

  $ 35,863  
           


              150,987  
           


       

Banks - 6.67%

 

  624    

Amerant Bancorp, Inc.

    15,500  
  1,128    

Ameris Bancorp (b)

    50,433  
  2,420    

Associated Banc-Corp.

    48,594  
  975    

Atlantic Union Bankshares Corp.

    29,620  
  195    

BancFirst Corp.

    17,447  
  2,010    

Banco Latinoamericano de Comercio Exterior SA - Class E - ADR

    26,251  
  3,049    

Bancorp, Inc. (a)

    67,017  
  590    

Bank of Hawaii Corp.

    44,911  
  1,563    

Bank OZK

    61,832  
  1,297    

BankUnited, Inc. (b)

    44,318  
  3,152    

Blue Ridge Bankshares Inc.

    40,062  
  429    

BOK Financial Corp.

    38,121  
  993    

Business First Bancshares, Inc.

    21,379  
  943    

Byline Bancorp, Inc.

    19,096  
  2,799    

Cadence Bank

    71,123  
  261    

Cambridge Bancorp

    20,812  
  481    

Camden National Corp.

    20,491  
  1,993    

Capital Bancorp, Inc.

    46,038  
  1,616    

Capstar Financial Holdings, Inc.

    29,944  
  1,275    

Cathay General Bancorp

    49,036  
  815    

Central Pacific Financial Corp.

    16,862  
  340    

City Holding Co.

    30,155  
  933    

Civista Bancshares, Inc.

    19,369  
  1,331    

CNB Financial Corp.

    31,372  
  1,036    

Coastal Financial Corp. (a)

    41,171  
  2,369    

Comerica, Inc.

    168,436  
  1,391    

Commerce Bancshares, Inc. (b)

    92,029  
  304    

Community Bank Systems, Inc. (b)

    18,264  
  1,094    

ConnectOne Bancorp, Inc.

    25,228  
  500    

Cullen Frost Bankers, Inc. (b)

    66,110  
  2,096    

Customers Bancorp, Inc. (a)

    61,790  
  1,254    

CVB Financial Corp.

    31,751  
  988    

Dime Community Bancshares, Inc.

    28,929  
  579    

Eagle Bancorp, Inc.

    25,951  
  2,323    

East West Bancorp, Inc.

    155,966  
  1,635    

Eastern Bankshares, Inc.

    32,111  
  675    

Enterprise Bancorp, Inc.

    20,189  
  1,168    

Enterprise Financial Services Corp.

    51,439  
  1,035    

Equity Bancshares, Inc. - Class A

    30,667  
  4,067    

F.N.B. Corp.

    47,177  
  528    

FB Financial Corp.

    20,175  
  1,462    

Financial Institutions, Inc.

    35,190  
  785    

First Bancorp

    28,715  
  5,140    

First Bancorp - ADR

    70,315  
  854    

First Bancshares, Inc.

    25,509  
  2,391    

First Bank

    32,685  
  1,247    

First Busey Corp.

    27,409  
  146    

First Citizens BancShares, Inc. - Class A

    116,425  
  2,384    

First Commonwealth Financial Corp.

    30,611  
  676    

First Community Bancshares, Inc.

    21,652  
  1,512    

First Financial Bancorp.

    31,873  
  1,365    

First Financial Bankshares, Inc.

    57,098  
  792    

First Financial Corp.

    35,790  
  902    

First Foundation, Inc.

    16,362  
  1,585    

First Hawaiian, Inc.

    39,039  
 

 

See notes to financial statements.

 

51


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Banks (Continued)

 

  7,822    

First Horizon National Corp.

  $ 179,124  
  1,030    

First Internet Bancorp

    34,876  
  450    

First Interstate BancSystem, Inc. - Class A

    18,158  
  3,010    

Fulton Financial Corp.

    47,558  
  571    

German American Bancorp, Inc.

    20,390  
  1,277    

Glacier Bancorp, Inc.

    62,739  
  1,511    

Hancock Whitney Corp.

    69,219  
  2,112    

Hanmi Financial Corp.

    50,012  
  2,308    

HarborOne Bancorp, Inc.

    30,973  
  1,650    

HBT Financial, Inc.

    29,948  
  682    

Heartland Financial U.S.A., Inc.

    29,572  
  1,809    

Hilltop Holdings, Inc.

    44,954  
  932    

Home BancShares, Inc. (b)

    20,979  
  1,149    

HomeTrust Bancshares, Inc.

    25,393  
  3,219    

Hope Bancorp, Inc.

    40,688  
  1,337    

Independent Bank Corp.

    25,537  
  383    

Independent Bank Corp.

    28,545  
  551    

Independent Bank Group, Inc.

    33,826  
  1,211    

Lakeland Bancorp, Inc.

    19,388  
  573    

Lakeland Financial Corp.

    41,720  
  876    

Live Oak Bancshares, Inc.

    26,806  
  1,080    

Mercantile Bank Corp.

    32,087  
  1,438    

Metrocity Bankshares, Inc.

    28,242  
  348    

Metropolitan Bank Holding Corp. (a)

    22,397  
  822    

Mid Penn Bancorp, Inc.

    23,616  
  1,269    

Midland States Bancorp, Inc.

    29,910  
  1,015    

MidWestOne Financial Group, Inc.

    27,699  
  971    

MVB Financial Corp.

    27,023  
  519    

National Bank Holdings Corp. - Class A

    19,198  
  727    

NBT Bancorp, Inc.

    27,590  
  328    

Nicolet Bankshares, Inc. (a)

    23,104  
  1,437    

OFG Bancorp - ADR

    36,112  
  2,825    

Old National Bancorp

    46,528  
  1,813    

Old Second Bancorp, Inc.

    23,660  
  716    

Origin Bancorp, Inc.

    27,545  
  1,386    

Orrstown Financial Services, Inc.

    33,153  
  963    

Pacific Premier Bancorp, Inc.

    29,814  
  2,153    

PacWest Bancorp

    48,658  
  229    

Park National Corp.

    28,506  
  671    

Peapack Gladstone Financial Corp.

    22,579  
  874    

Pinnacle Financial Partners, Inc.

    70,881  
  1,178    

Popular, Inc. - ADR (b)

    84,887  
  551    

Preferred Bank

    35,942  
  738    

Premier Financial Corp.

    18,967  
  971    

Prosperity Bancshares, Inc. (b)

    64,746  
  586    

QCR Holdings, Inc.

    29,851  
  1,313    

RBB Bancorp

    27,284  
  435    

Republic Bancorp, Inc. - Class A

    16,661  
  6,556    

Republic First Bancorp, Inc. (a)

    18,553  
  1,011    

S&T Bancorp, Inc.

    29,632  
  695    

Sandy Spring Bancorp, Inc.

    24,506  
  985    

ServisFirst Bancshares, Inc. (b)

    78,800  
  842    

Signature Bank

    127,142  
  307    

Silvergate Capital Corp. - Class A (a)

    23,132  
  1,861    

Simmons First National Corp. - Class A

    40,551  
  865    

SmartFinancial, Inc.

    21,374  
  1,398    

South Plains Financial, Inc.

    38,529  
  1,043    

South State Corp.

    82,522  
  631    

Southern First Bancshares, Inc. (a)

    26,287  

Number of
Shares


       

Value


 
       

Banks (Continued)

 

  547    

Southside Bancshares, Inc.

  $ 19,342  
  549    

Stock Yards Bancorp, Inc.

    37,337  
  1,277    

Summit Financial Group, Inc.

    34,402  
  2,558    

Synovus Financial Corp.

    95,951  
  675    

Texas Capital Bancshares, Inc. (a)(b)

    39,845  
  1,000    

The Bank of N.T. Butterfield & Son, Ltd. - ADR

    32,460  
  1,049    

TowneBank

    28,145  
  500    

Triumph Bancorp, Inc. (a)

    27,175  
  1,050    

Trustmark Corp.

    32,162  
  669    

UMB Financial Corp.

    56,390  
  3,842    

Umpqua Holdings Corp.

    65,660  
  1,585    

United Bankshares, Inc.

    56,664  
  2,294    

United Community Banks, Inc.

    75,931  
  1,224    

Univest Corp. of Pennsylvania

    28,740  
  5,260    

Valley National Bancorp

    56,808  
  909    

Veritex Holdings, Inc.

    24,170  
  527    

Washington Trust Bancorp, Inc.

    24,495  
  1,620    

Webster Financial Corp.

    73,224  
  1,440    

WesBanco, Inc.

    48,053  
  1,329    

West Bancorporation, Inc.

    27,656  
  1,946    

Western Alliance Bancorp

    127,930  
  851    

Wintrust Financial Corp.

    69,399  
  2,824    

Zions Bancorporation

    143,629  
           


              5,869,480  
           


       

Beverages - 0.55%

 

  171    

Boston Beer Co., Inc. - Class A (a)(b)

    55,344  
  1,979    

Celsius Holdings, Inc. (a)(b)

    179,456  
  252    

Coca-Cola Consolidated, Inc.

    103,756  
  478    

MGP Ingredients, Inc.

    50,745  
  1,321    

National Beverage Corp.

    50,911  
  3,800    

Primo Water Corp. - ADR

    47,690  
           


              487,902  
           


       

Biotechnology - 3.01%

 

  3,712    

ACADIA Pharmaceuticals, Inc. (a)

    60,728  
  4,854    

Achillion Pharmaceuticals, Inc. (a)(c)(e)(f)

    2,233  
  1,181    

Aduro Biotech, Inc. (a)(c)(e)(f)

    0  
  6,592    

Alector, Inc. (a)

    62,360  
  4,144    

Alkermes PLC - ADR (a)

    92,536  
  666    

Apellis Pharmaceuticals, Inc. (a)

    45,488  
  2,128    

Arcus Biosciences, Inc. (a)

    55,669  
  2,265    

BioCryst Pharmaceuticals, Inc. (a)

    28,539  
  835    

Biohaven Pharmaceutical Holding Co., Ltd. - ADR (a)(b)

    126,227  
  1,051    

CareDx, Inc. (a)

    17,888  
  15,091    

Catalyst Pharmaceuticals, Inc. (a)

    193,618  
  4,694    

Coherus Biosciences, Inc. (a)

    45,109  
  866    

Crinetics Pharmaceuticals, Inc. (a)

    17,008  
  653    

Cytokinetics, Inc. (a)(b)

    31,638  
  5,534    

Dynavax Technologies Corp. (a)(b)

    57,775  
  3,593    

Eagle Pharmaceuticals, Inc. (a)

    94,927  
  3,690    

Emergent BioSolutions, Inc. (a)

    77,453  
  277    

Enanta Pharmaceuticals, Inc. (a)

    14,368  
  8,793    

Exelixis, Inc. (a)

    137,874  
  3,154    

Foghorn Therapeutics, Inc. (a)

    27,061  
  425    

Global Blood Therapeutics, Inc. (a)

    28,943  
  1,156    

Halozyme Therapeutics, Inc. (a)(b)

    45,708  
  749    

Ionis Pharmaceuticals, Inc. (a)

    33,128  
  6,114    

Ironwood Pharmaceuticals, Inc. (a)(b)

    63,341  
  5,381    

iTeos Therapeutics, Inc. (a)

    102,508  
 

 

See notes to financial statements.

 

52


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Biotechnology (Continued)

 

  179    

Karuna Therapeutics, Inc. (a)

  $ 40,262  
  7,593    

Karyopharm Therapeutics, Inc. (a)

    41,458  
  3,139    

Kezar Life Sciences, Inc. (a)

    27,027  
  7,439    

MannKind Corp. (a)

    22,987  
  12,644    

MiMedx Group, Inc. (a)

    36,288  
  1,419    

Myriad Genetics, Inc. (a)

    27,075  
  394    

Natera, Inc. (a)

    17,265  
  713    

Neurocrine Biosciences, Inc. (a)

    75,728  
  20,079    

OPKO Health, Inc. (a)(b)

    37,949  
  26,513    

Organogenesis Holdings, Inc. (a)

    85,902  
  354    

Prometheus Biosciences, Inc. (a)

    20,890  
  362    

PTC Therapeutics, Inc. (a)(b)

    18,172  
  6,802    

Radius Health, Inc. (a)(c)(e)(f)

    544  
  2,910    

REGENXBIO, Inc. (a)

    76,911  
  379    

Repligen Corp. (a)

    70,915  
  508    

Sarepta Therapeutics, Inc. (a)

    56,154  
  797    

Travere Therapeutics, Inc. (a)

    19,638  
  1,170    

United Therapeutics Corp. (a)

    244,975  
  9,018    

Vanda Pharmaceuticals, Inc. (a)

    89,098  
  2,767    

Vericel Corp. (a)(b)

    64,194  
  5,973    

Vir Biotechnology, Inc. (a)(b)

    115,159  
           


              2,650,718  
           


       

Building Products - 1.91%

 

  2,043    

A. O. Smith Corp.

    99,249  
  778    

Advanced Drainage Systems, Inc.

    96,760  
  1,101    

Allegion PLC - ADR

    98,738  
  748    

American Woodmark Corp. (a)

    32,807  
  1,160    

Apogee Enterprises, Inc.

    44,335  
  216    

Armstrong World Industries, Inc.

    17,114  
  4,524    

Builders FirstSource, Inc. (a)

    266,554  
  224    

CSW Industrials, Inc.

    26,835  
  2,034    

Fortune Brands Home & Security, Inc.

    109,205  
  1,017    

Griffon Corp.

    30,022  
  1,371    

Insteel Industries, Inc.

    36,373  
  1,681    

JELD-WEN Holding, Inc. (a)(b)

    14,709  
  473    

Lennox International, Inc.

    105,323  
  608    

Masonite International Corp. - ADR (a)(b)

    43,344  
  1,509    

Owens Corning, Inc. (b)

    118,622  
  485    

Patrick Industries, Inc.

    21,262  
  2,650    

PGT Innovations, Inc. (a)

    55,544  
  2,745    

Quanex Building Products Corp.

    49,849  
  2,310    

Resideo Technologies, Inc. (a)(b)

    44,029  
  865    

Simpson Manufacturing Co., Inc.

    67,816  
  1,851    

Trex Co., Inc. (a)

    81,333  
  1,938    

UFP Industries, Inc.

    139,846  
  12,670    

View, Inc. (a)(b)

    16,978  
  2,799    

Zurn Elkay Water Solutions Corp.

    68,576  
           


              1,685,223  
           


       

Capital Markets - 3.12%

 

  761    

Affiliated Managers Group, Inc.

    85,118  
  1,629    

Artisan Partners Asset Management, Inc. - Class A (b)

    43,869  
  903    

B. Riley Financial, Inc. (b)

    40,202  
  975    

Blucora, Inc. (a)

    18,856  
  2,549    

Brightsphere Investment Group, Inc.

    38,006  
  841    

Cboe Global Markets, Inc.

    98,708  
  1,025    

Cohen & Steers, Inc.

    64,196  
  2,109    

Cowen Group, Inc. - Class A

    81,492  

Number of
Shares


       

Value


 
       

Capital Markets (Continued)

 

  334    

Diamond Hill Investment Group, Inc.

  $ 55,110  
  1,980    

Donnelley Financial Solutions, Inc. (a)(b)

    73,201  
  1,019    

Evercore, Inc. - Class A

    83,813  
  521    

FactSet Research Systems, Inc.

    208,457  
  2,306    

Federated Investors, Inc.

    76,375  
  2,298    

GAMCO Investors, Inc. - Class A

    39,181  
  859    

Hamilton Lane, Inc. - Class A

    51,205  
  1,127    

Houlihan Lokey, Inc.

    84,953  
  4,225    

Invesco, Ltd. - ADR

    57,883  
  2,781    

Janus Henderson Group PLC - ADR (b)

    56,482  
  2,429    

Lazard, Ltd. - Class A - ADR

    77,315  
  1,383    

LPL Financial Holdings, Inc. (b)

    302,158  
  288    

MarketAxess Holdings, Inc.

    64,077  
  1,978    

Moelis & Co. - Class A

    66,876  
  478    

Morningstar, Inc.

    101,489  
  4,517    

Open Lending Corp. - Class A (a)(b)

    36,317  
  1,125    

Oppenheimer Holdings, Inc. - Class A

    34,852  
  574    

Piper Jaffray Cos. (b)

    60,121  
  1,011    

PJT Partners, Inc. - Class A (b)

    67,555  
  6,361    

Pzena Investment Management, Inc. - Class A

    60,302  
  3,147    

Robinhood Markets, Inc. - Class A (a)(b)

    31,785  
  1,754    

SEI Investments Co.

    86,034  
  1,047    

Silvercrest Asset Management Group, Inc. - Class A

    17,118  
  1,471    

StepStone Group, Inc. - Class A

    36,054  
  2,110    

Stifel Financial Corp. (b)

    109,530  
  828    

StoneX Group, Inc. (a)

    68,674  
  3,817    

The Carlyle Group, Inc.

    98,631  
  2,062    

Valhi, Inc.

    51,880  
  3,300    

Virtu Financial, Inc. - Class A

    68,541  
  293    

Virtus Investment Partners, Inc.

    46,739  
           


              2,743,155  
           


       

Chemicals - 1.36%

 

  1,698    

AdvanSix, Inc.

    54,506  
  2,040    

American Vanguard Corp. (b)

    38,148  
  773    

Ashland Global Holdings, Inc.

    73,412  
  1,053    

Avient Corp.

    31,906  
  2,211    

Axalta Coating Systems, Ltd. - ADR (a)

    46,564  
  229    

Balchem Corp.

    27,842  
  565    

Cabot Corp.

    36,098  
  3,196    

Element Solutions, Inc.

    51,999  
  580    

H.B. Fuller Co.

    34,858  
  948    

Hawkins, Inc.

    36,962  
  3,147    

Huntsman Corp. (b)

    77,227  
  461    

Ingevity Corp. (a)

    27,950  
  464    

Innospec, Inc.

    39,751  
  1,174    

Intrepid Potash, Inc. (a)

    46,455  
  1,084    

Koppers Holdings, Inc.

    22,526  
  2,242    

Livent Corp. (a)(b)

    68,717  
  460    

Minerals Technologies, Inc.

    22,729  
  81    

NewMarket Corp.

    24,367  
  2,726    

Olin Corp. (b)

    116,891  
  1,698    

RPM International, Inc.

    141,460  
  298    

Sensient Technologies Corp.

    20,663  
  1,979    

The Chemours Co.

    48,782  
  783    

Trinseo PLC - ADR

    14,345  
  2,871    

Tronox Holdings PLC - ADR

    35,170  
  2,407    

Valvoline, Inc.

    60,993  
           


              1,200,321  
           


 

 

See notes to financial statements.

 

53


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Commercial Services & Supplies - 1.13%

 

  835    

ABM Industries, Inc.

  $ 31,922  
  4,135    

ACCO Brands Corp.

    20,261  
  3,855    

ADT, Inc.

    28,874  
  1,147    

Avery Dennison Corp.

    186,617  
  2,399    

BrightView Holdings, Inc. (a)

    19,048  
  422    

Casella Waste Systems, Inc. - Class A (a)

    32,237  
  1,217    

Cimpress PLC - ADR (a)

    29,792  
  670    

Clean Harbors, Inc. (a)

    73,687  
  896    

Comfort Systems USA, Inc.

    87,208  
  2,045    

Deluxe Corp.

    34,049  
  1,097    

Heritage-Crystal Clean, Inc. (a)

    32,438  
  2,274    

Herman Miller, Inc.

    35,474  
  1,519    

HNI Corp.

    40,269  
  783    

IAA, Inc. (a)

    24,938  
  3,635    

Interface, Inc.

    32,679  
  4,551    

Kimball International, Inc. - Class B

    28,626  
  290    

McGrath RentCorp

    24,319  
  476    

MSA Safety, Inc.

    52,017  
  3,990    

NL Industries, Inc.

    30,843  
  5,960    

Pitney Bowes, Inc.

    13,887  
  2,956    

Steelcase, Inc. - Class A (b)

    19,273  
  500    

Stericycle, Inc. (a)(b)

    21,055  
  500    

Tetra Tech, Inc.

    64,265  
  720    

The Brinks Co. (b)

    34,877  
           


              998,655  
           


       

Communications Equipment - 1.61%

 

  1,732    

ADTRAN Holdings, Inc. (b)

    33,913  
  922    

Aviat Networks, Inc. (a)

    25,244  
  2,860    

Calix, Inc. (a)

    174,860  
  2,972    

Cambium Networks Corp. - ADR (a)

    50,286  
  6,414    

Casa Systems, Inc. (a)

    20,076  
  2,543    

Ciena Corp. (a)(b)

    102,813  
  1,147    

Clearfield, Inc. (a)

    120,022  
  1,906    

Comtech Telecommunications Corp.

    19,079  
  1,468    

Digi International, Inc. (a)

    50,749  
  2,317    

DZS, Inc. (a)

    26,182  
  1,814    

EchoStar Corp. - Class A (a)

    29,877  
  11,381    

Extreme Networks, Inc. (a)(b)

    148,750  
  996    

F5 Networks, Inc. (a)

    144,151  
  3,420    

Harmonic, Inc. (a)(b)

    44,699  
  15,636    

Inseego Corp. (a)(b)

    32,367  
  719    

InterDigital, Inc.

    29,062  
  5,889    

Juniper Networks, Inc.

    153,821  
  850    

Lumentum Holdings, Inc. (a)(b)

    58,284  
  1,293    

NETGEAR, Inc. (a)

    25,912  
  1,833    

NetScout Systems, Inc. (a)

    57,410  
  14,036    

Ribbon Communications, Inc. (a)

    31,160  
  2,605    

Viavi Solutions, Inc. (a)

    33,995  
           


              1,412,712  
           


       

Construction & Engineering - 1.38%

 

  2,048    

AECOM

    140,022  
  614    

Ameresco, Inc. - Class A (a)

    40,819  
  2,526    

API Group Corp. (a)

    33,520  
  862    

Arcosa, Inc.

    49,289  
  504    

Dycom Industries, Inc. (a)

    48,147  
  1,010    

EMCOR Group, Inc.

    116,635  
  1,747    

Fluor Corp. (a)(b)

    43,483  
  1,189    

IES Holdings, Inc. (a)

    32,840  

Number of
Shares


       

Value


 
       

Construction & Engineering (Continued)

 

  1,792    

KBR, Inc. (b)

  $ 77,450  
  909    

MasTec, Inc. (a)(b)

    57,722  
  559    

MYR Group, Inc. (a)

    47,364  
  1,083    

Northwest Pipe Co. (a)

    30,432  
  500    

NV5 Global, Inc. (a)

    61,910  
  1,601    

Primoris Services Corp.

    26,016  
  1,717    

Quanta Services, Inc. (b)

    218,729  
  2,237    

Sterling Infrastructure, Inc. (a)

    48,028  
  6,243    

Tutor Perini Corp. (a)

    34,461  
  2,661    

WillScot Mobile Mini Holdings Corp. (a)(b)

    107,318  
           


              1,214,185  
           


       

Construction Materials - 0.12%

 

  526    

Eagle Materials, Inc.

    56,377  
  1,604    

Summit Materials, Inc. - Class A (a)

    38,432  
  135    

United States Lime & Minerals, Inc.

    13,797  
           


              108,606  
           


       

Consumer Finance - 0.86%

 

  2,036    

Atlanticus Holdings Corp. (a)

    53,404  
  4,512    

Consumer Portfolio Services, Inc. (a)

    32,802  
  203    

Credit Acceptance Corp. (a)(b)

    88,914  
  2,599    

Enova International, Inc. (a)

    76,073  
  3,102    

EZCORP, Inc. - Class A (a)

    23,916  
  395    

FirstCash Holdings, Inc.

    28,973  
  1,903    

LendingClub Corp. (a)

    21,028  
  6,122    

Navient Corp.

    89,932  
  651    

Nelnet, Inc. - Class A

    51,553  
  3,056    

OneMain Holdings, Inc. (b)

    90,213  
  2,131    

Oportun Financial Corp. (a)

    9,313  
  648    

PRA Group, Inc. (a)

    21,293  
  1,815    

PROG Holdings, Inc. (a)

    27,189  
  1,540    

Regional Management Corp.

    43,182  
  5,849    

SLM Corp.

    81,828  
  1,022    

Upstart Holdings, Inc. (a)(b)

    21,247  
           


              760,860  
           


       

Containers & Packaging - 0.86%

 

  456    

AptarGroup, Inc.

    43,334  
  1,281    

Ardagh Group SA - ADR (c)(e)(f)

    10,382  
  1,518    

Berry Global Group, Inc. (a)

    70,632  
  1,343    

Crown Holdings, Inc.

    108,823  
  2,258    

Graphic Packaging Holding Co.

    44,573  
  696    

Greif, Inc. - Class A

    41,461  
  436    

Greif, Inc. - Class B

    26,509  
  2,215    

Myers Industries, Inc.

    36,481  
  3,037    

O-I Glass, Inc. (a)

    39,329  
  1,166    

Packaging Corp. of America (b)

    130,930  
  2,098    

Sealed Air Corp.

    93,382  
  1,249    

Silgan Holdings, Inc.

    52,508  
  538    

Sonoco Products Co.

    30,521  
  338    

UFP Technologies, Inc. (a)

    29,014  
           


              757,879  
           


       

Distributors - 0.06%

 

  2,813    

Funko, Inc. - Class A (a)(b)

    56,879  
           


       

Diversified Consumer Services - 1.21%

 

  1,613    

Adtalem Global Education, Inc. (a)(b)

    58,794  
  2,218    

American Public Education, Inc. (a)

    20,273  
  37,684    

Beachbody Co., Inc. (a)

    38,061  
  231    

Bright Horizons Family Solutions, Inc. (a)

    13,317  
 

 

See notes to financial statements.

 

54


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Diversified Consumer Services (Continued)

 

  1,319    

Carriage Services, Inc.

  $ 42,419  
  1,083    

Franchise Group, Inc.

    26,317  
  2,598    

frontdoor, Inc. (a)

    52,973  
  112    

Graham Holdings Co. - Class B

    60,254  
  840    

Grand Canyon Education, Inc. (a)

    69,090  
  3,807    

H&R Block, Inc. (b)

    161,950  
  1,493    

Hillenbrand, Inc.

    54,823  
  3,845    

Laureate Education, Inc. (b)

    40,565  
  1,233    

Matthews International Corp. - Class A

    27,632  
  15,467    

Nerdy, Inc. (a)

    32,635  
  8,341    

Perdoceo Education Corp. (a)

    85,912  
  1,753    

Service Corp. International

    101,218  
  523    

Strategic Education, Inc.

    32,117  
  2,317    

Stride, Inc. (a)(b)

    97,383  
  2,395    

Udemy, Inc. (a)

    28,956  
  5,579    

WW International, Inc. (a)

    21,925  
           


              1,066,614  
           


       

Diversified Financial Services - 0.70%

 

  1,609    

Alerus Financial Corp.

    35,559  
  2,868    

A-Mark Precious Metals, Inc.

    81,423  
  17,205    

Douglas Elliman, Inc. (b)

    70,540  
  1,478    

Encore Capital Group, Inc. (a)(b)

    67,219  
  2,242    

Jackson Financial, Inc. - Class A

    62,215  
  4,221    

Jefferies Financial Group, Inc. (b)

    124,520  
  1,560    

Primis Financial Corp.

    18,923  
  2,295    

Voya Financial, Inc. (b)

    138,848  
  198    

World Acceptance Corp. (a)

    19,170  
           


              618,417  
           


       

Diversified Telecommunication Services - 0.28%

 

  558    

Cogent Communications Holdings, Inc.

    29,105  
  1,181    

Frontier Communications Parent, Inc. (a)(b)

    27,671  
  3,834    

IDT Corp. - Class B (a)

    95,198  
  542    

Iridium Communications, Inc. (a)

    24,049  
  4,385    

Ooma, Inc. (a)

    53,935  
  2,059    

Radius Global Infrastructure, Inc. - Class A (a)

    19,396  
           


              249,354  
           


       

Electric Utilities - 0.49%

 

  347    

ALLETE, Inc.

    17,367  
  1,641    

Hawaiian Electric Industries, Inc.

    56,877  
  598    

IDACORP, Inc.

    59,208  
  415    

MGE Energy, Inc.

    27,236  
  1,515    

OGE Energy Corp.

    55,237  
  819    

Pinnacle West Capital Corp.

    52,834  
  635    

PNM Resources, Inc.

    29,039  
  1,233    

Portland General Electric Co.

    53,586  
  485    

Unitil Corp.

    22,528  
  8,616    

Via Renewables, Inc.

    59,537  
           


              433,449  
           


       

Electrical Equipment - 1.51%

 

  738    

Acuity Brands, Inc.

    116,213  
  1,116    

Allied Motion Technologies, Inc.

    31,940  
  1,540    

Atkore International Group, Inc. (a)

    119,827  
  865    

AZZ, Inc.

    31,581  
  4,498    

Babcock & Wilcox Enterprises, Inc. (a)

    28,697  
  1,016    

Belden, Inc.

    60,980  
  760    

Bloom Energy Corp. - Class A (a)

    15,192  

Number of
Shares


       

Value


 
       

Electrical Equipment (Continued)

 

  926    

Brady Corp. - Class A

  $ 38,642  
  1,769    

ChargePoint Holdings, Inc. (a)(b)

    26,111  
  1,196    

Encore Wire Corp. (b)

    138,186  
  799    

Franklin Electric Co., Inc.

    65,286  
  14,577    

GrafTech International, Ltd.

    62,827  
  582    

Hubbell, Inc.

    129,786  
  2,620    

nVent Electric PLC - ADR

    82,818  
  2,678    

Plug Power, Inc. (a)(b)

    56,265  
  910    

Preformed Line Products Co.

    64,747  
  705    

Regal Beloit Corp. (b)

    98,954  
  1,292    

Sensata Technologies Holding PLC - ADR

    48,166  
  2,001    

Thermon Group Holdings, Inc. (a)

    30,835  
  849    

Vicor Corp. (a)

    50,210  
  362    

Woodward Governor Co.

    29,054  
           


              1,326,317  
           


       

Electronic Equipment, Instruments & Components - 1.79%

 

  3,654    

Arlo Technologies, Inc. (a)

    16,955  
  1,052    

Arrow Electronics, Inc. (a)

    96,984  
  1,446    

Avnet, Inc.

    52,230  
  1,066    

Benchmark Electronics, Inc.

    26,416  
  1,908    

Cognex Corp. (b)

    79,087  
  1,583    

Coherent Corp. (a)(b)

    55,168  
  1,302    

CTS Corp. (b)

    54,228  
  1,199    

Dolby Laboratories, Inc. - Class A

    78,115  
  549    

Fabrinet - ADR (a)(b)

    52,402  
  694    

FARO Technologies, Inc. (a)

    19,043  
  2,471    

Identiv, Inc. (a)

    30,986  
  832    

Insight Enterprises, Inc. (a)(b)

    68,565  
  252    

IPG Photonics Corp. (a)(b)

    21,256  
  409    

Itron, Inc. (a)

    17,223  
  1,851    

Jabil, Inc.

    106,821  
  2,685    

Knowles Corp. (a)

    32,676  
  181    

Littelfuse, Inc.

    35,963  
  788    

Methode Electronics, Inc. (b)

    29,274  
  3,428    

Napco Security Technologies, Inc. (a)

    99,686  
  2,266    

National Instruments Corp. (b)

    85,519  
  501    

Novanta, Inc. - ADR (a)

    57,941  
  364    

OSI Systems, Inc. (a)

    26,230  
  926    

PC Connection, Inc.

    41,753  
  272    

Plexus Corp. (a)

    23,816  
  166    

Rogers Corp. (a)

    40,152  
  1,430    

Sanmina Corp. (a)(b)

    65,894  
  1,282    

ScanSource, Inc. (a)

    33,858  
  726    

SYNNEX Corp. (b)

    58,944  
  3,515    

TTM Technologies, Inc. (a)

    46,328  
  227    

Universal Display Corp.

    21,417  
  2,848    

Vishay Intertechnology, Inc.

    50,666  
  2,979    

Vontier Corp. (b)

    49,779  
           


              1,575,375  
           


       

Energy Equipment & Services - 0.69%

 

  3,136    

Archrock, Inc.

    20,133  
  1,624    

Bristow Group, Inc. (a)

    38,148  
  611    

Cactus, Inc. - Class A

    23,481  
  1,730    

ChampionX Corp. (b)

    33,856  
  10,332    

Helix Energy Solutions Group, Inc. (a)

    39,881  
  736    

Helmerich & Payne, Inc.

    27,210  
  346    

Nabors Industries, Ltd. - ADR (a)

    35,102  
  5,229    

National Energy Services Reunited Corp. - ADR (a)

    31,060  
 

 

See notes to financial statements.

 

55


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Energy Equipment & Services (Continued)

 

  11,309    

Newpark Resources, Inc. (a)

  $ 28,499  
  1,997    

NexTier Oilfield Solutions, Inc. (a)

    14,778  
  3,407    

NOV, Inc. (b)

    55,125  
  3,036    

Oceaneering International, Inc. (a)

    24,166  
  4,821    

Oil States International, Inc. (a)

    18,754  
  4,342    

Patterson-UTI Energy, Inc.

    50,714  
  4,112    

ProPetro Holding Corp. (a)

    33,102  
  9,166    

TETRA Technologies, Inc. (a)

    32,906  
  5,080    

US Silica Holdings, Inc. (a)

    55,626  
  406    

Valaris, Ltd. - ADR (a)

    19,870  
  822    

Weatherford International PLC - ADR (a)

    26,542  
           


              608,953  
           


       

Entertainment - 0.31%

 

  1,777    

Liberty Media Corp. - Liberty Formula One - Class C (a)(b)

    103,954  
  9,230    

Playstudios, Inc. (a)

    32,213  
  3,749    

Playtika Holding Corp. (a)(b)

    35,203  
  15,957    

Skillz, Inc. (a)

    16,276  
  2,021    

The Marcus Corp.

    28,072  
  853    

World Wrestling Entertainment, Inc. - Class A (b)

    59,855  
           


              275,573  
           


       

Food & Staples Retailing - 1.76%

 

  4,871    

Albertsons Cos., Inc. - Class A

    121,093  
  2,977    

BJ’s Wholesale Club Holdings, Inc. (a)(b)

    216,755  
  740    

Casey’s General Stores, Inc. (b)

    149,865  
  1,608    

Grocery Outlet Holding Corp. (a)

    53,530  
  4,122    

HF Foods Group, Inc. (a)

    15,952  
  1,257    

Ingles Markets, Inc. - Class A

    99,567  
  3,381    

Natural Grocers by Vitamin Cottage, Inc.

    36,481  
  3,255    

Performance Food Group Co. (a)

    139,802  
  396    

PriceSmart, Inc.

    22,806  
  6,432    

Rite Aid Corp. (a)

    31,839  
  3,427    

SpartanNash Co. (b)

    99,452  
  4,490    

Sprouts Farmers Market, Inc. (a)(b)

    124,598  
  1,011    

The Andersons, Inc.

    31,371  
  1,091    

The Chefs’ Warehouse, Inc. (a)

    31,606  
  2,843    

The Fresh Market (a)(c)(e)(f)

    0  
  3,654    

United Natural Foods, Inc. (a)

    125,588  
  4,162    

US Foods Holding Corp. (a)

    110,043  
  2,516    

Village Super Market, Inc. - Class A

    48,634  
  1,221    

Weis Markets, Inc.

    86,984  
           


              1,545,966  
           


       

Food Products - 0.94%

 

  421    

Cal-Maine Foods, Inc.

    23,403  
  1,901    

Darling International, Inc. (a)

    125,751  
  4,417    

Flowers Foods, Inc.

    109,056  
  1,120    

Fresh Del Monte Produce, Inc. - ADR

    26,029  
  2,081    

Hostess Brands, Inc. (a)

    48,362  
  813    

Ingredion, Inc.

    65,463  
  160    

J&J Snack Foods Corp.

    20,715  
  383    

John B. Sanfilippo & Son, Inc.

    29,005  
  673    

Lamb Weston Holdings, Inc.

    52,077  
  242    

Lancaster Colony Corp.

    36,368  
  1,107    

Pilgrim’s Pride Corp. (a)

    25,483  
  749    

Post Holdings, Inc. (a)

    61,351  
  912    

Seneca Foods Corp. - Class A (a)

    46,001  

Number of
Shares


       

Value


 
       

Food Products (Continued)

 

  929    

Simply Good Foods Co. (a)

  $ 29,719  
  1,004    

The Hain Celestial Group, Inc. (a)

    16,947  
  1,238    

TreeHouse Foods, Inc. (a)

    52,516  
  3,411    

Vital Farms, Inc. (a)

    40,830  
  3,672    

Whole Earth Brands, Inc. (a)

    14,100  
           


              823,176  
           


       

Gas Utilities - 0.65%

 

  2,005    

Brookfield Infrastructure Corp. - Class A - ADR (b)

    81,603  
  4,250    

EQT Corp. (b)

    173,188  
  785    

National Fuel Gas Co. (b)

    48,317  
  810    

New Jersey Resources Corp.

    31,347  
  388    

ONE Gas, Inc.

    27,311  
  931    

South Jersey Industries, Inc. (b)

    31,114  
  541    

Southwest Gas Holdings, Inc.

    37,735  
  344    

Spire, Inc.

    21,442  
  3,752    

UGI Corp. (b)

    121,302  
           


              573,359  
           


       

Health Care Equipment & Supplies - 2.71%

 

  3,514    

Alphatec Holdings, Inc. (a)(b)

    30,712  
  1,314    

AngioDynamics, Inc. (a)

    26,885  
  1,594    

Anika Therapeutics, Inc. (a)

    37,937  
  743    

AtriCure, Inc. (a)

    29,051  
  1,771    

Avanos Medical, Inc. (a)

    38,572  
  216    

Axonics, Inc. (a)(b)

    15,215  
  2,571    

Cardiovascular Systems, Inc. (a)

    35,634  
  7,600    

Cerus Corp. (a)(b)

    27,360  
  304    

CONMED Corp.

    24,372  
  2,317    

Cutera, Inc. (a)(b)

    105,655  
  2,183    

Dentsply Sirona, Inc.

    61,888  
  2,595    

Embecta Corp.

    74,710  
  1,120    

Enovis Corp. (a)

    51,599  
  2,291    

Envista Holdings Corp. (a)(b)

    75,168  
  6,758    

Figs, Inc. - Class A (a)(b)

    55,754  
  1,062    

Globus Medical, Inc. - Class A (a)(b)

    63,263  
  626    

Haemonetics Corp. (a)

    46,343  
  177    

ICU Medical, Inc. (a)

    26,656  
  989    

Inari Medical, Inc. (a)

    71,841  
  785    

Inogen, Inc. (a)

    19,060  
  479    

Integer Holdings Corp. (a)

    29,808  
  804    

Integra LifeSciences Holdings Corp. (a)(b)

    34,058  
  1,234    

iRadimed Corp.

    37,094  
  580    

iRhythm Technologies, Inc. (a)

    72,663  
  1,267    

Lantheus Holdings, Inc. (a)

    89,108  
  1,238    

LeMaitre Vascular, Inc.

    62,742  
  512    

LivaNova PLC - ADR (a)

    25,994  
  591    

Masimo Corp.(a)

    83,426  
  4,094    

Meridian Bioscience, Inc. (a)

    129,084  
  534    

Merit Medical Systems, Inc.(a)(b)

    30,176  
  640    

Novocure, Ltd. - ADR (a)(b)

    48,627  
  556    

NuVasive, Inc. (a)

    24,358  
  2,120    

Orthofix Medical, Inc. (a)

    40,513  
  474    

Penumbra, Inc. (a)(b)

    89,870  
  463    

QuidelOrtho Corp. (a)

    33,095  
  2,448    

SeaSpine Holdings Corp. (a)

    13,905  
  620    

Shockwave Medical, Inc. (a)(b)

    172,403  
  1,859    

SI-BONE, Inc. (a)

    32,458  
  1,248    

Silk Road Medical, Inc. (a)

    56,160  
  1,258    

STAAR Surgical Co. (a)(b)

    88,752  
 

 

See notes to financial statements.

 

56


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Health Care Equipment & Supplies (Continued)

 

  721    

SurModics, Inc. (a)

  $ 21,918  
  8,842    

Tactile Systems Technology, Inc. (a)

    68,879  
  1,260    

Tandem Diabetes Care, Inc. (a)

    60,291  
  242    

Utah Medical Products, Inc.

    20,645  
  1,893    

Varex Imaging Corp. (a)

    40,018  
  6,439    

Zynex, Inc. (b)

    58,402  
           


              2,382,122  
           


       

Health Care Providers & Services - 2.61%

 

  1,618    

Acadia Healthcare Co., Inc. (a)(b)

    126,495  
  1,889    

AdaptHealth Corp. (a)

    35,475  
  539    

Addus HomeCare Corp. (a)

    51,334  
  2,834    

AirSculpt Technologies, Inc.

    18,223  
  724    

Amedisys, Inc. (a)

    70,076  
  1,381    

AMN Healthcare Services, Inc. (a)

    146,331  
  17,348    

ATI Physical Therapy, Inc. (a)

    17,348  
  9,615    

Aveanna Healthcare Holdings, Inc. (a)

    14,423  
  258    

Chemed Corp. (b)

    112,633  
  356    

CorVel Corp. (a)

    49,281  
  2,025    

Covetrus, Inc. (a)

    42,282  
  5,262    

Cross Country Healthcare, Inc. (a)

    149,283  
  690    

DaVita, Inc. (a)(b)

    57,111  
  804    

Encompass Health Corp.

    36,365  
  1,010    

Enhabit, Inc. (a)

    14,180  
  1,980    

Fulgent Genetics, Inc. (a)(b)

    75,478  
  1,911    

Hanger Orthopedic Group, Inc. (a)

    35,774  
  553    

HealthEquity, Inc. (a)(b)

    37,145  
  2,936    

Henry Schein, Inc. (a)

    193,101  
  14,417    

Innovage Holding Corp. (a)(b)

    84,772  
  437    

LHC Group, Inc. (a)

    71,519  
  491    

ModivCare, Inc. (a)

    48,943  
  707    

National HealthCare Corp.

    44,781  
  1,573    

National Research Corp.

    62,605  
  2,400    

Option Care Health, Inc. (a)

    75,528  
  2,590    

Owens & Minor, Inc. (b)

    62,419  
  2,306    

Patterson Cos., Inc.

    55,390  
  2,348    

Pediatrix Medical Group, Inc. (a)

    38,766  
  1,110    

PetIQ, Inc. (a)

    7,659  
  1,671    

Premier, Inc. - Class A

    56,714  
  671    

Progyny, Inc. (a)(b)

    24,867  
  955    

R1 RCM, Inc. (a)

    17,696  
  730    

Select Medical Holdings Corp.

    16,133  
  926    

Surgery Partners, Inc. (a)(b)

    21,668  
  1,777    

Tenet Healthcare Corp. (a)

    91,658  
  898    

The Ensign Group, Inc.

    71,391  
  3,292    

The Joint Corp. (a)

    51,717  
  995    

Universal Health Services, Inc. - Class B (b)

    87,739  
  245    

US Physical Therapy, Inc.

    18,625  
           


              2,292,928  
           


       

Health Care Technology - 0.74%

 

  3,872    

Allscripts Healthcare Solutions, Inc. (a)(b)

    58,971  
  3,939    

Change Healthcare, Inc. (a)(b)

    108,283  
  1,866    

Computer Programs & Systems, Inc. (a)

    52,024  
  1,153    

Convey Health Solutions Holdings, Inc. (a)

    12,118  
  1,621    

Evolent Health, Inc. - Class A (a)

    58,242  
  1,709    

HealthStream, Inc. (a)

    36,333  
  477    

Inspire Medical Systems, Inc. (a)

    84,605  
  16,353    

Multiplan Corp. (a)

    46,770  
  6,097    

NextGen Healthcare, Inc. (a)

    107,917  

Number of
Shares


       

Value


 
       

Health Care Technology (Continued)

 

  419    

Omnicell, Inc. (a)

  $ 36,466  
  2,115    

Teladoc Health, Inc. (a)(b)

    53,615  
           


              655,344  
           


       

Hotels, Restaurants & Leisure - 1.66%

 

  1,237    

Aramark

    38,594  
  327    

Biglari Holdings, Inc. - Class B (a)

    37,801  
  731    

BJ’s Restaurants, Inc. (a)

    17,434  
  1,792    

Bloomin’ Brands, Inc. (b)

    32,847  
  1,821    

Bluegreen Vacations Holding Corp.

    30,083  
  1,258    

Boyd Gaming Corp. (b)

    59,944  
  729    

Brinker International, Inc. (a)

    18,210  
  627    

Callaway Golf Co. (a)(b)

    12,076  
  2,494    

Century Casinos, Inc. (a)

    16,361  
  478    

Choice Hotels International, Inc.

    52,351  
  203    

Churchill Downs, Inc.

    37,383  
  1,016    

Chuy’s Holdings, Inc. (a)

    23,551  
  256    

Cracker Barrel Old Country Store, Inc. (b)

    23,701  
  1,072    

Dave & Buster’s Entertainment, Inc. (a)(b)

    33,264  
  422    

Dine Brands Global, Inc. (b)

    26,822  
  2,776    

El Pollo Loco Holdings, Inc. (a)

    24,762  
  1,453    

Everi Holdings, Inc. (a)

    23,568  
  1,239    

Hilton Grand Vacations, Inc. (a)

    40,751  
  464    

Hyatt Hotels Corp. - Class A (a)

    37,565  
  3,157    

Inspired Entertainment, Inc. (a)

    27,876  
  3,100    

International Game Technology PLC

    48,980  
  564    

Kura Sushi USA, Inc. - Class A (a)

    41,499  
  1,433    

Light & Wonder, Inc. (a)

    61,447  
  597    

Marriott Vacations Worldwide Corp. (b)

    72,750  
  618    

Papa John’s International, Inc.

    43,266  
  1,832    

Penn National Gaming, Inc. (a)(b)

    50,398  
  406    

Planet Fitness, Inc. - Class A (a)

    23,410  
  623    

RCI Hospitality Holdings, Inc.

    40,707  
  710    

Red Rock Resorts, Inc. - Class A

    24,325  
  1,474    

Ruth’s Hospitality Group, Inc.

    24,852  
  777    

SeaWorld Entertainment, Inc. (a)

    35,361  
  9,220    

Target Hospitality Corp. (a)

    116,356  
  563    

Texas Roadhouse, Inc.

    49,127  
  3,028    

The ONE Group Hospitality, Inc. (a)

    20,106  
  790    

Travel + Leisure Co.

    26,955  
  226    

Vail Resorts, Inc.

    48,735  
  614    

Wingstop, Inc.

    77,008  
  689    

Wyndham Hotels & Resorts Inc. (b)

    42,270  
           


              1,462,496  
           


       

Household Durables - 1.77%

 

  10,784    

Aterian, Inc. (a)(b)

    13,372  
  1,900    

Beazer Homes USA, Inc. (a)

    18,373  
  207    

Cavco Industries, Inc. (a)(b)

    42,592  
  692    

Century Communities, Inc.

    29,604  
  2,485    

Ethan Allen Interiors, Inc.

    52,533  
  6,318    

GoPro, Inc. - Class A (a)

    31,148  
  2,156    

Green Brick Partners, Inc. (a)

    46,095  
  358    

Helen of Troy, Ltd. - ADR (a)

    34,526  
  629    

Hovnanian Enterprises, Inc. - Class A (a)

    22,455  
  549    

Installed Building Products, Inc.

    44,463  
  932    

iRobot Corp. (a)

    52,500  
  799    

KB Home

    20,710  
  5,380    

Landsea Homes Corp. (a)

    25,663  
  2,098    

La-Z-Boy, Inc. (b)

    47,352  
  716    

Leggett & Platt, Inc. (b)

    23,785  
 

 

See notes to financial statements.

 

57


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Household Durables (Continued)

 

  346    

LGI Homes, Inc. (a)(b)

  $ 28,154  
  3,627    

Lifetime Brands, Inc.

    24,555  
  1,726    

Lovesac Co. (a)

    35,176  
  840    

M/I Homes, Inc. (a)

    30,433  
  563    

Meritage Homes Corp. (a)

    39,562  
  686    

Mohawk Industries, Inc. (a)(b)

    62,556  
  4,029    

Newell Rubbermaid, Inc. (b)

    55,963  
  3,826    

PulteGroup, Inc. (b)

    143,475  
  4,884    

Purple Innovation, Inc. (a)

    19,780  
  1,396    

Skyline Champion Corp. (a)

    73,806  
  2,136    

Snap One Holdings Corp. (a)

    21,659  
  3,326    

Sonos, Inc. (a)

    46,231  
  2,661    

Taylor Morrison Home Corp. (a)

    62,055  
  3,862    

Tempur Sealy International, Inc. (b)

    93,229  
  1,872    

Toll Brothers, Inc. (b)

    78,624  
  452    

TopBuild Corp. (a)

    74,481  
  4,096    

Traeger, Inc. (a)

    11,551  
  3,387    

TRI Pointe Group, Inc. (a)

    51,178  
  6,168    

Tupperware Brands Corp. (a)

    40,400  
  2,153    

Turtle Beach Corp. (a)

    14,683  
  1,264    

Universal Electronics, Inc. (a)

    24,863  
  3,221    

Weber, Inc. - Class A (b)

    21,162  
           


              1,558,747  
           


       

Household Products - 0.17%

 

  537    

Central Garden & Pet Co. (a)

    19,354  
  890    

Central Garden & Pet Co. - Class A (a)

    30,402  
  649    

Spectrum Brands Holdings, Inc.

    25,330  
  438    

WD-40 Co.

    76,974  
           


              152,060  
           


       

Independent Power and Renewable Electricity Producers - 0.59%

 

  480    

Brookfield Renewable Corp. - Class A - ADR

    15,687  
  2,339    

Clearway Energy, Inc. - Class A

    68,065  
  2,378    

Clearway Energy, Inc. - Class C

    75,739  
  5,168    

NRG Energy, Inc.

    197,779  
  399    

Ormat Technologies, Inc. (b)

    34,394  
  6,074    

Vistra Energy Corp.

    127,554  
           


              519,218  
           


       

Industrial Conglomerates - 0.36%

 

  567    

Carlisle Companies, Inc.

    158,992  
  1,299    

Otter Tail Corp.

    79,915  
  8    

Seaboard Corp.

    27,221  
  343    

Standex International Corp.

    28,006  
  2,129    

Tredegar Corp.

    20,098  
           


              314,232  
           


       

Insurance - 3.30%

 

  166    

Alleghany Corp. (a)

    139,336  
  2,669    

American Equity Investment Life Holding Co.

    99,527  
  1,435    

American Financial Group, Inc.

    176,405  
  619    

AMERISAFE, Inc.

    28,926  
  619    

Argo Group International Holdings, Ltd. - ADR

    11,922  
  683    

Assurant, Inc.

    99,219  
  1,300    

Assured Guaranty, Ltd. - ADR

    62,985  
  1,392    

Axis Capital Holdings, Ltd. - ADR

    68,417  
  1,726    

Brighthouse Financial, Inc. (a)

    74,943  
  3,370    

Brown & Brown, Inc.

    203,818  

Number of
Shares


       

Value


 
       

Insurance (Continued)

 

  2,228    

CNO Financial Group, Inc.

  $ 40,037  
  3,215    

Crawford & Co. - Class A

    18,454  
  2,200    

Donegal Group, Inc. - Class A

    29,678  
  662    

Employers Holdings, Inc.

    22,832  
  419    

Erie Indemnity Co. - Class A

    93,148  
  545    

Everest Re Group, Ltd. - ADR

    143,030  
  2,393    

First American Financial Corp.

    110,317  
  11,950    

Genworth Financial, Inc. - Class A (a)

    41,825  
  1,159    

Globe Life, Inc. (b)

    115,552  
  3,853    

Greenlight Capital RE, Ltd. - Class A - ADR (a)

    28,666  
  852    

Horace Mann Educators Corp.

    30,067  
  249    

Investors Title Co.

    35,109  
  326    

Kemper Corp.

    13,451  
  376    

Kinsale Capital Group, Inc. (b)

    96,038  
  1,729    

Lincoln National Corp.

    75,920  
  4,760    

MBIA, Inc. (a)

    43,792  
  132    

National Western Life Group, Inc. - Class A

    22,546  
  6,325    

Old Republic International Corp.

    132,382  
  709    

Primerica, Inc.

    87,526  
  946    

ProAssurance Corp.

    18,457  
  908    

Reinsurance Group of America, Inc.

    114,236  
  354    

RenaissanceRe Holdings, Ltd. - ADR

    49,698  
  564    

RLI Corp.

    57,742  
  1,009    

Ryan Specialty Holdings, Inc. (a)

    40,986  
  338    

Safety Insurance Group, Inc.

    27,567  
  885    

Selective Insurance Group, Inc. (b)

    72,039  
  1,050    

Stewart Information Services Corp.

    45,822  
  699    

The Hanover Insurance Group, Inc. (b)

    89,570  
  4,162    

Tiptree, Inc.

    44,783  
  2,820    

Trean Insurance Group, Inc. (a)

    9,588  
  757    

United Fire Group, Inc.

    21,749  
  2,164    

Universal Insurance Holdings, Inc.

    21,315  
  3,133    

Unum Group

    121,560  
  15    

White Mountains Insurance Group, Ltd. - ADR

    19,545  
           


              2,900,525  
           


       

Interactive Media & Services - 0.51%

 

  2,647    

Arena Group Holdings, Inc. (a)

    34,676  
  3,229    

Cargurus, Inc. (a)

    45,755  
  5,388    

Cars.com, Inc. (a)

    61,962  
  5,208    

DHI Group, Inc. (a)

    28,019  
  4,765    

EverQuote, Inc. - Class A (a)

    32,497  
  1,795    

MediaAlpha, Inc. - Class A (a)

    15,706  
  1,981    

QuinStreet, Inc. (a)

    20,800  
  1,765    

TripAdvisor, Inc. (a)(b)

    38,971  
  18,058    

TrueCar, Inc. (a)

    27,268  
  2,787    

Yelp, Inc. (a)(b)

    94,507  
  1,698    

Zillow Group, Inc. - Class C (a)

    48,580  
           


              448,741  
           


       

Internet & Direct Marketing Retail - 0.71%

 

  5,674    

1-800-Flowers.com, Inc. - Class A (a)

    36,824  
  21,574    

aka Brands Holding Corp. (a)

    31,282  
  26,633    

Boxed, Inc. (a)(b)

    24,556  
  7,464    

CarParts.com, Inc. (a)

    38,589  
  20,138    

ContextLogic, Inc. - Class A (a)

    14,779  
  6,393    

Duluth Holdings, Inc. - Class B (a)

    45,007  
  4,130    

Groupon, Inc. (a)(b)

    32,875  
  3,825    

Lands’ End, Inc. (a)

    29,529  
  3,945    

Lulu’s Fashion Lounge Holdings, Inc. (a)

    18,384  
 

 

See notes to financial statements.

 

58


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Internet & Direct Marketing Retail (Continued)

 

  1,348    

PetMed Express, Inc. (b)

  $ 26,313  
  8,052    

Quotient Technology, Inc. (a)

    18,600  
  8,880    

Qurate Retail, Inc. - Series A

    17,849  
  1,742    

Revolve Group, Inc. - Class A (a)(b)

    37,784  
  931    

Shutterstock, Inc. (b)

    46,708  
  9,554    

Stitch Fix, Inc. - Class A (a)

    37,738  
  15,128    

The RealReal, Inc. (a)

    22,692  
  3,235    

Vivid Seats, Inc. - Class A (b)

    24,780  
  1,239    

Wayfair, Inc. - Class A (a)(b)

    40,330  
  1,336    

Xometry, Inc. - Class A (a)

    75,871  
           


              620,490  
           


       

Internet Software & Services - 0.08%

 

  6,885    

Benefitfocus, Inc. (a)

    43,720  
  1,558    

Liquidity Services, Inc. (a)

    25,333  
           


              69,053  
           


       

IT Services - 3.24%

 

  2,210    

Amdocs, Ltd. - ADR

    175,584  
  1,286    

Black Knight, Inc. (a)

    83,243  
  2,269    

Booz Allen Hamilton Holding Corp.

    209,542  
  1,847    

Bread Financial Holdings, Inc.

    58,088  
  9,511    

Brightcove, Inc. (a)

    59,919  
  529    

CACI International, Inc. - Class A (a)

    138,101  
  1,526    

Cass Information Systems, Inc.

    52,937  
  1,007    

Concentrix Corp.

    112,411  
  15,110    

Conduent, Inc. (a)

    50,467  
  21,023    

Core Scientific, Inc. (a)(b)

    27,330  
  1,962    

CSG Systems International, Inc.

    103,751  
  409    

DigitalOcean Holdings, Inc. (a)(b)

    14,794  
  4,207    

DXC Technology Co. (a)

    102,987  
  639    

Euronet Worldwide, Inc. (a)

    48,411  
  1,046    

EVERTEC, Inc. - ADR

    32,792  
  1,301    

Evo Payments, Inc. - Class A (a)

    43,323  
  745    

ExlService Holdings, Inc. - Class A (a)(b)

    109,783  
  3,389    

Genpact, Ltd. - ADR

    148,337  
  2,713    

Gogo, Inc. (a)

    32,882  
  1,738    

Grid Dynamics Holdings, Inc. (a)

    32,553  
  2,765    

I3 Verticals, Inc. - Class A (a)

    55,383  
  3,989    

IBEX Holdings, Ltd. - ADR (a)

    74,076  
  14,346    

Information Services Group, Inc.

    68,287  
  2,102    

International Money Express, Inc. (a)

    47,905  
  2,572    

LiveRamp Holdings, Inc. (a)

    46,708  
  1,551    

Maximus, Inc. (b)

    89,756  
  2,190    

MoneyGram International, Inc. (a)

    22,776  
  33,696    

Paysafe, Ltd. - ADR (a)

    46,500  
  1,704    

Perficient, Inc. (a)

    110,794  
  2,388    

Priority Technology Holdings, Inc. (a)

    10,770  
  10,940    

Rackspace Technology, Inc. (a)(b)

    44,635  
  6,220    

Repay Holdings Corp. (a)

    43,913  
  578    

Science Applications International Corp.

    51,113  
  447    

Shift4 Payments, Inc. - Class A (a)

    19,941  
  2,715    

SolarWinds Corp. (a)

    21,041  
  1,732    

Squarespace, Inc. - Class A (a)(b)

    36,996  
  8,040    

StoneCo, Ltd. - Class A - ADR (a)

    76,621  
  1,314    

Switch, Inc. - Class A (b)

    44,269  
  4,254    

The Hackett Group, Inc.

    75,381  
  4,937    

The Western Union Co.

    66,649  
  840    

TTEC Holdings, Inc.

    37,220  
  3,906    

Unisys Corp. (a)

    29,490  

Number of
Shares


       

Value


 
       

IT Services (Continued)

 

  2,139    

Verra Mobility Corp. (a)

  $ 32,876  
  217    

WEX, Inc. (a)

    27,546  
  420    

Wix.com, Ltd. - ADR (a)

    32,857  
           


              2,850,738  
           


       

Leisure Products - 1.06%

 

  1,131    

Acushnet Holdings Corp.

    49,187  
  1,380    

Brunswick Corp.

    90,321  
  1,230    

Clarus Corp. (b)

    16,568  
  1,750    

Hayward Holdings, Inc. (a)

    15,523  
  509    

Johnson Outdoors, Inc. - Class A

    26,117  
  2,975    

Latham Group, Inc. (a)

    10,680  
  856    

Malibu Boats, Inc. - Class A (a)

    41,080  
  2,765    

Marine Products Corp.

    23,392  
  2,894    

MasterCraft Boat Holdings, Inc. (a)

    54,552  
  6,336    

Mattel, Inc. (a)(b)

    120,004  
  1,002    

Polaris Industries, Inc. (b)

    95,841  
  611    

Pool Corp. (b)

    194,426  
  3,842    

Smith & Wesson Brands, Inc.

    39,842  
  3,865    

Solo Brands, Inc. - Class A (a)

    14,687  
  817    

Sturm, Ruger & Co., Inc. (b)

    41,495  
  2,451    

Vista Outdoor, Inc. (a)(b)

    59,608  
  1,459    

YETI Holdings, Inc. (a)(b)

    41,611  
           


              934,934  
           


       

Life Sciences Tools & Services - 0.90%

 

  936    

10X Genomics, Inc. - Class A (a)

    26,657  
  5,266    

AbCellera Biologics, Inc. - ADR (a)

    52,081  
  512    

Bio-Techne Corp.

    145,408  
  1,583    

Bruker Corp.

    83,994  
  503    

Charles River Laboratories International, Inc. (a)

    98,990  
  2,411    

Inotiv, Inc. (a)

    40,625  
  1,873    

Maravai LifeSciences Holdings, Inc. - Class A (a)

    47,818  
  517    

Medpace holdings, Inc. (a)(b)

    81,257  
  3,173    

QIAGEN NV - ADR (a)

    130,982  
  1,706    

Syneos Health, Inc. (a)

    80,438  
           


              788,250  
           


       

Machinery - 3.22%

 

  1,016    

AGCO Corp.

    97,709  
  225    

Alamo Group, Inc.

    27,511  
  409    

Albany International Corp. - Class A (b)

    32,242  
  1,469    

Allison Transmission Holdings, Inc.

    49,593  
  1,361    

Altra Industrial Motion Corp.

    45,757  
  506    

Astec Industries, Inc.

    15,782  
  525    

Badger Meter, Inc.

    48,505  
  840    

Barnes Group, Inc.

    24,259  
  260    

Chart Industries, Inc. (a)(b)

    47,931  
  1,868    

CIRCOR International, Inc. (a)

    30,803  
  1,262    

Columbus McKinnon Corp.

    33,014  
  734    

Crane Holdings Co.

    64,254  
  1,705    

Donaldson Co., Inc.

    83,562  
  2,190    

Energy Recovery, Inc. (a)

    47,611  
  547    

EnPro Industries, Inc.

    46,484  
  1,166    

Esab Corp.

    38,898  
  272    

ESCO Technologies, Inc.

    19,976  
  1,477    

Evoqua Water Technologies Corp. (a)

    48,844  
  8,956    

Fathom Digital Manufacturing Corp. (a)

    18,181  
  753    

Federal Signal Corp. (b)

    28,102  
  1,122    

Flowserve Corp.

    27,265  
 

 

See notes to financial statements.

 

59


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Machinery (Continued)

 

  3,275    

Gates Industrial Corp PLC - ADR (a)

  $ 31,964  
  2,320    

Graco, Inc.

    139,084  
  417    

Helios Technologies, Inc.

    21,100  
  640    

ITT, Inc.

    41,818  
  449    

John Bean Technologies Corp.

    38,614  
  293    

Kadant, Inc.

    48,875  
  1,046    

Kennametal, Inc.

    21,527  
  10,029    

Lightning eMotors, Inc. (a)(b)

    15,545  
  866    

Lincoln Electric Holdings, Inc.

    108,874  
  154    

Lindsay Corp.

    22,065  
  2,175    

Mueller Industries, Inc. (b)

    129,282  
  1,838    

Mueller Water Products, Inc. - Class A

    18,876  
  803    

Nordson Corp.

    170,453  
  577    

Omega Flex, Inc.

    53,442  
  905    

Oshkosh Corp.

    63,612  
  2,170    

Pentair PLC - ADR

    88,167  
  770    

Proto Labs, Inc. (a)

    28,051  
  143    

RBC Bearings, Inc. (a)(b)

    29,717  
  3,472    

REV Group, Inc.

    38,296  
  1,026    

Snap-on, Inc. (b)

    206,585  
  626    

SPX Technologies, Inc. (a)

    34,568  
  591    

Tennant Co.

    33,427  
  1,521    

Terex Corp.

    45,235  
  3,275    

The Manitowoc Co., Inc. (a)

    25,381  
  475    

The Middleby Corp. (a)

    60,881  
  2,159    

The Shyft Group Inc (b)

    44,108  
  859    

The Timken Co.

    50,715  
  1,609    

The Toro Co. (b)

    139,146  
  2,756    

Titan International, Inc. (a)

    33,458  
  1,035    

TriMas Corp.

    25,947  
  250    

Valmont Industries, Inc.

    67,155  
  1,200    

Wabash National Corp. (b)

    18,672  
  510    

Watts Water Technologies, Inc. - Class A

    64,122  
           


              2,835,045  
           


       

Marine - 0.27%

 

  882    

Eagle Bulk Shipping, Inc. - ADR (b)

    38,085  
  2,455    

Genco Shipping & Trading, Ltd. - ADR

    30,761  
  1,577    

Golden Ocean Group, Ltd. - ADR

    11,780  
  747    

Kirby Corp. (a)(b)

    45,395  
  1,003    

Matson, Inc.

    61,705  
  9,051    

Safe Bulkers, Inc. - ADR

    22,356  
  2,752    

SFL Corp., Ltd. - ADR

    25,071  
           


              235,153  
           


       

Media - 1.08%

 

  5,242    

Advantage Solutions, Inc. (a)

    11,166  
  954    

AMC Networks, Inc. - Class A (a)

    19,366  
  7,233    

Entravision Communications Corp. - Class A

    28,715  
  11,078    

Gannett Co, Inc. (a)

    16,949  
  2,271    

Gray Television, Inc.

    32,521  
  2,219    

iHeartMedia, Inc. - Class A (a)

    16,265  
  870    

John Wiley & Sons, Inc. - Class A

    32,677  
  4,323    

Liberty Latin America, Ltd. - Class A - ADR (a)

    26,759  
  2,759    

Liberty Latin America, Ltd. - Class C - ADR (a)

    16,968  
  393    

Liberty Media Group - Class A (a)

    20,640  
  5,686    

News Corp. - Class A

    85,916  
  2,667    

News Corp. - Class B (b)

    41,125  
  609    

Nexstar Media Group, Inc. (b)

    101,612  
  1,467    

Scholastic Corp.

    45,125  

Number of
Shares


       

Value


 
       

Media (Continued)

 

  1,227    

Sinclair Broadcast Group, Inc. - Class A

  $ 22,196  
  726    

TechTarget, Inc. (a)

    42,979  
  3,522    

TEGNA, Inc.

    72,835  
  2,882    

The E.W. Scripps Co. - Class A (a)

    32,480  
  5,323    

The Interpublic Group of Companies, Inc.

    136,269  
  2,099    

The New York Times Co. - Class A

    60,346  
  2,391    

Thryv Holdings, Inc. (a)

    54,587  
  688    

Value Line, Inc.

    30,203  
           


              947,699  
           


       

Metals & Mining - 1.79%

 

  2,708    

Alcoa Corp.

    91,151  
  539    

Alpha Metallurgical Resources, Inc. (b)

    73,757  
  1,212    

ATI Inc. (a)(b)

    32,251  
  8,770    

Cleveland-Cliffs, Inc. (a)(b)

    118,132  
  2,114    

Commercial Metals Co.

    75,005  
  1,797    

Constellium SE - ADR (a)

    18,221  
  503    

Gibraltar Industries, Inc. (a)

    20,588  
  693    

Haynes International, Inc.

    24,338  
  5,106    

Hecla Mining Co.

    20,118  
  262    

Kaiser Aluminum Corp.

    16,074  
  305    

Materion Corp.

    24,400  
  806    

MP Materials Corp. (a)

    22,004  
  2,390    

Olympic Steel, Inc.

    54,516  
  1,307    

Reliance Steel & Aluminum Co.

    227,954  
  271    

Royal Gold, Inc.

    25,425  
  4,713    

Ryerson Holding Corp.

    121,313  
  1,101    

Schnitzer Steel Industries, Inc. - Class A

    31,334  
  1,870    

SSR Mining, Inc. - ADR

    27,508  
  3,701    

Steel Dynamics, Inc. (b)

    262,586  
  6,980    

SunCoke Energy, Inc.

    40,554  
  4,206    

TimkenSteel Corp. (a)(b)

    63,048  
  5,843    

United States Steel Corp. (b)

    105,875  
  2,494    

Warrior Met Coal, Inc.

    70,929  
  259    

Worthington Industries, Inc.

    9,878  
           


              1,576,959  
           


       

Multiline Retail - 0.60%

 

  1,756    

Big Lots, Inc.

    27,411  
  778    

Dillard’s, Inc. - Class A (b)

    212,208  
  3,351    

Kohl’s Corp. (b)

    84,278  
  8,172    

Macy’s, Inc. (b)

    128,055  
  2,677    

Nordstrom, Inc. (b)

    44,786  
  645    

Ollie’s Bargain Outlet Holdings, Inc. (a)(b)

    33,282  
           


              530,020  
           


       

Multi-Utilities - 0.26%

 

  740    

Avista Corp.

    27,417  
  625    

Black Hills Corp.

    42,332  
  2,372    

MDU Resources Group, Inc.

    64,874  
  3,669    

NiSource, Inc.

    92,422  
           


              227,045  
           


       

Oil, Gas & Consumable Fuels - 3.80%

 

  5,775    

Alto Ingredients, Inc. (a)

    21,021  
  692    

Altus Midstream Co.

    22,545  
  3,973    

Amplify Energy Corp. (a)

    26,103  
  2,675    

Antero Midstream Corp.

    24,556  
  4,620    

Antero Resources Corp. (a)

    141,049  
  6,201    

APA Corp.

    212,012  
  377    

Arch Resources, Inc. (b)

    44,712  
 

 

See notes to financial statements.

 

60


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Oil, Gas & Consumable Fuels (Continued)

 

  1,378    

Battalion Oil Corp. (a)

  $ 16,398  
  4,684    

Berry Corp.

    35,130  
  1,116    

Brigham Minerals, Inc. - Class A

    27,532  
  1,483    

California Resources Corp.

    56,992  
  728    

Callon Petroleum Co. (a)

    25,487  
  839    

Centrus Energy Corp. - Class A (a)

    34,382  
  175    

Chesapeake Utilities Corp.

    20,193  
  801    

Chord Energy Corp. (b)

    109,553  
  909    

Civitas Resources, Inc. (b)

    52,168  
  2,890    

CNX Resources Corp. (a)

    44,882  
  3,364    

Comstock Resources, Inc. (a)(b)

    58,164  
  1,996    

CONSOL Energy, Inc.

    128,383  
  1,014    

CVR Energy, Inc.

    29,386  
  1,832    

Delek US Holdings, Inc (b)

    49,720  
  592    

Denbury, Inc. (a)

    51,066  
  2,527    

Dorian LPG, Ltd. - ADR

    34,291  
  661    

DT Midstream, Inc.

    34,299  
  3,214    

Earthstone Energy, Inc. - Class A (a)(b)

    39,596  
  4,962    

Energy Fuels, Inc. - ADR (a)

    30,367  
  306    

Enviva, Inc.

    18,378  
  7,781    

Equitrans Midstream Corp. (b)

    58,202  
  1,401    

Frontline, Ltd. - ADR (b)

    15,313  
  1,287    

Golar LNG, Ltd. - ADR (a)

    32,072  
  759    

Green Plains, Inc. (a)

    22,064  
  1,984    

HF Sinclair Corp.

    106,819  
  535    

International Seaways, Inc. - ADR

    18,795  
  4,521    

Kosmos Energy, Ltd. (a)

    23,374  
  584    

Laredo Petroleum, Inc. (a)(b)

    36,704  
  4,506    

Magnolia Oil & Gas Corp. - Class A (b)

    89,264  
  2,256    

Matador Resources Co. (b)

    110,364  
  2,607    

Murphy Oil Corp.

    91,688  
  832    

NACCO Industries, Inc. - Class A

    39,129  
  388    

New Fortress Energy, Inc. (b)

    16,959  
  1,224    

Northern Oil and Gas, Inc. (b)

    33,550  
  3,466    

OVINTIV, Inc. (b)

    159,436  
  2,757    

PBF Energy, Inc. - Class A (a)

    96,936  
  1,440    

PDC Energy, Inc.

    83,218  
  3,067    

Peabody Energy Corp. (a)(b)

    76,123  
  9,317    

Permian Resources Corp. (a)

    63,356  
  3,498    

Range Resources Corp. (b)

    88,359  
  1,154    

Ranger Oil Corp. - Class A

    36,293  
  11,401    

Ring Energy, Inc. (a)

    26,450  
  746    

Scorpio Tankers, Inc. - ADR (b)

    31,362  
  844    

SilverBow Resources, Inc. (a)

    22,687  
  1,245    

Sitio Royalties Corp. (b)

    27,527  
  2,769    

SM Energy Co.

    104,142  
  21,175    

Southwestern Energy Co. (a)

    129,591  
  3,722    

Talos Energy, Inc. (a)

    61,971  
  8,927    

Teekay Corp. - ADR (a)

    32,048  
  8,338    

Tellurian, Inc. (a)(b)

    19,928  
  56    

Texas Pacific Land Corp.

    99,525  
  8,983    

Uranium Energy Corp. (a)

    31,440  
  9,899    

Vaalco Energy, Inc.

    43,160  
  1,111    

World Fuel Services Corp.

    26,042  
           


              3,342,256  
           


       

Paper & Forest Products - 0.46%

 

  2,267    

Boise Cascade Co.

    134,796  
  1,153    

Clearwater Paper Corp. (a)(b)

    43,352  

Number of
Shares


       

Value


 
       

Paper & Forest Products (Continued)

 

  2,153    

Glatfelter Corp.

  $ 6,696  
  2,836    

Louisiana-Pacific Corp. (b)

    145,175  
  2,770    

Resolute Forest Products, Inc. (a)

    55,400  
  522    

Sylvamo Corp. (b)

    17,696  
           


              403,115  
           


       

Personal Products - 0.68%

 

  2,487    

BellRing Brands, Inc. (a)

    51,257  
  3,902    

Coty, Inc. - Class A (a)(b)

    24,661  
  994    

Edgewell Personal Care Co. (b)

    37,176  
  2,147    

elf Beauty, Inc. (a)

    80,770  
  2,463    

Herbalife Nutrition, Ltd. - ADR (a)

    48,989  
  658    

Inter Parfums, Inc.

    49,653  
  546    

Medifast, Inc.

    59,165  
  4,728    

Nature’s Sunshine Products, Inc. (a)

    38,959  
  1,975    

Nu Skin Enterprises, Inc. - Class A

    65,906  
  2,957    

The Beauty Health Co. (a)

    34,863  
  6,107    

The Honest Co., Inc. (a)

    21,374  
  7,999    

Thorne HealthTech, Inc. (a)

    37,835  
  929    

USANA Health Sciences, Inc. (a)

    52,070  
           


              602,678  
           


       

Pharmaceuticals - 1.58%

 

  2,722    

Aerie Pharmaceuticals, Inc. (a)

    41,184  
  27,825    

Amneal Pharmaceuticals, Inc. (a)

    56,207  
  3,857    

Amphastar Pharmaceuticals, Inc. (a)

    108,382  
  1,100    

Arvinas, Inc. (a)

    48,939  
  18,514    

BARK, Inc. (a)

    33,695  
  4,309    

Collegium Pharmaceutical, Inc. (a)

    69,030  
  5,510    

Corcept Therapeutics, Inc. (a)(b)

    141,276  
  1,300    

Harmony Biosciences Holdings, Inc. (a)(b)

    57,577  
  7,266    

Innoviva, Inc. (a)(b)

    84,358  
  758    

Intra-Cellular Therapies, Inc. (a)

    35,270  
  2,288    

IVERIC Bio, Inc. (a)

    41,047  
  1,114    

Jazz Pharmaceuticals PLC - ADR (a)

    148,485  
  1,460    

Organon & Co. (b)

    34,164  
  852    

Pacira Pharmaceuticals, Inc. (a)(b)

    45,318  
  2,246    

Perrigo Co. PLC - ADR

    80,092  
  1,570    

Phibro Animal Health Corp. - Class A

    20,865  
  1,992    

Prestige Consumer Healthcare, Inc. (a)

    99,261  
  14,034    

SIGA Technologies, Inc.

    144,550  
  2,950    

Supernus Pharmaceuticals, Inc. (a)(b)

    99,858  
           


              1,389,558  
           


       

Professional Services - 1.60%

 

  965    

ASGN, Inc. (a)(b)

    87,207  
  6,678    

Atlas Technical Consultants, Inc. (a)(b)

    44,409  
  1,010    

CBIZ, Inc. (a)

    43,208  
  422    

CRA International, Inc.

    37,448  
  379    

Exponent, Inc.

    33,227  
  751    

Forrester Research, Inc. (a)

    27,044  
  1,236    

Franklin Covey Co. (a)

    56,102  
  569    

FTI Consulting, Inc. (a)(b)

    94,289  
  981    

Heidrick & Struggles International, Inc.

    25,496  
  648    

Huron Consulting Group, Inc. (a)

    42,930  
  520    

ICF International, Inc. (b)

    56,690  
  705    

Insperity, Inc.

    71,973  
  1,821    

Kelly Services, Inc. - Class A

    24,747  
  1,318    

Kforce, Inc.

    77,301  
  850    

Korn Ferry International

    39,908  
  4,364    

Legalzoom.com, Inc. (a)

    37,400  
 

 

See notes to financial statements.

 

61


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Professional Services (Continued)

 

  903    

ManpowerGroup, Inc.

  $ 58,415  
  4,211    

Nielsen Holdings PLC - ADR

    116,729  
  1,451    

Red Violet, Inc. (a)

    25,131  
  3,696    

Resources Connection, Inc.

    66,787  
  2,408    

Robert Half International, Inc.

    184,212  
  610    

TriNet Group, Inc. (a)

    43,444  
  3,068    

TrueBlue, Inc. (a)

    58,537  
  2,231    

Upwork, Inc. (a)

    30,386  
  453    

VSE Corp.

    16,036  
  837    

Willdan Group, Inc. (a)

    12,396  
           


              1,411,452  
           


       

Real Estate Management & Development - 0.51%

 

  7,456    

Anywhere Real Estate, Inc. (a)(b)

    60,468  
  8,613    

Compass, Inc. - Class A (a)

    19,982  
  4,494    

Cushman & Wakefield PLC - ADR (a)

    51,456  
  6,875    

eXp World Holdings, Inc. (b)

    77,069  
  2,406    

Forestar Group, Inc. (a)

    26,923  
  641    

Jones Lang LaSalle, Inc. (a)

    96,836  
  2,316    

Marcus & Millichap, Inc.

    75,919  
  1,248    

RE/MAX Holdings, Inc. - Class A

    23,600  
  470    

The St. Joe Co.

    15,054  
           


              447,307  
           


       

Road & Rail - 0.83%

 

  1,081    

ArcBest Corp. (b)

    78,621  
  364    

Avis Budget Group, Inc. (a)(b)

    54,039  
  1,552    

Covenant Transportation Group, Inc.

    44,542  
  5,512    

Daseke, Inc. (a)

    29,820  
  1,042    

Hertz Global Holdings, Inc. (a)(b)

    16,964  
  2,390    

Knight-Swift Transportation Holdings, Inc.

    116,943  
  856    

Landstar System, Inc. (b)

    123,581  
  1,204    

Lyft, Inc. - Class A (a)(b)

    15,857  
  3,064    

PAM Transportation Services, Inc. (a)

    94,861  
  1,183    

Ryder System, Inc.

    89,305  
  255    

Saia, Inc. (a)(b)

    48,450  
  485    

Werner Enterprises, Inc. (b)

    18,236  
           


              731,219  
           


       

Semiconductors & Semiconductor Equipment - 1.99%

 

  514    

Advanced Energy Industries, Inc.

    39,789  
  2,084    

Allegro MicroSystems, Inc. (a)(b)

    45,535  
  2,097    

Alpha & Omega Semiconductor, Ltd. - ADR (a)(b)

    64,504  
  481    

Ambarella, Inc. - ADR (a)

    27,023  
  4,307    

Amkor Technology, Inc.

    73,434  
  1,199    

Axcelis Technologies, Inc. (a)

    72,611  
  561    

CEVA, Inc. (a)(b)

    14,715  
  1,474    

Cirrus Logic, Inc. (a)

    101,411  
  1,566    

Cohu, Inc. (a)(b)

    40,372  
  509    

CyberOptics Corp. (a)

    27,374  
  957    

Diodes, Inc. (a)(b)

    62,119  
  1,137    

Entegris, Inc. (b)

    94,394  
  663    

First Solar, Inc. (a)(b)

    87,695  
  1,653    

FormFactor, Inc. (a)(b)

    41,408  
  728    

Impinj, Inc. (a)

    58,262  
  1,897    

Kulicke & Soffa Industries, Inc. (b)

    73,091  
  2,076    

Lattice Semiconductor Corp. (a)

    102,160  
  612    

MACOM Technology Solutions Holdings, Inc. (a)(b)

    31,695  

Number of
Shares


       

Value


 
       

Semiconductors & Semiconductor Equipment (Continued)

 

  1,894    

MaxLinear, Inc. (a)(b)

  $ 61,782  
  830    

MKS Instruments, Inc.

    68,591  
  1,115    

Onto Innovation, Inc. (a)(b)

    71,416  
  4,972    

Photronics, Inc. (a)

    72,691  
  1,112    

Power Integrations, Inc.

    71,524  
  2,869    

Rambus, Inc. (a)(b)

    72,930  
  1,097    

Semtech Corp. (a)

    32,263  
  319    

Silicon Laboratories, Inc. (a)(b)

    39,377  
  272    

SiTime Corp. (a)

    21,415  
  3,330    

SMART Global Holdings, Inc. - ADR (a)

    52,847  
  1,404    

Ultra Clean Holdings, Inc. (a)

    36,153  
  1,626    

Veeco Instruments, Inc. (a)(b)

    29,788  
  601    

Wolfspeed, Inc. (a)(b)

    62,119  
           


              1,750,488  
           


       

Software - 5.18%

 

  1,438    

2U, Inc. (a)

    8,987  
  14,430    

8x8, Inc. (a)

    49,783  
  7,306    

A10 Networks, Inc.

    96,951  
  2,670    

ACI Worldwide, Inc. (a)

    55,803  
  1,402    

Agilysys, Inc. (a)

    77,601  
  959    

Alarm.com Holdings, Inc. (a)(b)

    62,201  
  1,157    

Altair Engineering, Inc. - Class A (a)

    51,162  
  651    

Alteryx, Inc. - Class A (a)

    36,352  
  2,127    

American Software, Inc. - Class A

    32,586  
  601    

Appfolio, Inc. - Class A (a)

    62,937  
  877    

Appian Corp. - Class A (a)

    35,808  
  2,763    

AppLovin Corp. - Class A (a)(b)

    53,851  
  1,874    

Asana, Inc. - Class A (a)

    41,659  
  298    

Aspen Technology, Inc. (a)(b)

    70,984  
  9,278    

Avaya Holdings Corp. (a)(b)

    14,752  
  1,022    

Bentley Systems, Inc. - Class B

    31,263  
  621    

Bill.com Holdings, Inc. (a)

    82,202  
  909    

Blackbaud, Inc. (a)

    40,050  
  3,537    

Box, Inc. - Class A (a)(b)

    86,267  
  2,098    

Cerence, Inc. (a)

    33,043  
  6,151    

ChannelAdvisor Corp. (a)

    139,382  
  1,629    

CommVault Systems, Inc. (a)

    86,402  
  1,477    

Couchbase, Inc. (a)

    21,077  
  8,055    

Cvent Holding Corp. (a)(b)

    42,289  
  2,213    

Digital Turbine, Inc. (a)

    31,889  
  2,227    

Domo, Inc. - Class B (a)

    40,064  
  6,270    

Dropbox, Inc. - Class A (a)

    129,914  
  1,863    

Dynatrace, Inc. (a)(b)

    64,851  
  3,491    

Ebix, Inc. (b)

    66,224  
  5,611    

eGain Corp. (a)

    41,241  
  890    

Elastic NV - ADR (a)

    63,849  
  824    

Envestnet, Inc. (a)

    36,586  
  896    

ePlus, Inc. (a)

    37,220  
  2,057    

EverCommerce, Inc. (a)

    22,483  
  380    

Fair Isaac Corp. (a)

    156,564  
  723    

Five9, Inc. (a)(b)

    54,210  
  352    

Globant SA - ADR (a)(b)

    65,852  
  1,131    

Informatica, Inc. - Class A (a)

    22,699  
  1,025    

Jack Henry & Associates, Inc.

    186,827  
  7,971    

Kaleyra, Inc. (a)

    7,732  
  1,426    

LivePerson, Inc. (a)

    13,433  
  1,209    

Manhattan Associates, Inc. (a)

    160,833  
  4,010    

Mitek Systems, Inc. (a)

    36,732  
  1,181    

Model N, Inc. (a)

    40,426  
 

 

See notes to financial statements.

 

62


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Software (Continued)

 

  4,424    

Momentive Global, Inc. (a)

  $ 25,703  
  2,046    

N-able, Inc. (a)

    18,885  
  804    

New Relic, Inc. (a)

    46,133  
  8,352    

NortonLifeLock, Inc.

    168,209  
  3,423    

Nutanix, Inc. - Class A (a)(b)

    71,301  
  2,018    

OneSpan, Inc. (a)

    17,375  
  223    

Paylocity Holding Corp. (a)(b)

    53,872  
  1,362    

Pegasystems, Inc. (b)

    43,775  
  569    

Ping Identity Holding Corp. (a)

    15,972  
  1,970    

Progress Software Corp. (b)

    83,823  
  1,250    

PTC, Inc. (a)(b)

    130,750  
  683    

Qualys, Inc. (a)

    95,203  
  1,025    

Rapid7, Inc. (a)

    43,972  
  18,493    

Rimini Street Inc. (a)

    86,177  
  1,261    

RingCentral, Inc. - Class A (a)

    50,390  
  1,100    

Sapiens International Corp NV - ADR

    21,098  
  4,170    

SecureWorks Corp. - Class A (a)

    33,568  
  701    

SentinelOne, Inc. - Class A (a)

    17,918  
  881    

ShotSpotter, Inc. (a)

    25,338  
  1,520    

Smartsheet, Inc. - Class A (a)

    52,227  
  948    

Sprout Social, Inc. - Class A (a)(b)

    57,525  
  762    

SPS Commerce, Inc. (a)(b)

    94,663  
  1,579    

Tenable Holdings, Inc. (a)

    54,949  
  896    

UiPath, Inc. - Class A (a)

    11,299  
  5,676    

Upland Software, Inc. (a)

    46,146  
  2,078    

Varonis Systems, Inc. (a)

    55,109  
  2,216    

Verint Systems, Inc. (a)

    74,413  
  2,971    

Veritone, Inc. (a)

    16,727  
  1,122    

Workiva, Inc. (a)

    87,292  
  5,761    

Xperi Holding Corp.

    81,460  
  8,583    

Yext, Inc. (a)

    38,280  
  1,446    

Zendesk, Inc. (a)

    110,041  
  8,822    

Zeta Global Holdings Corp. - Class A (a)(b)

    58,313  
  859    

Ziff Davis, Inc. (a)

    58,824  
  3,228    

Zuora, Inc. - Class A (a)

    23,823  
           


              4,563,574  
           


       

Specialty Retail - 4.43%

 

  3,108    

Abercrombie & Fitch Co. - Class A (a)(b)

    48,329  
  2,730    

Academy Sports & Outdoors, Inc.

    115,151  
  3,165    

American Eagle Outfitters, Inc. (b)

    30,795  
  773    

America’s Car-Mart, Inc. (a)

    47,168  
  522    

Asbury Automotive Group, Inc. (a)

    78,874  
  1,252    

AutoNation, Inc. (a)(b)

    127,541  
  4,674    

Bed Bath & Beyond, Inc. (a)(b)

    28,465  
  3,864    

Big 5 Sporting Goods Corp. (b)

    41,499  
  909    

Boot Barn Holdings, Inc. (a)(b)

    53,140  
  2,827    

Build-A-Bear Workshop, Inc.

    37,684  
  4,189    

Caleres, Inc.

    101,458  
  1,566    

Camping World Holdings, Inc. - Class A

    39,651  
  12,365    

Chico’s FAS, Inc. (a)(b)

    59,847  
  2,170    

Citi Trends, Inc. (a)

    33,657  
  3,115    

Conn’s, Inc. (a)

    22,054  
  4,179    

Designer Brands, Inc. - Class A

    63,981  
  9,912    

Destination XL Group, Inc. (a)

    53,723  
  1,401    

Dick’s Sporting Goods, Inc. (b)

    146,601  
  3,842    

EVgo, Inc. (a)(b)

    30,390  
  22,622    

Express, Inc. (a)

    24,658  
  663    

Five Below, Inc. (a)(b)

    91,275  

Number of
Shares


       

Value


 
       

Specialty Retail (Continued)

 

  1,241    

Floor & Decor Holdings, Inc. - Class A (a)(b)

  $ 87,193  
  1,866    

Foot Locker, Inc. (b)

    58,089  
  4,972    

GameStop Corp. - Class A (a)(b)

    124,946  
  1,394    

Genesco, Inc. (a)

    54,812  
  591    

Group 1 Automotive, Inc. (b)

    84,436  
  1,392    

Guess?, Inc.

    20,421  
  2,397    

Haverty Furniture Cos., Inc.

    59,685  
  1,720    

Hibbett Sports, Inc.

    85,673  
  4,208    

JOANN, Inc. (b)

    27,857  
  3,434    

Leslie’s, Inc. (a)

    50,514  
  534    

Lithia Motors, Inc. (b)

    114,570  
  5,536    

Lumber Liquidators Holdings, Inc. (a)

    38,364  
  1,827    

MarineMax, Inc. (a)(b)

    54,426  
  396    

Monro, Inc. (b)

    17,210  
  585    

Murphy USA, Inc. (b)

    160,822  
  1,678    

National Vision Holdings, Inc. (a)(b)

    54,787  
  2,017    

ODP Corp. (a)

    70,898  
  842    

Penske Automotive Group, Inc. (b)

    82,878  
  2,191    

Petco Health & Wellness Co., Inc. (a)(b)

    24,452  
  2,384    

Rent-A-Center, Inc.

    41,744  
  1,206    

REX American Resources Corp. (a)(b)

    33,672  
  315    

RH (a)

    77,512  
  5,338    

Sally Beauty Holdings, Inc. (a)(b)

    67,259  
  2,422    

Shoe Carnival, Inc. (b)

    51,928  
  2,149    

Signet Jewelers, Ltd. - ADR (b)

    122,901  
  1,610    

Sleep Number Corp. (a)

    54,434  
  1,367    

Sonic Automotive, Inc. - Class A (b)

    59,191  
  6,041    

Sportsman’s Warehouse Holdings, Inc. (a)

    50,140  
  3,493    

The Aaron’s Co., Inc.

    33,952  
  1,628    

The Buckle, Inc. (b)

    51,543  
  4,077    

The Cato Corp. - Class A

    38,895  
  1,432    

The Children’s Place, Inc. (a)(b)

    44,234  
  6,889    

The Container Store Group, Inc. (a)

    33,756  
  5,188    

The Gap, Inc. (b)

    42,593  
  5,677    

Tile Shop Holdings, Inc.

    19,983  
  4,339    

Tilly’s, Inc. - Class A

    30,026  
  6,106    

Torrid Holdings, Inc. (a)(b)

    25,462  
  1,085    

TravelCenters of America, Inc. (a)

    58,514  
  1,714    

Urban Outfitters, Inc. (a)

    33,680  
  1,427    

Victoria’s Secret & Co. (a)(b)

    41,554  
  12,423    

Volta, Inc. (a)(b)

    15,032  
  2,256    

Warby Parker, Inc. - Class A (a)

    30,095  
  1,516    

Williams Sonoma, Inc. (b)

    178,661  
  330    

Winmark Corp.

    71,392  
  2,120    

Zumiez, Inc. (a)(b)

    45,644  
           


              3,901,771  
           


       

Technology Hardware, Storage & Peripherals - 0.76%

 

  4,908    

Avid Technology, Inc. (a)

    114,160  
  1,343    

Corsair Gaming, Inc. (a)(b)

    15,243  
  6,639    

Diebold Nixdorf, Inc. (a)

    16,199  
  3,469    

NCR Corp. (a)

    65,946  
  5,014    

Pure Storage, Inc. - Class A (a)(b)

    137,233  
  915    

Super Micro Computer, Inc. (a)

    50,389  
  1,256    

Synaptics, Inc. (a)(b)

    124,356  
  3,443    

Teradata Corp. (a)(b)

    106,940  
  2,946    

Xerox Holdings Corp. (b)

    38,534  
           


              669,000  
           


 

 

See notes to financial statements.

 

63


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Textiles, Apparel & Luxury Goods - 1.76%

 

  3,391    

Capri Holdings, Ltd. - ADR (a)(b)

  $ 130,350  
  737    

Carter’s, Inc.(b)

    48,296  
  846    

Columbia Sportswear Co.

    56,936  
  2,014    

Crocs, Inc. (a)

    138,281  
  585    

Deckers Outdoor Corp. (a)(b)

    182,877  
  8,398    

Fossil Group, Inc. (a)

    28,721  
  2,482    

G-III Apparel Group, Ltd. (a)

    37,106  
  5,673    

Hanesbrands, Inc. (b)

    39,484  
  2,060    

Kontoor Brands, Inc. (b)

    69,237  
  2,555    

Movado Group, Inc. (b)

    72,000  
  970    

Oxford Industries, Inc. (b)

    87,087  
  4,675    

PLBY Group, Inc. (a)

    18,840  
  1,173    

PVH Corp. (b)

    52,550  
  996    

Ralph Lauren Corp. (b)

    84,590  
  830    

Rocky Brands, Inc.

    16,650  
  1,994    

Skechers U.S.A., Inc. - Class A (a)

    63,250  
  1,971    

Steven Madden, Ltd.

    52,566  
  2,247    

Superior Uniform Group, Inc.

    19,953  
  5,543    

Tapestry, Inc. (b)

    157,587  
  6,655    

Under Armour, Inc. - Class A (a)(b)

    44,256  
  7,580    

Under Armour, Inc. - Class C (a)

    45,177  
  1,790    

Unifi, Inc. (a)

    17,023  
  213    

UniFirst Corp.

    35,833  
  736    

Weyco Group, Inc.

    14,970  
  2,333    

Wolverine World Wide, Inc.

    35,905  
           


              1,549,525  
           


       

Thrifts & Mortgage Finance - 1.64%

 

  1,401    

Axos Financial, Inc. (a)

    47,956  
  1,240    

Berkshire Hills Bancorp, Inc. (b)

    33,852  
  1,990    

Bridgewater Bancshares, Inc. (a)

    32,775  
  1,806    

Columbia Financial, Inc. (a)

    38,161  
  1,805    

Enact Holdings, Inc.

    40,017  
  2,098    

Essent Group, Ltd. - ADR

    73,157  
  586    

Federal Agricultural Mortgage Corp. - Class C

    58,096  
  1,523    

Flagstar Bancorp, Inc.

    50,868  
  1,873    

Flushing Financial Corp.

    36,280  
  189    

Hingham Institution for Savings

    47,460  
  850    

Home Bancorp, Inc.

    33,142  
  8,224    

Home Point Capital, Inc.

    12,665  
  1,221    

HomeStreet, Inc.

    35,177  
  1,757    

Kearny Financial Corp. (b)

    18,659  
  2,399    

Luther Burbank Corp.

    27,876  
  2,008    

Merchants Bancorp

    46,325  
  6,500    

MGIC Investment Corp.

    83,330  
  2,979    

Mr Cooper Group, Inc. (a)

    120,650  
  5,982    

New York Community Bancorp, Inc. (b)

    51,026  
  2,319    

NMI Holdings, Inc. - Class A (a)

    47,238  
  1,957    

Northfield Bancorp, Inc.

    28,005  
  1,703    

Northwest Bancshares, Inc.

    23,008  
  1,458    

PennyMac Financial Services, Inc.

    62,548  
  1,937    

Provident Bancorp, Inc.

    27,718  
  1,422    

Provident Financial Services, Inc.

    27,729  
  4,194    

Radian Group, Inc.

    80,902  
  700    

Southern Missouri Bancorp, Inc.

    35,721  
  9,914    

UWM Holdings Corp. (b)

    29,048  
  2,069    

Velocity Financial, Inc. (a)

    22,428  
  875    

Walker & Dunlop, Inc. (b)

    73,264  
  1,191    

Washington Federal, Inc.

    35,706  

Number of
Shares


       

Value


 
       

Thrifts & Mortgage Finance (Continued)

 

  2,042    

Waterstone Financial, Inc.

  $ 32,999  
  685    

WSFS Financial Corp.

    31,825  
           


              1,445,611  
           


       

Tobacco - 0.10%

 

  990    

Turning Point Brands, Inc.

    21,018  
  752    

Universal Corp.

    34,622  
  3,407    

Vector Group, Ltd. (b)

    30,015  
           


              85,655  
           


       

Trading Companies & Distributors - 2.16%

 

  2,166    

Alta Equipment Group, Inc.

    23,848  
  996    

Applied Industrial Technologies, Inc.

    102,369  
  1,572    

Beacon Roofing Supply, Inc. (a)(b)

    86,020  
  1,602    

BlueLinx Holdings, Inc. (a)

    99,484  
  845    

Core & Main, Inc. - Class A (a)

    19,215  
  2,406    

DXP Enterprises, Inc. (a)

    56,974  
  330    

GATX Corp.

    28,099  
  1,962    

Global Industrial Co.

    52,640  
  2,276    

GMS, Inc. (a)

    91,063  
  1,102    

H&E Equipment Services, Inc.

    31,231  
  484    

Herc Holdings, Inc.

    50,278  
  8,134    

Hudson Technologies, Inc. (a)

    59,785  
  611    

Kaman Corp.

    17,065  
  2,731    

Karat Packaging, Inc. (a)

    43,669  
  4,114    

MRC Global, Inc. (a)

    29,580  
  975    

MSC Industrial Direct Co., Inc. - Class A

    70,990  
  6,286    

NOW, Inc. (a)

    63,174  
  1,262    

Rush Enterprises, Inc. - Class A

    55,351  
  882    

Rush Enterprises, Inc. - Class B

    42,257  
  941    

SiteOne Landscape Supply, Inc. (a)

    97,996  
  1,587    

Textainer Group Holdings, Ltd. - ADR

    42,627  
  2,662    

Titan Machinery, Inc. (a)

    75,228  
  650    

Transcat, Inc. (a)

    49,198  
  954    

Triton International, Ltd. - ADR

    52,212  
  4,754    

Univar Solutions, Inc. (a)

    108,106  
  2,084    

Veritiv Corp. (a)

    203,753  
  519    

Watsco, Inc. (b)

    133,622  
  988    

WESCO International, Inc. (a)(b)

    117,947  
           


              1,903,781  
           


       

Water Utilities - 0.16%

 

  244    

American States Water Co.

    19,020  
  470    

Artesian Resources Corp. - Class A

    22,617  
  531    

California Water Service Group (b)

    27,978  
  1,648    

Essential Utilities, Inc.

    68,194  
           


              137,809  
           


       

Wireless Telecommunication Services - 0.05%

 

  1,576    

Telephone & Data Systems, Inc.

    21,906  
  716    

United States Cellular Corp. (a)

    18,638  
           


              40,544  
           


       

Total Common Stocks
(Cost $67,408,532)

    79,866,021  
           


       

INVESTMENT COMPANIES - 3.29%

 

       

International Equity Funds - 3.29%

 

  22,758    

Vanguard Extended Market ETF

    2,892,769  
           


       

Total Investment Companies
(Cost $3,011,933)

    2,892,769  
           


 

 

See notes to financial statements.

 

64


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

REAL ESTATE INVESTMENT TRUSTS - 5.54%

 

       

Real Estate Investment Trusts - 5.54%

 

  2,287    

Acadia Realty Trust

  $ 28,862  
  483    

Agree Realty Corp.

    32,641  
  1,730    

Alexander & Baldwin, Inc.

    28,683  
  677    

American Assets Trust, Inc.

    17,412  
  3,179    

American Homes 4 Rent - Class A

    104,303  
  1,201    

Americold Realty Trust, Inc. (b)

    29,545  
  5,448    

Annaly Capital Management, Inc.

    93,488  
  822    

Apartment Income REIT Corp.

    31,746  
  6,603    

Apartment Investment and Management Co. - Class A

    48,202  
  3,391    

Apollo Commercial Real Estate Finance, Inc.

    28,145  
  4,839    

Apple Hospitality REIT, Inc.

    68,036  
  4,100    

Arbor Realty Trust, Inc. (b)

    47,150  
  2,207    

Ares Commercial Real Estate Corp. (b)

    23,063  
  2,472    

Armada Hoffler Properties, Inc.

    25,659  
  1,865    

Blackstone Mortgage Trust, Inc. - Class A (b)

    43,529  
  11,688    

Braemar Hotels & Resorts, Inc.

    50,258  
  3,238    

Brandywine Realty Trust

    21,856  
  4,302    

Brixmor Property Group, Inc.

    79,458  
  1,826    

Broadstone Net Lease, Inc. (b)

    28,358  
  815    

Camden Property Trust

    97,352  
  1,596    

CBL & Associates Properties, Inc. (b)

    40,874  
  4,458    

Chatham Lodging Trust (a)

    44,000  
  3,267    

City Office REIT, Inc.

    32,572  
  2,455    

Clipper Realty, Inc.

    17,111  
  4,177    

CoreCivic, Inc. (a)

    36,925  
  1,579    

Corporate Office Properties Trust

    36,680  
  2,150    

Cousins Properties, Inc.

    50,202  
  1,376    

CubeSmart

    55,123  
  4,239    

DiamondRock Hospitality Co.

    31,835  
  8,723    

Diversified Healthcare Trust

    8,637  
  1,770    

Douglas Emmett, Inc.

    31,736  
  3,808    

Dynex Capital, Inc. (b)

    44,363  
  1,084    

Easterly Government Properties, Inc. (b)

    17,095  
  296    

EastGroup Properties, Inc.

    42,725  
  2,168    

Ellington Financial, Inc. (b)

    24,650  
  5,645    

Empire State Realty Trust, Inc. - Class A

    37,031  
  1,398    

EPR Properties

    50,132  
  1,135    

Equity LifeStyle Properties, Inc.

    71,323  
  1,203    

Essential Properties Realty Trust, Inc.

    23,398  
  2,660    

Farmland Partners, Inc.

    33,702  
  507    

Federal Realty OP LP

    45,691  
  851    

First Industrial Realty Trust, Inc.

    38,133  
  1,492    

Gaming and Leisure Properties, Inc.

    66,006  
  1,216    

Gladstone Commercial Corp.

    18,848  
  1,311    

Gladstone Land Corp.

    23,729  
  1,307    

Global Medical REIT, Inc.

    11,136  
  2,975    

Global Net Lease, Inc.

    31,684  
  2,624    

Granite Point Mortgage Trust, Inc.

    16,899  
  3,323    

Healthcare Realty Trust, Inc.

    69,284  
  4,780    

Hersha Hospitality Trust - Class A

    38,144  
  1,400    

Highwoods Properties, Inc.

    37,744  
  7,240    

Host Hotels & Resorts, Inc.

    114,971  
  3,005    

Hudson Pacific Properties, Inc.

    32,905  
  1,665    

Independence Realty Trust, Inc. (b)

    27,855  
  2,702    

Industrial Logistics Properties Trust

    14,861  
  2,001    

Iron Mountain, Inc.

    87,984  
  1,544    

JBG SMITH Properties (b)

    28,688  
  1,015    

Kennedy-Wilson Holdings, Inc. (b)

    15,692  

Number of
Shares


       

Value


 
       

Real Estate Investment Trusts (Continued)

 

  1,696    

Kilroy Realty Corp.

  $ 71,419  
  6,694    

Kimco Realty Corp.

    123,237  
  3,552    

Kite Realty Group Trust

    61,165  
  1,079    

KKR Real Estate Finance Trust, Inc. (b)

    17,534  
  519    

Lamar Advertising Co. - Class A

    42,812  
  537    

Life Storage, Inc.

    59,478  
  457    

LTC Properties, Inc.

    17,115  
  2,483    

LXP Industrial Trust

    22,744  
  5,334    

Macerich Co.

    42,352  
  5,837    

Medical Properties Trust, Inc.

    69,227  
  247    

National Health Investors, Inc.

    13,963  
  1,218    

National Retail Properties, Inc.

    48,549  
  925    

National Storage Affiliates Trust

    38,462  
  394    

NexPoint Residential Trust, Inc.

    18,207  
  2,535    

Office Properties Income Trust

    35,617  
  1,106    

Omega Healthcare Investors, Inc.

    32,616  
  3,416    

Orion Office REIT, Inc.

    29,890  
  924    

Outfront Media, Inc.

    14,036  
  7,463    

Paramount Group, Inc.

    46,494  
  2,989    

Park Hotels & Resorts, Inc.

    33,656  
  2,889    

Pebblebrook Hotel Trust (b)

    41,919  
  1,052    

Phillips Edison & Co, Inc. (b)

    29,509  
  1,431    

Physicians Realty Trust

    21,522  
  3,538    

Piedmont Office Realty Trust, Inc. - Class A

    37,361  
  1,082    

Plymouth Industrial REIT, Inc.

    18,188  
  1,745    

Postal Realty Trust, Inc. - Class A

    25,599  
  2,643    

PotlatchDeltic Corp.

    108,469  
  1,128    

Rayonier, Inc.

    33,806  
  2,811    

Ready Capital Corp.

    28,504  
  4,507    

Redwood Trust, Inc.

    25,870  
  1,819    

Regency Centers Corp.

    97,953  
  3,205    

Retail Opportunity Investments Corp.

    44,101  
  1,208    

Rexford Industrial Realty, Inc.

    62,816  
  8,954    

Rithm Capital Corp. (b)

    65,543  
  2,198    

RLJ Lodging Trust

    22,244  
  3,658    

RPT Realty

    27,654  
  363    

Ryman Hospitality Properties, Inc. (b)

    26,713  
  2,930    

Sabra Health Care REIT, Inc.

    38,442  
  709    

Saul Centers, Inc.

    26,588  
  8,877    

Service Properties Trust

    46,072  
  3,318    

SITE Centers Corp.

    35,536  
  892    

SL Green Realty Corp. (b)

    35,823  
  1,424    

Spirit Realty Capital, Inc.

    51,492  
  748    

STAG Industrial, Inc.

    21,266  
  3,266    

Starwood Property Trust, Inc. (b)

    59,507  
  2,166    

STORE Capital Corp.

    67,861  
  5,458    

Summit Hotel Properties, Inc.

    36,678  
  3,469    

Sunstone Hotel Investors, Inc.

    32,678  
  3,216    

Tanger Factory Outlet Centers, Inc.

    43,995  
  463    

Terreno Realty Corp.

    24,534  
  11,390    

The Geo Group, Inc. (a)(b)

    87,703  
  5,976    

The Necessity Retail REIT, Inc. - Class A

    35,139  
  2,435    

TPG RE Finance Trust, Inc.

    17,045  
  10,081    

Two Harbors Investment Corp.

    33,469  
  3,497    

Uniti Group, Inc.

    24,304  
  1,406    

Urban Edge Properties

    18,756  
  1,582    

Urstadt Biddle Properties, Inc. - Class A (b)

    24,537  
  3,287    

Veris Residential, Inc. (a)

    37,373  
  2,380    

Vornado Realty Trust

    55,121  
 

 

See notes to financial statements.

 

65


GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

REAL ESTATE INVESTMENT TRUSTS (Continued)

 

       

Real Estate Investment Trusts (Continued)

 

  6,037    

Whitestone

  $ 51,073  
  3,015    

Xenia Hotels & Resorts, Inc.

    41,577  
           


       

Total Real Estate Investment Trusts
(Cost $6,068,990)

    4,881,027  
           


       

SHORT TERM INVESTMENTS - 0.36%

 

       

Money Market Funds - 0.36%

 

  315,900    

DWS Government Money Market
Series - Institutional Shares
Effective Yield, 3.04% (d)

    315,900  
           


       

Total Short Term Investments
(Cost $315,900)

    315,900  
           


Number of
Units


           

       
 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 25.88%

 

  22,782,871    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 3.18% (d)

    22,782,871  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $22,782,871)

    22,782,871  
           


       

Total Investments
(Cost $99,588,226) - 125.79%

    110,738,588  
       

Liabilities in Excess of
Other Assets - (25.79)%

    (22,701,529
           


       

TOTAL NET ASSETS - 100.00%

  $ 88,037,059  
           


Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(d)   Seven-day yield as of September 30, 2022.
(e)   As of September 30, 2022, the Valuation Committee has fair valued these securities. The value of these securities were $13,159, which represents 0.01% of total net assets.
(f)   These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $13,159, which represents 0.01% of the total assets.
 

 

See notes to financial statements.

 

66


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS - 94.29%

 

       

Australia - 5.32%

 

  1,541    

Ampol, Ltd.

  $ 28,504  
  9,368    

APA Group - Stapled Security

    57,641  
  1,030    

Aristocrat Leisure, Ltd.

    21,719  
  8,393    

Australia & New Zealand Banking Group, Ltd.

    122,864  
  24,842    

BHP Billiton, Ltd.

    617,528  
  30,278    

BlueScope Steel, Ltd.

    294,050  
  1,464    

Cochlear, Ltd.

    181,855  
  26,268    

Coles Group, Ltd.

    276,928  
  4,886    

Commonwealth Bank of Australia

    284,244  
  7,085    

Computershare, Ltd.

    113,007  
  863    

CSL, Ltd.

    156,952  
  7,418    

Endeavour Group, Ltd.

    33,338  
  11,894    

Fortescue Metals Group, Ltd.

    127,687  
  8,917    

IDP Education, Ltd.

    149,792  
  1,172    

Macquarie Group, Ltd.

    114,341  
  12,150    

National Australia Bank, Ltd.

    224,966  
  2,143    

Orica, Ltd.

    18,245  
  20,788    

Origin Energy, Ltd.

    68,974  
  1,051    

REA Group, Ltd.

    76,499  
  4,037    

Rio Tinto, Ltd.

    244,208  
  10,723    

Santos, Ltd.

    49,535  
  1,299    

Sonic Healthcare, Ltd.

    25,337  
  76,385    

South32, Ltd.

    181,332  
  4,380    

Suncorp Group, Ltd.

    28,264  
  17,261    

Telstra Corp., Ltd.

    42,621  
  88,104    

The Lottery Corp., Ltd. (a)

    236,115  
  4,750    

Transurban Group - Stapled Security

    37,513  
  6,377    

Wesfarmers, Ltd.

    174,338  
  6,555    

Westpac Banking Corp.

    86,723  
  1,030    

WiseTech Global, Ltd.

    33,653  
  7,912    

Woodside Energy Group, Ltd.

    161,655  
  11,616    

Woolworths, Ltd.

    252,424  
           


              4,522,852  
           


       

Austria - 0.49%

 

  5,017    

Erste Group Bank AG

    109,983  
  6,936    

OMV AG

    251,035  
  695    

Verbund AG

    59,337  
           


              420,355  
           


       

Belgium - 0.78%

 

  3,726    

Ageas SA

    135,893  
  3,141    

Anheuser-Busch InBev SA

    142,276  
  790    

D’ieteren Group

    111,311  
  919    

Elia Group SA

    108,139  
  687    

Solvay SA

    53,189  
  1,597    

UCB SA

    110,828  
           


              661,636  
           


       

Canada - 11.69%

 

  5,341    

Alimentation Couche-Tard, Inc.

    215,016  
  4,684    

AltaGas, Ltd.

    89,689  
  18,336    

ARC Resources, Ltd.

    220,215  
  3,697    

Bank of Montreal

    324,028  
  5,058    

Barrick Gold Corp.

    78,395  
  4,376    

Bausch Health Cos., Inc. (a)

    30,222  
  444    

BCE, Inc.

    18,617  
  1,639    

Brookfield Asset Management, Inc. - Class A

    67,050  
  2,007    

BRP, Inc.

    123,629  
  2,546    

Canadian Imperial Bank of Commerce

    111,435  

Number of
Shares


       

Value


 
       

Canada (Continued)

 

  1,005    

Canadian National Railway Co.

  $ 108,536  
  5,965    

Canadian Natural Resources, Ltd.

    277,663  
  1,863    

Canadian Pacific Railway, Ltd.

    124,362  
  224    

Canadian Tire Corp., Ltd. - Class A

    23,846  
  2,838    

Canadian Utilities, Ltd. - Class A

    73,819  
  24,495    

Cenovus Energy, Inc.

    376,287  
  653    

CGI, Inc. (a)

    49,159  
  282    

Constellation Software, Inc.

    392,391  
  5,349    

Dollarama, Inc.

    307,073  
  13,461    

Empire Co., Ltd. - Series A

    334,832  
  6,422    

Enbridge, Inc.

    238,126  
  375    

Fairfax Financial Holdings, Ltd.

    171,270  
  5,922    

First Quantum Minerals, Ltd.

    100,533  
  659    

FirstService Corp.

    78,444  
  1,080    

Fortis, Inc.

    41,031  
  2,226    

George Weston, Ltd.

    233,066  
  3,017    

Great-West Lifeco, Inc.

    65,130  
  2,681    

Hydro One, Ltd.

    65,562  
  2,575    

iA Financial Corp., Inc.

    130,842  
  6,792    

Imperial Oil, Ltd.

    294,081  
  701    

Intact Financial Corp.

    99,206  
  6,443    

Loblaw Cos., Ltd.

    510,179  
  36,892    

Lundin Mining Corp.

    186,416  
  999    

Magna International, Inc.

    47,392  
  23,146    

Manulife Financial Corp.

    363,272  
  1,709    

Metro, Inc.

    85,577  
  746    

National Bank of Canada

    46,758  
  2,747    

Nutrien, Ltd.

    229,091  
  3,535    

Pembina Pipeline Corp.

    107,379  
  7,950    

Power Corp. of Canada

    179,160  
  8,049    

Royal Bank of Canada

    724,693  
  1,020    

Sun Life Financial, Inc.

    40,561  
  11,124    

Suncor Energy, Inc.

    313,261  
  2,229    

TC Energy Corp. (b)

    89,783  
  7,502    

Teck Resources, Ltd. - Class B (a)

    228,153  
  2,367    

TELUS Corp.

    47,002  
  4,879    

The Bank of Nova Scotia

    232,056  
  8,740    

The Toronto-Dominion Bank

    536,036  
  535    

Toromont Industries, Ltd.

    37,243  
  3,928    

Tourmaline Oil Corp.

    204,142  
  6,620    

West Fraser Timber Co., Ltd.

    478,906  
  3,441    

WSP GLOBAL, Inc.

    378,937  
           


              9,929,552  
           


       

Denmark - 2.58%

       
  119    

A.P. Moeller - Maersk AS - Class A

    210,245  
  136    

A.P. Moeller - Maersk AS - Class B

    247,143  
  598    

Coloplast AS - Series B

    60,771  
  10,430    

Danske Bank AS

    129,819  
  293    

DSV AS

    34,324  
  11,383    

Novo Nordisk AS - Series B

    1,133,950  
  3,939    

Pandora AS

    184,212  
  552    

Rockwool International AS - B Shares

    87,071  
  2,277    

Tryg AS

    47,006  
  2,346    

William Demant Holdings AS (a)

    57,997  
           


              2,192,538  
           


       

Finland - 0.97%

       
  446    

Elisa OYJ

    20,208  
  8,205    

Fortum OYJ

    110,250  
  18,353    

Nokia OYJ

    78,790  
 

 

See notes to financial statements.

 

67


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Finland (Continued)

 

  12,637    

Nordea Bank Abp

  $ 108,150  
  6,949    

Orion OYJ - Class B

    292,604  
  2,888    

Sampo OYJ - Series A

    123,293  
  4,899    

Stora Enso OYJ - R Shares

    62,234  
  829    

UPM-Kymmene OYJ

    26,308  
           


              821,837  
           


       

France - 10.49%

 

  730    

Aeroports de Paris (a)

    84,359  
  1,187    

Air Liquide SA

    135,673  
  12,537    

AXA SA

    273,718  
  1,331    

BioMerieux

    105,282  
  6,645    

BNP Paribas SA

    280,679  
  45,490    

Bollore SA

    208,710  
  555    

Capgemini SE

    88,855  
  15,254    

Carrefour SA

    211,558  
  7,445    

Cie de Saint-Gobain

    266,200  
  22,232    

Credit Agricole SA

    180,479  
  1,187    

Danone SA

    56,127  
  920    

Dassault Aviation SA

    104,669  
  309    

Dassault Systemes SE

    10,668  
  1,215    

Edenred

    55,976  
  3,958    

Eiffage SA

    317,403  
  5,238    

Electricite de France SA

    60,747  
  8,718    

Engie SA

    100,343  
  620    

EssilorLuxottica SA

    84,272  
  2,705    

Eurazeo SE

    141,150  
  8,086    

Getlink SE

    125,392  
  271    

Hermes International

    318,727  
  4,485    

Ipsen SA

    415,086  
  237    

Kering SA

    105,121  
  10,540    

La Francaise des Jeux SAEM

    312,657  
  1,546    

L’Oreal SA

    494,319  
  1,501    

LVMH Moet Hennessy Louis Vuitton SE

    884,948  
  11,492    

Orange SA

    103,939  
  333    

Pernod Ricard SA

    61,090  
  3,149    

Publicis Groupe SA

    149,208  
  128    

Remy Cointreau SA

    21,241  
  6,552    

Renault SA (a)

    177,270  
  766    

Safran SA

    69,698  
  6,107    

Sanofi-Aventis SA

    465,025  
  267    

Sartorius Stedim Biotech

    81,898  
  1,042    

Schneider Electric SE

    117,694  
  4,067    

SEB SA

    255,817  
  10,614    

Societe Generale SA

    209,903  
  1,215    

Sodexo SA

    91,247  
  1,053    

Thales SA

    116,034  
  14,273    

Total SA

    669,609  
  504    

Ubisoft Entertainment SA (a)

    13,851  
  1,498    

Unibail-Rodamco-Westfield (a)

    61,987  
  4,850    

Valeo SA

    73,282  
  964    

Veolia Environnement SA

    18,424  
  2,782    

Vinci SA

    224,954  
  14,994    

Vivendi SA

    116,302  
  5,446    

Wendel SA

    389,796  
           


              8,911,387  
           


       

Germany - 6.94%

 

  1,947    

adidas AG

    223,829  
  1,270    

Allianz SE

    200,068  

Number of
Shares


       

Value


 
       

Germany (Continued)

 

  5,098    

Bayer AG

  $ 234,887  
  3,239    

Bayerische Motoren Werke AG

    219,531  
  624    

Beiersdorf AG

    61,315  
  518    

Carl Zeiss Meditec AG

    53,807  
  26,833    

Commerzbank AG (a)

    191,024  
  796    

Covestro AG

    22,759  
  6,389    

Daimler AG

    323,071  
  3,644    

Daimler Truck Holding AG (a)

    82,381  
  30,052    

Deutsche Bank AG

    222,504  
  782    

Deutsche Boerse AG

    128,190  
  42,020    

Deutsche Lufthansa AG (a)

    241,537  
  11,721    

Deutsche Post AG

    353,266  
  15,607    

Deutsche Telekom AG

    265,656  
  7,009    

Fresenius Medical Care AG & Co. KGaA

    197,464  
  11,521    

Fresenius SE & Co. KGaA

    245,571  
  686    

GEA Group AG

    22,201  
  2,673    

HeidelbergCement AG

    105,594  
  9,801    

HelloFresh SE (a)

    205,153  
  2,233    

Knorr-Bremse AG

    95,892  
  985    

Merck KGaA

    159,452  
  358    

MTU Aero Engines AG

    53,505  
  326    

Muenchener Rueckversicherungs-Gesellschaft AG

    78,475  
  4,483    

Nemetschek SE

    212,792  
  3,889    

Puma SE

    179,905  
  417    

Rational AG

    201,961  
  1,127    

Rheinmetall AG

    173,521  
  4,440    

RWE AG

    163,196  
  2,026    

SAP SE

    165,109  
  1,773    

Siemens AG

    173,297  
  5,488    

Siemens Energy AG

    60,427  
  40,454    

Telefonica Deutschland Holding AG

    81,790  
  3,667    

Uniper SE

    13,840  
  6,614    

United Internet AG

    123,641  
  868    

Volkswagen AG

    141,457  
  1,406    

Vonovia SE

    30,344  
  9,637    

Zalando SE (a)

    188,238  
           


              5,896,650  
           


       

Hong Kong - 2.14%

 

  17,385    

AIA Group, Ltd.

    144,746  
  26,522    

BOC Hong Kong Holdings, Ltd.

    88,205  
  10,212    

Budweiser Brewing Co., APAC, Ltd.

    26,593  
  22,972    

CK Asset Holdings, Ltd.

    137,910  
  44,574    

CK Hutchison Holdings, Ltd.

    245,435  
  8,670    

CK Infrastructure Holdings, Ltd.

    44,220  
  4,480    

Hong Kong Exchange & Clearing, Ltd.

    153,137  
  5,973    

Jardine Matheson Holdings, Ltd.

    301,983  
  32,127    

New World Development Co., Ltd.

    91,243  
  5,530    

Power Assets Holdings, Ltd.

    27,721  
  41,366    

Sino Land Co., Ltd.

    54,410  
  90,276    

SITC International Holdings Co., Ltd.

    165,560  
  8,675    

Techtronic Industries Co., Ltd.

    82,778  
  411,102    

WH Group, Ltd.

    258,558  
           


              1,822,499  
           


       

Ireland - 0.22%

 

  743    

CRH PLC

    23,889  
  751    

DCC PLC

    39,001  
  3,992    

James Hardie Industries PLC

    78,413  
  1,075    

Kingspan Group PLC

    48,119  
           


              189,422  
           


 

 

See notes to financial statements.

 

68


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Isle Of Man - 0.05%

 

  3,698    

Entain PLC

  $ 44,215  
           


       

Israel - 1.17%

 

  2,510    

Bank Hapoalim BM

    21,188  
  13,040    

Bank Leumi Le-Israel BM

    111,372  
  49,714    

Bezeq the Israel Telecommunication Corp., Ltd.

    81,267  
  134    

Elbit Systems, Ltd.

    25,371  
  17,483    

ICL Group, Ltd.

    140,117  
  4,105    

Israel Discount Bank, Ltd. - Series A

    20,670  
  2,037    

Mizrahi Tefahot Bank, Ltd.

    71,313  
  18,873    

Teva Pharmaceutical Industries, Ltd. - ADR (a)

    152,305  
  446    

Tower Semiconductor, Ltd. (a)

    19,468  
  186    

Wix.com, Ltd. - ADR (a)

    14,551  
  14,283    

ZIM Integrated Shipping Services, Ltd. - ADR (b)

    335,650  
           


              993,272  
           


       

Italy - 2.00%

 

  13,156    

Assicurazioni Generali SpA

    179,636  
  6,190    

Atlantia SpA

    136,586  
  32,459    

Eni SpA

    344,996  
  2,272    

Exor NV (d)

    145,802  
  2,533    

FinecoBank Banca Fineco SpA

    31,284  
  31,695    

Intesa Sanpaolo SpA

    52,392  
  4,350    

Moncler SpA

    177,586  
  25,981    

Poste Italiane SpA

    196,286  
  1,085    

Prysmian SpA

    31,078  
  1,660    

Recordati SpA

    60,753  
  2,493    

Snam SpA

    10,076  
  1,358,636    

Telecom Italia SpA (a)

    251,302  
  6,052    

Terna Rete Elettrica Nazionale SpA

    36,860  
  4,006    

UniCredit SpA

    40,557  
           


              1,695,194  
           


       

Japan - 18.03%

 

  2,917    

Advantest Corp.

    134,709  
  3,659    

Ajinomoto Co., Inc.

    100,005  
  997    

Asahi Glass Co., Ltd.

    31,038  
  1,856    

Asahi Group Holdings, Ltd.

    57,863  
  20,059    

Astellas Pharma, Inc.

    265,728  
  1,836    

Bandai Namco Holdings, Inc.

    119,649  
  1,154    

Bridgestone Corp.

    37,321  
  7,845    

Brother Industries, Ltd.

    135,535  
  4,271    

Canon, Inc.

    93,289  
  2,836    

Capcom Co., Ltd.

    71,403  
  5,999    

Chugai Pharmaceutical Co., Ltd.

    149,874  
  21,610    

CyberAgent, Inc.

    181,959  
  2,683    

Dai Nippon Printing Co., Ltd.

    53,752  
  8,997    

Dai-ichi Life Holdings, Inc.

    143,055  
  6,007    

Daiichi Sankyo Co., Ltd.

    167,901  
  270    

Daikin Industries, Ltd.

    41,545  
  433    

Denso Corp.

    19,798  
  1,459    

Dentsu, Inc.

    41,476  
  178    

Disco Corp.

    39,240  
  3,051    

Eisai Co., Ltd.

    163,714  
  144    

Fast Retailing Co., Ltd.

    76,312  
  1,086    

Fujitsu, Ltd.

    119,082  
  696    

Hankyu Hanshin Holdings, Inc.

    20,947  
  4,390    

Hitachi, Ltd.

    186,821  
  14,763    

Honda Motor Co., Ltd.

    320,443  
  3,273    

Hoya Corp.

    315,382  

Number of
Shares


       

Value


 
       

Japan (Continued)

       
  3,194    

Idemitsu Kosan Co., Ltd.

  $ 69,416  
  35,984    

Inpex Corp.

    335,626  
  9,860    

Isuzu Motors, Ltd.

    109,026  
  4,121    

Ito En, Ltd.

    166,694  
  13,432    

ITOCHU Corp.

    324,221  
  2,837    

Japan Post Bank Co., Ltd.

    19,831  
  32,630    

Japan Post Holdings Co., Ltd.

    216,181  
  14,765    

Japan Post Insurance Co., Ltd.

    206,800  
  5,548    

Japan Tobacco, Inc.

    91,169  
  11,565    

Kakaku.com, Inc.

    195,983  
  1,400    

Kao Corp.

    56,967  
  8,293    

KDDI Corp.

    242,456  
  252    

Keyence Corp.

    83,301  
  792    

Kikkoman Corp.

    44,899  
  1,374    

Kintetsu Group Holdings Co., Ltd.

    45,746  
  1,050    

Kirin Holdings Co., Ltd.

    16,176  
  399    

Konami Holdings Corp.

    18,475  
  2,291    

Kose Corp.

    236,212  
  382    

Kyocera Corp.

    19,245  
  3,551    

LIXIL Group Corp.

    52,103  
  338    

M3, Inc.

    9,438  
  40,531    

Marubeni Corp.

    353,653  
  11,066    

Mazda Motor Corp.

    73,480  
  6,007    

MISUMI Group, Inc.

    129,345  
  12,321    

Mitsubishi Corp.

    336,982  
  2,820    

Mitsubishi Electric Corp.

    25,516  
  1,446    

Mitsubishi Estate Co., Ltd.

    19,053  
  6,387    

Mitsubishi Heavy Industries, Ltd.

    212,427  
  44,033    

Mitsubishi UFJ Financial Group, Inc.

    199,475  
  17,786    

Mitsubishi UFJ Lease & Finance Co., Ltd.

    76,448  
  15,480    

Mitsui & Co., Ltd.

    329,411  
  864    

Mitsui Fudosan Co., Ltd.

    16,459  
  9,284    

Mitsui OSK Lines, Ltd. (b)

    166,115  
  9,801    

Mizuho Financial Group, Inc.

    106,092  
  15,863    

MonotaRO Co., Ltd.

    243,415  
  2,035    

MS & AD Insurance Group Holdings, Inc. (a)

    53,892  
  265    

Murata Manufacturing Co., Ltd.

    12,197  
  2,173    

NEC Corp.

    69,580  
  2,242    

Nexon Co., Ltd.

    39,611  
  2,612    

NGK Insulators, Ltd.

    32,511  
  2,990    

Nintendo Co., Ltd.

    120,600  
  1,374    

Nippon Steel & Sumitomo Metal Corp.

    19,069  
  19,971    

Nippon Telegraph & Telephone Corp.

    538,664  
  12,963    

Nippon Yusen Kabushiki Kaisha

    220,032  
  1,017    

Nissan Chemical Industries, Ltd.

    45,433  
  945    

Nitori Holdings Co., Ltd.

    79,305  
  961    

Nomura Research Institute, Ltd.

    23,471  
  2,407    

NTT Data Corp.

    31,091  
  47,328    

Oji Holdings Corp.

    175,618  
  11,782    

Olympus Corp.

    226,659  
  1,207    

OMRON Corp.

    55,301  
  4,218    

Ono Pharmaceutical Co., Ltd.

    98,527  
  1,510    

Oracle Corp.

    80,038  
  673    

Oriental Land Co., Ltd.

    91,278  
  7,117    

ORIX Corp.

    99,702  
  1,068    

Otsuka Holdings Co., Ltd.

    33,818  
  14,250    

Persol Holdings Co., Ltd.

    263,603  
  10,636    

Recruit Holdings Co., Ltd.

    306,377  
  3,916    

Renesas Electronics Corp. (a)

    32,829  
  26,078    

Resona Holdings, Inc.

    95,431  
 

 

See notes to financial statements.

 

69


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Japan (Continued)

       
  9,748    

Ricoh Co., Ltd.

  $ 71,377  
  11,263    

SBI Holdings, Inc.

    202,115  
  690    

Secom Co., Ltd.

    39,343  
  4,399    

Seiko Epson Corp.

    60,066  
  1,357    

Sekisui House, Ltd.

    22,475  
  3,456    

Seven & I Holdings Co., Ltd. - Series A

    138,828  
  144    

Shimano, Inc.

    22,531  
  6,891    

Shiseido Co., Ltd.

    241,510  
  11,261    

SoftBank Corp.

    112,452  
  5,427    

SoftBank Group Corp.

    183,927  
  1,972    

Sompo Holdings, Inc.

    78,902  
  3,447    

Sony Corp.

    222,037  
  2,055    

Square Enix Holdings Co., Ltd.

    88,573  
  5,512    

Subaru Corp.

    83,299  
  54,861    

Sumitomo Chemical Co., Ltd.

    188,700  
  7,594    

Sumitomo Corp.

    93,819  
  2,081    

Sumitomo Electric Industries, Ltd.

    21,125  
  8,670    

Sumitomo Mitsui Financial Group, Inc.

    240,345  
  4,317    

Sumitomo Mitsui Trust Holdings, Inc.

    122,774  
  736    

Suntory Beverage & Food, Ltd.

    26,194  
  1,788    

Sysmex Corp.

    95,544  
  6,980    

Taisei Corp.

    193,581  
  7,503    

Takeda Pharmaceutical Co., Ltd.

    194,836  
  2,906    

The Kansai Electric Power Co., Inc.

    24,313  
  617    

TIS, Inc.

    16,381  
  7,158    

Tokio Marine Holdings, Inc.

    127,220  
  14,740    

Tokyo Electric Power Co. Holdings, Inc. (a)

    47,118  
  966    

Tokyo Electron, Ltd.

    238,018  
  1,829    

Tokyo Gas Co., Ltd.

    30,875  
  3,499    

Toppan Printing Co., Ltd.

    52,121  
  14,916    

TOSOH Corp.

    166,244  
  26,430    

Toyota Motor Corp.

    345,452  
  1,553    

Trend Micro, Inc.

    83,649  
  3,703    

USS Co., Ltd.

    57,190  
  11,512    

Welcia Holdings Co., Ltd.

    242,932  
  1,434    

Yakult Honsha Co., Ltd.

    83,265  
  1,935    

Yokogawa Electric Corp.

    30,484  
  12,374    

ZOZO, Inc.

    247,698  
           


              15,317,627  
           


       

Jersey - 0.92%

       
  3,249    

Ferguson PLC

    337,015  
  70,209    

Glencore PLC

    368,948  
  8,679    

WPP PLC (a)

    71,646  
           


              777,609  
           


       

Luxembourg - 0.23%

       
  28,581    

Aroundtown SA

    62,584  
  513    

Eurofins Scientific SE

    30,454  
  7,747    

Tenaris SA

    100,238  
           


              193,276  
           


       

Netherlands - 4.59%

       
  11,075    

ABN AMRO Group NV

    99,236  
  37,703    

Aegon NV

    149,869  
  3,757    

AerCap Holdings NV - ADR (a)

    159,034  
  1,173    

Airbus SE

    101,112  
  15,970    

ArcelorMittal

    317,775  
  193    

Argenx SE (a)

    68,684  
  1,554    

ASML Holding NV

    643,787  

Number of
Shares


       

Value


 
       

Netherlands (Continued)

       
  11,361    

CNH Industrial NV

  $ 127,155  
  876    

Ferrari NV

    162,222  
  1,556    

Heineken Holding NV

    106,521  
  16,042    

ING Groep NV

    137,454  
  1,835    

JDE Peet’s NV

    53,652  
  15,585    

Koninklijke Ahold Delhaize NV

    396,971  
  24,755    

Koninklijke KPN NV

    66,996  
  11,528    

Koninklijke Philips NV

    177,490  
  8,074    

NN Group NV

    314,028  
  2,239    

OCI NV

    81,973  
  1,449    

Qiagen NV (a)

    60,343  
  3,822    

Randstad Holding NV

    164,960  
  17,126    

Stellantis NV

    202,299  
  2,100    

STMicroelectronics NV

    65,262  
  2,507    

Wolters Kluwer NV

    244,115  
           


              3,900,938  
           


       

New Zealand - 0.27%

       
  17,699    

Fisher & Paykel Healthcare Corp., Ltd.

    183,448  
  906    

Xero, Ltd. (a)

    41,927  
           


              225,375  
           


       

Norway - 0.83%

       
  2,658    

Aker BP ASA

    76,296  
  3,964    

DNB Bank ASA

    62,901  
  7,226    

Equinor ASA

    238,304  
  8,233    

Gjensidige Forsikring ASA

    141,272  
  2,597    

Kongsberg Gruppen ASA

    78,813  
  11,488    

Norsk Hydro ASA

    61,644  
  738    

Salmar ASA

    24,875  
  2,265    

Telenor ASA

    20,730  
           


              704,835  
           


       

Portugal - 0.41%

       
  4,641    

Galp Energia SGPS SA

    44,653  
  16,283    

Jeronimo Martins SGPS SA

    303,244  
           


              347,897  
           


       

Singapore - 1.20%

       
  24,267    

Capitaland Investment, Ltd.

    58,383  
  12,175    

City Developments, Ltd.

    64,164  
  7,071    

DBS Group Holdings, Ltd.

    163,576  
  26,373    

Keppel Corp., Ltd.

    126,904  
  22,294    

Oversea-Chinese Banking Corp., Ltd.

    182,675  
  10,673    

Singapore Airlines, Ltd. (a)

    37,722  
  18,556    

Singapore Exchange, Ltd.

    121,734  
  36,296    

Singapore Telecommunications, Ltd.

    66,975  
  10,981    

United Overseas Bank, Ltd.

    198,894  
           


              1,021,027  
           


       

Spain - 2.26%

       
  605    

Acciona SA

    106,332  
  3,551    

ACS, Actividades de Construccion y Servicios SA

    79,788  
  1,501    

Amadeus IT Holdings SA (a)

    69,590  
  37,348    

Banco Bilbao Vizcaya Argentaria SA

    167,537  
  102,103    

Banco Santander SA

    237,583  
  26,053    

CaixaBank SA

    83,913  
  3,673    

Ferrovial SA

    83,372  
  13,277    

Iberdrola SA

    123,797  
  15,970    

Industria de Diseno Textil SA

    329,566  
  4,899    

Naturgy Energy Group SA

    113,331  
  3,222    

Red Electrica Corp SA

    49,443  
 

 

See notes to financial statements.

 

70


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS (Continued)

 

       

Spain (Continued)

       
  31,542    

Repsol SA

  $ 362,424  
  35,176    

Telefonica SA

    116,288  
           


              1,922,964  
           


       

Sweden - 1.38%

       
  5,639    

Atlas Copco AB - A Shares

    52,411  
  3,028    

Atlas Copco AB - B Shares

    25,099  
  1,169    

Boliden AB

    36,117  
  4,067    

EQT AB

    78,583  
  18,193    

Hennes & Mauritz AB - Series B

    168,196  
  3,256    

Investor AB

    49,894  
  692    

Investor AB

    10,097  
  10,333    

Securitas AB - Series B

    71,732  
  7,058    

Skandinaviska Enskilda Banken AB - Class A

    67,268  
  4,846    

Svenska Handelsbanken AB - Class A

    39,781  
  38,110    

Swedish Match AB

    376,974  
  3,749    

Swedish Orphan Biovitrum AB (a)

    72,457  
  2,324    

Tele2 AB - B Shares

    20,055  
  11,726    

Telefonaktiebolaget LM Ericsson - Series B (b)

    68,544  
  1,125    

Volvo AB - Class A

    16,647  
  1,533    

Volvo AB - Class B

    21,694  
           


              1,175,549  
           


       

Switzerland - 7.23%

       
  682    

Baloise Holding AG

    87,142  
  1,896    

Cie Financiere Richemont SA - Class A

    178,974  
  2,523    

Clariant AG

    40,302  
  968    

Coca-Cola HBC AG

    20,226  
  145    

EMS-Chemie Holding AG

    91,532  
  361    

Geberit AG

    154,793  
  1,093    

Kuehne & Nagel International AG

    222,570  
  2,814    

LafargeHolcim, Ltd.

    115,319  
  3,423    

Logitech International SA

    156,491  
  12,601    

Nestle SA

    1,362,890  
  10,540    

Novartis AG

    803,538  
  262    

Partners Group Holding AG

    210,854  
  444    

Roche Holding AG

    173,440  
  4,063    

Roche Holdings AG - Non-Voting Shares

    1,322,640  
  109    

SGS SA

    233,232  
  317    

Sonova Holding AG

    69,759  
  1,360    

Straumann Holding AG

    124,386  
  269    

Swiss Life Holding AG

    118,847  
  241    

The Swatch Group AG - Group I

    54,128  
  868    

The Swatch Group AG - Group N

    36,363  
  18,742    

UBS Group AG

    271,908  
  493    

VAT Group AG

    100,044  
  494    

Zurich Insurance Group AG

    196,934  
           


              6,146,312  
           


       

United Kingdom - 12.10%

       
  10,664    

3i Group PLC

    128,047  
  9,079    

Admiral Group PLC

    192,870  
  4,593    

Anglo American PLC

    137,908  
  14,051    

Associated British Foods PLC

    196,328  
  8,007    

AstraZeneca PLC

    880,201  
  47,210    

Auto Trader Group PLC

    267,730  
  21,918    

Aviva PLC - B Shares

    94,002  
  16,612    

BAE Systems PLC

    145,959  
  117,452    

Barclays PLC

    186,881  
  103,883    

BP PLC

    496,391  

Number of
Shares


       

Value


 
       

United Kingdom (Continued)

       
  12,143    

British American Tobacco PLC

  $ 435,416  
  3,707    

Bunzl PLC

    113,259  
  12,132    

Burberry Group PLC

    242,342  
  1,398    

Coca-Cola European Partners PLC - ADR (b)

    59,583  
  21,114    

Compass Group PLC

    420,429  
  7,565    

Diageo PLC

    318,436  
  3,347    

Experian PLC

    97,975  
  24,787    

GSK PLC

    357,990  
  9,197    

Haleon PLC (a)

    28,676  
  23,884    

Hargreaves Lansdown PLC

    228,737  
  3,978    

Hikma Pharmaceuticals PLC

    59,960  
  64,306    

HSBC Holdings PLC

    332,966  
  8,119    

Imperial Brands PLC

    166,949  
  9,111    

Informa PLC

    52,077  
  1,813    

InterContinental Hotels Group PLC

    87,317  
  114,711    

J. Sainsbury PLC

    222,146  
  197,896    

JD Sports Fashion PLC

    218,017  
  57,456    

Kingfisher PLC

    139,860  
  43,323    

Legal & General Group PLC

    103,411  
  381,505    

Lloyds Banking Group PLC

    172,435  
  14,299    

M&G PLC

    26,340  
  21,069    

Melrose Industries PLC

    23,559  
  13,575    

National Grid PLC

    139,742  
  43,379    

NatWest Group PLC

    108,044  
  3,281    

Next PLC

    174,141  
  12,649    

Phoenix Group Holdings PLC

    73,666  
  1,587    

Reckitt Benckiser Group PLC

    105,188  
  10,464    

RELX PLC

    255,695  
  6,715    

Rio Tinto PLC

    363,319  
  40,038    

Shell PLC

    993,255  
  2,508    

Smith & Nephew PLC

    28,949  
  3,152    

Smiths Group PLC

    52,503  
  3,772    

SSE PLC

    63,694  
  14,777    

St. James’s Place PLC

    168,283  
  21,287    

Standard Chartered PLC

    133,140  
  82,168    

Standard Life Aberdeen PLC

    125,693  
  69,419    

Tesco PLC

    159,321  
  25,756    

The Sage Group PLC

    198,490  
  3,521    

Unilever PLC

    154,712  
  1,949    

United Utilities Group PLC

    19,245  
  295,406    

Vodafone Group PLC

    330,617  
           


              10,281,894  
           


       

Total Common Stocks
(Cost $77,112,693)

    80,116,712  
           


       

INVESTMENT COMPANIES - 3.97%

 

       

Canada - 0.33%

 

  9,319    

iShares MSCI Canada ETF (b)

    286,652  
           


       

Japan - 3.64%

 

  55,182    

iShares MSCI EAFE ETF (b)

    3,090,744  
           


       

Total Investment Companies
(Cost $3,871,995)

    3,377,396  
           


       

PREFERRED STOCKS - 0.43%

 

       

Germany - 0.43%

 

  3,083    

Bayerische Motoren Werke AG - Preference Shares

    200,204  
  1,358    

Volkswagen AG - Preference Shares

    165,936  
           


       

Total Preferred Stocks
(Cost $445,146)

    366,140  
           


 

 

See notes to financial statements.

 

71


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

REAL ESTATE INVESTMENT TRUSTS - 0.18%

 

       

Australia - 0.03%

 

  12,051    

Scentre Group, Ltd.

  $ 19,690  
           


       

Canada - 0.01%

       
  810    

RioCan Real Estate Investment Trust

    10,919  
           


       

France - 0.06%

       
  2,969    

Klepierre

    51,617  
           


       

Singapore - 0.03%

       
  18,390    

CapitaLand Mall Trust

    24,462  
           


       

United Kingdom - 0.05%

       
  7,533    

Land Securities Group PLC

    43,527  
           


       

Total Real Estate Investment Trusts
(Cost $181,007)

    150,215  
           


       

SHORT TERM INVESTMENTS - 0.23%

 

       

Money Market Funds - 0.23%

 

  192,186    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (c)

    192,186  
           


       

Total Short Term Investments
(Cost $192,186)

    192,186  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.86%

 

  4,133,164    

Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 3.18% (c)

    4,133,164  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $4,133,164)

    4,133,164  
           


       

Total Investments
(Cost $85,936,191) - 103.96%

    88,335,813  
       

Liabilities in Excess of
Other Assets - (3.96)%

    (3,368,150
           


       

TOTAL NET ASSETS - 100.00%

  $ 84,967,663  
           


Percentages are stated as a percent of net assets.

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Seven-day yield as of September 30, 2022.
(d)   This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security totals $145,802, which represents 0.17% of total net assets.

Glossary of Terms

ADR   -   American Depositary Receipt
 

 

See notes to financial statements.

 

72


GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2022


 

COMMON STOCKS

        

Aerospace & Defense

     1.02%  

Air Freight & Logistics

     0.66%  

Airlines

     0.33%  

Auto Components

     0.21%  

Automobiles

     2.54%  

Banks

     8.83%  

Beverages

     1.20%  

Biotechnology

     0.35%  

Building Products

     0.80%  

Capital Markets

     2.47%  

Chemicals

     1.43%  

Commercial Services & Supplies

     0.44%  

Communications Equipment

     0.17%  

Construction & Engineering

     1.50%  

Construction Materials

     0.38%  

Distributors

     0.13%  

Diversified Consumer Services

     0.18%  

Diversified Financial Services

     1.25%  

Diversified Telecommunication Services

     2.46%  

Electric Utilities

     1.30%  

Electrical Equipment

     0.23%  

Electronic Equipment, Instruments & Components

     0.46%  

Energy Equipment & Services

     0.12%  

Entertainment

     0.39%  

Food & Staples Retailing

     4.50%  

Food Products

     2.75%  

Gas Utilities

     0.34%  

Health Care Equipment & Supplies

     1.98%  

Health Care Providers & Services

     0.55%  

Health Care Technology

     0.01%  

Hotels, Restaurants & Leisure

     1.54%  

Household Durables

     0.69%  

Household Products

     0.19%  

Independent Power and Renewable Electricity Producers

     0.02%  

Industrial Conglomerates

     1.13%  

Insurance

     5.60%  

Interactive Media & Services

     0.64%  

Internet & Direct Marketing Retail

     0.51%  

IT Services

     0.62%  

Leisure Equipment & Products

     0.03%  

Leisure Products

     0.29%  

Life Sciences Tools & Services

     0.20%  

Machinery

     1.32%  

Marine

     1.84%  

Media

     0.58%  

Metals & Mining

     3.96%  

Multiline Retail

     0.80%  
          

Multi-Utilities

     0.50%  

Oil, Gas & Consumable Fuels

     7.44%  

Paper & Forest Products

     0.87%  

Personal Products

     1.25%  

Pharmaceuticals

     9.09%  

Professional Services

     1.73%  

Real Estate Management & Development

     0.79%  

Road & Rail

     0.39%  

Semiconductors & Semiconductor Equipment

     1.38%  

Software

     1.59%  

Specialty Retail

     1.26%  

Technology Hardware, Storage & Peripherals

     0.69%  

Textiles, Apparel & Luxury Goods

     3.14%  

Tobacco

     1.26%  

Trading Companies & Distributors

     2.74%  

Transportation Infrastructure

     0.45%  

Water Utilities

     0.02%  

Wireless Telecommunication Services

     0.76%  
    


TOTAL COMMON STOCKS

     94.29%  
    


INVESTMENT COMPANIES

        

International Equity Funds

     3.97%  
    


TOTAL INVESTMENT COMPANIES

     3.97%  
    


PREFERRED STOCKS

        

Automobiles

     0.43%  
    


TOTAL PREFERRED STOCKS

     0.43%  
    


REAL ESTATE INVESTMENT TRUSTS

        

Real Estate Investment Trusts

     0.18%  
    


TOTAL REAL ESTATE INVESTMENT TRUSTS

     0.18%  
    


SHORT TERM INVESTMENTS

        

Money Market Funds

     0.23%  
    


TOTAL SHORT TERM INVESTMENTS

     0.23%  
    


INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

        

Private Investment Funds

     4.86%  
    


TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL

     4.86%  
    


TOTAL INVESTMENTS

     103.96%  

Liabilities in Excess of Other Assets

     (3.96)%  
    


TOTAL NET ASSETS

     100.00%  
    


Percentages are stated as a percent of net assets.

 

 

See notes to financial statements.

 

73


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

ASSET BACKED SECURITIES - 6.94%

 

       

Affirm Asset Securitization Trust

       
  15,510    

Series 2020-Z1A, 3.460%, 10/15/2024 (c)(h)

  $ 15,393  
  48,543    

Series 2020-Z2A, 1.900%, 01/15/2025 (c)(h)

    47,462  
  25,000    

American Credit Acceptance Receivables Trust
Series 2022-3, 4.550%, 10/13/2026 (c)

    24,660  
  150,000    

AmeriCredit Automobile Receivables Trust
Series 2019-3D, 2.580%, 09/18/2025

    145,546  
  105,000    

Amur Equipment Finance Receivables XI LLC
Series 2022-2 A-2, 5.300%, 06/21/2028 (c)(e)(m)

    104,626  
  160,000    

Avant Loans Funding Trust
Series 2021-REV1 A, 1.210%, 07/15/2030 (c)(h)

    150,343  
  450,000    

Bain Capital Credit CLO, Ltd.
Series 2017-2A AR2, 3.963% (3 Month LIBOR USD + 1.180%, 1.180% Floor), 07/25/2034 (a)(c)

    429,897  
  61,492    

BHG Securitization Trust
Series 2021-B A, 0.900%, 10/17/2034 (c)(h)

    58,371  
       

BlueMountain CLO, Ltd.

       
  565,000    

Series 2021-31A A1, 3.888% (3 Month LIBOR USD + 1.150%, 1.150% Floor), 04/19/2034 (a)(c)

    543,381  
  260,000    

Series 2019-24A AR, 3.810% (3 Month LIBOR USD + 1.100%, 1.100% Floor), 04/20/2034 (a)(c)

    249,516  
  380,000    

Buckhorn Park CLO, Ltd.
Series 2019-1R A-R, 3.860% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 07/18/2034 (a)(c)

    364,602  
  380,000    

Carvana Auto Receivables Trust
Series 2022-P2, 4.130%, 04/10/2027

    375,486  
  90,145    

CF Hippolyta Issuer LLC
Series 2020-1A2, 1.990%, 07/15/2060 (c)

    75,315  
       

Domino’s Pizza Master Issuer LLC

       
  182,875    

Series 2018-1, 4.116%, 07/25/2048 (c)(h)

    173,139  
  73,125    

Series 2019-1, 3.668%, 10/25/2049 (c)(h)

    63,564  
  187,625    

Series 2021-1A A2I, 2.662%, 04/25/2051 (c)

    155,714  
  135,000    

Drive Auto Receivables Trust
Series 2019-4, 2.700%, 02/16/2027

    132,983  
       

Exeter Automobile Receivables Trust

       
  295,620    

Series 2019-4, 2.580%, 09/15/2025 (c)

    291,768  
  90,000    

Series 2020-1, 2.730%, 12/15/2025 (c)

    88,633  
  120,000    

Series 2022-4, 4.570%, 01/15/2027 (c)

    117,816  
  204,000    

Flagship Credit Auto Trust
Series 2022-3, 4.690%, 07/17/2028 (c)

    198,463  
  609,537    

Galaxy XXIII CLO, Ltd.
Series 2017-23A AR, 3.653% (3 Month LIBOR USD + 0.870%, 0.870% Floor), 04/24/2029 (a)(c)

    599,774  
  40,000    

GLS Auto Receivables Issuer Trust
Series 2022-3, 4.920%, 01/15/2027 (c)

    39,511  
  300,000    

GTP Acquisition Partners I LLC
Series 2015-2, 3.482%, 06/15/2050 (c)

    283,542  
  605,000    

Harriman Park CLO, Ltd.
Series 2020-1A A1R, 3.830% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 04/20/2034 (a)(c)

    581,879  
  91,717    

LCM XX LP
Series 2015-20R, 3.750% (3 Month LIBOR USD + 1.040%, 0.000% Floor), 10/20/2027 (a)(c)

    91,010  

Principal
Amount


       

Value


 
       

ASSET BACKED SECURITIES (Continued)

 

  465,000    

Madison Park Funding, Ltd.
Series 2021-38A A, 3.860% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 07/17/2034 (a)(c)

  $ 445,108  
  336,815    

Madison Park Funding XLI, Ltd.
Series 2015-12R, 3.589% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (a)(c)

    331,914  
  120,000    

Mercury Financial Credit Card Master Trust
Series 2021-1A, 1.540%, 03/20/2026 (c)

    114,075  
  127,445    

Navient Private Education Refi Loan Trust
Series 2021-E A, 0.970%, 12/16/2069 (c)

    106,982  
  465,000    

Neuberger Berman CLO XX, Ltd.
Series 2015-20RR A-RR, 3.672% (3 Month LIBOR USD + 1.160%, 1.160% Floor), 07/17/2034 (a)(c)

    445,228  
  191,737    

OZLM VII, Ltd.
Series 2014-7R, 3.750% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c)

    189,144  
  30    

OZLM XII, Ltd.
Series 2015-12R, 3.832% (3 Month LIBOR USD + 1.050%, 1.050% Floor), 04/30/2027 (a)(c)(h)

    30  
  420,000    

Regatta VI Funding, Ltd.
Series 2016-1A AR2, 3.870% (3 Month LIBOR USD + 1.160%, 1.160% Floor), 04/20/2034 (a)

    398,018  
       

RR, Ltd.

       
  480,000    

Series 2017-1A A1AB, 3.662% (3 Month LIBOR USD + 1.150%, 1.150% Floor), 07/16/2035 (a)(c)

    461,339  
  330,000    

Series 2021-16A A1, 3.622% (3 Month LIBOR USD + 1.110%, 1.150% Floor), 07/15/2036 (a)(c)

    316,579  
       

Santander Drive Auto Receivables Trust

       
  149,889    

Series 2019-3, 2.680%, 10/15/2025

    149,071  
  95,000    

Series 2022-5, 4.430%, 03/15/2027

    93,035  
  65,000    

Series 2022-6, 4.720%, 06/15/2027

    64,112  
  305,000    

Series 2022-4, 4.420%, 11/15/2027

    297,275  
       

Sound Point CLO, Ltd.

       
  301,196    

Series 2018-3, 3.462% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (a)(c)

    296,744  
  410,000    

Series 2021-1A A, 3.853% (3 Month LIBOR USD + 1.070%, 1.070% Floor), 04/25/2034 (a)(c)

    393,453  
  100,000    

Summit Issuer LLC
Series 2020-1, 2.290%, 12/20/2050 (c)

    87,980  
  405,000    

THL Credit Wind River CLO, Ltd.
Series 2020-1A, 4.140% (3 Month LIBOR USD + 1.430%, 1.430% Floor), 10/20/2033 (a)(c)

    391,637  
  140,785    

TICP CLO, Ltd.
Series 2018-3, 3.550% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (a)(c)

    139,519  
       

Upstart Securitization Trust

       
  58,721    

Series 2021-3, 0.830%, 07/20/2031 (c)

    56,864  
  139,047    

Series 2021-4, 0.840%, 09/20/2031 (c)

    133,392  
       

Venture CLO, Ltd.

       
  410,000    

Series 2021-42A A1A, 3.642% (3 Month LIBOR USD + 1.130%, 1.130% Floor), 04/17/2034 (a)(c)

    391,408  
  180,000    

Series 2021-43A A1, 3.752% (3 Month LIBOR USD + 1.240%, 1.240% Floor), 04/17/2034 (a)(c)

    172,547  
 

 

See notes to financial statements.

 

74


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

ASSET BACKED SECURITIES (Continued)

 

  332,456    

Voya CLO, Ltd.
Series 2015-1, 3.640% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (a)(c)

  $ 327,667  
  370,000    

Wellfleet CLO X, Ltd.
Series 2019-XA A1R, 3.880% (3 Month LIBOR USD + 1.170%, 0.000% Floor),
07/20/2032 (a)(c)

    356,777  
       

Wendy’s Funding LLC

       
  76,200    

Series 2018-1, 3.884%, 03/15/2048 (c)(h)

    68,271  
  241,938    

Series 2021-1A A2I, 2.370%, 06/15/2051 (c)(h)

    194,029  
       

Westlake Automobile Receivables Trust

       
  220,000    

Series 2019-3, 2.720%, 11/15/2024 (c)

    218,687  
  225,000    

Series 2022-2, 4.310%, 09/15/2027 (c)

    219,789  
  99,250    

Wingstop Funding LLC
Series 2020-1, 2.841%, 12/05/2050 (c)(h)

    85,069  
           


       

Total Asset Backed Securities
(Cost $12,886,706)

    12,348,137  
           


       

COLLATERALIZED MORTGAGE OBLIGATIONS - 15.82%

 

  293,799    

510 Asset Backed Trust
Series 2021-NPL2 A-1, 2.116%,
06/25/2061 (c)(l)

    273,664  
  99,248    

Ajax Mortgage Loan Trust
Series 2021-C A, 2.115%, 01/25/2061 (c)(l)

    91,955  
       

Angel Oak Mortgage Trust

       
  2,971    

Series 2018-3, 3.649%, 09/25/2048 (b)(c)

    2,956  
  372    

Series 2019-2, 3.628%, 03/25/2049 (b)(c)

    371  
  14,222    

Series 2019-4, 2.993%, 07/25/2049 (b)(c)

    14,138  
  99,250    

Series 2020-R1, 0.990%, 04/25/2053 (b)(c)

    93,721  
  167,173    

Series 2021-4 A1, 1.035%, 01/20/2065 (b)(c)

    135,960  
  32,415    

Series 2020-6 TR, 1.261%, 05/25/2065 (b)(c)

    28,305  
  112,288    

Series 2021-1, 0.909%, 01/25/2066 (b)(c)

    96,408  
  106,034    

Series 2021-2 A1, 0.985%, 04/25/2066 (b)(c)

    90,541  
  211,218    

Series 2021-3 A1, 1.068%, 05/25/2066 (b)(c)

    180,605  
  270,909    

Series 2021-5 A1, 0.951%, 07/25/2066 (b)(c)

    225,198  
  194,378    

Series 2021-8, 1.820%, 11/25/2066 (b)(c)

    166,922  
  457,457    

Series 2022-1, 2.881%, 12/25/2066 (c)(l)

    397,564  
  100,000    

Arbor Realty Commercial Real Estate Notes 2021-FL2, Ltd.
Series 2021-FL2 A, 3.918% (1 Month LIBOR USD + 1.100%, 1.100% Floor),
05/15/2036 (a)(c)

    98,320  
       

Arroyo Mortgage Trust

       
  68,687    

Series 2019-3, 2.962%, 10/25/2048 (b)(c)

    63,797  
  75,355    

Series 2019-2, 3.347%, 04/25/2049 (b)(c)

    70,879  
       

BANK

       
  2,137,994    

Series 2019-BNK23, 0.810%, 12/17/2052 (b)(k)

    81,699  
  984,845    

Series 2019-BNK18, 1.039%, 05/17/2062 (b)(k)

    43,762  
  1,162,260    

Series 2019-BNK20, 0.938%, 09/15/2062 (b)(k)

    49,790  
  1,310,914    

Series 2019-BNK22, 0.711%, 11/17/2062 (b)(k)

    43,360  
  987,032    

Series 2019-BNK24, 0.760%, 11/17/2062 (b)(k)

    35,672  
  985,573    

Series 2020-BNK26, 1.343%, 03/16/2063 (b)(k)

    62,748  
  1,551,760    

Series 2020-BNK28, 1.896%, 03/16/2063 (b)(k)

    156,647  
  31,698    

Bayview Koitere Fund Trust
Series 2017-RT4, 3.500%, 07/28/2057 (b)(c)

    30,491  
  29,277    

Bayview Opportunity Master Fund IVb Trust
Series 2017-RT6, 3.500%, 10/28/2057 (b)(c)

    28,437  
       

BBCMS Mortgage Trust

       
  132,000    

Series 2017-DELC, 3.793% (1 Month LIBOR USD + 0.975%, 0.850% Floor),
08/15/2036 (a)(c)

    129,142  
  100,000    

Series 2022-C16, 4.600%, 06/17/2055 (b)

    95,651  

Principal
Amount


       

Value


 
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

       

Benchmark Mortgage Trust

       
  309,455    

Series 2019-B11, 3.410%, 05/17/2052

  $ 299,305  
  971,742    

Series 2019-B12, 1.170%, 08/16/2052 (b)(k)

    42,246  
  393,612    

Series 2020-B18, 1.915%, 07/17/2053 (b)(k)

    32,182  
  751,304    

Series 2020-B22, 1.631%, 01/15/2054 (b)(k)

    67,559  
  1,493,084    

Series 2019-B10, 1.385%, 03/17/2062 (b)(k)

    80,620  
  129,167    

BINOM Securitization Trust
Series 2021-INV1, 2.034%, 06/25/2056 (b)(c)

    112,657  
       

BRAVO Residential Funding Trust

       
  80,883    

Series 2021-NQM1 A1, 0.941%, 02/25/2049 (b)(c)

    74,679  
  76,285    

Series 2021-NQM2 A1, 0.970%, 03/25/2060 (b)(c)

    72,485  
  313,722    

Series 2021-C A1, 1.620%, 03/01/2061 (c)(l)

    287,506  
  260,622    

BX Commercial Mortgage Trust 2019-XL
Series 2019-XL, 3.738% (1 Month LIBOR USD + 0.920%, 0.920% Floor), 10/15/2036 (a)(c)

    256,898  
  100,000    

CAMB Commercial Mortgage Trust
Series 2019-LIFE, 4.268% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c)

    96,716  
  145,000    

Century Plaza Towers
Series 2019-CPT, 2.865%, 11/16/2039 (c)

    118,530  
  7,305    

Chase Mortgage Finance Trust
Series 2007-A1, 2.448%, 02/25/2037 (b)

    7,137  
  3,191    

CIM Trust
Series 2017-7, 3.000%, 04/25/2057 (b)(c)

    3,184  
       

Citigroup Commercial Mortgage Trust

       
  376,000    

Series 2014-GC19, 4.023%, 03/12/2047

    369,859  
  296,312    

Series 2016-P3, 3.329%, 04/16/2049

    277,807  
  505,000    

Series 2016-P4, 2.902%, 07/12/2049

    463,795  
       

Citigroup Mortgage Loan Trust, Inc.

       
  106,928    

Series 2018-RP2, 3.428%, 02/25/2058 (b)(c)

    102,954  
  45,380    

Series 2018-RP1, 3.000%, 09/25/2064 (b)(c)

    44,165  
  103,062    

Series 2019-E, 3.228%, 11/25/2070 (c)(l)

    99,841  
       

COLT Mortgage Loan Trust

       
  318,698    

Series 2020-RPL1, 1.390%, 01/25/2065 (b)(c)

    276,020  
  73,451    

Series 2020-2R, 1.325%, 10/26/2065 (b)(c)

    66,987  
  166,699    

Series 2021-1 A1, 0.910%, 06/25/2066 (b)(c)

    138,414  
  303,267    

Series 2021-3 A1, 0.956%, 09/27/2066 (b)(c)

    243,936  
  389,375    

Series 2021-HX1 A1, 1.110%, 10/25/2066 (b)(c)

    322,114  
  462,656    

Series 2022-1, 2.284%, 12/27/2066 (b)(c)

    404,944  
  94,767    

Series 2022-4 A-1, 4.301%, 03/25/2067 (b)(c)

    90,369  
       

COMM Mortgage Trust

       
  120,000    

Series 2013-300P, 4.353%, 08/12/2030 (c)

    118,251  
  100,000    

Series A, 2.819%, 01/10/2039 (c)

    87,239  
  100,000    

Series C, 3.376%, 01/10/2039 (c)

    85,547  
  58,099    

Connecticut Avenue Securities Trust
Series 2022-R08 1M-1, 4.855% (SOFR30A + 2.550%, 2.550% Floor), 07/25/2042 (a)(c)

    57,853  
       

Countrywide Home Loans, Inc.

       
  4,928    

Series 2004-HYB6, 3.303%, 11/20/2034 (b)

    4,702  
  57,211    

Series 2005-11, 3.684% (1 Month LIBOR USD + 0.600%, 0.600% Floor, 10.500% Cap), 03/25/2035 (a)

    41,165  
  259,012    

CSAIL Commercial Mortgage Trust
Series 2016-C6, 2.960%, 01/15/2049

    249,862  
       

CSMC Trust

       
  97,883    

Series 2020-NET, 2.257%, 08/17/2037 (c)

    88,704  
  25,444    

Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c)

    22,800  
 

 

See notes to financial statements.

 

75


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

  218,572    

Series 2020-RPL4, 2.000%, 01/25/2060 (b)(c)

  $ 195,657  
  109,855    

Series 2021-RPL4 A1, 1.796%, 12/27/2060 (b)(c)

    102,732  
  120,336    

Series 2020-NQM1, 1.208%, 05/25/2065 (c)(l)

    110,578  
  200,997    

Series 2021-NQM2, 1.179%, 02/25/2066 (b)(c)

    175,299  
  154,822    

Series 2021-NQM5 A1, 0.938%, 05/25/2066 (b)(c)

    120,699  
  388,294    

Series 2021-NQM6 A1, 1.174%, 07/25/2066 (b)(c)

    312,239  
  196,413    

Series 2021-NQM8, 1.841%, 10/25/2066 (b)(c)

    165,395  
  486,645    

Series 2022-NQM1, 2.265%, 11/25/2066 (b)(c)

    419,372  
       

DBGS Mortgage Trust

       
  215,000    

Series 2018-C1, 4.466%, 10/17/2051

    205,446  
  11,827,352    

Series 2018-C1, 0.321%, 10/17/2051 (b)(k)

    103,121  
       

DBJPM Mortgage Trust

       
  255,797    

Series 2016-C1, 3.038%, 05/12/2049

    246,238  
  475,000    

Series 2016-C3, 2.890%, 08/12/2049

    433,624  
  309,862    

Series 2020-C9, 1.827%, 08/15/2053 (b)(k)

    22,597  
  71,477    

Deephaven Residential Mortgage Trust
Series 2021-2 A1, 0.899%, 04/25/2066 (b)(c)

    60,728  
       

Ellington Financial Mortgage Trust

       
  72,815    

Series 2021-2 A1, 0.931%, 06/25/2066 (b)(c)

    60,992  
  228,179    

Series 2022-1, 2.206%, 01/25/2067 (b)(c)

    193,270  
       

FirstKey Homes Trust

       
  114,697    

Series 2022-SFR1, 4.145%, 05/19/2039 (c)

    110,447  
  484,268    

Series 2022-SFR2, 4.250%, 07/19/2039 (c)

    456,798  
       

GCAT Trust

       
  131,310    

Series 2021-NQM1, 0.874%, 01/25/2066 (b)(c)

    113,130  
  146,353    

Series 2021-NQM2 A1, 1.036%, 05/25/2066 (b)(c)

    124,440  
  193,486    

Series 2021-NQM3 A1, 1.091%, 05/25/2066 (b)(c)

    161,614  
  261,593    

Series 2021-NQM4, 1.093%, 08/25/2066 (b)(c)

    213,124  
  153,697    

Series 2021-NQM7, 1.915%, 08/25/2066 (b)(c)

    137,562  
       

GS Mortgage Securities Trust

       
  145,000    

Series 2012-BWTR, 2.954%, 11/07/2034 (c)

    137,887  
  35,000    

Series 2022-SHIP, 3.576% (TSFR1M + 0.731%, 0.731% Floor), 08/15/2036 (a)(c)

    34,440  
  35,000    

Series 2015-GC34, 3.506%, 10/13/2048

    33,133  
  1,444,050    

Series 2020-GC45, 0.785%, 02/14/2053 (b)(k)

    49,403  
  220,000    

Hawaii Hotel Trust 2019-MAUI
Series 2019-MAUI, 3.968% (1 Month LIBOR USD + 1.150%, 1.150% Floor), 05/17/2038 (a)(c)

    214,690  
       

Imperial Fund Mortgage Trust

       
  149,483    

Series 2021-NQM2 A-1, 1.073%,
09/25/2056 (b)(c)

    118,149  
  482,794    

Series 2022-NQM2, 3.638%, 03/25/2067 (c)(l)

    439,452  
  90,000    

JPMBB Commercial Mortgage Securities Trust
Series 2020-NNN, 2.812%, 01/16/2037 (c)

    81,856  
       

Legacy Mortgage Asset Trust

       
  82,780    

Series 2021-GS4 A1, 1.650%, 11/25/2060 (c)(l)

    76,086  
  143,002    

Series 2021-GS3 A1, 1.750%, 07/25/2061 (c)(l)

    130,973  
  260,000    

MF1, Ltd.
Series 2022-FL8, 4.034% (SOFR30A + 1.750%, 1.750% Floor), 02/20/2037 (a)(c)(h)

    251,943  

Principal
Amount


       

Value


 
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

       

MFRA Trust

       
  114,882    

Series 2021-NQM2, 1.029%, 11/25/2064 (b)(c)

  $ 93,768  
  27,681    

Series 2020-NQM3 A1, 1.014%, 01/26/2065 (b)

    25,458  
  95,651    

Series 2021-NQM1 A-1, 1.153%, 04/25/2065 (b)(c)

    88,477  
       

Mill City Mortgage Loan Trust

       
  52,677    

Series 2018-2, 3.500%, 05/25/2058 (b)(c)

    51,862  
  206,641    

Series 2019-GS1, 2.750%, 07/25/2059 (b)(c)

    198,624  
  59,285    

Series 2017-3, 2.750%, 01/25/2061 (b)(c)

    58,416  
  55,431    

Series 2018-1, 3.250%, 05/25/2062 (b)(c)

    53,777  
  131,684    

Series 2019-1, 3.250%, 10/25/2069 (b)(c)

    124,938  
  83,763    

Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 4.104% (1 Month LIBOR USD + 1.020%, 1.020% Floor), 10/25/2033 (a)

    81,743  
  175,000    

Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29, 3.325%, 05/17/2049

    163,598  
       

New Residential Mortgage Loan Trust

       
  36,852    

Series 2016-2, 3.750%, 11/25/2035 (b)(c)

    34,590  
  87,217    

Series 2018-4, 3.194% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)(c)

    84,672  
  32,716    

Series 2016-4, 3.750%, 11/25/2056 (b)(c)

    30,494  
  313,934    

Series 2021-NQM3 A1, 1.156%, 11/27/2056 (b)(c)

    269,807  
  51,930    

Series 2017-1, 4.000%, 02/25/2057 (b)(c)

    49,695  
  46,957    

Series 2017-2, 4.000%, 03/25/2057 (b)(c)

    44,793  
  26,264    

Series 2017-3, 4.000%, 04/25/2057 (b)(c)

    25,044  
  24,432    

Series 2017-4, 4.000%, 05/25/2057 (b)(c)

    23,131  
  23,559    

Series 2017-5, 4.584% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c)

    23,276  
  41,084    

Series 2017-6, 4.000%, 08/25/2057 (b)(c)

    38,988  
  89,940    

Series 2018-1, 4.000%, 12/25/2057 (b)(c)

    85,883  
  74,449    

Series 2018-2, 4.500%, 02/25/2058 (b)(c)

    71,420  
  189,278    

Series 2018-3, 4.500%, 05/25/2058 (b)(c)

    183,027  
  79,530    

Series 2021-NQM2R A-1, 0.941%, 10/25/2058 (b)(c)

    74,789  
  135,072    

Series 2019-3, 3.750%, 11/25/2058 (b)(c)

    127,483  
  98,383    

Series 2019-5, 3.500%, 08/25/2059 (b)(c)

    93,813  
  26,410    

Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c)

    24,325  
  448,257    

Series 2022-NQM1, 2.277%, 04/25/2061 (b)(c)

    377,323  
  314,329    

NMLT Trust
Series 2021-INV1 A1, 1.185%, 05/25/2056 (b)(c)

    268,374  
       

OBX Trust

       
  187,699    

Series 2021-NQM3 A1, 1.054%, 07/25/2061 (b)(c)

    150,741  
  403,770    

Series 2022-NQM1, 2.305%, 11/25/2061 (b)(c)

    348,739  
  178,548    

Series 2021-NQM1, 1.072%, 02/25/2066 (b)(c)

    156,051  
       

Pretium Mortgage Credit Partners LLC

       
  153,272    

Series 2021-NPL3 A1, 1.868%, 07/25/2051 (c)(l)

    137,165  
  151,672    

Series 2021-RN2 A1, 1.744%, 07/25/2051 (c)(l)

    139,671  
  185,935    

Series 2021-NPL2 A-1, 1.992%, 06/29/2060 (c)(l)

    173,867  
  308,196    

Series 2021-RN1 A1, 1.992%, 02/25/2061 (c)(l)

    289,254  
       

Progress Residential Trust

       
  373,715    

Series 2021-SFR3, 1.637%, 05/17/2026 (c)

    327,174  
  399,646    

Series 2021-SFR1, 1.052%, 04/17/2038 (c)

    345,154  
  329,695    

Series 2021-SFR8, 1.510%, 10/19/2038 (c)

    283,068  
 

 

See notes to financial statements.

 

76


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

  110,000    

Series 2022-SFR3, 3.200%, 04/19/2039 (c)

  $ 102,869  
  99,735    

Series 2022-SFR5, 4.451%, 06/17/2039 (c)

    95,257  
  145,000    

Series 2022-SFR7, 4.750%, 10/19/2039 (c)(e)(m)

    142,607  
  300,000    

Series 2022-SFR4, 4.438%, 05/17/2041 (c)

    282,424  
       

PRPM Trust

       
  57,361    

Series 2020-6, 2.363%, 11/25/2025 (c)(l)

    54,809  
  154,521    

Series 2021-3 A1, 1.867%, 04/25/2026 (c)(l)

    141,470  
  199,790    

Series 2021-4 A1, 1.867%, 04/25/2026 (c)(l)

    184,053  
  193,835    

Series 2021-5 A1, 1.793%, 06/25/2026 (c)(l)

    175,359  
  184,843    

Series 2021-6 A1, 1.793%, 07/25/2026 (c)(l)

    170,997  
  295,903    

Series 2021-7 A1, 1.867%, 08/25/2026 (c)(l)

    272,714  
  379,914    

Series 2021-9, 2.363%, 10/25/2026 (c)(l)

    352,697  
       

SBA Tower Trust

       
  155,000    

Series 2019-1, 2.836%, 01/15/2025 (c)

    145,183  
  125,000    

Series 2018-1, 3.448%, 03/15/2048 (c)

    123,888  
  66,223    

Seasoned Credit Risk Transfer Trust Series
Series 2019-3, 3.500%, 10/25/2058

    61,247  
       

SG Commercial Mortgage Securities Trust

       
  355,000    

Series 2020-COVE, 2.632%, 04/17/2037 (c)

    326,280  
  75,000    

Series 2016-C5, 3.055%, 10/13/2048

    68,549  
  256,496    

SG Residential Mortgage Trust
Series 2021-1 A-1, 1.160%, 07/25/2061 (b)(c)

    210,498  
       

Starwood Mortgage Residential Trust

       
  23,089    

Series 2020-3, 1.486%, 04/25/2065 (b)(c)

    22,280  
  152,184    

Series 2021-1, 1.219%, 05/25/2065 (b)(c)

    142,054  
  62,902    

Series 2021-2 A1, 0.943%, 05/25/2065 (b)(c)

    58,859  
  299,876    

Series 2021-6, 1.920%, 11/25/2066 (b)(c)

    247,302  
  415,000    

Thompson Park CLO, Ltd.
Series 2021-1A A1, 3.512% (3 Month LIBOR USD + 1.000%, 1.000% Floor), 04/17/2034 (a)(c)

    397,852  
  230,000    

Toorak Mortgage Corp.
Series 2021-1 A1, 2.240%, 06/25/2024 (c)(l)

    219,231  
       

Towd Point Mortgage Trust

       
  170,496    

Series 2022-EBO1, 2.161%, 01/25/2052 (b)(c)

    167,511  
  75,237    

Series 2017-1, 2.750%, 10/25/2056 (b)(c)

    74,210  
  68,166    

Series 2017-5, 3.684% (1 Month LIBOR USD + 0.600%, 0.600% Floor), 02/26/2057 (a)(c)

    67,448  
  36,923    

Series 2017-2, 2.750%, 04/25/2057 (b)(c)

    36,617  
  13,553    

Series 2017-3, 2.750%, 06/25/2057 (b)(c)

    13,327  
  108,444    

Series 2017-4, 2.750%, 06/25/2057 (b)(c)

    104,369  
  165,004    

Series 2017-6, 2.750%, 10/25/2057 (b)(c)

    158,697  
  30,308    

Series 2018-1, 3.000%, 01/28/2058 (b)(c)

    29,474  
  98,784    

Series 2018-2, 3.250%, 03/25/2058 (b)(c)

    95,947  
  225,311    

Series 2019-1, 3.692%, 03/25/2058 (b)(c)

    213,094  
  89,230    

Series 2018-3, 3.750%, 05/25/2058 (b)(c)

    85,779  
  152,926    

Series 2020-4, 1.750%, 10/25/2060 (c)

    136,974  
  434,035    

Series 2021-R1 A1, 2.918%, 11/25/2060 (b)

    384,914  
  114,692    

Triangle Re 2021-3, Ltd.
Series 2021-3, 4.181% (SOFR30A + 1.900%, 1.900% Floor), 02/25/2034 (a)(c)

    113,860  
  505,000    

Tricon Residential Trust
Series 2022-SFR1, 3.856%, 04/17/2039 (c)

    467,044  
       

VCAT Asset Securitization LLC

       
  60,318    

Series 2021-NPL2 A1, 2.115%, 03/27/2051 (c)(l)

    57,239  
  178,098    

Series 2021-NPL3 A1, 1.743%, 05/25/2051 (c)(l)

    164,149  

Principal
Amount


       

Value


 
       

COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)

 

  261,183    

Series 2021-NPL4 A1, 1.868%, 08/25/2051 (c)(l)

  $ 241,266  
  326,438    

Series 2021-NPL5, 1.868%, 08/25/2051 (c)(l)

    298,851  
  409,687    

Series 2021-NPL6, 1.917%, 09/25/2051 (c)(l)

    382,863  
       

Vericrest Opportunity Loan Transferee

       
  237,856    

Series 2021-R2 A1, 2.116%, 04/25/2051 (c)(l)

    221,158  
  99,680    

Series 2021-NPL9, 1.992%, 05/25/2051 (c)(l)

    91,319  
  217,976    

Series 2021-CF1 A1, 1.992%, 08/25/2051 (c)(l)

    205,171  
       

Verus Securitization Trust

       
  946    

Series 2020-NPL1, 3.598%, 08/25/2050 (c)(l)

    943  
  42,130    

Series 2019-4, 3.142%, 10/25/2059 (b)(c)

    41,270  
  92,053    

Series 2021-R2 A-1, 0.918%, 02/25/2064 (b)(c)

    84,620  
  91,063    

Series 2021-2, 1.031%, 02/25/2066 (b)(c)

    76,032  
  132,654    

Series 2021-4, 0.938%, 07/25/2066 (b)(c)

    107,138  
  338,206    

Series 2021-5 A-1, 1.013%, 09/25/2066 (b)(c)

    283,652  
  208,924    

Series 2021-8, 1.824%, 11/25/2066 (b)(c)

    179,558  
  304,442    

Series 2022-1 A-1, 2.724%, 01/25/2067 (c)(l)

    269,661  
  265,000    

Wells Fargo Commercial Mortgage Trust 2015-NXS1
Series A-5, 3.148%, 05/15/2048

    251,710  
           


       

Total Collateralized Mortgage Obligations
(Cost $31,346,777)

    28,137,665  
           


       

CORPORATE OBLIGATIONS - 27.16%

 

       

Aerospace & Defense - 0.40%

 

  283,000    

Boeing Co.
5.040%, 05/01/2027

    273,042  
       

L3Harris Technologies, Inc.

       
  150,000    

3.850%, 06/15/2023

    149,345  
  31,000    

4.400%, 06/15/2028

    29,185  
  75,000    

Lockheed Martin Corp.
4.090%, 09/15/2052

    62,579  
  189,000    

Northrop Grumman Corp.
5.150%, 05/01/2040

    177,456  
  40,000    

Raytheon Technologies Corp.
3.030%, 03/15/2052

    26,217  
           


              717,824  
           


       

Banks - 5.37%

       
       

Bank of America Corp.

       
  235,000    

4.948% (SOFR + 2.040%), 07/22/2028 (a)

    226,143  
  720,000    

1.922% (SOFR + 1.370%), 10/24/2031 (a)

    532,611  
  780,000    

2.687% (SOFR + 1.320%), 04/22/2032 (a)

    608,471  
  115,000    

2.299% (SOFR + 1.220%), 07/21/2032 (a)

    85,971  
  120,000    

2.572% (SOFR + 1.210%), 10/20/2032 (a)

    91,867  
  135,000    

5.015% (SOFR + 2.160%), 07/22/2033 (a)

    125,611  
  95,000    

3.311% (SOFR + 1.580%), 04/22/2042 (a)(f)

    67,161  
  700,000    

4.083% (3 Month LIBOR USD + 3.150%), 03/20/2051 (a)

    525,955  
  200,000    

BNP Paribas SA
2.219% (SOFR + 2.074%), 06/09/2026 (a)(c)

    180,014  
  250,000    

BPCE SA
2.045% (SOFR + 1.087%), 10/19/2027 (a)(c)

    210,884  
       

Citigroup, Inc.

       
  95,000    

0.981% (SOFR + 0.669%), 05/01/2025 (a)

    88,108  
  330,000    

1.462% (SOFR + 0.770%), 06/09/2027 (a)

    281,402  
  215,000    

2.666% (SOFR + 1.146%), 01/29/2031 (a)

    171,845  
  35,000    

2.520% (SOFR + 1.177%), 11/03/2032 (a)

    26,575  
  200,000    

Danske Bank AS
5.375%, 01/12/2024 (c)

    199,055  
 

 

See notes to financial statements.

 

77


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

CORPORATE OBLIGATIONS (Continued)

 

       

Banks (Continued)

       
       

HSBC Holdings PLC

       
  200,000    

0.976% (SOFR + 0.708%), 05/24/2025 (a)

  $ 183,938  
  200,000    

1.589% (SOFR + 1.290%), 05/24/2027 (a)

    167,460  
  305,000    

5.210% (SOFR + 2.610%), 08/11/2028 (a)

    285,591  
  200,000    

3.973% (3 Month LIBOR USD + 1.610%), 05/22/2030 (a)

    169,389  
  400,000    

4.762% (SOFR + 2.530%), 03/29/2033 (a)

    328,780  
  520,000    

5.402% (SOFR + 2.870%), 08/11/2033 (a)(f)

    462,863  
       

JPMorgan Chase & Co.

       
  150,000    

3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (a)

    148,023  
  225,000    

3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (a)

    217,915  
  300,000    

3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a)

    275,515  
  425,000    

4.323% (SOFR + 1.560%), 04/26/2028 (a)

    398,808  
  310,000    

4.851% (SOFR + 1.990%), 07/25/2028 (a)

    297,797  
  80,000    

3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (a)

    70,908  
  105,000    

2.739% (SOFR + 1.510%), 10/15/2030 (a)

    85,476  
  240,000    

2.580% (SOFR + 1.250%), 04/22/2032 (a)

    186,048  
  350,000    

2.545% (SOFR + 1.180%), 11/08/2032 (a)

    265,866  
  30,000    

4.586% (SOFR + 1.800%), 04/26/2033 (a)

    27,026  
  65,000    

4.912% (SOFR + 2.080%), 07/25/2033 (a)

    60,068  
  175,000    

3.109% (SOFR + 2.460%), 04/22/2041 (a)

    121,543  
  155,000    

3.157% (SOFR + 1.460%), 04/22/2042 (a)

    106,379  
  95,000    

3.897% (3 Month LIBOR USD + 1.220%), 01/23/2049 (a)

    70,630  
  145,000    

KeyCorp
2.550%, 10/01/2029

    118,620  
  490,000    

Societe Generale SA
6.221% (1 Year CMT Rate + 3.200%), 06/15/2033 (a)(c)

    434,860  
  160,000    

Truist Financial Corp.
1.887% (SOFR + 0.862%), 06/07/2029 (a)

    131,155  
       

Wells Fargo & Co.

       
  85,000    

2.406% (SOFR + 1.087%), 10/30/2025 (a)(f)

    79,436  
  120,000    

3.000%, 04/22/2026

    110,116  
  200,000    

3.908% (SOFR + 1.320%), 04/25/2026 (a)

    191,263  
  135,000    

3.000%, 10/23/2026

    122,488  
  210,000    

4.808% (SOFR + 1.980%), 07/25/2028 (a)

    200,591  
  215,000    

3.350% (SOFR + 1.500%), 03/02/2033 (a)

    174,557  
  590,000    

4.897% (SOFR + 2.100%), 07/25/2033 (a)

    542,140  
  115,000    

5.013% (SOFR + 4.502%), 04/04/2051 (a)

    99,304  
           


              9,556,226  
           


       

Beverages - 0.39%

       
       

Anheuser-Busch InBev Worldwide, Inc.

       
  180,000    

5.450%, 01/23/2039

    172,021  
  15,000    

3.750%, 07/15/2042

    11,435  
  20,000    

4.900%, 02/01/2046

    17,380  
  85,000    

4.600%, 04/15/2048

    70,650  
  112,000    

4.750%, 04/15/2058

    92,200  
       

Constellation Brands, Inc.

       
  25,000    

4.650%, 11/15/2028

    23,650  
  6,000    

3.150%, 08/01/2029

    5,161  
  200,000    

Diageo Capital Plc
2.000%, 04/29/2030

    160,488  
  155,000    

Keurig Dr Pepper, Inc.
3.950%, 04/15/2029

    141,086  
           


              694,071  
           


Principal
Amount


       

Value


 
       

Biotechnology - 0.56%

       
       

AbbVie, Inc.

       
  365,000    

3.200%, 11/21/2029 (f)

  $ 320,319  
  250,000    

4.250%, 11/21/2049

    201,041  
       

CSL Finance PLC

       
  170,000    

4.050%, 04/27/2029 (c)

    156,866  
  170,000    

4.250%, 04/27/2032 (c)

    155,342  
  200,000    

Gilead Sciences, Inc.
1.650%, 10/01/2030

    153,590  
           


              987,158  
           


       

Capital Markets - 2.61%

       
       

BP Capital Markets America, Inc.

       
  145,000    

3.633%, 04/06/2030

    130,255  
  145,000    

2.721%, 01/12/2032 (f)

    117,871  
  125,000    

2.939%, 06/04/2051

    79,658  
  140,000    

3.379%, 02/08/2061 (f)

    91,670  
       

Credit Suisse Group AG

       
  250,000    

6.442% (SOFR + 3.700%), 08/11/2028 (a)(c)

    232,909  
  500,000    

6.537% (SOFR + 3.920%), 08/12/2033 (a)(c)

    449,899  
       

Intercontinental Exchange, Inc.

       
  55,000    

4.350%, 06/15/2029

    52,151  
  30,000    

4.600%, 03/15/2033

    27,991  
  20,000    

4.950%, 06/15/2052

    17,688  
       

Morgan Stanley

       
  195,000    

3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (a)

    193,022  
  310,000    

1.593% (SOFR + 0.879%), 05/04/2027 (a)

    267,644  
  255,000    

2.475% (SOFR + 1.000%), 01/21/2028 (a)

    222,901  
  210,000    

4.210% (SOFR + 1.610%), 04/20/2028 (a)

    196,765  
  340,000    

3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (a)(f)

    306,655  
  55,000    

4.431% (3 Month LIBOR USD + 1.628%), 01/23/2030 (a)

    50,613  
  210,000    

2.699% (SOFR + 1.143%), 01/22/2031 (a)

    170,406  
  285,000    

1.794% (SOFR + 1.034%), 02/13/2032 (a)

    208,540  
  145,000    

1.928% (SOFR + 1.020%), 04/28/2032 (a)

    106,027  
  130,000    

2.511% (SOFR + 1.200%), 10/20/2032 (a)

    99,434  
  60,000    

4.889% (SOFR + 2.076%), 07/20/2033 (a)

    55,623  
  155,000    

3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (a)

    123,905  
  110,000    

The Bank of New York Mellon Corp.
2.050%, 01/26/2027

    97,751  
       

The Goldman Sachs Group, Inc.

       
  90,000    

0.925% (SOFR + 0.486%), 10/21/2024 (a)

    85,529  
  20,000    

3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (a)

    19,067  
  120,000    

4.482% (SOFR + 1.725%), 08/23/2028 (a)(f)

    112,835  
  70,000    

1.992% (SOFR + 1.090%), 01/27/2032 (a)

    51,826  
  560,000    

2.615% (SOFR + 1.281%), 04/22/2032 (a)

    435,276  
  225,000    

2.383% (SOFR + 1.248%), 07/21/2032 (a)

    169,829  
  40,000    

2.650% (SOFR + 1.264%), 10/21/2032 (a)

    30,679  
  60,000    

3.102% (SOFR + 1.410%), 02/24/2033 (a)

    47,684  
  20,000    

6.250%, 02/01/2041

    19,907  
  200,000    

UBS Group AG
4.751% (1 Year CMT Rate + 1.750%), 05/12/2028 (a)(c)

    188,072  
       

Willis North America, Inc.

       
  25,000    

3.600%, 05/15/2024

    24,297  
  195,000    

2.950%, 09/15/2029

    160,606  
           


              4,644,985  
           


 

 

See notes to financial statements.

 

78


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

CORPORATE OBLIGATIONS (Continued)

 

       

Chemicals - 0.25%

       
  230,000    

Celanese US Holdings LLC
6.165%, 07/15/2027

  $ 217,286  
  290,000    

The Sherwin-Williams Co.
2.300%, 05/15/2030

    231,949  
           


              449,235  
           


       

Consumer Finance - 0.42%

       
  205,000    

American Express Co.
2.550%, 03/04/2027 (f)

    182,950  
       

Capital One Financial Corp.

       
  420,000    

5.247% (SOFR + 2.600%), 07/26/2030 (a)

    391,724  
  180,000    

5.268% (SOFR + 2.370%), 05/10/2033 (a)

    166,514  
           


              741,188  
           


       

Diversified Consumer Services - 0.08%

       
       

Howard University

       
  100,000    

2.901%, 10/01/2031

    82,047  
  75,000    

3.476%, 10/01/2041

    55,289  
           


              137,336  
           


       

Diversified Financial Services - 0.71%

       
  235,000    

Athene Global Funding
2.646%, 10/04/2031 (c)

    177,029  
       

Corebridge Financial, Inc.

       
  150,000    

3.850%, 04/05/2029 (c)

    132,447  
  40,000    

3.900%, 04/05/2032 (c)

    33,720  
  300,000    

DAE Funding LLC
1.550%, 08/01/2024 (c)

    274,396  
  340,000    

Equitable Financial Life Global Funding
1.800%, 03/08/2028 (c)

    284,374  
  185,000    

National Rural Utilities Cooperative Finance Corp.
4.150%, 12/15/2032

    169,519  
       

Shell International Finance BV

       
  180,000    

3.250%, 04/06/2050

    127,016  
  110,000    

3.000%, 11/26/2051

    73,152  
           


              1,271,653  
           


       

Diversified Telecommunication Services - 0.62%

       
       

AT&T, Inc.

       
  210,000    

1.700%, 03/25/2026

    186,256  
  175,000    

4.500%, 05/15/2035

    151,632  
  110,000    

3.650%, 06/01/2051

    74,663  
  168,000    

3.500%, 09/15/2053

    111,815  
  91,000    

3.550%, 09/15/2055

    59,878  
  113,000    

3.800%, 12/01/2057

    76,583  
       

Verizon Communications, Inc.

       
  420,000    

2.355%, 03/15/2032

    322,324  
  85,000    

2.650%, 11/20/2040

    55,607  
  85,000    

2.850%, 09/03/2041

    56,922  
           


              1,095,680  
           


       

Electric Utilities - 3.40%

       
  165,000    

Alabama Power Co.
3.450%, 10/01/2049

    117,323  
  120,000    

Commonwealth Edison Co.
3.650%, 06/15/2046

    90,384  
  130,000    

Consolidated Edison Co. of New York Inc.
3.200%, 12/01/2051

    86,632  
       

Duke Energy Carolinas LLC

       
  45,000    

2.500%, 03/15/2023

    44,655  
  150,000    

2.550%, 04/15/2031

    123,289  
  301,000    

5.300%, 02/15/2040

    286,733  

Principal
Amount


       

Value


 
       

Electric Utilities (Continued)

       
       

Duke Energy Corp.

       
  429,000    

2.550%, 06/15/2031

  $ 336,300  
  220,000    

4.500%, 08/15/2032

    199,155  
  95,000    

Duke Energy Indiana, Inc.
4.900%, 07/15/2043

    83,671  
       

Duke Energy Progress LLC

       
  50,000    

2.000%, 08/15/2031

    38,701  
  75,000    

4.000%, 04/01/2052

    58,978  
  330,000    

Enel Finance International NV
5.000%, 06/15/2032 (c)

    282,003  
  45,000    

Evergy Metro, Inc.
2.250%, 06/01/2030

    36,637  
       

Evergy, Inc.

       
  80,000    

2.450%, 09/15/2024

    75,761  
  155,000    

2.900%, 09/15/2029

    128,216  
       

Exelon Corp.

       
  10,000    

4.700%, 04/15/2050

    8,393  
  35,000    

4.100%, 03/15/2052 (c)

    26,845  
       

Georgia Power Co.

       
  130,000    

2.100%, 07/30/2023

    127,182  
  120,000    

4.700%, 05/15/2032

    112,536  
  140,000    

4.750%, 09/01/2040

    118,064  
  210,000    

ITC Holdings Corp.
2.950%, 05/14/2030 (c)

    172,623  
       

NextEra Energy Capital Holdings, Inc.

       
  365,000    

4.625%, 07/15/2027

    353,503  
  325,000    

2.250%, 06/01/2030

    259,660  
  145,000    

Oglethorpe Power Corp.
5.050%, 10/01/2048

    122,048  
       

Oncor Electric Delivery Co. LLC

       
  50,000    

5.750%, 03/15/2029

    51,472  
  235,000    

2.750%, 05/15/2030

    201,182  
       

Pacific Gas and Electric Co.

       
  490,000    

5.450%, 06/15/2027

    462,502  
  520,000    

2.500%, 02/01/2031

    378,852  
  120,000    

3.250%, 06/01/2031

    91,665  
  150,000    

4.950%, 07/01/2050

    110,222  
       

PacifiCorp

       
  60,000    

2.700%, 09/15/2030 (f)

    50,170  
  33,000    

4.125%, 01/15/2049

    26,019  
  10,000    

3.300%, 03/15/2051

    6,985  
       

Puget Energy, Inc.

       
  135,000    

3.650%, 05/15/2025

    127,874  
  135,000    

4.100%, 06/15/2030

    119,101  
  110,000    

Sierra Pacific Power Co.
2.600%, 05/01/2026

    101,732  
  122,000    

South Carolina Electric & Gas Co.
5.100%, 06/01/2065

    110,426  
       

Southern California Edison Co.

       
  90,000    

2.850%, 08/01/2029

    75,990  
  225,000    

2.250%, 06/01/2030

    178,464  
  230,000    

2.750%, 02/01/2032

    182,435  
  19,000    

4.000%, 04/01/2047

    13,897  
  61,000    

4.125%, 03/01/2048

    45,509  
  80,000    

3.650%, 02/01/2050

    54,976  
       

The Southern Co.

       
  230,000    

3.700%, 04/30/2030

    202,688  
  25,000    

4.400%, 07/01/2046

    19,629  
  75,000    

Virginia Electric and Power Co.
4.625%, 05/15/2052

    65,155  
 

 

See notes to financial statements.

 

79


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

CORPORATE OBLIGATIONS (Continued)

 

       

Electric Utilities (Continued)

       
  95,000    

Xcel Energy, Inc.
4.600%, 06/01/2032

  $ 88,306  
           


              6,054,543  
           


       

Electronic Equipment, Instruments & Components - 0.16%

 

       

CDW LLC / CDW Finance Corp.

       
  60,000    

2.670%, 12/01/2026

    52,137  
  55,000    

3.276%, 12/01/2028

    45,189  
  55,000    

3.569%, 12/01/2031

    43,030  
  150,000    

Microchip Technology, Inc.
2.670%, 09/01/2023

    146,244  
           


              286,600  
           


       

Energy Equipment & Services - 0.06%

       
  65,000    

Halliburton Co.
4.850%, 11/15/2035

    56,523  
  59,000    

Schlumberger Holdings Corp.
4.300%, 05/01/2029 (c)

    54,131  
           


              110,654  
           


       

Equity Real Estate Investment Trusts (REITs) - 0.32%

 

       

American Tower Corp.

       
  95,000    

1.450%, 09/15/2026

    80,968  
  150,000    

3.650%, 03/15/2027

    137,422  
  100,000    

2.700%, 04/15/2031

    78,575  
       

VICI Properties LP

       
  125,000    

4.950%, 02/15/2030

    113,229  
  170,000    

5.125%, 05/15/2032

    151,065  
           


              561,259  
           


       

Food Products - 0.27%

       
       

Cargill, Inc.

       
  165,000    

2.125%, 11/10/2031 (c)

    129,147  
  125,000    

4.000%, 06/22/2032 (c)

    113,936  
  185,000    

Conagra Brands, Inc.
4.850%, 11/01/2028

    174,909  
       

Mondelez International, Inc.

       
  40,000    

2.625%, 03/17/2027

    35,917  
  7,000    

2.750%, 04/13/2030

    5,838  
  30,000    

3.000%, 03/17/2032

    24,668  
           


              484,415  
           


       

Health Care Equipment & Supplies - 0.29%

       
  200,000    

Alcon Finance Corp.
2.750%, 09/23/2026 (c)

    179,204  
  260,000    

Baxter International, Inc.
2.272%, 12/01/2028

    215,060  
  85,000    

Boston Scientific Corp.
1.900%, 06/01/2025

    78,229  
  51,000    

Shire Acquisitions Investments Ireland Designated Activity Co.
2.875%, 09/23/2023

    49,903  
           


              522,396  
           


       

Health Care Providers & Services - 0.87%

       
       

Cigna Corp.

       
  130,000    

1.250%, 03/15/2026

    114,046  
  160,000    

4.375%, 10/15/2028

    151,214  
  70,000    

CommonSpirit Health
2.760%, 10/01/2024

    66,710  

Principal
Amount


       

Value


 
       

Health Care Providers & Services (Continued)

       
       

CVS Health Corp.

       
  100,000    

4.125%, 04/01/2040

  $ 79,835  
  85,000    

5.125%, 07/20/2045

    74,613  
  100,000    

5.050%, 03/25/2048

    87,965  
       

Elevance Health, Inc.

       
  95,000    

3.650%, 12/01/2027

    88,649  
  155,000    

2.875%, 09/15/2029

    132,471  
       

Humana, Inc.

       
  76,000    

3.700%, 03/23/2029

    68,244  
  95,000    

2.150%, 02/03/2032

    72,295  
       

Kaiser Foundation Hospitals

       
  70,000    

2.810%, 06/01/2041

    49,035  
  115,000    

3.002%, 06/01/2051

    76,157  
  100,000    

Quest Diagnostics, Inc.
2.800%, 06/30/2031

    80,726  
  75,000    

Sutter Health
3.361%, 08/15/2050

    52,233  
       

UnitedHealth Group, Inc.

       
  135,000    

2.300%, 05/15/2031

    108,809  
  100,000    

4.200%, 05/15/2032

    92,928  
  10,000    

3.500%, 08/15/2039

    7,890  
  135,000    

3.950%, 10/15/2042

    109,846  
  30,000    

4.950%, 05/15/2062

    26,829  
           


              1,540,495  
           


       

Hotels, Restaurants & Leisure - 0.16%

       
  65,000    

GLP Capital LP / GLP Financing II, Inc.
5.300%, 01/15/2029

    59,414  
  58,000    

Las Vegas Sands Corp.
3.500%, 08/18/2026

    50,794  
       

McDonald’s Corp.

       
  50,000    

4.600%, 05/26/2045

    42,600  
  15,000    

4.875%, 12/09/2045

    13,303  
  55,000    

3.625%, 09/01/2049

    40,175  
  90,000    

4.200%, 04/01/2050

    72,305  
           


              278,591  
           


       

Industrial Conglomerates - 0.15%

       
       

NXP BV / NXP Funding LLC / NXP USA, Inc.

       
  147,000    

4.875%, 03/01/2024

    145,403  
  135,000    

4.300%, 06/18/2029

    121,028  
           


              266,431  
           


       

Insurance - 0.43%

       
  70,000    

Aon Corp / Aon Global Holdings PLC
3.900%, 02/28/2052

    52,107  
  135,000    

Berkshire Hathaway Finance Corp.
4.200%, 08/15/2048

    112,496  
  190,000    

Brighthouse Financial Global Funding
1.750%, 01/13/2025 (c)

    173,488  
       

Marsh & McLennan Cos., Inc.

       
  70,000    

4.050%, 10/15/2023

    69,491  
  90,000    

4.750%, 03/15/2039

    81,164  
  360,000    

Metropolitan Life Global Funding I
2.400%, 01/11/2032 (c)

    282,933  
           


              771,679  
           


       

Internet & Direct Marketing Retail - 0.27%

       
       

Amazon.com, Inc.

       
  150,000    

3.875%, 08/22/2037 (f)

    130,558  
  435,000    

4.100%, 04/13/2062

    348,434  
           


              478,992  
           


 

 

See notes to financial statements.

 

80


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

CORPORATE OBLIGATIONS (Continued)

 

       

IT Services - 0.43%

       
       

Fiserv, Inc.

       
  135,000    

3.200%, 07/01/2026

  $ 124,404  
  130,000    

2.250%, 06/01/2027

    112,247  
       

Global Payments, Inc.

       
  60,000    

2.150%, 01/15/2027

    51,444  
  30,000    

3.200%, 08/15/2029

    25,040  
  125,000    

5.300%, 08/15/2029

    117,771  
  230,000    

2.900%, 05/15/2030

    183,628  
  100,000    

International Business Machines Corp.
2.720%, 02/09/2032

    81,330  
  113,000    

Kyndryl Holdings, Inc.
3.150%, 10/15/2031

    75,870  
           


              771,734  
           


       

Machinery - 0.38%

       
  540,000    

Otis Worldwide Corp.
2.565%, 02/15/2030

    442,090  
       

Parker-Hannifin Corp.

       
  150,000    

4.250%, 09/15/2027

    143,176  
  100,000    

4.500%, 09/15/2029

    94,369  
           


              679,635  
           


       

Media - 1.68%

       
       

Charter Communications Operating LLC / Charter Communications Operating Capital

       
  210,000    

2.250%, 01/15/2029

    164,128  
  295,000    

4.400%, 04/01/2033

    243,941  
  74,000    

3.500%, 03/01/2042

    46,873  
  150,000    

5.375%, 05/01/2047

    116,429  
  55,000    

5.750%, 04/01/2048

    44,542  
  75,000    

5.125%, 07/01/2049

    55,882  
  160,000    

4.800%, 03/01/2050

    115,850  
  45,000    

3.700%, 04/01/2051 (f)

    27,392  
  170,000    

3.900%, 06/01/2052

    105,667  
  70,000    

4.400%, 12/01/2061

    44,774  
       

Comcast Corp.

       
  35,000    

3.200%, 07/15/2036

    27,123  
  255,000    

3.750%, 04/01/2040

    201,147  
  160,000    

2.937%, 11/01/2056

    95,798  
       

Cox Communications, Inc.

       
  101,000    

3.150%, 08/15/2024 (c)

    96,795  
  120,000    

2.600%, 06/15/2031 (c)

    93,176  
       

Discovery Communications, LLC

       
  18,000    

4.125%, 05/15/2029

    15,424  
  179,000    

5.200%, 09/20/2047

    132,562  
  103,000    

5.300%, 05/15/2049

    77,100  
  115,000    

4.650%, 05/15/2050

    78,976  
       

Paramount Global, Inc.

       
  15,000    

4.950%, 01/15/2031

    13,242  
  255,000    

4.200%, 05/19/2032

    206,709  
  100,000    

4.375%, 03/15/2043

    66,856  
       

Time Warner Cable, Inc.

       
  30,000    

5.500%, 09/01/2041

    23,619  
  50,000    

4.500%, 09/15/2042

    34,634  
       

Warnermedia Holdings, Inc.

       
  360,000    

4.279%, 03/15/2032 (c)(f)

    297,494  
  765,000    

5.141%, 03/15/2052 (c)(f)

    559,111  
           


              2,985,244  
           


Principal
Amount


       

Value


 
       

Metals & Mining - 0.16%

       
  205,000    

Anglo American Capital PLC
3.875%, 03/16/2029 (c)

  $ 176,506  
  140,000    

Vale Overseas, Ltd.
3.750%, 07/08/2030

    113,278  
           


              289,784  
           


       

Multi-Utilities - 0.63%

       
       

Berkshire Hathaway Energy Co.

       
  50,000    

3.250%, 04/15/2028

    45,443  
  65,000    

6.125%, 04/01/2036

    66,472  
  75,000    

Dominion Energy, Inc.
3.375%, 04/01/2030

    64,587  
       

NiSource, Inc.

       
  379,000    

3.600%, 05/01/2030 (f)

    330,083  
  45,000    

1.700%, 02/15/2031

    33,330  
  475,000    

Public Service Enterprise Group, Inc.
1.600%, 08/15/2030

    357,877  
       

Sempra Energy

       
  150,000    

3.400%, 02/01/2028

    135,713  
  35,000    

3.700%, 04/01/2029

    31,303  
  75,000    

4.000%, 02/01/2048

    56,132  
           


              1,120,940  
           


       

Oil, Gas & Consumable Fuels - 2.20%

       
  110,000    

Amerada Hess Corp.
7.875%, 10/01/2029

    119,517  
  50,000    

Boston Gas Co.
3.757%, 03/16/2032 (c)

    42,173  
  95,000    

ConocoPhillips Co.
3.800%, 03/15/2052

    72,913  
       

Energy Transfer LP

       
  180,000    

5.250%, 04/15/2029

    169,477  
  115,000    

6.250%, 04/15/2049

    103,330  
  140,000    

Energy Transfer Operating LP
6.125%, 12/15/2045

    123,184  
       

Enterprise Products Operating LLC

       
  155,000    

2.800%, 01/31/2030

    129,615  
  240,000    

4.800%, 02/01/2049

    198,246  
       

Equinor ASA

       
  95,000    

3.625%, 04/06/2040

    76,248  
  100,000    

3.700%, 04/06/2050

    77,903  
  160,000    

Exxon Mobil Corp.
4.227%, 03/19/2040

    139,395  
  196,522    

Galaxy Pipeline Assets Bidco, Ltd.
2.940%, 09/30/2040 (c)

    149,968  
  95,000    

Hess Corp.
7.300%, 08/15/2031

    100,378  
  130,000    

Marathon Petroleum Corp.
4.700%, 05/01/2025

    127,804  
       

MPLX LP

       
  90,000    

4.125%, 03/01/2027

    84,076  
  35,000    

4.250%, 12/01/2027

    32,658  
  250,000    

4.950%, 09/01/2032

    227,322  
  90,000    

5.200%, 03/01/2047

    74,250  
  100,000    

4.950%, 03/14/2052

    78,511  
       

ONEOK, Inc.

       
  55,000    

4.550%, 07/15/2028

    50,463  
  135,000    

3.100%, 03/15/2030

    109,829  
  62,000    

6.350%, 01/15/2031

    60,861  
  45,000    

Ovintiv, Inc.
7.375%, 11/01/2031

    46,935  
 

 

See notes to financial statements.

 

81


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

CORPORATE OBLIGATIONS (Continued)

 

       

Oil, Gas & Consumable Fuels (Continued)

       
       

Plains All American Pipeline LP / PAA Finance Corp.

       
  45,000    

3.550%, 12/15/2029

  $ 37,533  
  80,000    

3.800%, 09/15/2030

    67,141  
       

Sabine Pass Liquefaction LLC

       
  40,000    

5.625%, 03/01/2025

    40,009  
  50,000    

5.000%, 03/15/2027

    48,018  
  285,000    

4.500%, 05/15/2030

    259,948  
  10,000    

Southern Co. Gas Capital Corp.
2.450%, 10/01/2023

    9,771  
       

Sunoco Logistics Partners Operations LP

       
  5,000    

5.300%, 04/01/2044

    4,017  
  5,000    

5.350%, 05/15/2045

    4,035  
       

Targa Resources Corp.

       
  125,000    

5.200%, 07/01/2027

    120,510  
  115,000    

4.200%, 02/01/2033

    95,909  
  235,000    

Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.000%, 01/15/2032

    194,282  
  245,000    

The Brooklyn Union Gas Co.
4.866%, 08/05/2032 (c)

    224,486  
       

The Williams Companies, Inc.

       
  95,000    

2.600%, 03/15/2031

    74,605  
  155,000    

4.650%, 08/15/2032

    140,732  
       

TransCanada PipeLines, Ltd.

       
  70,000    

4.100%, 04/15/2030

    62,705  
  105,000    

2.500%, 10/12/2031

    80,505  
  70,000    

Transcontinental Gas Pipe Line Co., LLC
3.250%, 05/15/2030

    59,245  
           


              3,918,507  
           


       

Personal Products - 0.15%

       
  295,000    

GSK Consumer Healthcare Capital US LLC
3.375%, 03/24/2029 (c)(f)

    257,755  
           


       

Pharmaceuticals - 0.68%

       
  230,000    

Bayer US Finance II LLC
4.250%, 12/15/2025 (c)

    220,347  
       

Bristol-Myers Squibb Co.

       
  24,000    

3.400%, 07/26/2029

    21,840  
  195,000    

3.550%, 03/15/2042

    153,253  
  5,000    

2.550%, 11/13/2050

    3,096  
       

Johnson & Johnson

       
  75,000    

3.550%, 03/01/2036

    64,574  
  55,000    

3.625%, 03/03/2037

    47,611  
       

Royalty Pharma PLC

       
  190,000    

1.750%, 09/02/2027

    157,373  
  260,000    

2.200%, 09/02/2030

    198,752  
  210,000    

2.150%, 09/02/2031

    154,831  
  60,000    

3.350%, 09/02/2051

    36,324  
  200,000    

Takeda Pharmaceutical Co., Ltd.
2.050%, 03/31/2030

    158,325  
           


              1,216,326  
           


       

Road & Rail - 0.23%

       
  120,000    

Canadian Pacific Railway Co.
2.450%, 12/02/2031

    96,148  
  45,000    

CSX Corp.
4.500%, 03/15/2049

    38,215  
  30,000    

Norfolk Southern Corp.
3.400%, 11/01/2049

    21,108  

Principal
Amount


       

Value


 
       

Road & Rail (Continued)

       
       

Union Pacific Corp.

       
  95,000    

2.800%, 02/14/2032

  $ 78,971  
  220,000    

4.100%, 09/15/2067

    166,526  
           


              400,968  
           


       

Semiconductors & Semiconductor Equipment - 0.89%

 

       

Broadcom, Inc.

       
  95,000    

4.300%, 11/15/2032

    79,915  
  105,000    

2.600%, 02/15/2033 (c)

    75,125  
  285,000    

3.419%, 04/15/2033 (c)

    217,941  
  44,000    

3.137%, 11/15/2035 (c)

    30,905  
  300,000    

3.187%, 11/15/2036 (c)

    205,697  
  66,000    

4.926%, 05/15/2037 (c)

    54,514  
       

Intel Corp.

       
  195,000    

4.000%, 08/05/2029

    181,342  
  135,000    

4.150%, 08/05/2032

    123,172  
  150,000    

2.800%, 08/12/2041

    101,227  
  70,000    

3.250%, 11/15/2049

    46,564  
  80,000    

3.050%, 08/12/2051

    51,554  
  160,000    

5.050%, 08/05/2062

    139,133  
       

Marvell Technology, Inc.

       
  30,000    

2.450%, 04/15/2028

    24,837  
  170,000    

2.950%, 04/15/2031

    132,016  
  150,000    

NVIDIA Corp.
3.500%, 04/01/2040

    116,918  
           


              1,580,860  
           


       

Software - 0.52%

       
       

Oracle Corp.

       
  270,000    

2.300%, 03/25/2028

    226,063  
  145,000    

2.875%, 03/25/2031

    114,476  
  185,000    

4.300%, 07/08/2034

    151,059  
  25,000    

3.900%, 05/15/2035

    19,189  
  50,000    

3.800%, 11/15/2037

    36,228  
  212,000    

3.600%, 04/01/2040

    144,289  
  287,000    

3.600%, 04/01/2050

    180,152  
  85,000    

4.100%, 03/25/2061

    53,743  
           


              925,199  
           


       

Specialty Retail - 0.37%

       
       

Lowe’s Cos, Inc.

       
  30,000    

3.750%, 04/01/2032

    25,976  
  205,000    

5.000%, 04/15/2033

    194,258  
  25,000    

3.700%, 04/15/2046

    17,949  
  85,000    

5.625%, 04/15/2053

    78,998  
  215,000    

O’Reilly Automotive, Inc.
4.700%, 06/15/2032

    201,625  
  155,000    

Penske Truck Leasing Co. LP / PTL Finance Corp.
4.400%, 07/01/2027 (c)

    145,687  
           


              664,493  
           


       

Technology Hardware, Storage & Peripherals - 0.10%

 

       

Apple, Inc.

       
  25,000    

3.450%, 02/09/2045

    19,793  
  230,000    

2.650%, 02/08/2051

    151,912  
           


              171,705  
           


       

Tobacco - 0.42%

       
       

Altria Group, Inc.

       
  40,000    

3.400%, 02/04/2041

    25,308  
  10,000    

3.700%, 02/04/2051

    6,057  
 

 

See notes to financial statements.

 

82


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

CORPORATE OBLIGATIONS (Continued)

 

       

Tobacco (Continued)

       
       

BAT Capital Corp.

       
  135,000    

2.259%, 03/25/2028

  $ 107,646  
  100,000    

3.462%, 09/06/2029

    81,564  
  320,000    

4.742%, 03/16/2032

    268,105  
  205,000    

BAT International Finance PLC
4.448%, 03/16/2028

    183,136  
  85,000    

Reynolds American, Inc.
5.700%, 08/15/2035

    71,999  
           


              743,815  
           


       

Water Utilities - 0.16%

       
       

American Water Capital Corp.

       
  140,000    

3.450%, 06/01/2029

    124,817  
  140,000    

4.450%, 06/01/2032

    130,087  
  45,000    

4.150%, 06/01/2049

    36,142  
           


              291,046  
           


       

Wireless Telecommunication Services - 0.37%

       
  150,000    

Rogers Communications, Inc.
4.550%, 03/15/2052 (c)

    119,895  
       

T-Mobile USA, Inc.

       
  65,000    

2.050%, 02/15/2028

    53,993  
  180,000    

3.875%, 04/15/2030

    159,712  
  95,000    

5.200%, 01/15/2033 (f)

    90,931  
  255,000    

3.000%, 02/15/2041

    170,879  
  60,000    

5.650%, 01/15/2053

    56,743  
           


              652,153  
           


       

Total Corporate Obligations
(Cost $57,500,023)

    48,321,575  
           


       

FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.38%

 

       

Bermuda Government International Bond

       
  200,000    

2.375%, 08/20/2030

    160,098  
  200,000    

5.000%, 07/15/2032 (c)

    190,399  
  200,000    

Chile Government International Bond
3.500%, 01/31/2034

    163,935  
  285,000    

Finance Department Government of Sharjah
3.625%, 03/10/2033

    221,835  
  210,000    

Hungary Government International Bond
5.250%, 06/16/2029 (c)

    190,357  
       

Mexico Government International Bond

       
  210,000    

3.500%, 02/12/2034

    160,240  
  200,000    

4.280%, 08/14/2041

    146,086  
  280,000    

4.750%, 03/08/2044

    215,569  
       

Panama Government International Bond

       
  410,000    

4.500%, 04/16/2050

    286,894  
  220,000    

3.870%, 07/23/2060

    131,543  
  200,000    

4.500%, 01/19/2063

    132,649  
       

Romanian Government International Bond

       
  246,000    

3.000%, 02/27/2027 (c)

    208,476  
  338,000    

3.000%, 02/14/2031

    241,302  
           


       

Total Foreign Government Debt Obligations
(Cost $3,318,313)

    2,449,383  
           


       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 34.03%

 

       

Federal Home Loan Mortgage Corp.

       
  1,513    

Pool #D9-6291 4.500%, 09/01/2023

    1,454  
  4,202    

Pool #G1-3624 5.000%, 08/01/2024

    4,224  
  82,000    

Series K-068, 3.244%, 08/25/2027

    77,498  

Principal
Amount


       

Value


 
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  333,883    

Series K-110, 1.814%, 04/25/2030 (b)(k)

  $ 31,783  
  1,321,890    

Series K-111, 1.680%, 05/25/2030 (b)(k)

    120,696  
  931,559    

Series K-114, 1.211%, 06/25/2030 (b)(k)

    62,329  
  299,217    

Series K-122, 0.973%, 11/25/2030 (b)(k)

    16,139  
  60,779    

Series 2329, 6.500%, 06/15/2031

    62,555  
  33,634    

Series 2338, 6.500%, 07/15/2031

    35,121  
  37,504    

Pool #78-0447 2.972% (1 Year CMT Rate + 2.250%, 2.250% Floor, 9.308% Cap), 04/01/2033 (a)

    37,980  
  45    

Pool #A4-3129 5.500%, 02/01/2036

    45  
  44,689    

Series 4216, 1.700%, 10/15/2039

    43,128  
  31,755    

Series 3883, 3.000%, 05/15/2041

    29,639  
  119,165    

Pool #U9-0688 4.000%, 05/01/2042

    113,492  
  206,468    

Pool #Q4-9389 3.500%, 07/01/2047

    189,285  
  184,098    

Pool #Q5-2093 3.500%, 11/01/2047

    168,555  
  403,548    

Series 5170, 2.000%, 07/25/2050

    343,552  
  1,829,762    

Pool #SD-8123 3.000%, 01/01/2051

    1,606,889  
  2,880,128    

Pool #QC-8858 2.500%, 10/01/2051

    2,445,392  
  374,128    

Pool #QD-1626 2.500%, 12/01/2051

    316,130  
  4,945,680    

Pool #QD-4104 2.000%, 01/01/2052

    4,016,925  
  148,613    

Pool #QE-0827 2.000%, 04/01/2052

    120,817  
  3,817,097    

Pool #QE-4044 2.500%, 06/01/2052

    3,220,542  
       

Federal National Mortgage Association

       
  135,723    

Pool #AJ8325 3.000%, 12/01/2026

    132,343  
  530    

Pool #544859 2.564% (11th District Cost of Funds Index + 1.695%, 1.695% Floor, 13.695% Cap), 08/01/2029 (a)

    523  
  714,738    

Series K-104, 1.246%, 01/25/2030 (b)(k)

    44,812  
  21,254    

Pool #BC4938 2.500%, 04/01/2031

    19,766  
  44,383    

Pool #786848 7.000%, 10/01/2031

    45,705  
  1,586    

Pool #727181 5.000%, 08/01/2033

    1,598  
  755    

Pool #730727 5.000%, 08/01/2033

    759  
  237    

Pool #741862 5.500%, 09/01/2033

    244  
  290    

Pool #766197 5.500%, 02/01/2034

    296  
  62    

Pool #776974 5.500%, 04/01/2034

    64  
  34,460    

Pool #888504 3.003% (1 Year CMT Rate + 2.003%, 2.003% Floor, 9.221% Cap), 04/01/2034 (a)

    35,119  
  113,469    

Pool #MA1870 4.500%, 04/01/2034

    109,773  
  2,810    

Pool #775776 5.500%, 05/01/2034

    2,894  
  1,526,653    

Series 2019-M21, 1.321%, 06/25/2034 (b)(k)

    139,486  
  80,295    

Pool #802783 2.622% (12 Month LIBOR USD + 1.612%, 1.612% Floor, 10.270% Cap), 10/01/2034 (a)

    79,509  
  1,864    

Pool #781629 5.500%, 12/01/2034

    1,927  
  1,608    

Pool #822815 5.500%, 04/01/2035

    1,634  
  2,462    

Pool #357850 5.500%, 07/01/2035

    2,546  
  1,733    

Pool #820242 5.000%, 07/01/2035

    1,750  
  353    

Pool #838452 5.500%, 09/01/2035

    365  
  3,300,000    

Pool #TBA 1.500%, 10/15/2035 (i)

    2,830,315  
  1,854    

Pool #865854 6.000%, 03/01/2036

    1,943  
  2,481    

Pool #891474 6.000%, 04/01/2036

    2,573  
  1,380    

Pool #906000 6.000%, 01/01/2037

    1,447  
  28    

Pool #928062 5.500%, 02/01/2037

    29  
  27    

Pool #899119 5.500%, 04/01/2037

    26  
  151,474    

Pool #AS9772 3.500%, 06/01/2037

    141,582  
  63    

Pool #970131 5.500%, 03/01/2038

    64  
  41    

Pool #985108 5.500%, 07/01/2038

    42  
  47    

Pool #964930 5.500%, 08/01/2038

    47  
 

 

See notes to financial statements.

 

83


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  27    

Pool #987032 5.500%, 08/01/2038

  $ 27  
  21    

Pool #968371 5.500%, 09/01/2038

    21  
  16    

Pool #993050 5.500%, 12/01/2038

    16  
  7,054    

Pool #993579 4.000%, 05/01/2039

    6,701  
  1,251    

Pool #AA5840 4.000%, 06/01/2039

    1,188  
  27,990    

Pool #AA8715 4.000%, 06/01/2039

    26,713  
  81,178    

Pool #AD0586 4.500%, 12/01/2039

    79,710  
  173,579    

Pool #AD4062 5.000%, 05/01/2040

    175,319  
  139,081    

Pool #AD6929 5.000%, 06/01/2040

    140,483  
  3,415    

Pool #AD9896 4.000%, 08/01/2040

    3,260  
  4,347    

Pool #AB1500 4.000%, 09/01/2040

    4,149  
  4,898    

Pool #AD9856 4.000%, 09/01/2040

    4,652  
  1,946    

Pool #AE2559 4.000%, 09/01/2040

    1,858  
  774    

Pool #AE2562 4.000%, 09/01/2040

    739  
  541    

Pool #AE2566 4.000%, 09/01/2040

    516  
  8,176    

Pool #AE4124 4.000%, 10/01/2040

    7,805  
  4,829    

Pool #AE4888 4.000%, 10/01/2040

    4,610  
  5,582    

Pool #AE3916 4.000%, 11/01/2040

    5,329  
  869    

Pool #AE5147 4.000%, 11/01/2040

    829  
  9,711    

Pool #AE8715 4.000%, 11/01/2040

    9,271  
  1,455    

Pool #AH0006 4.000%, 12/01/2040

    1,389  
  4,649    

Pool #AH0020 4.000%, 12/01/2040

    4,438  
  6,239    

Pool #AH0599 4.000%, 12/01/2040

    5,955  
  1,852    

Pool #AH0601 4.000%, 12/01/2040

    1,768  
  4,713    

Pool #AH1263 4.000%, 01/01/2041

    4,499  
  23,030    

Pool #AL5233 4.000%, 01/01/2041

    21,987  
  1,371    

Pool #AH4659 4.000%, 02/01/2041

    1,295  
  23,479    

Pool #AH5653 4.000%, 02/01/2041

    22,412  
  34,796    

Pool #AL0934 5.000%, 02/01/2041

    35,147  
  53,132    

Pool #AD1889 4.500%, 03/01/2041

    52,117  
  3,890    

Pool #AH6150 4.000%, 03/01/2041

    3,714  
  32,687    

Pool #AL0215 4.500%, 04/01/2041

    32,061  
  27,347    

Pool #AL0187 5.000%, 05/01/2041

    27,623  
  4,931    

Pool #AL0456 5.000%, 06/01/2041

    4,980  
  21,068    

Pool #AI8842 4.500%, 08/01/2041

    20,666  
  17,356    

Pool #AL0815 4.000%, 09/01/2041

    16,563  
  20,385    

Series 2012-21, 2.000%, 09/25/2041

    18,495  
  7,763    

Pool #AJ1562 4.000%, 10/01/2041

    7,400  
  3,841    

Pool #AJ1972 4.000%, 10/01/2041

    3,666  
  228,276    

Pool #AJ2212 4.500%, 10/01/2041

    223,913  
  8,967    

Pool #AJ4756 4.000%, 10/01/2041

    8,558  
  2,000,000    

Pool #TBA 4.000%, 10/15/2041 (i)

    1,856,875  
  7,239    

Pool #AJ3330 4.000%, 11/01/2041

    6,908  
  6,755    

Pool #AJ4549 4.000%, 11/01/2041

    6,447  
  6,714    

Pool #AJ4698 4.000%, 11/01/2041

    6,407  
  11,900    

Pool #AJ5424 4.000%, 11/01/2041

    11,357  
  3,711    

Pool #AJ7840 4.000%, 11/01/2041

    3,530  
  7,626    

Pool #AB3995 4.000%, 12/01/2041

    7,278  
  7,351    

Pool #AI0848 4.000%, 12/01/2041

    7,016  
  5,802    

Pool #AJ4187 4.000%, 12/01/2041

    5,537  
  6,888    

Pool #AJ5736 4.000%, 12/01/2041

    6,574  
  3,632    

Pool #AJ5968 4.000%, 12/01/2041

    3,467  
  7,142    

Pool #AJ6061 4.000%, 12/01/2041

    6,808  
  6,923    

Pool #AJ7868 4.000%, 12/01/2041

    6,607  
  12,534    

Pool #AJ8104 4.000%, 12/01/2041

    11,962  
  9,839    

Pool #AJ8109 4.000%, 12/01/2041

    9,390  
  4,583    

Pool #AJ8171 4.000%, 12/01/2041

    4,374  
  10,556    

Pool #AJ8341 4.000%, 12/01/2041

    10,074  
  15,661    

Pool #AJ8436 4.000%, 12/01/2041

    14,946  

Principal
Amount


       

Value


 
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  5,650    

Pool #AJ8912 4.000%, 12/01/2041

  $ 5,392  
  6,499    

Pool #AJ9248 4.000%, 12/01/2041

    6,202  
  34,093    

Series 2012-18, 2.000%, 12/25/2041

    30,628  
  4,247    

Pool #AJ2446 4.000%, 01/01/2042

    4,054  
  10,593    

Pool #AJ7538 4.000%, 01/01/2042

    10,109  
  2,743    

Pool #AJ8001 4.000%, 01/01/2042

    2,582  
  8,062    

Pool #AJ8369 4.000%, 01/01/2042

    7,694  
  8,702    

Pool #AJ9162 4.000%, 01/01/2042

    8,305  
  45,387    

Pool #AJ9330 4.000%, 01/01/2042

    43,097  
  2,964    

Pool #AJ9779 4.000%, 01/01/2042

    2,818  
  7,146    

Pool #AK0170 4.000%, 01/01/2042

    6,820  
  17,279    

Pool #AK0543 4.000%, 01/01/2042

    16,490  
  8,010    

Pool #AK0563 4.000%, 01/01/2042

    7,645  
  13,035    

Pool #AK1827 4.000%, 01/01/2042

    12,440  
  104,157    

Pool #AL2752 5.000%, 03/01/2042

    105,206  
  30,130    

Series 2012-52, 3.500%, 05/25/2042

    28,607  
  19,564    

Pool #AB5529 4.000%, 07/01/2042

    18,610  
  66,573    

Pool #AB6228 3.500%, 09/01/2042

    61,224  
  60,546    

Series 415, 3.000%, 11/01/2042

    55,623  
  113,789    

Series 4961, 2.500%, 12/15/2042

    102,851  
  171,219    

Pool #AQ9316 2.500%, 01/01/2043

    146,132  
  49,466    

Series 2015-48, 3.000%, 02/25/2043

    47,162  
  467,238    

Pool #AT2720 3.000%, 05/01/2043

    419,479  
  281,850    

Pool #AT5900 3.000%, 06/01/2043

    252,797  
  41,029    

Series 2013-77, 1.700%, 06/25/2043

    39,190  
  174,551    

Pool #AU1625 3.500%, 07/01/2043

    160,213  
  34,827    

Series 2017-26, 3.500%, 07/25/2044

    34,091  
  205,136    

Pool #AS5469 4.000%, 07/01/2045

    195,108  
  275,082    

Pool #AZ0832 4.000%, 07/01/2045

    260,568  
  35,577    

Pool #AS5597 3.500%, 08/01/2045

    32,736  
  26,372    

Series 2016-38, 3.000%, 01/25/2046

    24,148  
  48,018    

Series 2016-11, 2.500%, 03/25/2046

    44,421  
  134,574    

Pool #AS7170 3.500%, 05/01/2046

    123,409  
  129,420    

Pool #AS7242 3.500%, 05/01/2046

    118,885  
  245,480    

Pool #BC9468 3.000%, 06/01/2046

    219,115  
  97,086    

Pool #AS7492 4.000%, 07/01/2046

    92,264  
  3,950,000    

Pool #TBA 2.500%, 10/15/2046 (i)

    3,323,786  
  170,312    

Pool #AS8947 3.500%, 03/01/2047

    156,024  
  21,319    

Series 2017-34, 3.000%, 05/25/2047

    20,282  
  22,191    

Pool #MA3038 4.500%, 06/01/2047

    21,541  
  1,407,479    

Pool #CA0858 3.500%, 12/01/2047

    1,283,746  
  66,208    

Series 2018-23, 3.500%, 04/25/2048

    61,296  
  420,444    

Pool #BN5279 4.000%, 02/01/2049

    397,680  
  70,519    

Series 2019-07, 3.500%, 03/25/2049

    66,951  
  89,882    

Series 2019-14, 3.500%, 04/25/2049

    86,031  
  75,772    

Series 2019-45, 3.000%, 08/25/2049

    69,261  
  1,150,000    

Pool #TBA 2.000%, 03/25/2050 (i)

    932,084  
  8,500,000    

Pool #TBA 3.000%, 10/15/2050 (i)

    7,406,289  
  2,170,123    

Pool #MA4307 3.000%, 04/01/2051

    1,905,308  
  2,880,353    

Pool #FM7678 2.500%, 06/01/2051

    2,440,118  
  370,803    

Pool #BT7155 2.000%, 08/01/2051

    302,151  
  3,000,250    

Pool #FS1108 2.500%, 09/01/2051

    2,542,231  
  3,053,803    

Pool #FM9491 2.500%, 11/01/2051

    2,582,223  
  438,628    

Pool #FS1069 2.000%, 12/01/2051

    357,012  
  796,329    

Pool #BV1380 2.000%, 01/01/2052

    647,779  
  249,049    

Pool #BT2317 2.000%, 03/01/2052

    202,586  
  901,683    

Pool #BV2993 2.000%, 04/01/2052

    733,621  
  148,443    

Pool #FS1598 2.000%, 04/01/2052

    120,808  
  2,416,800    

Pool #MA4577 2.000%, 04/01/2052

    1,965,628  
 

 

See notes to financial statements.

 

84


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)

 

  178,793    

Pool #BV9804 2.000%, 05/01/2052

  $ 145,388  
  40,908    

Series 2017-35, 3.500%, 04/25/2053

    39,966  
  42,915    

Series 2017-84, 3.500%, 04/25/2053

    41,829  
  38,779    

Series 2017-49, 4.000%, 07/25/2053

    38,161  
  50,873    

Series 2018-70, 3.500%, 10/25/2056

    49,126  
  80,646    

Series 2019-12, 3.500%, 11/25/2057

    76,831  
  213,811    

Series 2020-1, 3.500%, 08/25/2058

    203,044  
       

Government National Mortgage Association

       
  5,855    

Pool #TBA 5.000%, 08/15/2033 (i)

    5,799  
  12,005    

Pool #TBA 5.000%, 02/15/2039 (i)

    12,086  
  301,482    

Pool #TBA 5.000%, 10/15/2039 (i)

    304,562  
  36,205    

Series 2015-56, 1.500%, 04/16/2040

    35,476  
  113,951    

Pool #TBA 3.500%, 09/15/2041 (i)

    106,158  
  39,148    

Series 2013-37, 2.000%, 01/20/2042

    37,684  
  2,500,000    

Pool #TBA 3.000%, 10/15/2044 (i)

    2,210,742  
  13,675    

Series 2015-151, 1.700%, 10/20/2045

    13,511  
  5,300,000    

Pool #TBA 2.500%, 10/15/2046 (i)

    4,560,795  
  24,452    

Pool #TBA 4.000%, 07/20/2047 (i)

    23,231  
  69,345    

Pool #TBA 3.500%, 08/20/2047 (i)

    64,043  
  108,010    

Pool #TBA 3.500%, 10/20/2047 (i)

    105,113  
  130,224    

Pool #TBA 4.000%, 10/20/2047 (i)

    120,190  
  91,624    

Pool #TBA 4.500%, 10/20/2047 (i)

    87,053  
  2,700,000    

Pool #TBA 2.000%, 10/15/2050 (i)

    2,251,652  
           


       

Total Mortgage Backed Securities - U.S. Government Agency
(Cost $64,538,420)

    60,543,741  
           


       

MUNICIPAL DEBT OBLIGATIONS - 1.61%

 

       

California, GO,

       
  30,000    

7.550%, 04/01/2039

    37,435  
  60,000    

7.300%, 10/01/2039

    71,948  
  105,000    

Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,
Series B, 6.899%, 12/01/2040

    119,023  
  20,000    

Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bond,
3.912%, 12/01/2040

    16,822  
  270,000    

Commonwealth of Massachusetts
4.110%, 07/15/2031

    259,189  
       

County of Riverside CA

       
  345,000    

2.963%, 02/15/2027

    315,760  
  345,000    

3.070%, 02/15/2028

    310,416  
  155,000    

Dallas Fort Worth International Airport, Revenue Bond,
Series A, 4.507%, 11/01/2051

    135,616  
  125,000    

District of Columbia, Revenue Bond,
3.432%, 04/01/2042

    92,782  
       

Metropolitan Transportation Authority

       
  255,000    

5.175%, 11/15/2049

    227,696  
  100,000    

5.000%, 11/15/2050

    94,709  
  60,000    

New York State Thruway Authority - Class M, Revenue Bond,
2.900%, 01/01/2035

    49,162  
  300,000    

New York Transportation Development Corp., Revenue Bond,
4.248%, 09/01/2035

    286,051  
  355,000    

Philadelphia Authority for Industrial Development - Series C, Revenue Bond,
6.550%, 10/15/2028

    376,176  

Principal
Amount


       

Value


 
       

MUNICIPAL DEBT OBLIGATIONS (Continued)

 

  215,000    

Port Authority of New York & New Jersey, Series AAA, Revenue Bond,
1.086%, 07/01/2023

  $ 209,621  
  250,000    

State Board of Administration Finance Corp., Revenue Bond,
1.258%, 07/01/2025

    226,456  
  35,000    

University of California Medical Center, Series H, Revenue Bond,
6.548%, 05/15/2048 (f)

    40,041  
           


       

Total Municipal Debt Obligations
(Cost $3,174,821)

    2,868,903  
           


       

U.S. TREASURY OBLIGATIONS - 26.17%

 

       

U.S. Treasury Bonds - 11.05%

 

  960,000    

6.875%, 08/15/2025

    1,026,787  
  1,635,896    

0.750%, 07/15/2028 (g)

    1,537,732  
  1,540,486    

0.250%, 07/15/2029 (g)

    1,388,988  
  104,000    

0.125%, 07/15/2030 (g)

    91,585  
  1,151,000    

1.125%, 08/15/2040

    713,575  
  1,090,000    

3.375%, 08/15/2042

    987,812  
  2,820,000    

3.125%, 02/15/2043

    2,427,293  
  795,000    

3.750%, 11/15/2043

    755,995  
  2,220,000    

3.125%, 08/15/2044

    1,899,921  
  920,000    

2.500%, 02/15/2045

    702,794  
  240,000    

3.000%, 11/15/2045

    200,662  
  950,000    

2.500%, 02/15/2046

    722,928  
  2,510,000    

3.000%, 02/15/2047

    2,102,762  
  1,050,000    

2.750%, 11/15/2047

    841,641  
  500,000    

3.000%, 02/15/2048

    421,602  
  940,000    

3.125%, 05/15/2048

    814,312  
  2,996,000    

1.250%, 05/15/2050

    1,678,579  
  390,000    

1.375%, 08/15/2050

    226,109  
  1,020,000    

1.625%, 11/15/2050

    633,755  
  782,268    

0.125%, 02/15/2052 (g)

    493,038  
           


              19,667,870  
           


       

U.S. Treasury Notes - 15.12%

       
  1,485,000    

2.750%, 05/15/2025

    1,429,486  
  5,810,000    

2.875%, 06/15/2025

    5,605,742  
  390,000    

2.875%, 07/31/2025

    375,908  
  3,490,000    

0.750%, 04/30/2026 (j)

    3,092,604  
  4,340,000    

2.000%, 11/15/2026

    3,988,392  
  340,000    

1.125%, 08/31/2028

    288,070  
  2,645,000    

1.500%, 11/30/2028

    2,281,416  
  5,260,000    

1.875%, 02/28/2029

    4,632,909  
  1,445,000    

3.250%, 06/30/2029

    1,381,922  
  708,000    

1.625%, 08/15/2029

    610,927  
  1,635,000    

1.625%, 05/15/2031

    1,372,825  
  1,030,000    

1.375%, 11/15/2031

    836,976  
  1,075,000    

2.875%, 05/15/2032

    993,787  
           


              26,890,964  
           


       

Total U.S. Treasury Obligations
(Cost $54,556,021)

    46,558,834  
           


Number of
Shares


       
 
       

SHORT TERM INVESTMENTS - 2.61%

 

       

Money Market Funds - 2.61%

       
  4,647,462    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (d)

    4,647,462  
           


       

Total Short Term Investments
(Cost $4,647,462)

    4,647,462  
           


 

 

See notes to financial statements.

 

85


GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Units


       

Value


 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.72%

 

  3,061,000    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (d)

  $ 3,061,000  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $3,061,000)

    3,061,000  
           


       

Total Investments
(Cost $235,029,543) - 117.44%

    208,936,700  
       

Liabilities in Excess of
Other Assets - (17.44)%

    (31,032,537
           


       

TOTAL NET ASSETS - 100.00%

  $ 177,904,163  
           


Percentages are stated as a percent of net assets.

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

(a)   Variable rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of September 30, 2022.
(b)   Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2022.
(c)   Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $42,274,911, which represents 23.76% of total net assets.
(d)   Seven-Day yield as of September 30, 2022.
(e)   As of September 30, 2022, the Valuation Committee has fair valued this security. The value of this security was $247,233, which represents 0.14% of total net assets.
(f)   All or portion of this security is on loan.
(g)   Represents a U.S. Treasury Inflation Protected Security.
(h)   These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $1,107,614, which represents 0.62% of total net assets.
(i)   Security purchased on a when-issued basis. On September 30, 2022, the total value of investments purchased on a when-issued basis was $26,200,773 or 14.73% of total net assets.
(j)   All or a portion of this security is held as collateral for certain swap, options written and futures contracts. The approximate value of the portion of this security held as collateral is $987,458.
(k)   Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at September 30, 2022. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $1,286,651, which represents 0.72% of total net assets.
(l)   Step-up bond; the interest rate shown is the rate in effect as of September 30, 2022.
(m)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

Glossary of Terms

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

 

See notes to financial statements.

 

86


GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2022


 

Description


     Number of
Contracts
Purchased / (Sold)


       Long/Short

       Notional
Value


       Settlement
Month


     Unrealized
Appreciation
(Depreciation)


 

U.S. Treasury 2 Year Bond Future

       98          Long        $ 20,128,281        Dec-22      $ (139,497

U.S. Treasury 10 Year Note Future

       (3        Short          (336,187      Dec-22        15,488  

U.S. Treasury Long Bond Future

       (42        Short          (5,309,063      Dec-22        402,781  

U.S. Treasury Ultra 10 Year Note Future

       (89        Short          (10,545,109      Dec-22        602,322  

U.S. Treasury Ultra Bond Future

       (6        Short          (822,000      Dec-22        4,399  
                                              


                                               $ 885,493  
                                              


GuideMark Core Fixed Income Fund

SCHEDULE OF OPTIONS WRITTEN (Unaudited)

September 30, 2022


 

Notional
Amount


       

Value


 
       

Credit Default Swaptions

       
       

Call Options

       
$ 9,295,000    

U.S. Dollar - Euro
Buy Protection CDX.NA.IG.39
Reference Rate: 1.000%
Frequency: Quarterly
Counterparty: Bank of America
Expiration: October, 2022
Exercise Price: $105.00

  $ (16,874
  9,295,000    

U.S. Dollar - Euro
Buy Protection CDX.NA.IG.38
Reference Rate: 1.000%
Frequency: Quarterly
Counterparty: Citibank
Expiration: October, 2022
Exercise Price: $85.00

    (2,192
       

Put Options

       
  9,295,000    

U.S. Dollar - Euro
Buy Protection CDX.NA.IG.39
Reference Rate: 1.000%
Frequency: Quarterly
Counterparty: Bank of America
Expiration: October, 2022
Exercise Price: $105.00

    (34,126
  9,295,000    

U.S. Dollar - Euro
Buy Protection CDX.NA.IG.38
Reference Rate: 1.000%
Frequency: Quarterly
Counterparty: Citibank
Expiration: October, 2022
Exercise Price: $85.00

    (63,807
           


       

Total Options Written (Premiums Received $94,809)

  $ (116,999
           


 

See notes to financial statements.

 

87


GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)

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

September 30, 2022


 

Reference Obligation


   Implied
Credit
Spread at
9/30/2022(2)


     Fixed
Pay
Rate


     Maturity
Date


  

Counterparty


   Payment
Frequency


     Notional
Amount(3)


     Fair
Value


    Upfront
Premiums
Paid
(Received)


    Unrealized
Appreciation
(Depreciation)


 

CDX-NAIGS39V-5Y*

     107.88%        1.000%      12/20/2027    Morgan Stanley      Quarterly      $ 4,085,000      $ (14,677   $ (3,043   $ (11,634
                                                  


 


 


                                                   $ (14,677   $ (3,043   $ (11,634
                                                  


 


 


INTEREST RATE SWAPS

September 30, 2022


 

Pay/Receive
Floating  Rate


  Floating Rate Index and Rate
at 9/30/2022


    Floating
Payment
Frequency


    Fixed
Pay
Rate


 

Fixed
Payment
Frequency


  Maturity
Date


    Counterparty

    Notional
Amount


    Fair
Value


    Upfront
Premiums
Paid
(Received)


    Unrealized
Appreciation
(Depreciation)


 

Receive

    USD-SOFR-COMPOUND** 2.98%       Annually     1.5600%   Annually     12/15/2051       Morgan Stanley     $ 565,000     $ 160,814     $ (3,424   $ 164,238  
                                                   


 


 


                                                    $ 160,814     $ (3,424   $ 164,238  
                                                   


 


 


 

1)   If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
2)   Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
3)   The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
*   Centrally cleared swap, clearing agent: ICE
**   Centrally cleared swap, clearing agent: LCH Group

 

See notes to financial statements.

 

88


GuidePath Growth Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 98.86%

 

       

Domestic Equity Funds - 72.65%

 

  1,451,728    

AMCAP Fund - Class F3

  $ 41,780,746  
  749,404    

American Funds - Fundamental Investors - Class F3

    41,584,428  
  507,705    

American Funds - New Economy Fund - Class F3

    21,095,158  
  451,013    

American Funds - New Perspective Fund - Class F3

    20,534,607  
  587,996    

American Funds - SMALLCAP World Fund, Inc. - Class F3

    31,299,042  
  1,045,445    

American Funds - The Growth Fund of America - Class F3

    52,784,502  
  23,099    

Invesco QQQ Trust Series 1 (a)

    6,173,439  
  623,002    

iShares Core S&P Small-Cap ETF

    54,319,544  
  1,352,888    

Schwab U.S. Large-Cap ETF (a)

    57,294,807  
  929,966    

Schwab U.S. Large-Cap Growth ETF (a)

    51,901,402  
  166,013    

SPDR S&P 600 Small Cap Growth ETF (a)

    11,308,806  
  769,680    

Vanguard Russell 1000 Growth ETF (a)

    41,724,353  
  108,022    

Vanguard Russell 2000 Growth ETF (a)

    16,247,589  
  453,786    

Vanguard S&P 500 ETF (a)

    148,977,944  
  48,913    

Vanguard Value ETF

    6,039,777  
           


              603,066,144  
           


       

International Equity Funds - 23.33%

       
  1,197,556    

iShares Core MSCI Emerging Markets ETF

    51,470,957  
  39,624    

iShares Core MSCI Europe ETF

    1,566,733  
  327,639    

iShares MSCI ACWI ETF (a)

    25,500,143  
  203,730    

iShares MSCI Switzerland ETF

    7,629,689  
  215,597    

JPMorgan Beta Builders Canada ETF

    11,523,660  
  160,105    

Vanguard FTSE All World ex-US Small-Cap ETF (a)

    14,859,345  
  2,231,453    

Vanguard FTSE Developed Markets ETF (a)

    81,135,631  
           


              193,686,158  
           


       

Real Estate Funds - 2.88%

       
  248,309    

Vanguard Global ex-U.S. Real Estate ETF

    9,475,471  
  179,791    

Vanguard Real Estate ETF (a)

    14,413,844  
           


              23,889,315  
           


       

Total Investment Companies
(Cost $691,561,354)

    820,641,617  
           


Number of
Shares


       

Value


 
       

SHORT TERM INVESTMENTS - 1.04%

       
       

Money Market Funds - 1.04%

       
  8,598,917    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (b)

  $ 8,598,917  
           


       

Total Short Term Investments
(Cost $8,598,917)

    8,598,917  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.92%

 

  157,022,731    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (b)

    157,022,731  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $157,022,731)

    157,022,731  
           


       

Total Investments
(Cost $857,183,002) - 118.82%

    986,263,265  
       

Liabilities in Excess of
Other Assets - (18.82)%

    (156,181,967
           


       

TOTAL NET ASSETS - 100.00%

  $ 830,081,298  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of September 30, 2022.
 

 

See notes to financial statements.

 

89


GuidePath Conservative Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 98.94%

       
       

Alternative Funds - 1.54%

       
  177,165    

SPDR Gold MiniShares Trust (a)(b)

  $ 5,842,902  
           


       

Domestic Equity Funds - 22.19%

       
  210,027    

American Funds - Mutual Fund - Class F3

    9,463,837  
  198,898    

American Funds - Washington Mutual Investors Fund - Class F3

    9,427,755  
  163,884    

iShares Core S&P Small-Cap ETF

    14,289,046  
  100,853    

iShares Edge MSCI Min Vol USA ETF

    6,666,383  
  98,653    

Vanguard High Dividend Yield ETF

    9,360,197  
  69,018    

Vanguard S&P 500 ETF (a)

    22,658,609  
  99,801    

Vanguard Value ETF

    12,323,427  
           


              84,189,254  
           


       

Domestic Fixed Income Funds - 46.45%

       
  1,108,556    

American Funds - High-Income Trust - Class F3

    9,821,807  
  1,757,352    

American Funds - Multi-Sector Income Fund - Class F3

    15,324,113  
  1,355,231    

American Funds - The Bond Fund of America - Class F3

    15,219,249  
  253,858    

iShares 1-3 Year Treasury Bond ETF (a)

    20,615,808  
  110,298    

iShares 7-10 Year Treasury Bond ETF (a)

    10,587,505  
  56,148    

iShares 10+ Year Investment Grade Corporate Bond ETF (a)

    2,708,018  
  246,440    

iShares Broad USD High Yield Corporate Bond ETF (a)

    8,285,313  
  258,326    

iShares Broad USD Investment Grade Corporate Bond ETF (a)

    12,412,564  
  157,358    

iShares Core U.S. Aggregate Bond ETF

    15,159,870  
  25,438    

iShares iBoxx High Yield Corporate Bond ETF (a)

    1,816,019  
  66,351    

iShares TIPS Bond ETF (a)

    6,960,220  
  150,332    

SPDR Bloomberg High Yield Bond ETF (a)

    13,206,666  
  2,590,117    

Vanguard High-Yield Corporate Fund - Admiral Shares

    12,898,783  
  60,061    

Vanguard Intermediate-Term Corporate Bond ETF

    4,545,416  
  118,086    

Vanguard Long-Term Treasury ETF

    7,432,333  
  367,491    

Vanguard Mortgage-Backed Securities ETF

    16,570,169  
  20,852    

Vanguard Short-Term Corporate Bond ETF (a)

    1,548,887  
  16,113    

Vanguard Total Bond Market ETF

    1,149,340  
           


              176,262,080  
           


       

Hybrid Funds - 17.92%

       
  306,360    

American Funds - Capital Income Builder - Class F3

    17,575,858  
  828,409    

American Funds - The Income Fund of America - Class F3

    17,785,951  
  316,918    

iShares Core Aggressive Allocation ETF

    17,573,103  
  336,422    

iShares Core Growth Allocation ETF (a)

    15,064,977  
           


              67,999,889  
           


       

International Equity Funds - 7.88%

       
  128,517    

iShares Core MSCI Emerging Markets ETF

    5,523,661  
  62,988    

iShares Core MSCI Europe ETF (a)

    2,490,546  
  41,766    

iShares MSCI EAFE Min Vol Factor ETF (a)

    2,381,080  
  116,651    

iShares MSCI Switzerland ETF (a)

    4,368,580  
  38,845    

JPMorgan Beta Builders Canada ETF

    2,076,265  
  359,199    

Vanguard FTSE Developed Markets ETF (a)

    13,060,476  
           


              29,900,608  
           


Number of
Shares


       

Value


 
       

International Fixed Income Funds - 1.80%

       
  42,473    

iShares J.P. Morgan USD Emerging Markets Bond ETF (a)

  $ 3,372,356  
  91,380    

SPDR Bloomberg International Treasury Bond ETF (a)

    1,903,445  
  32,413    

Vanguard Total International Bond ETF (a)

    1,547,073  
           


              6,822,874  
           


       

Real Estate Funds - 1.16%

       
  32,781    

Vanguard Global ex-U.S. Real Estate ETF

    1,250,923  
  39,133    

Vanguard Real Estate ETF (a)

    3,137,293  
           


              4,388,216  
           


       

Total Investment Companies
(Cost $384,941,360)

    375,405,823  
           


       

SHORT TERM INVESTMENTS - 0.99%

       
       

Money Market Funds - 0.99%

       
  3,741,259    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (c)

    3,741,259  
           


       

Total Short Term Investments
(Cost $3,741,259)

    3,741,259  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 27.50%

 

  104,331,390    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (c)

    104,331,390  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $104,331,390)

    104,331,390  
           


       

Total Investments
(Cost $493,014,009) - 127.43%

    483,478,472  
       

Liabilities in Excess of
Other Assets - (27.43)%

    (104,067,776
           


       

TOTAL NET ASSETS - 100.00%

  $ 379,410,696  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   Seven-day yield as of September 30, 2022
 

 

See notes to financial statements.

 

90


GuidePath Tactical Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS - 54.65%

       
       

Air Freight & Logistics - 2.02%

       
  107,240    

Expeditors International of Washington, Inc.

  $ 9,470,364  
           


       

Biotechnology - 6.30%

       
  13,689    

Regeneron Pharmaceuticals, Inc. (a)(b)

    9,429,942  
  50,506    

United Therapeutics Corp. (b)

    10,574,946  
  32,789    

Vertex Pharmaceuticals, Inc. (b)

    9,493,727  
           


              29,498,615  
           


       

Building Products - 1.71%

       
  135,586    

Builders FirstSource, Inc. (a)(b)

    7,988,727  
           


       

Chemicals - 1.17%

       
  127,779    

Olin Corp. (a)

    5,479,164  
           


       

Electric Utilities - 0.69%

       
  88,248    

OGE Energy Corp.

    3,217,522  
           


       

Food Products - 4.40%

       
  130,669    

Archer-Daniels-Midland Co.

    10,512,321  
  153,408    

Tyson Foods, Inc. - Class A

    10,114,189  
           


              20,626,510  
           


       

Health Care Equipment & Supplies - 2.16%

       
  39,131    

Danaher Corp.

    10,107,146  
           


       

Health Care Providers & Services - 4.54%

       
  121,300    

CVS Health Corp.

    11,568,381  
  47,343    

Laboratory Corp. of America Holdings

    9,696,320  
           


              21,264,701  
           


       

Household Products - 2.37%

       
  88,118    

Procter & Gamble Co.

    11,124,897  
           


       

Insurance - 6.35%

       
  222,039    

Aflac, Inc.

    12,478,592  
  180,583    

Hartford Financial Services Group, Inc.

    11,185,311  
  289,812    

Old Republic International Corp. (a)

    6,065,765  
           


              29,729,668  
           


       

Interactive Media & Services - 3.01%

       
  90,986    

Alphabet, Inc. - Class A (b)

    8,702,811  
  39,841    

Meta Platforms, Inc. - Class A (b)

    5,405,627  
           


              14,108,438  
           


       

Machinery - 1.70%

       
  39,590    

Snap-on, Inc. (a)

    7,971,447  
           


       

Media - 0.34%

       
  75,877    

TEGNA, Inc.

    1,569,136  
           


       

Multi-Utilities - 1.39%

       
  75,842    

Consolidated Edison, Inc.

    6,504,210  
           


       

Oil, Gas & Consumable Fuels - 4.48%

       
  101,486    

ConocoPhillips

    10,386,077  
  112,398    

Devon Energy Corp. (a)

    6,758,492  
  66,527    

PDC Energy, Inc.

    3,844,595  
           


              20,989,164  
           


       

Pharmaceuticals - 2.47%

       
  264,095    

Pfizer, Inc.

    11,556,797  
           


       

Professional Services - 1.65%

       
  101,271    

Robert Half International, Inc.

    7,747,231  
           


       

Road & Rail - 2.06%

       
  197,688    

Knight-Swift Transportation Holdings, Inc. (a)

    9,672,874  
           


       

Semiconductors & Semiconductor Equipment - 0.71%

 

  53,373    

ON Semiconductor Corp. (b)

    3,326,739  
           


Number of
Shares


       

Value


 
       

Software - 2.54%

       
  51,114    

Microsoft Corp.

  $ 11,904,451  
           


       

Technology Hardware, Storage & Peripherals - 2.59%

 

  87,779    

Apple, Inc.

    12,131,058  
           


       

Total Common Stocks
(Cost $256,472,996)

    255,988,859  
           


       

REAL ESTATE INVESTMENT TRUSTS - 0.00% (d)

 

       

Real Estate Investment Trusts - 0.00% (d)

       
  1    

SL Green Realty Corp. (a)

    40  
           


       

Total Real Estate Investment Trusts
(Cost $39)

    40  
           


       

SHORT TERM INVESTMENTS - 44.97%

       
       

Money Market Funds - 44.97%

       
  210,645,791    

DWS Government Money Market Series - Institutional Shares
Effective Yield 3.04%, (c)(e)

    210,645,791  
           


       

Total Short Term Investments
(Cost $210,645,791)

    210,645,791  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.60%

 

  30,932,216    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (c)

    30,932,216  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $30,932,216)

    30,932,216  
           


       

Total Investments
(Cost $498,051,042) - 106.22%

    497,566,906  
       

Liabilities in Excess of
Other Assets - (6.22)%

    (29,137,673
           


       

TOTAL NET ASSETS - 100.00%

  $ 468,429,233  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   Seven-day yield as of September 30, 2022.
(d)   Less than 0.01%.
(e)   Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
 

 

See notes to financial statements.

 

91


GuidePath Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 99.03%

       
       

Alternative Funds - 1.10%

       
  5,976    

Invesco DB Agriculture Fund (a)

  $ 119,639  
  5,152    

Invesco DB Energy Fund (a)

    116,590  
  1,174    

Invesco DB Precious Metals Fund (a)

    50,391  
  49,862    

ProShares Investment Grade-Interest Rate Hedged ETF

    3,401,566  
           


              3,688,186  
           


       

Domestic Equity Funds - 2.82%

       
  647,291    

DoubleLine Shiller Enhanced CAPE - Institutional Shares

    8,272,382  
  3,485    

Vanguard S&P 500 ETF (b)

    1,144,125  
           


              9,416,507  
           


       

Domestic Fixed Income Funds - 89.26%

       
  2,766,811    

BlackRock Low Duration Bond Portfolio - Institutional Shares

    24,652,287  
  764,184    

DoubleLine Core Fixed Income Fund - Institutional Shares

    7,022,853  
  1,299,422    

DoubleLine Flexible Income Fund - Institutional Shares (d)

    10,928,138  
  2,649,583    

DoubleLine Low Duration Bond Fund - Institutional Shares

    24,826,591  
  3,886,584    

DoubleLine Total Return Bond Fund - Institutional Shares

    34,474,000  
  259,949    

iShares 7-10 Year Treasury Bond ETF (b)

    24,952,505  
  354,788    

Schwab Short-Term U.S. Treasury ETF (b)

    17,122,069  
  4,916    

SPDR Bloomberg 1-3 Month T-Bill ETF (b)

    450,307  
  1,864,409    

T. Rowe Price Institutional Floating Rate Fund - Investor Shares

    16,928,832  
  568,977    

Vanguard Intermediate-Term Corporate Bond ETF (b)

    43,060,179  
  25,883    

Vanguard Long-Term Treasury ETF

    1,629,076  
  919,327    

Vanguard Mortgage-Backed Securities ETF

    41,452,454  
  547,892    

Vanguard Short-Term Corporate Bond ETF (b)

    40,697,418  
  145,324    

Vanguard Total Bond Market ETF

    10,365,961  
           


              298,562,670  
           


       

International Equity Funds - 0.15%

       
  2,914    

iShares Core MSCI Emerging Markets ETF

    125,244  
  10,437    

Vanguard FTSE Developed Markets ETF (b)

    379,489  
           


              504,733  
           


       

International Fixed Income Funds - 2.42%

       
  140,507    

Vanguard Emerging Markets Government Bond ETF

    8,077,747  
           


       

Opportunistic Fixed Income Funds - 3.28%

       
  1,189,272    

BlackRock Strategic Income Opportunities Portfolio - Institutional Shares

    10,976,985  
           


       

Total Investment Companies
(Cost $346,496,859)

    331,226,828  
           


       

SHORT TERM INVESTMENTS - 0.85%

       
       

Money Market Funds - 0.85%

       
  2,841,210    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (c)

    2,841,210  
           


       

Total Short Term Investments
(Cost $2,841,210)

    2,841,210  
           


Number of
Units


       

Value


 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.03%

 

  60,309,447    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (c)

  $ 60,309,447  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $60,309,447)

    60,309,447  
           


       

Total Investments
(Cost $409,647,516) - 117.91%

    394,377,485  
       

Liabilities in Excess of
Other Assets - (17.91)%

    (59,903,522
           


       

TOTAL NET ASSETS - 100.00%

  $ 334,473,963  
           


Percentages are stated as a percent of net assets.

(a)   Non-income producing security.
(b)   All or portion of this security is on loan.
(c)   Seven-day yield as of September 30, 2022.
(d)   Certain GuidePath Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to $6,218,303 or 1.86% of total net assets as of September 30, 2022.
 

 

See notes to financial statements.

 

92


GuidePath Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 98.22%

       
       

Domestic Equity Funds - 34.34%

       
  32,117    

BlackRock High Equity Income Fund - Institutional Shares

  $ 786,545  
  296,434    

Global X US Preferred ETF (a)

    6,079,861  
  31,641    

iShares Select Dividend ETF (a)

    3,392,548  
  63,363    

Schwab US Dividend Equity ETF (a)

    4,209,204  
  70,698    

SPDR Portfolio S&P 500 High Dividend ETF (a)

    2,507,658  
  47,536    

Vanguard High Dividend Yield ETF (a)

    4,510,216  
  1,400    

Vanguard S&P 500 ETF (a)

    459,620  
  62,809    

WisdomTree U.S. LargeCap Dividend Fund (a)

    3,470,825  
  106,018    

WisdomTree U.S. SmallCap Dividend Fund (a)

    2,728,903  
           


              28,145,380  
           


       

Domestic Fixed Income Funds - 34.75%

       
  93,247    

iShares 0-5 Year High Yield Corporate Bond ETF (a)

    3,724,285  
  10,034    

iShares 1-3 Year Treasury Bond ETF (a)

    814,861  
  2,510    

iShares 7-10 Year Treasury Bond ETF (a)

    240,935  
  54,196    

iShares Broad USD High Yield Corporate Bond ETF (a)

    1,822,070  
  35,243    

iShares Broad USD Investment Grade Corporate Bond ETF (a)

    1,693,426  
  16,867    

iShares iBoxx $Investment Grade Corporate Bond ETF (a)

    1,728,024  
  14,105    

Schwab U.S. TIPS ETF

    730,639  
  40,445    

SPDR Bloomberg Investment Grade Floating Rate ETF

    1,225,484  
  81,217    

SPDR Portfolio Aggregate Bond ETF (a)

    2,026,364  
  50,978    

SPDR Portfolio Long Term Corporate Bond ETF (a)

    1,108,772  
  392,703    

T. Rowe Price Institutional Floating Rate Fund - Investor Shares

    3,565,746  
  1,504,553    

Vanguard High-Yield Corporate Fund - Admiral Shares

    7,492,672  
  4,245    

Vanguard Intermediate-Term Treasury ETF

    247,526  
  32,788    

Vanguard Long-Term Treasury ETF

    2,063,677  
           


              28,484,481  
           


       

International Equity Funds - 14.91%

       
  185,980    

iShares Emerging Markets Dividend ETF (a)

    4,218,026  
  10,384    

iShares International Dividend Growth ETF (a)

    525,846  
  134,569    

iShares International Select Dividend ETF (a)

    3,031,840  
  29,177    

SPDR S&P Global Dividend ETF

    1,556,555  
  16,918    

SPDR S&P Global Infrastructure ETF

    808,342  
  72,033    

SPDR S&P International Dividend ETF

    2,074,550  
           


              12,215,159  
           


       

International Fixed Income Funds - 2.76%

 

  39,309    

Vanguard Emerging Markets Government Bond ETF

    2,259,874  
           


       

Multi-Asset Funds - 4.70%

       
  191,138    

Loomis Sayles Global Allocation Fund - Class Y

    3,849,528  
           


       

Opportunistic Fixed Income Funds - 0.72%

 

  63,906    

BlackRock Strategic Income Opportunities Portfolio - Institutional Shares

    589,848  
           


       

Real Estate Funds - 6.04%

       
  78,308    

Vanguard Global ex-U.S. Real Estate ETF

    2,988,233  
  24,442    

Vanguard Real Estate ETF (a)

    1,959,515  
           


              4,947,748  
           


       

Total Investment Companies
(Cost $80,651,610)

    80,492,018  
           


Number of
Shares


       

Value


 
       

SHORT TERM INVESTMENTS - 1.07%

 

       

Money Market Funds - 1.07%

       
  873,338    

DWS Government Money Market Series - Institutional Shares
Effective Yield 3.04% (b)

  $ 873,338  
           


       

Total Short Term Investments
(Cost $873,338)

    873,338  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 29.06%

 

  23,811,535    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (b)

    23,811,535  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $23,811,535)

    23,811,535  
           


       

Total Investments
(Cost $105,336,483) - 128.35%

    105,176,891  
       

Liabilities in Excess of
Other Assets - (28.35)%

    (23,231,750
           


       

TOTAL NET ASSETS - 100.00%

  $ 81,945,141  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of September 30, 2022.
 

 

See notes to financial statements.

 

93


GuidePath Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 86.96%

       
       

Alternative Funds - 3.29%

       
  338,377    

WisdomTree Bloomberg U.S. Dollar Bullish Fund (a)(b)

  $ 10,076,867  
           


       

Domestic Equity Funds - 3.21%

       
  82,942    

Technology Select Sector SPDR ETF (a)

    9,851,851  
           


       

Domestic Fixed Income Funds - 80.46%

       
  254,843    

BlackRock Short Maturity Bond ETF (a)

    12,553,566  
  255,694    

iShares 0-5 Year High Yield Corporate Bond ETF (a)

    10,212,418  
  95,897    

iShares Agency Bond ETF (a)

    10,213,031  
  219,726    

iShares Convertible Bond ETF

    15,139,121  
  250,396    

JPMorgan Ultra-Short Income ETF (a)

    12,559,863  
  177,447    

Schwab Intermediate-Term U.S. Treasury ETF

    8,719,746  
  345,300    

Schwab Short-Term U.S. Treasury ETF

    16,664,178  
  480,751    

SPDR Portfolio Mortgage Backed Bond ETF (a)

    10,312,109  
  2,406,606    

SPDR Portfolio Short Term Treasury ETF (a)

    69,574,979  
  351,315    

Vanguard Long-Term Treasury ETF (a)

    22,111,766  
  659,147    

Vanguard Short-Term Treasury ETF (a)

    38,092,105  
  286,629    

Vanguard Total Bond Market ETF

    20,445,247  
           


              246,598,129  
           


       

Total Investment Companies
(Cost $280,866,343)

    266,526,847  
           


       

SHORT TERM INVESTMENTS - 13.27%

       
       

Money Market Funds - 13.27%

       
  40,677,529    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (c)

    40,677,529  
           


       

Total Short Term Investments
(Cost $40,677,529)

    40,677,529  
           


Number of
Units


       

Value


 
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 32.23%

 

  98,791,695    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (c)

  $ 98,791,695  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $98,791,695)

    98,791,695  
           


       

Total Investments
(Cost $420,335,567) - 132.46%

    405,996,071  
       

Liabilities in Excess of
Other Assets - (32.46)%

    (99,489,645
           


       

TOTAL NET ASSETS - 100.00%

  $ 306,506,426  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   Seven-day yield as of September 30, 2022.
 

 

See notes to financial statements.

 

94


GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Principal
Amount


       

Value


 
       

SHORT TERM INVESTMENTS - 97.50%

       
       

Certificate of Deposits - 58.62%

       
       

Bank of Nova Scotia

       
$ 10,000,000    

2.070%, 11/17/2022

  $ 10,000,065  
  4,000,000    

2.970%, 08/16/2023

    4,005,161  
       

CIBC

       
  2,000,000    

2.910%, 12/21/2022

    1,997,359  
  6,000,000    

3.590%, 06/26/2023

    5,954,231  
       

Cooperatieve Centrale Raiffe

       
  2,000,000    

1.000%, 10/11/2022

    2,000,000  
  5,000,000    

3.350%, 02/13/2023

    4,991,393  
       

Mitsubishi Trust & Banking Corp.

       
  10,000,000    

4.520%, 04/21/2023

    10,010,274  
  7,000,000    

4.520%, 04/21/2023

    7,007,213  
       

Mizuho Bank, Ltd.

       
  13,000,000    

3.000%, 11/28/2022

    13,000,000  
  7,000,000    

2.587%, 01/20/2023 (c)

    7,000,188  
       

Royal Bank of Canada

       
  7,000,000    

3.890%, 05/08/2023

    6,973,740  
  3,000,000    

3.000%, 06/05/2023

    2,968,635  
       

Sumitomo Mitsui Banking Corp.

       
  7,000,000    

2.500%, 10/17/2022

    7,000,000  
  10,000,000    

2.658%, 03/16/2023 (c)

    9,999,384  
       

Sumitomo Mitsui Trust Bank, Ltd.

       
  8,000,000    

3.120%, 12/15/2022

    7,993,227  
  5,000,000    

3.200%, 12/28/2022

    4,994,294  
       

Svenska HandelBanken - A Shares

       
  10,000,000    

3.080%, 12/15/2022

    9,993,706  
  3,000,000    

3.220%, 12/22/2022

    2,998,267  
  7,000,000    

4.080%, 02/06/2023 (e)(f)

    7,001,225  
  2,000,000    

3.460%, 06/13/2023

    1,985,267  
       

Toronto Dominion Bank

       
  3,000,000    

1.860%, 10/24/2022

    3,000,019  
  3,000,000    

4.020%, 08/22/2023

    2,979,694  
  8,000,000    

Bank of America NA
3.250%, 01/13/2023

    7,990,396  
  7,000,000    

Bank of Montreal
3.600%, 06/23/2023

    6,949,154  
  14,000,000    

Commonwealth Bank of Australia
2.599%, 04/20/2023 (c)

    13,997,102  
  25,000,000    

DNB Bank ASA
3.000%, 10/04/2022

    25,000,000  
  5,000,000    

Nordea Bank
2.970%, 12/07/2022

    4,997,154  
  20,000,000    

Oversea-Chinese Banking Corp., Ltd.
2.592%, 02/23/2023 (c)

    20,001,938  
  3,000,000    

Westpac Banking Corp.
1.700%, 11/15/2022

    3,000,000  
           


              215,789,086  
           


Number of
Shares


           
       

Money Market Funds - 4.28%

 

  24,484,515    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.040% (a)(b)

    24,484,515  
           


Principal
Amount


       

Value


 
       

U.S. Treasury Bills - 34.60%

 

$ 7,000,000    

2.149%, 10/04/2022 (c)

  $ 6,998,769  
  10,000,000    

2.238%, 10/06/2022 (b)(c)(d)

    9,996,946  
  25,000,000    

2.347%, 10/11/2022 (c)

    24,983,958  
  3,000,000    

2.260%, 10/13/2022 (c)

    2,997,780  
  15,000,000    

2.476%, 10/18/2022 (c)

    14,982,740  
  12,000,000    

2.623%, 10/25/2022 (c)

    11,979,380  
  35,000,000    

2.428%, 10/27/2022 (c)

    34,939,694  
  30,000,000    

2.441%, 11/01/2022 (c)

    29,938,108  
  15,000,000    

2.520%, 11/03/2022 (b)(c)(d)

    14,965,993  
  5,000,000    

2.461%, 11/08/2022 (c)

    4,987,254  
  10,000,000    

2.520%, 11/10/2022 (c)

    9,972,556  
  24,000,000    

2.684%, 11/15/2022 (c)

    23,920,987  
  5,000,000    

2.602%, 11/17/2022 (c)

    4,983,354  
  20,000,000    

2.984%, 11/22/2022 (c)

    19,915,356  
  7,000,000    

2.832%, 11/25/2022 (c)

    6,970,323  
  9,000,000    

2.853%, 11/29/2022 (c)

    8,958,700  
  19,000,000    

2.893%, 12/01/2022 (c)

    18,910,086  
  15,000,000    

3.020%, 12/08/2022 (c)(d)

    14,918,146  
  8,000,000    

3.172%, 12/22/2022 (c)

    7,943,674  
  25,000,000    

3.013%, 12/29/2022 (c)

    24,806,878  
  5,000,000    

3.857%, 03/16/2023 (c)

    4,916,497  
  15,000,000    

3.876%, 03/30/2023 (c)

    14,719,020  
           


              317,706,199  
           


       

Total Short Term Investments
(Cost $558,199,381)

    557,979,800  
           


       

Total Investments
(Cost $558,199,381) - 97.50%

    557,979,800  
       

Other Assets in Excess of
Liabilities - 2.50%

    14,317,441  
           


       

TOTAL NET ASSETS - 100.00%

  $ 572,297,241  
           


Percentages are stated as a percent of net assets.

(a)   Seven-day yield as of September 30, 2022.
(b)   All or a portion of this security is held by GuidePath Managed Futures Strategy Cayman Fund Ltd.
(c)   Zero coupon bond. The effective yield is listed.
(d)   All or a portion of this security is held as collateral for certain futures contracts. The approximate value of the portion of these securities held as collateral is $27,463,821.
(e)   Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(f)   As of September 30, 2022, the Valuation Committee has fair valued this security. The value of this security was $67,620, which represents 0.01% of total net assets.
 

 

See notes to financial statements.

 

95


GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2022


 

Description


     Number of
Contracts
Purchased / (Sold)


       Long/Short

       Notional
Value


       Settlement
Month


       Value / Unrealized
Appreciation
(Depreciation)


 

Brazilian Real Futures

       31          Long        $ 573,810          Oct-22        $ 874  

Brent Crude Futures (a)

       25          Long          2,088,000          Nov-22          (56,969

Coffee ‘C’ Futures (a)

       27          Long          2,243,194          Dec-22          (22,503

Corn Futures (a)

       131          Long          4,437,625          Dec-22          (43,772

KC HRW Wheat Future (a)

       6          Long          297,450          Dec-22          13,783  

Lean Hogs Futures (a)

       13          Long          396,370          Dec-22          (34,506

Live Cattle Futures (a)

       32          Long          1,882,240          Dec-22          (46,839

LME Aluminium Futures (a)(b)

       37          Long          1,998,925          Dec-22          (239,902

LME Copper Futures (a)(b)

       7          Long          1,326,325          Dec-22          (41,381

LME Nickel Futures (a)(b)

       2          Long          253,104          Dec-22          16,325  

LME Zinc Futures (a)(b)

       16          Long          1,193,200          Dec-22          (199,495

Low Sulphur Gas Oil Futures (a)

       27          Long          2,542,725          Nov-22          (227,509

Mexican Peso Futures

       522          Long          12,791,610          Dec-22          (3,037

Natural Gas Futures (a)

       27          Long          1,826,820          Oct-22          (485,942

NY Harbor ULSD Futures (a)

       20          Long          2,626,680          Nov-22          (77,452

RBOB Gasoline Futures (a)

       12          Long          1,148,566          Nov-22          (35,808

Soybean Futures (a)

       37          Long          2,524,788          Nov-22          (225,033

Soybean Meal Futures (a)

       68          Long          2,740,400          Dec-22          (63,409

Soybean Oil Futures (a)

       9          Long          332,424          Dec-22          (24,758

WTI Crude Futures (a)

       7          Long          551,040          Nov-22          (11,919

3 Month SOFR Futures

       (654        Short          (156,273,300        Jun-23          558,238  

90-Day Bank Bill Futures

       (198        Short          (125,353,268        Mar-23          (28,486

Amsterdam IDX Futures

       (8        Short          (1,004,587        Oct-22          65,552  

Australian 10-Year Treasury Bond Futures

       (305        Short          (22,848,709        Dec-22          488,264  

Australian 3-Year Treasury Bond Futures

       (477        Short          (32,513,609        Dec-22          367,614  

Australian Dollar Futures

       (355        Short          (22,775,025        Dec-22          1,580,373  

Bank Accept Futures

       (132        Short          (22,821,805        Mar-23          12  

British Pound Futures

       (473        Short          (33,053,831        Dec-22          1,414,457  

CAC40 Index Futures

       (32        Short          (1,807,519        Oct-22          25,430  

Canadian 10-Year Bond Futures

       (142        Short          (12,704,803        Dec-22          80,740  

Canadian Dollar Futures

       (551        Short          (39,889,645        Dec-22          2,052,041  

Cocoa Futures (a)

       (71        Short          (1,671,340        Dec-22          38,934  

Copper Futures (a)

       (111        Short          (9,469,688        Dec-22          539,634  

DAX® Index Futures

       (9        Short          (2,675,673        Dec-22          219,951  

DJIA E-Mini CBOT Futures

       (40        Short          (5,760,200        Dec-22          487,647  

E-mini NASDAQ 100 Futures

       (25        Short          (5,517,750        Dec-22          622,656  

E-mini Russell 2000 Futures

       (51        Short          (4,257,990        Dec-22          328,235  

E-mini S&P 500 Futures

       (39        Short          (7,022,925        Dec-22          633,594  

E-mini S&P Mid Cap 400 Futures

       (18        Short          (3,974,760        Dec-22          244,223  

Euribor 3 Month Futures

       (901        Short          (214,574,268        Mar-23          (378,095

Euro Fx Futures

       (272        Short          (33,529,100        Dec-22          1,006,351  

Euro Stoxx 50® Index Futures

       (60        Short          (1,949,312        Dec-22          142,413  

Euro Stoxx 600 Futures

       (55        Short          (1,044,362        Dec-22          82,135  

Euro-Bobl Futures

       (294        Short          (34,503,999        Dec-22          587,111  

Euro-BTP Futures

       (86        Short          (9,438,120        Dec-22          450,973  

Euro-BTP Futures - Short

       (208        Short          (21,469,442        Dec-22          170,242  

Euro-Bund Futures

       (133        Short          (18,051,639        Dec-22          771,939  

Euro-Buxl® 30 Year Futures

       (51        Short          (7,329,413        Dec-22          653,608  

Euro-OAT Futures

       (198        Short          (25,637,775        Dec-22          1,049,533  

Euro-Schatz Futures

       (1,263        Short          (132,648,668        Dec-22          738,479  

FTSE China A50 Index Futures

       (388        Short          (5,011,408        Oct-22          (1,431

FTSE JSE Top 40 Futures

       (6        Short          (191,639        Dec-22          (2,066

FTSE MIB Index Futures

       (23        Short          (2,313,728        Dec-22          155,578  

FTSE Taiwan Index Futures

       (23        Short          (1,074,100        Oct-22          39,340  

Gold 100 Oz. Futures (a)

       (122        Short          (20,398,400        Dec-22          459,151  

Hang Seng Index Futures

       (44        Short          (4,823,400        Oct-22          150,751  

HSCEI Index Futures

       (98        Short          (3,691,706        Oct-22          139,063  

IBEX 35® Index Futures

       (31        Short          (2,237,107        Oct-22          112,177  

ICE 3 Month Sonia Futures

       (388        Short          (102,889,618        Mar-23          1,683,996  

 

See notes to financial statements.

 

96


GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)

September 30, 2022


 

Description


     Number of
Contracts
Purchased / (Sold)


       Long/Short

       Notional
Value


       Settlement
Month


       Value / Unrealized
Appreciation
(Depreciation)


 

Indian Rupee Futures

       (247        Short        $ (6,044,090        Oct-22        $ 150,440  

Japanese Yen Futures

       (475        Short          (41,345,781        Dec-22          644,847  

LME Aluminium Futures (a)(b)

       (107        Short          (5,780,675        Dec-22          611,104  

LME Copper Futures (a)(b)

       (14        Short          (2,652,650        Dec-22          40,420  

LME Nickel Futures (a)(b)

       (2        Short          (253,104        Dec-22          (26,605

LME Zinc Futures (a)(b)

       (19        Short          (1,416,925        Dec-22          (7,939

Long Gilt Futures

       (203        Short          (21,849,892        Dec-22          2,673,940  

MSCI EAFE Index Futures

       (104        Short          (8,635,120        Dec-22          1,165,134  

MSCI Emerging Markets Index Futures

       (196        Short          (8,540,700        Dec-22          750,525  

MSCI Singapore Index Futures

       (93        Short          (1,817,264        Oct-22          6,673  

New Zealand Dollar Futures

       (529        Short          (29,695,415        Dec-22          2,006,077  

Nikkei 225 Futures

       (4        Short          (718,856        Dec-22          6,063  

OMXS30 Futures

       (155        Short          (2,555,947        Oct-22          129,965  

Platinum Futures (a)

       (33        Short          (1,417,515        Jan-23          68,806  

S&P/TSX 60 Index Futures

       (23        Short          (3,716,364        Dec-22          103,998  

SGX Iron Ore 62% Futures (a)

       (67        Short          (631,408        Nov-22          49,435  

Silver Futures (a)

       (68        Short          (6,473,260        Dec-22          (191,069

South African Rand Futures

       (361        Short          (9,904,938        Dec-22          522,128  

SPI 200 Index Futures

       (14        Short          (1,447,597        Dec-22          1,310  

Sugar No. 11 Futures (a)

       (133        Short          (2,633,613        Feb-23          40,695  

Swiss Franc Futures

       (105        Short          (13,405,875        Dec-22          447,351  

Topix Index Futures

       (5        Short          (636,530        Dec-22          5,577  

U.S. Treasury 10-Year Note Futures

       (291        Short          (32,610,188        Dec-22          1,159,956  

U.S. Treasury 2-Year Note Futures

       (729        Short          (149,729,766        Dec-22          1,683,749  

U.S. Treasury 5-Year Note Futures

       (489        Short          (52,571,321        Dec-22          1,384,424  

U.S. Treasury Long Bond Futures

       (122        Short          (15,421,563        Dec-22          1,043,540  

U.S. Treasury Ultra Bond Futures

       (74        Short          (10,138,000        Dec-22          833,047  

U.S. Ultra 10 Year Future

       (170        Short          (20,142,344        Dec-22          971,961  
                                                  


                                                   $ 32,196,657  
                                                  


 

(a)   All or a portion of this security is held by GuidePath Managed Futures Strategy Cayman Fund Ltd.
(b)   London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)

September 30, 2022


 

Forward
Expiration  Date


 

Counterparty


 

Currency to be  received


 

Amount of
Currency to
be received


   

Currency to be  delivered


 

Amount of
Currency to
be delivered


   

Unrealized
Appreciation
(Depreciation)


 
12/21/2022  

NatWest

 

Chinese Yuan Renminbi

    18,000,000     U.S. Dollar     2,585,907     $ (60,187
12/21/2022  

NatWest

 

Chinese Yuan Renminbi

    11,000,000     U.S. Dollar     1,550,476       (6,980
12/21/2022  

NatWest

 

Swedish Krona

    32,000,000     U.S. Dollar     2,931,051       (31,398
12/21/2022  

NatWest

 

U.S. Dollar

    29,195,152     Chinese Yuan Renminbi     203,000,000       710,646  
12/21/2022  

NatWest

 

U.S. Dollar

    1,216,650     New Turkish Lira     24,000,000       49,846  
12/21/2022  

NatWest

 

U.S. Dollar

    10,045,723     Norwegian Krone     100,000,000       842,230  
12/21/2022  

NatWest

 

U.S. Dollar

    10,153,673     Polish Zloty     47,500,000       709,118  
12/21/2022  

NatWest

 

U.S. Dollar

    35,726,055     Singapore Dollar     49,875,000       959,129  
12/21/2022  

NatWest

 

U.S. Dollar

    3,839,842     Singapore Dollar     5,500,000       5,895  
12/21/2022  

NatWest

 

U.S. Dollar

    21,116,849     Swedish Krona     218,000,000       1,363,579  
                               


                                $ 4,541,878  
                               


 

See notes to financial statements.

 

97


GuidePath Conservative Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 49.89%

       
       

Domestic Fixed Income Funds - 49.89%

       
  133,509    

Schwab Short-Term U.S. Treasury ETF (a)(c)

  $ 6,443,144  
  63,544    

SPDR Bloomberg Investment Grade Floating Rate ETF (a)

    1,925,383  
           


       

Total Investment Companies
(Cost $8,416,893)

    8,368,527  
           


       

SHORT TERM INVESTMENTS - 50.25%

       
       

Money Market Funds - 38.48%

       
  6,454,749    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (b)(c)

    6,454,749  
           


Principal
Amount


           
       

U.S. Treasury Bills - 4.36%

 

  750,000    

0.000%, 06/15/2023

    730,834  
           


       

U.S. Treasury Notes - 7.41%

       
  750,000    

0.125%, 11/30/2022

    746,378  
  500,000    

2.500%, 03/31/2023

    496,770  
           


              1,243,148  
           


       

Total Short Term Investments
(Cost $8,442,554)

    8,428,731  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 12.98%

 

  2,178,040    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (b)

    2,178,040  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,178,040)

    2,178,040  
           


       

Total Investments
(Cost $19,037,487) - 113.12%

    18,975,298  
       

Liabilities in Excess of
Other Assets - (13.12)%

    (2,201,431
           


       

TOTAL NET ASSETS - 100.00%

  $ 16,773,867  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of September 30, 2022.
(c)   Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
 

 

See notes to financial statements.

 

98


GuidePath Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

INVESTMENT COMPANIES - 97.69%

       
       

Domestic Fixed Income Funds - 97.69%

       
  270,415    

iShares Core U.S. Aggregate Bond ETF (a)

  $ 26,051,781  
  368,545    

Vanguard Total Bond Market ETF (a)

    26,288,315  
           


       

Total Investment Companies
(Cost $56,778,708)

    52,340,096  
           


       

SHORT TERM INVESTMENTS - 2.39%

       
       

Money Market Funds - 2.39%

       
  1,281,423    

DWS Government Money Market Series - Institutional Shares
Effective Yield 3.04% (b)

    1,281,423  
           


       

Total Short Term Investments
(Cost $1,281,423)

    1,281,423  
           


       

Total Investments
(Cost $58,060,131) - 100.08%

    53,621,519  
       

Liabilities in Excess of
Other Assets - (0.08)%

    (40,741
           


       

TOTAL NET ASSETS - 100.00%

  $ 53,580,778  
           


Percentages are stated as a percent of net assets.

(a)   Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)   Seven-day yield as of September 30, 2022.
 

 

See notes to financial statements.

 

99


GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

COMMON STOCKS - 33.57%

       
       

Aerospace & Defense - 0.47%

       
  645    

General Dynamics Corp.

  $ 136,850  
  784    

Lockheed Martin Corp.

    302,851  
           


              439,701  
           


       

Air Freight & Logistics - 0.50%

       
  2,894    

United Parcel Service, Inc. - Class B (a)

    467,497  
           


       

Banks - 1.30%

       
  4,220    

Citizens Financial Group, Inc.

    144,999  
  13,225    

Huntington Bancshares, Inc.

    174,306  
  730    

M&T Bank Corp.

    128,714  
  1,002    

PNC Financial Services Group, Inc.

    149,719  
  8,856    

Regions Financial Corp.

    177,740  
  6,242    

Truist Financial Corp. (a)

    271,776  
  4,187    

U.S. Bancorp (a)

    168,820  
           


              1,216,074  
           


       

Beverages - 2.29%

       
  19,104    

Coca-Cola Co.

    1,070,206  
  6,543    

PepsiCo, Inc.

    1,068,210  
           


              2,138,416  
           


       

Biotechnology - 1.52%

       
  5,684    

AbbVie, Inc.

    762,849  
  2,929    

Amgen, Inc. (a)

    660,197  
           


              1,423,046  
           


       

Building Products - 0.23%

       
  4,279    

Johnson Controls International PLC - ADR

    210,612  
           


       

Capital Markets - 1.24%

       
  472    

BlackRock, Inc.

    259,732  
  3,205    

Blackstone, Inc. (a)

    268,258  
  1,272    

CME Group, Inc.

    225,309  
  3,634    

State Street Corp.

    220,984  
  1,783    

T. Rowe Price Group, Inc. (a)

    187,233  
           


              1,161,516  
           


       

Chemicals - 0.66%

       
  1,374    

Air Products & Chemicals, Inc.

    319,771  
  3,976    

LyondellBasell Industries NV - Class A - ADR

    299,313  
           


              619,084  
           


       

Communications Equipment - 0.76%

       
  17,803    

Cisco Systems, Inc.

    712,120  
           


       

Consumer Finance - 0.50%

       
  3,364    

Capital One Financial Corp.

    310,059  
  5,624    

Synchrony Financial

    158,541  
           


              468,600  
           


       

Diversified Telecommunication Services - 1.14%

       
  20,633    

AT&T, Inc.

    316,510  
  19,760    

Verizon Communications, Inc.

    750,287  
           


              1,066,797  
           


       

Electric Utilities - 1.41%

       
  2,144    

American Electric Power Co., Inc.

    185,349  
  999    

Eversource Energy

    77,882  
  10,020    

NextEra Energy, Inc.

    785,668  
  4,197    

Xcel Energy, Inc.

    268,608  
           


              1,317,507  
           


Number of
Shares


       

Value


 
       

Electrical Equipment - 0.79%

       
  2,948    

Eaton Corp. PLC - ADR

  $ 393,145  
  4,712    

Emerson Electric Co.

    345,013  
           


              738,158  
           


       

Food Products - 0.96%

       
  2,765    

Archer-Daniels-Midland Co.

    222,444  
  4,472    

General Mills, Inc.

    342,600  
  5,976    

Mondelez International, Inc. - Class A

    327,664  
           


              892,708  
           


       

Health Care Equipment & Supplies - 0.46%

       
  5,334    

Medtronic PLC - ADR

    430,721  
           


       

Health Care Providers & Services - 0.52%

       
  5,094    

CVS Health Corp.

    485,815  
           


       

Hotels, Restaurants & Leisure - 1.31%

       
  3,659    

McDonald’s Corp.

    844,278  
  4,540    

Starbucks Corp.

    382,540  
           


              1,226,818  
           


       

Household Durables - 0.12%

       
  861    

Whirlpool Corp. (a)

    116,071  
           


       

Household Products - 1.80%

       
  5,673    

Colgate-Palmolive Co.

    398,528  
  1,744    

Kimberly-Clark Corp.

    196,270  
  8,589    

Procter & Gamble Co.

    1,084,361  
           


              1,679,159  
           


       

Industrial Conglomerates - 1.18%

       
  4,566    

3M Co.

    504,543  
  3,583    

Honeywell International, Inc.

    598,253  
           


              1,102,796  
           


       

Insurance - 1.28%

       
  5,265    

Aflac, Inc.

    295,893  
  3,215    

Hartford Financial Services Group, Inc.

    199,137  
  4,857    

Progressive Corp.

    564,432  
  899    

Travelers Cos., Inc.

    137,727  
           


              1,197,189  
           


       

IT Services - 1.26%

       
  1,941    

Automatic Data Processing, Inc.

    439,035  
  4,814    

International Business Machines Corp.

    571,951  
  1,451    

Paychex, Inc.

    162,817  
           


              1,173,803  
           


       

Leisure Products - 0.07%

       
  904    

Hasbro, Inc. (a)

    60,948  
           


       

Machinery - 0.64%

       
  1,315    

Cummins, Inc.

    267,616  
  1,122    

Illinois Tool Works, Inc.

    202,689  
  1,540    

PACCAR, Inc.

    128,883  
           


              599,188  
           


       

Media - 0.56%

       
  12,814    

Comcast Corp. - Class A

    375,835  
  7,524    

Paramount Global - Class B (a)

    143,257  
           


              519,092  
           


       

Metals & Mining - 0.20%

       
  1,731    

NUCOR Corp. (a)

    185,200  
           


 

 

See notes to financial statements.

 

100


GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2022


 

Number of
Shares


       

Value


 
       

Multi-Utilities - 0.98%

       
  3,155    

Ameren Corp.

  $ 254,135  
  2,159    

Consolidated Edison, Inc.

    185,156  
  1,689    

DTE Energy Co.

    194,319  
  1,856    

Sempra Energy

    278,289  
           


              911,899  
           


       

Oil, Gas & Consumable Fuels - 0.40%

       
  3,801    

Marathon Petroleum Corp.

    377,553  
           


       

Pharmaceuticals - 4.11%

       
  11,105    

Bristol-Myers Squibb Co.

    789,454  
  7,386    

Johnson & Johnson

    1,206,579  
  11,532    

Merck & Co., Inc.

    993,136  
  19,245    

Pfizer, Inc.

    842,161  
           


              3,831,330  
           


       

Road & Rail - 0.38%

       
  1,824    

Union Pacific Corp.

    355,352  
           


       

Semiconductors & Semiconductor Equipment - 2.46%

 

  953    

Analog Devices, Inc.

    132,791  
  1,162    

Broadcom, Inc.

    515,940  
  15,321    

Intel Corp.

    394,822  
  5,317    

QUALCOMM, Inc.

    600,715  
  4,237    

Texas Instruments, Inc.

    655,802  
           


              2,300,070  
           


       

Specialty Retail - 1.52%

       
  1,758    

Advance Auto Parts, Inc. (a)

    274,846  
  897    

Best Buy Co., Inc.

    56,816  
  3,927    

Home Depot Inc.

    1,083,616  
           


              1,415,278  
           


       

Technology Hardware, Storage & Peripherals - 0.19%

 

  7,006    

HP, Inc.

    174,590  
           


       

Tobacco - 0.36%

       
  4,057    

Philip Morris International, Inc.

    336,772  
           


       

Total Common Stocks
(Cost $30,056,549)

    31,351,480  
           


       

INVESTMENT COMPANIES - 35.75%

       
       

Domestic Equity Funds - 35.15%

       
  197,610    

Global X MLP ETF

    7,793,738  
  263,718    

Vanguard High Dividend Yield ETF (d)

    25,021,564  
           


              32,815,302  
           


       

Domestic Fixed Income Funds - 0.60%

       
  6,142    

SPDR Bloomberg 1-3 Month T-Bill ETF (a)

    562,607  
           


       

Total Investment Companies
(Cost $37,759,042)

    33,377,909  
           


       

SHORT TERM INVESTMENTS - 31.86%

       
       

Money Market Funds - 22.34%

       
  20,862,706    

DWS Government Money Market Series - Institutional Shares
Effective Yield, 3.04% (b)

    20,862,706  
           


Principal
Amount


       

Value


 
       

U.S. Treasury Notes - 9.52%

 

  3,000,000    

0.125%, 11/30/2022 (c)

  $ 2,985,514  
  3,000,000    

2.500%, 03/31/2023 (c)

    2,980,619  
  3,000,000    

0.000%, 06/15/2023

    2,923,337  
           


              8,889,470  
           


       

Total Short Term Investments
(Cost $29,818,021)

    29,752,176  
           


Number of
Units


           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 3.08%

 

  2,875,955    

Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 3.18% (b)

    2,875,955  
           


       

Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,875,955)

    2,875,955  
           


       

Total Investments
(Cost $100,509,567) - 104.26%

    97,357,520  
       

Liabilities in Excess of
Other Assets - (4.26)%

    (3,975,799
           


       

TOTAL NET ASSETS - 100.00%

  $ 93,381,721  
           


Percentages are stated as a percent of net assets.

(a)   All or portion of this security is on loan.
(b)   Seven-day yield as of September 30, 2022.
(c)   All or a portion of this security is held as collateral for certain written options contracts. The approximate value of the portion on these securities held as collateral is $5,468,580.
(d)   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.

Glossary of Terms

ADR   -   American Depositary Receipt
 

 

See notes to financial statements.

 

101


GuidePath Growth and Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2022


 

Description


     Number of
Contracts
Purchased / (Sold)


       Long/Short

       Notional
Value


       Settlement
Month


     Value / Unrealized
Appreciation
(Depreciation)


 

E-mini S&P 500 Futures

       (63        Short        $ (11,344,725      Dec-22      $ 856,263  
                                              


                                               $ 856,263  
                                              


GuidePath Growth and Income Fund

SCHEDULE OF OPTIONS WRITTEN (Unaudited)

September 30, 2022


 

Notional
Amount


   

Number of
Contracts


       

Value


 
                Options on Equities        
                Put Options        
$ 3,930,000       10    

CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: October 14, 2022
Exercise Price: $3,930.00

  $ (290,620
  3,925,000       10    

CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: October 21, 2022
Exercise Price: $3,925.00

    (310,000
  5,917,500       15    

CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: October 21, 2022
Exercise Price: $3,945.00

    (523,800
  3,940,000       10    

S&P 500 Index
Counterparty: Interactive Brokers
Expiration: October 28, 2022
Exercise Price: $3,940.00

    (347,200
  3,870,000       10    

S&P 500 Index
Counterparty: Interactive Brokers
Expiration: November 4, 2022
Exercise Price: $3,870.00

    (292,150
  3,670,000       10    

S&P 500 Index
Counterparty: Interactive Brokers
Expiration: November 11, 2022
Exercise Price: $3,670.00

    (164,000
                   


               

Total Written Options
(Premiums Received $813,670)

  $ (1,927,770
                   


 

See notes to financial statements.

 

102


GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2022 (Unaudited)


 

     Large Cap
Core Fund


    Emerging
Markets Fund


     Small/Mid Cap
Core Fund


 

ASSETS:

                         

Investments, at value (cost $389,230,273, $48,398,047 and $99,588,226, respectively)1

   $ 522,674,206     $ 46,797,862      $ 110,738,588  

Foreign currencies (cost $0, $3,684, and $0, respectively)

           3,664         

Cash

           14,437         

Income receivable

     371,829       116,034        82,377  

Receivable for dividend reclaims

           2,101         

Receivable for investment securities sold

                  45,430  

Receivable for fund shares sold

     581,151       34,815        108,752  

Other assets

     42,042       21,603        30,489  
    


 


  


Total Assets

     523,669,228       46,990,516        111,005,636  
    


 


  


LIABILITIES:

                         

Payable for collateral on securities loaned

     50,893,955       2,132,591        22,782,871  

Payable for fund shares redeemed

     310,153       27,605        59,480  

Payable to Investment Advisor

     268,962       6,021        64,011  

Payable to custodian

     6,278       17,636        3,319  

Accrued Trustee fees and expenses

     4,487       401        1,004  

Accrued shareholder servicing fees

     29,429       7,062        5,878  

Deferred tax

           172,069         

Other accrued expenses

     135,887       27,009        52,014  
    


 


  


Total Liabilities

     51,649,151       2,390,394        22,968,577  
    


 


  


NET ASSETS

   $ 472,020,077     $ 44,600,122      $ 88,037,059  
    


 


  


NET ASSETS CONSIST OF:

                         

Capital stock

     294,494,817       39,989,143        75,584,577  

Total distributable earnings

     177,525,260       4,610,979        12,452,482  
    


 


  


Total Net Assets

   $ 472,020,077     $ 44,600,122      $ 88,037,059  
    


 


  


Institutional Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

     64               

Net assets

     1,499               

Net asset value, offering and redemption price per share

   $ 23.286 2     $      $  
    


 


  


Service Shares

                         

Shares outstanding (unlimited shares of no par value authorized)

     20,608,047       4,259,797        5,741,911  

Net assets

     472,018,578       44,600,122        88,037,059  

Net asset value, offering and redemption price per share

   $ 22.905     $ 10.470      $ 15.332  
    


 


  


1Includes loaned securities with a value of:

   $ 49,248,446     $ 2,084,034      $ 22,076,583  
    


 


  


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

                         

 

See notes to financial statements.

 

103


GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2022 (Unaudited)


 

     World
ex-US Fund


    Core
Fixed Income
Fund


    Growth
Allocation
Fund


 

ASSETS:

                        

Investments, at value (cost $85,936,191, $235,029,543 and $857,183,002 respectively)1

   $ 88,335,813     $ 208,936,700     $ 986,263,265  

Foreign currencies (cost $168,631, $0, and $0, respectively)

     164,572              

Variation margin on futures

           68,438        

Cash

           21,340        

Appreciation on swap agreements

           152,604        

Income receivable

     277,967       1,158,289       856,495  

Receivable for dividend and interest reclaims

     399,607       2,324        

Receivable for investment securities sold

           264,803       93,927  

Receivable for fund shares sold

     102,388       211,195       894,043  

Other assets

     23,017       25,466       68,161  
    


 


 


Total Assets

     89,303,364       210,841,159       988,175,891  
    


 


 


LIABILITIES:

                        

Options written at value (Premium received $0, $94,809 and $0, respectively)

           116,999        

Payable for collateral on securities loaned

     4,133,164       3,061,000       157,022,731  

Payable for investment securities purchased

           29,041,652        

Payable for fund shares redeemed

     42,289       366,728       390,685  

Payable to Investment Advisor

     30,228       89,750       376,201  

Payable to custodian

     21,370       4,562       12,985  

Accrued Trustee fees and expenses

     853       2,094       10,689  

Accrued shareholder servicing fees

     11,318       11,738       84,825  

Swap premiums received

           6,467        

Due to broker for swaps for margin

           143,868        

Other accrued expenses

     96,479       92,138       196,477  
    


 


 


Total Liabilities

     4,335,701       32,936,996       158,094,593  
    


 


 


NET ASSETS

   $ 84,967,663     $ 177,904,163     $ 830,081,298  
    


 


 


NET ASSETS CONSIST OF:

                        

Capital stock

     76,890,445       211,876,028       686,597,535  

Total distributable earnings (loss)

     8,077,218       (33,971,865     143,483,763  
    


 


 


Total Net Assets

   $ 84,967,663     $ 177,904,163     $ 830,081,298  
    


 


 


Institutional Shares

                        

Shares outstanding (unlimited shares of no par value authorized)

     25             468  

Net assets

     209             5,893  

Net asset value, offering and redemption price per share

   $ 8.218 2     $     $ 12.598 2  
    


 


 


Service Shares

                        

Shares outstanding (unlimited shares of no par value authorized)

     10,719,271       22,352,335       66,391,389  

Net assets

     84,967,454       177,904,163       830,075,405  

Net asset value, offering and redemption price per share

   $ 7.927     $ 7.959     $ 12.503  
    


 


 


1Includes loaned securities with a value of:

   $ 3,987,586     $ 3,005,026     $ 152,147,653  
    


 


 


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

                        

 

See notes to financial statements.

 

104


GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2022 (Unaudited)


 

     Conservative
Allocation
Fund


    Tactical
Allocation
Fund


    Absolute
Return
Allocation
Fund


 

ASSETS:

                        

Investments, at value (cost $493,014,009, $498,051,042 and $409,647,516, respectively)1

   $ 483,478,472     $ 497,566,906     $ 394,377,485  

Income receivable

     216,359       682,233       218,995  

Receivable for investment securities sold

     209,418       45,240,970       486,895  

Receivable for fund shares sold

     478,119       499,719       367,043  

Other assets

     62,716       30,203       211,451  
    


 


 


Total Assets

     484,445,084       544,020,031       395,661,869  
    


 


 


LIABILITIES:

                        

Payable for collateral on securities loaned

     104,331,390       30,932,216       60,309,447  

Payable for investment securities purchased

     152,047       43,903,541        

Payable for fund shares redeemed

     273,841       358,318       419,225  

Payable to Investment Advisor

     126,981       140,232       136,892  

Payable to custodian

     9,532       12,095       3,760  

Accrued Trustee fees and expenses

     4,915       5,146       4,676  

Accrued shareholder servicing fees

     34,181       38,379       35,969  

Other accrued expenses

     101,501       200,871       277,937  
    


 


 


Total Liabilities

     105,034,388       75,590,798       61,187,906  
    


 


 


NET ASSETS

   $ 379,410,696     $ 468,429,233     $ 334,473,963  
    


 


 


NET ASSETS CONSIST OF:

                        

Capital stock

     396,113,281       475,538,358       368,462,395  

Total distributable earnings (loss)

     (16,702,585     (7,109,125     (33,988,432
    


 


 


Total Net Assets

   $ 379,410,696     $ 468,429,233     $ 334,473,963  
    


 


 


Institutional Shares

                        

Shares outstanding (unlimited shares of no par value authorized)

     966       47,266       2,590  

Net assets

     9,204       496,464       23,851  

Net asset value, offering and redemption price per share

   $ 9.528     $ 10.504     $ 9.208 2  
    


 


 


Service Shares

                        

Shares outstanding (unlimited shares of no par value authorized)

     40,273,520       45,013,700       36,291,435  

Net assets

     379,401,492       467,932,769       334,450,112  

Net asset value, offering and redemption price per share

   $ 9.421     $ 10.395     $ 9.216  
    


 


 


1Includes loaned securities with a value of:

   $ 101,248,469     $ 30,183,971     $ 58,851,434  
    


 


 


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

                        

 

See notes to financial statements.

 

105


GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2022 (Unaudited)


 

     Multi-Asset
Income
Allocation
Fund


    Flexible
Income
Allocation
Fund


    Managed2
Futures
Strategy
Fund


 

ASSETS:

                        

Investments, at value (cost $105,336,483, $420,335,567 and $558,199,381, respectively)1

   $ 105,176,891     $ 405,996,071     $ 557,979,800  

Income receivable

     259,618       149,554       778,847  

Deposits with broker for futures

                 8,497,695  

Receivable for investment securities sold

     63,668       370,311        

Receivable for fund shares sold

     434,680       198,176       1,371,018  

Receivable for unsettled open futures contracts

                 667,849  

Appreciation on forward currency contracts

                 4,640,443  

Other assets

     48,407       236,460       31,130  
    


 


 


Total Assets

     105,983,264       406,950,572       573,966,782  
    


 


 


LIABILITIES:

                        

Depreciation on forward currency contracts

                 98,565  

Variation margin on futures

                 36,288  

Payable for collateral on securities loaned

     23,811,535       98,791,695        

Payable for fund shares redeemed

     130,722       1,253,122       355,549  

Payable for unsettled open futures contracts

                 515,322  

Payable to Investment Advisor

     43,717       278,315       529,618  

Payable to custodian

     5,016       4,973       1,310  

Accrued Trustee fees and expenses

     1,075       3,731       3,739  

Accrued shareholder servicing fees

     7,628       28,638       41,041  

Other accrued expenses

     38,430       83,672       88,109  
    


 


 


Total Liabilities

     24,038,123       100,444,146       1,669,541  
    


 


 


NET ASSETS

   $ 81,945,141     $ 306,506,426     $ 572,297,241  
    


 


 


NET ASSETS CONSIST OF:

                        

Capital stock

     90,261,980       357,228,854       458,916,604  

Total distributable earnings (loss)

     (8,316,839     (50,722,428     113,380,637  
    


 


 


Total Net Assets

   $ 81,945,141     $ 306,506,426     $ 572,297,241  
    


 


 


Institutional Shares

                        

Shares outstanding (unlimited shares of no par value authorized)

           846       412  

Net assets

           7,600       5,258  

Net asset value, offering and redemption price per share

   $     $ 8.984 3    $ 12.775 3 
    


 


 


Service Shares

                        

Shares outstanding (unlimited shares of no par value authorized)

     8,704,778       34,433,404       46,172,525  

Net assets

     81,945,141       306,498,826       572,291,983  

Net asset value, offering and redemption price per share

   $ 9.414     $ 8.901     $ 12.395  
    


 


 


1Includes loaned securities with a value of:

   $ 23,125,744     $ 96,118,055     $  
    


 


 


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.

 

106


GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2022 (Unaudited)


 

     Conservative
Income
Fund


    Income
Fund


    Growth &
Income
Fund


 

ASSETS:

                        

Investments, at value (cost $19,037,487, $58,060,131, and $100,509,567 respectively)1

   $ 18,975,298     $ 53,621,519     $ 97,357,520  

Cash

                 37,500  

Income receivable

     12,379       2,625       94,271  

Receivable for investment securities sold

     3,530,028              

Receivable for fund shares sold

     490              

Deposits with broker for futures

                 796,529  

Other assets

     11,257       12,512       12,598  
    


 


 


Total Assets

     22,529,452       53,636,656       98,298,418  
    


 


 


LIABILITIES:

                        

Options written, at value (premiums received $0, $0, and $602,250)

                 1,927,770  

Payable for collateral on securities loaned

     2,178,040             2,875,955  

Payable for investment securities purchased

     3,551,262              

Payable for fund shares redeemed

     2,490              

Payable to Investment Advisor

     7,999       32,027       55,057  

Payable to custodian

     246       550       3,613  

Payable for audit and tax fees

     7,979       7,978       10,727  

Payable for legal fees

     762       2,897        

Payable for printing and mailing fees

     872       3,791        

Payable for transfer agent fees and expenses

     524       593       629  

Accrued Trustee fees and expenses

     225       589       1,046  

Other accrued expenses

     5,186       7,453       41,900  
    


 


 


Total Liabilities

     5,755,585       55,878       4,916,697  
    


 


 


NET ASSETS

   $ 16,773,867     $ 53,580,778     $ 93,381,721  
    


 


 


NET ASSETS CONSIST OF:

                        

Capital stock

     17,320,071       63,723,550       101,110,282  

Total distributable earnings (loss)

     (546,204     (10,142,772     (7,728,561
    


 


 


Total Net Assets

   $ 16,773,867     $ 53,580,778     $ 93,381,721  
    


 


 


Shares outstanding (unlimited shares of no par value authorized)

     1,746,359       6,470,509       9,684,379  

Net assets

     16,773,867       53,580,778       93,381,721  

Net asset value, offering and redemption price per share

   $ 9.605     $ 8.281     $ 9.643  
    


 


 


1Includes loaned securities with a value of:

   $ 2,112,151     $     $ 10,297,136  
    


 


 


 

See notes to financial statements.

 

107


GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS

For the Period Ended September 30, 2022 (Unaudited)


 

     Large Cap
Core Fund


    Emerging
Markets Fund


    Small/Mid Cap
Core Fund


 

INVESTMENT INCOME:

                        

Dividend income (net of withholding tax of $638, $186,910, and $768, respectively)

   $ 4,259,504     $ 1,505,984     $ 771,647  

Interest income

     25,860       1,438       5,410  
    


 


 


Total investment income

     4,285,364       1,507,422       777,057  
    


 


 


EXPENSES:

                        

Investment advisory fees

     1,221,995       165,271       282,396  

Administrative service fees – Service Shares

     673,038       69,105       123,271  

Shareholder servicing fees – Service Shares

     271,536       28,012       49,543  

Administration fees

     53,009       17,205       19,817  

Reports to shareholders

     48,397       6,472       12,900  

Fund accounting fees

     45,833       54,009       34,060  

Legal fees

     44,160       14,851       7,441  

Trustee fees and expenses

     30,429       3,202       5,063  

Federal and state registration fees

     21,257       18,633       19,305  

Custody fees

     16,051       96,642       5,714  

Audit and tax fees

     11,591       16,502       12,049  

Compliance fees

     7,901       793       1,373  

Transfer agent fees and expenses

     7,869       2,410       2,838  

Insurance fees

     5,338       731       792  

Miscellaneous expenses

     822       1,799       579  

Interest expenses

           1,785        
    


 


 


Total expenses

     2,459,226       497,422       577,141  
    


 


 


Fees waived by the Advisor (See Note 4)

           (101,091      

Less securities lending credit (See Note 6)

     (70,592     (2,377     (56,231
    


 


 


Net expenses

     2,388,634       393,954       520,910  
    


 


 


Net investment income

     1,896,730       1,113,468       256,147  
    


 


 


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                        

Net realized gain (loss) on:

                        

Investments (net of foreign capital gains tax of $0, $85,927, and $0, respectively)

     31,674,772       1,338,277       1,566,703  

Foreign currencies

           (13,546      
    


 


 


Total

     31,674,772       1,324,731       1,566,703  
    


 


 


Net change in unrealized appreciation (depreciation) on:

                        

Investments (net change in deferred foreign capital gains tax of $0, $259,274, and $0, respectively)

     (162,842,345     (16,886,919     (23,360,968

Foreign currencies

           524        
    


 


 


Total

     (162,842,345     (16,886,395     (23,360,968
    


 


 


Net realized and unrealized gain (loss)

     (131,167,573     (15,561,664     (21,794,265
    


 


 


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ (129,270,843   $ (14,448,196   $ (21,538,118
    


 


 


 

See notes to financial statements.

 

108


GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2022 (Unaudited)


 

     World
ex-US Fund


    Core
Fixed Income
Fund


    Growth
Allocation
Fund


 

INVESTMENT INCOME:

                        

Dividend income (net of withholding tax of $290,327, $0, and $0, respectively)

   $ 2,168,729     $     $ 7,029,029  

Interest income

     3,395       2,770,001       70,282  
    


 


 


Total investment income

     2,172,124       2,770,001       7,099,311  
    


 


 


EXPENSES:

                        

Investment advisory fees

     251,554       385,835       1,285,432  

Administrative service fees – Service Shares

     125,144       239,089       1,284,739  

Shareholder servicing fees – Service Shares

     50,308       96,459       514,101  

Administration fees

     24,763       21,130       76,648  

Reports to shareholders

     36,879       11,986       49,316  

Fund accounting fees

     54,254       123,294       61,087  

Legal fees

     12,104       13,418       70,930  

Trustee fees and expenses

     5,642       9,763       53,683  

Federal and state registration fees

     19,334       19,883       32,492  

Custody fees

     55,699       17,513       34,728  

Audit and tax fees

     14,062       13,056       8,480  

Compliance fees

     1,465       2,655       14,372  

Transfer agent fees and expenses

     2,960       3,722       12,384  

Insurance fees

     1,036       1,739       9,242  

Miscellaneous expenses

     610       579       912  

Interest expenses

     160             58,400  
    


 


 


Total expenses

     655,974       960,121       3,566,946  
    


 


 


Fees waived by the Advisor (See Note 4)

     (75,413     (48,278      

Less securities lending credit (See Note 6)

     (6,868     (5,131     (233,814
    


 


 


Net expenses

     573,693       906,712       3,333,132  
    


 


 


Net investment income

     1,598,431       1,863,289       3,766,179  
    


 


 


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                        

Net realized gain (loss) on:

                        

Investments

     2,065,144       (9,050,348     (12,604,878

Foreign currencies

     8,372              

Swaps

           (170,020      

Net long-term capital gain distributions received

                 4,368,149  

Futures contracts

           1,737,673        

Options written

           485,725        
    


 


 


Total

     2,073,516       (6,996,970     (8,236,729
    


 


 


Net change in unrealized appreciation (depreciation) on:

                        

Investments

     (29,622,124     (16,594,280     (236,284,584

Foreign currencies

     (55,491            

Swaps

           (134,303      

Futures contracts

           612,434        

Options written

           (31,021        
    


 


 


Total

     (29,677,615     (16,147,170     (236,284,584
    


 


 


Net realized and unrealized gain (loss)

     (27,604,099     (23,144,140     (244,521,313
    


 


 


NET INCREASE (DERCREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $ (26,005,668   $ (21,280,851   $ (240,755,134
    


 


 


 

See notes to financial statements.

 

109


GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2022 (Unaudited)


 

     Conservative
Allocation
Fund


    Tactical
Allocation
Fund


    Absolute
Return
Allocation
Fund


 

INVESTMENT INCOME:

                        

Dividend income

   $ 6,634,796     $ 2,891,504     $ 5,057,695  

Interest income

     31,074       1,508,459       59,676  
    


 


 


Total investment income

     6,665,870       4,399,963       5,117,371  
    


 


 


EXPENSES:

                        

Investment advisory fees

     577,944       866,006       591,132  

Administrative service fees – Service Shares

     577,872       617,888       422,164  

Shareholder servicing fees – Service Shares

     231,149       247,155       168,866  

Administration fees

     39,978       41,136       19,153  

Reports to shareholders

     36,164       48,341       23,351  

Fund accounting fees

     30,470       30,716       18,457  

Legal fees

     27,630       31,837       11,710  

Trustee fees and expenses

     24,312       24,953       13,831  

Federal and state registration fees

     22,601       19,307       44,507  

Custody fees

     27,926       21,723       16,807  

Audit and tax fees

     8,420       8,420       7,992  

Compliance fees

     6,531       6,745       4,031  

Transfer agent fees and expenses

     6,743       6,774       4,639  

Insurance fees

     3,996       3,965       1,616  

Miscellaneous expenses

     731       731       640  

Interest expenses

     26,856             42,974  
    


 


 


Total expenses

     1,649,323       1,975,697       1,391,870  
    


 


 


Fees waived by the Advisor (See Note 4)

     (314,257           (275,043

Less securities lending credit (See Note 6)

     (268,012     (24,822     (145,033
    


 


 


Net expenses

     1,067,054       1,950,875       971,794  
    


 


 


Net investment income

     5,598,816       2,449,088       4,145,577  
    


 


 


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                        

Net realized gain (loss) on:

                        

Investments

     (9,516,977     (26,454,798     (20,037,028

Net long-term capital gain distributions received

     367,506             5,463  
    


 


 


Total

     (9,149,471     (26,454,798     (20,031,565
    


 


 


Net change in unrealized depreciation on:

                        

Investments

     (63,492,412     (21,849,825     (13,771,239
    


 


 


Total

     (63,492,412     (21,849,825     (13,771,239
    


 


 


Net realized and unrealized gain (loss)

     (72,641,883     (48,304,623     (33,802,804
    


 


 


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $ (67,043,067   $ (45,855,535   $ (29,657,227
    


 


 


 

See notes to financial statements.

 

110


GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2022 (Unaudited)


 

     Multi-Asset
Income
Allocation
Fund


    Flexible
Income
Allocation
Fund


    Managed1
Futures
Strategy
Fund


 

INVESTMENT INCOME:

                        

Dividend income

   $ 2,100,499     $ 3,549,060     $  

Interest income

     35,903       165,025       2,523,807  
    


 


 


Total investment income

     2,136,402       3,714,085       2,523,807  
    


 


 


EXPENSES:

                        

Investment advisory fees

     178,468       421,948       1,757,954  

Administrative service fees – Service Shares

     127,477       421,939       418,514  

Shareholder servicing fees – Service Shares

     50,991       168,775       167,406  

Administration fees

     8,629       23,327       19,190  

Reports to shareholders

     3,330       15,470       34,348  

Fund accounting fees

     6,526       22,358       27,337  

Legal fees

     6,129       18,053       17,229  

Trustee fees and expenses

     5,369       17,175       13,580  

Federal and state registration fees

     17,509       33,029       21,513  

Custody fees

     14,013       14,038       6,282  

Audit and tax fees

     7,992       8,236       16,716  

Compliance fees

     1,465       4,669       3,816  

Transfer agent fees and expenses

     2,380       5,310       4,579  

Insurance fees

     1,038       2,562       1,648  

Miscellaneous expenses

     519       640       579  

Interest expenses

     5,946       7,019        
    


 


 


Total expenses

     437,781       1,184,548       2,510,691  
    


 


 


Fees waived by the Advisor (See Note 4)

           (199,581      

Less securities lending credit (See Note 6)

     (135,990     (134,065     (268
    


 


 


Net expenses

     301,791       850,902       2,510,423  
    


 


 


Net investment income

     1,834,611       2,863,183       13,384  
    


 


 


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                        

Net realized gain (loss) on:

                        

Investments

     (990,607     (34,517,682     (2,818

Investments in affiliates

           203,944        

Foreign currencies

                 (833,634

Forward currency contracts

                 821,867  

Futures contracts

                 68,066,678  

Net long-term capital gain distributions received

     328       17,270        
    


 


 


Total

     (990,279     (34,296,468     68,052,093  
    


 


 


Net change in unrealized appreciation (depreciation) on:

                        

Investments

     (16,827,358     (4,748,328     (208,633

Investments in affiliates

           1,141,113        

Foreign currencies

                 197,660  

Forward currency contracts

                 6,359,336  

Futures contracts

                 14,824,438  
    


 


 


Total

     (16,827,358     (3,607,215     21,172,801  
    


 


 


Net realized and unrealized gain (loss)

     (17,817,637     (37,903,683     89,224,894  
    


 


 


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $ (15,983,026   $ (35,040,500   $ 89,238,278  
    


 


 


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

                        

 

See notes to financial statements.

 

111


GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

For the Period Ended September 30, 2022 (Unaudited)


 

     Conservative
Income
Fund


    Income
Fund


    Growth &
Income
Fund


 

INVESTMENT INCOME:

                        

Dividend income

   $ 122,790     $ 612,432     $ 1,191,699  

Interest income

     53,169             169,767  
    


 


 


Total investment income

     175,959       612,432       1,361,466  
    


 


 


EXPENSES:

                        

Investment advisory fees

     32,805       123,836       219,362  

Administrative service fees

     23,433       68,798       121,868  

Shareholder servicing fees

     52       179       440  

Reports to shareholders

     855       976       1,281  

Administration fees

     1,252       3,570       7,529  

Legal fees

     1,250       3,263       10,612  

Fund accounting fees

     1,160       2,777       7,012  

Trustee fees and expenses

     855       2,532       5,124  

Federal and state registration fees

     14,029       14,914       13,725  

Custody fees

     549       1,465       13,087  

Audit and tax fees

     7,992       7,992       10,768  

Transfer agent fees and expenses

     1,922       2,106       2,319  

Compliance fees

     183       549       1,067  

Insurance fees

     121       274       762  

Miscellaneous expenses

     244       305       305  

Interest expenses

                 36,402  
    


 


 


Total expenses

     86,702       233,536       451,663  
    


 


 


Fees waived by the Advisor (See Note 4)

     (16,163     (12,271     (2,958

Fees recouped by the Advisor (See Note 4)

           584       8,730  

Less securities lending credit (See Note 6)

     (10,552     (4,448     (35,931
    


 


 


Net expenses

     59,987       217,401       421,504  
    


 


 


Net investment income

     115,972       395,031       939,962  
    


 


 


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

                        

Net realized gain (loss) on:

                        

Investments

     (301,093     (2,605,846     436,443  

Options written

                 (1,539,912

Futures contracts

                 (469,254
    


 


 


Total

     (301,093     (2,605,846     (1,572,723
    


 


 


Net change in unrealized appreciation (depreciation) on:

                        

Investments

     (15,051     (3,146,137     (10,406,036

Options written

                 (1,702,890

Futures contracts

                 802,234  
    


 


 


Total

     (15,051     (3,146,137     (11,306,692
    


 


 


Net realized and unrealized gain (loss)

     (316,144     (5,751,983     (12,879,415
    


 


 


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $ (200,172   $ (5,356,952   $ (11,939,453
    


 


 


 

See notes to financial statements.

 

112


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS

 


 

     Large Cap Core Fund

    Emerging Markets Fund

 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income

   $ 1,896,730     $ 2,272,053     $ 1,113,468     $ 1,217,861  

Net realized gain on investment transactions

     31,674,772       33,586,242       1,324,731       8,873,790  

Net change in unrealized appreciation (depreciation) on investments

     (162,842,345     35,262,507       (16,886,395     (18,511,855
    


 


 


 


Net increase (decrease) in net assets resulting from operations

     (129,270,843     71,120,802       (14,448,196     (8,420,204
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Institutional Shares

                                

Shares sold

     2,513       68,056              

Shares issued to holders in reinvestment of dividends

           11,114              

Shares redeemed

     (192,141     (532,561            
    


 


 


 


Net decrease

     (189,628     (453,391            
    


 


 


 


Service Shares

                                

Shares sold

     141,350,553       184,811,275       2,698,960       12,108,881  

Shares issued to holders in reinvestment of dividends

           21,862,003             7,603,555  

Shares redeemed

     (232,015,164     (166,111,709     (15,430,675     (28,803,390
    


 


 


 


Net increase (decrease)

     (90,664,611     40,561,569       (12,731,715     (9,090,954
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions – Institutional Shares

           (11,114            

Net dividends and distributions – Service Shares

           (21,862,004           (7,604,672
    


 


 


 


Total dividends and distributions

           (21,873,118           (7,604,672
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     (220,125,082     89,355,862       (27,179,911     (25,115,830

NET ASSETS:

                                

Beginning of year

     692,145,159       602,789,297       71,780,033       96,895,863  
    


 


 


 


End of year

   $ 472,020,077     $ 692,145,159     $ 44,600,122     $ 71,780,033  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Institutional Shares

                                

Shares sold

     91       2,293              

Shares issued to holders in reinvestment of dividends

           356              

Shares redeemed

     (7,078     (18,931            
    


 


 


 


Net decrease

     (6,987     (16,282            
    


 


 


 


Service Shares

                                

Shares sold

     5,545,529       6,340,347       221,179       768,538  

Shares issued to holders in reinvestment of dividends

           710,405             522,653  

Shares redeemed

     (8,965,321     (5,674,316     (1,249,651     (1,874,588
    


 


 


 


Net increase (decrease)

     (3,419,792     1,376,436       (1,028,472     (583,397
    


 


 


 


 

See notes to financial statements.

 

113


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Small/Mid Cap Core Fund

    World ex-US Fund

 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income

   $ 256,147     $ 10,830     $ 1,598,431     $ 1,685,046  

Net realized gain on investment transactions

     1,566,703       7,166,955       2,073,516       6,684,551  

Net change in unrealized depreciation on investments

     (23,360,968     (6,144,525     (29,677,615     (8,039,202
    


 


 


 


Net increase (decrease) in net assets resulting from operations

     (21,538,118     1,033,260       (26,005,668     330,395  
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Institutional Shares

                                

Shares sold

                 147       12,233  

Shares issued to holders in reinvestment of dividends

                       741  

Shares redeemed

                 (26,154     (72,840
    


 


 


 


Net decrease

                 (26,007     (59,866
    


 


 


 


Service Shares

                                

Shares sold

     15,326,010       40,939,693       20,150,826       23,919,033  

Shares issued to holders in reinvestment of dividends

           12,188,589             1,529,269  

Shares redeemed

     (12,856,562     (27,623,574     (34,213,573     (37,238,743
    


 


 


 


Net increase (decrease)

     2,469,448       25,504,708       (14,062,747     (11,790,441
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions – Institutional Shares

                       (741

Net dividends and distributions – Service Shares

           (12,188,589           (1,529,272
    


 


 


 


Total dividends and distributions

           (12,188,589           (1,530,013
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     (19,068,670     14,349,379       (40,094,422     (13,049,925

NET ASSETS:

                                

Beginning of year

     107,105,729       92,756,350       125,062,085       138,112,010  
    


 


 


 


End of year

   $ 88,037,059     $ 107,105,729     $ 84,967,663     $ 125,062,085  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Institutional Shares

                                

Shares sold

                 16       1,069  

Shares issued to holders in reinvestment of dividends

                       64  

Shares redeemed

                 (2,653     (6,671
    


 


 


 


Net decrease

                 (2,637     (5,538
    


 


 


 


Service Shares

                                

Shares sold

     886,571       1,921,507       2,252,064       2,184,015  

Shares issued to holders in reinvestment of dividends

           595,117             136,945  

Shares redeemed

     (745,957     (1,318,150     (3,664,920     (3,403,084
    


 


 


 


Net increase (decrease)

     140,614       1,198,474       (1,412,856     (1,082,124
    


 


 


 


 

See notes to financial statements.

 

114


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Core Fixed Income Fund

    Growth Allocation Fund

 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income

   $ 1,863,289     $ 2,243,841     $ 3,766,179     $ 8,821,839  

Net realized gain (loss) on investment transactions

     (6,996,970     (23,486     (8,236,729     47,296,585  

Net change in unrealized appreciation (depreciation) on investments

     (16,147,170     (12,718,312     (236,284,584     (272,220
    


 


 


 


Net increase (decrease) in net assets resulting from operations

     (21,280,851     (10,497,957     (240,755,134     55,846,204  
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Institutional Shares

                                

Shares sold

                 24,728       366,994  

Shares issued to holders in reinvestment of dividends

                       37,028  

Shares redeemed

                 (757,103     (2,541,121
    


 


 


 


Net decrease

                 (732,375     (2,137,099
    


 


 


 


Service Shares

                                

Shares sold

     28,155,429       77,062,970       149,079,725       246,731,954  

Shares issued to holders in reinvestment of dividends

     2,273,819       4,697,207             32,026,349  

Shares redeemed

     (29,530,835     (54,038,488     (214,793,953     (241,243,938
    


 


 


 


Net increase (decrease)

     898,413       27,721,689       (65,714,228     37,514,365  
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions – Institutional Shares

                       (37,028

Net dividends and distributions – Service Shares

     (2,273,831     (4,697,233           (32,026,349
    


 


 


 


Total dividends and distributions

     (2,273,831     (4,697,233           (32,063,377
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     (22,656,269     12,526,499       (307,201,737     59,160,093  

NET ASSETS:

                                

Beginning of year

     200,560,432       188,033,933       1,137,283,035       1,078,122,942  
    


 


 


 


End of year

   $ 177,904,163     $ 200,560,432     $ 830,081,298     $ 1,137,283,035  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Institutional Shares

                                

Shares sold

                 1,624       21,781  

Shares issued to holders in reinvestment of dividends

                       2,115  

Shares redeemed

                 (50,994     (157,429
    


 


 


 


Net decrease

                 (49,370     (133,533
    


 


 


 


Service Shares

                                

Shares sold

     3,290,144       7,992,605       10,541,708       14,795,143  

Shares issued to holders in reinvestment of dividends

     275,562       488,605             1,846,218  

Shares redeemed

     (3,474,854     (5,603,826     (15,051,055     (14,505,542
    


 


 


 


Net increase (decrease)

     90,852       2,877,384       (4,509,347     2,135,819  
    


 


 


 


 

See notes to financial statements.

 

115


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Conservative Allocation Fund

    Tactical Allocation Fund

 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income

   $ 5,598,816     $ 9,061,342     $ 2,449,088     $ 1,976,066  

Net realized gain (loss) on investment transactions

     (9,149,471     9,055,589       (26,454,798     69,033,903  

Net change in unrealized depreciation on investments

     (63,492,412     (6,618,739     (21,849,825     (22,265,126
    


 


 


 


Net increase (decrease) in net assets resulting from operations

     (67,043,067     11,498,192       (45,855,535     48,744,843  
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Institutional Shares

                                

Shares sold

     6,140       142,707       31,799       128,879  

Shares issued to holders in reinvestment of dividends

           19,960             95,752  

Shares redeemed

     (267,848     (1,163,521     (270,288     (744,369
    


 


 


 


Net decrease

     (261,708     (1,000,854     (238,489     (519,738
    


 


 


 


Service Shares

                                

Shares sold

     61,171,379       143,881,416       56,711,461       110,745,122  

Shares issued to holders in reinvestment of dividends

           17,723,039             49,222,037  

Shares redeemed

     (124,538,630     (106,687,033     (61,601,151     (110,078,244
    


 


 


 


Net increase (decrease)

     (63,367,251     54,917,422       (4,889,690     49,888,915  
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions – Institutional Shares

           (19,960           (95,752

Net dividends and distributions – Service Shares

           (17,723,039           (49,222,036
    


 


 


 


Total dividends and distributions

           (17,742,999           (49,317,788
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     (130,672,026     47,671,761       (50,983,714     48,796,232  

NET ASSETS:

                                

Beginning of year

     510,082,722       462,410,961       519,412,947       470,616,715  
    


 


 


 


End of year

   $ 379,410,696     $ 510,082,722     $ 468,429,233     $ 519,412,947  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Institutional Shares

                                

Shares sold

     588       12,238       2,888       10,641  

Shares issued to holders in reinvestment of dividends

           1,726             8,163  

Shares redeemed

     (25,517     (103,371     (24,304     (63,755
    


 


 


 


Net decrease

     (24,929     (89,407     (21,416     (44,951
    


 


 


 


Service Shares

                                

Shares sold

     5,944,185       12,598,971       5,163,531       9,337,653  

Shares issued to holders in reinvestment of dividends

           1,544,088             4,229,060  

Shares redeemed

     (12,110,662     (9,358,518     (5,642,885     (9,261,795
    


 


 


 


Net increase

     (6,166,477     4,784,541       (479,354     4,304,918  
    


 


 


 


 

See notes to financial statements.

 

116


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Absolute Return
Allocation Fund


    Multi-Asset Income
Allocation Fund


 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income

   $ 4,145,577     $ 4,759,974     $ 1,834,611     $ 3,325,148  

Net realized gain (loss) on investment transactions

     (20,031,565     1,198,754       (990,279     4,292,287  

Net change in unrealized depreciation on investments

     (13,771,239     (12,428,090     (16,827,358     (3,308,389
    


 


 


 


Net increase (decrease) in net assets resulting from operations

     (29,657,227     (6,469,362     (15,983,026     4,309,046  
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Institutional Shares

                                

Shares sold

     5,188       77,360              

Shares issued to holders in reinvestment of dividends

           7,241              

Shares redeemed

     (202,020     (316,904            
    


 


 


 


Net decrease

     (196,832     (232,303            
    


 


 


 


Service Shares

                                

Shares sold

     285,061,237       91,788,044       12,264,593       19,831,921  

Shares issued to holders in reinvestment of dividends

           4,472,150       1,999,620       3,347,756  

Shares redeemed

     (156,965,610     (61,979,678     (26,224,468     (45,073,938
    


 


 


 


Net increase (decrease)

     128,095,627       34,280,516       (11,960,255     (21,894,261
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions – Institutional Shares

           (7,241            

Net dividends and distributions – Service Shares

           (4,472,150     (1,999,620     (3,347,756
    


 


 


 


Total dividends and distributions

           (4,479,391     (1,999,620     (3,347,756
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     98,241,568       23,099,460       (29,942,901     (20,932,971

NET ASSETS:

                                

Beginning of year

     236,232,395       213,132,935       111,888,042       132,821,013  
    


 


 


 


End of year

   $ 334,473,963     $ 236,232,395     $ 81,945,141     $ 111,888,042  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Institutional Shares

                                

Shares sold

     541       7,268              

Shares issued to holders in reinvestment of dividends

           690              

Shares redeemed

     (20,721     (30,333            
    


 


 


 


Net decrease

     (20,180     (22,375            
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Service Shares

                                

Shares sold

     29,359,465       8,737,172       1,167,160       1,705,565  

Shares issued to holders in reinvestment of dividends

           424,585       200,112       285,830  

Shares redeemed

     (16,480,662     (5,853,630     (2,500,889     (3,873,950
    


 


 


 


Net increase (decrease)

     12,878,803       3,308,127       (1,133,617     (1,882,555
    


 


 


 


 

See notes to financial statements.

 

117


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Flexible Income
Allocation Fund


    Managed Futures
Strategy Fund1


 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income (loss)

   $ 2,863,183     $ 6,467,892     $ 13,384     $ (3,161,620

Net realized gain (loss) on investment transactions

     (34,296,468     1,219,012       68,052,093       27,516,644  

Net change in unrealized appreciation (depreciation) on investments

     (3,607,215     (17,128,034     21,172,801       11,567,031  
    


 


 


 


Net increase (decrease) in net assets resulting from operations

     (35,040,500     (9,441,130     89,238,278       35,922,055  
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Institutional Shares

                                

Shares sold

     1,097       1,684       137       86,012  

Shares issued to holders in reinvestment of dividends

     78       239             25,077  

Shares redeemed

     (1,275     (638     (192,016     (438,693
    


 


 


 


Net increase (decrease)

     (100     1,285       (191,879     (327,604
    


 


 


 


Service Shares

                                

Shares sold

     78,167,908       188,621,759       336,888,766       71,484,905  

Shares issued to holders in reinvestment of dividends

     2,854,087       8,321,885             19,330,980  

Shares redeemed

     (84,396,177     (111,252,166     (105,087,125     (63,742,265
    


 


 


 


Net increase (decrease)

     (3,374,182     85,691,478       231,801,641       27,073,620  
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions – Institutional Shares

     (78     (239           (25,078

Net dividends and distributions – Service Shares

     (2,854,087     (8,321,884           (19,330,980
    


 


 


 


Total dividends and distributions

     (2,854,165     (8,322,123           (19,356,058
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     (41,268,947     67,929,510       320,848,040       43,312,013  

NET ASSETS:

                                

Beginning of year

     347,775,373       279,845,863       251,449,201       208,137,188  
    


 


 


 


End of year

   $ 306,506,426     $ 347,775,373     $ 572,297,241     $ 251,449,201  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Institutional Shares

                                

Shares sold

     116       158       13       8,939  

Shares issued to holders in reinvestment of dividends

     8       22             2,894  

Shares redeemed

     (131     (59     (17,033     (45,310
    


 


 


 


Net increase (decrease)

     (7     121       (17,020     (33,477
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Service Shares

                                

Shares sold

     8,223,947       17,984,644       30,275,308       7,704,764  

Shares issued to holders in reinvestment of dividends

     311,904       787,857             2,283,366  

Shares redeemed

     (8,910,345     (10,621,780     (9,503,021     (6,994,195
    


 


 


 


Net increase (decrease)

     (374,494     8,150,721       20,772,287       2,993,935  
    


 


 


 


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

 

See notes to financial statements.

 

118


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Conservative Income Fund

    Income Fund

 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


    Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)           (Unaudited)        

OPERATIONS:

                                

Net investment income

   $ 115,972     $ 69,869     $ 395,031     $ 920,118  

Net realized loss on investment transactions

     (301,093     (92,583     (2,605,846     (2,118,319

Net change in unrealized depreciation on investments

     (15,051     (102,101     (3,146,137     (1,507,377
    


 


 


 


Net decrease in net assets resulting from operations

     (200,172     (124,815     (5,356,952     (2,705,578
    


 


 


 


CAPITAL SHARE TRANSACTIONS:

                                

Shares sold

     13,135,966       6,864,164       19,867,625       14,999,784  

Shares issued to holders in reinvestment of dividends

     113,643       76,343       412,412       918,443  

Shares redeemed

     (7,073,776     (11,753,692     (5,400,286     (5,855,535
    


 


 


 


Net increase (decrease)

     6,175,833       (4,813,185     14,879,751       10,062,692  
    


 


 


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                                

Net dividends and distributions

     (113,643     76,343       (412,412     (918,444
    


 


 


 


Total dividends and distributions

     (113,643     76,343       (412,412     (918,444
    


 


 


 


INCREASE (DECREASE) IN NET ASSETS

     5,862,018       (5,014,343     9,110,387       6,438,670  

NET ASSETS:

                                

Beginning of year

     10,911,849       15,926,192       44,470,391       38,031,721  
    


 


 


 


End of year

   $ 16,773,867     $ 10,911,849     $ 53,580,778     $ 44,470,391  
    


 


 


 


CHANGES IN SHARES OUTSTANDING

                                

Shares sold

     1,346,685       692,076       2,206,403       1,509,807  

Shares issued to holders in reinvestment of dividends

     11,741       7,690       47,392       92,304  

Shares redeemed

     (728,264     (1,186,080     (615,123     (592,617
    


 


 


 


Net increase (decrease)

     630,162       (486,314     1,638,672       1,009,494  
    


 


 


 


 

See notes to financial statements.

 

119


GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 


 

     Growth & Income Fund

 
     Period Ended
September 30,
2022


    Year Ended
March 31,
2022


 
     (Unaudited)        

OPERATIONS:

                

Net investment income

   $ 939,962     $ 985,853  

Net realized gain (loss) on investment transactions

     (1,572,723     3,574,209  

Net change in unrealized appreciation (depreciation) on investments

     (11,306,692     2,729,306  
    


 


Net increase (decrease) in net assets resulting from operations

     (11,939,453     7,289,368  
    


 


CAPITAL SHARE TRANSACTIONS:

                

Shares sold

     17,682,068       33,406,696  

Shares issued to holders in reinvestment of dividends

     921,508       15,108,720  

Shares redeemed

     (29,194,467     (10,695,867
    


 


Net increase (decrease)

     (10,590,891     37,819,549  
    


 


DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Net dividends and distributions

     (921,508     (15,108,720
    


 


Total dividends and distributions

     (921,508     (15,108,720
    


 


INCREASE (DECREASE) IN NET ASSETS

     (23,451,852     30,000,197  

NET ASSETS:

                

Beginning of year

     116,833,573       86,833,376  
    


 


End of year

   $ 93,381,721     $ 116,833,573  
    


 


CHANGES IN SHARES OUTSTANDING

                

Shares sold

     1,681,110       2,763,459  

Shares issued to holders in reinvestment of dividends

     90,447       1,297,682  

Shares redeemed

     (2,686,353     (894,613
    


 


Net increase (decrease)

     (914,796     3,166,528  
    


 


 

See notes to financial statements.

 

120


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Large Cap Core Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $29.278        $27.015        $16.348        $18.650        $17.755        $16.140  

Income from investment operations:

                                                     

Net investment income1

     0.050        0.194        0.195        0.234        0.175        0.157  

Net realized and unrealized gains (losses) on investments

     (6.042      3.110        10.688        (2.234      1.194        2.280  
    


  


  


  


  


  


Total from investment operations

     (5.992      3.304        10.883        (2.000      1.369        2.437  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.234      (0.216      (0.116      (0.191      (0.163

Distributions from net realized gains

            (0.807             (0.186      (0.283      (0.659
    


  


  


  


  


  


Total distributions

            (1.041      (0.216      (0.302      (0.474      (0.822
    


  


  


  


  


  


Net asset value, end of period/year

     $23.286        $29.278        $27.015        $16.348        $18.650        $17.755  
    


  


  


  


  


  


Total return

     (20.46)%3        11.99%        66.66%        (11.07)%        8.09%        15.10%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $1,499        $206,440        $630,350        $479,829        $538,016        $821,049  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     0.54%4        0.55%        0.56%        0.59%        0.63%        0.65%  

After expense reimbursement (recapture) and securities lending credit2

     0.52%4        0.54%        0.51%        0.56%        0.60%        0.60%  

Ratio of net investment income to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     0.33%4        0.64%        0.80%        1.16%        0.91%        0.91%  

After expense reimbursement (recapture) and securities lending credit

     0.35%4        0.65%        0.85%        1.19%        0.94%        0.96%  

Portfolio turnover rate

     22.71%3        25.18%        34.13%        28.54%        45.31%        55.07%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.00%, respectively.
3    Not annualized.
4    Annualized.

 

See notes to financial statements.

 

121


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Large Cap Core Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $28.797        $26.584        $16.106        $18.401        $17.503        $15.930  

Income from investment operations:

                                                     

Net investment income1

     0.091        0.096        0.059        0.114        0.073        0.074  

Net realized and unrealized gains (losses) on investments

     (5.983      3.045        10.515        (2.202      1.184        2.241  
    


  


  


  


  


  


Total from investment operations

     (5.892      3.141        10.574        (2.088      1.257        2.315  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.121      (0.096      (0.021      (0.076      (0.083

Distributions from net realized gains

            (0.807             (0.186      (0.283      (0.659
    


  


  


  


  


  


Total distributions

            (0.928      (0.096      (0.207      (0.359      (0.742
    


  


  


  


  


  


Net asset value, end of period/year

     $22.905        $28.797        $26.584        $16.106        $18.401        $17.503  
    


  


  


  


  


  


Total return

     (20.46)%3        11.59%        65.69%        (11.59)%        7.47%        14.53%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $472,018,578        $691,938,719        $602,158,947        $326,952,939        $332,500,169        $306,450,000  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     0.91%4        0.89%        1.15%        1.18%        1.22%        1.21%  

After expense reimbursement (recapture) and securities lending credit2

     0.88%4        0.89%        1.10%        1.14%        1.19%        1.17%  

Ratio of net investment income (loss) to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     0.67%4        0.33%        0.21%        0.55%        0.37%        0.40%  

After expense reimbursement (recapture) and securities lending credit

     0.70%4        0.33%        0.26%        0.59%        0.40%        0.44%  

Portfolio turnover rate

     22.71%3        25.18%        34.13%        28.54%        45.31%        55.07%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.00%, respectively.
3    Not annualized.
4    Annualized.

 

See notes to financial statements.

 

122


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Emerging Markets Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $13.573        $16.502        $10.516        $13.278        $17.063        $13.600  

Income from investment operations:

                                                     

Net investment income1

     0.243        0.214        0.049        0.175        0.109        0.096  

Net realized and unrealized gains (losses) on investments

     (3.346      (1.727      5.968        (2.690      (2.028      3.485  
    


  


  


  


  


  


Total from investment operations

     (3.103      (1.513      6.017        (2.515      (1.919      3.581  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.258      (0.031      (0.247      (1.196      (0.118

Distributions from net realized gains

            (1.158                    (0.670       
    


  


  


  


  


  


Total distributions

            (1.416      (0.031      (0.247      (1.866      (0.118
    


  


  


  


  


  


Net asset value, end of period/year

     $10.470        $13.573        $16.502        $10.516        $13.278        $17.063  
    


  


  


  


  


  


Total return

     (22.89)%4        (9.75)%        57.85%3        (19.40)%        (10.05)%        26.37%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $44,600,122        $71,780,033        $96,895,863        $64,153,851        $85,623,549        $109,589,630  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     1.78%5        1.40%        1.55%        1.79%        1.69%        1.58%  

After expense reimbursement (recapture) and securities lending credit2

     1.41%5        1.39%        1.64%        1.65%        1.66%        1.57%  

Ratio of net investment income to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     3.60%5        1.32%        0.43%        1.20%        0.72%        0.61%  

After expense reimbursement (recapture) and securities lending credit

     3.97%5        1.33%        0.34%        1.34%        0.75%        0.62%  

Portfolio turnover rate

     20.61%4        47.80%        58.36%        42.60%        47.18%        30.97%  

 

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.01% and 0.00%, respectively.
3    The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).
4    Not annualized.
5    Annualized.

 

See notes to financial statements.

 

123


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Small/Mid Cap Core Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $19.122        $21.067        $10.765        $14.385        $14.908        $17.860  

Income from investment operations:

                                                     

Net investment income (loss)1

     0.045        0.002        (0.040      (0.007      (0.022      (0.022

Net realized and unrealized gains (losses) on investments

     (3.835      0.447        10.720        (3.393      0.348        2.259  
    


  


  


  


  


  


Total from investment operations

     (3.790      0.449        10.680        (3.400      0.326        2.237  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.046      (0.024      (0.016             (0.050

Distributions from net realized gains

            (2.348      (0.354      (0.204      (0.849      (5.139
    


  


  


  


  


  


Total distributions

            (2.394      (0.378      (0.220      (0.849      (5.189
    


  


  


  


  


  


Net asset value, end of period/year

     $15.332        $19.122        $21.067        $10.765        $14.385        $14.908  
    


  


  


  


  


  


Total return

     (19.82)%3        1.38%        99.76%        (24.10)%        2.99%        12.45%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $88,037,059        $107,105,729        $92,756,350        $52,904,611        $63,904,945        $54,471,360  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     1.16%4        1.17%        1.46%        1.50%        1.56%        1.55%  

After expense reimbursement (recapture) and securities lending credit2

     1.05%4        1.14%        1.31%        1.39%        1.45%        1.39%  

Ratio of net investment income to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     0.41%4        (0.03)%        (0.40)%        (0.16)%        (0.25)%        (0.29)%  

After expense reimbursement (recapture) and securities lending credit

     0.52%4        0.01%        (0.25)%        (0.05)%        (0.14)%        (0.13)%  

Portfolio turnover rate

     15.22%3        36.38%        37.81%        26.54%        39.01%        32.87%  

 

1    Net investment income/(loss) per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.00%, respectively.
3    Not annualized.
4    Annualized.

 

See notes to financial statements.

 

124


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     World ex-US Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $10.611        $10.768        $7.537        $9.100        $9.759        $8.380  

Income from investment operations:

                                                     

Net investment income1

     0.171        0.158        0.125        0.222        0.194        0.243  

Net realized and unrealized gains (losses) on investments

     (2.564      (0.136      3.386        (1.610      (0.680      1.305  
    


  


  


  


  


  


Total from investment operations

     (2.393      0.022        3.511        (1.388      (0.486      1.548  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.179      (0.280      (0.175      (0.173      (0.169
    


  


  


  


  


  


Total distributions

            (0.179      (0.280      (0.175      (0.173      (0.169
    


  


  


  


  


  


Net asset value, end of period/year

     $8.218        $10.611        $10.768        $7.537        $9.100        $9.759  
    


  


  


  


  


  


Total return

     (22.55)%5        0.08%        46.72%        (15.69)%        (4.79)%        18.49%3  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $209        $28,243        $88,302        $78,232        $534,233        $822,817  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     0.80%4        0.89%        0.79%        0.77%        0.80%        0.83%4  

After expense reimbursement (recapture) and securities lending credit2

     0.79%4        0.79%        0.79%        0.79%        0.79%        0.79%4  

Ratio of net investment income to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     3.27%4        1.29%        1.30%        2.43%        2.04%        3.01%4  

After expense reimbursement (recapture) and securities lending credit

     3.28%4        1.39%        1.30%        2.41%        2.05%        3.05%4  

Portfolio turnover rate

     26.50%5        33.89%        46.15%        25.52%        59.18%        84.22%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.00%, respectively.
3    During the period August 3, 2017 through September 5, 2017 there were no Instutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period.
4    Annualized.
5    Not annualized.

 

See notes to financial statements.

 

125


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     World ex-US Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $10.306        $10.445        $7.303        $8.856        $9.507        $8.260  

Income from investment operations:

                                                     

Net investment income1

     0.147        0.131        0.081        0.142        0.121        0.087  

Net realized and unrealized gains (losses) on investments

     (2.526      (0.150      3.263        (1.538      (0.643      1.296  
    


  


  


  


  


  


Total from investment operations

     (2.379      (0.019      3.344        (1.396      (0.522      1.383  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.120      (0.202      (0.157      (0.129      (0.136
    


  


  


  


  


  


Total distributions

            (0.120      (0.202      (0.157      (0.129      (0.136
    


  


  


  


  


  


Net asset value, end of period/year

     $7.927        $10.306        $10.445        $7.303        $8.856        $9.507  
    


  


  


  


  


  


Total return

     (23.08)%3        (0.27)%        45.89%        (16.16)%        (5.36)%        16.76%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $84,967,454        $125,033,842        $138,023,708        $110,561,165        $216,435,566        $212,049,697  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     1.30%4        1.25%        1.38%        1.36%        1.40%        1.38%  

After expense reimbursement (recapture) and securities lending credit2

     1.14%4        1.14%        1.37%        1.35%        1.39%        1.39%  

Ratio of net investment income to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     3.02%4        1.08%        0.88%        1.58%        1.32%        0.95%  

After expense reimbursement (recapture) and securities lending credit

     3.18%4        1.19%        0.89%        1.59%        1.33%        0.94%  

Portfolio turnover rate

     26.50%3        33.89%        46.15%        25.52%        59.18%        84.22%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.00%, respectively.
3    Not annualized.
4    Annualized.

 

See notes to financial statements.

 

126


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Core Fixed Income Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $9.009        $9.700        $9.798        $9.270        $9.131        $9.320  

Income from investment operations:

                                                     

Net investment income1

     0.083        0.110        0.112        0.170        0.176        0.133  

Net realized and unrealized gains (losses) on investments

     (1.032      (0.571      0.1413        0.490        0.144        (0.098
    


  


  


  


  


  


Total from investment operations

     (0.949      (0.461      0.253        0.660        0.320        0.035  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

     (0.101      (0.124      (0.184      (0.108      (0.181      (0.168

Distributions from net realized gains

            (0.106      (0.167      (0.024             (0.056
    


  


  


  


  


  


Total distributions

     (0.101      (0.230      (0.351      (0.132      (0.181      (0.224
    


  


  


  


  


  


Net asset value, end of period/year

     $7.959        $9.009        $9.700        $9.798        $9.270        $9.131  
    


  


  


  


  


  


Total return

     (10.57)%4        (4.88)%        2.47%        7.16%        3.57%        0.35%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $177,904,163        $200,560,432        $188,033,933        $135,386,961        $132,792,238        $134,255,059  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit2

     1.00%5        0.99%        1.28%        1.29%        1.34%        1.38%  

After expense reimbursement (recapture) and securities lending credit2

     0.94%5        0.94%        1.19%        1.19%        1.19%        1.26%  

Ratio of net investment income to average net assets

                                                     

Before expense reimbursement (recapture) and securities lending credit

     1.87%5        1.09%        1.01%        1.67%        1.80%        1.30%  

After expense reimbursement (recapture) and securities lending credit

     1.93%5        1.14%        1.10%        1.77%        1.95%        1.42%  

Portfolio turnover rate

     125.32%4        263.72%        283.45%        278.67%        239.11%        193.12%  

 

1    Net investment income/(loss) per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.00%, respectively.
3    Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.
4    Not annualized.
5    Annualized.

 

See notes to financial statements.

 

127


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Growth Allocation Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $16.192        $15.776        $10.139        $11.553        $11.534        $11.340  

Income from investment operations:

                                                     

Net investment income1

     (0.017      0.168        0.140        0.199        0.227        0.236  

Net realized and unrealized gains (losses) on investments

     (3.577      0.751        5.843        (1.407      (0.003)5        1.466  
    


  


  


  


  


  


Total from investment operations

     (3.594      0.919        5.983        (1.208      0.224        1.702  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.173      (0.147      (0.206      (0.193      (0.210

Distributions from net realized gains

            (0.330      (0.199             (0.012      (1.298
    


  


  


  


  


  


Total distributions

            (0.503      (0.346      (0.206      (0.205      (1.508
    


  


  


  


  


  


Net asset value, end of period/year

     $12.598        $16.192        $15.776        $10.139        $11.553        $11.534  
    


  


  


  


  


  


Total return

     (22.20)%6        5.59%        59.19%        (10.82)%        2.22%        14.90%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $5,893        $806,977        $2,892,788        $4,402,611        $5,450,557        $6,646,937  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.33%7        0.33%        0.34%        0.38%        0.40%        0.40%  

After expense reimbursement (recapture) and securities lending credit3

     0.28%7        0.29%        0.30%        0.33%        0.35%        0.35%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     (0.27)%7        0.96%        0.99%        1.60%        1.92%        1.91%  

After expense reimbursement (recapture) and securities lending credit

     (0.22)%7        1.00%        1.03%        1.65%        1.97%        1.96%  

Portfolio turnover rate

     12.14%6        17.09%        39.58%        37.80%        53.89%        70.47%  

 

Portfolio   Turnover is calculated for the Fund as a whole.
1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.01% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.
6    Not annualized.
7    Annualized.

 

See notes to financial statements.

 

128


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Growth Allocation Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $16.029        $15.636        $10.062        $11.477        $11.458        $11.290  

Income from investment operations:

                                                     

Net investment income1

     0.052        0.126        0.064        0.128        0.160        0.152  

Net realized and unrealized gains (losses) on investments

     (3.578      0.726        5.780        (1.402      0.0035        1.467  
    


  


  


  


  


  


Total from investment operations

     (3.526      0.852        5.844        (1.274      0.163        1.619  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.129      (0.072      (0.141      (0.132      (0.153

Distributions from net realized gains

            (0.330      (0.198             (0.012      (1.298
    


  


  


  


  


  


Total distributions

            (0.459      (0.270      (0.141      (0.144      (1.451
    


  


  


  


  


  


Net asset value, end of period/year

     $12.503        $16.029        $15.636        $10.062        $11.477        $11.458  
    


  


  


  


  


  


Total return

     (22.00)%6        5.22%        58.23%        (11.35)%        1.61%        14.22%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $830,075,405        $1,136,476,058        $1,075,230,154        $739,949,997        $788,314,442        $611,928,879  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.69%7        0.68%        0.94%        0.97%        1.00%        1.00%  

After expense reimbursement (recapture) and securities lending credit3

     0.65%7        0.64%        0.90%        0.93%        0.95%        0.95%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     0.69%7        0.71%        0.44%        1.03%        1.35%        1.22%  

After expense reimbursement (recapture) and securities lending credit

     0.73%7        0.75%        0.48%        1.07%        1.40%        1.27%  

Portfolio turnover rate

     12.14%6        17.09%        39.58%        37.80%        53.89%        70.47%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00%, 0.01% and 0.01%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.
6    Not annualized.
7    Annualized.

 

See notes to financial statements.

 

129


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Conservative Allocation Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $11.071        $11.164        $9.204        $9.677        $9.538        $9.100  

Income from investment operations:

                                                     

Net investment income1

     0.130        0.247        0.262        0.288        0.255        0.204  

Net realized and unrealized gains (losses) on investments

     (1.673      0.101        1.978        (0.491      0.104        0.442  
    


  


  


  


  


  


Total from investment operations

     (1.543      0.348        2.240        (0.203      0.359        0.646  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.246      (0.244      (0.270      (0.205      (0.187

Distributions from net realized gains

            (0.195      (0.036             (0.015      (0.021
    


  


  


  


  


  


Total distributions

            (0.441      (0.280      (0.270      (0.220      (0.208
    


  


  


  


  


  


Net asset value, end of period/year

     $9.528        $11.071        $11.164        $9.204        $9.677        $9.538  
    


  


  


  


  


  


Total return

     (13.95)%6        2.95%        24.42%        (2.41)%        3.97%        7.07%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $9,204        $286,674        $1,287,200        $1,713,169        $2,268,382        $3,140,896  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.34%5        0.35%        0.36%        0.40%        0.42%        0.44%  

After expense reimbursement (recapture) and securities lending credit3

     0.10%5        0.10%        0.10%        0.10%        0.10%        0.27%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     2.16%5        1.89%        2.22%        2.57%        2.35%        1.97%  

After expense reimbursement (recapture) and securities lending credit

     2.40%5        2.14%        2.48%        2.87%        2.67%        2.14%  

Portfolio turnover rate

     13.92%6        28.28%        38.17%        58.96%        69.19%        30.27%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Not Annualized.

 

See notes to financial statements.

 

130


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Conservative Allocation Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $10.978        $11.070        $9.137        $9.617        $9.482        $9.060  

Income from investment operations:

                                                     

Net investment income1

     0.125        0.207        0.199        0.226        0.196        0.143  

Net realized and unrealized gains (losses) on investments

     (1.682      0.098        1.959        (0.490      0.107        0.438  
    


  


  


  


  


  


Total from investment operations

     (1.557      0.305        2.158        (0.264      0.303        0.581  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.202      (0.189      (0.216      (0.153      (0.138

Distributions from net realized gains

            (0.195      (0.036             (0.015      (0.021
    


  


  


  


  


  


Total distributions

            (0.397      (0.225      (0.216      (0.168      (0.159
    


  


  


  


  


  


Net asset value, end of period/year

     $9.421        $10.978        $11.070        $9.137        $9.617        $9.482  
    


  


  


  


  


  


Total return

     (14.18)%6        2.60%        23.67%        (2.99)%        3.35%        6.39%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $379,401,492        $509,796,048        $461,123,761        $314,935,864        $337,130,990        $268,079,977  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.71%5        0.70%        0.96%        0.99%        1.02%        1.03%  

After expense reimbursement (recapture) and securities lending credit3

     0.46%5        0.45%        0.70%        0.70%        0.70%        0.83%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     2.17%5        1.56%        1.64%        1.98%        1.75%        1.31%  

After expense reimbursement (recapture) and securities lending credit

     2.42%5        1.81%        1.90%        2.27%        2.07%        1.51%  

Portfolio turnover rate

     13.92%6        28.28%        38.17%        58.96%        69.19%        30.27%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Not Annualized.

 

See notes to financial statements.

 

131


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Tactical Allocation Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $11.499        $11.487        $10.019        $10.962        $10.950        $10.250  

Income from investment operations:

                                                     

Net investment income1

     0.069        0.088        0.073        0.129        0.138        0.142  

Net realized and unrealized gains (losses) on investments

     (1.064      1.167        1.958        (0.517      0.408        1.078  
    


  


  


  


  


  


Total from investment operations

     (0.995      1.255        2.031        (0.388      0.546        1.220  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.101      (0.051      (0.108      (0.128      (0.393

Distributions from net realized gains

            (1.142      (0.512      (0.447      (0.406      (0.127
    


  


  


  


  


  


Total distributions

            (1.243      (0.563      (0.555      (0.534      (0.520
    


  


  


  


  


  


Net asset value, end of period/year

     $10.504        $11.499        $11.487        $10.019        $10.962        $10.950  
    


  


  


  


  


  


Total return

     (8.65)%6        10.71%        20.69%        (4.27)%        5.59%        11.83%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $496,464        $789,761        $1,305,328        $1,553,075        $1,506,030        $1,681,043  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.45%5        0.46%        0.47%        0.50%        0.51%        0.52%  

After expense reimbursement (recapture) and securities lending credit3

     0.44%5        0.43%        0.45%        0.46%        0.43%        0.45%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     1.23%5        0.70%        0.65%        1.10%        1.15%        1.25%  

After expense reimbursement (recapture) and securities lending credit

     1.24%5        0.73%        0.67%        1.14%        1.23%        1.32%  

Portfolio turnover rate

     147.51%6        406.19%        443.30%        500.28%        336.60%        369.57%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Not Annualized.

 

See notes to financial statements.

 

132


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Tactical Allocation Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $11.400        $11.394        $9.960        $10.919        $10.907        $10.150  

Income from investment operations:

                                                     

Net investment income1

     0.054        0.047        0.010        0.061        0.074        0.082  

Net realized and unrealized gains (losses) on investments

     (1.059      1.154        1.941        (0.515      0.410        1.054  
    


  


  


  


  


  


Total from investment operations

     (1.005      1.201        1.951        (0.454      0.484        1.136  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.053      (0.005      (0.058      (0.066      (0.252

Distributions from net realized gains

            (1.142      (0.512      (0.447      (0.406      (0.127
    


  


  


  


  


  


Total distributions

            (1.195      (0.517      (0.505      (0.472      (0.379
    


  


  


  


  


  


Net asset value, end of period/year

     $10.395        $11.400        $11.394        $9.960        $10.919        $10.907  
    


  


  


  


  


  


Total return

     (8.82)%6        10.32%        19.96%        (4.83)%        4.96%        11.14%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $467,932,769        $518,623,186        $469,311,387        $323,199,482        $341,839,666        $271,460,164  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.80%5        0.81%        1.07%        1.10%        1.11%        1.11%  

After expense reimbursement (recapture) and securities lending credit3

     0.79%5        0.78%        1.05%        1.06%        1.03%        1.03%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     0.98%5        0.36%        0.07%        0.50%        0.58%        0.69%  

After expense reimbursement (recapture) and securities lending credit

     0.99%5        0.39%        0.09%        0.54%        0.66%        0.77%  

Portfolio turnover rate

     147.51%6        406.19%        443.30%        500.28%        336.60%        369.57%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Not Annualized.

 

See notes to financial statements.

 

133


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Absolute Return Allocation Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


    Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                    

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                    

Net asset value, beginning of period/year

     $10.053        $10.554       $10.005        $10.402        $10.335        $10.290  

Income from investment operations:

                                                    

Net investment income1

     0.168        0.267       0.256        0.329        0.346        0.292  

Net realized and unrealized gains (losses) on investments

     (1.013      (0.516     0.638 2       (0.367      (0.003)2        (0.037
    


  


 


  


  


  


Total from investment operations

     (0.845      (0.249     0.894        (0.038      0.343        0.255  
    


  


 


  


  


  


Less distributions:

                                                    

Distributions from net investment income

            (0.252     (0.345      (0.359      (0.276      (0.210
    


  


 


  


  


  


Total distributions

            (0.252     (0.345      (0.359      (0.276      (0.210
    


  


 


  


  


  


Net asset value, end of period/year

     $9.208        $10.053       $10.554        $10.005        $10.402        $10.335  
    


  


 


  


  


  


Total return

     (8.41)%6        (2.46 )%      8.92%        (0.53)%        3.43%        2.47%  

Supplemental data and ratios:

                                                    

Net assets, end of period/year

     $23,851        $228,905       $476,449        $1,133,623        $667,898        $1,343,813  

Ratio of expenses to average net assets3

                                                    

Before expense reimbursement (recapture) and securities lending credit4

     0.47%7        0.47%       0.49%        0.50%        0.51%        0.53%  

After expense reimbursement (recapture) and securities lending credit4

     0.21%7        0.20%       0.21%        0.21%        0.20%        0.37%  

Ratio of net investment income to average net assets5

                                                    

Before expense reimbursement (recapture) and securities lending credit

     3.16%7        2.26%       2.15%        2.82%        3.04%        2.64%  

After expense reimbursement (recapture) and securities lending credit

     3.42%7        2.53%       2.43%        3.11%        3.35%        2.80%  

Portfolio turnover rate

     84.70%6        27.64%       65.03%        161.00%        146.82%        154.33%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
3    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
4    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.01%, 0.01%, 0.00% and 0.00%, respectively.
5    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
6    Annualized.
7    Not Annualized.

 

See notes to financial statements.

 

134


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Absolute Return Allocation Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $10.080        $10.578        $10.010        $10.402        $10.348        $10.320  

Income from investment operations:

                                                     

Net investment income1

     0.119        0.227        0.195        0.266        0.283        0.231  

Net realized and unrealized gains (losses) on investments

     (0.983      (0.515      0.6345        (0.368      (0.001)5        (0.036
    


  


  


  


  


  


Total from investment operations

     (0.864      (0.288      0.829        (0.102      0.282        0.195  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.210      (0.261      (0.290      (0.228      (0.167
    


  


  


  


  


  


Total distributions

            (0.210      (0.261      (0.290      (0.228      (0.167
    


  


  


  


  


  


Net asset value, end of period/year

     $9.216        $10.080        $10.578        $10.010        $10.402        $10.348  
    


  


  


  


  


  


Total return

     (8.57)%6        (2.80)%        8.26%        (1.11)%        2.81%        1.88%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $334,450,112        $236,003,490        $212,656,486        $391,177,265        $312,866,645        267,250,294  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.82%7        0.82%        1.09%        1.10%        1.11%        1.12%  

After expense reimbursement (recapture) and securities lending credit3

     0.57%7        0.55%        0.81%        0.81%        0.80%        0.96%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     2.20%7        1.87%        1.57%        2.22%        2.44%        2.04%  

After expense reimbursement (recapture) and securities lending credit

     2.45%7        2.14%        1.85%        2.51%        2.75%        2.20%  

Portfolio turnover rate

     84.70%6        27.64%        65.03%        161.00%        146.82%        154.33%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.02%, 0.00%, 0.01%, 0.01%, 0.00% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    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.
6    Annualized.
7    Not Annualized.

 

See notes to financial statements.

 

135


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Multi-Asset Income Allocation Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $11.373        $11.332        $9.056        $10.660        $10.603        $10.460  

Income from investment operations:

                                                     

Net investment income1

     0.190        0.313        0.270        0.344        0.358        0.287  

Net realized and unrealized gains (losses) on investments

     (1.938      0.044        2.272        (1.632      0.062        0.137  
    


  


  


  


  


  


Total from investment operations

     (1.748      0.357        2.542        (1.288      0.420        0.424  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

     (0.211      (0.316      (0.266      (0.313      (0.363      (0.281

Distributions from net realized gains

                          (0.003              
    


  


  


  


  


  


Total distributions

     (0.211      (0.316      (0.266      (0.316      (0.363      (0.281
    


  


  


  


  


  


Net asset value, end of period/year

     $9.414        $11.373        $11.332        $9.056        $10.660        $10.603  
    


  


  


  


  


  


Total return

     (15.47)%5        3.09%        28.42%        (12.53)%        4.13%        4.05%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $81,945,141        $111,888,042        $132,821,013        $112,044,753        $132,260,092        $119,091,615  

Ratio of expenses to average net assets2

                                                     

Before expense reimbursement (recapture) and securities lending credit3

     0.86%6        0.84%        1.09%        1.12%        1.15%        1.13%  

After expense reimbursement (recapture) and securities lending credit3

     0.59%6        0.70%        0.96%        0.92%        0.82%        0.98%  

Ratio of net investment income to average net assets4

                                                     

Before expense reimbursement (recapture) and securities lending credit

     3.33%6        2.55%        2.48%        2.99%        3.08%        2.52%  

After expense reimbursement (recapture) and securities lending credit

     3.60%6        2.69%        2.61%        3.19%        3.41%        2.67%  

Portfolio turnover rate

     28.92%5        24.21%        73.27%        85.15%        44.77%        131.23%  

 

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
3    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.
4    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Not annualized
6    Annualiized

 

See notes to financial statements.

 

136


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Flexible Income Allocation Fund

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $10.080        $10.582        $9.368        $9.422        $9.577        $9.670  

Income from investment operations:

                                                     

Net investment income1

     0.099        0.254        0.511        0.391        0.426        0.543  

Net realized and unrealized gains (losses) on investments

     (1.099      (0.453      0.9892        (0.076)2        (0.183      (0.158)2  
    


  


  


  


  


  


Total from investment operations

     (1.000      (0.199      1.500        0.315        0.243        0.385  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

     (0.096      (0.236      (0.286      (0.369      (0.398      (0.478

Distributions from net realized gains

            (0.067                            
    


  


  


  


  


  


Total distributions

     (0.096      (0.303      (0.286      (0.369      (0.398      (0.478
    


  


  


  


  


  


Net asset value, end of period/year

     $8.984        $10.080        $10.582        $9.368        $9.422        $9.577  
    


  


  


  


  


  


Total return

     (9.96)%6        (2.02)%        16.10%        3.38%        2.58%        3.99%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $7,600        $8,598        $7,747        $34,154        $26,280        $224,505  

Ratio of expenses to average net assets3

                                                     

Before expense reimbursement (recapture) and securities lending credit4

     0.31%7        0.30%        0.37%        0.45%        0.56%        0.52%  

After expense reimbursement (recapture) and securities lending credit4

     0.15%7        0.15%        0.15%        0.15%        0.16%        0.27%  

Ratio of net investment income to average net assets5

                                                     

Before expense reimbursement (recapture) and securities lending credit

     1.90%7        2.24%        4.84%        3.81%        4.07%        5.27%  

After expense reimbursement (recapture) and securities lending credit

     2.06%7        2.39%        5.06%        4.11%        4.47%        5.52%  

Portfolio turnover rate

     262.68%6        195.55%        211.84%        517.05%        380.48%        232.11%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period/year.
3    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
4    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.01% and 0.00%, respectively.
5    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
6    Annualized.
7    Not Annualized.

 

See notes to financial statements.

 

137


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Flexible Income Allocation Fund

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $9.991        $10.497        $9.304        $9.366        $9.525        $9.610  

Income from investment operations:

                                                     

Net investment income1

     0.081        0.213        0.250        0.331        0.361        0.340  

Net realized and unrealized gains (losses) on investments

     (1.091      (0.445      1.1752        (0.076)2        (0.173      (0.018)2  
    


  


  


  


  


  


Total from investment operations

     (1.010      (0.232      1.425        0.255        0.188        0.322  
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

     (0.080      (0.207      (0.232      (0.317      (0.347      (0.407

Distributions from net realized gains

            (0.067                            
    


  


  


  


  


  


Total distributions

     (0.080      (0.274      (0.232      (0.317      (0.347      (0.407
    


  


  


  


  


  


Net asset value, end of period/year

     $8.901        $9.991        $10.497        $9.304        $9.366        $9.525  
    


  


  


  


  


  


Total return

     (10.13)%6        (2.33)%        15.38%        2.76%        2.00%        3.35%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $306,498,826        $347,766,775        $279,838,116        $98,516,379        $59,741,077        $55,246,464  

Ratio of expenses to average net assets3

                                                     

Before expense reimbursement (recapture) and securities lending credit4

     0.70%7        0.70%        0.99%        1.05%        1.15%        1.12%  

After expense reimbursement (recapture) and securities lending credit4

     0.50%7        0.50%        0.75%        0.75%        0.77%        0.93%  

Ratio of net investment income to average net assets5

                                                     

Before expense reimbursement (recapture) and securities lending credit

     1.50%7        1.83%        2.17%        3.20%        3.45%        3.30%  

After expense reimbursement (recapture) and securities lending credit

     1.70%7        2.03%        2.41%        3.50%        3.83%        3.49%  

Portfolio turnover rate

     262.68%6        195.55%        211.84%        517.05%        380.48%        232.21%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income per share has been calculated based on average shares outstanding during the period/year.
2    Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
3    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
4    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.02% and 0.00%, respectively.
5    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
6    Annualized.
7    Not Annualized.

 

See notes to financial statements.

 

138


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Managed Futures Strategy Fund (Consolidated)

 
     Institutional

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $10.136        $9.504        $8.813        $8.067        $8.665        $8.700  

Income from investment operations:

                                                     

Net investment income (loss)1

     (0.033      (0.106      (0.084      0.063        0.081        (0.002

Net realized and unrealized gains (losses) on investments

     2.672        1.607        1.079        1.097        (0.679      (0.033
    


  


  


  


  


  


Total from investment operations

     2.639        1.501        0.995        1.160        (0.598      (0.035
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.262             (0.131              

Distributions from net realized gains

            (0.607      (0.304      (0.283              
    


  


  


  


  


  


Total distributions

            (0.869      (0.304      (0.414              
    


  


  


  


  


  


Net asset value, end of period/year

     $12.775        $10.136        $9.504        $ 8.813        $8.067        $8.665  
    


  


  


  


  


  


Total return

     26.00%3        17.34%        11.46%        14.70%        (6.90)%        (0.40)%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $5,258        $176,686        $483,785        $1,220,564        $961,919        $1,215,018  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and fees waived2

     1.14%4        1.19%        1.21%        1.25%        1.27%        1.38%  

After expense reimbursement (recapture) and fees waived2

     1.14%4        1.19%        1.29%        1.30%        1.30%        1.34%  

Ratio of net investment gain (loss) to average net assets

                                                     

Before expense reimbursement (recapture) and fees waived

     (0.61)%4        (1.12)%        (0.87)%        0.79%        1.03%        (0.07)%  

After expense reimbursement (recapture) and fees waived

     (0.61)%4        (1.12)%        (0.95)%        0.74%        1.00%        (0.03)%  

Portfolio turnover rate

     0.00%3        0.00%        0.00%        0.00%        0.00%        0.00%  

Portfolio Turnover is calculated for the Fund as a whole.    

1    Net investment income (loss) per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.04%, respectively.
3    Not annualized.
4    Annualized.

 

See notes to financial statements.

 

139


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Managed Futures Strategy Fund (Consolidated)

 
     Service

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     Year Ended
March 31,
2019


     Year Ended
March 31,
2018


 
     (Unaudited)                                     

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                                     

Net asset value, beginning of period/year

     $9.893        $9.268        $8.648        $7.914        $8.551        $8.640  

Income from investment operations:

                                                     

Net investment income (loss)1

     0.000        (0.136      (0.129      0.011        0.035        (0.050

Net realized and unrealized gains (losses) on investments

     2.502        1.570        1.053        1.077        (0.672      (0.039
    


  


  


  


  


  


Total from investment operations

     2.502        1.434        0.924        1.088        (0.637      (0.089
    


  


  


  


  


  


Less distributions:

                                                     

Distributions from net investment income

            (0.202             (0.071              

Distributions from net realized gains

            (0.607      (0.304      (0.283              
    


  


  


  


  


  


Total distributions

            (0.809      (0.304      (0.354              
    


  


  


  


  


  


Net asset value, end of period/year

     $12.395        $9.893        $9.268        $8.648        $7.914        $8.551  
    


  


  


  


  


  


Total return

     25.27%3        16.94%        10.84%        14.03%        (7.45)%        (0.92)%  

Supplemental data and ratios:

                                                     

Net assets, end of period/year

     $572,291,983        $251,272,515        $207,653,403        $221,868,264        $156,397,141        $121,362,278  

Ratio of expenses to average net assets

                                                     

Before expense reimbursement (recapture) and fees waived2

     1.50%4        1.54%        1.80%        1.85%        1.87%        1.97%  

After expense reimbursement (recapture) and fees waived2

     1.50%4        1.54%        1.81%        1.90%        1.90%        1.94%  

Ratio of net investment gain (loss) to average net assets

                                                     

Before expense reimbursement (recapture) and fees waived

     0.01%4        (1.47)%        (1.47)%        0.18%        0.47%        (0.61)%  

After expense reimbursement (recapture) and fees waived

     0.01%4        (1.47)%        (1.48)%        0.13%        0.44%        (0.58)%  

Portfolio turnover rate

     0.00%3        0.00%        0.00%        0.00%        0.00%        0.00%  

Portfolio Turnover is calculated for the Fund as a whole.

1    Net investment income (loss) per share has been calculated based on average shares outstanding during the period/year.
2    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%, 0.00% and 0.04%, respectively.
3    Not annualized.
4    Annualized.

 

See notes to financial statements.

 

140


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Conservative Income Fund

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     April 30, 20181
through
March 31,

2019

 
     (Unaudited)                              

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                            

Net asset value, beginning of period/year

     $9.776        $9.938        $9.899        $9.987        $10.000  

Income from investment operations:

                                            

Net investment income2

     0.060        0.049        0.029        0.177        0.153  

Net realized and unrealized gains (losses) on investments

     (0.171      (0.159      0.044        (0.092      (0.020)7  
    


  


  


  


  


Total from investment operations

     (0.111      (0.110      0.073        0.085        0.133  
    


  


  


  


  


Less distributions:

                                            

Distributions from net investment income

     (0.060      (0.052      (0.034      (0.173      (0.144

Distributions from net realized gains

                                 (0.002
    


  


  


  


  


Total distributions

     (0.060      (0.052      (0.034      (0.173      (0.146
    


  


  


  


  


Net asset value, end of period/year

     $9.605        $9.776        $9.938        $9.899        $9.987  
    


  


  


  


  


Total return

     (1.14)%3        (1.12)%        0.74%        0.85%        1.34%3  

Supplemental data and ratios:

                                            

Net assets, end of period/year

     $16,773,867        $10,911,849        $15,926,192        $6,724,818        $973,527  

Ratio of expenses to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit

     0.93%5        1.06%        1.14%        2.23%        43.40%5  

After expense reimbursement (recapture) and securities lending credit

     0.64%5        0.64%        0.64%        0.64%        0.64%5  

Ratio of net investment income to average net assets6

                                            

Before expense reimbursement (recapture) and fees waived

     0.95%5        0.08%        (0.20)%        0.18%        (41.09)%5  

After expense reimbursement (recapture) and fees waived

     1.24%5        0.50%        0.30%        1.77%        1.67%5  

Portfolio turnover rate

     241.71%3        161.18%        190.65%        190.99%        388.79%3  

 

1    Commencement of operations.
2    Net investment income per share has been calculated based on average shares outstanding during the period/year.
3    Not annualized.
4    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
7    Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.

 

See notes to financial statements.

 

141


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Income Fund

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     April 30, 20181
through
March 31,

2019

 
     (Unaudited)                              

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                            

Net asset value, beginning of period/year

     $9.204        $9.950        $9.857        $9.892        $10.000  

Income from investment operations:

                                            

Net investment income2

     0.063        0.208        0.186        0.284        0.079  

Net realized and unrealized gains (losses) on investments

     (0.921      (0.745      0.0907        (0.048)7        0.0167  
    


  


  


  


  


Total from investment operations

     (0.858      (0.537      0.276        0.236        0.095  
    


  


  


  


  


Less distributions:

                                            

Distributions from net investment income

     (0.065      (0.209      (0.183      (0.266      (0.203

Distributions from net realized gains

                          (0.005       
    


  


  


  


  


Total distributions

     (0.065      (0.209      (0.183      (0.271      (0.203
    


  


  


  


  


Net asset value, end of period/year

     $8.281        $9.204        $9.950        $9.857        $9.892  
    


  


  


  


  


Total return

     (9.35)%        (5.53)%        2.79%        2.34%        0.99%3  

Supplemental data and ratios:

                                            

Net assets, end of period/year

     $53,580,778        $44,470,391        $38,031,721        $32,494,874        $3,619,628  

Ratio of expenses to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit8

     0.85%        0.88%        0.92%        1.18%        16.23%5  

After expense reimbursement (recapture) and securities lending credit8

     0.79%        0.79%        0.80%        0.79%        0.79%5  

Ratio of net investment income to average net assets6

                                            

Before expense reimbursement (recapture) and fees waived

     1.38%        2.02%        1.73%        2.39%        (14.57)%5  

After expense reimbursement (recapture) and fees waived

     1.44%        2.11%        1.85%        2.79%        0.87%5  

Portfolio turnover rate

     97.41%        222.96%        194.13%        247.58%        801.50%3  

 

1    Commencement of operations.
2    Net investment income per share has been calculated based on average shares outstanding during the period/year.
3    Not annualized.
4    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
7    Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.
8    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.01%, 0.00% and 0.00%, respectively.

 

See notes to financial statements.

 

142


GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS

 


 

     Growth & Income Fund

 
     Period Ended
September 30,
2022


     Year Ended
March 31,
2022


     Year Ended
March 31,
2021


     Year Ended
March 31,
2020


     April 30, 20181
through
March 31,

2019

 
     (Unaudited)                              

Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:

                                            

Net asset value, beginning of period/year

     $11.023        $11.683        $8.717        $9.772        $10.000  

Income from investment operations:

                                            

Net investment income2

     0.101        0.110        0.134        0.189        0.331  

Net realized and unrealized gains (losses) on investments

     (1.383      0.888        2.959        (1.094      (0.320)7  
    


  


  


  


  


Total from investment operations

     (1.282      0.998        3.093        (0.905      0.011  
    


  


  


  


  


Less distributions:

                                            

Distributions from net investment income

     (0.098      (0.139      (0.127      (0.146      (0.239

Distributions from net realized gains (losses)

            (1.519             (0.004       
    


  


  


  


  


Total distributions

     (0.098      (1.658      (0.127      (0.150      (0.239
    


  


  


  


  


Net asset value, end of period/year

     $9.643        $11.023        $11.683        $8.717        $9.772  
    


  


  


  


  


Total return

     (11.67)%3        7.90%        35.67%        (9.45)%        0.14%3  

Supplemental data and ratios:

                                            

Net assets, end of period/year

     $93,381,721        $116,833,573        $86,833,376        $33,927,659        $4,519,060  

Ratio of expenses to average net assets4

                                            

Before expense reimbursement (recapture) and securities lending credit8

     0.92%5        0.87%        0.95%        1.34%        27.58%5  

After expense reimbursement (recapture) and securities lending credit8

     0.86%5        0.81%        0.80%        0.79%        0.79%5  

Ratio of net investment income to average net assets6

                                            

Before expense reimbursement (recapture) and fees waived

     1.87%5        0.86%        1.13%        1.34%        (23.11)%5  

After expense reimbursement (recapture) and fees waived

     1.93%5        0.92%        1.28%        1.89%        3.68%5  

Portfolio turnover rate

     19.61%3        174.37%        108.96%        159.34%        123.50%3  

 

1    Commencement of operations.
2    Net investment income per share has been calculated based on average shares outstanding during the period/year.
3    Not annualized.
4    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.
5    Annualized.
6    Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.
7    Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.
8    Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.07%, 0.02%, 0.01%, 0.00% and 0.00%, respectively.

 

See notes to financial statements.

 

143


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

September 30, 2022


 

1.   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 year end; any share activity related to those classes is presented in the Statements of Changes in Net Assets. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

 

2.   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.

 

3.   Significant Accounting Policies

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

 

  (a)   Investment Valuation

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

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

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

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.

Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its

 

 

144


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

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.

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, OTC options 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.

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

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

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

 

 

145


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2022:

GuideMark Large Cap Core Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Common Stocks

   $ 444,737,403      $      $ 343,740      $ 445,081,143  

Investment Companies

     17,399,900                      17,399,900  

Real Estate Investment Trusts

     7,035,937                      7,035,937  

Short Term Investments

     2,263,271                      2,263,271  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          50,893,955  
    


  


  


  


Total Investments in Securities

   $ 471,436,511      $      $ 343,740      $ 522,674,206  
    


  


  


  


 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

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

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description


   Common Stock

 

Balance as of April 1, 2022

   $ 140,204  

Purchases

      

Sales proceeds and paydowns

      

Accreted discounts, net

      

Corporate Actions

      

Realized gain (loss)

      

Change in unrealized appreciation (depreciation)

     (72,584

Transfers into/(out of) Level 3

     276,120
    


Balance as of September 30, 2022

   $ 343,740  
    


Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2022.

   $ 9,280  
    


 

  *   One common stock transferred from Level 1 to Level 3 due to a lack of observable market data.

GuideMark Emerging Markets Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Common Stocks

                                   

Communication Services

   $ 223,180      $ 3,232,655      $      $ 3,455,835  

Consumer Discretionary

     639,358        4,399,358               5,038,716  

Consumer Staples

     756,543        3,066,123        0        3,822,666  

Energy

     322,833        2,365,713        0        2,688,546  

Financials

     550,698        7,212,600        0        7,763,298  

Health Care

            1,609,748               1,609,748  

Industrials

     30,405        2,718,085               2,748,490  

Information Technology

     87,104        7,962,361        0        8,049,465  

Materials

     777,175        2,761,384        0        3,538,559  

Real Estate

            485,581        65,895        551,476  

Utilities

     190,998        747,827               938,825  
    


  


  


  


Total Common Stocks

     3,578,294        36,561,435        65,895        40,205,624  

Investment Companies

     3,099,253                      3,099,253  

Preferred Stocks

                                   

Consumer Staples

            99,431               99,431  

Energy

     309,167                      309,167  

Financials

     334,806                      334,806  

Information Technology

            139,839               139,839  

Materials

     175,541        78,456               253,997  

Utilities

     106,694                      106,694  
    


  


  


  


Total Preferred Stocks

     926,208        317,726               1,243,934  

Rights

                   0         

Short Term Investments

     116,460                      116,460  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          2,132,591  
    


  


  


  


Total Investments in Securities

   $ 7,720,215      $ 36,879,161      $ 65,895      $ 46,797,862  
    


  


  


  


 

146


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description


   Common Stock

     Rights

 

Balance as of April 1, 2022

   $      $  

Purchases

             

Sales proceeds and paydowns

             

Accreted discounts, net

             

Corporate Actions

     425,258        0  

Realized gain (loss)

             

Change in unrealized appreciation (depreciation)

     (425,258       

Transfers into/(out of) Level 3

     65,896       
    


  


Balance as of September 30, 2022

   $ 0      $ 0  
    


  


Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2022.

   $ (442,402    $  
    


  


 

  *   Three common stocks transferred from Level 2 to Level 3 due to a lack of observable market data.

GuideMark Small/Mid Cap Core Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Common Stocks

   $ 79,852,862      $      $ 13,159      $ 79,866,021  

Investment Companies

     2,892,769                      2,892,769  

Real Estate Investment Trusts

     4,881,027                      4,881,027  

Short Term Investments

     315,900                      315,900  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          22,782,871  
    


  


  


  


Total Investments in Securities

   $ 87,942,558      $      $ 13,159      $ 110,738,588  
    


  


  


  


 

  *   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 Stocks

     Rights

 

Balance as of April 1, 2022

   $ 23,760      $ 322  

Purchases

             

Sales proceeds and paydowns

             

Accreted discounts, net

             

Corporate Actions

     (544       

Realized gain (loss)

     544        (2,026

Change in unrealized appreciation (depreciation)

     (10,601      1,704  

Transfers into/(out of) Level 3

             
    


  


Balance as of September 30, 2022

   $ 13,159      $  
    


  


Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2022.

   $ (10,601    $  
    


  


 

 

147


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

GuideMark World ex-US Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Common Stocks

                                   

Communication Services

   $ 65,619      $ 3,891,317      $      $ 3,956,936  

Consumer Discretionary

     501,940        9,540,827               10,042,767  

Consumer Staples

     1,466,929        7,974,148               9,441,077  

Energy

     2,120,937        4,300,989               6,421,926  

Financials

     3,237,298        12,193,537               15,430,835  

Health Care

     182,527        10,174,677               10,357,204  

Industrials

     1,143,762        10,999,237               12,142,999  

Information Technology

     456,101        3,716,589               4,172,690  

Materials

     1,301,494        4,341,125               5,642,619  

Real Estate

     78,445        580,077               658,522  

Utilities

     270,101        1,579,035               1,849,136  
    


  


  


  


Total Common Stocks

     10,825,154        69,291,558               80,116,712  

Investment Companies

     3,377,396                      3,377,396  

Preferred Stocks

            366,140               366,140  

Real Estate Investment Trusts

     10,919        139,296               150,215  

Short Term Investments

     192,186                      192,186  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          4,133,164  
    


  


  


  


Total Investments in Securities

   $ 14,405,655      $ 69,796,994      $      $ 88,335,813  
    


  


  


  


 

  *   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.

 

148


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

GuideMark Core Fixed Income Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Fixed Income

                                   

Asset Backed Securities

   $      $ 12,100,904      $ 247,233      $ 12,348,137  

Collateralized Mortgage Obligations

            28,137,665               28,137,665  

Corporate Obligations

            48,321,575               48,321,575  

Foreign Government Debt Obligations

            2,449,383               2,449,383  

Mortgage Backed Securities – U.S. Government Agency

            60,543,741               60,543,741  

Municipal Debt Obligations

            2,868,903               2,868,903  

U.S. Treasury Obligations

            46,558,834               46,558,834  
    


  


  


  


Total Fixed Income

            200,981,005        247,233        201,228,238  

Short Term Investments

     4,647,462                      4,647,462  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          3,061,000  
    


  


  


  


Total Investments in Securities

   $ 4,647,462      $ 200,981,005      $ 247,233      $ 208,936,700  
    


  


  


  


Other Financial Instruments**

                                   

Futures

   $ 885,493      $      $      $ 885,493  

Options Written

            (116,999             (116,999

Swaps

            152,604               152,604  

 

  *   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.

 

  **   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, options written and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while options written are reflected at value.

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


   Fixed Income

 

Balance as of April 1, 2022

   $  

Purchases

     248,393  

Sales proceeds and paydowns

      

Accreted discounts, net

      

Corporate Actions

      

Realized gain (loss)

      

Change in unrealized appreciation (depreciation)

     (1,160

Transfers into/(out of) Level 3

      
    


Balance as of September 30, 2022

   $ 247,233  
    


Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2022.

   $ (1,160
    


 

149


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

GuidePath Growth Allocation Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 820,641,617      $      $      $ 820,641,617  

Short Term Investments

     8,598,917                      8,598,917  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          157,022,731  
    


  


  


  


Total Investments in Securities

   $ 829,240,534      $      $      $ 986,263,265  
    


  


  


  


 

  *   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.

GuidePath Conservative Allocation Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 375,405,823      $      $      $ 375,405,823  

Short Term Investments

     3,741,259                      3,741,259  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          104,331,390  
    


  


  


  


Total Investments in Securities

   $ 379,147,082      $      $      $ 483,478,472  
    


  


  


  


 

  *   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.

GuidePath Tactical Allocation Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Common Stocks

   $ 255,988,859      $      $      $ 255,988,859  

Real Estate Investment Trusts

     40                      40  

Short Term Investments

     210,645,791                      210,645,791  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          30,932,216  
    


  


  


  


Total Investments in Securities

   $ 466,634,690      $      $      $ 497,566,906  
    


  


  


  


 

  *   Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

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

GuidePath Absolute Return Allocation Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 331,226,828      $      $      $ 331,226,828  

Short Term Investments

     2,841,210                      2,841,210  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          60,309,447  
    


  


  


  


Total Investments in Securities

   $ 334,068,038      $      $      $ 394,377,485  
    


  


  


  


 

  *   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.

 

150


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

GuidePath Multi-Asset Income Allocation Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 80,492,018      $      $      $ 80,492,018  

Short Term Investments

     873,338                      873,338  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          23,811,535  
    


  


  


  


Total Investments in Securities

   $ 81,365,356      $      $      $ 105,176,891  
    


  


  


  


 

  *   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.

GuidePath Flexible Income Allocation Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 266,526,847      $      $      $ 266,526,847  

Short Term Investments

     40,677,529                      40,677,529  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          98,791,695  
    


  


  


  


Total Investments in Securities

   $ 307,204,376      $      $      $ 405,996,071  
    


  


  


  


 

  *   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.

GuidePath Managed Futures Strategy Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Short Term Investments

   $ 24,484,515      $ 526,494,060      $ 7,001,225      $ 557,979,800  
    


  


  


  


Total Investments in Securities

   $ 24,484,515      $ 526,494,060      $ 7,001,225      $ 557,979,800  
    


  


  


  


Other Financial Instruments*

                                   

Futures

   $ 32,196,657      $      $      $ 32,196,657  

Forward Currency Contracts

   $      $ 4,541,878      $      $ 4,541,878  

 

  *   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.

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Description


   Certificate of
Deposit


 

Balance as of April 1, 2022

      

Purchases

     7,000,249  

Sales proceeds and paydowns

      

Accreted discounts, net

     (4

Corporate Actions

      

Realized gain (loss)

      

Change in unrealized appreciation (depreciation)

     980  

Transfers into/(out of) Level 3

      
    


Balance as of September 30, 2022

   $ 7,001,225  
    


Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2022.

   $ 980  
    


 

151


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

GuidePath Conservative Income Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 8,368,527      $      $      $ 8,368,527  

Short Term Investments

     6,454,749        1,973,982               8,428,731  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          2,178,040  
    


  


  


  


Total Investments in Securities

   $ 14,823,276      $ 1,973,982      $      $ 18,975,298  
    


  


  


  


 

  *   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.

GuidePath Income Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Investment Companies

   $ 52,340,096      $      $      $ 52,340,096  

Short Term Investments

     1,281,423                      1,281,423  
    


  


  


  


Total Investments in Securities

   $ 53,621,519      $      $      $ 53,621,519  
    


  


  


  


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

GuidePath Growth & Income Fund

 

     Level 1

     Level 2

     Level 3

     Total

 

Common Stocks

   $ 31,351,480      $      $      $ 31,351,480  

Investment Companies

     33,377,909                      33,377,909  

Short Term Investments

     20,862,706        8,889,470               29,752,176  

Investments Purchased with Proceeds from Securities Lending Collateral*

                          2,875,955  
    


  


  


  


Total Investments in Securities

   $ 85,592,095      $ 8,889,470      $      $ 97,357,520  
    


  


  


  


Other Financial Instruments**

                                   

Futures

   $ 856,263      $      $      $ 856,263  

Options Written

     (764,620      (1,163,150             (1,927,770

 

  *   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.

 

  **   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and written options. Futures are reflected as unrealized appreciation (depreciation) on the instrument, while options written are reflected at value.

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

 

  (b)   Consolidation of Subsidiary

The GuidePath Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath Managed Futures Strategy Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath Managed Futures Strategy Fund. The financial statements of the GuidePath Managed Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The GuidePath Managed Futures Strategy Fund had 1.40% of its total assets invested in the Subsidiary as of September 30, 2022.

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the

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

 

  (c)   Subsequent Events Evaluation

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

 

  (d)   Repurchase Agreements

Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the

 

 

152


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.

 

  (e)   Federal Income Taxes

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

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. As of and during the year ended March 31, 2022, 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, 2022, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 

  (f)   Use of Estimates

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

 

  (g)   Indemnifications

Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that

may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

 

  (h)   Expenses

Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets. Income, other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.

 

  (i)   Organization and Offering Costs

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

 

  (j)   Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and taxes on capital gains, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in accordance with the Trusts’ understanding of the applicable country’s tax rules and rates. Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.

 

  (k)   Distributions to Shareholders

The Funds, with the exception of the Core Fixed Income Fund, Multi-Asset Income Allocation Fund, Flexible Income Allocation Fund, Conservative Income Fund, Income Fund and Growth and Income Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund will distribute any net investment income quarterly. The Conservative Income Fund, Income Fund and Growth and Income Fund will generally distribute any net investment income monthly. All of the Funds will generally distribute any

 

 

153


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

 

  (l)   Derivatives

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

Forward Currency Contracts

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

Options

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

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right

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

Futures

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

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

Futures contracts are valued at the daily quoted settlement prices.

Swaps

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

 

154


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.

GuideMark Core Fixed Income Fund

During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX and CMBX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.

The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX and purchased and sold (wrote) options to efficiently manage investment grade credit exposure.

Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2022

 

      

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      $ 11,634  
Interest Rate Contracts – Swaps      Appreciation on swap agreements        164,238        Depreciation on swap agreements         
Interest Rate Contracts – Futures*      Unrealized appreciation on futures contracts**        1,024,990        Unrealized depreciation on futures contracts**        139,497  
Credit Contracts – Options      Options written, at value               Options written, at value        116,999  
Total             $ 1,189,228               $ 268,130  

 

  *   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 period ended September 30, 2022  
Amount of Realized Gain or (Loss) on Derivatives  
     Futures
Contracts
       Swaps        Options        Total  
Credit Contracts    $        $ (459,966      $ 485,725        $ 25,759  
Interest Rate Contracts      1,737,673          289,946                   2,027,619  
Total    $ 1,737,673        $ (170,020      $ 485,725        $ 2,053,378  

 

Change in Unrealized Appreciation or (Depreciation) on Derivatives  
     Futures
Contracts
       Swaps        Options        Total  
Credit Contracts    $        $ (11,634      $ (31,021      $ (42,655
Interest Rate Contracts      612,434          (122,669                 489,765  
Total    $ 612,434        $ (134,303      $ (31,021      $ 447,110  

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 period ended September 30, 2022, 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.

 

155


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

Consolidated Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2022

 

      

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**      $ 1,878,287        Unrealized depreciation on futures contracts**      $ 2,062,810  
Equity Contracts – Futures*      Unrealized appreciation on futures contracts**        5,617,990        Unrealized depreciation on futures contracts**        3,497  
Foreign Exchange Contracts – Forward Currency Contracts      Unrealized appreciation on forward currency contracts        4,640,443        Unrealized depreciation on forward currency contracts        98,565  
Foreign Exchange Contracts – Futures*      Unrealized appreciation on futures contracts**        9,824,939        Unrealized depreciation on futures contracts**        3,037  
Interest Rate Contracts – Futures*      Unrealized appreciation on futures contracts**        17,351,366        Unrealized depreciation on futures contracts**        406,581  
Total             $ 39,313,025               $ 2,574,490  

 

  *   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 period ended September 30, 2022  
Amount of Realized Gain (Loss) on Derivatives  
     Futures
Contracts
     Forward
Currency
Contracts
 
Commodity Contracts    $ 2,240,066      $  
Equity Contracts      (6,242,368       
Foreign Exchange Contracts      21,998,272        821,867  
Interest Rate Contracts      50,070,708         
Total    $ 68,066,678      $ 821,867  
Change in Unrealized Appreciation (Depreciation) on Derivatives  
     Futures
Contracts
     Forward
Currency
Contracts
 
Commodity Contracts    $ (4,186,016    $  
Equity Contracts      6,446,131         
Foreign Exchange Contracts      8,033,802        6,359,336  
Interest Rate Contracts      4,530,521         
Total    $ 14,824,438      $ 6,359,336  

GuidePath Growth and Income Fund

During the period, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and exchange trade funds (“ETFs”) options, for both hedging and investment purposes, primarily risk management, and the pursuit of excess premium opportunities. The Fund used futures contracts during the period primarily to manage portfolio risk (volatility). The Fund wrote collateralized put options in an attempt to generate returns through receiving the option premiums; together with investments in fixed income instruments, it intended to lower the volatility relative to as if the Fund held the S&P 500 index.

 

156


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2022

 

      

Asset Derivatives


      

Liability Derivatives


 
       Statement of Assets and
Liabilities Location
     Value        Statement of Assets and
Liabilities Location
     Value  
Equity Contracts – Futures*      Unrealized appreciation on futures contracts**      $ 856,263        Unrealized depreciation on futures contracts**      $  
Equity Contracts – Options      Options written, at value               Options written, at value        1,927,770  
Total               $856,263               $ 1,927,770  

 

  *   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 period ended September 30, 2022  
Amount of Realized Gain (Loss) on Derivatives  
       Futures
Contracts
       Options
Written
 
Equity Contracts      $ (469,254      $ (1,539,912
Total      $ (469,254      $ (1,539,912

 

Change in Unrealized Appreciation (Depreciation) on Derivatives  
       Futures
Contracts
       Options
Written
 
Equity Contracts      $ 802,234        $ (1,702,890
Total      $ 802,234        $ (1,702,890

Volume Disclosures

The average monthly value outstanding of options written during the period ended September 30, 2022 were as follows:

 

     GuideMark
Core Fixed
Income Fund
       GuidePath
Managed Futures
Strategy Fund
       GuidePath
Growth and
Income Fund
 
Options Written    $ (33,285,714      $             —        $ (794,361

The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2022 were as follows:

 

Long Positions    GuideMark
Core Fixed
Income Fund
       GuidePath
Managed Futures
Strategy Fund
       GuidePath
Growth and
Income Fund
 
Futures    $ 5,765,325        $ 91,437,365        $ 983,075  
Forwards    $        $ 96,648,242        $  
Swaps    $ 4,095,000        $        $  

 

Short Positions    GuideMark
Core Fixed
Income Fund
       GuidePath
Managed Futures
Strategy Fund
       GuidePath
Growth and
Income Fund
 
Futures    $ (23,789,058      $ (1,343,418,665      $ (8,409,448
Forwards    $        $ (20,256,004      $  

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.

 

157


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

Offsetting Assets and Liabilities

GuideMark Core Fixed Income Fund

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of September 30, 2022, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.

 

Assets                         Gross Amounts not offset in
the Statement of
Assets and Liabilities


        
     Gross Amounts
of Recognized
Assets


     Gross Amounts
Offset in the
Statement of
Assets and Liabilities


     Net Amounts
Presented in the
Statement of
Assets and Liabilities


     Financial
Instruments


     Collateral
Received


     Net
Amount


 

Description / Counterparty

                                                     

Futures

                                                     

Citigroup

   $ 1,024,990      $             —      $ 1,024,990      $ (139,497    $             —      $ 885,493  

Swaps

                                                     

Morgan Stanley

     164,238               164,238        (11,634             152,604  
    


  


  


  


  


  


     $ 1,189,228      $      $ 1,189,228      $ (151,131    $      $ 1,038,097  
    


  


  


  


  


  


 

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

   $ 139,497      $             —      $ 139,497      $ (139,497    $             —      $             —  

Options written

                                                     

Citigroup

     65,999               65,999        (65,999              

Bank of America

     51,000               51,000        (51,000              

Swaps

                                                     

Morgan Stanley

     11,634               11,634        (11,634              
    


  


  


  


  


  


     $ 268,130      $      $ 268,130      $ (268,130    $      $  
    


  


  


  


  


  


GuidePath Managed Futures Strategy Fund

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

 

158


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

The table below, as of September 30, 2022, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.

 

Assets                         Gross Amounts not offset
in the Consolidated
Statement of
Assets and Liabilities


        
     Gross Amounts
of Recognized
Assets


     Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities


     Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities


     Financial
Instruments


     Collateral
Received


     Net
Amount


 

Description / Counterparty

                                                     

Forward

                                                     

NatWest

   $ 4,640,443      $      $ 4,640,443      $ (98,565    $             —      $ 4,541,878  

Futures*

                                                     

Goldman Sachs

     3,265,664        (2,597,815      667,849        (36,804             631,045  
    


  


  


  


  


  


     $ 7,906,107      $ (2,597,815    $ 5,308,292      $ (135,369    $      $ 5,172,923  
    


  


  


  


  


  


 

Liabilities                         Gross Amounts not offset
in the Consolidated
Statement of
Assets and Liabilities


        
     Gross Amounts
of Recognized
Liabilities


     Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities


     Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities


     Financial
Instruments


     Collateral
Pledged


     Net
Amount


 

Description / Counterparty

                                                     

Forward

                                                     

NatWest

   $ 98,565      $      $ 98,565      $ (98,565    $             —      $  

Futures*

                                                     

Goldman Sachs

     2,634,619        (2,597,815      36,804        (36,804                
    


  


  


  


  


  


     $ 2,733,184      $ (2,597,815    $ 135,369      $ (135,369    $      $             —  
    


  


  


  


  


  


 

*   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.

GuidePath Growth and Income Fund

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

 

159


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

The table below, as of September 30, 2022, 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

                                                     

Options Written

                                                     

Interactive Brokers

   $ 1,927,770      $             —      $ 1,927,770      $ (1,927,770    $             —      $             —  
    


  


  


  


  


  


     $ 1,927,770      $      $ 1,927,770      $ (1,927,770    $      $  
    


  


  


  


  


  


Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.

 

(m) Securities Purchased or Sold on a Forward-Commitment Basis The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.

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

(o) Foreign Currency Translation

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

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

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

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

 

  (p)   Restricted and Illiquid Securities

No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no

 

 

160


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds’ liquidity guidelines.

 

  (q)   Auction Rate Securities

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

 

  (r)   Short Sales

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

 

  (s)   Trustee Compensation

Effective April 1, 2021, 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 $90,000 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,500 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.

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

 

  (t)   Pending Litigation

The Funds are subject to claims and suits that arise from time to time in the ordinary course of business. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

 

  (u)   Participatory Notes (“participation notes”)

Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial

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

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk. These securities have been deemed to be liquid as of September 30, 2022.

 

4.   Investment Advisor

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

 

Large Cap Core Fund

     0.45%  

Emerging Markets Fund

     0.59%  

Small/Mid Cap Core Fund

     0.57%  

World ex-US Fund

     0.50%  

Core Fixed Income Fund

     0.40%  

Growth Allocation Fund

     0.25%  

Conservative Allocation Fund

     0.25%  

Tactical Allocation Fund

     0.35%  

Absolute Return Allocation Fund

     0.35%  

Multi-Asset Income Allocation Fund

     0.35%  

Flexible Income Allocation Fund

     0.25%  

Managed Futures Strategy Fund

     1.05%  

Conservative Income Fund

     0.35%  

Income Fund

     0.45%  

Growth and Income Fund

     0.45%  

AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a monthly fee 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.

 

 

161


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

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, 2023, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Fund’s net annual operating expenses (excluding taxes, interest, trading costs, acquired fund expenses, expenses paid with securities lending expense offset credits and non-routine expenses) do not exceed the following rates (“Expense Limits”), based on daily net assets of each class of each Fund:

 

     Service
Class


     Institutional
Class


     Single
Class


 

Large Cap Core Fund

     0.99%        0.64%        —     

Emerging Markets Fund

     1.40%        1.05%        —     

Small/Mid Cap Core Fund

     1.20%        0.85%        —     

World ex-US Fund

     1.14%        0.79%        —     

Core Fixed Income Fund

     0.94%        0.59%        —     

Growth Allocation Fund

     0.75%        0.40%        —     

Conservative Allocation Fund

     0.45%        0.10%        —     

Tactical Allocation Fund

     0.85%        0.50%        —     

Absolute Return Allocation Fund

     0.55%        0.20%        —     

Multi-Asset Income Allocation Fund

     0.85%        0.50%        —     

Flexible Income Allocation Fund

     0.50%        0.15%        —     

Managed Futures Strategy Fund

     1.65%        1.30%        —     

Conservative Income Fund

     —           —           0.64%  

Income Fund

     —           —           0.79%  

Growth and Income Fund

     —           —           0.79%  

Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s Expense Limits at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years after the end of the calendar month in which the fee or expense was waived or reimbursed. As of September 30, 2022, Large Cap Core Fund, Emerging Markets Fund Service Class Shares, Small/Mid Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Managed Futures Strategy Fund have recouped all potential recoverable waivers or reimbursed expenses.

 

 

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

 

     Year of
Expiration
03/31/2023


       Year of
Expiration
03/31/2024


       Year of
Expiration
03/31/2025


       Year of
Expiration
03/31/2026


 

Emerging Markets Fund

   $ 9        $        $        $ 101,091  

World ex-US Fund

     3          21          155,025          75,413  

Core Fixed Income Fund

     47,021          123,677          89,424          48,278  

Conservative Allocation Fund

     389,424          725,482          812,082          314,257  

Absolute Return Allocation Fund

     368,484          590,940          312,450          275,043  

Flexible Income Allocation Fund

     109,083          289,266          212,963          199,582  

Conservative Income Fund

     32,174          38,716          53,047          16,163  

Income Fund

     34,524          27,465          3,614          12,270  

Growth and Income Fund

     62,844          81,402          43,413          2,958  

Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.

 

5.   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

 

 

162


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

provide certain transfer agency, administrative, accounting and custody services.

The Funds have established a line of credit (“LoC”) with USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. The LoC was renewed August 1, 2022 and will mature, unless renewed, on July 25, 2023. Borrowing under the LoC

is limited to the lesser of 20% of the gross market value of a Fund, 20% of specific marketable securities acceptable to USB, or $250,000,000 for all Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the prime rate, which was 6.25% at September 30, 2022. 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 period ended April 1, 2022 to September 30, 2022, the details of the borrowings were as follows:

 

Fund


   Average Daily
Borrowings


       Weighted Average Annualized
Interest Rate


     Maximum
Borrowings


 

Emerging Markets Fund

   $ 87,421          4.02    $ 3,712,000  

World ex-US Fund

     5,705          5.05      261,000  

Growth Allocation Fund

     2,098,000          5.50      77,574,000  

Conservative Allocation Fund

     1,048,601          5.33      43,493,000  

Absolute Return Allocation Fund

     1,537,082          5.50      87,465,000  

Multi-Asset Income Allocation Fund

     215,596          5.43      7,927,000  

Flexible Income Allocation Fund

     269,022          5.13      21,521,000  

Growth and Income Fund

     167,158          3.62      14,512,000  

 

6.   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 period ended September 30, 2022, 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

  $ 50,893,955  

Emerging Markets Fund

    2,132,591  

Small/Mid Cap Core Fund

    22,782,871  

World ex-US Fund

    4,133,164  

Core Fixed Income Fund

    3,061,000  

Growth Allocation Fund

    157,022,731  

Conservative Allocation Fund

    104,331,390  

Tactical Allocation Fund

    30,932,216  

Absolute Return Allocation Fund

    60,309,447  

Multi-Asset Income Allocation Fund

    23,811,535  

Flexible Income Allocation Fund

    98,791,695  

Managed Futures Strategy Fund

     

Conservative Income Fund

    2,178,040  

Income Fund

     

Growth & Income Fund

    2,875,955  

Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities).

  $ 563,256,590  

 

163


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

7.   Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2022 are summarized below.

 

    Purchases

    Sales

 

Large Cap Core Fund

  $ 123,167,758     $ 210,436,339  

Emerging Markets Fund

    11,555,598       22,660,123  

Small/Mid Cap Core Fund

    18,568,024       14,844,680  

World ex-US Fund

    26,499,795       38,315,348  

Core Fixed Income Fund*

    284,722,430       299,135,183  

Growth Allocation Fund

    122,570,438       177,109,019  

Conservative Allocation Fund

    63,260,849       118,873,914  
    Purchases

    Sales

 

Tactical Allocation Fund

  $ 397,264,994     $ 401,184,857  

Absolute Return Allocation Fund

    407,603,565       276,105,717  

Multi-Asset Income Allocation Fund

    28,897,630       41,253,055  

Flexible Income Allocation Fund

    801,315,910       820,856,147  

Managed Futures Strategy Fund

           

Conservative Income Fund

    25,142,369       21,313,037  

Income Fund

    65,253,124       50,998,105  

Growth and Income Fund

    13,653,401       21,901,877  

 

  *   Included in these amounts were $251,170,055 of purchases and $262,149,666 of sales of U.S. Government Securities.
 

 

8.   Transactions with Affiliates

The GuidePath Flexible Income Allocation Fund owned 5% or more of the voting securities of the following company during the period ended September 30, 2022. As a result, this company is deemed to be an affiliated company. The below table represents fair value:

 

Issuer


   Value as of
April 1, 2022


     Purchases

     Sales

     Realized Gain
(Loss)


 

WisdomTree Bloomberg U.S. Dollar Bullish Fund1

   $ 11,530,173      $ 2,105,102      $ 4,903,465      $ 203,944  
    


  


  


  


     $ 11,530,173      $ 2,105,102      $ 4,903,465      $ 203,944  
    


  


  


  


 

Issuer


   Change in
Unrealized
Appreciation
(Depreciation)


     Dividend
Income


     Fair Value
as of
September 30,
2022


     Share Balance
as of
September 30,
2022


 

WisdomTree Bloomberg U.S. Dollar Bullish Fund1

   $ 1,141,113      $             —      $ 10,076,867        338,377  
    


  


  


  


     $ 1,141,113      $      $ 10,076,867        338,377  
    


  


  


  


 

  1   No longer an affiliate as of September 30, 2022.

 

9.   Covid-19 Pandemic

The global outbreak of COVID-19, first detected in China in December 2019, has disrupted economic markets and the long-term economic impact is uncertain. The operational and financial performance of the issuers of securities in which a Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.

 

10.   LIBOR Discontinuation

Certain variable rate securities use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a planned phase out of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as originally intended, certain widely used US dollar (USD) LIBOR rate settings (overnight, 1-, 3- ,6-, and 12-month) will continue to be published in representative forms until June 30, 2023 in order to assist with the market transition away from LIBOR-based instruments. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The transition to alternative rates may adversely affect the value or liquidity of certain LIBOR-based investments or reduce the effectiveness of related transactions such as hedges and the ultimate impact of the transition on markets generally remains uncertain.

11.   Ukraine/Russia War

On February 24, 2022, Russia commenced a military attack on Ukraine. This has led to various countries, including the US, imposing economic sanctions on certain Russian individuals and entities. In response to these events, the Russian government has imposed capital controls to restrict movements of capital entering and exiting the country. The conflict and related events have and may continue to result in price volatility and liquidity constraints. Future market disruptions as a result of the war cannot be predicted, but could be significant and may include adverse effects on global economic growth as well as the markets for certain securities and commodities, such as oil and natural gas, among other sectors. The duration of the conflict, potential for escalation and ultimate effects on the Funds cannot currently be predicted.

12. 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.

 

 

164


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

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 Distrubutable
Earnings (Loss)


       Capital
Stock


 

Large Cap Core Fund

   $ (2,265,532      $ 2,265,532  

Emerging Markets Fund

     (1,554,428        1,554,428  

Small/Mid Cap Core Fund

     (1,216,000        1,216,000  

World ex-US Fund

     (302,612        302,612  

Core Fixed Income Fund

     1          (1

Growth Allocation Fund

     (5,298,616        5,298,616  

Conservative Allocation Fund

     (1,559,297        1,559,297  

Tactical Allocation Fund

     (6,146,034        6,146,034  

Absolute Return Allocation Fund

               

Multi-Asset Income Allocation Fund

               

Flexible Income Allocation Fund

     (547,924        547,924  

Managed Futures Strategy Fund

     (13,054,569        13,054,569  

Conservative Income Fund

     6,986          (6,986

Income Fund

               

Growth and Income Fund

     78,295          (78,295

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

   $        $        $ (1,584,575

Emerging Markets Fund

                        

Small/Mid Cap Core Fund

                        

World ex-US Fund

                       (5,299,983

Core Fixed Income Fund

                        

Growth Allocation Fund

                        

Conservative Allocation Fund

                        

Tactical Allocation Fund

                        

Absolute Return Allocation Fund

              1,353,616          (1,631,954

Multi-Asset Income Allocation Fund

              5,200,922          (4,520,738

Flexible Income Allocation Fund

                       (529,452

Managed Futures Strategy Fund

                        

Conservative Income Fund

     133,132          10,190           

Income Fund

     1,581,781                    

Growth and Income Fund

                        

 

165


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

Additionally, at March 31, 2022, the Funds deferred on a tax basis losses as follows:

 

     Ordinary Late
Year Loss


       Capital
Loss


 

Large Cap Core Fund

   $        $ 111,429  

Emerging Markets Fund

              355,705  

Small/Mid Cap Core Fund

     174,013          740,379  

World ex-US Fund

               

Core Fixed Income Fund

              1,108,729  

Growth Allocation Fund

               

Conservative Allocation Fund

               

Tactical Allocation Fund

               

Absolute Return Allocation Fund

               

Multi-Asset Income Allocation Fund

               

Flexible Income Allocation Fund

              3,353,310  

Managed Futures Strategy Fund

               

Conservative Income Fund

     3,165           

Income Fund

               

Growth and Income Fund

     67,920          916,361  

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, 2022 and March 31, 2021 are as follows:

 

     Year Ended March 31, 2022

 
     Ordinary
Income
Distributions


       Long-Term
Capital Gain
Distributions


       Return of
Capital


 

Large Cap Core Fund

   $ 4,380,405        $ 17,492,713        $  

Emerging Markets Fund

     2,454,324          5,150,349           

Small/Mid Cap Core Fund

     1,322,987          10,865,602           

World ex-US Fund

     1,530,013                    

Core Fixed Income Fund

     2,772,722          1,924,511           

Growth Allocation Fund

     15,113,758          16,949,619           

Conservative Allocation Fund

     11,536,921          6,206,078           

Tactical Allocation Fund

     39,531,728          9,786,060           

Absolute Return Allocation Fund

     4,479,391                    

Multi-Asset Income Allocation Fund

     3,347,756                    

Flexible Income Allocation Fund

     8,322,123                    

Managed Futures Strategy Fund

     14,193,380          5,162,678           

Conservative Income Fund

     69,357                   6,986  

Income Fund

     918,444                    

Growth and Income Fund

     6,681,000          8,349,427          78,293  

 

166


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

     Year Ended March 31, 2021

 
     Ordinary
Income
Distributions


       Long-Term
Capital Gain
Distributions


 

Large Cap Core Fund

   $ 2,201,345        $  

Emerging Markets Fund

     177,627           

Small/Mid Cap Core Fund

     110,758          1,642,553  

World ex-US Fund

     2,716,002           

Core Fixed Income Fund

     4,964,515          636,513  

Growth Allocation Fund

     4,754,892          13,935,648  

Conservative Allocation Fund

     7,633,082          1,474,838  

Tactical Allocation Fund

     2,082,296          18,172,038  

Absolute Return Allocation Fund

     5,196,739           

Multi-Asset Income Allocation Fund

     3,193,649           

Flexible Income Allocation Fund

     4,975,241           

Managed Futures Strategy Fund

              6,730,017  

Conservative Income Fund

     33,188           

Income Fund

     628,224           

Growth and Income Fund

     795,837           

At March 31, 2022, 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*

   $ 483,488,173     $ 59,638,941     $ 108,694,135     $ 96,135,002     $ 261,602,958  
    


 


 


 


 


Gross Unrealized Appreciation

   $ 309,218,459     $ 22,820,985     $ 39,907,800     $ 37,164,771     $ 1,361,450  

Gross Unrealized Depreciation

     (13,691,251     (8,192,515     (5,786,515     (6,020,911     (11,157,925
    


 


 


 


 


Net Unrealized Appreciation/(Depreciation)

     295,527,208       14,628,470       34,121,285       31,143,860       (9,796,475
    


 


 


 


 


Undistributed Ordinary Income

                       2,185,741       488,021  

Undistributed Long-Term Cap Gains

     11,380,540       4,786,410       783,736       753,285        

Other Accumulated Gains/(Losses)

     (111,645     (355,705     (914,421           (1,108,729
    


 


 


 


 


Total Distributable Earnings/(Loss)

     306,796,103       19,059,175       33,990,600       34,082,886       (10,417,183
    


 


 


 


 


     Growth
Allocation

Fund

    Conservative
Allocation
Fund


    Tactical
Allocation
Fund


    Absolute
Return
Allocation
Fund


    Multi-Asset
Income
Allocation
Fund


 

Cost of Portfolio*

   $ 1,026,512,042     $ 557,607,670     $ 555,369,963     $ 271,071,560     $ 127,282,927  
    


 


 


 


 


Gross Unrealized Appreciation

   $ 376,431,974     $ 66,047,672     $ 29,130,266     $ 4,994,240     $ 18,749,721  

Gross Unrealized Depreciation

     (25,848,357     (18,707,528     (12,927,846     (9,005,584     (4,381,519
    


 


 


 


 


Net Unrealized Appreciation/(Depreciation)

     350,583,617       47,340,144       16,202,420       (4,011,344     14,368,202  
    


 


 


 


 


Undistributed Ordinary Income

     662,293       1,599,360       13,931,946       1,043,414       498,527  

Undistributed Long-Term Cap Gains

     33,002,646       1,410,637       8,621,703              

Other Accumulated Gains/(Losses)

     (9,659     (9,659     (9,659     (1,363,275     (5,200,922
    


 


 


 


 


Total Distributable Earnings/(Loss)

     384,238,897       50,340,482       38,746,410       (4,331,205     9,665,807  
    


 


 


 


 


 

167


GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2022


 

     Flexible
Income
Allocation
Fund


    Managed
Futures
Strategy

Fund

    Conservative
Income
Fund


    Income
Fund


    Growth and
Income

Fund

 

Cost of Portfolio*

   $ 409,246,214     $ 242,000,490     $ 11,021,918     $ 47,396,113     $ 121,215,978  
    


 


 


 


 


Gross Unrealized Appreciation

   $ 335,666     $ 3,304,628     $ 25,002     $     $ 8,714,381  

Gross Unrealized Depreciation

     (12,008,084     (1,259,456     (103,918     (2,799,400     (2,597,700
    


 


 


 


 


Net Unrealized Appreciation/(Depreciation)

     (11,672,418     2,045,172       (78,916     (2,799,400     6,116,681  
    


 


 


 


 


Undistributed Ordinary Income

           18,236,864             7,773        

Undistributed Long-Term Cap Gains

     2,197,965       702,935                    

Other Accumulated Gains/(Losses)

     (3,353,310     3,157,388       (146,487     (1,581,781     (984,281
    


 


 


 


 


Total Distributable Earnings/(Loss)

     (12,827,763     24,142,359       (225,403     (4,373,408     5,132,400  
    


 


 


 


 


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

 

168


GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION

September 30, 2022


 

Additional Information

 

1.   Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2022 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

     0.95%          77.71%  

Small/Mid Cap Core Fund

     95.88%          99.21%  

World ex-US Fund

     0.00%          100.00%  

Core Fixed Income Fund

     0.00%          0.00%  

Growth Allocation Fund

     27.72%          77.31%  

Conservative Allocation Fund

     12.26%          35.42%  

Tactical Allocation Fund

     9.60%          10.85%  

Absolute Return Allocation Fund

     0.03%          0.27%  

Multi-Asset Income Allocation Fund

     31.27%          58.15%  

Flexible Income Allocation Fund

     1.19%          3.08%  

Managed Futures Strategy Fund

     0.00%          0.00%  

Conservative Income Fund

     0.00%          0.00%  

Income Fund

     8.94%          9.03%  

Growth and Income Fund

     0.55%          2.03%  

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

     20.74%  

Emerging Markets Fund

     64.67%  

Small/Mid Cap Core Fund

     86.22%  

World ex-US Fund

     0.00%  

Core Fixed Income Fund

     9.52%  

Growth Allocation Fund

     0.00%  

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%  

 

2.   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, 2022. 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

   $ 305,998        $ 0.0579          96.16

World ex-US Fund

     305,942          0.0252          96.75

 

  *   The Funds listed above did not derive any income from “ineligible foreign sources” as defined under Section 901(j) of the Internal Revenue Code.

 

169


GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2022


 

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.

 

3.   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).      15      Trustee, Savos Investments Trust (2015-2022); Director, New England Bancorp (2006-2016);

Paul S. Feinberg

Year of Birth: 1942

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

   Independent Trustee    Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II)    Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker- dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005).      15      Trustee, Savos Investments Trust (2015-2022);

Dennis G. Schmal

Year of Birth: 1947

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

   Independent Trustee    Indefinite Term (since 2007 for GPS Funds I and since 2013 for GPS Funds II)    Self-employed consultant (1999-present); formerly, Partner, Arthur Andersen LLP (audit services) (1972-1999).      15      Trustee, Savos Investments Trust (2015-2022); Director, Blue Calypso, Inc. (2015-2019); Director, Owens Realty Mortage Inc. (2013-2019); Cambria ETF Series Trust (2013-present); Director, Wells Fargo GAI Hedge Funds (2008-2019); Director, First Guarantee Mortgage Corporation (2021-present).

Interested Trustee

                            

Carrie E. Hansen*

Year of Birth: 1970

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

  

Interested Trustee and Chairperson

 

President

  

Indefinite Term since 2014

 

Renewed 1-Year Term since 2008

   President, GPS Funds I (2008-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-2022); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage®, LLC (2014-present).      15      Trustee, Savos Investments Trust (2008-2022); Director and Chairperson, AssetMark Trust Co. (2008-present); Director, AssetMark, Inc. (2013-present); Treasurer, Acalanes Booster Club (2017-2019); Director, Rheumatology Research Foundation (2021-present);

 

170


GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2022


 

Name, Address
and Year of Birth


  

Position(s) Held
with the Trusts


  

Term of Office and
Length of Time Served


  

Principal Occupation During Past Five Years


Officers of the Trusts**

John Koval

Year of Birth: 1966

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

   Chief Compliance Officer and AML Compliance Officer    Renewed 1-Year Term since 2013    Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009).

Patrick R. Young

Year of Birth: 1982

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

   Vice President and Treasurer    Renewed 1-Year Term since 2014    Vice President and Treasurer, GPS Funds I, GPS Funds II, and Savos (May 2014-present); Director of Mutual Fund Operations and Finance, AssetMark (February 2016-present); Manager of Fund Administration, AssetMark (May 2014-February 2016); Senior Fund Administration Officer, AssetMark (2008-May 2014).

Christine Villas-Chernak

Year of Birth: 1968

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

   Secretary    Renewed 1-Year Term since 2014    Secretary, GPS Funds I (2006-2013 and May 2014- present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present) Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009).

 

*   Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates.
**   Each Officer of the Trusts serves at the pleasure of the Board.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.

 

4.   Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

 

5.   Availability of Quarterly Portfolio Holdings Schedules (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters 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.

 

171


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.

Semi-Annual Report

September 30, 2022


(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

 

(a)

The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in

 

1


  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. Not applicable for semi-annual reports.

(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.

 

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   

GPS Funds I

  

 

By (Signature and Title)   

/s/ Carrie E. Hansen

  
   Carrie E. Hansen, Principal Executive Officer/President   

 

Date    12/05/2022      

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)   

/s/ Carrie E. Hansen

  
   Carrie E. Hansen, Principal Executive Officer/President   

 

Date    12/05/2022      

 

By (Signature and Title)   

/s/ Patrick R. Young

  
   Patrick R Young, Vice President/Treasurer   

 

Date    12/05/2022      

 

3


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

SECTION 302 CERTIFICATIONS

SECTION 906 CERTIFICATIONS