As filed with the Securities and Exchange Commission on June 1, 2016
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, 2016
Date of reporting period: April 1, 2015 through March 31, 2016
Item 1. Reports to Stockholders.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
ANNUAL REPORT
March 31, 2016
GUIDEMARK® LARGE CAP CORE FUND (formerly, GUIDEMARK® LARGE CAP GROWTH FUND)
GUIDEMARK® EMERGING MARKETS FUND (formerly, GUIDEMARK® LARGE CAP VALUE FUND)
GUIDEMARK® SMALL/MID CAP CORE FUND
GUIDEMARK® WORLD EX-US FUND
GUIDEMARK® OPPORTUNISTIC EQUITY FUND
GUIDEMARK® CORE FIXED INCOME FUND
GUIDEMARK® TAX-EXEMPT FIXED INCOME FUND
GUIDEMARK® OPPORTUNISTIC FIXED INCOME FUND
GUIDEPATH® GROWTH ALLOCATION FUND (formerly, GUIDEPATH® STRATEGIC ASSET ALLOCATION FUND)
GUIDEPATH® CONSERVATIVE ALLOCATION FUND (formerly, GUIDEPATH® TACTICAL CONSTRAINED® ASSET ALLOCATION FUND)
GUIDEPATH® TACTICAL ALLOCATION FUND (formerly, GUIDEPATH® TACTICAL UNCONSTRAINED® ASSET ALLOCATION FUND)
GUIDEPATH® ABSOLUTE RETURN ALLOCATION FUND (formerly, GUIDEPATH® ABSOLUTE RETURN ASSET ALLOCATION FUND)
GUIDEPATH® MULTI-ASSET INCOME ALLOCATION FUND (formerly, GUIDEPATH® MULTI-ASSET INCOME ASSET ALLOCATION FUND)
GUIDEPATH® FLEXIBLE INCOME ALLOCATION FUND (formerly, GUIDEPATH® FIXED INCOME ALLOCATION FUND)
GUIDEPATH® MANAGED FUTURES STRATEGY FUND
May 27, 2016
Dear Shareholder:
Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2015 to March 31, 2016.
Market Review
Volatility returned to the markets during the summer of 2015 when the CBOE Volatility Index® (the “VIX”) spiked in late August and the stock market bottomed. Although the stock market rose and fell several times thereafter, US stocks rallied 8.5% in the second half of the period and international stocks gained 5.6% to finish the 12-month period ended March 31, 2016 with returns of 1.8% and -8.78% respectively.1
While the S&P 500 finished the period with a return of 1.8%, market participation was not broadly based and mid-cap and small cap stocks had negative returns for the period. International stock markets, and Emerging Markets in particular, also struggled as China’s slower economic growth reduced demand for commodities and other exports from countries in the Asia Pacific region.
When the US equities markets hit their yearly lows in the third quarter of 2015, investors turned defensive and shifted to government bonds, especially US Treasuries, which saw yields fall and prices rise with the increased demand. But it was hardly smooth sailing for the bond market, as uncertainty surrounding whether the US Federal Reserve (the “Fed”) would raise short-term interest rates created anxiety among investors about the impact of such a move both on bond values, as well as the overall economy.
In December of 2015, the Fed raised short-term interest rates, heightening investor concerns about the US economy. However, the Fed’s subsequent announcement of its plan to gradually continue raising interest rates helped ease concerns and, in turn, resulted in higher bond prices. The US bond market returned 2.0% for the 12-month period ended March 31, 2016.2
International bond markets returned 6.7% for the 12-month period ended March 31, 2016, fueled in part by currency fluctuations, as the US dollar depreciated compared to a broad basket of foreign currencies in the first quarter of 2016, which more than offset the appreciation it experienced during the prior three quarters.3
Fund Review
A number of Funds in the GuideMark® and GuidePath® fund family implemented changes to their respective names, investment strategies and benchmarks during the 12-month period ended March 31, 2016. The changes aimed to provide more effective building blocks for client portfolios and, with respect to the GuidePath® Funds, better reflect AssetMark’s new “Investing Evolved” portfolio construction platform. Four of the GuideMark® Funds (the GuideMark® Large Cap Core Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US Fund and GuideMark® Emerging Markets Fund) were restructured in early October 2015 (the “Restructured GuideMark® Funds”), and Goldman Sachs Asset Management, L.P. was appointed as the new subadvisor for each of these Funds. Prior to the transition, the GuideMark® Large Cap Core Fund (formerly the GuideMark® Large Cap Growth Fund) and the GuideMark® Emerging Markets Fund (formerly the GuideMark® Large Cap Value Fund) outperformed their respective benchmarks as a result of security selection. The GuideMark® Small/Mid Cap Core Fund and the GuideMark® World ex-US Fund both lagged their benchmarks as a result of sector exposure and security selection, respectively. Since the transition, the Restructured GuideMark® Funds generally trailed their benchmarks due to a headwind from value-oriented stocks in a market unusually focused on growth.
Of the remaining GuideMark® Funds, the fixed-income Funds trailed their benchmarks for the 12-month period ended March 31, 2016, generally due to shorter durations and underweight exposure to US Treasuries in favor of greater exposure to credit risk. The GuideMark® Opportunistic Equity Fund also trailed its benchmark due to holdings in the Healthcare sector, which earlier had been one of the strongest performers, but then turned sharply.
The GuidePath® Funds were repositioned with new investment mandates in mid-January of 2016 and certain Funds were assigned new benchmarks that better reflected the updated mandates. Since the transition, the Funds generally outperformed their benchmarks. Prior to the transition, the GuidePath® Growth Allocation Fund (formerly the GuidePath® Strategic Asset Allocation Fund) and the GuidePath® Conservative Allocation Fund (formerly the GuidePath® Tactical Constrained® Asset Allocation Fund), experienced mixed results relative to their respective benchmarks. Positions in international and US small-cap equities hurt performance, while exposure to managed futures lifted returns. For the 12-month period ended March 31, 2016, the GuidePath® Tactical Allocation Fund (formerly the GuidePath® Tactical Unconstrained® Allocation Fund) and the GuidePath® Multi-Asset Income Allocation Fund (formerly the GuidePath® Multi-Asset Income Asset Allocation Fund) trailed their respective benchmarks due to more conservative positioning and lower equity exposure in an equity market characterized by sharp and frequent changes in stock market performance and risk. For the 12-month period ended March 31, 2016, the GuidePath® Absolute Return Allocation Fund (formerly the GuidePath® Absolute Return Asset Allocation Fund) and GuidePath® Flexible Income Allocation Fund (formerly the GuidePath® Fixed Income Allocation Fund) trailed their respective benchmarks due to higher credit risk exposures in high-yield and emerging-market debt.
Looking Ahead
Following a rocky 2015 that continued into the first quarter of 2016, we would not be surprised to continue to see sporadic spikes in investor anxiety (as reflected by the VIX) and dips in stock prices. However, assuming commodity prices remain stable and the Fed does not threaten to become overly aggressive in raising short-term interest rates, risk markets may continue to experience price appreciation over the intermediate and longer term. For
| 1 | | US stock returns are represented by the S&P 500® Index and international stock returns are represented by the MSCI AWCI ex. USA Index. Source: Morningstar, Inc., as of March 31, 2016. |
| 2 | | US bond market returns are represented by the Barclays US Aggregate Bond Index. Source: Morningstar, Inc., as of March 31, 2016. |
| 3 | | International bond returns are represented by the Barclays Capital Global Aggregate ex-US Index. Source: Morningstar, Inc., as of March 31, 2016. |
1
this reason, portfolio diversification across multiple asset classes and strategies is likely to continue to be valuable and will help investors ride out market fluctuations.
Please contact your financial advisor to discuss any questions about your investment strategy or changes in your financial goals. We thank you for including the Funds in your portfolio and appreciate the trust you have placed in us.
Sincerely,
Carrie E. Hansen
Trustee, Chairperson and President of the Funds
Important Information
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.
AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. PRINCIPAL UNDERWRITER OF GUIDEMARK® and GUIDEPATH® Funds: AssetMark Brokerage™, LLC, a member of the Financial Industry Regulatory Authority, is an affiliate of AssetMark, Inc. and shares its address. ©2016 AssetMark, Inc. All rights reserved.
Past performance is no guarantee of future results.
Investment Terms
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced by a country in a given year. GDP is a common method for measuring the size and activity of a country’s economy.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Index Definitions
Barclays Capital Global Aggregate ex-US Bond Index is designed to be a broad-based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States.
Barclays US Aggregate Bond Index is a broad-based index that measures the investment-grade, US dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities. All securities contained in the Barclays US Aggregate Bond Index have a minimum term to maturity of one year.
Chicago Board Options Exchange (CBOE) Volatility Index® (CBOE Volatility Index® or VIX®) – widely referred to as the “investor fear gauge,” the VIX is commonly used as a measure of investor sentiment and market risk. The VIX is a forward-looking measure of near-term volatility and is constructed using the implied volatilities of a wide range of S&P 500 stock index options, calculated from both calls and puts.
MSCI All Country World (ACWI) ex-USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the United States.
S&P 500® Index focuses on the large-cap segment of the US equity market. It includes 500 leading companies in leading industries of the US economy, capturing approximately 75% coverage of US equities.
All index returns are sourced from Morningstar. It is not possible to make an investment in any index.
FX 2016-0505-0525/E
2
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2006. 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 29, 2015, the market capitalization of the companies in the Russell 1000® Index ranged from $2.4 billion to $751 billion.
RUSSELL 1000® GROWTH INDEX – The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth rates.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Large Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -0.08 | % | | | 8.76 | % | | | 5.12 | % | | | 3.41 | % |
Institutional Shares | | | 0.47 | % | | | N/A | | | | N/A | | | | 8.82 | % |
Russell 1000® Index(2) | | | 0.50 | % | | | 11.35 | % | | | 7.06 | % | | | 5.95 | %(3) |
Russell 1000® Growth Index | | | 2.52 | % | | | 12.38 | % | | | 8.28 | % | | | 5.55 | %(4) |
| (1) | | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | Effective October 9, 2015, consistent with changes in the Fund’s principal investment strategies, the Russell 1000® Index replaced the Russell 1000® Growth Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
| (3) | | 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 10.87%. |
| (4) | | The return shown for the Russell 1000® Growth Index is from the inception date of the Service Shares. The Russell 1000® Growth Index return from the inception date of the Institutional Shares is 11.83%. |
3
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -0.08%, underperforming the Russell 1000® Index at 0.50% and the Russell 1000® Growth Index at 2.52%. |
| • | | In October 2015 the Fund was restructured to a large cap core factor based approach subadvised by Goldman Sachs Asset Management, L.P. |
| • | | For the period from April 1, 2015 to September 30, 2015, the Fund, which was managed as a domestic large cap growth fund prior to the restructure, outperformed its large cap growth index due to positive security selection in the consumer discretionary and health care sectors in addition to underweight exposure to the materials sector. |
| • | | For the period from October 2015 to March 31, 2016, under the large cap core mandate the Fund lagged its benchmark due to weaker performance from momentum and value stocks. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Apple, Inc. | | | 2.81 | |
| | 2 | | | Microsoft Corp. | | | 2.10 | |
| | 3 | | | Johnson & Johnson | | | 1.25 | |
| | 4 | | | Amazon.com, Inc. | | | 1.14 | |
| | 5 | | | Home Depot, Inc. | | | 0.98 | |
| | 6 | | | JPMorgan Chase & Co. | | | 0.97 | |
| | 7 | | | Facebook, Inc. – Class A | | | 0.95 | |
| | 8 | | | Exxon Mobil Corp. | | | 0.94 | |
| | 9 | | | Wells Fargo & Co. | | | 0.86 | |
| | 10 | | | Gilead Sciences, Inc. | | | 0.85 | |
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.
4
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2006. 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 global emerging markets. The MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
RUSSELL 1000® VALUE INDEX – The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Emerging Markets Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -7.38 | % | | | 7.95 | % | | | 2.92 | % | | | 3.61 | % |
Institutional Shares | | | -6.98 | % | | | N/A | | | | N/A | | | | 8.11 | % |
MSCI Emerging Markets Index(2) | | | -11.70 | % | | | -3.80 | % | | | 3.34 | % | | | 9.57 | %(3) |
Russell 1000® Value Index | | | -1.54 | % | | | 10.25 | % | | | 5.72 | % | | | 6.17 | %(4) |
| (1) | | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | Effective October 9, 2015, consistent with changes in the Fund’s principal investment strategies, the MSCI Emerging Markets Index replaced the Russell 1000® Value Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
| (3) | | The return shown for the MSCI Emerging Markets Index is from the inception date of the Service Shares. The MSCI Emerging Markets Index return from the inception date of the Institutional Shares is -4.46%. |
| (4) | | The return shown for the Russell 1000® Value Index is from the inception date of the Service Shares. The Russell 1000® Value Index return from the inception date of the Institutional Shares is 9.83%. |
5
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -7.38%, outperforming the MSCI Emerging Markets Index at -11.70% but underperforming the Russell 1000® Value Index at -1.54%. |
| • | | In October 2015 the Fund was restructured to an emerging market factor based approach subadvised by Goldman Sachs Asset Management, L.P. |
| • | | For the period from April 1, 2015 to September 30, 2015, under its large cap value mandate, the Fund outperformed its benchmark primarily due to security selection across multiple sectors. |
| • | | For the period from October 2015 to March 31, 2016, under the emerging market mandate the Fund lagged its benchmark primarily due to holding ETFs to gain exposure to Korea and India. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares MSCI India ETF | | | 7.11 | |
| | 2 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3.56 | |
| | 3 | | | Samsung Electronics Co., Ltd. | | | 3.09 | |
| | 4 | | | Tencent Holdings Ltd. | | | 3.00 | |
| | 5 | | | China Mobile Ltd. | | | 1.79 | |
| | 6 | | | China Construction Bank Corp. – Series H | | | 1.55 | |
| | 7 | | | Industrial & Commercial Bank of China Ltd. | | | 1.16 | |
| | 8 | | | Hon Hai Precision Industry Co., Ltd. | | | 1.03 | |
| | 9 | | | Naspers Ltd. – N Shares | | | 0.96 | |
| | 10 | | | Evergrande Real Estate Group Ltd. | | | 0.92 | |
6
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2006. 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. The Russell 2500TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Small/Mid Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -11.15 | % | | | 7.23 | % | | | 4.59 | % | | | 6.38 | % |
Institutional Shares | | | -10.61 | % | | | N/A | | | | N/A | | | | 7.29 | % |
Russell 2500TM Index | | | -7.31 | % | | | 8.58 | % | | | 6.47 | % | | | 7.97 | %(2) |
| (1) | | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | The return shown for the Russell 2500TM Index is from the inception date of the Service Shares. The Russell 2500TM Index return from the inception date of the Institutional Shares is 8.10%. |
7
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -11.15%, underperforming the Russell 2500 Index™ at -7.31%. |
| • | | In October 2015 the Fund was restructured to a factor based approach subadvised by Goldman Sachs Asset Management, L.P. |
| • | | For the period from April 1, 2015 to September 30, 2015, under its fundamentally driven process, the Fund lagged the benchmark due to sector exposures which offset positive contributions from bottom-up stock selection. |
| • | | For the period from October 2015 to March 31, 2016, under the factor based process, the Fund lagged its benchmark due to headwinds faced by exposure to momentum stocks in the first quarter of the 2016. |
Components of Portfolio Holdings*
* 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 | | | 1.23 | |
| | 2 | | | DENTSPLY SIRONA, Inc. | | | 0.32 | |
| | 3 | | | Centene Corp. | | | 0.31 | |
| | 4 | | | LKQ Corp. | | | 0.29 | |
| | 5 | | | Mettler-Toledo International, Inc. | | | 0.28 | |
| | 6 | | | Foot Locker, Inc. | | | 0.28 | |
| | 7 | | | Ulta Salon, Cosmetics & Fragrance, Inc. | | | 0.27 | |
| | 8 | | | Arch Capital Group Ltd. – ADR | | | 0.26 | |
| | 9 | | | Synopsys, Inc. | | | 0.23 | |
| | 10 | | | Sealed Air Corp. | | | 0.22 | |
8
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2006. 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-US INDEX – The MSCI World ex-US Index measures the equity market performance of developed markets excluding the United States. The MSCI World ex-US Index consisted of 45 country indices comprising 22 developed market country indices. 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.
MSCI ALL COUNTRY WORLD EX-US INDEX – The MSCI All Country World ex-US Index measures the equity market performance of developed and emerging markets excluding the United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging market country indices. 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. The emerging market country indices included are: Brazil, Chile, China, Columbia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Phillippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® World ex-US Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -9.59 | % | | | -0.40 | % | | | -1.85 | % | | | 1.76 | % |
Institutional Shares | | | -9.00 | % | | | N/A | | | | N/A | | | | -0.71 | % |
MSCI World ex-US Index(2) | | | -8.01 | % | | | 2.11 | % | | | 2.29 | % | | | 5.09 | %(3) |
MSCI All Country World ex-US Index | | | -8.78 | % | | | 0.76 | % | | | 2.39 | % | | | 5.53 | %(4) |
| (1) | | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | Effective October 9, 2015, consistent with changes in the Fund’s principal investment strategies, the MSCI World ex-US Index replaced the MSCI All Country World ex-US Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
| (3) | | The return shown for the MSCI World ex-US Index is from the inception date of the Service Shares. The MSCI All Country World ex-US Index return from the inception date of the Institutional Shares is 1.03%. |
| (4) | | The return shown for the MSCI All Country World ex-US Index is from the inception date of the Service Shares. The MSCI All Country World ex-US Index return from the inception date of the Institutional Shares is -0.21%. |
9
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -9.59%, underperforming the MSCI World ex-US Index at -8.01% and the MSCI All Country World ex-US Index at -8.78%. |
| • | | In October 2015 the Fund was restructured to a international developed market factor based approach subadvised by Goldman Sachs Asset Management, L.P. |
| • | | For the period from April 1, 2015 to September 30, 2015, under its world ex-US fundamentally driven mandate, the Fund lagged the benchmark due to security selection. Exposure to automaker Volkswagen was a noticeable detractor following allegations the firm had manipulated emissions tests in the U.S. for certain vehicle types. |
| • | | For the period from October 2015 to March 31, 2016, under the developed international factor based mandate the Fund outperformed its performance benchmark as momentum and quality stocks produced the strongest excess returns. |
Components of Portfolio Holdings*
* 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 | | | 1.88 | |
| | 2 | | | Nestle SA | | | 1.77 | |
| | 3 | | | Roche Holding AG | | | 1.34 | |
| | 4 | | | Novartis AG | | | 1.00 | |
| | 5 | | | Novo Nordisk AS – Series B | | | 0.91 | |
| | 6 | | | Sanofi-Aventis SA | | | 0.73 | |
| | 7 | | | Bayer AG | | | 0.69 | |
| | 8 | | | HSBC Holdings Plc | | | 0.65 | |
| | 9 | | | Koninklijke Ahold NV | | | 0.63 | |
| | 10 | | | Constellation Software, Inc. | | | 0.60 | |
10
GuideMark® Opportunistic Equity Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 1, 2011. 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 3000® INDEX – The Russell 3000® Index is an unmanaged index which measures the performance of the 3,000 largest U.S. Companies, based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuideMark® Opportunistic Equity Fund | | | | | | | | |
Service Shares | | | -8.42 | % | | | 7.84 | % |
Institutional Shares | | | -9.89 | % | | | 7.64 | % |
Russell 3000® Index | | | -0.34 | % | | | 10.90 | %(2) |
| (1) | | Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | The return shown for the Russell 3000® Index is from the inception date of the Service Shares. The Russell 3000® Index return from the inception date of the Institutional Shares is 10.53%. |
11
GuideMark® Opportunistic Equity Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -8.42%, underperforming the Russell 3000® Index at -0.34%. |
| • | | Security selection, particularly within the health care sector, and overall sector positioning, which is a byproduct of bottom-up security selection process, both detracted from returns. |
| • | | An overweight allocation to the health care sector detracted from returns as the sector sold off after presidential candidates indicated further potential industry regulation to prevent price gouging. Valeant Pharmaceuticals, which continues to be held in the Fund, tumbled more than 80% as it drew headlines for its aggressive pricing practices. |
| • | | Security selection within the consumer staples sector contributed positively to performance, specifically an overweight position in Post Holdings led to solid results as the firm generated strong earnings and raised guidance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| �� | 1 | | | Apple, Inc. | | | 4.67 | |
| | 2 | | | Alphabet, Inc. – Class A | | | 3.31 | |
| | 3 | | | Avis Budget Group | | | 2.68 | |
| | 4 | | | Willis Towers Watson Plc | | | 2.65 | |
| | 5 | | | Liberty Global Plc – Class A | | | 2.56 | |
| | 6 | | | Nationstar Mortgage Holdings, Inc. | | | 2.55 | |
| | 7 | | | Hub Group, Inc. – Class A | | | 2.36 | |
| | 8 | | | BorgWarner, Inc. | | | 2.15 | |
| | 9 | | | Colfax Corp. | | | 2.12 | |
| | 10 | | | The TJX Companies, Inc. | | | 2.07 | |
12
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2006. 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.
BARCLAYS U.S. AGGREGATE BOND INDEX – The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Core Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 1.01 | % | | | 2.81 | % | | | 3.92 | % | | | 4.17 | % |
Institutional Shares | | | 0.97 | % | | | N/A | | | | N/A | | | | 3.05 | % |
Barclays U.S. Aggregate Bond Index | | | 1.96 | % | | | 3.78 | % | | | 4.90 | % | | | 5.01 | %(2) |
| (1) | | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | The return shown for the Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 3.57%. |
13
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned 1.01%, underperforming the Barclays U.S. Aggregate Bond Index at 1.96%. |
| • | | Underweight allocation to U.S. Treasuries and a neutral duration were detractors to relative returns. Treasury Bonds, particularly those at the longest end of the curve, performed well given the low interest rate environment and investors’ preference for safe haven bonds. |
| • | | Although an overweight allocation to corporate credit was a slight detractor over the period, it was more than offset by positive security selection across the three corporate credit sectors – utilities, financials and industrials. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | U.S. Treasury Bond, 3.125%, 11/15/2041 | | | 3.25 | |
| | 2 | | | Federal National Mortgage Association, Pool # TBA, 3.500%, 04/15/2041 | | | 3.08 | |
| | 3 | | | U.S. Treasury Note, 2.375%, 08/15/2024 | | | 2.97 | |
| | 4 | | | U.S. Treasury Note, 2.000%, 02/15/2022 | | | 1.76 | |
| | 5 | | | U.S. Treasury Note, 2.000%, 11/15/2021 | | | 1.48 | |
| | 6 | | | U.S. Treasury Bond, 0.125%, 07/15/2024 | | | 1.38 | |
| | 7 | | | Federal National Mortgage Association, Pool # AS5469, 4.000%, 07/01/2045 | | | 1.23 | |
| | 8 | | | Federal National Mortgage Association, Pool # AZ0832, 4.000%, 07/01/2045 | | | 1.01 | |
| | 9 | | | Bear Stearns Commercial Mortgage Securities Trust, Series 2006-A4, 5.540%, 09/11/2041 | | | 1.00 | |
| | 10 | | | Federal National Mortgage Association, Pool # AS6196, 3.500%, 11/01/2045 | | | 0.89 | |
14
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2006. 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.
BARCLAYS MUNICIPAL BOND INDEX – The Barclays Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Tax-Exempt Fixed Income Fund | | | 3.22 | % | | | 4.76 | % | | | 3.83 | % | | | 3.72 | % |
Barclays Municipal Bond Index | | | 3.98 | % | | | 5.59 | % | | | 4.86 | % | | | 5.01 | % |
| (1) | | Inception date is 6/29/01. |
15
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned 3.22%, underperforming the Barclays Municipal Bond Index at 3.98%. |
| • | | The Fund’s exposure to AAA rated securities and underweight exposure to the 30+ year end of the yield curve contributed to the relative underperformance as rates remained relatively low and range bound. |
| • | | The Fund’s overweight allocation to BBB-rated credit and exposure to tobacco bonds positively contributed to returns as the market favored higher yielding bonds. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | California, GO, 6.500%, 04/01/2033 | | | 2.36 | |
| | 2 | | | Regional Transportation District, Series A, Revenue Bond, 5.000%, 11/01/2027 | | | 1.87 | |
| | 3 | | | Massachusetts Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond, 5.500%, 11/15/2036 | | | 1.79 | |
| | 4 | | | New York City, Series I, GO, 5.375%, 04/01/2036 | | | 1.69 | |
| | 5 | | | Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047 | | | 1.45 | |
| | 6 | | | Arizona University System Board of Regents, Series A, Refunding, Revenue Bond, 5.000%, 07/01/2028 | | | 1.43 | |
| | 7 | | | New York Environmental Facilities Corporation, Revenue Bond, 5.500%, 10/15/2027 | | | 1.37 | |
| | 8 | | | Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond, 4.500%, 11/15/2038 | | | 1.33 | |
| | 9 | | | Southeast Wisconsin Professional Baseball Park Sales Tax, Series A, Revenue Bond, NATL-RE Insured, 5.500%, 12/15/2026 | | | 1.29 | |
| | 10 | | | Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond, 5.000%, 09/01/2029 | | | 1.25 | |
16
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 1, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BARCLAYS MULTIVERSE INDEX – The Barclays Multiverse Index provides a broad-based measure of the global fixed-income bond market, and captures investment grade and high yield securities in all eligible currencies.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | |
| | | One Year
| | | Since Inception(1)
| |
GuideMark® Opportunistic Fixed Income Fund | | | | | | | | |
Service Shares | | | -4.44 | % | | | 0.97 | % |
Institutional Shares | | | -4.22 | % | | | 1.32 | % |
Barclays Multiverse Index | | | 4.36 | % | | | 1.99 | %(2) |
| (1) | | Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | | The return shown for the Barclays Multiverse Index is from the inception date of the Service Shares. The Barclays Multiverse Index return from the inception date of the Institutional Shares is 1.31%. |
17
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -4.44%, underperforming the Barclays Multiverse Index at 4.36%. |
| • | | Defensive duration positioning combined with currency positioning notably detracted from returns. Impact from significant cashflows also contributed to the relative lag. |
| • | | A significant underweight exposure to longer-dated U.S. Treasury bonds due to unfavorable risk/reward profile negatively contributed to returns. U.S. Treasuries continued to gain strength as the Federal Reserve Bank only raised the target funds rate by a quarter-point at the end of 2015. |
| • | | Security selection within mortgages was largely positive, but security selection within ABS was slightly negative as ABS repriced lower towards the second half of the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Brazil Letras do Tesouro Nacional, 13.780%, 01/01/2019 | | | 4.38 | |
| | 2 | | | Indonesia Treasury Bond, 8.375%, 09/15/2026 | | | 3.60 | |
| | 3 | | | Korea Monetary Stabilization Bond, 1.560%, 10/02/2017 | | | 3.60 | |
| | 4 | | | Indonesia Treasury Bond, 8.375%, 03/15/2024 | | | 3.21 | |
| | 5 | | | Singapore Government Bond, 1.125%, 04/01/2016 | | | 2.85 | |
| | 6 | | | Federal National Mortgage Association, Pool # 2014-95, 3.000%, 04/25/2041 | | | 2.02 | |
| | 7 | | | Philippine Government Bond, 1.625%, 04/25/2016 | | | 1.60 | |
| | 8 | | | Uruguay Government International Bond, 4.375%, 12/15/2028 | | | 1.57 | |
| | 9 | | | Mexican Bonos, 7.250%, 12/15/2016 | | | 1.56 | |
| | 10 | | | Federal Home Loan Mortgage Corp., Pool # 4413, 3.500%, 11/15/2044 | | | 1.45 | |
18
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
MSCI ALL COUNTRY WORLD INDEX – The MSCI All Country World Index measures the equity market performance of developed and emerging markets. The MSCI consists of 46 country indices comprising 23 developed and 23 emerging market country indices. 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, the United Kingdom, and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Growth Allocation Fund | | | | | | | | |
Service Shares | | | -7.67 | % | | | 2.92 | % |
Institutional Shares | | | -7.11 | % | | | 5.48 | % |
S&P® Target Risk Aggressive Index(2) | | | -2.21 | % | | | 6.69 | %(3) |
MSCI All Country World Index | | | -3.81 | % | | | 5.02 | %(4) |
| (1) | | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | | Effective January 19, 2016, in connection with changes to the Fund’s principal investment strategies, the S&P® Target Risk Aggressive Index replaced the MSCI All Country World Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
| (3) | | The return shown for the S&P® Target Risk Aggressive Index is annualized from the inception date of the Service Shares. The S&P Target Risk Aggressive Index average annual return from the inception date of the Institutional Shares is 8.16%. |
| (4) | | The return shown for the MSCI All Country World Index is annualized from the inception date of the Service Shares. The MSCI All Country World Index average annual return from the inception date of the Institutional Shares is 7.72%. |
19
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -7.67% underperforming the MSCI ACWI Index at -3.81% and the S&P Target Risk Aggressive Index at -2.21%. |
| • | | On January 19, 2016, the GuidePath Growth Allocation Fund was restructured to an asset allocation fund with exposure generally split 85% equity and 15% fixed income. Previously it was run as a 100% equity portfolio. |
| • | | For the period from April 1, 2015 to January 19, 2016, the Fund under its 100% equity mandate trailed the MSCI ACWI Index. Exposure to small- and mid-cap equities which lagged the broader market on increased market volatility dragged on returns. Small country-specific equity exposures to China and Canada dampened returns on an economic slowdown in China and the decline in oil prices. |
| • | | For the period from January 20, 2016 to March 31, 2016, the restructured Fund outperformed S&P Target Risk Aggressive Index. Easing central bank monetary policies calmed markets helping small- and mid-cap equities outperform the broader markets and benefit returns. Performance was helped by a small country-specific exposure to Canada which saw strong returns as oil prices bounced up off their lows. |
Components of Portfolio Holdings*
* 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 | | | 23.39 | |
| | 2 | | | GuideMark® World ex-US Fund – Institutional Shares | | | 12.76 | |
| | 3 | | | Vanguard FTSE Developed Markets ETF | | | 12.69 | |
| | 4 | | | GuideMark® Small/Mid Cap Core Fund – Institutional Shares | | | 9.50 | |
| | 5 | | | GuideMark® Large Cap Core Fund – Institutional Shares | | | 7.58 | |
| | 6 | | | iShares Core MSCI Emerging Markets ETF | | | 4.60 | |
| | 7 | | | SPDR S&P China ETF | | | 3.79 | |
| | 8 | | | iShares MSCI Switzerland Capped ETF | | | 3.29 | |
| | 9 | | | Vanguard REIT ETF | | | 3.24 | |
| | 10 | | | Vanguard Value ETF | | | 2.78 | |
20
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK 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.
MSCI ALL COUNTRY WORLD INDEX – The MSCI All Country World Index measures the equity market performance of developed and emerging markets. The MSCI consists of 46 country indices comprising 23 developed and 23 emerging market country indices. 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, the United Kingdom, and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Conservative Allocation Fund | | | | | | | | |
Service Shares | | | -7.18 | % | | | 2.93 | % |
Institutional Shares | | | -6.65 | % | | | 4.50 | % |
S&P® Target Risk Conservative Index(2) | | | 0.10 | % | | | 4.16 | %(3) |
MSCI All Country World Index | | | -3.81 | % | | | 5.02 | %(4) |
| (1) | | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | | Effective January 19, 2016, in connection with changes to the Fund’s principal investment strategies, the S&P® Target Risk Conservative Index replaced the MSCI All Country World Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
| (3) | | 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 3.79%. |
| (4) | | The return shown for the MSCI All Country World Index is annualized from the inception date of the Service Shares. The MSCI All Country World Index average annual return from the inception date of the Institutional Shares is 7.72%. |
21
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -7.18% underperforming the MSCI ACWI Index at -3.81% and the S&P Target Risk Conservative Index at 0.10%. |
| • | | On January 19, 2016, the GuidePath Conservative Allocation Fund was restructured to an asset allocation fund with exposure generally split 35% equity and 65% fixed income. Previously it was run as a 75% equity and 25% fixed income portfolio. |
| • | | For the period from April 1, 2015 to January 19, 2016, the Fund under its 75% equity and 25% fixed income mandate was generally in line with the MSCI ACWI Index. A general underweight exposure to equities benefited returns as equity markets fell. |
| • | | For the period from January 20, 2016 to March 31, 2016, the restructured Fund outperformed the S&P Target Risk Conservative Index. Exposure to long maturity bonds, both credit and Treasuries, benefited returns on declining yields. Easing central bank monetary policies calmed markets helping small- and mid-cap equities outperform the broader markets and benefit returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares 7-10 Year Treasury Bond ETF | | | 14.77 | |
| | 2 | | | iShares 20+ Year Treasury Bond ETF | | | 9.91 | |
| | 3 | | | Vanguard Mortgage-Backed Securities ETF | | | 9.54 | |
| | 4 | | | Vanguard S&P 500 ETF | | | 8.13 | |
| | 5 | | | Vanguard FTSE Developed Markets ETF | | | 7.02 | |
| | 6 | | | iShares MSCI USA Minimum Volatility ETF | | | 5.73 | |
| | 7 | | | GuideMark® Small/Mid Cap Core Fund – Institutional Shares | | | 5.62 | |
| | 8 | | | SPDR Barclays High Yield Bond ETF | | | 5.53 | |
| | 9 | | | GuideMark® World ex-US Fund – Institutional Shares | | | 4.53 | |
| | 10 | | | SPDR Barclays TIPS ETF | | | 3.16 | |
22
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 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.
S&P 500® INDEX – The S&P 500® Index focuses on the large-cap segment of the U.S. equities market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of U.S. equities.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Tactical Allocation Fund | | | | | | | | |
Service Shares | | | -8.74 | % | | | 1.12 | % |
Institutional Shares | | | -8.18 | % | | | 2.75 | % |
S&P 500® Daily Risk Control 10% Index(2) | | | -3.68 | % | | | 5.06 | %(3) |
S&P 500® Index | | | 1.78 | % | | | 11.11 | %(4) |
| (1) | | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | | Effective January 19, 2016, in connection with changes to the Fund’s principal investment strategies, the S&P 500® Daily Risk Control 10% Index replaced the S&P 500® Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
| (3) | | 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 7.10%. |
| (4) | | The return shown for the S&P 500® Index is annualized from the inception date of the Service Shares. The S&P 500® Index average annual return from the inception date of the Institutional Shares is 12.56%. |
23
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -8.74% underperforming the S&P 500® Index at 1.78% and the S&P 500® Daily Risk Control 10% Index at -3.68%. |
| • | | Defensive positioning and higher cash allocations within the Fund was a large detractor of returns. The two major market reversals seen in the period were large detractors as defensive positioning to limit further potential losses went unrewarded in the rapid rebounds. |
| • | | Exposure to international developed and emerging market equities dragged on returns amidst ongoing concerns over slowing global growth and declining commodity prices. Opportunistic fixed income exposure dampened performance from defensive duration and currency positioning. |
| • | | Dollar-denominated emerging market debt helped returns on the strength of the US dollar. International treasury bonds, core fixed income and MBS were also additive to gains. |
Components of Portfolio Holdings*
* 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 | | | 23.83 | |
| | 2 | | | iShares TIPS Bond ETF | | | 8.03 | |
| | 3 | | | Vanguard Short-Term Corporate Bond ETF | | | 7.81 | |
| | 4 | | | iShares 1-3 Year Credit Bond ETF | | | 7.42 | |
| | 5 | | | Vanguard Short-Term Bond Index Fund | | | 5.65 | |
| | 6 | | | iShares Core U.S. Credit Bond ETF | | | 4.97 | |
| | 7 | | | SPDR Barclays International Treasury Bond ETF | | | 4.72 | |
| | 8 | | | Vanguard Total Bond Market ETF | | | 4.11 | |
| | 9 | | | iShares Floating Rate Bond ETF | | | 3.77 | |
| | 10 | | | Vanguard Value ETF | | | 3.25 | |
24
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
CITIGROUP 3-MONTH TREASURY BILL INDEX – The Citigroup 3-month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Absolute Return Allocation Fund | | | | | | | | |
Service Shares | | | -0.19 | % | | | 1.30 | % |
Institutional Shares | | | 0.56 | % | | | 1.75 | % |
Citigroup 3-Month Treasury Bill Index | | | 0.08 | % | | | 0.05 | %(2) |
| (1) | | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | | The return shown for the Citigroup 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The Citigroup 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.05%. |
25
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -0.19% trailing the Citigroup 3-month Treasury Bill Index at 0.08%. |
| • | | Fixed income exposure to high yield and emerging market debt detracted on fears of defaults among riskier energy companies and the strength of the US dollar. |
| • | | Long maturity Treasuries and MBS exposures were beneficial as the Federal Reserve eventually signaled moderation in raising interest rates. |
| • | | Small exposures to international developed and emerging market equities dampened returns amidst ongoing concerns over slowing global growth and declining commodity prices. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | SPDR Barclays High Yield Bond ETF | | | 24.20 | |
| | 2 | | | BlackRock High Yield Portfolio – Institutional Shares | | | 20.14 | |
| | 3 | | | Oppenheimer Fundamental Alternatives Fund – Institutional Shares | | | 11.02 | |
| | 4 | | | JPMorgan Unconstrained Debt Fund – Select Shares | | | 8.28 | |
| | 5 | | | John Hancock Funds II – Alternative Asset Allocation Fund – Institutional Shares | | | 6.07 | |
| | 6 | | | Gateway Fund – Class Y | | | 4.29 | |
| | 7 | | | GuideMark® Opportunistic Fixed Income Fund – Institutional Shares | | | 4.14 | |
| | 8 | | | JPMorgan Systematic Alpha Fund – Institutional Shares | | | 3.34 | |
| | 9 | | | JPMorgan Hedged Equity Fund – Select Shares | | | 3.27 | |
| | 10 | | | T. Rowe Price Institutional Floating Rate Fund | | | 2.76 | |
26
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
MSCI WORLD HIGH DIVIDEND YIELD INDEX – The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 developed market countries. The Index is designed to reflect the performance of equities (excluding REITs) with higher than average dividend yields that are both sustainable and persistent.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Multi-Asset Income Allocation Fund | | | -2.49 | % | | | 3.75 | % |
Morningstar Multi-Asset High Income Index(2) | | | -1.85 | % | | | 2.93 | % |
MSCI World High Dividend Yield Index | | | 1.11 | % | | | 8.71 | % |
| (1) | | Inception date is 8/31/12. |
| (2) | | Effective January 19, 2016, in connection with changes to the Fund’s principal investment strategies, the Morningstar Multi-Asset High Income Index replaced the MSCI World High Dividend Yield Index as the Fund’s primary benchmark. The Advisor believes the new benchmark is more appropriate given the Fund’s revised strategies. |
27
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -2.49% underperforming the MSCI World High Dividend Yield Index at 1.11% and trailing the Morningstar Multi-Asset High Income Index at -1.85%. |
| • | | Exposure to international dividend and emerging market dividend equities hurt returns amidst ongoing concerns over slowing global growth and declining commodity prices. Country specific exposure to Australia and to global infrastructure securities were also a drag on returns. |
| • | | Exposure to the extended income asset classes of U.S. preferred stocks and U.S. REITs benefited performance lifted by continued economic progress and as the Federal Reserve eventually signaled moderation in raising interest rates. |
| • | | Exposure to high yield and emerging market debt detracted on fears of defaults among riskier energy companies and the strength of the U.S. dollar. Small exposures to long maturity Treasuries helped returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | WisdomTree High Dividend Fund | | | 12.43 | |
| | 2 | | | BlackRock Global Dividend Portfolio – Institutional Shares | | | 10.61 | |
| | 3 | | | iShares U.S. Preferred Stock ETF | | | 7.45 | |
| | 4 | | | SPDR Barclays Short Term Corporate Bond ETF | | | 7.33 | |
| | 5 | | | T. Rowe Price Institutional Floating Rate Fund | | | 6.79 | |
| | 6 | | | SPDR Barclays High Yield Bond ETF | | | 6.03 | |
| | 7 | | | BlackRock Dynamic High Income Portfolio – Institutional Shares | | | 5.44 | |
| | 8 | | | iShares International Select Dividend ETF | | | 5.10 | |
| | 9 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 4.97 | |
| | 10 | | | iShares 20+ Year Treasury Bond ETF | | | 4.02 | |
28
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BARCLAYS U.S. AGGREGATE BOND INDEX – The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, and mortgage- and asset-backed securities. All securities contained in the Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Flexible Income Allocation Fund | | | | | | | | |
Service Shares | | | -0.75 | % | | | 0.45 | % |
Institutional Shares | | | 0.70 | % | | | 1.26 | % |
Barclays U.S. Aggregate Bond Index | | | 1.96 | % | | | 2.15 | %(2) |
| (1) | | Inception date is 8/31/12 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | | The return shown for the Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 2.29%. |
29
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 2016, the Fund returned -0.75% underperforming the Barclays U.S. Aggregate Bond Index at 1.96%. |
| • | | On January 19, 2016, the Flexible Income Allocation Fund was restructured to an asset allocation fund with up to 30% exposure to equities. |
| • | | Exposure to high yield bonds dragged on returns on fears of defaults among riskier energy companies. Opportunistic fixed income exposure dampened returns from defensive duration and currency positioning. |
| • | | Exposure to long maturity bonds, both credit and Treasuries, and dollar denominated emerging market bonds were the primary drivers of returns on declining yields and strength in the US dollar. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Mortgage-Backed Securities ETF | | | 17.23 | |
| | 2 | | | DoubleLine Total Return Bond Fund – Institutional Shares | | | 12.80 | |
| | 3 | | | iShares 20+ Year Treasury Bond ETF | | | 8.57 | |
| | 4 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 8.54 | |
| | 5 | | | iShares JPMorgan USD Emerging Markets Bond ETF | | | 7.89 | |
| | 6 | | | SPDR Barclays Short Term Corporate Bond ETF | | | 5.49 | |
| | 7 | | | iShares 1-3 Year Treasury Bond ETF | | | 5.29 | |
| | 8 | | | DoubleLine Low Duration Bond Fund – Institutional Shares | | | 5.10 | |
| | 9 | | | T. Rowe Price Institutional Floating Rate Fund | | | 3.82 | |
| | 10 | | | iShares Core U.S. Credit Bond ETF | | | 3.66 | |
30
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
CITIGROUP 3-MONTH TREASURY BILL INDEX – The Citigroup 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, must exhibit significant correlation to trend following peers and the SG Trend Indicator.
| | | | | | | | |
| CUMULATIVE TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Managed Futures Strategy Fund | | | | | | | | |
Service Shares | | | N/A | | | | -2.70 | % |
Institutional Shares | | | N/A | | | | -2.50 | % |
Citigroup 3-Month Treasury Bill Index | | | N/A | | | | 0.05 | % |
SG Trend Index | | | N/A | | | | -2.17 | % |
| (1) | | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
31
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | Since the inception of the Fund on January 19, 2016 to March 31, 2016, the Fund returned -2.70%, underperforming the Citigroup 3-Month Treasury Bill Index at 0.05% and the SG Trend Index at -2.17%. |
| • | | Short exposure to energy and metals & mining detracted from relative returns over the period as the unexpected rebound in oil prices lifted energy and other commodity related securities higher. |
| • | | Long positions in high yield and global bonds aided returns. High Yield bonds rebounded in 2016 while global bonds rallied as central banks across the globe continued to favor easy monetary policy. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | |
| Rank | | Security/Holding | | % of Net
Assets |
| | | The GuidePath® Managed Futures Strategy Fund did not hold any long term investments as of March 31, 2016. | | |
32
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
March 31, 2016
As a shareholder of the GuideMark® & GuidePath® Funds (the “Funds”), you incur ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from October 1, 2015 to March 31, 2016.
Actual Expenses
The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
The example includes, but is not limited to, management fees, shareholder servicing fees, distribution fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by a Fund and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expenses ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
33
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2016
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2015 | | | Ending
Account Value
March 31, 2016 | | | Annualized
Expense Ratio1
based on the period
October 1, 2015 –
March 31, 2016 | | | Expenses Paid
During Period2
October 1, 2015 –
March 31, 2016 | |
| INSTITUTIONAL SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,042.20 | | | | 0.67% | | | $ | 3.42 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.65 | | | | 0.67% | | | $ | 3.39 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 999.20 | | | | 0.93% | | | $ | 4.65 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.35 | | | | 0.93% | | | $ | 4.70 | |
GuideMark® Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,001.90 | | | | 1.03% | | | $ | 5.15 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.85 | | | | 1.03% | | | $ | 5.20 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,014.40 | | | | 0.84% | | | $ | 4.23 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.80 | | | | 0.84% | | | $ | 4.24 | |
GuideMark® Opportunistic Equity Fund | | Actual | | $ | 1,000.00 | | | $ | 989.00 | | | | 1.03% | | | $ | 5.12 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.85 | | | | 1.03% | | | $ | 5.20 | |
GuideMark® Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,019.00 | | | | 0.70% | | | $ | 3.53 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.50 | | | | 0.70% | | | $ | 3.54 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 992.30 | | | | 0.95% | | | $ | 4.73 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.25 | | | | 0.95% | | | $ | 4.80 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,021.90 | | | | 0.44% | | | $ | 2.22 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.80 | | | | 0.44% | | | $ | 2.23 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,005.90 | | | | 0.52% | | | $ | 2.61 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.40 | | | | 0.52% | | | $ | 2.63 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 996.20 | | | | 0.51% | | | $ | 2.55 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.45 | | | | 0.51% | | | $ | 2.58 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,022.90 | | | | 0.55% | | | $ | 2.78 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.25 | | | | 0.55% | | | $ | 2.78 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,025.60 | | | | 0.43% | | | $ | 2.18 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.85 | | | | 0.43% | | | $ | 2.17 | |
GuidePath® Managed Futures Strategy Fund | | Actual4 | | $ | 1,000.00 | | | $ | 975.00 | | | | 1.30% | | | $ | 2.56 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.50 | | | | 1.30% | | | $ | 6.56 | |
| 1 | | The expense ratio excludes the securities lending credit. |
| 2 | | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
| 3 | | 5% annualized return before expenses. |
| 4 | | The GuidePath® Managed Futures Strategy Fund commenced operations on 01/19/2016. The amounts shown are based on the 73 days between commencement date and the end of the period. |
34
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2016
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2015 | | | Ending
Account Value
March 31, 2016 | | | Annualized
Expense Ratio1
based on the period
October 1, 2015 –
March 31, 2016 | | | Expenses Paid
During Period2
October 1, 2015 –
March 31, 2016 | |
| SERVICE SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,039.80 | | | | 1.24% | | | $ | 6.32 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.80 | | | | 1.24% | | | $ | 6.26 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 997.60 | | | | 1.61% | | | $ | 8.04 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.95 | | | | 1.61% | | | $ | 8.12 | |
GuideMark® Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 998.70 | | | | 1.58% | | | $ | 7.89 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.10 | | | | 1.58% | | | $ | 7.97 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,012.30 | | | | 1.44% | | | $ | 7.24 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.80 | | | | 1.44% | | | $ | 7.26 | |
GuideMark® Opportunistic Equity Fund | | Actual | | $ | 1,000.00 | | | $ | 1,007.40 | | | | 1.61% | | | $ | 8.08 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.95 | | | | 1.61% | | | $ | 8.12 | |
GuideMark® Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,022.30 | | | | 1.30% | | | $ | 6.57 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.50 | | | | 1.30% | | | $ | 6.56 | |
GuideMark® Tax-Exempt Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,029.50 | | | | 1.29% | | | $ | 6.55 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.55 | | | | 1.29% | | | $ | 6.51 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 992.30 | | | | 1.55% | | | $ | 7.72 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.25 | | | | 1.55% | | | $ | 7.82 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,018.80 | | | | 1.03% | | | $ | 5.20 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.85 | | | | 1.03% | | | $ | 5.20 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,002.80 | | | | 1.09% | | | $ | 5.46 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.55 | | | | 1.09% | | | $ | 5.50 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 993.40 | | | | 1.11% | | | $ | 5.53 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.45 | | | | 1.11% | | | $ | 5.60 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,019.50 | | | | 1.15% | | | $ | 5.81 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.25 | | | | 1.15% | | | $ | 5.81 | |
GuidePath® Multi-Asset Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,040.50 | | | | 1.18% | | | $ | 6.02 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.10 | | | | 1.18% | | | $ | 5.96 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,013.90 | | | | 1.04% | | | $ | 5.24 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.80 | | | | 1.04% | | | $ | 5.25 | |
GuidePath® Managed Futures Strategy Fund | | Actual4 | | $ | 1,000.00 | | | $ | 973.00 | | | | 1.90% | | | $ | 3.74 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,015.50 | | | | 1.90% | | | $ | 9.57 | |
| 1 | | The expense ratio excludes the securities lending credit. |
| 2 | | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
| 3 | | 5% annualized return before expenses. |
| 4 | | The GuidePath® Managed Futures Strategy Fund commenced operations on 01/19/2016. The amounts shown are based on the 73 days between commencement date and the end of the period. |
35
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 94.07% | |
| | | | | Aerospace & Defense - 0.94% | |
| | 2,478 | | | Boeing Co. (a) | | $ | 314,557 | |
| | 2,000 | | | BWX Technologies, Inc. | | | 67,120 | |
| | 1,948 | | | Honeywell International, Inc. (a) | | | 218,273 | |
| | 500 | | | Huntington Ingalls Industries, Inc. (a) | | | 68,470 | |
| | 1,672 | | | L-3 Communications Holdings, Inc. | | | 198,132 | |
| | 1,700 | | | Lockheed Martin Corp. (a) | | | 376,550 | |
| | 2,100 | | | Northrop Grumman Corp. | | | 415,590 | |
| | 2,200 | | | Orbital ATK, Inc. | | | 191,268 | |
| | 1,044 | | | Raytheon Co. | | | 128,026 | |
| | 5,000 | | | Spirit AeroSystems Holdings, Inc. - Class A (b) | | | 226,800 | |
| | 350 | | | TransDigm Group, Inc. (a)(b) | | | 77,119 | |
| | 600 | | | United Technologies Corp. | | | 60,060 | |
| | | | | | |
|
|
|
| | | | | | | | 2,341,965 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.29% | |
| | 5,810 | | | C.H. Robinson Worldwide, Inc. (a) | | | 431,276 | |
| | 1,727 | | | Expeditors International of Washington | | | 84,295 | |
| | 376 | | | FedEx Corp. | | | 61,183 | |
| | 1,522 | | | United Parcel Service, Inc. - Class B (a) | | | 160,525 | |
| | | | | | |
|
|
|
| | | | | | | | 737,279 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.56% | | | | |
| | 4,000 | | | Alaska Air Group, Inc. (a) | | | 328,080 | |
| | 12,824 | | | Delta Air Lines, Inc. (a) | | | 624,272 | |
| | 18,800 | | | JetBlue Airways Corp. (b) | | | 397,056 | |
| | 1,400 | | | Southwest Airlines Co. | | | 62,720 | |
| | | | | | |
|
|
|
| | | | | | | | 1,412,128 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.37% | |
| | 671 | | | Delphi Automotive Plc (a) | | | 50,338 | |
| | 18,800 | | | Goodyear Tire & Rubber Co. (a) | | | 620,024 | |
| | 1,700 | | | Lear Corp. | | | 188,989 | |
| | 562 | | | WABCO Holdings, Inc. (b) | | | 60,089 | |
| | | | | | |
|
|
|
| | | | | | | | 919,440 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.24% | |
| | 40,500 | | | Ford Motor Co. (a) | | | 546,750 | |
| | 1,000 | | | Thor Industries, Inc. | | | 63,770 | |
| | | | | | |
|
|
|
| | | | | | | | 610,520 | |
| | | | | | |
|
|
|
| | | | | Banks - 3.37% | | | | |
| | 67,700 | | | Bank of America Corp. | | | 915,304 | |
| | 6,100 | | | CIT Group, Inc. | | | 189,283 | |
| | 24,800 | | | Citigroup, Inc. | | | 1,035,400 | |
| | 4,600 | �� | | Fifth Third Bancorp (a) | | | 76,774 | |
| | 12,100 | | | First Niagara Financial Group, Inc. | | | 117,128 | |
| | 3,100 | | | First Republic Bank | | | 206,584 | |
| | 40,879 | | | JPMorgan Chase & Co. | | | 2,420,854 | |
| | 1,900 | | | PNC Financial Services Group, Inc. | | | 160,683 | |
| | 15,140 | | | Popular, Inc. | | | 433,156 | |
| | 19,900 | | | Regions Financial Corp. | | | 156,215 | |
| | 5,400 | | | SunTrust Banks, Inc. | | | 194,832 | |
| | 4,290 | | | Synovus Financial Corp. | | | 124,024 | |
| | 6,500 | | | U.S. Bancorp (a) | | | 263,835 | |
| | 44,319 | | | Wells Fargo & Co. | | | 2,143,267 | |
| | | | | | |
|
|
|
| | | | | | | | 8,437,339 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.85% | | | | |
| | 1,703 | | | Brown-Forman Corp. - Class A | | | 181,693 | |
| | 2,800 | | | Brown-Forman Corp. - Class B | | | 275,716 | |
| | 1,900 | | | Coca-Cola Enterprises, Inc. (a) | | | 96,406 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Beverages (Continued) | | | | |
| | 3,100 | | | Constellation Brands, Inc. - Class A | | $ | 468,379 | |
| | 5,600 | | | Dr. Pepper Snapple Group, Inc. (a) | | | 500,752 | |
| | 1,100 | | | Monster Beverage Corp. (a)(b) | | | 146,718 | |
| | 17,000 | | | PepsiCo, Inc. | | | 1,742,160 | |
| | 26,150 | | | The Coca-Cola Co. (a) | | | 1,213,099 | |
| | | | | | |
|
|
|
| | | | | | | | 4,624,923 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.06% | | | | |
| | 7,600 | | | Amgen, Inc. | | | 1,139,468 | |
| | 1,700 | | | Baxalta, Inc. (a) | | | 68,680 | |
| | 3,000 | | | Biogen, Inc. (b) | | | 780,960 | |
| | 4,834 | | | Celgene Corp. (a)(b) | | | 483,835 | |
| | 23,054 | | | Gilead Sciences, Inc. (a) | | | 2,117,740 | |
| | 1,163 | | | Incyte Corp. (a)(b) | | | 84,283 | |
| | 1,494 | | | Seattle Genetics, Inc. (a)(b) | | | 52,424 | |
| | 3,720 | | | United Therapeutics Corp. (b) | | | 414,520 | |
| | | | | | |
|
|
|
| | | | | | | | 5,141,910 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.78% | | | | |
| | 5,071 | | | A. O. Smith Corp. | | | 386,968 | |
| | 5,968 | | | Allegion Plc (a) | | | 380,221 | |
| | 1,200 | | | Fortune Brands Home & Security, Inc. (a) | | | 67,248 | |
| | 4,343 | | | Lennox International, Inc. (a) | | | 587,130 | |
| | 10,600 | | | Masco Corp. | | | 333,370 | |
| | 4,200 | | | Owens Corning, Inc. | | | 198,576 | |
| | | | | | |
|
|
|
| | | | | | | | 1,953,513 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 0.95% | |
| | 400 | | | Affiliated Managers Group (b) | | | 64,960 | |
| | 1,300 | | | Ameriprise Financial, Inc. (a) | | | 122,213 | |
| | 9,800 | | | Artisan Partners Asset Management, Inc. - Class A | | | 302,232 | |
| | 9,000 | | | Eaton Vance Corp. | | | 301,680 | |
| | 5,500 | | | Federated Investors, Inc. - Class B | | | 158,675 | |
| | 9,100 | | | Lazard Ltd. - Class A - ADR (a) | | | 353,080 | |
| | 12,473 | | | Morgan Stanley | | | 311,950 | |
| | 7,391 | | | SEI Investments Co. | | | 318,182 | |
| | 3,500 | | | T. Rowe Price Group, Inc. | | | 257,110 | |
| | 7,800 | | | Waddell & Reed Financial, Inc. - Class A | | | 183,612 | |
| | | | | | |
|
|
|
| | | | | | | | 2,373,694 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.05% | | | | |
| | 1,846 | | | Airgas, Inc. (a) | | | 261,468 | |
| | 9,006 | | | Cabot Corp. | | | 435,260 | |
| | 1,400 | | | Ecolab, Inc. (a) | | | 156,128 | |
| | 900 | | | International Flavors & Fragrances, Inc. (a) | | | 102,393 | |
| | 1,400 | | | LyondellBasell Industries NV - Class A | | | 119,812 | |
| | 2,900 | | | Monsanto Co. (a) | | | 254,446 | |
| | 700 | | | NewMarket Corp. (a) | | | 277,382 | |
| | 50,479 | | | Platform Specialty Products Corp. (b) | | | 434,119 | |
| | 1,300 | | | PPG Industries, Inc. | | | 144,937 | |
| | 3,000 | | | RPM International, Inc. (a) | | | 141,990 | |
| | 3,190 | | | The Dow Chemical Co. (a) | | | 162,243 | |
| | 4,900 | | | The Mosaic Co. (a) | | | 132,300 | |
| | | | | | |
|
|
|
| | | | | | | | 2,622,478 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 1.07% | |
| | 6,300 | | | Avery Dennison Corp. | | | 454,293 | |
| | 5,600 | | | Cintas Corp. | | | 502,936 | |
| | 1,500 | | | Clean Harbors, Inc. (a)(b) | | | 74,010 | |
| | 1,739 | | | KAR Auction Services, Inc. (a) | | | 66,325 | |
| | 2,800 | | | Pitney Bowes, Inc. | | | 60,312 | |
See notes to financial statements.
36
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Commercial Services & Supplies (Continued) | |
| | 14,365 | | | R.R. Donnelley & Sons Co. (a) | | $ | 235,586 | |
| | 1,700 | | | Republic Services, Inc. | | | 81,005 | |
| | 23,256 | | | Rollins, Inc. | | | 630,703 | |
| | 1,530 | | | Stericycle, Inc. (b) | | | 193,071 | |
| | 7,154 | | | The ADT Corp. (a) | | | 295,174 | |
| | 1,300 | | | Waste Management, Inc. (a) | | | 76,700 | |
| | | | | | |
|
|
|
| | | | | | | | 2,670,115 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 0.88% | |
| | 2,600 | | | Arista Networks, Inc. (a)(b) | | | 164,060 | |
| | 7,600 | | | Brocade Communications Systems, Inc. | | | 80,408 | |
| | 32,000 | | | Cisco Systems, Inc. (a) | | | 911,040 | |
| | 3,400 | | | F5 Networks, Inc. (b) | | | 359,890 | |
| | 4,400 | | | Juniper Networks, Inc. | | | 112,244 | |
| | 1,900 | | | Palo Alto Networks, Inc. (a)(b) | | | 309,966 | |
| | 3,900 | | | QUALCOMM, Inc. | | | 199,446 | |
| | 10,400 | | | Viavi Solutions, Inc. (b) | | | 71,344 | |
| | | | | | |
|
|
|
| | | | | | | | 2,208,398 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.53% | |
| | 17,700 | | | AECOM (b) | | | 544,983 | |
| | 9,853 | | | Jacobs Engineering Group, Inc. (b) | | | 429,098 | |
| | 15,964 | | | Quanta Services, Inc. (b) | | | 360,148 | |
| | | | | | |
|
|
|
| | | | | | | | 1,334,229 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.13% | | | | |
| | 2,981 | | | Vulcan Materials Co. (a) | | | 314,704 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 1.15% | | | | |
| | 16,100 | | | Ally Financial, Inc. (a)(b) | | | 301,392 | |
| | 6,400 | | | American Express Co. (a) | | | 392,960 | |
| | 5,500 | | | Capital One Financial Corp. | | | 381,205 | |
| | 1,924 | | | Credit Acceptance Corp. (a)(b) | | | 349,302 | |
| | 2,900 | | | Discover Financial Services (a) | | | 147,668 | |
| | 62,601 | | | Navient Corp. | | | 749,334 | |
| | 34,365 | | | Santander Consumer USA Holdings, Inc. (a)(b) | | | 360,489 | |
| | 6,500 | | | Synchrony Financial (b) | | | 186,290 | |
| | | | | | |
|
|
|
| | | | | | | | 2,868,640 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.06% | | | | |
| | 800 | | | AptarGroup, Inc. | | | 62,728 | |
| | 1,607 | | | Sealed Air Corp. | | | 77,152 | |
| | | | | | |
|
|
|
| | | | | | | | 139,880 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.26% | | | | |
| | 3,500 | | | Genuine Parts Co. (a) | | | 347,760 | |
| | 9,300 | | | LKQ Corp. (b) | | | 296,949 | |
| | | | | | |
|
|
|
| | | | | | | | 644,709 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 0.43% | |
| | 221 | | | Graham Holdings Co. - Class B | | | 106,080 | |
| | 4,400 | | | H&R Block, Inc. (a) | | | 116,248 | |
| | 14,253 | | | Service Corp. International | | | 351,764 | |
| | 13,530 | | | ServiceMaster Global Holdings, Inc. (b) | | | 509,810 | |
| | | | | | |
|
|
|
| | | | | | | | 1,083,902 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.79% | |
| | 6,420 | | | CBOE Holdings, Inc. (a) | | | 419,419 | |
| | 2,339 | | | CME Group, Inc. | | | 224,661 | |
| | 4,994 | | | Interactive Brokers Group, Inc. - Class A (a) | | | 196,364 | |
| | 700 | | | Intercontinental Exchange, Inc. | | | 164,598 | |
| | 4,600 | | | MSCI, Inc. (a) | | | 340,768 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Diversified Financial Services (Continued) | |
| | 3,400 | | | NASDAQ OMX Group, Inc. | | $ | 225,692 | |
| | 13,859 | | | Voya Financial, Inc. | | | 412,582 | |
| | | | | | |
|
|
|
| | | | | | | | 1,984,084 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.75% | |
| | 41,846 | | | AT&T, Inc. | | | 1,639,108 | |
| | 21,636 | | | CenturyTel, Inc. (a) | | | 691,486 | |
| | 38,000 | | | Verizon Communications, Inc. | | | 2,055,040 | |
| | | | | | |
|
|
|
| | | | | | | | 4,385,634 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.53% | | | | |
| | 1,365 | | | American Electric Power Company, Inc. | | | 90,636 | |
| | 800 | | | Duke Energy Corp. | | | 64,544 | |
| | 2,778 | | | Entergy Corp. (a) | | | 220,240 | |
| | 3,000 | | | Exelon Corp. (a) | | | 107,580 | |
| | 1,800 | | | FirstEnergy Corp. (a) | | | 64,746 | |
| | 2,300 | | | NextEra Energy, Inc. (a) | | | 272,182 | |
| | 4,900 | | | OGE Energy Corp. | | | 140,287 | |
| | 2,368 | | | PPL Corp. | | | 90,150 | |
| | 3,544 | | | Southern Co. | | | 183,331 | |
| | 2,300 | | | Xcel Energy, Inc. | | | 96,186 | |
| | | | | | |
|
|
|
| | | | | | | | 1,329,882 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.73% | | | | |
| | 2,868 | | | Acuity Brands, Inc. (a) | | | 625,626 | |
| | 3,167 | | | Agilent Technologies, Inc. | | | 126,205 | |
| | 11,256 | | | Babcock & Wilcox Enterprises, Inc. (b) | | | 240,878 | |
| | 5,500 | | | Emerson Electric Co. (a) | | | 299,090 | |
| | 3,000 | | | Regal Beloit Corp. | | | 189,270 | |
| | 1,900 | | | Rockwell Automation, Inc. | | | 216,125 | |
| | 672 | | | Roper Industries, Inc. | | | 122,821 | |
| | | | | | |
|
|
|
| | | | | | | | 1,820,015 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 0.98% | |
| | 9,600 | | | Arrow Electronics, Inc. (b) | | | 618,336 | |
| | 3,900 | | | CDW Corp. | | | 161,850 | |
| | 3,700 | | | Dolby Laboratories, Inc. - Class A | | | 160,802 | |
| | 22,700 | | | Ingram Micro, Inc. - Class A | | | 815,157 | |
| | 700 | | | IPG Photonics Corp. (a)(b) | | | 67,256 | |
| | 8,100 | | | Keysight Technologies, Inc. (b) | | | 224,694 | |
| | 11,600 | | | National Instruments Corp. | | | 349,276 | |
| | 866 | | | Zebra Technologies Corp. - Class A (a)(b) | | | 59,754 | |
| | | | | | |
|
|
|
| | | | | | | | 2,457,125 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.68% | |
| | 900 | | | Cameron International Corp. (b) | | | 60,345 | |
| | 2,700 | | | FMC Technologies, Inc. (b) | | | 73,872 | |
| | 28,654 | | | Noble Corp. Plc (a) | | | 296,569 | |
| | 2,600 | | | Oceaneering International, Inc. | | | 86,424 | |
| | 17,366 | | | Rowan Companies, Inc. - Class A | | | 279,592 | |
| | 98,190 | | | Seadrill Ltd. (a)(b) | | | 324,027 | |
| | 44,005 | | | Superior Energy Services, Inc. (a) | | | 589,227 | |
| | | | | | |
|
|
|
| | | | | | | | 1,710,056 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 3.27% | |
| | 5,900 | | | Costco Wholesale Corp. | | | 929,722 | |
| | 13,260 | | | CVS Caremark Corp. (a) | | | 1,375,460 | |
| | 28,200 | | | Kroger Co. (a) | | | 1,078,650 | |
| | 60,911 | | | Rite Aid Corp. (b) | | | 496,425 | |
| | 14,760 | | | Sprouts Farmers Market, Inc. (b) | | | 428,630 | |
| | 9,600 | | | SYSCO Corp. | | | 448,608 | |
| | 16,300 | | | Walgreens Boots Alliance, Inc. | | | 1,373,112 | |
See notes to financial statements.
37
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Food & Staples Retailing (Continued) | |
| | 23,000 | | | Wal-Mart Stores, Inc. | | $ | 1,575,270 | |
| | 14,923 | | | Whole Foods Market, Inc. (a) | | | 464,254 | |
| | | | | | |
|
|
|
| | | | | | | | 8,170,131 | |
| | | | | | |
|
|
|
| | | | | Food Products - 2.90% | |
| | 13,280 | | | Archer Daniels Midland Co. | | | 482,197 | |
| | 4,871 | | | Blue Buffalo Pet Products, Inc. (a)(b) | | | 124,990 | |
| | 5,623 | | | Bunge Ltd. (a) | | | 318,656 | |
| | 3,600 | | | Campbell Soup Co. (a) | | | 229,644 | |
| | 4,100 | | | ConAgra Foods, Inc. | | | 182,942 | |
| | 20,400 | | | Flowers Foods, Inc. (a) | | | 376,584 | |
| | 5,900 | | | General Mills, Inc. | | | 373,765 | |
| | 4,100 | | | Hershey Co. | | | 377,569 | |
| | 7,600 | | | Hormel Foods Corp. (a) | | | 328,624 | |
| | 4,700 | | | Ingredion, Inc. (a) | | | 501,913 | |
| | 2,217 | | | Kellogg Co. | | | 169,711 | |
| | 5,100 | | | McCormick & Co, Inc. - Non Voting (a) | | | 507,348 | |
| | 12,600 | | | Mondelez International, Inc. - Class A | | | 505,512 | |
| | 8,490 | | | Pilgrim’s Pride Corp. (a)(b) | | | 215,646 | |
| | 10,060 | | | Pinnacle Foods, Inc. | | | 449,481 | |
| | 3,257 | | | The Hain Celestial Group, Inc. (b) | | | 133,244 | |
| | 2,700 | | | The J.M. Smucker Co. (a) | | | 350,568 | |
| | 4,400 | | | The Kraft Heinz Co. | | | 345,664 | |
| | 18,400 | | | Tyson Foods, Inc. - Class A (a) | | | 1,226,544 | |
| | 1,560 | | | WhiteWave Foods Co. (a)(b) | | | 63,398 | |
| | | | | | |
|
|
|
| | | | | | | | 7,264,000 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.38% | | | | |
| | 2,000 | | | Atmos Energy Corp. | | | 148,520 | |
| | 19,700 | | | UGI Corp. (a) | | | 793,713 | |
| | | | | | |
|
|
|
| | | | | | | | 942,233 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 1.99% | |
| | 5,100 | | | Align Technology, Inc. (b) | | | 370,719 | |
| | 1,500 | | | Becton, Dickinson & Co. (a) | | | 227,730 | |
| | 4,734 | | | Boston Scientific Corp. (a)(b) | | | 89,047 | |
| | 2,223 | | | C.R. Bard, Inc. | | | 450,535 | |
| | 7,200 | | | DENTSPLY SIRONA, Inc. | | | 443,736 | |
| | 7,914 | | | DexCom, Inc. (b) | | | 537,440 | |
| | 5,000 | | | Edwards Lifesciences Corp. (b) | | | 441,050 | |
| | 8,400 | | | Hologic, Inc. (a)(b) | | | 289,800 | |
| | 4,874 | | | IDEXX Laboratories, Inc. (a)(b) | | | 381,732 | |
| | 8,700 | | | Medtronic Plc | | | 652,500 | |
| | 4,833 | | | ResMed, Inc. | | | 279,444 | |
| | 3,811 | | | Stryker Corp. (a) | | | 408,882 | |
| | 2,200 | | | Teleflex, Inc. (a) | | | 345,422 | |
| | 900 | | | Varian Medical Systems, Inc. (a)(b) | | | 72,018 | |
| | | | | | |
|
|
|
| | | | | | | | 4,990,055 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 3.03% | |
| | 6,533 | | | Aetna, Inc. (a) | | | 733,983 | |
| | 3,549 | | | AmerisourceBergen Corp. | | | 307,166 | |
| | 5,418 | | | Anthem, Inc. (a) | | | 753,048 | |
| | 2,800 | | | Cardinal Health, Inc. | | | 229,460 | |
| | 3,649 | | | Centene Corp. (a)(b) | | | 224,671 | |
| | 3,600 | | | CIGNA Corp. | | | 494,064 | |
| | 8,100 | | | Express Scripts Holding Co. (a)(b) | | | 556,389 | |
| | 1,200 | | | HCA Holdings, Inc. (b) | | | 93,660 | |
| | 2,600 | | | Henry Schein, Inc. (a)(b) | | | 448,838 | |
| | 1,293 | | | Humana, Inc. | | | 236,554 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Providers & Services (Continued) | |
| | 1,500 | | | Laboratory Corporation of America Holdings (b) | | $ | 175,695 | |
| | 8,300 | | | LifePoint Hospitals, Inc. (b) | | | 574,775 | |
| | 900 | | | McKesson Corp. | | | 141,525 | |
| | 3,664 | | | MEDNAX, Inc. (a)(b) | | | 236,768 | |
| | 5,100 | | | PerkinElmer, Inc. (a) | | | 252,246 | |
| | 2,800 | | | Premier, Inc. - Class A (b) | | | 93,408 | |
| | 5,865 | | | Tenet Healthcare Corp. (b) | | | 169,674 | |
| | 13,005 | | | UnitedHealth Group, Inc. (a) | | | 1,676,344 | |
| | 1,400 | | | Universal Health Services, Inc. - Class B | | | 174,608 | |
| | | | | | |
|
|
|
| | | | | | | | 7,572,876 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.11% | | | | |
| | 1,500 | | | athenahealth, Inc. (a)(b) | | | 208,170 | |
| | 2,300 | | | Veeva Systems, Inc. - Class A (a)(b) | | | 57,592 | |
| | | | | | |
|
|
|
| | | | | | | | 265,762 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.33% | | | | |
| | 4,091 | | | Aramark | | | 135,494 | |
| | 5,300 | | | Brinker International, Inc. (a) | | | 243,535 | |
| | 7,800 | | | Carnival Corp. - ADR (a) | | | 411,606 | |
| | 400 | | | Chipotle Mexican Grill, Inc. (a)(b) | | | 188,388 | |
| | 4,200 | | | Choice Hotels International, Inc. (a) | | | 227,010 | |
| | 4,300 | | | Darden Restaurants, Inc. (a) | | | 285,090 | |
| | 4,501 | | | Domino’s Pizza, Inc. | | | 593,502 | |
| | 15,000 | | | Extended Stay America, Inc. | | | 244,500 | |
| | 11,400 | | | Hilton Worldwide Holdings, Inc. (a) | | | 256,728 | |
| | 3,600 | | | Hyatt Hotels Corp. - Class A (a)(b) | | | 178,164 | |
| | 1,300 | | | Marriott International, Inc. - Class A (a) | | | 92,534 | |
| | 4,500 | | | McDonald’s Corp. | | | 565,560 | |
| | 1,596 | | | Norwegian Cruise Line Holdings Ltd. (b) | | | 88,243 | |
| | 500 | | | Panera Bread Co. - Class A (a)(b) | | | 102,415 | |
| | 2,200 | | | Royal Caribbean Cruises Ltd. | | | 180,730 | |
| | 2,600 | | | Six Flags Entertainment Corp. (a) | | | 144,274 | |
| | 19,200 | | | Starbucks Corp. (a) | | | 1,146,240 | |
| | 3,600 | | | Wyndham Worldwide Corp. | | | 275,148 | |
| | 5,800 | | | Yum Brands, Inc. | | | 474,730 | |
| | | | | | |
|
|
|
| | | | | | | | 5,833,891 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.83% | | | | |
| | 10,600 | | | D.R. Horton, Inc. (a) | | | 320,438 | |
| | 11,300 | | | GoPro, Inc. - Class A (a)(b) | | | 135,148 | |
| | 700 | | | Harman International Industries, Inc. | | | 62,328 | |
| | 1,082 | | | Mohawk Industries, Inc. (a)(b) | | | 206,554 | |
| | 4,609 | | | Newell Rubbermaid, Inc. (a) | | | 204,133 | |
| | 220 | | | NVR, Inc. (a)(b) | | | 381,128 | |
| | 5,700 | | | Tempur Sealy International, Inc. (a)(b) | | | 346,503 | |
| | 7,027 | | | Tupperware Brands Corp. (a) | | | 407,425 | |
| | | | | | |
|
|
|
| | | | | | | | 2,063,657 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.71% | | | | |
| | 2,956 | | | Church & Dwight, Inc. | | | 272,484 | |
| | 5,100 | | | Clorox Co. (a) | | | 642,906 | |
| | 9,600 | | | Colgate-Palmolive Co. | | | 678,240 | |
| | 7,100 | | | Energizer Holdings, Inc. | | | 287,621 | |
| | 4,000 | | | Kimberly-Clark Corp. (a) | | | 538,040 | |
| | 20,900 | | | Procter & Gamble Co. (a) | | | 1,720,279 | |
| | 1,300 | | | Spectrum Brands Holdings, Inc. | | | 142,064 | |
| | | | | | |
|
|
|
| | | | | | | | 4,281,634 | |
| | | | | | |
|
|
|
See notes to financial statements.
38
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Independent Power and Renewable Electricity
Producers - 0.40% | |
| | 45,303 | | | Calpine Corp. (b) | | $ | 687,246 | |
| | 23,562 | | | NRG Energy, Inc. (a) | | | 306,542 | |
| | | | | | |
|
|
|
| | | | | | | | 993,788 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 1.01% | |
| | 4,739 | | | 3M Co. (a) | | | 789,660 | |
| | 54,805 | | | General Electric Co. (a) | | | 1,742,251 | |
| | | | | | |
|
|
|
| | | | | | | | 2,531,911 | |
| | | | | | |
|
|
|
| | | | | Insurance - 3.69% | | | | |
| | 900 | | | Aflac, Inc. | | | 56,826 | |
| | 4,412 | | | Allstate Corp. | | | 297,236 | |
| | 4,400 | | | American Financial Group, Inc. | | | 309,628 | |
| | 3,657 | | | American International Group, Inc. | | | 197,661 | |
| | 1,800 | | | American National Insurance Co. | | | 207,900 | |
| | 7,405 | | | AmTrust Financial Services, Inc. (a) | | | 191,641 | |
| | 1,500 | | | Aon Plc (a) | | | 156,675 | |
| | 4,800 | | | Arch Capital Group Ltd. - ADR (b) | | | 341,280 | |
| | 1,800 | | | Aspen Insurance Holdings Ltd. | | | 85,860 | |
| | 2,900 | | | Assurant, Inc. | | | 223,735 | |
| | 15,687 | | | Assured Guaranty Ltd. | | | 396,881 | |
| | 3,200 | | | Axis Capital Holdings Ltd. | | | 177,472 | |
| | 12,800 | | | Berkshire Hathaway, Inc. - Class B (b) | | | 1,816,064 | |
| | 1,366 | | | Chubb Limited | | | 162,759 | |
| | 2,900 | | | Cincinnati Financial Corp. (a) | | | 189,544 | |
| | 3,100 | | | Endurance Specialty Holdings Ltd. | | | 202,554 | |
| | 1,400 | | | Erie Indemnity Co. - Class A | | | 130,186 | |
| | 8,500 | | | Hartford Financial Services Group, Inc. (a) | | | 391,680 | |
| | 5,000 | | | Lincoln National Corp. | | | 196,000 | |
| | 400 | | | Markel Corp. (b) | | | 356,628 | |
| | 3,900 | | | Marsh & McLennan Cos., Inc. | | | 237,081 | |
| | 8,800 | | | MetLife, Inc. | | | 386,672 | |
| | 9,500 | | | Old Republic International Corp. | | | 173,660 | |
| | 4,100 | | | ProAssurance Corp. | | | 207,460 | |
| | 11,000 | | | Progressive Corp. | | | 386,540 | |
| | 2,794 | | | Prudential Financial, Inc. | | | 201,783 | |
| | 4,400 | | | Reinsurance Group of America | | | 423,500 | |
| | 4,700 | | | The Hanover Insurance Group, Inc. | | | 424,034 | |
| | 1,600 | | | Torchmark Corp. | | | 86,656 | |
| | 2,700 | | | Travelers Companies, Inc. (a) | | | 315,117 | |
| | 1,194 | | | W.R. Berkley Corp. | | | 67,103 | |
| | 100 | | | White Mountains Insurance Group Ltd. - ADR | | | 80,260 | |
| | 3,900 | | | XL Group Plc | | | 143,520 | |
| | | | | | |
|
|
|
| | | | | | | | 9,221,596 | |
| | | | | | |
|
|
|
| | | | | Internet & Catalog Retail - 2.06% | |
| | 4,816 | | | Amazon.com, Inc. (b) | | | 2,858,970 | |
| | 1,880 | | | Expedia, Inc. | | | 202,702 | |
| | 136,694 | | | Groupon, Inc. (a)(b) | | | 545,409 | |
| | 7,100 | | | Netflix, Inc. (a)(b) | | | 725,833 | |
| | 400 | | | The Priceline Group, Inc. (b) | | | 515,584 | |
| | 4,565 | | | TripAdvisor, Inc. (b) | | | 303,572 | |
| | | | | | |
|
|
|
| | | | | | | | 5,152,070 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 3.31% | |
| | 3,200 | | | Akamai Technologies, Inc. (a)(b) | | | 177,824 | |
| | 2,600 | | | Alphabet, Inc. - Class A (b) | | | 1,983,540 | |
| | 2,600 | | | Alphabet, Inc. - Class C (a)(b) | | | 1,936,870 | |
| | 32,168 | | | eBay, Inc. (b) | | | 767,529 | |
| | 20,900 | | | Facebook, Inc. - Class A (b) | | | 2,384,690 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Internet Software & Services (Continued) | |
| | 4,900 | | | IAC/InterActiveCorp | | $ | 230,692 | |
| | 14,700 | | | Rackspace Hosting, Inc. (b) | | | 317,373 | |
| | 2,700 | | | Verisign, Inc. (a)(b) | | | 239,058 | |
| | 11,900 | | | Yelp, Inc. - Class A (b) | | | 236,572 | |
| | | | | | |
|
|
|
| | | | | | | | 8,274,148 | |
| | | | | | |
|
|
|
| | | | | IT Services - 4.47% | |
| | 10,400 | | | Accenture Plc - Class A - ADR | | | 1,200,160 | |
| | 500 | | | Alliance Data Systems Corp. (b) | | | 110,000 | |
| | 9,000 | | | Amdocs Ltd. | | | 543,780 | |
| | 700 | | | Automatic Data Processing, Inc. (a) | | | 62,797 | |
| | 6,864 | | | Booz Allen Hamilton Holding Corp. - Class A (a) | | | 207,842 | |
| | 6,175 | | | Broadridge Financial Solutions, Inc. | | | 366,239 | |
| | 8,876 | | | Cognizant Technology Solutions Corp. - Class A (a)(b) | | | 556,525 | |
| | 15,606 | | | Computer Sciences Corp. (a) | | | 536,690 | |
| | 9,900 | | | CoreLogic, Inc. (b) | | | 343,530 | |
| | 4,959 | | | CSRA, Inc. | | | 133,397 | |
| | 2,900 | | | DST Systems, Inc. | | | 327,033 | |
| | 3,400 | | | Fidelity National Information Services | | | 215,254 | |
| | 4,800 | | | Fiserv, Inc. (b) | | | 492,384 | |
| | 5,246 | | | Gartner, Inc. (b) | | | 468,730 | |
| | 14,800 | | | Genpact Ltd. (a)(b) | | | 402,412 | |
| | 5,800 | | | Global Payments, Inc. (a) | | | 378,740 | |
| | 9,118 | | | Leidos Holdings, Inc. (a) | | | 458,818 | |
| | 9,064 | | | MasterCard, Inc. - Class A | | | 856,548 | |
| | 1,402 | | | Paychex, Inc. (a) | | | 75,722 | |
| | 6,000 | | | PayPal Holdings, Inc. (b) | | | 231,600 | |
| | 9,693 | | | Sabre Corp. | | | 280,322 | |
| | 14,300 | | | The Western Union Co. (a) | | | 275,847 | |
| | 6,900 | | | T-Mobile USA, Inc. (b) | | | 264,270 | |
| | 8,400 | | | Total System Services, Inc. | | | 399,672 | |
| | 9,000 | | | Vantiv, Inc. - Class A (b) | | | 484,920 | |
| | 2,600 | | | VeriFone Holdings, Inc. (b) | | | 73,424 | |
| | 16,473 | | | Visa, Inc. - Class A (a) | | | 1,259,855 | |
| | 2,200 | | | WEX, Inc. (b) | | | 183,392 | |
| | | | | | |
|
|
|
| | | | | | | | 11,189,903 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.54% | | | | |
| | 1,600 | | | Brunswick Corp. (a) | | | 76,768 | |
| | 6,000 | | | Hasbro, Inc. | | | 480,600 | |
| | 8,412 | | | Mattel, Inc. (a) | | | 282,812 | |
| | 2,900 | | | Polaris Industries, Inc. (a) | | | 285,592 | |
| | 4,509 | | | Vista Outdoor, Inc. (b) | | | 234,062 | |
| | | | | | |
|
|
|
| | | | | | | | 1,359,834 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.14% | | | | |
| | 1,000 | | | Bio-Rad Laboratories, Inc. - Class A (a)(b) | | | 136,720 | |
| | 11,900 | | | Bruker Corp. | | | 333,200 | |
| | 5,800 | | | Charles River Laboratories (b) | | | 440,452 | |
| | 1,734 | | | Illumina, Inc. (a)(b) | | | 281,099 | |
| | 1,427 | | | Mettler-Toledo International, Inc. (a)(b) | | | 491,972 | |
| | 6,000 | | | QIAGEN NV (b) | | | 134,040 | |
| | 6,600 | | | Quintiles Transnational Holdings, Inc. (b) | | | 429,660 | |
| | 3,100 | | | Thermo Fisher Scientific, Inc. (a) | | | 438,929 | |
| | 1,300 | | | Waters Corp. (b) | | | 171,496 | |
| | | | | | |
|
|
|
| | | | | | | | 2,857,568 | |
| | | | | | |
|
|
|
| | | | | Machinery - 1.74% | |
| | 7,404 | | | AGCO Corp. (a) | | | 367,979 | |
| | 12,600 | | | Colfax Corp. (a)(b) | | | 360,234 | |
See notes to financial statements.
39
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Machinery (Continued) | |
| | 4,500 | | | Danaher Corp. (a) | | $ | 426,870 | |
| | 6,900 | | | Donaldson Company, Inc. (a) | | | 220,179 | |
| | 1,000 | | | Dover Corp. (a) | | | 64,330 | |
| | 3,000 | | | Graco, Inc. | | | 251,880 | |
| | 800 | | | Illinois Tool Works, Inc. | | | 81,952 | |
| | 21,621 | | | Joy Global, Inc. (a) | | | 347,449 | |
| | 15,400 | | | Kennametal, Inc. (a) | | | 346,346 | |
| | 3,900 | | | Lincoln Electric Holdings, Inc. | | | 228,423 | |
| | 1,800 | | | Nordson Corp. | | | 136,872 | |
| | 2,724 | | | Snap On, Inc. (a) | | | 427,641 | |
| | 14,186 | | | SPX FLOW, Inc. (b) | | | 355,785 | |
| | 1,600 | | | Stanley Black & Decker, Inc. | | | 168,336 | |
| | 6,600 | | | Toro Co. | | | 568,392 | |
| | | | | | |
|
|
|
| | | | | | | | 4,352,668 | |
| | | | | | |
|
|
|
| | | | | Media - 2.33% | |
| | 828 | | | AMC Networks, Inc. - Class A (b) | | | 53,770 | |
| | 11,800 | | | Cablevision Systems Corp. - Class A | | | 389,400 | |
| | 16,300 | | | Comcast Corp. - Class A | | | 995,604 | |
| | 26,754 | | | Gannett Co., Inc. | | | 405,056 | |
| | 3,000 | | | John Wiley & Sons, Inc. - Class A | | | 146,670 | |
| | 4,400 | | | Liberty Interactive Corp. - Class A (b) | | | 111,100 | |
| | 5,600 | | | Liberty Media Corp. - Class A (b) | | | 216,328 | |
| | 6,300 | | | Liberty Media Corp. - Class C (b) | | | 239,967 | |
| | 1,886 | | | McGraw-Hill Companies, Inc. (a) | | | 186,676 | |
| | 1,400 | | | Morningstar, Inc. | | | 123,578 | |
| | 4,142 | | | MSG Networks, Inc. - Class A (b) | | | 71,615 | |
| | 36,100 | | | News Corp. - Class A | | | 460,997 | |
| | 34,500 | | | News Corp. - Class B (a) | | | 457,125 | |
| | 10,760 | | | Starz - Class A (b) | | | 283,311 | |
| | 10,621 | | | TEGNA, Inc. (a) | | | 249,169 | |
| | 12,100 | | | The Walt Disney Co. | | | 1,201,651 | |
| | 1,215 | | | Time Warner Cable, Inc. | | | 248,613 | |
| | | | | | |
|
|
|
| | | | | | | | 5,840,630 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.76% | |
| | 12,800 | | | Newmont Mining Corp. (a) | | | 340,224 | |
| | 10,000 | | | Nucor Corp. (a) | | | 473,000 | |
| | 7,900 | | | Reliance Steel & Aluminum Co. | | | 546,601 | |
| | 23,700 | | | Steel Dynamics, Inc. | | | 533,487 | |
| | | | | | |
|
|
|
| | | | | | | | 1,893,312 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 1.56% | |
| | 10,500 | | | Dillard’s, Inc. - Class A (a) | | | 891,555 | |
| | 6,722 | | | Dollar General Corp. | | | 575,403 | |
| | 12,100 | | | J.C. Penney Co., Inc. (a)(b) | | | 133,826 | |
| | 10,494 | | | Kohl’s Corp. (a) | | | 489,126 | |
| | 9,300 | | | Macy’s, Inc. | | | 410,037 | |
| | 4,200 | | | Nordstrom, Inc. (a) | | | 240,282 | |
| | 7,500 | | | Sears Holdings Corp. (a)(b) | | | 114,825 | |
| | 12,675 | | | Target Corp. (a) | | | 1,042,899 | |
| | | | | | |
|
|
|
| | | | | | | | 3,897,953 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.08% | |
| | 1,800 | | | Consolidated Edison, Inc. | | | 137,916 | |
| | 1,184 | | | WEC Energy Group, Inc. | | | 71,123 | |
| | | | | | |
|
|
|
| | | | | | | | 209,039 | |
| | | | | | |
|
|
|
| | | | | Office Electronics - 0.44% | |
| | 98,756 | | | Xerox Corp. | | | 1,102,117 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Oil & Gas - 2.33% | | | | |
| | 3,400 | | | Chevron Corp. | | $ | 324,360 | |
| | 298,000 | | | Denbury Resources, Inc. (a) | | | 661,560 | |
| | 28,300 | | | Exxon Mobil Corp. (a) | | | 2,365,597 | |
| | 8,800 | | | Marathon Petroleum Corp. | | | 327,184 | |
| | 2,546 | | | Phillips 66 (a) | | | 220,458 | |
| | 4,900 | | | Tesoro Corp. | | | 421,449 | |
| | 15,471 | | | Valero Energy Corp. | | | 992,310 | |
| | 10,853 | | | World Fuel Services Corp. | | | 527,239 | |
| | | | | | |
|
|
|
| | | | | | | | 5,840,157 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.03% | |
| | 1,913 | | | Domtar Corp. | | | 77,477 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 1.33% | |
| | 86,119 | | | Avon Products, Inc. (a) | | | 414,232 | |
| | 10,580 | | | Coty, Inc. - Class A (a) | | | 294,441 | |
| | 3,700 | | | Edgewell Personal Care Co. | | | 297,961 | |
| | 12,100 | | | Herbalife Ltd. (a)(b) | | | 744,876 | |
| | 4,617 | | | Mead Johnson Nutrition Co. | | | 392,307 | |
| | 16,700 | | | Nu Skin Enterprises, Inc. - Class A (a) | | | 638,775 | |
| | 5,700 | | | The Estee Lauder Cos., Inc. - Class A | | | 537,567 | |
| | | | | | |
|
|
|
| | | | | | | | 3,320,159 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.41% | |
| | 7,400 | | | Abbott Laboratories | | | 309,542 | |
| | 10,522 | | | AbbVie, Inc. (a) | | | 601,017 | |
| | 3,800 | | | Allergan Plc (b) | | | 1,018,514 | |
| | 17,100 | | | Bristol-Myers Squibb Co. | | | 1,092,348 | |
| | 11,800 | | | Eli Lilly & Co. | | | 849,718 | |
| | 900 | | | Jazz Pharmaceuticals Plc (a)(b) | | | 117,495 | |
| | 29,000 | | | Johnson & Johnson (a) | | | 3,137,800 | |
| | 9,361 | | | Mallinckrodt Plc (a)(b) | | | 573,642 | |
| | 17,400 | | | Merck & Co., Inc. | | | 920,634 | |
| | 6,300 | | | Mylan NV (a)(b) | | | 292,005 | |
| | 934 | | | Perrigo Co. Plc (a) | | | 119,487 | |
| | 57,906 | | | Pfizer, Inc. (a) | | | 1,716,334 | |
| | 6,104 | | | Zoetis, Inc. (a) | | | 270,590 | |
| | | | | | |
|
|
|
| | | | | | | | 11,019,126 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.57% | |
| | 3,700 | | | Equifax, Inc. | | | 422,873 | |
| | 4,000 | | | ManpowerGroup, Inc. | | | 325,680 | |
| | 1,547 | | | Nielsen Holdings Plc | | | 81,465 | |
| | 8,000 | | | Robert Half International, Inc. | | | 372,640 | |
| | 2,100 | | | The Dun & Bradstreet Corp. | | | 216,468 | |
| | | | | | |
|
|
|
| | | | | | | | 1,419,126 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.21% | |
| | 4,600 | | | CBRE Group, Inc. - Class A (b) | | | 132,572 | |
| | 3,354 | | | Jones Lang LaSalle, Inc. | | | 393,491 | |
| | | | | | |
|
|
|
| | | | | | | | 526,063 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.32% | |
| | 541 | | | AMERCO | | | 193,305 | |
| | 7,800 | | | Avis Budget Group (b) | | | 213,408 | |
| | 6,000 | | | Landstar System, Inc. (a) | | | 387,660 | |
| | | | | | |
|
|
|
| | | | | | | | 794,373 | |
| | | | | | |
|
|
|
| | | | | Semiconductor & Semiconductor Equipment - 1.73% | |
| | 27,400 | | | Atmel Corp. | | | 222,488 | |
| | 3,286 | | | Broadcom Ltd. | | | 507,687 | |
| | 3,344 | | | First Solar, Inc. (b) | | | 228,964 | |
| | 44,964 | | | Intel Corp. | | | 1,454,586 | |
See notes to financial statements.
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Semiconductor & Semiconductor Equipment (Continued) | |
| | 1,172 | | | Lam Research Corp. | | $ | 96,807 | |
| | 7,239 | | | Linear Technology Corp. | | | 322,570 | |
| | 15,456 | | | Marvell Technology Group Ltd. - ADR | | | 159,351 | |
| | 1,600 | | | Maxim Integrated Products, Inc. | | | 58,848 | |
| | 17,235 | | | Micron Technology, Inc. (a)(b) | | | 180,451 | |
| | 5,300 | | | NVIDIA Corp. (a) | | | 188,839 | |
| | 6,704 | | | ON Semiconductor Corp. (b) | | | 64,291 | |
| | 3,437 | | | Skyworks Solutions, Inc. (a) | | | 267,742 | |
| | 3,000 | | | Teradyne, Inc. | | | 64,770 | |
| | 8,900 | | | Texas Instruments, Inc. (a) | | | 511,038 | |
| | | | | | |
|
|
|
| | | | | | | | 4,328,432 | |
| | | | | | |
|
|
|
| | | | | Software - 5.04% | |
| | 8,200 | | | Activision Blizzard, Inc. (a) | | | 277,488 | |
| | 2,500 | | | Adobe Systems, Inc. (b) | | | 234,500 | |
| | 2,300 | | | ANSYS, Inc. (b) | | | 205,758 | |
| | 3,300 | | | Autodesk, Inc. (b) | | | 192,423 | |
| | 4,800 | | | CA, Inc. | | | 147,792 | |
| | 18,400 | | | Cadence Design System, Inc. (a)(b) | | | 433,872 | |
| | 1,153 | | | CDK Global, Inc. | | | 53,672 | |
| | 4,800 | | | Citrix Systems, Inc. (a)(b) | | | 377,184 | |
| | 10,343 | | | Electronic Arts, Inc. (b) | | | 683,776 | |
| | 3,577 | | | FactSet Research Systems, Inc. | | | 542,023 | |
| | 5,059 | | | Fortinet, Inc. (b) | | | 154,957 | |
| | 6,000 | | | Intuit, Inc. (a) | | | 624,060 | |
| | 3,200 | | | Jack Henry & Associates, Inc. | | | 270,624 | |
| | 95,300 | | | Microsoft Corp. | | | 5,263,419 | |
| | 1,500 | | | NetSuite, Inc. (a)(b) | | | 102,735 | |
| | 13,600 | | | Nuance Communications, Inc. (b) | | | 254,184 | |
| | 22,700 | | | Oracle Corp. (a) | | | 928,657 | |
| | 7,185 | | | PTC, Inc. (b) | | | 238,255 | |
| | 2,300 | | | Red Hat, Inc. (b) | | | 171,373 | |
| | 4,800 | | | salesforce.com, Inc. (a)(b) | | | 354,384 | |
| | 1,700 | | | ServiceNow, Inc. (a)(b) | | | 104,006 | |
| | 1,004 | | | SS&C Technologies Holdings, Inc. | | | 63,674 | |
| | 2,735 | | | Symantec Corp. (a) | | | 50,269 | |
| | 10,600 | | | Synopsys, Inc. (a)(b) | | | 513,464 | |
| | 2,800 | | | Tableau Software, Inc. - Class A (b) | | | 128,436 | |
| | 1,237 | | | Ultimate Software Group, Inc. (a)(b) | | | 239,359 | |
| | | | | | |
|
|
|
| | | | | | | | 12,610,344 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 6.36% | |
| | 22,600 | | | Aarons, Inc. | | | 567,260 | |
| | 2,624 | | | Advance Auto Parts, Inc. | | | 420,732 | |
| | 2,351 | | | AutoNation, Inc. (b) | | | 109,745 | |
| | 1,044 | | | AutoZone, Inc. (a)(b) | | | 831,744 | |
| | 8,000 | | | Bed Bath & Beyond, Inc. (a)(b) | | | 397,120 | |
| | 13,608 | | | Best Buy Co., Inc. | | | 441,443 | |
| | 6,000 | | | Dick’s Sporting Goods, Inc. | | | 280,500 | |
| | 9,900 | | | DSW, Inc. - Class A | | | 273,636 | |
| | 8,600 | | | Foot Locker, Inc. (a) | | | 554,700 | |
| | 21,000 | | | GameStop Corp. - Class A (a) | | | 666,330 | |
| | 18,410 | | | Home Depot, Inc. (a) | | | 2,456,446 | |
| | 6,313 | | | L Brands, Inc. | | | 554,345 | |
| | 15,361 | | | Lowe’s Cos., Inc. (a) | | | 1,163,596 | |
| | 3,200 | | | O’Reilly Automotive, Inc. (a)(b) | | | 875,712 | |
| | 5,324 | | | Penske Automotive Group, Inc. (a) | | | 201,780 | |
| | 12,467 | | | Ross Stores, Inc. | | | 721,839 | |
| | 12,305 | | | Sally Beauty Holdings, Inc. (b) | | | 398,436 | |
| | 1,911 | | | Sherwin-Williams Co. | | | 544,004 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Specialty Retail (Continued) | |
| | 800 | | | Signet Jewelers Ltd. | | $ | 99,224 | |
| | 43,038 | | | Staples, Inc. | | | 474,709 | |
| | 15,300 | | | The Gap, Inc. (a) | | | 449,820 | |
| | 11,533 | | | The Michaels Cos., Inc. (a)(b) | | | 322,578 | |
| | 11,322 | | | The TJX Companies, Inc. (a) | | | 887,079 | |
| | 3,300 | | | Tiffany & Co. (a) | | | 242,154 | |
| | 6,769 | | | Tractor Supply Co. | | | 612,324 | |
| | 3,412 | | | Ulta Salon, Cosmetics & Fragrance, Inc. (a)(b) | | | 661,041 | |
| | 11,200 | | | Urban Outfitters, Inc. (b) | | | 370,608 | |
| | 6,100 | | | Williams Sonoma, Inc. (a) | | | 333,914 | |
| | | | | | |
|
|
|
| | | | | | | | 15,912,819 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 4.18% | |
| | 64,472 | | | Apple, Inc. | | | 7,026,803 | |
| | 11,100 | | | EMC Corp. | | | 295,815 | |
| | 31,484 | | | HP, Inc. (a) | | | 387,883 | |
| | 9,600 | | | International Business Machines Corp. (a) | | | 1,453,920 | |
| | 2,600 | | | Lexmark International, Inc. - Class A | | | 86,918 | |
| | 5,863 | | | NCR Corp. (b) | | | 175,480 | |
| | 7,000 | | | NetApp, Inc. | | | 191,030 | |
| | 18,400 | | | Teradata Corp. (a)(b) | | | 482,816 | |
| | 7,584 | | | Western Digital Corp. (a) | | | 358,268 | |
| | | | | | |
|
|
|
| | | | | | | | 10,458,933 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 2.54% | |
| | 4,623 | | | Carter’s, Inc. | | | 487,172 | |
| | 10,824 | | | Coach, Inc. | | | 433,934 | |
| | 14,900 | | | Fossil Group, Inc. (a)(b) | | | 661,858 | |
| | 5,855 | | | Hanesbrands, Inc. | | | 165,931 | |
| | 2,708 | | | Kate Spade & Co. (b) | | | 69,108 | |
| | 6,988 | | | lululemon athletica, Inc. (a)(b) | | | 473,157 | |
| | 9,941 | | | Michael Kors Holdings Ltd. (a)(b) | | | 566,239 | |
| | 21,000 | | | Nike, Inc. - Class B (a) | | | 1,290,870 | |
| | 3,000 | | | Polo Ralph Lauren Corp. | | | 288,780 | |
| | 6,300 | | | PVH Corp. | | | 624,078 | |
| | 15,600 | | | Skechers U.S.A., Inc. - Class A (b) | | | 475,020 | |
| | 5,326 | | | Under Armour, Inc. - Class A (a)(b) | | | 451,805 | |
| | 5,600 | | | VF Corp. | | | 362,656 | |
| | | | | | |
|
|
|
| | | | | | | | 6,350,608 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 0.19% | |
| | 11,400 | | | New York Community Bancorp, Inc. | | | 181,260 | |
| | 3,400 | | | People’s United Financial, Inc. (a) | | | 54,162 | |
| | 13,600 | | | TFS Financial Corp. | | | 236,232 | |
| | | | | | |
|
|
|
| | | | | | | | 471,654 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 1.14% | |
| | 18,000 | | | Altria Group, Inc. (a) | | | 1,127,880 | |
| | 12,442 | | | Philip Morris International, Inc. | | | 1,220,685 | |
| | 9,900 | | | Reynolds American, Inc. (a) | | | 498,069 | |
| | | | | | |
|
|
|
| | | | | | | | 2,846,634 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.15% | |
| | 10,669 | | | Fastenal Co. (a) | | | 522,781 | |
| | 3,500 | | | HD Supply Holdings, Inc. (b) | | | 115,745 | |
| | 4,770 | | | MSC Industrial Direct Co., Inc. - Class A | | | 363,999 | |
| | 18,472 | | | NOW, Inc. (a)(b) | | | 327,324 | |
| | 1,892 | | | W.W. Grainger, Inc. (a) | | | 441,649 | |
| | 3,824 | | | Watsco, Inc. | | | 515,246 | |
| | 10,800 | | | WESCO International, Inc. (a)(b) | | | 590,436 | |
| | | | | | |
|
|
|
| | | | | | | | 2,877,180 | |
| | | | | | |
|
|
|
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Water Utilities - 0.03% | |
| | 1,025 | | | American Water Works Co., Inc. | | $ | 70,653 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $206,048,190) | | | 235,311,076 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 2.68% | |
| | | | | Real Estate Investment Trusts - 2.68% | |
| | 1,424 | | | Apartment Investment & Management Co. - Class A | | | 59,552 | |
| | 21,853 | | | CBL & Associates Properties, Inc. | | | 260,051 | |
| | 26,474 | | | Chimera Investment Corp. | | | 359,782 | |
| | 4,100 | | | Corrections Corporation of America | | | 131,405 | |
| | 844 | | | Crown Castle International Corp. | | | 73,006 | |
| | 724 | | | Digital Realty Trust, Inc. | | | 64,067 | |
| | 924 | | | Equinix, Inc. | | | 305,576 | |
| | 3,676 | | | Equity LifeStyle Properties, Inc. | | | 267,355 | |
| | 1,635 | | | Equity Residential (a) | | | 122,674 | |
| | 4,400 | | | Extra Space Storage, Inc. | | | 411,224 | |
| | 7,100 | | | Hospitality Property Trust | | | 188,576 | |
| | 12,800 | | | Host Hotels & Resorts, Inc. (a) | | | 213,760 | |
| | 2,200 | | | Kimco Realty Corp. (a) | | | 63,316 | |
| | 8,268 | | | Lamar Advertising Co. - Class A | | | 508,482 | |
| | 2,245 | | | Macerich Co. | | | 177,894 | |
| | 52,100 | | | MFA Financial, Inc. | | | 356,885 | |
| | 2,400 | | | Mid-American Apartment Communities, Inc. (a) | | | 245,304 | |
| | 1,400 | | | Prologis, Inc. | | | 61,852 | |
| | 3,008 | | | Public Storage (a) | | | 829,697 | |
| | 1,100 | | | Realty Income Corp. (a) | | | 68,761 | |
| | 3,469 | | | Simon Property Group, Inc. (a) | | | 720,476 | |
| | 11,300 | | | Starwood Property Trust, Inc. | | | 213,909 | |
| | 5,500 | | | Taubman Centers, Inc. | | | 391,765 | |
| | 53,400 | | | Two Harbors Investment Corp. | | | 423,996 | |
| | 4,700 | | | UDR, Inc. (a) | | | 181,091 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $6,136,060) | | | 6,700,456 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.28% | |
| | | | | Money Market Funds - 0.28% | |
| | 709,051 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (c) | | $ | 709,051 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $709,051) | | | 709,051 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 34.02% | |
| | | | | Money Market Funds - 34.02% | |
| | 85,097,996 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (c) | | | 85,097,996 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $85,097,996) | | | 85,097,996 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $297,991,297) - 131.05% | | | 327,818,579 | |
| | | | | Other Liabilities in Excess of
Assets - (31.05)% | | | (77,676,843 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 250,141,736 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
42
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 88.22% | |
| | | | | Brazil - 4.02% | |
| | 109,380 | | | Ambev SA | | $ | 570,681 | |
| | 28,829 | | | Banco Bradesco SA | | | 242,537 | |
| | 103,176 | | | Banco do Brasil SA | | | 560,120 | |
| | 46,126 | | | Banco Santander Brasil SA | | | 216,926 | |
| | 38,220 | | | BB Seguridade Participacoes SA | | | 314,634 | |
| | 25,051 | | | CETIP SA | | | 279,378 | |
| | 20,050 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 133,048 | |
| | 64,262 | | | EDP - Energias do Brasil SA | | | 223,223 | |
| | 23,755 | | | Equatorial Energia SA | | | 270,078 | |
| | 25,611 | | | Hypermarcas SA | | | 199,580 | |
| | 85,256 | | | JBS SA | | | 259,397 | |
| | 44,310 | | | Klabin SA | | | 239,933 | |
| | 39,191 | | | Lojas Renner SA | | | 227,365 | |
| | 44,888 | | | Raia Drogasil SA | | | 651,289 | |
| | 70,297 | | | Sul America SA | | | 313,396 | |
| | 15,064 | | | Ultrapar Participacoes SA | | | 291,673 | |
| | | | | | |
|
|
|
| | | | | | | | 4,993,258 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 0.40% | |
| | 74,196 | | | China State Construction International Holdings Ltd. | | | 110,655 | |
| | 7,796 | | | TAL Education Group - ADR (a) | | | 387,305 | |
| | | | | | |
|
|
|
| | | | | | | | 497,960 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.66% | | | | |
| | 1,167,476 | | | Banco de Chile | | | 125,549 | |
| | 33,799 | | | Cia Cervecerias Unidas SA | | | 380,871 | |
| | 45,330 | | | Latam Airlines Group SA (a) | | | 317,624 | |
| | | | | | |
|
|
|
| | | | | | | | 824,044 | |
| | | | | | |
|
|
|
| | | | | China - 15.82% | |
| | 967,067 | | | Agricultural Bank of China Ltd. - Series H | | | 347,912 | |
| | 11,674 | | | Alibaba Group Holding Ltd. - ADR (a)(b) | | | 922,596 | |
| | 166,582 | | | ANTA Sports Products Ltd. | | | 366,721 | |
| | 4,724 | | | Baidu, Inc. - ADR (a) | | | 901,717 | |
| | 2,321,394 | | | Bank of China Ltd. - Series H | | | 963,764 | |
| | 384,000 | | | Bank of Communications Co., Ltd. - Series H | | | 252,660 | |
| | 569,672 | | | China Cinda Asset Management Co., Ltd. - Series H | | | 199,941 | |
| | 420,000 | | | China CITIC Bank Corp. Ltd. - Series H | | | 257,438 | |
| | 886,000 | | | China Communications Services Corp. Ltd. - Series H | | | 404,565 | |
| | 3,012,282 | | | China Construction Bank Corp. - Series H | | | 1,928,326 | |
| | 347,000 | | | China Everbright Bank Co., Ltd. - Series H | | | 168,686 | |
| | 963,186 | | | China Huishan Dairy Holdings Co., Ltd. | | | 362,673 | |
| | 142,222 | | | China Life Insurance Company Ltd. - Series H | | | 349,475 | |
| | 114,899 | | | China Mengniu Dairy Co., Ltd. | | | 182,984 | |
| | 124,289 | | | China Merchants Bank Co., Ltd. - Series H | | | 261,568 | |
| | 191,873 | | | China Minsheng Banking Corp. Ltd. - Series H | | | 179,247 | |
| | 835,981 | | | China Petroleum & Chemical Corp. - Series H | | | 543,055 | |
| | 667,373 | | | China Southern Airlines Co., Ltd. - Series H | | | 420,211 | |
| | 119,100 | | | China Vanke Co., Ltd. - Series H | | | 292,264 | |
| | 1,004,000 | | | Chongqing Rural Commercial Bank Co., Ltd. - Series H | | | 531,499 | |
| | 790,972 | | | Country Garden Holdings Co., Ltd. | | | 314,402 | |
| | 7,468 | | | Ctrip.com International, Ltd. - ADR (a)(b) | | | 330,534 | |
| | 191,671 | | | Dongfeng Motor Group Co., Ltd. - Series H | | | 239,703 | |
| | 1,480,358 | | | Evergrande Real Estate Group Ltd. | | | 1,142,972 | |
| | 82,926 | | | GF Securities Co., Ltd. (a) - Series H | | | 202,109 | |
| | 318,400 | | | Guangzhou R&F Properties Co., Ltd. - Series H | | | 456,241 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | China (Continued) | |
| | 114,484 | | | Haier Electronics Group Co., Ltd. | | $ | 199,595 | |
| | 70,849 | | | Huatai Securities Co., Ltd. - Series H (a)(f) | | | 168,338 | |
| | 5,213 | | | JD.com, Inc. - ADR (a)(b) | | | 138,144 | |
| | 65,000 | | | Kingsoft Corp., Ltd. | | | 152,566 | |
| | 260,433 | | | Luye Pharma Group Ltd. (a) | | | 201,449 | |
| | 3,394 | | | NetEase.com, Inc. - ADR (b) | | | 487,311 | |
| | 46,835 | | | New China Life Insurance Co., Ltd. - Series H | | | 165,537 | |
| | 10,013 | | | New Oriental Education & Technology Group, Inc. - ADR | | | 346,350 | |
| | 1,047,172 | | | People’s Insurance Co. of China, Ltd. - Series H | | | 444,657 | |
| | 306,000 | | | PetroChina Co. - Series H | | | 202,527 | |
| | 247,689 | | | PICC Property & Casualty Co., Ltd. - Series H | | | 456,062 | |
| | 194,518 | | | Ping An Insurance Group Co. of China, Ltd. - Series H | | | 933,449 | |
| | 4,522 | | | Qihoo 360 Technology Co., Ltd. - ADR (a) | | | 341,637 | |
| | 6,256 | | | Qunar Cayman Islands Ltd. - Class B - ADR (a) | | | 248,363 | |
| | 34,100 | | | Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Series B | | | 113,758 | |
| | 76,000 | | | Shenzhou International Group Holdings Ltd. | | | 414,011 | |
| | 214,392 | | | Shimao Property Holdings Ltd. | | | 317,929 | |
| | 553,500 | | | Shui On Land Ltd. | | | 149,441 | |
| | 376,500 | | | Sino-Ocean Land Holdings Ltd. | | | 178,419 | |
| | 378,622 | | | Sinopec Shanghai Petrochemical Co., Ltd. - Series H (a) | | | 192,195 | |
| | 25,279 | | | SouFun Holdings Ltd. - ADR (a) | | | 151,421 | |
| | 438,986 | | | Sun Art Retail Group Ltd. | | | 311,277 | |
| | 23,886 | | | Vipshop Holdings Ltd. - ADR (a)(b) | | | 307,652 | |
| | 283,799 | | | Want Want China Holdings, Ltd. | | | 210,439 | |
| | 276,827 | | | Weichai Power Co., Ltd. - Series H | | | 310,118 | |
| | | | | | |
|
|
|
| | | | | | | | 19,665,908 | |
| | | | | | |
|
|
|
| | | | | Colombia - 0.26% | |
| | 426,265 | | | Grupo Aval Acciones y Valores SA | | | 165,505 | |
| | 11,530 | | | Grupo de Inversiones Suramericana | | | 151,402 | |
| | | | | | |
|
|
|
| | | | | | | | 316,907 | |
| | | | | | |
|
|
|
| | | | | Czech Republic - 0.19% | |
| | 22,813 | | | O2 Czech Republic AS | | | 240,414 | |
| | | | | | |
|
|
|
| | | | | Egypt - 0.15% | |
| | 43,369 | | | Commercial International Bank Egypt SAE (c) | | | 187,445 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 10.17% | |
| | 31,055 | | | AAC Technologies Holdings, Inc. | | | 237,446 | |
| | 658,079 | | | Belle International Holdings Ltd. | | | 381,479 | |
| | 518,000 | | | China Jinmao Holdings Group Ltd. | | | 144,109 | |
| | 200,833 | | | China Mobile Ltd. | | | 2,224,219 | |
| | 98,931 | | | China Overseas Land & Investment Ltd. | | | 313,332 | |
| | 81,360 | | | China Resources Land Ltd. | | | 208,737 | |
| | 88,252 | | | China Taiping Insurance Holdings Co., Ltd. (a) | | | 194,370 | |
| | 1,102,000 | | | China Telecom Corp. Ltd. - Series H | | | 583,425 | |
| | 144,356 | | | China Unicom Hong Kong Ltd. | | | 190,120 | |
| | 234,800 | | | CSPC Pharmaceutical Group Ltd. | | | 212,531 | |
| | 462,029 | | | Geely Automobile Holdings Ltd. | | | 229,157 | |
| | 2,576,648 | | | Industrial & Commercial Bank of China Ltd. - Series H | | | 1,443,371 | |
| | 310,000 | | | Kunlun Energy Co., Ltd. | | | 269,695 | |
| | 150,000 | | | Lenovo Group Ltd. | | | 116,906 | |
| | 110,331 | | | Longfor Properties Co., Ltd. | | | 156,960 | |
| | 119,393 | | | New World China Land Ltd. | | | 121,672 | |
| | 634,000 | | | Nine Dragons Paper Holdings Ltd. | | | 480,337 | |
| | 724,588 | | | Sino Biopharmaceutical Ltd. | | | 543,623 | |
See notes to financial statements.
43
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hong Kong (Continued) | |
| | 625,000 | | | Sunac China Holdings Ltd. | | $ | 421,153 | |
| | 182,127 | | | Tencent Holdings Ltd. | | | 3,723,471 | |
| | 136,824 | | | Tingyi Holding Corp. | | | 152,874 | |
| | 75,588 | | | TravelSky Technology Ltd. - Series H | | | 123,922 | |
| | 1,132,000 | | | Yuexiu Property Co., Ltd. | | | 163,504 | |
| | | | | | |
|
|
|
| | | | | | | | 12,636,413 | |
| | | | | | |
|
|
|
| | | | | Hungary - 0.71% | | | | |
| | 6,394 | | | MOL Hungarian Oil and Gas Plc | | | 384,341 | |
| | 10,154 | | | OTP Bank Plc | | | 254,739 | |
| | 12,237 | | | Richter Gedeon Nyrt | | | 243,776 | |
| | | | | | |
|
|
|
| | | | | | | | 882,856 | |
| | | | | | |
|
|
|
| | | | | Indonesia - 1.86% | | | | |
| | 6,247,035 | | | Adaro Energy Tbk PT | | | 303,399 | |
| | 266,801 | | | AKR Corporindo Tbk PT | | | 139,756 | |
| | 333,847 | | | Astra International Tbk PT | | | 182,483 | |
| | 52,072 | | | Gudang Garam Tbk PT | | | 256,328 | |
| | 25,692 | | | Hanjaya Mandala Sampoerna Tbk PT | | | 190,551 | |
| | 1,679,800 | | | Kalbe Farma Tbk PT | | | 182,912 | |
| | 213,332 | | | Matahari Department Store Tbk PT | | | 295,201 | |
| | 656,400 | | | Surya Citra Media Tbk PT | | | 155,272 | |
| | 1,167,838 | | | Telekomunikasi Indonesia Persero Tbk PT | | | 294,370 | |
| | 97,749 | | | Unilever Indonesia Tbk PT | | | 316,241 | |
| | | | | | |
|
|
|
| | | | | | | | 2,316,513 | |
| | | | | | |
|
|
|
| | | | | Malaysia - 3.31% | | | | |
| | 1,036,700 | | | AirAsia Bhd | | | 486,344 | |
| | 525,101 | | | Astro Malaysia Holdings Bhd | | | 402,343 | |
| | 32,121 | | | British American Tobacco Malaysia Bhd | | | 444,911 | |
| | 339,440 | | | DiGi.Com Bhd | | | 429,842 | |
| | 92,410 | | | Genting Bhd | | | 232,168 | |
| | 115,993 | | | Genting Malaysia Bhd | | | 134,947 | |
| | 205,917 | | | HAP Seng Consolidated Bhd | | | 397,425 | |
| | 144,434 | | | Hartalega Holdings Bhd | | | 179,645 | |
| | 216,721 | | | IHH Healthcare Bhd | | | 364,269 | |
| | 100,451 | | | Maxis Communications Bhd | | | 163,449 | |
| | 141,127 | | | Petronas Chemicals Group Bhd | | | 242,876 | |
| | 75,307 | | | Petronas Dagangan Bhd | | | 465,180 | |
| | 155,545 | | | Westports Holdings Bhd | | | 164,533 | |
| | | | | | |
|
|
|
| | | | | | | | 4,107,932 | |
| | | | | | |
|
|
|
| | | | | Mexico - 4.85% | |
| | 119,441 | | | Alfa SAB de CV - Series A | | | 240,373 | |
| | 755,650 | | | America Movil SAB de CV - Series L | | | 587,825 | |
| | 31,900 | | | Arca Continental SAB de CV | | | 221,435 | |
| | 432,013 | | | Cemex SAB de CV (a) | | | 313,811 | |
| | 17,078 | | | Coca-Cola Femsa SAB de CV - Series L | | | 141,935 | |
| | 14,700 | | | El Puerto de Liverpool SAB de CV | | | 173,681 | |
| | 64,938 | | | Fomento Economico Mexicano SAB de CV | | | 625,883 | |
| | 102,459 | | | Gentera SAB de CV | | | 202,224 | |
| | 38,866 | | | Gruma SAB de CV - Series B | | | 616,357 | |
| | 46,880 | | | Grupo Aeroportuario del Pacifico SAB de CV - Series B | | | 417,295 | |
| | 15,581 | | | Grupo Aeroportuario del Sureste SAB de CV - Series B | | | 234,601 | |
| | 168,733 | | | Grupo Bimbo SAB de CV - Series A (a) | | | 499,153 | |
| | 39,714 | | | Grupo Financiero Banorte SAB de CV - Series O | | | 225,060 | |
| | 123,643 | | | Grupo Lala SAB de CV | | | 336,067 | |
| | 43,700 | | | Grupo Televisa SAB | | | 240,238 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Mexico (Continued) | |
| | 86,163 | | | Kimberly-Clark de Mexico SAB de CV - Series A | | $ | 208,162 | |
| | 316,697 | | | Wal-Mart de Mexico SAB de CV | | | 749,713 | |
| | | | | | |
|
|
|
| | | | | | | | 6,033,813 | |
| | | | | | |
|
|
|
| | | | | Peru - 0.20% | |
| | 1,882 | | | CREDICORP Ltd. | | | 246,561 | |
| | | | | | |
|
|
|
| | | | | Philippines - 0.68% | |
| | 8,702 | | | Globe Telecom, Inc. | | | 419,467 | |
| | 26,432 | | | Jollibee Foods Corp. | | | 130,280 | |
| | 3,136 | | | Philippine Long Distance Telephone Co. | | | 135,144 | |
| | 35,078 | | | Universal Robina Corp. | | | 165,164 | |
| | | | | | |
|
|
|
| | | | | | | | 850,055 | |
| | | | | | |
|
|
|
| | | | | Poland - 1.85% | |
| | 7,379 | | | CCC SA | | | 315,570 | |
| | 33,740 | | | Eurocash SA | | | 481,884 | |
| | 8,595 | | | Grupa Azoty SA (a) | | | 221,626 | |
| | 46,489 | | | Grupa Lotos SA (a) | | | 346,755 | |
| | 174 | | | LPP SA | | | 256,136 | |
| | 19,497 | | | Polski Koncern Naftowy Orlen SA | | | 385,676 | |
| | 205,059 | | | Polskie Gornictwo Naftowe i Gazownictwo SA | | | 291,912 | |
| | | | | | |
|
|
|
| | | | | | | | 2,299,559 | |
| | | | | | |
|
|
|
| | | | | Qatar - 0.20% | |
| | 24,835 | | | Barwa Real Estate Co. | | | 246,790 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 15.91% | |
| | 2,217 | | | Amorepacific Corp. | | | 749,725 | |
| | 2,504 | | | AMOREPACIFIC Group | | | 320,714 | |
| | 4,590 | | | BGF retail Co., Ltd. | | | 658,266 | |
| | 31,898 | | | BNK Financial Group, Inc. | | | 270,523 | |
| | 2,766 | | | Celltrion, Inc. (a) | | | 265,349 | |
| | 11,244 | | | Cheil Worldwide, Inc. | | | 167,298 | |
| | 2,113 | | | CJ Corp. | | | 361,279 | |
| | 4,440 | | | CJ E&M Corp. | | | 247,892 | |
| | 4,346 | | | Coway Co., Ltd. | | | 366,050 | |
| | 19,904 | | | Daewoo International Corp. | | | 376,133 | |
| | 35,743 | | | DGB Financial Group, Inc. | | | 278,219 | |
| | 9,166 | | | GS Retail Co., Ltd. | | | 378,092 | |
| | 16,067 | | | Hana Financial Group, Inc. | | | 348,602 | |
| | 1,138 | | | Hanmi Pharm Co., Ltd. | | | 695,448 | |
| | 3,456 | | | Hanmi Science Co., ltd. | | | 449,722 | |
| | 2,128 | | | Hanssem Co., Ltd. | | | 415,698 | |
| | 25,274 | | | Hanwha Chemical Corp. | | | 552,185 | |
| | 12,429 | | | Hanwha Corp. | | | 385,997 | |
| | 3,915 | | | Hyundai Development Co.-Engineering & Construction | | | 157,427 | |
| | 8,076 | | | Hyundai Engineering & Construction Co., Ltd. | | | 297,849 | |
| | 6,978 | | | Hyundai Steel | | | 339,059 | |
| | 20,385 | | | Industrial Bank of Korea | | | 218,370 | |
| | 8,727 | | | KB Financial Group, Inc. | | | 242,325 | |
| | 5,168 | | | Korea Aerospace Industries Ltd. | | | 294,549 | |
| | 3,270 | | | Korea Electric Power Corp. | | | 171,300 | |
| | 10,976 | | | Korea Gas Corp. | | | 368,573 | |
| | 12,713 | | | Korean Air Lines Co., Ltd. (a) | | | 344,310 | |
| | 636 | | | LG Chemical Ltd. | | | 182,526 | |
| | 7,420 | | | LG Display Co., Ltd. | | | 171,781 | |
| | 848 | | | LG Household & Health Care Ltd. | | | 701,175 | |
| | 2,880 | | | LG Innotek Co., Ltd. | | | 199,737 | |
| | 47,914 | | | LG Uplus Corp. | | | 463,059 | |
| | 1,188 | | | Lotte Chemical Co. | | | 355,295 | |
See notes to financial statements.
44
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Republic of Korea (Continued) | |
| | 899 | | | Naver Corp. | | $ | 500,986 | |
| | 404 | | | Ottogi Corp. | | | 320,828 | |
| | 2,736 | | | POSCO | | | 521,914 | |
| | 3,847 | | | S-1 Corp. | | | 297,606 | |
| | 3,345 | | | Samsung Electronics Co., Ltd. | | | 3,838,746 | |
| | 4,764 | | | Shinhan Financial Group Co., Ltd. | | | 167,692 | |
| | 12,412 | | | SK Hynix, Inc. | | | 305,555 | |
| | 4,802 | | | SK Innovation Co., Ltd. | | | 723,733 | |
| | 30,291 | | | SK Networks Co., Ltd. | | | 169,490 | |
| | 1,269 | | | SK Telecom Co., Ltd. | | | 229,955 | |
| | 1,898 | | | S-Oil Corp. | | | 162,749 | |
| | 37,917 | | | Woori Bank | | | 313,567 | |
| | 1,743 | | | Yuhan Corp. | | | 427,477 | |
| | | | | | |
|
|
|
| | | | | | | | 19,774,825 | |
| | | | | | |
|
|
|
| | | | | Russian Federation - 3.34% | |
| | 207,796 | | | Gazprom PAO | | | 893,817 | |
| | 12,133 | | | Lukoil PJSC - ADR | | | 468,940 | |
| | 16,920 | | | MegaFon PJSC | | | 185,762 | |
| | 37,300 | | | Mobile TeleSystems PJSC - ADR | | | 301,757 | |
| | 99,913 | | | Rosneft OAO | | | 452,346 | |
| | 78,163 | | | Sberbank of Russia PJSC | | | 542,604 | |
| | 17,828 | | | Sberbank of Russia PJSC - ADR | | | 123,726 | |
| | 27,443 | | | Severstal PAO | | | 289,932 | |
| | 49,900 | | | Surgutneftegas OAO | | | 290,228 | |
| | 16,674 | | | Tatneft PAO | | | 528,745 | |
| | 2,363 | | | Tatneft PAO - ADR | | | 76,703 | |
| | | | | | |
|
|
|
| | | | | | | | 4,154,560 | |
| | | | | | |
|
|
|
| | | | | South Africa - 6.97% | |
| | 16,466 | | | Barclays Africa Group Ltd. | | | 166,331 | |
| | 11,897 | | | Bidvest Group Ltd. | | | 300,234 | |
| | 82,951 | | | Brait SE | | | 937,576 | |
| | 10,364 | | | Capitec Bank Holdings Ltd. | | | 401,249 | |
| | 54,617 | | | Coronation Fund Managers Ltd. | | | 271,016 | |
| | 19,214 | | | Discovery Ltd. | | | 157,954 | |
| | 69,544 | | | Exxaro Resources Ltd. | | | 338,011 | |
| | 54,410 | | | FirstRand Ltd. | | | 177,683 | |
| | 47,355 | | | Gold Fields Ltd. | | | 187,204 | |
| | 22,869 | | | Imperial Holdings Ltd. | | | 232,998 | |
| | 23,214 | | | Liberty Holdings Ltd. | | | 227,365 | |
| | 25,853 | | | Massmart Holdings Ltd. | | | 221,548 | |
| | 13,380 | | | Mondi Ltd. | | | 257,472 | |
| | 25,646 | | | Mr. Price Group Ltd. | | | 307,874 | |
| | 17,701 | | | MTN Group Ltd. | | | 161,653 | |
| | 8,593 | | | Naspers Ltd. - N Shares | | | 1,197,862 | |
| | 12,669 | | | Nedbank Group Ltd. | | | 166,247 | |
| | 52,037 | | | Pick n Pay Stores Ltd. | | | 247,276 | |
| | 30,099 | | | Pioneer Foods Group Ltd. | | | 283,494 | |
| | 29,558 | | | PSG Group Ltd. | | | 400,963 | |
| | 72,699 | | | Sappi Ltd. (a) | | | 321,612 | |
| | 15,975 | | | Shoprite Holdings Ltd. | | | 187,514 | |
| | 20,668 | | | Standard Bank Group Ltd. | | | 184,936 | |
| | 26,291 | | | Steinhoff International Holdings NV | | | 172,269 | |
| | 46,929 | | | Telkom SA SOC Ltd. | | | 182,739 | |
| | 14,064 | | | The SPAR Group Ltd. | | | 189,568 | |
| | 37,293 | | | Truworths International Ltd. | | | 247,725 | |
| | 19,177 | | | Vodacom Group Ltd. | | | 208,302 | |
| | 53,405 | | | Woolworths Holdings Ltd. | | | 323,946 | |
| | | | | | |
|
|
|
| | | | | | | | 8,660,621 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Taiwan - 12.29% | |
| | 40,671 | | | Advantech Co., Ltd. | | $ | 298,872 | |
| | 1,633,030 | | | AU Optronics Corp. | | | 489,159 | |
| | 17,632 | | | Catcher Technology Co., Ltd. | | | 144,508 | |
| | 1,085,261 | | | China Airlines Ltd. (a) | | | 387,453 | |
| | 500,415 | | | China Life Insurance Co., Ltd. | | | 385,162 | |
| | 116,546 | | | Chunghwa Telecom Co., Ltd. | | | 396,569 | |
| | 31,079 | | | Delta Electronics, Inc. | | | 137,005 | |
| | 38,623 | | | Eclat Textile Co., Ltd. | | | 508,877 | |
| | 427,228 | | | Eva Airways Corp. (a) | | | 238,830 | |
| | 926,381 | | | Evergreen Marine Corp. Ltd. | | | 343,827 | |
| | 71,617 | | | Far EasTone Telecommunications Co., Ltd. | | | 160,399 | |
| | 92,953 | | | Feng TAY Enterprise Co., Ltd. | | | 493,845 | |
| | 68,729 | | | Formosa Chemicals & Fibre Corp. | | | 171,230 | |
| | 83,756 | | | Formosa Petrochemical Corp. | | | 240,655 | |
| | 65,800 | | | Formosa Plastics Corp. | | | 163,157 | |
| | 65,800 | | | Foxconn Technology Co., Ltd. | | | 147,610 | |
| | 287,206 | | | Fubon Financial Holding Co., Ltd. | | | 365,813 | |
| | 21,769 | | | Giant Manufacturing Co., Ltd. | | | 125,812 | |
| | 484,103 | | | Hon Hai Precision Industry Co., Ltd. | | | 1,274,284 | |
| | 1,509,850 | | | Innolux Corp. | | | 527,201 | |
| | 4,189 | | | Largan Precision Co., Ltd. | | | 324,686 | |
| | 18,648 | | | MediaTek, Inc. | | | 143,046 | |
| | 80,091 | | | Nan Ya Plastics Corp. | | | 168,334 | |
| | 41,878 | | | Novatek Microelectronics Corp. | | | 168,577 | |
| | 13,000 | | | OBI Pharma, Inc. (a) | | | 160,167 | |
| | 107,426 | | | Pou Chen Corp. | | | 136,817 | |
| | 103,670 | | | Powertech Technology, Inc. | | | 234,947 | |
| | 72,902 | | | President Chain Store Corp. | | | 530,927 | |
| | 336,890 | | | Ruentex Development Co., Ltd. | | | 426,357 | |
| | 158,385 | | | Standard Foods Corp. | | | 392,826 | |
| | 48,927 | | | Taiwan Mobile Co. | | | 158,845 | |
| | 887,331 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 4,425,860 | |
| | 270,433 | | | Uni-President Enterprises Corp. | | | 474,897 | |
| | 861,839 | | | Wistron Corp. | | | 532,285 | |
| | | | | | |
|
|
|
| | | | | | | | 15,278,839 | |
| | | | | | |
|
|
|
| | | | | Thailand - 2.23% | |
| | 82,716 | | | Advanced Info Service PCL | | | 427,743 | |
| | 16,848 | | | Airports Of Thailand PCL | | | 192,344 | |
| | 270,672 | | | BEC World PCL | | | 216,960 | |
| | 46,613 | | | Bumrungrad Hospital PCL | | | 280,640 | |
| | 594,928 | | | Home Product Center PCL | | | 139,443 | |
| | 224,369 | | | Indorama Ventures PCL | | | 145,223 | |
| | 94,500 | | | PTT Exploration & Production PCL | | | 188,397 | |
| | 135,900 | | | PTT Global Chemical PCL | | | 233,673 | |
| | 54,500 | | | PTT PCL | | | 432,654 | |
| | 186,500 | | | Thai Oil PCL | | | 366,491 | |
| | 239,721 | | | Thai Union Group PCL | | | 142,394 | |
| | | | | | |
|
|
|
| | | | | | | | 2,765,962 | |
| | | | | | |
|
|
|
| | | | | Turkey - 1.74% | |
| | 28,939 | | | BIM Birlesik Magazalar AS | | | 627,481 | |
| | 172,912 | | | Petkim Petrokimya Holding AS | | | 244,905 | |
| | 16,747 | | | Tofas Turk Otomobil Fabrikasi AS | | | 135,846 | |
| | 6,604 | | | Tupras Turkiye Petroleum Rafinerileri AS - Series C | | | 186,006 | |
| | 106,305 | | | Turk Hava Yollari AO (a) | | | 294,102 | |
| | 96,824 | | | Turk Telekomunikasyon AS | | | 229,534 | |
| | 55,209 | | | Turkiye Halk Bankasi AS | | | 205,308 | |
| | 145,482 | | | Turkiye Is Bankasi - Series C | | | 240,786 | |
| | | | | | |
|
|
|
| | | | | | | | 2,163,968 | |
| | | | | | |
|
|
|
See notes to financial statements.
45
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | United Arab Emirates - 0.41% | |
| | 102,276 | | | Emirates Telecommunications Group Co. PJSC | | $ | 515,139 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $105,605,751) | | | 109,660,342 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 7.86% | | | | |
| | | | | China - 0.75% | | | | |
| | 27,291 | | | iShares MSCI Emerging Markets ETF | | | 934,717 | |
| | | | | | |
|
|
|
| | | | | India - 7.11% | | | | |
| | 325,853 | | | iShares MSCI India ETF | | | 8,837,133 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $10,359,916) | | | 9,771,850 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 3.08% | | | | |
| | | | | Brazil - 2.05% | | | | |
| | 53,969 | | | Banco Bradesco SA | | | 404,657 | |
| | 30,594 | | | Braskem SA - Series A | | | 197,740 | |
| | 182,009 | | | Centrais Eletricas Brasileiras SA | | | 530,996 | |
| | 19,359 | | | Cia Brasileira de Distribuicao Grupo Pao de Acucar | | | 268,931 | |
| | 310,971 | | | Gerdau SA | | | 568,209 | |
| | 66,944 | | | Itau Unibanco Holding SA | | | 579,207 | |
| | | | | | |
|
|
|
| | | | | | | | 2,549,740 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 1.03% | | | | |
| | 4,473 | | | Amorepacific Corp. | | | 863,355 | |
| | 430 | | | Samsung Electronics Co., Ltd. | | | 416,317 | |
| | | | | | |
|
|
|
| | | | | | | | 1,279,672 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $3,042,223) | | | 3,829,412 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.44% | |
| | | | | South Africa - 0.44% | | | | |
| | 20,351 | | | Hyprop Investments Ltd. | | | 161,705 | |
| | 42,117 | | | Resilient REIT Ltd. | | | 386,505 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $556,682) | | | 548,210 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | RIGHTS - 0.00% | | | | |
| | | | | Taiwan - 0.00% | | | | |
| | 12,629 | | | Fubon Financial Holding Co., Ltd. (c)(d) | | $ | 0 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.35% | | | | |
| | | | | Money Market Funds - 0.35% | | | | |
| | 433,909 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (e) | | | 433,909 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $433,909) | | | 433,909 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL - 0.76%
| |
| | | | | Money Market Funds - 0.76% | | | | |
| | 950,382 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (e) | | | 950,382 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as
Securities Lending Collateral
(Cost $950,382) | | | 950,382 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $120,948,863) - 100.71% | | | 125,194,105 | |
| | | | | Liabilities in Excess of
Other Assets - (0.71)% | | | (888,188 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 124,305,917 | |
| | | | | | |
|
|
|
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) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $187,445, which represents 0.15% of total net assets. |
| (d) | | As of March 31, 2016, the Fund has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets. |
| (e) | | Seven-day yield as of March 31, 2016. |
| (f) | | Company entered into an agreement to acquire the Advisor. See note 2c of the Notes to Financial Statements. |
See notes to financial statements.
46
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2016
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.24% | |
Airlines | | | 1.75% | |
Automobiles | | | 0.63% | |
Banks | | | 10.01% | |
Beverages | | | 1.56% | |
Capital Markets | | | 1.66% | |
Chemicals | | | 2.31% | |
Commercial Services & Supplies | | | 0.24% | |
Construction & Engineering | | | 0.46% | |
Construction Materials | | | 0.25% | |
Consumer Finance | | | 0.16% | |
Containers & Packaging | | | 0.19% | |
Distributors | | | 0.19% | |
Diversified Consumer Services | | | 0.98% | |
Diversified Financial Services | | | 0.88% | |
Diversified Telecommunication Services | | | 2.25% | |
Electric Utilities | | | 0.53% | |
Electronic Equipment, Instruments & Components | | | 2.70% | |
Food & Staples Retailing | | | 4.21% | |
Food Products | | | 3.54% | |
Health Care Equipment & Supplies | | | 0.14% | |
Health Care Providers & Services | | | 0.52% | |
Hotels, Restaurants & Leisure | | | 0.67% | |
Household Durables | | | 1.35% | |
Household Products | | | 0.56% | |
Industrial Conglomerates | | | 1.36% | |
Insurance | | | 3.17% | |
Internet & Catalog Retail | | | 0.56% | |
Internet Software & Services | | | 5.65% | |
IT Services | | | 0.10% | |
Leisure Products | | | 0.10% | |
Machinery | | | 0.25% | |
Marine | | | 0.28% | |
Media | | | 2.11% | |
Metals & Mining | | | 1.08% | |
Multiline Retail | | | 0.82% | |
Oil & Gas | | | 7.40% | |
Paper & Forest Products | | | 0.85% | |
Personal Products | | | 1.02% | |
Pharmaceuticals | | | 2.72% | |
Real Estate Management & Development | | | 4.16% | |
Semiconductor & Semiconductor Equipment | | | 7.33% | |
Software | | | 0.12% | |
Specialty Retail | | | 1.12% | |
| | | | |
| | | | | |
Technology Hardware, Storage & Peripherals | | | 1.00% | |
Textiles, Apparel & Luxury Goods | | | 1.75% | |
Thrifts & Mortgage Finance | | | 0.36% | |
Tobacco | | | 0.36% | |
Trading Companies & Distributors | | | 0.42% | |
Transportation Infrastructure | | | 0.81% | |
Water Utilities | | | 0.11% | |
Wireless Telecommunication Services | | | 5.23% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 88.22% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 7.86% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 7.86% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Banks | | | 0.79% | |
Chemicals | | | 0.16% | |
Electric Utilities | | | 0.43% | |
Food & Staples Retailing | | | 0.22% | |
Metals & Mining | | | 0.46% | |
Personal Products | | | 0.69% | |
Semiconductor & Semiconductor Equipment | | | 0.33% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 3.08% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.44% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.44% | |
| | |
|
|
|
RIGHTS | | | | |
Diversified Financial Services | | | 0.00% | |
| | |
|
|
|
TOTAL RIGHTS | | | 0.00% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.35% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.35% | |
| | |
|
|
|
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL | | | | |
Money Market Funds | | | 0.76% | |
| | |
|
|
|
Total Investments Purchased as Securities Lending Collateral | | | 0.76% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 100.71% | |
Liabilities in Excess of Other Assets | | | (0.71)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
47
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 89.21% | |
| | | | | Aerospace & Defense - 0.87% | |
| | 647 | | | AeroVironment, Inc. (a) | | $ | 18,323 | |
| | 706 | | | BE Aerospace, Inc. | | | 32,561 | |
| | 1,992 | | | BWX Technologies, Inc. | | | 66,852 | |
| | 500 | | | Cubic Corp. (b) | | | 19,980 | |
| | 621 | | | Curtiss-Wright Corp. | | | 46,991 | |
| | 1,748 | | | DigitalGlobe, Inc. (a)(b) | | | 30,240 | |
| | 1,749 | | | Ducommun, Inc. (a) | | | 26,672 | |
| | 400 | | | Esterline Technologies Corp. (a) | | | 25,628 | |
| | 836 | | | Huntington Ingalls Industries, Inc. | | | 114,482 | |
| | 927 | | | KLX, Inc. (a) | | | 29,794 | |
| | 500 | | | Moog, Inc. - Class A (a) | | | 22,840 | |
| | 1,195 | | | Orbital ATK, Inc. | | | 103,893 | |
| | 2,488 | | | Spirit AeroSystems Holdings, Inc. - Class A (a) | | | 112,856 | |
| | 2,300 | | | TASER International, Inc. (a)(b) | | | 45,149 | |
| | 300 | | | Teledyne Technologies, Inc. (a) | | | 26,442 | |
| | 800 | | | Triumph Group, Inc. | | | 25,184 | |
| | 1,000 | | | Vectrus, Inc. (a) | | | 22,750 | |
| | | | | | |
|
|
|
| | | | | | | | 770,637 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.19% | |
| | 3,000 | | | Air Transport Services Group, Inc. (a) | | | 46,140 | |
| | 874 | | | Atlas Air Worldwide Holdings, Inc. (a) | | | 36,944 | |
| | 1,100 | | | Echo Global Logistics, Inc. (a) | | | 29,876 | |
| | 600 | | | Hub Group, Inc. - Class A (a) | | | 24,474 | |
| | 8,458 | | | Radiant Logistics, Inc. (a) | | | 30,195 | |
| | | | | | |
|
|
|
| | | | | | | | 167,629 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.59% | |
| | 2,335 | | | Alaska Air Group, Inc. | | | 191,517 | |
| | 253 | | | Allegiant Travel Co. | | | 45,049 | |
| | 581 | | | Copa Holdings SA - Class A (b) | | | 39,363 | |
| | 1,770 | | | Hawaiian Holdings, Inc. (a) | | | 83,526 | |
| | 5,403 | | | JetBlue Airways Corp. (a)(b) | | | 114,111 | |
| | 1,200 | | | SkyWest, Inc. | | | 23,988 | |
| | 593 | | | Virgin America, Inc. (a) | | | 22,866 | |
| | | | | | |
|
|
|
| | | | | | | | 520,420 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 1.06% | |
| | 1,700 | | | American Axle & Manufacturing Holdings, Inc. (a) | | | 26,163 | |
| | 1,400 | | | Cooper Tire & Rubber Co. | | | 51,828 | |
| | 324 | | | Cooper-Standard Holding, Inc. (a) | | | 23,276 | |
| | 2,343 | | | Dana Holding Corp. | | | 33,013 | |
| | 900 | | | Dorman Products, Inc. (a)(b) | | | 48,978 | |
| | 918 | | | Drew Industries, Inc. | | | 59,174 | |
| | 1,166 | | | Fox Factory Holding Corp. (a) | | | 18,435 | |
| | 2,556 | | | Gentex Corp. (b) | | | 40,104 | |
| | 1,122 | | | Gentherm, Inc. (a) | | | 46,664 | |
| | 4,706 | | | Goodyear Tire & Rubber Co. (b) | | | 155,204 | |
| | 1,426 | | | Lear Corp. | | | 158,529 | |
| | 1,227 | | | Metaldyne Performance Group, Inc. | | | 20,626 | |
| | 1,802 | | | Modine Manufacturing Co. (a) | | | 19,840 | |
| | 480 | | | Motorcar Parts of America, Inc. (a) | | | 18,230 | |
| | 916 | | | Standard Motor Products, Inc. | | | 31,739 | |
| | 2,244 | | | Stoneridge, Inc. (a) | | | 32,673 | |
| | 830 | | | Superior Industries International, Inc. | | | 18,326 | |
| | 500 | | | Tenneco, Inc. (a)(b) | | | 25,755 | |
| | 343 | | | Visteon Corp. | | | 27,299 | |
| | 797 | | | WABCO Holdings, Inc. (a) | | | 85,215 | |
| | | | | | |
|
|
|
| | | | | | | | 941,071 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Automobiles - 0.10% | |
| | 1,017 | | | Thor Industries, Inc. | | $ | 64,854 | |
| | 1,006 | | | Winnebago Industries, Inc. | | | 22,585 | |
| | | | | | |
|
|
|
| | | | | | | | 87,439 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.94% | |
| | 726 | | | 1st Source Corp. | | | 23,116 | |
| | 1,500 | | | Access National Corp. | | | 29,745 | |
| | 737 | | | American National Bankshares, Inc. | | | 18,668 | |
| | 784 | | | Ameris Bancorp | | | 23,191 | |
| | 1,092 | | | Arrow Financial Corp. | | | 29,014 | |
| | 1,800 | | | Associated Banc-Corp. | | | 32,292 | |
| | 1,100 | | | Banco Latinoamericano de Comercio Exterior SA - Class E | | | 26,642 | |
| | 1,192 | | | Bank Hawaii Corp. | | | 81,390 | |
| | 1,956 | | | Bank of the Ozarks, Inc. (b) | | | 82,093 | |
| | 2,398 | | | BankUnited, Inc. | | | 82,587 | |
| | 600 | | | Bar Harbor Bankshares | | | 19,932 | |
| | 2,633 | | | BBCN Bancorp, Inc. | | | 39,995 | |
| | 831 | | | BOK Financial Corp. (b) | | | 45,389 | |
| | 625 | | | Bridge Bancorp, Inc. (b) | | | 19,044 | |
| | 443 | | | Camden National Corp. | | | 18,606 | |
| | 600 | | | Capital Bank Financial Corp. - Class A | | | 18,510 | |
| | 1,621 | | | Capital City Bank Group, Inc. | | | 23,650 | |
| | 1,618 | | | Cardinal Financial Corp. | | | 32,926 | |
| | 3,185 | | | Cascade Bancorp (a) | | | 18,186 | |
| | 1,810 | | | Cathay General Bancorp (b) | | | 51,277 | |
| | 1,300 | | | CenterState Banks, Inc. | | | 19,357 | |
| | 497 | | | Century Bancorp, Inc. - Class A | | | 19,338 | |
| | 866 | | | Chemical Financial Corp. (b) | | | 30,908 | |
| | 1,222 | | | Citizens & Northern Corp. | | | 24,293 | |
| | 801 | | | City Holding Co. | | | 38,272 | |
| | 1,400 | | | CNB Financial Corp. | | | 24,626 | |
| | 1,546 | | | CoBiz Financial, Inc. | | | 18,274 | |
| | 1,087 | | | Columbia Banking System, Inc. | | | 32,523 | |
| | 2,327 | | | Commerce Bancshares, Inc. | | | 104,599 | |
| | 632 | | | Community Bank Systems, Inc. | | | 24,149 | |
| | 800 | | | Community Trust Bancorp, Inc. | | | 28,256 | |
| | 1,332 | | | CommunityOne Bancorp (a) | | | 17,689 | |
| | 1,109 | | | ConnectOne Bancorp, Inc. | | | 18,132 | |
| | 1,066 | | | CU Bancorp (a) | | | 22,567 | |
| | 1,137 | | | Cullen Frost Bankers, Inc. (b) | | | 62,660 | |
| | 1,200 | | | Customers Bancorp, Inc. (a) | | | 28,356 | |
| | 1,668 | | | CVB Financial Corp. (b) | | | 29,107 | |
| | 867 | | | Eagle Bancorp, Inc. (a) | | | 41,616 | |
| | 3,809 | | | East West Bancorp, Inc. | | | 123,716 | |
| | 900 | | | Enterprise Financial Services Corp. | | | 24,336 | |
| | 4,131 | | | F.N.B. Corp. (b) | | | 53,744 | |
| | 800 | | | Farmers Capital Bank Corp. | | | 21,136 | |
| | 800 | | | FCB Financial Holdings, Inc. - Class A (a) | | | 26,608 | |
| | 2,000 | | | Fidelity Southern Corp. | | | 32,080 | |
| | 700 | | | Financial Institutions, Inc. | | | 20,349 | |
| | 1,382 | | | First Bancorp | | | 26,051 | |
| | 1,473 | | | First Bancorp, Inc. | | | 28,738 | |
| | 6,534 | | | First BanCorp. (a) | | | 19,079 | |
| | 1,236 | | | First Busey Corp. | | | 25,313 | |
| | 1,459 | | | First Business Financial Services, Inc. | | | 33,455 | |
| | 200 | | | First Citizens BancShares, Inc. - Class A | | | 50,214 | |
| | 3,300 | | | First Commonwealth Financial Corp. | | | 29,238 | |
| | 1,300 | | | First Community Bancshares, Inc. | | | 25,792 | |
| | 1,100 | | | First Financial Bancorp | | | 19,998 | |
See notes to financial statements.
48
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Banks (Continued) | |
| | 1,840 | | | First Financial Bankshares (b) | | $ | 54,427 | |
| | 532 | | | First Financial Corp. | | | 18,200 | |
| | 980 | | | First Interstate BancSystem, Inc. - Class A | | | 27,567 | |
| | 1,200 | | | First Merchants Corp. | | | 28,284 | |
| | 1,978 | | | First Midwest Bancorp, Inc. | | | 35,644 | |
| | 1,623 | | | First NBC Bank Holding Co. (a) | | | 33,418 | |
| | 5,623 | | | First Niagara Financial Group, Inc. | | | 54,431 | |
| | 2,830 | | | First Republic Bank | | | 188,591 | |
| | 3,868 | | | FirstMerit Corp. | | | 81,421 | |
| | 700 | | | Franklin Financial Network, Inc. (a) | | | 18,900 | |
| | 3,916 | | | Fulton Financial Corp. | | | 52,396 | |
| | 708 | | | German American Bancorp, Inc. | | | 22,798 | |
| | 1,316 | | | Glacier Bancorp, Inc. (b) | | | 33,453 | |
| | 800 | | | Great Southern Bancorp, Inc. | | | 29,704 | |
| | 10,188 | | | Hampton Roads Bankshares, Inc. (a) | | | 18,033 | |
| | 1,000 | | | Hancock Holding Co. (b) | | | 22,960 | |
| | 1,199 | | | Hanmi Financial Corp. (b) | | | 26,402 | |
| | 1,244 | | | Heartland Financial U.S.A., Inc. | | | 38,303 | |
| | 3,642 | | | Hilltop Holdings, Inc. (a) | | | 68,761 | |
| | 1,308 | | | Home Bancshares, Inc. | | | 53,563 | |
| | 978 | | | HomeTrust Bancshares, Inc. (a) | | | 17,927 | |
| | 921 | | | Horizon Bancorp | | | 22,767 | |
| | 16,600 | | | Huntington Bancshares, Inc. | | | 158,364 | |
| | 482 | | | IBERIABANK Corp. (b) | | | 24,712 | |
| | 1,540 | | | International Bancshares Corp. | | | 37,976 | |
| | 3,939 | | | Investors Bancorp, Inc. | | | 45,850 | |
| | 3,044 | | | Lakeland Bancorp, Inc. | | | 30,897 | |
| | 700 | | | Lakeland Financial Corp. | | | 32,046 | |
| | 1,332 | | | Live Oak Bancshares, Inc. | | | 19,980 | |
| | 1,100 | | | MainSource Financial Group, Inc. | | | 23,199 | |
| | 1,864 | | | Mercantile Bank Corp. | | | 41,791 | |
| | 609 | | | Merchants Bancshares | | | 18,112 | |
| | 880 | | | National Bank Holdings Corp. - Class A | | | 17,943 | |
| | 520 | | | National Bankshares, Inc. | | | 17,846 | |
| | 2,000 | | | National Penn Bancshares, Inc. | | | 21,280 | |
| | 1,135 | | | NBT Bancorp, Inc. (b) | | | 30,588 | |
| | 3,488 | | | OFG Bancorp | | | 24,381 | |
| | 2,905 | | | Old National Bancorp (b) | | | 35,412 | |
| | 4,100 | | | Old Second Bancorp, Inc. (a) | | | 29,397 | |
| | 1,223 | | | Pacific Continental Corp. | | | 19,727 | |
| | 1,247 | | | Pacific Premier Bancorp, Inc. (a) | | | 26,648 | |
| | 502 | | | Park National Corp. (b) | | | 45,180 | |
| | 3,098 | | | Popular, Inc. | | | 88,634 | |
| | 790 | | | Preferred Bank | | | 23,898 | |
| | 1,360 | | | PrivateBancorp, Inc. | | | 52,496 | |
| | 700 | | | Prosperity Bancshares, Inc. (b) | | | 32,473 | |
| | 1,076 | | | QCR Holdings, Inc. | | | 25,663 | |
| | 773 | | | Renasant Corp. | | | 25,439 | |
| | 756 | | | Republic Bancorp, Inc. - Class A | | | 19,527 | |
| | 1,421 | | | S&T Bancorp, Inc. | | | 36,605 | |
| | 952 | | | Sandy Spring Bancorp, Inc. | | | 26,494 | |
| | 1,200 | | | Seacoast Banking Corp. of Florida (a) | | | 18,948 | |
| | 1,210 | | | ServisFirst Bancshares, Inc. | | | 53,724 | |
| | 1,493 | | | Sierra Bancorp | | | 27,098 | |
| | 1,013 | | | Signature Bank (a) | | | 137,890 | |
| | 479 | | | Simmons First National Corp. - Class A | | | 21,589 | |
| | 1,428 | | | Southwest Bancorp, Inc. | | | 21,491 | |
| | 2,098 | | | Sterling Bancorp | | | 33,421 | |
| | 841 | | | Stock Yards Bancorp, Inc. | | | 32,404 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 1,068 | | | Stonegate Bank | | $ | 31,997 | |
| | 716 | | | Suffolk Bancorp | | | 18,072 | |
| | 1,023 | | | SVB Financial Group (a) | | | 104,397 | |
| | 2,289 | | | Synovus Financial Corp. | | | 66,175 | |
| | 1,400 | | | Talmer Bancorp, Inc. - Class A | | | 25,326 | |
| | 2,951 | | | TCF Financial Corp. | | | 36,179 | |
| | 811 | | | Texas Capital Bancshares, Inc. (a)(b) | | | 31,126 | |
| | 500 | | | Tompkins Financial Corp. | | | 32,000 | |
| | 1,300 | | | TowneBank | | | 24,947 | |
| | 930 | | | TriCo Bancshares | | | 23,548 | |
| | 2,101 | | | TriState Capital Holdings, Inc. (a) | | | 26,473 | |
| | 1,224 | | | Triumph Bancorp, Inc. (a) | | | 19,376 | |
| | 1,715 | | | Trustmark Corp. | | | 39,496 | |
| | 407 | | | UMB Financial Corp. | | | 21,013 | |
| | 4,169 | | | Umpqua Holdings Corp. | | | 66,120 | |
| | 1,661 | | | Union Bankshares Corp. | | | 40,910 | |
| | 700 | | | United Bankshares, Inc. (b) | | | 25,690 | |
| | 1,281 | | | United Community Banks, Inc. | | | 23,660 | |
| | 1,260 | | | Univest Corp. of Pennsylvania | | | 24,583 | |
| | 4,203 | | | Valley National Bancorp (b) | | | 40,097 | |
| | 600 | | | Washington Trust Bancorp | | | 22,392 | |
| | 610 | | | Wesbanco, Inc. (b) | | | 18,123 | |
| | 1,523 | | | West Bancorporation, Inc. | | | 27,764 | |
| | 608 | | | WestAmerica Bancorporation (b) | | | 29,616 | |
| | 1,981 | | | Western Alliance Bancorp (a)(b) | | | 66,126 | |
| | 2,800 | | | Wilshire Bancorp, Inc. | | | 28,840 | |
| | 993 | | | Wintrust Financial Corp. | | | 44,030 | |
| | 1,880 | | | Yadkin Financial Corp. | | | 44,500 | |
| | 3,458 | | | Zions Bancorporation (b) | | | 83,718 | |
| | | | | | |
|
|
|
| | | | | | | | 5,274,189 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.25% | |
| | 303 | | | Boston Beer Company, Inc. - Class A (a)(b) | | | 56,076 | |
| | 24,854 | | | Castle Brands, Inc. (a) | | | 23,365 | |
| | 351 | | | Coca-Cola Bottling Co. | | | 56,076 | |
| | 790 | | | MGP Ingredients, Inc. | | | 19,150 | |
| | 1,597 | | | National Beverage Corp. (a) | | | 67,585 | |
| | | | | | |
|
|
|
| | | | | | | | 222,252 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.76% | |
| | 15,574 | | | Aegerion Pharmaceuticals, Inc. (a)(b) | | | 57,624 | |
| | 1,002 | | | Alkermes Plc (a) | | | 34,258 | |
| | 2,460 | | | AMAG Pharmaceuticals, Inc. (a)(b) | | | 57,564 | |
| | 2,348 | | | Amicus Therapeutics, Inc. (a) | | | 19,841 | |
| | 490 | | | Anacor Pharmaceuticals, Inc. (a)(b) | | | 26,190 | |
| | 3,420 | | | Applied Genetic Technologies Corp. (a) | | | 47,812 | |
| | 10,384 | | | Array BioPharma, Inc. (a) | | | 30,633 | |
| | 1,422 | | | Emergent BioSolutions, Inc. (a) | | | 51,690 | |
| | 2,629 | | | Enanta Pharmaceuticals, Inc. (a)(b) | | | 77,214 | |
| | 742 | | | Five Prime Therapeutics, Inc. (a) | | | 30,147 | |
| | 2,011 | | | Genomic Health, Inc. (a) | | | 49,812 | |
| | 1,015 | | | Heron Therapeutics, Inc. (a)(b) | | | 19,275 | |
| | 3,734 | | | Insys Therapeutics, Inc. (a)(b) | | | 59,707 | |
| | 700 | | | Intrexon Corp. (a)(b) | | | 23,723 | |
| | 1,128 | | | La Jolla Pharmaceutical Co. (a) | | | 23,586 | |
| | 1,639 | | | Lexicon Pharmaceuticals, Inc. (a)(b) | | | 19,586 | |
| | 300 | | | Ligand Pharmaceuticals, Inc. - Class B (a)(b) | | | 32,127 | |
| | 900 | | | Loxo Oncology, Inc. (a) | | | 24,606 | |
| | 7,789 | | | MiMedx Group, Inc. (a)(b) | | | 68,076 | |
| | 2,829 | | | Myriad Genetics, Inc. (a)(b) | | | 105,889 | |
| | 42,585 | | | Navidea Biopharmaceuticals, Inc. (a)(b) | | | 40,221 | |
See notes to financial statements.
49
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Biotechnology (Continued) | |
| | 900 | | | Neurocrine Biosciences, Inc. (a)(b) | | $ | 35,595 | |
| | 1,865 | | | OPKO Health, Inc. (a)(b) | | | 19,377 | |
| | 30,238 | | | PDL BioPharma, Inc. | | | 100,693 | |
| | 4,831 | | | Pfenex, Inc. (a) | | | 47,489 | |
| | 684 | | | Prothena Corp. PLC (a)(b) | | | 28,153 | |
| | 606 | | | Radius Health, Inc. (a)(b) | | | 19,053 | |
| | 671 | | | Repligen Corp. (a) | | | 17,996 | |
| | 1,551 | | | Seattle Genetics, Inc. (a)(b) | | | 54,425 | |
| | 10,200 | | | Spectrum Pharmaceuticals, Inc. (a) | | | 64,872 | |
| | 500 | | | TESARO, Inc. (a)(b) | | | 22,015 | |
| | 59,285 | | | Threshold Pharmaceutical, Inc. (a) | | | 27,271 | |
| | 506 | | | Ultragenyx Pharmaceutical, Inc. (a) | | | 32,035 | |
| | 1,271 | | | United Therapeutics Corp. (a) | | | 141,628 | |
| | 2,238 | | | Vanda Pharmaceuticals, Inc. (a) | | | 18,710 | |
| | 1,943 | | | Vital Therapies, Inc. (a)(b) | | | 17,623 | |
| | 23,714 | | | Xoma Corp. (a) | | | 18,331 | |
| | | | | | |
|
|
|
| | | | | | | | 1,564,847 | |
| | | | | | |
|
|
|
| | | | | Building Products - 1.20% | |
| | 1,598 | | | A. O. Smith Corp. | | | 121,944 | |
| | 1,600 | | | AAON, Inc. | | | 44,800 | |
| | 1,844 | | | Allegion Plc | | | 117,481 | |
| | 626 | | | American Woodmark Corp. (a) | | | 46,693 | |
| | 900 | | | Apogee Enterprises, Inc. | | | 39,501 | |
| | 2,698 | | | Builders FirstSource, Inc. (a)(b) | | | 30,407 | |
| | 1,143 | | | Continental Building Products, Inc. (a) | | | 21,214 | |
| | 2,059 | | | Fortune Brands Home & Security, Inc. (b) | | | 115,387 | |
| | 900 | | | Insteel Industries, Inc. | | | 27,513 | |
| | 869 | | | Lennox International, Inc. | | | 117,480 | |
| | 400 | | | Masonite International Corp. (a)(b) | | | 26,200 | |
| | 2,376 | | | NCI Building Systems, Inc. (a) | | | 33,739 | |
| | 2,214 | | | Owens Corning, Inc. | | | 104,678 | |
| | 900 | | | Patrick Industries, Inc. (a)(b) | | | 40,851 | |
| | 900 | | | Simpson Manufacturing Co, Inc. | | | 34,353 | |
| | 1,554 | | | Trex Co., Inc. (a) | | | 74,483 | |
| | 626 | | | Universal Forest Products, Inc. | | | 53,723 | |
| | 789 | | | USG Corp. (a)(b) | | | 19,575 | |
| | | | | | |
|
|
|
| | | | | | | | 1,070,022 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.83% | |
| | 1,870 | | | Artisan Partners Asset Management, Inc. - Class A | | | 57,671 | |
| | 5,780 | | | BGC Partners, Inc. - Class A | | | 52,309 | |
| | 1,400 | | | Cohen & Steers, Inc. (b) | | | 54,488 | |
| | 15,799 | | | Cowen Group, Inc. - Class A (a)(b) | | | 60,194 | |
| | 300 | | | Diamond Hill Investment Group, Inc. | | | 53,208 | |
| | 3,700 | | | E*TRADE Financial Corp. (a)(b) | | | 90,613 | |
| | 2,823 | | | Eaton Vance Corp. (b) | | | 94,627 | |
| | 618 | | | Evercore Partners, Inc. - Class A | | | 31,982 | |
| | 2,100 | | | Federated Investors, Inc. - Class B | | | 60,585 | |
| | 15,406 | | | Fifth Street Asset Management, Inc. (b) | | | 47,142 | |
| | 1,900 | | | HFF, Inc. - Class A | | | 52,307 | |
| | 2,219 | | | INTL FCStone, Inc. (a) | | | 59,314 | |
| | 2,293 | | | Investment Technology Group | | | 50,675 | |
| | 2,100 | | | Janus Capital Group, Inc. | | | 30,723 | |
| | 4,685 | | | KCG Holdings, Inc. - Class A (a) | | | 55,986 | |
| | 3,275 | | | Lazard Ltd. - Class A - ADR | | | 127,070 | |
| | 1,052 | | | Legg Mason, Inc. | | | 36,483 | |
| | 3,268 | | | LPL Financial Holdings, Inc. (b) | | | 81,047 | |
| | 1,400 | | | Moelis & Co. - Class A | | | 39,522 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Capital Markets (Continued) | |
| | 2,700 | | | NorthStar Asset Management Group, Inc. | | $ | 30,645 | |
| | 1,600 | | | OM Asset Management Plc | | | 21,360 | |
| | 1,288 | | | Oppenheimer Holdings, Inc. - Class A | | | 20,325 | |
| | 600 | | | Piper Jaffray Cos. (a)(b) | | | 29,736 | |
| | 6,660 | | | Pzena Investment Management, Inc. - Class A | | | 50,283 | |
| | 3,365 | | | SEI Investments Co. | | | 144,863 | |
| | 840 | | | Stifel Financial Corp. (a) | | | 24,864 | |
| | 3,337 | | | Waddell & Reed Financial, Inc. - Class A | | | 78,553 | |
| | 600 | | | Westwood Holdings Group, Inc. | | | 35,190 | |
| | 4,840 | | | WisdomTree Investments, Inc. (b) | | | 55,321 | |
| | | | | | |
|
|
|
| | | | | | | | 1,627,086 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.53% | |
| | 738 | | | A. Schulman, Inc. | | | 20,088 | |
| | 985 | | | Albemarle Corp. (b) | | | 62,971 | |
| | 2,491 | | | American Vanguard Corp. | | | 39,308 | |
| | 230 | | | Ashland, Inc. | | | 25,291 | |
| | 1,663 | | | Axiall Corp. | | | 36,320 | |
| | 300 | | | Balchem Corp. | | | 18,606 | |
| | 1,000 | | | Cabot Corp. | | | 48,330 | |
| | 461 | | | Chase Corp. | | | 24,244 | |
| | 1,127 | | | Chemtura Corp. (a)(b) | | | 29,753 | |
| | 2,589 | | | Core Molding Technologies, Inc. (a) | | | 32,311 | |
| | 2,000 | | | FutureFuel Corp. | | | 23,580 | |
| | 936 | | | GCP Applied Technologies, Inc. (a) | | | 18,664 | |
| | 600 | | | H.B. Fuller Co. | | | 25,470 | |
| | 702 | | | Innophos Holdings, Inc. | | | 21,699 | |
| | 974 | | | Innospec, Inc. | | | 42,233 | |
| | 1,319 | | | International Flavors & Fragrances, Inc. | | | 150,063 | |
| | 1,468 | | | KMG Chemicals, Inc. | | | 33,867 | |
| | 1,206 | | | Koppers Holdings, Inc. (a) | | | 27,099 | |
| | 812 | | | Minerals Technologies, Inc. (b) | | | 46,162 | |
| | 181 | | | NewMarket Corp. | | | 71,723 | |
| | 1,095 | | | Olin Corp. (b) | | | 19,020 | |
| | 3,500 | | | OMNOVA Solutions, Inc. (a) | | | 19,460 | |
| | 3,223 | | | Platform Specialty Products Corp. (a)(b) | | | 27,718 | |
| | 620 | | | PolyOne Corp. (b) | | | 18,755 | |
| | 300 | | | Quaker Chemical Corp. | | | 25,458 | |
| | 2,300 | | | Rayonier Advanced Materials, Inc. | | | 21,850 | |
| | 2,016 | | | RPM International, Inc. | | | 95,417 | |
| | 460 | | | Sensient Technologies Corp. | | | 29,191 | |
| | 400 | | | Stepan Co. | | | 22,116 | |
| | 767 | | | The Scotts Miracle-Gro Co. - Class A | | | 55,814 | |
| | 1,560 | | | Trinseo SA (a)(b) | | | 57,424 | |
| | 1,175 | | | Valspar Corp. | | | 125,748 | |
| | 644 | | | W.R. Grace & Co. (a) | | | 45,840 | |
| | | | | | |
|
|
|
| | | | | | | | 1,361,593 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 2.30% | |
| | 1,528 | | | ABM Industries, Inc. | | | 49,370 | |
| | 3,300 | | | ACCO Brands Corp. (a) | | | 29,634 | |
| | 6,700 | | | ARC Document Solutions, Inc. (a) | | | 30,150 | |
| | 2,243 | | | Avery Dennison Corp. | | | 161,743 | |
| | 920 | | | Barrett Business Services, Inc. | | | 26,450 | |
| | 761 | | | Brinks Co. | | | 25,562 | |
| | 4,351 | | | Casella Waste Systems, Inc. - Class A (a) | | | 29,152 | |
| | 1,800 | | | Cintas Corp. | | | 161,658 | |
| | 22,878 | | | Civeo Corp. (a) | | | 28,140 | |
| | 713 | | | Clean Harbors, Inc. (a) | | | 35,179 | |
| | 1,900 | | | Comfort Systems U.S.A., Inc. | | | 60,363 | |
| | 900 | | | Copart, Inc. (a) | | | 36,693 | |
See notes to financial statements.
50
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Commercial Services & Supplies (Continued) | |
| | 1,363 | | | Deluxe Corp. | | $ | 85,174 | |
| | 2,799 | | | Ennis, Inc. | | | 54,720 | |
| | 1,193 | | | Essendant, Inc. | | | 38,092 | |
| | 255 | | | G & K Services, Inc. - Class A (b) | | | 18,679 | |
| | 1,762 | | | Healthcare Services Group, Inc. | | | 64,859 | |
| | 1,600 | | | HNI Corp. (b) | | | 62,672 | |
| | 2,467 | | | InnerWorkings, Inc. (a) | | | 19,613 | |
| | 3,464 | | | Interface, Inc. | | | 64,223 | |
| | 1,400 | | | KAR Auction Services, Inc. (b) | | | 53,396 | |
| | 4,861 | | | Kimball International, Inc. - Class B | | | 55,172 | |
| | 1,552 | | | Knoll, Inc. | | | 33,601 | |
| | 2,353 | | | Miller Herman, Inc. (b) | | | 72,684 | |
| | 421 | | | MSA Safety, Inc. | | | 20,355 | |
| | 2,857 | | | Pitney Bowes, Inc. | | | 61,540 | |
| | 2,864 | | | Quad/Graphics, Inc. | | | 37,060 | |
| | 2,741 | | | R.R. Donnelley & Sons Co. | | | 44,952 | |
| | 3,631 | | | Rollins, Inc. | | | 98,473 | |
| | 800 | | | SP Plus Corp. (a) | | | 19,248 | |
| | 4,494 | | | Steelcase, Inc. - Class A | | | 67,050 | |
| | 3,100 | | | Sykes Enterprises, Inc. (a) | | | 93,558 | |
| | 1,000 | | | Team, Inc. (a) | | | 30,380 | |
| | 1,219 | | | Tetra Tech, Inc. | | | 36,351 | |
| | 2,481 | | | The ADT Corp. (b) | | | 102,366 | |
| | 2,543 | | | TRC Cos., Inc. (a) | | | 18,437 | |
| | 1,227 | | | Waste Connections, Inc. (b) | | | 79,252 | |
| | 1,456 | | | West Corp. | | | 33,226 | |
| | | | | | |
|
|
|
| | | | | | | | 2,039,227 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.43% | |
| | 1,255 | | | ADTRAN, Inc. | | | 25,376 | |
| | 1,306 | | | Alliance Fiber Optic Products, Inc. (a) | | | 19,316 | |
| | 1,255 | | | Applied Optoelectronics, Inc. (a) | | | 18,712 | |
| | 890 | | | Arista Networks, Inc. (a)(b) | | | 56,159 | |
| | 2,694 | | | ARRIS International Plc (a) | | | 61,747 | |
| | 1,584 | | | Bel Fuse, Inc. - Class B | | | 23,126 | |
| | 6,941 | | | Black Box Corp. | | | 93,495 | |
| | 8,741 | | | Brocade Communications Systems, Inc. | | | 92,480 | |
| | 4,925 | | | Calix, Inc. (a) | | | 34,918 | |
| | 3,967 | | | Ciena Corp. (a)(b) | | | 75,452 | |
| | 2,568 | | | Clearfield, Inc. (a)(b) | | | 41,268 | |
| | 879 | | | CommScope Holding Co., Inc. (a)(b) | | | 24,542 | |
| | 905 | | | Comtech Telecommunications Corp. | | | 21,150 | |
| | 2,049 | | | Digi International, Inc. (a) | | | 19,322 | |
| | 14,000 | | | Extreme Networks, Inc. (a) | | | 43,540 | |
| | 1,347 | | | Finisar Corp. (a) | | | 24,569 | |
| | 12,689 | | | Harmonic, Inc. (a) | | | 41,493 | |
| | 2,256 | | | Infinera Corp. (a)(b) | | | 36,231 | |
| | 4,240 | | | Ixia (a) | | | 52,830 | |
| | 2,131 | | | KVH Industries, Inc. (a) | | | 20,351 | |
| | 868 | | | Lumentum Holdings, Inc. (a) | | | 23,410 | |
| | 1,300 | | | NETGEAR, Inc. (a) | | | 52,481 | |
| | 861 | | | NetScout Systems, Inc. (a) | | | 19,777 | |
| | 6,300 | | | Oclaro, Inc. (a)(b) | | | 34,020 | |
| | 1,000 | | | Plantronics, Inc. | | | 39,190 | |
| | 4,500 | | | Polycom, Inc. (a) | | | 50,175 | |
| | 4,874 | | | Ruckus Wireless, Inc. (a) | | | 47,814 | |
| | 6,727 | | | ShoreTel, Inc. (a) | | | 50,049 | |
| | 5,100 | | | Sonus Networks, Inc. (a) | | | 38,403 | |
| | 813 | | | Ubiquiti Networks, Inc. (a)(b) | | | 27,049 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Communications Equipment (Continued) | |
| | 426 | | | ViaSat, Inc. (a)(b) | | $ | 31,303 | |
| | 4,465 | | | Viavi Solutions, Inc. (a) | | | 30,630 | |
| | | | | | |
|
|
|
| | | | | | | | 1,270,378 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.73% | |
| | 3,312 | | | AECOM (a) | | | 101,976 | |
| | 2,006 | | | Aegion Corp. (a) | | | 42,307 | |
| | 582 | | | Argan, Inc. | | | 20,463 | |
| | 496 | | | Chicago Bridge & Iron Co. NV (b) | | | 18,149 | |
| | 1,586 | | | EMCOR Group, Inc. | | | 77,080 | |
| | 718 | | | Granite Construction, Inc. | | | 34,320 | |
| | 2,295 | | | Jacobs Engineering Group, Inc. (a) | | | 99,947 | |
| | 1,800 | | | MasTec, Inc. (a)(b) | | | 36,432 | |
| | 2,665 | | | Northwest Pipe Co. (a) | | | 24,571 | |
| | 2,183 | | | Nv5 Global, Inc. (a)(b) | | | 58,570 | |
| | 854 | | | Primoris Services Corp. (b) | | | 20,752 | |
| | 3,685 | | | Quanta Services, Inc. (a) | | | 83,134 | |
| | 1,845 | | | Tutor Perini Corp. (a)(b) | | | 28,671 | |
| | | | | | |
|
|
|
| | | | | | | | 646,372 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.20% | |
| | 1,300 | | | Headwaters, Inc. (a)(b) | | | 25,792 | |
| | 703 | | | Martin Marietta Materials, Inc. | | | 112,135 | |
| | 700 | | | US Concrete, Inc. (a) | | | 41,706 | |
| | | | | | |
|
|
|
| | | | | | | | 179,633 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.54% | |
| | 600 | | | Cash America International, Inc. | | | 23,184 | |
| | 394 | | | Credit Acceptance Corp. (a)(b) | | | 71,531 | |
| | 11,561 | | | Enova International, Inc. (a) | | | 72,950 | |
| | 1,116 | | | First Cash Financial Services, Inc. | | | 51,403 | |
| | 882 | | | Green Dot Corp. - Class A (a)(b) | | | 20,259 | |
| | 1,688 | | | Nelnet, Inc. - Class A | | | 66,457 | |
| | 2,119 | | | PRA Group, Inc. (a)(b) | | | 62,277 | |
| | 1,500 | | | Regional Management Corp. (a) | | | 25,665 | |
| | 14,100 | | | SLM Corp. (a) | | | 89,676 | |
| | | | | | |
|
|
|
| | | | | | | | 483,402 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 1.13% | |
| | 702 | | | AEP Industries, Inc. (a) | | | 46,332 | |
| | 624 | | | AptarGroup, Inc. | | | 48,928 | |
| | 1,682 | | | Ball Corp. (b) | | | 119,910 | |
| | 1,174 | | | Bemis Company, Inc. | | | 60,790 | |
| | 1,900 | | | Berry Plastics Group, Inc. (a)(b) | | | 68,685 | |
| | 2,444 | | | Crown Holdings, Inc. (a) | | | 121,198 | |
| | 3,450 | | | Graphic Packaging Holding Co. | | | 44,332 | |
| | 1,486 | | | Myers Industries, Inc. | | | 19,110 | |
| | 2,144 | | | Owens-Illinois, Inc. (a) | | | 34,218 | |
| | 600 | | | Packaging Corp. of America (b) | | | 36,240 | |
| | 4,100 | | | Sealed Air Corp. | | | 196,841 | |
| | 600 | | | Silgan Holdings, Inc. (b) | | | 31,902 | |
| | 1,483 | | | Sonoco Products Co. | | | 72,029 | |
| | 2,600 | | | WestRock Co. | | | 101,478 | |
| | | | | | |
|
|
|
| | | | | | | | 1,001,993 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.41% | |
| | 800 | | | Core-Mark Holding Co., Inc. | | | 65,248 | |
| | 6,245 | | | Fenix Parts, Inc. (a) | | | 28,727 | |
| | 7,998 | | | LKQ Corp. (a) | | | 255,376 | |
| | 3,984 | | | VOXX International Corp. (a) | | | 17,809 | |
| | | | | | |
|
|
|
| | | | | | | | 367,160 | |
| | | | | | |
|
|
|
See notes to financial statements.
51
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Diversified Consumer Services - 1.42% | |
| | 2,100 | | | 2U, Inc. (a)(b) | | $ | 47,460 | |
| | 4,283 | | | American Public Education, Inc. (a) | | | 88,358 | |
| | 8,508 | | | Apollo Group, Inc. (a) | | | 69,893 | |
| | 8,128 | | | Bridgepoint Education, Inc. (a)(b) | | | 81,930 | |
| | 500 | | | Bright Horizons Family Solutions, Inc. (a)(b) | | | 32,390 | |
| | 4,796 | | | Cambium Learning Group, Inc. (a) | | | 20,479 | |
| | 1,498 | | | Capella Education Co. (b) | | | 78,855 | |
| | 11,200 | | | Career Education Corp. (a) | | | 50,848 | |
| | 1,000 | | | Carriage Services, Inc. | | | 21,610 | |
| | 5,802 | | | Chegg, Inc. (a) | | | 25,877 | |
| | 3,391 | | | Collectors Universe, Inc. | | | 56,291 | |
| | 3,025 | | | DeVry, Inc. | | | 52,242 | |
| | 1,100 | | | Grand Canyon Ed, Inc. (a)(b) | | | 47,014 | |
| | 613 | | | Hillenbrand, Inc. | | | 18,359 | |
| | 3,590 | | | Houghton Mifflin Harcourt Co. (a) | | | 71,585 | |
| | 4,600 | | | K12, Inc. (a)(b) | | | 45,494 | |
| | 6,053 | | | LifeLock, Inc. (a)(b) | | | 73,060 | |
| | 774 | | | Matthews International Corp. - Class A | | | 39,838 | |
| | 2,300 | | | Regis Corp. (a) | | | 34,937 | |
| | 3,317 | | | Service Corp. International | | | 81,864 | |
| | 1,502 | | | ServiceMaster Global Holdings, Inc. (a) | | | 56,595 | |
| | 1,088 | | | Sotheby’s (b) | | | 29,082 | |
| | 1,239 | | | Strayer Education, Inc. (a) | | | 60,401 | |
| | 9,819 | | | Universal Technical Institute, Inc. | | | 42,320 | |
| | 2,310 | | | Weight Watchers International, Inc. (a)(b) | | | 33,564 | |
| | | | | | |
|
|
|
| | | | | | | | 1,260,346 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.77% | |
| | 1,932 | | | CBOE Holdings, Inc. (b) | | | 126,217 | |
| | 1,400 | | | Encore Capital Group, Inc. (a)(b) | | | 36,036 | |
| | 3,000 | | | FNFV Group (a)(b) | | | 32,550 | |
| | 1,012 | | | MarketAxess Holdings, Inc. | | | 126,328 | |
| | 2,250 | | | MSCI, Inc. | | | 166,680 | |
| | 1,449 | | | NASDAQ OMX Group, Inc. | | | 96,185 | |
| | 2,320 | | | NewStar Financial, Inc. (a) | | | 20,300 | |
| | 2,100 | | | World Acceptance Corp. (a)(b) | | | 79,632 | |
| | | | | | |
|
|
|
| | | | | | | | 683,928 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.56% | |
| | 4,226 | | | 8x8, Inc. (a) | | | 42,513 | |
| | 400 | | | Atlantic Tele-Network, Inc. | | | 30,332 | |
| | 5,616 | | | Cincinnati Bell, Inc. (a) | | | 21,734 | |
| | 486 | | | Cogent Communications Group, Inc. | | | 18,969 | |
| | 736 | | | Consolidated Communications Holdings, Inc. | | | 18,959 | |
| | 10,132 | | | Frontier Communications Corp. (b) | | | 56,638 | |
| | 2,400 | | | General Communication, Inc. - Class A (a) | | | 43,968 | |
| | 2,500 | | | IDT Corp. - Class B | | | 38,975 | |
| | 3,245 | | | inContact, Inc. (a) | | | 28,848 | |
| | 1,900 | | | Inteliquent, Inc. | | | 30,495 | |
| | 8,908 | | | Intelsat SA (a)(b) | | | 22,448 | |
| | 2,321 | | | ORBCOMM, Inc. (a)(b) | | | 23,512 | |
| | 657 | | | Straight Path Communications, Inc. - Class B (a)(b) | | | 20,387 | |
| | 16,585 | | | Vonage Holdings Corp. (a) | | | 75,793 | |
| | 1,053 | | | Zayo Group Holdings, Inc. (a) | | | 25,525 | |
| | | | | | |
|
|
|
| | | | | | | | 499,096 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.89% | |
| | 663 | | | Allete, Inc. | | | 37,174 | |
| | 1,156 | | | Cleco Corp. | | | 63,823 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electric Utilities (Continued) | |
| | 642 | | | El Paso Electric Co. | | $ | 29,455 | |
| | 534 | | | Empire District Electric Co. | | | 17,649 | |
| | 2,791 | | | Great Plains Energy, Inc. (b) | | | 90,010 | |
| | 891 | | | Hawaiian Electric Industries, Inc. | | | 28,868 | |
| | 700 | | | IDACORP, Inc. (b) | | | 52,213 | |
| | 1,268 | | | ITC Holdings Corp. | | | 55,247 | |
| | 538 | | | MGE Energy, Inc. | | | 28,111 | |
| | 3,939 | | | OGE Energy Corp. | | | 112,774 | |
| | 1,221 | | | Pinnacle West Capital Corp. | | | 91,661 | |
| | 827 | | | PNM Resources, Inc. (b) | | | 27,886 | |
| | 962 | | | Portland General Electric Co. (b) | | | 37,989 | |
| | 600 | | | Unitil Corp. | | | 25,494 | |
| | 1,804 | | | Westar Energy, Inc. | | | 89,496 | |
| | | | | | |
|
|
|
| | | | | | | | 787,850 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.97% | |
| | 883 | | | Acuity Brands, Inc. (b) | | | 192,618 | |
| | 1,900 | | | Allied Motion Technologies, Inc. | | | 34,200 | |
| | 771 | | | AZZ, Inc. | | | 43,638 | |
| | 907 | | | Babcock & Wilcox Enterprises, Inc. (a) | | | 19,410 | |
| | 602 | | | Belden, Inc. | | | 36,951 | |
| | 2,101 | | | Brady Corp. - Class A | | | 56,391 | |
| | 742 | | | Encore Wire Corp. | | | 28,886 | |
| | 722 | | | EnerSys | | | 40,230 | |
| | 17,493 | | | Enphase Energy, Inc. (a)(b) | | | 40,759 | |
| | 680 | | | Franklin Electric Co., Inc. | | | 21,876 | |
| | 630 | | | Generac Holdings, Inc. (a)(b) | | | 23,461 | |
| | 2,100 | | | General Cable Corp. (b) | | | 25,641 | |
| | 578 | | | Hubbell, Inc. | | | 61,227 | |
| | 1,216 | | | II-VI, Inc. (a) | | | 26,399 | |
| | 4,576 | | | LSI Industries, Inc. | | | 53,768 | |
| | 634 | | | Powell Industries, Inc. | | | 18,899 | |
| | 600 | | | Regal Beloit Corp. | | | 37,854 | |
| | 1,105 | | | Thermon Group Holdings, Inc. (a) | | | 19,404 | |
| | 3,600 | | | Vicor Corp. (a) | | | 37,728 | |
| | 750 | | | Woodward Governor Co. (b) | | | 39,015 | |
| | | | | | |
|
|
|
| | | | | | | | 858,355 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 2.40% | |
| | 500 | | | Anixter International, Inc. (a) | | | 26,055 | |
| | 1,676 | | | Arrow Electronics, Inc. (a) | | | 107,951 | |
| | 2,599 | | | Avnet, Inc. | | | 115,136 | |
| | 1,445 | | | Benchmark Electronics, Inc. (a) | | | 33,307 | |
| | 2,200 | | | CDW Corp. | | | 91,300 | |
| | 2,920 | | | Checkpoint Systems, Inc. (a) | | | 29,550 | |
| | 1,963 | | | Cognex Corp. | | | 76,459 | |
| | 377 | | | Coherent, Inc. (a)(b) | | | 34,646 | |
| | 5,417 | | | Control4 Corp. (a)(b) | | | 43,119 | |
| | 1,725 | | | CTS Corp. | | | 27,151 | |
| | 2,267 | | | Daktronics, Inc. | | | 17,909 | |
| | 869 | | | Dolby Laboratories, Inc. - Class A | | | 37,767 | |
| | 2,215 | | | Electro Rent Corp. | | | 20,511 | |
| | 800 | | | Fabrinet (a) | | | 25,880 | |
| | 968 | | | FARO Technologies, Inc. (a) | | | 31,179 | |
| | 445 | | | FEI Co. (b) | | | 39,609 | |
| | 2,178 | | | Fitbit, Inc. - Class A (a)(b) | | | 32,997 | |
| | 531 | | | FLIR Systems, Inc. | | | 17,496 | |
| | 2,000 | | | GSI Group, Inc. (a) | | | 28,320 | |
| | 3,285 | | | Ingram Micro, Inc. - Class A | | | 117,964 | |
| | 2,648 | | | Insight Enterprises, Inc. (a)(b) | | | 75,839 | |
| | 408 | | | IPG Photonics Corp. (a)(b) | | | 39,201 | |
See notes to financial statements.
52
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electronic Equipment, Instruments & Components (Continued) | |
| | 429 | | | Itron, Inc. (a) | | $ | 17,898 | |
| | 2,777 | | | Jabil Circuit, Inc. | | | 53,513 | |
| | 3,258 | | | Keysight Technologies, Inc. (a) | | | 90,377 | |
| | 220 | | | Littelfuse, Inc. | | | 27,084 | |
| | 1,100 | | | Mercury Computer Systems (a) | | | 22,330 | |
| | 1,373 | | | Methode Electronics, Inc. | | | 40,147 | |
| | 660 | | | MTS Systems Corp. | | | 40,161 | |
| | 1,400 | | | Multi-Fineline Electronix, Inc. (a) | | | 32,494 | |
| | 2,699 | | | National Instruments Corp. | | | 81,267 | |
| | 2,500 | | | Newport Corp. (a) | | | 57,500 | |
| | 600 | | | OSI Systems, Inc. (a) | | | 39,294 | |
| | 1,500 | | | PC Connection, Inc. | | | 38,715 | |
| | 899 | | | Plexus Corp. (a) | | | 35,528 | |
| | 954 | | | Rofin-Sinar Technologies, Inc. (a) | | | 30,738 | |
| | 375 | | | Rogers Corp. (a) | | | 22,451 | |
| | 1,400 | | | Sanmina Corporation (a) | | | 32,732 | |
| | 644 | | | ScanSource, Inc. (a) | | | 26,005 | |
| | 813 | | | SYNNEX Corp. | | | 75,276 | |
| | 1,030 | | | Tech Data Corp. (a) | | | 79,073 | |
| | 3,232 | | | Trimble Navigation Ltd. (a) | | | 80,154 | |
| | 3,500 | | | TTM Technologies, Inc. (a) | | | 23,275 | |
| | 675 | | | Universal Display Corp. (a)(b) | | | 36,518 | |
| | 2,600 | | | Vishay Intertechnology, Inc. (b) | | | 31,746 | |
| | 1,577 | | | Vishay Precision Group, Inc. (a) | | | 22,094 | |
| | 364 | | | Zebra Technologies Corp. - Class A (a)(b) | | | 25,116 | |
| | | | | | |
|
|
|
| | | | | | | | 2,130,832 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.76% | |
| | 12,769 | | | Basic Energy Services, Inc. (a)(b) | | | 35,242 | |
| | 400 | | | Dril-Quip, Inc. (a) | | | 24,224 | |
| | 1,190 | | | Exterran Corp. (a) | | | 18,397 | |
| | 7,932 | | | Fairmount Santrol Holdings, Inc. (a)(b) | | | 19,909 | |
| | 2,300 | | | Forum Energy Technologies, Inc. (a) | | | 30,360 | |
| | 5,974 | | | Gulfmark Offshore, Inc. - Class A (a) | | | 36,859 | |
| | 2,645 | | | Nabors Industries Ltd. (b) | | | 24,334 | |
| | 913 | | | Natural Gas Services Group, Inc. (a) | | | 19,748 | |
| | 5,300 | | | Newpark Resources, Inc. (a) | | | 22,896 | |
| | 4,281 | | | Noble Corp. Plc (b) | | | 44,308 | |
| | 10,940 | | | North Atlantic Drilling Ltd. (a)(b) | | | 29,976 | |
| | 1,161 | | | Oceaneering International, Inc. | | | 38,592 | |
| | 1,300 | | | Oil States International, Inc. (a) | | | 40,976 | |
| | 16,830 | | | Parker Drilling Co. (a) | | | 35,680 | |
| | 2,409 | | | Patterson-UTI Energy, Inc. (b) | | | 42,447 | |
| | 1,300 | | | PHI, Inc. (a) | | | 24,557 | |
| | 10,615 | | | Pioneer Energy Services Corp. (a) | | | 23,353 | |
| | 2,410 | | | RigNet, Inc. (a) | | | 32,969 | |
| | 1,507 | | | Rowan Cos. Plc - Class A (b) | | | 24,263 | |
| | 2,044 | | | RPC, Inc. (b) | | | 28,984 | |
| | 10,799 | | | Seadrill Ltd. (a)(b) | | | 35,637 | |
| | 2,900 | | | Superior Energy Services, Inc. (b) | | | 38,831 | |
| | | | | | |
|
|
|
| | | | | | | | 672,542 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.25% | |
| | 989 | | | Casey’s General Stores, Inc. (b) | | | 112,073 | |
| | 700 | | | Diplomat Pharmacy, Inc. (a) | | | 19,180 | |
| | 1,387 | | | Ingles Markets, Inc. - Class A | | | 52,013 | |
| | 1,900 | | | Natural Grocers by Vitamin Cottage, Inc. (a)(b) | | | 40,413 | |
| | 1,616 | | | Performance Food Group Co. (a) | | | 37,734 | |
| | 528 | | | PriceSmart, Inc. (b) | | | 44,658 | |
| | 24,014 | | | Rite Aid Corp. (a) | | | 195,714 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food & Staples Retailing (Continued) | |
| | 2,100 | | | Smart & Final Stores, Inc. (a) | | $ | 34,020 | |
| | 3,500 | | | SpartanNash Co. | | | 106,085 | |
| | 2,965 | | | Sprouts Farmers Market, Inc. (a) | | | 86,104 | |
| | 13,491 | | | SUPERVALU, Inc. (a) | | | 77,708 | |
| | 1,703 | | | The Chefs’ Warehouse, Inc. (a) | | | 34,554 | |
| | 3,321 | | | The Fresh Market, Inc. (a)(b) | | | 94,748 | |
| | 1,699 | | | United Natural Foods, Inc. (a) | | | 68,470 | |
| | 2,084 | | | Village Super Market, Inc. - Class A | | | 50,349 | |
| | 1,200 | | | Weis Markets, Inc. | | | 54,072 | |
| | | | | | |
|
|
|
| | | | | | | | 1,107,895 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.65% | |
| | 666 | | | Alico, Inc. | | | 18,388 | |
| | 1,628 | | | Amplify Snack Brands, Inc. (a)(b) | | | 23,313 | |
| | 620 | | | B&G Foods, Inc. | | | 21,582 | |
| | 3,259 | | | Blue Buffalo Pet Products, Inc. (a)(b) | | | 83,626 | |
| | 1,853 | | | Cal Maine Foods, Inc. (b) | | | 96,189 | |
| | 371 | | | Calavo Growers, Inc. | | | 21,169 | |
| | 4,124 | | | Darling International, Inc. (a) | | | 54,313 | |
| | 5,488 | | | Dean Foods Co. (b) | | | 95,052 | |
| | 1,800 | | | Farmer Brothers Co. (a) | | | 50,166 | |
| | 5,415 | | | Flowers Foods, Inc. | | | 99,961 | |
| | 1,214 | | | Fresh Del Monte Produce, Inc. | | | 51,073 | |
| | 1,372 | | | Ingredion, Inc. (b) | | | 146,516 | |
| | 477 | | | J&J Snack Foods Corp. | | | 51,650 | |
| | 400 | | | John B. Sanfilippo & Son, Inc. | | | 27,636 | |
| | 485 | | | Lancaster Colony Corp. | | | 53,626 | |
| | 1,631 | | | Lifeway Foods, Inc. (a) | | | 17,664 | |
| | 1,767 | | | Omega Protein Corp. (a) | | | 29,933 | |
| | 1,600 | | | Pilgrim’s Pride Corp. (a)(b) | | | 40,640 | |
| | 1,508 | | | Pinnacle Foods, Inc. | | | 67,377 | |
| | 1,549 | | | Post Holdings, Inc. (a)(b) | | | 106,525 | |
| | 900 | | | Sanderson Farms, Inc. (b) | | | 81,162 | |
| | 1,208 | | | Seneca Foods Corp. - Class A (a) | | | 41,966 | |
| | 1,088 | | | Snyder’s-Lance, Inc. (b) | | | 34,234 | |
| | 800 | | | The Hain Celestial Group, Inc. (a) | | | 32,728 | |
| | 502 | | | TreeHouse Foods, Inc. (a)(b) | | | 43,549 | |
| | 1,895 | | | WhiteWave Foods Co. (a) | | | 77,013 | |
| | | | | | |
|
|
|
| | | | | | | | 1,467,051 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 1.00% | |
| | 2,068 | | | AGL Resources, Inc. | | | 134,710 | |
| | 1,334 | | | Atmos Energy Corp. | | | 99,063 | |
| | 1,390 | | | New Jersey Resources Corp. | | | 50,638 | |
| | 990 | | | Northwest Natural Gas Co. | | | 53,311 | |
| | 1,413 | | | ONE Gas, Inc. | | | 86,334 | |
| | 849 | | | Piedmont Natural Gas, Inc. | | | 50,796 | |
| | 1,451 | | | Questar Corp. | | | 35,985 | |
| | 670 | | | South Jersey Industries, Inc. | | | 19,061 | |
| | 857 | | | Southwest Gas Corp. | | | 56,433 | |
| | 1,100 | | | The Laclede Group, Inc. | | | 74,525 | |
| | 4,647 | | | UGI Corp. | | | 187,228 | |
| | 600 | | | WGL Holdings, Inc. | | | 43,422 | |
| | | | | | |
|
|
|
| | | | | | | | 891,506 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 3.70% | |
| | 500 | | | Abaxis, Inc. | | | 22,695 | |
| | 1,196 | | | ABIOMED, Inc. (a)(b) | | | 113,393 | |
| | 647 | | | Alere, Inc. (a) | | | 32,745 | |
| | 1,760 | | | Align Technology, Inc. (a) | | | 127,934 | |
| | 300 | | | Analogic Corp. (b) | | | 23,703 | |
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 3,711 | | | AngioDynamics, Inc. (a) | | $ | 45,608 | |
| | 500 | | | Anika Therapeutics, Inc. (a)(b) | | | 22,360 | |
| | 1,564 | | | AtriCure, Inc. (a) | | | 26,322 | |
| | 100 | | | Atrion Corp. | | | 39,536 | |
| | 1,049 | | | Cantel Medical Corp. | | | 74,857 | |
| | 4,033 | | | Cardiovascular Systems, Inc. (a)(b) | | | 41,822 | |
| | 3,099 | | | Cerus Corp. (a)(b) | | | 18,377 | |
| | 482 | | | CONMED Corp. | | | 20,215 | |
| | 2,300 | | | CryoLife, Inc. | | | 24,725 | |
| | 3,000 | | | Cutera, Inc. (a) | | | 33,750 | |
| | 1,081 | | | Cynosure, Inc. - Class A (a) | | | 47,694 | |
| | 4,632 | | | DENTSPLY SIRONA, Inc. | | | 285,470 | |
| | 2,060 | | | DexCom, Inc. (a)(b) | | | 139,895 | |
| | 1,678 | | | Entellus Medical, Inc. (a)(b) | | | 30,523 | |
| | 3,048 | | | Exactech, Inc. (a) | | | 61,753 | |
| | 1,322 | | | Glaukos Corp. (a) | | | 22,289 | |
| | 2,400 | | | Globus Medical, Inc. - Class A (a)(b) | | | 57,000 | |
| | 509 | | | Greatbatch, Inc. (a) | | | 18,141 | |
| | 529 | | | Haemonetics Corp. (a) | | | 18,504 | |
| | 1,600 | | | Halyard Health, Inc. (a) | | | 45,968 | |
| | 600 | | | HeartWare International, Inc. (a) | | | 18,852 | |
| | 610 | | | Hill-Rom Holdings, Inc. | | | 30,683 | |
| | 4,264 | | | Hologic, Inc. (a)(b) | | | 147,108 | |
| | 200 | | | ICU Med, Inc. (a) | | | 20,820 | |
| | 1,825 | | | IDEXX Laboratories, Inc. (a)(b) | | | 142,934 | |
| | 1,135 | | | Inogen, Inc. (a) | | | 51,052 | |
| | 1,381 | | | Insulet Corp. (a) | | | 45,794 | |
| | 459 | | | Integra Lifesciences Holdings (a)(b) | | | 30,918 | |
| | 1,800 | | | Invacare Corp. | | | 23,706 | |
| | 2,606 | | | iRadimed Corp. (a)(b) | | | 49,931 | |
| | 2,200 | | | K2M Group Holdings, Inc. (a) | | | 32,626 | |
| | 12,322 | | | Lantheus Holdings, Inc. (a) | | | 23,289 | |
| | 1,600 | | | LDR Holding Corp. (a) | | | 40,784 | |
| | 3,800 | | | LeMaitre Vascular, Inc. | | | 58,976 | |
| | 1,311 | | | LivaNova Plc (a)(b) | | | 70,768 | |
| | 2,230 | | | Masimo Corp. (a) | | | 93,303 | |
| | 3,419 | | | Meridian Bioscience, Inc. | | | 70,466 | |
| | 1,613 | | | Merit Medical Systems, Inc. (a) | | | 29,824 | |
| | 1,424 | | | Natus Medical, Inc. (a) | | | 54,724 | |
| | 561 | | | Neogen Corp. (a) | | | 28,246 | |
| | 1,472 | | | NuVasive, Inc. (a)(b) | | | 71,613 | |
| | 1 | | | Nuvectra Corp. (a) | | | 4 | |
| | 2,300 | | | NxStage Medical, Inc. (a) | | | 34,477 | |
| | 5,073 | | | OraSure Technologies, Inc. (a) | | | 36,678 | |
| | 1,391 | | | Orthofix International NV (a) | | | 57,754 | |
| | 2,558 | | | ResMed, Inc. | | | 147,904 | |
| | 5,044 | | | RTI Surgical, Inc. (a) | | | 20,176 | |
| | 1,585 | | | SeaSpine Holdings Corp. (a) | | | 23,204 | |
| | 6,441 | | | STAAR Surgical Co. (a) | | | 47,599 | |
| | 1,024 | | | STERIS Plc (b) | | | 72,755 | |
| | 1,500 | | | SurModics, Inc. (a) | | | 27,615 | |
| | 500 | | | Teleflex, Inc. (b) | | | 78,505 | |
| | 138 | | | The Cooper Companies, Inc. | | | 21,248 | |
| | 1,749 | | | The Spectranetics Corp. (a) | | | 25,395 | |
| | 1,600 | | | Vascular Solutions, Inc. (a) | | | 52,048 | |
| | 700 | | | West Pharmaceutical Services, Inc. (b) | | | 48,524 | |
| | 2,100 | | | Zeltiq Aesthetics, Inc. (a) | | | 57,036 | |
| | | | | | |
|
|
|
| | | | | | | | 3,282,618 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Providers & Services - 3.17% | |
| | 500 | | | Acadia Healthcare Co., Inc. (a)(b) | | $ | 27,555 | |
| | 1,900 | | | Addus HomeCare Corp. (a) | | | 32,661 | |
| | 335 | | | Adeptus Health, Inc. - Class A (a)(b) | | | 18,606 | |
| | 2,702 | | | Alliance HealthCare Services, Inc. (a) | | | 19,427 | |
| | 1,800 | | | Almost Family, Inc. (a) | | | 67,032 | |
| | 2,600 | | | Amedisys, Inc. (a) | | | 125,684 | |
| | 2,010 | | | AMN Healthcare Services, Inc. (a) | | | 67,556 | |
| | 1,200 | | | AmSurg Corp. (a)(b) | | | 89,520 | |
| | 13,639 | | | BioScrip, Inc. (a)(b) | | | 29,188 | |
| | 5,100 | | | BioTelemetry, Inc. (a)(b) | | | 59,568 | |
| | 1,574 | | | Brookdale Senior Living, Inc. (a) | | | 24,995 | |
| | 4,487 | | | Centene Corp. (a)(b) | | | 276,290 | |
| | 500 | | | Chemed Corp. (b) | | | 67,725 | |
| | 1,358 | | | Civitas Solutions, Inc. (a) | | | 23,670 | |
| | 2,960 | | | Community Health Systems, Inc. (a) | | | 54,790 | |
| | 998 | | | CorVel Corp. (a) | | | 39,341 | |
| | 4,934 | | | Cross Country Healthcare, Inc. (a) | | | 57,382 | |
| | 2,600 | | | Envision Healthcare Holdings, Inc. (a)(b) | | | 53,040 | |
| | 624 | | | ExamWorks Group, Inc. (a) | | | 18,445 | |
| | 1,072 | | | HealthEquity, Inc. (a) | | | 26,446 | |
| | 1,527 | | | HealthSouth Corp. | | | 57,461 | |
| | 3,000 | | | Healthways, Inc. (a) | | | 30,270 | |
| | 2,244 | | | HMS Holdings Corp. (a) | | | 32,201 | |
| | 2,100 | | | Kindred Healthcare, Inc. | | | 25,935 | |
| | 580 | | | Landauer, Inc. | | | 19,181 | |
| | 1,900 | | | LHC Group, Inc. (a) | | | 67,564 | |
| | 1,343 | | | LifePoint Hospitals, Inc. (a) | | | 93,003 | |
| | 1,100 | | | Magellan Health Services, Inc. (a) | | | 74,723 | |
| | 1,600 | | | MEDNAX, Inc. (a)(b) | | | 103,392 | |
| | 1,457 | | | Molina Healthcare, Inc. (a) | | | 93,962 | |
| | 300 | | | National Healthcare Corp. | | | 18,690 | |
| | 1,763 | | | National Research Corp. - Class A | | | 27,415 | |
| | 19,493 | | | Nobilis Health Corp. (a)(b) | | | 60,818 | |
| | 2,539 | | | Owens & Minor, Inc. | | | 102,626 | |
| | 1,000 | | | Patterson Cos., Inc. (b) | | | 46,530 | |
| | 2,655 | | | PerkinElmer, Inc. (b) | | | 131,316 | |
| | 1,900 | | | PharMerica Corp. (a)(b) | | | 42,009 | |
| | 1,021 | | | Premier, Inc. - Class A (a) | | | 34,061 | |
| | 415 | | | Providence Service Corp. (a) | | | 21,194 | |
| | 4,900 | | | RadNet, Inc. (a) | | | 23,667 | |
| | 3,927 | | | Select Medical Holdings Corp. (a) | | | 46,378 | |
| | 1,215 | | | Surgical Care Affiliates, Inc. (a) | | | 56,230 | |
| | 928 | | | Team Health Holdings, Inc. (a) | | | 38,800 | |
| | 2,176 | | | Tenet Healthcare Corp. (a)(b) | | | 62,952 | |
| | 1,000 | | | The Ensign Group, Inc. | | | 22,640 | |
| | 2,522 | | | Triple-S Management Corp. - Class B (a) | | | 62,697 | |
| | 2,065 | | | Trupanion, Inc. (a)(b) | | | 20,340 | |
| | 537 | | | US Physical Therapy, Inc. | | | 26,705 | |
| | 1,192 | | | VCA, Inc. (a) | | | 68,767 | |
| | 1,345 | | | WellCare Health Plans, Inc. (a) | | | 124,749 | |
| | | | | | |
|
|
|
| | | | | | | | 2,815,197 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.56% | |
| | 4,680 | | | Allscripts Healthcare Solutions, Inc. (a)(b) | | | 61,823 | |
| | 685 | | | athenahealth, Inc. (a)(b) | | | 95,064 | |
| | 1,100 | | | Computer Programs & Systems, Inc. (b) | | | 57,332 | |
| | 13,548 | | | Connecture, Inc. (a) | | | 34,683 | |
| | 2,481 | | | Evolent Health, Inc. - Class A (a) | | | 26,199 | |
| | 3,679 | | | Imprivata, Inc. (a)(b) | | | 46,466 | |
| | 985 | | | Medidata Solutions, Inc. (a) | | | 38,129 | |
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Technology (Continued) | |
| | 1,200 | | | Omnicell, Inc. (a)(b) | | $ | 33,444 | |
| | 3,700 | | | Quality Systems, Inc. (b) | | | 56,388 | |
| | 945 | | | Veeva Systems, Inc. - Class A (a)(b) | | | 23,663 | |
| | 1,742 | | | Vocera Communications, Inc. (a) | | | 22,211 | |
| | | | | | |
|
|
|
| | | | | | | | 495,402 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.13% | |
| | 2,150 | | | Aramark | | | 71,208 | |
| | 2,157 | | | Belmond Ltd. - Class A (a) | | | 20,470 | |
| | 75 | | | Biglari Holdings, Inc. (a) | | | 27,878 | |
| | 2,135 | | | Bloomin’ Brands, Inc. | | | 36,017 | |
| | 404 | | | Bob Evans Farms, Inc. | | | 18,863 | |
| | 3,000 | | | Boyd Gaming Corp. (a) | | | 61,980 | |
| | 2,977 | | | Bravo Brio Restaurant Group, Inc. (a) | | | 23,072 | |
| | 1,035 | | | Brinker International, Inc. (b) | | | 47,558 | |
| | 400 | | | Buffalo Wild Wings, Inc. (a)(b) | | | 59,248 | |
| | 5,900 | | | Callaway Golf Co. | | | 53,808 | |
| | 1,700 | | | Carrols Restaurant Group, Inc. (a) | | | 24,548 | |
| | 504 | | | Cheesecake Factory, Inc. (b) | | | 26,757 | |
| | 801 | | | Choice Hotels International, Inc. | | | 43,294 | |
| | 361 | | | Churchill Downs, Inc. | | | 53,385 | |
| | 123 | | | Cracker Barrel Old Country Store, Inc. (b) | | | 18,778 | |
| | 600 | | | Dave & Buster’s Entertainment, Inc. (a) | | | 23,268 | |
| | 4,300 | | | Denny’s Corp. (a) | | | 44,548 | |
| | 1,384 | | | Diamond Resorts International, Inc. (a)(b) | | | 33,631 | |
| | 1,281 | | | Domino’s Pizza, Inc. (b) | | | 168,913 | |
| | 614 | | | Dunkin’ Brands Group, Inc. (b) | | | 28,962 | |
| | 2,525 | | | Eldorado Resorts, Inc. (a) | | | 28,886 | |
| | 1,294 | | | Extended Stay America, Inc. | | | 21,092 | |
| | 600 | | | Fiesta Restaurant Group, Inc. (a) | | | 19,668 | |
| | 546 | | | International Speedway Corp. - Class A | | | 20,153 | |
| | 1,761 | | | Interval Leisure Group, Inc. (b) | | | 25,429 | |
| | 2,900 | | | Intrawest Resorts Holdings, Inc. (a) | | | 24,795 | |
| | 2,100 | | | Isle of Capri Casinos, Inc. (a) | | | 29,400 | |
| | 2,000 | | | J Alexander’s Holdings, Inc. (a) | | | 21,120 | |
| | 402 | | | Jack in the Box, Inc. (b) | | | 25,676 | |
| | 1,685 | | | Jamba, Inc. (a)(b) | | | 20,827 | |
| | 2,240 | | | La Quinta Holdings, Inc. (a) | | | 28,000 | |
| | 1,259 | | | Marcus Corp. | | | 23,858 | |
| | 700 | | | Marriott Vacations Worldwide | | | 47,250 | |
| | 345 | | | Panera Bread Co. - Class A (a)(b) | | | 70,666 | |
| | 1,100 | | | Papa John’s International, Inc. (b) | | | 59,609 | |
| | 2,685 | | | Papa Murphy’s Holdings, Inc. (a)(b) | | | 32,086 | |
| | 1,400 | | | Penn National Gaming, Inc. (a) | | | 23,366 | |
| | 1,882 | | | Pinnacle Entertainment, Inc. (a) | | | 66,058 | |
| | 969 | | | Popeyes Louisiana Kitchen, Inc. (a) | | | 50,446 | |
| | 2,600 | | | Potbelly Corp. (a) | | | 35,386 | |
| | 4,973 | | | Ruby Tuesday, Inc. (a) | | | 26,755 | |
| | 2,500 | | | Ruth’s Hospitality Group, Inc. (b) | | | 46,025 | |
| | 963 | | | SeaWorld Entertainment, Inc. (b) | | | 20,281 | |
| | 875 | | | Six Flags Entertainment Corp. | | | 48,554 | |
| | 1,187 | | | Sonic Corp. | | | 41,735 | |
| | 1,800 | | | Speedway Motorsports, Inc. | | | 35,694 | |
| | 800 | | | Texas Roadhouse, Inc. (b) | | | 34,864 | |
| | 1,749 | | | The Wendy’s Co. | | | 19,047 | |
| | 442 | | | Vail Resorts, Inc. | | | 59,095 | |
| | | | | | |
|
|
|
| | | | | | | | 1,892,007 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Household Durables - 2.34% | |
| | 2,100 | | | Bassett Furniture Industries, Inc. (b) | | $ | 66,906 | |
| | 2,162 | | | Beazer Homes USA, Inc. (a) | | | 18,853 | |
| | 585 | | | CalAtlantic Group, Inc. | | | 19,551 | |
| | 300 | | | Cavco Industries, Inc. (a) | | | 28,038 | |
| | 1,400 | | | CSS Industries, Inc. | | | 39,102 | |
| | 6,284 | | | D.R. Horton, Inc. (b) | | | 189,965 | |
| | 2,600 | | | Ethan Allen Interiors, Inc. (b) | | | 82,732 | |
| | 706 | | | Flexsteel Industries, Inc. | | | 30,838 | |
| | 5,378 | | | GoPro, Inc. - Class A (a)(b) | | | 64,321 | |
| | 700 | | | Harman International Industries, Inc. (b) | | | 62,328 | |
| | 1,000 | | | Helen of Troy Ltd. (a) | | | 103,690 | |
| | 1,300 | | | Hooker Furniture Corp. | | | 42,705 | |
| | 2,341 | | | Installed Building Products, Inc. (a) | | | 62,294 | |
| | 2,072 | | | iRobot Corp. (a)(b) | | | 73,142 | |
| | 2,800 | | | Jarden Corp. (a) | | | 165,060 | |
| | 3,255 | | | KB Home (b) | | | 46,481 | |
| | 2,748 | | | La-Z-Boy, Inc. | | | 73,481 | |
| | 1,400 | | | Leggett & Platt, Inc. | | | 67,760 | |
| | 1,606 | | | Lennar Corp. - Class A | | | 77,666 | |
| | 649 | | | Lennar Corp. - Class B | | | 25,123 | |
| | 809 | | | LGI Homes, Inc. (a)(b) | | | 19,586 | |
| | 1,074 | | | Libbey, Inc. | | | 19,976 | |
| | 4,145 | | | Lifetime Brands, Inc. | | | 62,465 | |
| | 776 | | | M.D.C Holdings, Inc. (b) | | | 19,447 | |
| | 622 | | | Meritage Homes Corp. (a) | | | 22,678 | |
| | 300 | | | National Presto Industries, Inc. | | | 25,122 | |
| | 81 | | | NVR, Inc. (a)(b) | | | 140,324 | |
| | 1,486 | | | Pulte Homes, Inc. | | | 27,803 | |
| | 5,600 | | | Skullcandy, Inc. (a) | | | 19,936 | |
| | 1,479 | | | Tempur Sealy International, Inc. (a)(b) | | | 89,908 | |
| | 2,615 | | | Toll Brothers, Inc. (a) | | | 77,169 | |
| | 1,922 | | | Tri Pointe Group, Inc. (a) | | | 22,641 | |
| | 1,422 | | | Tupperware Brands Corp. (b) | | | 82,448 | |
| | 400 | | | Universal Electronics, Inc. (a) | | | 24,796 | |
| | 9,000 | | | ZAGG, Inc. (a)(b) | | | 81,090 | |
| | | | | | |
|
|
|
| | | | | | | | 2,075,425 | |
| | | | | | |
|
|
|
| | | | | Household Products - 0.33% | |
| | 4,185 | | | Central Garden & Pet Co. - Class A (a) | | | 68,173 | |
| | 1,600 | | | Energizer Holdings, Inc. | | | 64,816 | |
| | 2,117 | | | HRG Group, Inc. (a) | | | 29,490 | |
| | 750 | | | Oil-Dri Corporation of America | | | 25,335 | |
| | 378 | | | Spectrum Brands Holdings, Inc. | | | 41,308 | |
| | 600 | | | WD-40 Co. | | | 64,806 | |
| | | | | | |
|
|
|
| | | | | | | | 293,928 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity
Producers - 0.57% | |
| | 42,300 | | | Atlantic Power Corp. | | | 104,058 | |
| | 6,253 | | | Dynegy, Inc. (a) | | | 89,856 | |
| | 6,300 | | | NRG Yield, Inc. - Class A | | | 85,491 | |
| | 6,300 | | | NRG Yield, Inc. - Class C (b) | | | 89,712 | |
| | 747 | | | Ormat Technologies, Inc. | | | 30,806 | |
| | 12,713 | | | Talen Energy Corp. (a) | | | 114,417 | |
| | | | | | |
|
|
|
| | | | | | | | 514,340 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.28% | |
| | 1,218 | | | Carlisle Companies, Inc. | | | 121,191 | |
| | 6,240 | | | McDermott International, Inc. (a) | | | 25,521 | �� |
| | 12 | | | Seaboard Corp. (a) | | | 36,036 | |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Industrial Conglomerates (Continued) | |
| | 663 | | | Standex International Corp. | | $ | 51,588 | |
| | 1,183 | | | Tredegar Corp. | | | 18,597 | |
| | | | | | |
|
|
|
| | | | | | | | 252,933 | |
| | | | | | |
|
|
|
| | | | | Insurance - 3.98% | |
| | 236 | | | Alleghany Corp. (a)(b) | | | 117,103 | |
| | 1,163 | | | Allied World Assurance Co. Holdings, Ltd. | | | 40,635 | |
| | 4,539 | | | Ambac Financial Group, Inc. (a) | | | 71,716 | |
| | 1,878 | | | American Equity Investment Life Holding Co. (b) | | | 31,550 | |
| | 1,326 | | | American Financial Group, Inc. | | | 93,311 | |
| | 200 | | | American National Insurance Co. | | | 23,100 | |
| | 950 | | | AMERISAFE, Inc. | | | 49,913 | |
| | 3,604 | | | AmTrust Financial Services, Inc. | | | 93,272 | |
| | 3,280 | | | Arch Capital Group Ltd. - ADR (a) | | | 233,208 | |
| | 1,050 | | | Argo Group International Holdings Ltd. | | | 60,260 | |
| | 1,548 | | | Arthur J. Gallagher & Co. | | | 68,855 | |
| | 1,369 | | | Aspen Insurance Holdings Ltd. | | | 65,301 | |
| | 1,100 | | | Assurant, Inc. | | | 84,865 | |
| | 5,000 | | | Assured Guaranty Ltd. | | | 126,500 | |
| | 2,173 | | | Atlas Financial Holdings, Inc. (a) | | | 39,418 | |
| | 2,500 | | | Axis Capital Holdings Ltd. | | | 138,650 | |
| | 730 | | | Baldwin & Lyons, Inc. - Class B | | | 17,965 | |
| | 2,142 | | | Brown & Brown, Inc. | | | 76,684 | |
| | 960 | | | EMC Insurance Group, Inc. | | | 24,624 | |
| | 1,988 | | | Employers Holdings, Inc. | | | 55,942 | |
| | 1,300 | | | Endurance Specialty Holdings Ltd. (b) | | | 84,942 | |
| | 884 | | | Erie Indemnity Co. - Class A | | | 82,203 | |
| | 300 | | | FBL Financial Group, Inc. - Class A | | | 18,456 | |
| | 1,200 | | | Federated National Holding Co. - Class C | | | 23,592 | |
| | 2,655 | | | First American Corp. | | | 101,182 | |
| | 599 | | | Global Indemnity Plc (a) | | | 18,647 | |
| | 1,594 | | | Hallmark Financial Services, Inc. (a) | | | 18,331 | |
| | 1,574 | | | HCI Group, Inc. (b) | | | 52,414 | |
| | 3,049 | | | Heritage Insurance Holdings, Inc. | | | 48,693 | |
| | 1,182 | | | Horace Mann Educators Corp. | | | 37,458 | |
| | 1,222 | | | Independence Holding Co. | | | 19,454 | |
| | 300 | | | Infinity Property & Casualty Corp. | | | 24,150 | |
| | 600 | | | James River Group Holdings Ltd. | | | 19,356 | |
| | 771 | | | Kemper Corp. | | | 22,798 | |
| | 3,500 | | | Maiden Holdings Ltd. (b) | | | 45,290 | |
| | 2,691 | | | MBIA, Inc. (a) | | | 23,815 | |
| | 900 | | | National General Holdings Corp. | | | 19,431 | |
| | 400 | | | Navigators Group, Inc. (a) | | | 33,548 | |
| | 5,173 | | | Old Republic International Corp. | | | 94,562 | |
| | 1,201 | | | Primerica, Inc. (b) | | | 53,481 | |
| | 800 | | | ProAssurance Corp. | | | 40,480 | |
| | 1,200 | | | Reinsurance Group of America | | | 115,500 | |
| | 1,186 | | | RenaissanceRe Holdings Ltd. | | | 142,118 | |
| | 1,339 | | | RLI Corp. | | | 89,526 | |
| | 319 | | | Safety Insurance Group, Inc. | | | 18,202 | |
| | 2,100 | | | Selective Insurance Group, Inc. | | | 76,881 | |
| | 1,000 | | | State Auto Financial Corp. | | | 22,060 | |
| | 1,672 | | | State National Cos., Inc. | | | 21,067 | |
| | 523 | | | Stewart Information Services Corp. | | | 18,974 | |
| | 1,100 | | | The Hanover Insurance Group, Inc. | | | 99,242 | |
| | 3,336 | | | Torchmark Corp. | | | 180,678 | |
| | 1,162 | | | United Fire Group, Inc. | | | 50,919 | |
| | 1,027 | | | United Insurance Holdings Corp. | | | 19,729 | |
| | 3,097 | | | Universal Insurance Holdings, Inc. (b) | | | 55,127 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Insurance (Continued) | |
| | 2,542 | | | W.R. Berkley Corp. | | $ | 142,860 | |
| | 111 | | | White Mountains Insurance Group Ltd. - ADR | | | 89,089 | |
| | | | | | |
|
|
|
| | | | | | | | 3,537,127 | |
| | | | | | |
|
|
|
| | | | | Internet & Catalog Retail - 0.89% | |
| | 6,400 | | | 1-800-Flowers.Com, Inc. - Class A (a) | | | 50,432 | |
| | 1,649 | | | Blue Nile, Inc. | | | 42,396 | |
| | 44,590 | | | EVINE Live, Inc. (a) | | | 52,170 | |
| | 674 | | | FTD Cos., Inc. (a) | | | 17,692 | |
| | 23,982 | | | Groupon, Inc. (a)(b) | | | 95,688 | |
| | 1,300 | | | HSN, Inc. | | | 68,003 | |
| | 1,500 | | | Lands’ End, Inc. (a) | | | 38,265 | |
| | 1,200 | | | Liberty TripAdvisor Holdings, Inc. - Class A (a) | | | 26,592 | |
| | 1,315 | | | Liberty Ventures - Series A (a) | | | 51,443 | |
| | 2,858 | | | Nutrisystem, Inc. | | | 59,646 | |
| | 3,875 | | | Overstock.com, Inc. (a)(b) | | | 55,723 | |
| | 3,146 | | | PetMed Express, Inc. (b) | | | 56,345 | |
| | 1,105 | | | Shutterfly, Inc. (a)(b) | | | 51,239 | |
| | 260 | | | Stamps.com, Inc. (a)(b) | | | 27,633 | |
| | 2,233 | | | Travelport Worldwide Ltd. | | | 30,503 | |
| | 1,546 | | | Wayfair, Inc. - Class A (a)(b) | | | 66,818 | |
| | | | | | |
|
|
|
| | | | | | | | 790,588 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 2.77% | |
| | 9,502 | | | Aerohive Networks, Inc. (a) | | | 47,415 | |
| | 1,943 | | | Alarm.com Holdings, Inc. (a)(b) | | | 46,049 | |
| | 7,945 | | | Angie’s List, Inc. (a)(b) | | | 64,116 | |
| | 2,287 | | | Apigee Corp. (a) | | | 19,005 | |
| | 1,531 | | | Appfolio, Inc. - Class A (a)(b) | | | 18,739 | |
| | 4,226 | | | Bankrate, Inc. (a) | | | 38,752 | |
| | 6,605 | | | Blucora, Inc. (a) | | | 34,082 | |
| | 2,127 | | | Box, Inc. - Class A (a)(b) | | | 26,077 | |
| | 7,100 | | | Brightcove, Inc. (a) | | | 44,304 | |
| | 700 | | | BroadSoft, Inc. (a)(b) | | | 28,245 | |
| | 5,633 | | | Carbonite, Inc. (a) | | | 44,895 | |
| | 5,900 | | | Care.com, Inc. (a) | | | 36,285 | |
| | 3,000 | | | ChannelAdvisor Corp. (a) | | | 33,750 | |
| | 1,400 | | | Cimpress NV (a)(b) | | | 126,966 | |
| | 992 | | | comScore, Inc. (a) | | | 29,800 | |
| | 1,300 | | | Cornerstone OnDemand, Inc. (a)(b) | | | 42,601 | |
| | 295 | | | CoStar Group, Inc. (a) | | | 55,510 | |
| | 1,360 | | | Cvent, Inc. (a) | | | 29,104 | |
| | 972 | | | Demandware, Inc. (a)(b) | | | 38,005 | |
| | 7,800 | | | DHI Group, Inc. (a) | | | 62,946 | |
| | 16,582 | | | EarthLink Holdings Corp. | | | 94,020 | |
| | 7,088 | | | Everyday Health, Inc. (a) | | | 39,693 | |
| | 7,700 | | | Five9, Inc. (a) | | | 68,453 | |
| | 578 | | | GoDaddy, Inc. - Class A (a) | | | 18,687 | |
| | 1,900 | | | IAC/InterActiveCorp | | | 89,452 | |
| | 5,400 | | | Intralinks Holdings, Inc. (a) | | | 42,552 | |
| | 614 | | | j2 Global, Inc. (b) | | | 37,810 | |
| | 7,350 | | | Liquidity Services, Inc. (a) | | | 38,073 | |
| | 7,762 | | | LivePerson, Inc. (a) | | | 45,408 | |
| | 1,108 | | | LogMeIn, Inc. (a) | | | 55,910 | |
| | 10,514 | | | Marchex, Inc. - Class B | | | 46,787 | |
| | 12,017 | | | Marin Software, Inc. (a)(b) | | | 36,291 | |
| | 1,826 | | | Marketo, Inc. (a) | | | 35,735 | |
| | 2,353 | | | Match Group, Inc. (a)(b) | | | 26,024 | |
| | 18,219 | | | MaxPoint Interactive, Inc. (a) | | | 32,248 | |
| | 1,347 | | | MINDBODY, Inc. - Class A (a)(b) | | | 17,956 | |
| | 887 | | | New Relic, Inc. (a) | | | 23,133 | |
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Internet Software & Services (Continued) | |
| | 2,300 | | | NIC, Inc. | | $ | 41,469 | |
| | 3,554 | | | OPOWER, Inc. (a)(b) | | | 24,203 | |
| | 2,451 | | | Pandora Media, Inc. (a)(b) | | | 21,936 | |
| | 9,166 | | | QuinStreet, Inc. (a) | | | 31,348 | |
| | 4,649 | | | Quotient Technology, Inc. (a)(b) | | | 49,279 | |
| | 4,294 | | | Rackspace Hosting, Inc. (a) | | | 92,707 | |
| | 4,772 | | | RealNetworks, Inc. (a) | | | 19,374 | |
| | 5,303 | | | RetailMeNot, Inc. (a) | | | 42,477 | |
| | 11,388 | | | Rocket Fuel, Inc. (a) | | | 35,872 | |
| | 1,500 | | | Shutterstock, Inc. (a)(b) | | | 55,095 | |
| | 535 | | | SPS Commerce, Inc. (a) | | | 22,973 | |
| | 2,640 | | | TechTarget, Inc. (a) | | | 19,589 | |
| | 6,222 | | | Travelzoo, Inc. (a) | | | 50,523 | |
| | 6,500 | | | TrueCar, Inc. (a)(b) | | | 36,335 | |
| | 4,781 | | | United Online, Inc. (a) | | | 55,173 | |
| | 2,469 | | | Web.com Group, Inc. (a) | | | 48,936 | |
| | 400 | | | WebMD Health Corp. (a) | | | 25,052 | |
| | 3,200 | | | Wix.com Ltd. (a) | | | 64,864 | |
| | 2,769 | | | XO Group, Inc. (a)(b) | | | 44,442 | |
| | 2,000 | | | Yelp, Inc. - Class A (a) | | | 39,760 | |
| | 913 | | | Zillow Group, Inc. - Class C (a)(b) | | | 21,666 | |
| | | | | | |
|
|
|
| | | | | | | | 2,457,951 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.12% | |
| | 2,658 | | | Acxiom Corp. (a) | | | 56,988 | |
| | 2,528 | | | Blackhawk Network Holdings, Inc. (a) | | | 86,710 | |
| | 2,100 | | | Booz Allen Hamilton Holding Corp. - Class A (b) | | | 63,588 | |
| | 2,315 | | | Broadridge Financial Solutions, Inc. | | | 137,303 | |
| | 796 | | | CACI International, Inc. - Class A (a) | | | 84,933 | |
| | 1,000 | | | Cardtronics, Inc. (a) | | | 35,990 | |
| | 349 | | | Cass Information Systems, Inc. | | | 18,270 | |
| | 11,166 | | | CIBER, Inc. (a) | | | 23,560 | |
| | 4,400 | | | Convergys Corp. | | | 122,188 | |
| | 1,894 | | | CoreLogic, Inc. (a) | | | 65,722 | |
| | 2,410 | | | CSG Systems International, Inc. (b) | | | 108,836 | |
| | 4,702 | | | Datalink Corp. (a) | | | 42,976 | |
| | 400 | | | DST Systems, Inc. | | | 45,108 | |
| | 1,122 | | | EPAM Systems, Inc. (a) | | | 83,780 | |
| | 793 | | | Euronet Worldwide, Inc. (a) | | | 58,769 | |
| | 12,732 | | | Everi Holdings, Inc. (a) | | | 29,156 | |
| | 1,315 | | | EVERTEC, Inc. | | | 18,384 | |
| | 800 | | | ExlService Holdings, Inc. (a) | | | 41,440 | |
| | 1,202 | | | Forrester Research, Inc. | | | 40,399 | |
| | 1,796 | | | Gartner, Inc. (a) | | | 160,473 | |
| | 3,660 | | | Genpact Ltd. (a) | | | 99,515 | |
| | 2,195 | | | Global Payments, Inc. (b) | | | 143,333 | |
| | 400 | | | Heartland Payment Systems, Inc. | | | 38,628 | |
| | 1,821 | | | Leidos Holdings, Inc. (b) | | | 91,633 | |
| | 13,107 | | | Lionbridge Technologies, Inc. (a) | | | 66,321 | |
| | 1,124 | | | Luxoft Holding, Inc. (a) | | | 61,854 | |
| | 1,700 | | | ManTech International Corp. - Class A | | | 54,383 | |
| | 1,500 | | | Maximus, Inc. (b) | | | 78,960 | |
| | 14,382 | | | ModusLink Global Solutions, Inc. (a) | | | 21,142 | |
| | 2,995 | | | NeuStar, Inc. - Class A (a)(b) | | | 73,677 | |
| | 2,675 | | | Perficient, Inc. (a) | | | 58,101 | |
| | 1,533 | | | PFSweb, Inc. (a) | | | 20,113 | |
| | 1,400 | | | Sabre Corp. | | | 40,488 | |
| | 1,400 | | | Science Applications International Corp. | | | 74,676 | |
| | 380 | | | Syntel, Inc. (a) | | | 18,973 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | IT Services (Continued) | |
| | 1,727 | | | Teletech Holdings, Inc. | | $ | 47,942 | |
| | 4,200 | | | The Hackett Group, Inc. | | | 63,504 | |
| | 2,872 | | | Total System Services, Inc. | | | 136,650 | |
| | 2,300 | | | Vantiv, Inc. - Class A (a) | | | 123,924 | |
| | 1,701 | | | VeriFone Holdings, Inc. (a) | | | 48,036 | |
| | 950 | | | Virtusa Corp. (a) | | | 35,587 | |
| | 617 | | | WEX, Inc. (a) | | | 51,433 | |
| | | | | | |
|
|
|
| | | | | | | | 2,773,446 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.84% | |
| | 1,622 | | | Brunswick Corp. (b) | | | 77,823 | |
| | 4,807 | | | JAKKS Pacific, Inc. (a)(b) | | | 35,764 | |
| | 2,512 | | | Johnson Outdoors, Inc. - Class A | | | 55,817 | |
| | 1,179 | | | Malibu Boats, Inc. - Class A (a) | | | 19,336 | |
| | 4,060 | | | Nautilus, Inc. (a) | | | 78,439 | |
| | 1,140 | | | Polaris Industries, Inc. (b) | | | 112,267 | |
| | 1,342 | | | Pool Corporation (b) | | | 117,747 | |
| | 3,523 | | | Smith & Wesson Holding Corp. (a) | | | 93,782 | |
| | 1,078 | | | Sturm, Ruger & Company, Inc. (b) | | | 73,714 | |
| | 1,588 | | | Vista Outdoor, Inc. (a) | | | 82,433 | |
| | | | | | |
|
|
|
| | | | | | | | 747,122 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.43% | |
| | 2,325 | | | Affymetrix, Inc. (a) | | | 32,573 | |
| | 2,412 | | | Albany Molecular Research, Inc. (a)(b) | | | 36,879 | |
| | 541 | | | Bio-Rad Laboratories, Inc. - Class A (a) | | | 73,966 | |
| | 301 | | | Bio-Techne Corp. | | | 28,451 | |
| | 3,600 | | | Bruker Corp. | | | 100,800 | |
| | 1,000 | | | Cambrex Corp. (a)(b) | | | 44,000 | |
| | 1,400 | | | Charles River Laboratories (a) | | | 106,316 | |
| | 8,507 | | | Harvard Bioscience, Inc. (a) | | | 25,691 | |
| | 3,900 | | | Luminex Corp. (a) | | | 75,660 | |
| | 727 | | | Mettler-Toledo International, Inc. (a) | | | 250,641 | |
| | 1,765 | | | NanoString Technologies, Inc. (a) | | | 26,863 | |
| | 3,071 | | | NeoGenomics, Inc. (a) | | | 20,699 | |
| | 3,053 | | | Pacific Biosciences of California, Inc. (a) | | | 25,950 | |
| | 1,160 | | | PAREXEL International Corp. (a) | | | 72,767 | |
| | 1,225 | | | PRA Health Sciences, Inc. (a)(b) | | | 52,381 | |
| | 4,675 | | | QIAGEN NV (a) | | | 104,439 | |
| | 2,133 | | | Quintiles Transnational Holdings, Inc. (a) | | | 138,858 | |
| | 22,174 | | | Sequenom, Inc. (a)(b) | | | 31,265 | |
| | 929 | | | VWR Corp. (a)(b) | | | 25,139 | |
| | | | | | |
|
|
|
| | | | | | | | 1,273,338 | |
| | | | | | |
|
|
|
| | | | | Machinery - 2.84% | |
| | 1,100 | | | Actuant Corp. - Class A | | | 27,181 | |
| | 1,232 | | | AGCO Corp. (b) | | | 61,230 | |
| | 335 | | | Alamo Group, Inc. | | | 18,663 | |
| | 1,200 | | | Allison Transmission Holdings, Inc. | | | 32,376 | |
| | 1,187 | | | Altra Industrial Motion Corp. (b) | | | 32,975 | |
| | 478 | | | Astec Industries, Inc. | | | 22,308 | |
| | 507 | | | Badger Meter, Inc. (b) | | | 33,721 | |
| | 1,046 | | | Barnes Group, Inc. | | | 36,641 | |
| | 1,796 | | | Blue Bird Corp. (a) | | | 19,487 | |
| | 1,500 | | | Briggs & Stratton Corp. | | | 35,880 | |
| | 1,570 | | | Chart Industries, Inc. (a) | | | 34,100 | |
| | 1,721 | | | Colfax Corp. (a) | | | 49,203 | |
| | 1,212 | | | Columbus McKinnon Corporation | | | 19,101 | |
| | 7,871 | | | Commercial Vehicle Group, Inc. (a) | | | 20,858 | |
| | 400 | | | Crane Co. | | | 21,544 | |
| | 1,811 | | | Donaldson Company, Inc. (b) | | | 57,789 | |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Machinery (Continued) | |
| | 840 | | | Douglas Dynamics, Inc. | | $ | 19,244 | |
| | 514 | | | Esco Technologies, Inc. | | | 20,036 | |
| | 2,795 | | | Federal Signal Corp. | | | 37,062 | |
| | 1,932 | | | Global Brass & Copper Holdings, Inc. (b) | | | 48,203 | |
| | 1,152 | | | Graco, Inc. | | | 96,722 | |
| | 906 | | | Graham Corp. | | | 18,039 | |
| | 800 | | | Hurco Companies, Inc. | | | 26,392 | |
| | 500 | | | Hyster-Yale Materials Handling, Inc. (b) | | | 33,300 | |
| | 996 | | | IDEX Corp. | | | 82,549 | |
| | 766 | | | ITT Corp. | | | 28,258 | |
| | 895 | | | John Bean Technologies Corp. | | | 50,487 | |
| | 2,792 | | | Joy Global, Inc. (b) | | | 44,867 | |
| | 1,000 | | | Kadant, Inc. | | | 45,160 | |
| | 1,705 | | | Kennametal, Inc. | | | 38,345 | |
| | 1,800 | | | L.B. Foster Co. - Class A | | | 32,688 | |
| | 1,400 | | | Lincoln Electric Holdings, Inc. | | | 81,998 | |
| | 600 | | | Lydall, Inc. (a) | | | 19,512 | |
| | 4,388 | | | Manitowoc, Inc. (b) | | | 19,000 | |
| | 517 | | | Middleby Corp. (a) | | | 55,200 | |
| | 1,153 | | | Mueller Industries, Inc. | | | 33,921 | |
| | 2,400 | | | Mueller Water Products, Inc. - Class A | | | 23,712 | |
| | 700 | | | NACCO Industries, Inc. - Class A | | | 40,187 | |
| | 955 | | | Nordson Corp. | | | 72,618 | |
| | 1,421 | | | Omega Flex, Inc. | | | 49,422 | |
| | 476 | | | Oshkosh Corp. (b) | | | 19,454 | |
| | 551 | | | Proto Labs, Inc. (a)(b) | | | 42,477 | |
| | 1,400 | | | Rexnord Corp. (a) | | | 28,308 | |
| | 1,107 | | | Snap On, Inc. | | | 173,788 | |
| | 1,274 | | | SPX FLOW, Inc. (a) | | | 31,952 | |
| | 963 | | | Tennant Co. | | | 49,575 | |
| | 1,800 | | | Terex Corp. | | | 44,784 | |
| | 1,133 | | | The Greenbrier Companies, Inc. (b) | | | 31,316 | |
| | 1,044 | | | Timken Co. | | | 34,964 | |
| | 8,438 | | | Titan International, Inc. (b) | | | 45,396 | |
| | 1,567 | | | Toro Co. | | | 134,950 | |
| | 1,130 | | | TriMas Corp. (a) | | | 19,798 | |
| | 2,479 | | | Trinity Industries, Inc. (b) | | | 45,391 | |
| | 1,874 | | | Twin Disc, Inc. | | | 18,984 | |
| | 284 | | | Valmont Industries, Inc. | | | 35,171 | |
| | 2,300 | | | Wabash National Corp. (a)(b) | | | 30,360 | |
| | 817 | | | Wabtec Corp. (b) | | | 64,780 | |
| | 483 | | | Watts Water Technologies, Inc. - Class A (b) | | | 26,628 | |
| | 2,586 | | | Xylem, Inc. | | | 105,767 | |
| | | | | | |
|
|
|
| | | | | | | | 2,523,822 | |
| | | | | | |
|
|
|
| | | | | Marine - 0.08% | |
| | 514 | | | Kirby Corp. (a) | | | 30,989 | |
| | 1,100 | | | Matson, Inc. | | | 44,187 | |
| | | | | | |
|
|
|
| | | | | | | | 75,176 | |
| | | | | | |
|
|
|
| | | | | Media - 1.82% | |
| | 656 | | | AMC Entertainment Holdings, Inc. - Class A | | | 18,361 | |
| | 700 | | | AMC Networks, Inc. - Class A (a) | | | 45,458 | |
| | 2,455 | | | Ascent Capital Group, Inc. - Class A (a) | | | 36,359 | |
| | 4,072 | | | Cablevision Systems Corp. - Class A | | | 134,376 | |
| | 3,694 | | | Crown Media Holdings, Inc. - Class A (a) | | | 18,766 | |
| | 106,028 | | | Cumulus Media, Inc. - Class A (a) | | | 49,229 | |
| | 991 | | | DreamWorks Animation SKG, Inc. - Class A (a)(b) | | | 24,725 | |
| | 3,300 | | | Entercom Communications Corp. - Class A (a) | | | 34,914 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Media (Continued) | |
| | 2,890 | | | Entravision Communications Corp. - Class A | | $ | 21,502 | |
| | 3,355 | | | Eros International Plc (a)(b) | | | 38,616 | |
| | 5,607 | | | Gannett Co., Inc. | | | 84,890 | |
| | 3,512 | | | Gray Television, Inc. (a) | | | 41,161 | |
| | 767 | | | IMAX Corp. (a) | | | 23,846 | |
| | 5,644 | | | Interpublic Group of Cos., Inc. | | | 129,530 | |
| | 1,302 | | | John Wiley & Sons, Inc. - Class A | | | 63,655 | |
| | 352 | | | Liberty Broadband Corp. - Class A (a) | | | 20,472 | |
| | 775 | | | Liberty Broadband Corp. - Class C (a) | | | 44,911 | |
| | 900 | | | Live Nation, Inc. (a)(b) | | | 20,079 | |
| | 1,127 | | | MDC Partners, Inc. - Class A | | | 26,597 | |
| | 1,800 | | | Media General, Inc. (a)(b) | | | 29,358 | |
| | 505 | | | Meredith Corp. | | | 23,987 | |
| | 721 | | | Morningstar, Inc. | | | 63,643 | |
| | 3,193 | | | MSG Networks, Inc. - Class A (a) | | | 55,207 | |
| | 3,120 | | | New Media Investment Group, Inc. | | | 51,917 | |
| | 3,695 | | | New York Times Co. - Class A | | | 46,040 | |
| | 2,300 | | | Reading International, Inc. - Class A (a) | | | 27,554 | |
| | 1,200 | | | Scholastic Corp. | | | 44,844 | |
| | 1,818 | | | Sinclair Broadcast Group, Inc. - Class A | | | 55,903 | |
| | 2,371 | | | Starz - Class A (a) | | | 62,428 | |
| | 6,961 | | | TEGNA, Inc. | | | 163,305 | |
| | 2,510 | | | Time, Inc. | | | 38,754 | |
| | 536 | | | Tribune Media Co. - Class A | | | 20,556 | |
| | 2,903 | | | World Wrestling Entertainment, Inc. - Class A (b) | | | 51,267 | |
| | | | | | |
|
|
|
| | | | | | | | 1,612,210 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.89% | |
| | 11,492 | | | AK Steel Holding Corp. (a)(b) | | | 47,462 | |
| | 2,042 | | | Allegheny Technologies, Inc. | | | 33,285 | |
| | 1,134 | | | Carpenter Technology Corp. (b) | | | 38,817 | |
| | 3,761 | | | Century Aluminum Co. (a) | | | 26,515 | |
| | 3,698 | | | Commercial Metals Co. | | | 62,755 | |
| | 1,200 | | | Gibraltar Industries, Inc. (a) | | | 34,320 | |
| | 1,249 | | | Handy & Harman Ltd. (a) | | | 34,160 | |
| | 550 | | | Haynes International, Inc. | | | 20,075 | |
| | 1,069 | | | Materion Corp. | | | 28,307 | |
| | 3,909 | | | Olympic Steel, Inc. | | | 67,665 | |
| | 4,327 | | | Real Industry, Inc. (a) | | | 37,645 | |
| | 1,039 | | | Reliance Steel & Aluminum Co. | | | 71,888 | |
| | 3,788 | | | Ryerson Holding Corp. (a) | | | 21,061 | |
| | 2,404 | | | Schnitzer Steel Industries, Inc. - Class A | | | 44,330 | |
| | 3,248 | | | Steel Dynamics, Inc. | | | 73,113 | |
| | 8,954 | | | SunCoke Energy, Inc. | | | 58,201 | |
| | 2,445 | | | United States Steel Corp. | | | 39,242 | |
| | 1,538 | | | Worthington Industries, Inc. | | | 54,814 | |
| | | | | | |
|
|
|
| | | | | | | | 793,655 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.63% | |
| | 2,126 | | | Big Lots, Inc. | | | 96,286 | |
| | 1,620 | | | Burlington Stores, Inc. (a)(b) | | | 91,109 | |
| | 1,070 | | | Dillard’s, Inc. - Class A (b) | | | 90,854 | |
| | 4,480 | | | Fred’s, Inc. - Class A | | | 66,797 | |
| | 7,505 | | | J.C. Penney Co., Inc. (a)(b) | | | 83,005 | |
| | 1,830 | | | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | | | 42,877 | |
| | 1,291 | | | Sears Holdings Corp. (a)(b) | | | 19,765 | |
| | 7,995 | | | Tuesday Morning Corp. (a) | | | 65,399 | |
| | | | | | |
|
|
|
| | | | | | | | 556,092 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.70% | |
| | 1,173 | | | Alliant Energy Corp. | | | 87,130 | |
| | 714 | | | Avista Corp. | | | 29,117 | |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Multi-Utilities (Continued) | |
| | 558 | | | Black Hills Corp. (b) | | $ | 33,552 | |
| | 3,888 | | | CMS Energy Corp. (b) | | | 165,007 | |
| | 3,047 | | | MDU Resources Group, Inc. | | | 59,295 | |
| | 584 | | | Northwestern Corp. | | | 36,062 | |
| | 1,639 | | | SCANA Corp. (b) | | | 114,976 | |
| | 2,024 | | | TECO Energy, Inc. | | | 55,721 | |
| | 793 | | | Vectren Corp. | | | 40,094 | |
| | | | | | |
|
|
|
| | | | | | | | 620,954 | |
| | | | | | |
|
|
|
| | | | | Oil & Gas - 0.62% | |
| | 2,597 | | | Alon USA Energy, Inc. | | | 26,801 | |
| | 2,766 | | | Callon Petroleum Co. (a)(b) | | | 24,479 | |
| | 300 | | | Chesapeake Utilities Corp. | | | 18,891 | |
| | 16,186 | | | Cloud Peak Energy, Inc. (a) | | | 31,563 | |
| | 714 | | | CVR Energy, Inc. (b) | | | 18,636 | |
| | 18,804 | | | Denbury Resources, Inc. (b) | | | 41,745 | |
| | 3,058 | | | DHT Holdings, Inc. | | | 17,614 | |
| | 630 | | | Diamondback Energy, Inc. (a)(b) | | | 48,623 | |
| | 5,560 | | | Hallador Energy Co. | | | 25,409 | |
| | 1,368 | | | Newfield Exploration Co. (a) | | | 45,486 | |
| | 1,700 | | | Nordic American Tanker Shipping Ltd. (b) | | | 23,953 | |
| | 1,386 | | | Par Pacific Holdings, Inc. (a) | | | 26,001 | |
| | 1,022 | | | Parsley Energy, Inc. - Class A (a)(b) | | | 23,097 | |
| | 1,043 | | | PBF Energy, Inc. - Class A | | | 34,628 | |
| | 468 | | | PDC Energy, Inc. (a) | | | 27,823 | |
| | 1,398 | | | Ship Finance International Ltd. (b) | | | 19,418 | |
| | 1,602 | | | Western Refining, Inc. | | | 46,602 | |
| | 1,108 | | | World Fuel Services Corp. | | | 53,827 | |
| | | | | | |
|
|
|
| | | | | | | | 554,596 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.21% | |
| | 398 | | | Clearwater Paper Corp. (a) | | | 19,307 | |
| | 1,200 | | | Domtar Corp. | | | 48,600 | |
| | 2,331 | | | KapStone Paper and Packaging Corp. | | | 32,284 | |
| | 1,200 | | | Louisiana-Pacific Corp. (a) | | | 20,544 | |
| | 300 | | | Neenah Paper, Inc. | | | 19,098 | |
| | 1,300 | | | P.H. Glatfelter Co. | | | 26,949 | |
| | 605 | | | Schweitzer-Mauduit International, Inc. | | | 19,046 | |
| | | | | | |
|
|
|
| | | | | | | | 185,828 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 1.08% | |
| | 19,687 | | | Avon Products, Inc. | | | 94,694 | |
| | 2,151 | | | Coty, Inc. - Class A (b) | | | 59,862 | |
| | 1,216 | | | Edgewell Personal Care Co. | | | 97,925 | |
| | 4,544 | | | Elizabeth Arden, Inc. (a)(b) | | | 37,215 | |
| | 2,821 | | | Herbalife Ltd. (a)(b) | | | 173,661 | |
| | 742 | | | Inter Parfums, Inc. | | | 22,928 | |
| | 1,800 | | | Medifast, Inc. | | | 54,342 | |
| | 3,810 | | | Natural Health Trends Corp. (b) | | | 126,302 | |
| | 3,684 | | | Nature’s Sunshine Products, Inc. | | | 35,366 | |
| | 2,440 | | | Nu Skin Enterprises, Inc. - Class A (b) | | | 93,330 | |
| | 1,800 | | | Nutraceutical International Corp. (a) | | | 43,830 | |
| | 1,500 | | | Revlon, Inc. - Class A (a) | | | 54,615 | |
| | 500 | | | USANA Health Sciences, Inc. (a) | | | 60,710 | |
| | | | | | |
|
|
|
| | | | | | | | 954,780 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 0.84% | |
| | 636 | | | ANI Pharmaceuticals, Inc. (a)(b) | | | 21,408 | |
| | 1,214 | | | Cempra, Inc. (a)(b) | | | 21,269 | |
| | 15,946 | | | Corcept Therapeutics, Inc. (a) | | | 74,627 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Pharmaceuticals (Continued) | |
| | 3,086 | | | Depomed, Inc. (a)(b) | | $ | 42,988 | |
| | 800 | | | Heska Corp. (a) | | | 22,800 | |
| | 800 | | | Impax Laboratories, Inc. (a) | | | 25,616 | |
| | 2,147 | | | Lannett Co., Inc. (a)(b) | | | 38,496 | |
| | 700 | | | Medicines Co. (a)(b) | | | 22,239 | |
| | 1,562 | | | Nektar Therapeutics (a)(b) | | | 21,478 | |
| | 700 | | | Pacira Pharmaceuticals, Inc. (a)(b) | | | 37,086 | |
| | 1,300 | | | Phibro Animal Health Corp. - Class A | | | 35,152 | |
| | 2,078 | | | Prestige Brands Holdings, Inc. (a)(b) | | | 110,944 | |
| | 12,371 | | | SciClone Pharmaceuticals, Inc. (a) | | | 136,081 | |
| | 3,300 | | | Sucampo Pharmaceuticals, Inc. - Class A (a) | | | 36,069 | |
| | 5,387 | | | Supernus Pharmaceuticals, Inc. (a) | | | 82,152 | |
| | 2,201 | | | Zogenix, Inc. (a) | | | 20,337 | |
| | | | | | |
|
|
|
| | | | | | | | 748,742 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.39% | |
| | 3,777 | | | CBIZ, Inc. (a) | | | 38,110 | |
| | 4,900 | | | CDI Corp. | | | 30,772 | |
| | 653 | | | CEB, Inc. | | | 42,269 | |
| | 483 | | | Exponent, Inc. | | | 24,638 | |
| | 2,800 | | | Franklin Covey Co. (a) | | | 49,252 | |
| | 1,438 | | | FTI Consulting, Inc. (a) | | | 51,063 | |
| | 800 | | | Heidrick & Struggles International, Inc. | | | 18,960 | |
| | 9,244 | | | Hill International, Inc. (a) | | | 31,152 | |
| | 455 | | | Huron Consulting Group, Inc. (a) | | | 26,476 | |
| | 951 | | | ICF International, Inc. (a) | | | 32,686 | |
| | 1,034 | | | Insperity, Inc. | | | 53,489 | |
| | 1,946 | | | Kelly Services, Inc. - Class A | | | 37,208 | |
| | 2,592 | | | Kforce, Inc. | | | 50,751 | |
| | 1,100 | | | Korn/Ferry International | | | 31,119 | |
| | 2,250 | | | ManpowerGroup, Inc. | | | 183,195 | |
| | 1,730 | | | Mistras Group, Inc. (a) | | | 42,852 | |
| | 11,317 | | | Monster Worldwide, Inc. (a) | | | 36,893 | |
| | 1,639 | | | Navigant Consulting, Inc. (a) | | | 25,913 | |
| | 1,229 | | | On Assignment, Inc. (a) | | | 45,375 | |
| | 2,600 | | | Resources Connection, Inc. | | | 40,456 | |
| | 2,624 | | | Robert Half International, Inc. | | | 122,226 | |
| | 3,558 | | | RPX Corp. (a) | | | 40,063 | |
| | 400 | | | The Dun & Bradstreet Corp. | | | 41,232 | |
| | 2,782 | | | TrueBlue, Inc. (a) | | | 72,749 | |
| | 5,086 | | | Volt Information Sciences, Inc. (a) | | | 38,298 | |
| | 362 | | | VSE Corp. | | | 24,576 | |
| | | | | | |
|
|
|
| | | | | | | | 1,231,773 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.58% | |
| | 552 | | | Alexander & Baldwin, Inc. (b) | | | 20,247 | |
| | 4,526 | | | Altisource Portfolio Solutions SA (a)(b) | | | 109,303 | |
| | 3,756 | | | AV Homes, Inc. (a) | | | 42,668 | |
| | 544 | | | FRP Holdings, Inc. (a) | | | 19,366 | |
| | 1,481 | | | Jones Lang LaSalle, Inc. | | | 173,751 | |
| | 3,209 | | | Marcus & Millichap, Inc. (a) | | | 81,477 | |
| | 1,955 | | | Realogy Holdings Corp. (a) | | | 70,595 | |
| | | | | | |
|
|
|
| | | | | | | | 517,407 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.36% | |
| | 100 | | | AMERCO | | | 35,731 | |
| | 1,200 | | | ArcBest Corp. (b) | | | 25,908 | |
| | 1,334 | | | Avis Budget Group (a) | | | 36,498 | |
| | 600 | | | Genesee & Wyoming, Inc. - Class A (a) | | | 37,620 | |
| | 1,151 | | | Landstar System, Inc. (b) | | | 74,366 | |
| | 2,369 | | | Roadrunner Transportation Systems, Inc. (a) | | | 29,518 | |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Road & Rail (Continued) | |
| | 948 | | | Saia, Inc. (a) | | $ | 26,686 | |
| | 1,476 | | | Swift Transportation Co. (a)(b) | | | 27,498 | |
| | 1,500 | | | Universal Truckload Services, Inc. | | | 24,705 | |
| | | | | | |
|
|
|
| | | | | | | | 318,530 | |
| | | | | | |
|
|
|
| | | | | Semiconductor & Semiconductor Equipment - 2.20% | |
| | 2,192 | | | Advanced Energy Industries, Inc. (a)(b) | | | 76,260 | |
| | 13,533 | | | Advanced Micro Devices, Inc. (a)(b) | | | 38,569 | |
| | 2,044 | | | Alpha & Omega Semiconductor Ltd. (a) | | | 24,221 | |
| | 1,213 | | | Ambarella, Inc. (a)(b) | | | 54,221 | |
| | 3,987 | | | Amkor Technology, Inc. (a) | | | 23,483 | |
| | 5,900 | | | Applied Micro Circuits Corp. (a)(b) | | | 38,114 | |
| | 7,383 | | | Atmel Corp. | | | 59,950 | |
| | 6,357 | | | Axcelis Technologies, Inc. (a) | | | 17,800 | |
| | 612 | | | Cabot Microelectronics Corp. | | | 25,037 | |
| | 3,088 | | | Cascade Microtech, Inc. (a) | | | 63,675 | |
| | 1,420 | | | Cavium, Inc. (a) | | | 86,847 | |
| | 900 | | | CEVA, Inc. (a) | | | 20,250 | |
| | 2,604 | | | Cirrus Logic, Inc. (a) | | | 94,812 | |
| | 2,541 | | | Cohu, Inc. | | | 30,187 | |
| | 952 | | | Cree, Inc. (a)(b) | | | 27,703 | |
| | 1,950 | | | DSP Group, Inc. (a) | | | 17,784 | |
| | 1,600 | | | Entegris, Inc. (a) | | | 21,792 | |
| | 1,500 | | | Fairchild Semiconductor International, Inc. (a) | | | 30,000 | |
| | 900 | | | First Solar, Inc. (a) | | | 61,623 | |
| | 2,600 | | | FormFactor, Inc. (a) | | | 18,902 | |
| | 1,597 | | | Inphi Corp. (a)(b) | | | 53,244 | |
| | 2,762 | | | Integrated Device Technology, Inc. (a) | | | 56,455 | |
| | 3,167 | | | IXYS Corp. | | | 35,534 | |
| | 500 | | | M/A-Com Technology Solutions Holdings, Inc. (a)(b) | | | 21,895 | |
| | 4,800 | | | Marvell Technology Group Ltd. - ADR | | | 49,488 | |
| | 12,786 | | | Mattson Technology, Inc. (a) | | | 46,669 | |
| | 2,471 | | | MaxLinear, Inc. - Class A (a) | | | 45,713 | |
| | 1,976 | | | Microsemi Corp. (a)(b) | | | 75,701 | |
| | 1,266 | | | MKS Instrument, Inc. (b) | | | 47,665 | |
| | 1,047 | | | Monolithic Power Systems, Inc. (b) | | | 66,631 | |
| | 1,241 | | | Nanometrics, Inc. (a) | | | 19,657 | |
| | 4,545 | | | NeoPhotonics Corp. (a) | | | 63,812 | |
| | 9,074 | | | ON Semiconductor Corp. (a)(b) | | | 87,020 | |
| | 4,101 | | | Photronics, Inc. (a) | | | 42,691 | |
| | 400 | | | Power Integrations, Inc. (b) | | | 19,864 | |
| | 2,969 | | | Rambus, Inc. (a) | | | 40,824 | |
| | 1,940 | | | Rudolph Technologies, Inc. (a) | | | 26,500 | |
| | 1,100 | | | Semtech Corp. (a) | | | 24,189 | |
| | 6,800 | | | Sigma Designs, Inc. (a) | | | 46,240 | |
| | 1,194 | | | Silicon Laboratories, Inc. (a) | | | 53,682 | |
| | 4,396 | | | Teradyne, Inc. | | | 94,910 | |
| | 3,800 | | | Ultra Clean Holdings, Inc. (a) | | | 20,368 | |
| | 919 | | | Ultratech, Inc. (a) | | | 20,071 | |
| | 1,292 | | | Veeco Instruments, Inc. (a) | | | 25,168 | |
| | 5,500 | | | Xcerra Corp. (a) | | | 35,860 | |
| | | | | | |
|
|
|
| | | | | | | | 1,951,081 | |
| | | | | | |
|
|
|
| | | | | Software - 4.53% | |
| | 7,000 | | | A10 Networks, Inc. (a) | | | 41,440 | |
| | 3,059 | | | ACI Worldwide, Inc. (a)(b) | | | 63,597 | |
| | 4,320 | | | American Software, Inc. - Class A | | | 38,880 | |
| | 1,197 | | | ANSYS, Inc. (a) | | | 107,084 | |
| | 2,836 | | | Aspen Technology, Inc. (a) | | | 102,465 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | |
| | 3,326 | | | AVG Technologies NV (a) | | $ | 69,014 | |
| | 3,632 | | | Barracuda Networks, Inc. (a)(b) | | | 55,933 | |
| | 784 | | | Blackbaud, Inc. | | | 49,306 | |
| | 600 | | | Bottomline Technologies, Inc. (a)(b) | | | 18,294 | |
| | 8,261 | | | Cadence Design System, Inc. (a)(b) | | | 194,794 | |
| | 2,104 | | | Callidus Software, Inc. (a) | | | 35,095 | |
| | 1,359 | | | CommVault Systems, Inc. (a) | | | 58,668 | |
| | 652 | | | Digimarc Corp. (a)(b) | | | 19,756 | |
| | 561 | | | Ebix, Inc. (b) | | | 22,883 | |
| | 900 | | | Ellie Mae, Inc. (a) | | | 81,576 | |
| | 3,825 | | | Epiq Systems, Inc. | | | 57,451 | |
| | 381 | | | ePlus, Inc. (a) | | | 30,674 | |
| | 1,015 | | | FactSet Research Systems, Inc. | | | 153,803 | |
| | 899 | | | Fair Isaac Corp. (b) | | | 95,375 | |
| | 1,447 | | | Fleetmatics Group Plc (a)(b) | | | 58,907 | |
| | 2,598 | | | Fortinet, Inc. (a) | | | 79,577 | |
| | 2,489 | | | Gigamon, Inc. (a) | | | 77,209 | |
| | 1,163 | | | Globant SA (a)(b) | | | 35,890 | |
| | 9,176 | | | Glu Mobile, Inc. (a)(b) | | | 25,876 | |
| | 10,192 | | | Guidance Software, Inc. (a) | | | 43,826 | |
| | 600 | | | Guidewire Software, Inc. (a)(b) | | | 32,688 | |
| | 1,168 | | | HubSpot, Inc. (a)(b) | | | 50,948 | |
| | 700 | | | Imperva, Inc. (a)(b) | | | 35,350 | |
| | 2,500 | | | Infoblox, Inc. (a) | | | 42,750 | |
| | 1,151 | | | Interactive Intelligence Group, Inc. (a) | | | 41,919 | |
| | 1,311 | | | Jack Henry & Associates, Inc. | | | 110,871 | |
| | 7,561 | | | Jive Software, Inc. (a) | | | 28,581 | |
| | 2,260 | | | Manhattan Associates, Inc. (a) | | | 128,526 | |
| | 4,887 | | | Mentor Graphics Corp. (b) | | | 99,353 | |
| | 456 | | | MicroStrategy, Inc. - Class A (a) | | | 81,952 | |
| | 10,700 | | | MobileIron, Inc. (a) | | | 48,364 | |
| | 2,299 | | | Model N, Inc. (a) | | | 24,760 | |
| | 1,129 | | | Monotype Imaging Holdings, Inc. | | | 27,006 | |
| | 516 | | | NetSuite, Inc. (a)(b) | | | 35,341 | |
| | 5,680 | | | Nuance Communications, Inc. (a) | | | 106,159 | |
| | 600 | | | Paycom Software, Inc. (a) | | | 21,360 | |
| | 2,749 | | | Pegasystems, Inc. | | | 69,770 | |
| | 1,700 | | | Progress Software Corp. (a) | | | 41,004 | |
| | 500 | | | Proofpoint, Inc. (a)(b) | | | 26,890 | |
| | 2,183 | | | PROS Holdings, Inc. (a) | | | 25,738 | |
| | 2,200 | | | PTC, Inc. (a) | | | 72,952 | |
| | 2,456 | | | QAD, Inc. - Class A | | | 52,190 | |
| | 3,109 | | | Qlik Technologies, Inc. (a) | | | 89,912 | |
| | 1,100 | | | Qualys, Inc. (a)(b) | | | 27,841 | |
| | 1,712 | | | RealPage, Inc. (a) | | | 35,678 | |
| | 4,287 | | | RingCentral, Inc. - Class A (a)(b) | | | 67,520 | |
| | 2,167 | | | Rovi Corp. (a) | | | 44,445 | |
| | 2,266 | | | Sapiens International Corp. NV | | | 27,147 | |
| | 1,300 | | | Splunk, Inc. (a)(b) | | | 63,609 | |
| | 800 | | | SS&C Technologies Holdings, Inc. (b) | | | 50,736 | |
| | 606 | | | Synchronoss Technologies, Inc. (a) | | | 19,598 | |
| | 4,190 | | | Synopsys, Inc. (a) | | | 202,964 | |
| | 900 | | | Tableau Software, Inc. - Class A (a) | | | 41,283 | |
| | 2,159 | | | Take-Two Interactive Software, Inc. (a)(b) | | | 81,329 | |
| | 7,231 | | | Tangoe, Inc. (a)(b) | | | 57,053 | |
| | 3,173 | | | Telenav, Inc. (a) | | | 18,721 | |
| | 992 | | | The Rubicon Project, Inc. (a) | | | 18,134 | |
| | 2,200 | | | TubeMogul, Inc. (a)(b) | | | 28,468 | |
| | 494 | | | Tyler Technologies, Inc. (a)(b) | | | 63,533 | |
| | 382 | | | Ultimate Software Group, Inc. (a)(b) | | | 73,917 | |
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Software (Continued) | |
| | 2,300 | | | Varonis Systems, Inc. (a) | | $ | 41,975 | |
| | 3,245 | | | VASCO Data Security International, Inc. (a)(b) | | | 49,973 | |
| | 1,124 | | | Verint Systems, Inc. (a)(b) | | | 37,519 | |
| | 9,055 | | | Zix Corp. (a) | | | 35,586 | |
| | 10,254 | | | Zynga, Inc. - Class A (a) | | | 23,379 | |
| | | | | | |
|
|
|
| | | | | | | | 4,022,165 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 5.08% | |
| | 3,676 | | | Aaron’s, Inc. | | | 92,268 | |
| | 3,900 | | | Abercrombie & Fitch Co. - Class A (b) | | | 123,006 | |
| | 7,377 | | | American Eagle Outfitters (b) | | | 122,975 | |
| | 1,975 | | | America’s Car-Mart, Inc. (a) | | | 49,375 | |
| | 600 | | | Asbury Automotive Group, Inc. (a) | | | 35,904 | |
| | 6,845 | | | Ascena Retail Group, Inc. (a)(b) | | | 75,706 | |
| | 1,219 | | | AutoNation, Inc. (a)(b) | | | 56,903 | |
| | 4,900 | | | Barnes & Noble, Inc. | | | 60,564 | |
| | 63,201 | | | bebe stores, Inc. (a) | | | 34,748 | |
| | 5,219 | | | Big 5 Sporting Goods Corp. | | | 57,983 | |
| | 4,349 | | | Build-A-Bear Workshop, Inc. (a) | | | 56,493 | |
| | 2,700 | | | Caleres, Inc. | | | 76,383 | |
| | 1,096 | | | Cato Corp. - Class A | | | 42,251 | |
| | 7,292 | | | Chico’s FAS, Inc. (b) | | | 96,765 | |
| | 1,174 | | | Children’s Place Retail Stores, Inc. (b) | | | 97,994 | |
| | 24,324 | | | Christopher & Banks Corp. (a) | | | 58,134 | |
| | 3,110 | | | Citi Trends, Inc. | | | 55,451 | |
| | 1,735 | | | Conns, Inc. (a)(b) | | | 21,618 | |
| | 621 | | | CST Brands, Inc. | | | 23,778 | |
| | 8,901 | | | Destination XL Group, Inc. (a) | | | 46,018 | |
| | 2,190 | | | Dick’s Sporting Goods, Inc. | | | 102,382 | |
| | 1,964 | | | DSW, Inc. - Class A | | | 54,285 | |
| | 2,379 | | | Duluth Holdings, Inc. (a) | | | 46,367 | |
| | 5,212 | | | Express, Inc. (a)(b) | | | 111,589 | |
| | 1,831 | | | Five Below, Inc. (a)(b) | | | 75,693 | |
| | 3,815 | | | Foot Locker, Inc. (b) | | | 246,067 | |
| | 3,900 | | | Francesca’s Holdings Corp. (a)(b) | | | 74,724 | |
| | 3,500 | | | GameStop Corp. - Class A (b) | | | 111,055 | |
| | 1,025 | | | Genesco, Inc. (a)(b) | | | 74,056 | |
| | 1,700 | | | GNC Holdings, Inc. - Class A | | | 53,975 | |
| | 300 | | | Group 1 Automotive, Inc. | | | 17,607 | |
| | 3,148 | | | Guess?, Inc. | | | 59,088 | |
| | 2,779 | | | Haverty Furniture Cos., Inc. | | | 58,804 | |
| | 1,883 | | | Hibbett Sports, Inc. (a)(b) | | | 67,600 | |
| | 3,899 | | | KirkLands, Inc. | | | 68,271 | |
| | 300 | | | Lithia Motors, Inc. - Class A | | | 26,199 | |
| | 4,119 | | | Lumber Liquidators Holdings, Inc. (a)(b) | | | 54,041 | |
| | 965 | | | MarineMax, Inc. (a) | | | 18,789 | |
| | 1,010 | | | Mattress Firm Holding Corp. (a)(b) | | | 42,814 | |
| | 831 | | | Monro Muffler Brake, Inc. | | | 59,392 | |
| | 300 | | | Murphy USA, Inc. (a) | | | 18,435 | |
| | 1,558 | | | Outerwall, Inc. (b) | | | 57,630 | |
| | 1,100 | | | Penske Automotive Group, Inc. | | | 41,690 | |
| | 15,640 | | | Pier 1 Imports, Inc. (b) | | | 109,636 | |
| | 5,336 | | | Rent-A-Center, Inc. | | | 84,576 | |
| | 450 | | | Restoration Hardware Holdings, Inc. (a)(b) | | | 18,855 | |
| | 500 | | | REX Stores Corp. (a)(b) | | | 27,735 | |
| | 3,343 | | | Sally Beauty Holdings, Inc. (a) | | | 108,246 | |
| | 3,100 | | | Select Comfort Corp. (a) | | | 60,109 | |
| | 2,300 | | | Shoe Carnival, Inc. | | | 62,008 | |
| | 4,400 | | | Sportsman’s Warehouse Holdings, Inc. (a)(b) | | | 55,440 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Specialty Retail (Continued) | |
| | 4,216 | | | Stage Stores, Inc. | | $ | 33,981 | |
| | 6,108 | | | Stein Mart, Inc. | | | 44,772 | |
| | 3,693 | | | Systemax, Inc. (a) | | | 32,388 | |
| | 3,749 | | | Tailored Brands, Inc. (b) | | | 67,107 | |
| | 1,610 | | | The Buckle, Inc. (b) | | | 54,531 | |
| | 6,522 | | | The Container Store Group, Inc. (a) | | | 38,284 | |
| | 3,163 | | | The Finish Line, Inc. - Class A (b) | | | 66,739 | |
| | 2,635 | | | The Michaels Cos., Inc. (a)(b) | | | 73,701 | |
| | 3,714 | | | Tile Shop Holdings, Inc. (a)(b) | | | 55,376 | |
| | 7,929 | | | Tilly’s, Inc. - Class A (a) | | | 53,045 | |
| | 1,253 | | | Ulta Salon, Cosmetics & Fragrance, Inc. (a)(b) | | | 242,756 | |
| | 3,118 | | | Urban Outfitters, Inc. (a) | | | 103,175 | |
| | 1,899 | | | Vitamin Shoppe, Inc. (a)(b) | | | 58,793 | |
| | 3,700 | | | West Marine, Inc. (a) | | | 33,633 | |
| | 1,484 | | | Williams Sonoma, Inc. (b) | | | 81,234 | |
| | 600 | | | Winmark Corp. | | | 58,788 | |
| | 2,948 | | | Zumiez, Inc. (a) | | | 58,724 | |
| | | | | | |
|
|
|
| | | | | | | | 4,508,502 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.60% | |
| | 5,500 | | | Avid Technology, Inc. (a) | | | 37,180 | |
| | 2,817 | | | CPI Card Group, Inc. (b) | | | 23,212 | |
| | 608 | | | Electronics for Imaging, Inc. (a) | | | 25,773 | |
| | 22,766 | | | Imation Corp. (a) | | | 35,287 | |
| | 908 | | | Lexmark International, Inc. - Class A | | | 30,354 | |
| | 2,164 | | | NCR Corp. (a) | | | 64,769 | |
| | 4,656 | | | Nimble Storage, Inc. (a) | | | 36,503 | |
| | 4,146 | | | QLogic Corp. (a) | | | 55,722 | |
| | 63,188 | | | Quantum Corp. (a) | | | 38,545 | |
| | 839 | | | Synaptics, Inc. (a) | | | 66,902 | |
| | 4,465 | | | Teradata Corp. (a) | | | 117,162 | |
| | | | | | |
|
|
|
| | | | | | | | 531,409 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.66% | |
| | 1,493 | | | Carter’s, Inc. | | | 157,332 | |
| | 1,003 | | | Cherokee, Inc. (a) | | | 17,843 | |
| | 1,100 | | | Columbia Sportswear Co. (b) | | | 66,099 | |
| | 5,065 | | | Crocs, Inc. (a) | | | 48,725 | |
| | 980 | | | Culp, Inc. | | | 25,696 | |
| | 1,067 | | | Deckers Outdoor Corp. (a)(b) | | | 63,924 | |
| | 2,903 | | | Fossil Group, Inc. (a)(b) | | | 128,951 | |
| | 1,129 | | | G-III Apparel Group, Ltd. (a)(b) | | | 55,197 | |
| | 2,665 | | | Kate Spade & Co. (a) | | | 68,011 | |
| | 2,331 | | | lululemon athletica, Inc. (a)(b) | | | 157,832 | |
| | 2,245 | | | Movado Group, Inc. | | | 61,805 | |
| | 800 | | | Oxford Industries, Inc. | | | 53,784 | |
| | 3,078 | | | Perry Ellis International, Inc. (a) | | | 56,666 | |
| | 3,948 | | | Skechers U.S.A., Inc. - Class A (a) | | | 120,217 | |
| | 1,947 | | | Steven Madden Ltd. (a)(b) | | | 72,117 | |
| | 2,034 | | | Superior Uniform Group, Inc. | | | 36,246 | |
| | 2,131 | | | Tumi Holdings, Inc. (a)(b) | | | 57,153 | |
| | 221 | | | UniFirst Corp. | | | 24,116 | |
| | 3,122 | | | Vera Bradley, Inc. (a)(b) | | | 63,501 | |
| | 6,743 | | | Vince Holding Corp. (a) | | | 42,683 | |
| | 944 | | | Weyco Group, Inc. | | | 25,129 | |
| | 3,971 | | | Wolverine World Wide, Inc. (b) | | | 73,146 | |
| | | | | | |
|
|
|
| | | | | | | | 1,476,173 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 1.52% | |
| | 1,400 | | | Anchor BanCorp Wisconsin, Inc. (a) | | | 63,084 | |
| | 2,882 | | | Astoria Financial Corp. | | | 45,651 | |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Thrifts & Mortgage Finance (Continued) | |
| | 3,146 | | | Bank Mutual Corp. | | $ | 23,815 | |
| | 1,664 | | | Beneficial Bancorp, Inc. (a) | | | 22,780 | |
| | 1,016 | | | Berkshire Hills Bancorp, Inc. | | | 27,320 | |
| | 1,600 | | | BofI Holding, Inc. (a)(b) | | | 34,144 | |
| | 2,400 | | | Brookline Bancorp, Inc. | | | 26,424 | |
| | 1,080 | | | BSB Bancorp, Inc. (a) | | | 24,268 | |
| | 1,810 | | | Capitol Federal Financial, Inc. | | | 24,001 | |
| | 1,400 | | | Dime Community Bancshares | | | 24,668 | |
| | 1,700 | | | Federal Agricultural Mortgage Corp. - Class C | | | 64,141 | |
| | 700 | | | First Defiance Financial Corp. | | | 26,887 | |
| | 1,911 | | | Flagstar Bancorp, Inc. (a) | | | 41,010 | |
| | 1,284 | | | Flushing Financial Corp. | | | 27,760 | |
| | 271 | | | Hingham Institution for Savings | | | 32,279 | |
| | 1,738 | | | HomeStreet, Inc. (a) | | | 36,168 | |
| | 4,600 | | | Impac Mortgage Holdings, Inc. (a)(b) | | | 63,802 | |
| | 2,018 | | | Kearny Financial Corp. | | | 24,922 | |
| | 649 | | | LendingTree, Inc. (a)(b) | | | 63,459 | |
| | 1,277 | | | Meridian Bancorp, Inc. | | | 17,776 | |
| | 622 | | | Meta Financial Group, Inc. | | | 28,363 | |
| | 1,563 | | | Northfield Bancorp, Inc. | | | 25,696 | |
| | 2,085 | | | Northwest Bancshares, Inc. (b) | | | 28,168 | |
| | 1,800 | | | OceanFirst Financial Corp. | | | 31,824 | |
| | 1,900 | | | Oritani Financial Corp. | | | 32,243 | |
| | 1,900 | | | PennyMac Financial Services, Inc. - Class A (a) | | | 22,344 | |
| | 6,045 | | | People’s United Financial, Inc. (b) | | | 96,297 | |
| | 1,869 | | | Provident Financial Services, Inc. | | | 37,735 | |
| | 3,712 | | | Radian Group, Inc. | | | 46,029 | |
| | 700 | | | Territorial Bancorp, Inc. | | | 18,242 | |
| | 1,300 | | | TFS Financial Corp. | | | 22,581 | |
| | 4,174 | | | TrustCo Bank Corp. | | | 25,294 | |
| | 3,135 | | | United Community Financial Corp. | | | 18,403 | |
| | 2,679 | | | United Financial Bancorp, Inc. | | | 33,729 | |
| | 2,556 | | | Walker & Dunlop, Inc. (a) | | | 62,034 | |
| | 2,194 | | | Washington Federal, Inc. | | | 49,694 | |
| | 1,715 | | | Waterstone Financial, Inc. | | | 23,461 | |
| | 896 | | | WSFS Financial Corp. (b) | | | 29,138 | |
| | | | | | |
|
|
|
| | | | | | | | 1,345,634 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.13% | |
| | 1,163 | | | Universal Corp. (b) | | | 66,070 | |
| | 1,969 | | | Vector Group Ltd. (b) | | | 44,972 | |
| | | | | | |
|
|
|
| | | | | | | | 111,042 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 0.90% | |
| | 1,624 | | | Applied Industrial Technologies, Inc. (b) | | | 70,482 | |
| | 1,829 | | | Beacon Roofing Supply, Inc. (a)(b) | | | 75,007 | |
| | 3,361 | | | DXP Enterprises, Inc. (a) | | | 59,019 | |
| | 4,394 | | | HD Supply Holdings, Inc. (a) | | | 145,310 | |
| | 2,932 | | | Lawson Products, Inc. (a) | | | 57,409 | |
| | 2,700 | | | MRC Global, Inc. (a) | | | 35,478 | |
| | 1,101 | | | MSC Industrial Direct Co., Inc. - Class A | | | 84,017 | |
| | 4,317 | | | Neff Corp. - Class A (a) | | | 32,118 | |
| | 2,525 | | | NOW, Inc. (a)(b) | | | 44,743 | |
| | 2,989 | | | Titan Machinery, Inc. (a)(b) | | | 34,553 | |
| | 1,078 | | | Univar, Inc. (a) | | | 18,520 | |
| | 753 | | | Watsco, Inc. | | | 101,459 | |
| | 800 | | | WESCO International, Inc. (a)(b) | | | 43,736 | |
| | | | | | |
|
|
|
| | | | | | | | 801,851 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Transportation Infrastructure - 0.08% | |
| | 600 | | | Macquarie Infrastructure Corp. | | $ | 40,464 | |
| | 2,400 | | | Wesco Aircraft Holdings, Inc. (a) | | | 34,536 | |
| | | | | | |
|
|
|
| | | | | | | | 75,000 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.46% | |
| | 500 | | | American States Water Co. | | | 19,680 | |
| | 2,318 | | | American Water Works Co., Inc. (b) | | | 159,780 | |
| | 1,781 | | | Aqua America, Inc. (b) | | | 56,671 | |
| | 734 | | | California Water Service Group | | | 19,612 | |
| | 427 | | | Connecticut Water Service, Inc. | | | 19,258 | |
| | 3,518 | | | Consolidated Water Co., Ltd. - Ordinary Shares | | | 42,814 | |
| | 2,401 | | | Middlesex Water Co. | | | 74,071 | |
| | 634 | | | The York Water Co. | | | 19,350 | |
| | | | | | |
|
|
|
| | | | | | | | 411,236 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.17% | |
| | 2,620 | | | NTELOS Holdings Corp. (a) | | | 24,104 | |
| | 1,209 | | | Shenandoah Telecommunications Co. | | | 32,341 | |
| | 1,631 | | | Spok Holdings, Inc. | | | 28,559 | |
| | 1,605 | | | Telephone & Data Systems, Inc. | | | 48,294 | |
| | 481 | | | United States Cellular Corp. (a) | | | 21,977 | |
| | | | | | |
|
|
|
| | | | | | | | 155,275 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $75,905,128) | | | 79,239,106 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 1.23% | |
| | | | | Exchange Traded Funds - 1.23% | |
| | 13,243 | | | Vanguard Extended Market ETF (b) | | | 1,096,520 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $1,067,491) | | | 1,096,520 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 7.45% | |
| | | | | Real Estate Investment Trusts - 7.45% | |
| | 781 | | | Acadia Realty Trust (b) | | | 27,437 | |
| | 3,826 | | | AG Mortgage Investment Trust, Inc. | | | 50,006 | |
| | 100 | | | Alexander’s, Inc. (b) | | | 38,055 | |
| | 227 | | | Alexandria Real Estate Equities, Inc. | | | 20,632 | |
| | 1,173 | | | American Campus Communities, Inc. | | | 55,237 | |
| | 3,199 | | | Apartment Investment & Management Co. - Class A | | | 133,782 | |
| | 4,429 | | | Apollo Commercial Real Estate Finance, Inc. | | | 72,193 | |
| | 2,661 | | | Apple Hospitality REIT, Inc. (b) | | | 52,714 | |
| | 4,500 | | | Ares Commercial Real Estate Corp. | | | 49,275 | |
| | 7,727 | | | Armada Hoffler Properties, Inc. | | | 86,929 | |
| | 1,621 | | | Ashford Hospitality Prime, Inc. | | | 18,917 | |
| | 19,611 | | | Ashford Hospitality Trust, Inc. | | | 125,118 | |
| | 1,060 | | | Camden Property Trust (b) | | | 89,135 | |
| | 4,900 | | | Capstead Mortgage Corp. (b) | | | 48,461 | |
| | 5,748 | | | CBL & Associates Properties, Inc. | | | 68,401 | |
| | 2,518 | | | Cedar Shopping Centers, Inc. | | | 18,205 | |
| | 1,022 | | | Chatham Lodging Trust | | | 21,901 | |
| | 1,100 | | | Chesapeake Lodging Trust | | | 29,106 | |
| | 4,876 | | | Chimera Investment Corp. | | | 66,265 | |
| | 2,887 | | | Colony Capital, Inc. - Class A | | | 48,415 | |
| | 1,509 | | | Columbia Property Trust, Inc. (b) | | | 33,183 | |
| | 647 | | | CoreSite Realty Corp. (b) | | | 45,296 | |
| | 2,684 | | | Corporate Office Properties Trust | | | 70,428 | |
| | 3,531 | | | Corrections Corporation of America | | | 113,169 | |
| | 4,443 | | | Cousins Properties, Inc. | | | 46,118 | |
| | 1,700 | | | CubeSmart | | | 56,610 | |
| | 800 | | | CyrusOne, Inc. (b) | | | 36,520 | |
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 933 | | | DCT Industrial Trust, Inc. | | $ | 36,826 | |
| | 2,173 | | | DDR Corp. (b) | | | 38,658 | |
| | 7,029 | | | DiamondRock Hospitality Co. | | | 71,133 | |
| | 1,409 | | | Douglas Emmett, Inc. | | | 42,425 | |
| | 2,834 | | | Duke Realty Corp. | | | 63,878 | |
| | 1,210 | | | DuPont Fabros Technology, Inc. (b) | | | 49,041 | |
| | 4,017 | | | Dynex Capital, Inc. | | | 26,713 | |
| | 1,032 | | | Easterly Government Properties, Inc. | | | 19,113 | |
| | 307 | | | EastGroup Properties, Inc. | | | 18,534 | |
| | 647 | | | Education Realty Trust, Inc. (b) | | | 26,915 | |
| | 794 | | | EPR Properties (b) | | | 52,896 | |
| | 1,218 | | | Equity Commonwealth (a) | | | 34,372 | |
| | 1,830 | | | Equity LifeStyle Properties, Inc. | | | 133,096 | |
| | 926 | | | Equity One, Inc. | | | 26,539 | |
| | 1,895 | | | Extra Space Storage, Inc. | | | 177,107 | |
| | 1,155 | | | Federal Realty Investment Trust (b) | | | 180,238 | |
| | 4,415 | | | Felcor Lodging Trust, Inc. | | | 35,850 | |
| | 1,000 | | | First Industrial Realty Trust (b) | | | 22,740 | |
| | 999 | | | Forest City Realty Trust, Inc. - Class A | | | 21,069 | |
| | 1,798 | | | Franklin Street Properties Corp. | | | 19,077 | |
| | 966 | | | Getty Realty Corp. | | | 19,156 | |
| | 3,576 | | | Gramercy Property Trust (b) | | | 30,217 | |
| | 4,168 | | | Great Ajax Corp. | | | 46,640 | |
| | 1,100 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 21,142 | |
| | 1,890 | | | Hatteras Financial Corp. | | | 27,027 | |
| | 898 | | | Health Care Realty Trust | | | 27,739 | |
| | 1,254 | | | Healthcare Trust of America, Inc. - Class A | | | 36,893 | |
| | 1,931 | | | Hersha Hospitality Trust | | | 41,208 | |
| | 888 | | | Highwoods Properties, Inc. (b) | | | 42,455 | |
| | 2,500 | | | Hospitality Property Trust | | | 66,400 | |
| | 5,472 | | | Independence Realty Trust, Inc. | | | 38,961 | |
| | 3,972 | | | Invesco Mortgage Capital, Inc. | | | 48,379 | |
| | 2,987 | | | Iron Mountain, Inc. | | | 101,289 | |
| | 483 | | | Kilroy Realty Corp. | | | 29,883 | |
| | 962 | | | Kite Realty Group Trust (b) | | | 26,657 | |
| | 3,498 | | | Ladder Capital Corp. | | | 43,550 | |
| | 2,611 | | | Lamar Advertising Co. - Class A | | | 160,576 | |
| | 2,710 | | | LaSalle Hotel Properties (b) | | | 68,590 | |
| | 4,300 | | | Lexington Realty Trust (b) | | | 36,980 | |
| | 1,906 | | | Liberty Property Trust (b) | | | 63,775 | |
| | 899 | | | LTC Properties, Inc. | | | 40,671 | |
| | 1,084 | | | Mack-Cali Realty Corp. (b) | | | 25,474 | |
| | 1,603 | | | Medical Properties Trust, Inc. | | | 20,807 | |
| | 9,888 | | | MFA Financial, Inc. | | | 67,733 | |
| | 1,480 | | | Mid-American Apartment Communities, Inc. (b) | | | 151,271 | |
| | 1,583 | | | Monmouth Real Estate Investment Corp. - Class A | | | 18,822 | |
| | 2,519 | | | Monogram Residential Trust, Inc. | | | 24,837 | |
| | 993 | | | National Health Investors, Inc. | | | 66,054 | |
| | 1,410 | | | National Retail Properties, Inc. | | | 65,142 | |
| | 6,950 | | | New Residential Investment Corp. | | | 80,828 | |
| | 15,915 | | | New York Mortgage Trust, Inc. (b) | | | 75,437 | |
| | 516 | | | Omega Healthcare Investors, Inc. (b) | | | 18,215 | |
| | 1,800 | | | One Liberty Properties, Inc. | | | 40,338 | |
| | 2,107 | | | Parkway Properties, Inc. (b) | | | 32,996 | |
| | 1,359 | | | Pebblebrook Hotel Trust (b) | | | 39,506 | |
| | 3,926 | | | PennyMac Mortgage Investment Trust | | | 53,551 | |
| | 1,551 | | | Physicians Realty Trust (b) | | | 28,818 | |
| | 3,694 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 75,025 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 453 | | | Post Properties, Inc. | | $ | 27,062 | |
| | 1,112 | | | Potlatch Corp. | | | 35,028 | |
| | 1,432 | | | Preferred Apartment Communities, Inc. - Class A | | | 18,158 | |
| | 1,024 | | | PS Business Parks, Inc. (b) | | | 102,922 | |
| | 500 | | | QTS Realty Trust, Inc. - Class A | | | 23,690 | |
| | 15,625 | | | RAIT Financial Trust | | | 49,062 | |
| | 1,036 | | | Ramco-Gershenson Properties Trust | | | 18,679 | |
| | 4,326 | | | Redwood Trust, Inc. | | | 56,584 | |
| | 1,401 | | | Regency Centers Corp. (b) | | | 104,865 | |
| | 4,040 | | | Resource Capital Corp. | | | 45,450 | |
| | 1,409 | | | Retail Opportunity Investments Corp. | | | 28,349 | |
| | 2,302 | | | Retail Properties of America, Inc. - Class A | | | 36,487 | |
| | 1,073 | | | Rexford Industrial Realty, Inc. | | | 19,486 | |
| | 3,293 | | | RLJ Lodging Trust | | | 75,344 | |
| | 1,490 | | | Ryman Hospitality Properties, Inc. | | | 76,705 | |
| | 1,927 | | | Sabra Health Care REIT, Inc. | | | 38,713 | |
| | 900 | | | Saul Centers, Inc. | | | 47,718 | |
| | 2,159 | | | Select Income REIT | | | 49,765 | |
| | 3,167 | | | Senior Housing Properties Trust | | | 56,658 | |
| | 400 | | | Sovran Self Storage, Inc. (b) | | | 47,180 | |
| | 3,275 | | | Spirit Realty Capital, Inc. | | | 36,844 | |
| | 6,400 | | | Starwood Property Trust, Inc. (b) | | | 121,152 | |
| | 753 | | | STORE Capital Corp. | | | 19,488 | |
| | 6,121 | | | Summit Hotel Properties, Inc. | | | 73,268 | |
| | 631 | | | Sun Communities, Inc. (b) | | | 45,186 | |
| | 7,980 | | | Sunstone Hotel Investors, Inc. | | | 111,720 | |
| | 1,930 | | | Tanger Factory Outlet Centers, Inc. | | | 70,233 | |
| | 1,700 | | | Taubman Centers, Inc. | | | 121,091 | |
| | 780 | | | Terreno Realty Corp. | | | 18,291 | |
| | 2,710 | | | The Geo Group, Inc. | | | 93,956 | |
| | 13,146 | | | Two Harbors Investment Corp. | | | 104,379 | |
| | 1,813 | | | UMH Properties, Inc. | | | 17,985 | |
| | 7,074 | | | United Development Funding IV (b)(c) | | | 0 | |
| | 1,144 | | | Universal Health Realty Income Trust | | | 64,350 | |
| | 756 | | | Urban Edge Properties | | | 19,535 | |
| | 2,800 | | | Urstadt Biddle Properties, Inc. - Class A | | | 58,660 | |
| | 653 | | | Washington Real Estate Investment Trust (b) | | | 19,074 | |
| | 2,566 | | | Weingarten Realty Investors (b) | | | 96,276 | |
| | 726 | | | WP Carey, Inc. | | | 45,186 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $6,110,681) | | | 6,615,349 | |
| | | | | | |
|
|
|
| | | | | RIGHTS - 0.01% | |
| | | | | Biotechnology - 0.00% | |
| | 1,600 | | | Dyax Corp. (a)(c)(d) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 0.01% | |
| | 6,743 | | | Vince Holding Corp. (d) | | | 5,597 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $1,279) | | | 5,597 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.47% | |
| | | | | Money Market Funds - 0.47% | |
| | 416,943 | | | Federated Prime Obligations Fund - Class IS Effective Yield, 0.39% (e) | | | 416,943 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $416,943) | | | 416,943 | |
| | | | | | |
|
|
|
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 26.22% | |
| | | | | Money Market Funds - 26.22% | |
| | 23,286,836 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (e) | | $ | 23,286,836 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $23,286,836) | | | 23,286,836 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $106,788,358) - 124.59% | | | 110,660,351 | |
| | | | | Liabilities in Excess of
Other Assets - (24.59)% | | | (21,838,763 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 88,821,588 | |
| | | | | | |
|
|
|
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) | | As of March 31, 2016, the Fund has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets. |
| (d) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securitoes totals $5,597, which represents 0.01% of total net assets. |
| (e) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
64
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 96.62% | |
| | | | | Australia - 4.68% | |
| | 10,137 | | | AGL Energy Ltd. | | $ | 142,721 | |
| | 18,577 | | | Aristocrat Leisure Ltd. | | | 146,545 | |
| | 10,478 | | | Asciano Ltd. | | | 71,999 | |
| | 2,597 | | | ASX Ltd. | | | 82,381 | |
| | 19,606 | | | Australia and New Zealand Banking Group Ltd. | | | 351,465 | |
| | 28,330 | | | Bendigo & Adelaide Bank Ltd. | | | 192,263 | |
| | 12,572 | | | CIMIC Group Ltd. | | | 334,486 | |
| | 7,230 | | | Cochlear Ltd. | | | 565,511 | |
| | 14,515 | | | Commonwealth Bank of Australia | | | 832,129 | |
| | 8,140 | | | CSL Ltd. | | | 632,569 | |
| | 17,168 | | | Flight Centre Travel Group Ltd. (a) | | | 568,617 | |
| | 210,502 | | | Fortescue Metals Group Ltd. | | | 409,504 | |
| | 6,710 | | | Macquarie Group Ltd. | | | 339,620 | |
| | 9,932 | | | National Australia Bank Ltd. | | | 199,424 | |
| | 8,659 | | | Newcrest Mining Ltd. (b) | | | 112,056 | |
| | 104,232 | | | Platinum Asset Management Ltd. | | | 506,761 | |
| | 122,118 | | | Qantas Airways Ltd. | | | 381,174 | |
| | 12,750 | | | REA Group Ltd. (a) | | | 527,728 | |
| | 17,044 | | | Suncorp Group Ltd. | | | 155,503 | |
| | 63,095 | | | Sydney Airport | | | 323,205 | |
| | 23,162 | | | Tabcorp Holdings Ltd. | | | 75,952 | |
| | 50,624 | | | Telstra Corp. Ltd. | | | 206,595 | |
| | 27,448 | | | Transurban Group | | | 238,425 | |
| | 14,535 | | | Treasury Wine Estates Ltd. | | | 107,326 | |
| | 7,869 | | | Vocus Communications Ltd. | | | 50,199 | |
| | 10,391 | | | Wesfarmers Ltd. | | | 329,817 | |
| | 17,445 | | | Westpac Banking Corp. | | | 405,195 | |
| | 30,456 | | | Woolworths Ltd. | | | 515,460 | |
| | | | | | |
|
|
|
| | | | | | | | 8,804,630 | |
| | | | | | |
|
|
|
| | | | | Austria - 0.21% | |
| | 3,328 | | | ANDRITZ AG | | | 182,322 | |
| | 7,734 | | | Erste Group Bank AG (b) | | | 217,071 | |
| | | | | | |
|
|
|
| | | | | | | | 399,393 | |
| | | | | | |
|
|
|
| | | | | Belgium - 1.38% | |
| | 13,226 | | | Ageas SA | | | 523,438 | |
| | 4,662 | | | Anheuser-Busch InBev SA | | | 579,193 | |
| | 4,459 | | | Colruyt SA | | | 259,310 | |
| | 6,796 | | | Delhaize Group | | | 708,286 | |
| | 587 | | | Groupe Bruxelles Lambert SA | | | 48,364 | |
| | 2,526 | | | KBC Groep NV | | | 130,084 | |
| | 4,934 | | | Telenet Group Holding NV (b) | | | 249,362 | |
| | 1,262 | | | UCB SA | | | 96,335 | |
| | | | | | |
|
|
|
| | | | | | | | 2,594,372 | |
| | | | | | |
|
|
|
| | | | | Canada - 6.27% | |
| | 15,720 | | | Alimentation Couche-Tard, Inc. - Series B | | | 699,608 | |
| | 1,700 | | | Bank of Montreal | | | 103,237 | |
| | 1,002 | | | BCE, Inc. | | | 45,666 | |
| | 19,701 | | | BlackBerry Ltd. | | | 159,883 | |
| | 7,988 | | | Brookfield Asset Management, Inc. - Class A | | | 277,819 | |
| | 3,400 | | | Canadian Imperial Bank of Commerce | | | 253,989 | |
| | 1,596 | | | CCL Industries, Inc. - Class B | | | 302,917 | |
| | 22,188 | | | CI Financial Corp. | | | 490,314 | |
| | 2,754 | | | Constellation Software, Inc. | | | 1,127,661 | |
| | 13,000 | | | Dollarama, Inc. | | | 914,780 | |
| | 31,235 | | | Empire Co., Ltd. - Series A | | | 541,126 | |
| | 24,100 | | | Finning International, Inc. | | | 353,869 | |
| | 6,500 | | | George Weston Ltd. | | | 581,960 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Canada (Continued) | |
| | 2,492 | | | Gildan Activewear, Inc. | | $ | 75,983 | |
| | 2,900 | | | Great-West Lifeco, Inc. | | | 79,804 | |
| | 2,000 | | | IGM Financial, Inc. | | | 60,242 | |
| | 17,200 | | | Industrial Alliance Insurance & Financial Services, Inc. | | | 519,145 | |
| | 1,339 | | | Intact Financial Corp. | | | 93,748 | |
| | 27,300 | | | Kinross Gold Corp. | | | 93,120 | |
| | 6,193 | | | Loblaw Cos., Ltd. | | | 346,760 | |
| | 6,300 | | | Manulife Financial Corp. | | | 89,158 | |
| | 19,916 | | | Metro, Inc. | | | 690,984 | |
| | 3,300 | | | National Bank of Canada | | | 107,963 | |
| | 2,819 | | | Onex Corp. | | | 171,821 | |
| | 32,600 | | | Power Corp. of Canada | | | 752,028 | |
| | 12,208 | | | Power Financial Corp. | | | 305,212 | |
| | 4,335 | | | Rogers Communications, Inc. - Class B | | | 173,567 | |
| | 12,800 | | | Royal Bank of Canada | | | 737,497 | |
| | 5,540 | | | Saputo, Inc. | | | 177,621 | |
| | 3,200 | | | Suncor Energy, Inc. | | | 89,120 | |
| | 7,800 | | | The Bank of Nova Scotia | | | 381,186 | |
| | 14,457 | | | The Jean Coutu Group PJC, Inc. - Class A | | | 245,115 | |
| | 10,300 | | | The Toronto-Dominion Bank | | | 444,595 | |
| | 3,665 | | | Thomson Reuters Corp. | | | 148,491 | |
| | 64,038 | | | Turquoise Hill Resources Ltd. | | | 163,701 | |
| | | | | | |
|
|
|
| | | | | | | | 11,799,690 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 0.35% | |
| | 13,000 | | | Cheung Kong Property Holdings Ltd. | | | 83,775 | |
| | 798,845 | | | WH Group Ltd. | | | 577,734 | |
| | | | | | |
|
|
|
| | | | | | | | 661,509 | |
| | | | | | |
|
|
|
| | | | | Denmark - 2.51% | |
| | 6,321 | | | Carlsberg AS - Series B | | | 601,035 | |
| | 1,566 | | | Chr. Hansen Holding AS | | | 105,018 | |
| | 2,774 | | | Coloplast AS - Series B | | | 209,917 | |
| | 3,412 | | | Danske Bank AS | | | 96,288 | |
| | 5,766 | | | DSV AS | | | 239,833 | |
| | 467 | | | Genmab AS (b) | | | 64,623 | |
| | 7,513 | | | ISS AS | | | 301,322 | |
| | 31,812 | | | Novo Nordisk AS - Series B | | | 1,722,734 | |
| | 4,610 | | | Pandora AS | | | 602,702 | |
| | 29,800 | | | TDC AS | | | 145,649 | |
| | 5,445 | | | Vestas Wind Systems AS | | | 383,653 | |
| | 2,463 | | | William Demant Holding AS (b) | | | 247,385 | |
| | | | | | |
|
|
|
| | | | | | | | 4,720,159 | |
| | | | | | |
|
|
|
| | | | | Finland - 0.81% | |
| | 10,466 | | | Elisa OYJ (a) | | | 406,408 | |
| | 3,360 | | | Neste OYJ | | | 110,417 | |
| | 9,633 | | | Orion OYJ - Class B | | | 317,980 | |
| | 6,084 | | | Sampo OYJ - Series A | | | 288,166 | |
| | 22,132 | | | UPM-Kymmene OYJ | | | 400,139 | |
| | | | | | |
|
|
|
| | | | | | | | 1,523,110 | |
| | | | | | |
|
|
|
| | | | | France - 10.32% | |
| | 380 | | | Air Liquide SA | | | 42,633 | |
| | 13,352 | | | Atos SA | | | 1,084,434 | |
| | 27,206 | | | AXA SA | | | 637,947 | |
| | 17,514 | | | BNP Paribas SA | | | 879,916 | |
| | 1,736 | | | Bouygues SA | | | 70,567 | |
| | 4,938 | | | Cap Gemini SA | | | 463,207 | |
| | 8,567 | | | Carrefour SA | | | 235,363 | |
See notes to financial statements.
65
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | France (Continued) | |
| | 3,913 | | | Christian Dior SA | | $ | 708,549 | |
| | 29,154 | | | CNP Assurances | | | 454,005 | |
| | 2,598 | | | Compagnie de Saint-Gobain SA | | | 114,115 | |
| | 48,667 | | | Credit Agricole SA | | | 526,280 | |
| | 11,764 | | | Danone SA | | | 834,684 | |
| | 3,742 | | | Dassault Systemes SA | | | 296,485 | |
| | 3,594 | | | Essilor International SA | | | 442,839 | |
| | 1,656 | | | Etablissements Michelin | | | 169,192 | |
| | 14,858 | | | Eurazeo SA | | | 1,003,550 | |
| | 2,214 | | | Hermes International SA | | | 778,492 | |
| | 1,014 | | | Ingenico Group SA | | | 116,237 | |
| | 1,483 | | | JCDecaux SA | | | 64,907 | |
| | 5,569 | | | Legrand SA | | | 311,274 | |
| | 4,465 | | | L’Oreal SA | | | 798,729 | |
| | 3,629 | | | LVMH Moet Hennessy Louis Vuitton SA | | | 620,112 | |
| | 4,462 | | | Numericable-SFR SA | | | 187,393 | |
| | 12,903 | | | Orange SA | | | 225,325 | |
| | 349 | | | Pernod-Ricard SA | | | 38,862 | |
| | 47,823 | | | Peugeot SA (b) | | | 818,159 | |
| | 2,292 | | | Publicis Groupe SA | | | 160,718 | |
| | 6,133 | | | Renault SA | | | 609,484 | |
| | 63,436 | | | Rexel SA | | | 904,267 | |
| | 2,145 | | | Safran SA | | | 149,721 | |
| | 16,988 | | | Sanofi-Aventis SA | | | 1,365,767 | |
| | 5,901 | | | Schneider Electric SA | | | 371,885 | |
| | 13,641 | | | SCOR SE | | | 480,927 | |
| | 3,830 | | | Societe BIC SA | | | 575,479 | |
| | 16,607 | | | Societe Generale SA | | | 613,663 | |
| | 2,680 | | | Suez Environnement Co. SA | | | 49,061 | |
| | 4,851 | | | Thales SA | | | 423,904 | |
| | 11,222 | | | Total SA | | | 510,617 | |
| | 525 | | | Valeo SA | | | 81,637 | |
| | 16,282 | | | Veolia Environnement SA | | | 391,890 | |
| | 10,886 | | | Vinci SA | | | 808,005 | |
| | | | | | |
|
|
|
| | | | | | | | 19,420,281 | |
| | | | | | |
|
|
|
| | | | | Germany - 7.22% | |
| | 7,679 | | | adidas AG | | | 896,609 | |
| | 5,931 | | | Allianz SE | | | 963,227 | |
| | 804 | | | Axel Springer SE | | | 43,278 | |
| | 4,041 | | | BASF SE | | | 303,866 | |
| | 11,017 | | | Bayer AG | | | 1,290,978 | |
| | 5,100 | | | Beiersdorf AG | | | 459,379 | |
| | 1,875 | | | Brenntag AG | | | 106,843 | |
| | 560 | | | Continental AG | | | 127,014 | |
| | 1,924 | | | Daimler AG | | | 147,249 | |
| | 6,317 | | | Deutsche Boerse AG | | | 537,856 | |
| | 34,444 | | | Deutsche Lufthansa AG | | | 555,907 | |
| | 24,419 | | | Deutsche Post AG | | | 677,723 | |
| | 45,030 | | | Deutsche Telekom AG | | | 807,314 | |
| | 16,024 | | | Deutsche Wohnen AG | | | 497,299 | |
| | 7,140 | | | E.ON SE | | | 68,273 | |
| | 2,490 | | | Evonik Industries AG | | | 74,469 | |
| | 1,788 | | | Fresenius Medical Care AG & Co. KGaA | | | 157,748 | |
| | 7,037 | | | Fresenius SE & Co. KGaA | | | 512,946 | |
| | 13,068 | | | FUCHS PETROLUB SE - Preference Shares | | | 582,301 | |
| | 3,355 | | | Hannover Rueck SE | | | 389,927 | |
| | 2,949 | | | HeidelbergCement AG | | | 252,008 | |
| | 511 | | | Henkel AG & Co. KGaA | | | 50,107 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Germany (Continued) | |
| | 1,328 | | | Henkel AG & Co. KGaA - Preference Shares | | $ | 146,090 | |
| | 6,397 | | | HUGO BOSS AG | | | 418,199 | |
| | 13,254 | | | Infineon Technologies AG | | | 187,920 | |
| | 2,769 | | | Kabel Deutschland Holding AG | | | 310,035 | |
| | 963 | | | LANXESS AG | | | 46,153 | |
| | 1,247 | | | MAN SE | | | 134,859 | |
| | 3,947 | | | Merck KGaA | | | 328,327 | |
| | 2,827 | | | Metro AG | | | 87,449 | |
| | 3,075 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 624,055 | |
| | 7,786 | | | OSRAM Licht AG | | | 400,246 | |
| | 6,372 | | | ProSiebenSat.1 Media AG | | | 327,107 | |
| | 7,381 | | | SAP AG | | | 593,939 | |
| | 616 | | | Siemens AG | | | 65,149 | |
| | 1,437 | | | Symrise AG | | | 96,210 | |
| | 2,150 | | | United Internet AG | | | 107,722 | |
| | 6,504 | | | Zalando SE
(Acquired 11/24/2015, Cost $210,055) (b)(c) | | | 213,236 | |
| | | | | | |
|
|
|
| | | | | | | | 13,589,017 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 2.64% | |
| | 95,800 | | | AIA Group Ltd. | | | 544,529 | |
| | 6,800 | | | ASM Pacific Technology Ltd. | | | 53,535 | |
| | 43,500 | | | BOC Hong Kong Holdings Ltd. | | | 129,945 | |
| | 10,030 | | | Hang Seng Bank Ltd. | | | 177,471 | |
| | 315,212 | | | HK Electric Investments & HK Electric Investments Ltd. | | | 277,647 | |
| | 20,100 | | | Hong Kong Exchange & Clearing Ltd. | | | 484,333 | |
| | 122,500 | | | Kerry Properties Ltd. | | | 336,337 | |
| | 611,000 | | | New World Development Co., Ltd. | | | 583,155 | |
| | 210,899 | | | NWS Holdings Ltd. | | | 336,328 | |
| | 62,000 | | | Sino Land Co., Ltd. | | | 98,483 | |
| | 957,757 | | | SJM Holdings Ltd. | | | 685,202 | |
| | 5,000 | | | Sun Hung Kai Properties Ltd. | | | 61,183 | |
| | 12,000 | | | Swire Pacific Ltd. - Class A | | | 129,431 | |
| | 38,960 | | | Techtronic Industries Co., Ltd. | | | 154,340 | |
| | 24,026 | | | The Bank of East Asia Ltd. | | | 89,803 | |
| | 47,000 | | | The Wharf Holdings Ltd. | | | 257,441 | |
| | 129,000 | | | Wheelock & Co., Ltd. | | | 576,429 | |
| | | | | | |
|
|
|
| | | | | | | | 4,975,592 | |
| | | | | | |
|
|
|
| | | | | Ireland - 0.20% | |
| | 8,903 | | | CRH Plc | | | 251,446 | |
| | 3,831 | | | James Hardie Industries Plc | | | 52,447 | |
| | 684 | | | Kerry Group Plc - Series A | | | 63,691 | |
| | | | | | |
|
|
|
| | | | | | | | 367,584 | |
| | | | | | |
|
|
|
| | | | | Israel - 0.85% | |
| | 45,934 | | | Bank Hapoalim BM | | | 238,436 | |
| | 48,098 | | | Bank Leumi Le-Israel BM (b) | | | 172,726 | |
| | 116,407 | | | Bezeq the Israel Telecommunication Corp. Ltd. | | | 262,737 | |
| | 5,523 | | | Mizrahi Tefahot Bank Ltd. | | | 64,792 | |
| | 3,150 | | | NICE-Systems Ltd. | | | 204,729 | |
| | 12,214 | | | Teva Pharmaceutical Industries Ltd. | | | 656,916 | |
| | | | | | |
|
|
|
| | | | | | | | 1,600,336 | |
| | | | | | |
|
|
|
| | | | | Italy - 2.71% | |
| | 4,322 | | | Atlantia SpA | | | 119,751 | |
| | 31,386 | | | Banco Popolare Societa Cooperativa | | | 215,520 | |
| | 132,242 | | | Enel SpA | | | 586,259 | |
| | 3,143 | | | Eni SpA | | | 47,468 | |
| | 4,624 | | | EXOR SpA | | | 165,444 | |
| | 1,693 | | | Ferrari NV (b) | | | 70,316 | |
See notes to financial statements.
66
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Italy (Continued) | |
| | 15,959 | | | Finmeccanica SpA (b) | | $ | 202,082 | |
| | 75,239 | | | Intesa Sanpaolo SpA | | | 208,038 | |
| | 31,530 | | | Intesa Sanpaolo SpA - Savings Shares | | | 81,835 | |
| | 14,799 | | | Luxottica Group SpA | | | 815,247 | |
| | 12,561 | | | Mediobanca SpA | | | 90,334 | |
| | 39,378 | | | Prysmian SpA | | | 890,943 | |
| | 29,040 | | | Snam SpA | | | 181,733 | |
| | 290,423 | | | Telecom Italia SpA (b) | | | 313,024 | |
| | 410,685 | | | Telecom Italia SpA - Savings Share | | | 359,418 | |
| | 32,996 | | | Terna Rete Elettrica Nazionale SpA | | | 188,138 | |
| | 244,027 | | | UnipolSai SpA | | | 563,579 | |
| | | | | | |
|
|
|
| | | | | | | | 5,099,129 | |
| | | | | | |
|
|
|
| | | | | Japan - 22.55% | |
| | 3,800 | | | ABC-Mart, Inc. | | | 243,199 | |
| | 27,552 | | | Acom Co., Ltd. | | | 138,727 | |
| | 18,770 | | | Aeon Co., Ltd. | | | 271,152 | |
| | 3,917 | | | Ajinomoto Co., Inc. | | | 88,316 | |
| | 9,945 | | | Alfresa Holdings Corp. | | | 190,864 | |
| | 11,300 | | | Alps Electric Co., Ltd. | | | 197,175 | |
| | 3,298 | | | Asics Corp. | | | 58,814 | |
| | 35,044 | | | Astellas Pharma, Inc. | | | 465,718 | |
| | 12,338 | | | Bandai Namco Holdings, Inc. | | | 268,949 | |
| | 4,117 | | | Benesse Holdings, Inc. | | | 118,537 | |
| | 1,600 | | | Bridgestone Corp. | | | 59,717 | |
| | 38,878 | | | Brother Industries Ltd. | | | 446,533 | |
| | 10,181 | | | Calbee, Inc. | | | 403,949 | |
| | 10,600 | | | Canon, Inc. | | | 316,123 | |
| | 2,600 | | | Casio Computer Co., Ltd. | | | 52,436 | |
| | 700 | | | Central Japan Railway Co. | | | 123,796 | |
| | 35,700 | | | Chubu Electric Power Co., Inc. | | | 498,206 | |
| | 1,900 | | | Chugai Pharmaceutical Co., Ltd. | | | 58,792 | |
| | 11,400 | | | Daiichi Sankyo Co., Ltd. | | | 253,025 | |
| | 2,059 | | | Daito Trust Construction Co., Ltd. | | | 292,041 | |
| | 12,000 | | | Daiwa House Industry Co., Ltd. | | | 337,300 | |
| | 1,200 | | | Dentsu, Inc. | | | 60,200 | |
| | 1,300 | | | Don Quijote Co., Ltd. | | | 45,150 | |
| | 2,157 | | | East Japan Railway Co. | | | 186,062 | |
| | 2,053 | | | Eisai Co., Ltd. | | | 123,430 | |
| | 1,400 | | | FamilyMart Co., Ltd. | | | 72,710 | |
| | 1,600 | | | Fast Retailing Co., Ltd. | | | 511,239 | |
| | 37,014 | | | Fuji Electric Co., Ltd. | | | 127,979 | |
| | 5,800 | | | Fuji Heavy Industries Ltd. | | | 204,817 | |
| | 13,320 | | | FUJIFILM Holdings Corp. | | | 526,504 | |
| | 41,199 | | | Fujitsu Ltd. | | | 152,345 | |
| | 204,800 | | | GungHo Online Entertainment, Inc. (a) | | | 576,131 | |
| | 6,659 | | | Hikari Tsushin, Inc. | | | 506,747 | |
| | 27,355 | | | Hitachi Construction Machinery Co., Ltd. | | | 434,153 | |
| | 24,700 | | | Honda Motor Co., Ltd. | | | 675,325 | |
| | 806 | | | Hoshizaki Electric Co., Ltd. | | | 67,229 | |
| | 11,060 | | | Hoya Corp. | | | 420,398 | |
| | 24,131 | | | Idemitsu Kosan Co., Ltd. | | | 430,577 | |
| | 32,600 | | | Iida Group Holdings Co., Ltd. | | | 634,912 | |
| | 5,408 | | | Isetan Mitsukoshi Holdings Ltd. | | | 63,137 | |
| | 4,500 | | | Isuzu Motors | | | 46,417 | |
| | 42,772 | | | ITOCHU Corp. | | | 525,618 | |
| | 2,546 | | | Japan Airlines Co., Ltd. | | | 93,336 | |
| | 8,300 | | | Japan Tobacco, Inc. | | | 345,468 | |
| | 13,200 | | | JFE Holdings, Inc. | | | 177,279 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | |
| | 2,913 | | | JTEKT Corp. | | $ | 37,800 | |
| | 114,045 | | | JX Holdings, Inc. | | | 439,115 | |
| | 23,285 | | | Kajima Corp. | | | 145,863 | |
| | 36,606 | | | Kakaku.com, Inc. | | | 678,720 | |
| | 34,000 | | | Kaneka Corp. | | | 291,136 | |
| | 12,894 | | | Kao Corp. | | | 687,533 | |
| | 30,452 | | | KDDI Corp. | | | 812,483 | |
| | 6,954 | | | Kikkoman Corp. | | | 228,276 | |
| | 184,321 | | | Kobe Steel | | | 162,006 | |
| | 2,566 | | | Koito Manufacturing Co., Ltd. | | | 116,191 | |
| | 76,200 | | | Konica Minolta, Inc. | | | 646,298 | |
| | 8,804 | | | Kose Corp. | | | 855,901 | |
| | 12,000 | | | Kyowa Hakko Kirin Co., Ltd. | | | 191,483 | |
| | 4,000 | | | Lawson, Inc. | | | 334,843 | |
| | 11,210 | | | M3, Inc. | | | 281,918 | |
| | 946 | | | Makita Corp. | | | 58,638 | |
| | 14,900 | | | Marui Group Co., Ltd. | | | 213,495 | |
| | 1,477 | | | Maruichi Steel Tube Ltd. | | | 40,453 | |
| | 25,532 | | | Mazda Motor Corp. | | | 396,303 | |
| | 18,436 | | | Medipal Holdings Corp. | | | 291,614 | |
| | 6,671 | | | MEIJI Holdings Co., Ltd. | | | 536,073 | |
| | 44,800 | | | Mitsubishi Chemical Holdings Corp. | | | 233,905 | |
| | 31,400 | | | Mitsubishi Corp. | | | 531,334 | |
| | 31,293 | | | Mitsubishi Gas Chemical Co., Inc. | | | 168,060 | |
| | 59,000 | | | Mitsubishi Materials Corp. | | | 166,460 | |
| | 43,900 | | | Mitsubishi Motors Corp. | | | 327,710 | |
| | 135,900 | | | Mitsubishi UFJ Financial Group, Inc. | | | 629,707 | |
| | 74,423 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 326,295 | |
| | 21,343 | | | Mitsui & Co., Ltd. | | | 245,412 | |
| | 19,458 | | | Mitsui Chemicals, Inc. | | | 64,769 | |
| | 16,543 | | | Mixi, Inc. | | | 613,538 | |
| | 380,000 | | | Mizuho Financial Group, Inc. | | | 566,307 | |
| | 4,878 | | | MS&AD Insurance Group Holdings | | | 135,956 | |
| | 1,000 | | | Murata Manufacturing Co., Ltd. | | | 120,667 | |
| | 8,930 | | | Nexon Co., Ltd. | | | 152,296 | |
| | 43,900 | | | NHK Spring Co., Ltd. | | | 419,804 | |
| | 25,707 | | | Nikon Corp. | | | 393,089 | |
| | 595 | | | Nintendo Co., Ltd. | | | 84,578 | |
| | 15,800 | | | Nippon Steel & Sumitomo Metal Corp. | | | 302,912 | |
| | 11,500 | | | Nippon Telegraph & Telephone Corp. | | | 496,771 | |
| | 16,300 | | | Nisshin Seifun Group, Inc. | | | 258,862 | |
| | 5,400 | | | Nitori Holdings Co., Ltd. | | | 494,101 | |
| | 1,326 | | | NKSJ Holdings, Inc. | | | 37,581 | |
| | 3,075 | | | NOK Corp. | | | 52,461 | |
| | 29,100 | | | Nomura Holdings, Inc. | | | 129,971 | |
| | 10,418 | | | Nomura Real Estate Holdings, Inc. | | | 192,316 | |
| | 6,000 | | | Nomura Research Institute Ltd. | | | 202,062 | |
| | 4,800 | | | NTT Data Corp. | | | 240,712 | |
| | 15,039 | | | NTT DoCoMo, Inc. | | | 341,858 | |
| | 19,000 | | | Obayashi Corp. | | | 187,276 | |
| | 3,085 | | | Obic Co., Ltd. | | | 163,085 | |
| | 27,521 | | | Oji Holdings Corp. | | | 110,536 | |
| | 8,121 | | | Olympus Corp. | | | 315,291 | |
| | 8,700 | | | OMRON Corp. | | | 258,761 | |
| | 5,345 | | | Ono Pharmaceutical Co., Ltd. | | | 226,108 | |
| | 2,400 | | | Oracle Corp. | | | 134,598 | |
| | 30,558 | | | ORIX Corp. | | | 435,244 | |
| | 4,000 | | | Osaka Securities Exchange Co., Ltd. | | | 61,193 | |
| | 2,800 | | | Otsuka Corp. | | | 147,703 | |
| | 8,931 | | | Panasonic Corp. | | | 80,886 | |
See notes to financial statements.
67
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Japan (Continued) | |
| | 13,600 | | | Park24 Co., Ltd. | | $ | 380,508 | |
| | 13,344 | | | Recruit Holdings Co., Ltd. | | | 406,868 | |
| | 52,200 | | | Resona Holdings, Inc. | | | 186,121 | |
| | 3,594 | | | Ricoh Co., Ltd. | | | 36,580 | |
| | 3,636 | | | Ryohin Keikaku Co., Ltd. | | | 768,180 | |
| | 2,100 | | | Sanrio Co., Ltd | | | 41,050 | |
| | 34,400 | | | SBI Holdings, Inc. | | | 348,743 | |
| | 10,901 | | | Seiko Epson Corp. | | | 175,320 | |
| | 15,600 | | | Sekisui House Ltd. | | | 263,197 | |
| | 5,200 | | | Seven & I Holdings Co., Ltd. | | | 221,560 | |
| | 17,000 | | | Shimadzu Corp. | | | 266,703 | |
| | 1,931 | | | Shimamura Co., Ltd. | | | 241,049 | |
| | 8,067 | | | Shionogi & Co., Ltd. | | | 379,159 | |
| | 26,200 | | | Shiseido Co., Ltd. | | | 583,684 | |
| | 4,355 | | | Showa Shell Sekiyu KK | | | 39,064 | |
| | 5,120 | | | Sohgo Security Services Co., Ltd. | | | 277,215 | |
| | 27,262 | | | Sony Corp. | | | 700,937 | |
| | 2,800 | | | Sony Financial Holdings, Inc. | | | 35,803 | |
| | 65,000 | | | Sumitomo Chemical Co., Ltd. | | | 294,216 | |
| | 29,980 | | | Sumitomo Corp. | | | 297,490 | |
| | 16,400 | | | Sumitomo Mitsui Financial Group, Inc. | | | 497,866 | |
| | 55,000 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 161,011 | |
| | 2,460 | | | Sumitomo Rubber Industries Ltd. | | | 38,010 | |
| | 8,383 | | | Suntory Beverage & Food Ltd. | | | 377,126 | |
| | 18,763 | | | Suzuken Co., Ltd. | | | 636,838 | |
| | 1,569 | | | Suzuki Motor Corp. | | | 41,953 | |
| | 10,590 | | | Sysmex Corp. | | | 662,043 | |
| | 14,697 | | | T&D Holdings, Inc. | | | 137,285 | |
| | 2,042 | | | Takeda Pharmaceutical Co., Ltd. | | | 93,096 | |
| | 33,239 | | | Teijin Ltd. | | | 115,748 | |
| | 20,500 | | | Tohoku Electric Power Co., Inc. | | | 264,193 | |
| | 4,400 | | | Tokio Marine Holdings, Inc. | | | 148,667 | |
| | 111,600 | | | Tokyo Electric Power Co., Inc. | | | 613,091 | |
| | 15,473 | | | Tokyu Corp. | | | 129,593 | |
| | 16,000 | | | TonenGeneral Sekiyu KK | | | 144,721 | |
| | 16,583 | | | Toppan Printing Co., Ltd. | | | 139,036 | |
| | 4,900 | | | TOTO Ltd. | | | 152,521 | |
| | 6,500 | | | Toyo Seikan Group Holdings Ltd. | | | 121,632 | |
| | 1,021 | | | Toyo Suisan Kaisha Ltd. | | | 36,650 | |
| | 15,500 | | | Toyota Motor Corp. | | | 822,049 | |
| | 11,054 | | | Toyota Tsusho Corp. | | | 249,554 | |
| | 1,604 | | | Trend Micro, Inc. | | | 58,706 | |
| | 2,400 | | | Unicharm Corp. | | | 52,237 | |
| | 2,648 | | | West Japan Railway Co. | | | 163,507 | |
| | 10,500 | | | Yamada Denki Co., Ltd. | | | 49,633 | |
| | 11,641 | | | Yamaha Corp. | | | 350,182 | |
| | 34,803 | | | Yamazaki Baking Co., Ltd. | | | 732,549 | |
| | 11,287 | | | Yokogawa Electric Corp. | | | 116,583 | |
| | | | | | |
|
|
|
| | | | | | | | 42,436,376 | |
| | | | | | |
|
|
|
| | | | | Jersey - 1.58% | |
| | 496,568 | | | Glencore Plc | | | 1,116,511 | |
| | 8,200 | | | Petrofac Ltd. | | | 108,218 | |
| | 8,494 | | | Shire Plc | | | 484,452 | |
| | 10,656 | | | Wolseley Plc | | | 601,519 | |
| | 28,179 | | | WPP Plc | | | 655,879 | |
| | | | | | |
|
|
|
| | | | | | | | 2,966,579 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.26% | |
| | 1,330 | | | Millicom International Cellular SA | | | 72,551 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Luxembourg (Continued) | |
| | 3,690 | | | RTL Group SA | | $ | 312,200 | |
| | 8,962 | | | Tenaris SA | | | 111,199 | |
| | | | | | |
|
|
|
| | | | | | | | 495,950 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 3.40% | |
| | 702 | | | Akzo Nobel NV | | | 47,853 | |
| | 4,777 | | | Boskalis Westminster | | | 187,225 | |
| | 3,084 | | | European Aeronautic Defense & Space Co. NV | | | 204,338 | |
| | 10,863 | | | Fiat Chrysler Automobiles NV | | | 87,663 | |
| | 5,795 | | | Heineken Holding NV | | | 451,164 | |
| | 2,119 | | | Heineken NV | | | 191,722 | |
| | 28,904 | | | ING Groep NV | | | 345,890 | |
| | 53,013 | | | Koninklijke Ahold NV | | | 1,190,744 | |
| | 77,526 | | | Koninklijke KPN NV | | | 324,646 | |
| | 15,660 | | | NN Group NV | | | 511,217 | |
| | 12,653 | | | QIAGEN NV (b) | | | 281,358 | |
| | 10,483 | | | Randstad Holding NV | | | 579,833 | |
| | 12,469 | | | Reed Elsevier NV | | | 217,387 | |
| | 11,963 | | | STMicroelectronics NV | | | 66,589 | |
| | 66,374 | | | TNT Express NV | | | 595,472 | |
| | 18,735 | | | Unilever NV | | | 842,304 | |
| | 6,906 | | | Wolters Kluwer NV | | | 275,257 | |
| | | | | | |
|
|
|
| | | | | | | | 6,400,662 | |
| | | | | | |
|
|
|
| | | | | New Zealand - 0.24% | |
| | 64,328 | | | Auckland International Airport Ltd. | | | 285,834 | |
| | 9,917 | | | Fletcher Building Ltd. | | | 54,058 | |
| | 46,868 | | | Telecom Corp. | | | 118,151 | |
| | | | | | |
|
|
|
| | | | | | | | 458,043 | |
| | | | | | |
|
|
|
| | | | | Norway - 0.63% | |
| | 4,791 | | | DNB ASA | | | 56,574 | |
| | 137,202 | | | Norsk Hydro ASA | | | 563,697 | |
| | 17,596 | | | Orkla ASA | | | 159,152 | |
| | 6,216 | | | Schibsted ASA - Class A | | | 181,351 | |
| | 6,466 | | | Schibsted ASA - Class B | | | 178,960 | |
| | 2,858 | | | Telenor ASA | | | 46,211 | |
| | | | | | |
|
|
|
| | | | | | | | 1,185,945 | |
| | | | | | |
|
|
|
| | | | | Portugal - 0.33% | |
| | 5,525,287 | | | Banco Comercial Portugues SA - Class R (b) | | | 224,127 | |
| | 24,056 | | | Jeronimo Martins SGPS SA | | | 393,244 | |
| | | | | | |
|
|
|
| | | | | | | | 617,371 | |
| | | | | | |
|
|
|
| | | | | Singapore - 1.60% | |
| | 14,000 | | | City Developments Ltd. | | | 84,765 | |
| | 14,400 | | | DBS Group Holdings Ltd. | | | 164,044 | |
| | 1,012,103 | | | Golden Agri-Resources Ltd. | | | 307,908 | |
| | 3,212 | | | Jardine Cycle & Carriage Ltd. | | | 95,376 | |
| | 46,400 | | | Oversea-Chinese Banking Corp. Ltd. | | | 304,091 | |
| | 76,800 | | | Singapore Exchange Ltd. | | | 452,560 | |
| | 151,338 | | | StarHub Ltd. | | | 376,286 | |
| | 13,700 | | | United Overseas Bank Ltd. | | | 191,636 | |
| | 268,487 | | | Wilmar International Ltd. | | | 669,514 | |
| | 504,600 | | | Yangzijiang Shipbuilding Holdings Ltd. | | | 366,488 | |
| | | | | | |
|
|
|
| | | | | | | | 3,012,668 | |
| | | | | | |
|
|
|
| | | | | Spain - 2.08% | |
| | 20,185 | | | ACS, Actividades de Construccion y Servicios SA | | | 600,307 | |
| | 807 | | | Aena SA
(Acquired 02/24/2016, Cost $91,641) (b)(c) | | | 104,054 | |
| | 8,569 | | | Amadeus IT Holding SA - Class A | | | 366,445 | |
| | 24,593 | | | Banco Bilbao Vizcaya Argentaria SA | | | 162,394 | |
See notes to financial statements.
68
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Spain (Continued) | |
| | 139,895 | | | Banco Santander Central Hispano SA | | $ | 614,404 | |
| | 60,943 | | | Distribuidora Internacional de Alimentación SA | | | 315,779 | |
| | 13,376 | | | Ferrovial SA | | | 287,062 | |
| | 41,756 | | | Iberdrola SA | | | 277,968 | |
| | 25,110 | | | Inditex de Diseno Textil SA | | | 841,679 | |
| | 125,028 | | | Mapfre SA | | | 269,085 | |
| | 3,434 | | | Telefonica SA | | | 38,381 | |
| | 3,637 | | | Zardoya Otis SA | | | 42,215 | |
| | | | | | |
|
|
|
| | | | | | | | 3,919,773 | |
| | | | | | |
|
|
|
| | | | | Sweden - 1.49% | |
| | 13,140 | | | Assa Abloy AB - Series B | | | 258,694 | |
| | 5,116 | | | Atlas Copco AB - Class A | | | 128,398 | |
| | 3,625 | | | Atlas Copco AB - Class B | | | 85,308 | |
| | 10,055 | | | Boliden AB | | | 160,394 | |
| | 5,760 | | | Electrolux AB - Series B | | | 151,257 | |
| | 23,405 | | | Hennes & Mauritz AB - Series B | | | 779,016 | |
| | 2,754 | | | Investor AB - Series B | | | 97,352 | |
| | 3,577 | | | Nordea Bank AB | | | 34,310 | |
| | 6,914 | | | Sandvik AB | | | 71,408 | |
| | 15,756 | | | Securitas AB - Series B | | | 260,549 | |
| | 14,013 | | | Svenska Cellulosa AB - Series B | | | 437,076 | |
| | 3,267 | | | Svenska Handelsbanken AB - Class A | | | 41,446 | |
| | 5,088 | | | Swedish Match AB | | | 172,473 | |
| | 11,966 | | | Telefonaktiebolaget LM Ericsson - Series B | | | 119,812 | |
| | | | | | |
|
|
|
| | | | | | | | 2,797,493 | |
| | | | | | |
|
|
|
| | | | | Switzerland - 8.93% | |
| | 4,027 | | | ABB Ltd. | | | 78,451 | |
| | 5,601 | | | Actelion Ltd. | | | 835,892 | |
| | 2,279 | | | Adecco SA | | | 148,252 | |
| | 989 | | | Aryzta AG | | | 40,871 | |
| | 1,419 | | | Baloise Holding AG | | | 180,117 | |
| | 3 | | | Chocoladefabriken Lindt & Spruengli AG | | | 224,400 | |
| | 1,083 | | | Cie Financiere Richemont SA | | | 71,533 | |
| | 20,599 | | | Credit Suisse Group AG | | | 290,898 | |
| | 1,199 | | | EMS-Chemie Holding AG | | | 620,872 | |
| | 160 | | | Galenica AG | | | 240,109 | |
| | 295 | | | Geberit AG | | | 110,225 | |
| | 28 | | | Givaudan SA | | | 54,874 | |
| | 3,290 | | | Julius Baer Group Ltd. | | | 140,999 | |
| | 4,042 | | | Kuehne & Nagel International AG | | | 574,435 | |
| | 4,340 | | | Lonza Group AG | | | 733,640 | |
| | 44,694 | | | Nestle SA | | | 3,335,101 | |
| | 25,905 | | | Novartis AG | | | 1,874,277 | |
| | 8,351 | | | Pargesa Holding SA | | | 532,240 | |
| | 1,912 | | | Partners Group Holding AG | | | 768,144 | |
| | 10,243 | | | Roche Holding AG | | | 2,515,069 | |
| | 1,410 | | | Schindler Holding AG | | | 258,191 | |
| | 44 | | | SGS SA | | | 92,909 | |
| | 2,326 | | | Sonova Holding AG | | | 296,855 | |
| | 1,888 | | | Swiss Life Holding AG | | | 501,014 | |
| | 6,425 | | | Swiss Re AG | | | 593,282 | |
| | 467 | | | Syngenta AG | | | 193,663 | |
| | 870 | | | The Swatch Group AG - Group I | | | 300,158 | |
| | 3,882 | | | The Swatch Group AG - Group N | | | 261,215 | |
| | 74,724 | | | Transocean Ltd. | | | 664,671 | |
| | 14,819 | | | UBS Group AG | | | 238,379 | |
| | 166 | | | Zurich Financial Services AG | | | 38,497 | |
| | | | | | |
|
|
|
| | | | | | | | 16,809,233 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | United Kingdom - 13.21% | |
| | 34,152 | | | 3i Group Plc | | $ | 223,311 | |
| | 32,776 | | | Admiral Group Plc | | | 931,200 | |
| | 37,431 | | | Aggreko Plc | | | 578,031 | |
| | 18,957 | | | ARM Holdings Plc | | | 276,038 | |
| | 2,039 | | | Associated British Foods Plc | | | 97,826 | |
| | 12,817 | | | AstraZeneca Plc | | | 715,594 | |
| | 52,397 | | | Auto Trader Group Plc | | | 293,164 | |
| | 37,549 | | | Barratt Developments Plc | | | 301,443 | |
| | 2,912 | | | Berkeley Group Holdings Plc | | | 134,269 | |
| | 94,245 | | | BP Plc | | | 471,540 | |
| | 16,339 | | | British American Tobacco Plc | | | 955,435 | |
| | 29,207 | | | British Sky Broadcasting Group Plc | | | 429,182 | |
| | 50,321 | | | BT Group Plc | | | 317,734 | |
| | 34,058 | | | Burberry Group Plc | | | 665,827 | |
| | 2,535 | | | Capita Plc | | | 37,846 | |
| | 3,940 | | | Carnival Plc | | | 211,632 | |
| | 8,661 | | | Carphone Warehouse Group Plc | | | 52,931 | |
| | 23,008 | | | Coca-Cola HBC AG | | | 487,914 | |
| | 9,994 | | | Compass Group Plc | | | 176,178 | |
| | 947 | | | Croda International Plc | | | 41,235 | |
| | 8,024 | | | Diageo Plc | | | 216,359 | |
| | 106,614 | | | Direct Line Insurance Group Plc | | | 565,500 | |
| | 40,459 | | | GlaxoSmithKline Plc | | | 819,019 | |
| | 39,918 | | | Hargreaves Lansdown Plc | | | 768,745 | |
| | 196,201 | | | HSBC Holdings Plc | | | 1,220,163 | |
| | 6,321 | | | ICAP Plc | | | 42,992 | |
| | 14,345 | | | Imperial Tobacco Group Plc | | | 794,241 | |
| | 26,900 | | | Inmarsat Plc | | | 379,449 | |
| | 36,574 | | | International Consolidated Airlines Group SA | | | 291,017 | |
| | 49,596 | | | ITV Plc | | | 171,379 | |
| | 70,912 | | | Kingfisher Plc | | | 382,469 | |
| | 38,937 | | | Legal & General Group Plc | | | 131,196 | |
| | 3,953 | | | London Stock Exchange Group Plc | | | 159,682 | |
| | 105,274 | | | Marks & Spencer Group Plc | | | 613,466 | |
| | 16,273 | | | Mediclinic International Plc | | | 208,954 | |
| | 26,161 | | | Meggitt Plc | | | 152,508 | |
| | 13,356 | | | Merlin Entertainments Plc | | | 88,797 | |
| | 3,270 | | | Mondi Plc | | | 62,533 | |
| | 21,189 | | | National Grid Plc | | | 299,810 | |
| | 6,692 | | | Next Plc | | | 518,237 | |
| | 7,150 | | | Persimmon Plc | | | 213,650 | |
| | 11,806 | | | Provident Financial Plc | | | 501,766 | |
| | 22,995 | | | Prudential Plc | | | 427,900 | |
| | 5,366 | | | Reckitt Benckiser Group Plc | | | 517,585 | |
| | 4,683 | | | Reed Elsevier Plc | | | 86,874 | |
| | 8,124 | | | Rio Tinto Plc | | | 227,720 | |
| | 7,516 | | | Rolls-Royce Holdings Plc (b) | | | 73,456 | |
| | 17,308 | | | Royal Dutch Shell Plc - Class A | | | 417,917 | |
| | 9,272 | | | Royal Dutch Shell Plc - Class B | | | 225,631 | |
| | 138,596 | | | Royal Mail Plc | | | 955,698 | |
| | 1,486 | | | Schroders Plc | | | 57,129 | |
| | 1,315 | | | Severn Trent Plc | | | 40,964 | |
| | 23,711 | | | Smith & Nephew Plc | | | 390,110 | |
| | 65,430 | | | Sports Direct International Plc (b) | | | 354,911 | |
| | 15,840 | | | St. James’s Place Plc | | | 208,269 | |
| | 15,417 | | | Standard Chartered Plc | | | 104,265 | |
| | 128,944 | | | Standard Life Plc | | | 657,532 | |
| | 154,053 | | | Taylor Wimpey Plc | | | 419,850 | |
| | 91,372 | | | The Sage Group Plc | | | 823,844 | |
| | 16,004 | | | The Weir Group Plc | | | 254,287 | |
See notes to financial statements.
69
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | United Kingdom (Continued) | |
| | 15,145 | | | Unilever Plc | | $ | 682,927 | |
| | 156,416 | | | Vodafone Group Plc | | | 497,035 | |
| | 136,239 | | | William Hill Plc | | | 637,418 | |
| | 276,283 | | | Wm Morrison Supermarkets Plc | | | 786,816 | |
| | | | | | |
|
|
|
| | | | | | | | 24,848,400 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $171,732,354) | | | 181,503,295 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 2.05% | |
| | | | | Canada - 0.17% | |
| | 13,152 | | | iShares MSCI Canada ETF (a) | | | 311,834 | |
| | | | | | |
|
|
|
| | | | | Japan - 1.88% | |
| | 62,095 | | | iShares MSCI EAFE ETF (a) | | | 3,547,487 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $3,641,367) | | | 3,859,321 | |
| | | | | | |
|
|
|
| | | | | PARTICIPATORY NOTES - 0.17% | |
| | | | | Switzerland - 0.17% | |
| | 20 | | | Chocoladefabriken Lindt & Spruengli AG (e) | | | 123,921 | |
| | 1,026 | | | Schindler Holding AG (f) | | | 189,018 | |
| | | | | | |
|
|
|
| | | | | Total Participatory Notes
(Cost $270,027) | | | 312,939 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 1.10% | |
| | | | | Australia - 0.04% | |
| | 21,837 | | | Scentre Group, Ltd. | | | 74,333 | |
| | | | | | |
|
|
|
| | | | | France - 0.13% | |
| | 882 | | | Unibail-Rodamco SE | | | 241,894 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 0.05% | |
| | 15,252 | | | Link REIT | | | 90,607 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 0.88% | |
| | 29,555 | | | Hammerson Plc | | | 245,182 | |
| | 27,953 | | | Land Securities Group Plc | | | 440,749 | |
| | 106,753 | | | Segro Plc | | | 627,931 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | United Kingdom (Continued) | |
| | 34,982 | | | The British Land Co. Plc | | $ | 351,145 | |
| | | | | | |
|
|
|
| | | | | | | | 1,665,007 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $2,233,250) | | | 2,071,841 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.07% | |
| | | | | Money Market Funds - 0.07% | |
| | 129,216 | | | Federated Prime Obligations Fund - Class IS Effective Yield, 0.39% (d) | | | 129,216 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $129,216) | | | 129,216 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.79% | |
| | | | | Money Market Funds - 1.79% | |
| | 3,371,777 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (d) | | | 3,371,777 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities
Lending Collateral
(Cost $3,371,777) | | | 3,371,777 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $181,377,991) - 101.63% | | | 191,248,389 | |
| | | | | Liabilities in Excess of
Other Assets - (1.63)% | | | (3,063,565 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 188,184,824 | |
| | | | | | |
|
|
|
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) | | Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as illiquid securities according to the Fund’s liquidity guidelines. The value of these securities total $317,290, which represents 0.17% of total net assets. |
| (d) | | Seven-day yield as of March 31, 2016. |
| (e) | | Represents the value of underlying security. See note 2t of the Notes to Financial Statements. |
| (f) | | Represents the value of underlying security. See note 2t of the Notes to Financial Statements. |
See notes to financial statements.
70
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2016
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.64% | |
Air Freight & Logistics | | | 1.18% | |
Airlines | | | 0.70% | |
Auto Components | | | 0.57% | |
Automobiles | | | 2.26% | |
Banks | | | 6.92% | |
Beverages | | | 1.62% | |
Biotechnology | | | 0.81% | |
Building Products | | | 0.34% | |
Capital Markets | | | 2.39% | |
Chemicals | | | 2.48% | |
Commercial Services & Supplies | | | 1.33% | |
Communications Equipment | | | 0.06% | |
Construction & Engineering | | | 1.39% | |
Construction Materials | | | 0.32% | |
Consumer Finance | | | 0.57% | |
Containers & Packaging | | | 0.23% | |
Distributors | | | 0.05% | |
Diversified Consumer Services | | | 0.06% | |
Diversified Financial Services | | | 2.37% | |
Diversified Telecommunication Services | | | 2.82% | |
Electric Utilities | | | 1.47% | |
Electrical Equipment | | | 1.36% | |
Electronic Equipment, Instruments & Components | | | 1.08% | |
Energy Equipment & Services | | | 0.47% | |
Food & Staples Retailing | | | 4.33% | |
Food Products | | | 5.46% | |
Gas Utilities | | | 0.10% | |
Health Care Equipment & Supplies | | | 1.66% | |
Health Care Providers & Services | | | 1.06% | |
Health Care Technology | | | 0.15% | |
Hotels, Restaurants & Leisure | | | 1.38% | |
Household Durables | | | 1.65% | |
Household Products | | | 0.77% | |
Industrial Conglomerates | | | 0.30% | |
Insurance | | | 6.90% | |
Internet & Catalog Retail | | | 0.11% | |
Internet Software & Services | | | 0.90% | |
IT Services | | | 1.50% | |
Leisure Products | | | 0.54% | |
Life Sciences Tools & Services | | | 0.54% | |
Machinery | | | 1.23% | |
Marine | | | 0.31% | |
| | | | |
| | | | | |
Media | | | 2.44% | |
Metals & Mining | | | 1.96% | |
Multiline Retail | | | 1.18% | |
Multi-Utilities | | | 0.47% | |
Oil & Gas | | | 1.55% | |
Paper & Forest Products | | | 0.54% | |
Personal Products | | | 1.43% | |
Pharmaceuticals | | | 6.88% | |
Professional Services | | | 0.67% | |
Real Estate Management & Development | | | 2.02% | |
Road & Rail | | | 0.49% | |
Semiconductor & Semiconductor Equipment | | | 0.31% | |
Software | | | 2.15% | |
Specialty Retail | | | 3.25% | |
Technology Hardware, Storage & Peripherals | | | 0.95% | |
Textiles, Apparel & Luxury Goods | | | 3.33% | |
Tobacco | | | 1.20% | |
Trading Companies & Distributors | | | 2.03% | |
Transportation Infrastructure | | | 0.57% | |
Water Utilities | | | 0.02% | |
Wireless Telecommunication Services | | | 0.80% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 96.62% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 2.05% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 2.05% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 1.10% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 1.10% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.07% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.07% | |
| | |
|
|
|
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL | |
Money Market Funds | | | 1.79% | |
| | |
|
|
|
Total Investments Purchased as Securities Lending Collateral | | | 1.79% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 101.63% | |
Liabilities in Excess of Other Assets | | | (1.63)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
71
GuideMark® Opportunistic Equity Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 97.29% | |
| | | | | Aerospace & Defense - 2.80% | |
| | 3,075 | | | Lockheed Martin Corp. (a) | | $ | 681,112 | |
| | 2,465 | | | TransDigm Group, Inc. (a)(b) | | | 543,138 | |
| | 7,416 | | | United Technologies Corp. (a) | | | 742,342 | |
| | | | | | |
|
|
|
| | | | | | | | 1,966,592 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 2.86% | |
| | 40,560 | | | Hub Group, Inc. - Class A (b) | | | 1,654,443 | |
| | 3,360 | | | United Parcel Service, Inc. - Class B (a) | | | 354,379 | |
| | | | | | |
|
|
|
| | | | | | | | 2,008,822 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.97% | |
| | 11,390 | | | United Continental Holdings, Inc. (b) | | | 681,805 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 2.15% | |
| | 39,252 | | | BorgWarner, Inc. | | | 1,507,277 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.25% | |
| | 38,540 | | | BankUnited, Inc. | | | 1,327,318 | |
| | 25,025 | | | Citigroup, Inc. | | | 1,044,794 | |
| | 16,910 | | | East West Bancorp, Inc. | | | 549,237 | |
| | 26,545 | | | Popular, Inc. | | | 759,452 | |
| | | | | | |
|
|
|
| | | | | | | | 3,680,801 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.88% | |
| | 11,970 | | | Coca-Cola Enterprises, Inc. (a) | | | 607,358 | |
| | 4,700 | | | Constellation Brands, Inc. - Class A | | | 710,123 | |
| | | | | | |
|
|
|
| | | | | | | | 1,317,481 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.88% | |
| | 35,870 | | | ARIAD Pharmaceuticals, Inc. (a)(b) | | | 229,209 | |
| | 8,640 | | | Celgene Corp. (a)(b) | | | 864,778 | |
| | 27,120 | | | Merrimack Pharmaceuticals, Inc. (a)(b) | | | 226,994 | |
| | | | | | |
|
|
|
| | | | | | | | 1,320,981 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.88% | |
| | 4,550 | | | Lennox International, Inc. (a) | | | 615,114 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.05% | |
| | 36,821 | | | Franklin Resources, Inc. (a) | | | 1,437,860 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.03% | |
| | 14,270 | | | The Dow Chemical Co. (a) | | | 725,772 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.32% | |
| | 15,110 | | | Steelcase, Inc. - Class A | | | 225,441 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.46% | |
| | 12,100 | | | ARRIS International Plc (b) | | | 277,332 | |
| | 4,555 | | | Palo Alto Networks, Inc. (a)(b) | | | 743,103 | |
| | | | | | |
|
|
|
| | | | | | | | 1,020,435 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.76% | |
| | 5,030 | | | Vulcan Materials Co. (a) | | | 531,017 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.74% | |
| | 18,180 | | | Synchrony Financial (b) | | | 521,039 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 0.53% | |
| | 5,360 | | | Zebra Technologies Corp. - Class A (a)(b) | | | 369,840 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.34% | |
| | 5,450 | | | Baker Hughes, Inc. | | | 238,873 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.85% | |
| | 4,050 | | | Costco Wholesale Corp. | | | 638,199 | |
| | 17,180 | | | Kroger Co. | | | 657,135 | |
| | | | | | |
|
|
|
| | | | | | | | 1,295,334 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food Products - 1.12% | |
| | 11,400 | | | Post Holdings, Inc. (a)(b) | | $ | 783,978 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 1.95% | |
| | 13,240 | | | Baxter International, Inc. (a) | | | 543,899 | |
| | 11,550 | | | STERIS Plc (a) | | | 820,628 | |
| | | | | | |
|
|
|
| | | | | | | | 1,364,527 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 1.59% | |
| | 16,117 | | | LifePoint Hospitals, Inc. (b) | | | 1,116,102 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.29% | |
| | 9,030 | | | Starbucks Corp. (a) | | | 539,091 | |
| | 2,750 | | | Vail Resorts, Inc. (a) | | | 367,675 | |
| | | | | | |
|
|
|
| | | | | | | | 906,766 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 3.75% | |
| | 10,232 | | | Jarden Corp. (b) | | | 603,176 | |
| | 16,790 | | | Newell Rubbermaid, Inc. (a) | | | 743,629 | |
| | 7,125 | | | Whirlpool Corp. (a) | | | 1,284,923 | |
| | | | | | |
|
|
|
| | | | | | | | 2,631,728 | |
| | | | | | |
|
|
|
| | | | | Insurance - 8.09% | |
| | 7,800 | | | Berkshire Hathaway, Inc. - Class B (b) | | | 1,106,664 | |
| | 11,250 | | | Brown & Brown, Inc. (a) | | | 402,750 | |
| | 27,337 | | | Loews Corp. | | | 1,045,914 | |
| | 28,650 | | | MetLife, Inc. | | | 1,258,881 | |
| | 15,673 | | | Willis Towers Watson Plc | | | 1,859,758 | |
| | | | | | |
|
|
|
| | | | | | | | 5,673,967 | |
| | | | | | |
|
|
|
| | | | | Internet & Catalog Retail - 1.00% | |
| | 1,176 | | | Amazon.com, Inc. (b) | | | 698,121 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 6.09% | |
| | 3,043 | | | Alphabet, Inc. - Class A (b) | | | 2,321,505 | |
| | 1,282 | | | Alphabet, Inc. - Class C (a)(b) | | | 955,026 | |
| | 8,700 | | | Facebook, Inc. - Class A (b) | | | 992,670 | |
| | | | | | |
|
|
|
| | | | | | | | 4,269,201 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.18% | |
| | 1,330 | | | Alliance Data Systems Corp. (a)(b) | | | 292,600 | |
| | 5,700 | | | MasterCard, Inc. - Class A | | | 538,650 | |
| | 12,365 | | | Vantiv, Inc. - Class A (b) | | | 666,226 | |
| | 9,550 | | | Visa, Inc. - Class A (a) | | | 730,384 | |
| | | | | | |
|
|
|
| | | | | | | | 2,227,860 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.80% | |
| | 1,623 | | | Mettler-Toledo International, Inc. (b) | | | 559,545 | |
| | | | | | |
|
|
|
| | | | | Machinery - 4.55% | |
| | 52,097 | | | Colfax Corp. (a)(b) | | | 1,489,453 | |
| | 12,900 | | | Deere & Co. (a) | | | 993,171 | |
| | 6,350 | | | Parker Hannifin Corp. (a) | | | 705,358 | |
| | | | | | |
|
|
|
| | | | | | | | 3,187,982 | |
| | | | | | |
|
|
|
| | | | | Media - 7.03% | |
| | 3,410 | | | Charter Communications Inc. - Class A (a)(b) | | | 690,286 | |
| | 46,555 | | | Liberty Global Plc - Class A (b) | | | 1,792,368 | |
| | 19,300 | | | Liberty Interactive Corp. QVC Group -
Class A (b) | | | 487,325 | |
| | 20,090 | | | Twenty-First Century Fox, Inc. - Class A (a) | | | 560,109 | |
| | 49,615 | | | Twenty-First Century Fox, Inc. - Class B | | | 1,399,143 | |
| | | | | | |
|
|
|
| | | | | | | | 4,929,231 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.75% | |
| | 6,390 | | | Dollar Tree, Inc. (a)(b) | | | 526,919 | |
| | | | | | |
|
|
|
See notes to financial statements.
72
GuideMark® Opportunistic Equity Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Oil & Gas - 1.60% | |
| | 6,166 | | | Cimarex Energy Co. | | $ | 599,767 | |
| | 8,180 | | | Valero Energy Corp. (a) | | | 524,665 | |
| | | | | | |
|
|
|
| | | | | | | | 1,124,432 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 5.75% | |
| | 3,941 | | | Allergan Plc (b) | | | 1,056,306 | |
| | 11,240 | | | Bristol-Myers Squibb Co. | | | 718,011 | |
| | 6,340 | | | Jazz Pharmaceuticals Plc (a)(b) | | | 827,687 | |
| | 9,150 | | | Teva Pharmaceutical Industries Ltd. - ADR (a) | | | 489,617 | |
| | 35,899 | | | Valeant Pharmaceuticals International, Inc. (b) | | | 944,144 | |
| | | | | | |
|
|
|
| | | | | | | | 4,035,765 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.73% | |
| | 6,300 | | | ManpowerGroup, Inc. | | | 512,946 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.55% | |
| | 13,300 | | | CBRE Group, Inc. - Class A (b) | | | 383,306 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 3.48% | |
| | 68,695 | | | Avis Budget Group (b) | | | 1,879,495 | |
| | 7,080 | | | Union Pacific Corp. (a) | | | 563,214 | |
| | | | | | |
|
|
|
| | | | | | | | 2,442,709 | |
| | | | | | |
|
|
|
| | | | | Semiconductor & Semiconductor Equipment - 1.54% | |
| | 3,465 | | | Broadcom Ltd. | | | 535,343 | |
| | 12,225 | | | Linear Technology Corp. (a) | | | 544,746 | |
| | | | | | |
|
|
|
| | | | | | | | 1,080,089 | |
| | | | | | |
|
|
|
| | | | | Software - 3.81% | |
| | 9,025 | | | Imperva, Inc. (a)(b) | | | 455,763 | |
| | 17,210 | | | Microsoft Corp. | | | 950,508 | |
| | 7,580 | | | Red Hat, Inc. (b) | | | 564,786 | |
| | 9,470 | | | salesforce.com, Inc. (a)(b) | | | 699,170 | |
| | | | | | |
|
|
|
| | | | | | | | 2,670,227 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 3.16% | |
| | 5,730 | | | Home Depot, Inc. (a) | | | 764,554 | |
| | 18,565 | | | The TJX Companies, Inc. (a) | | | 1,454,568 | |
| | | | | | |
|
|
|
| | | | | | | | 2,219,122 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 4.67% | |
| | 30,069 | | | Apple, Inc. | | | 3,277,220 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Textiles, Apparel & Luxury Goods - 0.51% | |
| | 5,330 | | | lululemon athletica, Inc. (a)(b) | | $ | 360,894 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 2.55% | |
| | 180,425 | | | Nationstar Mortgage Holdings, Inc. (a)(b) | | | 1,786,208 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $60,302,951) | | | 68,233,329 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.62% | |
| | | | | Real Estate Investment Trusts - 0.62% | |
| | 45,060 | | | iStar Financial, Inc. (a)(b) | | | 435,279 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $287,471) | | | 435,279 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.90% | |
| | | | | Money Market Funds - 1.90% | |
| | 1,332,605 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (c) | | | 1,332,605 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $1,332,605) | | | 1,332,605 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 29.59% | |
| | | | | Money Market Funds - 29.59% | �� |
| | 20,750,989 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (c) | | | 20,750,989 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $20,750,989) | | | 20,750,989 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $82,674,016) - 129.40% | | | 90,752,202 | |
| | | | | Other Liabilities is Excess of
Assets - (29.40)% | | | (20,621,611 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 70,130,591 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
73
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 10.54% | |
| | 450,000 | | | Ally Auto Receivables Trust
Series 2015-1, 1.390%, 09/16/2019 | | $ | 451,012 | |
| | | | | Ally Master Owner Trust | | | | |
| | 795,000 | | | Series 2012-5, 1.540%, 09/15/2019 | | | 795,094 | |
| | 305,000 | | | Series 2014-5, 1.600%, 10/15/2019 | | | 305,043 | |
| | 845,000 | | | AmeriCredit Automobile Receivables Trust
Series 2014-3, 1.150%, 06/10/2019 | | | 844,309 | |
| | 305,000 | | | AMMC CLO XIV Ltd.
Series 2014-14A, 2.069%, 07/27/2026
(Acquired 06/12/2014, Cost $304,372) (a)(b) | | | 302,788 | |
| | 500,000 | | | Apidos CLO XII
Series 2013-12A, 1.722%, 04/15/2025
(Acquired 03/15/2013, Cost $500,000) (a)(b) | | | 492,892 | |
| | | | | ARI Fleet Lease Trust | | | | |
| | 28,498 | | | Series 2012-B, 0.736%, 01/15/2021
(Acquired 10/16/2012, Cost $28,498) (a)(b) | | | 28,468 | |
| | 260,000 | | | Series 2014-A, 1.550%, 11/15/2022
(Acquired 04/01/2014, Cost $259,928) (b) | | | 259,844 | |
| | 270,000 | | | Atlas Senior Loan Fund VI Ltd.
Series 2014-6A, 2.162%, 10/15/2026
(Acquired 08/28/2014, Cost $269,865) (a)(b) | | | 268,669 | |
| | 500,000 | | | Atrium X
Series 10A, 1.740%, 07/16/2025
(Acquired 04/25/2013, Cost $499,250) (a)(b) | | | 491,937 | |
| | 575,000 | | | Babson CLO Ltd.
Series 2013-IA, 1.724%, 04/20/2025
(Acquired 05/03/2013, Cost $575,000) (a)(b) | | | 565,841 | |
| | 535,000 | | | BMW Vehicle Lease Trust
Series 2016-1, 1.340%, 01/22/2019 | | | 534,284 | |
| | 414,218 | | | Capital Auto Receivables Asset Trust
Series 2013-4, 1.090%, 03/20/2018 | | | 413,983 | |
| | 615,000 | | | Capital One Multi-Asset Execution Trust
Series 2014-A5, 1.480%, 07/15/2020 | | | 618,497 | |
| | | | | Carlyle Global Market Strategies CLO | | | | |
| | 555,000 | | | Series 2013-3A, 1.742%, 07/15/2025
(Acquired 06/10/2013, Cost $553,834) (a)(b) | | | 546,577 | |
| | 250,000 | | | Series 2014-4A, 3.072%, 10/15/2026
(Acquired 03/05/2015, Cost $251,137) (a)(b) | | | 252,793 | |
| | 320,000 | | | Series 2015-2A, 2.089%, 04/27/2027
(Acquired 04/01/2015, Cost $320,000) (a)(b) | | | 318,062 | |
| | 235,000 | | | CarMax Auto Owner Trust
Series 2013-3, 1.490%, 01/15/2019 | | | 235,680 | |
| | 325,000 | | | Cent CLO 20 Ltd.
Series 2013-20A, 1.724%, 01/25/2026
(Acquired 12/18/2013, Cost $325,000) (a)(b) | | | 321,284 | |
| | 325,000 | | | Cent CLO 23 Ltd.
Series 2015-23A, 2.110%, 04/17/2026
(Acquired 03/19/2015, Cost $325,000) (a)(b) | | | 322,167 | |
| | 345,000 | | | Chase Issuance Trust
Series 2007-B1, 0.686%, 04/15/2019 (a) | | | 343,735 | |
| | | | | CIFC Funding Ltd. | | | | |
| | 365,000 | | | Series 2013-1A, 1.770%, 04/16/2025
(Acquired 02/22/2013, Cost $365,000) (a)(b) | | | 360,365 | |
| | 295,000 | | | Series 2014-2A, 2.105%, 05/24/2026
(Acquired 07/02/2014, Cost $294,911) (a)(b) | | | 293,141 | |
| | 63,030 | | | Conseco Finance Securitizations Corp.
Series 2000-4, 8.310%, 05/01/2032 (a) | | | 39,818 | |
| | | | | CPS Auto Receivables Trust | | | | |
| | 54,023 | | | Series 2013-C, 1.640%, 04/16/2018
(Acquired 09/24/2013, Cost $54,016) (b) | | | 54,001 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 23,191 | | | Series 2013-D, 1.540%, 07/16/2018
(Acquired 12/10/2013, Cost $23,189) (b) | | $ | 23,145 | |
| | 28,971 | | | Series 2014-A, 1.210%, 08/15/2018
(Acquired 03/10/2014, Cost $28,968) (b) | | | 28,875 | |
| | 28,746 | | | Series 2012-C, 1.820%, 12/16/2019
(Acquired 09/11/2012, Cost $28,745) (b) | | | 28,701 | |
| | 46,746 | | | Series 2012-D, 1.480%, 03/16/2020
(Acquired 12/07/2012, Cost $46,741) (b) | | | 46,511 | |
| | 64,541 | | | Series 2013-A, 1.310%, 06/15/2020
(Acquired 03/12/2013, Cost $64,532) (b) | | | 63,837 | |
| | 250,000 | | | Credit Acceptance Auto Loan Trust
Series 2014-2A, 1.880%, 03/15/2022
(Acquired 09/18/2014, Cost $249,955) (b) | | | 249,714 | |
| | 195,000 | | | Drive Auto Receivables Trust
Series 2015-BA, 2.120%, 06/17/2019
(Acquired 05/20/2015, Cost $194,983) (b) | | | 194,874 | |
| | 390,000 | | | Dryden 33 Senior Loan Fund
Series 2014-33A, 2.102%, 07/15/2026
(Acquired 04/09/2014, Cost $390,000) (a)(b) | | | 389,007 | |
| | 270,000 | | | Dryden 38 Senior Loan Fund
Series 2015-38A, 2.047%, 07/15/2027
(Acquired 03/25/2015, Cost $270,000) (a)(b) | | | 267,477 | |
| | 78,644 | | | DT Auto Owner Trust
Series 2015-1A, 1.060%, 09/17/2018
(Acquired 02/18/2015, Cost $78,644) (b) | | | 78,593 | |
| | 56,490 | | | First Investors Auto Owner Trust
Series 2013-2A, 1.230%, 03/15/2019
(Acquired 06/13/2013, Cost $56,483) (b) | | | 56,435 | |
| | 415,000 | | | Flatiron CLO Ltd.
Series 2014-1A, 2.000%, 07/17/2026
(Acquired 06/05/2014, Cost $414,585) (a)(b) | | | 412,438 | |
| | 580,000 | | | Ford Credit Auto Lease Trust
Series 2014-A, 0.900%, 06/15/2017 | | | 579,702 | |
| | 485,000 | | | Ford Credit Auto Owner Trust
Series 2015-A, 2.030%, 08/15/2020 | | | 491,408 | |
| | 790,000 | | | Ford Credit Floorplan Master Owner Trust A
Series 2014-4, 1.400%, 08/15/2019 | | | 789,866 | |
| | 400,000 | | | Galaxy XV CLO, Ltd.
Series 2013-15A, 1.872%, 04/15/2025
(Acquired 01/29/2016, Cost $392,600) (a)(b) | | | 396,059 | |
| | 370,000 | | | Galaxy XIX CLO, Ltd.
Series 2015-19A, 2.169%, 01/24/2027
(Acquired 01/29/2015, Cost $369,441) (a)(b) | | | 368,211 | |
| | 100,000 | | | GCO Education Loan Funding Trust
Series 2006-1, 0.859%, 05/25/2036 (a) | | | 88,661 | |
| | 300,000 | | | GTP Acquisition Partners I LLC
Series 2015-2, 3.482%, 06/15/2050
(Acquired 05/20/2015, Cost $300,000) (b) | | | 304,425 | |
| | 374,338 | | | Hyundai Auto Receivables Trust
Series 2014-A, 0.790%, 07/16/2018 | | | 374,059 | |
| | 390,000 | | | Limerock CLO II Ltd.
Series 2014-2A, 2.121%, 04/18/2026
(Acquired 02/26/2014, Cost $389,581) (a)(b) | | | 384,460 | |
| | 261,165 | | | Madison Park Funding XI Ltd.
Series 2013-11A, 1.899%, 10/23/2025
(Acquired 10/29/2015, Cost $256,542) (a)(b) | | | 258,967 | |
| | 710,000 | | | Mercedes Benz Auto Lease Trust
Series 2014-A, 0.900%, 12/16/2019 | | | 709,808 | |
| | 339,223 | | | Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 1.453%, 10/25/2033 (a) | | | 319,878 | |
See notes to financial statements.
74
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 285,000 | | | Neuberger Berman CLO XVI Ltd.
Series 2014-16A, 2.092%, 04/15/2026
(Acquired 02/11/2014, Cost $283,803) (a)(b) | | $ | 283,664 | |
| | 560,000 | | | NRZ Advance Receivables Trust
Series 2015-T2, 3.302%, 08/17/2048
(Acquired 08/25/2015, Cost $559,999) (b) | | | 561,355 | |
| | 325,000 | | | Oaktree EIF II Ltd.
Series 2015-B1A, 2.167%, 02/15/2026
(Acquired 02/20/2015, Cost $325,000) (a)(b) | | | 323,748 | |
| | 275,000 | | | OCP CLO Ltd.
Series 2015-8A, 2.151%, 04/17/2027
(Acquired 04/10/2015, Cost $274,725) (a)(b) | | | 273,405 | |
| | 410,000 | | | Octagon Investment Partners XVI Ltd.
Series 2013-1A, 1.740%, 07/17/2025
(Acquired 05/15/2013, Cost $409,344) (a)(b) | | | 401,737 | |
| | 155,000 | | | Ocwen Master Advance Receivables Trust
Series 2015-T1, 2.537%, 09/17/2046
(Acquired 09/11/2015, Cost $155,000) (a)(b) | | | 155,108 | |
| | 280,000 | | | OHA Credit Partners VIII, Ltd.
Series 2013-8A, 1.744%, 04/20/2025
(Acquired 04/17/2013, Cost $280,000) (a)(b) | | | 275,178 | |
| | 450,000 | | | OZLM Funding V Ltd.
Series 2013-5A, 2.120%, 01/20/2026
(Acquired 11/22/2013, Cost $449,775) (a)(b) | | | 448,593 | |
| | 300,000 | | | OZLM XII Ltd.
Series 2015-12A, 2.066%, 04/30/2027
(Acquired 04/24/2015, Cost $299,130) (a)(b) | | | 295,730 | |
| | 135,000 | | | Prestige Auto Receivables Trust
Series 2014-1A, 1.910%, 04/15/2020
(Acquired 06/25/2014, Cost $135,019) (b) | | | 133,907 | |
| | 445,000 | | | Race Point VIII CLO Ltd.
Series 2013-8A, 1.868%, 02/20/2025
(Acquired 02/06/2013, Cost $445,000) (a)(b) | | | 439,595 | |
| | 57,177 | | | Residential Asset Mortgage Products, Inc.
Series 2004-RZ1, 0.913%, 03/25/2034 (a) | | | 57,532 | |
| | 300,000 | | | Santander Drive Auto Receivables Trust
Series 2015-2, 1.830%, 01/15/2020 | | | 299,302 | |
| | 250,000 | | | Shackleton 2014-VI CLO Ltd.
Series 2014-6A, 2.100%, 07/17/2026
(Acquired 06/12/2014, Cost $248,475) (a)(b) | | | 248,732 | |
| | 257,000 | | | Sound Point CLO IV Ltd.
Series 2013-3A, 1.994%, 01/21/2026
(Acquired 03/27/2015, Cost $255,586) (a)(b) | | | 254,716 | |
| | 315,000 | | | Sound Point CLO VIII Ltd.
Series 2015-1A, 2.152%, 03/13/2027
(Acquired 03/05/2015, Cost $314,213) (a)(b) | | | 312,218 | |
| | 214,238 | | | Springleaf Funding Trust
Series 2014-AA, 2.410%, 12/15/2022
(Acquired 03/19/2014, Cost $214,203) (b) | | | 213,697 | |
| | 620,000 | | | Volkswagen Auto Lease Trust
Series 2015-A, 1.250%, 12/20/2017 | | | 616,489 | |
| | 305,000 | | | Voya CLO Ltd.
Series 2015-1A, 2.100%, 04/18/2027
(Acquired 03/03/2015, Cost $304,688) (a)(b) | | | 302,547 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $22,359,596) | | | 22,262,648 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 9.02% | |
| | 160,000 | | | Aventura Mall Trust
Series 2013-AVM, 3.743%, 12/07/2032
(Acquired 12/10/2013, Cost $164,037) (a)(b) | | | 171,499 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 150,000 | | | BB-UBS Trust
Series 2012-SHOW, 3.430%, 11/07/2036
(Acquired 12/05/2012, Cost $154,723) (b) | | $ | 153,471 | |
| | | | | Bear Stearns Commercial Mortgage Securities Trust | | | | |
| | 150,154 | | | Series 2006-PW14, 5.201%, 12/11/2038 | | | 151,905 | |
| | 2,110,674 | | | Series 2006-PW13, 5.540%, 09/11/2041 | | | 2,117,156 | |
| | 173,593 | | | Series 2007-PW15, 5.331%, 02/11/2044 | | | 177,188 | |
| | 226,977 | | | CD Commercial Mortgage Trust
Series 2007-CD4, 5.322%, 12/11/2049 | | | 231,446 | |
| | 70,997 | | | Chase Mortgage Finance Trust
Series 2007-A1, 2.768%, 02/25/2037 (a) | | | 68,189 | |
| | | | | Citigroup Commercial Mortgage Trust | | | | |
| | 150,000 | | | Series 2014-GC19, 4.023%, 03/12/2047 | | | 164,195 | |
| | 145,000 | | | Series 2014-GC21, 3.855%, 05/10/2047 | | | 157,010 | |
| | 1,311 | | | Series 2006-C4, 6.085%, 03/17/2049 (a) | | | 1,309 | |
| | 82,321 | | | COBALT CMBS Commercial Mortgage Trust
Series 2007-C2, 5.484%, 04/15/2047 (a) | | | 84,288 | |
| | | | | COMM Mortgage Trust | | | | |
| | 120,000 | | | Series 2013-300P, 4.353%, 08/12/2030
(Acquired 08/15/2013, Cost $122,035) (b) | | | 133,937 | |
| | 110,000 | | | Series 2013-CR9, 4.231%, 07/12/2045 (a) | | | 123,325 | |
| | 110,000 | | | Series 2013-LC6, 2.941%, 01/12/2046 (a) | | | 113,745 | |
| | 95,000 | | | Series 2013-CR8, 3.612%, 06/12/2046 (a) | | | 102,057 | |
| | 289,000 | | | Series 2014-UBS2, 3.961%, 03/10/2047 | | | 313,652 | |
| | 295,267 | | | Series 2014-CR21, 3.528%, 12/10/2047 | | | 314,119 | |
| | 210,000 | | | Series 2015-LC19, 3.183%, 02/10/2048 | | | 217,677 | |
| | 300,000 | | | Series 2015-CR26, 3.630%, 10/13/2048 | | | 319,881 | |
| | 162,172 | | | Commercial Mortgage Loan Trust
Series 2008-LS1, 6.095%, 12/10/2049 (a) | | | 169,444 | |
| | | | | Countrywide Home Loans, Inc. | | | | |
| | 21,386 | | | Series 2004-HYB6, 2.670%, 11/20/2034 (a) | | | 20,332 | |
| | 105,899 | | | Series 2005-11, 1.033%, 03/25/2035 (a) | | | 95,047 | |
| | 80,945 | | | Credit Suisse Commercial Mortgage Trust
Series 2006-C4, 5.467%, 09/15/2039 | | | 81,556 | |
| | | | | CSAIL Commercial Mortgage Trust | | | | |
| | 301,000 | | | Series 2015-C3, 3.718%, 08/17/2048 (a) | | | 320,816 | |
| | 296,000 | | | Series 2015-C4, 3.808%, 11/18/2048 | | | 318,294 | |
| | 400,000 | | | Four Times Square Trust
Series 2006-4TS, 5.401%, 12/13/2028
(Acquired 11/06/2012, Cost $442,909) (b) | | | 448,580 | |
| | 145,000 | | | GS Mortgage Securities Corp. II
Series 2012-BWTR, 2.954%, 11/07/2034
(Acquired 12/11/2012, Cost $147,389) (b) | | | 147,917 | |
| | 145,000 | | | GS Mortgage Securities Corp. Trust
Series 2012-ALOH, 3.551%, 04/12/2034
(Acquired 03/08/2013, Cost $149,310) (b) | | | 154,604 | |
| | | | | GS Mortgage Securities Trust | | | | |
| | 865,000 | | | Series 2013-GC16, 3.033%, 11/13/2046 | | | 890,479 | |
| | 335,000 | | | Series 2014-GC20, 3.998%, 04/12/2047 | | | 365,477 | |
| | 175,000 | | | Series 2014-GC22, 3.862%, 06/10/2047 | | | 189,510 | |
| | 296,000 | | | Series 2015-GS1, 3.734%, 11/13/2048 (a) | | | 318,442 | |
| | 300,000 | | | Hilton USA Trust
Series 2013-HLT, 2.662%, 11/07/2030
(Acquired 11/22/2013 and 07/22/2014, Cost $301,418) (b) | | | 300,607 | |
| | | | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | |
| | 142,694 | | | Series 2012-WLDN, 3.905%, 05/07/2030
(Acquired 05/07/2013 and 06/25/2013, Cost $143,414) (b) | | | 151,851 | |
See notes to financial statements.
75
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 100,863 | | | Series 2006-LDP7, 5.935%, 04/15/2045 (a) | | $ | 100,816 | |
| | 155,000 | | | Series 2013-C16, 4.166%, 12/17/2046 | | | 171,926 | |
| | 322,922 | | | Series 2006-LDP9, 5.336%, 05/15/2047 | | | 327,882 | |
| | 228,147 | | | Series 2007-CB19, 5.699%, 02/12/2049 (a) | | | 234,441 | |
| | | | | JPMBB Commercial Mortgage Securities Trust | | | | |
| | 1,205,000 | | | Series 2013-C12, 3.157%, 07/17/2045 | | | 1,256,164 | |
| | 145,000 | | | Series 2014-C19, 3.997%, 04/17/2047 | | | 158,859 | |
| | 120,000 | | | Series 2014-C21, 3.775%, 08/16/2047 | | | 129,439 | |
| | 265,000 | | | Series 2014-C26, 3.494%, 01/17/2048 | | | 280,505 | |
| | 297,000 | | | Series 2015-C33, 3.770%, 12/17/2048 | | | 318,970 | |
| | | | | Lehman Brothers-UBS Commercial Mortgage Trust | | | | |
| | 67,019 | | | Series 2006-C4, 5.856%, 06/15/2038 (a) | | | 67,011 | |
| | 587,444 | | | Series 2007-C1, 5.424%, 02/15/2040 | | | 597,780 | |
| | 283,930 | | | Series 2007-C2, 5.430%, 02/15/2040 | | | 289,978 | |
| | 190,847 | | | Series 2007-C6, 5.858%, 07/15/2040 (a) | | | 194,889 | |
| | | | | ML-CFC Commercial Mortgage Trust | | | | |
| | 260,804 | | | Series 2007-5, 5.378%, 08/14/2048 | | | 265,729 | |
| | 158,384 | | | Series 2007-9, 5.700%, 09/12/2049 | | | 164,268 | |
| | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | |
| | 50,000 | | | Series 2014-C14, 4.064%, 02/15/2047 | | | 54,908 | |
| | 175,000 | | | Series 2014-C17, 3.741%, 08/16/2047 | | | 188,051 | |
| | 167,000 | | | Series 2015-C20, 3.249%, 02/15/2048 | | | 172,980 | |
| | 246,000 | | | Series 2015-C22, 3.306%, 04/17/2048 | | | 255,582 | |
| | | | | Morgan Stanley Capital I Trust | | | | |
| | 185,000 | | | Series 2014-MP, 3.469%, 08/11/2033
(Acquired 11/13/2014, Cost $189,610) (b) | | | 192,205 | |
| | 220,000 | | | Series 2007-IQ14, 5.692%, 04/15/2049 (a) | | | 225,344 | |
| | 139,071 | | | Series 2007-IQ16, 5.809%, 12/12/2049 | | | 144,970 | |
| | 130,000 | | | OBP Depositor LLC Trust
Series 2010-OBP, 4.646%, 07/17/2045
(Acquired 08/15/2012, Cost $145,306) (b) | | | 144,013 | |
| | | | | SBA Tower Trust | | | | |
| | 210,000 | | | 3.598%, 04/15/2043
(Acquired 04/04/2013, Cost $210,000) (b) | | | 210,035 | |
| | 155,000 | | | 2.898%, 10/15/2044
(Acquired 10/07/2014, Cost $155,000) (b) | | | 155,883 | |
| | | | | Springleaf Mortgage Loan Trust | | | | |
| | 74,148 | | | Series 2013-1A, 1.270%, 06/25/2058
(Acquired 04/03/2013, Cost $74,142) (a)(b) | | | 74,173 | |
| | 181,608 | | | Series 2013-2A, 1.780%, 12/25/2065
(Acquired 07/03/2013, Cost $179,766) (a)(b) | | | 182,112 | |
| | 155,171 | | | Series 2013-2A, 3.520%, 12/25/2065
(Acquired 07/03/2013, Cost $149,465) (b) | | | 156,189 | |
| | 223,063 | | | Wachovia Bank Commercial Mortgage Trust
Series 2006-C29, 5.308%, 11/15/2048 | | | 225,065 | |
| | | | | Wells Fargo Commercial Mortgage Trust | | | | |
| | 210,000 | | | Series 2014-LC16, 3.817%, 08/17/2050 | | | 226,932 | |
| | 1,225,000 | | | Series 2015-C30, 3.412%, 09/17/2058 | | | 1,282,979 | |
| | | | | Wells Fargo-RBS Commercial Mortgage Trust | | | | |
| | 805,000 | | | Series 2014-C19, 3.660%, 03/15/2047 | | | 853,466 | |
| | 195,000 | | | Series 2014-LC14, 4.045%, 03/15/2047 | | | 213,767 | |
| | 250,281 | | | Series 2014-C20, 3.995%, 05/17/2047 | | | 273,593 | |
| | 175,000 | | | Series 2014-C21, 3.678%, 08/16/2047 | | | 187,423 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $18,971,093) | | | 19,067,332 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS - 37.14% | |
| | | | | Aerospace & Defense - 0.27% | |
| | 20,000 | | | BAE Systems Holdings, Inc.
2.850%, 12/15/2020
(Acquired 12/03/2015, Cost $19,929) (b) | | $ | 20,340 | |
| | | | | Lockheed Martin Corp. | | | | |
| | 50,000 | | | 2.500%, 11/23/2020 | | | 51,268 | |
| | 65,000 | | | 4.700%, 05/15/2046 (c) | | | 72,982 | |
| | 390,000 | | | Northrop Grumman Corp.
3.850%, 04/15/2045 | | | 387,610 | |
| | 40,000 | | | Raytheon Co.
3.150%, 12/15/2024 | | | 42,244 | |
| | | | | | |
|
|
|
| | | | | | | | 574,444 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.06% | |
| | | | | FedEx Corp. | | | | |
| | 25,000 | | | 3.200%, 02/01/2025 | | | 25,656 | |
| | 20,000 | | | 3.250%, 04/01/2026 | | | 20,567 | |
| | 50,000 | | | 4.100%, 02/01/2045 | | | 47,758 | |
| | 30,000 | | | 4.550%, 04/01/2046 | | | 30,957 | |
| | | | | | |
|
|
|
| | | | | | | | 124,938 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.18% | | | | |
| | 365,000 | | | Delphi Corp.
4.150%, 03/15/2024 | | | 375,920 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.08% | | | | |
| | 185,000 | | | General Motors Co.
5.000%, 04/01/2035 | | | 173,465 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.48% | | | | |
| | 100,000 | | | Abbey National Treasury Services PLC/London
2.350%, 09/10/2019 | | | 100,423 | |
| | | | | Bank of America Corp. | | | | |
| | 760,000 | | | 2.600%, 01/15/2019 | | | 773,368 | |
| | 215,000 | | | 4.100%, 07/24/2023 | | | 226,525 | |
| | 25,000 | | | 4.200%, 08/26/2024 | | | 25,502 | |
| | 350,000 | | | 4.000%, 01/22/2025 | | | 351,176 | |
| | 200,000 | | | 6.110%, 01/29/2037 | | | 230,687 | |
| | 720,000 | | | 5.000%, 01/21/2044 | | | 797,733 | |
| | 455,000 | | | BB&T Corp.
1.450%, 01/12/2018 | | | 455,597 | |
| | 220,000 | | | BPCE SA
5.150%, 07/21/2024
(Acquired 01/13/2014, Cost $219,593) (b) | | | 225,091 | |
| | | | | Citigroup, Inc. | | | | |
| | 1,010,000 | | | 4.400%, 06/10/2025 | | | 1,031,846 | |
| | 75,000 | | | 5.500%, 09/13/2025 | | | 82,226 | |
| | 65,000 | | | 4.600%, 03/09/2026 | | | 66,779 | |
| | 370,000 | | | 4.300%, 11/20/2026 | | | 368,996 | |
| | 315,000 | | | 4.450%, 09/29/2027 | | | 318,069 | |
| | 5,000 | | | 4.650%, 07/30/2045 | | | 5,257 | |
| | 315,000 | | | Fifth Third Bancorp
2.875%, 07/27/2020 | | | 320,179 | |
| | | | | HSBC Holdings Plc | | | | |
| | 200,000 | | | 4.250%, 08/18/2025 | | | 197,952 | |
| | 100,000 | | | 6.800%, 06/01/2038 | | | 121,354 | |
| | 150,000 | | | HSBC USA, Inc.
2.750%, 08/07/2020 | | | 150,544 | |
| | | | | JPMorgan Chase & Co. | | | | |
| | 125,000 | | | 2.750%, 06/23/2020 | | | 128,081 | |
| | 70,000 | | | 2.550%, 03/01/2021 (c) | | | 70,669 | |
| | 130,000 | | | 4.500%, 01/24/2022 | | | 143,572 | |
| | 415,000 | | | 3.875%, 09/10/2024 | | | 426,367 | |
See notes to financial statements.
76
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Banks (Continued) | | | | |
| | 170,000 | | | 3.300%, 04/01/2026 | | $ | 171,594 | |
| | 155,000 | | | 4.250%, 10/01/2027 | | | 161,587 | |
| | 30,000 | | | 5.600%, 07/15/2041 | | | 36,918 | |
| | 180,000 | | | 5.625%, 08/16/2043 | | | 208,070 | |
| | 195,000 | | | KeyCorp
5.100%, 03/24/2021 | | | 216,030 | |
| | 300,000 | | | PNC Bank NA
2.400%, 10/18/2019 | | | 306,314 | |
| | 375,000 | | | PNC Funding Corp.
3.300%, 03/08/2022 | | | 392,901 | |
| | 60,000 | | | Santander Holdings USA, Inc.
4.625%, 04/19/2016 | | | 59,735 | |
| | 400,000 | | | Santander Issuances SA
5.179%, 11/19/2025 | | | 387,261 | |
| | 555,000 | | | Toronto-Dominion Bank
2.625%, 09/10/2018 | | | 568,554 | |
| | 830,000 | | | U.S. Bancorp
1.950%, 11/15/2018 | | | 843,391 | |
| | | | | Wells Fargo & Co. | | | | |
| | 225,000 | | | 2.150%, 01/30/2020 | | | 227,752 | |
| | 100,000 | | | 2.600%, 07/22/2020 | | | 102,390 | |
| | 310,000 | | | 2.550%, 12/07/2020 | | | 315,890 | |
| | 185,000 | | | 2.500%, 03/04/2021 | | | 187,466 | |
| | 310,000 | | | 4.300%, 07/22/2027 | | | 329,367 | |
| | 326,000 | | | 5.606%, 01/15/2044 | | | 378,631 | |
| | 50,000 | | | 4.900%, 11/17/2045 | | | 53,797 | |
| | | | | | |
|
|
|
| | | | | | | | 11,565,641 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.11% | |
| | 150,000 | | | Anheuser-Busch InBev Worldwide, Inc.
8.200%, 01/15/2039 | | | 227,289 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 0.36% | |
| | 180,000 | | | Baxalta, Inc.
4.000%, 06/23/2025
(Acquired 06/18/2015, Cost $178,783) (b) | | | 183,262 | |
| | 230,000 | | | Celgene Corp.
5.250%, 08/15/2043 | | | 257,976 | |
| | 195,000 | | | Genzyme Corp.
5.000%, 06/15/2020 | | | 219,743 | |
| | 90,000 | | | Gilead Sciences, Inc.
3.250%, 09/01/2022 | | | 95,182 | |
| | | | | | |
|
|
|
| | | | | | | | 756,163 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 3.31% | |
| | 785,000 | | | Bear Stearns Companies, Inc.
7.250%, 02/01/2018 | | | 862,388 | |
| | | | | Morgan Stanley | | | | |
| | 250,000 | | | 5.950%, 12/28/2017 | | | 267,586 | |
| | 80,000 | | | 1.875%, 01/05/2018 | | | 80,289 | |
| | 275,000 | | | 2.500%, 01/24/2019 | | | 279,992 | |
| | 10,000 | | | 4.875%, 11/01/2022 | | | 10,850 | |
| | 580,000 | | | 3.700%, 10/23/2024 | | | 600,132 | |
| | 540,000 | | | 4.350%, 09/08/2026 | | | 556,866 | |
| | 225,000 | | | 3.950%, 04/23/2027 (c) | | | 225,739 | |
| | 80,000 | | | 4.300%, 01/27/2045 (c) | | | 80,831 | |
| | 255,000 | | | State Street Corp.
2.550%, 08/18/2020 | | | 262,789 | |
| | | | | The Bank of New York Mellon Corp. | | | | |
| | 565,000 | | | 1.300%, 01/25/2018 | | | 565,932 | |
| | 495,000 | | | 2.200%, 03/04/2019 | | | 502,938 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Capital Markets (Continued) | |
| | 240,000 | | | 2.150%, 02/24/2020 | | $ | 241,849 | |
| | 255,000 | | | 2.450%, 11/27/2020 | | | 260,262 | |
| | | | | The Goldman Sachs Group, Inc. | | | | |
| | 510,000 | | | 5.950%, 01/18/2018 | | | 547,153 | |
| | 95,000 | | | 2.750%, 09/15/2020 | | | 96,480 | |
| | 440,000 | | | 2.875%, 02/25/2021 (c) | | | 448,237 | |
| | 225,000 | | | 4.000%, 03/03/2024 | | | 236,317 | |
| | 250,000 | | | 3.500%, 01/23/2025 | | | 252,796 | |
| | 290,000 | | | 6.750%, 10/01/2037 | | | 347,442 | |
| | 100,000 | | | 6.250%, 02/01/2041 | | | 124,764 | |
| | 115,000 | | | 5.150%, 05/22/2045 | | | 117,269 | |
| | 25,000 | | | 4.750%, 10/21/2045 | | | 26,235 | |
| | | | | | |
|
|
|
| | | | | | | | 6,995,136 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.55% | |
| | 20,000 | | | CF Industries, Inc.
5.375%, 03/15/2044 | | | 18,461 | |
| | 340,000 | | | LYB International Finance BV
4.000%, 07/15/2023 | | | 357,271 | |
| | | | | Monsanto Co. | | | | |
| | 250,000 | | | 1.150%, 06/30/2017 | | | 249,582 | |
| | 260,000 | | | 4.400%, 07/15/2044 | | | 242,309 | |
| | 290,000 | | | The Dow Chemical Co.
3.500%, 10/01/2024 | | | 298,858 | |
| | | | | | |
|
|
|
| | | | | | | | 1,166,481 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.25% | |
| | 125,000 | | | ERAC USA Finance LLC
7.000%, 10/15/2037
(Acquired 10/09/2015, Cost $153,111) (b) | | | 159,926 | |
| | 355,000 | | | Waste Management, Inc.
2.900%, 09/15/2022 | | | 362,364 | |
| | | | | | |
|
|
|
| | | | | | | | 522,290 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 0.26% | |
| | 235,000 | | | Cisco Systems, Inc.
2.200%, 02/28/2021 | | | 239,842 | |
| | | | | QUALCOMM, Inc. | | | | |
| | 250,000 | | | 3.000%, 05/20/2022 | | | 260,885 | |
| | 55,000 | | | 4.650%, 05/20/2035 | | | 56,562 | |
| | | | | | |
|
|
|
| | | | | | | | 557,289 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.10% | |
| | 200,000 | | | CRH America, Inc.
5.125%, 05/18/2045
(Acquired 05/12/2015, Cost $197,554) (b) | | | 205,178 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 1.23% | |
| | | | | American Express Co. | | | | |
| | 225,000 | | | 3.625%, 12/05/2024 | | | 227,009 | |
| | 267,000 | | | 4.050%, 12/03/2042 | | | 267,254 | |
| | 590,000 | | | American Express Credit Corp.
2.125%, 03/18/2019 | | | 595,735 | |
| | 390,000 | | | Capital One Financial Corp.
2.450%, 04/24/2019 | | | 394,424 | |
| | 400,000 | | | Capital One NA
1.650%, 02/05/2018 | | | 397,297 | |
| | 190,000 | | | PACCAR Financial Corp.
2.200%, 09/15/2019 | | | 193,838 | |
| | 145,000 | | | Synchrony Financial
2.600%, 01/15/2019 | | | 145,404 | |
See notes to financial statements.
77
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Consumer Finance (Continued) | |
| | 370,000 | | | Toyota Motor Credit Corp.
2.125%, 07/18/2019 (c) | | $ | 378,536 | |
| | | | | | |
|
|
|
| | | | | | | | 2,599,497 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 2.91% | | | | |
| | 395,000 | | | American Honda Finance Corp.
1.700%, 02/22/2019 | | | 398,449 | |
| | | | | Anheuser-Busch InBev Finance, Inc. | | | | |
| | 100,000 | | | 1.900%, 02/01/2019 | | | 101,470 | |
| | 435,000 | | | 2.650%, 02/01/2021 | | | 447,299 | |
| | 495,000 | | | 3.300%, 02/01/2023 | | | 515,074 | |
| | 430,000 | | | 3.650%, 02/01/2026 | | | 452,742 | |
| | 215,000 | | | 4.700%, 02/01/2036 | | | 232,802 | |
| | 485,000 | | | 4.900%, 02/01/2046 | | | 543,341 | |
| | 85,000 | | | BAT International Finance Plc
2.750%, 06/15/2020
(Acquired 06/10/2015, Cost $84,866) (b) | | | 87,463 | |
| | 75,000 | | | Berkshire Hathaway, Inc.
3.125%, 03/15/2026 | | | 76,997 | |
| | 380,000 | | | Credit Suisse
1.375%, 05/26/2017 | | | 378,986 | |
| | 175,000 | | | Daimler Finance North America LLC
2.450%, 05/18/2020
(Acquired 05/11/2015, Cost $174,657) (b) | | | 176,953 | |
| | | | | Ford Motor Credit Co. LLC | | | | |
| | 200,000 | | | 1.461%, 03/27/2017 | | | 199,774 | |
| | 425,000 | | | 3.157%, 08/04/2020 | | | 433,966 | |
| | | | | General Motors Financial Co., Inc. | | | | |
| | 280,000 | | | 3.100%, 01/15/2019 | | | 283,536 | |
| | 100,000 | | | 4.300%, 07/13/2025 | | | 99,168 | |
| | 75,000 | | | 5.250%, 03/01/2026 | | | 78,593 | |
| | 200,000 | | | Hutchison Whampoa International Ltd.
1.625%, 10/31/2017
(Acquired 10/28/2014, Cost $199,540) (b) | | | 200,160 | |
| | 350,000 | | | Intercontinental Exchange, Inc.
2.750%, 12/01/2020 (c) | | | 357,760 | |
| | 75,000 | | | Kinder Morgan Finance Co. LLC
6.000%, 01/15/2018
(Acquired 01/08/2015, Cost $79,017) (b) | | | 78,452 | |
| | 250,000 | | | National Rural Utilities Cooperative Finance Corp.
1.650%, 02/08/2019 | | | 250,842 | |
| | 435,000 | | | Shell International Finance BV
1.625%, 11/10/2018 (c) | | | 436,481 | |
| | 315,000 | | | UBS Group Funding Jersey Ltd.
4.125%, 09/24/2025
(Acquired 09/21/2015, Cost $314,411) (b) | | | 315,806 | |
| | | | | | |
|
|
|
| | | | | | | | 6,146,114 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.31% | | | | |
| | | | | AT&T, Inc. | | | | |
| | 245,000 | | | 1.750%, 01/15/2018 | | | 245,886 | |
| | 40,000 | | | 3.600%, 02/17/2023 | | | 41,617 | |
| | 225,000 | | | 4.450%, 04/01/2024 | | | 243,940 | |
| | 340,000 | | | 4.500%, 05/15/2035 (c) | | | 336,338 | |
| | 285,000 | | | 6.350%, 03/15/2040 | | | 331,699 | |
| | 185,000 | | | 4.750%, 05/15/2046 | | | 181,172 | |
| | | | | Verizon Communications, Inc. | | | | |
| | 690,000 | | | 6.400%, 09/15/2033 | | | 851,081 | |
| | 35,000 | | | 4.272%, 01/15/2036 | | | 34,940 | |
| | 510,000 | | | 4.672%, 03/15/2055 | | | 491,744 | |
| | | | | | |
|
|
|
| | | | | | | | 2,758,417 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Electric Utilities - 2.25% | | | | |
| | | | | Consolidated Edison Company of New York, Inc. | | | | |
| | 35,000 | | | 3.300%, 12/01/2024 | | $ | 36,594 | |
| | 270,000 | | | 4.625%, 12/01/2054 | | | 294,670 | |
| | 45,000 | | | Duke Energy Carolinas LLC
2.500%, 03/15/2023 | | | 45,536 | |
| | 830,000 | | | Duke Energy Corp.
3.550%, 09/15/2021 | | | 870,806 | |
| | 115,000 | | | Duke Energy Indiana, Inc.
4.900%, 07/15/2043 | | | 131,261 | |
| | 395,000 | | | Duke Energy Progress LLC
4.150%, 12/01/2044 | | | 415,864 | |
| | | | | Edison International | | | | |
| | 165,000 | | | 3.750%, 09/15/2017 | | | 170,639 | |
| | 225,000 | | | 2.950%, 03/15/2023 | | | 227,383 | |
| | 125,000 | | | Electricite de France SA
4.950%, 10/13/2045
(Acquired 10/07/2015, Cost $124,690) (b) | | | 129,176 | |
| | | | | Georgia Power Co. | | | | |
| | 210,000 | | | 1.950%, 12/01/2018 | | | 212,252 | |
| | 110,000 | | | 2.400%, 04/01/2021 | | | 111,087 | |
| | 275,000 | | | Northeast Utilities
2.800%, 05/01/2023 | | | 273,560 | |
| | | | | Pacific Gas & Electric Co. | | | | |
| | 90,000 | | | 4.750%, 02/15/2044 | | | 102,840 | |
| | 395,000 | | | 4.250%, 03/15/2046 | | | 421,397 | |
| | 150,000 | | | Progress Energy, Inc.
3.150%, 04/01/2022 | | | 152,215 | |
| | 245,000 | | | Sierra Pacific Power Co.
3.375%, 08/15/2023 | | | 258,130 | |
| | 340,000 | | | The Southern Co.
2.150%, 09/01/2019 | | | 341,844 | |
| | 485,000 | | | Union Electric Co.
6.700%, 02/01/2019 | | | 549,560 | |
| | | | | | |
|
|
|
| | | | | | | | 4,744,814 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.14% | | | | |
| | 290,000 | | | Eaton Electric Holdings LLC
3.875%, 12/15/2020 | | | 305,131 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.24% | | | | |
| | | | | Halliburton Co. | | | | |
| | 60,000 | | | 2.700%, 11/15/2020 | | | 60,953 | |
| | 445,000 | | | 3.375%, 11/15/2022 | | | 453,254 | |
| | | | | | |
|
|
|
| | | | | | | | 514,207 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.82% | | | | |
| | | | | CVS Health Corp. | | | | |
| | 290,000 | | | 1.900%, 07/20/2018 | | | 294,397 | |
| | 305,000 | | | 2.800%, 07/20/2020 | | | 316,860 | |
| | 140,000 | | | 3.875%, 07/20/2025 | | | 151,367 | |
| | 155,000 | | | 5.125%, 07/20/2045 | | | 180,228 | |
| | 70,000 | | | Sysco Corp.
2.500%, 07/15/2021 | | | 70,899 | |
| | 120,000 | | | The Kroger Co.
2.600%, 02/01/2021 | | | 123,694 | |
| | 385,000 | | | Walgreens Boots Alliance, Inc.
2.700%, 11/18/2019 | | | 393,302 | |
| | | | | Wal-Mart Stores, Inc. | | | | |
| | 100,000 | | | 6.500%, 08/15/2037 | | | 139,626 | |
| | 50,000 | | | 4.300%, 04/22/2044 | | | 56,052 | |
| | | | | | |
|
|
|
| | | | | | | | 1,726,425 | |
| | | | | | |
|
|
|
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Food Products - 0.25% | | | | |
| | | | | HJ Heinz Co. | | | | |
| | 55,000 | | | 2.000%, 07/02/2018
(Acquired 06/23/2015, Cost $54,890) (b) | | $ | 55,539 | |
| | 40,000 | | | 2.800%, 07/02/2020
(Acquired 06/23/2015, Cost $39,909) (b)(c) | | | 41,126 | |
| | 175,000 | | | 3.500%, 07/15/2022
(Acquired 06/23/2015, Cost $174,587) (b) | | | 183,912 | |
| | 185,000 | | | 5.000%, 07/15/2035
(Acquired 06/23/2015, Cost $183,241) (b) | | | 204,669 | |
| | 45,000 | | | The JM Smucker Co.
3.500%, 03/15/2025 | | | 46,999 | |
| | | | | | |
|
|
|
| | | | | | | | 532,245 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 0.78% | | | | |
| | | | | Becton Dickinson & Co. | | | | |
| | 270,000 | | | 3.125%, 11/08/2021 | | | 279,277 | |
| | 315,000 | | | 3.875%, 05/15/2024 | | | 336,623 | |
| | | | | Medtronic, Inc. | | | | |
| | 105,000 | | | 2.500%, 03/15/2020 | | | 108,716 | |
| | 335,000 | | | 4.375%, 03/15/2035 | | | 363,393 | |
| | 135,000 | | | St. Jude Medical, Inc.
2.800%, 09/15/2020 | | | 138,191 | |
| | 70,000 | | | Stryker Corp.
2.625%, 03/15/2021 | | | 71,462 | |
| | 350,000 | | | Zimmer Holdings, Inc.
3.550%, 04/01/2025 (c) | | | 354,300 | |
| | | | | | |
|
|
|
| | | | | | | | 1,651,962 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 1.18% | | | | |
| | | | | Anthem, Inc. | | | | |
| | 150,000 | | | 5.850%, 01/15/2036 | | | 171,889 | |
| | 25,000 | | | 4.625%, 05/15/2042 | | | 24,771 | |
| | 125,000 | | | 5.100%, 01/15/2044 | | | 132,334 | |
| | | | | Cardinal Health, Inc. | | | | |
| | 60,000 | | | 1.950%, 06/15/2018 | | | 60,313 | |
| | 240,000 | | | 2.400%, 11/15/2019 | | | 243,856 | |
| | 385,000 | | | 3.200%, 03/15/2023 | | | 395,482 | |
| | 365,000 | | | Humana, Inc.
3.150%, 12/01/2022 | | | 370,276 | |
| | 120,000 | | | Laboratory Corp. of America Holdings
2.625%, 02/01/2020 | | | 120,613 | |
| | | | | UnitedHealth Group, Inc. | | | | |
| | 95,000 | | | 1.700%, 02/15/2019 | | | 95,827 | |
| | 325,000 | | | 1.625%, 03/15/2019 | | | 327,436 | |
| | 140,000 | | | 2.125%, 03/15/2021 | | | 141,324 | |
| | 115,000 | | | 3.350%, 07/15/2022 | | | 122,442 | |
| | 75,000 | | | 3.750%, 07/15/2025 | | | 80,907 | |
| | 165,000 | | | 3.950%, 10/15/2042 | | | 166,410 | |
| | 40,000 | | | 4.750%, 07/15/2045 (c) | | | 45,982 | |
| | | | | | |
|
|
|
| | | | | | | | 2,499,862 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.28% | | | | |
| | | | | McDonald’s Corp. | | | | |
| | 45,000 | | | 2.750%, 12/09/2020 | | | 46,658 | |
| | 505,000 | | | 3.700%, 01/30/2026 | | | 535,948 | |
| | | | | | |
|
|
|
| | | | | | | | 582,606 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.12% | | | | |
| | 225,000 | | | Newell Rubbermaid, Inc.
5.500%, 04/01/2046 | | | 245,365 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Independent Power and Renewable Electricity Producers - 0.11% | |
| | 230,000 | | | Southern Power Co.
4.150%, 12/01/2025 | | $ | 237,447 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.31% | | | | |
| | 55,000 | | | Danaher Corp.
2.400%, 09/15/2020 | | | 56,819 | |
| | 290,000 | | | Koninklijke Philips Electronics NV
5.750%, 03/11/2018 | | | 310,716 | |
| | 300,000 | | | Pentair Finance SA
3.150%, 09/15/2022 | | | 288,778 | |
| | | | | | |
|
|
|
| | | | | | | | 656,313 | |
| | | | | | |
|
|
|
| | | | | Insurance - 1.23% | | | | |
| | 265,000 | | | ACE INA Holdings, Inc.
3.350%, 05/03/2026 | | | 277,006 | |
| | | | | American International Group, Inc. | | | | |
| | 150,000 | | | 4.125%, 02/15/2024 | | | 156,563 | |
| | 275,000 | | | 4.500%, 07/16/2044 | | | 260,370 | |
| | 355,000 | | | CNA Financial Corp.
7.350%, 11/15/2019 | | | 410,447 | |
| | 295,000 | | | Liberty Mutual Group, Inc.
4.250%, 06/15/2023
(Acquired 07/22/2014, Cost $304,023) (b) | | | 304,510 | |
| | 305,000 | | | Manulife Financial Corp.
4.150%, 03/04/2026 | | | 311,976 | |
| | | | | Marsh & McLennan Cos., Inc. | | | | |
| | 100,000 | | | 2.300%, 04/01/2017 | | | 100,762 | |
| | 110,000 | | | 4.050%, 10/15/2023 | | | 116,328 | |
| | 50,000 | | | 3.500%, 03/10/2025 | | | 50,931 | |
| | 115,000 | | | MetLife, Inc.
4.600%, 05/13/2046 | | | 118,181 | |
| | 255,000 | | | New York Life Global Funding
1.950%, 02/11/2020
(Acquired 02/04/2015, Cost $254,952) (b) | | | 255,174 | |
| | 230,000 | | | Trinity Acquisition Plc
4.400%, 03/15/2026 | | | 233,788 | |
| | | | | | |
|
|
|
| | | | | | | | 2,596,036 | |
| | | | | | |
|
|
|
| | | | | Internet & Catalog Retail - 0.09% | | | | |
| | | | | Amazon.com, Inc. | | | | |
| | 85,000 | | | 3.800%, 12/05/2024 (c) | | | 93,298 | |
| | 85,000 | | | 4.950%, 12/05/2044 | | | 98,330 | |
| | | | | | |
|
|
|
| | | | | | | | 191,628 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.86% | | | | |
| | 310,000 | | | MasterCard, Inc.
3.375%, 04/01/2024 | | | 331,865 | |
| | | | | Visa, Inc. | | | | |
| | 635,000 | | | 1.200%, 12/14/2017 | | | 638,890 | |
| | 340,000 | | | 2.800%, 12/14/2022 | | | 354,893 | |
| | 370,000 | | | 3.150%, 12/14/2025 | | | 386,707 | |
| | 100,000 | | | 4.300%, 12/14/2045 (c) | | | 109,683 | |
| | | | | | |
|
|
|
| | | | | | | | 1,822,038 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.53% | | | | |
| | 150,000 | | | Cummins, Inc.
3.650%, 10/01/2023 | | | 158,597 | |
| | | | | Eaton Corp. | | | | |
| | 225,000 | | | 5.600%, 05/15/2018 | | | 243,386 | |
| | 250,000 | | | 2.750%, 11/02/2022 | | | 250,498 | |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Machinery (Continued) | | | | |
| | 450,000 | | | Stanley Black & Decker, Inc.
2.451%, 11/17/2018 | | $ | 457,235 | |
| | | | | | |
|
|
|
| | | | | | | | 1,109,716 | |
| | | | | | |
|
|
|
| | | | | Media - 1.68% | | | | |
| | | | | 21st Century Fox America, Inc. | | | | |
| | 175,000 | | | 4.500%, 02/15/2021 | | | 193,137 | |
| | 20,000 | | | 3.700%, 10/15/2025 | | | 20,983 | |
| | 100,000 | | | 6.150%, 02/15/2041 | | | 119,855 | |
| | 35,000 | | | 4.950%, 10/15/2045 | | | 37,568 | |
| | 25,000 | | | CBS Corp.
4.000%, 01/15/2026 | | | 26,164 | |
| | | | | CCO Safari II LLC | | | | |
| | 85,000 | | | 3.579%, 07/23/2020
(Acquired 07/09/2015, Cost $85,000) (b) | | | 86,924 | |
| | 150,000 | | | 4.464%, 07/23/2022
(Acquired 02/05/2016, Cost $151,018) (b) | | | 156,958 | |
| | 150,000 | | | 4.908%, 07/23/2025
(Acquired 07/09/2015, Cost $149,972) (b) | | | 158,454 | |
| | 130,000 | | | 6.484%, 10/23/2045
(Acquired 07/09/2015 and 07/10/2015, Cost $129,971) (b) | | | 145,054 | |
| | | | | Comcast Corp. | | | | |
| | 465,000 | | | 5.875%, 02/15/2018 (c) | | | 505,273 | |
| | 135,000 | | | 2.750%, 03/01/2023 | | | 139,635 | |
| | 140,000 | | | 3.375%, 08/15/2025 | | | 149,093 | |
| | 345,000 | | | 3.150%, 03/01/2026 | | | 359,649 | |
| | 115,000 | | | 4.750%, 03/01/2044 | | | 130,031 | |
| | | | | Cox Communications, Inc. | | | | |
| | 50,000 | | | 3.250%, 12/15/2022
(Acquired 09/17/2015 and 10/06/2015, Cost $46,997) (b) | | | 48,290 | |
| | 140,000 | | | 2.950%, 06/30/2023
(Acquired 04/24/2013, Cost $139,384) (b) | | | 130,159 | |
| | 75,000 | | | Omnicom Group, Inc.
3.600%, 04/15/2026 | | | 76,985 | |
| | 200,000 | | | Sky Plc
2.625%, 09/16/2019
(Acquired 06/17/2015, Cost $199,010) (b) | | | 202,241 | |
| | | | | Time Warner Cable, Inc. | | | | |
| | 246,000 | | | 5.850%, 05/01/2017 | | | 256,506 | |
| | 70,000 | | | 6.750%, 07/01/2018 | | | 77,056 | |
| | 50,000 | | | 5.500%, 09/01/2041 | | | 49,754 | |
| | 75,000 | | | 4.500%, 09/15/2042 | | | 66,822 | |
| | | | | Time Warner, Inc. | | | | |
| | 50,000 | | | 3.600%, 07/15/2025 | | | 51,421 | |
| | 185,000 | | | 7.625%, 04/15/2031 | | | 236,714 | |
| | 110,000 | | | 6.500%, 11/15/2036 | | | 127,990 | |
| | | | | | |
|
|
|
| | | | | | | | 3,552,716 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.33% | | | | |
| | | | | Nucor Corp. | | | | |
| | 225,000 | | | 4.125%, 09/15/2022 | | | 235,329 | |
| | 245,000 | | | 4.000%, 08/01/2023 | | | 255,742 | |
| | 205,000 | | | Rio Tinto Finance USA Ltd.
3.750%, 06/15/2025 (c) | | | 200,172 | |
| | | | | | |
|
|
|
| | | | | | | | 691,243 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Multi-Utilities - 0.80% | | | | |
| | 370,000 | | | Delmarva Power & Light Co.
3.500%, 11/15/2023 | | $ | 393,726 | |
| | 405,000 | | | Dominion Resources, Inc.
1.400%, 09/15/2017 | | | 403,083 | |
| | 350,000 | | | WEC Energy Group, Inc.
3.550%, 06/15/2025 | | | 364,302 | |
| | 505,000 | | | Xcel Energy, Inc.
5.613%, 04/01/2017 | | | 526,035 | |
| | | | | | |
|
|
|
| | | | | | | | 1,687,146 | |
| | | | | | |
|
|
|
| | | | | Oil & Gas - 2.75% | | | | |
| | | | | Anadarko Petroleum Corp. | | | | |
| | 150,000 | | | 8.700%, 03/15/2019 | | | 167,712 | |
| | 15,000 | | | 6.950%, 06/15/2019 | | | 16,248 | |
| | 45,000 | | | 5.550%, 03/15/2026 | | | 45,481 | |
| | 90,000 | | | 6.600%, 03/15/2046 | | | 92,183 | |
| | | | | BP Capital Markets Plc | | | | |
| | 30,000 | | | 2.521%, 01/15/2020 | | | 30,476 | |
| | 70,000 | | | 3.062%, 03/17/2022 | | | 71,398 | |
| | 195,000 | | | Buckeye Partners LP
4.875%, 02/01/2021 | | | 197,145 | |
| | | | | Canadian Natural Resources Ltd. | | | | |
| | 245,000 | | | 3.450%, 11/15/2021 | | | 227,066 | |
| | 105,000 | | | 3.800%, 04/15/2024 | | | 94,442 | |
| | 50,000 | | | Cenovus Energy, Inc.
5.200%, 09/15/2043 | | | 40,961 | |
| | 255,000 | | | Chevron Corp.
1.790%, 11/16/2018 | | | 258,176 | |
| | 185,000 | | | Columbia Pipeline Group, Inc.
4.500%, 06/01/2025
(Acquired 05/19/2015, Cost $184,717) (b) | | | 184,034 | |
| | | | | ConocoPhillips Co. | | | | |
| | 90,000 | | | 4.200%, 03/15/2021 | | | 94,092 | |
| | 55,000 | | | 3.350%, 11/15/2024 (c) | | | 53,230 | |
| | 85,000 | | | 4.950%, 03/15/2026 | | | 88,906 | |
| | 30,000 | | | Devon Energy Corp.
2.250%, 12/15/2018 | | | 28,017 | |
| | 20,000 | | | Energy Transfer Partners LP
5.200%, 02/01/2022 | | | 19,002 | |
| | 180,000 | | | Enterprise Products Operating LLC
6.125%, 10/15/2039 | | | 188,943 | |
| | 45,000 | | | EOG Resources, Inc.
4.150%, 01/15/2026 | | | 46,885 | |
| | | | | Exxon Mobil Corp. | | | | |
| | 100,000 | | | 2.222%, 03/01/2021 | | | 101,840 | |
| | 85,000 | | | 2.726%, 03/01/2023 | | | 86,528 | |
| | 40,000 | | | 3.043%, 03/01/2026 (c) | | | 40,989 | |
| | 225,000 | | | 4.114%, 03/01/2046 | | | 239,190 | |
| | | | | Hess Corp. | | | | |
| | 120,000 | | | 1.300%, 06/15/2017 | | | 118,621 | |
| | 45,000 | | | 5.600%, 02/15/2041 | | | 40,099 | |
| | 350,000 | | | Husky Energy, Inc.
3.950%, 04/15/2022 | | | 349,169 | |
| | | | | Kinder Morgan Energy Partners LP | | | | |
| | 10,000 | | | 6.850%, 02/15/2020 | | | 10,936 | |
| | 15,000 | | | 5.300%, 09/15/2020 | | | 15,641 | |
| | 100,000 | | | Kinder Morgan, Inc.
5.050%, 02/15/2046 | | | 85,398 | |
| | 160,000 | | | Magellan Midstream Partners LP
5.000%, 03/01/2026 | | | 173,363 | |
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Oil & Gas (Continued) | | | | |
| | 95,000 | | | Marathon Oil Corp.
2.700%, 06/01/2020 | | $ | 80,694 | |
| | 200,000 | | | Marathon Petroleum Corp.
3.625%, 09/15/2024 | | | 183,210 | |
| | 55,000 | | | Noble Energy, Inc.
4.150%, 12/15/2021 | | | 54,975 | |
| | 460,000 | | | Occidental Petroleum Corp.
3.400%, 04/15/2026 | | | 464,970 | |
| | | | | Petroleos Mexicanos | | | | |
| | 80,000 | | | 5.500%, 02/04/2019
(Acquired 01/28/2016 and 01/29/2016, Cost $80,504) (b) | | | 84,000 | |
| | 45,000 | | | 6.375%, 02/04/2021
(Acquired 01/28/2016, Cost $45,000) (b) | | | 48,105 | |
| | 220,000 | | | 5.500%, 06/27/2044 | | | 183,898 | |
| | | | | Phillips 66 | | | | |
| | 275,000 | | | 2.950%, 05/01/2017 | | | 280,143 | |
| | 225,000 | | | 4.300%, 04/01/2022 | | | 239,867 | |
| | 210,000 | | | Pioneer Natural Resources Co.
3.450%, 01/15/2021 | | | 209,121 | |
| | 75,000 | | | Regency Energy Partners LP
5.875%, 03/01/2022 | | | 72,951 | |
| | 100,000 | | | Statoil ASA
3.950%, 05/15/2043 | | | 95,540 | |
| | 185,000 | | | Suncor Energy, Inc.
6.100%, 06/01/2018 | | | 197,869 | |
| | 230,000 | | | Sunoco Logistics Partners Operations LP
4.250%, 04/01/2024 | | | 211,481 | |
| | 240,000 | | | Williams Partners LP
3.600%, 03/15/2022 | | | 197,875 | |
| | | | | | |
|
|
|
| | | | | | | | 5,810,870 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 1.14% | | | | |
| | | | | AbbVie, Inc. | | | | |
| | 280,000 | | | 1.750%, 11/06/2017 | | | 281,405 | |
| | 195,000 | | | 2.900%, 11/06/2022 | | | 198,742 | |
| | | | | Actavis Funding SCS | | | | |
| | 335,000 | | | 2.350%, 03/12/2018 | | | 339,117 | |
| | 245,000 | | | 3.000%, 03/12/2020 | | | 252,524 | |
| | 90,000 | | | 4.550%, 03/15/2035 | | | 93,018 | |
| | | | | EMD Finance LLC | | | | |
| | 110,000 | | | 2.950%, 03/19/2022
(Acquired 03/16/2015, Cost $109,806) (b) | | | 112,427 | |
| | 220,000 | | | 3.250%, 03/19/2025
(Acquired 10/13/2015, Cost $214,973) (b) | | | 219,964 | |
| | | | | Johnson & Johnson | | | | |
| | 185,000 | | | 2.450%, 03/01/2026 | | | 185,916 | |
| | 40,000 | | | 3.550%, 03/01/2036 | | | 41,680 | |
| | 85,000 | | | Merck & Co., Inc.
0.996%, 02/10/2020 (a) | | | 84,627 | |
| | | | | Mylan NV | | | | |
| | 55,000 | | | 3.000%, 12/15/2018
(Acquired 12/04/2015, Cost $54,930) (b) | | | 55,791 | |
| | 60,000 | | | 3.750%, 12/15/2020
(Acquired 12/04/2015, Cost $59,981) (b) | | | 61,454 | |
| | | | | Sanofi-Aventis SA | | | | |
| | 170,000 | | | 1.250%, 04/10/2018 (c) | | | 170,943 | |
| | 275,000 | | | 4.000%, 03/29/2021 | | | 302,612 | |
| | | | | | |
|
|
|
| | | | | | | | 2,400,220 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Real Estate - 1.47% | | | | |
| | | | | American Tower Corp. | | | | |
| | 170,000 | | | 3.450%, 09/15/2021 | | $ | 174,047 | |
| | 30,000 | | | 5.000%, 02/15/2024 | | | 32,975 | |
| | 510,000 | | | Boston Properties LP
3.650%, 02/01/2026 | | | 530,273 | |
| | 135,000 | | | Brandywine Operating Partnership LP
4.100%, 10/01/2024 | | | 133,895 | |
| | 85,000 | | | Duke Realty LP
3.875%, 02/15/2021 | | | 87,853 | |
| | 195,000 | | | ERP Operating LP
3.000%, 04/15/2023 | | | 198,127 | |
| | | | | HCP, Inc. | | | | |
| | 75,000 | | | 6.000%, 01/30/2017 | | | 77,490 | |
| | 40,000 | | | 4.000%, 12/01/2022 | | | 40,257 | |
| | 80,000 | | | 4.000%, 06/01/2025 | | | 77,025 | |
| | | | | Kimco Realty Corp. | | | | |
| | 155,000 | | | 3.200%, 05/01/2021 | | | 158,467 | |
| | 30,000 | | | 3.400%, 11/01/2022 | | | 30,454 | |
| | | | | Liberty Property LP | | | | |
| | 130,000 | | | 5.500%, 12/15/2016 | | | 133,552 | |
| | 25,000 | | | 4.125%, 06/15/2022 | | | 26,070 | |
| | 25,000 | | | 3.375%, 06/15/2023 | | | 24,737 | |
| | 56,000 | | | Realty Income Corp.
3.250%, 10/15/2022 | | | 55,350 | |
| | | | | Simon Property Group LP | | | | |
| | 675,000 | | | 2.200%, 02/01/2019 | | | 685,436 | |
| | 110,000 | | | 2.500%, 07/15/2021 | | | 112,481 | |
| | 65,000 | | | UDR, Inc.
3.700%, 10/01/2020 | | | 68,228 | |
| | | | | Ventas Realty LP | | | | |
| | 5,000 | | | 2.000%, 02/15/2018 | | | 5,009 | |
| | 150,000 | | | 2.700%, 04/01/2020 | | | 151,159 | |
| | 250,000 | | | 5.700%, 09/30/2043 | | | 276,667 | |
| | 25,000 | | | Welltower, Inc.
5.250%, 01/15/2022 | | | 27,333 | |
| | | | | | |
|
|
|
| | | | | | | | 3,106,885 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.77% | | | | |
| | | | | Burlington Northern Santa Fe LLC | | | | |
| | 255,000 | | | 3.650%, 09/01/2025 | | | 276,197 | |
| | 290,000 | | | 7.950%, 08/15/2030 | | | 419,447 | |
| | 150,000 | | | CSX Corp.
6.150%, 05/01/2037 | | | 185,304 | |
| | 170,000 | | | Kansas City Southern
3.000%, 05/15/2023
(Acquired 11/21/2014, Cost $164,372) (b) | | | 165,302 | |
| | 335,000 | | | Penske Truck Leasing Co., L.P.
4.875%, 07/11/2022
(Acquired 07/16/2013 and 10/14/2015, Cost $353,533) (b) | | | 358,189 | |
| | | | | Union Pacific Corp. | | | | |
| | 20,000 | | | 2.750%, 03/01/2026 | | | 20,363 | |
| | 200,000 | | | 3.375%, 02/01/2035 | | | 193,065 | |
| | | | | | |
|
|
|
| | | | | | | | 1,617,867 | |
| | | | | | |
|
|
|
| | | | | Semiconductor & Semiconductor Equipment - 0.31% | |
| | 260,000 | | | Analog Devices, Inc.
3.900%, 12/15/2025 | | | 281,150 | |
| | | | | Intel Corp. | | | | |
| | 245,000 | | | 3.300%, 10/01/2021 | | | 263,372 | |
| | 105,000 | | | 4.900%, 07/29/2045 | | | 118,050 | |
| | | | | | |
|
|
|
| | | | | | | | 662,572 | |
| | | | | | |
|
|
|
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Software - 0.73% | | | | |
| | | | | Microsoft Corp. | | | | |
| | 140,000 | | | 2.375%, 02/12/2022 | | $ | 144,348 | |
| | 50,000 | | | 2.650%, 11/03/2022 | | | 52,036 | |
| | 400,000 | | | 4.450%, 11/03/2045 | | | 444,794 | |
| | | | | Oracle Corp. | | | | |
| | 415,000 | | | 2.250%, 10/08/2019 | | | 428,356 | |
| | 380,000 | | | 4.300%, 07/08/2034 | | | 400,402 | |
| | 70,000 | | | 3.900%, 05/15/2035 | | | 69,979 | |
| | | | | | |
|
|
|
| | | | | | | | 1,539,915 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.44% | | | | |
| | 145,000 | | | AutoZone, Inc.
4.000%, 11/15/2020 | | | 154,830 | |
| | | | | Home Depot, Inc. | | | | |
| | 245,000 | | | 2.700%, 04/01/2023 | | | 254,688 | |
| | 265,000 | | | 3.350%, 09/15/2025 | | | 287,503 | |
| | 135,000 | | | 5.875%, 12/16/2036 | | | 176,011 | |
| | | | | Lowe’s Cos., Inc. | | | | |
| | 30,000 | | | 3.375%, 09/15/2025 | | | 32,205 | |
| | 30,000 | | | 4.375%, 09/15/2045 | | | 33,418 | |
| | | | | | |
|
|
|
| | | | | | | | 938,655 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.48% | |
| | | | | Apple, Inc. | | | | |
| | 640,000 | | | 2.400%, 05/03/2023 | | | 644,519 | |
| | 125,000 | | | 3.450%, 02/09/2045 | | | 113,192 | |
| | | | | Hewlett-Packard Co. | | | | |
| | 80,000 | | | 2.450%, 10/05/2017
(Acquired 09/30/2015, Cost $79,955) (b) | | | 80,552 | |
| | 180,000 | | | 2.850%, 10/05/2018
(Acquired 09/30/2015, Cost $179,770) (b) | | | 183,133 | |
| | | | | | |
|
|
|
| | | | | | | | 1,021,396 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.28% | | | | |
| | 125,000 | | | Altria Group, Inc.
4.250%, 08/09/2042 | | | 130,492 | |
| | 250,000 | | | Philip Morris International, Inc.
2.750%, 02/25/2026 | | | 254,498 | |
| | 160,000 | | | Reynolds American, Inc.
5.850%, 08/15/2045 | | | 196,133 | |
| | | | | | |
|
|
|
| | | | | | | | 581,123 | |
| | | | | | |
|
|
|
| | | | | Transportation - 0.10% | | | | |
| | 220,000 | | | Ryder Systems, Inc.
2.450%, 09/03/2019 | | | 220,381 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.21% | |
| | 405,000 | | | Rogers Communications, Inc.
5.000%, 03/15/2044 | | | 447,860 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $75,945,034) | | | 78,442,906 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.04% | |
| | 96,000 | | | Mexico Government International Bond
4.750%, 03/08/2044 | | | 96,000 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $71,726) | | | 96,000 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 36.03% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 131,635 | | | Series 2590, 5.000%, 03/15/2018 (d) | | $ | 135,469 | |
| | 800,000 | | | Series K703, 2.699%, 05/25/2018 | | | 819,561 | |
| | 2,548 | | | Pool #E9-9763 4.500%, 09/01/2018 | | | 2,634 | |
| | 2,104 | | | Pool #E9-9764 4.500%, 09/01/2018 | | | 2,175 | |
| | 600,000 | | | Series K705, 2.303%, 09/25/2018 (a) | | | 614,321 | |
| | 900,000 | | | Series K706, 2.323%, 10/25/2018 | | | 922,433 | |
| | 600,000 | | | Series K709, 2.086%, 03/25/2019 | | | 612,830 | |
| | 130,313 | | | Series 2013-DN1, 3.833%, 07/25/2023 (a) | | | 133,342 | |
| | 79,279 | | | Pool #D9-6291 4.500%, 09/01/2023 | | | 86,101 | |
| | 185,448 | | | Pool #G1-3624 5.000%, 08/01/2024 | | | 199,959 | |
| | 250,000 | | | Series 2014-HQ1, 2.933%, 08/26/2024 (a) | | | 252,912 | |
| | 436,939 | | | Series 2014-DN4, 2.833%, 10/25/2024 (a) | | | 441,010 | |
| | 500,000 | | | Series 2014-HQ3, 3.083%, 10/25/2024 (a) | | | 505,354 | |
| | 250,000 | | | Series 2015-HQ1, 2.633%, 03/25/2025 (a) | | | 251,007 | |
| | 260,000 | | | Series 2015-DNA1, 2.283%, 10/25/2027 (a) | | | 256,716 | |
| | 250,000 | | | Series 2015-DNA2, 3.033%, 12/27/2027 (a) | | | 250,270 | |
| | 255,000 | | | Series 2015-HQA1, 3.083%, 03/27/2028 (a) | | | 254,827 | |
| | 250,000 | | | Series 2015-DNA3, 3.283%, 04/25/2028 (a) | | | 251,668 | |
| | 277,189 | | | Series 2329, 6.500%, 06/15/2031 | | | 324,762 | |
| | 132,494 | | | Series 2338, 6.500%, 07/15/2031 | | | 154,707 | |
| | 242,579 | | | Pool #78-0447 2.502%, 04/01/2033 (a) | | | 256,121 | |
| | 1,485,096 | | | Pool #U8-9032 3.000%, 07/01/2033 | | | 1,552,806 | |
| | 171 | | | Pool #A4-3129 5.500%, 02/01/2036 | | | 192 | |
| | 952,513 | | | Pool #C0-3815 3.500%, 03/01/2042 | | | 1,001,431 | |
| | 1,500,000 | | | Pool #TBA 3.500%, 04/15/2042 (e) | | | 1,570,257 | |
| | 761,708 | | | Pool #U9-0688 4.000%, 05/01/2042 | | | 819,745 | |
| | 500,000 | | | Pool #TBA 3.500%, 05/15/2042 (e) | | | 522,481 | |
| | 856,186 | | | Pool #Q0-9949 3.000%, 08/01/2042 | | | 877,632 | |
| | 894,387 | | | Pool #G0-8635 3.000%, 04/01/2045 | | | 916,790 | |
| | 1,300,000 | | | Pool #TBA 4.000%, 04/15/2045 (e) | | | 1,387,547 | |
| | | | | Federal National Mortgage Association | | | | |
| | 640 | | | Pool #685505 5.000%, 05/01/2018 | | | 662 | |
| | 656 | | | Pool #705709 5.000%, 05/01/2018 | | | 678 | |
| | 127,687 | | | Series 2013-C01, 2.433%, 10/25/2023 (a) | | | 128,237 | |
| | 146,648 | | | Series 2014-C01, 2.033%, 01/25/2024 (a) | | | 146,478 | |
| | 273,615 | | | Series 2014-C02, 1.383%, 05/28/2024 (a) | | | 271,566 | |
| | 96,628 | | | Series 2014-C03, 1.633%, 07/25/2024 (a) | | | 96,346 | |
| | 82,705 | | | Series 2014-C04, 2.383%, 11/25/2024 (a) | | | 83,124 | |
| | 72,977 | | | Series 2014-C04, 2.533%, 11/25/2024 (a) | | | 73,382 | |
| | 12,554 | | | Series 2015-C01, 1.933%, 02/25/2025 (a) | | | 12,556 | |
| | 996,588 | | | Pool #AI4868 4.000%, 06/01/2026 | | | 1,064,259 | |
| | 867,205 | | | Pool #AJ8325 3.000%, 12/01/2026 | | | 909,385 | |
| | 383,080 | | | Pool #AB5907 3.000%, 08/01/2027 | | | 401,265 | |
| | 1,200,571 | | | Pool #AQ5095 3.000%, 11/01/2027 | | | 1,260,896 | |
| | 705,835 | | | Pool #AL2877 3.500%, 01/01/2028 | | | 747,154 | |
| | 300,000 | | | Pool #TBA 2.500%, 04/15/2028 (e) | | | 307,992 | |
| | 63,435 | | | Pool #544859 2.420%, 08/01/2029 (a) | | | 64,335 | |
| | 195,048 | | | Pool #786848 7.000%, 10/01/2031 | | | 230,338 | |
| | 6,747 | | | Pool #727181 5.000%, 08/01/2033 | | | 7,561 | |
| | 3,201 | | | Pool #730727 5.000%, 08/01/2033 | | | 3,587 | |
| | 906 | | | Pool #741862 5.500%, 09/01/2033 | | | 1,029 | |
| | 1,137 | | | Pool #766197 5.500%, 02/01/2034 | | | 1,275 | |
| | 212 | | | Pool #776974 5.500%, 04/01/2034 | | | 242 | |
| | 204,607 | | | Pool #888504 2.331%, 04/01/2034 (a) | | | 216,160 | |
| | 476,304 | | | Pool #MA1870 4.500%, 04/01/2034 | | | 521,438 | |
| | 8,740 | | | Pool #775776 5.500%, 05/01/2034 | | | 9,885 | |
| | 211,400 | | | Pool #802783 2.451%, 10/01/2034 (a) | | | 223,069 | |
| | 1,464,508 | | | Pool #AL6270 3.500%, 10/01/2034 | | | 1,556,283 | |
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 8,061 | | | Pool #781629 5.500%, 12/01/2034 | | $ | 9,144 | |
| | 8,897 | | | Pool #822815 5.500%, 04/01/2035 | | | 10,061 | |
| | 7,577 | | | Pool #357850 5.500%, 07/01/2035 | | | 8,610 | |
| | 5,785 | | | Pool #820242 5.000%, 07/01/2035 | | | 6,473 | |
| | 1,391 | | | Pool #838452 5.500%, 09/01/2035 | | | 1,579 | |
| | 7,884 | | | Pool #865854 6.000%, 03/01/2036 | | | 9,085 | |
| | 12,285 | | | Pool #891474 6.000%, 04/01/2036 | | | 14,164 | |
| | 10,647 | | | Pool #906000 6.000%, 01/01/2037 | | | 12,166 | |
| | 101 | | | Pool #928062 5.500%, 02/01/2037 | | | 114 | |
| | 202 | | | Pool #899119 5.500%, 04/01/2037 | | | 228 | |
| | 63 | | | Pool #938488 5.500%, 05/01/2037 | | | 70 | |
| | 251 | | | Pool #970131 5.500%, 03/01/2038 | | | 284 | |
| | 224 | | | Pool #981313 5.500%, 06/01/2038 | | | 252 | |
| | 223 | | | Pool #985108 5.500%, 07/01/2038 | | | 254 | |
| | 86 | | | Pool #964930 5.500%, 08/01/2038 | | | 96 | |
| | 149 | | | Pool #987032 5.500%, 08/01/2038 | | | 167 | |
| | 229 | | | Pool #968371 5.500%, 09/01/2038 | | | 257 | |
| | 63 | | | Pool #993050 5.500%, 12/01/2038 | | | 71 | |
| | 34,092 | | | Pool #993579 4.000%, 05/01/2039 | | | 36,439 | |
| | 7,333 | | | Pool #AA5840 4.000%, 06/01/2039 | | | 7,837 | |
| | 86,068 | | | Pool #AA8715 4.000%, 06/01/2039 | | | 93,810 | |
| | 328,193 | | | Pool #AD0586 4.500%, 12/01/2039 | | | 362,198 | |
| | 275,433 | | | Pool #AD5574 5.000%, 04/01/2040 | | | 305,419 | |
| | 936,104 | | | Pool #AD4062 5.000%, 05/01/2040 | | | 1,040,941 | |
| | 902,612 | | | Pool #AD6929 5.000%, 06/01/2040 | | | 1,005,399 | |
| | 18,998 | | | Pool #AD9896 4.000%, 08/01/2040 | | | 20,333 | |
| | 599,581 | | | Pool #AE0217 4.500%, 08/01/2040 | | | 654,655 | |
| | 24,762 | | | Pool #AB1500 4.000%, 09/01/2040 | | | 26,542 | |
| | 19,664 | | | Pool #AD9856 4.000%, 09/01/2040 | | | 21,017 | |
| | 16,275 | | | Pool #AE2559 4.000%, 09/01/2040 | | | 17,439 | |
| | 5,628 | | | Pool #AE2562 4.000%, 09/01/2040 | | | 6,032 | |
| | 7,277 | | | Pool #AE2566 4.000%, 09/01/2040 | | | 7,799 | |
| | 49,271 | | | Pool #AE4124 4.000%, 10/01/2040 | | | 52,809 | |
| | 27,846 | | | Pool #AE4888 4.000%, 10/01/2040 | | | 29,842 | |
| | 38,799 | | | Pool #AE3916 4.000%, 11/01/2040 | | | 41,585 | |
| | 5,189 | | | Pool #AE5147 4.000%, 11/01/2040 | | | 5,562 | |
| | 62,034 | | | Pool #AE8715 4.000%, 11/01/2040 | | | 66,461 | |
| | 636,430 | | | Pool #AE0698 4.500%, 12/01/2040 | | | 694,932 | |
| | 6,958 | | | Pool #AH0006 4.000%, 12/01/2040 | | | 7,460 | |
| | 20,081 | | | Pool #AH0020 4.000%, 12/01/2040 | | | 21,528 | |
| | 41,758 | | | Pool #AH0599 4.000%, 12/01/2040 | | | 44,765 | |
| | 14,125 | | | Pool #AH0601 4.000%, 12/01/2040 | | | 15,097 | |
| | 26,546 | | | Pool #AH1263 4.000%, 01/01/2041 | | | 28,460 | |
| | 112,073 | | | Pool #AL5233 4.000%, 01/01/2041 | | | 119,789 | |
| | 8,553 | | | Pool #AH4659 4.000%, 02/01/2041 | | | 9,170 | |
| | 121,719 | | | Pool #AH5653 4.000%, 02/01/2041 | | | 130,483 | |
| | 190,555 | | | Pool #AL0934 5.000%, 02/01/2041 | | | 211,419 | |
| | 970,962 | | | Pool #AB2537 5.000%, 03/01/2041 | | | 1,077,603 | |
| | 286,346 | | | Pool #AD1889 4.500%, 03/01/2041 | | | 311,964 | |
| | 13,930 | | | Pool #AH6150 4.000%, 03/01/2041 | | | 14,930 | |
| | 153,220 | | | Pool #AL0215 4.500%, 04/01/2041 | | | 167,335 | |
| | 6,200,000 | | | Pool #TBA 3.500%, 04/15/2041 (e) | | | 6,501,039 | |
| | 1,200,000 | | | Pool #TBA 4.000%, 04/15/2041 (e) | | | 1,282,219 | |
| | 400,000 | | | Pool #TBA 4.500%, 04/15/2041 (e) | | | 435,312 | |
| | 143,196 | | | Pool #AL0187 5.000%, 05/01/2041 | | | 158,783 | |
| | 1,710,725 | | | Pool #AL0208 4.500%, 05/01/2041 | | | 1,867,356 | |
| | 23,460 | | | Pool #AL0456 5.000%, 06/01/2041 | | | 26,014 | |
| | 839,318 | | | Pool #AB3395 4.500%, 08/01/2041 | | | 916,214 | |
| | 115,271 | | | Pool #AI8842 4.500%, 08/01/2041 | | | 125,832 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 47,685 | | | Pool #AL0815 4.000%, 09/01/2041 | | $ | 51,987 | |
| | 16,264 | | | Pool #AJ1562 4.000%, 10/01/2041 | | | 17,731 | |
| | 17,603 | | | Pool #AJ1972 4.000%, 10/01/2041 | | | 19,191 | |
| | 1,597,207 | | | Pool #AJ2212 4.500%, 10/01/2041 | | | 1,749,396 | |
| | 25,809 | | | Pool #AJ4756 4.000%, 10/01/2041 | | | 28,137 | |
| | 21,183 | | | Pool #AJ3330 4.000%, 11/01/2041 | | | 23,094 | |
| | 22,864 | | | Pool #AJ4549 4.000%, 11/01/2041 | | | 24,926 | |
| | 16,630 | | | Pool #AJ4698 4.000%, 11/01/2041 | | | 18,130 | |
| | 35,767 | | | Pool #AJ5424 4.000%, 11/01/2041 | | | 38,995 | |
| | 15,894 | | | Pool #AJ7840 4.000%, 11/01/2041 | | | 17,328 | |
| | 21,929 | | | Pool #AB3995 4.000%, 12/01/2041 | | | 23,907 | |
| | 21,446 | | | Pool #AI0848 4.000%, 12/01/2041 | | | 23,381 | |
| | 20,011 | | | Pool #AJ4187 4.000%, 12/01/2041 | | | 21,817 | |
| | 24,584 | | | Pool #AJ5736 4.000%, 12/01/2041 | | | 26,802 | |
| | 16,450 | | | Pool #AJ5968 4.000%, 12/01/2041 | | | 17,636 | |
| | 29,223 | | | Pool #AJ6061 4.000%, 12/01/2041 | | | 31,860 | |
| | 18,683 | | | Pool #AJ7868 4.000%, 12/01/2041 | | | 20,368 | |
| | 39,238 | | | Pool #AJ8104 4.000%, 12/01/2041 | | | 42,778 | |
| | 23,184 | | | Pool #AJ8109 4.000%, 12/01/2041 | | | 25,276 | |
| | 17,378 | | | Pool #AJ8171 4.000%, 12/01/2041 | | | 18,945 | |
| | 27,513 | | | Pool #AJ8341 4.000%, 12/01/2041 | | | 29,995 | |
| | 43,358 | | | Pool #AJ8436 4.000%, 12/01/2041 | | | 47,270 | |
| | 18,634 | | | Pool #AJ8912 4.000%, 12/01/2041 | | | 20,315 | |
| | 23,334 | | | Pool #AJ9248 4.000%, 12/01/2041 | | | 25,439 | |
| | 26,674 | | | Pool #AJ2446 4.000%, 01/01/2042 | | | 28,590 | |
| | 27,179 | | | Pool #AJ7538 4.000%, 01/01/2042 | | | 29,631 | |
| | 10,721 | | | Pool #AJ8001 4.000%, 01/01/2042 | | | 11,485 | |
| | 26,040 | | | Pool #AJ8369 4.000%, 01/01/2042 | | | 28,389 | |
| | 25,022 | | | Pool #AJ9162 4.000%, 01/01/2042 | | | 27,284 | |
| | 135,379 | | | Pool #AJ9330 4.000%, 01/01/2042 | | | 147,621 | |
| | 16,468 | | | Pool #AJ9779 4.000%, 01/01/2042 | | | 17,780 | |
| | 23,067 | | | Pool #AK0170 4.000%, 01/01/2042 | | | 25,154 | |
| | 46,672 | | | Pool #AK0543 4.000%, 01/01/2042 | | | 50,883 | |
| | 18,602 | | | Pool #AK0563 4.000%, 01/01/2042 | | | 20,281 | |
| | 40,034 | | | Pool #AK1827 4.000%, 01/01/2042 | | | 43,654 | |
| | 632,964 | | | Pool #AL2752 5.000%, 03/01/2042 | | | 703,037 | |
| | 140,302 | | | Pool #AB5529 4.000%, 07/01/2042 | | | 151,043 | |
| | 261,688 | | | Pool #AB6228 3.500%, 09/01/2042 | | | 275,087 | |
| | 209,552 | | | Pool #AL3896 4.500%, 01/01/2043 | | | 228,946 | |
| | 495,039 | | | Pool #AQ9316 2.500%, 01/01/2043 | | | 493,598 | |
| | 1,500,000 | | | Pool #TBA 3.000%, 04/15/2043 (e) | | | 1,538,789 | |
| | 1,447,989 | | | Pool #AT2720 3.000%, 05/01/2043 | | | 1,489,030 | |
| | 1,079,586 | | | Pool #AT5900 3.000%, 06/01/2043 | | | 1,110,130 | |
| | 586,279 | | | Pool #AU1625 3.500%, 07/01/2043 | | | 617,380 | |
| | 1,568,357 | | | Pool #AS3135 3.500%, 08/01/2044 | | | 1,647,581 | |
| | 1,318,500 | | | Pool #AS3183 4.500%, 08/01/2044 | | | 1,440,388 | |
| | 2,424,689 | | | Pool #AS5469 4.000%, 07/01/2045 | | | 2,599,609 | |
| | 1,989,169 | | | Pool #AZ0832 4.000%, 07/01/2045 | | | 2,127,787 | |
| | 1,791,242 | | | Pool #AS6196 3.500%, 11/01/2045 | | | 1,881,868 | |
| | | | | Government National Mortgage Association | | | | |
| | 13,566 | | | Pool #614436 5.000%, 08/15/2033 | | | 14,969 | |
| | 46,637 | | | Pool #736686 5.000%, 02/15/2039 | | | 51,802 | |
| | 966,594 | | | Pool #723248 5.000%, 10/15/2039 | | | 1,089,894 | |
| | 206,431 | | | Pool #782916 5.500%, 02/15/2040 | | | 231,891 | |
| | 572,024 | | | Pool #733724 4.500%, 06/15/2040 | | | 632,465 | |
| | 803,889 | | | Pool #752599 4.000%, 10/20/2040 | | | 870,308 | |
| | 543,604 | | | Pool #752631 4.500%, 10/20/2040 | | | 589,476 | |
| | 500,000 | | | Pool #TBA 3.500%, 04/15/2041 (e) | | | 527,617 | |
| | 1,144,007 | | | Pool #783403 3.500%, 09/15/2041 | | | 1,208,355 | |
See notes to financial statements.
83
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 1,100,000 | | | Pool #TBA 4.000%, 04/15/2042 (e) | | $ | 1,175,926 | |
| | 300,000 | | | Pool #TBA 4.000%, 05/15/2042 (e) | | | 320,192 | |
| | 1,734,881 | | | Pool #AD8801 3.500%, 03/15/2043 | | | 1,837,524 | |
| | 410,989 | | | Pool #AL9364 3.500%, 03/20/2045 | | | 435,951 | |
| | 628,973 | | | Pool #MA2681M 5.000%, 03/20/2045 | | | 685,198 | |
| | 1,000,000 | | | Pool #TBA 3.000%, 04/15/2045 (e) | | | 1,035,957 | |
| | 400,000 | | | Pool #TBA 3.500%, 04/15/2045 (e) | | | 422,781 | |
| | 696,383 | | | Pool #MA2892 3.500%, 06/20/2045 | | | 737,126 | |
| | 580,748 | | | Pool #MA2960M 3.000%, 07/20/2045 | | | 602,558 | |
| | 911,444 | | | Pool #MA2962M 4.000%, 07/20/2045 | | | 975,501 | |
| | 1,673,408 | | | Pool #MA3106M 4.000%, 09/20/2045 | | | 1,791,510 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $74,368,363) | | | 76,095,870 | |
| | | | | | |
|
|
|
| | | | | MUNICIPAL DEBT OBLIGATIONS - 0.63% | |
| | | | | California, GO, | | | | |
| | 165,000 | | | 7.550%, 04/01/2039 | | | 252,786 | |
| | 125,000 | | | 7.350%, 11/01/2039 | | | 184,119 | |
| | 125,000 | | | 7.600%, 11/01/2040 | | | 194,476 | |
| | 160,000 | | | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,
6.899%, 12/01/2040 | | | 190,618 | |
| | 180,000 | | | Illinois, GO,
5.100%, 06/01/2033 | | | 168,507 | |
| | 70,000 | | | New Jersey State Turnpike Authority, Series F, Revenue,
7.414%, 01/01/2040 | | | 105,546 | |
| | 205,000 | | | University of California, Refunding, Revenue Bond,
4.601%, 05/15/2031 | | | 228,046 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $1,264,717) | | | 1,324,098 | |
| | | | | | |
|
|
|
| | | | | U.S. TREASURY OBLIGATIONS - 11.42% | |
| | | | | U.S. Treasury Bonds - 5.21% | |
| | 2,908,500 | | | 0.125%, 07/15/2024 (f)(g) | | | 2,921,829 | |
| | 1,194,852 | | | 0.375%, 07/15/2025 (f)(g) | | | 1,221,861 | |
| | 6,170,000 | | | 3.125%, 11/15/2041 (c) | | | 6,865,692 | |
| | | | | U.S. Treasury Notes - 6.21% | | | | |
| | 3,015,000 | | | 2.000%, 11/15/2021 | | | 3,118,819 | |
| | 3,590,000 | | | 2.000%, 02/15/2022 | | | 3,713,406 | |
| | 5,955,000 | | | 2.375%, 08/15/2024 | | | 6,272,407 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $23,142,361) | | | 24,114,014 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 2.80% | |
| | | | | Money Market Funds - 2.80% | |
| | 5,911,395 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (h) | | $ | 5,911,395 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $5,911,395) | | | 5,911,395 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.80% | |
| | | | | Money Market Funds - 1.80% | | | | |
| | 3,797,653 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (h) | | | 3,797,653 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $3,797,653) | | | 3,797,653 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $225,831,938) - 109.42% | | | 231,111,916 | |
| | | | | Liabilities in Excess of
Other Assets - (9.42)% | | | (19,888,686 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 211,223,230 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
| (a) | | Variable Rate Security. The rate shown is the rate in effect on March 31, 2016. |
| (b) | | Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $21,439,332, which represents 10.15% of total net assets. |
| (c) | | All or portion of this security is on loan. |
| (d) | | This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security totals $135,469, which represents 0.06% of total net assets. |
| (e) | | Security purchased on a when-issued basis. On March 31, 2016, the total value of investments purchased on a when-issued basis was $17,028,109 or 8.06% of total net assets. |
| (f) | | Represents a U.S. Treasury Inflation Protected Security. |
| (g) | | All or a portion of this security is held as collateral for certain swap contracts. |
| (h) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
84
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2016
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Unrealized
Appreciation
(Depreciation)
| |
Eurodollar 90 Day Futures | | | (23 | ) | | $ | (5,702,563 | ) | | Dec-16 | | $ | (336 | ) |
U.S. Treasury 2 - Year Note Futures | | | 11 | | | | 2,406,250 | | | Jun-16 | | | 12,356 | |
U.S. Treasury 5 - Year Note Futures | | | 52 | | | | 6,300,531 | | | Jun-16 | | | 14,682 | |
U.S. Treasury 10 - Year Note Futures | | | (34 | ) | | | (4,433,281 | ) | | Jun-16 | | | 143 | |
U.S. Treasury Long Bond Futures | | | (13 | ) | | | (2,137,688 | ) | | Jun-16 | | | 18,181 | |
U.S. Treasury Ultra Bond Futures | | | 24 | | | | 4,140,750 | | | Jun-16 | | | (32,769 | ) |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 12,257 | |
| | | | | | | | | | | | |
|
|
|
GuideMark® Core Fixed Income Fund
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
March 31, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
March 31, 2016(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CDX.NA.IG.26 Index* | | | 0.79% | | | | 1.000% | | | 6/20/2021 | | Morgan Stanley | | $ | 3,354,000 | | | $ | 32,764 | | | $ | 32,764 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | 32,764 | | | $ | 32,764 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
GuideMark® Core Fixed Income Fund
INTEREST RATE SWAPS
March 31, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive Floating Rate
| | Floating
Rate Index
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | * | | | 2.250% | | | 9/21/2026 | | Morgan Stanley | | $ | 4,143,000 | | | $ | (186,515 | ) | | $ | (181,289 | ) | | $ | (5,226 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | (186,515 | ) | | $ | (181,289 | ) | | $ | (5,226 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| 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 market value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of period 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: Citibank |
See notes to financial statements.
85
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS - 97.40% | |
| | | | | Arizona - 3.49% | |
| $ | 590,000 | | | Arizona University System Board of Regents,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2028 | | $ | 699,781 | |
| | 450,000 | | | Phoenix Civic Improvement Wastewater System, Refunding, Revenue Bond, NATL-RE Insured,
5.000%, 07/01/2020 | | | 473,823 | |
| | 500,000 | | | Salt River Project,
Series A, Revenue Bond, 5.000%, 01/01/2021 | | | 537,450 | |
| | | | | | |
|
|
|
| | | | | | | | 1,711,054 | |
| | | | | | |
|
|
|
| | | | | Arkansas - 1.11% | |
| | 500,000 | | | University of Arkansas,
Series A, Revenue Bond, 4.125%, 11/01/2030 | | | 542,825 | |
| | | | | | |
|
|
|
| | | | | California - 11.94% | |
| | 285,000 | | | California Economic Recovery Bonds,
Series A, Prerefunded, GO, 5.250%, 07/01/2021 | | | 325,271 | |
| | 160,000 | | | California Economic Recovery Bonds,
Series A, Refunding, GO, 5.250%, 07/01/2021 | | | 182,608 | |
| | 200,000 | | | California Municipal Finance Authority, Mobile Home Park,
Series A, Refunding, Revenue Bond,
6.400%, 08/15/2045 | | | 216,280 | |
| | 500,000 | | | California State University,
Series A, Refunding, Revenue Bond, 5.000%, 11/01/2031 | | | 615,405 | |
| | 200,000 | | | California Statewide Community Development Authority, Refunding, Revenue Bond,
6.125%, 07/01/2046 | | | 228,382 | |
| | 160,000 | | | California Statewide Community Development Authority,
Series A, Revenue Bond, 6.125%, 11/01/2033 | | | 179,355 | |
| | 500,000 | | | California Statewide Community Development Authority,
Series A, Revenue Bond, CMI Insured, 5.000%, 08/01/2034 | | | 586,035 | |
| | 1,000,000 | | | California, GO,
6.500%, 04/01/2033 | | | 1,159,950 | |
| | 500,000 | | | California, Refunding, GO,
5.000%, 11/01/2043 | | | 588,380 | |
| | 100,000 | | | Golden State Tobacco Securitization Corp.,
Series A, Revenue Bond, 4.000%, 06/01/2031 | | | 108,954 | |
| | 500,000 | | | Los Angeles Department of Airports,
Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029 | | | 566,245 | |
| | 500,000 | | | San Mateo Joint Powers Financing Authority,
Series A, Refunding, Revenue Bond, 5.250%, 07/15/2025 | | | 573,165 | |
| | 250,000 | | | Southern California Public Power Authority, Revenue Bond,
5.250%, 07/01/2028 | | | 297,060 | |
| | 200,000 | | | University of California,
Series G, Refunding, Revenue Bond, 5.000%, 05/15/2037 | | | 234,224 | |
| | | | | | |
|
|
|
| | | | | | | | 5,861,314 | |
| | | | | | |
|
|
|
| | | | | Colorado - 3.30% | | | | |
| | 350,000 | | | Castle Pines North Metropolitan District, Refunding, Revenue Bond,
4.000%, 12/01/2044 | | | 364,000 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Colorado (Continued) | | | | |
| $ | 130,000 | | | Colorado Health Facilities Authority, Revenue Bond,
8.000%, 08/01/2043 | | $ | 151,861 | |
| | 160,000 | | | E-470 Public Highway Authority,
Series A, Refunding, Revenue Bond, 5.000%, 09/01/2020 | | | 184,376 | |
| | 750,000 | | | Regional Transportation District,
Series A, Revenue Bond, 5.000%, 11/01/2027 | | | 919,485 | |
| | | | | | |
|
|
|
| | | | | | | | 1,619,722 | |
| | | | | | |
|
|
|
| | | | | Connecticut - 1.11% | |
| | 500,000 | | | Connecticut Health & Educational Facilities Authority,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2025 | | | 546,385 | |
| | | | | | |
|
|
|
| | | | | Florida - 2.50% | | | | |
| | 300,000 | | | Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,
7.000%, 04/01/2039 | | | 353,847 | |
| | 225,000 | | | Miami-Dade County Educational Facilities,
Series A, Refunding, Revenue Bond, 5.000%, 04/01/2040 | | | 257,555 | |
| | 500,000 | | | Miami-Dade County Health Facilities,
Series A, Refunding, Revenue Bond, 5.250%, 08/01/2021 | | | 553,355 | |
| | 10,000 | | | Palm Beach County Florida Health Facilities Authority, Revenue Bond,
7.250%, 06/01/2034 | | | 12,147 | |
| | 40,000 | | | Palm Beach County Florida Health Facilities Authority,
Series A, Refunding, Revenue Bond,
7.500%, 06/01/2049 | | | 49,009 | |
| | | | | | |
|
|
|
| | | | | | | | 1,225,913 | |
| | | | | | |
|
|
|
| | | | | Georgia - 1.99% | | | | |
| | 300,000 | | | Atlanta Water & Wastewater, Refunding, Revenue Bond,
5.000%, 11/01/2040 | | | 351,237 | |
| | 350,000 | | | Atlanta Water & Wastewater,
Series A, Refunding, Revenue Bond,
6.250%, 11/01/2039 | | | 414,725 | |
| | 200,000 | | | Marietta Development Authority, Revenue Bond,
7.000%, 06/15/2039 | | | 209,934 | |
| | | | | | |
|
|
|
| | | | | | | | 975,896 | |
| | | | | | |
|
|
|
| | | | | Hawaii - 1.75% | | | | |
| | 250,000 | | | Hawaii,
Series A, Revenue Bond, 5.000%, 01/01/2033 | | | 299,767 | |
| | 85,000 | | | Hawaii,
Series DJ, Prerefunded, GO, AMBAC Insured,
5.000%, 04/01/2024 | | | 88,656 | |
| | 400,000 | | | Hawaii,
Series DZ, GO, 5.000%, 12/01/2030 | | | 468,760 | |
| | | | | | |
|
|
|
| | | | | | | | 857,183 | |
| | | | | | |
|
|
|
| | | | | Illinois - 3.36% | | | | |
| | 225,000 | | | Illinois Finance Authority, Revenue Bond,
7.000%, 08/15/2044 | | | 269,260 | |
| | 40,000 | | | Illinois Metropolitan Pier and Exposition Authority,
Series B, Prerefunded, Revenue Bond,
5.000%, 06/15/2023 | | | 48,595 | |
| | 210,000 | | | Illinois Metropolitan Pier and Exposition Authority,
Series B, Unrefunded, Revenue Bond,
5.000%, 06/15/2023 | | | 238,398 | |
See notes to financial statements.
86
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | Illinois (Continued) | | | | |
| $ | 200,000 | | | Illinois State Toll Highway Authority,
Series D, Refunding, Revenue Bond,
5.000%, 01/01/2025 | | $ | 247,160 | |
| | 150,000 | | | O’Hare International Airport,
Series D, Refunding, Revenue Bond,
5.250%, 01/01/2030 | | | 177,678 | |
| | 500,000 | | | Railsplitter Tobacco Settlement Authority, Revenue Bond,
6.250%, 06/01/2024 | | | 504,590 | |
| | 120,000 | | | Southwestern Illinois Development Authority Health Care Facilities, Refunding, Revenue Bond,
7.125%, 11/01/2043 | | | 161,311 | |
| | | | | | |
|
|
|
| | | | | | | | 1,646,992 | |
| | | | | | |
|
|
|
| | | | | Indiana - 2.36% | | | | |
| | 500,000 | | | Fishers Industry Redevelopment District, Revenue Bond,
5.250%, 07/15/2034 | | | 572,170 | |
| | 250,000 | | | Indiana Municipal Power Agency,
Series A, Refunding, Revenue Bond,
5.250%, 01/01/2032 | | | 298,728 | |
| | 125,000 | | | Shoals Exempt Facilities, Revenue Bond,
7.250%, 11/01/2043 | | | 144,761 | |
| | 115,000 | | | Valparaiso Exempt Facilities, Revenue Bond,
7.000%, 01/01/2044 | | | 142,072 | |
| | | | | | |
|
|
|
| | | | | | | | 1,157,731 | |
| | | | | | |
|
|
|
| | | | | Kansas - 2.21% | | | | |
| | 500,000 | | | Kansas Department of Transportation Highway Revenue,
Series A, Revenue Bond, 5.000%, 09/01/2029 | | | 615,515 | |
| | 350,000 | | | Kansas Development Finance Authority,
Series A, Revenue Bond, 5.000%, 05/01/2026 | | | 418,666 | |
| | 65,000 | | | Wyandotte County/Kansas City Unified Government,
Series B, Refunding, Revenue Bond,
5.281%, 06/01/2021 (a) | | | 48,727 | |
| | | | | | |
|
|
|
| | | | | | | | 1,082,908 | |
| | | | | | |
|
|
|
| | | | | Kentucky - 0.21% | | | | |
| | 100,000 | | | Kentucky Public Transportation Infrastructure Authority,
Series A, Revenue Bond, 5.000%, 07/01/2017 | | | 104,518 | |
| | | | | | |
|
|
|
| | | | | Louisiana - 1.62% | | | | |
| | 360,000 | | | Louisiana Citizens Property, Revenue Bond, AGM Insured,
6.750%, 06/01/2026 | | | 403,121 | |
| | 200,000 | | | Louisiana Highway Improvement,
Series A, Revenue Bond, 5.000%, 06/15/2029 | | | 242,442 | |
| | 125,000 | | | Louisiana Public Facilities Authority,
Series A, Revenue Bond, 8.375%, 12/15/2043 | | | 150,152 | |
| | | | | | |
|
|
|
| | | | | | | | 795,715 | |
| | | | | | |
|
|
|
| | | | | Maryland - 3.89% | | | | |
| | 250,000 | | | Baltimore County Metroplitan District Band, Refunding, GO,
5.000%, 08/01/2025 | | | 321,338 | |
| | 400,000 | | | Maryland Department of Transportation, Revenue Bond,
5.000%, 02/15/2026 | | | 468,876 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Maryland (Continued) | | | | |
| $ | 400,000 | | | Maryland Student Housing Economic Development, Revenue Bond,
5.750%, 06/01/2033 | | $ | 441,952 | |
| | 365,000 | | | Montgomery County,
Series A, Refunding, GO, 5.000%, 11/01/2028 | | | 455,421 | |
| | 200,000 | | | Westminster Project Revenue, Lutheran Village at Miller’s Grant,
Series A, Revenue Bond, 6.000%, 07/01/2034 | | | 220,446 | |
| | | | | | |
|
|
|
| | | | | | | | 1,908,033 | |
| | | | | | |
|
|
|
| | | | | Massachusetts - 2.87% | | | | |
| | 785,000 | | | Massachusetts Health & Educational Facilities Authority,
Series A, Refunding, Revenue Bond,
5.500%, 11/15/2036 | | | 880,362 | |
| | 500,000 | | | Massachusetts Health & Educational Facilities Authority,
Series B, Revenue Bond, 5.000%, 10/01/2038 | | | 530,020 | |
| | | | | | |
|
|
|
| | | | | | | | 1,410,382 | |
| | | | | | |
|
|
|
| | | | | Michigan - 0.25% | | | | |
| | 100,000 | | | Grand Valley State University,
Series B, Refunding, Revenue Bond, 5.000%, 12/01/2024 | | | 122,663 | |
| | | | | | |
|
|
|
| | | | | Minnesota - 3.58% | | | | |
| | 160,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission,
Series A, Refunding, Revenue Bond,
5.000%, 01/01/2030 | | | 190,086 | |
| | 100,000 | | | Minnesota,
Series A, GO, 5.000%, 08/01/2023 | | | 124,811 | |
| | 250,000 | | | Minnesota,
Series F, Refunding, GO, 5.000%, 10/01/2022 | | | 307,207 | |
| | 150,000 | | | Rochester Health Care & Housing Facility,
Series A, Refunding, Revenue Bond,
6.875%, 12/01/2048 | | | 174,215 | |
| | 560,000 | | | Rochester Health Care Facilities Mayo Clinic,
Series C, Revenue Bond,
4.500%, 11/15/2038 (b) | | | 651,717 | |
| | 250,000 | | | Southern Minnesota Municipal Power Supply System,
Series A, Refunding, Revenue Bond,
5.000%, 01/01/2025 | | | 310,078 | |
| | | | | | |
|
|
|
| | | | | | | | 1,758,114 | |
| | | | | | |
|
|
|
| | | | | Missouri - 1.93% | | | | |
| | 500,000 | | | Missouri Health & Educational Facilities Authority,
Series A, Revenue Bond, 5.375%, 03/15/2039 | | | 541,510 | |
| | 350,000 | | | St. Louis Airport, Revenue Bond,
6.625%, 07/01/2034 | | | 407,701 | |
| | | | | | |
|
|
|
| | | | | | | | 949,211 | |
| | | | | | |
|
|
|
| | | | | Nebraska - 1.50% | | | | |
| | 130,000 | | | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
5.000%, 11/01/2024 | | | 154,714 | |
| | 500,000 | | | Omaha Public Power Distributors,
Series B, Revenue Bond, 5.000%, 02/01/2027 | | | 583,640 | |
| | | | | | |
|
|
|
| | | | | | | | 738,354 | |
| | | | | | |
|
|
|
| | | | | New Hampshire - 0.27% | | | | |
| | 120,000 | | | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027 | | | 132,265 | |
| | | | | | |
|
|
|
See notes to financial statements.
87
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | New Jersey - 1.62% | | | | |
| $ | 150,000 | | | New Jersey Economic Development Authority, Refunding, Revenue Bond
5.250%, 06/15/2030 | | $ | 166,491 | |
| | 90,000 | | | New Jersey Economic Development Authority,
Series B, Revenue Bond, 5.625%, 11/15/2030 | | | 102,799 | |
| | 250,000 | | | New Jersey Turnpike Authority,
Series A, Revenue Bond, 5.000%, 01/01/2032 | | | 294,635 | |
| | 255,000 | | | Tobacco Settlement Financing Corp.,
Series 1A, Refunding, Revenue Bond,
5.000%, 06/01/2041 | | | 229,398 | |
| | | | | | |
|
|
|
| | | | | | | | 793,323 | |
| | | | | | |
|
|
|
| | | | | New York - 11.34% | | | | |
| | 325,000 | | | Brooklyn Arena Local Development Corp., Revenue Bond,
6.500%, 07/15/2030 | | | 385,193 | |
| | 100,000 | | | Nassau County Tobacco Settlement Corp.,
Series A-2, Revenue Bond,
5.250%, 06/01/2026 (b) | | | 100,177 | |
| | 40,000 | | | New York City Industrial Development Agency,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2022 | | | 45,297 | |
| | | | | New York City Transitional Finance Authority,
Series A-1, Revenue Bond, | | | | |
| | 200,000 | | | 5.000%, 08/01/2031 | | | 241,356 | |
| | 500,000 | | | 5.000%, 11/01/2042 | | | 583,110 | |
| | 250,000 | | | New York City,
Series F, Refunding, GO, 5.000%, 08/01/2025 | | | 297,528 | |
| | 740,000 | | | New York City,
Series I, GO, 5.375%, 04/01/2036 | | | 828,349 | |
| | 160,000 | | | New York City,
Series I, Prerefunded, GO, 5.375%, 04/01/2036 | | | 180,966 | |
| | 325,000 | | | New York Dormitory Authority, Revenue Bond,
6.125%, 12/01/2029 | | | 355,865 | |
| | 250,000 | | | New York Dormitory Authority,
Series B, Refunding, Revenue Bond, 5.000%, 07/01/2038 | | | 292,818 | |
| | 500,000 | | | New York Environmental Facilities Corporation, Revenue Bond,
5.500%, 10/15/2027 | | | 674,520 | |
| | 500,000 | | | New York Environmental Facilities Corporation,
Series A, Revenue Bond, 5.000%, 06/15/2034 | | | 557,525 | |
| | 250,000 | | | New York Urban Development Corp.,
Series A, Refunding, Revenue Bonds,
5.000%, 03/15/2024 | | | 311,065 | |
| | 200,000 | | | New York,
Series E, GO, 4.000%, 12/15/2027 | | | 224,054 | |
| | 195,000 | | | Niagara Tobacco Asset Securitization Corporation, Asset Backed Bonds, Refunding, Revenue Bond,
4.000%, 05/15/2029 | | | 195,304 | |
| | 250,000 | | | Port Authority of New York and New Jersey, Refunding, Revenue Bond,
5.000%, 10/15/2041 | | | 295,485 | |
| | | | | | |
|
|
|
| | | | | | | | 5,568,612 | |
| | | | | | |
|
|
|
| | | | | North Carolina - 1.92% | | | | |
| | 500,000 | | | North Carolina Capital Facilities Finance Agency,
Series B, Refunding, Revenue Bond,
5.000%, 10/01/2038 | | | 552,820 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | North Carolina (Continued) | | | | |
| $ | 320,000 | | | North Carolina Eastern Municipal Power Agency Power Systems,
Series A, Revenue Bond, 5.000%, 01/01/2025 | | $ | 390,298 | |
| | | | | | |
|
|
|
| | | | | | | | 943,118 | |
| | | | | | |
|
|
|
| | | | | Ohio - 2.87% | | | | |
| | 750,000 | | | Buckeye Tobacco Settlement Financial Authority,
Series A, Revenue Bond, 5.875%, 06/01/2047 | | | 709,582 | |
| | 100,000 | | | Ohio Air Quality Development Authority,
Series A, Revenue Bond, 5.700%, 08/01/2020 | | | 112,244 | |
| | 500,000 | | | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026 | | | 588,945 | |
| | | | | | |
|
|
|
| | | | | | | | 1,410,771 | |
| | | | | | |
|
|
|
| | | | | Oregon - 1.27% | | | | |
| | 150,000 | | | Oregon Department Administrative Lottery Service,
Series C, Refunding, Revenue Bonds,
5.000%, 04/01/2022 | | | 181,684 | |
| | 25,000 | | | Oregon Department Administrative Lottery Services,
Series A, Unrefunded, Revenue Bond,
5.250%, 04/01/2024 | | | 29,729 | |
| | 350,000 | | | Oregon Facilities Authority Peacehealth Project,
Series A, Refunding, Revenue Bond,
5.000%, 11/15/2021 | | | 414,439 | |
| | | | | | |
|
|
|
| | | | | | | | 625,852 | |
| | | | | | |
|
|
|
| | | | | Pennsylvania - 3.81% | | | | |
| | 350,000 | | | Butler County Hospital Authority, Revenue Bond,
7.125%, 07/01/2029 | | | 418,519 | |
| | 250,000 | | | Chester County, GO,
5.000%, 11/15/2033 | | | 302,945 | |
| | 250,000 | | | Delaware Valley Pennsylvania Regional Finance Authority,
Series A, Revenue Bond, AMBAC Insured,
5.500%, 08/01/2028 | | | 311,925 | |
| | 400,000 | | | Pennsylvania Economic Development Financing Authority,
Series A, Refunding, Revenue Bond,
6.250%, 10/15/2023 | | | 457,852 | |
| | 200,000 | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bond,
5.800%, 07/01/2030 | | | 213,814 | |
| | 150,000 | | | University of Pittsburgh of the Commonwealth System of Higher Education,
Series B, Revenue Bond, 5.000%, 09/15/2028 | | | 166,302 | |
| | | | | | |
|
|
|
| | | | | | | | 1,871,357 | |
| | | | | | |
|
|
|
| | | | | Rhode Island - 1.22% | | | | |
| | 500,000 | | | Narragansett Commission Wastewater System,
Series B, Refunding, Revenue Bond,
5.000%, 09/01/2030 | | | 598,835 | |
| | | | | | |
|
|
|
| | | | | South Carolina - 1.00% | | | | |
| | 400,000 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
5.000%, 12/01/2025 | | | 491,468 | |
| | | | | | |
|
|
|
| | | | | South Dakota - 0.23% | | | | |
| | 100,000 | | | South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement,
Series B, Refunding, Revenue Bond,
5.000%, 06/01/2026 | | | 113,894 | |
| | | | | | |
|
|
|
See notes to financial statements.
88
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | Texas - 9.52% | | | | |
| $ | 200,000 | | | Central Texas Regional Mobility Authority,
Series A, Refunding, Revenue Bond,
6.000%, 01/01/2041 | | $ | 237,286 | |
| | 200,000 | | | Dallas-Fort Worth International Airport,
Series B, Revenue Bond, 5.000%, 11/01/2026 | | | 238,816 | |
| | 515,000 | | | Frisco Texas Independent School District,
Series A, GO, PSF-GTD Insured, 6.000%, 08/15/2038 | | | 574,034 | |
| | 150,000 | | | Harris County Industrial Development, Revenue Bond,
5.000%, 02/01/2023 | | | 167,412 | |
| | 500,000 | | | Houston, GO,
5.250%, 03/01/2028 | | | 541,695 | |
| | 350,000 | | | North Texas Tollway Authority,
Series A, Refunding, Revenue Bond,
4.000%, 01/01/2038 | | | 360,931 | |
| | 250,000 | | | North Texas Tollway Authority,
Series A, Revenue Bond, 5.000%, 09/01/2020 | | | 290,295 | |
| | 100,000 | | | North Texas Tollway Authority,
Series B, Refunding, Revenue Bond,
5.000%, 01/01/2029 | | | 118,908 | |
| | 300,000 | | | Texas A & M Permanent University Fund,
Series A, Revenue Bond, 5.250%, 07/01/2030 | | | 378,975 | |
| | 200,000 | | | Texas Municipal Gas Acquisition,
Series D, Revenue Bond, 6.250%, 12/15/2026 | | | 247,492 | |
| | | | | Texas Private Activity Surface Transportation Corp., Revenue Bond, | | | | |
| | 200,000 | | | 7.500%, 12/31/2031 | | | 241,518 | |
| | 200,000 | | | 7.500%, 06/30/2033 | | | 246,564 | |
| | 85,000 | | | 7.000%, 12/31/2038 | | | 107,295 | |
| | 115,000 | | | 6.750%, 06/30/2043 | | | 142,323 | |
| | 100,000 | | | Texas Transportation Commission Turnpike, Second Tier,
Series C, Refunding Bond, 5.000%, 08/15/2029 | | | 116,134 | |
| | 200,000 | | | Texas, GO,
5.000%, 04/01/2029 | | | 244,262 | |
| | 400,000 | | | Texas,
Series A, Prerefunded, GO, 5.000%, 04/01/2022 | | | 417,000 | |
| | | | | | |
|
|
|
| | | | | | | | 4,670,940 | |
| | | | | | |
|
|
|
| | | | | Utah - 1.52% | | | | |
| | 500,000 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
5.500%, 06/01/2022 | | | 591,495 | |
| | 155,000 | | | Utah Transit Authority Sales Tax,
Series B, Refunding, Revenue Bond,
1.600%, 06/15/2018 | | | 156,690 | |
| | | | | | |
|
|
|
| | | | | | | | 748,185 | |
| | | | | | |
|
|
|
| | | | | Virginia - 2.29% | | | | |
| | 500,000 | | | Henry County Public Service Authority Water & Sewer, Refunding, Revenue Bond, AGM Insured,
5.500%, 11/15/2019 | | | 564,100 | |
| | 400,000 | | | Virginia College Building Authority Educational Facilities, Revenue Bond,
5.750%, 01/01/2034 | | | 557,896 | |
| | | | | | |
|
|
|
| | | | | | | | 1,121,996 | |
| | | | | | |
|
|
|
| | | | | Washington - 2.41% | | | | |
| | 325,000 | | | Central Puget Sound Regional Transit Authority,
Series P-1, Refunding, Revenue Bond,
5.000%, 02/01/2027 | | | 387,384 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Washington (Continued) | | | | |
| $ | 500,000 | | | King County Hospital, Refunding, GO, NATL-RE Insured,
5.000%, 12/01/2021 | | $ | 514,570 | |
| | 250,000 | | | Washington Health Care Facilities Authority, Refunding, Revenue Bond,
6.375%, 10/01/2036 | | | 279,990 | |
| | | | | | |
|
|
|
| | | | | | | | 1,181,944 | |
| | | | | | |
|
|
|
| | | | | Wisconsin - 5.14% | | | | |
| | 500,000 | | | Southeast Wisconsin Professional Baseball Park Sales Tax,
Series A, Revenue Bond, NATL-RE Insured,
5.500%, 12/15/2026 | | | 630,870 | |
| | | | | Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond, | | | | |
| | 100,000 | | | 5.000%, 05/01/2025 | | | 111,959 | |
| | 200,000 | | | 5.000%,08/15/2030 | | | 234,544 | |
| | 195,000 | | | Wisconsin Public Finance Authority, Refunding, Revenue Bond,
5.000%, 07/01/2022 | | | 212,552 | |
| | 150,000 | | | 5.750%, 10/01/2031 | | | 155,748 | |
| | 500,000 | | | Wisconsin,
Series 2, Refunding, GO, 5.000%, 05/01/2025 | | | 602,490 | |
| | 500,000 | | | Wisconsin,
Series A, Refunding, Revenue Bond,
6.000%, 05/01/2033 | | | 573,970 | |
| | | | | | |
|
|
|
| | | | | | | | 2,522,133 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $43,674,231) | | | 47,809,606 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 2.75% | |
| | | | | Money Market Funds - 2.75% | |
| | 1,346,602 | | | Fidelity Tax Exempt Portfolio - Class I
Effective Yield, 0.13% (c) | | | 1,346,602 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $1,346,602) | | | 1,346,602 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $45,020,833) - 100.15% | | | 49,156,208 | |
| | | | | Liabilities in Excess of
Other Assets - (0.15)% | | | (71,308 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 49,084,900 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Zero coupon bond. The effective yield is listed. |
| (b) | | Variable Rate Security. The rate shown is the rate in effect on March 31, 2016. |
| (c) | | Seven-day yield as of March 31, 2016. |
Glossary of Terms
| | | | |
| AGM | | - | | Assured Guaranty Municipal Corp. |
| AMBAC | | - | | Ambac Financial Group, Inc. |
| CMI | | - | | California Mortgage Insurance |
| GO | | - | | General Obligation |
| NATL-RE | | - | | National Public Finance Guarantee Corp. |
| PSF-GTD | | - | | Texas Permanent School Fund |
See notes to financial statements.
89
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE
OBLIGATIONS - 18.93% | |
| | 994,085 | | | Alternative Loan Trust
Series 2007-15CB, 6.000%, 07/25/2037 | | $ | 893,339 | |
| | | | | Banc of America Funding Corp. | | | | |
| | 1,341,068 | | | Series 2006-3, 5.750%, 03/25/2036 | | | 1,256,153 | |
| | 1,000,672 | | | Series 2007-3, 5.831%, 04/25/2037 (a) | | | 880,411 | |
| | 956,620 | | | Chase Mortgage Finance Trust | | | | |
| | | | | Series 2007-S3, 6.000%, 05/25/2037 | | | 777,651 | |
| | 116,385 | | | Citigroup Mortgage Loan Trust
Series 2010-8, 4.000%, 11/25/2036
(Acquired 11/01/2012, Cost $118,084) (b) | | | 117,206 | |
| | | | | Credit Suisse Mortgage Capital Mortgage-Backed Trust | | | | |
| | 461,882 | | | Series 2006-9, 6.000%, 11/25/2036 | | | 439,102 | |
| | 531,730 | | | Series 2007-1, 6.000%, 02/25/2037 | | | 458,484 | |
| | 472,719 | | | Deutsche Alt-A Securities, Inc.
Series 2006-AR1, 3.015%, 02/25/2036 (a) | | | 380,067 | |
| | 476,925 | | | First Horizon Alternative Mortgage Securities
Series 2007-FA4, 6.250%, 08/25/2037 | | | 365,742 | |
| | 528,763 | | | First Horizon Mortgage Pass-Through Trust
Series 2007-4, 6.000%, 08/25/2037 | | | 451,689 | |
| | | | | GSR Mortgage Loan Trust | | | | |
| | 897,782 | | | Series 2006-9F, 6.500%, 10/25/2036 | | | 769,035 | |
| | 414,246 | | | Series 2007-4F, 6.000%, 07/25/2037 | | | 375,246 | |
| | 706,640 | | | IndyMac IMJA Mortgage Loan Trust
Series 2007-A3, 6.250%, 11/25/2037 | | | 582,778 | |
| | 597,902 | | | IndyMac INDX Mortgage Loan Trust
Series 2005-AR1, 2.672%, 03/25/2035 (a) | | | 595,120 | |
| | 8,105,681 | | | JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C8, 2.039%, 10/17/2045 (a)(c) | | | 647,578 | |
| | 668,925 | | | Lehman Mortgage Trust
Series 2006-2, 5.750%, 04/25/2036 | | | 671,260 | |
| | 627,154 | | | MASTR Adjustable Rate Mortgages Trust
Series 2006-2, 2.719%, 01/25/2036 (a) | | | 619,835 | |
| | 1,124,161 | | | Morgan Stanley Mortgage Loan Trust
Series 2005-10, 6.000%, 12/25/2035 | | | 912,460 | |
| | 822,689 | | | Series 2007-12, 6.250%, 08/25/2037 | | | 752,245 | |
| | 970,959 | | | Residential Asset Securitization Trust
Series 2007-A2, 6.000%, 04/25/2037 | | | 815,314 | |
| | 747,356 | | | Series 2007-A6, 6.000%, 06/25/2037 | | | 655,591 | |
| | 1,056,961 | | | Series 2007-A7, 6.000%, 07/25/2037 | | | 735,582 | |
| | 1,081,800 | | | Sequoia Mortgage Trust
Series 2013-3, 2.500%, 03/25/2043 (a) | | | 1,051,371 | |
| | 1,070,204 | | | TBW Mortgage-Backed Trust
Series 2006-6, 5.630%, 01/25/2037 (a) | | | 669,531 | |
| | 281,834 | | | Washington Mutual Mortgage Pass-Through Certificates
Series 2006-5, 6.000%, 07/25/2036 | | | 239,868 | |
| | 341,800 | | | Wells Fargo Alternative Loan Trust
Series 2007-PA1, 6.000%, 03/25/2037 | | | 308,324 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $17,730,409) | | | 16,420,982 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | COMMON STOCKS - 0.03% | | | | |
| | | | | Oil & Gas - 0.01% | | | | |
| | 15,898 | | | OGX Petroleo e Gas SA - ADR (d) | | | 10,318 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Transportation - 0.02% | | | | |
| | 22 | | | CEVA Holdings LLC (d) | | $ | 11,775 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $29,791) | | | 22,093 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | CONVERTIBLE OBLIGATIONS - 0.77% | |
| | | | | Metals & Mining - 0.77% | |
| | 780,000 | | | B2Gold Corp.
3.250%, 10/01/2018 | | | 664,950 | |
| | | | | | |
|
|
|
| | | | | Total Convertible Obligations
(Cost $780,000) | | | 664,950 | |
| | | | | | |
|
|
|
| | | | | CORPORATE OBLIGATIONS - 4.10% | |
| | | | | Consumer Finance - 0.11% | |
| | 100,000 | | | SLM Corp.
5.500%, 01/15/2019 | | | 98,750 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.18% | | | | |
| | 150,000 | | | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
8.250%, 02/15/2021 (a) | | | 154,500 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.12% | |
| | 100,000 | | | CenturyLink, Inc.
7.500%, 04/01/2024 | | | 100,500 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.16% | | | | |
| | 200,000 | | | InterGen NV
7.000%, 06/30/2023
(Acquired 06/07/2013, Cost $196,463) (b) | | | 137,500 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.35% | |
| | 100,000 | | | CHS / Community Health Systems, Inc.
8.000%, 11/15/2019 | | | 97,875 | |
| | 100,000 | | | HCA, Inc.
5.000%, 03/15/2024 | | | 102,562 | |
| | 100,000 | | | Tenet Healthcare Corp.
8.125%, 04/01/2022 | | | 103,375 | |
| | | | | | |
|
|
|
| | | | | | | | 303,812 | |
| | | | | | |
|
|
|
| | | | | Independent Power & Renewable Electricity
Producers - 0.12% | |
| | 100,000 | | | Calpine Corp.
5.875%, 01/15/2024
(Acquired 10/29/2013, Cost $100,000) (b) | | | 105,500 | |
| | | | | | |
|
|
|
| | | | | Media - 0.20% | | | | |
| | 100,000 | | | CCO Holdings LLC / CCO Holdings Capital Corp.
5.250%, 09/30/2022 | | | 103,250 | |
| | 100,000 | | | iHeartCommunications, Inc.
9.000%, 03/01/2021 | | | 70,000 | |
| | | | | | |
|
|
|
| | | | | | | | 173,250 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.31% | | | | |
| | 100,000 | | | ArcelorMittal SA
6.500%, 03/01/2021 | | | 99,000 | |
| | 100,000 | | | First Quantum Minerals Ltd.
7.000%, 02/15/2021
(Acquired 05/15/2012, Cost $89,122) (b) | | | 67,500 | |
| | 100,000 | | | FMG Resources August Ltd.
9.750%, 03/01/2022
(Acquired 04/22/2015, Cost $97,823) (b) | | | 100,250 | |
| | | | | | |
|
|
|
| | | | | | | | 266,750 | |
| | | | | | |
|
|
|
See notes to financial statements.
90
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Multi-Utilities - 0.07% | | | | |
| | 200,000 | | | Texas Competitive Electric Holdings Co., LLC
11.500%, 10/01/2020
(Acquired 04/14/2011 and 11/09/2011,
Cost $193,097) (b)(e) | | $ | 58,500 | |
| | | | | | |
|
|
|
| | | | | Oil & Gas - 0.17% | | | | |
| | | | | California Resources Corp. | | | | |
| | 61,000 | | | 8.000%, 12/15/2022
(Acquired 09/11/2014, Cost $75,653) (b) | | | 23,638 | |
| | 23,000 | | | 6.000%, 11/15/2024 | | | 5,232 | |
| | 100,000 | | | Chaparral Energy, Inc.
8.250%, 09/01/2021
(Acquired 05/15/2013, Cost $106,914) (e)(f) | | | 19,750 | |
| | 115,000 | | | Chesapeake Energy Corp.
8.000%, 12/15/2022
(Acquired 04/04/2011 and 05/14/2012,
Cost $190,793) (b) | | | 56,925 | |
| | 65,000 | | | Halcon Resources Corp.
13.000%, 02/15/2022
(Acquired 08/08/2013, Cost $96,072) (b) | | | 19,662 | |
| | 100,000 | | | Linn Energy LLC / Linn Energy Finance Corp.
12.000%, 12/15/2020
(Acquired 04/04/2011 and 09/04/2014,
Cost $192,028) (b)(e) | | | 14,250 | |
| | | | | OGX Austria GmbH | | | | |
| | 200,000 | | | 8.500%, 06/01/2018
(Acquired 04/17/2013,
Cost $117,896) (e)(g) | | | 4 | |
| | 800,000 | | | 8.375%, 04/01/2022
(Acquired 03/27/2012 through 06/29/2012, Cost $770,692) (e)(g) | | | 16 | |
| | 100,000 | | | Penn Virginia Corporation
8.500%, 05/01/2020 | | | 13,000 | |
| | | | | | |
|
|
|
| | | | | | | | 152,477 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 0.10% | | | | |
| | 100,000 | | | Valeant Pharmaceuticals International, Inc.
7.500%, 07/15/2021
(Acquired 06/27/2013, Cost $100,000) (b) | | | 83,812 | |
| | | | | Pipelines - 0.22% | | | | |
| | 100,000 | | | Regency Energy Partners LP / Regency Energy Finance Corp.
5.000%, 10/01/2022 | | | 94,106 | |
| | 100,000 | | | Sabine Pass Liquefaction LLC
5.625%, 04/15/2023 | | | 95,500 | |
| | | | | | |
|
|
|
| | | | | | | | 189,606 | |
| | | | | | |
|
|
|
| | | | | Software - 0.11% | | | | |
| | 100,000 | | | First Data Corp.
5.750%, 01/15/2024
(Acquired 11/05/2015, Cost $100,000) (b) | | | 100,365 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.23% | |
| | | | | Western Digital Corp. | | | | |
| | 100,000 | | | 7.375%, 04/01/2023
(Acquired 03/30/2016, Cost $100,000) (b) | | | 102,250 | |
| | 100,000 | | | 10.500%, 04/01/2024
(Acquired 03/30/2016, Cost $100,000) (b) | | | 100,500 | |
| | | | | | |
|
|
|
| | | | | | | | 202,750 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Telecommunication Services - 0.44% | | | | |
| | 150,000 | | | Intelsat Jackson Holdings SA
7.500%, 04/01/2021 | | $ | 96,000 | |
| | 100,000 | | | T Mobile USA, Inc.
6.500%, 01/15/2024 | | | 104,500 | |
| | 200,000 | | | Wind Acquisition Finance SA
7.375%, 04/23/2021
(Acquired 04/08/2014, Cost $200,000) (b) | | | 182,000 | �� |
| | | | | | |
|
|
|
| | | | | | | | 382,500 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.00% | |
| | | | | Edcon Limited | | | | |
| | 1,120,000 | | | 9.500%, 03/01/2018
(Acquired 04/05/2011 and 04/12/2011,
Cost $1,120,000) (b)(e) | | | 413,616 | |
| | 300,000 | | | 9.500%, 03/01/2018
(Acquired 08/18/2011 through 08/24/2011, Cost $405,030) (b) | | | 126,068 | |
| | 95,421 | | | 8.000%, 06/30/2019
(Acquired 11/08/2013 through 12/31/2015, Cost $255,975) (a)(b) | | | 87,407 | |
| | 47,710 | | | 8.000%, 06/30/2019
(Acquired 11/08/2013 through 12/31/2015, Cost $26,779) (b) | | | 43,703 | |
| | 146,399 | | | 12.750%, 06/30/2019
(Acquired 11/08/2013 through 12/31/2015, Cost $199,932) (a)(b)(h) | | | 192,990 | |
| | | | | | |
|
|
|
| | | | | | | | 863,784 | |
| | | | | | |
|
|
|
| | | | | Transportation - 0.09% | | | | |
| | 180,000 | | | CHC Helicopter SA
9.250%, 10/15/2020 | | | 76,950 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.12% | |
| | 100,000 | | | Sprint Communications, Inc.
9.000%, 11/15/2018
(Acquired 11/04/2011, Cost $100,000) (b) | | | 105,250 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $6,631,607) | | | 3,556,556 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS - 45.89% | |
| | | | | Brazil Letras do Tesouro Nacional | | | | |
| | 180,000 | | | 13.990%, 07/01/2016 (i) | | | 48,433 | |
| | 560,000 | | | 13.890%, 10/01/2016 (i) | | | 145,739 | |
| | 19,500,000 | | | 13.780%, 01/01/2019 (i) | | | 3,802,441 | |
| | | | | Brazil Notas do Tesouro Nacional | | | | |
| | 300,000 | | | 10.000%, 01/01/2017 | | | 83,564 | |
| | 2,065,000 | | | 13.680%, 01/01/2021 (i) | | | 518,202 | |
| | 30,000 | | | 10.000%, 01/01/2023 | | | 7,291 | |
| | 70,000 | | | 10.000%, 01/01/2025 | | | 16,257 | |
| | 160,000,000 | | | Colombia Government International Bond | | | | |
| | | | | 7.750%, 04/14/2021 | | | 54,402 | |
| | 700,000 | | | Ecuador Government International Bond
7.950%, 06/20/2024
(Acquired 06/17/2014, Cost $700,000) (b) | | | 584,500 | |
| | | | | Ghana Government Bond | | | | |
| | 85,000 | | | 19.240%, 05/30/2016 | | | 22,130 | |
| | 1,630,000 | | | 23.000%, 02/13/2017 | | | 423,208 | |
| | 30,000 | | | 25.480%, 04/24/2017 | | | 7,916 | |
| | 50,000 | | | 26.000%, 06/05/2017 | | | 13,299 | |
| | 520,000 | | | 25.400%, 07/31/2017 | | | 138,193 | |
| | 1,610,000 | | | 23.230%, 02/19/2018 | | | 419,693 | |
See notes to financial statements.
91
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS (Continued) | |
| | 150,000 | | | 22.490%, 04/23/2018 | | $ | 38,318 | |
| | 1,810,000 | | | 23.470%, 05/21/2018 | | | 469,177 | |
| | 990,000 | | | 19.040%, 09/24/2018 | | | 237,617 | |
| | 99,000 | | | 24.500%, 10/22/2018 | | | 26,289 | |
| | | | | Indonesia Treasury Bond | | | | |
| | 313,000,000 | | | 7.875%, 04/15/2019 | | | 23,863 | |
| | 209,000,000 | | | 12.800%, 06/15/2021 | | | 19,157 | |
| | 313,000,000 | | | 8.250%, 07/15/2021 | | | 24,499 | |
| | 209,000,000 | | | 7.000%, 05/15/2022 | | | 15,179 | |
| | 37,000,000 | | | 12.900%, 06/15/2022 | | | 3,493 | |
| | 104,000,000 | | | 10.250%, 07/15/2022 | | | 8,791 | |
| | 78,000,000 | | | 5.625%, 05/15/2023 | | | 5,201 | |
| | 35,588,000,000 | | | 8.375%, 03/15/2024 | | | 2,788,800 | |
| | 39,644,000,000 | | | 8.375%, 09/15/2026 | | | 3,127,678 | |
| | 7,580,000,000 | | | 8.375%, 03/15/2034 | | | 580,206 | |
| | | | | Korea Monetary Stabilization Bond | | | | |
| | 92,000,000 | | | 2.800%, 04/02/2016 | | | 80,448 | |
| | 239,800,000 | | | 2.790%, 06/02/2016 | | | 210,154 | |
| | 325,800,000 | | | 2.460%, 08/02/2016 | | | 285,820 | |
| | 98,100,000 | | | 1.610%, 11/09/2016 | | | 85,848 | |
| | 945,300,000 | | | 1.700%, 08/02/2017 | | | 829,187 | |
| | 3,569,600,000 | | | 1.560%, 10/02/2017 | | | 3,125,944 | |
| | 1,300,400,000 | | | Korea Treasury Bond | | | | |
| | | | | 2.000%, 12/10/2017 | | | 1,147,450 | |
| | | | | Malaysia Government Bond | | | | |
| | 1,810,000 | | | 4.262%, 09/15/2016 | | | 468,140 | |
| | 1,040,000 | | | 3.814%, 02/15/2017 | | | 269,230 | |
| | 4,710,000 | | | 3.394%, 03/15/2017 | | | 1,214,954 | |
| | 500,000 | | | 4.012%, 09/15/2017 | | | 130,398 | |
| | 490,000 | | | 3.314%, 10/31/2017 | | | 126,606 | |
| | | | | Mexican Bonos | | | | |
| | 72,700 | | | 6.250%, 06/16/2016 | | | 422,858 | |
| | 229,260 | | | 7.250%, 12/15/2016 | | | 1,356,786 | |
| | 23,400 | | | 5.000%, 06/15/2017 | | | 137,010 | |
| | | | | Mexican Udibonos | | | | |
| | 28,095 | | | 5.000%, 06/16/2016 (j) | | | 163,137 | |
| | 24,011 | | | 3.500%, 12/14/2017 (j) | | | 144,200 | |
| | 14,428 | | | 4.000%, 06/13/2019 (j) | | | 88,491 | |
| | 11,924 | | | 2.500%, 12/10/2020 (j) | | | 69,593 | |
| | 1,249,350 | | | Mexico Cetes | | | | |
| | | | | 4.109%, 05/26/2016 (i) | | | 719,255 | |
| | | | | Philippine Government Bond | | | | |
| | 63,740,000 | | | 1.625%, 04/25/2016 | | | 1,384,017 | |
| | 3,500,000 | | | 9.125%, 09/04/2016 | | | 78,323 | |
| | 70,000 | | | 2.875%, 05/22/2017 | | | 1,543 | |
| | 150,000 | | | 2.125%, 05/23/2018 | | | 3,219 | |
| | 2,283,000 | | | Poland Government Bond | | | | |
| | | | | 1.790%, 01/25/2021 (a) | | | 604,586 | |
| | 1,090,000 | | | Portugal Government International Bond
5.125%, 10/15/2024
(Acquired 07/02/2014, Cost $1,081,509) (b) | | | 1,106,524 | |
| | | | | Serbia Treasury Bonds | | | | |
| | 10,170,000 | | | 10.000%, 11/08/2017 | | | 101,644 | |
| | 54,350,000 | | | 10.000%, 03/02/2018 | | | 551,110 | |
| | 890,000 | | | 10.000%, 11/21/2018 | | | 9,111 | |
| | 100,510,000 | | | 10.000%, 08/21/2019 | | | 1,054,427 | |
| | 1,800,000 | | | 10.000%, 03/20/2021 | | | 18,988 | |
| | 5,860,000 | | | 10.000%, 09/11/2021 | | | 60,984 | |
| | 62,780,000 | | | 10.000%, 02/05/2022 | | | 657,231 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS (Continued) | |
| | 3,340,000 | | | Singapore Government Bond
1.125%, 04/01/2016 | | $ | 2,478,021 | |
| | | | | Sri Lanka Government Bonds | | | | |
| | 132,300,000 | | | 8.000%, 06/01/2016 | | | 904,351 | |
| | 430,000 | | | 8.000%, 06/15/2017 | | | 2,851 | |
| | 16,500,000 | | | 5.800%, 07/15/2017 | | | 106,252 | |
| | 11,550,000 | | | 8.500%, 04/01/2018 | | | 74,705 | |
| | 140,000 | | | 8.500%, 06/01/2018 | | | 901 | |
| | 2,750,000 | | | 7.500%, 08/15/2018 | | | 17,157 | |
| | 8,660,000 | | | 8.000%, 11/15/2018 | | | 54,282 | |
| | 8,660,000 | | | 10.600%, 07/01/2019 | | | 56,731 | |
| | 3,160,000 | | | 10.600%, 09/15/2019 | | | 20,597 | |
| | 430,000 | | | 8.000%, 11/01/2019 | | | 2,587 | |
| | 340,000 | | | 9.000%, 05/01/2021 | | | 2,012 | |
| | 1,900,000 | | | 11.200%, 07/01/2022 | | | 12,133 | |
| | | | | Ukraine Government International Bond | | | | |
| | 105,000 | | | 7.750%, 09/01/2022
(Acquired 07/18/2013 through 07/29/2013, Cost $104,143) (b) | | | 96,600 | |
| | 565,000 | | | 7.750%, 09/01/2023
(Acquired 04/05/2011 through 02/06/2014, Cost $623,829) (b) | | | 513,924 | |
| | 565,000 | | | 7.750%, 09/01/2024
(Acquired 04/05/2011 through 02/06/2014, Cost $620,343) (b) | | | 507,794 | |
| | 565,000 | | | 7.750%, 09/01/2025
(Acquired 04/05/2011 through 02/06/2014, Cost $619,169) (b) | | | 503,669 | |
| | 459,000 | | | 7.750%, 09/01/2026
(Acquired 04/05/2011 through 07/29/2013, Cost $499,071) (b) | | | 407,308 | |
| | 459,000 | | | 7.750%, 09/01/2027
(Acquired 04/05/2011 through 07/29/2013, Cost $493,949) (b) | | | 406,077 | |
| | 1,120,000 | | | 2.729%, 05/31/2040
(Acquired 04/05/2011 through 02/06/2014, Cost $632,452) (a)(b)(i) | | | 370,552 | |
| | | | | Uruguay Government International Bond | | | | |
| | 7,092,333 | | | 4.250%, 04/05/2027 (j) | | | 208,402 | |
| | 46,025,488 | | | 4.375%, 12/15/2028 (j) | | | 1,366,844 | |
| | 2,643,604 | | | 4.000%, 07/10/2030 (j) | | | 74,158 | |
| | 1,193,945 | | | 3.700%, 06/26/2037 (j) | | | 30,686 | |
| | | | | Uruguay Notas del Tesoro | | | | |
| | 2,330,000 | | | 11.000%, 03/21/2017 | | | 70,745 | |
| | 15,470,000 | | | 13.250%, 04/08/2018 | | | 466,948 | |
| | 13,890,000 | | | 13.900%, 07/29/2020 | | | 420,118 | |
| | 1,468,264 | | | 2.500%, 09/27/2022 (j) | | | 39,376 | |
| | 2,648,238 | | | 4.000%, 05/25/2025 (j) | | | 76,951 | |
| | | | | Uruguay Treasury Bills | | | | |
| | 639,000 | | | 15.940%, 04/03/2017 (i) | | | 17,406 | |
| | 5,220,000 | | | 16.060%, 05/19/2017 (i) | | | 139,025 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations (Cost $42,479,434) | | | 39,809,915 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES -
U.S. GOVERNMENT AGENCY - 11.58% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 697,000 | | | Pool #4050, 3.500%, 05/15/2032 | | | 737,722 | |
| | 980,430 | | | Pool #4062, 3.500%, 06/15/2042 | | | 1,030,253 | |
See notes to financial statements.
92
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 974,644 | | | Pool #4171, 3.000%, 02/15/2043 | | $ | 951,452 | |
| | 1,171,531 | | | Pool #4413, 3.500%, 11/15/2044 | | | 1,257,442 | |
| | | | | Federal National Mortgage Association | | | | |
| | 930,173 | | | Pool #1201, 3.500%, 10/01/2032 | | | 984,869 | |
| | 521,455 | | | Pool #2005-56, 6.000%, 08/25/2033 (a) | | | 580,155 | |
| | 315,169 | | | Pool #2011-113, 4.000%, 03/25/2040 | | | 325,479 | |
| | 1,016,346 | | | Pool #2012-63, 2.000%, 08/25/2040 | | | 1,014,057 | |
| | 1,689,857 | | | Pool #2014-95, 3.000%, 04/25/2041 | | | 1,756,159 | |
| | | | | Government National Mortgage Association | | | | |
| | 1,117,327 | | | Pool #2010-62, 5.318%, 05/20/2040 (a)(c) | | | 165,470 | |
| | 1,153,562 | | | Pool #2011-72, 4.948%, 05/20/2041 (a)(c) | | | 158,891 | |
| | 700,000 | | | Pool #2012-40, 4.000%, 01/20/2042 | | | 771,600 | |
| | 2,338,774 | �� | | Pool #2013-113, 5.818%, 03/20/2043 (a)(c) | | | 314,565 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $9,620,659) | | | 10,048,114 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | PREFERRED STOCKS - 0.02% | | | | |
| | | | | Transportation - 0.02% | | | | |
| | 49 | | | CEVA Holdings LLC (d) | | | 19,420 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $64,483) | | | 19,420 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 16.08% | |
| | | | | Foreign Government Debt Obligation - 8.09% | |
| | 220,000 | | | Malaysia Treasury Bill
2.730%, 01/20/2017 (i) | | | 55,279 | |
| | | | | Bank Negara Malaysia Monetary Notes | | | | |
| | 1,465,000 | | | 2.676%, 09/22/2016 (i) | | | 371,264 | |
| | 50,000 | | | 2.682%, 10/06/2016 (i) | | | 12,659 | |
| | 270,000 | | | 2.684%, 10/11/2016 (i) | | | 68,330 | |
| | | | | Mexico Cetes | | | | |
| | 545,550 | | | 5.047%, 04/14/2016 (i) | | | 315,397 | |
| | 217,610 | | | 5.908%, 04/21/2016 (i) | | | 125,689 | |
| | 655,500 | | | 4.363%, 04/28/2016 (i) | | | 378,421 | |
| | 62,710 | | | 4.187%, 05/12/2016 (i) | | | 36,158 | |
| | 260,890 | | | 4.049%, 06/09/2016 (i) | | | 149,887 | |
| | 921,630 | | | 3.995%, 06/23/2016 (i) | | | 528,949 | |
| | 1,423,710 | | | 3.995%, 06/23/2016 (i) | | | 816,667 | |
| | 671,340 | | | 3.979%, 07/07/2016 (i) | | | 384,510 | |
| | 362,680 | | | 3.998%, 08/04/2016 (i) | | | 207,064 | |
| | 1,015,540 | | | 4.058%, 08/18/2016 (i) | | | 578,859 | |
| | 263,130 | | | 4.023%, 09/01/2016 (i) | | | 149,739 | |
| | 939,860 | | | 4.120%, 10/13/2016 (i) | | | 532,572 | |
| | 1,857,620 | | | 4.107%, 12/08/2016 (i) | | | 1,045,449 | |
| | 242,700 | | | 4.151%, 02/02/2017 (i) | | | 135,714 | |
| | | | | Philippine Treasury Bill | | | | |
| | 20,830,000 | | | 0.796%, 04/06/2016 (i) | | | 452,324 | |
| | 13,480,000 | | | 1.535%, 08/03/2016 (i) | | | 291,122 | |
| | 130,000 | | | 1.543%, 08/24/2016 (i) | | | 2,806 | |
| | 17,120,000 | | | 1.410%, 09/07/2016 (i) | | | 370,820 | |
| | 180,000 | | | 1.447%, 02/22/2017 (i) | | | 3,883 | |
| | | | | | |
|
|
|
| | | | | | | | 7,013,562 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Money Market Funds - 7.04% | | | | |
| | 6,105,405 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (k) | | $ | 6,105,405 | |
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Government Agency Issue - 0.95% | | | | |
| | 826,000 | | | Federal Home Loan Bank Discount Note
0.000%, 04/01/2016 (i) | | | 826,000 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $13,865,893) | | | 13,944,967 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $91,202,276) - 97.40% | | | 84,486,997 | |
| | | | | | |
|
|
|
| | | | | Other Assets in Excess of
Liabilities - 2.60% | | | 2,254,203 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 86,741,200 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
ADR - American Depositary Receipt
| (a) | | Variable Rate Security. The rate shown is the rate in effect on March 31, 2016. |
| (b) | | Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $6,735,840, which represents 7.77% of total net assets. |
| (c) | | 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 notional amount of the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2016. The securities are liquid and the value of these securities total $1,286,504, which represents 1.48% of total net assets. |
| (d) | | Non-income producing. |
| (e) | | Non-income producing. Item identified as in default as to payment of interest. |
| (f) | | This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security totals $19,750, which represents 0.02% of total net assets. |
| (g) | | Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as illiquid securities according to the Fund’s liquidity guidelines. The value of these securities total $20, which represents 0.00% of total net assets. |
| (h) | | As of March 31, 2016, the Fund has fair valued this security. The value of this security was $192,990, which represents 0.22% of total net assets. |
| (i) | | Zero coupon bond. The effective yield is listed. |
| (j) | | Represents an inflation protected security. |
| (k) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
93
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2016
| | | | | | | | | | | | | | | | | | |
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)
| |
| 9/29/2016 | | Citibank | | Brazilian Real | | | 3,300,000 | | | Euro | | | 765,857 | | | $ | (6,161 | ) |
| 11/21/2016 | | HSBC | | Brazilian Real | | | 1,440,000 | | | U.S. Dollars | | | 338,624 | | | | 36,014 | |
| 4/15/2016 | | Deutsche Bank | | Chilean Peso | | | 328,293,750 | | | U.S. Dollars | | | 444,620 | | | | 44,820 | |
| 6/20/2016 | | Deutsche Bank | | Chilean Peso | | | 328,293,750 | | | U.S. Dollars | | | 473,933 | | | | 12,534 | |
| 5/5/2016 | | Barclays | | Euro | | | 204,295 | | | U.S. Dollars | | | 222,945 | | | | 9,768 | |
| 4/8/2016 | | Barclays | | Ghaniain Cedi | | | 484,117 | | | U.S. Dollars | | | 102,567 | | | | 23,138 | |
| 6/10/2016 | | Barclays | | Ghaniain Cedi | | | 120,000 | | | U.S. Dollars | | | 23,011 | | | | 6,876 | |
| 4/25/2016 | | JP Morgan Chase | | Indian Rupee | | | 96,000,000 | | | Euro | | | 1,272,909 | | | | (6,761 | ) |
| 4/18/2016 | | JP Morgan Chase | | Indian Rupee | | | 117,200,000 | | | U.S. Dollars | | | 1,732,190 | | | | 31,438 | |
| 4/20/2016 | | HSBC | | Indian Rupee | | | 117,575,000 | | | U.S. Dollars | | | 1,730,062 | | | | 38,561 | |
| 4/15/2016 | | HSBC | | Malaysian Ringgit | | | 1,652,011 | | | Euro | | | 346,239 | | | | 28,754 | |
| 7/8/2016 | | JP Morgan Chase | | Malaysian Ringgit | | | 612,600 | | | Euro | | | 128,998 | | | | 8,539 | |
| 9/29/2016 | | JP Morgan Chase | | Malaysian Ringgit | | | 13,200,000 | | | Euro | | | 2,868,318 | | | | 55,010 | |
| 10/17/2016 | | Deutsche Bank | | Malaysian Ringgit | | | 2,108,500 | | | Euro | | | 435,425 | | | | 34,021 | |
| 4/8/2016 | | JP Morgan Chase | | Malaysian Ringgit | | | 4,732,700 | | | Japanese Yen | | | 129,647,110 | | | | 59,955 | |
| 4/13/2016 | | JP Morgan Chase | | Malaysian Ringgit | | | 5,242,029 | | | Japanese Yen | | | 147,407,742 | | | | 31,845 | |
| 4/14/2016 | | Citibank | | Mexican Peso | | | 63,745,080 | | | Euro | | | 3,254,990 | | | | (20,925 | ) |
| 8/8/2016 | | Morgan Stanley | | Mexican Peso | | | 3,202,890 | | | U.S. Dollars | | | 191,603 | | | | (8,381 | ) |
| 10/17/2016 | | Deutsche Bank | | Mexican Peso | | | 18,798,000 | | | U.S. Dollars | | | 1,100,328 | | | | (31,625 | ) |
| 3/10/2017 | | HSBC | | Mexican Peso | | | 11,784,520 | | | U.S. Dollars | | | 639,525 | | | | 22,229 | |
| 4/14/2016 | | JP Morgan Chase | | South Korean Won | | | 1,173,599,120 | | | Euro | | | 893,198 | | | | 9,056 | |
| 9/29/2016 | | Deutsche Bank | | South Korean Won | | | 606,000,000 | | | Euro | | | 463,112 | | | | (2,293 | ) |
| 9/30/2016 | | HSBC | | South Korean Won | | | 1,244,720,000 | | | Euro | | | 947,477 | | | | (461 | ) |
| 5/18/2016 | | JP Morgan Chase | | U.S. Dollars | | | 1,139,172 | | | Australian Dollar | | | 1,609,000 | | | | (91,393 | ) |
| 5/19/2016 | | JP Morgan Chase | | U.S. Dollars | | | 829,312 | | | Australian Dollar | | | 1,178,000 | | | | (71,578 | ) |
| 5/19/2016 | | Citibank | | U.S. Dollars | | | 260,658 | | | Australian Dollar | | | 370,000 | | | | (22,304 | ) |
| 6/14/2016 | | Citibank | | U.S. Dollars | | | 234,736 | | | Australian Dollar | | | 328,000 | | | | (15,805 | ) |
| 6/14/2016 | | JP Morgan Chase | | U.S. Dollars | | | 353,095 | | | Australian Dollar | | | 488,000 | | | | (19,662 | ) |
| 6/22/2016 | | JP Morgan Chase | | U.S. Dollars | | | 2,577,462 | | | Australian Dollar | | | 3,399,000 | | | | (17,956 | ) |
| 9/14/2016 | | Citibank | | U.S. Dollars | | | 234,844 | | | Australian Dollar | | | 326,000 | | | | (13,173 | ) |
| 12/12/2016 | | JP Morgan Chase | | U.S. Dollars | | | 234,854 | | | Australian Dollar | | | 330,000 | | | | (15,325 | ) |
| 12/14/2016 | | JP Morgan Chase | | U.S. Dollars | | | 117,404 | | | Australian Dollar | | | 164,000 | | | | (6,918 | ) |
| 4/29/2016 | | Deutsche Bank | | U.S. Dollars | | | 532,506 | | | Euro | | | 484,597 | | | | (19,392 | ) |
| 5/5/2016 | | Barclays | | U.S. Dollars | | | 229,745 | | | Euro | | | 204,295 | | | | (2,968 | ) |
| 5/9/2016 | | Deutsche Bank | | U.S. Dollars | | | 112,787 | | | Euro | | | 100,331 | | | | (1,515 | ) |
| 5/18/2016 | | Barclays | | U.S. Dollars | | | 325,054 | | | Euro | | | 283,000 | | | | 2,549 | |
| 5/23/2016 | | Deutsche Bank | | U.S. Dollars | | | 196,091 | | | Euro | | | 175,000 | | | | (3,371 | ) |
| 5/26/2016 | | Barclays | | U.S. Dollars | | | 270,327 | | | Euro | | | 232,085 | | | | 5,774 | |
| 6/9/2016 | | Deutsche Bank | | U.S. Dollars | | | 900,464 | | | Euro | | | 826,000 | | | | (41,523 | ) |
| 6/13/2016 | | Deutsche Bank | | U.S. Dollars | | | 492,075 | | | Euro | | | 434,350 | | | | (3,331 | ) |
| 6/15/2016 | | Deutsche Bank | | U.S. Dollars | | | 750,257 | | | Euro | | | 660,000 | | | | (2,567 | ) |
| 6/15/2016 | | Citibank | | U.S. Dollars | | | 151,063 | | | Euro | | | 137,000 | | | | (5,205 | ) |
| 6/16/2016 | | Barclays | | U.S. Dollars | | | 137,026 | | | Euro | | | 122,880 | | | | (3,141 | ) |
| 6/16/2016 | | Citibank | | U.S. Dollars | | | 91,028 | | | Euro | | | 81,594 | | | | (2,044 | ) |
| 7/7/2016 | | Deutsche Bank | | U.S. Dollars | | | 368,534 | | | Euro | | | 341,308 | | | | (21,064 | ) |
| 7/18/2016 | | Morgan Stanley | | U.S. Dollars | | | 126,960 | | | Euro | | | 115,000 | | | | (4,362 | ) |
| 7/19/2016 | | Barclays | | U.S. Dollars | | | 1,892,851 | | | Euro | | | 1,728,000 | | | | (80,470 | ) |
| 7/21/2016 | | Barclays | | U.S. Dollars | | | 137,052 | | | Euro | | | 125,000 | | | | (5,704 | ) |
| 7/22/2016 | | Morgan Stanley | | U.S. Dollars | | | 141,016 | | | Euro | | | 129,000 | | | | (6,313 | ) |
| 7/25/2016 | | Deutsche Bank | | U.S. Dollars | | | 197,109 | | | Euro | | | 178,745 | | | | (7,055 | ) |
| 7/27/2016 | | Deutsche Bank | | U.S. Dollars | | | 199,497 | | | Euro | | | 183,000 | | | | (9,542 | ) |
| 7/29/2016 | | Barclays | | U.S. Dollars | | | 771,072 | | | Euro | | | 691,917 | | | | (19,354 | ) |
| 7/29/2016 | | JP Morgan Chase | | U.S. Dollars | | | 293,321 | | | Euro | | | 263,000 | | | | (7,123 | ) |
| 8/5/2016 | | Deutsche Bank | | U.S. Dollars | | | 172,613 | | | Euro | | | 155,000 | | | | (4,499 | ) |
| 8/5/2016 | | HSBC | | U.S. Dollars | | | 18,766 | | | Euro | | | 17,000 | | | | (659 | ) |
| 8/5/2016 | | Citibank | | U.S. Dollars | | | 452,415 | | | Euro | | | 409,000 | | | | (14,930 | ) |
| 8/5/2016 | | Morgan Stanley | | U.S. Dollars | | | 789,114 | | | Euro | | | 715,023 | | | | (27,911 | ) |
See notes to financial statements.
94
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)
March 31, 2016
| | | | | | | | | | | | | | | | | | |
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)
| |
| 8/11/2016 | | Deutsche Bank | | U.S. Dollars | | | 88,316 | | | Euro | | | 80,000 | | | $ | (3,116 | ) |
| 8/15/2016 | | Morgan Stanley | | U.S. Dollars | | | 99,922 | | | Euro | | | 88,500 | | | | (1,239 | ) |
| 8/17/2016 | | Morgan Stanley | | U.S. Dollars | | | 99,225 | | | Euro | | | 88,500 | | | | (1,943 | ) |
| 8/18/2016 | | Barclays | | U.S. Dollars | | | 357,113 | | | Euro | | | 319,000 | | | | (7,562 | ) |
| 8/22/2016 | | JP Morgan Chase | | U.S. Dollars | | | 394,308 | | | Euro | | | 354,000 | | | | (10,435 | ) |
| 8/22/2016 | | Deutsche Bank | | U.S. Dollars | | | 199,653 | | | Euro | | | 179,000 | | | | (5,005 | ) |
| 8/31/2016 | | HSBC | | U.S. Dollars | | | 38,585 | | | Euro | | | 34,118 | | | | (436 | ) |
| 9/6/2016 | | Deutsche Bank | | U.S. Dollars | | | 473,615 | | | Euro | | | 434,350 | | | | (23,259 | ) |
| 11/14/2016 | | Deutsche Bank | | U.S. Dollars | | | 144,813 | | | Euro | | | 133,000 | | | | (7,741 | ) |
| 11/16/2016 | | Barclays | | U.S. Dollars | | | 162,654 | | | Euro | | | 150,000 | | | | (9,413 | ) |
| 11/17/2016 | | Deutsche Bank | | U.S. Dollars | | | 108,672 | | | Euro | | | 100,000 | | | | (6,044 | ) |
| 1/13/2017 | | Deutsche Bank | | U.S. Dollars | | | 34,167 | | | Euro | | | 31,000 | | | | (1,478 | ) |
| 1/19/2017 | | Citibank | | U.S. Dollars | | | 74,031 | | | Euro | | | 66,791 | | | | (2,785 | ) |
| 1/23/2017 | | Deutsche Bank | | U.S. Dollars | | | 517,383 | | | Euro | | | 468,680 | | | | (21,730 | ) |
| 1/27/2017 | | Goldman Sachs | | U.S. Dollars | | | 200,822 | | | Euro | | | 183,000 | | | | (9,713 | ) |
| 2/3/2017 | | Deutsche Bank | | U.S. Dollars | | | 229,491 | | | Euro | | | 208,000 | | | | (9,875 | ) |
| 2/6/2017 | | Deutsche Bank | | U.S. Dollars | | | 289,658 | | | Euro | | | 261,000 | | | | (10,736 | ) |
| 2/8/2017 | | Goldman Sachs | | U.S. Dollars | | | 633,702 | | | Euro | | | 559,081 | | | | (9,817 | ) |
| 2/8/2017 | | Barclays | | U.S. Dollars | | | 231,158 | | | Euro | | | 204,000 | | | | (3,652 | ) |
| 2/22/2017 | | Barclays | | U.S. Dollars | | | 657,160 | | | Euro | | | 585,000 | | | | (16,575 | ) |
| 3/1/2017 | | Deutsche Bank | | U.S. Dollars | | | 73,577 | | | Euro | | | 65,866 | | | | (2,301 | ) |
| 4/11/2016 | | Deutsche Bank | | U.S. Dollars | | | 2,784,756 | | | Japanese Yen | | | 331,608,750 | | | | (162,814 | ) |
| 4/18/2016 | | Barclays | | U.S. Dollars | | | 253,600 | | | Japanese Yen | | | 30,030,000 | | | | (13,381 | ) |
| 4/21/2016 | | JP Morgan Chase | | U.S. Dollars | | | 327,436 | | | Japanese Yen | | | 38,610,000 | | | | (15,854 | ) |
| 6/3/2016 | | JP Morgan Chase | | U.S. Dollars | | | 278,731 | | | Japanese Yen | | | 34,284,478 | | | | (26,457 | ) |
| 6/3/2016 | | Deutsche Bank | | U.S. Dollars | | | 654,366 | | | Japanese Yen | | | 80,680,000 | | | | (63,818 | ) |
| 6/8/2016 | | Citibank | | U.S. Dollars | | | 208,611 | | | Japanese Yen | | | 25,700,000 | | | | (20,204 | ) |
| 6/9/2016 | | HSBC | | U.S. Dollars | | | 313,607 | | | Japanese Yen | | | 38,500,000 | | | | (29,184 | ) |
| 6/10/2016 | | Barclays | | U.S. Dollars | | | 358,845 | | | Japanese Yen | | | 44,560,000 | | | | (37,917 | ) |
| 6/10/2016 | | Citibank | | U.S. Dollars | | | 467,298 | | | Japanese Yen | | | 57,980,000 | | | | (48,957 | ) |
| 6/10/2016 | | HSBC | | U.S. Dollars | | | 382,850 | | | Japanese Yen | | | 47,460,000 | | | | (39,734 | ) |
| 6/13/2016 | | Deutsche Bank | | U.S. Dollars | | | 127,491 | | | Japanese Yen | | | 15,700,000 | | | | (12,318 | ) |
| 6/13/2016 | | JP Morgan Chase | | U.S. Dollars | | | 356,707 | | | Japanese Yen | | | 43,970,000 | | | | (34,847 | ) |
| 6/16/2016 | | JP Morgan Chase | | U.S. Dollars | | | 150,765 | | | Japanese Yen | | | 18,500,000 | | | | (13,997 | ) |
| 6/16/2016 | | HSBC | | U.S. Dollars | | | 740,617 | | | Japanese Yen | | | 88,800,000 | | | | (50,240 | ) |
| 6/17/2016 | | Deutsche Bank | | U.S. Dollars | | | 732,927 | | | Japanese Yen | | | 88,660,000 | | | | (56,713 | ) |
| 6/20/2016 | | Citibank | | U.S. Dollars | | | 481,889 | | | Japanese Yen | | | 58,390,000 | | | | (38,215 | ) |
| 6/22/2016 | | Deutsche Bank | | U.S. Dollars | | | 726,841 | | | Japanese Yen | | | 88,820,000 | | | | (64,375 | ) |
| 7/15/2016 | | JP Morgan Chase | | U.S. Dollars | | | 379,195 | | | Japanese Yen | | | 44,610,000 | | | | (18,529 | ) |
| 7/15/2016 | | Barclays | | U.S. Dollars | | | 583,886 | | | Japanese Yen | | | 68,630,000 | | | | (27,990 | ) |
| 7/25/2016 | | Citibank | | U.S. Dollars | | | 295,200 | | | Japanese Yen | | | 36,309,000 | | | | (28,632 | ) |
| 7/25/2016 | | JP Morgan Chase | | U.S. Dollars | | | 455,211 | | | Japanese Yen | | | 56,000,000 | | | | (44,241 | ) |
| 8/16/2016 | | JP Morgan Chase | | U.S. Dollars | | | 211,498 | | | Japanese Yen | | | 23,650,000 | | | | 403 | |
| 8/31/2016 | | Barclays | | U.S. Dollars | | | 105,362 | | | Japanese Yen | | | 11,810,000 | | | | (109 | ) |
| 9/9/2016 | | Barclays | | U.S. Dollars | | | 284,831 | | | Japanese Yen | | | 32,151,400 | | | | (2,394 | ) |
| 9/20/2016 | | Barclays | | U.S. Dollars | | | 309,877 | | | Japanese Yen | | | 37,430,000 | | | | (24,637 | ) |
| 9/23/2016 | | Citibank | | U.S. Dollars | | | 321,641 | | | Japanese Yen | | | 35,670,000 | | | | 2,823 | |
| 9/26/2016 | | Deutsche Bank | | U.S. Dollars | | | 159,811 | | | Japanese Yen | | | 17,733,000 | | | | 1,297 | |
| 9/26/2016 | | Barclays | | U.S. Dollars | | | 161,549 | | | Japanese Yen | | | 18,110,000 | | | | (336 | ) |
| 10/17/2016 | | Deutsche Bank | | U.S. Dollars | | | 4,386,048 | | | Japanese Yen | | | 520,185,270 | | | | (268,184 | ) |
| 10/24/2016 | | Barclays | | U.S. Dollars | | | 165,042 | | | Japanese Yen | | | 19,600,000 | | | | (10,379 | ) |
| 1/10/2017 | | Goldman Sachs | | U.S. Dollars | | | 168,425 | | | Japanese Yen | | | 19,732,000 | | | | (8,794 | ) |
| 1/27/2017 | | JP Morgan Chase | | U.S. Dollars | | | 166,469 | | | Japanese Yen | | | 19,500,000 | | | | (8,800 | ) |
| 2/16/2017 | | Citibank | | U.S. Dollars | | | 318,623 | | | Japanese Yen | | | 35,400,000 | | | | 158 | |
| 2/16/2017 | | HSBC | | U.S. Dollars | | | 158,168 | | | Japanese Yen | | | 17,820,000 | | | | (2,144 | ) |
| 2/16/2017 | | JP Morgan Chase | | U.S. Dollars | | | 157,304 | | | Japanese Yen | | | 17,813,000 | | | | (2,945 | ) |
| 2/16/2017 | | Goldman Sachs | | U.S. Dollars | | | 106,462 | | | Japanese Yen | | | 11,840,000 | | | | (53 | ) |
| 2/27/2017 | | Barclays | | U.S. Dollars | | | 53,450 | | | Japanese Yen | | | 5,910,000 | | | | 257 | |
| 3/1/2017 | | Deutsche Bank | | U.S. Dollars | | | 35,372 | | | Japanese Yen | | | 3,936,000 | | | | (57 | ) |
See notes to financial statements.
95
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)
March 31, 2016
| | | | | | | | | | | | | | | | | | |
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)
| |
| 4/25/2016 | | HSBC | | U.S. Dollars | | | 889,907 | | | South Korea Won | | | 1,099,000,000 | | | $ | (70,464 | ) |
| 4/26/2016 | | HSBC | | U.S. Dollars | | | 247,400 | | | South Korea Won | | | 306,000,000 | | | | (19,994 | ) |
| 5/2/2016 | | HSBC | | U.S. Dollars | | | 297,859 | | | South Korea Won | | | 369,000,000 | | | | (24,533 | ) |
| 5/19/2016 | | Citibank | | U.S. Dollars | | | 2,720,354 | | | South Korea Won | | | 3,346,000,000 | | | | (201,577 | ) |
| 5/24/2016 | | HSBC | | U.S. Dollars | | | 669,367 | | | South Korea Won | | | 827,000,000 | | | | (52,714 | ) |
| 5/31/2016 | | HSBC | | U.S. Dollars | | | 209,216 | | | South Korea Won | | | 259,000,000 | | | | (16,882 | ) |
| 6/2/2016 | | HSBC | | U.S. Dollars | | | 595,938 | | | South Korea Won | | | 738,000,000 | | | | (48,280 | ) |
| 6/7/2016 | | Goldman Sachs | | U.S. Dollars | | | 838,271 | | | South Korea Won | | | 1,037,000,000 | | | | (66,852 | ) |
| 9/26/2016 | | HSBC | | U.S. Dollars | | | 707,440 | | | South Korea Won | | | 823,000,000 | | | | (9,533 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | (2,031,878 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
GuideMark® Opportunistic Fixed Income Fund
INTEREST RATE SWAPS
March 31, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive Floating Rate
| | Floating
Rate Index
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | * | | | 0.926% | | | 10/17/2017 | | Citibank | | $ | 790,000 | | | $ | (1,476 | ) | | $ | 0 | | | $ | (1,476 | ) |
Receive | | | 3-MO-USD-LIBOR | | | | 3.018% | | | 8/22/2023 | | JP Morgan Chase | | | 7,290,000 | | | | (819,935 | ) | | | 0 | | | | (819,935 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.914% | | | 1/22/2025 | | Citibank | | | 490,000 | | | | (14,614 | ) | | | 0 | | | | (14,614 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.970% | | | 1/23/2025 | | Citibank | | | 610,000 | | | | (21,033 | ) | | | 0 | | | | (21,033 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.973% | | | 1/27/2025 | | Citibank | | | 360,000 | | | | (12,512 | ) | | | 0 | | | | (12,512 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.937% | | | 1/29/2025 | | Citibank | | | 90,000 | | | | (2,855 | ) | | | 0 | | | | (2,855 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.942% | | | 1/30/2025 | | Citibank | | | 80,000 | | | | (2,566 | ) | | | 0 | | | | (2,566 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.817% | | | 2/3/2025 | | Citibank | | | 120,000 | | | | (2,575 | ) | | | 0 | | | | (2,575 | ) |
Receive | | | 3-MO-USD-LIBOR | * | | | 1.978% | | | 3/27/2025 | | Citibank | | | 1,200,000 | | | | (41,902 | ) | | | 0 | | | | (41,902 | ) |
Receive | | | 3-MO-USD-LIBOR | * | | | 1.985% | | | 3/27/2025 | | Citibank | | | 1,200,000 | | | | (42,654 | ) | | | 0 | | | | (42,654 | ) |
Receive | | | 3-MO-USD-LIBOR | | | | 3.848% | | | 8/22/2043 | | JP Morgan Chase | | | 4,170,000 | | | | (1,591,234 | ) | | | 0 | | | | (1,591,234 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | (2,553,356 | ) | | $ | 0 | | | $ | (2,553,356 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| * | | Centrally cleared swap, clearing agent: Deutsche Bank |
| ** | | Centrally cleared swap, clearing agent: JP Morgan Chase |
See notes to financial statements.
96
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.96% | | | | |
| | | | | Affiliated Mutual Funds - 31.35% | | | | |
| | 522,148 | | | GuideMark® Emerging Markets Fund - Institutional Shares | | $ | 5,931,602 | |
| | 2,012,839 | | | GuideMark® Large Cap Core Fund - Institutional Shares | | | 29,890,657 | |
| | 2,444,870 | | | GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 37,479,858 | |
| | 6,501,923 | | | GuideMark® World ex-US Fund - Institutional Shares | | | 50,324,887 | |
| | | | | | |
|
|
|
| | | | | | | | 123,627,004 | |
| | | | | | |
|
|
|
| | | | | Exchange Traded Funds - 67.61% | | | | |
| | 43,747 | | | iShares 1-3 Year Treasury Bond ETF (a) | | | 3,719,807 | |
| | 34,142 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 3,767,228 | |
| | 80,870 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 10,562,431 | |
| | 436,149 | | | iShares Core MSCI Emerging Markets ETF (a) | | | 18,152,521 | |
| | 40,460 | | | iShares Core U.S. Credit Bond ETF | | | 4,462,738 | |
| | 35,749 | | | iShares JPMorgan USD Emerging Markets Bond ETF | | | 3,944,902 | |
| | 363,865 | | | iShares MSCI Canada ETF (a) | | | 8,627,239 | |
| | 435,927 | | | iShares MSCI Switzerland Capped ETF (a) | | | 12,960,110 | |
| | 115,357 | | | SPDR Barclays High Yield Bond ETF | | | 3,950,977 | |
| | 60,526 | | | SPDR S&P 600 Small Cap Growth ETF (a) | | | 10,460,709 | |
| | 214,400 | | | SPDR S&P China ETF | | | 14,962,976 | |
| | 1,395,927 | | | Vanguard FTSE Developed Markets ETF (a) | | | 50,057,942 | |
| | 86,613 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 4,634,662 | |
| | 152,569 | | | Vanguard REIT ETF (a) | | | 12,785,282 | |
| | 489,282 | | | Vanguard S&P 500 ETF | | | 92,259,014 | |
| | 4,506 | | | Vanguard Total Bond Market ETF (a) | | | 373,052 | |
| | 133,128 | | | Vanguard Value ETF | | | 10,968,416 | |
| | | | | | |
|
|
|
| | | | | | | | 266,650,006 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $347,117,400) | | | 390,277,010 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 1.06% | |
| | | | | Money Market Funds - 1.06% | | | | |
| | 4,189,321 | | | Federated Prime Obligations Fund
Effective Yield, 0.39% (b) | | $ | 4,189,321 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $4,189,321) | | | 4,189,321 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL - 19.54% | |
| | | | | Money Market Funds - 19.54% | | | | |
| | 77,049,918 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (b) | | | 77,049,918 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as
Securities Lending Collateral
(Cost $77,049,918) | | | 77,049,918 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $428,356,639) - 119.56% | | | 471,516,249 | |
| | | | | Liabilities in Excess of
Other Assets - (19.56)% | | | (77,123,829 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 394,392,420 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
97
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 99.25% | |
| | | | | Affiliated Mutual Funds - 13.01% | |
| | 12,959 | | | GuideMark® Emerging Markets Fund - Institutional Shares | | $ | 147,214 | |
| | 98,213 | | | GuideMark® Large Cap Core Fund - Institutional Shares | | | 1,458,470 | |
| | 205,071 | | | GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 3,143,743 | |
| | 327,752 | | | GuideMark® World ex-US Fund - Institutional Shares | | | 2,536,800 | |
| | | | | | |
|
|
|
| | | | | | | | 7,286,227 | |
| | | | | | |
|
|
|
| | | | | Exchange Traded Funds - 86.24% | | | | |
| | 17,800 | | | iShares 1-3 Year Treasury Bond ETF (a) | | | 1,513,534 | |
| | 26,904 | | | iShares 10+ Year Credit Bond ETF (a) | | | 1,594,869 | |
| | 42,475 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 5,547,660 | |
| | 74,943 | | | iShares 7-10 Year Treasury Bond ETF | | | 8,269,211 | |
| | 10,920 | | | iShares Core MSCI Emerging Markets ETF | | | 454,490 | |
| | 14,837 | | | iShares Core U.S. Credit Bond ETF | | | 1,636,521 | |
| | 5,814 | | | iShares JPMorgan USD Emerging Markets Bond ETF | | | 641,575 | |
| | 56,280 | | | iShares MSCI Switzerland Capped ETF (a) | | | 1,673,204 | |
| | 72,943 | | | iShares MSCI USA Minimum Volatility ETF (a) | | | 3,204,386 | |
| | 16,225 | | | PowerShares DB Gold Fund (a)(b) | | | 653,543 | |
| | 90,345 | | | SPDR Barclays High Yield Bond ETF | | | 3,094,316 | |
| | 12,034 | | | SPDR Barclays International Treasury Bond ETF (b) | | | 670,775 | |
| | 30,918 | | | SPDR Barclays TIPS ETF | | | 1,768,819 | |
| | 15,951 | | | SPDR S&P China ETF | | | 1,113,220 | |
| | 4,662 | | | SPDR S&P 600 Small Cap Value ETF (a) | | | 454,825 | |
| | 109,632 | | | Vanguard FTSE Developed Markets ETF (a) | | | 3,931,404 | |
| | 99,954 | | | Vanguard Mortgage-Backed Securities ETF | | | 5,344,540 | |
| | 10,488 | | | Vanguard REIT ETF | | | 878,894 | |
| | 24,135 | | | Vanguard S&P 500 ETF | | | 4,550,896 | |
| | 3,949 | | | Vanguard Total Bond Market ETF (a) | | | 326,938 | |
| | 11,616 | | | Vanguard Value ETF | | | 957,042 | |
| | | | | | |
|
|
|
| | | | | | | | 48,280,662 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $51,160,319) | | | 55,566,889 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 1.22% | |
| | | | | Money Market Funds - 1.22% | |
| | 684,486 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (c) | | $ | 684,486 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $684,486) | | | 684,486 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL - 22.90% | |
| | | | | Money Market Funds - 22.90% | | | | |
| | 12,824,493 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (c) | | | 12,824,493 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $12,824,493) | | | 12,824,493 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $64,669,298) - 123.37% | | | 69,075,868 | |
| | | | | Liabilities in Excess of
Other Assets - (23.37)% | | | (13,086,894 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 55,988,974 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
98
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 99.06% | |
| | | | | Exchange Traded Funds - 99.06% | |
| | 280,519 | | | iShares 1-3 Year Credit Bond ETF | | $ | 29,572,313 | |
| | 179,720 | | | iShares Core U.S. Credit Bond ETF | | | 19,823,116 | |
| | 297,702 | | | iShares Floating Rate Bond ETF | | | 15,010,135 | |
| | 34,057 | | | iShares JPMorgan USD Emerging Markets Bond ETF | | | 3,758,190 | |
| | 166,476 | | | iShares MSCI ACWI ETF | | | 9,332,645 | |
| | 279,304 | | | iShares TIPS Bond ETF (b) | | | 32,019,410 | |
| | 254,136 | | | PowerShares DB Precious Metals Fund (a)(b) | | | 9,456,401 | |
| | 420,897 | | | PowerShares DB U.S. Dollar Index Bearish Fund (a)(b) | | | 9,394,421 | |
| | 381,514 | | | PowerShares DB U.S. Dollar Index Bullish Fund (a)(b) | | | 9,362,354 | |
| | 207,103 | | | PowerShares Senior Loan Portfolio (a) | | | 4,701,238 | |
| | 137,099 | | | SPDR Barclays High Yield Bond ETF | | | 4,695,641 | |
| | 337,810 | | | SPDR Barclays International Treasury Bond ETF (b) | | | 18,829,529 | |
| | 321,938 | | | SPDR Barclays Short Term Corporate Bond ETF | | | 9,860,961 | |
| | 228,550 | | | Technology Select Sector SPDR Fund | | | 10,138,478 | |
| | 117,387 | | | Vanguard Mid-Cap Growth ETF | | | 11,769,220 | |
| | 145,251 | | | Vanguard Mid-Cap Value ETF | | | 12,654,267 | |
| | 503,737 | | | Vanguard S&P 500 ETF | | | 94,984,649 | |
| | 279,477 | | | Vanguard Short-Term Bond Index Fund | | | 22,534,230 | |
| | 389,324 | | | Vanguard Short-Term Corporate Bond ETF | | | 31,157,600 | |
| | 197,708 | | | Vanguard Total Bond Market ETF (a) | | | 16,368,245 | |
| | 120,270 | | | Vanguard Total International Bond ETF | | | 6,559,526 | |
| | 157,010 | | | Vanguard Value ETF | | | 12,936,054 | |
| | | | | | |
|
|
|
| | | | | | | | 394,918,623 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $388,325,440) | | | 394,918,623 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 0.82% | |
| | | | | Money Market Funds - 0.82% | | | | |
| | 3,252,838 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (c) | | $ | 3,252,838 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $3,252,838) | | | 3,252,838 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL - 3.79% | |
| | | | | Money Market Funds - 3.79% | | | | |
| | 15,134,578 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (c) | | | 15,134,578 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $15,134,578) | | | 15,134,578 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $406,712,856) - 103.67% | | | 413,306,039 | |
| | | | | Liabilities in Excess of
Assets - (3.67)% | | | (14,643,279 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 398,662,760 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2016. |
See notes to financial statements.
99
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.98% | | | | |
| | | | | Affiliated Mutual Funds - 4.13% | | | | |
| | 670,635 | | | GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | $ | 6,069,246 | |
| | | | | | |
|
|
|
| | | | | | | | 6,069,246 | |
| | | | | | |
|
|
|
| | | | | Exchange Traded Funds - 31.33% | | | | |
| | 1,038,007 | | | SPDR Barclays High Yield Bond ETF | | | 35,551,740 | |
| | 127,738 | | | SPDR Barclays Short Term High Yield Bond ETF (a) | | | 3,298,195 | |
| | 20,725 | | | Vanguard Mid-Cap Value ETF (a) | | | 1,805,562 | |
| | 5,012 | | | Vanguard Small-Cap Value ETF | | | 510,623 | |
| | 17,922 | | | Vanguard Total Bond Market ETF (a) | | | 1,483,762 | |
| | 41,071 | | | Vanguard Value ETF | | | 3,383,840 | |
| | | | | | |
|
|
|
| | | | | | | | 46,033,722 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 63.52% | | | | |
| | 4,135,894 | | | BlackRock High Yield Portfolio - Institutional Shares | | | 29,571,642 | |
| | 214,354 | | | Gateway Fund - Class Y | | | 6,299,862 | |
| | 655,056 | | | John Hancock Funds II - Alternative Asset Allocation Fund - Institutional Shares | | | 8,915,314 | |
| | 299,189 | | | JPMorgan Hedged Equity Fund - Select Shares (d) | | | 4,793,005 | |
| | 70,883 | | | JPMorgan Research Equity Long/Short Fund - Select Shares (b) | | | 1,134,125 | |
| | 317,737 | | | JPMorgan Systematic Alpha Fund - Institutional Shares (b)(d) | | | 4,902,679 | |
| | 1,251,100 | | | JPMorgan Unconstrained Debt Fund - Select Shares | | | 12,148,184 | |
| | 597,001 | | | Oppenheimer Fundamental Alternatives Fund - Institutional Shares (d) | | | 16,178,717 | |
| | 197,101 | | | Pioneer Strategic Income Fund - Class Y | | | 2,034,079 | |
| | 413,187 | | | T. Rowe Price Institutional Floating Rate Fund | | | 4,057,498 | |
| | 590,248 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 3,299,486 | |
| | | | | | |
|
|
|
| | | | | | | | 93,334,591 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $142,504,462) | | | 145,437,559 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 0.80% | | | | |
| | | | | Money Market Funds - 0.80% | | | | |
| | 1,176,713 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (c) | | $ | 1,176,713 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $1,176,713) | | | 1,176,713 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES
LENDING COLLATERAL - 1.43% | |
| | | | | Money Market Funds - 1.43% | | | | |
| | 2,105,637 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (c) | | | 2,105,637 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $2,105,637) | | | 2,105,637 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $145,786,812) - 101.21% | | | 148,719,909 | |
| | | | | Liabilities in Excess of
Other Assets - (1.21)% | | | (1,782,073 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 146,937,836 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2016. |
| (d) | | Certain GPS 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 5.22% of total net assets as of March 31, 2016. |
See notes to financial statements.
100
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.80% | |
| | | | | Affiliated Mutual Funds - 3.10% | |
| | 130,657 | | | GuideMark® Core Fixed Income Fund - Institutional Shares | | $ | 1,236,015 | |
| | 229,279 | | | GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 2,074,975 | |
| | | | | | |
|
|
|
| | | | | | | | 3,310,990 | |
| | | | | | |
|
|
|
| | | | | Exchange Traded Funds - 65.08% | | | | |
| | 17,874 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 1,972,217 | |
| | 44,870 | | | iShares 10+ Year Credit Bond ETF (a) | | | 2,659,894 | |
| | 32,884 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 4,294,979 | |
| | 29,987 | | | iShares Global Infrastructure ETF | | | 1,172,192 | |
| | 4,284 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 509,025 | |
| | 187,948 | | | iShares International Select Dividend ETF (a) | | | 5,448,613 | |
| | 13,239 | | | iShares JPMorgan USD Emerging Markets Bond ETF | | | 1,460,924 | |
| | 158,981 | | | iShares MSCI Australia ETF (a) | | | 3,071,513 | |
| | 204,002 | | | iShares U.S. Preferred Stock ETF (a) | | | 7,962,198 | |
| | 188,053 | | | SPDR Barclays High Yield Bond ETF | | | 6,440,815 | |
| | 255,712 | | | SPDR Barclays Short Term Corporate Bond ETF | | | 7,832,459 | |
| | 100,475 | | | SPDR Barclays Short Term High Yield Bond ETF | | | 2,594,265 | |
| | 9,732 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 520,759 | |
| | 4,145 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 360,325 | |
| | 14,558 | | | Vanguard REIT ETF (a) | | | 1,219,960 | |
| | 5,602 | | | Vanguard S&P 500 ETF | | | 1,056,313 | |
| | 23,442 | | | Vanguard Total Bond Market ETF (a) | | | 1,940,763 | |
| | 81,129 | | | WisdomTree Emerging Markets Equity Income Fund | | | 2,825,723 | |
| | 209,978 | | | WisdomTree High Dividend Fund | | | 13,287,407 | |
| | 42,816 | | | WisdomTree SmallCap Dividend Fund (a) | | | 2,942,316 | |
| | | | | | |
|
|
|
| | | | | | | | 69,572,660 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 30.62% | | | | |
| | 649,803 | | | BlackRock Dynamic High Income Portfolio - Institutional Shares (c) | | | 5,815,736 | |
| | 953,558 | | | BlackRock Global Dividend Portfolio - Institutional Shares | | | 11,337,805 | |
| | 287,584 | | | BlackRock Multi-Asset Income Fund - Institutional Shares | | | 3,008,131 | |
| | 738,953 | | | T. Rowe Price Institutional Floating Rate Fund | | | 7,256,516 | |
| | 950,179 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 5,311,500 | |
| | | | | | |
|
|
|
| | | | | | | | 32,729,688 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $99,786,667) | | | 105,613,338 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 0.73% | |
| | | | | Money Market Funds - 0.73% | |
| | 780,774 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39% (b) | | $ | 780,774 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $780,774) | | | 780,774 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 19.50% | |
| | | | | Money Market Funds - 19.50% | | | | |
| | 20,849,155 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (b) | | | 20,849,155 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $20,849,155) | | | 20,849,155 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $121,416,596) - 119.03% | | | 127,243,267 | |
| | | | | Liabilities in Excess of
Other Assets - (19.03)% | | | (20,341,843 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 106,901,424 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2016. |
| (c) | | Certain GPS 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 3.19% of total net assets as of March 31, 2016. |
See notes to financial statements.
101
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 99.18% | |
| | | | | Affiliated Mutual Funds - 0.64% | |
| | 77,671 | | | GuideMark® Core Fixed Income Fund - Institutional Shares | | $ | 734,766 | |
| | | | | | |
|
|
|
| | | | | | | | 734,766 | |
| | | | | | |
|
|
|
| | | | | Exchange Traded Funds - 70.99% | | | | |
| | 71,369 | | | iShares 1-3 Year Treasury Bond ETF (a) | | | 6,068,506 | |
| | 75,299 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 9,834,802 | |
| | 2,118 | | | iShares Core MSCI Emerging Markets ETF | | | 88,151 | |
| | 38,071 | | | iShares Core U.S. Credit Bond ETF | | | 4,199,231 | |
| | 82,069 | | | iShares JPMorgan USD Emerging Markets Bond ETF | | | 9,056,314 | |
| | 8,822 | | | PowerShares DB Agriculture Fund (a)(b) | | | 181,733 | |
| | 10,117 | | | PowerShares DB Base Metals Fund (a)(b) | | | 125,653 | |
| | 35,150 | | | PowerShares DB Energy Fund (a)(b) | | | 366,966 | |
| | 1,689 | | | PowerShares DB Precious Metals Fund (a)(b) | | | 62,848 | |
| | 23,650 | | | PowerShares International Corporate Bond Portfolio (a) | | | 622,468 | |
| | 87,238 | | | SPDR Barclays 1-3 Month T-Bill ETF (a)(b) | | | 3,985,904 | |
| | 205,917 | | | SPDR Barclays Short Term Corporate Bond ETF | | | 6,307,238 | |
| | 59,025 | | | Vanguard FTSE Developed Markets ETF (a) | | | 2,116,637 | |
| | 112,726 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 9,799,271 | |
| | 25,470 | | | Vanguard Long-Term Corporate Bond ETF | | | 2,278,292 | |
| | 369,905 | | | Vanguard Mortgage-Backed Securities ETF (a) | | | 19,778,820 | |
| | 21,503 | | | Vanguard S&P 500 ETF | | | 4,054,606 | |
| | 30,901 | | | Vanguard Total Bond Market ETF (a) | | | 2,558,294 | |
| | | | | | |
|
|
|
| | | | | | | | 81,485,734 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 27.55% | | | | |
| | 304,198 | | | BlackRock Low Duration Bond Portfolio - Institutional Shares | | | 2,923,340 | |
| | 197,527 | | | DoubleLine Core Fixed Income Fund - Institutional Shares | | | 2,147,115 | |
| | 586,005 | | | DoubleLine Low Duration Bond Fund - Institutional Shares | | | 5,854,193 | |
| | 182,709 | | | DoubleLine Multi-Asset Growth Fund - Institutional Shares (d) | | | 1,616,973 | |
| | 1,351,803 | | | DoubleLine Total Return Bond Fund - Institutional Shares | | | 14,694,101 | |
| | 446,981 | | | T. Rowe Price Institutional Floating Rate Fund | | | 4,389,352 | |
| | | | | | |
|
|
|
| | | | | | | | 31,625,074 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $111,369,345) | | | 113,845,574 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 0.91% | |
| | | | | Money Market Funds - 0.91% | | | | |
| | 1,042,296 | | | Federated Prime Obligations Fund - Class IS Effective Yield, 0.39% (c) | | $ | 1,042,296 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $1,042,296) | | | 1,042,296 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 14.49% | |
| | | | | Money Market Funds - 14.49% | | | | |
| | 16,638,946 | | | Mount Vernon Prime Portfolio
Effective Yield, 0.53% (c) | | | 16,638,946 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $16,638,946) | | | 16,638,946 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $129,050,587) - 114.58% | | | 131,526,816 | |
| | | | | Liabilities in Excess of
Other Assets - (14.58)% | | | (16,736,787 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 114,790,029 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2016. |
| (d) | | Certain GPS 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 0.05% of total net assets as of March 31, 2016. |
See notes to financial statements.
102
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2016
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT-TERM INVESTMENTS - 99.86% | |
| | | | | Certificate of Deposit - 70.52% | | | | |
| $ | 8,000,000 | | | Abbey National Treasury
Services Plc 0.640%, 04/26/2016 | | $ | 8,000,000 | |
| | 4,000,000 | | | Bank of Nova Scotia
0.748%, 08/08/2016 (a) | | | 4,001,576 | |
| | 3,000,000 | | | Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.390%, 04/07/2016 | | | 3,000,000 | |
| | 5,600,000 | | | CIBC
0.230%, 04/01/2016 | | | 5,600,000 | |
| | 8,000,000 | | | Credit Agricole Corporate and Investment Bank
0.320%, 04/05/2016 | | | 8,000,000 | |
| | 5,000,000 | | | Dexia Credit Local SA
0.605%, 05/02/2016 (a) | | | 5,000,115 | |
| | 8,000,000 | | | DNB ASA
0.520%, 04/28/2016 | | | 8,000,000 | |
| | 8,000,000 | | | DZ Bank AG Deutsche Zentral-Genossenschaftsbank
0.670%, 06/06/2016 | | | 8,003,101 | |
| | 8,000,000 | | | Landesbank Hessen-Thueringen
0.450%, 05/02/2016 | | | 8,000,000 | |
| | 8,000,000 | | | Mizuho Bank, Ltd.
0.600%, 05/04/2016 | | | 8,000,000 | |
| | 8,000,000 | | | National Australia Bank
0.800%, 08/02/2016 | | | 8,007,215 | |
| | 8,000,000 | | | National Bank of Kuwait
0.280%, 04/01/2016 | | | 8,000,000 | |
| | 5,000,000 | | | Oversea-Chinese Banking Corp. Ltd.
0.480%, 04/05/2016 | | | 5,000,000 | |
| | 7,000,000 | | | Royal Bank of Canada
0.609%, 06/06/2016 (a) | | | 7,000,357 | |
| | 8,000,000 | | | Sumitomo Mitsui Banking Corp.
0.860%, 07/28/2016 | | | 8,004,008 | |
| | 8,000,000 | | | Sumitomo Mitsui Trust Bank, Ltd.
0.700%, 06/15/2016 | | | 8,002,436 | |
| | 8,000,000 | | | Svenska Handelsbanken AB
0.555%, 04/27/2016 | | | 8,000,029 | |
| | 6,500,000 | | | Swedbank AB
0.540%, 05/05/2016 | | | 6,500,000 | |
| | 8,000,000 | | | Wells Fargo Bank, NA
0.830%, 08/19/2016 | | | 8,001,690 | |
| | | | | | |
|
|
|
| | | | | | | | 132,120,527 | |
| | | | | | |
|
|
|
| | | | | Commercial Paper - 11.47% | | | | |
| | 7,000,000 | | | CICNY
0.650%, 06/01/2016 | | | 7,002,467 | |
| | 8,000,000 | | | ING U.S. Funding LLC
0.000%, 04/01/2016 (b) | | | 8,000,000 | |
| | 6,500,000 | | | JPMorgan Securities LLC
0.539%, 07/21/2016 (b) | | | 6,489,100 | |
| | | | | | |
|
|
|
| | | | | | | | 21,491,567 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Corporate Obligations - 1.60% | | | | |
| $ | 3,000,000 | | | Bank of America Corp.
0.670%, 07/06/2016 | | $ | 3,001,419 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | Money Market Funds - 2.27% | | | | |
| | 4,259,019 | | | Federated Prime Obligations Fund - Class IS
Effective Yield, 0.39%, (c)(e) | | | 4,259,019 | |
| | | | | | |
|
|
|
| | | | | | | | 4,259,019 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bill - 14.00% | | | | |
| | | | | United States Treasury Bill | | | | |
| $ | 4,750,000 | | | 0.119%, 04/21/2016 (b)(d)(e) | | | 4,749,411 | |
| | 4,750,000 | | | 0.175%, 05/19/2016 (b)(d)(e) | | | 4,748,226 | |
| | 4,750,000 | | | 0.231%, 07/07/2016 (b)(d)(e) | | | 4,747,080 | |
| | 6,000,000 | | | 0.328%, 08/18/2016 (b)(d)(e) | | | 5,992,363 | |
| | 6,000,000 | | | 0.378%, 09/22/2016 (b)(d)(e) | | | 5,989,212 | |
| | | | | | |
|
|
|
| | | | | | | | 26,226,292 | |
| | | | | | |
|
|
|
| | | | | Total Short-Term Investments
(Cost $187,067,886) | | | 187,098,824 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $187,067,886) - 99.86% | | | 187,098,824 | |
| | | | | Other Assets in Excess of
Liabilities - 0.14% | | | 259,975 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 187,358,799 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Variable Rate Security. The rate shown is the rate in effect on March 31, 2016. |
| (b) | | Zero coupon bond. The effective yield is listed. |
| (c) | | Seven-day yield as of March 31, 2016. |
| (d) | | All or a portion of this security is held as collateral for certain futures contracts. |
| (e) | | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
See notes to financial statements.
103
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2016
| | | | | | | | | | | | | | |
Description
| | Number
of Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Unrealized
Appreciation
(Depreciation)
| |
Amsterdam IDX Futures | | | 29 | | | $ | 2,901,947 | | | Apr-16 | | $ | (5,250 | ) |
Australian 10-Year Treasury Bond Futures | | | 191 | | | | 14,277,233 | | | Jun-16 | | | 191,965 | |
Australian 3-Year Treasury Bond Futures | | | 359 | | | | 27,001,709 | | | Jun-16 | | | 70,914 | |
Australian Dollar Futures | | | 158 | | | | 12,087,000 | | | Jun-16 | | | 307,469 | |
Brent Crude Futures(a) | | | (1 | ) | | | (40,330 | ) | | Apr-16 | | | 288 | |
British Pound Futures | | | (42 | ) | | | (3,772,913 | ) | | Jun-16 | | | (59,777 | ) |
CAC40 Index Futures | | | (72 | ) | | | (3,591,356 | ) | | Apr-16 | | | 31,909 | |
Canadian 10-Year Bond Futures | | | 378 | | | | 41,061,205 | | | Jun-16 | | | (120,752 | ) |
Cocoa Futures(a) | | | 117 | | | | 3,451,500 | | | May-16 | | | (93,052 | ) |
Coffee ‘C’ Futures(a) | | | (24 | ) | | | (1,147,050 | ) | | May-16 | | | (85,186 | ) |
Copper Futures(a) | | | 11 | | | | 600,325 | | | May-16 | | | (20,011 | ) |
Corn Futures(a) | | | (93 | ) | | | (1,634,475 | ) | | May-16 | | | 31,571 | |
Cotton No. 2 Futures(a) | | | (171 | ) | | | (4,996,620 | ) | | May-16 | | | (7,537 | ) |
DJIA E-Mini CBOT Futures | | | 249 | | | | 21,905,775 | | | Jun-16 | | | 456,495 | |
E-mini Nasdaq 100 Futures | | | 168 | | | | 15,040,200 | | | Jun-16 | | | 461,367 | |
E-mini S&P 500 Futures | | | 165 | | | | 16,924,875 | | | Jun-16 | | | 167,216 | |
Euribor 3 Month Futures | | | 292 | | | | 83,274,542 | | | Jun-16 | | | (1,546 | ) |
Euro Fx Futures | | | 178 | | | | 25,391,700 | | | Jun-16 | | | 676,744 | |
Euro Stoxx 50® Index Futures | | | (17 | ) | | | (566,983 | ) | | Jun-16 | | | 4,459 | |
Euro-Bobl Futures | | | 225 | | | | 33,565,276 | | | Jun-16 | | | (84,812 | ) |
Euro-BTP Futures | | | 76 | | | | 12,160,899 | | | Jun-16 | | | 164,620 | |
Euro-Bund Futures | | | 388 | | | | 72,106,781 | | | Jun-16 | | | 243,429 | |
Eurodollar 90 Day Futures | | | 1,343 | | | | 333,198,300 | | | Sep-16 | | | 62,768 | |
Euro-OATS Futures | | | 102 | | | | 18,366,291 | | | Jun-16 | | | 233,069 | |
Euro-Schatz Futures | | | 510 | | | | 64,872,214 | | | Jun-16 | | | (115,271 | ) |
FTSE 100 Index Futures | | | (32 | ) | | | (2,809,525 | ) | | Jun-16 | | | (23,156 | ) |
FTSE MIB Index Futures | | | (20 | ) | | | (2,013,632 | ) | | Jun-16 | | | 46,495 | |
FTSE/JSE Top 40 Index Futures | | | 76 | | | | 2,408,784 | | | Jun-16 | | | (25,014 | ) |
Gold 100 Oz. Futures(a) | | | 46 | | | | 5,683,760 | | | Jun-16 | | | 64,622 | |
Hang Seng Index Futures | | | 20 | | | | 2,682,230 | | | Apr-16 | | | 50,637 | |
IBEX 35® Index Futures | | | (2 | ) | | | (197,765 | ) | | Apr-16 | | | 4,776 | |
Japanese 10-Year Bond Futures | | | 17 | | | | 22,853,970 | | | Jun-16 | | | 8,151 | |
Japanese Yen Futures | | | 320 | | | | 35,616,000 | | | Jun-16 | | | 49,227 | |
Live Cattle Futures(a) | | | (97 | ) | | | (4,812,170 | ) | | Jun-16 | | | 49,964 | |
LME Aluminium Futures(a) | | | (213 | ) | | | (8,075,363 | ) | | Jun-16 | | | (409,052 | ) |
LME Copper Futures(a) | | | 41 | | | | 4,972,275 | | | Jun-16 | | | (17,920 | ) |
LME Nickel Futures(a) | | | (7 | ) | | | (356,265 | ) | | Jun-16 | | | (145,219 | ) |
LME Zinc Futures(a) | | | 30 | | | | 1,361,063 | | | Jun-16 | | | (66,348 | ) |
Long Gilt Futures | | | 182 | | | | 31,686,496 | | | Jun-16 | | | 47,320 | |
Low Sulphur Gas Oil Futures(a) | | | 9 | | | | 322,650 | | | May-16 | | | (17,794 | ) |
MSCI Singapore Index Futures | | | 154 | | | | 3,643,625 | | | Apr-16 | | | 12,461 | |
MSCI Taiwan Index Futures | | | 366 | | | | 11,785,200 | | | Apr-16 | | | 76,468 | |
Natural Gas Futures(a) | | | (256 | ) | | | (5,015,040 | ) | | Apr-16 | | | (203,613 | ) |
New Zealand Dollar Futures | | | 75 | | | | 5,172,000 | | | Jun-16 | | | 150,078 | |
Nifty 50 Index Futures | | | 138 | | | | 2,149,350 | | | Apr-16 | | | 24,194 | |
Nikkei 225 Futures | | | (5 | ) | | | (744,591 | ) | | Jun-16 | | | 8,854 | |
NY Harbor ULSD Futures(a) | | | (2 | ) | | | (99,582 | ) | | Apr-16 | | | 3,329 | |
OMXS30 Futures | | | (15 | ) | | | (248,422 | ) | | Apr-16 | | | (365 | ) |
RBOB Gasoline Futures(a) | | | 4 | | | | 243,046 | | | Apr-16 | | | (3,942 | ) |
Russell 2000 Mini Index Futures | | | 55 | | | | 6,102,800 | | | Jun-16 | | | 285,901 | |
S&P/TSX 60 Index Futures | | | 64 | | | | 7,756,381 | | | Jun-16 | | | 61,246 | |
Silver Futures(a) | | | (11 | ) | | | (850,520 | ) | | May-16 | | | (13,650 | ) |
Soybean Futures(a) | | | 220 | | | | 10,018,250 | | | May-16 | | | 40,002 | |
Soybean Meal Futures(a) | | | 29 | | | | 783,870 | | | May-16 | | | (7,704 | ) |
Soybean Oil Futures(a) | | | 416 | | | | 8,541,312 | | | May-16 | | | 234,349 | |
SPI 200TM Index Futures | | | 29 | | | | 2,815,415 | | | Jun-16 | | | (16,375 | ) |
Sterling LIBOR 90 Day Futures | | | 1,967 | | | | 351,035,631 | | | Jun-16 | | | (27,042 | ) |
Sugar No. 11 Futures(a) | | | 372 | | | | 6,395,424 | | | Apr-16 | | | (303,487 | ) |
See notes to financial statements.
104
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2016
| | | | | | | | | | | | | | |
Description
| | Number
of Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Unrealized
Appreciation
(Depreciation)
| |
Swiss Franc Futures | | | 8 | | | $ | 1,044,400 | | | Jun-16 | | $ | 3,052 | |
TOPIX Index Futures | | | (3 | ) | | | (359,190 | ) | | Jun-16 | | | 6,068 | |
U.S. Treasury 2-Year Note Futures | | | 593 | | | | 129,718,750 | | | Jun-16 | | | 61,772 | |
U.S. Treasury 5-Year Note Futures | | | 686 | | | | 83,118,547 | | | Jun-16 | | | 149,864 | |
U.S. Treasury 10-Year Note Futures | | | 399 | | | | 52,025,859 | | | Jun-16 | | | (89,866 | ) |
U.S. Treasury Long Bond Futures | | | 135 | | | | 22,199,063 | | | Jun-16 | | | (25,379 | ) |
U.S. Treasury Ultra Bond Futures | | | 29 | | | | 5,003,406 | | | Jun-16 | | | 26,231 | |
Wheat Futures(a) | | | (232 | ) | | | (5,492,600 | ) | | May-16 | | | (236,241 | ) |
WTI Crude Futures(a) | | | (21 | ) | | | (805,140 | ) | | Apr-16 | | | 16,613 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 2,360,596 | |
| | | | | | | | | | | | |
|
|
|
| (a) | | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
See notes to financial statements.
105
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2016
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging Markets
Fund
| | | Small/Mid Cap
Core Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $297,991,297, $120,948,863, and $106,788,358, respectively)1 | | $ | 327,818,579 | | | $ | 125,194,105 | | | $ | 110,660,351 | |
Cash | | | 5,100 | | | | — | | | | 2,464 | |
Foreign currencies (cost $0, $66,425, and $0, respectively) | | | — | | | | 68,240 | | | | — | |
Income receivable | | | 280,911 | | | | 74,696 | | | | 110,302 | |
Receivable for dividend reclaims | | | 4,280 | | | | 23,917 | | | | — | |
Receivable for investment securities sold | | | 11,784,394 | | | | 377,331 | | | | 2,009,778 | |
Receivable for fund shares sold | | | 316,440 | | | | 139,048 | | | | 102,877 | |
Other assets | | | 46,937 | | | | 27,758 | | | | 34,218 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 340,256,641 | | | | 125,905,095 | | | | 112,919,990 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 85,097,996 | | | | 950,382 | | | | 23,286,836 | |
Payable for investment securities purchased | | | 3,723,106 | | | | 6,619 | | | | 420,428 | |
Payable for fund shares redeemed | | | 992,419 | | | | 421,523 | | | | 261,224 | |
Payable to Investment Advisor | | | 140,647 | | | | 85,229 | | | | 51,844 | |
Other accrued expenses | | | 160,737 | | | | 135,425 | | | | 78,070 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 90,114,905 | | | | 1,599,178 | | | | 24,098,402 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 250,141,736 | | | $ | 124,305,917 | | | $ | 88,821,588 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 219,878,344 | | | | 215,572,637 | | | | 86,822,060 | |
Unrealized appreciation on: | | | | | | | | | | | | |
Investments | | | 29,827,282 | | | | 4,245,242 | | | | 3,871,993 | |
Foreign currencies | | | — | | | | 2,874 | | | | — | |
Accumulated undistributed net investment income (loss) | | | 482,811 | | | | (627,462 | ) | | | — | |
Accumulated undistributed net realized loss | | | (46,701 | ) | | | (94,887,374 | ) | | | (1,872,465 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 250,141,736 | | | $ | 124,305,917 | | | $ | 88,821,588 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 2,111,052 | | | | 535,107 | | | | 2,649,941 | |
Net assets | | | 31,353,268 | | | | 6,081,265 | | | | 40,624,613 | |
Net asset value, offering and redemption price per share | | $ | 14.85 | | | $ | 11.37 | | | $ | 15.33 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 14,906,220 | | | | 10,293,506 | | | | 3,221,584 | |
Net assets | | | 218,788,468 | | | | 118,224,652 | | | | 48,196,975 | |
Net asset value, offering and redemption price per share | | $ | 14.68 | | | $ | 11.49 | | | $ | 14.96 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 83,158,438 | | | $ | 924,500 | | | $ | 22,708,137 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
106
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2016
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Opportunistic
Equity Fund
| | | Core
Fixed Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $181,377,991, $82,674,016, and $225,831,938, respectively)1 | | $ | 191,248,389 | | | $ | 90,752,202 | | | $ | 231,111,916 | |
Foreign currencies (cost $177,203, $0, and $0, respectively) | | | 178,445 | | | | — | | | | — | |
Cash | | | — | | | | 1,742 | | | | — | |
Variation margin on futures | | | — | | | | — | | | | 12,062 | |
Variation margin on swaps | | | — | | | | — | | | | 321,508 | |
Income receivable | | | 688,403 | | | | 53,421 | | | | 1,108,652 | |
Receivable for dividend reclaims | | | 564,287 | | | | 1,505 | | | | — | |
Receivable for investment securities sold | | | — | | | | 358,388 | | | | 4,345,459 | |
Receivable for fund shares sold | | | 163,887 | | | | 174,915 | | | | 419,279 | |
Swap premiums paid | | | — | | | | — | | | | 32,764 | |
Deposits with brokers for futures and swaps | | | — | | | | — | | | | 181,367 | |
Other assets | | | 36,550 | | | | 29,763 | | | | 33,257 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 192,879,961 | | | | 91,371,936 | | | | 237,566,264 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation on swap agreements | | | — | | | | — | | | | 5,226 | |
Payable for collateral on securities loaned | | | 3,371,777 | | | | 20,750,989 | | | | 3,797,653 | |
Payable for investment securities purchased | | | — | | | | — | | | | 21,110,121 | |
Payable for fund shares redeemed | | | 1,019,626 | | | | 354,577 | | | | 904,230 | |
Payable to Investment Advisor | | | 141,423 | | | | 62,721 | | | | 136,252 | |
Payable to Custodian | | | — | | | | — | | | | 9,176 | |
Swap premiums received | | | — | | | | — | | | | 181,289 | |
Other accrued expenses | | | 162,311 | | | | 73,058 | | | | 199,087 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 4,695,137 | | | | 21,241,345 | | | | 26,343,034 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 188,184,824 | | | $ | 70,130,591 | | | $ | 211,223,230 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 394,983,381 | | | | 63,665,766 | | | | 206,852,154 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 9,870,398 | | | | 8,078,186 | | | | 5,279,987 | |
Foreign currencies | | | (15,900 | ) | | | — | | | | — | |
Swaps | | | — | | | | — | | | | (5,226 | ) |
Futures contracts | | | — | | | | — | | | | 12,257 | |
Accumulated undistributed net investment income (loss) | | | 3,133,154 | | | | (105,707 | ) | | | 277,519 | |
Accumulated undistributed net realized loss | | | (219,786,209 | ) | | | (1,507,654 | ) | | | (1,193,461 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 188,184,824 | | | $ | 70,130,591 | | | $ | 211,223,230 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 6,829,675 | | | | 23,301 | | | | 208,328 | |
Net assets | | | 52,879,582 | | | | 229,498 | | | | 1,970,942 | |
Net asset value, offering and redemption price per share | | $ | 7.74 | | | $ | 9.85 | | | $ | 9.46 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 17,659,348 | | | | 6,996,013 | | | | 21,943,890 | |
Net assets | | | 135,305,242 | | | | 69,901,093 | | | | 209,252,288 | |
Net asset value, offering and redemption price per share | | $ | 7.66 | | | $ | 9.99 | | | $ | 9.54 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 3,258,382 | | | $ | 20,280,499 | | | $ | 3,728,051 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
107
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2016
| | | | | | | | | | | | |
| | | Tax-Exempt
Fixed Income
Fund
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $45,020,833, $91,202,276, and $325,452,090, respectively)1 | | $ | 49,156,208 | | | $ | 84,486,997 | | | $ | 347,889,245 | |
Investments in affiliates, at value (cost $0, $0 and $102,904,549, respectively) | | | — | | | | — | | | | 123,627,004 | |
Foreign currencies (cost $0, $1,243,229, and $0, respectively) | | | — | | | | 1,246,240 | | | | — | |
Cash | | | — | | | | — | | | | — | |
Variation margin on swaps | | | — | | | | 349,414 | | | | — | |
Income receivable | | | 690,938 | | | | 637,943 | | | | 1,695 | |
Receivable for dividend reclaims | | | — | | | | 325 | | | | — | |
Receivable for investment securities and foreign currencies sold | | | — | | | | 1,879,284 | | | | 163,535 | |
Receivable for fund shares sold | | | 4,900 | | | | 90,242 | | | | 1,458,936 | |
Receivable from broker | | | — | | | | 360,000 | | | | — | |
Deposits with brokers for forwards and swaps | | | — | | | | 3,290,000 | | | | — | |
Appreciation of forward foreign currency contracts | | | — | | | | 465,819 | | | | — | |
Other assets | | | 15,303 | | | | 20,822 | | | | 62,139 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 49,867,349 | | | | 92,827,086 | | | | 473,202,554 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation of forward foreign currency contracts | | | — | | | | 2,497,697 | | | | — | |
Depreciation on swap agreements | | | — | | | | 2,553,356 | | | | — | |
Payable for collateral on securities loaned | | | — | | | | — | | | | 77,049,918 | |
Payable for investment securities and foreign currencies purchased | | | — | | | | 373,500 | | | | 512,019 | |
Payable for fund shares redeemed | | | 687,226 | | | | 434,396 | | | | 856,911 | |
Payable to Investment Advisor | | | 27,124 | | | | 99,995 | | | | 79,218 | |
Other accrued expenses | | | 68,099 | | | | 126,942 | | | | 312,068 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 782,449 | | | | 6,085,886 | | | | 78,810,134 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 49,084,900 | | | $ | 86,741,200 | | | $ | 394,392,420 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 47,790,525 | | | | 106,374,521 | | | | 343,177,507 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 4,135,375 | | | | (6,715,279 | ) | | | 22,437,155 | |
Investments in affiliates | | | — | | | | — | | | | 20,722,455 | |
Foreign currencies | | | — | | | | 6,082 | | | | — | |
Swaps | | | — | | | | (2,553,356 | ) | | | — | |
Forward currency exchange contracts | | | — | | | | (2,031,878 | ) | | | — | |
Accumulated undistributed net investment income | | | 21,660 | | | | 6,372,002 | | | | 804,411 | |
Accumulated undistributed net realized gain (loss) | | | (2,862,660 | ) | | | (14,710,892 | ) | | | 7,250,892 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 49,084,900 | | | $ | 86,741,200 | | | $ | 394,392,420 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | — | | | | 947,387 | | | | 1,049,079 | |
Net assets | | | — | | | | 8,572,900 | | | | 10,968,769 | |
Net asset value, offering and redemption price per share | | $ | — | | | $ | 9.05 | | | $ | 10.46 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 4,225,522 | | | | 8,633,729 | | | | 36,802,465 | |
Net assets | | | 49,084,900 | | | | 78,168,300 | | | | 383,423,651 | |
Net asset value, offering and redemption price per share | | $ | 11.62 | | | $ | 9.05 | | | $ | 10.42 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | — | | | $ | — | | | $ | 75,048,851 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
108
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2016
| | | | | | | | | | | | |
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $59,437,197, $406,712,856 and $139,694,109, respectively)1 | | $ | 61,789,641 | | | $ | 413,306,039 | | | $ | 142,650,663 | |
Investments in affiliates, at value (cost $5,232,101, $0, and $6,092,703, respectively) | | | 7,286,227 | | | | — | | | | 6,069,246 | |
Cash | | | — | | | | 18,014 | | | | — | |
Income receivable | | | 280 | | | | 1,259 | | | | 171,685 | |
Receivable for investment securities sold | | | 174,581 | | | | 104,726,932 | | | | 213,010 | |
Receivable for fund shares sold | | | 58,086 | | | | 842,903 | | | | 344,570 | |
Other assets | | | 30,215 | | | | 58,353 | | | | 55,390 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 69,339,030 | | | | 518,953,500 | | | | 149,504,564 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 12,824,493 | | | | 15,134,578 | | | | 2,105,638 | |
Payable for investment securities purchased | | | 327,256 | | | | 103,975,712 | | | | 22,385 | |
Payable for fund shares redeemed | | | 119,641 | | | | 727,391 | | | | 228,108 | |
Payable to Investment Advisor | | | 21,753 | | | | 201,492 | | | | 81,169 | |
Other accrued expenses | | | 56,913 | | | | 251,567 | | | | 129,428 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 13,350,056 | | | | 120,290,740 | | | | 2,566,728 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 55,988,974 | | | $ | 398,662,760 | | | $ | 146,937,836 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 46,780,166 | | | | 418,975,921 | | | | 158,787,778 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 2,352,444 | | | | 6,593,183 | | | | 2,956,554 | |
Investments in affiliates | | | 2,054,126 | | | | — | | | | (23,457 | ) |
Accumulated undistributed net investment income (loss) | | | (23,855 | ) | | | 3,173,148 | | | | 545,324 | |
Accumulated undistributed net realized gain (loss) | | | 4,826,093 | | | | (30,079,492 | ) | | | (15,328,363 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 55,988,974 | | | $ | 398,662,760 | | | $ | 146,937,836 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 443,733 | | | | 533,666 | | | | 113,043 | |
Net assets | | | 4,220,428 | | | | 5,005,303 | | | | 1,107,629 | |
Net asset value, offering and redemption price per share | | $ | 9.51 | | | $ | 9.38 | | | $ | 9.80 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 5,434,506 | | | | 42,229,229 | | | | 14,859,522 | |
Net assets | | | 51,768,546 | | | | 393,657,457 | | | | 145,830,207 | |
Net asset value, offering and redemption price per share | | $ | 9.53 | | | $ | 9.32 | | | $ | 9.81 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 12,518,375 | | | $ | 14,817,395 | | | $ | 2,053,318 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
109
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2016
| | | | | | | | | | | | |
| | | Multi-Asset
Income
Allocation
Fund
| | | Flexible Income
Allocation
Fund
| | | Managed2
Futures
Strategy Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $118,127,462, $128,332,146, and $187,067,886, respectively)1 | | $ | 123,932,277 | | | $ | 130,792,050 | | | $ | 187,098,824 | |
Investments in affiliates, at value (cost $3,289,134, $718,441, and $0, respectively) | | | 3,310,990 | | | | 734,766 | | | | — | |
Cash | | | 65,655 | | | | 1,022 | | | | — | |
Variation margin on futures | | | — | | | | — | | | | 25,648 | |
Income receivable | | | 203,944 | | | | 100,964 | | | | 112,084 | |
Receivable for investment securities sold | | | 2,248,610 | | | | 140,407 | | | | — | |
Receivable for fund shares sold | | | 296,333 | | | | 194,273 | | | | 711,472 | |
Deposits with brokers for futures | | | — | | | | — | | | | 70,892 | |
Other assets | | | 25,436 | | | | 31,954 | | | | 32,114 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 130,083,245 | | | | 131,995,436 | | | | 188,051,034 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 20,849,155 | | | | 16,638,946 | | | | — | |
Payable for investment securities purchased | | | 2,007,314 | | | | 161,100 | | | | — | |
Payable for fund shares redeemed | | | 179,695 | | | | 258,321 | | | | 370,171 | |
Payable to Investment Advisor | | | 53,582 | | | | 50,058 | | | | 127,254 | |
Payable to Custodian | | | — | | | | — | | | | 53,003 | |
Other accrued expenses | | | 92,075 | | | | 96,982 | | | | 141,807 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 23,181,821 | | | | 17,205,407 | | | | 692,235 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 106,901,424 | | | $ | 114,790,029 | | | $ | 187,358,799 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 112,542,209 | | | | 124,121,470 | | | | 186,583,008 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 5,804,815 | | | | 2,459,904 | | | | 30,938 | |
Investments in affiliates | | | 21,856 | | | | 16,325 | | | | — | |
Foreign currency translation | | | — | | | | — | | | | (5,380 | ) |
Futures contracts | | | — | | | | — | | | | 2,360,596 | |
Accumulated undistributed net investment income (loss) | | | 49,560 | | | | 173,432 | | | | — | |
Accumulated undistributed net realized loss | | | (11,517,016 | ) | | | (11,981,102 | ) | | | (1,610,363 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 106,901,424 | | | $ | 114,790,029 | | | $ | 187,358,799 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | — | | | | 5,186 | | | | 445,243 | |
Net assets | | | — | | | | 49,872 | | | | 4,338,706 | |
Net asset value, offering and redemption price per share | | $ | — | | | $ | 9.62 | | | $ | 9.75 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 10,750,847 | | | | 12,010,583 | | | | 18,804,379 | |
Net assets | | | 106,901,424 | | | | 114,740,157 | | | | 183,020,093 | |
Net asset value, offering and redemption price per share | | $ | 9.94 | | | $ | 9.55 | | | $ | 9.73 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 20,372,328 | | | $ | 16,320,176 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
2Consolidated Statement of Assets & Liabilities (see note 2b). | | | | | | | | | | | | |
See notes to financial statements.
110
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2016
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging Markets
Fund
| | | Small/Mid Cap
Core Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $6,008, $54,601, and $1,079, respectively) | | $ | 3,860,184 | | | $ | 3,393,254 | | | $ | 953,677 | |
Interest income | | | 3,360 | | | | 4,236 | | | | 1,899 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,863,544 | | | | 3,397,490 | | | | 955,576 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,265,106 | | | | 1,119,884 | | | | 511,689 | |
Distribution (12b-1) fees – Service Shares | | | 474,485 | | | | 333,009 | | | | 111,043 | |
Administrative service fees – Service Shares | | | 454,491 | | | | 326,490 | | | | 107,909 | |
Shareholder servicing fees – Service Shares | | | 160,183 | | | | 110,703 | | | | 36,803 | |
Administration fees | | | 96,124 | | | | 70,776 | | | | 43,786 | |
Legal fees | | | 90,650 | | | | 72,796 | | | | 35,489 | |
Fund accounting fees | | | 60,287 | | | | 70,149 | | | | 64,981 | |
Custody fees | | | 43,652 | | | | 110,133 | | | | 31,231 | |
Reports to shareholders | | | 41,015 | | | | 24,381 | | | | 17,293 | |
Federal and state registration fees | | | 37,089 | | | | 37,057 | | | | 33,796 | |
Directors’ fees and expenses | | | 19,903 | | | | 21,003 | | | | 7,187 | |
Audit and tax fees | | | 19,001 | | | | 19,001 | | | | 19,001 | |
Transfer agent fees and expenses | | | 15,558 | | | | 13,761 | | | | 9,258 | |
Compliance fees | | | 10,930 | | | | 7,810 | | | | 3,698 | |
Insurance fees | | | 7,716 | | | | 8,483 | | | | 3,169 | |
Miscellaneous expenses | | | 2,074 | | | | 2,104 | | | | 2,175 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 2,798,264 | | | | 2,347,540 | | | | 1,038,508 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 3) | | | — | | | | — | | | | 17,849 | |
Less securities lending credit (See Note 6) | | | (118,687 | ) | | | (67,415 | ) | | | (160,977 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 2,679,577 | | | | 2,280,125 | | | | 895,380 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,183,967 | | | | 1,117,365 | | | | 60,196 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 28,870,387 | | | | 39,309,222 | | | | (680,700 | ) |
Foreign currencies | | | — | | | | 256,553 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 28,870,387 | | | | 39,565,775 | | | | (680,700 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (27,634,600 | ) | | | (57,943,887 | ) | | | (6,055,710 | ) |
Foreign currencies | | | — | | | | 2,874 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (27,634,600 | ) | | | (57,941,013 | ) | | | (6,055,710 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | 1,235,787 | | | | (18,375,238 | ) | | | (6,736,410 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,419,754 | | | $ | (17,257,873 | ) | | $ | (6,676,214 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
111
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2016
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Opportunistic
Equity Fund
| | | Core
Fixed Income
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $849,764, $11,420, and $0), respectively) | | $ | 7,248,092 | | | $ | 1,559,192 | | | $ | — | |
Interest income | | | 7,901 | | | | 4,967 | | | | 6,810,302 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 7,255,993 | | | | 1,564,159 | | | | 6,810,302 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,870,729 | | | | 877,037 | | | | 1,352,877 | |
Distribution (12b-1) fees – Service Shares | | | 528,561 | | | | 151,504 | | | | 566,379 | |
Administrative service fees – Service Shares | | | 517,882 | | | | 146,984 | | | | 539,146 | |
Shareholder servicing fees – Service Shares | | | 167,572 | | | | 43,027 | | | | 186,480 | |
Administration fees | | | 138,614 | | | | 46,318 | | | | 118,442 | |
Legal fees | | | 84,918 | | | | 41,264 | | | | 80,354 | |
Fund accounting fees | | | 168,675 | | | | 26,449 | | | | 218,119 | |
Custody fees | | | 331,084 | | | | 31,594 | | | | 54,837 | |
Reports to shareholders | | | 31,934 | | | | 11,254 | | | | 35,454 | |
Federal and state registration fees | | | 45,546 | | | | 36,235 | | | | 37,940 | |
Directors’ fees and expenses | | | 31,690 | | | | 10,837 | | | | 27,171 | |
Audit and tax fees | | | 38,820 | | | | 21,015 | | | | 24,004 | |
Transfer agent fees and expenses | | | 18,274 | | | | 10,701 | | | | 17,357 | |
Compliance fees | | | 11,032 | | | | 4,992 | | | | 12,720 | |
Insurance fees | | | 15,128 | | | | 5,429 | | | | 14,062 | |
Miscellaneous expenses | | | 2,076 | | | | 2,041 | | | | 2,073 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 4,002,535 | | | | 1,466,681 | | | | 3,287,415 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 3) | | | 68,202 | | | | — | | | | (57,716 | ) |
Less securities lending credit (See Note 6) | | | (101,347 | ) | | | (30,071 | ) | | | (7,849 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 3,969,390 | | | | 1,436,610 | | | | 3,221,850 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 3,286,603 | | | | 127,549 | | | | 3,588,452 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (14,785,569 | ) | | | 9,526,758 | | | | 1,719,487 | |
Foreign currencies | | | 558,409 | | | | (24 | ) | | | — | |
Forward currency contracts | | | (6,720 | ) | | | — | | | | — | |
Swaps | | | — | | | | — | | | | (309,119 | ) |
Futures contracts | | | (1,638,187 | ) | | | — | | | | (12,599 | ) |
Written options | | | — | | | | — | | | | 38,916 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (15,872,067 | ) | | | 9,526,734 | | | | 1,436,685 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (27,048,961 | ) | | | (21,499,157 | ) | | | (3,791,322 | ) |
Foreign currencies | | | 53,543 | | | | — | | | | — | |
Swaps | | | — | | | | — | | | | (5,169 | ) |
Futures contracts | | | 14,902 | | | | — | | | | 35,902 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (26,980,516 | ) | | | (21,499,157 | ) | | | (3,760,589 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized loss | | | (42,852,583 | ) | | | (11,972,423 | ) | | | (2,323,904 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (39,565,980 | ) | | $ | (11,844,874 | ) | | $ | 1,264,548 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
112
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2016
| | | | | | | | | | | | |
| | | Tax-Exempt
Fixed Income
Fund
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $0, $327, $0) | | $ | — | | | $ | 64,535 | | | $ | 3,310,453 | |
Dividend from affiliate investments | | | — | | | | — | | | | 2,244,662 | |
Interest income (net of withholding tax of $0, $85,910, $0) | | | 2,335,033 | | | | 7,753,210 | | | | 8,797 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 2,335,033 | | | | 7,817,745 | | | | 5,563,912 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 295,447 | | | | 1,145,371 | | | | 669,616 | |
Distribution (12b-1) fees – Service Shares | | | 147,723 | | | | 307,540 | | | | 649,215 | |
Administrative service fees – Service Shares | | | 133,169 | | | | 302,304 | | | | 648,745 | |
Shareholder servicing fees – Service Shares | | | 50,446 | | | | 98,594 | | | | 251,895 | |
Administration fees | | | 25,354 | | | | 70,538 | | | | 108,988 | |
Legal fees | | | 54,778 | | | | 49,355 | | | | 79,912 | |
Fund accounting fees | | | 40,131 | | | | 218,569 | | | | 51,556 | |
Custody fees | | | 6,752 | | | | 201,459 | | | | 68,090 | |
Reports to shareholders | | | 2,948 | | | | 19,035 | | | | 48,206 | |
Federal and state registration fees | | | 34,621 | | | | 36,201 | | | | 37,125 | |
Directors’ fees and expenses | | | 7,110 | | | | 16,326 | | | | 25,924 | |
Audit and tax fees | | | 24,002 | | | | 30,464 | | | | 14,215 | |
Transfer agent fees and expenses | | | 6,760 | | | | 12,836 | | | | 17,145 | |
Compliance fees | | | 2,855 | | | | 5,479 | | | | 9,367 | |
Insurance fees | | | 2,806 | | | | 5,459 | | | | 7,412 | |
Miscellaneous expenses | | | 2,041 | | | | 2,072 | | | | 2,134 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 836,943 | | | | 2,521,602 | | | | 2,689,545 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 3) | | | (82,292 | ) | | | (214,947 | ) | | | — | |
Less securities lending credit (See Note 6) | | | — | | | | — | | | | (303,997 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 754,651 | | | | 2,306,655 | | | | 2,385,548 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,580,382 | | | | 5,511,090 | | | | 3,178,364 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 1,058,932 | | | | (10,469,860 | ) | | | 6,468,188 | |
Investments in affiliates | | | — | | | | — | | | | 505,122 | |
Net long-term capital gain distributions received | | | — | | | | — | | | | 168,978 | |
Net long-term capital gain distributions received from affiliates | | | — | | | | — | | | | 2,763,047 | |
Foreign currencies | | | — | | | | (246,404 | ) | | | — | |
Forward currency exchange contracts | | | — | | | | 3,864,575 | | | | — | |
Swaps | | | — | | | | (571,765 | ) | | | — | |
Futures contracts | | | — | | | | 86,572 | | | | — | |
Written options | | | — | | | | 115,508 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 1,058,932 | | | | (7,221,374 | ) | | | 9,905,335 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (938,709 | ) | | | 2,591,341 | | | | (2,845,481 | ) |
Investments in affiliates | | | — | | | | — | | | | (14,844,038 | ) |
Foreign currencies | | | — | | | | 91,634 | | | | — | |
Forward currency contracts | | | — | | | | (8,176,413 | ) | | | — | |
Swaps | | | — | | | | (591,377 | ) | | | — | |
Futures contracts | | | — | | | | (21,062 | ) | | | — | |
Written options | | | — | | | | (42,785 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (938,709 | ) | | | (6,148,662 | ) | | | (17,689,519 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | 120,223 | | | | (13,370,036 | ) | | | (7,784,184 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,700,605 | | | $ | (7,858,946 | ) | | $ | (4,605,820 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2016
| | | | | | | | | | | | |
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 1,463,303 | | | $ | 7,249,570 | | | $ | 9,494,018 | |
Dividends from affiliate investments | | | 1,209,728 | | | | 461,066 | | | | 155,374 | |
Interest income | | | 4,596 | | | | 16,728 | | | | 7,845 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 2,677,627 | | | | 7,727,364 | | | | 9,657,237 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 364,422 | | | | 1,570,409 | | | | 1,108,652 | |
Distribution (12b-1) fees – Service Shares | | | 349,900 | | | | 1,107,294 | | | | 786,092 | |
Administrative service fees – Service Shares | | | 349,597 | | | | 1,106,851 | | | | 785,663 | |
Shareholder servicing fees – Service Shares | | | 134,362 | | | | 431,062 | | | | 306,653 | |
Administration fees | | | 60,515 | | | | 185,767 | | | | 129,686 | |
Legal fees | | | 47,661 | | | | 123,523 | | | | 92,301 | |
Fund accounting fees | | | 27,657 | | | | 86,359 | | | | 60,917 | |
Custody fees | | | 56,284 | | | | 103,998 | | | | 137,275 | |
Reports to shareholders | | | 19,585 | | | | 60,893 | | | | 37,692 | |
Federal and state registration fees | | | 35,782 | | | | 38,157 | | | | 37,245 | |
Directors’ fees and expenses | | | 14,305 | | | | 45,099 | | | | 31,368 | |
Audit and tax fees | | | 14,215 | | | | 14,215 | | | | 14,217 | |
Transfer agent fees and expenses | | | 12,053 | | | | 24,840 | | | | 19,173 | |
Compliance fees | | | 4,678 | | | | 15,336 | | | | 10,659 | |
Insurance fees | | | 4,941 | | | | 13,268 | | | | 10,160 | |
Miscellaneous expenses | | | 2,072 | | | | 2,198 | | | | 2,105 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,498,029 | | | | 4,929,269 | | | | 3,569,858 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture by Advisor (See Note 3) | | | 40,575 | | | | — | | | | — | |
Less securities lending credit (See Note 6) | | | (126,081 | ) | | | (429,858 | ) | | | (445,967 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,412,523 | | | | 4,499,411 | | | | 3,123,891 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,265,104 | | | | 3,227,953 | | | | 6,533,346 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 2,321,827 | | | | (34,333,350 | ) | | | (11,508,522 | ) |
Investments in affiliates | | | 8,337,381 | | | | 6,266,059 | | | | 816,820 | |
Net long-term capital gain distributions received | | | 2,007 | | | | 39,752 | | | | 496,620 | |
Net long-term capital gain distributions received from affiliates | | | 3,609,566 | | | | 3,317,707 | | | | 43,217 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 14,270,781 | | | | (24,709,832 | ) | | | (10,151,865 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized depreciation on: | | | | | | | | | | | | |
Investments | | | (8,735,051 | ) | | | (823,395 | ) | | | (732,411 | ) |
Investments in affiliates | | | (24,264,391 | ) | | | (19,656,060 | ) | | | (1,639,103 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (32,999,442 | ) | | | (20,479,455 | ) | | | (2,371,514 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized loss | | | (18,728,661 | ) | | | (45,189,287 | ) | | | (12,523,379 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (17,463,557 | ) | | $ | (41,961,334 | ) | | $ | (5,990,033 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year or Period Ended March 31, 2016
| | | | | | | | | | | | |
| | | Multi-Asset
Income
Allocation
Fund
| | | Flexible Income
Allocation
Fund
| | | Managed1
Futures Strategy
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 5,244,203 | | | $ | 2,603,087 | | | $ | — | |
Dividends from affiliate investments | | | 30,655 | | | | 530,729 | | | | — | |
Interest income | | | 3,381 | | | | 4,549 | | | | 178,001 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 5,278,239 | | | | 3,138,365 | | | | 178,001 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 427,713 | | | | 333,028 | | | | 380,322 | |
Distribution (12b-1) fees – Service Shares | | | 305,509 | | | | 328,778 | | | | 88,479 | |
Administrative service fees – Service Shares | | | 305,413 | | | | 328,572 | | | | 88,479 | |
Shareholder servicing fees – Service Shares | | | 116,094 | | | | 128,881 | | | | 33,622 | |
Administration fees | | | 50,200 | | | | 54,434 | | | | 3,077 | |
Legal fees | | | 44,676 | | | | 35,695 | | | | 122,763 | |
Fund accounting fees | | | 20,077 | | | | 27,542 | | | | 5,247 | |
Custody fees | | | 63,345 | | | | 37,993 | | | | 7,247 | |
Reports to shareholders | | | 14,205 | | | | 15,181 | | | | 20,640 | |
Federal and state registration fees | | | 33,983 | | | | 33,465 | | | | 6,768 | |
Directors’ fees and expenses | | | 11,720 | | | | 13,047 | | | | 3,556 | |
Audit and tax fees | | | 14,215 | | | | 14,215 | | | | 28,409 | |
Transfer agent fees and expenses | | | 7,525 | | | | 11,564 | | | | 608 | |
Compliance fees | | | 4,163 | | | | 4,650 | | | | 1,930 | |
Insurance fees | | | 3,722 | | | | 4,059 | | | | — | |
Miscellaneous expenses | | | 2,072 | | | | 2,072 | | | | 1,074 | |
Offering costs | | | — | | | | — | | | | 84 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,424,632 | | | | 1,373,176 | | | | 792,305 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 3) | | | — | | | | — | | | | (109,081 | ) |
Less securities lending credit (See Note 6) | | | (252,723 | ) | | | (138,056 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,171,909 | | | | 1,235,120 | | | | 683,224 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income (loss) | | | 4,106,330 | | | | 1,903,245 | | | | (505,223 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (10,385,068 | ) | | | (2,871,250 | ) | | | — | |
Investments in affiliates | | | 166,521 | | | | (1,678,986 | ) | | | — | |
Net long-term capital gains distributions received | | | 310,795 | | | | 333,629 | | | | — | |
Net long-term capital gains distributions received from affiliates | | | 6,133 | | | | 81,608 | | | | — | |
Foreign currency translation | | | — | | | | — | | | | (40,993 | ) |
Futures contracts | | | — | | | | — | | | | (6,718,932 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (9,901,619 | ) | | | (4,134,999 | ) | | | (6,759,925 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 1,792,889 | | | | 816,132 | | | | 30,938 | |
Investments in affiliates | | | (154,251 | ) | | | 46,752 | | | | — | |
Foreign currency translation | | | — | | | | — | | | | (5,380 | ) |
Futures contracts | | | — | | | | — | | | | 2,360,596 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 1,638,638 | | | | 862,884 | | | | 2,386,154 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized loss | | | (8,262,981 | ) | | | (3,272,115 | ) | | | (4,373,771 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (4,156,651 | ) | | $ | (1,368,870 | ) | | $ | (4,878,994 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
1Consolidated Statement of Operations for the period January 19, 2016 (commencement of operations) through March 31, 2016 (see note 2b). | | | | | | | | | | | | |
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| | | Emerging Markets Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,183,967 | | | $ | 885,980 | | | $ | 1,117,365 | | | $ | 3,102,210 | |
Net realized gain on investment transactions | | | 28,870,387 | | | | 19,070,457 | | | | 39,565,775 | | | | 15,657,616 | |
Net change in unrealized appreciation (depreciation) on investments | | | (27,634,600 | ) | | | 3,081,794 | | | | (57,941,013 | ) | | | (3,081,642 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 2,419,754 | | | | 23,038,231 | | | | (17,257,873 | ) | | | 15,678,184 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 24,340,109 | | | | 12,995,189 | | | | 8,943,117 | | | | 20,224,717 | |
Shares issued to holders in reinvestment of dividends | | | 962,982 | | | | 269,226 | | | | 343,573 | | | | 1,084,756 | |
Shares redeemed | | | (37,651,694 | ) | | | (18,111,679 | ) | | | (57,624,315 | ) | | | (26,104,631 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (12,348,603 | ) | | | (4,847,264 | ) | | | (48,337,625 | ) | | | (4,795,158 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 159,568,384 | | | | 57,876,616 | | | | 69,441,913 | | | | 58,097,132 | |
Shares issued to holders in reinvestment of dividends | | | 7,244,241 | | | | 173,764 | | | | 1,631,712 | | | | 977,308 | |
Shares redeemed | | | (111,678,118 | ) | | | (46,214,878 | ) | | | (101,036,005 | ) | | | (44,879,756 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 55,134,507 | | | | 11,835,502 | | | | (29,962,380 | ) | | | 14,194,684 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (207,479 | ) | | | (269,226 | ) | | | (343,573 | ) | | | (1,084,756 | ) |
Net investment income – Service Shares | | | (773,830 | ) | | | (343,474 | ) | | | (1,632,424 | ) | | | (1,996,865 | ) |
Net realized gains – Institutional Shares | | | (755,503 | ) | | | — | | | | — | | | | — | |
Net realized gains – Service Shares | | | (6,471,426 | ) | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (8,208,238 | ) | | | (612,700 | ) | | | (1,975,997 | ) | | | (3,081,621 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 36,997,420 | | | | 29,413,769 | | | | (97,533,875 | ) | | | 21,996,089 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 213,144,316 | | | | 183,730,547 | | | | 221,839,792 | | | | 199,843,703 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$482,811, $280,153, $(627,462) and $565,345, respectively) | | $ | 250,141,736 | | | $ | 213,144,316 | | | $ | 124,305,917 | | | $ | 221,839,792 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,743,722 | | | | 899,178 | | | | 741,488 | | | | 1,665,154 | |
Shares issued to holders in reinvestment of dividends | | | 65,420 | | | | 17,724 | | | | 31,149 | | | | 87,199 | |
Shares redeemed | | | (2,620,228 | ) | | | (1,274,596 | ) | | | (5,101,953 | ) | | | (2,175,147 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (811,086 | ) | | | (357,694 | ) | | | (4,329,316 | ) | | | (422,794 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 10,840,713 | | | | 4,056,642 | | | | 5,864,650 | | | | 4,768,938 | |
Shares issued to holders in reinvestment of dividends | | | 497,202 | | | | 11,538 | | | | 146,080 | | | | 77,749 | |
Shares redeemed | | | (7,558,252 | ) | | | (3,186,451 | ) | | | (8,539,930 | ) | | | (3,661,928 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 3,779,663 | | | | 881,729 | | | | (2,529,200 | ) | | | 1,184,759 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| | | World ex-US Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | �� | | | | | |
Net investment income (loss) | | $ | 60,196 | | | $ | (204,536 | ) | | $ | 3,286,603 | | | $ | 7,828,500 | |
Net realized gain (loss) on investment transactions | | | (680,700 | ) | | | 2,154,490 | | | | (15,872,067 | ) | | | 6,517,011 | |
Net change in unrealized appreciation (depreciation) on investments | | | (6,055,710 | ) | | | 6,204,595 | | | | (26,980,516 | ) | | | (15,771,208 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (6,676,214 | ) | | | 8,154,549 | | | | (39,565,980 | ) | | | (1,425,697 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 25,069,973 | | | | 8,982,059 | | | | 35,455,730 | | | | 30,662,054 | |
Shares issued to holders in reinvestment of dividends | | | 631,404 | | | | 2,599,477 | | | | 1,643,942 | | | | 2,286,480 | |
Shares redeemed | | | (22,339,071 | ) | | | (17,923,650 | ) | | | (85,413,165 | ) | | | (47,962,031 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 3,362,306 | | | | (6,342,114 | ) | | | (48,313,493 | ) | | | (15,013,497 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 35,927,062 | | | | 12,569,491 | | | | 100,982,818 | | | | 70,956,132 | |
Shares issued to holders in reinvestment of dividends | | | 1,463,257 | | | | 2,310,740 | | | | 4,193,334 | | | | 1,887,436 | |
Shares redeemed | | | (21,214,203 | ) | | | (11,014,799 | ) | | | (165,420,650 | ) | | | (77,276,368 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 16,176,116 | | | | 3,865,432 | | | | (60,244,498 | ) | | | (4,432,800 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | — | | | | (1,643,942 | ) | | | (2,286,480 | ) |
Net investment income – Service Shares | | | — | | | | — | | | | (4,195,923 | ) | | | (3,379,936 | ) |
Net realized gains – Institutional Shares | | | (631,404 | ) | | | (2,599,476 | ) | | | — | | | | — | |
Net realized gains – Service Shares | | | (1,463,257 | ) | | | (2,311,353 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,094,661 | ) | | | (4,910,829 | ) | | | (5,839,865 | ) | | | (5,666,416 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 10,767,547 | | | | 767,038 | | | | (153,963,836 | ) | | | (26,538,410 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 78,054,041 | | | | 77,287,003 | | | | 342,148,660 | | | | 368,687,070 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$0, $(6,128), $3,133,154 and $4,973,786, respectively) | | $ | 88,821,588 | | | $ | 78,054,041 | | | $ | 188,184,824 | | | $ | 342,148,660 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,772,382 | | | | 525,839 | | | | 4,512,185 | | | | 3,469,455 | |
Shares issued to holders in reinvestment of dividends | | | 40,815 | | | | 152,731 | | | | 209,686 | | | | 269,315 | |
Shares redeemed | | | (1,438,094 | ) | | | (1,068,600 | ) | | | (10,835,369 | ) | | | (5,395,194 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 375,103 | | | | (390,030 | ) | | | (6,113,498 | ) | | | (1,656,424 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 2,321,172 | | | | 749,912 | | | | 11,531,894 | | | | 8,073,448 | |
Shares issued to holders in reinvestment of dividends | | | 96,776 | | | | 137,954 | | | | 539,682 | | | | 223,101 | |
Shares redeemed | | | (1,390,162 | ) | | | (656,431 | ) | | | (20,706,517 | ) | | | (8,786,736 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,027,786 | | | | 231,435 | | | | (8,634,941 | ) | | | (490,187 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Opportunistic Equity Fund
| | | Core Fixed Income Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 127,549 | | | $ | 644,953 | | | $ | 3,588,452 | | | $ | 3,848,917 | |
Net realized gain on investment transactions | | | 9,526,734 | | | | 14,849,050 | | | | 1,436,685 | | | | 4,565,725 | |
Net change in unrealized appreciation (depreciation) on investments | | | (21,499,157 | ) | | | 711,689 | | | | (3,760,589 | ) | | | 5,814,054 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (11,844,874 | ) | | | 16,205,692 | | | | 1,264,548 | | | | 14,228,696 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 12,821,121 | | | | 20,661,131 | | | | 7,863,630 | | | | 29,269,274 | |
Shares issued to holders in reinvestment of dividends | | | 8,716,858 | | | | 10,335,439 | | | | 1,058,527 | | | | 1,443,335 | |
Shares redeemed | | | (67,240,595 | ) | | | (24,275,124 | ) | | | (81,194,484 | ) | | | (45,960,884 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (45,702,616 | ) | | | 6,721,446 | | | | (72,272,327 | ) | | | (15,248,275 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 42,145,976 | | | | 18,008,040 | | | | 83,102,415 | | | | 76,679,121 | |
Shares issued to holders in reinvestment of dividends | | | 7,756,296 | | | | 11,942,760 | | | | 5,306,114 | | | | 1,891,851 | |
Shares redeemed | | | (43,177,278 | ) | | | (25,292,833 | ) | | | (112,072,105 | ) | | | (80,224,850 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 6,724,994 | | | | 4,657,967 | | | | (23,663,576 | ) | | | (1,653,878 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (298,762 | ) | | | (612,215 | ) | | | (811,674 | ) | | | (1,340,513 | ) |
Net investment income – Service Shares | | | — | | | | (326,935 | ) | | | (3,132,368 | ) | | | (2,879,875 | ) |
Net realized gains – Institutional Shares | | | (8,418,096 | ) | | | (9,723,224 | ) | | | (246,854 | ) | | | (102,823 | ) |
Net realized gains – Service Shares | | | (7,756,296 | ) | | | (11,725,936 | ) | | | (2,566,989 | ) | | | (338,606 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (16,473,154 | ) | | | (22,388,310 | ) | | | (6,757,885 | ) | | | (4,661,817 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (67,295,650 | ) | | | 5,196,795 | | | | (101,429,240 | ) | | | (7,335,274 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 137,426,241 | | | | 132,229,446 | | | | 312,652,470 | | | | 319,987,744 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$(105,707), $124,917, $277,519, and $136,072, respectively) | | $ | 70,130,591 | | | $ | 137,426,241 | | | $ | 211,223,230 | | | $ | 312,652,470 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,063,359 | | | | 1,499,655 | | | | 830,734 | | | | 3,056,805 | |
Shares issued to holders in reinvestment of dividends | | | 843,839 | | | | 826,835 | | | | 112,778 | | | | 151,867 | |
Shares redeemed | | | (6,843,142 | ) | | | (1,806,654 | ) | | | (8,581,015 | ) | | | (4,831,019 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (4,935,944 | ) | | | 519,836 | | | | (7,637,503 | ) | | | (1,622,347 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 4,174,591 | | | | 1,352,423 | | | | 8,748,872 | | | | 8,012,446 | |
Shares issued to holders in reinvestment of dividends | | | 755,238 | | | | 959,258 | | | | 566,730 | | | | 198,540 | |
Shares redeemed | | | (3,720,257 | ) | | | (1,916,041 | ) | | | (11,818,973 | ) | | | (8,389,708 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,209,572 | | | | 395,640 | | | | (2,503,371 | ) | | | (178,722 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
118
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Tax-Exempt Fixed Income Fund
| | | Opportunistic Fixed Income Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,580,382 | | | $ | 1,870,855 | | | $ | 5,511,090 | | | $ | 7,234,785 | |
Net realized gain (loss) on investment transactions | | | 1,058,932 | | | | 527,118 | | | | (7,221,374 | ) | | | (2,247,306 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | (938,709 | ) | | | 1,897,086 | | | | (6,148,662 | ) | | | (3,866,544 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 1,700,605 | | | | 4,295,059 | | | | (7,858,946 | ) | | | 1,120,935 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 38,429,060 | | | | 22,406,610 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 417,968 | | | | 2,616,279 | |
Shares redeemed | | | — | | | | — | | | | (78,572,465 | ) | | | (37,551,593 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (39,725,437 | ) | | | (12,528,704 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 12,979,454 | | | | 21,259,677 | | | | 43,428,974 | | | | 61,731,494 | |
Shares issued to holders in reinvestment of dividends | | | 1,456,714 | | | | 1,197,171 | | | | 600,010 | | | | 3,574,928 | |
Shares redeemed | | | (31,117,120 | ) | | | (22,627,865 | ) | | | (110,508,644 | ) | | | (54,949,826 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (16,680,952 | ) | | | (171,017 | ) | | | (66,479,660 | ) | | | 10,356,596 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | — | | | | (417,968 | ) | | | (2,616,279 | ) |
Net investment income – Service Shares | | | (1,616,922 | ) | | | (1,871,450 | ) | | | (1,253,003 | ) | | | (6,531,339 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,616,922 | ) | | | (1,871,450 | ) | | | (1,670,971 | ) | | | (9,147,618 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (16,597,269 | ) | | | 2,252,592 | | | | (115,735,014 | ) | | | (10,198,791 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 65,682,169 | | | | 63,429,577 | | | | 202,476,214 | | | | 212,675,005 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$21,660, $58,200, $6,372,002 and $(3,057,437), respectively) | | $ | 49,084,900 | | | $ | 65,682,169 | | | $ | 86,741,200 | | | $ | 202,476,214 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 4,194,821 | | | | 2,288,907 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 44,276 | | | | 268,451 | |
Shares redeemed | | | — | | | | — | | | | (8,599,533 | ) | | | (3,809,619 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (4,360,436 | ) | | | (1,252,261 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,129,170 | | | | 1,853,681 | | | | 4,666,895 | | | | 6,280,659 | |
Shares issued to holders in reinvestment of dividends | | | 127,229 | | | | 104,386 | | | | 63,426 | | | | 365,905 | |
Shares redeemed | | | (2,702,338 | ) | | | (1,962,618 | ) | | | (11,992,065 | ) | | | (5,611,798 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (1,445,939 | ) | | | (4,551 | ) | | | (7,261,744 | ) | | | 1,034,766 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Growth
Allocation Fund
| | | Conservative
Allocation Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,178,364 | | | $ | 2,807,882 | | | $ | 1,265,104 | | | $ | 2,241,133 | |
Net realized gain on investment transactions | | | 9,905,335 | | | | 7,387,416 | | | | 14,270,781 | | | | 8,654,598 | |
Net change in unrealized appreciation (depreciation) on investments | | | (17,689,519 | ) | | | 1,922,842 | | | | (32,999,442 | ) | | | (1,209,146 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (4,605,820 | ) | | | 12,118,140 | | | | (17,463,557 | ) | | | 9,686,585 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 7,247,081 | | | | 5,544,617 | | | | 2,989,958 | | | | 4,357,046 | |
Shares issued to holders in reinvestment of dividends | | | 241,183 | | | | 180,659 | | | | 564,569 | | | | 311,379 | |
Shares redeemed | | | (3,669,741 | ) | | | (1,635,806 | ) | | | (4,408,250 | ) | | | (1,129,481 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 3,818,523 | | | | 4,089,470 | | | | (853,723 | ) | | | 3,538,944 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 296,989,947 | | | | 96,769,485 | | | | 65,990,766 | | | | 64,025,958 | |
Shares issued to holders in reinvestment of dividends | | | 6,257,780 | | | | 4,551,419 | | | | 13,499,064 | | | | 8,647,854 | |
Shares redeemed | | | (169,145,419 | ) | | | (134,652,525 | ) | | | (171,431,528 | ) | | | (92,851,692 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 134,102,308 | | | | (33,331,621 | ) | | | (91,941,698 | ) | | | (20,177,880 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (104,283 | ) | | | (92,168 | ) | | | (76,097 | ) | | | (97,053 | ) |
Net investment income – Service Shares | | | (2,091,759 | ) | | | (2,997,989 | ) | | | (1,188,165 | ) | | | (2,331,588 | ) |
From net realized gains – Institutional Shares | | | (136,899 | ) | | | (88,491 | ) | | | (488,473 | ) | | | (214,326 | ) |
From net realized gains – Service Shares | | | (4,166,021 | ) | | | (4,056,584 | ) | | | (12,310,898 | ) | | | (8,272,419 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (6,498,962 | ) | | | (7,235,232 | ) | | | (14,063,633 | ) | | | (10,915,386 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 126,816,049 | | | | (24,359,243 | ) | | | (124,322,611 | ) | | | (17,867,737 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 267,576,371 | | | | 291,935,614 | | | | 180,311,585 | | | | 198,179,322 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including undistributed net investment income (loss) of
$804,411, $(177,911), $(23,855), and $(26,221), respectively) | | $ | 394,392,420 | | | $ | 267,576,371 | | | $ | 55,988,974 | | | $ | 180,311,585 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 709,710 | | | | 480,347 | | | | 295,998 | | | | 382,632 | |
Shares issued to holders in reinvestment of dividends | | | 22,753 | | | | 15,861 | | | | 58,505 | | | | 28,179 | |
Shares redeemed | | | (347,870 | ) | | | (140,505 | ) | | | (459,229 | ) | | | (97,745 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 384,593 | | | | 355,703 | | | | (104,726 | ) | | | 313,066 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 30,307,654 | | | | 8,378,419 | | | | 6,694,655 | | | | 5,577,951 | |
Shares issued to holders in reinvestment of dividends | | | 592,032 | | | | 400,301 | | | | 1,394,531 | | | | 779,086 | |
Shares redeemed | | | (16,466,202 | ) | | | (11,641,467 | ) | | | (18,079,390 | ) | | | (8,089,460 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 14,433,484 | | | | (2,862,747 | ) | | | (9,990,204 | ) | | | (1,732,423 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Tactical
Allocation Fund
| | | Absolute Return
Allocation Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,227,953 | | | $ | 6,734,313 | | | $ | 6,533,346 | | | $ | 8,227,112 | |
Net realized gain (loss) on investment transactions | | | (24,709,832 | ) | | | 23,770,501 | | | | (10,151,865 | ) | | | 4,523,721 | |
Net change in unrealized depreciation on investments | | | (20,479,455 | ) | | | (16,148,997 | ) | | | (2,371,514 | ) | | | (2,836,287 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (41,961,334 | ) | | | 14,355,817 | | | | (5,990,033 | ) | | | 9,914,546 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 2,608,481 | | | | 5,157,199 | | | | 1,549,885 | | | | 2,263,376 | |
Shares issued to holders in reinvestment of dividends | | | 65,620 | | | | 335,851 | | | | 65,508 | | | | 58,698 | |
Shares redeemed | | | (3,048,776 | ) | | | (821,300 | ) | | | (3,094,449 | ) | | | (658,627 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (374,675 | ) | | | 4,671,750 | | | | (1,479,056 | ) | | | 1,663,447 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 158,653,333 | | | | 268,621,196 | | | | 168,309,046 | | | | 124,982,977 | |
Shares issued to holders in reinvestment of dividends | | | 4,361,910 | | | | 28,737,599 | | | | 7,023,975 | | | | 1,363,844 | |
Shares redeemed | | | (204,058,598 | ) | | | (174,474,930 | ) | | | (383,480,825 | ) | | | (210,436,216 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (41,043,355 | ) | | | 122,883,865 | | | | (208,147,804 | ) | | | (84,089,395 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (10,007 | ) | | | (80,235 | ) | | | (65,508 | ) | | | (58,698 | ) |
Net investment income – Service Shares | | | (62,408 | ) | | | (6,572,570 | ) | | | (7,023,975 | ) | | | (7,986,974 | ) |
Net realized gains – Institutional Shares | | | (55,613 | ) | | | (255,617 | ) | | | — | | | | — | |
Net realized gains – Service Shares | | | (4,299,503 | ) | | | (27,498,611 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (4,427,531 | ) | | | (34,407,033 | ) | | | (7,089,483 | ) | | | (8,045,672 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (87,806,895 | ) | | | 107,504,399 | | | | (222,706,376 | ) | | | (80,557,074 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 486,469,655 | | | | 378,965,256 | | | | 369,644,212 | | | | 450,201,286 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including undistributed net investment income of
$3,173,148, $46,193, $545,324, and $1,349,692, respectively) | | $ | 398,662,760 | | | $ | 486,469,655 | | | $ | 146,937,836 | | | $ | 369,644,212 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 266,833 | | | | 482,233 | | | | 160,370 | | | | 224,543 | |
Shares issued to holders in reinvestment of dividends | | | 6,900 | | | | 33,089 | | | | 6,845 | | | | 5,929 | |
Shares redeemed | | | (318,035 | ) | | | (75,898 | ) | | | (320,845 | ) | | | (65,305 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (44,302 | ) | | | 439,424 | | | | (153,630 | ) | | | 165,167 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 16,487,396 | | | | 25,032,796 | | | | 17,242,674 | | | | 12,383,339 | |
Shares issued to holders in reinvestment of dividends | | | 460,603 | | | | 2,831,291 | | | | 730,903 | | | | 137,346 | |
Shares redeemed | | | (21,259,984 | ) | | | (16,291,449 | ) | | | (39,665,602 | ) | | | (20,851,688 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (4,311,985 | ) | | | 11,572,638 | | | | (21,692,025 | ) | | | (8,331,003 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Multi-Asset Income
Allocation Fund
| | | Flexible Income
Allocation Fund
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,106,330 | | | $ | 4,747,301 | | | $ | 1,903,245 | | | $ | 2,985,050 | |
Net realized gain (loss) on investment transactions | | | (9,901,619 | ) | | | 450,775 | | | | (4,134,999 | ) | | | (2,264,441 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 1,638,638 | | | | (1,367,793 | ) | | | 862,884 | | | | 4,681,029 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (4,156,651 | ) | | | 3,830,283 | | | | (1,368,870 | ) | | | 5,401,638 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 611,956 | | | | 1,891,627 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 26,216 | | | | 40,268 | |
Shares redeemed | | | — | | | | — | | | | (2,767,273 | ) | | | (647,991 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | — | | | | — | | | | (2,129,101 | ) | | | 1,283,904 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 39,307,466 | | | | 76,836,223 | | | | 144,421,094 | | | | 53,014,274 | |
Shares issued to holders in reinvestment of dividends | | | 3,983,275 | | | | 1,869,462 | | | | 1,549,347 | | | | 448,807 | |
Shares redeemed | | | (67,882,712 | ) | | | (51,749,737 | ) | | | (171,926,473 | ) | | | (125,427,632 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (24,591,971 | ) | | | 26,955,948 | | | | (25,956,032 | ) | | | (71,964,551 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | — | | | | (26,216 | ) | | | (40,268 | ) |
Net investment income – Service Shares | | | (4,413,612 | ) | | | (4,820,654 | ) | | | (1,891,583 | ) | | | (2,978,470 | ) |
Net realized gains – Service Shares | | | (434,279 | ) | | | (945,416 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (4,847,891 | ) | | | (5,766,070 | ) | | | (1,917,799 | ) | | | (3,018,738 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (33,596,513 | ) | | | 25,020,161 | | | | (31,371,802 | ) | | | (68,297,747 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 140,497,937 | | | | 115,477,776 | | | | 146,161,831 | | | | 214,459,578 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including undistributed accumulated net investment income of
$49,560, $356,882, $173,432, and $187,986, respectively) | | $ | 106,901,424 | | | $ | 140,497,937 | | | $ | 114,790,029 | | | $ | 146,161,831 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 64,263 | | | | 194,201 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 2,758 | | | | 4,150 | |
Shares redeemed | | | — | | | | — | | | | (293,089 | ) | | | (66,643 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | — | | | | — | | | | (226,068 | ) | | | 131,708 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 3,932,161 | | | | 7,089,209 | | | | 15,314,531 | | | | 5,444,190 | |
Shares issued to holders in reinvestment of dividends | | | 402,220 | | | | 175,834 | | | | 163,097 | | | | 46,242 | |
Shares redeemed | | | (6,815,040 | ) | | | (4,770,244 | ) | | | (18,202,837 | ) | | | (12,893,404 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (2,480,659 | ) | | | 2,494,799 | | | | (2,725,209 | ) | | | (7,402,972 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | |
| | | Managed Futures
Strategy Fund1
| |
| | | January 19, 20162
Ended
March 31, 2016
| |
OPERATIONS: | | | | |
Net investment loss | | $ | (505,223 | ) |
Net realized loss on investment transactions | | | (6,759,925 | ) |
Net change in unrealized appreciation on investments | | | 2,386,154 | |
| | |
|
|
|
Net decrease in net assets resulting from operations | | | (4,878,994 | ) |
| | |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | |
Institutional Shares | | | | |
Shares sold | | | 4,636,463 | |
Shares issued to holders in reinvestment of dividends | | | — | |
Shares redeemed | | | (191,272 | ) |
| | |
|
|
|
Net increase | | | 4,445,191 | |
| | |
|
|
|
Service Shares | | | | |
Shares sold | | | 201,420,675 | |
Shares issued to holders in reinvestment of dividends | | | — | |
Shares redeemed | | | (13,628,073 | ) |
| | |
|
|
|
Net increase | | | 187,792,602 | |
| | |
|
|
|
INCREASE IN NET ASSETS | | | 187,358,799 | |
NET ASSETS: | | | | |
Beginning of period | | | — | |
| | |
|
|
|
End of period (including accumulated undistributed net investment income of $0) | | $ | 187,358,799 | |
| | |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | |
Institutional Shares | | | | |
Shares sold | | | 464,739 | |
Shares issued to holders in reinvestment of dividends | | | — | |
Shares redeemed | | | (19,496 | ) |
| | |
|
|
|
Net increase | | | 445,243 | |
| | |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | |
Service Shares | | | | |
Shares sold | | | 20,197,403 | |
Shares issued to holders in reinvestment of dividends | | | — | |
Shares redeemed | | | (1,393,024 | ) |
| | |
|
|
|
Net increase | | | 18,804,379 | |
| | |
|
|
|
| 1 | | Consolidated Statement of Changes in Net Assets (see note 2b). |
| 2 | | Commencement of Operations. |
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $15.29 | | | | $13.67 | | | | $11.20 | | | | $10.68 | | | | $10.32 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.13 | 4 | | | 0.14 | | | | 0.09 | | | | 0.08 | | | | 0.01 | |
Net realized and unrealized gains on investments | | | (0.06 | )5 | | | 1.57 | | | | 2.46 | | | | 0.51 | | | | 0.35 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.07 | | | | 1.71 | | | | 2.55 | | | | 0.59 | | | | 0.36 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.11 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.07 | ) | | | — | |
Dividends from net realized gains | | | (0.40 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.51 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.07 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $14.85 | | | | $15.29 | | | | $13.67 | | | | $11.20 | | | | $10.68 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.47% | | | | 12.51% | | | | 22.81% | | | | 5.54% | | | | 3.49%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $31,353,268 | | | | $44,686,597 | | | | $44,827,864 | | | | $44,994,114 | | | | $31,330,264 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.80% | | | | 0.87% | | | | 0.90% | | | | 0.92% | | | | 0.93%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.76% | | | | 0.85% | | | | 0.89% | | | | 0.89% | | | | 0.92%3 | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.79% | | | | 0.88% | | | | 0.63% | | | | 0.81% | | | | 0.33%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.83% | | | | 0.90% | | | | 0.64% | | | | 0.84% | | | | 0.34%3 | |
Portfolio turnover rate | | | 115.67% | | | | 53.23% | | | | 55.81% | | | | 60.92% | | | | 126.61% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| 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. |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $15.14 | | | | $13.56 | | | | $11.12 | | | | $10.61 | | | | $9.99 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.07 | 1 | | | 0.05 | | | | — | | | | 0.02 | | | | (0.03 | ) |
Net realized and unrealized gains on investments | | | (0.08 | )2 | | | 1.56 | | | | 2.45 | | | | 0.51 | | | | 0.65 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.01 | ) | | | 1.61 | | | | 2.45 | | | | 0.53 | | | | 0.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.05 | ) | | | (0.03 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | |
Dividends from net realized gains | | | (0.40 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.45 | ) | | | (0.03 | ) | | | (0.01 | ) | | | (0.02 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $14.68 | | | | $15.14 | | | | $13.56 | | | | $11.12 | | | | $10.61 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -0.08% | | | | 11.87% | | | | 22.04% | | | | 5.00% | | | | 6.21% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $218,788,468 | | | | $168,457,719 | | | | $138,902,683 | | | | $136,196,479 | | | | $168,654,404 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.33% | | | | 1.44% | | | | 1.48% | | | | 1.52% | | | | 1.54% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.27% | | | | 1.45% | | | | 1.49% | | | | 1.49% | | | | 1.49% | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.41% | | | | 0.32% | | | | 0.05% | | | | 0.18% | | | | -0.32% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.47% | | | | 0.31% | | | | 0.04% | | | | 0.21% | | | | -0.27% | |
Portfolio turnover rate | | | 115.67% | | | | 53.23% | | | | 55.81% | | | | 60.92% | | | | 126.61% | |
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 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. |
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $12.46 | | | | $11.73 | | | | $9.43 | | | | $8.39 | | | | $8.54 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.16 | 4 | | | 0.21 | | | | 0.17 | | | | 0.18 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | (1.03 | ) | | | 0.74 | | | | 2.31 | | | | 1.03 | | | | (0.09 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.87 | ) | | | 0.95 | | | | 2.48 | | | | 1.21 | | | | 0.04 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.22 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.17 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.22 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.17 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $11.37 | | | | $12.46 | | | | $11.73 | | | | $9.43 | | | | $8.39 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -6.98% | | | | 8.08% | | | | 26.38% | | | | 14.70% | | | | 0.70%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $6,081,265 | | | | $60,596,893 | | | | $62,007,800 | | | | $60,452,681 | | | | $39,721,680 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.88% | | | | 0.86% | | | | 0.89% | | | | 0.92% | | | | 0.93%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.84% | | | | 0.84% | | | | 0.88% | | | | 0.91% | | | | 0.92%3 | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.25% | | | | 1.87% | | | | 1.57% | | | | 1.89% | | | | 1.89%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.29% | | | | 1.89% | | | | 1.58% | | | | 1.90% | | | | 1.90%3 | |
Portfolio turnover rate | | | 152.82% | | | | 31.33% | | | | 29.10% | | | | 27.02% | | | | 95.12% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $12.57 | | | | $11.84 | | | | $9.52 | | | | $8.47 | | | | $8.32 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.06 | 1 | | | 0.15 | | | | 0.13 | | | | 0.14 | | | | 0.10 | |
Net realized and unrealized gains on investments | | | (0.99 | ) | | | 0.73 | | | | 2.31 | | | | 1.03 | | | | 0.13 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.93 | ) | | | 0.88 | | | | 2.44 | | | | 1.17 | | | | 0.23 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.15 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.12 | ) | | | (0.08 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.15 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.12 | ) | | | (0.08 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $11.49 | | | | $12.57 | | | | $11.84 | | | | $9.52 | | | | $8.47 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -7.38% | | | | 7.46% | | | | 25.63% | | | | 13.96% | | | | 2.87% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $118,224,652 | | | | $161,242,899 | | | | $137,835,903 | | | | $139,072,035 | | | | $163,077,098 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.52% | | | | 1.43% | | | | 1.46% | | | | 1.49% | | | | 1.51% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.48% | | | | 1.41% | | | | 1.45% | | | | 1.49% | | | | 1.49% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.44% | | | | 1.30% | | | | 1.01% | | | | 1.33% | | | | 1.13% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.48% | | | | 1.32% | | | | 1.02% | | | | 1.33% | | | | 1.15% | |
Portfolio turnover rate | | | 152.82% | | | | 31.33% | | | | 29.10% | | | | 27.02% | | | | 95.12% | |
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 year. |
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $17.62 | | | | $16.77 | | | | $13.51 | | | | $11.56 | | | | $11.99 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.06 | 4 | | | 0.01 | | | | — | | | | 0.07 | | | | — | |
Net realized and unrealized gains (losses) on investments | | | (1.93 | ) | | | 1.96 | | | | 3.27 | | | | 1.99 | | | | (0.43 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.87 | ) | | | 1.97 | | | | 3.27 | | | | 2.06 | | | | (0.43 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | (0.01 | ) | | | (0.11 | ) | | | — | |
Dividends from net realized gains | | | (0.42 | ) | | | (1.12 | ) | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.42 | ) | | | (1.12 | ) | | | (0.01 | ) | | | (0.11 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $15.33 | | | | $17.62 | | | | $16.77 | | | | $13.51 | | | | $11.56 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -10.61% | | | | 11.99% | | | | 24.19% | | | | 17.95% | | | | -3.59%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $40,624,613 | | | | $40,075,963 | | | | $44,695,002 | | | | $44,361,656 | | | | $30,106,471 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.02% | | | | 1.02% | | | | 1.05% | | | | 1.09% | | | | 1.22%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.82% | | | | 0.91% | | | | 1.02% | | | | 1.05% | | | | 1.09%3 | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.18% | | | | -0.08% | | | | -0.04% | | | | 0.61% | | | | -0.10%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.38% | | | | 0.03% | | | | -0.01% | | | | 0.65% | | | | 0.03%3 | |
Portfolio turnover rate | | | 146.02% | | | | 96.24% | | | | 241.55% | | | | 143.14% | | | | 245.95% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $17.31 | | | | $16.61 | | | | $13.45 | | | | $11.50 | | | | $11.61 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.03 | )1 | | | (0.09 | ) | | | (0.12 | ) | | | — | | | | (0.09 | ) |
Net realized and unrealized loss on investments | | | (1.90 | ) | | | 1.91 | | | | 3.28 | | | | 1.99 | | | | (0.02 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.93 | ) | | | 1.82 | | | | 3.16 | | | | 1.99 | | | | (0.11 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | (0.04 | ) | | | — | |
Dividends from net realized gains | | | (0.42 | ) | | | (1.12 | ) | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.42 | ) | | | (1.12 | ) | | | — | | | | (0.04 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $14.96 | | | | $17.31 | | | | $16.61 | | | | $13.45 | | | | $11.50 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -11.15% | | | | 11.19% | | | | 23.49% | | | | 17.32% | | | | -0.95% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $48,196,975 | | | | $37,978,078 | | | | $32,592,001 | | | | $40,621,412 | | | | $47,944,286 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.58% | | | | 1.58% | | | | 1.60% | | | | 1.66% | | | | 1.74% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.41% | | | | 1.59% | | | | 1.59% | | | | 1.59% | | | | 1.59% | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | -0.32% | | | | -0.62% | | | | -0.62% | | | | 0.01% | | | | -0.82% | |
After expense reimbursement (recapture) and securities lending credit | | | -0.15% | | | | -0.63% | | | | -0.61% | | | | 0.08% | | | | -0.67% | |
Portfolio turnover rate | | | 146.02% | | | | 96.24% | | | | 241.55% | | | | 143.14% | | | | 245.95% | |
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 year. |
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $8.75 | | | | $8.94 | | | | $8.06 | | | | $7.52 | | | | $8.75 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.13 | 4 | | | 0.25 | | | | 0.11 | | | | 0.13 | | | | 0.07 | |
Net realized and unrealized gains (losses) on investments | | | (0.91 | ) | | | (0.26 | ) | | | 0.86 | | | | 0.48 | | | | (1.17 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.78 | ) | | | (0.01 | ) | | | 0.97 | | | | 0.61 | | | | (1.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.23 | ) | | | (0.18 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.13 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.23 | ) | | | (0.18 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.13 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $7.74 | | | | $8.75 | | | | $8.94 | | | | $8.06 | | | | $7.52 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -9.00% | | | | -0.10% | | | | 12.09% | | | | 8.09% | | | | -12.34%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $52,879,582 | | | | $113,316,485 | | | | $130,537,695 | | | | $85,157,441 | | | | $40,623,156 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.95% | | | | 0.98% | | | | 1.03% | | | | 1.09% | | | | 1.08%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.90% | | | | 0.98% | | | | 1.03% | | | | 1.09% | | | | 1.08%3 | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.54% | | | | 2.68% | | | | 1.44% | | | | 1.44% | | | | 1.13%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.59% | | | | 2.68% | | | | 1.44% | | | | 1.44% | | | | 1.13%3 | |
Portfolio turnover rate | | | 114.74% | | | | 61.84% | | | | 75.22% | | | | 75.34% | | | | 164.90% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $8.70 | | | | $8.89 | | | | $8.05 | | | | $7.54 | | | | $8.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.08 | 1 | | | 0.17 | | | | 0.07 | | | | 0.08 | | | | 0.12 | |
Net realized and unrealized gains (losses) on investments | | | (0.91 | ) | | | (0.23 | ) | | | 0.85 | | | | 0.49 | | | | (0.88 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.83 | ) | | | (0.06 | ) | | | 0.92 | | | | 0.57 | | | | (0.76 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.21 | ) | | | (0.13 | ) | | | (0.08 | ) | | | (0.06 | ) | | | (0.09 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.21 | ) | | | (0.13 | ) | | | (0.08 | ) | | | (0.06 | ) | | | (0.09 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $7.66 | | | | $8.70 | | | | $8.89 | | | | $8.05 | | | | $7.54 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -9.59% | | | | -0.68% | | | | 11.47% | | | | 7.53% | | | | -8.92% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $135,305,242 | | | | $228,832,175 | | | | $238,149,375 | | | | $197,252,920 | | | | $185,300,082 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.52% | | | | 1.55% | | | | 1.60% | | | | 1.66% | | | | 1.66% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.52% | | | | 1.59% | | | | 1.59% | | | | 1.59% | | | | 1.59% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.92% | | | | 1.96% | | | | 0.94% | | | | 0.93% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.92% | | | | 1.92% | | | | 0.95% | | | | 1.00% | | | | 1.18% | |
Portfolio turnover rate | | | 114.74% | | | | 61.84% | | | | 75.22% | | | | 75.34% | | | | 164.90% | |
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 year. |
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Equity Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $12.83 | | | | $13.49 | | | | $11.34 | | | | $9.91 | | | | $10.21 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.05 | 4 | | | 0.11 | | | | 0.13 | | | | 0.08 | | | | 0.02 | |
Net realized and unrealized gains (losses) on investments | | | (1.24 | ) | | | 1.62 | | | | 2.79 | | | | 1.42 | | | | (0.32 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.19 | ) | | | 1.73 | | | | 2.92 | | | | 1.50 | | | | (0.30 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.06 | ) | | | (0.14 | ) | | | (0.12 | ) | | | (0.07 | ) | | | — | |
Dividends from net realized gains | | | (1.73 | ) | | | (2.25 | ) | | | (0.65 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (1.79 | ) | | | (2.39 | ) | | | (0.77 | ) | | | (0.07 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.85 | | | | $12.83 | | | | $13.49 | | | | $11.34 | | | | $9.91 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -9.89% | | | | 13.26% | | | | 25.92% | | | | 15.22% | | | | -2.94%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $229,498 | | | | $63,622,473 | | | | $59,877,468 | | | | $67,574,510 | | | | $46,233,165 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.02% | | | | 1.01% | | | | 1.02% | | | | 1.06% | | | | 1.05%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.00% | | | | 0.99% | | | | 1.01% | | | | 1.05% | | | | 1.03%3 | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.45% | | | | 0.78% | | | | 0.82% | | | | 0.86% | | | | 0.45%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.47% | | | | 0.80% | | | | 0.83% | | | | 0.87% | | | | 0.47%3 | |
Portfolio turnover rate | | | 92.64% | | | | 59.70% | | | | 59.12% | | | | 78.58% | | | | 91.59% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Equity Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $12.75 | | | | $13.42 | | | | $11.27 | | | | $9.86 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.02 | )1 | | | 0.04 | | | | 0.04 | | | | 0.03 | | | | (0.02 | ) |
Net realized and unrealized gains (losses) on investments | | | (1.01 | ) | | | 1.60 | | | | 2.79 | | | | 1.40 | | | | (0.12 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.03 | ) | | | 1.64 | | | | 2.83 | | | | 1.43 | | | | (0.14 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.06 | ) | | | (0.03 | ) | | | (0.02 | ) | | | — | |
Dividends from net realized gains | | | (1.73 | ) | | | (2.25 | ) | | | (0.65 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (1.73 | ) | | | (2.31 | ) | | | (0.68 | ) | | | (0.02 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.99 | | | | $12.75 | | | | $13.42 | | | | $11.27 | | | | $9.86 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -8.42% | | | | 12.61% | | | | 25.20% | | | | 14.56% | | | | -1.40% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $69,901,093 | | | | $73,803,768 | | | | $72,351,978 | | | | $87,142,873 | | | | $114,222,234 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.59% | | | | 1.57% | | | | 1.58% | | | | 1.63% | | | | 1.63% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.56% | | | | 1.56% | | | | 1.59% | | | | 1.60% | | | | 1.60% | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | -0.20% | | | | 0.25% | | | | 0.27% | | | | 0.26% | | | | -0.19% | |
After expense reimbursement (recapture) and securities lending credit | | | -0.17% | | | | 0.26% | | | | 0.26% | | | | 0.29% | | | | -0.16% | |
Portfolio turnover rate | | | 92.64% | | | | 59.70% | | | | 59.12% | | | | 78.58% | | | | 91.59% | |
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 year. |
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.67 | | | | $9.37 | | | | $9.86 | | | | $9.77 | | | | $9.48 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.17 | 4 | | | 0.15 | | | | 0.16 | | | | 0.17 | | | | 0.21 | |
Net realized and unrealized gains (losses) on investments | | | (0.08 | ) | | | 0.33 | | | | (0.24 | ) | | | 0.23 | | | | 0.31 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.09 | | | | 0.48 | | | | (0.08 | ) | | | 0.40 | | | | 0.52 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.19 | ) | | | (0.17 | ) | | | (0.20 | ) | | | (0.21 | ) | | | (0.23 | ) |
Dividends from net realized gains | | | (0.11 | ) | | | (0.01 | ) | | | (0.03 | ) | | | (0.10 | ) | | | — | |
Return of capital | | | — | | | | — | | | | (0.18 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.30 | ) | | | (0.18 | ) | | | (0.41 | ) | | | (0.31 | ) | | | (0.23 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.46 | | | | $9.67 | | | | $9.37 | | | | $9.86 | | | | $9.77 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.97% | | | | 5.25% | | | | -0.72% | | | | 4.12% | | | | 5.56%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $1,970,942 | | | | $75,832,786 | | | | $88,702,582 | | | | $134,362,492 | | | | $31,999,581 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.73% | | | | 0.70% | | | | 0.70% | | | | 0.72% | | | | 0.70%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.71% | | | | 0.69% | | | | 0.70% | | | | 0.72% | | | | 0.69%3 | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.73% | | | | 1.71% | | | | 1.68% | | | | 1.53% | | | | 2.14%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.75% | | | | 1.72% | | | | 1.68% | | | | 1.53% | | | | 2.15%3 | |
Portfolio turnover rate | | | 157.49% | | | | 185.11% | | | | 112.86% | | | | 213.80% | | | | 427.36% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.69 | | | | $9.39 | | | | $9.88 | | | | $9.78 | | | | $9.36 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.12 | 1 | | | 0.10 | | | | 0.11 | | | | 0.11 | | | | 0.17 | |
Net realized and unrealized gains (losses) on investments | | | (0.03 | ) | | | 0.33 | | | | (0.25 | ) | | | 0.24 | | | | 0.42 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.09 | | | | 0.43 | | | | (0.14 | ) | | | 0.35 | | | | 0.59 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.13 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.17 | ) |
Dividends from net realized gains | | | (0.11 | ) | | | (0.01 | ) | | | (0.03 | ) | | | (0.10 | ) | | | — | |
Return of capital | | | — | | | | — | | | | (0.18 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.24 | ) | | | (0.13 | ) | | | (0.35 | ) | | | (0.25 | ) | | | (0.17 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.54 | | | | $9.69 | | | | $9.39 | | | | $9.88 | | | | $9.78 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.01% | | | | 4.64% | | | | -1.33% | | | | 3.55% | | | | 6.35% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $209,252,288 | | | | $236,819,684 | | | | $231,285,162 | | | | $281,180,497 | | | | $435,281,520 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.31% | | | | 1.29% | | | | 1.29% | | | | 1.30% | | | | 1.28% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.26% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.22% | | | | 1.11% | | | | 1.10% | | | | 1.02% | | | | 1.68% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.24% | | | | 1.11% | | | | 1.10% | | | | 1.03% | | | | 1.70% | |
Portfolio turnover rate | | | 157.49% | | | | 185.11% | | | | 112.86% | | | | 213.80% | | | | 427.36% | |
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 year. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tax-Exempt Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.58 | | | | $11.18 | | | | $11.70 | | | | $11.47 | | | | $10.67 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.31 | 1 | | | 0.32 | | | | 0.34 | | | | 0.33 | | | | 0.37 | |
Net realized and unrealized gains (losses) on investments | | | 0.06 | | | | 0.40 | | | | (0.52 | ) | | | 0.23 | | | | 0.80 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.37 | | | | 0.72 | | | | (0.18 | ) | | | 0.56 | | | | 1.17 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.33 | ) | | | (0.32 | ) | | | (0.34 | ) | | | (0.33 | ) | | | (0.37 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.33 | ) | | | (0.32 | ) | | | (0.34 | ) | | | (0.33 | ) | | | (0.37 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $11.62 | | | | $11.58 | | | | $11.18 | | | | $11.70 | | | | $11.47 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.22% | | | | 6.45% | | | | -1.48% | | | | 4.93% | | | | 11.10% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $49,084,900 | | | | $65,682,169 | | | | $63,429,577 | | | | $75,739,873 | | | | $81,408,890 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 1.42% | | | | 1.38% | | | | 1.38% | | | | 1.36% | | | | 1.31% | |
After expense reimbursement (recapture) | | | 1.28% | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 2.53% | | | | 2.64% | | | | 2.90% | | | | 2.72% | | | | 3.16% | |
After expense reimbursement (recapture) | | | 2.67% | | | | 2.73% | | | | 2.99% | | | | 2.79% | | | | 3.18% | |
Portfolio turnover rate | | | 12.47% | | | | 33.29% | | | | 35.08% | | | | 30.36% | | | | 38.80% | |
| 1 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.53 | | | | $9.94 | | | | $10.27 | | | | $9.70 | | | | $10.07 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.36 | 4 | | | 0.41 | | | | 0.34 | | | | 0.42 | | | | 0.35 | |
Net realized and unrealized gains (losses) on investments | | | (0.76 | ) | | | (0.32 | ) | | | (0.37 | ) | | | 0.57 | | | | (0.34 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.40 | ) | | | 0.09 | | | | (0.03 | ) | | | 0.99 | | | | 0.01 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.08 | ) | | | (0.50 | ) | | | (0.28 | ) | | | (0.42 | ) | | | (0.38 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.02 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.08 | ) | | | (0.50 | ) | | | (0.30 | ) | | | (0.42 | ) | | | (0.38 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.05 | | | | $9.53 | | | | $9.94 | | | | $10.27 | | | | $9.70 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -4.22% | | | | 0.88% | | | | -0.21% | | | | 10.33% | | | | 0.29%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $8,572,900 | | | | $50,593,107 | | | | $65,181,311 | | | | $104,141,739 | | | | $38,403,168 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 1.13% | | | | 1.08% | | | | 1.01% | | | | 1.03% | | | | 1.13%3 | |
After expense reimbursement (recapture) | | | 0.99% | | | | 1.05% | | | | 1.01% | | | | 1.05% | | | | 1.05%3 | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 3.71% | | | | 3.84% | | | | 4.10% | | | | 4.17% | | | | 4.20%3 | |
After expense reimbursement (recapture) | | | 3.85% | | | | 3.87% | | | | 4.10% | | | | 4.15% | | | | 4.28%3 | |
Portfolio turnover rate | | | 41.12% | | | | 39.66% | | | | 66.49% | | | | 101.49% | | | | 86.54% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | Year Ended
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.55 | | | | $9.93 | | | | $10.28 | | | | $9.70 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.30 | 1 | | | 0.33 | | | | 0.35 | | | | 0.36 | | | | 0.34 | |
Net realized and unrealized gains (losses) on investments | | | (0.72 | ) | | | (0.29 | ) | | | (0.43 | ) | | | 0.58 | | | | (0.31 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.42 | ) | | | 0.04 | | | | (0.08 | ) | | | 0.94 | | | | 0.03 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.08 | ) | | | (0.42 | ) | | | (0.25 | ) | | | (0.36 | ) | | | (0.33 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.02 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.08 | ) | | | (0.42 | ) | | | (0.27 | ) | | | (0.36 | ) | | | (0.33 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.05 | | | | $9.55 | | | | $9.93 | | | | $10.28 | | | | $9.70 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -4.44% | | | | 0.33% | | | | -0.71% | | | | 9.64% | | | | 0.56% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $78,168,300 | | | | $151,883,107 | | | | $147,493,694 | | | | $150,493,389 | | | | $204,104,609 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 1.68% | | | | 1.66% | | | | 1.59% | | | | 1.61% | | | | 1.63% | |
After expense reimbursement (recapture) | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 3.08% | | | | 3.28% | | | | 3.51% | | | | 3.52% | | | | 3.49% | |
After expense reimbursement (recapture) | | | 3.21% | | | | 3.39% | | | | 3.55% | | | | 3.58% | | | | 3.57% | |
Portfolio turnover rate | | | 41.12% | | | | 39.66% | | | | 66.49% | | | | 101.49% | | | | 86.54% | |
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 year. |
See notes to financial statements.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | September 13, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and
selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.65 | | | | $11.45 | | | | $10.25 | | | | $9.63 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.20 | 6 | | | 0.16 | | | | (0.03 | ) | | | 0.11 | |
Net realized and unrealized gains on investments | | | (1.02 | ) | | | 0.41 | | | | 1.56 | | | | 0.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.82 | ) | | | 0.57 | | | | 1.53 | | | | 0.73 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.16 | ) | | | (0.19 | ) | | | (0.11 | ) | | | (0.11 | ) |
Dividends from net realized gains | | | (0.21 | ) | | | (0.18 | ) | | | (0.22 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.37 | ) | | | (0.37 | ) | | | (0.33 | ) | | | (0.11 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.46 | | | | $11.65 | | | | $11.45 | | | | $10.25 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -7.11% | | | | 5.04% | | | | 15.00% | | | | 7.68%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $10,968,769 | | | | $7,737,997 | | | | $3,534,178 | | | | $884,658 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.43% | | | | 0.41% | | | | 0.40% | | | | 0.42%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.32% | | | | 0.34% | | | | 0.36% | | | | 0.40%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.67% | | | | 1.63% | | | | 1.42% | | | | 1.84%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.79% | | | | 1.70% | | | | 1.46% | | | | 1.86%3 | |
Portfolio turnover rate | | | 84.98% | | | | 11.96% | | | | 30.35% | | | | 18.44% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.62 | | | | $11.43 | | | | $10.26 | | | | $9.46 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.13 | 6 | | | 0.12 | | | | 0.07 | | | | 0.07 | | | | 0.08 | |
Net realized and unrealized gains (losses) on investments | | | (1.02 | ) | | | 0.38 | | | | 1.38 | | | | 0.80 | | | | (0.52 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.89 | ) | | | 0.50 | | | | 1.45 | | | | 0.87 | | | | (0.44 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.10 | ) | | | (0.13 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.10 | ) |
Dividends from net realized gains | | | (0.21 | ) | | | (0.18 | ) | | | (0.22 | ) | | | — | | | | — | |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | — | * |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.31 | ) | | | (0.31 | ) | | | (0.28 | ) | | | (0.07 | ) | | | (0.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.42 | | | | $11.62 | | | | $11.43 | | | | $10.26 | | | | $9.46 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -7.67% | | | | 4.47% | | | | 14.20% | | | | 9.30% | | | | -4.30%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $383,423,651 | | | | $259,838,374 | | | | $288,401,436 | | | | $248,122,395 | | | | $144,649,234 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.02% | | | | 1.00% | | | | 1.00% | | | | 1.04% | | | | 1.22%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.91% | | | | 0.95% | | | | 1.00% | | | | 1.00% | | | | 1.00%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.05% | | | | 0.94% | | | | 0.61% | | | | 0.76% | | | | 1.12%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.16% | | | | 0.99% | | | | 0.61% | | | | 0.80% | | | | 1.34%3 | |
Portfolio turnover rate | | | 84.98% | | | | 11.96% | | | | 30.35% | | | | 18.44% | | | | 14.40%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| * | | Amount represents less than $0.01 per share. |
See notes to financial statements.
140
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | September 13, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and
selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.26 | | | | $11.39 | | | | $10.43 | | | | $9.98 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income | | | 0.16 | 6 | | | 0.26 | | | | 0.18 | | | | 0.14 | |
Net realized and unrealized gains on investments | | | (0.89 | ) | | | 0.41 | | | | 0.98 | | | | 0.48 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.73 | ) | | | 0.67 | | | | 1.16 | | | | 0.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.14 | ) | | | (0.25 | ) | | | (0.14 | ) | | | (0.14 | ) |
Dividends from net realized gains | | | (0.88 | ) | | | (0.55 | ) | | | (0.06 | ) | | | (0.03 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (1.02 | ) | | | (0.80 | ) | | | (0.20 | ) | | | (0.17 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.51 | | | | $11.26 | | | | $11.39 | | | | $10.43 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -6.65% | | | | 6.01% | | | | 11.13% | | | | 6.29%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $4,220,428 | | | | $6,173,168 | | | | $2,680,327 | | | | $879,348 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.47% | | | | 0.42% | | | | 0.43% | | | | 0.43%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.37% | | | | 0.37% | | | | 0.38% | | | | 0.38%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.39% | | | | 1.96% | | | | 1.42% | | | | 2.10%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.49% | | | | 2.01% | | | | 1.47% | | | | 2.15%3 | |
Portfolio turnover rate | | | 130.77% | | | | 38.36% | | | | 69.17% | | | | 67.22% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
141
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.29 | | | | $11.39 | | | | $10.44 | | | | $9.76 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.09 | 6 | | | 0.15 | | | | 0.08 | | | | 0.09 | | | | 0.09 | |
Net realized and unrealized gains (losses) on investments | | | (0.89 | ) | | | 0.46 | | | | 1.01 | | | | 0.71 | | | | (0.24 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.80 | ) | | | 0.61 | | | | 1.09 | | | | 0.80 | | | | (0.15 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.08 | ) | | | (0.16 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.09 | ) |
Dividends from net realized gains | | | (0.88 | ) | | | (0.55 | ) | | | (0.06 | ) | | | (0.03 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.96 | ) | | | (0.71 | ) | | | (0.14 | ) | | | (0.12 | ) | | | (0.09 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.53 | | | | $11.29 | | | | $11.39 | | | | $10.44 | | | | $9.76 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -7.18% | | | | 5.42% | | | | 10.40% | | | | 8.25% | | | | -1.43%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $51,768,546 | | | | $174,138,417 | | | | $195,498,995 | | | | $228,905,423 | | | | $143,145,114 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.05% | | | | 1.01% | | | | 1.02% | | | | 1.05% | | | | 1.25%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.99% | | | | 1.00% | | | | 1.00% | | | | 1.00% | | | | 1.00%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.79% | | | | 1.17% | | | | 0.67% | | | | 0.94% | | | | 1.33%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.85% | | | | 1.18% | | | | 0.69% | | | | 0.99% | | | | 1.58%3 | |
Portfolio turnover rate | | | 130.77% | | | | 38.36% | | | | 69.17% | | | | 67.22% | | | | 50.86%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
142
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | September 13, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.34 | | | | $10.80 | | | | $10.25 | | | | $9.75 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income | | | 0.13 | 6 | | | 0.17 | | | | 0.07 | | | | 0.13 | |
Net realized and unrealized gains on investments | | | (0.97 | ) | | | 0.21 | | | | 0.75 | | | | 0.55 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.84 | ) | | | 0.38 | | | | 0.82 | | | | 0.68 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.02 | ) | | | (0.20 | ) | | | (0.09 | ) | | | (0.14 | ) |
Dividends from net realized gains | | | (0.10 | ) | | | (0.64 | ) | | | (0.18 | ) | | | (0.04 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.12 | ) | | | (0.84 | ) | | | (0.27 | ) | | | (0.18 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.38 | | | | $10.34 | | | | $10.80 | | | | $10.25 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -8.18% | | | | 3.63% | | | | 8.01% | | | | 7.11%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $5,005,303 | | | | $5,977,217 | | | | $1,496,066 | | | | $810,333 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.51% | | | | 0.51% | | | | 0.51% | | | | 0.52%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.41% | | | | 0.36% | | | | 0.46% | | | | 0.46%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.20% | | | | 2.01% | | | | 1.14% | | | | 1.89%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.30% | | | | 2.16% | | | | 1.19% | | | | 1.95%3 | |
Portfolio turnover rate | | | 348.05% | | | | 214.84% | | | | 244.90% | | | | 195.89% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
143
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29, 20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.32 | | | | $10.79 | | | | $10.27 | | | | $9.54 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | �� | |
Net investment income | | | 0.07 | 6 | | | 0.15 | | | | 0.05 | | | | 0.09 | | | | 0.06 | |
Net realized and unrealized gains (losses) on investments | | | (0.97 | ) | | | 0.17 | | | | 0.70 | | | | 0.78 | | | | (0.47 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.90 | ) | | | 0.32 | | | | 0.75 | | | | 0.87 | | | | (0.41 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | * | | | (0.15 | ) | | | (0.05 | ) | | | (0.10 | ) | | | (0.05 | ) |
Dividends from net realized gains | | | (0.10 | ) | | | (0.64 | ) | | | (0.18 | ) | | | (0.04 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.10 | ) | | | (0.79 | ) | | | (0.23 | ) | | | (0.14 | ) | | | (0.05 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.32 | | | | $10.32 | | | | $10.79 | | | | $10.27 | | | | $9.54 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -8.74% | | | | 3.08% | | | | 7.27% | | | | 9.15% | | | | -4.09%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $393,657,458 | | | | $480,492,438 | | | | $377,469,190 | | | | $310,316,243 | | | | $184,703,438 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.11% | | | | 1.10% | | | | 1.10% | | | | 1.15% | | | | 1.32%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.01% | | | | 0.97% | | | | 1.10% | | | | 1.10% | | | | 1.10%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.62% | | | | 1.30% | | | | 0.51% | | | | 0.90% | | | | 0.90%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.72% | | | | 1.43% | | | | 0.51% | | | | 0.95% | | | | 1.12%3 | |
Portfolio turnover rate | | | 348.05% | | | | 214.84% | | | | 244.90% | | | | 195.89% | | | | 293.90%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| * | | Amount represents less than $0.01 per share. |
See notes to financial statements.
144
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | September 13, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and
selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.02 | | | | $10.00 | | | | $10.16 | | | | $10.19 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income | | | 0.26 | 7 | | | 0.40 | | | | 0.41 | | | | 0.18 | |
Net realized and unrealized losses on investments | | | (0.21 | ) | | | (0.10 | )6 | | | (0.31 | ) | | | (0.02 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.05 | | | | 0.30 | | | | 0.10 | | | | 0.16 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.27 | ) | | | (0.28 | ) | | | (0.26 | ) | | | (0.18 | ) |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.01 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.27 | ) | | | (0.28 | ) | | | (0.26 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.80 | | | | $10.02 | | | | $10.00 | | | | $10.16 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.56% | | | | 3.05% | | | | 1.08% | | | | 1.53%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $1,107,629 | | | | $2,673,347 | | | | $1,014,889 | | | | $569,773 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.53% | | | | 0.51% | | | | 0.51% | | | | 0.51%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.39% | | | | 0.34% | | | | 0.36% | | | | 0.47%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.49% | | | | 2.64% | | | | 2.24% | | | | 2.59%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 2.63% | | | | 2.81% | | | | 2.39% | | | | 2.63%3 | |
Portfolio turnover rate | | | 200.13% | | | | 91.93% | | | | 134.44% | | | | 64.86% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | 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. |
| 7 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
145
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | Year Ended
March 31,
2013
| | | April 29,
20111
Through
March 31,
2012
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.04 | | | | $10.01 | | | | $10.17 | | | | $10.04 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.20 | 6 | | | 0.23 | | | | 0.19 | | | | 0.14 | | | | 0.09 | |
Net realized and unrealized gains (losses) on investments | | | (0.22 | ) | | | 0.02 | | | | (0.15 | ) | | | 0.13 | | | | 0.01 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.02 | ) | | | 0.25 | | | | 0.04 | | | | 0.27 | | | | 0.10 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.21 | ) | | | (0.22 | ) | | | (0.20 | ) | | | (0.13 | ) | | | (0.06 | ) |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.21 | ) | | | (0.22 | ) | | | (0.20 | ) | | | (0.14 | ) | | | (0.06 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.81 | | | | $10.04 | | | | $10.01 | | | | $10.17 | | | | $10.04 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -0.19% | | | | 2.47% | | | | 0.43% | | | | 2.71% | | | | 1.01%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $145,830,207 | | | | $366,970,865 | | | | $449,186,398 | | | | $509,704,884 | | | | $238,654,697 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.13% | | | | 1.11% | | | | 1.10% | | | | 1.13% | | | | 1.28%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.99% | | | | 0.93% | | | | 1.00% | | | | 1.10% | | | | 1.10%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.92% | | | | 1.92% | | | | 1.64% | | | | 1.80% | | | | 1.54%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 2.06% | | | | 2.10% | | | | 1.74% | | | | 1.83% | | | | 1.72%3 | |
Portfolio turnover rate | | | 200.13% | | | | 91.93% | | | | 134.44% | | | | 64.86% | | | | 136.33%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
146
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Multi-Asset Income Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | August 31, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and
selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.62 | | | | $10.76 | | | | $10.58 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income | | | 0.34 | 6 | | | 0.36 | | | | 0.38 | | | | 0.22 | |
Net realized and unrealized gains (losses) on investments | | | (0.61 | ) | | | (0.05 | ) | | | 0.21 | | | | 0.53 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.27 | ) | | | 0.31 | | | | 0.59 | | | | 0.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.37 | ) | | | (0.38 | ) | | | (0.40 | ) | | | (0.17 | ) |
Dividends from net realized gains | | | (0.04 | ) | | | (0.07 | ) | | | (0.01 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.41 | ) | | | (0.45 | ) | | | (0.41 | ) | | | (0.17 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.94 | | | | $10.62 | | | | $10.76 | | | | $10.58 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -2.49% | | | | 3.01% | | | | 5.63% | | | | 7.55%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $106,901,424 | | | | $140,497,937 | | | | $115,477,776 | | | | $73,269,622 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.17% | | | | 1.14% | | | | 1.18% | | | | 1.33%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.96% | | | | 0.88% | | | | 0.88% | | | | 1.10%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.15% | | | | 3.23% | | | | 3.66% | | | | 3.66%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 3.36% | | | | 3.49% | | | | 3.96% | | | | 3.89%3 | |
Portfolio turnover rate | | | 145.43% | | | | 66.76% | | | | 100.40% | | | | 21.35%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
147
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | September 13, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and
selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.76 | | | | $9.65 | | | | $10.00 | | | | $10.01 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income | | | 0.18 | 6 | | | 0.25 | | | | 0.19 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | (0.11 | ) | | | 0.11 | | | | (0.27 | ) | | | (0.04 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.07 | | | | 0.36 | | | | (0.08 | ) | | | 0.09 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.21 | ) | | | (0.25 | ) | | | (0.24 | ) | | | (0.10 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.03 | ) | | | — | * |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.21 | ) | | | (0.25 | ) | | | (0.27 | ) | | | (0.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.62 | | | | $9.76 | | | | $9.65 | | | | $10.00 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.70% | | | | 3.75% | | | | -0.83% | | | | 0.88%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $49,872 | | | | $2,257,327 | | | | $960,185 | | | | $503,918 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.44% | | | | 0.42% | | | | 0.41% | | | | 0.50%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.36% | | | | 0.31% | | | | 0.32% | | | | 0.43%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.76% | | | | 2.66% | | | | 1.98% | | | | 2.44%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.84% | | | | 2.77% | | | | 2.07% | | | | 2.51%3 | |
Portfolio turnover rate | | | 147.81% | | | | 22.67% | | | | 67.82% | | | | 18.75%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| * | | Amount represents less than $0.01 per share. |
See notes to financial statements.
148
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| | | Year Ended
March 31,
2014
| | | August 31, 20121
Through
March 31,
2013
| |
Per share data for a share of capital stock outstanding for the entire year and
selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.77 | | | | $9.64 | | | | $9.98 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment income | | | 0.14 | 6 | | | 0.19 | | | | 0.15 | | | | 0.10 | |
Net realized and unrealized gains (losses) on investments | | | (0.21 | ) | | | 0.13 | | | | (0.30 | ) | | | (0.04 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.07 | ) | | | 0.32 | | | | (0.15 | ) | | | 0.06 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.15 | ) | | | (0.19 | ) | | | (0.16 | ) | | | (0.08 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.03 | ) | | | — | * |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.15 | ) | | | (0.19 | ) | | | (0.19 | ) | | | (0.08 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.55 | | | | $9.77 | | | | $9.64 | | | | $9.98 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -0.75% | | | | 3.32% | | | | -1.47% | | | | 0.59%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $114,740,157 | | | | $143,904,504 | | | | $213,499,393 | | | | $227,815,865 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.04% | | | | 1.02% | | | | 1.01% | | | | 1.09%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.93% | | | | 0.92% | | | | 0.92% | | | | 1.03%3 | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.32% | | | | 1.72% | | | | 1.40% | | | | 1.78%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.43% | | | | 1.82% | | | | 1.49% | | | | 1.84%3 | |
Portfolio turnover rate | | | 147.81% | | | | 22.67% | | | | 67.82% | | | | 18.75%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 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 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| * | | Amount represents less than $0.01 per share. |
See notes to financial statements.
149
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Institutional
| | | Service
| |
| | | January 19, 20161
Through
March 31,
2016
| | | January 19, 20161
Through
March 31,
2016
| |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | |
Net asset value, beginning of period | | | $10.00 | | | | $10.00 | |
Income from investment operations: | | | | | | | | |
Net investment income | | | (0.02 | )4 | | | (0.03 | )4 |
Net realized and unrealized gains (losses) on investments | | | (0.23 | ) | | | (0.24 | ) |
| | |
|
|
| |
|
|
|
Total from investment operations | | | (0.25 | ) | | | (0.27 | ) |
| | |
|
|
| |
|
|
|
Net asset value, end of period | | | 9.75 | | | | 9.73 | |
| | |
|
|
| |
|
|
|
Total return | | | -2.50%2 | | | | -2.70%2 | |
Supplemental data and ratios: | | | | | | | | |
Net assets, end of period | | | $4,338,706 | | | | $183,020,093 | |
Ratio of expenses to average net assets | | | | | | | | |
Before expense reimbursement (recapture), fees waived and securities lending credit | | | 1.61%3 | | | | 2.20%3 | |
After expense reimbursement (recapture), fees waived and securities lending credit | | | 1.30%3 | | | | 1.90%3 | |
Ratio of net investment income to average net assets | | | | | | | | |
Before expense reimbursement (recapture), fees waived and securities lending credit | | | -1.12%3 | | | | -1.71%3 | |
After expense reimbursement (recapture), fees waived and securities lending credit | | | -0.81%3 | | | | -1.41%3 | |
Portfolio turnover rate | | | 0.00%2 | | | | 0.00%2 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the period. |
See notes to financial statements.
150
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS
March 31, 2016
GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trust 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 7 funds: GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US Fund, GuideMark® Opportunistic Equity Fund, GuideMark® Core Fixed Income Fund, and GuideMark® Tax-Exempt Fixed Income Fund. GPS Funds II is comprised of the following 8 funds: GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund and GuidePath® Managed Futures Strategy Fund (collectively, the “Funds”). All of the Funds, except for the GuideMark® Opportunistic Equity Fund and GuideMark® Opportunistic Fixed Income Fund are classified and operate as diversified funds under the 1940 Act. The GuideMark® Opportunistic Equity Fund and GuideMark® Opportunistic Fixed Income Fund are classified as non-diversified. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuideMark® Opportunistic Equity Fund and GuideMark® Opportunistic Fixed Income Fund commenced operations on April 1, 2011. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical 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 commenced operations on August 31, 2012. The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. Each Fund offers two classes of shares: Service Shares and Institutional Shares. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.
| 2. | | 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”).
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.
To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. 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).
151
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
During the period, certain of the 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, convertible obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain common stocks, preferred stocks, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, futures, swaps and options.
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.
Foreign currency contracts, futures, swaps and options derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These
instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.
Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities.
Fair valued securities are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures adopted by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.
To verify Level 3 unobservable inputs, the Valuation Committee uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2016:
GuideMark® Large Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 235,311,076 | | | $ | — | | | $ | — | | | $ | 235,311,076 | |
Real Estate Investment Trusts | | | 6,700,456 | | | | — | | | | — | | | | 6,700,456 | |
Short Term Investments | | | 709,051 | | | | — | | | | — | | | | 709,051 | |
Investments Purchased as Securities Lending Collateral | | | 85,097,996 | | | | — | | | | — | | �� | | 85,097,996 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 327,818,579 | | | $ | — | | | $ | — | | | $ | 327,818,579 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
152
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
GuideMark® Emerging Markets Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | $ | 2,399,632 | | | $ | 9,859,393 | | | $ | — | | | $ | 12,259,025 | |
Consumer Staples | | | 5,650,091 | | | | 8,867,572 | | | | — | | | | 14,517,663 | |
Energy | | | 1,302,497 | | | | 7,899,764 | | | | — | | | | 9,202,261 | |
Financials | | | 3,799,372 | | | | 21,541,481 | | | | — | | | | 25,340,853 | |
Health Care | | | — | | | | 4,207,007 | | | | — | | | | 4,207,007 | |
Industrials | | | 1,289,695 | | | | 5,903,557 | | | | — | | | | 7,193,252 | |
Information Technology | | | 2,804,682 | | | | 18,219,156 | | | | — | | | | 21,023,838 | |
Materials | | | 553,744 | | | | 5,270,755 | | | | — | | | | 5,824,499 | |
Telecommunication Services | | | 1,645,135 | | | | 7,649,161 | | | | — | | | | 9,294,296 | |
Utilities | | | 626,348 | | | | 171,300 | | | | — | | | | 797,648 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 20,071,196 | | | | 89,589,146 | | | | — | | | | 109,660,342 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Staples | | | 268,931 | | | | 863,355 | | | | — | | | | 1,132,286 | |
Financials | | | 983,864 | | | | — | | | | — | | | | 983,864 | |
Information Technology | | | — | | | | 416,317 | | | | — | | | | 416,317 | |
Materials | | | 765,949 | | | | — | | | | — | | | | 765,949 | |
Utilities | | | 530,996 | | | | — | | | | — | | | | 530,996 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | 2,549,740 | | | | 1,279,672 | | | | — | | | | 3,829,412 | |
Investment Companies | | | 9,771,850 | | | | — | | | | — | | | | 9,771,850 | |
Real Estate Investment Trusts | | | — | | | | 548,210 | | | | — | | | | 548,210 | |
Rights | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 433,909 | | | | — | | | | — | | | | 433,909 | |
Investments Purchased as Securities Lending Collateral | | | 950,382 | | | | — | | | | — | | | | 950,382 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 33,777,077 | | | $ | 91,417,028 | | | $ | — | | | $ | 125,194,105 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | |
Description
| | Rights
| |
Balance as of April 1, 2015 | | $ | — | |
Purchases | | | 0 | |
Sales proceeds and paydowns | | | — | |
Accreted discounts, net | | | — | |
Realized gain (loss) | | | — | |
Change in unrealized appreciation (depreciation) | | | — | |
Transfers into/(out of) Level 3 | | | — | |
| | |
|
|
|
Balance as of March 31, 2016 | | $ | 0 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2016. | | $ | — | |
| | |
|
|
|
GuideMark® Small/Mid Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 79,239,106 | | | $ | — | | | $ | — | | | $ | 79,239,106 | |
Investment Companies | | | 1,096,520 | | | | — | | | | — | | | | 1,096,520 | |
Real Estate Investment Trusts | | | 6,615,349 | | | | — | | | | 0 | | | | 6,615,349 | |
Rights | | | — | | | | 5,597 | | | | 0 | | | | 5,597 | |
Short Term Investments | | | 416,943 | | | | — | | | | — | | | | 416,943 | |
Investments Purchased as Securities Lending Collateral | | | 23,286,836 | | | | — | | | | — | | | | 23,286,836 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 110,654,754 | | | $ | 5,597 | | | $ | — | | | $ | 110,660,351 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
153
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | | | | | |
Description
| | Rights
| | | Real Estate
Investment Trusts
| |
Balance as of April 1, 2015 | | $ | — | | | $ | — | |
Purchases | | | — | | | | 90,487 | |
Sales proceeds and paydowns | | | — | | | | (8,654 | ) |
Accreted discounts, net | | | — | | | | — | |
Realized gain (loss) | | | — | | | | (5,994 | ) |
Change in unrealized appreciation (depreciation) | | | — | | | | (75,839 | ) |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of March 31, 2016 | | $ | — | | | $ | 0 | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2016. | | $ | — | | | $ | (75,839 | ) |
| | |
|
|
| |
|
|
|
GuideMark® World ex-US Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | $ | 1,909,178 | | | $ | 29,734,379 | | | $ | — | | | $ | 31,643,557 | |
Consumer Staples | | | 2,583,566 | | | | 25,153,733 | | | | — | | | | 27,737,299 | |
Energy | | | 89,119 | | | | 3,721,155 | | | | — | | | | 3,810,274 | |
Financials | | | 4,867,760 | | | | 34,965,072 | | | | — | | | | 39,832,832 | |
Health Care | | | — | | | | 20,886,306 | | | | — | | | | 20,886,306 | |
Industrials | | | 353,869 | | | | 23,059,419 | | | | — | | | | 23,413,288 | |
Information Technology | | | 1,287,544 | | | | 11,786,219 | | | | — | | | | 13,073,763 | |
Materials | | | 559,738 | | | | 9,848,829 | | | | — | | | | 10,408,567 | |
Telecommunication Services | | | 219,233 | | | | 6,598,223 | | | | — | | | | 6,817,456 | |
Utilities | | | — | | | | 3,879,953 | | | | — | | | | 3,879,953 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 11,870,007 | | | | 169,633,288 | | | | — | | | | 181,503,295 | |
Investment Companies | | | 3,859,321 | | | | — | | | | — | | | | 3,859,321 | |
Participatory Notes | | | — | | | | 312,939 | | | | — | | | | 312,939 | |
Real Estate Investment Trusts | | | — | | | | 2,071,841 | | | | — | | | | 2,071,841 | |
Short Term Investments | | | 129,216 | | | | — | | | | — | | | | 129,216 | |
Investments Purchased as Securities Lending Collateral | | | 3,371,777 | | | | — | | | | — | | | | 3,371,777 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 19,230,321 | | | $ | 172,018,068 | | | $ | — | | | $ | 191,248,389 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Opportunistic Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 68,233,329 | | | $ | — | | | $ | — | | | $ | 68,233,329 | |
Real Estate Investment Trusts | | | 435,279 | | | | — | | | | — | | | | 435,279 | |
Short Term Investments | | | 1,332,605 | | | | — | | | | — | | | | 1,332,605 | |
Investments Purchased as Securities Lending Collateral | | | 20,750,989 | | | | — | | | | — | | | | 20,750,989 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 90,752,202 | | | $ | — | | | $ | — | | | $ | 90,752,202 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
154
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
GuideMark® Core Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Fixed Income | | | | | | | | | | | | | | | | |
Asset Backed Securities | | $ | — | | | $ | 22,262,648 | | | $ | — | | | $ | 22,262,648 | |
Collateralized Mortgage Obligations | | | — | | | | 19,067,332 | | | | — | | | | 19,067,332 | |
Corporate Obligations | | | — | | | | 78,442,906 | | | | — | | | | 78,442,906 | |
Foreign Government Debt Obligations | | | — | | | | 96,000 | | | | — | | | | 96,000 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 76,095,870 | | | | — | | | | 76,095,870 | |
Municipal Debt Obligations | | | — | | | | 1,324,098 | | | | — | | | | 1,324,098 | |
U.S. Treasury Obligations | | | — | | | | 24,114,014 | | | | — | | | | 24,114,014 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 221,402,868 | | | | — | | | | 221,402,868 | |
Short Term Investments | | | 5,911,395 | | | | — | | | | — | | | | 5,911,395 | |
Investments Purchased as Securities Lending Collateral | | | 3,797,653 | | | | — | | | | — | | | | 3,797,653 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 9,709,048 | | | $ | 221,402,868 | | | $ | — | | | $ | 231,111,916 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | 12,257 | | | $ | — | | | $ | — | | | $ | 12,257 | |
Swaps | | | — | | | | (5,226 | ) | | | — | | | | (5,226 | ) |
| | * | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Tax-Exempt Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Municipal Obligations | | $ | — | | | $ | 47,809,606 | | | $ | — | | | $ | 47,809,606 | |
Short Term Investments | | | 1,346,602 | | | | — | | | | — | | | | 1,346,602 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 1,346,602 | | | $ | 47,809,606 | | | $ | — | | | $ | 49,156,208 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Opportunistic Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Equity | | | | | | | | | | | | | | | | |
Common Stock | | $ | — | | | $ | 22,093 | | | $ | — | | | $ | 22,093 | |
Preferred Stock | | | — | | | | 19,420 | | | | — | | | | 19,420 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Equity | | | — | | | | 41,513 | | | | — | | | | 41,513 | |
Fixed Income | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | — | | | | 16,420,982 | | | | — | | | | 16,420,982 | |
Convertible Obligations | | | — | | | | 664,950 | | | | — | | | | 664,950 | |
Corporate Obligations | | | — | | | | 3,556,556 | | | | — | | | | 3,556,556 | |
Foreign Government Obligations | | | — | | | | 39,809,915 | | | | — | | | | 39,809,915 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 10,048,114 | | | | — | | | | 10,048,114 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 70,500,517 | | | | — | | | | 70,500,517 | |
Short Term Investments | | | 6,105,405 | | | | 7,839,562 | | | | — | | | | 13,944,967 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 6,105,405 | | | $ | 78,381,592 | | | $ | — | | | $ | 84,486,997 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | $ | — | | | $ | (2,031,878 | ) | | $ | — | | | $ | (2,031,878 | ) |
Swaps | | | — | | | | (2,553,356 | ) | | | — | | | | (2,553,356 | ) |
| | * | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts and swaps. Forward currency contracts and swaps are reflected at the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
155
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
GuidePath® Growth Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 390,277,010 | | | $ | — | | | $ | — | | | $ | 390,277,010 | |
Short Term Investments | | | 4,189,321 | | | | — | | | | — | | | | 4,189,321 | |
Investments Purchased as Securities Lending Collateral | | | 77,049,918 | | | | — | | | | — | | | | 77,049,918 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 471,516,249 | | | $ | — | | | $ | — | | | $ | 471,516,249 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Conservative Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 55,566,889 | | | $ | — | | | $ | — | | | $ | 55,566,889 | |
Short Term Investments | | | 684,486 | | | | — | | | | — | | | | 684,486 | |
Investments Purchased as Securities Lending Collateral | | | 12,824,493 | | | | — | | | | — | | | | 12,824,493 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 69,075,868 | | | $ | — | | | $ | — | | | $ | 69,075,868 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Tactical Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 394,918,623 | | | $ | — | | | $ | — | | | $ | 394,918,623 | |
Short Term Investments | | | 3,252,838 | | | | — | | | | — | | | | 3,252,838 | |
Investments Purchased as Securities Lending Collateral | | | 15,134,578 | | | | — | | | | — | | | | 15,134,578 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 413,306,039 | | | $ | — | | | $ | — | | | $ | 413,306,039 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Absolute Return Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 145,437,559 | | | $ | — | | | $ | — | | | $ | 145,437,559 | |
Short Term Investments | | | 1,176,713 | | | | — | | | | — | | | | 1,176,713 | |
Investments Purchased as Securities Lending Collateral | | | 2,105,637 | | | | — | | | | — | | | | 2,105,637 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 148,719,909 | | | $ | — | | | $ | — | | | $ | 148,719,909 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Multi-Asset Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 105,613,338 | | | $ | — | | | $ | — | | | $ | 105,613,338 | |
Short Term Investments | | | 780,774 | | | | — | | | | — | | | | 780,774 | |
Investments Purchased as Securities Lending Collateral | | | 20,849,155 | | | | — | | | | — | | | | 20,849,155 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 127,243,267 | | | $ | — | | | $ | — | | | $ | 127,243,267 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
156
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
GuidePath® Flexible Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 113,845,574 | | | $ | — | | | $ | — | | | $ | 113,845,574 | |
Short Term Investments | | | 1,042,296 | | | | — | | | | — | | | | 1,042,296 | |
Investments Purchased as Securities Lending Collateral | | | 16,638,946 | | | | — | | | | — | | | | 16,638,946 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 131,526,816 | | | $ | — | | | $ | — | | | $ | 131,526,816 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Managed Futures Strategy Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Short Term Investments | | $ | 4,259,019 | | | $ | 182,839,805 | | | $ | — | | | $ | 187,098,824 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 4,259,019 | | | $ | 182,839,805 | | | $ | — | | | $ | 187,098,824 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | 2,360,596 | | | $ | — | | | $ | — | | | $ | 2,360,596 | |
| | * | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures. Futures are reflected at the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
| | (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 accounts 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 Subsidiary is an exempted Cayman 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 other than the below.
On April 11, 2016 AssetMark, Inc. (���AssetMark”) announced that Aquiline Capital Partners LLC and Genstar Capital Management, LLC, the parent companies of AssetMark, the investment advisor of each Fund, has agreed to enter into a transaction (the “Transaction”) whereby Huatai Securities Co. Ltd. would acquire AssetMark. The closing of the Transaction is
expected to occur in the second half of 2016 (the “Closing”), provided all of the conditions of the Closing are met.
| | (d) | | Repurchase Agreements |
Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.
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. 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. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2016, 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.
157
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
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.
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.
Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.
| | (i) | | Organization and Offering Costs |
Organization costs consist of costs incurred to establish a Trust and enable it legally to do business. The Fund expenses 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 3). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.
| | (j) | | Security Transactions and Income Recognition |
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and the interest income recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and 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, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Allocation Fund, and Fixed Income Allocation Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Allocation Fund, and Fixed Income Allocation Fund will distribute any net investment income quarterly. All of the Funds will distribute any net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.
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
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
158
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
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 World ex-US Fund, Core Fixed Income Fund and each of the GPS Funds II portfolios 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 Core Fixed Income Fund and each of the GPS Funds II portfolios may also purchase and
write call and put options on such future 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 Core Fixed Income Fund and each of the GPS Funds II portfolios may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Core Fixed Income Fund and each of the GPS Funds II portfolios may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.
Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.
Derivative Instruments and Hedging Activities
Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
In general, the use of derivatives may increase the risk within the Funds. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.
GuideMark® World ex-US Fund
During the period the Fund utilized exchange traded equity index futures in order to equitize cash. The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund was not invested in these instruments at March 31, 2016.
The Effect of Derivative Instruments on the Statement of Operations for the Year ended March 31, 2016
| | | | | | | | | | | | |
| Amount of Realized Loss on Derivatives Recognized in Income | |
| | | Futures
Contracts | | | Forward
Currency
Contracts | | | Total | |
| Equity Contracts | | $ | (1,638,187 | ) | | $ | — | | | $ | (1,638,187 | ) |
| Foreign Exchange Contracts | | | — | | | | (6,720 | ) | | | (6,720 | ) |
| Total | | $ | (1,638,187 | ) | | $ | (6,720 | ) | | $ | (1,644,907 | ) |
| | | | |
| Change in Unrealized Appreciation on Derivatives Recognized in Income | |
| | |
| Futures
Contracts |
|
Equity Contracts
| | $ | 14,902 | |
| Total | | $ | 14,902 | |
159
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
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), 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 to efficiently manage investment grade credit exposure.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2016
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statement of Assets and Liabilities
Location | | Value | | | Statement of Assets and Liabilities
Location | | Value | |
| Credit Contracts – Swaps | | Appreciation on Swap Agreements | | $ | — | | | Depreciation on Swap Agreements | | $ | — | |
| | | | |
| Interest Rate Contracts – Swaps | | Appreciation on Swap Agreements | | | — | | | Depreciation on Swap Agreements | | | 5,226 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 45,362 | | | Unrealized depreciation on futures contracts | | | 33,105 | |
| Total | | | | $ | 45,362 | | | | | $ | 38,331 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
| | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the Year ended March 31, 2016 | |
|
| Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
| | | Futures
Contracts | | | Swaps | | | Written
Options | | | Total | |
| Credit Contracts | | $ | — | | | $ | (84,096 | ) | | $ | — | | | $ | (84,096 | ) |
| Interest Rate Contracts | | | (12,599 | ) | | | (225,023 | ) | | | 38,916 | | | | (198,706 | ) |
| Total | | $ | (12,599 | ) | | $ | (309,119 | ) | | $ | 38,916 | | | $ | (282,802 | ) |
| | | | | | | | | | | | |
| Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
| | | Futures
Contracts | | | Swaps | | | Total | |
| Credit Contracts | | $ | — | | | $ | 57 | | | $ | 57 | |
| Interest Rate Contracts | | | 35,902 | | | | (5,226 | ) | | | 30,676 | |
| Total | | $ | 35,902 | | | $ | (5,169 | ) | | $ | 30,733 | |
GuideMark® Opportunistic Fixed Income Fund
The Fund invested in derivatives in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks, including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Fund to gains or losses.
The Fund seeks to maximize total investment returns through exposure to investments in fixed-income securities, equity securities, and currency instruments. The Fund expects that its exposure to these asset classes will often be obtained substantially through the use of swap agreements. The Fund entered into swap agreements to manage and/or gain exposures to credit risk. The Fund entered into financial futures contracts primarily to manage interest rate risk. The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund entered into option contracts to gain investment exposures in accordance with its objective.
The Fund used currency forwards during the period for the purpose of hedging exposures within the Fund to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.
160
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2016
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statement of Assets and
Liabilities Location | | Value | | | Statement of Assets and
Liabilities Location | | Value | |
| Interest Rate Contracts – Swaps | | Appreciation on Swap Agreements | | $ | ��� | | | Depreciation on Swap Agreements | | $ | 2,553,356 | |
| | | | |
| Foreign Exchange Contracts – Forward Currency Contracts | | Appreciation of forward currency contracts | | | 465,819 | | | Depreciation of forward currency contracts | | | 2,497,697 | |
| Total | | | | $ | 465,819 | | | | | $ | 5,051,053 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the Year ended March 31, 2016 | |
|
| Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
| | | Futures
Contracts | | | Forward
Currency
Contracts | | | Written
Options | | | Purchased
Options* | | | Swaps | | | Total | |
| Credit Contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (92,897 | ) | | $ | (92,897 | ) |
| Equity Contracts | | | 139,524 | | | | — | | | | 70,358 | | | | (224,661 | ) | | | — | | | | (14,779 | ) |
| Foreign Exchange Contracts | | | — | | | | 3,864,575 | | | | — | | | | 14,866 | | | | — | | | | 3,879,441 | |
| Interest Rate Contracts | | | (52,952 | ) | | | — | | | | 45,150 | | | | (73,781 | ) | | | (478,868 | ) | | | (560,451 | ) |
| Total | | $ | 86,572 | | | $ | 3,864,575 | | | $ | 115,508 | | | $ | (283,576 | ) | | $ | (571,765 | ) | | $ | 3,211,314 | |
| | * | | Included in net realized gain (loss) on investments as reported on the Statement of Operations. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
| | | Futures
Contracts | | | Forward
Currency
Contracts | | | Written
Options | | | Purchased
Options* | | | Swaps | | | Total | |
| Credit Contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 51,401 | | | $ | 51,401 | |
| Equity Contracts | | | (17,159 | ) | | | — | | | | (42,785 | ) | | | 87,858 | | | | — | | | | 27,914 | |
| Foreign Exchange Contracts | | | — | | | | (8,176,413 | ) | | | — | | | | 15,448 | | | | — | | | | (8,160,965 | ) |
| Interest Rate Contracts | | | (3,903 | ) | | | — | | | | — | | | | 49,923 | | | | (642,778 | ) | | | (596,758 | ) |
| Total | | $ | (21,062 | ) | | $ | (8,176,413 | ) | | $ | (42,785 | ) | | $ | 153,229 | | | $ | (591,377 | ) | | $ | (8,678,408 | ) |
| | * | | Included in net change in unrealized depreciation on investments as reported on the Statement of Operations. |
GuidePath® Managed Futures Strategy Fund
The GuidePath Managed Futures Strategy 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 March 31, 2016, 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.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2016
| | | | | | | | | | | | |
| | | 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 | | $ | 440,738 | | | Unrealized depreciation on futures contracts | | $ | 1,630,756 | |
| | | | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 1,698,546 | | | Unrealized depreciation on futures contracts | | | 70,160 | |
| | | | |
| Foreign Exchange Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 1,186,570 | | | Unrealized depreciation on futures contracts | | | 59,777 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 1,260,103 | | | Unrealized depreciation on futures contracts | | | 464,668 | |
| Total | | | | $ | 4,585,957 | | | | | $ | 2,225,361 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
161
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
The Effect of Derivative Instruments on the Statement of Operations for the Period ended March 31, 2016
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (5,124,874 | ) |
| Equity Contracts | | | (2,320,920 | ) |
| Foreign Exchange Contracts | | | (2,251,580 | ) |
| Interest Rate Contracts | | | 2,978,442 | |
| Total | | $ | (6,718,932 | ) |
| | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (1,190,018 | ) |
| Equity Contracts | | | 1,628,386 | |
| Foreign Exchange Contracts | | | 1,126,793 | |
| Interest Rate Contracts | | | 795,435 | |
| Total | | $ | 2,360,596 | |
The average monthly value outstanding of purchased and written options during the Year ended March 31, 2016 were as follows:
| | | | | | | | | | | | | | | | |
| | | GuideMark®
World ex-US Fund | | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund* | |
| Purchased Options | | $ | — | | | $ | — | | | $ | 75,532 | | | $ | — | |
| Written Options | | $ | — | | | $ | (2,287 | ) | | $ | (101,983 | ) | | $ | — | |
The average monthly notional amount outstanding of futures, forwards, and swaps during the Year ended March 31, 2016 were as follows:
| | | | | | | | | | | | | | | | |
| Long Positions | | GuideMark®
World ex-US Fund | | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund* | |
| Futures | | $ | 5,634,797 | | | $ | 19,319,441 | | | $ | 951,486 | | | $ | 1,162,372,426 | |
| Forwards | | $ | — | | | $ | — | | | $ | 65,771,837 | | | $ | — | |
| Swaps | | $ | — | | | $ | 7,791,308 | | | $ | 20,543,062 | | | $ | — | |
| | | | |
| Short Positions | | GuideMark®
World ex-US Fund | | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund* | |
| Futures | | $ | — | | | $ | (12,806,087 | ) | | $ | (19,493,325 | ) | | $ | (91,366,463 | ) |
| Forwards | | $ | — | | | $ | — | | | $ | (24,936,543 | ) | | $ | — | |
| | | | |
| Cross | | GuideMark®
World ex-US Fund | | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund* | |
| Forwards | | $ | — | | | $ | — | | | $ | 17,670,804 | | | $ | — | |
| | * | | The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. |
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. See note 9 for options written.
162
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
Offsetting Assets and Liabilities
GuideMark® Core Fixed Income Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2016, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset in
the Statement of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | | | | | | | | | | | | | | | | | | | | | | |
Credit Suisse | | $ | 45,362 | | | $ | (33,105 | ) | | $ | 12,257 | | | $ | — | | | $ | — | | | $ | 12,257 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 45,362 | | | $ | (33,105 | ) | | $ | 12,257 | | | $ | — | | | $ | — | | | $ | 12,257 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | Gross Amounts not offset in
the Statement of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Liabilities
| | | Gross Amounts
Offset in the
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Pledged
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | | | | | | | | | | | | | | | | | | | | | | |
Credit Suisse | | $ | 33,105 | | | $ | (33,105 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 5,226 | | | | — | | | | 5,226 | | | | — | | | | (5,226 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 38,331 | | | $ | (33,105 | ) | | $ | 5,226 | | | $ | — | | | $ | (5,226 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
GuideMark® Opportunistic Fixed Income Fund
The Fund attempts to reduce its exposure to counterparty credit risk on over-the counter (“OTC”) derivatives, whenever possible, by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) agreements with certain counterparties. These agreements typically contain various provisions, including but not limited to, collateral requirements and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. The Fund is required to deposit financial collateral in the form of cash and/or securities at the clearing brokers and counterparties to continually meet the original and maintenance requirement established by the clearing brokers and counterparties. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.
163
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
The table below, as of March 31, 2016, 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.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset
in the Statement of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays | | $ | 48,362 | | | $ | — | | | $ | 48,362 | | | $ | (48,362 | ) | | $ | — | | | $ | — | |
Citibank | | | 2,981 | | | | — | | | | 2,981 | | | | (2,981 | ) | | | — | | | | — | |
Deutsche Bank | | | 92,672 | | | | — | | | | 92,672 | | | | (92,672 | ) | | | — | | | | — | |
Goldman Sachs | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
HSBC | | | 125,558 | | | | — | | | | 125,558 | | | | (125,558 | ) | | | — | | | | — | |
JP Morgan Chase | | | 196,246 | | | | — | | | | 196,246 | | | | (196,246 | ) | | | — | | | | — | |
Morgan Stanley | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
JP Morgan Chase | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 465,819 | | | $ | — | | | $ | 465,819 | | | $ | (465,819 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
| Liabilities | | | | | | | | | | | Gross Amounts not offset
in the Statement of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Liabilities
| | | Gross Amounts
Offset in the
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Pledged
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays | | $ | 265,982 | | | $ | — | | | $ | 265,982 | | | $ | (48,362 | ) | | $ | — | | | $ | 217,620 | |
Citibank | | | 440,917 | | | | — | | | | 440,917 | | | | (2,981 | ) | | | (300,000 | ) | | | 137,936 | |
Deutsche Bank | | | 867,341 | | | | — | | | | 867,341 | | | | (92,672 | ) | | | — | | | | 774,669 | |
Goldman Sachs | | | 95,229 | | | | — | | | | 95,229 | | | | — | | | | — | | | | 95,229 | |
HSBC | | | 365,258 | | | | — | | | | 365,258 | | | | (125,558 | ) | | | (239,700 | ) | | | — | |
JP Morgan Chase | | | 412,821 | | | | — | | | | 412,821 | | | | (196,246 | ) | | | (216,575 | ) | | | — | |
Morgan Stanley | | | 50,149 | | | | — | | | | 50,149 | | | | — | | | | — | | | | 50,149 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | 142,187 | | | | — | | | | 142,187 | | | | — | | | | — | | | | 142,187 | |
JP Morgan Chase | | | 2,411,169 | | | | — | | | | 2,411,169 | | | | — | | | | (2,411,169 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 5,051,053 | | | $ | — | | | $ | 5,051,053 | | | $ | (465,819 | ) | | $ | (3,167,444 | ) | | $ | 1,417,790 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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.
164
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
The table below, as of March 31, 2016, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities’ and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset
in the 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | $ | 4,585,957 | | | $ | (2,225,361 | ) | | $ | 2,360,596 | | | $ | — | | | $ | — | | | $ | 2,360,596 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 4,585,957 | | | $ | (2,225,361 | ) | | $ | 2,360,596 | | | $ | — | | | $ | — | | | $ | 2,360,596 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | $ | 2,225,361 | | | $ | (2,225,361 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 2,225,361 | | | $ | (2,225,361 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 6 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 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.
| | (o) | | Restricted and Illiquid Securities |
Each Fund may invest up to 15% of its net assets in securities that are illiquid, which includes securities with legal or contractual restrictions on their disposition, and securities for which there are no readily available market quotations. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under procedures adopted by the Board of Trustees.
| | (p) | | Auction Rate Securities |
The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The
165
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
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.
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.
For the year ended March 31, 2016, for the services performed as Trustees of the consolidated Board of Trustees of GPS Funds I, GPS Funds II, and Savos Investments Trust, the Independent Trustees receive a retainer fee of $65,000 per year, $4,500 per in-person meeting attended, and $2,000 per telephonic meeting attended, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The Independent Trustees also receive $4,500 per annual agreement renewal review meeting, whether it is held in-person or telephonically. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.
Effective April 1, 2016, for the services performed as Trustees of the consolidated Board of Trustees of GPS Funds I, GPS Funds II, Savos Investments Trust, which currently consists of one fund, and the GuideMark® Alternative Lending Income Fund, which is organized as a stand-alone trust but has not yet begun operation, the Independent Trustees receive a retainer fee of $80,000 per year, $4,500 per in-person meeting attended, $2,000 per telephonic meeting attended, and $4,500 per annual agreement renewal review meeting, whether it is held in-person or 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.
The Funds are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company, which included the GuideMark® Emerging Markets Fund, who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
| | (t) | | 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 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.
Each Trust has an Investment Advisory Agreement (the “Agreement”) with AssetMark, Inc. (the “Advisor” or “AssetMark”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:
| | | | |
Large Cap Core Fund | | | 0.45% | |
Emerging Markets Fund | | | 0.59% | |
Small/Mid Cap Core Fund | | | 0.57% | |
World ex-US Fund | | | 0.50% | |
Opportunistic Equity Fund | | | 0.80% | |
Core Fixed Income Fund | | | 0.50% | |
Tax-Exempt Fixed Income Fund | | | 0.50% | |
Opportunistic Fixed Income Fund | | | 0.70% | |
Growth Allocation Fund | | | 0.25% | |
Conservative Allocation Fund | | | 0.25% | |
Tactical Allocation Fund | | | 0.35% | |
Absolute Return Allocation Fund | | | 0.35% | |
Multi-Asset Income Allocation Fund | | | 0.35% | |
Flexible Income Allocation Fund | | | 0.25% | |
Managed Futures Strategy Fund | | | 1.05% | |
From April 1, 2015 through October 8, 2015 the Investment Advisory Fee for the GuideMark® Large Cap Core Fund was 0.70%, the GuideMark® Emerging Markets Fund was 0.70%, the GuideMark® Small/Mid Cap Core Fund was 0.75%, and the GuideMark® World ex-US Fund was 0.70%.
AssetMark also provides certain administrative services to the Service Shares of the Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a fee of 0.25% of the average daily net assets of the Service Shares of the Funds. The administrative services may include development and maintenance of a web-based software platform for both investment advisers and shareholders; creation of a customized full-color client quarterly performance review for each individual client; facilitating the initiation and setup of new account
166
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
and related asset transfers; reviewing and following up on custodial paperwork; attending to shareholder correspondence, requests and inquiries, and other communications with shareholders and their representatives; assisting with the processing of purchases and redemptions of shares; and monitoring and overseeing non-advisory relationships with entities providing services to the Service Shares; including the transfer agent and custodian.
In addition, GPS Funds I and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to waive 0.025% of each Fund’s annual advisory fee on assets in GPS Funds I collectively in excess of $6 billion, and an additional 0.025% of each Fund’s annual advisory fee on assets in GPS Funds I collectively in excess of $12 billion.
Effective August 1, 2015, with the exception of the GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, and GuideMark® World ex-US Fund which were effective October 9, 2015, each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive, through July 31, 2017, 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, based on daily net assets of each class of each Fund:
| | | | | | | | |
| | | Service
Class
| | | Institutional
Class
| |
Large Cap Core Fund | | | 1.24% | | | | 0.64% | |
Emerging Markets Fund | | | 1.65% | | | | 1.05% | |
Small/Mid Cap Core Fund | | | 1.45% | | | | 0.85% | |
World ex-US Fund | | | 1.39% | | | | 0.79% | |
Opportunistic Equity Fund | | | 1.60% | | | | 1.00% | |
Core Fixed Income Fund | | | 1.29% | | | | 0.69% | |
Tax-Exempt Fixed Income Fund | | | 1.29% | | | | 0.69% | |
Opportunistic Fixed Income Fund | | | 1.55% | | | | 0.95% | |
Growth Allocation Fund | | | 1.00% | | | | 0.40% | |
Conservative Allocation Fund | | | 1.00% | | | | 0.40% | |
Tactical Allocation Fund | | | 1.10% | | | | 0.50% | |
Absolute Return Allocation Fund | | | 1.10% | | | | 0.50% | |
Multi-Asset Income Allocation Fund | | | 1.10% | | | | 0.50% | |
Flexible Income Allocation Fund | | | 1.05% | | | | 0.45% | |
Managed Futures Strategy Fund* | | | 1.90% | | | | 1.30% | |
| | * | | The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. |
From April 1, 2015 through July 31, 2015 each Fund and the Advisor had entered into an Expense Waiver and Reimbursement Agreement under which the Advisor had agreed to waive 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 Distribution (12b-1) Fees, Administrative Service Fees, 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, based on each Fund’s average daily net assets:
| | | | |
Large Cap Core Fund | | | 0.99% | |
Emerging Markets Fund | | | 0.99% | |
Small/Mid Cap Core Fund | | | 1.09% | |
World ex-US Fund | | | 1.09% | |
Opportunistic Equity Fund | | | 1.10% | |
Core Fixed Income Fund | | | 0.79% | |
Tax-Exempt Fixed Income Fund | | | 0.79% | |
Opportunistic Fixed Income Fund | | | 1.05% | |
Growth Allocation Fund | | | 0.50% | |
Conservative Allocation Fund | | | 0.50% | |
Tactical Allocation Fund | | | 0.60% | |
Absolute Return Allocation Fund | | | 0.60% | |
Multi-Asset Income Allocation Fund | | | 0.60% | |
Flexible Income Allocation Fund | | | 0.55% | |
From August 1, 2015 through October 8, 2015 the Expense Waiver and Reimbursement for the GuideMark® Large Core Fund was 1.49% (Service Shares) and 0.89% (Institutional Shares), the GuideMark® Emerging Markets Fund was 1.49% (Service Shares) and 0.89% (Institutional Shares), the GuideMark® Small/Mid Cap Core Fund was 1.59% (Service Shares) and 0.99% (Institutional Shares), and the GuideMark® World ex-US Fund was 1.59% (Service Shares) and 0.99% (Institutional Shares).
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 limitation cap 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 fiscal year in which the fee or expense was waived or reimbursed. As of March 31, 2016, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, Opportunistic Equity Fund, Growth Allocation Fund, Conservative Allocation Fund, Tactical Allocation Fund, Absolute Return Allocation Fund, Multi-Asset Income Allocation Fund, and Flexible Income Allocation 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 cap. Waived expenses subject to potential recovery are as follows:
| | | | | | | | | | | | |
| | | Year of
Expiration
03/31/2017
| | | Year of
Expiration
03/31/2018
| | | Year of
Expiration
03/31/2019
| |
World ex-US Fund | | $ | 64,077 | | | $ | — | | | $ | 57,314 | |
Core Fixed Income Fund | | | — | | | | — | | | | 58,312 | |
Tax-Exempt Fixed Income Fund | | | 66,988 | | | | 58,715 | | | | 82,292 | |
Opportunistic Fixed Income Fund | | | 77,167 | | | | 186,297 | | | | 242,737 | |
Managed Futures Strategy Fund | | | — | | | | — | | | | 109,081 | |
167
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
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.
Each Trust, on behalf of the Service Shares class of its Funds, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent year ended March 31, 2016.
| 5. | | Service and Custody Agreements |
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“USBFS”) and a Custody Agreement with U.S. Bank, N.A., an affiliate of USBFS. Under these agreements, USBFS and U.S. Bank, N.A. provide certain transfer agency, administrative, accounting and custody services.
Additionally, the Opportunistic Fixed Income Fund has entered into a Custody Agreement with the Bank of New York Mellon for certain custody services.
The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with U.S. Bank, N.A. (the “Custodian”). Under the term 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 short term instruments as noted in the Schedule of Investments. 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 custody costs and other charges incurred by the Funds. 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.
As of March 31, 2016, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund and Managed Futures Strategy Fund) had loaned securities that were collateralized by cash. The 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. 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
| | Money Market Funds*
| |
Large Cap Core Fund | | $ | 85,097,996 | |
Emerging Markets Fund | | | 950,382 | |
Small/Mid Cap Core Fund | | | 23,286,836 | |
World ex-US Fund | | | 3,371,777 | |
Opportunistic Equity Fund | | | 20,750,989 | |
Core Fixed Income Fund | | | 3,797,653 | |
Tax-Exempt Fixed Income Fund | | | — | |
Opportunistic Fixed Income Fund | | | — | |
Growth Allocation Fund | | | 77,049,918 | |
Conservative Allocation Fund | | | 12,824,493 | |
Tactical Allocation Fund | | | 15,134,578 | |
Absolute Return Allocation Fund | | | 2,105,637 | |
Multi-Asset Income Allocation Fund | | | 20,849,155 | |
Flexible Income Allocation Fund | | | 16,638,946 | |
Managed Futures Strategy Fund | | | — | |
| |
Amounts related to agreements not included in offsetting disclosure in footnote 2 (Offsetting Assets and Liabilities). | | $ | 281,858,360 | |
| | * | | Proceeds from securities lending (Money Market collateral). |
168
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
| 7. | | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2016 are summarized below.
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Large Cap Core Fund | | $ | 286,408,274 | | | $ | 256,902,387 | |
Emerging Markets Fund | | | 256,307,651 | | | | 327,459,952 | |
Small/Mid Cap Core Fund | | | 130,943,780 | | | | 113,172,130 | |
World ex-US Fund | | | 328,089,972 | | | | 426,576,307 | |
Opportunistic Equity Fund | | | 97,646,853 | | | | 149,825,384 | |
Core Fixed Income Fund* | | | 431,262,026 | | | | 517,484,500 | |
Tax-Exempt Fixed Income Fund | | | 7,140,160 | | | | 23,018,933 | |
Opportunistic Fixed Income Fund** | | | 51,237,055 | | | | 140,543,693 | |
Growth Allocation Fund | | | 369,814,480 | | | | 230,590,351 | |
Conservative Allocation Fund | | | 181,075,176 | | | | 277,897,407 | |
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Tactical Allocation Fund | | $ | 1,519,468,250 | | | $ | 1,552,322,802 | |
Absolute Return Allocation Fund | | | 606,967,706 | | | | 810,772,366 | |
Multi-Asset Income Allocation Fund | | | 174,564,763 | | | | 197,834,661 | |
Flexible Income Allocation Fund | | | 191,433,718 | | | | 215,832,399 | |
Managed Futures Strategy Fund*** | | | — | | | | — | |
| | * | | Included in these amounts were $64,746,344 of purchases and $69,934,326 of sales of U.S. Government Securities. |
| | ** | | Included in these amounts were $2,986,881 of purchases and $2,982,932 of sales of U.S. Government Securities. |
| | *** | | The GuidePath® Managed Futures Strategy Fund commeneced operations on January 19, 2016. |
| 8. | | Transactions with Affiliates |
The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor.
The GuidePath® Funds had the following transactions during the year ended March 31, 2016, with affiliates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Share Activity
| | | Year Ended March 31, 2016
| |
Security Name
| | Balance
March 31, 2015
| | | Purchases
| | | Sales
| | | Balance
March 31, 2016
| | | Fair
Value
| | | Dividends
Credited
to Income
| | | Amount of Gain*
(Loss) realized on
Sale of Shares
| |
Growth Allocation Fund | |
Altegris® Macro Strategy Fund - Institutional Shares | | | 305,699 | | | | 23,680 | | | | 329,379 | | | | — | | | $ | — | | | $ | 344,824 | | | $ | (298,440 | ) |
Altegris® Multi-Strategy Alternatives Fund - Institutional Shares | | | 510,598 | | | | 52,349 | | | | 562,947 | | | | — | | | | — | | | | 163,421 | | | | (149,366 | ) |
GuideMark® Large Cap Core Fund - Institutional Shares | | | 1,223,084 | | | | 1,351,656 | | | | 561,901 | | | | 2,012,839 | | | | 29,890,657 | | | | 119,711 | | | | 1,115,161 | |
GuideMark® Emerging Markets Fund - Institutional Shares | | | 1,600,622 | | | | 186,263 | | | | 1,264,737 | | | | 522,148 | | | | 5,931,602 | | | | 250,488 | | | | 3,170,794 | |
GuideMark® Global Real Return Fund - Institutional Shares | | | 1,301,374 | | | | 29,325 | | | | 1,330,699 | | | | — | | | | — | | | | 56,414 | | | | (2,361,514 | ) |
GuideMark® Opportunistic Equity Fund - Institutional Shares | | | 1,106,932 | | | | 223,675 | | | | 1,330,607 | | | | — | | | | — | | | | 109,765 | | | | 1,938,740 | |
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 1,408,994 | | | | 1,701,357 | | | | 665,481 | | | | 2,444,870 | | | | 37,479,858 | | | | 59,316 | | | | 386,376 | |
GuideMark® World ex-US Fund - Institutional Shares | | | 5,603,058 | | | | 3,012,266 | | | | 2,113,401 | | | | 6,501,923 | | | | 50,324,887 | | | | 1,140,723 | | | | (533,582 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | 123,627,004 | | | $ | 2,244,662 | | | $ | 3,268,169 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
Conservative Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 2,124,697 | | | | 346,245 | | | | 2,470,942 | | | | — | | | $ | — | | | $ | 237,981 | | | $ | 161,163 | |
GuideMark® Large Cap Core Fund - Institutional Shares | | | 784,709 | | | | 371,185 | | | | 1,057,681 | | | | 98,213 | | | | 1,458,470 | | | | 87,768 | | | | 3,287,042 | |
GuideMark® Emerging Markets Fund - Institutional Shares | | | 968,299 | | | | 324,223 | | | | 1,279,563 | | | | 12,959 | | | | 147,214 | | | | 93,085 | | | | 3,137,072 | |
GuideMark® Opportunistic Equity Fund - Institutional Shares | | | 1,494,135 | | | | 1,064,204 | | | | 2,558,339 | | | | — | | | | — | | | | 202,176 | | | | 2,377,612 | |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 966,806 | | | | 1,739,078 | | | | 2,705,884 | | | | — | | | | — | | | | 77,222 | | | | (482,838 | ) |
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 606,851 | | | | 84,155 | | | | 485,935 | | | | 205,071 | | | | 3,143,743 | | | | 8,277 | | | | 2,479,308 | |
GuideMark® World ex-US Fund - Institutional Shares | | | 3,813,221 | | | | 727,234 | | | | 4,212,703 | | | | 327,752 | | | | 2,536,800 | | | | 503,219 | | | | 987,588 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | 7,286,227 | | | $ | 1,209,728 | | | $ | 11,946,947 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
169
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Share Activity
| | | Year Ended March 31, 2016
| |
Security Name
| | Balance
March 31, 2015
| | | Purchases
| | | Sales
| | | Balance
March 31, 2016
| | | Fair
Value
| | | Dividends
Credited
to Income
| | | Amount of Gain*
(Loss) realized on
Sale of Shares
| |
Tactical Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 906,090 | | | | 145,544 | | | | 1,051,634 | | | | — | | | $ | — | | | $ | 80,386 | | | $ | 91,895 | |
GuideMark® Large Cap Core Fund - Institutional Shares | | | 914,346 | | | | 86,301 | | | | 1,000,647 | | | | — | | | | — | | | | — | | | | 3,666,427 | |
GuideMark® Emerging Markets Fund - Institutional Shares | | | 1,957,974 | | | | 216,748 | | | | 2,174,722 | | | | — | | | | — | | | | — | | | | 4,928,048 | |
GuideMark® Opportunistic Equity Fund - Institutional Shares | | | 2,358,179 | | | | 594,657 | | | | 2,952,836 | | | | — | | | | — | | | | 212,297 | | | | 565,952 | |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 2,150,569 | | | | 264,191 | | | | 2,414,760 | | | | — | | | | — | | | | 168,383 | | | | (656,486 | ) |
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 258,994 | | | | 27,685 | | | | 286,679 | | | | — | | | | — | | | | — | | | | 1,477,208 | |
GuideMark® World ex-US Fund - Institutional Shares | | | 2,749,603 | | | | 894,530 | | | | 3,644,133 | | | | — | | | | — | | | | — | | | | (489,278 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | — | | | $ | 461,066 | | | $ | 9,583,766 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | |
Absolute Return Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 1,283,660 | | | | 145,364 | | | | 1,429,024 | | | | — | | | $ | — | | | $ | 155,374 | | | $ | 133,126 | |
GuideMark® Emerging Markets Fund - Institutional Shares | | | 337,528 | | | | 45,404 | | | | 382,932 | | | | — | | | | — | | | | — | | | | 789,613 | |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | — | | | | 1,221,268 | | | | 550,633 | | | | 670,635 | | | | 6,069,246 | | | | — | | | | (17,058 | ) |
GuideMark® World ex-US Fund - Institutional Shares | | | 340,049 | | | | 58,506 | | | | 398,555 | | | | — | | | | — | | | | — | | | | (45,644 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | 6,069,246 | | | $ | 155,374 | | | $ | 860,037 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | |
Multi-Asset Income Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 241,699 | | | | 98,730 | | | | 209,772 | | | | 130,657 | | | $ | 1,236,015 | | | $ | 28,502 | | | $ | (8,768 | ) |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 27,612 | | | | 626,268 | | | | 424,601 | | | | 229,279 | | | | 2,074,975 | | | | 2,153 | | | | (26,641 | ) |
GuideMark® World ex-US Fund - Institutional Shares | | | 437,242 | | | | 29,336 | | | | 466,578 | | | | — | | | | — | | | | — | | | | 208,063 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | 3,310,990 | | | $ | 30,655 | | | $ | 172,654 | |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | |
Flexible Income Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 3,289,684 | | | | 207,629 | | | | 3,419,642 | | | | 77,671 | | | $ | 734,766 | | | $ | 363,933 | | | $ | (32,812 | ) |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 2,129,846 | | | | 362,729 | | | | 2,492,575 | | | | — | | | | — | | | | 166,796 | | | | (1,564,566 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | 734,766 | | | $ | 530,729 | | | $ | (1,597,378 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | * | | Includes long-term capital gains distributions received from affiliates. |
| 9. | | Option Contracts Written |
The premium amount and number of option contracts written during the Year ended March 31, 2016, were as follows:
Core Fixed Income Fund
| | | | | | | | | | | | |
| | | Amount of
Premiums
| | | Number of
Contracts
| | | Notional
Amount
| |
Outstanding at 3/31/15 | | $ | — | | | | — | | | | — | |
Options written | | | 38,916 | | | | — | | | | 13,408,000 | |
Options expired | | | (38,916 | ) | | | — | | | | (13,408,000 | ) |
Options exercised | | | — | | | | — | | | | — | |
Options closed | | | — | | | | — | | | | — | |
| | |
|
|
|
Outstanding at 3/31/16 | | $ | — | | | | — | | | | — | |
| | |
|
|
|
170
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
Opportunistic Fixed Income Fund
| | | | | | | | | | | | |
| | | Amount of
Premiums
| | | Number of
Contracts
| | | Notional
Amount
| |
Outstanding at 3/31/15 | | $ | 59,769 | | | | 411 | | | | — | |
Options written | | | 75,314 | | | | 598 | | | | 4,200,000 | |
Options expired | | | (68,247 | ) | | | (726 | ) | | | — | |
Options exercised | | | — | | | | — | | | | — | |
Options closed | | | (66,836 | ) | | | (283 | ) | | | (4,200,000 | ) |
| | |
|
|
|
Outstanding at 3/31/16 | | $ | — | | | | — | | | | — | |
| | |
|
|
|
No other Fund held written option contracts at any time during the period ended March 31, 2016.
| 10. | | Other Tax Information |
Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.
These differences are primarily due to foreign currency, Passive Foreign Investment Companies, Partnerships and paydown reclassifications. On the Statement of Assets and Liabilities, the following adjustments were made:
| | | | | | | | | | | | |
| | | Accumulated
Net Investment
Income or (Loss)
| | | Accumulated
Realized
Gain or (Loss)
| | | Capital
Stock
| |
Large Cap Core Fund | | $ | — | | | $ | — | | | $ | — | |
Emerging Markets Fund | | | (334,175 | ) | | | 362,415 | | | | (28,240 | ) |
Small/Mid Cap Core Fund | | | (54,068 | ) | | | 297,794 | | | | (243,726 | ) |
World ex-US Fund | | | 712,630 | | | | (712,630 | ) | | | — | |
Opportunistic Equity Fund | | | 75,085 | | | | (75,066 | ) | | | (19 | ) |
Core Fixed Income Fund | | | 497,037 | | | | (497,037 | ) | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 5,589,320 | | | | (5,589,320 | ) | | | — | |
Growth Allocation Fund | | | — | | | | — | | | | — | |
Conservative Allocation Fund | | | 1,524 | | | | (1,523 | ) | | | (1 | ) |
Tactical Allocation Fund | | | (28,583 | ) | | | 28,583 | | | | — | |
Absolute Return Allocation Fund | | | (248,231 | ) | | | 16,249 | | | | 231,982 | |
Multi-Asset Income Allocation Fund | | | (40 | ) | | | 40 | | | | — | |
Flexible Income Allocation Fund | | | — | | | | — | | | | — | |
Managed Futures Strategy Fund | | | 505,223 | | | | 5,149,562 | | | | (5,654,785 | ) |
The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Indefinite carryovers must be used first, resulting in a greater likelihood that pre-enactment losses may expire. Capital loss carryforwards available for Federal income tax purposes are as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Capital losses expiring:
| | | Utilized
| |
| | | | | | | | | Indefinite*
| | | | |
| | | 3/31/2017
| | | 3/31/2018
| | | Short Term
| | | Long Term
| | | | |
Large Cap Core Fund | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 20,896,224 | |
Emerging Markets Fund | | | — | | | | 94,740,824 | | | | — | | | | — | | | | 38,603,637 | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
World ex-US Fund | | | 62,607,085 | | | | 139,582,037 | | | | 16,628,139 | | | | — | | | | — | |
Opportunistic Equity Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
Core Fixed Income Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
Tax-Exempt Fixed Income Fund | | | 507,875 | | | | 2,354,785 | | | | — | | | | — | | | | 1,058,932 | |
Opportunistic Fixed Income Fund | | | — | | | | — | | | | 1,760,263 | | | | — | | | | 1,877,343 | |
Growth Allocation Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
Conservative Allocation Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
Tactical Allocation Fund | | | — | | | | — | | | | 8,248,902 | | | | — | | | | — | |
Absolute Return Allocation Fund | | | — | | | | — | | | | 2,198,377 | | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | — | | | | — | | | | 1,338,728 | | | | 1,160,745 | | | | — | |
Flexible Income Allocation Fund | | | — | | | | — | | | | 1,840,568 | | | | 5,592,570 | | | | — | |
Managed Futures Strategy Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
| | * | | The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses and their character is retained as short-term or long-term losses. |
171
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
Additionally, at March 31, 2016, the Funds deferred on a tax basis losses as follows:
| | | | | | | | |
| | | Ordinary Late
Year Loss
| | | Capital
Loss
| |
Large Cap Core Fund | | $ | — | | | $ | — | |
Emerging Markets Fund | | | 535,847 | | | | — | |
Small/Mid Cap Core Fund | | | — | | | | 1,054,737 | |
World ex-US Fund | | | — | | | | — | |
Opportunistic Equity Fund | | | 105,707 | | | | — | |
Core Fixed Income Fund | | | — | | | | 986,960 | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | — | | | | 12,949,335 | |
Growth Allocation Fund | | | — | | | | — | |
Conservative Allocation Fund | | | — | | | | 4,726,820 | |
Tactical Allocation Fund | | | — | | | | 18,748,207 | |
Absolute Return Allocation Fund | | | — | | | | 11,670,368 | |
Multi-Asset Income Allocation Fund | | | — | | | | 6,962,945 | |
Flexible Income Allocation Fund | | | — | | | | 4,216,905 | |
Managed Futures Strategy Fund | | | — | | | | — | |
A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively.
The character of distributions for tax purposes paid during the fiscal years ended March 31, 2016 and March 31, 2015 are as follows:
| | | | | | | | | | | | |
| | | Year Ended March 31, 2016
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| | | Return of
Capital
| |
Large Cap Core Fund | | $ | 981,309 | | | $ | 7,226,929 | | | $ | — | |
Emerging Markets Fund | | | 1,975,997 | | | | — | | | | — | |
Small/Mid Cap Core Fund | | | 293,891 | | | | 1,800,770 | | | | — | |
World ex-US Fund | | | 5,839,865 | | | | — | | | | — | |
Opportunistic Equity Fund | | | 632,301 | | | | 15,840,853 | | | | — | |
Core Fixed Income Fund | | | 4,565,466 | | | | 2,192,419 | | | | — | |
Tax-Exempt Fixed Income Fund | | | 1,616,922 | * | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 1,670,971 | | | | — | | | | — | |
Growth Allocation Fund | | | 2,196,042 | | | | 4,302,920 | | | | — | |
Conservative Allocation Fund | | | 1,381,571 | | | | 12,682,062 | | | | — | |
Tactical Allocation Fund | | | 658,835 | | | | 3,768,696 | | | | — | |
Absolute Return Allocation Fund | | | 7,089,483 | | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | 4,413,652 | | | | 434,239 | | | | — | |
Flexible Income Allocation Fund | | | 1,917,799 | | | | — | | | | — | |
Managed Futures Strategy Fund** | | | — | | | | — | | | | — | |
| | * | | Contains $1,585,965 of tax-exempt income for year ended 3/31/2016. |
| | ** | | For the period January 19, 2016 (commencement of operations) through March 31, 2016. |
| | | | | | | | | | | | |
| | | Year Ended March 31, 2015
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| | | Return of
Capital
| |
Large Cap Core Fund | | $ | 612,700 | | | $ | — | | | $ | — | |
Emerging Markets Fund | | | 3,081,621 | | | | — | | | | — | |
Small/Mid Cap Core Fund | | | 806,119 | | | | 4,104,710 | | | | — | |
World ex-US Fund | | | 5,666,416 | | | | — | | | | — | |
Opportunistic Equity Fund | | | 4,581,200 | | | | 17,807,110 | | | | — | |
Core Fixed Income Fund | | | 4,220,388 | | | | 441,429 | | | | — | |
Tax-Exempt Fixed Income Fund | | | 1,871,450 | * | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 9,147,618 | | | | — | | | | — | |
Growth Allocation Fund | | | 4,680,370 | | | | 2,554,862 | | | | — | |
Conservative Allocation Fund | | | 2,728,561 | | | | 8,186,825 | | | | — | |
Tactical Allocation Fund | | | 8,230,196 | | | | 26,176,837 | | | | — | |
Absolute Return Allocation Fund | | | 8,045,672 | | | | — | | | | — | |
172
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2016
| | | | | | | | | | | | |
| | | Year Ended March 31, 2015
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| | | Return of
Capital
| |
Multi-Asset Income Allocation Fund | | $ | 5,287,667 | | | $ | 478,403 | | | $ | — | |
Flexible Income Allocation Fund | | | 3,018,738 | | | | — | | | | — | |
| | * | | Contains $1,812,715 of tax-exempt income for year ended 3/31/2015. |
At March 31, 2016, 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
| | | Opportunistic
Equity
Fund
| | | Core
Fixed Income
Fund
| |
Cost of Investments | | | 298,454,352 | | | | 121,187,028 | | | | 107,606,086 | | | | 182,546,132 | | | | 85,273,635 | | | | 226,026,182 | |
Gross Unrealized Appreciation | | | 39,117,394 | | | | 9,564,746 | | | | 8,821,624 | | | | 19,411,762 | | | | 11,488,932 | | | | 6,079,616 | |
Gross Unrealized Depreciation | | | (9,753,167 | ) | | | (5,557,669 | ) | | | (5,767,359 | ) | | | (10,709,505 | ) | | | (6,010,365 | ) | | | (993,882 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 29,364,227 | | | | 4,007,077 | | | | 3,054,265 | | | | 8,702,257 | | | | 5,478,567 | | | | 5,085,734 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 482,811 | | | | — | | | | — | | | | 3,332,347 | | | | — | | | | 299,612 | |
Undistributed Long-Term Cap Gains | | | 416,354 | | | | — | | | | | | | | — | | | | 1,091,965 | | | | | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 899,165 | | | | — | | | | — | | | | 3,332,347 | | | | 1,091,965 | | | | 299,612 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | — | | | | (95,273,797 | ) | | | (1,054,737 | ) | | | (218,833,161 | ) | | | (105,707 | ) | | | (1,014,270 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Accumulated Earnings/(Losses) | | | 30,263,392 | | | | (91,266,720 | ) | | | 1,999,528 | | | | (206,798,557 | ) | | | 6,464,825 | | | | 4,371,076 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tax-Exempt
Fixed Income
Fund
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute Return
Allocation
Fund
| |
Cost of Investments | | | 45,020,833 | | | | 91,203,570 | | | | 431,117,708 | | | | 65,024,861 | | | | 409,795,239 | | | | 147,246,430 | |
Gross Unrealized Appreciation | | | 4,139,516 | | | | 2,849,651 | | | | 43,173,535 | | | | 4,411,626 | | | | 7,264,914 | | | | 3,213,112 | |
Gross Unrealized Depreciation | | | (4,141 | ) | | | (9,566,224 | ) | | | (2,774,994 | ) | | | (360,619 | ) | | | (3,754,114 | ) | | | (1,739,633 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 4,135,375 | | | | (6,716,573 | ) | | | 40,398,541 | | | | 4,051,007 | | | | 3,510,800 | | | | 1,473,479 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | 19,860 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 1,800 | | | | 1,566,323 | | | | 890,944 | | | | — | | | | 3,197,003 | | | | 569,179 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | 9,949,283 | | | | 9,908,476 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 21,660 | | | | 1,566,323 | | | | 10,840,227 | | | | 9,908,476 | | | | 3,197,003 | | | | 569,179 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (2,862,660 | ) | | | (14,483,071 | ) | | | (23,855 | ) | | | (4,750,674 | ) | | | (27,020,964 | ) | | | (13,892,600 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Accumulated Earnings/(Losses) | | | 1,294,375 | | | | (19,633,321 | ) | | | 51,214,913 | | | | 9,208,809 | | | | (20,313,161 | ) | | | (11,849,942 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | |
| | | Multi-Asset
Income
Allocation
Fund
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures Strategy
Fund
| |
Cost of Investments | | | 123,471,194 | | | | 129,381,646 | | | | 187,067,886 | |
Gross Unrealized Appreciation | | | 6,217,100 | | | | 2,531,875 | | | | 32,328 | |
Gross Unrealized Depreciation | | | (2,445,027 | ) | | | (386,705 | ) | | | (1,390 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 3,772,073 | | | | 2,145,170 | | | | 30,938 | |
| | |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 49,560 | | | | 173,432 | | | | — | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | 1,489,705 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 49,560 | | | | 173,432 | | | | 1,489,705 | |
| | |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (9,462,418 | ) | | | (11,650,044 | ) | | | (744,852 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Accumulated Earnings/(Losses) | | | (5,640,785 | ) | | | (9,331,442 | ) | | | 775,791 | |
| | |
|
|
| |
|
|
| |
|
|
|
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.
173
GuideMark® Funds & GuidePath® Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of GPS Funds I and GPS Funds II
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of GPS Funds I and GPS Funds II comprising GuideMark Large Cap Core Fund (formerly GuideMark Large Cap Growth Fund), GuideMark Emerging Markets Fund (formerly GuideMark Large Cap Value Fund), GuideMark Small/Mid Cap Core Fund, GuideMark World Ex-US Fund, GuideMark Opportunistic Equity Fund, GuideMark Core Fixed Income Fund, GuideMark Tax-Exempt Fixed Income Fund, GuideMark Opportunistic Fixed Income Fund, GuidePath Growth Allocation Fund (formerly GuidePath Strategic Asset Allocation Fund), GuidePath Conservative Allocation Fund (formerly GuidePath Tactical Constrained Asset Allocation Fund), GuidePath Tactical Allocation Fund (formerly GuidePath Tactical Unconstrained Asset Allocation Fund), GuidePath Absolute Return Allocation Fund (formerly GuidePath Absolute Return Asset Allocation Fund), GuidePath Multi-Asset Income Allocation Fund (formerly GuidePath Multi-Asset Income Asset Allocation Fund), GuidePath Flexible Income Allocation Fund (formerly GuidePath Fixed Income Allocation Fund), and the consolidated schedule of investments and the accompanying consolidated statement of assets and liabilities of GuidePath Managed Futures Strategy Fund (the “Funds”) as of March 31, 2016, and the related consolidated statements of operations and changes in net assets and the consolidated financial highlights for the period presented for GuidePath Managed Futures Strategy Fund, and the related statements of operations for the year ended March 31, 2016 and changes in net assets for each of the two years ended March 31, 2016 and the financial highlights for each of the three years ended March 31, 2016 for the remainder of the Funds (collectively, for all Funds presented, the “financial statements”). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods ended prior to March 31, 2014, were audited by other auditors whose report dated May 30, 2013, expressed an unqualified opinion of those highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2016, by correspondence with the custodian and brokers, or other appropriate auditing procedures where replies from brokers or counterparties were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting GPS Funds I and GPS Funds II as of March 31, 2016, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods noted above, in conformity with accounting principles generally accepted in the United States of America.
COHEN FUND AUDIT SERVICES, LTD.
Cleveland, Ohio
May 27, 2016
174
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION
March 31, 2016
Additional Information
| 1. | | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year 2016 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 | | | 100.00% | | | | 100.00% | |
Small/Mid Cap Core Fund | | | 46.36% | | | | 48.31% | |
World ex-US Fund | | | 0.72% | | | | 100.00% | |
Opportunistic Equity Fund | | | 100.00% | | | | 100.00% | |
Core Fixed Income Fund | | | 0.00% | | | | 0.00% | |
Tax-Exempt Fixed Income Fund | | | 0.00% | | | | 0.00% | |
Opportunistic Fixed Income Fund | | | 1.08% | | | | 2.43% | |
Growth Allocation Fund | | | 32.75% | | | | 100.00% | |
Conservative Allocation Fund | | | 48.57% | | | | 97.88% | |
Tactical Allocation Fund | | | 30.00% | | | | 59.18% | |
Absolute Return Allocation Fund | | | 2.94% | | | | 6.98% | |
Multi-Asset Income Allocation Fund | | | 12.57% | | | | 36.23% | |
Flexible Income Allocation Fund | | | 0.16% | | | | 2.47% | |
Managed Futures Strategy Fund | | | 0.00% | | | | 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, 2016. 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 | | $ | 44,227 | | | $ | 0.0041 | | | | 24.81 | % |
World ex-US Fund | | | 483,406 | | | | 0.0197 | | | | 98.87 | % |
Growth Allocation Fund | | | 99,730 | | | | 0.0026 | | | | 4.34 | % |
Conservative Allocation Fund | | | 43,995 | | | | 0.0075 | | | | 3.36 | % |
| | * | | The Funds listed above did not derive any income from “ineligible foreign sources” as defined under Section 901(j) of the Internal Revenue Code. |
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.
175
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
| 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
| | # 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). | | 17
| | Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-present); Trustee, Genworth Variable Insurance Trust (“GVIT”) (2008-2012); Director, Hospice and Palliative Care of Cape Cod (2006-2011). |
| | | | | |
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). | | 17
| | Trustee, Savos Investments Trust (2015-present); Trustee, GVIT (2008-2012). |
| | | | | |
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). | | 17
| | Trustee, Savos Investments Trust (2015-present); Director, Blue Calypso, Inc. (2015-present); Director, Owens Realty Mortgage Inc. (2013-present); Director, Cambria ETF Series Trust (2013-present) Director, Sitoa Global Inc. (2011-2013); Director, Wells Fargo ASGI Hedge Funds (closed-end hedge funds) (2008-present); Director/Chairman, Pacific Metrics Corp. (educational services) (2005-2014); Director, Merriman Holdings, Inc. (financial services) (2003-present); Director, Grail Advisors ETF Trust (2009-2011); Director, Varian Semiconductor Equipment Associates, Inc. (2004-2011); Director, North Bay Bancorp (2006-2007). |
176
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
| | | | | | | | | | |
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
| | # of
Portfolios
in Fund
Complex
Overseen
by Trustee
| | Other Director/
Trustee Positions
|
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 2007 | | President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); and President, GVIT (2008-2012); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present). | | 17 | | Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present); Director, Lamorinda Soccer Club (2011-2013). |
| | | | | | |
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 | | Treasurer | | Renewed 1-Year Term since 2014 | | 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) and GVIT (2008-2010); 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 Trust as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates. |
| ** | | Each Officer of the Trust 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 Form N-Q. Once filed, the Funds’ Form N-Q is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, D.C. (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, D.C. 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
177
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
| 6. | | Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) |
GPS FUNDS I and GPS FUNDS II:
Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements
At the meeting of the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds I and GPS Funds II (collectively, the “Trusts”) held on December 9, 2015 (the “Meeting”), the Board considered the renewal of the investment advisory agreements between AssetMark, Inc. (the “Advisor” or “AssetMark”) and each Trust on behalf of the series of each Trust (collectively, the “Funds”) (the “Advisory Agreements”). Additionally, the Board considered the renewal of the investment sub-advisory agreements between (i) Wellington Management Company (“Wellington”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; (ii) Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; (iii) Diamond Hill Capital Management, Inc. (“Diamond Hill”) and AssetMark, on behalf of the GuideMark® Opportunistic Equity Fund; (iv) River Road Asset Management, LLC (“River Road”) and AssetMark, on behalf of the GuideMark® Opportunistic Equity Fund; (v) Westfield Capital Management Company, L.P. (“Westfield”) and AssetMark, on behalf of the GuideMark® Opportunistic Equity Fund; (vi) Delaware Management Company (“Delaware”) and AssetMark, on behalf of the GuideMark® Tax-Exempt Fixed Income Fund; (vii) Franklin Advisers, Inc. (“Franklin Advisers”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; (viii) Loomis, Sayles and Company, L.P. (“Loomis Sayles”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; and (ix) DoubleLine Capital LP (“DoubleLine”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund (collectively, the “Sub-Advisory Agreements”). Hereinafter, Wellington, Barrow Hanley, Diamond Hill, River Road, Westfield, Delaware, Franklin, Loomis Sayles, and DoubleLine are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.”
The Sub-Advised Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated, and are subject to replacement, at all times.
The Board – including a majority of the independent Trustees – determined to approve the continuance of the Advisory Agreements and the Sub-Advisory Agreements. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from independent legal counsel to the independent Trustees (“Independent Counsel”). The determination to approve the renewal of the Agreements was based on a comprehensive evaluation of all of the information available to the Trustees and was not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.
The Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds related to, among other things: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund; (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund within the Trusts; (8) reports on AssetMark’s evaluation of sub-advisors, including reports relating to the monitoring of each sub-advisors’ trading and brokerage practices; (9) reports relating to the distribution, sales and redemptions of Fund shares and related shareholder services; (10) reports relating to the monitoring of the other service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel. The Trustees met with representatives of AssetMark. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting, at other meetings of the Board and its committees and other communications throughout the year.
The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering whether to approve the Advisory Agreements. The independent Trustees discussed the Advisory Agreements in communications prior to their meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.
178
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
Factors Considered
The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to the Sub-Advised Funds, the Board considered the fact that, as an investment advisor operating within a manager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of the Funds’ Sub-Advisors and considered each Advisory Agreement in this context. In this regard, the Trustees considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts’ CCO at which the Trustees are provided with details regarding AssetMark’s compliance functions.
The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including: selecting and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.
The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.
The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of the Sub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.
Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Trustees concluded that it was satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.
Investment Performance
The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds’ performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.
The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party information provider. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to each Fund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.
The Trustees considered that, as applicable, AssetMark continued to be proactive in seeking to replace and/or add Sub-Advisors or underlying funds, to reallocate assets among Sub-Advisors or underlying funds and to implement new investment strategies, with a view to improving Fund performance over the long term.
The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.
Advisory Fees and Total Expenses
The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by a third-party information provider; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors, as applicable.
The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.
179
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling, full performance reporting and other services that are not typically provided with mutual funds.
After comparing each Fund’s fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, the Trustees, including all of the independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
Profitability, Economies of Scale and Ancillary Benefits
The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the individual profitability of AssetMark with respect to each Fund under this methodology.
In evaluating AssetMark’s profitability, the Trustees acknowledged that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.
The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related marketing rebates received by the Advisor. The Trustees concluded that these benefits were reasonable.
The Trustees considered AssetMark’s profitability in managing each Fund within the Trusts, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.
The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability is reasonable. Additionally, the Trustees concluded that the economies of scale being realized by AssetMark, if any, do not mandate the implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the independent Trustees, concluded to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.
The Sub-Advisory Agreements
Materials Reviewed and the Review Process
Assisted by Independent Counsel, the Trustees specifically requested and were furnished with materials for purposes of their review of each Sub-Advisory Agreement. The materials provided to the Board related to, among other things: (1) a copy of each Sub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by the Sub-Advisors; (3) the investment performance of each Sub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparable Sub-Advisor client accounts, to the extent applicable; (4) AssetMark’s evaluation of the nature, extent and quality of the services provided by each Sub-Advisor; (5) information regarding any benefits to each Sub-Advisor, such as receipt of research from brokers, that might result from the Sub-Advisor’s relationship with a Fund; (6) information concerning each Sub-Advisor’s personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for the day-to-day management of the applicable Fund’s portfolio; (7) information regarding each Sub-Advisor’s compliance policies and other internal procedures, including the Sub-Advisor’s brokerage practices; (8) information regarding the financial condition of each Sub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services provided by each Sub-Advisor in response to a series of detailed questions posed by Independent on behalf of the independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub-Advisor and the methods and resources AssetMark utilized in its efforts to identify and engage Sub-Advisors for the Funds.
The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering the renewal of the Sub-Advisory Agreements. The Trustees discussed the approval of the Sub-Advisory Agreements in communications prior to their meeting and, during the course of their meeting, in executive session with Independent Counsel at which no representatives of AssetMark or the Sub-Advisors were present.
180
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
Factors Considered
The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Sub-Advisory Agreements. In so doing, the Trustees considered AssetMark’s role as a “manager-of-managers,” which includes, among other functions, monitoring and evaluating the performance of the Sub-Advisors, recommending that any Sub-Advisor not performing as expected be replaced, and negotiating advantageous fee arrangements that could permit the Funds to realize economies of scale without compromising the quality of services. These factors and the Board’s conclusions are set forth below.
Nature, Quality and Extent of Services
The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience, capability and integrity of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and commitment of the Sub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor’s brokerage and trading practices; and (e) and AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.
The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, the specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s performance record with respect to the relevant benchmark(s).
The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.
Sub-Advisor Investment Performance
The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s investment performance relative to benchmark indices.
The Trustees considered that they had reviewed each Sub-Advisor, including the primary contributors to and detractors from performance, with the Advisor and concluded that each Sub-Advisor’s performance record is satisfactory.
Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits
The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to its relevant Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on negotiating the best possible fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received.
The Trustees also considered individual reports prepared with regard to each Sub-Advisor, containing comparative information regarding fees. The Trustees noted that each Sub-Advisor’s fees were generally similar to or less than the fees charged by each Sub-Advisor to other comparable funds and accounts.
The Trustees considered each sub-advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub-Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with the Sub-Advised Funds’ shareholders as assets of the Sub-Advised Funds grow.
The Trustees concluded that the fees to be paid to each Sub-Advisor by AssetMark are reasonable in light of the services performed for the Sub-Advised Funds by the Sub-Advisors and that the economies of scale being realized by the Sub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for any Sub-Advised Fund at this time.
The Trustees did not consider the profitability of the Sub-Advisors to be a material factor based on representations from AssetMark that it negotiates sub-advisory fees with the Sub-Advisors on an arm’s-length basis.
The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with a Sub-Advisor, and benefits to the Sub-Advisors from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that accrue to a Sub-Advisor or any affiliate by virtue of the Sub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the independent Trustees, concluded to approve the renewal of the Sub-Advisory Agreement with, and the fees to be paid to, each of the Sub-Advisors for each of the relevant Sub-Advised Funds.
181
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
Consideration and Approval of a New Investment Advisory and Sub-Advisory Agreement with AlphaSimplex Group, LLC
At the supplemental organizational meeting for the GuidePath® Managed Futures Strategy Fund (the “New Fund”) held on December 9, 2015 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds II (the “Trust”) considered the approval of the investment advisory agreement (the “Advisory Agreement”) between AssetMark, Inc. (“AssetMark”) and the Trust on behalf of the New Fund. Additionally, the Board considered the approval of the investment sub-advisory agreement between AlphaSimplex Group, LLC (“AlphaSimplex”) and AssetMark on behalf of the New Fund (the “Sub-Advisory Agreement”). The Advisory Agreement and Sub-Advisory Agreement are collectively referred to herein as the “Agreements.”
The Board – including a majority of the independent Trustees – determined to approve the Advisory Agreement and the Sub-Advisory Agreement. The material factors considered and the conclusions that formed the basis of the Board’s approval of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from independent legal counsel to the independent Trustees (“Independent Counsel”). The determination to approve the renewal of the Agreements was based on a comprehensive evaluation of all of the information available to the Trustees and was not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.
The Advisory Agreement
Materials Reviewed and the Review Process
Prior to voting to approve the Advisory Agreement, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of the Advisory Agreement. The materials provided to the Board with regard to the Fund related to, among other things: (1) a copy of proposed form of the Advisory Agreement between AssetMark and the Trust; (2) information describing the nature, quality and extent of the services that AssetMark will provide to the New Fund, the fees AssetMark would charge to the New Fund for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the New Fund; (3) information concerning AssetMark’s business and operations, investment team, compliance program and internal procedures; (4) information describing the New Fund’s anticipated expense ratio compared to the New Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective of the New Fund; (5) information regarding the financial condition of AssetMark; and (6) other information relevant to an evaluation of the nature, extent and quality of the services to be provided by AssetMark in response to a questionnaire prepared with input from Independent Counsel.
The Trustees met with representatives of AssetMark and considered that the New Fund had been designed for AssetMark’s wealth management platform. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting and during the executive session, and their discussions and considerations regarding the advisory arrangements for the Trust that had taken place at the regular quarterly Board meeting that had taken place immediately prior to the Meeting.
Factors Considered
The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, quality and extent of services that AssetMark would provide to the New Fund. The Trustees considered AssetMark’s capabilities with respect to the administrative and compliance services to be provided to the New Fund. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the New Fund, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. The Trustees noted the responsibilities that AssetMark would have under the New Fund’s manager-of-managers structure, including: selecting and monitoring one or more sub-advisors; maintaining a comprehensive compliance and administration program; and implementing fund policies. The Trustees considered AssetMark’s experience, resources and strengths in managing other funds and, in particular, other funds that operate using a fund-of-funds or manager-of-managers structure.
The Trustees also considered (a) the financial position of the Advisor; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the other funds overseen by the Board; and (d) AssetMark’s supervision of third-party service providers to other funds overseen by the Board.
The Board considered the breadth and quality of services that AssetMark provides to the other funds overseen by the Board. The Trustees also considered that the New Fund and the other funds advised by AssetMark are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of sub-advisors to other funds, including their compliance with the funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.
182
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year in the context of other funds overseen by the Board and advised by AssetMark, the Trustees concluded that it was satisfied with the nature, extent and quality of the services to be provided by AssetMark to the New Fund.
Advisory Fees and Expenses
The Trustees considered the advisory fees proposed to be charged by AssetMark in connection with its relationship with the New Fund and its wholly-owned Cayman Islands subsidiary, the GuidePath® Managed Futures Strategy Cayman Fund Ltd. (the “Cayman Subsidiary”) and their anticipated expenses. The Trustees considered AssetMark’s commitment to limit the New Fund’s expenses through an amended fee waiver/expense limitation agreement with the Trust. The Trustees further examined how the proposed advisory fees compared to those of similar funds by reviewing comparative information supplied by a third-party data provider. The Trustees concluded that the proposed fees and anticipated expenses were reasonable.
In analyzing the New Fund’s proposed fee level as compared to other similar funds, the Trustees considered the New Fund’s fee level in light of the special distribution structure of AssetMark funds, under which the New Fund would be distributed as part of a suite of products and services with asset allocation modeling, full performance reporting and other services that are not typically provided with mutual funds.
After comparing the New Fund’s anticipated fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the New Fund and the Cayman Subsidiary by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to the New Fund and Cayman Subsidiary was reasonable. In addition, the Trustees, including all of the independent Trustees, determined that the fees to be charged by AssetMark pursuant to the New Fund’s Advisory Agreement are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
Investment Performance
Because the New Fund is newly formed and had not yet commenced investment operations at the time of the Meeting, the Trustees could not consider AssetMark’s investment performance with respect to its management of the New Fund as a factor in evaluating the Advisory Agreement. The Trustees considered their recent discussions regarding AssetMark’s investment performance during their consideration of the renewal of the investment advisory agreement between the Trust and AssetMark on behalf of the Trust’s other series, and concluded that the historical performance record for AssetMark, viewed together with the other relevant factors considered by the Trustees, supported a decision to approve the Advisory Agreement for the New Fund.
Profitability, Economies of Scale and Ancillary Benefits
The Trustees considered AssetMark’s expected profitability in managing the New Fund and the potential economies of scale that may be realized in the operation of the New Fund. Because the New Fund is newly formed, specific information was not available concerning the potential effect that asset growth and economies of scale may have on the New Fund’s expenses. The Trustees reviewed AssetMark’s profitability methodology, which was included in the Meeting materials, and considered their recent discussions regarding profitability and economies of scale during their consideration of the renewal of the investment advisory agreement between the Trust and AssetMark on behalf of the Trust’s other series. The Trustees concluded that it was appropriate to revisit the potential for economics of scale in connection with future annual reviews of the Advisory Agreement.
The Trustees considered ancillary benefits anticipated to be received by AssetMark as a result of its relationship with the New Fund as well as the other funds overseen by the Board, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related marketing rebates received by AssetMark. The Trustees concluded that these benefits were reasonable.
The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability is reasonable, and concluded that economies of scale were not currently being realized by AssetMark and were not expected to be realized in the immediate future.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, but with no single factor being determinative to their decision, the Trustees, including all of the independent Trustees, concluded to approve the Advisory Agreement for the New Fund, including the fees payable thereunder.
The Sub-Advisory Agreement
Materials Reviewed and the Review Process
Assisted by Independent Counsel, the Trustees specifically requested and were furnished with materials for purposes of their review of the Sub-Advisory Agreement. The materials provided to the Board related to, among other things: (1) copies of the proposed form of Sub-Advisory Agreement; (2) a description of AssetMark’s sub-advisor selection and recommendation process, and the reasons for AssetMark’s recommendation of AlphaSimplex; (3) information describing the nature, quality and extent of services that AlphaSimplex will provide to the New Fund and the
183
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2016
proposed sub-advisory fees payable by AssetMark to AlphaSimplex; (4) AlphaSimplex’s historical investment performance compared to an appropriate benchmark; (5) information concerning AlphaSimplex’s business and operations, investment team, compliance program and internal procedures, including biographical information for the investment professionals that would be responsible for the day-to-day management of the New Fund’s portfolio; (6) information regarding any anticipated benefits to AlphaSimplex, such as receipt of research from brokers, that might result from AlphaSimplex’s relationship with the New Fund; (7) information regarding the financial condition of AlphaSimplex; and (8) other information relevant to an evaluation of the nature, extent and quality of the services proposed to be provided by AlphaSimplex in response to a series of detailed questions posed Independent Counsel on behalf of the independent Trustees.
The Trustees also considered the recommendation of AlphaSimplex by AssetMark and the methods and resources AssetMark utilized in its efforts to identify and engage a sub-advisor for the New Fund.
Factors Considered
The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Sub-Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, quality and extent of services that AlphaSimplex would provide to the New Fund. The Trustees considered the specific investment process to be employed by AlphaSimplex in managing the New Fund, the experience, capability and integrity of AlphaSimplex’s portfolio management team and other personnel, and AlphaSimplex’s performance record as compared to a relevant benchmark. The Trustees considered AlphaSimplex’s organization, operations and financial position, noting the benefits of AlphaSimplex’s backing from the larger Natixis Global Asset Management organization, which provides additional stability and depth of resources. The Trustees reviewed the compliance materials that had been provided in the Meeting materials and considered the quality and commitment of AlphaSimplex’s regulatory and legal compliance policies, procedures and systems, including their brokerage and trading practices. The Trustees also considered the Advisor’s review and selection process with respect to a sub-advisor for the New Fund, along with the Advisor’s favorable assessment as to the nature, quality and extent of the sub-advisory services expected to be provided by AlphaSimplex.
Based on their consideration and review of the foregoing factors, the Trustees concluded that the nature, quality and extent of the sub-advisory services to be provided by AlphaSimplex, as well as AlphaSimplex’s ability to render such services based on its organization, operations and resources, were appropriate for the New Fund, in light of the Fund’s investment objective, policies and strategies.
Sub-Advisor Investment Performance
Because the New Fund is newly formed and had not yet commenced investment operations, the Trustees could not consider AlphaSimplex’s investment performance with respect to its management of the New Fund as a factor in evaluating the Sub-Advisory Agreements. The Trustees did consider AlphaSimplex’s historical performance record in managing its managed futures strategy, and the Trustees compared the historical performance records of the strategy to a relevant benchmark.
The Trustees concluded that AlphaSimplex’s historical performance record, viewed together with the other relevant factors considered by the Trustees, supported a decision to approve the Sub-Advisory Agreements.
Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits
The Trustees considered the compensation to be paid by AssetMark to AlphaSimplex in conjunction with the services that would be rendered by AlphaSimplex. The Trustees also considered comparisons of the fees to be paid by AssetMark to AlphaSimplex with fees charged by AlphaSimplex to its other clients. In addition, the Trustees considered the recommendation of AssetMark with respect to AlphaSimplex and the Advisor’s representation that the fees to be paid to AlphaSimplex were the result of an arms-length negotiation. The Trustees considered that the sub-advisory fees would be paid by AssetMark to AlphaSimplex and would not be additional fees to be borne by the New Fund. The Trustees also considered whether the fee schedule of AlphaSimplex included breakpoints that would reduce that sub-advisor’s fees as assets in the New Fund increased. The Trustees concluded that, in light of the nature, quality and extent of the services to be provided, the proposed fees to be paid to AlphaSimplex with respect to the assets to be allocated to AlphaSimplex were reasonable.
The Trustees also considered “fall-out” or ancillary benefits that may potentially accrue to AlphaSimplex or its affiliates in the future because of its relationship with the New Fund. The Trustees concluded that the benefits that might accrue to AlphaSimplex or its affiliates were reasonable.
The Trustees did not consider the profitability of AlphaSimplex to be a material factor based on representations from AssetMark that it negotiated the Sub-Advisory Agreement, including the sub-advisory fees, with AlphaSimplex on an arm’s-length basis. Because the New Fund is newly formed, specific information was not available concerning the potential effect that asset growth and economies of scale may have on the New Fund’s expenses. The Trustees concluded that it was appropriate to revisit the potential for economics of scale in connection with future annual reviews of the Sub-Advisory Agreement.
Conclusion
Based on the foregoing, and such other matters as were deemed relevant, but with no single factor being determinative to their decision, the Trustees concluded to approve the Sub-Advisory Agreement, including the fees payable thereunder, on behalf of the New Fund.
184
GuideMark® Funds
GuidePath® Funds
GUIDEMARK® FUNDS & GUIDEPATH® FUNDS
GuideMark® Large Cap Core Fund (formerly, GuideMark® Large Cap Growth Fund)
GuideMark® Emerging Markets Fund (formerly, GuideMark® Large Cap Value Fund)
GuideMark® Small/Mid Cap Core Fund
GuideMark® World ex-US Fund
GuideMark® Opportunistic Equity Fund
GuideMark® Core Fixed Income Fund
GuideMark® Tax-Exempt Fixed Income Fund
GuideMark® Opportunistic Fixed Income Fund
GuidePath® Growth Allocation Fund (formerly, GuidePath® Strategic Asset Allocation Fund)
GuidePath® Conservative Allocation Fund (formerly, GuidePath® Tactical Constrained® Asset Allocation Fund)
GuidePath® Tactical Allocation Fund (formerly, GuidePath® Tactical Unconstrained® Asset Allocation Fund)
GuidePath® Absolute Return Allocation Fund (formerly, GuidePath® Absolute Return Asset Allocation Fund)
GuidePath® Multi-Asset Income Allocation Fund (formerly, GuidePath® Multi-Asset Income Asset Allocation Fund)
GuidePath® Flexible Income Allocation Fund (formerly, GuidePath® Fixed Income Allocation Fund)
GuidePath® Managed Futures Strategy 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 Fund Audit Services, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodians
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
BNY Mellon Asset Servicing
One Wall Street
New York, NY 10286
Distributor
AssetMark BrokerageTM, LLC
1655 Grant Street, 10th Floor
Concord, CA 94520
This document must be preceded or accompanied by a free prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before you invest or send money.
Annual Report
March 31, 2016
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees
For the fiscal year ended March 31, 2016, the registrant’s principal accountant billed the registrant $124,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
For the fiscal year ended March 31, 2015, the registrant’s principal accountant billed the registrant $117,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
(b) Audit-Related Fees
None.
c) Tax Fees
For the fiscal year ended March 31, 2016, the registrant’s principal accountant billed the registrant $31,000 for professional services rendered for tax compliance, tax advice and tax planning.
For the fiscal year ended March 31, 2015, the registrant’s principal accountant billed the registrant $31,000 for professional services rendered for tax compliance, tax advice and tax planning.
(d) All Other Fees
None.
| (e)(1) | The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to provide non-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. |
| (e)(2) | There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | None of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the fiscal year ended March 31, 2016 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees. |
| (g) | The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2016 and March 31, 2015, were $0 and $0, respectively. |
| (h) | The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith. |
| | (2) | A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
| | (3) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| (Registrant) GPS Funds I | | |
| |
| By (Signature and Title) /s/ Carrie E. Hansen | | |
Carrie E. Hansen, Principal Executive Officer/President | | |
| |
| Date 05/31/2016 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title) /s/ Carrie E. Hansen | | |
Carrie E. Hansen, Principal Executive Officer/President | | |
| |
| Date 05/31/2016 | | |
| |
| By (Signature and Title) /s/ Patrick R. Young | | |
Patrick R Young, Principal Financial Officer/Treasurer | | |
| |
| Date 05/31/2016 | | |
