GPS Funds I N-CSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on 06/01/17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

GPS Funds I

(Exact name of registrant as specified in charter)

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10^th Floor

Concord, CA 94520

(Name and address of agent for service)

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2017

Date of reporting period: April 1, 2016 through March 31, 2017

Item 1. Reports to Stockholders.

GuideMark^® Funds

GuidePath^® Funds

Investment Advisor

AssetMark, Inc.

ANNUAL REPORT

March 31, 2017

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

GUIDEMARK^® TAX-EXEMPT FIXED INCOME FUND

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

GUIDEPATH^® MANAGED FUTURES STRATEGY FUND

May 26, 2017

Dear Shareholder:

Enclosed is the Annual Report for the GuideMark^® and GuidePath^® Funds covering the period from April 1, 2016 to March 31, 2017.

Market Review

Apart from short-lived periods of market reversals, the global equity markets generally maintained a steady upward march throughout the 12-month period ended March 31, 2017. Over the period, the U.S. equity market outperformed the international developed equity markets but marginally trailed the emerging equity markets, returning 17.2%, 12.3% and 17.7%, respectively.¹

During the 12-month period, U.S. stocks rallied alongside an increasingly positive market environment. The risk of recession, according to leading economic indicators, plummeted in the fourth quarter of 2016, GDP growth in the third quarter was strong at 3.5%², unemployment continued to fall and the number of unfilled jobs rose throughout the period, and investor sentiment jumped in December to the highest level since 2001. President Trump’s promise of infrastructure spending, de-regulation and corporate tax cuts made an already positive environment even more fertile.

Internationally, political uncertainty in Europe, including Brexit and other potential populist actions in elections, weighed down returns in the developed equity markets. However, as the uncertainty lessened and expectations for stronger economic growth and supportive policy from central banks grew, international developed equity markets gained positive traction. Currency movements impacted international returns over the period and eroded returns for U.S. investors. In local currency terms, international developed equity markets outperformed the U.S. equity market with a return of 18.6%³.

Bond markets experienced weaker relative returns over the 12-month period, primarily driven by negative returns in the fourth quarter of 2016, when the U.S. bond market hit a 35-year low⁴. During the fourth quarter, the U.S. Federal Reserve increased the Fed Funds Rate, only the second increase in the last 10 years, and committed to future increases in 2017. This announcement and general investor anxiety around inflation impacted bond returns and resulted in foreign investors liquidating treasury positons. For the 12-month period ended March 31, 2017, U.S. bonds returned 0.4% while global bonds returned 1.9%. The differential between U.S. and global bonds widened in the fourth quarter of 2016 as the dollar rallied significantly and U.S. bonds returned -2.9% while global bonds returned -7.1%.

GuideMark^® and GuidePath^® Fund Review

Over the 12-month period ended March 31, 2017, the GuideMark^® Funds generally trailed their respective benchmarks. The multi-factor investment approach and industry neutrality were headwinds within developed markets as the quality and momentum factors became highly correlated and negatively impacted the returns of the GuideMark^® Large Cap Core, GuideMark^® Small/Mid Cap Core and GuideMark^® World ex-US Funds. Within emerging markets, both the value and momentum factors lifted returns allowing the GuideMark^® Emerging Markets Fund to outperform its benchmark. Security selection within the healthcare sector was a headwind early in the period for the GuideMark^® Opportunistic Equity Fund and while these positions rallied in the second half of the period, it wasn’t enough to erase prior losses. Credit selection and duration positioning drove the GuideMark^® Core Fixed Income and GuideMark^® Tax-Exempt Fixed Income Funds’ weaker relative returns. The GuideMark^® Opportunistic Fixed Income Fund outperformed its benchmark due to currency and duration positioning.

The GuidePath^® Funds experienced mixed results, with the lower risk funds (i.e., the GuidePath^® Absolute Return Allocation and GuidePath^® Flexible Income Allocation Funds) producing the strongest relative returns primarily from small equity exposures and a credit emphasis. The GuidePath^® Growth Allocation and GuidePath^® Conservative Allocation Funds’ returns nearly tracked their respective benchmarks, the biggest headwind being larger exposures to international markets. The GuidePath^® Tactical Allocation and GuidePath^® Multi-Asset Income Allocation Funds experienced the weakest relative returns and trailed their respective benchmarks. The low volatility environment created a headwind for the GuidePath^® Tactical Allocation Fund, which at times had less than 100% of its assets allocated to equities. The GuidePath^® Multi-Asset Income Allocation Fund trailed its benchmark due to more diversified exposures across sectors and lower exposure to high yield securities, which outperformed core bonds by approximately 16%.

Looking Ahead

The outlook for the market is highly dependent on future policy initiatives. Taking into account the number of simmering political and geopolitical issues with the potential to impact the market, this is the wrong environment to take positions dependent on the adoption of a highly specific policy agenda. Broad-based portfolio diversification across assets, strategies and geographies is prudent and appropriate.

¹  Returns for: U.S. stocks are represented by the S&P 500^® Index, international developed stocks are represented by the MSCI EAFE Index and emerging market stocks are represented by the MSCI Emerging Markets Index. Source: Morningstar, Inc., as of March 31, 2017.

²  Bureau of Economic Analysis, as of February 28, 2017

³  Morningstar, as of March 31, 2017

⁴  Zephyr Style Advisor, as of December 31, 2016

1

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

All index returns are sourced from Morningstar. It is not possible to make an investment in any index.

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

AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. Principal Underwriter 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.

Mutual funds are sold by prospectus. The prospectus contains information on the investment objectives, risk factors, fees and charges as well as other important information about the product and investment company that should be carefully read and considered before investing. You can obtain a prospectus by contacting your registered representative.

Past performance is no guarantee of future results.

Investment Terms

Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.

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

MSCI EAFE (Europe, Australasia, Far East) Index measures the equity market performance of countries considered to represent developed markets, excluding the U.S. and Canada.

MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets.

S&P 500^® Index focuses on the large-cap segment of the U.S. equity market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of U.S. equities.

FX 2017-0504-0488/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, 2007. 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 27, 2016, the market capitalization of the companies in the Russell 1000^® Index ranged from $2.0 billion to $549.7 billion.

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		11.74	%		9.87	%		6.38	%		3.92	%
Institutional Shares		12.46	%		10.50	%		N/A			9.43	%
Russell 1000® Index		17.43	%		13.26	%		7.58	%		6.64	%(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 1000^® Index is from the inception date of the Service Shares. The Russell 1000^® Index return from the inception date of the Institutional Shares is 11.95%.

3

GuideMark^® Large Cap Core Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 11.74%, underperforming the Russell 1000^® Index at 17.43%.

• High correlation between the quality and momentum factors was a significant headwind over the period especially since these two factors are normally negatively correlated.

• Maintaining equal exposure across the quality, value, and momentum factors was a detractor to relative performance as all three factors underperformed.

• Security selection within the Industrials and Materials sectors contributed to performance. Security selection is purely driven from a systematic factor based process.

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.		3.21
	2	Microsoft Corp.		1.92
	3	Vanguard S&P 500 ETF		1.59
	4	JPMorgan Chase & Co.		1.55
	5	Johnson & Johnson		1.40
	6	Amazon.com, Inc.		1.24
	7	Berkshire Hathaway, Inc. – Class B		1.13
	8	Facebook, Inc. – Class A		1.05
	9	AT&T, Inc.		0.97
	10	Alphabet, Inc. – Class A		0.90

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, 2007. 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. As of July 31, 2016 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.

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Ten Year			Since Inception(1)
GuideMark®Emerging Markets Fund
Service Shares		18.78	%		11.10	%		3.23	%		4.51	%
Institutional Shares		19.61	%		11.76	%		N/A			9.97	%
MSCI Emerging Markets Index		17.65	%		1.17	%		3.05	%		10.06	%(2)

⁽¹⁾ Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾ 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 -1.04%.

5

GuideMark^® Emerging Markets Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 18.78%, outperforming the MSCI Emerging Markets Index at 17.65%.

• Emerging markets experienced positive momentum over the past 12 months and greater differentiation between the value, quality and momentum factors.

• Exposure to the value factor benefited returns and offset the negative impact from exposure to the quality factor.

• Security selection within the Utilities and Technology sectors and China lifted returns. All three factors helped security selection within Technology and China, while momentum drove the positive security selection within Utilities.

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		8.92
	2	Samsung Electronics Co., Ltd.		4.15
	3	iShares Core MSCI Emerging Markets ETF		3.54
	4	Tencent Holdings Ltd.		3.49
	5	Taiwan Semiconductor Manufacturing Co., Ltd.		3.16
	6	Alibaba Group Holding Ltd. – ADR		2.13
	7	China Construction Bank Corp. – Series H		1.56
	8	China Mobile Ltd.		1.34
	9	Industrial & Commercial Bank of China Ltd. – Series H		1.05
	10	Naspers Ltd. – N Shares		1.01

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, 2007. 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 2500^TM INDEX – The Russell 2500^TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500^TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 27, 2016, the market capitalization of the companies in the Russell 2500^TM Index ranged from $133 million to $9.9 billion.

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		19.71	%		11.37	%		5.71	%		7.18	%
Institutional Shares		20.45	%		12.05	%		N/A			9.40	%
Russell 2500TM Index		21.53	%		12.60	%		7.71	%		8.79	%(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 2500^TM Index is from the inception date of the Service Shares. The Russell 2500^TM Index return from the inception date of the Institutional Shares is 10.25%.

7

GuideMark^® Small/Mid Cap Core Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 19.71%, underperforming the Russell 2500^™ Index at 21.53%.

• High correlation between the quality and momentum factors was a significant headwind over the period especially since these two factors are normally negatively correlated.

• While exposure to the momentum and quality factors was the dominant detractor from returns, some of the weakness was offset by the value factor which positively contributed to returns.

• Security selection within the Real Estate and Technology sectors was additive to returns; however, performance was dampened by security selection and overweight positions within the Consumer Discretionary sector.

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		3.14
	2	IDEXX Laboratories, Inc.		0.30
	3	Synopsys, Inc.		0.27
	4	Foot Locker, Inc.		0.24
	5	Domino’s Pizza, Inc.		0.23
	6	Cadence Design System, Inc.		0.22
	7	Torchmark Corp.		0.22
	8	Quintiles Transnational Holdings, Inc.		0.22
	9	Advanced Micro Devices, Inc.		0.22
	10	MSCI, Inc.		0.21

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, 2007. 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. As of July 31, 2016 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.

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		9.85	%		3.41	%		-2.52	%		2.26	%
Institutional Shares		10.48	%		4.01	%		N/A			1.10	%
MSCI World ex-US Index		12.52	%		5.89	%		1.63	%		5.54	%(2)

⁽¹⁾ Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾ The return shown for the MSCI World ex-US Index is from the inception date of the Service Shares. The MSCI World ex-US Index return from the inception date of the Institutional Shares is 2.89%.

9

GuideMark^® World ex-US Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 9.85%, underperforming the MSCI World ex-US Index at 12.52%.

• High correlation between the quality and momentum factors was a significant headwind over the period especially since these two factors are normally negatively correlated.

• While exposure to the momentum and quality factors was the dominant detractor from returns, some of the weakness was offset by the value factor which positively contributed to returns.

• Overweight exposure to the Consumer Staples sector and underweight exposure to the Financials sector, driven by the quality and momentum factors, detracted from 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		1.68
	2	Nestle SA		1.46
	3	Roche Holding AG		1.06
	4	Glencore Plc		0.82
	5	Novartis AG		0.82
	6	Atos SA		0.81
	7	HSBC Holdings Plc		0.79
	8	adidas AG		0.72
	9	Bayer AG		0.66
	10	British American Tobacco Plc		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			Five Year			Since Inception(1)
GuideMark®Opportunistic Equity Fund
Service Shares		17.01	%		11.60	%		9.32	%
Russell 3000® Index		18.07	%		13.18	%		12.06	%

⁽¹⁾ Inception date is 4/1/11.

11

GuideMark^® Opportunistic Equity Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 17.01%, underperforming the Russell 3000^® Index at 18.07%.

• Sector positioning, which results from bottom-up security selection, was the dominant driver of the underperformance as security selection positively contributed to returns.

• Underweight exposure to the Technology and Consumer Staples sectors detracted from relative performance. Cyclical stocks mounted a strong rally based on an improving economic outlook in the U.S., including a reflationary environment post election of the U.S. President.

• Security selection within the Industrials and Financials sectors was beneficial to returns. A higher interest rate environment created a tailwind for Financials and an improving infrastructure and construction environment lifted 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	Apple, Inc.		4.43
	2	Abbott Laboratories		3.15
	3	Alphabet, Inc. – Class A		3.09
	4	United Continental Holdings, Inc.		2.75
	5	Twenty-First Century Fox, Inc. – Class B		2.58
	6	Berkshire Hathaway, Inc. – Class B		2.06
	7	MetLife, Inc.		1.86
	8	Vail Resorts, Inc.		1.85
	9	Hub Group, Inc. – Class A		1.73
	10	Microsoft Corp.		1.70

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, 2007. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg 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 Bloomberg 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		0.02	%		1.55	%		3.32	%		3.90	%
Institutional Shares		0.74	%		2.05	%		N/A			2.66	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44	%		2.34	%		4.27	%		4.71	%(2)

⁽¹⁾ Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾ The return shown for the Bloomberg Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 3.04%.

13

GuideMark^® Core Fixed Income Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 0.02%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 0.44%.

• Bias to corporate credit was additive to returns but preference for higher quality holdings tempered return potential as, for much of the period, lower quality credit outperformed higher quality corporate bonds.

• Maintaining a more neutral duration position tempered returns for much of the year with the Federal Reserve System’s more dovish interest rate stance.

• Overweight exposure to commercial mortgage-backed securities, agency mortgage-backed securities and mortgage passthroughs were headwinds as the mortgage sector was a laggard for the period.

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		2.76
	2	Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 04/15/2042		2.58
	3	U.S. Treasury Note, 2.000%, 11/15/2021		2.34
	4	U.S. Treasury Note, 2.000%, 02/15/2022		2.16
	5	Federal Home Loan Mortgage Corp., Pool #TBA, 3.000%, 04/15/2043		1.83
	6	U.S. Treasury Bond, 0.125%, 07/15/2024		1.79
	7	U.S. Treasury Note, 2.375%, 08/15/2024		1.45
	8	Federal National Mortgage Association, Pool #TBA, 2.500%, 04/15/2028		1.37
	9	U.S. Treasury Bond, 2.500%, 05/15/2046		1.25
	10	U.S. Treasury Note, 0.750%, 07/15/2019		1.23

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, 2007. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

BLOOMBERG BARCLAYS MUNICIPAL BOND INDEX – The Bloomberg 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
Service Shares		-0.82	%		2.41	%		3.35	%		3.43	%
Bloomberg Barclays Municipal Bond Index		0.15	%		3.24	%		4.33	%		4.69	%

⁽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 2017, the Fund’s Service Shares returned -0.82%, underperforming the Bloomberg Barclays Municipal Bond Index at 0.15%.

• The Fund’s exposure to A-rated securities and relative curve positioning detracted from returns.

• Exposure to BBB-rated bonds and below investment grade bonds was generally additive to overall returns.

• Security selection within 5-year maturities created some performance lag relative to the Fund’s benchmark.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio.

Top Ten Holdings

Rank		Security/Holding	% of Net Assets
	1	New York Environmental Facilities Corporation, Series B, Revenue Bond, 5.500%, 10/15/2027		2.11
	2	Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond, 5.000%, 09/01/2029		1.94
	3	Wisconsin, Series 2, Refunding, GO, 5.000%, 05/01/2025		1.90
	4	Regional Transportation District, Series A, Revenue Bond, 5.000%, 11/01/2027		1.90
	5	California Statewide Community Development Authority, Series A, Revenue Bond, CMI Insured, 5.000%, 08/01/2034		1.90
	6	Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022		1.89
	7	Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, 5.000%, 01/01/2026		1.88
	8	Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027		1.87
	9	California, GO, 6.500%, 04/01/2033		1.82
	10	Fishers Industry Redevelopment District, Revenue Bond, 5.250%, 07/15/2034		1.82

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.

BLOOMBERG BARCLAYS MULTIVERSE INDEX – The Bloomberg 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			Five Year			Since Inception(1)
GuideMark®Opportunistic Fixed Income Fund
Service Shares		8.20	%		2.46	%		2.14	%
Institutional Shares		8.77	%		2.96	%		2.54	%
Bloomberg Barclays Multiverse Index		-1.02	%		0.65	%		1.48	%(2)

⁽¹⁾ Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares.

⁽²⁾ The return shown for the Bloomberg Barclays Multiverse Index is from the inception date of the Service Shares. The Bloomberg Barclays Multiverse Index return from the inception date of the Institutional Shares is 0.91%.

17

GuideMark^® Opportunistic Fixed Income Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 8.20%, outperforming the Bloomberg Barclays Multiverse Index at -1.02%.

• Strong performance resulted from currency positioning and defensive duration positioning in the second half of the period.

• Net long exposure to select Latin American currencies including the Brazilian Real and the Uruguayan Peso along with an underweight exposure to the Euro benefited returns over the period.

• A significant underweight exposure in longer-dated U.S. Treasury bonds was rewarded as rates moved higher in the second half of the period after being a headwind for the first six months 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, 0.000% (yielding 9.538%), 01/01/2019		7.29
	2	Indonesia Treasury Bond, 8.375%, 09/15/2026		5.04
	3	Mexican Bonos, 4.750%, 06/14/2018		3.89
	4	Argentine Bonos del Tesoro, 15.500%, 10/17/2026		3.28
	5	Mexican Bonos, 5.000%, 12/11/2019		2.87
	6	Colombian TES, 7.750%, 09/18/2030		2.50
	7	India Government Bond, 8.125%, 09/21/2022		2.17
	8	Federal National Mortgage Association, Pool #2014-95, 3.000%, 04/25/2041		2.08
	9	Philippine Government Bond, 3.875%, 11/22/2019		1.89
	10	Indonesia Treasury Bond, 8.375%, 03/15/2024		1.82

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.

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Since Inception(1)
GuidePath®Growth Allocation Fund
Service Shares		12.91	%		6.33	%		4.54	%
Institutional Shares		13.54	%		N/A			7.20	%
S&P® Target Risk Aggressive Index		13.22	%		9.16	%		7.76	%(2)

⁽¹⁾ Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾ The return shown for the S&P^® Target Risk Aggressive Index is annualized from the inception date of the Service Shares. The S&P Target Risk Aggressive Index average annual return from the inception date of the Institutional Shares is 9.25%.

19

GuidePath^® Growth Allocation Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 12.91% performing mostly inline with the S&P^® Target Risk Aggressive Index at 13.22%.

• Returns benefited from exposure to small and mid cap equities as risk appetites increased and were further fueled by the potential growth initiatives of the administration of the newly elected U.S. President. Emerging market equities added to gains helped by higher commodity prices.

• Small exposures to both global REITs and to long-dated Treasuries tempered performance as yields rose over the period.

• Exposure to high yield bonds benefited returns from tightening credit spreads as did exposure to emerging market debt on strengthening 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	Vanguard S&P 500 ETF		22.85
	2	GuideMark®  World ex-US Fund – Institutional Shares		12.43
	3	Vanguard FTSE Developed Markets ETF		12.37
	4	GuideMark®  Small/Mid Cap Core Fund – Institutional Shares		10.29
	5	GuideMark®  Large Cap Core Fund – Institutional Shares		7.05
	6	iShares Core MSCI Emerging Markets ETF		6.14
	7	SPDR S&P China ETF		3.93
	8	Vanguard REIT ETF		3.21
	9	iShares 20+ Year Treasury Bond ETF		2.59
	10	SPDR S&P 600 Small Cap Growth ETF		2.40

20

GuidePath^® ConservativeAllocation 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.

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Since Inception(1)
GuidePath®Conservative Allocation Fund
Service Shares		5.44	%		4.28	%		3.35	%
Institutional Shares		6.09	%		N/A			4.85	%
S&P® Target Risk Conservative Index		5.73	%		4.42	%		4.42	%(2)

⁽¹⁾ Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾ The return shown for the S&P^® Target Risk Conservative Index is annualized from the inception date of the Service Shares. The S&P^® Target Risk Conservative Index average annual return from the inception date of the Institutional Shares is 4.21%.

21

GuidePath^® Conservative Allocation Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 5.44% performing mostly inline with the S&P^® Target Risk Conservative Index at 5.73%.

• Returns benefited from exposure to small and mid cap equities as risk appetites increased and were further fueled by the potential growth initiatives of the administration of the newly elected U.S. President. A small exposure to emerging market equities added to gains helped by higher commodity prices.

• Exposure to long-dated Treasuries tempered performance as yields rose over the period. A small exposure to international Treasury bonds also dragged on returns.

• Exposure to high yield bonds benefited returns from tightening credit spreads as did exposure to emerging market debt on strengthening 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	iShares 7-10 Year Treasury Bond ETF		12.37
	2	Vanguard Mortgage-Backed Securities ETF		9.21
	3	iShares 20+ Year Treasury Bond ETF		8.25
	4	Vanguard S&P 500 ETF		8.03
	5	Vanguard FTSE Developed Markets ETF		7.21
	6	SPDR Bloomberg Barclays High Yield Bond ETF		6.12
	7	GuideMark®  Small/Mid Cap Core Fund – Institutional Shares		5.84
	8	iShares 1-3 Year Treasury Bond ETF		5.03
	9	iShares Edge MSCI Min Vol USA ETF		5.00
	10	GuideMark®  World ex-US Fund – Institutional Shares		4.42

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.

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Five Year			Since Inception(1)
GuidePath®Tactical Allocation Fund
Service Shares		10.05	%		3.92	%		2.57	%
Institutional Shares		10.63	%		N/A			4.43	%
S&P 500® Daily Risk Control 10% Index		14.40	%		8.39	%		6.58	%(2)

⁽¹⁾ Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾ The return shown for the S&P 500^® Daily Risk Control 10% Index is annualized from the inception date of the Service Shares. The S&P 500^® Daily Risk Control 10% Index average annual return from the inception date of the Institutional Shares is 8.66%.

23

GuidePath^® Tactical Allocation Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 10.05% underperforming the S&P 500 Daily Risk Control 10% Index at 14.40%.

• Lower relative equity exposure was a key driver of the underperformance during a time when equities were strong.

• Exposure to international developed markets, particularly Europe, dampened performance on the strength of the U.S. dollar. Exposure to global REITs and global infrastructure equity also tempered returns.

• Positioning in U.S. value oriented equities across capitalizations proved beneficial to returns as value stocks were favored and outperformed growth stocks during the period. Exposure to floating rate notes helped performance.

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		53.81
	2	iShares TIPS Bond ETF		13.08
	3	Vanguard Extended Market ETF		9.84
	4	Vanguard Value ETF		5.28
	5	Vanguard Growth ETF		4.04
	6	Vanguard Mid-Cap Value ETF		3.78
	7	Technology Select Sector SPDR Fund		3.40
	8	Vanguard Small-Cap Value ETF		2.88
	9	Vanguard Small-Cap Growth ETF		2.80

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			Five Year			Since Inception(1)
GuidePath®Absolute Return Allocation Fund
Service Shares		8.54	%		2.75	%		2.49	%
Institutional Shares		9.14	%		N/A			3.33	%
Citigroup 3-Month Treasury Bill Index		0.34	%		0.11	%		0.10	%(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 0.12%.

25

GuidePath^® Absolute Return Allocation Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 8.54% outperforming the Citigroup 3-Month Treasury Bill Index at 0.34%.

• The primary driver of outperformance was a sizable allocation to high yield bonds which benefited from tightening credit spreads.

• The flexibility to diversify beyond fixed income proved beneficial. A small exposure to U.S. value equities lifted returns as value stocks were favored and led the strong gains seen in the broader equity markets.

• Exposure to opportunistic fixed income added to returns helped by the rise of emerging market debt on strengthening 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 Bloomberg Barclays High Yield Bond ETF		22.74
	2	BlackRock High Yield Portfolio – Institutional Shares		14.60
	3	JPMorgan Unconstrained Debt Fund – Select Shares		8.22
	4	Oppenheimer Fundamental Alternatives Fund – Institutional Shares		8.14
	5	JPMorgan Systematic Alpha Fund – Institutional Shares		5.46
	6	Vanguard High – Yield Corporate Fund – Admiral Shares		5.42
	7	Navigator Tactical Fixed Income Fund – Institutional Shares		4.96
	8	GuideMark®  Core Fixed Income Fund – Institutional Shares		4.40
	9	T. Rowe Price Institutional Floating Rate Fund		4.38
	10	Gateway Fund – Class Y		3.74

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.

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Since Inception(1)
GuidePath®Multi-Asset Income Allocation Fund
Service Shares		8.24	%		4.72	%
Morningstar Multi-Asset High Income Index		9.45	%		4.32	%

⁽¹⁾ Inception date is 8/31/12.

27

GuidePath^® Multi-Asset Income Allocation Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 8.24% underperforming the Morningstar Multi-Asset High Income Index at 9.45%.

• Lower relative exposure to high yield bonds which saw double digit returns on tightening credit spreads dampened performance. Small exposures to both global REITs and to long-dated Treasuries tempered performance as yields rose over the period.

• Returns benefited from exposure to small cap dividend equities as risk appetites increased and were further fueled by the potential growth initiatives of the administration of the newly elected U.S. President. Emerging market dividend equities added to gains, along with a country specific exposure to Australian equity, both helped by strengthening commodity prices.

• Exposure to preferred stocks which lagged the broader markets tempered 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		12.56
	2	BlackRock Global Dividend Portfolio – Institutional Shares		10.42
	3	T. Rowe Price Institutional Floating Rate Fund		9.52
	4	Vanguard High-Yield Corporate Fund – Admiral Shares		8.05
	5	iShares International Select Dividend ETF		8.02
	6	iShares U.S. Preferred Stock ETF		6.91
	7	SPDR Bloomberg Barclays Short Term Corporate Bond ETF		6.10
	8	Loomis Sayles Global Equity and Income Fund – Institutional Shares		5.45
	9	GuideMark® Opportunistic Fixed Income Fund – Institutional Shares		3.50
	10	Vanguard Total Bond Market ETF		2.65

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.

BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg 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 Bloomberg 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		2.73	%		0.95	%
Institutional Shares		3.23	%		1.69	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44	%		1.78	%(2)

⁽¹⁾ Inception date is 8/31/12 for Service Shares and 9/13/12 for Institutional Shares.

⁽²⁾ The return shown for the Bloomberg Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 1.88%.

29

GuidePath^® Flexible Income Allocation Fund

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

• For the 12 months ended March 2017, the Fund’s Service Shares returned 2.73% outperforming the Bloomberg Barclays US Aggregate Bond Index at 0.44%.

• Fixed income exposure to high yield bonds benefited returns from tightening credit spreads as did exposure to emerging market debt on strengthening commodity prices. Exposure to floating rate notes also added to performance.

• Exposure to mortgage-backed securities and positioning in short-to-intermediate term Treasury securities tempered performance as yields rose over the period.

• The flexibility to diversify beyond traditional fixed income proved beneficial. Modest exposure to broad market global equities lifted performance on strong 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	DoubleLine Total Return Bond Fund – Institutional Shares		12.00
	2	iShares 7-10 Year Treasury Bond ETF		9.88
	3	Vanguard Intermediate-Term Corporate Bond ETF		9.87
	4	T. Rowe Price Institutional Floating Rate Fund		8.86
	5	Vanguard High-Yield Corporate Fund – Admiral Shares		7.40
	6	Vanguard Mortgage-Backed Securities ETF		7.38
	7	iShares 3-7 Year Treasury Bond ETF		7.36
	8	iShares J.P. Morgan USD Emerging Markets Bond ETF		5.58
	9	DoubleLine Low Duration Bond Fund – Institutional Shares		5.07
	10	BlackRock Low Duration Bond Portfolio – Institutional Shares		3.80

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 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, and must exhibit significant correlation to trend following peers and the SG Trend Indicator.

AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31)
	One Year			Since Inception(1)
GuidePath®Managed Futures Strategy Fund
Service Shares		-9.70	%		-10.25	%
Institutional Shares		-9.17	%		-9.65	%
Citigroup 3-Month Treasury Bill Index		0.34	%		0.32	%
SG Trend Index		-9.82	%		-9.93	%

⁽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)

• For the 12 months ended March 31, 2017, the Fund’s Service Shares returned -9.70%, underperforming the Citigroup 3-Month Treasury Bill Index at 0.34% and outperforming the SG Trend Index at -9.82%.

• Long exposure to global equities contributed positively as pro-growth policies in the U.S. helped lift the performance of global equities.

• Long positions in longer dated Treasuries dampened returns as the trends in interest rates reversed and rose in the second half of the period.

• Long positions in commodities combined with short positions in currencies including the Mexican Peso hurt returns as shorter term trends reversed over the period.

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, 2017.

32

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2017

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, 2016 to March 31, 2017.

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, 2017

Fund		Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio1 based on the period October 1, 2016 – March 31, 2017		Expenses Paid During Period2 October 1, 2016  – March 31, 2017
INSTITUTIONAL SHARES
GuideMark® Large Cap Core Fund	Actual	$	1,000.00	$	1,076.10		0.67%	$	3.47
	Hypothetical3	$	1,000.00	$	1,021.59		0.67%	$	3.38
GuideMark® Emerging Markets Fund	Actual	$	1,000.00	$	1,071.60		1.07%	$	5.53
	Hypothetical3	$	1,000.00	$	1,019.60		1.07%	$	5.39
GuideMark® Small/Mid Cap Core Fund	Actual	$	1,000.00	$	1,097.10		0.90%	$	4.71
	Hypothetical3	$	1,000.00	$	1,020.44		0.90%	$	4.53
GuideMark® World ex-US Fund	Actual	$	1,000.00	$	1,054.40		0.81%	$	4.15
	Hypothetical3	$	1,000.00	$	1,020.89		0.81%	$	4.08
GuideMark® Core Fixed Income Fund	Actual	$	1,000.00	$	979.40		0.71%	$	3.50
	Hypothetical3	$	1,000.00	$	1,021.39		0.71%	$	3.58
GuideMark® Opportunistic Fixed Income Fund	Actual	$	1,000.00	$	1,089.60		0.95%	$	4.95
	Hypothetical3	$	1,000.00	$	1,020.19		0.95%	$	4.78
GuidePath® Growth Allocation Fund	Actual	$	1,000.00	$	1,064.20		0.42%	$	2.16
	Hypothetical3	$	1,000.00	$	1,022.84		0.42%	$	2.12
GuidePath® Conservative Allocation Fund	Actual	$	1,000.00	$	1,007.90		0.50%	$	2.50
	Hypothetical3	$	1,000.00	$	1,022.44		0.50%	$	2.52
GuidePath® Tactical Allocation Fund	Actual	$	1,000.00	$	1,068.70		0.53%	$	2.73
	Hypothetical3	$	1,000.00	$	1,022.29		0.53%	$	2.67
GuidePath® Absolute Return Allocation Fund	Actual	$	1,000.00	$	1,029.40		0.62%	$	3.14
	Hypothetical3	$	1,000.00	$	1,021.84		0.62%	$	3.13
GuidePath® Flexible Income Allocation Fund	Actual	$	1,000.00	$	996.70		0.49%	$	2.44
	Hypothetical3	$	1,000.00	$	1,022.49		0.49%	$	2.47
GuidePath® Managed Futures Strategy Fund	Actual	$	1,000.00	$	962.60		1.30%	$	6.36
	Hypothetical3	$	1,000.00	$	1,018.45		1.30%	$	6.54

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

³  5% annualized return before expenses.

34

GuideMark^® Funds & GuidePath^® Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2017

Fund		Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio1 based on the period October 1, 2016 – March 31, 2017		Expenses Paid During Period2 October 1, 2016  – March 31, 2017
SERVICE SHARES
GuideMark® Large Cap	Actual	$	1,000.00	$	1,072.90		1.24%	$	6.41
Core Fund	Hypothetical3	$	1,000.00	$	1,018.75		1.24%	$	6.24
GuideMark® Emerging	Actual	$	1,000.00	$	1,067.90		1.65%	$	8.51
Markets Fund	Hypothetical3	$	1,000.00	$	1,016.70		1.65%	$	8.30
GuideMark® Small/Mid Cap	Actual	$	1,000.00	$	1,094.00		1.48%	$	7.73
Core Fund	Hypothetical3	$	1,000.00	$	1,017.55		1.48%	$	7.44
GuideMark® World	Actual	$	1,000.00	$	1,051.80		1.41%	$	7.21
ex-US Fund	Hypothetical3	$	1,000.00	$	1,017.90		1.41%	$	7.09
GuideMark® Opportunistic	Actual	$	1,000.00	$	1,110.10		1.64%	$	8.63
Equity Fund	Hypothetical3	$	1,000.00	$	1,016.75		1.64%	$	8.25
GuideMark® Core	Actual	$	1,000.00	$	975.50		1.31%	$	6.45
Fixed Income Fund	Hypothetical3	$	1,000.00	$	1,018.40		1.31%	$	6.59
GuideMark® Tax-Exempt	Actual	$	1,000.00	$	975.50		1.29%	$	6.35
Fixed Income Fund	Hypothetical3	$	1,000.00	$	1,018.50		1.29%	$	6.49
GuideMark® Opportunistic	Actual	$	1,000.00	$	1,086.90		1.55%	$	8.06
Fixed Income Fund	Hypothetical3	$	1,000.00	$	1,017.20		1.55%	$	7.80
GuidePath® Growth	Actual	$	1,000.00	$	1,060.90		1.02%	$	5.24
Allocation Fund	Hypothetical3	$	1,000.00	$	1,019.85		1.02%	$	5.14
GuidePath® Conservative	Actual	$	1,000.00	$	1,005.80		1.09%	$	5.45
Allocation Fund	Hypothetical3	$	1,000.00	$	1,019.50		1.09%	$	5.49
GuidePath® Tactical	Actual	$	1,000.00	$	1,066.20		1.12%	$	5.77
Allocation Fund	Hypothetical3	$	1,000.00	$	1,019.35		1.12%	$	5.64
GuidePath® Absolute Return	Actual	$	1,000.00	$	1,026.70		1.22%	$	6.16
Allocation Fund	Hypothetical3	$	1,000.00	$	1,018.85		1.22%	$	6.14
GuidePath® Multi-Asset Income	Actual	$	1,000.00	$	1,024.30		1.16%	$	5.85
Allocation Fund	Hypothetical3	$	1,000.00	$	1,019.15		1.16%	$	5.84
GuidePath® Flexible Income	Actual	$	1,000.00	$	993.60		1.09%	$	5.42
Allocation Fund	Hypothetical3	$	1,000.00	$	1,019.50		1.09%	$	5.49
GuidePath® Managed Futures	Actual	$	1,000.00	$	959.20		1.90%	$	9.28
Strategy Fund	Hypothetical3	$	1,000.00	$	1,015.46		1.90%	$	9.55

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

³  5% annualized return before expenses.

35

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		COMMON STOCKS - 95.17%
		Aerospace & Defense - 1.41%
	2,489	BE Aerospace, Inc.	$	159,570
	1,805	Boeing Co.		319,232
	1,017	BWX Technologies, Inc.		48,409
	980	General Dynamics Corp.		183,456
	2,635	HEICO Corp. (a)		229,772
	3,151	HEICO Corp. - Class A		236,325
	3,322	Honeywell International, Inc.		414,818
	1,496	Huntington Ingalls Industries, Inc.		299,559
	1,399	L3 Technologies, Inc.		231,241
	314	Lockheed Martin Corp.		84,026
	962	Northrop Grumman Corp.		228,802
	767	Raytheon Co.		116,968
	2,265	Spirit AeroSystems Holdings, Inc. - Class A		131,189
	1,488	United Technologies Corp.		166,968
				2,850,335
		Air Freight & Logistics - 0.35%
	4,512	C.H. Robinson Worldwide, Inc. (a)		348,732
	1,887	Expeditors International of Washington (a)		106,597
	541	FedEx Corp.		105,576
	1,424	United Parcel Service, Inc. - Class B		152,795
				713,700
		Airlines - 0.91%
	607	Alaska Air Group, Inc.		55,978
	2,401	Copa Holdings SA - Class A (a)		269,512
	7,787	Delta Air Lines, Inc.		357,890
	20,080	JetBlue Airways Corp. (b)		413,849
	2,866	Southwest Airlines Co. (a)		154,076
	8,405	United Continental Holdings, Inc. (b)		593,729
				1,845,034
		Auto Components - 0.07%
	936	Lear Corp.		132,519
		Automobiles - 0.36%
	39,503	Ford Motor Co.		459,815
	2,781	Thor Industries, Inc.		267,337
				727,152
		Banks - 4.74%
	646	Bank Hawaii Corp.		53,205
	73,731	Bank of America Corp.		1,739,314
	2,588	BB&T Corp. (a)		115,684
	6,100	CIT Group, Inc.		261,873
	18,563	Citigroup, Inc.		1,110,439
	3,447	Citizens Financial Group, Inc.		119,094
	978	Commerce Bancshares, Inc. (a)		54,924
	639	Cullen Frost Bankers, Inc. (a)		56,852
	1,149	East West Bancorp, Inc. (a)		59,300
	8,301	Fifth Third Bancorp		210,845
	35,811	JPMorgan Chase & Co.		3,145,638
	6,646	KeyCorp		118,166
	790	M&T Bank Corp.		122,237
	1,849	PNC Financial Services Group, Inc.		222,324
	6,121	Popular, Inc.		249,308
	11,489	Regions Financial Corp.		166,935
	2,485	SunTrust Banks, Inc.		137,420
	258	SVB Financial Group (b)		48,011
	5,421	U.S. Bancorp (a)		279,182

Number of Shares			Value
		Banks (Continued)
	24,059	Wells Fargo & Co.	$	1,339,124
				9,609,875
		Beverages - 1.13%
	2,127	Brown-Forman Corp. - Class A		100,118
	2,484	Brown-Forman Corp. - Class B		114,711
	1,656	Dr. Pepper Snapple Group, Inc.		162,155
	3,169	Monster Beverage Corp. (b)		146,313
	11,081	PepsiCo, Inc.		1,239,521
	12,516	The Coca-Cola Co.		531,179
				2,293,997
		Biotechnology - 1.53%
	2,782	Amgen, Inc.		456,443
	2,366	Biogen, Inc. (b)		646,912
	3,662	Celgene Corp. (b)		455,663
	11,221	Gilead Sciences, Inc.		762,130
	1,745	Seattle Genetics, Inc. (b)		109,691
	2,859	United Therapeutics Corp. (b)		387,051
	2,506	Vertex Pharmaceuticals, Inc. (b)		274,031
				3,091,921
		Building Products - 0.81%
	4,746	A. O. Smith Corp. (a)		242,805
	1,407	Allegion Plc		106,510
	1,377	Fortune Brands Home & Security, Inc.		83,790
	2,250	Lennox International, Inc. (a)		376,425
	4,731	Masco Corp.		160,807
	7,591	Owens Corning, Inc.		465,860
	6,552	USG Corp. (a)(b)		208,354
				1,644,551
		Capital Markets - 0.93%
	362	Ameriprise Financial, Inc.		46,944
	7,543	Artisan Partners Asset Management, Inc. - Class A		208,187
	11,907	Donnelley Financial Solutions, Inc. (b)		229,686
	5,735	Eaton Vance Corp.		257,846
	4,177	Federated Investors, Inc. - Class B		110,022
	3,866	Lazard Ltd. - Class A - ADR		177,797
	1,703	LPL Financial Holdings, Inc.		67,830
	7,664	Morgan Stanley		328,326
	838	Raymond James Financial, Inc.		63,906
	1,590	SEI Investments Co.		80,200
	1,520	T. Rowe Price Group, Inc.		103,588
	1,748	The Bank of New York Mellon Corp.		82,558
	3,111	The Charles Schwab Corp.		126,960
				1,883,850
		Chemicals - 1.64%
	3,566	AdvanSix, Inc. (b)		97,423
	2,508	Albemarle Corp. (a)		264,945
	3,923	Cabot Corp.		235,027
	1,731	E.I. du Pont de Nemours & Co.		139,051
	2,008	Eastman Chemical Co.		162,247
	882	Ecolab, Inc.		110,550
	778	FMC Corp.		54,141
	27,974	Huntsman Corp. (a)		686,482
	357	International Flavors & Fragrances, Inc. (a)		47,313
	465	LyondellBasell Industries NV - Class A		42,403
	1,331	Monsanto Co.		150,669
	367	NewMarket Corp. (a)		166,336

See notes to financial statements.

36

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Chemicals (Continued)
	10,258	Platform Specialty Products Corp. (b)	$	133,559
	1,924	PPG Industries, Inc.		202,174
	3,943	RPM International, Inc.		216,983
	3,386	The Dow Chemical Co.		215,147
	2,394	The Scotts Miracle-Gro Co. - Class A (a)		223,576
	1,627	Valspar Corp.		180,499
				3,328,525
		Commercial Services & Supplies - 1.02%
	578	Avery Dennison Corp.		46,587
	2,921	Cintas Corp.		369,623
	3,988	Copart, Inc. (b)		246,977
	16,501	LSC Communications, Inc.		415,165
	4,905	Republic Services, Inc.		308,083
	8,373	Rollins, Inc. (a)		310,890
	5,194	Waste Management, Inc.		378,746
				2,076,071
		Communications Equipment - 1.38%
	1,756	Arista Networks, Inc. (a)(b)		232,266
	12,290	ARRIS International Plc (b)		325,070
	12,107	Brocade Communications Systems, Inc.		151,095
	27,846	Cisco Systems, Inc.		941,195
	2,194	F5 Networks, Inc. (b)		312,799
	1,221	Harris Corp.		135,861
	1,496	Juniper Networks, Inc.		41,634
	1,008	Motorola Solutions, Inc.		86,910
	9,945	QUALCOMM, Inc.		570,246
				2,797,076
		Construction & Engineering - 1.17%
	15,074	AECOM (a)(b)		536,484
	17,554	Chicago Bridge & Iron Co. NV		539,785
	3,746	Fluor Corp.		197,115
	11,618	Jacobs Engineering Group, Inc. (a)		642,243
	12,325	Quanta Services, Inc. (b)		457,381
				2,373,008
		Construction Materials - 0.13%
	554	Eagle Materials, Inc.		53,816
	993	Martin Marietta Materials, Inc.		216,722
				270,538
		Consumer Finance - 1.47%
	25,107	Ally Financial, Inc.		510,425
	5,505	American Express Co.		435,501
	7,093	Capital One Financial Corp.		614,679
	540	Credit Acceptance Corp. (a)(b)		107,682
	2,540	Discover Financial Services		173,711
	35,754	Navient Corp.		527,729
	41,182	Santander Consumer USA Holdings, Inc. (a)(b)		548,544
	1,658	Synchrony Financial		56,869
				2,975,140
		Containers & Packaging - 0.34%
	840	Bemis Co., Inc. (a)		41,043
	1,308	Berry Plastics Group, Inc. (b)		63,530
	4,436	Graphic Packaging Holding Co.		57,091
	3,914	Owens-Illinois, Inc. (b)		79,767
	2,636	Packaging Corp. of America		241,510
	775	Sonoco Products Co. (a)		41,013

Number of Shares			Value
		Containers & Packaging (Continued)
	3,241	WestRock Co.	$	168,629
				692,583
		Distributors - 0.16%
	2,101	Genuine Parts Co.		194,153
	4,615	LKQ Corp. (b)		135,081
				329,234
		Diversified Consumer Services - 0.28%
	492	Graham Holdings Co. - Class B		294,979
	9,286	H&R Block, Inc.		215,899
	1,224	ServiceMaster Global Holdings, Inc. (b)		51,102
				561,980
		Diversified Financial Services - 0.82%
	4,610	CBOE Holdings, Inc.		373,733
	1,483	CME Group, Inc.		176,180
	1,992	Leucadia National Corp.		51,792
	2,097	MarketAxess Holdings, Inc.		393,166
	2,778	MSCI, Inc.		269,994
	3,108	S&P Global, Inc.		406,340
				1,671,205
		Diversified Telecommunication Services - 1.71%
	47,108	AT&T, Inc. (a)		1,957,338
	13,707	CenturyLink, Inc. (a)		323,074
	2,279	Level 3 Communications, Inc. (b)		130,404
	19,648	Verizon Communications, Inc.		957,840
	3,048	Zayo Group Holdings, Inc. (b)		100,279
				3,468,935
		Electric Utilities - 0.92%
	9,631	AES Corp.		107,675
	659	American Electric Power Co., Inc.		44,239
	1,603	Avangrid, Inc.		68,512
	540	Duke Energy Corp.		44,285
	2,356	Edison International		187,561
	582	Entergy Corp. (a)		44,209
	5,973	Exelon Corp.		214,909
	2,025	FirstEnergy Corp. (a)		64,435
	2,713	Hawaiian Electric Industries, Inc.		90,370
	1,970	NextEra Energy, Inc.		252,889
	5,966	OGE Energy Corp.		208,691
	2,127	Pinnacle West Capital Corp.		177,349
	854	Southern Co.		42,512
	3,982	Westar Energy, Inc.		216,103
	2,382	Xcel Energy, Inc. (a)		105,880
				1,869,619
		Electrical Equipment - 0.63%
	844	Acuity Brands, Inc. (a)		172,176
	856	Agilent Technologies, Inc. (a)		45,257
	2,056	Eaton Corp. Plc		152,452
	730	Emerson Electric Co.		43,698
	7,905	Regal Beloit Corp. (a)		598,013
	1,653	Rockwell Automation, Inc.		257,389
				1,268,985
		Electronic Equipment, Instruments & Components - 0.92%
	3,783	Amphenol Corp. - Class A		269,236
	2,162	Arrow Electronics, Inc. (b)		158,712
	1,476	CDW Corp. (a)		85,180
	3,706	Cognex Corp.		311,119

See notes to financial statements.

37

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electronic Equipment, Instruments & Components (Continued)
	12,337	Corning, Inc. (a)	$	333,099
	3,019	Dolby Laboratories, Inc. - Class A		158,226
	14,937	Fitbit, Inc. - Class A (a)(b)		88,427
	3,391	Keysight Technologies, Inc. (b)		122,551
	6,720	National Instruments Corp.		218,803
	1,914	Trimble Navigation Ltd. (b)		61,267
	685	Zebra Technologies Corp. - Class A (b)		62,506
				1,869,126
		Energy Equipment & Services - 1.33%
	3,683	Baker Hughes, Inc.		220,317
	42,486	Ensco Plc - Class A		380,250
	5,204	Halliburton Co.		256,089
	69,651	Noble Corp. Plc (a)		431,140
	12,292	Oceaneering International, Inc. (a)		332,867
	4,891	Patterson-UTI Energy, Inc. (a)		118,704
	33,778	Rowan Cos., Inc. - Class A (a)(b)		526,261
	2,615	RPC, Inc. (a)		47,881
	649	Schlumberger Ltd. - ADR		50,687
	26,525	Transocean, Ltd. - ADR (a)(b)		330,236
				2,694,432
		Food & Staples Retailing - 2.52%
	1,448	Casey’s General Stores, Inc. (a)		162,538
	3,261	Costco Wholesale Corp.		546,837
	10,893	CVS Caremark Corp.		855,101
	9,562	Kroger Co.		281,983
	27,628	Rite Aid Corp. (b)		117,419
	13,209	Sprouts Farmers Market, Inc. (a)(b)		305,392
	8,790	SYSCO Corp.		456,377
	3,897	US Foods Holding Corp. (b)		109,038
	7,499	Walgreens Boots Alliance, Inc.		622,792
	18,941	Wal-Mart Stores, Inc.		1,365,267
	9,622	Whole Foods Market, Inc. (a)		285,966
				5,108,710
		Food Products - 2.72%
	5,406	Archer Daniels Midland Co.		248,892
	10,209	Blue Buffalo Pet Products, Inc. (a)(b)		234,807
	7,220	Bunge Ltd.		572,257
	967	Campbell Soup Co. (a)		55,351
	6,256	ConAgra Foods, Inc.		252,367
	24,165	Flowers Foods, Inc. (a)		469,043
	683	General Mills, Inc. (a)		40,304
	2,152	Hershey Co.		235,106
	3,066	Ingredion, Inc.		369,238
	584	Kellogg Co.		42,404
	1,120	Lamb Weston Holdings, Inc.		47,107
	771	McCormick & Co, Inc. - Non Voting		75,211
	1,315	Mondelez International, Inc. - Class A		56,650
	3,648	Pinnacle Foods, Inc.		211,110
	4,402	Post Holdings, Inc. (a)(b)		385,263
	6,282	The Hain Celestial Group, Inc. (b)		233,690
	1,843	The J.M. Smucker Co.		241,581
	1,425	The Kraft Heinz Co.		129,404
	2,663	The WhiteWave Foods Co. (b)		149,528
	7,916	TreeHouse Foods, Inc. (a)(b)		670,169
	12,929	Tyson Foods, Inc. - Class A (a)		797,849
				5,517,331

Number of Shares			Value
		Gas Utilities - 0.42%
	2,383	National Fuel Gas Co.	$	142,075
	5,614	ONEOK, Inc. (a)		311,240
	7,870	UGI Corp.		388,778
				842,093
		Health Care Equipment & Supplies - 1.65%
	2,443	ABIOMED, Inc. (a)(b)		305,863
	4,115	Align Technology, Inc. (b)		472,032
	898	Baxter International, Inc. (a)		46,570
	240	Becton, Dickinson & Co.		44,026
	1,750	Boston Scientific Corp. (b)		43,522
	879	C.R. Bard, Inc.		218,467
	3,434	DexCom, Inc. (a)(b)		290,963
	2,059	Edwards Lifesciences Corp. (b)		193,690
	691	Hill-Rom Holdings, Inc.		48,785
	4,193	IDEXX Laboratories, Inc. (a)(b)		648,280
	63	Intuitive Surgical, Inc. (a)(b)		48,288
	555	Medtronic Plc		44,711
	3,512	Stryker Corp.		462,355
	246	Teleflex, Inc.		47,657
	978	The Cooper Companies, Inc. (a)		195,492
	2,769	West Pharmaceutical Services, Inc. (a)		225,978
				3,336,679
		Health Care Providers & Services - 2.70%
	3,553	Aetna, Inc. (a)		453,185
	2,345	Anthem, Inc.		387,816
	1,734	Cardinal Health, Inc. (a)		141,408
	5,237	Centene Corp. (b)		373,189
	812	Cerner Corp. (a)(b)		47,786
	2,462	CIGNA Corp.		360,658
	2,921	Davita, Inc. (b)		198,540
	5,419	Express Scripts Holding Co. (a)(b)		357,166
	525	HCA Holdings, Inc. (a)(b)		46,720
	1,152	Henry Schein, Inc. (b)		195,805
	614	Laboratory Corporation of America Holdings (a)(b)		88,091
	1,990	McKesson Corp.		295,037
	1,385	Patterson Cos., Inc. (a)		62,644
	1,157	PerkinElmer, Inc.		67,175
	1,439	Premier, Inc. - Class A (b)		45,803
	1,720	Quest Diagnostics, Inc. (a)		168,887
	9,446	UnitedHealth Group, Inc.		1,549,239
	1,051	VCA, Inc. (b)		96,167
	3,825	WellCare Health Plans, Inc. (b)		536,303
				5,471,619
		Health Care Technology - 0.42%
	18,859	Allscripts Healthcare Solutions, Inc. (a)(b)		239,132
	2,823	athenahealth, Inc. (a)(b)		318,124
	5,638	Veeva Systems, Inc. - Class A (a)(b)		289,117
				846,373
		Hotels, Restaurants & Leisure - 1.79%
	2,246	Aramark		82,810
	3,814	Brinker International, Inc. (a)		167,663
	2,935	Carnival Corp. - ADR		172,901
	2,476	Choice Hotels International, Inc.		154,998
	1,386	Darden Restaurants, Inc. (a)		115,967
	3,233	Domino’s Pizza, Inc.		595,842
	1,046	Dunkin’ Brands Group, Inc.		57,195

See notes to financial statements.

38

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Hotels, Restaurants & Leisure (Continued)
	2,669	Extended Stay America, Inc.	$	42,544
	931	Hilton Worldwide Holdings, Inc.		54,426
	3,600	Hyatt Hotels Corp. - Class A (a)(b)		194,328
	17,547	International Game Technology Plc		415,864
	749	Las Vegas Sands Corp.		42,745
	989	Marriott International, Inc. - Class A (a)		93,144
	3,964	McDonald’s Corp.		513,774
	530	Panera Bread Co. - Class A (a)(b)		138,791
	5,697	Starbucks Corp.		332,648
	3,951	The Wendy’s Co.		53,773
	253	Vail Resorts, Inc.		48,551
	1,443	Wyndham Worldwide Corp.		121,630
	2,320	Yum Brands, Inc.		148,248
	2,839	Yum China Holdings, Inc. (a)(b)		77,221
				3,625,063
		Household Durables - 0.28%
	1,086	Garmin Ltd. (a)		55,506
	38	NVR, Inc. (a)(b)		80,061
	2,174	Tempur Sealy International, Inc. (a)(b)		101,004
	5,182	Tupperware Brands Corp. (a)		325,015
				561,586
		Household Products - 1.35%
	1,833	Church & Dwight, Inc. (a)		91,412
	2,013	Clorox Co. (a)		271,413
	6,329	Colgate-Palmolive Co.		463,219
	1,918	Energizer Holdings, Inc. (a)		106,928
	2,690	Kimberly-Clark Corp.		354,085
	14,775	Procter & Gamble Co.		1,327,534
	862	Spectrum Brands Holdings, Inc. (a)		119,827
				2,734,418
		Independent Power and Renewable Electricity Producers - 0.76%
	66,146	Calpine Corp. (a)(b)		730,913
	43,277	NRG Energy, Inc. (a)		809,280
				1,540,193
		Industrial Conglomerates - 0.90%
	4,571	3M Co.		874,569
	858	Carlisle Companies, Inc. (a)		91,300
	29,097	General Electric Co.		867,091
				1,832,960
		Insurance - 3.66%
	2,734	Aflac, Inc.		197,996
	3,587	Allied World Assurance Co. Holdings, Ltd.		190,470
	643	Allstate Corp.		52,398
	474	American Financial Group, Inc.		45,229
	1,991	Aon Plc		236,312
	463	Arch Capital Group, Ltd. - ADR (b)		43,878
	1,688	Arthur J. Gallagher & Co.		95,439
	2,515	Aspen Insurance Holdings, Ltd.		130,906
	2,533	Assurant, Inc.		242,332
	4,441	Assured Guaranty, Ltd.		164,805
	1,395	Axis Capital Holdings, Ltd.		93,507
	13,742	Berkshire Hathaway, Inc. - Class B (b)		2,290,516
	2,479	Brown & Brown, Inc.		103,424
	320	Chubb Limited (a)		43,600
	2,216	Erie Indemnity Co. - Class A		271,903

Number of Shares			Value
		Insurance (Continued)
	614	Everest Re Group, Ltd.	$	143,559
	3,277	First American Financial Corp.		128,721
	4,137	Lincoln National Corp.		270,767
	8,685	Marsh & McLennan Cos., Inc.		641,735
	3,028	MetLife, Inc.		159,939
	6,137	Old Republic International Corp.		125,686
	2,213	Principal Financial Group, Inc. (a)		139,662
	5,126	Prudential Financial, Inc.		546,842
	3,567	Reinsurance Group of America		452,938
	584	RenaissanceRe Holdings, Ltd.		84,476
	1,506	The Travelers Cos., Inc.		181,533
	1,266	Torchmark Corp.		97,533
	5,299	Unum Group		248,470
				7,424,576
		Internet & Direct Marketing Retail - 2.21%
	2,842	Amazon.com, Inc. (b)		2,519,547
	830	Expedia, Inc.		104,721
	84,532	Groupon, Inc. (a)(b)		332,211
	5,855	Liberty Expedia Holdings, Inc. - Class A (b)		266,285
	3,108	Netflix, Inc. (b)		459,394
	353	The Priceline Group, Inc. (b)		628,329
	3,725	TripAdvisor, Inc. (b)		160,771
				4,471,258
		Internet Software & Services - 3.91%
	1,565	Akamai Technologies, Inc. (b)		93,431
	2,163	Alphabet, Inc. - Class A (b)		1,833,791
	2,186	Alphabet, Inc. - Class C (b)		1,813,418
	12,957	CommerceHub, Inc. - Series A (b)		200,574
	18,059	CommerceHub, Inc. - Series C (b)		280,456
	9,070	eBay, Inc. (b)		304,480
	14,974	Facebook, Inc. - Class A (b)		2,127,057
	5,024	IAC/InterActiveCorp (b)		370,369
	9,534	Match Group, Inc. (a)(b)		155,690
	9,629	Pandora Media, Inc. (a)(b)		113,719
	1,990	Twilio, Inc. - Class A (a)(b)		57,451
	951	VeriSign, Inc. (a)(b)		82,842
	986	Yahoo!, Inc. (b)		45,760
	9,544	Yelp, Inc. - Class A (a)(b)		312,566
	1,469	Zillow Group, Inc. - Class A (b)		49,667
	2,243	Zillow Group, Inc. - Class C (a)(b)		75,522
				7,916,793
		IT Services - 2.83%
	5,137	Accenture Plc - Class A - ADR (a)		615,824
	906	Alliance Data Systems Corp.		225,594
	2,670	Amdocs Ltd.		162,843
	4,723	Booz Allen Hamilton Holding Corp. - Class A		167,147
	2,275	Broadridge Financial Solutions, Inc.		154,586
	4,973	Cognizant Technology Solutions Corp. - Class A (b)		295,993
	3,987	Computer Sciences Corp.		275,143
	2,984	Conduent, Inc. (b)		50,072
	6,591	CoreLogic, Inc. (b)		268,386
	1,782	CSRA, Inc.		52,195
	1,035	DST Systems, Inc.		126,787
	571	Euronet Worldwide, Inc. (a)(b)		48,832
	2,909	Fidelity National Information Services, Inc.		231,615
	12,388	First Data Corp. - Class A (b)		192,014
	583	Fiserv, Inc. (a)(b)		67,226

See notes to financial statements.

39

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	2,741	Gartner, Inc. (b)	$	296,001
	9,715	Genpact, Ltd.		240,543
	988	Leidos Holdings, Inc.		50,526
	2,513	MasterCard, Inc. - Class A		282,637
	2,690	Paychex, Inc.		158,441
	4,970	PayPal Holdings, Inc. (a)(b)		213,809
	15,447	Square, Inc. - Class A (b)		266,924
	6,080	The Western Union Co. (a)		123,728
	3,396	T-Mobile USA, Inc. (a)(b)		219,348
	2,435	Total System Services, Inc.		130,175
	5,650	VeriFone Holdings, Inc. (a)(b)		105,824
	1,639	Visa, Inc. - Class A (a)		145,658
	458	WEX, Inc. (a)(b)		47,403
	69,783	Xerox Corp.		512,207
				5,727,481
		Leisure Products - 0.52%
	745	Brunswick Corp.		45,594
	2,226	Hasbro, Inc. (a)		222,199
	3,592	Mattel, Inc.		91,991
	1,228	Polaris Industries, Inc. (a)		102,907
	3,659	Pool Corp. (a)		436,629
	7,709	Vista Outdoor, Inc. (b)		158,728
				1,058,048
		Life Sciences Tools & Services - 0.83%
	313	Bio-Rad Laboratories, Inc. - Class A (b)		62,393
	11,030	Bruker Corp.		257,330
	1,060	Charles River Laboratories (b)		95,347
	738	Illumina, Inc. (b)		125,932
	611	Mettler-Toledo International, Inc. (b)		292,614
	1,417	QIAGEN NV		41,037
	1,525	Quintiles Transnational Holdings, Inc. (a)(b)		122,808
	1,398	Thermo Fisher Scientific, Inc.		214,733
	15,295	VWR Corp. (b)		431,319
	295	Waters Corp. (b)		46,112
				1,689,625
		Machinery - 2.76%
	1,274	Allison Transmission Holdings, Inc.		45,940
	3,110	Caterpillar, Inc.		288,484
	5,158	Colfax Corp. (a)(b)		202,503
	1,073	Crane Co.		80,293
	2,334	Cummins, Inc.		352,901
	512	Danaher Corp. (a)		43,791
	4,784	Donaldson Co., Inc.		217,768
	2,099	Fortive Corp.		126,402
	1,861	Graco, Inc. (a)		175,194
	445	IDEX Corp.		41,612
	3,838	Illinois Tool Works, Inc.		508,420
	4,077	Ingersoll-Rand Plc		331,542
	3,641	Lincoln Electric Holdings, Inc.		316,257
	2,501	Nordson Corp.		307,223
	5,952	Oshkosh Corp.		408,248
	1,990	PACCAR, Inc.		133,728
	2,286	Parker-Hannifin Corp.		366,491
	646	Snap On, Inc. (a)		108,961
	349	Stanley Black & Decker, Inc.		46,372
	16,887	Terex Corp. (a)		530,252
	4,872	The Timken Co.		220,214

Number of Shares			Value
		Machinery (Continued)
	9,286	Toro Co.	$	580,003
	3,309	Xylem, Inc.		166,178
				5,598,777
		Marine - 0.03%
	929	Kirby Corp. (a)(b)		65,541
		Media - 2.39%
	406	Cable One, Inc.		253,535
	898	Charter Communications, Inc. - Class A (b)		293,933
	8,596	Clear Channel Outdoor Holdings, Inc. - Class A		52,006
	22,108	Comcast Corp. - Class A		831,040
	2,069	Discovery Communications, Inc. - Series C (b)		58,573
	1,963	John Wiley & Sons, Inc. - Class A		105,609
	1,193	Liberty Broadband Corp. - Class A (b)		101,512
	2,324	Liberty Broadband Corp. - Class C (a)(b)		200,794
	14,293	Liberty Interactive Corp. QVC Group - Class A (b)		286,146
	6,728	Liberty Media Corp. - Class A (b)		261,854
	8,854	Liberty Media Corp. - Class C (b)		343,358
	2,387	Lions Gate Entertainment Corp. - Class A (b)		63,399
	2,739	Lions Gate Entertainment Corp. - Class B (b)		66,777
	557	Morningstar, Inc.		43,780
	14,276	News Corp. - Class A		185,588
	13,070	News Corp. - Class B		176,445
	1,919	Regal Entertainment Group - Class A (a)		43,331
	533	Scripps Networks Interactive, Inc. - Class A (a)		41,771
	3,465	TEGNA, Inc.		88,773
	7,737	The Walt Disney Co.		877,299
	4,089	Time Warner, Inc.		399,536
	2,357	Twenty-First Century Fox, Inc. - Class A		76,343
				4,851,402
		Metals & Mining - 1.07%
	12,320	Freeport-McMoRan, Inc. (a)(b)		164,595
	11,603	Newmont Mining Corp.		382,435
	2,641	Nucor Corp.		157,721
	7,123	Reliance Steel & Aluminum Co.		569,982
	1,868	Royal Gold, Inc. (a)		130,853
	13,522	Steel Dynamics, Inc.		470,025
	8,942	United States Steel Corp.		302,329
				2,177,940
		Multiline Retail - 1.62%
	5,237	Burlington Stores, Inc. (a)(b)		509,508
	10,696	Dillard’s, Inc. - Class A (a)		558,759
	3,360	Dollar General Corp. (a)		234,293
	1,909	Dollar Tree, Inc. (a)(b)		149,780
	17,382	J.C. Penney Co., Inc. (a)(b)		107,073
	15,708	Kohl’s Corp.		625,336
	15,127	Macy’s, Inc.		448,364
	5,425	Nordstrom, Inc. (a)		252,642
	7,189	Target Corp. (a)		396,761
				3,282,516
		Multi-Utilities - 0.88%
	3,039	Alliant Energy Corp.		120,375
	3,248	Ameren Corp.		177,308
	10,610	CenterPoint Energy, Inc. (a)		292,518
	3,170	CMS Energy Corp.		141,826
	1,576	Consolidated Edison, Inc. (a)		122,392
	629	Dominion Resources, Inc.		48,791

See notes to financial statements.

40

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Multi-Utilities (Continued)
	1,880	DTE Energy Co.	$	191,967
	10,168	MDU Resources Group, Inc. (a)		278,298
	2,641	PG&E Corp.		175,257
	410	Sempra Energy		45,305
	2,555	Vectren Corp.		149,749
	710	WEC Energy Group, Inc. (a)		43,047
				1,786,833
		Oil, Gas & Consumable Fuels - 2.61%
	1,654	Anadarko Petroleum Corp.		102,548
	7,658	Chevron Corp.		822,239
	431	Concho Resources, Inc. (b)		55,315
	12,600	CONSOL Energy, Inc. (a)(b)		211,428
	1,049	EOG Resources, Inc.		102,330
	18,668	Exxon Mobil Corp.		1,530,963
	3,844	Laredo Petroleum, Inc. (b)		56,122
	3,333	Parsley Energy, Inc. - Class A (b)		108,356
	24,661	PBF Energy, Inc. - Class A (a)		546,734
	639	Pioneer Natural Resources Co. (a)		119,001
	11,172	Rice Energy, Inc. (a)(b)		264,776
	4,878	Targa Resources Corp.		292,192
	3,435	The Williams Companies, Inc.		101,642
	6,955	Valero Energy Corp.		461,047
	9,969	World Fuel Services Corp.		361,376
	11,076	WPX Energy, Inc. (a)(b)		148,308
				5,284,377
		Paper & Forest Products - 0.10%
	4,012	International Paper Co. (a)		203,729
		Personal Products - 0.82%
	8,516	Herbalife, Ltd. (a)(b)		495,120
	3,217	Mead Johnson Nutrition Co.		286,570
	9,583	Nu Skin Enterprises, Inc. - Class A (a)		532,240
	4,077	The Estee Lauder Cos., Inc. - Class A		345,689
				1,659,619
		Pharmaceuticals - 3.87%
	908	Abbott Laboratories		40,324
	4,696	AbbVie, Inc.		305,991
	846	Allergan Plc		202,126
	7,738	Bristol-Myers Squibb Co.		420,793
	3,947	Eli Lilly & Co.		331,982
	62,343	Endo International Plc (b)		695,748
	22,830	Johnson & Johnson		2,843,477
	13,292	Mallinckrodt Plc (a)(b)		592,425
	14,337	Merck & Co., Inc.		910,973
	10,905	Mylan NV (a)(b)		425,186
	27,009	Pfizer, Inc.		923,978
	2,817	Zoetis, Inc.		150,343
				7,843,346
		Professional Services - 0.47%
	347	Equifax, Inc.		47,449
	2,533	ManpowerGroup, Inc.		259,810
	8,386	Robert Half International, Inc. (a)		409,488
	2,101	The Dun & Bradstreet Corp.		226,782
				943,529
		Real Estate Management & Development - 0.51%
	3,269	CBRE Group, Inc. - Class A (b)		113,729
	390	Jones Lang LaSalle, Inc. (a)		43,465

Number of Shares			Value
		Real Estate Management & Development (Continued)
	29,608	Realogy Holdings Corp. (a)	$	882,022
				1,039,216
		Road & Rail - 0.60%
	6,996	CSX Corp.		325,664
	434	J.B. Hunt Transport Services, Inc.		39,815
	3,458	Landstar System, Inc.		296,178
	773	Norfolk Southern Corp.		86,553
	969	Old Dominion Freight Line, Inc. (a)		82,917
	3,729	Union Pacific Corp.		394,976
				1,226,103
		Semiconductors & Semiconductor Equipment - 3.20%
	2,494	Analog Devices, Inc.		204,407
	16,344	Applied Materials, Inc.		635,782
	869	Broadcom Ltd.		190,276
	8,449	Cree, Inc. (a)(b)		225,842
	40,159	Intel Corp. (a)		1,448,535
	3,623	KLA-Tencor Corp. (a)		344,439
	1,498	Lam Research Corp. (a)		192,283
	7,708	Marvell Technology Group, Ltd. - ADR		117,624
	1,005	Maxim Integrated Products, Inc.		45,185
	4,505	Microchip Technology, Inc. (a)		332,379
	2,521	Micron Technology, Inc. (a)(b)		72,857
	6,016	NVIDIA Corp.		655,323
	17,521	ON Semiconductor Corp. (b)		271,400
	2,707	Qorvo, Inc. (a)(b)		185,592
	2,503	Skyworks Solutions, Inc.		245,244
	8,941	Teradyne, Inc.		278,065
	11,938	Texas Instruments, Inc. (a)		961,725
	1,218	Xilinx, Inc. (a)		70,510
				6,477,468
		Software - 5.26%
	4,122	Activision Blizzard, Inc.		205,523
	2,058	Adobe Systems, Inc. (b)		267,808
	1,987	Atlassian Corp. Plc (a)(b)		59,511
	1,433	Autodesk, Inc. (b)		123,912
	16,498	Cadence Design System, Inc. (a)(b)		518,037
	3,820	CDK Global, Inc.		248,338
	2,980	Citrix Systems, Inc. (b)		248,502
	1,353	Dell Technologies, Inc. - Class V (b)		86,700
	2,624	Electronic Arts, Inc. (a)(b)		234,901
	1,474	FactSet Research Systems, Inc. (a)		243,077
	6,571	Fortinet, Inc. (a)(b)		251,998
	3,434	Intuit, Inc.		398,310
	775	Jack Henry & Associates, Inc.		72,153
	5,077	Manhattan Associates, Inc. (b)		264,258
	59,141	Microsoft Corp.		3,895,026
	22,687	Nuance Communications, Inc. (b)		392,712
	13,121	Oracle Corp. (a)		585,328
	2,441	PTC, Inc. (b)		128,275
	2,519	Red Hat, Inc. (b)		217,894
	2,856	salesforce.com, Inc. (b)		235,591
	2,311	ServiceNow, Inc. (a)(b)		202,143
	2,212	Splunk, Inc. (a)(b)		137,785
	1,931	SS&C Technologies Holdings, Inc.		68,357
	10,246	Symantec Corp.		314,347
	7,617	Synopsys, Inc. (b)		549,414
	4,186	Tableau Software, Inc. - Class A (b)		207,416
	508	Ultimate Software Group, Inc. (b)		99,167

See notes to financial statements.

41

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Software (Continued)
	3,796	VMware, Inc. (a)(b)	$	349,763
	761	Workday, Inc. - Class A (a)(b)		63,376
				10,669,622
		Specialty Retail - 4.49%
	1,524	Advance Auto Parts, Inc. (a)		225,948
	357	AutoZone, Inc. (a)(b)		258,129
	13,437	Bed Bath & Beyond, Inc. (a)		530,224
	12,547	Best Buy Co., Inc. (a)		616,685
	4,019	Cabela’s, Inc. (b)		213,449
	6,203	Dick’s Sporting Goods, Inc.		301,838
	4,100	Foot Locker, Inc.		306,721
	13,334	GameStop Corp. - Class A (a)		300,682
	8,169	Home Depot, Inc.		1,199,454
	5,446	L Brands, Inc. (a)		256,507
	5,979	Lowe’s Cos., Inc.		491,534
	1,116	O’Reilly Automotive, Inc. (a)(b)		301,141
	7,810	Ross Stores, Inc.		514,445
	14,276	Sally Beauty Holdings, Inc. (b)		291,801
	1,590	Sherwin-Williams Co.		493,202
	1,421	Signet Jewelers Ltd.		98,433
	41,133	Staples, Inc.		360,736
	12,604	The Gap, Inc.		306,151
	12,726	The Michaels Cos., Inc. (a)(b)		284,935
	5,157	The TJX Companies, Inc. (a)		407,816
	1,988	Tiffany & Co. (a)		189,456
	3,589	Tractor Supply Co. (a)		247,533
	1,058	Ulta Salon, Cosmetics & Fragrance, Inc. (b)		301,773
	13,772	Urban Outfitters, Inc. (b)		327,223
	5,122	Williams Sonoma, Inc. (a)		274,642
				9,100,458
		Technology Hardware, Storage & Peripherals - 4.72%
	45,316	Apple, Inc.		6,510,096
	19,064	Hewlett Packard Enterprise Co.		451,817
	12,120	HP, Inc.		216,706
	9,527	International Business Machines Corp. (a)		1,659,032
	2,038	NCR Corp. (b)		93,096
	2,873	NetApp, Inc. (a)		120,235
	15,293	Teradata Corp. (a)(b)		475,918
	587	Western Digital Corp.		48,445
				9,575,345
		Textiles, Apparel & Luxury Goods - 1.74%
	3,364	Carter’s, Inc. (a)		302,087
	6,842	Coach, Inc.		282,780
	12,829	Kate Spade & Co. (b)		298,018
	4,070	lululemon athletica, Inc. (b)		211,111
	6,915	Michael Kors Holdings Ltd. (b)		263,531
	8,168	NIKE, Inc. - Class B (a)		455,202
	4,383	PVH Corp.		453,509
	4,774	Ralph Lauren Corp. (a)		389,654
	9,976	Skechers U.S.A., Inc. - Class A (a)(b)		273,841
	7,081	Under Armour, Inc. - Class A (a)(b)		140,062
	11,151	Under Armour, Inc. - Class C (a)(b)		204,063
	4,471	VF Corp. (a)		245,771
				3,519,629
		Tobacco - 1.04%
	13,643	Altria Group, Inc.		974,383
	8,163	Philip Morris International, Inc. (a)		921,603

Number of Shares			Value
		Tobacco (Continued)
	3,321	Reynolds American, Inc.	$	209,289
				2,105,275
		Trading Companies & Distributors - 1.11%
	6,874	Fastenal Co. (a)		354,011
	2,875	HD Supply Holdings, Inc. (b)		118,234
	5,321	MSC Industrial Direct Co., Inc. - Class A (a)		546,786
	1,448	W.W. Grainger, Inc. (a)		337,037
	1,641	Watsco, Inc.		234,958
	9,436	WESCO International, Inc. (b)		656,274
				2,247,300
		Water Utilities - 0.03%
	904	American Water Works Co., Inc.		70,304
		Wireless Telecommunication Services - 0.22%
	6,846	Sprint Corp. (a)(b)		59,423
	14,812	Telephone & Data Systems, Inc.		392,666
				452,089
		Total Common Stocks (Cost $153,929,445)		192,924,615
		INVESTMENT COMPANIES - 1.59%
		Exchange Traded Funds - 1.59%
	14,890	Vanguard S&P 500 ETF		3,221,451
		Total Investment Companies (Cost $3,084,780)		3,221,451
		REAL ESTATE INVESTMENT TRUSTS - 2.59%
		Real Estate Investment Trusts - 2.59%
	6,835	AGNC Investment Corp.		135,948
	1,873	Alexandria Real Estate Equities, Inc. (a)		207,004
	1,179	American Campus Communities, Inc.		56,109
	17,549	American Homes 4 Rent - Class A		402,925
	403	American Tower Corp.		48,981
	24,992	Annaly Capital Management, Inc.		277,661
	2,609	Brandywine Realty Trust		42,344
	2,071	Camden Property Trust		166,633
	26,673	Chimera Investment Corp.		538,261
	9,347	Corporate Office Properties Trust		309,386
	852	CyrusOne, Inc.		43,852
	3,685	DCT Industrial Trust, Inc.		177,322
	1,765	Digital Realty Trust, Inc. (a)		187,778
	1,129	Douglas Emmett, Inc.		43,354
	8,719	Duke Realty Corp.		229,048
	5,766	Empire State Realty Trust, Inc. - Class A (a)		119,010
	2,452	EPR Properties		180,541
	111	Equinix, Inc.		44,441
	2,215	Equity Commonwealth (b)		69,152
	6,451	Hospitality Property Trust (a)		203,400
	15,827	Host Hotels & Resorts, Inc. (a)		295,332
	3,375	Iron Mountain, Inc. (a)		120,386
	1,078	Lamar Advertising Co. - Class A		80,570
	4,045	Liberty Property Trust		155,935
	27,628	MFA Financial, Inc. (a)		223,234
	2,916	Omega Healthcare Investors, Inc.		96,199
	7,520	Piedmont Office Realty Trust, Inc. - Class A (a)		160,778
	3,123	Prologis, Inc.		162,021
	2,602	Quality Care Properties, Inc. (b)		49,074
	2,170	Senior Housing Properties Trust		43,942
	510	SL Green Realty Corp.		54,376
	2,951	Starwood Property Trust, Inc.		66,634

See notes to financial statements.

42

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	535	Sun Communities, Inc.	$	42,977
	6,356	Two Harbors Investment Corp. (a)		60,954
	3,278	Uniti Group, Inc.		84,736
	9,898	VEREIT, Inc.		84,034
		Total Real Estate Investment Trusts (Cost $4,856,391)		5,264,332
		SHORT TERM INVESTMENTS - 0.68%
		Money Market Funds - 0.68%
	1,373,130	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)		1,373,130
		Total Short Term Investments (Cost $1,373,130)		1,373,130

Number of Shares			Value
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 24.60%
		Investment Companies - 24.60%
	49,865,866	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)	$	49,865,866
		Total Investments Purchased as Securities Lending Collateral (Cost $49,865,866)		49,865,866
		Total Investments (Cost $213,109,612) - 124.63%		252,649,394
		Liabilities in Excess of Other Assets - (24.63)%		(49,935,547	)
		TOTAL NET ASSETS - 100.00%	$	202,713,847

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, 2017.

See notes to financial statements.

43

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		COMMON STOCKS - 81.15%
		Brazil - 4.91%
	72,007	Ambev SA	$	418,158
	20,170	Banco Bradesco SA		207,138
	50,652	Banco do Brasil SA		545,416
	32,630	Banco Santander Brasil SA		289,653
	38,220	BB Seguridade Participacoes SA		357,954
	23,510	BM&F Bovespa SA		144,864
	52,664	Centrais Eletricas Brasileiras SA (a)		289,512
	26,532	Cia de Saneamento Basico do Estado de Sao Paulo		277,219
	11,274	Cosan SA Industria e Comercio		139,548
	22,451	CPFL Energia SA		185,024
	39,371	EDP - Energias do Brasil SA		174,809
	19,444	Equatorial Energia SA		365,204
	39,191	Lojas Renner SA		348,019
	6,653	M Dias Branco SA		271,042
	19,736	Natura Cosmeticos SA		183,705
	32,551	Odontoprev SA		117,286
	48,493	Petroleo Brasileiro SA (a)		236,068
	23,394	Raia Drogasil SA		440,665
	81,318	Sul America SA (b)		433,785
	6,841	Ultrapar Participacoes SA		156,242
	22,966	Vale SA		218,539
				5,799,850
		Chile - 1.00%
	1,193,542	Banco de Chile		143,994
	4,560	Banco de Credito e Inversiones		250,889
	76,387	Cencosud SA		234,738
	25,380	Cia Cervecerias Unidas SA		319,945
	9,679	Empresa Nacional de Telecomunicaciones SA (a)		116,994
	557,470	Enel Americas SA		115,807
				1,182,367
		China - 15.62%
	1,095,251	Agricultural Bank of China Ltd. - Series H		505,106
	23,299	Alibaba Group Holding Ltd. - ADR (a)		2,512,331
	244,807	Aluminum Corp. of China Ltd. - Series H (a)		119,702
	113,209	ANTA Sports Products Ltd.		313,215
	5,264	Baidu, Inc. - ADR (a)		908,145
	2,068,656	Bank of China Ltd. - Series H		1,028,705
	384,000	Bank of Communications Co., Ltd. - Series H		298,912
	569,672	China Cinda Asset Management Co., Ltd. - Series H		221,558
	420,000	China CITIC Bank Corp. Ltd. - Series H		278,665
	886,000	China Communications Services Corp. Ltd. - Series H		580,248
	2,291,110	China Construction Bank Corp. - Series H		1,845,965
	347,000	China Everbright Bank Co., Ltd. - Series H		169,712
	288,414	China Huarong Asset Management Co., Ltd. - Series H (a)		118,015
	38,375	China Life Insurance Company Ltd. - Series H		117,769
	82,346	China Mengniu Dairy Co., Ltd.		170,754
	124,289	China Merchants Bank Co., Ltd. - Series H		328,915
	191,873	China Minsheng Banking Corp., Ltd. - Series H		205,106
	835,981	China Petroleum & Chemical Corp. - Series H		680,460
	325,187	China Southern Airlines Co., Ltd. - Series H		225,223
	592,413	Chongqing Rural Commercial Bank Co., Ltd. - Series H		400,227
	619,647	Country Garden Holdings Co., Ltd.		557,229
	143,566	Great Wall Motor Co., Ltd. - Series H		163,490

Number of Shares			Value
		China (Continued)
	143,501	Guangzhou Automobile Group Co., Ltd. - Series H	$	229,832
	114,484	Haier Electronics Group Co., Ltd.		262,392
	3,394	NetEase.com, Inc. - ADR		963,896
	25,079	New China Life Insurance Co., Ltd. - Series H		119,401
	10,528	New Oriental Education & Technology Group, Inc. - ADR (a)		635,681
	879,049	People’s Insurance Co. of China, Ltd. - Series H		364,595
	306,000	PetroChina Co. - Series H		224,169
	193,025	PICC Property & Casualty Co., Ltd. - Series H		297,921
	108,097	Ping An Insurance Group Co. of China, Ltd. - Series H		605,825
	92,849	Semiconductor Manufacturing International Corp. (a)		114,934
	236,647	Shanghai Electric Group Co., Ltd. - Series H		117,235
	20,768	Shenzhou International Group Holdings Ltd.		131,071
	1,615	Sina Corp. (a)		116,474
	376,500	Sino-Ocean Land Holdings Ltd.		176,894
	378,622	Sinopec Shanghai Petrochemical Co., Ltd. - Series H		210,135
	377,072	Sun Art Retail Group Ltd.		353,516
	4,302	TAL Education Group - ADR (a)		458,464
	23,886	Vipshop Holdings Ltd. - ADR (a)		318,639
	283,799	Want Want China Holdings, Ltd.		196,541
	8,245	Weibo Corp. - ADR (a)(c)		430,224
	12,894	Yum China Holdings, Inc. (a)(c)		350,717
				18,428,008
		Colombia - 0.20%
	57,026	Interconexion Electrica SA ESP		230,089
		Czech Republic - 0.15%
	15,385	O2 Czech Republic AS		171,890
		Egypt - 0.15%
	43,369	Commercial International Bank Egypt SAE (b)		181,516
		Hong Kong - 10.24%
	44,239	AAC Technologies Holdings, Inc.		517,996
	658,079	Belle International Holdings Ltd.		428,021
	143,979	China Mobile Ltd.		1,583,410
	66,466	China Overseas Land & Investment Ltd.		189,958
	81,360	China Resources Land Ltd.		220,050
	346,338	China Telecom Corp. Ltd. - Series H		169,178
	89,911	China Unicom Hong Kong Ltd.		120,762
	234,800	CSPC Pharmaceutical Group Ltd.		307,615
	674,178	Fullshare Holdings Ltd.		298,617
	398,461	Geely Automobile Holdings Ltd.		610,664
	1,894,492	Industrial & Commercial Bank of China Ltd. - Series H		1,239,658
	310,000	Kunlun Energy Co., Ltd.		287,255
	110,331	Longfor Properties Co., Ltd.		181,640
	261,609	Nine Dragons Paper Holdings Ltd.		281,450
	503,592	Sino Biopharmaceutical Ltd.		414,709
	320,144	Sinotrans Ltd. - Series H		149,604
	329,548	Sunac China Holdings Ltd.		427,760
	49,479	Sunny Optical Technology Group Co., Ltd.		362,106
	142,873	Tencent Holdings Ltd.		4,116,103
	136,824	Tingyi Holding Corp.		171,827
				12,078,383

See notes to financial statements.

44

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Hungary - 0.47%
	5,335	MOL Hungarian Oil and Gas Plc	$	365,294
	6,747	OTP Bank Plc		188,507
				553,801
		Indonesia - 2.03%
	4,919,951	Adaro Energy Tbk PT		646,247
	94,701	Bank Central Asia Tbk PT		117,617
	52,072	Gudang Garam Tbk PT		256,078
	441,599	Hanjaya Mandala Sampoerna Tbk PT		129,285
	1,215,482	Kalbe Farma Tbk PT		140,468
	177,812	Matahari Department Store Tbk PT		175,833
	656,400	Surya Citra Media Tbk PT		133,035
	1,167,838	Telekomunikasi Indonesia Persero Tbk PT		363,016
	80,879	Unilever Indonesia Tbk PT		262,968
	87,110	United Tractors Tbk PT		173,233
				2,397,780
		Malaysia - 1.89%
	482,887	AirAsia Bhd		342,585
	289,307	Astro Malaysia Holdings Bhd		179,064
	27,976	British American Tobacco Malaysia Bhd		288,131
	293,412	DiGi.Com Bhd		340,120
	290,520	Felda Global Ventures Holdings Bhd		137,190
	67,006	Genting Bhd		145,238
	65,123	HAP Seng Consolidated Bhd		132,233
	100,451	Maxis Communications Bhd		146,151
	51,145	Public Bank Bhd		229,922
	691,771	SapuraKencana Petroleum Bhd		284,524
				2,225,158
		Mexico - 3.62%
	86,522	Alfa SAB de CV - Series A		126,394
	570,545	America Movil SAB de CV - Series L		405,002
	22,075	Arca Continental SAB de CV		153,280
	449,294	Cemex SAB de CV (a)		407,003
	17,078	Coca-Cola Femsa SAB de CV - Series L		122,378
	46,848	Fomento Economico Mexicano SAB de CV		415,976
	102,459	Gentera SAB de CV		169,212
	25,451	Gruma SAB de CV - Series B		359,643
	14,058	Grupo Aeroportuario del Pacifico SAB de CV - Series B		136,523
	7,131	Grupo Aeroportuario del Sureste SAB de CV - Series B		123,544
	168,733	Grupo Bimbo SAB de CV - Series A		419,529
	39,714	Grupo Financiero Banorte SAB de CV - Series O		228,540
	74,876	Grupo Mexico SAB de CV - Series B		224,641
	11,969	Industrias Penoles SAB de CV		308,146
	25,369	Infraestructura Energetica Nova SAB de CV		120,895
	86,163	Kimberly-Clark de Mexico SAB de CV - Series A		187,078
	158,916	Wal-Mart de Mexico SAB de CV		366,685
				4,274,469
		Peru - 0.43%
	16,556	Cia de Minas Buenaventura SAA - ADR		199,334
	1,882	CREDICORP Ltd.		307,331
				506,665
		Philippines - 0.22%
	6,395	Globe Telecom, Inc.		258,959
		Poland - 1.80%
	4,779	CCC SA		286,597

Number of Shares			Value
		Poland (Continued)
	15,043	Eurocash SA	$	121,019
	38,396	Grupa Lotos SA (a)		529,421
	15,005	Jastrzebska Spolka Weglowa SA (a)		237,616
	5,124	KGHM Polska Miedz SA		149,623
	174	LPP SA		297,988
	11,140	Polski Koncern Naftowy Orlen SA		280,973
	99,348	Polskie Gornictwo Naftowe i Gazownictwo SA		148,238
	55,469	Synthos SA		73,433
				2,124,908
		Qatar - 0.16%
	7,211	Ooredoo QSC		191,453
		Republic of Korea - 13.78%
	1,263	Amorepacific Corp.		317,042
	2,112	AMOREPACIFIC Group		225,773
	2,200	BGF retail Co., Ltd.		206,630
	31,898	BNK Financial Group, Inc.		261,703
	11,244	Cheil Worldwide, Inc.		191,084
	4,346	Coway Co., Ltd.		374,157
	10,113	Daewoo International Corp.		215,746
	35,743	DGB Financial Group, Inc.		346,508
	2,158	Dongbu Insurance Co., Ltd.		123,530
	10,988	Hana Financial Group, Inc.		362,582
	<1	Hanmi Pharm Co., Ltd.		24
	1,449	Hanssem Co., Ltd.		285,071
	5,061	Hanwha Chemical Corp.		119,476
	8,478	Hanwha Corp.		272,201
	24,749	Hanwha Life Insurance Co., Ltd.		133,666
	3,430	Hanwha Techwin Co., Ltd.		144,423
	991	Hyosung Corp.		120,076
	4,203	Hyundai Engineering & Construction Co., Ltd.		186,200
	1,041	Hyundai Heavy Industries Co., Ltd. (a)(b)		153,546
	3,916	Hyundai Marine & Fire Insurance Co., Ltd.		122,561
	2,843	Hyundai Steel Co.		148,722
	20,385	Industrial Bank of Korea		222,214
	10,053	KB Financial Group, Inc.		440,587
	5,817	Kia Motors Corp.		192,791
	8,759	Korea Electric Power Corp.		364,596
	10,976	Korea Gas Corp.		441,714
	10,058	Korean Air Lines Co., Ltd. (a)		283,886
	4,092	KT Corp.		116,804
	4,150	LG Electronics, Inc.		252,111
	531	LG Household & Health Care Ltd.		385,220
	952	LG Innotek Co., Ltd.		116,201
	47,914	LG Uplus Corp.		613,221
	438	Lotte Chemical Co.		145,140
	899	Naver Corp.		687,432
	2,736	POSCO		710,610
	2,412	S-1 Corp.		193,522
	2,664	Samsung Electronics Co., Ltd.		4,902,866
	949	Samsung SDI Co., Ltd.		117,108
	4,764	Shinhan Financial Group Co., Ltd.		198,502
	10,119	SK Hynix, Inc.		457,045
	3,011	SK Innovation Co., Ltd.		448,660
	981	SK Telecom Co., Ltd.		221,657
	37,917	Woori Bank		440,483
				16,263,091
		Russian Federation - 3.12%
	83,146	Gazprom PAO - ADR (c)		372,227
	12,133	Lukoil PJSC - ADR		643,777

See notes to financial statements.

45

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Russian Federation (Continued)
	3,985	Magnit PJSC - GDR	$	152,227
	29,266	Mobile TeleSystems PJSC - ADR		322,804
	2,077	NovaTek PJSC - ADR (Acquired 03/31/2017, Cost $265,022) (d)		259,856
	73,101	RusHydro PJSC - ADR		121,041
	90,824	Sberbank of Russia PJSC - ADR (c)		1,049,254
	14,293	Severstal PJSC - GDR (Acquired 10/05/2015, Cost $151,957) (d)		205,723
	23,404	Sistema PJSC FC - GDR (Acquired 11/30/2016 and 03/31/2017, Cost $199,510) (d)		209,466
	8,915	Tatneft PAO		328,254
	507	Tatneft PAO - ADR		19,007
				3,683,636
		South Africa - 5.64%
	18,731	AngloGold Ashanti Ltd.		200,159
	16,466	Barclays Africa Group Ltd.		171,237
	2,639	Capitec Bank Holdings Ltd.		149,817
	54,617	Coronation Fund Managers Ltd.		257,640
	35,359	Exxaro Resources Ltd.		310,567
	54,410	FirstRand Ltd.		188,263
	102,306	Gold Fields Ltd.		356,498
	16,826	Liberty Holdings Ltd.		135,334
	19,915	Massmart Holdings Ltd.		202,130
	25,646	Mr. Price Group Ltd.		305,270
	6,932	Naspers Ltd. - N Shares		1,194,469
	8,316	Nedbank Group Ltd.		149,423
	57,012	Pick n Pay Stores Ltd.		282,738
	10,980	Pioneer Foods Group Ltd.		144,539
	5,815	PSG Group Ltd.		107,057
	48,768	Sappi Ltd.		330,362
	15,975	Shoprite Holdings Ltd.		231,043
	20,668	Standard Bank Group Ltd.		221,634
	26,291	Steinhoff International Holdings NV		125,766
	46,929	Telkom SA SOC Ltd.		262,601
	24,851	The Bidvest Group Ltd.		284,843
	14,064	The SPAR Group Ltd.		182,461
	6,241	Tiger Brands Ltd.		186,200
	27,942	Truworths International Ltd.		180,352
	23,315	Vodacom Group Ltd.		263,919
	43,825	Woolworths Holdings Ltd.		228,594
				6,652,916
		Taiwan - 11.76%
	625,399	Acer, Inc.		296,784
	40,671	Advantech Co., Ltd.		340,468
	21,840	Asustek Computer, Inc.		215,935
	17,632	Catcher Technology Co., Ltd.		174,259
	94,186	Cathay Financial Holding Co., Ltd.		151,169
	1,085,261	China Airlines Ltd.		377,306
	50,969	Chunghwa Telecom Co., Ltd.		173,085
	191,657	CTBC Financial Holding Co., Ltd.		118,433
	31,079	Delta Electronics, Inc.		166,454
	19,985	Eclat Textile Co., Ltd.		200,318
	448,589	Eva Airways Corp.		238,012
	71,617	Far EasTone Telecommunications Co., Ltd.		175,838
	69,847	Feng TAY Enterprise Co., Ltd.		278,332
	494,273	First Financial Holding Co., Ltd.		301,360
	68,729	Formosa Chemicals & Fibre Corp.		213,819
	45,887	Formosa Petrochemical Corp.		160,285

Number of Shares			Value
		Taiwan (Continued)
	38,807	Formosa Plastics Corp.	$	115,746
	40,978	Foxconn Technology Co., Ltd.		124,939
	103,394	Fubon Financial Holding Co., Ltd.		168,640
	353,550	Hon Hai Precision Industry Co., Ltd.		1,060,327
	172,059	Inventec Corp.		129,012
	2,964	Largan Precision Co., Ltd.		466,830
	135,042	Lite-On Technology Corp.		232,767
	18,648	MediaTek, Inc.		132,135
	82,003	Micro-Star International Co., Ltd.		190,832
	80,091	Nan Ya Plastics Corp.		189,750
	44,520	Nien Made Enterprise Co., Ltd.		415,243
	41,878	Novatek Microelectronics Corp.		162,183
	64,216	Pegatron Corp.		190,101
	107,426	Pou Chen Corp.		148,678
	57,781	Powertech Technology, Inc.		168,146
	65,925	President Chain Store Corp.		543,091
	61,632	Quanta Computer, Inc.		125,310
	69,764	Realtek Semiconductor Corp.		249,443
	74,937	Standard Foods Corp.		186,223
	130,691	Synnex Technology International Corp.		140,630
	48,927	Taiwan Mobile Co.		179,750
	595,555	Taiwan Semiconductor Manufacturing Co., Ltd.		3,734,507
	241,433	Uni-President Enterprises Corp.		452,625
	74,239	Vanguard International Semiconductor Corp.		141,374
	584,870	Wistron Corp.		535,909
	93,097	WPG Holdings, Ltd.		116,899
				13,882,947
		Thailand - 2.39%
	27,971	Advanced Info Service PCL - NVDR		144,891
	380,886	Banpu PCL - NVDR		219,470
	270,672	BEC World PCL - NVDR		137,068
	86,117	Berli Jucker PCL - NVDR		116,535
	25,077	Bumrungrad Hospital PCL - NVDR		133,545
	97,065	CP ALL PCL - NVDR		166,659
	20,961	Electricity Generating PCL - NVDR		130,513
	808,815	Home Product Center PCL - NVDR		227,098
	127,649	Indorama Ventures PCL - NVDR		130,946
	55,228	KCE Electronics PCL - NVDR		167,970
	150,459	Minor International PCL - NVDR		160,933
	66,750	PTT Exploration & Production PCL - NVDR		180,673
	81,744	PTT Global Chemical PCL - NVDR		174,240
	35,675	PTT PCL - NVDR		401,769
	97,635	Robinson Department Store PCL - NVDR		181,768
	65,998	Thai Oil PCL - NVDR		145,024
				2,819,102
		Turkey - 1.38%
	21,806	BIM Birlesik Magazalar AS		335,291
	82,905	Eregli Demir ve Celik Fabrikalari TAS		134,630
	48,716	Turkiye Garanti Bankasi AS		118,759
	76,198	Turkiye Halk Bankasi AS		217,456
	177,923	Turkiye Is Bankasi - Series C		324,720
	165,783	Turkiye Vakiflar Bankasi TAO		244,609
	236,618	Yapi ve Kredi Bankasi AS (a)		247,283
				1,622,748
		United Arab Emirates - 0.19%
	46,658	Emirates Telecommunications Group Co. PJSC		229,413
		Total Common Stocks (Cost $79,266,222)		95,759,149

See notes to financial statements.

46

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 12.46%
		China - 3.54%
	87,388	iShares Core MSCI Emerging Markets ETF	$	4,176,273
		India - 8.92%
	334,201	iShares MSCI India ETF		10,522,318
		Total Investment Companies (Cost $13,855,158)		14,698,591
		PREFERRED STOCKS - 4.77%
		Brazil - 3.27%
	59,365	Banco Bradesco SA - Preference Shares		612,120
	81,555	Centrais Eletricas Brasileiras SA - Preference Shares (a)		579,633
	96,522	Cia Energetica de Minas Gerais - Preference Shares		320,651
	15,942	Cia Paranaense de Energia - Series B - Preference Shares		165,093
	98,706	Gerdau SA - Preference Shares		343,671
	73,638	Itau Unibanco Holding SA - Preference Shares		893,836
	41,705	Itausa - Investimentos Itau SA - Preference Shares		126,556
	97,539	Petroleo Brasileiro SA - Preference Shares (a)		453,952
	40,217	Vale SA - Preference Shares		363,810
				3,859,322
		Chile - 0.23%
	8,067	Sociedad Quimica y Minera de Chile SA - Preference Shares		276,644
		Colombia - 0.15%
	426,265	Grupo Aval Acciones y Valores SA - Preference Shares		173,473
		Republic of Korea - 1.12%
	1,691	Amorepacific Corp. - Preference Shares		252,539
	812	LG Household & Health Care Ltd. - Preference Shares		370,442
	485	Samsung Electronics Co., Ltd. - Preference Shares		694,709
				1,317,690
		Total Preferred Stocks (Cost $3,810,304)		5,627,129
		REAL ESTATE INVESTMENT TRUSTS - 0.10%
		South Africa - 0.10%
	91,405	Fortress Income Fund Ltd. - Class A		114,390
		Total Real Estate Investment Trusts (Cost $113,393)		114,390

Number of Shares			Value
		SHORT TERM INVESTMENTS - 5.87%
		Money Market Funds - 5.87%
	6,930,284	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (e)	$	6,930,284
		Total Short Term Investments (Cost $6,930,284)		6,930,284
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 0.71%
		Investment Companies - 0.71%
	838,995	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (e)		838,995
		Total Investments Purchased as Securities Lending Collateral (Cost $838,995)		838,995
		Total Investments (Cost $104,814,356) - 105.06%		123,968,538
		Liabilities in Excess of Other Assets - (5.06)%		(5,965,210	)
		TOTAL NET ASSETS - 100.00%	$	118,003,328

Percentages are stated as a percent of net assets.

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

(a) Non-income producing security.

(b) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $768,847, which represents 0.65% of total net assets.

(c) All or portion of this security is on loan.

(d) Restricted securities as defined in Regulation S 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 $675,045, which represents 0.57% of total net assets.

(e) Seven-day yield as of March 31, 2017.

See notes to financial statements.

47

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2017

COMMON STOCKS
Aerospace & Defense	0.12%
Air Freight & Logistics	0.13%
Airlines	1.24%
Automobiles	1.01%
Banks	12.35%
Beverages	1.21%
Capital Markets	0.51%
Chemicals	1.26%
Commercial Services & Supplies	0.16%
Construction & Engineering	0.16%
Construction Materials	0.35%
Consumer Finance	0.14%
Diversified Consumer Services	0.93%
Diversified Financial Services	0.52%
Diversified Telecommunication Services	2.42%
Electric Utilities	1.56%
Electrical Equipment	0.10%
Electronic Equipment, Instruments & Components	2.74%
Energy Equipment & Services	0.24%
Food & Staples Retailing	3.24%
Food Products	2.29%
Gas Utilities	0.10%
Health Care Providers & Services	0.21%
Hotels, Restaurants & Leisure	0.56%
Household Durables	1.83%
Household Products	0.33%
Independent Power and Renewable Electricity Producers	0.11%
Industrial Conglomerates	0.79%
Insurance	2.51%
Internet & Direct Marketing Retail	0.27%
Internet Software & Services	8.25%
Machinery	0.13%
Media	1.55%
Metals & Mining	2.72%
Multiline Retail	0.79%
Oil, Gas & Consumable Fuels	6.61%
Paper & Forest Products	0.52%
Personal Products	0.62%
Pharmaceuticals	0.73%
Real Estate Management & Development	1.74%
Semiconductors & Semiconductor Equipment	8.53%
Specialty Retail	1.21%

Technology Hardware, Storage & Peripherals	2.17%
Textiles, Apparel & Luxury Goods	1.16%
Thrifts & Mortgage	0.24%
Tobacco	0.33%
Trading Companies & Distributors	0.18%
Transportation Infrastructure	0.22%
Water Utilities	0.24%
Wireless Telecommunication Services	3.82%
TOTAL COMMON STOCKS	81.15%
INVESTMENT COMPANIES
Exchange Traded Funds	12.46%
TOTAL INVESTMENT COMPANIES	12.46%
PREFERRED STOCKS
Banks	1.53%
Chemicals	0.23%
Electric Utilities	0.90%
Metals & Mining	0.60%
Oil, Gas & Consumable Fuels	0.39%
Personal Products	0.53%
Semiconductors & Semiconductor Equipment	0.59%
TOTAL PREFERRED STOCKS	4.77%
REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts	0.10%
TOTAL REAL ESTATE INVESTMENT TRUSTS	0.10%
SHORT TERM INVESTMENTS
Money Market Funds	5.87%
TOTAL SHORT TERM INVESTMENTS	5.87%
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL
Investment Companies	0.71%
TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL	0.71%
TOTAL INVESTMENTS	105.06%
Liabilities in Excess of Other Assets	(5.06)%
TOTAL NET ASSETS	100.00%

Percentages are stated as a percent of net assets.

GuideMark^® Emerging Markets Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2017

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)
4/5/2017	Bank of America	South African Rand		3,762,358	U.S. Dollars		282,083	$	(1,885	)
								$	(1,885	)

See notes to financial statements.

48

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		COMMON STOCKS - 87.61%
		Aerospace & Defense - 1.28%
	709	AAR Corp.	$	23,844
	595	Astronics Corp. (a)		18,879
	1,770	BE Aerospace, Inc.		113,475
	1,992	BWX Technologies, Inc.		94,819
	500	Cubic Corp.		26,400
	988	Curtiss-Wright Corp.		90,165
	1,748	DigitalGlobe, Inc. (a)		57,247
	1,244	Ducommun, Inc. (a)		35,815
	1,837	Engility Holdings, Inc. (a)(b)		53,163
	598	Esterline Technologies Corp. (a)(b)		51,458
	437	HEICO Corp. (b)		38,106
	532	HEICO Corp. - Class A		39,900
	899	Huntington Ingalls Industries, Inc.		180,016
	1,251	KLX, Inc. (a)(b)		55,920
	6,936	Kratos Defense & Security Solutions, Inc. (a)		53,962
	693	Moog, Inc. - Class A (a)		46,673
	1,195	Orbital ATK, Inc.		117,110
	1,057	Sparton Corp. (a)		22,186
	2,259	Spirit AeroSystems Holdings, Inc. - Class A		130,841
	2,318	TASER International, Inc. (a)(b)		52,827
	886	Teledyne Technologies, Inc. (a)		112,044
	947	Triumph Group, Inc. (b)		24,385
	1,673	Vectrus, Inc. (a)		37,392
				1,476,627
		Air Freight & Logistics - 0.31%
	2,400	Air Transport Services Group, Inc. (a)		38,520
	2,482	Echo Global Logistics, Inc. (a)		52,991
	778	Forward Air Corp.		37,009
	1,141	Hub Group, Inc. - Class A (a)		52,942
	1,026	Park-Ohio Holdings Corp.		36,885
	16,504	Radiant Logistics, Inc. (a)		82,520
	1,150	XPO Logistics, Inc. (a)(b)		55,074
				355,941
		Airlines - 0.40%
	1,635	Alaska Air Group, Inc.		150,780
	184	Allegiant Travel Co. (b)		29,486
	581	Copa Holdings SA - Class A (b)		65,217
	1,770	Hawaiian Holdings, Inc. (a)		82,216
	4,308	JetBlue Airways Corp. (a)		88,788
	1,200	SkyWest, Inc.		41,100
				457,587
		Auto Components - 1.00%
	1,700	American Axle & Manufacturing Holdings, Inc. (a)		31,926
	1,065	Cooper Tire & Rubber Co.		47,233
	567	Cooper-Standard Holding, Inc. (a)		62,897
	1,754	Dana Holding Corp.		33,870
	1,075	Dorman Products, Inc. (a)(b)		88,290
	1,166	Fox Factory Holding Corp. (a)		33,464
	3,185	Gentex Corp. (b)		67,936
	985	Gentherm, Inc. (a)(b)		38,661
	3,240	Goodyear Tire & Rubber Co.		116,640
	2,222	Horizon Global Corp. (a)		30,841
	1,042	LCI Industries (b)		103,992
	1,439	Lear Corp.		203,734
	1,305	Metaldyne Performance Group, Inc.		29,819
	6,368	Spartan Motors, Inc.		50,944

Number of Shares			Value
		Auto Components (Continued)
	1,181	Standard Motor Products, Inc.	$	58,034
	2,913	Stoneridge, Inc. (a)		52,842
	948	Superior Industries International, Inc.		24,032
	704	Tenneco, Inc. (b)		43,944
	337	WABCO Holdings, Inc. (a)		39,570
				1,158,669
		Automobiles - 0.15%
	1,522	Thor Industries, Inc.		146,310
	1,006	Winnebago Industries, Inc. (b)		29,425
				175,735
		Banks - 6.58%
	726	1st Source Corp.		34,086
	1,035	Access National Corp. (b)		31,071
	833	ACNB Corp.		24,032
	786	Allegiance Bancshares, Inc. (a)		29,239
	665	American National Bankshares, Inc.		24,771
	784	Ameris Bancorp		36,142
	1,124	Arrow Financial Corp.		38,104
	2,775	Associated Banc-Corp.		67,710
	2,750	Banc of California, Inc. (b)		56,925
	246	BancFirst Corp.		22,115
	1,100	Banco Latinoamericano de Comercio Exterior SA - Class E		30,514
	929	BancorpSouth, Inc.		28,102
	1,192	Bank of Hawaii Corp. (b)		98,173
	439	Bank of the Ozarks, Inc.		22,832
	2,467	BankUnited, Inc.		92,044
	1,089	Bankwell Financial Group, Inc.		37,451
	1,800	Bar Harbor Bankshares		59,544
	373	BOK Financial Corp. (b)		29,195
	623	Bridge Bancorp, Inc.		21,805
	571	Bryn Mawr Bank Corp.		22,554
	701	C&F Financial Corp.		32,456
	1,011	Camden National Corp.		44,524
	680	Capital Bank Financial Corp. - Class A		29,512
	1,621	Capital City Bank Group, Inc.		34,673
	1,618	Cardinal Financial Corp.		48,443
	1,089	Carolina Financial Corp.		32,670
	2,872	Cascade Bancorp (a)		22,143
	806	Cathay General Bancorp		30,370
	1,300	CenterState Banks, Inc. (b)		33,670
	881	Central Pacific Financial Corp.		26,906
	1,445	Central Valley Community Bancorp		29,622
	497	Century Bancorp, Inc. - Class A		30,230
	1,322	Chemical Financial Corp.		67,620
	683	Chemung Financial Corp.		26,978
	1,222	Citizens & Northern Corp.		28,448
	587	City Holding Co.		37,850
	1,400	CNB Financial Corp.		33,446
	1,090	Codorus Valley Bancorp, Inc.		28,242
	668	Columbia Banking System, Inc. (b)		26,045
	2,443	Commerce Bancshares, Inc.		137,199
	632	Community Bank Systems, Inc.		34,747
	800	Community Trust Bancorp, Inc.		36,600
	1,280	ConnectOne Bancorp, Inc.		31,040
	1,066	CU Bancorp (a)		42,267
	827	Cullen Frost Bankers, Inc.		73,578
	1,666	Customers Bancorp, Inc. (a)(b)		52,529
	1,000	CVB Financial Corp.		22,090

See notes to financial statements.

49

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	503	Eagle Bancorp, Inc. (a)	$	30,029
	2,785	East West Bancorp, Inc. (b)		143,734
	1,279	Enterprise Financial Services Corp.		54,230
	701	Equity Bancshares, Inc. - Class A (a)		22,271
	6,661	F.N.B. Corp.		99,044
	800	Farmers Capital Bank Corp.		32,320
	2,033	Farmers National Banc Corp.		29,174
	800	FCB Financial Holdings, Inc. - Class A (a)(b)		39,640
	1,216	Fidelity Southern Corp.		27,214
	1,064	Financial Institutions, Inc.		35,059
	1,382	First Bancorp		40,479
	6,534	First BanCorp. (a)		36,917
	1,236	First Busey Corp. (b)		36,338
	1,459	First Business Financial Services, Inc.		37,876
	161	First Citizens BancShares, Inc. - Class A		53,995
	2,248	First Commonwealth Financial Corp.		29,808
	1,300	First Community Bancshares, Inc.		32,461
	2,145	First Community Financial Partners, Inc. (a)		27,349
	1,635	First Financial Bancorp		44,881
	1,552	First Financial Bankshares		62,235
	532	First Financial Corp.		25,270
	698	First Hawaiian, Inc.		20,884
	3,357	First Horizon National Corp.		62,104
	904	First Internet Bancorp		26,668
	980	First Interstate BancSystem, Inc. - Class A (b)		38,857
	805	First Merchants Corp.		31,653
	816	First Mid-Illinois Bancshares, Inc.		27,613
	1,084	First Midwest Bancorp, Inc.		25,669
	700	Franklin Financial Network, Inc. (a)		27,125
	3,916	Fulton Financial Corp.		69,901
	708	German American Bancorp, Inc.		33,517
	957	Glacier Bancorp, Inc. (b)		32,471
	541	Great Southern Bancorp, Inc.		27,320
	1,000	Hancock Holding Co.		45,550
	1,199	Hanmi Financial Corp.		36,869
	844	Heartland Financial U.S.A., Inc.		42,158
	2,719	Heritage Commerce Corp.		38,338
	1,495	Hilltop Holdings, Inc.		41,068
	3,562	Home Bancshares, Inc.		96,423
	859	Horizon Bancorp		22,523
	17,203	Huntington Bancshares, Inc.		230,348
	780	IBERIABANK Corp.		61,698
	1,941	Independent Bank Corp.		40,179
	373	Independent Bank Group, Inc.		23,984
	1,540	International Bancshares Corp.		54,516
	2,615	Investors Bancorp, Inc.		37,604
	2,249	Lakeland Bancorp, Inc. (b)		44,080
	1,050	Lakeland Financial Corp. (b)		45,276
	1,210	LCNB Corp.		28,859
	545	LegacyTexas Financial Group, Inc.		21,745
	1,216	Live Oak Bancshares, Inc.		26,326
	2,819	Macatawa Bank Corp.		27,852
	1,100	MainSource Financial Group, Inc.		36,223
	4,057	MBT Financial Corp.		46,047
	1,152	Mercantile Bank Corp.		39,629
	447	Merchants Bancshares, Inc.		21,769
	625	Middleburg Financial Corp.		25,025
	720	MidWestOne Financial Group, Inc.		24,689
	776	MutualFirst Financial, Inc.		24,483

Number of Shares			Value
		Banks (Continued)
	744	National Bank Holdings Corp. - Class A	$	24,180
	798	National Bankshares, Inc.		29,965
	625	National Commerce Corp. (a)		22,875
	1,135	NBT Bancorp, Inc.		42,074
	1,144	NorthRim Bancorp, Inc.		34,377
	2,093	OFG Bancorp		24,697
	1,155	Old Line Bancshares, Inc.		32,894
	2,454	Old National Bancorp		42,577
	2,325	Old Second Bancorp, Inc.		26,156
	1,064	Orrstown Financial Services, Inc.		23,780
	1,267	Pacific Continental Corp.		31,042
	917	Pacific Premier Bancorp, Inc. (a)		35,350
	1,378	PacWest Bancorp		73,392
	502	Park National Corp.		52,810
	2,696	Park Sterling Corp. (b)		33,188
	1,098	Peapack-Gladstone Financial Corp.		32,490
	889	Peoples Bancorp, Inc. (b)		28,146
	1,110	People’s Utah Bancorp		29,360
	3,359	Popular, Inc.		136,812
	790	Preferred Bank		42,391
	1,713	Premier Financial Bancorp, Inc.		36,024
	1,232	PrivateBancorp, Inc.		73,144
	879	Prosperity Bancshares, Inc.		61,275
	1,076	QCR Holdings, Inc.		45,569
	517	Renasant Corp.		20,520
	756	Republic Bancorp, Inc. - Class A		25,999
	785	S&T Bancorp, Inc.		27,161
	952	Sandy Spring Bancorp, Inc.		39,022
	1,068	Seacoast Banking Corp. of Florida (a)		25,611
	2,420	ServisFirst Bancshares, Inc. (b)		88,040
	1,465	Shore Bancshares, Inc.		24,480
	1,493	Sierra Bancorp		40,953
	792	Signature Bank (a)		117,525
	479	Simmons First National Corp. - Class A		26,417
	1,216	Southern First Bancshares, Inc. (a)		39,702
	654	Southside Bancshares, Inc.		21,955
	1,428	Southwest Bancorp, Inc.		37,342
	2,098	Sterling Bancorp		49,723
	1,261	Stock Yards Bancorp, Inc.		51,260
	758	Stonegate Bank		35,694
	1,820	Summit Financial Group, Inc.		39,203
	800	SVB Financial Group (a)(b)		148,872
	2,289	Synovus Financial Corp.		93,895
	2,951	TCF Financial Corp.		50,226
	611	Texas Capital Bancshares, Inc. (a)(b)		50,988
	722	The Bank of N.T. Butterfield & Son Ltd.		23,039
	1,473	The First Bancorp, Inc.		40,139
	1,014	The First of Long Island Corp.		27,429
	500	Tompkins Financial Corp.		40,275
	1,300	TowneBank		42,120
	930	TriCo Bancshares		33,043
	1,410	TriState Capital Holdings, Inc. (a)		32,924
	1,224	Triumph Bancorp, Inc. (a)		31,579
	1,715	Trustmark Corp.		54,520
	562	UMB Financial Corp.		42,324
	2,276	Umpqua Holdings Corp. (b)		40,376
	1,661	Union Bankshares Corp.		58,434
	981	Union Bankshares, Inc. (b)		42,134
	514	United Bankshares, Inc. (b)		21,717
	1,281	United Community Banks, Inc.		35,471

See notes to financial statements.

50

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	1,351	Univest Corp. of Pennsylvania	$	34,991
	2,243	Valley National Bancorp		26,467
	880	Veritex Holdings, Inc. (a)		24,746
	600	Washington Trust Bancorp		29,580
	995	WashingtonFirst Bankshares, Inc.		27,860
	547	Wesbanco, Inc.		20,846
	1,523	West Bancorporation, Inc.		34,953
	608	WestAmerica Bancorporation		33,945
	1,555	Western Alliance Bancorp (a)		76,335
	979	Wintrust Financial Corp. (b)		67,668
	1,897	Xenith Bankshares, Inc. (a)		48,127
	2,646	Zions Bancorporation (b)		111,132
				7,599,004
		Beverages - 0.33%
	432	Boston Beer Co., Inc. - Class A (a)(b)		62,489
	351	Coca-Cola Bottling Co.		72,313
	790	MGP Ingredients, Inc. (b)		42,842
	1,597	National Beverage Corp. (b)		134,994
	5,412	Primo Water Corp. (a)		73,495
				386,133
		Biotechnology - 1.61%
	2,347	Acorda Therapeutics, Inc. (a)(b)		49,287
	1,699	Alkermes Plc (a)		99,391
	3,243	AMAG Pharmaceuticals, Inc. (a)(b)		73,130
	389	ANI Pharmaceuticals, Inc. (a)		19,259
	9,500	Array BioPharma, Inc. (a)(b)		84,930
	5,224	BioCryst Pharmaceuticals, Inc. (a)		43,882
	396	Bluebird Bio, Inc. (a)(b)		35,996
	3,000	ChemoCentryx, Inc. (a)		21,840
	484	Eagle Pharmaceuticals, Inc. (a)(b)		40,143
	3,200	Emergent BioSolutions, Inc. (a)		92,928
	1,170	Enanta Pharmaceuticals, Inc. (a)		36,036
	1,592	Exact Sciences Corp. (a)(b)		37,603
	3,034	Exelixis, Inc. (a)(b)		65,747
	3,037	Five Prime Therapeutics, Inc. (a)		109,787
	2,375	Genomic Health, Inc. (a)(b)		74,789
	8,484	Insys Therapeutics, Inc. (a)(b)		89,167
	1,502	Ironwood Pharmaceuticals, Inc. - Class A (a)		25,624
	1,639	Lexicon Pharmaceuticals, Inc. (a)(b)		23,503
	2,960	MediciNova, Inc. (a)(b)		17,730
	9,079	MiMedx Group, Inc. (a)(b)		86,523
	6,530	Myriad Genetics, Inc. (a)		125,376
	32,430	PDL BioPharma, Inc. (b)		73,616
	21,335	PharmAthene, Inc.		17,313
	1,055	Sarepta Therapeutics, Inc. (a)		31,228
	2,088	Seattle Genetics, Inc. (a)(b)		131,252
	2,118	Seres Therapeutics, Inc. (a)		23,870
	192	TESARO, Inc. (a)(b)		29,543
	1,491	United Therapeutics Corp. (a)		201,852
	2,913	Vanda Pharmaceuticals, Inc. (a)		40,782
	3,009	Veracyte, Inc. (a)		27,623
	1,051	Xencor, Inc. (a)		25,140
				1,854,890
		Building Products - 1.51%
	3,417	A. O. Smith Corp. (b)		174,814
	2,327	AAON, Inc.		82,259
	2,157	Allegion Plc		163,285

Number of Shares			Value
		Building Products (Continued)
	781	American Woodmark Corp. (a)	$	71,696
	688	Apogee Enterprises, Inc. (b)		41,012
	544	Armstrong World Industries, Inc. (a)		25,051
	4,743	Builders FirstSource, Inc. (a)(b)		70,671
	787	Caesarstone Ltd. (a)		28,529
	1,143	Continental Building Products, Inc. (a)		28,003
	3,124	Fortune Brands Home & Security, Inc. (b)		190,095
	900	Insteel Industries, Inc.		32,526
	1,083	Lennox International, Inc. (b)		181,186
	400	Masonite International Corp. (a)(b)		31,700
	2,376	NCI Building Systems, Inc. (a)		40,748
	2,404	Owens Corning, Inc.		147,533
	745	Patrick Industries, Inc. (a)		52,821
	1,942	Ply Gem Holdings, Inc. (a)		38,257
	1,492	Quanex Building Products Corp.		30,213
	1,408	Simpson Manufacturing Co., Inc.		60,671
	1,527	Trex Co., Inc. (a)		105,959
	848	Universal Forest Products, Inc.		83,562
	1,925	USG Corp. (a)(b)		61,215
				1,741,806
		Capital Markets - 2.01%
	1,521	Arlington Asset Investment Corp. - Class A (b)		21,492
	2,256	Artisan Partners Asset Management, Inc. - Class A		62,266
	1,201	B. Riley Financial, Inc.		18,015
	8,124	BGC Partners, Inc. - Class A		92,289
	1,654	Cohen & Steers, Inc. (b)		66,110
	1,771	Cowen Group, Inc. - Class A (a)(b)		26,476
	300	Diamond Hill Investment Group, Inc.		58,365
	2,561	Donnelley Financial Solutions, Inc. (a)		49,402
	3,469	E*TRADE Financial Corp. (a)		121,033
	3,120	Eaton Vance Corp.		140,275
	1,140	Evercore Partners, Inc. - Class A		88,806
	3,177	Federated Investors, Inc. - Class B		83,682
	904	Greenhill & Co., Inc.		26,487
	2,512	Hennessy Advisors, Inc.		42,227
	1,882	INTL. FCStone, Inc. (a)		71,441
	3,462	Investment Technology Group		70,105
	2,166	Janus Capital Group, Inc. (b)		28,591
	3,214	KCG Holdings, Inc. - Class A (a)		57,306
	4,184	Lazard Ltd. - Class A - ADR		192,422
	3,112	LPL Financial Holdings, Inc.		123,951
	1,379	Moelis & Co. - Class A		53,092
	3,770	OM Asset Management Plc		57,002
	600	Piper Jaffray Cos.		38,310
	2,417	PJT Partners, Inc. - Class A		84,813
	5,786	Pzena Investment Management, Inc. - Class A		56,934
	2,965	Raymond James Financial, Inc.		226,111
	2,232	SEI Investments Co.		112,582
	433	Stifel Financial Corp. (a)(b)		21,732
	3,641	Virtu Financial, Inc. - Class A (b)		61,897
	4,874	Waddell & Reed Financial, Inc. - Class A (b)		82,858
	593	Westwood Holdings Group, Inc.		31,672
	99	Wins Finance Holdings, Inc. (a)(b)		14,354
	4,912	WisdomTree Investments, Inc. (b)		44,601
				2,326,699
		Chemicals - 2.28%
	775	A. Schulman, Inc.		24,374
	8,334	AgroFresh Solutions, Inc. (a)		36,420

See notes to financial statements.

51

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Chemicals (Continued)
	1,355	Albemarle Corp. (b)	$	143,142
	2,491	American Vanguard Corp.		41,351
	1,053	Ashland Global Holdings, Inc.		130,372
	1,876	Axalta Coating Systems, Ltd. (a)		60,407
	277	Balchem Corp.		22,830
	1,650	Cabot Corp.		98,851
	633	Chase Corp.		60,388
	666	Chemtura Corp. (a)		22,244
	4,673	Codexis, Inc. (a)		22,430
	1,858	FutureFuel Corp. (b)		26,346
	2,925	GCP Applied Technologies, Inc. (a)		95,501
	1,290	H.B. Fuller Co. (b)		66,512
	4,661	Huntsman Corp. (b)		114,381
	713	Ingevity Corp. (a)		43,386
	745	Innophos Holdings, Inc.		40,208
	974	Innospec, Inc.		63,066
	1,910	KMG Chemicals, Inc.		87,994
	1,206	Koppers Holdings, Inc. (a)		51,074
	1,229	Kraton Corp. (a)		38,001
	1,785	Kronos Worldwide, Inc.		29,328
	821	Minerals Technologies, Inc.		62,889
	205	NewMarket Corp. (b)		92,912
	3,320	Olin Corp.		109,128
	3,500	OMNOVA Solutions, Inc. (a)		34,650
	4,384	Platform Specialty Products Corp. (a)		57,080
	1,162	PolyOne Corp.		39,613
	404	Quaker Chemical Corp.		53,191
	2,300	Rayonier Advanced Materials, Inc.		30,935
	3,421	RPM International, Inc.		188,258
	460	Sensient Technologies Corp.		36,460
	400	Stepan Co.		31,524
	3,470	The Chemours Company		133,595
	767	The Scotts Miracle-Gro Co. - Class A (b)		71,630
	1,560	Trinseo SA		104,676
	3,430	Tronox, Ltd. - Class A		63,284
	1,663	Valspar Corp.		184,493
	333	W.R. Grace & Co.		23,213
				2,636,137
		Commercial Services & Supplies - 1.94%
	1,528	ABM Industries, Inc.		66,621
	4,285	ACCO Brands Corp. (a)		56,348
	2,309	Aqua Metals, Inc. (a)(b)		45,118
	12,575	ARC Document Solutions, Inc. (a)		43,384
	2,243	Avery Dennison Corp.		180,786
	920	Barrett Business Services, Inc.		50,250
	3,491	Casella Waste Systems, Inc. - Class A (a)		49,258
	2,396	CECO Environmental Corp. (b)		25,182
	510	Clean Harbors, Inc. (a)		28,366
	2,222	Comfort Systems U.S.A., Inc.		81,436
	1,706	Copart, Inc. (a)		105,653
	1,680	Deluxe Corp.		121,246
	2,143	Ennis, Inc.		36,431
	1,123	Essendant, Inc.		17,013
	2,013	Healthcare Services Group, Inc. (b)		86,740
	1,912	HNI Corp.		88,124
	3,731	InnerWorkings, Inc. (a)		37,161
	3,464	Interface, Inc.		65,989
	885	KAR Auction Services, Inc. (b)		38,648

Number of Shares			Value
		Commercial Services & Supplies (Continued)
	4,861	Kimball International, Inc. - Class B	$	80,207
	2,509	Knoll, Inc.		59,739
	847	LSC Communications, Inc.		21,311
	713	McGrath RentCorp		23,935
	3,123	Miller Herman, Inc.		98,531
	802	MSA Safety, Inc.		56,693
	292	Multi-Color Corp.		20,732
	2,792	NL Industries, Inc. (a)		18,008
	2,857	Pitney Bowes, Inc.		37,455
	2,463	Quad/Graphics, Inc.		62,166
	3,285	Rollins, Inc. (b)		121,972
	1,208	SP Plus Corp. (a)		40,770
	3,814	Steelcase, Inc. - Class A		63,885
	3,075	Sykes Enterprises, Inc. (a)		90,405
	1,551	Tetra Tech, Inc. (b)		63,358
	761	The Brinks Co. (b)		40,675
	2,805	TRC Cos., Inc. (a)		48,947
	610	Viad Corp.		27,572
	1,456	West Corp.		35,556
				2,235,671
		Communications Equipment - 1.67%
	2,839	ADTRAN, Inc.		58,909
	1,084	Applied Optoelectronics, Inc. (a)(b)		60,867
	883	Arista Networks, Inc. (a)(b)		116,794
	2,694	ARRIS International Plc (a)		71,256
	1,584	Bel Fuse, Inc. - Class B		40,471
	5,789	Black Box Corp. (b)		51,812
	10,151	Brocade Communications Systems, Inc.		126,684
	6,352	Calix, Inc. (a)		46,052
	3,967	Ciena Corp. (a)(b)		93,661
	2,568	Clearfield, Inc. (a)		42,244
	1,805	CommScope Holding Co., Inc. (a)		75,287
	3,015	Digi International, Inc. (a)		35,878
	438	EchoStar Corp. - Class A (a)		24,944
	22,488	Extreme Networks, Inc. (a)		168,885
	1,722	Finisar Corp. (a)		47,079
	4,628	Harmonic, Inc. (a)		27,537
	3,753	Infinera Corp. (a)(b)		38,393
	502	InterDigital, Inc.		43,323
	4,240	Ixia (a)		83,316
	4,359	KVH Industries, Inc. (a)		36,616
	2,090	Lumentum Holdings, Inc. (a)		111,502
	1,506	NETGEAR, Inc. (a)		74,622
	1,216	NetScout Systems, Inc. (a)		46,147
	6,300	Oclaro, Inc. (a)(b)		61,866
	1,204	Plantronics, Inc.		65,148
	2,365	Quantenna Communications, Inc. (a)(b)		49,263
	8,419	ShoreTel, Inc. (a)		51,777
	9,381	Sonus Networks, Inc. (a)		61,821
	1,274	Ubiquiti Networks, Inc. (a)(b)		64,031
	4,465	Viavi Solutions, Inc. (a)		47,865
				1,924,050
		Construction & Engineering - 0.96%
	2,451	AECOM (a)(b)		87,231
	2,006	Aegion Corp. (a)(b)		45,958
	563	Argan, Inc.		37,242
	1,563	Chicago Bridge & Iron Co. NV		48,062
	1,586	EMCOR Group, Inc.		99,839
	718	Granite Construction, Inc. (b)		36,036

See notes to financial statements.

52

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Construction & Engineering (Continued)
	4,826	HC2 Holdings, Inc. (a)	$	29,921
	4,545	IES Holdings, Inc. (a)		82,265
	2,680	Jacobs Engineering Group, Inc. (b)		148,150
	1,997	KBR, Inc.		30,015
	2,182	Layne Christensen Co. (a)		19,289
	2,253	MasTec, Inc. (a)		90,233
	1,109	MYR Group, Inc. (a)		45,469
	2,183	NV5 Global, Inc. (a)		82,081
	3,930	Orion Group Holdings, Inc. (a)		29,357
	4,122	Quanta Services, Inc. (a)		152,967
	1,284	Tutor Perini Corp. (a)		40,831
				1,104,946
		Construction Materials - 0.08%
	489	Eagle Materials, Inc.		47,501
	700	US Concrete, Inc. (a)(b)		45,185
				92,686
		Consumer Finance - 0.80%
	343	Credit Acceptance Corp. (a)(b)		68,398
	6,753	Enova International, Inc. (a)		100,282
	1,995	EZCORP, Inc. - Class A (a)(b)		16,259
	1,111	FirstCash, Inc.		54,606
	1,340	Green Dot Corp. - Class A (a)(b)		44,702
	13,376	Navient Corp.		197,430
	1,688	Nelnet, Inc. - Class A		74,036
	2,566	PRA Group, Inc. (a)(b)		85,063
	2,727	Regional Management Corp. (a)		52,985
	6,432	Santander Consumer USA Holdings, Inc. (a)(b)		85,674
	12,062	SLM Corp. (a)		145,950
				925,385
		Containers & Packaging - 0.80%
	308	AptarGroup, Inc. (b)		23,713
	1,567	Bemis Co., Inc.		76,564
	2,399	Berry Plastics Group, Inc. (a)		116,519
	2,274	Crown Holdings, Inc. (a)(b)		120,408
	4,158	Graphic Packaging Holding Co.		53,514
	804	Greif, Inc. - Class A		44,292
	363	Greif, Inc. - Class B		23,704
	1,608	Multi Packaging Solutions International Ltd. (a)		28,864
	2,215	Myers Industries, Inc.		35,108
	2,144	Owens-Illinois, Inc. (a)(b)		43,695
	1,695	Packaging Corp. of America		155,296
	2,873	Sealed Air Corp.		125,205
	1,483	Sonoco Products Co. (b)		78,480
				925,362
		Distributors - 0.04%
	1,536	Core-Mark Holding Co., Inc.		47,908
		Diversified Consumer Services - 1.19%
	4,057	American Public Education, Inc. (a)		92,905
	5,636	Bridgepoint Education, Inc. (a)		60,136
	5,937	Cambium Learning Group, Inc. (a)		29,091
	1,149	Capella Education Co.		97,694
	11,200	Career Education Corp. (a)(b)		97,440
	7,874	Chegg, Inc. (a)(b)		66,457
	3,069	Collectors Universe, Inc.		80,101
	3,599	DeVry Education Group, Inc. (b)		127,585
	1,100	Grand Canyon Ed, Inc. (a)		78,771

Number of Shares			Value
		Diversified Consumer Services (Continued)
	3,931	H&R Block, Inc.	$	91,396
	1,275	Hillenbrand, Inc.		45,709
	2,289	Houghton Mifflin Harcourt Co. (a)		23,233
	5,526	K12, Inc. (a)		105,823
	1,747	Liberty Tax, Inc.		24,895
	305	Matthews International Corp. - Class A		20,633
	2,300	Regis Corp. (a)		26,956
	856	Service Corp. International		26,433
	2,023	ServiceMaster Global Holdings, Inc. (a)		84,460
	751	Sotheby’s (a)		34,155
	1,024	Strayer Education, Inc.		82,422
	4,753	Weight Watchers International, Inc. (a)(b)		74,004
				1,370,299
		Diversified Financial Services - 0.72%
	1,967	CBOE Holdings, Inc.		159,465
	1,400	Encore Capital Group, Inc. (a)		43,120
	2,143	Fidelity National Financial, Inc. (a)		28,395
	4,284	GAIN Capital Holdings, Inc.		35,686
	1,084	MarketAxess Holdings, Inc.		203,239
	2,507	MSCI, Inc.		243,655
	3,683	Tiptree Financial, Inc. - Class A		26,886
	1,726	World Acceptance Corp. (a)		89,372
				829,818
		Diversified Telecommunication Services - 0.53%
	4,975	8x8, Inc. (a)		75,869
	1,123	Cincinnati Bell, Inc. (a)		19,877
	1,318	Cogent Communications Group, Inc.		56,740
	1,146	Consolidated Communications Holdings, Inc. (b)		26,839
	2,154	FairPoint Communications, Inc. (a)		35,757
	6,224	Frontier Communications Corp. (b)		13,319
	1,789	General Communication, Inc. - Class A (a)		37,211
	976	Hawaiian Telcom Holdco, Inc. (a)		22,360
	3,119	IDT Corp. - Class B		39,674
	995	Straight Path Communications, Inc. - Class B (a)(b)		35,790
	18,694	Vonage Holdings Corp. (a)(b)		118,146
	13,916	Windstream Holdings, Inc. (b)		75,842
	1,773	Zayo Group Holdings, Inc. (a)		58,332
				615,756
		Electric Utilities - 0.91%
	1,165	ALLETE, Inc.		78,882
	642	El Paso Electric Co.		32,421
	9,218	Genie Energy Ltd. - Class B		66,738
	4,063	Great Plains Energy, Inc.		118,721
	3,162	Hawaiian Electric Industries, Inc.		105,326
	700	IDACORP, Inc.		58,072
	538	MGE Energy, Inc.		34,970
	3,626	OGE Energy Corp.		126,838
	1,352	Pinnacle West Capital Corp.		112,730
	1,116	PNM Resources, Inc.		41,292
	1,198	Portland General Electric Co.		53,215
	2,712	Spark Energy, Inc. - Class A (b)		86,648
	600	Unitil Corp.		27,018
	1,984	Westar Energy, Inc.		107,672
				1,050,543
		Electrical Equipment - 0.79%
	1,581	Allied Motion Technologies, Inc.		31,778
	771	AZZ, Inc.		45,875

See notes to financial statements.

53

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electrical Equipment (Continued)
	1,418	Babcock & Wilcox Enterprises, Inc. (a)	$	13,244
	622	Belden, Inc. (b)		43,036
	2,440	Brady Corp. - Class A		94,306
	767	Encore Wire Corp.		35,282
	1,776	Energous Corp. (a)(b)		27,706
	722	EnerSys		56,995
	680	Franklin Electric Co., Inc.		29,274
	630	Generac Holdings, Inc. (a)(b)		23,486
	2,151	General Cable Corp.		38,610
	981	Hubbell, Inc.		117,769
	1,216	II-VI, Inc. (a)		43,837
	3,169	InvenSense, Inc. (a)		40,024
	3,702	LSI Industries, Inc.		37,353
	908	Powell Industries, Inc.		31,272
	945	Regal Beloit Corp. (b)		71,489
	3,600	Vicor Corp. (a)		57,960
	1,102	Woodward Governor Co.		74,848
				914,144
		Electronic Equipment, Instruments & Components - 2.57%
	1,019	Anixter International, Inc. (a)		80,807
	1,979	Arrow Electronics, Inc. (a)		145,278
	1,658	Avnet, Inc.		75,870
	1,544	AVX Corp.		25,291
	2,294	Benchmark Electronics, Inc. (a)		72,949
	4,104	CDW Corp. (b)		236,842
	1,963	Cognex Corp. (b)		164,794
	577	Coherent, Inc. (a)		118,654
	5,417	Control4 Corp. (a)		85,534
	3,790	Daktronics, Inc.		35,816
	1,694	Dolby Laboratories, Inc. - Class A		88,783
	6,787	Electro Scientific Industries (a)		47,305
	800	Fabrinet (a)		33,624
	968	FARO Technologies, Inc. (a)		34,606
	5,164	Fitbit, Inc. - Class A (a)(b)		30,571
	1,302	FLIR Systems, Inc.		47,237
	2,648	Insight Enterprises, Inc. (a)		108,806
	408	IPG Photonics Corp. (a)(b)		49,246
	1,050	Itron, Inc. (a)		63,735
	1,288	Jabil Circuit, Inc. (b)		37,249
	3,258	Keysight Technologies, Inc. (a)		117,744
	1,936	Kimball Electronics, Inc. (a)		32,815
	1,326	Knowles Corp. (a)(b)		25,128
	306	Littelfuse, Inc.		48,933
	1,100	Mercury Computer Systems (a)		42,955
	774	Methode Electronics, Inc. (b)		35,294
	460	MTS Systems Corp.		25,323
	2,699	National Instruments Corp.		87,880
	2,000	Novanta, Inc. (a)		53,100
	1,500	PC Connection, Inc. (b)		44,685
	1,135	Plexus Corp. (a)		65,603
	10,273	Radisys Corp. (a)		41,092
	375	Rogers Corp. (a)		32,201
	2,444	Sanmina Corp. (a)		99,226
	929	ScanSource, Inc. (a)		36,463
	813	SYNNEX Corp.		91,007
	1,030	Tech Data Corp. (a)		96,717
	5,123	Trimble Navigation Ltd. (a)		163,987
	3,500	TTM Technologies, Inc. (a)(b)		56,455

Number of Shares			Value
		Electronic Equipment, Instruments & Components (Continued)
	394	Universal Display Corp. (b)	$	33,923
	3,404	Vishay Intertechnology, Inc. (b)		55,996
	1,577	Vishay Precision Group, Inc. (a)		24,917
	747	Zebra Technologies Corp. - Class A (a)		68,164
				2,962,605
		Energy Equipment & Services - 1.12%
	3,792	Archrock, Inc.		47,021
	4,176	Atwood Oceanics, Inc. (a)(b)		39,797
	6,756	Dawson Geophysical Co. (a)(b)		37,563
	1,833	Diamond Offshore Drilling, Inc. (a)(b)		30,629
	605	Dril-Quip, Inc. (a)(b)		33,003
	7,202	Ensco Plc - Class A (b)		64,458
	4,550	Era Group, Inc. (a)		60,333
	1,111	Exterran Corp. (a)		34,941
	2,948	Fairmount Santrol Holdings, Inc. (a)		21,609
	2,300	Forum Energy Technologies, Inc. (a)		47,610
	1,073	Geospace Technologies Corp. (a)		17,415
	2,280	Helix Energy Solutions Group, Inc. (a)		17,716
	1,213	Matrix Service Co. (a)		20,014
	4,812	Nabors Industries, Ltd.		62,893
	1,371	Natural Gas Services Group, Inc. (a)		35,715
	2,817	Newpark Resources, Inc. (a)(b)		22,818
	7,378	Noble Corp. Plc (b)		45,670
	1,900	Oceaneering International, Inc. (b)		51,452
	1,300	Oil States International, Inc. (a)		43,095
	13,682	Parker Drilling Co. (a)		23,943
	2,968	Patterson-UTI Energy, Inc. (b)		72,033
	3,798	Pioneer Energy Services Corp. (a)		15,192
	1,826	RigNet, Inc. (a)		39,168
	3,414	Rowan Cos., Inc. - Class A (a)(b)		53,190
	2,044	RPC Energy Services, Inc. (b)		37,426
	15,976	Seadrill, Ltd. (a)(b)		26,360
	2,900	Superior Energy Services, Inc. (a)		41,354
	2,561	TechnipFMC Plc (a)		83,232
	5,479	Tetra Technologies, Inc. (a)(b)		22,300
	11,009	Tidewater, Inc. (a)(b)		12,660
	5,469	Transocean, Ltd. - ADR (a)(b)		68,089
	873	Unit Corp. (a)		21,092
	958	US Silica Holdings, Inc. (b)		45,974
				1,295,765
		Food & Staples Retailing - 0.90%
	1,070	Casey’s General Stores, Inc. (b)		120,107
	2,472	Diplomat Pharmacy, Inc. (a)		39,428
	1,135	Ingles Markets, Inc. - Class A		48,975
	4,287	Natural Grocers by Vitamin Cottage, Inc. (a)(b)		44,542
	2,457	Performance Food Group Co. (a)(b)		58,477
	528	PriceSmart, Inc.		48,682
	21,245	Rite Aid Corp. (a)		90,291
	2,848	SpartanNash Co.		99,652
	4,759	Sprouts Farmers Market, Inc. (a)(b)		110,028
	13,897	SUPERVALU, Inc. (a)		53,642
	3,825	The Chefs’ Warehouse, Inc. (a)		53,168
	2,234	United Natural Foods, Inc. (a)(b)		96,576
	1,281	US Foods Holding Corp. (a)		35,842
	2,428	Village Super Market, Inc. - Class A		64,342
	1,200	Weis Markets, Inc.		71,580
				1,035,332

See notes to financial statements.

54

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Food Products - 1.54%
	1,003	Alico, Inc.	$	26,479
	503	B&G Foods, Inc.		20,246
	2,923	Blue Buffalo Pet Products, Inc. (a)(b)		67,229
	708	Cal Maine Foods, Inc. (b)		26,054
	3,474	Darling International, Inc. (a)		50,442
	6,617	Dean Foods Co.		130,090
	1,493	Farmer Brothers Co. (a)		52,778
	5,415	Flowers Foods, Inc. (b)		105,105
	1,214	Fresh Del Monte Produce, Inc. (b)		71,905
	2,944	Freshpet, Inc. (a)(b)		32,384
	1,692	Ingredion, Inc.		203,768
	3,643	Inventure Foods, Inc. (a)		16,102
	389	J&J Snack Foods Corp.		52,733
	660	John B. Sanfilippo & Son, Inc. (b)		48,305
	722	Lancaster Colony Corp.		93,022
	2,686	Lifeway Foods, Inc. (a)		28,821
	1,767	Omega Protein Corp.		35,428
	1,227	Pilgrim’s Pride Corp. (b)		27,614
	1,303	Pinnacle Foods, Inc.		75,405
	1,549	Post Holdings, Inc. (a)(b)		135,568
	900	Sanderson Farms, Inc. (b)		93,456
	1,208	Seneca Foods Corp. - Class A (a)		43,609
	1,087	Snyder’s-Lance, Inc. (b)		43,817
	1,019	The Hain Celestial Group, Inc. (a)		37,907
	2,472	The WhiteWave Foods Co. (a)		138,803
	851	Tootsie Roll Industries, Inc.		31,777
	1,010	TreeHouse Foods, Inc. (a)(b)		85,507
				1,774,354
		Gas Utilities - 0.78%
	1,334	Atmos Energy Corp.		105,373
	1,235	Delta Natural Gas Co., Inc.		37,482
	750	National Fuel Gas Co.		44,715
	1,390	New Jersey Resources Corp. (b)		55,044
	1,328	Northwest Natural Gas Co.		78,485
	1,261	ONE Gas, Inc.		85,243
	989	South Jersey Industries, Inc.		35,258
	1,269	Southwest Gas Corp.		105,213
	953	Spire, Inc.		64,327
	4,875	UGI Corp.		240,825
	600	WGL Holdings, Inc.		49,518
				901,483
		Health Care Equipment & Supplies - 3.95%
	909	Abaxis, Inc.		44,086
	1,296	ABIOMED, Inc. (a)(b)		162,259
	1,262	Alere, Inc. (a)		50,139
	2,007	Align Technology, Inc. (a)(b)		230,223
	303	Analogic Corp.		22,998
	3,112	AngioDynamics, Inc. (a)		53,993
	511	Anika Therapeutics, Inc. (a)(b)		22,198
	1,564	AtriCure, Inc. (a)		29,951
	100	Atrion Corp.		46,820
	3,077	AxoGen, Inc. (a)		32,155
	1,192	Cantel Medical Corp.		95,479
	3,459	Cardiovascular Systems, Inc. (a)		97,803
	2,300	CryoLife, Inc. (a)		38,295
	3,910	Cutera, Inc. (a)		80,937
	2,192	DexCom, Inc. (a)(b)		185,728
	2,230	Entellus Medical, Inc. (a)		30,774

Number of Shares			Value
		Health Care Equipment & Supplies (Continued)
	2,680	Exactech, Inc. (a)	$	67,536
	3,536	GenMark Diagnostics, Inc. (a)		45,332
	1,898	Glaukos Corp. (a)(b)		97,367
	1,993	Globus Medical, Inc. - Class A (a)(b)		59,033
	1,166	Haemonetics Corp. (a)		47,305
	1,628	Halyard Health, Inc. (a)		62,011
	1,294	Hill-Rom Holdings, Inc.		91,356
	4,264	Hologic, Inc. (a)		181,433
	200	ICU Med, Inc. (a)		30,540
	2,250	IDEXX Laboratories, Inc. (a)(b)		347,873
	1,135	Inogen, Inc. (a)		88,031
	2,553	Insulet Corp. (a)(b)		110,009
	1,184	Integra Lifesciences Holdings Corp. (a)(b)		49,882
	7,210	iRadimed Corp. (a)(b)		64,169
	4,197	IRIDEX Corp. (a)		49,818
	1,652	K2M Group Holdings, Inc. (a)		33,883
	3,800	LeMaitre Vascular, Inc.		93,594
	2,041	Masimo Corp. (a)		190,344
	2,917	Meridian Bioscience, Inc.		40,255
	1,179	Merit Medical Systems, Inc. (a)		34,073
	1,424	Natus Medical, Inc. (a)		55,892
	391	Neogen Corp. (a)		25,630
	1,472	NuVasive, Inc. (a)(b)		109,929
	3,356	NxStage Medical, Inc. (a)		90,041
	9,635	OraSure Technologies, Inc. (a)		124,581
	2,392	Orthofix International NV (a)		91,255
	1,754	Oxford Immunotec Global Plc (a)		27,169
	1,078	Penumbra, Inc. (a)		89,959
	2,724	ResMed, Inc. (b)		196,046
	11,041	RTI Surgical, Inc. (a)		44,164
	8,212	STAAR Surgical Co. (a)(b)		80,478
	1,468	SurModics, Inc. (a)		35,305
	2,855	Tactile Systems Technology, Inc. (a)		54,102
	565	Teleflex, Inc. (b)		109,457
	583	The Cooper Companies, Inc. (b)		116,536
	2,123	The Spectranetics Corp. (a)		61,832
	444	Utah Medical Products, Inc.		27,661
	1,115	West Pharmaceutical Services, Inc. (b)		90,995
	2,125	Zeltiq Aesthetics, Inc. (a)		118,171
				4,556,885
		Health Care Providers & Services - 2.50%
	1,042	Addus HomeCare Corp. (a)		33,344
	664	Air Methods Corp. (a)		28,552
	2,086	Almost Family, Inc. (a)		101,380
	2,409	Amedisys, Inc. (a)		123,076
	1,262	American Renal Associates Holdings, Inc. (a)		21,303
	2,010	AMN Healthcare Services, Inc. (a)(b)		81,606
	14,215	BioScrip, Inc. (a)		24,165
	4,533	BioTelemetry, Inc. (a)(b)		131,230
	1,466	Brookdale Senior Living, Inc. (a)		19,688
	577	Chemed Corp.		105,412
	1,870	Civitas Solutions, Inc. (a)		34,314
	6,875	Community Health Systems, Inc. (a)		60,981
	1,448	CorVel Corp. (a)		62,988
	6,563	Cross Country Healthcare, Inc. (a)		94,245
	1,864	Envision Healthcare Corp. (a)(b)		114,300
	1,020	HealthEquity, Inc. (a)		43,299
	1,527	HealthSouth Corp. (b)		65,371
	2,244	HMS Holdings Corp. (a)		45,621

See notes to financial statements.

55

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Providers & Services (Continued)
	3,194	Kindred Healthcare, Inc. (b)	$	26,670
	820	Landauer, Inc.		39,975
	1,900	LHC Group, Inc. (a)		102,410
	1,191	LifePoint Hospitals, Inc. (a)		78,011
	799	Magellan Health Services, Inc. (a)		55,171
	1,302	MEDNAX, Inc. (a)(b)		90,333
	1,457	Molina Healthcare, Inc. (a)(b)		66,439
	303	National Healthcare Corp.		21,604
	1,763	National Research Corp. - Class A		34,731
	25,993	Nobilis Health Corp. (a)(b)		44,188
	2,539	Owens & Minor, Inc. (b)		87,849
	1,418	Patterson Cos., Inc. (b)		64,136
	2,473	PerkinElmer, Inc.		143,582
	1,519	PharMerica Corp. (a)		35,545
	815	Premier, Inc. - Class A (a)		25,941
	8,486	Quorum Health Corp. (a)		46,164
	6,707	RadNet, Inc. (a)		39,571
	4,735	Select Medical Holdings Corp. (a)(b)		63,212
	1,273	Surgery Partners, Inc. (a)		24,824
	2,635	Tenet Healthcare Corp. (a)		46,666
	1,627	Tivity Health, Inc. (a)		47,346
	2,522	Triple-S Management Corp. - Class B (a)		44,312
	2,065	Trupanion, Inc. (a)(b)		29,364
	327	UnitedHealth Group, Inc.		53,644
	3,500	Universal American Corp. (a)		34,895
	372	US Physical Therapy, Inc.		24,292
	1,192	VCA, Inc. (a)		109,068
	1,536	WellCare Health Plans, Inc. (a)		215,363
				2,886,181
		Health Care Technology - 0.44%
	4,680	Allscripts Healthcare Solutions, Inc. (a)(b)		59,342
	834	athenahealth, Inc. (a)(b)		93,983
	1,388	Medidata Solutions, Inc. (a)(b)		80,074
	869	Omnicell, Inc. (a)		35,325
	3,700	Quality Systems, Inc. (a)		56,388
	2,350	Veeva Systems, Inc. - Class A (a)(b)		120,508
	2,347	Vocera Communications, Inc. (a)		58,276
				503,896
		Hotels, Restaurants & Leisure - 2.16%
	4,002	Aramark		147,554
	75	Biglari Holdings, Inc. (a)		32,398
	614	BJ’s Restaurants, Inc. (a)		24,806
	2,135	Bloomin’ Brands, Inc. (b)		42,123
	478	Bob Evans Farms, Inc.		31,008
	2,440	Boyd Gaming Corp. (a)		53,704
	1,253	Brinker International, Inc. (b)		55,082
	397	Buffalo Wild Wings, Inc. (a)(b)		60,642
	2,918	Caesars Acquisition Co. - Class A (a)		44,937
	3,818	Caesars Entertainment Corp. (a)(b)		36,462
	5,900	Callaway Golf Co.		65,313
	1,700	Carrols Restaurant Group, Inc. (a)		24,055
	3,294	Century Casinos, Inc. (a)		24,903
	504	Cheesecake Factory, Inc. (b)		31,933
	801	Choice Hotels International, Inc.		50,143
	208	Churchill Downs, Inc.		33,041
	186	Cracker Barrel Old Country Store, Inc. (b)		29,620
	421	Dave & Buster’s Entertainment, Inc. (a)(b)		25,719
	1,563	Del Frisco’s Restaurant Group, Inc. (a)		28,212

Number of Shares			Value
		Hotels, Restaurants & Leisure (Continued)
	1,582	Del Taco Restaurants, Inc. (a)(b)	$	20,977
	3,398	Denny’s Corp. (a)		42,033
	1,417	Domino’s Pizza, Inc.		261,153
	853	Dunkin’ Brands Group, Inc.		46,642
	2,525	Eldorado Resorts, Inc. (a)(b)		47,786
	978	Fiesta Restaurant Group, Inc. (a)		23,668
	1,906	Fogo De Chao, Inc. (a)		30,972
	2,022	Golden Entertainment, Inc.		26,751
	626	Hyatt Hotels Corp. - Class A (a)(b)		33,791
	628	International Speedway Corp. - Class A		23,205
	1,502	Intrawest Resorts Holdings, Inc. (a)		37,565
	2,100	Isle of Capri Casinos, Inc. (a)		55,356
	736	Jack in the Box, Inc.		74,866
	3,356	Jamba, Inc. (a)(b)		30,372
	2,240	La Quinta Holdings, Inc. (a)		30,285
	1,259	Marcus Corp.		40,414
	330	Marriott Vacations Worldwide Corp.		32,977
	1,143	Nathan’s Famous, Inc. (a)		71,609
	431	Panera Bread Co. - Class A (a)(b)		112,866
	1,092	Papa John’s International, Inc.		87,404
	2,120	Penn National Gaming, Inc. (a)		39,072
	1,882	Pinnacle Entertainment, Inc. (a)		36,737
	4,980	Potbelly Corp. (a)		69,222
	7,492	Ruby Tuesday, Inc. (a)		21,052
	2,500	Ruth’s Hospitality Group, Inc.		50,125
	875	Six Flags Entertainment Corp.		52,054
	1,187	Sonic Corp.		30,102
	1,800	Speedway Motorsports, Inc.		33,912
	800	Texas Roadhouse, Inc.		35,624
	1,941	The Wendy’s Co.		26,417
	442	Vail Resorts, Inc.		84,820
	1,398	Wingstop, Inc. (b)		39,535
				2,491,019
		Household Durables - 1.68%
	2,898	Bassett Furniture Industries, Inc.		77,956
	3,163	Beazer Homes USA, Inc. (a)		38,367
	686	CalAtlantic Group, Inc.		25,691
	300	Cavco Industries, Inc. (a)		34,920
	1,045	CSS Industries, Inc.		27,086
	2,290	Ethan Allen Interiors, Inc.		70,188
	1,189	Flexsteel Industries, Inc.		59,926
	5,378	GoPro, Inc. - Class A (a)(b)		46,789
	899	Helen of Troy, Ltd. (a)		84,686
	1,300	Hooker Furniture Corp.		40,365
	12,219	Hovnanian Enterprises, Inc. (a)		27,737
	2,076	Installed Building Products, Inc. (a)		109,509
	2,355	iRobot Corp. (a)(b)		155,760
	3,255	KB Home (b)		64,709
	3,618	La-Z-Boy, Inc. (b)		97,686
	2,036	Leggett & Platt, Inc. (b)		102,452
	2,027	Lennar Corp. - Class A (b)		103,762
	638	Lennar Corp. - Class B		26,668
	809	LGI Homes, Inc. (a)(b)		27,433
	1,643	Libbey, Inc.		23,955
	4,145	Lifetime Brands, Inc.		83,314
	216	National Presto Industries, Inc.		22,075
	74	NVR, Inc. (a)(b)		155,909
	1,330	Pulte Homes, Inc. (b)		31,321
	1,180	Tempur Sealy International, Inc. (a)(b)		54,823

See notes to financial statements.

56

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Household Durables (Continued)
	1,016	Toll Brothers, Inc. (a)	$	36,688
	623	TopBuild Corp. (a)		29,281
	2,777	Tri Pointe Group, Inc. (a)(b)		34,824
	2,112	Tupperware Brands Corp. (b)		132,465
	2,814	UCP, Inc. - Class A (a)		28,562
	400	Universal Electronics, Inc. (a)		27,400
	7,538	ZAGG, Inc. (a)		54,274
				1,936,581
		Household Products - 0.51%
	2,211	Central Garden & Pet Co. (a)(b)		81,962
	3,759	Central Garden & Pet Co. - Class A (a)		130,513
	1,804	Energizer Holdings, Inc. (b)		100,573
	4,272	HRG Group, Inc. (a)		82,535
	1,034	Oil-Dri Corp. of America		38,537
	537	Spectrum Brands Holdings, Inc. (b)		74,648
	776	WD-40 Co.		84,545
				593,313
		Independent Power and Renewable Electricity Producers - 0.60%
	38,845	Atlantic Power Corp. (a)		102,939
	9,447	Calpine Corp. (a)(b)		104,390
	8,498	Dynegy, Inc. (a)		66,794
	9,757	NRG Energy, Inc. (b)		182,456
	5,052	NRG Yield, Inc. - Class A		87,854
	6,300	NRG Yield, Inc. - Class C		111,510
	747	Ormat Technologies, Inc.		42,639
				698,582
		Industrial Conglomerates - 0.28%
	1,218	Carlisle Companies, Inc. (b)		129,607
	6,240	McDermott International, Inc. (a)(b)		42,120
	650	Otter Tail Corp.		24,635
	1,060	Raven Industries, Inc. (b)		30,793
	9	Seaboard Corp.		37,525
	430	Standex International Corp.		43,065
	1,183	Tredegar Corp.		20,762
				328,507
		Insurance - 3.99%
	254	Alleghany Corp. (a)		156,124
	1,249	Allied World Assurance Co. Holdings, Ltd.		66,322
	2,870	Ambac Financial Group, Inc. (a)		54,128
	1,252	American Equity Investment Life Holding Co.		29,585
	1,326	American Financial Group, Inc.		126,527
	290	American National Insurance Co.		34,229
	1,119	AMERISAFE, Inc. (b)		72,623
	3,604	AmTrust Financial Services, Inc. (b)		66,530
	2,458	Arch Capital Group, Ltd. - ADR (a)		232,945
	962	Argo Group International Holdings, Ltd.		65,224
	4,261	Arthur J. Gallagher & Co.		240,917
	1,146	Aspen Insurance Holdings, Ltd.		59,649
	1,462	Assurant, Inc.		139,870
	5,412	Assured Guaranty, Ltd.		200,839
	1,685	Atlas Financial Holdings, Inc. (a)		23,000
	1,935	Axis Capital Holdings, Ltd.		129,703
	854	Baldwin & Lyons, Inc. - Class B		20,880
	1,201	Blue Capital Reinsurance Holdings Ltd.		23,179
	2,715	Brown & Brown, Inc.		113,270
	2,083	CNO Financial Group, Inc.		42,701

Number of Shares			Value
		Insurance (Continued)
	1,909	Crawford & Co. - Class B	$	19,147
	1,360	Donegal Group, Inc. - Class A		23,963
	2,116	eHealth, Inc. (a)		25,477
	960	EMC Insurance Group, Inc.		26,938
	1,373	Employers Holdings, Inc.		52,105
	988	Erie Indemnity Co. - Class A		121,228
	1,014	Everest Re Group, Ltd.		237,083
	457	FBL Financial Group, Inc. - Class A		29,911
	2,163	Federated National Holding Co. - Class C		37,701
	2,655	First American Financial Corp.		104,288
	716	Global Indemnity Ltd. (a)		27,559
	1,574	HCI Group, Inc. (b)		71,743
	3,882	Heritage Insurance Holdings, Inc.		49,573
	574	Horace Mann Educators Corp.		23,563
	300	Infinity Property & Casualty Corp.		28,650
	245	Investors Title Co.		38,747
	600	James River Group Holdings, Ltd.		25,716
	521	Kemper Corp.		20,788
	3,500	Maiden Holdings, Ltd. (b)		49,000
	3,083	MBIA, Inc. (a)(b)		26,113
	1,434	National General Holdings Corp. (b)		34,072
	101	National Western Life Group, Inc. - Class A (b)		30,720
	800	Navigators Group, Inc.		43,440
	4,213	Old Republic International Corp.		86,282
	4,868	Patriot National, Inc. (a)(b)		13,728
	1,933	Primerica, Inc. (b)		158,893
	590	ProAssurance Corp. (b)		35,548
	1,299	Reinsurance Group of America		164,947
	1,013	RenaissanceRe Holdings, Ltd.		146,530
	1,339	RLI Corp.		80,367
	319	Safety Insurance Group, Inc.		22,362
	2,100	Selective Insurance Group, Inc. (b)		99,015
	2,571	State National Cos., Inc.		37,022
	523	Stewart Information Services Corp. (b)		23,106
	555	The Hanover Insurance Group, Inc.		49,983
	3,336	Torchmark Corp. (b)		257,005
	469	United Fire Group, Inc.		20,059
	2,370	United Insurance Holdings Corp.		37,802
	3,166	Universal Insurance Holdings, Inc. (b)		77,567
	2,369	W.R. Berkley Corp. (b)		167,322
	99	White Mountains Insurance Group, Ltd. - ADR		87,108
				4,610,416
		Internet & Direct Marketing Retail - 0.80%
	7,579	1-800-Flowers.Com, Inc. - Class A (a)		77,306
	2,926	Etsy, Inc. (a)		31,103
	2,443	FTD Cos., Inc. (a)(b)		49,202
	17,469	Groupon, Inc. (a)(b)		68,653
	1,850	HSN, Inc.		68,635
	2,234	Lands’ End, Inc. (a)		47,919
	1,364	Liberty Expedia Holdings, Inc. - Class A (a)		62,035
	1,252	Liberty TripAdvisor Holdings, Inc. - Class A (a)		17,653
	2,470	Nutrisystem, Inc.		137,085
	3,295	Overstock.com, Inc. (a)		56,674
	3,690	PetMed Express, Inc.		74,317
	1,775	Shutterfly, Inc. (a)		85,715
	342	Stamps.com, Inc. (a)(b)		40,476
	3,200	Travelport Worldwide, Ltd.		37,664
	1,796	Wayfair, Inc. - Class A (a)(b)		72,720
				927,157

See notes to financial statements.

57

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Internet Software & Services - 2.63%
	1,771	2U, Inc. (a)(b)	$	70,238
	10,117	Aerohive Networks, Inc. (a)		42,593
	2,306	Alarm.com Holdings, Inc. (a)		70,886
	2,212	Amber Road, Inc. (a)		17,077
	10,776	Angie’s List, Inc. (a)		61,423
	2,250	Appfolio, Inc. - Class A (a)		61,200
	3,483	Autobytel, Inc. (a)		43,642
	5,618	Bankrate, Inc. (a)		54,214
	5,242	Bazaarvoice, Inc. (a)		22,541
	4,181	Blucora, Inc. (a)		72,331
	3,881	Box, Inc. - Class A (a)(b)		63,299
	7,536	Brightcove, Inc. (a)		67,070
	924	BroadSoft, Inc. (a)(b)		37,145
	5,633	Carbonite, Inc. (a)		114,350
	8,239	Care.com, Inc. (a)		103,070
	3,925	ChannelAdvisor Corp. (a)		43,764
	1,204	Cimpress NV (a)		103,773
	3,187	CommerceHub, Inc. - Series A (a)		49,335
	3,205	CommerceHub, Inc. - Series C (a)		49,774
	1,355	comScore, Inc. (a)		29,254
	2,064	Cornerstone OnDemand, Inc. (a)		80,269
	117	CoStar Group, Inc. (a)(b)		24,245
	12,468	DHI Group, Inc. (a)		49,249
	7,700	Five9, Inc. (a)(b)		126,742
	751	GrubHub, Inc. (a)(b)		24,700
	812	GTT Communications, Inc. (a)		19,772
	2,489	Hortonworks, Inc. (a)		24,417
	1,900	IAC InterActive Corp. (a)		140,068
	1,654	Instructure, Inc. (a)		38,704
	782	j2 Global, Inc. (b)		65,618
	7,350	Liquidity Services, Inc. (a)		58,800
	5,702	LivePerson, Inc. (a)		39,059
	894	LogMeIn, Inc.		87,165
	10,174	Marchex, Inc. - Class B (a)		27,673
	1,583	Match Group, Inc. (a)(b)		25,850
	6,052	MeetMe, Inc. (a)		35,646
	2,056	MINDBODY, Inc. - Class A (a)(b)		56,437
	1,507	New Relic, Inc. (a)		55,864
	3,276	NIC, Inc.		66,175
	761	Nutanix, Inc. - Class A (a)(b)		14,284
	5,816	Pandora Media, Inc. (a)(b)		68,687
	4,749	Quotient Technology, Inc. (a)		45,353
	4,525	RealNetworks, Inc. (a)		21,901
	6,622	RetailMeNot, Inc. (a)		53,638
	3,389	Rightside Group Ltd. (a)		33,619
	1,237	Shutterstock, Inc. (a)(b)		51,150
	518	SPS Commerce, Inc. (a)		30,298
	6,343	TechTarget, Inc. (a)		57,277
	6,500	TrueCar, Inc. (a)(b)		100,555
	829	Twilio, Inc. - Class A (a)(b)		23,933
	2,469	Web.com Group, Inc. (a)(b)		47,652
	560	WebMD Health Corp. (a)		29,501
	4,616	Xactly Corp. (a)		54,930
	2,769	XO Group, Inc. (a)		47,654
	2,570	Yelp, Inc. - Class A (a)(b)		84,167
	610	Zillow Group, Inc. - Class A (a)		20,624
	913	Zillow Group, Inc. - Class C (a)(b)		30,741
				3,039,396

Number of Shares			Value
		IT Services - 2.23%
	2,658	Acxiom Corp. (a)	$	75,673
	10,543	ALJ Regional Holdings, Inc. (a)		39,220
	833	Black Knight Financial Services, Inc. - Class A (a)		31,904
	3,176	Blackhawk Network Holdings, Inc. (a)(b)		128,946
	2,453	Booz Allen Hamilton Holding Corp. - Class A		86,812
	2,475	Broadridge Financial Solutions, Inc.		168,176
	903	CACI International, Inc. - Class A (a)(b)		105,922
	1,277	Cardtronics Plc - Class A (a)(b)		59,700
	4,400	Convergys Corp.		93,060
	1,646	CoreLogic, Inc. (a)		67,025
	2,167	CSG Systems International, Inc.		81,934
	400	DST Systems, Inc.		49,000
	952	EPAM Systems, Inc. (a)		71,895
	933	Euronet Worldwide, Inc. (a)(b)		79,790
	1,315	EVERTEC, Inc.		20,909
	800	ExlService Holdings, Inc. (a)		37,888
	1,489	Forrester Research, Inc.		59,188
	1,360	Gartner, Inc. (a)		146,866
	3,660	Genpact, Ltd.		90,622
	20,083	Information Services Group, Inc. (a)		63,261
	1,482	Leidos Holdings, Inc.		75,790
	1,980	ManTech International Corp. - Class A		68,567
	1,500	Maximus, Inc. (b)		93,300
	3,075	NCI, Inc. - Class A (a)		46,279
	3,007	NeuStar, Inc. - Class A (a)		99,682
	2,675	Perficient, Inc. (a)(b)		46,438
	5,355	PFSweb, Inc. (a)		34,968
	19,183	Planet Payment, Inc. (a)		76,348
	1,400	Science Applications International Corp. (b)		104,160
	3,623	Square, Inc. - Class A (a)		62,605
	1,727	Teletech Holdings, Inc.		51,119
	4,946	The Hackett Group, Inc.		96,398
	3,754	Unisys Corp. (a)		52,368
	1,399	VeriFone Holdings, Inc. (a)(b)		26,203
	839	Virtusa Corp. (a)		25,355
	617	WEX, Inc. (a)(b)		63,860
				2,581,231
		Leisure Products - 0.73%
	3,523	American Outdoor Brands Corp. (a)(b)		69,791
	1,644	Brunswick Corp.		100,613
	8,356	JAKKS Pacific, Inc. (a)(b)		45,958
	2,512	Johnson Outdoors, Inc. - Class A		91,688
	1,342	Malibu Boats, Inc. - Class A (a)		30,128
	2,523	Marine Products Corp.		27,425
	4,608	MCBC Holdings, Inc.		74,511
	3,504	Nautilus, Inc. (a)(b)		63,948
	1,018	Polaris Industries, Inc. (b)		85,308
	1,342	Pool Corp. (b)		160,141
	1,241	Sturm, Ruger & Company, Inc. (b)		66,456
	1,314	Vista Outdoor, Inc. (a)		27,055
				843,022
		Life Sciences Tools & Services - 1.11%
	261	Bio-Rad Laboratories, Inc. - Class A (a)		52,028
	387	Bio-Techne Corp.		39,338
	4,070	Bruker Corp.		94,953
	613	Cambrex Corp. (a)(b)		33,746
	1,282	Charles River Laboratories (a)(d)		115,316
	18,816	ChromaDex Corp. (a)(b)		50,615

See notes to financial statements.

58

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Life Sciences Tools & Services (Continued)
	18,974	Enzo Biochem, Inc. (a)	$	158,812
	957	INC Research Holdings, Inc. - Class A (a)		43,878
	3,447	Luminex Corp.		63,321
	1,062	Medpace Holdings, Inc. (a)		31,701
	1,765	NanoString Technologies, Inc. (a)		35,071
	1,076	PAREXEL International Corp. (a)		67,906
	1,225	PRA Health Sciences, Inc. (a)(b)		79,907
	2,543	QIAGEN NV		73,676
	3,124	Quintiles Transnational Holdings, Inc. (a)(b)		251,576
	3,014	VWR Corp. (a)		84,995
				1,276,839
		Machinery - 3.52%
	1,580	Actuant Corp. - Class A		41,633
	1,232	AGCO Corp.		74,142
	335	Alamo Group, Inc.		25,524
	1,888	Allison Transmission Holdings, Inc.		68,081
	1,187	Altra Industrial Motion Corp. (b)		46,234
	539	American Railcar Industries, Inc. (b)		22,153
	478	Astec Industries, Inc.		29,395
	1,282	Badger Meter, Inc.		47,113
	1,013	Barnes Group, Inc. (b)		52,007
	2,617	Blue Bird Corp. (a)(b)		44,882
	2,469	Briggs & Stratton Corp. (b)		55,429
	1,570	Chart Industries, Inc. (a)		54,856
	360	CIRCOR International, Inc.		21,398
	1,721	Colfax Corp. (a)(b)		67,566
	1,434	Columbus McKinnon Corp. (b)		35,592
	569	Crane Co.		42,578
	1,600	DMC Global, Inc.		19,840
	3,256	Donaldson Co., Inc.		148,213
	840	Douglas Dynamics, Inc.		25,746
	2,261	Energy Recovery, Inc. (a)		18,812
	372	EnPro Industries, Inc.		26,472
	514	ESCO Technologies, Inc.		29,863
	1,354	Federal Signal Corp.		18,699
	968	Flowserve Corp.		46,871
	1,939	Gencor Industries, Inc. (a)		28,988
	1,932	Global Brass & Copper Holdings, Inc.		66,461
	1,010	Gorman Rupp Co.		31,714
	1,400	Graco, Inc. (b)		131,796
	4,130	Hardinge, Inc.		46,421
	2,353	Harsco Corp. (a)		30,001
	500	Hyster-Yale Materials Handling, Inc.		28,195
	996	IDEX Corp.		93,136
	766	ITT, Inc. (b)		31,421
	895	John Bean Technologies Corp.		78,715
	2,325	Joy Global, Inc.		65,681
	1,000	Kadant, Inc.		59,350
	1,705	Kennametal, Inc. (b)		66,887
	1,574	Lincoln Electric Holdings, Inc.		136,718
	687	Lydall, Inc. (a)		36,823
	4,253	Manitowoc, Inc. (a)		24,242
	1,696	Meritor, Inc. (a)(b)		29,052
	606	Middleby Corp. (a)(b)		82,689
	1,153	Mueller Industries, Inc.		39,467
	3,270	Mueller Water Products, Inc. - Class A		38,651
	700	NACCO Industries, Inc. - Class A		48,860
	972	Navistar International Corp. (a)		23,931
	1,301	Nordson Corp.		159,815

Number of Shares			Value
		Machinery (Continued)
	1,269	Omega Flex, Inc.	$	60,646
	1,464	Oshkosh Corp.		100,416
	804	Proto Labs, Inc. (a)		41,084
	253	RBC Bearings, Inc. (a)(b)		24,564
	1,400	Rexnord Corp. (a)		32,312
	986	Snap On, Inc. (b)		166,309
	1,100	SPX Corp. (a)		26,675
	1,274	SPX FLOW, Inc. (a)		44,221
	3,727	Supreme Industries, Inc. - Class A		75,509
	1,336	Tennant Co.		97,060
	2,162	Terex Corp.		67,887
	1,133	The Greenbrier Companies, Inc. (b)		48,832
	1,360	The Timken Co.		61,472
	5,652	Titan International, Inc.		58,442
	3,364	Toro Co.		210,115
	1,720	TriMas Corp. (a)		35,690
	2,504	Trinity Industries, Inc. (b)		66,481
	431	Valmont Industries, Inc.		67,020
	3,102	Wabash National Corp. (b)		64,180
	810	Wabtec Corp. (b)		63,180
	483	Watts Water Technologies, Inc. - Class A		30,115
	1,266	Welbilt, Inc. (a)		24,852
	3,020	Xylem, Inc.		151,664
				4,060,839
		Marine - 0.08%
	5,439	Costamare, Inc. (b)		36,224
	849	Kirby Corp. (a)(b)		59,897
				96,121
		Media - 1.27%
	524	AMC Networks, Inc. - Class A (a)(b)		30,748
	2,455	Ascent Capital Group, Inc. - Class A (a)		34,689
	98	Cable One, Inc.		61,198
	12,454	Central European Media Enterprises Ltd. - Class A (a)		38,607
	818	Cinemark Holdings, Inc. (b)		36,270
	3,300	Entercom Communications Corp. - Class A (b)		47,190
	1,686	Eros International Plc (a)(b)		17,366
	5,607	Gannett Co., Inc.		46,987
	2,916	Global Sources, Ltd. (a)		24,057
	2,625	Gray Television, Inc. (a)		38,063
	1,708	John Wiley & Sons, Inc. - Class A		91,890
	1,047	Liberty Media Group - Class A (a)		34,237
	1,056	Liberty Media Group - Class C (a)		36,062
	1,298	Live Nation, Inc. (a)(b)		39,420
	978	Meredith Corp. (b)		63,179
	835	Morningstar, Inc.		65,631
	2,151	MSG Networks, Inc. - Class A (a)		50,226
	3,120	New Media Investment Group, Inc. (b)		44,335
	2,915	New York Times Co. - Class A		41,976
	1,379	Regal Entertainment Group - Class A (b)		31,138
	4,768	Salem Media Group, Inc.		35,522
	1,473	Scholastic Corp. (b)		62,706
	1,152	Sinclair Broadcast Group, Inc. - Class A (b)		46,656
	3,383	TEGNA, Inc.		86,673
	1,330	The E.W. Scripps Co. - Class A (a)		31,175
	5,983	The Interpublic Group of Companies, Inc. (b)		147,002
	1,928	Time, Inc.		37,307
	2,294	Townsquare Media, Inc. - Class A (a)(b)		27,941
	890	Tribune Media Co. - Class A		33,170

See notes to financial statements.

59

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Media (Continued)
	1,709	tronc, Inc. (a)	$	23,789
	2,903	World Wrestling Entertainment, Inc. - Class A		64,505
				1,469,715
		Metals & Mining - 1.25%
	10,451	AK Steel Holding Corp. (a)(b)		75,143
	1,134	Carpenter Technology Corp. (b)		42,298
	3,761	Century Aluminum Co. (a)		47,727
	5,944	Cliffs Natural Resources, Inc. (a)		48,800
	3,610	Coeur D’Alene Mines Corp. (a)		29,169
	3,698	Commercial Metals Co.		70,743
	3,195	Ferroglobe Plc (b)		33,004
	3,195	Ferroglobe Representation & Warranty Insurance Trust (a)(c)		0
	1,200	Gibraltar Industries, Inc. (a)		49,440
	4,372	Gold Resource Corp.		19,762
	1,036	Handy & Harman Ltd. (a)		28,179
	588	Haynes International, Inc.		22,415
	6,752	Hecla Mining Co.		35,718
	1,069	Materion Corp.		35,865
	3,197	Olympic Steel, Inc.		59,336
	4,327	Real Industry, Inc. (a)		12,332
	1,849	Reliance Steel & Aluminum Co.		147,957
	825	Royal Gold, Inc. (b)		57,791
	3,788	Ryerson Holding Corp. (a)		47,729
	2,404	Schnitzer Steel Industries, Inc. - Class A		49,643
	5,674	Steel Dynamics, Inc. (b)		197,228
	1,601	Stillwater Mining Co. (a)		27,649
	5,282	SunCoke Energy, Inc. (a)		47,327
	3,105	Tahoe Resources, Inc.		24,933
	3,182	TimkenSteel Corp. (a)		60,172
	3,224	United States Steel Corp.		109,003
	1,538	Worthington Industries, Inc.		69,348
				1,448,711
		Multiline Retail - 0.56%
	2,738	Big Lots, Inc. (b)		133,286
	2,063	Burlington Stores, Inc. (a)(b)		200,709
	1,415	Dillard’s, Inc. - Class A (b)		73,920
	5,710	Fred’s, Inc. - Class A (b)		74,801
	8,786	J.C. Penney Co., Inc. (a)(b)		54,122
	969	Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		32,461
	2,983	Sears Holdings Corp. (a)(b)		34,275
	10,234	Tuesday Morning Corp. (a)		38,377
				641,951
		Multi-Utilities - 0.35%
	3,109	Alliant Energy Corp.		123,148
	944	Avista Corp.		36,863
	715	Black Hills Corp. (b)		47,526
	3,474	MDU Resources Group, Inc.		95,083
	751	Northwestern Corp.		44,084
	981	Vectren Corp.		57,496
				404,200
		Oil, Gas & Consumable Fuels - 1.29%
	579	Adams Resources & Energy, Inc.		21,626
	2,766	Callon Petroleum Co. (a)(b)		36,401
	3,333	Chesapeake Energy Corp. (a)(b)		19,798
	223	Clayton Williams Energy, Inc. (a)		29,454
	5,400	CONSOL Energy, Inc. (a)(b)		90,612

Number of Shares			Value
		Oil, Gas & Consumable Fuels (Continued)
	1,487	Delek U.S. Holdings, Inc.	$	36,090
	11,433	Denbury Resources, Inc. (a)		29,497
	745	Diamondback Energy, Inc. (a)(b)		77,268
	611	Energen Corp. (a)(b)		33,263
	8,168	EP Energy Corp. - Class A (a)(b)		38,798
	2,491	Evolution Petroleum Corp.		19,928
	4,895	Frontline Ltd. (b)		32,992
	1,608	GasLog, Ltd.		24,683
	834	Green Plains, Inc.		20,642
	1,200	HollyFrontier Corp. (b)		34,008
	1,844	Laredo Petroleum, Inc. (a)		26,922
	1,178	Murphy Oil Corp. (b)		33,679
	16,709	Navios Maritime Acquisition Corp.		28,739
	1,846	Newfield Exploration Co. (a)(b)		68,136
	9,054	Northern Oil and Gas, Inc. (a)		23,540
	2,355	Oasis Petroleum, Inc. (a)(b)		33,582
	7,211	Overseas Shipholding Group, Inc. - Class A (a)(b)		27,834
	2,037	Parsley Energy, Inc. - Class A (a)		66,223
	1,907	PBF Energy, Inc. - Class A (b)		42,278
	468	PDC Energy, Inc. (a)		29,180
	1,563	QEP Resources, Inc. (a)(b)		19,866
	3,241	Renewable Energy Group, Inc. (a)(b)		33,868
	1,597	Rice Energy, Inc. (a)(b)		37,849
	1,745	Ring Energy, Inc. (a)		18,881
	870	RSP Permian, Inc. (a)(b)		36,044
	2,061	Sanchez Energy Corp. (a)(b)		19,662
	5,059	Scorpio Tankers, Inc. (b)		22,462
	578	SemGroup Corp. - Class A		20,808
	699	SM Energy Co.		16,790
	3,796	Southwestern Energy Co. (a)(b)		31,013
	1,816	Targa Resources Corp.		108,778
	15,243	Teekay Tankers Ltd. - Class A		31,248
	575	Western Refining, Inc.		20,165
	2,343	Westmoreland Coal Co. (a)		34,020
	1,893	Whiting Petroleum Corp. (a)		17,908
	1,344	World Fuel Services Corp.		48,720
	3,709	WPX Energy, Inc. (a)		49,664
				1,492,919
		Paper & Forest Products - 0.21%
	935	Boise Cascade Co. (a)		24,964
	398	Clearwater Paper Corp. (a)		22,288
	911	Domtar Corp.		33,270
	3,055	KapStone Paper and Packaging Corp.		70,571
	1,200	Louisiana-Pacific Corp. (a)		29,784
	300	Neenah Paper, Inc.		22,410
	942	P.H. Glatfelter Co.		20,479
	605	Schweitzer-Mauduit International, Inc.		25,059
				248,825
		Personal Products - 0.78%
	17,920	Avon Products, Inc. (a)		78,848
	4,451	Coty, Inc. - Class A (b)		80,697
	2,356	Herbalife, Ltd. (a)(b)		136,978
	1,073	Inter Parfums, Inc.		39,218
	9,178	Lifevantage Corp. (a)		49,286
	1,800	Medifast, Inc.		79,866
	3,184	Natural Health Trends Corp. (b)		92,017
	3,398	Nature’s Sunshine Products, Inc.		33,980
	2,440	Nu Skin Enterprises, Inc. - Class A (b)		135,518

See notes to financial statements.

60

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Personal Products (Continued)
	2,643	Nutraceutical International Corp.	$	82,329
	1,118	Revlon, Inc. - Class A (a)		31,136
	1,000	USANA Health Sciences, Inc. (a)		57,600
				897,473
		Pharmaceuticals - 0.95%
	845	Aclaris Therapeutics, Inc. (a)(b)		25,198
	595	Aerie Pharmaceuticals, Inc. (a)(b)		26,983
	1,319	Akorn, Inc. (a)		31,762
	12,374	Corcept Therapeutics, Inc. (a)		135,619
	3,086	Depomed, Inc. (a)(b)		38,729
	941	Dermira, Inc. (a)		32,097
	6,781	Endo International Plc (a)		75,676
	800	Heska Corp. (a)		83,984
	4,769	Horizon Pharma Plc (a)		70,486
	5,727	Impax Laboratories, Inc. (a)		72,447
	1,736	Intersect ENT, Inc. (a)		29,772
	3,599	Lannett Co., Inc. (a)(b)		80,438
	959	Pacira Pharmaceuticals, Inc. (a)(b)		43,730
	1,300	Phibro Animal Health Corp. - Class A		36,530
	1,739	Prestige Brands Holdings, Inc. (a)		96,619
	9,525	SciClone Pharmaceuticals, Inc. (a)		93,345
	2,932	Supernus Pharmaceuticals, Inc. (a)		91,772
	943	Theravance Biopharma, Inc. (a)		34,721
				1,099,908
		Professional Services - 1.41%
	3,737	Acacia Research Corp. (a)		21,488
	2,929	CBIZ, Inc. (a)		39,688
	653	CEB, Inc.		51,326
	816	CRA International, Inc.		28,829
	483	Exponent, Inc.		28,763
	4,102	Franklin Covey Co. (a)		82,860
	1,438	FTI Consulting, Inc. (a)(b)		59,202
	954	GP Strategies Corp. (a)		24,136
	1,155	Heidrick & Struggles International, Inc.		30,434
	9,244	Hill International, Inc. (a)		38,363
	455	Huron Consulting Group, Inc. (a)		19,156
	1,202	ICF International, Inc. (a)		49,643
	1,034	Insperity, Inc.		91,664
	3,982	Kelly Services, Inc. - Class A		87,047
	3,644	Kforce, Inc.		86,545
	2,002	ManpowerGroup, Inc.		205,345
	1,730	Mistras Group, Inc. (a)		36,987
	1,639	Navigant Consulting, Inc. (a)		37,468
	1,511	On Assignment, Inc. (a)		73,329
	3,293	Resources Connection, Inc.		55,158
	3,403	Robert Half International, Inc. (b)		166,168
	3,580	RPX Corp. (a)		42,960
	947	The Dun & Bradstreet Corp.		102,219
	3,729	TrueBlue, Inc. (a)		101,988
	724	VSE Corp.		29,539
	503	WageWorks, Inc. (a)		36,367
				1,626,672
		Real Estate Management & Development - 0.80%
	4,526	Altisource Portfolio Solutions SA (a)(b)		166,557
	5,468	AV Homes, Inc. (a)		89,949
	1,022	Community Healthcare Trust, Inc.		24,426
	6,764	Forestar Group, Inc. (a)		92,329

Number of Shares			Value
		Real Estate Management & Development (Continued)
	765	Jones Lang LaSalle, Inc. (b)	$	85,259
	4,478	Marcus & Millichap, Inc. (a)		110,069
	1,472	RE/MAX Holdings, Inc. - Class A		87,510
	4,422	Realogy Holdings Corp. (b)		131,731
	1,090	Stratus Properties, Inc. (a)		29,866
	1,774	The RMR Group, Inc. - Class A		87,813
	2,224	Trinity Place Holdings, Inc. (a)(b)		16,258
				921,767
		Road & Rail - 0.48%
	1,825	ArcBest Corp. (b)		47,450
	757	Genesee & Wyoming, Inc. - Class A (a)		51,370
	1,228	Hertz Global Holdings, Inc. (a)(b)		21,539
	798	Knight Transportation, Inc. (b)		25,017
	1,736	Landstar System, Inc.		148,689
	1,112	Marten Transport, Ltd.		26,076
	729	Old Dominion Freight Line, Inc. (b)		62,381
	3,597	Roadrunner Transportation Systems, Inc. (a)		24,711
	301	Ryder System, Inc.		22,708
	948	Saia, Inc. (a)		41,996
	1,476	Swift Transportation Co. (a)(b)		30,317
	1,790	Universal Truckload Services, Inc.		25,687
	2,093	YRC Worldwide, Inc. (a)(b)		23,044
				550,985
		Semiconductors & Semiconductor Equipment - 2.66%
	1,096	Acacia Communications, Inc. (a)(b)		64,248
	2,192	Advanced Energy Industries, Inc. (a)		150,284
	17,207	Advanced Micro Devices, Inc. (a)(b)		250,362
	2,744	Alpha & Omega Semiconductor, Ltd. (a)		47,169
	860	Ambarella, Inc. (a)(b)		47,051
	3,987	Amkor Technology, Inc. (a)(b)		46,209
	1,340	Brooks Automation, Inc.		30,016
	612	Cabot Microelectronics Corp.		46,885
	900	CEVA, Inc. (a)		31,950
	2,604	Cirrus Logic, Inc. (a)(b)		158,037
	2,673	Cohu, Inc.		49,344
	2,614	Cree, Inc. (a)(b)		69,872
	2,808	Cypress Semiconductor Corp. (b)		38,638
	3,927	DSP Group, Inc. (a)		47,124
	3,435	Entegris, Inc. (a)		80,379
	2,325	Exar Corp. (a)		30,248
	900	First Solar, Inc. (a)(b)		24,390
	2,596	FormFactor, Inc. (a)		30,763
	1,554	Impinj, Inc. (a)(b)		47,040
	1,038	Inphi Corp. (a)(b)		50,675
	4,274	Integrated Device Technology, Inc. (a)		101,166
	3,167	IXYS Corp.		46,080
	1,341	MACOM Technology Solutions Holdings, Inc. (a)		64,770
	4,800	Marvell Technology Group, Ltd. - ADR		73,248
	4,138	MaxLinear, Inc. - Class A (a)		116,071
	1,685	Microsemi Corp. (a)(b)		86,828
	1,266	MKS Instrument, Inc. (b)		87,037
	1,199	Monolithic Power Systems, Inc. (b)		110,428
	1,241	Nanometrics, Inc. (a)(b)		37,801
	2,938	NeoPhotonics Corp. (a)		26,471
	322	NVE Corp.		26,658
	9,074	ON Semiconductor Corp. (a)(b)		140,556
	1,203	PDF Solutions, Inc. (a)		27,212
	5,223	Photronics, Inc. (a)(b)		55,886

See notes to financial statements.

61

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductors & Semiconductor Equipment (Continued)
	755	Power Integrations, Inc.	$	49,641
	3,807	Rambus, Inc. (a)		50,024
	2,535	Rudolph Technologies, Inc. (a)		56,784
	1,971	Semtech Corp. (a)		66,620
	6,800	Sigma Designs, Inc. (a)		42,500
	1,194	Silicon Laboratories, Inc. (a)		87,819
	6,974	Teradyne, Inc.		216,891
	3,800	Ultra Clean Holdings, Inc. (a)(b)		64,106
	846	Veeco Instruments, Inc. (a)(b)		25,253
	5,500	Xcerra Corp. (a)		48,895
	526	Xperi Corp.		17,858
				3,067,287
		Software - 4.24%
	8,585	A10 Networks, Inc. (a)		78,553
	1,454	ACI Worldwide, Inc. (a)		31,101
	3,332	American Software, Inc. - Class A (b)		34,253
	1,080	ANSYS, Inc. (a)(b)		115,420
	2,583	Aspen Technology, Inc. (a)(b)		152,190
	861	Atlassian Corp. Plc (a)		25,787
	2,443	Barracuda Networks, Inc. (a)		56,458
	926	Blackbaud, Inc. (b)		70,996
	8,261	Cadence Design System, Inc. (a)(b)		259,395
	2,631	Callidus Software, Inc. (a)		56,172
	2,014	CommVault Systems, Inc. (a)		102,311
	561	Ebix, Inc. (b)		34,361
	1,007	Ellie Mae, Inc. (a)		100,972
	8,315	EnerNOC, Inc. (a)		49,890
	381	ePlus, Inc. (a)		51,454
	4,937	Exa Corp. (a)		62,700
	811	FactSet Research Systems, Inc. (b)		133,742
	899	Fair Isaac Corp.		115,926
	2,007	Fortinet, Inc. (a)(b)		76,968
	2,247	Gigamon, Inc. (a)		79,881
	1,163	Globant SA (a)		42,333
	9,426	Guidance Software, Inc. (a)		55,613
	764	Guidewire Software, Inc. (a)(b)		43,036
	1,380	HubSpot, Inc. (a)		83,559
	929	Imperva, Inc. (a)(b)		38,135
	1,678	Jack Henry & Associates, Inc.		156,222
	12,815	Jive Software, Inc. (a)		55,104
	2,260	Manhattan Associates, Inc. (a)(b)		117,633
	359	MicroStrategy, Inc. - Class A (a)(b)		67,420
	9,489	Mitek Systems, Inc. (a)		63,102
	17,785	MobileIron, Inc. (a)		77,365
	4,345	Model N, Inc. (a)		45,405
	1,129	Monotype Imaging Holdings, Inc.		22,693
	4,435	Nuance Communications, Inc. (a)		76,770
	600	Paycom Software, Inc. (a)		34,506
	2,749	Pegasystems, Inc.		120,544
	2,476	Progress Software Corp.		71,928
	500	Proofpoint, Inc. (a)(b)		37,180
	1,164	PROS Holdings, Inc. (a)		28,157
	2,180	PTC, Inc. (a)(b)		114,559
	1,710	QAD, Inc. - Class A		47,623
	1,100	Qualys, Inc. (a)(b)		41,690
	1,767	Rapid7, Inc. (a)		26,470
	2,118	RealPage, Inc. (a)		73,918
	3,781	RingCentral, Inc. - Class A (a)(b)		107,002
	7,676	Rosetta Stone, Inc. (a)		74,841

Number of Shares			Value
		Software (Continued)
	2,266	Sapiens International Corp. NV	$	29,186
	2,257	Silver Spring Networks, Inc. (a)		25,482
	2,706	Splunk, Inc. (a)(b)		168,557
	1,271	SS&C Technologies Holdings, Inc.		44,993
	516	Synchronoss Technologies, Inc. (a)(b)		12,590
	4,383	Synopsys, Inc. (a)		316,146
	1,285	Tableau Software, Inc. - Class A (a)		63,672
	1,708	Take-Two Interactive Software, Inc. (a)(b)		101,233
	7,182	Tangoe, Inc. (a)		38,065
	3,715	Telenav, Inc. (a)		32,135
	9,455	The Rubicon Project, Inc. (a)		55,690
	3,360	TiVo Corp. (b)		63,000
	357	Tyler Technologies, Inc. (a)		55,178
	337	Ultimate Software Group, Inc. (a)(b)		65,786
	2,681	Varonis Systems, Inc. (a)		85,256
	3,245	VASCO Data Security International, Inc. (a)(b)		43,807
	1,124	Verint Systems, Inc. (a)		48,754
	4,387	Workiva, Inc. (a)		68,657
	2,722	Zendesk, Inc. (a)		76,325
	11,848	Zix Corp. (a)		56,989
	10,254	Zynga, Inc. - Class A (a)		29,224
				4,892,063
		Specialty Retail - 3.91%
	4,603	Aaron’s, Inc. (b)		136,893
	6,753	Abercrombie & Fitch Co. - Class A (b)		80,563
	6,830	American Eagle Outfitters (b)		95,825
	1,358	America’s Car-Mart, Inc. (a)		49,499
	600	Asbury Automotive Group, Inc. (a)		36,060
	16,498	Ascena Retail Group, Inc. (a)(b)		70,281
	838	AutoNation, Inc. (a)		35,439
	2,337	Barnes & Noble Education, Inc. (a)(b)		22,412
	4,112	Barnes & Noble, Inc.		38,036
	5,219	Big 5 Sporting Goods Corp. (b)		78,807
	4,640	Build-A-Bear Workshop, Inc. (a)		41,064
	586	Cabela’s, Inc. (a)		31,122
	3,502	Caleres, Inc.		92,523
	1,505	Camping World Holdings, Inc. - Class A		48,521
	1,637	Cato Corp. - Class A		35,949
	7,388	Chico’s FAS, Inc.		104,910
	3,705	Citi Trends, Inc. (b)		62,985
	1,837	Conns, Inc. (a)		16,074
	667	CST Brands, Inc.		32,076
	11,247	Destination XL Group, Inc. (a)		32,054
	2,598	Dick’s Sporting Goods, Inc.		126,419
	1,998	DSW, Inc. - Class A (b)		41,319
	2,379	Duluth Holdings, Inc. - Class B (a)(b)		50,649	��
	7,716	Express, Inc. (a)(b)		70,293
	2,313	Five Below, Inc. (a)(b)		100,176
	3,644	Foot Locker, Inc.		272,608
	5,734	Francesca’s Holdings Corp. (a)		88,017
	3,502	GameStop Corp. - Class A (b)		78,970
	1,725	Genesco, Inc. (a)(b)		95,651
	2,520	GNC Holdings, Inc. - Class A (b)		18,547
	487	Group 1 Automotive, Inc. (b)		36,077
	2,447	Guess?, Inc.		27,284
	3,374	Haverty Furniture Cos., Inc.		82,157
	1,883	Hibbett Sports, Inc. (a)(b)		55,549
	4,086	KirkLands, Inc. (a)		50,666
	300	Lithia Motors, Inc. - Class A (b)		25,695

See notes to financial statements.

62

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	2,939	Lumber Liquidators Holdings, Inc. (a)(b)	$	61,690
	1,239	MarineMax, Inc. (a)		26,824
	644	Monro Muffler Brake, Inc. (b)		33,552
	25,465	Office Depot, Inc. (b)		118,794
	1,478	Party City Holdco, Inc. (a)(b)		20,766
	570	Penske Automotive Group, Inc.		26,682
	16,191	Pier 1 Imports, Inc.		115,928
	8,089	Rent-A-Center, Inc. (b)		71,749
	579	REX American Resourses Corp. (a)(b)		52,394
	798	RH (a)(b)		36,915
	3,794	Sally Beauty Holdings, Inc. (a)		77,549
	10,362	Sears Hometown and Outlet Stores, Inc. (a)		40,412
	3,100	Select Comfort Corp. (a)		76,849
	2,300	Shoe Carnival, Inc.		56,511
	1,189	Sonic Automotive, Inc. - Class A		23,839
	5,493	Sportsman’s Warehouse Holdings, Inc. (a)(b)		26,257
	16,403	Staples, Inc.		143,854
	7,892	Stein Mart, Inc.		23,755
	4,630	Systemax, Inc.		51,347
	3,749	Tailored Brands, Inc. (b)		56,010
	2,515	The Buckle, Inc. (b)		46,779
	1,324	The Children’s Place Retail Stores, Inc. (b)		158,946
	8,748	The Container Store Group, Inc. (a)		37,004
	3,163	The Finish Line, Inc. - Class A		45,009
	3,720	The Michaels Cos., Inc. (a)(b)		83,291
	3,714	Tile Shop Holdings, Inc.		71,495
	8,166	Tilly’s, Inc. - Class A		73,657
	3,525	Urban Outfitters, Inc. (a)		83,754
	2,609	Vitamin Shoppe, Inc. (a)(b)		52,571
	7,208	West Marine, Inc. (a)		68,764
	2,651	Williams Sonoma, Inc. (b)		142,147
	600	Winmark Corp.		67,800
	4,291	Zumiez, Inc. (a)(b)		78,525
				4,512,589
		Technology Hardware, Storage & Peripherals - 0.54%
	2,305	3D Systems Corp. (a)(b)		34,483
	11,028	Avid Technology, Inc. (a)		51,391
	5,326	CPI Card Group, Inc. (b)		22,369
	608	Electronics for Imaging, Inc. (a)(b)		29,689
	2,527	NCR Corp. (a)		115,433
	5,914	Nimble Storage, Inc. (a)		73,925
	2,519	Pure Storage, Inc. - Class A (a)(b)		24,762
	895	Super Micro Computer, Inc. (a)		22,688
	1,936	Synaptics, Inc. (a)		95,851
	4,850	Teradata Corp. (a)(b)		150,932
				621,523
		Textiles, Apparel & Luxury Goods - 1.21%
	1,128	Carter’s, Inc. (b)		101,295
	935	Columbia Sportswear Co.		54,931
	6,303	Crocs, Inc. (a)		44,562
	980	Culp, Inc.		30,576
	1,266	Deckers Outdoor Corp. (a)(b)		75,618
	2,200	Delta Apparel, Inc. (a)		38,786
	3,611	Fossil Group, Inc. (a)(b)		63,012
	2,790	G-III Apparel Group, Ltd. (a)(b)		61,073
	3,965	Kate Spade & Co. (a)		92,107
	2,834	lululemon athletica, Inc. (a)		147,000
	2,797	Movado Group, Inc. (b)		69,785

Number of Shares			Value
		Textiles, Apparel & Luxury Goods (Continued)
	980	Oxford Industries, Inc.	$	56,115
	3,194	Perry Ellis International, Inc. (a)(b)		68,607
	4,438	Skechers U.S.A., Inc. - Class A (a)(b)		121,823
	2,243	Steven Madden, Ltd. (a)(b)		86,468
	1,536	Superior Uniform Group, Inc.		28,570
	759	Unifi, Inc. (a)		21,548
	312	UniFirst Corp.		44,132
	5,258	Vera Bradley, Inc. (a)		48,952
	5,355	Vince Holding Corp. (a)(b)		8,300
	1,663	Weyco Group, Inc.		46,697
	3,535	Wolverine World Wide, Inc.		88,269
				1,398,226
		Thrifts & Mortgage Finance - 1.51%
	3,146	Bank Mutual Corp.		29,572
	1,664	Beneficial Bancorp, Inc.		26,624
	1,016	Berkshire Hills Bancorp, Inc.		36,627
	3,256	BofI Holding, Inc. (a)(b)		85,079
	2,400	Brookline Bancorp, Inc.		37,560
	1,080	BSB Bancorp, Inc. (a)		30,510
	2,557	Capitol Federal Financial, Inc.		37,409
	3,082	Dime Community Bancshares		62,565
	1,992	Federal Agricultural Mortgage Corp. - Class C		114,679
	700	First Defiance Financial Corp.		34,657
	1,514	First Financial Northwest, Inc.		26,752
	2,357	Flagstar Bancorp, Inc. (a)(b)		66,444
	1,762	Flushing Financial Corp.		47,345
	271	Hingham Institution for Savings		47,926
	648	Home Bancorp, Inc.		21,870
	1,272	HomeStreet, Inc. (a)		35,552
	2,018	Kearny Financial Corp.		30,371
	574	LendingTree, Inc. (a)(b)		71,951
	1,934	Meridian Bancorp, Inc.		35,392
	375	Meta Financial Group, Inc.		33,188
	2,239	NMI Holdings, Inc. - Class A (a)		25,525
	1,220	Northfield Bancorp, Inc.		21,984
	2,085	Northwest Bancshares, Inc.		35,111
	1,266	OceanFirst Financial Corp.		35,670
	1,285	Oritani Financial Corp.		21,845
	1,900	PennyMac Financial Services, Inc. - Class A (a)		32,395
	6,045	People’s United Financial, Inc. (b)		110,019
	1,127	Provident Financial Holdings, Inc.		21,019
	1,869	Provident Financial Services, Inc.		48,314
	4,463	Radian Group, Inc. (b)		80,156
	1,149	Southern Missouri Bancorp, Inc.		40,812
	682	Territorial Bancorp, Inc.		21,258
	4,174	TrustCo Bank Corp.		32,766
	4,748	United Community Financial Corp.		39,598
	2,679	United Financial Bancorp, Inc.		45,570
	2,143	Walker & Dunlop, Inc. (a)		89,342
	2,194	Washington Federal, Inc. (b)		72,621
	1,715	Waterstone Financial, Inc.		31,299
	497	WSFS Financial Corp.		22,837
				1,740,214
		Tobacco - 0.14%
	2,124	Alliance One International, Inc. (a)		27,293
	1,740	Turning Point Brands, Inc. (a)		27,144
	974	Universal Corp. (b)		68,911
	2,069	Vector Group, Ltd.		43,035
				166,383

See notes to financial statements.

63

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Trading Companies & Distributors - 1.62%
	1,652	Aceto Corp.	$	26,118
	2,301	Applied Industrial Technologies, Inc. (b)		142,317
	1,618	Beacon Roofing Supply, Inc. (a)		79,541
	1,651	BMC Stock Holdings, Inc. (a)		37,313
	2,458	DXP Enterprises, Inc. (a)		93,085
	401	GATX Corp. (b)		24,445
	785	GMS, Inc. (a)		27,506
	1,318	H&E Equipment Services, Inc. (b)		32,317
	5,302	HD Supply Holdings, Inc. (a)		218,045
	2,322	Lawson Products, Inc. (a)		52,129
	2,700	MRC Global, Inc. (a)		49,491
	1,782	MSC Industrial Direct Co., Inc. - Class A (b)		183,118
	3,461	Neff Corp. - Class A (a)		67,316
	2,525	NOW, Inc. (a)		42,824
	1,346	Rush Enterprises, Inc. - Class A (a)		44,526
	1,390	Rush Enterprises, Inc. - Class B (a)		43,340
	1,499	SiteOne Landscape Supply, Inc. (a)		72,567
	2,989	Titan Machinery, Inc. (a)(b)		45,851
	1,215	Triton International Ltd.		31,335
	1,645	United Rentals, Inc. (a)		205,707
	1,078	Univar, Inc. (a)		33,052
	2,008	Veritiv Corp. (a)		104,014
	827	Watsco, Inc.		118,410
	1,153	WESCO International, Inc. (a)		80,191
	989	Willis Lease Finance Corp. (a)		22,104
				1,876,662
		Transportation Infrastructure - 0.07%
	734	Macquarie Infrastructure Corp.		59,146
	2,400	Wesco Aircraft Holdings, Inc. (a)(b)		27,360
				86,506
		Water Utilities - 0.21%
	1,332	Aqua America, Inc.		42,824
	1,069	California Water Service Group		38,324
	427	Connecticut Water Service, Inc.		22,695
	3,544	Consolidated Water Co., Ltd. - Ordinary Shares		41,288
	992	Middlesex Water Co.		36,654
	559	SJW Corp.		26,955
	960	The York Water Co.		33,648
				242,388
		Wireless Telecommunication Services - 0.14%
	1,876	Boingo Wireless, Inc. (a)		24,369
	1,209	Shenandoah Telecommunications Co.		33,913
	1,631	Spok Holdings, Inc.		30,989
	1,994	Telephone & Data Systems, Inc.		52,861
	521	United States Cellular Corp. (a)		19,449
				161,581
		Total Common Stocks (Cost $81,828,260)		101,173,868
Principal Amount
		CORPORATE OBLIGATIONS - 0.00%
		Machinery - 0.00%
	5,000	Mueller Industries, Inc. 6.000%, 03/01/2027		4,988
		Total Corporate Obligations (Cost $5,000)		4,988

Number of Shares			Value
		INVESTMENT COMPANIES - 3.14%
		Exchange Traded Funds - 3.14%
	36,339	Vanguard Extended Market ETF (b)	$	3,629,903
		Total Investment Companies (Cost $3,349,404)		3,629,903
		REAL ESTATE INVESTMENT TRUSTS - 8.02%
		Real Estate Investment Trusts - 8.02%
	662	Acadia Realty Trust		19,900
	1,996	AG Mortgage Investment Trust, Inc.		36,028
	4,171	AGNC Investment Corp.		82,961
	676	Agree Realty Corp.		32,421
	861	Alexandria Real Estate Equities, Inc. (b)		95,158
	1,586	American Campus Communities, Inc.		75,478
	4,513	American Homes 4 Rent - Class A		103,618
	4,405	Anworth Mortgage Asset Corp.		24,448
	3,195	Apartment Investment & Management Co. - Class A (b)		141,698
	4,424	Apollo Commercial Real Estate Finance, Inc.		83,215
	2,661	Apple Hospitality REIT, Inc.		50,825
	3,860	Ares Commercial Real Estate Corp.		51,647
	5,216	Armada Hoffler Properties, Inc.		72,450
	4,848	Ashford Hospitality Prime, Inc.		51,437
	12,590	Ashford Hospitality Trust, Inc.		80,198
	2,475	Brandywine Realty Trust		40,169
	1,871	Camden Property Trust		150,541
	6,987	Capstead Mortgage Corp.		73,643
	886	Care Capital Properties, Inc. (b)		23,807
	1,500	CareTrust REIT, Inc. (b)		25,230
	3,713	CatchMark Timber Trust, Inc. - Class A		42,774
	7,096	CBL & Associates Properties, Inc.		67,696
	3,176	Chatham Lodging Trust		62,726
	2,362	Chesapeake Lodging Trust		56,594
	7,441	Chimera Investment Corp.		150,159
	13,889	Colony NorthStar, Inc. - Class A		179,307
	986	Colony Starwood Homes		33,475
	1,103	Columbia Property Trust, Inc. (b)		24,542
	1,660	CoreCivic, Inc.		52,157
	2,771	CorEnergy Infrastructure Trust, Inc. (b)		93,604
	850	CoreSite Realty Corp. (b)		76,542
	3,711	Corporate Office Properties Trust		122,834
	9,164	Cousins Properties, Inc. (b)		75,786
	993	CyrusOne, Inc.		51,110
	6,061	CYS Investments, Inc. (b)		48,185
	1,154	DCT Industrial Trust, Inc.		55,530
	3,896	DDR Corp.		48,817
	8,148	DiamondRock Hospitality Co. (b)		90,850
	1,704	Douglas Emmett, Inc.		65,434
	4,018	Duke Realty Corp.		105,553
	1,210	DuPont Fabros Technology, Inc. (b)		60,004
	4,017	Dynex Capital, Inc. (b)		28,481
	1,552	Easterly Government Properties, Inc. (b)		30,714
	749	EastGroup Properties, Inc.		55,074
	875	Education Realty Trust, Inc.		35,744
	2,098	Empire State Realty Trust, Inc. - Class A (b)		43,303
	925	EPR Properties		68,108
	2,579	Equity Commonwealth (a)		80,516
	1,162	Equity LifeStyle Properties, Inc. (b)		89,544
	9,201	Felcor Lodging Trust, Inc. (b)		69,100
	1,762	First Industrial Realty Trust		46,922
	6,096	First Potomac Realty Trust		62,667

See notes to financial statements.

64

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	3,584	Forest City Realty Trust, Inc. - Class A	$	78,060
	3,863	Four Corners Property Trust, Inc.		88,192
	1,798	Franklin Street Properties Corp. (b)		21,828
	1,896	Gaming and Leisure Properties, Inc.		63,364
	1,948	Getty Realty Corp.		49,226
	1,194	Gladstone Commercial Corp. (b)		24,680
	1,499	Government Properties Income Trust		31,374
	1,945	Gramercy Property Trust (b)		51,153
	5,660	Great Ajax Corp.		73,863
	1,498	Health Care Realty Trust		48,685
	1,572	Healthcare Trust of America, Inc. - Class A		49,455
	3,622	Hersha Hospitality Trust		68,057
	1,082	Highwoods Properties, Inc.		53,159
	3,924	Hospitality Property Trust (b)		123,724
	682	Hudson Pacific Properties, Inc.		23,624
	5,465	Independence Realty Trust, Inc.		51,207
	3,470	InfraREIT, Inc.		62,460
	4,804	Impac Mortgage Holdings, Inc. (a)		59,858
	3,972	Invesco Mortgage Capital, Inc.		61,248
	3,276	Iron Mountain, Inc. (b)		116,855
	2,046	iStar Financial, Inc. (a)		24,143
	1,450	Kilroy Realty Corp. (b)		104,516
	1,337	Kite Realty Group Trust		28,745
	1,235	Lamar Advertising Co. - Class A (b)		92,304
	3,216	LaSalle Hotel Properties		93,103
	6,304	Lexington Realty Trust		62,914
	2,684	Liberty Property Trust		103,468
	860	LTC Properties, Inc.		41,194
	3,513	Mack-Cali Realty Corp.		94,640
	4,242	Medical Properties Trust, Inc.		54,679
	18,281	MFA Financial, Inc. (b)		147,710
	1,621	Mid-American Apartment Communities, Inc.		164,921
	1,583	Monmouth Real Estate Investment Corp. - Class A		22,589
	2,519	Monogram Residential Trust, Inc.		25,114
	2,081	MTGE Investment Corp.		34,857
	800	National Health Investors, Inc.		58,104
	1,617	National Retail Properties, Inc. (b)		70,534
	2,426	National Storage Affiliates Trust (b)		57,981
	10,694	New Residential Investment Corp.		181,584
	2,827	New Senior Investment Group, Inc. (b)		28,835
	12,689	New York Mortgage Trust, Inc. (b)		78,291
	1,582	NexPoint Residential Trust, Inc.		38,221
	2,025	Omega Healthcare Investors, Inc.		66,805
	1,354	One Liberty Properties, Inc.		31,629
	2,926	Orchid Island Capital, Inc. (b)		29,231
	906	Outfront Media, Inc.		24,054
	4,424	Owens Realty Mortgage, Inc.		78,747
	1,312	Parkway, Inc.		26,096
	2,188	Pebblebrook Hotel Trust		63,911
	2,544	Pennsylvania Real Estate Investment Trust		38,516
	5,165	PennyMac Mortgage Investment Trust		91,679
	2,040	Physicians Realty Trust (b)		40,535
	4,176	Piedmont Office Realty Trust, Inc. - Class A (b)		89,283
	1,112	Potlatch Corp.		50,818
	3,695	Preferred Apartment Communities, Inc. - Class A		48,811
	723	PS Business Parks, Inc.		82,971
	676	QTS Realty Trust, Inc. - Class A		32,955
	21,947	RAIT Financial Trust		70,230

Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	1,570	Ramco-Gershenson Properties Trust	$	22,011
	1,116	Rayonier, Inc.		31,627
	5,067	Redwood Trust, Inc.		84,163
	2,221	Regency Centers Corp. (b)		147,452
	4,040	Resource Capital Corp.		39,471
	1,895	Retail Opportunity Investments Corp.		39,852
	4,152	Retail Properties of America, Inc. - Class A		59,872
	1,554	Rexford Industrial Realty, Inc.		34,996
	3,772	RLJ Lodging Trust (b)		88,680
	1,325	Ryman Hospitality Properties, Inc.		81,925
	906	Sabra Health Care REIT, Inc. (b)		25,305
	577	Saul Centers, Inc.		35,555
	2,544	Select Income REIT		65,610
	3,167	Senior Housing Properties Trust		64,132
	468	Seritage Growth Properties (b)		20,194
	1,900	Silver Bay Realty Trust Corp.		40,793
	5,795	Spirit Realty Capital, Inc.		58,703
	970	STAG Industrial, Inc.		24,269
	6,400	Starwood Property Trust, Inc.		144,512
	1,832	STORE Capital Corp.		43,748
	7,842	Summit Hotel Properties, Inc. (b)		125,315
	769	Sun Communities, Inc.		61,774
	6,101	Sunstone Hotel Investors, Inc.		93,528
	1,430	Tanger Factory Outlet Centers, Inc. (b)		46,861
	829	Terreno Realty Corp.		23,212
	596	The Geo Group, Inc.		27,637
	2,060	Tier REIT, Inc.		35,762
	5,859	Two Harbors Investment Corp. (b)		56,188
	1,813	UMH Properties, Inc.		27,576
	1,816	Uniti Group, Inc.		46,944
	476	Universal Health Realty Income Trust		30,702
	1,653	Urban Edge Properties		43,474
	1,151	Urstadt Biddle Properties, Inc. - Class A		23,665
	2,473	Washington Prime Group, Inc. (b)		21,490
	977	Washington Real Estate Investment Trust		30,561
	1,550	Weingarten Realty Investors		51,755
	2,034	Whitestone REIT		28,151
	1,309	WP Carey, Inc.		81,446
	4,970	Xenia Hotels & Resorts, Inc.		84,838
		Total Real Estate Investment Trusts (Cost $8,150,582)		9,257,263
		RIGHTS - 0.00%
		Biotechnology - 0.00%
	1,600	Dyax Corp. (c)(d)		0
		Real Estate Management & Development - 0.00%
	280	Trinity Place Holdings, Inc. (c)(d)		0
		Total Rights (Cost $604)		0
		SHORT TERM INVESTMENTS - 1.11%
		Money Market Funds - 1.11%
	1,276,523	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (e)		1,276,523
		Total Short Term Investments (Cost $1,276,523)		1,276,523

See notes to financial statements.

65

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 28.33%
		Investment Companies - 28.33%
	32,709,937	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (e)	$	32,709,937
		Total Investments Purchased as Securities Lending Collateral (Cost $32,709,937)		32,709,937
		Total Investments (Cost $127,320,310) - 128.21%		148,052,482
		Liabilities in Excess of Other Assets - (28.21)%		(32,575,908	)
		TOTAL NET ASSETS - 100.00%	$	115,476,574

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, 2017, the Valuation Committee 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 securities is $115,316, which represents 0.10% of total net assets.

(e) Seven-day yield as of March 31, 2017.

See notes to financial statements.

66

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		COMMON STOCKS - 96.24%
		Australia - 5.38%
	10,137	AGL Energy, Ltd.	$	204,191
	58,676	Alumina Ltd.		80,281
	21,624	Aristocrat Leisure, Ltd.		296,823
	3,716	ASX, Ltd.		143,308
	41,116	Aurizon Holdings Ltd.		164,872
	43,149	AusNet Services		55,545
	21,186	Australia and New Zealand Banking Group, Ltd.		514,411
	28,330	Bendigo & Adelaide Bank, Ltd.		262,474
	14,211	BHP Billiton Ltd.		258,444
	13,920	BHP Billiton Plc		214,700
	27,456	Challenger, Ltd./Australia		263,152
	12,572	CIMIC Group, Ltd.		344,959
	7,230	Cochlear, Ltd.		746,877
	14,515	Commonwealth Bank of Australia		951,822
	3,547	Computershare Ltd.		38,094
	5,820	CSL, Ltd.		557,241
	48,347	DUET Group		103,032
	17,168	Flight Centre Travel Group, Ltd.		378,703
	131,168	Fortescue Metals Group, Ltd.		624,775
	37,984	Harvey Norman Holdings Ltd.		131,379
	22,348	Insurance Australia Group, Ltd.		103,262
	3,120	Macquarie Group, Ltd.		214,958
	79,341	Medibank Private, Ltd.		170,892
	10,434	National Australia Bank Ltd.		265,674
	12,128	Newcrest Mining, Ltd.		206,728
	5,250	Orica Ltd.		70,566
	8,925	Origin Energy Ltd. (a)		48,009
	110,587	Qantas Airways, Ltd.		328,649
	2,718	REA Group Ltd.		123,256
	189,611	South32, Ltd.		399,731
	17,044	Suncorp Group, Ltd.		172,000
	46,014	Telstra Corp., Ltd.		163,734
	11,579	Wesfarmers Ltd.		398,641
	18,270	Westpac Banking Corp.		488,400
	30,456	Woolworths, Ltd.		616,613
				10,106,196
		Austria - 0.53%
	3,328	ANDRITZ AG		166,445
	4,072	Erste Group Bank AG		132,592
	4,025	Mondi Plc		97,249
	3,035	OMV AG		119,608
	18,876	Raiffeisen Bank International AG (a)		425,688
	1,288	voestalpine AG		50,655
				992,237
		Belgium - 0.16%
	905	KBC Group NV		59,995
	605	Solvay SA		73,817
	3,067	Umicore SA		174,663
				308,475
		Canada - 7.83%
	1,840	Agnico Eagle Mines, Ltd.		78,063
	7,266	Alimentation Couche-Tard, Inc. - Series B		328,264
	4,607	Bank of Montreal		344,109
	9,300	Barrick Gold Corp.		176,650
	2,641	BCE, Inc.		116,932
	28,553	Bombardier, Inc. - Class B (a)		43,800
	3,720	Brookfield Asset Management, Inc. - Class A		135,530

Number of Shares			Value
		Canada (Continued)
	7,495	CAE, Inc.	$	114,523
	12,532	Cameco Corp.		138,716
	4,058	Canadian Imperial Bank of Commerce		349,912
	2,442	Canadian National Railway Co.		180,251
	3,331	Canadian Natural Resources, Ltd.		109,059
	200	CCL Industries, Inc. - Class B		43,635
	1,324	CGI Group, Inc. - Class A (a)		63,440
	22,188	CI Financial Corp. (b)		440,974
	1,765	Constellation Software, Inc.		867,336
	11,501	Crescent Point Energy Corp.		124,277
	8,434	Dollarama, Inc.		698,959
	31,235	Empire Co., Ltd. - Series A		477,268
	3,530	Enbridge, Inc.		147,879
	13,232	Encana Corp.		155,021
	20,473	Finning International, Inc.		382,411
	7,252	First Capital Realty, Inc.		109,228
	9,365	First Quantum Minerals Ltd.		99,506
	1,746	Fortis, Inc.		57,861
	6,292	George Weston, Ltd.		548,980
	2,900	Great-West Lifeco, Inc.		80,359
	5,742	Husky Energy, Inc. (a)		64,810
	2,000	IGM Financial, Inc.		59,646
	8,022	Industrial Alliance Insurance & Financial Services, Inc.		347,639
	48,741	Kinross Gold Corp. (a)		171,895
	3,744	Linamar Corp.		170,301
	6,193	Loblaw Cos., Ltd.		336,043
	10,206	Manulife Financial Corp.		181,043
	9,958	Metro, Inc.		305,887
	3,300	National Bank of Canada		138,566
	8,827	Onex Corp.		633,558
	4,224	Open Text Corp.		143,569
	2,168	Pembina Pipeline Corp.		68,699
	15,610	Power Corp. of Canada		366,700
	10,727	Power Financial Corp.		283,693
	1,612	PrairieSky Royalty Ltd.		34,013
	888	Restaurant Brands International, Inc.		49,466
	1,229	Rogers Communications, Inc. - Class B		54,341
	15,074	Royal Bank of Canada		1,098,259
	9,233	Saputo, Inc.		318,609
	8,153	Seven Generations Energy, Ltd. - Class A (a)		148,978
	4,294	Shaw Communications, Inc.		89,022
	6,225	Silver Wheaton Corp.		129,710
	2,306	SNC-Lavalin Group, Inc.		90,482
	4,114	Sun Life Financial, Inc.		150,224
	4,580	Suncor Energy, Inc.		140,618
	8,568	Teck Resources. Ltd. - Class B		187,358
	9,576	The Bank of Nova Scotia (b)		560,223
	14,457	The Jean Coutu Group PJC, Inc. - Class A		227,533
	16,434	The Toronto-Dominion Bank		823,152
	2,357	Thomson Reuters Corp.		101,930
	6,372	TransCanada Corp.		294,055
	20,676	Valeant Pharmaceuticals International, Inc. (a)		228,394
	20,249	Veresen, Inc.		223,830
	915	Vermilion Energy, Inc.		34,313
	21,929	Yamana Gold, Inc.		60,518
				14,730,020
		Cayman Islands - 0.28%
	13,000	Cheung Kong Property Holdings, Ltd.		87,696

See notes to financial statements.

67

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Cayman Islands (Continued)
	499,980	WH Group, Ltd.	$	431,143
				518,839
		Denmark - 1.33%
	5,027	Carlsberg AS - Series B		464,206
	2,774	Coloplast AS - Series B		216,637
	1,618	Danske Bank AS		55,167
	1,366	Genmab AS (a)		262,859
	21,569	Novo Nordisk AS - Series B		740,657
	2,460	Pandora AS		272,269
	29,800	TDC AS		153,478
	3,165	Vestas Wind Systems AS		257,442
	3,826	William Demant Holding A/S (a)		79,951
				2,502,666
		Finland - 0.84%
	5,796	Fortum OYJ		91,740
	2,020	Metso OYJ		61,128
	7,795	Neste OYJ (b)		304,807
	9,633	Orion OYJ - Class B		502,501
	889	Sampo OYJ - Series A		42,184
	5,137	Stora Enso OYJ		60,741
	22,132	UPM-Kymmene OYJ		519,640
				1,582,741
		France - 9.96%
	8,927	Accor SA		371,312
	2,335	Arkema SA		229,860
	12,259	Atos SA		1,514,980
	23,621	AXA SA		610,269
	16,676	BNP Paribas SA		1,109,692
	4,717	Cap Gemini SA		435,407
	11,954	Carrefour SA		281,651
	773	Casino Guichard Perrachon SA		43,190
	2,861	Christian Dior SA		664,118
	24,666	CNP Assurances		501,596
	4,976	Compagnie de Saint-Gobain SA		255,304
	39,710	Credit Agricole SA		536,749
	8,439	Danone SA		574,064
	2,826	Dassault Systemes SA		244,426
	5,140	Eiffage SA		402,254
	2,333	Essilor International SA		283,253
	1,656	Etablissements Michelin		201,234
	1,711	Hermes International SA		809,964
	2,215	Imerys SA		187,859
	717	Ingenico Group SA		67,625
	579	Kering SA		149,652
	3,604	Legrand SA		216,953
	4,269	L’Oreal SA		821,092
	3,516	LVMH Moet Hennessy Louis Vuitton SA		772,793
	20,260	Natixis SA		124,724
	349	Pernod-Ricard SA		41,259
	47,823	Peugeot SA		961,126
	1,495	Publicis Groupe SA		104,382
	417	Remy Cointreau SA		40,795
	39,267	Rexel SA		711,427
	2,145	Safran SA		160,090
	12,131	Sanofi-Aventis SA		1,096,589
	4,510	Schneider Electric SA		331,345
	12,777	SCOR SE		482,883

Number of Shares			Value
		France (Continued)
	3,238	SEB SA	$	452,276
	1,324	Societe BIC SA		164,952
	17,871	Societe Generale SA		905,443
	458	Sodexo SA		53,813
	2,680	Suez Environnement Co. SA		42,296
	4,036	Thales SA		389,863
	12,021	Total SA		607,825
	1,575	Valeo SA		104,772
	2,899	Veolia Environnement SA		54,362
	5,822	Vinci SA		462,318
	1,247	Wendel SA		157,905
				18,735,742
		Germany - 7.03%
	7,153	adidas AG		1,360,734
	4,557	Allianz SE		845,082
	6,008	BASF SE		594,876
	10,832	Bayer AG		1,247,997
	4,886	Beiersdorf AG		462,359
	1,875	Brenntag AG		105,088
	560	Continental AG		122,781
	4,234	Covestro AG		326,183
	2,719	Deutsche Boerse AG		249,160
	35,793	Deutsche Lufthansa AG		580,667
	24,894	Deutsche Post AG		851,963
	29,449	Deutsche Telekom AG		516,026
	4,636	Deutsche Wohnen AG		152,671
	26,813	E.ON SE		213,167
	2,490	Evonik Industries AG		81,160
	706	Fresenius Medical Care AG & Co. KGaA		59,531
	3,772	Fresenius SE & Co. KGaA		303,104
	452	Hannover Rueck SE		52,085
	2,949	HeidelbergCement AG		276,169
	849	Henkel AG & Co. KGaA		94,416
	1,907	HOCHTIEF AG		315,148
	8,951	HUGO BOSS AG		652,739
	13,254	Infineon Technologies AG		271,275
	3,056	LANXESS AG		205,005
	1,247	MAN SE		128,538
	2,955	Merck KGaA		336,733
	2,827	Metro AG		90,330
	2,558	Muenchener Rueckversicherungs-Gesellschaft AG		500,736
	843	OSRAM Licht AG		52,866
	1,098	ProSiebenSat.1 Media AG		48,620
	7,601	SAP AG		745,721
	5,290	Siemens AG		724,585
	1,519	thyssenkrupp AG		37,212
	4,751	TUI AG		65,793
	2,150	United Internet AG		95,098
	11,422	Zalando SE (a)		461,647
				13,227,265
		Hong Kong - 2.87%
	61,519	AIA Group, Ltd.		388,305
	6,800	ASM Pacific Technology, Ltd.		92,506
	126,513	BOC Hong Kong Holdings, Ltd.		517,099
	202,195	Cathay Pacific Airways Ltd.		293,535
	14,852	CLP Holdings, Ltd.		155,478
	18,251	Hang Lung Group Ltd.		77,848
	7,715	Hang Seng Bank, Ltd.		156,510
	315,212	HK Electric Investments & HK Electric Investments Ltd.		290,511

See notes to financial statements.

68

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Hong Kong (Continued)
	104,312	HKT Trust and HKT, Ltd.	$	134,498
	15,674	Hong Kong Exchange & Clearing, Ltd.		395,517
	1,440	Jardine Strategic Holdings Ltd.		60,495
	28,844	MTR Corp. Ltd.		162,058
	163,180	New World Development Co., Ltd.		201,066
	105,731	NWS Holdings, Ltd.		193,037
	174,388	PCCW, Ltd.		102,876
	62,000	Sino Land Co., Ltd.		108,726
	891,933	SJM Holdings, Ltd.		725,949
	5,000	Sun Hung Kai Properties, Ltd.		73,501
	38,960	Techtronic Industries Co., Ltd.		157,721
	24,566	The Wharf Holdings, Ltd.		211,121
	113,614	Wheelock & Co., Ltd.		898,721
				5,397,078
		Ireland - 0.35%
	521,786	Bank of Ireland (a)		130,527
	10,066	CRH Plc		354,718
	3,831	James Hardie Industries Plc		60,190
	1,316	Kerry Group Plc - Series A		104,341
				649,776
		Israel - 0.83%
	45,934	Bank Hapoalim BM		279,930
	48,098	Bank Leumi Le-Israel BM (a)		212,342
	126,258	Bezeq the Israel Telecommunication Corp., Ltd.		226,752
	316	Elbit Systems Ltd.		36,145
	5,523	Mizrahi Tefahot Bank, Ltd.		93,613
	2,883	NICE-Systems, Ltd.		195,716
	701	Taro Pharmaceutical Industries Ltd. (a)(b)		81,751
	13,690	Teva Pharmaceutical Industries, Ltd. - ADR		439,312
				1,565,561
		Italy - 2.39%
	9,747	Assicurazioni Generali SpA		154,648
	82,769	Enel SpA		389,468
	4,350	Eni SpA		71,224
	3,081	Ferrari NV		229,631
	35,598	Intesa Sanpaolo SpA		96,831
	25,855	Leonardo SpA		366,638
	11,173	Luxottica Group SpA		616,600
	11,561	Poste Italiane SpA		77,006
	29,574	Prysmian SpA		781,862
	1,049,037	Saipem SpA (a)		476,474
	27,403	Snam SpA		118,434
	431,567	Telecom Italia SpA (a)		388,492
	498,456	Telecom Italia SpA - Savings Share		363,915
	1	UniCredit SpA		12
	168,010	UnipolSai SpA		371,122
				4,502,357
		Japan - 22.10%
	3,800	ABC-Mart, Inc.		222,724
	2,620	Aeon Co., Ltd.		38,363
	13,532	Alfresa Holdings Corp.		235,241
	16,998	Asahi Glass Co., Ltd.		137,915
	20,610	Asahi Kasei Corp.		200,256
	7,664	Asics Corp.		123,311
	35,044	Astellas Pharma, Inc.		462,193
	12,338	Bandai Namco Holdings, Inc.		369,840

Number of Shares			Value
		Japan (Continued)
	4,117	Benesse Holdings, Inc.	$	128,871
	1,600	Bridgestone Corp.		64,949
	22,900	Brother Industries, Ltd.		478,889
	10,181	Calbee, Inc.		347,744
	4,980	Canon, Inc.		155,519
	700	Central Japan Railway Co.		114,338
	34,268	Chubu Electric Power Co., Inc.		460,320
	5,072	Dai-ichi Life Insurance Co., Ltd.		90,786
	6,939	Daiichi Sankyo Co., Ltd.		156,551
	2,034	Daikin Industries Ltd.		205,105
	1,025	Daito Trust Construction Co., Ltd.		140,934
	8,147	DeNA Co., Ltd.		165,857
	2,857	FamilyMart Co., Ltd.		170,469
	281	FANUC Corp.		57,850
	1,399	Fast Retailing Co., Ltd.		440,242
	16,810	Fuji Electric Co., Ltd.		100,105
	3,324	Fuji Heavy Industries, Ltd.		121,919
	6,396	FUJIFILM Holdings Corp.		250,709
	50,805	Fujitsu, Ltd.		311,860
	6,241	Hikari Tsushin, Inc.		609,380
	1,218	Hisamitsu Pharmaceutical Co., Inc.		69,734
	5,819	Hitachi Chemical Co., Ltd.		161,644
	18,586	Hitachi Construction Machinery Co., Ltd.		465,064
	5,063	Hitachi High-Technologies Corp.		206,822
	19,252	Honda Motor Co., Ltd.		581,199
	1,176	Hoshizaki Electric Co., Ltd.		92,953
	11,060	Hoya Corp.		534,317
	24,131	Idemitsu Kosan Co., Ltd.		839,983
	21,701	Iida Group Holdings Co., Ltd.		333,949
	35,672	ITOCHU Corp.		507,839
	1,786	Japan Tobacco, Inc.		58,130
	3,357	JTEKT Corp.		52,225
	114,045	JX Holdings, Inc.		561,506
	23,285	Kajima Corp.		152,308
	33,378	Kakaku.com, Inc.		455,662
	6,753	Kansai Paint Co., Ltd.		144,118
	12,894	Kao Corp.		708,094
	2,959	KDDI Corp.		77,824
	5,137	Keikyu Corp.		56,511
	874	Keyence Corp.		350,625
	6,954	Kikkoman Corp.		207,832
	1,421	Koito Manufacturing Co., Ltd.		74,060
	5,770	Komatsu Ltd.		151,135
	5,930	Konami Corp.		251,874
	43,571	Konica Minolta, Inc.		390,814
	6,203	Kose Corp.		563,734
	8,183	Kuraray Co., Ltd.		124,485
	3,748	Lawson, Inc.		254,848
	4,242	LINE Corp.		163,501
	29,591	Lion Corp.		533,290
	11,210	M3, Inc.		279,381
	31,285	Marubeni Corp.		193,246
	3,216	Maruichi Steel Tube, Ltd.		91,779
	25,532	Mazda Motor Corp.		368,552
	6,236	McDonald’s Holdings Co. Japan, Ltd.		182,114
	6,265	MEIJI Holdings Co., Ltd.		522,779
	3,753	MISUMI Group, Inc.		68,133
	44,800	Mitsubishi Chemical Holdings Corp.		347,824
	27,726	Mitsubishi Corp.		600,894
	14,982	Mitsubishi Electric Corp.		215,865

See notes to financial statements.

69

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	15,647	Mitsubishi Gas Chemical Co., Inc.	$	325,891
	5,900	Mitsubishi Materials Corp.		179,082
	83,096	Mitsubishi UFJ Financial Group, Inc.		523,436
	74,423	Mitsubishi UFJ Lease & Finance Co., Ltd.		371,923
	21,343	Mitsui & Co., Ltd.		309,944
	19,458	Mitsui Chemicals, Inc.		96,400
	187,913	Mitsui OSK Lines, Ltd.		590,546
	16,543	Mixi, Inc.		800,212
	312,391	Mizuho Financial Group, Inc.		573,418
	2,797	MS & AD Insurance Group Holdings		89,338
	326	Murata Manufacturing Co., Ltd.		46,444
	18,343	Nagoya Railroad Co., Ltd.		82,721
	1,614	NH Foods Ltd.		43,359
	1,288	Nidec Corp.		123,010
	25,707	Nikon Corp.		373,571
	513	Nintendo Co., Ltd.		119,036
	8,919	Nippon Electric Glass Co., Ltd.		54,029
	27,681	Nippon Express Co., Ltd.		142,482
	1,423	Nippon Paint Holdings Co., Ltd.		49,701
	15,800	Nippon Steel & Sumitomo Metal Corp.		365,033
	10,165	Nippon Telegraph & Telephone Corp.		434,587
	3,884	Nissan Chemical Industries, Ltd.		113,304
	6,885	Nisshin Seifun Group, Inc.		102,931
	5,220	Nitori Holdings Co., Ltd.		662,936
	1,456	NKSJ Holdings, Inc.		53,491
	3,075	NOK Corp.		71,824
	6,686	Nomura Holdings, Inc.		41,389
	2,980	NTT Data Corp.		141,510
	9,641	NTT DoCoMo, Inc.		225,139
	19,000	Obayashi Corp.		178,159
	27,521	Oji Holdings Corp.		129,069
	8,121	Olympus Corp.		313,443
	7,079	OMRON Corp.		311,043
	2,061	Oracle Corp.		118,155
	30,558	ORIX Corp.		453,558
	10,220	Osaka Gas Co., Ltd.		38,969
	1,710	Otsuka Holdings Co., Ltd.		77,395
	7,278	Panasonic Corp.		82,367
	11,845	Park24 Co., Ltd.		311,218
	20,744	Pola Orbis Holdings, Inc.		501,228
	13,344	Recruit Holdings Co., Ltd.		682,487
	52,200	Resona Holdings, Inc.		280,621
	845	Rohm Co. Ltd.		56,256
	2,445	Ryohin Keikaku Co., Ltd.		537,474
	28,693	SBI Holdings, Inc.		400,926
	10,679	Sega Sammy Holdings, Inc.		143,633
	9,869	Seiko Epson Corp.		208,226
	13,055	Sekisui Chemical Co., Ltd.		220,082
	5,200	Seven & I Holdings Co., Ltd. - Series A		204,275
	42,184	Sharp Corp. (b)		177,450
	2,911	Shimadzu Corp.		46,328
	1,630	Shimamura Co., Ltd.		216,080
	3,093	Shin-Etsu Chemical Co., Ltd.		268,842
	3,592	Shionogi & Co., Ltd.		185,949
	13,363	Shiseido Co., Ltd.		351,723
	5,359	SoftBank Group Corp.		380,034
	17,361	Sony Corp.		585,907
	37,242	Start Today Co., Ltd.		827,657
	24,982	Sumitomo Chemical Co., Ltd.		139,927

Number of Shares			Value
		Japan (Continued)
	29,980	Sumitomo Corp.	$	404,456
	11,455	Sumitomo Dainippon Pharma Co., Ltd.		189,550
	5,116	Sumitomo Heavy Industries, Ltd.		35,767
	15,012	Sumitomo Mitsui Financial Group, Inc.		546,418
	5,500	Sumitomo Mitsui Trust Holdings, Inc.		190,586
	15,389	Sumitomo Rubber Industries, Ltd.		262,568
	7,968	Sundrug Co., Ltd.		268,082
	8,383	Suntory Beverage & Food Ltd.		354,142
	6,157	Suzuken Co., Ltd.		202,326
	3,497	Suzuki Motor Corp.		145,243
	7,997	Sysmex Corp.		486,547
	13,185	T&D Holdings, Inc.		191,112
	25,960	Taiheiyo Cement Corp.		87,114
	7,745	Takashimaya Co., Ltd.		67,888
	6,647	Teijin, Ltd.		125,512
	16,379	The Kansai Electric Power Co., Inc.		201,539
	11,444	The Yokohama Rubber Co., Ltd.		224,289
	11,354	Toho Gas Co., Ltd.		80,530
	1,030	Tokio Marine Holdings, Inc.		43,532
	3,777	Tokyo Electron, Ltd.		413,492
	9,609	Tokyo Gas Co., Ltd.		43,885
	16,000	TonenGeneral Sekiyu KK		187,080
	10,324	Toppan Printing Co., Ltd.		105,523
	60,768	Toshiba Corp.		130,987
	2,462	TOTO Ltd.		93,136
	6,500	Toyo Seikan Group Holdings, Ltd.		105,771
	5,422	Toyoda Gosei Co., Ltd.		138,289
	8,081	Toyota Motor Corp.		438,619
	11,054	Toyota Tsusho Corp.		335,518
	988	Trend Micro, Inc.		43,976
	1,696	Tsuruha Holdings, Inc.		157,303
	5,062	Unicharm Corp.		121,653
	60,846	Yamada Denki Co., Ltd.		304,176
	31,775	Yamazaki Baking Co., Ltd.		654,235
	4,705	Yaskawa Electric Corp.		94,751
	11,287	Yokogawa Electric Corp.		178,005
				41,547,655
		Jersey - 1.85%
	392,047	Glencore Plc		1,538,213
	18,870	Petrofac, Ltd.		217,973
	1,262	Randgold Resources, Ltd.		110,274
	6,637	Shire Plc		386,718
	10,356	Wolseley Plc		652,028
	25,823	WPP Plc		566,015
				3,471,221
		Luxembourg - 0.39%
	27,956	ArcelorMittal SA (a)		233,883
	1,330	Millicom International Cellular SA		74,162
	3,490	RTL Group SA		280,805
	8,287	Tenaris SA		143,302
				732,152
		Macau - 0.02%
	21,015	MGM China Holdings Ltd.		43,822
		Mexico - 0.06%
	6,090	Fresnillo Plc		118,660
		Netherlands - 3.73%
	1,604	ABN AMRO Group NV		38,895
	702	Akzo Nobel NV		58,114

See notes to financial statements.

70

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Netherlands (Continued)
	2,264	ASML Holding NV	$	300,418
	4,777	Boskalis Westminster		164,581
	15,690	CNH Industrial NV		151,018
	9,142	EXOR NV		472,714
	75,293	Fiat Chrysler Automobiles NV (a)		822,603
	1,565	Gemalto NV		87,305
	4,567	Heineken Holding NV		362,757
	1,033	Heineken NV		87,907
	39,932	ING Groep NV		603,146
	25,274	Koninklijke Ahold Delhaize NV		540,103
	2,953	Koninklijke DSM NV		199,710
	5,050	Koninklijke Philips Electronics NV		162,228
	12,614	NN Group NV		409,668
	7,895	QIAGEN NV		229,185
	9,810	Randstad Holding NV		565,529
	12,469	Reed Elsevier NV		231,315
	26,661	STMicroelectronics NV		410,250
	16,555	Unilever NV		822,469
	6,906	Wolters Kluwer NV		286,616
				7,006,531
		New Zealand - 0.21%
	26,671	Fletcher Building Ltd.		155,373
	25,501	Mercury NZ Ltd.		56,312
	32,102	Meridian Energy, Ltd.		62,995
	46,868	Telecom Corp.		114,889
				389,569
		Norway - 0.61%
	4,791	DNB ASA		76,074
	9,022	Gjensidige Forsikring ASA		137,442
	15,316	Marine Harvest ASA		233,637
	30,997	Norsk Hydro ASA		180,642
	9,469	Schibsted ASA - Class A		243,752
	10,053	Schibsted ASA - Class B		230,342
	2,858	Telenor ASA		47,544
				1,149,433
		Portugal - 0.46%
	95,208	EDP - Energias de Portugal SA		321,915
	8,919	Galp Energia SGPS SA		135,278
	22,926	Jeronimo Martins SGPS SA		409,672
				866,865
		Singapore - 1.30%
	20,900	DBS Group Holdings, Ltd.		289,505
	3,212	Jardine Cycle & Carriage, Ltd.		100,606
	46,400	Oversea-Chinese Banking Corp. Ltd.		322,295
	44,343	SATS Ltd.		154,694
	76,800	Singapore Exchange, Ltd.		422,738
	144,287	StarHub Ltd.		297,042
	14,936	United Overseas Bank, Ltd.		235,918
	84,597	Wilmar International, Ltd.		213,482
	504,600	Yangzijiang Shipbuilding Holdings, Ltd.		407,387
				2,443,667
		Spain - 2.99%
	17,899	ACS, Actividades de Construccion y Servicios SA		608,436
	1,929	Aena SA		304,898
	8,569	Amadeus IT Holding SA - Class A		434,181
	37,441	Banco Bilbao Vizcaya Argentaria SA		290,643

Number of Shares			Value
		Spain (Continued)
	196,350	Banco de Sabadell SA	$	359,767
	143,280	Banco Santander Central Hispano SA		877,064
	48,998	Bankia SA		55,775
	4,868	Bankinter SA		40,819
	15,537	CaixaBank SA		66,801
	66,709	Distribuidora Internacional de Alimentación SA		385,586
	7,509	Endesa SA		176,234
	50,287	Iberdrola SA		359,296
	14,627	Inditex de Diseno Textil SA		515,114
	108,785	Mapfre SA		372,601
	42,363	Repsol SA		656,328
	9,828	Telefonica SA		110,009
				5,613,552
		Sweden - 1.86%
	4,196	Assa Abloy AB - Series B		86,260
	6,326	Atlas Copco AB - Class A		222,986
	3,625	Atlas Copco AB - Class B		115,151
	10,055	Boliden AB		299,290
	5,760	Electrolux AB - Series B		159,908
	23,405	Hennes & Mauritz AB - Series B		597,314
	4,466	Hexagon AB - Class B		179,242
	18,887	Husqvarna AB - Class B (b)		165,596
	1,855	Industrivarden AB		40,142
	919	Investor AB - B Shares		38,641
	2,481	L E Lundbergforetagen AB - Series B		168,155
	7,933	Nordea Bank AB		90,506
	16,467	Sandvik AB		245,967
	12,166	Securitas AB - Series B		189,926
	9,323	Skanska AB - Class B (b)		219,420
	3,267	Svenska Handelsbanken AB - Class A		44,771
	5,475	Swedbank AB - A Shares		126,683
	6,179	Swedish Match AB		200,811
	11,966	Telefonaktiebolaget LM Ericsson - Series B		79,889
	15,566	Volvo AB - Class B (b)		229,630
				3,500,288
		Switzerland - 7.93%
	17,412	ABB, Ltd.		407,537
	3,584	Actelion, Ltd.		1,011,215
	3,510	Adecco SA		249,225
	19,061	Aryzta AG		612,029
	306	Baloise Holding AG		42,048
	105	Barry Callebaut AG		137,289
	819	Cie Financiere Richemont SA		64,752
	255	Dufry AG (a)		38,826
	934	EMS-Chemie Holding AG		543,951
	189	Galenica AG		199,253
	484	Geberit AG		208,561
	31	Givaudan SA		55,832
	4,042	Kuehne & Nagel International AG		570,743
	978	LafargeHolcim Ltd.		57,701
	1,688	Lonza Group AG		319,068
	35,735	Nestle SA		2,742,724
	20,654	Novartis AG		1,533,716
	1,869	Partners Group Holding AG		1,004,425
	7,775	Roche Holding AG		1,988,330
	467	Schindler Holding AG		88,603
	227	SGS SA		484,105
	51	Sika AG		305,883
	885	Sonova Holding AG		122,763

See notes to financial statements.

71

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Switzerland (Continued)
	1,628	Swiss Life Holding AG	$	524,970
	4,572	Swiss Re AG		410,639
	467	Syngenta AG		206,246
	587	The Swatch Group AG - Group I		210,162
	2,717	The Swatch Group AG - Group N		189,202
	14,819	UBS Group AG		236,876
	1,308	Zurich Insurance Group AG		349,054
				14,915,728
		United Kingdom - 12.95%
	61,623	3i Group Plc		578,581
	32,776	Admiral Group Plc		816,676
	15,220	Anglo American Plc (a)		232,546
	9,641	Ashtead Group Plc		199,561
	2,039	Associated British Foods Plc		66,605
	12,172	AstraZeneca Plc		748,419
	96,003	Auto Trader Group Plc		471,169
	13,927	BAE Systems Plc		112,087
	113,716	Barclays Plc		320,995
	44,151	Barratt Developments Plc		302,435
	114,200	BP Plc		657,347
	16,957	British American Tobacco Plc		1,125,028
	26,654	British Sky Broadcasting Group Plc		325,972
	37,236	BT Group Plc		148,688
	3,612	Bunzl Plc		104,984
	34,058	Burberry Group Plc		734,994
	3,940	Carnival Plc		225,831
	21,321	Coca-Cola HBC AG		550,424
	16,048	Compass Group Plc		302,989
	914	Croda International Plc		40,825
	1,575	DCC Plc		138,651
	12,021	Diageo Plc		344,223
	28,300	Direct Line Insurance Group Plc		123,128
	11,522	Experian Plc		235,063
	45,041	GlaxoSmithKline Plc		936,533
	39,918	Hargreaves Lansdown Plc		650,229
	181,971	HSBC Holdings Plc		1,484,307
	7,622	Imperial Tobacco Group Plc		369,389
	3,973	InterContinental Hotels Group Plc		194,593
	36,574	International Consolidated Airlines Group SA		241,582
	2,674	Intertek Group		131,621
	35,456	J. Sainsbury Plc		117,437
	1,345	Johnson Matthey Plc		51,893
	83,189	Kingfisher Plc		340,375
	38,937	Legal & General Group Plc		120,566
	3,953	London Stock Exchange Group Plc		157,268
	71,969	Marks & Spencer Group Plc		303,987
	19,262	Mediclinic International Plc		172,042
	26,161	Meggitt Plc		146,012
	16,812	Merlin Entertainments Plc		101,057
	7,394	Next Plc		399,991
	7,150	Persimmon Plc		187,591
	11,806	Provident Financial Plc		443,597
	15,618	Prudential Plc		329,903
	5,555	Reckitt Benckiser Group Plc		507,124
	13,922	Reed Elsevier Plc		272,566
	2,457	Rio Tinto Ltd.		113,446
	10,503	Rio Tinto Plc		422,931
	7,516	Rolls-Royce Holdings Plc (a)		71,004

Number of Shares			Value
		United Kingdom (Continued)
	24,586	Royal Dutch Shell Plc - Class A	$	648,043
	20,639	Royal Dutch Shell Plc - Class B		567,353
	134,880	Royal Mail Plc		718,375
	11,948	RSA Insurance Group Plc		87,745
	1,486	Schroders Plc		56,396
	23,711	Smith & Nephew Plc		361,018
	10,632	Smiths Group Plc		216,025
	15,840	St. James’s Place Plc		210,845
	15,830	Standard Chartered Plc (a)		151,412
	19,213	Tate & Lyle		184,111
	237,231	Tesco Plc (a)		552,122
	71,369	The Sage Group Plc		563,774
	7,839	The Weir Group Plc		188,568
	17,477	Unilever Plc		862,091
	156,416	Vodafone Group Plc		407,617
	136,239	William Hill Plc		496,839
	276,283	Wm Morrison Supermarkets Plc		831,411
	17,451	Worldpay Group Plc		64,520
				24,342,530
		Total Common Stocks (Cost $157,613,324)		180,960,626
		INVESTMENT COMPANIES - 1.84%
		Canada - 0.16%
	11,001	iShares MSCI Canada ETF		295,707
		Japan - 1.68%
	50,731	iShares MSCI EAFE ETF (b)		3,160,034
		Total Investment Companies (Cost $3,296,830)		3,455,741
		PARTICIPATORY NOTES - 0.06%
		Switzerland - 0.06%
	549	Schindler Holding AG (c)		106,197
		Total Participatory Notes (Cost $80,980)		106,197
		PREFERRED STOCKS - 0.40%
		Germany - 0.40%
	10,451	FUCHS PETROLUB SE - Preference Shares		509,487
	1,474	Henkel AG & Co. KGaA - Preference Shares		188,931
	408	Volkswagen AG - Preference Shares		59,478
		Total Preferred Stocks (Cost $693,595)		757,896
		REAL ESTATE INVESTMENT TRUSTS - 0.34%
		Australia - 0.06%
	14,868	Dexus Property Group		110,969
		Canada - 0.04%
	4,188	H&R Real Estate Investment Trust (a)		72,653
		Hong Kong - 0.09%
	24,764	Link REIT		173,565
		Japan - 0.13%
	60	Daiwa House REIT Investment Corp.		156,250
	55	Nomura Real Estate Master Fund, Inc.		85,542
				241,792
		United Kingdom - 0.02%
	3,361	Land Securities Group Plc		44,638
		Total Real Estate Investment Trusts (Cost $648,906)		643,617

See notes to financial statements.

72

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.40%
		Money Market Funds - 0.40%
	760,253	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (d)	$	760,253
		Total Short Term Investments (Cost $760,253)		760,253
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.59%
		Investment Companies - 1.59%
	2,977,876	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (d)		2,977,876
		Total Investments Purchased as Securities Lending Collateral (Cost $2,977,876)		2,977,876
		Total Investments (Cost $166,071,764) - 100.87%		189,662,206
		Liabilities in Excess of Other Assets - (0.87)%		(1,628,775	)
		TOTAL NET ASSETS - 100.00%	$	188,033,431

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) Represents the value of the underlying security. See note 3t of the Notes to Financial Statements.

(d) Seven-day yield as of March 31, 2017.

See notes to financial statements.

73

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY

March 31, 2017

COMMON STOCKS
Aerospace & Defense	0.77%
Air Freight & Logistics	0.84%
Airlines	0.77%
Auto Components	0.76%
Automobiles	1.95%
Banks	9.70%
Beverages	1.19%
Biotechnology	0.97%
Building Products	0.52%
Capital Markets	2.61%
Chemicals	3.49%
Commercial Services & Supplies	0.54%
Communications Equipment	0.04%
Construction & Engineering	1.56%
Construction Materials	0.63%
Consumer Finance	0.48%
Containers & Packaging	0.08%
Distributors	0.05%
Diversified Consumer Services	0.07%
Diversified Financial Services	1.22%
Diversified Telecommunication Services	1.65%
Electric Utilities	1.50%
Electrical Equipment	1.32%
Electronic Equipment, Instruments & Components	1.23%
Energy Equipment & Services	0.45%
Food & Staples Retailing	3.86%
Food Products	4.88%
Gas Utilities	0.15%
Health Care Equipment & Supplies	1.39%
Health Care Providers & Services	0.52%
Health Care Technology	0.15%
Hotels, Restaurants & Leisure	1.86%
Household Durables	1.50%
Household Products	1.04%
Independent Power and Renewable Electricity Producers	0.03%
Industrial Conglomerates	0.86%
Insurance	5.47%
Internet & Direct Marketing Retail	0.69%
Internet Software & Services	1.06%
IT Services	1.60%
Leisure Products	0.47%
Life Sciences Tools & Services	0.29%
Machinery	1.52%
Marine	0.62%
Media	1.39%
Metals & Mining	3.54%
Multiline Retail	0.77%
Multi-Utilities	0.21%

Oil, Gas & Consumable Fuels	3.77%
Paper & Forest Products	0.43%
Personal Products	1.44%
Pharmaceuticals	5.52%
Professional Services	1.28%
Real Estate Management & Development	1.17%
Road & Rail	0.48%
Semiconductors & Semiconductor Equipment	0.82%
Software	1.88%
Specialty Retail	2.65%
Technology Hardware, Storage & Peripherals	0.66%
Textiles, Apparel & Luxury Goods	3.52%
Tobacco	0.93%
Trading Companies & Distributors	2.43%
Transportation Infrastructure	0.24%
Wireless Telecommunication Services	0.76%
TOTAL COMMON STOCKS	96.24%
INVESTMENT COMPANIES
Exchange Traded Funds	1.84%
TOTAL INVESTMENT COMPANIES	1.84%
PARTICIPATORY NOTES
Machinery	0.06%
TOTAL PARTICIPATORY NOTES	0.06%
PREFERRED STOCKS
Automobiles	0.03%
Chemicals	0.27%
Household Products	0.10%
TOTAL PREFERRED STOCKS	0.40%
REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts	0.34%
TOTAL REAL ESTATE INVESTMENT TRUSTS	0.34%
SHORT TERM INVESTMENTS
Money Market Funds	0.40%
TOTAL SHORT TERM INVESTMENTS	0.40%
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL
Investment Companies	1.59%
TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL	1.59%
TOTAL INVESTMENTS	100.87%
Liabilities in Excess of Other Assets	(0.87)%
TOTAL NET ASSETS	100.00%

Percentages are stated as a percent of net assets.

See notes to financial statements.

74

GuideMark^® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		COMMON STOCKS - 94.94%
		Aerospace & Defense - 1.55%
	1,604	TransDigm Group, Inc. (a)	$	353,137
	6,036	United Technologies Corp.		677,299
				1,030,436
		Air Freight & Logistics - 2.76%
	24,714	Hub Group, Inc. - Class A (b)		1,146,730
	6,370	United Parcel Service, Inc. - Class B		683,501
				1,830,231
		Airlines - 2.75%
	25,828	United Continental Holdings, Inc. (b)		1,824,490
		Auto Components - 2.13%
	23,294	BorgWarner, Inc. (a)		973,456
	5,480	Delphi Automotive Plc (a)		441,085
				1,414,541
		Automobiles - 1.06%
	60,133	Ford Motor Co.		699,948
		Banks - 3.66%
	28,884	BankUnited, Inc.		1,077,662
	17,257	Citigroup, Inc.		1,032,314
	6,160	East West Bancorp, Inc. (a)		317,917
				2,427,893
		Beverages - 1.97%
	3,125	Constellation Brands, Inc. - Class A (a)		506,469
	7,156	PepsiCo, Inc.		800,470
				1,306,939
		Biotechnology - 3.25%
	2,099	Biogen, Inc. (b)		573,909
	3,400	Bioverativ, Inc. (b)		185,164
	7,980	Celgene Corp. (b)		992,951
	3,700	Vertex Pharmaceuticals, Inc. (b)		404,595
				2,156,619
		Capital Markets - 0.87%
	14,160	The Charles Schwab Corp. (a)		577,870
		Chemicals - 2.68%
	31,037	Axalta Coating Systems, Ltd. (b)		999,391
	12,190	The Dow Chemical Co. (a)		774,553
				1,773,944
		Communications Equipment - 0.50%
	6,150	Lumentum Holdings, Inc. (b)		328,102
		Consumer Finance - 1.35%
	13,045	Discover Financial Services		892,148
		Containers & Packaging - 0.76%
	10,370	Berry Plastics Group, Inc. (b)		503,671
		Diversified Financial Services - 1.26%
	3,915	CME Group, Inc.		465,102
	2,810	S&P Global, Inc.		367,379
				832,481
		Electrical Equipment - 0.90%
	11,010	AMETEK, Inc. (a)		595,421
		Energy Equipment & Services - 0.50%
	5,550	Baker Hughes, Inc. (a)		332,001
		Food Products - 1.42%
	6,330	Kellogg Co. (a)		459,621

Number of Shares			Value
		Food Products (Continued)
	5,470	Post Holdings, Inc. (a)(b)	$	478,735
				938,356
		Health Care Equipment & Supplies - 1.91%
	8,700	Hill-Rom Holdings, Inc.		614,220
	9,370	STERIS Plc (a)		650,840
				1,265,060
		Health Care Providers & Services - 0.98%
	5,088	Aetna, Inc. (a)		648,974
		Hotels, Restaurants & Leisure - 4.10%
	5,420	Marriott International, Inc. - Class A (a)		510,455
	3,900	McDonald’s Corp.		505,479
	21,445	Red Rock Resorts, Inc. - Class A		475,650
	6,394	Vail Resorts, Inc.		1,227,009
				2,718,593
		Household Durables - 4.19%
	9,720	Installed Building Products, Inc. (b)		512,730
	14,790	Newell Rubbermaid, Inc. (a)		697,645
	391	NVR, Inc. (a)(b)		823,790
	4,352	Whirlpool Corp. (a)		745,628
				2,779,793
		Industrial Conglomerates - 0.61%
	13,620	General Electric Co. (a)		405,876
		Insurance - 6.52%
	8,186	Berkshire Hathaway, Inc. - Class B (b)		1,364,442
	22,402	Loews Corp.		1,047,742
	23,320	MetLife, Inc. (a)		1,231,762
	5,203	Willis Towers Watson Plc		681,021
				4,324,967
		Internet & Direct Marketing Retail - 1.64%
	1,225	Amazon.com, Inc. (b)		1,086,011
		Internet Software & Services - 6.10%
	2,416	Alphabet, Inc. - Class A (b)		2,048,285
	1,171	Alphabet, Inc. - Class C (b)		971,415
	7,220	Facebook, Inc. - Class A (b)		1,025,601
				4,045,301
		IT Services - 3.28%
	1,804	Alliance Data Systems Corp.		449,196
	11,290	PayPal Holdings, Inc. (a)(b)		485,696
	5,700	Vantiv, Inc. - Class A (a)(b)		365,484
	9,840	Visa, Inc. - Class A (a)		874,481
				2,174,857
		Life Sciences Tools & Services - 0.85%
	1,175	Mettler-Toledo International, Inc. (b)		562,719
		Machinery - 2.55%
	8,691	Colfax Corp. (a)(b)		341,209
	5,840	Danaher Corp. (a)		499,495
	7,780	Deere & Co. (a)		846,931
				1,687,635
		Media - 7.40%
	2,180	Charter Communications, Inc. - Class A (a)(b)		713,558
	27,543	Liberty Global Plc - Class A (b)		987,967
	12,310	Lions Gate Entertainment Corp. - Class B (b)		300,118
	7,530	The Walt Disney Co.		853,827
	10,460	Twenty-First Century Fox, Inc. - Class A		338,799

See notes to financial statements.

75

GuideMark^® Opportunistic Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Number of Shares			Value
		COMMON STOCKS (Continued)
		Media (Continued)
	53,904	Twenty-First Century Fox, Inc. - Class B	$	1,713,069
				4,907,338
		Multiline Retail - 1.45%
	13,760	Dollar General Corp.		959,485
		Oil, Gas & Consumable Fuels - 1.12%
	3,421	Cimarex Energy Co. (a)		408,775
	4,150	Tesoro Corp.		336,399
				745,174
		Pharmaceuticals - 5.20%
	47,053	Abbott Laboratories (a)		2,089,624
	6,450	Bristol-Myers Squibb Co.		350,751
	3,345	Jazz Pharmaceuticals Plc (a)(b)		485,460
	14,690	Nektar Therapeutics (b)		344,774
	3,870	Pacira Pharmaceuticals, Inc. (a)(b)		176,472
				3,447,081
		Road & Rail - 2.14%
	34,177	Avis Budget Group (a)(b)		1,010,956
	5,380	Ryder System, Inc.		405,867
				1,416,823
		Semiconductors & Semiconductor Equipment - 1.08%
	7,240	Applied Materials, Inc.		281,636
	6,050	Cavium, Inc. (a)(b)		433,543
				715,179
		Software - 4.68%
	2,810	Adobe Systems, Inc. (b)		365,665
	17,110	Microsoft Corp.		1,126,865
	6,120	Red Hat, Inc. (a)(b)		529,380
	8,690	salesforce.com, Inc. (a)(b)		716,838
	4,190	ServiceNow, Inc. (b)		366,499
				3,105,247
		Specialty Retail - 1.05%
	8,773	The TJX Companies, Inc. (a)		693,769
		Technology Hardware, Storage & Peripherals - 4.43%
	20,455	Apple, Inc.		2,938,565
		Textiles, Apparel & Luxury Goods - 0.49%
	5,800	NIKE, Inc. - Class B		323,234

Number of Shares			Value
		Thrifts & Mortgage - 1.69%
	71,067	Nationstar Mortgage Holdings, Inc. (a)(b)	$	1,120,016
		Trading Companies & Distributors - 2.11%
	10,395	Fastenal Co. (a)		535,342
	10,350	HD Supply Holdings, Inc. (b)		425,644
	69,540	Wolseley Plc - ADR (a)		440,884
				1,401,870
		Total Common Stocks (Cost $48,077,697)		62,938,658
		REAL ESTATE INVESTMENT TRUSTS - 1.44%
		Real Estate Investment Trusts - 1.44%
	20,253	CubeSmart (a)		525,768
	17,220	STAG Industrial, Inc.		430,845
		Total Real Estate Investment Trusts (Cost $902,788)		956,613
		SHORT TERM INVESTMENTS - 3.36%
		Money Market Funds - 3.36%
	2,228,609	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)		2,228,609
		Total Short Term Investments (Cost $2,228,609)		2,228,609
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 29.17%
		Investment Companies - 29.17%
	19,335,822	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)		19,335,822
		Total Investments Purchased as Securities Lending Collateral (Cost $19,335,822)		19,335,822
		Total Investments (Cost $70,544,916) - 128.91%		85,459,702
		Liabilities in Excess of Other Assets - (28.91)%		(19,166,167	)
		TOTAL NET ASSETS - 100.00%	$	66,293,535

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, 2017.

See notes to financial statements.

76

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Principal Amount			Value
		ASSET BACKED SECURITIES - 10.19%
		Ally Master Owner Trust
	795,000	Series 2012-5, 1.540%, 09/15/2019	$	795,640
	305,000	Series 2014-5, 1.600%, 10/15/2019		305,312
	250,000	Americredit Automobile Receivables Trust Series 2016-4, 1.530%, 07/08/2021		248,726
	305,000	AMMC CLO XIV Ltd.
		Series 2014-14A, 2.488%, 07/27/2026 (Acquired 06/12/2014, Cost $304,372) (a)(b)		305,032
	47,802	Angel Oak Mortgage Trust LLC
		Series 2017-1, 2.810%, 01/25/2047 (Acquired 03/03/2017, Cost $47,801) (a)(b)		47,801
	500,000	Apidos CLO XII
		Series 2013-12A, 2.123%, 04/15/2025 (Acquired 03/15/2013, Cost $500,000) (a)(b)		500,811
	260,000	ARI Fleet Lease Trust
		Series 2014-A, 1.550%, 11/15/2022 (Acquired 04/01/2014, Cost $259,928) (b)		259,889
	270,000	Atlas Senior Loan Fund Ltd.
		Series 2014-6A, 2.284%, 10/15/2026 (Acquired 02/02/2017, Cost $270,000) (a)(b)		270,040
	575,000	Babson CLO Ltd.
		Series 2013-IA, 2.130%, 04/20/2025 (Acquired 05/03/2013, Cost $575,000) (a)(b)		575,489
	120,000	Bayview Opportunity Master Fund IVa Trust
		Series 2017-SPL1, 4.000%, 10/28/2064 (Acquired 03/22/2017, Cost $124,060) (a)(b)		124,063
	735,000	Capital One Multi-Asset Execution Trust
		Series 2016-3A, 1.340%, 04/15/2022		728,637
	555,000	Carlyle Global Market Strategies CLO
		Series 2013-3A, 2.143%, 07/15/2025 (Acquired 06/10/2013, Cost $553,834) (a)(b)		555,106
	169,018	CarMax Auto Owner Trust
		Series 2013-3, 1.490%, 01/15/2019		169,127
	325,000	Cent CLO 23 Ltd.
		Series 2015-23A, 2.513%, 04/17/2026 (Acquired 03/19/2015, Cost $325,000) (a)(b)		325,030
	645,000	Chase Issuance Trust
		Series 2016-2, 1.370%, 06/15/2021		640,861
	365,000	CIFC Funding Ltd.
		Series 2013-1A, 2.173%, 04/16/2025 (Acquired 02/22/2013, Cost $365,000) (a)(b)		365,628
	61,840	Conseco Finance Securitizations Corp.
		Series 2000-4, 8.310%, 05/01/2032 (a)		35,617
		CPS Auto Receivables Trust
	22,462	Series 2012-D, 1.480%, 03/16/2020 (Acquired 12/07/2012, Cost $22,459) (b)		22,458
	33,021	Series 2013-A, 1.310%, 06/15/2020 (Acquired 03/12/2013, Cost $33,016) (b)		32,951
	105,642	Credit Acceptance Auto Loan Trust
		Series 2014-2A, 1.880%, 03/15/2022 (Acquired 09/18/2014, Cost $105,623) (b)		105,773
	1,143	Drive Auto Receivables Trust
		Series 2015-BA, 2.120%, 06/17/2019 (Acquired 05/20/2015, Cost $1,143) (b)		1,143
	270,000	Dryden 38 Senior Loan Fund
		Series 2015-38A, 2.453%, 07/15/2027 (Acquired 03/25/2015, Cost $270,000) (a)(b)		270,926
	485,000	Ford Credit Auto Owner Trust
		Series 2015-A, 2.030%, 08/15/2020		487,952

Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	400,000	Galaxy XV CLO, Ltd.
		Series 2013-15A, 2.273%, 04/15/2025 (Acquired 01/29/2016, Cost $392,600) (a)(b)	$	400,679
	370,000	Galaxy XIX CLO, Ltd.
		Series 2015-19A, 2.593%, 01/24/2027 (Acquired 01/29/2015, Cost $369,441) (a)(b)		370,035
	295,000	Galaxy XXII CLO, Ltd.
		Series 2016-22A, 2.800%, 07/16/2028 (Acquired 06/13/2016, Cost $295,000) (b)		287,424
	100,000	GCO Education Loan Funding Trust
		Series 2006-1, 1.282%, 05/25/2036 (a)		91,006
	570,000	GM Financial Automobile Leasing Trust
		Series 2017-1, 2.060%, 05/20/2020		570,662
	300,000	GTP Acquisition Partners I LLC
		Series 2015-2, 3.482%, 06/15/2050 (Acquired 05/20/2015, Cost $300,000) (b)		300,489
	515,000	Honda Auto Receivables Owner Trust
		Series 2016-2, 1.390%, 04/15/2020		513,795
	100,000	Lendmark Funding Trust
		Series 2016-A, 3.260%, 04/21/2025 (Acquired 10/26/2016, Cost $99,989) (c)		99,640
	261,165	Madison Park Funding XI Ltd.
		Series 2013-11A, 2.321%, 10/23/2025 (Acquired 10/29/2015, Cost $256,542) (a)(b)		261,375
	288,473	Morgan Stanley ABS Capital I, Inc. Trust
		Series 2003-NC10, 2.002%, 10/25/2033 (a)		277,497
		NRZ Advance Receivables Trust
	147,000	Series 2016-T2, 2.575%, 10/15/2049 (Acquired 10/14/2016, Cost $147,000) (b)		146,598
	136,000	Series 2015-ON1, 3.107%, 12/15/2050 (Acquired 11/22/2016, Cost $136,000) (b)		134,852
	120,000	Series 2017-T1, 3.214%, 02/15/2051 (Acquired 02/01/2017, Cost $119,999) (a)(b)		119,352
	325,000	Oaktree EIF II Ltd.
		Series 2015-B1A, 2.589%, 02/15/2026 (Acquired 02/20/2015, Cost $325,000) (a)(b)		325,123
	275,000	OCP CLO Ltd.
		Series 2015-8A, 2.553%, 04/17/2027 (Acquired 04/10/2015, Cost $274,725) (a)(b)		275,019
	410,000	Octagon Investment Partners XVI Ltd.
		Series 2013-1A, 2.143%, 07/17/2025 (Acquired 05/15/2013, Cost $409,344) (a)(b)		410,364
	280,000	OHA Credit Partners VIII, Ltd.
		Series 2013-8A, 2.150%, 04/20/2025 (Acquired 04/17/2013, Cost $280,000) (a)(b)		280,288
	450,000	OZLM Funding V Ltd.
		Series 2013-5A, 2.673%, 01/17/2026 (Acquired 02/23/2017, Cost $450,000) (a)(b)		450,207
	300,000	OZLM XII Ltd.
		Series 2015-12A, 2.489%, 04/30/2027 (Acquired 04/24/2015, Cost $299,130) (a)(b)		300,584
	135,000	Prestige Auto Receivables Trust
		Series 2014-1A, 1.910%, 04/15/2020 (Acquired 06/25/2014, Cost $135,009) (b)		135,105
	300,000	Santander Drive Auto Receivables Trust
		Series 2015-2, 1.830%, 01/15/2020		300,462
	250,000	Shackleton 2014-VI CLO Ltd.
		Series 2014-6A, 2.503%, 07/17/2026 (Acquired 06/12/2014, Cost $248,475) (a)(b)		250,018

See notes to financial statements.

77

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	83,672	SoFi Consumer Loan Program LLC
		Series 2016-2, 3.090%, 10/27/2025 (Acquired 07/26/2016, Cost $83,659) (c)	$	83,669
	257,000	Sound Point CLO IV Ltd.
		Series 2013-3A, 2.411%, 01/21/2026 (Acquired 03/27/2015, Cost $255,587) (a)(b)		257,490
	315,000	Sound Point CLO VIII Ltd.
		Series 2015-1A, 2.553%, 03/13/2027 (Acquired 03/05/2015, Cost $314,213) (a)(b)		316,933
		Towd Point Mortgage Trust
	108,128	Series 2016-2, 2.750%, 08/25/2055 (Acquired 05/20/2016, Cost $108,127) (a)(b)		107,850
	123,883	Series 2016-3, 2.250%, 08/25/2055 (Acquired 07/22/2016, Cost $123,705) (a)(b)		122,985
	236,497	Series 2017-1, 2.750%, 10/25/2056 (Acquired 02/07/2017, Cost $236,808) (a)(b)		236,756
	324,219	Volkswagen Auto Lease Trust
		Series 2015-A, 1.250%, 12/20/2017		324,177
		Total Asset Backed Securities (Cost $14,937,143)		14,924,446
		COLLATERALIZED MORTGAGE OBLIGATIONS - 4.58%
	160,000	Aventura Mall Trust
		Series 2013-AVM, 3.743%, 12/07/2032 (Acquired 12/10/2013, Cost $163,485) (a)(b)		168,437
	96,000	BBCMS Mortgage Trust
		Series 2017-C1, 3.674%, 02/17/2050		98,750
	150,000	BB-UBS Trust
		Series 2012-SHOW, 3.430%, 11/07/2036 (Acquired 12/05/2012, Cost $154,171) (b)		153,720
	61,560	Chase Mortgage Finance Trust
		Series 2007-A1, 3.409%, 02/25/2037 (a)		59,754
	145,000	Citigroup Commercial Mortgage Trust
		Series 2014-GC21, 3.855%, 05/10/2047		152,281
	2,733	COBALT CMBS Commercial Mortgage Trust
		Series 2007-C2, 5.484%, 04/15/2047 (a)		2,730
		COMM Mortgage Trust
	120,000	Series 2013-300P, 4.353%, 08/12/2030 (Acquired 08/15/2013, Cost $121,728) (b)		130,207
	295,267	Series 2014-CR21, 3.528%, 12/10/2047		303,003
	300,000	Series 2015-CR26, 3.630%, 10/13/2048		308,535
	130,000	Series 2016-CR28, 3.762%, 02/12/2049		134,557
	134,776	Commercial Mortgage Loan Trust
		Series 2008-LS1, 6.101%, 12/10/2049 (a)		136,126
		Countrywide Home Loans, Inc.
	15,622	Series 2004-HYB6, 3.124%, 11/20/2034 (a)		15,413
	90,211	Series 2005-11, 1.582%, 03/25/2035 (a)		78,021
	396,998	Four Times Square Trust
		Series 2006-4TS, 5.401%, 12/13/2028 (Acquired 11/06/2012, Cost $432,561) (b)		436,354
		GS Mortgage Securities Trust
	145,000	Series 2012-ALOH, 3.551%, 04/12/2034 (Acquired 03/08/2013, Cost $148,758) (b)		151,884
	145,000	Series 2012-BWTR, 2.954%, 11/07/2034 (Acquired 12/11/2012, Cost $147,082) (b)		146,705
	580,000	Series 2013-GC16, 3.033%, 11/13/2046		589,911
		JP Morgan Chase Commercial Mortgage Securities Trust
	236,190	Series 2012-WLDN, 3.905%, 05/07/2030 (Acquired 05/07/2013 through 01/04/2017, Cost $240,737) (b)		245,981

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	48,555	Series 2007-CB19, 5.829%, 02/12/2049 (a)	$	48,511
	705,000	JPMBB Commercial Mortgage Securities Trust
		Series 2013-C12, 3.157%, 07/17/2045		725,557
	102,849	Lehman Brothers-UBS Commercial Mortgage Trust
		Series 2007-C6, 5.858%, 07/15/2040 (a)		103,101
	124,031	ML-CFC Commercial Mortgage Trust
		Series 2007-9, 5.700%, 09/12/2049		125,180
	195,000	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2015-C24, 3.732%, 08/15/2047		202,605
		Morgan Stanley Capital I Trust
	185,000	Series 2014-MP, 3.469%, 08/11/2033 (Acquired 11/13/2014, Cost $188,995) (b)		192,002
	98,292	Series 2007-IQ16, 5.809%, 12/12/2049		98,886
		New Residential Mortgage Loan Trust
	149,491	Series 2016-2, 3.750%, 11/25/2035 (Acquired 05/25/2016, Cost $153,857) (a)(b)		151,433
	120,576	Series 2016-4, 3.750%, 11/25/2056 (Acquired 12/01/2016, Cost $124,118) (a)(b)		124,704
	212,290	Series 2017-1, 4.000%, 02/25/2057 (Acquired 03/06/2017, Cost $218,499) (a)(b)		220,013
	130,000	OBP Depositor LLC Trust
		Series 2010-OBP, 4.646%, 07/17/2045 (Acquired 08/15/2012, Cost $143,921) (b)		138,583
		SBA Tower Trust
	210,000	Series 2013-1-2, 3.598%, 04/15/2043 (Acquired 04/04/2013, Cost $210,000) (b)		210,126
	155,000	Series 2014-1-2, 2.898%, 10/15/2044 (Acquired 10/07/2014, Cost $155,000) (b)		155,577
	75,000	SG Commercial Mortgage Securities Trust
		Series 2016-C5, 3.055%, 10/13/2048		73,002
		Springleaf Mortgage Loan Trust
	102,792	Series 2013-2A, 1.780%, 12/25/2065 (Acquired 07/03/2013, Cost $101,749) (a)(b)		103,135
	155,171	Series 2013-2A, 3.520%, 12/25/2065 (Acquired 07/03/2013, Cost $149,465) (a)(b)		155,441
	540,000	Wells Fargo-RBS Commercial Mortgage Trust
		Series 2014-C19, 3.660%, 03/15/2047		561,626
		Total Collateralized Mortgage Obligations (Cost $6,721,023)		6,701,851
		CORPORATE OBLIGATIONS - 38.35%
		Aerospace & Defense - 0.42%
	85,000	Embraer Netherlands Finance BV
		5.400%, 02/01/2027		87,782
	185,000	Hexcel Corp.
		3.950%, 02/15/2027		187,087
		Lockheed Martin Corp.
	20,000	2.500%, 11/23/2020		20,155
	45,000	4.700%, 05/15/2046		48,940
	285,000	Northrop Grumman Corp.
		3.850%, 04/15/2045		269,420
				613,384
		Air Freight & Logistics - 0.07%
		FedEx Corp.
	50,000	4.100%, 02/01/2045		46,494
	30,000	4.550%, 04/01/2046		30,098
	20,000	4.400%, 01/15/2047		19,524
				96,116

See notes to financial statements.

78

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Airlines - 0.09%
	130,000	Delta Air Lines, Inc.
		3.625%, 03/15/2022	$	132,852
		Auto Components - 0.21%
	300,000	Delphi Corp.
		4.150%, 03/15/2024		313,724
		Automobiles - 0.15%
		Ford Motor Co.
	10,000	4.346%, 12/08/2026		10,217
	85,000	5.291%, 12/08/2046		85,120
		General Motors Co.
	110,000	5.000%, 04/01/2035		109,164
	15,000	6.250%, 10/02/2043		16,576
				221,077
		Banks - 5.91%
		Bank of America Corp.
	565,000	2.250%, 04/21/2020		563,915
	20,000	2.625%, 04/19/2021		19,970
	175,000	2.503%, 10/21/2022		170,808
	65,000	3.124%, 01/20/2023 (a)		65,406
	190,000	4.100%, 07/24/2023		199,296
	135,000	4.000%, 01/22/2025 (d)		135,082
	85,000	4.183%, 11/25/2027		85,477
	100,000	6.110%, 01/29/2037		117,181
	545,000	5.000%, 01/21/2044		596,208
	200,000	Barclays Plc
		3.684%, 01/10/2023		201,166
	405,000	BB&T Corp. 2.750%, 04/01/2022		407,759
		Citigroup, Inc.
	335,000	4.400%, 06/10/2025		341,921
	360,000	3.700%, 01/12/2026		361,004
	45,000	3.200%, 10/21/2026		43,133
	310,000	4.300%, 11/20/2026		313,585
	175,000	4.450%, 09/29/2027		177,177
	180,000	Fifth Third Bancorp 2.875%, 07/27/2020		183,314
	480,000	HSBC Holdings Plc 3.262%, 03/13/2023 (a)		483,000
		JPMorgan Chase & Co.
	25,000	2.295%, 08/15/2021		24,756
	130,000	4.500%, 01/24/2022		140,191
	80,000	2.273%, 10/24/2023 (a)		81,907
	170,000	3.300%, 04/01/2026		166,531
	90,000	2.950%, 10/01/2026		85,674
	105,000	4.250%, 10/01/2027		107,802
	310,000	3.782%, 02/01/2028 (a)		313,308
	5,000	5.600%, 07/15/2041		5,976
	170,000	KeyCorp 5.100%, 03/24/2021 (d)		185,687
	290,000	PNC Funding Corp. 3.300%, 03/08/2022		298,846
	350,000	Royal Bank of Canada 2.125%, 03/02/2020		350,162
	100,000	Santander Holdings USA, Inc. 3.700%, 03/28/2022 (Acquired 03/22/2017, Cost $99,842) (b)		100,457
	55,000	Santander UK Plc 2.350%, 09/10/2019		55,317

Principal Amount			Value
		Banks (Continued)
	405,000	Toronto-Dominion Bank 2.625%, 09/10/2018	$	410,686
	625,000	U.S. Bancorp 1.950%, 11/15/2018		628,886
		Wells Fargo & Co.
	195,000	2.150%, 01/30/2020		195,492
	240,000	2.550%, 12/07/2020		241,343
	120,000	3.000%, 04/22/2026		115,302
	135,000	3.000%, 10/23/2026		129,415
	55,000	4.300%, 07/22/2027		57,224
	206,000	5.606%, 01/15/2044		236,510
	35,000	4.900%, 11/17/2045		36,577
	35,000	4.400%, 06/14/2046		33,979
	180,000	4.750%, 12/07/2046		184,333
				8,651,763
		Beverages - 0.34%
	150,000	Anheuser-Busch InBev Worldwide, Inc. 8.200%, 01/15/2039		228,676
	275,000	Molson Coors Brewing Co. 3.000%, 07/15/2026		262,030
				490,706
		Biotechnology - 0.62%
		AbbVie, Inc.
	155,000	2.900%, 11/06/2022		154,617
	40,000	3.200%, 05/14/2026		38,526
	180,000	4.300%, 05/14/2036		175,005
	200,000	Amgen, Inc. 4.400%, 05/01/2045		194,899
	115,000	Celgene Corp. 5.250%, 08/15/2043		121,297
	180,000	Genzyme Corp. 5.000%, 06/15/2020		195,901
	35,000	Gilead Sciences, Inc. 2.500%, 09/01/2023		33,892
				914,137
		Building Products - 0.12%
	165,000	Johnson Controls International Plc 4.500%, 02/15/2047		168,154
		Capital Markets - 3.49%
	545,000	Bear Stearns Companies, Inc. 7.250%, 02/01/2018		569,661
	245,000	CBOE Holdings, Inc. 3.650%, 01/12/2027		246,804
		Morgan Stanley
	150,000	5.950%, 12/28/2017		154,701
	55,000	2.500%, 01/24/2019		55,567
	75,000	2.625%, 11/17/2021		74,586
	10,000	4.875%, 11/01/2022		10,826
	430,000	3.700%, 10/23/2024		436,895
	540,000	3.125%, 07/27/2026		516,445
	135,000	4.350%, 09/08/2026		138,544
	50,000	3.950%, 04/23/2027		49,621
	275,000	Raymond James Financial, Inc. 3.625%, 09/15/2026		271,270
	130,000	State Street Corp. 2.550%, 08/18/2020		131,809
		The Bank of New York Mellon Corp.
	415,000	1.300%, 01/25/2018		414,638
	410,000	2.200%, 03/04/2019		413,150

See notes to financial statements.

79

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Capital Markets (Continued)
		The Goldman Sachs Group, Inc.
	375,000	5.950%, 01/18/2018	$	387,327
	95,000	2.750%, 09/15/2020		95,864
	80,000	2.600%, 12/27/2020		80,065
	305,000	2.875%, 02/25/2021		307,251
	90,000	2.350%, 11/15/2021		88,240
	155,000	4.000%, 03/03/2024		160,944
	140,000	3.500%, 01/23/2025		139,697
	140,000	6.750%, 10/01/2037		173,271
	55,000	6.250%, 02/01/2041		69,306
	115,000	5.150%, 05/22/2045		121,292
	5,000	4.750%, 10/21/2045		5,289
				5,113,063
		Chemicals - 0.59%
	250,000	LYB International Finance BV 4.000%, 07/15/2023		260,922
	180,000	Monsanto Co. 1.150%, 06/30/2017		179,862
	185,000	Potash Corp. of Saskatchewan, Inc. 4.000%, 12/15/2026 (d)		189,768
	225,000	The Dow Chemical Co. 3.500%, 10/01/2024		229,057
				859,609
		Commercial Services & Supplies - 0.07%
		ERAC USA Finance LLC
	40,000	2.600%, 12/01/2021 (Acquired 05/23/2016, Cost $39,945) (b)		39,367
	55,000	7.000%, 10/15/2037 (Acquired 10/09/2015, Cost $67,048) (b)		69,722
				109,089
		Communications Equipment - 0.08%
	120,000	QUALCOMM, Inc. 3.000%, 05/20/2022		121,524
		Consumer Finance - 1.66%
	217,000	American Express Co. 4.050%, 12/03/2042		213,613
		American Express Credit Corp.
	440,000	2.125%, 03/18/2019		442,284
	130,000	2.200%, 03/03/2020		130,250
	285,000	Capital One Financial Corp. 2.450%, 04/24/2019		286,778
	400,000	Capital One NA 1.650%, 02/05/2018		400,015
	250,000	Caterpillar Financial Services Corp. 1.350%, 05/18/2019		247,055
		PACCAR Financial Corp.
	140,000	1.300%, 05/10/2019		138,868
	165,000	2.200%, 09/15/2019		166,296
		Toyota Motor Credit Corp.
	275,000	2.125%, 07/18/2019		277,275
	130,000	2.600%, 01/11/2022 (d)		130,724
				2,433,158
		Diversified Financial Services - 2.61%
		American Honda Finance Corp.
	290,000	1.700%, 02/22/2019		289,764
	95,000	1.700%, 09/09/2021		92,104

Principal Amount			Value
		Diversified Financial Services (Continued)
		Anheuser-Busch InBev Finance, Inc.
	50,000	1.900%, 02/01/2019	$	50,095
	355,000	2.650%, 02/01/2021		357,986
	410,000	3.650%, 02/01/2026 (d)		415,351
	120,000	4.700%, 02/01/2036		127,350
	230,000	4.900%, 02/01/2046 (d)		249,548
	65,000	BAT International Finance Plc 2.750%, 06/15/2020 (Acquired 06/10/2015, Cost $64,897) (b)		65,610
	380,000	Credit Suisse 1.375%, 05/26/2017		379,890
	175,000	Daimler Finance North America LLC 2.450%, 05/18/2020 (Acquired 05/11/2015, Cost $174,657) (b)		175,299
	180,000	Ford Motor Credit Co. LLC 3.810%, 01/09/2024		180,836
		General Motors Financial Co., Inc.
	35,000	3.100%, 01/15/2019		35,580
	90,000	4.300%, 07/13/2025		91,555
	200,000	Hutchison Whampoa International Ltd. 1.625%, 10/31/2017 (Acquired 10/28/2014, Cost $199,540) (b)		199,935
	155,000	Intercontinental Exchange, Inc. 2.750%, 12/01/2020		157,651
	30,000	Kinder Morgan Finance Co. LLC 6.000%, 01/15/2018 (Acquired 01/08/2015, Cost $30,720) (b)		30,943
	20,000	Nasdaq, Inc. 3.850%, 06/30/2026		19,931
		National Rural Utilities Cooperative Finance Corp.
	190,000	1.650%, 02/08/2019		189,961
	170,000	2.950%, 02/07/2024		170,506
		Shell International Finance BV
	320,000	1.625%, 11/10/2018		319,721
	50,000	4.375%, 05/11/2045		50,828
	180,000	4.000%, 05/10/2046		172,735
				3,823,179
		Diversified Telecommunication Services - 1.15%
		AT&T, Inc.
	70,000	1.750%, 01/15/2018		70,039
	175,000	4.450%, 04/01/2024		183,669
	235,000	4.500%, 05/15/2035		222,519
	125,000	6.350%, 03/15/2040		142,435
	210,000	4.750%, 05/15/2046		196,695
	215,000	TELUS Corp. 2.800%, 02/16/2027		202,172
		Verizon Communications, Inc.
	25,000	2.946%, 03/15/2022 (Acquired 02/15/2017, Cost $24,757) (b)(d)		24,929
	385,000	4.125%, 03/16/2027 (d)		392,318
	20,000	4.812%, 03/15/2039 (Acquired 02/14/2017, Cost $19,556) (b)		19,544
	120,000	4.862%, 08/21/2046		115,810
	5,000	5.500%, 03/16/2047		5,260
	125,000	4.672%, 03/15/2055		112,090
				1,687,480
		Electric Utilities - 2.51%
	90,000	Alabama Power Co. 2.450%, 03/30/2022		89,135

See notes to financial statements.

80

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities (Continued)
	190,000	Consolidated Edison Company of New York, Inc. 4.625%, 12/01/2054	$	202,718
	45,000	Duke Energy Carolinas LLC 2.500%, 03/15/2023		44,590
	375,000	Duke Energy Corp. 3.550%, 09/15/2021		389,179
	60,000	Duke Energy Florida LLC 3.400%, 10/01/2046		54,072
	60,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043		67,486
	235,000	Duke Energy Progress LLC 4.150%, 12/01/2044		239,220
		Edison International
	35,000	3.750%, 09/15/2017		35,352
	160,000	2.950%, 03/15/2023		160,020
	80,000	Electricite de France SA 4.950%, 10/13/2045 (Acquired 10/07/2015, Cost $79,802) (b)		81,062
		Emera US Finance LP
	15,000	2.700%, 06/15/2021		14,930
	20,000	4.750%, 06/15/2046		20,260
	65,000	Exelon Corp. 2.450%, 04/15/2021		64,283
		Fortis, Inc.
	30,000	2.100%, 10/04/2021 (Acquired 09/29/2016, Cost $29,924) (b)		29,099
	40,000	3.055%, 10/04/2026 (Acquired 09/29/2016 and 10/19/2016, Cost $39,665) (b)		37,493
		Georgia Power Co.
	120,000	1.950%, 12/01/2018		120,241
	85,000	2.400%, 04/01/2021		84,762
		Great Plains Energy, Inc.
	30,000	3.150%, 04/01/2022		30,326
	25,000	3.900%, 04/01/2027		25,294
	245,000	MidAmerican Energy Co. 3.100%, 05/01/2027		244,691
	30,000	NextEra Energy Capital Holdings, Inc. 1.649%, 09/01/2018		29,921
	100,000	Northeast Utilities 2.800%, 05/01/2023		99,138
	20,000	Oncor Electric Delivery Co. LLC 7.000%, 09/01/2022		24,155
		Pacific Gas & Electric Co.
	60,000	4.750%, 02/15/2044		66,162
	225,000	4.250%, 03/15/2046		231,272
	150,000	Progress Energy, Inc. 3.150%, 04/01/2022		151,765
	66,000	South Carolina Electric & Gas Co. 5.100%, 06/01/2065		68,493
		Southern Power Co.
	180,000	4.150%, 12/01/2025		186,347
	180,000	4.950%, 12/15/2046		178,668
		The Southern Co.
	30,000	1.850%, 07/01/2019		29,853
	260,000	2.150%, 09/01/2019		260,109
	20,000	2.950%, 07/01/2023		19,496
	25,000	4.400%, 07/01/2046		23,991

Principal Amount			Value
		Electric Utilities (Continued)
	245,000	Union Electric Co. 6.700%, 02/01/2019	$	265,518
				3,669,101
		Food & Staples Retailing - 0.65%
		CVS Health Corp.
	220,000	2.125%, 06/01/2021		216,007
	59,000	3.875%, 07/20/2025		60,895
	100,000	2.875%, 06/01/2026		95,558
	105,000	5.125%, 07/20/2045		116,293
	70,000	Sysco Corp. 2.500%, 07/15/2021		69,837
		The Kroger Co.
	25,000	2.650%, 10/15/2026 (d)		23,077
	5,000	3.875%, 10/15/2046		4,506
	325,000	Walgreens Boots Alliance, Inc. 2.600%, 06/01/2021		325,705
	30,000	Wal-Mart Stores, Inc. 6.500%, 08/15/2037		40,290
				952,168
		Food Products - 0.34%
		Kraft Heinz Foods Co.
	55,000	2.000%, 07/02/2018		55,154
	40,000	2.800%, 07/02/2020		40,575
	175,000	3.500%, 07/15/2022 (d)		179,017
	185,000	5.000%, 07/15/2035		192,706
	35,000	4.375%, 06/01/2046		32,975
				500,427
		Gas Utilities - 0.01%
	10,000	Southern Co. Gas Capital Corp. 2.450%, 10/01/2023		9,606
		Health Care Equipment & Supplies - 1.07%
		Abbott Laboratories
	180,000	2.350%, 11/22/2019		180,861
	75,000	2.800%, 09/15/2020		75,713
	180,000	4.900%, 11/30/2046 (d)		187,189
	205,000	Becton Dickinson & Co. 3.125%, 11/08/2021		209,316
		Medtronic, Inc.
	105,000	2.500%, 03/15/2020		106,558
	56,000	4.375%, 03/15/2035		58,816
	170,000	4.625%, 03/15/2045		182,971
		Shire Acquisitions Investments Ireland Designated Activity Co.
	90,000	2.400%, 09/23/2021		88,105
	220,000	2.875%, 09/23/2023		213,783
	260,000	Zimmer Holdings, Inc.
		3.550%, 04/01/2025		257,534
				1,560,846
		Health Care Providers & Services - 0.99%
	100,000	Anthem, Inc. 5.850%, 01/15/2036		116,194
		Cardinal Health, Inc.
	20,000	1.950%, 06/15/2018		20,067
	280,000	3.200%, 03/15/2023		283,644
		Catholic Health Initiatives
	45,000	1.600%, 11/01/2017		44,960
	95,000	2.600%, 08/01/2018		95,604
	275,000	Humana, Inc. 3.150%, 12/01/2022		276,550

See notes to financial statements.

81

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Health Care Providers & Services (Continued)
		UnitedHealth Group, Inc.
	95,000	1.700%, 02/15/2019	$	95,033
	240,000	1.625%, 03/15/2019		239,318
	70,000	3.350%, 07/15/2022		72,477
	135,000	3.950%, 10/15/2042		131,569
	55,000	4.750%, 07/15/2045 (d)		60,419
	10,000	4.250%, 04/15/2047		10,236
				1,446,071
		Hotels, Restaurants & Leisure - 0.25%
		McDonald’s Corp.
	315,000	3.700%, 01/30/2026		322,771
	25,000	4.600%, 05/26/2045		25,511
	20,000	4.875%, 12/09/2045		21,355
				369,637
		Household Durables - 0.14%
	180,000	Newell Rubbermaid, Inc. 5.500%, 04/01/2046 (d)		204,750
		Insurance - 0.97%
		American International Group, Inc.
	105,000	4.125%, 02/15/2024		107,866
	120,000	4.500%, 07/16/2044		114,953
	140,000	Chubb INA Holdings, Inc. 3.350%, 05/03/2026		141,836
	265,000	CNA Financial Corp. 7.350%, 11/15/2019		299,255
	235,000	Liberty Mutual Group, Inc. 4.250%, 06/15/2023 (Acquired 11/18/2016, Cost $247,112) (b)		247,136
		Marsh & McLennan Cos., Inc.
	80,000	2.300%, 04/01/2017		80,000
	20,000	4.050%, 10/15/2023		21,140
	13,000	Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/2039 (Acquired 04/06/2016, Cost $18,925) (b)		21,147
		New York Life Global Funding
	160,000	1.950%, 02/11/2020 (Acquired 02/04/2015, Cost $159,970) (b)		159,446
	40,000	2.000%, 04/13/2021 (Acquired 04/06/2016, Cost $39,941) (b)		39,394
	180,000	Trinity Acquisition Plc 4.400%, 03/15/2026		184,836
				1,417,009
		Internet & Direct Marketing Retail - 0.05%
	65,000	Amazon.com, Inc. 4.950%, 12/05/2044		73,715
		IT Services - 0.98%
	205,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/2026		200,227
	230,000	MasterCard, Inc. 3.375%, 04/01/2024		238,059
		Visa, Inc.
	410,000	1.200%, 12/14/2017		409,658
	245,000	2.800%, 12/14/2022		247,319
	285,000	3.150%, 12/14/2025		286,301
	55,000	4.300%, 12/14/2045		57,863
				1,439,427

Principal Amount			Value
		Life Sciences Tools & Services - 0.06%
		Thermo Fisher Scientific, Inc.
	80,000	3.000%, 04/15/2023	$	79,383
	10,000	2.950%, 09/19/2026		9,541
				88,924
		Machinery - 0.54%
		Eaton Corp.
	175,000	5.600%, 05/15/2018		182,337
	230,000	2.750%, 11/02/2022		228,691
	50,000	Fortive Corp. 2.350%, 06/15/2021 (Acquired 06/06/2016, Cost $49,989) (b)		49,437
	330,000	Stanley Black & Decker, Inc. 2.451%, 11/17/2018		333,570
				794,035
		Media - 1.30%
		21st Century Fox America, Inc.
	175,000	4.500%, 02/15/2021		186,845
	10,000	3.375%, 11/15/2026 (Acquired 11/15/2016, Cost $9,981) (b)		9,814
	90,000	6.150%, 02/15/2041		107,829
	10,000	4.950%, 10/15/2045		10,390
	5,000	4.750%, 11/15/2046		5,032
	10,000	CBS Corp. 4.000%, 01/15/2026		10,258
		Charter Communications Operating LLC / Charter Communications Operating Capital
	50,000	3.579%, 07/23/2020		51,471
	115,000	4.464%, 07/23/2022 (d)		121,410
	5,000	4.908%, 07/23/2025		5,292
	85,000	6.484%, 10/23/2045		98,203
		Comcast Corp.
	345,000	5.875%, 02/15/2018		358,149
	75,000	2.750%, 03/01/2023		74,788
	15,000	3.375%, 08/15/2025		15,151
	295,000	3.150%, 03/01/2026		290,583
	65,000	4.750%, 03/01/2044		68,734
	50,000	3.400%, 07/15/2046		42,894
		Cox Communications, Inc.
	50,000	3.250%, 12/15/2022 (Acquired 09/17/2015 and 10/06/2015, Cost $47,392) (b)(d)		49,171
	140,000	2.950%, 06/30/2023 (Acquired 04/24/2013, Cost $139,384) (b)		133,850
	5,000	3.350%, 09/15/2026 (Acquired 09/08/2016, Cost $4,992) (b)		4,847
		Time Warner Cable, Inc.
	81,000	5.850%, 05/01/2017		81,170
	50,000	5.500%, 09/01/2041		51,449
	50,000	4.500%, 09/15/2042		45,478
	60,000	Time Warner, Inc. 2.950%, 07/15/2026		55,982
	30,000	Viacom, Inc. 4.375%, 03/15/2043		26,098
				1,904,888
		Metals & Mining - 0.39%
		Nucor Corp.
	195,000	4.125%, 09/15/2022		209,427
	125,000	4.000%, 08/01/2023		132,319

See notes to financial statements.

82

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Metals & Mining (Continued)
	195,000	Rio Tinto Finance USA Ltd. 3.750%, 06/15/2025	$	202,924
		Vale Overseas Ltd.
	15,000	6.250%, 08/10/2026		16,331
	15,000	6.875%, 11/10/2039		16,116
				577,117
		Multi-Utilities - 0.71%
	105,000	Berkshire Hathaway Energy Co. 6.125%, 04/01/2036		131,481
	285,000	Delmarva Power & Light Co. 3.500%, 11/15/2023		295,192
		Dominion Resources, Inc.
	240,000	1.400%, 09/15/2017		239,792
	35,000	2.850%, 08/15/2026		32,748
	60,000	DTE Energy Co. 1.500%, 10/01/2019		59,029
	270,000	WEC Energy Group, Inc. 3.550%, 06/15/2025		275,511
				1,033,753
		Oil, Gas & Consumable Fuels - 3.23%
		Anadarko Petroleum Corp.
	80,000	8.700%, 03/15/2019		89,780
	15,000	6.950%, 06/15/2019		16,504
	20,000	3.450%, 07/15/2024		19,532
	45,000	4.500%, 07/15/2044		42,611
	50,000	6.600%, 03/15/2046		60,700
	5,000	Apache Corp. 4.250%, 01/15/2044		4,708
		BP Capital Markets Plc
	20,000	2.521%, 01/15/2020		20,264
	60,000	2.112%, 09/16/2021		58,961
	70,000	3.062%, 03/17/2022		71,014
	60,000	3.588%, 04/14/2027		60,478
	170,000	Buckeye Partners LP 4.875%, 02/01/2021		180,501
		Canadian Natural Resources Ltd.
	80,000	3.800%, 04/15/2024		80,658
	170,000	3.900%, 02/01/2025		171,661
	30,000	6.500%, 02/15/2037		34,618
	160,000	Chevron Corp. 1.790%, 11/16/2018		160,486
	225,000	Columbia Pipeline Group, Inc. 4.500%, 06/01/2025		236,123
	80,000	ConocoPhillips Co. 4.950%, 03/15/2026		88,953
	35,000	Devon Energy Corp. 3.250%, 05/15/2022		34,713
	20,000	Devon Financing Co. LLC 7.875%, 09/30/2031		25,892
	50,000	Encana Corp. 3.900%, 11/15/2021 (d)		51,132
		Energy Transfer Partners LP
	20,000	5.200%, 02/01/2022		21,452
	25,000	3.600%, 02/01/2023		24,881
	15,000	5.950%, 10/01/2043		15,583
	105,000	5.300%, 04/15/2047		100,846
		Enterprise Products Operating LLC
	40,000	3.950%, 02/15/2027		40,868
	155,000	6.125%, 10/15/2039		180,668

Principal Amount			Value
		Oil, Gas & Consumable Fuels (Continued)
	20,000	EOG Resources, Inc. 4.150%, 01/15/2026	$	20,931
		Hess Corp.
	75,000	5.600%, 02/15/2041		75,362
	60,000	5.800%, 04/01/2047		62,230
	270,000	Husky Energy, Inc. 3.950%, 04/15/2022		279,999
	85,000	Kinder Morgan, Inc. 5.050%, 02/15/2046		82,820
	140,000	Magellan Midstream Partners LP 5.000%, 03/01/2026		154,386
		Marathon Oil Corp.
	35,000	2.700%, 06/01/2020		34,780
	45,000	2.800%, 11/01/2022		43,292
	25,000	3.850%, 06/01/2025 (d)		24,621
	175,000	Marathon Petroleum Corp. 3.625%, 09/15/2024		172,570
		MPLX LP
	180,000	4.875%, 12/01/2024		189,643
	30,000	4.125%, 03/01/2027		29,930
	100,000	5.200%, 03/01/2047 (d)		101,006
		Petroleos Mexicanos
	45,000	6.375%, 02/04/2021		48,925
	45,000	5.500%, 06/27/2044		39,940
	42,000	6.750%, 09/21/2047		42,710
		Phillips 66
	230,000	2.950%, 05/01/2017		230,318
	120,000	4.300%, 04/01/2022		127,367
	115,000	Phillips 66 Partners LP 3.550%, 10/01/2026		110,061
		Pioneer Natural Resources Co.
	145,000	3.450%, 01/15/2021		148,561
	35,000	4.450%, 01/15/2026		36,969
	25,000	Plains All American Pipeline LP 4.500%, 12/15/2026		25,543
		Regency Energy Partners LP
	15,000	5.875%, 03/01/2022		16,503
	40,000	4.500%, 11/01/2023		41,101
	130,000	Spectra Energy Partners LP 3.375%, 10/15/2026 (d)		123,998
	65,000	Statoil ASA 3.950%, 05/15/2043		63,017
	130,000	Suncor Energy, Inc. 6.100%, 06/01/2018		136,870
		Sunoco Logistics Partners Operations LP
	135,000	4.250%, 04/01/2024		137,630
	5,000	3.900%, 07/15/2026		4,840
	105,000	Valero Energy Corp. 3.400%, 09/15/2026		100,506
	125,000	Williams Partners LP 3.600%, 03/15/2022		126,936
				4,726,952
		Pharmaceuticals - 1.18%
		Actavis Funding SCS
	150,000	2.350%, 03/12/2018		150,689
	80,000	3.000%, 03/12/2020		81,421
	55,000	3.450%, 03/15/2022		56,221
	35,000	4.550%, 03/15/2035		35,200
	180,000	Baxalta, Inc. 4.000%, 06/23/2025		183,714

See notes to financial statements.

83

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Pharmaceuticals (Continued)
		EMD Finance LLC
	110,000	2.950%, 03/19/2022 (Acquired 03/16/2015, Cost $109,806) (b)	$	110,430
	85,000	3.250%, 03/19/2025 (Acquired 10/13/2015, Cost $83,246) (b)		84,144
		Johnson & Johnson
	25,000	3.550%, 03/01/2036		24,856
	55,000	3.625%, 03/03/2037		54,657
		Mylan NV
	55,000	3.000%, 12/15/2018		55,661
	60,000	3.750%, 12/15/2020		61,599
	45,000	3.150%, 06/15/2021		45,209
		Sanofi-Aventis SA
	155,000	1.250%, 04/10/2018		154,829
	210,000	4.000%, 03/29/2021		222,752
		Teva Pharmaceutical Finance Netherlands III BV
	85,000	1.700%, 07/19/2019		84,078
	120,000	2.200%, 07/21/2021		115,925
	225,000	3.150%, 10/01/2026 (d)		207,758
				1,729,143
		Real Estate Management & Development - 1.16%
		American Tower Corp.
	25,000	3.450%, 09/15/2021		25,477
	75,000	2.250%, 01/15/2022		72,459
	320,000	Boston Properties LP 3.650%, 02/01/2026		319,347
	90,000	Brandywine Operating Partnership LP 4.100%, 10/01/2024		89,913
	180,000	Crown Castle International Corp. 3.400%, 02/15/2021		183,259
	170,000	ERP Operating LP 3.000%, 04/15/2023		168,510
	40,000	HCP, Inc. 4.000%, 12/01/2022		41,311
	55,000	Kimco Realty Corp. 3.200%, 05/01/2021		55,666
	495,000	Simon Property Group LP 2.200%, 02/01/2019		498,102
		Ventas Realty LP
	5,000	2.000%, 02/15/2018		5,008
	90,000	2.700%, 04/01/2020		90,809
	125,000	5.700%, 09/30/2043		142,109
				1,691,970
		Road & Rail - 0.38%
		Burlington Northern Santa Fe, LLC
	135,000	3.650%, 09/01/2025		140,773
	10,000	3.250%, 06/15/2027		10,087
	20,000	3.900%, 08/01/2046		19,246
	55,000	4.125%, 06/15/2047		54,987
	120,000	Penske Truck Leasing Co., LP 4.875%, 07/11/2022 (Acquired 07/16/2013 and 10/14/2015, Cost $124,954) (b)		129,693
	100,000	Ryder Systems, Inc. 2.450%, 09/03/2019		100,580
	110,000	Union Pacific Corp. 3.375%, 02/01/2035		106,287
				561,653

Principal Amount			Value
		Semiconductors & Semiconductor Equipment - 1.01%
	200,000	Analog Devices, Inc. 3.900%, 12/15/2025	$	205,232
		Applied Materials, Inc.
	15,000	3.300%, 04/01/2027		15,079
	10,000	4.350%, 04/01/2047		10,149
		Broadcom Corp. / Broadcom Cayman Finance Ltd.
	80,000	2.375%, 01/15/2020 (Acquired 01/11/2017, Cost $79,819) (b)		80,044
	190,000	3.000%, 01/15/2022 (Acquired 01/11/2017, Cost $189,225) (b)		189,968
	570,000	3.625%, 01/15/2024 (Acquired 01/11/2017, Cost $569,407) (b)		575,040
		Intel Corp.
	40,000	1.700%, 05/19/2021		39,182
	185,000	3.300%, 10/01/2021		192,451
	75,000	4.900%, 07/29/2045		84,297
	10,000	4.100%, 05/19/2046		9,998
	80,000	Lam Research Corp. 2.800%, 06/15/2021		80,369
				1,481,809
		Software - 0.82%
		Microsoft Corp.
	70,000	1.550%, 08/08/2021		68,253
	65,000	2.375%, 02/12/2022		65,219
	20,000	2.650%, 11/03/2022		20,191
	15,000	3.300%, 02/06/2027		15,249
	295,000	4.450%, 11/03/2045		312,105
	90,000	3.700%, 08/08/2046		84,705
		Oracle Corp.
	310,000	2.500%, 05/15/2022		309,362
	280,000	4.300%, 07/08/2034		291,154
	40,000	3.900%, 05/15/2035		39,577
				1,205,815
		Specialty Retail - 0.40%
	85,000	AutoZone, Inc. 4.000%, 11/15/2020		89,451
		Home Depot, Inc.
	185,000	2.700%, 04/01/2023		186,881
	140,000	3.350%, 09/15/2025		144,136
	80,000	5.875%, 12/16/2036		101,402
	5,000	3.500%, 09/15/2056		4,378
		Lowe’s Cos., Inc.
	5,000	4.375%, 09/15/2045		5,194
	60,000	3.700%, 04/15/2046		55,903
				587,345
		Technology Hardware, Storage & Peripherals - 0.87%
		Apple, Inc.
	470,000	2.400%, 05/03/2023		462,532
	10,000	3.000%, 02/09/2024		10,095
	20,000	3.350%, 02/09/2027		20,264
	95,000	3.450%, 02/09/2045		84,895
	5,000	3.850%, 08/04/2046		4,782
		Diamond 1 Finance Corp / Diamond 2 Finance Corp.
	255,000	3.480%, 06/01/2019 (Acquired 05/17/2016, Cost $254,936) (b)		261,437
	245,000	4.420%, 06/15/2021 (Acquired 05/17/2016 and 12/01/2016, Cost $250,947) (b)		256,448

See notes to financial statements.

84

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Technology Hardware, Storage & Peripherals (Continued)
		Hewlett Packard Enterprise Co.
	65,000	2.850%, 10/05/2018	$	65,807
	110,000	3.600%, 10/15/2020 (d)		113,213
				1,279,473
		Tobacco - 0.36%
		Altria Group, Inc.
	40,000	4.250%, 08/09/2042		39,146
	30,000	3.875%, 09/16/2046		27,928
	220,000	Philip Morris International, Inc. 2.750%, 02/25/2026 (d)		211,719
		Reynolds American, Inc.
	65,000	2.300%, 06/12/2018		65,409
	160,000	5.850%, 08/15/2045		188,600
				532,802
		Wireless Telecommunication Services - 0.40%
	255,000	Rogers Communications, Inc. 2.900%, 11/15/2026		240,667
	200,000	Sprint Spectrum Co. LLC 3.360%, 03/20/2023 (Acquired 10/20/2016, Cost $199,997) (b)		199,510
	150,000	Telefonica Emisiones SAU 4.103%, 03/08/2027		151,365
				591,542
		Total Corporate Obligations (Cost $55,442,643)		56,178,993
		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.95%
	280,000	European Investment Bank 2.375%, 06/15/2022		282,699
	200,000	Kuwait International Government Bond 3.500%, 03/20/2027 (Acquired 03/13/2017, Cost $198,052) (b)		202,395
	100,000	Mexico Government International Bond 5.750%, 10/12/2110		100,000
	230,000	Oman Government International Bond 5.375%, 03/08/2027 (Acquired 03/01/2017, Cost $229,121) (b)		240,874
	325,000	Province of Ontario Canada 2.500%, 04/27/2026		317,989
	240,000	Province of Quebec Canada 2.375%, 01/31/2022		241,473
		Total Foreign Government Debt Obligations (Cost $1,372,484)		1,385,430
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 31.35%
		Federal Home Loan Mortgage Corp.
	49,130	Series 2590, 5.000%, 03/15/2018		49,704
	786,333	Series K703, 2.699%, 05/25/2018		795,402
	1,283	Pool #E9-9763 4.500%, 09/01/2018		1,315
	763	Pool #E9-9764 4.500%, 09/01/2018		782
	600,000	Series K705, 2.303%, 09/25/2018		605,147
	893,069	Series K706, 2.323%, 10/25/2018		901,818
	600,000	Series K709, 2.086%, 03/25/2019		603,807
	57,222	Pool #D9-6291 4.500%, 09/01/2023		61,285
	133,116	Pool #G1-3624 5.000%, 08/01/2024		142,673
	218,818	Series 2329, 6.500%, 06/15/2031		247,027
	109,809	Series 2338, 6.500%, 07/15/2031		128,188

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	165,301	Pool #78-0447 2.828%, 04/01/2033 (a)	$	174,462
	824,571	Pool #U8-9032 3.000%, 07/01/2033		835,160
	1,204,404	Pool #C9-1849 3.500%, 09/01/2035		1,250,196
	135	Pool #A4-3129 5.500%, 02/01/2036		151
	400,000	Pool #TBA 4.000%, 05/15/2041 (e)		418,687
	3,700,000	Pool #TBA 3.500%, 04/15/2042 (e)		3,784,117
	634,305	Pool #U9-0688 4.000%, 05/01/2042		671,340
	2,700,000	Pool #TBA 3.000%, 04/15/2043 (e)		2,675,320
	776,610	Pool #G0-8635 3.000%, 04/01/2045		770,236
		Federal National Mortgage Association
	248	Pool #685505 5.000%, 05/01/2018		255
	256	Pool #705709 5.000%, 05/01/2018		263
	86,551	Series 2014-C01, 2.582%, 01/25/2024 (a)		87,443
	85,611	Series 2014-C02, 1.932%, 05/28/2024 (a)		85,692
	795,580	Pool #AI4868 4.000%, 06/01/2026		838,479
	704,505	Pool #AJ8325 3.000%, 12/01/2026		725,102
	200,000	Pool #TBA 3.000%, 04/15/2027 (e)		205,081
	200,000	Pool #TBA 3.000%, 05/15/2027 (e)		204,784
	314,914	Pool #AB5907 3.000%, 08/01/2027		324,107
	581,793	Pool #AL2877 3.500%, 01/01/2028		606,760
	2,000,000	Pool #TBA 2.500%, 04/15/2028 (e)		2,001,094
	21,616	Pool #544859 2.391%, 08/01/2029 (a)		22,007
	95,369	Pool #BC4938 2.500%, 04/01/2031		95,507
	162,896	Pool #786848 7.000%, 10/01/2031		188,727
	98,268	Pool #MA2868 2.500%, 01/01/2032		98,479
	5,114	Pool #727181 5.000%, 08/01/2033		5,663
	2,602	Pool #730727 5.000%, 08/01/2033		2,882
	730	Pool #741862 5.500%, 09/01/2033		820
	853	Pool #766197 5.500%, 02/01/2034		956
	171	Pool #776974 5.500%, 04/01/2034		194
	178,675	Pool #888504 2.600%, 04/01/2034 (a)		188,156
	402,103	Pool #MA1870 4.500%, 04/01/2034		433,818
	8,084	Pool #775776 5.500%, 05/01/2034		9,065
	158,065	Pool #802783 3.021%, 10/01/2034 (a)		166,514
	6,095	Pool #781629 5.500%, 12/01/2034		6,819
	7,148	Pool #822815 5.500%, 04/01/2035		8,014
	6,267	Pool #357850 5.500%, 07/01/2035		7,041
	3,815	Pool #820242 5.000%, 07/01/2035		4,221
	1,145	Pool #838452 5.500%, 09/01/2035		1,292
	7,048	Pool #865854 6.000%, 03/01/2036		8,035
	9,371	Pool #891474 6.000%, 04/01/2036		10,657
	8,281	Pool #906000 6.000%, 01/01/2037		9,362
	74	Pool #928062 5.500%, 02/01/2037		82
	159	Pool #899119 5.500%, 04/01/2037		177
	230	Pool #970131 5.500%, 03/01/2038		258
	219	Pool #981313 5.500%, 06/01/2038		244
	169	Pool #985108 5.500%, 07/01/2038		189
	55	Pool #964930 5.500%, 08/01/2038		61
	105	Pool #987032 5.500%, 08/01/2038		117
	120	Pool #968371 5.500%, 09/01/2038		134
	56	Pool #993050 5.500%, 12/01/2038		63
	25,274	Pool #993579 4.000%, 05/01/2039		26,559
	5,027	Pool #AA5840 4.000%, 06/01/2039		5,284
	70,963	Pool #AA8715 4.000%, 06/01/2039		75,434
	259,403	Pool #AD0586 4.500%, 12/01/2039		280,700
	758,000	Pool #AD4062 5.000%, 05/01/2040		830,407
	641,942	Pool #AD6929 5.000%, 06/01/2040		705,285
	15,201	Pool #AD9896 4.000%, 08/01/2040		16,006
	18,744	Pool #AB1500 4.000%, 09/01/2040		19,733

See notes to financial statements.

85

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	14,910	Pool #AD9856 4.000%, 09/01/2040	$	15,678
	11,165	Pool #AE2559 4.000%, 09/01/2040		11,753
	4,036	Pool #AE2562 4.000%, 09/01/2040		4,244
	5,538	Pool #AE2566 4.000%, 09/01/2040		5,830
	35,409	Pool #AE4124 4.000%, 10/01/2040		37,227
	18,726	Pool #AE4888 4.000%, 10/01/2040		19,689
	30,637	Pool #AE3916 4.000%, 11/01/2040		32,226
	3,899	Pool #AE5147 4.000%, 11/01/2040		4,105
	48,715	Pool #AE8715 4.000%, 11/01/2040		51,293
	5,576	Pool #AH0006 4.000%, 12/01/2040		5,871
	15,008	Pool #AH0020 4.000%, 12/01/2040		15,803
	30,567	Pool #AH0599 4.000%, 12/01/2040		32,170
	10,352	Pool #AH0601 4.000%, 12/01/2040		10,901
	22,349	Pool #AH1263 4.000%, 01/01/2041		23,537
	86,283	Pool #AL5233 4.000%, 01/01/2041		90,599
	6,670	Pool #AH4659 4.000%, 02/01/2041		7,024
	93,915	Pool #AH5653 4.000%, 02/01/2041		98,902
	142,196	Pool #AL0934 5.000%, 02/01/2041		155,647
	201,206	Pool #AD1889 4.500%, 03/01/2041		215,993
	11,585	Pool #AH6150 4.000%, 03/01/2041		12,201
	121,368	Pool #AL0215 4.500%, 04/01/2041		130,708
	700,000	Pool #TBA 3.500%, 04/15/2041 (e)		716,078
	400,000	Pool #TBA 4.500%, 04/15/2041 (e)		428,938
	108,146	Pool #AL0187 5.000%, 05/01/2041		118,323
	18,731	Pool #AL0456 5.000%, 06/01/2041		20,499
	683,673	Pool #AB3395 4.500%, 08/01/2041		736,380
	93,086	Pool #AI8842 4.500%, 08/01/2041		100,261
	42,003	Pool #AL0815 4.000%, 09/01/2041		44,670
	15,014	Pool #AJ1562 4.000%, 10/01/2041		15,967
	14,309	Pool #AJ1972 4.000%, 10/01/2041		15,217
	790,360	Pool #AJ2212 4.500%, 10/01/2041		852,599
	22,627	Pool #AJ4756 4.000%, 10/01/2041		24,062
	19,169	Pool #AJ3330 4.000%, 11/01/2041		20,381
	19,931	Pool #AJ4549 4.000%, 11/01/2041		21,194
	14,123	Pool #AJ4698 4.000%, 11/01/2041		15,019
	29,292	Pool #AJ5424 4.000%, 11/01/2041		31,148
	11,843	Pool #AJ7840 4.000%, 11/01/2041		12,589
	19,442	Pool #AB3995 4.000%, 12/01/2041		20,669
	18,741	Pool #AI0848 4.000%, 12/01/2041		19,925
	16,728	Pool #AJ4187 4.000%, 12/01/2041		17,791
	20,523	Pool #AJ5736 4.000%, 12/01/2041		21,826
	12,564	Pool #AJ5968 4.000%, 12/01/2041		13,236
	23,770	Pool #AJ6061 4.000%, 12/01/2041		25,266
	15,546	Pool #AJ7868 4.000%, 12/01/2041		16,527
	34,188	Pool #AJ8104 4.000%, 12/01/2041		36,356
	21,237	Pool #AJ8109 4.000%, 12/01/2041		22,582
	13,810	Pool #AJ8171 4.000%, 12/01/2041		14,680
	24,220	Pool #AJ8341 4.000%, 12/01/2041		25,752
	37,616	Pool #AJ8436 4.000%, 12/01/2041		40,001
	14,713	Pool #AJ8912 4.000%, 12/01/2041		15,627
	20,572	Pool #AJ9248 4.000%, 12/01/2041		21,872
	18,894	Pool #AJ2446 4.000%, 01/01/2042		19,902
	22,789	Pool #AJ7538 4.000%, 01/01/2042		24,205
	8,135	Pool #AJ8001 4.000%, 01/01/2042		8,564
	22,095	Pool #AJ8369 4.000%, 01/01/2042		23,500
	21,082	Pool #AJ9162 4.000%, 01/01/2042		22,414
	115,918	Pool #AJ9330 4.000%, 01/01/2042		123,247
	13,387	Pool #AJ9779 4.000%, 01/01/2042		14,144
	20,604	Pool #AK0170 4.000%, 01/01/2042		21,905

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	41,012	Pool #AK0543 4.000%, 01/01/2042	$	43,585
	15,895	Pool #AK0563 4.000%, 01/01/2042		16,897
	35,250	Pool #AK1827 4.000%, 01/01/2042		37,476
	483,668	Pool #AL2752 5.000%, 03/01/2042		530,214
	105,334	Pool #AB5529 4.000%, 07/01/2042		111,385
	228,207	Pool #AB6228 3.500%, 09/01/2042		234,618
	447,453	Pool #AQ9316 2.500%, 01/01/2043		428,671
	1,256,060	Pool #AT2720 3.000%, 05/01/2043		1,252,567
	930,367	Pool #AT5900 3.000%, 06/01/2043		927,679
	528,869	Pool #AU1625 3.500%, 07/01/2043		544,039
	870,020	Pool #AS5469 4.000%, 07/01/2045		916,742
	1,678,460	Pool #AZ0832 4.000%, 07/01/2045		1,761,874
	182,387	Pool #AS5597 3.500%, 08/01/2045		186,788
	767,854	Pool #AS6196 3.500%, 11/01/2045		786,131
	1,069,609	Pool #AS7170 3.500%, 05/01/2046		1,095,068
	1,085,601	Pool #AS7242 3.500%, 05/01/2046		1,111,441
	776,846	Pool #BC9468 3.000%, 06/01/2046		770,825
	1,028,529	Pool #AS7492 4.000%, 07/01/2046		1,080,795
	918,889	Pool #AS8299 3.000%, 11/01/2046		913,620
	197,874	Pool #BD2377 4.500%, 12/01/2046		212,728
		Government National Mortgage Association
	12,808	Pool #614436 5.000%, 08/15/2033		14,001
	38,879	Pool #736686 5.000%, 02/15/2039		42,909
	816,564	Pool #723248 5.000%, 10/15/2039		912,182
	456,168	Pool #733724 4.500%, 06/15/2040		492,898
	443,968	Pool #752631 4.500%, 10/20/2040		483,709
	500,000	Pool #TBA 3.500%, 04/15/2041 (e)		518,080
	443,324	Pool #783403 3.500%, 09/15/2041		459,979
	778,288	Pool #AD8801 3.500%, 03/15/2043		811,093
	357,684	Pool #AL9364 3.500%, 03/20/2045		371,923
	400,000	Pool #TBA 3.500%, 04/15/2045 (e)		414,781
	607,391	Pool #AQ0562X 4.000%, 12/15/2046		642,376
	179,156	Pool #MA4197 4.000%, 01/20/2047		189,484
	423,781	Pool #MA4264 4.500%, 02/20/2047		453,541
		Total Mortgage Backed Securities - U.S. Government Agency (Cost $45,448,341)		45,919,655
		MUNICIPAL DEBT OBLIGATIONS - 0.48%
		California, GO,
	95,000	7.550%, 04/01/2039		139,421
	80,000	7.350%, 11/01/2039		112,954
	75,000	7.600%, 11/01/2040		111,870
	160,000	Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, 6.899%, 12/01/2040		199,536
	45,000	Illinois, GO, 5.100%, 06/01/2033		41,104
	70,000	New Jersey State Turnpike Authority, Series F, Revenue Bond, 7.414%, 01/01/2040		100,772
		Total Municipal Debt Obligations (Cost $697,072)		705,657
		U.S. TREASURY OBLIGATIONS - 17.78%
		U.S. Treasury Bonds - 5.80%
	2,646,773	0.125%, 07/15/2024 (f)(g)		2,624,300
	3,945,000	3.125%, 11/15/2041		4,038,153
	2,040,000	2.500%, 05/15/2046		1,827,075

See notes to financial statements.

86

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		U.S. TREASURY OBLIGATIONS (Continued)
		U.S. Treasury Notes - 11.98%
	1,360,000	0.750%, 02/28/2018	$	1,356,282
	1,825,000	0.750%, 07/15/2019		1,801,189
	975,000	1.625%, 03/15/2020		978,599
	841,000	1.125%, 09/30/2021		813,668
	3,405,000	2.000%, 11/15/2021		3,421,160
	3,145,000	2.000%, 02/15/2022		3,158,697
	2,105,000	2.375%, 08/15/2024 (d)		2,122,227
	1,603,000	2.000%, 08/15/2025 (d)(g)		1,561,234
	801,000	1.625%, 05/15/2026 (d)(g)		751,485
	810,000	1.500%, 08/15/2026 (d)		749,535
	455,000	2.000%, 11/15/2026 (d)		439,608
	400,000	2.250%, 02/15/2027		394,945
		Total U.S. Treasury Obligations (Cost $26,199,930)		26,038,157
Number of Shares
		SHORT TERM INVESTMENTS - 3.48%
		Money Market Funds - 3.48%
	5,098,863	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (h)		5,098,863
		Total Short Term Investments (Cost $5,098,863)		5,098,863
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 4.88%
		Investment Companies - 4.88%
	7,147,649	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (h)		7,147,649
		Total Investments Purchased as Securities Lending Collateral (Cost $7,147,649)		7,147,649
		Total Investments (Cost $163,065,148) - 112.04%		164,100,701
		Liabilities in Excess of Other Assets - (12.04)%		(17,631,874	)
		TOTAL NET ASSETS - 100.00%	$	146,468,827

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, 2017.

(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 $16,053,653, which represents 10.96% of total net assets.

(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 $183,309, which represents 0.13% of total net assets.

(d) All or portion of this security is on loan.

(e) Security purchased on a when-issued basis. On March 31, 2017, the total value of investments purchased on a when-issued basis was $11,366,960 or 7.76% 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 and futures contracts.

(h) Seven-day yield as of March 31, 2017.

See notes to financial statements.

87

GuideMark^® Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2017

Description	Number of Contracts Purchased / (Sold)			Notional Value			Settlement Month	Unrealized Appreciation (Depreciation)
U.S. Treasury 2 - Year Note Futures		(1	)	$	(216,453	)	Jun-17	$	(96	)
U.S. Treasury 5 - Year Note Futures		42			4,944,516		Jun-17		10,342
U.S. Treasury 10 - Year Note Futures		(30	)		(3,736,875	)	Jun-17		(12,476	)
U.S. Treasury Ultra 10 - Year Note Futures		8			1,071,125		Jun-17		4,153
U.S. Treasury Ultra Bond Futures		12			1,927,500		Jun-17		18,414
								$	20,337

GuideMark^® Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

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

March 31, 2017

Reference Obligation	Implied Credit Spread at March 31,  2017(2)		Fixed Pay Rate		Maturity Date	Counterparty	Notional Amount(3)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG.27 Index*		0.59%		1.000%	12/20/2021	Morgan Stanley	$	4,030,000	$	74,618	$	60,439	$	14,179
									$	74,618	$	60,439	$	14,179

GuideMark^® Core Fixed Income Fund

INTEREST RATE SWAPS

March 31, 2017

Pay/Receive Floating Rate	Floating Rate Index			Fixed Pay Rate		Maturity Date	Counterparty	Notional Amount		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Pay		3-MO-USD-LIBOR	**		2.250%	9/21/2026	Morgan Stanley	$	4,143,000	$	39,973	$	(181,289	)	$	221,262
										$	39,973	$	(181,289	)	$	221,262

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: Intercontinental Exchange

** Centrally cleared swap, clearing agent: Clearnet

See notes to financial statements.

88

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS - 98.11%
		Alabama - 0.38%
$	100,000	The Lower Alabama Gas District, Series A, Revenue Bond,
		5.000%, 09/01/2034	$	115,175
		Arizona - 2.08%
	400,000	Arizona University System Board of Regents, Series A, Refunding, Revenue Bond,
		5.000%, 07/01/2028		456,612
	150,000	Salt Verde Financial Corp., Revenue Bond,
		5.000%, 12/01/2037		173,947
				630,559
		Arkansas - 1.76%
	500,000	University of Arkansas, Series A, Revenue Bond,
		4.125%, 11/01/2030		534,000
		California - 16.38%
	500,000	California, GO,
		6.500%, 04/01/2033		553,180
	400,000	California, Refunding, GO,
		5.000%, 11/01/2043		447,388
	100,000	California Health Facilities Financing Authority, Series A, Revenue Bond,
		4.000%, 10/01/2047		100,471
	100,000	California Municipal Finance Authority, Community Medical Centers, Series A, Refunding, Revenue Bond,
		5.000%, 02/01/2042		109,070
	200,000	California Municipal Finance Authority, Mobile Home Park, Series A, Refunding, Revenue Bond,
		6.400%, 08/15/2045		218,230
		California State University, Series A, Refunding, Revenue Bond,
	400,000	5.000%, 11/01/2031		462,616
	100,000	5.000%, 11/01/2042		114,927
	200,000	California Statewide Communities Development Authority, Prerefunded, Revenue Bond,
		6.125%, 07/01/2046		217,258
		California Statewide Communities Development Authority, Series A, Revenue Bond,
	160,000	6.125%, 11/01/2033		168,560
	150,000	5.250%, 12/01/2056		157,782
	500,000	California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,
		5.000%, 08/01/2034		575,285
	100,000	Golden State Tobacco Securitization Corp., Series A, Revenue Bond,
		4.000%, 06/01/2031		104,311
	300,000	Golden State Tobacco Securitization Corp., Series A-1, Refunding, Revenue Bond,
		5.000%, 06/01/2024		348,927
	500,000	Los Angeles Department of Airports, Series A, Refunding, Revenue Bond,
		5.250%, 05/15/2029		542,520
	300,000	San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,
		5.250%, 07/15/2025		331,179

Principal Amount			Value
		California (Continued)
$	250,000	Southern California Public Power Authority, Revenue Bond,
		5.250%, 07/01/2028	$	287,135
	200,000	University of California, Series G, Refunding, Revenue Bond,
		5.000%, 05/15/2037		227,550
				4,966,389
		Colorado - 3.57%
	350,000	Castle Pines North Metropolitan District, Refunding, Revenue Bond,
		4.000%, 12/01/2044		361,245
	130,000	Colorado Health Facilities Authority, Revenue Bond,
		8.000%, 08/01/2043		144,749
	500,000	Regional Transportation District, Series A, Revenue Bond,
		5.000%, 11/01/2027		575,580
				1,081,574
		Connecticut - 1.73%
	500,000	Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond,
		5.000%, 07/01/2025		524,685
		Florida - 3.64%
	300,000	Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,
		7.000%, 04/01/2039		334,473
	225,000	Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,
		5.000%, 04/01/2040		246,047
	430,000	Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,
		5.250%, 08/01/2021		463,845
	40,000	Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond,
		7.500%, 06/01/2049		46,542
	10,000	Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond,
		7.250%, 06/01/2034		11,556
				1,102,463
		Georgia - 1.92%
	300,000	Atlanta Water & Wastewater, Refunding, Revenue Bond,
		5.000%, 11/01/2040		338,595
	125,000	Atlanta Water & Wastewater, Series A, Prerefunded, Revenue Bond,
		6.250%, 11/01/2039		140,975
	100,000	Marietta Development Authority, Revenue Bond,
		7.000%, 06/15/2039		102,281
				581,851
		Hawaii - 0.96%
	250,000	Hawaii, Series A, Revenue Bond,
		5.000%, 01/01/2033		290,065
		Illinois - 5.18%
	65,000	Chicago, Series A, Refunding, GO,
		5.250%, 01/01/2029		64,545
	70,000	Chicago Waterworks, Revenue Bond,
		5.000%, 11/01/2028		78,054

See notes to financial statements.

89

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Illinois (Continued)
$	225,000	Illinois Finance Authority, Prerefunded, Revenue Bond,
		7.000%, 08/15/2044	$	255,060
	200,000	Illinois Toll Highway Authority, Series D, Refunding, Revenue Bond,
		5.000%, 01/01/2025		235,746
	100,000	O’Hare International Airport, Series B, Refunding, Revenue Bond,
		5.000%, 01/01/2032		112,030
	150,000	O’Hare International Airport, Series D, Refunding, Revenue Bond,
		5.250%, 01/01/2030		170,459
	500,000	Railsplitter Tobacco Settlement Authority, Revenue Bond,
		6.250%, 06/01/2024		501,165
	120,000	Southwestern Illinois Development Authority Health Care Facilities, Refunding, Revenue Bond,
		7.125%, 11/01/2043		152,358
				1,569,417
		Indiana - 4.06%
	500,000	Fishers Industry Redevelopment District, Revenue Bond,
		5.250%, 07/15/2034		550,525
	100,000	Indiana Health Facility Financing Authority, Series 2001A-1, Revenue Bond,
		5.000%, 11/15/2034		112,969
	250,000	Indiana Municipal Power Agency, Series A, Refunding, Revenue Bond,
		5.250%, 01/01/2032		288,853
	125,000	Shoals Exempt Facilities, Revenue Bond,
		7.250%, 11/01/2043		142,156
	115,000	Valparaiso Exempt Facilities, Revenue Bond,
		7.000%, 01/01/2044		135,640
				1,230,143
		Kansas - 1.94%
	500,000	Kansas Department of Transportation Highway Revenue, Series A, Revenue Bond,
		5.000%, 09/01/2029		587,340
		Kentucky - 0.33%
	100,000	Kentucky Public Transportation Infrastructure Authority, Series A, Revenue Bond,
		5.000%, 07/01/2017		100,809
		Louisiana - 2.03%
	200,000	Louisiana Highway Improvement, Series A, Revenue Bond,
		5.000%, 06/15/2029		231,162
	360,000	Louisiana State Citizens Property Insurance Corp., Prerefunded, Revenue Bond, AGC Insured,
		6.750%, 06/01/2026		383,933
				615,095
		Maryland - 0.69%
	200,000	Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond,
		6.000%, 07/01/2034		210,146

Principal Amount			Value
		Massachusetts - 0.67%
$	190,000	Massachusetts Development Finance Agency, Series A, Prerefunded, Revenue Bond,
		5.500%, 11/15/2036	$	203,724
		Michigan - 0.72%
	100,000	Michigan Finance Authority, Revenue Bond,
		5.000%, 11/15/2041		107,910
	100,000	Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond,
		5.000%, 09/01/2033		109,642
				217,552
		Minnesota - 2.99%
	100,000	Apple Valley Senior Living, Series D, Revenue Bond,
		7.250%, 01/01/2052		99,356
	160,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond,
		5.000%, 01/01/2030		183,803
	100,000	Minnesota, Series A, GO,
		5.000%, 08/01/2023		118,973
	150,000	Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond,
		6.875%, 12/01/2048		168,632
	300,000	Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond,
		4.500%, 11/15/2038 (a)		337,383
				908,147
		Missouri - 1.27%
	350,000	St. Louis Airport, Revenue Bond,
		6.625%, 07/01/2034		385,907
		Nebraska - 2.36%
	130,000	Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
		5.000%, 11/01/2024		149,582
	500,000	Omaha Public Power District, Series B, Prerefunded, Revenue Bond,
		5.000%, 02/01/2027		566,555
				716,137
		New Hampshire - 0.43%
	120,000	New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
		5.000%, 07/01/2027		129,976
		New Jersey - 0.83%
	150,000	New Jersey Economic Development Authority, Refunding, Revenue Bond,
		5.250%, 06/15/2030		155,237
	100,000	Tobacco Settlement Financing Corp., Series 1A, Refunding, Revenue Bond,
		5.000%, 06/01/2041		97,529
				252,766
		New York - 10.48%
	325,000	Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,
		6.500%, 07/15/2030		372,008
	200,000	New York, Series E, GO,
		4.000%, 12/15/2027		217,366

See notes to financial statements.

90

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		New York (Continued)
$	270,000	New York City, Series I, Unrefunded, GO,
		5.375%, 04/01/2036	$	291,254
	40,000	New York City Industrial Development Agency, Series A, Refunding, Revenue Bond,
		5.000%, 07/01/2022		44,197
	325,000	New York Dormitory Authority, Prerefunded, Revenue Bond,
		6.125%, 12/01/2029		351,995
	100,000	New York Dormitory Authority, Refunding, Revenue Bond,
		5.000%, 12/01/2035		106,980
	250,000	New York Dormitory Authority, Series B, Refunding, Revenue Bond,
		5.000%, 07/01/2038		283,920
	250,000	New York Environmental Facilities Corp., Series A, Revenue Bond,
		5.000%, 06/15/2034		269,265
	500,000	New York Environmental Facilities Corp., Series B, Revenue Bond,
		5.500%, 10/15/2027		638,675
	175,000	New York Liberty Development Corp., Refunding, Revenue Bond,
		5.250%, 10/01/2035		210,563
	100,000	New York Transportation Development Corp., Series A, Revenue Bond,
		5.250%, 01/01/2050		107,523
	250,000	Port Authority of New York and New Jersey, Refunding, Revenue Bond,
		5.000%, 10/15/2041		282,158
				3,175,904
		North Carolina - 1.23%
	320,000	North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond,
		5.000%, 01/01/2025		372,358
		Ohio - 3.46%
	500,000	Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond,
		5.875%, 06/01/2047		479,215
	500,000	Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
		5.000%, 01/01/2026		571,130
				1,050,345
		Pennsylvania - 3.41%
	350,000	Butler County Hospital Authority, Prerefunded, Revenue Bond,
		7.125%, 07/01/2029		394,999
	250,000	Delaware Valley Pennsylvania Regional Finance Authority, Series A, Revenue Bond, AMBAC Insured,
		5.500%, 08/01/2028		298,205
	100,000	Lancaster County Hospital Authority, Refunding, Revenue Bond,
		5.000%, 08/15/2033		112,903

Principal Amount			Value
		Pennsylvania (Continued)
$	200,000	Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,
		5.800%, 07/01/2030	$	228,108
				1,034,215
		South Carolina - 1.53%
	400,000	Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
		5.000%, 12/01/2025		462,808
		South Dakota - 0.36%
	100,000	South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Refunding, Revenue Bond,
		5.000%, 06/01/2026		110,687
		Texas - 10.50%
	200,000	Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,
		6.000%, 01/01/2041		232,282
	100,000	Central Texas Turnpike System, Series C, Refunding, Revenue Bond,
		5.000%, 08/15/2029		112,136
	200,000	Dallas-Fort Worth International Airport, Series B, Revenue Bond,
		5.000%, 11/01/2026		228,536
	515,000	Frisco Texas Independent School District, Series A, GO, PSF-GTD Insured,
		6.000%, 08/15/2038		548,918
	150,000	Harris County Industrial Development, Revenue Bond,
		5.000%, 02/01/2023		161,335
	200,000	New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond,
		5.000%, 07/01/2046		216,596
	350,000	North Texas Tollway Authority, Series A, Refunding, Revenue Bond,
		4.000%, 01/01/2038		351,141
	100,000	North Texas Tollway Authority, Series B, Refunding, Revenue Bond,
		5.000%, 01/01/2029		115,208
	150,000	San Antonio Water System, Series A, Refunding, Revenue Bond,
		5.000%, 05/15/2037		173,162
	300,000	Texas A & M Permanent University Fund, Series A, Revenue Bond,
		5.250%, 07/01/2030		356,646
		Texas Private Activity Surface Transportation Corp., Revenue Bond,
	200,000	7.500%, 12/31/2031		228,418
	200,000	7.500%, 06/30/2033		231,364
	85,000	7.000%, 12/31/2038		97,113
	115,000	6.750%, 06/30/2043		129,119
				3,181,974
		Utah - 2.26%
	100,000	Salt Lake City Corp. Airport, Series B, Revenue Bond,
		5.000%, 07/01/2042		113,918
	500,000	Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
		5.500%, 06/01/2022		571,800
				685,718

See notes to financial statements.

91

GuideMark^® Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Virginia - 1.71%
$	400,000	Virginia College Building Authority Educational Facilities, Revenue Bond,
		5.750%, 01/01/2034	$	519,556
		Washington - 2.10%
	325,000	Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond,
		5.000%, 02/01/2027		372,336
	250,000	Washington Health Care Facilities Authority, Refunding, Revenue Bond,
		6.375%, 10/01/2036		263,995
				636,331
		Wisconsin - 5.15%
	500,000	Wisconsin, Series 2, Refunding, GO,
		5.000%, 05/01/2025		576,700
	50,000	Wisconsin, Series A, Prerefunded, Revenue Bond,
		6.000%, 05/01/2033		54,951
	450,000	Wisconsin, Series A, Unrefunded, Revenue Bond,
		6.000%, 05/01/2033		493,781
	100,000	Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond,
		5.000%, 05/01/2025		109,651
		Wisconsin Public Finance Authority, Refunding, Revenue Bond,
	165,000	5.000%, 07/01/2022		175,372
	150,000	5.750%, 10/01/2031		150,979
				1,561,434
		Total Municipal Debt Obligations (Cost $27,929,344)		29,745,250

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.85%
		Money Market Funds - 1.85%
	559,642	Treasury Obligations Portfolio - Institutional Shares Effective Yield, 0.50% (b)	$	559,642
		Total Short Term Investments (Cost $559,642)		559,642
		Total Investments (Cost $28,488,986) - 99.96%		30,304,892
		Other Assets in Excess of Liabilities - 0.04%		12,369
		TOTAL NET ASSETS - 100.00%	$	30,317,261

Percentages are stated as a percent of net assets.

(a) Variable Rate Security. The rate shown is the rate in effect on March 31, 2017.

(b) Seven-day yield as of March 31, 2017.

Glossary of Terms

AGC	Assured Guaranty Corp.
AMBAC	Ambac Financial Group, Inc.
CMI	California Mortgage Insurance
GO	General Obligation
PSF-GTD	Texas Permanent School Fund

See notes to financial statements.

92

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS - 18.49%
	844,226	Alternative Loan Trust Series 2007-15CB, 6.000%, 07/25/2037	$	750,419
	833,873	Banc of America Funding Corp. Series 2007-3, 5.831%, 04/25/2037 (a)		722,357
	831,150	Chase Mortgage Finance Trust Series 2007-S3, 6.000%, 05/25/2037		657,268
		Credit Suisse Mortgage Capital Mortgage-Backed Trust
	316,969	Series 2006-9, 6.000%, 11/25/2036		308,350
	426,296	Series 2007-1, 6.000%, 02/25/2037		364,482
	399,075	Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, 3.376%, 02/25/2036 (a)		325,493
	402,797	First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, 6.250%, 08/25/2037		321,204
	437,124	First Horizon Mortgage Pass-Through Trust Series 2007-4, 6.000%, 08/25/2037		365,245
		GSR Mortgage Loan Trust
	720,853	Series 2006-9F, 6.500%, 10/25/2036		604,346
	321,627	Series 2007-4F, 6.000%, 07/25/2037		290,556
	586,187	IndyMac IMJA Mortgage Loan Trust Series 2007-A3, 6.250%, 11/25/2037		470,665
	441,430	IndyMac INDX Mortgage Loan Trust Series 2005-AR1, 3.182%, 03/25/2035 (a)		442,397
		JP Morgan Chase Commercial Mortgage Securities Trust
	6,473,258	Series 2012-C8, 1.930%, 10/17/2045 (a)(g)		490,897
	23,711	Series 2007-LDP10, 5.464%, 01/15/2049 (a)		23,692
	540,528	Lehman Mortgage Trust Series 2006-2, 5.750%, 04/25/2036		546,961
	486,923	MASTR Adjustable Rate Mortgages Trust Series 2006-2, 3.215%, 01/25/2036 (a)		483,010
		Morgan Stanley Mortgage Loan Trust
	943,863	Series 2005-10, 6.000%, 12/25/2035		744,138
	704,639	Series 2007-12, 6.250%, 08/25/2037		609,025
		Residential Asset Securitization Trust
	807,356	Series 2007-A2, 6.000%, 04/25/2037		711,662
	623,081	Series 2007-A6, 6.000%, 06/25/2037		567,599
	964,737	Series 2007-A7, 6.000%, 07/25/2037		657,183
	893,296	Sequoia Mortgage Trust Series 2013-3, 2.500%, 03/25/2043 (a)		859,015
	949,607	TBW Mortgage-Backed Trust Series 2006-6, 5.630%, 01/25/2037 (a)		569,515
	234,691	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-5, 6.000%, 07/25/2036		202,352
	276,036	Wells Fargo Alternative Loan Trust Series 2007-PA1, 6.000%, 03/25/2037		245,578
		Total Collateralized Mortgage Obligations (Cost $13,841,307)		12,333,409
Number of Shares
		COMMON STOCKS - 0.01%
		Metals & Mining - 0.00%
	12,305,675	K2016470219 - Class A (b)(c)(f)		0
	1,336,186	K2016470219 - Class B (b)(c)(f)		0
				0

Number of Shares			Value
		Transportation - 0.01%
	22	CEVA Holdings LLC (b)(c)	$	4,486
		Total Common Stocks (Cost $29,791)		4,486
Principal Amount
		CONVERTIBLE OBLIGATIONS - 1.25%
		Metals & Mining - 1.25%
	780,000	B2Gold Corp. 3.250%, 10/01/2018		833,633
		Total Convertible Obligations (Cost $780,000)		833,633
		CORPORATE OBLIGATIONS - 0.56%
		Specialty Retail - 0.56%
		K2016470219 South Africa, Ltd.
	907,612	0.000% Cash or 3.000% PIK, 12/31/2022 (Acquired 02/01/2017, Cost $1,113,684) (d)		116,492
	155,835	0.000% Cash or 8.000% PIK, 12/31/2022 (Acquired 12/30/2016, Cost $862,073) (d)		62,239
	143,046	K2016470260 South Africa, Ltd. 0.000% Cash or 25.000% PIK, 12/31/2022 (Acquired 02/01/2017, Cost $143,046) (d)		197,582
				376,313
		Total Corporate Obligations (Cost $2,118,803)		376,313
		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 47.19%
		Argentine Bonos del Tesoro
	5,738,000	18.200%, 10/03/2021		400,868
	1,743,900	16.000%, 10/17/2023		128,632
	30,130,100	15.500%, 10/17/2026		2,212,641
		Brazil Letras do Tesouro Nacional
	18,000,000	9.538%, 01/01/2019 (e)		4,912,425
	334,000	9.865%, 07/01/2020 (e)		78,863
		Brazil Notas do Tesouro Nacional - Serie F
	2,065,000	9.839%, 01/01/2021 (e)		680,950
	120,000	10.000%, 01/01/2023		39,452
	70,000	10.000%, 01/01/2025		22,943
	160,000,000	Colombia Government International Bond
		7.750%, 04/14/2021		59,259
		Colombian TES
	583,000,000	10.000%, 07/24/2024		243,727
	296,500,000	7.500%, 08/26/2026		109,334
	342,500,000	6.000%, 04/28/2028		112,635
	4,455,000,000	7.750%, 09/18/2030		1,682,407
		Ghana Government Bond
	30,000	25.480%, 04/24/2017		6,997
	50,000	26.000%, 06/05/2017		11,779
	520,000	25.400%, 07/31/2017		123,982
	1,610,000	23.230%, 02/19/2018		387,137
	150,000	22.490%, 04/23/2018		36,023
	1,810,000	23.470%, 05/21/2018		439,326
	990,000	19.040%, 09/24/2018		229,644
	99,000	24.500%, 10/22/2018		24,338
	50,000	24.500%, 06/21/2021		13,352
	250,000	24.750%, 07/19/2021		67,273
		Ghana Treasury Note
	170,000	22.500%, 12/10/2018		40,712
	340,000	21.000%, 01/07/2019		80,213

See notes to financial statements.

93

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
	90,000,000	India Government Bond 8.130%, 09/21/2022	$	1,465,224
		Indonesia Treasury Bond
	232,000,000	7.875%, 04/15/2019		17,837
	209,000,000	12.800%, 06/15/2021		19,009
	218,000,000	8.250%, 07/15/2021		17,218
	209,000,000	7.000%, 05/15/2022		15,818
	37,000,000	12.900%, 06/15/2022		3,491
	104,000,000	10.250%, 07/15/2022		9,010
	78,000,000	5.625%, 05/15/2023		5,491
	15,288,000,000	8.375%, 03/15/2024		1,224,043
	41,591,000,000	8.375%, 09/15/2026		3,397,381
	937,000,000	7.000%, 05/15/2027		70,316
	606,000,000	9.000%, 03/15/2029		50,533
	140,000,000	10.500%, 08/15/2030		13,133
	1,689,000,000	8.750%, 05/15/2031		140,850
	7,580,000,000	8.375%, 03/15/2034		604,102
	469,600,000	Korea Monetary Stabilization Bond 1.560%, 10/02/2017		420,285
		Korea Treasury Bond
	1,300,400,000	2.000%, 12/10/2017		1,167,488
	437,200,000	1.500%, 06/10/2019		390,077
	98,700,000	1.375%, 09/10/2021		86,688
		Mexican Bonos
	501,000	4.750%, 06/14/2018		2,622,602
	27,100	8.500%, 12/13/2018		148,957
	378,200	5.000%, 12/11/2019		1,936,688
		Mexican Udibonos
	25,245	3.500%, 12/14/2017 (h)		134,924
	15,170	4.000%, 06/13/2019 (h)		82,733
	12,536	2.500%, 12/10/2020 (h)		65,433
		Philippine Government Bond
	70,000	2.875%, 05/22/2017		1,396
	1,990,000	2.125%, 05/23/2018		39,256
	64,400,000	3.875%, 11/22/2019		1,276,311
	15,690,000	3.375%, 08/20/2020		305,394
	802,000	Portugal Government International Bond 5.125%, 10/15/2024 (Acquired 07/02/2014, Cost $795,752) (d)		779,037
		Republic of South Africa Government Bond
	2,206,000	10.500%, 12/21/2026		181,972
	1,707,000	8.000%, 01/31/2030		115,568
	390,000	7.000%, 02/28/2031		23,959
	1,154,000	8.250%, 03/31/2032		78,123
	1,119,000	8.875%, 02/28/2035		78,602
	237,000	6.250%, 03/31/2036		12,587
	220,000	8.500%, 01/31/2037		14,716
		Serbia Treasury Bonds
	38,510,000	10.000%, 08/21/2019		371,466
	5,860,000	10.000%, 09/11/2021		59,871
	62,780,000	10.000%, 02/05/2022		648,009
		Ukraine Government International Bond
	265,000	7.750%, 09/01/2025 (Acquired 04/15/2011 through 02/06/2014, Cost $273,520) (d)		245,785
	359,000	7.750%, 09/01/2026 (Acquired 04/05/2011 through 07/29/2013, Cost $381,711) (d)		330,379

Principal Amount			Value
		FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued)
	259,000	7.750%, 09/01/2027 (Acquired 04/11/2011 through 07/29/2013, Cost $264,768) (d)	$	238,153
	1,120,000	2.661%, 05/31/2040 (Acquired 04/05/2011 through 02/06/2014, Cost $643,978) (a)(d)(e)		419,440
		Total Foreign Government Debt Obligations (Cost $29,829,190)		31,474,267
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 12.55%
		Federal Home Loan Mortgage Corp.
	697,000	Pool #4050, 3.500%, 05/15/2032		717,728
	1,015,301	Pool #4062, 3.500%, 06/15/2042		1,011,649
	775,996	Pool #4171, 3.000%, 02/15/2043		725,444
	1,213,199	Pool #4413, 3.500%, 11/15/2044		1,221,733
		Federal National Mortgage Association
	751,692	Pool #1201, 3.500%, 10/01/2032		785,243
	417,441	Pool #2005-56, 6.000%, 08/25/2033 (a)		457,705
	131,350	Pool #2011-113, 4.000%, 03/25/2040		133,609
	682,865	Pool #2012-63, 2.000%, 08/25/2040		684,020
	1,382,822	Pool #2014-95, 3.000%, 04/25/2041		1,404,230
		Government National Mortgage Association
	836,758	Pool #2010-62, 4.772%, 05/20/2040 (a)(g)		126,204
	853,842	Pool #2011-72, 4.402%, 05/20/2041 (a)(g)		115,579
	700,000	Pool #2012-40, 4.000%, 01/20/2042		743,192
	1,700,970	Pool #2013-113, 5.272%, 03/20/2043 (a)(g)		245,759
		Total Mortgage Backed Securities - U.S. Government Agency (Cost $8,213,976)		8,372,095
Number of Shares
		PREFERRED STOCKS - 0.02%
		Transportation - 0.02%
	49	CEVA Holdings LLC (b)(c)		12,138
		Total Preferred Stocks (Cost $64,483)		12,138
		WARRANTS - 0.00%
		Textiles, Apparel & Luxury Goods - 0.00%
		Edcon Holdings, Ltd.
	361	F - Expiration: December, 2049 (b)(c)(f)		0
	6,464,770	F1 - Expiration: December, 2049 (b)(c)(f)		0
	523,517	F2 - Expiration: December, 2049 (b)(c)(f)		0
		Total Warrants (Cost $0)		0
Principal Amount
		SHORT TERM INVESTMENTS - 11.04%
		Foreign Government Debt Obligation - 2.34%
	8,910,000	Philippine Treasury Bill 2.705%, 09/27/2017 (e)		175,177
		Mexico Cetes
	344,150	7.058%, 05/25/2017 (e)		182,568
	91,720	6.509%, 06/01/2017 (e)		48,441
	329,370	6.895%, 07/06/2017 (e)		172,819
	563,800	6.564%, 07/20/2017 (e)		295,044
	112,280	6.472%, 08/17/2017 (e)		58,473

See notes to financial statements.

94

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2017

Principal Amount			Value
		SHORT TERM INVESTMENTS (Continued)
		Foreign Government Debt Obligation (Continued)
	10,180	6.572%, 08/31/2017 (e)	$	5,286
	570,620	6.854%, 09/14/2017 (e)		295,449
	643,730	6.553%, 11/09/2017 (e)		329,875
				1,563,132
Number of Shares
		Money Market Funds - 8.32%
	5,547,102	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (i)		5,547,102
Principal Amount
		U.S. Government Agency Issue - 0.38%
	255,000	Federal Home Loan Bank Discount Note 0.450%, 04/03/2017 (e)		254,994
		Total Short Term Investments (Cost $7,345,312)		7,365,228
		Total Investments (Cost $62,222,862) - 91.11%		60,771,569
		Other Assets in Excess of Liabilities - 8.89%		5,930,139
		TOTAL NET ASSETS - 100.00%	$	66,701,708

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, 2017.

(b) These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $16,624, which represents 0.02% of total net assets.

(c) Non-income producing.

(d) 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 $2,389,107, which represents 3.58% of total net assets.

(e) Zero coupon bond. The effective yield is listed.

(f) As of March 31, 2017, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets.

(g) Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2017. The securities are liquid and the value of these securities total $978,439 which represents 1.47% of total net assets.

(h) Represents an inflation protected security.

(i) Seven-day yield as of March 31, 2017.

Glossary of Terms

PIK Payment-in-Kind

See notes to financial statements.

95

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2017

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)
9/27/2017	Citibank	Brazilian Real		3,300,000	Euro		930,757	$	11,154
4/17/2017	Deutsche Bank	Chilean Peso		164,147,000	U.S. Dollars		244,813		3,727
4/20/2017	Deutsche Bank	Chilean Peso		162,131,000	U.S. Dollars		244,449		1,001
4/24/2017	Deutsche Bank	Chilean Peso		166,162,750	U.S. Dollars		251,762		(259	)
5/18/2017	Deutsche Bank	Chilean Peso		164,146,750	U.S. Dollars		254,136		(5,962	)
4/3/2017	Deutsche Bank	Euro		65,866	U.S. Dollars		70,318		(44	)
4/13/2017	Barclays	Ghanaian Cedi		484,117	U.S. Dollars		102,828		8,842
4/25/2017	JP Morgan Chase	Indian Rupee		96,000,000	Euro		1,292,773		92,593
4/7/2017	JP Morgan Chase	Japanese Yen		253,557,611	Malaysian Ringgit		9,974,729		24,784
4/17/2017	Deutsche Bank	Japanese Yen		266,043,000	U.S. Dollars		2,337,237		54,011
4/18/2017	HSBC	Malaysian Ringgit		1,652,011	Euro		352,234		(3,032	)
4/7/2017	JP Morgan Chase	Malaysian Ringgit		9,974,729	Japanese Yen		244,982,635		52,257
4/18/2017	Citibank	Mexican Peso		46,884,480	Euro		2,250,892		94,046
7/13/2017	Citibank	Mexican Peso		7,476,600	Euro		310,426		60,111
1/16/2018	Citibank	Mexican Peso		9,384,000	Euro		377,663		70,500
4/25/2017	HSBC	South Korean Won		1,099,000,000	U.S. Dollars		939,662		43,413
4/26/2017	HSBC	South Korean Won		306,000,000	U.S. Dollars		278,220		(4,494	)
5/15/2017	JP Morgan Chase	U.S. Dollars		901,270	Australian Dollar		1,178,000		2,018
5/22/2017	Citibank	U.S. Dollars		283,094	Australian Dollar		370,000		685
6/13/2017	Citibank	U.S. Dollars		495,994	Australian Dollar		654,000		(2,973	)
6/13/2017	JP Morgan Chase	U.S. Dollars		741,023	Australian Dollar		982,000		(8,189	)
6/20/2017	JP Morgan Chase	U.S. Dollars		2,611,588	Australian Dollar		3,399,000		18,683
4/3/2017	Deutsche Bank	U.S. Dollars		69,950	Euro		65,866		(325	)
4/10/2017	Bank of America	U.S. Dollars		460,687	Euro		434,000		(2,505	)
4/13/2017	Citibank	U.S. Dollars		70,523	Euro		66,790		(769	)
4/21/2017	Barclays	U.S. Dollars		343,578	Euro		319,000		2,950
4/24/2017	Deutsche Bank	U.S. Dollars		443,908	Euro		413,923		1,860
4/27/2017	Goldman Sachs	U.S. Dollars		197,428	Euro		183,000		1,967
4/28/2017	Deutsche Bank	U.S. Dollars		717,623	Euro		667,597		4,535
4/28/2017	HSBC	U.S. Dollars		36,687	Euro		34,118		245
5/2/2017	JP Morgan Chase	U.S. Dollars		281,235	Euro		263,000		260
5/8/2017	Barclays	U.S. Dollars		219,622	Euro		204,000		1,615
5/8/2017	Deutsche Bank	U.S. Dollars		460,600	Euro		424,000		7,487
5/8/2017	Goldman Sachs	U.S. Dollars		601,795	Euro		559,081		4,326
5/15/2017	Deutsche Bank	U.S. Dollars		1,114,701	Euro		1,045,000		(2,438	)
5/16/2017	Deutsche Bank	U.S. Dollars		34,087	Euro		32,000		(124	)
5/22/2017	Deutsche Bank	U.S. Dollars		191,056	Euro		179,000		(368	)
5/22/2017	JP Morgan Chase	U.S. Dollars		378,559	Euro		354,000		(10	)
6/8/2017	Bank of America	U.S. Dollars		461,917	Euro		434,000		(2,610	)
6/14/2017	Morgan Stanley	U.S. Dollars		94,608	Euro		88,500		(147	)
6/15/2017	Citibank	U.S. Dollars		234,187	Euro		218,594		131
6/19/2017	UBS	U.S. Dollars		217,170	Euro		203,500		(771	)
6/30/2017	Barclays	U.S. Dollars		671,922	Euro		623,917		3,342
7/5/2017	Deutsche Bank	U.S. Dollars		70,631	Euro		65,866		32
4/17/2017	Deutsche Bank	U.S. Dollars		5,059,971	Japanese Yen		520,185,270		384,441
4/18/2017	Bank of America	U.S. Dollars		279,236	Japanese Yen		30,030,000		9,309
4/21/2017	JP Morgan Chase	U.S. Dollars		358,025	Japanese Yen		38,610,000		10,931
4/24/2017	Barclays	U.S. Dollars		190,082	Japanese Yen		19,600,000		13,860
6/2/2017	Deutsche Bank	U.S. Dollars		739,302	Japanese Yen		80,680,000		12,864
6/5/2017	JP Morgan Chase	U.S. Dollars		318,804	Japanese Yen		34,284,478		10,064
6/8/2017	Citibank	U.S. Dollars		243,454	Japanese Yen		25,700,000		11,987
6/9/2017	HSBC	U.S. Dollars		340,708	Japanese Yen		38,500,000		(6,060	)
6/13/2017	HSBC	U.S. Dollars		416,499	Japanese Yen		47,460,000		(11,054	)
6/16/2017	HSBC	U.S. Dollars		778,947	Japanese Yen		88,800,000		(21,139	)
6/16/2017	JP Morgan Chase	U.S. Dollars		177,367	Japanese Yen		18,500,000		10,682
6/19/2017	Deutsche Bank	U.S. Dollars		848,933	Japanese Yen		88,660,000		49,994
6/20/2017	Citibank	U.S. Dollars		568,895	Japanese Yen		58,390,000		42,702
6/22/2017	Deutsche Bank	U.S. Dollars		863,000	Japanese Yen		88,820,000		62,504
7/11/2017	Barclays	U.S. Dollars		386,416	Japanese Yen		44,560,000		(15,551	)

See notes to financial statements.

96

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)

March 31, 2017

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)
7/11/2017	Goldman Sachs	U.S. Dollars		170,903	Japanese Yen		19,732,000	$	(7,095	)
7/13/2017	Barclays	U.S. Dollars		597,893	Japanese Yen		68,630,000		(21,263	)
7/14/2017	JP Morgan Chase	U.S. Dollars		435,985	Japanese Yen		44,610,000		33,510
7/25/2017	Citibank	U.S. Dollars		347,754	Japanese Yen		36,309,000		19,999
7/25/2017	JP Morgan Chase	U.S. Dollars		498,400	Japanese Yen		56,000,000		(7,103	)
7/27/2017	JP Morgan Chase	U.S. Dollars		173,603	Japanese Yen		19,500,000		(2,437	)
8/2/2017	JP Morgan Chase	U.S. Dollars		1,773,993	Japanese Yen		200,000,000		(32,067	)
8/14/2017	Citibank	U.S. Dollars		104,590	Japanese Yen		11,770,000		(1,758	)
8/16/2017	Goldman Sachs	U.S. Dollars		105,302	Japanese Yen		11,840,000		(1,689	)
8/16/2017	JP Morgan Chase	U.S. Dollars		368,653	Japanese Yen		41,463,000		(6,022	)
8/28/2017	Barclays	U.S. Dollars		52,851	Japanese Yen		5,910,000		(585	)
8/31/2017	Barclays	U.S. Dollars		106,064	Japanese Yen		11,810,000		(733	)
9/1/2017	Deutsche Bank	U.S. Dollars		35,399	Japanese Yen		3,936,000		(196	)
9/11/2017	Barclays	U.S. Dollars		284,346	Japanese Yen		32,151,400		(6,549	)
9/13/2017	Deutsche Bank	U.S. Dollars		138,065	Japanese Yen		15,700,000		(3,997	)
9/21/2017	Barclays	U.S. Dollars		334,544	Japanese Yen		37,430,000		(4,273	)
9/25/2017	Barclays	U.S. Dollars		164,320	Japanese Yen		18,110,000		357
10/11/2017	Deutsche Bank	U.S. Dollars		1,095,277	Japanese Yen		111,608,750		83,898
11/14/2017	Citibank	U.S. Dollars		105,103	Japanese Yen		11,770,000		(1,761	)
12/12/2017	Citibank	U.S. Dollars		517,769	Japanese Yen		57,980,000		(9,492	)
12/13/2017	JP Morgan Chase	U.S. Dollars		389,732	Japanese Yen		43,970,000		(10,146	)
2/14/2018	Citibank	U.S. Dollars		106,494	Japanese Yen		11,860,000		(1,753	)
2/16/2018	HSBC	U.S. Dollars		160,108	Japanese Yen		17,820,000		(2,556	)
3/22/2018	Deutsche Bank	U.S. Dollars		160,517	Japanese Yen		17,733,000		(1,667	)
3/23/2018	Citibank	U.S. Dollars		322,667	Japanese Yen		35,670,000		(3,587	)
4/25/2017	HSBC	U.S. Dollars		964,162	South Korean Won		1,099,000,000		(18,912	)
4/26/2017	HSBC	U.S. Dollars		267,027	South Korean Won		306,000,000		(6,698	)
5/25/2017	HSBC	U.S. Dollars		703,291	South Korean Won		827,000,000		(36,715	)
6/2/2017	HSBC	U.S. Dollars		853,231	South Korean Won		997,000,000		(38,971	)
8/21/2017	Citibank	U.S. Dollars		1,310,385	South Korean Won		1,495,280,000		(29,353	)
9/7/2017	Goldman Sachs	U.S. Dollars		916,037	South Korean Won		1,037,000,000		(13,359	)
9/27/2017	HSBC	U.S. Dollars		735,347	South Korean Won		823,000,000		(2,505	)
								$	961,611

GuideMark^® Opportunistic Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS

INTEREST RATE SWAPS

March 31, 2017

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			3.018%	8/22/2023	JP Morgan Chase		3,990,000	$	(203,625	)	$	0	$	(203,625	)
Receive		3-MO-USD-LIBOR	**		1.914%	1/22/2025	Citibank		490,000		12,527			0		12,527
Receive		3-MO-USD-LIBOR	**		1.973%	1/27/2025	Citibank		360,000		7,691			0		7,691
Receive		3-MO-USD-LIBOR	**		1.942%	1/30/2025	Citibank		80,000		1,892			0		1,892
Receive		3-MO-USD-LIBOR	**		1.817%	2/3/2025	Citibank		120,000		3,950			0		3,950
Receive		3-MO-USD-LIBOR	*		1.978%	3/27/2025	Citibank		1,200,000		26,440			0		26,440
Receive		3-MO-USD-LIBOR			3.848%	8/22/2043	JP Morgan Chase		4,170,000		(1,000,280	)		0		(1,000,280	)
										$	(1,151,405	)	$	0	$	(1,151,405	)

* Centrally cleared swap, clearing agent: Deutsche Bank

** Centrally cleared swap, clearing agent: JP Morgan Chase

See notes to financial statements.

97

GuidePath^® Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.77%
		Affiliated Mutual Funds - 31.81%
	857,339	GuideMark® Emerging Markets Fund - Institutional Shares	$	11,548,351
	2,463,265	GuideMark® Large Cap Core Fund - Institutional Shares		39,757,095
	3,165,311	GuideMark® Small/Mid Cap Core Fund - Institutional Shares		58,051,795
	8,369,337	GuideMark® World ex-US Fund - Institutional Shares		70,135,046
				179,492,287
		Exchange Traded Funds - 66.96%
	58,832	iShares 7-10 Year Treasury Bond ETF		6,212,071
	120,946	iShares 20+ Year Treasury Bond ETF		14,599,392
	725,420	iShares Core MSCI Emerging Markets ETF (a)		34,667,822
	61,077	iShares Core U.S. Credit Bond ETF (a)		6,712,973
	123,115	iShares Edge MSCI Min Vol USA ETF (a)		5,875,048
	49,689	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		5,649,639
	500,984	iShares MSCI Canada ETF		13,466,450
	361,685	iShares MSCI Switzerland Capped ETF		11,566,686
	165,318	SPDR Bloomberg Barclays High Yield Bond ETF (a)		6,105,194
	48,478	SPDR Gold Shares (a)(b)		5,755,308
	63,727	SPDR S&P 600 Small Cap Growth ETF		13,554,096
	270,308	SPDR S&P China ETF		22,178,771
	1,776,455	Vanguard FTSE Developed Markets ETF (a)		69,814,682
	200,903	Vanguard Global ex-U.S. Real Estate ETF		10,700,094
	219,234	Vanguard REIT ETF (a)		18,106,536
	595,954	Vanguard S&P 500 ETF (a)		128,934,648
	6,916	Vanguard Total Bond Market ETF		560,749
	36,101	Vanguard Value ETF		3,442,952
				377,903,111
		Total Investment Companies (Cost $464,372,534)		557,395,398

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.16%
		Money Market Funds - 1.16%
	6,552,272	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)	$	6,552,272
		Total Short Term Investments (Cost $6,552,272)		6,552,272
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 16.26%
		Investment Companies - 16.26%
	91,758,279	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)		91,758,279
		Total Investments Purchased as Securities Lending Collateral (Cost $91,758,279)		91,758,279
		Total Investments (Cost $562,683,085) - 116.19%		655,705,949
		Liabilities in Excess of Other Assets - (16.19)%		(91,388,028	)
		TOTAL NET ASSETS - 100.00%	$	564,317,921

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, 2017.

See notes to financial statements.

98

GuidePath^® Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.73%
		Affiliated Mutual Funds - 13.13%
	28,624	GuideMark® Emerging Markets Fund - Institutional Shares	$	385,572
	181,943	GuideMark® Large Cap Core Fund - Institutional Shares		2,936,555
	369,315	GuideMark® Small/Mid Cap Core Fund - Institutional Shares		6,773,229
	611,474	GuideMark® World ex-US Fund - Institutional Shares		5,124,148
				15,219,504
		Exchange Traded Funds - 85.60%
	68,952	iShares 1-3 Year Treasury Bond ETF (a)		5,827,823
	135,844	iShares 7-10 Year Treasury Bond ETF (a)		14,343,768
	41,063	iShares 10+ Year Credit Bond ETF		2,432,572
	79,263	iShares 20+ Year Treasury Bond ETF (a)		9,567,837
	24,010	iShares Core MSCI Emerging Markets ETF		1,147,438
	26,663	iShares Core U.S. Credit Bond ETF		2,930,530
	121,381	iShares Edge MSCI Min Vol USA ETF (a)		5,792,301
	14,498	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,648,423
	44,066	iShares MSCI Canada ETF		1,184,494
	118,619	iShares MSCI Switzerland Capped ETF		3,793,436
	46,671	PowerShares DB Gold Fund (a)(b)		1,865,907
	192,081	SPDR Bloomberg Barclays High Yield Bond ETF (a)		7,093,551
	64,263	SPDR Bloomberg Barclays International Treasury Bond ETF (a)(b)		1,711,966
	75,269	SPDR Bloomberg Barclays TIPS ETF (a)		4,288,075
	199	SPDR S&P 600 Small Cap Value ETF		23,490
	32,488	SPDR S&P China ETF		2,665,640
	212,737	Vanguard FTSE Developed Markets ETF		8,360,564
	203,239	Vanguard Mortgage-Backed Securities ETF		10,674,112
	25,399	Vanguard REIT ETF (a)		2,097,704
	43,046	Vanguard S&P 500 ETF		9,313,002
	8,134	Vanguard Total Bond Market ETF		659,505
	19,264	Vanguard Value ETF		1,837,208
				99,259,346
		Total Investment Companies (Cost $106,045,634)		114,478,850

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.09%
		Money Market Funds - 1.09%
	1,263,400	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)	$	1,263,400
		Total Short Term Investments (Cost $1,263,400)		1,263,400
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 27.75%
		Investment Companies - 27.75%
	32,173,173	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)		32,173,173
		Total Investments Purchased as Securities Lending Collateral (Cost $32,173,173)		32,173,173
		Total Investments (Cost $139,482,207) - 127.57%		147,915,423
		Liabilities in Excess of Other Assets - (27.57)%		(31,963,706	)
		TOTAL NET ASSETS - 100.00%	$	115,951,717

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, 2017.

See notes to financial statements.

99

GuidePath^® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.90%
		Exchange Traded Funds - 98.90%
	351,200	iShares TIPS Bond ETF	$	40,265,080
	196,629	Technology Select Sector SPDR Fund (a)		10,482,292
	303,213	Vanguard Extended Market ETF (a)		30,287,946
	102,318	Vanguard Growth ETF		12,448,008
	114,232	Vanguard Mid-Cap Value ETF		11,642,525
	765,854	Vanguard S&P 500 ETF (b)		165,692,513
	61,192	Vanguard Small-Cap Growth ETF (a)		8,607,879
	72,169	Vanguard Small-Cap Value ETF (a)		8,866,683
	170,348	Vanguard Value ETF		16,246,089
				304,539,015
		Total Investment Companies (Cost $281,046,728)		304,539,015
		SHORT TERM INVESTMENTS - 1.17%
		Money Market Funds - 1.17%
	3,594,112	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)		3,594,112
		Total Short Term Investments (Cost $3,594,112)		3,594,112

Number of Shares			Value
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 7.89%
		Investment Companies - 7.89%
	24,291,888	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)	$	24,291,888
		Total Investments Purchased as Securities Lending Collateral (Cost $24,291,888)		24,291,888
		Total Investments (Cost $308,932,728) - 107.96%		332,425,015
		Liabilities in Excess of Other Assets - (7.96)%		(24,498,231	)
		TOTAL NET ASSETS - 100.00%	$	307,926,784

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

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

(c) Seven-day yield as of March 31, 2017.

See notes to financial statements.

100

GuidePath^® Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.83%
		Affiliated Mutual Funds - 8.10%
	617,227	GuideMark® Core Fixed Income Fund - Institutional Shares	$	5,709,349
	508,071	GuideMark® Opportunistic Fixed Income Fund - Institutional Shares		4,811,432
				10,520,781
		Exchange Traded Funds - 28.45%
	799,833	SPDR Bloomberg Barclays High Yield Bond ETF (a)		29,537,833
	92,820	SPDR Bloomberg Barclays Short Term High Yield Bond ETF		2,595,247
	10,956	Vanguard Mid-Cap Value ETF		1,116,635
	2,585	Vanguard Small-Cap Value ETF (a)		317,593
	15,977	Vanguard Total Bond Market ETF		1,295,415
	21,870	Vanguard Value ETF		2,085,742
				36,948,465
		Mutual Funds - 62.28%
	2,449,691	BlackRock High Yield Portfolio - Institutional Shares		18,960,612
	153,581	Gateway Fund - Class Y		4,851,632
	300,596	John Hancock Funds II - Alternative Asset Allocation Fund - Institutional Shares		4,271,468
	204,609	JPMorgan Hedged Equity Fund - Select Shares		3,670,689
	456,825	JPMorgan Systematic Alpha Fund - Institutional Shares (b)		7,094,496
	1,076,539	JPMorgan Unconstrained Debt Fund - Select Shares		10,679,264
	621,681	Navigator Tactical Fixed Income Fund - Institutional Shares		6,440,613
	381,817	Oppenheimer Fundamental Alternatives Fund - Institutional Shares		10,576,339
	149,699	Pioneer Strategic Income Fund - Class Y		1,603,281
	565,399	T. Rowe Price Institutional Floating Rate Fund		5,687,917
	1,197,089	Vanguard High-Yield Corporate Fund - Admiral Shares		7,038,882
				80,875,193
		Total Investment Companies (Cost $120,178,560)		128,344,439

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.01%
		Money Market Funds - 1.01%
	1,317,235	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)	$	1,317,235
		Total Short Term Investments (Cost $1,317,235)		1,317,235
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 23.21%
		Investment Companies - 23.21%
	30,145,575	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (c)		30,145,575
		Total Investments Purchased as Securities Lending Collateral (Cost $30,145,575)		30,145,575
		Total Investments (Cost $151,641,370) - 123.05%		159,807,249
		Liabilities in Excess of Other Assets - (23.05)%		(29,937,532	)
		TOTAL NET ASSETS - 100.00%	$	129,869,717

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan.

(b) 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 2.52% of total net assets as of March 31, 2017.

(c) Seven-day yield as of March 31, 2017.

See notes to financial statements.

101

GuidePath^® Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 98.86%
		Affiliated Mutual Funds - 5.81%
	299,116	GuideMark® Core Fixed Income Fund - Institutional Shares	$	2,766,827
	443,310	GuideMark® Opportunistic Fixed Income Fund - Institutional Shares		4,198,150
				6,964,977
		Exchange Traded Funds - 59.61%
	14,931	iShares 7-10 Year Treasury Bond ETF (a)		1,576,564
	25,257	iShares 10+ Year Credit Bond ETF		1,496,225
	23,307	iShares 20+ Year Treasury Bond ETF (a)		2,813,388
	38,149	iShares Global Infrastructure ETF (a)		1,614,466
	2,337	iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		275,556
	305,629	iShares International Select Dividend ETF (a)		9,615,088
	16,067	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		1,826,818
	72,562	iShares MSCI Australia ETF		1,640,627
	213,804	iShares U.S. Preferred Stock ETF (a)		8,274,215
	24,409	PIMCO 0-5 Year High Yield Corporate Bond Index ETF		2,466,774
	72,931	SPDR Bloomberg Barclays High Yield Bond ETF (a)		2,693,342
	238,672	SPDR Bloomberg Barclays Short Term Corporate Bond ETF		7,305,750
	113,313	SPDR Bloomberg Barclays Short Term High Yield Bond ETF		3,168,231
	4,331	Vanguard Intermediate-Term Corporate Bond ETF		374,112
	18,833	Vanguard REIT ETF (a)		1,555,417
	3,433	Vanguard S&P 500 ETF		742,730
	39,228	Vanguard Total Bond Market ETF		3,180,606
	63,250	WisdomTree Emerging Markets High Dividend Fund (a)		2,583,762
	219,814	WisdomTree High Dividend Fund		15,050,664
	39,303	WisdomTree SmallCap Dividend Fund		3,168,608
				71,422,943

Number of Shares			Value
		Mutual Funds - 33.44%
	974,750	BlackRock Global Dividend Portfolio - Institutional Shares	$	12,486,541
	331,045	Loomis Sayles Global Equity and Income Fund - Institutional Shares		6,531,523
	1,133,289	T. Rowe Price Institutional Floating Rate Fund		11,400,891
	1,640,559	Vanguard High-Yield Corporate Fund - Admiral Shares		9,646,486
				40,065,441
		Total Investment Companies (Cost $107,994,959)		118,453,361
		SHORT TERM INVESTMENTS - 1.41%
		Money Market Funds - 1.41%
	1,684,665	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (b)		1,684,665
		Total Short Term Investments (Cost $1,684,665)		1,684,665
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 16.49%
		Investment Companies - 16.49%
	19,755,971	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (b)		19,755,971
		Total Investments Purchased as Securities Lending Collateral (Cost $19,755,971)		19,755,971
		Total Investments (Cost $129,435,595) - 116.76%		139,893,997
		Liabilities in Excess of Other Assets - (16.76)%		(20,076,868	)
		TOTAL NET ASSETS - 100.00%	$	119,817,129

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, 2017.

See notes to financial statements.

102

GuidePath^® Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2017

Number of Shares			Value
		INVESTMENT COMPANIES - 99.08%
		Affiliated Mutual Funds - 0.64%
	68,915	GuideMark® Core Fixed Income Fund - Institutional Shares	$	637,465
		Exchange Traded Funds - 55.98%
	59,595	iShares 3-7 Year Treasury Bond ETF		7,333,165
	93,266	iShares 7-10 Year Treasury Bond ETF (a)		9,847,957
	21,531	iShares Core MSCI Emerging Markets ETF		1,028,966
	54,228	iShares Floating Rate Bond ETF		2,758,578
	48,884	iShares J.P. Morgan USD Emerging Markets Bond ETF (a)		5,558,111
	9,539	PowerShares DB Agriculture Fund (b)		188,681
	5,019	PowerShares DB Base Metals Fund (b)		82,161
	6,231	PowerShares DB Energy Fund (b)		78,448
	6,058	PowerShares DB Precious Metals Fund (b)		230,567
	46,507	ProShares Investment Grade-Interest Rate Hedged ETF (a)		3,544,298
	43,181	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)		1,973,804
	4,805	Vanguard FTSE Developed Markets ETF		188,837
	113,860	Vanguard Intermediate-Term Corporate Bond ETF		9,835,227
	139,952	Vanguard Mortgage-Backed Securities ETF (a)		7,350,279
	16,856	Vanguard S&P 500 ETF		3,646,796
	26,207	Vanguard Total Bond Market ETF		2,124,864
				55,770,739
		Mutual Funds - 42.46%
	393,290	BlackRock Low Duration Bond Portfolio - Institutional Shares		3,783,454
	162,294	DoubleLine Core Fixed Income Fund - Institutional Shares		1,762,510
	502,871	DoubleLine Low Duration Bond Fund - Institutional Shares		5,048,827
	361,299	DoubleLine Multi-Asset Growth Fund - Institutional Shares (c)		3,555,179
	1,125,122	DoubleLine Total Return Bond Fund - Institutional Shares		11,960,051
	877,099	T. Rowe Price Institutional Floating Rate Fund		8,823,616
	1,252,984	Vanguard High-Yield Corporate Fund - Admiral Shares		7,367,545
				42,301,182
		Total Investment Companies (Cost $96,637,868)		98,709,386

Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.01%
		Money Market Funds - 1.01%
	1,001,983	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (d)	$	1,001,983
		Total Short Term Investments (Cost $1,001,983)		1,001,983
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 18.28%
		Investment Companies - 18.28%
	18,216,561	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.17% (d)		18,216,561
		Total Investments Purchased as Securities Lending Collateral (Cost $18,216,561)		18,216,561
		Total Investments (Cost $115,856,412) - 118.37%		117,927,930
		Liabilities in Excess of Other Assets - (18.37)%		(18,300,294	)
		TOTAL NET ASSETS - 100.00%	$	99,627,636

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) 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 1.86% of total net assets as of March 31, 2017.

(d) Seven-day yield as of March 31, 2017.

See notes to financial statements.

103

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2017

Principal Amount			Value
		SHORT TERM INVESTMENTS - 99.47%
		Certificate of Deposit - 72.34%
$	2,800,000	Abbey National Treasury Services Plc 0.820%, 04/03/2017	$	2,800,000
	2,500,000	Banco Del Estado De Chile 1.310%, 07/05/2017 (a)		2,502,347
	2,000,000	Bank of Montreal 1.434%, 05/12/2017 (a)		2,000,183
	2,500,000	Bank of Nova Scotia 1.271%, 06/14/2017 (a)		2,501,510
	2,000,000	Bank of Tokyo-Mitsubishi, Ltd. 1.300%, 04/21/2017		2,000,006
	3,500,000	CIBC 0.820%, 04/03/2017		3,500,000
	1,500,000	Commonwealth Bank of Australia 1.367%, 02/23/2018 (a)		1,500,562
	3,000,000	Cooperatieve Rabobank UA 1.228%, 07/10/2017 (a)		3,001,911
	2,500,000	Credit Agricole Corp. and Investment Bank 0.900%, 04/12/2017		2,500,000
	2,500,000	Credit Industriel et Commercial 1.050%, 06/20/2017		2,500,768
		Dexia Credit Local SA
	2,000,000	1.281%, 08/11/2017 (a)		2,001,550
	750,000	1.462%, 01/29/2018 (a)		750,980
	2,800,000	DNB ASA 1.000%, 04/28/2017		2,800,000
	2,500,000	Landesbank Hessen-Thueringen 0.920%, 04/07/2017		2,500,000
		Mizuho Bank, Ltd.
	1,200,000	1.678%, 04/18/2017 (a)		1,200,000
	1,800,000	1.440%, 07/06/2017 (a)		1,801,559
	2,500,000	National Australia Bank 1.080%, 08/08/2017		2,499,697
	3,550,000	National Bank of Kuwait 0.830%, 04/03/2017		3,550,000
	2,000,000	Oversea-Chinese Banking Corp., Ltd. 1.030%, 06/15/2017		1,999,801
		Royal Bank of Canada
	500,000	1.247%, 05/08/2017 (a)		500,000
	700,000	1.261%, 06/12/2017 (a)		700,418
	2,700,000	Skandinaviska Enskilda Banken AB 1.433%, 06/02/2017 (a)		2,701,355
		Sumitomo Mitsui Trust Bank, Ltd.
	500,000	1.511%, 04/03/2017 (a)		500,007
	2,500,000	0.960%, 04/07/2017		2,500,000
	1,500,000	Swedbank AB 0.880%, 04/05/2017		1,500,000
	2,000,000	The Norinchukin Bank 1.300%, 06/19/2017		2,000,993
		The Toronto-Dominion Bank
	500,000	1.060%, 04/05/2017		500,000
	2,500,000	1.534%, 08/10/2017 (a)		2,504,120
	2,500,000	Westpac Banking Corp. 1.378%, 01/10/2018 (a)		2,504,415
				59,822,182

Principal Amount			Value
		Commercial Paper - 8.33%
$	2,900,000	COFCO Capital Corp. 1.040%, 04/27/2017 (b)	$	2,897,822
	2,000,000	ING US Funding LLC 1.000%, 04/20/2017 (b)		1,998,944
	2,000,000	Swedbank AB 1.000%, 05/30/2017 (b)		1,996,722
				6,893,488
		Corporate Obligations - 3.51%
	2,900,000	Bank of America Corp. 1.060%, 06/09/2017		2,899,327
				2,899,327
Number of Shares
		Money Market Funds - 0.31%
	254,234	Deutsche Government Money Market Series - Institutional Shares Effective Yield, 0.63% (c)(e)		254,234
				254,234
Principal Amount
		U.S. Treasury Bill - 14.98%
		United States Treasury Bill
$	1,000,000	0.525%, 04/06/2017 (b)(d)(e)		999,924
	2,050,000	0.718%, 04/20/2017 (b)(d)(e)		2,049,437
	3,050,000	0.708%, 05/11/2017 (b)(d)(e)		3,048,286
	3,000,000	0.698%, 06/08/2017 (b)(d)(e)		2,996,121
	800,000	0.738%, 07/06/2017 (b)(d)(e)		798,415
	2,000,000	0.753%, 07/13/2017 (b)(d)		1,995,680
	500,000	0.763%, 08/03/2017 (b)(d)		498,670
				12,386,533
		Total Short Term Investments (Cost $82,237,400)		82,255,764
		Total Investments (Cost $82,237,400) - 99.47%		82,255,764
		Other Assets in Excess of Liabilities - 0.53%		436,061
		TOTAL NET ASSETS - 100.00%	$	82,691,825

Percentages are stated as a percent of net assets.

(a) Variable Rate Security. The rate shown is the rate in effect on March 31, 2017.

(b) Zero coupon bond. The effective yield is listed.

(c) Seven-day yield as of March 31, 2017.

(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.

104

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2017

Description	Number of Contracts Purchased /  (Sold)			Notional Value			Settlement Month		Unrealized Appreciation (Depreciation)
Amsterdam IDX Futures		45		$	4,946,553			Apr-17	$	59,433
Australian 3-Year Treasury Bond Futures		13			973,833			Jun-17		218
Australian 10-Year Treasury Bond Futures		(47	)		(3,492,773	)		Jun-17		(97,602	)
Australian Dollar Futures		114			8,705,040			Jun-17		29,129
Brent Crude Futures (a)		(14	)		(749,420	)		Jun-17		(38,262	)
British Pound Futures		(60	)		(4,708,500	)		Jun-17		(133,378	)
CAC40 Index Futures		54			2,946,905			Apr-17		74,751
Canadian 10-Year Bond Futures		3			309,779			Jun-17		(350	)
Canadian Dollar Futures		(53	)		(3,992,490	)		Jun-17		(58,674	)
Cocoa Futures (a)		(51	)		(1,069,980	)		Jul-17		35,184
Coffee ‘C’ Futures (a)		10			531,188			Jul-17		(221	)
Copper Futures (a)		28			1,856,750			May-17		(53,350	)
Corn Futures (a)		(163	)		(3,029,763	)		Jul-17		(3,436	)
Cotton No. 2 Futures (a)		39			1,507,935			May-17		13,455
DAX® Index Futures		12			3,945,945			Jun-17		97,279
DJIA E-Mini CBOT Futures		54			5,563,080			Jun-17		(60,500	)
E-mini Nasdaq 100 Futures		57			6,199,890			Jun-17		77,139
E-mini S&P 500 Futures		35			4,128,600			Jun-17		(22,728	)
Euribor 3 Month Futures		90			24,073,881			Sep-17		6,711
Euro Fx Futures		(99	)		(13,268,475	)		Jun-17		(144,397	)
Euro Stoxx 50® Index Futures		126			4,605,133			Jun-17		112,506
Euro-Bobl Futures		137			19,262,839			Jun-17		(64,697	)
Euro-BTP Futures		(35	)		(4,879,718	)		Jun-17		(40,556	)
Euro-Bund Futures		69			11,882,033			Jun-17		9,787
Eurodollar 90 Day Futures		(377	)		(92,902,225	)		Sep-17		14,692
Euro-OATS Futures		(32	)		(5,019,608	)		Jun-17		(36,828	)
Euro-Schatz Futures		291			34,845,308			Jun-17		(36,713	)
FTSE 100 Index Futures		38			3,463,873			Jun-17		(8,907	)
FTSE MIB Index Futures		22			2,352,952			Jun-17		93,107
FTSE/JSE Top 40 Index Futures		(29	)		(989,302	)		Jun-17		(9,658	)
Gold 100 Oz. Futures (a)		(7	)		(875,840	)		Jun-17		(155	)
Hang Seng Index Futures		26			4,036,582			Apr-17		(31,788	)
IBEX 35® Index Futures		54			5,998,541			Apr-17		241,775
Japanese Yen Futures		27			3,041,381			Jun-17		(8,282	)
Live Cattle Futures (a)		50			2,217,500			Jun-17		3,628
LME Aluminium Futures (a)(b)		56			2,749,950			Jun-17		35,106
LME Copper Futures (a)(b)		17			2,481,681			Jun-17		(73,349	)
LME Nickel Futures (a)(b)		21			1,262,268			Jun-17		(129,091	)
LME Nickel Futures (a)(b)		(6	)		(360,648	)		Jun-17		3,985
LME Zinc Futures (a)(b)		24			1,662,600			Jun-17		(46,989	)
Long Gilt Futures		72			11,508,814			Jun-17		107,240
Low Sulphur Gas Oil Futures (a)		1			47,100			May-17		(251	)
Mexican Peso Futures		59			1,555,830			Jun-17		12,845
MSCI Singapore Index Futures		69			1,723,212			Apr-17		23,316
MSCI Taiwan Index Futures		99			3,590,730			Apr-17		(34,453	)
Natural Gas Futures (a)		(15	)		(478,500	)		May-17		(12,493	)
New Zealand Dollar Futures		36			2,519,640			Jun-17		3,365
Nifty 50 Index Futures		199			3,660,804			Apr-17		26,111
Nikkei 225 Futures		18			3,057,397			Jun-17		(55,250	)
OMXS30 Futures		276			4,873,542			Apr-17		90,872
RBOB Gasoline Futures (a)		(23	)		(1,645,098	)		May-17		(84,971	)
Russell 2000 Mini Index Futures		53			3,668,660			Jun-17		47,177
S&P/TSX 60 Index Futures		37			5,075,415			Jun-17		(1,659	)
Silver Futures (a)		17			1,551,760			May-17		24,472
Soybean Futures (a)		(66	)		(3,158,100	)		Jul-17		161,155
Soybean Meal Futures (a)		(57	)		(1,777,260	)		Jul-17		42,174
Soybean Oil Futures (a)		(112	)		(2,155,104	)		Jul-17		74,455
SPI 200TM Index Futures		41			4,579,571			Jun-17		85,795
Sterling LIBOR 90 Day Futures		734			114,470,526			Sep-17		31,774

See notes to financial statements.

105

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)

March 31, 2017

Description	Number of Contracts Purchased /  (Sold)			Notional Value			Settlement Month		Unrealized Appreciation (Depreciation)
Sugar No. 11 Futures (a)		(42	)	$	(794,035	)		Jul-17	$	(143	)
Swiss Franc Futures		(19	)		(2,384,500	)		Jun-17		(28,223	)
TOPIX Index Futures		25			3,396,434			Jun-17		(62,030	)
U.S. Treasury 2-Year Note Futures		(60	)		(12,987,188	)		Jun-17		(41,474	)
U.S. Treasury 5-Year Note Futures		(43	)		(5,062,242	)		Jun-17		(46,427	)
U.S. Treasury 10-Year Note Futures		(26	)		(3,238,625	)		Jun-17		(42,429	)
U.S. Treasury Long Bond Futures		(14	)		(2,111,813	)		Jun-17		(48,663	)
U.S. Treasury Ultra Bond Futures		(14	)		(2,248,750	)		Jun-17		(35,449	)
Wheat Futures (a)		(102	)		(2,238,900	)		Jul-17		(2,762	)
WTI Crude Futures (a)		(36	)		(1,821,600	)		May-17		(99,400	)
									$	(57,352	)

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

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

See notes to financial statements.

106

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2017

	Large Cap Core Fund		Emerging Markets Fund			Small/Mid Cap Core Fund
ASSETS:
Investments, at value (cost $213,109,612, $104,814,356, and $127,320,310, respectively)1	$	252,649,394	$	123,968,538		$	148,052,482
Foreign currencies (cost $0, $86,701, and $0, respectively)		—		85,386			—
Cash		4,528		—			—
Income receivable		212,079		302,384			133,446
Receivable for dividend reclaims		3,667		38,417			—
Receivable for investment securities sold		—		2,496,536			76,554
Receivable for fund shares sold		159,603		377,835			102,429
Other assets		32,215		27,899			37,031
Total Assets		253,061,486		127,296,995			148,401,942
LIABILITIES:
Payable for collateral on securities loaned		49,865,866		838,995			32,709,937
Payable for investment securities purchased		—		8,062,347			—
Payable for fund shares redeemed		218,763		165,925			56,597
Payable to Investment Advisor		112,385		77,007			65,966
Accrued Trustee fees and expenses		2,969		1,244			1,309
Depreciation on forward currency contracts		—		1,885			—
Other accrued expenses		147,656		146,264			91,559
Total Liabilities		50,347,639		9,293,667			32,925,368
NET ASSETS	$	202,713,847	$	118,003,328		$	115,476,574
NET ASSETS CONSIST OF:
Capital stock		157,544,852		190,280,669			93,970,059
Unrealized appreciation (depreciation) on:
Investments		39,539,782		19,154,182			20,732,172
Foreign currencies		—		12,061			—
Forward currency contracts		—		(1,885	)		—
Accumulated undistributed net investment income (loss)		355,378		(188,840	)		59,283
Accumulated undistributed net realized gain (loss)		5,273,835		(91,252,859	)		715,060
Total Net Assets	$	202,713,847	$	118,003,328		$	115,476,574
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		2,655,343		885,963			3,534,626
Net assets		42,855,994		11,925,354			64,819,232
Net asset value, offering and redemption price per share	$	16.14	$	13.46		$	18.34
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		10,032,760		7,801,632			2,835,701
Net assets		159,857,853		106,077,974			50,657,342
Net asset value, offering and redemption price per share	$	15.93	$	13.60		$	17.86
1Includes loaned securities with a value of:	$	48,747,250	$	816,080		$	31,961,820

See notes to financial statements.

107

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

	World ex-US Fund			Opportunistic Equity Fund			Core Fixed Income Fund
ASSETS:
Investments, at value (cost $166,071,764, $70,544,916 and $163,065,148, respectively)1	$	189,662,206		$	85,459,702		$	164,100,701
Foreign currencies (cost $339,197, $0, and $0, respectively)		338,852			—			—
Cash		—			—			15,333
Appreciation on swap agreements		—			—			235,441
Variation margin on futures contracts		—			—			6,375
Income receivable		643,327			41,904			785,761
Receivable for dividend reclaims		638,884			552			—
Receivable for investment securities sold		—			219,586			884,305
Receivable for fund shares sold		144,599			88,517			108,064
Swap premiums paid		—			—			60,439
Other assets		28,813			31,576			32,538
Total Assets		191,456,681			85,841,837			166,228,957
LIABILITIES:
Payable for collateral on securities loaned		2,977,876			19,335,822			7,147,649
Payable for investment securities purchased		—			4,184			11,914,657
Payable for fund shares redeemed		171,544			86,653			146,701
Payable to Investment Advisor		108,919			59,060			91,191
Accrued Trustee fees and expenses		2,123			746			1,843
Swap premiums received		—			—			181,289
Payable for deposits with broker for swaps		—			—			120,629
Other accrued expenses		162,788			61,837			156,171
Total Liabilities		3,423,250			19,548,302			19,760,130
NET ASSETS	$	188,033,431		$	66,293,535		$	146,468,827
NET ASSETS CONSIST OF:
Capital stock		317,534,431			51,856,878			145,495,065
Unrealized appreciation (depreciation) on:
Investments		23,590,442			14,914,786			1,035,562
Foreign currencies		(51,505	)		—			—
Swaps		—			—			235,441
Futures contracts		—			—			20,337
Accumulated undistributed net investment income (loss)		2,624,397			(56,230	)		59,210
Accumulated undistributed net realized gain (loss)		(155,664,334	)		(421,899	)		(376,788	)
Total Net Assets	$	188,033,431		$	66,293,535		$	146,468,827
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		8,980,810			—			985,259
Net assets		75,295,608			—			9,110,591
Net asset value, offering and redemption price per share	$	8.38		$	—		$	9.25
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		13,647,071			5,872,151			14,731,698
Net assets		112,737,823			66,293,535			137,358,236
Net asset value, offering and redemption price per share	$	8.26		$	11.29		$	9.32
1Includes loaned securities with a value of:	$	2,825,396		$	18,869,841		$	7,004,983

See notes to financial statements.

108

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

	Tax-Exempt Fixed  Income Fund			Opportunistic Fixed Income Fund			Growth Allocation Fund
ASSETS:
Investments, at value (cost $28,488,986, $62,222,862, and $421,826,053, respectively)1	$	30,304,892		$	60,771,569		$	476,213,662
Investments in affiliates, at value (cost $0, $0 and $140,857,032, respectively)		—			—			179,492,287
Foreign currencies (cost $0, $884,722, and $0, respectively)		—			899,085			—
Cash		—			2,096			—
Deposits with brokers for forwards and swaps		—			2,203,917			—
Income receivable		432,039			647,549			2,793
Receivable for investment securities and foreign currencies sold		—			2,802,408			220,671
Receivable for fund shares sold		1,226			37,871			2,115,301
Appreciation of forward foreign currency contracts		—			1,323,677			—
Appreciation of swap agreements		—			52,500			—
Other assets		17,297			24,675			60,441
Total Assets		30,755,454			68,765,347			658,105,155
LIABILITIES:
Depreciation of forward foreign currency contracts		—			362,066			—
Depreciation on swap agreements		—			1,203,905			—
Payable for collateral on securities loaned		—			—			91,758,279
Payable for investment securities and foreign currencies purchased		347,439			95,538			1,183,520
Payable for fund shares redeemed		5,893			78,721			292,812
Payable to broker for collateral received		—			200,000			—
Payable to Investment Advisor		22,639			28,999			234,939
Accrued Trustee fees and expenses		385			803			6,281
Other accrued expenses		61,837			93,607			311,403
Total Liabilities		438,193			2,063,639			93,787,234
NET ASSETS	$	30,317,261		$	66,701,708		$	564,317,921
NET ASSETS CONSIST OF:
Capital stock		30,213,755			82,739,783			469,833,330
Unrealized appreciation (depreciation) on:
Investments		1,815,906			(1,451,293	)		54,387,609
Investments in affiliates		—			—			38,635,255
Foreign currencies		—			18,122			—
Swaps		—			(1,151,405	)		—
Forward currency exchange contracts		—			961,611			—
Accumulated undistributed net investment income (loss)		17,169			12,504,155			(21,489	)
Accumulated undistributed net realized gain (loss)		(1,729,569	)		(26,919,265	)		1,483,216
Total Net Assets	$	30,317,261		$	66,701,708		$	564,317,921
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—			984,358			1,162,164
Net assets		—			9,316,917			13,176,782
Net asset value, offering and redemption price per share	$	—		$	9.46		$	11.34
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		2,703,163			6,000,347			48,826,759
Net assets		30,317,261			57,384,791			551,141,139
Net asset value, offering and redemption price per share	$	11.22		$	9.56		$	11.29
1Includes loaned securities with a value of:	$	—		$	—		$	89,776,267

See notes to financial statements.

109

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

	Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund
ASSETS:
Investments, at value (cost $128,068,003, $308,932,728 and $141,178,248, respectively)1	$	132,695,919		$	332,425,015		$	149,286,468
Investments in affiliates, at value (cost $11,414,204, $0, and $10,463,122, respectively)		15,219,504			—			10,520,781
Income receivable		547			1,311			106,190
Receivable for investment securities sold		—			409,185			55,970
Receivable for fund shares sold		477,895			783,541			320,402
Other assets		42,463			47,391			58,435
Total Assets		148,436,328			333,666,443			160,348,246
LIABILITIES:
Payable for collateral on securities loaned		32,173,173			24,291,888			30,145,575
Payable for investment securities purchased		118,347			954,597			89,293
Payable for fund shares redeemed		63,319			117,726			31,445
Payable to Investment Advisor		47,872			156,985			107,558
Accrued Trustee fees and expenses		1,309			3,527			1,464
Other accrued expenses		80,591			214,936			103,194
Total Liabilities		32,484,611			25,739,659			30,478,529
NET ASSETS	$	115,951,717		$	307,926,784		$	129,869,717
NET ASSETS CONSIST OF:
Capital stock		111,579,116			301,767,295			134,931,899
Unrealized appreciation on:
Investments		4,627,916			23,492,287			8,108,220
Investments in affiliates		3,805,300			—			57,659
Accumulated undistributed net investment income		1,203,281			4,003,285			612,562
Accumulated undistributed net realized loss		(5,263,896	)		(21,336,083	)		(13,840,623	)
Total Net Assets	$	115,951,717		$	307,926,784		$	129,869,717
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		545,527			367,591			89,572
Net assets		4,966,270			3,767,220			921,609
Net asset value, offering and redemption price per share	$	9.10		$	10.25		$	10.29
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		12,250,224			29,980,822			12,493,366
Net assets		110,985,447			304,159,564			128,948,108
Net asset value, offering and redemption price per share	$	9.06		$	10.15		$	10.32
1Includes loaned securities with a value of:	$	31,544,061		$	23,816,222		$	29,491,600

See notes to financial statements.

110

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2017

	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed2 Futures Strategy  Fund
ASSETS:
Investments, at value (cost $122,634,200, $115,219,227, and $82,237,400, respectively)1	$	132,929,020		$	117,290,465		$	82,255,764
Investments in affiliates, at value (cost $6,801,395, $637,185, and $0, respectively)		6,964,977			637,465			—
Deposits with brokers for futures		—			—			414,751
Variation margin on futures		—			—			9,865
Income receivable		91,749			8,840			68,940
Receivable for investment securities sold		—			57,407			—
Receivable for fund shares sold		208,320			75,186			348,883
Receivable from broker for futures		—			—			527
Receivable for unsettled open futures contracts		—			—			39,104
Other assets		14,062			11,409			25,167
Total Assets		140,208,128			118,080,772			83,163,001
LIABILITIES:
Payable for collateral on securities loaned		19,755,971			18,216,561			—
Payable for investment securities purchased		430,988			73,837			—
Payable for fund shares redeemed		49,072			28,346			32,124
Payable for unsettled open futures contracts		—			—			249,442
Payable to Investment Advisor		60,753			42,654			96,226
Accrued Trustee fees and expenses		1,361			1,159			993
Other accrued expenses		92,854			90,579			92,391
Total Liabilities		20,390,999			18,453,136			471,176
NET ASSETS	$	119,817,129		$	99,627,636		$	82,691,825
NET ASSETS CONSIST OF:
Capital stock		119,764,590			108,183,666			86,810,146
Unrealized appreciation (depreciation) on:
Investments		10,294,820			2,071,238			18,364
Investments in affiliates		163,582			280			—
Foreign currency translation		—			—			(3,487	)
Futures contracts		—			—			(57,352	)
Accumulated undistributed net investment income gain (loss)		112,867			38,394			(167,523	)
Accumulated undistributed net realized loss		(10,518,730	)		(10,665,942	)		(3,908,323	)
Total Net Assets	$	119,817,129		$	99,627,636		$	82,691,825
Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—			5,429			169,985
Net assets		—			52,492			1,478,880
Net asset value, offering and redemption price per share	$	—		$	9.67		$	8.70
Service Shares
Shares outstanding (unlimited shares of no par value authorized)		11,450,167			10,362,428			9,402,473
Net assets		119,817,129			99,575,144			81,212,945
Net asset value, offering and redemption price per share	$	10.46		$	9.61		$	8.64
1Includes loaned securities with a value of:	$	19,367,389		$	17,804,860		$	—
2Consolidated Statement of Assets & Liabilities (see note 3b).

See notes to financial statements.

111

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS

For the Year Ended March 31, 2017

	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $1,444, $343,466, and $694, respectively)	$	4,558,929		$	2,666,805		$	1,560,382
Interest income		10,598			790			3,488
Total investment income		4,569,527			2,667,595			1,563,870
EXPENSES:
Investment advisory fees		1,091,699			668,790			590,513
Distribution (12b-1) fees – Service Shares		509,726			264,221			127,391
Administrative service fees – Service Shares		493,293			259,154			124,912
Shareholder servicing fees – Service Shares		169,920			85,797			42,803
Administration fees		113,093			57,528			67,808
Fund accounting fees		86,976			123,430			111,777
Legal fees		80,026			52,310			32,831
Custody fees		43,255			182,382			29,895
Trustee fees and expenses		40,978			19,396			17,111
Federal and state registration fees		37,068			33,958			31,580
Reports to shareholders		28,365			14,222			23,369
Audit and tax fees		20,523			20,454			21,490
Transfer agent fees and expenses		17,310			11,197			10,817
Compliance fees		14,518			6,982			6,501
Insurance fees		9,423			7,332			4,195
Miscellaneous expenses		3,098			3,577			2,329
Interest expenses		1,643			1,558			5
Total expenses		2,760,914			1,812,288			1,245,327
Less securities lending credit (See Note 7)		(158,681	)		(11,847	)		(265,806	)
Net expenses		2,602,233			1,800,441			979,521
Net investment income		1,967,294			867,154			584,349
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain (loss) on:
Investments		11,575,308			3,686,633			2,596,131
Foreign currencies		—			(67,099	)		—
Forward currency contracts		—			(21,022	)		—
Total		11,575,308			3,598,512			2,596,131
Net change in unrealized appreciation (depreciation) on:
Investments		9,712,500			14,908,940			16,860,179
Foreign currencies		—			9,187			—
Forward currency contracts		—			(1,885	)		—
Total		9,712,500			14,916,242			16,860,179
Net realized and unrealized gain		21,287,808			18,514,754			19,456,310
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,255,102		$	19,381,908		$	20,040,659

See notes to financial statements.

112

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

	World ex-US Fund			Opportunistic Equity Fund			Core Fixed Income Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $411,199, $1,761, and $0, respectively)	$	5,056,247		$	759,146		$	—
Interest income		3,689			9,497			4,486,407
Total investment income		5,059,936			768,643			4,486,407
EXPENSES:
Investment advisory fees		923,865			526,409			896,797
Distribution (12b-1) fees – Service Shares		304,239			164,348			432,230
Administrative service fees – Service Shares		297,373			161,299			416,270
Shareholder servicing fees – Service Shares		99,790			52,977			145,229
Administration fees		97,430			23,228			84,605
Fund accounting fees		181,432			18,837			193,948
Legal fees		59,552			24,408			40,619
Custody fees		136,109			21,404			44,875
Trustee fees and expenses		31,368			11,373			31,974
Federal and state registration fees		33,308			31,391			32,553
Reports to shareholders		21,370			13,350			19,003
Audit and tax fees		26,210			20,990			23,983
Transfer agent fees and expenses		14,497			8,799			14,304
Compliance fees		11,415			4,016			10,641
Insurance fees		12,323			4,624			12,743
Miscellaneous expenses		2,773			2,314			2,324
Interest expenses		641			182			751
Total expenses		2,253,695			1,089,949			2,402,849
Net expense recapture (reimbursement) by Advisor (See Note 4)		(15,038	)		(6	)		(108,257	)
Less securities lending credit (See Note 7)		(48,136	)		(46,884	)		(18,910	)
Net expenses		2,190,521			1,043,059			2,275,682
Net investment income (loss)		2,869,415			(274,416	)		2,210,725
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		1,630,887			3,442,012			2,490,604
Foreign currencies		(175,775	)		—			(20	)
Forward currency contracts		13,851			—			—
Swaps		—			—			(35,652	)
Futures contracts		—			—			(27,497	)
Written options		—			—			(13,945	)
Total		1,468,963			3,442,012			2,413,490
Net change in unrealized appreciation (depreciation) on:
Investments		13,720,044			6,836,600			(4,244,425	)
Foreign currencies		(35,605	)		—			—
Swaps		—			—			240,667
Futures contracts		—			—			8,080
Total		13,684,439			6,836,600			(3,995,678	)
Net realized and unrealized gain (loss)		15,153,402			10,278,612			(1,582,188	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,022,817		$	10,004,196		$	628,537

See notes to financial statements.

113

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

	Tax-Exempt Fixed  Income Fund			Opportunistic Fixed Income Fund			Growth Allocation Fund
INVESTMENT INCOME:
Dividend income	$	—		$	—		$	7,395,546
Dividends from affiliate investments		—			—			2,039,984
Interest income (net of withholding tax of $0, $150,643, and $0, respectively)		1,510,747			4,543,411			23,480
Total investment income		1,510,747			4,543,411			9,459,010
EXPENSES:
Investment advisory fees		195,468			533,875			1,181,168
Distribution (12b-1) fees – Service Shares		97,734			169,485			1,150,468
Administrative service fees – Service Shares		89,085			166,569			1,149,974
Shareholder servicing fees – Service Shares		30,338			49,489			446,382
Administration fees		17,743			33,620			208,893
Fund accounting fees		31,660			85,274			106,406
Legal fees		15,574			36,017			122,266
Custody fees		4,602			123,011			98,674
Trustee fees and expenses		7,197			13,612			77,905
Federal and state registration fees		30,420			30,480			30,720
Reports to shareholders		3,544			18,196			58,757
Audit and tax fees		24,004			28,493			13,992
Transfer agent fees and expenses		6,532			9,401			28,051
Compliance fees		2,244			2,995			19,943
Insurance fees		2,494			3,937			10,364
Miscellaneous expenses		2,178			1,903			3,490
Interest expenses		292			—			2,234
Total expenses		561,109			1,306,357			4,709,687
Net expense reimbursement by Advisor (See Note 4)		(56,510	)		(175,049	)		—
Less securities lending credit (See Note 7)		—			—			(444,989	)
Net expenses		504,599			1,131,308			4,264,698
Net investment income		1,006,148			3,412,103			5,194,312
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		1,133,091			(4,791,389	)		5,331,012
Investments in affiliates		—			—			1,780,678
Net long-term capital gain distributions received		—			—			56
Net long-term capital gain distributions received from affiliates		—			—			807,927
Foreign currencies		—			(170,533	)		—
Forward currency exchange contracts		—			(1,979,287	)		—
Swaps		—			(582,164	)		—
Total		1,133,091			(7,523,373	)		7,919,673
Net change in unrealized appreciation (depreciation) on:
Investments		(2,319,469	)		5,263,986			31,950,454
Investments in affiliates		—			—			17,912,800
Foreign currencies		—			12,040			—
Forward currency contracts		—			2,993,489			—
Swaps		—			1,401,951			—
Total		(2,319,469	)		9,671,466			49,863,254
Net realized and unrealized gain (loss)		(1,186,378	)		2,148,093			57,782,927
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(180,230	)	$	5,560,196		$	62,977,239

See notes to financial statements.

114

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

	Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund
INVESTMENT INCOME:
Dividend income	$	1,847,061		$	7,398,874		$	5,117,750
Dividends from affiliate investments		156,319			—			335,307
Interest income		5,393			10,293			5,249
Total investment income		2,008,773			7,409,167			5,458,306
EXPENSES:
Investment advisory fees		227,440			1,185,279			467,006
Distribution (12b-1) fees – Service Shares		215,282			835,657			331,046
Administrative service fees – Service Shares		214,862			835,299			330,797
Shareholder servicing fees – Service Shares		82,669			317,550			129,770
Administration fees		45,531			156,628			56,755
Fund accounting fees		21,550			76,556			30,633
Legal fees		25,368			108,650			48,166
Custody fees		37,479			61,502			59,065
Trustee fees and expenses		14,665			59,599			24,328
Federal and state registration fees		30,932			31,848			31,814
Reports to shareholders		20,706			36,039			16,266
Audit and tax fees		13,992			13,992			13,984
Transfer agent fees and expenses		10,152			21,566			12,000
Compliance fees		3,845			13,856			5,160
Insurance fees		2,802			11,955			6,123
Miscellaneous expenses		2,408			3,491			2,788
Interest expenses		53			518			2,054
Total expenses		969,736			3,769,985			1,567,755
Net expense recapture by Advisor (See Note 4)		—			—			(11,972	)
Less securities lending credit (See Note 7)		(188,104	)		(414,321	)		(92,067	)
Net expenses		781,632			3,355,664			1,463,716
Net investment income		1,227,141			4,053,503			3,994,590
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(432,720	)		8,717,010			1,514,951
Investments in affiliates		196,589			—			(99,366	)
Net long-term capital gain distributions received		379			—			71,576
Net long-term capital gain distributions received from affiliates		54,217			—			—
Total		(181,535	)		8,717,010			1,487,161
Net change in unrealized appreciation on:
Investments		2,275,472			16,899,104			5,151,666
Investments in affiliates		1,751,174			—			81,116
Total		4,026,646			16,899,104			5,232,782
Net realized and unrealized gain		3,845,111			25,616,114			6,719,943
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,072,252		$	29,669,617		$	10,714,533

See notes to financial statements.

115

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2017

	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed1 Futures  Strategy Fund
INVESTMENT INCOME:
Dividend income	$	4,021,849		$	2,967,402		$	—
Dividends from affiliate investments		167,057			19,648			—
Interest income		4,213			3,395			891,845
Total investment income		4,193,119			2,990,445			891,845
EXPENSES:
Investment advisory fees		383,674			265,616			1,345,964
Distribution (12b-1) fees – Service Shares		274,053			265,489			313,763
Administrative service fees – Service Shares		274,044			265,383			313,744
Shareholder servicing fees – Service Shares		104,140			102,327			119,230
Administration fees		48,734			45,270			36,105
Fund accounting fees		21,238			24,566			40,021
Legal fees		35,083			43,121			106,020
Custody fees		48,262			48,523			40,581
Trustee fees and expenses		18,717			18,854			23,943
Federal and state registration fees		33,660			34,575			43,310
Reports to shareholders		7,784			10,840			13,818
Audit and tax fees		13,984			13,984			33,002
Transfer agent fees and expenses		7,330			10,853			9,576
Compliance fees		4,515			4,198			5,204
Insurance fees		3,224			3,285			3,640
Miscellaneous expenses		2,412			2,461			3,445
Interest expenses		396			1,494			55,087
Offering costs		—			—			876
Total expenses		1,281,250			1,160,839			2,507,329
Net expense reimbursement by Advisor (See Note 4)		—			—			(32,780	)
Less securities lending credit (See Note 7)		(220,058	)		(194,082	)		—
Net expenses		1,061,192			966,757			2,474,549
Net investment income (loss)		3,131,927			2,023,688			(1,582,704	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		1,009,499			1,311,819			10,234
Investments in affiliates		(11,651	)		2,579			—
Net long-term capital gain distributions received		421			748			—
Foreign currency translation		—			—			214,354
Futures contracts		—			—			(9,209,044	)
Total		998,269			1,315,146			(8,984,456	)
Net change in unrealized appreciation (depreciation) on:
Investments		4,490,005			(388,666	)		(12,574	)
Investments in affiliates		141,726			(16,045	)		—
Foreign currencies		—			—			1,893
Futures contracts		—			—			(2,417,948	)
Total		4,631,731			(404,711	)		(2,428,629	)
Net realized and unrealized gain (loss)		5,630,000			910,435			(11,413,085	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,761,927		$	2,934,123		$	(12,995,789	)
1Consolidated Statement of Operations for the year (see note 3b).

See notes to financial statements.

116

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Large Cap Core Fund						Emerging Markets Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
Net investment income	$	1,967,294		$	1,183,967		$	867,154		$	1,117,365
Net realized gain on investment transactions		11,575,308			28,870,387			3,598,512			39,565,775
Net change in unrealized appreciation (depreciation) on investments		9,712,500			(27,634,600	)		14,916,242			(57,941,013	)
Net increase (decrease) in net assets resulting from operations		23,255,102			2,419,754			19,381,908			(17,257,873	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		27,172,126			24,340,109			7,059,500			8,943,117
Shares issued to holders in reinvestment of dividends		1,397,913			962,982			64,639			343,573
Shares redeemed		(20,862,812	)		(37,651,694	)		(2,680,771	)		(57,624,315	)
Net increase (decrease)		7,707,227			(12,348,603	)		4,443,368			(48,337,625	)
Service Shares
Shares sold		199,930,027			159,568,384			22,239,137			69,441,913
Shares issued to holders in reinvestment of dividends		6,951,634			7,244,241			325,406			1,631,712
Shares redeemed		(276,922,332	)		(111,678,118	)		(52,302,305	)		(101,036,005	)
Net increase (decrease)		(70,040,671	)		55,134,507			(29,737,762	)		(29,962,380	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(492,125	)		(207,479	)		(64,639	)		(343,573	)
Net investment income – Service Shares		(1,630,366	)		(773,830	)		(325,464	)		(1,632,424	)
Net realized gains – Institutional Shares		(905,788	)		(755,503	)		—			—
Net realized gains – Service Shares		(5,321,268	)		(6,471,426	)		—			—
Total dividends and distributions		(8,349,547	)		(8,208,238	)		(390,103	)		(1,975,997	)
INCREASE (DECREASE) IN NET ASSETS		(47,427,889	)		36,997,420			(6,302,589	)		(97,533,875	)
NET ASSETS:
Beginning of year		250,141,736			213,144,316			124,305,917			221,839,792
End of year (including accumulated undistributed net investment income (loss) of $355,378, $482,811, $(188,840) and $(627,462), respectively)	$	202,713,847		$	250,141,736		$	118,003,328		$	124,305,917
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		1,782,172			1,743,722			564,774			741,488
Shares issued to holders in reinvestment of dividends		91,129			65,420			5,501			31,149
Shares redeemed		(1,329,010	)		(2,620,228	)		(219,419	)		(5,101,953	)
Net increase (decrease)		544,291			(811,086	)		350,856			(4,329,316	)
Service Shares
Shares sold		12,920,906			10,840,713			1,767,998			5,864,650
Shares issued to holders in reinvestment of dividends		458,249			497,202			27,368			146,080
Shares redeemed		(18,252,615	)		(7,558,252	)		(4,287,240	)		(8,539,930	)
Net increase (decrease)		(4,873,460	)		3,779,663			(2,491,874	)		(2,529,200	)

See notes to financial statements.

117

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Small/Mid Cap Core Fund						World ex-US Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
Net investment income	$	584,349		$	60,196		$	2,869,415		$	3,286,603
Net realized gain (loss) on investment transactions		2,596,131			(680,700	)		1,468,963			(15,872,067	)
Net change in unrealized appreciation (depreciation) on investments		16,860,179			(6,055,710	)		13,684,439			(26,980,516	)
Net increase (decrease) in net assets resulting from operations		20,040,659			(6,676,214	)		18,022,817			(39,565,980	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		33,144,087			25,069,973			38,691,905			35,455,730
Shares issued to holders in reinvestment of dividends		388,573			631,404			1,274,678			1,643,942
Shares redeemed		(19,767,896	)		(22,339,071	)		(23,473,550	)		(85,413,165	)
Net increase (decrease)		13,764,764			3,362,306			16,493,033			(48,313,493	)
Service Shares
Shares sold		20,701,621			35,927,062			32,189,333			100,982,818
Shares issued to holders in reinvestment of dividends		145,119			1,463,257			2,057,665			4,193,334
Shares redeemed		(27,463,485	)		(21,214,203	)		(65,581,894	)		(165,420,650	)
Net increase (decrease)		(6,616,745	)		16,176,116			(31,334,896	)		(60,244,498	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(388,573	)		—			(1,274,678	)		(1,643,942	)
Net investment income – Service Shares		(145,119	)		—			(2,057,669	)		(4,195,923	)
Net realized gains – Institutional Shares		—			(631,404	)		—			—
Net realized gains – Service Shares		—			(1,463,257	)		—			—
Total dividends and distributions		(533,692	)		(2,094,661	)		(3,332,347	)		(5,839,865	)
INCREASE (DECREASE) IN NET ASSETS		26,654,986			10,767,547			(151,393	)		(153,963,836	)
NET ASSETS:
Beginning of year		88,821,588			78,054,041			188,184,824			342,148,660
End of year (including accumulated undistributed net investment income of $59,283, $0, $2,624,397 and $3,133,154, respectively)	$	115,476,574		$	88,821,588		$	188,033,431		$	188,184,824
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		2,006,770			1,772,382			4,951,526			4,512,185
Shares issued to holders in reinvestment of dividends		21,587			40,815			165,543			209,686
Shares redeemed		(1,143,672	)		(1,438,094	)		(2,965,934	)		(10,835,369	)
Net increase (decrease)		884,685			375,103			2,151,135			(6,113,498	)
Service Shares
Shares sold		1,297,027			2,321,172			4,135,180			11,531,894
Shares issued to holders in reinvestment of dividends		8,264			96,776			270,745			539,682
Shares redeemed		(1,691,174	)		(1,390,162	)		(8,418,202	)		(20,706,517	)
Net increase (decrease)		(385,883	)		1,027,786			(4,012,277	)		(8,634,941	)

See notes to financial statements.

118

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Opportunistic Equity Fund						Core Fixed Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
Net investment income (loss)	$	(274,416	)	$	127,549		$	2,210,725		$	3,588,452
Net realized gain on investment transactions		3,442,012			9,526,734			2,413,490			1,436,685
Net change in unrealized appreciation (depreciation) on investments		6,836,600			(21,499,157	)		(3,995,678	)		(3,760,589	)
Net increase (decrease) in net assets resulting from operations		10,004,196			(11,844,874	)		628,537			1,264,548
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		11,036			12,821,121			9,216,113			7,863,630
Shares issued to holders in reinvestment of dividends		—			8,716,858			205,332			1,058,527
Shares redeemed		(235,506	)		(67,240,595	)		(1,989,593	)		(81,194,484	)
Net increase (decrease)		(224,470	)		(45,702,616	)		7,431,852			(72,272,327	)
Service Shares
Shares sold		29,513,216			42,145,976			43,254,342			83,102,415
Shares issued to holders in reinvestment of dividends		2,207,160			7,756,296			3,820,498			5,306,114
Shares redeemed		(43,129,998	)		(43,177,278	)		(115,863,777	)		(112,072,105	)
Net increase (decrease)		(11,409,622	)		6,724,994			(68,788,937	)		(23,663,576	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			(298,762	)		(152,091	)		(811,674	)
Net investment income – Service Shares		(9,175	)		—			(2,879,314	)		(3,132,368	)
Net realized gains – Institutional Shares		—			(8,418,096	)		(53,241	)		(246,854	)
Net realized gains – Service Shares		(2,197,985	)		(7,756,296	)		(941,209	)		(2,566,989	)
Total dividends and distributions		(2,207,160	)		(16,473,154	)		(4,025,855	)		(6,757,885	)
DECREASE IN NET ASSETS		(3,837,056	)		(67,295,650	)		(64,754,403	)		(101,429,240	)
NET ASSETS:
Beginning of year		70,130,591			137,426,241			211,223,230			312,652,470
End of year (including accumulated undistributed net investment income (loss) of $(56,230), $(105,707), $59,210, and $277,519, respectively)	$	66,293,535		$	70,130,591		$	146,468,827		$	211,223,230
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		1,118			1,063,359			966,027			830,734
Shares issued to holders in reinvestment of dividends		—			843,839			22,096			112,778
Shares redeemed		(24,419	)		(6,843,142	)		(211,192	)		(8,581,015	)
Net increase (decrease)		(23,301	)		(4,935,944	)		776,931			(7,637,503	)
Service Shares
Shares sold		2,883,831			4,174,591			4,539,007			8,748,872
Shares issued to holders in reinvestment of dividends		208,616			755,238			405,506			566,730
Shares redeemed		(4,216,309	)		(3,720,257	)		(12,156,705	)		(11,818,973	)
Net increase (decrease)		(1,123,862	)		1,209,572			(7,212,192	)		(2,503,371	)

See notes to financial statements.

119

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Tax-Exempt Fixed Income  Fund						Opportunistic Fixed Income Fund
	Year Ended March 31,         2017			Year Ended March 31,         2016			Year Ended March 31,         2017			Year Ended March 31,           2016
OPERATIONS:
Net investment income	$	1,006,148		$	1,580,382		$	3,412,103		$	5,511,090
Net realized gain (loss) on investment transactions		1,133,091			1,058,932			(7,523,373	)		(7,221,374	)
Net change in unrealized appreciation (depreciation) on investments		(2,319,469	)		(938,709	)		9,671,466			(6,148,662	)
Net increase (decrease) in net assets resulting from operations		(180,230	)		1,700,605			5,560,196			(7,858,946	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			3,816,196			38,429,060
Shares issued to holders in reinvestment of dividends		—			—			331,065			417,968
Shares redeemed		—			—			(3,798,705	)		(78,572,465	)
Net increase (decrease)		—			—			348,556			(39,725,437	)
Service Shares
Shares sold		3,874,625			12,979,454			16,100,897			43,428,974
Shares issued to holders in reinvestment of dividends		1,010,136			1,456,714			1,633,885			600,010
Shares redeemed		(22,461,531	)		(31,117,120	)		(41,718,076	)		(110,508,644	)
Net decrease		(17,576,770	)		(16,680,952	)		(23,983,294	)		(66,479,660	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			—			(331,065	)		(417,968	)
Net investment income – Service Shares		(1,010,639	)		(1,616,922	)		(1,633,885	)		(1,253,003	)
Total dividends and distributions		(1,010,639	)		(1,616,922	)		(1,964,950	)		(1,670,971	)
DECREASE IN NET ASSETS		(18,767,639	)		(16,597,269	)		(20,039,492	)		(115,735,014	)
NET ASSETS:
Beginning of year		49,084,900			65,682,169			86,741,200			202,476,214
End of year (including accumulated undistributed net investment income of $17,169, $21,660, $12,504,155 and $6,372,002, respectively)	$	30,317,261		$	49,084,900		$	66,701,708		$	86,741,200
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			423,674			4,194,821
Shares issued to holders in reinvestment of dividends		—			—			37,026			44,276
Shares redeemed		—			—			(423,729	)		(8,599,533	)
Net increase (decrease)		—			—			36,971			(4,360,436	)
Service Shares
Shares sold		336,913			1,129,170			1,778,727			4,666,895
Shares issued to holders in reinvestment of dividends		88,393			127,229			182,229			63,426
Shares redeemed		(1,947,665	)		(2,702,338	)		(4,594,338	)		(11,992,065	)
Net decrease		(1,522,359	)		(1,445,939	)		(2,633,382	)		(7,261,744	)

See notes to financial statements.

120

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Growth Allocation Fund						Conservative Allocation Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
Net investment income	$	5,194,312		$	3,178,364		$	1,227,141		$	1,265,104
Net realized gain (loss) on investment transactions		7,919,673			9,905,335			(181,535	)		14,270,781
Net change in unrealized appreciation (depreciation) on investments		49,863,254			(17,689,519	)		4,026,646			(32,999,442	)
Net increase (decrease) in net assets resulting from operations		62,977,239			(4,605,820	)		5,072,252			(17,463,557	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		8,303,858			7,247,081			2,865,702			2,989,958
Shares issued to holders in reinvestment of dividends		609,074			241,183			525,473			564,569
Shares redeemed		(7,695,013	)		(3,669,741	)		(2,385,391	)		(4,408,250	)
Net increase (decrease)		1,217,919			3,818,523			1,005,784			(853,723	)
Service Shares
Shares sold		443,722,149			296,989,947			116,123,492			65,990,766
Shares issued to holders in reinvestment of dividends		19,098,534			6,257,780			9,383,008			13,499,064
Shares redeemed		(337,382,732	)		(169,145,419	)		(61,713,312	)		(171,431,528	)
Net increase (decrease)		125,437,951			134,102,308			63,793,188			(91,941,698	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(238,018	)		(104,283	)		—			(76,097	)
Net investment income – Service Shares		(5,978,596	)		(2,091,759	)		—			(1,188,165	)
From net realized gains – Institutional Shares		(371,056	)		(136,899	)		(525,473	)		(488,473	)
From net realized gains – Service Shares		(13,119,938	)		(4,166,021	)		(9,383,008	)		(12,310,898	)
Total dividends and distributions		(19,707,608	)		(6,498,962	)		(9,908,481	)		(14,063,633	)
INCREASE (DECREASE) IN NET ASSETS		169,925,501			126,816,049			59,962,743			(124,322,611	)
NET ASSETS:
Beginning of year		394,392,420			267,576,371			55,988,974			180,311,585
End of year (including undistributed net investment income (loss) of $(21,489), $804,411, $1,203,281, and $(23,855), respectively)	$	564,317,921		$	394,392,420		$	115,951,717		$	55,988,974
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		762,936			709,710			298,501			295,998
Shares issued to holders in reinvestment of dividends		56,923			22,753			59,781			58,505
Shares redeemed		(706,774	)		(347,870	)		(256,488	)		(459,229	)
Net increase (decrease)		113,085			384,593			101,794			(104,726	)
Service Shares
Shares sold		41,175,115			30,307,654			12,164,490			6,694,655
Shares issued to holders in reinvestment of dividends		1,789,928			592,032			1,071,120			1,394,531
Shares redeemed		(30,940,749	)		(16,466,202	)		(6,419,892	)		(18,079,390	)
Net increase (decrease)		12,024,294			14,433,484			6,815,718			(9,990,204	)

See notes to financial statements.

121

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Tactical Allocation Fund						Absolute Return Allocation Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
Net investment income	$	4,053,503		$	3,227,953		$	3,994,590		$	6,533,346
Net realized gain (loss) on investment transactions		8,717,010			(24,709,832	)		1,487,161			(10,151,865	)
Net change in unrealized appreciation (depreciation) on investments		16,899,104			(20,479,455	)		5,232,782			(2,371,514	)
Net increase (decrease) in net assets resulting from operations		29,669,617			(41,961,334	)		10,714,533			(5,990,033	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		1,267,953			2,608,481			484,903			1,549,885
Shares issued to holders in reinvestment of dividends		55,523			65,620			42,389			65,508
Shares redeemed		(2,912,491	)		(3,048,776	)		(760,732	)		(3,094,449	)
Net decrease		(1,589,015	)		(374,675	)		(233,440	)		(1,479,056	)
Service Shares
Shares sold		111,320,764			158,653,333			60,737,268			168,309,046
Shares issued to holders in reinvestment of dividends		3,141,480			4,361,910		��	3,893,353			7,023,975
Shares redeemed		(230,081,819	)		(204,058,598	)		(88,244,091	)		(383,480,825	)
Net decrease		(115,619,575	)		(41,043,355	)		(23,613,470	)		(208,147,804	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		(55,523	)		(10,007	)		(42,389	)		(65,508	)
Net investment income – Service Shares		(3,141,480	)		(62,408	)		(3,893,353	)		(7,023,975	)
Net realized gains – Institutional Shares		—			(55,613	)		—			—
Net realized gains – Service Shares		—			(4,299,503	)		—			—
Total dividends and distributions		(3,197,003	)		(4,427,531	)		(3,935,742	)		(7,089,483	)
DECREASE IN NET ASSETS		(90,735,976	)		(87,806,895	)		(17,068,119	)		(222,706,376	)
NET ASSETS:
Beginning of year		398,662,760			486,469,655			146,937,836			369,644,212
End of year (including undistributed net investment income of $4,003,285, $3,173,148, $612,562, and $545,324, respectively)	$	307,926,784		$	398,662,760		$	129,869,717		$	146,937,836
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		130,536			266,833			47,168			160,370
Shares issued to holders in reinvestment of dividends		5,712			6,900			4,197			6,845
Shares redeemed		(302,323	)		(318,035	)		(74,836	)		(320,845	)
Net decrease		(166,075	)		(44,302	)		(23,471	)		(153,630	)
CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		11,613,580			16,487,396			5,951,803			17,242,674
Shares issued to holders in reinvestment of dividends		325,879			460,603			383,582			730,903
Shares redeemed		(24,187,866	)		(21,259,984	)		(8,701,541	)		(39,665,602	)
Net decrease		(12,248,407	)		(4,311,985	)		(2,366,156	)		(21,692,025	)

See notes to financial statements.

122

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Multi-Asset Income Allocation Fund						Flexible Income Allocation Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS:
Net investment income	$	3,131,927		$	4,106,330		$	2,023,688		$	1,903,245
Net realized gain (loss) on investment transactions		998,269			(9,901,619	)		1,315,146			(4,134,999	)
Net change in unrealized appreciation (depreciation) on investments		4,631,731			1,638,638			(404,711	)		862,884
Net increase (decrease) in net assets resulting from operations		8,761,927			(4,156,651	)		2,934,123			(1,368,870	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			6,780			611,956
Shares issued to holders in reinvestment of dividends		—			—			1,379			26,216
Shares redeemed		—			—			(5,866	)		(2,767,273	)
Net increase (decrease)		—			—			2,293			(2,129,101	)
Service Shares
Shares sold		74,271,420			39,307,466			36,522,245			144,421,094
Shares issued to holders in reinvestment of dividends		3,068,620			3,983,275			2,157,347			1,549,347
Shares redeemed		(70,117,642	)		(67,882,712	)		(54,619,675	)		(171,926,473	)
Net increase (decrease)		7,222,398			(24,591,971	)		(15,940,083	)		(25,956,032	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income – Institutional Shares		—			—			(1,379	)		(26,216	)
Net investment income – Service Shares		(3,068,620	)		(4,413,612	)		(2,157,347	)		(1,891,583	)
Net realized gains – Service Shares		—			(434,279	)		—			—
Total dividends and distributions		(3,068,620	)		(4,847,891	)		(2,158,726	)		(1,917,799	)
INCREASE (DECREASE) IN NET ASSETS		12,915,705			(33,596,513	)		(15,162,393	)		(31,371,802	)
NET ASSETS:
Beginning of year		106,901,424			140,497,937			114,790,029			146,161,831
End of year (including undistributed accumulated net investment income of $112,867, $49,560, $38,394, and $173,432, respectively)	$	119,817,129		$	106,901,424		$	99,627,636		$	114,790,029
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			698			64,263
Shares issued to holders in reinvestment of dividends		—			—			142			2,758
Shares redeemed		—			—			(597	)		(293,089	)
Net increase (decrease)		—			—			243			(226,068	)
CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		7,247,038			3,932,161			3,781,892			15,314,531
Shares issued to holders in reinvestment of dividends		298,763			402,220			223,758			163,097
Shares redeemed		(6,846,481	)		(6,815,040	)		(5,653,805	)		(18,202,837	)
Net increase (decrease)		699,320			(2,480,659	)		(1,648,155	)		(2,725,209	)

See notes to financial statements.

123

GuideMark^® Funds & GuidePath^® Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Managed Futures Strategy Fund1
	Year Ended March 31, 2017			January 19, 20162 Ended March  31, 2016
OPERATIONS:
Net investment loss	$	(1,582,704	)	$	(505,223	)
Net realized loss on investment transactions		(8,984,456	)		(6,759,925	)
Net change in unrealized appreciation (depreciation) on investments		(2,428,629	)		2,386,154
Net decrease in net assets resulting from operations		(12,995,789	)		(4,878,994	)
CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		967,128			4,636,463
Shares issued to holders in reinvestment of dividends		31,103			—
Shares redeemed		(3,553,995	)		(191,272	)
Net increase (decrease)		(2,555,764	)		4,445,191
Service Shares
Shares sold		80,280,173			201,420,675
Shares issued to holders in reinvestment of dividends		1,458,638			—
Shares redeemed		(169,364,491	)		(13,628,073	)
Net increase (decrease)		(87,625,680	)		187,792,602
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gains – Institutional Shares		(31,103	)		—
Net realized gains – Service Shares		(1,458,638	)		—
Total dividends and distributions		(1,489,741	)		—
INCREASE (DECREASE) IN NET ASSETS		(104,666,974	)		187,358,799
NET ASSETS:
Beginning of year		187,358,799			—
End of year (including accumulated undistributed net investment income (loss) of $(167,523), and $0, respectively)	$	82,691,825		$	187,358,799
CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		104,954			464,739
Shares issued to holders in reinvestment of dividends		3,612			—
Shares redeemed		(383,824	)		(19,496	)
Net increase (decrease)		(275,258	)		445,243
CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		8,679,693			20,197,403
Shares issued to holders in reinvestment of dividends		170,402			—
Shares redeemed		(18,252,001	)		(1,393,024	)
Net increase (decrease)		(9,401,906	)		18,804,379

¹  Consolidated Statements of Changes in Net Assets (see note 3b).

² Commencement of Operations.

See notes to financial statements.

124

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Large Cap Core Fund
	Institutional
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$14.85			$15.29			$13.67			$11.20			$10.68
Income from investment operations:
Net investment income		0.20	1		0.13	1		0.14			0.09			0.08
Net realized and unrealized gains on investments		1.62			(0.06	)2		1.57			2.46			0.51
Total from investment operations		1.82			0.07			1.71			2.55			0.59
Less distributions:
Dividends from net investment income		(0.19	)		(0.11	)		(0.09	)		(0.08	)		(0.07	)
Dividends from net realized gains		(0.34	)		(0.40	)		—			—			—
Total distributions		(0.53	)		(0.51	)		(0.09	)		(0.08	)		(0.07	)
Net asset value, end of year		$16.14			$14.85			$15.29			$13.67			$11.20
Total return		12.46%			0.47%			12.51%			22.81%			5.54%
Supplemental data and ratios:
Net assets, end of year		$42,855,994			$31,353,268			$44,686,597			$44,827,864			$44,994,114
Ratio of expenses to average net assets3
Before expense reimbursement (recapture) and securities lending credit4		0.66%			0.80%			0.87%			0.90%			0.92%
After expense reimbursement (recapture) and securities lending credit5		0.59%			0.76%			0.85%			0.89%			0.89%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.23%			0.79%			0.88%			0.63%			0.81%
After expense reimbursement (recapture) and securities lending credit		1.30%			0.83%			0.90%			0.64%			0.84%
Portfolio turnover rate		90.46%			115.67%			53.23%			55.81%			60.92%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. 3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.	0.66%			0.80%			0.87%			0.90%			0.92%
5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.	0.59%			0.76%			0.85%			0.89%			0.89%

See notes to financial statements.

125

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Large Cap Core Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$14.68			$15.14			$13.56			$11.12			$10.61
Income from investment operations:
Net investment income		0.11	1		0.07	1		0.05			—			0.02
Net realized and unrealized gains on investments		1.59			(0.08	)2		1.56			2.45			0.51
Total from investment operations		1.70			(0.01	)		1.61			2.45			0.53
Less distributions:
Dividends from net investment income		(0.11	)		(0.05	)		(0.03	)		(0.01	)		(0.02	)
Dividends from net realized gains		(0.34	)		(0.40	)		—			—			—
Total distributions		(0.45	)		(0.45	)		(0.03	)		(0.01	)		(0.02	)
Net asset value, end of year		$15.93			$14.68			$15.14			$13.56			$11.12
Total return		11.74%			(0.08)%			11.87%			22.04%			5.00%
Supplemental data and ratios:
Net assets, end of year		$159,857,853			$218,788,468			$168,457,719			$138,902,683			$136,196,479
Ratio of expenses to average net assets3
Before expense reimbursement (recapture) and securities lending credit4		1.23%			1.33%			1.44%			1.48%			1.52%
After expense reimbursement (recapture) and securities lending credit5		1.16%			1.27%			1.45%			1.49%			1.49%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.65%			0.41%			0.32%			0.05%			0.18%
After expense reimbursement (recapture) and securities lending credit		0.72%			0.47%			0.31%			0.04%			0.21%
Portfolio turnover rate		90.46%			115.67%			53.23%			55.81%			60.92%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. 3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.23%			1.33%			1.44%			1.48%			1.52%
5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.16%			1.27%			1.45%			1.49%			1.49%

See notes to financial statements.

126

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Emerging Markets Fund
	Institutional
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$11.37			$12.46			$11.73			$9.43			$8.39
Income from investment operations:
Net investment income		0.14	1		0.16	1		0.21			0.17			0.18
Net realized and unrealized gains (losses) on investments		2.05			(1.03	)		0.74			2.31			1.03
Total from investment operations		2.19			(0.87	)		0.95			2.48			1.21
Less distributions:
Dividends from net investment income		(0.10	)		(0.22	)		(0.22	)		(0.18	)		(0.17	)
Total distributions		(0.10	)		(0.22	)		(0.22	)		(0.18	)		(0.17	)
Net asset value, end of year		$13.46			$11.37			$12.46			$11.73			$9.43
Total return		19.61%			(6.98)%			8.08%			26.38%			14.70%
Supplemental data and ratios:
Net assets, end of year		$11,925,354			$6,081,265			$60,596,893			$62,007,800			$60,452,681
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		1.06%			0.88%			0.86%			0.89%			0.92%
After expense reimbursement (recapture) and securities lending credit4		1.05%			0.84%			0.84%			0.88%			0.91%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.10%			1.25%			1.87%			1.57%			1.89%
After expense reimbursement (recapture) and securities lending credit		1.11%			1.29%			1.89%			1.58%			1.90%
Portfolio turnover rate		60.19%			152.82%			31.33%			29.10%			27.02%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3    Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.06%			0.88%			0.86%			0.89%			0.92%
4    After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.05%			0.84%			0.84%			0.88%			0.91%

See notes to financial statements.

127

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Emerging Markets Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$11.49			$12.57			$11.84			$9.52			$8.47
Income from investment operations:
Net investment income		0.09	1		0.06	1		0.15			0.13			0.14
Net realized and unrealized gains (losses) on investments		2.06			(0.99	)		0.73			2.31			1.03
Total from investment operations		2.15			(0.93	)		0.88			2.44			1.17
Less distributions:
Dividends from net investment income		(0.04	)		(0.15	)		(0.15	)		(0.12	)		(0.12	)
Total distributions		(0.04	)		(0.15	)		(0.15	)		(0.12	)		(0.12	)
Net asset value, end of year		$13.60			$11.49			$12.57			$11.84			$9.52
Total return		18.78%			(7.38)%			7.46%			25.63%			13.96%
Supplemental data and ratios:
Net assets, end of year		$106,077,974			$118,224,652			$161,242,899			$137,835,903			$139,072,035
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		1.64%			1.52%			1.43%			1.46%			1.49%
After expense reimbursement (recapture) and securities lending credit4		1.63%			1.48%			1.41%			1.45%			1.49%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.73%			0.44%			1.30%			1.01%			1.33%
After expense reimbursement (recapture) and securities lending credit		0.74%			0.48%			1.32%			1.02%			1.33%
Portfolio turnover rate		60.19%			152.82%			31.33%			29.10%			27.02%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3    Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.64%			1.52%			1.43%			1.46%			1.49%
4    After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.63%			1.48%			1.41%			1.45%			1.49%

See notes to financial statements.

128

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Core Fund
	Institutional
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$15.33			$17.62			$16.77			$13.51			$11.56
Income from investment operations:
Net investment income		0.15	1		0.06	1		0.01			—			0.07
Net realized and unrealized gains (losses) on investments		2.98			(1.93	)		1.96			3.27			1.99
Total from investment operations		3.13			(1.87	)		1.97			3.27			2.06
Less distributions:
Dividends from net investment income		(0.12	)		—			—			(0.01	)		(0.11	)
Dividends from net realized gains		—			(0.42	)		(1.12	)		—			—
Total distributions		(0.12	)		(0.42	)		(1.12	)		(0.01	)		(0.11	)
Net asset value, end of year		$18.34			$15.33			$17.62			$16.77			$13.51
Total return		20.45%			(10.61)%			11.99%			24.19%			17.95%
Supplemental data and ratios:
Net assets, end of year		$64,819,232			$40,624,613			$40,075,963			$44,695,002			$44,361,656
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		0.92%			1.02%			1.02%			1.05%			1.09%
After expense reimbursement (recapture) and securities lending credit4		0.66%			0.82%			0.91%			1.02%			1.05%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.60%			0.18%			(0.08)%			(0.04)%			0.61%
After expense reimbursement (recapture) and securities lending credit		0.86%			0.38%			0.03%			(0.01)%			0.65%
Portfolio turnover rate		42.22%			146.02%			96.24%			241.55%			143.14%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.92%			1.02%			1.02%			1.05%			1.09%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.66%			0.82%			0.91%			1.02%			1.05%

See notes to financial statements.

129

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Core Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$14.96			$17.31			$16.61			$13.45			$11.50
Income from investment operations:
Net investment income (loss)		0.04	1		(0.03	)1		(0.09	)		(0.12	)		—
Net realized and unrealized gains (losses) on investments		2.91			(1.90	)		1.91			3.28			1.99
Total from investment operations		2.95			(1.93	)		1.82			3.16			1.99
Less distributions:
Dividends from net investment income		(0.05	)		—			—			—			(0.04	)
Dividends from net realized gains		—			(0.42	)		(1.12	)		—			—
Total distributions		(0.05	)		(0.42	)		(1.12	)		—			(0.04	)
Net asset value, end of year		$17.86			$14.96			$17.31			$16.61			$13.45
Total return		19.71%			(11.15)%			11.19%			23.49%			17.32%
Supplemental data and ratios:
Net assets, end of year		$50,657,342			$48,196,975			$37,978,078			$32,592,001			$40,621,412
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		1.50%			1.58%			1.58%			1.60%			1.66%
After expense reimbursement (recapture) and securities lending credit4		1.24%			1.41%			1.59%			1.59%			1.59%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.00%			(0.32)%			(0.62)%			(0.62)%			0.01%
After expense reimbursement (recapture) and securities lending credit		0.26%			(0.15)%			(0.63)%			(0.61)%			0.08%
Portfolio turnover rate		42.22%			146.02%			96.24%			241.55%			143.14%
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      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.50%			1.58%			1.58%			1.60%			1.66%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.24%			1.41%			1.59%			1.59%			1.59%

See notes to financial statements.

130

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	World ex-US Fund
	Institutional
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$7.74			$8.75			$8.94			$8.06			$7.52
Income from investment operations:
Net investment income		0.15	1		0.13	1		0.25			0.11			0.13
Net realized and unrealized gains (losses) on investments		0.65			(0.91	)		(0.26	)		0.86			0.48
Total from investment operations		0.80			(0.78	)		(0.01	)		0.97			0.61
Less distributions:
Dividends from net investment income		(0.16	)		(0.23	)		(0.18	)		(0.09	)		(0.07	)
Total distributions		(0.16	)		(0.23	)		(0.18	)		(0.09	)		(0.07	)
Net asset value, end of year		$8.38			$7.74			$8.75			$8.94			$8.06
Total return		10.48%			(9.00)%			(0.10)%			12.09%			8.09%
Supplemental data and ratios:
Net assets, end of year		$75,295,608			$52,879,582			$113,316,485			$130,537,695			$85,157,441
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		0.84%			0.95%			0.98%			1.03%			1.09%
After expense reimbursement (recapture) and securities lending credit4		0.79%			0.90%			0.98%			1.03%			1.09%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.83%			1.54%			2.68%			1.44%			1.44%
After expense reimbursement (recapture) and securities lending credit		1.88%			1.59%			2.68%			1.44%			1.44%
Portfolio turnover rate		60.68%			114.74%			61.84%			75.22%			75.34%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.84%			0.95%			0.98%			1.03%			1.09%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.79%			0.90%			0.98%			1.03%			1.09%

See notes to financial statements.

131

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	World ex-US Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$7.66			$8.70			$8.89			$8.05			$7.54
Income from investment operations:
Net investment income		0.11	1		0.08	1		0.17			0.07			0.08
Net realized and unrealized gains (losses) on investments		0.63			(0.91	)		(0.23	)		0.85			0.49
Total from investment operations		0.74			(0.83	)		(0.06	)		0.92			0.57
Less distributions:
Dividends from net investment income		(0.14	)		(0.21	)		(0.13	)		(0.08	)		(0.06	)
Total distributions		(0.14	)		(0.21	)		(0.13	)		(0.08	)		(0.06	)
Net asset value, end of year		$8.26			$7.66			$8.70			$8.89			$8.05
Total return		9.85%			(9.59)%			(0.68)%			11.47%			7.53%
Supplemental data and ratios:
Net assets, end of year		$112,737,823			$135,305,242			$228,832,175			$238,149,375			$197,252,920
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		1.42%			1.52%			1.55%			1.60%			1.66%
After expense reimbursement (recapture) and securities lending credit4		1.39%			1.52%			1.59%			1.59%			1.59%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.36%			0.92%			1.96%			0.94%			0.93%
After expense reimbursement (recapture) and securities lending credit		1.39%			0.92%			1.92%			0.95%			1.00%
Portfolio turnover rate		60.68%			114.74%			61.84%			75.22%			75.34%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.42%			1.52%			1.55%			1.60%			1.66%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.39%			1.52%			1.59%			1.59%			1.59%

See notes to financial statements.

132

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Opportunistic Equity Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.99			$12.75			$13.42			$11.27			$9.86
Income from investment operations:
Net investment income (loss)		(0.04	)1		(0.02	)1		0.04			0.04			0.03
Net realized and unrealized gains (losses) on investments		1.71			(1.01	)		1.60			2.79			1.40
Total from investment operations		1.67			(1.03	)		1.64			2.83			1.43
Less distributions:
Dividends from net investment income		—	*		—			(0.06	)		(0.03	)		(0.02	)
Dividends from net realized gains		(0.37	)		(1.73	)		(2.25	)		(0.65	)		—
Total distributions		(0.37	)		(1.73	)		(2.31	)		(0.68	)		(0.02	)
Net asset value, end of year		$11.29			$9.99			$12.75			$13.42			$11.27
Total return		17.01%			(8.42)%			12.61%			25.20%			14.56%
Supplemental data and ratios:
Net assets, end of year		$66,293,535			$69,901,093			$73,803,768			$72,351,978			$87,142,873
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		1.66%			1.59%			1.57%			1.58%			1.63%
After expense reimbursement (recapture) and securities lending credit4		1.59%			1.56%			1.56%			1.59%			1.60%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		(0.49)%			(0.20)%			0.25%			0.27%			0.26%
After expense reimbursement (recapture) and securities lending credit		(0.42)%			(0.17)%			0.26%			0.26%			0.29%
Portfolio turnover rate		76.37%			92.64%			59.70%			59.12%			78.58%
1      Net investment loss per share has been calculated based on average shares outstanding during the year. 2     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.66%			1.59%			1.57%			1.58%			1.63%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.59%			1.56%			1.56%			1.59%			1.60%
*    Amount represents less than $0.01 per share.

See notes to financial statements.

133

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Core Fixed Income Fund
	Institutional
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.46			$9.67			$9.37			$9.86			$9.77
Income from investment operations:
Net investment income		0.17	1		0.17	1		0.15			0.16			0.17
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.08	)		0.33			(0.24	)		0.23
Total from investment operations		0.07			0.09			0.48			(0.08	)		0.40
Less distributions:
Dividends from net investment income		(0.22	)		(0.19	)		(0.17	)		(0.20	)		(0.21	)
Dividends from net realized gains		(0.06	)		(0.11	)		(0.01	)		(0.03	)		(0.10	)
Return of capital		—			—			—			(0.18	)		—
Total distributions		(0.28	)		(0.30	)		(0.18	)		(0.41	)		(0.31	)
Net asset value, end of year		$9.25			$9.46			$9.67			$9.37			$9.86
Total return		0.74%			0.97%			5.25%			(0.72)%			4.12%
Supplemental data and ratios:
Net assets, end of year		$9,110,591			$1,970,942			$75,832,786			$88,702,582			$134,362,492
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		0.79%			0.73%			0.70%			0.70%			0.72%
After expense reimbursement (recapture) and securities lending credit4		0.69%			0.71%			0.69%			0.70%			0.72%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.70%			1.73%			1.71%			1.68%			1.53%
After expense reimbursement (recapture) and securities lending credit		1.80%			1.75%			1.72%			1.68%			1.53%
Portfolio turnover rate		164.81%			157.49%			185.11%			112.86%			213.80%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.79%			0.73%			0.70%			0.70%			0.72%
4    After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.69%			0.71%			0.69%			0.70%			0.72%

See notes to financial statements.

134

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Core Fixed Income Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.54			$9.69			$9.39			$9.88			$9.78
Income from investment operations:
Net investment income		0.12	1		0.12	1		0.10			0.11			0.11
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.03	)		0.33			(0.25	)		0.24
Total from investment operations		0.01			0.09			0.43			(0.14	)		0.35
Less distributions:
Dividends from net investment income		(0.17	)		(0.13	)		(0.12	)		(0.14	)		(0.15	)
Dividends from net realized gains		(0.06	)		(0.11	)		(0.01	)		(0.03	)		(0.10	)
Return of capital		—			—			—			(0.18	)		—
Total distributions		(0.23	)		(0.24	)		(0.13	)		(0.35	)		(0.25	)
Net asset value, end of year		$9.32			$9.54			$9.69			$9.39			$9.88
Total return		0.02%			1.01%			4.64%			(1.33)%			3.55%
Supplemental data and ratios:
Net assets, end of year		$137,358,236			$209,252,288			$236,819,684			$231,285,162			$281,180,497
Ratio of expenses to average net assets2
Before expense reimbursement (recapture) and securities lending credit3		1.36%			1.31%			1.29%			1.29%			1.30%
After expense reimbursement (recapture) and securities lending credit4		1.29%			1.29%			1.29%			1.29%			1.29%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		1.14%			1.22%			1.11%			1.10%			1.02%
After expense reimbursement (recapture) and securities lending credit		1.21%			1.24%			1.11%			1.10%			1.03%
Portfolio turnover rate		164.81%			157.49%			185.11%			112.86%			213.80%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.36%			1.31%			1.29%			1.29%			1.30%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.29%			1.29%			1.29%			1.29%			1.29%

See notes to financial statements.

135

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Tax-Exempt Fixed Income Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$11.62			$11.58			$11.18			$11.70			$11.47
Income from investment operations:
Net investment income		0.30	1		0.31	1		0.32			0.34			0.33
Net realized and unrealized gains (losses) on investments		(0.38	)		0.06			0.40			(0.52	)		0.23
Total from investment operations		(0.08	)		0.37			0.72			(0.18	)		0.56
Less distributions:
Dividends from net investment income		(0.32	)		(0.33	)		(0.32	)		(0.34	)		(0.33	)
Total distributions		(0.32	)		(0.33	)		(0.32	)		(0.34	)		(0.33	)
Net asset value, end of year		$11.22			$11.62			$11.58			$11.18			$11.70
Total return		(0.82)%			3.22%			6.45%			(1.48)%			4.93%
Supplemental data and ratios:
Net assets, end of year		$30,317,261			$49,084,900			$65,682,169			$63,429,577			$75,739,873
Ratio of expenses to average net assets2
Before expense reimbursement (recapture)3		1.43%			1.42%			1.38%			1.38%			1.36%
After expense reimbursement (recapture)4		1.29%			1.28%			1.29%			1.29%			1.29%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		2.43%			2.53%			2.64%			2.90%			2.72%
After expense reimbursement (recapture)		2.57%			2.67%			2.73%			2.99%			2.79%
Portfolio turnover rate		14.50%			12.47%			33.29%			35.08%			30.36%
1      Net investment income per share has been calculated based on average shares outstanding during the year. 2     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
3     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.43%			1.42%			1.38%			1.38%			1.36%
4     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.29%			1.28%			1.29%			1.29%			1.29%

See notes to financial statements.

136

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Opportunistic Fixed Income Fund
	Institutional
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.05			$9.53			$9.94			$10.27			$9.70
Income from investment operations:
Net investment income		0.46	1		0.36	1		0.41			0.34			0.42
Net realized and unrealized gains (losses) on investments		0.30			(0.76	)		(0.32	)		(0.37	)		0.57
Total from investment operations		0.76			(0.40	)		0.09			(0.03	)		0.99
Less distributions:
Dividends from net investment income		(0.35	)		(0.08	)		(0.50	)		(0.28	)		(0.42	)
Dividends from net realized gains		—			—			—			(0.02	)		—
Total distributions		(0.35	)		(0.08	)		(0.50	)		(0.30	)		(0.42	)
Net asset value, end of year		$9.46			$9.05			$9.53			$9.94			$10.27
Total return		8.77%			(4.22)%			0.88%			(0.21)%			10.33%
Supplemental data and ratios:
Net assets, end of year		$9,316,917			$8,572,900			$50,593,107			$65,181,311			$104,141,739
Ratio of expenses to average net assets
Before expense reimbursement (recapture)		1.21%			1.13%			1.08%			1.01%			1.03%
After expense reimbursement (recapture)		0.95%			0.99%			1.05%			1.01%			1.05%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture)		4.78%			3.71%			3.84%			4.10%			4.17%
After expense reimbursement (recapture)		5.04%			3.85%			3.87%			4.10%			4.15%
Portfolio turnover rate		33.77%			41.12%			39.66%			66.49%			101.49%

Portfolio Turnover is calculated for the Fund as a whole.

¹  Net investment income per share has been calculated based on average shares outstanding during the year.

See notes to financial statements.

137

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Opportunistic Fixed Income Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.05			$9.55			$9.93			$10.28			$9.70
Income from investment operations:
Net investment income		0.40	1		0.30	1		0.33			0.35			0.36
Net realized and unrealized gains (losses) on investments		0.32			(0.72	)		(0.29	)		(0.43	)		0.58
Total from investment operations		0.72			(0.42	)		0.04			(0.08	)		0.94
Less distributions:
Dividends from net investment income		(0.21	)		(0.08	)		(0.42	)		(0.25	)		(0.36	)
Dividends from net realized gains		—			—			—			(0.02	)		—
Total distributions		(0.21	)		(0.08	)		(0.42	)		(0.27	)		(0.36	)
Net asset value, end of year		$9.56			$9.05			$9.55			$9.93			$10.28
Total return		8.20%			(4.44)%			0.33%			(0.71)%			9.64%
Supplemental data and ratios:
Net assets, end of year		$57,384,791			$78,168,300			$151,883,107			$147,493,694			$150,493,389
Ratio of expenses to average net assets
Before expense reimbursement (recapture)		1.78%			1.68%			1.66%			1.59%			1.61%
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)		4.17%			3.08%			3.28%			3.51%			3.52%
After expense reimbursement (recapture)		4.40%			3.21%			3.39%			3.55%			3.58%
Portfolio turnover rate		33.77%			41.12%			39.66%			66.49%			101.49%

Portfolio Turnover is calculated for the Fund as a whole.

¹  Net investment income per share has been calculated based on average shares outstanding during the year.

See notes to financial statements.

138

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Growth Allocation Fund
	Institutional
	Year Ended March 31, 2017			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		$10.46			$11.65			$11.45			$10.25			$9.63
Income from investment operations:
Net investment income (loss)		0.19	2		0.20	2		0.16			(0.03	)		0.11
Net realized and unrealized gains (losses) on investments		1.20			(1.02	)		0.41			1.56			0.62
Total from investment operations		1.39			(0.82	)		0.57			1.53			0.73
Less distributions:
Dividends from net investment income		(0.20	)		(0.16	)		(0.19	)		(0.11	)		(0.11	)
Dividends from net realized gains		(0.31	)		(0.21	)		(0.18	)		(0.22	)		—
Total distributions		(0.51	)		(0.37	)		(0.37	)		(0.33	)		(0.11	)
Net asset value, end of year		$11.34			$10.46			$11.65			$11.45			$10.25
Total return		13.54%			(7.11)%			5.04%			15.00%			7.68%3
Supplemental data and ratios:
Net assets, end of year		$13,176,782			$10,968,769			$7,737,997			$3,534,178			$884,658
Ratio of expenses to average net assets4,5
Before expense reimbursement (recapture) and securities lending credit6		0.42%			0.43%			0.41%			0.40%			0.42%8
After expense reimbursement (recapture) and securities lending credit7		0.32%			0.31%			0.34%			0.36%			0.40%8
Ratio of net investment income to average net assets9
Before expense reimbursement (recapture) and securities lending credit		1.64%			1.67%			1.63%			1.42%			1.84%8
After expense reimbursement (recapture) and securities lending credit		1.74%			1.79%			1.70%			1.46%			1.86%8
Portfolio turnover rate		42.81%			84.98%			11.96%			30.35%			18.44%
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3     Not annualized. 4     These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 5     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.42%			0.43%			0.41%			0.40%			0.42%8
7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.32%			0.31%			0.34%			0.36%			0.40%8
8      Annualized. 9     Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

139

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Growth Allocation Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$10.42			$11.62			$11.43			$10.26			$9.46
Income from investment operations:
Net investment income		0.12	1		0.13	1		0.12			0.07			0.07
Net realized and unrealized gains (losses) on investments		1.20			(1.02	)		0.38			1.38			0.80
Total from investment operations		1.32			(0.89	)		0.50			1.45			0.87
Less distributions:
Dividends from net investment income		(0.14	)		(0.10	)		(0.13	)		(0.06	)		(0.07	)
Dividends from net realized gains		(0.31	)		(0.21	)		(0.18	)		(0.22	)		—
Total distributions		(0.45	)		(0.31	)		(0.31	)		(0.28	)		(0.07	)
Net asset value, end of year		$11.29			$10.42			$11.62			$11.43			$10.26
Total return		12.91%			(7.67)%			4.47%			14.20%			9.30%
Supplemental data and ratios:
Net assets, end of year		$551,141,139			$383,423,651			$259,838,374			$288,401,436			$248,122,395
Ratio of expenses to average net assets2,3
Before expense reimbursement (recapture) and securities lending credit4		1.01%			1.02%			1.00%			1.00%			1.04%
After expense reimbursement (recapture) and securities lending credit5		0.92%			0.91%			0.95%			1.00%			1.00%
Ratio of net investment income to average net assets6
Before expense reimbursement (recapture) and securities lending credit		0.99%			1.05%			0.94%			0.61%			0.76%
After expense reimbursement (recapture) and securities lending credit		1.08%			1.16%			0.99%			0.61%			0.80%
Portfolio turnover rate		42.81%			84.98%			11.96%			30.35%			18.44%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.01%			1.02%			1.00%			1.00%			1.04%
5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.92%			0.91%			0.95%			1.00%			1.00%
6     Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

140

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Conservative Allocation Fund
	Institutional
	Year Ended March 31, 2017			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		$9.51			$11.26			$11.39			$10.43			$9.98
Income from investment operations:
Net investment income		0.19	2		0.16	2		0.26			0.18			0.14
Net realized and unrealized gains (losses) on investments		0.35			(0.89	)		0.41			0.98			0.48
Total from investment operations		0.54			(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		(0.95	)		(0.88	)		(0.55	)		(0.06	)		(0.03	)
Total distributions		(0.95	)		(1.02	)		(0.80	)		(0.20	)		(0.17	)
Net asset value, end of year		$9.10			$9.51			$11.26			$11.39			$10.43
Total return		6.09%			(6.65)%			6.01%			11.13%			6.29%	3
Supplemental data and ratios:
Net assets, end of year		$4,966,270			$4,220,428			$6,173,168			$2,680,327			$879,348
Ratio of expenses to average net assets4,5
Before expense reimbursement (recapture) and securities lending credit6		0.51%			0.47%			0.42%			0.43%			0.43%	8
After expense reimbursement (recapture) and securities lending credit7		0.30%			0.37%			0.37%			0.38%			0.38%	8
Ratio of net investment income to average net assets9
Before expense reimbursement (recapture) and securities lending credit		1.78%			1.39%			1.96%			1.42%			2.10%	8
After expense reimbursement (recapture) and securities lending credit		1.99%			1.49%			2.01%			1.47%			2.15%	8
Portfolio turnover rate		44.43%			130.77%			38.36%			69.17%			67.22%
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3     Not annualized. 4     These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 5     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.51%			0.47%			0.42%			0.43%			0.43%9
7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.30%			0.37%			0.37%			0.38%			0.38%9
8      Annualized. 9     Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

141

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Conservative Allocation Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.53			$11.29			$11.39			$10.44			$9.76
Income from investment operations:
Net investment income		0.12	1		0.09	1		0.15			0.08			0.09
Net realized and unrealized gains (losses) on investments		0.36			(0.89	)		0.46			1.01			0.71
Total from investment operations		0.48			(0.80	)		0.61			1.09			0.80
Less distributions:
Dividends from net investment income		—			(0.08	)		(0.16	)		(0.08	)		(0.09	)
Dividends from net realized gains		(0.95	)		(0.88	)		(0.55	)		(0.06	)		(0.03	)
Total distributions		(0.95	)		(0.96	)		(0.71	)		(0.14	)		(0.12	)
Net asset value, end of year		$9.06			$9.53			$11.29			$11.39			$10.44
Total return		5.44%			(7.18)%			5.42%			10.40%			8.25%
Supplemental data and ratios:
Net assets, end of year		$110,985,447			$51,768,546			$174,138,417			$195,498,995			$228,905,423
Ratio of expenses to average net assets2,3
Before expense reimbursement (recapture) and securities lending credit4		1.10%			1.05%			1.01%			1.02%			1.05%
After expense reimbursement (recapture) and securities lending credit5		0.89%			0.99%			1.00%			1.00%			1.00%
Ratio of net investment income to average net assets6
Before expense reimbursement (recapture) and securities lending credit		1.10%			0.79%			1.17%			0.67%			0.94%
After expense reimbursement (recapture) and securities lending credit		1.31%			0.85%			1.18%			0.69%			0.99%
Portfolio turnover rate		44.43%			130.77%			38.36%			69.17%			67.22%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2 ��    These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.10%			1.05%			1.01%			1.02%			1.05%
5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.89%			0.99%			1.00%			1.00%			1.00%
6     Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

142

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Tactical Allocation Fund
	Institutional
	Year Ended March 31, 2017			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		$9.38			$10.34			$10.80			$10.25			$9.75
Income from investment operations:
Net investment income		0.18	2		0.13	2		0.17			0.07			0.13
Net realized and unrealized gains on investments		0.81			(0.97	)		0.21			0.75			0.55
Total from investment operations		0.99			(0.84	)		0.38			0.82			0.68
Less distributions:
Dividends from net investment income		(0.12	)		(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	)		(0.12	)		(0.84	)		(0.27	)		(0.18	)
Net asset value, end of year		$10.25			$9.38			$10.34			$10.80			$10.25
Total return		10.63%			(8.18)%			3.63%			8.01%			7.11%3
Supplemental data and ratios:
Net assets, end of year		$3,767,220			$5,005,303			$5,977,217			$1,496,066			$810,333
Ratio of expenses to average net assets4,5
Before expense reimbursement (recapture) and securities lending credit6		0.53%			0.51%			0.51%			0.51%			0.52%8
After expense reimbursement (recapture) and securities lending credit7		0.40%			0.41%			0.36%			0.46%			0.46%8
Ratio of net investment income to average net assets9
Before expense reimbursement (recapture) and securities lending credit		1.69%			1.20%			2.01%			1.14%			1.89%8
After expense reimbursement (recapture) and securities lending credit		1.82%			1.30%			2.16%			1.19%			1.95%8
Portfolio turnover rate		336.50%			348.05%			214.84%			244.90%			195.89%
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3     Not annualized. 4     These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 5     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.53%			0.51%			0.51%			0.51%			0.52%8
7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.40%			0.41%			0.36%			0.46%			0.46%8
8     Annualized. 9     Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

143

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Tactical Allocation Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.32			$10.32			$10.79			$10.27			$9.54
Income from investment operations:
Net investment income		0.11	1		0.07	1		0.15			0.05			0.09
Net realized and unrealized gains (losses) on investments		0.82			(0.97	)		0.17			0.70			0.78
Total from investment operations		0.93			(0.90	)		0.32			0.75			0.87
Less distributions:
Dividends from net investment income		(0.10	)		—	*		(0.15	)		(0.05	)		(0.10	)
Dividends from net realized gains		—			(0.10	)		(0.64	)		(0.18	)		(0.04	)
Total distributions		(0.10	)		(0.10	)		(0.79	)		(0.23	)		(0.14	)
Net asset value, end of year		$10.15			$9.32			$10.32			$10.79			$10.27
Total return		10.05%			(8.74)%			3.08%			7.27%			9.15%
Supplemental data and ratios:
Net assets, end of year		$304,159,564			$393,657,458			$480,492,438			$377,469,190			$310,316,243
Ratio of expenses to average net assets2,3
Before expense reimbursement (recapture) and securities lending credit4		1.12%			1.11%			1.10%			1.10%			1.15%
After expense reimbursement (recapture) and securities lending credit5		1.00%			1.01%			0.97%			1.10%			1.10%
Ratio of net investment income to average net assets6
Before expense reimbursement (recapture) and securities lending credit		1.07%			0.62%			1.30%			0.51%			0.90%
After expense reimbursement (recapture) and securities lending credit		1.19%			0.72%			1.43%			0.51%			0.95%
Portfolio turnover rate		336.50%			348.05%			214.84%			244.90%			195.89%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.12%			1.11%			1.10%			1.10%			1.15%
5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.00%			1.01%			0.97%			1.10%			1.10%
6      Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. *    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, 2017			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		$9.80			$10.02			$10.00			$10.16			$10.19
Income from investment operations:
Net investment income		0.37	2		0.26	2		0.40			0.41			0.18
Net realized and unrealized gains (losses) on investments		0.52			(0.21	)		(0.10	)3		(0.31	)		(0.02	)
Total from investment operations		0.89			0.05			0.30			0.10			0.16
Less distributions:
Dividends from net investment income		(0.40	)		(0.27	)		(0.28	)		(0.26	)		(0.18	)
Dividends from net realized gains		—			—			—			—			(0.01	)
Total distributions		(0.40	)		(0.27	)		(0.28	)		(0.26	)		(0.19	)
Net asset value, end of year		$10.29			$9.80			$10.02			$10.00			$10.16
Total return		9.14%			0.56%			3.05%			1.08%			1.53%4
Supplemental data and ratios:
Net assets, end of year		$921,609			$1,107,629			$2,673,347			$1,014,889			$569,773
Ratio of expenses to average net assets5,6
Before expense reimbursement (recapture) and securities lending credit7		0.58%			0.53%			0.51%			0.51%			0.51%9
After expense reimbursement (recapture) and securities lending credit8		0.50%			0.39%			0.34%			0.36%			0.47%9
Ratio of net investment income to average net assets10
Before expense reimbursement (recapture) and securities lending credit		3.58%			2.49%			2.64%			2.24%			2.59%9
After expense reimbursement (recapture) and securities lending credit		3.66%			2.63%			2.81%			2.39%			2.63%9
Portfolio turnover rate		41.66%			200.13%			91.93%			134.44%			64.86%
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3     Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 4     Not annualized. 5      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 6     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
7     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.58%			0.53%			0.51%			0.51%			0.51%9
8     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.50%			0.39%			0.34%			0.36%			0.47%9

⁹  Annualized.

¹⁰  Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

145

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Absolute Return Allocation Fund
	Service
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended 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		$9.81			$10.04			$10.01			$10.17			$10.04
Income from investment operations:
Net investment income		0.30	1		0.20	1		0.23			0.19			0.14
Net realized and unrealized gains (losses) on investments		0.53			(0.22	)		0.02			(0.15	)		0.13
Total from investment operations		0.83			(0.02	)		0.25			0.04			0.27
Less distributions:
Dividends from net investment income		(0.32	)		(0.21	)		(0.22	)		(0.20	)		(0.13	)
Dividends from net realized gains		—			—			—			—			(0.01	)
Total distributions		(0.32	)		(0.21	)		(0.22	)		(0.20	)		(0.14	)
Net asset value, end of year		$10.32			$9.81			$10.04			$10.01			$10.17
Total return		8.54%			(0.19)%			2.47%			0.43%			2.71%
Supplemental data and ratios:
Net assets, end of year		$128,948,108			$145,830,207			$366,970,865			$449,186,398			$509,704,884
Ratio of expenses to average net assets2,3
Before expense reimbursement (recapture) and securities lending credit4		1.18%			1.13%			1.11%			1.10%			1.13%
After expense reimbursement (recapture) and securities lending credit5		1.10%			0.99%			0.93%			1.00%			1.10%
Ratio of net investment income to average net assets6
Before expense reimbursement (recapture) and securities lending credit		2.91%			1.92%			1.92%			1.64%			1.80%
After expense reimbursement (recapture) and securities lending credit		2.99%			2.06%			2.10%			1.74%			1.83%
Portfolio turnover rate		41.66%			200.13%			91.93%			134.44%			64.86%
Portfolio Turnover is calculated for the Fund as a whole. 1     Net investment income per share has been calculated based on average shares outstanding during the year. 2      These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 3     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
4    Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.18%			1.13%			1.11%			1.10%			1.13%
5    After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.10%			0.99%			0.93%			1.00%			1.10%

⁶  Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

146

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Multi-Asset Income Allocation Fund
	Service
	Year Ended March 31, 2017			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		$9.94			$10.62			$10.76			$10.58			$10.00
Income from investment operations:
Net investment income		0.29	2		0.34	2		0.36			0.38			0.22
Net realized and unrealized gains (losses) on investments		0.52			(0.61	)		(0.05	)		0.21			0.53
Total from investment operations		0.81			(0.27	)		0.31			0.59			0.75
Less distributions:
Dividends from net investment income		(0.29	)		(0.37	)		(0.38	)		(0.40	)		(0.17	)
Dividends from net realized gains		—			(0.04	)		(0.07	)		(0.01	)		—
Total distributions		(0.29	)		(0.41	)		(0.45	)		(0.41	)		(0.17	)
Net asset value, end of year		$10.46			$9.94			$10.62			$10.76			$10.58
Total return		8.24%			(2.49)%			3.01%			5.63%			7.55%3
Supplemental data and ratios:
Net assets, end of year		$119,817,129			$106,901,424			$140,497,937			$115,477,776			$73,269,622
Ratio of expenses to average net assets4,5
Before expense reimbursement (recapture) and securities lending credit6		1.17%			1.17%			1.14%			1.18%			1.33%8
After expense reimbursement (recapture) and securities lending credit7		0.97%			0.96%			0.88%			0.88%			1.10%8
Ratio of net investment income to average net assets9
Before expense reimbursement (recapture) and securities lending credit		2.66%			3.15%			3.23%			3.66%			3.66%8
After expense reimbursement (recapture) and securities lending credit		2.86%			3.36%			3.49%			3.96%			3.89%8
Portfolio turnover rate		61.25%			145.43%			66.76%			100.40%			21.35%3
1      Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3      Not annualized. 4     These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 5      The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.17%			1.17%			1.14%			1.18%			1.33%8
7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.97%			0.96%			0.88%			0.88%			1.10%8

⁸  Annualized.

⁹  Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

See notes to financial statements.

147

GuideMark^® Funds & GuidePath^® Funds

FINANCIAL HIGHLIGHTS

	Flexible Income Allocation Fund
	Institutional
	Year Ended March 31, 2017			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		$9.62			$9.76			$9.65			$10.00			$10.01
Income from investment operations:
Net investment income		0.24	2		0.18	2		0.25			0.19			0.13
Net realized and unrealized gains (losses) on investments		0.07			(0.11	)		0.11			(0.27	)		(0.04	)
Total from investment operations		0.31			0.07			0.36			(0.08	)		0.09
Less distributions:
Dividends from net investment income		(0.26	)		(0.21	)		(0.25	)		(0.24	)		(0.10	)
Dividends from net realized gains		—			—			—			(0.03	)		—	*
Total distributions		(0.26	)		(0.21	)		(0.25	)		(0.27	)		(0.10	)
Net asset value, end of year		$9.67			$9.62			$9.76			$9.65			$10.00
Total return		3.23%			0.70%			3.75%			(0.83)%			0.88%3
Supplemental data and ratios:
Net assets, end of year		$52,492			$49,872			$2,257,327			$960,185			$503,918
Ratio of expenses to average net assets4,5
Before expense reimbursement (recapture) and securities lending credit6		0.50%			0.44%			0.42%			0.41%			0.50%8
After expense reimbursement (recapture) and securities lending credit7		0.37%			0.36%			0.31%			0.32%			0.43%8
Ratio of net investment income to average net assets9
Before expense reimbursement (recapture) and securities lending credit		2.32%			1.76%			2.66%			1.98%			2.44%8
After expense reimbursement (recapture) and securities lending credit		2.45%			1.84%			2.77%			2.07%			2.51%8
Portfolio turnover rate		114.68%			147.81%			22.67%			67.82%			18.75%3
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3     Annualized. 4     These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 5     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.50%			0.44%			0.42%			0.41%			0.50%8
7    After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.37%			0.36%			0.31%			0.32%			0.43%8

⁸  Not annualized.

⁹  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.

* 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, 2017			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		$9.55			$9.77			$9.64			$9.98			$10.00
Income from investment operations:
Net investment income		0.18	2		0.14	2		0.19			0.15			0.10
Net realized and unrealized gains (losses) on investments		0.08			(0.21	)		0.13			(0.30	)		(0.04	)
Total from investment operations		0.26			(0.07	)		0.32			(0.15	)		0.06
Less distributions:
Dividends from net investment income		(0.20	)		(0.15	)		(0.19	)		(0.16	)		(0.08	)
Dividends from net realized gains		—			—			—			(0.03	)		—	*
Total distributions		(0.20	)		(0.15	)		(0.19	)		(0.19	)		(0.08	)
Net asset value, end of year		$9.61			$9.55			$9.77			$9.64			$9.98
Total return		2.73%			(0.75)%			3.32%			(1.47)%			0.59%3
Supplemental data and ratios:
Net assets, end of year		$99,575,144			$114,740,157			$143,904,504			$213,499,393			$227,815,865
Ratio of expenses to average net assets4,5
Before expense reimbursement (recapture) and securities lending credit6		1.09%			1.04%			1.02%			1.01%			1.09%8
After expense reimbursement (recapture) and securities lending credit7		0.91%			0.93%			0.92%			0.92%			1.03%8
Ratio of net investment income to average net assets9
Before expense reimbursement (recapture) and securities lending credit		1.72%			1.32%			1.72%			1.40%			1.78%8
After expense reimbursement (recapture) and securities lending credit		1.90%			1.43%			1.82%			1.49%			1.84%8
Portfolio turnover rate		114.68%			147.81%			22.67%			67.82%			18.75%3
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment income per share has been calculated based on average shares outstanding during the year. 3     Not annualized. 4     These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. 5     The ratio of expenses to average net assets includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.
6     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.09%			1.04%			1.02%			1.01%			1.09%8
7     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		0.91%			0.93%			0.92%			0.92%			1.03%8

⁸  Annualized.

⁹  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.

* 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
	Year Ended March 31, 2017			January 19, 20161 Through March  31, 2016			Year Ended March 31, 2017			January 19, 20161 Through March  31, 2016
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		9.75			$10.00			9.73			$10.00
Income from investment operations:
Net investment loss		(0.06	)2		(0.02	)2		(0.11	)2		(0.03	)2
Net realized and unrealized losses on investments		(0.83	)		(0.23	)		(0.82	)		(0.24	)
Total from investment operations		(0.89	)		(0.25	)		(0.93	)		(0.27	)
Less distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		(0.16	)		—			(0.16	)		—
Total distributions		(0.16	)		—			(0.16	)		—
Net asset value, end of year		8.70			9.75			8.64			9.73
Total return		(9.17)%			(2.50)%3			(9.70)%			(2.70)%3
Supplemental data and ratios:
Net assets, end of year		$1,478,880			$4,338,706			$81,212,945			$183,020,093
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit4		1.37%			1.61%6			1.97%			2.20%6
After expense reimbursement (recapture) and securities lending credit5		1.34%			1.30%6			1.94%			1.90%6
Ratio of net investment loss to average net assets
Before expense reimbursement (recapture) and securities lending credit		(0.69)%			(1.12)%6			(1.27)%			(1.71)%6
After expense reimbursement (recapture) and securities lending credit		(0.66)%			(0.81)%6			(1.24)%			(1.41)%6
Portfolio turnover rate		0.00%			0.00%3			0.00%			0.00%3
Portfolio Turnover is calculated for the Fund as a whole. 1     Commencement of operations. 2     Net investment loss per share has been calculated based on average shares outstanding during the year. 3     Not annualized.
4     Before expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.33%			1.61%6			1.93%			2.20%6
5     After expense reimbursement (recapture) and securities lending credit excluding interest expense.		1.30%			1.30%6			1.90%			1.90%6

⁶  Annualized.

See notes to financial statements.

150

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2017

1. Organization

GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trusts dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. GPS Funds I is comprised of the following 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 are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. 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 Allocation Fund and GuidePath^® Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath^®Multi-Asset Income Allocation Fund and GuidePath^® Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath^®Managed Futures Strategy Fund commenced operations on January 19, 2016. 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 Standards Codification Topic 946 Financial Services – Investment Companies.

2. Fund of Funds

The GuidePath^® Growth Allocation Fund, GuidePath^® Conservative Allocation Fund, GuidePath^® Tactical Allocation Fund, GuidePath^® Absolute Return Allocation Fund, GuidePath^®Multi-Asset Income Allocation Fund and GuidePath^® Flexible Income Allocation Fund each operate as a “Fund of Funds,” investing primarily in registered mutual funds, including exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein as the “Underlying Funds.” The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain

markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

3. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation

Portfolio securities listed on a national or foreign securities exchange, except those listed on NASDAQ, for which market quotations are available are valued at the last quoted sale price on each business day. Portfolio securities traded on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) on each business day. If there is no reported sale on an exchange or NASDAQ, the portfolio security will be valued at the mean between the most recent quoted bid and asked price. Price information on listed securities is taken from the exchange where the security is primarily traded.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.

Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost, which approximates fair value.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves.

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”).

151

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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).

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 foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts and swaps.

Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to

account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.

Foreign currency contracts and swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.

Level 3 Investments.  The Funds’ investments that were categorized as Level 3 include: fair valued securities.

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, 2017:

GuideMark^® Large Cap Core Fund

	Level 1		Level 2		Level 3		Total
Common Stocks	$	192,924,615	$	—	$	—	$	192,924,615
Investment Companies		3,221,451		—		—		3,221,451
Real Estate Investment Trusts		5,264,332		—		—		5,264,332
Short Term Investments		1,373,130		—		—		1,373,130
Investments Purchased as Securities Lending Collateral*		—		—		—		49,865,866
Total Investments in Securities	$	202,783,528	$	—	$	—	$	252,649,394

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

152

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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^® Emerging Markets Fund

	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	2,275,010	$	7,856,810		$	—	$	10,131,820
Consumer Staples		4,558,377		5,333,516			—		9,891,893
Energy		1,414,112		6,495,610			—		7,909,722
Financials		4,375,114		14,829,834			—		19,204,948
Health Care		117,286		996,361			—		1,113,647
Industrials		793,464		3,614,574			—		4,408,038
Information Technology		5,752,777		19,833,298			—		25,586,075
Materials		2,573,002		3,152,516			—		5,725,518
Real Estate		—		2,052,147			—		2,052,147
Telecommunication Services		1,566,276		5,794,356			—		7,360,632
Utilities		1,758,559		616,150			—		2,374,709
Total Common Stocks		25,183,977		70,575,172			—		95,759,149
Preferred Stocks
Consumer Staples		—		622,981			—		622,981
Energy		453,952		—			—		453,952
Financials		1,805,985		—			—		1,805,985
Information Technology		—		694,709			—		694,709
Materials		707,481		276,644			—		984,125
Utilities		1,065,377		—			—		1,065,377
Total Preferred Stocks		4,032,795		1,594,334			—		5,627,129
Investment Companies		14,698,591		—			—		14,698,591
Real Estate Investment Trusts		114,390		—			—		114,390
Short Term Investments		6,930,284		—			—		6,930,284
Investments Purchased as Securities Lending Collateral*		—		—			—		838,995
Total Investments in Securities	$	50,960,037	$	72,169,506		$	—	$	123,968,538
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(1,885	)	$	—	$	(1,885	)

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

** Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forwards. Forwards are reflected as the unrealized appreciation (depreciation) on the instrument.

For further information regarding security characteristics, see the Schedule of Investments.

Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:

Description	Investments in Securities
Transfers into Level 1	$	1,662,109
Transfers out of Level 1		(1,013,754	)
Net Transfers into/(out of) Level 1	$	648,355
Transfers into Level 2	$	1,013,754
Transfers out of Level 2		(1,662,109	)
Net Transfers into/(out of) Level 2	$	(648,355	)

Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predetermined threshold.

153

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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, 2016	$	0
Purchases		—
Sales proceeds and paydowns		0
Accreted discounts, net		—
Realized gain (loss)		0
Change in unrealized appreciation (depreciation)		—
Transfers into/(out of) Level 3		—
Balance as of March 31, 2017	$	—
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at March 31, 2017.	$	—

GuideMark^® Small/Mid Cap Core Fund

	Level 1		Level 2		Level 3		Total
Equity
Common Stock	$	101,173,868	$	—	$	0	$	101,173,868
Investment Companies		3,629,903		—		—		3,629,903
Real Estate Investment Trusts		9,257,263		—		—		9,257,263
Total Equity		114,061,034		—		0		114,061,034
Fixed Income
Corporate Obligations		—		4,988		—		4,988
Total Fixed Income		—		4,988		—		4,988
Rights		—		—		0		0
Short Term Investments		1,276,523		—		—		1,276,523
Investments Purchased as Securities Lending Collateral*		—		—		—		32,709,937
Total Investments in Securities	$	115,337,557	$	4,988	$	—	$	148,052,482

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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	Common Stocks		Rights		Real Estate Investment Trusts
Balance as of April 1, 2016	$	—	$	0	$	0
Purchases		0		0		—
Sales proceeds and paydowns		—		—		(14,130	)
Accreted discounts, net		—		—		—
Realized gain (loss)		—		—		(61,709	)
Change in unrealized appreciation (depreciation)		—		—		75,839
Transfers into/(out of) Level 3		—		—		—
Balance as of March 31, 2017	$	0	$	0	$	—
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2017.	$	—	$	—	$	—

154

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

GuideMark^® World ex-US Fund

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	1,388,475	$	28,206,464	$	—	$	29,594,939
Consumer Staples		3,086,257		22,064,276		—		25,150,533
Energy		1,684,267		6,242,140		—		7,926,407
Financials		6,102,815		31,949,889		—		38,052,704
Health Care		749,457		15,852,501		—		16,601,958
Industrials		811,467		24,731,978		—		25,543,445
Information Technology		1,074,345		12,473,654		—		13,547,999
Materials		947,335		14,414,384		—		15,361,719
Real Estate		—		1,064,265		—		1,064,265
Telecommunication Services		171,273		4,367,305		—		4,538,578
Utilities		57,861		3,520,218		—		3,578,079
Total Common Stocks		16,073,552		164,887,074		—		180,960,626
Investment Companies		3,455,741		—		—		3,455,741
Participatory Notes		—		106,197		—		106,197
Preferred Stocks
Consumer Discretionary		—		59,478		—		59,478
Consumer Staples		—		188,931		—		188,931
Materials		—		509,487		—		509,487
Total Preferred Stocks		—		757,896		—		757,896
Real Estate Investment Trusts		72,653		570,964		—		643,617
Short Term Investments		760,253		—		—		760,253
Investments Purchased as Securities Lending Collateral*		—		—		—		2,977,876
Total Investments in Securities	$	20,362,199	$	166,322,131	$	—	$	189,662,206

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments.

Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:

Description	Investments in Securities
Transfers into Level 1	$	822,469
Transfers out of Level 1		(229,631	)
Net Transfers into/(out of) Level 1	$	592,838
Transfers into Level 2	$	229,631
Transfers out of Level 2		(822,469	)
Net Transfers into/(out of) Level 2	$	(592,838	)

Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predetermined threshold.

There were no transfers in or out of Level 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	$	62,938,658	$	—	$	—	$	62,938,658
Real Estate Investment Trusts		956,613		—		—		956,613
Short Term Investments		2,228,609		—		—		2,228,609
Investments Purchased as Securities Lending Collateral*		—		—		—		19,335,822
Total Investments in Securities	$	66,123,880	$	—	$	—	$	85,459,702

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

155

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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^® Core Fixed Income Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Asset Backed Securities	$	—	$	14,924,446	$	—	$	14,924,446
Collateralized Mortgage Obligations		—		6,701,851		—		6,701,851
Corporate Obligations		—		56,178,993		—		56,178,993
Foreign Government Debt Obligations		—		1,385,430		—		1,385,430
Mortgage Backed Securities – U.S. Government Agency		—		45,919,655		—		45,919,655
Municipal Debt Obligations		—		705,657		—		705,657
U.S. Treasury Obligations		—		26,038,157		—		26,038,157
Total Fixed Income		—		151,854,189		—		151,854,189
Short Term Investments		5,098,863		—		—		5,098,863
Investments Purchased as Securities Lending Collateral*		—		—		—		7,147,649
Total Investments in Securities	$	5,098,863	$	151,854,189	$	—	$	164,100,701
Other Financial Instruments**
Futures	$	20,337	$	—	$	—	$	20,337
Swaps		—		235,441		—		235,441

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

** Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

For further information regarding security characteristics, see the Schedule of Investments. 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 Debt Obligations	$	—	$	29,745,250	$	—	$	29,745,250
Short Term Investments		559,642		—		—		559,642
Total Investments in Securities	$	559,642	$	29,745,250	$	—	$	30,304,892

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	$	—	$	4,486		$	0	$	4,486
Preferred Stock		—		12,138			—		12,138
Total Equity		—	$	16,624			—		16,624
Fixed Income
Collateralized Mortgage Obligations		—		12,333,409			—		12,333,409
Convertible Obligations		—		833,633			—		833,633
Corporate Obligations		—		376,313			—		376,313
Foreign Government Obligations		—		31,474,267			—		31,474,267
Mortgage Backed Securities – U.S. Government Agency		—		8,372,095			—		8,372,095
Total Fixed Income		—		53,389,717			—		53,389,717
Warrants		—		—			0		0
Short Term Investments		5,547,102		1,818,126			—		7,365,228
Total Investments in Securities	$	5,547,102	$	55,224,467		$	0	$	60,771,569
Other Financial Instruments*
Forward Currency Contracts	$	—	$	961,611		$	—	$	961,611
Swaps		—		(1,151,405	)		—		(1,151,405	)

* 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 as 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.

156

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

Level 3 Reconciliation Disclosure

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Description	Common Stocks		Warrants
Balance as of April 1, 2016	$	—	$	—
Purchases		0		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, 2017	$	0	$	0
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2017.	$	—	$	—

GuidePath^® Growth Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	557,395,398	$	—	$	—	$	557,395,398
Short Term Investments		6,552,272		—		—		6,552,272
Investments Purchased as Securities Lending Collateral*		—		—		—		91,758,279
Total Investments in Securities	$	563,947,670	$	—	$	—	$	655,705,949

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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	$	114,478,850	$	—	$	—	$	114,478,850
Short Term Investments		1,263,400		—		—		1,263,400
Investments Purchased as Securities Lending Collateral*		—		—		—		32,173,173
Total Investments in Securities	$	115,742,250	$	—	$	—	$	147,915,423

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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	$	304,539,015	$	—	$	—	$	304,539,015
Short Term Investments		3,594,112		—		—		3,594,112
Investments Purchased as Securities Lending Collateral*		—		—		—		24,291,888
Total Investments in Securities	$	308,133,127	$	—	$	—	$	332,425,015

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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.

157

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

GuidePath^® Absolute Return Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	128,344,439	$	—	$	—	$	128,344,439
Short Term Investments		1,317,235		—		—		1,317,235
Investments Purchased as Securities Lending Collateral*		—		—		—		30,145,575
Total Investments in Securities	$	129,661,674	$	—	$	—	$	159,807,249

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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	$	118,453,361	$	—	$	—	$	118,453,361
Short Term Investments		1,684,665		—		—		1,684,665
Investments Purchased as Securities Lending Collateral*		—		—		—		19,755,971
Total Investments in Securities	$	120,138,026	$	—	$	—	$	139,893,997

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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^® Flexible Income Allocation Fund

	Level 1		Level 2		Level 3		Total
Investment Companies	$	98,709,386	$	—	$	—	$	98,709,386
Short Term Investments		1,001,983		—		—		1,001,983
Investments Purchased as Securities Lending Collateral*		—		—		—		18,216,561
Total Investments in Securities	$	99,711,369	$	—	$	—	$	117,927,930

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

For further information regarding security characteristics, see the Schedule of Investments. 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	$	254,234		$	82,001,530	$	—	$	82,255,764
Total Investments in Securities	$	254,234		$	82,001,530	$	—	$	82,255,764
Other Financial Instruments*
Futures	$	(57,352	)	$	—	$	—	$	(57,352	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures. Futures are reflected as 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 operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies.

158

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.

(c) Subsequent Events Evaluation

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements other than the below.

On May 25, 2017 the Board of Trustees approved the liquidation of the GuideMark Opportunistic Equity Fund. The Fund will be liquidated on or about July 31, 2017. Shareholders of the Fund will receive a supplement to the Prospectus dated July 31, 2016.

(d) Repurchase Agreements

Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.

(e) Federal Income Taxes

The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. 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, 2017, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal

excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(f) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

(g) Indemnifications

Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

(h) Expenses

Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.

(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 4). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.

(j) Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, 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

159

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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 Flexible 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 Flexible 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.

(l) Derivatives

Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.

Forward Currency Contracts

The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.

Options

Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange.

The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security,

the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

Futures

Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such 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 Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.

Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.

Derivative Instruments and Hedging Activities

Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

160

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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^® Emerging Markets Fund

The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies.

Balance Sheet – Values of Derivative Instruments as of March 31, 2017

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Foreign Exchange Contracts – Forward Currency Contracts	Appreciation of forward currency contracts	$	—	Depreciation of forward currency contracts	$	1,885
Total		$	—		$	1,885

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017
Amount of Realized Loss on Derivatives Recognized in Income
	Forward Currency Contracts			Total
Foreign Exchange Contracts	$	(21,022	)	$	(21,022	)
Total	$	(21,022	)	$	(21,022	)

Change in Unrealized Depreciation on Derivatives Recognized in Income
	Forward Currency Contracts			Total
Foreign Exchange Contracts	$	(1,885	)	$	(1,885	)
Total	$	(1,885	)	$	(1,885	)

GuideMark^® World ex-US Fund

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, 2017. The Fund was not invested in these instruments at March 31, 2016 and has no change in unrealized at the end of the period.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017
Amount of Realized gain on Derivatives Recognized in Income
	Forward Currency Contracts		Total
Foreign Exchange Contracts	$	13,851	$	13,851
Total	$	13,851	$	13,851

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.

161

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2017

	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	$	14,179	Depreciation on swap agreements	$	—
Interest Rate Contracts – Swaps	Appreciation on swap agreements		221,262	Depreciation on swap agreements		—
Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts		32,909	Unrealized depreciation on futures contracts		12,572
Total		$	268,350		$	12,572

* 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, 2017
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Futures Contracts			Swaps			Purchased Options*			Written Options			Total
Credit Contracts	$	—		$	(95,671	)	$	—		$	—		$	(95,671	)
Foreign Exchange Contracts		—			—			(317	)		(13,945	)		(14,262	)
Interest Rate Contracts		(27,497	)		60,019			—			—			32,522
Total	$	(27,497	)	$	(35,652	)	$	(317	)	$	(13,945	)	$	(77,411	)

* Included in net realized gain (loss) on investments as reported in the Statement of Operations.

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Futures Contracts		Swaps		Total
Credit Contracts	$	—	$	14,179	$	14,179
Interest Rate Contracts		8,080		226,488		234,568
Total	$	8,080	$	240,667	$	248,747

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 forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies.

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.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2017

	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	$	52,500	Depreciation on swap agreements	$	1,203,905
Foreign Exchange Contracts – Forward Currency Contracts	Appreciation of forward currency contracts		1,323,677	Depreciation of forward currency contracts		362,066
Total		$	1,376,177		$	1,565,971

162

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2017
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
	Forward Currency Contracts			Swaps			Total
Foreign Exchange Contracts	$	(1,979,287	)	$	—		$	(1,979,287	)
Interest Rate Contracts		—			(582,164	)		(582,164	)
Total	$	(1,979,287	)	$	(582,164	)	$	(2,561,451	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Currency Contracts			Swaps			Total
Foreign Exchange Contracts	$	2,993,489		$	—		$	2,993,489
Interest Rate Contracts		—			1,401,951			1,401,951
Total	$	2,993,489		$	1,401,951		$	4,395,440

GuidePath^® Managed Futures Strategy Fund

The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the year ended March 31, 2017, 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, 2017

	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	$	393,627	Unrealized depreciation on futures contracts	$	544,886
Equity Contracts – Futures*	Unrealized appreciation on futures contracts		1,029,261	Unrealized depreciation on futures contracts		286,973
Foreign Exchange Contracts – Futures*	Unrealized appreciation on futures contracts		45,339	Unrealized depreciation on futures contracts		372,954
Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts		170,422	Unrealized depreciation on futures contracts		491,188
Total		$	1,638,649		$	1,696,001

* 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, 2017
Amount of Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Futures Contracts				Futures Contracts
Commodity Contracts	$	(8,248,030	)	Commodity Contracts	$	1,038,759
Equity Contracts		449,364		Equity Contracts		(886,098	)
Foreign Exchange Contracts		(1,826,316	)	Foreign Exchange Contracts		(1,454,408	)
Interest Rate Contracts		415,938		Interest Rate Contracts		(1,116,201	)
Total	$	(9,209,044	)	Total	$	(2,417,948	)

The average monthly value outstanding of written options during the year ended March 31, 2017 were as follows:

	GuideMark® Emerging Markets Fund		GuideMark® Core Fixed Income Fund^			GuideMark® Opportunistic Fixed Income Fund		GuidePath® Managed Futures Strategy Fund
Written Options	$	—	$	(3,244	)	$	—	$	—

163

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2017 were as follows:

Long Positions	GuideMark® Emerging Markets Fund			GuideMark® Core Fixed Income Fund			GuideMark® Opportunistic Fixed Income Fund			GuidePath® Managed Futures Strategy Fund
Futures	$	—		$	12,906,506		$	—		$	739,061,719
Forwards*	$	105,435		$	—		$	44,278,260		$	—
Swaps	$	—		$	7,932,692		$	14,609,231		$	—
Short Positions	GuideMark® Emerging Markets Fund			GuideMark® Core Fixed Income Fund			GuideMark® Opportunistic Fixed Income Fund			GuidePath® Managed Futures Strategy Fund
Futures	$	—		$	(9,794,448	)	$	—		$	(141,908,278	)
Forwards*	$	(21,699	)	$	—		$	(6,269,459	)	$	—
Cross Currency	GuideMark® Emerging Markets Fund			GuideMark® Core Fixed Income Fund			GuideMark® Opportunistic Fixed Income Fund			GuidePath® Managed Futures Strategy Fund
Forwards*	$	—		$	—		$	14,005,318		$	—

^ The GuideMark^® Core Fixed Income Fund had purchased options during the year ended March 31, 2017, however due to the timing of these transactions the average monthly value for the Fund was $0. For more information about the purchased option activity of this Fund, see the Statement of Operations for this Fund.

* The GuideMark^® World ex-US Fund had forward transactions during the year ended March 31, 2017, however due to the timing of these transactions the average monthly notional amount for the Fund was $0. For more information about the forward activity of this Fund, see the Statement of Operations for this Fund.

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.

Offsetting Assets and Liabilities

GuideMark^® Emerging Markets 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, 2017, 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.

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
Bank of America	$	1,885	$	—	$	1,885	$	—	$	—	$	1,885

164

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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, 2017, 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	$	32,909	$	(12,572	)	$	20,337	$	—	$	—	$	20,337
Swaps
Morgan Stanley		235,441		—			235,441		—		—		235,441
	$	268,350	$	(12,572	)	$	255,778	$	—	$	—	$	255,778

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	$	12,572	$	(12,572	)	$	—	$	—	$	—	$	—
Swaps
Morgan Stanley		—		—			—		—		—		—
	$	12,572	$	(12,572	)	$	—	$	—	$	—	$	—

* Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Open Futures Contracts. Variation margin is presented on the Statement of Assets and Liabilities.

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.

165

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

The table below, as of March 31, 2017, 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
Bank of America	$	9,309	$	—	$	9,309	$	(5,115	)	$	—	$	4,194
Barclays		30,966		—		30,966		(30,966	)		—		—
Citibank		311,315		—		311,315		(51,446	)		—		259,869
Deutsche Bank		666,354		—		666,354		(15,380	)		—		650,974
Goldman Sachs		6,293		—		6,293		(6,293	)		—		—
HSBC		43,658		—		43,658		(43,658	)		—		—
JP Morgan Chase		255,782		—		255,782		(65,974	)		—		189,808
Morgan Stanley		—		—		—		—			—		—
UBS		—		—		—		—			—		—
Swaps
Citibank		52,500		—		52,500		—			—		52,500
JP Morgan Chase		—		—		—		—			—		—
	$	1,376,177	$	—	$	1,376,177	$	(218,832	)	$	—	$	1,157,345

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
Bank of America	$	5,115	$	—	$	5,115	$	(5,115	)	$	—		$	—
Barclays		48,954		—		48,954		(30,966	)		—			17,988
Citibank		51,446		—		51,446		(51,446	)		—			—
Deutsche Bank		15,380		—		15,380		(15,380	)		—			—
Goldman Sachs		22,143		—		22,143		(6,293	)		—			15,850
HSBC		152,136		—		152,136		(43,658	)		—			108,478
JP Morgan Chase		65,974		—		65,974		(65,974	)		—			—
Morgan Stanley		147		—		147		—			—			147
UBS		771		—		771		—			—			771
Swaps
Citibank		—		—		—		—			—			—
JP Morgan Chase		1,203,905		—		1,203,905		—			(1,203,905	)		—
	$	1,565,971	$	—	$	1,565,971	$	(218,832	)	$	(1,203,905	)	$	143,234

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.

166

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

The table below, as of March 31, 2017, 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	$	1,638,636	$	(1,638,636	)	$	—	$	—	$	—	$	��  —
	$	1,638,636	$	(1,638,636	)	$	—	$	—	$	—	$	—

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	$	1,695,988	$	(1,638,636	)	$	57,352	$	—	$	(57,352	)	$	—
	$	1,695,988	$	(1,638,636	)	$	57,352	$	—	$	(57,352	)	$	—

* Includes cumulative appreciation/depreciation on futures contracts as reported in the Consolidated Schedule of Open Futures Contracts. Variation Margin is presented on the Consolidated Statement of Assets and Liabilities.

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.

(m) Securities Purchased or Sold on a Forward-Commitment Basis

The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.

(n) Foreign 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

167

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.

(q) Short Sales

Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

(r) Trustee Compensation

Effective April 1, 2016, for the services performed as Trustees of the consolidated Board of Trustees of GPS Funds I, GPS Funds II, and Savos Investments Trust, which currently consists of one fund, the Independent Trustees receive a retainer fee of $80,000 per year, $4,500 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $4,500 for each special meeting attended in person and $2,000 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.

The “interested persons” who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

(s) Pending Litigation

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 the markets that restrict foreign ownership of local companies.

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk. These securities have been deemed to be liquid as of March 31, 2017.

4. Investment Advisor

Each Trust has an Investment Advisory Agreement (the “Agreement”) with AssetMark, Inc. (the “Advisor” or “AssetMark”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. 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%

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 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

168

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

has contractually agreed to waive, through July 31, 2017, 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.

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%

	Service Class		Institutional Class
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%

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, 2017, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Conservative Allocation Fund, Tactical 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 03/31/2018		Year of Expiration 03/31/2019		Year of Expiration 03/31/2020
World ex-US Fund	$	—	$	53,461	$	36,238
Opportunistic Equity Fund		—		—		6
Core Fixed Income Fund		—		56,910		109,659
Tax-Exempt Fixed Income Fund		58,715		82,292		60,304
Opportunistic Fixed Income Fund		186,297		242,737		175,049
Absolute Return Allocation Fund		—		—		11,972
Managed Futures Strategy Fund		—		78,883		62,978

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.

In April, 2016 – Aquiline Capital Partners, LLC and Genstar Capital Management, LLC the parent companies of AssetMark agreed to enter into a transaction (the “Transaction”) whereby Huatai Securities Co., Ltd. would acquire AssetMark. The closing of the Transaction occurred on October 31, 2016.

5. Distribution Plan

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 Brokerage^TM, 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, 2017.

6. 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. (the “Custodian”), an affiliate of USBFS. Under

169

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

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 Funds, excluding Opportunistic Fixed Income Fund, have established a line of credit (“LoC”) with U.S. Bank, N.A. (“USB”) to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. Savos Investments Trust, which is also managed by AssetMark, is also party to the same LoC agreement. The LoC was effective August 1, 2016 and will mature, unless renewed, on July 31, 2017. Borrowing under the LoC is limited to the lesser of 20% of the gross market value of a Fund, 20% of the net market value of the unencumbered assets of a Fund, or $250,000,000 for all Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the prime rate, which was 4% at March 31, 2017. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the GPS Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.

During the period August 1, 2016 to March 31, 2017, the details of the borrowings were as follows:

Fund	Average daily borrowings		Weighted average annualized interest rate			Maximum borrowings
Large Cap Core Fund	$	65,189		3.75	%	$	11,412,000
Emerging Markets Fund	$	64,802		3.53	%	$	750,000
Small/Mid Cap Core Fund	$	741		3.75	%	$	45,000
World ex-US Fund	$	27,202		3.63	%	$	1,718,000
Opportunistic Equity Fund	$	7,687		3.50	%	$	333,000
Core Fixed Income Fund	$	29,753		3.92	%	$	4,802,000
Tax-Exempt Fixed Income Fund	$	12,152		3.83	%	$	468,000
Growth Allocation Fund	$	94,580		3.50	%	$	12,140,000
Conservative Allocation Fund	$	2,218		3.50	%	$	402,000
Tactical Allocation Fund	$	21,922		3.50	%	$	1,674,000
Absolute Return Allocation Fund	$	76,938		3.67	%	$	2,696,000
Multi-Asset Income Allocation Fund	$	16,774		3.50	%	$	2,277,000
Flexible Income Allocation Fund	$	77,794		3.72	%	$	2,558,000
Managed Futures Strategy Fund	$	0		0.00	%	$	0

7. Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with U.S. Bank, N.A. Under the terms of the

agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in 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.

During the year ended March 31, 2017, 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	Investment Company*
Large Cap Core Fund	$	49,865,866
Emerging Markets Fund		838,995
Small/Mid Cap Core Fund		32,709,937
World ex-US Fund		2,977,876
Opportunistic Equity Fund		19,335,822
Core Fixed Income Fund		7,147,649
Tax-Exempt Fixed Income Fund		—
Opportunistic Fixed Income Fund		—
Growth Allocation Fund		91,758,279
Conservative Allocation Fund		32,173,173
Tactical Allocation Fund		24,291,888
Absolute Return Allocation Fund		30,145,575
Multi-Asset Income Allocation Fund		19,755,971
Flexible Income Allocation Fund		18,216,561
Managed Futures Strategy Fund		—
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities).	$	329,217,592

* Proceeds from securities lending (Investment Company collateral).

170

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

8. Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2017 are summarized below.

	Purchases		Sales
Large Cap Core Fund	$	214,312,144	$	275,093,482
Emerging Markets Fund		68,353,979		94,143,658
Small/Mid Cap Core Fund		51,963,193		43,716,667
World ex-US Fund		111,607,839		128,573,008
Opportunistic Equity Fund		48,372,593		63,032,642
Core Fixed Income Fund*		311,175,389		377,720,203
Tax-Exempt Fixed Income Fund		5,506,467		22,098,042
Opportunistic Fixed Income Fund		20,704,455		39,551,115

	Purchases		Sales
Growth Allocation Fund	$	312,813,144	$	202,393,345
Conservative Allocation Fund		95,835,043		40,683,703
Tactical Allocation Fund		1,126,719,715		1,242,687,290
Absolute Return Allocation Fund		54,792,426		78,533,912
Multi-Asset Income Allocation Fund		74,210,437		66,982,091
Flexible Income Allocation Fund		120,590,139		136,638,151
Managed Futures Strategy Fund		—		—

* Included in these amounts were $38,587,175 of purchases and $35,484,377 of sales of U.S. Government Securities.

9. 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.

The GuidePath^® Funds had the following transactions during the year ended March 31, 2017, with affiliates:

	Share Activity								Year Ended March 31, 2017
Security Name	Balance March 31, 2016		Purchases		Sales		Balance March 31, 2017		Fair Value		Dividends Credited to Income		Amount of Gain* (Loss) realized on Sale of Shares
Growth Allocation Fund
GuideMark® Large Cap Core Fund - Institutional Shares		2,012,839		1,456,300		1,005,874		2,463,265	$	39,757,095	$	438,955	$	1,386,098
GuideMark® Emerging Markets Fund - Institutional Shares		522,148		546,730		211,539		857,339		11,548,351		62,047		37,386
GuideMark® Small/Mid Cap Core Fund - Institutional Shares		2,444,870		1,707,750		987,309		3,165,311		58,051,795		348,444		1,017,050
GuideMark® World ex-US Fund - Institutional Shares		6,501,923		4,595,480		2,728,066		8,369,337		70,135,046		1,190,538		148,071
									$	179,492,287	$	2,039,984	$	2,588,605
Conservative Allocation Fund
GuideMark® Large Cap Core Fund - Institutional Shares		98,213		157,787		74,057		181,943	$	2,936,555	$	29,457	$	92,910
GuideMark® Emerging Markets Fund - Institutional Shares		12,959		23,545		7,880		28,624		385,572		2,592		774
GuideMark® Small/Mid Cap Core Fund - Institutional Shares		205,071		320,554		156,310		369,315		6,773,229		40,129		159,340
GuideMark® World ex-US Fund - Institutional Shares		327,752		521,590		237,868		611,474		5,124,148		84,141		(2,218	)
									$	15,219,504	$	156,319	$	250,806
Absolute Return Allocation Fund
GuideMark® Core Fixed Income Fund - Institutional Shares		—		713,655		96,428		617,227	$	5,709,349	$	118,797	$	(27,661	)
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares		670,635		111,038		273,602		508,071		4,811,432		216,510		(71,705	)
									$	10,520,781	$	335,307	$	(99,366	)
Multi-Asset Income Allocation Fund
GuideMark® Core Fixed Income Fund - Institutional Shares		130,657		262,846		94,387		299,116	$	2,766,827	$	66,887	$	(13,857	)
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares		229,279		334,228		120,197		443,310		4,198,150		100,170		2,206
									$	6,964,977	$	167,057	$	(11,651	)

* Includes long-term capital gain distributions received from affiliates.

171

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

	Share Activity								Year Ended March 31, 2017
Security Name	Balance March 31, 2016		Purchases		Sales		Balance March 31, 2017		Fair Value		Dividends Credited to Income		Amount of Gain (Loss) realized on Sale of Shares
Flexible Income Allocation Fund
GuideMark® Core Fixed Income Fund - Institutional Shares		77,671		11,622		20,378		68,915	$	637,465	$	19,648	$	2,579
									$	637,465	$	19,648	$	2,579

10. Option Contracts Written

The premium amount and number of option contracts written during the year ended March 31, 2017 were as follows:

Core Fixed Income Fund

	Amount of Premiums			Number of Contracts		Notional Amount
Outstanding at 3/31/16	$	—			—		—
Options written		20,569			—		8,164,000
Options expired		(11,432	)		—		(4,234,000	)
Options exercised		—			—		—
Options closed		(9,137	)		—		(3,930,000	)
Outstanding at 3/31/17	$	—			—		—

No other Fund held written option contracts at any time during the year ended March 31, 2017.

11. 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, capital loss carryforwards, CFC income reversal, net operating loss lost, Partnerships and paydown reclassifications. On the Statements 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	$	27,764		$	(27,716	)	$	(48	)
Emerging Markets Fund		(38,429	)		36,003			2,426
Small/Mid Cap Core Fund		8,626			(8,606	)		(20	)
World ex-US Fund		(45,817	)		62,652,904			(62,607,087	)
Opportunistic Equity Fund		333,068			(158,272	)		(174,796	)
Core Fixed Income Fund		602,371			(602,367	)		(4	)
Tax-Exempt Fixed Income Fund		—			—			—
Opportunistic Fixed Income Fund		4,685,000			(4,685,000	)		—
Growth Allocation Fund		196,402			(196,355	)		(47	)
Conservative Allocation Fund		(5	)		27			(22	)
Tactical Allocation Fund		(26,363	)		26,399			(36	)
Absolute Return Allocation Fund		8,390			579			(8,969	)
Multi-Asset Income Allocation Fund		—			17			(17	)
Flexible Income Allocation Fund		—			14			(14	)
Managed Futures Strategy Fund		1,415,181			8,176,237			(9,591,418	)

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*
	3/31/2018		3/31/2019		Short Term		Long Term
Large Cap Core Fund	$	—	$	—	$	—	$	—	$	—
Emerging Markets Fund		91,067,928		—		—		—		(3,672,896	)

172

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

	Capital losses expiring:								Utilized
					Indefinite*
	3/31/2018		3/31/2019		Short Term		Long Term
Small/Mid Cap Core Fund	$	—	$	—	$	—	$	—	$	—
World ex-US Fund		139,582,037		—		15,471,584				(1,156,555	)
Opportunistic Equity Fund		—		—		—		—		—
Core Fixed Income Fund		—		—		—		—		—
Tax-Exempt Fixed Income Fund		1,729,569		—		—		—		(1,133,091	)
Opportunistic Fixed Income Fund		—		—		23,108,367		3,810,898		—
Growth Allocation Fund		—		—		—		—		—
Conservative Allocation Fund		—		—		4,244,624		—		—
Tactical Allocation Fund		—		—		8,232,370		6,346,962		—
Absolute Return Allocation Fund		—		—		1,305,928		9,473,636		—
Multi-Asset Income Allocation Fund		—		—		611,582		5,594,420		—
Flexible Income Allocation Fund		—		—		1,058,977		9,108,885		—
Managed Futures Strategy Fund		—		—		3,290,164		926,841		—

* 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.

Additionally, at March 31, 2017, the Funds deferred on a tax basis losses as follows:

	Ordinary Late Year Loss		Capital Loss
Large Cap Core Fund	$	—	$	—
Emerging Markets Fund		149,819		—
Small/Mid Cap Core Fund		—		—
World ex-US Fund		—		—
Opportunistic Equity Fund		56,230		—
Core Fixed Income Fund		—		468,268
Tax-Exempt Fixed Income Fund		—		—
Opportunistic Fixed Income Fund		—		—
Growth Allocation Fund		—		—
Conservative Allocation Fund		—		—
Tactical Allocation Fund		—		3,827,714
Absolute Return Allocation Fund		—		2,285,746
Multi-Asset Income Allocation Fund		—		2,528,450
Flexible Income Allocation Fund		—		207,908
Managed Futures Strategy Fund		167,523		—

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, 2017 and March 31, 2016 are as follows:

	Year Ended March 31, 2017
	Ordinary Income Distributions			Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	2,122,491		$	6,227,056	$	—
Emerging Markets Fund		390,103			—		—
Small/Mid Cap Core Fund		533,692			—		—
World ex-US Fund		3,332,347			—		—
Opportunistic Equity Fund		—			2,207,160		—
Core Fixed Income Fund		4,025,855			—		—
Tax-Exempt Fixed Income Fund		1,010,639	*		—		—
Opportunistic Fixed Income Fund		1,964,950			—		—
Growth Allocation Fund		9,730,472			9,977,136		—
Conservative Allocation Fund		5			9,908,476		—
Tactical Allocation Fund		3,197,003			—		—
Absolute Return Allocation Fund		3,935,742			—		—

173

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

	Year Ended March 31, 2017
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Multi-Asset Income Allocation Fund	$	3,068,620	$	—	$	—
Flexible Income Allocation Fund		2,158,726		—		—
Managed Futures Strategy Fund		—		1,489,705		—

* Contains $1,008,839 of tax-exempt income for year ended 3/31/2017

	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.

At March 31, 2017, 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		213,596,470			105,040,193			127,914,835			166,959,915			71,849,539			163,302,584
Gross Unrealized Appreciation		45,655,758			22,839,450			25,391,583			30,288,239			15,254,091			2,534,046
Gross Unrealized Depreciation		(6,602,834	)		(3,911,105	)		(5,253,936	)		(7,585,948	)		(1,643,928	)		(1,735,929	)
Net Unrealized Appreciation/(Depreciation)		39,052,924			18,928,345			20,137,647			22,702,291			13,610,163			798,117
Undistributed Tax-Exempt Ordinary Income		—			—			—			—			—			—
Undistributed Ordinary Income		355,378			—			293,042			2,901,835			—			294,651
Undistributed Long-Term Cap Gains		5,760,693			—			1,075,826			—			882,724			349,253
Total Distributable Earnings		6,116,071			—			1,368,868			2,901,835			882,724			643,904
Other Accumulated Gains/(Losses)		—			(91,205,686	)		—			(155,105,126	)		(56,230	)		(468,259	)
Total Accumulated Earnings/(Losses)		45,168,995			(72,277,341	)		21,506,515			(129,501,000	)		14,436,657			973,762

174

GuideMark^® Funds & GuidePath^® Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2017

	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		28,488,986			62,222,862			565,944,588			140,501,479			311,861,765			152,416,683
Gross Unrealized Appreciation		1,847,698			4,951,275			93,741,327			9,665,414			23,874,885			8,339,487
Gross Unrealized Depreciation		(31,792	)		(6,402,568	)		(3,979,966	)		(2,251,470	)		(3,311,635	)		(948,921	)
Net Unrealized Appreciation/(Depreciation)		1,815,906			(1,451,293	)		89,761,361			7,413,944			20,563,250			7,390,566
Undistributed Tax-Exempt Ordinary Income		15,015			—			—			—			—			—
Undistributed Ordinary Income		2,154			12,274,176			1,948,396			1,224,770			4,024,774			634,051
Undistributed Long-Term Cap Gains		—			—			2,796,323			—			—			—
Total Distributable Earnings		17,169			12,274,176			4,744,719			1,224,770			4,024,774			634,051
Other Accumulated Gains/(Losses)		(1,729,569	)		(26,860,958	)		(21,489	)		(4,266,113	)		(18,428,535	)		(13,086,799	)
Total Accumulated Earnings/(Losses)		103,506			(16,038,075	)		94,484,591			4,372,601			6,159,489			(5,062,182	)

	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed Futures Strategy Fund
Cost of Investments		131,219,873			116,146,584			82,237,400
Gross Unrealized Appreciation		8,814,693			2,344,852			21,582
Gross Unrealized Depreciation		(140,569	)		(563,506	)		(3,218	)
Net Unrealized Appreciation/(Depreciation)		8,674,124			1,781,346			18,364
Undistributed Tax-Exempt Ordinary Income		—			—			—
Undistributed Ordinary Income		112,867			38,394			—
Undistributed Long-Term Cap Gains		—			—			—
Total Distributable Earnings		112,867			38,394			—
Other Accumulated Gains/(Losses)		(8,734,452	)		(10,375,770	)		(4,136,685	)
Total Accumulated Earnings/(Losses)		52,539			(8,556,030	)		(4,118,321	)

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.

175

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, open futures contracts, open swap contracts, and open forward currency contracts, of GPS Funds I and GPS Funds II comprising 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, GuideMark Tax-Exempt Fixed Income Fund, 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 the consolidated schedules of investments and open futures contracts and the accompanying consolidated statement of assets and liabilities of GuidePath Managed Futures Strategy Fund (the “Funds”) as of March 31, 2017, and the related consolidated statement of operations for the year ended March 31, 2017, consolidated statements of changes in net assets and consolidated financial highlights for each of the two periods in the period then ended March 31, 2017, for GuidePath Managed Futures Strategy Fund, and the related statements of operations for the year ended March 31, 2017, changes in net assets for each of the two years in the period then ended March 31, 2017, and the financial highlights for each of the four years in the period then ended March 31, 2017, 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 period ended March 31, 2013, were audited by other auditors whose report dated May 30, 2013, expressed an unqualified opinion on 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, 2017, by correspondence with the custodian and brokers, or by 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, 2017, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

As discussed within Note 3 to the financial statements, on May 25, 2017, the Board of Trustees approved the liquidation of GuideMark Opportunistic Equity Fund.

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 26, 2017

176

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION

March 31, 2017

Additional Information

1. Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year 2017 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		3.65%		100.00%
Small/Mid Cap Core Fund		100.00%		100.00%
World ex-US Fund		0.69%		100.00%
Opportunistic Equity Fund		0.00%		0.00%
Core Fixed Income Fund		0.00%		0.00%
Tax-Exempt Fixed Income Fund		0.00%		0.00%
Opportunistic Fixed Income Fund		0.93%		1.12%
Growth Allocation Fund		10.47%		68.09%
Conservative Allocation Fund		0.00%		0.00%
Tactical Allocation Fund		26.68%		100.00%
Absolute Return Allocation Fund		5.05%		8.21%
Multi-Asset Income Allocation Fund		26.30%		52.38%
Flexible Income Allocation Fund		0.00%		5.84%
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, 2017. 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	$	283,611	$	0.0326		96.49	%
World ex-US Fund		363,630		0.0161		97.20	%
Growth Allocation Fund		141,363		0.0028		1.57	%
Conservative Allocation Fund		9,415		0.0007		0.00	%

* 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.

177

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

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).	16	Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); 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).	16	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).	16	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/Chairman, Sitoa Global Inc. (2011-2013); Director, Wells Fargo GAI Hedge Funds (closed-end hedge funds) (2008- present); Director/Chairman, Pacific Metrics Corp. (educational services) (2005- 2014); Director, Merriman Holdings, Inc. (financial services) (2003-2016); Director, Grail Advisors ETF Trust (2009-2011); Director, Varian Semiconductor Equipment Associates, Inc. (2004-2011); Director, North Bay Bancorp (2006-2007).

178

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

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 2008	President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); and GVIT (2008-2012); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present).		16	Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present); Treasurer, Acalanes Booster Club (Feb 2017-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 Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates.

** Each Officer of the Trusts serves at the pleasure of the Board.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.

4. Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

5. Availability of Quarterly Portfolio Holdings Schedules (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on 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.

179

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

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, 2016 (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) Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark, on behalf of GuideMark^® Large Cap Core Fund, GuideMark^® Emerging Markets Fund, GuideMark^® Small/Mid Cap Core Fund, and GuideMark^® World ex-US Fund; (ii) Wellington Management Company (“Wellington”) and AssetMark, on behalf of the GuideMark^® Core Fixed Income Fund; (iii) Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) and AssetMark, on behalf of the GuideMark^® Core Fixed Income Fund; (iv) Diamond Hill Capital Management, Inc. (“Diamond Hill”) 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) DoubleLine Capital LP (“DoubleLine”) and AssetMark, on behalf of the GuideMark^® Opportunistic Fixed Income Fund; and (ix) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath^® Managed Futures Strategy Fund (collectively, the “Sub-Advisory Agreements”).

Hereinafter, GSAM, Wellington, Barrow Hanley, Diamond Hill, Westfield, Delaware, Franklin, DoubleLine, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.”

The Sub-Advised Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated, 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.

180

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

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.

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.

181

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.

In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling, 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.

182

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

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.

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.

183

GuideMark^® Funds & GuidePath^® Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2017

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.

184

GuideMark^® Funds

GuidePath^® Funds

GUIDEMARK^® FUNDS & GUIDEPATH^® FUNDS

GuideMark^® Large Cap Core Fund

GuideMark^® Emerging Markets Fund

GuideMark^® Small/Mid Cap Core Fund

GuideMark^® World ex-US Fund

GuideMark^® Opportunistic Equity Fund

GuideMark^® Core Fixed Income Fund

GuideMark^® Tax-Exempt Fixed Income Fund

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

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 & Company, 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 Brokerage^TM, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.

Annual Report

March 31, 2017

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, 2017, 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, 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.

(b) Audit-Related Fees

None.

c) Tax Fees

For the fiscal year ended March 31, 2017, 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, 2016, 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.

1

(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, 2017 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, 2017 and March 31, 2016, 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.

2

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.

3

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 Hansen
	Carrie E. Hansen, Principal Executive Officer/President

Date 05/30/2017

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 Hansen
	Carrie E. Hansen, Principal Executive Officer/President

Date 05/30/2017

By (Signature and Title)	/s/ Patrick Young
	Patrick R Young, Principal Financial Officer/Treasurer

Date 05/30/2017

4