GPS Funds II NPORT-P GuidePath Managed Futures Strategy Fund (Dec 2019 report)

GuidePath® Managed Futures Strategy Fund
Consolidated Schedule of Investments (Unaudited)
December 31, 2019
Principal Amount			Value
		SHORT TERM INVESTMENTS - 100.48%
		Certificates of Deposits - 77.78%
		Bank of Montreal
$	1,500,000	1.950%, 02/28/2020	$	1,500,000
	6,500,000	1.877% (1 Month LIBOR USD + 0.180%), 04/03/2020 (a)		6,501,562
	8,000,000	CIBC
		1.500%, 01/02/2020		8,000,000
	8,000,000	Credit Agricole Corporation & Investment Bank
		1.530%, 01/06/2020		8,000,000
	7,000,000	Credit Industriel ET Commercial
		1.800%, 02/14/2020		7,000,000
	6,500,000	DG Bank
		1.870%, 03/27/2020		6,499,920
		Landesbank Baden Wurttemberg
	4,000,000	1.780%, 01/17/2020		4,000,000
	3,000,000	1.900%, 01/21/2020		3,000,017
	4,000,000	Mitsubishi UFJ Trust & Banking Corp.
		2.000%, 02/06/2020		4,000,000
	7,500,000	Mizuho Bank, Ltd.
		1.964% (1 Month LIBOR USD + 0.200%), 04/20/2020 (a)		7,499,067
	5,000,000	MUFG Bank, Ltd.
		2.000%, 02/18/2020		5,000,033
	6,500,000	National Australia Bank, Ltd.
		1.915% (1 Month LIBOR USD + 0.150%), 05/20/2020 (a)		6,499,079
	3,900,000	National Bank of Kuwait
		1.500%, 01/02/2020		3,900,000
	6,500,000	Nordea Bank
		1.948% (3 Month LIBOR USD + 0.060%), 06/11/2020 (a)		6,500,409
		Norinchukin Bank
	5,000,000	1.870%, 02/20/2020		5,000,000
	2,000,000	1.900%, 03/27/2020		2,000,094
	6,500,000	Oversea-Chinese Banking Corp., Ltd.
		1.964% (3 Month LIBOR USD + 0.070%), 06/16/2020 (a)		6,500,425
		Royal Bank of Canada
	5,000,000	1.916% (1 Month LIBOR USD + 0.180%), 06/12/2020 (a)		4,999,465
	1,000,000	1.925% (1 Month LIBOR USD + 0.210%), 07/10/2020 (a)		999,913
	8,000,000	SEB
		1.500%, 01/02/2020		8,000,000
		Sumitomo Mitsui Trust Bank, Ltd.
	4,250,000	1.971% (1 Month LIBOR USD + 0.230%), 02/13/2020 (a)		4,250,000
	1,300,000	2.020%, 02/14/2020		1,300,000
	4,500,000	1.890%, 03/09/2020		4,499,927
	8,000,000	Svenska Handelsbanken
		1.935% (1 Month LIBOR USD + 0.190%), 05/18/2020 (a)		8,000,063
	8,000,000	Toronto-Dominion Bank
		2.075% (1 Month LIBOR USD + 0.310%), 10/20/2020 (a)		8,002,431
				131,452,405
		Commercial Papers - 8.57%
		Bank of America NA
	5,000,000	2.020%, 01/09/2020		5,000,000
	2,000,000	1.840%, 06/15/2020 (f)		2,000,125
		COFCO Capital Corp.
	1,000,000	0.000%, 01/15/2020		999,281
	6,500,000	0.000%, 01/22/2020		6,493,175
				14,492,581
Number of Shares
		Money Market Funds - 2.28%
	3,846,620	DWS Government Money Market Series - Institutional Shares
		Effective Yield, 1.55% (b)(c)		3,846,620
				3,846,620
Principal Amount
		U.S. Treasury Bills - 11.85%
$	9,600,000	1.416%, 01/09/2020 (c)(d)(e)		9,596,801
	9,300,000	1.494%, 02/06/2020 (c)(d)(e)		9,285,977
	1,150,000	1.512%, 03/05/2020 (d)(e)		1,146,986
				20,029,764
		Total Short Term Investments (cost $169,819,017)		169,821,370
		Total Investments (Cost $169,819,017) - 100.48%		169,821,370
		Liabilities in Excess of Other Assets - (0.48)%		(817,312	)
		TOTAL NET ASSETS - 100.00%	$	169,004,058
Percentages are stated as a percent of net assets.
(a)		Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of December 31, 2019.
(b)		Seven-day yield as of December 31, 2019.
(c)		All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd.
(d)		Zero coupon bond.  The effective yield is listed.
(e)		All or a portion of this security is held as collateral for certain futures contracts.
(f)		These securities have been illiquid to the Fund's liquidity guidelines. The value of these securities total $2,000,125, which represents 1.18% of total net assets.

GuidePath^® Managed Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Unaudited)

December 31, 2019

Description	Number of Contracts Purchased / (Sold)		Notional Value			Settlement Month	Value / Unrealized Appreciation (Depreciation)
Euribor 3 Month Futures		(531)		(149,479,627	)	Mar-20	$	21,382
Eurodollar 90 Day Futures		450		110,598,750		Jun-20		(81,335	)
Sterling 90 Day Futures		(160)		(26,293,480	)	Mar-20		(2,568	)
Amsterdam IDX Futures		45		6,103,948		Jan-20		(35,837	)
Australian Dollar Futures		(15)		(1,055,700	)	Mar-20		(27,698	)
Australian 10-Year Treasury Bond Futures		106		10,634,006		Mar-20		(201,279	)
Australian 3-Year Treasury Bond Futures		349		28,168,065		Mar-20		(193,881	)
British Pound Futures		101		8,390,575		Mar-20		55,764
Brazilian Real Futures		(14)		(350,840	)	Jan-20		(6,307	)
Brent Crude Futures (a)		102		6,732,000		Jan-20		285,576
Canadian Dollar Futures		166		12,796,110		Mar-20		115,353
CAC40 Index Futures		81		5,424,229		Jan-20		16,447
Canadian 10-Year Bond Futures		65		6,881,676		Mar-20		(140,953	)
Swiss Franc Futures		(31)		(4,030,000	)	Mar-20		(86,460	)
Cocoa Futures (a)		26		660,400		Mar-20		(18,505	)
Coffee 'C' Futures (a)		38		1,848,225		Mar-20		76,096
Copper Futures (a)		41		2,866,925		Mar-20		(5,053	)
Corn Futures (a)		(137)		(2,656,088	)	Mar-20		(38,070	)
Cotton No. 2 Futures (a)		(24)		(828,600	)	Mar-20		(38,523	)
DAX® Index Futures		14		5,200,533		Mar-20		(45,170	)
DJIA E-Mini CBOT Futures		97		13,826,380		Mar-20		226,462
E-mini Russell 2000 Futures		143		11,944,790		Mar-20		182,443
Euro Fx Futures		(168)		(23,692,200	)	Mar-20		(320,715	)
Euro Stoxx 50® Index Futures		141		5,897,801		Mar-20		(23,598	)
Euro-Bobl Futures		98		14,689,557		Mar-20		(55,092	)
Euro-BTP Futures		48		7,670,308		Mar-20		39,781
Euro-Bund Futures		69		13,195,524		Mar-20		(126,256	)
Euro-Buxl® 30 Year Futures		21		4,673,001		Mar-20		(106,970	)
Euro-OATS Futures		77		14,058,654		Mar-20		(106,336	)
Euro-Schatz Futures		(427)		(53,598,918	)	Mar-20		24,882
FTSE 100 Index Futures		39		3,873,963		Mar-20		29,062
FTSE China A50 Index Futures		286		4,121,260		Jan-20		59,374
FTSE JSE Top 40 Futures		5		183,350		Mar-20		(2,219	)
FTSE MIB Index Futures		34		4,464,049		Mar-20		11,340
RBOB Gasoline Futures (a)		60		4,260,060		Jan-20		84,244
Gold 100 Oz. Futures (a)		66		10,052,460		Feb-20		302,820
Hang Seng Index Futures		11		1,995,367		Jan-20		12,442
HSCEI Index Futures		43		3,093,265		Jan-20		19,179
IBEX 35® Index Futures		51		5,450,850		Jan-20		(29,158	)
Indian Rupee Futures		145		4,055,650		Jan-20		(37,105	)
Japanese Yen Futures		(264)		(30,510,150	)	Mar-20		36,232
Lean Hogs Futures (a)		(31)		(966,270	)	Apr-20		(38,097	)
Live Cattle Futures (a)		79		4,018,730		Apr-20		36,720
LME Copper Futures (a)(b)		(17)		(2,624,375	)	Mar-20		(132,528	)
LME Copper Futures (a)(b)		27		4,168,125		Mar-20		53,632
LME Nickel Futures (a)(b)		(51)		(4,291,650	)	Mar-20		(137,457	)
LME Nickel Futures (a)(b)		59		4,964,850		Mar-20		(134,226	)
LME Aluminium Futures (a)(b)		(147)		(6,651,750	)	Mar-20		(258,832	)
LME Aluminium Futures (a)(b)		91		4,117,750		Mar-20		32,443
LME Zinc Futures (a)(b)		50		2,843,438		Mar-20		(22,871	)
LME Zinc Futures (a)(b)		(72)		(4,094,550	)	Mar-20		(16,200	)
Long Gilt Futures		64		11,137,733		Mar-20		(96,902	)
Low Sulphur Gas Oil Futures (a)		45		2,761,875		Feb-20		58,546
Mexican Peso Futures		524		13,726,180		Mar-20		271,696
MSCI EAFE Index Futures		133		13,542,725		Mar-20		308,116
MSCI Emerging Markets Index Futures		179		10,025,790		Mar-20		402,460
MSCI Singapore Index Futures		92		2,541,210		Jan-20		2,612
MSCI Taiwan Index Futures		121		5,561,160		Jan-20		(5,540	)
E-mini Nasdaq 100 Futures		78		13,653,510		Mar-20		469,187
Natural Gas Futures (a)		(136)		(2,977,040	)	Jan-20		121,594
New Zealand Dollar Futures		153		10,327,500		Mar-20		28,381
Nikkei 225 Futures		27		5,874,373		Mar-20		71,467
NY Harbor ULSD Futures (a)		27		2,293,855		Jan-20		29,497
OMXS30 Futures		272		5,135,021		Jan-20		(51,206	)
Platinum Futures (a)		51		2,493,390		Apr-20		88,904
E-mini S&P Mid Cap 400 Futures		55		11,356,400		Mar-20		232,982
S&P/TSX 60 Index Futures		48		7,484,533		Mar-20		26,651
E-mini S&P 500 Futures		93		15,024,615		Mar-20		405,529
South African Rand Futures		65		2,303,438		Mar-20		49,941
Euro-BTP Futures - Short		187		23,583,186		Mar-20		31,583
Silver Futures (a)		34		3,046,570		Mar-20		139,887
Soybean Futures (a)		(21)		(1,003,275	)	Mar-20		(73,370	)
Soybean Meal Futures (a)		(70		(2,132,900	)	Mar-20		(27,678	)
Soybean Oil Futures (a)		179		3,734,298		Mar-20		150,114
SPI 200TM Index Futures		54		6,255,430		Mar-20		(78,291	)
Sugar No. 11 Futures (a)		26		390,790		Feb-20		(2,827	)
TOPIX Index Futures		37		5,860,476		Mar-20		16,318
U.S. Treasury 10-Year Note Futures		135		17,336,953		Mar-20		(168,955	)
U.S. Treasury 2-Year Note Futures		244		52,582,000		Mar-20		(45,999	)
U.S. Treasury 5-Year Note Futures		223		26,449,891		Mar-20		(106,403	)
U.S. Treasury Long Bond Futures		59		9,198,469		Mar-20		(209,701	)
U.S. Treasury Ultra Bond Futures		32		5,813,000		Mar-20		(161,077	)
Wheat Futures (a)		43		1,201,313		Mar-20		18,415
WTI Crude Futures (a)		65		3,968,900		Jan-20		128,808
							$	1,277,114

(a)

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

(b)

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

GuidePath® Managed Futures Strategy Fund
Consolidated Schedule of Open Forward Currency Contracts (Unaudited)
December 31, 2019
Forward Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency be delivered		Unrealized Appreciation (Depreciation)
3/18/2020	UBS AG	Chinese Yuan Renminbi		12000000	U.S. Dollar		1,722,807	$	(2,064	)
3/18/2020	UBS AG	Turkish Lira		47700000	U.S. Dollar		8,032,492		(170,851	)
3/18/2020	JP Morgan Chase	Norwegian Krone		125999999	U.S. Dollar		14,085,590		269,615
3/18/2020	BNP Paribas	Norwegian Krone		18000000	U.S. Dollar		2,017,962		32,782
3/18/2020	JP Morgan Chase	Polish Zloty		2500000	U.S. Dollar		652,645		6,437
3/18/2020	BNP Paribas	Polish Zloty		15000000	U.S. Dollar		3,919,997		34,496
3/18/2020	Citibank	Polish Zloty		6000000	U.S. Dollar		1,580,708		1,089
3/18/2020	HSBC	Singapore Dollar		4625000	U.S. Dollar		3,409,507		31,928
3/18/2020	UBS AG	Singapore Dollar		14625000	U.S. Dollar		10,767,682		114,694
3/18/2020	Citibank	Singapore Dollar		13750000	U.S. Dollar		10,159,709		71,585
3/18/2020	JP Morgan Chase	Swedish Krona		34000000	U.S. Dollar		3,648,343		(4,614	)
3/18/2020	BNP Paribas	Swedish Krona		4000000	U.S. Dollar		429,986		(1,312	)
3/18/2020	Citibank	Swedish Krona		4000000	U.S. Dollar		429,044		(370	)
3/18/2020	UBS AG	U.S. Dollar		1699876	Chinese Yuan Renminbi		12,000,000		(20,868	)
3/18/2020	UBS AG	U.S. Dollar		201307	Turkish Lira		1,200,000		3,529
3/18/2020	BNP Paribas	U.S. Dollar		591857	Turkish Lira		3,600,000		(1,475	)
3/18/2020	Citibank	U.S. Dollar		794568	Turkish Lira		4,800,000		3,459
3/18/2020	JP Morgan Chase	U.S. Dollar		2048138	Turkish Lira		12,300,000		20,923
3/18/2020	HSBC	U.S. Dollar		444878	Turkish Lira		2,700,000		(121	)
3/18/2020	UBS AG	U.S. Dollar		18392321	Norwegian Krone		168,000,000		(747,950	)
3/18/2020	UBS AG	U.S. Dollar		6078700	Polish Zloty		23,500,000		(116,672	)
3/18/2020	UBS AG	U.S. Dollar		7391375	Swedish Krona		70,000,000		(110,420	)
								$	(586,180	)