GPS Funds II NPORT-P GuidePath Absolute Return Allocation Fund (Dec 2019 report)

GuidePath® Absolute Return Allocation Fund
Schedule of Investments (Unaudited)
December 31, 2019
Number of Shares			Value
		INVESTMENT COMPANIES - 98.73%
		Exchange Traded Funds - 48.69%
	12,873	Invesco DB Agriculture Fund (a)	$	213,177
	2,010	Invesco DB Base Metals Fund		30,030
	11,267	Invesco DB Energy Fund		164,836
	177,801	iShares 1-3 Year Treasury Bond ETF (a)		15,047,299
	4,501	iShares Core MSCI Emerging Markets ETF		241,974
	9,861	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		901,591
	46,828	SPDR Bloomberg Barclays High Yield Bond ETF (a)		5,129,539
	1,272,703	SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		39,110,163
	146,468	SPDR Portfolio Short Term Corporate Bond ETF		4,517,073
	277,709	Vanguard Emerging Markets Government Bond ETF		22,608,290
	12,686	Vanguard FTSE Developed Markets ETF (a)		558,945
	934,981	Vanguard Mortgage-Backed Securities ETF		49,712,940
	3,964	Vanguard S&P 500 ETF		1,172,551
	87,719	Vanguard Total Bond Market ETF		7,356,115
				146,764,523
		Mutual Funds - 50.04%
	3,042,993	BlackRock Low Duration Bond Portfolio - Institutional Shares		29,334,455
	391,267	DoubleLine Core Fixed Income Fund - Institutional Shares		4,331,322
	1,544,513	DoubleLine Flexible Income Fund - Institutional Shares (c)		14,997,219
	2,918,725	DoubleLine Low Duration Bond Fund - Institutional Shares		29,245,624
	461,816	DoubleLine Shiller Enhanced CAPE - Institutional Shares		7,518,368
	2,963,290	DoubleLine Total Return Bond Fund - Institutional Shares		31,499,772
	760,512	T. Rowe Price Institutional Floating Rate Fund		7,521,460
	4,427,755	Vanguard High-Yield Corporate Fund		26,389,420
				150,837,640
		Total Investment Companies (Cost $292,202,691)		297,602,163
		SHORT TERM INVESTMENTS - 0.00%
		Money Market Funds - 0.00%
	974	DWS Government Money Market Series - Institutional Shares
		Effective Yield, 1.55% (b)		974
		Total Short Term Investments (Cost $974)		974
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.89%
	8,703,813	Mount Vernon Liquid Assets Portfolio, LLC
		Effective Yield, 1.80% (b)		8,703,813
		Total Investments Purchased with Proceeds from Securities Lending Collateral            (Cost $8,703,813)		8,703,813
		Total Investments (Cost $300,907,478) - 101.62%		306,306,950
		Liabilities in Excess of Other Assets - (1.62)%		(4,885,643	)
		TOTAL NET ASSETS - 100.00%	$	301,421,307

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 December 31, 2019.
(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 0.05% of total net assets as of    December 31, 2019.