GPS Funds II NPORT-P GuidePath Absolute Return Allocation Fund (Dec 2021 report)

GuidePath® Absolute Return Allocation Fund
Schedule of Investments (Unaudited)
December 31, 2021
Number of Shares			Value
		INVESTMENT COMPANIES - 98.94%
		Exchange Traded Funds - 53.02%
	3,934	Invesco DB Agriculture Fund (e)	$	77,697
	541	Invesco DB Base Metals Fund (e)		12,043
	4,968	Invesco DB Energy Fund (e)		84,854
	1,051	iShares Core MSCI Emerging Markets ETF		62,913
	58,463	iShares Interest Rate Hedged Corporate Bond ETF (a)		5,595,494
	329,141	ProShares Investment Grade-Interest Rate Hedged ETF		24,478,216
	220,319	Schwab Short-Term U.S. Treasury ETF		11,203,221
	3,652	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (e)		333,902
	93,201	SPDR Bloomberg Barclays High Yield Bond ETF (a)		10,118,833
	347,890	Vanguard Emerging Markets Government Bond ETF (a)		27,017,137
	3,002	Vanguard FTSE Developed Markets ETF (a)		153,282
	24,137	Vanguard Intermediate-Term Corporate Bond ETF (a)		2,238,948
	318,418	Vanguard Mortgage-Backed Securities ETF		16,825,207
	955	Vanguard S&P 500 ETF (a)		416,924
	69,540	Vanguard Total Bond Market ETF		5,893,515
	367,538	Xtrackers USD High Yield Corporate Bond ETF (a)		14,642,714
				119,154,900
		Mutual Funds - 45.92%
	1,690,154	BlackRock Low Duration Bond Portfolio - Institutional Shares		16,259,281
	334,234	DoubleLine Core Fixed Income Fund - Institutional Shares		3,656,525
	1,759,508	DoubleLine Flexible Income Fund - Institutional Shares (c)		16,856,085
	1,647,533	DoubleLine Low Duration Bond Fund - Institutional Shares		16,277,629
	352,132	DoubleLine Shiller Enhanced CAPE - Institutional Shares		6,267,952
	2,269,786	DoubleLine Total Return Bond Fund - Institutional Shares		23,605,777
	1,153,180	T. Rowe Price Institutional Floating Rate Fund - Investor Shares		11,243,507
	1,517,553	Vanguard High-Yield Corporate Fund - Admiral Shares		9,029,440
				103,196,196
		Total Investment Companies (Cost $213,998,919)		222,351,096
		SHORT TERM INVESTMENTS - 0.00% (d)
		Money Market Funds - 0.00% (d)
	433	DWS Government Money Market Series - Institutional Shares
		Effective Yield, 0.04% (b)		433
		Total Short Term Investments (Cost $433)		433
Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 12.10%
	27,186,880	Mount Vernon Liquid Assets Portfolio, LLC
		Effective Yield, 0.12% (b)		27,186,880
		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $27,186,880)		27,186,880
		Total Investments (Cost $241,186,232) - 111.04%		249,538,409
		Liabilities in Excess of Other Assets - (11.04)%		(24,815,062	)
		TOTAL NET ASSETS - 100.00%	$	224,723,347
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, 2021.
(c)		Certain GuidePath® Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to $3,923,008 or 1.75% of total net assets as of December 31, 2021.
(d)		Less than 0.01%.
(e)		Non-income producing security.