As filed with the Securities and Exchange Commission on [date]
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 811-22486
GPS Funds II
(Exact name of registrant as specified in charter)
1655 Grant Street, 10th Floor
Concord, CA 94520
(Address of principal executive offices) (Zip code)
Patrick Young
AssetMark, Inc.
1655 Grant Street, 10th Floor
Concord, CA 94520
(Name and address of agent for service)
800-664-5345
Registrant’s telephone number, including area code
Date of fiscal year end: March 31, 2018
Date of reporting period: April 1, 2017 through September 30, 2017
Item 1. Reports to Stockholders.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
September 30, 2017
GUIDEMARK® LARGE CAP CORE FUND
GUIDEMARK® EMERGING MARKETS FUND
GUIDEMARK® SMALL/MID CAP CORE FUND
GUIDEMARK® WORLD EX-US 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
[Date]
Dear Shareholder:
Enclosed is the Semi-Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2017 to September 30, 2017.
Market Review
During the six-month period ended September 30, 2017, global equities have enjoyed strong positive momentum. Global equity markets advanced 10.0% during the period, as measured by the MSCI ACWI Index, while the Bloomberg Barclays Global Aggregate Bond Index returned 4.4%.1 Several stock market indices reached all-time highs, despite increased tensions with North Korea and devastating hurricanes. The global economy continued to improve, lifted by higher confidence, positive corporate earnings and firming but still supportive global monetary policy. Global economic growth has been broad-based, and the Organization for Economic Cooperation and Development projected positive 2017 GDP growth for each of the 45 countries it tracks.
The S&P 500® Index returned 7.7% for the six-month period. Small-cap stocks outperformed larger cap stocks over the period, driven by strong performance in September, when stocks were boosted by news of a plan for US tax reform. Under the plan, domestic-focused companies would be expected to benefit from lower corporate tax rates. Technology stocks rose 13.1%, as growth-oriented sectors like Technology experienced higher returns. The more defensive and higher-dividend sectors produced lower returns, including Utilities (5.2%), Real Estate (3.7%) and Telecom Services (-0.8%), as bond yields moved higher.2
The MSCI ACWI ex-US Index of international stocks returned 12.6% over the period and outperformed US stocks. Foreign currency appreciation was an important contributor to this performance, as international stocks returned 8.2% in local market terms, which was closer to the return of US stocks for the same period. European stocks benefited from positive sentiment among businesses and households, with record low unemployment in Germany. Asian markets rose as Japan’s economy grew at a 2.5% annualized rate in the second quarter. Emerging markets returned 14.9%, lifted by China (+27.0%), a rebound in commodity prices and an increase in global trade.
In fixed income, the Bloomberg Barclays US Aggregate Bond Index returned 2.3% for the six-month period. Bond yields declined during the period on subdued inflation, but rose in September with expectations that potential US tax reform could drive higher growth and inflation. Corporate bonds benefited from underlying strength in the economy, with particularly strong performance from high-yield bonds. Long-term issues outperformed bonds with shorter maturities as the yield curve flattened. International bonds were lifted by foreign currency gains versus the US dollar, while emerging market issues benefited from improved global growth prospects.
Fund Review
Looking across the GuideMark® equity funds, only the GuideMark® Large Cap Core Fund underperformed its benchmark, as all other Funds outperformed, or were in line with their respective benchmarks. Momentum was a large driver of returns in the large-cap space, and being equally weighted across value, quality and momentum factors detracted from the fund’s performance during the period. The other GuideMark® Funds benefited from exposure to all three factors.
The GuideMark® fixed income funds trailed their respective benchmarks. Shorter duration and an emphasis on long term relative valuations led to underperformance, especially during the first part of the period.
Most of the GuidePath® Funds outperformed their benchmarks as a result of broad diversification, including exposure to international markets and a bias toward credit within fixed income. The GuidePath® Multi-Asset Income Allocation Fund underperformed its benchmark due to lower exposures to high yield bonds, emerging market bonds and real estate investments trusts. The GuidePath® Tactical Allocation Fund underperformed its benchmark due to lower relative equity exposure. Its benchmark, the S&P 500® Daily Risk Control 10% Index, can employ leverage. Given the low volatility environment during 2017, the equity exposure of the index has generally been more than 130% while the GuidePath® Tactical Allocation Fund’s equity exposure has generally been below 100%.
Looking Ahead
Several developments dominated news headlines during the period, which could have been expected to prompt investors to re-evaluate their appetite for risk. Despite the impact of multiple hurricanes, escalating tensions with North Korea and government policy changes, market volatility remained near historically low levels. Despite a brief spike in volatility which corresponded to concerns about North Korea, the CBOE Volatility Index® (VIX®) ended the period at 9.51, the lowest monthly close since its 1990 inception. The seeming disconnect between news headlines and market moves highlighted the importance of investment discipline and broad-based portfolio diversification.
Among global regions, US stocks continued to rise as the S&P 500® Index recorded its eighth consecutive quarter of gains. International stocks performed even better for US investors, supported by foreign currency gains, economic progress in Europe and strong returns for emerging markets. Elevated valuations for US stocks relative to other regions suggest potential long-term benefits for broad-based strategies that include international allocations.
Central bank policy and currency moves will be key factors to watch in the coming months. While the Fed is expected to raise rates at its December meeting, weak inflation readings could delay the increase. The US dollar was down for the six-month period but rose in September. If prospects for US tax reform strengthen or US and North Korea relations flare, the US dollar might continue to strengthen based on expectations of improved domestic growth or as a result of a flight to safe haven assets.
| 1 | | Morningstar, as of September 30, 2017. |
| 2 | | Sectors are represented by the sub-indices of the S&P 500 Index, as of September 30, 2017. |
1
Based on technical, fundamental and macro-economic factors, we believe we are in a positive environment for risk-taking. At some point this will inevitably change, but at the moment the risk of recession appears remote. If Washington starts to make progress on tax reform, it would be considered stimulative for the economy. In that case, investors may anticipate accelerated earnings growth and inject fresh energy into the current rally.
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.
Past performance is no guarantee of future results.
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.
The prospectus includes additional information about the mutual funds regarding investment objectives, risk factors, fees and charges as well as other important information that should be carefully read and considered before investing. You can obtain a prospectus by contacting your registered representative.
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. ©2017 AssetMark, Inc. All rights reserved.
Investment Terms
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced by a country in a given year. GDP is a common method for measuring the size and activity of a country’s economy.
Valuation is the process of determining the value of an asset or company.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Index Definitions
Bloomberg Barclays US Aggregate Bond Index is a broad-based index that measures the investment-grade, US dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities. All securities contained in the Barclays US Aggregate Bond Index have a minimum term to maturity of one year.
Bloomberg Barclays Global Aggregate Bond Index is a measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed rate bonds from both developed and emerging markets issuers.
Chicago Board Options Exchange (CBOE) Volatility Index® (CBOE Volatility Index® or VIX®) is widely referred to as the “investor fear gauge,” the VIX is commonly used as a measure of investor sentiment and market risk. The VIX is a forward-looking measure of near-term volatility and is constructed using the implied volatilities of a wide range of S&P 500 stock index options, calculated from both calls and puts.
MSCI All Country World (ACWI) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
MSCI ACWI ex-US Index is the Morningstar Capital International (MSCI) World ex USA Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S.
S&P 500 Daily Risk Control 10% Index relies on existing S&P 500 methodology and overlays mathematical algorithms to control the index risk profiles at specific volatility targets.
S&P 500® Index focuses on the large-cap segment of the US equity market. It includes 500 leading companies in leading industries of the US economy, capturing approximately 75% coverage of US equities.
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 September 30, 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 12, 2017, the market capitalization of the companies in the Russell 1000® Index ranged from $2.4 billion to $813.9 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Large Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 14.60 | % | | | 11.43 | % | | | 5.91 | % | | | 4.22 | % |
Institutional Shares | | | 15.19 | % | | | 12.08 | % | | | N/A | | | | 9.82 | % |
Russell 1000® Index | | | 18.54 | % | | | 14.27 | % | | | 7.55 | % | | | 6.92 | %(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 12.26%. |
3
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 6.82%, underperforming the Russell 1000® Index at 7.68%. |
| • | | The Fund maintains a consistent and diversified exposure across three factors – momentum, quality, and value. While exposure to the momentum factor benefited relative returns, the emphasis on high quality companies and stocks with low valuations was a headwind. |
| • | | In a sharp reversal from 2016, companies with low valuations lagged amid tempered expectations for fiscal stimulus. The Fund’s exposure to these value stocks was the largest driver of the lower relative returns. |
| • | | Security selection within the Consumer Discretionary and Industrials sectors detracted from returns and outweighed the positive contributions from security selection within the Technology and Real Estate sectors. |
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 | | | 3.29 | |
| | 2 | | | Apple, Inc. | | | 3.15 | |
| | 3 | | | Microsoft Corp. | | | 2.11 | |
| | 4 | | | Facebook, Inc. – Class A | | | 1.62 | |
| | 5 | | | Amazon.com, Inc. | | | 1.34 | |
| | 6 | | | Johnson & Johnson | | | 1.33 | |
| | 7 | | | JPMorgan Chase & Co. | | | 1.32 | |
| | 8 | | | Alphabet, Inc. – Class C | | | 1.18 | |
| | 9 | | | Alphabet, Inc. – Class A | | | 1.07 | |
| | 10 | | | Berkshire Hathaway, Inc. – Class B | | | 0.93 | |
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 September 30, 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, 2017 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, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Emerging Markets Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 22.75 | % | | | 13.91 | % | | | 4.31 | % | | | 5.27 | % |
Institutional Shares(3) | | | 21.01 | % | | | 14.13 | % | | | N/A | | | | 11.25 | % |
MSCI Emerging Markets Index | | | 22.91 | % | | | 4.36 | % | | | 1.65 | % | | | 10.68 | %(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 1.21%. |
| (3) | | During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
5
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 14.94%, performing in line with the MSCI Emerging Markets Index at 14.94%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value. Given the strong momentum in emerging markets, this factor added to returns but they were tempered by the value factor. |
| • | | High momentum stocks drove returns in emerging markets as investors gravitated to companies and sectors showing strong growth trends. However, companies with lower valuations struggled to keep pace as cyclical companies with lower multiples tended to lag versus their higher growth peers. |
| • | | Security selection within China was the biggest contributor to relative returns, with particularly large gains seen among Chinese Real Estate and Consumer companies. This was partly offset by weaker security selection in Brazil and Korea. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares MSCI India ETF | | | 7.20 | |
| | 2 | | | Tencent Holdings Ltd. | | | 5.00 | |
| | 3 | | | Samsung Electronics Co., Ltd. | | | 4.57 | |
| | 4 | | | Alibaba Group Holding Ltd. – ADR | | | 3.73 | |
| | 5 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3.25 | |
| | 6 | | | iShares Core MSCI Emerging Markets ETF | | | 2.29 | |
| | 7 | | | China Construction Bank Corp. – Series H | | | 1.39 | |
| | 8 | | | Naspers Ltd. – N Shares | | | 1.34 | |
| | 9 | | | Hon Hai Precision Industry Co., Ltd. | | | 1.14 | |
| | 10 | | | Baidu, Inc. – ADR | | | 1.00 | |
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 September 30, 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 2500TM INDEX – The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 12, 2017, the market capitalization of the companies in the Russell 2500TM Index ranged from $144 million to $10.6 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Small/Mid Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 17.43 | % | | | 12.84 | % | | | 6.82 | % | | | 7.41 | % |
Russell 2500TM Index | | | 17.79 | % | | | 13.86 | % | | | 8.19 | % | | | 8.96 | % |
| (1) | | Inception date is 6/29/01. |
7
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 7.33%, outperforming the Russell 2500™ Index at 6.98%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value. Exposure to the momentum and quality factors benefited relative returns, but the value factor was a headwind. |
| • | | U.S. equity markets were led by high momentum stocks as investors gravitated to companies and sectors showing strong growth trends. The Fund’s exposure to stocks with high momentum and high quality characteristics was the largest driver of higher relative returns. |
| • | | Underweight exposure to the Energy and Real Estate sectors added to returns along with security selection within the Technology sector. Returns were offset by weak security selection within Consumer Discretionary and Materials sectors. |
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 | | | 3.33 | |
| | 2 | | | United Therapeutics Corp. | | | 0.27 | |
| | 3 | | | ANSYS, Inc. | | | 0.26 | |
| | 4 | | | Chimera Investment Corp. | | | 0.26 | |
| | 5 | | | ABIOMED, Inc. | | | 0.25 | |
| | 6 | | | Cadence Design System, Inc. | | | 0.25 | |
| | 7 | | | A. O. Smith Corp. | | | 0.24 | |
| | 8 | | | Adtalem Global Education, Inc. | | | 0.23 | |
| | 9 | | | Everest Re Group, Ltd. | | | 0.23 | |
| | 10 | | | CDW Corp. | | | 0.23 | |
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 September 30, 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, 2017 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 September 30) | | | | | | | | | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® World ex-US Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 18.13 | % | | | 6.06 | % | | | -2.07 | % | | | 2.92 | % |
Institutional Shares(3) | | | 19.82 | % | | | 6.87 | % | | | N/A | | | | 3.04 | % |
MSCI World ex-US Index | | | 19.31 | % | | | 8.32 | % | | | 1.79 | % | | | 6.10 | %(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 4.47%. |
| (3) | | During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
9
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 12.31%, outperforming the MSCI World Ex-U.S. Index at 11.90%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value. All three factors were additive to returns during the period. |
| • | | International equity markets saw broad-based gains, with strong returns across a range of factors and stock characteristics. The Fund’s exposure to companies with low valuations was the largest driver of relative returns. |
| • | | Security selection within the Consumer Discretionary and Industrials sectors and in particular transportation-related companies in Europe, was the biggest contributors to relative 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 | | | 4.13 | |
| | 2 | | | Nestle SA | | | 1.13 | |
| | 3 | | | Roche Holding AG | | | 0.81 | |
| | 4 | | | Royal Bank of Canada | | | 0.67 | |
| | 5 | | | Novartis AG | | | 0.66 | |
| | 6 | | | Allianz SE | | | 0.63 | |
| | 7 | | | HSBC Holdings Plc | | | 0.60 | |
| | 8 | | | BNP Paribas SA | | | 0.59 | |
| | 9 | | | Bayer AG | | | 0.58 | |
| | 10 | | | Atos SE | | | 0.56 | |
10
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 September 30, 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 September 30) | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Core Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -0.51 | % | | | 1.19 | % | | | 3.34 | % | | | 3.90 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 0.07 | % | | | 2.06 | % | | | 4.27 | % | | | 4.71 | % |
| (1) | | Inception date is 6/29/01. |
11
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 1.99%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 2.31%. |
| • | | The Fund’s higher quality focus and lower exposure to risk was the main driver of the weak relative returns. |
| • | | Slightly shorter duration positioning relative to the index was the biggest drag on returns as yields rose over the period. Security selection within structured securities was also a headwind. |
| • | | An overweight exposure to corporate credit added positively to returns as corporate spreads continued to tighten over 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 Note, 2.375%, 08/15/2024 | | | 3.43 | |
| | 2 | | | U.S. Treasury Note, 2.000%, 02/15/2022 | | | 2.83 | |
| | 3 | | | U.S. Treasury Note, 2.000%, 11/15/2021 | | | 1.97 | |
| | 4 | | | U.S. Treasury Bond, 3.125%, 11/15/2041 | | | 1.95 | |
| | 5 | | | U.S. Treasury Note, 2.000%, 02/15/2025 | | | 1.90 | |
| | 6 | | | Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 10/15/2042 | | | 1.70 | |
| | 7 | | | U.S. Treasury Bond, 2.500%, 05/15/2046 | | | 1.65 | |
| | 8 | | | Federal National Mortgage Association, Pool #TBA, 3.500%, 10/01/2040 | | | 1.55 | |
| | 9 | | | U.S. Treasury Note, 2.000%, 08/15/2025 | | | 1.18 | |
| | 10 | | | Government National Mortgage Association, Pool #TBA, 3.500%, 10/15/2042 | | | 1.09 | |
12
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 September 30, 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 September 30) | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Tax-Exempt Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 0.27 | % | | | 2.15 | % | | | 3.61 | % | | | 3.50 | % |
Bloomberg Barclays Municipal Bond Index | | | 0.87 | % | | | 3.01 | % | | | 4.52 | % | | | 4.74 | % |
| (1) | | Inception date is 6/29/01. |
13
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 2.79%, underperforming the Bloomberg Barclays Municipal Bond Index at 3.04%. |
| • | | The Fund’s modest exposure to ‘BBB’ and non-rated securities proved additive to returns, however the Fund’s bias toward higher quality securities was a larger relative lag to returns. |
| • | | Underweight exposure to ‘A’ rated bonds relative to ‘AAA’ rated bonds along with reduced exposure to the longest end of the yield curve detracted from returns as yields rose over the period and lower quality securities rallied. |
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 | | | 2.22 | |
| | 2 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | | | 1.95 | |
| | 3 | | | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | | | 1.94 | |
| | 4 | | | Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027 | | | 1.93 | |
| | 5 | | | Fishers Industry Redevelopment District, Prerefunded, Revenue Bond, 5.250%, 07/15/2034 | | | 1.88 | |
| | 6 | | | California, GO, 6.500%, 04/01/2033 | | | 1.86 | |
| | 7 | | | University of Arkansas, Series A, Revenue Bond, 4.125%, 11/01/2030 | | | 1.84 | |
| | 8 | | | Virginia College Building Authority Educational Facilities, Revenue Bond, 5.750%, 01/01/2034 | | | 1.84 | |
| | 9 | | | Los Angeles Department of Airports, Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029 | | | 1.84 | |
| | 10 | | | Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047 | | | 1.81 | |
14
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuideMark® Opportunistic Fixed Income Fund | | | | | | | | | | | | |
Service Shares | | | 10.38 | % | | | 1.88 | % | | | 2.22 | % |
Institutional Shares | | | 10.89 | % | | | 2.35 | % | | | 2.63 | % |
Bloomberg Barclays Multiverse Index | | | -0.56 | % | | | 0.76 | % | | | 2.06 | %(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 1.54%. |
15
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 1.55%, underperforming the Bloomberg Barclays Multiverse Index at 4.57%. |
| • | | Defensive duration positioning being short the benchmark was a large driver of the lower relative return as yields rose during the period. |
| • | | Short Euro positioning was a noticeable detractor and outweighed the benefit from currency positioning within some of the Emerging Market countries. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Indonesia Treasury Bond, 8.375%, 09/15/2026 | | | 4.04 | |
| | 2 | | | Mexican Bonos, 5.000%, 12/11/2019 | | | 3.80 | |
| | 3 | | | Brazil Letras do Tesouro Nacional, 0.000%, (yielding 7.221%), 07/01/2021 | | | 3.00 | |
| | 4 | | | Mexican Bonos, 4.750%, 06/14/2018 | | | 2.97 | |
| | 5 | | | India Government Bond, 8.130%, 09/21/2022 | | | 2.77 | |
| | 6 | | | Federal National Mortgage Association, Pool #2014-95, 3.000%, 04/25/2041 | | | 2.44 | |
| | 7 | | | India Government Bond, 8.830%, 11/25/2023 | | | 2.36 | |
| | 8 | | | Federal Home Loan Mortgage Corp., Pool #4413, 3.500%, 11/15/2044 | | | 2.35 | |
| | 9 | | | Federal Home Loan Mortgage Corp., Pool #4062, 3.500%, 06/15/2042 | | | 1.98 | |
| | 10 | | | Argentine Bonos del Tesoro, 15.500%, 10/17/2026 | | | 1.90 | |
16
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath® Growth Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 16.34 | % | | | 8.29 | % | | | 5.69 | % |
Institutional Shares | | | 17.06 | % | | | 8.94 | % | | | 8.49 | % |
S&P® Target Risk Aggressive Index | | | 15.64 | % | | | 10.55 | % | | | 8.53 | %(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 10.09%. |
17
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 9.66%, outperforming the S&P® Target Risk Aggressive Index at 8.64%. |
| • | | Returns benefited from exposure to international and emerging market equities on increased global growth and foreign currency appreciation. Small country specific exposures to China and Switzerland boosted gains. |
| • | | Exposure to REITs dampened returns as bond yields moved higher. Small and mid-cap equity exposure tempered returns by trailing the broader equity markets. |
| • | | Positioning in longer term credit and Treasury securities benefited returns from rising yields. Emerging market bonds helped returns on improved global growth prospects. |
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 FTSE Developed Markets ETF | | | 23.95 | |
| | 2 | | | Vanguard S&P 500 ETF | | | 23.82 | |
| | 3 | | | Schwab U.S. Large-Cap ETF | | | 11.61 | |
| | 4 | | | iShares Core S&P Small-Cap ETF | | | 11.43 | |
| | 5 | | | iShares Core MSCI Emerging Markets ETF | | | 8.22 | |
| | 6 | | | SPDR S&P China ETF | | | 4.07 | |
| | 7 | | | Vanguard REIT ETF | | | 3.38 | |
| | 8 | | | iShares MSCI Canada ETF | | | 2.85 | |
| | 9 | | | iShares Core MSCI EAFE ETF | | | 2.69 | |
| | 10 | | | SPDR S&P 600 Small Cap Growth ETF | | | 2.53 | |
18
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath® Conservative Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 6.04 | % | | | 5.17 | % | | | 3.94 | % |
Institutional Shares | | | 6.62 | % | | | 5.83 | % | | | 5.53 | % |
S&P® Target Risk Conservative Index | | | 6.13 | % | | | 4.94 | % | | | 4.87 | %(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 4.80%. |
19
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 5.42%, outperforming the S&P® Target Risk Conservative Index at 5.05%. |
| • | | Returns benefited from exposure to international and emerging market equities on increased global growth and foreign currency appreciation. Small country specific exposures to China and Switzerland boosted gains. |
| • | | Positioning in longer term credit and Treasury securities benefited returns from rising yields. Emerging market bonds helped returns on improved global growth prospects. |
| • | | Exposure to mortgage-backed securities dampened returns, as did exposure to short-to-intermediate term Treasury securities as the yield curve flattened. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Mortgage-Backed Securities ETF | | | 11.19 | |
| | 2 | | | iShares 7-10 Year Treasury Bond ETF | | | 11.12 | |
| | 3 | | | Vanguard S&P 500 ETF | | | 10.96 | |
| | 4 | | | Vanguard FTSE Developed Markets ETF | | | 10.37 | |
| | 5 | | | iShares 20+ Year Treasury Bond ETF | | | 8.88 | |
| | 6 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 6.39 | |
| | 7 | | | iShares Core S&P Small-Cap ETF | | | 5.31 | |
| | 8 | | | iShares Edge MSCI Min Vol USA ETF | | | 4.72 | |
| | 9 | | | iShares 1-3 Year Treasury Bond ETF | | | 4.72 | |
| | 10 | | | SPDR Bloomberg Barclays TIPS ETF | | | 3.42 | |
20
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath® Tactical Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 13.73 | % | | | 5.03 | % | | | 3.41 | % |
Institutional Shares | | | 14.38 | % | | | 5.64 | % | | | 5.39 | % |
S&P 500® Daily Risk Control 10% Index | | | 22.08 | % | | | 9.97 | % | | | 7.50 | %(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 9.65%. |
21
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 6.67%, underperforming the S&P 500® Daily Risk Control 10% Index at 9.11%. |
| • | | Underweight exposure to equities throughout most of the period detracted from returns. While the index is levered up to manage to a constant level of volatility which boosted returns, the Fund was run unlevered throughout the period. |
| • | | Small and mid-cap equity exposure dampened returns by trailing the broader equity markets. Value-oriented equity positioning across all market capitalizations hurt returns as the market favored growth companies on continued positive global economic trends. |
| • | | Sector, style and regional specific positioning lifted returns. Exposure to Technology and large cap growth helped due to strength in more growth-oriented sectors. Exposure to emerging market equity, particularly China, aided to returns based on a pick-up in commodity prices and global trade. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard S&P 500 ETF | | | 23.97 | |
| | 2 | | | Schwab U.S. Large-Cap ETF | | | 19.53 | |
| | 3 | | | Vanguard Short-Term Corporate Bond ETF | | | 9.59 | |
| | 4 | | | ProShares Ultra S&P 500 ETF | | | 8.94 | |
| | 5 | | | iShares Core S&P 500 ETF | | | 7.89 | |
| | 6 | | | Vanguard Value ETF | | | 6.75 | |
| | 7 | | | Vanguard Growth ETF | | | 5.25 | |
| | 8 | | | Technology Select Sector SPDR Fund | | | 4.47 | |
| | 9 | | | Vanguard Mid-Cap Growth ETF | | | 3.72 | |
| | 10 | | | iShares U.S. Credit Bond ETF | | | 3.20 | |
22
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath® Absolute Return Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 5.19 | % | | | 2.90 | % | | | 2.68 | % |
Institutional Shares | | | 5.76 | % | | | 3.54 | % | | | 3.55 | % |
Citigroup 3-Month Treasury Bill Index | | | 0.64 | % | | | 0.19 | % | | | 0.16 | %(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 0.19%. |
23
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 2.45%, outperforming the Citigroup 3-Month Treasury Bill Index at 0.44%. |
| • | | Exposure to extended credit was a large driver of the relative returns. High yield bond exposure benefited from credit spreads tightening while Emerging Market bond exposure were lifted from improved global growth prospects. |
| • | | Small exposures to broad market equities and alternative strategies added incremental gains. |
| • | | Modest positioning in value oriented equities across all market capitalizations was a drag on returns as the market favored growth companies on continued positive global economic trends. |
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 | | | 12.70 | |
| | 2 | | | Vanguard Mortgage-Backed Securities ETF | | | 12.46 | |
| | 3 | | | iShares 3-7 Year Treasury Bond ETF | | | 10.06 | |
| | 4 | | | T. Rowe Price Institutional Floating Rate Fund | | | 8.73 | |
| | 5 | | | iShares Floating Rate Bond ETF | | | 7.84 | |
| | 6 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 7.70 | |
| | 7 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 6.02 | |
| | 8 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 5.15 | |
| | 9 | | | Doubleline Low Duration Bond Fund – Institutional Shares | | | 4.98 | |
| | 10 | | | Vanguard Total Bond Market ETF | | | 4.05 | |
24
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 September 30) | |
| | | One Year
| | | Five Years
| | | Since Inception(1)
| |
GuidePath® Multi-Asset Income Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 6.86 | % | | | 4.91 | % | | | 5.11 | % |
Morningstar Multi-Asset High Income Index | | | 7.38 | % | | | 4.89 | % | | | 4.97 | % |
| (1) | | Inception date is 8/31/12. |
25
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 4.32%, underperforming the Morningstar Multi-Asset High Income Index at 5.43%. |
| • | | While exposure to high yield bonds and emerging markets benefited with credit spreads tightening and improved global growth prospects, the lower relative exposure compared to the index was a larger detractor from returns. |
| • | | Positioning in opportunistic fixed income detracted from returns due to defensive rate positioning and currency positioning. Exposure to short term credit also dragged on returns. |
| • | | Exposure to Real Estate Investment Trusts dampened returns as bond yields moved higher. Country specific exposure to Australian equity detracted from returns hurt by the decline in commodity prices during the first three months of 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 | | | WisdomTree U.S. High Dividend Fund | | | 12.29 | |
| | 2 | | | T. Rowe Price Institutional Floating Rate Fund | | | 11.59 | |
| | 3 | | | BlackRock Global Dividend Portfolio – Institutional Shares | | | 10.36 | |
| | 4 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 8.00 | |
| | 5 | | | Vanguard Total Bond Market ETF | | | 7.79 | |
| | 6 | | | iShares U.S. Preferred Stock ETF | | | 7.76 | |
| | 7 | | | iShares International Select Dividend ETF | | | 7.73 | |
| | 8 | | | Loomis Sayles Global Equity and Income Fund – Institutional Shares | | | 5.65 | |
| | 9 | | | SPDR Bloomberg Barclays Short Term Corporate Bond ETF | | | 3.47 | |
| | 10 | | | BlackRock Strategic Income Opportunities Portfolio – Institutional Shares | | | 3.27 | |
26
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 September 30) | |
| | | One Year
| | | Five Years
| | | Since Inception(1)
| |
GuidePath® Flexible Income Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 2.77 | % | | | 1.47 | % | | | 1.52 | % |
Institutional Shares | | | 3.40 | % | | | 2.20 | % | | | 2.26 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 0.07 | % | | | 2.06 | % | | | 2.06 | %(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 2.15%. |
27
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned 3.43%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 2.31%. |
| • | | Returns benefited from exposure to international and emerging market equities based on increased global growth and foreign currency appreciation. |
| • | | Exposure to extended credit was a large driver of the relative returns. High yield bond exposure benefited from credit spreads tightening while Emerging Market bond exposure were lifted from improved global growth prospects. |
| • | | Exposure to mortgage-backed securities dampened returns along with low duration bond exposure as the yield curve flattened. Exposure to Real Estate Investment Trusts hurt returns as bond yields moved higher. |
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 High-Yield Corporate Fund – Admiral Shares | | | 17.51 | |
| | 2 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 17.09 | |
| | 3 | | | Navigator Tactical Fixed Income Fund – Institutional Shares | | | 9.99 | |
| | 4 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 9.97 | |
| | 5 | | | Vanguard REIT ETF | | | 9.79 | |
| | 6 | | | iShares U.S. Preferred Stock ETF | | | 7.94 | |
| | 7 | | | Vanguard FTSE Developed Markets ETF | | | 7.59 | |
| | 8 | | | iShares Core MSCI Emerging Markets ETF | | | 7.40 | |
| | 9 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 6.01 | |
| | 10 | | | BackRock High Yield Portfolio – Institutional Shares | | | 2.51 | |
28
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 September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Managed Futures Strategy Fund | | | | | | | | |
Service Shares | | | -5.13 | % | | | -7.93 | % |
Institutional Shares | | | -4.58 | % | | | -7.38 | % |
Citigroup 3-Month Treasury Bill Index | | | 0.64 | % | | | 0.48 | % |
SG Trend Index | | | -9.33 | % | | | -9.46 | % |
| (1) | | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
29
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 2017, the Fund’s Service Shares returned -1.09%, underperforming the Citigroup 3-Month Treasury Bill Index at 0.44% and outperforming the SG Trend Index at -4.29%. |
| • | | Net long exposure to global equities was the largest contributor to relative returns while losses were seen within the fixed income and commodity exposures. |
| • | | Long positions to U.S., Asian, and European equities were positive tailwinds as volatility remained extremely low across these markets. |
| • | | Fixed income losses were driven by long positions to European bonds, while long energy sector exposure was the largest headwind within commodities. |
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 September 30, 2017. | | | | |
30
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
September 30, 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 April 1, 2017 to September 30, 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.
31
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2017 | | | Ending
Account Value
September 30, 2017 | | | Annualized
Expense Ratio1
based on the period
April 1, 2017 –
September 30, 2017 | | | Expenses Paid
During Period2
April 1, 2017 –
September 30, 2017 | |
| INSTITUTIONAL SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,070.40 | | | | 0.66% | | | $ | 3.43 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.76 | | | | 0.66% | | | $ | 3.35 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,129.30 | | | | 1.01% | | | $ | 5.39 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.00 | | | | 1.01% | | | $ | 5.11 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,136.40 | | | | 0.81% | | | $ | 4.34 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.01 | | | | 0.81% | | | $ | 4.10 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,017.80 | | | | 0.95% | | | $ | 4.81 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.31 | | | | 0.95% | | | $ | 4.81 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,099.90 | | | | 0.41% | | | $ | 2.16 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.01 | | | | 0.41% | | | $ | 2.08 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,057.80 | | | | 0.46% | | | $ | 2.37 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.76 | | | | 0.46% | | | $ | 2.33 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,070.20 | | | | 0.52% | | | $ | 2.70 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.46 | | | | 0.52% | | | $ | 2.64 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,027.40 | | | | 0.57% | | | $ | 2.90 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.21 | | | | 0.57% | | | $ | 2.89 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,037.40 | | | | 0.49% | | | $ | 2.50 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.61 | | | | 0.49% | | | $ | 2.48 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 991.30 | | | | 1.36% | | | $ | 6.79 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.25 | | | | 1.36% | | | $ | 6.88 | |
| 1 | | The expense ratio excludes the securities lending credit. |
| 2 | | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
| 3 | | 5% annualized return before expenses. |
32
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2017 | | | Ending
Account Value
September 30, 2017 | | | Annualized
Expense Ratio1
based on the period
April 1, 2017 –
September 30, 2017 | | | Expenses Paid
During Period2
April 1, 2017 –
September 30, 2017 | |
| SERVICE SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,068.20 | | | | 1.20% | | | $ | 6.22 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.05 | | | | 1.20% | | | $ | 6.07 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,149.40 | | | | 1.64% | | | $ | 8.84 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.85 | | | | 1.64% | | | $ | 8.29 | |
GuideMark® Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,073.30 | | | | 1.62% | | | $ | 8.42 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.95 | | | | 1.62% | | | $ | 8.19 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,123.10 | | | | 1.40% | | | $ | 7.45 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.05 | | | | 1.40% | | | $ | 7.08 | |
GuideMark® Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,019.90 | | | | 1.31% | | | $ | 6.63 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.50 | | | | 1.31% | | | $ | 6.63 | |
GuideMark® Tax-Exempt Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,027.90 | | | | 1.29% | | | $ | 6.56 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.60 | | | | 1.29% | | | $ | 6.53 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,015.50 | | | | 1.55% | | | $ | 7.83 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.30 | | | | 1.55% | | | $ | 7.84 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,096.60 | | | | 1.01% | | | $ | 5.31 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.00 | | | | 1.01% | | | $ | 5.11 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,054.20 | | | | 1.05% | | | $ | 5.41 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.80 | | | | 1.05% | | | $ | 5.32 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,066.70 | | | | 1.12% | | | $ | 5.80 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.45 | | | | 1.12% | | | $ | 5.67 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,024.50 | | | | 1.15% | | | $ | 5.84 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.30 | | | | 1.15% | | | $ | 5.82 | |
GuidePath® Multi-Asset Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,043.20 | | | | 1.15% | | | $ | 5.89 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.30 | | | | 1.15% | | | $ | 5.82 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,034.30 | | | | 1.10% | | | $ | 5.61 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.55 | | | | 1.10% | | | $ | 5.57 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 989.10 | | | | 1.95% | | | $ | 9.72 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,015.29 | | | | 1.95% | | | $ | 9.85 | |
| 1 | | The expense ratio excludes the securities lending credit. |
| 2 | | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
| 3 | | 5% annualized return before expenses. |
33
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 93.94% | |
| | | | | Aerospace & Defense - 1.76% | |
| | 5,404 | | | Boeing Co. | | $ | 1,373,751 | |
| | 1,602 | | | BWX Technologies, Inc. | | | 89,744 | |
| | 2,190 | | | General Dynamics Corp. | | | 450,220 | |
| | 2,546 | | | HEICO Corp. (a) | | | 228,656 | |
| | 3,938 | | | HEICO Corp. - Class A | | | 300,076 | |
| | 917 | | | Huntington Ingalls Industries, Inc. | | | 207,645 | |
| | 1,399 | | | L3 Technologies, Inc. | | | 263,614 | |
| | 453 | | | Lockheed Martin Corp. | | | 140,561 | |
| | 1,084 | | | Northrop Grumman Corp. | | | 311,888 | |
| | 2,238 | | | Orbital ATK, Inc. | | | 298,012 | |
| | 1,122 | | | Raytheon Co. | | | 209,343 | |
| | 1,467 | | | Rockwell Collins, Inc. | | | 191,752 | |
| | 3,279 | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 254,844 | |
| | 9,459 | | | Textron, Inc. | | | 509,651 | |
| | 3,474 | | | United Technologies Corp. | | | 403,262 | |
| | | | | | |
|
|
|
| | | | | | | | 5,233,019 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.37% | |
| | 4,831 | | | C.H. Robinson Worldwide, Inc. (a) | | | 367,639 | |
| | 1,367 | | | Expeditors International of Washington, Inc. (a) | | | 81,829 | |
| | 1,796 | | | FedEx Corp. | | | 405,142 | |
| | 3,449 | | | XPO Logistics, Inc. (a)(b) | | | 233,773 | |
| | | | | | |
|
|
|
| | | | | | | | 1,088,383 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.72% | |
| | 1,806 | | | Alaska Air Group, Inc. | | | 137,744 | |
| | 1,963 | | | American Airlines Group, Inc. (a) | | | 93,223 | |
| | 4,060 | | | Copa Holdings SA - Class A | | | 505,592 | |
| | 5,398 | | | Delta Air Lines, Inc. | | | 260,291 | |
| | 15,076 | | | JetBlue Airways Corp. (a)(b) | | | 279,358 | |
| | 11,109 | | | Southwest Airlines Co. | | | 621,882 | |
| | 4,054 | | | United Continental Holdings, Inc. (b) | | | 246,807 | |
| | | | | | |
|
|
|
| | | | | | | | 2,144,897 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.14% | |
| | 1,923 | | | Goodyear Tire & Rubber Co. | | | 63,940 | |
| | 1,521 | | | Lear Corp. | | | 263,255 | |
| | 838 | | | Visteon Corp. (b) | | | 103,719 | |
| | | | | | |
|
|
|
| | | | | | | | 430,914 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.38% | |
| | 54,522 | | | Ford Motor Co. | | | 652,628 | |
| | 1,082 | | | Tesla, Inc. (a)(b) | | | 369,070 | |
| | 895 | | | Thor Industries, Inc. | | | 112,690 | |
| | | | | | |
|
|
|
| | | | | | | | 1,134,388 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.47% | |
| | 108,985 | | | Bank of America Corp. | | | 2,761,680 | |
| | 2,588 | | | BB&T Corp. (a) | | | 121,481 | |
| | 2,808 | | | CIT Group, Inc. (a) | | | 137,732 | |
| | 28,762 | | | Citigroup, Inc. | | | 2,092,148 | |
| | 13,358 | | | Citizens Financial Group, Inc. | | | 505,868 | |
| | 4,745 | | | Comerica, Inc. | | | 361,854 | |
| | 5,289 | | | East West Bancorp, Inc. (a) | | | 316,176 | |
| | 10,731 | | | Fifth Third Bancorp (a) | | | 300,253 | |
| | 731 | | | First Republic Bank | | | 76,360 | |
| | 8,808 | | | Huntington Bancshares, Inc. (a) | | | 122,960 | |
| | 41,106 | | | JPMorgan Chase & Co. | | | 3,926,034 | |
| | 15,664 | | | KeyCorp | | | 294,797 | |
| | 1,932 | | | M&T Bank Corp. | | | 311,129 | |
| | 4,379 | | | PNC Financial Services Group, Inc. (a) | | | 590,158 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 23,599 | | | Regions Financial Corp. | | $ | 359,413 | |
| | 5,159 | | | SunTrust Banks, Inc. | | | 308,353 | |
| | 1,359 | | | SVB Financial Group (b) | | | 254,255 | |
| | 2,563 | | | Synovus Financial Corp. | | | 118,052 | |
| | 19,594 | | | TCF Financial Corp. | | | 333,882 | |
| | 11,368 | | | U.S. Bancorp (a) | | | 609,211 | |
| | 38,183 | | | Wells Fargo & Co. | | | 2,105,792 | |
| | 1,271 | | | Western Alliance Bancorp (b) | | | 67,465 | |
| | 4,221 | | | Zions Bancorporation (a) | | | 199,147 | |
| | | | | | |
|
|
|
| | | | | | | | 16,274,200 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.25% | |
| | 3,769 | | | Brown-Forman Corp. - Class A | | | 209,896 | |
| | 4,155 | | | Brown-Forman Corp. - Class B | | | 225,616 | |
| | 461 | | | Constellation Brands, Inc. - Class A (a)(b) | | | 91,946 | |
| | 1,730 | | | Dr. Pepper Snapple Group, Inc. | | | 153,053 | |
| | 5,347 | | | Monster Beverage Corp. (a)(b) | | | 295,422 | |
| | 15,064 | | | PepsiCo, Inc. | | | 1,678,582 | |
| | 23,940 | | | The Coca-Cola Co. | | | 1,077,539 | |
| | | | | | |
|
|
|
| | | | | | | | 3,732,054 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.90% | |
| | 1,868 | | | Alkermes Plc (a)(b) | | | 94,969 | |
| | 985 | | | Alnylam Pharmaceuticals, Inc. (b) | | | 115,728 | |
| | 5,208 | | | Amgen, Inc. | | | 971,032 | |
| | 2,375 | | | Biogen, Inc. (b) | | | 743,660 | |
| | 7,074 | | | Bioverativ, Inc. (b) | | | 403,713 | |
| | 4,135 | | | Celgene Corp. (b) | | | 602,966 | |
| | 8,827 | | | Exelixis, Inc. (b) | | | 213,878 | |
| | 14,693 | | | Gilead Sciences, Inc. | | | 1,190,427 | |
| | 1,618 | | | Incyte Corp. (b) | | | 188,885 | |
| | 5,949 | | | Seattle Genetics, Inc. (b) | | | 323,685 | |
| | 3,675 | | | United Therapeutics Corp. (b) | | | 430,673 | |
| | 2,350 | | | Vertex Pharmaceuticals, Inc. (b) | | | 357,294 | |
| | | | | | |
|
|
|
| | | | | | | | 5,636,910 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.57% | |
| | 2,831 | | | A. O. Smith Corp. | | | 168,246 | |
| | 3,080 | | | Allegion Plc | | | 266,328 | |
| | 1,084 | | | Fortune Brands Home & Security, Inc. | | | 72,877 | |
| | 1,934 | | | Lennox International, Inc. | | | 346,128 | |
| | 7,090 | | | Masco Corp. | | | 276,581 | |
| | 4,890 | | | Owens Corning, Inc. (b) | | | 378,241 | |
| | 5,498 | | | USG Corp. (b) | | | 179,510 | |
| | | | | | |
|
|
|
| | | | | | | | 1,687,911 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.28% | |
| | 1,232 | | | Ameriprise Financial, Inc. | | | 182,964 | |
| | 14,248 | | | BGC Partners, Inc. - Class A | | | 206,169 | |
| | 3,380 | | | CBOE Holdings, Inc. (a) | | | 363,789 | |
| | 465 | | | CME Group, Inc. | | | 63,091 | |
| | 4,453 | | | E*TRADE Financial Corp. (b) | | | 194,195 | |
| | 5,215 | | | Eaton Vance Corp. | | | 257,465 | |
| | 2,487 | | | FactSet Research Systems, Inc. (a) | | | 447,934 | |
| | 5,265 | | | Federated Investors, Inc. - Class B (a) | | | 156,371 | |
| | 902 | | | Intercontinental Exchange, Inc. | | | 61,967 | |
| | 3,866 | | | Lazard Ltd. - Class A - ADR | | | 174,821 | |
| | 2,172 | | | Legg Mason, Inc. (a) | | | 85,381 | |
| | 6,362 | | | LPL Financial Holdings, Inc. | | | 328,088 | |
| | 1,135 | | | MarketAxess Holdings, Inc. | | | 209,419 | |
| | 439 | | | Moody’s Corp. | | | 61,113 | |
| | 17,072 | | | Morgan Stanley | | | 822,358 | |
See notes to financial statements.
34
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Capital Markets (Continued) | |
| | 909 | | | Morningstar, Inc. | | $ | 77,256 | |
| | 4,098 | | | MSCI, Inc. | | | 479,056 | |
| | 3,909 | | | Northern Trust Corp. | | | 359,354 | |
| | 1,892 | | | Raymond James Financial, Inc. | | | 159,552 | |
| | 4,063 | | | S&P Global, Inc. | | | 635,088 | |
| | 3,127 | | | SEI Investments Co. | | | 190,935 | |
| | 3,004 | | | State Street Corp. | | | 287,002 | |
| | 3,379 | | | T. Rowe Price Group, Inc. (a) | | | 306,306 | |
| | 3,964 | | | TD Ameritrade Holding Corp. (a) | | | 193,443 | |
| | 4,345 | | | The Bank of New York Mellon Corp. | | | 230,372 | |
| | 5,583 | | | The Charles Schwab Corp. (a) | | | 244,201 | |
| | | | | | |
|
|
|
| | | | | | | | 6,777,690 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.33% | |
| | 554 | | | Albemarle Corp. (a) | | | 75,516 | |
| | 1,361 | | | Celanese Corp. - Series A | | | 141,912 | |
| | 6,566 | | | DowDuPont, Inc. (b) | | | 454,564 | |
| | 1,295 | | | Ecolab, Inc. (a) | | | 166,550 | |
| | 2,285 | | | FMC Corp. | | | 204,073 | |
| | 13,043 | | | Huntsman Corp. | | | 357,639 | |
| | 556 | | | International Flavors & Fragrances, Inc. | | | 79,458 | |
| | 802 | | | LyondellBasell Industries NV - Class A | | | 79,438 | |
| | 4,838 | | | Monsanto Co. | | | 579,689 | |
| | 435 | | | NewMarket Corp. | | | 185,201 | |
| | 2,880 | | | Olin Corp. (a) | | | 98,640 | |
| | 43,279 | | | Platform Specialty Products Corp. (b) | | | 482,561 | |
| | 1,648 | | | PPG Industries, Inc. (a) | | | 179,072 | |
| | 4,409 | | | RPM International, Inc. | | | 226,358 | |
| | 8,667 | | | The Chemours Co. | | | 438,637 | |
| | 618 | | | The Scotts Miracle-Gro Co. - Class A (a) | | | 60,156 | |
| | 6,783 | | | Valvoline, Inc. | | | 159,061 | |
| | | | | | |
|
|
|
| | | | | | | | 3,968,525 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.60% | |
| | 887 | | | Avery Dennison Corp. | | | 87,228 | |
| | 871 | | | Cintas Corp. | | | 125,668 | |
| | 5,319 | | | Pitney Bowes, Inc. | | | 74,519 | |
| | 4,905 | | | Republic Services, Inc. | | | 324,024 | |
| | 16,918 | | | Rollins, Inc. (a) | | | 780,597 | |
| | 1,807 | | | Stericycle, Inc. (b) | | | 129,417 | |
| | 3,356 | | | Waste Management, Inc. | | | 262,674 | |
| | | | | | |
|
|
|
| | | | | | | | 1,784,127 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.34% | |
| | 2,895 | | | Arista Networks, Inc. (b) | | | 548,921 | |
| | 26,052 | | | ARRIS International Plc (b) | | | 742,221 | |
| | 31,230 | | | Cisco Systems, Inc. | | | 1,050,265 | |
| | 6,133 | | | CommScope Holding Co., Inc. (b) | | | 203,677 | |
| | 4,168 | | | EchoStar Corp. - Class A (b) | | | 238,535 | |
| | 3,384 | | | F5 Networks, Inc. (b) | | | 407,975 | |
| | 1,540 | | | Harris Corp. | | | 202,787 | |
| | 9,593 | | | Juniper Networks, Inc. (a) | | | 266,973 | |
| | 1,263 | | | Motorola Solutions, Inc. (a) | | | 107,191 | |
| | 1,029 | | | Palo Alto Networks, Inc. (b) | | | 148,279 | |
| | 1,545 | | | QUALCOMM, Inc. | | | 80,093 | |
| | | | | | |
|
|
|
| | | | | | | | 3,996,917 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.88% | |
| | 29,075 | | | AECOM (a)(b) | | | 1,070,251 | |
| | 18,320 | | | Fluor Corp. (a) | | | 771,272 | |
| | 13,264 | | | Jacobs Engineering Group, Inc. | | | 772,893 | |
| | | | | | |
|
|
|
| | | | | | | | 2,614,416 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Consumer Finance - 1.22% | |
| | 22,496 | | | Ally Financial, Inc. (a) | | $ | 545,753 | |
| | 5,375 | | | American Express Co. (a) | | | 486,223 | |
| | 6,773 | | | Capital One Financial Corp. | | | 573,402 | |
| | 1,157 | | | Credit Acceptance Corp. (b) | | | 324,157 | |
| | 2,679 | | | Discover Financial Services | | | 172,742 | |
| | 39,101 | | | Navient Corp. | | | 587,297 | |
| | 43,855 | | | Santander Consumer USA Holdings, Inc. (b) | | | 674,051 | |
| | 8,365 | | | Synchrony Financial | | | 259,733 | |
| | | | | | |
|
|
|
| | | | | | | | 3,623,358 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.26% | |
| | 1,355 | | | Bemis Co., Inc. | | | 61,747 | |
| | 6,833 | | | Graphic Packaging Holding Co. | | | 95,320 | |
| | 3,914 | | | Owens-Illinois, Inc. (b) | | | 98,476 | |
| | 2,451 | | | Packaging Corp. of America | | | 281,081 | |
| | 2,059 | | | Silgan Holdings, Inc. | | | 60,597 | |
| | 3,241 | | | WestRock Co. | | | 183,862 | |
| | | | | | |
|
|
|
| | | | | | | | 781,083 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.18% | |
| | 3,396 | | | Genuine Parts Co. (a) | | | 324,827 | |
| | 5,693 | | | LKQ Corp. (b) | | | 204,891 | |
| | | | | | |
|
|
|
| | | | | | | | 529,718 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 0.29% | |
| | 959 | | | Graham Holdings Co. - Class B | | | 561,111 | |
| | 8,569 | | | H&R Block, Inc. (a) | | | 226,907 | |
| | 1,915 | | | ServiceMaster Global Holdings, Inc. (b) | | | 89,488 | |
| | | | | | |
|
|
|
| | | | | | | | 877,506 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.22% | |
| | 2,005 | | | FNF Group | | | 95,157 | |
| | 22,179 | | | Leucadia National Corp. | | | 560,020 | |
| | | | | | |
|
|
|
| | | | | | | | 655,177 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.99% | |
| | 41,138 | | | AT&T, Inc. (a) | | | 1,611,375 | |
| | 3,979 | | | CenturyLink, Inc. (a) | | | 75,203 | |
| | 4,089 | | | Level 3 Communications, Inc. (b) | | | 217,903 | |
| | 21,032 | | | Verizon Communications, Inc. | | | 1,040,874 | |
| | | | | | |
|
|
|
| | | | | | | | 2,945,355 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.56% | |
| | 877 | | | American Electric Power Co., Inc. | | | 61,601 | |
| | 917 | | | Duke Energy Corp. | | | 76,955 | |
| | 1,340 | | | Edison International | | | 103,408 | |
| | 1,046 | | | Eversource Energy | | | 63,220 | |
| | 5,302 | | | Exelon Corp. | | | 199,726 | |
| | 2,930 | | | FirstEnergy Corp. | | | 90,332 | |
| | 2,713 | | | Hawaiian Electric Industries, Inc. | | | 90,533 | |
| | 2,848 | | | NextEra Energy, Inc. | | | 417,374 | |
| | 2,641 | | | PG&E Corp. | | | 179,826 | |
| | 2,127 | | | Pinnacle West Capital Corp. | | | 179,859 | |
| | 2,219 | | | PPL Corp. | | | 84,211 | |
| | 2,382 | | | Xcel Energy, Inc. | | | 112,716 | |
| | | | | | |
|
|
|
| | | | | | | | 1,659,761 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.67% | |
| | 1,617 | | | Acuity Brands, Inc. (a) | | | 276,960 | |
| | 1,775 | | | Agilent Technologies, Inc. | | | 113,955 | |
| | 1,352 | | | AMETEK, Inc. | | | 89,286 | |
| | 1,115 | | | Eaton Corp. Plc | | | 85,621 | |
| | 3,558 | | | Emerson Electric Co. | | | 223,585 | |
See notes to financial statements.
35
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electrical Equipment (Continued) | |
| | 7,905 | | | Regal Beloit Corp. | | $ | 624,495 | |
| | 1,728 | | | Rockwell Automation, Inc. | | | 307,947 | |
| | 1,074 | | | Roper Industries, Inc. | | | 261,411 | |
| | | | | | |
|
|
|
| | | | | | | | 1,983,260 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 1.04% | |
| | 3,532 | | | Amphenol Corp. - Class A | | | 298,948 | |
| | 5,456 | | | CDW Corp. | | | 360,096 | |
| | 4,717 | | | Cognex Corp. | | | 520,191 | |
| | 1,269 | | | Coherent, Inc. (a)(b) | | | 298,431 | |
| | 4,621 | | | Corning, Inc. | | | 138,260 | |
| | 3,014 | | | Dolby Laboratories, Inc. - Class A (a) | | | 173,365 | |
| | 1,517 | | | IPG Photonics Corp. (a)(b) | | | 280,736 | |
| | 3,391 | | | Keysight Technologies, Inc. (b) | | | 141,269 | |
| | 15,327 | | | National Instruments Corp. (a) | | | 646,340 | |
| | 1,914 | | | Trimble, Inc. (b) | | | 75,125 | |
| | 1,353 | | | Zebra Technologies Corp. - Class A (b) | | | 146,909 | |
| | | | | | |
|
|
|
| | | | | | | | 3,079,670 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.52% | |
| | 21,928 | | | Oceaneering International, Inc. (a)(b) | | | 576,048 | |
| | 90,960 | | | Transocean, Ltd. - ADR (a)(b) | | | 978,730 | |
| | | | | | |
|
|
|
| | | | | | | | 1,554,778 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 2.44% | |
| | 2,760 | | | Casey’s General Stores, Inc. (a) | | | 302,082 | |
| | 4,791 | | | Costco Wholesale Corp. | | | 787,113 | |
| | 15,312 | | | CVS Health Corp. (a) | | | 1,245,172 | |
| | 20,402 | | | Kroger Co. | | | 409,264 | |
| | 152,371 | | | Rite Aid Corp. (a)(b) | | | 298,647 | |
| | 17,363 | | | Sprouts Farmers Market, Inc. (a)(b) | | | 325,904 | |
| | 8,415 | | | SYSCO Corp. (a) | | | 453,989 | |
| | 23,318 | | | US Foods Holding Corp. (b) | | | 622,591 | |
| | 12,867 | | | Walgreens Boots Alliance, Inc. | | | 993,590 | |
| | 23,344 | | | Wal-Mart Stores, Inc. (a) | | | 1,824,100 | |
| | | | | | |
|
|
|
| | | | | | | | 7,262,452 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.90% | |
| | 18,208 | | | Archer-Daniels-Midland Co. | | | 774,022 | |
| | 14,309 | | | Blue Buffalo Pet Products, Inc. (a)(b) | | | 405,660 | |
| | 12,274 | | | Bunge Ltd. | | | 852,552 | |
| | 3,590 | | | Campbell Soup Co. (a) | | | 168,084 | |
| | 3,576 | | | ConAgra Brands, Inc. | | | 120,654 | |
| | 21,064 | | | Flowers Foods, Inc. (a) | | | 396,214 | |
| | 3,685 | | | Hershey Co. | | | 402,291 | |
| | 2,490 | | | Hormel Foods Corp. (a) | | | 80,028 | |
| | 2,670 | | | Ingredion, Inc. | | | 322,109 | |
| | 968 | | | Kellogg Co. | | | 60,374 | |
| | 1,721 | | | Lamb Weston Holdings, Inc. | | | 80,698 | |
| | 1,042 | | | McCormick & Co, Inc. - Non Voting (a) | | | 106,951 | |
| | 2,957 | | | Pinnacle Foods, Inc. | | | 169,052 | |
| | 1,244 | | | Post Holdings, Inc. (b) | | | 109,808 | |
| | 7,092 | | | The Hain Celestial Group, Inc. (b) | | | 291,836 | |
| | 2,103 | | | The J.M. Smucker Co. | | | 220,668 | |
| | 11,444 | | | TreeHouse Foods, Inc. (a)(b) | | | 775,102 | |
| | 4,508 | | | Tyson Foods, Inc. - Class A | | | 317,589 | |
| | | | | | |
|
|
|
| | | | | | | | 5,653,692 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.08% | |
| | 5,118 | | | UGI Corp. | | | 239,829 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Equipment & Supplies - 1.89% | |
| | 2,856 | | | ABIOMED, Inc. (b) | | $ | 481,522 | |
| | 3,254 | | | Alere, Inc. (b) | | | 165,921 | |
| | 3,625 | | | Align Technology, Inc. (b) | | | 675,229 | |
| | 5,993 | | | Baxter International, Inc. | | | 376,061 | |
| | 472 | | | Becton Dickinson and Co. (a) | | | 92,488 | |
| | 5,680 | | | Boston Scientific Corp. (a)(b) | | | 165,686 | |
| | 1,669 | | | C.R. Bard, Inc. | | | 534,914 | |
| | 4,096 | | | DexCom, Inc. (a)(b) | | | 200,397 | |
| | 2,730 | | | Edwards Lifesciences Corp. (b) | | | 298,416 | |
| | 3,165 | | | Hill-Rom Holdings, Inc. | | | 234,210 | |
| | 3,439 | | | IDEXX Laboratories, Inc. (b) | | | 534,730 | |
| | 605 | | | Intuitive Surgical, Inc. (b) | | | 632,757 | |
| | 734 | | | Medtronic Plc | | | 57,083 | |
| | 1,111 | | | ResMed, Inc. (a) | | | 85,503 | |
| | 774 | | | STERIS Plc | | | 68,422 | |
| | 3,967 | | | Stryker Corp. | | | 563,393 | |
| | 769 | | | The Cooper Companies, Inc. | | | 182,338 | |
| | 2,248 | | | Varian Medical Systems, Inc. (b) | | | 224,935 | |
| | 613 | | | West Pharmaceutical Services, Inc. | | | 59,007 | |
| | | | | | |
|
|
|
| | | | | | | | 5,633,012 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 3.32% | |
| | 2,187 | | | Aetna, Inc. | | | 347,755 | |
| | 4,848 | | | Anthem, Inc. | | | 920,538 | |
| | 32,831 | | | Brookdale Senior Living, Inc. (b) | | | 348,009 | |
| | 9,568 | | | Centene Corp. (a)(b) | | | 925,895 | |
| | 1,217 | | | Cerner Corp. (b) | | | 86,796 | |
| | 2,647 | | | CIGNA Corp. (a) | | | 494,830 | |
| | 7,936 | | | DaVita, Inc. (b) | | | 471,319 | |
| | 6,279 | | | Envision Healthcare Corp. (a)(b) | | | 282,241 | |
| | 11,511 | | | Express Scripts Holding Co. (a)(b) | | | 728,877 | |
| | 3,490 | | | Henry Schein, Inc. (b) | | | 286,145 | |
| | 3,603 | | | Humana, Inc. (b) | | | 877,799 | |
| | 482 | | | Laboratory Corp. of America Holdings (b) | | | 72,768 | |
| | 3,322 | | | McKesson Corp. | | | 510,292 | |
| | 4,913 | | | MEDNAX, Inc. (b) | | | 211,849 | |
| | 2,170 | | | Patterson Cos., Inc. (a) | | | 83,871 | |
| | 1,157 | | | PerkinElmer, Inc. | | | 79,798 | |
| | 2,506 | | | Quest Diagnostics, Inc. | | | 234,662 | |
| | 11,598 | | | UnitedHealth Group, Inc. | | | 2,271,468 | |
| | 3,658 | | | WellCare Health Plans, Inc. (b) | | | 628,225 | |
| | | | | | |
|
|
|
| | | | | | | | 9,863,137 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.18% | |
| | 2,096 | | | athenahealth, Inc. (a)(b) | | | 260,659 | |
| | 4,878 | | | Veeva Systems, Inc. - Class A (a)(b) | | | 275,168 | |
| | | | | | |
|
|
|
| | | | | | | | 535,827 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.63% | |
| | 5,025 | | | Aramark | | | 204,065 | |
| | 7,474 | | | Carnival Corp. - ADR | | | 482,596 | |
| | 263 | | | Chipotle Mexican Grill, Inc. (a)(b) | | | 80,959 | |
| | 6,194 | | | Choice Hotels International, Inc. | | | 395,797 | |
| | 3,641 | | | Darden Restaurants, Inc. (a) | | | 286,838 | |
| | 4,171 | | | Domino’s Pizza, Inc. | | | 828,152 | |
| | 9,721 | | | Extended Stay America, Inc. | | | 194,420 | |
| | 3,100 | | | Hilton Grand Vacations, Inc. (b) | | | 119,753 | |
| | 3,436 | | | Hilton Worldwide Holdings, Inc. | | | 238,630 | |
| | 3,283 | | | Hyatt Hotels Corp. - Class A (b) | | | 202,856 | |
| | 14,634 | | | International Game Technology Plc | | | 359,265 | |
| | 3,501 | | | Las Vegas Sands Corp. | | | 224,624 | |
See notes to financial statements.
36
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hotels, Restaurants & Leisure (Continued) | |
| | 3,914 | | | Marriott International, Inc. - Class A | | $ | 431,558 | |
| | 8,077 | | | McDonald’s Corp. | | | 1,265,504 | |
| | 5,618 | | | MGM Resorts International | | | 183,091 | |
| | 1,152 | | | Norwegian Cruise Line Holdings, Ltd. (b) | | | 62,266 | |
| | 2,343 | | | Royal Caribbean Cruises Ltd. (a) | | | 277,739 | |
| | 8,959 | | | Starbucks Corp. | | | 481,188 | |
| | 5,955 | | | The Wendy’s Co. | | | 92,481 | |
| | 1,164 | | | Vail Resorts, Inc. | | | 265,532 | |
| | 3,088 | | | Wyndham Worldwide Corp. | | | 325,506 | |
| | 1,241 | | | Wynn Resorts Ltd. | | | 184,810 | |
| | 6,206 | | | Yum China Holdings, Inc. (b) | | | 248,054 | |
| | 5,178 | | | Yum! Brands, Inc. | | | 381,152 | |
| | | | | | |
|
|
|
| | | | | | | | 7,816,836 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.79% | |
| | 14,874 | | | CalAtlantic Group, Inc. | | | 544,835 | |
| | 1,261 | | | Garmin Ltd. (a) | | | 68,056 | |
| | 188 | | | NVR, Inc. (b) | | | 536,740 | |
| | 6,518 | | | PulteGroup, Inc. (a) | | | 178,137 | |
| | 4,251 | | | Tempur Sealy International, Inc. (a)(b) | | | 274,275 | |
| | 7,064 | | | Toll Brothers, Inc. | | | 292,944 | |
| | 7,220 | | | Tupperware Brands Corp. | | | 446,340 | |
| | | | | | |
|
|
|
| | | | | | | | 2,341,327 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.28% | |
| | 2,119 | | | Church & Dwight, Inc. (a) | | | 102,666 | |
| | 2,753 | | | Clorox Co. (a) | | | 363,148 | |
| | 8,768 | | | Colgate-Palmolive Co. | | | 638,749 | |
| | 4,108 | | | Energizer Holdings, Inc. | | | 189,173 | |
| | 3,179 | | | Kimberly-Clark Corp. | | | 374,105 | |
| | 22,591 | | | Procter & Gamble Co. | | | 2,055,329 | |
| | 862 | | | Spectrum Brands Holdings, Inc. (a) | | | 91,303 | |
| | | | | | |
|
|
|
| | | | | | | | 3,814,473 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.69% | |
| | 19,789 | | | AES Corp. | | | 218,075 | |
| | 94,379 | | | Calpine Corp. (b) | | | 1,392,090 | |
| | 17,643 | | | NRG Energy, Inc. | | | 451,484 | |
| | | | | | |
|
|
|
| | | | | | | | 2,061,649 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.95% | | | | |
| | 6,720 | | | 3M Co. | | | 1,410,528 | |
| | 17,079 | | | General Electric Co. (a) | | | 412,970 | |
| | 5,031 | | | Honeywell International, Inc. | | | 713,094 | |
| | 64 | | | Seaboard Corp. | | | 288,320 | |
| | | | | | |
|
|
|
| | | | | | | | 2,824,912 | |
| | | | | | |
|
|
|
| | | | | Insurance - 4.11% | |
| | 1,435 | | | Aflac, Inc. | | | 116,795 | |
| | 6,441 | | | Allstate Corp. | | | 591,992 | |
| | 3,130 | | | American Financial Group, Inc. | | | 323,798 | |
| | 2,434 | | | American International Group, Inc. (a) | | | 149,423 | |
| | 3,328 | | | Aon Plc | | | 486,221 | |
| | 1,901 | | | Arch Capital Group, Ltd. - ADR (b) | | | 187,248 | |
| | 1,985 | | | Aspen Insurance Holdings, Ltd. | | | 80,194 | |
| | 3,977 | | | Assurant, Inc. | | | 379,883 | |
| | 6,407 | | | Assured Guaranty, Ltd. | | | 241,864 | |
| | 2,452 | | | Athene Holding, Ltd. (b) | | | 132,016 | |
| | 3,442 | | | Axis Capital Holdings, Ltd. | | | 197,261 | |
| | 15,155 | | | Berkshire Hathaway, Inc. - Class B (b) | | | 2,778,215 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Insurance (Continued) | |
| | 2,402 | | | Chubb, Ltd. (a) | | $ | 342,405 | |
| | 7,187 | | | CNA Financial Corp. | | | 361,147 | |
| | 2,958 | | | Erie Indemnity Co. - Class A | | | 356,646 | |
| | 1,686 | | | Everest Re Group, Ltd. | | | 385,066 | |
| | 1,201 | | | First American Financial Corp. | | | 60,014 | |
| | 5,694 | | | Hartford Financial Services Group, Inc. | | | 315,618 | |
| | 7,050 | | | Lincoln National Corp. | | | 518,034 | |
| | 4,797 | | | Marsh & McLennan Cos., Inc. | | | 402,037 | |
| | 2,102 | | | MetLife, Inc. | | | 109,199 | |
| | 12,812 | | | Old Republic International Corp. | | | 252,268 | |
| | 4,372 | | | Principal Financial Group, Inc. | | | 281,294 | |
| | 9,037 | | | Progressive Corp. | | | 437,572 | |
| | 7,490 | | | Prudential Financial, Inc. | | | 796,337 | |
| | 4,254 | | | Reinsurance Group of America, Inc. | | | 593,561 | |
| | 778 | | | RenaissanceRe Holdings, Ltd. | | | 105,139 | |
| | 1,758 | | | The Travelers Cos., Inc. | | | 215,390 | |
| | 1,290 | | | Torchmark Corp. | | | 103,316 | |
| | 7,921 | | | Unum Group | | | 405,001 | |
| | 2,646 | | | W.R. Berkley Corp. (a) | | | 176,594 | |
| | 9,041 | | | XL Group Ltd. | | | 356,667 | |
| | | | | | |
|
|
|
| | | | | | | | 12,238,215 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 2.60% | |
| | 4,135 | | | Amazon.com, Inc. (b) | | | 3,975,182 | |
| | 2,801 | | | Expedia, Inc. (a) | | | 403,176 | |
| | 7,149 | | | Liberty Interactive Corp. QVC Group - Class A (b) | | | 168,502 | |
| | 2,691 | | | Liberty Ventures - Series A (b) | | | 154,867 | |
| | 5,880 | | | Netflix, Inc. (b) | | | 1,066,338 | |
| | 609 | | | The Priceline Group, Inc. (a)(b) | | | 1,114,970 | |
| | 7,215 | | | TripAdvisor, Inc. (a)(b) | | | 292,424 | |
| | 8,153 | | | Wayfair, Inc. - Class A (a)(b) | | | 549,512 | |
| | | | | | |
|
|
|
| | | | | | | | 7,724,971 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 4.59% | |
| | 7,073 | | | Akamai Technologies, Inc. (a)(b) | | | 344,597 | |
| | 3,283 | | | Alphabet, Inc. - Class A (b) | | | 3,196,723 | |
| | 3,673 | | | Alphabet, Inc. - Class C (b) | | | 3,522,811 | |
| | 463 | | | CoStar Group, Inc. (b) | | | 124,200 | |
| | 8,729 | | | eBay, Inc. (b) | | | 335,717 | |
| | 28,206 | | | Facebook, Inc. - Class A (b) | | | 4,819,559 | |
| | 1,465 | | | GoDaddy, Inc. - Class A (b) | | | 63,742 | |
| | 5,198 | | | IAC InterActive Corp. (b) | | | 611,181 | |
| | 9,986 | | | Match Group, Inc. (a)(b) | | | 231,575 | |
| | 9,629 | | | Pandora Media, Inc. (a)(b) | | | 74,143 | |
| | 7,842 | | | Twitter, Inc. (b) | | | 132,295 | |
| | 1,824 | | | VeriSign, Inc. (b) | | | 194,055 | |
| | | | | | |
|
|
|
| | | | | | | | 13,650,598 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.09% | |
| | 8,447 | | | Accenture Plc - Class A - ADR | | | 1,140,936 | |
| | 1,038 | | | Alliance Data Systems Corp. (a) | | | 229,969 | |
| | 2,222 | | | Amdocs Ltd. | | | 142,919 | |
| | 2,712 | | | Automatic Data Processing, Inc. | | | 296,476 | |
| | 13,947 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 521,478 | |
| | 1,211 | | | Broadridge Financial Solutions, Inc. | | | 97,873 | |
| | 7,425 | | | Cognizant Technology Solutions Corp. - Class A | | | 538,610 | |
| | 13,241 | | | Conduent, Inc. (b) | | | 207,487 | |
| | 6,780 | | | CoreLogic, Inc. (b) | | | 313,372 | |
| | 5,651 | | | CSRA, Inc. (a) | | | 182,358 | |
See notes to financial statements.
37
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | IT Services (Continued) | |
| | 1,839 | | | DXC Technology Co. | | $ | 157,933 | |
| | 1,185 | | | Euronet Worldwide, Inc. (a)(b) | | | 112,326 | |
| | 2,692 | | | Fidelity National Information Services, Inc. | | | 251,406 | |
| | 12,388 | | | First Data Corp. - Class A (a)(b) | | | 223,480 | |
| | 651 | | | Fiserv, Inc. (b) | | | 83,953 | |
| | 2,741 | | | Gartner, Inc. (b) | | | 341,008 | |
| | 7,643 | | | Genpact, Ltd. (a) | | | 219,736 | |
| | 2,037 | | | Leidos Holdings, Inc. | | | 120,631 | |
| | 8,812 | | | MasterCard, Inc. - Class A | | | 1,244,254 | |
| | 1,341 | | | Paychex, Inc. | | | 80,406 | |
| | 9,213 | | | PayPal Holdings, Inc. (b) | | | 589,908 | |
| | 14,818 | | | Square, Inc. - Class A (a)(b) | | | 426,907 | |
| | 5,473 | | | T-Mobile USA, Inc. (b) | | | 337,465 | |
| | 3,442 | | | Total System Services, Inc. | | | 225,451 | |
| | 1,367 | | | Vantiv, Inc. - Class A (b) | | | 96,333 | |
| | 9,710 | | | Visa, Inc. - Class A (a) | | | 1,021,880 | |
| | | | | | |
|
|
|
| | | | | | | | 9,204,555 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.41% | |
| | 2,596 | | | Brunswick Corp. | | | 145,298 | |
| | 3,367 | | | Hasbro, Inc. (a) | | | 328,855 | |
| | 10,199 | | | Mattel, Inc. (a) | | | 157,881 | |
| | 2,169 | | | Polaris Industries, Inc. (a) | | | 226,942 | |
| | 3,285 | | | Pool Corp. | | | 355,338 | |
| | | | | | |
|
|
|
| | | | | | | | 1,214,314 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.92% | |
| | 1,308 | | | Bio-Rad Laboratories, Inc. - Class A (b) | | | 290,664 | |
| | 11,458 | | | Bruker Corp. | | | 340,875 | |
| | 1,060 | | | Charles River Laboratories International, Inc. (b) | | | 114,501 | |
| | 949 | | | Illumina, Inc. (b) | | | 189,041 | |
| | 1,167 | | | Mettler-Toledo International, Inc. (b) | | | 730,729 | |
| | 2,204 | | | QIAGEN NV | | | 69,440 | |
| | 2,733 | | | Quintiles IMS Holdings, Inc. (b) | | | 259,826 | |
| | 1,398 | | | Thermo Fisher Scientific, Inc. | | | 264,502 | |
| | 8,928 | | | VWR Corp. (b) | | | 295,606 | |
| | 1,019 | | | Waters Corp. (b) | | | 182,931 | |
| | | | | | |
|
|
|
| | | | | | | | 2,738,115 | |
| | | | | | |
|
|
|
| | | | | Machinery - 1.80% | |
| | 1,250 | | | AGCO Corp. | | | 92,212 | |
| | 2,722 | | | Allison Transmission Holdings, Inc. | | | 102,157 | |
| | 3,110 | | | Caterpillar, Inc. | | | 387,848 | |
| | 5,158 | | | Colfax Corp. (a)(b) | | | 214,779 | |
| | 1,306 | | | Cummins, Inc. | | | 219,447 | |
| | 2,835 | | | Deere & Co. | | | 356,048 | |
| | 4,671 | | | Donaldson Co., Inc. | | | 214,586 | |
| | 5,401 | | | Fortive Corp. | | | 382,337 | |
| | 5,163 | | | Graco, Inc. | | | 638,611 | |
| | 1,838 | | | Illinois Tool Works, Inc. | | | 271,950 | |
| | 3,194 | | | Ingersoll-Rand Plc | | | 284,809 | |
| | 3,502 | | | Lincoln Electric Holdings, Inc. (a) | | | 321,063 | |
| | 697 | | | Nordson Corp. | | | 82,595 | |
| | 7,260 | | | Oshkosh Corp. | | | 599,240 | |
| | 852 | | | Parker-Hannifin Corp. | | | 149,117 | |
| | 1,261 | | | Snap-on, Inc. (a) | | | 187,902 | |
| | 4,586 | | | Terex Corp. (a) | | | 206,462 | |
| | 1,301 | | | The Timken Co. | | | 63,164 | |
| | 9,458 | | | Toro Co. | | | 586,963 | |
| | | | | | |
|
|
|
| | | | | | | | 5,361,290 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Marine - 0.16% | |
| | 7,336 | | | Kirby Corp. (a)(b) | | $ | 483,809 | |
| | | | | | |
|
|
|
| | | | | Media - 2.36% | |
| | 428 | | | Cable One, Inc. | | | 309,067 | |
| | 1,333 | | | Charter Communications, Inc. - Class A (b) | | | 484,439 | |
| | 33,098 | | | Comcast Corp. - Class A | | | 1,273,611 | |
| | 3,282 | | | Discovery Communications, Inc. - Series A (a)(b) | | | 69,874 | |
| | 3,139 | | | Discovery Communications, Inc. - Series C (b) | | | 63,596 | |
| | 4,579 | | | John Wiley & Sons, Inc. - Class A | | | 244,977 | |
| | 1,218 | | | Liberty Broadband Corp. - Class A (b) | | | 114,711 | |
| | 1,739 | | | Liberty Broadband Corp. - Class C (b) | | | 165,727 | |
| | 8,747 | | | Liberty Media Corp. - Class A (b) | | | 366,499 | |
| | 10,196 | | | Liberty Media Corp. - Class C (b) | | | 426,907 | |
| | 1,696 | | | Liberty Media Group - Class C (b) | | | 64,601 | |
| | 4,423 | | | Lions Gate Entertainment Corp. - Class A (b) | | | 147,949 | |
| | 5,847 | | | Lions Gate Entertainment Corp. - Class B (b) | | | 185,876 | |
| | 3,906 | | | Live Nation Entertainment, Inc. (a)(b) | | | 170,106 | |
| | 794 | | | Scripps Networks Interactive, Inc. - Class A | | | 68,197 | |
| | 51,383 | | | Sirius XM Holdings, Inc. (a) | | | 283,634 | |
| | 20,825 | | | TEGNA, Inc. (a) | | | 277,597 | |
| | 12,635 | | | The Walt Disney Co. | | | 1,245,432 | |
| | 5,999 | | | Time Warner, Inc. | | | 614,598 | |
| | 5,430 | | | Viacom, Inc. - Class A (a) | | | 199,281 | |
| | 8,642 | | | Viacom, Inc. - Class B (a) | | | 240,593 | |
| | | | | | |
|
|
|
| | | | | | | | 7,017,272 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.45% | |
| | 16,885 | | | Freeport-McMoRan, Inc. (a)(b) | | | 237,065 | |
| | 4,212 | | | Newmont Mining Corp. | | | 157,992 | |
| | 1,186 | | | Reliance Steel & Aluminum Co. | | | 90,338 | |
| | 4,390 | | | Steel Dynamics, Inc. | | | 151,323 | |
| | 27,877 | | | United States Steel Corp. (a) | | | 715,324 | |
| | | | | | |
|
|
|
| | | | | | | | 1,352,042 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 1.25% | |
| | 5,209 | | | Burlington Stores, Inc. (a)(b) | | | 497,251 | |
| | 4,170 | | | Dollar General Corp. | | | 337,979 | |
| | 3,577 | | | Dollar Tree, Inc. (b) | | | 310,555 | |
| | 20,966 | | | Kohl’s Corp. (a) | | | 957,098 | |
| | 34,619 | | | Macy’s, Inc. (a) | | | 755,387 | |
| | 8,667 | | | Nordstrom, Inc. | | | 408,649 | |
| | 7,718 | | | Target Corp. (a) | | | 455,439 | |
| | | | | | |
|
|
|
| | | | | | | | 3,722,358 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.47% | |
| | 2,612 | | | Ameren Corp. | | | 151,078 | |
| | 9,942 | | | CenterPoint Energy, Inc. | | | 290,406 | |
| | 3,170 | | | CMS Energy Corp. | | | 146,834 | |
| | 1,576 | | | Consolidated Edison, Inc. (a) | | | 127,152 | |
| | 1,633 | | | Dominion Energy, Inc. (a) | | | 125,627 | |
| | 1,880 | | | DTE Energy Co. | | | 201,837 | |
| | 7,314 | | | MDU Resources Group, Inc. (a) | | | 189,798 | |
| | 2,555 | | | Vectren Corp. | | | 168,042 | |
| | | | | | |
|
|
|
| | | | | | | | 1,400,774 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 1.82% | |
| | 650 | | | Andeavor (a) | | | 67,048 | |
| | 6,158 | | | Chevron Corp. | | | 723,565 | |
| | 2,227 | | | ConocoPhillips (a) | | | 111,461 | |
| | 33,523 | | | CONSOL Energy, Inc. (a)(b) | | | 567,880 | |
| | 22,512 | | | Exxon Mobil Corp. | | | 1,845,534 | |
See notes to financial statements.
38
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | 3,321 | | | HollyFrontier Corp. | | $ | 119,456 | |
| | 15,851 | | | Valero Energy Corp. (a) | | | 1,219,417 | |
| | 34,496 | | | Whiting Petroleum Corp. (b) | | | 188,348 | |
| | 16,697 | | | World Fuel Services Corp. (a) | | | 566,195 | |
| | | | | | |
|
|
|
| | | | | | | | 5,408,904 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.21% | |
| | 14,390 | | | Domtar Corp. | | | 624,382 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.45% | |
| | 5,745 | | | Herbalife, Ltd. (b) | | | 389,683 | |
| | 7,207 | | | Nu Skin Enterprises, Inc. - Class A | | | 443,086 | |
| | 4,603 | | | The Estee Lauder Cos., Inc. - Class A (a) | | | 496,388 | |
| | | | | | |
|
|
|
| | | | | | | | 1,329,157 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.01% | |
| | 3,692 | | | Abbott Laboratories | | | 197,005 | |
| | 4,696 | | | AbbVie, Inc. | | | 417,287 | |
| | 394 | | | Allergan Plc | | | 80,750 | |
| | 16,092 | | | Bristol-Myers Squibb Co. | | | 1,025,704 | |
| | 6,625 | | | Eli Lilly & Co. | | | 566,703 | |
| | 94,071 | | | Endo International Plc (b) | | | 805,718 | |
| | 30,539 | | | Johnson & Johnson | | | 3,970,375 | |
| | 28,927 | | | Mallinckrodt Plc (b) | | | 1,081,002 | |
| | 16,830 | | | Merck & Co., Inc. | | | 1,077,625 | |
| | 26,700 | | | Mylan NV (a)(b) | | | 837,579 | |
| | 4,427 | | | Perrigo Co. Plc (a) | | | 374,746 | |
| | 35,882 | | | Pfizer, Inc. | | | 1,280,987 | |
| | 3,251 | | | Zoetis, Inc. (a) | | | 207,284 | |
| | | | | | |
|
|
|
| | | | | | | | 11,922,765 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.72% | |
| | 3,386 | | | IHS Markit, Ltd. (b) | | | 149,255 | |
| | 7,092 | | | ManpowerGroup, Inc. | | | 835,579 | |
| | 3,717 | | | Nielsen Holdings Plc (a) | | | 154,070 | |
| | 14,297 | | | Robert Half International, Inc. | | | 719,711 | |
| | 2,367 | | | The Dun & Bradstreet Corp. | | | 275,542 | |
| | | | | | |
|
|
|
| | | | | | | | 2,134,157 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.54% | |
| | 1,846 | | | CBRE Group, Inc. - Class A (b) | | | 69,926 | |
| | 4,152 | | | Jones Lang LaSalle, Inc. (a) | | | 512,772 | |
| | 30,882 | | | Realogy Holdings Corp. (a) | | | 1,017,562 | |
| | | | | | |
|
|
|
| | | | | | | | 1,600,260 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.50% | |
| | 8,356 | | | CSX Corp. (a) | | | 453,397 | |
| | 5,202 | | | Genesee & Wyoming, Inc. - Class A (b) | | | 385,000 | |
| | 3,790 | | | Landstar System, Inc. | | | 377,674 | |
| | 485 | | | Norfolk Southern Corp. | | | 64,136 | |
| | 1,380 | | | Old Dominion Freight Line, Inc. (b) | | | 151,952 | |
| | 557 | | | Union Pacific Corp. | | | 64,595 | |
| | | | | | |
|
|
|
| | | | | | | | 1,496,754 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 4.00% | |
| | 35,445 | | | Advanced Micro Devices, Inc. (a)(b) | | | 451,924 | |
| | 4,184 | | | Analog Devices, Inc. | | | 360,535 | |
| | 18,527 | | | Applied Materials, Inc. | | | 965,071 | |
| | 2,716 | | | Broadcom Ltd. | | | 658,739 | |
| | 2,834 | | | Cavium, Inc. (b) | | | 186,874 | |
| | 12,379 | | | First Solar, Inc. (a)(b) | | | 567,949 | |
| | 49,765 | | | Intel Corp. (a) | | | 1,895,051 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 3,941 | | | KLA-Tencor Corp. | | $ | 417,746 | |
| | 3,811 | | | Lam Research Corp. (a)(b) | | | 705,187 | |
| | 10,734 | | | Marvell Technology Group, Ltd. - ADR | | | 192,139 | |
| | 2,042 | | | Maxim Integrated Products, Inc. | | | 97,424 | |
| | 2,712 | | | Microchip Technology, Inc. (a) | | | 243,483 | |
| | 12,025 | | | Micron Technology, Inc. (b) | | | 472,943 | |
| | 3,978 | | | Microsemi Corp. (b) | | | 204,787 | |
| | 7,911 | | | NVIDIA Corp. | | | 1,414,250 | |
| | 30,371 | | | ON Semiconductor Corp. (a)(b) | | | 560,952 | |
| | 1,996 | | | Qorvo, Inc. (a)(b) | | | 141,077 | |
| | 4,922 | | | Skyworks Solutions, Inc. (a) | | | 501,552 | |
| | 12,220 | | | Teradyne, Inc. | | | 455,684 | |
| | 11,600 | | | Texas Instruments, Inc. | | | 1,039,824 | |
| | 7,700 | | | Versum Materials, Inc. (a) | | | 298,914 | |
| | 890 | | | Xilinx, Inc. (a) | | | 63,039 | |
| | | | | | |
|
|
|
| | | | | | | | 11,895,144 | |
| | | | | | |
|
|
|
| | | | | Software - 6.24% | |
| | 6,063 | | | Activision Blizzard, Inc. | | | 391,124 | |
| | 6,625 | | | Adobe Systems, Inc. (b) | | | 988,318 | |
| | 2,138 | | | ANSYS, Inc. (b) | | | 262,397 | |
| | 3,581 | | | Atlassian Corp. Plc - Class A (b) | | | 125,872 | |
| | 3,739 | | | Autodesk, Inc. (a)(b) | | | 419,740 | |
| | 3,368 | | | CA, Inc. | | | 112,424 | |
| | 16,949 | | | Cadence Design System, Inc. (a)(b) | | | 668,977 | |
| | 1,236 | | | CDK Global, Inc. | | | 77,979 | |
| | 2,980 | | | Citrix Systems, Inc. (b) | | | 228,924 | |
| | 18,605 | | | Dell Technologies, Inc. - Class V (b) | | | 1,436,492 | |
| | 5,815 | | | Electronic Arts, Inc. (b) | | | 686,519 | |
| | 5,804 | | | Fortinet, Inc. (b) | | | 208,015 | |
| | 3,947 | | | Intuit, Inc. | | | 561,027 | |
| | 2,263 | | | Jack Henry & Associates, Inc. | | | 232,614 | |
| | 10,071 | | | Manhattan Associates, Inc. (a)(b) | | | 418,651 | |
| | 84,265 | | | Microsoft Corp. | | | 6,276,900 | |
| | 20,443 | | | Nuance Communications, Inc. (a)(b) | | | 321,364 | |
| | 25,597 | | | Oracle Corp. (a) | | | 1,237,615 | |
| | 1,796 | | | PTC, Inc. (b) | | | 101,079 | |
| | 5,190 | | | Red Hat, Inc. (b) | | | 575,363 | |
| | 4,336 | | | salesforce.com, Inc. (b) | | | 405,069 | |
| | 4,209 | | | ServiceNow, Inc. (a)(b) | | | 494,684 | |
| | 4,567 | | | Splunk, Inc. (a)(b) | | | 303,386 | |
| | 1,931 | | | SS&C Technologies Holdings, Inc. (a) | | | 77,530 | |
| | 1,967 | | | Symantec Corp. (a) | | | 64,537 | |
| | 6,265 | | | Synopsys, Inc. (b) | | | 504,520 | |
| | 4,897 | | | Tableau Software, Inc. - Class A (a)(b) | | | 366,736 | |
| | 3,836 | | | Take-Two Interactive Software, Inc. (b) | | | 392,154 | |
| | 3,905 | | | VMware, Inc. (a)(b) | | | 426,387 | |
| | 1,717 | | | Workday, Inc. - Class A (a)(b) | | | 180,955 | |
| | | | | | |
|
|
|
| | | | | | | | 18,547,352 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 4.39% | |
| | 2,868 | | | Advance Auto Parts, Inc. | | | 284,506 | |
| | 2,022 | | | AutoNation, Inc. (a)(b) | | | 95,964 | |
| | 759 | | | AutoZone, Inc. (a)(b) | | | 451,689 | |
| | 30,284 | | | Bed Bath & Beyond, Inc. (a) | | | 710,765 | |
| | 10,614 | | | Best Buy Co., Inc. (a) | | | 604,573 | |
| | 16,187 | | | Dick’s Sporting Goods, Inc. (a) | | | 437,211 | |
| | 7,858 | | | Floor & Decor Holdings, Inc. (b) | | | 305,912 | |
| | 8,023 | | | Foot Locker, Inc. | | | 282,570 | |
| | 44,250 | | | GameStop Corp. - Class A (a) | | | 914,205 | |
| | 7,797 | | | L Brands, Inc. (a) | | | 324,433 | |
See notes to financial statements.
39
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Specialty Retail (Continued) | |
| | 7,869 | | | Lowe’s Cos., Inc. | | $ | 629,048 | |
| | 3,007 | | | Murphy USA, Inc. (a)(b) | | | 207,483 | |
| | 2,027 | | | O’Reilly Automotive, Inc. (b) | | | 436,555 | |
| | 7,887 | | | Ross Stores, Inc. | | | 509,264 | |
| | 21,318 | | | Sally Beauty Holdings, Inc. (a)(b) | | | 417,406 | |
| | 4,642 | | | Signet Jewelers Ltd. (a) | | | 308,925 | |
| | 19,992 | | | The Gap, Inc. (a) | | | 590,364 | |
| | 11,469 | | | The Home Depot, Inc. | | | 1,875,870 | |
| | 21,674 | | | The Michaels Cos., Inc. (a)(b) | | | 465,341 | |
| | 7,999 | | | The TJX Companies, Inc. (a) | | | 589,766 | |
| | 5,908 | | | Tiffany & Co. | | | 542,236 | |
| | 7,255 | | | Tractor Supply Co. (a) | | | 459,169 | |
| | 1,816 | | | Ulta Beauty, Inc. (b) | | | 410,525 | |
| | 32,130 | | | Urban Outfitters, Inc. (a)(b) | | | 767,907 | |
| | 8,715 | | | Williams Sonoma, Inc. (a) | | | 434,530 | |
| | | | | | |
|
|
|
| | | | | | | | 13,056,217 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 4.40% | |
| | 60,726 | | | Apple, Inc. | | | 9,359,091 | |
| | 19,618 | | | HP, Inc. (a) | | | 391,575 | |
| | 7,941 | | | International Business Machines Corp. | | | 1,152,080 | |
| | 2,038 | | | NCR Corp. (a)(b) | | | 76,466 | |
| | 2,758 | | | NetApp, Inc. (a) | | | 120,690 | |
| | 18,327 | | | Teradata Corp. (a)(b) | | | 619,270 | |
| | 7,678 | | | Western Digital Corp. | | | 663,379 | |
| | 20,816 | | | Xerox Corp. | | | 692,965 | |
| | | | | | |
|
|
|
| | | | | | | | 13,075,516 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.47% | |
| | 3,138 | | | Carter’s, Inc. (a) | | | 309,878 | |
| | 7,857 | | | Coach, Inc. | | | 316,480 | |
| | 2,581 | | | Hanesbrands, Inc. (a) | | | 63,596 | |
| | 7,014 | | | lululemon athletica, Inc. (b) | | | 436,622 | |
| | 10,198 | | | Michael Kors Holdings Ltd. (b) | | | 487,974 | |
| | 11,968 | | | NIKE, Inc. - Class B | | | 620,541 | |
| | 1,671 | | | PVH Corp. | | | 210,646 | |
| | 6,631 | | | Ralph Lauren Corp. | | | 585,451 | |
| | 13,003 | | | Skechers U.S.A., Inc. - Class A (b) | | | 326,245 | |
| | 17,930 | | | Under Armour, Inc. - Class A (a)(b) | | | 295,486 | |
| | 18,447 | | | Under Armour, Inc. - Class C (a)(b) | | | 277,074 | |
| | 6,900 | | | VF Corp. (a) | | | 438,633 | |
| | | | | | |
|
|
|
| | | | | | | | 4,368,626 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.80% | |
| | 10,018 | | | Altria Group, Inc. | | �� | 635,342 | |
| | 15,731 | | | Philip Morris International, Inc. | | | 1,746,298 | |
| | | | | | |
|
|
|
| | | | | | | | 2,381,640 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.05% | |
| | 9,958 | | | Fastenal Co. (a) | | | 453,886 | |
| | 8,205 | | | HD Supply Holdings, Inc. (b) | | | 295,954 | |
| | 4,916 | | | MSC Industrial Direct Co., Inc. - Class A | | | 371,502 | |
| | 7,363 | | | Univar, Inc. (b) | | | 213,012 | |
| | 2,440 | | | W.W. Grainger, Inc. (a) | | | 438,590 | |
| | 1,847 | | | Watsco, Inc. - Class A (a) | | | 297,496 | |
| | 17,869 | | | WESCO International, Inc. (b) | | | 1,040,869 | |
| | | | | | |
|
|
|
| | | | | | | | 3,111,309 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.04% | |
| | 4,427 | | | Telephone & Data Systems, Inc. | | | 123,469 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $227,766,259) | | | 279,425,128 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS - 1.70% | |
| | | | | Real Estate Investment Trusts - 1.70% | |
| | 13,867 | | | AGNC Investment Corp. | | $ | 300,637 | |
| | 9,115 | | | American Homes 4 Rent - Class A | | | 197,887 | |
| | 2,445 | | | American Tower Corp. | | | 334,183 | |
| | 35,149 | | | Annaly Capital Management, Inc. (a) | | | 428,466 | |
| | 4,139 | | | Brandywine Realty Trust | | | 72,391 | |
| | 1,574 | | | Camden Property Trust | | | 143,942 | |
| | 22,621 | | | Chimera Investment Corp. (a) | | | 427,989 | |
| | 1,490 | | | CoreSite Realty Corp. | | | 166,731 | |
| | 634 | | | Crown Castle International Corp. | | | 63,387 | |
| | 1,196 | | | Digital Realty Trust, Inc. (a) | | | 141,523 | |
| | 7,566 | | | Empire State Realty Trust, Inc. - Class A | | | 155,406 | |
| | 245 | | | Equinix, Inc. | | | 109,343 | |
| | 2,215 | | | Equity Commonwealth (b) | | | 67,336 | |
| | 771 | | | Essex Property Trust, Inc. | | | 195,857 | |
| | 4,459 | | | Forest City Realty Trust, Inc. - Class A | | | 113,749 | |
| | 10,693 | | | Hospitality Properties Trust (a) | | | 304,644 | |
| | 17,527 | | | Host Hotels & Resorts, Inc. (a) | | | 324,074 | |
| | 27,628 | | | MFA Financial, Inc. | | | 242,021 | |
| | 16,734 | | | New Residential Investment Corp. | | | 279,960 | |
| | 2,777 | | | Park Hotels & Resorts, Inc. | | | 76,534 | |
| | 7,520 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 151,603 | |
| | 921 | | | Prologis, Inc. | | | 58,447 | |
| | 8,849 | | | Retail Properties of America, Inc. - Class A | | | 116,187 | |
| | 1,230 | | | SBA Communications Corp. (a)(b) | | | 177,182 | |
| | 765 | | | SL Green Realty Corp. | | | 77,510 | |
| | 1,143 | | | Sun Communities, Inc. | | | 97,932 | |
| | 16,465 | | | Two Harbors Investment Corp. (a) | | | 165,967 | |
| | 8,428 | | | VEREIT, Inc. | | | 69,868 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $4,693,857) | | | 5,060,756 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.29% | |
| | | | | Exchange Traded Funds - 3.29% | |
| | 42,344 | | | Vanguard S&P 500 ETF | | | 9,771,301 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $9,248,934) | | | 9,771,301 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.91% | |
| | | | | Money Market Funds - 0.91% | |
| | 2,702,477 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (c) | | | 2,702,477 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,702,477) | | | 2,702,477 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.63% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 18.63% | |
| | 55,412,352 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (c) | | | 55,412,352 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $55,412,352) | | | 55,412,352 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $299,823,879) - 118.47% | | | 352,372,014 | |
| | | | | Liabilities in Excess of
Other Assets - (18.47)% | | | (54,930,222 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 297,441,792 | |
| | | | | | |
|
|
|
See notes to financial statements.
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
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 September 30, 2017. |
See notes to financial statements.
41
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 85.18% | |
| | | | | Brazil - 5.08% | |
| | 53,143 | | | Ambev SA | | $ | 353,039 | |
| | 22,187 | | | Banco Bradesco SA | | | 234,329 | |
| | 42,863 | | | Banco do Brasil SA | | | 473,000 | |
| | 13,090 | | | Banco Santander Brasil SA | | | 114,362 | |
| | 38,220 | | | BB Seguridade Participacoes SA | | | 343,928 | |
| | 12,765 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 133,891 | |
| | 82,930 | | | Cia Siderurgica Nacional SA (a) | | | 251,370 | |
| | 11,274 | | | Cosan SA Industria e Comercio | | | 128,575 | |
| | 34,032 | | | CPFL Energia SA | | | 292,810 | |
| | 39,371 | | | EDP - Energias do Brasil SA | | | 188,703 | |
| | 11,532 | | | Fibria Celulose SA | | | 156,059 | |
| | 71,173 | | | JBS SA | | | 191,239 | |
| | 37,009 | | | Lojas Renner SA | | | 420,670 | |
| | 13,187 | | | M Dias Branco SA | | | 208,184 | |
| | 19,736 | | | Natura Cosmeticos SA | | | 195,045 | |
| | 32,551 | | | Odontoprev SA | | | 157,249 | |
| | 69,896 | | | Petroleo Brasileiro SA (a) | | | 351,339 | |
| | 15,281 | | | Raia Drogasil SA | | | 361,718 | |
| | 81,317 | | | Sul America SA (b) | | | 458,305 | |
| | 6,841 | | | Ultrapar Participacoes SA | | | 163,295 | |
| | 31,199 | | | Vale SA | | | 315,817 | |
| | | | | | |
|
|
|
| | | | | | | | 5,492,927 | |
| | | | | | |
|
|
|
| | | | | Chile - 1.00% | | | | |
| | 1,225,267 | | | Banco de Chile | | | 186,896 | |
| | 4,560 | | | Banco de Credito e Inversiones | | | 288,390 | |
| | 1,476,701 | | | Banco Santander Chile | | | 109,797 | |
| | 25,380 | | | Cia Cervecerias Unidas SA | | | 341,808 | |
| | 11,270 | | | Latam Airlines Group SA | | | 148,374 | |
| | | | | | |
|
|
|
| | | | | | | | 1,075,265 | |
| | | | | | |
|
|
|
| | | | | China - 18.94% | | | | |
| | 853,522 | | | Agricultural Bank of China Ltd. - Series H | | | 384,213 | |
| | 23,299 | | | Alibaba Group Holding Ltd. - ADR (a)(c) | | | 4,023,970 | |
| | 91,219 | | | ANTA Sports Products Ltd. | | | 384,565 | |
| | 4,008 | | | Autohome, Inc. - ADR (a) | | | 240,801 | |
| | 4,364 | | | Baidu, Inc. - ADR (a) | | | 1,080,919 | |
| | 1,567,303 | | | Bank of China Ltd. - Series H | | | 778,516 | |
| | 384,000 | | | Bank of Communications Co., Ltd. - Series H | | | 281,864 | |
| | 569,672 | | | China Cinda Asset Management Co., Ltd. - Series H | | | 210,792 | |
| | 420,000 | | | China CITIC Bank Corp. Ltd. - Series H | | | 268,066 | |
| | 710,542 | | | China Communications Services Corp. Ltd. - Series H | | | 366,847 | |
| | 1,795,140 | | | China Construction Bank Corp. - Series H | | | 1,499,753 | |
| | 347,000 | | | China Everbright Bank Co., Ltd. - Series H | | | 160,704 | |
| | 318,286 | | | China Huarong Asset Management Co., Ltd. - Series H | | | 142,521 | |
| | 38,375 | | | China Life Insurance Company Ltd. - Series H | | | 115,031 | |
| | 82,346 | | | China Mengniu Dairy Co., Ltd. | | | 230,990 | |
| | 103,586 | | | China Merchants Bank Co., Ltd. - Series H | | | 366,804 | |
| | 191,873 | | | China Minsheng Banking Corp., Ltd. - Series H | | | 176,722 | |
| | 835,981 | | | China Petroleum & Chemical Corp. - Series H | | | 630,064 | |
| | 193,616 | | | China Southern Airlines Co., Ltd. - Series H | | | 133,446 | |
| | 592,413 | | | Chongqing Rural Commercial Bank Co., Ltd. - Series H | | | 377,132 | |
| | 465,417 | | | Country Garden Holdings Co., Ltd. | | | 742,952 | |
| | 226,768 | | | Dongfeng Motor Group Co., Ltd. - Series H | | | 300,922 | |
| | 90,938 | | | Haier Electronics Group Co., Ltd. | | | 222,579 | |
| | 9,322 | | | JD.com, Inc. - ADR (a) | | | 356,100 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | China (Continued) | | | | |
| | 6,343 | | | Momo, Inc. - ADR (a) | | $ | 198,790 | |
| | 2,770 | | | NetEase, Inc. - ADR (c) | | | 730,754 | |
| | 25,079 | | | New China Life Insurance Co., Ltd. - Series H | | | 142,633 | |
| | 7,544 | | | New Oriental Education & Technology Group, Inc. - ADR | | | 665,833 | |
| | 306,000 | | | PetroChina Co. - Series H | | | 194,755 | |
| | 134,844 | | | PICC Property & Casualty Co., Ltd. - Series H | | | 239,200 | |
| | 108,097 | | | Ping An Insurance Group Co. of China, Ltd. - Series H | | | 834,986 | |
| | 20,768 | | | Shenzhou International Group Holdings Ltd. | | | 162,871 | |
| | 484,779 | | | Sihuan Pharmaceutical Holdings Group, Ltd. | | | 177,009 | |
| | 1,615 | | | SINA Corp. (a) | | | 185,160 | |
| | 498,790 | | | Sino-Ocean Group Holding Ltd. | | | 333,895 | |
| | 278,828 | | | Sinopec Shanghai Petrochemical Co., Ltd. - Series H | | | 166,585 | |
| | 377,072 | | | Sun Art Retail Group Ltd. | | | 351,258 | |
| | 20,946 | | | TAL Education Group - ADR | | | 706,090 | |
| | 758,953 | | | The People’s Insurance Co. Group of China, Ltd. - Series H | | | 340,597 | |
| | 23,886 | | | Vipshop Holdings Ltd. - ADR (a) | | | 209,958 | |
| | 283,799 | | | Want Want China Holdings, Ltd. | | | 199,953 | |
| | 4,943 | | | Weibo Corp. - ADR (a)(c) | | | 489,060 | |
| | 12,894 | | | Yum China Holdings, Inc. (a) | | | 515,373 | |
| | 41,077 | | | ZTE Corp. (a) | | | 135,161 | |
| | | | | | |
|
|
|
| | | | | | | | 20,456,194 | |
| | | | | | |
|
|
|
| | | | | Colombia - 0.23% | | | | |
| | 53,988 | | | Interconexion Electrica SA ESP | | | 251,499 | |
| | | | | | |
|
|
|
| | | | | Czech Republic - 0.11% | | | | |
| | 9,635 | | | O2 Czech Republic AS | | | 118,340 | |
| | | | | | |
|
|
|
| | | | | Egypt - 0.19% | | | | |
| | 43,369 | | | Commercial International Bank Egypt SAE (b) | | | 200,554 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 12.61% | | | | |
| | 14,023 | | | AAC Technologies Holdings, Inc. | | | 237,291 | |
| | 95,552 | | | Brilliance China Automotive Holdings, Ltd. | | | 255,259 | |
| | 164,654 | | | China Evergrande Group (a) | | | 577,379 | |
| | 104,430 | | | China Mobile Ltd. | | | 1,060,169 | |
| | 66,466 | | | China Overseas Land & Investment Ltd. | | | 216,860 | |
| | 346,338 | | | China Telecom Corp. Ltd. - Series H | | | 178,187 | |
| | 89,911 | | | China Unicom Hong Kong Ltd. (a) | | | 125,702 | |
| | 115,853 | | | CITIC Ltd. | | | 171,665 | |
| | 234,800 | | | CSPC Pharmaceutical Group Ltd. | | | 394,604 | |
| | 224,378 | | | Geely Automobile Holdings Ltd. | | | 637,169 | |
| | 2,041,890 | | | GOME Retail Holdings, Ltd. | | | 230,685 | |
| | 1,406,189 | | | Industrial & Commercial Bank of China Ltd. - Series H | | | 1,051,140 | |
| | 212,697 | | | Kunlun Energy Co., Ltd. | | | 208,153 | |
| | 110,331 | | | Longfor Properties Co., Ltd. | | | 278,948 | |
| | 221,857 | | | Nine Dragons Paper Holdings Ltd. | | | 439,067 | |
| | 437,212 | | | Sino Biopharmaceutical Ltd. | | | 463,198 | |
| | 182,209 | | | Sunac China Holdings Ltd. | | | 836,802 | |
| | 40,276 | | | Sunny Optical Technology Group Co., Ltd. | | | 646,591 | |
| | 123,528 | | | Tencent Holdings Ltd. | | | 5,400,730 | |
| | 136,824 | | | Tingyi Cayman Islands Holding Corp. | | | 206,255 | |
| | | | | | |
|
|
|
| | | | | | | | 13,615,854 | |
| | | | | | |
|
|
|
| | | | | Hungary - 0.58% | | | | |
| | 32,816 | | | MOL Hungarian Oil & Gas Plc | | | 373,202 | |
| | 6,747 | | | OTP Bank Plc | | | 253,295 | |
| | | | | | |
|
|
|
| | | | | | | | 626,497 | |
| | | | | | |
|
|
|
See notes to financial statements.
42
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Indonesia - 1.54% | | | | |
| | 3,007,677 | | | Adaro Energy Tbk PT | | $ | 408,279 | |
| | 165,901 | | | Bank Central Asia Tbk PT | | | 250,167 | |
| | 441,599 | | | Hanjaya Mandala Sampoerna Tbk PT | | | 126,555 | |
| | 1,215,482 | | | Kalbe Farma Tbk PT | | | 150,385 | |
| | 177,812 | | | Matahari Department Store Tbk PT | | | 122,517 | |
| | 463,270 | | | Telekomunikasi Indonesia Persero Tbk PT | | | 161,116 | |
| | 66,176 | | | Unilever Indonesia Tbk PT | | | 240,675 | |
| | 87,110 | | | United Tractors Tbk PT | | | 207,132 | |
| | | | | | |
|
|
|
| | | | | | | | 1,666,826 | |
| | | | | | |
|
|
|
| | | | | Malaysia - 1.38% | | | | |
| | 147,083 | | | AirAsia Bhd | | | 120,287 | |
| | 289,307 | | | Astro Malaysia Holdings Bhd | | | 193,214 | |
| | 27,976 | | | British American Tobacco Malaysia Bhd | | | 289,798 | |
| | 195,037 | | | DiGi.Com Bhd | | | 226,331 | |
| | 62,895 | | | HAP Seng Consolidated Bhd | | | 135,585 | |
| | 100,451 | | | Maxis Communications Bhd | | | 137,979 | |
| | 27,694 | | | Public Bank Bhd | | | 134,108 | |
| | 691,771 | | | Sapura Energy Bhd | | | 249,719 | |
| | | | | | |
|
|
|
| | | | | | | | 1,487,021 | |
| | | | | | |
|
|
|
| | | | | Mexico - 3.03% | | | | |
| | 86,522 | | | Alfa SAB de CV - Series A | | | 109,043 | |
| | 570,545 | | | America Movil SAB de CV - Series L | | | 506,629 | |
| | 467,264 | | | Cemex SAB de CV (a) | | | 424,413 | |
| | 17,078 | | | Coca-Cola Femsa SAB de CV - Series L | | | 131,888 | |
| | 35,971 | | | Fomento Economico Mexicano SAB de CV | | | 343,473 | |
| | 17,272 | | | Gruma SAB de CV - Series B | | | 253,655 | |
| | 7,131 | | | Grupo Aeroportuario del Sureste SAB de CV - Series B | | | 136,002 | |
| | 147,167 | | | Grupo Bimbo SAB de CV - Series A | | | 356,159 | |
| | 39,714 | | | Grupo Financiero Banorte SAB de CV - Series O | | | 273,418 | |
| | 34,157 | | | Grupo Mexico SAB de CV - Series B | | | 104,609 | |
| | 36,009 | | | Infraestructura Energetica Nova SAB de CV | | | 201,638 | |
| | 59,371 | | | Kimberly-Clark de Mexico SAB de CV - Series A | | | 120,992 | |
| | 133,688 | | | Wal-Mart de Mexico SAB de CV | | | 306,139 | |
| | | | | | |
|
|
|
| | | | | | | | 3,268,058 | |
| | | | | | |
|
|
|
| | | | | Peru - 0.23% | | | | |
| | 1,237 | | | CREDICORP Ltd. | | | 253,610 | |
| | | | | | |
|
|
|
| | | | | Philippines - 0.22% | | | | |
| | 5,802 | | | Globe Telecom, Inc. | | | 234,421 | |
| | | | | | |
|
|
|
| | | | | Poland - 2.32% | | | | |
| | 2,979 | | | CCC SA | | | 225,422 | |
| | 15,043 | | | Eurocash SA | | | 159,401 | |
| | 32,409 | | | Grupa Lotos SA | | | 530,896 | |
| | 15,005 | | | Jastrzebska Spolka Weglowa SA (a) | | | 397,064 | |
| | 3,317 | | | KGHM Polska Miedz SA | | | 106,854 | |
| | 146 | | | LPP SA | | | 326,972 | |
| | 11,140 | | | Polski Koncern Naftowy Orlen SA | | | 371,702 | |
| | 99,348 | | | Polskie Gornictwo Naftowe i Gazownictwo SA | | | 184,983 | |
| | 15,856 | | | Powszechny Zaklad Ubezpieczen SA | | | 200,117 | |
| | | | | | |
|
|
|
| | | | | | | | 2,503,411 | |
| | | | | | |
|
|
|
| | | | | Qatar - 0.15% | | | | |
| | 7,211 | | | Ooredoo QSC | | | 164,228 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 14.16% | |
| | 1,084 | | | Amorepacific Corp. | | | 246,073 | |
| | 2,112 | | | AMOREPACIFIC Group | | | 228,055 | |
| | 1,683 | | | BGF retail Co., Ltd. | | | 122,265 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Republic of Korea (Continued) | |
| | 31,898 | | | BNK Financial Group, Inc. | | $ | 278,943 | |
| | 11,244 | | | Cheil Worldwide, Inc. | | | 178,968 | |
| | 3,709 | | | Coway Co., Ltd. | | | 304,879 | |
| | 35,743 | | | DGB Financial Group, Inc. | | | 328,059 | |
| | 2,158 | | | Dongbu Insurance Co., Ltd. | | | 137,872 | |
| | 1,355 | | | E-MART, Inc. | | | 247,172 | |
| | 3,464 | | | GS Holdings Corp. | | | 198,961 | |
| | 10,988 | | | Hana Financial Group, Inc. | | | 455,857 | |
| | 1,449 | | | Hanssem Co., Ltd. | | | 191,862 | |
| | 5,061 | | | Hanwha Chemical Corp. | | | 143,998 | |
| | 8,478 | | | Hanwha Corp. | | | 326,810 | |
| | 24,749 | | | Hanwha Life Insurance Co., Ltd. | | | 148,255 | |
| | 2,625 | | | Hotel Shilla Co., Ltd. | | | 133,504 | |
| | 4,203 | | | Hyundai Engineering & Construction Co., Ltd. | | | 141,230 | |
| | 3,916 | | | Hyundai Marine & Fire Insurance Co., Ltd. | | | 155,312 | |
| | 2,843 | | | Hyundai Steel Co. | | | 131,550 | |
| | 20,385 | | | Industrial Bank of Korea | | | 256,981 | |
| | 10,053 | | | KB Financial Group, Inc. | | | 494,599 | |
| | 9,018 | | | Korea Gas Corp. | | | 332,032 | |
| | 3,419 | | | Korea Investment Holdings Co., Ltd. | | | 183,414 | |
| | 10,058 | | | Korean Air Lines Co., Ltd. (a) | | | 271,140 | |
| | 4,092 | | | KT Corp. (b) | | | 104,322 | |
| | 4,150 | | | LG Electronics, Inc. | | | 299,719 | |
| | 447 | | | LG Household & Health Care Ltd. | | | 365,805 | |
| | 438 | | | Lotte Chemical Corp. | | | 145,021 | |
| | 622 | | | Naver Corp. | | | 405,812 | |
| | 352 | | | NCSoft Corp. | | | 143,107 | |
| | 1,712 | | | OCI Co., Ltd. | | | 153,583 | |
| | 1,434 | | | POSCO | | | 398,486 | |
| | 1,772 | | | S-1 Corp. | | | 138,279 | |
| | 1,512 | | | Samsung Electro-Mechanics Co., Ltd. | | | 135,137 | |
| | 2,196 | | | Samsung Electronics Co., Ltd. | | | 4,941,492 | |
| | 949 | | | Samsung SDI Co., Ltd. | | | 165,116 | |
| | 4,764 | | | Shinhan Financial Group Co., Ltd. | | | 210,561 | |
| | 10,119 | | | SK Hynix, Inc. | | | 737,982 | |
| | 1,768 | | | SK Innovation Co., Ltd. | | | 308,152 | |
| | 981 | | | SK Telecom Co., Ltd. | | | 218,889 | |
| | 1,728 | | | S-Oil Corp. | | | 192,987 | |
| | 37,917 | | | Woori Bank | | | 591,952 | |
| | | | | | |
|
|
|
| | | | | | | | 15,294,193 | |
| | | | | | |
|
|
|
| | | | | Russian Federation - 1.89% | |
| | 9,773 | | | Lukoil PJSC - ADR (c) | | | 518,262 | |
| | 14,135 | | | Mobile TeleSystems PJSC - ADR (c) | | | 147,569 | |
| | 58,980 | | | Sberbank of Russia PJSC - ADR (c) | | | 841,645 | |
| | 9,904 | | | Severstal PJSC - GDR | | | 148,235 | |
| | 5,065 | | | Tatneft PJSC - ADR | | | 219,011 | |
| | 79,483 | | | VTB Bank PJSC - GDR | | | 171,153 | |
| | | | | | |
|
|
|
| | | | | | | | 2,045,875 | |
| | | | | | |
|
|
|
| | | | | South Africa - 5.31% | |
| | 18,731 | | | AngloGold Ashanti Ltd. | | | 175,978 | |
| | 16,466 | | | Barclays Africa Group Ltd. | | | 169,006 | |
| | 2,639 | | | Capitec Bank Holdings Ltd. | | | 167,415 | |
| | 44,658 | | | Coronation Fund Managers Ltd. | | | 222,394 | |
| | 35,359 | | | Exxaro Resources Ltd. | | | 321,979 | |
| | 41,059 | | | FirstRand Ltd. | | | 157,887 | |
| | 47,115 | | | Gold Fields Ltd. | | | 203,755 | |
| | 16,826 | | | Liberty Holdings Ltd. | | | 130,751 | |
| | 19,915 | | | Massmart Holdings Ltd. | | | 164,101 | |
| | 17,516 | | | Mr. Price Group Ltd. | | | 232,948 | |
See notes to financial statements.
43
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCK (Continued) | |
| | | | | South Africa (Continued) | |
| | 6,688 | | | Naspers Ltd. - N Shares | | $ | 1,445,763 | |
| | 8,316 | | | Nedbank Group Ltd. | | | 124,430 | |
| | 2,313 | | | Novus Holdings, Ltd. | | | 1,108 | |
| | 45,745 | | | Pick n Pay Stores Ltd. | | | 194,654 | |
| | 48,768 | | | Sappi Ltd. | | | 332,146 | |
| | 12,318 | | | Shoprite Holdings Ltd. | | | 188,263 | |
| | 20,668 | | | Standard Bank Group Ltd. | | | 241,124 | |
| | 26,291 | | | Steinhoff International Holdings NV | | | 116,853 | |
| | 36,360 | | | Telkom SA SOC Ltd. | | | 159,231 | |
| | 12,915 | | | The Bidvest Group Ltd. | | | 164,707 | |
| | 14,064 | | | The SPAR Group Ltd. | | | 173,673 | |
| | 4,229 | | | Tiger Brands Ltd. | | | 117,906 | |
| | 27,942 | | | Truworths International Ltd. | | | 159,433 | |
| | 18,661 | | | Vodacom Group Ltd. | | | 221,997 | |
| | 32,969 | | | Woolworths Holdings Ltd. | | | 145,982 | |
| | | | | | |
|
|
|
| | | | | | | | 5,733,484 | |
| | | | | | |
|
|
|
| | | | | Taiwan - 12.10% | | | | |
| | 37,222 | | | Advantech Co., Ltd. | | | 265,726 | |
| | 21,840 | | | Asustek Computer, Inc. | | | 179,979 | |
| | 626,054 | | | AU Optronics Corp. | | | 251,602 | |
| | 12,230 | | | Catcher Technology Co., Ltd. | | | 114,403 | |
| | 94,186 | | | Cathay Financial Holding Co., Ltd. | | | 150,095 | |
| | 94,000 | | | Chailease Holding Co., Ltd. | | | 227,054 | |
| | 860,915 | | | China Airlines Ltd. (a) | | | 325,156 | |
| | 35,054 | | | Chunghwa Telecom Co., Ltd. | | | 120,759 | |
| | 350,618 | | | Compal Electronics, Inc. | | | 249,406 | |
| | 191,657 | | | CTBC Financial Holding Co., Ltd. | | | 120,303 | |
| | 21,103 | | | Delta Electronics, Inc. | | | 108,880 | |
| | 10,057 | | | Eclat Textile Co., Ltd. | | | 122,677 | |
| | 462,046 | | | Eva Airways Corp. | | | 225,605 | |
| | 332,000 | | | Evergreen Marine Corp. Ltd. (a) | | | 191,934 | |
| | 71,617 | | | Far EasTone Telecommunications Co., Ltd. | | | 170,388 | |
| | 69,846 | | | Feng TAY Enterprise Co., Ltd. | | | 318,410 | |
| | 504,158 | | | First Financial Holding Co., Ltd. | | | 323,806 | |
| | 45,887 | | | Formosa Petrochemical Corp. | | | 158,500 | |
| | 103,394 | | | Fubon Financial Holding Co., Ltd. | | | 161,581 | |
| | 20,700 | | | General Interface Solution Holding, Ltd. | | | 206,615 | |
| | 36,000 | | | Globalwafers Co., Ltd. | | | 352,684 | |
| | 353,549 | | | Hon Hai Precision Industry Co., Ltd. | | | 1,227,845 | |
| | 601,000 | | | Innolux Corp. | | | 281,319 | |
| | 2,249 | | | Largan Precision Co., Ltd. | | | 396,758 | |
| | 135,042 | | | Lite-On Technology Corp. | | | 193,441 | |
| | 12,584 | | | MediaTek, Inc. | | | 118,414 | |
| | 52,459 | | | Micro-Star International Co., Ltd. | | | 113,152 | |
| | 80,091 | | | Nan Ya Plastics Corp. | | | 197,631 | |
| | 80,931 | | | Nanya Technology Corp. | | | 229,679 | |
| | 27,517 | | | Nien Made Enterprise Co., Ltd. | | | 282,563 | |
| | 64,216 | | | Pegatron Corp. | | | 167,207 | |
| | 17,400 | | | Phison Electronics Corp. | | | 206,851 | |
| | 107,426 | | | Pou Chen Corp. | | | 135,067 | |
| | 48,447 | | | President Chain Store Corp. | | | 408,896 | |
| | 38,439 | | | Realtek Semiconductor Corp. | | | 132,794 | |
| | 56,134 | | | Standard Foods Corp. | | | 137,057 | |
| | 33,743 | | | Taiwan Mobile Co., Ltd. | | | 120,266 | |
| | 490,739 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3,514,899 | |
| | 155,373 | | | Uni-President Enterprises Corp. | | | 325,777 | |
| | 74,239 | | | Vanguard International Semiconductor Corp. | | | 128,220 | |
| | 513,513 | | | Wistron Corp. | | | 411,832 | |
| | | | | | |
|
|
|
| | | | | | | | 13,075,231 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Thailand - 2.13% | | | | |
| | 27,971 | | | Advanced Info Service PCL | | $ | 160,279 | |
| | 380,886 | | | Banpu PCL | | | 201,410 | |
| | 270,672 | | | BEC World PCL - NVDR | | | 132,292 | |
| | 25,077 | | | Bumrungrad Hospital PCL | | | 161,772 | |
| | 97,065 | | | CP ALL PCL | | | 194,436 | |
| | 20,961 | | | Electricity Generating PCL | | | 147,701 | |
| | 422,822 | | | Home Product Center PCL - NVDR | | | 154,942 | |
| | 55,228 | | | KCE Electronics PCL | | | 165,607 | |
| | 102,672 | | | Minor International PCL | | | 125,606 | |
| | 66,750 | | | PTT Exploration & Production PCL | | | 179,411 | |
| | 81,744 | | | PTT Global Chemical PCL - NVDR | | | 188,939 | |
| | 25,088 | | | PTT PCL | | | 307,206 | |
| | 65,998 | | | Thai Oil PCL | | | 183,188 | |
| | | | | | |
|
|
|
| | | | | | | | 2,302,789 | |
| | | | | | |
|
|
|
| | | | | Turkey - 1.98% | | | | |
| | 41,980 | | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | 309,895 | |
| | 16,127 | | | BIM Birlesik Magazalar AS | | | 336,254 | |
| | 82,905 | | | Eregli Demir ve Celik Fabrikalari TAS | | | 179,901 | |
| | 48,716 | | | Turkiye Garanti Bankasi AS | | | 132,363 | |
| | 76,198 | | | Turkiye Halk Bankasi AS | | | 259,153 | |
| | 177,923 | | | Turkiye Is Bankasi - Series C | | | 338,543 | |
| | 165,783 | | | Turkiye Vakiflar Bankasi TAO | | | 291,855 | |
| | 236,618 | | | Yapi ve Kredi Bankasi AS (a) | | | 287,081 | |
| | | | | | |
|
|
|
| | | | | | | | 2,135,045 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $66,872,795) | | | 92,001,322 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 9.60% | | | | |
| | | | | China - 2.29% | | | | |
| | 45,747 | | | iShares Core MSCI Emerging Markets ETF | | | 2,471,253 | |
| | | | | | |
|
|
|
| | | | | India - 7.20% | | | | |
| | 236,909 | | | iShares MSCI India ETF | | | 7,782,461 | |
| | | | | | |
|
|
|
| | | | | Pakistan - 0.11% | | | | |
| | 8,309 | | | Global X MSCI Pakistan ETF | | | 120,646 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $9,430,172) | | | 10,374,360 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 4.50% | | | | |
| | | | | Brazil - 2.77% | | | | |
| | 59,664 | | | Banco Bradesco SA - Preference Shares | | | 662,735 | |
| | 51,321 | | | Cia Energetica de Minas Gerais - Preference Shares | | | 129,633 | |
| | 98,706 | | | Gerdau SA - Preference Shares | | | 343,756 | |
| | 73,638 | | | Itau Unibanco Holding SA - Preference Shares | | | 1,011,399 | |
| | 97,539 | | | Petroleo Brasileiro SA - Preference Shares (a) | | | 472,427 | |
| | 40,217 | | | Vale SA - Preference Shares | | | 374,596 | |
| | | | | | |
|
|
|
| | | | | | | | 2,994,546 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.42% | | | | |
| | 8,067 | | | Sociedad Quimica y Minera de Chile SA - Preference Shares | | | 447,795 | |
| | | | | | |
|
|
|
| | | | | Colombia - 0.13% | | | | |
| | 304,800 | | | Grupo Aval Acciones y Valores SA - Preference Shares | | | 137,526 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 1.18% | | | | |
| | 932 | | | Amorepacific Corp. - Preference Shares | | | 126,941 | |
| | 629 | | | LG Household & Health Care Ltd. - Preference Shares | | | 328,967 | |
See notes to financial statements.
44
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | PREFERRED STOCKS (Continued) | | | | |
| | | | | Republic of Korea (Continued) | | | | |
| | 454 | | | Samsung Electronics Co., Ltd. - Preference Shares | | $ | 821,214 | |
| | | | | | |
|
|
|
| | | | | | | | 1,277,122 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $2,913,724) | | | 4,856,989 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.11% | | | | |
| | | | | South Africa - 0.11% | | | | |
| | 91,405 | | | Fortress Income Fund Ltd. - Class A | | | 116,283 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $113,393) | | | 116,283 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.47% | | | | |
| | | | | Money Market Funds - 0.47% | | | | |
| | 508,710 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (d) | | | 508,710 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $508,710) | | | 508,710 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.34% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 5.34% | | | | |
| | 5,770,820 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (d) | | | 5,770,820 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $5,770,820) | | | 5,770,820 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $85,609,614) - 105.20% | | | 113,628,484 | |
| | | | | Liabilities in Excess of
Other Assets - (5.20)% | | | (5,613,137 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 108,015,347 | |
| | | | | | |
|
|
|
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 $763,181, which represents 0.71% of total net assets. |
| (c) | | All or portion of this security is on loan. |
| (d) | | Seven-day yield as of September 30, 2017. |
See notes to financial statements.
45
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)
September 30, 2017
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.29% | |
Airlines | | | 1.13% | |
Automobiles | | | 1.10% | |
Banks | | | 13.15% | |
Beverages | | | 1.08% | |
Capital Markets | | | 0.70% | |
Chemicals | | | 0.92% | |
Commercial Services & Supplies | | | 0.13% | |
Communications Equipment | | | 0.13% | |
Construction & Engineering | | | 0.13% | |
Construction Materials | | | 0.39% | |
Diversified Consumer Services | | | 1.27% | |
Diversified Financial Services | | | 0.51% | |
Diversified Telecommunication Services | | | 1.27% | |
Electric Utilities | | | 0.68% | |
Electronic Equipment, Instruments & Components | | | 3.54% | |
Energy Equipment & Services | | | 0.23% | |
Food & Staples Retailing | | | 2.97% | |
Food Products | | | 2.06% | |
Gas Utilities | | | 0.50% | |
Health Care Providers & Services | | | 0.30% | |
Hotels, Restaurants & Leisure | | | 0.59% | |
Household Durables | | | 1.65% | |
Household Products | | | 0.34% | |
Independent Power and Renewable Electricity Producers | | | 0.14% | |
Industrial Conglomerates | | | 0.84% | |
Insurance | | | 3.14% | |
Internet & Direct Marketing Retail | | | 0.52% | |
Internet Software & Services | | | 11.81% | |
Marine | | | 0.18% | |
Media | | | 1.81% | |
Metals & Mining | | | 2.23% | |
Multiline Retail | | | 0.64% | |
Oil, Gas & Consumable Fuels | | | 6.06% | |
Paper & Forest Products | | | 0.86% | |
Personal Products | | | 0.62% | |
Pharmaceuticals | | | 1.10% | |
Real Estate Management & Development | | | 2.77% | |
Semiconductors & Semiconductor Equipment | | | 9.59% | |
Software | | | 0.13% | |
| | | | |
| | | | | |
Specialty Retail | | | 0.84% | |
Technology Hardware, Storage & Peripherals | | | 1.57% | |
Textiles, Apparel & Luxury Goods | | | 1.55% | |
Tobacco | | | 0.39% | |
Transportation Infrastructure | | | 0.13% | |
Water Utilities | | | 0.12% | |
Wireless Telecommunication Services | | | 3.08% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 85.18% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 9.60% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 9.60% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Banks | | | 1.68% | |
Chemicals | | | 0.41% | |
Electric Utilities | | | 0.12% | |
Metals & Mining | | | 0.67% | |
Oil, Gas & Consumable Fuels | | | 0.44% | |
Personal Products | | | 0.42% | |
Semiconductors & Semiconductor Equipment | | | 0.76% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 4.50% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.11% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.11% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.47% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.47% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | | | | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 5.34% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | | | 5.34% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 105.20% | |
Liabilities in Excess of Other Assets | | | (5.20)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
See notes to financial statements.
46
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 89.67% | |
| | | | | Aerospace & Defense - 1.36% | |
| | 427 | | | AAR Corp. | | $ | 16,132 | |
| | 337 | | | Aerojet Rocketdyne Holdings, Inc. (a)(b) | | | 11,798 | |
| | 208 | | | AeroVironment, Inc. (b) | | | 11,257 | |
| | 938 | | | Axon Enterprise, Inc. (a)(b) | | | 21,264 | |
| | 992 | | | BWX Technologies, Inc. | | | 55,572 | |
| | 169 | | | Curtiss-Wright Corp. | | | 17,667 | |
| | 569 | | | DigitalGlobe, Inc. (b) | | | 20,057 | |
| | 555 | | | Ducommun, Inc. (b) | | | 17,788 | |
| | 353 | | | Engility Holdings, Inc. (b) | | | 12,242 | |
| | 317 | | | Esterline Technologies Corp. (b) | | | 28,578 | |
| | 175 | | | HEICO Corp. | | | 15,717 | |
| | 374 | | | HEICO Corp. - Class A | | | 28,499 | |
| | 346 | | | Hexcel Corp. (a)(b) | | | 19,867 | |
| | 296 | | | Huntington Ingalls Industries, Inc. | | | 67,026 | |
| | 563 | | | KLX, Inc. (a)(b) | | | 29,800 | |
| | 1,276 | | | Kratos Defense & Security Solutions, Inc. (b) | | | 16,690 | |
| | 565 | | | Moog, Inc. - Class A (b) | | | 47,138 | |
| | 493 | | | Orbital ATK, Inc. | | | 65,648 | |
| | 719 | | | Sparton Corp. (b) | | | 16,688 | |
| | 1,072 | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 83,316 | |
| | 154 | | | Teledyne Technologies, Inc. (a)(b) | | | 24,514 | |
| | 741 | | | Triumph Group, Inc. (a) | | | 22,045 | |
| | 1,673 | | | Vectrus, Inc. (b) | | | 51,595 | |
| | 1,418 | | | Wesco Aircraft Holdings, Inc. (b) | | | 13,329 | |
| | | | | | |
|
|
|
| | | | | | | | 714,227 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.39% | |
| | 636 | | | Air Transport Services Group, Inc. (b) | | | 15,480 | |
| | 155 | | | Atlas Air Worldwide Holdings, Inc. (b) | | | 10,199 | |
| | 2,482 | | | Echo Global Logistics, Inc. (b) | | | 46,786 | |
| | 226 | | | Forward Air Corp. | | | 12,934 | |
| | 303 | | | Hub Group, Inc. - Class A (b) | | | 13,014 | |
| | 8,035 | | | Radiant Logistics, Inc. (b) | | | 42,666 | |
| | 939 | | | XPO Logistics, Inc. (a)(b) | | | 63,645 | |
| | | | | | |
|
|
|
| | | | | | | | 204,724 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.39% | | | | |
| | 900 | | | Alaska Air Group, Inc. | | | 68,643 | |
| | 334 | | | Copa Holdings SA - Class A | | | 41,593 | |
| | 462 | | | Hawaiian Holdings, Inc. (a)(b) | | | 17,348 | |
| | 2,890 | | | JetBlue Airways Corp. (b) | | | 53,552 | |
| | 255 | | | SkyWest, Inc. | | | 11,195 | |
| | 425 | | | Spirit Airlines, Inc. (b) | | | 14,199 | |
| | | | | | |
|
|
|
| | | | | | | | 206,530 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 1.03% | |
| | 172 | | | Adient Plc - ADR | | | 14,446 | |
| | 2,352 | | | American Axle & Manufacturing Holdings, Inc. (b) | | | 41,348 | |
| | 159 | | | Cooper-Standard Holdings, Inc. (a)(b) | | | 18,439 | |
| | 1,536 | | | Dana, Inc. | | | 42,947 | |
| | 404 | | | Dorman Products, Inc. (b) | | | 28,935 | |
| | 632 | | | Fox Factory Holding Corp. (b) | | | 27,239 | |
| | 1,244 | | | Gentex Corp. | | | 24,631 | |
| | 2,143 | | | Goodyear Tire & Rubber Co. | | | 71,255 | |
| | 258 | | | LCI Industries (a) | | | 29,889 | |
| | 598 | | | Lear Corp. | | | 103,502 | |
| | 1,121 | | | Shiloh Industries, Inc. (b) | | | 11,658 | |
| | 340 | | | Standard Motor Products, Inc. | | | 16,405 | |
| | 1,594 | | | Stoneridge, Inc. (b) | | | 31,577 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Auto Components (Continued) | |
| | 289 | | | Tenneco, Inc. (a)(b) | | $ | 17,534 | |
| | 184 | | | Visteon Corp. (b) | | | 22,774 | |
| | 263 | | | WABCO Holdings, Inc. (b) | | | 38,924 | |
| | | | | | |
|
|
|
| | | | | | | | 541,503 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.28% | |
| | 914 | | | Thor Industries, Inc. | | | 115,082 | |
| | 674 | | | Winnebago Industries, Inc. (a) | | | 30,161 | |
| | | | | | |
|
|
|
| | | | | | | | 145,243 | |
| | | | | | |
|
|
|
| | | | | Banks - 7.06% | |
| | 274 | | | 1st Source Corp. | | | 13,919 | |
| | 271 | | | American National Bankshares, Inc. | | | 11,165 | |
| | 339 | | | Ameris Bancorp | | | 16,272 | |
| | 1,465 | | | Associated Banc-Corp. | | | 35,526 | |
| | 2,321 | | | Banc of California, Inc. (a) | | | 48,161 | |
| | 562 | | | BancFirst Corp. (a) | | | 31,893 | |
| | 385 | | | Banco Latinoamericano de Comercio Exterior SA - Class E | | | 11,334 | |
| | 758 | | | BancorpSouth, Inc. | | | 24,294 | |
| | 1,501 | | | Bank of Commerce Holdings | | | 17,261 | |
| | 455 | | | Bank of Hawaii Corp. | | | 37,929 | |
| | 496 | | | Bank of the Ozarks, Inc. | | | 23,833 | |
| | 617 | | | BankUnited, Inc. | | | 21,947 | |
| | 355 | | | Bankwell Financial Group, Inc. | | | 13,114 | |
| | 1,121 | | | BCB Bancorp, Inc. | | | 15,638 | |
| | 193 | | | BOK Financial Corp. | | | 17,192 | |
| | 375 | | | Bryn Mawr Bank Corp. (a) | | | 16,425 | |
| | 206 | | | C&F Financial Corp. | | | 11,330 | |
| | 553 | | | Camden National Corp. | | | 24,133 | |
| | 276 | | | Capital Bank Financial Corp. - Class A | | | 11,330 | |
| | 347 | | | Carolina Financial Corp. | | | 12,450 | |
| | 568 | | | Cathay General Bancorp | | | 22,834 | |
| | 685 | | | CenterState Banks, Inc. | | | 18,358 | |
| | 370 | | | Century Bancorp, Inc. - Class A | | | 29,637 | |
| | 210 | | | Chemical Financial Corp. | | | 10,975 | |
| | 306 | | | Chemung Financial Corp. | | | 14,413 | |
| | 444 | | | Citizens & Northern Corp. | | | 10,905 | |
| | 221 | | | City Holding Co. (a) | | | 15,892 | |
| | 404 | | | CNB Financial Corp. | | | 11,037 | |
| | 407 | | | Columbia Banking System, Inc. (a) | | | 17,139 | |
| | 887 | | | Commerce Bancshares, Inc. | | | 51,242 | |
| | 248 | | | Community Bank Systems, Inc. | | | 13,702 | |
| | 1,549 | | | Community Bankers Trust Corp. (b) | | | 14,251 | |
| | 356 | | | Community Trust Bancorp, Inc. | | | 16,554 | |
| | 1,280 | | | ConnectOne Bancorp, Inc. | | | 31,488 | |
| | 307 | | | CU Bancorp (b) | | | 11,904 | |
| | 991 | | | Cullen Frost Bankers, Inc. (a) | | | 94,066 | |
| | 645 | | | Customers Bancorp, Inc. (b) | | | 21,040 | |
| | 473 | | | CVB Financial Corp. | | | 11,432 | |
| | 219 | | | Eagle Bancorp, Inc. (b) | | | 14,684 | |
| | 1,796 | | | East West Bancorp, Inc. (a) | | | 107,365 | |
| | 1,279 | | | Enterprise Financial Services Corp. | | | 54,166 | |
| | 320 | | | Evans Bancorp, Inc. | | | 13,824 | |
| | 1,296 | | | F.N.B. Corp. | | | 18,183 | |
| | 303 | | | Farmers Capital Bank Corp. | | | 12,741 | |
| | 1,281 | | | Farmers National Banc Corp. | | | 19,279 | |
| | 288 | | | FB Financial Corp. (b) | | | 10,863 | |
| | 502 | | | FCB Financial Holdings, Inc. - Class A (a)(b) | | | 24,247 | |
| | 733 | | | Fidelity Southern Corp. | | | 17,328 | |
| | 437 | | | First Bancorp (a) | | | 15,037 | |
See notes to financial statements.
47
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Banks (Continued) | |
| | 2,432 | | | First BanCorp (b) | | $ | 12,452 | |
| | 459 | | | First Busey Corp. | | | 14,394 | |
| | 105 | | | First Citizens BancShares, Inc. - Class A | | | 39,258 | |
| | 1,060 | | | First Commonwealth Financial Corp. | | | 14,978 | |
| | 535 | | | First Connecticut Bancorp, Inc. | | | 14,311 | |
| | 1,635 | | | First Financial Bancorp | | | 42,755 | |
| | 409 | | | First Financial Bankshares, Inc. | | | 18,487 | |
| | 627 | | | First Financial Northwest, Inc. | | | 10,653 | |
| | 598 | | | First Foundation, Inc. (b) | | | 10,698 | |
| | 658 | | | First Guaranty Bancshares, Inc. | | | 17,727 | |
| | 1,792 | | | First Horizon National Corp. | | | 34,317 | |
| | 320 | | | First Interstate BancSystem, Inc. - Class A | | | 12,240 | |
| | 677 | | | First Merchants Corp. | | | 29,064 | |
| | 405 | | | First Mid-Illinois Bancshares, Inc. | | | 15,552 | |
| | 1,790 | | | Fulton Financial Corp. | | | 33,562 | |
| | 342 | | | German American Bancorp, Inc. | | | 13,006 | |
| | 365 | | | Glacier Bancorp, Inc. | | | 13,782 | |
| | 343 | | | Great Southern Bancorp, Inc. | | | 19,088 | |
| | 1,332 | | | Green Bancorp, Inc. (b) | | | 31,502 | |
| | 550 | | | Guaranty Bancorp | | | 15,290 | |
| | 814 | | | Hancock Holding Co. | | | 39,438 | |
| | 597 | | | HarborOne Bancorp, Inc. (b) | | | 11,230 | |
| | 402 | | | Heartland Financial U.S.A., Inc. | | | 19,859 | |
| | 867 | | | Heritage Commerce Corp. | | | 12,337 | |
| | 497 | | | Hilltop Holdings, Inc. (b) | | | 12,922 | |
| | 1,268 | | | Home BancShares, Inc. | | | 31,979 | |
| | 926 | | | Hope Bancorp, Inc. (a) | | | 16,399 | |
| | 724 | | | IBERIABANK Corp. | | | 59,477 | |
| | 861 | | | Independent Bank Corp. | | | 19,502 | |
| | 879 | | | International Bancshares Corp. | | | 35,248 | |
| | 529 | | | Investar Holding Corp. | | | 12,749 | |
| | 1,515 | | | Investors Bancorp, Inc. | | | 20,665 | |
| | 981 | | | Lakeland Bancorp, Inc. | | | 20,012 | |
| | 267 | | | Lakeland Financial Corp. (a) | | | 13,008 | |
| | 518 | | | LCNB Corp. | | | 10,852 | |
| | 310 | | | LegacyTexas Financial Group, Inc. | | | 12,375 | |
| | 1,077 | | | Live Oak Bancshares, Inc. | | | 25,256 | |
| | 1,115 | | | Macatawa Bank Corp. | | | 11,440 | |
| | 833 | | | MainSource Financial Group, Inc. | | | 29,871 | |
| | 320 | | | Mercantile Bank Corp. | | | 11,168 | |
| | 366 | | | Midland States Bancorp, Inc. | | | 11,595 | |
| | 299 | | | MutualFirst Financial, Inc. | | | 11,497 | |
| | 445 | | | National Bank Holdings Corp. - Class A | | | 15,882 | |
| | 262 | | | National Bankshares, Inc. | | | 11,777 | |
| | 257 | | | National Commerce Corp. (b) | | | 11,000 | |
| | 328 | | | Nicolet Bankshares, Inc. (b) | | | 18,870 | |
| | 885 | | | Northeast Bancorp | | | 23,143 | |
| | 355 | | | Northrim BanCorp, Inc. | | | 12,407 | |
| | 357 | | | Norwood Financial Corp. | | | 10,896 | |
| | 354 | | | Ohio Valley Banc Corp. | | | 12,886 | |
| | 458 | | | Old Line Bancshares, Inc. | | | 12,824 | |
| | 1,825 | | | Old National Bancorp | | | 33,397 | |
| | 404 | | | Old Point Financial Corp. | | | 13,090 | |
| | 1,571 | | | Old Second Bancorp, Inc. | | | 21,130 | |
| | 439 | | | Orrstown Financial Services, Inc. | | | 10,931 | |
| | 908 | | | Pacific Continental Corp. | | | 24,471 | |
| | 369 | | | Pacific Premier Bancorp, Inc. (b) | | | 13,930 | |
| | 546 | | | PacWest Bancorp (a) | | | 27,578 | |
| | 240 | | | Paragon Commercial Corp. (b) | | | 13,550 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 104 | | | Park National Corp. | | $ | 11,231 | |
| | 1,497 | | | Park Sterling Corp. | | | 18,593 | |
| | 1,184 | | | Parke Bancorp, Inc. | | | 26,285 | |
| | 333 | | | Peapack Gladstone Financial Corp. | | | 11,235 | |
| | 308 | | | Peoples Bancorp of North Carolina, Inc. | | | 10,971 | |
| | 577 | | | Peoples Bancorp, Inc. | | | 19,381 | |
| | 371 | | | People’s Utah Bancorp | | | 12,039 | |
| | 596 | | | Popular, Inc. | | | 21,420 | |
| | 336 | | | Preferred Bank (a) | | | 20,278 | |
| | 667 | | | Premier Financial Bancorp, Inc. | | | 14,534 | |
| | 798 | | | Prosperity Bancshares, Inc. (a) | | | 52,453 | |
| | 353 | | | QCR Holdings, Inc. | | | 16,061 | |
| | 324 | | | Republic Bancorp, Inc. - Class A | | | 12,600 | |
| | 1,297 | | | Republic First Bancorp, Inc. (b) | | | 11,997 | |
| | 511 | | | S&T Bancorp, Inc. | | | 20,225 | |
| | 438 | | | Sandy Spring Bancorp, Inc. | | | 18,151 | |
| | 647 | | | Seacoast Banking Corp. of Florida (b) | | | 15,457 | |
| | 838 | | | ServisFirst Bancshares, Inc. | | | 32,556 | |
| | 1,465 | | | Shore Bancshares, Inc. | | | 24,392 | |
| | 106 | | | Signature Bank (b) | | | 13,572 | |
| | 385 | | | Simmons First National Corp. - Class A | | | 22,292 | |
| | 781 | | | Southern National Bancorp of Virginia, Inc. | | | 13,269 | |
| | 395 | | | Southwest Bancorp, Inc. | | | 10,882 | |
| | 742 | | | Sterling Bancorp | | | 18,290 | |
| | 317 | | | Stock Yards Bancorp, Inc. | | | 12,046 | |
| | 582 | | | Summit Financial Group, Inc. | | | 14,934 | |
| | 629 | | | Sun Bancorp, Inc. | | | 15,631 | |
| | 469 | | | Sunshine Bancorp, Inc. (b) | | | 10,900 | |
| | 483 | | | SVB Financial Group (b) | | | 90,364 | |
| | 1,749 | | | Synovus Financial Corp. | | | 80,559 | |
| | 2,390 | | | TCF Financial Corp. | | | 40,726 | |
| | 496 | | | Texas Capital Bancshares, Inc. (b) | | | 42,557 | |
| | 834 | | | The Bank of N.T. Butterfield & Son Ltd. | | | 30,558 | |
| | 383 | | | The First Bancorp, Inc. | | | 11,609 | |
| | 362 | | | The First of Long Island Corp. | | | 11,023 | |
| | 498 | | | TowneBank | | | 16,683 | |
| | 289 | | | TriCo Bancshares | | | 11,777 | |
| | 827 | | | TriState Capital Holdings, Inc. (b) | | | 18,938 | |
| | 493 | | | Triumph Bancorp, Inc. (b) | | | 15,899 | |
| | 386 | | | Trustmark Corp. | | | 12,784 | |
| | 949 | | | Two River Bancorp | | | 18,809 | |
| | 342 | | | UMB Financial Corp. (a) | | | 25,476 | |
| | 1,727 | | | Umpqua Holdings Corp. | | | 33,694 | |
| | 1,103 | | | Union Bankshares Corp. | | | 38,936 | |
| | 248 | | | Union Bankshares, Inc. | | | 12,003 | |
| | 1,099 | | | United Community Banks, Inc. | | | 31,365 | |
| | 397 | | | Univest Corp. of Pennsylvania | | | 12,704 | |
| | 2,243 | | | Valley National Bancorp | | | 27,028 | |
| | 323 | | | Washington Trust Bancorp, Inc. | | | 18,492 | |
| | 299 | | | WashingtonFirst Bankshares, Inc. | | | 10,641 | |
| | 1,150 | | | WesBanco, Inc. (a) | | | 47,173 | |
| | 901 | | | West Bancorporation, Inc. | | | 21,984 | |
| | 1,071 | | | Western Alliance Bancorp (b) | | | 56,849 | |
| | 852 | | | Wintrust Financial Corp. | | | 66,720 | |
| | 608 | | | Xenith Bankshares, Inc. (b) | | | 19,760 | |
| | 1,851 | | | Zions Bancorporation (a) | | | 87,330 | |
| | | | | | |
|
|
|
| | | | | | | | 3,703,605 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.27% | |
| | 220 | | | Boston Beer Co., Inc. - Class A (a)(b) | | | 34,364 | |
| | 9,877 | | | Castle Brands, Inc. (a)(b) | | | 13,235 | |
See notes to financial statements.
48
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Beverages (Continued) | |
| | 142 | | | Coca-Cola Bottling Co. | | $ | 30,637 | |
| | 174 | | | MGP Ingredients, Inc. | | | 10,550 | |
| | 405 | | | National Beverage Corp. | | | 50,240 | |
| | | | | | |
|
|
|
| | | | | | | | 139,026 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.59% | |
| | 775 | | | Achaogen, Inc. (b) | | | 12,361 | |
| | 473 | | | Acorda Therapeutics, Inc. (a)(b) | | | 11,186 | |
| | 153 | | | Agios Pharmaceuticals, Inc. (b) | | | 10,213 | |
| | 645 | | | Alkermes Plc (a)(b) | | | 32,792 | |
| | 346 | | | Alnylam Pharmaceuticals, Inc. (a)(b) | | | 40,651 | |
| | 2,238 | | | AMAG Pharmaceuticals, Inc. (a)(b) | | | 41,291 | |
| | 746 | | | Amicus Therapeutics, Inc. (a)(b) | | | 11,250 | |
| | 3,336 | | | Array BioPharma, Inc. (b) | | | 41,033 | |
| | 187 | | | Avexis, Inc. (a)(b) | | | 18,088 | |
| | 1,165 | | | Bioverativ, Inc. (b) | | | 66,487 | |
| | 235 | | | Bluebird Bio, Inc. (b) | | | 32,277 | |
| | 375 | | | Blueprint Medicines Corp. (b) | | | 26,126 | |
| | 817 | | | Calithera Biosciences, Inc. (b) | | | 12,868 | |
| | 756 | | | Cara Therapeutics, Inc. (a)(b) | | | 10,350 | |
| | 1,991 | | | ChemoCentryx, Inc. (b) | | | 14,773 | |
| | 320 | | | Clovis Oncology, Inc. (b) | | | 26,368 | |
| | 3,127 | | | Conatus Pharmaceuticals, Inc. (b) | | | 17,167 | |
| | 582 | | | CytomX Therapeutics, Inc. (b) | | | 10,575 | |
| | 492 | | | Dynavax Technologies Corp. (b) | | | 10,578 | |
| | 627 | | | Eagle Pharmaceuticals, Inc. (b) | | | 37,394 | |
| | 285 | | | Emergent BioSolutions, Inc. (b) | | | 11,528 | |
| | 202 | | | Esperion Therapeutics, Inc. (b) | | | 10,124 | |
| | 563 | | | Exact Sciences Corp. (b) | | | 26,529 | |
| | 1,434 | | | Exelixis, Inc. (b) | | | 34,746 | |
| | 193 | | | FibroGen, Inc. (a)(b) | | | 10,383 | |
| | 409 | | | Foundation Medicine, Inc. (a)(b) | | | 16,442 | |
| | 984 | | | Genomic Health, Inc. (b) | | | 31,577 | |
| | 1,509 | | | ImmunoGen, Inc. (b) | | | 11,544 | |
| | 2,007 | | | Immunomedics, Inc. (b) | | | 28,058 | |
| | 1,618 | | | Insys Therapeutics, Inc. (b) | | | 14,368 | |
| | 498 | | | Ionis Pharmaceuticals, Inc. (b) | | | 25,249 | |
| | 1,398 | | | Jounce Therapeutics, Inc. (a)(b) | | | 21,781 | |
| | 246 | | | Kite Pharma, Inc. (b) | | | 44,233 | |
| | 115 | | | Loxo Oncology, Inc. (b) | | | 10,594 | |
| | 8,741 | | | Matinas BioPharma Holdings, Inc. (a)(b) | | | 11,538 | |
| | 3,378 | | | MiMedx Group, Inc. (a)(b) | | | 40,131 | |
| | 2,389 | | | Myriad Genetics, Inc. (b) | | | 86,434 | |
| | 2,235 | | | Natera, Inc. (b) | | | 28,809 | |
| | 16,100 | | | PDL BioPharma, Inc. (a)(b) | | | 54,579 | |
| | 1,878 | | | Pieris Pharmaceuticals, Inc. (b) | | | 10,817 | |
| | 198 | | | Portola Pharmaceuticals, Inc. (b) | | | 10,698 | |
| | 500 | | | PTC Therapeutics, Inc. (b) | | | 10,005 | |
| | 146 | | | Puma Biotechnology, Inc. (b) | | | 17,483 | |
| | 260 | | | Repligen Corp. (a)(b) | | | 9,963 | |
| | 199 | | | Sage Therapeutics, Inc. (a)(b) | | | 12,398 | |
| | 782 | | | Seattle Genetics, Inc. (b) | | | 42,549 | |
| | 1,010 | | | Spectrum Pharmaceuticals, Inc. (a)(b) | | | 14,211 | |
| | 171 | | | TESARO, Inc. (b) | | | 22,076 | |
| | 1,200 | | | United Therapeutics Corp. (a)(b) | | | 140,628 | |
| | 1,290 | | | Vanda Pharmaceuticals, Inc. (b) | | | 23,091 | |
| | 2,390 | | | Veracyte, Inc. (b) | | | 20,960 | |
| | 553 | | | Versartis, Inc. (b) | | | 1,355 | |
| | 832 | | | Xencor, Inc. (b) | | | 19,069 | |
| | | | | | |
|
|
|
| | | | | | | | 1,357,778 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Building Products - 1.33% | |
| | 2,118 | | | A. O. Smith Corp. | | $ | 125,873 | |
| | 727 | | | AAON, Inc. (a) | | | 25,063 | |
| | 663 | | | Allegion Plc | | | 57,330 | |
| | 173 | | | American Woodmark Corp. (b) | | | 16,651 | |
| | 348 | | | Apogee Enterprises, Inc. | | | 16,794 | |
| | 1,941 | | | Builders FirstSource, Inc. (b) | | | 34,919 | |
| | 357 | | | Caesarstone, Ltd. (b) | | | 10,639 | |
| | 780 | | | Continental Building Products, Inc. (b) | | | 20,280 | |
| | 1,236 | | | Fortune Brands Home & Security, Inc. | | | 83,096 | |
| | 319 | | | JELD-WEN Holding, Inc. (b) | | | 11,331 | |
| | 393 | | | Lennox International, Inc. | | | 70,335 | |
| | 156 | | | Masonite International Corp. (b) | | | 10,795 | |
| | 982 | | | Owens Corning, Inc. (b) | | | 75,958 | |
| | 137 | | | Patrick Industries, Inc. (b) | | | 11,522 | |
| | 555 | | | Quanex Building Products Corp. | | | 12,737 | |
| | 312 | | | Simpson Manufacturing Co., Inc. | | | 15,300 | |
| | 512 | | | Trex Co., Inc. (b) | | | 46,116 | |
| | 269 | | | Universal Forest Products, Inc. | | | 26,405 | |
| | 835 | | | USG Corp. (b) | | | 27,263 | |
| | | | | | |
|
|
|
| | | | | | | | 698,407 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.65% | |
| | 1,629 | | | Artisan Partners Asset Management, Inc. - Class A (a) | | | 53,105 | |
| | 1,972 | | | B. Riley Financial, Inc. | | | 33,623 | |
| | 3,067 | | | BGC Partners, Inc. - Class A | | | 44,379 | |
| | 537 | | | CBOE Holdings, Inc. (a) | | | 57,797 | |
| | 573 | | | Cohen & Steers, Inc. | | | 22,628 | |
| | 106 | | | Diamond Hill Investment Group, Inc. | | | 22,509 | |
| | 2,561 | | | Donnelley Financial Solutions, Inc. (b) | | | 55,215 | |
| | 2,716 | | | E*TRADE Financial Corp. (b) | | | 118,445 | |
| | 1,353 | | | Eaton Vance Corp. | | | 66,798 | |
| | 643 | | | Evercore Partners, Inc. - Class A | | | 51,601 | |
| | 539 | | | FactSet Research Systems, Inc. (a) | | | 97,079 | |
| | 1,243 | | | Federated Investors, Inc. - Class B (a) | | | 36,917 | |
| | 1,208 | | | Greenhill & Co., Inc. (a) | | | 20,053 | |
| | 276 | | | HFF, Inc. - Class A | | | 10,918 | |
| | 748 | | | Houlihan Lokey, Inc. | | | 29,269 | |
| | 602 | | | INTL. FCStone, Inc. (b) | | | 23,069 | |
| | 1,871 | | | Lazard Ltd. - Class A - ADR (a) | | | 84,607 | |
| | 599 | | | Legg Mason, Inc. (a) | | | 23,547 | |
| | 1,302 | | | LPL Financial Holdings, Inc. | | | 67,144 | |
| | 363 | | | MarketAxess Holdings, Inc. | | | 66,977 | |
| | 743 | | | Moelis & Co. - Class A | | | 31,986 | |
| | 478 | | | Morningstar, Inc. | | | 40,625 | |
| | 922 | | | MSCI, Inc. | | | 107,782 | |
| | 1,699 | | | OM Asset Management Plc | | | 25,349 | |
| | 376 | | | PJT Partners, Inc. - Class A | | | 14,404 | |
| | 2,329 | | | Pzena Investment Management, Inc. - Class A | | | 25,363 | |
| | 1,551 | | | SEI Investments Co. | | | 94,704 | |
| | 974 | | | Virtu Financial, Inc. - Class A (a) | | | 15,779 | |
| | 1,568 | | | Waddell & Reed Financial, Inc. - Class A (a) | | | 31,470 | |
| | 258 | | | Westwood Holdings Group, Inc. | | | 17,356 | |
| | | | | | |
|
|
|
| | | | | | | | 1,390,498 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.73% | |
| | 395 | | | A. Schulman, Inc. | | | 13,489 | |
| | 272 | | | AdvanSix, Inc. (b) | | | 10,812 | |
| | 2,035 | | | AgroFresh Solutions, Inc. (a)(b) | | | 14,306 | |
| | 831 | | | American Vanguard Corp. | | | 19,030 | |
| | 281 | | | Ashland Global Holdings, Inc. | | | 18,375 | |
See notes to financial statements.
49
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Chemicals (Continued) | |
| | 1,344 | | | Axalta Coating Systems, Ltd. (b) | | $ | 38,869 | |
| | 284 | | | Cabot Corp. | | | 15,847 | |
| | 638 | | | CF Industries Holdings, Inc. (a) | | | 22,432 | |
| | 222 | | | Chase Corp. | | | 24,731 | |
| | 779 | | | Core Molding Technologies, Inc. | | | 17,091 | |
| | 487 | | | Ferro Corp. (b) | | | 10,860 | |
| | 1,858 | | | FutureFuel Corp. | | | 29,245 | |
| | 595 | | | GCP Applied Technologies, Inc. (b) | | | 18,267 | |
| | 203 | | | H.B. Fuller Co. (a) | | | 11,786 | |
| | 2,022 | | | Huntsman Corp. | | | 55,443 | |
| | 828 | | | Ingevity Corp. (b) | | | 51,725 | |
| | 257 | | | Innophos Holdings, Inc. | | | 12,642 | |
| | 2,512 | | | Intrepid Potash, Inc. (b) | | | 10,952 | |
| | 599 | | | KMG Chemicals, Inc. (d) | | | 32,873 | |
| | 281 | | | Koppers Holdings, Inc. (b) | | | 12,968 | |
| | 687 | | | Kronos Worldwide, Inc. | | | 15,684 | |
| | 191 | | | Minerals Technologies, Inc. | | | 13,494 | |
| | 81 | | | NewMarket Corp. | | | 34,486 | |
| | 1,503 | | | Olin Corp. (a) | | | 51,478 | |
| | 2,853 | | | Platform Specialty Products Corp. (b) | | | 31,811 | |
| | 325 | | | PolyOne Corp. | | | 13,010 | |
| | 196 | | | Quaker Chemical Corp. | | | 28,998 | |
| | 1,320 | | | Rayonier Advanced Materials, Inc. | | | 18,084 | |
| | 655 | | | RPM International, Inc. | | | 33,628 | |
| | 150 | | | Sensient Technologies Corp. | | | 11,538 | |
| | 279 | | | Stepan Co. (a) | | | 23,341 | |
| | 997 | | | The Chemours Co. | | | 50,458 | |
| | 210 | | | The Scotts Miracle-Gro Co. - Class A (a) | | | 20,441 | |
| | 752 | | | Trinseo SA | | | 50,459 | |
| | 1,089 | | | Tronox, Ltd. - Class A | | | 22,978 | |
| | 1,170 | | | Valvoline, Inc. | | | 27,437 | |
| | 204 | | | Westlake Chemical Corp. | | | 16,950 | |
| | | | | | |
|
|
|
| | | | | | | | 906,018 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 1.88% | |
| | 2,731 | | | ACCO Brands Corp. (b) | | | 32,499 | |
| | 4,073 | | | ARC Document Solutions, Inc. (b) | | | 16,659 | |
| | 703 | | | Avery Dennison Corp. | | | 69,133 | |
| | 243 | | | Barrett Business Services, Inc. (a) | | | 13,737 | |
| | 1,008 | | | Casella Waste Systems, Inc. - Class A (b) | | | 18,950 | |
| | 629 | | | Comfort Systems USA, Inc. | | | 22,455 | |
| | 1,590 | | | Copart, Inc. (b) | | | 54,648 | |
| | 539 | | | Deluxe Corp. | | | 39,326 | |
| | 1,131 | | | Essendant, Inc. | | | 14,895 | |
| | 681 | | | Healthcare Services Group, Inc. | | | 36,754 | |
| | 868 | | | Heritage-Crystal Clean, Inc. (b) | | | 18,879 | |
| | 1,750 | | | Herman Miller, Inc. | | | 62,825 | |
| | 813 | | | HNI Corp. | | | 33,715 | |
| | 1,145 | | | InnerWorkings, Inc. (a)(b) | | | 12,881 | |
| | 857 | | | Interface, Inc. | | | 18,768 | |
| | 352 | | | KAR Auction Services, Inc. | | | 16,805 | |
| | 4,551 | | | Kimball International, Inc. - Class B | | | 89,973 | |
| | 814 | | | Knoll, Inc. | | | 16,280 | |
| | 902 | | | LSC Communications, Inc. | | | 14,892 | |
| | 476 | | | MSA Safety, Inc. | | | 37,847 | |
| | 902 | | | Pitney Bowes, Inc. | | | 12,637 | |
| | 641 | | | Quad/Graphics, Inc. | | | 14,493 | |
| | 1,520 | | | Rollins, Inc. | | | 70,133 | |
| | 415 | | | SP Plus Corp. (b) | | | 16,393 | |
| | 2,012 | | | Steelcase, Inc. - Class A | | | 30,985 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Commercial Services & Supplies (Continued) | |
| | 2,013 | | | Sykes Enterprises, Inc. (b) | | $ | 58,699 | |
| | 897 | | | Team, Inc. (a)(b) | | | 11,975 | |
| | 568 | | | Tetra Tech, Inc. | | | 26,440 | |
| | 761 | | | The Brinks Co. | | | 64,114 | |
| | 402 | | | Viad Corp. | | | 24,482 | |
| | 639 | | | West Corp. | | | 14,997 | |
| | | | | | |
|
|
|
| | | | | | | | 987,269 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.53% | |
| | 582 | | | Acacia Communications, Inc. (a)(b) | | | 27,412 | |
| | 848 | | | ADTRAN, Inc. | | | 20,352 | |
| | 205 | | | Applied Optoelectronics, Inc. (a)(b) | | | 13,257 | |
| | 491 | | | Arista Networks, Inc. (b) | | | 93,099 | |
| | 2,169 | | | ARRIS International Plc (b) | | | 61,795 | |
| | 3,435 | | | Brocade Communications Systems, Inc. | | | 41,048 | |
| | 2,729 | | | Calix, Inc. (b) | | | 13,781 | |
| | 1,376 | | | Ciena Corp. (b) | | | 30,231 | |
| | 1,147 | | | Clearfield, Inc. (b) | | | 15,599 | |
| | 1,893 | | | CommScope Holding Co., Inc. (b) | | | 62,867 | |
| | 494 | | | Comtech Telecommunications Corp. | | | 10,142 | |
| | 2,114 | | | Digi International, Inc. (b) | | | 22,408 | |
| | 527 | | | EchoStar Corp. - Class A (b) | | | 30,160 | |
| | 7,657 | | | Extreme Networks, Inc. (b) | | | 91,042 | |
| | 969 | | | Finisar Corp. (b) | | | 21,483 | |
| | 500 | | | InterDigital, Inc. (a) | | | 36,875 | |
| | 1,623 | | | KVH Industries, Inc. (b) | | | 19,395 | |
| | 368 | | | Lumentum Holdings, Inc. (a)(b) | | | 20,001 | |
| | 279 | | | NETGEAR, Inc. (b) | | | 13,280 | |
| | 1,520 | | | NetScout Systems, Inc. (a)(b) | | | 49,172 | |
| | 1,515 | | | Oclaro, Inc. (a)(b) | | | 13,074 | |
| | 344 | | | Plantronics, Inc. (a) | | | 15,212 | |
| | 1,248 | | | Quantenna Communications, Inc. (b) | | | 20,979 | |
| | 3,650 | | | Sonus Networks, Inc. (b) | | | 27,923 | |
| | 339 | | | Ubiquiti Networks, Inc. (a)(b) | | | 18,991 | |
| | 1,527 | | | Viavi Solutions, Inc. (a)(b) | | | 14,445 | |
| | | | | | |
|
|
|
| | | | | | | | 804,023 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.76% | |
| | 957 | | | AECOM (a)(b) | | | 35,227 | |
| | 660 | | | Aegion Corp. (a)(b) | | | 15,365 | |
| | 248 | | | Argan, Inc. (a) | | | 16,678 | |
| | 203 | | | Dycom Industries, Inc. (b) | | | 17,434 | |
| | 423 | | | EMCOR Group, Inc. | | | 29,348 | |
| | 746 | | | Fluor Corp. (a) | | | 31,407 | |
| | 3,147 | | | HC2 Holdings, Inc. (b) | | | 16,616 | |
| | 896 | | | IES Holdings, Inc. (a)(b) | | | 15,501 | |
| | 662 | | | Jacobs Engineering Group, Inc. (a) | | | 38,575 | |
| | 854 | | | KBR, Inc. | | | 15,269 | |
| | 621 | | | MasTec, Inc. (b) | | | 28,814 | |
| | 465 | | | MYR Group, Inc. (b) | | | 13,550 | |
| | 500 | | | NV5 Global, Inc. (b) | | | 27,325 | |
| | 2,495 | | | Orion Group Holdings, Inc. (b) | | | 16,367 | |
| | 505 | | | Primoris Services Corp. | | | 14,857 | |
| | 765 | | | Quanta Services, Inc. (a)(b) | | | 28,588 | |
| | 1,495 | | | Sterling Construction Co., Inc. (b) | | | 22,769 | |
| | 576 | | | Tutor Perini Corp. (a)(b) | | | 16,358 | |
| | | | | | |
|
|
|
| | | | | | | | 400,048 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.13% | |
| | 137 | | | Eagle Materials, Inc. | | | 14,618 | |
| | 507 | | | Summit Materials, Inc. - Class A (b) | | | 16,239 | |
See notes to financial statements.
50
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Construction Materials (Continued) | |
| | 162 | | | United States Lime & Minerals, Inc. | | $ | 13,608 | |
| | 278 | | | US Concrete, Inc. (a)(b) | | | 21,211 | |
| | | | | | |
|
|
|
| | | | | | | | 65,676 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.89% | |
| | 203 | | | Credit Acceptance Corp. (b) | | | 56,875 | |
| | 3,453 | | | Enova International, Inc. (b) | | | 46,443 | |
| | 1,290 | | | EZCORP, Inc. - Class A (a)(b) | | | 12,255 | |
| | 170 | | | FirstCash, Inc. | | | 10,735 | |
| | 427 | | | Green Dot Corp. - Class A (b) | | | 21,171 | |
| | 6,540 | | | Navient Corp. | | | 98,231 | |
| | 510 | | | Nelnet, Inc. - Class A | | | 25,755 | |
| | 648 | | | PRA Group, Inc. (a)(b) | | | 18,565 | |
| | 2,519 | | | Regional Management Corp. (b) | | | 60,985 | |
| | 3,790 | | | Santander Consumer USA Holdings, Inc. (a)(b) | | | 58,252 | |
| | 5,225 | | | SLM Corp. (b) | | | 59,931 | |
| | | | | | |
|
|
|
| | | | | | | | 469,198 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.97% | |
| | 308 | | | AptarGroup, Inc. | | | 26,584 | |
| | 541 | | | Bemis Co., Inc. (a) | | | 24,653 | |
| | 1,101 | | | Berry Plastics Group, Inc. (b) | | | 62,372 | |
| | 1,256 | | | Crown Holdings, Inc. (a)(b) | | | 75,008 | |
| | 1,549 | | | Graphic Packaging Holding Co. | | | 21,609 | |
| | 314 | | | Greif, Inc. - Class A (a) | | | 18,382 | |
| | 172 | | | Greif, Inc. - Class B | | | 11,051 | |
| | 2,215 | | | Myers Industries, Inc. | | | 46,404 | |
| | 1,321 | | | Owens-Illinois, Inc. (a)(b) | | | 33,236 | |
| | 949 | | | Packaging Corp. of America | | | 108,831 | |
| | 1,158 | | | Sealed Air Corp. | | | 49,470 | |
| | 776 | | | Silgan Holdings, Inc. | | | 22,838 | |
| | 383 | | | UFP Technologies, Inc. (b) | | | 10,762 | |
| | | | | | |
|
|
|
| | | | | | | | 511,200 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.04% | |
| | 623 | | | Core-Mark Holding Co., Inc. | | | 20,023 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 1.80% | |
| | 3,362 | | | Adtalem Global Education, Inc. | | | 120,528 | |
| | 1,527 | | | American Public Education, Inc. (b) | | | 32,143 | |
| | 3,874 | | | Bridgepoint Education, Inc. (b) | | | 37,190 | |
| | 188 | | | Bright Horizons Family Solutions, Inc. (b) | | | 16,207 | |
| | 3,846 | | | Cambium Learning Group, Inc. (b) | | | 25,499 | |
| | 491 | | | Capella Education Co. | | | 34,444 | |
| | 3,491 | | | Career Education Corp. (b) | | | 36,271 | |
| | 433 | | | Carriage Services, Inc. (a) | | | 11,085 | |
| | 2,460 | | | Chegg, Inc. (b) | | | 36,506 | |
| | 1,315 | | | Collectors Universe, Inc. | | | 31,521 | |
| | 87 | | | Graham Holdings Co. - Class B | | | 50,904 | |
| | 638 | | | Grand Canyon Education, Inc. (b) | | | 57,943 | |
| | 4,372 | | | H&R Block, Inc. (a) | | | 115,771 | |
| | 1,275 | | | Hillenbrand, Inc. | | | 49,534 | |
| | 1,159 | | | Houghton Mifflin Harcourt Co. (b) | | | 13,966 | |
| | 2,317 | | | K12, Inc. (b) | | | 41,335 | |
| | 1,030 | | | Liberty Tax, Inc. | | | 14,832 | |
| | 2,606 | | | Regis Corp. (b) | | | 37,188 | |
| | 746 | | | Service Corp. International | | | 25,737 | |
| | 744 | | | ServiceMaster Global Holdings, Inc. (b) | | | 34,767 | |
| | 751 | | | Sotheby’s - Class A (b) | | | 34,629 | |
| | 505 | | | Strayer Education, Inc. | | | 44,071 | |
| | 1,024 | | | Weight Watchers International, Inc. (b) | | | 44,595 | |
| | | | | | |
|
|
|
| | | | | | | | 946,666 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Diversified Financial Services - 0.25% | |
| | 707 | | | Encore Capital Group, Inc. (a)(b) | | $ | 31,320 | |
| | 684 | | | Fidelity National Financial, Inc. (a)(b) | | | 11,731 | |
| | 933 | | | NewStar Financial, Inc. | | | 10,953 | |
| | 2,196 | | | Tiptree, Inc. - Class A | | | 13,725 | |
| | 831 | | | Voya Financial, Inc. | | | 33,149 | |
| | 361 | | | World Acceptance Corp. (b) | | | 29,923 | |
| | | | | | |
|
|
|
| | | | | | | | 130,801 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.28% | |
| | 233 | | | Cogent Communications Holdings, Inc. | | | 11,394 | |
| | 313 | | | General Communication, Inc. - Class A (b) | | | 12,767 | |
| | 2,097 | | | IDT Corp. - Class B | | | 29,526 | |
| | 97 | | | Straight Path Communications, Inc. - Class B (b) | | | 17,525 | |
| | 6,705 | | | Vonage Holdings Corp. (a)(b) | | | 54,579 | |
| | 649 | | | Zayo Group Holdings, Inc. (b) | | | 22,338 | |
| | | | | | |
|
|
|
| | | | | | | | 148,129 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.65% | |
| | 298 | | | ALLETE, Inc. (a) | | | 23,032 | |
| | 280 | | | El Paso Electric Co. | | | 15,470 | |
| | 1,736 | | | Great Plains Energy, Inc. | | | 52,601 | |
| | 718 | | | Hawaiian Electric Industries, Inc. | | | 23,960 | |
| | 183 | | | IDACORP, Inc. | | | 16,091 | |
| | 154 | | | MGE Energy, Inc. | | | 9,948 | |
| | 866 | | | OGE Energy Corp. | | | 31,202 | |
| | 599 | | | Pinnacle West Capital Corp. | | | 50,651 | |
| | 596 | | | PNM Resources, Inc. | | | 24,019 | |
| | 520 | | | Portland General Electric Co. | | | 23,733 | |
| | 1,279 | | | Spark Energy, Inc. - Class A (a) | | | 19,185 | |
| | 303 | | | Unitil Corp. | | | 14,986 | |
| | 696 | | | Westar Energy, Inc. | | | 34,522 | |
| | | | | | |
|
|
|
| | | | | | | | 339,400 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.59% | |
| | 551 | | | Atkore International Group, Inc. (b) | | | 10,750 | |
| | 344 | | | Belden, Inc. (a) | | | 27,702 | |
| | 662 | | | Brady Corp. - Class A | | | 25,123 | |
| | 232 | | | Encore Wire Corp. | | | 10,388 | |
| | 253 | | | EnerSys (a) | | | 17,500 | |
| | 258 | | | Franklin Electric Co., Inc. | | | 11,571 | |
| | 347 | | | Generac Holdings, Inc. (a)(b) | | | 15,938 | |
| | 327 | | | Hubbell, Inc. | | | 37,938 | |
| | 527 | | | II-VI, Inc. (a)(b) | | | 21,686 | |
| | 1,967 | | | LSI Industries, Inc. | | | 13,002 | |
| | 442 | | | Powell Industries, Inc. | | | 13,256 | |
| | 450 | | | Regal Beloit Corp. | | | 35,550 | |
| | 740 | | | Sensata Technologies Holding NV (b) | | | 35,572 | |
| | 1,499 | | | Vicor Corp. (b) | | | 35,376 | |
| | | | | | |
|
|
|
| | | | | | | | 311,352 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 3.06% | |
| | 842 | | | Anixter International, Inc. (a)(b) | | | 71,570 | |
| | 791 | | | Arrow Electronics, Inc. (b) | | | 63,604 | |
| | 473 | | | Avnet, Inc. | | | 18,589 | |
| | 1,250 | | | AVX Corp. | | | 22,787 | |
| | 654 | | | Bel Fuse, Inc. - Class B | | | 20,405 | |
| | 1,066 | | | Benchmark Electronics, Inc. (b) | | | 36,404 | |
| | 1,808 | | | CDW Corp. | | | 119,328 | |
| | 763 | | | Cognex Corp. | | | 84,144 | |
| | 130 | | | Coherent, Inc. (a)(b) | | | 30,572 | |
| | 1,716 | | | Control4 Corp. (a)(b) | | | 50,553 | |
| | 2,185 | | | Daktronics, Inc. | | | 23,095 | |
See notes to financial statements.
51
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electronic Equipment, Instruments & Components (Continued) | |
| | 571 | | | Dolby Laboratories, Inc. - Class A (a) | | $ | 32,844 | |
| | 2,170 | | | Electro Scientific Industries, Inc. (b) | | | 30,206 | |
| | 3,074 | | | Fitbit, Inc. - Class A (b) | | | 21,395 | |
| | 400 | | | FLIR Systems, Inc. | | | 15,564 | |
| | 428 | | | Insight Enterprises, Inc. (b) | | | 19,654 | |
| | 408 | | | IPG Photonics Corp. (a)(b) | | | 75,504 | |
| | 3,876 | | | Iteris, Inc. (b) | | | 25,775 | |
| | 503 | | | Itron, Inc. (b) | | | 38,957 | |
| | 1,661 | | | Jabil, Inc. (a) | | | 47,422 | |
| | 1,312 | | | KEMET Corp. (b) | | | 27,723 | |
| | 1,344 | | | Keysight Technologies, Inc. (b) | | | 55,991 | |
| | 867 | | | Kimball Electronics, Inc. (b) | | | 18,771 | |
| | 1,326 | | | Knowles Corp. (a)(b) | | | 20,248 | |
| | 107 | | | Littelfuse, Inc. | | | 20,959 | |
| | 285 | | | Mercury Systems, Inc. (a)(b) | | | 14,786 | |
| | 519 | | | Methode Electronics, Inc. | | | 21,980 | |
| | 295 | | | MTS Systems Corp. | | | 15,768 | |
| | 1,714 | | | Napco Security Technologies, Inc. (b) | | | 16,626 | |
| | 1,509 | | | National Instruments Corp. | | | 63,635 | |
| | 501 | | | Novanta, Inc. (b) | | | 21,844 | |
| | 926 | | | PC Connection, Inc. | | | 26,104 | |
| | 793 | | | PCM, Inc. (b) | | | 11,102 | |
| | 474 | | | Plexus Corp. (b) | | | 26,582 | |
| | 166 | | | Rogers Corp. (b) | | | 22,124 | |
| | 1,984 | | | Sanmina Corp. (b) | | | 73,706 | |
| | 544 | | | ScanSource, Inc. (b) | | | 23,746 | |
| | 290 | | | Tech Data Corp. (b) | | | 25,766 | |
| | 2,242 | | | Trimble, Inc. (b) | | | 87,998 | |
| | 1,874 | | | TTM Technologies, Inc. (b) | | | 28,803 | |
| | 112 | | | Universal Display Corp. | | | 14,431 | |
| | 1,951 | | | Vishay Intertechnology, Inc. | | | 36,679 | |
| | 733 | | | Zebra Technologies Corp. - Class A (b) | | | 79,589 | |
| | | | | | |
|
|
|
| | | | | | | | 1,603,333 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.58% | |
| | 3,336 | | | Archrock, Inc. | | | 41,867 | |
| | 2,521 | | | Atwood Oceanics, Inc. (a)(b) | | | 23,672 | |
| | 1,148 | | | Diamond Offshore Drilling, Inc. (a)(b) | | | 16,646 | |
| | 341 | | | Dril-Quip, Inc. (a)(b) | | | 15,055 | |
| | 1,111 | | | Exterran Corp. (b) | | | 35,119 | |
| | 2,600 | | | Noble Corp. Plc (b) | | | 11,960 | |
| | 846 | | | Oceaneering International, Inc. (a)(b) | | | 22,225 | |
| | 639 | | | Oil States International, Inc. (b) | | | 16,199 | |
| | 776 | | | RigNet, Inc. (b) | | | 13,347 | |
| | 3,414 | | | Rowan Cos., Inc. - Class A (b) | | | 43,870 | |
| | 3,540 | | | Transocean, Ltd. - ADR (a)(b) | | | 38,090 | |
| | 1,295 | | | Unit Corp. (a)(b) | | | 26,651 | |
| | | | | | |
|
|
|
| | | | | | | | 304,701 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.92% | |
| | 532 | | | Casey’s General Stores, Inc. (a) | | | 58,227 | |
| | 1,791 | | | Diplomat Pharmacy, Inc. (b) | | | 37,092 | |
| | 1,090 | | | Ingles Markets, Inc. - Class A | | | 28,013 | |
| | 2,198 | | | Natural Grocers by Vitamin Cottage, Inc. (b) | | | 12,265 | |
| | 897 | | | Performance Food Group Co. (b) | | | 25,340 | |
| | 186 | | | PriceSmart, Inc. | | | 16,600 | |
| | 11,965 | | | Rite Aid Corp. (a)(b) | | | 23,451 | |
| | 1,656 | | | SpartanNash Co. (a) | | | 43,669 | |
| | 1,732 | | | Sprouts Farmers Market, Inc. (a)(b) | | | 32,510 | |
| | 757 | | | SUPERVALU, Inc. (b) | | | 16,465 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food & Staples Retailing (Continued) | |
| | 1,314 | | | The Chefs’ Warehouse, Inc. (a)(b) | | $ | 25,360 | |
| | 883 | | | United Natural Foods, Inc. (b) | | | 36,724 | |
| | 1,831 | | | US Foods Holding Corp. (b) | | | 48,888 | |
| | 1,158 | | | Village Super Market, Inc. - Class A | | | 28,649 | |
| | 1,093 | | | Weis Markets, Inc. | | | 47,545 | |
| | | | | | |
|
|
|
| | | | | | | | 480,798 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.13% | |
| | 1,270 | | | Blue Buffalo Pet Products, Inc. (a)(b) | | | 36,004 | |
| | 1,264 | | | Darling International, Inc. (a)(b) | | | 22,145 | |
| | 3,399 | | | Dean Foods Co. | | | 36,981 | |
| | 1,330 | | | Farmer Brothers Co. (b) | | | 43,691 | |
| | 2,192 | | | Flowers Foods, Inc. (a) | | | 41,232 | |
| | 612 | | | Fresh Del Monte Produce, Inc. | | | 27,822 | |
| | 1,758 | | | Freshpet, Inc. (b) | | | 27,513 | |
| | 1,124 | | | Hostess Brands, Inc. (b) | | | 15,354 | |
| | 530 | | | Ingredion, Inc. | | | 63,939 | |
| | 571 | | | Lamb Weston Holdings, Inc. | | | 26,774 | |
| | 127 | | | Lancaster Colony Corp. | | | 15,255 | |
| | 1,659 | | | Lifeway Foods, Inc. (b) | | | 14,765 | |
| | 1,120 | | | Omega Protein Corp. (a) | | | 18,648 | |
| | 345 | | | Pilgrim’s Pride Corp. (b) | | | 9,801 | |
| | 1,046 | | | Pinnacle Foods, Inc. | | | 59,800 | |
| | 320 | | | Post Holdings, Inc. (b) | | | 28,246 | |
| | 237 | | | Sanderson Farms, Inc. (a) | | | 38,280 | |
| | 799 | | | Snyder’s-Lance, Inc. | | | 30,474 | |
| | 352 | | | The Hain Celestial Group, Inc. (b) | | | 14,485 | |
| | 293 | | | TreeHouse Foods, Inc. (a)(b) | | | 19,845 | |
| | | | | | |
|
|
|
| | | | | | | | 591,054 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.49% | |
| | 414 | | | Atmos Energy Corp. | | | 34,710 | |
| | 407 | | | National Fuel Gas Co. (a) | | | 23,040 | |
| | 378 | | | New Jersey Resources Corp. | | | 15,933 | |
| | 163 | | | Northwest Natural Gas Co. (a) | | | 10,497 | |
| | 502 | | | ONE Gas, Inc. | | | 36,967 | |
| | 378 | | | RGC Resources, Inc. | | | 10,800 | |
| | 300 | | | South Jersey Industries, Inc. | | | 10,359 | |
| | 190 | | | Southwest Gas Holdings, Inc. | | | 14,748 | |
| | 209 | | | Spire, Inc. (a) | | | 15,602 | |
| | 1,398 | | | UGI Corp. | | | 65,510 | |
| | 237 | | | WGL Holdings, Inc. | | | 19,955 | |
| | | | | | |
|
|
|
| | | | | | | | 258,121 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 3.95% | |
| | 331 | | | Abaxis, Inc. | | | 14,779 | |
| | 778 | | | ABIOMED, Inc. (b) | | | 131,171 | |
| | 754 | | | Alere, Inc. (b) | | | 38,446 | |
| | 314 | | | Analogic Corp. | | | 26,297 | |
| | 1,268 | | | AngioDynamics, Inc. (b) | | | 21,670 | |
| | 5,550 | | | Antares Pharma, Inc. (b) | | | 17,982 | |
| | 886 | | | AtriCure, Inc. (b) | | | 19,820 | |
| | 59 | | | Atrion Corp. | | | 39,648 | |
| | 2,504 | | | AxoGen, Inc. (b) | | | 48,452 | |
| | 332 | | | Cantel Medical Corp. | | | 31,264 | |
| | 1,253 | | | Cardiovascular Systems, Inc. (b) | | | 35,272 | |
| | 196 | | | CONMED Corp. | | | 10,284 | |
| | 902 | | | CryoLife, Inc. (b) | | | 20,475 | |
| | 2,205 | | | Cutera, Inc. (b) | | | 91,177 | |
| | 1,099 | | | DexCom, Inc. (a)(b) | | | 53,769 | |
| | 1,053 | | | Entellus Medical, Inc. (b) | | | 19,438 | |
See notes to financial statements.
52
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 638 | | | Exactech, Inc. (b) | | $ | 21,022 | |
| | 599 | | | FONAR Corp. (b) | | | 18,269 | |
| | 649 | | | Glaukos Corp. (a)(b) | | | 21,417 | |
| | 2,206 | | | Globus Medical, Inc. - Class A (a)(b) | | | 65,562 | |
| | 776 | | | Haemonetics Corp. (a)(b) | | | 34,819 | |
| | 739 | | | Halyard Health, Inc. (b) | | | 33,277 | |
| | 709 | | | Heska Corp. (b) | | | 62,456 | |
| | 650 | | | Hill-Rom Holdings, Inc. | | | 48,100 | |
| | 110 | | | ICU Medical, Inc. (b) | | | 20,444 | |
| | 665 | | | Inogen, Inc. (a)(b) | | | 63,242 | |
| | 691 | | | Insulet Corp. (b) | | | 38,060 | |
| | 750 | | | Integer Holdings Corp. (b) | | | 38,363 | |
| | 593 | | | Integra LifeSciences Holdings Corp. (b) | | | 29,935 | |
| | 820 | | | K2M Group Holdings, Inc. (b) | | | 17,392 | |
| | 1,876 | | | Lantheus Holdings, Inc. (b) | | | 33,393 | |
| | 1,427 | | | LeMaitre Vascular, Inc. | | | 53,398 | |
| | 283 | | | LivaNova Plc (b) | | | 19,827 | |
| | 631 | | | Masimo Corp. (b) | | | 54,619 | |
| | 1,166 | | | Meridian Bioscience, Inc. (a) | | | 16,674 | |
| | 423 | | | Merit Medical Systems, Inc. (a)(b) | | | 17,914 | |
| | 451 | | | Natus Medical, Inc. (b) | | | 16,913 | |
| | 232 | | | Neogen Corp. (b) | | | 17,971 | |
| | 478 | | | Novocure Ltd. (b) | | | 9,488 | |
| | 1,228 | | | NuVasive, Inc. (a)(b) | | | 68,105 | |
| | 1,161 | | | NxStage Medical, Inc. (b) | | | 32,044 | |
| | 1,229 | | | OraSure Technologies, Inc. (a)(b) | | | 27,653 | |
| | 638 | | | Orthofix International NV (b) | | | 30,146 | |
| | 1,134 | | | Oxford Immunotec Global Plc (b) | | | 19,051 | |
| | 286 | | | Penumbra, Inc. (a)(b) | | | 25,826 | |
| | 858 | | | Pulse Biosciences, Inc. (a)(b) | | | 15,967 | |
| | 1,115 | | | ResMed, Inc. (a) | | | 85,810 | |
| | 5,868 | | | STAAR Surgical Co. (b) | | | 73,057 | |
| | 464 | | | STERIS Plc (a) | | | 41,018 | |
| | 516 | | | SurModics, Inc. (b) | | | 15,996 | |
| | 1,954 | | | Tactile Systems Technology, Inc. (a)(b) | | | 60,476 | |
| | 204 | | | Teleflex, Inc. | | | 49,362 | |
| | 330 | | | The Cooper Companies, Inc. (a) | | | 78,246 | |
| | 146 | | | Utah Medical Products, Inc. | | | 10,738 | |
| | 527 | | | West Pharmaceutical Services, Inc. | | | 50,729 | |
| | 563 | | | Wright Medical Group NV (a)(b) | | | 14,565 | |
| | | | | | |
|
|
|
| | | | | | | | 2,071,288 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.55% | |
| | 331 | | | Acadia Healthcare Co., Inc. (a)(b) | | | 15,809 | |
| | 1,390 | | | Aceto Corp. | | | 15,610 | |
| | 555 | | | Addus HomeCare Corp. (b) | | | 19,591 | |
| | 516 | | | Almost Family, Inc. (b) | | | 27,709 | |
| | 925 | | | Amedisys, Inc. (b) | | | 51,763 | |
| | 855 | | | American Renal Associates Holdings, Inc. (b) | | | 12,799 | |
| | 1,069 | | | AMN Healthcare Services, Inc. (a)(b) | | | 48,853 | |
| | 8,380 | | | BioScrip, Inc. (b) | | | 23,045 | |
| | 1,015 | | | BioTelemetry, Inc. (b) | | | 33,495 | |
| | 1,787 | | | Brookdale Senior Living, Inc. (b) | | | 18,942 | |
| | 234 | | | Chemed Corp. (a) | | | 47,280 | |
| | 1,001 | | | Civitas Solutions, Inc. (b) | | | 18,468 | |
| | 3,648 | | | Community Health Systems, Inc. (b) | | | 28,017 | |
| | 359 | | | CorVel Corp. (b) | | | 19,530 | |
| | 5,394 | | | Cross Country Healthcare, Inc. (a)(b) | | | 76,757 | |
| | 1,137 | | | Envision Healthcare Corp. (a)(b) | | | 51,108 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Providers & Services (Continued) | |
| | 10,200 | | | Genesis Healthcare, Inc. (b) | | $ | 11,832 | |
| | 592 | | | HealthEquity, Inc. (a)(b) | | | 29,943 | |
| | 1,150 | | | HealthSouth Corp. (a) | | | 53,302 | |
| | 3,220 | | | Kindred Healthcare, Inc. | | | 21,896 | |
| | 189 | | | Landauer, Inc. | | | 12,720 | |
| | 787 | | | LHC Group, Inc. (b) | | | 55,814 | |
| | 432 | | | LifePoint Health, Inc. (a)(b) | | | 25,013 | |
| | 253 | | | Magellan Health Services, Inc. (b) | | | 21,834 | |
| | 612 | | | MEDNAX, Inc. (b) | | | 26,389 | |
| | 1,120 | | | Molina Healthcare, Inc. (b) | | | 77,011 | |
| | 164 | | | National Healthcare Corp. | | | 10,261 | |
| | 1,763 | | | National Research Corp. - Class A | | | 66,465 | |
| | 765 | | | Owens & Minor, Inc. (a) | | | 22,338 | |
| | 532 | | | Patterson Cos., Inc. | | | 20,562 | |
| | 1,108 | | | PerkinElmer, Inc. | | | 76,419 | |
| | 601 | | | PharMerica Corp. (b) | | | 17,609 | |
| | 361 | | | Premier, Inc. - Class A (b) | | | 11,758 | |
| | 4,506 | | | R1 RCM, Inc. (b) | | | 16,717 | |
| | 5,556 | | | RadNet, Inc. (b) | | | 64,172 | |
| | 633 | | | Select Medical Holdings Corp. (a)(b) | | | 12,154 | |
| | 1,273 | | | Surgery Partners, Inc. (b) | | | 13,176 | |
| | 453 | | | Teladoc, Inc. (a)(b) | | | 15,017 | |
| | 419 | | | Tivity Health, Inc. (b) | | | 17,095 | |
| | 1,845 | | | Triple-S Management Corp. - Class B (b) | | | 43,690 | |
| | 508 | | | WellCare Health Plans, Inc. (b) | | | 87,244 | |
| | | | | | |
|
|
|
| | | | | | | | 1,339,207 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.65% | |
| | 2,306 | | | Allscripts Healthcare Solutions, Inc. (a)(b) | | | 32,814 | |
| | 272 | | | athenahealth, Inc. (a)(b) | | | 33,826 | |
| | 2,655 | | | Castlight Health, Inc. - Class B (b) | | | 11,417 | |
| | 357 | | | Cotiviti Holdings, Inc. (b) | | | 12,845 | |
| | 532 | | | Medidata Solutions, Inc. (b) | | | 41,528 | |
| | 389 | | | Omnicell, Inc. (a)(b) | | | 19,858 | |
| | 5,284 | | | Quality Systems, Inc. (a)(b) | | | 83,117 | |
| | 1,387 | | | Simulations Plus, Inc. | | | 21,499 | |
| | 966 | | | Veeva Systems, Inc. - Class A (a)(b) | | | 54,492 | |
| | 958 | | | Vocera Communications, Inc. (b) | | | 30,052 | |
| | | | | | |
|
|
|
| | | | | | | | 341,448 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.37% | |
| | 1,982 | | | Aramark | | | 80,489 | |
| | 48 | | | Biglari Holdings, Inc. (b) | | | 15,998 | |
| | 243 | | | Bob Evans Farms, Inc. | | | 18,835 | |
| | 747 | | | Bojangles’, Inc. (b) | | | 10,084 | |
| | 693 | | | Boyd Gaming Corp. (a) | | | 18,053 | |
| | 1,253 | | | Brinker International, Inc. (a) | | | 39,921 | |
| | 339 | | | Buffalo Wild Wings, Inc. (b) | | | 35,832 | |
| | 770 | | | Caesars Acquisition Co. - Class A (b) | | | 16,517 | |
| | 2,568 | | | Caesars Entertainment Corp. (a)(b) | | | 34,283 | |
| | 3,135 | | | Callaway Golf Co. | | | 45,238 | |
| | 2,607 | | | Century Casinos, Inc. (b) | | | 21,403 | |
| | 504 | | | Cheesecake Factory, Inc. (a)(b) | | | 21,228 | |
| | 990 | | | Choice Hotels International, Inc. | | | 63,261 | |
| | 127 | | | Churchill Downs, Inc. | | | 26,187 | |
| | 100 | | | Cracker Barrel Old Country Store, Inc. (a) | | | 15,162 | |
| | 258 | | | Dave & Buster’s Entertainment, Inc. (b) | | | 13,540 | |
| | 1,351 | | | Del Taco Restaurants, Inc. (b) | | | 20,724 | |
| | 1,622 | | | Denny’s Corp. (b) | | | 20,194 | |
| | 559 | | | Domino’s Pizza, Inc. (a) | | | 110,989 | |
| | 428 | | | Dunkin’ Brands Group, Inc. (a) | | | 22,718 | |
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hotels, Restaurants & Leisure (Continued) | |
| | 403 | | | Eldorado Resorts, Inc. (b) | | $ | 10,337 | |
| | 885 | | | Extended Stay America, Inc. | | | 17,700 | |
| | 843 | | | Fiesta Restaurant Group, Inc. (a)(b) | | | 16,017 | |
| | 1,275 | | | Fogo De Chao, Inc. (b) | | | 15,810 | |
| | 440 | | | Hyatt Hotels Corp. - Class A (b) | | | 27,188 | |
| | 922 | | | ILG, Inc. (a) | | | 24,645 | |
| | 1,368 | | | International Game Technology Plc | | | 33,584 | |
| | 252 | | | Jack in the Box, Inc. | | | 25,684 | |
| | 681 | | | La Quinta Holdings, Inc. (b) | | | 11,918 | |
| | 242 | | | Marriott Vacations Worldwide Corp. | | | 30,136 | |
| | 274 | | | Nathan’s Famous, Inc. (b) | | | 20,262 | |
| | 387 | | | Papa John’s International, Inc. | | | 28,278 | |
| | 1,180 | | | Penn National Gaming, Inc. (a)(b) | | | 27,600 | |
| | 1,363 | | | Pinnacle Entertainment, Inc. (b) | | | 29,046 | |
| | 393 | | | Planet Fitness, Inc. - Class A | | | 10,603 | |
| | 2,394 | | | Potbelly Corp. (b) | | | 29,686 | |
| | 481 | | | RCI Hospitality Holdings, Inc. | | | 11,905 | |
| | 166 | | | Red Robin Gourmet Burgers, Inc. (b) | | | 11,122 | |
| | 1,273 | | | Ruth’s Hospitality Group, Inc. | | | 26,669 | |
| | 535 | | | Scientific Games Corp. - Class A (b) | | | 24,530 | |
| | 809 | | | SeaWorld Entertainment, Inc. | | | 10,509 | |
| | 180 | | | Six Flags Entertainment Corp. | | | 10,969 | |
| | 423 | | | Sonic Corp. (a) | | | 10,765 | |
| | 745 | | | Speedway Motorsports, Inc. | | | 15,869 | |
| | 304 | | | Texas Roadhouse, Inc. (a)(b) | | | 14,939 | |
| | 1,941 | | | The Wendy’s Co. | | | 30,144 | |
| | 203 | | | Vail Resorts, Inc. (a) | | | 46,308 | |
| | 590 | | | Wingstop, Inc. (a) | | | 19,618 | |
| | | | | | |
|
|
|
| | | | | | | | 1,242,497 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 1.67% | |
| | 906 | | | AV Homes, Inc. (b) | | | 15,538 | |
| | 697 | | | Bassett Furniture Industries, Inc. | | | 26,277 | |
| | 1,217 | | | Beazer Homes USA, Inc. (b) | | | 22,807 | |
| | 417 | | | CalAtlantic Group, Inc. | | | 15,275 | |
| | 858 | | | Ethan Allen Interiors, Inc. | | | 27,799 | |
| | 377 | | | Flexsteel Industries, Inc. | | | 19,114 | |
| | 3,118 | | | GoPro, Inc. - Class A (a)(b) | | | 34,329 | |
| | 2,156 | | | Green Brick Partners, Inc. (b) | | | 21,344 | |
| | 218 | | | Helen of Troy, Ltd. (a)(b) | | | 21,124 | |
| | 676 | | | Hooker Furniture Corp. | | | 32,279 | |
| | 9,989 | | | Hovnanian Enterprises, Inc. - Class A (b) | | | 19,279 | |
| | 412 | | | Installed Building Products, Inc. (a)(b) | | | 26,698 | |
| | 480 | | | iRobot Corp. (b) | | | 36,989 | |
| | 2,848 | | | KB Home (a) | | | 68,694 | |
| | 953 | | | La-Z-Boy, Inc. | | | 25,636 | |
| | 1,132 | | | Lifetime Brands, Inc. | | | 20,716 | |
| | 766 | | | M.D.C Holdings, Inc. | | | 25,439 | |
| | 249 | | | Meritage Homes Corp. (b) | | | 11,056 | |
| | 38 | | | NVR, Inc. (b) | | | 108,490 | |
| | 1,868 | | | PulteGroup, Inc. (a) | | | 51,052 | |
| | 728 | | | Taylor Morrison Home Corp. - Class A (b) | | | 16,052 | |
| | 408 | | | Tempur Sealy International, Inc. (a)(b) | | | 26,324 | |
| | 1,323 | | | Toll Brothers, Inc. (a) | | | 54,865 | |
| | 329 | | | TopBuild Corp. (a)(b) | | | 21,441 | |
| | 1,276 | | | TRI Pointe Group, Inc. (b) | | | 17,621 | |
| | 642 | | | Tupperware Brands Corp. | | | 39,688 | |
| | 400 | | | Universal Electronics, Inc. (b) | | | 25,360 | |
| | 2,710 | | | ZAGG, Inc. (b) | | | 42,682 | |
| | | | | | |
|
|
|
| | | | | | | | 873,968 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Household Products - 0.34% | |
| | 537 | | | Central Garden & Pet Co. (b) | | $ | 20,857 | |
| | 653 | | | Central Garden & Pet Co. - Class A (b) | | | 24,285 | |
| | 467 | | | Energizer Holdings, Inc. | | | 21,505 | |
| | 2,401 | | | HRG Group, Inc. (b) | | | 37,480 | |
| | 242 | | | Oil-Dri Corp. of America | | | 11,841 | |
| | 124 | | | Spectrum Brands Holdings, Inc. (a) | | | 13,134 | |
| | 438 | | | WD-40 Co. | | | 49,012 | |
| | | | | | |
|
|
|
| | | | | | | | 178,114 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.78% | |
| | 18,511 | | | Atlantic Power Corp. (b) | | | 45,352 | |
| | 4,516 | | | Calpine Corp. (b) | | | 66,611 | |
| | 5,822 | | | Dynegy, Inc. (b) | | | 56,997 | |
| | 2,749 | | | NRG Energy, Inc. | | | 70,347 | |
| | 2,258 | | | NRG Yield, Inc. - Class A | | | 42,834 | |
| | 2,316 | | | NRG Yield, Inc. - Class C | | | 44,699 | |
| | 244 | | | Ormat Technologies, Inc. | | | 14,896 | |
| | 388 | | | Pattern Energy Group, Inc. | | | 9,351 | |
| | 2,311 | | | TerraForm Power, Inc. - Class A (b) | | | 30,551 | |
| | 1,417 | | | Vistra Energy Corp. | | | 26,484 | |
| | | | | | |
|
|
|
| | | | | | | | 408,122 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.22% | |
| | 276 | | | Carlisle Companies, Inc. | | | 27,680 | |
| | 2,707 | | | McDermott International, Inc. (a)(b) | | | 19,680 | |
| | 523 | | | Otter Tail Corp. | | | 22,672 | |
| | 467 | | | Raven Industries, Inc. | | | 15,131 | |
| | 4 | | | Seaboard Corp. | | | 18,020 | |
| | 110 | | | Standex International Corp. | | | 11,682 | |
| | | | | | |
|
|
|
| | | | | | | | 114,865 | |
| | | | | | |
|
|
|
| | | | | Insurance - 3.65% | |
| | 97 | | | Alleghany Corp. (b) | | | 53,739 | |
| | 1,252 | | | American Equity Investment Life Holding Co. | | | 36,408 | |
| | 951 | | | American Financial Group, Inc. | | | 98,381 | |
| | 1,119 | | | AMERISAFE, Inc. (a) | | | 65,126 | |
| | 1,659 | | | AmTrust Financial Services, Inc. | | | 22,330 | |
| | 213 | | | Argo Group International Holdings, Ltd. | | | 13,100 | |
| | 1,775 | | | Arthur J. Gallagher & Co. | | | 109,251 | |
| | 330 | | | Aspen Insurance Holdings, Ltd. | | | 13,332 | |
| | 731 | | | Assurant, Inc. | | | 69,825 | |
| | 1,871 | | | Assured Guaranty, Ltd. (a) | | | 70,630 | |
| | 711 | | | Axis Capital Holdings, Ltd. | | | 40,747 | |
| | 1,685 | | | Brown & Brown, Inc. | | | 81,200 | |
| | 1,653 | | | CNO Financial Group, Inc. | | | 38,581 | |
| | 4,301 | | | Crawford & Co. - Class B | | | 51,440 | |
| | 685 | | | Donegal Group, Inc. - Class A | | | 11,049 | |
| | 707 | | | eHealth, Inc. (b) | | | 16,890 | |
| | 662 | | | Employers Holdings, Inc. | | | 30,088 | |
| | 49 | | | Enstar Group Ltd. (b) | | | 10,895 | |
| | 419 | | | Erie Indemnity Co. - Class A | | | 50,519 | |
| | 526 | | | Everest Re Group, Ltd. | | | 120,133 | |
| | 328 | | | Fidelity & Guaranty Life | | | 10,184 | |
| | 1,194 | | | First American Financial Corp. | | | 59,664 | |
| | 458 | | | Global Indemnity Ltd. (b) | | | 19,419 | |
| | 519 | | | HCI Group, Inc. | | | 19,852 | |
| | 725 | | | Health Insurance Innovations, Inc. - Class A (b) | | | 10,512 | |
| | 843 | | | Heritage Insurance Holdings, Inc. (a) | | | 11,136 | |
| | 279 | | | Horace Mann Educators Corp. | | | 10,979 | |
| | 208 | | | Infinity Property & Casualty Corp. | | | 19,594 | |
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Insurance (Continued) | |
| | 124 | | | Investors Title Co. | | $ | 22,205 | |
| | 470 | | | James River Group Holdings, Ltd. | | | 19,496 | |
| | 201 | | | Kemper Corp. | | | 10,653 | |
| | 1,066 | | | Kingstone Cos., Inc. | | | 17,376 | |
| | 85 | | | National Western Life Group, Inc. - Class A | | | 29,665 | |
| | 1,532 | | | Old Republic International Corp. | | | 30,165 | |
| | 626 | | | Primerica, Inc. | | | 51,050 | |
| | 590 | | | ProAssurance Corp. | | | 32,243 | |
| | 686 | | | Reinsurance Group of America, Inc. | | | 95,718 | |
| | 464 | | | RenaissanceRe Holdings, Ltd. | | | 62,705 | |
| | 391 | | | RLI Corp. | | | 22,428 | |
| | 147 | | | Safety Insurance Group, Inc. | | | 11,216 | |
| | 612 | | | Selective Insurance Group, Inc. | | | 32,956 | |
| | 1,043 | | | State National Cos., Inc. (a) | | | 21,893 | |
| | 269 | | | The Hanover Insurance Group, Inc. | | | 26,074 | |
| | 185 | | | The Navigators Group, Inc. | | | 10,795 | |
| | 893 | | | Third Point Reinsurance, Ltd. (b) | | | 13,931 | |
| | 1,279 | | | Torchmark Corp. | | | 102,435 | |
| | 1,750 | | | Universal Insurance Holdings, Inc. | | | 40,250 | |
| | 374 | | | Validus Holdings, Ltd. | | | 18,405 | |
| | 1,191 | | | W.R. Berkley Corp. (a) | | | 79,487 | |
| | | | | | |
|
|
|
| | | | | | | | 1,916,150 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 0.86% | |
| | 2,650 | | | 1-800-Flowers.Com, Inc. - Class A (a)(b) | | | 26,102 | |
| | 1,341 | | | Duluth Holdings, Inc. - Class B (a)(b) | | | 27,209 | |
| | 1,570 | | | Etsy, Inc. (b) | | | 26,502 | |
| | 874 | | | FTD Cos., Inc. (b) | | | 11,397 | |
| | 8,004 | | | Groupon, Inc. (b) | | | 41,621 | |
| | 830 | | | HSN, Inc. | | | 32,411 | |
| | 1,853 | | | Lands’ End, Inc. (a)(b) | | | 24,460 | |
| | 415 | | | Liberty Ventures - Series A (b) | | | 23,883 | |
| | 838 | | | Nutrisystem, Inc. (a) | | | 46,844 | |
| | 1,462 | | | Overstock.com, Inc. (b) | | | 43,421 | |
| | 707 | | | PetMed Express, Inc. (a) | | | 23,437 | |
| | 514 | | | Shutterfly, Inc. (b) | | | 24,919 | |
| | 793 | | | TripAdvisor, Inc. (a)(b) | | | 32,140 | |
| | 974 | | | Wayfair, Inc. - Class A (a)(b) | | | 65,648 | |
| | | | | | |
|
|
|
| | | | | | | | 449,994 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 3.58% | |
| | 1,671 | | | 2U, Inc. (b) | | | 93,643 | |
| | 4,855 | | | Aerohive Networks, Inc. (b) | | | 19,857 | |
| | 698 | | | Alarm.com Holdings, Inc. (b) | | | 31,536 | |
| | 2,536 | | | Amber Road, Inc. (b) | | | 19,477 | |
| | 2,309 | | | Angie’s List, Inc. (b) | | | 28,770 | |
| | 1,923 | | | Appfolio, Inc. - Class A (b) | | | 92,208 | |
| | 1,259 | | | Apptio, Inc. - Class A (b) | | | 23,254 | |
| | 1,777 | | | Bankrate, Inc. (b) | | | 24,789 | |
| | 2,160 | | | Bazaarvoice, Inc. (b) | | | 10,692 | |
| | 1,578 | | | Blucora, Inc. (b) | | | 39,923 | |
| | 2,035 | | | Box, Inc. - Class A (a)(b) | | | 39,316 | |
| | 3,529 | | | Brightcove, Inc. (b) | | | 25,409 | |
| | 237 | | | BroadSoft, Inc. (a)(b) | | | 11,921 | |
| | 1,506 | | | Carbonite, Inc. (b) | | | 33,132 | |
| | 1,338 | | | Care.com, Inc. (b) | | | 21,261 | |
| | 632 | | | Cars.com, Inc. (a)(b) | | | 16,818 | |
| | 2,174 | | | ChannelAdvisor Corp. (b) | | | 25,001 | |
| | 470 | | | Cimpress NV (b) | | | 45,900 | |
| | 1,786 | | | CommerceHub, Inc. - Series A (b) | | | 40,310 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Internet Software & Services (Continued) | |
| | 1,847 | | | CommerceHub, Inc. - Series C (b) | | $ | 39,434 | |
| | 607 | | | Cornerstone OnDemand, Inc. (b) | | | 24,650 | |
| | 225 | | | CoStar Group, Inc. (b) | | | 60,356 | |
| | 18,020 | | | DHI Group, Inc. (b) | | | 46,852 | |
| | 260 | | | Envestnet, Inc. (b) | | | 13,260 | |
| | 1,718 | | | Five9, Inc. (b) | | | 41,060 | |
| | 526 | | | GoDaddy, Inc. - Class A (b) | | | 22,886 | |
| | 218 | | | GrubHub, Inc. (a)(b) | | | 11,480 | |
| | 349 | | | GTT Communications, Inc. (b) | | | 11,046 | |
| | 3,005 | | | Hortonworks, Inc. (b) | | | 50,935 | |
| | 873 | | | IAC InterActive Corp. (b) | | | 102,647 | |
| | 1,272 | | | Instructure, Inc. (a)(b) | | | 42,167 | |
| | 782 | | | j2 Global, Inc. (a) | | | 57,774 | |
| | 2,185 | | | Leaf Group, Ltd. (b) | | | 15,077 | |
| | 2,398 | | | LivePerson, Inc. (b) | | | 32,493 | |
| | 344 | | | LogMeIn, Inc. | | | 37,857 | |
| | 1,307 | | | Match Group, Inc. (a)(b) | | | 30,309 | |
| | 678 | | | MINDBODY, Inc. - Class A (b) | | | 17,526 | |
| | 553 | | | New Relic, Inc. (b) | | | 27,539 | |
| | 2,526 | | | NIC, Inc. (a) | | | 43,321 | |
| | 3,344 | | | Ominto, Inc. (b) | | | 15,048 | |
| | 2,199 | | | Pandora Media, Inc. (a)(b) | | | 16,932 | |
| | 430 | | | Q2 Holdings, Inc. (a)(b) | | | 17,910 | |
| | 6,293 | | | QuinStreet, Inc. (b) | | | 46,254 | |
| | 1,601 | | | Quotient Technology, Inc. (b) | | | 25,056 | |
| | 494 | | | Shutterstock, Inc. (b) | | | 16,445 | |
| | 179 | | | SPS Commerce, Inc. (b) | | | 10,151 | |
| | 269 | | | Stamps.com, Inc. (b) | | | 54,513 | |
| | 2,794 | | | TechTarget, Inc. (b) | | | 33,360 | |
| | 5,327 | | | The Meet Group, Inc. (b) | | | 19,390 | |
| | 170 | | | The Trade Desk, Inc. - Class A (b) | | | 10,457 | |
| | 4,511 | | | TrueCar, Inc. (a)(b) | | | 71,229 | |
| | 214 | | | Tucows, Inc. - Class A (b) | | | 12,530 | |
| | 340 | | | Twilio, Inc. - Class A (a)(b) | | | 10,149 | |
| | 1,374 | | | Web.com Group, Inc. (b) | | | 34,350 | |
| | 1,735 | | | XO Group, Inc. (b) | | | 34,127 | |
| | 1,098 | | | Yelp, Inc. - Class A (a)(b) | | | 47,543 | |
| | 701 | | | Zillow Group, Inc. - Class C (a)(b) | | | 28,187 | |
| | | | | | |
|
|
|
| | | | | | | | 1,875,517 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.02% | |
| | 567 | | | Acxiom Corp. (b) | | | 13,971 | |
| | 2,160 | | | Blackhawk Network Holdings, Inc. (a)(b) | | | 94,608 | |
| | 2,269 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 84,838 | |
| | 953 | | | Broadridge Financial Solutions, Inc. | | | 77,021 | |
| | 396 | | | CACI International, Inc. - Class A (b) | | | 55,183 | |
| | 793 | | | Cardtronics Plc - Class A (b) | | | 18,247 | |
| | 1,812 | | | Conduent, Inc. (b) | | | 28,394 | |
| | 3,676 | | | Convergys Corp. | | | 95,172 | |
| | 970 | | | CoreLogic, Inc. (b) | | | 44,833 | |
| | 1,294 | | | CSG Systems International, Inc. | | | 51,889 | |
| | 2,124 | | | CSRA, Inc. (a) | | | 68,542 | |
| | 226 | | | DST Systems, Inc. | | | 12,403 | |
| | 470 | | | EPAM Systems, Inc. (b) | | | 41,327 | |
| | 379 | | | Euronet Worldwide, Inc. (a)(b) | | | 35,925 | |
| | 2,727 | | | Everi Holdings, Inc. (b) | | | 20,698 | |
| | 1,520 | | | EVERTEC, Inc. | | | 24,092 | |
| | 538 | | | ExlService Holdings, Inc. (b) | | | 31,376 | |
| | 540 | | | Forrester Research, Inc. | | | 22,599 | |
| | 756 | | | Gartner, Inc. (b) | | | 94,054 | |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | IT Services (Continued) | |
| | 1,645 | | | Genpact, Ltd. (a) | | $ | 47,294 | |
| | 5,812 | | | Information Services Group, Inc. (b) | | | 23,364 | |
| | 765 | | | Leidos Holdings, Inc. | | | 45,303 | |
| | 668 | | | ManTech International Corp. - Class A | | | 29,492 | |
| | 1,785 | | | Maximus, Inc. | | | 115,133 | |
| | 1,853 | | | Perficient, Inc. (a)(b) | | | 36,449 | |
| | 6,897 | | | Planet Payment, Inc. (b) | | | 29,588 | |
| | 848 | | | Sabre Corp. | | | 15,349 | |
| | 660 | | | Science Applications International Corp. | | | 44,121 | |
| | 2,319 | | | Square, Inc. - Class A (a)(b) | | | 66,810 | |
| | 2,831 | | | StarTek, Inc. (b) | | | 33,264 | |
| | 1,262 | | | Syntel, Inc. | | | 24,798 | |
| | 840 | | | TeleTech Holdings, Inc. (a) | | | 35,070 | |
| | 2,154 | | | The Hackett Group, Inc. | | | 32,719 | |
| | 2,118 | | | Travelport Worldwide, Ltd. | | | 33,253 | |
| | 2,157 | | | Unisys Corp. (b) | | | 18,335 | |
| | 1,141 | | | VeriFone Systems, Inc. (a)(b) | | | 23,139 | |
| | 447 | | | Virtusa Corp. (b) | | | 16,888 | |
| | | | | | |
|
|
|
| | | | | | | | 1,585,541 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.89% | |
| | 651 | | | Acushnet Holdings Corp. (a) | | | 11,562 | |
| | 1,726 | | | American Outdoor Brands Corp. (b) | | | 26,321 | |
| | 829 | | | Brunswick Corp. | | | 46,399 | |
| | 509 | | | Johnson Outdoors, Inc. - Class A | | | 37,300 | |
| | 970 | | | Malibu Boats, Inc. - Class A (a)(b) | | | 30,691 | |
| | 1,817 | | | Marine Products Corp. | | | 29,163 | |
| | 4,608 | | | MCBC Holdings, Inc. (b) | | | 93,911 | |
| | 1,169 | | | Nautilus, Inc. (b) | | | 19,756 | |
| | 373 | | | Polaris Industries, Inc. (a) | | | 39,027 | |
| | 860 | | | Pool Corp. | | | 93,026 | |
| | 504 | | | Sturm, Ruger & Company, Inc. (a) | | | 26,057 | |
| | 692 | | | Vista Outdoor, Inc. (b) | | | 15,874 | |
| | | | | | |
|
|
|
| | | | | | | | 469,087 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.00% | |
| | 153 | | | Bio-Rad Laboratories, Inc. - Class A (b) | | | 34,000 | |
| | 84 | | | Bio-Techne Corp. | | | 10,155 | |
| | 1,386 | | | Bruker Corp. | | | 41,233 | |
| | 437 | | | Charles River Laboratories International, Inc. (b) | | | 47,205 | |
| | 2,959 | | | Enzo Biochem, Inc. (b) | | | 30,981 | |
| | 795 | | | INC Research Holdings, Inc. - Class A (b) | | | 41,578 | |
| | 1,245 | | | Luminex Corp. | | | 25,311 | |
| | 1,775 | | | Medpace Holdings, Inc. (b) | | | 56,622 | |
| | 1,108 | | | NanoString Technologies, Inc. (b) | | | 17,905 | |
| | 883 | | | PAREXEL International Corp. (b) | | | 77,775 | |
| | 296 | | | PRA Health Sciences, Inc. (b) | | | 22,546 | |
| | 2,393 | | | QIAGEN NV | | | 75,385 | |
| | 1,392 | | | VWR Corp. (b) | | | 46,089 | |
| | | | | | |
|
|
|
| | | | | | | | 526,785 | |
| | | | | | |
|
|
|
| | | | | Machinery - 3.55% | |
| | 604 | | | AGCO Corp. | | | 44,557 | |
| | 225 | | | Alamo Group, Inc. | | | 24,158 | |
| | 182 | | | Albany International Corp. - Class A | | | 10,447 | |
| | 1,024 | | | Allison Transmission Holdings, Inc. | | | 38,431 | |
| | 388 | | | Altra Industrial Motion Corp. | | | 18,663 | |
| | 260 | | | Badger Meter, Inc. | | | 12,740 | |
| | 583 | | | Barnes Group, Inc. (a) | | | 41,067 | |
| | 585 | | | Blue Bird Corp. (b) | | | 12,051 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Machinery (Continued) | |
| | 398 | | | Chart Industries, Inc. (b) | | $ | 15,614 | |
| | 197 | | | CIRCOR International, Inc. | | | 10,723 | |
| | 716 | | | Colfax Corp. (a)(b) | | | 29,814 | |
| | 1,234 | | | Columbus McKinnon Corp. | | | 46,732 | |
| | 501 | | | Crane Co. | | | 40,075 | |
| | 1,055 | | | Donaldson Co., Inc. | | | 48,467 | |
| | 612 | | | Douglas Dynamics, Inc. | | | 24,113 | |
| | 232 | | | EnPro Industries, Inc. | | | 18,683 | |
| | 347 | | | ESCO Technologies, Inc. | | | 20,803 | |
| | 501 | | | Federal Signal Corp. | | | 10,661 | |
| | 1,026 | | | FreightCar America, Inc. | | | 20,069 | |
| | 624 | | | Gencor Industries, Inc. (b) | | | 11,014 | |
| | 385 | | | Gorman Rupp Co. | | | 12,539 | |
| | 639 | | | Graco, Inc. | | | 79,038 | |
| | 1,983 | | | Hardinge, Inc. | | | 30,280 | |
| | 1,042 | | | Harsco Corp. (a)(b) | | | 21,778 | |
| | 263 | | | Hurco Companies, Inc. | | | 10,941 | |
| | 139 | | | Hyster-Yale Materials Handling, Inc. | | | 10,625 | |
| | 788 | | | IDEX Corp. | | | 95,718 | |
| | 418 | | | ITT, Inc. | | | 18,505 | |
| | 792 | | | John Bean Technologies Corp. (a) | | | 80,071 | |
| | 241 | | | Kadant, Inc. | | | 23,751 | |
| | 667 | | | Kennametal, Inc. | | | 26,907 | |
| | 506 | | | L.B. Foster Co. - Class A (b) | | | 11,511 | |
| | 623 | | | Lincoln Electric Holdings, Inc. (a) | | | 57,117 | |
| | 205 | | | Lydall, Inc. (b) | | | 11,746 | |
| | 1,278 | | | Manitowoc Co., Inc. (b) | | | 11,502 | |
| | 1,403 | | | Meritor, Inc. (b) | | | 36,492 | |
| | 893 | | | Mueller Water Products, Inc. - Class A | | | 11,430 | |
| | 146 | | | NACCO Industries, Inc. - Class A | | | 12,527 | |
| | 335 | | | Navistar International Corp. (b) | | | 14,763 | |
| | 535 | | | NN, Inc. | | | 15,515 | |
| | 398 | | | Nordson Corp. | | | 47,163 | |
| | 635 | | | Omega Flex, Inc. | | | 45,618 | |
| | 697 | | | Oshkosh Corp. | | | 57,530 | |
| | 396 | | | Park-Ohio Holdings Corp. | | | 18,058 | |
| | 326 | | | Proto Labs, Inc. (b) | | | 26,178 | |
| | 103 | | | RBC Bearings, Inc. (a)(b) | | | 12,890 | |
| | 789 | | | Rexnord Corp. (b) | | | 20,048 | |
| | 409 | | | Snap-on, Inc. (a) | | | 60,945 | |
| | 197 | | | Sun Hydraulics Corp. | | | 10,638 | |
| | 346 | | | Tennant Co. | | | 22,905 | |
| | 1,239 | | | Terex Corp. (a) | | | 55,780 | |
| | 568 | | | The Eastern Co. | | | 16,302 | |
| | 441 | | | The Greenbrier Companies, Inc. | | | 21,234 | |
| | 142 | | | The Middleby Corp. (a)(b) | | | 18,200 | |
| | 428 | | | The Timken Co. | | | 20,779 | |
| | 1,201 | | | Toro Co. | | | 74,534 | |
| | 1,320 | | | TriMas Corp. (b) | | | 35,640 | |
| | 819 | | | Trinity Industries, Inc. | | | 26,126 | |
| | 570 | | | Twin Disc, Inc. (b) | | | 10,608 | |
| | 118 | | | Valmont Industries, Inc. | | | 18,656 | |
| | 2,017 | | | Wabash National Corp. (a) | | | 46,028 | |
| | 214 | | | Wabtec Corp. (a) | | | 16,211 | |
| | 527 | | | Welbilt, Inc. (b) | | | 12,147 | |
| | 1,180 | | | Xylem, Inc. (a) | | | 73,903 | |
| | | | | | |
|
|
|
| | | | | | | | 1,859,759 | |
| | | | | | |
|
|
|
| | | | | Marine - 0.08% | | | | |
| | 2,458 | | | Costamare, Inc. | | | 15,191 | |
| | 374 | | | Kirby Corp. (b) | | | 24,665 | |
| | | | | | |
|
|
|
| | | | | | | | 39,856 | |
| | | | | | |
|
|
|
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Media - 1.28% | | | | |
| | 240 | | | AMC Networks, Inc. - Class A (a)(b) | | $ | 14,033 | |
| | 1,454 | | | Ascent Capital Group, Inc. - Class A (b) | | | 18,960 | |
| | 52 | | | Cable One, Inc. | | | 37,550 | |
| | 4,264 | | | Central European Media Enterprises Ltd. - Class A (b) | | | 17,269 | |
| | 996 | | | Entercom Communications Corp. - Class A (a) | | | 11,404 | |
| | 3,330 | | | Gannett Co., Inc. | | | 29,970 | |
| | 1,048 | | | Gray Television, Inc. (a)(b) | | | 16,454 | |
| | 462 | | | John Wiley & Sons, Inc. - Class A | | | 24,717 | |
| | 528 | | | Liberty Media Corp. - Liberty Braves (b) | | | 13,343 | |
| | 310 | | | Liberty Media Group - Class A (a)(b) | | | 11,312 | |
| | 906 | | | Liberty Media Group - Class C (b) | | | 34,510 | |
| | 866 | | | Lions Gate Entertainment Corp. - Class A (b) | | | 28,968 | |
| | 574 | | | Lions Gate Entertainment Corp. - Class B (a)(b) | | | 18,247 | |
| | 1,506 | | | Live Nation Entertainment, Inc. (a)(b) | | | 65,586 | |
| | 398 | | | Meredith Corp. (a) | | | 22,089 | |
| | 1,208 | | | MSG Networks, Inc. - Class A (b) | | | 25,610 | |
| | 1,628 | | | New Media Investment Group, Inc. | | | 24,078 | |
| | 170 | | | Nexstar Media Group, Inc. - Class A | | | 10,591 | |
| | 2,516 | | | Salem Media Group, Inc. | | | 16,606 | |
| | 644 | | | Scholastic Corp. (a) | | | 23,957 | |
| | 729 | | | Sinclair Broadcast Group, Inc. - Class A (a) | | | 23,364 | |
| | 1,573 | | | TEGNA, Inc. | | | 20,968 | |
| | 1,955 | | | The Interpublic Group of Companies, Inc. (a) | | | 40,644 | |
| | 71 | | | The Madison Square Garden Co. - Class A (b) | | | 15,201 | |
| | 1,653 | | | The New York Times Co. - Class A | | | 32,399 | |
| | 1,427 | | | Time, Inc. | | | 19,264 | |
| | 1,836 | | | Townsquare Media, Inc. - Class A (b) | | | 18,360 | |
| | 253 | | | Tribune Media Co. - Class A | | | 10,338 | |
| | 780 | | | tronc, Inc. (b) | | | 11,333 | |
| | 641 | | | World Wrestling Entertainment, Inc. - Class A | | | 15,096 | |
| | | | | | |
|
|
|
| | | | | | | | 672,221 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.83% | |
| | 5,725 | | | AK Steel Holding Corp. (a)(b) | | | 32,003 | |
| | 1,015 | | | Alcoa Corp. (a)(b) | | | 47,319 | |
| | 256 | | | Carpenter Technology Corp. (a) | | | 12,296 | |
| | 1,224 | | | Century Aluminum Co. (b) | | | 20,294 | |
| | 1,751 | | | Cleveland-Cliffs, Inc. (b) | | | 12,520 | |
| | 1,287 | | | Coeur Mining, Inc. (b) | | | 11,827 | |
| | 3,195 | | | Ferroglobe Representation & Warranty Insurance Trust (b)(c) | | | 0 | |
| | 503 | | | Gibraltar Industries, Inc. (a)(b) | | | 15,668 | |
| | 610 | | | Handy & Harman Ltd. (b) | | | 19,855 | |
| | 540 | | | Materion Corp. | | | 23,301 | |
| | 892 | | | Olympic Steel, Inc. | | | 19,624 | |
| | 593 | | | Reliance Steel & Aluminum Co. (a) | | | 45,169 | |
| | 176 | | | Royal Gold, Inc. | | | 15,143 | |
| | 1,153 | | | Ryerson Holding Corp. (b) | | | 12,510 | |
| | 707 | | | Schnitzer Steel Industries, Inc. - Class A | | | 19,902 | |
| | 1,757 | | | Steel Dynamics, Inc. | | | 60,564 | |
| | 1,976 | | | SunCoke Energy, Inc. (b) | | | 18,061 | |
| | 1,376 | | | United States Steel Corp. (a) | | | 35,308 | |
| | 314 | | | Worthington Industries, Inc. (a) | | | 14,444 | |
| | | | | | |
|
|
|
| | | | | | | | 435,808 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.70% | |
| | 822 | | | Big Lots, Inc. (a) | | | 44,035 | |
| | 677 | | | Burlington Stores, Inc. (a)(b) | | | 64,626 | |
| | 343 | | | Dillard’s, Inc. - Class A (a) | | | 19,232 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Multiline Retail (Continued) | |
| | 3,163 | | | Fred’s, Inc. - Class A (a) | | $ | 20,370 | |
| | 6,902 | | | J.C. Penney Co., Inc. (b) | | | 26,297 | |
| | 2,231 | | | Kohl’s Corp. (a) | | | 101,845 | |
| | 1,387 | | | Nordstrom, Inc. | | | 65,397 | |
| | 511 | | | Ollie’s Bargain Outlet Holdings, Inc. (b) | | | 23,710 | |
| | | | | | |
|
|
|
| | | | | | | | 365,512 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.34% | |
| | 981 | | | Alliant Energy Corp. (a) | | | 40,780 | |
| | 294 | | | Avista Corp. | | | 15,220 | |
| | 311 | | | Black Hills Corp. | | | 21,419 | |
| | 1,637 | | | MDU Resources Group, Inc. | | | 42,480 | |
| | 520 | | | NorthWestern Corp. (a) | | | 29,609 | |
| | 407 | | | Vectren Corp. | | | 26,768 | |
| | | | | | |
|
|
|
| | | | | | | | 176,276 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 0.87% | |
| | 312 | | | Adams Resources & Energy, Inc. | | | 12,948 | |
| | 137 | | | Arch Coal, Inc. - Class A | | | 9,828 | |
| | 129 | | | Chesapeake Utilities Corp. | | | 10,094 | |
| | 4,953 | | | Cloud Peak Energy, Inc. (b) | | | 18,128 | |
| | 1,537 | | | CONSOL Energy, Inc. (a)(b) | | | 26,037 | |
| | 437 | | | CVR Energy, Inc. (a) | | | 11,318 | |
| | 427 | | | Delek US Holdings, Inc. | | | 11,414 | |
| | 2,527 | | | Dorian LPG, Ltd. (a)(b) | | | 17,234 | |
| | 2,204 | | | Evolution Petroleum Corp. | | | 15,869 | |
| | 963 | | | Green Plains, Inc. | | | 19,405 | |
| | 2,294 | | | Hallador Energy Co. | | | 13,122 | |
| | 1,022 | | | HollyFrontier Corp. (a) | | | 36,761 | |
| | 593 | | | Murphy Oil Corp. | | | 15,750 | |
| | 7,211 | | | Overseas Shipholding Group, Inc. - Class A (b) | | | 18,965 | |
| | 2,644 | | | Pacific Ethanol, Inc. (b) | | | 14,674 | |
| | 516 | | | Par Pacific Holdings, Inc. (b) | | | 10,733 | |
| | 760 | | | PBF Energy, Inc. - Class A (a) | | | 20,984 | |
| | 560 | | | Peabody Energy Corp. (b) | | | 16,246 | |
| | 814 | | | Renewable Energy Group, Inc. (a)(b) | | | 9,890 | |
| | 853 | | | Targa Resources Corp. | | | 40,347 | |
| | 15,243 | | | Teekay Tankers Ltd. - Class A | | | 24,694 | |
| | 1,733 | | | Tellurian, Inc. (b) | | | 18,508 | |
| | 4,000 | | | Westmoreland Coal Co. (b) | | | 10,200 | |
| | 3,214 | | | Whiting Petroleum Corp. (b) | | | 17,548 | |
| | 1,111 | | | World Fuel Services Corp. (a) | | | 37,674 | |
| | | | | | |
|
|
|
| | | | | | | | 458,371 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.20% | |
| | 555 | | | Boise Cascade Co. (b) | | | 19,370 | |
| | 511 | | | Domtar Corp. (a) | | | 22,172 | |
| | 1,302 | | | KapStone Paper and Packaging Corp. (a) | | | 27,980 | |
| | 972 | | | Louisiana-Pacific Corp. (b) | | | 26,322 | |
| | 268 | | | Schweitzer-Mauduit International, Inc. | | | 11,111 | |
| | | | | | |
|
|
|
| | | | | | | | 106,955 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.69% | |
| | 255 | | | Edgewell Personal Care Co. (b) | | | 18,557 | |
| | 1,006 | | | Herbalife, Ltd. (b) | | | 68,237 | |
| | 433 | | | Inter Parfums, Inc. | | | 17,861 | |
| | 1,476 | | | Medifast, Inc. | | | 87,630 | |
| | 1,438 | | | Natural Health Trends Corp. | | | 34,368 | |
| | 1,819 | | | Nature’s Sunshine Products, Inc. | | | 18,463 | |
| | 999 | | | Nu Skin Enterprises, Inc. - Class A | | | 61,419 | |
| | 929 | | | USANA Health Sciences, Inc. (b) | | | 53,603 | |
| | | | | | |
|
|
|
| | | | | | | | 360,138 | |
| | | | | | |
|
|
|
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Pharmaceuticals - 1.22% | |
| | 216 | | | Aerie Pharmaceuticals, Inc. (a)(b) | | $ | 10,498 | |
| | 751 | | | Akorn, Inc. (b) | | | 24,926 | |
| | 727 | | | Amphastar Pharmaceuticals, Inc. (b) | | | 12,991 | |
| | 596 | | | Assembly Biosciences, Inc. (b) | | | 20,812 | |
| | 821 | | | Catalent, Inc. (a)(b) | | | 32,774 | |
| | 3,327 | | | Corcept Therapeutics, Inc. (a)(b) | | | 64,211 | |
| | 5,605 | | | Depomed, Inc. (a)(b) | | | 32,453 | |
| | 4,527 | | | Endo International Plc (b) | | | 38,774 | |
| | 3,558 | | | Horizon Pharma Plc (b) | | | 45,115 | |
| | 1,193 | | | Impax Laboratories, Inc. (b) | | | 24,218 | |
| | 1,116 | | | Intersect ENT, Inc. (b) | | | 34,763 | |
| | 2,019 | | | Lannett Co., Inc. (a)(b) | | | 37,250 | |
| | 1,234 | | | Mallinckrodt Plc (b) | | | 46,115 | |
| | 487 | | | Omeros Corp. (b) | | | 10,529 | |
| | 372 | | | Pacira Pharmaceuticals, Inc. (b) | | | 13,969 | |
| | 1,033 | | | Phibro Animal Health Corp. - Class A | | | 38,273 | |
| | 608 | | | Prestige Brands Holdings, Inc. (a)(b) | | | 30,455 | |
| | 4,372 | | | SciClone Pharmaceuticals, Inc. (b) | | | 48,966 | |
| | 2,616 | | | Sucampo Pharmaceuticals, Inc. - Class A (a)(b) | | | 30,869 | |
| | 1,034 | | | Supernus Pharmaceuticals, Inc. (b) | | | 41,360 | |
| | | | | | |
|
|
|
| | | | | | | | 639,321 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.40% | |
| | 4,510 | | | Acacia Research Corp. (b) | | | 20,521 | |
| | 1,417 | | | BG Staffing, Inc. (a) | | | 23,451 | |
| | 1,552 | | | CBIZ, Inc. (b) | | | 25,220 | |
| | 422 | | | CRA International, Inc. | | | 17,323 | |
| | 1,236 | | | Franklin Covey Co. (b) | | | 25,091 | |
| | 504 | | | FTI Consulting, Inc. (a)(b) | | | 17,882 | |
| | 381 | | | GP Strategies Corp. (b) | | | 11,754 | |
| | 556 | | | Heidrick & Struggles International, Inc. | | | 11,759 | |
| | 428 | | | Huron Consulting Group, Inc. (b) | | | 14,680 | |
| | 520 | | | ICF International, Inc. (b) | | | 28,054 | |
| | 212 | | | Insperity, Inc. | | | 18,656 | |
| | 496 | | | Kelly Services, Inc. - Class A | | | 12,445 | |
| | 1,318 | | | Kforce, Inc. | | | 26,624 | |
| | 507 | | | Korn/Ferry International | | | 19,991 | |
| | 903 | | | ManpowerGroup, Inc. (a) | | | 106,391 | |
| | 708 | | | Mistras Group, Inc. (b) | | | 14,514 | |
| | 1,639 | | | Navigant Consulting, Inc. (b) | | | 27,732 | |
| | 965 | | | On Assignment, Inc. (a)(b) | | | 51,801 | |
| | 1,372 | | | Resources Connection, Inc. | | | 19,071 | |
| | 2,013 | | | Robert Half International, Inc. | | | 101,334 | |
| | 1,202 | | | RPX Corp. (b) | | | 15,963 | |
| | 251 | | | The Advisory Board Co. (a)(b) | | | 13,460 | |
| | 258 | | | The Dun & Bradstreet Corp. | | | 30,034 | |
| | 349 | | | TriNet Group, Inc. (b) | | | 11,733 | |
| | 1,336 | | | TrueBlue, Inc. (b) | | | 29,993 | |
| | 230 | | | VSE Corp. | | | 13,078 | |
| | 837 | | | Willdan Group, Inc. (b) | | | 27,169 | |
| | | | | | |
|
|
|
| | | | | | | | 735,724 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.70% | |
| | 3,910 | | | Altisource Portfolio Solutions SA (a)(b) | | | 101,152 | |
| | 1,887 | | | Forestar Group, Inc. (b) | | | 33,494 | |
| | 306 | | | Jones Lang LaSalle, Inc. (a) | | | 37,791 | |
| | 1,593 | | | Marcus & Millichap, Inc. (a)(b) | | | 42,995 | |
| | 2,165 | | | Maui Land & Pineapple Co, Inc. (b) | | | 30,202 | |
| | 321 | | | RE/MAX Holdings, Inc. - Class A (a) | | | 20,399 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Management & Development (Continued) | |
| | 1,822 | | | Realogy Holdings Corp. | | $ | 60,035 | |
| | 799 | | | The RMR Group, Inc. - Class A | | | 41,029 | |
| | | | | | |
|
|
|
| | | | | | | | 367,097 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.62% | |
| | 26 | | | AMERCO | | | 9,747 | |
| | 1,586 | | | ArcBest Corp. | | | 53,052 | |
| | 1,073 | | | Avis Budget Group, Inc. (a)(b) | | | 40,838 | |
| | 386 | | | Genesee & Wyoming, Inc. - Class A (b) | | | 28,568 | |
| | 613 | | | Knight-Swift Transportation Holdings, Inc. | | | 25,452 | |
| | 580 | | | Landstar System, Inc. | | | 57,797 | |
| | 363 | | | Old Dominion Freight Line, Inc. (b) | | | 39,970 | |
| | 2,412 | | | Roadrunner Transportation Systems, Inc. (b) | | | 22,986 | |
| | 252 | | | Ryder System, Inc. | | | 21,307 | |
| | 255 | | | Saia, Inc. (b) | | | 15,976 | |
| | 294 | | | Werner Enterprises, Inc. | | | 10,746 | |
| | | | | | |
|
|
|
| | | | | | | | 326,439 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.85% | |
| | 505 | | | Advanced Energy Industries, Inc. (b) | | | 40,784 | |
| | 7,532 | | | Advanced Micro Devices, Inc. (a)(b) | | | 96,033 | |
| | 239 | | | Ambarella, Inc. (b) | | | 11,713 | |
| | 3,038 | | | Amkor Technology, Inc. (b) | | | 32,051 | |
| | 879 | | | Axcelis Technologies, Inc. (b) | | | 24,041 | |
| | 1,166 | | | AXT, Inc. (b) | | | 10,669 | |
| | 1,139 | | | Brooks Automation, Inc. | | | 34,580 | |
| | 358 | | | Cabot Microelectronics Corp. | | | 28,615 | |
| | 334 | | | Cavium, Inc. (a)(b) | | | 22,024 | |
| | 1,151 | | | Cirrus Logic, Inc. (b) | | | 61,371 | |
| | 438 | | | Cohu, Inc. | | | 10,442 | |
| | 983 | | | Cree, Inc. (b) | | | 27,711 | |
| | 1,560 | | | Cypress Semiconductor Corp. (a) | | | 23,431 | |
| | 1,068 | | | Diodes, Inc. (b) | | | 31,965 | |
| | 2,811 | | | DSP Group, Inc. (b) | | | 36,543 | |
| | 1,147 | | | Entegris, Inc. (b) | | | 33,091 | |
| | 812 | | | First Solar, Inc. (a)(b) | | | 37,254 | |
| | 689 | | | Ichor Holdings, Ltd. (b) | | | 18,465 | |
| | 394 | | | Impinj, Inc. (a)(b) | | | 16,394 | |
| | 832 | | | Integrated Device Technology, Inc. (a)(b) | | | 22,114 | |
| | 1,401 | | | IXYS Corp. (b) | | | 33,204 | |
| | 290 | | | MACOM Technology Solutions Holdings, Inc. (a)(b) | | | 12,937 | |
| | 3,029 | | | Marvell Technology Group, Ltd. - ADR | | | 54,219 | |
| | 667 | | | Microsemi Corp. (b) | | | 34,337 | |
| | 571 | | | MKS Instruments, Inc. | | | 53,931 | |
| | 832 | | | Monolithic Power Systems, Inc. | | | 88,650 | |
| | 877 | | | Nanometrics, Inc. (b) | | | 25,258 | |
| | 322 | | | NVE Corp. | | | 25,428 | |
| | 4,378 | | | ON Semiconductor Corp. (a)(b) | | | 80,862 | |
| | 2,648 | | | Photronics, Inc. (b) | | | 23,435 | |
| | 7,186 | | | Pixelworks, Inc. (b) | | | 33,846 | |
| | 755 | | | Power Integrations, Inc. (a) | | | 55,266 | |
| | 1,845 | | | Rambus, Inc. (b) | | | 24,631 | |
| | 1,090 | | | Rudolph Technologies, Inc. (b) | | | 28,667 | |
| | 503 | | | Semtech Corp. (b) | | | 18,888 | |
| | 5,401 | | | Sigma Designs, Inc. (b) | | | 34,026 | |
| | 198 | | | Silicon Laboratories, Inc. (a)(b) | | | 15,820 | |
| | 2,439 | | | Teradyne, Inc. (a) | | | 90,950 | |
| | 1,361 | | | Ultra Clean Holdings, Inc. (a)(b) | | | 41,674 | |
| | 520 | | | Veeco Instruments, Inc. (a)(b) | | | 11,128 | |
| | 1,166 | | | Versum Materials, Inc. (a) | | | 45,264 | |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 2,302 | | | Xcerra Corp. (b) | | $ | 22,675 | |
| | 702 | | | Xperi Corp. | | | 17,761 | |
| | | | | | |
|
|
|
| | | | | | | | 1,492,148 | |
| | | | | | |
|
|
|
| | | | | Software - 4.06% | | | | |
| | 1,571 | | | 8x8, Inc. (b) | | | 21,209 | |
| | 4,865 | | | A10 Networks, Inc. (b) | | | 36,779 | |
| | 649 | | | ACI Worldwide, Inc. (a)(b) | | | 14,784 | |
| | 1,011 | | | Agilysys, Inc. (b) | | | 12,081 | |
| | 1,048 | | | American Software, Inc. - Class A | | | 11,905 | |
| | 1,108 | | | ANSYS, Inc. (b) | | | 135,985 | |
| | 1,181 | | | Aspen Technology, Inc. (a)(b) | | | 74,179 | |
| | 861 | | | Atlassian Corp. Plc - Class A (b) | | | 30,264 | |
| | 844 | | | Barracuda Networks, Inc. (a)(b) | | | 20,450 | |
| | 425 | | | Blackbaud, Inc. | | | 37,315 | |
| | 3,310 | | | Cadence Design System, Inc. (b) | | | 130,646 | |
| | 421 | | | Callidus Software, Inc. (b) | | | 10,378 | |
| | 979 | | | CommVault Systems, Inc. (b) | | | 59,523 | |
| | 168 | | | Ellie Mae, Inc. (a)(b) | | | 13,798 | |
| | 263 | | | ePlus, Inc. (b) | | | 24,314 | |
| | 712 | | | Everbridge, Inc. (a)(b) | | | 18,811 | |
| | 1,805 | | | Exa Corp. (b) | | | 43,645 | |
| | 257 | | | Fair Isaac Corp. (a) | | | 36,109 | |
| | 939 | | | Fortinet, Inc. (b) | | | 33,654 | |
| | 664 | | | Gigamon, Inc. (a)(b) | | | 27,988 | |
| | 2,698 | | | Glu Mobile, Inc. (b) | | | 10,144 | |
| | 208 | | | Guidewire Software, Inc. (a)(b) | | | 16,195 | |
| | 515 | | | HubSpot, Inc. (b) | | | 43,286 | |
| | 320 | | | Imperva, Inc. (b) | | | 13,888 | |
| | 710 | | | Jack Henry & Associates, Inc. | | | 72,981 | |
| | 962 | | | Manhattan Associates, Inc. (b) | | | 39,990 | |
| | 142 | | | MicroStrategy, Inc. - Class A (b) | | | 18,135 | |
| | 2,264 | | | Mitek Systems, Inc. (a)(b) | | | 21,508 | |
| | 8,689 | | | MobileIron, Inc. (b) | | | 32,149 | |
| | 780 | | | Model N, Inc. (b) | | | 11,661 | |
| | 3,512 | | | Nuance Communications, Inc. (a)(b) | | | 55,209 | |
| | 465 | | | Paycom Software, Inc. (a)(b) | | | 34,856 | |
| | 854 | | | Pegasystems, Inc. | | | 49,233 | |
| | 2,176 | | | Progress Software Corp. | | | 83,058 | |
| | 173 | | | Proofpoint, Inc. (a)(b) | | | 15,089 | |
| | 984 | | | PROS Holdings, Inc. (b) | | | 23,744 | |
| | 968 | | | PTC, Inc. (a)(b) | | | 54,479 | |
| | 927 | | | QAD, Inc. - Class A | | | 31,842 | |
| | 364 | | | Qualys, Inc. (a)(b) | | | 18,855 | |
| | 1,767 | | | Rapid7, Inc. (a)(b) | | | 31,099 | |
| | 2,358 | | | RealNetworks, Inc. (b) | | | 11,318 | |
| | 822 | | | RealPage, Inc. (b) | | | 32,798 | |
| | 1,398 | | | RingCentral, Inc. - Class A (b) | | | 58,367 | |
| | 2,667 | | | Rosetta Stone, Inc. (b) | | | 27,230 | |
| | 921 | | | Silver Spring Networks, Inc. (b) | | | 14,893 | |
| | 744 | | | Splunk, Inc. (b) | | | 49,424 | |
| | 993 | | | SS&C Technologies Holdings, Inc. (a) | | | 39,869 | |
| | 2,304 | | | Synchronoss Technologies, Inc. (b) | | | 21,496 | |
| | 535 | | | Tableau Software, Inc. - Class A (b) | | | 40,066 | |
| | 562 | | | Take-Two Interactive Software, Inc. (b) | | | 57,453 | |
| | 7,400 | | | The Rubicon Project, Inc. (b) | | | 28,786 | |
| | 1,188 | | | TiVo Corp. | | | 23,582 | |
| | 60 | | | Tyler Technologies, Inc. (b) | | | 10,459 | |
| | 578 | | | Upland Software, Inc. (b) | | | 12,230 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | | | | |
| | 901 | | | Varonis Systems, Inc. (b) | | $ | 37,752 | |
| | 2,018 | | | VASCO Data Security International, Inc. (b) | | | 24,317 | |
| | 865 | | | Verint Systems, Inc. (a)(b) | | | 36,200 | |
| | 3,413 | | | Workiva, Inc. (b) | | | 71,161 | |
| | 825 | | | Zendesk, Inc. (b) | | | 24,016 | |
| | 5,185 | | | Zix Corp. (a)(b) | | | 25,355 | |
| | 3,683 | | | Zynga, Inc. - Class A (b) | | | 13,922 | |
| | | | | | |
|
|
|
| | | | | | | | 2,131,912 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 3.93% | |
| | 1,581 | | | Aaron’s, Inc. | | | 68,979 | |
| | 3,108 | | | Abercrombie & Fitch Co. - Class A | | | 44,880 | |
| | 2,623 | | | American Eagle Outfitters, Inc. (a) | | | 37,509 | |
| | 979 | | | America’s Car-Mart, Inc. (b) | | | 40,261 | |
| | 220 | | | Asbury Automotive Group, Inc. (b) | | | 13,442 | |
| | 13,828 | | | Ascena Retail Group, Inc. (b) | | | 33,879 | |
| | 253 | | | AutoNation, Inc. (a)(b) | | | 12,007 | |
| | 1,870 | | | Barnes & Noble Education, Inc. (b) | | | 12,174 | |
| | 2,488 | | | Barnes & Noble, Inc. | | | 18,909 | |
| | 1,650 | | | Bed Bath & Beyond, Inc. (a) | | | 38,726 | |
| | 2,898 | | | Big 5 Sporting Goods Corp. (a) | | | 22,170 | |
| | 2,502 | | | Build-A-Bear Workshop, Inc. (b) | | | 22,893 | |
| | 1,182 | | | Caleres, Inc. | | | 36,075 | |
| | 560 | | | Camping World Holdings, Inc. - Class A | | | 22,814 | |
| | 5,859 | | | Chico’s FAS, Inc. | | | 52,438 | |
| | 1,115 | | | Citi Trends, Inc. | | | 22,155 | |
| | 856 | | | Conn’s, Inc. (a)(b) | | | 24,096 | |
| | 1,061 | | | Dick’s Sporting Goods, Inc. (a) | | | 28,658 | |
| | 1,254 | | | DSW, Inc. - Class A | | | 26,936 | |
| | 4,127 | | | Express, Inc. (b) | | | 27,899 | |
| | 616 | | | Five Below, Inc. (a)(b) | | | 33,806 | |
| | 397 | | | Floor & Decor Holdings, Inc. (b) | | | 15,455 | |
| | 1,324 | | | Foot Locker, Inc. | | | 46,631 | |
| | 2,551 | | | Francesca’s Holdings Corp. (a)(b) | | | 18,775 | |
| | 3,138 | | | GameStop Corp. - Class A (a) | | | 64,831 | |
| | 873 | | | Genesco, Inc. (b) | | | 23,222 | |
| | 1,879 | | | GNC Holdings, Inc. - Class A (a) | | | 16,610 | |
| | 183 | | | Group 1 Automotive, Inc. (a) | | | 13,260 | |
| | 849 | | | Guess?, Inc. | | | 14,459 | |
| | 2,397 | | | Haverty Furniture Cos., Inc. | | | 62,682 | |
| | 1,720 | | | Hibbett Sports, Inc. (a)(b) | | | 24,510 | |
| | 1,778 | | | J. Jill, Inc. (a)(b) | | | 19,362 | |
| | 3,057 | | | Kirkland’s, Inc. (b) | | | 34,942 | |
| | 193 | | | Lithia Motors, Inc. - Class A (a) | | | 23,220 | |
| | 1,374 | | | Lumber Liquidators Holdings, Inc. (b) | | | 53,559 | |
| | 700 | | | MarineMax, Inc. (b) | | | 11,585 | |
| | 222 | | | Monro, Inc. | | | 12,443 | |
| | 240 | | | Murphy USA, Inc. (b) | | | 16,560 | |
| | 8,138 | | | Office Depot, Inc. (a) | | | 36,947 | |
| | 231 | | | Penske Automotive Group, Inc. | | | 10,989 | |
| | 5,549 | | | Pier 1 Imports, Inc. | | | 23,250 | |
| | 6,113 | | | Rent-A-Center, Inc. (a) | | | 70,177 | |
| | 346 | | | REX American Resources Corp. (b) | | | 32,465 | |
| | 647 | | | RH (a)(b) | | | 45,497 | |
| | 1,804 | | | Sally Beauty Holdings, Inc. (b) | | | 35,322 | |
| | 1,009 | | | Select Comfort Corp. (b) | | | 31,329 | |
| | 1,211 | | | Shoe Carnival, Inc. | | | 27,102 | |
| | 498 | | | Signet Jewelers Ltd. (a) | | | 33,142 | |
| | 4,349 | | | Sportsman’s Warehouse Holdings, Inc. (a)(b) | | | 19,614 | |
| | 1,325 | | | Systemax, Inc. | | | 35,020 | |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Specialty Retail (Continued) | |
| | 1,951 | | | Tailored Brands, Inc. (a) | | $ | 28,172 | |
| | 1,332 | | | The Buckle, Inc. (a) | | | 22,444 | |
| | 1,241 | | | The Cato Corp. - Class A | | | 16,418 | |
| | 694 | | | The Children’s Place, Inc. (a) | | | 81,996 | |
| | 9,664 | | | The Container Store Group, Inc. (b) | | | 40,685 | |
| | 2,121 | | | The Finish Line, Inc. - Class A (a) | | | 25,516 | |
| | 2,846 | | | The Michaels Cos., Inc. (a)(b) | | | 61,104 | |
| | 1,732 | | | Tile Shop Holdings, Inc. | | | 21,996 | |
| | 6,109 | | | Tilly’s, Inc. - Class A | | | 73,247 | |
| | 1,930 | | | Urban Outfitters, Inc. (a)(b) | | �� | 46,127 | |
| | 2,137 | | | Vitamin Shoppe, Inc. (b) | | | 11,433 | |
| | 999 | | | Williams Sonoma, Inc. (a) | | | 49,810 | |
| | 232 | | | Winmark Corp. | | | 30,566 | |
| | 2,120 | | | Zumiez, Inc. (b) | | | 38,372 | |
| | | | | | |
|
|
|
| | | | | | | | 2,061,552 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.54% | |
| | 2,305 | | | 3D Systems Corp. (a)(b) | | | 30,864 | |
| | 4,908 | | | Avid Technology, Inc. (b) | | | 22,282 | |
| | 541 | | | Cray, Inc. (b) | | | 10,523 | |
| | 608 | | | Electronics for Imaging, Inc. (a)(b) | | | 25,949 | |
| | 1,131 | | | NCR Corp. (a)(b) | | | 42,435 | |
| | 2,380 | | | Pure Storage, Inc. - Class A (a)(b) | | | 38,056 | |
| | 3,754 | | | Quantum Corp. (b) | | | 22,975 | |
| | 687 | | | Synaptics, Inc. (a)(b) | | | 26,917 | |
| | 1,881 | | | Teradata Corp. (a)(b) | | | 63,559 | |
| | | | | | |
|
|
|
| | | | | | | | 283,560 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.61% | |
| | 562 | | | Carter’s, Inc. (a) | | | 55,497 | |
| | 846 | | | Columbia Sportswear Co. | | | 52,097 | |
| | 7,310 | | | Crocs, Inc. (a)(b) | | | 70,907 | |
| | 331 | | | Culp, Inc. | | | 10,840 | |
| | 562 | | | Deckers Outdoor Corp. (b) | | | 38,446 | |
| | 2,652 | | | Fossil Group, Inc. (a)(b) | | | 24,743 | |
| | 725 | | | G-III Apparel Group, Ltd. (b) | | | 21,039 | |
| | 739 | | | lululemon athletica, Inc. (b) | | | 46,003 | |
| | 1,909 | | | Michael Kors Holdings Ltd. (b) | | | 91,346 | |
| | 770 | | | Movado Group, Inc. | | | 21,560 | |
| | 490 | | | Oxford Industries, Inc. | | | 31,135 | |
| | 1,992 | | | Perry Ellis International, Inc. (b) | | | 47,131 | |
| | 688 | | | Ralph Lauren Corp. | | | 60,744 | |
| | 1,498 | | | Skechers U.S.A., Inc. - Class A (b) | | | 37,585 | |
| | 1,419 | | | Steven Madden, Ltd. (a)(b) | | | 61,443 | |
| | 1,066 | | | Superior Uniform Group, Inc. | | | 24,411 | |
| | 213 | | | UniFirst Corp. | | | 32,269 | |
| | 2,836 | | | Vera Bradley, Inc. (b) | | | 24,985 | |
| | 461 | | | Weyco Group, Inc. | | | 13,083 | |
| | 2,656 | | | Wolverine World Wide, Inc. (a) | | | 76,626 | |
| | | | | | |
|
|
|
| | | | | | | | 841,890 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 1.54% | |
| | 508 | | | Astoria Financial Corp. | | | 10,922 | |
| | 1,058 | | | Bank Mutual Corp. | | | 10,739 | |
| | 648 | | | BankFinancial Corp. | | | 10,297 | |
| | 464 | | | Berkshire Hills Bancorp, Inc. | | | 17,980 | |
| | 1,401 | | | BofI Holding, Inc. (a)(b) | | | 39,887 | |
| | 910 | | | Brookline Bancorp, Inc. | | | 14,105 | |
| | 895 | | | Charter Financial Corp. | | | 16,584 | |
| | 747 | | | Entegra Financial Corp. (b) | | | 18,638 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Thrifts & Mortgage Finance (Continued) | |
| | 488 | | | Federal Agricultural Mortgage Corp. - Class C | | $ | 35,497 | |
| | 843 | | | Flagstar Bancorp, Inc. (b) | | | 29,910 | |
| | 242 | | | Hingham Institution for Savings | | | 46,045 | |
| | 375 | | | Home Bancorp, Inc. | | | 15,683 | |
| | 953 | | | HomeStreet, Inc. (b) | | | 25,731 | |
| | 4,804 | | | Impac Mortgage Holdings, Inc. (b) | | | 62,740 | |
| | 74 | | | LendingTree, Inc. (a)(b) | | | 18,089 | |
| | 520 | | | Malvern Bancorp, Inc. (b) | | | 13,910 | |
| | 583 | | | Meridian Bancorp, Inc. | | | 10,873 | |
| | 216 | | | Meta Financial Group, Inc. | | | 16,934 | |
| | 1,828 | | | New York Community Bancorp, Inc. (a) | | | 23,563 | |
| | 2,960 | | | NMI Holdings, Inc. - Class A (b) | | | 36,704 | |
| | 638 | | | Northwest Bancshares, Inc. | | | 11,018 | |
| | 559 | | | OceanFirst Financial Corp. | | | 15,367 | |
| | 1,028 | | | PennyMac Financial Services, Inc. - Class A (b) | | | 18,298 | |
| | 2,453 | | | People’s United Financial, Inc. (a) | | | 44,497 | |
| | 2,986 | | | Radian Group, Inc. (a) | | | 55,808 | |
| | 1,303 | | | Riverview Bancorp, Inc. | | | 10,945 | |
| | 323 | | | Southern Missouri Bancorp, Inc. | | | 11,786 | |
| | 546 | | | Timberland Bancorp, Inc. | | | 17,112 | |
| | 739 | | | United Financial Bancorp, Inc. | | | 13,516 | |
| | 875 | | | Walker & Dunlop, Inc. (a)(b) | | | 45,789 | |
| | 1,653 | | | Washington Federal, Inc. (a) | | | 55,624 | |
| | 973 | | | Waterstone Financial, Inc. | | | 18,974 | |
| | 1,177 | | | Western New England Bancorp, Inc. | | | 12,829 | |
| | | | | | |
|
|
|
| | | | | | | | 806,394 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.06% | | | | |
| | 281 | | | Universal Corp. | | | 16,101 | |
| | 658 | | | Vector Group, Ltd. | | | 13,477 | |
| | | | | | |
|
|
|
| | | | | | | | 29,578 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.76% | |
| | 512 | | | Air Lease Corp. (a) | | | 21,821 | |
| | 540 | | | Applied Industrial Technologies, Inc. (a) | | | 35,532 | |
| | 1,328 | | | Beacon Roofing Supply, Inc. (b) | | | 68,060 | |
| | 1,328 | | | BMC Stock Holdings, Inc. (a)(b) | | | 28,353 | |
| | 357 | | | CAI International, Inc. (b) | | | 10,824 | |
| | 1,598 | | | DXP Enterprises, Inc. (b) | | | 50,321 | |
| | 563 | | | EnviroStar, Inc. | | | 15,567 | |
| | 317 | | | GATX Corp. | | | 19,515 | |
| | 894 | | | GMS, Inc. (b) | | | 31,648 | |
| | 1,102 | | | H&E Equipment Services, Inc. | | | 32,178 | |
| | 1,925 | | | HD Supply Holdings, Inc. (b) | | | 69,435 | |
| | 3,828 | | | Huttig Building Products, Inc. (b) | | | 27,026 | |
| | 2,213 | | | Lawson Products, Inc. (b) | | | 55,768 | |
| | 1,098 | | | MRC Global, Inc. (b) | | | 19,204 | |
| | 575 | | | MSC Industrial Direct Co., Inc. - Class A | | | 43,453 | |
| | 955 | | | Neff Corp. - Class A (b) | | | 23,875 | |
| | 1,082 | | | NOW, Inc. (a)(b) | | | 14,942 | |
| | 672 | | | Rush Enterprises, Inc. - Class A (b) | | | 31,107 | |
| | 588 | | | Rush Enterprises, Inc. - Class B (b) | | | 25,649 | |
| | 1,051 | | | SiteOne Landscape Supply, Inc. (a)(b) | | | 61,063 | |
| | 616 | | | Textainer Group Holdings Ltd. (b) | | | 10,564 | |
| | 1,280 | | | Titan Machinery, Inc. (a)(b) | | | 19,878 | |
| | 473 | | | Triton International Ltd. | | | 15,741 | |
| | 480 | | | United Rentals, Inc. (a)(b) | | | 66,595 | |
| | 1,289 | | | Univar, Inc. (b) | | | 37,291 | |
| | 503 | | | Veritiv Corp. (b) | | | 16,348 | |
| | 227 | | | Watsco, Inc. - Class A (a) | | | 36,563 | |
| | 577 | | | WESCO International, Inc. (b) | | | 33,610 | |
| | | | | | |
|
|
|
| | | | | | | | 921,931 | |
| | | | | | |
|
|
|
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Water Utilities - 0.15% | | | | |
| | 201 | | | American States Water Co. | | $ | 9,899 | |
| | 548 | | | Aqua America, Inc. | | | 18,188 | |
| | 891 | | | Cadiz, Inc. (b) | | | 11,316 | |
| | 268 | | | California Water Service Group | | | 10,224 | |
| | 2,116 | | | Consolidated Water Co., Ltd. - Ordinary Shares | | | 27,085 | |
| | | | | | |
|
|
|
| | | | | | | | 76,712 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.13% | |
| | 684 | | | Boingo Wireless, Inc. (b) | | | 14,617 | |
| | 287 | | | Shenandoah Telecommunications Co. | | | 10,676 | |
| | 1,003 | | | Telephone & Data Systems, Inc. | | | 27,974 | |
| | 434 | | | United States Cellular Corp. (b) | | | 15,364 | |
| | | | | | |
|
|
|
| | | | | | | | 68,631 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $34,829,384) | | | 47,029,719 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.33% | | | | |
| | | | | Exchange Traded Funds - 3.33% | | | | |
| | 16,312 | | | Vanguard Extended Market ETF | | | 1,747,505 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $1,459,181) | | | 1,747,505 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 6.03% | |
| | | | | Real Estate Investment Trusts - 6.03% | | | | |
| | 2,354 | | | AG Mortgage Investment Trust, Inc. | | | 45,291 | |
| | 5,412 | | | AGNC Investment Corp. | | | 117,332 | |
| | 363 | | | Alexandria Real Estate Equities, Inc. | | | 43,186 | |
| | 216 | | | American Campus Communities, Inc. | | | 9,536 | |
| | 1,811 | | | American Homes 4 Rent - Class A | | | 39,317 | |
| | 3,560 | | | Anworth Mortgage Asset Corp. (a) | | | 21,396 | |
| | 456 | | | Apartment Investment & Management Co. - Class A | | | 20,000 | |
| | 1,662 | | | Apollo Commercial Real Estate Finance, Inc. | | | 30,099 | |
| | 986 | | | Apple Hospitality REIT, Inc. | | | 18,645 | |
| | 1,064 | | | Ares Commercial Real Estate Corp. | | | 14,162 | |
| | 766 | | | Armada Hoffler Properties, Inc. | | | 10,578 | |
| | 1,437 | | | ARMOUR Residential REIT, Inc. | | | 38,655 | |
| | 3,309 | | | Ashford Hospitality Prime, Inc. (a) | | | 31,435 | |
| | 8,510 | | | Ashford Hospitality Trust, Inc. | | | 56,762 | |
| | 1,249 | | | Brandywine Realty Trust | | | 21,845 | |
| | 624 | | | Camden Property Trust | | | 57,065 | |
| | 1,746 | | | Capstead Mortgage Corp. | | | 16,849 | |
| | 1,217 | | | CareTrust REIT, Inc. | | | 23,172 | |
| | 3,675 | | | CBL & Associates Properties, Inc. (a) | | | 30,833 | |
| | 4,064 | | | Cedar Shopping Centers, Inc. | | | 22,840 | |
| | 2,004 | | | Chatham Lodging Trust (a) | | | 42,725 | |
| | 1,570 | | | Cherry Hill Mortgage Investment Corp. | | | 28,417 | |
| | 2,362 | | | Chesapeake Lodging Trust (a) | | | 63,703 | |
| | 7,166 | | | Chimera Investment Corp. (a) | | | 135,581 | |
| | 1,993 | | | Colony NorthStar, Inc. - Class A (a) | | | 25,032 | |
| | 405 | | | Community Healthcare Trust, Inc. | | | 10,919 | |
| | 565 | | | CoreCivic, Inc. | | | 15,125 | |
| | 467 | | | CorEnergy Infrastructure Trust, Inc. | | | 16,508 | |
| | 207 | | | CoreSite Realty Corp. | | | 23,163 | |
| | 1,170 | | | Corporate Office Properties Trust | | | 38,411 | |
| | 2,591 | | | Cousins Properties, Inc. | | | 24,200 | |
| | 173 | | | CyrusOne, Inc. | | | 10,195 | |
| | 1,495 | | | CYS Investments, Inc. (a) | | | 12,917 | |
| | 365 | | | DCT Industrial Trust, Inc. | | | 21,141 | |
| | 2,893 | | | DDR Corp. | | | 26,500 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | | | | |
| | 2,872 | | | DiamondRock Hospitality Co. (a) | | $ | 31,448 | |
| | 271 | | | Douglas Emmett, Inc. | | | 10,683 | |
| | 1,412 | | | Duke Realty Corp. | | | 40,694 | |
| | 4,279 | | | Dynex Capital, Inc. | | | 31,108 | |
| | 168 | | | EastGroup Properties, Inc. (a) | | | 14,804 | |
| | 1,356 | | | Empire State Realty Trust, Inc. - Class A | | | 27,852 | |
| | 545 | | | Equity Commonwealth (b) | | | 16,568 | |
| | 329 | | | Equity LifeStyle Properties, Inc. | | | 27,991 | |
| | 325 | | | First Industrial Realty Trust, Inc. | | | 9,779 | |
| | 2,176 | | | First Potomac Realty Trust | | | 24,241 | |
| | 1,265 | | | Forest City Realty Trust, Inc. - Class A | | | 32,270 | |
| | 528 | | | Four Corners Property Trust, Inc. | | | 13,158 | |
| | 864 | | | Gaming and Leisure Properties, Inc. (a) | | | 31,873 | |
| | 398 | | | Getty Realty Corp. | | | 11,387 | |
| | 483 | | | Gladstone Commercial Corp. (a) | | | 10,756 | |
| | 338 | | | Gramercy Property Trust | | | 10,224 | |
| | 755 | | | Great Ajax Corp. | | | 10,638 | |
| | 1,235 | | | Hersha Hospitality Trust | | | 23,057 | |
| | 196 | | | Highwoods Properties, Inc. | | | 10,210 | |
| | 1,287 | | | Hospitality Properties Trust (a) | | | 36,667 | |
| | 853 | | | Hudson Pacific Properties, Inc. | | | 28,601 | |
| | 1,392 | | | Independence Realty Trust, Inc. | | | 14,157 | |
| | 1,209 | | | InfraREIT, Inc. | | | 27,045 | |
| | 3,318 | | | Invesco Mortgage Capital, Inc. | | | 56,837 | |
| | 591 | | | Iron Mountain, Inc. | | | 22,990 | |
| | 2,467 | | | iStar Financial, Inc. (b) | | | 29,111 | |
| | 523 | | | Jernigan Capital, Inc. | | | 10,748 | |
| | 271 | | | Kilroy Realty Corp. (a) | | | 19,274 | |
| | 968 | | | Kite Realty Group Trust (a) | | | 19,602 | |
| | 799 | | | Ladder Capital Corp. (a) | | | 11,010 | |
| | 364 | | | Lamar Advertising Co. - Class A (a) | | | 24,945 | |
| | 1,206 | | | LaSalle Hotel Properties (a) | | | 34,998 | |
| | 1,051 | | | Liberty Property Trust | | | 43,154 | |
| | 1,153 | | | Mack-Cali Realty Corp. | | | 27,338 | |
| | 4,941 | | | MFA Financial, Inc. | | | 43,283 | |
| | 661 | | | Monmouth Real Estate Investment Corp. - Class A | | | 10,702 | |
| | 1,323 | | | MTGE Investment Corp. | | | 25,666 | |
| | 252 | | | National Retail Properties, Inc. | | | 10,498 | |
| | 2,426 | | | National Storage Affiliates Trust | | | 58,806 | |
| | 4,435 | | | New Residential Investment Corp. | | | 74,198 | |
| | 2,931 | | | New York Mortgage Trust, Inc. | | | 18,026 | |
| | 580 | | | Omega Healthcare Investors, Inc. (a) | | | 18,508 | |
| | 1,074 | | | Orchid Island Capital, Inc. | | | 10,944 | |
| | 601 | | | Owens Realty Mortgage, Inc. | | | 10,944 | |
| | 1,083 | | | Park Hotels & Resorts, Inc. | | | 29,847 | |
| | 991 | | | Pebblebrook Hotel Trust (a) | | | 35,815 | |
| | 2,282 | | | Pennsylvania Real Estate Investment Trust | | | 23,938 | |
| | 1,237 | | | PennyMac Mortgage Investment Trust | | | 21,511 | |
| | 1,059 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 21,349 | |
| | 318 | | | Potlatch Corp. | | | 16,218 | |
| | 850 | | | Preferred Apartment Communities, Inc. - Class A | | | 16,048 | |
| | 136 | | | PS Business Parks, Inc. (a) | | | 18,156 | |
| | 192 | | | QTS Realty Trust, Inc. - Class A | | | 10,053 | |
| | 2,199 | | | Quality Care Properties, Inc. (b) | | | 34,085 | |
| | 21,072 | | | RAIT Financial Trust | | | 15,383 | |
| | 1,174 | | | Ramco-Gershenson Properties Trust | | | 15,274 | |
| | 1,695 | | | Redwood Trust, Inc. | | | 27,612 | |
| | 1,116 | | | Retail Properties of America, Inc. - Class A | | | 14,653 | |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | | | | |
| | 890 | | | Rexford Industrial Realty, Inc. | | $ | 25,472 | |
| | 2,182 | | | RLJ Lodging Trust (a) | | | 47,999 | |
| | 271 | | | Ryman Hospitality Properties, Inc. | | | 16,935 | |
| | 665 | | | Select Income REIT | | | 15,574 | |
| | 534 | | | Senior Housing Properties Trust (a) | | | 10,440 | |
| | 1,282 | | | Spirit Realty Capital, Inc. | | | 10,987 | |
| | 407 | | | STAG Industrial, Inc. | | | 11,180 | |
| | 2,407 | | | Starwood Property Trust, Inc. | | | 52,280 | |
| | 1,213 | | | Starwood Waypoint Homes (a) | | | 44,117 | |
| | 432 | | | STORE Capital Corp. (a) | | | 10,744 | |
| | 2,202 | | | Summit Hotel Properties, Inc. | | | 35,210 | |
| | 424 | | | Sun Communities, Inc. | | | 36,328 | |
| | 3,165 | | | Sunstone Hotel Investors, Inc. (a) | | | 50,862 | |
| | 803 | | | Sutherland Asset Management Corp. | | | 12,607 | |
| | 413 | | | Tanger Factory Outlet Centers, Inc. | | | 10,085 | |
| | 382 | | | Terreno Realty Corp. | | | 13,821 | |
| | 750 | | | The Geo Group, Inc. | | | 20,175 | |
| | 573 | | | Tier REIT, Inc. | | | 11,059 | |
| | 5,938 | | | Two Harbors Investment Corp. (a) | | | 59,855 | |
| | 973 | | | UMH Properties, Inc. | | | 15,130 | |
| | 178 | | | Universal Health Realty Income Trust | | | 13,437 | |
| | 2,342 | | | Washington Prime Group, Inc. | | | 19,509 | |
| | 317 | | | Washington Real Estate Investment Trust | | | 10,385 | |
| | 347 | | | WP Carey, Inc. | | | 23,384 | |
| | 1,975 | | | Xenia Hotels & Resorts, Inc. | | | 41,574 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $2,721,215) | | | 3,159,419 | |
| | | | | | |
|
|
|
| | | | | RIGHTS - 0.00% | | | | |
| | | | | Biotechnology - 0.00% | | | | |
| | 1,600 | | | Dyax Corp. (c)(d) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.73% | | | | |
| | | | | Money Market Funds - 0.73% | | | | |
| | 384,406 | | | Deutsche Government Money Market Series - Institutional Shares
EffectiveYield, 0.96% (e) | | $ | 384,406 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $384,406) | | | 384,406 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 23.73% | | | | |
| | | | | Investments Purchased as Securities Lending Collateral - 23.73% | | | | |
| | 12,445,347 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (e) | | | 12,445,347 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased as Securities Lending Collateral
(Cost $12,445,347) | | | 12,445,347 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $51,839,533) - 123.49% | | | 64,766,396 | |
| | | | | Liabilities in Excess of
Other Assets - (23.49)% | | | (12,319,522 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 52,446,874 | |
| | | | | | |
|
|
|
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) | | As of September 30, 2017, the Valuation Committee has fair valued these securities, whose value were determined using significant, unobservable inputs. The value of these securities were $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 $32,873, which represents 0.06% of total net assets. |
| (e) | | Seven-day yield as of September 30, 2017. |
See notes to financial statements.
62
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 93.73% | |
| | | | | Australia - 4.81% | |
| | 13,086 | | | AGL Energy, Ltd. | | $ | 240,293 | |
| | 27,799 | | | Aristocrat Leisure, Ltd. | | | 459,172 | |
| | 13,506 | | | Australia & New Zealand Banking Group, Ltd. | | | 314,603 | |
| | 5,144 | | | Bank of Queensland, Ltd. | | | 52,494 | |
| | 13,005 | | | Bendigo & Adelaide Bank, Ltd. | | | 118,738 | |
| | 10,090 | | | BHP Billiton Ltd. | | | 204,623 | |
| | 73,475 | | | BlueScope Steel, Ltd. | | | 634,715 | |
| | 16,193 | | | Challenger, Ltd./Australia | | | 158,728 | |
| | 3,304 | | | CIMIC Group, Ltd. | | | 114,820 | |
| | 4,342 | | | Cochlear, Ltd. | | | 543,116 | |
| | 13,331 | | | Commonwealth Bank of Australia | | | 789,372 | |
| | 10,818 | | | Computershare Ltd. | | | 123,079 | |
| | 2,826 | | | CSL, Ltd. | | | 297,502 | |
| | 16,153 | | | Flight Centre Travel Group, Ltd. | | | 571,689 | |
| | 57,658 | | | Fortescue Metals Group, Ltd. | | | 233,500 | |
| | 18,317 | | | Harvey Norman Holdings Ltd. (a) | | | 55,872 | |
| | 6,705 | | | Insurance Australia Group, Ltd. | | | 33,581 | |
| | 1,731 | | | Macquarie Group, Ltd. | | | 123,933 | |
| | 95,150 | | | Medibank Private, Ltd. | | | 218,310 | |
| | 9,942 | | | National Australia Bank Ltd. | | | 246,491 | |
| | 6,314 | | | Orica Ltd. | | | 98,283 | |
| | 74,801 | | | Qantas Airways, Ltd. | | | 342,613 | |
| | 53,430 | | | QBE Insurance Group, Ltd. | | | 421,219 | |
| | 2,055 | | | Rio Tinto Ltd. | | | 107,713 | |
| | 67,382 | | | Santos, Ltd. (b) | | | 213,676 | |
| | 115,694 | | | South32, Ltd. | | | 299,301 | |
| | 13,201 | | | Suncorp Group, Ltd. | | | 135,548 | |
| | 58,108 | | | Telstra Corp., Ltd. | | | 159,185 | |
| | 11,625 | | | Wesfarmers Ltd. | | | 377,389 | |
| | 15,984 | | | Westpac Banking Corp. | | | 402,054 | |
| | 28,457 | | | Woolworths, Ltd. | | | 563,556 | |
| | | | | | |
|
|
|
| | | | | | | | 8,655,168 | |
| | | | | | |
|
|
|
| | | | | Austria - 0.51% | |
| | 2,077 | | | ANDRITZ AG | | | 120,038 | |
| | 2,338 | | | Erste Group Bank AG | | | 101,013 | |
| | 3,035 | | | OMV AG | | | 176,940 | |
| | 13,698 | | | Raiffeisen Bank International AG (b) | | | 459,119 | |
| | 1,348 | | | voestalpine AG | | | 68,742 | |
| | | | | | |
|
|
|
| | | | | | | | 925,852 | |
| | | | | | |
|
|
|
| | | | | Belgium - 0.32% | |
| | 1,494 | | | Ageas SA | | | 70,268 | |
| | 5,378 | | | Colruyt SA | | | 275,556 | |
| | 1,116 | | | KBC Group NV | | | 94,681 | |
| | 605 | | | Solvay SA | | | 90,446 | |
| | 481 | | | Umicore SA | | | 39,820 | |
| | | | | | |
|
|
|
| | | | | | | | 570,771 | |
| | | | | | |
|
|
|
| | | | | Canada - 7.80% | | | | |
| | 4,917 | | | Alimentation Couche-Tard, Inc. - Series B | | | 224,225 | |
| | 4,532 | | | Bank of Montreal | | | 342,983 | |
| | 726 | | | BCE, Inc. | | | 34,015 | |
| | 5,713 | | | CAE, Inc. | | | 99,952 | |
| | 9,967 | | | Cameco Corp. | | | 96,255 | |
| | 3,085 | | | Canadian Imperial Bank of Commerce | | | 269,917 | |
| | 3,694 | | | Canadian National Railway Co. | | | 306,060 | |
| | 55,279 | | | Cenovus Energy, Inc. | | | 554,230 | |
| | 11,881 | | | CI Financial Corp. | | | 259,854 | |
| | 945 | | | Constellation Software, Inc. | | | 515,568 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Canada (Continued) | | | | |
| | 5,118 | | | Dollarama, Inc. | | $ | 560,017 | |
| | 33,342 | | | Empire Co., Ltd. - Series A | | | 590,015 | |
| | 1,688 | | | Finning International, Inc. | | | 38,596 | |
| | 940 | | | Fortis, Inc. | | | 33,735 | |
| | 5,273 | | | George Weston, Ltd. | | | 459,156 | |
| | 5,702 | | | Great-West Lifeco, Inc. | | | 164,102 | |
| | 28,987 | | | Husky Energy, Inc. (b) | | | 362,875 | |
| | 2,309 | | | IGM Financial, Inc. (a) | | | 77,611 | |
| | 1,579 | | | Imperial Oil, Ltd. | | | 50,442 | |
| | 7,898 | | | Industrial Alliance Insurance & Financial Services, Inc. | | | 357,633 | |
| | 3,528 | | | Linamar Corp. | | | 215,285 | |
| | 4,369 | | | Loblaw Cos., Ltd. | | | 238,452 | |
| | 6,838 | | | Magna International, Inc. | | | 364,931 | |
| | 25,987 | | | Manulife Financial Corp. | | | 527,134 | |
| | 668 | | | Methanex Corp. | | | 33,567 | |
| | 4,332 | | | Metro, Inc. | | | 148,977 | |
| | 7,054 | | | National Bank of Canada | | | 339,485 | |
| | 12,617 | | | Onex Corp. | | | 973,665 | |
| | 19,455 | | | Power Corp. of Canada | | | 494,424 | |
| | 10,461 | | | Power Financial Corp. | | | 290,167 | |
| | 1,452 | | | Restaurant Brands International, Inc. | | | 92,770 | |
| | 15,594 | | | Royal Bank of Canada | | | 1,206,528 | |
| | 8,027 | | | Saputo, Inc. | | | 277,849 | |
| | 2,683 | | | Shopify, Inc. (b) | | | 312,047 | |
| | 3,801 | | | Sun Life Financial, Inc. | | | 151,370 | |
| | 2,172 | | | Suncor Energy, Inc. | | | 76,122 | |
| | 15,939 | | | Teck Resources Ltd. - Class B (b) | | | 335,578 | |
| | 9,443 | | | The Bank of Nova Scotia (a) | | | 606,955 | |
| | 3,394 | | | The Jean Coutu Group PJC, Inc. - Class A | | | 66,098 | |
| | 13,526 | | | The Toronto-Dominion Bank | | | 761,532 | |
| | 1,023 | | | TransCanada Corp. | | | 50,562 | |
| | 40,190 | | | Valeant Pharmaceuticals International, Inc. (b) | | | 575,914 | |
| | 10,800 | | | Veresen, Inc. | | | 162,033 | |
| | 5,737 | | | West Fraser Timber Co., Ltd. | | | 331,047 | |
| | | | | | |
|
|
|
| | | | | | | | 14,029,733 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 0.13% | |
| | 213,765 | | | WH Group, Ltd. | | | 227,660 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.11% | | | | |
| | 15,769 | | | Antofagasta Plc | | | 200,866 | |
| | | | | | |
|
|
|
| | | | | Denmark - 1.27% | | | | |
| | 2,628 | | | Carlsberg AS - Series B | | | 288,381 | |
| | 2,577 | | | Coloplast AS - Series B | | | 209,526 | |
| | 7,934 | | | Danske Bank AS | | | 317,944 | |
| | 1,942 | | | DSV AS | | | 147,118 | |
| | 5,039 | | | H. Lundbeck AS | | | 291,315 | |
| | 10,559 | | | Novo Nordisk AS - Series B | | | 507,663 | |
| | 1,884 | | | Pandora AS | | | 186,275 | |
| | 29,800 | | | TDC AS | | | 174,764 | |
| | 1,298 | | | Vestas Wind Systems AS | | | 116,672 | |
| | 1,970 | | | William Demant Holding AS (b) | | | 52,084 | |
| | | | | | |
|
|
|
| | | | | | | | 2,291,742 | |
| | | | | | |
|
|
|
| | | | | Finland - 0.76% | | | | |
| | 13,278 | | | Orion OYJ - Class B | | | 616,523 | |
| | 889 | | | Sampo OYJ - Series A | | | 47,050 | |
| | 10,622 | | | Stora Enso OYJ | | | 150,249 | |
| | 10,823 | | | UPM-Kymmene OYJ | | | 293,638 | |
| | 3,677 | | | Wartsila OYJ Abp | | | 260,401 | |
| | | | | | |
|
|
|
| | | | | | | | 1,367,861 | |
| | | | | | |
|
|
|
See notes to financial statements.
63
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | France - 8.68% | | | | |
| | 1,688 | | | Aeroports de Paris | | $ | 272,872 | |
| | 4,401 | | | Arkema SA | | | 540,008 | |
| | 6,473 | | | Atos SE | | | 1,004,008 | |
| | 19,573 | | | AXA SA | | | 591,730 | |
| | 13,056 | | | BNP Paribas SA | | | 1,053,297 | |
| | 1,946 | | | Bouygues SA | | | 92,378 | |
| | 1,811 | | | Capgemini SE | | | 212,293 | |
| | 4,002 | | | Carrefour SA | | | 80,789 | |
| | 5,670 | | | Casino Guichard Perrachon SA | | | 336,270 | |
| | 1,782 | | | Cie Generale des Etablissements Michelin | | | 259,995 | |
| | 14,536 | | | CNP Assurances | | | 340,769 | |
| | 47,003 | | | Credit Agricole SA | | | 855,643 | |
| | 4,545 | | | Danone SA | | | 356,980 | |
| | 69 | | | Dassault Aviation SA | | | 111,649 | |
| | 1,792 | | | Dassault Systemes SE | | | 181,301 | |
| | 2,898 | | | Eiffage SA | | | 300,125 | |
| | 1,349 | | | Essilor International SA | | | 167,191 | |
| | 4,004 | | | Eurazeo SA | | | 357,885 | |
| | 1,198 | | | Eutelsat Communications | | | 35,464 | |
| | 1,125 | | | Hermes International | | | 567,592 | |
| | 1,627 | | | Imerys SA | | | 147,008 | |
| | 5,173 | | | Ipsen SA | | | 688,281 | |
| | 1,209 | | | Kering SA | | | 481,624 | |
| | 2,428 | | | Legrand SA | | | 175,228 | |
| | 2,708 | | | L’Oreal SA | | | 574,211 | |
| | 2,832 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 782,866 | |
| | 38,786 | | | Natixis SA | | | 310,400 | |
| | 606 | | | Pernod Ricard SA | | | 83,830 | |
| | 25,392 | | | Peugeot SA | | | 604,458 | |
| | 574 | | | Publicis Groupe SA | | | 40,155 | |
| | 417 | | | Remy Cointreau SA | | | 49,397 | |
| | 10,237 | | | Rexel SA | | | 177,095 | |
| | 2,198 | | | Safran SA | | | 224,610 | |
| | 8,452 | | | Sanofi-Aventis SA | | | 841,364 | |
| | 2,793 | | | Schneider Electric SE | | | 243,216 | |
| | 8,179 | | | SCOR SE | | | 343,017 | |
| | 1,247 | | | SEB SA | | | 228,850 | |
| | 2,278 | | | Societe BIC SA | | | 273,063 | |
| | 10,573 | | | Societe Generale SA | | | 619,589 | |
| | 10,418 | | | Total SA | | | 559,386 | |
| | 1,575 | | | Valeo SA | | | 116,866 | |
| | 1,495 | | | Veolia Environnement SA | | | 34,546 | |
| | 1,993 | | | Vinci SA | | | 189,360 | |
| | 560 | | | Wendel SA | | | 90,716 | |
| | | | | | |
|
|
|
| | | | | | | | 15,597,375 | |
| | | | | | |
|
|
|
| | | | | Germany - 7.03% | | | | |
| | 3,633 | | | adidas AG | | | 822,750 | |
| | 5,039 | | | Allianz SE | | | 1,131,687 | |
| | 5,882 | | | BASF SE | | | 626,643 | |
| | 7,607 | | | Bayer AG | | | 1,039,136 | |
| | 2,243 | | | Beiersdorf AG | | | 241,493 | |
| | 896 | | | Brenntag AG | | | 49,948 | |
| | 22,479 | | | Commerzbank AG (b) | | | 306,556 | |
| | 195 | | | Continental AG (b) | | | 49,524 | |
| | 5,178 | | | Covestro AG | | | 445,568 | |
| | 3,233 | | | Deutsche Bank AG | | | 55,965 | |
| | 2,719 | | | Deutsche Boerse AG | | | 295,201 | |
| | 34,460 | | | Deutsche Lufthansa AG | | | 958,289 | |
| | 17,337 | | | Deutsche Post AG | | | 772,780 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Germany (Continued) | | | | |
| | 14,428 | | | Deutsche Telekom AG | | $ | 269,431 | |
| | 13,634 | | | E.ON SE | | | 154,560 | |
| | 3,654 | | | Fraport AG Frankfurt Airport Services Worldwide | | | 347,299 | |
| | 706 | | | Fresenius Medical Care AG & Co. KGaA | | | 69,023 | |
| | 2,086 | | | Fresenius SE & Co. KGaA | | | 168,694 | |
| | 1,907 | | | HOCHTIEF AG | | | 322,096 | |
| | 8,220 | | | HUGO BOSS AG | | | 725,306 | |
| | 5,844 | | | Infineon Technologies AG | | | 147,340 | |
| | 2,634 | | | KION Group AG | | | 252,323 | |
| | 1,981 | | | LANXESS AG | | | 156,441 | |
| | 1,346 | | | Merck KGaA | | | 149,908 | |
| | 5,919 | | | METRO AG (b) | | | 125,117 | |
| | 1,912 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 409,215 | |
| | 1,899 | | | OSRAM Licht AG | | | 151,671 | |
| | 20,616 | | | RWE AG (b) | | | 469,010 | |
| | 7,601 | | | SAP SE | | | 833,409 | |
| | 3,287 | | | Siemens AG | | | 463,824 | |
| | 13,132 | | | Telefonica Deutschland Holding AG | | | 73,797 | |
| | 975 | | | United Internet AG | | | 60,774 | |
| | 9,812 | | | Zalando SE (b) | | | 492,488 | |
| | | | | | |
|
|
|
| | | | | | | | 12,637,266 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 3.04% | | | | |
| | 85,116 | | | AIA Group, Ltd. | | | 630,139 | |
| | 25,074 | | | ASM Pacific Technology, Ltd. | | | 362,188 | |
| | 57,439 | | | BOC Hong Kong Holdings, Ltd. | | | 279,785 | |
| | 32,953 | | | CK Asset Holdings, Ltd. | | | 273,949 | |
| | 2,666 | | | CK Hutchison Holdings, Ltd. | | | 34,147 | |
| | 41,075 | | | Galaxy Entertainment Group, Ltd. | | | 290,378 | |
| | 12,265 | | | Hang Lung Group Ltd. | | | 44,168 | |
| | 12,981 | | | Hang Seng Bank, Ltd. | | | 317,355 | |
| | 9,219 | | | Hong Kong Exchange & Clearing, Ltd. | | | 248,988 | |
| | 43,477 | | | I-Cable Communications, Ltd. (b) | | | 1,429 | |
| | 1,835 | | | Jardine Strategic Holdings Ltd. | | | 79,365 | |
| | 90,669 | | | Kerry Properties Ltd. | | | 376,599 | |
| | 9,136 | | | Melco Resorts & Entertainment, Ltd. - ADR | | | 220,360 | |
| | 5,863 | | | MTR Corp. Ltd. | | | 34,329 | |
| | 455,548 | | | PCCW, Ltd. | | | 247,267 | |
| | 92,013 | | | Shangri-La Asia, Ltd. | | | 170,783 | |
| | 677,443 | | | SJM Holdings, Ltd. | | | 622,336 | |
| | 4,212 | | | Sun Hung Kai Properties, Ltd. | | | 68,615 | |
| | 31,268 | | | Swire Pacific Ltd. - Class A | | | 304,410 | |
| | 15,037 | | | Swire Properties, Ltd. | | | 51,067 | |
| | 37,173 | | | Techtronic Industries Co., Ltd. | | | 198,990 | |
| | 7,585 | | | The Bank of East Asia Ltd. | | | 32,878 | |
| | 27,520 | | | The Hong Kong and China Gas Co., Ltd. | | | 51,857 | |
| | 70,437 | | | Wheelock & Co., Ltd. | | | 497,207 | |
| | 8,180 | | | Yue Yuen Industrial Holdings, Ltd. | | | 31,211 | |
| | | | | | |
|
|
|
| | | | | | | | 5,469,800 | |
| | | | | | |
|
|
|
| | | | | Ireland - 0.37% | | | | |
| | 32,074 | | | Bank of Ireland Group Plc (b) | | | 262,703 | |
| | 3,285 | | | CRH Plc | | | 124,973 | |
| | 474 | | | DCC Plc | | | 46,026 | |
| | 13,734 | | | James Hardie Industries Plc | | | 191,692 | |
| | 373 | | | Kerry Group Plc - Series A | | | 36,066 | |
| | | | | | |
|
|
|
| | | | | | | | 661,460 | |
| | | | | | |
|
|
|
| | | | | Israel - 1.40% | | | | |
| | 38,253 | | | Bank Hapoalim BM | | | 267,680 | |
| | 48,098 | | | Bank Leumi Le-Israel BM | | | 255,618 | |
See notes to financial statements.
64
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Israel (Continued) | | | | |
| | 196,674 | | | Bezeq the Israel Telecommunication Corp., Ltd. | | $ | 281,114 | |
| | 2,447 | | | Check Point Software Technologies, Ltd. (a)(b) | | | 279,007 | |
| | 442 | | | Elbit Systems Ltd. | | | 64,984 | |
| | 12,904 | | | Mizrahi Tefahot Bank, Ltd. | | | 231,427 | |
| | 1,358 | | | Taro Pharmaceutical Industries Ltd. (b) | | | 153,033 | |
| | 55,729 | | | Teva Pharmaceutical Industries, Ltd. - ADR (a) | | | 980,830 | |
| | | | | | |
|
|
|
| | | | | | | | 2,513,693 | |
| | | | | | |
|
|
|
| | | | | Italy - 2.77% | | | | |
| | 14,574 | | | Assicurazioni Generali SpA | | | 271,822 | |
| | 6,171 | | | Enel SpA | | | 37,176 | |
| | 4,408 | | | EXOR NV | | | 279,752 | |
| | 4,731 | | | Ferrari NV | | | 523,474 | |
| | 112,077 | | | Intesa Sanpaolo SpA | | | 396,785 | |
| | 54,879 | | | Intesa Sanpaolo SpA - Savings Shares | | | 181,849 | |
| | 20,260 | | | Leonardo SpA | | | 379,876 | |
| | 6,099 | | | Luxottica Group SpA | | | 341,295 | |
| | 7,750 | | | Poste Italiane SpA | | | 57,092 | |
| | 7,412 | | | Prysmian SpA | | | 250,430 | |
| | 7,453 | | | Recordati SpA | | | 343,930 | |
| | 152,928 | | | Saipem SpA (b) | | | 660,446 | |
| | 585,518 | | | Telecom Italia SpA (b) | | | 549,234 | |
| | 688,250 | | | Telecom Italia SpA - Savings Share | | | 517,993 | |
| | 83,840 | | | UnipolSai Assicurazioni SpA | | | 196,046 | |
| | | | | | |
|
|
|
| | | | | | | | 4,987,200 | |
| | | | | | |
|
|
|
| | | | | Japan - 22.47% | | | | |
| | 2,731 | | | ABC-Mart, Inc. | | | 144,258 | |
| | 3,836 | | | AEON Mall Co., Ltd. | | | 68,286 | |
| | 1,748 | | | Aisin Seiki Co., Ltd. | | | 92,159 | |
| | 8,316 | | | Alfresa Holdings Corp. | | | 152,352 | |
| | 5,157 | | | ANA Holdings, Inc. | | | 195,323 | |
| | 5,175 | | | Asahi Glass Co., Ltd. | | | 192,215 | |
| | 3,214 | | | Asahi Group Holdings, Ltd. | | | 129,970 | |
| | 19,542 | | | Asahi Kasei Corp. | | | 240,806 | |
| | 16,199 | | | Asics Corp. | | | 241,602 | |
| | 26,039 | | | Astellas Pharma, Inc. | | | 331,413 | |
| | 5,803 | | | Bandai Namco Holdings, Inc. | | | 199,361 | |
| | 5,929 | | | Benesse Holdings, Inc. | | | 213,912 | |
| | 3,618 | | | Bridgestone Corp. | | | 164,271 | |
| | 9,401 | | | Brother Industries, Ltd. | | | 219,192 | |
| | 10,937 | | | Calbee, Inc. | | | 384,123 | |
| | 7,987 | | | Canon, Inc. | | | 273,323 | |
| | 529 | | | Central Japan Railway Co. | | | 92,834 | |
| | 6,031 | | | Coca-Cola Bottlers Japan, Inc. | | | 195,342 | |
| | 15,056 | | | Credit Saison Co., Ltd. | | | 312,406 | |
| | 6,152 | | | Dai-ichi Life Holdings, Inc. | | | 110,352 | |
| | 639 | | | Daito Trust Construction Co., Ltd. | | | 116,415 | |
| | 4,955 | | | Daiwa House Industry Co., Ltd. | | | 171,158 | |
| | 933 | | | Disco Corp. | | | 190,150 | |
| | 241 | | | FANUC Corp. | | | 48,864 | |
| | 964 | | | Fast Retailing Co., Ltd. | | | 284,337 | |
| | 13,603 | | | Fuji Electric Co., Ltd. | | | 75,479 | |
| | 9,917 | | | FUJIFILM Holdings Corp. | | | 385,289 | |
| | 46,336 | | | Fujitsu, Ltd. | | | 344,858 | |
| | 6,403 | | | Hakuhodo DY Holdings, Inc. | | | 84,305 | |
| | 1,944 | | | Hikari Tsushin, Inc. | | | 243,880 | |
| | 4,204 | | | Hitachi Chemical Co., Ltd. | | | 115,360 | |
| | 6,042 | | | Hitachi Construction Machinery Co., Ltd. | | | 179,059 | |
| | 4,765 | | | Hitachi High-Technologies Corp. | | | 173,059 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | | | | |
| | 47,158 | | | Hitachi, Ltd. | | $ | 332,504 | |
| | 19,187 | | | Honda Motor Co., Ltd. | | | 566,794 | |
| | 449 | | | Hoshizaki Corp. | | | 39,442 | |
| | 12,320 | | | Hoya Corp. | | | 666,251 | |
| | 2,453 | | | Idemitsu Kosan Co., Ltd. | | | 69,326 | |
| | 34,553 | | | ITOCHU Corp. | | | 566,143 | |
| | 3,550 | | | Japan Airlines Co., Ltd. | | | 120,172 | |
| | 2,402 | | | Japan Airport Terminal Co., Ltd. | | | 85,583 | |
| | 34,372 | | | Kajima Corp. | | | 341,638 | |
| | 37,076 | | | Kakaku.com, Inc. | | | 473,002 | |
| | 7,932 | | | Kao Corp. | | | 466,983 | |
| | 3,605 | | | KDDI Corp. | | | 95,028 | |
| | 486 | | | Keyence Corp. | | | 258,488 | |
| | 4,412 | | | Kikkoman Corp. | | | 135,563 | |
| | 14,077 | | | Kirin Holdings Co., Ltd. | | | 330,724 | |
| | 615 | | | Koito Manufacturing Co., Ltd. | | | 38,619 | |
| | 2,991 | | | Konami Holdings Corp. | | | 143,997 | |
| | 38,186 | | | Konica Minolta, Inc. | | | 313,743 | |
| | 3,524 | | | Kose Corp. | | | 403,929 | |
| | 1,964 | | | Kubota Corp. | | | 35,727 | |
| | 13,194 | | | Kuraray Co., Ltd. | | | 246,857 | |
| | 4,980 | | | Kurita Water Industries, Ltd. | | | 143,923 | |
| | 2,903 | | | Kyocera Corp. | | | 180,177 | |
| | 5,921 | | | Kyushu Electric Power Co., Inc. | | | 62,902 | |
| | 4,319 | | | Lawson, Inc. | | | 286,003 | |
| | 10,252 | | | LINE Corp. (a) | | | 370,749 | |
| | 28,924 | | | Lion Corp. | | | 528,497 | |
| | 3,478 | | | LIXIL Group Corp. | | | 92,362 | |
| | 3,982 | | | M3, Inc. | | | 113,532 | |
| | 76,558 | | | Marubeni Corp. | | | 523,366 | |
| | 25,532 | | | Mazda Motor Corp. | | | 391,148 | |
| | 5,308 | | | McDonald’s Holdings Co. Japan, Ltd. | | | 234,835 | |
| | 69,386 | | | Mebuki Financial Group, Inc. | | | 268,467 | |
| | 1,962 | | | Medipal Holdings Corp. | | | 34,098 | |
| | 3,741 | | | MEIJI Holdings Co., Ltd. | | | 296,244 | |
| | 9,901 | | | Minebea Mitsumi, Inc. | | | 155,072 | |
| | 752 | | | Miraca Holdings, Inc. | | | 35,009 | |
| | 20,164 | | | MISUMI Group, Inc. | | | 531,464 | |
| | 43,420 | | | Mitsubishi Chemical Holdings Corp. | | | 413,965 | |
| | 18,732 | | | Mitsubishi Corp. | | | 435,816 | |
| | 2,274 | | | Mitsubishi Electric Corp. | | | 35,573 | |
| | 9,653 | | | Mitsubishi Gas Chemical Co., Inc. | | | 226,493 | |
| | 6,377 | | | Mitsubishi Materials Corp. | | | 220,881 | |
| | 4,804 | | | Mitsubishi Motors Corp. | | | 38,035 | |
| | 2,417 | | | Mitsubishi Tanabe Pharma Corp. | | | 55,487 | |
| | 59,918 | | | Mitsubishi UFJ Financial Group, Inc. | | | 389,577 | |
| | 58,827 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 312,120 | |
| | 25,396 | | | Mitsui & Co., Ltd. | | | 375,630 | |
| | 4,209 | | | Mitsui Chemicals, Inc. | | | 128,015 | |
| | 12,552 | | | Mixi, Inc. | | | 606,211 | |
| | 199,633 | | | Mizuho Financial Group, Inc. | | | 349,965 | |
| | 7,009 | | | MS & AD Insurance Group Holdings, Inc. | | | 225,875 | |
| | 326 | | | Murata Manufacturing Co., Ltd. | | | 47,993 | |
| | 4,681 | | | Nabtesco Corp. | | | 174,165 | |
| | 4,824 | | | Nexon Co., Ltd. | | | 126,110 | |
| | 2,210 | | | NH Foods Ltd. | | | 60,739 | |
| | 1,278 | | | Nidec Corp. | | | 157,106 | |
| | 19,709 | | | Nikon Corp. | | | 341,780 | |
| | 617 | | | Nintendo Co., Ltd. | | | 227,508 | |
| | 7,304 | | | Nippon Electric Glass Co., Ltd. | | | 283,133 | |
See notes to financial statements.
65
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Japan (Continued) | | | | |
| | 2,177 | | | Nippon Express Co., Ltd. | | $ | 141,943 | |
| | 11,431 | | | Nippon Steel & Sumitomo Metal Corp. | | | 262,840 | |
| | 9,500 | | | Nippon Telegraph & Telephone Corp. | | | 435,297 | |
| | 1,123 | | | Nissin Foods Holdings Co., Ltd. | | | 68,234 | |
| | 3,658 | | | Nitori Holdings Co., Ltd. | | | 523,137 | |
| | 1,569 | | | Nitto Denko Corp. | | | 130,872 | |
| | 25,434 | | | Nomura Holdings, Inc. | | | 142,710 | |
| | 1,795 | | | Nomura Research Institute, Ltd. | | | 70,100 | |
| | 9,218 | | | NTT Data Corp. | | | 98,642 | |
| | 1,787 | | | NTT DoCoMo, Inc. | | | 40,845 | |
| | 36,558 | | | Obayashi Corp. | | | 438,493 | |
| | 30,825 | | | Oji Holdings Corp. | | | 166,442 | |
| | 7,866 | | | Olympus Corp. | | | 266,548 | |
| | 8,379 | | | OMRON Corp. | | | 427,266 | |
| | 592 | | | Oracle Corp. | | | 46,532 | |
| | 692 | | | Oriental Land Co., Ltd. | | | 52,758 | |
| | 17,897 | | | ORIX Corp. | | | 288,933 | |
| | 13,691 | | | Osaka Gas Co., Ltd. | | | 254,475 | |
| | 2,522 | | | Otsuka Corp. | | | 161,750 | |
| | 12,963 | | | Panasonic Corp. | | | 188,119 | |
| | 14,573 | | | Pola Orbis Holdings, Inc. | | | 440,654 | |
| | 30,356 | | | Recruit Holdings Co., Ltd. | | | 657,313 | |
| | 38,262 | | | Resona Holdings, Inc. | | | 196,720 | |
| | 2,158 | | | Rohm Co., Ltd. | | | 185,175 | |
| | 2,239 | | | Ryohin Keikaku Co., Ltd. | | | 660,016 | |
| | 8,947 | | | SBI Holdings, Inc. | | | 134,930 | |
| | 21,604 | | | Sega Sammy Holdings, Inc. | | | 301,994 | |
| | 6,817 | | | Seiko Epson Corp. | | | 165,080 | |
| | 5,876 | | | Sekisui Chemical Co., Ltd. | | | 115,767 | |
| | 1,039 | | | Seven & I Holdings Co., Ltd. - Series A | | | 40,141 | |
| | 4,797 | | | Sharp Corp. (a) | | | 145,079 | |
| | 1,291 | | | Shimamura Co., Ltd. | | | 154,862 | |
| | 18,408 | | | Shimizu Corp. | | | 204,133 | |
| | 1,646 | | | Shin-Etsu Chemical Co., Ltd. | | | 147,317 | |
| | 11,800 | | | Shinsei Bank, Ltd. | | | 189,113 | |
| | 12,875 | | | Shiseido Co., Ltd. | | | 515,285 | |
| | 13,337 | | | Showa Shell Sekiyu KK | | | 153,748 | |
| | 4,220 | | | SoftBank Group Corp. | | | 342,226 | |
| | 9,100 | | | Sony Corp. | | | 339,509 | |
| | 2,605 | | | Stanley Electric Co., Ltd. | | | 89,348 | |
| | 23,087 | | | Start Today Co., Ltd. | | | 731,630 | |
| | 1,445 | | | Subaru Corp. | | | 52,117 | |
| | 9,522 | | | Sumitomo Chemical Co., Ltd. | | | 59,570 | |
| | 29,980 | | | Sumitomo Corp. | | | 431,634 | |
| | 2,822 | | | Sumitomo Heavy Industries, Ltd. | | | 113,264 | |
| | 10,979 | | | Sumitomo Mitsui Financial Group, Inc. | | | 422,024 | |
| | 3,578 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 129,247 | |
| | 13,719 | | | Sumitomo Rubber Industries, Ltd. | | | 251,801 | |
| | 8,906 | | | Sundrug Co., Ltd. | | | 369,059 | |
| | 8,499 | | | Suntory Beverage & Food Ltd. | | | 378,047 | |
| | 2,340 | | | Suzuken Co., Ltd. | | | 83,227 | |
| | 3,497 | | | Suzuki Motor Corp. | | | 183,540 | |
| | 4,255 | | | Sysmex Corp. | | | 271,856 | |
| | 958 | | | Taiheiyo Cement Corp. | | | 37,008 | |
| | 4,460 | | | Taisei Corp. | | | 233,870 | |
| | 8,857 | | | Takashimaya Co., Ltd. | | | 82,955 | |
| | 2,985 | | | Takeda Pharmaceutical Co., Ltd. | | | 165,058 | |
| | 7,502 | | | Teijin, Ltd. | | | 148,006 | |
| | 750 | | | The Bank of Kyoto, Ltd. | | | 38,185 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | | | | |
| | 49,339 | | | The Kansai Electric Power Co., Inc. | | $ | 631,514 | |
| | 12,363 | | | The Yokohama Rubber Co., Ltd. | | | 254,964 | |
| | 5,490 | | | THK Co., Ltd. | | | 187,257 | |
| | 138,071 | | | Tokyo Electric Power Co. Holdings, Inc. | | | 557,777 | |
| | 1,583 | | | Tokyo Electron, Ltd. | | | 243,701 | |
| | 1,922 | | | Tokyo Gas Co., Ltd. | | | 47,062 | |
| | 5,769 | | | Tokyu Fudosan Holdings, Corp. | | | 34,821 | |
| | 8,876 | | | Toppan Printing Co., Ltd. | | | 88,052 | |
| | 10,364 | | | Tosoh Corp. | | | 233,926 | |
| | 1,777 | | | TOTO Ltd. | | | 74,891 | |
| | 18,868 | | | Toyo Seikan Group Holdings, Ltd. | | | 315,303 | |
| | 935 | | | Toyo Suisan Kaisha, Ltd. | | | 34,351 | |
| | 2,568 | | | Toyota Motor Corp. | | | 153,126 | |
| | 12,206 | | | Toyota Tsusho Corp. | | | 401,157 | |
| | 2,878 | | | Trend Micro, Inc. | | | 141,788 | |
| | 2,875 | | | Tsuruha Holdings, Inc. | | | 343,752 | |
| | 8,004 | | | Unicharm Corp. | | | 183,335 | |
| | 3,515 | | | USS Co., Ltd. | | | 70,943 | |
| | 2,551 | | | West Japan Railway Co. | | | 177,352 | |
| | 2,970 | | | Yakult Honsha Co., Ltd. | | | 213,731 | |
| | 18,629 | | | Yamada Denki Co., Ltd. | | | 101,865 | |
| | 1,261 | | | Yamaha Motor Co., Ltd. | | | 37,748 | |
| | 17,420 | | | Yamazaki Baking Co., Ltd. | | | 314,426 | |
| | 8,140 | | | Yaskawa Electric Corp. | | | 258,361 | |
| | 8,486 | | | Yokogawa Electric Corp. | | | 144,607 | |
| | | | | | |
|
|
|
| | | | | | | | 40,388,505 | |
| | | | | | |
|
|
|
| | | | | Jersey - 1.07% | | | | |
| | 199,619 | | | Glencore Plc | | | 916,252 | |
| | 5,077 | | | Shire Plc | | | 258,591 | |
| | 9,096 | | | Wolseley Plc | | | 596,781 | |
| | 7,926 | | | WPP Plc | | | 147,075 | |
| | | | | | |
|
|
|
| | | | | | | | 1,918,699 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.41% | | | | |
| | 13,824 | | | ArcelorMittal (b) | | | 356,606 | |
| | 144 | | | Eurofins Scientific SE | | | 91,108 | |
| | 3,852 | | | RTL Group SA | | | 291,806 | |
| | | | | | |
|
|
|
| | | | | | | | 739,520 | |
| | | | | | |
|
|
|
| | | | | Macau - 0.07% | | | | |
| | 44,697 | | | Wynn Macau, Ltd. | | | 120,882 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 3.95% | | | | |
| | 7,304 | | | ABN AMRO Group NV | | | 218,711 | |
| | 64,439 | | | Aegon NV | | | 375,614 | |
| | 2,540 | | | Airbus SE | | | 241,794 | |
| | 891 | | | Akzo Nobel NV | | | 82,176 | |
| | 1,702 | | | ASML Holding NV | | | 290,832 | |
| | 2,743 | | | Boskalis Westminster | | | 95,879 | |
| | 17,215 | | | CNH Industrial NV | | | 206,671 | |
| | 49,657 | | | Fiat Chrysler Automobiles NV (b) | | | 889,917 | |
| | 7,224 | | | Gemalto NV | | | 322,858 | |
| | 2,850 | | | Heineken Holding NV | | | 267,758 | |
| | 802 | | | Heineken NV | | | 79,359 | |
| | 39,285 | | | ING Groep NV | | | 724,111 | |
| | 28,215 | | | Koninklijke Ahold Delhaize NV | | | 527,184 | |
| | 9,157 | | | Koninklijke Philips NV | | | 377,816 | |
| | 13,104 | | | NN Group NV | | | 548,745 | |
| | 3,237 | | | QIAGEN NV | | | 102,321 | |
| | 5,672 | | | Randstad Holding NV | | | 350,549 | |
| | 8,004 | | | RELX NV | | | 170,272 | |
| | 26,086 | | | STMicroelectronics NV | | | 506,049 | |
See notes to financial statements.
66
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Netherlands (Continued) | | | | |
| | 9,567 | | | Unilever NV | | $ | 565,511 | |
| | 3,300 | | | Wolters Kluwer NV | | | 152,509 | |
| | | | | | |
|
|
|
| | | | | | | | 7,096,636 | |
| | | | | | |
|
|
|
| | | | | New Zealand - 0.07% | | | | |
| | 6,995 | | | Fletcher Building Ltd. | | | 40,429 | |
| | 33,966 | | | Telecom Corp. | | | 89,677 | |
| | | | | | |
|
|
|
| | | | | | | | 130,106 | |
| | | | | | |
|
|
|
| | | | | Norway - 0.87% | | | | |
| | 13,774 | | | DNB ASA (b) | | | 278,098 | |
| | 5,036 | | | Gjensidige Forsikring ASA | | | 87,723 | |
| | 15,316 | | | Marine Harvest ASA | | | 302,920 | |
| | 12,804 | | | Norsk Hydro ASA | | | 93,428 | |
| | 8,368 | | | Orkla ASA | | | 85,870 | |
| | 12,512 | | | Schibsted ASA - Class A | | | 322,557 | |
| | 14,031 | | | Schibsted ASA - Class B | | | 331,887 | |
| | 2,742 | | | Statoil ASA | | | 55,127 | |
| | | | | | |
|
|
|
| | | | | | | | 1,557,610 | |
| | | | | | |
|
|
|
| | | | | Portugal - 0.24% | | | | |
| | 22,732 | | | EDP - Energias de Portugal SA | | | 85,715 | |
| | 17,675 | | | Jeronimo Martins SGPS SA | | | 348,885 | |
| | | | | | |
|
|
|
| | | | | | | | 434,600 | |
| | | | | | |
|
|
|
| | | | | Singapore - 1.68% | | | | |
| | 4,017 | | | City Developments Ltd. | | | 33,661 | |
| | 19,423 | | | DBS Group Holdings, Ltd. | | | 298,999 | |
| | 119,084 | | | Genting Singapore Plc | | | 102,974 | |
| | 1,749,043 | | | Golden Agri-Resources, Ltd. | | | 484,413 | |
| | 6,949 | | | Jardine Cycle & Carriage, Ltd. | | | 202,217 | |
| | 56,928 | | | Oversea-Chinese Banking Corp. Ltd. | | | 469,443 | |
| | 65,151 | | | Singapore Exchange, Ltd. | | | 355,475 | |
| | 162,309 | | | StarHub Ltd. | | | 311,638 | |
| | 19,830 | | | United Overseas Bank, Ltd. | | | 344,363 | |
| | 28,031 | | | UOL Group, Ltd. | | | 168,235 | |
| | 230,932 | | | Yangzijiang Shipbuilding Holdings, Ltd. | | | 244,104 | |
| | | | | | |
|
|
|
| | | | | | | | 3,015,522 | |
| | | | | | |
|
|
|
| | | | | South Africa - 0.08% | | | | |
| | 20,316 | | | Investec Plc | | | 148,517 | |
| | | | | | |
|
|
|
| | | | | Spain - 2.71% | | | | |
| | 6,161 | | | ACS, Actividades de Construccion y Servicios SA | | | 228,557 | |
| | 1,046 | | | Aena SME SA | | | 189,040 | |
| | 6,633 | | | Amadeus IT Holding SA - Class A | | | 431,400 | |
| | 43,328 | | | Banco Bilbao Vizcaya Argentaria SA | | | 387,367 | |
| | 74,772 | | | Banco de Sabadell SA | | | 156,313 | |
| | 111,870 | | | Banco Santander SA | | | 782,509 | |
| | 12,249 | | | Bankia SA | | | 59,135 | |
| | 4,868 | | | Bankinter SA | | | 46,105 | |
| | 60,102 | | | CaixaBank SA | | | 301,681 | |
| | 66,310 | | | Distribuidora Internacional de Alimentacion SA | | | 387,256 | |
| | 1,701 | | | Endesa SA | | | 38,383 | |
| | 1,519 | | | Ferrovial SA | | | 33,469 | |
| | 18,173 | | | Industria de Diseno Textil SA | | | 685,122 | |
| | 61,850 | | | Mapfre SA | | | 201,542 | |
| | 42,363 | | | Repsol SA | | | 781,778 | |
| | 15,192 | | | Telefonica SA | | | 165,092 | |
| | | | | | |
|
|
|
| | | | | | | | 4,874,749 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Sweden - 2.58% | | | | |
| | 6,518 | | | Alfa Laval AB | | $ | 159,429 | |
| | 4,723 | | | Atlas Copco AB - Class A | | | 200,361 | |
| | 3,625 | | | Atlas Copco AB - Class B | | | 140,823 | |
| | 1,251 | | | Boliden AB | | | 42,433 | |
| | 4,378 | | | Electrolux AB - Series B | | | 149,009 | |
| | 8,491 | | | Getinge AB | | | 159,410 | |
| | 22,163 | | | Hennes & Mauritz AB - Series B | | | 575,712 | |
| | 7,518 | | | Husqvarna AB - Class B | | | 77,421 | |
| | 5,572 | | | Industrivarden AB | | | 141,348 | |
| | 10,263 | | | Investor AB - B Shares | | | 507,754 | |
| | 6,892 | | | Kinnevik AB | | | 225,152 | |
| | 2,329 | | | L E Lundbergforetagen AB - Series B | | | 186,362 | |
| | 18,612 | | | Nordea Bank AB | | | 252,699 | |
| | 16,467 | | | Sandvik AB | | | 284,396 | |
| | 2,476 | | | Securitas AB - Series B | | | 41,515 | |
| | 14,248 | | | Skandinaviska Enskilda Banken AB | | | 187,977 | |
| | 3,002 | | | Swedbank AB - A Shares | | | 83,130 | |
| | 9,428 | | | Swedish Match AB | | | 331,125 | |
| | 12,941 | | | Tele2 AB | | | 148,292 | |
| | 60,293 | | | Telefonaktiebolaget LM Ericsson - Series B | | | 347,595 | |
| | 20,316 | | | Volvo AB - Class B | | | 392,262 | |
| | | | | | |
|
|
|
| | | | | | | | 4,634,205 | |
| | | | | | |
|
|
|
| | | | | Switzerland - 6.06% | | | | |
| | 9,331 | | | ABB, Ltd. | | | 230,737 | |
| | 4,314 | | | Adecco Group AG | | | 336,080 | |
| | 1,814 | | | Baloise Holding AG | | | 287,253 | |
| | 30 | | | Barry Callebaut AG | | | 45,928 | |
| | 3,487 | | | Cie Financiere Richemont SA | | | 319,186 | |
| | 818 | | | Dufry AG (b) | | | 130,024 | |
| | 332 | | | EMS-Chemie Holding AG | | | 220,946 | |
| | 120 | | | Geberit AG | | | 56,810 | |
| | 1,536 | | | Julius Baer Group, Ltd. | | | 91,146 | |
| | 2,668 | | | Kuehne & Nagel International AG | | | 494,383 | |
| | 978 | | | LafargeHolcim Ltd. | | | 57,257 | |
| | 24,144 | | | Nestle SA | | | 2,026,678 | |
| | 13,907 | | | Novartis AG | | | 1,192,872 | |
| | 2,343 | | | Pargesa Holding SA | | | 194,954 | |
| | 987 | | | Partners Group Holding AG | | | 670,072 | |
| | 5,717 | | | Roche Holding AG | | | 1,461,380 | |
| | 214 | | | SGS SA | | | 513,873 | |
| | 51 | | | Sika AG | | | 379,730 | |
| | 305 | | | Sonova Holding AG | | | 51,770 | |
| | 936 | | | Straumann Holding AG | | | 601,955 | |
| | 858 | | | Swiss Life Holding AG | | | 302,481 | |
| | 2,620 | | | Swiss Re AG | | | 237,488 | |
| | 104 | | | Swisscom AG | | | 53,321 | |
| | 786 | | | The Swatch Group AG - Group I | | | 327,539 | |
| | 2,858 | | | The Swatch Group AG - Group N | | | 227,881 | |
| | 11,527 | | | UBS Group AG | | | 197,192 | |
| | 579 | | | Zurich Insurance Group AG | | | 176,931 | |
| | | | | | |
|
|
|
| | | | | | | | 10,885,867 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 12.47% | | | | |
| | 60,470 | | | 3i Group Plc | | | 740,340 | |
| | 20,844 | | | Admiral Group Plc | | | 507,915 | |
| | 40,562 | | | Anglo American Plc | | | 729,238 | |
| | 1,691 | | | Ashtead Group Plc | | | 40,794 | |
| | 1,730 | | | Associated British Foods Plc | | | 74,064 | |
| | 3,682 | | | AstraZeneca Plc | | | 244,858 | |
| | 126,046 | | | Auto Trader Group Plc | | | 663,126 | |
See notes to financial statements.
67
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | United Kingdom (Continued) | | | | |
| | 18,129 | | | Aviva Plc | | $ | 125,125 | |
| | 61,479 | | | Barclays Plc | | | 159,414 | |
| | 30,088 | | | Barratt Developments Plc | | | 247,870 | |
| | 3,210 | | | Berkeley Group Holdings Plc | | | 159,976 | |
| | 13,920 | | | BHP Billiton Plc | | | 245,632 | |
| | 33,470 | | | BP Plc | | | 214,408 | |
| | 13,422 | | | British American Tobacco Plc | | | 840,266 | |
| | 26,654 | | | British Sky Broadcasting Group Plc | | | 326,987 | |
| | 26,972 | | | Burberry Group Plc | | | 636,850 | |
| | 3,940 | | | Carnival Plc | | | 250,553 | |
| | 53,667 | | | Centrica Plc | | | 134,509 | |
| | 795 | | | Coca-Cola European Partners Plc | | | 33,332 | |
| | 11,553 | | | Coca-Cola HBC AG | | | 391,169 | |
| | 6,056 | | | Compass Group Plc | | | 128,493 | |
| | 914 | | | Croda International Plc | | | 46,475 | |
| | 12,680 | | | Diageo Plc | | | 416,988 | |
| | 36,081 | | | G4S Plc | | | 134,613 | |
| | 20,821 | | | GlaxoSmithKline Plc | | | 416,224 | |
| | 24,141 | | | Hargreaves Lansdown Plc | | | 479,035 | |
| | 108,719 | | | HSBC Holdings Plc | | | 1,074,776 | |
| | 5,797 | | | Imperial Brands Plc | | | 247,420 | |
| | 6,912 | | | InterContinental Hotels Group Plc | | | 365,649 | |
| | 62,603 | | | International Consolidated Airlines Group SA | | | 498,915 | |
| | 520 | | | Intertek Group Plc | | | 34,758 | |
| | 184,724 | | | J. Sainsbury Plc | | | 588,957 | |
| | 64,899 | | | Kingfisher Plc | | | 259,835 | |
| | 38,937 | | | Legal & General Group Plc | | | 135,714 | |
| | 160,133 | | | Lloyds Banking Group Plc | | | 145,522 | |
| | 6,123 | | | London Stock Exchange Group Plc | | | 314,391 | |
| | 133,134 | | | Marks & Spencer Group Plc | | | 630,346 | |
| | 17,360 | | | Mediclinic International Plc | | | 151,205 | |
| | 16,949 | | | Meggitt Plc | | | 118,384 | |
| | 6,203 | | | Merlin Entertainments Plc | | | 37,019 | |
| | 3,581 | | | Mondi Plc | | | 96,276 | |
| | 9,580 | | | Next Plc | | | 675,317 | |
| | 9,454 | | | Persimmon Plc | | | 327,178 | |
| | 48,631 | | | Provident Financial Plc | | | 541,486 | |
| | 22,351 | | | Prudential Plc | | | 534,870 | |
| | 426 | | | Reckitt Benckiser Group Plc | | | 38,923 | |
| | 19,844 | | | RELX Plc | | | 435,502 | |
| | 10,687 | | | Rio Tinto Plc | | | 497,470 | |
| | 7,516 | | | Rolls-Royce Holdings Plc (b) | | | 89,397 | |
| | 21,844 | | | Royal Dutch Shell Plc - Class A | | | 660,165 | |
| | 14,245 | | | Royal Dutch Shell Plc - Class B | | | 438,548 | |
| | 190,446 | | | Royal Mail Plc | | | 980,622 | |
| | 18,694 | | | RSA Insurance Group Plc | | | 156,186 | |
| | 2,670 | | | Schroders Plc | | | 120,114 | |
| | 20,749 | | | Smith & Nephew Plc | | | 375,042 | |
| | 10,632 | | | Smiths Group Plc | | | 224,862 | |
| | 5,479 | | | St. James’s Place Plc | | | 84,211 | |
| | 6,113 | | | Standard Life Plc | | | 35,534 | |
| | 17,860 | | | Tate & Lyle Plc | | | 155,082 | |
| | 59,597 | | | Taylor Wimpey Plc | | | 156,200 | |
| | 87,222 | | | Tesco Plc (b) | | | 218,731 | |
| | 46,551 | | | The Sage Group Plc | | | 435,942 | |
| | 6,204 | | | Travis Perkins Plc | | | 120,377 | |
| | 2,002 | | | TUI AG | | | 33,972 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | United Kingdom (Continued) | | | | |
| | 8,774 | | | Unilever Plc | | $ | 507,833 | |
| | 114,939 | | | Vodafone Group Plc | | | 321,850 | |
| | 9,159 | | | Whitbread Plc | | | 462,314 | |
| | 191,092 | | | Wm Morrison Supermarkets Plc | | | 599,626 | |
| | 17,451 | | | Worldpay Group Plc | | | 95,250 | |
| | | | | | |
|
|
|
| | | | | | | | 22,410,025 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $142,776,821) | | | 168,491,890 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 4.52% | |
| | | | | Canada - 0.39% | | | | |
| | 24,324 | | | iShares MSCI Canada ETF | | | 703,936 | |
| | | | | | |
|
|
|
| | | | | Japan - 4.13% | | | | |
| | 108,306 | | | iShares MSCI EAFE ETF (a) | | | 7,416,795 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $7,831,084) | | | 8,120,731 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 0.25% | | | | |
| | | | | Germany - 0.25% | | | | |
| | 6,028 | | | FUCHS PETROLUB SE - Preference Shares | | | 356,977 | |
| | 299 | | | Henkel AG & Co. KGaA - Preference Shares | | | 40,736 | |
| | 3,645 | | | Schaeffler AG | | | 58,814 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $373,000) | | | 456,527 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.11% | |
| | | | | United Kingdom - 0.11% | | | | |
| | 27,597 | | | Segro Plc | | | 198,414 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $192,345) | | | 198,414 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.61% | | | | |
| | | | | Money Market Funds - 0.61% | | | | |
| | 1,100,743 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (c) | | | 1,100,743 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $1,100,743) | | | 1,100,743 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.90% | |
| | | | | Investments Purchased with Proceeds from
Securities Lending Collateral - 1.90% | |
| | 3,424,516 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.34% (c) | | | 3,424,516 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from
Securities Lending
(Cost $3,424,516) | | | 3,424,516 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $155,698,509) - 101.12% | | | 181,792,821 | |
| | | | | Liabilities in Excess of
Other Assets - (1.12)% | | | (2,021,497 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 179,771,324 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
See notes to financial statements.
68
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)
September 30, 2017
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.74% | |
Air Freight & Logistics | | | 0.98% | |
Airlines | | | 1.18% | |
Auto Components | | | 1.06% | |
Automobiles | | | 1.91% | |
Banks | | | 10.98% | |
Beverages | | | 1.47% | |
Biotechnology | | | 0.17% | |
Building Products | | | 0.23% | |
Capital Markets | | | 2.31% | |
Chemicals | | | 3.27% | |
Commercial Services & Supplies | | | 0.30% | |
Communications Equipment | | | 0.19% | |
Construction & Engineering | | | 1.44% | |
Construction Materials | | | 0.33% | |
Consumer Finance | | | 0.64% | |
Containers & Packaging | | | 0.18% | |
Distributors | | | 0.11% | |
Diversified Consumer Services | | | 0.12% | |
Diversified Financial Services | | | 2.07% | |
Diversified Telecommunication Services | | | 1.75% | |
Electric Utilities | | | 0.89% | |
Electronic Equipment, Instruments & Components | | | 2.56% | |
Energy Equipment & Services | | | 0.37% | |
Food & Staples Retailing | | | 3.87% | |
Food Products | | | 3.64% | |
Gas Utilities | | | 0.20% | |
Health Care Equipment & Supplies | | | 1.50% | |
Health Care Providers & Services | | | 0.39% | |
Health Care Technology | | | 0.06% | |
Hotels, Restaurants & Leisure | | | 2.35% | |
Household Durables | | | 1.30% | |
Household Products | | | 0.68% | |
Industrial Conglomerates | | | 0.73% | |
Insurance | | | 6.12% | |
Internet & Direct Marketing Retail | | | 0.68% | |
Internet Software & Services | | | 1.18% | |
IT Services | | | 1.41% | |
Leisure Products | | | 0.47% | |
Life Sciences Tools & Services | | | 0.11% | |
Machinery | | | 1.86% | |
Marine | | | 0.28% | |
Media | | | 1.22% | |
Metals & Mining | | | 3.03% | |
Multiline Retail | | | 1.17% | |
Multi-Utilities | | | 0.49% | |
| | | | |
| | | | | |
Oil, Gas & Consumable Fuels | | | 2.60% | |
Paper & Forest Products | | | 0.58% | |
Personal Products | | | 1.21% | |
Pharmaceuticals | | | 5.15% | |
Professional Services | | | 1.14% | |
Real Estate Management & Development | | | 1.23% | |
Road & Rail | | | 0.50% | |
Semiconductors & Semiconductor Equipment | | | 1.07% | |
Software | | | 2.02% | |
Specialty Retail | | | 2.20% | |
Technology Hardware, Storage & Peripherals | | | 0.54% | |
Textiles, Apparel & Luxury Goods | | | 3.17% | |
Tobacco | | | 0.79% | |
Trading Companies & Distributors | | | 2.39% | |
Transportation Infrastructure | | | 0.50% | |
Wireless Telecommunication Services | | | 0.65% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 93.73% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 4.52% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 4.52% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Auto Components | | | 0.03% | |
Chemicals | | | 0.20% | |
Household Products | | | 0.02% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 0.25% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.11% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.11% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.61% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.61% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | | | | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 1.90% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING | | | 1.90% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 101.12% | |
Liabilities in Excess of Other Assets | | | (1.12)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
69
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 9.33% | | | | |
| | 510,000 | | | Ally Auto Receivables Trust | | | | |
| | | | | Series 2017-4, 1.750%, 12/15/2021 | | $ | 509,711 | |
| | 305,000 | | | Ally Master Owner Trust | | | | |
| | | | | Series 2014-5, 1.600%, 10/15/2019 | | | 305,023 | |
| | | | | AmeriCredit Automobile Receivables Trust | | | | |
| | 250,000 | | | Series 2016-4, 1.530%, 07/08/2021 | | | 249,014 | |
| | 320,000 | | | Series 2017-3-A3, 1.900%, 03/18/2022 | | | 319,819 | |
| | 450,152 | | | Apidos CLO XII | | | | |
| | | | | Series 2013-12A, 2.404%
(3 Month LIBOR USD + 1.100%),
04/15/2025 (b)(c) | | | 451,254 | |
| | 270,000 | | | Atlas Senior Loan Fund VI Ltd. | | | | |
| | | | | Series 2014-6A, 2.554%
(3 Month LIBOR USD + 1.250%),
10/15/2026 (b)(c) | | | 271,169 | |
| | | | | Babson CLO Ltd. | | | | |
| | 546,352 | | | Series 2013-IA, 2.407%
(3 Month LIBOR USD + 1.100%),
04/20/2025 (b)(c) | | | 547,713 | |
| | 250,000 | | | Series 2014-IIIR, 2.624%
(3 Month LIBOR USD + 1.320%),
01/15/2026 (b)(c) | | | 252,262 | |
| | | | | Bayview Opportunity Master Fund IVa Trust | | | | |
| | 95,052 | | | Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(b) | | | 97,627 | |
| | 108,467 | | | Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(b) | | | 112,958 | |
| | 92,138 | | | Bayview Opportunity Master Fund IVb Trust | | | | |
| | | | | Series 2017-SPL3, 4.000%, 11/28/2053 (a)(b) | | | 96,526 | |
| | 735,000 | | | Capital One Multi-Asset Execution Trust | | | | |
| | | | | Series 2016-3A, 1.340%, 04/15/2022 | | | 729,929 | |
| | 555,000 | | | Carlyle Global Market Strategies CLO | | | | |
| | | | | Series 2013-3A, 2.424%
(3 Month LIBOR USD + 1.120%),
07/15/2025 (b)(c) | | | 555,808 | |
| | 59,582 | | | CarMax Auto Owner Trust | | | | |
| | | | | Series 2013-3, 1.490%, 01/15/2019 | | | 59,582 | |
| | 645,000 | | | Chase Issuance Trust | | | | |
| | | | | Series 2016-2, 1.370%, 06/15/2021 | | | 640,948 | |
| | 365,000 | | | CIFC Funding Ltd. | | | | |
| | | | | Series 2013-IR, 2.561%
(3 Month LIBOR USD + 1.250%),
07/15/2030 (b)(c) | | | 365,458 | |
| | 61,410 | | | Conseco Finance Securitizations Corp. | | | | |
| | | | | Series 2000-4, 8.310%, 05/01/2032 (a) | | | 34,236 | |
| | 23,441 | | | CPS Auto Receivables Trust | | | | |
| | | | | Series 2013-A, 1.310%, 06/15/2020 (b) | | | 23,437 | |
| | 270,000 | | | Dryden 38 Senior Loan Fund | | | | |
| | | | | Series 2015-38A, 2.734%
(3 Month LIBOR USD + 1.430%),
07/15/2027 (b)(c) | | | 272,362 | |
| | 485,000 | | | Ford Credit Auto Owner Trust | | | | |
| | | | | Series 2015-A, 2.030%, 08/15/2020 | | | 486,829 | |
| | 295,000 | | | Galaxy XXII CLO, Ltd. | | | | |
| | | | | Series 2016-22A, 2.800%, 07/16/2028 (b) | | | 291,404 | |
| | 100,000 | | | GCO Education Loan Funding Trust | | | | |
| | | | | Series 2006-1, 1.547%
(3 Month LIBOR USD + 0.230%), 05/25/2036 (c) | | | 93,179 | |
| | 570,000 | | | GM Financial Automobile Leasing Trust | | | | |
| | | | | Series 2017-1, 2.060%, 05/20/2020 | | | 571,797 | |
| | 300,000 | | | GTP Acquisition Partners I LLC | | | | |
| | | | | Series 2015-2, 3.482%, 06/15/2050 (b) | | | 299,016 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | | | | |
| | 100,000 | | | Lendmark Funding Trust | | | | |
| | | | | Series 2016-A, 3.260%, 04/21/2025 (b)(d) | | $ | 100,451 | |
| | 261,443 | | | Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 2.257%
(1 Month LIBOR USD + 1.020%), 10/25/2033 (c) | | | 259,594 | |
| | | | | NRZ Advance Receivables Trust | | | | |
| | 147,000 | | | Series 2016-T2, 2.575%, 10/15/2049 (b) | | | 146,764 | |
| | 136,000 | | | Series 2015-ON1, 3.107%, 12/15/2050 (b) | | | 136,520 | |
| | 120,000 | | | Series 2017-T1, 3.214%, 02/15/2051 (a)(b) | | | 120,034 | |
| | 325,000 | | | Oaktree EIF II Ltd.
Series 2015-B1A, 2.865%
(3 Month LIBOR USD + 1.550%), 02/15/2026 (b)(c) | | | 325,175 | |
| | 275,000 | | | OCP CLO Ltd.
Series 2015-8A, 2.834%
(3 Month LIBOR USD + 1.530%), 04/17/2027 (b)(c) | | | 275,035 | |
| | 410,000 | | | Octagon Investment Partners XVI Ltd.
Series 2013-1A, 2.424%
(3 Month LIBOR USD + 1.120%), 07/17/2025 (b)(c) | | | 410,649 | |
| | 259,833 | | | OHA Credit Partners VIII, Ltd.
Series 2013-8A, 2.427%
(3 Month LIBOR USD + 1.120%), 04/20/2025 (b)(c) | | | 260,419 | |
| | 120,000 | | | OneMain Financial Issuance Trust
Series 2017-1-A1, 2.370%, 09/14/2032 (b) | | | 119,563 | |
| | 450,000 | | | OZLM Funding V Ltd.
Series 2013-5A, 2.434%
(3 Month LIBOR USD + 1.130%), 01/17/2026 (b)(c) | | | 450,482 | |
| | 300,000 | | | OZLM XII Ltd.
Series 2015-12A, 2.761%
(3 Month LIBOR USD + 1.450%), 04/30/2027 (b)(c) | | | 302,064 | |
| | 105,231 | | | Prestige Auto Receivables Trust
Series 2014-1A, 1.910%, 04/15/2020 (b) | | | 105,320 | |
| | 96,442 | | | Santander Drive Auto Receivables Trust
Series 2015-2, 1.830%, 01/15/2020 | | | 96,483 | |
| | | | | SBA Tower Trust | | | | |
| | 210,000 | | | Series 2013-1-2, 3.598%, 04/15/2043 (b) | | | 209,878 | |
| | 155,000 | | | Series 2014-1-2, 2.898%, 10/15/2044 (b) | | | 156,036 | |
| | 90,000 | | | Series 2017-1, 3.168%, 04/15/2047 (b) | | | 90,176 | |
| | 250,000 | | | Shackleton
Series 2014-6A, 2.464%
(3 Month LIBOR USD + 1.160%), 07/17/2026 (b)(c) | | | 250,567 | |
| | 62,537 | | | SoFi Consumer Loan Program LLC
Series 2016-2, 3.090%, 10/27/2025 (b)(d) | | | 63,219 | |
| | 255,000 | | | Sound Point CLO IV Ltd.
Series 2013-3A, 2.407%
(3 Month LIBOR USD + 1.100%), 01/21/2026 (b)(c) | | | 255,180 | |
| | 315,000 | | | Sound Point CLO VIII Ltd.
Series 2015-1A, 2.834%
(3 Month LIBOR USD + 1.530%),
03/13/2027 (b)(c) | | | 315,487 | |
| | 125,000 | | | Springleaf Funding Trust
Series 2017-A, 2.680%, 07/15/2030 (b) | | | 125,110 | |
| | 230,000 | | | World Omni Auto Receivables Trust
Series 2017-B, 1.950%, 02/15/2023 | | | 229,674 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $12,446,661) | | | 12,440,941 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 4.45% | |
| | | | | Angel Oak Mortgage Trust I LLC | | | | |
| | 52,123 | | | Series 2017-2, 2.478%, 07/25/2047 (a)(b) | | | 52,121 | |
| | 36,551 | | | Series 2017-1, 2.810%, 01/25/2047 (a)(b) | | | 36,635 | |
See notes to financial statements.
70
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | | | | Bayview Mortgage Fund IVc Trust | | | | |
| | 130,000 | | | Series 2017-RT4A, 3.500%, 07/28/2057 (a)(b) | | $ | 133,392 | |
| | 98,584 | | | Series 2017-RT3A, 3.500%, 01/28/2058 (a)(b) | | | 101,562 | |
| | | | | BBCMS Mortgage Trust | | | | |
| | 132,000 | | | Series 2017-DELC, 2.077% (1 Month LIBOR USD + 0.850%), 08/15/2036 (b)(c) | | | 132,247 | |
| | 96,000 | | | Series 2017-C1, 3.674%, 02/17/2050 | | | 100,221 | |
| | 150,000 | | | BB-UBS Trust
Series 2012-SHOW, 3.430%, 11/07/2036 (b) | | | 153,855 | |
| | 57,361 | | | Chase Mortgage Finance Trust
Series 2007-A1, 3.580%, 02/25/2037 (a) | | | 56,037 | |
| | 80,642 | | | COLT Mortgage Loan Trust
Series 2017-1, 2.614%, 05/27/2047 (a)(b) | | | 81,862 | |
| | 120,000 | | | COMM Mortgage Trust
Series 2013-300P, 4.353%, 08/12/2030 (b) | | | 129,880 | |
| | 11,442 | | | Commercial Mortgage Loan Trust
Series 2008-LS1, 6.267%, 12/10/2049 (a) | | | 11,434 | |
| | | | | Countrywide Home Loans, Inc. | | | | |
| | 13,743 | | | Series 2004-HYB6, 3.346%, 11/20/2034 (a) | | | 13,876 | |
| | 88,411 | | | Series 2005-11, 1.837%
(1 Month LIBOR USD + 0.600%), 03/25/2035 (c) | | | 81,851 | |
| | 48,711 | | | CSMC Trust
Series 2017-FHA1, 3.250%, 04/25/2047 (a)(b) | | | 49,137 | |
| | 392,659 | | | Four Times Square Trust
Series 2006-4TS, 5.401%, 12/13/2028 (b) | | | 427,004 | |
| | | | | GS Mortgage Securities Trust | | | | |
| | 145,000 | | | Series 2012-ALOH, 3.551%, 04/12/2034 (b) | | | 151,385 | |
| | 145,000 | | | Series 2012-BWTR, 2.954%, 11/07/2034 (b) | | | 146,855 | |
| | 233,704 | | | JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-WLDN, 3.905%, 05/07/2030 (b) | | | 243,614 | |
| | 705,000 | | | JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, 3.157%, 07/17/2045 | | | 721,551 | |
| | 261,000 | | | Madison Park Funding XI, Ltd.
Series 2013-11A, 2.473%
(3 Month LIBOR USD + 1.160%), 07/23/2029 (b)(c) | | | 262,109 | |
| | 185,000 | | | Morgan Stanley Capital I Trust
Series 2014-MP, 3.469%, 08/11/2033 (b) | | | 191,212 | |
| | | | | New Residential Mortgage Loan Trust | | | | |
| | 134,170 | | | Series 2016-2, 3.750%, 11/25/2035 (a)(b) | | | 139,311 | |
| | 107,149 | | | Series 2016-4, 3.750%, 11/25/2056 (a)(b) | | | 110,329 | |
| | 186,129 | | | Series 2017-1, 4.000%, 02/25/2057 (a)(b) | | | 194,998 | |
| | 166,551 | | | Series 2017-2, 4.000%, 03/25/2057 (a)(b) | | | 175,257 | |
| | 92,396 | | | Series 2017-3, 4.000%, 04/25/2057 (a)(b) | | | 96,722 | |
| | 106,823 | | | Series 2017-4, 4.000%, 05/25/2057 (a)(b) | | | 111,943 | |
| | 126,544 | | | Series 2017-5, 2.737%
(1 Month LIBOR USD + 1.500%), 06/25/2057 (a)(b)(c) | | | 130,673 | |
| | 130,000 | | | OBP Depositor LLC Trust
Series 2010-OBP, 4.646%, 07/17/2045 (b) | | | 137,368 | |
| | 75,000 | | | SG Commercial Mortgage Securities Trust
Series 2016-C5, 3.055%, 10/13/2048 | | | 74,160 | |
| | | | | Springleaf Mortgage Loan Trust | | | | |
| | 63,912 | | | Series 2013-2A, 1.780%, 12/25/2065 (a)(b) | | | 63,981 | |
| | 155,171 | | | Series 2013-2A, 3.520%, 12/25/2065 (a)(b) | | | 155,236 | |
| | | | | Towd Point Mortgage Trust | | | | |
| | 94,486 | | | Series 2016-2, 2.750%, 08/25/2055 (a)(b) | | | 95,003 | |
| | 108,661 | | | Series 2016-3, 2.250%, 08/25/2055 (a)(b) | | | 108,392 | |
| | 208,276 | | | Series 2017-1, 2.750%, 10/25/2056 (a)(b) | | | 209,482 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 86,625 | | | Series 2017-2, 2.750%, 04/25/2057 (a)(b) | | $ | 87,126 | |
| | 97,292 | | | Series 2017-3, 2.750%, 06/25/2057 (a)(b) | | | 98,031 | |
| | 109,919 | | | Series 2017-4, 2.750%, 06/25/2057 (a)(b) | | | 110,695 | |
| | 540,000 | | | Wells Fargo-RBS Commercial Mortgage Trust
Series 2014-C19, 3.660%, 03/15/2047 | | | 562,550 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $5,901,123) | | | 5,939,097 | |
| | | | | | |
|
|
|
| | | | | CORPORATE OBLIGATIONS - 38.21% | | | | |
| | | | | Aerospace & Defense - 0.48% | | | | |
| | 185,000 | | | Hexcel Corp.
3.950%, 02/15/2027 | | | 189,093 | |
| | 45,000 | | | Lockheed Martin Corp.
4.090%, 09/15/2052 (b) | | | 45,207 | |
| | 170,000 | | | Northrop Grumman Corp.
3.850%, 04/15/2045 | | | 166,189 | |
| | 245,000 | | | United Technologies Corp.
1.900%, 05/04/2020 | | | 244,301 | |
| | | | | | |
|
|
|
| | | | | | | | 644,790 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.07% | |
| | | | | FedEx Corp. | | | | |
| | 50,000 | | | 4.100%, 02/01/2045 | | | 49,590 | |
| | 15,000 | | | 4.550%, 04/01/2046 | | | 16,041 | |
| | 20,000 | | | 4.400%, 01/15/2047 | | | 20,876 | |
| | | | | | |
|
|
|
| | | | | | | | 86,507 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.16% | |
| | 85,000 | | | Delta Air Lines, Inc.
3.625%, 03/15/2022 | | | 87,451 | |
| | 130,000 | | | Southwest Airlines Co.
2.650%, 11/05/2020 | | | 131,832 | |
| | | | | | |
|
|
|
| | | | | | | | 219,283 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.14% | |
| | 50,000 | | | Ford Motor Co.
5.291%, 12/08/2046 | | | 52,366 | |
| | | | | General Motors Co. | | | | |
| | 15,000 | | | 6.250%, 10/02/2043 | | | 17,201 | |
| | 55,000 | | | 6.750%, 04/01/2046 | | | 66,483 | |
| | 50,000 | | | Nissan Motor Acceptance Corp.
2.150%, 09/28/2020 (b) | | | 50,044 | |
| | | | | | |
|
|
|
| | | | | | | | 186,094 | |
| | | | | | |
|
|
|
| | | | | Banks - 6.86% | |
| | | | | Bank of America Corp. | | | | |
| | 20,000 | | | 2.625%, 04/19/2021 | | | 20,154 | |
| | 100,000 | | | 2.369% (3 Month LIBOR USD + 0.660%), 07/21/2021 (c) | | | 100,075 | |
| | 35,000 | | | 2.503%, 10/21/2022 | | | 34,711 | |
| | 545,000 | | | 3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (c) | | | 555,254 | |
| | 190,000 | | | 4.100%, 07/24/2023 | | | 202,576 | |
| | 45,000 | | | 4.000%, 01/22/2025 | | | 46,610 | |
| | 85,000 | | | 4.183%, 11/25/2027 | | | 88,268 | |
| | 85,000 | | | 3.705% (3 Month LIBOR USD + 1.510%), 04/24/2028 (c)(e) | | | 86,445 | |
| | 100,000 | | | 6.110%, 01/29/2037 | | | 125,416 | |
| | 445,000 | | | 5.000%, 01/21/2044 | | | 517,810 | |
| | 280,000 | | | Bank of Montreal
1.750%, 09/11/2019 | | | 279,268 | |
See notes to financial statements.
71
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Banks (Continued) | |
| | 405,000 | | | BB&T Corp.
2.750%, 04/01/2022 | | $ | 412,831 | |
| | | | | Citigroup, Inc. | | | | |
| | 55,000 | | | 2.414% (3 Month LIBOR USD + 1.100%), 05/17/2024 (c) | | | 55,165 | |
| | 360,000 | | | 3.700%, 01/12/2026 | | | 369,753 | |
| | 45,000 | | | 3.200%, 10/21/2026 | | | 44,341 | |
| | 235,000 | | | 4.300%, 11/20/2026 | | | 245,233 | |
| | 175,000 | | | 4.450%, 09/29/2027 | | | 184,943 | |
| | 325,000 | | | 3.887% (3 Month LIBOR USD + 1.560%), 01/10/2028 (c) | | | 334,030 | |
| | 75,000 | | | Deutsche Bank AG
2.700%, 07/13/2020 | | | 75,354 | |
| | 280,000 | | | European Investment Bank
2.375%, 06/15/2022 (e) | | | 284,095 | |
| | 120,000 | | | Fifth Third Bancorp
2.875%, 07/27/2020 | | | 122,359 | |
| | 480,000 | | | HSBC Holdings Plc
3.262% (3 Month LIBOR USD + 1.060%), 03/13/2023 (c) | | | 490,227 | |
| | 80,000 | | | JPMorgan Chase & Co.
2.543% (3 Month LIBOR USD + 1.230%), 10/24/2023 (c) | | | 81,801 | |
| | 80,000 | | | 3.220% (3 Month LIBOR USD + 1.160%), 03/01/2025 (c) | | | 81,356 | |
| | 170,000 | | | 3.300%, 04/01/2026 | | | 170,687 | |
| | 90,000 | | | 2.950%, 10/01/2026 | | | 88,187 | |
| | 310,000 | | | 3.782% (3 Month LIBOR USD + 1.340%), 02/01/2028 (c)(e) | | | 319,388 | |
| | 240,000 | | | 3.882% (3 Month LIBOR USD + 1.360%), 07/24/2038 (c) | | | 242,451 | |
| | 170,000 | | | KeyCorp
5.100%, 03/24/2021 (e) | | | 185,424 | |
| | 260,000 | | | Kreditanstalt fuer Wiederaufbau
2.125%, 06/15/2022 | | | 260,784 | |
| | 290,000 | | | PNC Funding Corp.
3.300%, 03/08/2022 | | | 300,645 | |
| | 250,000 | | | Royal Bank of Canada
2.125%, 03/02/2020 | | | 251,180 | |
| | 105,000 | | | Santander Holdings USA, Inc.
3.700%, 03/28/2022 (b) | | | 107,086 | |
| | 240,000 | | | SunTrust Bank
2.450%, 08/01/2022 | | | 239,781 | |
| | 245,000 | | | Toronto-Dominion Bank
2.625%, 09/10/2018 | | | 247,433 | |
| | 625,000 | | | U.S. Bancorp
1.950%, 11/15/2018 | | | 627,681 | |
| | 195,000 | | | Wells Fargo & Co.
2.150%, 01/30/2020 | | | 195,595 | |
| | 160,000 | | | 2.550%, 12/07/2020 | | | 161,915 | |
| | 150,000 | | | 2.625%, 07/22/2022 | | | 150,352 | |
| | 120,000 | | | 3.000%, 04/22/2026 | | | 118,001 | |
| | 135,000 | | | 3.000%, 10/23/2026 | | | 132,166 | |
| | 130,000 | | | 3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (c) | | | 131,739 | |
| | 176,000 | | | 5.606%, 01/15/2044 | | | 213,515 | |
| | 35,000 | | | 4.900%, 11/17/2045 | | | 39,134 | |
| | 115,000 | | | 4.750%, 12/07/2046 | | | 126,564 | |
| | | | | | |
|
|
|
| | | | | | | | 9,147,783 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Beverages - 0.29% | | | | |
| | 105,000 | | | Anheuser-Busch InBev Worldwide, Inc. | | | | |
| | | | | 8.200%, 01/15/2039 | | $ | 165,705 | |
| | 10,000 | | | Constellation Brands, Inc.
2.700%, 05/09/2022 | | | 10,045 | |
| | 10,000 | | | 3.500%, 05/09/2027 | | | 10,154 | |
| | 5,000 | | | 4.500%, 05/09/2047 | | | 5,269 | |
| | 200,000 | | | Molson Coors Brewing Co.
3.000%, 07/15/2026 | | | 194,881 | |
| | | | | | |
|
|
|
| | | | | | | | 386,054 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 0.60% | |
| | | | | AbbVie, Inc. | | | | |
| | 155,000 | | | 2.900%, 11/06/2022 | | | 157,372 | |
| | 180,000 | | | 4.300%, 05/14/2036 | | | 189,574 | |
| | | | | Amgen, Inc. | | | | |
| | 45,000 | | | 2.650%, 05/11/2022 | | | 45,416 | |
| | 125,000 | | | 4.400%, 05/01/2045 | | | 132,869 | |
| | 115,000 | | | Celgene Corp.
5.250%, 08/15/2043 | | | 132,354 | |
| | 95,000 | | | Genzyme Corp.
5.000%, 06/15/2020 | | | 102,472 | |
| | 35,000 | | | Gilead Sciences, Inc.
2.500%, 09/01/2023 | | | 34,675 | |
| | | | | | |
|
|
|
| | | | | | | | 794,732 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.19% | |
| | 250,000 | | | LYB International Finance II BV
3.500%, 03/02/2027 | | | 249,154 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 3.59% | |
| | 90,000 | | | Bear Stearns Companies, Inc.
7.250%, 02/01/2018 | | | 91,681 | |
| | 245,000 | | | CBOE Holdings, Inc.
3.650%, 01/12/2027 | | | 251,356 | |
| | 300,000 | | | Delphi Corp.
4.150%, 03/15/2024 | | | 318,708 | |
| | 140,000 | | | Intercontinental Exchange, Inc.
2.750%, 12/01/2020 | | | 142,787 | |
| | | | | Morgan Stanley | | | | |
| | 150,000 | | | 5.950%, 12/28/2017 | | | 151,536 | |
| | 75,000 | | | 2.625%, 11/17/2021 | | | 75,311 | |
| | 35,000 | | | 2.750%, 05/19/2022 | | | 35,216 | |
| | 350,000 | | | 3.700%, 10/23/2024 | | | 362,928 | |
| | 190,000 | | | 3.125%, 07/27/2026 | | | 186,578 | |
| | 65,000 | | | 4.350%, 09/08/2026 | | | 68,175 | |
| | 50,000 | | | 3.950%, 04/23/2027 | | | 50,965 | |
| | 385,000 | | | 3.591% (3 Month LIBOR USD + 1.340%),
07/22/2028 (c) | | | 386,911 | |
| | 210,000 | | | Raymond James Financial, Inc.
3.625%, 09/15/2026 | | | 210,720 | |
| | 130,000 | | | State Street Corp.
2.550%, 08/18/2020 | | | 132,308 | |
| | | | | The Bank of New York Mellon Corp. | | | | |
| | 410,000 | | | 2.200%, 03/04/2019 | | | 412,268 | |
| | 155,000 | | | 2.661% (3 Month LIBOR USD + 0.630%),
05/16/2023 (c) | | | 155,745 | |
| | 320,000 | | | 3.250%, 05/16/2027 | | | 325,025 | |
| | | | | The Goldman Sachs Group, Inc. | | | | |
| | 95,000 | | | 2.750%, 09/15/2020 | | | 96,293 | |
| | 80,000 | | | 2.600%, 12/27/2020 | | | 80,690 | |
| | 35,000 | | | 2.875%, 02/25/2021 | | | 35,521 | |
See notes to financial statements.
72
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Capital Markets (Continued) | |
| | 50,000 | | | 2.350%, 11/15/2021 (e) | | $ | 49,621 | |
| | 390,000 | | | 2.908% (3 Month LIBOR USD + 1.050%),
06/05/2023 (c) | | | 390,733 | |
| | 55,000 | | | 2.905% (3 Month LIBOR USD + 0.990%),
07/24/2023 (c) | | | 55,101 | |
| | 155,000 | | | 4.000%, 03/03/2024 | | | 163,799 | |
| | 140,000 | | | 3.500%, 01/23/2025 | | | 142,170 | |
| | 150,000 | | | 3.272% (3 Month LIBOR USD + 1.200%), 03/29/2025 (c) | | | 150,429 | |
| | 140,000 | | | 6.750%, 10/01/2037 (e) | | | 185,038 | |
| | 40,000 | | | 6.250%, 02/01/2041 | | | 52,912 | |
| | 5,000 | | | 4.750%, 10/21/2045 | | | 5,574 | |
| | 25,000 | | | Willis North America, Inc.
3.600%, 05/15/2024 | | | 25,611 | |
| | | | | | |
|
|
|
| | | | | | | | 4,791,710 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.33% | | | | |
| | 185,000 | | | Potash Corp. of Saskatchewan, Inc.
4.000%, 12/15/2026 (e) | | | 193,303 | |
| | 225,000 | | | The Dow Chemical Co.
3.500%, 10/01/2024 | | | 232,396 | |
| | 20,000 | | | The Sherwin-Williams Co.
3.125%, 06/01/2024 | | | 20,130 | |
| | | | | | |
|
|
|
| | | | | | | | 445,829 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.05% | | | | |
| | 50,000 | | | ERAC USA Finance LLC
7.000%, 10/15/2037 (b) | | | 65,964 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 0.09% | | | | |
| | 120,000 | | | QUALCOMM, Inc.
3.000%, 05/20/2022 | | | 123,638 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 1.63% | | | | |
| | 217,000 | | | American Express Co.
4.050%, 12/03/2042 | | | 222,105 | |
| | | | | American Express Credit Corp. | | | | |
| | 250,000 | | | 2.125%, 03/18/2019 | | | 251,414 | |
| | 105,000 | | | 1.875%, 05/03/2019 | | | 105,145 | |
| | 90,000 | | | 2.200%, 03/03/2020 | | | 90,503 | |
| | 285,000 | | | Capital One Financial Corp.
2.450%, 04/24/2019 | | | 286,849 | |
| | 180,000 | | | Ford Motor Credit Co. LLC
3.810%, 01/09/2024 | | | 183,823 | |
| | 255,000 | | | John Deere Capital Corp.
1.950%, 06/22/2020 | | | 255,359 | |
| | 125,000 | | | NiSource Finance Corp.
3.490%, 05/15/2027 | | | 126,776 | |
| | | | | PACCAR Financial Corp. | | | | |
| | 140,000 | | | 1.300%, 05/10/2019 | | | 139,082 | |
| | 165,000 | | | 2.200%, 09/15/2019 | | | 165,874 | |
| | | | | Toyota Motor Credit Corp. | | | | |
| | 275,000 | | | 2.125%, 07/18/2019 | | | 276,994 | |
| | 70,000 | | | 2.600%, 01/11/2022 | | | 70,850 | |
| | | | | | |
|
|
|
| | | | | | | | 2,174,774 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 1.73% | | | | |
| | 290,000 | | | American Honda Finance Corp.
1.700%, 02/22/2019 | | | 289,940 | |
| | | | | Anheuser-Busch InBev Finance, Inc. | | | | |
| | 40,000 | | | 1.900%, 02/01/2019 | | | 40,116 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Diversified Financial Services (Continued) | | | | |
| | 265,000 | | | 2.650%, 02/01/2021 | | $ | 269,513 | |
| | 410,000 | | | 3.650%, 02/01/2026 (e) | | | 424,891 | |
| | 25,000 | | | 4.700%, 02/01/2036 | | | 27,648 | |
| | 95,000 | | | 4.900%, 02/01/2046 | | | 107,737 | |
| | | | | BAT Capital Corp. | | | | |
| | 50,000 | | | 2.297%, 08/14/2020 (b) | | | 50,194 | |
| | 50,000 | | | 4.390%, 08/15/2037 (b) | | | 51,479 | |
| | 40,000 | | | BAT International Finance Plc
2.750%, 06/15/2020 (b) | | | 40,649 | |
| | 75,000 | | | Caterpillar Financial Services Corp.
1.850%, 09/04/2020 | | | 74,685 | |
| | 175,000 | | | Daimler Finance North America LLC
2.450%, 05/18/2020 (b) | | | 176,296 | |
| | 160,000 | | | General Motors Financial Co., Inc.
3.150%, 06/30/2022 | | | 161,449 | |
| | 200,000 | | | Hutchison Whampoa International Ltd.
1.625%, 10/31/2017 (b) | | | 199,540 | |
| | 30,000 | | | Kinder Morgan Finance Co. LLC
6.000%, 01/15/2018 (b) | | | 30,336 | |
| | | | | Shell International Finance BV | | | | |
| | 320,000 | | | 1.625%, 11/10/2018 | | | 320,284 | |
| | 45,000 | | | 4.375%, 05/11/2045 (e) | | | 48,370 | |
| | | | | | |
|
|
|
| | | | | | | | 2,313,127 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.30% | |
| | | | | AT&T, Inc. | | | | |
| | 175,000 | | | 4.450%, 04/01/2024 (e) | | | 185,935 | |
| | 80,000 | | | 3.400%, 08/14/2024 | | | 80,244 | |
| | 105,000 | | | 3.900%, 08/14/2027 | | | 105,414 | |
| | 235,000 | | | 4.500%, 05/15/2035 (e) | | | 232,712 | |
| | 125,000 | | | 6.350%, 03/15/2040 | | | 145,575 | |
| | 75,000 | | | 4.750%, 05/15/2046 | | | 72,403 | |
| | 95,000 | | | 5.150%, 02/14/2050 | | | 95,836 | |
| | 215,000 | | | TELUS Corp.
2.800%, 02/16/2027 | | | 202,693 | |
| | | | | Verizon Communications, Inc. | | | | |
| | 355,000 | | | 4.125%, 03/16/2027 | | | 371,137 | |
| | 140,000 | | | 4.500%, 08/10/2033 | | | 143,849 | |
| | 20,000 | | | 4.812%, 03/15/2039 | | | 20,716 | |
| | 70,000 | | | 4.862%, 08/21/2046 | | | 71,233 | |
| | 5,000 | | | 4.672%, 03/15/2055 | | | 4,783 | |
| | | | | | |
|
|
|
| | | | | | | | 1,732,530 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 2.03% | | | | |
| | 65,000 | | | Alabama Power Co.
2.450%, 03/30/2022 | | | 65,074 | |
| | 145,000 | | | Consolidated Edison Company of New York, Inc.
4.625%, 12/01/2054 | | | 161,810 | |
| | 45,000 | | | Duke Energy Carolinas LLC
2.500%, 03/15/2023 | | | 45,268 | |
| | 375,000 | | | Duke Energy Corp.
3.550%, 09/15/2021 | | | 390,712 | |
| | 60,000 | | | Duke Energy Florida LLC
3.400%, 10/01/2046 | | | 56,806 | |
| | 60,000 | | | Duke Energy Indiana, Inc.
4.900%, 07/15/2043 | | | 69,718 | |
| | 235,000 | | | Duke Energy Progress LLC
4.150%, 12/01/2044 | | | 251,272 | |
| | 160,000 | | | Edison International
2.950%, 03/15/2023 | | | 162,226 | |
See notes to financial statements.
73
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Electric Utilities (Continued) | | | | |
| | | | | Emera US Finance LP | | | | |
| | 15,000 | | | 2.700%, 06/15/2021 | | $ | 15,094 | |
| | 20,000 | | | 4.750%, 06/15/2046 | | | 21,532 | |
| | 65,000 | | | Exelon Corp.
2.450%, 04/15/2021 | | | 65,060 | |
| | 70,000 | | | FirstEnergy Corp.
3.900%, 07/15/2027 | | | 71,229 | |
| | 20,000 | | | Fortis, Inc.
2.100%, 10/04/2021 | | | 19,655 | |
| | | | | Georgia Power Co. | | | | |
| | 120,000 | | | 1.950%, 12/01/2018 | | | 120,294 | |
| | 85,000 | | | 2.400%, 04/01/2021 | | | 85,153 | |
| | 245,000 | | | MidAmerican Energy Co.
3.100%, 05/01/2027 | | | 246,069 | |
| | 25,000 | | | NextEra Energy Capital Holdings, Inc.
1.649%, 09/01/2018 | | | 24,995 | |
| | 20,000 | | | Oncor Electric Delivery Co. LLC
7.000%, 09/01/2022 | | | 23,989 | |
| | | | | Pacific Gas & Electric Co. | | | | |
| | 40,000 | | | 4.750%, 02/15/2044 | | | 46,297 | |
| | 225,000 | | | 4.250%, 03/15/2046 | | | 242,738 | |
| | 31,000 | | | South Carolina Electric & Gas Co.
5.100%, 06/01/2065 | | | 36,066 | |
| | | | | The Southern Co. | | | | |
| | 30,000 | | | 1.850%, 07/01/2019 | | | 29,997 | |
| | 155,000 | | | 2.150%, 09/01/2019 | | | 155,431 | |
| | 20,000 | | | 2.950%, 07/01/2023 | | | 20,128 | |
| | 25,000 | | | 4.400%, 07/01/2046 | | | 26,003 | |
| | 245,000 | | | Union Electric Co.
6.700%, 02/01/2019 | | | 261,114 | |
| | | | | | |
|
|
|
| | | | | | | | 2,713,730 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.59% | |
| | 335,000 | | | Costco Wholesale Corp.
2.150%, 05/18/2021 | | | 336,150 | |
| | | | | CVS Health Corp. | | | | |
| | 220,000 | | | 2.125%, 06/01/2021 | | | 218,156 | |
| | 59,000 | | | 3.875%, 07/20/2025 | | | 61,638 | |
| | 55,000 | | | 2.875%, 06/01/2026 | | | 53,235 | |
| | 70,000 | | | 5.125%, 07/20/2045 | | | 80,817 | |
| | 40,000 | | | Sysco Corp.
2.500%, 07/15/2021 | | | 40,290 | |
| | | | | | |
|
|
|
| | | | | | | | 790,286 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.39% | |
| | | | | Kraft Heinz Foods Co. | | | | |
| | 55,000 | | | 2.000%, 07/02/2018 | | | 55,123 | |
| | 40,000 | | | 2.800%, 07/02/2020 | | | 40,749 | |
| | 175,000 | | | 3.500%, 07/15/2022 | | | 181,303 | |
| | 185,000 | | | 5.000%, 07/15/2035 | | | 202,142 | |
| | 35,000 | | | 4.375%, 06/01/2046 | | | 34,700 | |
| | | | | | |
|
|
|
| | | | | | | | 514,017 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.29% | |
| | 160,000 | | | Atmos Energy Corp.
3.000%, 06/15/2027 | | | 160,308 | |
| | 220,000 | | | National Fuel Gas Co.
3.950%, 09/15/2027 | | | 217,884 | |
| | 10,000 | | | Southern Co. Gas Capital Corp.
2.450%, 10/01/2023 | | | 9,795 | |
| | | | | | |
|
|
|
| | | | | | | | 387,987 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Health Care Equipment & Supplies - 0.91% | | | | |
| | | | | Abbott Laboratories | | | | |
| | 180,000 | | | 2.350%, 11/22/2019 | | $ | 181,560 | |
| | 75,000 | | | 2.800%, 09/15/2020 | | | 76,041 | |
| | 115,000 | | | 4.900%, 11/30/2046 (e) | | | 128,965 | |
| | | | | Becton Dickinson and Co. | | | | |
| | 205,000 | | | 3.125%, 11/08/2021 | | | 209,179 | |
| | 100,000 | | | 3.363%, 06/06/2024 | | | 101,080 | |
| | | | | Medtronic, Inc. | | | | |
| | 46,000 | | | 4.375%, 03/15/2035 | | | 50,731 | |
| | 10,000 | | | 4.625%, 03/15/2045 | | | 11,402 | |
| | | | | Shire Acquisitions Investments Ireland Designated Activity Co. | | | | |
| | 70,000 | | | 2.400%, 09/23/2021 | | | 69,821 | |
| | 125,000 | | | 2.875%, 09/23/2023 | | | 124,391 | |
| | 260,000 | | | Zimmer Biomet Holdings, Inc. | | | | |
| | | | | 3.550%, 04/01/2025 (e) | | | 262,943 | |
| | | | | | |
|
|
|
| | | | | | | | 1,216,113 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 1.24% | | | | |
| | 80,000 | | | Anthem, Inc. | | | | |
| | | | | 5.850%, 01/15/2036 | | | 97,577 | |
| | | | | Cardinal Health, Inc. | | | | |
| | 20,000 | | | 1.950%, 06/15/2018 | | | 20,033 | |
| | 110,000 | | | 2.616%, 06/15/2022 | | | 110,031 | |
| | 280,000 | | | 3.200%, 03/15/2023 (e) | | | 284,989 | |
| | 10,000 | | | 4.368%, 06/15/2047 | | | 10,282 | |
| | | | | Catholic Health Initiatives | | | | |
| | 45,000 | | | 1.600%, 11/01/2017 | | | 45,007 | |
| | 95,000 | | | 2.600%, 08/01/2018 | | | 95,698 | |
| | | | | Cigna Corp. | | | | |
| | 30,000 | | | 3.050%, 10/15/2027 | | | 29,651 | |
| | 30,000 | | | 3.875%, 10/15/2047 | | | 30,029 | |
| | 275,000 | | | Humana, Inc. | | | | |
| | | | | 3.150%, 12/01/2022 | | | 280,329 | |
| | 80,000 | | | Kaiser Foundation Hospitals | | | | |
| | | | | 4.150%, 05/01/2047 | | | 85,925 | |
| | | | | UnitedHealth Group, Inc. | | | | |
| | 55,000 | | | 1.700%, 02/15/2019 | | | 54,976 | |
| | 240,000 | | | 1.625%, 03/15/2019 | | | 239,531 | |
| | 70,000 | | | 3.350%, 07/15/2022 | | | 73,152 | |
| | 135,000 | | | 3.950%, 10/15/2042 | | | 138,833 | |
| | 40,000 | | | 4.750%, 07/15/2045 | | | 46,307 | |
| | 10,000 | | | 4.250%, 04/15/2047 | | | 10,752 | |
| | | | | | |
|
|
|
| | | | | | | | 1,653,102 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.22% | | | | |
| | | | | McDonald’s Corp. | | | | |
| | 240,000 | | | 3.700%, 01/30/2026 | | | 250,488 | |
| | 20,000 | | | 4.600%, 05/26/2045 | | | 21,923 | |
| | 15,000 | | | 4.875%, 12/09/2045 | | | 16,953 | |
| | | | | | |
|
|
|
| | | | | | | | 289,364 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.09% | |
| | 105,000 | | | Newell Rubbermaid, Inc.
5.500%, 04/01/2046 (e) | | | 124,482 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.29% | |
| | 180,000 | | | Southern Power Co.
4.150%, 12/01/2025 | | | 189,690 | |
| | 180,000 | | | 4.950%, 12/15/2046 | | | 192,145 | |
| | | | | | |
|
|
|
| | | | | | | | 381,835 | |
| | | | | | |
|
|
|
See notes to financial statements.
74
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Industrial Conglomerates - 0.15% | |
| | 195,000 | | | E. I. du Pont Nemours and Co.
2.200%, 05/01/2020 | | $ | 196,328 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.97% | |
| | 105,000 | | | American International Group, Inc.
4.125%, 02/15/2024 | | | 111,660 | |
| | 120,000 | | | 4.500%, 07/16/2044 (e) | | | 125,725 | |
| | 140,000 | | | Chubb INA Holdings, Inc.
3.350%, 05/03/2026 | | | 143,687 | |
| | 45,000 | | | CNA Financial Corp.
3.450%, 08/15/2027 | | | 44,605 | |
| | 235,000 | | | Liberty Mutual Group, Inc.
4.250%, 06/15/2023 (b)(e) | | | 251,323 | |
| | 70,000 | | | Marsh & McLennan Cos., Inc.
4.050%, 10/15/2023 | | | 74,472 | |
| | 13,000 | | | Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/2039 (b) | | | 21,123 | |
| | | | | New York Life Global Funding | | | | |
| | 130,000 | | | 1.950%, 02/11/2020 (b) | | | 130,018 | |
| | 40,000 | | | 2.000%, 04/13/2021 (b) | | | 39,749 | |
| | 160,000 | | | The Travelers Cos., Inc.
4.000%, 05/30/2047 | | | 166,185 | |
| | 180,000 | | | Trinity Acquisition Plc
4.400%, 03/15/2026 | | | 191,170 | |
| | | | | | |
|
|
|
| | | | | | | | 1,299,717 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 0.22% | |
| | 20,000 | | | Amazon.com, Inc.
1.900%, 08/21/2020 (b) | | | 20,063 | |
| | 15,000 | | | 2.800%, 08/22/2024 (b) | | | 15,080 | |
| | 185,000 | | | 3.875%, 08/22/2037 (b) | | | 188,912 | |
| | 60,000 | | | 4.950%, 12/05/2044 | | | 69,561 | |
| | | | | | |
|
|
|
| | | | | | | | 293,616 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 0.12% | |
| | 165,000 | | | eBay, Inc.
2.150%, 06/05/2020 | | | 165,479 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.62% | |
| | 205,000 | | | Broadridge Financial Solutions, Inc.
3.400%, 06/27/2026 | | | 203,516 | |
| | 230,000 | | | MasterCard, Inc.
3.375%, 04/01/2024 | | | 240,306 | |
| | 165,000 | | | Visa, Inc.
2.800%, 12/14/2022 | | | 168,838 | |
| | 160,000 | | | 3.150%, 12/14/2025 | | | 164,094 | |
| | 45,000 | | | 4.300%, 12/14/2045 | | | 49,924 | |
| | | | | | |
|
|
|
| | | | | | | | 826,678 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.05% | |
| | 55,000 | | | Thermo Fisher Scientific, Inc.
3.000%, 04/15/2023 | | | 55,978 | |
| | 10,000 | | | 2.950%, 09/19/2026 | | | 9,806 | |
| | | | | | |
|
|
|
| | | | | | | | 65,784 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.46% | |
| | 80,000 | | | Eaton Corp.
5.600%, 05/15/2018 | | | 81,923 | |
| | 230,000 | | | 2.750%, 11/02/2022 | | | 231,865 | |
| | 35,000 | | | Fortive Corp.
2.350%, 06/15/2021 | | | 34,919 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Machinery (Continued) | |
| | 265,000 | | | Stanley Black & Decker, Inc.
2.451%, 11/17/2018 | | $ | 266,749 | |
| | | | | | |
|
|
|
| | | | | | | | 615,456 | |
| | | | | | |
|
|
|
| | | | | Media - 1.56% | |
| | 175,000 | | | 21st Century Fox America, Inc.
4.500%, 02/15/2021 | | | 187,431 | |
| | 15,000 | | | Charter Communications Operating LLC / Charter Communications Operating Capital
3.579%, 07/23/2020 | | | 15,409 | |
| | 115,000 | | | 4.464%, 07/23/2022 | | | 121,801 | |
| | 5,000 | | | 4.908%, 07/23/2025 (e) | | | 5,354 | |
| | 230,000 | | | 3.750%, 02/15/2028 (b) | | | 225,544 | |
| | 80,000 | | | 6.484%, 10/23/2045 | | | 94,220 | |
| | 345,000 | | | Comcast Corp.
5.875%, 02/15/2018 | | | 350,540 | |
| | 15,000 | | | 3.375%, 08/15/2025 | | | 15,493 | |
| | 240,000 | | | 3.150%, 03/01/2026 (e) | | | 240,131 | |
| | 50,000 | | | 3.400%, 07/15/2046 (e) | | | 46,208 | |
| | 50,000 | | | Cox Communications, Inc.
3.250%, 12/15/2022 (b)(e) | | | 50,497 | |
| | 80,000 | | | 3.150%, 08/15/2024 (b) | | | 79,620 | |
| | 5,000 | | | 3.350%, 09/15/2026 (b) | | | 4,902 | |
| | 45,000 | | | Discovery Communications, LLC
3.800%, 03/13/2024 | | | 46,446 | |
| | 42,000 | | | 3.450%, 03/15/2025 | | | 41,430 | |
| | 25,000 | | | 4.900%, 03/11/2026 | | | 26,735 | |
| | 30,000 | | | 3.950%, 03/20/2028 (e) | | | 29,848 | |
| | 28,000 | | | Scripps Networks Interactive, Inc.
3.950%, 06/15/2025 | | | 28,452 | |
| | 320,000 | | | The Walt Disney Co.
1.800%, 06/05/2020 | | | 319,718 | |
| | 30,000 | | | Time Warner Cable, Inc.
5.500%, 09/01/2041 | | | 31,253 | |
| | 50,000 | | | 4.500%, 09/15/2042 | | | 47,561 | |
| | 60,000 | | | Time Warner, Inc.
2.950%, 07/15/2026 | | | 56,776 | |
| | 25,000 | | | Viacom, Inc.
4.375%, 03/15/2043 | | | 21,615 | |
| | | | | | |
|
|
|
| | | | | | | | 2,086,984 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.59% | |
| | | | | National Rural Utilities Cooperative Finance Corp. | | | | |
| | 190,000 | | | 1.650%, 02/08/2019 | | | 189,717 | |
| | 170,000 | | | 2.950%, 02/07/2024 | | | 171,743 | |
| | 105,000 | | | Nucor Corp.
4.125%, 09/15/2022 | | | 112,211 | |
| | 125,000 | | | 4.000%, 08/01/2023 | | | 132,733 | |
| | 80,000 | | | Rio Tinto Finance USA Ltd.
3.750%, 06/15/2025 | | | 84,434 | |
| | 65,000 | | | Vale Overseas Ltd.
6.250%, 08/10/2026 | | | 73,918 | |
| | 15,000 | | | 6.875%, 11/10/2039 | | | 17,268 | |
| | | | | | |
|
|
|
| | | | | | | | 782,024 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.76% | | | | |
| | 105,000 | | | Berkshire Hathaway Energy Co.
6.125%, 04/01/2036 | | | 135,183 | |
| | 70,000 | | | CenterPoint Energy, Inc.
2.500%, 09/01/2022 | | | 69,936 | |
See notes to financial statements.
75
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Multi-Utilities (Continued) | | | | |
| | 285,000 | | | Delmarva Power & Light Co.
3.500%, 11/15/2023 | | $ | 297,223 | |
| | 160,000 | | | Dominion Energy, Inc.
2.579%, 07/01/2020 | | | 161,442 | |
| | 35,000 | | | 2.850%, 08/15/2026 | | | 33,757 | |
| | 40,000 | | | DTE Energy Co.
1.500%, 10/01/2019 | | | 39,440 | |
| | 270,000 | | | WEC Energy Group, Inc.
3.550%, 06/15/2025 | | | 278,060 | |
| | | | | | |
|
|
|
| | | | | | | | 1,015,041 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 3.07% | | | | |
| | 50,000 | | | Anadarko Petroleum Corp.
8.700%, 03/15/2019 | | | 54,588 | |
| | 15,000 | | | 6.950%, 06/15/2019 | | | 16,170 | |
| | 15,000 | | | 3.450%, 07/15/2024 | | | 14,909 | |
| | 45,000 | | | 4.500%, 07/15/2044 | | | 42,991 | |
| | 10,000 | | | 6.600%, 03/15/2046 | | | 12,425 | |
| | 5,000 | | | Apache Corp.
4.250%, 01/15/2044 | | | 4,714 | |
| | 170,000 | | | Buckeye Partners LP
4.875%, 02/01/2021 | | | 180,601 | |
| | 80,000 | | | Canadian Natural Resources Ltd.
3.800%, 04/15/2024 | | | 82,382 | |
| | 170,000 | | | 3.900%, 02/01/2025 (e) | | | 174,527 | |
| | 25,000 | | | 3.850%, 06/01/2027 (e) | | | 25,323 | |
| | 15,000 | | | 6.500%, 02/15/2037 | | | 18,236 | |
| | 10,000 | | | 6.250%, 03/15/2038 (e) | | | 12,044 | |
| | 20,000 | | | Cenovus Energy, Inc.
4.250%, 04/15/2027 (b) | | | 19,868 | |
| | 160,000 | | | Chevron Corp.
1.790%, 11/16/2018 | | | 160,327 | |
| | 225,000 | | | Columbia Pipeline Group, Inc.
4.500%, 06/01/2025 | | | 240,753 | |
| | 5,000 | | | Concho Resources, Inc.
3.750%, 10/01/2027 | | | 5,026 | |
| | 30,000 | | | ConocoPhillips Co.
4.950%, 03/15/2026 | | | 33,874 | |
| | 35,000 | | | Devon Energy Corp.
3.250%, 05/15/2022 | | | 35,450 | |
| | 15,000 | | | Devon Financing Co. LLC
7.875%, 09/30/2031 | | | 19,847 | |
| | 20,000 | | | Enbridge, Inc.
3.700%, 07/15/2027 | | | 20,318 | |
| | 50,000 | | | Encana Corp.
3.900%, 11/15/2021 (e) | | | 51,571 | |
| | 10,000 | | | Energy Transfer LP
5.950%, 10/01/2043 | | | 10,743 | |
| | 105,000 | | | 5.300%, 04/15/2047 (e) | | | 105,628 | |
| | 155,000 | | | Enterprise Products Operating LLC
6.125%, 10/15/2039 | | | 188,510 | |
| | 125,000 | | | EOG Resources, Inc.
4.150%, 01/15/2026 | | | 132,774 | |
| | 45,000 | | | Hess Corp.
5.600%, 02/15/2041 | | | 45,235 | |
| | 60,000 | | | 5.800%, 04/01/2047 | | | 61,881 | |
| | 270,000 | | | Husky Energy, Inc.
3.950%, 04/15/2022 | | | 282,186 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | | | | |
| | 145,000 | | | Kinder Morgan, Inc.
3.150%, 01/15/2023 | | $ | 145,956 | |
| | 70,000 | | | 5.550%, 06/01/2045 | | | 75,692 | |
| | 35,000 | | | Marathon Oil Corp.
2.700%, 06/01/2020 | | | 35,022 | |
| | 30,000 | | | 2.800%, 11/01/2022 | | | 29,199 | |
| | 15,000 | | | 3.850%, 06/01/2025 (e) | | | 14,920 | |
| | 30,000 | | | 4.400%, 07/15/2027 | | | 30,651 | |
| | 175,000 | | | Marathon Petroleum Corp.
3.625%, 09/15/2024 | | | 178,478 | |
| | 180,000 | | | MPLX LP
4.875%, 12/01/2024 | | | 194,247 | |
| | 50,000 | | | 4.125%, 03/01/2027 | | | 51,006 | |
| | 100,000 | | | 5.200%, 03/01/2047 (e) | | | 105,097 | |
| | 170,000 | | | NiSource Finance Corp.
3.950%, 03/30/2048 | | | 168,283 | |
| | 40,000 | | | Noble Energy, Inc.
4.950%, 08/15/2047 | | | 40,936 | |
| | 15,000 | | | Petroleos Mexicanos
6.375%, 02/04/2021 | | | 16,470 | |
| | 25,000 | | | 6.500%, 03/13/2027 (b) | | | 27,653 | |
| | 45,000 | | | 5.500%, 06/27/2044 | | | 42,075 | |
| | 27,000 | | | 6.750%, 09/21/2047 | | | 28,793 | |
| | 120,000 | | | Phillips 66
4.300%, 04/01/2022 | | | 129,020 | |
| | 115,000 | | | Phillips 66 Partners LP
3.550%, 10/01/2026 | | | 112,721 | |
| | 95,000 | | | Pioneer Natural Resources Co.
3.450%, 01/15/2021 | | | 97,208 | |
| | 30,000 | | | Regency Energy Partners LP
4.500%, 11/01/2023 | | | 31,478 | |
| | 130,000 | | | Spectra Energy Partners LP
3.375%, 10/15/2026 (e) | | | 129,234 | |
| | 125,000 | | | Sunoco Logistics Partners Operations LP
4.250%, 04/01/2024 | | | 129,157 | |
| | 5,000 | | | 3.900%, 07/15/2026 | | | 4,970 | |
| | 50,000 | | | 5.400%, 10/01/2047 | | | 51,049 | |
| | 95,000 | | | TC PipeLines, LP
3.900%, 05/25/2027 | | | 95,342 | |
| | 75,000 | | | Valero Energy Corp.
3.400%, 09/15/2026 | | | 74,130 | |
| | | | | | |
|
|
|
| | | | | | | | 4,091,688 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 0.92% | |
| | 150,000 | | | Allergan Funding SCS
2.350%, 03/12/2018 | | | 150,453 | |
| | 15,000 | | | 3.000%, 03/12/2020 | | | 15,323 | |
| | 55,000 | | | 3.450%, 03/15/2022 | | | 57,087 | |
| | 35,000 | | | 4.550%, 03/15/2035 | | | 37,454 | |
| | 115,000 | | | Baxalta, Inc.
4.000%, 06/23/2025 | | | 120,832 | |
| | 10,000 | | | Johnson & Johnson
3.550%, 03/01/2036 | | | 10,310 | |
| | 55,000 | | | 3.625%, 03/03/2037 | | | 57,271 | |
| | 55,000 | | | Mylan NV
3.000%, 12/15/2018 | | | 55,637 | |
| | 60,000 | | | 3.750%, 12/15/2020 | | | 62,254 | |
| | 5,000 | | | 3.150%, 06/15/2021 | | | 5,092 | |
| | 210,000 | | | Sanofi-Aventis SA
4.000%, 03/29/2021 (e) | | | 222,562 | |
See notes to financial statements.
76
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Pharmaceuticals (Continued) | |
| | 25,000 | | | Teva Pharmaceutical Finance Netherlands III BV
1.700%, 07/19/2019 | | $ | 24,649 | |
| | 25,000 | | | 2.200%, 07/21/2021 | | | 24,092 | |
| | 5,000 | | | 2.800%, 07/21/2023 (e) | | | 4,775 | |
| | 225,000 | | | 3.150%, 10/01/2026 (e) | | | 207,781 | |
| | 170,000 | | | Zoetis, Inc.
3.000%, 09/12/2027 | | | 168,335 | |
| | | | | | |
|
|
|
| | | | | | | | 1,223,907 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 1.51% | |
| | 25,000 | | | American Tower Corp.
3.450%, 09/15/2021 | | | 25,895 | |
| | 15,000 | | | 2.250%, 01/15/2022 | | | 14,772 | |
| | 320,000 | | | Boston Properties LP
3.650%, 02/01/2026 | | | 326,846 | |
| | 45,000 | | | Brandywine Operating Partnership LP
4.100%, 10/01/2024 | | | 45,259 | |
| | 180,000 | | | Crown Castle International Corp.
3.400%, 02/15/2021 | | | 185,464 | |
| | 160,000 | | | Digital Realty Trust LP
3.700%, 08/15/2027 | | | 161,834 | |
| | 170,000 | | | ERP Operating LP
3.000%, 04/15/2023 | | | 173,374 | |
| | 220,000 | | | Public Storage
2.370%, 09/15/2022 | | | 219,553 | |
| | 495,000 | | | Simon Property Group LP
2.200%, 02/01/2019 | | | 497,729 | |
| | 60,000 | | | Ventas Realty LP
2.700%, 04/01/2020 | | | 60,601 | |
| | 125,000 | | | 5.700%, 09/30/2043 | | | 148,305 | |
| | 160,000 | | | Vornado Realty LP
2.500%, 06/30/2019 | | | 161,020 | |
| | | | | | |
|
|
|
| | | | | | | | 2,020,652 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.37% | |
| | 135,000 | | | Burlington Northern Santa Fe, LLC
3.650%, 09/01/2025 | | | 142,746 | |
| | 10,000 | | | 3.250%, 06/15/2027 | | | 10,268 | |
| | 20,000 | | | 3.900%, 08/01/2046 | | | 20,665 | |
| | 45,000 | | | 4.125%, 06/15/2047 | | | 47,660 | |
| | 110,000 | | | CSX Corp.
3.250%, 06/01/2027 | | | 110,525 | |
| | 160,000 | | | Union Pacific Corp.
4.100%, 09/15/2067 | | | 160,863 | |
| | | | | | |
|
|
|
| | | | | | | | 492,727 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 1.03% | |
| | 200,000 | | | Analog Devices, Inc.
3.900%, 12/15/2025 | | | 210,011 | |
| | 15,000 | | | Applied Materials, Inc.
3.300%, 04/01/2027 | | | 15,296 | |
| | 10,000 | | | 4.350%, 04/01/2047 | | | 10,728 | |
| | 80,000 | | | Broadcom Corp. / Broadcom Cayman Finance Ltd.
2.375%, 01/15/2020 (b) | | | 80,486 | |
| | 160,000 | | | 3.000%, 01/15/2022 (b) | | | 162,829 | |
| | 60,000 | | | 3.625%, 01/15/2024 (b) | | | 61,727 | |
| | 30,000 | | | Intel Corp.
1.700%, 05/19/2021 | | | 29,729 | |
| | 185,000 | | | 3.300%, 10/01/2021 | | | 193,800 | |
| | 75,000 | | | 2.350%, 05/11/2022 | | | 75,584 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 55,000 | | | 4.900%, 07/29/2045 | | $ | 65,881 | |
| | 10,000 | | | 4.100%, 05/19/2046 | | | 10,519 | |
| | 60,000 | | | Lam Research Corp.
2.800%, 06/15/2021 | | | 60,749 | |
| | 165,000 | | | Maxim Integrated Products, Inc.
3.450%, 06/15/2027 | | | 166,328 | |
| | 65,000 | | | Qualcomm, Inc.
2.100%, 05/20/2020 | | | 65,520 | |
| | 160,000 | | | Xilinx, Inc.
2.950%, 06/01/2024 | | | 160,387 | |
| | | | | | |
|
|
|
| | | | | | | | 1,369,574 | |
| | | | | | |
|
|
|
| | | | | Software - 0.68% | |
| | 160,000 | | | Autodesk, Inc.
3.500%, 06/15/2027 | | | 159,930 | |
| | 50,000 | | | Microsoft Corp.
1.550%, 08/08/2021 | | | 49,144 | |
| | 50,000 | | | 2.375%, 02/12/2022 | | | 50,485 | |
| | 15,000 | | | 3.300%, 02/06/2027 | | | 15,549 | |
| | 155,000 | | | 4.450%, 11/03/2045 | | | 174,997 | |
| | 90,000 | | | 3.700%, 08/08/2046 | | | 90,999 | |
| | 165,000 | | | Oracle Corp.
2.500%, 05/15/2022 | | | 167,530 | |
| | 155,000 | | | 4.300%, 07/08/2034 | | | 169,680 | |
| | 25,000 | | | 3.900%, 05/15/2035 | | | 26,268 | |
| | | | | | |
|
|
|
| | | | | | | | 904,582 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.29% | |
| | 120,000 | | | Home Depot, Inc.
2.700%, 04/01/2023 | | | 121,930 | |
| | 140,000 | | | 3.350%, 09/15/2025 | | | 144,955 | |
| | 65,000 | | | 5.875%, 12/16/2036 | | | 84,587 | |
| | 5,000 | | | 3.500%, 09/15/2056 | | | 4,625 | |
| | 25,000 | | | Lowe’s Cos., Inc.
3.700%, 04/15/2046 | | | 24,315 | |
| | | | | | |
|
|
|
| | | | | | | | 380,412 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.72% | |
| | 250,000 | | | Apple, Inc.
2.400%, 05/03/2023 | | | 249,720 | |
| | 5,000 | | | 3.000%, 02/09/2024 | | | 5,128 | |
| | 20,000 | | | 3.350%, 02/09/2027 | | | 20,616 | |
| | 85,000 | | | 3.450%, 02/09/2045 | | | 80,762 | |
| | 165,000 | | | Dell International LLC / EMC Corp.
3.480%, 06/01/2019 (b) | | | 168,344 | |
| | 245,000 | | | 4.420%, 06/15/2021 (b)(e) | | | 257,444 | |
| | 65,000 | | | Hewlett Packard Enterprise Co.
3.600%, 10/15/2020 | | | 67,423 | |
| | 40,000 | | | 4.900%, 10/15/2025 (e) | | | 42,383 | |
| | 70,000 | | | Xerox Corp.
3.625%, 03/15/2023 | | | 69,499 | |
| | | | | | |
|
|
|
| | | | | | | | 961,319 | |
| | | | | �� | |
|
|
|
| | | | | Tobacco - 0.38% | |
| | 40,000 | | | Altria Group, Inc.
4.250%, 08/09/2042 | | | 41,201 | |
| | 30,000 | | | 3.875%, 09/16/2046 | | | 29,400 | |
| | 170,000 | | | Philip Morris International, Inc.
2.625%, 03/06/2023 | | | 170,166 | |
| | 100,000 | | | 3.125%, 08/17/2027 | | | 100,506 | |
See notes to financial statements.
77
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Tobacco (Continued) | |
| | 65,000 | | | Reynolds American, Inc.
2.300%, 06/12/2018 | | $ | 65,297 | |
| | 80,000 | | | 5.850%, 08/15/2045 | | | 98,254 | |
| | | | | | |
|
|
|
| | | | | | | | 504,824 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.18% | |
| | 255,000 | | | Rogers Communications, Inc.
2.900%, 11/15/2026 | | | 244,638 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $49,645,141) | | | 50,974,315 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.95% | |
| | 200,000 | | | Japan Bank for International Cooperation
2.125%, 07/21/2020 (e) | | | 200,631 | |
| | 68,000 | | | Mexico Government International Bond
5.750%, 10/12/2110 | | | 73,236 | |
| | 230,000 | | | Oman Government International Bond
5.375%, 03/08/2027 (b)(e) | | | 236,771 | |
| | 325,000 | | | Province of Ontario Canada
2.500%, 04/27/2026 | | | 320,261 | |
| | 240,000 | | | Province of Quebec Canada
2.375%, 01/31/2022 | | | 242,118 | |
| | 200,000 | | | Saudi Government International Bond
4.625%, 10/04/2047 (b) | | | 198,780 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $1,261,377) | | | 1,271,797 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 30.84% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 19,730 | | | Series 2590, 5.000%, 03/15/2018 | | | 19,817 | |
| | 778,803 | | | Series K703, 2.699%, 05/25/2018 | | | 780,835 | |
| | 633 | | | Pool #E9-9763 4.500%, 09/01/2018 | | | 647 | |
| | 373 | | | Pool #E9-9764 4.500%, 09/01/2018 | | | 381 | |
| | 600,000 | | | Series K705, 2.303%, 09/25/2018 (a) | | | 603,116 | |
| | 883,121 | | | Series K706, 2.323%, 10/25/2018 | | | 887,386 | |
| | 600,000 | | | Series K709, 2.086%, 03/25/2019 | | | 602,426 | |
| | 46,386 | | | Pool #D9-6291 4.500%, 09/01/2023 | | | 49,730 | |
| | 112,173 | | | Pool #G1-3624 5.000%, 08/01/2024 | | | 119,903 | |
| | 34,000 | | | Series 2017-K66, 4.172%, 07/25/2027 (a)(b) | | | 34,416 | |
| | 20,000 | | | Series 2017-K67, 3.944%, 08/25/2027 (a)(b) | | | 20,146 | |
| | 201,368 | | | Series 2329, 6.500%, 06/15/2031 | | | 225,862 | |
| | 99,686 | | | Series 2338, 6.500%, 07/15/2031 | | | 116,185 | |
| | 137,004 | | | Pool #78-0447 3.029% (1 Year CMT Rate + 2.250%), 04/01/2033 (a)(c) | | | 144,490 | |
| | 108 | | | Pool #A4-3129 5.500%, 02/01/2036 | | | 119 | |
| | 400,000 | | | Pool #TBA 4.000%, 10/15/2041 (f) | | | 421,188 | |
| | 577,609 | | | Pool #U9-0688 4.000%, 05/01/2042 | | | 613,431 | |
| | 700,000 | | | Pool #TBA 3.000%, 10/15/2042 (f) | | | 702,598 | |
| | 2,200,000 | | | Pool #TBA 3.500%, 10/15/2042 (f) | | | 2,269,181 | |
| | 419,667 | | | Pool #G0-8635 3.000%, 04/01/2045 | | | 421,612 | |
| | 775,845 | | | Pool #Q4-9389 3.500%, 07/01/2047 | | | 802,973 | |
| | 51,000 | | | Series 2016-K722, 3.966%, 07/25/2049 (a)(b) | | | 51,989 | |
| | 45,000 | | | Series 2017-K726, 4.107%, 07/25/2049 (a)(b) | | | 45,817 | |
| | 15,000 | | | Series 2017-K64, 4.116%, 05/25/2050 (a)(b) | | | 15,068 | |
| | 40,000 | | | Series 2017-K65, 4.214%, 07/25/2050 (a)(b) | | | 41,293 | |
| | | | | Federal National Mortgage Association | | | | |
| | 118 | | | Pool #685505 5.000%, 05/01/2018 | | | 121 | |
| | 120 | | | Pool #705709 5.000%, 05/01/2018 | | | 123 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 65,879 | | | Series 2014-C01, 2.837% (1 Month LIBOR USD + 1.600%), 01/25/2024 (c) | | $ | 66,474 | |
| | 26,696 | | | Series 2014-C02, 2.187% (1 Month LIBOR USD + 0.950%), 05/28/2024 (c) | | | 26,719 | |
| | 691,843 | | | Pool #AI4868 4.000%, 06/01/2026 | | | 728,235 | |
| | 400,000 | | | Pool #TBA 3.000%, 10/15/2026 (f) | | | 411,031 | |
| | 626,006 | | | Pool #AJ8325 3.000%, 12/01/2026 | | | 645,181 | |
| | 511,760 | | | Pool #AL2877 3.500%, 01/01/2028 | | | 533,567 | |
| | 9,360 | | | Pool #544859 2.477% (11th District Cost of Funds Index + 1.770%), 08/01/2029 (c) | | | 9,450 | |
| | 87,289 | | | Pool #BC4938 2.500%, 04/01/2031 | | | 87,979 | |
| | 147,349 | | | Pool #786848 7.000%, 10/01/2031 | | | 171,115 | |
| | 293,478 | | | Pool #AS9505 3.000%, 04/01/2032 | | | 301,831 | |
| | 4,688 | | | Pool #727181 5.000%, 08/01/2033 | | | 5,201 | |
| | 2,196 | | | Pool #730727 5.000%, 08/01/2033 | | | 2,425 | |
| | 635 | | | Pool #741862 5.500%, 09/01/2033 | | | 712 | |
| | 795 | | | Pool #766197 5.500%, 02/01/2034 | | | 891 | |
| | 157 | | | Pool #776974 5.500%, 04/01/2034 | | | 177 | |
| | 156,312 | | | Pool #888504 2.838% (1 Year CMT Rate + 2.080%), 04/01/2034 (c) | | | 164,110 | |
| | 367,789 | | | Pool #MA1870 4.500%, 04/01/2034 | | | 398,511 | |
| | 7,528 | | | Pool #775776 5.500%, 05/01/2034 | | | 8,436 | |
| | 140,176 | | | Pool #802783 3.187% (12 Month LIBOR USD + 1.610%), 10/01/2034 (c) | | | 146,886 | |
| | 5,086 | | | Pool #781629 5.500%, 12/01/2034 | | | 5,681 | |
| | 6,599 | | | Pool #822815 5.500%, 04/01/2035 | | | 7,394 | |
| | 5,608 | | | Pool #357850 5.500%, 07/01/2035 | | | 6,293 | |
| | 3,556 | | | Pool #820242 5.000%, 07/01/2035 | | | 3,941 | |
| | 1,006 | | | Pool #838452 5.500%, 09/01/2035 | | | 1,128 | |
| | 6,682 | | | Pool #865854 6.000%, 03/01/2036 | | | 7,636 | |
| | 8,970 | | | Pool #891474 6.000%, 04/01/2036 | | | 10,254 | |
| | 6,833 | | | Pool #906000 6.000%, 01/01/2037 | | | 7,731 | |
| | 68 | | | Pool #928062 5.500%, 02/01/2037 | | | 76 | |
| | 138 | | | Pool #899119 5.500%, 04/01/2037 | | | 154 | |
| | 545,166 | | | Pool #AS9772 3.500%, 06/01/2037 | | | 570,297 | |
| | 189 | | | Pool #970131 5.500%, 03/01/2038 | | | 210 | |
| | 162 | | | Pool #981313 5.500%, 06/01/2038 | | | 179 | |
| | 134 | | | Pool #985108 5.500%, 07/01/2038 | | | 149 | |
| | 55 | | | Pool #964930 5.500%, 08/01/2038 | | | 60 | |
| | 95 | | | Pool #987032 5.500%, 08/01/2038 | | | 106 | |
| | 116 | | | Pool #968371 5.500%, 09/01/2038 | | | 129 | |
| | 50 | | | Pool #993050 5.500%, 12/01/2038 | | | 56 | |
| | 22,114 | | | Pool #993579 4.000%, 05/01/2039 | | | 23,405 | |
| | 4,548 | | | Pool #AA5840 4.000%, 06/01/2039 | | | 4,815 | |
| | 64,749 | | | Pool #AA8715 4.000%, 06/01/2039 | | | 69,279 | |
| | 237,090 | | | Pool #AD0586 4.500%, 12/01/2039 | | | 258,961 | |
| | 687,394 | | | Pool #AD4062 5.000%, 05/01/2040 | | | 751,710 | |
| | 578,284 | | | Pool #AD6929 5.000%, 06/01/2040 | | | 631,747 | |
| | 14,581 | | | Pool #AD9896 4.000%, 08/01/2040 | | | 15,423 | |
| | 16,708 | | | Pool #AB1500 4.000%, 09/01/2040 | | | 17,680 | |
| | 14,340 | | | Pool #AD9856 4.000%, 09/01/2040 | | | 15,174 | |
| | 10,519 | | | Pool #AE2559 4.000%, 09/01/2040 | | | 11,129 | |
| | 3,983 | | | Pool #AE2562 4.000%, 09/01/2040 | | | 4,213 | |
| | 4,788 | | | Pool #AE2566 4.000%, 09/01/2040 | | | 5,045 | |
| | 31,329 | | | Pool #AE4124 4.000%, 10/01/2040 | | | 33,143 | |
| | 17,442 | | | Pool #AE4888 4.000%, 10/01/2040 | | | 18,457 | |
| | 2,000,000 | | | Pool #TBA 3.500%, 10/01/2040 (f) | | | 2,061,953 | |
| | 25,522 | | | Pool #AE3916 4.000%, 11/01/2040 | | | 26,982 | |
| | 3,514 | | | Pool #AE5147 4.000%, 11/01/2040 | | | 3,718 | |
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 44,661 | | | Pool #AE8715 4.000%, 11/01/2040 | | $ | 47,245 | |
| | 5,253 | | | Pool #AH0006 4.000%, 12/01/2040 | | | 5,559 | |
| | 14,221 | | | Pool #AH0020 4.000%, 12/01/2040 | | | 15,049 | |
| | 28,295 | | | Pool #AH0599 4.000%, 12/01/2040 | | | 29,937 | |
| | 8,972 | | | Pool #AH0601 4.000%, 12/01/2040 | | | 9,493 | |
| | 19,690 | | | Pool #AH1263 4.000%, 01/01/2041 | | | 20,830 | |
| | 78,916 | | | Pool #AL5233 4.000%, 01/01/2041 | | | 83,516 | |
| | 6,423 | | | Pool #AH4659 4.000%, 02/01/2041 | | | 6,797 | |
| | 86,939 | | | Pool #AH5653 4.000%, 02/01/2041 | | | 91,966 | |
| | 124,989 | | | Pool #AL0934 5.000%, 02/01/2041 | | | 136,620 | |
| | 166,858 | | | Pool #AD1889 4.500%, 03/01/2041 | | | 179,939 | |
| | 10,510 | | | Pool #AH6150 4.000%, 03/01/2041 | | | 11,115 | |
| | 111,036 | | | Pool #AL0215 4.500%, 04/01/2041 | | | 120,265 | |
| | 95,126 | | | Pool #AL0187 5.000%, 05/01/2041 | | | 103,928 | |
| | 16,011 | | | Pool #AL0456 5.000%, 06/01/2041 | | | 17,485 | |
| | 80,743 | | | Pool #AI8842 4.500%, 08/01/2041 | | | 87,205 | |
| | 40,286 | | | Pool #AL0815 4.000%, 09/01/2041 | | | 43,221 | |
| | 14,046 | | | Pool #AJ1562 4.000%, 10/01/2041 | | | 15,069 | |
| | 13,633 | | | Pool #AJ1972 4.000%, 10/01/2041 | | | 14,625 | |
| | 728,288 | | | Pool #AJ2212 4.500%, 10/01/2041 | | | 790,675 | |
| | 20,643 | | | Pool #AJ4756 4.000%, 10/01/2041 | | | 22,146 | |
| | 400,000 | | | Pool #TBA 4.500%, 10/15/2041 (f) | | | 429,438 | |
| | 17,321 | | | Pool #AJ3330 4.000%, 11/01/2041 | | | 18,583 | |
| | 18,076 | | | Pool #AJ4549 4.000%, 11/01/2041 | | | 19,392 | |
| | 13,353 | | | Pool #AJ4698 4.000%, 11/01/2041 | | | 14,326 | |
| | 27,944 | | | Pool #AJ5424 4.000%, 11/01/2041 | | | 29,979 | |
| | 11,195 | | | Pool #AJ7840 4.000%, 11/01/2041 | | | 12,009 | |
| | 18,411 | | | Pool #AB3995 4.000%, 12/01/2041 | | | 19,753 | |
| | 17,890 | | | Pool #AI0848 4.000%, 12/01/2041 | | | 19,193 | |
| | 15,324 | | | Pool #AJ4187 4.000%, 12/01/2041 | | | 16,440 | |
| | 18,834 | | | Pool #AJ5736 4.000%, 12/01/2041 | | | 20,206 | |
| | 11,061 | | | Pool #AJ5968 4.000%, 12/01/2041 | | | 11,701 | |
| | 22,397 | | | Pool #AJ6061 4.000%, 12/01/2041 | | | 24,029 | |
| | 14,282 | | | Pool #AJ7868 4.000%, 12/01/2041 | | | 15,323 | |
| | 31,858 | | | Pool #AJ8104 4.000%, 12/01/2041 | | | 34,178 | |
| | 19,949 | | | Pool #AJ8109 4.000%, 12/01/2041 | | | 21,402 | |
| | 12,146 | | | Pool #AJ8171 4.000%, 12/01/2041 | | | 13,030 | |
| | 22,820 | | | Pool #AJ8341 4.000%, 12/01/2041 | | | 24,483 | |
| | 34,938 | | | Pool #AJ8436 4.000%, 12/01/2041 | | | 37,484 | |
| | 13,090 | | | Pool #AJ8912 4.000%, 12/01/2041 | | | 14,041 | |
| | 18,786 | | | Pool #AJ9248 4.000%, 12/01/2041 | | | 20,154 | |
| | 17,684 | | | Pool #AJ2446 4.000%, 01/01/2042 | | | 18,706 | |
| | 21,909 | | | Pool #AJ7538 4.000%, 01/01/2042 | | | 23,503 | |
| | 8,044 | | | Pool #AJ8001 4.000%, 01/01/2042 | | | 8,507 | |
| | 20,681 | | | Pool #AJ8369 4.000%, 01/01/2042 | | | 22,188 | |
| | 19,838 | | | Pool #AJ9162 4.000%, 01/01/2042 | | | 21,283 | |
| | 109,137 | | | Pool #AJ9330 4.000%, 01/01/2042 | | | 117,089 | |
| | 12,523 | | | Pool #AJ9779 4.000%, 01/01/2042 | | | 13,289 | |
| | 18,483 | | | Pool #AK0170 4.000%, 01/01/2042 | | | 19,830 | |
| | 37,654 | | | Pool #AK0543 4.000%, 01/01/2042 | | | 40,389 | |
| | 15,127 | | | Pool #AK0563 4.000%, 01/01/2042 | | | 16,229 | |
| | 32,379 | | | Pool #AK1827 4.000%, 01/01/2042 | | | 34,738 | |
| | 417,905 | | | Pool #AL2752 5.000%, 03/01/2042 | | | 456,965 | |
| | 95,892 | | | Pool #AB5529 4.000%, 07/01/2042 | | | 101,756 | |
| | 218,431 | | | Pool #AB6228 3.500%, 09/01/2042 | | | 226,157 | |
| | 420,655 | | | Pool #AQ9316 2.500%, 01/01/2043 | | | 409,315 | |
| | 1,167,714 | | | Pool #AT2720 3.000%, 05/01/2043 | | | 1,178,350 | |
| | 869,424 | | | Pool #AT5900 3.000%, 06/01/2043 | | | 877,308 | |
| | 493,903 | | | Pool #AU1625 3.500%, 07/01/2043 | | | 511,926 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 793,160 | | | Pool #AS5469 4.000%, 07/01/2045 | | $ | 840,256 | |
| | 954,437 | | | Pool #AZ0832 4.000%, 07/01/2045 | | | 1,006,182 | |
| | 168,980 | | | Pool #AS5597 3.500%, 08/01/2045 | | | 174,393 | |
| | 711,542 | | | Pool #AS6196 3.500%, 11/01/2045 | | | 734,285 | |
| | 1,020,440 | | | Pool #AS7170 3.500%, 05/01/2046 | | | 1,053,056 | |
| | 1,038,264 | | | Pool #AS7242 3.500%, 05/01/2046 | | | 1,071,450 | |
| | 736,610 | | | Pool #BC9468 3.000%, 06/01/2046 | | | 739,781 | |
| | 962,784 | | | Pool #AS7492 4.000%, 07/01/2046 | | | 1,015,686 | |
| | 890,739 | | | Pool #AS8299 3.000%, 11/01/2046 | | | 896,017 | |
| | 617,945 | | | Pool #AS8947 3.500%, 03/01/2047 | | | 639,718 | |
| | 178,207 | | | Pool #MA3038 4.500%, 06/01/2047 | | | 191,597 | |
| | | | | Government National Mortgage Association | | | | |
| | 12,415 | | | Pool #614436 5.000%, 08/15/2033 | | | 13,560 | |
| | 38,280 | | | Pool #736686 5.000%, 02/15/2039 | | | 42,166 | |
| | 756,060 | | | Pool #723248 5.000%, 10/15/2039 | | | 844,280 | |
| | 398,194 | | | Pool #783403 3.500%, 09/15/2041 | | | 414,880 | |
| | 500,000 | | | Pool #TBA 3.500%, 10/15/2041 (f) | | | 520,137 | |
| | 1,300,000 | | | Pool #TBA 4.000%, 10/15/2041 (f) | | | 1,369,113 | |
| | 1,400,000 | | | Pool #TBA 3.500%, 10/15/2042 (f) | | | 1,455,234 | |
| | 735,242 | | | Pool #AD8801 3.500%, 03/15/2043 | | | 769,493 | |
| | 800,000 | | | Pool #TBA 3.000%, 10/15/2044 (f) | | | 811,187 | |
| | 327,986 | | | Pool #AL9364 3.500%, 03/20/2045 | | | 342,594 | |
| | 642,339 | | | Pool #MA4322M 4.000%, 03/20/2047 | | | 678,437 | |
| | 859,955 | | | Pool #MA4453M 4.500%, 05/20/2047 | | | 919,403 | |
| | 169,111 | | | Pool #MA4587M 4.000%, 07/20/2047 | | | 178,839 | |
| | 374,236 | | | Pool #MA4652M 3.500%, 08/20/2047 | | | 389,600 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $40,745,740) | | | 41,150,793 | |
| | | | | | |
|
|
|
| | | | | MUNICIPAL DEBT OBLIGATIONS - 0.43% | |
| | | | | California, GO, | | | | |
| | 80,000 | | | 7.550%, 04/01/2039 | | | 122,768 | |
| | 80,000 | | | 7.350%, 11/01/2039 | | | 118,231 | |
| | 45,000 | | | 7.600%, 11/01/2040 | | | 70,459 | |
| | 160,000 | | | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,
6.899%, 12/01/2040 | | | 209,245 | |
| | 50,000 | | | Illinois, GO
5.665%, 03/01/2018 | | | 50,712 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $538,615) | | | 571,415 | |
| | | | | | |
|
|
|
| | | | | U.S. TREASURY OBLIGATIONS - 21.67% | | | | |
| | | | | U.S. Treasury Bonds - 5.29% | | | | |
| | 936,066 | | | 0.125%, 07/15/2024 (g)(h) | | | 927,186 | |
| | 219,000 | | | 4.500%, 08/15/2039 | | | 283,229 | |
| | 80,000 | | | 4.375%, 11/15/2039 | | | 101,822 | |
| | 2,460,000 | | | 3.125%, 11/15/2041 | | | 2,603,468 | |
| | 545,000 | | | 3.625%, 08/15/2043 | | | 625,558 | |
| | 50,000 | | | 3.000%, 11/15/2045 | | | 51,444 | |
| | 2,365,000 | | | 2.500%, 05/15/2046 | | | 2,197,696 | |
| | 255,000 | | | 3.000%, 02/15/2047 (e) | | | 262,361 | |
| | | | | U.S. Treasury Notes - 16.38% | | | | |
| | 1,390,000 | | | 0.750%, 07/15/2019 | | | 1,372,869 | |
| | 900,000 | | | 1.625%, 03/15/2020 (e) | | | 901,564 | |
| | 841,000 | | | 1.125%, 09/30/2021 | | | 818,924 | |
| | 2,610,000 | | | 2.000%, 11/15/2021 | | | 2,630,595 | |
| | 3,745,000 | | | 2.000%, 02/15/2022 (e) | | | 3,769,942 | |
| | 300,000 | | | 2.000%, 02/15/2023 | | | 300,223 | |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. TREASURY OBLIGATIONS (Continued) | | | | |
| | | | | U.S. Treasury Notes (Continued) | | | | |
| | 510,000 | | | 1.500%, 03/31/2023 | | $ | 496,573 | |
| | 4,517,000 | | | 2.375%, 08/15/2024 (e) | | | 4,581,491 | |
| | 2,574,000 | | | 2.000%, 02/15/2025 | | | 2,539,311 | |
| | 515,000 | | | 2.125%, 05/15/2025 | | | 511,761 | |
| | 1,603,000 | | | 2.000%, 08/15/2025 (e)(h) | | | 1,575,856 | |
| | 801,000 | | | 1.625%, 05/15/2026 (h) | | | 759,918 | |
| | 810,000 | | | 1.500%, 08/15/2026 | | | 758,489 | |
| | 455,000 | | | 2.000%, 11/15/2026 (e) | | | 443,483 | |
| | 400,000 | | | 2.250%, 02/15/2027 | | | 397,648 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $28,869,530) | | | 28,911,411 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 1.71% Money Market Funds - 1.71% | | | | |
| | | | | | | | |
| | 2,277,027 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (i) | | | 2,277,027 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,277,027) | | | 2,277,027 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.51% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 11.51% | | | | |
| | 15,357,874 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (i) | | | 15,357,874 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $15,357,874) | | | 15,357,874 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $157,043,088) - 119.10% | | | 158,894,670 | |
| | | | | Liabilities in Excess of
Other Assets - (19.10)% | | | (25,479,821 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 133,414,849 | |
| | | | | | |
|
|
|
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 coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2017. |
| (b) | | Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $15,438,797, which represents 11.57% of total net assets. |
| (c) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2017. |
| (d) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $163,670, which represents 0.12% of total net assets. |
| (e) | | All or portion of this security is on loan. |
| (f) | | Security purchased on a when-issued basis. On September 30, 2017, the total value of investments purchased on a when-issued basis was $10,451,060 or 7.83% of total net assets. |
| (g) | | Represents a U.S. Treasury Inflation Protected Security. |
| (h) | | All or a portion of this security is held as collateral for certain swap and futures contracts. |
| (i) | | Seven-day yield as of September 30, 2017. |
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Value
| | | Settlement
Month
| | Unrealized
Appreciation
(Depreciation)
| |
Eurodollar 90 Day Futures | | | (15 | ) | | $ | (3,683,250 | ) | | $ | 938 | | | Sep-18 | | $ | 2,293 | |
U.S. Treasury 2 Year Note Futures | | | 12 | | | | 2,588,438 | | | | (1,500 | ) | | Dec-17 | | | (6,397 | ) |
U.S. Treasury 5 Year Note Futures | | | 14 | | | | 1,645,000 | | | | (2,297 | ) | | Dec-17 | | | (11,509 | ) |
U.S. Treasury 10 Year Note Futures | | | (16 | ) | | | (2,005,000 | ) | | | 3,750 | | | Dec-17 | | | 20,590 | |
U.S. Treasury Ultra 10 Year Note Futures | | | 3 | | | | 402,984 | | | | (516 | ) | | Dec-17 | | | (7,115 | ) |
U.S. Treasury Ultra Bond Futures | | | 9 | | | | 1,486,125 | | | | 3,656 | | | Dec-17 | | | (23,329 | ) |
| | | | | | | | | | |
|
|
| | | |
|
|
|
| | | | | | | | | | | $ | 4,031 | | | | | $ | (25,467 | ) |
| | | | | | | | | | |
|
|
| | | |
|
|
|
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
9/30/2017(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CDX.NA.IG.S29 Index* | | | 0.56% | | | | 1.000% | | | 12/20/2022 | | Morgan Stanley | | | Quarterly | | | $ | 2,330,000 | | | $ | 50,511 | | | $ | 49,584 | | | $ | 927 | |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | $ | 50,511 | | | $ | 49,584 | | | $ | 927 | |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
GuideMark® Core Fixed Income Fund
INTEREST RATE SWAPS (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive Floating Rate
| | Floating
Rate Index
| | | Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | ** | | | 2.250% | | | 9/21/2026 | | Morgan Stanley | | | Quarterly | | | $ | 4,143,000 | | | $ | (5,672 | ) | | $ | (181,289 | ) | | $ | 175,617 | |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | $ | (5,672 | ) | | $ | (181,289 | ) | | $ | 175,617 | |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| 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.
81
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS - 98.12% | | | | |
| | | | | Alabama - 0.41% | | | | |
| $ | 100,000 | | | The Lower Alabama Gas District,
Series A, Revenue Bond, 5.000%, 09/01/2034 | | $ | 120,160 | |
| | | | | | |
|
|
|
| | | | | Arizona - 1.97% | | | | |
| | 150,000 | | | Arizona Industrial Development Authority,
Revenue Bond,
6.000%, 07/01/2047 | | | 161,086 | |
| | 200,000 | | | Arizona University System Board of Regents,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2028 | | | 228,680 | |
| | 150,000 | | | Salt Verde Financial Corp., Revenue Bond,
5.000%, 12/01/2037 | | | 183,323 | |
| | | | | | |
|
|
|
| | | | | | | | 573,089 | |
| | | | | | |
|
|
|
| | | | | Arkansas - 1.84% | | | | |
| | 500,000 | | | University of Arkansas,
Series A, Revenue Bond, 4.125%, 11/01/2030 | | | 535,315 | |
| | | | | | |
|
|
|
| | | | | California - 14.21% | | | | |
| | 170,000 | | | Bay Area Toll Authority, Revenue Bond,
4.000%, 04/01/2047 | | | 178,359 | |
| | | | | California, GO, | | | | |
| | 500,000 | | | 6.500%, 04/01/2033 | | | 540,145 | |
| | 65,000 | | | 4.000%, 11/01/2034 | | | 70,616 | |
| | 60,000 | | | 4.000%, 11/01/2047 | | | 63,416 | |
| | 300,000 | | | California, Refunding, GO,
5.000%, 11/01/2043 | | | 345,144 | |
| | 100,000 | | | California Municipal Finance Authority, Community Medical Centers,
Series A, Refunding, Revenue Bond,
5.000%, 02/01/2042 | | | 112,014 | |
| | 195,000 | | | California Municipal Finance Authority, Mobile Home Park,
Series A, Refunding, Revenue Bond,
6.400%, 08/15/2045 | | | 211,674 | |
| | 200,000 | | | California State University,
Series A, Refunding, Revenue Bond,
5.000%, 11/01/2031 | | | 237,236 | |
| | | | | California Statewide Communities Development Authority,
Series A, Revenue Bond, | | | | |
| | 160,000 | | | 6.125%, 11/01/2033 | | | 185,754 | |
| | 150,000 | | | 5.250%, 12/01/2056 | | | 163,374 | |
| | 300,000 | | | California Statewide Communities Development Authority,
Series A, Revenue Bond, CMI Insured,
5.000%, 08/01/2034 | | | 345,762 | |
| | 100,000 | | | Golden State Tobacco Securitization Corp.,
Series A, Revenue Bond,
4.000%, 06/01/2031 | | | 106,584 | |
| | 300,000 | | | Golden State Tobacco Securitization Corp.,
Series A-1, Refunding, Revenue Bond,
5.000%, 06/01/2024 | | | 355,038 | |
| | 500,000 | | | Los Angeles Department of Airports,
Series A, Refunding, Revenue Bond,
5.250%, 05/15/2029 | | | 534,825 | |
| | 250,000 | | | M-S-R Energy Authority, Revenue Bond,
6.500%, 11/01/2039 | | | 357,360 | |
| | 300,000 | | | San Mateo Joint Powers Financing Authority,
Series A, Refunding, Revenue Bond,
5.250%, 07/15/2025 | | | 328,422 | |
| | | | | | |
|
|
|
| | | | | | | | 4,135,723 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Colorado - 4.27% | | | | |
| $ | 350,000 | | | Castle Pines North Metropolitan District, Refunding, Revenue Bond,
4.000%, 12/01/2044 | | $ | 363,723 | |
| | 60,000 | | | City & County of Denver, Refunding, Revenue Bond,
5.000%, 10/01/2032 | | | 65,404 | |
| | 130,000 | | | Colorado Health Facilities Authority, Revenue Bond,
8.000%, 08/01/2043 | | | 151,302 | |
| | 220,000 | | | Public Authority for Colorado Energy, Revenue Bond,
6.500%, 11/15/2038 | | | 311,738 | |
| | 300,000 | | | Regional Transportation District,
Series A, Revenue Bond,
5.000%, 11/01/2027 | | | 351,150 | |
| | | | | | |
|
|
|
| | | | | | | | 1,243,317 | |
| | | | | | |
|
|
|
| | | | | Connecticut - 1.77% | | | | |
| | 500,000 | | | Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2025 | | | 514,715 | |
| | | | | | |
|
|
|
| | | | | Florida - 4.49% | | | | |
| | 300,000 | | | Brevard County Health Facilities Authority, Prerefunded, Revenue Bond,
7.000%, 04/01/2039 | | | 326,304 | |
| | 225,000 | | | Miami-Dade County Educational Facilities,
Series A, Refunding, Revenue Bond,
5.000%, 04/01/2040 | | | 252,913 | |
| | 250,000 | | | Miami-Dade County Health Facilities Authority,
Revenue Bond,
5.000%, 08/01/2047 | | | 281,833 | |
| | 355,000 | | | Miami-Dade County Health Facilities,
Series A, Refunding, Revenue Bond,
5.250%, 08/01/2021 | | | 385,558 | |
| | 40,000 | | | Palm Beach County Florida Health Facilities Authority,
Series A, Refunding, Revenue Bond,
7.500%, 06/01/2049 | | | 48,823 | |
| | 10,000 | | | Palm Beach County Florida Health Facilities Authority,
Series A, Revenue Bond,
7.250%, 06/01/2034 | | | 12,186 | |
| | | | | | |
|
|
|
| | | | | | | | 1,307,617 | |
| | | | | | |
|
|
|
| | | | | Georgia - 2.03% | |
| | 300,000 | | | Atlanta Water & Wastewater, Refunding, Revenue Bond,
5.000%, 11/01/2040 | | | 347,439 | |
| | 125,000 | | | Atlanta Water & Wastewater,
Series A, Prerefunded, Revenue Bond,
6.250%, 11/01/2039 | | | 138,296 | |
| | 100,000 | | | Marietta Development Authority, Prerefunded,
Revenue Bond,
7.000%, 06/15/2039 | | | 104,166 | |
| | | | | | |
|
|
|
| | | | | | | | 589,901 | |
| | | | | | |
|
|
|
| | | | | Illinois - 4.97% | |
| | 65,000 | | | Chicago, Series A, Refunding, GO,
5.250%, 01/01/2029 | | | 70,267 | |
| | 70,000 | | | Chicago Waterworks, Revenue Bond,
5.000%, 11/01/2028 | | | 81,414 | |
| | | | | Illinois, GO, | | | | |
| | 20,000 | | | 5.000%, 05/01/2036 | | | 20,946 | |
| | 30,000 | | | 5.000%, 02/01/2039 | | | 31,286 | |
| | 30,000 | | | Illinois,
Series A, GO,
5.000%, 04/01/2038 | | | 31,107 | |
See notes to financial statements.
82
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | | | | |
| | | | | Illinois (Continued) | |
| $ | 225,000 | | | Illinois Finance Authority, Prerefunded, Revenue Bond,
7.000%, 08/15/2044 | | $ | 249,500 | |
| | 100,000 | | | O’Hare International Airport,
Series B, Refunding, Revenue Bond,
5.000%, 01/01/2032 | | | 116,612 | |
| | 150,000 | | | O’Hare International Airport,
Series D, Refunding, Revenue Bond,
5.250%, 01/01/2030 | | | 173,908 | |
| | 500,000 | | | Railsplitter Tobacco Settlement Authority, Revenue Bond,
6.250%, 06/01/2024 | | | 513,280 | |
| | 120,000 | | | Southwestern Illinois Development Authority Health Care Facilities, Prerefunded, Revenue Bond,
7.125%, 11/01/2043 | | | 157,925 | |
| | | | | | |
|
|
|
| | | | | | | | 1,446,245 | |
| | | | | | |
|
|
|
| | | | | Indiana - 4.24% | |
| | 500,000 | | | Fishers Industry Redevelopment District, Prerefunded, Revenue Bond,
5.250%, 07/15/2034 | | | 547,725 | |
| | 100,000 | | | Indiana Health Facility Financing Authority,
Series 2001A-1, Revenue Bond,
5.000%, 11/15/2034 | | | 116,186 | |
| | 250,000 | | | Indiana Municipal Power Agency,
Series A, Refunding, Revenue Bond,
5.250%, 01/01/2032 | | | 290,780 | |
| | 125,000 | | | Shoals Exempt Facilities, Revenue Bond,
7.250%, 11/01/2043 | | | 142,881 | |
| | 115,000 | | | Valparaiso Exempt Facilities, Revenue Bond,
7.000%, 01/01/2044 | | | 136,401 | |
| | | | | | |
|
|
|
| | | | | | | | 1,233,973 | |
| | | | | | |
|
|
|
| | | | | Kansas - 1.23% | |
| | 300,000 | | | Kansas Department of Transportation Highway Revenue,
Series A, Revenue Bond,
5.000%, 09/01/2029 | | | 357,606 | |
| | | | | | |
|
|
|
| | | | | Kentucky - 0.92% | |
| | 250,000 | | | Kentucky Economic Development Finance Authority,
Series A, Revenue Bond,
5.000%, 06/01/2045 | | | 267,993 | |
| | | | | | |
|
|
|
| | | | | Louisiana - 1.51% | |
| | 200,000 | | | Louisiana Highway Improvement,
Series A, Revenue Bond,
5.000%, 06/15/2029 | | | 233,346 | |
| | 200,000 | | | Louisiana State Citizens Property Insurance Corp., Prerefunded, Revenue Bond, AGC Insured,
6.750%, 06/01/2026 | | | 207,610 | |
| | | | | | |
|
|
|
| | | | | | | | 440,956 | |
| | | | | | |
|
|
|
| | | | | Maryland - 1.70% | |
| | 250,000 | | | City of Baltimore, Refunding, Revenue Bond,
5.000%, 09/01/2046 | | | 281,840 | |
| | 200,000 | | | Westminster Project Revenue, Lutheran Village at Miller’s Grant,
Series A, Revenue Bond,
6.000%, 07/01/2034 | | | 214,266 | |
| | | | | | |
|
|
|
| | | | | | | | 496,106 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Massachusetts - 0.69% | |
| $ | 190,000 | | | Massachusetts Development Finance Agency,
Series A, Prerefunded, Revenue Bond,
5.500%, 11/15/2036 | | $ | 199,599 | |
| | | | | | |
|
|
|
| | | | | Michigan - 0.77% | | | | |
| | 100,000 | | | Michigan Finance Authority, Revenue Bond,
5.000%, 11/15/2041 | | | 111,205 | |
| | 100,000 | | | Royal Oak Hospital Finance Authority,
Series D, Refunding, Revenue Bond,
5.000%, 09/01/2033 | | | 111,955 | |
| | | | | | |
|
|
|
| | | | | | | | 223,160 | |
| | | | | | |
|
|
|
| | | | | Minnesota - 2.73% | | | | |
| | 100,000 | | | Apple Valley Senior Living,
Series D, Revenue Bond,
7.250%, 01/01/2052 | | | 98,985 | |
| | 160,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission,
Series A, Refunding, Revenue Bond,
5.000%, 01/01/2030 | | | 186,203 | |
| | 150,000 | | | Rochester Health Care & Housing Facility,
Series A, Refunding, Revenue Bond,
6.875%, 12/01/2048 | | | 171,572 | |
| | 300,000 | | | Rochester Health Care Facilities Mayo Clinic,
Series C, Revenue Bond,
4.500%, 11/15/2038 (a) | | | 337,266 | |
| | | | | | |
|
|
|
| | | | | | | | 794,026 | |
| | | | | | |
|
|
|
| | | | | Missouri - 2.17% | | | | |
| | 250,000 | | | Conley Road Transportation Development District, Revenue Bond,
5.375%, 05/01/2047 | | | 251,300 | |
| | 350,000 | | | St. Louis Airport, Revenue Bond,
6.625%, 07/01/2034 | | | 380,762 | |
| | | | | | |
|
|
|
| | | | | | | | 632,062 | |
| | | | | | |
|
|
|
| | | | | Montana - 0.72% | | | | |
| | 200,000 | | | City of Kalispell,
Series A, Revenue Bond,
5.250%, 05/15/2047 | | | 210,318 | |
| | | | | | |
|
|
|
| | | | | Nebraska - 2.46% | | | | |
| | 130,000 | | | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
5.000%, 11/01/2024 | | | 152,617 | |
| | 500,000 | | | Omaha Public Power District,
Series B, Prerefunded, Revenue Bond,
5.000%, 02/01/2027 | | | 562,140 | |
| | | | | | |
|
|
|
| | | | | | | | 714,757 | |
| | | | | | |
|
|
|
| | | | | New Hampshire - 0.46% | | | | |
| | 120,000 | | | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027 | | | 133,396 | |
| | | | | | |
|
|
|
| | | | | New Jersey - 1.89% | | | | |
| | 150,000 | | | New Jersey Economic Development Authority, Refunding, Revenue Bond,
5.250%, 06/15/2030 | | | 165,658 | |
| | 395,000 | | | Tobacco Settlement Financing Corp.,
Series 1A, Refunding, Revenue Bond,
5.000%, 06/01/2041 | | | 384,288 | |
| | | | | | |
|
|
|
| | | | | | | | 549,946 | |
| | | | | | |
|
|
|
See notes to financial statements.
83
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | | | | |
| | | | | New York - 7.49% | | | | |
| $ | 325,000 | | | Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,
6.500%, 07/15/2030 | | $ | 365,404 | |
| | 200,000 | | | New York,
Series E, GO, 4.000%, 12/15/2027 | | | 217,802 | |
| | 270,000 | | | New York City,
Series I, Unrefunded, GO,
5.375%, 04/01/2036 | | | 286,273 | |
| | 40,000 | | | New York City Industrial Development Agency,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2022 | | | 46,070 | |
| | 100,000 | | | New York Dormitory Authority, Refunding, Revenue Bond,
5.000%, 12/01/2035 | | | 109,301 | |
| | 250,000 | | | New York Dormitory Authority,
Series B, Refunding, Revenue Bond,
5.000%, 07/01/2038 | | | 284,630 | |
| | 500,000 | | | New York Environmental Facilities Corp.,
Series B, Revenue Bond,
5.500%, 10/15/2027 | | | 647,275 | |
| | 175,000 | | | New York Liberty Development Corp., Refunding, Revenue Bond,
5.250%, 10/01/2035 | | | 224,067 | |
| | | | | | |
|
|
|
| | | | | | | | 2,180,822 | |
| | | | | | |
|
|
|
| | | | | North Carolina - 1.28% | | | | |
| | 320,000 | | | North Carolina Eastern Municipal Power Agency Power Systems,
Series A, Prerefunded, Revenue Bond,
5.000%, 01/01/2025 | | | 372,694 | |
| | | | | | |
|
|
|
| | | | | Ohio - 4.33% | | | | |
| | 550,000 | | | Buckeye Tobacco Settlement Financial Authority,
Series A, Revenue Bond,
5.875%, 06/01/2047 | | | 527,263 | |
| | 135,000 | | | County of Cuyahoga, Revenue Bond,
5.250%, 02/15/2047 | | | 146,310 | |
| | 200,000 | | | Ohio,
Series A, Refunding, Revenue Bond,
5.000%, 01/01/2031 | | | 243,522 | |
| | 300,000 | | | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026 | | | 342,483 | |
| | | | | | |
|
|
|
| | | | | | | | 1,259,578 | |
| | | | | | |
|
|
|
| | | | | Pennsylvania - 3.39% | | | | |
| | 350,000 | | | Butler County Hospital Authority, Prerefunded, Revenue Bond,
7.125%, 07/01/2029 | | | 385,749 | |
| | 250,000 | | | Delaware Valley Pennsylvania Regional Finance Authority,
Series A, Revenue Bond, AMBAC Insured,
5.500%, 08/01/2028 | | | 303,277 | |
| | 200,000 | | | Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,
5.800%, 07/01/2030 | | | 224,934 | |
| | 65,000 | | | Pennsylvania Turnpike Commission,
Series A-1, Revenue Bond,
5.000%, 12/01/2047 | | | 74,153 | |
| | | | | | |
|
|
|
| | | | | | | | 988,113 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | South Carolina - 1.62% | | | | |
| $ | 400,000 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
5.000%, 12/01/2025 | | $ | 472,276 | |
| | | | | | |
|
|
|
| | | | | South Dakota - 0.38% | | | | |
| | 100,000 | | | South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement,
Series B, Refunding, Revenue Bond,
5.000%, 06/01/2026 | | | 110,832 | |
| | | | | | |
|
|
|
| | | | | Texas - 9.84% | | | | |
| | 250,000 | | | Aldine Independent School District, Refunding, Revenue Bond, PSF-GTD Insured,
5.000%, 02/15/2045 | | | 290,112 | |
| | 200,000 | | | Central Texas Regional Mobility Authority,
Series A, Prerefunded, Revenue Bond,
6.000%, 01/01/2041 | | | 230,662 | |
| | 100,000 | | | Central Texas Turnpike System,
Series C, Refunding, Revenue Bond,
5.000%, 08/15/2029 | | | 115,408 | |
| | 200,000 | | | Dallas-Fort Worth International Airport,
Series B, Revenue Bond,
5.000%, 11/01/2026 | | | 232,610 | |
| | 300,000 | | | Frisco Texas Independent School District,
Series A, Prerefunded, GO, PSF-GTD Insured,
6.000%, 08/15/2038 | | | 313,095 | |
| | 200,000 | | | New Hope Cultural Education Facilities Corp.,
Series A-1, Revenue Bond,
5.000%, 07/01/2046 | | | 222,102 | |
| | 350,000 | | | North Texas Tollway Authority,
Series A, Refunding, Revenue Bond,
4.000%, 01/01/2038 | | | 361,550 | |
| | 100,000 | | | North Texas Tollway Authority,
Series B, Refunding, Revenue Bond,
5.000%, 01/01/2029 | | | 117,336 | |
| | 150,000 | | | San Antonio Water System,
Series A, Refunding, Revenue Bond,
5.000%, 05/15/2037 | | | 176,541 | |
| | 100,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,
6.625%, 11/15/2037 | | | 109,402 | |
| | | | | Texas Private Activity Surface Transportation Corp., Revenue Bond, | | | | |
| | 200,000 | | | 7.500%, 12/31/2031 | | | 225,384 | |
| | 200,000 | | | 7.500%, 06/30/2033 | | | 230,354 | |
| | 85,000 | | | 7.000%, 12/31/2038 | | | 103,135 | |
| | 115,000 | | | 6.750%, 06/30/2043 | | | 137,303 | |
| | | | | | |
|
|
|
| | | | | | | | 2,864,994 | |
| | | | | | |
|
|
|
| | | | | Utah - 2.35% | |
| | 100,000 | | | Salt Lake City Corp. Airport,
Series B, Revenue Bond,
5.000%, 07/01/2042 | | | 117,711 | |
| | 500,000 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
5.500%, 06/01/2022 | | | 567,915 | |
| | | | | | |
|
|
|
| | | | | | | | 685,626 | |
| | | | | | |
|
|
|
| | | | | Virginia - 1.84% | |
| | 400,000 | | | Virginia College Building Authority Educational Facilities, Revenue Bond,
5.750%, 01/01/2034 | | | 534,924 | |
| | | | | | |
|
|
|
See notes to financial statements.
84
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | | | | |
| | | | | Washington - 2.18% | |
| $ | 325,000 | | | Central Puget Sound Regional Transit Authority,
Series P-1, Refunding, Revenue Bond,
5.000%, 02/01/2027 | | $ | 373,665 | |
| | 250,000 | | | Washington Health Care Facilities Authority, Refunding, Revenue Bond,
6.375%, 10/01/2036 | | | 262,113 | |
| | | | | | |
|
|
|
| | | | | | | | 635,778 | |
| | | | | | |
|
|
|
| | | | | Wisconsin - 5.97% | |
| | 10,000 | | | Wisconsin, Series 2, Prerefunded, GO,
5.000%, 05/01/2025 | | | 11,576 | |
| | 490,000 | | | Wisconsin, Series 2, Unrefunded, GO,
5.000%, 05/01/2025 | | | 564,186 | |
| | 450,000 | | | Wisconsin, Series A, Unrefunded, Revenue Bond,
6.000%, 05/01/2033 | | | 485,352 | |
| | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 05/01/2025 | | | 113,388 | |
| | | | | Wisconsin Public Finance Authority, Refunding, Revenue Bond, Texas Private Activity Surface Transportation Corp., Revenue Bond,
| | | | |
| | 155,000 | | | 5.000%, 07/01/2022 | | | 168,528 | |
| | 150,000 | | | 5.750%, 10/01/2031 | | | 152,141 | |
| | 225,000 | | | 5.250%, 05/15/2047 | | | 242,046 | |
| | | | | | |
|
|
|
| | | | | | | | 1,737,217 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $26,598,498) | | | 28,562,834 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.81% | |
| | | | | Money Market Funds - 0.81% | |
| | 236,822 | | | Government TaxAdvantage Portfolio - Institutional Shares Effective Yield, 0.88% (b) | | $ | 236,822 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $236,822) | | | 236,822 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $26,835,320) - 98.93% | | | 28,799,656 | |
| | | | | Other Assets in Excess of
Liabilities - 1.07% | | | 311,920 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 29,111,576 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Variable Rate Security. The rate reported is the rate in effect as of September 30, 2017. |
| (b) | | Seven-day yield as of September 30, 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.
85
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Principal Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 21.45% | |
| | 761,776 | | | Alternative Loan Trust
Series 2007-15CB, 6.000%, 07/25/2037 | | $ | 705,710 | |
| | 754,357 | | | Banc of America Funding Corp.
Series 2007-3, 5.831%, 04/25/2037 (a) | | | 664,033 | |
| | 773,168 | | | Chase Mortgage Finance Trust
Series 2007-S3, 6.000%, 05/25/2037 | | | 649,695 | |
| | | | | Credit Suisse Mortgage Capital Mortgage-Backed Trust | | | | |
| | 260,157 | | | Series 2006-9, 6.000%, 11/25/2036 | | | 252,460 | |
| | 393,555 | | | Series 2007-1, 6.000%, 02/25/2037 | | | 359,892 | |
| | 387,098 | | | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR1,
3.536%, 02/25/2036 (a) | | | 380,941 | |
| | 363,577 | | | First Horizon Alternative Mortgage Securities Trust
Series 2007-FA4, 6.250%, 08/25/2037 | | | 288,724 | |
| | 403,320 | | | First Horizon Mortgage Pass-Through Trust
Series 2007-4, 6.000%, 08/25/2037 | | | 352,431 | |
| | | | | GSR Mortgage Loan Trust | | | | |
| | 667,505 | | | Series 2006-9F, 6.500%, 10/25/2036 | | | 606,613 | |
| | 293,533 | | | Series 2007-4F, 6.000%, 07/25/2037 | | | 273,526 | |
| | 559,231 | | | IndyMac IMJA Mortgage Loan Trust
Series 2007-A3, 6.250%, 11/25/2037 | | | 463,631 | |
| | 410,729 | | | IndyMac INDX Mortgage Loan Trust
Series 2005-AR1,
3.352%, 03/25/2035 (a) | | | 417,540 | |
| | | | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | |
| | 6,393,527 | | | Series 2012-C8,
1.967%, 10/17/2045 (a)(h) | | | 440,342 | |
| | 7,678 | | | Series 2007-LDP10,
5.464%, 01/15/2049 (a) | | | 7,672 | |
| | 481,909 | | | Lehman Mortgage Trust
Series 2006-2, 5.750%, 04/25/2036 | | | 477,932 | |
| | 411,490 | | | MASTR Adjustable Rate Mortgages Trust
Series 2006-2, 3.482%, 01/25/2036 (a) | | | 405,416 | |
| | | | | Morgan Stanley Mortgage Loan Trust | | | | |
| | 915,943 | | | Series 2005-10, 6.000%, 12/25/2035 | | | 782,614 | |
| | 609,902 | | | Series 2007-12, 6.250%, 08/25/2037 | | | 538,439 | |
| | | | | Residential Asset Securitization Trust | | | | |
| | 751,265 | | | Series 2007-A2, 6.000%, 04/25/2037 | | | 684,822 | |
| | 575,559 | | | Series 2007-A6, 6.000%, 06/25/2037 | | | 542,303 | |
| | 901,424 | | | Series 2007-A7, 6.000%, 07/25/2037 | | | 672,640 | |
| | 914,969 | | | TBW Mortgage-Backed Trust
Series 2006-6,
5.630%, 01/25/2037 (a)(k) | | | 531,369 | |
| | 426,804 | | | Washington Mutual Asset-Backed Certificates Trust
2006-HE3, 1.392% (1 Month LIBOR USD + 0.155%), 08/25/2036 (b) | | | 390,308 | |
| | 213,522 | | | Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-5, 6.000%, 07/25/2036 | | | 192,643 | |
| | 251,105 | | | Wells Fargo Alternative Loan Trust
Series 2007-PA1, 6.000%, 03/25/2037 | | | 229,695 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $12,456,162) | | | 11,311,391 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 0.02% | | | | |
| | | | | Metals & Mining - 0.00% | | | | |
| | 12,305,675 | | | K2016470219 - Class A (c)(d)(g) | | $ | 0 | |
| | 1,336,186 | | | K2016470219 - Class B (c)(d)(g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | | | | 0 | |
| | | | | | |
|
|
|
| | | | | Transportation - 0.02% | | | | |
| | 22 | | | CEVA Holdings LLC (c)(d) | | | 10,094 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $29,791) | | | 10,094 | |
| | | | | | |
|
|
|
| | |
Principal Amount
| | | | | | |
| | | | | CONVERTIBLE OBLIGATIONS - 1.54% | |
| | | | | Metals & Mining - 1.54% | | | | |
| | 780,000 | | | B2Gold Corp.
3.250%, 10/01/2018 | | | 809,281 | |
| | | | | | |
|
|
|
| | | | | Total Convertible Obligations
(Cost $780,000) | | | 809,281 | |
| | | | | | |
|
|
|
| | | | | CORPORATE OBLIGATIONS - 0.47% | | | | |
| | | | | Specialty Retail - 0.47% | | | | |
| | | | | K2016470219 South Africa, Ltd. | | | | |
| | 907,612 | | | 0.000% Cash or 3.000% PIK,
12/31/2022 (e) | | | 50,009 | |
| | 160,995 | | | 0.000% Cash or 8.000% PIK,
12/31/2022 (e) | | | 33,280 | |
| | 157,847 | | | K2016470260 South Africa, Ltd.
0.000% Cash or 25.000% PIK,
12/31/2022 (e) | | | 163,372 | |
| | | | | | |
|
|
|
| | | | | | | | 246,661 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $2,031,595) | | | 246,661 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 44.52% | |
| | | | | Argentine Bonos del Tesoro | |
| | 60,000 | | | 22.750%, 03/05/2018 | | | 3,518 | |
| | 1,002,000 | | | 21.200%, 09/19/2018 | | | 57,685 | |
| | 6,797,000 | | | 18.200%, 10/03/2021 | | | 409,426 | |
| | 2,227,900 | | | 16.000%, 10/17/2023 | | | 145,429 | |
| | 15,011,100 | | | 15.500%, 10/17/2026 | | | 1,001,923 | |
| | | | | Brazil Letras do Tesouro Nacional | | | | |
| | 334,000 | | | 7.113%, 07/01/2020 (f) | | | 84,518 | |
| | 6,900,000 | | | 7.221%, 07/01/2021 (f) | | | 1,579,967 | |
| | | | | Brazil Notas do Tesouro Nacional - Serie F | | | | |
| | 2,065,000 | | | -1.902%, 01/01/2021 (f) | | | 692,966 | |
| | 120,000 | | | 10.000%, 01/01/2023 | | | 40,064 | |
| | 1,630,000 | | | 10.000%, 01/01/2025 | | | 542,097 | |
| | 160,000,000 | | | Colombia Government International Bond
7.750%, 04/14/2021 | | | 58,441 | |
| | | | | Colombian TES | | | | |
| | 583,000,000 | | | 10.000%, 07/24/2024 | | | 238,859 | |
| | 296,500,000 | | | 7.500%, 08/26/2026 | | | 107,882 | |
| | 342,500,000 | | | 6.000%, 04/28/2028 | | | 111,833 | |
| | 2,628,000,000 | | | 7.750%, 09/18/2030 | | | 979,349 | |
| | | | | Ghana Government Bond | | | | |
| | 780,000 | | | 23.230%, 02/19/2018 | | | 180,987 | |
| | 150,000 | | | 22.490%, 04/23/2018 | | | 34,904 | |
| | 1,810,000 | | | 23.470%, 05/21/2018 | | | 424,778 | |
| | 990,000 | | | 19.040%, 09/24/2018 | | | 227,667 | |
| | 99,000 | | | 24.500%, 10/22/2018 | | | 23,873 | |
| | 200,000 | | | 24.500%, 06/21/2021 | | | 54,030 | |
See notes to financial statements.
86
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | |
Principal Amount
| | | | | Value
| |
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued) | |
| | 390,000 | | | 24.750%, 07/19/2021 | | $ | 106,425 | |
| | 300,000 | | | 18.750%, 01/24/2022 | | | 71,184 | |
| | 300,000 | | | 19.750%, 03/25/2024 | | | 74,029 | |
| | 910,000 | | | 19.000%, 11/02/2026 | | | 223,360 | |
| | 910,000 | | | 19.750%, 03/15/2032 | | | 218,394 | |
| | | | | Ghana Treasury Note | | | | |
| | 170,000 | | | 22.500%, 12/10/2018 | | | 40,456 | |
| | 340,000 | | | 21.000%, 01/07/2019 | | | 80,193 | |
| | 290,000 | | | 19.950%, 05/06/2019 | | | 67,621 | |
| | | | | India Government Bond | | | | |
| | 25,000,000 | | | 8.200%, 02/15/2022 | | | 405,375 | |
| | 44,000,000 | | | 8.150%, 06/11/2022 | | | 712,890 | |
| | 7,000,000 | | | 8.080%, 08/02/2022 | | | 113,091 | |
| | 90,000,000 | | | 8.130%, 09/21/2022 | | | 1,458,839 | |
| | 2,000,000 | | | 6.840%, 12/19/2022 | | | 30,993 | |
| | 74,000,000 | | | 8.830%, 11/25/2023 | | | 1,243,829 | |
| | 15,000,000 | | | 7.680%, 12/15/2023 | | | 240,453 | |
| | | | | Indonesia Treasury Bond | | | | |
| | 25,441,000,000 | | | 8.375%, 09/15/2026 | | | 2,131,574 | |
| | 606,000,000 | | | 9.000%, 03/15/2029 | | | 52,934 | |
| | 140,000,000 | | | 10.500%, 08/15/2030 | | | 13,612 | |
| | 1,689,000,000 | | | 8.750%, 05/15/2031 | | | 145,557 | |
| | 7,580,000,000 | | | 8.375%, 03/15/2034 | | | 620,880 | |
| | | | | Korea Treasury Bond | | | | |
| | 581,500,000 | | | 3.375%, 09/10/2023 | | | 540,855 | |
| | 459,000,000 | | | 3.500%, 03/10/2024 | | | 431,988 | |
| | 617,000,000 | | | 3.000%, 09/10/2024 | | | 563,843 | |
| | | | | Mexican Bonos | | | | |
| | 289,700 | | | 4.750%, 06/14/2018 | | | 1,567,451 | |
| | 27,100 | | | 8.500%, 12/13/2018 | | | 151,434 | |
| | 378,200 | | | 5.000%, 12/11/2019 | | | 2,004,543 | |
| | | | | Mexican Udibonos | | | | |
| | 25,665 | | | 3.500%, 12/14/2017 (i) | | | 141,743 | |
| | 15,423 | | | 4.000%, 06/13/2019 (i) | | | 86,041 | |
| | 12,745 | | | 2.500%, 12/10/2020 (i) | | | 68,848 | |
| | | | | Philippine Government Bond | | | | |
| | 22,580,000 | | | 3.875%, 11/22/2019 | | | 446,970 | |
| | 15,690,000 | | | 3.375%, 08/20/2020 | | | 306,282 | |
| | | | | Republic of South Africa Government Bond | | | | |
| | 2,385,000 | | | 10.500%, 12/21/2026 | | | 197,864 | |
| | 1,989,000 | | | 8.000%, 01/31/2030 | | | 135,336 | |
| | 833,000 | | | 7.000%, 02/28/2031 | | | 51,362 | |
| | 1,876,000 | | | 8.250%, 03/31/2032 | | | 126,980 | |
| | 1,252,000 | | | 8.875%, 02/28/2035 | | | 87,439 | |
| | 537,000 | | | 6.250%, 03/31/2036 | | | 28,671 | |
| | 266,000 | | | 8.500%, 01/31/2037 | | | 17,723 | |
| | | | | Serbia Treasury Bonds | | | | |
| | 3,910,000 | | | 10.000%, 08/21/2019 | | | 43,015 | |
| | 5,860,000 | | | 10.000%, 09/11/2021 | | | 69,107 | |
| | 62,780,000 | | | 10.000%, 02/05/2022 | | | 747,431 | |
| | 1,120,000 | | | Ukraine Government International Bond | | | | |
| | | | | 1.987%, 05/31/2040 (e)(f) | | | 608,337 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $22,711,381) | | | 23,475,148 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 13.78% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 1,033,199 | | | Pool #4062, 3.500%, 06/15/2042 | | | 1,045,150 | |
| | | | | | | | |
Principal Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 787,709 | | | Pool #4171, 3.000%, 02/15/2043 | | $ | 732,488 | |
| | 1,234,586 | | | Pool #4413, 3.500%, 11/15/2044 | | | 1,238,868 | |
| | | | | Federal National Mortgage Association | | | | |
| | 690,604 | | | Pool #1201, 3.500%, 10/01/2032 | | | 722,040 | |
| | 364,421 | | | Pool #2005-56, 6.000%
(1 Month LIBOR USD + 42.300%), 08/25/2033 (b)(l) | | | 401,743 | |
| | 77,914 | | | Pool #2011-113, 4.000%, 03/25/2040 | | | 78,490 | |
| | 611,364 | | | Pool #2012-63, 2.000%, 08/25/2040 | | | 611,581 | |
| | 1,265,016 | | | Pool #2014-95, 3.000%, 04/25/2041 | | | 1,288,533 | |
| | | | | Government National Mortgage Association | | | | |
| | 737,669 | | | Pool #2010-62, 4.514%
(1 Month LIBOR USD + 5.750%), 05/20/2040 (b)(h)(l) | | | 105,366 | |
| | 749,818 | | | Pool #2011-72, 4.144%
(1 Month LIBOR USD + 5.380%), 05/20/2041 (b)(h)(l) | | | 97,610 | |
| | 700,000 | | | Pool #2012-40, 4.000%, 01/20/2042 | | | 742,238 | |
| | 1,476,140 | | | Pool #2013-113, 5.014%
(1 Month LIBOR USD + 6.250%), 03/20/2043 (b)(h)(l) | | | 200,505 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $7,135,295) | | | 7,264,612 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | PREFERRED STOCKS - 0.04% | | | | |
| | | | | Transportation - 0.04% | | | | |
| | 49 | | | CEVA Holdings LLC (c)(d) | | | 21,847 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $64,482) | | | 21,847 | |
| | | | | | |
|
|
|
| | | | | WARRANTS - 0.00% | | | | |
| | | | | Textiles, Apparel & Luxury Goods - 0.00% | | | | |
| | 361 | | | Edcon Holdings, Ltd. F - Expiration:
December, 2049 (c)(d)(g) | | | 0 | |
| | 6,464,770 | | | Edcon Holdings, Ltd. F1 - Expiration:
December, 2049 (c)(d)(g) | | | 0 | |
| | 523,517 | | | Edcon Holdings, Ltd. F2 - Expiration:
December, 2049 (c)(d)(g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Warrants
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 12.72% | | | | |
| | | | | Money Market Funds - 11.00% | | | | |
| | 5,798,974 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (j) | | | 5,798,974 | |
| | | | | | |
|
|
|
| | |
Principal Amount
| | | | | | |
| | | | | U.S. Government Agency Issue - 1.72% | | | | |
| | 910,000 | | | Federal Home Loan Bank Discount Note
0.000%, 10/02/2017 (f) | | | 910,000 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $6,708,956) | | | 6,708,974 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $51,917,662) - 94.54% | | | 49,848,008 | |
| | | | | Other Assets in Excess of
Liabilities - 5.46% | | | 2,876,522 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 52,724,530 | |
| | | | | | |
|
|
|
See notes to financial statements.
87
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2017
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 coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2017. |
| (b) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2017. |
| (c) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $31,941, which represents 0.06% of total net assets. |
| (d) | | Non-income producing. |
| (e) | | Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another expemption from registration. The value of these securities total $854,998, which represents 1.62% of total net assets. |
| (f) | | Zero coupon bond. The effective yield is listed |
| (g) | | As of September 30, 2017, the Valuation Committee has fair valued these securities, whose value were determined using significant, unobservable inputs. The value of these securities total $0, which represents 0.00% of total net assets. |
| (h) | | 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 September 30, 2017. The securities are liquid and the value of these securities total $843,823 which represents 1.60% of total net assets. |
| (i) | | Represents an inflation protected security. |
| (j) | | Seven-day yield as of September 30, 2017. |
| (k) | | Step-up bond; the interest rate shown is the rate in effect as of September 30, 2017. |
| (l) | | Inverse floating rate bond. |
Glossary of Terms
See notes to financial statements.
88
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)
September 30, 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)
| |
| 11/15/2017 | | JP Morgan Chase | | Australian Dollar | | | 500,000 | | | U.S. Dollar | | | 398,795 | | | $ | (6,825 | ) |
| 3/26/2018 | | Citibank | | Brazilian Real | | | 3,300,000 | | | Euro | | | 855,011 | | | | (2,506 | ) |
| 10/10/2017 | | Citibank | | Euro | | | 995,736 | | | Mexican Peso | | | 21,414,100 | | | | 3,827 | |
| 10/11/2017 | | Citibank | | Euro | | | 1,184,090 | | | Mexican Peso | | | 25,470,380 | | | | 4,557 | |
| 10/11/2017 | | Deutsche Bank | | Japanese Yen | | | 111,608,750 | | | U.S. Dollar | | | 1,014,579 | | | | (22,136 | ) |
| 10/24/2017 | | Barclays | | Japanese Yen | | | 19,600,000 | | | U.S. Dollar | | | 180,023 | | | | (5,620 | ) |
| 11/14/2017 | | Citibank | | Japanese Yen | | | 11,770,000 | | | U.S. Dollar | | | 105,246 | | | | (419 | ) |
| 12/8/2017 | | Citibank | | Japanese Yen | | | 25,700,000 | | | U.S. Dollar | | | 230,052 | | | | (873 | ) |
| 12/12/2017 | | Citibank | | Japanese Yen | | | 57,980,000 | | | U.S. Dollar | | | 519,097 | | | | (1,924 | ) |
| 10/10/2017 | | Citibank | | Mexican Peso | | | 21,414,100 | | | Euro | | | 1,033,893 | | | | (48,951 | ) |
| 10/11/2017 | | Citibank | | Mexican Peso | | | 25,470,380 | | | Euro | | | 1,235,988 | | | | (65,936 | ) |
| 1/16/2018 | | Citibank | | Mexican Peso | | | 9,384,000 | | | Euro | | | 377,663 | | | | 57,246 | |
| 4/3/2018 | | Citibank | | Mexican Peso | | | 46,884,480 | | | Euro | | | 2,101,368 | | | | (9,652 | ) |
| 7/13/2018 | | Citibank | | Mexican Peso | | | 7,476,600 | | | Euro | | | 339,140 | | | | (14,819 | ) |
| 11/27/2017 | | HSBC | | South Korea Won | | | 827,000,000 | | | U.S. Dollar | | | 730,791 | | | | (8,213 | ) |
| 12/5/2017 | | HSBC | | South Korea Won | | | 997,000,000 | | | U.S. Dollar | | | 881,053 | | | | (9,824 | ) |
| 1/10/2018 | | HSBC | | South Korea Won | | | 552,143,147 | | | U.S. Dollar | | | 488,018 | | | | (5,214 | ) |
| 1/22/2018 | | Goldman Sachs | | South Korea Won | | | 188,710,000 | | | U.S. Dollar | | | 166,897 | | | | (1,848 | ) |
| 2/21/2018 | | Citibank | | South Korea Won | | | 1,035,000,000 | | | U.S. Dollar | | | 915,443 | | | | (9,700 | ) |
| 11/15/2017 | | JP Morgan Chase | | U.S. Dollar | | | 868,339 | | | Australian Dollar | | | 1,178,000 | | | | (55,143 | ) |
| 2/22/2018 | | Citibank | | U.S. Dollar | | | 273,293 | | | Australian Dollar | | | 370,000 | | | | (16,460 | ) |
| 3/13/2018 | | Citibank | | U.S. Dollar | | | 485,696 | | | Australian Dollar | | | 654,000 | | | | (26,361 | ) |
| 3/13/2018 | | JP Morgan Chase | | U.S. Dollar | | | 726,680 | | | Australian Dollar | | | 982,000 | | | | (42,188 | ) |
| 3/20/2018 | | JP Morgan Chase | | U.S. Dollar | | | 1,117,718 | | | Australian Dollar | | | 1,489,000 | | | | (48,028 | ) |
| 10/5/2017 | | Deutsche Bank | | U.S. Dollar | | | 75,568 | | | Euro | | | 65,866 | | | | (2,304 | ) |
| 10/10/2017 | | Barclays | | U.S. Dollar | | | 243,513 | | | Euro | | | 204,000 | | | | 2,261 | |
| 10/10/2017 | | Bank of America | | U.S. Dollar | | | 496,930 | | | Euro | | | 434,000 | | | | (16,322 | ) |
| 10/13/2017 | | Citibank | | U.S. Dollar | | | 76,535 | | | Euro | | | 66,790 | | | | (2,465 | ) |
| 10/16/2017 | | Morgan Stanley | | U.S. Dollar | | | 106,027 | | | Euro | | | 88,500 | | | | 1,331 | |
| 10/18/2017 | | JP Morgan Chase | | U.S. Dollar | | | 210,812 | | | Euro | | | 177,000 | | | | 1,398 | |
| 10/19/2017 | | Goldman Sachs | | U.S. Dollar | | | 391,690 | | | Euro | | | 340,000 | | | | (10,596 | ) |
| 10/20/2017 | | UBS | | U.S. Dollar | | | 243,783 | | | Euro | | | 203,500 | | | | 2,990 | |
| 10/24/2017 | | Deutsche Bank | | U.S. Dollar | | | 91,741 | | | Euro | | | 78,923 | | | | (1,666 | ) |
| 10/27/2017 | | Citibank | | U.S. Dollar | | | 1,903,748 | | | Euro | | | 1,620,000 | | | | (13,870 | ) |
| 10/27/2017 | | Goldman Sachs | | U.S. Dollar | | | 215,074 | | | Euro | | | 183,000 | | | | (1,545 | ) |
| 10/30/2017 | | Deutsche Bank | | U.S. Dollar | | | 781,122 | | | Euro | | | 667,597 | | | | (9,253 | ) |
| 11/2/2017 | | JP Morgan Chase | | U.S. Dollar | | | 310,489 | | | Euro | | | 263,000 | | | | (930 | ) |
| 11/2/2017 | | HSBC | | U.S. Dollar | | | 40,286 | | | Euro | | | 34,118 | | | | (114 | ) |
| 11/8/2017 | | Deutsche Bank | | U.S. Dollar | | | 501,087 | | | Euro | | | 424,000 | | | | (1,135 | ) |
| 11/15/2017 | | Deutsche Bank | | U.S. Dollar | | | 37,936 | | | Euro | | | 32,000 | | | | 18 | |
| 11/20/2017 | | JP Morgan Chase | | U.S. Dollar | | | 208,517 | | | Euro | | | 177,000 | | | | (1,274 | ) |
| 11/22/2017 | | Deutsche Bank | | U.S. Dollar | | | 211,325 | | | Euro | | | 179,000 | | | | (860 | ) |
| 11/24/2017 | | Barclays | | U.S. Dollar | | | 376,870 | | | Euro | | | 319,000 | | | | (1,310 | ) |
| 12/7/2017 | | Bank of America | | U.S. Dollar | | | 519,238 | | | Euro | | | 434,000 | | | | 4,302 | |
| 12/13/2017 | | Citibank | | U.S. Dollar | | | 263,231 | | | Euro | | | 218,594 | | | | 3,768 | |
| 10/11/2017 | | Deutsche Bank | | U.S. Dollar | | | 1,095,277 | | | Japanese Yen | | | 111,608,750 | | | | 102,834 | |
| 10/24/2017 | | Barclays | | U.S. Dollar | | | 181,265 | | | Japanese Yen | | | 19,600,000 | | | | 6,862 | |
| 11/14/2017 | | Citibank | | U.S. Dollar | | | 105,103 | | | Japanese Yen | | | 11,770,000 | | | | 277 | |
| 12/5/2017 | | JP Morgan Chase | | U.S. Dollar | | | 310,469 | | | Japanese Yen | | | 34,284,478 | | | | 4,801 | |
| 12/8/2017 | | Citibank | | U.S. Dollar | | | 236,924 | | | Japanese Yen | | | 25,700,000 | | | | 7,746 | |
| 12/11/2017 | | HSBC | | U.S. Dollar | | | 354,839 | | | Japanese Yen | | | 38,500,000 | | | | 11,447 | |
| 12/12/2017 | | Citibank | | U.S. Dollar | | | 517,769 | | | Japanese Yen | | | 57,980,000 | | | | 596 | |
| 12/13/2017 | | HSBC | | U.S. Dollar | | | 434,283 | | | Japanese Yen | | | 47,460,000 | | | | 10,918 | |
| 12/13/2017 | | JP Morgan Chase | | U.S. Dollar | | | 389,732 | | | Japanese Yen | | | 43,970,000 | | | | (2,500 | ) |
| 12/18/2017 | | JP Morgan Chase | | U.S. Dollar | | | 169,699 | | | Japanese Yen | | | 18,500,000 | | | | 4,615 | |
| 1/11/2018 | | Goldman Sachs | | U.S. Dollar | | | 174,763 | | | Japanese Yen | | | 19,732,000 | | | | (1,566 | ) |
| 1/16/2018 | | JP Morgan Chase | | U.S. Dollar | | | 396,590 | | | Japanese Yen | | | 44,610,000 | | | | (2,161 | ) |
| 1/25/2018 | | Citibank | | U.S. Dollar | | | 328,460 | | | Japanese Yen | | | 36,309,000 | | | | 3,752 | |
| 1/25/2018 | | JP Morgan Chase | | U.S. Dollar | | | 506,460 | | | Japanese Yen | | | 56,000,000 | | | | 5,657 | |
See notes to financial statements.
89
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)
September 30, 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)
| |
| 1/29/2018 | | JP Morgan Chase | | U.S. Dollar | | | 176,420 | | | Japanese Yen | | | 19,500,000 | | | $ | 1,996 | |
| 2/2/2018 | | JP Morgan Chase | | U.S. Dollar | | | 1,825,900 | | | Japanese Yen | | | 200,000,000 | | | | 36,552 | |
| 2/14/2018 | | Citibank | | U.S. Dollar | | | 106,494 | | | Japanese Yen | | | 11,860,000 | | | | 318 | |
| 2/15/2018 | | JP Morgan Chase | | U.S. Dollar | | | 383,849 | | | Japanese Yen | | | 41,463,000 | | | | 12,632 | |
| 2/16/2018 | | HSBC | | U.S. Dollar | | | 160,108 | | | Japanese Yen | | | 17,820,000 | | | | 557 | |
| 3/13/2018 | | Deutsche Bank | | U.S. Dollar | | | 145,462 | | | Japanese Yen | | | 15,700,000 | | | | 4,704 | |
| 3/22/2018 | | Deutsche Bank | | U.S. Dollar | | | 160,517 | | | Japanese Yen | | | 17,733,000 | | | | 1,456 | |
| 3/23/2018 | | Citibank | | U.S. Dollar | | | 322,667 | | | Japanese Yen | | | 35,670,000 | | | | 2,696 | |
| 4/13/2018 | | Deutsche Bank | | U.S. Dollar | | | 2,340,836 | | | Japanese Yen | | | 254,142,270 | | | | 58,313 | |
| 4/18/2018 | | Merrill Lynch | | U.S. Dollar | | | 276,578 | | | Japanese Yen | | | 30,030,000 | | | | 6,789 | |
| 4/23/2018 | | JP Morgan Chase | | U.S. Dollar | | | 360,496 | | | Japanese Yen | | | 38,610,000 | | | | 13,521 | |
| 6/1/2018 | | Deutsche Bank | | U.S. Dollar | | | 739,702 | | | Japanese Yen | | | 80,680,000 | | | | 12,966 | |
| 6/18/2018 | | HSBC | | U.S. Dollar | | | 827,201 | | | Japanese Yen | | | 88,800,000 | | | | 26,508 | |
| 6/20/2018 | | Citibank | | U.S. Dollar | | | 534,560 | | | Japanese Yen | | | 58,390,000 | | | | 8,006 | |
| 11/27/2017 | | HSBC | | U.S. Dollar | | | 739,615 | | | South Korea Won | | | 827,000,000 | | | | 17,037 | |
| 12/5/2017 | | HSBC | | U.S. Dollar | | | 885,490 | | | South Korea Won | | | 997,000,000 | | | | 14,261 | |
| 1/10/2018 | | HSBC | | U.S. Dollar | | | 488,904 | | | South Korea Won | | | 552,143,147 | | | | 6,100 | |
| 1/22/2018 | | Goldman Sachs | | U.S. Dollar | | | 167,593 | | | South Korea Won | | | 188,710,000 | | | | 2,544 | |
| 2/21/2018 | | Citibank | | U.S. Dollar | | | 1,316,464 | | | South Korea Won | | | 1,495,280,000 | | | | 7,924 | |
| 3/7/2018 | | HSBC | | U.S. Dollar | | | 240,121 | | | South Korea Won | | | 270,856,853 | | | | 2,938 | |
| 3/7/2018 | | Goldman Sachs | | U.S. Dollar | | | 923,173 | | | South Korea Won | | | 1,037,000,000 | | | | 15,439 | |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | 21,949 | |
| | | | | | | | | | | | | | | | |
|
|
|
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
INTEREST RATE SWAPS (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive Floating Rate
| | Floating
Rate Index
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.914% | | | 1/22/2025 | | Citibank | | | Quarterly | | | | 490,000 | | | $ | 7,947 | | | $ | 0 | | | $ | 7,947 | |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.973% | | | 1/27/2025 | | Citibank | | | Quarterly | | | | 360,000 | | | | 4,416 | | | | 0 | | | | 4,416 | |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.942% | | | 1/30/2025 | | Citibank | | | Quarterly | | | | 80,000 | | | | 1,157 | | | | 0 | | | | 1,157 | |
Receive | | | 3-MO-USD-LIBOR | ** | | | 1.817% | | | 2/3/2025 | | Citibank | | | Quarterly | | | | 120,000 | | | | 2,779 | | | | 0 | | | | 2,779 | |
Receive | | | 3-MO-USD-LIBOR | * | | | 1.978% | | | 3/27/2025 | | Citibank | | | Quarterly | | | | 1,200,000 | | | | 15,271 | | | | 0 | | | | 15,271 | |
Receive | | | 3-MO-USD-LIBOR | | | | 3.848% | | | 8/22/2043 | | JP Morgan Chase | | | Quarterly | | | | 4,170,000 | | | | (1,099,600 | ) | | | 0 | | | | (1,099,600 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | 2.587% | | | 7/27/2047 | | Citibank | | | Quarterly | | | | 1,100,000 | | | | (6,025 | ) | | | 0 | | | | (6,025 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | $ | (1,074,055 | ) | | $ | 0 | | | $ | (1,074,055 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| * | | Centrally cleared swap, clearing agent: Deutsche Bank |
| ** | | Centrally cleared swap, clearing agent: JP Morgan Chase |
See notes to financial statements.
90
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.89% | |
| | | | | Exchange Traded Funds - 98.89% | |
| | 218,700 | | | iShares Core MSCI EAFE ETF | | $ | 14,033,979 | |
| | 793,096 | | | iShares Core MSCI Emerging Markets ETF | | | 42,843,046 | |
| | 802,870 | | | iShares Core S&P Small-Cap ETF (a) | | | 59,589,011 | |
| | 513,942 | | | iShares MSCI Canada ETF (a) | | | 14,873,481 | |
| | 345,692 | | | iShares MSCI Switzerland Capped ETF | | | 12,109,591 | |
| | 1,008,397 | | | Schwab U.S. Large-Cap ETF (a) | | | 60,544,156 | |
| | 57,848 | | | SPDR S&P 600 Small Cap Growth ETF | | | 13,182,981 | |
| | 206,952 | | | SPDR S&P China ETF | | | 21,214,650 | |
| | 2,876,002 | | | Vanguard FTSE Developed Markets ETF (a) | | | 124,847,247 | |
| | 169,963 | | | Vanguard Global ex-U.S. Real Estate ETF (a) | | | 10,097,502 | |
| | 2,667 | | | Vanguard Growth ETF | | | 354,044 | |
| | 211,872 | | | Vanguard REIT ETF (a) | | | 17,604,444 | |
| | 538,091 | | | Vanguard S&P 500 ETF (a) | | | 124,169,879 | |
| | | | | | |
|
|
|
| | | | | | | | 515,464,011 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $429,271,139) | | | 515,464,011 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.16% | |
| | | | | Money Market Funds - 1.16% | |
| | 6,027,000 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (b) | | | 6,027,000 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $6,027,000) | | | 6,027,000 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.44% | |
| | | | | Investments Purchased As Securities Lending
Collateral - 21.44% | |
| | 111,782,580 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (b) | | $ | 111,782,580 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $111,782,580) | | | 111,782,580 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $547,080,719) - 121.49% | | | 633,273,591 | |
| | | | | Liabilities in Excess of
Other Assets - (21.49)% | | | (112,014,290 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 521,259,301 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
See notes to financial statements.
91
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.86% | |
| | | | | Exchange Traded Funds - 98.86% | |
| | 117,419 | | | iShares 1-3 Year Treasury Bond ETF (a) | | $ | 9,916,035 | |
| | 219,592 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 23,390,940 | |
| | 77,739 | | | iShares 10+ Year Credit Bond ETF | | | 4,824,094 | |
| | 149,628 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 18,667,589 | |
| | 45,185 | | | iShares Core MSCI Emerging Markets ETF | | | 2,440,894 | |
| | 150,425 | | | iShares Core S&P Small-Cap ETF (a) | | | 11,164,544 | |
| | 197,122 | | | iShares Edge MSCI Min Vol USA ETF (a) | | | 9,923,121 | |
| | 23,606 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | | | 2,748,211 | |
| | 75,359 | | | iShares MSCI Canada ETF | | | 2,180,889 | |
| | 161,514 | | | iShares MSCI Switzerland Capped ETF (a) | | | 5,657,835 | |
| | 54,415 | | | iShares U.S. Credit Bond ETF (a) | | | 6,106,995 | |
| | 78,204 | | | PowerShares DB Gold Fund (b) | | | 3,188,377 | |
| | 360,284 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 13,445,799 | |
| | 109,935 | | | SPDR Bloomberg Barclays International Treasury Bond ETF | | | 3,088,074 | |
| | 127,402 | | | SPDR Bloomberg Barclays TIPS ETF | | | 7,182,925 | |
| | 21,592 | | | SPDR S&P 600 Small Cap Value ETF (a) | | | 2,728,797 | |
| | 42,685 | | | SPDR S&P China ETF | | | 4,375,639 | |
| | 502,058 | | | Vanguard FTSE Developed Markets ETF (a) | | | 21,794,338 | |
| | 445,586 | | | Vanguard Mortgage-Backed Securities ETF | | | 23,518,029 | |
| | 46,909 | | | Vanguard REIT ETF (a) | | | 3,897,669 | |
| | 99,857 | | | Vanguard S&P 500 ETF (a) | | | 23,043,001 | |
| | 15,181 | | | Vanguard Total Bond Market ETF | | | 1,244,235 | |
| | 33,376 | | | Vanguard Value ETF | | | 3,331,592 | |
| | | | | | |
|
|
|
| | | | | | | | 207,859,622 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $198,507,512) | | | 207,859,622 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.23% | |
| | | | | Money Market Funds - 1.23% | |
| | 2,576,803 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (c) | | $ | 2,576,803 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,576,803) | | | 2,576,803 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 28.04% | |
| | | | | Investments Purchased As Securities Lending
Collateral - 28.04% | |
| | 58,966,855 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (c) | | | 58,966,855 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $58,966,855) | | | 58,966,855 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $260,051,170) - 128.13% | | | 269,403,280 | |
| | | | | Liabilities in Excess of
Other Assets - (28.13)% | | | (59,140,760 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 210,262,520 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
See notes to financial statements.
92
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.87% | |
| | | | | Exchange Traded Funds - 98.87% | |
| | 83,115 | | | Healthcare Select Sector SPDR Fund (a) | | $ | 6,792,989 | |
| | 76,356 | | | iShares Core S&P 500 ETF | | | 19,312,723 | |
| | 69,830 | | | iShares U.S. Credit Bond ETF | | | 7,837,021 | |
| | 226,190 | | | ProShares Ultra S&P 500 ETF (a) | | | 21,881,621 | |
| | 795,851 | | | Schwab U.S. Large-Cap ETF (a) | | | 47,782,894 | |
| | 185,210 | | | Technology Select Sector SPDR Fund | | | 10,945,911 | |
| | 96,714 | | | Vanguard Growth ETF | | | 12,838,783 | |
| | 74,824 | | | Vanguard Mid-Cap Growth ETF | | | 9,109,822 | |
| | 254,111 | | | Vanguard S&P 500 ETF | | | 58,638,654 | |
| | 292,888 | | | Vanguard Short-Term Corporate Bond ETF | | | 23,469,115 | |
| | 44,428 | | | Vanguard Small-Cap Growth ETF (a) | | | 6,781,490 | |
| | 165,344 | | | Vanguard Value ETF (a) | | | 16,504,638 | |
| | | | | | |
|
|
|
| | | | | | | | 241,895,661 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $222,341,020) | | | 241,895,661 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.23% | |
| | | | | Money Market Funds - 1.23% | |
| | 3,005,399 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (b) | | | 3,005,399 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,005,399) | | | 3,005,399 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.63% | |
| | | | | Investments Purchased As Securities Lending
Collateral - 4.63% | |
| | 11,335,800 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (b) | | $ | 11,335,800 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $11,335,800) | | | 11,335,800 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $236,682,219) - 104.73% | | | 256,236,860 | |
| | | | | Liabilities in Excess of Other Assets - (4.73)% | | | (11,578,665 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 244,658,195 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
See notes to financial statements.
93
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.78% | |
| | | | | Exchange Traded Funds - 57.14% | |
| | 194,170 | | | iShares 3-7 Year Treasury Bond ETF (a) | | $ | 23,981,937 | |
| | 38,725 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 4,831,331 | |
| | 39,302 | | | iShares Core MSCI Emerging Markets ETF (a) | | | 2,123,094 | |
| | 366,684 | | | iShares Floating Rate Bond ETF (a) | | | 18,678,883 | |
| | 123,110 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | | | 14,332,466 | |
| | 27,439 | | | PowerShares DB Agriculture Fund (b) | | | 520,792 | |
| | 14,577 | | | PowerShares DB Base Metals Fund (a)(b) | | | 263,989 | |
| | 20,402 | | | PowerShares DB Energy Fund (b) | | | 261,758 | |
| | 114,001 | | | ProShares Investment Grade-Interest Rate Hedged ETF (a) | | | 8,776,937 | |
| | 56,388 | | | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | | | 2,579,751 | |
| | 328,897 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 12,274,436 | |
| | 86,371 | | | Vanguard FTSE Developed Markets ETF | | | 3,749,365 | |
| | 562,664 | | | Vanguard Mortgage-Backed Securities ETF | | | 29,697,406 | |
| | 19,146 | | | Vanguard S&P 500 ETF (a) | | | 4,418,131 | |
| | 117,611 | | | Vanguard Total Bond Market ETF | | | 9,639,398 | |
| | | | | | |
|
|
|
| | | | | | | | 136,129,674 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 41.64% | | | | |
| | 617,121 | | | BlackRock Low Duration Bond Portfolio - Institutional Shares | | | 5,942,872 | |
| | 658,366 | | | DoubleLine Core Fixed Income Fund - Institutional Shares | | | 7,242,021 | |
| | 1,179,140 | | | DoubleLine Low Duration Bond Fund - Institutional Shares | | | 11,873,938 | |
| | 459,798 | | | DoubleLine Multi-Asset Growth Fund - Institutional Shares (d) | | | 4,731,322 | |
| | 2,828,959 | | | DoubleLine Total Return Bond Fund - Institutional Shares | | | 30,269,862 | |
| | 2,075,851 | | | T. Rowe Price Institutional Floating Rate Fund | | | 20,800,027 | |
| | 3,064,861 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 18,358,516 | |
| | | | | | |
|
|
|
| | | | | | | | 99,218,558 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $234,366,091) | | | 235,348,232 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.01% | |
| | | | | Money Market Funds - 1.01% | |
| | 2,407,561 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (c) | | $ | 2,407,561 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,407,561) | | | 2,407,561 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.89% | |
| | | | | Investments Purchased As Securities Lending Collateral - 21.89% | |
| | 52,169,818 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (c) | | | 52,169,818 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $52,169,818) | | | 52,169,818 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $288,943,470) - 121.68% | | | 289,925,611 | |
| | | | | Liabilities in Excess of
Other Assets - (21.68)% | | | (51,652,040 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 238,273,571 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
| (d) | | Certain GPS Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to 1.14% of total net assets as of September 30, 2017. |
See notes to financial statements.
94
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.72% | |
| | | | | Exchange Traded Funds - 59.84% | | | | |
| | 3,503 | | | iShares 7-10 Year Treasury Bond ETF (a) | | $ | 373,140 | |
| | 12,465 | | | iShares 10+ Year Credit Bond ETF | | | 773,516 | |
| | 9,383 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 1,170,623 | |
| | 31,407 | | | iShares Global Infrastructure ETF (a) | | | 1,421,481 | |
| | 263,648 | | | iShares International Select Dividend ETF (a) | | | 8,900,756 | |
| | 15,340 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | | | 1,785,883 | |
| | 5,961 | | | iShares MBS ETF | | | 638,423 | |
| | 230,295 | | | iShares U.S. Preferred Stock ETF (a) | | | 8,937,749 | |
| | 22,394 | | | PIMCO 0-5 Year High Yield Corporate Bond Index ETF (a) | | | 2,273,887 | |
| | 63,067 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 2,353,660 | |
| | 130,259 | | | SPDR Bloomberg Barclays Short Term Corporate Bond ETF | | | 3,995,044 | |
| | 115,048 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | 3,217,893 | |
| | 36,357 | | | Vanguard Global ex-U.S. Real Estate ETF (a) | | | 2,159,969 | |
| | 13,433 | | | Vanguard REIT ETF (a) | | | 1,116,148 | |
| | 2,992 | | | Vanguard S&P 500 ETF (a) | | | 690,434 | |
| | 109,401 | | | Vanguard Total Bond Market ETF | | | 8,966,506 | |
| | 64,330 | | | WisdomTree Emerging Markets High Dividend Fund (a) | | | 2,766,190 | |
| | 202,469 | | | WisdomTree U.S. High Dividend Fund | | | 14,154,607 | |
| | 38,069 | | | WisdomTree U.S. SmallCap Dividend Fund (a) | | | 3,198,938 | |
| | | | | | |
|
|
|
| | | | | | | | 68,894,847 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 38.88% | | | | |
| | 874,750 | | | BlackRock Global Dividend Portfolio - Institutional Shares | | | 11,931,585 | |
| | 378,115 | | | BlackRock Strategic Income Opportunities Portfolio - Institutional Shares | | | 3,769,811 | |
| | 299,260 | | | Loomis Sayles Global Equity and Income Fund - Institutional Shares | | | 6,505,906 | |
| | 1,331,420 | | | T. Rowe Price Institutional Floating Rate Fund | | | 13,340,825 | |
| | 1,538,090 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 9,213,158 | |
| | | | | | |
|
|
|
| | | | | | | | 44,761,285 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $101,125,270) | | | 113,656,132 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.35% | |
| | | | | Money Market Funds - 1.35% | |
| | 1,556,396 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (b) | | $ | 1,556,396 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $1,556,396) | | | 1,556,396 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.17% | |
| | | | | Investments Purchased with Proceeds from
Securities Lending - 12.17% | |
| | 14,012,607 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (b) | | | 14,012,607 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $14,012,607) | | | 14,012,607 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $116,694,273) - 112.24% | | | 129,225,135 | |
| | | | | Liabilities in Excess of
Other Assets - (12.24)% | | | (14,094,529 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 115,130,606 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
See notes to financial statements.
95
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.78% | |
| | | | | Exchange Traded Funds - 68.77% | |
| | 69,885 | | | iShares Core MSCI Emerging Markets ETF | | $ | 3,775,188 | |
| | 104,416 | | | iShares U.S. Preferred Stock ETF | | | 4,052,385 | |
| | 233,668 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 8,720,490 | |
| | 36,241 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | 1,013,661 | |
| | 123,460 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 3,064,265 | |
| | 89,227 | | | Vanguard FTSE Developed Markets ETF (a) | | | 3,873,344 | |
| | 85,654 | | | Vanguard Global ex-U.S. Real Estate ETF (a) | | | 5,088,704 | |
| | 60,100 | | | Vanguard REIT ETF (a) | | | 4,993,709 | |
| | 820 | | | Vanguard S&P 500 ETF (a) | | | 189,223 | |
| | 3,841 | | | Vanguard Total Bond Market ETF | | | 314,808 | |
| | | | | | |
|
|
|
| | | | | | | | 35,085,777 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 30.01% | | | | |
| | 163,218 | | | BlackRock High Yield Portfolio - Institutional Shares | | | 1,281,259 | |
| | 483,933 | | | Navigator Tactical Fixed Income Fund - Institutional Shares | | | 5,095,819 | |
| | 1,491,910 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 8,936,539 | |
| | | | | | |
|
|
|
| | | | | | | | 15,313,617 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $49,251,585) | | | 50,399,394 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.19% | |
| | | | | Money Market Funds - 1.19% | |
| | 609,729 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (b) | | $ | 609,729 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $609,729) | | | 609,729 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 28.23% | |
| | | | | Investments Purchased As Securities Lending Collateral - 28.23% | |
| | 14,404,739 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 1.34% (b) | | | 14,404,739 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $14,404,739) | | | 14,404,739 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $64,266,053) - 128.20% | | | 65,413,862 | |
| | | | | Liabilities in Excess of
Other Assets - (28.20)% | | | (14,388,101 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 51,025,761 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
See notes to financial statements.
96
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2017
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 98.12% | |
| | | | | Certificate of Deposit - 72.07% | |
| $ | 3,000,000 | | | Abbey National Treasury Services Plc
1.170%, 10/03/2017 | | $ | 3,000,000 | |
| | 2,500,000 | | | Banco Del Estado De Chile
1.392% (1 Month LIBOR USD + 0.160%), 01/08/2018 (a) | | | 2,500,690 | |
| | 2,500,000 | | | Bank of Montreal
1.512% (1 Month LIBOR USD + 0.280%), 05/08/2018 (a) | | | 2,501,973 | |
| | 2,500,000 | | | Bank of Nova Scotia
1.330%, 12/15/2017 | | | 2,500,331 | |
| | | | | Bank of Tokyo-Mitsubishi, Ltd. | | | | |
| | 2,500,000 | | | 1.400%, 10/31/2017 | | | 2,500,010 | |
| | 500,000 | | | 1.250%, 11/21/2017 | | | 500,000 | |
| | 3,000,000 | | | CIBC
1.050%, 10/02/2017 | | | 3,000,000 | |
| | 1,500,000 | | | Commonwealth Bank of Australia
1.627% (1 Month LIBOR USD + 0.480%), 02/23/2018 (a) | | | 1,501,893 | |
| | 2,700,000 | | | Credit Agricole Corp. and Investment Bank
1.180%, 10/05/2017 | | | 2,700,000 | |
| | 3,000,000 | | | Credit Industriel et Commercial
1.250%, 12/20/2017 | | | 3,000,039 | |
| | 750,000 | | | Dexia Credit Local SA
1.715% (1 Month LIBOR USD + 0.480%), 01/29/2018 (a) | | | 750,981 | |
| | | | | DZ Bank AG | | | | |
| | 2,000,000 | | | 1.320%, 11/20/2017 | | | 2,000,000 | |
| | 1,000,000 | | | 1.350%, 01/31/2018 | | | 999,965 | |
| | 3,000,000 | | | KBC Bank N.V.
1.230%, 10/23/2017 | | | 3,000,000 | |
| | 3,000,000 | | | Landesbank Hessen-Thueringen
1.300%, 10/12/2017 | | | 3,000,000 | |
| | 2,500,000 | | | Mizuho Bank, Ltd.
1.250%, 10/04/2017 | | | 2,500,000 | |
| | 3,200,000 | | | National Bank of Kuwait
1.080%, 10/02/2017 | | | 3,200,000 | |
| | | | | Oversea-Chinese Banking Corp., Ltd. | | | | |
| | 500,000 | | | 1.300%, 10/02/2017 | | | 500,000 | |
| | 2,500,000 | | | 1.300%, 11/30/2017 | | | 2,500,007 | |
| | 1,500,000 | | | Royal Bank of Canada
1.416% (1 Month LIBOR USD + 0.180%), 06/12/2018 (a) | | | 1,500,057 | |
| | 3,000,000 | | | Skandinaviska Enskilda Banken AB
1.240%, 10/05/2017 | | | 3,000,000 | |
| | 2,250,000 | | | State Street Bank & Trust
1.300%, 10/23/2017 | | | 2,250,123 | |
| | | | | Sumitomo Mitsui Trust Bank, Ltd. | | | | |
| | 3,000,000 | | | 1.250%, 11/21/2017 | | | 3,000,000 | |
| | 3,000,000 | | | 1.351% (1 Month LIBOR USD + 0.120%), 12/07/2017 (a) | | | 3,000,290 | |
| | | | | Svenska Handelsbanken | | | | |
| | 2,500,000 | | | 1.322% (1 Month LIBOR USD + 0.090%), 11/06/2017 (a) | | | 2,500,000 | |
| | 500,000 | | | 1.322% (1 Month LIBOR USD + 0.090%), 12/06/2017 (a) | | | 500,059 | |
| | 500,000 | | | The Norinchukin Bank
1.505% (1 Month LIBOR USD + 0.270%), 10/10/2017 (a) | | | 500,000 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Certificate of Deposit (Continued) | | | | |
| $ | 3,000,000 | | | The Toronto-Dominion Bank
1.330%, 01/22/2018 | | $ | 3,000,469 | |
| | 2,500,000 | | | Wells Fargo Bank NA
1.410%, 02/02/2018 | | | 2,501,180 | |
| | 2,500,000 | | | Westpac Banking Corp
1.755% (1 Month LIBOR USD + 0.520%), 01/10/2018 (a) | | | 2,503,228 | |
| | | | | | |
|
|
|
| | | | | | | | 66,411,295 | |
| | | | | | |
|
|
|
| | | | | Commercial Paper - 11.38% | | | | |
| | 2,300,000 | | | BNP Paribas SA
1.130%, 10/04/2017 | | | 2,299,784 | |
| | 3,000,000 | | | COFCO Capital Corp.
1.180%, 10/12/2017 | | | 2,998,808 | |
| | 2,500,000 | | | ING U.S. Funding, LLC.
1.280%, 11/17/2017 | | | 2,495,822 | |
| | 2,700,000 | | | Swedbank AB
1.330%, 11/28/2017 | | | 2,694,215 | |
| | | | | | |
|
|
|
| | | | | | | | 10,488,629 | |
| | | | | | |
|
|
|
| | | | | Corporate Obligations - 2.71% | | | | |
| | 2,500,000 | | | Bank of America Corp.
1.136%, 10/17/2017 (c) | | | 2,500,000 | |
| | | | | | |
|
|
|
| | | | | | | | 2,500,000 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | Money Market Funds - 2.36% | | | | |
| | 2,176,049 | | | Deutsche Government Money Market Series - Institutional Shares
Effective Yield, 0.96% (c)(d) | | | 2,176,049 | |
| | | | | | |
|
|
|
| | | | | | | | 2,176,049 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bill - 9.60% | | | | |
| | | | | United States Treasury Bill | | | | |
| $ | 1,000,000 | | | 0.715%, 10/05/2017 (d)(e)(f) | | | 999,887 | |
| | 6,350,000 | | | 0.943%, 11/02/2017 (d)(e)(f) | | | 6,344,482 | |
| | 1,500,000 | | | 0.969%, 12/07/2017 (e)(f) | | | 1,497,305 | |
| | | | | | |
|
|
|
| | | | | | | | 8,841,674 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $90,406,650) | | | 90,417,647 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $90,406,650) - 98.12% | | | 90,417,647 | |
| | | | | Other Assets in Excess of
Liabilities - 1.88% | | | 1,731,646 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 92,149,293 | |
| | | | | | |
|
|
|
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 September 30, 2017. |
| (b) | | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2017. |
| (c) | | Seven-day yield as of September 30, 2017. |
| (d) | | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
| (e) | | Zero coupon bond. The effective yield is listed. |
| (f) | | All or a portion of this security is held as collateral for certain futures contracts. |
See notes to financial statements.
97
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Value
| | | Settlement
Month
| | | Unrealized
Appreciation
(Depreciation)
| |
Amsterdam IDX Futures | | | 31 | | | $ | 3,934,263 | | | $ | 27,479 | | | | Oct-17 | | | $ | 104,891 | |
Australian 3-Year Treasury Bond Futures | | | (415 | ) | | | (31,842,947 | ) | | | (30,043 | ) | | | Dec-17 | | | | 42,958 | |
Australian 10-Year Treasury Bond Futures | | | (73 | ) | | | (5,561,779 | ) | | | (10,481 | ) | | | Dec-17 | | | | 100,029 | |
Australian Dollar Futures | | | 98 | | | | 7,679,280 | | | | (15,463 | ) | | | Dec-17 | | | | (166,339 | ) |
Brent Crude Futures (a) | | | 56 | | | | 3,180,240 | | | | (20,720 | ) | | | Oct-17 | | | | 85,078 | |
British Pound Futures | | | 108 | | | | 9,071,325 | | | | (27,637 | ) | | | Dec-17 | | | | 25,236 | |
CAC40 Index Futures | | | 37 | | | | 2,329,281 | | | | 15,524 | | | | Oct-17 | | | | 100,649 | |
Canadian 10-Year Bond Futures | | | (79 | ) | | | (8,566,379 | ) | | | 8,864 | | | | Dec-17 | | | | 74,181 | |
Canadian Dollar Futures | | | 117 | | | | 9,389,835 | | | | (32,634 | ) | | | Dec-17 | | | | (250,975 | ) |
Cocoa Futures (a) | | | (54 | ) | | | (1,103,220 | ) | | | (34,020 | ) | | | Dec-17 | | | | (43,575 | ) |
Coffee ‘C’ Futures (a) | | | (21 | ) | | | (1,008,394 | ) | | | 3,544 | | | | Dec-17 | | | | 23,478 | |
Copper Futures (a) | | | 37 | | | | 2,733,375 | | | | (24,050 | ) | | | Dec-17 | | | | (19,155 | ) |
Corn Futures (a) | | | (145 | ) | | | (2,575,563 | ) | | | (19,938 | ) | | | Dec-17 | | | | (22,298 | ) |
Cotton No. 2 Futures (a) | | | 41 | | | | 1,403,225 | | | | (10,660 | ) | | | Dec-17 | | | | (70,426 | ) |
DAX® Index Futures | | | 8 | | | | 3,025,174 | | | | 25,529 | | | | Dec-17 | | | | 107,594 | |
DJIA E-Mini CBOT Futures | | | 56 | | | | 6,256,880 | | | | 7,071 | | | | Dec-17 | | | | 158,986 | |
E-mini Nasdaq 100 Futures | | | 37 | | | | 4,427,050 | | | | 32,803 | | | | Dec-17 | | | | 14,866 | |
E-mini Russell 2000 Futures | | | 80 | | | | 5,971,600 | | | | 1,502 | | | | Dec-17 | | | | 286,637 | |
E-mini S&P 500 Futures | | | 37 | | | | 4,654,785 | | | | 15,540 | | | | Dec-17 | | | | 82,933 | |
E-mini S&P Mid Cap 400 Futures | | | 24 | | | | 4,309,680 | | | | 4,177 | | | | Dec-17 | | | | 160,931 | |
Euribor 3 Month Futures | | | 138 | | | | 163,631,367 | | | | 0 | | | | Dec-17 | | | | 12,026 | |
Euro Fx Futures | | | 63 | | | | 9,343,294 | | | | 18,569 | | | | Dec-17 | | | | (122,746 | ) |
Euro Stoxx 50® Index Futures | | | 65 | | | | 2,747,193 | | | | 19,974 | | | | Dec-17 | | | | 107,858 | |
Euro-Bobl Futures | | | 133 | | | | 20,620,423 | | | | 4,716 | | | | Dec-17 | | | | (65,057 | ) |
Euro-BTP Futures | | | 13 | | | | 2,073,608 | | | | 0 | | | | Dec-17 | | | | (26,168 | ) |
Euro-BTP Futures - Short | | | 135 | | | | 17,994,681 | | | | 1,596 | | | | Dec-17 | | | | 18,961 | |
Euro-Bund Futures | | | 32 | | | | 6,089,493 | | | | 7,942 | | | | Dec-17 | | | | (55,574 | ) |
Euro-Buxl® 30 Year Futures | | | (14 | ) | | | (2,701,383 | ) | | | (13,877 | ) | | | Dec-17 | | | | 4,241 | |
Eurodollar 90 Day Futures | | | (645 | ) | | | (634,744,500 | ) | | | 8,062 | | | | Mar-18 | | | | 18,149 | |
Euro-OATS Futures | | | 6 | | | | 1,100,154 | | | | 1,702 | | | | Dec-17 | | | | (10,265 | ) |
Euro-Schatz Futures | | | 274 | | | | 36,312,043 | | | | (3,238 | ) | | | Dec-17 | | | | (18,987 | ) |
FTSE 100 Index Futures | | | 24 | | | | 2,357,163 | | | | 16,884 | | | | Dec-17 | | | | (13,334 | ) |
FTSE MIB Index Futures | | | 22 | | | | 2,942,347 | | | | 14,951 | | | | Dec-17 | | | | 95,746 | |
FTSE/JSE Top 40 Index Futures | | | 81 | | | | 2,999,610 | | | | 30,752 | | | | Dec-17 | | | | (10,517 | ) |
Gold 100 Oz. Futures (a) | | | 19 | | | | 2,441,120 | | | | (7,410 | ) | | | Dec-17 | | | | (111,841 | ) |
Hang Seng Index Futures | | | 23 | | | | 4,050,675 | | | | 35,290 | | | | Oct-17 | | | | (15,197 | ) |
HSCEI Index Futures | | | 37 | | | | 2,582,838 | | | | 17,999 | | | | Oct-17 | | | | (23,214 | ) |
IBEX 35® Index Futures | | | 12 | | | | 1,465,217 | | | | 5,162 | | | | Oct-17 | | | | 14,248 | |
Japanese Yen Futures | | | (153 | ) | | | (17,059,500 | ) | | | 13,642 | | | | Dec-17 | | | | 396,646 | |
Live Cattle Futures (a) | | | 16 | | | | 737,600 | | | | 1,280 | | | | Dec-17 | | | | 15,653 | |
LME Aluminium Futures (a)(b) | | | 48 | | | | 2,519,400 | | | | 19,896 | | | | Dec-17 | | | | 19,896 | |
LME Copper Futures (a)(b) | | | 17 | | | | 2,753,681 | | | | (57,341 | ) | | | Dec-17 | | | | (57,341 | ) |
LME Nickel Futures (a)(b) | | | 14 | | | | 881,118 | | | | (78,306 | ) | | | Dec-17 | | | | (78,306 | ) |
LME Zinc Futures (a)(b) | | | (3 | ) | | | (237,450 | ) | | | (5,353 | ) | | | Dec-17 | | | | (5,353 | ) |
LME Zinc Futures (a)(b) | | | 25 | | | | 1,978,750 | | | | 20,519 | | | | Dec-17 | | | | 20,519 | |
Long Gilt Futures | | | 2 | | | | 331,998 | | | | 360 | | | | Dec-17 | | | | 360 | |
Low Sulphur Gas Oil Futures (a) | | | 94 | | | | 5,097,150 | | | | (21,150 | ) | | | Nov-17 | | | | 271,933 | |
Mexican Peso Futures | | | 276 | | | | 7,486,500 | | | | (15,453 | ) | | | Dec-17 | | | | (168,330 | ) |
MSCI EAFE Index Futures | | | 51 | | | | 5,044,920 | | | | 30,855 | | | | Dec-17 | | | | 77,272 | |
MSCI Emerging Markets Index Futures | | | 97 | | | | 5,283,105 | | | | 63,200 | | | | Dec-17 | | | | 7,119 | |
MSCI Singapore Index Futures | | | 69 | | | | 1,829,979 | | | | (2,035 | ) | | | Oct-17 | | | | (4,917 | ) |
MSCI Taiwan Index Futures | | | 84 | | | | 3,231,480 | | | | 4,200 | | | | Oct-17 | | | | (12,356 | ) |
Natural Gas Futures (a) | | | (17 | ) | | | (511,190 | ) | | | 1,700 | | | | Oct-17 | | | | 16,431 | |
New Zealand Dollar Futures | | | 60 | | | | 4,327,200 | | | | (9,892 | ) | | | Dec-17 | | | | (12,475 | ) |
Nifty 50 Index Futures | | | 176 | | | | 3,450,656 | | | | 2,816 | | | | Oct-17 | | | | (33,171 | ) |
Nikkei 225 Futures | | | 17 | | | | 3,075,939 | | | | (4,004 | ) | | | Dec-17 | | | | 86,823 | |
NY Harbor ULSD Futures (a) | | | 44 | | | | 3,344,880 | | | | (26,426 | ) | | | Oct-17 | | | | 77,732 | |
OMXS30 Futures | | | 152 | | | | 3,054,500 | | | | 25,194 | | | | Oct-17 | | | | 124,778 | |
RBOB Gasoline Futures (a) | | | 30 | | | | 2,004,660 | | | | (29,988 | ) | | | Oct-17 | | | | 13,143 | |
See notes to financial statements.
98
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Value
| | | Settlement
Month
| | | Unrealized
Appreciation
(Depreciation)
| |
S&P/TSX 60 Index Futures | | | 39 | | | $ | 5,743,025 | | | $ | 11,489 | | | | Dec-17 | | | $ | 161,028 | |
Silver Futures (a) | | | (2 | ) | | | (166,760 | ) | | | 1,710 | | | | Dec-17 | | | | 3,234 | |
South African Rand Futures | | | 97 | | | | 3,532,013 | | | | (10,436 | ) | | | Dec-17 | | | | (157,912 | ) |
Soybean Futures (a) | | | (23 | ) | | | (1,113,488 | ) | | | (10,063 | ) | | | Nov-17 | | | | (39,567 | ) |
Soybean Meal Futures (a) | | | (7 | ) | | | (221,060 | ) | | | (3,379 | ) | | | Dec-17 | | | | (3,379 | ) |
Soybean Oil Futures (a) | | | (34 | ) | | | (669,528 | ) | | | 136 | | | | Dec-17 | | | | 1,364 | |
SPI 200TM Index Futures | | | 32 | | | | 3,556,783 | | | | 13,805 | | | | Dec-17 | | | | (35,313 | ) |
Sterling 90 Day Futures | | | 190 | | | | 126,625,082 | | | | 3,179 | | | | Dec-17 | | | | (56,948 | ) |
Sugar No. 11 Futures (a) | | | (62 | ) | | | (979,104 | ) | | | (10,416 | ) | | | Feb-18 | | | | 40,524 | |
Swiss Franc Futures | | | (6 | ) | | | (778,350 | ) | | | (1,430 | ) | | | Dec-17 | | | | (1,430 | ) |
TOPIX Index Futures | | | 36 | | | | 5,358,809 | | | | (7,564 | ) | | | Dec-17 | | | | 153,911 | |
U.S. Treasury 2-Year Note Futures | | | (165 | ) | | | (35,591,016 | ) | | | 20,625 | | | | Dec-17 | | | | 15,677 | |
U.S. Treasury 5-Year Note Futures | | | (75 | ) | | | (8,812,500 | ) | | | 12,305 | | | | Dec-17 | | | | 17,970 | |
U.S. Treasury 10-Year Note Futures | | | (31 | ) | | | (3,884,688 | ) | | | 7,266 | | | | Dec-17 | | | | 16,202 | |
U.S. Treasury Long Bond Futures | | | (9 | ) | | | (1,375,313 | ) | | | (281 | ) | | | Dec-17 | | | | 12,611 | |
U.S. Treasury Ultra Bond Future | | | (5 | ) | | | (825,625 | ) | | | (2,031 | ) | | | Dec-17 | | | | 9,772 | |
Wheat Futures (a) | | | (74 | ) | | | (1,658,525 | ) | | | 24,975 | | | | Dec-17 | | | | (49,063 | ) |
WTI Crude Futures (a) | | | 13 | | | | 671,710 | | | | 1,430 | | | | Oct-17 | | | | 12,896 | |
| | | | | | |
|
|
| |
|
|
| | | | | |
|
|
|
| | | | | | | | -212,950,105 | | | | 60,495 | | | | | | | $ | 1,451,641 | |
| | | | | | |
|
|
| |
|
|
| | | | | |
|
|
|
| (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.
99
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited)
September 30, 2017
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $299,823,879, $85,609,614, and $51,839,533, respectively)1 | | $ | 352,372,014 | | | $ | 113,628,484 | | | $ | 64,766,396 | |
Foreign currencies (cost $0, $236,363, and $0, respectively) | | | — | | | | 234,644 | | | | — | |
Cash | | | 5,592 | | | | — | | | | 800 | |
Income receivable | | | 241,796 | | | | 83,806 | | | | 114,284 | |
Receivable for dividend reclaims | | | 3,687 | | | | 30,904 | | | | — | |
Receivable for fund shares sold | | | 661,706 | | | | 51,878 | | | | 102,869 | |
Other assets | | | 52,803 | | | | 34,569 | | | | 41,979 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 353,337,598 | | | | 114,064,285 | | | | 65,026,328 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 55,412,352 | | | | 5,770,820 | | | | 12,445,347 | |
Payable for fund shares redeemed | | | 137,870 | | | | 59,547 | | | | 17,624 | |
Payable to Investment Advisor | | | 170,641 | | | | 75,412 | | | | 34,094 | |
Payable to custodian | | | 10,888 | | | | 33,943 | | | | 4,140 | |
Accrued Trustee fees and expenses | | | 6,208 | | | | 2,876 | | | | 2,349 | |
Accrued distribution and shareholder serving fees | | | 75,910 | | | | 32,372 | | | | 14,184 | |
Other accrued expenses | | | 81,937 | | | | 73,968 | | | | 61,716 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 55,895,806 | | | | 6,048,938 | | | | 12,579,454 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 297,441,792 | | | $ | 108,015,347 | | | $ | 52,446,874 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 235,321,094 | | | | 164,199,840 | | | | 25,839,405 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 52,548,135 | | | | 28,018,870 | | | | 12,926,863 | |
Foreign currencies | | | — | | | | (2,090 | ) | | | — | |
Accumulated undistributed net investment income | | | 1,096,642 | | | | 630,801 | | | | 126,881 | |
Accumulated undistributed net realized gain (loss) | | | 8,475,921 | | | | (84,832,074 | ) | | | 13,553,725 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 297,441,792 | | | $ | 108,015,347 | | | $ | 52,446,874 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 75,269 | | | | 658 | | | | — | |
Net assets | | | 1,300,436 | | | | 10,009 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 17.277 | | | $ | 15.212 | 2 | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 17,403,409 | | | | 6,909,200 | | | | 2,735,893 | |
Net assets | | | 296,141,356 | | | | 108,005,338 | | | | 52,446,874 | |
Net asset value, offering and redemption price per share | | $ | 17.016 | | | $ | 15.632 | | | $ | 19.170 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 54,232,219 | | | $ | 5,732,655 | | | $ | 12,161,817 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
100
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2017
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $155,698,509, $157,043,088 and $26,835,320, respectively)1 | | $ | 181,792,821 | | | $ | 158,894,670 | | | $ | 28,799,656 | |
Foreign currencies (cost $325,742, $0, and $0, respectively) | | | 323,782 | | | | — | | | | — | |
Cash | | | — | | | | 913 | | | | — | |
Appreciation on swap agreements | | | — | | | | 176,544 | | | | — | |
Variation margin on futures contracts | | | — | | | | 4,031 | | | | — | |
Income receivable | | | 391,942 | | | | 710,238 | | | | 421,128 | |
Receivable for dividend reclaims | | | 767,129 | | | | — | | | | — | |
Receivable for investment securities sold | | | — | | | | 3,254,473 | | | | — | |
Receivable for fund shares sold | | | 281,041 | | | | 150,428 | | | | 547 | |
Swap premiums paid | | | — | | | | 49,584 | | | | — | |
Other assets | | | 38,998 | | | | 41,202 | | | | 25,881 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 183,595,713 | | | | 163,282,083 | | | | 29,247,212 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 3,424,516 | | | | 15,357,874 | | | | | |
Payable for investment securities purchased | | | — | | | | 14,021,453 | | | | 74,393 | |
Payable for fund shares redeemed | | | 131,390 | | | | 85,239 | | | | 5,047 | |
Payable to Investment Advisor | | | 89,706 | | | | 70,141 | | | | 12,960 | |
Payable to custodian | | | 28,802 | | | | 7,692 | | | | 696 | |
Accrued Trustee fees and expenses | | | 4,048 | | | | 3,572 | | | | 762 | |
Accrued distribution and shareholder servicing fees | | | 45,452 | | | | 36,454 | | | | 12,951 | |
Swap premiums received | | | — | | | | 181,289 | | | | — | |
Payable for deposits with broker for swaps | | | — | | | | 14,451 | | | | — | |
Other accrued expenses | | | 100,475 | | | | 89,069 | | | | 28,827 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 3,824,389 | | | | 29,867,234 | | | | 135,636 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 179,771,324 | | | $ | 133,414,849 | | | $ | 29,111,576 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 288,290,770 | | | | 131,010,805 | | | | 28,607,065 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 26,094,312 | | | | 1,851,591 | | | | 1,964,336 | |
Foreign currencies | | | (13,139 | ) | | | — | | | | — | |
Swaps | | | — | | | | 176,544 | | | | — | |
Futures contracts | | | — | | | | (25,467 | ) | | | — | |
Accumulated undistributed net investment income (loss) | | | 4,356,949 | | | | (316,501 | ) | | | 23,335 | |
Accumulated undistributed net realized gain (loss) | | | (138,957,568 | ) | | | 717,877 | | | | (1,483,160 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 179,771,324 | | | $ | 133,414,849 | | | $ | 29,111,576 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 117,230 | | | | — | | | | — | |
Net assets | | | 1,116,374 | | | | — | | | | — | |
Net asset value, offering and redemption price per share | | $ | 9.523 | | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 19,258,527 | | | | 14,171,720 | | | | 2,562,129 | |
Net assets | | | 178,654,950 | | | | 133,414,849 | | | | 29,111,576 | |
Net asset value, offering and redemption price per share | | $ | 9.277 | | | $ | 9.414 | | | $ | 11.362 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 3,337,880 | | | $ | 15,005,792 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
101
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2017
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $51,917,662, $547,080,719, and $260,051,170, respectively)1 | | $ | 49,848,008 | | | $ | 633,273,591 | | | $ | 269,403,280 | |
Foreign currencies (cost $105,158, $0, and $0, respectively) | | | 102,506 | | | | — | | | | — | |
Cash | | | 852,193 | | | | — | | | | — | |
Deposits with brokers for forwards and swaps | | | 2,073,857 | | | | — | | | | — | |
Income receivable | | | 983,081 | | | | 34,502 | | | | 2,126 | |
Receivable for dividend reclaims | | | 618 | | | | — | | | | — | |
Receivable for investment securities and foreign currencies sold | | | — | | | | 53,454 | | | | — | |
Receivable for fund shares sold | | | 34,519 | | | | 1,202,254 | | | | 557,478 | |
Appreciation of forward foreign currency contracts | | | 494,460 | | | | — | | | | — | |
Appreciation of swap agreements | | | 31,570 | | | | — | | | | — | |
Other assets | | | 19,677 | | | | 64,727 | | | | 42,716 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 54,440,489 | | | | 634,628,528 | | | | 270,005,600 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation of forward foreign currency contracts | | | 472,511 | | | | — | | | | — | |
Depreciation on swap agreements | | | 1,105,625 | | | | — | | | | — | |
Payable for collateral on securities loaned | | | — | | | | 111,782,580 | | | | 58,966,855 | |
Payable for investment securities and foreign currencies purchased | | | — | | | | 724,496 | | | | 382,423 | |
Payable for fund shares redeemed | | | 26,882 | | | | 331,420 | | | | 212,827 | |
Payable to Investment Advisor | | | 21,473 | | | | 213,440 | | | | 76,771 | |
Payable to custodian | | | 21,829 | | | | 15,236 | | | | 7,804 | |
Accrued Trustee fees and expenses | | | 1,536 | | | | 14,084 | | | | 2,881 | |
Accrued distribution and shareholder servicing fees | | | 15,433 | | | | 144,059 | | | | 54,889 | |
Other accrued expenses | | | 50,670 | | | | 143,912 | | | | 38,630 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 1,715,959 | | | | 113,369,227 | | | | 59,743,080 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 52,724,530 | | | $ | 521,259,301 | | | $ | 210,262,520 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 70,556,057 | | | | 375,697,615 | | | | 199,154,016 | |
Unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (2,069,654 | ) | | | 86,192,872 | | | | 9,352,110 | |
Foreign currencies | | | (7,545 | ) | | | — | | | | — | |
Swaps | | | (1,074,055 | ) | | | — | | | | — | |
Forward currency exchange contracts | | | 21,949 | | | | — | | | | — | |
Accumulated undistributed net investment income | | | 11,280,731 | | | | 3,054,862 | | | | 2,138,978 | |
Accumulated undistributed net realized gain (loss) | | | (25,982,953 | ) | | | 56,313,952 | | | | (382,584 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 52,724,530 | | | $ | 521,259,301 | | | $ | 210,262,520 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 36,134 | | | | 909,732 | | | | 593,582 | |
Net assets | | | 331,788 | | | | 11,347,365 | | | | 5,713,797 | |
Net asset value, offering and redemption price per share | | $ | 9.183 | 2 | | $ | 12.473 | | | $ | 9.626 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 5,655,031 | | | | 41,185,352 | | | | 21,416,077 | |
Net assets | | | 52,392,742 | | | | 509,911,936 | | | | 204,548,723 | |
Net asset value, offering and redemption price per share | | $ | 9.265 | | | $ | 12.381 | | | $ | 9.551 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | — | | | $ | 109,837,619 | | | $ | 57,785,013 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
102
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2017
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $236,682,219, $288,943,470 and $116,694,273, respectively)1 | | $ | 256,236,860 | | | $ | 289,925,611 | | | $ | 129,225,135 | |
Cash | | | — | | | | — | | | | 72,449 | |
Income receivable | | | 118,471 | | | | 316,496 | | | | 103,319 | |
Receivable for investment securities sold | | | 32,009,851 | | | | — | | | | — | |
Receivable for fund shares sold | | | 463,809 | | | | 564,538 | | | | 252,764 | |
Other assets | | | 45,192 | | | | 41,151 | | | | 34,963 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 288,874,183 | | | | 290,847,796 | | | | 129,688,630 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 11,335,800 | | | | 52,169,818 | | | | 14,012,607 | |
Payable for investment securities purchased | | | 32,401,865 | | | | — | | | | 375,270 | |
Payable for fund shares redeemed | | | 149,584 | | | | 174,023 | | | | 21,547 | |
Payable to Investment Advisor | | | 126,567 | | | | 106,915 | | | | 56,762 | |
Payable to custodian | | | 10,762 | | | | 9,806 | | | | 8,629 | |
Accrued Trustee fees and expenses | | | 7,855 | | | | 3,301 | | | | 2,922 | |
Accrueddistribution and shareholder servicing fees | | | 76,798 | | | | 62,479 | | | | 30,955 | |
Other accrued expenses | | | 106,757 | | | | 47,883 | | | | 49,332 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 44,215,988 | | | | 52,574,225 | | | | 14,558,024 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 244,658,195 | | | $ | 238,273,571 | | | $ | 115,130,606 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 220,026,845 | | | | 240,278,120 | | | | 111,602,796 | |
Unrealized appreciation on: | | | | | | | | | | | | |
Investments | | | 19,554,641 | | | | 982,141 | | | | 12,530,862 | |
Accumulated undistributed net investment income | | | 5,285,435 | | | | 2,064,897 | | | | 207,589 | |
Accumulated undistributed net realized loss | | | (208,726 | ) | | | (5,051,587 | ) | | | (9,210,641 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 244,658,195 | | | $ | 238,273,571 | | | $ | 115,130,606 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 206,485 | | | | 126,494 | | | | — | |
Net assets | | | 2,264,584 | | | | 1,337,276 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 10.970 | 2 | | $ | 10.572 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 22,393,106 | | | | 22,407,866 | | | | 10,684,762 | |
Net assets | | | 242,393,611 | | | | 236,936,295 | | | | 115,130,606 | |
Net asset value, offering and redemption price per share | | $ | 10.827 | 2 | | $ | 10.573 | 2 | | $ | 10.774 | 2 |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 11,178,268 | | | $ | 51,147,748 | | | $ | 13,732,760 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
103
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2017
| | | | | | | | |
| | | Flexible Income
Allocation
Fund
| | | Managed2
Futures
Strategy
Fund
| |
ASSETS: | | | | | | | | |
Investments, at value (cost $64,266,053 and $90,406,650, respectively)1 | | $ | 65,413,862 | | | $ | 90,417,647 | |
Cash | | | — | | | | 35,280 | |
Deposits with brokers for futures | | | — | | | | 1,508,706 | |
Variation margin on futures | | | — | | | | 161,080 | |
Income receivable | | | 71,032 | | | | 98,854 | |
Receivable for fund shares sold | | | 141,893 | | | | 252,080 | |
Other assets | | | 49,927 | | | | 22,590 | |
| | |
|
|
| |
|
|
|
Total Assets | | | 65,676,714 | | | | 92,496,237 | |
| | |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | |
Payable for collateral on securities loaned | | | 14,404,739 | | | | — | |
Payable for investment securities purchased | | | 141,870 | | | | — | |
Payable for fund shares redeemed | | | 19,562 | | | | 67,947 | |
Payable for unsettled open futures contracts | | | — | | | | 100,130 | |
Payable to Investment Advisor | | | 25,208 | | | | 94,140 | |
Payable to custodian | | | 8,105 | | | | 5,561 | |
Accrued Trustee fees and expenses | | | 2,462 | | | | 2,215 | |
Accrued distribution and shareholder servicing fees | | | 18,406 | | | | 25,501 | |
Other accrued expenses | | | 30,601 | | | | 51,450 | |
| | |
|
|
| |
|
|
|
Total Liabilities | | | 14,650,953 | | | | 346,944 | |
| | |
|
|
| |
|
|
|
NET ASSETS | | $ | 51,025,761 | | | $ | 92,149,293 | |
| | |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | |
Capital stock | | | 57,988,260 | | | | 97,231,710 | |
Unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | 1,147,809 | | | | 10,997 | |
Foreign currency translation | | | — | | | | (2,430 | ) |
Futures contracts | | | — | | | | 1,451,641 | |
Accumulated undistributed net investment income gain (loss) | | | 95,797 | | | | (497,555 | ) |
Accumulated undistributed net realized loss | | | (8,206,105 | ) | | | (6,045,070 | ) |
| | |
|
|
| |
|
|
|
Total Net Assets | | $ | 51,025,761 | | | $ | 92,149,293 | |
| | |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 1,444 | | | | 178,136 | |
Net assets | | | 14,100 | | | | 1,536,088 | |
Net asset value, offering and redemption price per share | | $ | 9.766 | 3 | | $ | 8.624 | 3 |
| | |
|
|
| |
|
|
|
Service Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 5,250,071 | | | | 10,616,324 | |
Net assets | | | 51,011,661 | | | | 90,613,205 | |
Net asset value, offering and redemption price per share | | $ | 9.716 | | | $ | 8.536 | 3 |
| | |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 14,087,046 | | | $ | — | |
| | |
|
|
| |
|
|
|
2Consolidated Statement of Assets & Liabilities (see note 3b). | | | | | | | | |
3Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | |
See notes to financial statements.
104
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited)
For the Period Ended September 30, 2017
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $230, $260,653, and $187, respectively) | | $ | 2,112,068 | | | $ | 1,732,124 | | | $ | 526,850 | |
Interest income | | | 12,880 | | | | 2,425 | | | | 3,498 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 2,124,948 | | | | 1,734,549 | | | | 530,348 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 560,551 | | | | 337,114 | | | | 240,206 | |
Distribution (12b-1) fees – Service Shares | | | 282,742 | | | | 135,391 | | | | 63,883 | |
Administrative service fees – Service Shares | | | 274,160 | | | | 131,563 | | | | 62,725 | |
Shareholder servicing fees – Service Shares | | | 96,133 | | | | 42,784 | | | | 20,953 | |
Administration fees | | | 48,978 | | | | 30,288 | | | | 32,032 | |
Fund accounting fees | | | 39,188 | | | | 62,937 | | | | 53,695 | |
Legal fees | | | 33,311 | | | | 18,793 | | | | 14,246 | |
Federal and state registration fees | | | 18,425 | | | | 18,181 | | | | 17,512 | |
Trustee fees and expenses | | | 17,479 | | | | 9,360 | | | | 8,475 | |
Custody fees | | | 17,094 | | | | 95,446 | | | | 18,173 | |
Reports to shareholders | | | 14,218 | | | | 7,350 | | | | 6,466 | |
Audit and tax fees | | | 10,616 | | | | 10,586 | | | | 11,134 | |
Transfer agent fees and expenses | | | 8,017 | | | | 5,734 | | | | 5,521 | |
Compliance fees | | | 7,252 | | | | 3,906 | | | | 3,448 | |
Insurance fees | | | 5,522 | | | | 3,291 | | | | 2,348 | |
Interest expenses | | | 3,113 | | | | 3,080 | | | | — | |
Miscellaneous expenses | | | 1,098 | | | | 1,098 | | | | 1,098 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,437,897 | | | | 916,902 | | | | 561,915 | |
| | |
|
|
| |
|
|
| |
|
|
|
Less securities lending credit (See Note 7) | | | (54,213 | ) | | | (1,994 | ) | | | (99,165 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,383,684 | | | | 914,908 | | | | 462,750 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 741,264 | | | | 819,641 | | | | 67,598 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 3,202,086 | | | | 6,465,902 | | | | 12,838,665 | |
Foreign currencies | | | — | | | | (39,626 | ) | | | — | |
Forward currency contracts | | | — | | | | (5,491 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 3,202,086 | | | | 6,420,785 | | | | 12,838,665 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 13,008,353 | | | | 8,864,688 | | | | (7,805,309 | ) |
Foreign currencies | | | — | | | | (14,151 | ) | | | — | |
Forward currency contracts | | | — | | | | 1,885 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 13,008,353 | | | | 8,852,422 | | | | (7,805,309 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 16,210,439 | | | | 15,273,207 | | | | 5,033,356 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 16,951,703 | | | $ | 16,092,848 | | | $ | 5,100,954 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
105
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2017
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $278,958, $0, and $0, respectively) | | $ | 2,746,324 | | | $ | — | | | $ | — | |
Interest income | | | 3,580 | | | | 1,828,971 | | | | 616,499 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 2,749,904 | | | | 1,828,971 | | | | 616,499 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 407,193 | | | | 348,804 | | | | 75,157 | |
Distribution (12b-1) fees – Service Shares | | | 155,560 | | | | 169,694 | | | | 37,578 | |
Administrative service fees – Service Shares | | | 152,454 | | | | 164,241 | | | | 33,836 | |
Shareholder servicing fees – Service Shares | | | 50,114 | | | | 57,017 | | | | 11,274 | |
Administration fees | | | 47,683 | | | | 34,619 | | | | 6,954 | |
Fund accounting fees | | | 88,075 | | | | 84,140 | | | | 13,952 | |
Legal fees | | | 24,435 | | | | 25,260 | | | | 4,861 | |
Federal and state registration fees | | | 17,633 | | | | 17,725 | | | | 16,504 | |
Trustee fees and expenses | | | 14,329 | | | | 11,921 | | | | 2,500 | |
Custody fees | | | 79,787 | | | | 20,983 | | | | 2,260 | |
Reports to shareholders | | | 11,011 | | | | 9,180 | | | | 1,586 | |
Audit and tax fees | | | 13,000 | | | | 12,354 | | | | 12,354 | |
Transfer agent fees and expenses | | | 7,260 | | | | 6,435 | | | | 3,172 | |
Compliance fees | | | 5,859 | | | | 4,912 | | | | 1,038 | |
Insurance fees | | | 5,461 | | | | 5,947 | | | | 1,311 | |
Interest expenses | | | 643 | | | | 3 | | | | 16 | |
Miscellaneous expenses | | | 1,098 | | | | 1,098 | | | | 732 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,081,595 | | | | 974,333 | | | | 225,085 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | (51,771 | ) | | | (75,363 | ) | | | (31,165 | ) |
Less securities lending credit (See Note 7) | | | (12,472 | ) | | | (10,353 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,017,352 | | | | 888,617 | | | | 193,920 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,732,552 | | | | 940,354 | | | | 422,579 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain on: | | | | | | | | | | | | |
Investments | | | 16,566,842 | | | | 962,155 | | | | 246,409 | |
Foreign currencies | | | 139,924 | | | | 43 | | | | — | |
Swaps | | | — | | | | 20,373 | | | | — | |
Futures contracts | | | — | | | | 112,094 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 16,706,766 | | | | 1,094,665 | | | | 246,409 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 2,503,870 | | | | 816,029 | | | | 148,430 | |
Foreign currencies | | | 38,366 | | | | — | | | | — | |
Swaps | | | — | | | | (58,897 | ) | | | — | |
Futures contracts | | | — | | | | (45,804 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 2,542,236 | | | | 711,328 | | | | 148,430 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 19,249,002 | | | | 1,805,993 | | | | 394,839 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 20,981,554 | | | $ | 2,746,347 | | | $ | 817,418 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
106
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2017
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | — | | | $ | 5,706,980 | | | $ | 1,497,123 | |
Interest income (net of withholding tax of $618, $0, and $0, respectively) | | | 1,903,752 | | | | 33,582 | | | | 7,671 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 1,903,752 | | | | 5,740,562 | | | | 1,504,794 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 209,903 | | | | 711,592 | | | | 161,621 | |
Distribution (12b-1) fees – Service Shares | | | 69,418 | | | | 695,950 | | | | 155,279 | |
Administrative service fees – Service Shares | | | 68,421 | | | | 695,440 | | | | 155,174 | |
Shareholder servicing fees – Service Shares | | | 20,270 | | | | 270,029 | | | | 60,583 | |
Administration fees | | | 14,580 | | | | 126,603 | | | | 28,036 | |
Fund accounting fees | | | 33,432 | | | | 68,331 | | | | 14,368 | |
Legal fees | | | 20,650 | | | | 68,241 | | | | 14,948 | |
Federal and state registration fees | | | 18,699 | | | | 17,325 | | | | 16,714 | |
Trustee fees and expenses | | | 5,244 | | | | 46,670 | | | | 9,548 | |
Custody fees | | | 86,199 | | | | 44,244 | | | | 21,818 | |
Reports to shareholders | | | 4,026 | | | | 37,699 | | | | 7,477 | |
Audit and tax fees | | | 14,642 | | | | 7,322 | | | | 7,322 | |
Transfer agent fees and expenses | | | 4,514 | | | | 16,715 | | | | 5,826 | |
Compliance fees | | | 1,220 | | | | 11,164 | | | | 2,288 | |
Insurance fees | | | 1,190 | | | | 7,433 | | | | 789 | |
Interest expenses | | | — | | | | 18,260 | | | | 3,734 | |
Miscellaneous expenses | | | 1,098 | | | | 975 | | | | 1,098 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 573,506 | | | | 2,843,993 | | | | 666,623 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (122,034 | ) | | | — | | | | — | |
Less securities lending credit (See Note 7) | | | — | | | | (179,782 | ) | | | (97,526 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 451,472 | | | | 2,664,211 | | | | 569,097 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,452,280 | | | | 3,076,351 | | | | 935,697 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 1,256,704 | | | | 7,354,810 | | | | 135,761 | |
Investments in affiliates | | | — | | | | 47,475,926 | | | | 4,745,551 | |
Foreign currencies | | | (50,511 | ) | | | — | | | | — | |
Forward currency exchange contracts | | | 22,750 | | | | — | | | | — | |
Swaps | | | (292,631 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 936,312 | | | | 54,830,736 | | | | 4,881,312 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (618,361 | ) | | | 31,805,263 | | | | 4,724,194 | |
Investments in affiliates | | | — | | | | (38,635,255 | ) | | | (3,805,300 | ) |
Foreign currencies | | | (25,667 | ) | | | — | | | | — | |
Forward currency contracts | | | (939,662 | ) | | | — | | | | — | |
Swaps | | | 77,350 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (1,506,340 | ) | | | (6,829,992 | ) | | | 918,894 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (570,028 | ) | | | 48,000,744 | | | | 5,800,206 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 882,252 | | | $ | 51,077,095 | | | $ | 6,735,903 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
107
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2017
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 2,874,745 | | | $ | 2,222,766 | | | $ | 2,101,018 | |
Dividends from affiliate investments | | | — | | | | — | | | | 95,602 | |
Interest income | | | 12,991 | | | | 9,730 | | | | 5,213 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 2,887,736 | | | | 2,232,496 | | | | 2,201,833 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 533,208 | | | | 256,439 | | | | 207,168 | |
Distribution (12b-1) fees – Service Shares | | | 376,446 | | | | 181,881 | | | | 147,977 | |
Administrative service fees – Service Shares | | | 376,145 | | | | 181,808 | | | | 147,977 | |
Shareholder servicing fees – Service Shares | | | 140,801 | | | | 70,570 | | | | 55,639 | |
Administration fees | | | 71,980 | | | | 28,304 | | | | 26,692 | |
Fund accounting fees | | | 36,751 | | | | 15,738 | | | | 12,141 | |
Legal fees | | | 38,163 | | | | 13,179 | | | | 13,392 | |
Federal and state registration fees | | | 17,415 | | | | 16,958 | | | | 17,871 | |
Trustee fees and expenses | | | 25,369 | | | | 10,641 | | | | 9,729 | |
Custody fees | | | 21,601 | | | | 25,381 | | | | 20,558 | |
Reports to shareholders | | | 19,825 | | | | 8,326 | | | | 6,530 | |
Audit and tax fees | | | 7,322 | | | | 7,322 | | | | 7,322 | |
Transfer agent fees and expenses | | | 10,399 | | | | 6,127 | | | | 3,721 | |
Compliance fees | | | 6,101 | | | | 2,593 | | | | 2,318 | |
Insurance fees | | | 5,461 | | | | 1,708 | | | | 1,676 | |
Interest expenses | | | 5,858 | | | | 1,358 | | | | 1,959 | |
Miscellaneous expenses | | | 1,159 | | | | 1,098 | | | | 732 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,694,004 | | | | 829,431 | | | | 683,402 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture by Advisor (See Note 4) | | | — | | | | 11,972 | | | | — | |
Less securities lending credit (See Note 7) | | | (88,418 | ) | | | (61,242 | ) | | | (76,655 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,605,586 | | | | 780,161 | | | | 606,747 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,282,150 | | | | 1,452,335 | | | | 1,595,086 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain on: | | | | | | | | | | | | |
Investments | | | 21,127,357 | | | | 8,697,751 | | | | 1,170,290 | |
Investments in affiliates | | | — | | | | 91,285 | | | | 137,799 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 21,127,357 | | | | 8,789,036 | | | | 1,308,089 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (3,937,646 | ) | | | (7,126,079 | ) | | | 2,236,042 | |
Investments in affiliates | | | — | | | | (57,659 | ) | | | (163,582 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (3,937,646 | ) | | | (7,183,738 | ) | | | 2,072,460 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 17,189,711 | | | | 1,605,298 | | | | 3,380,549 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 18,471,861 | | | $ | 3,057,633 | | | $ | 4,975,635 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
108
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2017
| | | | | | | | |
| | | Flexible Income
Allocation
Fund
| | | Managed1
Futures Strategy
Fund
| |
INVESTMENT INCOME: | | | | | | | | |
Dividend income | | $ | 1,895,307 | | | $ | — | |
Interest income | | | 4,427 | | | | 518,075 | |
| | |
|
|
| |
|
|
|
Total investment income | | | 1,899,734 | | | | 518,075 | |
| | |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | |
Investment advisory fees | | | 116,840 | | | | 457,754 | |
Distribution (12b-1) fees – Service Shares | | | 116,779 | | | | 107,145 | |
Administrative service fees – Service Shares | | | 116,725 | | | | 107,116 | |
Shareholder servicing fees – Service Shares | | | 45,310 | | | | 41,572 | |
Administration fees | | | 21,563 | | | | 18,665 | |
Fund accounting fees | | | 12,108 | | | | 21,044 | |
Legal fees | | | 15,456 | | | | 34,377 | |
Federal and state registration fees | | | 18,117 | | | | 18,178 | |
Trustee fees and expenses | | | 8,110 | | | | 6,921 | |
Custody fees | | | 18,357 | | | | 12,118 | |
Reports to shareholders | | | 5,365 | | | | 5,427 | |
Audit and tax fees | | | 7,322 | | | | 15,618 | |
Transfer agent fees and expenses | | | 5,367 | | | | 5,033 | |
Compliance fees | | | 1,922 | | | | 1,678 | |
Insurance fees | | | 1,739 | | | | 3,240 | |
Interest expenses | | | 2,570 | | | | 24,216 | |
Miscellaneous expenses | | | 1,098 | | | | 1,098 | |
| | |
|
|
| |
|
|
|
Total expenses | | | 514,748 | | | | 881,200 | |
| | |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | — | | | | (33,093 | ) |
Less securities lending credit (See Note 7) | | | (94,072 | ) | | | — | |
| | |
|
|
| |
|
|
|
Net expenses | | | 420,676 | | | | 848,107 | |
| | |
|
|
| |
|
|
|
Net investment income (loss) | | | 1,479,058 | | | | (330,032 | ) |
| | |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | |
Investments | | | 2,452,935 | | | | 374 | |
Investments in affiliates | | | 6,902 | | | | — | |
Foreign currency translation | | | — | | | | 36,071 | |
Futures contracts | | | — | | | | (2,173,192 | ) |
| | |
|
|
| |
|
|
|
Total | | | 2,459,837 | | | | (2,136,747 | ) |
| | |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | (923,429 | ) | | | (7,367 | ) |
Investments in affiliates | | | (280 | ) | | | — | |
Foreign currencies | | | — | | | | 1,057 | |
Futures contracts | | | — | | | | 1,508,993 | |
| | |
|
|
| |
|
|
|
Total | | | (923,709 | ) | | | 1,502,683 | |
| | |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | 1,536,128 | | | | (634,064 | ) |
| | |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,015,186 | | | $ | (964,096 | ) |
| | |
|
|
| |
|
|
|
1Consolidated Statement of Operations for the year (see note 3b). | | | | | | | | |
See notes to financial statements.
109
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| | | Emerging Markets Fund
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 741,264 | | | $ | 1,967,294 | | | $ | 819,641 | | | $ | 867,154 | |
Net realized gain on investment transactions | | | 3,202,086 | | | | 11,575,308 | | | | 6,420,785 | | | | 3,598,512 | |
Net change in unrealized appreciation on investments | | | 13,008,353 | | | | 9,712,500 | | | | 8,852,422 | | | | 14,916,242 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 16,951,703 | | | | 23,255,102 | | | | 16,092,848 | | | | 19,381,908 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 3,884,808 | | | | 27,172,126 | | | | 589,158 | | | | 7,059,500 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 1,397,913 | | | | — | | | | 64,639 | |
Shares redeemed | | | (46,828,617 | ) | | | (20,862,812 | ) | | | (13,478,239 | ) | | | (2,680,771 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (42,943,809 | ) | | | 7,707,227 | | | | (12,889,081 | ) | | | 4,443,368 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | �� | | | | | | | | | | | |
Shares sold | | | 185,185,932 | | | | 199,930,027 | | | | 6,836,398 | | | | 22,239,137 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 6,951,634 | | | | — | | | | 325,406 | |
Shares redeemed | | | (64,465,881 | ) | | | (276,922,332 | ) | | | (20,028,146 | ) | | | (52,302,305 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 120,720,051 | | | | (70,040,671 | ) | | | (13,191,748 | ) | | | (29,737,762 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | (492,125 | ) | | | — | | | | (64,639 | ) |
Net investment income – Service Shares | | | — | | | | (1,630,366 | ) | | | — | | | | (325,464 | ) |
Net realized gains – Institutional Shares | | | — | | | | (905,788 | ) | | | — | | | | — | |
Net realized gains – Service Shares | | | — | | | | (5,321,268 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (8,349,547 | ) | | | — | | | | (390,103 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 94,727,945 | | | | (47,427,889 | ) | | | (9,987,981 | ) | | | (6,302,589 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 202,713,847 | | | | 250,141,736 | | | | 118,003,328 | | | | 124,305,917 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$1,096,642, $355,378, $630,801 and $(188,840), respectively) | | $ | 297,441,792 | | | $ | 202,713,847 | | | $ | 108,015,347 | | | $ | 118,003,328 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 236,533 | | | | 1,782,172 | | | | 42,076 | | | | 564,774 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 91,129 | | | | — | | | | 5,501 | |
Shares redeemed | | | (2,816,607 | ) | | | (1,329,010 | ) | | | (927,381 | ) | | | (219,419 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (2,580,074 | ) | | | 544,291 | | | | (885,305 | ) | | | 350,856 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 11,279,961 | | | | 12,920,906 | | | | 460,789 | | | | 1,767,998 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 458,249 | | | | — | | | | 27,368 | |
Shares redeemed | | | (3,909,312 | ) | | | (18,252,615 | ) | | | (1,353,221 | ) | | | (4,287,240 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 7,370,649 | | | | (4,873,460 | ) | | | (892,432 | ) | | | (2,491,874 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
110
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| | | World ex-US Fund
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 67,598 | | | $ | 584,349 | | | $ | 1,732,552 | | | $ | 2,869,415 | |
Net realized gain on investment transactions | | | 12,838,665 | | | | 2,596,131 | | | | 16,706,766 | | | | 1,468,963 | |
Net change in unrealized appreciation (depreciation) on investments | | | (7,805,309 | ) | | | 16,860,179 | | | | 2,542,236 | | | | 13,684,439 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 5,100,954 | | | | 20,040,659 | | | | 20,981,554 | | | | 18,022,817 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 3,294,382 | | | | 33,144,087 | | | | 4,857,298 | | | | 38,691,905 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 388,573 | | | | — | | | | 1,274,678 | |
Shares redeemed | | | (69,583,874 | ) | | | (19,767,896 | ) | | | (85,067,325 | ) | | | (23,473,550 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (66,289,492 | ) | | | 13,764,764 | | | | (80,210,027 | ) | | | 16,493,033 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 6,116,931 | | | | 20,701,621 | | | | 68,966,795 | | | | 32,189,333 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 145,119 | | | | — | | | | 2,057,665 | |
Shares redeemed | | | (7,958,093 | ) | | | (27,463,485 | ) | | | (18,000,429 | ) | | | (65,581,894 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (1,841,162 | ) | | | (6,616,745 | ) | | | 50,966,366 | | | | (31,334,896 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | (388,573 | ) | | | — | | | | (1,274,678 | ) |
Net investment income – Service Shares | | | — | | | | (145,119 | ) | | | — | | | | (2,057,669 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (533,692 | ) | | | — | | | | (3,332,347 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (63,029,700 | ) | | | 26,654,986 | | | | (8,262,107 | ) | | | (151,393 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 115,476,574 | | | | 88,821,588 | | | | 188,033,431 | | | | 188,184,824 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income of
$126,881, $59,283, $4,356,949 and $2,624,397, respectively) | | $ | 52,446,874 | | | $ | 115,476,574 | | | $ | 179,771,324 | | | $ | 188,033,431 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 177,429 | | | | 2,006,770 | | | | 547,536 | | | | 4,951,526 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 21,587 | | | | — | | | | 165,543 | |
Shares redeemed | | | (3,712,055 | ) | | | (1,143,672 | ) | | | (9,411,116 | ) | | | (2,965,934 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (3,534,626 | ) | | | 884,685 | | | | (8,863,580 | ) | | | 2,151,135 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 336,810 | | | | 1,297,027 | | | | 7,650,270 | | | | 4,135,180 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 8,264 | | | | — | | | | 270,745 | |
Shares redeemed | | | (436,618 | ) | | | (1,691,174 | ) | | | (2,038,814 | ) | | | (8,418,202 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (99,808 | ) | | | (385,883 | ) | | | 5,611,456 | | | | (4,012,277 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
111
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Core Fixed
Income Fund
| | | Tax-Exempt Fixed
Income Fund
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 940,354 | | | $ | 2,210,725 | | | | 422,579 | | | $ | 1,006,148 | |
Net realized gain on investment transactions | | | 1,094,665 | | | | 2,413,490 | | | | 246,409 | | | | 1,133,091 | |
Net change in unrealized appreciation (depreciation) on investments | | | 711,328 | | | | (3,995,678 | ) | | | 148,430 | | | | (2,319,469 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 2,746,347 | | | | 628,537 | | | | 817,418 | | | | (180,230 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 336,969 | | | | 9,216,113 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 20,203 | | | | 205,332 | | | | — | | | | — | |
Shares redeemed | | | (9,569,499 | ) | | | (1,989,593 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (9,212,327 | ) | | | 7,431,852 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 17,060,218 | | | | 43,254,342 | | | | 2,760,691 | | | | 3,874,625 | |
Shares issued to holders in reinvestment of dividends | | | 1,295,852 | | | | 3,820,498 | | | | 416,397 | | | | 1,010,136 | |
Shares redeemed | | | (23,628,003 | ) | | | (115,863,777 | ) | | | (4,783,778 | ) | | | (22,461,531 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (5,271,933 | ) | | | (68,788,937 | ) | | | (1,606,690 | ) | | | (17,576,770 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (20,203 | ) | | | (152,091 | ) | | | — | | | | — | |
Net investment income – Service Shares | | | (1,295,862 | ) | | | (2,879,314 | ) | | | (416,413 | ) | | | (1,010,136 | ) |
Net realized gains – Institutional Shares | | | — | | | | (53,241 | ) | | | — | | | | — | |
Net realized gains – Service Shares | | | — | | | | (941,209 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,316,065 | ) | | | (4,025,855 | ) | | | (416,413 | ) | | | (1,010,136 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DECREASE IN NET ASSETS | | | (13,053,978 | ) | | | (64,754,403 | ) | | | (1,205,685 | ) | | | (18,767,639 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 146,468,827 | | | | 211,223,230 | | | | 30,317,261 | | | | 49,084,900 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$(316,501), $59,210, $23,335, and $17,169, respectively) | | $ | 133,414,849 | | | $ | 146,468,827 | | | $ | 29,111,576 | | | $ | 30,317,261 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 36,068 | | | | 966,027 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 2,161 | | | | 22,096 | | | | — | | | | — | |
Shares redeemed | | | (1,023,488 | ) | | | (211,192 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (985,259 | ) | | | 776,931 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,809,429 | | | | 4,539,007 | | | | 242,085 | | | | 336,913 | |
Shares issued to holders in reinvestment of dividends | | | 137,512 | | | | 405,506 | | | | 36,570 | | | | 88,393 | |
Shares redeemed | | | (2,506,919 | ) | | | (12,156,705 | ) | | | (419,689 | ) | | | (1,947,665 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (559,978 | ) | | | (7,212,192 | ) | | | (141,034 | ) | | | (1,522,359 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
112
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed
Income Fund
| | | Growth
Allocation Fund
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,452,280 | | | $ | 3,412,103 | | | $ | 3,076,351 | | | $ | 5,194,312 | |
Net realized gain (loss) on investment transactions | | | 936,312 | | | | (7,523,373 | ) | | | 54,830,736 | | | | 7,919,673 | |
Net change in unrealized appreciation (depreciation) on investments | | | (1,506,340 | ) | | | 9,671,466 | | | | (6,829,992 | ) | | | 49,863,254 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 882,252 | | | | 5,560,196 | | | | 51,077,095 | | | | 62,977,239 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 346,331 | | | | 3,816,196 | | | | 1,488,386 | | | | 8,303,858 | |
Shares issued to holders in reinvestment of dividends | | | 90,488 | | | | 331,065 | | | | — | | | | 609,074 | |
Shares redeemed | | | (9,333,155 | ) | | | (3,798,705 | ) | | | (4,487,085 | ) | | | (7,695,013 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (8,896,336 | ) | | | 348,556 | | | | (2,998,699 | ) | | | 1,217,919 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 5,040,180 | | | | 16,100,897 | | | | 129,839,970 | | | | 443,722,149 | |
Shares issued to holders in reinvestment of dividends | | | 2,585,216 | | | | 1,633,885 | | | | — | | | | 19,098,534 | |
Shares redeemed | | | (10,912,786 | ) | | | (41,718,076 | ) | | | (220,976,986 | ) | | | (337,382,732 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (3,287,390 | ) | | | (23,983,294 | ) | | | (91,137,016 | ) | | | 125,437,951 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (90,488 | ) | | | (331,065 | ) | | | — | | | | (238,018 | ) |
Net investment income – Service Shares | | | (2,585,216 | ) | | | (1,633,885 | ) | | | — | | | | (5,978,596 | ) |
Net realized gains – Institutional Shares | | | — | | | | — | | | | — | | | | (371,056 | ) |
Net realized gains – Service Shares | | | — | | | | — | | | | — | | | | (13,119,938 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,675,704 | ) | | | (1,964,950 | ) | | | — | | | | (19,707,608 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DECREASE IN NET ASSETS | | | (13,977,178 | ) | | | (20,039,492 | ) | | | (43,058,620 | ) | | | 169,925,501 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 66,701,708 | | | | 86,741,200 | | | | 564,317,921 | | | | 394,392,420 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including accumulated undistributed net investment income (loss) of
$11,280,731, $12,504,155, $3,054,862, and $(21,489), respectively) | | $ | 52,724,530 | | | $ | 66,701,708 | | | $ | 521,259,301 | | | $ | 564,317,921 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 36,795 | | | | 423,674 | | | | 125,300 | | | | 762,936 | |
Shares issued to holders in reinvestment of dividends | | | 9,665 | | | | 37,026 | | | | — | | | | 56,923 | |
Shares redeemed | | | (994,684 | ) | | | (423,729 | ) | | | (377,732 | ) | | | (706,774 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (948,224 | ) | | | 36,971 | | | | (252,432 | ) | | | 113,085 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 531,446 | | | | 1,778,727 | | | | 11,032,936 | | | | 41,175,115 | |
Shares issued to holders in reinvestment of dividends | | | 276,122 | | | | 182,229 | | | | — | | | | 1,789,928 | |
Shares redeemed | | | (1,152,884 | ) | | | (4,594,338 | ) | | | (18,674,343 | ) | | | (30,940,749 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (345,316 | ) | | | (2,633,382 | ) | | | (7,641,407 | ) | | | 12,024,294 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative
Allocation Fund
| | | Tactical
Allocation Fund
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 935,697 | | | $ | 1,227,141 | | | $ | 1,282,150 | | | $ | 4,053,503 | |
Net realized gain (loss) on investment transactions | | | 4,881,312 | | | | (181,535 | ) | | | 21,127,357 | | | | 8,717,010 | |
Net change in unrealized appreciation (depreciation) on investments | | | 918,894 | | | | 4,026,646 | | | | (3,937,646 | ) | | | 16,899,104 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 6,735,903 | | | | 5,072,252 | | | | 18,471,861 | | | | 29,669,617 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 2,055,909 | | | | 2,865,702 | | | | 302,725 | | | | 1,267,953 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 525,473 | | | | — | | | | 55,523 | |
Shares redeemed | | | (1,592,012 | ) | | | (2,385,391 | ) | | | (2,022,830 | ) | | | (2,912,491 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 463,897 | | | | 1,005,784 | | | | (1,720,105 | ) | | | (1,589,015 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 121,909,725 | | | | 116,123,492 | | | | 50,369,619 | | | | 111,320,764 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 9,383,008 | | | | — | | | | 3,141,480 | |
Shares redeemed | | | (34,798,722 | ) | | | (61,713,312 | ) | | | (130,389,964 | ) | | | (230,081,819 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 87,111,003 | | | | 63,793,188 | | | | (80,020,345 | ) | | | (115,619,575 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | — | | | | — | | | | (55,523 | ) |
Net investment income – Service Shares | | | — | | | | — | | | | — | | | | (3,141,480 | ) |
From net realized gains – Institutional Shares | | | — | | | | (525,473 | ) | | | — | | | | — | |
From net realized gains – Service Shares | | | — | | | | (9,383,008 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (9,908,481 | ) | | | — | | | | (3,197,003 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 94,310,803 | | | | 59,962,743 | | | | (63,268,589 | ) | | | (90,735,976 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 115,951,717 | | | | 55,988,974 | | | | 307,926,784 | | | | 398,662,760 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including undistributed net investment income of
$2,138,978, $1,203,281, $5,285,435, and $4,003,285 respectively) | | $ | 210,262,520 | | | $ | 115,951,717 | | | $ | 244,658,195 | | | $ | 307,926,784 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 216,675 | | | | 298,501 | | | | 28,757 | | | | 130,536 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 59,781 | | | | — | | | | 5,712 | |
Shares redeemed | | | (168,620 | ) | | | (256,488 | ) | | | (189,863 | ) | | | (302,323 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 48,055 | | | | 101,794 | | | | (161,106 | ) | | | (166,075 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 12,885,663 | | | | 12,164,490 | | | | 4,839,210 | | | | 11,613,580 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 1,071,120 | | | | — | | | | 325,879 | |
Shares redeemed | | | (3,719,810 | ) | | | (6,419,892 | ) | | | (12,426,926 | ) | | | (24,187,866 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 9,165,853 | | | | 6,815,718 | | | | (7,587,716 | ) | | | (12,248,407 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Absolute Return
Allocation Fund
| | | Multi-Asset Income
Allocation Fund
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,452,335 | | | $ | 3,994,590 | | | $ | 1,595,086 | | | $ | 3,131,927 | |
Net realized gain on investment transactions | | | 8,789,036 | | | | 1,487,161 | | | | 1,308,089 | | | | 998,269 | |
Net change in unrealized appreciation (depreciation) on investments | | | (7,183,738 | ) | | | 5,232,782 | | | | 2,072,460 | | | | 4,631,731 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 3,057,633 | | | | 10,714,533 | | | | 4,975,635 | | | | 8,761,927 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 578,509 | | | | 484,903 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 42,389 | | | | — | | | | — | |
Shares redeemed | | | (189,050 | ) | | | (760,732 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 389,459 | | | | (233,440 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 132,472,922 | | | | 60,737,268 | | | | 38,634,850 | | | | 74,271,420 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 3,893,353 | | | | 1,500,364 | | | | 3,068,620 | |
Shares redeemed | | | (27,516,160 | ) | | | (88,244,091 | ) | | | (48,297,008 | ) | | | (70,117,642 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 104,956,762 | | | | (23,613,470 | ) | | | (8,161,794 | ) | | | 7,222,398 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | — | | | | (42,389 | ) | | | — | | | | — | |
Net investment income – Service Shares | | | — | | | | (3,893,353 | ) | | | (1,500,364 | ) | | | (3,068,620 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (3,935,742 | ) | | | (1,500,364 | ) | | | (3,068,620 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 108,403,854 | | | | (17,068,119 | ) | | | (4,686,523 | ) | | | 12,915,705 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 129,869,717 | | | | 146,937,836 | | | | 119,817,129 | | | | 106,901,424 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year (including undistributed net investment income of
$2,064,897, $612,562, $207,589, and $112,867, respectively) | | $ | 238,273,571 | | | $ | 129,869,717 | | | $ | 115,130,606 | | | $ | 119,817,129 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 54,927 | | | | 47,168 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 4,197 | | | | — | | | | — | |
Shares redeemed | | | (18,005 | ) | | | (74,836 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 36,922 | | | | (23,471 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 12,537,968 | | | | 5,951,803 | | | | 3,607,203 | | | | 7,247,038 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 383,582 | | | | 139,939 | | | | 298,763 | |
Shares redeemed | | | (2,623,468 | ) | | | (8,701,541 | ) | | | (4,512,547 | ) | | | (6,846,481 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 9,914,500 | | | | (2,366,156 | ) | | | (765,405 | ) | | | 699,320 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Flexible Income
Allocation Fund
| | | Managed Futures
Strategy Fund1
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,479,058 | | | $ | 2,023,688 | | | $ | (330,032 | ) | | $ | (1,582,704 | ) |
Net realized gain (loss) on investment transactions | | | 2,459,837 | | | | 1,315,146 | | | | (2,136,747 | ) | | | (8,984,456 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | (923,709 | ) | | | (404,711 | ) | | | 1,502,683 | | | | (2,428,629 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 3,015,186 | | | | 2,934,123 | | | | (964,096 | ) | | | (12,995,789 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,885 | | | | 6,780 | | | | 248,171 | | | | 967,128 | |
Shares issued to holders in reinvestment of dividends | | | 638 | | | | 1,379 | | | | — | | | | 31,103 | |
Shares redeemed | | | (41,957 | ) | | | (5,866 | ) | | | (176,679 | ) | | | (3,553,995 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (39,434 | ) | | | 2,293 | | | | 71,492 | | | | (2,555,764 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 39,630,163 | | | | 36,522,245 | | | | 25,744,901 | | | | 80,280,173 | |
Shares issued to holders in reinvestment of dividends | | | 1,421,017 | | | | 2,157,347 | | | | — | | | | 1,458,638 | |
Shares redeemed | | | (91,207,152 | ) | | | (54,619,675 | ) | | | (15,394,829 | ) | | | (169,364,491 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (50,155,972 | ) | | | (15,940,083 | ) | | | 10,350,072 | | | | (87,625,680 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net investment income – Institutional Shares | | | (638 | ) | | | (1,379 | ) | | | — | | | | — | |
Net investment income – Service Shares | | | (1,421,017 | ) | | | (2,157,347 | ) | | | — | | | | — | |
Net realized gains – Institutional Shares | | | — | | | | — | | | | — | | | | (31,103 | ) |
Net realized gains – Service Shares | | | — | | | | — | | | | — | | | | (1,458,638 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,421,655 | ) | | | (2,158,726 | ) | | | — | | | | (1,489,741 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (48,601,875 | ) | | | (15,162,393 | ) | | | 9,457,468 | | | | (104,666,974 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 99,627,636 | | | | 114,790,029 | | | | 82,691,825 | | | $ | 187,358,799 | |
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End of year (including undistributed accumulated net investment income (loss) of
$95,797, $38,394, $(6,045,070), and $(167,523), respectively) | | $ | 51,025,761 | | | $ | 99,627,636 | | | $ | 92,149,293 | | | $ | 82,691,825 | |
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CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 192 | | | | 698 | | | | 28,806 | | | | 104,954 | |
Shares issued to holders in reinvestment of dividends | | | 66 | | | | 142 | | | | — | | | | 3,612 | |
Shares redeemed | | | (4,243 | ) | | | (597 | ) | | | (20,655 | ) | | | (383,824 | ) |
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Net increase (decrease) | | | (3,985 | ) | | | 243 | | | | 8,151 | | | | (275,258 | ) |
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CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 4,052,390 | | | | 3,781,892 | | | | 3,019,214 | | | | 8,679,693 | |
Shares issued to holders in reinvestment of dividends | | | 146,618 | | | | 223,758 | | | | — | | | | 170,402 | |
Shares redeemed | | | (9,311,365 | ) | | | (5,653,805 | ) | | | (1,805,363 | ) | | | (18,252,001 | ) |
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Net increase (decrease) | | | (5,112,357 | ) | | | (1,648,155 | ) | | | 1,213,851 | | | | (9,401,906 | ) |
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1Consolidated Statements of Changes in Net Assets (see note 3b). | | | | | | | | | | | | | | | | |
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $16.140 | | | | $14.85 | | | | $15.29 | | | | $13.67 | | | | $11.20 | | | | $10.68 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.082 | 1 | | | 0.20 | 1 | | | 0.13 | 1 | | | 0.14 | | | | 0.09 | | | | 0.08 | |
Net realized and unrealized gains (losses) on investments | | | 1.055 | | | | 1.62 | | | | (0.06 | )2 | | | 1.57 | | | | 2.46 | | | | 0.51 | |
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Total from investment operations | | | 1.137 | | | | 1.82 | | | | 0.07 | | | | 1.71 | | | | 2.55 | | | | 0.59 | |
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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 | ) | | | — | | | | — | | | | — | |
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Total distributions | | | — | | | | (0.53 | ) | | | (0.51 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.07 | ) |
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Net asset value, end of period | | | $17.277 | | | | $16.14 | | | | $14.85 | | | | $15.29 | | | | $13.67 | | | | $11.20 | |
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Total return | | | 7.04%3 | | | | 12.46% | | | | 0.47% | | | | 12.51% | | | | 22.81% | | | | 5.54% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,300,436 | | | | $42,855,994 | | | | $31,353,268 | | | | $44,686,597 | | | | $44,827,864 | | | | $44,994,114 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.66%5 | | | | 0.66% | | | | 0.80% | | | | 0.87% | | | | 0.90% | | | | 0.92% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.60%5 | | | | 0.59% | | | | 0.76% | | | | 0.85% | | | | 0.89% | | | | 0.89% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.66%5 | | | | 0.66% | | | | 0.80% | | | | 0.87% | | | | 0.90% | | | | 0.92% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.60%5 | | | | 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 | | | 0.94%5 | | | | 1.23% | | | | 0.79% | | | | 0.88% | | | | 0.63% | | | | 0.81% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.00%5 | | | | 1.30% | | | | 0.83% | | | | 0.90% | | | | 0.64% | | | | 0.84% | |
Portfolio turnover rate | | | 30.21%3 | | | | 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 period. |
| 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. |
| 4 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $15.930 | | | | $14.68 | | | | $15.14 | | | | $13.56 | | | | $11.12 | | | | $10.61 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.046 | 1 | | | 0.11 | 1 | | | 0.07 | 1 | | | 0.05 | | | | — | | | | 0.02 | |
Net realized and unrealized gains (losses) on investments | | | 1.040 | | | | 1.59 | | | | (0.08 | )2 | | | 1.56 | | | | 2.45 | | | | 0.51 | |
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Total from investment operations | | | 1.086 | | | | 1.70 | | | | (0.01 | ) | | | 1.61 | | | | 2.45 | | | | 0.53 | |
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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 | ) | | | — | | | | — | | | | — | |
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Total distributions | | | — | | | | (0.45 | ) | | | (0.45 | ) | | | (0.03 | ) | | | (0.01 | ) | | | (0.02 | ) |
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Net asset value, end of period | | | $17.016 | | | | $15.93 | | | | $14.68 | | | | $15.14 | | | | $13.56 | | | | $11.12 | |
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Total return | | | 6.82%3 | | | | 11.74% | | | | -0.08% | | | | 11.87% | | | | 22.04% | | | | 5.00% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $296,141,356 | | | | $159,857,853 | | | | $218,788,468 | | | | $168,457,719 | | | | $138,902,683 | | | | $136,196,479 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 1.20%5 | | | | 1.23% | | | | 1.33% | | | | 1.44% | | | | 1.48% | | | | 1.52% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 1.16%5 | | | | 1.16% | | | | 1.27% | | | | 1.45% | | | | 1.49% | | | | 1.49% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.20%5 | | | | 1.23% | | | | 1.33% | | | | 1.44% | | | | 1.48% | | | | 1.52% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.16%5 | | | | 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 | | | 0.51%5 | | | | 0.65% | | | | 0.41% | | | | 0.32% | | | | 0.05% | | | | 0.18% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.55%5 | | | | 0.72% | | | | 0.47% | | | | 0.31% | | | | 0.04% | | | | 0.21% | |
Portfolio turnover rate | | | 30.21%3 | | | | 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 period. |
| 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. |
| 4 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
118
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $13.460 | | | | $11.37 | | | | $12.46 | | | | $11.73 | | | | $9.43 | | | | $8.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.105 | 1 | | | 0.14 | 1 | | | 0.16 | 1 | | | 0.21 | | | | 0.17 | | | | 0.18 | |
Net realized and unrealized gains (losses) on investments | | | 1.647 | | | | 2.05 | | | | (1.03 | ) | | | 0.74 | | | | 2.31 | | | | 1.03 | |
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Total from investment operations | | | 1.752 | | | | 2.19 | | | | (0.87 | ) | | | 0.95 | | | | 2.48 | | | | 1.21 | |
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Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.10 | ) | | | (0.22 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.17 | ) |
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Total distributions | | | — | | | | (0.10 | ) | | | (0.22 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.17 | ) |
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Net asset value, end of period | | | $15.212 | | | | $13.46 | | | | $11.37 | | | | $12.46 | | | | $11.73 | | | | $9.43 | |
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Total return | | | 12.93%2,5 | | | | 19.61% | | | | -6.98% | | | | 8.08% | | | | 26.38% | | | | 14.70% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $10,009 | | | | $11,925,354 | | | | $6,081,265 | | | | $60,596,893 | | | | $62,007,800 | | | | $60,452,681 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.01%4 | | | | 1.06% | | | | 0.88% | | | | 0.86% | | | | 0.89% | | | | 0.92% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.00%4 | | | | 1.05% | | | | 0.84% | | | | 0.84% | | | | 0.88% | | | | 0.91% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.01%4 | | | | 1.06% | | | | 0.88% | | | | 0.86% | | | | 0.89% | | | | 0.92% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.00%4 | | | | 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 | | | 2.13%4 | | | | 1.10% | | | | 1.25% | | | | 1.87% | | | | 1.57% | | | | 1.89% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.14%4 | | | | 1.11% | | | | 1.29% | | | | 1.89% | | | | 1.58% | | | | 1.90% | |
Portfolio turnover rate | | | 14.19%2 | | | | 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 period. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 5 | | During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $13.600 | | | | $11.49 | | | | $12.57 | | | | $11.84 | | | | $9.52 | | | | $8.47 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.103 | 1 | | | 0.09 | 1 | | | 0.06 | 1 | | | 0.15 | | | | 0.13 | | | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | | 1.929 | | | | 2.06 | | | | (0.99 | ) | | | 0.73 | | | | 2.31 | | | | 1.03 | |
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Total from investment operations | | | 2.032 | | | | 2.15 | | | | (0.93 | ) | | | 0.88 | | | | 2.44 | | | | 1.17 | |
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|
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Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.04 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.12 | ) |
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Total distributions | | | — | | | | (0.04 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.12 | ) |
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|
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Net asset value, end of period | | | $15.632 | | | | $13.60 | | | | $11.49 | | | | $12.57 | | | | $11.84 | | | | $9.52 | |
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|
Total return | | | 14.94%2 | | | | 18.78% | | | | -7.38% | | | | 7.46% | | | | 25.63% | | | | 13.96% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $108,005,338 | | | | $106,077,974 | | | | $118,224,652 | | | | $161,242,899 | | | | $137,835,903 | | | | $139,072,035 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.64%4 | | | | 1.64% | | | | 1.52% | | | | 1.43% | | | | 1.46% | | | | 1.49% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.63%4 | | | | 1.63% | | | | 1.48% | | | | 1.41% | | | | 1.45% | | | | 1.49% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.64%4 | | | | 1.64% | | | | 1.52% | | | | 1.43% | | | | 1.46% | | | | 1.49% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.63%4 | | | | 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 | | | 1.39%4 | | | | 0.73% | | | | 0.44% | | | | 1.30% | | | | 1.01% | | | | 1.33% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.40%4 | | | | 0.74% | | | | 0.48% | | | | 1.32% | | | | 1.02% | | | | 1.33% | |
Portfolio turnover rate | | | 14.19%2 | | | | 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 period. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $17.860 | | | | $14.96 | | | | $17.31 | | | | $16.61 | | | | $13.45 | | | | $11.50 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.004 | )1 | | | 0.04 | 1 | | | (0.03 | )1 | | | (0.09 | ) | | | (0.12 | ) | | | — | |
Net realized and unrealized gains (losses) on investments | | | 1.314 | | | | 2.91 | | | | (1.90 | ) | | | 1.91 | | | | 3.28 | | | | 1.99 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.310 | | | | 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 period | | | $19.170 | | | | $17.86 | | | | $14.96 | | | | $17.31 | | | | $16.61 | | | | $13.45 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 7.33%2 | | | | 19.71% | | | | -11.15% | | | | 11.19% | | | | 23.49% | | | | 17.32% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $52,446,874 | | | | $50,657,342 | | | | $48,196,975 | | | | $37,978,078 | | | | $32,592,001 | | | | $40,621,412 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.62%4 | | | | 1.50% | | | | 1.58% | | | | 1.58% | | | | 1.60% | | | | 1.66% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.40%4 | | | | 1.24% | | | | 1.41% | | | | 1.59% | | | | 1.59% | | | | 1.59% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.62%4 | | | | 1.50% | | | | 1.58% | | | | 1.58% | | | | 1.60% | | | | 1.66% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.40%4 | | | | 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 | | | -0.27%4 | | | | 0.00% | | | | -0.32% | | | | -0.62% | | | | -0.62% | | | | 0.01% | |
After expense reimbursement (recapture) and securities lending credit | | | -0.05%4 | | | | 0.26% | | | | -0.15% | | | | -0.63% | | | | -0.61% | | | | 0.08% | |
Portfolio turnover rate | | | 19.55%2 | | | | 42.22% | | | | 146.02% | | | | 96.24% | | | | 241.55% | | | | 143.14% | |
| 1 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.380 | | | | $7.74 | | | | $8.75 | | | | $8.94 | | | | $8.06 | | | | $7.52 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.111 | 1 | | | 0.15 | 1 | | | 0.13 | 1 | | | 0.25 | | | | 0.11 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | 1.032 | | | | 0.65 | | | | (0.91 | ) | | | (0.26 | ) | | | 0.86 | | | | 0.48 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.143 | | | | 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 period | | | $9.523 | | | | $8.38 | | | | $7.74 | | | | $8.75 | | | | $8.94 | | | | $8.06 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 13.64%2,5 | | | | 10.48% | | | | -9.00% | | | | -0.10% | | | | 12.09% | | | | 8.09% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,116,374 | | | | $75,295,608 | | | | $52,879,582 | | | | $113,316,485 | | | | $130,537,695 | | | | $85,157,441 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.83%4 | | | | 0.84% | | | | 0.95% | | | | 0.98% | | | | 1.03% | | | | 1.09% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.79%4 | | | | 0.79% | | | | 0.90% | | | | 0.98% | | | | 1.03% | | | | 1.09% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.83%4 | | | | 0.84% | | | | 0.95% | | | | 0.98% | | | | 1.03% | | | | 1.09% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.79%4 | | | | 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 | | | 3.07%4 | | | | 1.83% | | | | 1.54% | | | | 2.68% | | | | 1.44% | | | | 1.44% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.11%4 | | | | 1.88% | | | | 1.59% | | | | 2.68% | | | | 1.44% | | | | 1.44% | |
Portfolio turnover rate | | | 49.73%2 | | | | 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. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 5 | | During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.260 | | | | $7.66 | | | | $8.70 | | | | $8.89 | | | | $8.05 | | | | $7.54 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.081 | 1 | | | 0.11 | 1 | | | 0.08 | 1 | | | 0.17 | | | | 0.07 | | | | 0.08 | |
Net realized and unrealized gains (losses) on investments | | | 0.936 | | | | 0.63 | | | | (0.91 | ) | | | (0.23 | ) | | | 0.85 | | | | 0.49 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.017 | | | | 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 period | | | $9.277 | | | | $8.26 | | | | $7.66 | | | | $8.70 | | | | $8.89 | | | | $8.05 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 12.31%2 | | | | 9.85% | | | | -9.59% | | | | -0.68% | | | | 11.47% | | | | 7.53% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $178,654,950 | | | | $112,737,823 | | | | $135,305,242 | | | | $228,832,175 | | | | $238,149,375 | | | | $197,252,920 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 1.48%3 | | | | 1.42% | | | | 1.52% | | | | 1.55% | | | | 1.60% | | | | 1.66% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 1.39%3 | | | | 1.39% | | | | 1.52% | | | | 1.59% | | | | 1.59% | | | | 1.59% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.48%3 | | | | 1.42% | | | | 1.52% | | | | 1.55% | | | | 1.60% | | | | 1.66% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.39%3 | | | | 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 | | | 1.73%3 | | | | 1.36% | | | | 0.92% | | | | 1.96% | | | | 0.94% | | | | 0.93% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.82%3 | | | | 1.39% | | | | 0.92% | | | | 1.92% | | | | 0.95% | | | | 1.00% | |
Portfolio turnover rate | | | 49.73%2 | | | | 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. |
| 4 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.320 | | | | $9.54 | | | | $9.69 | | | | $9.39 | | | | $9.88 | | | | $9.78 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.063 | 1 | | | 0.12 | 1 | | | 0.12 | 1 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
Net realized and unrealized gains (losses) on investments | | | 0.122 | | | | (0.11 | ) | | | (0.03 | ) | | | 0.33 | | | | (0.25 | ) | | | 0.24 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.185 | | | | 0.01 | | | | 0.09 | | | | 0.43 | | | | (0.14 | ) | | | 0.35 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.091 | ) | | | (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 | | | (0.091 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.13 | ) | | | (0.35 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.414 | | | | $9.32 | | | | $9.54 | | | | $9.69 | | | | $9.39 | | | | $9.88 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.99%2 | | | | 0.02% | | | | 1.01% | | | | 4.64% | | | | -1.33% | | | | 3.55% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $133,414,849 | | | | $137,358,236 | | | | $209,252,288 | | | | $236,819,684 | | | | $231,285,162 | | | | $281,180,497 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.41%4 | | | | 1.36% | | | | 1.31% | | | | 1.29% | | | | 1.29% | | | | 1.30% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.29%4 | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.41%4 | | | | 1.36% | | | | 1.31% | | | | 1.29% | | | | 1.29% | | | | 1.30% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.29%4 | | | | 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 | | | 1.21%4 | | | | 1.14% | | | | 1.22% | | | | 1.11% | | | | 1.10% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.33%4 | | | | 1.21% | | | | 1.24% | | | | 1.11% | | | | 1.10% | | | | 1.03% | |
Portfolio turnover rate | | | 82.78%2 | | | | 164.81% | | | | 157.49% | | | | 185.11% | | | | 112.86% | | | | 213.80% | |
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the period. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tax-Exempt Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.220 | | | | $11.62 | | | | $11.58 | | | | $11.18 | | | | $11.70 | | | | $11.47 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.161 | 1 | | | 0.30 | 1 | | | 0.31 | 1 | | | 0.32 | | | | 0.34 | | | | 0.33 | |
Net realized and unrealized gains (losses) on investments | | | 0.142 | | | | (0.38 | ) | | | 0.06 | | | | 0.40 | | | | (0.52 | ) | | | 0.23 | |
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|
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|
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|
|
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|
|
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|
|
|
Total from investment operations | | | 0.303 | | | | (0.08 | ) | | | 0.37 | | | | 0.72 | | | | (0.18 | ) | | | 0.56 | |
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|
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|
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|
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|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.161 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.32 | ) | | | (0.34 | ) | | | (0.33 | ) |
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Total distributions | | | (0.161 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.32 | ) | | | (0.34 | ) | | | (0.33 | ) |
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|
Net asset value, end of period | | | $11.362 | | | | $11.22 | | | | $11.62 | | | | $11.58 | | | | $11.18 | | | | $11.70 | |
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Total return | | | 2.79%2 | | | | -0.82% | | | | 3.22% | | | | 6.45% | | | | -1.48% | | | | 4.93% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $29,111,576 | | | | $30,317,261 | | | | $49,084,900 | | | | $65,682,169 | | | | $63,429,577 | | | | $75,739,873 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.50%4 | | | | 1.43% | | | | 1.42% | | | | 1.38% | | | | 1.38% | | | | 1.36% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.29%4 | | | | 1.29% | | | | 1.28% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.50%4 | | | | 1.43% | | | | 1.42% | | | | 1.38% | | | | 1.38% | | | | 1.36% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.29%4 | | | | 1.29% | | | | 1.28% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 2.60%4 | | | | 2.43% | | | | 2.53% | | | | 2.64% | | | | 2.90% | | | | 2.72% | |
After expense reimbursement (recapture) | | | 2.81%4 | | | | 2.57% | | | | 2.67% | | | | 2.73% | | | | 2.99% | | | | 2.79% | |
Portfolio turnover rate | | | 63.78%2 | | | | 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 period. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.460 | | | | $9.05 | | | | $9.53 | | | | $9.94 | | | | $10.27 | | | | $9.70 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.278 | 1 | | | 0.46 | 1 | | | 0.36 | 1 | | | 0.41 | | | | 0.34 | | | | 0.42 | |
Net realized and unrealized gains (losses) on investments | | | (0.101 | ) | | | 0.30 | | | | (0.76 | ) | | | (0.32 | ) | | | (0.37 | ) | | | 0.57 | |
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Total from investment operations | | | 0.177 | | | | 0.76 | | | | (0.40 | ) | | | 0.09 | | | | (0.03 | ) | | | 0.99 | |
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Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.454 | ) | | | (0.35 | ) | | | (0.08 | ) | | | (0.50 | ) | | | (0.28 | ) | | | (0.42 | ) |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.02 | ) | | | — | |
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Total distributions | | | (0.454 | ) | | | (0.35 | ) | | | (0.08 | ) | | | (0.50 | ) | | | (0.30 | ) | | | (0.42 | ) |
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|
Net asset value, end of period | | | $9.183 | | | | $9.46 | | | | $9.05 | | | | $9.53 | | | | $9.94 | | | | $10.27 | |
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Total return | | | 1.78%2 | | | | 8.77% | | | | -4.22% | | | | 0.88% | | | | -0.21% | | | | 10.33% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $331,788 | | | | $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) | | | 1.34%3 | | | | 1.21% | | | | 1.13% | | | | 1.08% | | | | 1.01% | | | | 1.03% | |
After expense reimbursement (recapture) | | | 0.95%3 | | | | 0.95% | | | | 0.99% | | | | 1.05% | | | | 1.01% | | | | 1.05% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 5.49%3 | | | | 4.78% | | | | 3.71% | | | | 3.84% | | | | 4.10% | | | | 4.17% | |
After expense reimbursement (recapture) | | | 5.88%3 | | | | 5.04% | | | | 3.85% | | | | 3.87% | | | | 4.10% | | | | 4.15% | |
Portfolio turnover rate | | | 25.88%2 | | | | 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.
126
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.560 | | | | $9.05 | | | | $9.55 | | | | $9.93 | | | | $10.28 | | | | $9.70 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.226 | 1 | | | 0.40 | 1 | | | 0.30 | 1 | | | 0.33 | | | | 0.35 | | | | 0.36 | |
Net realized and unrealized gains (losses) on investments | | | (0.068 | ) | | | 0.32 | | | | (0.72 | ) | | | (0.29 | ) | | | (0.43 | ) | | | 0.58 | |
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|
Total from investment operations | | | 0.158 | | | | 0.72 | | | | (0.42 | ) | | | 0.04 | | | | (0.08 | ) | | | 0.94 | |
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Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.453 | ) | | | (0.21 | ) | | | (0.08 | ) | | | (0.42 | ) | | | (0.25 | ) | | | (0.36 | ) |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.02 | ) | | | — | |
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Total distributions | | | (0.453 | ) | | | (0.21 | ) | | | (0.08 | ) | | | (0.42 | ) | | | (0.27 | ) | | | (0.36 | ) |
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Net asset value, end of period | | | $9.265 | | | | $9.56 | | | | $9.05 | | | | $9.55 | | | | $9.93 | | | | $10.28 | |
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Total return | | | 1.55%2 | | | | 8.20% | | | | -4.44% | | | | 0.33% | | | | -0.71% | | | | 9.64% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $52,392,742 | | | | $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) | | | 1.96%3 | | | | 1.78% | | | | 1.68% | | | | 1.66% | | | | 1.59% | | | | 1.61% | |
After expense reimbursement (recapture) | | | 1.55%3 | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 4.35%3 | | | | 4.17% | | | | 3.08% | | | | 3.28% | | | | 3.51% | | | | 3.52% | |
After expense reimbursement (recapture) | | | 4.76%3 | | | | 4.40% | | | | 3.21% | | | | 3.39% | | | | 3.55% | | | | 3.58% | |
Portfolio turnover rate | | | 25.88%2 | | | | 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.
127
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.340 | | | | $10.46 | | | | $11.65 | | | | $11.45 | | | | $10.25 | | | | $9.63 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.098 | 2 | | | 0.19 | 2 | | | 0.20 | 2 | | | 0.16 | | | | (0.03 | ) | | | 0.11 | |
Net realized and unrealized gains (losses) on investments | | | 1.035 | | | | 1.20 | | | | (1.02 | ) | | | 0.41 | | | | 1.56 | | | | 0.62 | |
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|
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|
Total from investment operations | | | 1.133 | | | | 1.39 | | | | (0.82 | ) | | | 0.57 | | | | 1.53 | | | | 0.73 | |
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|
|
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|
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 | ) | | | — | |
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Total distributions | | | — | | | | (0.51 | ) | | | (0.37 | ) | | | (0.37 | ) | | | (0.33 | ) | | | (0.11 | ) |
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|
Net asset value, end of period | | | $12.473 | | | | $11.34 | | | | $10.46 | | | | $11.65 | | | | $11.45 | | | | $10.25 | |
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|
|
Total return | | | 9.99%3 | | | | 13.54% | | | | -7.11% | | | | 5.04% | | | | 15.00% | | | | 7.68%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $11,347,365 | | | | $13,176,782 | | | | $10,968,769 | | | | $7,737,997 | | | | $3,534,178 | | | | $884,658 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.41%6 | | | | 0.42% | | | | 0.43% | | | | 0.41% | | | | 0.40% | | | | 0.42%6 | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.35%6 | | | | 0.32% | | | | 0.31% | | | | 0.34% | | | | 0.36% | | | | 0.40%6 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.41%6 | | | | 0.42% | | | | 0.43% | | | | 0.41% | | | | 0.40% | | | | 0.42%6 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.35%6 | | | | 0.32% | | | | 0.31% | | | | 0.34% | | | | 0.36% | | | | 0.40%6 | |
Ratio of net investment income to average net assets7 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.59%6 | | | | 1.64% | | | | 1.67% | | | | 1.63% | | | | 1.42% | | | | 1.84%6 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.65%6 | | | | 1.74% | | | | 1.79% | | | | 1.70% | | | | 1.46% | | | | 1.86%6 | |
Portfolio turnover rate | | | 51.59%3 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 7 | | 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.
128
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.290 | | | | $10.42 | | | | $11.62 | | | | $11.43 | | | | $10.26 | | | | $9.46 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.063 | 1 | | | 0.12 | 1 | | | 0.13 | 1 | | | 0.12 | | | | 0.07 | | | | 0.07 | |
Net realized and unrealized gains (losses) on investments | | | 1.028 | | | | 1.20 | | | | (1.02 | ) | | | 0.38 | | | | 1.38 | | | | 0.80 | |
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|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.091 | | | | 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 period | | | $12.381 | | | | $11.29 | | | | $10.42 | | | | $11.62 | | | | $11.43 | | | | $10.26 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 9.66%2 | | | | 12.91% | | | | -7.67% | | | | 4.47% | | | | 14.20% | | | | 9.30% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $509,911,936 | | | | $551,141,139 | | | | $383,423,651 | | | | $259,838,374 | | | | $288,401,436 | | | | $248,122,395 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.01%3 | | | | 1.01% | | | | 1.02% | | | | 1.00% | | | | 1.00% | | | | 1.04% | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.94%3 | | | | 0.92% | | | | 0.91% | | | | 0.95% | | | | 1.00% | | | | 1.00% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.01%3 | | | | 1.01% | | | | 1.02% | | | | 1.00% | | | | 1.00% | | | | 1.04% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.94%3 | | | | 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 | | | 1.00%3 | | | | 0.99% | | | | 1.05% | | | | 0.94% | | | | 0.61% | | | | 0.76% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.07%3 | | | | 1.08% | | | | 1.16% | | | | 0.99% | | | | 0.61% | | | | 0.80% | |
Portfolio turnover rate | | | 51.59%2 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 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.
129
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.100 | | | | $9.51 | | | | $11.26 | | | | $11.39 | | | | $10.43 | | | | $9.98 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.093 | 2 | | | 0.19 | 2 | | | 0.16 | 2 | | | 0.26 | | | | 0.18 | | | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | | 0.433 | | | | 0.35 | | | | (0.89 | ) | | | 0.41 | | | | 0.98 | | | | 0.48 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.526 | | | | 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 | ) |
| | |
|
|
| |
|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.95 | ) | | | (1.02 | ) | | | (0.80 | ) | | | (0.20 | ) | | | (0.17 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.626 | | | | $9.10 | | | | $9.51 | | | | $11.26 | | | | $11.39 | | | | $10.43 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 5.78%3 | | | | 6.09% | | | | -6.65% | | | | 6.01% | | | | 11.13% | | | | 6.29%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $5,713,797 | | | | $4,966,270 | | | | $4,220,428 | | | | $6,173,168 | | | | $2,680,327 | | | | $879,348 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.46%6 | | | | 0.51% | | | | 0.47% | | | | 0.42% | | | | 0.43% | | | | 0.43%6 | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.30%6 | | | | 0.30% | | | | 0.37% | | | | 0.37% | | | | 0.38% | | | | 0.38%6 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.46%6 | | | | 0.51% | | | | 0.47% | | | | 0.42% | | | | 0.43% | | | | 0.43%6 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.30%6 | | | | 0.30% | | | | 0.37% | | | | 0.37% | | | | 0.38% | | | | 0.38%6 | |
Ratio of net investment income to average net assets7 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.82%6 | | | | 1.78% | | | | 1.39% | | | | 1.96% | | | | 1.42% | | | | 2.10%6 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.98%6 | | | | 1.99% | | | | 1.49% | | | | 2.01% | | | | 1.47% | | | | 2.15%6 | |
Portfolio turnover rate | | | 29.67%3 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 7 | | 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.
130
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.060 | | | | $9.53 | | | | $11.29 | | | | $11.39 | | | | $10.44 | | | | $9.76 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.067 | 1 | | | 0.12 | 1 | | | 0.09 | 1 | | | 0.15 | | | | 0.08 | | | | 0.09 | |
Net realized and unrealized gains (losses) on investments | | | 0.424 | | | | 0.36 | | | | (0.89 | ) | | | 0.46 | | | | 1.01 | | | | 0.71 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.491 | | | | 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 period | | | $9.551 | | | | $9.06 | | | | $9.53 | | | | $11.29 | | | | $11.39 | | | | $10.44 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 5.42%2 | | | | 5.44% | | | | -7.18% | | | | 5.42% | | | | 10.40% | | | | 8.25% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $204,548,723 | | | | $110,985,447 | | | | $51,768,546 | | | | $174,138,417 | | | | $195,498,995 | | | | $228,905,423 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.05%3 | | | | 1.10% | | | | 1.05% | | | | 1.01% | | | | 1.02% | | | | 1.05% | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.90%3 | | | | 0.89% | | | | 0.99% | | | | 1.00% | | | | 1.00% | | | | 1.00% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.05%3 | | | | 1.10% | | | | 1.05% | | | | 1.01% | | | | 1.02% | | | | 1.05% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.90%3 | | | | 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 | | | 1.28%3 | | | | 1.10% | | | | 0.79% | | | | 1.17% | | | | 0.67% | | | | 0.94% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.43%3 | | | | 1.31% | | | | 0.85% | | | | 1.18% | | | | 0.69% | | | | 0.99% | |
Portfolio turnover rate | | | 29.67%2 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 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.
131
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.250 | | | | $9.38 | | | | $10.34 | | | | $10.80 | | | | $10.25 | | | | $9.75 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.070 | 2 | | | 0.18 | 2 | | | 0.13 | 2 | | | 0.17 | | | | 0.07 | | | | 0.13 | |
Net realized and unrealized gains on investments | | | 0.650 | | | | 0.81 | | | | (0.97 | ) | | | 0.21 | | | | 0.75 | | | | 0.55 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.720 | | | | 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 period | | | $10.970 | | | | $10.25 | | | | $9.38 | | | | $10.34 | | | | $10.80 | | | | $10.25 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 7.02%3 | | | | 10.63% | | | | -8.18% | | | | 3.63% | | | | 8.01% | | | | 7.11%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $2,264,584 | | | | $3,767,220 | | | | $5,005,303 | | | | $5,977,217 | | | | $1,496,066 | | | | $810,333 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.52%6 | | | | 0.53% | | | | 0.51% | | | | 0.51% | | | | 0.51% | | | | 0.52%6 | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.47%6 | | | | 0.40% | | | | 0.41% | | | | 0.36% | | | | 0.46% | | | | 0.46%6 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.52%6 | | | | 0.53% | | | | 0.51% | | | | 0.51% | | | | 0.51% | | | | 0.52%6 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.47%6 | | | | 0.40% | | | | 0.41% | | | | 0.36% | | | | 0.46% | | | | 0.46%6 | |
Ratio of net investment income to average net assets7 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.27%6 | | | | 1.69% | | | | 1.20% | | | | 2.01% | | | | 1.14% | | | | 1.89%6 | |
After expense reimbursement (recapture) and securities lending credit | | | 1.32%6 | | | | 1.82% | | | | 1.30% | | | | 2.16% | | | | 1.19% | | | | 1.95%6 | |
Portfolio turnover rate | | | 230.42%3 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 7 | | 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.
132
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.150 | | | | $9.32 | | | | $10.32 | | | | $10.79 | | | | $10.27 | | | | $9.54 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.044 | 1 | | | 0.11 | 1 | | | 0.07 | 1 | | | 0.15 | | | | 0.05 | | | | 0.09 | |
Net realized and unrealized gains (losses) on investments | | | 0.633 | | | | 0.82 | | | | (0.97 | ) | | | 0.17 | | | | 0.70 | | | | 0.78 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.677 | | | | 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 period | | | $10.827 | | | | $10.15 | | | | $9.32 | | | | $10.32 | | | | $10.79 | | | | $10.27 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 6.67%2 | | | | 10.05% | | | | -8.74% | | | | 3.08% | | | | 7.27% | | | | 9.15% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $242,393,611 | | | | $304,159,564 | | | | $393,657,458 | | | | $480,492,438 | | | | $377,469,190 | | | | $310,316,243 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.12%3 | | | | 1.12% | | | | 1.11% | | | | 1.10% | | | | 1.10% | | | | 1.15% | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.06%3 | | | | 1.00% | | | | 1.01% | | | | 0.97% | | | | 1.10% | | | | 1.10% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.12%3 | | | | 1.12% | | | | 1.11% | | | | 1.10% | | | | 1.10% | | | | 1.15% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.06%3 | | | | 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 | | | 0.78%3 | | | | 1.07% | | | | 0.62% | | | | 1.30% | | | | 0.51% | | | | 0.90% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.84%3 | | | | 1.19% | | | | 0.72% | | | | 1.43% | | | | 0.51% | | | | 0.95% | |
Portfolio turnover rate | | | 230.42%2 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 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.
133
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.290 | | | | $9.80 | | | | $10.02 | | | | $10.00 | | | | $10.16 | | | | $10.19 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.135 | 4 | | | 0.37 | 4 | | | 0.26 | 4 | | | 0.40 | | | | 0.41 | | | | 0.18 | |
Net realized and unrealized gains (losses) on investments | | | 0.147 | | | | 0.52 | | | | (0.21 | ) | | | (0.10 | )5 | | | (0.31 | ) | | | (0.02 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.282 | | | | 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 period | | | $10.572 | | | | $10.29 | | | | $9.80 | | | | $10.02 | | | | $10.00 | | | | $10.16 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.74%2 | | | | 9.14% | | | | 0.56% | | | | 3.05% | | | | 1.08% | | | | 1.53%2 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,337,276 | | | | $921,609 | | | | $1,107,629 | | | | $2,673,347 | | | | $1,014,889 | | | | $569,773 | |
Ratio of expenses to average net assets6 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense7 | | | 0.54%3 | | | | 0.58% | | | | 0.53% | | | | 0.51% | | | | 0.51% | | | | 0.51%3 | |
After expense reimbursement (recapture) and securities lending credit including interest expense7 | | | 0.49%3 | | | | 0.50% | | | | 0.39% | | | | 0.34% | | | | 0.36% | | | | 0.47%3 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.54%3 | | | | 0.58% | | | | 0.53% | | | | 0.51% | | | | 0.51% | | | | 0.51%3 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.49%3 | | | | 0.50% | | | | 0.39% | | | | 0.34% | | | | 0.36% | | | | 0.47%3 | |
Ratio of net investment income to average net assets8 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.53%3 | | | | 3.58% | | | | 2.49% | | | | 2.64% | | | | 2.24% | | | | 2.59%3 | |
After expense reimbursement (recapture) and securities lending credit | | | 2.58%3 | | | | 3.66% | | | | 2.63% | | | | 2.81% | | | | 2.39% | | | | 2.63%3 | |
Portfolio turnover rate | | | 117.87%2 | | | | 41.66% | | | | 200.13% | | | | 91.93% | | | | 134.44% | | | | 64.86% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 4 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 5 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 6 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 7 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 8 | | 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.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.320 | | | | $9.81 | | | | $10.04 | | | | $10.01 | | | | $10.17 | | | | $10.04 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.104 | 1 | | | 0.30 | 1 | | | 0.20 | 1 | | | 0.23 | | | | 0.19 | | | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | | 0.149 | | | | 0.53 | | | | (0.22 | ) | | | 0.02 | | | | (0.15 | ) | | | 0.13 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.253 | | | | 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 period | | | $10.573 | | | | $10.32 | | | | $9.81 | | | | $10.04 | | | | $10.01 | | | | $10.17 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.45%2 | | | | 8.54% | | | | -0.19% | | | | 2.47% | | | | 0.43% | | | | 2.71% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $236,936,295 | | | | $128,948,108 | | | | $145,830,207 | | | | $366,970,865 | | | | $449,186,398 | | | | $509,704,884 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.14%3 | | | | 1.18% | | | | 1.13% | | | | 1.11% | | | | 1.10% | | | | 1.13% | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.07%3 | | | | 1.10% | | | | 0.99% | | | | 0.93% | | | | 1.00% | | | | 1.10% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.14%3 | | | | 1.18% | | | | 1.13% | | | | 1.11% | | | | 1.10% | | | | 1.13% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.07%3 | | | | 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 | | | 1.91%3 | | | | 2.91% | | | | 1.92% | | | | 1.92% | | | | 1.64% | | | | 1.80% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.98%3 | | | | 2.99% | | | | 2.06% | | | | 2.10% | | | | 1.74% | | | | 1.83% | |
Portfolio turnover rate | | | 117.87%2 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 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.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Multi-Asset Income Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.460 | | | | $9.94 | | | | $10.62 | | | | $10.76 | | | | $10.58 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.144 | 2 | | | 0.29 | 2 | | | 0.34 | 2 | | | 0.36 | | | | 0.38 | | | | 0.22 | |
Net realized and unrealized gains (losses) on investments | | | 0.307 | | | | 0.52 | | | | (0.61 | ) | | | (0.05 | ) | | | 0.21 | | | | 0.53 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.451 | | | | 0.81 | | | | (0.27 | ) | | | 0.31 | | | | 0.59 | | | | 0.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | 0.137 | | | | (0.29 | ) | | | (0.37 | ) | | | (0.38 | ) | | | (0.40 | ) | | | (0.17 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) | | | (0.01 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | 0.137 | | | | (0.29 | ) | | | (0.41 | ) | | | (0.45 | ) | | | (0.41 | ) | | | (0.17 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.774 | | | | $10.46 | | | | $9.94 | | | | $10.62 | | | | $10.76 | | | | $10.58 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 4.32%3 | | | | 8.24% | | | | -2.49% | | | | 3.01% | | | | 5.63% | | | | 7.55%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $115,130,606 | | | | $119,817,129 | | | | $106,901,424 | | | | $140,497,937 | | | | $115,477,776 | | | | $73,269,622 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.15%6 | | | | 1.17% | | | | 1.17% | | | | 1.14% | | | | 1.18% | | | | 1.33%6 | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.02%6 | | | | 0.97% | | | | 0.96% | | | | 0.88% | | | | 0.88% | | | | 1.10%6 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.15%6 | | | | 1.17% | | | | 1.17% | | | | 1.14% | | | | 1.18% | | | | 1.33%6 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.02%6 | | | | 0.97% | | | | 0.96% | | | | 0.88% | | | | 0.88% | | | | 1.10%6 | |
Ratio of net investment income to average net assets7 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.57%6 | | | | 2.66% | | | | 3.15% | | | | 3.23% | | | | 3.66% | | | | 3.66%6 | |
After expense reimbursement (recapture) and securities lending credit | | | 2.70%6 | | | | 2.86% | | | | 3.36% | | | | 3.49% | | | | 3.96% | | | | 3.89%6 | |
Portfolio turnover rate | | | 25.06%3 | | | | 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. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 7 | | 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.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2017
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.670 | | | | $9.62 | | | | $9.76 | | | | $9.65 | | | | $10.00 | | | | $10.01 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.186 | 2 | | | 0.24 | 2 | | | 0.18 | 2 | | | 0.25 | | | | 0.19 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | 0.174 | | | | 0.07 | | | | (0.11 | ) | | | 0.11 | | | | (0.27 | ) | | | (0.04 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.360 | | | | 0.31 | | | | 0.07 | | | | 0.36 | | | | (0.08 | ) | | | 0.09 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.264 | ) | | | (0.26 | ) | | | (0.21 | ) | | | (0.25 | ) | | | (0.24 | ) | | | (0.10 | ) |
Dividends from net realized gains | | | 0.000 | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | * |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.264 | ) | | | (0.26 | ) | | | (0.21 | ) | | | (0.25 | ) | | | (0.27 | ) | | | (0.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.766 | | | | $9.67 | | | | $9.62 | | | | $9.76 | | | | $9.65 | | | | $10.00 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.74%3 | | | | 3.23% | | | | 0.70% | | | | 3.75% | | | | -0.83% | | | | 0.88%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $14,100 | | | | $52,492 | | | | $49,872 | | | | $2,257,327 | | | | $960,185 | | | | $503,918 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.49%6 | | | | 0.50% | | | | 0.44% | | | | 0.42% | | | | 0.41% | | | | 0.50%6 | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.24%6 | | | | 0.37% | | | | 0.36% | | | | 0.31% | | | | 0.32% | | | | 0.43%6 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.49%6 | | | | 0.50% | | | | 0.44% | | | | 0.42% | | | | 0.41% | | | | 0.50%6 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.24%6 | | | | 0.37% | | | | 0.36% | | | | 0.31% | | | | 0.32% | | | | 0.43%6 | |
Ratio of net investment income to average net assets7 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.55%6 | | | | 2.32% | | | | 1.76% | | | | 2.66% | | | | 1.98% | | | | 2.44%6 | |
After expense reimbursement (recapture) and securities lending credit | | | 3.80%6 | | | | 2.45% | | | | 1.84% | | | | 2.77% | | | | 2.07% | | | | 2.51%6 | |
Portfolio turnover rate | | | 146.90%3 | | | | 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 period. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 7 | | 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.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
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| | | Flexible Income Allocation Fund
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| | | Service
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| | | Period Ended
September 30,
2017
| | | 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
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| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.610 | | | | $9.55 | | | | $9.77 | | | | $9.64 | | | | $9.98 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.154 | 2 | | | 0.18 | 2 | | | 0.14 | 2 | | | 0.19 | | | | 0.15 | | | | 0.10 | |
Net realized and unrealized gains (losses) on investments | | | 0.174 | | | | 0.08 | | | | (0.21 | ) | | | 0.13 | | | | (0.30 | ) | | | (0.04 | ) |
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Total from investment operations | | | 0.328 | | | | 0.26 | | | | (0.07 | ) | | | 0.32 | | | | (0.15 | ) | | | 0.06 | |
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Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.222 | ) | | | (0.20 | ) | | | (0.15 | ) | | | (0.19 | ) | | | (0.16 | ) | | | (0.08 | ) |
Dividends from net realized gains | | | 0.000 | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | — | * |
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Total distributions | | | (0.222 | ) | | | (0.20 | ) | | | (0.15 | ) | | | (0.19 | ) | | | (0.19 | ) | | | (0.08 | ) |
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Net asset value, end of period | | | $9.716 | | | | $9.61 | | | | $9.55 | | | | $9.77 | | | | $9.64 | | | | $9.98 | |
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Total return | | | 3.43%3 | | | | 2.73% | | | | -0.75% | | | | 3.32% | | | | -1.47% | | | | 0.59%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $51,011,661 | | | | $99,575,144 | | | | $114,740,157 | | | | $143,904,504 | | | | $213,499,393 | | | | $227,815,865 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 1.10%6 | | | | 1.09% | | | | 1.04% | | | | 1.02% | | | | 1.01% | | | | 1.09%6 | |
After expense reimbursement (recapture) and securities lending credit including interest expense5 | | | 0.90%6 | | | | 0.91% | | | | 0.93% | | | | 0.92% | | | | 0.92% | | | | 1.03%6 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.10%6 | | | | 1.09% | | | | 1.04% | | | | 1.02% | | | | 1.01% | | | | 1.09%6 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.90%6 | | | | 0.91% | | | | 0.93% | | | | 0.92% | | | | 0.92% | | | | 1.03%6 | |
Ratio of net investment income to average net assets7 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.96%6 | | | | 1.72% | | | | 1.32% | | | | 1.72% | | | | 1.40% | | | | 1.78%6 | |
After expense reimbursement (recapture) and securities lending credit | | | 3.16%6 | | | | 1.90% | | | | 1.43% | | | | 1.82% | | | | 1.49% | | | | 1.84%6 | |
Portfolio turnover rate | | | 146.90%3 | | | | 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 period. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
| 7 | | 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.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
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| | | Managed Futures Strategy Fund (Consolidated)
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| | | Institutional
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| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | January 19, 20161
Through
March 31,
2016
| |
| | | (Unaudited) | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.700 | | | | $9.75 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | |
Net investment loss | | | (0.007 | )2 | | | (0.06 | )2 | | | (0.02 | )2 |
Net realized and unrealized losses on investments | | | (0.069 | ) | | | (0.83 | ) | | | (0.23 | ) |
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Total from investment operations | | | (0.076 | ) | | | (0.89 | ) | | | (0.25 | ) |
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Less distributions: | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | — | |
Dividends from net realized gains | | | — | | | | (0.16 | ) | | | — | |
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Total distributions | | | — | | | | (0.16 | ) | | | — | |
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Net asset value, end of period | | | $8.624 | | | | $8.70 | | | | $9.75 | |
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Total return | | | -0.87%3 | | | | -9.17% | | | | -2.50%3 | |
Supplemental data and ratios: | | | | | | | | | | | | |
Net assets, end of period | | | $1,536,088 | | | | $1,478,880 | | | | $4,338,706 | |
Ratio of expenses to average net assets | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.44%4 | | | | 1.37% | | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.36%4 | | | | 1.34% | | | | 1.30%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.38%4 | | | | 1.33% | | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.30%4 | | | | 1.30% | | | | 1.30%4 | |
Ratio of net investment loss to average net assets | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | -0.25%4 | | | | -0.69% | | | | -1.12%4 | |
After expense reimbursement (recapture) and fees waived | | | (0.17)%4 | | | | -0.66% | | | | -0.81%4 | |
Portfolio turnover rate | | | 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 period. |
| 5 | | Includes interest expense where applicable |
See notes to financial statements.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Service
| |
| | | Period Ended
September 30,
2017
| | | Year Ended
March 31,
2017
| | | January 19, 20161
Through
March 31,
2016
| |
| | | (Unaudited) | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.640 | | | | $9.73 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | |
Net investment loss | | | (0.033 | )2 | | | (0.11 | )2 | | | (0.03 | )2 |
Net realized and unrealized losses on investments | | | (0.071 | ) | | | (0.82 | ) | | | (0.24 | ) |
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Total from investment operations | | | (0.104 | ) | | | (0.93 | ) | | | (0.27 | ) |
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Less distributions: | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | — | |
Dividends from net realized gains | | | — | | | | (0.16 | ) | | | — | |
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Total distributions | | | — | | | | (0.16 | ) | | | — | |
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Net asset value, end of period | | | $8.536 | | | | $8.64 | | | | $9.73 | |
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Total return | | | -1.09%3 | | | | -9.70% | | | | -2.70%3 | |
Supplemental data and ratios: | | | | | | | | | | | | |
Net assets, end of period | | | $90,613,205 | | | | $81,212,945 | | | | $183,020,093 | |
Ratio of expenses to average net assets | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived including interest expense5 | | | 2.03%4 | | | | 1.97% | | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.95%4 | | | | 1.94% | | | | 1.90%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.98%4 | | | | 1.93% | | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.90%4 | | | | 1.90% | | | | 1.90%4 | |
Ratio of net investment loss to average net assets | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | (0.84)%4 | | | | -1.27% | | | | -1.71%4 | |
After expense reimbursement (recapture) and fees waived | | | (0.77)%4 | | | | -1.24% | | | | -1.41%4 | |
Portfolio turnover rate | | | 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 period. |
| 5 | | Includes interest expense where applicable |
See notes to financial statements.
140
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)
September 30, 2017
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 6 funds: GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US 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 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.
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”).
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
141
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
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, 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.
142
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2017:
GuideMark® Large Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 279,425,128 | | | $ | — | | | $ | — | | | $ | 279,425,128 | |
Investment Companies | | | 9,771,301 | | | | — | | | | — | | | | 9,771,301 | |
Real Estate Investment Trusts | | | 5,060,756 | | | | — | | | | — | | | | 5,060,756 | |
Short Term Investments | | | 2,702,477 | | | | — | | | | — | | | | 2,702,477 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 55,412,352 | |
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Total Investments in Securities | | $ | 296,959,662 | | | $ | — | | | $ | — | | | $ | 352,372,014 | |
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| | * | | 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.
GuideMark® Emerging Markets Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | $ | 3,685,935 | | | $ | 6,731,727 | | | $ | — | | | $ | 10,417,662 | |
Consumer Staples | | | 3,596,637 | | | | 4,821,973 | | | | — | | | | 8,418,610 | |
Energy | | | 1,380,482 | | | | 5,410,677 | | | | — | | | | 6,791,159 | |
Financials | | | 3,668,436 | | | | 15,452,815 | | | | — | | | | 19,121,251 | |
Health Care | | | 157,249 | | | | 1,346,968 | | | | — | | | | 1,504,217 | |
Industrials | | | 245,045 | | | | 2,805,222 | | | | — | | | | 3,050,267 | |
Information Technology | | | 6,949,454 | | | | 21,965,736 | | | | — | | | | 28,915,190 | |
Materials | | | 1,252,269 | | | | 3,508,793 | | | | — | | | | 4,761,062 | |
Real Estate | | | — | | | | 2,769,977 | | | | — | | | | 2,769,977 | |
Telecommunication Services | | | 1,296,079 | | | | 3,407,573 | | | | — | | | | 4,703,652 | |
Utilities | | | 1,216,243 | | | | 332,032 | | | | — | | | | 1,548,275 | |
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Total Common Stocks | | | 23,447,829 | | | | 68,553,493 | | | | — | | | | 92,001,322 | |
Investment Companies | | | 10,374,360 | | | | — | | | | — | | | | 10,374,360 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Staples | | | 126,941 | | | | 328,967 | | | | — | | | | 455,908 | |
Energy | | | 472,427 | | | | — | | | | — | | | | 472,427 | |
Financials | | | 1,811,660 | | | | — | | | | — | | | | 1,811,660 | |
Information Technology | | | — | | | | 821,214 | | | | — | | | | 821,214 | |
Materials | | | 718,352 | | | | 447,795 | | | | — | | | | 1,166,147 | |
Utilities | | | 129,633 | | | | — | | | | — | | | | 129,633 | |
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Total Preferred Stocks | | | 3,259,013 | | | | 1,597,976 | | | | — | | | | 4,856,989 | |
Real Estate Investment Trusts | | | — | | | | 116,283 | | | | — | | | | 116,283 | |
Short Term Investments | | | 508,710 | | | | — | | | | — | | | | 508,710 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 5,770,820 | |
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|
|
Total Investments in Securities | | $ | 37,589,912 | | | $ | 70,151,469 | | | $ | — | | | $ | 113,628,484 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
143
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 | | $ | 2,195,323 | |
Transfers out of Level 1 | | | (3,394,054 | ) |
| | |
|
|
|
Net Transfers into/(out of) Level 1 | | $ | (1,198,731 | ) |
| | |
|
|
|
Transfers into Level 2 | | $ | 3,394,054 | |
Transfers out of Level 2 | | | (2,195,323 | ) |
| | |
|
|
|
Net Transfers into/(out of) Level 2 | | $ | 1,198,731 | |
| | |
|
|
|
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 predeterminded threshold.
There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Small/Mid Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | 47,029,719 | | | $ | — | | | $ | 0 | | | $ | 47,029,719 | |
Investment Companies | | | 1,747,505 | | | | — | | | | — | | | | 1,747,505 | |
Real Estate Investment Trusts | | | 3,159,419 | | | | — | | | | — | | | | 3,159,419 | |
Rights | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 384,406 | | | | — | | | | — | | | | 384,406 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 12,445,347 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 52,321,049 | | | $ | — | | | $ | — | | | $ | 64,766,396 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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
| |
Balance as of April 1, 2017 | | $ | 0 | | | $ | 0 | |
Purchases | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | |
Realized gain (loss) | | | — | | | | — | |
Change in unrealized appreciation (depreciation) | | | — | | | | — | |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of September 30, 2017 | | $ | 0 | | | $ | 0 | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2017. | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
|
144
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
GuideMark® World ex-US Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | $ | 1,896,865 | | | $ | 26,636,956 | | | $ | — | | | $ | 28,533,821 | |
Consumer Staples | | | 1,998,434 | | | | 19,090,118 | | | | — | | | | 21,088,552 | |
Energy | | | 1,352,518 | | | | 3,983,547 | | | | — | | | | 5,336,065 | |
Financials | | | 7,086,064 | | | | 33,300,934 | | | | — | | | | 40,386,998 | |
Health Care | | | 1,860,983 | | | | 11,410,231 | | | | — | | | | 13,271,214 | |
Industrials | | | 564,985 | | | | 22,891,010 | | | | — | | | | 23,455,995 | |
Information Technology | | | 794,574 | | | | 13,576,183 | | | | — | | | | 14,370,757 | |
Materials | | | 700,192 | | | | 12,591,374 | | | | — | | | | 13,291,566 | |
Real Estate | | | — | | | | 1,613,341 | | | | — | | | | 1,613,341 | |
Telecommunication Services | | | 34,015 | | | | 4,276,052 | | | | — | | | | 4,310,067 | |
Utilities | | | 33,735 | | | | 2,799,779 | | | | — | | | | 2,833,514 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 16,322,365 | | | | 152,169,525 | | | | — | | | | 168,491,890 | |
Investment Companies | | | 8,120,731 | | | | — | | | | — | | | | 8,120,731 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | | — | | | | 58,814 | | | | — | | | | 58,814 | |
Consumer Staples | | | — | | | | 40,736 | | | | — | | | | 40,736 | |
Materials | | | — | | | | 356,977 | | | | — | | | | 356,977 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | — | | | | 456,527 | | | | — | | | | 456,527 | |
Real Estate Investment Trusts | | | — | | | | 198,414 | | | | — | | | | 198,414 | |
Short Term Investments | | | 1,100,743 | | | | — | | | | — | | | | 1,100,743 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 3,424,516 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 25,543,839 | | | $ | 152,824,466 | | | $ | — | | | $ | 181,792,821 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 151,205 | |
Transfers out of Level 1 | | | (565,511 | ) |
| | |
|
|
|
Net Transfers into/(out of) Level 1 | | $ | (414,306 | ) |
| | |
|
|
|
Transfers into Level 2 | | $ | 565,511 | |
Transfers out of Level 2 | | | (151,205 | ) |
| | |
|
|
|
Net Transfers into/(out of) Level 2 | | $ | 414,306 | |
| | |
|
|
|
145
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 predeterminded threshold.
There were no transfers in or out of Level 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 | | $ | — | | | $ | 12,440,941 | | | $ | — | | | $ | 12,440,941 | |
Collateralized Mortgage Obligations | | | — | | | | 5,939,097 | | | | — | | | | 5,939,097 | |
Corporate Obligations | | | — | | | | 50,974,315 | | | | — | | | | 50,974,315 | |
Foreign Government Debt Obligations | | | — | | | | 1,271,797 | | | | — | | | | 1,271,797 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 41,150,793 | | | | — | | | | 41,150,793 | |
Municipal Debt Obligations | | | — | | | | 571,415 | | | | — | | | | 571,415 | |
U.S. Treasury Obligations | | | — | | | | 28,911,411 | | | | — | | | | 28,911,411 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 141,259,769 | | | | — | | | | 141,259,769 | |
Short Term Investments | | | 2,277,027 | | | | — | | | | — | | | | 2,277,027 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 15,357,874 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 2,277,027 | | | $ | 141,259,769 | | | $ | — | | | $ | 158,894,670 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | (25,467 | ) | | $ | — | | | $ | — | | | $ | (25,467 | ) |
Swaps | | | — | | | | 176,544 | | | | — | | | | 176,544 | |
| | * | | 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 | | $ | — | | | $ | 28,562,834 | | | $ | — | | | $ | 28,562,834 | |
Short Term Investments | | | 236,822 | | | | — | | | | — | | | | 236,822 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 236,822 | | | $ | 28,562,834 | | | $ | — | | | $ | 28,799,656 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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.
146
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
GuideMark® Opportunistic Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Equity | | | | | | | | | | | | | | | | |
Common Stock | | $ | — | | | $ | 10,094 | | | $ | 0 | | | $ | 10,094 | |
Preferred Stock | | | — | | | | 21,847 | | | | — | | | | 21,847 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Equity | | | — | | | | 31,941 | | | | — | | | | 31,941 | |
Fixed Income | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | — | | | | 11,311,391 | | | | — | | | | 11,311,391 | |
Convertible Obligations | | | — | | | | 809,281 | | | | — | | | | 809,281 | |
Corporate Obligations | | | — | | | | 246,661 | | | | — | | | | 246,661 | |
Foreign Government Obligations | | | — | | | | 23,475,148 | | | | — | | | | 23,475,148 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 7,264,612 | | | | — | | | | 7,264,612 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 43,107,093 | | | | — | | | | 43,107,093 | |
Warrants | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 5,798,974 | | | | 910,000 | | | | — | | | | 6,708,974 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 5,798,974 | | | $ | 44,049,034 | | | $ | 0 | | | $ | 49,848,008 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | $ | — | | | $ | 21,949 | | | $ | — | | | $ | 21,949 | |
Swaps | | | — | | | | (1,074,055 | ) | | | — | | | | (1,074,055 | ) |
| | * | | 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.
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, 2017 | | $ | 0 | | | $ | 0 | |
Purchases | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | |
Realized gain (loss) | | | — | | | | — | |
Change in unrealized appreciation (depreciation) | | | — | | | | — | |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of September 30, 2017 | | $ | 0 | | | $ | 0 | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2017. | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
|
GuidePath® Growth Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 515,464,011 | | | $ | — | | | $ | — | | | $ | 515,464,011 | |
Short Term Investments | | | 6,027,000 | | | | — | | | | — | | | | 6,027,000 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 111,782,580 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 521,491,011 | | | $ | — | | | $ | — | | | $ | 633,273,591 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
147
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
GuidePath® Conservative Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 207,859,622 | | | $ | — | | | $ | — | | | $ | 207,859,622 | |
Short Term Investments | | | 2,576,803 | | | | — | | | | — | | | | 2,576,803 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 58,966,855 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 210,436,425 | | | $ | — | | | $ | — | | | $ | 269,403,280 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 241,895,661 | | | $ | — | | | $ | — | | | $ | 241,895,661 | |
Short Term Investments | | | 3,005,399 | | | | — | | | | — | | | | 3,005,399 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 11,335,800 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 244,901,060 | | | $ | — | | | $ | — | | | $ | 256,236,860 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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® Absolute Return Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 235,348,232 | | | $ | — | | | $ | — | | | $ | 235,348,232 | |
Short Term Investments | | | 2,407,561 | | | | — | | | | — | | | | 2,407,561 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 52,169,818 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 237,755,793 | | | $ | — | | | $ | — | | | $ | 289,925,611 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 113,656,132 | | | $ | — | | | $ | — | | | $ | 113,656,132 | |
Short Term Investments | | | 1,556,396 | | | | — | | | | — | | | | 1,556,396 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 14,012,607 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 115,212,528 | | | $ | — | | | $ | — | | | $ | 129,225,135 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
148
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
GuidePath® Flexible Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 50,399,394 | | | $ | — | | | $ | — | | | $ | 50,399,394 | |
Short Term Investments | | | 609,729 | | | | — | | | | — | | | | 609,729 | |
Investments Purchased as Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 14,404,739 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 51,009,123 | | | $ | — | | | $ | — | | | $ | 65,413,862 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 2,176,049 | | | $ | 88,241,598 | | | $ | — | | | $ | 90,417,647 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 2,176,049 | | | $ | 88,241,598 | | | $ | — | | | $ | 90,417,647 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | 1,451,641 | | | $ | — | | | $ | — | | | $ | 1,451,641 | |
| | * | | 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.
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.
| | (d) | | Repurchase Agreements |
Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities
with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.
The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.
The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. 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
149
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.
Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.
| | (i) | | Organization and Offering Costs |
Organization costs consist of costs incurred to establish a Trust and enable it legally to do business. The Fund expenses organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 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 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.
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,
150
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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.
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® Core Fixed Income Fund
During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.
The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX to efficiently manage investment grade credit exposure.
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 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 | | $ | 927 | | | Depreciation on swap agreements | | $ | — | |
| | | | |
| Interest Rate Contracts – Swaps | | Appreciation on swap agreements | | | 175,616 | | | Depreciation on swap agreements | | | — | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 22,883 | | | Unrealized depreciation on futures contracts | | | 48,350 | |
| Total | | | | $ | 199,427 | | | | | $ | 48,350 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
151
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2017 | |
| Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
| | | Futures Contracts | | | Swaps | | | Total | |
| Credit Contracts | | $ | — | | | $ | 32,437 | | | $ | 32,437 | |
| Interest Rate Contracts | | | 112,094 | | | | (12,064 | ) | | | 100,030 | |
| Total | | $ | 112,094 | | | $ | 20,373 | | | $ | 132,467 | |
| | | | | | | | | | | | |
| Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
| | | Futures
Contracts | | | Swaps | | | Total | |
| Credit Contracts | | $ | — | | | $ | (13,252 | ) | | $ | (13,252 | ) |
| Interest Rate Contracts | | | (45,804 | ) | | | (45,645 | ) | | | (91,449 | ) |
| Total | | $ | (45,804 | ) | | $ | (58,897 | ) | | $ | (104,701 | ) |
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 September 30, 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 | | $ | 31,570 | | | Depreciation on swap agreements | | $ | 1,105,625 | |
| | | | |
| Foreign Exchange Contracts – Forward Currency Contracts | | Appreciation of forward currency contracts | | | 494,460 | | | Depreciation of forward currency contracts | | | 472,511 | |
| Total | | | | $ | 526,030 | | | | | $ | 1,578,136 | |
| | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2017 | |
| Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
| | | Forward
Currency
Contracts | | | Swaps | | | Total | |
| Foreign Exchange Contracts | | $ | 22,750 | | | $ | — | | | $ | 22,750 | |
| Interest Rate Contracts | | | — | | | | (292,631 | ) | | | (292,631 | ) |
| Total | | $ | 22,750 | | | $ | (292,631 | ) | | $ | (269,881 | ) |
|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | |
| | | Forward
Currency
Contracts | | | Swaps | | | Total | |
| Foreign Exchange Contracts | | $ | (939,662 | ) | | $ | — | | | $ | (939,662 | ) |
| Interest Rate Contracts | | | — | | | | 77,350 | | | $ | 77,350 | |
| Total | | $ | (939,662 | ) | | $ | 77,350 | | | $ | (862,312 | ) |
152
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 period ended September 30, 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 September 30, 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 | | $ | 601,881 | | | Unrealized depreciation on futures contracts | | $ | 500,304 | |
| | | | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 1,846,270 | | | Unrealized depreciation on futures contracts | | | 148,019 | |
| | | | |
| Foreign Exchange Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 421,882 | | | Unrealized depreciation on futures contracts | | | 880,207 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts | | | 343,137 | | | Unrealized depreciation on futures contracts | | | 232,999 | |
| Total | | | | $ | 3,213,170 | | | | | $ | 1,761,529 | |
| | * | | 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 period ended September 30, 2017 | |
| |
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | | | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (2,600,698 | ) |
| Equity Contracts | | | 4,375,583 | |
| Foreign Exchange Contracts | | | (112,803 | ) |
| Interest Rate Contracts | | | (3,835,273 | ) |
| Total | | $ | (2,173,191 | ) |
| | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | | | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | 252,836 | |
| Equity Contracts | | | 955,963 | |
| Foreign Exchange Contracts | | | (130,710 | ) |
| Interest Rate Contracts | | | 430,904 | |
| Total | | $ | 1,508,993 | |
153
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2017 were as follows:
| | | | | | | | | | | | |
| Long Positions | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | |
| Futures | | $ | 7,077,357 | | | $ | — | | | $ | 442,412,217 | |
| Forwards* | | $ | — | | | $ | 34,714,119 | | | $ | — | |
| Swaps | | $ | 7,014,857 | | | $ | 9,171,429 | | | $ | — | |
| | | |
| Short Positions | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | |
| Futures | | $ | 7,371,784 | | | $ | — | | | $ | (202,112,417 | ) |
| Forwards* | | $ | — | | | $ | (5,070,086 | ) | | $ | — | |
| | | |
| Cross Currency | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | |
| Forwards* | | $ | — | | | $ | 7,099,416 | | | $ | — | |
| | * | | The GuideMark® Emerging Markets Fund and GuideMark® World ex-US Fund had forward transactions during the period ended September 30, 2017, however due to the timing of these transactions the average monthly notional amount for the Funds were $0. For more information about the forward activity of these Funds, see the Statement of Operations for these Funds. |
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.
Offsetting Assets and Liabilities
GuideMark® Core Fixed Income Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of September 30, 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.
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 8,344 | | | $ | — | | | $ | 8,344 | | | $ | (4,313 | ) | | $ | — | | | $ | 4,031 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 176,544 | | | | — | | | | 176,544 | | | | — | | | | — | | | | 176,544 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 184,888 | | | $ | — | | | $ | 184,888 | | | $ | (4,313 | ) | | $ | — | | | $ | 180,575 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
154
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 4,313 | | | $ | — | | | $ | 4,313 | | | $ | (4,313 | ) | | $ | — | | | $ | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 4,313 | | | $ | — | | | $ | 4,313 | | | $ | (4,313 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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.
The table below, as of September 30, 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 | | $ | 4,302 | | | $ | — | | | $ | 4,302 | | | $ | (4,302 | ) | | $ | — | | | $ | — | |
Barclays | | | 9,123 | | | | — | | | | 9,123 | | | | (6,930 | ) | | | — | | | | 2,193 | |
Citibank | | | 100,713 | | | | — | | | | 100,713 | | | | (100,713 | ) | | | — | | | | — | |
Deutsche Bank | | | 180,291 | | | | — | | | | 180,291 | | | | (37,354 | ) | | | — | | | | 142,937 | |
Goldman Sachs | | | 17,983 | | | | — | | | | 17,983 | | | | (15,555 | ) | | | — | | | | 2,428 | |
HSBC | | | 89,766 | | | | — | | | | 89,766 | | | | (23,365 | ) | | | — | | | | 66,401 | |
JP Morgan Chase | | | 81,172 | | | | — | | | | 81,172 | | | | (81,172 | ) | | | — | | | | — | |
Merrill Lynch | | | 6,789 | | | | — | | | | 6,789 | | | | — | | | | — | | | | 6,789 | |
Morgan Stanley | | | 1,331 | | | | — | | | | 1,331 | | | | — | | | | — | | | | 1,331 | |
UBS | | | 2,990 | | | | — | | | | 2,990 | | | | — | | | | — | | | | 2,990 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | 31,570 | | | | — | | | | 31,570 | | | | (6,025 | ) | | | — | | | | 25,545 | |
JP Morgan Chase | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 526,030 | | | $ | — | | | $ | 526,030 | | | $ | (275,416 | ) | | $ | — | | | $ | 250,614 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
155
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 16,322 | | | $ | — | | | $ | 16,322 | | | $ | (4,302 | ) | | $ | — | | | $ | 12,020 | |
Barclays | | | 6,930 | | | | — | | | | 6,930 | | | | (6,930 | ) | | | — | | | | — | |
Citibank | | | 213,936 | | | | — | | | | 213,936 | | | | (100,713 | ) | | | (80,000 | ) | | | 33,223 | |
Deutsche Bank | | | 37,354 | | | | — | | | | 37,354 | | | | (37,354 | ) | | | — | | | | — | |
Goldman Sachs | | | 15,555 | | | | — | | | | 15,555 | | | | (15,555 | ) | | | — | | | | — | |
HSBC | | | 23,365 | | | | — | | | | 23,365 | | | | (23,365 | ) | | | — | | | | — | |
JP Morgan Chase | | | 159,049 | | | | — | | | | 159,049 | | | | (81,172 | ) | | | (77,877 | ) | | | — | |
Merrill Lynch | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Morgan Stanley | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
UBS | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | 6,025 | | | | — | | | | 6,025 | | | | (6,025 | ) | | | — | | | | — | |
JP Morgan Chase | | | 1,099,600 | | | | — | | | | 1,099,600 | | | | — | | | | (1,099,600 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 1,578,136 | | | $ | — | | | $ | 1,578,136 | | | $ | (275,416 | ) | | $ | (1,257,477 | ) | | $ | 45,243 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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.
The table below, as of September 30, 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.
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 606,214 | | | $ | — | | | $ | 606,214 | | | $ | (545,719 | ) | | $ | — | | | $ | 60,495 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 606,214 | | | $ | — | | | $ | 606,214 | | | $ | (545,719 | ) | | $ | — | | | $ | 60,495 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
| 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 | | $ | 545,719 | | | $ | — | | | $ | 545,719 | | | $ | (545,719 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 545,719 | | | $ | — | | | $ | 545,719 | | | $ | (545,719 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
156
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 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.
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.
Effective April 1, 2017, 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.
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
157
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 September 30, 2017.
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% | |
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 has contractually agreed to waive, through July 31, 2018, 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, 2018, 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% | |
Core Fixed Income Fund | | | 1.29% | | | | 0.69% | |
Tax-Exempt Fixed Income Fund | | | 1.29% | | | | 0.69% | |
Opportunistic Fixed Income Fund | | | 1.55% | | | | 0.95% | |
Growth Allocation Fund | | | 1.00% | | | | 0.40% | |
Conservative Allocation Fund | | | 1.00% | | | | 0.40% | |
Tactical Allocation Fund | | | 1.10% | | | | 0.50% | |
Absolute Return Allocation Fund | | | 1.10% | | | | 0.50% | |
Multi-Asset Income Allocation Fund | | | 1.10% | | | | 0.50% | |
Flexible Income Allocation Fund | | | 1.05% | | | | 0.45% | |
Managed Futures Strategy Fund | | | 1.90% | | | | 1.30% | |
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 September 30, 2017, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Conservative Allocation Fund, Tactical Allocation Fund, Absolute Return Allocation Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.
158
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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
| | | Year of
Expiration
03/31/2021
| |
World ex-US Fund | | $ | — | | | $ | 50,157 | | | $ | 36,238 | | | $ | 55,075 | |
Core Fixed Income Fund | | | — | | | | 56,910 | | | | 109,659 | | | | 75,363 | |
Tax-Exempt Fixed Income Fund | | | 58,715 | | | | 82,292 | | | | 60,304 | | | | 31,165 | |
Opportunistic Fixed Income Fund | | | 186,297 | | | | 242,737 | | | | 175,049 | | | | 122,034 | |
Managed Futures Strategy Fund | | | — | | | | 78,883 | | | | 62,978 | | | | 33,093 | |
Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.
Each Trust, on behalf of the Service Shares class of its Funds, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent period ended September 30, 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 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, exculding the 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, 2017 and will mature, unless renewed, on July 31, 2018. 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 4.25% at September 30, 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.
159
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
During the period April 1, 2017 to September 30, 2017, the details of the borrowings were as follows:
| | | | | | | | | | | | |
Fund
| | Average Daily
Borrowings
| | | Weighted Average
Annualized
Interest Rate
| | | Maximum
Borrowings
| |
Large Cap Core Fund | | $ | 144,077 | | | | 4.25 | % | | $ | 20,635,000 | |
Emerging Markets Fund | | | 146,284 | | | | 4.22 | % | | | 10,507,000 | |
Small/Mid Cap Core Fund | | | — | | | | 0.00 | % | | | — | |
World ex-US Fund | | | 36,148 | | | | 4.13 | % | | | 2,744,000 | |
Core Fixed Income Fund | | | — | | | | 0.00 | % | | | — | |
Tax-Exempt Fixed Income Fund | | | 902 | | | | 4.25 | % | | | 165,000 | |
Growth Allocation Fund | | | 994,355 | | | | 4.25 | % | | | 78,949,000 | |
Conservative Allocation Fund | | | 107,858 | | | | 4.25 | % | | | 8,338,000 | |
Tactical Allocation Fund | | | 307,825 | | | | 4.25 | % | | | 42,500,000 | |
Absolute Return Allocation Fund | | | 72,219 | | | | 4.25 | % | | | 8,400,000 | |
Multi-Asset Income Allocation Fund | | | 110,104 | | | | 4.25 | % | | | 10,000,000 | |
Flexible Income Allocation Fund | | | 141,432 | | | | 4.25 | % | | | 12,200,000 | |
Managed Futures Strategy Fund | | | — | | | | 0.00 | % | | | — | |
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 period ended September 30, 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
| | Investments Purchased
as Securities Lending
Collateral*
| |
Large Cap Core Fund | | $ | 55,412,352 | |
Emerging Markets Fund | | | 5,770,820 | |
Small/Mid Cap Core Fund | | | 12,445,347 | |
World ex-US Fund | | | 3,424,516 | |
Core Fixed Income Fund | | | 15,357,874 | |
Tax-Exempt Fixed Income Fund | | | — | |
Opportunistic Fixed Income Fund | | | — | |
Growth Allocation Fund | | | 111,782,580 | |
Conservative Allocation Fund | | | 58,966,855 | |
Tactical Allocation Fund | | | 11,335,800 | |
Absolute Return Allocation Fund | | | 52,169,818 | |
Multi-Asset Income Allocation Fund | | | 14,012,607 | |
Flexible Income Allocation Fund | | | 14,404,739 | |
Managed Futures Strategy Fund | | | — | |
| |
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | | $ | 355,083,308 | |
| | * | | Proceeds from securities lending (Investments Purchased as Securities Lending Collateral). |
160
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
| 8. | | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2017 are summarized below.
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Large Cap Core Fund | | $ | 153,911,233 | | | $ | 77,154,443 | |
Emerging Markets Fund | | | 15,870,402 | | | | 39,882,131 | |
Small/Mid Cap Core Fund | | | 15,538,668 | | | | 82,525,013 | |
World ex-US Fund | | | 77,752,038 | | | | 105,529,656 | |
Core Fixed Income Fund* | | | 120,425,766 | | | | 132,532,700 | |
Tax-Exempt Fixed Income Fund | | | 18,765,107 | | | | 20,245,905 | |
Opportunistic Fixed Income Fund** | | | 13,203,143 | | | | 24,356,651 | |
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Growth Allocation Fund | | $ | 287,665,679 | | | $ | 377,597,810 | |
Conservative Allocation Fund | | | 125,606,612 | | | | 38,026,046 | |
Tactical Allocation Fund | | | 692,789,627 | | | | 772,622,692 | |
Absolute Return Allocation Fund | | | 277,542,375 | | | | 172,144,981 | |
Multi-Asset Income Allocation Fund | | | 29,122,816 | | | | 37,300,588 | |
Flexible Income Allocation Fund | | | 134,847,523 | | | | 184,701,320 | |
Managed Futures Strategy Fund | | | — | | | | — | |
| | * | | Included in these amounts were $102,882,473 of purchases and $102,499,424 of sales of U.S. Government Securities. |
| | ** | | Included in these amounts were $11,498,970 of purchases and $22,689,402 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 period ended September 30, 2017, with affiliates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Share Activity
| | | Period Ended September 30, 2017
| |
Security Name
| | Balance
March 31, 2017
| | | Purchases
| | | Sales
| | | Balance
September 30, 2017
| | | Fair
Value
| | | Dividends
Credited
to Income
| | | Amount of Gain
(Loss) realized on
Sale of Shares
| | | Net change in
unrealized
appreciation
(depreciation)
| |
Growth Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund - Institutional Shares | | | 2,463,265 | | | | 117,882 | | | | 2,581,147 | | | | — | | | $ | — | | | $ | — | | | $ | 11,373,270 | | | $ | (10,192,633 | ) |
GuideMark® Emerging Markets Fund - Institutional Shares | | | 857,339 | | | | 39,187 | | | | 896,526 | | | | — | | | | — | | | | — | | | | 4,207,754 | | | | (3,288,271 | ) |
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 3,165,311 | | | | 148,628 | | | | 3,313,939 | | | | — | | | | — | | | | — | | | | 17,436,043 | | | | (16,228,471 | ) |
GuideMark® World ex-US Fund - Institutional Shares | | | 8,369,337 | | | | 382,487 | | | | 8,751,824 | | | | — | | | | — | | | | — | | | | 14,458,859 | | | | (8,925,880 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | 47,475,926 | | | $ | (38,635,255 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund - Institutional Shares | | | 181,943 | | | | 14,186 | | | | 196,129 | | | | — | | | $ | — | | | $ | — | | | $ | 944,890 | | | $ | (813,413 | ) |
GuideMark® Emerging Markets Fund - Institutional Shares | | | 28,624 | | | | 2,231 | | | | 30,855 | | | | — | | | | — | | | | — | | | | 154,474 | | | | (108,799 | ) |
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | | | 369,315 | | | | 28,801 | | | | 398,116 | | | | — | | | | — | | | | — | | | | 2,354,212 | | | | (2,097,331 | ) |
GuideMark® World ex-US Fund - Institutional Shares | | | 611,474 | | | | 47,696 | | | | 659,170 | | | | — | | | | — | | | | — | | | | 1,291,975 | | | | (785,757 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | 4,745,551 | | | $ | (3,805,300 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | |
Absolute Return Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 617,227 | | | | 8,936 | | | | 626,163 | | | | — | | | $ | — | | | $ | — | | | $ | (105,413 | ) | | $ | 165,192 | |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 508,071 | | | | 7,360 | | | | 515,431 | | | | — | | | | — | | | | — | | | | 196,698 | | | | (222,851 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | 91,285 | | | $ | (57,659 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
161
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Share Activity
| | | Period Ended September 30, 2017
| |
Security Name
| | Balance
March 31, 2017
| | | Purchases
| | | Sales
| | | Balance
September 30, 2017
| | | Fair
Value
| | | Dividends
Credited
to Income
| | | Amount of Gain
(Loss) realized on
Sale of Shares
| | | Net change in
unrealized
appreciation
(depreciation)
| |
Multi-Asset Income Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 299,116 | | | | 28,528 | | | | 327,644 | | | | — | | | $ | — | | | $ | 20,203 | | | $ | (26,139 | ) | | $ | 58,424 | |
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | | | 443,310 | | | | 29,998 | | | | 473,308 | | | | — | | | | — | | | | 75,399 | | | | 163,938 | | | | (222,006 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | — | | | $ | 95,602 | | | $ | 137,799 | | | $ | (163,582 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | |
Flexible Income Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GuideMark® Core Fixed Income Fund - Institutional Shares | | | 68,915 | | | | 766 | | | | 69,681 | | | | — | | | $ | — | | | $ | — | | | $ | 6,902 | | | $ | (280 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | 6,902 | | | $ | (280 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| 10. | | New Accounting Pronouncement |
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.
| 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 | ) |
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 | ) |
162
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 | ) |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | | | | — | | | | — | |
World ex-US Fund | | | 139,582,037 | | | | — | | | | 15,471,584 | | | | | | | | (1,156,555 | ) |
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 | | | — | | | | — | |
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.
163
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
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 | | | | — | | | | — | |
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 | | | | — | | | | — | |
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 | | | | — | | | | — | |
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
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| | | Opportunistic
Fixed Income
Fund
| |
Cost of Investments | | $ | 213,596,470 | | | $ | 105,040,193 | | | $ | 127,914,835 | | | $ | 166,959,915 | | | $ | 163,302,584 | | | $ | 28,488,986 | | | $ | 62,222,862 | |
Gross Unrealized Appreciation | | | 45,655,758 | | | | 22,839,450 | | | | 25,391,583 | | | | 30,288,239 | | | | 2,534,046 | | | | 1,847,698 | | | | 4,951,275 | |
Gross Unrealized Depreciation | | | (6,602,834 | ) | | | (3,911,105 | ) | | | (5,253,936 | ) | | | (7,585,948 | ) | | | (1,735,929 | ) | | | (31,792 | ) | | | (6,402,568 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 39,052,924 | | | | 18,928,345 | | | | 20,137,647 | | | | 22,702,291 | | | | 798,117 | | | | 1,815,906 | | | | (1,451,293 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 15,015 | | | | — | |
Undistributed Ordinary Income | | | 355,378 | | | | — | | | | 293,042 | | | | 2,901,835 | | | | 294,651 | | | | 2,154 | | | | 12,274,176 | |
Undistributed Long-Term Cap Gains | | | 5,760,693 | | | | — | | | | 1,075,826 | | | | — | | | | 349,253 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 6,116,071 | | | | — | | | | 1,368,868 | | | | 2,901,835 | | | | 643,904 | | | | 17,169 | | | | 12,274,176 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | — | | | | (91,205,686 | ) | | | — | | | | (155,105,126 | ) | | | (468,259 | ) | | | (1,729,569 | ) | | | (26,860,958 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Accumulated Earnings/(Losses) | | | 45,168,995 | | | | (72,277,341 | ) | | | 21,506,515 | | | | (129,501,000 | ) | | | 973,762 | | | | 103,506 | | | | (16,038,075 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
164
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2017
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures Strategy
Fund
| |
Cost of Investments | | $ | 565,944,588 | | | $ | 140,501,479 | | | $ | 311,861,765 | | | $ | 152,416,683 | | | $ | 131,219,873 | | | $ | 116,146,584 | | | $ | 82,237,400 | |
Gross Unrealized Appreciation | | | 93,741,327 | | | | 9,665,414 | | | | 23,874,885 | | | | 8,339,487 | | | | 8,814,693 | | | | 2,344,852 | | | | 21,582 | |
Gross Unrealized Depreciation | | | (3,979,966 | ) | | | (2,251,470 | ) | | | (3,311,635 | ) | | | (948,921 | ) | | | (140,569 | ) | | | (563,506 | ) | | | (3,218 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 89,761,361 | | | | 7,413,944 | | | | 20,563,250 | | | | 7,390,566 | | | | 8,674,124 | | | | 1,781,346 | | | | 18,364 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 1,948,396 | | | | 1,224,770 | | | | 4,024,774 | | | | 634,051 | | | | 112,867 | | | | 38,394 | | | | — | |
Undistributed Long-Term Cap Gains | | | 2,796,323 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 4,744,719 | | | | 1,224,770 | | | | 4,024,774 | | | | 634,051 | | | | 112,867 | | | | 38,394 | | | | — | |
| | |
|
|
| |
|
|
| |
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Other Accumulated Gains/(Losses) | | | (21,489 | ) | | | (4,266,113 | ) | | | (18,428,535 | ) | | | (13,086,799 | ) | | | (8,734,452 | ) | | | (10,375,770 | ) | | | (4,136,685 | ) |
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Total Accumulated Earnings/(Losses) | | | 94,484,591 | | | | 4,372,601 | | | | 6,159,489 | | | | (5,062,182 | ) | | | 52,539 | | | | (8,556,030 | ) | | | (4,118,321 | ) |
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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.
165
GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION
September 30, 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% | |
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.
166
GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 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 or Longer
| | # 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). | | | 15 | | | 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). | | | 15 | | | 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). | | | 15 | | | 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). |
| | | | | |
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). | | | 15 | | | 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). |
167
GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 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
|
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.
168
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® 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 BrokerageTM, LLC
1655 Grant Street, 10th Floor
Concord, CA 94520
This document must be preceded or accompanied by a free prospectus. Investors should consider the 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.
Semi-Annual Report
September 30, 2017
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a- |
| | 15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. 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. Not applicable for semi-annual reports. |
(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.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| | (Registrant) | | GPS Funds II |
| | | | |
| | |
| | By (Signature and Title) | | /s/ Carrie E. Hansen |
| | | | Carrie E. Hansen, Principal Executive Officer/President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | By (Signature and Title) | | /s/ Carrie E. Hansen |
| | | | Carrie E. Hansen, Principal Executive Officer/President |
| | | | |
| | |
| | By (Signature and Title) | | /s/ Patrick Young |
| | | | Patrick R. Young, Principal Financial Officer/Treasurer |
