UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22486
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, 2019
Date of reporting period: April 1, 2018 through March 31, 2019
Item 1. Reports to Stockholders.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
March 31, 2019
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
GUIDEPATH® CONSERVATIVE INCOME FUND
GUIDEPATH® INCOME FUND
GUIDEPATH® GROWTH AND INCOME FUND
Notice to Shareholders
Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund’s shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, these reports will be made available online.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. If you receive shareholder reports by mail, you will be sent a single-page document that includes the web address to access the full report with instructions to request a printed copy at no charge. You may elect to receive shareholder reports and other communications electronically from the Fund anytime by contacting your financial advisor or institution.
You may elect to receive all future shareholder reports in paper free of charge. If you’d like to continue to receive a paper copy of the full report, visit www.fundreports.com any time prior to January 1, 2021. Your election will apply to all funds held in your account.
May 30, 2019
Dear Shareholder:
Enclosed is the Annual Report for the GuideMark® and GuidePath®Funds covering the period from April 1, 2018 to March 31, 2019.
Market Review
For theone-year period ended March 31, 2019, US equity markets returned 9.5%.1 Notwithstanding this positive annual performance, however, the last 6 months of the period saw significant volatility. The US equity markets rapidly fell in October and continued to fall through December, leading to a fourth quarter return of-13.5%. Just as quickly as they turned south, the markets quickly reversed course in January and rallied through the first quarter of 2019, leading to a first quarter return of 13.7%; the strongest start to a calendar year in more than 20 years. The strong rally was aided by a change in the US Federal Reserve’s monetary policy tone to be more accommodative, and by better-than-expected corporate earnings reports.
From a sector perspective, the year ended March 31, 2019 saw mixed results. The threetop-performing sectors were defensive, bond-proxy sectors such as real estate (21.0%) and utilities (19.3%) and technology (15.4%), a high growth sector.2 Most of the returns in the real estate sector came in the first quarter as interest rates fell following an announcement by the US Federal Reserve that it was unlikely to raise rates through 2019. The defensive qualities of the utilities sector benefited from the rate-change environment especially in the fourth quarter, as it was the only sector to provide a positive return in the fourth quarter, which helped itsone-year return. Technology sector returns were boosted during the reporting period by investors’ willingness to pay for growth in a slow-growth environment, leading the market upwards through most of 2018 only to see its momentum reversed in October before returning to positive momentum in January.
International equity markets trailed US equity markets over the period, with emerging markets trailing developed markets. Impacted by a stronger dollar and rising rates in the US, emerging markets returned-7.1% for theone-year period, after having been the market leader in the prior year.3 Concerns over global trade disputes and tariffs between the US and China led to Chinese equities seeing a return of-6.1% for the one year period, even with a 17.7% return in the first quarter of 2019.4 Europeex-UK and Japan dragged on returns in developed markets, leading to a 3.4% local currency return for the year, which turned negative when applying the impact of currencies, giving US investors a return of-3.2%.5
Bond markets did not see quite the same level of volatility as equity markets during the reporting period, but did see some significant changes in sector performance in the first quarter of 2019 as a result of the US Federal Reserve taking a more dovish policy approach. The Bloomberg Barclays U.S. Aggregate Bond Index returned 4.5% for the12-month period, mainly driven by the last six months. The10-year Treasury yield was 2.7% on April 1, 2018 and gradually rose to a high of 3.2% on November 8, 2018 before falling to 2.7% at year end and then down to 2.4% by March 31, 2019.6 Building from theflight-to-quality in the fourth quarter of 2018, long-term bonds benefited from the fall in rates during the first quarter of 2019, leading to a return of 6.2% for the year while short-term bonds returned 2.7%.7
The credit markets provided the strongest relative returns for the one year period, with high-yield up 5.9% for the year,8 and emerging market bonds up 4.4%.9 The international developed markets did not fare as well as emerging markets during the period, as they were adversely impacted by the strength of the US dollar. The Bloomberg Barclays Global Aggregateex-USD Index returned-4.1% while the hedged version of the index (which hedges out the currency risk) returned 5.2%.
Fund Review
Looking across the GuideMark® equity funds, all of the funds trailed their respective benchmarks during the reporting period due to the momentum seen in high-growth factors. Specifically, for the GuideMark® Large Cap Core Fund, GuideMark® Small/Mid Cap Core Fund and GuideMark® Worldex-US Fund, the biggest detractor was exposure to the value factor, while for the GuideMark® Emerging Markets Fund, the momentum factor was the biggest headwind, given the consistent downward trend seen for most of the period.
The GuideMark® Core Fixed Income Fund and the GuideMark®Tax-Exempt Fixed Income Fund trailed their respective benchmarks while the GuideMark® Opportunistic Fixed Income Fund was the only fund to outperform for the period. The ability of the GuideMark® Opportunistic Fixed Income Fund to take short positions in the Euro and long positions in select emerging markets combined with the Fund’s underweight exposure to investment grade credit helped lift the Fund’s returns over the period. Shorter duration positioning within the GuideMark® Core Fixed Income Fund was a headwind to returns along with an allocation to treasury inflation protected securities, which provided muted returns given the benign inflation environment. The GuideMark®Tax-Exempt Fixed Income Fund’s exposure to bonds rated below investment grade was the main detractor from the Fund’s performance in the second half of 2018, as higher-risk assets fell the most during the market downturn.
| 1 | | US equities represented by the S&P 500® Index. |
| 2 | | Real estate, utilities and technology sectors represented by the S&P 500®Real Estate (Sector) Index, S&P 500® Utilities (Sector) Index and S&P 500® Technology (Sector) Index, respectively. |
| 3 | | Emerging market equities represented by the MSCI Emerging Markets Index. |
| 4 | | Chinese equities represented by MSCI China Index. |
| 5 | | Developed markets represented by the MSCI EAFE Index. |
| 6 | | Source: U.S. Department of Treasury. |
| 7 | | Long-term bonds represented by Bloomberg Barclays Long U.S. Treasury Index. Short-term bonds represented by Bloomberg Barclays U.S.1-3 Year Treasury Bond Index. |
| 8 | | High yield represented by the Bloomberg Barclays U.S. Corporate High Yield Index. |
| 9 | | Emerging market bonds represented by the Bloomberg Barclays EM USD Aggregate Bond Index. |
1
Two of the GuidePath® funds outperformed their respective benchmarks during the period. The GuidePath® Tactical Allocation Fund outperformed its benchmark due to higher exposure to equities relative to its benchmark, specificially during the market rally in the first quarter of 2019. The Fund’s positioning in growth stocks, including dedicated exposure to technology, was also a positive contributor to returns during the period. The GuidePath®Absolute Return Fund outperformed its benchmark due to exposure to high-yield bonds in addition to a small allocation to US equities. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund and GuidePath®Flexible Income Fund underperformed their respective benchmarks. Lagging returns were generally a result of broader diversification, including exposure to US small capitalization stocks, international and emerging markets in both equity and fixed income and cash positioning. The GuidePath®Managed Futures Strategy Fund focuses on investing in asset classes based upon their price trends using futures as the investment vehicle, which may amplify investment risks by creating leverage in the Fund’s portfolio. The Fund’s performance was negatively impacted by the changing trends in multiple markets that occurred during the period. Specifically, September 2018 was particularly challenging for the Fund due to its long exposures in European bonds and currencies. In October 2018, long US equity positions and in January 2019 short US equity positions dragged on the Fund’s returns with the sudden reversals in the market.
Three new GuidePath® funds focused on income were launched at the end of April 2018. All three funds trailed their respective benchmarks during the reporting period due to a risk-averse posture. The GuidePath® Conservative Income Fund was tilted toward cash equivalents while both the GuidePath® Income Fund and the GuidePath® Growth and Income Fund were defensively positioned in cash and short term bonds for most of the second quarter and the fourth quarter of 2018 following spikes in volatility.
Looking Ahead
For the past 10 years, generally speaking, investors have seen active managers underperform indexes, growth and momentum stocks outperform value stocks, large-capitalization stocks outperform small-capitalization stocks and US markets outperform international markets. Based on these trends, it may be tempting to shy away from diversification and tactical strategies. Indeed, it has been costly over past several years to maintain a globally diversified portfolio, especially in light of current US market returns. However, it remains our view that maintaining a disciplined, diversified strategy is the best approach for helping investors achieve their goals over the long term.
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 providesfee-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 may obtain a prospectus by contacting your registered representative.
AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. The Principal Underwriter for the GuideMark® and GuidePath® Funds is AssetMark Brokerage™, LLC, a member of the Financial Industry Regulatory Authority. AssetMark Brokerage™, LLC is an affiliate of AssetMark, Inc. and shares its address.©2019 AssetMark, Inc. All rights reserved.
Investment Terms
Valuationis the process of determining the value of an asset or company.
Volatilityis a statistical measure of the dispersion of returns for a given security or market index.
Index Definitions
Bloomberg Barclays EM USD Aggregate Indexis a hard currency emerging markets debt benchmark that includesUSD-denominated debt from sovereign, quasi-sovereign, and corporate emerging markets issuers.
Bloomberg Barclays Long U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.
Bloomberg Barclays U.S.1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years.
2
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that measures the investment-grade, U.S. 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 U.S. Aggregate Bond Index have a minimum term to maturity of one year.
Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Bloomberg Barclays Global Aggregateex-USD Bond Indexis 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, excluding the U.S.
MSCI China Index is a free float-adjusted market capitalization-weighted index designed to measure the performance of large and mid cap equity securities in the top 85% in market capitalization of the Chinese equity securities markets, as represented by theH-shares,B-shares, Red chips,P-chips and foreign listings such as American Depository Receipts.
MSCI EAFE (Europe, Australasia, Far East) Indexmeasures the equity market performance of countries considered to represent developed markets, excluding the U.S. and Canada.
MSCI Emerging Markets Indexmeasures the equity market performance of countries considered to represent emerging markets.
S&P 500® Index focuses on thelarge-cap segment of the U.S. equity market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of U.S. equities.
S&P 500®Real Estate (Sector) Index comprises stocks included in the S&P 500® Index that are classified as members of the GICS® real estate sector.
S&P 500® Information Technology (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® information technology sector.
S&P 500® Utilities (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® utilities sector.
3
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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 thelarge-cap segment of the U.S. equity universe. As of May 11, 2018, the market capitalization of the companies in the Russell 1000® Index ranged from $2.5 billion to $926.9 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Large Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 7.47 | % | | | 8.98 | % | | | 13.96 | % | | | 4.69 | % |
Institutional Shares | | | 8.09 | % | | | 9.60 | % | | | N/A | | | | 9.96 | % |
Russell 1000® Index | | | 9.30 | % | | | 10.63 | % | | | 16.05 | % | | | 7.19 | %(2) |
| (1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | The return shown for the Russell 1000® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 11.86%. |
4
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 7.5%, underperforming the Russell 1000® Index at 9.3%. |
| • | | Within U.S. markets, stocks with momentum and higher quality generally outperformed, while stocks with value characteristics generally lagged. |
| • | | Most of the underperformance was driven by the value factor as the quality factor contributed positively to returns. |
| • | | Underweight exposure to health care and real estate, as well as security selection within those sectors, detracted from the Fund’s 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 | | | Microsoft Corp. | | | 3.06 | % |
| | 2 | | | Apple, Inc. | | | 2.97 | % |
| | 3 | | | Vanguard S&P 500 ETF | | | 2.96 | % |
| | 4 | | | Amazon.com, Inc. | | | 2.29 | % |
| | 5 | | | Facebook, Inc. - Class A | | | 1.20 | % |
| | 6 | | | Johnson & Johnson | | | 1.10 | % |
| | 7 | | | JPMorgan Chase & Co. | | | 0.98 | % |
| | 8 | | | Berkshire Hathaway, Inc. – Class B | | | 0.89 | % |
| | 9 | | | Alphabet, Inc. – Class C | | | 0.88 | % |
| | 10 | | | Alphabet, Inc. – Class A | | | 0.88 | % |
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.
5
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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 countries considered to represent emerging markets. As of July 31, 2018, the emerging market country indices included were: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Emerging Markets Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -10.05 | % | | | 6.09 | % | | | 13.28 | % | | | 4.74 | % |
Institutional Shares(2) | | | -9.53 | % | | | 6.26 | % | | | N/A | | | | 8.99 | % |
MSCI Emerging Markets Index | | | -7.06 | % | | | 4.06 | % | | | 9.31 | % | | | 9.82 | %(3) |
| (1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | 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. |
| (3) | 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 1.16%. |
6
GuideMark®Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned-10.1%, underperforming the MSCI Emerging Markets Index at-7.1%. |
| • | | Within international markets, stocks with higher quality generally outperformed, while stocks with momentum and value characteristics generally lagged. |
| • | | The Fund’s exposure to the momentum factor detracted from the Fund’s performance. |
| • | | Security selection within the materials and financials sectors, as well as exposure to issuers in Turkey and security selection within China, detracted from Fund returns. Security selection in Brazil, and within the utilities and communication services sectors contributed to the Fund’s performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Tencent Holdings Ltd. | | | 4.14 | % |
| | 2 | | | Alibaba Group Holding, Ltd. – ADR | | | 3.65 | % |
| | 3 | | | Samsung Electronics Co., Ltd. | | | 3.45 | % |
| | 4 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3.39 | % |
| | 5 | | | iShares Core MSCI Emerging Markets ETF | | | 2.45 | % |
| | 6 | | | China Construction Bank Corp. – Series H | | | 1.43 | % |
| | 7 | | | Naspers Ltd. – N Shares | | | 1.22 | % |
| | 8 | | | Ping An Insurance Group Co. of China, Ltd. – Series H | | | 0.95 | % |
| | 9 | | | China Mobile Ltd. | | | 0.95 | % |
| | 10 | | | Lukoil PJSC – ADR | | | 0.94 | % |
7
GuideMark®Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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- tomid-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 11, 2018, the market capitalization of the companies in the Russell 2500TMIndex ranged from $159.2 million to $12.0 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Small/Mid Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 2.99 | % | | | 6.49 | % | | | 14.91 | % | | | 7.23 | % |
Russell 2500TM Index | | | 4.48 | % | | | 7.79 | % | | | 16.23 | % | | | 8.73 | % |
| (1) | Inception date is 6/29/01. |
8
GuideMark®Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.0%, underperforming the Russell 2500™ Index at 4.5%. |
| • | | Within U.S. markets, higher quality stocks with momentum generally outperformed, while stocks with value characteristics generally lagged. |
| • | | Most of the Fund’s underperformance relative to the benchmark was driven by the value factor as the quality factor contributed positively to returns. |
| • | | Security selection within the industrials and real estate sectors as well as overweight exposure to the technology and health care sector detracted from the Fund’s 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 | | | Vanguard Extended Market ETF | | | 3.66 | % |
| | 2 | | | Advanced Micro Devices, Inc. | | | 0.40 | % |
| | 3 | | | Cadence Design System, Inc. | | | 0.34 | % |
| | 4 | | | CDW Corp. | | | 0.29 | % |
| | 5 | | | Keysight Technologies, Inc. | | | 0.29 | % |
| | 6 | | | Vistra Energy Corp. | | | 0.28 | % |
| | 7 | | | Kohl’s Corp. | | | 0.27 | % |
| | 8 | | | NRG Energy, Inc. | | | 0.24 | % |
| | 9 | | | Veeva Systems, Inc. – Class A | | | 0.24 | % |
| | 10 | | | Zebra Technologies Corp. – Class A | | | 0.24 | % |
9
GuideMark®Worldex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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 WORLDEX-USA INDEX – The MSCI Worldex-USA Index captures large andmid-cap representation across 22 of 23 developed markets countries excluding the U.S. As of July 31, 2018, the developed market country indices included were: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Worldex-US Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -5.36 | % | | | 1.74 | % | | | 6.03 | % | | | 2.57 | % |
Institutional Shares(2) | | | -4.79 | % | | | 2.53 | % | | | N/A | | | | 2.37 | % |
MSCI Worldex-USA Index | | | -2.61 | % | | | 2.71 | % | | | 9.36 | % | | | 5.55 | %(3) |
| (1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | 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. |
| (3) | The return shown for the MSCI Worldex-USA Index is from the inception date of the Service Shares. The MSCI Worldex-USA Index return from the inception date of the Institutional Shares is 3.56%. |
10
GuideMark®Worldex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned-5.4%, underperforming the MSCI Worldex-USA Index at-2.6%. |
| • | | Within international markets, higher quality stocks generally outperformed, while stocks with momentum and value characteristics generally lagged. |
| • | | Most of the Fund’s underperformance relative to the benchmark was driven by the value factor as the quality factor contributed positively to returns. |
| • | | Security selection within the materials and industrials sectors, as well as security selection in France, Australia, and Japan, detracted from the Fund’s 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 | | | 2.38 | % |
| | 2 | | | Nestle SA | | | 1.68 | % |
| | 3 | | | Roche Holdings AG | | | 1.35 | % |
| | 4 | | | Novartis AG | | | 1.14 | % |
| | 5 | | | GlaxoSmithKline PLC | | | 0.74 | % |
| | 6 | | | Koninklijke Ahold Delhaize NV | | | 0.67 | % |
| | 7 | | | Total SA | | | 0.66 | % |
| | 8 | | | L’Oreal SA | | | 0.62 | % |
| | 9 | | | Royal Dutch Shell PLC – Class A | | | 0.56 | % |
| | 10 | | | Unilever NV | | | 0.55 | % |
11
GuideMark®Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2009. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Core Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 3.57 | % | | | 1.90 | % | | | 4.16 | % | | | 3.68 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 4.48 | % | | | 2.74 | % | | | 3.77 | % | | | 4.50 | % |
| (1) | Inception date is 6/29/01. |
12
GuideMark®Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.6%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 4.5%. |
| • | | The Fund’s relative duration and yield curve positioning detracted from returns, along with the Fund’s allocation to treasury inflation protected securities. |
| • | | While maintaining duration within a 20% band to the benchmark, the Fund tactically reduced duration and held an allocation to treasury inflation protected securities in expectation of rising inflation and interest rates. The shorter duration relative to the benchmark resulted in a modest lag over the period as interest rates declined. |
| • | | The Fund’s performance benefitted from an overweight to corporate credit and securitized sectors such asnon-agency mortgage-backed securities and asset-backed securities, as credit spreads narrowed amid an improving market outlook during the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures and swap contracts.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Federal National Mortgage Association, Pool #TBA, 3.500%, 04/15/2041 | | | 2.52 | % |
| | 2 | | | Federal National Mortgage Association, Pool #BN5279, 4.000%, 02/01/2049 | | | 2.48 | % |
| | 3 | | | U.S. Treasury Bond, 0.375%, 07/15/2027 | | | 2.33 | % |
| | 4 | | | Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 04/15/2042 | | | 2.06 | % |
| | 5 | | | U.S. Treasury Note, 2.375%, 08/15/2024 | | | 1.94 | % |
| | 6 | | | Federal Home Loan Mortgage Corp., Pool #TBA, 4.500%, 04/15/2041 | | | 1.81 | % |
| | 7 | | | U.S. Treasury Note, 2.875%, 05/31/2025 | | | 1.70 | % |
| | 8 | | | U.S. Treasury Bond, 2.500%, 05/15/2046 | | | 1.67 | % |
| | 9 | | | U.S. Treasury Note, 2.875%, 08/15/2028 | | | 1.46 | % |
| | 10 | | | U.S. Treasury Bond, 3.125%, 11/15/2041 | | | 1.35 | % |
13
GuideMark®Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2009. 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-termtax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, andpre-refunded bonds.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Tax-Exempt Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 3.72 | % | | | 2.94 | % | | | 3.96 | % | | | 3.38 | % |
Bloomberg Barclays Municipal Bond Index | | | 5.38 | % | | | 3.73 | % | | | 4.72 | % | | | 4.61 | % |
| (1) | Inception date is 6/29/01. |
14
GuideMark®Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.7%, underperforming the Bloomberg Barclays Municipal Bond Index at 5.4%. |
| • | | Shorter duration in the intermediate portion of the curve relative to the benchmark detracted from the Fund’s relative performance as this was the best performing maturity segment within the benchmark. |
| • | | The Fund’s exposure to bonds rated BBB and below investment grade benefited the Fund’s absolute performance as high yield municipal bonds generally outperformed the broad market during the period. |
| • | | Underperformance inA-rated bonds detracted from the Fund’s returns for the period, though an underweight in this credit tranche helped to somewhat mitigate the Fund’s underperformance relative to the benchmark. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | New York Environmental Facilities Corp., Series B, Revenue Bond, 5.500%, 10/15/2027 | | | 2.52 | % |
| | 2 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | | | 2.13 | % |
| | 3 | | | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | | | 2.13 | % |
| | 4 | | | Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027 | | | 2.10 | % |
| | 5 | | | Los Angeles Department of Airports, Series A, Revenue Bond, 5.250%, 05/15/2029 | | | 1.98 | % |
| | 6 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Board, 5.00%, 12/01/2025 | | | 1.81 | % |
| | 7 | | | Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034 | | | 1.61 | % |
| | 8 | | | Illinois, GO, 5.000%, 01/01/2029 | | | 1.48 | % |
| | 9 | | | M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039 | | | 1.43 | % |
| | 10 | | | Central Puget Sound Regional Transit Authority, SeriesP-1, Refunding, Revenue Bond, 5.000%, 02/01/2027 | | | 1.40 | % |
15
GuideMark®Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 1, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS MULTIVERSE INDEX – The Bloomberg Barclays Multiverse Index provides a broad-based measure of the global fixed-income bond market, and captures investment grade and high yield securities in all eligible currencies.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuideMark®Opportunistic Fixed Income Fund | | | | | | | | | | | | |
Service Shares | | | 0.64 | % | | | 1.12 | % | | | 1.85 | % |
Institutional Shares | | | 2.65 | % | | | 1.89 | % | | | 2.46 | % |
Bloomberg Barclays Multiverse Index | | | -0.29 | % | | | 1.19 | % | | | 1.93 | %(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 1.51%. |
16
GuideMark®Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 0.6%, outperforming the Bloomberg Barclays Multiverse Index at-0.3%. |
| • | | Underweight exposure to corporate credit, security selection within mortgage-backed securities, and select currency positioning were the main contributors to the Fund’s returns. |
| • | | Security selection within structured credit was a positive contributor to Fund performance. Underweight exposure to corporate credit relative to the benchmark also benefitted Fund performance as credit spreads widened for part of the period as a result of interest rate fears and valuation concerns. |
| • | | Net short positions in the Euro, Japanese Yen and the Australian dollar contributed to Fund performance as all three currencies weakened relative to the U.S. dollar during the period. Maintaining a defensive duration positioning was a detractor for most of the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio. Percentages expressed exclude derivative
instruments, such as forward currency contracts, swap contracts and options written.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Mexican Bonos, 5.000%, 12/11/2019 | | | 3.73 | % |
| | 2 | | | Indonesia Treasury Bond, 8.375%, 09/15/2026 | | | 3.67 | % |
| | 3 | | | Nota Do Tesouro Nacional, 10.000%, 01/01/2027 | | | 2.76 | % |
| | 4 | | | India Government Bond, 8.830%, 11/25/2023 | | | 2.24 | % |
| | 5 | | | Brazil Letras do Tesouro Nacional, 7.221%, 07/01/2021 | | | 2.16 | % |
| | 6 | | | Federal National Mortgage Association, Pool #TBA, 3.500%, 04/01/2048 | | | 1.88 | % |
| | 7 | | | Federal National Mortgage Association, Pool#2014-95, 3.000%, 04/25/2041 | | | 1.87 | % |
| | 8 | | | Federal National Mortgage Association, Pool#2018-23, 2.750%, 12/25/2043 | | | 1.34 | % |
| | 9 | | | Indonesia Treasury Bond, 8.250%, 07/15/2021 | | | 1.33 | % |
| | 10 | | | Columbian TES, 7.750%, 09/18/2030 | | | 1.30 | % |
17
GuidePath®Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Growth Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 1.61 | % | | | 4.80 | % | | | 5.34 | % |
Institutional Shares | | | 2.22 | % | | | 5.41 | % | | | 7.56 | % |
S&P® Target Risk Aggressive Index | | | 2.65 | % | | | 6.67 | % | | | 7.77 | %(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 8.80%. |
18
GuidePath®Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 1.6% underperforming the S&P® Target Risk Aggressive Index at 2.7%. |
| • | | Exposure to international and emerging market equities hurt the Fund’s relative returns due to trade tensions and foreign currency depreciation. A small country specific exposure to China detracted from the Fund’s performance as a result of trade negotiations and expected slower growth. |
| • | | Exposure to U.S. REITs benefited Fund performance on strong gains as the Federal Reserve shifted to a more dovish policy stance. Positioning in US large cap equities helped the Fund’s returns as the domestic economy remained resilient. |
| • | | Small cap equity exposure tempered the Fund’s returns as investors favored large cap equity during 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 | | | Vanguard S&P 500 ETF | | | 19.42 | % |
| | 2 | | | Vanguard FTSE Developed Markets ETF | | | 16.04 | % |
| | 3 | | | Schwab U.S.Large-Cap ETF | | | 9.86 | % |
| | 4 | | | iShares Core S&PSmall-Cap ETF | | | 6.39 | % |
| | 5 | | | iShares Core MSCI Emerging Markets ETF | | | 5.91 | % |
| | 6 | | | American Funds – EuroPacific Growth Fund – Class F3 | | | 4.98 | % |
| | 7 | | | Vanguard Russell 1000 Growth ETF | | | 3.31 | % |
| | 8 | | | Schwab U.S.Large-Cap Growth ETF | | | 3.31 | % |
| | 9 | | | American Funds – The Growth Fund of America – Class F3 | | | 3.28 | % |
| | 10 | | | AMCAP Fund – Class F3 | | | 3.27 | % |
19
GuidePath®ConservativeAllocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Conservative Allocation Fund | | | | | | | | | |
Service Shares | | | 3.35 | % | | | 2.55 | % | | | 3.73 | % |
Institutional Shares | | | 3.97 | % | | | 3.17 | % | | | 5.05 | % |
S&P® Target Risk Conservative Index | | | 4.07 | % | | | 4.09 | % | | | 4.62 | %(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 4.51%. |
20
GuidePath®ConservativeAllocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 3.4% underperforming the S&P® Target Risk Conservative Index at 4.1%. |
| • | | Exposure to international and emerging market equities hurt the Fund’s relative returns due to trade tensions and foreign currency depreciation. A small country specific exposure to China detracted from the Fund’s performance as a result of trade negotiations and expected slower growth. |
| • | | High yield bond exposure and long-term Treasuries aided returns as credit spreads tightened and the yield curve flattened. Exposure to U.S. REITs benefited performance on strong gains as the Federal Reserve shifted to a more dovish policy stance. |
| • | | A small allocation to international treasuries dampened Fund performance on weakness in foreign currencies. Small cap equity exposure tempered the Fund’s returns as investors favored large cap equity during 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 | | | Vanguard Mortgage-Backed Securities ETF | | | 8.91 | % |
| | 2 | | | Vanguard S&P 500 ETF | | | 7.78 | % |
| | 3 | | | iShares1-3 Year Treasury Bond ETF | | | 6.41 | % |
| | 4 | | | Vanguard FTSE Developed Markets ETF | | | 6.31 | % |
| | 5 | | | iShares7-10 Year Treasury Bond ETF | | | 5.34 | % |
| | 6 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 5.00 | % |
| | 7 | | | American Funds – Capital Income Builder – Class F3 | | | 4.07 | % |
| | 8 | | | American Funds – The Income Fund of America – Class F3 | | | 4.06 | % |
| | 9 | | | iShares Core Aggressive Allocation ETF | | | 4.05 | % |
| | 10 | | | iShares U.S. Credit Bond ETF | | | 4.00 | % |
21
GuidePath®Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Tactical Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 4.96 | % | | | 3.84 | % | | | 3.92 | % |
Institutional Shares | | | 5.59 | % | | | 4.45 | % | | | 5.71 | % |
S&P 500® Daily Risk Control 10% Index | | | 3.50 | % | | | 8.32 | % | | | 7.96 | %(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 9.72%. |
22
GuidePath®Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 5.0% outperforming the S&P® 500 Daily Risk Control 10% Index at 3.5%. |
| • | | Overweight exposure to equities relative to the benchmark during the early part of the period in combination with leveraged exposure to approximately 108% was a primary driver of the Fund’s outperformance relative to the benchmark. |
| • | | Technology and healthcare sector equity positioning benefited the Fund’s returns as interest in growth-oriented sectors prevailed over the period. |
| • | | Exposure to large cap value equity detracted from the Fund’s performance due to growth stocks remaining in favor. |
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 | | | Schwab U.S. TIPs ETF | | | 16.78 | % |
| | 2 | | | Schwab U.S.Large-Cap ETF | | | 16.02 | % |
| | 3 | | | Vanguard S&P 500 ETF | | | 16.01 | % |
| | 4 | | | iShares7-10 Year Treasury Bond ETF | | | 13.42 | % |
| | 5 | | | iShares Core S&P 500 ETF | | | 8.72 | % |
| | 6 | | | SPDR S&P 500 ETF Trust | | | 5.96 | % |
| | 7 | | | SPDR Portfolio S&P 500 Growth ETF | | | 4.78 | % |
| | 8 | | | Technology Select Sector SPDR ETF | | | 4.22 | % |
| | 9 | | | VanguardMid-Cap Growth ETF | | | 3.92 | % |
| | 10 | | | VanguardSmall-Cap Growth ETF | | | 3.48 | % |
23
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.
FTSE3-MONTH TREASURY BILL INDEX – The FTSE3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Absolute Return Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 2.81 | % | | | 3.06 | % | | | 2.45 | % |
Institutional Shares | | | 3.43 | % | | | 3.69 | % | | | 3.21 | % |
FTSE3-Month Treasury Bill Index(3) | | | 2.12 | % | | | 0.72 | % | | | 0.48 | %(2) |
| (1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | The return shown for the FTSE3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The FTSE3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.57%. |
| (3) | Index formerly known as the Citigroup3-Month Treasury Bill Index |
24
GuidePath®Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 2.8% outperforming the FTSE3-Month Treasury Bill Index at 2.1%. |
| • | | High yield bond exposure contributed to the Fund’s performance as credit spreads tightened during the period. Exposure to domestic core bonds and mortgage-backed securities added to the Fund’s returns. |
| • | | A small exposure to U.S. large cap equities lifted the Fund’s returns as the domestic economy remained resilient. |
| • | | Positioning in long-dated Treasuries detracted from the Fund’s returns during the period held. |
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 | | | 19.55 | % |
| | 2 | | | ProShares Investment Grade-Interest Rate Hedged ETF | | | 14.98 | % |
| | 3 | | | DoubleLine Total Return Bond Fund – Institutional Shares | | | 12.33 | % |
| | 4 | | | iShares1-3 Year Treasury Bond ETF | | | 9.51 | % |
| | 5 | | | T. Rowe Price Institutional Floating Rate Fund – Investor Shares | | | 6.21 | % |
| | 6 | | | BlackRock Low Duration Bond Portfolio – Institutional Shares | | | 5.00 | % |
| | 7 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 4.99 | % |
| | 8 | | | DoubleLine Low Duration Bond Fund – Institutional Shares | | | 4.98 | % |
| | 9 | | | Vanguard S&P 500 ETF | | | 4.55 | % |
| | 10 | | | Vanguard Total Bond Market ETF | | | 3.72 | % |
25
GuidePath®Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Years
| | | Since Inception(1)
| |
GuidePath®Multi-Asset Income Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 4.13 | % | | | 3.33 | % | | | 4.53 | % |
Morningstar Multi-Asset High Income Index | | | 4.24 | % | | | 4.25 | % | | | 4.32 | % |
| (1) | Inception date is 8/31/12. |
26
GuidePath®Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 4.1% slightly underperforming the Morningstar Multi-Asset High Income Index at 4.2%. |
| • | | Exposure to U.S. REITs benefited Fund performance on strong gains as the Federal Reserve shifted to a more dovish policy stance. Positioning in U.S. dividend equities contributed to the Fund’s returns as the domestic economy remained resilient. |
| • | | International dividend equities and emerging market bonds detracted from the Fund’s returns due to trade tensions and foreign currency depreciation. |
| • | | Positioning in long-dated Treasuries and long-dated corporate bonds detracted from the Fund’s returns during the period held. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | SPDR Portfolio S&P 500 High Dividend ETF | | | 19.59 | % |
| | 2 | | | Vanguard International High Dividend Yield ETF | | | 9.89 | % |
| | 3 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 6.87 | % |
| | 4 | | | iShares Preferred & Income Securities ETF | | | 6.23 | % |
| | 5 | | | T. Rowe Price Institutional Floating Rate Fund – Investor Shares | | | 5.93 | % |
| | 6 | | | Loomis Sayles Global Equity and Income Fund – Institutional Shares | | | 5.04 | % |
| | 7 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 4.84 | % |
| | 8 | | | SPDR Portfolio Aggregate Bond ETF | | | 4.59 | % |
| | 9 | | | iShares 20+ Year Treasury Bond ETF | | | 4.32 | % |
| | 10 | | | iShares Emerging Markets Dividend ETF | | | 4.24 | % |
27
GuidePath®Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | | | | |
| | | One Year
| | | Five Years
| | | Since Inception(1)
| |
GuidePath®Flexible Income Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 2.00 | % | | | 2.12 | % | | | 1.47 | % |
Institutional Shares | | | 2.58 | % | | | 2.85 | % | | | 2.17 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 4.48 | % | | | 2.74 | % | | | 2.10 | %(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 2.17%. |
28
GuidePath®Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned 2.0% underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 4.5%. |
| • | | A shift into cash and Treasuries during market volatility in the fourth quarter was the primary driver of the Fund’s underperformance relative to the benchmark. |
| • | | The Fund’s returns were dampened from exposure to international and emerging market equities due to trade tensions and foreign currency depreciation. |
| • | | U.S. large cap equity exposure contributed to the Fund’s returns as the domestic economy remained resilient. Exposure to U.S. REITs during the first half of the period also benefited Fund performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 24.13 | % |
| | 2 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 18.86 | % |
| | 3 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 17.72 | % |
| | 4 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | 16.87 | % |
| | 5 | | | iShares iBoxx $ High Yield Corporate Bond ETF | | | 12.95 | % |
| | 6 | | | BlackRock High Yield Portfolio – Institutional Shares | | | 8.41 | % |
29
GuidePath®Managed Futures StrategyFund
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.
FTSE3-MONTH TREASURY BILL INDEX – The FTSE3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | | | | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath®Managed Futures Strategy Fund | | | | | | | | |
Service Shares | | | -7.45 | % | | | -6.53 | % |
Institutional Shares | | | -6.90 | % | | | -5.98 | % |
FTSE3-Month Treasury Bill Index(2) | | | 2.12 | % | | | 1.11 | % |
SG Trend Index | | | -1.64 | % | | | -4.60 | % |
| (1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
| (2) | Index formerly known as the Citigroup 3-Month Treasury Bill Index. |
30
GuidePath®Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2019, the Fund’s Service Shares returned-7.5%, underperforming the FTSE 3-Month Treasury Bill Index at 2.1% and the SG Trend Index at-1.6%. |
| • | | Long exposure to broad global equities detracted from Fund performance as sharp market fluctuations limited the number of sustained trends that formed during the period. |
| • | | Short positions in the energy sector combined with trading within currencies including short positions to the Canadian dollar, Australian dollar, and Mexican Peso detracted from the Fund’s performance. |
| • | | Long positions to longer duration bonds benefitted absolute Fund performance as interest rates declined across global bond markets due to subsiding inflation concerns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as futures contracts.
Top Ten Holdings
| | | | |
| Rank | | Security/Holding | | % of Net
Assets |
| The GuidePath® Managed Futures Strategy Fund did not hold any long term investments as of March 31, 2019. |
31
GuidePath®Conservative 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 30, 2018 (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.
BLOOMBERG BARCLAYS U.S.1-3 YEAR TREASURY BOND INDEX – The Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.
| | | | |
| CUMULATIVE TOTAL RETURN (for periods ended March 31) | | | |
| | | Since Inception(1)
| |
GuidePath®Conservative Income Fund | | | | |
Shares | | | 1.34 | % |
Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index | | | 2.91 | % |
| (1) | Inception date for the Fund is 4/30/18. |
32
GuidePath®Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 11 months ended March 31, 2019, the Fund returned 1.3% underperforming the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index at 2.9%. |
| • | | Defensive, “risk off” positioning (e.g. investments in money market instruments) in May through mid June and in the first quarter of 2019 detracted as the volatility spikes subsided. |
| • | | Exposure to short-term credit during much of the volatility spike in the fourth quarter of 2018 tempered Fund returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares0-5 Year Investment Grade Corporate Bond ETF | | | 23.82 | % |
| | 2 | | | SPDR Barclays Investment Grade Floating Rate ETF | | | 9.50 | % |
| | 3 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 7.16 | % |
| | 4 | | | Invesco Senior Loan ETF | | | 7.07 | % |
33
GuidePath®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 30, 2018 (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.
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.
| | | | |
| CUMULATIVE TOTAL RETURN (for periods ended March 31) | | | |
| | | Since Inception(1)
| |
GuidePath®Income Fund | | | | |
Shares | | | 0.99 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 5.26 | % |
| (1) | Inception date for the Fund is 4/30/18. |
34
GuidePath®Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 11 months ended March 31, 2019, the Fund returned 1.0% underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 5.3%. |
| • | | Defensive, “risk off” positioning (e.g. investments in money market instruments) in May through mid June and in the first quarter of 2019 detracted as the volatility spikes subsided. |
| • | | Exposure to intermediate term credit and high yield bonds along with aput-write strategy during much of the volatility spike in the fourth quarter tempered Fund returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares Core U.S. Aggregate Bond ETF | | | 32.01 | % |
| | 2 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 28.42 | % |
| | 3 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 20.66 | % |
| | 4 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 8.47 | % |
| | 5 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 1.88 | % |
| | 6 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 1.88 | % |
35
GuidePath®Growth and 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 30, 2018 (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.
MSCI USA HIGH DIVIDEND YIELD INDEX – The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.
| | | | |
| CUMULATIVE TOTAL RETURN (for periods ended March 31) | | | |
| | | Since Inception(1)
| |
GuidePath®Growth and Income Fund | | | | |
Shares | | | 0.14 | % |
MSCI USA High Dividend Yield Index | | | 10.92 | % |
| (1) | Inception date for the Fund is 4/30/18. |
36
GuidePath®Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 11 months ended March 31, 2019, the Fund returned 0.1% underperforming the MSCI USA High Dividend Yield Index at 10.92%. |
| • | | Defensive, “risk off” positioning (e.g. investments in money market instruments) in May through mid June and in the first quarter of 2019 detracted as the volatility spikes subsided. |
| • | | Overweight exposure to yield oriented sectors like REITs, utilities and financials relative to the benchmark rather than growth sectors such as technology detracted from the Fund’s relative returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | WisdomTree CBOE S&P 500 PutWrite Strategy Fund | | | 23.60 | % |
| | 2 | | | Vanguard Real Estate ETF | | | 17.16 | % |
| | 3 | | | Vanguard High Dividend Yield ETF | | | 13.52 | % |
| | 4 | | | iShares Emerging Markets Dividend ETF | | | 6.01 | % |
| | 5 | | | Johnson & Johnson | | | 1.41 | % |
| | 6 | | | The Procter & Gamble Co. | | | 1.36 | % |
| | 7 | | | Exxon Mobil Corp. | | | 1.35 | % |
| | 8 | | | Cisco Systems, Inc. | | | 1.22 | % |
| | 9 | | | AT&T, Inc. | | | 1.21 | % |
| | 10 | | | Pfizer, Inc. | | | 1.20 | % |
37
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
March 31, 2019
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 asix-month period and held for the entire period, which for all Funds is from October 1, 2018 to March 31, 2019, except as otherwise noted below.
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.
38
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2019
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2018 | | | Ending
Account Value
March 31, 2019 | | | Annualized
Expense Ratio1
based on the period
October 1, 2018 –
March 31, 2019 | | | Expenses Paid
During Period2
October 1, 2018 –
March 31, 2019 | |
| INSTITUTIONAL SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 963.10 | | | | 0.65% | | | $ | 3.18 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.69 | | | | 0.65% | | | $ | 3.28 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,018.10 | | | | 1.09% | | | $ | 5.48 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.50 | | | | 1.09% | | | $ | 5.49 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 946.40 | | | | 0.82% | | | $ | 3.98 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.84 | | | | 0.82% | | | $ | 4.13 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,033.30 | | | | 0.95% | | | $ | 4.82 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.19 | | | | 0.95% | | | $ | 4.78 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 976.60 | | | | 0.42% | | | $ | 2.07 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.19 | | | | 0.42% | | | $ | 2.12 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,017.10 | | | | 0.27% | | | $ | 1.36 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.59 | | | | 0.27% | | | $ | 1.36 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 945.70 | | | | 0.53% | | | $ | 2.57 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.29 | | | | 0.53% | | | $ | 2.67 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,025.70 | | | | 0.28% | | | $ | 1.41 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.54 | | | | 0.28% | | | $ | 1.41 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,003.70 | | | | 0.41% | | | $ | 2.05 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.89 | | | | 0.41% | | | $ | 2.07 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 959.70 | | | | 1.30% | | | $ | 6.35 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.45 | | | | 1.30% | | | $ | 6.54 | |
| 1 | The expense ratio excludes the securities lending credit. |
| 2 | Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect theone-half year period. |
| 3 | 5% annualized return before expenses. |
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2018 | | | Ending
Account Value
March 31, 2019 | | | Annualized
Expense Ratio
based on the period
October 1, 2018 –
March 31, 2019 | | | Expenses Paid
During Period1
October 1, 2018 –
March 31, 2019 | |
| SINGLE CLASS SHARES | | | | | | | | | | | | | | | | | | |
GuidePath® Conservative Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,005.40 | | | | 0.64% | | | $ | 3.20 | |
| | Hypothetical2 | | $ | 1,000.00 | | | $ | 1,021.74 | | | | 0.64% | | | $ | 3.23 | |
GuidePath® Income Fund | | Actual | | $ | 1,000.00 | | | $ | 999.00 | | | | 0.79% | | | $ | 3.94 | |
| | Hypothetical2 | | $ | 1,000.00 | | | $ | 1,020.99 | | | | 0.79% | | | $ | 3.98 | |
GuidePath® Growth and Income Fund | | Actual | | $ | 1,000.00 | | | $ | 954.30 | | | | 0.79% | | | $ | 3.85 | |
| | Hypothetical2 | | $ | 1,000.00 | | | $ | 1,020.99 | | | | 0.79% | | | $ | 3.98 | |
| 1 | Expenses are (net of waiver, if applicable) equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect theone-half year period. |
| 2 | 5% annualized return before expenses. |
39
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2019
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2018 | | | Ending
Account Value
March 31, 2019 | | | Annualized
Expense Ratio1
based on the period
October 1, 2018 –
March 31, 2019 | | | Expenses Paid
During Period2
October 1, 2018 –
March 31, 2019 | |
| SERVICE SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 960.30 | | | | 1.23% | | | $ | 6.01 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.80 | | | | 1.23% | | | $ | 6.19 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,015.00 | | | | 1.72% | | | $ | 8.64 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.36 | | | | 1.72% | | | $ | 8.65 | |
GuideMark® Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 919.80 | | | | 1.56% | | | $ | 7.47 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.15 | | | | 1.56% | | | $ | 7.85 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 943.40 | | | | 1.42% | | | $ | 6.88 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.85 | | | | 1.42% | | | $ | 7.14 | |
GuideMark® Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,038.40 | | | | 1.19% | | | $ | 6.05 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.00 | | | | 1.19% | | | $ | 5.99 | |
GuideMark®Tax-Exempt Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,032.70 | | | | 1.29% | | | $ | 6.54 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.50 | | | | 1.29% | | | $ | 6.49 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,030.30 | | | | 1.55% | | | $ | 7.85 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.20 | | | | 1.55% | | | $ | 7.80 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 973.80 | | | | 1.01% | | | $ | 4.97 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.90 | | | | 1.01% | | | $ | 5.09 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,014.00 | | | | 0.87% | | | $ | 4.37 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.59 | | | | 0.87% | | | $ | 4.38 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 942.80 | | | | 1.12% | | | $ | 5.42 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.35 | | | | 1.12% | | | $ | 5.64 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,022.50 | | | | 0.89% | | | $ | 4.49 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.49 | | | | 0.89% | | | $ | 4.48 | |
GuidePath® Multi-Asset Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,026.00 | | | | 1.16% | | | $ | 5.86 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.15 | | | | 1.16% | | | $ | 5.84 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,000.80 | | | | 1.01% | | | $ | 5.04 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.90 | | | | 1.01% | | | $ | 5.09 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 956.70 | | | | 1.90% | | | $ | 9.27 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,015.46 | | | | 1.90% | | | $ | 9.55 | |
| 1 | The expense ratio excludes the securities lending credit. |
| 2 | Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect theone-half year period. |
| 3 | 5% annualized return before expenses. |
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 91.89% | |
| | | | | Aerospace & Defense - 1.24% | |
| | 4,244 | | | Boeing Co. | | $ | 1,618,746 | |
| | 824 | | | Curtiss-Wright Corp. | | | 93,392 | |
| | 5,590 | | | HEICO Corp. - Class A | | | 469,895 | |
| | 3,977 | | | HEICO Corp. (a) | | | 377,298 | |
| | 1,373 | | | Northrop Grumman Corp. | | | 370,161 | |
| | 655 | | | Teledyne Technologies, Inc. (b) | | | 155,242 | |
| | 5,698 | | | Textron, Inc. | | | 288,661 | |
| | 799 | | | TransDigm Group, Inc. (a)(b) | | | 362,738 | |
| | 2,958 | | | United Technologies Corp. | | | 381,257 | |
| | | | | | |
|
|
|
| | | | | | | | 4,117,390 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.47% | |
| | 4,552 | | | C.H. Robinson Worldwide, Inc. | | | 395,978 | |
| | 943 | | | Expeditors International of Washington, Inc. | | | 71,574 | |
| | 1,012 | | | FedEx Corp. | | | 183,587 | |
| | 17,009 | | | XPO Logistics, Inc. (a)(b) | | | 914,064 | |
| | | | | | |
|
|
|
| | | | | | | | 1,565,203 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.46% | |
| | 3,659 | | | Delta Air Lines, Inc. | | | 188,987 | |
| | 17,140 | | | JetBlue Airways Corp. (b) | | | 280,411 | |
| | 5,419 | | | Southwest Airlines Co. | | | 281,300 | |
| | 9,950 | | | United Continental Holdings, Inc. (b) | | | 793,811 | |
| | | | | | |
|
|
|
| | | | | | | | 1,544,509 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.07% | |
| | 4,092 | | | Gentex Corp. | | | 84,623 | |
| | 1,099 | | | Lear Corp. | | | 149,145 | |
| | | | | | |
|
|
|
| | | | | | | | 233,768 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.16% | |
| | 62,037 | | | Ford Motor Co. | | | 544,685 | |
| | | | | | |
|
|
|
| | | | | Banks - 3.31% | |
| | 72,265 | | | Bank of America Corp. | | | 1,993,791 | |
| | 2,128 | | | Bank OZK | | | 61,669 | |
| | 4,390 | | | BankUnited, Inc. | | | 146,626 | |
| | 1,791 | | | BB&T Corp. | | | 83,335 | |
| | 4,270 | | | CIT Group, Inc. | | | 204,832 | |
| | 16,082 | | | Citigroup, Inc. | | | 1,000,622 | |
| | 9,249 | | | Citizens Financial Group, Inc. | | | 300,593 | |
| | 1,565 | | | Commerce Bancshares, Inc. | | | 90,864 | |
| | 5,440 | | | F.N.B. Corp. | | | 57,664 | |
| | 13,688 | | | Fifth Third Bancorp | | | 345,211 | |
| | 12,764 | | | First Horizon National Corp. | | | 178,441 | |
| | 32,101 | | | JPMorgan Chase & Co. | | | 3,249,584 | |
| | 10,876 | | | KeyCorp | | | 171,297 | |
| | 2,303 | | | PNC Financial Services Group, Inc. | | | 282,486 | |
| | 7,361 | | | Popular, Inc. | | | 383,729 | |
| | 12,499 | | | Regions Financial Corp. | | | 176,861 | |
| | 2,325 | | | SunTrust Banks, Inc. | | | 137,756 | |
| | 275 | | | SVB Financial Group (b) | | | 61,149 | |
| | 5,848 | | | U.S. Bancorp | | | 281,815 | |
| | 37,211 | | | Wells Fargo & Co. | | | 1,798,036 | |
| | | | | | |
|
|
|
| | | | | | | | 11,006,361 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.33% | |
| | 2,857 | | | Brown-Forman Corp. - Class A | | | 146,193 | |
| | 7,833 | | | Brown-Forman Corp. - Class B | | | 413,426 | |
| | 9,203 | | | Keurig Dr. Pepper, Inc. (a) | | | 257,408 | |
| | 14,846 | | | Molson Coors Brewing Co. - Class B | | | 885,564 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Beverages (Continued) | |
| | 6,459 | | | Monster Beverage Corp. (a)(b) | | $ | 352,532 | |
| | 10,741 | | | PepsiCo, Inc. | | | 1,316,309 | |
| | 22,434 | | | The Coca-Cola Co. | | | 1,051,257 | |
| | | | | | |
|
|
|
| | | | | | | | 4,422,689 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.70% | |
| | 6,758 | | | Alkermes PLC (b) | | | 246,599 | |
| | 5,505 | | | Amgen, Inc. | | | 1,045,840 | |
| | 2,510 | | | Biogen, Inc. (b) | | | 593,314 | |
| | 711 | | | BioMarin Pharmaceutical, Inc. (b) | | | 63,158 | |
| | 6,268 | | | Celgene Corp. (b) | | | 591,323 | |
| | 2,155 | | | Exact Sciences Corp. (b) | | | 186,666 | |
| | 12,305 | | | Gilead Sciences, Inc. | | | 799,948 | |
| | 4,293 | | | Incyte Corp. (b) | | | 369,241 | |
| | 1,044 | | | Ionis Pharmaceuticals, Inc. (a)(b) | | | 84,741 | |
| | 442 | | | Regeneron Pharmaceuticals, Inc. (b) | | | 181,494 | |
| | 1,772 | | | Sarepta Therapeutics, Inc. (a)(b) | | | 211,205 | |
| | 4,561 | | | Seattle Genetics, Inc. (a)(b) | | | 334,048 | |
| | 3,950 | | | United Therapeutics Corp. (b) | | | 463,612 | |
| | 2,603 | | | Vertex Pharmaceuticals, Inc. (b) | | | 478,822 | |
| | | | | | |
|
|
|
| | | | | | | | 5,650,011 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.54% | |
| | 2,381 | | | A. O. Smith Corp. | | | 126,955 | |
| | 2,446 | | | Allegion PLC | | | 221,877 | |
| | 2,652 | | | Armstrong World Industries, Inc. | | | 210,622 | |
| | 1,377 | | | Fortune Brands Home & Security, Inc. | | | 65,559 | |
| | 1,875 | | | Johnson Controls International PLC | | | 69,263 | |
| | 1,826 | | | Lennox International, Inc. (a) | | | 482,794 | |
| | 6,400 | | | Masco Corp. | | | 251,584 | |
| | 7,927 | | | Owens Corning, Inc. | | | 373,520 | |
| | | | | | |
|
|
|
| | | | | | | | 1,802,174 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.95% | |
| | 2,035 | | | Ameriprise Financial, Inc. | | | 260,683 | |
| | 2,066 | | | CME Group, Inc. | | | 340,022 | |
| | 4,676 | | | Eaton Vance Corp. | | | 188,490 | |
| | 1,740 | | | Evercore Partners, Inc. - Class A | | | 158,340 | |
| | 2,038 | | | FactSet Research Systems, Inc. (a) | | | 505,974 | |
| | 2,119 | | | Intercontinental Exchange, Inc. | | | 161,341 | |
| | 11,967 | | | Invesco Ltd. | | | 231,083 | |
| | 3,197 | | | Lazard, Ltd. - Class A | | | 115,540 | |
| | 5,784 | | | LPL Financial Holdings, Inc. | | | 402,856 | |
| | 878 | | | MarketAxess Holdings, Inc. (a) | | | 216,058 | |
| | 3,625 | | | Moody’s Corp. (a) | | | 656,451 | |
| | 11,604 | | | Morgan Stanley | | | 489,689 | |
| | 2,359 | | | Morningstar, Inc. | | | 297,210 | |
| | 4,098 | | | MSCI, Inc. | | | 814,846 | |
| | 1,875 | | | NASDAQ OMX Group, Inc. (a) | | | 164,044 | |
| | 3,980 | | | S&P Global, Inc. | | | 837,989 | |
| | 4,793 | | | SEI Investments Co. | | | 250,434 | |
| | 2,656 | | | T. Rowe Price Group, Inc. | | | 265,919 | |
| | 1,450 | | | The Charles Schwab Corp. | | | 62,002 | |
| | 3,152 | | | Virtu Financial, Inc. - Class A | | | 74,860 | |
| | | | | | |
|
|
|
| | | | | | | | 6,493,831 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.68% | |
| | 797 | | | Eastman Chemical Co. | | | 60,476 | |
| | 2,631 | | | Ecolab, Inc. | | | 464,477 | |
| | 15,922 | | | Huntsman Corp. | | | 358,086 | |
| | 517 | | | International Flavors & Fragrances, Inc. | | | 66,584 | |
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Chemicals (Continued) | |
| | 1,476 | | | Linde PLC | | $ | 259,673 | |
| | 802 | | | LyondellBasell Industries NV - Class A | | | 67,432 | |
| | 18,975 | | | Olin Corp. | | | 439,082 | |
| | 1,175 | | | PPG Industries, Inc. | | | 132,622 | |
| | 3,409 | | | RPM International, Inc. | | | 197,858 | |
| | 7,368 | | | Valvoline, Inc. | | | 136,750 | |
| | 1,406 | | | Westlake Chemical Corp. | | | 95,411 | |
| | | | | | |
|
|
|
| | | | | | | | 2,278,451 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.72% | |
| | 52,189 | | | ADT, Inc. (a) | | | 333,488 | |
| | 1,289 | | | Avery Dennison Corp. | | | 145,657 | |
| | 1,861 | | | Cintas Corp. | | | 376,127 | |
| | 1,142 | | | Clean Harbors, Inc. (b) | | | 81,687 | |
| | 4,256 | | | Copart, Inc. (a)(b) | | | 257,871 | |
| | 2,708 | | | Republic Services, Inc. | | | 217,669 | |
| | 18,448 | | | Rollins, Inc. (a) | | | 767,806 | |
| | 2,106 | | | Waste Management, Inc. | | | 218,834 | |
| | | | | | |
|
|
|
| | | | | | | | 2,399,139 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.60% | |
| | 1,324 | | | Arista Networks, Inc. (b) | | | 416,345 | |
| | 15,633 | | | ARRIS International PLC (b) | | | 494,159 | |
| | 37,164 | | | Cisco Systems, Inc. | | | 2,006,484 | |
| | 19,472 | | | CommScope Holding Co., Inc. (b) | | | 423,127 | |
| | 3,326 | | | F5 Networks, Inc. (a)(b) | | | 521,949 | |
| | 6,268 | | | Juniper Networks, Inc. | | | 165,914 | |
| | 2,054 | | | Motorola Solutions, Inc. | | | 288,423 | |
| | 1,164 | | | Palo Alto Networks, Inc. (a)(b) | | | 282,712 | |
| | 4,532 | | | QUALCOMM, Inc. | | | 258,460 | |
| | 3,029 | | | Ubiquiti Networks, Inc. (a) | | | 453,472 | |
| | | | | | |
|
|
|
| | | | | | | | 5,311,045 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.50% | |
| | 32,520 | | | AECOM (b) | | | 964,868 | |
| | 10,703 | | | Arcosa, Inc. | | | 326,977 | |
| | 2,178 | | | Jacobs Engineering Group, Inc. | | | 163,764 | |
| | 5,555 | | | Quanta Services, Inc. | | | 209,646 | |
| | | | | | |
|
|
|
| | | | | | | | 1,665,255 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 1.19% | |
| | 21,372 | | | Ally Financial, Inc. | | | 587,516 | |
| | 5,199 | | | American Express Co. | | | 568,251 | |
| | 7,287 | | | Capital One Financial Corp. | | | 595,275 | |
| | 920 | | | Credit Acceptance Corp. (a)(b) | | | 415,776 | |
| | 2,265 | | | Discover Financial Services | | | 161,177 | |
| | 39,101 | | | Navient Corp. | | | 452,399 | |
| | 5,885 | | | OneMain Holdings, Inc. | | | 186,849 | |
| | 35,191 | | | Santander Consumer USA Holdings, Inc. | | | 743,586 | |
| | 8,325 | | | Synchrony Financial | | | 265,567 | |
| | | | | | |
|
|
|
| | | | | | | | 3,976,396 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.40% | |
| | 711 | | | AptarGroup, Inc. | | | 75,643 | |
| | 5,649 | | | Ball Corp. | | | 326,851 | |
| | 7,973 | | | Owens-Illinois, Inc. | | | 151,328 | |
| | 3,375 | | | Sonoco Products Co. | | | 207,664 | |
| | 15,120 | | | WestRock Co. | | | 579,852 | |
| | | | | | |
|
|
|
| | | | | | | | 1,341,338 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Distributors - 0.14% | |
| | 2,757 | | | Genuine Parts Co. | | $ | 308,867 | |
| | 5,636 | | | LKQ Corp. (b) | | | 159,949 | |
| | | | | | |
|
|
|
| | | | | | | | 468,816 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 0.55% | |
| | 2,591 | | | Bright Horizons Family Solutions, Inc. (b) | | | 329,342 | |
| | 764 | | | Graham Holdings Co. - Class B | | | 521,950 | |
| | 1,181 | | | Grand Canyon Education, Inc. (a)(b) | | | 135,236 | |
| | 18,961 | | | H&R Block, Inc. (a) | | | 453,926 | |
| | 2,770 | | | Service Corp. International | | | 111,215 | |
| | 6,208 | | | ServiceMaster Global Holdings, Inc. (b) | | | 289,914 | |
| | | | | | |
|
|
|
| | | | | | | | 1,841,583 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.15% | |
| | 25,205 | | | AXA Equitable Holdings, Inc. | | | 507,629 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.19% | |
| | 40,519 | | | AT&T, Inc. | | | 1,270,676 | |
| | 55,822 | | | CenturyLink, Inc. (a) | | | 669,306 | |
| | 34,236 | | | Verizon Communications, Inc. | | | 2,024,374 | |
| | | | | | |
|
|
|
| | | | | | | | 3,964,356 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.38% | |
| | 4,199 | | | American Electric Power Co., Inc. | | | 351,666 | |
| | 1,542 | | | Avangrid, Inc. | | | 77,640 | |
| | 3,933 | | | Duke Energy Corp. | | | 353,970 | |
| | 1,344 | | | Edison International | | | 83,220 | |
| | 1,427 | | | Entergy Corp. | | | 136,464 | |
| | 3,816 | | | Evergy, Inc. | | | 221,519 | |
| | 4,522 | | | Eversource Energy | | | 320,836 | |
| | 10,686 | | | Exelon Corp. | | | 535,689 | |
| | 5,861 | | | FirstEnergy Corp. (a) | | | 243,876 | |
| | 4,075 | | | Hawaiian Electric Industries, Inc. | | | 166,138 | |
| | 3,242 | | | NextEra Energy, Inc. | | | 626,743 | |
| | 6,233 | | | OGE Energy Corp. | | | 268,767 | |
| | 13,644 | | | PG&E Corp. (b) | | | 242,863 | |
| | 1,720 | | | Pinnacle West Capital Corp. | | | 164,398 | |
| | 6,136 | | | PPL Corp. | | | 194,757 | |
| | 5,375 | | | Southern Co. | | | 277,780 | |
| | 5,733 | | | Xcel Energy, Inc. | | | 322,252 | |
| | | | | | |
|
|
|
| | | | | | | | 4,588,578 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.70% | |
| | 2,611 | | | Acuity Brands, Inc. | | | 313,346 | |
| | 1,788 | | | Agilent Technologies, Inc. | | | 143,719 | |
| | 1,667 | | | Eaton Corp. PLC | | | 134,294 | |
| | 2,721 | | | Emerson Electric Co. | | | 186,307 | |
| | 24,321 | | | GrafTech International, Ltd. | | | 311,066 | |
| | 11,294 | | | nVent Electric PLC | | | 304,712 | |
| | 8,072 | | | Regal Beloit Corp. | | | 660,855 | |
| | 1,605 | | | Rockwell Automation, Inc. | | | 281,613 | |
| | | | | | |
|
|
|
| | | | | | | | 2,335,912 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 0.58% | |
| | 2,290 | | | CDW Corp. | | | 220,687 | |
| | 5,026 | | | Cognex Corp. (a) | | | 255,622 | |
| | 1,269 | | | Coherent, Inc. (b) | | | 179,843 | |
| | 2,181 | | | Dolby Laboratories, Inc. - Class A | | | 137,338 | |
| | 5,006 | | | Keysight Technologies, Inc. (b) | | | 436,523 | |
| | 10,520 | | | National Instruments Corp. | | | 466,667 | |
| | 1,179 | | | Zebra Technologies Corp. - Class A (b) | | | 247,036 | |
| | | | | | |
|
|
|
| | | | | | | | 1,943,716 | |
| | | | | | |
|
|
|
See notes to financial statements.
42
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Energy Equipment & Services - 0.22% | |
| | 7,736 | | | RPC, Inc. (a) | | $ | 88,268 | |
| | 72,211 | | | Transocean, Ltd. (b) | | | 628,958 | |
| | | | | | |
|
|
|
| | | | | | | | 717,226 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 1.51% | |
| | 2,443 | | | Activision Blizzard, Inc. | | | 111,230 | |
| | 3,042 | | | Electronic Arts, Inc. (b) | | | 309,158 | |
| | 27,033 | | | Lions Gate Entertainment Corp. - Class A | | | 422,796 | |
| | 29,429 | | | Lions Gate Entertainment Corp. - Class B | | | 444,378 | |
| | 1,614 | | | Live Nation Entertainment, Inc. (a)(b) | | | 102,554 | |
| | 2,608 | | | Netflix, Inc. (b) | | | 929,908 | |
| | 344 | | | The Madison Square Garden Co. - Class A (b) | | | 100,837 | |
| | 15,845 | | | The Walt Disney Co. | | | 1,759,292 | |
| | 5,294 | | | Viacom, Inc. - Class A (a) | | | 171,790 | |
| | 23,726 | | | Viacom, Inc. - Class B | | | 665,989 | |
| | | | | | |
|
|
|
| | | | | | | | 5,017,932 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 2.48% | |
| | 2,274 | | | Casey’s General Stores, Inc. (a) | | | 292,823 | |
| | 5,240 | | | Costco Wholesale Corp. | | | 1,268,814 | |
| | 18,736 | | | CVS Health Corp. | | | 1,010,433 | |
| | 21,017 | | | Kroger Co. | | | 517,018 | |
| | 20,063 | | | Sprouts Farmers Market, Inc. (b) | | | 432,157 | |
| | 10,446 | | | SYSCO Corp. | | | 697,375 | |
| | 27,786 | | | US Foods Holding Corp. (b) | | | 970,009 | |
| | 21,003 | | | Walgreens Boots Alliance, Inc. | | | 1,328,860 | |
| | 17,765 | | | Walmart, Inc. | | | 1,732,620 | |
| | | | | | |
|
|
|
| | | | | | | | 8,250,109 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.62% | |
| | 19,573 | | | Flowers Foods, Inc. (a) | | | 417,296 | |
| | 2,600 | | | Hershey Co. | | | 298,558 | |
| | 5,490 | | | Hormel Foods Corp. | | | 245,732 | |
| | 2,670 | | | Ingredion, Inc. | | | 252,822 | |
| | 4,456 | | | Lamb Weston Holdings, Inc. | | | 333,933 | |
| | 1,737 | | | McCormick & Co, Inc. - Non Voting (a) | | | 261,644 | |
| | 34,254 | | | Pilgrim’s Pride Corp. (b) | | | 763,522 | |
| | 7,350 | | | Post Holdings, Inc. (b) | | | 804,090 | |
| | 1,303 | | | The J.M. Smucker Co. | | | 151,799 | |
| | 20,741 | | | TreeHouse Foods, Inc. (a)(b) | | | 1,338,832 | |
| | 7,739 | | | Tyson Foods, Inc. - Class A | | | 537,319 | |
| | | | | | |
|
|
|
| | | | | | | | 5,405,547 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.38% | |
| | 2,436 | | | Atmos Energy Corp. | | | 250,737 | |
| | 3,262 | | | National Fuel Gas Co. (a) | | | 198,852 | |
| | 14,726 | | | UGI Corp. | | | 816,115 | |
| | | | | | |
|
|
|
| | | | | | | | 1,265,704 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 2.83% | |
| | 2,253 | | | ABIOMED, Inc. (b) | | | 643,434 | |
| | 3,107 | | | Align Technology, Inc. (b) | | | 883,413 | |
| | 3,151 | | | Baxter International, Inc. | | | 256,208 | |
| | 1,118 | | | Becton Dickinson and Co. | | | 279,198 | |
| | 11,285 | | | Boston Scientific Corp. (b) | | | 433,118 | |
| | 2,398 | | | Cantel Medical Corp. | | | 160,402 | |
| | 2,822 | | | Danaher Corp. | | | 372,561 | |
| | 4,330 | | | DexCom, Inc. (b) | | | 515,703 | |
| | 3,351 | | | Edwards Lifesciences Corp. (b) | | | 641,147 | |
| | 1,591 | | | Hill-Rom Holdings, Inc. | | | 168,423 | |
| | 2,094 | | | Hologic, Inc. (b) | | | 101,350 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 658 | | | ICU Medical, Inc. (b) | | $ | 157,479 | |
| | 3,271 | | | IDEXX Laboratories, Inc. (b) | | | 731,396 | |
| | 1,376 | | | Insulet Corp. (a)(b) | | | 130,844 | |
| | 1,489 | | | Intuitive Surgical, Inc. (b) | | | 849,594 | |
| | 3,949 | | | Masimo Corp. (b) | | | 546,068 | |
| | 5,893 | | | Medtronic PLC | | | 536,734 | |
| | 2,637 | | | Penumbra, Inc. (a)(b) | | | 387,665 | |
| | 1,920 | | | ResMed, Inc. (a) | | | 199,622 | |
| | 2,290 | | | STERIS PLC (a) | | | 293,189 | |
| | 3,250 | | | Stryker Corp. | | | 641,940 | |
| | 858 | | | The Cooper Cos., Inc. | | | 254,114 | |
| | 1,274 | | | Varian Medical Systems, Inc. (b) | | | 180,551 | |
| | 631 | | | West Pharmaceutical Services, Inc. | | | 69,536 | |
| | | | | | |
|
|
|
| | | | | | | | 9,433,689 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 3.23% | |
| | 1,953 | | | AmerisourceBergen Corp. | | | 155,303 | |
| | 3,168 | | | Anthem, Inc. | | | 909,153 | |
| | 13,084 | | | Cardinal Health, Inc. | | | 629,995 | |
| | 10,012 | | | Centene Corp. (b) | | | 531,637 | |
| | 6,867 | | | Cerner Corp. (b) | | | 392,861 | |
| | 1,240 | | | Chemed Corp. (a) | | | 396,887 | |
| | 5,501 | | | Cigna Corp. | | | 884,671 | |
| | 5,436 | | | DaVita, Inc. (b) | | | 295,120 | |
| | 4,013 | | | Encompass Health Corp. | | | 234,359 | |
| | 2,875 | | | HCA Healthcare, Inc. | | | 374,843 | |
| | 3,156 | | | Henry Schein, Inc. (b) | | | 189,707 | |
| | 2,316 | | | Humana, Inc. | | | 616,056 | |
| | 2,258 | | | Laboratory Corp. of America Holdings (b) | | | 345,429 | |
| | 5,428 | | | McKesson Corp. | | | 635,402 | |
| | 25,618 | | | MEDNAX, Inc. (b) | | | 696,041 | |
| | 1,913 | | | Molina Healthcare, Inc. (b) | | | 271,569 | |
| | 1,729 | | | PerkinElmer, Inc. | | | 166,606 | |
| | 10,789 | | | UnitedHealth Group, Inc. | | | 2,667,688 | |
| | 782 | | | Universal Health Services, Inc. - Class B | | | 104,608 | |
| | 965 | | | WellCare Health Plans, Inc. (b) | | | 260,309 | |
| | | | | | |
|
|
|
| | | | | | | | 10,758,244 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.10% | |
| | 2,583 | | | Veeva Systems, Inc. - Class A (a)(b) | | | 327,679 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.87% | |
| | 19,498 | | | Aramark | | | 576,166 | |
| | 2,315 | | | Carnival Corp. | | | 117,417 | |
| | 453 | | | Chipotle Mexican Grill, Inc. (a)(b) | | | 321,770 | |
| | 2,240 | | | Choice Hotels International, Inc. | | | 174,138 | |
| | 2,413 | | | Darden Restaurants, Inc. | | | 293,107 | |
| | 2,935 | | | Domino’s Pizza, Inc. | | | 757,524 | |
| | 1,870 | | | Dunkin’ Brands Group, Inc. | | | 140,437 | |
| | 9,721 | | | Extended Stay America, Inc. | | | 174,492 | |
| | 1,664 | | | Hilton Worldwide Holdings, Inc. | | | 138,295 | |
| | 554 | | | Marriott International, Inc. - Class A | | | 69,300 | |
| | 4,078 | | | McDonald’s Corp. | | | 774,412 | |
| | 2,602 | | | MGM Resorts International | | | 66,767 | |
| | 1,892 | | | Norwegian Cruise Line Holdings, Ltd. (b) | | | 103,984 | |
| | 14,856 | | | Starbucks Corp. | | | 1,104,395 | |
| | 493 | | | Vail Resorts, Inc. | | | 107,129 | |
| | 4,973 | | | Wyndham Destinations, Inc. (a) | | | 201,357 | |
| | 6,956 | | | Yum China Holdings, Inc. | | | 312,394 | |
| | 7,999 | | | Yum! Brands, Inc. | | | 798,380 | |
| | | | | | |
|
|
|
| | | | | | | | 6,231,464 | |
| | | | | | |
|
|
|
See notes to financial statements.
43
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Household Durables - 0.60% | |
| | 1,261 | | | Garmin Ltd. | | $ | 108,887 | |
| | 7,612 | | | Lennar Corp. - Class A | | | 373,673 | |
| | 7,934 | | | Lennar Corp. - Class B | | | 310,378 | |
| | 93 | | | NVR, Inc. (a)(b) | | | 257,331 | |
| | 14,170 | | | PulteGroup, Inc. | | | 396,193 | |
| | 3,077 | | | Tempur Sealy International, Inc. (b) | | | 177,451 | |
| | 10,076 | | | Toll Brothers, Inc. | | | 364,751 | |
| | | | | | |
|
|
|
| | | | | | | | 1,988,664 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.20% | |
| | 3,244 | | | Church & Dwight, Inc. | | | 231,070 | |
| | 2,753 | | | Clorox Co. | | | 441,747 | |
| | 8,417 | | | Colgate-Palmolive Co. (a) | | | 576,901 | |
| | 3,179 | | | Kimberly-Clark Corp. (a) | | | 393,878 | |
| | 22,577 | | | Procter & Gamble Co. | | | 2,349,137 | |
| | | | | | |
|
|
|
| | | | | | | | 3,992,733 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable ElectricityProducers - 0.71% | |
| | 19,237 | | | AES Corp. | | | 347,805 | |
| | 18,963 | | | NRG Energy, Inc. | | | 805,548 | |
| | 46,203 | | | Vistra Energy Corp. | | | 1,202,664 | |
| | | | | | |
|
|
|
| | | | | | | | 2,356,017 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.39% | |
| | 3,123 | | | 3M Co. (a) | | | 648,897 | |
| | 4,024 | | | Honeywell International, Inc. | | | 639,494 | |
| | | | | | |
|
|
|
| | | | | | | | 1,288,391 | |
| | | | | | |
|
|
|
| | | | | Insurance - 2.68% | |
| | 6,424 | | | Aflac, Inc. | | | 321,200 | |
| | 1,651 | | | Allstate Corp. | | | 155,491 | |
| | 1,317 | | | American National Insurance Co. | | | 159,120 | |
| | 2,751 | | | Aon PLC | | | 469,596 | |
| | 2,190 | | | Arthur J. Gallagher & Co. | | | 171,039 | |
| | 5,651 | | | Assured Guaranty, Ltd. | | | 251,074 | |
| | 6,188 | | | Athene Holding, Ltd. - Class A (b) | | | 252,470 | |
| | 14,788 | | | Berkshire Hathaway, Inc. - Class B (b) | | | 2,970,761 | |
| | 12,073 | | | Brighthouse Financial, Inc. (b) | | | 438,129 | |
| | 7,024 | | | Brown & Brown, Inc. | | | 207,278 | |
| | 2,065 | | | Erie Indemnity Co. - Class A | | | 368,644 | |
| | 2,858 | | | First American Financial Corp. | | | 147,187 | |
| | 6,804 | | | Lincoln National Corp. | | | 399,395 | |
| | 2,026 | | | Marsh & McLennan Cos., Inc. | | | 190,242 | |
| | 11,698 | | | MetLife, Inc. | | | 497,984 | |
| | 3,650 | | | Principal Financial Group, Inc. | | | 183,194 | |
| | 9,037 | | | Progressive Corp. | | | 651,477 | |
| | 5,089 | | | Prudential Financial, Inc. | | | 467,577 | |
| | 2,267 | | | Reinsurance Group of America, Inc. | | | 321,869 | |
| | 905 | | | The Hanover Insurance Group, Inc. | | | 103,324 | |
| | 1,699 | | | W.R. Berkley Corp. | | | 143,939 | |
| | 383 | | | Willis Towers Watson PLC | | | 67,274 | |
| | | | | | |
|
|
|
| | | | | | | | 8,938,264 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 3.52% | |
| | 2,490 | | | Alphabet, Inc. - Class A (b) | | | 2,930,456 | |
| | 2,512 | | | Alphabet, Inc. - Class C (b) | | | 2,947,355 | |
| | 23,895 | | | Facebook, Inc. - Class A (b) | | | 3,983,058 | |
| | 3,432 | | | IAC InterActive Corp. (b) | | | 721,098 | |
| | 9,738 | | | Match Group, Inc. (a) | | | 551,268 | |
| | 8,085 | | | TripAdvisor, Inc. (b) | | | 415,973 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Interactive Media & Services (Continued) | |
| | 5,238 | | | Twitter, Inc. (b) | | $ | 172,225 | |
| | | | | | |
|
|
|
| | | | | | | | 11,721,433 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 3.08% | |
| | 4,289 | | | Amazon.com, Inc. (b) | | | 7,637,637 | |
| | 377 | | | Booking Holdings, Inc. (b) | | | 657,831 | |
| | 5,785 | | | eBay, Inc. | | | 214,855 | |
| | 2,144 | | | Expedia Group, Inc. | | | 255,136 | |
| | 37,002 | | | Qurate Retail, Inc. (b) | | | 591,292 | |
| | 6,165 | | | Wayfair, Inc. - Class A (a)(b) | | | 915,194 | |
| | | | | | |
|
|
|
| | | | | | | | 10,271,945 | |
| | | | | | |
|
|
|
| | | | | IT Services - 5.07% | |
| | 8,650 | | | Accenture PLC - Class A | | | 1,522,573 | |
| | 2,893 | | | Akamai Technologies, Inc. (b) | | | 207,457 | |
| | 3,797 | | | Alliance Data Systems Corp. | | | 664,399 | |
| | 2,222 | | | Amdocs Ltd. | | | 120,232 | |
| | 2,727 | | | Automatic Data Processing, Inc. | | | 435,611 | |
| | 1,814 | | | Black Knight, Inc. (b) | | | 98,863 | |
| | 11,895 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 691,575 | |
| | 3,063 | | | Broadridge Financial Solutions, Inc. | | | 317,603 | |
| | 7,804 | | | Cognizant Technology Solutions Corp. - Class A | | | 565,400 | |
| | 44,078 | | | Conduent, Inc. (b) | | | 609,599 | |
| | 6,780 | | | CoreLogic, Inc. (b) | | | 252,623 | |
| | 16,156 | | | DXC Technology Co. | | | 1,038,992 | |
| | 1,290 | | | EPAM Systems, Inc. (b) | | | 218,178 | |
| | 527 | | | Euronet Worldwide, Inc. (b) | | | 75,145 | |
| | 3,645 | | | Fidelity National Information Services, Inc. | | | 412,250 | |
| | 12,388 | | | First Data Corp. - Class A (b) | | | 325,433 | |
| | 3,326 | | | Fiserv, Inc. (a)(b) | | | 293,619 | |
| | 702 | | | FleetCor Technologies, Inc. (b) | | | 173,106 | |
| | 741 | | | Gartner, Inc. (b) | | | 112,395 | |
| | 5,608 | | | Genpact, Ltd. | | | 197,289 | |
| | 512 | | | Global Payments, Inc. | | | 69,898 | |
| | 3,004 | | | GoDaddy, Inc. - Class A (b) | | | 225,871 | |
| | 5,916 | | | Leidos Holdings, Inc. | | | 379,156 | |
| | 8,674 | | | MasterCard, Inc. - Class A (a) | | | 2,042,293 | |
| | 4,755 | | | Okta, Inc. (b) | | | 393,381 | |
| | 1,344 | | | Paychex, Inc. (a) | | | 107,789 | |
| | 6,968 | | | PayPal Holdings, Inc. (a)(b) | | | 723,557 | |
| | 7,419 | | | Sabre Corp. | | | 158,692 | |
| | 6,055 | | | Square, Inc. - Class A (b) | | | 453,641 | |
| | 5,418 | | | The Western Union Co. | | | 100,070 | |
| | 5,077 | | | T-Mobile USA, Inc. (b) | | | 350,821 | |
| | 4,200 | | | Total System Services, Inc. | | | 399,042 | |
| | 2,547 | | | Twilio, Inc. - Class A (a)(b) | | | 329,022 | |
| | 3,229 | | | VeriSign, Inc. (b) | | | 586,257 | |
| | 12,470 | | | Visa, Inc. - Class A (a) | | | 1,947,689 | |
| | 1,545 | | | WEX, Inc. (b) | | | 296,625 | |
| | | | | | |
|
|
|
| | | | | | | | 16,896,146 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.25% | |
| | 2,761 | | | Hasbro, Inc. | | | 234,740 | |
| | 1,279 | | | Polaris Industries, Inc. | | | 107,986 | |
| | 3,056 | | | Pool Corp. (a) | | | 504,148 | |
| | | | | | |
|
|
|
| | | | | | | | 846,874 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.95% | |
| | 1,352 | | | Bio-Techne Corp. | | | 268,439 | |
| | 8,841 | | | Bruker Corp. | | | 339,848 | |
| | 1,691 | | | Charles River Laboratories International, Inc. (b) | | | 245,618 | |
See notes to financial statements.
44
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Life Sciences Tools & Services (Continued) | |
| | 1,170 | | | Illumina, Inc. (b) | | $ | 363,507 | |
| | 2,090 | | | IQVIA Holdings, Inc. (b) | | | 300,646 | |
| | 637 | | | Mettler-Toledo International, Inc. (b) | | | 460,551 | |
| | 1,272 | | | PRA Health Sciences, Inc. (b) | | | 140,289 | |
| | 3,305 | | | Thermo Fisher Scientific, Inc. | | | 904,645 | |
| | 570 | | | Waters Corp. (b) | | | 143,475 | |
| | | | | | |
|
|
|
| | | | | | | | 3,167,018 | |
| | | | | | |
|
|
|
| | | | | Machinery - 1.32% | |
| | 10,234 | | | AGCO Corp. | | | 711,775 | |
| | 2,061 | | | Allison Transmission Holdings, Inc. | | | 92,580 | |
| | 23,584 | | | Colfax Corp. (a)(b) | | | 699,973 | |
| | 642 | | | Cummins, Inc. | | | 101,353 | |
| | 4,671 | | | Donaldson Co., Inc. (a) | | | 233,830 | |
| | 943 | | | Dover Corp. | | | 88,453 | |
| | 4,433 | | | Gardner Denver Holdings, Inc. (b) | | | 123,282 | |
| | 8,052 | | | Graco, Inc. (a) | | | 398,735 | |
| | 1,838 | | | Illinois Tool Works, Inc. (a) | | | 263,808 | |
| | 1,747 | | | Ingersoll-Rand PLC | | | 188,589 | |
| | 2,292 | | | Lincoln Electric Holdings, Inc. (a) | | | 192,230 | |
| | 4,568 | | | Oshkosh Corp. | | | 343,194 | |
| | 671 | | | Parker-Hannifin Corp. | | | 115,157 | |
| | 920 | | | Snap-on, Inc. | | | 143,998 | |
| | 10,087 | | | Terex Corp. | | | 324,095 | |
| | 1,525 | | | The Timken Co. | | | 66,521 | |
| | 4,335 | | | Toro Co. | | | 298,421 | |
| | | | | | |
|
|
|
| | | | | | | | 4,385,994 | |
| | | | | | |
|
|
|
| | | | | Media - 0.88% | |
| | 1,061 | | | AMC Networks, Inc. - Class A (b) | | | 60,222 | |
| | 225 | | | Cable One, Inc. | | | 220,811 | |
| | 27,048 | | | Comcast Corp. - Class A (a) | | | 1,081,379 | |
| | 4,179 | | | Discovery Communications, Inc. - Series A (a)(b) | | | 112,917 | |
| | 4,310 | | | Discovery Communications, Inc. - Series C (b) | | | 109,560 | |
| | 2,534 | | | Fox Corp. - Class A (b) | | | 93,023 | |
| | 2,323 | | | Fox Corp. - Class B (b) | | | 83,337 | |
| | 4,068 | | | John Wiley & Sons, Inc. - Class A | | | 179,887 | |
| | 8,139 | | | Liberty Media Corp. - Class A (b) | | | 310,747 | |
| | 11,158 | | | Liberty Media Corp. - Class C (b) | | | 426,682 | |
| | 31,816 | | | Sirius XM Holdings, Inc. (a) | | | 180,397 | |
| | 1,667 | | | Tribune Media Co. - Class A | | | 76,915 | |
| | | | | | |
|
|
|
| | | | | | | | 2,935,877 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.24% | |
| | 26,274 | | | Freeport-McMoRan, Inc. | | | 338,672 | |
| | 1,847 | | | Reliance Steel & Aluminum Co. | | | 166,710 | |
| | 8,602 | | | Steel Dynamics, Inc. | | | 303,393 | |
| | | | | | |
|
|
|
| | | | | | | | 808,775 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 1.51% | |
| | 4,595 | | | Burlington Stores, Inc. (b) | | | 719,945 | |
| | 6,062 | | | Dollar General Corp. | | | 723,197 | |
| | 3,879 | | | Dollar Tree, Inc. (b) | | | 407,450 | |
| | 15,954 | | | Kohl’s Corp. (a) | | | 1,097,156 | |
| | 38,696 | | | Macy’s, Inc. | | | 929,865 | |
| | 8,667 | | | Nordstrom, Inc. (a) | | | 384,641 | |
| | 9,722 | | | Target Corp. | | | 780,288 | |
| | | | | | |
|
|
|
| | | | | | | | 5,042,542 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Multi-Utilities - 0.69% | |
| | 3,632 | | | Alliant Energy Corp. | | $ | 171,176 | |
| | 4,501 | | | Ameren Corp. | | | 331,049 | |
| | 5,853 | | | CenterPoint Energy, Inc. | | | 179,687 | |
| | 5,534 | | | CMS Energy Corp. | | | 307,358 | |
| | 1,383 | | | Consolidated Edison, Inc. | | | 117,292 | |
| | 1,880 | | | DTE Energy Co. | | | 234,511 | |
| | 5,018 | | | MDU Resources Group, Inc. | | | 129,615 | |
| | 8,195 | | | NiSource, Inc. | | | 234,869 | |
| | 4,107 | | | Public Service Enterprise Group, Inc. | | | 243,997 | |
| | 4,272 | | | WEC Energy Group, Inc. | | | 337,830 | |
| | | | | | |
|
|
|
| | | | | | | | 2,287,384 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 2.60% | |
| | 2,063 | | | Cheniere Energy, Inc. (b) | | | 141,027 | |
| | 11,791 | | | Chevron Corp. | | | 1,452,415 | |
| | 7,663 | | | ConocoPhillips | | | 511,429 | |
| | 2,952 | | | EOG Resources, Inc. | | | 280,971 | |
| | 24,962 | | | Exxon Mobil Corp. | | | 2,016,930 | |
| | 2,038 | | | Hess Corp. | | | 122,749 | |
| | 14,579 | | | HollyFrontier Corp. | | | 718,307 | |
| | 10,006 | | | Kinder Morgan, Inc. | | | 200,220 | |
| | 10,548 | | | Marathon Petroleum Corp. | | | 631,298 | |
| | 2,891 | | | Occidental Petroleum Corp. | | | 191,384 | |
| | 3,702 | | | ONEOK, Inc. | | | 258,548 | |
| | 25,910 | | | PBF Energy, Inc. - Class A | | | 806,837 | |
| | 6,206 | | | Phillips 66 | | | 590,625 | |
| | 2,169 | | | Valero Energy Corp. | | | 183,996 | |
| | 20,493 | | | Whiting Petroleum Corp. (b) | | | 535,687 | |
| | | | | | |
|
|
|
| | | | | | | | 8,642,423 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.20% | |
| | 13,190 | | | Domtar Corp. | | | 654,883 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.57% | |
| | 11,972 | | | Herbalife Nutrition, Ltd. (a)(b) | | | 634,396 | |
| | 6,763 | | | Nu Skin Enterprises, Inc. - Class A | | | 323,677 | |
| | 5,768 | | | The Estee Lauder Cos., Inc. - Class A (a) | | | 954,893 | |
| | | | | | |
|
|
|
| | | | | | | | 1,912,966 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.82% | |
| | 12,089 | | | Abbott Laboratories | | | 966,395 | |
| | 14,151 | | | AbbVie, Inc. | | | 1,140,429 | |
| | 5,104 | | | Allergan PLC | | | 747,277 | |
| | 11,787 | | | Bristol-Myers Squibb Co. | | | 562,358 | |
| | 10,542 | | | Eli Lilly & Co. | | | 1,367,930 | |
| | 566 | | | Jazz Pharmaceuticals PLC (b) | | | 80,910 | |
| | 26,281 | | | Johnson & Johnson | | | 3,673,821 | |
| | 27,512 | | | Merck & Co., Inc. | | | 2,288,173 | |
| | 38,636 | | | Mylan NV (b) | | | 1,094,944 | |
| | 5,529 | | | Nektar Therapeutics (a)(b) | | | 185,774 | |
| | 16,309 | | | Perrigo Co. PLC | | | 785,441 | |
| | 58,837 | | | Pfizer, Inc. | | | 2,498,807 | |
| | 6,618 | | | Zoetis, Inc. | | | 666,234 | |
| | | | | | |
|
|
|
| | | | | | | | 16,058,493 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.56% | |
| | 796 | | | CoStar Group, Inc. (a)(b) | | | 371,270 | |
| | 2,111 | | | IHS Markit, Ltd. (b) | | | 114,796 | |
| | 4,112 | | | ManpowerGroup, Inc. | | | 340,021 | |
| | 9,634 | | | Robert Half International, Inc. (a) | | | 627,752 | |
| | 2,976 | | | Verisk Analytics, Inc. | | | 395,808 | |
| | | | | | |
|
|
|
| | | | | | | | 1,849,647 | |
| | | | | | |
|
|
|
See notes to financial statements.
45
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Real Estate Management & Development - 0.59% | |
| | 5,840 | | | CBRE Group, Inc. - Class A (b) | | $ | 288,788 | |
| | 3,616 | | | Jones Lang LaSalle, Inc. | | | 557,515 | |
| | 97,641 | | | Realogy Holdings Corp. (a) | | | 1,113,107 | |
| | | | | | |
|
|
|
| | | | | | | | 1,959,410 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.58% | |
| | 4,694 | | | CSX Corp. (a) | | | 351,205 | |
| | 4,025 | | | Genesee & Wyoming, Inc. - Class A (b) | | | 350,739 | |
| | 3,262 | | | Landstar System, Inc. | | | 356,830 | |
| | 1,344 | | | Norfolk Southern Corp. | | | 251,180 | |
| | 3,725 | | | Union Pacific Corp. | | | 622,820 | |
| | | | | | |
|
|
|
| | | | | | | | 1,932,774 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 3.55% | |
| | 31,520 | | | Advanced Micro Devices, Inc. (a)(b) | | | 804,390 | |
| | 770 | | | Analog Devices, Inc. | | | 81,058 | |
| | 16,140 | | | Applied Materials, Inc. | | | 640,112 | |
| | 3,511 | | | Broadcom, Inc. | | | 1,055,793 | |
| | 4,293 | | | Cypress Semiconductor Corp. (a) | | | 64,052 | |
| | 49,775 | | | Intel Corp. | | | 2,672,917 | |
| | 3,083 | | | KLA-Tencor Corp. | | | 368,141 | |
| | 3,615 | | | Lam Research Corp. | | | 647,121 | |
| | 3,281 | | | Maxim Integrated Products, Inc. | | | 174,451 | |
| | 27,531 | | | Micron Technology, Inc. (b) | | | 1,137,856 | |
| | 1,703 | | | MKS Instruments, Inc. | | | 158,464 | |
| | 694 | | | Monolithic Power Systems, Inc. | | | 94,030 | |
| | 5,720 | | | NVIDIA Corp. (a) | | | 1,027,083 | |
| | 2,985 | | | NXP Semiconductors NV | | | 263,844 | |
| | 18,676 | | | ON Semiconductor Corp. (b) | | | 384,165 | |
| | 2,941 | | | Qorvo, Inc. (b) | | | 210,958 | |
| | 3,927 | | | Skyworks Solutions, Inc. | | | 323,899 | |
| | 5,964 | | | Teradyne, Inc. | | | 237,606 | |
| | 8,268 | | | Texas Instruments, Inc. (a) | | | 876,987 | |
| | 5,186 | | | Versum Materials, Inc. | | | 260,908 | |
| | 2,740 | | | Xilinx, Inc. | | | 347,405 | |
| | | | | | |
|
|
|
| | | | | | | | 11,831,240 | |
| | | | | | |
|
|
|
| | | | | Software - 8.12% | |
| | 948 | | | 2U, Inc. (a)(b) | | | 67,166 | |
| | 5,386 | | | Adobe Systems, Inc. (b) | | | 1,435,315 | |
| | 1,716 | | | ANSYS, Inc. (b) | | | 313,530 | |
| | 5,333 | | | Aspen Technology, Inc. (b) | | | 556,019 | |
| | 3,638 | | | Atlassian Corp. PLC - Class A (b) | | | 408,875 | |
| | 2,135 | | | Autodesk, Inc. (a)(b) | | | 332,676 | |
| | 9,329 | | | Cadence Design System, Inc. (b) | | | 592,485 | |
| | 1,802 | | | CDK Global, Inc. | | | 105,994 | |
| | 1,632 | | | Ceridian HCM Holding, Inc. (a)(b) | | | 83,722 | |
| | 5,478 | | | Citrix Systems, Inc. (a) | | | 545,937 | |
| | 3,384 | | | DocuSign, Inc. (a)(b) | | | 175,427 | |
| | 1,733 | | | Fair Isaac Corp. (b) | | | 470,735 | |
| | 6,814 | | | Fortinet, Inc. (b) | | | 572,172 | |
| | 828 | | | Guidewire Software, Inc. (b) | | | 80,448 | |
| | 4,527 | | | Intuit, Inc. | | | 1,183,403 | |
| | 2,523 | | | Jack Henry & Associates, Inc. | | | 350,041 | |
| | 4,583 | | | LogMeIn, Inc. | | | 367,098 | |
| | 9,498 | | | Manhattan Associates, Inc. (b) | | | 523,435 | |
| | 86,369 | | | Microsoft Corp. (a) | | | 10,186,360 | |
| | 22,939 | | | Nuance Communications, Inc. (b) | | | 388,357 | |
| | 5,757 | | | Nutanix, Inc. - Class A (a)(b) | | | 217,269 | |
| | 24,046 | | | Oracle Corp. | | | 1,291,511 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | |
| | 1,294 | | | Paycom Software, Inc. (b) | | $ | 244,734 | |
| | 3,381 | | | Pegasystems, Inc. | | | 219,765 | |
| | 1,376 | | | Proofpoint, Inc. (b) | | | 167,088 | |
| | 3,072 | | | PTC, Inc. (b) | | | 283,177 | |
| | 2,695 | | | Red Hat, Inc. (b) | | | 492,376 | |
| | 5,521 | | | RingCentral, Inc. - Class A (a)(b) | | | 595,164 | |
| | 7,328 | | | salesforce.com, Inc. (a)(b) | | | 1,160,535 | |
| | 3,914 | | | ServiceNow, Inc. (b) | | | 964,762 | |
| | 970 | | | Splunk, Inc. (b) | | | 120,862 | |
| | 1,931 | | | SS&C Technologies Holdings, Inc. | | | 122,985 | |
| | 13,063 | | | Symantec Corp. | | | 300,318 | |
| | 2,007 | | | Synopsys, Inc. (b) | | | 231,106 | |
| | 4,567 | | | Tableau Software, Inc. - Class A (b) | | | 581,288 | |
| | 641 | | | The Ultimate Software Group, Inc. (b) | | | 211,613 | |
| | 2,006 | | | VMware, Inc. - Class A | | | 362,103 | |
| | 1,774 | | | Workday, Inc. - Class A (b) | | | 342,116 | |
| | 4,573 | | | Zendesk, Inc. (a)(b) | | | 388,705 | |
| | | | | | |
|
|
|
| | | | | | | | 27,036,672 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 4.28% | |
| | 2,868 | | | Advance Auto Parts, Inc. | | | 489,080 | |
| | 18,294 | | | AutoNation, Inc. (a)(b) | | | 653,462 | |
| | 787 | | | AutoZone, Inc. (b) | | | 805,982 | |
| | 7,572 | | | Best Buy Co., Inc. | | | 538,066 | |
| | 21,779 | | | Dick’s Sporting Goods, Inc. (a) | | | 801,685 | |
| | 7,130 | | | Floor & Decor Holdings, Inc. - Class A (b) | | | 293,899 | |
| | 12,375 | | | Foot Locker, Inc. | | | 749,925 | |
| | 8,840 | | | L Brands, Inc. | | | 243,807 | |
| | 8,044 | | | Lowe’s Cos., Inc. | | | 880,577 | |
| | 1,981 | | | O’Reilly Automotive, Inc. (b) | | | 769,222 | |
| | 14,197 | | | Penske Automotive Group, Inc. (a) | | | 633,896 | |
| | 8,084 | | | Ross Stores, Inc. | | | 752,620 | |
| | 532 | | | Sherwin-Williams Co. | | | 229,138 | |
| | 13,889 | | | The Gap, Inc. | | | 363,614 | |
| | 9,948 | | | The Home Depot, Inc. | | | 1,908,922 | |
| | 21,422 | | | The Michaels Cos., Inc. (b) | | | 244,639 | |
| | 18,428 | | | The TJX Cos., Inc. | | | 980,554 | |
| | 3,545 | | | Tiffany & Co. (a) | | | 374,175 | |
| | 7,134 | | | Tractor Supply Co. | | | 697,420 | |
| | 2,347 | | | Ulta Beauty, Inc. (b) | | | 818,469 | |
| | 20,500 | | | Urban Outfitters, Inc. (b) | | | 607,620 | |
| | 7,145 | | | Williams Sonoma, Inc. (a) | | | 402,049 | |
| | | | | | |
|
|
|
| | | | | | | | 14,238,821 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 4.15% | |
| | 52,136 | | | Apple, Inc. | | | 9,903,233 | |
| | 2,185 | | | Dell Technologies, Inc. - Class C (b) | | | 128,238 | |
| | 12,136 | | | HP, Inc. | | | 235,802 | |
| | 7,444 | | | International Business Machines Corp. | | | 1,050,348 | |
| | 5,760 | | | NCR Corp. (a)(b) | | | 157,190 | |
| | 4,547 | | | NetApp, Inc. | | | 315,289 | |
| | 8,421 | | | Pure Storage, Inc. - Class A (b) | | | 183,494 | |
| | 9,829 | | | Teradata Corp. (b) | | | 429,036 | |
| | 15,194 | | | Western Digital Corp. | | | 730,224 | |
| | 20,962 | | | Xerox Corp. | | | 670,365 | |
| | | | | | |
|
|
|
| | | | | | | | 13,803,219 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.94% | |
| | 8,989 | | | Capri Holdings Ltd. (b) | | | 411,247 | |
| | 4,243 | | | Carter’s, Inc. (a) | | | 427,652 | |
| | 5,060 | | | Columbia Sportswear Co. | | | 527,151 | |
See notes to financial statements.
46
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Textiles, Apparel & Luxury Goods (Continued) | |
| | 6,175 | | | lululemon athletica, Inc. (b) | | $ | 1,011,897 | |
| | 13,655 | | | NIKE, Inc. - Class B | | | 1,149,887 | |
| | 2,117 | | | PVH Corp. | | | 258,168 | |
| | 3,882 | | | Ralph Lauren Corp. | | | 503,418 | |
| | 11,450 | | | Skechers U.S.A., Inc. - Class A (b) | | | 384,834 | |
| | 8,814 | | | Tapestry, Inc. | | | 286,367 | |
| | 16,512 | | | Under Armour, Inc. - Class A (a)(b) | | | 349,064 | |
| | 18,447 | | | Under Armour, Inc. - Class C (b) | | | 348,095 | |
| | 9,157 | | | VF Corp. (a) | | | 795,835 | |
| | | | | | |
|
|
|
| | | | | | | | 6,453,615 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage - 0.04% | |
| | 8,321 | | | TFS Financial Corp. | | | 137,047 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.27% | | | | |
| | 2,944 | | | Altria Group, Inc. | | | 169,074 | |
| | 8,358 | | | Philip Morris International, Inc. | | | 738,764 | |
| | | | | | |
|
|
|
| | | | | | | | 907,838 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.01% | |
| | 8,344 | | | Fastenal Co. | | | 536,603 | |
| | 6,790 | | | HD Supply Holdings, Inc. (b) | | | 294,346 | |
| | 3,891 | | | MSC Industrial Direct Co., Inc. - Class A | | | 321,824 | |
| | 750 | | | United Rentals, Inc. (b) | | | 85,687 | |
| | 12,830 | | | Univar, Inc. (a)(b) | | | 284,313 | |
| | 2,061 | | | W.W. Grainger, Inc. | | | 620,217 | |
| | 1,505 | | | Watsco, Inc. - Class A | | | 215,531 | |
| | 18,862 | | | WESCO International, Inc. (b) | | | 999,875 | |
| | | | | | |
|
|
|
| | | | | | | | 3,358,396 | |
| | | | | | |
|
|
|
| | | | | Transportation Infrastructure - 0.02% | |
| | 1,640 | | | Macquarie Infrastructure Corp. | | | 67,601 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.08% | |
| | 2,526 | | | American Water Works Co., Inc. | | | 263,361 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.17% | |
| | 7,442 | | | Telephone & Data Systems, Inc. | | | 228,693 | |
| | 7,409 | | | United States Cellular Corp. (b) | | | 340,147 | |
| | | | | | |
|
|
|
| | | | | | | | 568,840 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $225,932,093) | | | 306,015,732 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 2.96% | |
| | | | | Exchange Traded Funds - 2.96% | |
| | 37,936 | | | Vanguard S&P 500 ETF | | | 9,845,909 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $8,298,703) | | | 9,845,909 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 4.43% | |
| | | | | Real Estate Investment Trusts - 4.43% | |
| | 5,500 | | | American Campus Communities, Inc. | | | 261,690 | |
| | 16,885 | | | American Homes 4 Rent - Class A | | | 383,627 | |
| | 2,896 | | | American Tower Corp. | | | 570,686 | |
| | 16,350 | | | Annaly Capital Management, Inc. | | | 163,336 | |
| | 5,742 | | | Apartment Investment & Management Co. - Class A (a) | | | 288,782 | |
| | 12,125 | | | Apple Hospitality REIT, Inc. | | | 197,637 | |
| | 1,837 | | | AvalonBay Communities, Inc. | | | 368,741 | |
| | 500 | | | Boston Properties, Inc. | | | 66,940 | |
| | 11,534 | | | Brixmor Property Group, Inc. | | | 211,880 | |
| | 5,127 | | | Brookfield Property REIT, Inc. - Class A | | | 105,052 | |
| | 1,574 | | | Camden Property Trust | | | 159,761 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 16,294 | | | Chimera Investment Corp. | | $ | 305,350 | |
| | 18,667 | | | Colony Capital, Inc. | | | 99,308 | |
| | 1,953 | | | Crown Castle International Corp. | | | 249,984 | |
| | 2,159 | | | CubeSmart | | | 69,174 | |
| | 1,321 | | | CyrusOne, Inc. | | | 69,273 | |
| | 3,506 | | | Digital Realty Trust, Inc. (a) | | | 417,214 | |
| | 7,499 | | | Duke Realty Corp. | | | 229,319 | |
| | 3,918 | | | EPR Properties | | | 301,294 | |
| | 6,704 | | | Equity Commonwealth | | | 219,154 | |
| | 2,732 | | | Equity LifeStyle Properties, Inc. | | | 312,268 | |
| | 2,810 | | | Equity Residential | | | 211,649 | |
| | 1,022 | | | Essex Property Trust, Inc. (a) | | | 295,603 | |
| | 1,557 | | | Extra Space Storage, Inc. | | | 158,674 | |
| | 995 | | | Federal Realty Investment Trust | | | 137,161 | |
| | 7,340 | | | Gaming and Leisure Properties, Inc. | | | 283,104 | |
| | 6,648 | | | HCP, Inc. | | | 208,082 | |
| | 2,328 | | | Healthcare Trust of America, Inc. - Class A | | | 66,558 | |
| | 18,033 | | | Hospitality Properties Trust | | | 474,448 | |
| | 13,023 | | | Host Hotels & Resorts, Inc. | | | 246,135 | |
| | 5,568 | | | Iron Mountain, Inc. | | | 197,441 | |
| | 2,300 | | | JBG SMITH Properties | | | 95,105 | |
| | 3,840 | | | Kimco Realty Corp. | | | 71,040 | |
| | 3,253 | | | Lamar Advertising Co. - Class A | | | 257,833 | |
| | 4,697 | | | Liberty Property Trust | | | 227,429 | |
| | 2,366 | | | Life Storage, Inc. | | | 230,141 | |
| | 17,106 | | | Medical Properties Trust, Inc. | | | 316,632 | |
| | 9,069 | | | MFA Financial, Inc. | | | 65,932 | |
| | 2,459 | | | Mid-America Apartment Communities, Inc. | | | 268,842 | |
| | 5,697 | | | National Retail Properties, Inc. | | | 315,557 | |
| | 18,460 | | | New Residential Investment Corp. | | | 312,159 | |
| | 9,036 | | | Omega Healthcare Investors, Inc. (a) | | | 344,723 | |
| | 7,985 | | | Park Hotels & Resorts, Inc. (a) | | | 248,174 | |
| | 3,878 | | | Prologis, Inc. | | | 279,022 | |
| | 406 | | | Public Storage | | | 88,419 | |
| | 5,364 | | | Realty Income Corp. | | | 394,576 | |
| | 1,026 | | | Regency Centers Corp. | | | 69,245 | |
| | 10,817 | | | Retail Value, Inc. | | | 337,166 | |
| | 907 | | | SBA Communications Corp. (b) | | | 181,092 | |
| | 1,894 | | | Simon Property Group, Inc. | | | 345,106 | |
| | 2,373 | | | Spirit Realty Capital, Inc. | | | 94,279 | |
| | 12,637 | | | Starwood Property Trust, Inc. | | | 282,437 | |
| | 9,609 | | | STORE Capital Corp. (a) | | | 321,901 | |
| | 2,677 | | | Sun Communities, Inc. | | | 317,278 | |
| | 8,204 | | | Two Harbors Investment Corp. | | | 111,000 | |
| | 7,068 | | | UDR, Inc. | | | 321,311 | |
| | 26,079 | | | Uniti Group, Inc. (a) | | | 291,824 | |
| | 4,067 | | | Ventas, Inc. | | | 259,515 | |
| | 23,729 | | | VEREIT, Inc. | | | 198,612 | |
| | 2,353 | | | Weingarten Realty Investors | | | 69,108 | |
| | 4,843 | | | Welltower, Inc. | | | 375,817 | |
| | 4,465 | | | WP Carey, Inc. | | | 349,743 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $13,900,857) | | | 14,770,343 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.79% | |
| | | | | Money Market Funds - 0.79% | |
| | 2,626,884 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (c) | | | 2,626,884 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,626,884) | | | 2,626,884 | |
| | | | | | |
|
|
|
See notes to financial statements.
47
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL- 10.66% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral- 10.66% | | | | |
| | 35,499,125 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (c) | | $ | 35,499,125 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $35,499,125) | | | 35,499,125 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $286,257,662) - 110.73% | | | 368,757,993 | |
| | | | | Liabilities in Excess of
Other Assets - (10.73)% | | | (35,719,808 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 333,038,185 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
48
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 90.45% | |
| | | | | Brazil - 6.51% | |
| | 43,485 | | | Ambev SA | | $ | 186,919 | |
| | 8,317 | | | B2W Cia Digital (a) | | | 89,153 | |
| | 9,186 | | | Banco Bradesco SA | | | 87,746 | |
| | 18,352 | | | Banco do Brasil SA | | | 227,235 | |
| | 7,842 | | | Banco Santander Brasil SA | | | 87,386 | |
| | 31,060 | | | BB Seguridade Participacoes SA | | | 208,635 | |
| | 20,412 | | | Centrais Eletricas Brasileiras SA | | | 190,234 | |
| | 15,268 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 162,415 | |
| | 11,274 | | | Cosan SA Industria e Comercio | | | 122,031 | |
| | 26,593 | | | Embraer SA | | | 125,923 | |
| | 11,494 | | | Engie Brasil Energia SA | | | 126,026 | |
| | 12,966 | | | IRB Brasil Resseguros SA | | | 301,354 | |
| | 63,724 | | | JBS SA | | | 262,686 | |
| | 30,985 | | | Lojas Renner SA | | | 344,564 | |
| | 10,188 | | | M Dias Branco SA | | | 111,681 | |
| | 6,124 | | | Magazine Luiza SA | | | 268,634 | |
| | 14,561 | | | Natura Cosmeticos SA | | | 167,241 | |
| | 69,896 | | | Petroleo Brasileiro SA | | | 553,584 | |
| | 6,542 | | | Porto Seguro SA | | | 89,842 | |
| | 12,703 | | | Raia Drogasil SA | | | 210,984 | |
| | 28,389 | | | Rumo SA (a) | | | 137,908 | |
| | 81,317 | | | Sul America SA (b) | | | 613,717 | |
| | 13,653 | | | Suzano Papel e Celulose SA | | | 161,447 | |
| | 27,600 | | | TIM Participacoes SA | | | 83,744 | |
| | 49,899 | | | Vale SA | | | 651,751 | |
| | | | | | |
|
|
|
| | | | | | | | 5,572,840 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.68% | |
| | 786,517 | | | Banco de Chile | | | 115,778 | |
| | 1,074,970 | | | Banco Santander Chile | | | 80,863 | |
| | 12,234 | | | Cia Cervecerias Unidas SA | | | 175,142 | |
| | 27,823 | | | Empresas CMPC SA | | | 98,126 | |
| | 10,237 | | | Latam Airlines Group SA | | | 108,715 | |
| | | | | | |
|
|
|
| | | | | | | | 578,624 | |
| | | | | | |
|
|
|
| | | | | China - 18.49% | |
| | 1,824 | | | 58.com, Inc. - ADR (a) | | | 119,800 | |
| | 483,391 | | | Agricultural Bank of China Ltd. - Series H | | | 223,454 | |
| | 17,123 | | | Alibaba Group Holding, Ltd. - ADR (a) | | | 3,124,091 | |
| | 109,067 | | | Angang Steel Co., Ltd. - Series H | | | 79,911 | |
| | 25,182 | | | Anhui Conch Cement Co., Ltd. - Series H | | | 154,086 | |
| | 46,325 | | | ANTA Sports Products Ltd. | | | 315,797 | |
| | 2,656 | | | Autohome, Inc. - ADR (a) | | | 279,199 | |
| | 262,339 | | | BAIC Motor Corp., Ltd. - Series H | | | 171,723 | |
| | 3,033 | | | Baidu, Inc. - ADR (a) | | | 499,990 | |
| | 990,540 | | | Bank of China Ltd. - Series H | | | 450,171 | |
| | 246,960 | | | Bank of Communications Co., Ltd. - Series H | | | 202,608 | |
| | 4,540 | | | Baozun, Inc. - ADR (a)(c) | | | 188,592 | |
| | 569,672 | | | China Cinda Asset Management Co., Ltd. - Series H | | | 158,424 | |
| | 268,528 | | | China CITIC Bank Corp., Ltd. - Series H | | | 171,230 | |
| | 239,358 | | | China Coal Energy Co., Ltd. - Series H | | | 99,177 | |
| | 216,542 | | | China Communications Services Corp., Ltd. - Series H | | | 193,483 | |
| | 1,431,467 | | | China Construction Bank Corp. - Series H | | | 1,228,726 | |
| | 135,610 | | | China Eastern Airlines Corp., Ltd. Series H | | | 96,232 | |
| | 347,000 | | | China Everbright Bank Co., Ltd. - Series H | | | 164,303 | |
| | 172,136 | | | China Hongqiao Group Ltd. | | | 129,740 | |
| | 723,495 | | | China Huarong Asset Management Co., Ltd. - Series H | | | 154,155 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | China (Continued) | |
| | 82,346 | | | China Mengniu Dairy Co., Ltd. | | $ | 306,477 | |
| | 41,264 | | | China Merchants Bank Co., Ltd. - Series H | | | 201,027 | |
| | 230,248 | | | China Minsheng Banking Corp., Ltd. - Series H | | | 167,449 | |
| | 170,617 | | | China National Building Material Co., Ltd. - Series H | | | 135,038 | |
| | 138,078 | | | China Oriental Group Co., Ltd. | | | 86,929 | |
| | 736,003 | | | China Petroleum & Chemical Corp. - Series H | | | 584,140 | |
| | 60,649 | | | China Railway Construction Corp., Ltd. - Series H | | | 79,602 | |
| | 90,680 | | | China Railway Group Ltd. - Series H | | | 82,792 | |
| | 40,626 | | | China Shenhua Energy Co., Ltd. - Series H | | | 92,716 | |
| | 338,103 | | | Chongqing Rural Commercial Bank Co., Ltd. - Series H | | | 195,675 | |
| | 227,558 | | | CNOOC, Ltd. | | | 423,868 | |
| | 107,638 | | | Dongfeng Motor Group Co., Ltd. - Series H | | | 107,984 | |
| | 13,858 | | | ENN Energy Holdings, Ltd. | | | 134,130 | |
| | 49,871 | | | Fosun International Ltd. | | | 84,732 | |
| | 3,950 | | | GDS Holdings, Ltd. - ADR (a)(c) | | | 140,975 | |
| | 268,400 | | | Huadian Power International Corp., Ltd. - Series H | | | 110,579 | |
| | 7,417 | | | JD.com, Inc. - ADR (a) | | | 223,623 | |
| | 351,398 | | | Metallurgical Corp of China, Ltd. - Series H | | | 104,031 | |
| | 4,705 | | | Momo, Inc. - ADR (a) | | | 179,919 | |
| | 1,064 | | | NetEase, Inc. - ADR | | | 256,903 | |
| | 2,090 | | | New Oriental Education & Technology Group, Inc. - ADR (a) | | | 188,288 | |
| | 306,000 | | | PetroChina Co. - Series H | | | 200,312 | |
| | 99,747 | | | PICC Property & Casualty Co., Ltd. - Series H | | | 113,552 | |
| | 72,611 | | | Ping An Insurance Group Co. of China, Ltd. - Series H | | | 817,471 | |
| | 157,293 | | | Postal Savings Bank of China Co., Ltd. - Series H | | | 90,062 | |
| | 16,252 | | | Shenzhou International Group Holdings Ltd. | | | 218,349 | |
| | 55,096 | | | Shimao Property Holdings Ltd. | | | 172,663 | |
| | 402,958 | | | Sihuan Pharmaceutical Holdings Group, Ltd. (e) | | | 97,680 | |
| | 1,615 | | | SINA Corp. (a) | | | 95,673 | |
| | 251,499 | | | Sun Art Retail Group Ltd. | | | 245,356 | |
| | 2,880 | | | TAL Education Group - ADR (a) | | | 103,910 | |
| | 100,731 | | | Uni-President China Holdings Ltd. | | | 98,854 | |
| | 24,103 | | | Vipshop Holdings Ltd. - ADR (a) | | | 193,547 | |
| | 108,591 | | | Want Want China Holdings, Ltd. | | | 90,334 | |
| | 2,046 | | | Weibo Corp. - ADR (a)(c) | | | 126,832 | |
| | 55,626 | | | Weichai Power Co., Ltd. - Series H | | | 89,280 | |
| | 14,717 | | | Wuxi Biologics Cayman, Inc. (a) | | | 143,364 | |
| | 120,761 | | | Yanzhou Coal Mining Co., Ltd. - Series H | | | 118,835 | |
| | 7,278 | | | Yum China Holdings, Inc. | | | 326,855 | |
| | 307,827 | | | Yuzhou Properties Co., Ltd. | | | 186,217 | |
| | 1,555 | | | YY, Inc. - ADR (a) | | | 130,636 | |
| | 80,935 | | | Zhaojin Mining Industry Co., Ltd. - Series H | | | 81,020 | |
| | | | | | |
|
|
|
| | | | | | | | 15,832,571 | |
| | | | | | |
|
|
|
| | | | | Colombia - 0.34% | |
| | 274,886 | | | Ecopetrol SA | | | 294,456 | |
| | | | | | |
|
|
|
| | | | | Czech Republic - 0.14% | |
| | 5,240 | | | CEZ AS | | | 123,139 | |
| | | | | | |
|
|
|
| | | | | Egypt - 0.41% | |
| | 54,211 | | | Commercial International Bank Egypt SAE | | | 213,366 | |
| | 129,005 | | | Eastern Tobacco | | | 135,481 | |
| | | | | | |
|
|
|
| | | | | | | | 348,847 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 11.36% | |
| | 113,188 | | | Alibaba Health Information Technology Ltd. (a) | | | 131,078 | |
| | 60,087 | | | China Conch Venture Holdings Ltd. | | | 215,164 | |
See notes to financial statements.
49
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hong Kong (Continued) | |
| | 73,806 | | | China Ding Yi Feng Holdings Ltd. (a)(g)(h) | | $ | 217,188 | |
| | 312,739 | | | China First Capital Group, Ltd. (a) | | | 165,464 | |
| | 25,832 | | | China Gas Holdings, Ltd. | | | 91,004 | |
| | 79,491 | | | China Mobile Ltd. | | | 811,153 | |
| | 23,313 | | | China Overseas Land & Investment Ltd. | | | 88,718 | |
| | 153,735 | | | China Resources Cement Holdings, Ltd. | | | 159,285 | |
| | 35,419 | | | China Resources Land Ltd. | | | 159,170 | |
| | 68,587 | | | China Resources Pharmaceutical Group, Ltd. | | | 96,957 | |
| | 45,196 | | | China Resources Power Holdings Co., Ltd. | | | 67,974 | |
| | 346,338 | | | China Telecom Corp., Ltd. - Series H | | | 192,711 | |
| | 117,065 | | | China Unicom Hong Kong Ltd. | | | 149,050 | |
| | 143,338 | | | CITIC Ltd. | | | 214,279 | |
| | 125,656 | | | CSPC Pharmaceutical Group Ltd. | | | 234,115 | |
| | 124,303 | | | Dali Foods Group Co., Ltd. | | | 92,836 | |
| | 69,234 | | | Guangdong Investment Ltd. | | | 133,678 | |
| | 907,612 | | | Industrial & Commercial Bank of China Ltd. - Series H | | | 666,536 | |
| | 194,655 | | | Jiayuan International Group, Ltd. | | | 102,972 | |
| | 490,949 | | | Kaisa Group Holdings Ltd. | | | 223,108 | |
| | 95,910 | | | Kingdee International Software Group Co., Ltd. | | | 111,366 | |
| | 218,287 | | | Lenovo Group Ltd. | | | 196,949 | |
| | 37,647 | | | Longfor Properties Co., Ltd. | | | 132,786 | |
| | 223,067 | | | Maanshan Iron & Steel Co., Ltd. - Series H | | | 109,338 | |
| | 43,139 | | | Shenzhen International Holdings Ltd. | | | 91,733 | |
| | 251,937 | | | Sino Biopharmaceutical Ltd. | | | 230,244 | |
| | 94,527 | | | Sinopec Engineering Group Co., Ltd. - Series H | | | 92,441 | |
| | 74,395 | | | Sinotruk Hong Kong, Ltd. | | | 158,781 | |
| | 133,292 | | | SSY Group, Ltd. | | | 124,304 | |
| | 24,597 | | | Sunac China Holdings Ltd. | | | 122,830 | |
| | 8,744 | | | Sunny Optical Technology Group Co., Ltd. | | | 104,826 | |
| | 77,101 | | | Tencent Holdings Ltd. | | | 3,545,705 | |
| | 136,824 | | | Tingyi Cayman Islands Holding Corp. | | | 225,855 | |
| | 60,469 | | | Yihai International Holding Ltd. | | | 269,389 | |
| | | | | | |
|
|
|
| | | | | | | | 9,728,987 | |
| | | | | | |
|
|
|
| | | | | Hungary - 0.27% | |
| | 11,572 | | | MOL Hungarian Oil & Gas PLC | | | 132,703 | |
| | 2,138 | | | OTP Bank PLC | | | 94,256 | |
| | | | | | |
|
|
|
| | | | | | | | 226,959 | |
| | | | | | |
|
|
|
| | | | | India - 8.00% | |
| | 34,239 | | | Ambuja Cements Ltd. | | | 116,307 | |
| | 6,122 | | | Asian Paints Ltd. | | | 131,812 | |
| | 7,134 | | | Avenue Supermarts Ltd. (a)(b) | | | 151,358 | |
| | 12,491 | | | Axis Bank Ltd. (a) | | | 139,977 | |
| | 3,258 | | | Britannia Industries Ltd. | | | 144,975 | |
| | 20,041 | | | Dabur India Ltd. | | | 118,222 | |
| | 3,724 | | | Divi’s Laboratories Ltd. | | | 91,519 | |
| | 4,115 | | | Dr. Reddy’s Laboratories Ltd. | | | 165,387 | |
| | 19,867 | | | GAIL India Ltd. | | | 99,768 | |
| | 12,292 | | | Havells India Ltd. | | | 137,150 | |
| | 18,244 | | | HCL Technologies Ltd. | | | 286,635 | |
| | 3,002 | | | Hero MotoCorp Ltd. | | | 110,626 | |
| | 74,700 | | | Hindalco Industries Ltd. | | | 221,584 | |
| | 47,214 | | | Hindustan Petroleum Corp Ltd. | | | 194,179 | |
| | 17,644 | | | Hindustan Unilever Ltd. | | | 434,579 | |
| | 15,350 | | | Housing Development Finance Corp., Ltd. | | | 435,985 | |
| | 17,172 | | | Indiabulls Housing Finance Ltd. | | | 212,453 | |
| | 42,728 | | | Indian Oil Corp., Ltd. | | | 100,655 | |
| | 57,688 | | | Infosys Ltd. | | | 619,106 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | India (Continued) | |
| | 7,952 | | | InterGlobe Aviation Ltd. (b) | | $ | 163,780 | |
| | 30,369 | | | ITC Ltd. | | | 130,254 | |
| | 1,648 | | | Nestle India Ltd. | | | 260,541 | |
| | 80,063 | | | Oil & Natural Gas Corp., Ltd. | | | 184,645 | |
| | 370 | | | Page Industries Ltd. | | | 133,309 | |
| | 7,581 | | | Pidilite Industries Ltd. | | | 136,309 | |
| | 125,009 | | | REC Ltd. | | | 275,603 | |
| | 24,503 | | | Reliance Industries Ltd. | | | 482,226 | |
| | 17,926 | | | Tata Consultancy Services Ltd. | | | 518,099 | |
| | 55,966 | | | Tata Motors Ltd. (a) | | | 140,818 | |
| | 14,432 | | | Tech Mahindra Ltd. | | | 161,786 | |
| | 5,844 | | | Titan Co., Ltd. | | | 96,343 | |
| | 36,384 | | | Wipro Ltd. | | | 133,897 | |
| | 30,425 | | | Yes Bank Ltd. | | | 120,574 | |
| | | | | | |
|
|
|
| | | | | | | | 6,850,461 | |
| | | | | | |
|
|
|
| | | | | Indonesia - 2.00% | |
| | 846,077 | | | Adaro Energy Tbk PT | | | 80,124 | |
| | 114,026 | | | Bank Central Asia Tbk PT | | | 222,509 | |
| | 500,386 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 145,292 | |
| | 404,968 | | | Bukit Asam Tbk PT | | | 119,639 | |
| | 232,387 | | | Charoen Pokphand Indonesia Tbk PT | | | 104,546 | |
| | 441,599 | | | Hanjaya Mandala Sampoerna Tbk PT | | | 116,507 | |
| | 181,635 | | | Indah Kiat Pulp & Paper Corp. Tbk PT | | | 109,871 | |
| | 332,198 | | | Jasa Marga Persero Tbk PT | | | 139,607 | |
| | 1,215,482 | | | Kalbe Farma Tbk PT | | | 129,717 | |
| | 158,431 | | | Pabrik Kertas Tjiwi Kimia Tbk PT | | | 122,762 | |
| | 693,843 | | | Perusahaan Gas Negara Tbk PT | | | 114,781 | |
| | 463,270 | | | Telekomunikasi Indonesia Persero Tbk PT | | | 128,052 | |
| | 52,013 | | | Unilever Indonesia Tbk PT | | | 179,993 | |
| | | | | | |
|
|
|
| | | | | | | | 1,713,400 | |
| | | | | | |
|
|
|
| | | | | Mexico - 1.73% | |
| | 81,922 | | | Alfa SAB de CV - Series A | | | 86,859 | |
| | 44,536 | | | Alsea SAB de CV | | | 93,247 | |
| | 400,485 | | | America Movil SAB de CV - Series L | | | 286,175 | |
| | 353,193 | | | Cemex SAB de CV (a) | | | 164,858 | |
| | 13,335 | | | Fomento Economico Mexicano SAB de CV | | | 122,920 | |
| | 8,525 | | | Gruma SAB de CV - Series B | | | 87,304 | |
| | 70,159 | | | Grupo Bimbo SAB de CV - Series A | | | 146,352 | |
| | 24,765 | | | Grupo Financiero Banorte SAB de CV - Series O | | | 134,541 | |
| | 133,688 | | | Wal-Mart de Mexico SAB de CV | | | 357,392 | |
| | | | | | |
|
|
|
| | | | | | | | 1,479,648 | |
| | | | | | |
|
|
|
| | | | | Peru - 0.35% | |
| | 1,237 | | | CREDICORP Ltd. | | | 296,818 | |
| | | | | | |
|
|
|
| | | | | Philippines - 0.25% | |
| | 5,802 | | | Globe Telecom, Inc. | | | 214,254 | |
| | | | | | |
|
|
|
| | | | | Poland - 1.22% | |
| | 3,183 | | | CD Projekt SA (a) | | | 166,080 | |
| | 5,674 | | | Dino Polska SA (a) | | | 178,630 | |
| | 6,831 | | | Grupa Lotos SA | | | 148,404 | |
| | 9,413 | | | Jastrzebska Spolka Weglowa SA | | | 149,673 | |
| | 89 | | | LPP SA | | | 192,970 | |
| | 5,142 | | | Polski Koncern Naftowy Orlen SA | | | 130,886 | |
| | 48,221 | | | Polskie Gornictwo Naftowe i Gazownictwo SA | | | 78,639 | |
| | | | | | |
|
|
|
| | | | | | | | 1,045,282 | |
| | | | | | |
|
|
|
| | | | | Qatar - 0.93% | |
| | 7,265 | | | Commercial Bank PQSC | | | 89,718 | |
| | 2,608 | | | INDUSTRIES OF QATAR | | | 88,911 | |
See notes to financial statements.
50
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Qatar (Continued) | |
| | 13,796 | | | Ooredoo QPSC | | $ | 251,612 | |
| | 2,771 | | | Qatar Islamic Bank SAQ | | | 115,490 | |
| | 5,028 | | | Qatar National Bank QPSC | | | 249,282 | |
| | | | | | |
|
|
|
| | | | | | | | 795,013 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 13.20% | |
| | 925 | | | Amorepacific Corp. | | | 153,958 | |
| | 1,695 | | | AMOREPACIFIC Group | | | 104,155 | |
| | 19,836 | | | BNK Financial Group, Inc. | | | 116,802 | |
| | 603 | | | Celltrion, Inc. (a) | | | 96,396 | |
| | 8,743 | | | Cheil Worldwide, Inc. | | | 186,456 | |
| | 732 | | | CJ Korea Express Co., Ltd. (a) | | | 106,853 | |
| | 2,997 | | | Coway Co., Ltd. | | | 249,618 | |
| | 2,258 | | | Daelim Industrial Co., Ltd. | | | 191,785 | |
| | 5,104 | | | Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) | | | 125,977 | |
| | 23,172 | | | DGB Financial Group, Inc. | | | 166,920 | |
| | 6,966 | | | Fila Korea Ltd. | | | 479,126 | |
| | 6,073 | | | GS Engineering & Construction Corp. | | | 228,490 | |
| | 2,793 | | | GS Holdings Corp. | | | 130,093 | |
| | 5,533 | | | Hana Financial Group, Inc. | | | 177,653 | |
| | 2,648 | | | Hankook Tire Co., Ltd. | | | 87,382 | |
| | 7,931 | | | Hanwha Chemical Corp. | | | 146,502 | |
| | 5,513 | | | Hanwha Corp. | | | 148,001 | |
| | 24,749 | | | Hanwha Life Insurance Co., Ltd. | | | 87,305 | |
| | 2,561 | | | HLB, Inc. (a) | | | 181,159 | |
| | 3,666 | | | Hotel Shilla Co., Ltd. | | | 308,944 | |
| | 1,148 | | | Hyundai Department Store Co., Ltd. | | | 102,326 | |
| | 785 | | | Hyundai Motor Co. | | | 82,768 | |
| | 2,843 | | | Hyundai Steel Co. | | | 112,731 | |
| | 10,541 | | | Industrial Bank of Korea | | | 130,517 | |
| | 4,354 | | | KB Financial Group, Inc. | | | 161,107 | |
| | 6,608 | | | Kia Motors Corp. | | | 205,940 | |
| | 5,291 | | | Korea Gas Corp. | | | 210,505 | |
| | 10,058 | | | Korean Air Lines Co., Ltd. | | | 282,801 | |
| | 4,092 | | | KT Corp. | | | 98,752 | |
| | 1,279 | | | Kumho Petrochemical Co., Ltd. | | | 107,479 | |
| | 315 | | | LG Chemical Ltd. | | | 101,748 | |
| | 1,477 | | | LG Electronics, Inc. | | | 97,936 | |
| | 279 | | | LG Household & Health Care Ltd. | | | 348,650 | |
| | 15,796 | | | LG Uplus Corp. | | | 215,127 | |
| | 178 | | | Medy-Tox, Inc. | | | 91,840 | |
| | 352 | | | NCSoft Corp. | | | 153,889 | |
| | 1,326 | | | OCI Co., Ltd. | | | 108,834 | |
| | 885 | | | Orion Corp/Republic of Korea | | | 78,024 | |
| | 681 | | | Pearl Abyss Corp. (a) | | | 100,888 | |
| | 1,183 | | | POSCO | | | 264,164 | |
| | 2,636 | | | POSCO Chemical Co., Ltd. | | | 140,179 | |
| | 5,492 | | | Posco International Corp. | | | 86,093 | |
| | 1,070 | | | Samsung Electro-Mechanics Co., Ltd. | | | 98,969 | |
| | 74,875 | | | Samsung Electronics Co., Ltd. | | | 2,953,289 | |
| | 15,151 | | | Samsung Heavy Industries Co., Ltd. (a) | | | 110,479 | |
| | 651 | | | Samsung SDI Co., Ltd. | | | 123,369 | |
| | 538 | | | Samsung SDS Co., Ltd. | | | 111,626 | |
| | 4,764 | | | Shinhan Financial Group Co., Ltd. | | | 176,898 | |
| | 10,866 | | | SK Hynix, Inc. | | | 712,444 | |
| | 405 | | | SK Telecom Co., Ltd. | | | 89,695 | |
| | 320 | | | ViroMed Co., Ltd. (a) | | | 79,189 | |
| | 7,752 | | | Woori Financial Group, Inc. (a) | | | 93,904 | |
| | | | | | |
|
|
|
| | | | | | | | 11,305,735 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Russian Federation - 3.40% | |
| | 41,270 | | | Gazprom PJSC - ADR (c) | | $ | 186,540 | |
| | 9,033 | | | Lukoil PJSC - ADR (c) | | | 807,641 | |
| | 8,022 | | | MMC Norilsk Nickel PJSC - ADR | | | 168,663 | |
| | 715 | | | NovaTek PJSC - GDR (f) | | | 117,343 | |
| | 4,003 | | | Novolipetsk Steel PJSC | | | 102,869 | |
| | 20,711 | | | Rosneft Oil Co PJSC - GDR (a)(f) | | | 129,883 | |
| | 37,721 | | | Sberbank of Russia PJSC - ADR | | | 497,163 | |
| | 9,904 | | | Severstal PJSC - GDR (f) | | | 154,502 | |
| | 36,200 | | | Surgutneftegas OJSC - ADR | | | 135,026 | |
| | 5,065 | | | Tatneft PJSC - ADR (c) | | | 349,434 | |
| | 146,235 | | | VTB Bank PJSC - GDR (f) | | | 167,181 | |
| | 3,865 | | | X5 Retail Group NV | | | 96,316 | |
| | | | | | |
|
|
|
| | | | | | | | 2,912,561 | |
| | | | | | |
|
|
|
| | | | | Singapore - 0.20% | |
| | 21,277 | | | BOC Aviation Ltd. | | | 173,666 | |
| | | | | | |
|
|
|
| | | | | South Africa - 5.20% | |
| | 13,226 | | | Absa Group Ltd. | | | 139,969 | |
| | 3,968 | | | Anglo American Platinum, Ltd. | | | 202,576 | |
| | 13,273 | | | AngloGold Ashanti Ltd. | | | 174,516 | |
| | 11,786 | | | Aspen Pharmacare Holdings Ltd. | | | 76,130 | |
| | 4,290 | | | Bid Corp. Ltd. | | | 88,680 | |
| | 1,711 | | | Capitec Bank Holdings Ltd. | | | 160,085 | |
| | 7,902 | | | Clicks Group, Ltd. | | | 100,884 | |
| | 10,717 | | | Exxaro Resources Ltd. | | | 121,882 | |
| | 32,408 | | | FirstRand Ltd. | | | 141,904 | |
| | 3,378 | | | Kumba Iron Ore, Ltd. | | | 101,228 | |
| | 11,775 | | | Liberty Holdings Ltd. | | | 82,449 | |
| | 13,842 | | | Mr. Price Group Ltd. | | | 181,818 | |
| | 19,305 | | | MultiChoice Group Ltd. (a) | | | 161,491 | |
| | 4,481 | | | Naspers Ltd. - N Shares | | | 1,044,260 | |
| | 7,114 | | | Nedbank Group Ltd. | | | 124,328 | |
| | 73,018 | | | Netcare Ltd. | | | 118,768 | |
| | 66,143 | | | Old Mutual Ltd. | | | 100,365 | |
| | 36,910 | | | Pick n Pay Stores Ltd. | | | 169,883 | |
| | 15,693 | | | RMB Holdings Ltd. | | | 82,815 | |
| | 4,410 | | | Sasol Ltd. | | | 137,506 | |
| | 9,834 | | | Shoprite Holdings Ltd. | | | 108,342 | |
| | 17,604 | | | Standard Bank Group Ltd. | | | 227,073 | |
| | 36,360 | | | Telkom SA SOC Ltd. | | | 184,663 | |
| | 9,714 | | | The Bidvest Group Ltd. | | | 130,840 | |
| | 7,730 | | | The Foschini Group Ltd. | | | 87,722 | |
| | 20,400 | | | Truworths International Ltd. | | | 98,662 | |
| | 32,969 | | | Woolworths Holdings Ltd. | | | 106,228 | |
| | | | | | |
|
|
|
| | | | | | | | 4,455,067 | |
| | | | | | |
|
|
|
| | | | | Taiwan, Province of China - 12.23% | |
| | 141,076 | | | Acer, Inc. | | | 90,689 | |
| | 29,739 | | | Advantech Co., Ltd. | | | 247,480 | |
| | 100,548 | | | Asia Cement Corp. | | | 130,994 | |
| | 22,142 | | | Asustek Computer, Inc. | | | 160,448 | |
| | 69,121 | | | Cathay Financial Holding Co., Ltd. | | | 100,967 | |
| | 30,785 | | | Chailease Holding Co., Ltd. | | | 126,144 | |
| | 149,081 | | | Chang Hwa Commercial Bank Ltd. | | | 89,306 | |
| | 652,496 | | | China Airlines Ltd. | | | 208,941 | |
| | 382,822 | | | China Development Financial Holding Corp. | | | 128,134 | |
| | 152,454 | | | China Steel Corp. | | | 125,221 | |
| | 191,657 | | | CTBC Financial Holding Co., Ltd. | | | 127,277 | |
| | 200,820 | | | E.SUN Financial Holdings Co., Ltd. | | | 154,970 | |
| | 11,065 | | | Eclat Textile Co., Ltd. | | | 149,204 | |
See notes to financial statements.
51
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Taiwan, Province of China (Continued) | |
| | 313,835 | | | Eva Airways Corp. | | $ | 153,882 | |
| | 118,129 | | | Far Eastern New Century Corp. | | | 116,948 | |
| | 46,893 | | | Feng TAY Enterprise Co., Ltd. | | | 332,428 | |
| | 130,446 | | | First Financial Holding Co., Ltd. | | | 89,340 | |
| | 34,733 | | | Formosa Chemicals & Fibre Corp. | | | 126,547 | |
| | 27,820 | | | Formosa Petrochemical Corp. | | | 104,437 | |
| | 37,237 | | | Formosa Plastics Corp. | | | 132,545 | |
| | 109,867 | | | Formosa Taffeta Co., Ltd. | | | 131,323 | |
| | 42,739 | | | Foxconn Technology Co., Ltd. | | | 85,424 | |
| | 103,394 | | | Fubon Financial Holding Co., Ltd. | | | 154,562 | |
| | 57,289 | | | Highwealth Construction Corp. | | | 94,530 | |
| | 13,914 | | | Hiwin Technologies Corp. | | | 117,841 | |
| | 49,392 | | | Hon Hai Precision Industry Co., Ltd. | | | 118,043 | |
| | 219,344 | | | Hua Nan Financial Holdings Co., Ltd. | | | 138,147 | |
| | 1,054 | | | Largan Precision Co., Ltd. | | | 158,083 | |
| | 12,584 | | | MediaTek, Inc. | | | 115,701 | |
| | 155,054 | | | Mega Financial Holding Co., Ltd. | | | 141,257 | |
| | 34,179 | | | Micro-Star International Co., Ltd. | | | 96,297 | |
| | 37,684 | | | Nan Ya Plastics Corp. | | | 96,627 | |
| | 22,253 | | | Nien Made Enterprise Co., Ltd. | | | 196,444 | |
| | 107,426 | | | Pou Chen Corp. | | | 131,049 | |
| | 33,264 | | | President Chain Store Corp. | | | 327,916 | |
| | 23,737 | | | Realtek Semiconductor Corp. | | | 140,651 | |
| | 73,710 | | | Shanghai Commercial & Savings Bank Ltd. | | | 116,569 | |
| | 596,861 | | | Shin Kong Financial Holding Co., Ltd. | | | 176,085 | |
| | 289,842 | | | SinoPac Financial Holdings Co., Ltd. | | | 107,350 | |
| | 51,000 | | | Standard Foods Corp. | | | 85,779 | |
| | 319,073 | | | Taishin Financial Holding Co., Ltd. | | | 145,573 | |
| | 377,105 | | | Taiwan Business Bank | | | 146,975 | |
| | 99,611 | | | Taiwan Cement Corp. | | | 133,556 | |
| | 301,886 | | | Taiwan Cooperative Financial Holding Co., Ltd. | | | 191,152 | |
| | 83,159 | | | Taiwan High Speed Rail Corp. | | | 97,241 | |
| | 33,743 | | | Taiwan Mobile Co., Ltd. | | | 122,073 | |
| | 361,996 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 2,899,247 | |
| | 155,373 | | | Uni-President Enterprises Corp. | | | 377,554 | |
| | 337,279 | | | United Microelectronics Corp. | | | 127,730 | |
| | 20,967 | | | Walsin Technology Corp. | | | 136,699 | |
| | 238,584 | | | Winbond Electronics Corp. | | | 114,608 | |
| | 10,373 | | | Yageo Corp. | | | 109,303 | |
| | 243,896 | | | Yuanta Financial Holding Co., Ltd. | | | 139,119 | |
| | 34,786 | | | Zhen Ding Technology Holding Ltd. | | | 108,212 | |
| | | | | | |
|
|
|
| | | | | | | | 10,474,622 | |
| | | | | | |
|
|
|
| | | | | Thailand - 1.65% | |
| | 20,684 | | | Advanced Info Service PCL - NVDR | | | 120,120 | |
| | 306,068 | | | Bangkok Expressway & Metro PCL | | | 97,470 | |
| | 316,187 | | | BTS Group Holdings PCL - NVDR | | | 109,642 | |
| | 18,696 | | | Bumrungrad Hospital PCL - NVDR | | | 105,758 | |
| | 61,152 | | | CP ALL PCL - NVDR | | | 144,100 | |
| | 422,822 | | | Home Product Center PCL - NVDR | | | 204,069 | |
| | 79,676 | | | Muangthai Capital PCL - NVDR | | | 110,809 | |
| | 25,039 | | | PTT Exploration & Production PCL - NVDR | | | 99,007 | |
| | 40,514 | | | PTT Global Chemical PCL - NVDR | | | 86,049 | |
| | 160,871 | | | PTT PCL - NVDR | | | 243,343 | |
| | 157,710 | | | Thai Union Group PCL - NVDR | | | 95,977 | |
| | | | | | |
|
|
|
| | | | | | | | 1,416,344 | |
| | | | | | |
|
|
|
| | | | | Turkey - 1.61% | |
| | 110,695 | | | Akbank Turk AS (a) | | | 126,041 | |
| | 23,622 | | | Anadolu Efes Biracilik Ve Malt Sanayii AS | | | 74,326 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Turkey (Continued) | |
| | 12,888 | | | BIM Birlesik Magazalar AS | | $ | 176,402 | |
| | 115,676 | | | Haci Omer Sabanci Holding AS | | | 163,206 | |
| | 19,718 | | | TAV Havalimanlari Holding AS | | | 82,727 | |
| | 75,364 | | | Turk Hava Yollari AO (a) | | | 175,343 | |
| | 111,671 | | | Turkiye Garanti Bankasi AS | | | 167,994 | |
| | 155,519 | | | Turkiye Halk Bankasi AS | | | 178,757 | |
| | 235,956 | | | Turkiye Is Bankasi - Series C | | | 234,022 | |
| | | | | | |
|
|
|
| | | | | | | | 1,378,818 | |
| | | | | | |
|
|
|
| | | | | United Arab Emirates - 0.28% | |
| | 36,429 | | | Abu Dhabi Commercial Bank PJSC | | | 94,115 | |
| | 34,962 | | | First Abu Dhabi Bank PJSC | | | 145,431 | |
| | | | | | |
|
|
|
| | | | | | | | 239,546 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $63,849,073) | | | 77,457,658 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.29% | |
| | | | | China - 3.29% | |
| | 40,508 | | | iShares Core MSCI Emerging Markets ETF | | | 2,094,669 | |
| | 22,642 | | | KraneShares Bosera MSCI China A ETF | | | 722,053 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $2,651,059) | | | 2,816,722 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 3.94% | |
| | | | | Brazil - 2.78% | |
| | 44,382 | | | Banco Bradesco SA - Preference Shares | | | 485,154 | |
| | 18,441 | | | Centrais Eletricas Brasileiras SA - Preference Shares | | | 177,517 | |
| | 3,426 | | | Cia Brasileira de Distribuicao Grupo Pao de Acucar - Preference Shares | | | 79,574 | |
| | 28,567 | | | Cia Energetica de Minas Gerais - Preference Shares | | | 100,687 | |
| | 29,912 | | | Gerdau SA - Preference Shares | | | 115,436 | |
| | 84,068 | | | Itau Unibanco Holding SA - Preference Shares | | | 734,536 | |
| | 38,402 | | | Itausa - Investimentos Itau SA - Preference Shares | | | 117,206 | |
| | 80,159 | | | Petroleo Brasileiro SA - Preference Shares | | | 569,764 | |
| | | | | | |
|
|
|
| | | | | | | | 2,379,874 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.11% | |
| | 25,151 | | | Embotelladora Andina SA | | | 91,867 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 1.05% | |
| | 1,504 | | | Amorepacific Corp. - Preference Shares | | | 142,054 | |
| | 393 | | | LG Household & Health Care Ltd. - Preference Shares | | | 289,515 | |
| | 14,623 | | | Samsung Electronics Co., Ltd. - Preference Shares | | | 468,231 | |
| | | | | | |
|
|
|
| | | | | | | | 899,800 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $2,018,615) | | | 3,371,541 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.12% | |
| | | | | South Africa - 0.12% | |
| | 76,832 | | | Fortress REIT Ltd. - Class A | | | 97,555 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $99,540) | | | 97,555 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.51% | |
| | | | | Money Market Funds - 0.51% | |
| | 440,525 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (d) | | | 440,525 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $440,525) | | | 440,525 | |
| | | | | | |
|
|
|
See notes to financial statements.
52
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.20% | |
| | | | | Investments Purchased with Proceeds from Securities LendingCollateral - 1.20% | |
| | 1,026,618 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (d) | | $ | 1,026,618 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $1,026,618) | | | 1,026,618 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $70,085,430) - 99.51% | | | 85,210,619 | |
| | | | | Other Assets in Excess of Liabilities - 0.49% | | | 422,915 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 85,633,534 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (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 $928,855, which represents 1.08% of total net assets. |
| (c) | | All or portion of this security is on loan. |
| (d) | | Seven-day yield as of March 31, 2019. |
| (e) | | Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 9 for further disclosures related to this affiliated security. |
| (f) | | Regulation S securities as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $568,909, which represents 0.66% of total net assets. |
| (g) | | As of March 31, 2019, the Valuation Committee has fair valued this security. The value of this security was $217,188, which represents 0.25% of total net assets. |
| (h) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
| GDR | | - | | Global Depositary Receipt |
| NVDR | | - | | Non-Voting Depositary Receipt |
See notes to financial statements.
53
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2019
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.15% | |
Airlines | | | 1.39% | |
Auto Components | | | 0.30% | |
Automobiles | | | 0.96% | |
Banks | | | 12.89% | |
Beverages | | | 0.65% | |
Biotechnology | | | 0.31% | |
Capital Markets | | | 0.78% | |
Chemicals | | | 1.37% | |
Construction & Engineering | | | 0.91% | |
Construction Materials | | | 1.32% | |
Consumer Finance | | | 0.13% | |
Diversified Consumer Services | | | 0.34% | |
Diversified Financial Services | | | 0.92% | |
Diversified Telecommunication Services | | | 1.48% | |
Electric Utilities | | | 0.37% | |
Electrical Equipment | | | 0.16% | |
Electronic Equipment, Instruments & Components | | | 1.22% | |
Entertainment | | | 0.61% | |
Food & Staples Retailing | | | 2.75% | |
Food Products | | | 3.32% | |
Gas Utilities | | | 0.76% | |
Health Care Providers & Services | | | 0.26% | |
Health Care Technology | | | 0.15% | |
Hotels, Restaurants & Leisure | | | 0.49% | |
Household Durables | | | 0.85% | |
Household Products | | | 0.91% | |
Independent Power and Renewable Electricity Producers | | | 0.36% | |
Industrial Conglomerates | | | 1.02% | |
Insurance | | | 3.32% | |
Interactive Media & Services | | | 5.66% | |
Internet & Direct Marketing Retail | | | 4.46% | |
IT Services | | | 2.46% | |
Leisure Products | | | 0.21% | |
Life Sciences Tools & Services | | | 0.27% | |
Machinery | | | 0.95% | |
Media | | | 1.63% | |
Metals & Mining | | | 3.41% | |
Multiline Retail | | | 0.96% | |
Oil & Gas | | | 0.93% | |
Oil, Gas & Consumable Fuels | | | 6.90% | |
Paper & Forest Products | | | 0.57% | |
Personal Products | | | 0.63% | |
Pharmaceuticals | | | 1.35% | |
Real Estate Management & Development | | | 1.50% | |
Road & Rail | | | 0.41% | |
| | | | |
| | | | | |
Semiconductors & Semiconductor Equipment | | | 8.25% | |
Software | | | 0.31% | |
Specialty Retail | | | 1.03% | |
Technology Hardware, Storage & Peripherals | | | 0.92% | |
Textiles, Apparel & Luxury Goods | | | 2.55% | |
Thrifts & Mortgage Finance | | | 0.76% | |
Tobacco | | | 0.45% | |
Trading Companies & Distributors | | | 0.30% | |
Transportation Infrastructure | | | 0.59% | |
Water Utilities | | | 0.35% | |
Wireless Telecommunication Services | | | 2.19% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 90.45% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 3.29% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 3.29% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Banks | | | 1.57% | |
Beverages | | | 0.11% | |
Electric Utilities | | | 0.32% | |
Food & Staples Retailing | | | 0.09% | |
Metals & Mining | | | 0.13% | |
Oil, Gas & Consumable Fuels | | | 0.67% | |
Personal Products | | | 0.50% | |
Semiconductors & Semiconductor Equipment | | | 0.55% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 3.94% | |
| | �� |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.12% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.12% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.51% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.51% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 1.20% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 1.20% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 99.51% | |
Other Assets in Excess of Liabilities | | | 0.49% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 86.52% | |
| | | | | Aerospace & Defense - 1.06% | |
| | 427 | | | AAR Corp. | | $ | 13,882 | |
| | 509 | | | Aerojet Rocketdyne Holdings, Inc. (a) | | | 18,085 | |
| | 204 | | | AeroVironment, Inc. (a) | | | 13,956 | |
| | 938 | | | Axon Enterprise, Inc. (a) | | | 51,036 | |
| | 992 | | | BWX Technologies, Inc. (b) | | | 49,183 | |
| | 289 | | | Cubic Corp. | | | 16,253 | |
| | 306 | | | Curtiss-Wright Corp. | | | 34,682 | |
| | 555 | | | Ducommun, Inc. (a) | | | 24,154 | |
| | 272 | | | HEICO Corp. | | | 25,805 | |
| | 583 | | | HEICO Corp. - Class A | | | 49,007 | |
| | 525 | | | Hexcel Corp. | | | 36,309 | |
| | 324 | | | Huntington Ingalls Industries, Inc. | | | 67,133 | |
| | 1,178 | | | Kratos Defense & Security Solutions, Inc. (a) | | | 18,412 | |
| | 411 | | | Moog, Inc. - Class A | | | 35,736 | |
| | 1,072 | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 98,120 | |
| | 331 | | | Teledyne Technologies, Inc. (a) | | | 78,450 | |
| | 2,190 | | | The KEYW Holding Corp. (a)(b) | | | 18,878 | |
| | 1,203 | | | Vectrus, Inc. (a) | | | 31,988 | |
| | | | | | |
|
|
|
| | | | | | | | 681,069 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.22% | |
| | 2,482 | | | Echo Global Logistics, Inc. (a) | | | 61,504 | |
| | 226 | | | Forward Air Corp. | | | 14,629 | |
| | 303 | | | Hub Group, Inc. - Class A (a) | | | 12,378 | |
| | 8,035 | | | Radiant Logistics, Inc. (a) | | | 50,620 | |
| | | | | | |
|
|
|
| | | | | | | | 139,131 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.20% | |
| | 900 | | | Alaska Air Group, Inc. (b) | | | 50,508 | |
| | 180 | | | Copa Holdings SA - Class A | | | 14,510 | |
| | 2,890 | | | JetBlue Airways Corp. (a) | | | 47,280 | |
| | 275 | | | Spirit Airlines, Inc. (a) | | | 14,537 | |
| | | | | | |
|
|
|
| | | | | | | | 126,835 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.67% | |
| | 881 | | | Adient PLC - ADR | | | 11,418 | |
| | 2,352 | | | American Axle & Manufacturing Holdings, Inc. (a) | | | 33,657 | |
| | 1,536 | | | Dana, Inc. | | | 27,249 | |
| | 404 | | | Dorman Products, Inc. (a) | | | 35,588 | |
| | 632 | | | Fox Factory Holding Corp. (a) | | | 44,170 | |
| | 2,772 | | | Gentex Corp. | | | 57,325 | |
| | 464 | | | Gentherm, Inc. (a) | | | 17,103 | |
| | 2,143 | | | Goodyear Tire & Rubber Co. | | | 38,895 | |
| | 258 | | | LCI Industries | | | 19,820 | |
| | 340 | | | Standard Motor Products, Inc. | | | 16,694 | |
| | 1,594 | | | Stoneridge, Inc. (a) | | | 46,003 | |
| | 2,486 | | | Superior Industries International, Inc. | | | 11,833 | |
| | 553 | | | Tower International, Inc. | | | 11,630 | |
| | 184 | | | Visteon Corp. (a) | | | 12,392 | |
| | 319 | | | WABCO Holdings, Inc. (a) | | | 42,054 | |
| | | | | | |
|
|
|
| | | | | | | | 425,831 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.15% | |
| | 571 | | | Harley-Davidson, Inc. (b) | | | 20,362 | |
| | 914 | | | Thor Industries, Inc. (b) | | | 57,006 | |
| | 674 | | | Winnebago Industries, Inc. | | | 20,995 | |
| | | | | | |
|
|
|
| | | | | | | | 98,363 | |
| | | | | | |
|
|
|
| | | | | Banks - 4.68% | |
| | 831 | | | 1st Constitution Bancorp. | | | 14,767 | |
| | 274 | | | 1st Source Corp. | | | 12,305 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 364 | | | ACNB Corp. | | $ | 13,468 | |
| | 1,911 | | | Associated Banc-Corp. | | | 40,800 | |
| | 1,500 | | | Banc of California, Inc. | | | 20,760 | |
| | 562 | | | BancFirst Corp. | | | 29,308 | |
| | 2,272 | | | Bancorp, Inc. (a) | | | 18,358 | |
| | 758 | | | BancorpSouth, Inc. | | | 21,391 | |
| | 1,501 | | | Bank of Commerce Holdings | | | 15,836 | |
| | 455 | | | Bank of Hawaii Corp. | | | 35,886 | |
| | 426 | | | Bank of Marin Bancorp | | | 17,334 | |
| | 1,046 | | | Bank OZK | | | 30,313 | |
| | 1,592 | | | BankUnited, Inc. | | | 53,173 | |
| | 1,121 | | | BCB Bancorp, Inc. | | | 15,021 | |
| | 772 | | | Blue Hills Bancorp, Inc. | | | 18,451 | |
| | 193 | | | BOK Financial Corp. | | | 15,739 | |
| | 375 | | | Bryn Mawr Bank Corp. | | | 13,549 | |
| | 284 | | | C&F Financial Corp. | | | 14,370 | |
| | 628 | | | Cadence BanCorp | | | 11,649 | |
| | 374 | | | Camden National Corp. | | | 15,603 | |
| | 568 | | | Cathay General Bancorp | | | 19,261 | |
| | 889 | | | CenterState Bank Corp. | | | 21,167 | |
| | 205 | | | Century Bancorp, Inc. - Class A | | | 14,965 | |
| | 313 | | | Chemical Financial Corp. | | | 12,883 | |
| | 306 | | | Chemung Financial Corp. | | | 14,361 | |
| | 852 | | | CIT Group, Inc. | | | 40,870 | |
| | 221 | | | City Holding Co. | | | 16,838 | |
| | 1,074 | | | Commerce Bancshares, Inc. | | | 62,356 | |
| | 435 | | | Community Bank Systems, Inc. | | | 26,000 | |
| | 356 | | | Community Trust Bancorp, Inc. | | | 14,617 | |
| | 713 | | | County Bancorp, Inc. | | | 12,549 | |
| | 991 | | | Cullen Frost Bankers, Inc. | | | 96,196 | |
| | 971 | | | Customers Bancorp, Inc. (a) | | | 17,779 | |
| | 239 | | | Eagle Bancorp, Inc. (a) | | | 11,998 | |
| | 1,796 | | | East West Bancorp, Inc. | | | 86,154 | |
| | 953 | | | Enterprise Financial Services Corp. | | | 38,854 | |
| | 1,823 | | | F.N.B. Corp. | | | 19,324 | |
| | 1,281 | | | Farmers National Banc Corp. | | | 17,665 | |
| | 733 | | | Fidelity Southern Corp. | | | 20,077 | |
| | 580 | | | Fifth Third Bancorp | | | 14,628 | |
| | 437 | | | First Bancorp (North Carolina) | | | 15,190 | |
| | 2,432 | | | First BanCorp (Puerto Rico) | | | 27,871 | |
| | 1,304 | | | First Bank | | | 15,035 | |
| | 890 | | | First Business Financial Services, Inc. | | | 17,818 | |
| | 105 | | | First Citizens BancShares, Inc. - Class A | | | 42,756 | |
| | 1,060 | | | First Commonwealth Financial Corp. | | | 13,356 | |
| | 545 | | | First Community Bancshares, Inc. (b) | | | 18,061 | |
| | 1,398 | | | First Financial Bancorp. | | | 33,636 | |
| | 778 | | | First Financial Bankshares, Inc. | | | 44,953 | |
| | 723 | | | First Guaranty Bancshares, Inc. | | | 14,821 | |
| | 469 | | | First Hawaiian, Inc. | | | 12,217 | |
| | 1,267 | | | First Horizon National Corp. | | | 17,713 | |
| | 620 | | | First Internet Bancorp | | | 11,985 | |
| | 320 | | | First Interstate BancSystem, Inc. - Class A | | | 12,742 | |
| | 500 | | | First Merchants Corp. | | | 18,425 | |
| | 405 | | | FirstMid-Illinois Bancshares, Inc. | | | 13,495 | |
| | 1,790 | | | Fulton Financial Corp. | | | 27,709 | |
| | 504 | | | Glacier Bancorp, Inc. | | | 20,195 | |
| | 343 | | | Great Southern Bancorp, Inc. | | | 17,802 | |
| | 814 | | | Hancock Whitney Corp. | | | 32,886 | |
| | 402 | | | Heartland Financial U.S.A., Inc. | | | 17,145 | |
| | 755 | | | Hilltop Holdings, Inc. | | | 13,779 | |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Banks (Continued) | |
| | 985 | | | Home BancShares, Inc. | | $ | 17,306 | |
| | 926 | | | Hope Bancorp, Inc. | | | 12,112 | |
| | 394 | | | IBERIABANK Corp. | | | 28,254 | |
| | 861 | | | Independent Bank Corp. | | | 18,511 | |
| | 247 | | | Independent Bank Group, Inc. | | | 12,669 | |
| | 879 | | | International Bancshares Corp. | | | 33,428 | |
| | 1,515 | | | Investors Bancorp, Inc. | | | 17,953 | |
| | 981 | | | Lakeland Bancorp, Inc. | | | 14,646 | |
| | 400 | | | Lakeland Financial Corp. | | | 18,088 | |
| | 1,493 | | | Live Oak Bancshares, Inc. | | | 21,813 | |
| | 462 | | | National Bank Holdings Corp. - Class A | | | 15,366 | |
| | 486 | | | NBT Bancorp, Inc. | | | 17,501 | |
| | 328 | | | Nicolet Bankshares, Inc. (a) | | | 19,549 | |
| | 885 | | | Northeast Bancorp | | | 18,302 | |
| | 355 | | | Northrim BanCorp, Inc. | | | 12,219 | |
| | 937 | | | OFG Bancorp | | | 18,543 | |
| | 354 | | | Ohio Valley Banc Corp. | | | 12,797 | |
| | 458 | | | Old Line Bancshares, Inc. | | | 11,418 | |
| | 1,437 | | | Old National Bancorp | | | 23,567 | |
| | 1,571 | | | Old Second Bancorp, Inc. | | | 19,779 | |
| | 1,955 | | | Pacific Mercantile Bancorp (a) | | | 14,897 | |
| | 822 | | | PacWest Bancorp | | | 30,915 | |
| | 183 | | | Park National Corp. | | | 17,339 | |
| | 1,302 | | | Parke Bancorp, Inc. | | | 27,199 | |
| | 577 | | | Peoples Bancorp, Inc. | | | 17,870 | |
| | 286 | | | Pinnacle Financial Partners, Inc. | | | 15,644 | |
| | 1,193 | | | Popular, Inc. | | | 62,191 | |
| | 336 | | | Preferred Bank | | | 15,110 | |
| | 833 | | | Premier Financial Bancorp, Inc. | | | 13,086 | |
| | 524 | | | Prosperity Bancshares, Inc. | | | 36,187 | |
| | 689 | | | RBB Bancorp | | | 12,953 | |
| | 324 | | | Republic Bancorp, Inc. - Class A | | | 14,489 | |
| | 511 | | | S&T Bancorp, Inc. | | | 20,200 | |
| | 438 | | | Sandy Spring Bancorp, Inc. | | | 13,701 | |
| | 626 | | | SB One Bancorp | | | 13,597 | |
| | 838 | | | ServisFirst Bancshares, Inc. | | | 28,291 | |
| | 1,465 | | | Shore Bancshares, Inc. | | | 21,843 | |
| | 258 | | | Signature Bank | | | 33,042 | |
| | 593 | | | Simmons First National Corp. - Class A | | | 14,517 | |
| | 177 | | | South State Corp. | | | 12,096 | |
| | 894 | | | Sterling Bancorp | | | 16,655 | |
| | 582 | | | Summit Financial Group, Inc. | | | 15,429 | |
| | 2,278 | | | Synovus Financial Corp. | | | 78,272 | |
| | 2,390 | | | TCF Financial Corp. | | | 49,449 | |
| | 496 | | | Texas Capital Bancshares, Inc. (a) | | | 27,077 | |
| | 1,000 | | | The Bank of N.T. Butterfield & Son, Ltd. | | | 35,880 | |
| | 593 | | | TowneBank | | | 14,677 | |
| | 827 | | | TriState Capital Holdings, Inc. (a) | | | 16,896 | |
| | 493 | | | Triumph Bancorp, Inc. (a) | | | 14,489 | |
| | 386 | | | Trustmark Corp. | | | 12,981 | |
| | 342 | | | UMB Financial Corp. | | | 21,902 | |
| | 1,727 | | | Umpqua Holdings Corp. | | | 28,496 | |
| | 443 | | | Union Bankshares Corp. | | | 14,322 | |
| | 373 | | | Union Bankshares, Inc. | | | 16,871 | |
| | 477 | | | United Bankshares, Inc. | | | 17,286 | |
| | 776 | | | Unity Bancorp, Inc. | | | 14,651 | |
| | 1,796 | | | Valley National Bancorp | | | 17,206 | |
| | 323 | | | Washington Trust Bancorp, Inc. | | | 15,552 | |
| | 652 | | | Webster Financial Corp. | | | 33,037 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 1,028 | | | WesBanco, Inc. | | $ | 40,863 | |
| | 901 | | | West Bancorporation, Inc. | | | 18,633 | |
| | 295 | | | WestAmerica Bancorporation | | | 18,231 | |
| | 1,071 | | | Western Alliance Bancorp (a) | | | 43,954 | |
| | 852 | | | Wintrust Financial Corp. | | | 57,365 | |
| | 1,851 | | | Zions Bancorporation | | | 84,054 | |
| | | | | | |
|
|
|
| | | | | | | | 2,989,429 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.33% | |
| | 220 | | | Boston Beer Co., Inc. - Class A (a) | | | 64,841 | |
| | 21,600 | | | Castle Brands, Inc. (a) | | | 15,044 | |
| | 6,862 | | | Celsius Holdings, Inc. (a)(b) | | | 29,232 | |
| | 142 | | | Coca-Cola Consolidated, Inc. | | | 40,872 | |
| | 262 | | | MGP Ingredients, Inc. | | | 20,213 | |
| | 405 | | | National Beverage Corp. (b) | | | 23,381 | |
| | 988 | | | Primo Water Corp. (a) | | | 15,274 | |
| | | | | | |
|
|
|
| | | | | | | | 208,857 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.60% | |
| | 613 | | | ACADIA Pharmaceuticals, Inc. (a) | | | 16,459 | |
| | 3,746 | | | Acorda Therapeutics, Inc. (a) | | | 49,784 | |
| | 1,312 | | | Alkermes PLC (a) | | | 47,875 | |
| | 4,436 | | | AMAG Pharmaceuticals, Inc. (a) | | | 57,136 | |
| | 360 | | | Arena Pharmaceuticals, Inc. (a) | | | 16,139 | |
| | 3,527 | | | ArQule, Inc. (a) | | | 16,894 | |
| | 802 | | | Array BioPharma, Inc. (a) | | | 19,553 | |
| | 1,321 | | | Arrowhead Pharmaceuticals, Inc. (a) | | | 24,240 | |
| | 432 | | | Atara Biotherapeutics, Inc. (a) | | | 17,172 | |
| | 1,693 | | | BioCryst Pharmaceuticals, Inc. (a) | | | 13,781 | |
| | 311 | | | Biohaven Pharmaceutical Holding Co., Ltd. (a) | | | 16,007 | |
| | 281 | | | BioSpecifics Technologies Corp. (a) | | | 17,515 | |
| | 991 | | | CareDx, Inc. (a) | | | 31,236 | |
| | 690 | | | Celcuity, Inc. (a) | | | 15,118 | |
| | 904 | | | Cellular Biomedicine Group, Inc. (a) | | | 15,639 | |
| | 575 | | | Denali Therapeutics, Inc. (a) | | | 13,352 | |
| | 853 | | | Eagle Pharmaceuticals, Inc. (a) | | | 43,068 | |
| | 869 | | | Emergent BioSolutions, Inc. (a) | | | 43,902 | |
| | 196 | | | Enanta Pharmaceuticals, Inc. (a)(b) | | | 18,722 | |
| | 563 | | | Exact Sciences Corp. (a) | | | 48,767 | |
| | 2,208 | | | Exelixis, Inc. (a) | | | 52,550 | |
| | 1,548 | | | Fate Therapeutics, Inc. (a) | | | 27,198 | |
| | 322 | | | FibroGen, Inc. (a) | | | 17,501 | |
| | 984 | | | Genomic Health, Inc. (a) | | | 68,929 | |
| | 8,133 | | | Geron Corp. (a) | | | 13,501 | |
| | 2,007 | | | Immunomedics, Inc. (a) | | | 38,554 | |
| | 162 | | | Intercept Pharmaceuticals, Inc. (a) | | | 18,121 | |
| | 1,221 | | | Invitae Corp. (a) | | | 28,596 | |
| | 997 | | | Ionis Pharmaceuticals, Inc. (a) | | | 80,926 | |
| | 218 | | | Ligand Pharmaceuticals, Inc. - Class B (a)(b) | | | 27,405 | |
| | 1,811 | | | Minerva Neurosciences, Inc. (a) | | | 14,234 | |
| | 382 | | | Mirati Therapeutics, Inc. (a)(b) | | | 28,001 | |
| | 2,389 | | | Myriad Genetics, Inc. (a) | | | 79,315 | |
| | 2,235 | | | Natera, Inc. (a) | | | 46,086 | |
| | 425 | | | Neurocrine Biosciences, Inc. (a) | | | 37,443 | |
| | 5,021 | | | OPKO Health, Inc. (a)(b) | | | 13,105 | |
| | 369 | | | PTC Therapeutics, Inc. (a) | | | 13,889 | |
| | 484 | | | Puma Biotechnology, Inc. (a) | | | 18,774 | |
| | 716 | | | Ra Pharmaceuticals, Inc. (a) | | | 16,038 | |
| | 2,312 | | | Recro Pharma, Inc. (a) | | | 13,548 | |
| | 359 | | | REGENXBIO, Inc. (a) | | | 20,574 | |
| | 324 | | | Repligen Corp. (a) | | | 19,142 | |
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Biotechnology (Continued) | |
| | 351 | | | Sarepta Therapeutics, Inc. (a)(b) | | $ | 41,836 | |
| | 966 | | | Seattle Genetics, Inc. (a)(b) | | | 70,750 | |
| | 260 | | | Ultragenyx Pharmaceutical, Inc. (a) | | | 18,034 | |
| | 1,200 | | | United Therapeutics Corp. (a) | | | 140,844 | |
| | 1,290 | | | Vanda Pharmaceuticals, Inc. (a) | | | 23,736 | |
| | 2,390 | | | Veracyte, Inc. (a) | | | 59,798 | |
| | 3,438 | | | Vericel Corp. (a) | | | 60,199 | |
| | 459 | | | Xencor, Inc. (a) | | | 14,257 | |
| | | | | | |
|
|
|
| | | | | | | | 1,665,243 | |
| | | | | | |
|
|
|
| | | | | Building Products - 1.40% | |
| | 1,860 | | | A. O. Smith Corp. | | | 99,175 | |
| | 727 | | | AAON, Inc. | | | 33,573 | |
| | 599 | | | Advanced Drainage Systems, Inc. | | | 15,436 | |
| | 995 | | | Allegion PLC | | | 90,256 | |
| | 271 | | | American Woodmark Corp. (a) | | | 22,393 | |
| | 477 | | | Apogee Enterprises, Inc. | | | 17,883 | |
| | 1,315 | | | Armstrong Flooring, Inc. (a) | | | 17,884 | |
| | 679 | | | Armstrong World Industries, Inc. | | | 53,926 | |
| | 3,402 | | | Builders FirstSource, Inc. (a) | | | 45,383 | |
| | 780 | | | Continental Building Products, Inc. (a) | | | 19,336 | |
| | 338 | | | CSW Industrials, Inc. (a) | | | 19,364 | |
| | 1,318 | | | Fortune Brands Home & Security, Inc. | | | 62,750 | |
| | 994 | | | JELD-WEN Holding, Inc. (a) | | | 17,554 | |
| | 393 | | | Lennox International, Inc. (b) | | | 103,909 | |
| | 353 | | | Masonite International Corp. (a) | | | 17,611 | |
| | 2,431 | | | NCI Building Systems, Inc. (a) | | | 14,975 | |
| | 982 | | | Owens Corning, Inc. | | | 46,272 | |
| | 485 | | | Patrick Industries, Inc. (a) | | | 21,980 | |
| | 952 | | | PGT Innovations, Inc. (a) | | | 13,185 | |
| | 1,328 | | | Quanex Building Products Corp. | | | 21,102 | |
| | 502 | | | Simpson Manufacturing Co., Inc. | | | 29,754 | |
| | 1,024 | | | Trex Co., Inc. (a) | | | 62,997 | |
| | 807 | | | Universal Forest Products, Inc. | | | 24,121 | |
| | 635 | | | USG Corp. | | | 27,496 | |
| | | | | | |
|
|
|
| | | | | | | | 898,315 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.94% | |
| | 1,629 | | | Artisan Partners Asset Management, Inc. - Class A | | | 41,002 | |
| | 338 | | | Associated Capital Group, Inc. - Class A | | | 13,371 | |
| | 896 | | | B. Riley Financial, Inc. | | | 14,954 | |
| | 856 | | | Blucora, Inc. (a) | | | 28,573 | |
| | 2,512 | | | BrightSphere Investment Group PLC | | | 34,063 | |
| | 733 | | | Cohen & Steers, Inc. | | | 30,984 | |
| | 826 | | | Cowen Group, Inc. - Class A (a) | | | 11,969 | |
| | 106 | | | Diamond Hill Investment Group, Inc. | | | 14,840 | |
| | 1,506 | | | Donnelley Financial Solutions, Inc. (a) | | | 22,409 | |
| | 1,353 | | | Eaton Vance Corp. | | | 54,539 | |
| | 643 | | | Evercore Partners, Inc. - Class A | | | 58,513 | |
| | 539 | | | FactSet Research Systems, Inc. | | | 133,818 | |
| | 1,671 | | | Federated Investors, Inc. - Class B | | | 48,977 | |
| | 1,926 | | | GAIN Capital Holdings, Inc. | | | 12,095 | |
| | 672 | | | Greenhill & Co., Inc. | | | 14,455 | |
| | 733 | | | Hamilton Lane, Inc. - Class A | | | 31,944 | |
| | 748 | | | Houlihan Lokey, Inc. | | | 34,296 | |
| | 372 | | | INTL. FCStone, Inc. (a) | | | 14,419 | |
| | 4,148 | | | Ladenburg Thalmann Financial Services, Inc. | | | 11,739 | |
| | 1,871 | | | Lazard, Ltd. - Class A | | | 67,618 | |
| | 732 | | | Legg Mason, Inc. | | | 20,035 | |
| | 1,302 | | | LPL Financial Holdings, Inc. | | | 90,684 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Capital Markets (Continued) | |
| | 389 | | | MarketAxess Holdings, Inc. | | $ | 95,725 | |
| | 743 | | | Moelis & Co. - Class A | | | 30,916 | |
| | 478 | | | Morningstar, Inc. | | | 60,223 | |
| | 705 | | | Oppenheimer Holdings, Inc. - Class A | | | 18,344 | |
| | 206 | | | Piper Jaffray Cos. | | | 15,003 | |
| | 2,329 | | | Pzena Investment Management, Inc. - Class A | | | 18,842 | |
| | 1,551 | | | SEI Investments Co. | | | 81,040 | |
| | 1,873 | | | Siebert Financial Corp. (a) | | | 22,120 | |
| | 934 | | | Virtu Financial, Inc. - Class A | | | 22,182 | |
| | 241 | | | Virtus Investment Partners, Inc. | | | 23,510 | |
| | 1,922 | | | Waddell & Reed Financial, Inc. - Class A | | | 33,231 | |
| | 411 | | | Westwood Holdings Group, Inc. | | | 14,496 | |
| | | | | | |
|
|
|
| | | | | | | | 1,240,929 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.53% | |
| | 507 | | | AdvanSix, Inc. (a) | | | 14,485 | |
| | 831 | | | American Vanguard Corp. | | | 14,310 | |
| | 358 | | | Ashland Global Holdings, Inc. | | | 27,971 | |
| | 1,344 | | | Axalta Coating Systems, Ltd. (a) | | | 33,882 | |
| | 184 | | | Balchem Corp. | | | 17,075 | |
| | 1,971 | | | CF Industries Holdings, Inc. | | | 80,574 | |
| | 222 | | | Chase Corp. | | | 20,544 | |
| | 2,853 | | | Element Solutions, Inc. (a) | | | 28,815 | |
| | 1,455 | | | FutureFuel Corp. | | | 19,497 | |
| | 466 | | | GCP Applied Technologies, Inc. (a) | | | 13,794 | |
| | 431 | | | H.B. Fuller Co. | | | 20,964 | |
| | 474 | | | Hawkins, Inc. | | | 17,457 | |
| | 2,022 | | | Huntsman Corp. | | | 45,475 | |
| | 828 | | | Ingevity Corp. (a) | | | 87,445 | |
| | 152 | | | Innospec, Inc. | | | 12,669 | |
| | 4,850 | | | Intrepid Potash, Inc. (a) | | | 18,381 | |
| | 595 | | | Kraton Corp. (a) | | | 19,147 | |
| | 996 | | | Kronos Worldwide, Inc. | | | 13,964 | |
| | 304 | | | Minerals Technologies, Inc. | | | 17,872 | |
| | 81 | | | NewMarket Corp. | | | 35,118 | |
| | 1,503 | | | Olin Corp. | | | 34,779 | |
| | 1,665 | | | OMNOVA Solutions, Inc. (a) | | | 11,688 | |
| | 799 | | | PolyOne Corp. | | | 23,419 | |
| | 827 | | | PQ Group Holdings, Inc. (a) | | | 12,546 | |
| | 196 | | | Quaker Chemical Corp. | | | 39,265 | |
| | 1,320 | | | Rayonier Advanced Materials, Inc. | | | 17,899 | |
| | 1,284 | | | RPM International, Inc. | | | 74,523 | |
| | 191 | | | Sensient Technologies Corp. | | | 12,948 | |
| | 279 | | | Stepan Co. | | | 24,418 | |
| | 1,124 | | | The Chemours Co. | | | 41,768 | |
| | 210 | | | The ScottsMiracle-Gro Co. - Class A | | | 16,502 | |
| | 752 | | | Trinseo SA | | | 34,066 | |
| | 1,890 | | | Tronox Holdings PLC - Class A | | | 24,854 | |
| | 1,734 | | | Valvoline, Inc. | | | 32,183 | |
| | 248 | | | W.R. Grace & Co. | | | 19,354 | |
| | | | | | |
|
|
|
| | | | | | | | 979,651 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 1.78% | |
| | 595 | | | ABM Industries, Inc. | | | 21,628 | |
| | 2,731 | | | ACCO Brands Corp. | | | 23,377 | |
| | 2,505 | | | ADT, Inc. (b) | | | 16,007 | |
| | 732 | | | Advanced Disposal Services, Inc. (a) | | | 20,496 | |
| | 858 | | | Avery Dennison Corp. | | | 96,954 | |
| | 243 | | | Barrett Business Services, Inc. | | | 18,791 | |
| | 977 | | | BrightView Holdings, Inc. (a) | | | 14,069 | |
| | 1,008 | | | Casella Waste Systems, Inc. - Class A (a) | | | 35,844 | |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Commercial Services & Supplies (Continued) | |
| | 470 | | | Cimpress NV (a) | | $ | 37,661 | |
| | 319 | | | Clean Harbors, Inc. (a) | | | 22,818 | |
| | 629 | | | Comfort Systems USA, Inc. | | | 32,953 | |
| | 1,061 | | | Covanta Holding Corp. (b) | | | 18,366 | |
| | 901 | | | Deluxe Corp. | | | 39,392 | |
| | 681 | | | Healthcare Services Group, Inc. | | | 22,466 | |
| | 868 | | | Heritage-Crystal Clean, Inc. (a) | | | 23,827 | |
| | 1,750 | | | Herman Miller, Inc. | | | 61,565 | |
| | 813 | | | HNI Corp. | | | 29,504 | |
| | 1,162 | | | Interface, Inc. | | | 17,802 | |
| | 1,008 | | | KAR Auction Services, Inc. | | | 51,720 | |
| | 4,551 | | | Kimball International, Inc. - Class B | | | 64,351 | |
| | 814 | | | Knoll, Inc. | | | 15,393 | |
| | 2,305 | | | LSC Communications, Inc. | | | 15,052 | |
| | 476 | | | MSA Safety, Inc. | | | 49,218 | |
| | 253 | | | Multi-Color Corp. | | | 12,622 | |
| | 3,329 | | | NL Industries, Inc. (a) | | | 12,916 | |
| | 2,371 | | | Pitney Bowes, Inc. | | | 16,289 | |
| | 1,593 | | | Quad/Graphics, Inc. | | | 18,957 | |
| | 2,280 | | | Rollins, Inc. (b) | | | 94,894 | |
| | 415 | | | SP Plus Corp. (a) | | | 14,160 | |
| | 2,012 | | | Steelcase, Inc. - Class A | | | 29,275 | |
| | 379 | | | Stericycle, Inc. (a) | | | 20,625 | |
| | 2,235 | | | Sykes Enterprises, Inc. (a) | | | 63,206 | |
| | 897 | | | Team, Inc. (a)(b) | | | 15,697 | |
| | 568 | | | Tetra Tech, Inc. | | | 33,847 | |
| | 370 | | | The Brinks Co. | | | 27,902 | |
| | 268 | | | US Ecology, Inc. | | | 15,003 | |
| | 234 | | | Viad Corp. | | | 13,172 | |
| | | | | | |
|
|
|
| | | | | | | | 1,137,819 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.17% | |
| | 315 | | | Acacia Communications, Inc. (a) | | | 18,065 | |
| | 862 | | | ADTRAN, Inc. | | | 11,809 | |
| | 2,169 | | | ARRIS International PLC (a) | | | 68,562 | |
| | 1,298 | | | CalAmp Corp. (a) | | | 16,329 | |
| | 3,543 | | | Calix, Inc. (a) | | | 27,281 | |
| | 1,950 | | | Ciena Corp. (a) | | | 72,813 | |
| | 1,147 | | | Clearfield, Inc. (a) | | | 16,861 | |
| | 1,893 | | | CommScope Holding Co., Inc. (a) | | | 41,135 | |
| | 776 | | | Comtech Telecommunications Corp. | | | 18,019 | |
| | 1,823 | | | DASAN Zhone Solutions, Inc. (a) | | | 19,488 | |
| | 2,114 | | | Digi International, Inc. (a) | | | 26,784 | |
| | 527 | | | EchoStar Corp. - Class A (a) | | | 19,209 | |
| | 7,657 | | | Extreme Networks, Inc. (a) | | | 57,351 | |
| | 803 | | | Finisar Corp. (a) | | | 18,606 | |
| | 3,420 | | | Harmonic, Inc. (a) | | | 18,536 | |
| | 500 | | | InterDigital, Inc. | | | 32,990 | |
| | 1,623 | | | KVH Industries, Inc. (a) | | | 16,538 | |
| | 734 | | | Lumentum Holdings, Inc. (a) | | | 41,500 | |
| | 460 | | | NETGEAR, Inc. (a) | | | 15,235 | |
| | 1,520 | | | NetScout Systems, Inc. (a) | | | 42,666 | |
| | 344 | | | Plantronics, Inc. | | | 15,862 | |
| | 1,248 | | | Quantenna Communications, Inc. (a) | | | 30,364 | |
| | 3,650 | | | Ribbon Communications, Inc. (a) | | | 18,798 | |
| | 339 | | | Ubiquiti Networks, Inc. (b) | | | 50,752 | |
| | 201 | | | ViaSat, Inc. (a) | | | 15,578 | |
| | 1,644 | | | Viavi Solutions, Inc. (a) | | | 20,353 | |
| | | | | | |
|
|
|
| | | | | | | | 751,484 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Construction & Engineering - 0.66% | |
| | 1,164 | | | AECOM (a) | | $ | 34,536 | |
| | 892 | | | Aegion Corp. (a) | | | 15,672 | |
| | 1,005 | | | Ameresco, Inc. - Class A (a) | | | 16,261 | |
| | 509 | | | Arcosa, Inc. | | | 15,550 | |
| | 307 | | | Dycom Industries, Inc. (a) | | | 14,104 | |
| | 423 | | | EMCOR Group, Inc. | | | 30,913 | |
| | 844 | | | Fluor Corp. | | | 31,059 | |
| | 2,365 | | | Great Lakes Dredge & Dock Corp. (a) | | | 21,072 | |
| | 6,284 | | | HC2 Holdings, Inc. (a) | | | 15,396 | |
| | 896 | | | IES Holdings, Inc. (a) | | | 15,922 | |
| | 1,054 | | | Jacobs Engineering Group, Inc. | | | 79,250 | |
| | 1,513 | | | KBR, Inc. | | | 28,883 | |
| | 406 | | | MYR Group, Inc. (a) | | | 14,060 | |
| | 500 | | | NV5 Global, Inc. (a) | | | 29,680 | |
| | 765 | | | Quanta Services, Inc. | | | 28,871 | |
| | 1,035 | | | Sterling Construction Co., Inc. (a) | | | 12,958 | |
| | 892 | | | Tutor Perini Corp. (a) | | | 15,271 | |
| | | | | | |
|
|
|
| | | | | | | | 419,458 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.06% | |
| | 211 | | | Eagle Materials, Inc. | | | 17,787 | |
| | 437 | | | US Concrete, Inc. (a) | | | 18,101 | |
| | | | | | |
|
|
|
| | | | | | | | 35,888 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.88% | |
| | 203 | | | Credit Acceptance Corp. (a) | | | 91,742 | |
| | 1,286 | | | Curo Group Holdings Corp. (a) | | | 12,899 | |
| | 2,915 | | | Elevate Credit, Inc. (a) | | | 12,651 | |
| | 2,599 | | | Enova International, Inc. (a) | | | 59,309 | |
| | 1,944 | | | EZCORP, Inc. - Class A (a) | | | 18,118 | |
| | 395 | | | FirstCash, Inc. | | | 34,167 | |
| | 427 | | | Green Dot Corp. - Class A (a) | | | 25,897 | |
| | 3,776 | | | Navient Corp. | | | 43,688 | |
| | 510 | | | Nelnet, Inc. - Class A | | | 28,086 | |
| | 720 | | | OneMain Holdings, Inc. | | | 22,860 | |
| | 648 | | | PRA Group, Inc. (a) | | | 17,373 | |
| | 2,519 | | | Regional Management Corp. (a) | | | 61,514 | |
| | 3,790 | | | Santander Consumer USA Holdings, Inc. | | | 80,083 | |
| | 5,225 | | | SLM Corp. | | | 51,780 | |
| | | | | | |
|
|
|
| | | | | | | | 560,167 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.69% | |
| | 308 | | | AptarGroup, Inc. | | | 32,768 | |
| | 596 | | | Bemis Co., Inc. | | | 33,066 | |
| | 1,101 | | | Berry Plastics Group, Inc. (a) | | | 59,311 | |
| | 396 | | | Crown Holdings, Inc. (a) | | | 21,610 | |
| | 314 | | | Greif, Inc. - Class A | | | 12,952 | |
| | 2,215 | | | Myers Industries, Inc. | | | 37,899 | |
| | 1,321 | | | Owens-Illinois, Inc. | | | 25,073 | |
| | 949 | | | Packaging Corp. of America | | | 94,312 | |
| | 1,158 | | | Sealed Air Corp. | | | 53,337 | |
| | 776 | | | Silgan Holdings, Inc. | | | 22,993 | |
| | 789 | | | Sonoco Products Co. | | | 48,547 | |
| | | | | | |
|
|
|
| | | | | | | | 441,868 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.12% | |
| | 1,251 | | | Core-Mark Holding Co., Inc. | | | 46,449 | |
| | 1,326 | | | Funko, Inc. - Class A (a) | | | 28,801 | |
| | | | | | |
|
|
|
| | | | | | | | 75,250 | |
| | | | | | |
|
|
|
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Diversified Consumer Services - 1.58% | |
| | 1,613 | | | Adtalem Global Education, Inc. (a) | | $ | 74,714 | |
| | 1,527 | | | American Public Education, Inc. (a) | | | 45,993 | |
| | 303 | | | Bright Horizons Family Solutions, Inc. (a) | | | 38,514 | |
| | 3,491 | | | Career Education Corp. (a) | | | 57,671 | |
| | 1,028 | | | Carriage Services, Inc. | | | 19,789 | |
| | 2,460 | | | Chegg, Inc. (a) | | | 93,775 | |
| | 527 | | | frontdoor, Inc. (a) | | | 18,139 | |
| | 87 | | | Graham Holdings Co. - Class B | | | 59,437 | |
| | 638 | | | Grand Canyon Education, Inc. (a) | | | 73,057 | |
| | 4,372 | | | H&R Block, Inc. (b) | | | 104,666 | |
| | 1,275 | | | Hillenbrand, Inc. | | | 52,951 | |
| | 3,657 | | | Houghton Mifflin Harcourt Co. (a) | | | 26,586 | |
| | 2,317 | | | K12, Inc. (a) | | | 79,079 | |
| | 486 | | | Matthews International Corp. - Class A | | | 17,958 | |
| | 2,606 | | | Regis Corp. (a) | | | 51,260 | |
| | 1,023 | | | Service Corp. International | | | 41,074 | |
| | 1,488 | | | ServiceMaster Global Holdings, Inc. (a) | | | 69,490 | |
| | 751 | | | Sotheby’s - Class A (a) | | | 28,350 | |
| | 221 | | | Strategic Education, Inc. | | | 29,020 | |
| | 1,337 | | | Weight Watchers International, Inc. (a) | | | 26,941 | |
| | | | | | |
|
|
|
| | | | | | | | 1,008,464 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.19% | |
| | 684 | | | Cannae Holdings, Inc. (a) | | | 16,594 | |
| | 707 | | | Encore Capital Group, Inc. (a)(b) | | | 19,251 | |
| | 831 | | | Voya Financial, Inc. | | | 41,517 | |
| | 361 | | | World Acceptance Corp. (a) | | | 42,284 | |
| | | | | | |
|
|
|
| | | | | | | | 119,646 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.27% | |
| | 474 | | | Cogent Communications Holdings, Inc. | | | 25,714 | |
| | 9,036 | | | Frontier Communications Corp. (a)(b) | | | 17,982 | |
| | 658 | | | Iridium Communications, Inc. (a) | | | 17,398 | |
| | 2,159 | | | Ooma, Inc. (a) | | | 28,585 | |
| | 6,705 | | | Vonage Holdings Corp. (a) | | | 67,318 | |
| | 649 | | | Zayo Group Holdings, Inc. (a) | | | 18,445 | |
| | | | | | |
|
|
|
| | | | | | | | 175,442 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.66% | |
| | 446 | | | ALLETE, Inc. | | | 36,675 | |
| | 280 | | | El Paso Electric Co. | | | 16,470 | |
| | 718 | | | Hawaiian Electric Industries, Inc. | | | 29,273 | |
| | 497 | | | IDACORP, Inc. | | | 49,471 | |
| | 265 | | | MGE Energy, Inc. | | | 18,012 | |
| | 2,036 | | | OGE Energy Corp. | | | 87,792 | |
| | 749 | | | Pinnacle West Capital Corp. | | | 71,589 | |
| | 415 | | | PNM Resources, Inc. | | | 19,646 | |
| | 648 | | | Portland General Electric Co. | | | 33,592 | |
| | 5,018 | | | Spark Energy, Inc. - Class A | | | 44,710 | |
| | 238 | | | Unitil Corp. | | | 12,893 | |
| | | | | | |
|
|
|
| | | | | | | | 420,123 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.91% | |
| | 485 | | | Acuity Brands, Inc. | | | 58,205 | |
| | 510 | | | Allied Motion Technologies, Inc. | | | 17,534 | |
| | 831 | | | Atkore International Group, Inc. (a) | | | 17,891 | |
| | 417 | | | AZZ, Inc. | | | 17,068 | |
| | 344 | | | Belden, Inc. | | | 18,473 | |
| | 791 | | | Brady Corp. - Class A | | | 36,710 | |
| | 240 | | | Encore Wire Corp. | | | 13,733 | |
| | 327 | | | EnerSys | | | 21,307 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electrical Equipment (Continued) | |
| | 3,041 | | | Enphase Energy, Inc. (a)(b) | | $ | 28,068 | |
| | 524 | | | Franklin Electric Co., Inc. | | | 26,771 | |
| | 583 | | | Generac Holdings, Inc. (a) | | | 29,867 | |
| | 1,955 | | | GrafTech International, Ltd. | | | 25,004 | |
| | 383 | | | Hubbell, Inc. (b) | | | 45,186 | |
| | 527 | | | II-VI, Inc. (a)(b) | | | 19,626 | |
| | 1,048 | | | nVent Electric PLC | | | 28,275 | |
| | 287 | | | Preformed Line Products Co. | | | 15,237 | |
| | 526 | | | Regal Beloit Corp. | | | 43,064 | |
| | 1,068 | | | Sensata Technologies Holding PLC (a) | | | 48,081 | |
| | 1,342 | | | Sunrun, Inc. (a) | | | 18,869 | |
| | 849 | | | Vicor Corp. (a)(b) | | | 26,336 | |
| | 295 | | | Woodward Governor Co. | | | 27,993 | |
| | | | | | |
|
|
|
| | | | | | | | 583,298 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 2.98% | |
| | 842 | | | Anixter International, Inc. (a) | | | 47,245 | |
| | 597 | | | Arrow Electronics, Inc. (a) | | | 46,005 | |
| | 897 | | | Avnet, Inc. | | | 38,903 | |
| | 1,250 | | | AVX Corp. | | | 21,675 | |
| | 654 | | | Bel Fuse, Inc. - Class B | | | 16,533 | |
| | 1,066 | | | Benchmark Electronics, Inc. | | | 27,983 | |
| | 1,955 | | | CDW Corp. | | | 188,403 | |
| | 1,526 | | | Cognex Corp. (b) | | | 77,612 | |
| | 275 | | | Coherent, Inc. (a) | | | 38,973 | |
| | 1,716 | | | Control4 Corp. (a) | | | 29,052 | |
| | 508 | | | CTS Corp. | | | 14,920 | |
| | 2,185 | | | Daktronics, Inc. | | | 16,278 | |
| | 663 | | | Dolby Laboratories, Inc. - Class A | | | 41,749 | |
| | 506 | | | Fabrinet (a) | | | 26,494 | |
| | 394 | | | FARO Technologies, Inc. (a) | | | 17,301 | |
| | 4,295 | | | Fitbit, Inc. - Class A (a) | | | 25,426 | |
| | 1,161 | | | FLIR Systems, Inc. | | | 55,240 | |
| | 832 | | | Insight Enterprises, Inc. (a) | | | 45,810 | |
| | 5,229 | | | Iteris, Inc. (a) | | | 21,805 | |
| | 503 | | | Itron, Inc. (a) | | | 23,465 | |
| | 532 | | | Jabil, Inc. | | | 14,146 | |
| | 1,312 | | | KEMET Corp. | | | 22,265 | |
| | 2,121 | | | Keysight Technologies, Inc. (a) | | | 184,951 | |
| | 867 | | | Kimball Electronics, Inc. (a) | | | 13,430 | |
| | 1,326 | | | Knowles Corp. (a) | | | 23,377 | |
| | 107 | | | Littelfuse, Inc. (b) | | | 19,525 | |
| | 233 | | | Mercury Systems, Inc. (a) | | | 14,931 | |
| | 95 | | | Mesa Laboratories, Inc. | | | 21,898 | |
| | 519 | | | Methode Electronics, Inc. | | | 14,937 | |
| | 295 | | | MTS Systems Corp. | | | 16,066 | |
| | 1,714 | | | Napco Security Technologies, Inc. (a) | | | 35,548 | |
| | 1,509 | | | National Instruments Corp. | | | 66,939 | |
| | 501 | | | Novanta, Inc. (a) | | | 42,450 | |
| | 244 | | | OSI Systems, Inc. (a) | | | 21,374 | |
| | 1,123 | | | PAR Technology Corp. (a) | | | 27,469 | |
| | 926 | | | PC Connection, Inc. | | | 33,956 | |
| | 166 | | | Rogers Corp. (a) | | | 26,374 | |
| | 884 | | | Sanmina Corp. (a) | | | 25,503 | |
| | 712 | | | ScanSource, Inc. (a) | | | 25,504 | |
| | 511 | | | SYNNEX Corp. | | | 48,744 | |
| | 408 | | | Tech Data Corp. (a) | | | 41,783 | |
| | 2,242 | | | Trimble, Inc. (a) | | | 90,577 | |
| | 1,874 | | | TTM Technologies, Inc. (a) | | | 21,982 | |
| | 151 | | | Universal Display Corp. | | | 23,080 | |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electronic Equipment, Instruments & Components (Continued) | |
| | 1,951 | | | Vishay Intertechnology, Inc. (b) | | $ | 36,035 | |
| | 493 | | | Vishay Precision Group, Inc. (a) | | | 16,866 | |
| | 733 | | | Zebra Technologies Corp. - Class A (a) | | | 153,586 | |
| | | | | | |
|
|
|
| | | | | | | | 1,904,168 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.80% | |
| | 471 | | | Apergy Corp. (a) | | | 19,339 | |
| | 3,776 | | | Basic Energy Services, Inc. (a) | | | 14,349 | |
| | 755 | | | C&J Energy Services, Inc. (a) | | | 11,718 | |
| | 500 | | | Cactus, Inc. - Class A (a) | | | 17,800 | |
| | 1,787 | | | Diamond Offshore Drilling, Inc. (a)(b) | | | 18,746 | |
| | 1,190 | | | Era Group, Inc. (a) | | | 13,733 | |
| | 3,372 | | | FTS International, Inc. (a) | | | 33,720 | |
| | 1,597 | | | Helix Energy Solutions Group, Inc. (a) | | | 12,632 | |
| | 492 | | | Helmerich & Payne, Inc. | | | 27,336 | |
| | 2,238 | | | Keane Group, Inc. (a) | | | 24,372 | |
| | 939 | | | Liberty Oilfield Services, Inc. - Class A (b) | | | 14,451 | |
| | 1,790 | | | Mammoth Energy Services, Inc. | | | 29,804 | |
| | 1,952 | | | Matrix Service Co. (a) | | | 38,220 | |
| | 544 | | | Nine Energy Service, Inc. (a) | | | 12,322 | |
| | 5,098 | | | Noble Corp. PLC (a) | | | 14,631 | |
| | 1,099 | | | Oceaneering International, Inc. (a) | | | 17,331 | |
| | 774 | | | Oil States International, Inc. (a)(b) | | | 13,127 | |
| | 877 | | | Patterson-UTI Energy, Inc. | | | 12,296 | |
| | 8,517 | | | Profire Energy, Inc. (a) | | | 15,245 | |
| | 757 | | | ProPetro Holding Corp. (a) | | | 17,063 | |
| | 1,191 | | | RigNet, Inc. (a) | | | 11,636 | |
| | 1,746 | | | Rowan Cos., Inc. - Class A (a) | | | 18,839 | |
| | 1,430 | | | RPC, Inc. (b) | | | 16,316 | |
| | 330 | | | SEACOR Holdings, Inc. (a) | | | 13,952 | |
| | 1,121 | | | Select Energy Services, Inc. - Class A (a) | | | 13,474 | |
| | 6,919 | | | Transocean, Ltd. (a) | | | 60,264 | |
| | | | | | |
|
|
|
| | | | | | | | 512,716 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.69% | |
| | 990 | | | AMC Entertainment Holdings, Inc. - Class A (b) | | | 14,702 | |
| | 1,376 | | | Eros International PLC (a) | | | 12,577 | |
| | 5,123 | | | Glu Mobile, Inc. (a) | | | 56,046 | |
| | 459 | | | Liberty Media Corp. - Liberty Braves - Class A (a) | | | 12,824 | |
| | 459 | | | Liberty Media Corp. - Liberty Braves - Class C (a) | | | 12,746 | |
| | 697 | | | Liberty Media Corp. - Liberty Formula One - Class C (a) | | | 24,430 | |
| | 866 | | | Lions Gate Entertainment Corp. - Class A | | | 13,544 | |
| | 1,165 | | | Lions Gate Entertainment Corp. - Class B | | | 17,592 | |
| | 1,606 | | | Live Nation Entertainment, Inc. (a)(b) | | | 102,045 | |
| | 2,667 | | | Rosetta Stone, Inc. (a) | | | 58,274 | |
| | 93 | | | The Madison Square Garden Co. - Class A (a) | | | 27,261 | |
| | 329 | | | The Marcus Corp. | | | 13,176 | |
| | 641 | | | World Wrestling Entertainment, Inc. - Class A | | | 55,626 | |
| | 3,683 | | | Zynga, Inc. - Class A (a) | | | 19,630 | |
| | | | | | |
|
|
|
| | | | | | | | 440,473 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.97% | |
| | 1,651 | | | BJ’s Wholesale Club Holdings, Inc. (a) | | | 45,237 | |
| | 532 | | | Casey’s General Stores, Inc. (b) | | | 68,506 | |
| | 5,063 | | | Diplomat Pharmacy, Inc. (a) | | | 29,416 | |
| | 1,090 | | | Ingles Markets, Inc. - Class A | | | 30,106 | |
| | 2,198 | | | Natural Grocers by Vitamin Cottage, Inc. (a) | | | 26,266 | |
| | 1,793 | | | Performance Food Group Co. (a) | | | 71,075 | |
| | 265 | | | PriceSmart, Inc. | | | 15,603 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food & Staples Retailing (Continued) | |
| | 26,721 | | | Rite Aid Corp. (a) | | $ | 16,968 | |
| | 1,656 | | | SpartanNash Co. | | | 26,281 | |
| | 2,203 | | | Sprouts Farmers Market, Inc. (a) | | | 47,453 | |
| | 1,314 | | | The Chefs’ Warehouse, Inc. (a) | | | 40,800 | |
| | 1,129 | | | United Natural Foods, Inc. (a) | | | 14,925 | |
| | 3,185 | | | US Foods Holding Corp. (a) | | | 111,188 | |
| | 1,158 | | | Village Super Market, Inc. - Class A | | | 31,648 | |
| | 1,093 | | | Weis Markets, Inc. (b) | | | 44,605 | |
| | | | | | |
|
|
|
| | | | | | | | 620,077 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.18% | |
| | 785 | | | B&G Foods, Inc. (b) | | | 19,170 | |
| | 188 | | | Calavo Growers, Inc. | | | 15,764 | |
| | 598 | | | Cal-Maine Foods, Inc. | | | 26,689 | |
| | 1,576 | | | Darling International, Inc. (a) | | | 34,120 | |
| | 12,695 | | | Dean Foods Co. | | | 38,466 | |
| | 1,330 | | | Farmer Brothers Co. (a) | | | 26,613 | |
| | 2,828 | | | Flowers Foods, Inc. | | | 60,293 | |
| | 612 | | | Fresh Del Monte Produce, Inc. | | | 16,542 | |
| | 1,758 | | | Freshpet, Inc. (a) | | | 74,346 | |
| | 1,124 | | | Hostess Brands, Inc. (a) | | | 14,050 | |
| | 647 | | | Ingredion, Inc. | | | 61,264 | |
| | 160 | | | J&J Snack Foods Corp. | | | 25,414 | |
| | 272 | | | John B. Sanfilippo & Son, Inc. | | | 19,549 | |
| | 1,314 | | | Lamb Weston Holdings, Inc. | | | 98,471 | |
| | 242 | | | Lancaster Colony Corp. (b) | | | 37,919 | |
| | 814 | | | Pilgrim’s Pride Corp. (a) | | | 18,144 | |
| | 711 | | | Post Holdings, Inc. (a) | | | 77,783 | |
| | 675 | | | Seneca Foods Corp. - Class A (a) | | | 16,605 | |
| | 723 | | | Simply Good Foods Co. (a) | | | 14,887 | |
| | 349 | | | Tootsie Roll Industries, Inc. | | | 12,997 | |
| | 679 | | | TreeHouse Foods, Inc. (a)(b) | | | 43,830 | |
| | | | | | |
|
|
|
| | | | | | | | 752,916 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.52% | |
| | 597 | | | Atmos Energy Corp. | | | 61,449 | |
| | 365 | | | National Fuel Gas Co. | | | 22,250 | |
| | 507 | | | New Jersey Resources Corp. | | | 25,244 | |
| | 267 | | | Northwest Natural Holding Co. | | | 17,523 | |
| | 340 | | | ONE Gas, Inc. | | | 30,270 | |
| | 529 | | | South Jersey Industries, Inc. | | | 16,965 | |
| | 217 | | | Southwest Gas Holdings, Inc. | | | 17,851 | |
| | 209 | | | Spire, Inc. | | | 17,199 | |
| | 2,205 | | | UGI Corp. | | | 122,201 | |
| | | | | | |
|
|
|
| | | | | | | | 330,952 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 4.14% | |
| | 6,304 | | | Accuray, Inc. (a) | | | 30,070 | |
| | 1,268 | | | AngioDynamics, Inc. (a) | | | 28,986 | |
| | 1,178 | | | Anika Therapeutics, Inc. (a) | | | 35,623 | |
| | 5,550 | | | Antares Pharma, Inc. (a) | | | 16,816 | |
| | 1,085 | | | AtriCure, Inc. (a) | | | 29,067 | |
| | 59 | | | Atrion Corp. | | | 51,842 | |
| | 445 | | | Avanos Medical, Inc. (a) | | | 18,993 | |
| | 1,754 | | | AxoGen, Inc. (a) | | | 36,939 | |
| | 455 | | | Cantel Medical Corp. | | | 30,435 | |
| | 1,253 | | | Cardiovascular Systems, Inc. (a) | | | 48,441 | |
| | 2,558 | | | Cerus Corp. (a) | | | 15,936 | |
| | 304 | | | CONMED Corp. | | | 25,287 | |
| | 636 | | | CryoLife, Inc. (a) | | | 18,552 | |
| | 1,251 | | | CryoPort, Inc. (a)(b) | | | 16,163 | |
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 1,762 | | | Cutera, Inc. (a) | | $ | 31,117 | |
| | 2,411 | | | CytoSorbents Corp. (a) | | | 18,251 | |
| | 1,099 | | | DexCom, Inc. (a) | | | 130,891 | |
| | 1,156 | | | FONAR Corp. (a) | | | 23,663 | |
| | 858 | | | Glaukos Corp. (a) | | | 67,241 | |
| | 2,053 | | | Globus Medical, Inc. - Class A (a) | | | 101,439 | |
| | 776 | | | Haemonetics Corp. (a) | | | 67,884 | |
| | 631 | | | Heska Corp. (a) | | | 53,711 | |
| | 848 | | | Hill-Rom Holdings, Inc. | | | 89,769 | |
| | 177 | | | ICU Medical, Inc. (a) | | | 42,361 | |
| | 510 | | | Inogen, Inc. (a) | | | 48,639 | |
| | 691 | | | Insulet Corp. (a)(b) | | | 65,707 | |
| | 750 | | | Integer Holdings Corp. (a) | | | 56,565 | |
| | 593 | | | Integra LifeSciences Holdings Corp. (a) | | | 33,042 | |
| | 705 | | | IntriCon Corp. (a) | | | 17,681 | |
| | 901 | | | iRadimed Corp. (a)(b) | | | 25,309 | |
| | 580 | | | iRhythm Technologies, Inc. (a) | | | 43,477 | |
| | 1,876 | | | Lantheus Holdings, Inc. (a) | | | 45,924 | |
| | 1,427 | | | LeMaitre Vascular, Inc. | | | 44,237 | |
| | 283 | | | LivaNova PLC (a) | | | 27,522 | |
| | 631 | | | Masimo Corp. (a) | | | 87,255 | |
| | 1,510 | | | Meridian Bioscience, Inc. | | | 26,591 | |
| | 534 | | | Merit Medical Systems, Inc. (a) | | | 33,017 | |
| | 876 | | | Natus Medical, Inc. (a) | | | 22,233 | |
| | 382 | | | Neogen Corp. (a) | | | 21,923 | |
| | 1,258 | | | Neuronetics, Inc. (a) | | | 19,185 | |
| | 1,245 | | | Novocure, Ltd. (a) | | | 59,972 | |
| | 1,082 | | | NuVasive, Inc. (a) | | | 61,447 | |
| | 1,229 | | | OraSure Technologies, Inc. (a) | | | 13,703 | |
| | 758 | | | Orthofix Medical, Inc. (a) | | | 42,759 | |
| | 630 | | | OrthoPediatrics Corp. (a) | | | 27,865 | |
| | 1,134 | | | Oxford Immunotec Global PLC (a) | | | 19,539 | |
| | 474 | | | Penumbra, Inc. (a) | | | 69,683 | |
| | 564 | | | Quidel Corp. (a) | | | 36,925 | |
| | 5,450 | | | RTI Surgical Holdings, Inc. (a) | | | 32,755 | |
| | 1,792 | | | SeaSpine Holdings Corp. (a) | | | 27,023 | |
| | 2,583 | | | STAAR Surgical Co. (a) | | | 88,313 | |
| | 576 | | | STERIS PLC (b) | | | 73,745 | |
| | 516 | | | SurModics, Inc. (a) | | | 22,436 | |
| | 1,630 | | | Tactile Systems Technology, Inc. (a)(b) | | | 85,934 | |
| | 1,260 | | | Tandem Diabetes Care, Inc. (a) | | | 80,010 | |
| | 442 | | | The Cooper Cos., Inc. | | | 130,907 | |
| | 5,504 | | | TransEnterix, Inc. (a)(b) | | | 13,100 | |
| | 834 | | | Varex Imaging Corp. (a) | | | 28,256 | |
| | 579 | | | West Pharmaceutical Services, Inc. | | | 63,806 | |
| | 563 | | | Wright Medical Group NV (a) | | | 17,706 | |
| | | | | | |
|
|
|
| | | | | | | | 2,643,668 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.74% | |
| | 6,727 | | | AAC Holdings, Inc. (a) | | | 12,378 | |
| | 879 | | | Acadia Healthcare Co., Inc. (a) | | | 25,763 | |
| | 555 | | | Addus HomeCare Corp. (a) | | | 35,292 | |
| | 925 | | | Amedisys, Inc. (a) | | | 114,015 | |
| | 2,142 | | | American Renal Associates Holdings, Inc. (a) | | | 13,152 | |
| | 1,206 | | | AMN Healthcare Services, Inc. (a) | | | 56,790 | |
| | 717 | | | Apollo Medical Holdings, Inc. (a) | | | 13,135 | |
| | 8,380 | | | BioScrip, Inc. (a) | | | 16,760 | |
| | 1,015 | | | BioTelemetry, Inc. (a) | | | 63,559 | |
| | 2,567 | | | Brookdale Senior Living, Inc. (a) | | | 16,891 | |
| | 5,603 | | | Capital Senior Living Corp. (a) | | | 22,356 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Providers & Services (Continued) | |
| | 234 | | | Chemed Corp. | | $ | 74,896 | |
| | 359 | | | CorVel Corp. (a) | | | 23,421 | |
| | 6,262 | | | Cross Country Healthcare, Inc. (a) | | | 44,022 | |
| | 1,150 | | | Encompass Health Corp. | | | 67,160 | |
| | 10,227 | | | Genesis Healthcare, Inc. (a) | | | 14,727 | |
| | 291 | | | Guardant Health, Inc. (a) | | | 22,320 | |
| | 592 | | | HealthEquity, Inc. (a) | | | 43,796 | |
| | 534 | | | HMS Holdings Corp. (a) | | | 15,812 | |
| | 437 | | | LHC Group, Inc. (a) | | | 48,446 | |
| | 514 | | | Magellan Health Services, Inc. (a) | | | 33,883 | |
| | 1,227 | | | MEDNAX, Inc. (a) | | | 33,337 | |
| | 1,059 | | | Molina Healthcare, Inc. (a) | | | 150,336 | |
| | 334 | | | National HealthCare Corp. | | | 25,344 | |
| | 1,763 | | | National Research Corp. - Class A | | | 68,052 | |
| | 6,720 | | | Owens & Minor, Inc. | | | 27,552 | |
| | 1,716 | | | Patterson Cos., Inc. | | | 37,495 | |
| | 1,108 | | | PerkinElmer, Inc. | | | 106,767 | |
| | 500 | | | PetIQ, Inc. (a) | | | 15,705 | |
| | 649 | | | Premier, Inc. - Class A (a) | | | 22,384 | |
| | 276 | | | Providence Service Corp. (a) | | | 18,387 | |
| | 2,564 | | | R1 RCM, Inc. (a) | | | 24,794 | |
| | 5,556 | | | RadNet, Inc. (a) | | | 68,839 | |
| | 1,729 | | | Select Medical Holdings Corp. (a) | | | 24,362 | |
| | 2,115 | | | Surgery Partners, Inc. (a) | | | 23,857 | |
| | 1,833 | | | Tenet Healthcare Corp. (a) | | | 52,864 | |
| | 898 | | | The Ensign Group, Inc. | | | 45,969 | |
| | 1,520 | | | Tivity Health, Inc. (a) | | | 26,691 | |
| | 1,845 | | | Triple-S Management Corp. - Class B (a) | | | 42,103 | |
| | 123 | | | US Physical Therapy, Inc. | | | 12,919 | |
| | 528 | | | WellCare Health Plans, Inc. (a) | | | 142,428 | |
| | | | | | |
|
|
|
| | | | | | | | 1,748,759 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.87% | |
| | 2,875 | | | Allscripts Healthcare Solutions, Inc. (a) | | | 27,427 | |
| | 4,791 | | | Castlight Health, Inc. - Class B (a) | | | 17,966 | |
| | 830 | | | Computer Programs & Systems, Inc. (b) | | | 24,643 | |
| | 1,016 | | | Inovalon Holdings, Inc. - Class A (a) | | | 12,629 | |
| | 477 | | | Inspire Medical Systems, Inc. (a) | | | 27,084 | |
| | 776 | | | Medidata Solutions, Inc. (a) | | | 56,834 | |
| | 5,284 | | | NextGen Healthcare, Inc. (a) | | | 88,930 | |
| | 482 | | | Omnicell, Inc. (a) | | | 38,965 | |
| | 1,387 | | | Simulations Plus, Inc. | | | 29,280 | |
| | 388 | | | Tabula Rasa HealthCare, Inc. (a)(b) | | | 21,891 | |
| | 453 | | | Teladoc Health, Inc. (a)(b) | | | 25,187 | |
| | 1,220 | | | Veeva Systems, Inc. - Class A (a) | | | 154,769 | |
| | 958 | | | Vocera Communications, Inc. (a) | | | 30,301 | |
| | | | | | |
|
|
|
| | | | | | | | 555,906 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.25% | |
| | 1,212 | | | Aramark | | | 35,815 | |
| | 3,515 | | | BBX Capital Corp. | | | 20,809 | |
| | 630 | | | Belmond, Ltd. - Class A (a) | | | 15,706 | |
| | 18 | | | Biglari Holdings, Inc. - Class A (a) | | | 13,238 | |
| | 91 | | | Biglari Holdings, Inc. - Class B (a) | | | 12,864 | |
| | 299 | | | BJ’s Restaurants, Inc. | | | 14,137 | |
| | 678 | | | Bloomin’ Brands, Inc. | | | 13,865 | |
| | 1,506 | | | Bluegreen Vacations Corp. | | | 22,379 | |
| | 1,048 | | | Boyd Gaming Corp. | | | 28,673 | |
| | 1,253 | | | Brinker International, Inc. (b) | | | 55,608 | |
| | 3,135 | | | Callaway Golf Co. | | | 49,941 | |
| | 504 | | | Cheesecake Factory, Inc. (b) | | | 24,656 | |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hotels, Restaurants & Leisure (Continued) | |
| | 990 | | | Choice Hotels International, Inc. | | $ | 76,963 | |
| | 354 | | | Churchill Downs, Inc. | | | 31,952 | |
| | 606 | | | Chuy’s Holdings, Inc. (a) | | | 13,799 | |
| | 100 | | | Cracker Barrel Old Country Store, Inc. | | | 16,161 | |
| | 1,351 | | | Del Taco Restaurants, Inc. (a) | | | 13,591 | |
| | 1,622 | | | Denny’s Corp. (a) | | | 29,764 | |
| | 177 | | | Dine Brands Global, Inc. | | | 16,158 | |
| | 559 | | | Domino’s Pizza, Inc. | | | 144,278 | |
| | 650 | | | Dunkin’ Brands Group, Inc. | | | 48,815 | |
| | 1,638 | | | El Pollo Loco Holdings, Inc. (a) | | | 21,310 | |
| | 817 | | | Eldorado Resorts, Inc. (a) | | | 38,146 | |
| | 1,475 | | | Extended Stay America, Inc. | | | 26,476 | |
| | 1,310 | | | Habit Restaurants, Inc. - Class A (a) | | | 14,174 | |
| | 415 | | | International Speedway Corp. - Class A | | | 18,106 | |
| | 1,482 | | | J Alexander’s Holdings, Inc. (a) | | | 14,553 | |
| | 252 | | | Jack in the Box, Inc. | | | 20,427 | |
| | 929 | | | Lindblad Expeditions Holdings, Inc. (a) | | | 14,167 | |
| | 331 | | | Marriott Vacations Worldwide Corp. | | | 30,948 | |
| | 405 | | | Monarch Casino & Resort, Inc. (a) | | | 17,788 | |
| | 274 | | | Nathan’s Famous, Inc. | | | 18,742 | |
| | 2,292 | | | Noodles & Co. - Class A (a) | | | 15,586 | |
| | 530 | | | Papa John’s International, Inc. (b) | | | 28,064 | |
| | 1,752 | | | Penn National Gaming, Inc. (a) | | | 35,215 | |
| | 518 | | | Planet Fitness, Inc. - Class A (a) | | | 35,597 | |
| | 4,210 | | | Potbelly Corp. (a) | | | 35,827 | |
| | 854 | | | Red Robin Gourmet Burgers, Inc. (a) | | | 24,604 | |
| | 1,273 | | | Ruth’s Hospitality Group, Inc. | | | 32,576 | |
| | 760 | | | SeaWorld Entertainment, Inc. (a) | | | 19,578 | |
| | 289 | | | Shake Shack, Inc. - Class A (a) | | | 17,094 | |
| | 271 | | | Six Flags Entertainment Corp. | | | 13,374 | |
| | 1,156 | | | Speedway Motorsports, Inc. | | | 16,727 | |
| | 578 | | | Texas Roadhouse, Inc. | | | 35,946 | |
| | 1,114 | | | The Wendy’s Co. | | | 19,929 | |
| | 2,837 | | | Town Sports International Holdings, Inc. (a) | | | 13,504 | |
| | 203 | | | Vail Resorts, Inc. | | | 44,112 | |
| | 542 | | | Wingstop, Inc. | | | 41,208 | |
| | 754 | | | Wyndham Destinations, Inc. | | | 30,529 | |
| | 854 | | | Wyndham Hotels & Resorts, Inc. | | | 42,691 | |
| | | | | | |
|
|
|
| | | | | | | | 1,436,170 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 1.44% | |
| | 1,514 | | | Bassett Furniture Industries, Inc. | | | 24,845 | |
| | 1,217 | | | Beazer Homes USA, Inc. (a) | | | 14,008 | |
| | 114 | | | Cavco Industries, Inc. (a)(b) | | | 13,398 | |
| | 1,438 | | | Ethan Allen Interiors, Inc. | | | 27,509 | |
| | 3,118 | | | GoPro, Inc. - Class A (a)(b) | | | 20,267 | |
| | 2,156 | | | Green Brick Partners, Inc. (a) | | | 18,865 | |
| | 1,050 | | | Hamilton Beach Brands Holding Co. - Class A | | | 22,533 | |
| | 322 | | | Helen of Troy, Ltd. (a)(b) | | | 37,339 | |
| | 676 | | | Hooker Furniture Corp. | | | 19,489 | |
| | 412 | | | Installed Building Products, Inc. (a) | | | 19,982 | |
| | 545 | | | iRobot Corp. (a)(b) | | | 64,141 | |
| | 1,716 | | | KB Home | | | 41,476 | |
| | 1,163 | | | La-Z-Boy, Inc. | | | 38,367 | |
| | 293 | | | Leggett & Platt, Inc. | | | 12,370 | |
| | 794 | | | Lovesac Co. (a) | | | 22,081 | |
| | 308 | | | Meritage Homes Corp. (a) | | | 13,771 | |
| | 145 | | | National Presto Industries, Inc. (b) | | | 15,740 | |
| | 38 | | | NVR, Inc. (a)(b) | | | 105,146 | |
| | 2,241 | | | PulteGroup, Inc. | | | 62,658 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Household Durables (Continued) | |
| | 872 | | | Roku, Inc. (a) | | $ | 56,253 | |
| | 1,203 | | | Skyline Champion Corp. | | | 22,857 | |
| | 1,093 | | | Taylor Morrison Home Corp. - Class A (a) | | | 19,401 | |
| | 527 | | | Tempur Sealy International, Inc. (a) | | | 30,392 | |
| | 1,323 | | | Toll Brothers, Inc. | | | 47,893 | |
| | 329 | | | TopBuild Corp. (a) | | | 21,326 | |
| | 1,636 | | | TRI Pointe Group, Inc. (a) | | | 20,679 | |
| | 1,157 | | | Tupperware Brands Corp. | | | 29,596 | |
| | 2,236 | | | Turtle Beach Corp. (a)(b) | | | 25,401 | |
| | 400 | | | Universal Electronics, Inc. (a) | | | 14,860 | |
| | 842 | | | William Lyon Homes - Class A (a) | | | 12,941 | |
| | 2,710 | | | ZAGG, Inc. (a) | | | 24,580 | |
| | | | | | |
|
|
|
| | | | | | | | 920,164 | |
| | | | | | |
|
|
|
| | | | | Household Products - 0.19% | |
| | 537 | | | Central Garden & Pet Co. (a) | | | 13,726 | |
| | 653 | | | Central Garden & Pet Co. - Class A (a) | | | 15,182 | |
| | 656 | | | Oil-Dri Corp. of America | | | 20,428 | |
| | 438 | | | WD-40 Co. (b) | | | 74,215 | |
| | | | | | |
|
|
|
| | | | | | | | 123,551 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.90% | |
| | 18,511 | | | Atlantic Power Corp. (a) | | | 46,648 | |
| | 3,145 | | | Clearway Energy, Inc. - Class A | | | 45,728 | |
| | 3,175 | | | Clearway Energy, Inc. - Class C | | | 47,974 | |
| | 3,684 | | | NRG Energy, Inc. | | | 156,496 | |
| | 229 | | | Ormat Technologies, Inc. | | | 12,629 | |
| | 1,367 | | | Pattern Energy Group, Inc. - Class A | | | 30,074 | |
| | 3,863 | | | TerraForm Power, Inc. - Class A | | | 53,078 | |
| | 6,962 | | | Vistra Energy Corp. | | | 181,221 | |
| | | | | | |
|
|
|
| | | | | | | | 573,848 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.18% | |
| | 327 | | | Carlisle Companies, Inc. | | | 40,097 | |
| | 523 | | | Otter Tail Corp. | | | 26,056 | |
| | 467 | | | Raven Industries, Inc. | | | 17,919 | |
| | 4 | | | Seaboard Corp. | | | 17,139 | |
| | 976 | | | Tredegar Corp. | | | 15,752 | |
| | | | | | |
|
|
|
| | | | | | | | 116,963 | |
| | | | | | |
|
|
|
| | | | | Insurance - 3.07% | |
| | 131 | | | Alleghany Corp. (a) | | | 80,224 | |
| | 1,562 | | | Ambac Financial Group, Inc. (a) | | | 28,303 | |
| | 1,461 | | | American Equity Investment Life Holding Co. | | | 39,476 | |
| | 951 | | | American Financial Group, Inc. | | | 91,496 | |
| | 99 | | | American National Insurance Co. | | | 11,961 | |
| | 619 | | | AMERISAFE, Inc. | | | 36,769 | |
| | 328 | | | Argo Group International Holdings, Ltd. | | | 23,176 | |
| | 731 | | | Assurant, Inc. | | | 69,379 | |
| | 1,871 | | | Assured Guaranty, Ltd. | | | 83,129 | |
| | 639 | | | Axis Capital Holdings, Ltd. | | | 35,004 | |
| | 819 | | | Brighthouse Financial, Inc. (a) | | | 29,722 | |
| | 3,370 | | | Brown & Brown, Inc. | | | 99,449 | |
| | 1,841 | | | Crawford & Co. - Class B | | | 16,808 | |
| | 306 | | | eHealth, Inc. (a) | | | 19,076 | |
| | 662 | | | Employers Holdings, Inc. | | | 26,553 | |
| | 419 | | | Erie Indemnity Co. - Class A | | | 74,800 | |
| | 215 | | | Everest Re Group, Ltd. | | | 46,431 | |
| | 222 | | | FBL Financial Group, Inc. - Class A | | | 13,924 | |
| | 777 | | | FedNat Holding Co. | | | 12,463 | |
| | 1,313 | | | First American Financial Corp. | | | 67,619 | |
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Insurance (Continued) | |
| | 6,765 | | | Genworth Financial, Inc. - Class A (a) | | $ | 25,910 | |
| | 1,238 | | | Hallmark Financial Services, Inc. (a) | | | 12,875 | |
| | 425 | | | HCI Group, Inc. | | | 18,160 | |
| | 725 | | | Health Insurance Innovations, Inc. - Class A (a)(b) | | | 19,444 | |
| | 1,279 | | | Heritage Insurance Holdings, Inc. | | | 18,673 | |
| | 419 | | | Horace Mann Educators Corp. | | | 14,753 | |
| | 510 | | | Independence Holding Co. | | | 17,978 | |
| | 124 | | | Investors Title Co. | | | 19,580 | |
| | 470 | | | James River Group Holdings, Ltd. | | | 18,838 | |
| | 529 | | | Kemper Corp. | | | 40,278 | |
| | 1,234 | | | MBIA, Inc. (a) | | | 11,748 | |
| | 1,144 | | | National General Holdings Corp. | | | 27,147 | |
| | 85 | | | National Western Life Group, Inc. - Class A | | | 22,310 | |
| | 760 | | | NI Holdings, Inc. (a) | | | 12,160 | |
| | 4,021 | | | Old Republic International Corp. | | | 84,119 | |
| | 626 | | | Primerica, Inc. (b) | | | 76,466 | |
| | 452 | | | ProAssurance Corp. | | | 15,644 | |
| | 686 | | | Reinsurance Group of America, Inc. | | | 97,398 | |
| | 171 | | | RenaissanceRe Holdings, Ltd. | | | 24,539 | |
| | 513 | | | RLI Corp. | | | 36,808 | |
| | 147 | | | Safety Insurance Group, Inc. | | | 12,810 | |
| | 612 | | | Selective Insurance Group, Inc. | | | 38,727 | |
| | 412 | | | State Auto Financial Corp. | | | 13,563 | |
| | 373 | | | The Hanover Insurance Group, Inc. | | | 42,585 | |
| | 184 | | | The Navigators Group, Inc. | | | 12,856 | |
| | 2,196 | | | Tiptree, Inc. - Class A | | | 13,901 | |
| | 1,415 | | | Torchmark Corp. | | | 115,959 | |
| | 340 | | | United Fire Group, Inc. | | | 14,861 | |
| | 1,750 | | | Universal Insurance Holdings, Inc. | | | 54,250 | |
| | 1,191 | | | W.R. Berkley Corp. | | | 100,902 | |
| | 20 | | | White Mountains Insurance Group, Ltd. - ADR | | | 18,510 | |
| | | | | | |
|
|
|
| | | | | | | | 1,959,514 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 0.84% | |
| | 1,338 | | | Care.com, Inc. (a) | | | 26,439 | |
| | 1,189 | | | Cargurus, Inc. (a)(b) | | | 47,631 | |
| | 1,377 | | | Cars.com, Inc. (a) | | | 31,396 | |
| | 1,307 | | | Match Group, Inc. (b) | | | 73,989 | |
| | 3,841 | | | QuinStreet, Inc. (a) | | | 51,431 | |
| | 11,401 | | | The Meet Group, Inc. (a) | | | 57,347 | |
| | 3,583 | | | Travelzoo (a) | | | 48,012 | |
| | 1,392 | | | TripAdvisor, Inc. (a) | | | 71,618 | |
| | 4,511 | | | TrueCar, Inc. (a) | | | 29,953 | |
| | 1,671 | | | Yelp, Inc. - Class A (a) | | | 57,650 | |
| | 442 | | | Zillow Group, Inc. - Class A (a) | | | 15,116 | |
| | 701 | | | Zillow Group, Inc. - Class C (a)(b) | | | 24,353 | |
| | | | | | |
|
|
|
| | | | | | | | 534,935 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 1.02% | |
| | 3,202 | | | 1-800-Flowers.com, Inc. - Class A (a) | | | 58,373 | |
| | 1,341 | | | Duluth Holdings, Inc. - Class B (a) | | | 31,970 | |
| | 1,570 | | | Etsy, Inc. (a) | | | 105,535 | |
| | 9,688 | | | Groupon, Inc. (a) | | | 34,392 | |
| | 322 | | | GrubHub, Inc. (a)(b) | | | 22,369 | |
| | 1,853 | | | Lands’ End, Inc. (a) | | | 30,778 | |
| | 2,946 | | | Leaf Group, Ltd. (a) | | | 23,627 | |
| | 486 | | | Liberty Expedia Holdings, Inc. - Class A (a) | | | 20,801 | |
| | 1,232 | | | Liberty TripAdvisor Holdings, Inc. - Class A (a) | | | 17,482 | |
| | 1,462 | | | Overstock.com, Inc. (a)(b) | | | 24,299 | |
| | 917 | | | PetMed Express, Inc. (b) | | | 20,889 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Internet & Direct Marketing Retail (Continued) | |
| | 1,601 | | | Quotient Technology, Inc. (a) | | $ | 15,802 | |
| | 12,194 | | | Remark Holdings, Inc. (a) | | | 22,559 | |
| | 514 | | | Shutterfly, Inc. (a) | | | 20,889 | |
| | 740 | | | Shutterstock, Inc. | | | 34,506 | |
| | 269 | | | Stamps.com, Inc. (a) | | | 21,899 | |
| | 974 | | | Wayfair, Inc. - Class A (a)(b) | | | 144,590 | |
| | | | | | |
|
|
|
| | | | | | | | 650,760 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.40% | |
| | 1,167 | | | Black Knight, Inc. (a) | | | 63,601 | |
| | 2,269 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 131,920 | |
| | 3,529 | | | Brightcove, Inc. (a) | | | 29,679 | |
| | 504 | | | CACI International, Inc. - Class A (a) | | | 91,738 | |
| | 1,506 | | | Carbonite, Inc. (a) | | | 37,364 | |
| | 1,285 | | | Cardtronics PLC - Class A (a) | | | 45,720 | |
| | 340 | | | Cass Information Systems, Inc. | | | 16,082 | |
| | 4,075 | | | Conduent, Inc. (a) | | | 56,357 | |
| | 1,260 | | | CoreLogic, Inc. (a) | | | 46,948 | |
| | 1,294 | | | CSG Systems International, Inc. | | | 54,736 | |
| | 515 | | | EPAM Systems, Inc. (a) | | | 87,102 | |
| | 438 | | | Euronet Worldwide, Inc. (a) | | | 62,454 | |
| | 1,520 | | | EVERTEC, Inc. | | | 42,271 | |
| | 494 | | | Evo Payments, Inc. - Class A (a) | | | 14,351 | |
| | 538 | | | ExlService Holdings, Inc. (a) | | | 32,291 | |
| | 1,853 | | | Genpact, Ltd. | | | 65,189 | |
| | 1,224 | | | GoDaddy, Inc. - Class A (a) | | | 92,033 | |
| | 12,149 | | | Information Services Group, Inc. (a) | | | 45,316 | |
| | 1,435 | | | Leidos Holdings, Inc. | | | 91,969 | |
| | 6,579 | | | Limelight Networks, Inc. (a) | | | 21,250 | |
| | 806 | | | LiveRamp Holdings, Inc. (a) | | | 43,983 | |
| | 668 | | | ManTech International Corp. - Class A | | | 36,085 | |
| | 1,785 | | | Maximus, Inc. | | | 126,699 | |
| | 2,526 | | | NIC, Inc. | | | 43,169 | |
| | 797 | | | Okta, Inc. (a) | | | 65,936 | |
| | 1,853 | | | Perficient, Inc. (a) | | | 50,754 | |
| | 1,806 | | | Perspecta, Inc. | | | 36,517 | |
| | 9,574 | | | PFSweb, Inc. (a) | | | 49,880 | |
| | 2,096 | | | Presidio, Inc. | | | 31,021 | |
| | 2,565 | | | PRGX Global, Inc. (a) | | | 20,315 | |
| | 2,804 | | | Sabre Corp. | | | 59,978 | |
| | 905 | | | Science Applications International Corp. | | | 69,640 | |
| | 31,388 | | | ServiceSource International, Inc. (a) | | | 28,921 | |
| | 2,154 | | | The Hackett Group, Inc. | | | 34,033 | |
| | 2,483 | | | Travelport Worldwide, Ltd. | | | 39,058 | |
| | 840 | | | TTEC Holdings, Inc. | | | 30,433 | |
| | 331 | | | Tucows, Inc. - Class A (a) | | | 26,871 | |
| | 1,037 | | | Twilio, Inc. - Class A (a)(b) | | | 133,960 | |
| | 2,605 | | | Unisys Corp. (a) | | | 30,400 | |
| | 572 | | | Virtusa Corp. (a) | | | 30,573 | |
| | 296 | | | WEX, Inc. (a) | | | 56,829 | |
| | | | | | |
|
|
|
| | | | | | | | 2,173,426 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.89% | |
| | 1,131 | | | Acushnet Holdings Corp. (b) | | | 26,171 | |
| | 1,726 | | | American Outdoor Brands Corp. (a) | | | 16,121 | |
| | 926 | | | Brunswick Corp. | | | 46,606 | |
| | 1,226 | | | Clarus Corp. | | | 15,705 | |
| | 509 | | | Johnson Outdoors, Inc. - Class A | | | 36,322 | |
| | 970 | | | Malibu Boats, Inc. - Class A (a) | | | 38,393 | |
| | 1,817 | | | Marine Products Corp. | | | 24,475 | |
| | 2,894 | | | MasterCraft Boat Holdings, Inc. (a) | | | 65,318 | |
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Leisure Products (Continued) | |
| | 2,637 | | | Mattel, Inc. (a) | | $ | 34,281 | |
| | 3,061 | | | Nautilus, Inc. (a) | | | 17,019 | |
| | 556 | | | Polaris Industries, Inc. | | | 46,943 | |
| | 860 | | | Pool Corp. (b) | | | 141,874 | |
| | 504 | | | Sturm, Ruger & Co., Inc. | | | 26,722 | |
| | 1,588 | | | Vista Outdoor, Inc. (a) | | | 12,720 | |
| | 701 | | | YETI Holdings, Inc. (a)(b) | | | 21,205 | |
| | | | | | |
|
|
|
| | | | | | | | 569,875 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.26% | |
| | 177 | | | Bio-Rad Laboratories, Inc. - Class A (a) | | | 54,105 | |
| | 196 | | | Bio-Techne Corp. | | | 38,916 | |
| | 1,583 | | | Bruker Corp. | | | 60,851 | |
| | 768 | | | Cambrex Corp. (a)(b) | | | 29,837 | |
| | 645 | | | Charles River Laboratories International, Inc. (a) | | | 93,686 | |
| | 927 | | | Codexis, Inc. (a) | | | 19,031 | |
| | 2,185 | | | Fluidigm Corp. (a) | | | 29,039 | |
| | 6,811 | | | Harvard Bioscience, Inc. (a) | | | 29,355 | |
| | 1,706 | | | Luminex Corp. | | | 39,255 | |
| | 1,497 | | | Medpace Holdings, Inc. (a) | | | 88,278 | |
| | 2,401 | | | NanoString Technologies, Inc. (a) | | | 57,456 | |
| | 1,351 | | | NeoGenomics, Inc. (a)(b) | | | 27,642 | |
| | 2,379 | | | Pacific Biosciences of California, Inc. (a) | | | 17,200 | |
| | 654 | | | PRA Health Sciences, Inc. (a) | | | 72,130 | |
| | 1,855 | | | QIAGEN NV (a) | | | 75,461 | |
| | 1,444 | | | Syneos Health, Inc. (a) | | | 74,741 | |
| | | | | | |
|
|
|
| | | | | | | | 806,983 | |
| | | | | | |
|
|
|
| | | | | Machinery - 3.20% | |
| | 750 | | | Actuant Corp. - Class A | | | 18,277 | |
| | 604 | | | AGCO Corp. | | | 42,008 | |
| | 225 | | | Alamo Group, Inc. (b) | | | 22,487 | |
| | 1,410 | | | Allison Transmission Holdings, Inc. | | | 63,337 | |
| | 601 | | | Altra Industrial Motion Corp. | | | 18,661 | |
| | 525 | | | Badger Meter, Inc. | | | 29,211 | |
| | 583 | | | Barnes Group, Inc. | | | 29,972 | |
| | 398 | | | Chart Industries, Inc. (a) | | | 36,027 | |
| | 375 | | | CIRCOR International, Inc. (a) | | | 12,225 | |
| | 716 | | | Colfax Corp. (a) | | | 21,251 | |
| | 1,234 | | | Columbus McKinnon Corp. | | | 42,388 | |
| | 1,870 | | | Commercial Vehicle Group, Inc. (a) | | | 14,343 | |
| | 501 | | | Crane Co. | | | 42,395 | |
| | 564 | | | DMC Global, Inc. | | | 27,997 | |
| | 1,394 | | | Donaldson Co., Inc. | | | 69,784 | |
| | 373 | | | Douglas Dynamics, Inc. | | | 14,200 | |
| | 232 | | | EnPro Industries, Inc. | | | 14,952 | |
| | 347 | | | ESCO Technologies, Inc. | | | 23,259 | |
| | 753 | | | Federal Signal Corp. | | | 19,570 | |
| | 619 | | | Flowserve Corp. | | | 27,942 | |
| | 1,191 | | | Gardner Denver Holdings, Inc. (a) | | | 33,122 | |
| | 567 | | | Global Brass & Copper Holdings, Inc. | | | 19,527 | |
| | 385 | | | Gorman Rupp Co. | | | 13,067 | |
| | 1,917 | | | Graco, Inc. (b) | | | 94,930 | |
| | 681 | | | Graham Corp. | | | 13,368 | |
| | 1,042 | | | Harsco Corp. (a) | | | 21,007 | |
| | 396 | | | Hurco Cos., Inc. | | | 15,971 | |
| | 215 | | | Hyster-Yale Materials Handling, Inc. | | | 13,407 | |
| | 788 | | | IDEX Corp. | | | 119,571 | |
| | 639 | | | ITT, Inc. | | | 37,062 | |
| | 581 | | | John Bean Technologies Corp. | | | 53,388 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Machinery (Continued) | |
| | 241 | | | Kadant, Inc. | | $ | 21,198 | |
| | 667 | | | Kennametal, Inc. | | | 24,512 | |
| | 777 | | | L.B. Foster Co. - Class A (a) | | | 14,623 | |
| | 623 | | | Lincoln Electric Holdings, Inc. (b) | | | 52,251 | |
| | 2,445 | | | Manitex International, Inc. (a) | | | 18,704 | |
| | 1,403 | | | Meritor, Inc. (a) | | | 28,551 | |
| | 1,357 | | | Milacron Holdings Corp. (a) | | | 15,361 | |
| | 506 | | | Mueller Industries, Inc. | | | 15,858 | |
| | 446 | | | Nordson Corp. | | | 59,104 | |
| | 635 | | | Omega Flex, Inc. | | | 48,133 | |
| | 697 | | | Oshkosh Corp. | | | 52,366 | |
| | 396 | | | Park-Ohio Holdings Corp. | | | 12,822 | |
| | 1,549 | | | Pentair PLC | | | 68,946 | |
| | 376 | | | Proto Labs, Inc. (a) | | | 39,533 | |
| | 145 | | | RBC Bearings, Inc. (a) | | | 18,440 | |
| | 1,015 | | | Rexnord Corp. (a) | | | 25,517 | |
| | 667 | | | Snap-on, Inc. | | | 104,399 | |
| | 902 | | | SPX Corp. (a) | | | 31,381 | |
| | 586 | | | SPX FLOW, Inc. (a) | | | 18,693 | |
| | 241 | | | Tennant Co. | | | 14,964 | |
| | 1,239 | | | Terex Corp. | | | 39,809 | |
| | 568 | | | The Eastern Co. | | | 15,631 | |
| | 350 | | | The Middleby Corp. (a) | | | 45,511 | |
| | 428 | | | The Timken Co. | | | 18,669 | |
| | 1,039 | | | Toro Co. | | | 71,525 | |
| | 1,320 | | | TriMas Corp. (a) | | | 39,904 | |
| | 557 | | | Trinity Industries, Inc. | | | 12,104 | |
| | 118 | | | Valmont Industries, Inc. | | | 15,352 | |
| | 1,564 | | | Wabash National Corp. | | | 21,192 | |
| | 450 | | | Wabtec Corp. | | | 33,174 | |
| | 300 | | | Watts Water Technologies, Inc. - Class A | | | 24,246 | |
| | | | | | |
|
|
|
| | | | | | | | 2,047,179 | |
| | | | | | |
|
|
|
| | | | | Marine - 0.12% | |
| | 2,458 | | | Costamare, Inc. | | | 12,782 | |
| | 446 | | | Kirby Corp. (a) | | | 33,499 | |
| | 488 | | | Matson, Inc. | | | 17,612 | |
| | 2,998 | | | Scorpio Bulkers, Inc. | | | 11,512 | |
| | | | | | |
|
|
|
| | | | | | | | 75,405 | |
| | | | | | |
|
|
|
| | | | | Media - 1.20% | |
| | 438 | | | AMC Networks, Inc. - Class A (a) | | | 24,861 | |
| | 3,195 | | | Beasley Broadcast Group, Inc. - Class A | | | 12,716 | |
| | 841 | | | Boston Omaha Corp. - Class A (a) | | | 20,975 | |
| | 44 | | | Cable One, Inc. | | | 43,181 | |
| | 4,264 | | | Central European Media Enterprises, Ltd. - Class A (a) | | | 16,971 | |
| | 580 | | | Cinemark Holdings, Inc. | | | 23,194 | |
| | 1,291 | | | Emerald Expositions Events, Inc. | | | 16,396 | |
| | 2,829 | | | Entercom Communications Corp. - Class A | | | 14,852 | |
| | 5,312 | | | Entravision Communications Corp. - Class A | | | 17,211 | |
| | 3,012 | | | Fluent, Inc. (a) | | | 16,927 | |
| | 3,330 | | | Gannett Co., Inc. | | | 35,098 | |
| | 390 | | | GCI Liberty, Inc. - Class A (a) | | | 21,688 | |
| | 1,370 | | | Gray Television, Inc. (a) | | | 29,263 | |
| | 651 | | | John Wiley & Sons, Inc. - Class A | | | 28,787 | |
| | 1,329 | | | Liberty Latin America, Ltd. - Class C (a) | | | 25,849 | |
| | 321 | | | Meredith Corp. | | | 17,738 | |
| | 1,208 | | | MSG Networks, Inc. - Class A (a) | | | 26,274 | |
| | 2,037 | | | New Media Investment Group, Inc. | | | 21,389 | |
| | 470 | | | Nexstar Media Group, Inc. - Class A | | | 50,934 | |
See notes to financial statements.
64
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Media (Continued) | |
| | 644 | | | Scholastic Corp. | | $ | 25,605 | |
| | 729 | | | Sinclair Broadcast Group, Inc. - Class A | | | 28,052 | |
| | 2,794 | | | TechTarget, Inc. (a) | | | 45,458 | |
| | 2,006 | | | TEGNA, Inc. | | | 28,285 | |
| | 847 | | | The E.W. Scripps Co. - Class A | | | 17,787 | |
| | 2,723 | | | The Interpublic Group of Companies, Inc. | | | 57,210 | |
| | 1,902 | | | The New York Times Co. - Class A | | | 62,481 | |
| | 823 | | | Tribune Media Co. - Class A | | | 37,973 | |
| | | | | | |
|
|
|
| | | | | | | | 767,155 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.83% | |
| | 6,440 | | | AK Steel Holding Corp. (a) | | | 17,710 | |
| | 1,827 | | | Alcoa Corp. (a)(b) | | | 51,448 | |
| | 1,131 | | | Allegheny Technologies, Inc. (a)(b) | | | 28,920 | |
| | 370 | | | Carpenter Technology Corp. | | | 16,965 | |
| | 1,751 | | | Cleveland-Cliffs, Inc. (b) | | | 17,493 | |
| | 240 | | | Compass Minerals International, Inc. | | | 13,049 | |
| | 3,195 | | | Ferroglobe Representation & Warranty Insurance Trust (a)(e)(f) | | | 0 | |
| | 503 | | | Gibraltar Industries, Inc. (a) | | | 20,427 | |
| | 121 | | | Kaiser Aluminum Corp. | | | 12,672 | |
| | 540 | | | Materion Corp. | | | 30,812 | |
| | 892 | | | Olympic Steel, Inc. | | | 14,156 | |
| | 863 | | | Reliance Steel & Aluminum Co. | | | 77,894 | |
| | 306 | | | Royal Gold, Inc. | | | 27,825 | |
| | 707 | | | Schnitzer Steel Industries, Inc. - Class A | | | 16,968 | |
| | 2,359 | | | Steel Dynamics, Inc. | | | 83,202 | |
| | 1,976 | | | SunCoke Energy, Inc. (a) | | | 16,776 | |
| | 1,376 | | | United States Steel Corp. (b) | | | 26,818 | |
| | 1,208 | | | Warrior Met Coal, Inc. | | | 36,723 | |
| | 483 | | | Worthington Industries, Inc. | | | 18,026 | |
| | | | | | |
|
|
|
| | | | | | | | 527,884 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.83% | |
| | 1,012 | | | Big Lots, Inc. | | | 38,476 | |
| | 836 | | | Burlington Stores, Inc. (a) | | | 130,984 | |
| | 512 | | | Dillard’s, Inc. - Class A (b) | | | 36,874 | |
| | 10,640 | | | J.C. Penney Co., Inc. (a)(b) | | | 15,854 | |
| | 2,484 | | | Kohl’s Corp. (b) | | | 170,825 | |
| | 1,814 | | | Nordstrom, Inc. (b) | | | 80,505 | |
| | 645 | | | Ollie’s Bargain Outlet Holdings, Inc. (a) | | | 55,038 | |
| | | | | | |
|
|
|
| | | | | | | | 528,556 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.33% | |
| | 1,753 | | | Alliant Energy Corp. | | | 82,619 | |
| | 634 | | | Black Hills Corp. | | | 46,960 | |
| | 1,637 | | | MDU Resources Group, Inc. | | | 42,284 | |
| | 520 | | | NorthWestern Corp. | | | 36,613 | |
| | | | | | |
|
|
|
| | | | | | | | 208,476 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 1.19% | |
| | 476 | | | Adams Resources & Energy, Inc. | | | 18,593 | |
| | 6,277 | | | Amyris, Inc. (a)(b) | | | 13,119 | |
| | 424 | | | Arch Coal, Inc. - Class A | | | 38,699 | |
| | 809 | | | California Resources Corp. (a) | | | 20,799 | |
| | 4,144 | | | Chesapeake Energy Corp. (a)(b) | | | 12,847 | |
| | 140 | | | Chesapeake Utilities Corp. | | | 12,769 | |
| | 63,040 | | | Cloud Peak Energy, Inc. (a) | | | 6,619 | |
| | 555 | | | CONSOL Energy, Inc. (a) | | | 18,992 | |
| | 602 | | | CVR Energy, Inc. | | | 24,803 | |
| | 717 | | | Delek US Holdings, Inc. | | | 26,113 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | 10,298 | | | Denbury Resources, Inc. (a)(b) | | $ | 21,111 | |
| | 4,203 | | | DHT Holdings, Inc. | | | 18,745 | |
| | 2,527 | | | Dorian LPG, Ltd. (a) | | | 16,223 | |
| | 6,063 | | | Energy Fuels, Inc. (a) | | | 20,190 | |
| | 2,063 | | | Evolution Petroleum Corp. | | | 13,925 | |
| | 1,894 | | | Frontline Ltd. (a)(b) | | | 12,235 | |
| | 2,294 | | | Hallador Energy Co. | | | 12,067 | |
| | 1,680 | | | HollyFrontier Corp. | | | 82,774 | |
| | 593 | | | Murphy Oil Corp. | | | 17,375 | |
| | 620 | | | NACCO Industries, Inc. - Class A | | | 23,696 | |
| | 6,841 | | | Northern Oil and Gas, Inc. (a) | | | 18,744 | |
| | 7,211 | | | Overseas Shipholding Group, Inc. - Class A (a) | | | 16,513 | |
| | 1,067 | | | Par Pacific Holdings, Inc. (a) | | | 19,003 | |
| | 1,520 | | | PBF Energy, Inc. - Class A | | | 47,333 | |
| | 1,236 | | | Peabody Energy Corp. | | | 35,016 | |
| | 1,403 | | | Renewable Energy Group, Inc. (a) | | | 30,810 | |
| | 954 | | | Targa Resources Corp. | | | 39,639 | |
| | 15,243 | | | Teekay Tankers, Ltd. - Class A (a) | | | 14,787 | |
| | 2,750 | | | W&T Offshore, Inc. (a) | | | 18,975 | |
| | 1,086 | | | Whiting Petroleum Corp. (a) | | | 28,388 | |
| | 1,111 | | | World Fuel Services Corp. | | | 32,097 | |
| | 2,176 | | | WPX Energy, Inc. (a) | | | 28,527 | |
| | | | | | |
|
|
|
| | | | | | | | 761,526 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.24% | |
| | 697 | | | Boise Cascade Co. | | | 18,652 | |
| | 749 | | | Domtar Corp. | | | 37,188 | |
| | 1,689 | | | Louisiana-Pacific Corp. | | | 41,178 | |
| | 912 | | | PH Glatfelter Co. | | | 12,877 | |
| | 530 | | | Schweitzer-Mauduit International, Inc. | | | 20,522 | |
| | 1,129 | | | Verso Corp. - Class A (a) | | | 24,183 | |
| | | | | | |
|
|
|
| | | | | | | | 154,600 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.69% | |
| | 369 | | | Edgewell Personal Care Co. (a) | | | 16,195 | |
| | 1,430 | | | elf Beauty, Inc. (a) | | | 15,158 | |
| | 2,012 | | | Herbalife Nutrition, Ltd. (a) | | | 106,616 | |
| | 537 | | | Inter Parfums, Inc. (b) | | | 40,742 | |
| | 585 | | | Medifast, Inc. | | | 74,617 | |
| | 2,204 | | | Natural Health Trends Corp. | | | 28,564 | |
| | 1,796 | | | Nature’s Sunshine Products, Inc. (a) | | | 16,685 | |
| | 999 | | | Nu Skin Enterprises, Inc. - Class A | | | 47,812 | |
| | 847 | | | Revlon, Inc. - Class A (a) | | | 16,415 | |
| | 929 | | | USANA Health Sciences, Inc. (a)(b) | | | 77,915 | |
| | | | | | |
|
|
|
| | | | | | | | 440,719 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 1.63% | |
| | 653 | | | Amphastar Pharmaceuticals, Inc. (a) | | | 13,341 | |
| | 32,714 | | | Ampio Pharmaceuticals, Inc. (a)(b) | | | 18,385 | |
| | 606 | | | ANI Pharmaceuticals, Inc. (a) | | | 42,747 | |
| | 11,437 | | | Assertio Therapeutics, Inc. (a) | | | 57,986 | |
| | 1,268 | | | Catalent, Inc. (a) | | | 51,468 | |
| | 2,408 | | | Collegium Pharmaceutical, Inc. (a) | | | 36,457 | |
| | 2,354 | | | Corcept Therapeutics, Inc. (a) | | | 27,636 | |
| | 1,002 | | | Eloxx Pharmaceuticals, Inc. (a) | | | 11,703 | |
| | 6,829 | | | Endo International PLC (a) | | | 54,837 | |
| | 530 | | | Evolus, Inc. (a)(b) | | | 11,962 | |
| | 3,558 | | | Horizon Pharma PLC (a) | | | 94,038 | |
| | 2,979 | | | Innoviva, Inc. (a) | | | 41,795 | |
| | 1,116 | | | Intersect ENT, Inc. (a) | | | 35,879 | |
| | 780 | | | Jazz Pharmaceuticals PLC (a) | | | 111,501 | |
See notes to financial statements.
65
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Pharmaceuticals (Continued) | |
| | 11,347 | | | Lannett Co., Inc. (a)(b) | | $ | 89,301 | |
| | 2,548 | | | Mallinckrodt PLC (a) | | | 55,394 | |
| | 287 | | | MyoKardia, Inc. (a) | | | 14,921 | |
| | 758 | | | Omeros Corp. (a)(b) | | | 13,167 | |
| | 372 | | | Pacira Pharmaceuticals, Inc. (a) | | | 14,158 | |
| | 1,033 | | | Phibro Animal Health Corp. - Class A | | | 34,089 | |
| | 1,992 | | | Prestige Consumer Healthcare, Inc. (a) | | | 59,581 | |
| | 266 | | | Reata Pharmaceuticals, Inc. - Class A (a) | | | 22,735 | |
| | 11,183 | | | SIGA Technologies, Inc. (a) | | | 67,210 | |
| | 1,034 | | | Supernus Pharmaceuticals, Inc. (a) | | | 36,231 | |
| | 350 | | | WaVe Life Sciences, Ltd. (a) | | | 13,598 | |
| | 264 | | | Zogenix, Inc. (a) | | | 14,523 | |
| | | | | | |
|
|
|
| | | | | | | | 1,044,643 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.42% | |
| | 4,095 | | | Acacia Research Corp. (a) | | | 13,350 | |
| | 965 | | | ASGN, Inc. (a) | | | 61,268 | |
| | 1,417 | | | BG Staffing, Inc. | | | 30,947 | |
| | 1,552 | | | CBIZ, Inc. (a) | | | 31,413 | |
| | 422 | | | CRA International, Inc. | | | 21,328 | |
| | 360 | | | Exponent, Inc. | | | 20,779 | |
| | 540 | | | Forrester Research, Inc. | | | 26,109 | |
| | 1,236 | | | Franklin Covey Co. (a) | | | 31,271 | |
| | 504 | | | FTI Consulting, Inc. (a) | | | 38,717 | |
| | 556 | | | Heidrick & Struggles International, Inc. | | | 21,312 | |
| | 428 | | | Huron Consulting Group, Inc. (a) | | | 20,210 | |
| | 520 | | | ICF International, Inc. | | | 39,562 | |
| | 6,124 | | | InnerWorkings, Inc. (a) | | | 22,169 | |
| | 573 | | | Insperity, Inc. | | | 70,857 | |
| | 1,003 | | | Kelly Services, Inc. - Class A | | | 22,126 | |
| | 1,318 | | | Kforce, Inc. | | | 46,288 | |
| | 507 | | | Korn Ferry International | | | 22,703 | |
| | 903 | | | ManpowerGroup, Inc. | | | 74,669 | |
| | 1,080 | | | Mistras Group, Inc. (a) | | | 14,915 | |
| | 1,639 | | | Navigant Consulting, Inc. | | | 31,911 | |
| | 1,721 | | | Resources Connection, Inc. | | | 28,465 | |
| | 2,013 | | | Robert Half International, Inc. | | | 131,167 | |
| | 349 | | | TriNet Group, Inc. (a) | | | 20,849 | |
| | 1,336 | | | TrueBlue, Inc. (a) | | | 31,583 | |
| | 837 | | | Willdan Group, Inc. (a) | | | 31,028 | |
| | | | | | |
|
|
|
| | | | | | | | 904,996 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.52% | |
| | 2,783 | | | Altisource Portfolio Solutions SA (a)(b) | | | 65,874 | |
| | 390 | | | HFF, Inc. - Class A | | | 18,622 | |
| | 540 | | | Jones Lang LaSalle, Inc. | | | 83,257 | |
| | 1,593 | | | Marcus & Millichap, Inc. (a) | | | 64,883 | |
| | 377 | | | RE/MAX Holdings, Inc. - Class A | | | 14,530 | |
| | 3,211 | | | Realogy Holdings Corp. (b) | | | 36,605 | |
| | 799 | | | The RMR Group, Inc. - Class A | | | 48,723 | |
| | | | | | |
|
|
|
| | | | | | | | 332,494 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Developments - 0.03% | |
| | 866 | | | Kennedy-Wilson Holdings, Inc. | | | 18,524 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.41% | |
| | 33 | | | AMERCO | | | 12,260 | |
| | 1,081 | | | ArcBest Corp. | | | 33,284 | |
| | 846 | | | Covenant Transportation Group, Inc. - Class A (a) | | | 16,057 | |
| | 2,410 | | | Daseke, Inc. (a) | | | 12,267 | |
| | 532 | | | Genesee & Wyoming, Inc. - Class A (a) | | | 46,358 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Road & Rail (Continued) | |
| | 449 | | | Knight-Swift Transportation Holdings, Inc. (b) | | $ | 14,673 | |
| | 580 | | | Landstar System, Inc. | | | 63,446 | |
| | 392 | | | PAM Transportation Services, Inc. (a) | | | 19,184 | |
| | 255 | | | Saia, Inc. (a) | | | 15,581 | |
| | 1,040 | | | USA Truck, Inc. (a) | | | 15,018 | |
| | 1,745 | | | YRC Worldwide, Inc. (a) | | | 11,674 | |
| | | | | | |
|
|
|
| | | | | | | | 259,802 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.48% | |
| | 769 | | | Advanced Energy Industries, Inc. (a) | | | 38,204 | |
| | 10,029 | | | Advanced Micro Devices, Inc. (a)(b) | | | 255,940 | |
| | 346 | | | Ambarella, Inc. (a) | | | 14,947 | |
| | 3,038 | | | Amkor Technology, Inc. (a) | | | 25,945 | |
| | 2,623 | | | Aquantia Corp. (a) | | | 23,764 | |
| | 879 | | | Axcelis Technologies, Inc. (a) | | | 17,686 | |
| | 856 | | | Brooks Automation, Inc. | | | 25,107 | |
| | 1,317 | | | Cirrus Logic, Inc. (a) | | | 55,406 | |
| | 1,253 | | | Cohu, Inc. | | | 18,482 | |
| | 866 | | | Cree, Inc. (a) | | | 49,553 | |
| | 3,433 | | | Cypress Semiconductor Corp. | | | 51,220 | |
| | 1,068 | | | Diodes, Inc. (a) | | | 37,060 | |
| | 1,319 | | | Entegris, Inc. | | | 47,075 | |
| | 1,180 | | | FormFactor, Inc. (a) | | | 18,986 | |
| | 1,041 | | | Ichor Holdings, Ltd. (a)(b) | | | 23,506 | |
| | 728 | | | Impinj, Inc. (a) | | | 12,198 | |
| | 289 | | | Inphi Corp. (a) | | | 12,641 | |
| | 1,479 | | | Integrated Device Technology, Inc. (a) | | | 72,456 | |
| | 3,979 | | | Marvell Technology Group, Ltd. | | | 79,142 | |
| | 737 | | | MaxLinear, Inc. - Class A (a) | | | 18,816 | |
| | 689 | | | MKS Instruments, Inc. | | | 64,111 | |
| | 785 | | | Monolithic Power Systems, Inc. | | | 106,360 | |
| | 1,083 | | | Nanometrics, Inc. (a) | | | 33,443 | |
| | 169 | | | NVE Corp. | | | 16,543 | |
| | 4,933 | | | ON Semiconductor Corp. (a) | | | 101,472 | |
| | 755 | | | Power Integrations, Inc. | | | 52,805 | |
| | 1,845 | | | Rambus, Inc. (a) | | | 19,280 | |
| | 1,090 | | | Rudolph Technologies, Inc. (a) | | | 24,852 | |
| | 623 | | | Semtech Corp. (a) | | | 31,717 | |
| | 198 | | | Silicon Laboratories, Inc. (a) | | | 16,010 | |
| | 997 | | | SMART Global Holdings, Inc. (a) | | | 19,142 | |
| | 2,439 | | | Teradyne, Inc. | | | 97,170 | |
| | 2,043 | | | Ultra Clean Holdings, Inc. (a)(b) | | | 21,145 | |
| | 1,166 | | | Versum Materials, Inc. | | | 58,661 | |
| | 1,063 | | | Xperi Corp. | | | 24,874 | |
| | | | | | |
|
|
|
| | | | | | | | 1,585,719 | |
| | | | | | |
|
|
|
| | | | | Software - 7.69% | |
| | 1,047 | | | 2U, Inc. (a) | | | 74,180 | |
| | 2,527 | | | 8x8, Inc. (a) | | | 51,045 | |
| | 4,084 | | | A10 Networks, Inc. (a) | | | 28,956 | |
| | 864 | | | ACI Worldwide, Inc. (a) | | | 28,400 | |
| | 6,364 | | | Aerohive Networks, Inc. (a) | | | 28,829 | |
| | 1,402 | | | Agilysys, Inc. (a) | | | 29,680 | |
| | 698 | | | Alarm.com Holdings, Inc. (a)(b) | | | 45,300 | |
| | 1,157 | | | Altair Engineering, Inc. - Class A (a) | | | 42,589 | |
| | 651 | | | Alteryx, Inc. - Class A (a)(b) | | | 54,599 | |
| | 2,536 | | | Amber Road, Inc. (a) | | | 21,987 | |
| | 2,127 | | | American Software, Inc. - Class A | | | 25,418 | |
| | 1,366 | | | Appfolio, Inc. - Class A (a)(b) | | | 108,460 | |
| | 1,181 | | | Aspen Technology, Inc. (a) | | | 123,131 | |
| | 328 | | | Avalara, Inc. (a) | | | 18,299 | |
See notes to financial statements.
66
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Software (Continued) | |
| | 3,645 | | | Avaya Holdings Corp. (a) | | $ | 61,345 | |
| | 425 | | | Blackbaud, Inc. | | | 33,885 | |
| | 451 | | | Blackline, Inc. (a) | | | 20,890 | |
| | 633 | | | Bottomline Technologies, Inc. (a) | | | 31,707 | |
| | 2,345 | | | Box, Inc. - Class A (a) | | | 45,282 | |
| | 3,414 | | | Cadence Design System, Inc. (a) | | | 216,823 | |
| | 455 | | | Ceridian HCM Holding, Inc. (a)(b) | | | 23,342 | |
| | 2,174 | | | ChannelAdvisor Corp. (a) | | | 26,479 | |
| | 1,487 | | | Cision, Ltd. (a) | | | 20,476 | |
| | 2,284 | | | Cloudera, Inc. (a) | | | 24,987 | |
| | 979 | | | CommVault Systems, Inc. (a) | | | 63,380 | |
| | 945 | | | Cornerstone OnDemand, Inc. (a) | | | 51,767 | |
| | 331 | | | Coupa Software, Inc. (a)(b) | | | 30,114 | |
| | 647 | | | DocuSign, Inc. (a) | | | 33,541 | |
| | 464 | | | Ebix, Inc. (b) | | | 22,908 | |
| | 4,503 | | | eGain Corp. (a) | | | 47,056 | |
| | 236 | | | Ellie Mae, Inc. (a) | | | 23,291 | |
| | 373 | | | Envestnet, Inc. (a) | | | 24,391 | |
| | 325 | | | ePlus, Inc. (a) | | | 28,776 | |
| | 712 | | | Everbridge, Inc. (a)(b) | | | 53,407 | |
| | 381 | | | Fair Isaac Corp. (a) | | | 103,491 | |
| | 906 | | | FireEye, Inc. (a) | | | 15,212 | |
| | 1,718 | | | Five9, Inc. (a) | | | 90,762 | |
| | 979 | | | ForeScout Technologies, Inc. (a) | | | 41,030 | |
| | 1,803 | | | Fortinet, Inc. (a) | | | 151,398 | |
| | 406 | | | Guidewire Software, Inc. (a) | | | 39,447 | |
| | 515 | | | HubSpot, Inc. (a)(b) | | | 85,598 | |
| | 1,272 | | | Instructure, Inc. (a) | | | 59,937 | |
| | 782 | | | j2 Global, Inc. | | | 67,721 | |
| | 789 | | | Jack Henry & Associates, Inc. | | | 109,466 | |
| | 2,398 | | | LivePerson, Inc. (a) | | | 69,590 | |
| | 576 | | | LogMeIn, Inc. | | | 46,138 | |
| | 2,987 | | | Majesco, Inc. (a) | | | 21,058 | |
| | 1,209 | | | Manhattan Associates, Inc. (a) | | | 66,628 | |
| | 318 | | | MicroStrategy, Inc. - Class A (a) | | | 45,872 | |
| | 2,264 | | | Mitek Systems, Inc. (a) | | | 27,711 | |
| | 8,689 | | | MobileIron, Inc. (a) | | | 47,529 | |
| | 1,181 | | | Model N, Inc. (a) | | | 20,715 | |
| | 689 | | | Monotype Imaging Holdings, Inc. | | | 13,704 | |
| | 672 | | | New Relic, Inc. (a) | | | 66,326 | |
| | 3,512 | | | Nuance Communications, Inc. (a) | | | 59,458 | |
| | 1,538 | | | Nutanix, Inc. - Class A (a) | | | 58,044 | |
| | 2,018 | | | OneSpan, Inc. (a) | | | 38,786 | |
| | 465 | | | Paycom Software, Inc. (a) | | | 87,945 | |
| | 229 | | | Paylocity Holding Corp. (a) | | | 20,425 | |
| | 854 | | | Pegasystems, Inc. | | | 55,510 | |
| | 502 | | | Pluralsight, Inc. - Class A (a) | | | 15,934 | |
| | 2,176 | | | Progress Software Corp. | | | 96,549 | |
| | 553 | | | Proofpoint, Inc. (a) | | | 67,151 | |
| | 984 | | | PROS Holdings, Inc. (a) | | | 41,564 | |
| | 1,166 | | | PTC, Inc. (a) | | | 107,482 | |
| | 430 | | | Q2 Holdings, Inc. (a) | | | 29,782 | |
| | 927 | | | QAD, Inc. - Class A | | | 39,926 | |
| | 441 | | | Qualys, Inc. (a) | | | 36,488 | |
| | 1,599 | | | Rapid7, Inc. (a) | | | 80,925 | |
| | 674 | | | RealPage, Inc. (a)(b) | | | 40,905 | |
| | 5,617 | | | Rimini Street, Inc. (a) | | | 28,085 | |
| | 1,398 | | | RingCentral, Inc. - Class A (a)(b) | | | 150,704 | |
| | 955 | | | SailPoint Technologies Holding, Inc. (a) | | | 27,428 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | |
| | 749 | | | SecureWorks Corp. - Class A (a)(b) | | $ | 13,782 | |
| | 615 | | | ShotSpotter, Inc. (a) | | | 23,739 | |
| | 773 | | | SolarWinds Corp. (a)(b) | | | 15,089 | |
| | 381 | | | SPS Commerce, Inc. (a) | | | 40,409 | |
| | 1,701 | | | SS&C Technologies Holdings, Inc. | | | 108,337 | |
| | 862 | | | Tableau Software, Inc. - Class A (a) | | | 109,715 | |
| | 4,009 | | | Telaria, Inc. (a) | | | 25,417 | |
| | 498 | | | Tenable Holdings, Inc. (a) | | | 15,767 | |
| | 327 | | | The Trade Desk, Inc. - Class A (a) | | | 64,730 | |
| | 311 | | | The Ultimate Software Group, Inc. (a) | | | 102,670 | |
| | 4,354 | | | TiVo Corp. | | | 40,579 | |
| | 173 | | | Tyler Technologies, Inc. (a) | | | 35,361 | |
| | 578 | | | Upland Software, Inc. (a) | | | 24,484 | |
| | 901 | | | Varonis Systems, Inc. (a) | | | 53,727 | |
| | 985 | | | Verint Systems, Inc. (a) | | | 58,962 | |
| | 2,332 | | | Workiva, Inc. (a) | | | 118,232 | |
| | 2,651 | | | Yext, Inc. (a) | | | 57,951 | |
| | 980 | | | Zendesk, Inc. (a) | | | 83,300 | |
| | 6,476 | | | Zix Corp. (a) | | | 44,555 | |
| | 548 | | | Zscaler, Inc. (a) | | | 38,870 | |
| | | | | | |
|
|
|
| | | | | | | | 4,912,820 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 4.03% | |
| | 1,581 | | | Aaron’s, Inc. | | | 83,161 | |
| | 3,108 | | | Abercrombie & Fitch Co. - Class A | | | 85,190 | |
| | 2,873 | | | American Eagle Outfitters, Inc. | | | 63,694 | |
| | 979 | | | America’sCar-Mart, Inc. (a) | | | 89,422 | |
| | 305 | | | Asbury Automotive Group, Inc. (a)(b) | | | 21,155 | |
| | 13,828 | | | Ascena Retail Group, Inc. (a) | | | 14,934 | |
| | 392 | | | AutoNation, Inc. (a) | | | 14,002 | |
| | 4,019 | | | Barnes & Noble Education, Inc. (a) | | | 16,880 | |
| | 3,657 | | | Barnes & Noble, Inc. | | | 19,858 | |
| | 3,174 | | | Bed Bath & Beyond, Inc. (b) | | | 53,926 | |
| | 7,816 | | | Big 5 Sporting Goods Corp. | | | 24,855 | |
| | 758 | | | Boot Barn Holdings, Inc. (a) | | | 22,316 | |
| | 1,182 | | | Caleres, Inc. | | | 29,184 | |
| | 481 | | | Carvana Co. (a)(b) | | | 27,927 | |
| | 7,228 | | | Chico’s FAS, Inc. | | | 30,864 | |
| | 1,403 | | | Citi Trends, Inc. | | | 27,092 | |
| | 856 | | | Conn’s, Inc. (a) | | | 19,568 | |
| | 1,401 | | | Dick’s Sporting Goods, Inc. (b) | | | 51,571 | |
| | 1,484 | | | DSW, Inc. - Class A | | | 32,975 | |
| | 5,602 | | | Express, Inc. (a)(b) | | | 23,977 | |
| | 708 | | | Five Below, Inc. (a) | | | 87,969 | |
| | 916 | | | Floor & Decor Holdings, Inc. - Class A (a) | | | 37,758 | |
| | 1,702 | | | Foot Locker, Inc. | | | 103,141 | |
| | 32,527 | | | Francesca’s Holdings Corp. (a) | | | 22,001 | |
| | 3,138 | | | GameStop Corp. - Class A (b) | | | 31,882 | |
| | 1,016 | | | Genesco, Inc. (a) | | | 46,279 | |
| | 6,939 | | | GNC Holdings, Inc. - Class A (a) | | | 18,943 | |
| | 301 | | | Group 1 Automotive, Inc. | | | 19,475 | |
| | 1,392 | | | Guess?, Inc. | | | 27,283 | |
| | 2,397 | | | Haverty Furniture Cos., Inc. | | | 52,446 | |
| | 1,720 | | | Hibbett Sports, Inc. (a)(b) | | | 39,233 | |
| | 1,363 | | | Hudson, Ltd. - Class A (a) | | | 18,741 | |
| | 5,888 | | | J. Jill, Inc. (b) | | | 32,325 | |
| | 3,858 | | | Kirkland’s, Inc. (a) | | | 27,122 | |
| | 193 | | | Lithia Motors, Inc. - Class A (d) | | | 17,901 | |
| | 2,298 | | | Lumber Liquidators Holdings, Inc. (a)(b) | | | 23,210 | |
| | 997 | | | MarineMax, Inc. (a) | | | 19,103 | |
See notes to financial statements.
67
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Specialty Retail (Continued) | |
| | 383 | | | Monro, Inc. | | $ | 33,137 | |
| | 465 | | | Murphy USA, Inc. (a) | | | 39,813 | |
| | 793 | | | National Vision Holdings, Inc. (a) | | | 24,924 | |
| | 8,138 | | | Office Depot, Inc. | | | 29,541 | |
| | 1,830 | | | Party City Holdco, Inc. (a) | | | 14,530 | |
| | 406 | | | Penske Automotive Group, Inc. | | | 18,128 | |
| | 39,846 | | | Pier 1 Imports, Inc. (a) | | | 30,422 | |
| | 6,113 | | | Rent-A-Center, Inc. (a) | | | 127,578 | |
| | 346 | | | REX American Resources Corp. (a) | | | 27,891 | |
| | 647 | | | RH (a)(b) | | | 66,609 | |
| | 11,444 | | | RTW RetailWinds, Inc. (a) | | | 27,466 | |
| | 2,496 | | | Sally Beauty Holdings, Inc. (a) | | | 45,951 | |
| | 1,211 | | | Shoe Carnival, Inc. (b) | | | 41,210 | |
| | 1,172 | | | Signet Jewelers, Ltd. | | | 31,832 | |
| | 1,009 | | | Sleep Number Corp. (a)(b) | | | 47,423 | |
| | 1,067 | | | Sonic Automotive, Inc. - Class A | | | 15,802 | |
| | 4,349 | | | Sportsman’s Warehouse Holdings, Inc. (a) | | | 20,875 | |
| | 1,951 | | | Tailored Brands, Inc. (b) | | | 15,296 | |
| | 1,628 | | | The Buckle, Inc. (b) | | | 30,476 | |
| | 1,540 | | | The Cato Corp. - Class A | | | 23,069 | |
| | 694 | | | The Children’s Place, Inc. (b) | | | 67,512 | |
| | 9,664 | | | The Container Store Group, Inc. (a) | | | 85,043 | |
| | 2,846 | | | The Michaels Cos., Inc. (a) | | | 32,501 | |
| | 3,617 | | | Tile Shop Holdings, Inc. | | | 20,472 | |
| | 5,143 | | | Tilly’s, Inc. - Class A | | | 57,242 | |
| | 1,930 | | | Urban Outfitters, Inc. (a) | | | 57,205 | |
| | 1,298 | | | Williams Sonoma, Inc. (b) | | | 73,038 | |
| | 232 | | | Winmark Corp. | | | 43,753 | |
| | 2,120 | | | Zumiez, Inc. (a)(b) | | | 52,767 | |
| | | | | | |
|
|
|
| | | | | | | | 2,578,869 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.62% | |
| | 2,305 | | | 3D Systems Corp. (a)(b) | | | 24,802 | |
| | 4,908 | | | Avid Technology, Inc. (a) | | | 36,565 | |
| | 490 | | | Cray, Inc. (a) | | | 12,764 | |
| | 608 | | | Electronics for Imaging, Inc. (a)(b) | | | 16,355 | |
| | 1,543 | | | Immersion Corp. (a) | | | 13,007 | |
| | 1,131 | | | NCR Corp. (a) | | | 30,865 | |
| | 2,380 | | | Pure Storage, Inc. - Class A (a) | | | 51,860 | |
| | 825 | | | Stratasys, Ltd. (a)(b) | | | 19,652 | |
| | 876 | | | Synaptics, Inc. (a) | | | 34,821 | |
| | 2,047 | | | Teradata Corp. (a) | | | 89,352 | |
| | 2,105 | | | Xerox Corp. | | | 67,318 | |
| | | | | | |
|
|
|
| | | | | | | | 397,361 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.79% | |
| | 2,084 | | | Capri Holdings Ltd. (a) | | | 95,343 | |
| | 562 | | | Carter’s, Inc. (b) | | | 56,644 | |
| | 846 | | | Columbia Sportswear Co. | | | 88,136 | |
| | 4,842 | | | Crocs, Inc. (a)(b) | | | 124,681 | |
| | 613 | | | Deckers Outdoor Corp. (a) | | | 90,105 | |
| | 3,367 | | | Fossil Group, Inc. (a)(b) | | | 46,195 | |
| | 855 | | | G-III Apparel Group, Ltd. (a) | | | 34,166 | |
| | 3,308 | | | Hanesbrands, Inc. | | | 59,147 | |
| | 770 | | | Movado Group, Inc. | | | 28,013 | |
| | 490 | | | Oxford Industries, Inc. | | | 36,877 | |
| | 832 | | | Ralph Lauren Corp. | | | 107,894 | |
| | 830 | | | Rocky Brands, Inc. | | | 19,887 | |
| | 2,402 | | | Skechers U.S.A., Inc. - Class A (a) | | | 80,731 | |
| | 2,128 | | | Steven Madden, Ltd. | | | 72,012 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Textiles, Apparel & Luxury Goods (Continued) | |
| | 1,066 | | | Superior Uniform Group, Inc. | | $ | 17,717 | |
| | 213 | | | UniFirst Corp. | | | 32,695 | |
| | 3,460 | | | Vera Bradley, Inc. (a) | | | 45,845 | |
| | 461 | | | Weyco Group, Inc. | | | 14,273 | |
| | 2,656 | | | Wolverine World Wide, Inc. | | | 94,899 | |
| | | | | | |
|
|
|
| | | | | | | | 1,145,260 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 1.32% | |
| | 1,401 | | | Axos Financial, Inc. (a) | | | 40,573 | |
| | 815 | | | Bank7 Corp. (a) | | | 14,157 | |
| | 464 | | | Berkshire Hills Bancorp, Inc. | | | 12,639 | |
| | 910 | | | Brookline Bancorp, Inc. (b) | | | 13,104 | |
| | 1,333 | | | Capitol Federal Financial, Inc. | | | 17,796 | |
| | 932 | | | Dime Community Bancshares | | | 17,456 | |
| | 747 | | | Entegra Financial Corp. (a) | | | 16,770 | |
| | 1,283 | | | Essent Group, Ltd. (a) | | | 55,746 | |
| | 488 | | | Federal Agricultural Mortgage Corp. - Class C | | | 35,346 | |
| | 606 | | | First Defiance Financial Corp. | | | 17,416 | |
| | 843 | | | Flagstar Bancorp, Inc. | | | 27,752 | |
| | 308 | | | FS Bancorp, Inc. | | | 15,548 | |
| | 189 | | | Hingham Institution for Savings | | | 32,510 | |
| | 375 | | | Home Bancorp, Inc. | | | 12,469 | |
| | 953 | | | HomeStreet, Inc. (a) | | | 25,112 | |
| | 102 | | | LendingTree, Inc. (a)(b) | | | 35,859 | |
| | 684 | | | Merchants Bancorp | | | 14,706 | |
| | 881 | | | Meridian Bancorp, Inc. | | | 13,823 | |
| | 648 | | | Meta Financial Group, Inc. | | | 12,753 | |
| | 1,449 | | | Mr. Cooper Group, Inc. (a) | | | 13,896 | |
| | 1,828 | | | New York Community Bancorp, Inc. | | | 21,150 | |
| | 1,752 | | | NMI Holdings, Inc. - Class A (a) | | | 45,324 | |
| | 1,031 | | | Northwest Bancshares, Inc. | | | 17,496 | |
| | 730 | | | Oritani Financial Corp. | | | 12,140 | |
| | 1,028 | | | PennyMac Financial Services, Inc. | | | 22,863 | |
| | 2,453 | | | People’s United Financial, Inc. | | | 40,327 | |
| | 3,288 | | | Radian Group, Inc. | | | 68,193 | |
| | 1,975 | | | Riverview Bancorp, Inc. | | | 14,437 | |
| | 1,810 | | | Sterling Bancorp, Inc. | | | 18,353 | |
| | 1,059 | | | TFS Financial Corp. | | | 17,442 | |
| | 546 | | | Timberland Bancorp, Inc. | | | 15,277 | |
| | 875 | | | Walker & Dunlop, Inc. | | | 44,546 | |
| | 1,436 | | | Washington Federal, Inc. | | | 41,486 | |
| | 973 | | | Waterstone Financial, Inc. | | | 16,016 | |
| | | | | | |
|
|
|
| | | | | | | | 840,481 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.07% | |
| | 634 | | | Turning Point Brands, Inc. | | | 29,221 | |
| | 281 | | | Universal Corp. | | | 16,194 | |
| | | | | | |
|
|
|
| | | | | | | | 45,415 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.42% | |
| | 540 | | | Applied Industrial Technologies, Inc. | | | 32,114 | |
| | 1,013 | | | Beacon Roofing Supply, Inc. (a) | | | 32,578 | |
| | 2,307 | | | BMC Stock Holdings, Inc. (a) | | | 40,765 | |
| | 1,598 | | | DXP Enterprises, Inc. (a) | | | 62,194 | |
| | 563 | | | EVI Industries, Inc. (b) | | | 21,467 | |
| | 2,260 | | | Foundation Building Materials, Inc. (a) | | | 22,238 | |
| | 225 | | | GATX Corp. | | | 17,183 | |
| | 1,372 | | | General Finance Corp. (a) | | | 12,801 | |
| | 1,515 | | | GMS, Inc. (a) | | | 22,907 | |
| | 1,102 | | | H&E Equipment Services, Inc. | | | 27,671 | |
| | 2,628 | | | HD Supply Holdings, Inc. (a) | | | 113,924 | |
See notes to financial statements.
68
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Trading Companies & Distributors (Continued) | |
| | 464 | | | Kaman Corp. | | $ | 27,116 | |
| | 1,339 | | | Lawson Products, Inc. (a) | | | 41,991 | |
| | 650 | | | MSC Industrial Direct Co., Inc. - Class A | | | 53,761 | |
| | 1,978 | | | NOW, Inc. (a) | | | 27,613 | |
| | 672 | | | Rush Enterprises, Inc. - Class A | | | 28,096 | |
| | 588 | | | Rush Enterprises, Inc. - Class B | | | 24,420 | |
| | 1,051 | | | SiteOne Landscape Supply, Inc. (a) | | | 60,065 | |
| | 1,325 | | | Systemax, Inc. | | | 29,998 | |
| | 1,280 | | | Titan Machinery, Inc. (a) | | | 19,917 | |
| | 558 | | | Triton International, Ltd. | | | 17,354 | |
| | 1,864 | | | Univar, Inc. (a)(b) | | | 41,305 | |
| | 1,325 | | | Veritiv Corp. (a) | | | 34,874 | |
| | 364 | | | Watsco, Inc. - Class A | | | 52,128 | |
| | 577 | | | WESCO International, Inc. (a) | | | 30,587 | |
| | 368 | | | Willis Lease Finance Corp. (a) | | | 15,599 | |
| | | | | | |
|
|
|
| | | | | | | | 910,666 | |
| | | | | | |
|
|
|
| | | | | Transportation Infrastructure - 0.03% | |
| | 456 | | | Macquarie Infrastructure Corp. | | | 18,796 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.19% | |
| | 303 | | | American States Water Co. | | | 21,604 | |
| | 691 | | | Aqua America, Inc. | | | 25,180 | |
| | 817 | | | AquaVenture Holdings, Ltd. (a) | | | 15,809 | |
| | 241 | | | California Water Service Group | | | 13,082 | |
| | 318 | | | Middlesex Water Co. | | | 17,805 | |
| | 1,740 | | | Pure Cycle Corp. (a) | | | 17,156 | |
| | 202 | | | SJW Group | | | 12,471 | |
| | | | | | |
|
|
|
| | | | | | | | 123,107 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.16% | |
| | 6,206 | | | NII Holdings, Inc. (a) | | | 12,164 | |
| | 443 | | | Shenandoah Telecommunications Co. | | | 19,652 | |
| | 1,365 | | | Telephone & Data Systems, Inc. | | | 41,946 | |
| | 566 | | | United States Cellular Corp. (a) | | | 25,985 | |
| | | | | | |
|
|
|
| | | | | | | | 99,747 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $42,190,978) | | | 55,288,584 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.66% | |
| | | | | Exchange Traded Funds - 3.66% | |
| | 20,245 | | | Vanguard Extended Market ETF (b) | | | 2,337,488 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $1,900,808) | | | 2,337,488 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 7.23% | |
| | | | | Real Estate Investment Trusts - 7.23% | |
| | 638 | | | Acadia Realty Trust | | | 17,398 | |
| | 1,777 | | | AG Mortgage Investment Trust, Inc. | | | 29,925 | |
| | 4,629 | | | AGNC Investment Corp. | | | 83,322 | |
| | 242 | | | Agree Realty Corp. | | | 16,780 | |
| | 1,280 | | | Alexander & Baldwin, Inc. | | | 32,563 | |
| | 446 | | | American Assets Trust, Inc. | | | 20,454 | |
| | 702 | | | American Campus Communities, Inc. | | | 33,401 | |
| | 2,911 | | | American Homes 4 Rent - Class A | | | 66,138 | |
| | 3,560 | | | Anworth Mortgage Asset Corp. | | | 14,382 | |
| | 788 | | | Apartment Investment & Management Co. - Class A (b) | | | 39,645 | |
| | 1,662 | | | Apollo Commercial Real Estate Finance, Inc. (b) | | | 30,248 | |
| | 2,066 | | | Apple Hospitality REIT, Inc. | | | 33,676 | |
| | 1,186 | | | Arbor Realty Trust, Inc. (b) | | | 15,382 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 1,064 | | | Ares Commercial Real Estate Corp. | | $ | 16,162 | |
| | 1,648 | | | Armada Hoffler Properties, Inc. | | | 25,692 | |
| | 7,056 | | | Ashford Hospitality Trust, Inc. | | | 33,516 | |
| | 1,124 | | | Blackstone Mortgage Trust, Inc. - Class A | | | 38,845 | |
| | 2,521 | | | Bluerock Residential Growth REIT, Inc. | | | 27,176 | |
| | 3,309 | | | Braemar Hotels & Resorts, Inc. | | | 40,403 | |
| | 1,670 | | | Brandywine Realty Trust | | | 26,486 | |
| | 2,978 | | | Brixmor Property Group, Inc. | | | 54,706 | |
| | 2,774 | | | BRT Apartments Corp. | | | 38,503 | |
| | 750 | | | Camden Property Trust | | | 76,125 | |
| | 1,746 | | | Capstead Mortgage Corp. | | | 14,998 | |
| | 565 | | | CareTrust REIT, Inc. | | | 13,255 | |
| | 19,317 | | | CBL & Associates Properties, Inc. (b) | | | 29,941 | |
| | 5,174 | | | Cedar Shopping Centers, Inc. | | | 17,592 | |
| | 2,004 | | | Chatham Lodging Trust | | | 38,557 | |
| | 1,917 | | | Cherry Hill Mortgage Investment Corp. | | | 33,011 | |
| | 2,119 | | | Chesapeake Lodging Trust | | | 58,929 | |
| | 5,792 | | | Chimera Investment Corp. | | | 108,542 | |
| | 7,252 | | | Colony Capital, Inc. | | | 38,581 | |
| | 840 | | | Columbia Property Trust, Inc. | | | 18,908 | |
| | 378 | | | Community Healthcare Trust, Inc. | | | 13,566 | |
| | 879 | | | CoreCivic, Inc. | | | 17,097 | |
| | 467 | | | CorEnergy Infrastructure Trust, Inc. (b) | | | 17,162 | |
| | 123 | | | CoreSite Realty Corp. | | | 13,163 | |
| | 1,170 | | | Corporate Office Properties Trust | | | 31,941 | |
| | 3,229 | | | Cousins Properties, Inc. | | | 31,192 | |
| | 926 | | | CubeSmart | | | 29,669 | |
| | 475 | | | CyrusOne, Inc. | | | 24,909 | |
| | 3,461 | | | DiamondRock Hospitality Co. (b) | | | 37,483 | |
| | 535 | | | Douglas Emmett, Inc. | | | 21,625 | |
| | 2,072 | | | Duke Realty Corp. | | | 63,362 | |
| | 4,279 | | | Dynex Capital, Inc. | | | 26,059 | |
| | 1,084 | | | Easterly Government Properties, Inc. | | | 19,523 | |
| | 168 | | | EastGroup Properties, Inc. | | | 18,756 | |
| | 611 | | | EPR Properties | | | 46,986 | |
| | 920 | | | Equity Commonwealth | | | 30,075 | |
| | 449 | | | Equity LifeStyle Properties, Inc. | | | 51,321 | |
| | 1,749 | | | Exantas Capital Corp. | | | 18,592 | |
| | 495 | | | First Industrial Realty Trust, Inc. | | | 17,503 | |
| | 633 | | | Four Corners Property Trust, Inc. | | | 18,737 | |
| | 3,021 | | | Franklin Street Properties Corp. | | | 21,721 | |
| | 843 | | | Gaming and Leisure Properties, Inc. | | | 32,514 | |
| | 588 | | | Getty Realty Corp. | | | 18,834 | |
| | 907 | | | Gladstone Commercial Corp. | | | 18,838 | |
| | 1,296 | | | Global Medical REIT, Inc. | | | 12,727 | |
| | 689 | | | Global Net Lease, Inc. | | | 13,022 | |
| | 986 | | | Granite Point Mortgage Trust, Inc. | | | 18,310 | |
| | 936 | | | Great Ajax Corp. | | | 12,861 | |
| | 744 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 19,076 | |
| | 596 | | | Healthcare Realty Trust, Inc. | | | 19,138 | |
| | 924 | | | Healthcare Trust of America, Inc. - Class A | | | 26,417 | |
| | 1,861 | | | Hersha Hospitality Trust | | | 31,898 | |
| | 715 | | | Highwoods Properties, Inc. | | | 33,448 | |
| | 2,236 | | | Hospitality Properties Trust | | | 58,829 | |
| | 853 | | | Hudson Pacific Properties, Inc. | | | 29,360 | |
| | 1,211 | | | Independence Realty Trust, Inc. | | | 13,067 | |
| | 1,506 | | | InfraREIT, Inc. | | | 31,581 | |
| | 325 | | | Innovative Industrial Properties, Inc. (b) | | | 26,549 | |
| | 1,917 | | | Invesco Mortgage Capital, Inc. | | | 30,289 | |
See notes to financial statements.
69
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 216 | | | Investors Real Estate Trust | | $ | 12,941 | |
| | 1,349 | | | Iron Mountain, Inc. | | | 47,836 | |
| | 508 | | | JBG SMITH Properties | | | 21,006 | |
| | 858 | | | Jernigan Capital, Inc. | | | 18,052 | |
| | 675 | | | Kilroy Realty Corp. | | | 51,273 | |
| | 2,823 | | | Kimco Realty Corp. | | | 52,225 | |
| | 2,528 | | | Kite Realty Group Trust | | | 40,423 | |
| | 1,490 | | | Ladder Capital Corp. | | | 25,360 | |
| | 417 | | | Lamar Advertising Co. - Class A | | | 33,051 | |
| | 1,555 | | | Lexington Realty Trust (b) | | | 14,088 | |
| | 1,444 | | | Liberty Property Trust | | | 69,918 | |
| | 240 | | | Life Storage, Inc. | | | 23,345 | |
| | 700 | | | LTC Properties, Inc. | | | 32,060 | |
| | 2,003 | | | Mack-Cali Realty Corp. | | | 44,467 | |
| | 1,741 | | | MedEquities Realty Trust, Inc. | | | 19,377 | |
| | 2,296 | | | Medical Properties Trust, Inc. | | | 42,499 | |
| | 4,941 | | | MFA Financial, Inc. | | | 35,921 | |
| | 215 | | | National Health Investors, Inc. | | | 16,888 | |
| | 747 | | | National Retail Properties, Inc. | | | 41,376 | |
| | 1,144 | | | National Storage Affiliates Trust | | | 32,615 | |
| | 5,786 | | | New Residential Investment Corp. | | | 97,841 | |
| | 6,411 | | | New Senior Investment Group, Inc. | | | 34,940 | |
| | 2,931 | | | New York Mortgage Trust, Inc. (b) | | | 17,850 | |
| | 399 | | | NexPoint Residential Trust, Inc. | | | 15,298 | |
| | 707 | | | NorthStar Realty Europe Corp. | | | 12,274 | |
| | 510 | | | Office Properties Income Trust | | | 14,096 | |
| | 2,017 | | | Omega Healthcare Investors, Inc. | | | 76,949 | |
| | 678 | | | One Liberty Properties, Inc. | | | 19,662 | |
| | 565 | | | Outfront Media, Inc. | | | 13,221 | |
| | 1,867 | | | Paramount Group, Inc. | | | 26,493 | |
| | 2,233 | | | Park Hotels & Resorts, Inc. (b) | | | 69,402 | |
| | 2,100 | | | Pebblebrook Hotel Trust | | | 65,226 | |
| | 5,873 | | | Pennsylvania Real Estate Investment Trust | | | 36,941 | |
| | 1,237 | | | PennyMac Mortgage Investment Trust | | | 25,618 | |
| | 1,062 | | | Physicians Realty Trust | | | 19,976 | |
| | 1,059 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 22,080 | |
| | 1,630 | | | Preferred Apartment Communities, Inc. - Class A | | | 24,157 | |
| | 125 | | | PS Business Parks, Inc. | | | 19,604 | |
| | 439 | | | QTS Realty Trust, Inc. - Class A | | | 19,751 | |
| | 1,227 | | | Ready Capital Corp. | | | 18,000 | |
| | 1,695 | | | Redwood Trust, Inc. | | | 27,374 | |
| | 1,074 | | | Regency Centers Corp. | | | 72,484 | |
| | 1,625 | | | Retail Properties of America, Inc. - Class A | | | 19,809 | |
| | 838 | | | Retail Value, Inc. | | | 26,120 | |
| | 890 | | | Rexford Industrial Realty, Inc. (b) | | | 31,871 | |
| | 2,181 | | | RLJ Lodging Trust | | | 38,320 | |
| | 1,174 | | | RPT Realty | | | 14,100 | |
| | 346 | | | Ryman Hospitality Properties, Inc. | | | 28,455 | |
| | 1,866 | | | Sabra Health Care REIT, Inc. | | | 36,331 | |
| | 1,240 | | | Senior Housing Properties Trust | | | 14,607 | |
| | 278 | | | Seritage Growth Properties | | | 12,354 | |
| | 1,446 | | | SITE Centers Corp. | | | 19,695 | |
| | 535 | | | Spirit Realty Capital, Inc. | | | 21,256 | |
| | 459 | | | STAG Industrial, Inc. | | | 13,609 | |
| | 2,407 | | | Starwood Property Trust, Inc. | | | 53,796 | |
| | 1,080 | | | STORE Capital Corp. | | | 36,180 | |
| | 2,738 | | | Summit Hotel Properties, Inc. | | | 31,241 | |
| | 602 | | | Sun Communities, Inc. | | | 71,349 | |
| | 3,165 | | | Sunstone Hotel Investors, Inc. | | | 45,576 | |
| | 1,054 | | | Tanger Factory Outlet Centers, Inc. | | | 22,113 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 382 | | | Terreno Realty Corp. (b) | | $ | 16,059 | |
| | 1,895 | | | The Geo Group, Inc. | | | 36,384 | |
| | 764 | | | Tier REIT, Inc. | | | 21,896 | |
| | 940 | | | TPG RE Finance Trust, Inc. | | | 18,424 | |
| | 2,221 | | | Two Harbors Investment Corp. | | | 30,050 | |
| | 1,594 | | | Uniti Group, Inc. (b) | | | 17,837 | |
| | 173 | | | Universal Health Realty Income Trust | | | 13,098 | |
| | 5,876 | | | VEREIT, Inc. | | | 49,182 | |
| | 2,648 | | | VICI Properties, Inc. | | | 57,938 | |
| | 6,201 | | | Washington Prime Group, Inc. (b) | | | 35,036 | |
| | 457 | | | Washington Real Estate Investment Trust | | | 12,970 | |
| | 460 | | | Weingarten Realty Investors | | | 13,510 | |
| | 1,717 | | | Western Asset Mortgage Capital Corp. | | | 17,565 | |
| | 1,338 | | | Whitestone REIT | | | 16,083 | |
| | 810 | | | WP Carey, Inc. | | | 63,447 | |
| | 1,975 | | | Xenia Hotels & Resorts, Inc. | | | 43,272 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $4,228,620) | | | 4,623,933 | |
| | | | | | |
|
|
|
| | | | | RIGHTS - 0% | |
| | 395 | | | Schulman, Inc. Contingent Value Right (a)(e)(f) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.87% | |
| | | | | Money Market Funds - 0.87% | |
| | 555,237 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (c) | | | 555,237 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $555,237) | | | 555,237 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.47% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 9.47% | |
| | 6,053,599 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (c) | | | 6,053,599 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $6,053,599) | | | 6,053,599 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $54,929,242) - 107.75% | | | 68,858,841 | |
| | | | | Liabilities in Excess of
Other Assets - (7.75)% | | | (4,953,896 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 63,904,945 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Non-income producing security. |
| (b) | | All or portion of this security is on loan. |
| (c) | | Seven-day yield as of March 31, 2019. |
| (d) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $17,901, which represents 0.03% of total net assets. |
| (e) | | As of March 31, 2019, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets. |
| (f) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
See notes to financial statements.
70
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 95.17% | |
| | | | | Australia - 5.14% | |
| | 11,085 | | | AGL Energy, Ltd. | | $ | 171,350 | |
| | 13,112 | | | APA Group - Stapled Security (e) | | | 93,077 | |
| | 8,819 | | | Aristocrat Leisure, Ltd. | | | 153,810 | |
| | 3,758 | | | ASX, Ltd. | | | 186,679 | |
| | 14,453 | | | Australia & New Zealand Banking Group, Ltd. | | | 267,299 | |
| | 32,432 | | | Bank of Queensland, Ltd. | | | 209,689 | |
| | 28,031 | | | Bendigo & Adelaide Bank, Ltd. | | | 192,918 | |
| | 28,161 | | | BHP Billiton, Ltd. | | | 769,735 | |
| | 56,212 | | | BlueScope Steel, Ltd. | | | 557,933 | |
| | 14,816 | | | Brambles, Ltd. | | | 123,860 | |
| | 13,340 | | | CIMIC Group, Ltd. | | | 458,220 | |
| | 22,229 | | | Coca-Cola Amatil, Ltd. | | | 136,621 | |
| | 5,268 | | | Cochlear, Ltd. | | | 649,558 | |
| | 76,222 | | | Coles Group, Ltd. (a) | | | 641,550 | |
| | 8,882 | | | Commonwealth Bank of Australia | | | 445,825 | |
| | 5,156 | | | CSL, Ltd. | | | 715,408 | |
| | 17,393 | | | Flight Centre Travel Group, Ltd. | | | 519,588 | |
| | 14,568 | | | Fortescue Metals Group, Ltd. | | | 73,731 | |
| | 18,317 | | | Harvey Norman Holdings, Ltd. | | | 52,304 | |
| | 3,623 | | | Macquarie Group, Ltd. | | | 333,664 | |
| | 103,275 | | | Medibank Private, Ltd. | | | 202,716 | |
| | 10,734 | | | National Australia Bank, Ltd. | | | 192,871 | |
| | 14,676 | | | Oil Search, Ltd. | | | 81,654 | |
| | 69,451 | | | Origin Energy, Ltd. | | | 355,520 | |
| | 4,910 | | | QBE Insurance Group, Ltd. | | | 42,957 | |
| | 5,289 | | | REA Group, Ltd. | | | 280,878 | |
| | 3,196 | | | Rio Tinto, Ltd. | | | 222,575 | |
| | 43,054 | | | Santos, Ltd. | | | 208,458 | |
| | 78,479 | | | South32, Ltd. | | | 208,424 | |
| | 10,203 | | | Suncorp Group, Ltd. | | | 99,933 | |
| | 13,385 | | | Transurban Group - Stapled Security (e) | | | 125,539 | |
| | 12,159 | | | Washington H Soul Pattinson & Co., Ltd. | | | 227,541 | |
| | 28,205 | | | Wesfarmers, Ltd. | | | 694,547 | |
| | 17,852 | | | Westpac Banking Corp. | | | 329,074 | |
| | 11,083 | | | Woodside Petroleum, Ltd. | | | 272,088 | |
| | 39,587 | | | Woolworths, Ltd. | | | 854,917 | |
| | | | | | |
|
|
|
| | | | | | | | 11,152,511 | |
| | | | | | |
|
|
|
| | | | | Austria - 0.39% | |
| | 3,620 | | | ANDRITZ AG | | | 155,261 | |
| | 1,165 | | | Erste Group Bank AG | | | 42,818 | |
| | 15,141 | | | Raiffeisen Bank International AG | | | 340,103 | |
| | 6,453 | | | Verbund AG | | | 309,919 | |
| | | | | | |
|
|
|
| | | | | | | | 848,101 | |
| | | | | | |
|
|
|
| | | | | Belgium - 0.74% | |
| | 4,996 | | | Ageas SA | | | 240,991 | |
| | 4,100 | | | Anheuser-Busch InBev SA | | | 344,173 | |
| | 5,606 | | | Colruyt SA | | | 414,238 | |
| | 689 | | | Solvay SA | | | 74,595 | |
| | 6,302 | | | UCB SA | | | 541,359 | |
| | | | | | |
|
|
|
| | | | | | | | 1,615,356 | |
| | | | | | |
|
|
|
| | | | | Canada - 8.17% | |
| | 2,906 | | | Alimentation Couche-Tard, Inc. - Series B | | | 171,183 | |
| | 6,023 | | | Bank of Montreal | | | 450,660 | |
| | 15,000 | | | Bausch Health Cos., Inc. (a) | | | 370,075 | |
| | 1,509 | | | BCE, Inc. | | | 67,006 | |
| | 2,386 | | | Brookfield Asset Management, Inc. - Class A | | | 111,163 | |
| | 2,886 | | | CAE, Inc. | | | 63,946 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Canada (Continued) | |
| | 5,140 | | | Cameco Corp. | | $ | 60,579 | |
| | 3,989 | | | Canadian Imperial Bank of Commerce | | | 315,216 | |
| | 3,257 | | | Canadian National Railway Co. | | | 291,567 | |
| | 7,828 | | | Canadian Natural Resources, Ltd. | | | 214,921 | |
| | 1,546 | | | Canadian Pacific Railway, Ltd. | | | 318,536 | |
| | 5,301 | | | Canopy Growth Corp. (a)(b) | | | 229,359 | |
| | 46,145 | | | Cenovus Energy, Inc. | | | 400,555 | |
| | 5,412 | | | CGI, Inc. (a) | | | 372,059 | |
| | 47,482 | | | CI Financial Corp. | | | 648,087 | |
| | 1,264 | | | Constellation Software, Inc. | | | 1,071,186 | |
| | 21,354 | | | Dollarama, Inc. | | | 569,664 | |
| | 5,200 | | | Emera, Inc. | | | 194,443 | |
| | 43,246 | | | Empire Co., Ltd. - Series A | | | 936,212 | |
| | 9,847 | | | Enbridge, Inc. | | | 356,639 | |
| | 6,932 | | | Fortis, Inc. | | | 256,199 | |
| | 5,271 | | | George Weston, Ltd. | | | 378,997 | |
| | 3,947 | | | Great-West Lifeco, Inc. | | | 95,577 | |
| | 15,078 | | | H&R Real Estate Investment Trust | | | 264,134 | |
| | 10,042 | | | iA Financial Corp., Inc. | | | 370,314 | |
| | 1,703 | | | IGM Financial, Inc. | | | 43,813 | |
| | 7,123 | | | Imperial Oil, Ltd. | | | 194,445 | |
| | 6,921 | | | Loblaw Cos., Ltd. | | | 341,402 | |
| | 9,459 | | | Magna International, Inc. | | | 460,581 | |
| | 8,060 | | | Manulife Financial Corp. | | | 136,309 | |
| | 3,714 | | | Methanex Corp. | | | 210,942 | |
| | 2,573 | | | Metro, Inc. | | | 94,729 | |
| | 4,856 | | | National Bank of Canada | | | 219,153 | |
| | 5,473 | | | Pembina Pipeline Corp. | | | 201,047 | |
| | 24,881 | | | Power Corp. of Canada | | | 580,156 | |
| | 18,442 | | | Power Financial Corp. | | | 430,845 | |
| | 5,869 | | | Rogers Communications, Inc. - Class B | | | 315,640 | |
| | 14,758 | | | Royal Bank of Canada | | | 1,113,407 | |
| | 2,578 | | | Saputo, Inc. | | | 87,872 | |
| | 5,959 | | | Seven Generations Energy, Ltd. - Class A (a) | | | 43,031 | |
| | 1,100 | | | Shopify, Inc. - Class A (a) | | | 227,071 | |
| | 2,779 | | | Stars Group, Inc. (a) | | | 48,578 | |
| | 2,953 | | | Sun Life Financial, Inc. | | | 113,449 | |
| | 11,599 | | | Suncor Energy, Inc. | | | 375,914 | |
| | 23,947 | | | Teck Resources, Ltd. - Class B (a) | | | 554,077 | |
| | 8,836 | | | The Bank of Nova Scotia | | | 470,381 | |
| | 17,789 | | | The Toronto-Dominion Bank | | | 965,360 | |
| | 5,806 | | | Thomson Reuters Corp. | | | 343,533 | |
| | 15,224 | | | West Fraser Timber Co., Ltd. | | | 740,495 | |
| | 15,125 | | | WSP Global, Inc. | | | 826,564 | |
| | | | | | |
|
|
|
| | | | | | | | 17,717,071 | |
| | | | | | |
|
|
|
| | | | | Denmark - 1.91% | |
| | 315 | | | A.P. Moller - Maersk AS - Class A | | | 381,200 | |
| | 214 | | | A.P. Moller - Maersk AS - Class B | | | 271,319 | |
| | 2,128 | | | Carlsberg AS - Series B | | | 266,103 | |
| | 2,710 | | | Chr. Hansen Holding AS | | | 275,076 | |
| | 3,925 | | | Coloplast AS - Series B | | | 430,850 | |
| | 10,840 | | | Danske Bank AS | | | 190,542 | |
| | 914 | | | DSV AS | | | 75,635 | |
| | 4,448 | | | H. Lundbeck AS | | | 192,888 | |
| | 19,278 | | | Novo Nordisk AS - Series B | | | 1,007,572 | |
| | 4,509 | | | Orsted AS | | | 342,009 | |
| | 2,911 | | | Pandora AS | | | 136,400 | |
| | 8,168 | | | Tryg AS | | | 224,228 | |
| | 1,656 | | | Vestas Wind Systems AS | | | 139,578 | |
See notes to financial statements.
71
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Denmark (Continued) | |
| | 7,188 | | | William Demant Holdings AS (a) | | $ | 212,741 | |
| | | | | | |
|
|
|
| | | | | | | | 4,146,141 | |
| | | | | | |
|
|
|
| | | | | Finland - 0.99% | |
| | 2,580 | | | Elisa OYJ | | | 116,475 | |
| | 10,335 | | | Fortum OYJ | | | 211,681 | |
| | 2,952 | | | Neste OYJ | | | 314,687 | |
| | 36,360 | | | Nokia OYJ | | | 207,130 | |
| | 1,222 | | | Nokian Renkaat OYJ | | | 40,955 | |
| | 16,527 | | | Orion OYJ - Class B | | | 621,026 | |
| | 2,467 | | | Sampo OYJ - Series A | | | 111,812 | |
| | 12,025 | | | Stora Enso OYJ - R Shares | | | 147,226 | |
| | 8,024 | | | UPM-Kymmene OYJ | | | 234,357 | |
| | 9,114 | | | Wartsila OYJ Abp | | | 147,399 | |
| | | | | | |
|
|
|
| | | | | | | | 2,152,748 | |
| | | | | | |
|
|
|
| | | | | France - 10.11% | |
| | 1,843 | | | Air Liquide SA | | | 234,544 | |
| | 6,267 | | | Arkema SA | | | 597,863 | |
| | 10,675 | | | Atos SE | | | 1,030,550 | |
| | 2,383 | | | AXA SA | | | 59,935 | |
| | 4,024 | | | BioMerieux | | | 332,824 | |
| | 13,038 | | | BNP Paribas SA | | | 620,458 | |
| | 89,538 | | | Bollore SA | | | 404,881 | |
| | 1,510 | | | Capgemini SE | | | 183,227 | |
| | 14,006 | | | Carrefour SA | | | 261,734 | |
| | 12,880 | | | Casino Guichard Perrachon SA | | | 558,423 | |
| | 1,305 | | | Cie Generale des Etablissements Michelin SCA | | | 154,179 | |
| | 21,097 | | | CNP Assurances | | | 464,516 | |
| | 40,598 | | | Credit Agricole SA | | | 490,180 | |
| | 4,836 | | | Danone SA | | | 372,378 | |
| | 81 | | | Dassault Aviation SA | | | 119,484 | |
| | 2,698 | | | Dassault Systemes SE | | | 402,135 | |
| | 4,614 | | | Edenred | | | 210,125 | |
| | 4,112 | | | Eiffage SA | | | 395,279 | |
| | 22,324 | | | Electricite de France SA | | | 305,603 | |
| | 18,095 | | | Engie SA | | | 269,849 | |
| | 1,529 | | | EssilorLuxottica SA | | | 167,029 | |
| | 1,538 | | | Eurazeo SE | | | 115,648 | |
| | 5,243 | | | Eutelsat Communications SA | | | 91,816 | |
| | 9,357 | | | Faurecia SA | | | 393,888 | |
| | 4,410 | | | Getlink SE | | | 66,875 | |
| | 1,492 | | | Hermes International | | | 985,131 | |
| | 920 | | | Imerys SA | | | 45,894 | |
| | 2,383 | | | Ingenico Group SA | | | 170,223 | |
| | 4,215 | | | Ipsen SA | | | 578,010 | |
| | 1,152 | | | Kering SA | | | 660,793 | |
| | 1,168 | | | Legrand SA | | | 78,198 | |
| | 4,959 | | | L’Oreal SA | | | 1,335,422 | |
| | 2,938 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 1,082,170 | |
| | 62,099 | | | Natixis SA | | | 332,622 | |
| | 1,553 | | | Pernod Ricard SA | | | 278,859 | |
| | 26,539 | | | Peugeot SA | | | 647,598 | |
| | 2,803 | | | Publicis Groupe SA | | | 150,079 | |
| | 24,496 | | | Rexel SA | | | 276,446 | |
| | 3,511 | | | Safran SA | | | 481,223 | |
| | 12,144 | | | Sanofi-Aventis SA | | | 1,073,828 | |
| | 2,786 | | | Sartorius Stedim Biotech | | | 353,014 | |
| | 1,440 | | | Schneider Electric SE | | | 113,024 | |
| | 4,535 | | | SCOR SE | | | 193,156 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | France (Continued) | |
| | 4,364 | | | SEB SA | | $ | 734,739 | |
| | 4,506 | | | Societe BIC SA | | | 401,703 | |
| | 14,062 | | | Societe Generale SA | | | 406,302 | |
| | 1,448 | | | Teleperformance | | | 260,304 | |
| | 1,311 | | | Thales SA | | | 157,072 | |
| | 25,629 | | | Total SA (b) | | | 1,426,243 | |
| | 5,926 | | | Ubisoft Entertainment SA (a) | | | 528,440 | |
| | 12,893 | | | Valeo SA | | | 374,321 | |
| | 3,508 | | | Vinci SA | | | 341,336 | |
| | 5,480 | | | Vivendi SA | | | 158,812 | |
| | | | | | |
|
|
|
| | | | | | | | 21,928,385 | |
| | | | | | |
|
|
|
| | | | | Germany - 6.09% | |
| | 3,838 | | | adidas AG | | | 933,488 | |
| | 4,407 | | | Allianz SE | | | 982,094 | |
| | 833 | | | Axel Springer SE | | | 43,061 | |
| | 4,147 | | | BASF SE | | | 305,829 | |
| | 8,004 | | | Bayer AG | | | 515,395 | |
| | 2,987 | | | Beiersdorf AG | | | 310,965 | |
| | 896 | | | Brenntag AG | | | 46,066 | |
| | 11,452 | | | Covestro AG | | | 631,824 | |
| | 2,719 | | | Deutsche Boerse AG | | | 348,631 | |
| | 30,341 | | | Deutsche Lufthansa AG | | | 666,929 | |
| | 18,506 | | | Deutsche Post AG | | | 602,243 | |
| | 14,428 | | | Deutsche Telekom AG | | | 239,696 | |
| | 7,270 | | | Deutsche Wohnen SE | | | 352,780 | |
| | 14,186 | | | E.ON SE | | | 157,866 | |
| | 3,445 | | | Fresenius Medical Care AG & Co. KGaA | | | 278,426 | |
| | 2,230 | | | Fresenius SE & Co. KGaA | | | 124,640 | |
| | 2,087 | | | Hannover Rueck SE | | | 299,884 | |
| | 2,252 | | | HeidelbergCement AG | | | 162,329 | |
| | 1,149 | | | HOCHTIEF AG | | | 166,482 | |
| | 8,599 | | | HUGO BOSS AG | | | 587,956 | |
| | 6,323 | | | Innogy SE | | | 292,368 | |
| | 1,772 | | | KION Group AG | | | 92,726 | |
| | 2,263 | | | Merck KGaA | | | 258,370 | |
| | 6,968 | | | METRO AG | | | 115,729 | |
| | 1,468 | | | MTU Aero Engines AG | | | 332,740 | |
| | 1,885 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 446,737 | |
| | 2,651 | | | ProSiebenSat.1 Media AG | | | 37,742 | |
| | 1,184 | | | Puma SE | | | 686,658 | |
| | 24,912 | | | RWE AG | | | 668,946 | |
| | 7,601 | | | SAP SE | | | 878,714 | |
| | 1,791 | | | Siemens AG | | | 192,609 | |
| | 1,063 | | | Siemens Healthineers AG | | | 44,381 | |
| | 1,921 | | | Symrise AG | | | 173,175 | |
| | 6,473 | | | Vonovia SE | | | 335,922 | |
| | 2,487 | | | Wirecard AG | | | 312,425 | |
| | 14,973 | | | Zalando SE (a) | | | 584,986 | |
| | | | | | |
|
|
|
| | | | | | | | 13,210,812 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 3.08% | |
| | 103,339 | | | AIA Group, Ltd. | | | 1,033,366 | |
| | 13,151 | | | ASM Pacific Technology, Ltd. | | | 146,949 | |
| | 19,890 | | | BOC Hong Kong Holdings, Ltd. | | | 82,542 | |
| | 32,699 | | | CK Asset Holdings, Ltd. | | | 291,211 | |
| | 34,469 | | | CK Hutchison Holdings, Ltd. | | | 362,454 | |
| | 18,198 | | | CLP Holdings, Ltd. | | | 211,071 | |
| | 69,061 | | | Dairy Farm International Holdings, Ltd. | | | 579,756 | |
| | 8,230 | | | Hang Seng Bank, Ltd. | | | 203,223 | |
See notes to financial statements.
72
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hong Kong (Continued) | |
| | 108,242 | | | HK Electric Investments & HK Electric Investments, Ltd. - Stapled Security (e) | | $ | 110,612 | |
| | 168,783 | | | HKT Trust and HKT, Ltd. - Stapled Security (e) | | | 271,345 | |
| | 14,402 | | | Hong Kong Exchange & Clearing, Ltd. | | | 503,185 | |
| | 1,098 | | | Jardine Strategic Holdings, Ltd. | | | 41,186 | |
| | 139,096 | | | Kerry Properties, Ltd. | | | 621,873 | |
| | 7,687 | | | MTR Corp., Ltd. | | | 47,628 | |
| | 37,121 | | | New World Development Co., Ltd. | | | 61,610 | |
| | 40,210 | | | NWS Holdings, Ltd. | | | 88,034 | |
| | 244,688 | | | PCCW, Ltd. | | | 152,127 | |
| | 125,573 | | | SJM Holdings, Ltd. | | | 143,550 | |
| | 3,581 | | | Sun Hung Kai Properties, Ltd. | | | 61,560 | |
| | 35,442 | | | Swire Pacific, Ltd. - Class A | | | 456,525 | |
| | 19,272 | | | Swire Properties, Ltd. | | | 82,944 | |
| | 61,329 | | | Techtronic Industries Co., Ltd. | | | 413,029 | |
| | 29,706 | | | The Bank of East Asia, Ltd. | | | 96,568 | |
| | 158,801 | | | The Hong Kong and China Gas Co., Ltd. | | | 380,844 | |
| | 213,765 | | | WH Group, Ltd. | | | 228,649 | |
| | | | | | |
|
|
|
| | | | | | | | 6,671,841 | |
| | | | | | |
|
|
|
| | | | | Ireland - 0.14% | |
| | 6,702 | | | Bank of Ireland Group PLC | | | 39,873 | |
| | 2,739 | | | CRH PLC | | | 84,897 | |
| | 704 | | | DCC PLC | | | 60,913 | |
| | 569 | | | Kerry Group PLC - Series A | | | 63,190 | |
| | 1,105 | | | Kingspan Group PLC | | | 50,920 | |
| | | | | | |
|
|
|
| | | | | | | | 299,793 | |
| | | | | | |
|
|
|
| | | | | Israel - 0.86% | |
| | 782 | | | Azrieli Group, Ltd. | | | 46,321 | |
| | 35,056 | | | Bank LeumiLe-Israel BM | | | 229,671 | |
| | 122,733 | | | Bezeq the Israel Telecommunication Corp., Ltd. | | | 88,277 | |
| | 363 | | | Check Point Software Technologies, Ltd. (a) | | | 45,916 | |
| | 1 | | | International Flavors & Fragrances, Inc. | | | 73 | |
| | 47,486 | | | Israel Chemicals, Ltd. | | | 248,112 | |
| | 1,962 | | | Nice, Ltd. (a) | | | 239,629 | |
| | 44,868 | | | Teva Pharmaceutical Industries, Ltd. - ADR (a) | | | 703,530 | |
| | 2,231 | | | Wix.com, Ltd. (a) | | | 269,572 | |
| | | | | | |
|
|
|
| | | | | | | | 1,871,101 | |
| | | | | | |
|
|
|
| | | | | Italy - 3.28% | |
| | 23,456 | | | Assicurazioni Generali SpA | | | 434,889 | |
| | 21,990 | | | Davide Campari-Milano SpA | | | 216,045 | |
| | 52,665 | | | Enel SpA | | | 337,469 | |
| | 36,646 | | | Eni SpA | | | 647,484 | |
| | 6,082 | | | EXOR NV | | | 394,990 | |
| | 2,036 | | | Ferrari NV | | | 273,534 | |
| | 111,367 | | | Intesa Sanpaolo SpA | | | 271,795 | |
| | 68,956 | | | Leonardo SpA | | | 803,119 | |
| | 21,005 | | | Moncler SpA | | | 847,758 | |
| | 51,585 | | | Poste Italiane SpA | | | 502,494 | |
| | 5,581 | | | Prysmian SpA | | | 105,775 | |
| | 5,776 | | | Recordati SpA | | | 225,067 | |
| | 37,023 | | | Snam SpA | | | 190,452 | |
| | 1,055,971 | | | Telecom Italia SpA (a) | | | 657,710 | |
| | 1,152,046 | | | Telecom Italia SpA - Savings Share | | | 654,273 | |
| | 29,042 | | | Terna Rete Elettrica Nazionale SpA | | | 184,325 | |
| | 29,349 | | | UniCredit SpA | | | 377,004 | |
| | | | | | |
|
|
|
| | | | | | | | 7,124,183 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | �� | | | Value
| |
| | | | | Japan - 21.42% | |
| | 2,731 | | | ABC-Mart, Inc. | | $ | 162,593 | |
| | 13,748 | | | Aeon Co., Ltd. | | | 287,957 | |
| | 1,659 | | | Aisin Seiki Co., Ltd. | | | 59,391 | |
| | 12,424 | | | Alfresa Holdings Corp. | | | 354,044 | |
| | 5,666 | | | Asahi Intecc Co., Ltd. | | | 266,839 | |
| | 26,659 | | | Asics Corp. | | | 358,737 | |
| | 39,851 | | | Astellas Pharma, Inc. | | | 598,793 | |
| | 10,296 | | | Bandai Namco Holdings, Inc. | | | 483,407 | |
| | 1,770 | | | Bridgestone Corp. | | | 68,204 | |
| | 18,090 | | | Brother Industries, Ltd. | | | 335,979 | |
| | 11,536 | | | Calbee, Inc. | | | 311,565 | |
| | 2,249 | | | Canon, Inc. | | | 65,300 | |
| | 7,975 | | | Casio Computer Co., Ltd. | | | 104,361 | |
| | 1,057 | | | Central Japan Railway Co. | | | 245,696 | |
| | 13,693 | | | Chubu Electric Power Co., Inc. | | | 214,065 | |
| | 4,403 | | | Chugai Pharmaceutical Co., Ltd. | | | 303,274 | |
| | 12,775 | | | Chugoku Electric Power Co., Inc. | | | 159,465 | |
| | 10,806 | | | Coca-Cola Bottlers Japan, Inc. | | | 274,867 | |
| | 16,531 | | | Credit Saison Co., Ltd. | | | 218,722 | |
| | 12,993 | | | CyberAgent, Inc. | | | 531,679 | |
| | 10,690 | | | Dai Nippon Printing Co., Ltd. | | | 256,056 | |
| | 22,059 | | | Dai-ichi Life Holdings, Inc. | | | 307,091 | |
| | 3,825 | | | Daiichi Sankyo Co., Ltd. | | | 176,630 | |
| | 517 | | | Daikin Industries, Ltd. | | | 60,771 | |
| | 4,299 | | | DeNA Co., Ltd. | | | 64,804 | |
| | 4,464 | | | Dentsu, Inc. | | | 188,927 | |
| | 5,359 | | | Eisai Co., Ltd. | | | 301,534 | |
| | 8,077 | | | Electric Power Development Co., Ltd. | | | 196,961 | |
| | 10,464 | | | FamilyMart UNY Holdings Co., Ltd. | | | 266,737 | |
| | 1,343 | | | Fast Retailing Co., Ltd. | | | 632,501 | |
| | 3,026 | | | Fuji Electric Co., Ltd. | | | 86,153 | |
| | 7,032 | | | FUJIFILM Holdings Corp. | | | 320,294 | |
| | 2,653 | | | Fujitsu, Ltd. | | | 191,864 | |
| | 4,018 | | | Fukuoka Financial Group, Inc. | | | 89,222 | |
| | 12,108 | | | Hakuhodo DY Holdings, Inc. | | | 194,965 | |
| | 832 | | | Hikari Tsushin, Inc. | | | 157,920 | |
| | 4,027 | | | Hitachi, Ltd. | | | 130,840 | |
| | 26,523 | | | Honda Motor Co., Ltd. | | | 720,385 | |
| | 11,486 | | | Hoya Corp. | | | 760,801 | |
| | 6,694 | | | Isetan Mitsukoshi Holdings, Ltd. | | | 67,721 | |
| | 9,371 | | | Isuzu Motors, Ltd. | | | 123,462 | |
| | 21,353 | | | ITOCHU Corp. | | | 386,997 | |
| | 29,115 | | | Japan Post Holdings Co., Ltd. | | | 340,758 | |
| | 11,951 | | | JFE Holdings, Inc. | | | 203,416 | |
| | 21,224 | | | Kajima Corp. | | | 313,961 | |
| | 32,851 | | | Kakaku.com, Inc. | | | 632,880 | |
| | 2,558 | | | Kamigumi Co., Ltd. | | | 59,329 | |
| | 7,447 | | | Kao Corp. | | | 587,767 | |
| | 20,589 | | | KDDI Corp. | | | 443,431 | |
| | 5,412 | | | Keihan Electric Railway Co., Ltd. | | | 227,841 | |
| | 4,490 | | | Keio Corp. | | | 290,444 | |
| | 1,366 | | | Keisei Electric Railway Co., Ltd. | | | 49,677 | |
| | 131 | | | Keyence Corp. | | | 81,901 | |
| | 8,059 | | | Kikkoman Corp. | | | 396,270 | |
| | 2,480 | | | Kintetsu Group Holdings Co., Ltd. | | | 115,682 | |
| | 1,916 | | | Kobayashi Pharmaceutical Co., Ltd. | | | 162,109 | |
| | 755 | | | Konami Holdings Corp. | | | 32,850 | |
| | 34,126 | | | Konica Minolta, Inc. | | | 336,487 | |
| | 4,304 | | | Kose Corp. | | | 793,275 | |
| | 3,760 | | | Kyushu Electric Power Co., Inc. | | | 44,412 | |
See notes to financial statements.
73
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Japan (Continued) | |
| | 2,183 | | | Kyushu Railway Co. | | $ | 71,810 | |
| | 1,945 | | | Lawson, Inc. | | | 107,899 | |
| | 3,652 | | | LINE Corp. (a) | | | 128,604 | |
| | 21,699 | | | Lion Corp. | | | 457,288 | |
| | 16,560 | | | M3, Inc. | | | 278,699 | |
| | 80,873 | | | Marubeni Corp. | | | 560,725 | |
| | 55,072 | | | Mazda Motor Corp. | | | 617,462 | |
| | 52,037 | | | Mebuki Financial Group, Inc. | | | 133,193 | |
| | 25,548 | | | Medipal Holdings Corp. | | | 607,885 | |
| | 3,530 | | | MEIJI Holdings Co., Ltd. | | | 286,959 | |
| | 16,131 | | | MISUMI Group, Inc. | | | 402,746 | |
| | 35,017 | | | Mitsubishi Chemical Holdings Corp. | | | 247,312 | |
| | 21,214 | | | Mitsubishi Corp. | | | 590,624 | |
| | 4,714 | | | Mitsubishi Estate Co., Ltd. | | | 85,535 | |
| | 19,408 | | | Mitsubishi Gas Chemical Co., Inc. | | | 277,992 | |
| | 14,001 | | | Mitsubishi Heavy Industries, Ltd. | | | 582,637 | |
| | 63,965 | | | Mitsubishi UFJ Financial Group, Inc. | | | 316,358 | |
| | 86,484 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 441,477 | |
| | 2,847 | | | Mitsui & Co., Ltd. | | | 44,301 | |
| | 210,227 | | | Mizuho Financial Group, Inc. | | | 325,320 | |
| | 24,503 | | | MonotaRO Co., Ltd. (b) | | | 547,759 | |
| | 3,731 | | | MS & AD Insurance Group Holdings, Inc. | | | 113,678 | |
| | 1,482 | | | Murata Manufacturing Co., Ltd. | | | 74,167 | |
| | 22,629 | | | Nikon Corp. | | | 319,943 | |
| | 12,265 | | | Nippon Electric Glass Co., Ltd. | | | 325,871 | |
| | 20,023 | | | Nippon Telegraph & Telephone Corp. | | | 853,602 | |
| | 6,091 | | | Nissan Chemical Industries, Ltd. | | | 279,807 | |
| | 6,333 | | | Nisshin Seifun Group, Inc. | | | 145,584 | |
| | 2,552 | | | Nitori Holdings Co., Ltd. | | | 329,962 | |
| | 7,845 | | | NTT Data Corp. | | | 86,732 | |
| | 21,620 | | | NTT DoCoMo, Inc. | | | 479,178 | |
| | 4,435 | | | Obayashi Corp. | | | 44,699 | |
| | 985 | | | Obic Co., Ltd. | | | 99,608 | |
| | 2,672 | | | Odakyu Electric Railway Co., Ltd. | | | 64,840 | |
| | 55,751 | | | Oji Holdings Corp. | | | 346,930 | |
| | 40,440 | | | Olympus Corp. | | | 439,956 | |
| | 6,445 | | | OMRON Corp. (b) | | | 302,794 | |
| | 1,403 | | | Oracle Corp. | | | 94,350 | |
| | 1,827 | | | Oriental Land Co., Ltd. | | | 207,796 | |
| | 26,335 | | | ORIX Corp. | | | 378,371 | |
| | 8,455 | | | Osaka Gas Co., Ltd. | | | 167,165 | |
| | 4,815 | | | Panasonic Corp. | | | 41,515 | |
| | 3,440 | | | Park24 Co., Ltd. | | | 74,786 | |
| | 17,441 | | | Persol Holdings Co., Ltd. | | | 283,214 | |
| | 10,808 | | | Pigeon Corp. | | | 443,439 | |
| | 18,127 | | | Pola Orbis Holdings, Inc. | | | 579,815 | |
| | 5,232 | | | Rakuten, Inc. | | | 49,651 | |
| | 27,702 | | | Recruit Holdings Co., Ltd. | | | 794,229 | |
| | 14,032 | | | Renesas Electronics Corp. (a) | | | 65,209 | |
| | 42,166 | | | Resona Holdings, Inc. | | | 182,666 | |
| | 29,048 | | | Ricoh Co., Ltd. | | | 304,199 | |
| | 2,239 | | | Ryohin Keikaku Co., Ltd. | | | 568,336 | |
| | 3,777 | | | Secom Co., Ltd. | | | 323,911 | |
| | 5,175 | | | Seiko Epson Corp. | | | 79,384 | |
| | 4,018 | | | Seven & I Holdings Co., Ltd. - Series A | | | 151,600 | |
| | 6,787 | | | SG Holdings Co., Ltd. | | | 197,995 | |
| | 5,048 | | | Shimadzu Corp. | | | 146,517 | |
| | 1,094 | | | Shimamura Co., Ltd. | | | 92,718 | |
| | 14,692 | | | Shinsei Bank, Ltd. | | | 209,062 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | |
| | 3,415 | | | Shionogi & Co., Ltd. | | $ | 212,009 | |
| | 12,985 | | | Shiseido Co., Ltd. | | | 940,177 | |
| | 6,998 | | | Showa Denko KK | | | 247,365 | |
| | 23,011 | | | Showa Shell Sekiyu KK (f) | | | 348,686 | |
| | 2,199 | | | SoftBank Group Corp. | | | 214,351 | |
| | 12,882 | | | Sony Corp. | | | 543,894 | |
| | 5,409 | | | Sony Financial Holdings, Inc. | | | 102,078 | |
| | 11,337 | | | Sumitomo Corp. | | | 157,179 | |
| | 14,852 | | | Sumitomo Dainippon Pharma Co., Ltd. | | | 368,613 | |
| | 9,991 | | | Sumitomo Heavy Industries, Ltd. | | | 324,705 | |
| | 14,589 | | | Sumitomo Mitsui Financial Group, Inc. | | | 510,888 | |
| | 2,435 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 87,512 | |
| | 2,577 | | | Sumitomo Realty & Development Co., Ltd. | | | 106,921 | |
| | 9,639 | | | Sundrug Co., Ltd. | | | 266,021 | |
| | 13,766 | | | Suzuken Co., Ltd. | | | 798,493 | |
| | 2,403 | | | Suzuki Motor Corp. | | | 106,520 | |
| | 6,414 | | | Sysmex Corp. | | | 388,538 | |
| | 5,391 | | | T&D Holdings, Inc. | | | 56,771 | |
| | 5,040 | | | Taiheiyo Cement Corp. | | | 168,331 | |
| | 948 | | | Taisho Pharmaceutical Holdings Co., Ltd. | | | 90,565 | |
| | 6,130 | | | Taiyo Nippon Sanso Corp. | | | 93,598 | |
| | 20,156 | | | Teijin, Ltd. | | | 333,300 | |
| | 11,240 | | | Terumo Corp. | | | 344,008 | |
| | 18,933 | | | The Kansai Electric Power Co., Inc. | | | 279,207 | |
| | 14,700 | | | The Yokohama Rubber Co., Ltd. | | | 273,644 | |
| | 7,675 | | | Toho Co., Ltd. | | | 308,741 | |
| | 6,632 | | | Toho Gas Co., Ltd. | | | 298,256 | |
| | 3,947 | | | Tokio Marine Holdings, Inc. | | | 191,219 | |
| | 5,906 | | | Tokyo Century Corp. | | | 257,404 | |
| | 121,476 | | | Tokyo Electric Power Co. Holdings, Inc. (a) | | | 768,470 | |
| | 1,079 | | | Tokyo Electron, Ltd. | | | 156,518 | |
| | 2,636 | | | Tokyu Corp. | | | 46,080 | |
| | 9,855 | | | Tosoh Corp. | | | 153,770 | |
| | 14,529 | | | Toyo Seikan Group Holdings, Ltd. | | | 298,040 | |
| | 9,564 | | | Toyota Motor Corp. | | | 563,423 | |
| | 14,962 | | | Toyota Tsusho Corp. | | | 488,867 | |
| | 2,779 | | | Tsuruha Holdings, Inc. | | | 226,333 | |
| | 4,695 | | | Unicharm Corp. | | | 155,650 | |
| | 12,857 | | | Welcia Holdings Co., Ltd. | | | 436,807 | |
| | 126,949 | | | Yamada Denki Co., Ltd. | | | 626,097 | |
| | 1,160 | | | Yamaha Corp. | | | 58,085 | |
| | 7,371 | | | Yamato Holdings Co., Ltd. | | | 190,694 | |
| | 14,860 | | | Yamazaki Baking Co., Ltd. | | | 241,569 | |
| | 3,817 | | | Yokogawa Electric Corp. | | | 79,263 | |
| | 27,314 | | | ZOZO, Inc. | | | 516,395 | |
| | | | | | |
|
|
|
| | | | | | | | 46,480,983 | |
| | | | | | |
|
|
|
| | | | | Jersey - 0.94% | |
| | 11,136 | | | Ferguson PLC | | | 709,267 | |
| | 199,782 | | | Glencore PLC | | | 827,933 | |
| | 46,712 | | | WPP PLC | | | 493,471 | |
| | | | | | |
|
|
|
| | | | | | | | 2,030,671 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.36% | |
| | 34,639 | | | Aroundtown SA | | | 285,723 | |
| | 6,501 | | | RTL Group SA | | | 355,359 | |
| | 9,625 | | | SES SA | | | 149,699 | |
| | | | | | |
|
|
|
| | | | | | | | 790,781 | |
| | | | | | |
|
|
|
| | | | | Macau - 0.09% | |
| | 8,793 | | | Sands China, Ltd. | | | 44,255 | |
See notes to financial statements.
74
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Macau (Continued) | |
| | 60,551 | | | Wynn Macau, Ltd. | | $ | 143,000 | |
| | | | | | |
|
|
|
| | | | | | | | 187,255 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 4.13% | |
| | 7,600 | | | ABN AMRO Group NV | | | 171,339 | |
| | 49,377 | | | Aegon NV | | | 237,182 | |
| | 2,726 | | | Airbus SE | | | 361,296 | |
| | 977 | | | Akzo Nobel NV | | | 86,791 | |
| | 22,228 | | | ArcelorMittal | | | 451,104 | |
| | 2,534 | | | ASML Holding NV | | | 476,267 | |
| | 28,933 | | | CNH Industrial NV | | | 294,790 | |
| | 48,813 | | | Fiat Chrysler Automobiles NV | | | 729,059 | |
| | 2,850 | | | Heineken Holding NV | | | 285,966 | |
| | 582 | | | Heineken NV | | | 61,514 | |
| | 29,378 | | | ING Groep NV | | | 355,984 | |
| | 54,553 | | | Koninklijke Ahold Delhaize NV | | | 1,452,413 | |
| | 1,570 | | | Koninklijke DSM NV | | | 171,264 | |
| | 10,206 | | | Koninklijke Philips NV | | | 416,994 | |
| | 2,739 | | | Koninklijke Vopak NV | | | 131,191 | |
| | 18,283 | | | NN Group NV | | | 760,694 | |
| | 2,454 | | | NXP Semiconductors NV | | | 216,909 | |
| | 4,095 | | | QIAGEN NV (a) | | | 166,226 | |
| | 5,342 | | | Randstad Holding NV | | | 260,840 | |
| | 10,200 | | | STMicroelectronics NV | | | 151,290 | |
| | 20,430 | | | Unilever NV | | | 1,191,104 | |
| | 7,688 | | | Wolters Kluwer NV | | | 523,780 | |
| | | | | | |
|
|
|
| | | | | | | | 8,953,997 | |
| | | | | | |
|
|
|
| | | | | New Zealand - 0.37% | |
| | 6,669 | | | a2 Milk Co., Ltd. (a) | | | 65,254 | |
| | 35,129 | | | Auckland International Airport, Ltd. | | | 194,881 | |
| | 12,433 | | | Fisher & Paykel Healthcare Corp., Ltd. | | | 133,097 | |
| | 102,099 | | | Meridian Energy, Ltd. | | | 291,264 | |
| | 46,389 | | | Spark New Zealand, Ltd. | | | 120,165 | |
| | | | | | |
|
|
|
| | | | | | | | 804,661 | |
| | | | | | |
|
|
|
| | | | | Norway - 0.90% | |
| | 8,683 | | | Aker BP ASA | | | 309,655 | |
| | 3,386 | | | DNB ASA | | | 62,370 | |
| | 15,152 | | | Equinor ASA | | | 332,133 | |
| | 10,311 | | | Gjensidige Forsikring ASA | | | 178,230 | |
| | 9,188 | | | Mowi ASA | | | 205,269 | |
| | 19,061 | | | Schibsted ASA - Class B | | | 682,885 | |
| | 8,607 | | | Telenor ASA | | | 172,346 | |
| | | | | | |
|
|
|
| | | | | | | | 1,942,888 | |
| | | | | | |
|
|
|
| | | | | Portugal - 0.35% | |
| | 51,648 | | | EDP - Energias de Portugal SA | | | 203,205 | |
| | 37,853 | | | Jeronimo Martins SGPS SA | | | 558,916 | |
| | | | | | |
|
|
|
| | | | | | | | 762,121 | |
| | | | | | |
|
|
|
| | | | | Singapore - 1.23% | |
| | 66,562 | | | ComfortDelGro Corp., Ltd. | | | 126,511 | |
| | 18,480 | | | DBS Group Holdings, Ltd. | | | 344,964 | |
| | 2,867,846 | | | Golden Agri-Resources, Ltd. | | | 592,921 | |
| | 15,257 | | | Jardine Cycle & Carriage, Ltd. | | | 366,475 | |
| | 30,434 | | | Oversea-Chinese Banking Corp., Ltd. | | | 248,816 | |
| | 124,040 | | | Singapore Exchange, Ltd. | | | 670,518 | |
| | 17,039 | | | United Overseas Bank, Ltd. | | | 317,903 | |
| | | | | | |
|
|
|
| | | | | | | | 2,668,108 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Spain - 2.81% | |
| | 9,951 | | | ACS, Actividades de Construccion y Servicios SA | | $ | 437,467 | |
| | 494 | | | Aena SME SA | | | 89,015 | |
| | 9,621 | | | Amadeus IT Holdings SA - Class A | | | 771,116 | |
| | 103,775 | | | Banco Bilbao Vizcaya Argentaria SA | | | 592,956 | |
| | 141,628 | | | Banco Santander SA | | | 657,657 | |
| | 5,437 | | | Bankinter SA | | | 41,439 | |
| | 12,501 | | | CaixaBank SA | | | 39,093 | |
| | 8,268 | | | Enagas SA | | | 240,703 | |
| | 11,718 | | | Endesa SA | | | 299,050 | |
| | 6,565 | | | Ferrovial SA | | | 153,841 | |
| | 46,897 | | | Iberdrola SA | | | 411,747 | |
| | 33,113 | | | Industria de Diseno Textil SA | | | 973,574 | |
| | 45,307 | | | Mapfre SA | | | 124,886 | |
| | 9,963 | | | Naturgy Energy Group SA | | | 278,860 | |
| | 47,507 | | | Repsol SA | | | 812,767 | |
| | 4,336 | | | Siemens Gamesa Renewable Energy SA (a) | | | 69,115 | |
| | 13,279 | | | Telefonica SA | | | 111,237 | |
| | | | | | |
|
|
|
| | | | | | | | 6,104,523 | |
| | | | | | |
|
|
|
| | | | | Sweden - 1.48% | |
| | 8,962 | | | Atlas Copco AB - Class A | | | 241,087 | |
| | 8,562 | | | Atlas Copco AB - Class B | | | 212,358 | |
| | 5,173 | | | Epiroc AB - Class A | | | 52,246 | |
| | 47,109 | | | Hennes & Mauritz AB - Series B | | | 785,932 | |
| | 1,148 | | | ICA Gruppen AB | | | 46,089 | |
| | 6,593 | | | Investor AB - B Shares | | | 297,192 | |
| | 8,488 | | | Lundin Petroleum AB | | | 287,421 | |
| | 6,821 | | | Skanska AB - Class B | | | 124,052 | |
| | 4,939 | | | SKF AB - B Shares | | | 82,172 | |
| | 4,610 | | | Swedbank AB - A Shares | | | 65,153 | |
| | 12,404 | | | Swedish Match AB | | | 632,887 | |
| | 42,496 | | | Telefonaktiebolaget LM Ericsson - Series B | | | 391,468 | |
| | | | | | |
|
|
|
| | | | | | | | 3,218,057 | |
| | | | | | |
|
|
|
| | | | | Switzerland - 7.11% | |
| | 9,065 | | | ABB, Ltd. | | | 170,371 | |
| | 6,263 | | | Adecco Group AG | | | 334,473 | |
| | 1,192 | | | Baloise Holding AG | | | 197,008 | |
| | 107 | | | Barry Callebaut AG | | | 193,406 | |
| | 1 | | | Chocoladefabriken Lindt & Spruengli AG | | | 78,232 | |
| | 1,548 | | | Cie Financiere Richemont SA | | | 112,932 | |
| | 8,417 | | | Credit Suisse Group AG | | | 98,112 | |
| | 990 | | | Dufry AG | | | 104,098 | |
| | 120 | | | Geberit AG | | | 49,079 | |
| | 92 | | | Givaudan SA | | | 235,477 | |
| | 3,832 | | | Kuehne & Nagel International AG | | | 525,773 | |
| | 955 | | | Lonza Group AG | | | 296,486 | |
| | 38,225 | | | Nestle SA | | | 3,644,769 | |
| | 25,796 | | | Novartis AG | | | 2,479,500 | |
| | 799 | | | Partners Group Holding AG | | | 581,243 | |
| | 10,599 | | | Roche Holdings AG | | | 2,920,606 | |
| | 197 | | | Schindler Holding AG | | | 40,785 | |
| | 252 | | | SGS SA | | | 627,656 | |
| | 460 | | | Sika AG | | | 64,332 | |
| | 1,765 | | | Sonova Holding AG | | | 349,770 | |
| | 467 | | | Straumann Holding AG | | | 381,772 | |
| | 939 | | | Swiss Life Holding AG | | | 413,724 | |
| | 1,457 | | | Swiss Re AG | | | 142,415 | |
| | 2,725 | | | Temenos AG | | | 402,034 | |
| | 559 | | | The Swatch Group AG - Group I | | | 160,099 | |
| | 2,454 | | | The Swatch Group AG - Group N | | | 135,881 | |
See notes to financial statements.
75
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Switzerland (Continued) | |
| | 16,125 | | | UBS Group AG | | $ | 195,653 | |
| | 1,514 | | | Zurich Insurance Group AG | | | 501,190 | |
| | | | | | |
|
|
|
| | | | | | | | 15,436,876 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 13.08% | |
| | 19,066 | | | 3i Group PLC | | | 244,492 | |
| | 35,728 | | | Admiral Group PLC | | | 1,010,609 | |
| | 26,454 | | | Anglo American PLC | | | 707,552 | |
| | 2,284 | | | Ashtead Group PLC | | | 55,215 | |
| | 1,478 | | | Associated British Foods PLC | | | 46,998 | |
| | 11,870 | | | AstraZeneca PLC | | | 947,485 | |
| | 136,635 | | | Auto Trader Group PLC | | | 929,313 | |
| | 11,525 | | | Aviva PLC | | | 61,975 | |
| | 24,246 | | | Babcock International Group PLC | | | 156,002 | |
| | 15,334 | | | Barratt Developments PLC | | | 119,779 | |
| | 7,045 | | | Berkeley Group Holdings PLC | | | 338,689 | |
| | 20,214 | | | BHP Group PLC | | | 487,705 | |
| | 163,724 | | | BP PLC | | | 1,188,884 | |
| | 21,851 | | | British American Tobacco PLC | | | 911,581 | |
| | 8,998 | | | Bunzl PLC | | | 296,990 | |
| | 34,143 | | | Burberry Group PLC | | | 870,196 | |
| | 1,855 | | | Carnival PLC | | | 91,689 | |
| | 5,816 | | | Coca-Cola European Partners PLC | | | 300,920 | |
| | 3,900 | | | Coca-Cola HBC AG | | | 132,988 | |
| | 10,705 | | | Compass Group PLC | | | 251,873 | |
| | 24,234 | | | ConvaTec Group PLC | | | 44,716 | |
| | 4,461 | | | Croda International PLC | | | 293,079 | |
| | 21,583 | | | Diageo PLC | | | 883,225 | |
| | 17,519 | | | Experian PLC | | | 474,161 | |
| | 77,279 | | | GlaxoSmithKline PLC | | | 1,605,541 | |
| | 39,806 | | | Hargreaves Lansdown PLC | | | 967,044 | |
| | 110,164 | | | HSBC Holdings PLC | | | 895,181 | |
| | 5,974 | | | Imperial Brands PLC | | | 204,355 | |
| | 8,861 | | | InterContinental Hotels Group PLC | | | 533,280 | |
| | 25,582 | | | Investec PLC | | | 147,419 | |
| | 210,650 | | | J. Sainsbury PLC | | | 646,416 | |
| | 51,792 | | | Kingfisher PLC | | | 158,832 | |
| | 124,791 | | | Legal & General Group PLC | | | 447,830 | |
| | 270,199 | | | Lloyds Banking Group PLC | | | 218,911 | |
| | 4,841 | | | London Stock Exchange Group PLC | | | 299,447 | |
| | 97,998 | | | Marks & Spencer Group PLC | | | 355,664 | |
| | 26,808 | | | Meggitt PLC | | | 175,742 | |
| | 10,390 | | | Merlin Entertainments PLC | | | 46,511 | |
| | 18,897 | | | Micro Focus International PLC | | | 491,314 | |
| | 4,757 | | | Mondi PLC | | | 105,335 | |
| | 28,047 | | | National Grid PLC | | | 311,333 | |
| | 8,336 | | | Next PLC | | | 605,746 | |
| | 23,007 | | | Pearson PLC | | | 251,001 | |
| | 12,663 | | | Prudential PLC | | | 253,837 | |
| | 722 | | | Reckitt Benckiser Group PLC | | | 60,087 | |
| | 28,000 | | | RELX PLC | | | 599,183 | |
| | 7,532 | | | Rio Tinto PLC | | | 437,785 | |
| | 14,535 | | | Rolls-Royce Holdings PLC (a) | | | 171,174 | |
| | 38,598 | | | Royal Dutch Shell PLC - Class A | | | 1,212,984 | |
| | 30,184 | | | Royal Dutch Shell PLC - Class B | | | 953,988 | |
| | 302,341 | | | Royal Mail PLC | | | 939,468 | |
| | 2,599 | | | Schroders PLC | | | 91,518 | |
| | 3,859 | | | Severn Trent PLC | | | 99,385 | |
| | 29,401 | | | Smith & Nephew PLC | | | 583,879 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | United Kingdom (Continued) | |
| | 3,322 | | | St. James’s Place PLC | | $ | 44,519 | |
| | 121,503 | | | Standard Life Aberdeen PLC | | | 417,612 | |
| | 37,775 | | | Taylor Wimpey PLC | | | 86,399 | |
| | 229,766 | | | Tesco PLC | | | 695,390 | |
| | 51,636 | | | The Sage Group PLC | | | 471,948 | |
| | 14,812 | | | Unilever PLC | | | 852,622 | |
| | 10,330 | | | United Utilities Group PLC | | | 109,712 | |
| | 321,862 | | | Vodafone Group PLC | | | 586,516 | |
| | 1,724 | | | Whitbread PLC | | | 114,088 | |
| | 96,561 | | | Wm Morrison Supermarkets PLC | | | 286,456 | |
| | | | | | |
|
|
|
| | | | | | | | 28,381,568 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $189,132,249) | | | 206,500,532 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 2.61% | |
| | | | | Canada - 0.23% | |
| | 17,635 | | | iShares MSCI Canada ETF (b) | | | 487,432 | |
| | | | | | |
|
|
|
| | | | | Japan - 2.38% | |
| | 79,755 | | | iShares MSCI EAFE ETF | | | 5,172,909 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $5,296,252) | | | 5,660,341 | |
| | | | | | |
|
|
|
| | | | | PARTICIPATORY NOTES - 0.10% | |
| | | | | Switzerland - 0.10% | |
| | 21 | | | Chocoladefabriken Lindt & Spruengli AG (d) | | | 142,787 | |
| | 364 | | | Schindler Holding AG (d) | | | 75,529 | |
| | | | | | |
|
|
|
| | | | | Total Participatory Notes
(Cost $229,344) | | | 218,316 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 0.23% | |
| | | | | Germany - 0.23% | |
| | 6,521 | | | FUCHS PETROLUB SE - Preference Shares | | | 269,187 | |
| | 1,303 | | | Sartorius AG | | | 223,931 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $493,444) | | | 493,118 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 1.56% | |
| | | | | Australia - 0.45% | |
| | 34,635 | | | Dexus | | | 313,465 | |
| | 38,514 | | | Goodman Group | | | 365,257 | |
| | 50,786 | | | GPT Group | | | 224,019 | |
| | 42,484 | | | Mirvac Group | | | 82,989 | |
| | | | | | |
|
|
|
| | | | | | | | 985,730 | |
| | | | | | |
|
|
|
| | | | | Canada - 0.16% | |
| | 6,253 | | | RioCan Real Estate Investment Trust | | | 123,858 | |
| | 8,316 | | | SmartCentres Real Estate Investment Trust | | | 217,864 | |
| | | | | | |
|
|
|
| | | | | | | | 341,722 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 0.17% | |
| | 31,200 | | | Link Real Estate Investment Trust | | | 365,279 | |
| | | | | | |
|
|
|
| | | | | Japan - 0.50% | |
| | 59 | | | Japan Prime Realty Investment Corp. | | | 242,873 | |
| | 42 | | | Japan Real Estate Investment Corp. | | | 247,577 | |
| | 30 | | | Japan Retail Fund Investment Corp. | | | 60,287 | |
| | 48 | | | Nippon Building Fund, Inc. | | | 325,021 | |
| | 42 | | | Nomura Real Estate Master Fund, Inc. | | | 61,871 | |
| | 85 | | | United Urban Investment Corp. | | | 134,190 | |
| | | | | | |
|
|
|
| | | | | | | | 1,071,819 | |
| | | | | | |
|
|
|
| | | | | Singapore - 0.19% | |
| | 36,048 | | | Ascendas Real Estate Investment Trust | | | 77,481 | |
See notes to financial statements.
76
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Singapore (Continued) | |
| | 78,043 | | | CapitaLand Commercial Trust | | $ | 111,816 | |
| | 123,017 | | | CapitaLand Mall Trust | | | 216,170 | |
| | | | | | |
|
|
|
| | | | | | | | 405,467 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 0.09% | |
| | 23,496 | | | Segro PLC | | | 206,250 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $3,144,375) | | | 3,376,267 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.66% | |
| | | | | Money Market Funds - 0.66% | |
| | 1,429,776 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (c) | | | 1,429,776 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $1,429,776) | | | 1,429,776 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.71% | |
| | | | | Investments Purchased with Proceeds from
Securities Lending Collateral - 0.71% | |
| | 1,550,556 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (c) | | | 1,550,556 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $1,550,556) | | | 1,550,556 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $201,275,996) - 101.04% | | | 219,228,906 | |
| | | | | Liabilities in Excess of
Other Assets - (1.04)% | | | (2,259,107 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 216,969,799 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Non-income producing security. |
| (b) | | All or portion of this security is on loan. |
| (c) | | Seven-day yield as of March 31, 2019. |
| (d) | | Represents the value of the underlying security. See note 3t. of the Notes to Financial Statements. |
| (e) | | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (f) | | This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security totals $348,686, which represents 0.16% of total net assets. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
| LN | | - | | London Stock Exchange |
| EB | | - | | Cboe European Equities |
See notes to financial statements.
77
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2019
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 1.23% | |
Air Freight & Logistics | | | 1.08% | |
Airlines | | | 0.31% | |
Auto Components | | | 0.84% | |
Automobiles | | | 1.74% | |
Banks | | | 6.64% | |
Beverages | | | 1.47% | |
Biotechnology | | | 0.33% | |
Building Products | | | 0.07% | |
Capital Markets | | | 2.70% | |
Chemicals | | | 2.41% | |
Commercial Services & Supplies | | | 0.93% | |
Communications Equipment | | | 0.28% | |
Construction & Engineering | | | 1.50% | |
Construction Materials | | | 0.21% | |
Consumer Finance | | | 0.10% | |
Containers & Packaging | | | 0.14% | |
Distributors | | | 0.17% | |
Diversified Financial Services | | | 1.06% | |
Diversified Telecommunication Services | | | 1.82% | |
Electric Utilities | | | 2.30% | |
Electrical Equipment | | | 0.35% | |
Electronic Equipment, Instruments & Components | | | 0.60% | |
Entertainment | | | 0.26% | |
Equity Real Estate Investment Trusts (REITs) | | | 0.12% | |
Food & Staples Retailing | | | 4.97% | |
Food Products | | | 4.15% | |
Gas Utilities | | | 0.56% | |
Health Care Equipment & Supplies | | | 2.66% | |
Health Care Providers & Services | | | 1.00% | |
Health Care Technology | | | 0.13% | |
Hotels, Restaurants & Leisure | | | 1.06% | |
Household Durables | | | 1.10% | |
Household Products | | | 0.79% | |
Independent Power and Renewable Electricity Producers | | | 0.23% | |
Industrial Conglomerates | | | 0.45% | |
Insurance | | | 5.75% | |
Interactive Media & Services | | | 0.91% | |
Internet & Direct Marketing Retail | | | 0.53% | |
IT Services | | | 1.63% | |
Leisure Products | | | 0.40% | |
Life Sciences Tools & Services | | | 0.38% | |
Machinery | | | 1.21% | |
Marine | | | 0.54% | |
Media | | | 1.47% | |
Metals & Mining | | | 2.54% | |
Multiline Retail | | | 1.34% | |
Multi-Utilities | | | 0.79% | |
Oil, Gas & Consumable Fuels | | | 5.25% | |
Paper & Forest Products | | | 0.73% | |
| | | | |
| | | | | |
Personal Products | | | 1.90% | |
Pharmaceuticals | | | 7.51% | |
Professional Services | | | 1.86% | |
Real Estate Management & Development | | | 1.29% | |
Road & Rail | | | 0.80% | |
Semiconductors & Semiconductor Equipment | | | 0.56% | |
Software | | | 2.13% | |
Specialty Retail | | | 1.85% | |
Technology Hardware, Storage & Peripherals | | | 0.66% | |
Textiles, Apparel & Luxury Goods | | | 3.56% | |
Tobacco | | | 0.81% | |
Trading Companies & Distributors | | | 1.92% | |
Transportation Infrastructure | | | 0.25% | |
Water Utilities | | | 0.10% | |
Wireless Telecommunication Services | | | 0.74% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 95.17% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 2.61% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 2.61% | |
| | |
|
|
|
PARTICIPATORY NOTES | | | | |
Food Products | | | 0.07% | |
Machinery | | | 0.03% | |
| | |
|
|
|
TOTAL PARTICIPATORY NOTES | | | 0.10% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Chemicals | | | 0.13% | |
Health Care Equipment & Supplies | | | 0.10% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 0.23% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 1.56% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 1.56% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.66% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.66% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 0.71% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 0.71% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 101.04% | |
Liabilities in Excess of Other Assets | | | (1.04)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 14.79% | |
| | 395,000 | | | AIMCO CLO
Series2015-A, 3.637% (3 Month LIBOR USD + 0.850%, 0.850% Floor), 01/15/2028 (b)(c) | | $ | 392,424 | |
| | 510,000 | | | Ally Auto Receivables Trust
Series2017-4, 1.750%, 12/15/2021 | | | 506,933 | |
| | 395,000 | | | Ally Master Owner Trust
Series2018-1, 2.700%, 01/15/2023 | | | 394,927 | |
| | | | | AmeriCredit Automobile Receivables Trust | | | | |
| | 106,605 | | | Series2016-4, 1.530%, 07/08/2021 | | | 106,300 | |
| | 320,000 | | | Series2017-3-A3, 1.900%, 03/18/2022 | | | 318,262 | |
| | 400,000 | | | Atrium XII
Series2015-12R, 3.591% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (b)(c) | | | 397,988 | |
| | 250,000 | | | Babson CLO, Ltd.
Series2015-IIA, 3.951% (3 Month LIBOR USD + 1.190%, 0.000% Floor), 10/20/2030 (b)(c) | | | 248,903 | |
| | | | | Barings CLO, Ltd. | | | | |
| | 575,000 | | | Series2013-IA, 3.561% (3 Month LIBOR USD + 0.800%, 0.800% Floor), 01/20/2028 (b)(c) | | | 569,445 | |
| | 250,000 | | | Series2018-III, 3.711% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 07/20/2029 (b)(c) | | | 247,591 | |
| | | | | BlueMountain CLO, Ltd. | | | | |
| | 390,000 | | | Series2015-2, 3.710% (3 Month LIBOR USD + 0.930%, 0.000% Floor), 07/19/2027 (b)(c) | | | 388,436 | |
| | 397,000 | | | Series2013-2R, 3.941% (3 Month LIBOR USD + 1.180%, 0.930% Floor), 10/22/2030 (b)(c) | | | 394,825 | |
| | 315,000 | | | BMW Vehicle Lease Trust
Series2017-2, 2.070%, 10/20/2020 | | | 314,196 | |
| | 385,000 | | | Bristol Park CLO, Ltd.
Series2016-1, 4.207% (3 Month LIBOR USD + 1.420%, 0.000% Floor), 04/15/2029 (b)(c) | | | 385,875 | |
| | 735,000 | | | Capital One Multi-Asset Execution Trust
Series2016-3A, 1.340%, 04/15/2022 | | | 732,984 | |
| | 250,000 | | | Carlyle Global Market Strategies CLO, Ltd.
Series2013-2, 3.670% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (b)(c) | | | 247,545 | |
| | 645,000 | | | Chase Issuance Trust
Series2016-2, 1.370%, 06/15/2021 | | | 643,318 | |
| | | | | CIFC Funding, Ltd. | | | | |
| | 365,000 | | | Series2013-IR, 4.029% (3 Month LIBOR USD + 1.250%, 0.000% Floor), 07/15/2030 (b)(c) | | | 364,330 | |
| | 390,000 | | | Series2013-IIR, 3.990% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 10/18/2030 (b)(c) | | | 388,760 | |
| | 9,028 | | | CIG AUTO RECEIVABLES TRUST
Series2017-1, 2.710%, 05/15/2023 (c) | | | 9,010 | |
| | 105,000 | | | CNH Equipment Trust
Series2018-A, 3.300%, 04/15/2025 | | | 106,941 | |
| | 94,540 | | | Credit Suisse ABS Trust
Series2018-A, 3.420%, 07/25/2024 (c)(h) | | | 94,646 | |
| | 188,575 | | | Domino’s Pizza Master Issuer LLC
Series2018-1, 4.116%, 07/25/2048 (c)(h) | | | 188,804 | |
| | 530,000 | | | Dryden 50 Senior Loan Fund
Series2017-50, 4.007% (3 Month LIBOR USD + 1.220%, 0.000% Floor), 07/15/2030 (b)(c) | | | 527,565 | |
| | 69,100 | | | Engs Commercial Finance Trust
Series2018-1, 2.970%, 02/22/2021 (c)(h) | | | 69,255 | |
| | 200,661 | | | Flagship Credit Auto Trust
Series2018-2, 2.970%, 10/17/2022 (c) | | | 201,217 | |
| | 300,000 | | | Ford Credit Auto Lease Trust
Series2017-B, 2.030%, 12/15/2020 | | | 299,000 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 408,067 | | | Ford Credit Auto Owner Trust
Series2015-A, 2.030%, 08/15/2020 | | $ | 407,587 | |
| | 295,000 | | | Galaxy XXII CLO, Ltd.
Series FLT, 3.779% (3 Month LIBOR USD + 1.000%, 1.000% Floor), 07/17/2028 (b)(c) | | | 294,572 | |
| | 100,000 | | | GCO Education Loan Funding Trust
Series2006-1, 2.881% (3 Month LIBOR USD + 0.230%, 0.230% Floor), 05/25/2036 (b) | | | 97,441 | |
| | 341,387 | | | GM Financial Automobile Leasing Trust
Series2017-1, 2.060%, 05/20/2020 | | | 340,746 | |
| | 300,000 | | | GTP Acquisition Partners I LLC
Series2015-2, 3.482%, 06/15/2050 (c) | | | 303,450 | |
| | | | | KKR Financial CLO, Ltd. | | | | |
| | 340,000 | | | Series2016-16, 4.251% (3 Month LIBOR USD + 1.490%, 0.000% Floor), 01/22/2029 (b)(c) | | | 339,994 | |
| | 250,000 | | | Series2013-IA, 4.077% (3 Month LIBOR USD + 1.290%, 0.000% Floor), 04/15/2029 (b)(c) | | | 248,832 | |
| | 250,000 | | | LCM XX LP
Series2015-20R, 3.801% (3 Month LIBOR USD + 1.040%, 1.040% Floor), 10/20/2027 (b)(c) | | | 248,455 | |
| | 320,000 | | | LCM XXII, Ltd.
Series21-A, 4.241% (3 Month LIBOR USD + 1.480%, 0.000% Floor), 10/20/2028 (b)(c) | | | 320,696 | |
| | 250,000 | | | LCM XXV, Ltd.
Series2017-25, 3.971% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 07/20/2030 (b)(c) | | | 249,446 | |
| | 261,000 | | | Madison Park Funding XI, Ltd.
Series2013-11A, 3.932% (3 Month LIBOR USD + 1.160%, 0.000% Floor), 07/23/2029 (b)(c) | | | 261,253 | |
| | 63,366 | | | Marlette Funding Trust
Series2018-2, 3.060%, 07/17/2028 (c)(h) | | | 63,341 | |
| | 43,478 | | | Nationstar HECM Loan Trust
Series2018-IA, 2.760%, 02/25/2028 (a)(c) | | | 43,391 | |
| | 270,000 | | | Neuberger Berman CLO XX, Ltd.
Series2015-20R, 3.587% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 01/18/2028 (b)(c) | | | 267,849 | |
| | 401,000 | | | Neuberger Berman CLO, Ltd.
Series2017-16A, 3.637% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 01/18/2028 (b)(c) | | | 399,797 | |
| | 345,000 | | | Neuberger Berman Loan Advisers CLO, Ltd.
Series2018-27A, 4.187% (3 Month LIBOR USD + 1.400%, 0.000% Floor), 01/15/2030 (b)(c) | | | 335,844 | |
| | | | | NRZ Advance Receivables Trust | | | | |
| | 73,500 | | | Series2016-T2, 2.575%, 10/15/2049 (c) | | | 73,362 | |
| | 136,000 | | | Series2015-ON1, 3.107%, 12/15/2050 (c) | | | 136,482 | |
| | 120,000 | | | Series2017-T1, 3.214%, 02/15/2051 (c) | | | 120,474 | |
| | | | | NRZ Excess Spread-Collateralized Notes Series | | | | |
| | 285,623 | | | Series 2018-PLS1, 3.193%, 01/25/2023 (c) | | | 284,487 | |
| | 105,715 | | | Series 2018-PLS2, 3.265%, 02/25/2023 (c) | | | 105,709 | |
| | | | | OCP CLO, Ltd. | | | | |
| | 275,000 | | | Series2015-8R, 3.623% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 04/17/2027 (b)(c) | | | 274,090 | |
| | 335,000 | | | Series2015-9R, 3.587% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (b)(c) | | | 333,095 | |
| | | | | OneMain Financial Issuance Trust | | | | |
| | 331,000 | | | Series2018-1A, 3.300%, 03/14/2029 (c) | | | 332,921 | |
| | 120,000 | | | Series2017-1A, 2.370%, 09/14/2032 (c) | | | 119,097 | |
| | 250,000 | | | OZLM VII, Ltd.
Series2014-7R, 3.783% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (b)(c) | | | 247,373 | |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 300,000 | | | OZLM XII, Ltd.
Series2015-12R, 3.801% (3 Month LIBOR USD + 1.050%, 0.000% Floor), 04/30/2027 (b)(c) | | $ | 298,260 | |
| | 250,000 | | | Palmer Square Loan Funding, Ltd.
Series2018-4A2, 4.134% (3 Month LIBOR USD + 1.450%, 0.000% Floor), 11/16/2026 (b)(c) | | | 247,613 | |
| | 60,637 | | | Prosper Marketplace Issuance Trust
Series2018-IA, 3.110%, 06/17/2024 (c) | | | 60,664 | |
| | 180,000 | | | Regional Management Issuance Trust
Series2018-1, 3.830%, 07/15/2027 (c)(h) | | | 180,119 | |
| | 400,000 | | | RR 3, Ltd.
Series2014-R2, 3.877% (3 Month LIBOR USD + 1.090%, 1.090% Floor), 01/15/2030 (b)(c) | | | 396,946 | |
| | 250,000 | | | Shackleton2014-VI-R CLO, Ltd.
Series A, 3.793% (3 Month LIBOR USD + 1.020%, 1.020% Floor), 07/17/2028 (b)(c) | | | 248,740 | |
| | 71,552 | | | Skopos Auto Receivables Trust
Series2018-1A, 3.190%, 09/15/2021 (c)(h) | | | 71,559 | |
| | | | | SoFi Consumer Loan Program Trust | | | | |
| | 166,102 | | | Series2016-2, 3.090%, 10/27/2025 (c)(h) | | | 166,302 | |
| | 74,561 | | | Series2018-1, 2.550%, 02/25/2027 (c) | | | 74,323 | |
| | 76,662 | | | Series2018-2, 2.930%, 04/26/2027 (c) | | | 76,599 | |
| | 315,000 | | | Sound Point CLO II, Ltd.
Series2013-1A, 3.835% (3 Month LIBOR USD + 1.070%, 1.070% Floor), 01/27/2031 (b)(c) | | | 311,183 | |
| | 401,000 | | | Sound Point CLO XVIII, Ltd.
Series2017-4A, 3.881% (3 Month LIBOR USD + 1.120%, 0.000% Floor), 01/21/2031 (b)(c) | | | 397,509 | |
| | 335,000 | | | Sound Point CLO, Ltd.
SeriesA-1, 3.737% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (b)(c) | | | 330,951 | |
| | 125,000 | | | Springleaf Funding Trust
Series2017-A, 2.680%, 07/15/2030 (c) | | | 124,060 | |
| | 395,000 | | | TICP CLO, Ltd.
SeriesIII-2, 3.601% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (b)(c) | | | 392,002 | |
| | | | | Voya CLO, Ltd. | | | | |
| | 298,596 | | | Series2014-3, 3.491% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/25/2026 (b)(c) | | | 297,461 | |
| | 480,000 | | | Series2015-1, 3.680% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (b)(c) | | | 475,587 | |
| | 79,000 | | | Wendy’s Funding LLC
Series2018-1, 3.884%, 03/15/2048 (c)(h) | | | 77,983 | |
| | 230,000 | | | World Omni Auto Receivables Trust
Series2017-B, 1.950%, 02/15/2023 | | | 227,698 | |
| | 400,000 | | | Z Capital Credit Partners CLO, Ltd.
Series2015-1, 3.729% (3 Month LIBOR USD + 0.950%, 0.950% Floor), 07/16/2027 (b)(c) | | | 396,753 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $19,743,325) | | | 19,641,576 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 10.46% | |
| | 193,797 | | | Ajax Mortgage Loan Trust
Series2017-B, 3.163%, 09/25/2056 (a)(c) | | | 193,232 | |
| | | | | Angel Oak Mortgage Trust I LLC | | | | |
| | 204,923 | | | Series2018-3, 3.649%, 09/25/2048 (a)(c) | | | 205,677 | |
| | 100,000 | | | Series2019-2, 3.628%, 03/25/2049 (a)(c) | | | 100,614 | |
| | 235,684 | | | Arroyo Mortgage Trust
Series2018-1, 3.763%, 04/25/2048 (a)(c) | | | 235,903 | |
| | 93,957 | | | Bayview Koitere Fund Trust
Series2017-RT4, 3.500%, 07/28/2057 (a)(c) | | | 94,620 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 259,772 | | | Bayview Mortgage Fund IVc Trust
Series 2017-RT3A, 3.500%, 01/28/2058 (a)(c) | | $ | 261,173 | |
| | | | | Bayview Opportunity Master Fund IVa Trust
| | | | |
| | 240,826 | | | Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(c) | | | 242,154 | |
| | 81,855 | | | Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(c) | | | 83,093 | |
| | | | | Bayview Opportunity Master Fund IVb Trust | | | | |
| | 68,134 | | | Series 2017-SPL3, 4.000%, 11/28/2053 (a)(c) | | | 69,446 | |
| | 92,420 | | | Series2017-RT6, 3.500%, 10/28/2057 (a)(c) | | | 92,951 | |
| | 132,000 | | | BBCMS Mortgage Trust
Series 2017-DELC, 3.334% (1 Month LIBOR USD + 0.850%) 08/15/2036 (b)(c) | | | 131,543 | |
| | 265,775 | | | BX Commercial Mortgage Trust
Series2018-IND, 3.234% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 11/15/2035 (b)(c) | | | 265,400 | |
| | 100,000 | | | CAMB Commercial Mortgage Trust
Series 2019-LIFE, 3.934% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (b)(c) | | | 100,385 | |
| | 92,000 | | | CD2017-CD4 Mortgage Trust
Series2017-CD4, 3.514%, 05/12/2050 (a) | | | 94,496 | |
| | 30,567 | | | Chase Mortgage Finance Trust
Series2007-A1, 4.134%, 02/25/2037 (a) | | | 30,566 | |
| | 89,416 | | | CIM Trust
Series2017-7, 3.000%, 04/25/2057 (a)(c) | | | 89,123 | |
| | | | | Citigroup Commercial Mortgage Trust | | | | |
| | 296,312 | | | Series2016-P3, 3.329%, 04/16/2049 | | | 300,844 | |
| | 505,000 | | | Series2016-P4, 2.902%, 07/12/2049 | | | 498,897 | |
| | 383,000 | | | Series2016-P6, 3.720%, 12/10/2049 (a) | | | 398,801 | |
| | | | | Citigroup Mortgage Loan Trust, Inc.
| | | | |
| | 291,648 | | | Series2018-R2, 3.500%, 02/25/2058 (a)(c) | | | 292,832 | |
| | 132,067 | | | Series2018-R, 3.000%, 09/25/2064 (a)(c) | | | 132,944 | |
| | | | | COLT Mortgage Loan Trust | | | | |
| | 102,068 | | | Series2019-1, 3.705%, 03/25/2049 (a)(c) | | | 102,679 | |
| | 180,000 | | | Series2019-2, 3.337%, 05/25/2049 (a)(c) | | | 180,000 | |
| | 120,000 | | | COMM Mortgage Trust
Series 2013-300P, 4.353%, 08/12/2030 (c) | | | 126,746 | |
| | | | | Countrywide Home Loans, Inc. | | | | |
| | 9,071 | | | Series 2004-HYB6, 4.267%, 11/20/2034 (a) | | | 9,173 | |
| | 87,527 | | | Series2005-11, 3.086% (1 Month LIBOR USD + 0.600%, 10.500% Cap, 0.300% Floor), 03/25/2035 (b) | | | 81,400 | |
| | 42,371 | | | CSMC Trust
Series 2017-FHA1, 3.250%, 04/25/2047 (a)(c) | | | 41,543 | |
| | 394,000 | | | DBJPM Mortgage Trust
Series2016-C3, 2.890%, 08/12/2049 | | | 388,858 | |
| | 378,467 | | | Four Times Square Trust
Series2006-4TS, 5.401%, 12/13/2028 (c) | | | 392,296 | |
| | | | | GS Mortgage Securities Trust | | | | |
| | 145,000 | | | Series 2012-ALOH, 3.551%, 04/12/2034 (c) | | | 147,793 | |
| | 145,000 | | | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | | | 145,311 | |
| | 35,000 | | | Series 2015-GC34, 3.506%, 10/13/2048 | | | 35,940 | |
| | 370,000 | | | Series2016-GS4, 3.442%, 11/15/2049 (a) | | | 378,779 | |
| | 564,560 | | | JPMBB Commercial Mortgage Securities Trust
Series2013-C12, 3.157%, 07/17/2045 | | | 567,853 | |
| | | | | Mill City Mortgage Loan Trust | | | | |
| | 278,962 | | | Series2018-2, 3.500%, 05/25/2058 (a)(c) | | | 280,135 | |
| | 289,985 | | | Series2017-3, 2.750%, 01/25/2061 (a)(c) | | | 286,653 | |
| | 205,600 | | | Series2018-1, 3.250%, 05/25/2062 (a)(c) | | | 204,847 | |
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 189,912 | | | Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 3.506% (1 Month LIBOR USD + 1.020%, 0.680% Floor), 10/25/2033 (b) | | $ | 188,548 | |
| | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | |
| | 175,000 | | | Series2016-C29, 3.325%, 05/17/2049 | | | 177,745 | |
| | 403,000 | | | Series2016-C30, 2.860%, 09/17/2049 | | | 395,891 | |
| | | | | Morgan Stanley Capital I Trust | | | | |
| | 185,000 | | | Series2014-MP, 3.469%, 08/11/2033 (c) | | | 187,789 | |
| | 295,000 | | | Series 2016-UB11, 2.782%, 08/17/2049 | | | 288,480 | |
| | | | | MTRO Commercial Mortgage Trust | | | | |
| | 100,000 | | | Series 2019-TECH B, 3.584% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 12/15/2033 (b)(c) | | | 100,373 | |
| | 100,000 | | | Series 2019-TECH C, 3.784% (1 Month LIBOR USD + 1.300%, 1.300% Floor), 12/15/2033 (b)(c) | | | 100,377 | |
| | | | | New Residential Mortgage LLC | | | | |
| | 239,427 | | | Series 2018-FNT1, 3.610%, 05/25/2023 (c) | | | 242,761 | |
| | 267,645 | | | Series 2018-FNT2, 3.790%, 07/25/2024 (c) | | | 270,589 | |
| | | | | New Residential Mortgage Loan Trust | | | | |
| | 99,122 | | | Series2016-2, 3.750%, 11/25/2035 (a)(c) | | | 100,475 | |
| | 79,490 | | | Series2016-4, 3.750%, 11/25/2056 (a)(c) | | | 80,509 | |
| | 132,160 | | | Series2017-1, 4.000%, 02/25/2057 (a)(c) | | | 134,960 | |
| | 118,783 | | | Series2017-2, 4.000%, 03/25/2057 (a)(c) | | | 121,861 | |
| | 67,606 | | | Series2017-3, 4.000%, 04/25/2057 (a)(c) | | | 69,333 | |
| | 73,879 | | | Series2017-4, 4.000%, 05/25/2057 (a)(c) | | | 75,769 | |
| | 81,067 | | | Series2017-5, 3.986% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (b)(c) | | | 82,545 | |
| | 95,271 | | | Series2017-6, 4.000%, 08/25/2057 (a)(c) | | | 97,067 | |
| | 206,125 | | | Series2018-1, 4.000%, 12/25/2057 (a)(c) | | | 212,511 | |
| | 210,282 | | | Series2018-2, 4.500%, 02/25/2058 (a)(c) | | | 217,350 | |
| | 287,933 | | | Series2018-4, 3.236% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/25/2048 (b)(c) | | | 286,836 | |
| | 130,000 | | | OBP Depositor LLC Trust
Series2010-OBP, 4.646%, 07/17/2045 (c) | | | 131,614 | |
| | | | | SBA Tower Trust | | | | |
| | 155,000 | | | Series2014-1-2, 2.898%, 10/15/2044 (c) | | | 154,842 | |
| | 90,000 | | | Series2017-1, 3.168%, 04/15/2047 (c) | | | 89,947 | |
| | 125,000 | | | Series2018-1, 3.448%, 03/15/2048 (c) | | | 125,883 | |
| | 75,000 | | | SG Commercial Mortgage Securities Trust
Series2016-C5, 3.055%, 10/13/2048 | | | 73,904 | |
| | | | | Towd Point Mortgage Trust | | | | |
| | 169,488 | | | Series2015-6, 2.750%, 04/25/2055 (a)(c) | | | 168,115 | |
| | 65,870 | | | Series2016-2, 2.750%, 08/25/2055 (a)(c) | | | 65,169 | |
| | 70,906 | | | Series2016-3, 2.250%, 08/25/2055 (a)(c) | | | 69,991 | |
| | 149,176 | | | Series2017-1, 2.750%, 10/25/2056 (a)(c) | | | 147,904 | |
| | 74,357 | | | Series2017-5, 3.086% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (b)(c) | | | 73,929 | |
| | 301,509 | | | Series2017-2, 2.750%, 04/25/2057 (a)(c) | | | 298,776 | |
| | 71,160 | | | Series2017-3, 2.750%, 06/25/2057 (a)(c) | | | 70,263 | |
| | 83,751 | | | Series2017-4, 2.750%, 06/25/2057 (a)(c) | | | 82,658 | |
| | 331,868 | | | Series2017-6, 2.750%, 10/25/2057 (a)(c) | | | 326,014 | |
| | 105,818 | | | Series2018-1, 3.000%, 01/28/2058 (a)(c) | | | 104,194 | |
| | 293,121 | | | Series2018-2, 3.250%, 03/25/2058 (a)(c) | | | 292,182 | |
| | 210,112 | | | Series2018-3, 3.750%, 05/25/2058 (a)(c) | | | 210,921 | |
| | 200,820 | | | Verus Securitization Trust | | | | |
| | | | | Series2018-2, 3.677%, 07/25/2058 (a)(c) | | | 201,729 | |
| | 475,695 | | | WellsFargo-RBS Commercial Mortgage Trust | | | | |
| | | | | Series2014-C19, 3.660%, 03/15/2047 | | | 481,826 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $13,922,319) | | | 13,886,330 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS - 30.91% | |
| | | | | Aerospace & Defense - 0.69% | |
| | 185,000 | | | Lockheed Martin Corp. | | | | |
| | | | | 4.090%, 09/15/2052 | | $ | 188,246 | |
| | | | | United Technologies Corp. | | | | |
| | 385,000 | | | 3.650%, 08/16/2023 | | | 395,407 | |
| | 100,000 | | | 3.950%, 08/16/2025 | | | 103,952 | |
| | 205,000 | | | 3.125%, 05/04/2027 | | | 200,502 | |
| | 25,000 | | | 4.625%, 11/16/2048 | | | 26,561 | |
| | | | | | |
|
|
|
| | | | | | | | 914,668 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.14% | |
| | | | | Delta Air Lines, Inc. | | | | |
| | 90,000 | | | 3.625%, 03/15/2022 | | | 90,570 | |
| | 100,000 | | | 3.800%, 04/19/2023 | | | 101,143 | |
| | | | | | |
|
|
|
| | | | | | | | 191,713 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.55% | |
| | | | | Ford Motor Co. | | | | |
| | 40,000 | | | 4.346%, 12/08/2026 (d) | | | 37,165 | |
| | 40,000 | | | 4.750%, 01/15/2043 | | | 31,419 | |
| | 70,000 | | | 5.291%, 12/08/2046 | | | 58,759 | |
| | | | | General Motors Co. | | | | |
| | 15,000 | | | 6.250%, 10/02/2043 | | | 14,948 | |
| | 175,000 | | | 6.750%, 04/01/2046 | | | 182,786 | |
| | 130,000 | | | 5.400%, 04/01/2048 | | | 119,030 | |
| | 45,000 | | | 5.950%, 04/01/2049 | | | 43,695 | |
| | 35,000 | | | General Motors Financial Co., Inc. | | | | |
| | | | | 3.500%, 11/07/2024 | | | 33,836 | |
| | 205,000 | | | Volkswagen Group of America Finance LLC | | | | |
| | | | | 3.875%, 11/13/2020 (c) | | | 207,708 | |
| | | | | | |
|
|
|
| | | | | | | | 729,346 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.48% | |
| | | | | Bank of America Corp. | | | | |
| | 35,000 | | | 2.503%, 10/21/2022 | | | 34,577 | |
| | 195,000 | | | 3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (b) | | | 195,649 | |
| | 190,000 | | | 4.100%, 07/24/2023 | | | 198,767 | |
| | 250,000 | | | 3.864% (3 Month LIBOR USD + 0.940%), 07/23/2024 (b) | | | 257,224 | |
| | 45,000 | | | 4.000%, 01/22/2025 | | | 45,919 | |
| | 330,000 | | | 3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (b) | | | 330,500 | |
| | 160,000 | | | 3.419% (3 Month LIBOR USD + 1.040%), 12/20/2028 (b) | | | 156,596 | |
| | 140,000 | | | 3.974% (3 Month LIBOR USD + 1.210%), 02/07/2030 (b) | | | 142,815 | |
| | 100,000 | | | 6.110%, 01/29/2037 | | | 118,808 | |
| | 165,000 | | | 5.000%, 01/21/2044 | | | 185,681 | |
| | 200,000 | | | Barclays Bank PLC | | | | |
| | | | | 2.650%, 01/11/2021 | | | 198,501 | |
| | 270,000 | | | BNP Paribas SA | | | | |
| | | | | 3.375%, 01/09/2025 (c) | | | 264,700 | |
| | 250,000 | | | BPCE SA | | | | |
| | | | | 2.750%, 01/11/2023 (c) | | | 247,499 | |
| | | | | Citigroup, Inc. | | | | |
| | 55,000 | | | 3.783% (3 Month LIBOR USD + 1.100%), 05/17/2024 (b) | | | 55,263 | |
| | 280,000 | | | 3.700%, 01/12/2026 | | | 284,693 | |
| | 155,000 | | | 4.300%, 11/20/2026 | | | 157,678 | |
| | 245,000 | | | 3.887% (3 Month LIBOR USD + 1.563%), 01/10/2028 (b) | | | 249,001 | |
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Banks (Continued) | |
| | 35,000 | | | 3.520% (3 Month LIBOR USD + 1.151%), 10/27/2028 (b) | | $ | 34,419 | |
| | 330,000 | | | 3.980% (3 Month LIBOR USD + 1.338%), 03/20/2030 (b) | | | 336,170 | |
| | 200,000 | | | Danske Bank AS | | | | |
| | | | | 5.375%, 01/12/2024 (c) | | | 208,130 | |
| | 570,000 | | | HSBC Holdings PLC | | | | |
| | | | | 3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (b) | | | 571,641 | |
| | | | | JPMorgan Chase & Co. | | | | |
| | 80,000 | | | 4.009% (3 Month LIBOR USD + 1.230%), 10/24/2023 (b) | | | 81,244 | |
| | 150,000 | | | 3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (b) | | | 154,092 | |
| | 225,000 | | | 3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (b) | | | 225,107 | |
| | 170,000 | | | 3.300%, 04/01/2026 | | | 170,369 | |
| | 90,000 | | | 2.950%, 10/01/2026 | | | 87,999 | |
| | 195,000 | | | 3.960% (3 Month LIBOR USD + 1.245%), 01/29/2027 (b) | | | 201,536 | |
| | 300,000 | | | 3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (b) | | | 305,869 | |
| | 80,000 | | | 3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (b) | | | 79,524 | |
| | 235,000 | | | Santander Holdings USA, Inc. | | | | |
| | | | | 3.700%, 03/28/2022 | | | 237,898 | |
| | 200,000 | | | UBS AG | | | | |
| | | | | 2.450%, 12/01/2020 (c) | | | 198,938 | |
| | | | | Wells Fargo & Co. | | | | |
| | 150,000 | | | 2.625%, 07/22/2022 | | | 148,964 | |
| | 120,000 | | | 3.000%, 04/22/2026 | | | 117,365 | |
| | 135,000 | | | 3.000%, 10/23/2026 | | | 131,763 | |
| | 285,000 | | | 3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (b) | | | 286,339 | |
| | 1,000 | | | 5.606%, 01/15/2044 | | | 1,156 | |
| | 45,000 | | | 4.750%, 12/07/2046 | | | 47,291 | |
| | | | | Wells Fargo Bank NA | | | | |
| | 250,000 | | | 2.600%, 01/15/2021 | | | 249,374 | |
| | 265,000 | | | 3.625%, 10/22/2021 | | | 270,087 | |
| | | | | | |
|
|
|
| | | | | | | | 7,269,146 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.65% | |
| | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | |
| | 70,000 | | | 3.500%, 01/12/2024 | | | 71,263 | |
| | 235,000 | | | 4.150%, 01/23/2025 | | | 245,022 | |
| | 530,000 | | | 3.650%, 02/01/2026 (c) | | | 532,059 | |
| | 210,000 | | | 4.750%, 01/23/2029 | | | 223,932 | |
| | 7,000 | | | 8.200%, 01/15/2039 | | | 9,728 | |
| | 385,000 | | | 5.450%, 01/23/2039 | | | 417,454 | |
| | 5,000 | | | 3.750%, 07/15/2042 | | | 4,336 | |
| | 20,000 | | | 4.900%, 02/01/2046 (c) | | | 20,119 | |
| | 75,000 | | | 4.600%, 04/15/2048 (d) | | | 72,170 | |
| | 187,000 | | | 4.750%, 04/15/2058 | | | 178,508 | |
| | | | | Constellation Brands, Inc. | | | | |
| | 115,000 | | | 2.700%, 05/09/2022 | | | 114,181 | |
| | 40,000 | | | 2.650%, 11/07/2022 | | | 39,514 | |
| | 115,000 | | | 4.400%, 11/15/2025 | | | 120,842 | |
| | 150,000 | | | 3.600%, 02/15/2028 | | | 146,754 | |
| | | | | | |
|
|
|
| | | | | | | | 2,195,882 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Biotechnology - 0.19% | |
| | | | | Amgen, Inc. | | | | |
| | 45,000 | | | 2.650%, 05/11/2022 | | $ | 44,863 | |
| | 125,000 | | | 4.400%, 05/01/2045 | | | 122,731 | |
| | 80,000 | | | Gilead Sciences, Inc. | | | | |
| | | | | 2.500%, 09/01/2023 | | | 79,184 | |
| | | | | | |
|
|
|
| | | | | | | | 246,778 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.21% | |
| | | | | Morgan Stanley | | | | |
| | 75,000 | | | 2.625%, 11/17/2021 | | | 74,690 | |
| | 195,000 | | | 3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (b)(d) | | | 198,978 | |
| | 230,000 | | | 3.700%, 10/23/2024 | | | 234,173 | |
| | 65,000 | | | 3.125%, 07/27/2026 | | | 63,337 | |
| | 40,000 | | | 4.350%, 09/08/2026 | | | 41,075 | |
| | 50,000 | | | 3.950%, 04/23/2027 | | | 50,033 | |
| | 495,000 | | | 3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (b) | | | 491,678 | |
| | 15,000 | | | 3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (b) | | | 14,761 | |
| | 80,000 | | | State Street Corp.
3.776% (3 Month LIBOR USD + 0.770%), 12/03/2024 (b) | | | 83,121 | |
| | 155,000 | | | The Bank of New York Mellon Corp.
2.661% (3 Month LIBOR USD + 0.634%), 05/16/2023 (b) | | | 154,259 | |
| | | | | The Goldman Sachs Group, Inc. | | | | |
| | 275,000 | | | 2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (b) | | | 272,668 | |
| | 55,000 | | | 2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (b) | | | 54,411 | |
| | 140,000 | | | 3.500%, 01/23/2025 | | | 139,760 | |
| | 150,000 | | | 3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (b) | | | 148,195 | |
| | 255,000 | | | 3.691% (3 Month LIBOR USD + 1.510%), 06/05/2028 (b) | | | 252,786 | |
| | 315,000 | | | 4.223% (3 Month LIBOR USD + 1.301%), 05/01/2029 (b) | | | 322,208 | |
| | 140,000 | | | 6.750%, 10/01/2037 | | | 170,873 | |
| | 90,000 | | | 4.017% (3 Month LIBOR USD + 1.373%), 10/31/2038 (b) | | | 86,092 | |
| | 40,000 | | | 6.250%, 02/01/2041 | | | 49,407 | |
| | 5,000 | | | 4.750%, 10/21/2045 | | | 5,325 | |
| | 25,000 | | | Willis North America, Inc.
3.600%, 05/15/2024 | | | 25,173 | |
| | | | | | |
|
|
|
| | | | | | | | 2,933,003 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.93% | |
| | | | | DowDuPont, Inc. | | | | |
| | 295,000 | | | 4.205%, 11/15/2023 | | | 308,663 | |
| | 290,000 | | | 4.725%, 11/15/2028 (d) | | | 313,588 | |
| | 20,000 | | | Methanex Corp.
5.650%, 12/01/2044 | | | 19,036 | |
| | 35,000 | | | Nutrien, Ltd.
4.200%, 04/01/2029 | | | 36,112 | |
| | 200,000 | | | SABIC Capital II BV
4.000%, 10/10/2023 (c) | | | 204,471 | |
| | 200,000 | | | Syngenta Finance NV
5.182%, 04/24/2028 (c) | | | 203,451 | |
| | 150,000 | | | The Sherwin-Williams Co.
3.450%, 06/01/2027 | | | 147,506 | |
| | | | | | |
|
|
|
| | | | | | | | 1,232,827 | |
| | | | | | |
|
|
|
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Commercial Services & Supplies - 0.05% | |
| | 55,000 | | | ERAC USA Finance LLC
7.000%, 10/15/2037 (c) | | $ | 70,640 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.07% | |
| | 95,000 | | | Fluor Corp.
4.250%, 09/15/2028 | | | 95,092 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.25% | |
| | 155,000 | | | American Express Co.
4.200%, 11/06/2025 | | | 164,055 | |
| | | | | John Deere Capital Corp. | | | | |
| | 135,000 | | | 3.200%, 01/10/2022 | | | 137,313 | |
| | 25,000 | | | 3.450%, 06/07/2023 | | | 25,692 | |
| | | | | | |
|
|
|
| | | | | | | | 327,060 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.54% | |
| | | | | BAT Capital Corp. | | | | |
| | 160,000 | | | 2.297%, 08/14/2020 | | | 158,391 | |
| | 180,000 | | | 3.222%, 08/15/2024 | | | 176,105 | |
| | 185,000 | | | 4.390%, 08/15/2037 | | | 165,818 | |
| | 160,000 | | | GlaxoSmithKline Capital, Inc.
3.625%, 05/15/2025 | | | 165,790 | |
| | 45,000 | | | Shell International Finance BV
4.375%, 05/11/2045 | | | 49,225 | |
| | | | | | |
|
|
|
| | | | | | | | 715,329 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.97% | |
| | | | | AT&T, Inc. | | | | |
| | 20,000 | | | 4.100%, 02/15/2028 | | | 20,240 | |
| | 190,000 | | | 4.350%, 03/01/2029 | | | 194,274 | |
| | 175,000 | | | 4.500%, 05/15/2035 | | | 172,677 | |
| | 125,000 | | | 6.350%, 03/15/2040 | | | 145,186 | |
| | 155,000 | | | 4.750%, 05/15/2046 | | | 151,714 | |
| | | | | Verizon Communications, Inc. | | | | |
| | 160,000 | | | 4.125%, 03/16/2027 (d) | | | 167,708 | |
| | 140,000 | | | 4.500%, 08/10/2033 | | | 148,184 | |
| | 60,000 | | | 5.250%, 03/16/2037 | | | 67,585 | |
| | 20,000 | | | 4.812%, 03/15/2039 | | | 21,460 | |
| | 155,000 | | | 4.862%, 08/21/2046 | | | 165,386 | |
| | 25,000 | | | 5.012%, 08/21/2054 | | | 26,778 | |
| | 5,000 | | | 4.672%, 03/15/2055 | | | 5,102 | |
| | | | | | |
|
|
|
| | | | | | | | 1,286,294 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.93% | |
| | 65,000 | | | Alabama Power Co.
2.450%, 03/30/2022 | | | 64,667 | |
| | | | | Duke Energy Carolinas LLC | | | | |
| | 45,000 | | | 2.500%, 03/15/2023 | | | 44,721 | |
| | 118,000 | | | 5.300%, 02/15/2040 | | | 142,600 | |
| | 60,000 | | | Duke Energy Florida LLC
3.400%, 10/01/2046 | | | 55,929 | |
| | 60,000 | | | Duke Energy Indiana, Inc.
4.900%, 07/15/2043 | | | 68,255 | |
| | 100,000 | | | Duke Energy Ohio, Inc.
3.650%, 02/01/2029 | | | 103,905 | |
| | 235,000 | | | Duke Energy Progress LLC
4.150%, 12/01/2044 | | | 245,081 | |
| | 185,000 | | | Exelon Corp.
2.450%, 04/15/2021 | | | 182,924 | |
| | 20,000 | | | Fortis, Inc.
2.100%, 10/04/2021 | | | 19,572 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Electric Utilities (Continued) | |
| | | | | Georgia Power Co. | | | | |
| | 187,000 | | | 2.000%, 09/08/2020 | | $ | 185,340 | |
| | 85,000 | | | 2.400%, 04/01/2021 | | | 84,312 | |
| | 135,000 | | | 4.750%, 09/01/2040 | | | 140,045 | |
| | 160,000 | | | NextEra Energy Capital Holdings, Inc.
3.150%, 04/01/2024 | | | 160,759 | |
| | 210,000 | | | Oglethorpe Power Corp.
5.050%, 10/01/2048 (c) | | | 231,780 | |
| | 20,000 | | | Oncor Electric Delivery Co. LLC
5.750%, 03/15/2029 | | | 23,910 | |
| | | | | Pacific Gas & Electric Co. | | | | |
| | 165,000 | | | 2.950%, 03/01/2026 (j) | | | 145,200 | |
| | 100,000 | | | 3.300%, 12/01/2027 (j) | | | 87,750 | |
| | 145,000 | | | 6.050%, 03/01/2034 (j) | | | 144,637 | |
| | 110,000 | | | Sierra Pacific Power Co.
2.600%, 05/01/2026 | | | 105,745 | |
| | | | | South Carolina Electric & Gas Co. | | | | |
| | 80,000 | | | 4.250%, 08/15/2028 | | | 86,442 | |
| | 31,000 | | | 5.100%, 06/01/2065 | | | 35,638 | |
| | | | | The Southern Co. | | | | |
| | 20,000 | | | 2.950%, 07/01/2023 (d) | | | 19,924 | |
| | 160,000 | | | 3.250%, 07/01/2026 | | | 156,869 | |
| | 25,000 | | | 4.400%, 07/01/2046 | | | 25,174 | |
| | | | | | |
|
|
|
| | | | | | | | 2,561,179 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.27% | |
| | | | | Viacom, Inc. | | | | |
| | 225,000 | | | 4.250%, 09/01/2023 | | | 234,032 | |
| | 140,000 | | | 4.375%, 03/15/2043 | | | 126,123 | |
| | | | | | |
|
|
|
| | | | | | | | 360,155 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.20% | |
| | 260,000 | | | Walmart, Inc.
3.400%, 06/26/2023 | | | 267,854 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.89% | |
| | | | | Conagra Brands, Inc. | | | | |
| | 60,000 | | | 3.800%, 10/22/2021 | | | 61,152 | |
| | 100,000 | | | 4.300%, 05/01/2024 | | | 103,825 | |
| | 20,000 | | | 4.600%, 11/01/2025 | | | 21,010 | |
| | 80,000 | | | 5.300%, 11/01/2038 | | | 81,130 | |
| | 90,000 | | | 5.400%, 11/01/2048 | | | 90,636 | |
| | | | | Kraft Heinz Foods Co. | | | | |
| | 175,000 | | | 4.625%, 01/30/2029 (d) | | | 180,179 | |
| | 185,000 | | | 5.000%, 07/15/2035 | | | 182,601 | |
| | 325,000 | | | Nestle Holdings, Inc.
3.350%, 09/24/2023 (c) | | | 334,925 | |
| | 130,000 | | | Tyson Foods, Inc.
5.100%, 09/23/2048 | | | 132,521 | |
| | | | | | |
|
|
|
| | | | | | | | 1,187,979 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.01% | |
| | 10,000 | | | Southern Co. Gas Capital Corp.
2.450%, 10/01/2023 | | | 9,723 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 0.59% | |
| | | | | Becton Dickinson and Co. | | | | |
| | 205,000 | | | 3.125%, 11/08/2021 | | | 205,926 | |
| | 195,000 | | | 3.700%, 06/06/2027 | | | 194,433 | |
| | 180,000 | | | Boston Scientific Corp.
4.000%, 03/01/2028 | | | 185,213 | |
See notes to financial statements.
83
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | | | | Shire Acquisitions Investments Ireland Designated Activity Co. | | | | |
| | 70,000 | | | 2.400%, 09/23/2021 | | $ | 69,168 | |
| | 125,000 | | | 2.875%, 09/23/2023 | | | 123,436 | |
| | | | | | |
|
|
|
| | | | | | | | 778,176 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.11% | |
| | 110,000 | | | Aetna, Inc.
2.800%, 06/15/2023 | | | 108,085 | |
| | 210,000 | | | Anthem, Inc.
3.650%, 12/01/2027 | | | 209,988 | |
| | | | | Cardinal Health, Inc. | | | | |
| | 10,000 | | | 2.616%, 06/15/2022 | | | 9,871 | |
| | 215,000 | | | 3.200%, 03/15/2023 | | | 213,677 | |
| | | | | Cigna Corp. | | | | |
| | 115,000 | | | 4.125%, 11/15/2025 (c) | | | 119,131 | |
| | 655,000 | | | 4.375%, 10/15/2028 (c)(d) | | | 680,033 | |
| | | | | Cigna Holding Co. | | | | |
| | 110,000 | | | 3.050%, 10/15/2027 | | | 104,023 | |
| | 25,000 | | | 3.875%, 10/15/2047 | | | 22,257 | |
| | | | | CVS Health Corp. | | | | |
| | 220,000 | | | 2.125%, 06/01/2021 | | | 216,328 | |
| | 205,000 | | | 4.100%, 03/25/2025 | | | 210,652 | |
| | 59,000 | | | 3.875%, 07/20/2025 | | | 59,763 | |
| | 165,000 | | | 2.875%, 06/01/2026 | | | 156,107 | |
| | 55,000 | | | 5.125%, 07/20/2045 | | | 55,980 | |
| | 215,000 | | | 5.050%, 03/25/2048 | | | 216,919 | |
| | 60,000 | | | Humana, Inc.
2.500%, 12/15/2020 | | | 59,565 | |
| | | | | UnitedHealth Group, Inc. | | | | |
| | 70,000 | | | 3.350%, 07/15/2022 | | | 71,538 | |
| | 65,000 | | | 3.700%, 12/15/2025 | | | 67,693 | |
| | 135,000 | | | 3.950%, 10/15/2042 | | | 136,426 | |
| | 40,000 | | | 4.750%, 07/15/2045 | | | 45,257 | |
| | 10,000 | | | 4.250%, 04/15/2047 | | | 10,481 | |
| | 15,000 | | | 3.750%, 10/15/2047 | | | 14,590 | |
| | 10,000 | | | 4.250%, 06/15/2048 | | | 10,535 | |
| | | | | | |
|
|
|
| | | | | | | | 2,798,899 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.30% | |
| | 100,000 | | | GLP Capital LP / GLP Financing II, Inc.
5.300%, 01/15/2029 | | | 104,735 | |
| | | | | McDonald’s Corp. | | | | |
| | 115,000 | | | 3.350%, 04/01/2023 | | | 117,429 | |
| | 20,000 | | | 4.600%, 05/26/2045 | | | 20,771 | |
| | 15,000 | | | 4.875%, 12/09/2045 | | | 16,249 | |
| | 130,000 | | | Starbucks Corp.
3.800%, 08/15/2025 | | | 134,098 | |
| | | | | | |
|
|
|
| | | | | | | | 393,282 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.36% | |
| | | | | Mylan, Inc. | | | | |
| | 80,000 | | | 4.550%, 04/15/2028 | | | 77,853 | |
| | 45,000 | | | 5.200%, 04/15/2048 | | | 40,657 | |
| | 345,000 | | | NXP BV / NXP Funding LLC
4.875%, 03/01/2024 (c)(d) | | | 364,689 | |
| | | | | | |
|
|
|
| | | | | | | | 483,199 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.49% | |
| | 135,000 | | | Berkshire Hathaway Finance Corp.
4.200%, 08/15/2048 | | | 140,071 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Insurance (Continued) | |
| | 45,000 | | | CNA Financial Corp.
3.450%, 08/15/2027 | | $ | 43,967 | |
| | | | | Marsh & McLennan Cos., Inc. | | | | |
| | 30,000 | | | 3.500%, 12/29/2020 | | | 30,410 | |
| | 110,000 | | | 3.875%, 03/15/2024 | | | 114,156 | |
| | 70,000 | | | 4.050%, 10/15/2023 | | | 72,828 | |
| | 65,000 | | | 4.375%, 03/15/2029 | | | 68,843 | |
| | 60,000 | | | 4.750%, 03/15/2039 | | | 65,038 | |
| | 8,000 | | | Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/2039 (c) | | | 12,591 | |
| | 40,000 | | | New York Life Global Funding
2.000%, 04/13/2021 (c) | | | 39,469 | |
| | 55,000 | | | Trinity Acquisition PLC
4.400%, 03/15/2026 | | | 57,118 | |
| | | | | | |
|
|
|
| | | | | | | | 644,491 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 0.50% | |
| | | | | Alibaba Group Holding, Ltd. | | | | |
| | 200,000 | | | 3.400%, 12/06/2027 | | | 196,303 | |
| | 200,000 | | | 4.200%, 12/06/2047 | | | 196,006 | |
| | | | | Amazon.com, Inc. | | | | |
| | 15,000 | | | 2.800%, 08/22/2024 | | | 15,035 | |
| | 180,000 | | | 3.875%, 08/22/2037 | | | 187,356 | |
| | 60,000 | | | 4.950%, 12/05/2044 | | | 71,650 | |
| | | | | | |
|
|
|
| | | | | | | | 666,350 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.19% | |
| | 70,000 | | | Fidelity National Information Services, Inc.
4.250%, 05/15/2028 | | | 72,037 | |
| | | | | Visa, Inc. | | | | |
| | 160,000 | | | 3.150%, 12/14/2025 | | | 162,577 | |
| | 20,000 | | | 4.300%, 12/14/2045 | | | 22,100 | |
| | | | | | |
|
|
|
| | | | | | | | 256,714 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.13% | |
| | | | | Thermo Fisher Scientific, Inc. | | | | |
| | 160,000 | | | 3.000%, 04/15/2023 | | | 160,124 | |
| | 10,000 | | | 2.950%, 09/19/2026 | | | 9,657 | |
| | | | | | |
|
|
|
| | | | | | | | 169,781 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.03% | |
| | 35,000 | | | Fortive Corp.
2.350%, 06/15/2021 | | | 34,640 | |
| | | | | | |
|
|
|
| | | | | Media - 1.82% | |
| | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | | |
| | 115,000 | | | 4.464%, 07/23/2022 | | | 119,031 | |
| | 40,000 | | | 4.908%, 07/23/2025 | | | 42,243 | |
| | 230,000 | | | 3.750%, 02/15/2028 | | | 221,915 | |
| | 130,000 | | | 6.484%, 10/23/2045 | | | 145,933 | |
| | 150,000 | | | 5.375%, 05/01/2047 | | | 149,695 | |
| | 55,000 | | | 5.750%, 04/01/2048 (d) | | | 57,538 | |
| | | | | Comcast Corp. | | | | |
| | 165,000 | | | 3.375%, 08/15/2025 | | | 167,312 | |
| | 55,000 | | | 3.950%, 10/15/2025 | | | 57,572 | |
| | 240,000 | | | 3.150%, 03/01/2026 | | | 239,013 | |
| | 35,000 | | | 2.350%, 01/15/2027 | | | 32,737 | |
| | 55,000 | | | 4.250%, 10/15/2030 | | | 58,484 | |
| | 35,000 | | | 3.200%, 07/15/2036 | | | 31,876 | |
| | 125,000 | | | 4.600%, 10/15/2038 | | | 134,033 | |
| | 40,000 | | | 4.049%, 11/01/2052 | | | 39,036 | |
| | 25,000 | | | 4.950%, 10/15/2058 | | | 27,615 | |
See notes to financial statements.
84
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Media (Continued) | |
| | 80,000 | | | Cox Communications, Inc.
3.150%, 08/15/2024 (c) | | $ | 79,684 | |
| | | | | Discovery Communications, LLC | | | | |
| | 41,000 | | | 2.800%, 06/15/2020 | | | 40,828 | |
| | 45,000 | | | 3.800%, 03/13/2024 (d) | | | 45,391 | |
| | 28,000 | | | 3.950%, 06/15/2025 | | | 28,245 | |
| | 180,000 | | | 4.900%, 03/11/2026 (d) | | | 189,648 | |
| | 180,000 | | | 3.950%, 03/20/2028 | | | 175,057 | |
| | 35,000 | | | Fox Corp.
3.666%, 01/25/2022 (c) | | | 35,705 | |
| | | | | Time Warner Cable, Inc. | | | | |
| | 30,000 | | | 5.500%, 09/01/2041 | | | 29,554 | |
| | 50,000 | | | 4.500%, 09/15/2042 | | | 43,791 | |
| | | | | Warner Media LLC | | | | |
| | 60,000 | | | 2.950%, 07/15/2026 | | | 56,845 | |
| | 170,000 | | | 3.800%, 02/15/2027 | | | 169,468 | |
| | | | | | |
|
|
|
| | | | | | | | 2,418,249 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.14% | |
| | | | | Vale Overseas, Ltd. | | | | |
| | 60,000 | | | 6.250%, 08/10/2026 | | | 65,520 | |
| | 100,000 | | | 6.875%, 11/10/2039 | | | 115,250 | |
| | | | | | |
|
|
|
| | | | | | | | 180,770 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.57% | |
| | | | | Berkshire Hathaway Energy Co. | | | | |
| | 50,000 | | | 3.250%, 04/15/2028 | | | 49,705 | |
| | 65,000 | | | 6.125%, 04/01/2036 | | | 81,736 | |
| | 175,000 | | | CenterPoint Energy, Inc.
2.500%, 09/01/2022 | | | 170,886 | |
| | | | | Dominion Energy, Inc. | | | | |
| | 160,000 | | | 2.579%, 07/01/2020 | | | 159,147 | |
| | 240,000 | | | 2.850%, 08/15/2026 | | | 230,601 | |
| | 25,000 | | | 4.250%, 06/01/2028 | | | 26,223 | |
| | 40,000 | | | DTE Energy Co.
1.500%, 10/01/2019 | | | 39,721 | |
| | | | | | |
|
|
|
| | | | | | | | 758,019 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 2.63% | |
| | | | | Anadarko Petroleum Corp. | | | | |
| | 45,000 | | | 4.500%, 07/15/2044 | | | 42,417 | |
| | 10,000 | | | 6.600%, 03/15/2046 | | | 12,173 | |
| | 120,000 | | | Andeavor Logistics LP / Tesoro Logistics Finance Corp.
4.250%, 12/01/2027 | | | 120,790 | |
| | 315,000 | | | BP Capital Markets America, Inc.
3.790%, 02/06/2024 | | | 327,076 | |
| | | | | Canadian Natural Resources, Ltd. | | | | |
| | 80,000 | | | 3.800%, 04/15/2024 | | | 81,691 | |
| | 170,000 | | | 3.900%, 02/01/2025 | | | 173,544 | |
| | 25,000 | | | 3.850%, 06/01/2027 | | | 25,086 | |
| | 15,000 | | | 6.500%, 02/15/2037 | | | 18,279 | |
| | 165,000 | | | Cimarex Energy Co.
4.375%, 03/15/2029 | | | 170,141 | |
| | 280,000 | | | Encana Corp.
3.900%, 11/15/2021 | | | 285,186 | |
| | | | | Energy Transfer Operating LP | | | | |
| | 60,000 | | | 4.200%, 09/15/2023 | | | 62,033 | |
| | 85,000 | | | 4.500%, 04/15/2024 | | | 88,674 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | 90,000 | | | 5.250%, 04/15/2029 | | $ | 96,596 | |
| | 35,000 | | | 6.250%, 04/15/2049 | | | 39,259 | |
| | 225,000 | | | Enterprise Products Operating LLC
4.800%, 02/01/2049 | | | 239,685 | |
| | | | | Hess Corp. | | | | |
| | 30,000 | | | 5.600%, 02/15/2041 | | | 30,476 | |
| | 75,000 | | | 5.800%, 04/01/2047 | | | 78,181 | |
| | 135,000 | | | Marathon Oil Corp.
3.850%, 06/01/2025 | | | 136,795 | |
| | 60,000 | | | Marathon Petroleum Corp.
3.800%, 04/01/2028 (c) | | | 59,462 | |
| | | | | MPLX LP | | | | |
| | 50,000 | | | 4.000%, 03/15/2028 | | | 49,737 | |
| | 100,000 | | | 5.200%, 03/01/2047 | | | 101,625 | |
| | 30,000 | | | 4.700%, 04/15/2048 | | | 28,706 | |
| | 93,000 | | | Noble Energy, Inc.
5.050%, 11/15/2044 | | | 92,470 | |
| | | | | Petroleos Mexicanos | | | | |
| | 40,000 | | | 6.500%, 01/23/2029 | | | 39,710 | |
| | 122,000 | | | 6.750%, 09/21/2047 | | | 112,301 | |
| | 50,000 | | | Sabine Pass Liquefaction LLC
4.200%, 03/15/2028 | | | 50,396 | |
| | 85,000 | | | Suncor Energy, Inc.
3.600%, 12/01/2024 | | | 87,101 | |
| | | | | Sunoco Logistics Partners Operations LP | | | | |
| | 5,000 | | | 5.300%, 04/01/2044 | | | 4,908 | |
| | 5,000 | | | 5.350%, 05/15/2045 | | | 4,899 | |
| | 40,000 | | | Texas Eastern Transmission LP
3.500%, 01/15/2028 (c) | | | 39,113 | |
| | | | | TransCanada PipeLines, Ltd. | | | | |
| | 50,000 | | | 4.750%, 05/15/2038 | | | 52,407 | |
| | 10,000 | | | 6.100%, 06/01/2040 | | | 11,838 | |
| | 145,000 | | | 5.100%, 03/15/2049 | | | 156,156 | |
| | 40,000 | | | Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/2028 | | | 40,854 | |
| | 125,000 | | | Valero Energy Corp.
3.400%, 09/15/2026 | | | 122,416 | |
| | 160,000 | | | Valero Energy Partners LP
4.500%, 03/15/2028 | | | 165,643 | |
| | | | | Western Midstream Operating LP | | | | |
| | 135,000 | | | 4.500%, 03/01/2028 | | | 134,000 | |
| | 100,000 | | | 4.750%, 08/15/2028 | | | 101,601 | |
| | 10,000 | | | 5.500%, 08/15/2048 | | | 9,763 | |
| | | | | | |
|
|
|
| | | | | | | | 3,493,188 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 0.77% | |
| | 135,000 | | | Allergan Funding SCS
3.450%, 03/15/2022 | | | 136,275 | |
| | 230,000 | | | Bayer US Finance II LLC
4.250%, 12/15/2025 (c) | | | 232,676 | |
| | 195,000 | | | GlaxoSmithKline Capital PLC
2.875%, 06/01/2022 | | | 195,981 | |
| | | | | Johnson & Johnson | | | | |
| | 155,000 | | | 2.625%, 01/15/2025 | | | 154,961 | |
| | 75,000 | | | 3.550%, 03/01/2036 | | | 75,444 | |
| | 55,000 | | | 3.625%, 03/03/2037 | | | 55,656 | |
| | 135,000 | | | Merck & Co, Inc.
3.400%, 03/07/2029 | | | 138,668 | |
| | 35,000 | | | Mylan NV
5.250%, 06/15/2046 | | | 31,551 | |
| | | | | | |
|
|
|
| | | | | | | | 1,021,212 | |
| | | | | | |
|
|
|
See notes to financial statements.
85
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Road & Rail - 0.28% | |
| | 110,000 | | | CSX Corp.
3.250%, 06/01/2027 | | $ | 108,684 | |
| | | | | Union Pacific Corp. | | | | |
| | 65,000 | | | 3.700%, 03/01/2029 (d) | | | 66,856 | |
| | 50,000 | | | 4.375%, 09/10/2038 | | | 52,000 | |
| | 160,000 | | | 4.100%, 09/15/2067 | | | 146,364 | |
| | | | | | |
|
|
|
| | | | | | | | 373,904 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 0.97% | |
| | | | | Broadcom Corp / Broadcom Cayman Finance, Ltd. | | | | |
| | 205,000 | | | 3.625%, 01/15/2024 | | | 204,593 | |
| | 90,000 | | | 3.125%, 01/15/2025 | | | 86,315 | |
| | 205,000 | | | 3.875%, 01/15/2027 | | | 196,036 | |
| | 345,000 | | | Broadcom, Inc.
3.125%, 04/15/2021 (c) | | | 344,593 | |
| | 14,000 | | | Intel Corp.
3.734%, 12/08/2047 | | | 14,104 | |
| | 135,000 | | | Microchip Technology, Inc.
4.333%, 06/01/2023 (c) | | | 137,817 | |
| | 300,000 | | | Micron Technology, Inc.
4.975%, 02/06/2026 | | | 306,299 | |
| | | | | | |
|
|
|
| | | | | | | | 1,289,757 | |
| | | | | | |
|
|
|
| | | | | Software - 0.34% | |
| | 155,000 | | | Microsoft Corp.
4.450%, 11/03/2045 | | | 175,936 | |
| | | | | Oracle Corp. | | | | |
| | 115,000 | | | 4.300%, 07/08/2034 | | | 123,455 | |
| | 25,000 | | | 3.900%, 05/15/2035 | | | 25,595 | |
| | 50,000 | | | 3.800%, 11/15/2037 | | | 50,115 | |
| | 75,000 | | | salesforce.com, Inc.
3.250%, 04/11/2023 | | | 76,888 | |
| | | | | | |
|
|
|
| | | | | | | | 451,989 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.18% | |
| | | | | Home Depot, Inc. | | | | |
| | 140,000 | | | 3.350%, 09/15/2025 | | | 144,366 | |
| | 55,000 | | | 5.875%, 12/16/2036 | | | 69,288 | |
| | 5,000 | | | 3.500%, 09/15/2056 | | | 4,600 | |
| | 25,000 | | | Lowe’s Cos., Inc.
3.700%, 04/15/2046 | | | 22,171 | |
| | | | | | |
|
|
|
| | | | | | | | 240,425 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.05% | |
| | | | | Apple, Inc. | | | | |
| | 5,000 | | | 3.000%, 02/09/2024 | | | 5,071 | |
| | 20,000 | | | 3.350%, 02/09/2027 | | | 20,430 | |
| | 40,000 | | | 3.450%, 02/09/2045 | | | 38,120 | |
| | 5,000 | | | Hewlett Packard Enterprise Co.
6.350%, 10/15/2045 | | | 5,247 | |
| | | | | | |
|
|
|
| | | | | | | | 68,868 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.85% | |
| | | | | Altria Group, Inc. | | | | |
| | 70,000 | | | 3.800%, 02/14/2024 | | | 71,285 | |
| | 75,000 | | | 4.400%, 02/14/2026 | | | 77,159 | |
| | 145,000 | | | 2.625%, 09/16/2026 (d) | | | 133,972 | |
| | 150,000 | | | 4.800%, 02/14/2029 | | | 154,778 | |
| | 110,000 | | | 5.800%, 02/14/2039 | | | 116,544 | |
| | 40,000 | | | 4.250%, 08/09/2042 | | | 34,862 | |
| | 45,000 | | | 5.375%, 01/31/2044 | | | 44,977 | |
| | 165,000 | | | 3.875%, 09/16/2046 | | | 135,749 | |
| | 100,000 | | | 5.950%, 02/14/2049 | | | 107,475 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Tobacco (Continued) | |
| | 170,000 | | | Philip Morris International, Inc.
2.625%, 03/06/2023 | | $ | 168,880 | |
| | 80,000 | | | Reynolds American, Inc.
5.850%, 08/15/2045 | | | 82,246 | |
| | | | | | |
|
|
|
| | | | | | | | 1,127,927 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.11% | |
| | 140,000 | | | American Water Capital Corp.
3.750%, 09/01/2028 | | | 146,390 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.48% | |
| | | | | Telefonica Emisiones SA | | | | |
| | 150,000 | | | 4.103%, 03/08/2027 | | | 152,287 | |
| | 205,000 | | | 4.895%, 03/06/2048 | | | 200,096 | |
| | 285,000 | | | Vodafone Group PLC
4.375%, 05/30/2028 | | | 289,952 | |
| | | | | | |
|
|
|
| | | | | | | | 642,335 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $40,320,460) | | | 41,033,233 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.37% | |
| | 66,000 | | | Hungary Government International Bond
6.375%, 03/29/2021 | | | 70,388 | |
| | 400,000 | | | Qatar Government International Bond
4.817%, 03/14/2049 (c) | | | 421,613 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $469,569) | | | 492,001 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 33.89% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 26,119 | | | Pool#D9-6291 4.500%, 09/01/2023 | | | 27,269 | |
| | 63,288 | | | Pool#G1-3624 5.000%, 08/01/2024 | | | 65,738 | |
| | 82,000 | | | SeriesK-068, 3.244%, 08/25/2027 | | | 84,267 | |
| | 148,701 | | | Series 2329, 6.500%, 06/15/2031 | | | 165,387 | |
| | 67,688 | | | Series 2338, 6.500%, 07/15/2031 | | | 75,510 | |
| | 111,141 | | | Pool#78-0447 4.251% (1 Year CMT Rate + 2.250%, 9.307% Cap, 0.000% Floor), 04/01/2033 (b) | | | 117,248 | |
| | 102 | | | Pool#A4-3129 5.500%, 02/01/2036 | | | 110 | |
| | 2,300,000 | | | Pool #TBA 4.500%, 04/15/2041 (g) | | | 2,400,645 | |
| | 72,107 | | | Series 3883, 3.000%, 05/15/2041 | | | 73,092 | |
| | 283,269 | | | Series 4139, 2.500%, 11/15/2041 | | | 281,545 | |
| | 2,700,000 | | | Pool #TBA 3.500%, 04/15/2042 (g) | | | 2,738,873 | |
| | 471,904 | | | Pool#U9-0688 4.000%, 05/01/2042 | | | 489,073 | |
| | 1,200,000 | | | Pool #TBA 3.000%, 04/15/2043 (g) | | | 1,194,773 | |
| | 400,000 | | | Pool #TBA 4.000%, 04/15/2045 (g) | | | 411,773 | |
| | 689,844 | | | Pool#Q4-9389 3.500%, 07/01/2047 | | | 702,186 | |
| | 629,403 | | | Pool#Q5-2093 3.500%, 11/01/2047 | | | 639,781 | |
| | | | | Federal National Mortgage Association | | | | |
| | 15,021 | | | Series2014-C01, 4.086% (1 Month LIBOR USD + 1.600%), 01/25/2024 (b) | | | 15,050 | |
| | 440,790 | | | Pool #AJ8325 3.000%, 12/01/2026 | | | 446,274 | |
| | 110,000 | | | Pool #AN6110 3.000%, 07/01/2027 | | | 110,761 | |
| | 150,000 | | | Pool #AN6257 3.160%, 08/01/2027 | | | 152,493 | |
| | 155,111 | | | Pool #AN7376 2.880%, 11/01/2027 | | | 154,741 | |
| | 870,000 | | | Pool #AN8322 3.190%, 02/01/2028 | | | 888,378 | |
| | 1,030,000 | | | Pool #AN8695 3.550%, 03/01/2028 | | | 1,077,924 | |
| | 3,375 | | | Pool #544859 2.924% (11th District Cost of Funds Index + 1.799%, 14.713 Cap, 0.000% Floor), 08/01/2029 (b) | | | 3,366 | |
See notes to financial statements.
86
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 167,265 | | | Series2018-C04, 3.236% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 12/26/2030 (b) | | $ | 167,485 | |
| | 67,789 | | | Pool #BC4938 2.500%, 04/01/2031 | | | 67,481 | |
| | 116,235 | | | Pool #786848 7.000%, 10/01/2031 | | | 131,691 | |
| | 3,579 | | | Pool #727181 5.000%, 08/01/2033 | | | 3,862 | |
| | 1,700 | | | Pool #730727 5.000%, 08/01/2033 | | | 1,833 | |
| | 519 | | | Pool #741862 5.500%, 09/01/2033 | | | 571 | |
| | 638 | | | Pool #766197 5.500%, 02/01/2034 | | | 702 | |
| | 122 | | | Pool #776974 5.500%, 04/01/2034 | | | 135 | |
| | 97,053 | | | Pool #888504 3.939% (1 Year CMT Rate + 2.064%, 9.237% Cap, 0.000% Floor), 04/01/2034 (b) | | | 102,297 | |
| | 298,318 | | | Pool #MA1870 4.500%, 04/01/2034 | | | 313,848 | |
| | 4,605 | | | Pool #775776 5.500%, 05/01/2034 | | | 4,969 | |
| | 129,229 | | | Pool #802783 4.450% (12 Month LIBOR USD + 1.612%, 10.242% Cap, 0.000% Floor), 10/01/2034 (b) | | | 135,073 | |
| | 3,858 | | | Pool #781629 5.500%, 12/01/2034 | | | 4,241 | |
| | 5,496 | | | Pool #822815 5.500%, 04/01/2035 | | | 6,043 | |
| | 4,636 | | | Pool #357850 5.500%, 07/01/2035 | | | 5,105 | |
| | 2,940 | | | Pool #820242 5.000%, 07/01/2035 | | | 3,174 | |
| | 764 | | | Pool #838452 5.500%, 09/01/2035 | | | 840 | |
| | 4,125 | | | Pool #865854 6.000%, 03/01/2036 | | | 4,533 | |
| | 6,846 | | | Pool #891474 6.000%, 04/01/2036 | | | 7,552 | |
| | 5,555 | | | Pool #906000 6.000%, 01/01/2037 | | | 6,121 | |
| | 57 | | | Pool #928062 5.500%, 02/01/2037 | | | 62 | |
| | 62 | | | Pool #899119 5.500%, 04/01/2037 | | | 66 | |
| | 464,313 | | | Pool #AS9772 3.500%, 06/01/2037 | | | 475,618 | |
| | 141 | | | Pool #970131 5.500%, 03/01/2038 | | | 151 | |
| | 100 | | | Pool #985108 5.500%, 07/01/2038 | | | 109 | |
| | 53 | | | Pool #964930 5.500%, 08/01/2038 | | | 56 | |
| | 55 | | | Pool #987032 5.500%, 08/01/2038 | | | 59 | |
| | 95 | | | Pool #968371 5.500%, 09/01/2038 | | | 103 | |
| | 33 | | | Pool #993050 5.500%, 12/01/2038 | | | 36 | |
| | 18,227 | | | Pool #993579 4.000%, 05/01/2039 | | | 18,909 | |
| | 3,599 | | | Pool #AA5840 4.000%, 06/01/2039 | | | 3,733 | |
| | 50,761 | | | Pool #AA8715 4.000%, 06/01/2039 | | | 53,084 | |
| | 185,611 | | | Pool #AD0586 4.500%, 12/01/2039 | | | 197,833 | |
| | 521,355 | | | Pool #AD4062 5.000%, 05/01/2040 | | | 562,351 | |
| | 461,255 | | | Pool #AD6929 5.000%, 06/01/2040 | | | 497,777 | |
| | 11,913 | | | Pool #AD9896 4.000%, 08/01/2040 | | | 12,362 | |
| | 13,546 | | | Pool #AB1500 4.000%, 09/01/2040 | | | 14,057 | |
| | 12,435 | | | Pool #AD9856 4.000%, 09/01/2040 | | | 12,903 | |
| | 8,603 | | | Pool #AE2559 4.000%, 09/01/2040 | | | 8,927 | |
| | 3,075 | | | Pool #AE2562 4.000%, 09/01/2040 | | | 3,191 | |
| | 3,768 | | | Pool #AE2566 4.000%, 09/01/2040 | | | 3,892 | |
| | 24,701 | | | Pool #AE4124 4.000%, 10/01/2040 | | | 25,631 | |
| | 14,552 | | | Pool #AE4888 4.000%, 10/01/2040 | | | 15,100 | |
| | 21,963 | | | Pool #AE3916 4.000%, 11/01/2040 | | | 22,790 | |
| | 2,871 | | | Pool #AE5147 4.000%, 11/01/2040 | | | 2,979 | |
| | 36,289 | | | Pool #AE8715 4.000%, 11/01/2040 | | | 37,657 | |
| | 4,284 | | | Pool #AH0006 4.000%, 12/01/2040 | | | 4,446 | |
| | 11,444 | | | Pool #AH0020 4.000%, 12/01/2040 | | | 11,875 | |
| | 21,078 | | | Pool #AH0599 4.000%, 12/01/2040 | | | 21,872 | |
| | 7,690 | | | Pool #AH0601 4.000%, 12/01/2040 | | | 7,980 | |
| | 14,879 | | | Pool #AH1263 4.000%, 01/01/2041 | | | 15,440 | |
| | 63,516 | | | Pool #AL5233 4.000%, 01/01/2041 | | | 65,886 | |
| | 4,996 | | | Pool #AH4659 4.000%, 02/01/2041 | | | 5,185 | |
| | 71,685 | | | Pool #AH5653 4.000%, 02/01/2041 | | | 74,387 | |
| | 94,527 | | | Pool #AL0934 5.000%, 02/01/2041 | | | 102,011 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 146,336 | | | Pool #AD1889 4.500%, 03/01/2041 | | $ | 154,769 | |
| | 9,115 | | | Pool #AH6150 4.000%, 03/01/2041 | | | 9,458 | |
| | 89,106 | | | Pool #AL0215 4.500%, 04/01/2041 | | | 94,250 | |
| | 3,300,000 | | | Pool #TBA 3.500%, 04/15/2041 (g) | | | 3,344,986 | |
| | 70,524 | | | Pool #AL0187 5.000%, 05/01/2041 | | | 76,099 | |
| | 12,546 | | | Pool #AL0456 5.000%, 06/01/2041 | | | 13,536 | |
| | 56,021 | | | Pool #AI8842 4.500%, 08/01/2041 | | | 59,238 | |
| | 32,735 | | | Pool #AL0815 4.000%, 09/01/2041 | | | 34,384 | |
| | 62,598 | | | Series2012-21, 2.000%, 09/25/2041 | | | 60,922 | |
| | 11,770 | | | Pool #AJ1562 4.000%, 10/01/2041 | | | 12,363 | |
| | 11,226 | | | Pool #AJ1972 4.000%, 10/01/2041 | | | 11,767 | |
| | 578,945 | | | Pool #AJ2212 4.500%, 10/01/2041 | | | 611,791 | |
| | 16,924 | | | Pool #AJ4756 4.000%, 10/01/2041 | | | 17,777 | |
| | 14,702 | | | Pool #AJ3330 4.000%, 11/01/2041 | | | 15,443 | |
| | 14,325 | | | Pool #AJ4549 4.000%, 11/01/2041 | | | 15,047 | |
| | 11,811 | | | Pool #AJ4698 4.000%, 11/01/2041 | | | 12,406 | |
| | 23,120 | | | Pool #AJ5424 4.000%, 11/01/2041 | | | 24,285 | |
| | 8,875 | | | Pool #AJ7840 4.000%, 11/01/2041 | | | 9,322 | |
| | 14,641 | | | Pool #AB3995 4.000%, 12/01/2041 | | | 15,378 | |
| | 14,233 | | | Pool #AI0848 4.000%, 12/01/2041 | | | 14,950 | |
| | 12,350 | | | Pool #AJ4187 4.000%, 12/01/2041 | | | 12,972 | |
| | 14,475 | | | Pool #AJ5736 4.000%, 12/01/2041 | | | 15,204 | |
| | 8,962 | | | Pool #AJ5968 4.000%, 12/01/2041 | | | 9,300 | |
| | 17,974 | | | Pool #AJ6061 4.000%, 12/01/2041 | | | 18,880 | |
| | 11,112 | | | Pool #AJ7868 4.000%, 12/01/2041 | | | 11,672 | |
| | 25,619 | | | Pool #AJ8104 4.000%, 12/01/2041 | | | 26,906 | |
| | 16,101 | | | Pool #AJ8109 4.000%, 12/01/2041 | | | 16,912 | |
| | 9,689 | | | Pool #AJ8171 4.000%, 12/01/2041 | | | 10,177 | |
| | 18,187 | | | Pool #AJ8341 4.000%, 12/01/2041 | | | 19,103 | |
| | 28,775 | | | Pool #AJ8436 4.000%, 12/01/2041 | | | 30,225 | |
| | 10,954 | | | Pool #AJ8912 4.000%, 12/01/2041 | | | 11,506 | |
| | 14,107 | | | Pool #AJ9248 4.000%, 12/01/2041 | | | 14,818 | |
| | 121,016 | | | Series2012-18, 2.000%, 12/25/2041 | | | 118,562 | |
| | 132,655 | | | Series2012-75, 2.500%, 12/25/2041 | | | 131,566 | |
| | 13,684 | | | Pool #AJ2446 4.000%, 01/01/2042 | | | 14,200 | |
| | 18,685 | | | Pool #AJ7538 4.000%, 01/01/2042 | | | 19,626 | |
| | 5,788 | | | Pool #AJ8001 4.000%, 01/01/2042 | | | 6,007 | |
| | 17,280 | | | Pool #AJ8369 4.000%, 01/01/2042 | | | 18,150 | |
| | 15,156 | | | Pool #AJ9162 4.000%, 01/01/2042 | | | 15,919 | |
| | 86,760 | | | Pool #AJ9330 4.000%, 01/01/2042 | | | 91,128 | |
| | 9,285 | | | Pool #AJ9779 4.000%, 01/01/2042 | | | 9,633 | |
| | 14,561 | | | Pool #AK0170 4.000%, 01/01/2042 | | | 15,295 | |
| | 31,755 | | | Pool #AK0543 4.000%, 01/01/2042 | | | 33,355 | |
| | 13,138 | | | Pool #AK0563 4.000%, 01/01/2042 | | | 13,800 | |
| | 24,431 | | | Pool #AK1827 4.000%, 01/01/2042 | | | 25,661 | |
| | 316,145 | | | Pool #AL2752 5.000%, 03/01/2042 | | | 341,014 | |
| | 72,131 | | | Series2012-52, 3.500%, 05/25/2042 | | | 74,510 | |
| | 75,550 | | | Pool #AB5529 4.000%, 07/01/2042 | | | 78,214 | |
| | 179,168 | | | Pool #AB6228 3.500%, 09/01/2042 | | | 183,037 | |
| | 362,156 | | | Pool #AQ9316 2.500%, 01/01/2043 | | | 353,527 | |
| | 170,884 | | | Series2015-48, 3.000%, 02/25/2043 | | | 171,374 | |
| | 956,404 | | | Pool #AT2720 3.000%, 05/01/2043 | | | 957,344 | |
| | 738,669 | | | Pool #AT5900 3.000%, 06/01/2043 | | | 739,395 | |
| | 414,234 | | | Pool #AU1625 3.500%, 07/01/2043 | | | 422,805 | |
| | 191,288 | | | Series2017-26, 3.500%, 07/25/2044 | | | 195,643 | |
| | 179,558 | | | Series2018-38, 3.500%, 03/25/2045 | | | 183,200 | |
| | 618,618 | | | Pool #AS5469 4.000%, 07/01/2045 | | | 641,104 | |
| | 713,590 | | | Pool #AZ0832 4.000%, 07/01/2045 | | | 738,271 | |
| | 140,328 | | | Pool #AS5597 3.500%, 08/01/2045 | | | 142,794 | |
See notes to financial statements.
87
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 49,353 | | | Series2016-38, 3.000%, 01/25/2046 | | $ | 49,623 | |
| | 110,309 | | | Series2016-11, 2.500%, 03/25/2046 | | | 109,490 | |
| | 845,083 | | | Pool #AS7170 3.500%, 05/01/2046 | | | 859,411 | |
| | 865,933 | | | Pool #AS7242 3.500%, 05/01/2046 | | | 880,525 | |
| | 625,398 | | | Pool #BC9468 3.000%, 06/01/2046 | | | 623,688 | |
| | 750,205 | | | Pool #AS7492 4.000%, 07/01/2046 | | | 775,808 | |
| | 536,347 | | | Pool #AS8947 3.500%, 03/01/2047 | | | 545,935 | |
| | 102,764 | | | Series2017-34, 3.000%, 05/25/2047 | | | 103,104 | |
| | 126,985 | | | Pool #MA3038 4.500%, 06/01/2047 | | | 133,105 | |
| | 152,463 | | | Series2017-72, 3.000%, 09/25/2047 | | | 152,277 | |
| | 158,773 | | | Series2017-72, 3.000%, 09/25/2047 | | | 158,573 | |
| | 201,260 | | | Series2018-80, 3.500%, 12/25/2047 | | | 205,227 | |
| | 94,797 | | | Series2018-77, 3.500%, 02/25/2048 | | | 97,573 | |
| | 146,321 | | | Series2018-23, 3.500%, 04/25/2048 | | | 153,125 | |
| | 3,189,296 | | | Pool #BN5279 4.000%, 02/01/2049 | | | 3,293,209 | |
| | 177,684 | | | Series2019-07, 3.500%, 03/25/2049 | | | 182,256 | |
| | 177,551 | | | Series2019-14, 3.500%, 04/25/2049 | | | 180,429 | |
| | 176,232 | | | Series2019-15, 3.500%, 05/25/2053 | | | 178,683 | |
| | 248,594 | | | Series2018-72, 3.500%, 07/25/2054 | | | 253,257 | |
| | 184,307 | | | Series2017-96, 3.000%, 12/25/2054 | | | 184,810 | |
| | 88,916 | | | Series2018-19, 3.500%, 05/25/2056 | | | 91,100 | |
| | 185,795 | | | Series2018-70, 3.500%, 10/25/2056 | | | 190,614 | |
| | 180,414 | | | Series2019-07, 3.500%, 11/25/2057 | | | 184,096 | |
| | 185,000 | | | Series2019-12, 3.500%, 11/25/2057 | | | 188,616 | |
| | | | | Government National Mortgage Association | | | | |
| | 11,149 | | | Pool #614436X 5.000%, 08/15/2033 | | | 11,643 | |
| | 32,238 | | | Pool #736686X 5.000%, 02/15/2039 | | | 34,618 | |
| | 610,913 | | | Pool #723248X 5.000%, 10/15/2039 | | | 656,354 | |
| | 500,000 | | | Pool #TBA 3.500%, 04/15/2041 (g) | | | 510,898 | |
| | 1,500,000 | | | Pool #TBA 4.500%, 04/15/2041 (g) | | | 1,558,154 | |
| | 311,844 | | | Pool #783403X 3.500%, 09/15/2041 | | | 320,266 | |
| | 195,212 | | | Series2013-37, 2.000%, 01/20/2042 | | | 189,073 | |
| | 1,300,000 | | | Pool #TBA 4.000%, 04/15/2042 (g) | | | 1,342,326 | |
| | 800,000 | | | Pool #TBA 3.000%, 04/15/2045 (g) | | | 803,500 | |
| | 1,400,000 | | | Pool #TBA 3.500%, 04/15/2045 (g) | | | 1,430,379 | |
| | 131,137 | | | Pool #MA4587M 4.000%, 07/20/2047 | | | 135,554 | |
| | 329,198 | | | Pool #MA4652M 3.500%, 08/20/2047 | | | 336,721 | |
| | 648,218 | | | Pool #MA4778M 3.500%, 10/20/2047 | | | 662,887 | |
| | 486,875 | | | Pool #MA4779M 4.000%, 10/20/2047 | | | 503,117 | |
| | 610,048 | | | Pool #MA4780M 4.500%, 10/20/2047 | | | 634,094 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $44,586,045) | | | 45,007,429 | |
| | | | | | |
|
|
|
| | | | | MUNICIPAL DEBT OBLIGATIONS - 0.19% | |
| | 65,000 | | | California, GO,
7.550%, 04/01/2039 | | | 98,837 | |
| | 105,000 | | | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,
6.899%, 12/01/2040 | | | 138,020 | |
| | 15,000 | | | University of California Medical Center, Series H, Revenue Bond,
6.548%, 05/15/2048 | | | 20,869 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $238,708) | | | 257,726 | |
| | | | | | |
|
|
|
| | | | | | | | |
Notional
Amount
| | | | | Value
| |
| | | | | Purchased Options - 0.01% | |
| | | | | Put Interest Rate Swaption - 0.01% | |
| | 2,450,000 | | | 10-Year Interest Rate Swap,
3-MO-USD-LIBOR, Receive Floating Rate, Counterparty: Morgan Stanley
Expiration: 12/09/2019
Exercises Rate: 3.200% (h) | | $ | 3,751 | |
| | 2,857,000 | | | 10-Year Interest Rate Swap,
3-MO-USD-LIBOR, Receive Floating Rate, Counterparty: Morgan Stanley
Expiration: 3/18/2020
Exercises Rate: 3.000% (h) | | | 13,779 | |
| | | | | | |
|
|
|
| | | | | Total Purchased Options
(Cost $68,708) | | | 17,530 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. TREASURY OBLIGATIONS - 16.13% | |
| | | | | U.S. Treasury Bonds - 9.11% | |
| | 3,119,928 | | | 0.375%, 07/15/2027 (f)(i) | | | 3,097,126 | |
| | 463,545 | | | 0.875%, 01/15/2029 (f) | | | 478,476 | |
| | 1,690,000 | | | 3.125%, 11/15/2041 | | | 1,798,398 | |
| | 545,000 | | | 3.625%, 08/15/2043 | | | 626,292 | |
| | 1,380,000 | | | 3.750%, 11/15/2043 | | | 1,618,104 | |
| | 725,000 | | | 3.625%, 02/15/2044 | | | 834,189 | |
| | 240,000 | | | 3.000%, 11/15/2045 | | | 249,131 | |
| | 2,365,000 | | | 2.500%, 05/15/2046 | | | 2,223,423 | |
| | 255,000 | | | 3.000%, 02/15/2047 | | | 264,677 | |
| | 215,000 | | | 3.000%, 02/15/2048 | | | 222,500 | |
| | 650,000 | | | 3.125%, 05/15/2048 | | | 689,381 | |
| | | | | U.S. Treasury Notes - 7.02% | |
| | 865,000 | | | 2.000%, 02/15/2022 (i) | | | 859,644 | |
| | 2,565,000 | | | 2.375%, 08/15/2024 | | | 2,578,476 | |
| | 1,707,000 | | | 2.000%, 02/15/2025 | | | 1,679,461 | |
| | 2,190,000 | | | 2.875%, 05/31/2025 | | | 2,261,817 | |
| | 1,870,000 | | | 2.875%, 08/15/2028 | | | 1,943,230 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $20,883,301) | | | 21,424,325 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 5.54% | | | | |
| | | | | Money Market Funds - 5.54% | |
| | 7,358,205 | | | DWS Government Money Market
Series - Institutional Shares
Effective Yield, 2.44% (e) | | | 7,358,205 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $7,358,205) | | | 7,358,205 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.93% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 1.93% | |
| | 2,557,125 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (e) | | | 2,557,125 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,557,125) | | | 2,557,125 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $150,147,765) - 114.22% | | | 151,675,480 | |
| | | | | Liabilities in Excess of Other Assets - (14.22)% | | | (18,883,242 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 132,792,238 | |
| | | | | | |
|
|
|
See notes to financial statements.
88
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
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 March 31, 2019. |
| (b) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2019. |
| (c) | | 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 $29,681,665, which represents 22.35% of total net assets. |
| (d) | | All or portion of this security is on loan. |
| (e) | | Seven-day yield as of March 31, 2019. |
| (f) | | Represents a U.S. Treasury Inflation Protected Security. |
| (g) | | Security purchased on a when-issued basis. On March 31, 2019, the total value of investments purchased on a when-issued basis was $15,736,307 or 11.85% of total net assets. |
| (h) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $929,539, which represents 0.70% of total net assets. |
| (i) | | All or a portion of this security is held as collateral for certain swap and futures contracts. |
| (j) | | Non-income producing security. Item identified as in default as to payment of interest. |
Glossary of Terms
| | | | |
| LIBOR | | - | | London Interbank Offered Rate |
| CMT | | - | | Constant Maturing Treasury Rate |
See notes to financial statements.
89
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
U.S. Treasury 2 Year Note Futures | | | 29 | | | $ | 6,179,719 | | | Jun-19 | | $ | 23,231 | |
U.S. Treasury 5 Year Note Futures | | | 110 | | | | 12,741,094 | | | Jun-19 | | | 127,807 | |
U.S. Treasury 10 Year Note Futures | | | (14 | ) | | | (1,739,063 | ) | | Jun-19 | | | (21,993 | ) |
U.S. Treasury Long Bond Futures | | | (8 | ) | | | (1,197,250 | ) | | Jun-19 | | | (34,296 | ) |
U.S. Treasury Ultra 10 Year Note Futures | | | (18 | ) | | | (2,390,063 | ) | | Jun-19 | | | (45,783 | ) |
U.S. Treasury Ultra Bond Futures | | | 10 | | | | 1,680,000 | | | Jun-19 | | | 61,310 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 110,276 | |
| | | | | | | | | | | | |
|
|
|
SCHEDULE OF OPEN SWAP CONTRACTS
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
March 31, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
3/31/2019(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CDX. NA. IG. 32 Index* | | | 0.68% | | | | 1.000% | | | 6/20/2024 | | Morgan Stanley | | | Quarterly | | | $ | 5,625,000 | | | $ | 100,681 | | | $ | 89,655 | | | $ | 11,026 | |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | $ | 100,681 | | | $ | 89,655 | | | $ | 11,026 | |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
INTEREST RATE SWAPS
March 31, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive
Floating Rate
| | Floating
Rate Index
| | | Floating
Payment
Frequency
| | | Fixed
Pay
Rate
| | Fixed
Payment
Frequency
| | Maturity
Date
| | | Counterparty
| | | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.250% | | Semi-Annual | | | 9/21/2026 | | | | Morgan Stanley | | | $ | 4,143,000 | | | $ | 25,371 | | | $ | (181,289 | ) | | $ | 206,659 | |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.750% | | Semi-Annual | | | 12/20/2047 | | | | Morgan Stanley | | | | 775,000 | | | | (33,160 | ) | | | (29,650 | ) | | | (3,509 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (7,789 | ) | | $ | (210,939 | ) | | $ | 203,150 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| 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 fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year 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.
90
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS - 97.87% | |
| | | | | Alabama - 1.58% | |
| | | | | The Lower Alabama Gas District, Series A, Revenue Bond, | | | | |
| $ | 100,000 | | | 5.000%, 09/01/2034 | | $ | 120,746 | |
| | 225,000 | | | 5.000%, 09/01/2046 | | | 279,626 | |
| | | | | | |
|
|
|
| | | | | | | | 400,372 | |
| | | | | | |
|
|
|
| | | | | Arizona - 3.62% | | | | |
| | 145,000 | | | Arizona Board of Regents, Prerefunded, Revenue Bond,
5.000%, 07/01/2028 | | | 160,682 | |
| | 55,000 | | | Arizona Board of Regents, Unrefunded, Revenue Bond,
5.000%, 07/01/2028 | | | 60,564 | |
| | 150,000 | | | Arizona Industrial Development Authority, Revenue Bond,
6.000%, 07/01/2047 | | | 163,834 | |
| | 100,000 | | | Phoenix Industrial Development Authority, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2037 | | | 112,759 | |
| | | | | Pima County Industrial Development Authority, Revenue Bond, | | | | |
| | 35,000 | | | 5.000%, 06/15/2047 | | | 35,577 | |
| | 30,000 | | | 5.000%, 06/15/2052 | | | 30,450 | |
| | 100,000 | | | Salt River Project Agricultural Improvement & Power District, Revenue Bond,
5.000%, 01/01/2039 | | | 119,611 | |
| | 150,000 | | | Salt Verde Financial Corp., Revenue Bond,
5.000%, 12/01/2037 | | | 187,760 | |
| | 40,000 | | | Tempe Industrial Development Authority, Series A, Revenue Bond,
6.125%, 10/01/2052 | | | 43,955 | |
| | | | | | |
|
|
|
| | | | | | | | 915,192 | |
| | | | | | |
|
|
|
| | | | | Arkansas - 1.03% | | | | |
| | 250,000 | | | University of Arkansas, Series A, Revenue Bond,
4.125%, 11/01/2030 | | | 260,775 | |
| | | | | | |
|
|
|
| | | | | California - 15.22% | | | | |
| | 150,000 | | | California Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2049 | | | 209,224 | |
| | 100,000 | | | California Health Facilities Financing Authority, Series A, Revenue Bond,
5.000%, 11/15/2031 | | | 121,064 | |
| | 100,000 | | | California Municipal Finance Authority, Community Medical Centers, Series A, Revenue Bond,
5.000%, 02/01/2042 | | | 111,912 | |
| | 195,000 | | | California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond,
6.400%, 08/15/2045 | | | 207,306 | |
| | 100,000 | | | California Municipal Finance Authority, Revenue Bond,
5.000%, 12/31/2047 | | | 113,370 | |
| | 250,000 | | | California Pollution Control Financing Authority, Refunding, Revenue Bond,
5.000%, 07/01/2039 | | | 290,828 | |
| | 200,000 | | | California State University, Series A, Revenue Bond,
5.000%, 11/01/2031 | | | 230,386 | |
| | 160,000 | | | California Statewide Communities Development Authority, Series A, Revenue Bond,
6.125%, 11/01/2033 | | | 184,877 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | California (Continued) | | | | |
| $ | 300,000 | | | California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,
5.000%, 08/01/2034 | | $ | 333,936 | |
| | 300,000 | | | California, GO,
5.000%, 11/01/2043 | | | 334,416 | |
| | 50,000 | | | California, Refunding, GO,
5.000%, 04/01/2032 | | | 64,749 | |
| | 100,000 | | | Golden State Tobacco Securitization Corp., Series A, Revenue Bond,
4.000%, 06/01/2031 | | | 107,936 | |
| | | | | Golden State Tobacco Securitization Corp., SeriesA-1, Revenue Bond, | | | | |
| | 100,000 | | | 5.000%, 06/01/2024 | | | 113,021 | |
| | 125,000 | | | 5.000%, 06/01/2047 | | | 124,747 | |
| | 130,000 | | | 5.250%, 06/01/2047 | | | 131,386 | |
| | 500,000 | | | Los Angeles Department of Airports, Series A, Revenue Bond,
5.250%, 05/15/2029 | | | 502,305 | |
| | 250,000 | | | M-S-R Energy Authority, Revenue Bond,
6.500%, 11/01/2039 | | | 363,018 | |
| | 300,000 | | | San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,
5.250%, 07/15/2025 | | | 308,919 | |
| | | | | | |
|
|
|
| | | | | | | | 3,853,400 | |
| | | | | | |
|
|
|
| | | | | Colorado - 3.77% | | | | |
| | 150,000 | | | Castle Pines North Metropolitan District, Refunding, Revenue Bond,
4.000%, 12/01/2044 | | | 152,942 | |
| | 130,000 | | | Colorado Health Facilities Authority, Revenue Bond,
8.000%, 08/01/2043 | | | 146,778 | |
| | 220,000 | | | Public Authority for Colorado Energy, Revenue Bond,
6.500%, 11/15/2038 | | | 320,841 | |
| | 300,000 | | | Regional Transportation District, Series A, Revenue Bond,
5.000%, 11/01/2027 | | | 333,300 | |
| | | | | | |
|
|
|
| | | | | | | | 953,861 | |
| | | | | | |
|
|
|
| | | | | Delaware - 1.13% | | | | |
| | 35,000 | | | County of Kent, Series A, Revenue Bond,
5.000%, 07/01/2053 | | | 37,717 | |
| | 200,000 | | | Delaware, Series A, Refunding, GO,
5.000%, 01/01/2027 | | | 247,128 | |
| | | | | | |
|
|
|
| | | | | | | | 284,845 | |
| | | | | | |
|
|
|
| | | | | Florida - 3.39% | | | | |
| | 100,000 | | | Florida Development Finance Corp., Revenue Bond,
5.625%, 01/01/2047 (a) | | | 103,949 | |
| | 145,000 | | | Florida, Series A, Refunding, GO,
4.000%, 07/01/2033 | | | 161,820 | |
| | 225,000 | | | Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,
5.000%, 04/01/2040 | | | 248,618 | |
| | 275,000 | | | Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,
5.250%, 08/01/2021 | | | 288,010 | |
| | | | | Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond, | | | | |
| | 10,000 | | | 7.250%, 06/01/2034 | | | 11,232 | |
| | 40,000 | | | 7.500%, 06/01/2049 | | | 45,170 | |
| | | | | | |
|
|
|
| | | | | | | | 858,799 | |
| | | | | | |
|
|
|
See notes to financial statements.
91
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | Georgia - 1.35% | |
| $ | 300,000 | | | Atlanta Water & Wastewater, Refunding, Revenue Bond,
5.000%, 11/01/2040 | | $ | 342,024 | |
| | | | | | |
|
|
|
| | | | | Illinois - 9.10% | |
| | | | | Chicago Board of Education, Revenue Bond, | | | | |
| | 100,000 | | | 5.000%, 04/01/2042 | | | 108,496 | |
| | 100,000 | | | 5.000%, 04/01/2046 | | | 108,209 | |
| | 100,000 | | | Chicago Board of Education, Series G, Refunding, GO,
5.000%, 12/01/2044 | | | 105,200 | |
| | 100,000 | | | Chicago Board of Education, Series H, GO,
5.000%, 12/01/2036 | | | 106,861 | |
| | 100,000 | | | Chicago Midway International Airport, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2028 | | | 111,338 | |
| | 70,000 | | | Chicago Waterworks, Revenue Bond,
5.000%, 11/01/2028 | | | 81,185 | |
| | 150,000 | | | Chicago, Series A, GO,
5.000%, 01/01/2040 | | | 160,381 | |
| | 65,000 | | | Chicago, Series A, Refunding, GO,
5.250%, 01/01/2029 | | | 70,138 | |
| | 160,000 | | | Illinois Finance Authority, Refunding, Revenue Bond,
5.000%, 12/01/2047 | | | 170,552 | |
| | 140,000 | | | Illinois Finance Authority, Series A, Revenue Bond,
5.000%, 02/15/2047 | | | 152,886 | |
| | | | | Illinois, GO, | | | | |
| | 345,000 | | | 5.000%, 01/01/2029 | | | 373,842 | |
| | 20,000 | | | 5.000%, 05/01/2036 | | | 20,844 | |
| | 70,000 | | | 5.000%, 11/01/2036 | | | 74,214 | |
| | 30,000 | | | 5.000%, 02/01/2039 | | | 31,059 | |
| | 30,000 | | | Illinois, Series A, GO,
5.000%, 04/01/2038 | | | 30,928 | |
| | 100,000 | | | O’Hare International Airport, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2032 | | | 113,725 | |
| | 150,000 | | | O’Hare International Airport, Series D, Revenue Bond,
5.250%, 01/01/2030 | | | 167,229 | |
| | 150,000 | | | Sales Tax Securitization Corp., Series A, Revenue Bond,
5.000%, 01/01/2040 | | | 166,939 | |
| | 120,000 | | | Southwestern Illinois Development Authority, Prerefunded, Revenue Bond,
7.125%, 11/01/2043 | | | 148,450 | |
| | | | | | |
|
|
|
| | | | | | | | 2,302,476 | |
| | | | | | |
|
|
|
| | | | | Indiana - 2.67% | | | | |
| | 100,000 | | | Indiana Health Facility Financing Authority,
Series2001A-1, Revenue Bond,
5.000%, 11/15/2034 | | | 115,235 | |
| | 250,000 | | | Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond,
5.250%, 01/01/2032 | | | 287,762 | |
| | 125,000 | | | Shoals Exempt Facilities, Revenue Bond,
7.250%, 11/01/2043 | | | 138,589 | |
| | 115,000 | | | Valparaiso Exempt Facilities, Revenue Bond,
7.000%, 01/01/2044 | | | 133,744 | |
| | | | | | |
|
|
|
| | | | | | | | 675,330 | |
| | | | | | |
|
|
|
| | | | | Iowa - 0.40% | | | | |
| | 100,000 | | | Iowa Finance Authority, Revenue Bond,
5.125%, 08/01/2048 | | | 101,586 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Louisiana - 0.90% | | | | |
| $ | 200,000 | | | Louisiana Highway Improvement,
Series A, Revenue Bond, 5.000%, 06/15/2029 | | $ | 228,692 | |
| | | | | | |
|
|
|
| | | | | Maryland - 0.84% | | | | |
| | 200,000 | | | Westminster Project Revenue, Lutheran Village at Miller’s Grant,
Series A, Revenue Bond, 6.000%, 07/01/2034 | | | 213,194 | |
| | | | | | |
|
|
|
| | | | | Massachusetts - 0.49% | | | | |
| | 100,000 | | | Commonwealth of Massachusetts, GO,
5.250%, 01/01/2033 | | | 125,256 | |
| | | | | | |
|
|
|
| | | | | Michigan - 0.44% | | | | |
| | 100,000 | | | Royal Oak Hospital Finance Authority,
Series D, Refunding, Revenue Bond, 5.000%, 09/01/2033 | | | 111,290 | |
| | | | | | |
|
|
|
| | | | | Minnesota - 3.03% | | | | |
| | 100,000 | | | Apple Valley Senior Living,
Series D, Revenue Bond, 7.250%, 01/01/2052 | | | 101,163 | |
| | 160,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission,
Series A, Refunding, Revenue Bond,
5.000%, 01/01/2030 | | | 180,590 | |
| | 150,000 | | | Rochester Health Care & Housing Facility,
Series A, Revenue Bond, 6.875%, 12/01/2048 | | | 162,141 | |
| | 300,000 | | | Rochester Health Care Facilities Mayo Clinic,
Series C, Revenue Bond, 4.500%, 11/15/2038 (a) | | | 321,864 | |
| | | | | | |
|
|
|
| | | | | | | | 765,758 | |
| | | | | | |
|
|
|
| | | | | Missouri - 2.21% | | | | |
| | 200,000 | | | Conley Road Transportation Development District, Revenue Bond,
5.375%, 05/01/2047 | | | 204,618 | |
| | 350,000 | | | St. Louis Airport, Revenue Bond,
6.625%, 07/01/2034 | | | 354,148 | |
| | | | | | |
|
|
|
| | | | | | | | 558,766 | |
| | | | | | |
|
|
|
| | | | | Montana - 0.41% | | | | |
| | 100,000 | | | City of Kalispell,
Series A, Revenue Bond,
5.250%, 05/15/2047 | | | 104,426 | |
| | | | | | |
|
|
|
| | | | | Nebraska - 2.69% | | | | |
| | 130,000 | | | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
5.000%, 11/01/2024 | | | 149,479 | |
| | 500,000 | | | Omaha Public Power District,
Series B, Prerefunded, Revenue Bond,
5.000%, 02/01/2027 | | | 531,380 | |
| | | | | | |
|
|
|
| | | | | | | | 680,859 | |
| | | | | | |
|
|
|
| | | | | New Hampshire - 0.52% | | | | |
| | 120,000 | | | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027 | | | 130,682 | |
| | | | | | |
|
|
|
| | | | | New Jersey - 1.63% | | | | |
| | 150,000 | | | New Jersey Economic Development Authority, Refunding, Revenue Bond,
5.250%, 06/15/2030 | | | 166,556 | |
| | 100,000 | | | New Jersey Transportation Trust Fund Authority,
Series A, Refunding, Revenue Bond, 5.000%, 06/15/2031 | | | 112,933 | |
See notes to financial statements.
92
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | New Jersey (Continued) | | | | |
| $ | 25,000 | | | South Jersey Port Corp.,
Series A, Revenue Bond, 5.000%, 01/01/2049 | | $ | 27,698 | |
| | 100,000 | | | Tobacco Settlement Financing Corp.,
Series B, Revenue Bond, 5.000%, 06/01/2046 | | | 105,638 | |
| | | | | | |
|
|
|
| | | | | | | | 412,825 | |
| | | | | | |
|
|
|
| | | | | New York - 10.65% | | | | |
| | 225,000 | | | Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,
6.500%, 07/15/2030 | | | 233,934 | |
| | 300,000 | | | City of New York, GO,
4.000%, 10/01/2041 | | | 322,242 | |
| | 200,000 | | | City of New York,
Series B, GO, 5.000%, 10/01/2038 | | | 235,534 | |
| | 100,000 | | | City of New York,
Series E, GO, 5.000%, 03/01/2041 | | | 117,761 | |
| | 40,000 | | | New York City Industrial Development Agency,
Series A, Refunding, Revenue Bond,
5.000%, 07/01/2022 | | | 43,729 | |
| | 100,000 | | | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bond,
5.000%, 07/15/2028 | | | 126,276 | |
| | 35,000 | | | New York City,
SeriesI-1, Unrefunded, GO, 5.375%, 04/01/2036 | | | 35,061 | |
| | 100,000 | | | New York Dormitory Authority, Refunding, Revenue Bond,
5.000%, 12/01/2035 | | | 113,674 | |
| | 100,000 | | | New York Dormitory Authority, Series A, Revenue Bond,
5.000%, 02/15/2031 | | | 119,903 | |
| | 250,000 | | | New York Dormitory Authority, Series B, Revenue Bond,
5.000%, 07/01/2038 | | | 273,945 | |
| | 500,000 | | | New York Environmental Facilities Corp., Series B, Revenue Bond,
5.500%, 10/15/2027 | | | 637,430 | |
| | 175,000 | | | New York Liberty Development Corp., Refunding, Revenue Bond,
5.250%, 10/01/2035 | | | 224,791 | |
| | 200,000 | | | New York,
Series E, GO, 4.000%, 12/15/2027 | | | 212,112 | |
| | | | | | |
|
|
|
| | | | | | | | 2,696,392 | |
| | | | | | |
|
|
|
| | | | | North Carolina - 1.40% | | | | |
| | 320,000 | | | North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond, 5.000%, 01/01/2025 | | | 354,608 | |
| | | | | | |
|
|
|
| | | | | Ohio - 3.23% | | | | |
| | 325,000 | | | Buckeye Tobacco Settlement Financing Authority, Series A, Revenue Bond,
5.875%, 06/01/2047 | | | 317,753 | |
| | 135,000 | | | County of Cuyahoga, Revenue Bond,
5.250%, 02/15/2047 | | | 148,046 | |
| | 100,000 | | | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026 | | | 108,683 | |
| | 200,000 | | | Ohio, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2031 | | | 243,854 | |
| | | | | | |
|
|
|
| | | | | | | | 818,336 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Oregon - 0.50% | | | | |
| $ | 100,000 | | | Oregon, Series A, GO,
5.000%, 05/01/2028 | | $ | 126,070 | |
| | | | | | |
|
|
|
| | | | | Pennsylvania - 2.74% | | | | |
| | | | | Allegheny County Hospital Development Authority, Series A, Revenue Bond, | | | | |
| | 50,000 | | | 4.000%, 04/01/2044 | | | 51,311 | |
| | 50,000 | | | 5.000%, 04/01/2047 | | | 56,248 | |
| | 100,000 | | | Allentown Neighborhood Improvement Zone Development Authority, Revenue Bond,
5.000%, 05/01/2033 | | | 111,087 | |
| | 100,000 | | | Commonwealth Financing Authority, Revenue Bond,
5.000%, 06/01/2034 | | | 116,402 | |
| | 150,000 | | | Pennsylvania Economic Development Financing Authority, Revenue Bond,
6.750%, 12/01/2053 | | | 148,200 | |
| | 200,000 | | | Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,
5.800%, 07/01/2030 | | | 210,300 | |
| | | | | | |
|
|
|
| | | | | | | | 693,548 | |
| | | | | | |
|
|
|
| | | | | Puerto Rico - 0.47% | | | | |
| | 125,000 | | | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Series A1, Revenue Bond,
4.750%, 07/01/2053 | | | 118,834 | |
| | | | | | |
|
|
|
| | | | | South Carolina - 2.25% | | | | |
| | 400,000 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
5.000%, 12/01/2025 | | | 458,144 | |
| | 100,000 | | | South Carolina Jobs-Economic Development Authority, Revenue Bond,
5.750%, 06/15/2039 | | | 110,104 | |
| | | | | | |
|
|
|
| | | | | | | | 568,248 | |
| | | | | | |
|
|
|
| | | | | South Dakota - 0.44% | | | | |
| | 100,000 | | | South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement,
Series B, Revenue Bond, 5.000%, 06/01/2026 | | | 110,671 | |
| | | | | | |
|
|
|
| | | | | Texas - 7.47% | | | | |
| | 200,000 | | | Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,
6.000%, 01/01/2041 | | | 214,882 | |
| | 100,000 | | | Central Texas Turnpike System, Series C, Refunding, Revenue Bond,
5.000%, 08/15/2029 | | | 112,485 | |
| | 200,000 | | | Dallas-Fort Worth International Airport, Series B, Revenue Bond,
5.000%, 11/01/2026 | | | 223,454 | |
| | 200,000 | | | New Hope Cultural Education Facilities Corp.,Series A-1, Revenue Bond,
5.000%, 07/01/2046 | | | 221,382 | |
| | 225,000 | | | North Texas Tollway Authority, Refunding, Revenue Bond,
4.000%, 01/01/2038 | | | 233,993 | |
| | 100,000 | | | North Texas Tollway Authority, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2029 | | | 115,428 | |
| | 100,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,
6.625%, 11/15/2037 | | | 113,513 | |
See notes to financial statements.
93
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | Texas (Continued) | |
| | | | | Texas Private Activity Surface Transportation Corp., Revenue Bond, | | | | |
| $ | 200,000 | | | 7.500%, 12/31/2031 | | $ | 208,538 | |
| | 200,000 | | | 7.500%, 06/30/2033 | | | 213,804 | |
| | 85,000 | | | 7.000%, 12/31/2038 | | | 99,878 | |
| | 115,000 | | | 6.750%, 06/30/2043 | | | 133,423 | |
| | | | | | |
|
|
|
| | | | | | | | 1,890,780 | |
| | | | | | |
|
|
|
| | | | | Utah - 2.59% | | | | |
| | 100,000 | | | Salt Lake City Corp. Airport, Series B, Revenue Bond,
5.000%, 07/01/2042 | | | 116,071 | |
| | 500,000 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
5.500%, 06/01/2022 | | | 539,910 | |
| | | | | | |
|
|
|
| | | | | | | | 655,981 | |
| | | | | | |
|
|
|
| | | | | Virginia - 2.22% | | | | |
| | 1,475,000 | | | Tobacco Settlement Financing Corp., Series C, Revenue Bond,
8.400%, 06/01/2047 (c) | | | 153,872 | |
| | 300,000 | | | Virginia College Building Educational Facilities Authority, Revenue Bond,
5.750%, 01/01/2034 | | | 407,067 | |
| | | | | | |
|
|
|
| | | | | | | | 560,939 | |
| | | | | | |
|
|
|
| | | | | Washington - 2.39% | | | | |
| | 325,000 | | | Central Puget Sound Regional Transit Authority, SeriesP-1, Refunding, Revenue Bond,
5.000%, 02/01/2027 | | | 354,793 | |
| | 250,000 | | | Washington Health Care Facilities Authority, Refunding, Revenue Bond,
6.375%, 10/01/2036 | | | 250,877 | |
| | | | | | |
|
|
|
| | | | | | | | 605,670 | |
| | | | | | |
|
|
|
| | | | | Wisconsin - 5.10% | | | | |
| | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2025 | | | 112,089 | |
| | 5,000 | | | Wisconsin Health & Educational Facilities Authority, Series A1, Revenue Bond,
4.000%, 07/01/2048 | | | 5,039 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Wisconsin (Continued) | | | | |
| $ | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Series C, Revenue Bond,
7.000%, 07/01/2043 | | $ | 100,035 | |
| | | | | Wisconsin Public Finance Authority, Refunding, Revenue Bond, | | | | |
| | 125,000 | | | 5.000%, 07/01/2022 | | | 131,305 | |
| | 150,000 | | | 5.750%, 10/01/2031 | | | 154,461 | |
| | 225,000 | | | 5.250%, 05/15/2047 | | | 237,613 | |
| | 10,000 | | | Wisconsin, Series 2, Prerefunded, GO,
5.000%, 05/01/2025 | | | 11,018 | |
| | 490,000 | | | Wisconsin, Series 2, Unrefunded, GO,
5.000%, 05/01/2025 | | | 539,172 | |
| | | | | | |
|
|
|
| | | | | | | | 1,290,732 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $23,447,632) | | | 24,771,217 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 0.48% | | | | |
| | | | | Money Market Funds - 0.48% | | | | |
| | 122,034 | | | Government TaxAdvantage Portfolio - Institutional Shares
Effective Yield, 2.30% (b) | | | 122,034 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $122,034) | | | 122,034 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $23,569,666) - 98.35% | | | 24,893,251 | |
| | | | | Other Assets in excess of Liabilities - 1.65% | | | 417,199 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 25,310,450 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Adjustable rate security - the rate is determined by the Remarketing Agent. |
| (b) | | Seven-day yield as of March 31, 2019. |
| (c) | | Zero coupon bond. The effective yield is listed. |
Glossary of Terms
| | | | |
| CMI | | - | | California Mortgage Insurance |
| GO | | - | | General Obligation |
See notes to financial statements.
94
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Principal Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGEOBLIGATIONS - 16.17% | |
| | 616,504 | | | Alternative Loan Trust
Series 2007-15CB, 6.000%, 07/25/2037 | | $ | 530,365 | |
| | 569,427 | | | Banc of America Funding Corp.
Series2007-3, 5.831%, 04/25/2037 (a) | | | 531,551 | |
| | 666,100 | | | Chase Mortgage Finance Trust
Series2007-S3, 6.000%, 05/25/2037 | | | 475,855 | |
| | | | | Credit Suisse Mortgage Capital Mortgage-Backed Trust | | | | |
| | 183,271 | | | Series2006-9, 6.000%, 11/25/2036 | | | 176,803 | |
| | 318,231 | | | Series2007-1, 6.000%, 02/25/2037 | | | 277,994 | |
| | 175,304 | | | DeutscheAlt-A Securities, Inc.
Mortgage Loan Trust
Series2006-AR1, 3.834%, 02/25/2036 (a) | | | 169,895 | |
| | 297,422 | | | First Horizon Alternative Mortgage Securities Trust
Series2007-FA4, 6.250%, 08/25/2037 | | | 226,168 | |
| | 308,824 | | | First Horizon Mortgage Pass-Through Trust
Series2007-4, 6.000%, 08/25/2037 | | | 248,738 | |
| | | | | GSR Mortgage Loan Trust | | | | |
| | 527,438 | | | Series2006-9F, 6.500%, 10/25/2036 | | | 427,431 | |
| | 205,519 | | | Series2007-4F, 6.000%, 07/25/2037 | | | 182,158 | |
| | 493,071 | | | IndyMac IMJA Mortgage Loan Trust
Series2007-A3, 6.250%, 11/25/2037 | | | 376,560 | |
| | 249,856 | | | IndyMac INDX Mortgage Loan Trust
Series2005-AR1, 4.252%, 03/25/2035 (a) | | | 250,650 | |
| | | | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | |
| | 5,302,842 | | | Series2012-C8, 1.778%, 10/17/2045 (a)(i) | | | 256,224 | |
| | 1,330 | | | Series 2007-LDP10,
5.322%, 01/15/2049 (a) | | | 1,333 | |
| | 389,169 | | | Lehman Mortgage Trust
Series2006-2, 5.750%, 04/25/2036 | | | 391,790 | |
| | 228,979 | | | MASTR Adjustable Rate Mortgages Trust
Series2006-2, 4.506%, 01/25/2036 (a) | | | 226,217 | |
| | | | | Morgan Stanley Mortgage Loan Trust | | | | |
| | 729,313 | | | Series2005-10, 6.000%, 12/25/2035 | | | 563,974 | |
| | 517,496 | | | Series2007-12, 6.250%, 08/25/2037 | | | 411,241 | |
| | | | | Residential Asset Securitization Trust | | | | |
| | 641,479 | | | Series2007-A2, 6.000%, 04/25/2037 | | | 560,066 | |
| | 484,435 | | | Series2007-A6, 6.000%, 06/25/2037 | | | 422,352 | |
| | 812,331 | | | Series2007-A7, 6.000%, 07/25/2037 | | | 527,558 | |
| | 801,906 | | | TBW Mortgage-Backed Trust
Series2006-6, 5.630%, 01/25/2037 (l) | | | 392,836 | |
| | 350,707 | | | Washington Mutual Asset-Backed Certificates Trust
2006-HE3, 2.641% (1 Month LIBOR USD + 0.155%, 0.155% Floor), 08/25/2036 (b) | | | 328,780 | |
| | 177,663 | | | Washington Mutual Mortgage Pass-Through Certificates Trust
Series2006-5, 6.000%, 07/25/2036 | | | 161,899 | |
| | 176,551 | | | Wells Fargo Alternative Loan Trust
Series2007-PA1, 6.000%, 03/25/2037 | | | 165,193 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations (Cost $10,115,683) | | | 8,283,631 | |
| | | | | | |
|
|
|
| | | | | COMMON STOCKS - 0.04% | |
| | | | | Air Freight & Logistics - 0.04% | |
| | 710 | | | Ceva Logistics AG (d) | | | 21,336 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Metals & Mining - 0.00% | |
| | 12,305,675 | | | K2016470219 - Class A (c)(d)(g)(h) | | $ | 0 | |
| | 1,336,186 | | | K2016470219 - Class B (c)(d)(g)(h) | | | 0 | |
| | | | | | |
|
|
|
| | | | | | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $94,273) | | | 21,336 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | CORPORATE OBLIGATIONS - 0.02% | | | | |
| | | | | Specialty Retail - 0.02% | | | | |
| | | | | K2016470219 South Africa, Ltd. | | | | |
| | 960,855 | | | 0.000% Cash or 3.000% PIK,
12/31/2022 (e) | | | 2,931 | |
| | 181,097 | | | 0.000% Cash or 8.000% PIK,
12/31/2022 (e) | | | 619 | |
| | 224,747 | | | K2016470260 South Africa, Ltd.
0.000% Cash or 25.000% PIK,
12/31/2022 (e) | | | 8,428 | |
| | | | | | |
|
|
|
| | | | | | | | 11,978 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations (Cost $2,031,998) | | | 11,978 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS - 32.34% | |
| | 20,000 | | | Argentina POM Politica Monetaria 54.470% (ARLLMONP + 0.000%), 06/21/2020 (b) | | | 510 | |
| | | | | Argentina Treasury Bill | | | | |
| | 8,517,000 | | | 43.900%, 04/30/2020 (f) | | | 218,753 | |
| | 134,000 | | | 2.820%, 07/31/2020 (f) | | | 3,015 | |
| | | | | Argentine Bonos del Tesoro | | | | |
| | 6,954,000 | | | 18.200%, 10/03/2021 | | | 113,828 | |
| | 10,209,900 | | | 16.000%, 10/17/2023 | | | 174,521 | |
| | 22,986,100 | | | 15.500%, 10/17/2026 | | | 359,676 | |
| | 9,000 | | | Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/2020 (n) | | | 307 | |
| | 90,000 | | | Bonos de la Nacion Argentina en Moneda Dua 4.500%, 02/13/2020 | | | 86,175 | |
| | 5,100,000 | | | Brazil Letras do Tesouro Nacional
7.360%, 07/01/2021 (f) | | | 1,109,161 | |
| | 160,000,000 | | | Colombia Government International Bond 7.750%, 04/14/2021 | | | 52,539 | |
| | | | | Colombian TES | | | | |
| | 583,000,000 | | | 10.000%, 07/24/2024 | | | 218,228 | |
| | 296,500,000 | | | 7.500%, 08/26/2026 | | | 100,597 | |
| | 342,500,000 | | | 6.000%, 04/28/2028 | | | 104,584 | |
| | 1,946,000,000 | | | 7.750%, 09/18/2030 | | | 665,291 | |
| | | | | Ghana Government Bond | | | | |
| | 300,000 | | | 18.750%, 01/24/2022 | | | 57,359 | |
| | 200,000 | | | 16.500%, 02/06/2023 | | | 35,680 | |
| | 300,000 | | | 19.750%, 03/25/2024 | | | 57,392 | |
| | 910,000 | | | 19.750%, 03/15/2032 | | | 163,032 | |
| | | | | Ghana Treasury Note | | | | |
| | 290,000 | | | 19.950%, 05/06/2019 | | | 55,349 | |
| | 460,000 | | | 16.500%, 02/17/2020 | | | 87,128 | |
| | 120,000 | | | 16.500%, 03/16/2020 | | | 22,628 | |
| | | | | India Government Bond | | | | |
| | 44,000,000 | | | 8.150%, 06/11/2022 | | | 660,492 | |
| | 7,000,000 | | | 8.080%, 08/02/2022 | | | 104,947 | |
See notes to financial statements.
95
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS (Continued) | |
| | 2,000,000 | | | 6.840%, 12/19/2022 | | $ | 28,937 | |
| | 74,000,000 | | | 8.830%, 11/25/2023 | | | 1,147,958 | |
| | 15,000,000 | | | 7.680%, 12/15/2023 | | | 223,046 | |
| | | | | Indonesia Treasury Bond | | | | |
| | 9,416,000,000 | | | 8.250%, 07/15/2021 | | | 683,196 | |
| | 1,500,000,000 | | | 7.000%, 05/15/2022 | | | 105,649 | |
| | 890,000,000 | | | 5.625%, 05/15/2023 | | | 59,461 | |
| | 25,441,000,000 | | | 8.375%, 09/15/2026 | | | 1,879,043 | |
| | 606,000,000 | | | 9.000%, 03/15/2029 | | | 46,404 | |
| | 140,000,000 | | | 10.500%, 08/15/2030 | | | 11,775 | |
| | 1,689,000,000 | | | 8.750%, 05/15/2031 | | | 126,914 | |
| | 647,000,000 | | | 8.375%, 03/15/2034 | | | 46,751 | |
| | | | | Korea Treasury Bond | | | | |
| | 210,000,000 | | | 4.250%, 06/10/2021 | | | 195,029 | |
| | 581,500,000 | | | 3.375%, 09/10/2023 | | | 547,774 | |
| | 459,000,000 | | | 3.500%, 03/10/2024 | | | 437,126 | |
| | 267,000,000 | | | 3.000%, 09/10/2024 | | | 249,998 | |
| | | | | Mexican Bonos | | | | |
| | 378,200 | | | 5.000%, 12/11/2019 | | | 1,909,291 | |
| | 11,000 | | | 8.000%, 06/11/2020 | | | 56,884 | |
| | 7,600 | | | 6.500%, 06/10/2021 | | | 38,164 | |
| | 28,200 | | | 7.250%, 12/09/2021 | | | 143,347 | |
| | 700 | | | 8.000%, 12/07/2023 | | | 3,633 | |
| | | | | Mexican Udibonos | | | | |
| | 16,593 | | | 4.000%, 06/13/2019 (j) | | | 84,715 | |
| | 13,713 | | | 2.500%, 12/10/2020 (j) | | | 68,992 | |
| | | | | Nota Do Tesouro Nacional | | | | |
| | 2,065 | | | 10.000%, 01/01/2021 | | | 550,490 | |
| | 120 | | | 10.000%, 01/01/2023 | | | 32,368 | |
| | 1,630 | | | 10.000%, 01/01/2025 | | | 441,554 | |
| | 5,220 | | | 10.000%, 01/01/2027 | | | 1,413,342 | |
| | | | | Philippine Government Bond | | | | |
| | 11,010,000 | | | 3.875%, 11/22/2019 | | | 206,917 | |
| | 15,690,000 | | | 3.375%, 08/20/2020 | | | 288,936 | |
| | | | | Republic of Ghana Government Bond | | | | |
| | 1,810,000 | | | 16.250%, 05/17/2021 | | | 334,136 | |
| | 200,000 | | | 24.500%, 06/21/2021 | | | 42,286 | |
| | 390,000 | | | 24.750%, 07/19/2021 | | | 82,048 | |
| | 99,000 | | | 19.500%, 10/18/2021 | | | 18,939 | |
| | 150,000 | | | 16.250%, 04/07/2025 | | | 25,840 | |
| | 910,000 | | | 19.000%, 11/02/2026 | | | 173,169 | |
| | 647,000 | | | Ukraine Government International Bond 0.000%, 05/31/2040 (e)(n) | | | 414,497 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations (Cost $18,915,080) | | | 16,569,801 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 17.92% | |
| | 456,176 | | | Federal Home Loan Mortgage Corp.
Series 4768, 2.784% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 03/15/2048 (b) | | | 451,816 | |
| | | | | Federal National Mortgage Association | | | | |
| | 537,745 | | | Pool #1201, 3.500%, 10/01/2032 | | | 553,140 | |
| | 252,573 | | | Pool#2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 6.000% Cap, 0.000% Floor), 08/25/2033 (b)(m) | | | 275,239 | |
| | 22,295 | | | Pool#2011-113, 4.000%, 03/25/2040 | | | 22,306 | |
| | 463,901 | | | Pool#2012-63, 2.000%, 08/25/2040 | | | 456,497 | |
| | 956,785 | | | Pool#2014-95, 3.000%, 04/25/2041 | | | 958,802 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 445,544 | | | Pool#2012-150, 1.750%, 01/25/2043 | | $ | 429,154 | |
| | 688,322 | | | Pool#2018-23, 2.750%, 12/25/2043 | | | 685,310 | |
| | 169,379 | | | Series 9003, 3.000%, 11/01/2046 | | | 168,916 | |
| | 541,451 | | | Series 0862, 3.500%, 09/01/2047 | | | 549,997 | |
| | 450,508 | | | Pool#2018-27, 3.000%, 12/25/2047 | | | 446,995 | |
| | 442,978 | | | Pool #3392, 4.000%, 01/01/2048 | | | 457,763 | |
| | 946,956 | | | Series 3332, 3.500%, 04/01/2048 | | | 961,842 | |
| | 470,636 | | | Pool#2018-31, 2.786% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 05/25/2048 (b) | | | 465,876 | |
| | 458,717 | | | Pool#2018-36, 3.000%, 06/25/2048 | | | 457,898 | |
| | 435,160 | | | Pool#2018-38, 3.000%, 06/25/2048 | | | 436,258 | |
| | 484,093 | | | Pool #3414, 3.500%, 07/01/2048 | | | 491,698 | |
| | | | | Government National Mortgage Association | | | | |
| | 549,275 | | | Pool#2010-62, 3.262% (1 Month LIBOR USD + 5.750%, 5.750% Cap, 0.000% Floor), 05/20/2040 (b)(i)(m) | | | 63,567 | |
| | 558,126 | | | Pool#2011-72, 2.892% (1 Month LIBOR USD + 5.380%, 5.380% Cap, 0.000% Floor), 05/20/2041 (b)(i)(m) | | | 71,366 | |
| | 628,361 | | | Pool#2012-40, 4.000%, 01/20/2042 | | | 663,883 | |
| | 1,058,687 | | | Pool#2013-113, 3.762% (1 Month LIBOR USD + 6.250%, 6.250% Cap, 0.000% Floor), 03/20/2043 (b)(i)(m) | | | 113,043 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $9,107,131) | | | 9,181,366 | |
| | | | | | |
|
|
|
| | |
Notional
Amount
| | | | | | |
| | | | | Purchased Options - 0.00% | | | | |
| | | | | Options on Currency Contracts | | | | |
| | | | | Put Options | | | | |
| $ | 3,000 | | | Australian Dollar - U.S. Dollar Counterparty: Goldman Sachs
Expiration: Dec, 2019
Exercise Price: $0.68 | | | 32 | |
| | | | | | |
|
|
|
| | | | | Total Purchased Options
(Cost $32) | | | 32 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | WARRANTS - 0.00% | | | | |
| | | | | Textiles, Apparel & Luxury Goods - 0.00% | | | | |
| | 361 | | | Edcon Holdings, Ltd. F -
Expiration: December, 2049 (c)(d)(g)(h) | | | 0 | |
| | 6,464,770 | | | Edcon Holdings, Ltd. F1 -
Expiration: December, 2049 (c)(d)(g)(h) | | | 0 | |
| | 523,517 | | | Edcon Holdings, Ltd. F2 -
Expiration: December, 2049 (c)(d)(g)(h) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Warrants
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | |
Principal Amount
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 30.54% | |
| | | | | Foreign Government Debt Obligation - 5.51% | |
| | | | | Argentina Treasury Bill | | | | |
| | 1,750,000 | | | 42.490%, 04/30/2019 (f) | | | 49,790 | |
| | 211,000 | | | 46.310%, 05/10/2019 (f) | | | 5,013 | |
| | 11,553,000 | | | 48.600%, 05/31/2019 (f) | | | 318,044 | |
See notes to financial statements.
96
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS (Continued) | |
| | | | | Foreign Government Debt Obligation (Continued) | |
| | 867,000 | | | 48.460%, 06/28/2019 (f) | | $ | 22,016 | |
| | 9,164,000 | | | 50.260%, 09/30/2019 (f) | | | 255,975 | |
| | 4,870,000 | | | 49.260%, 10/31/2019 (f) | | | 130,417 | |
| | 10,000 | | | 49.200%, 02/28/2020 (f) | | | 218 | |
| | | | | Mexico Cetes | | | | |
| | 1,707,610 | | | 7.750%, 05/23/2019 (f) | | | 870,262 | |
| | 472,300 | | | 8.400%, 06/06/2019 (f) | | | 239,661 | |
| | 395,250 | | | 8.350%, 07/04/2019 (f) | | | 199,310 | |
| | 191,300 | | | 8.330%, 07/18/2019 (f) | | | 96,171 | |
| | 324,300 | | | 8.270%, 09/12/2019 (f) | | | 161,057 | |
| | 177,110 | | | 8.230%, 11/07/2019 (f) | | | 86,908 | |
| | 298,410 | | | 8.210%, 01/02/2020 (f) | | | 144,705 | |
| | 511,760 | | | 8.190%, 02/27/2020 (f) | | | 245,230 | |
| | | | | | |
|
|
|
| | | | | | | | 2,824,777 | |
| | | | | | |
|
|
|
| | |
Number of Shares
| | | | | | |
| | | | | Money Market Funds - 11.53% | | | | |
| | 5,905,671 | | | DWS Government Money Market
Series - Institutional Shares
Effective Yield, 2.44% (k) | | | 5,905,671 | |
| | | | | | |
|
|
|
| | |
Principal Amount
| | | | | | |
| | | | | United States Treasury Bills - 13.50% | | | | |
| | | | | United States Treasury Bill | | | | |
| | 1,600,000 | | | 2.330%, 06/06/2019 (f) | | | 1,593,092 | |
| | 5,350,000 | | | 2.340%, 06/20/2019 (f) | | | 5,321,954 | |
| | | | | | |
|
|
|
| | | | | | | | 6,915,046 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $15,596,117) | | | 15,645,494 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $55,860,314) - 97.03% | | | 49,713,638 | |
| | | | | Other Assets in Excess of
Liabilities - 2.97% | | | 1,521,250 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 51,234,888 | |
| | | | | | |
|
|
|
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 March 31, 2019. |
| (b) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2019. |
| (c) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% 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 exemption from registration. The value of these securities total $426,475, which represents 0.83% of total net assets. |
| (f) | | Zero Coupon Bond. The effective yield is listed. |
| (g) | | As of March 31, 2019, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets. |
| (h) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (i) | | Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. Theyield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2019. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $504,200, which represents 0.98% of total net assets. |
| (j) | | Represents an inflation protected security. |
| (k) | | Seven-day yield as of March 31, 2019. |
| (l) | | Step-up bond; the interest rate shown is the rate in effect as of March 31, 2019. |
| (m) | | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. |
| (n) | | Variable rate security. The coupon rate will be 0.00% until the year 2021. The effective yield is listed. |
Glossary of Terms
| | | | |
| ARLLMONP | | - | | Argentina Blended Policy Rate |
| LIBOR | | - | | London Interbank Offered Rate |
| PIK | | - | | Payment In Kind |
See notes to financial statements.
97
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2019
| | | | | | | | | | | | | | | | | | |
Forward
Expiration Date
| | Counterparty
| | Currency to be received
| | Amount of
Currency to
be received
| | | Currency to be delivered
| | Amount of
Currency to
be delivered
| | | Unrealized
Appreciation
(Depreciation)
| |
| 4/3/2019 | | BNP Paribas | | Argentine Peso | | | 5,430,491 | | | U.S. Dollar | | | 128,990 | | | $ | (4,594 | ) |
| 4/3/2019 | | HSBC | | Argentine Peso | | | 11,637,538 | | | U.S. Dollar | | | 274,104 | | | | (7,524 | ) |
| 4/3/2019 | | Goldman Sachs | | Argentine Peso | | | 2,741,043 | | | U.S. Dollar | | | 64,495 | | | | (1,706 | ) |
| 5/2/2019 | | HSBC | | Argentine Peso | | | 11,637,538 | | | U.S. Dollar | | | 258,612 | | | | (2,037 | ) |
| 5/3/2019 | | Goldman Sachs | | Argentine Peso | | | 2,741,043 | | | U.S. Dollar | | | 60,336 | | | | 16 | |
| 7/1/2019 | | BNP Paribas | | Argentine Peso | | | 5,430,491 | | | U.S. Dollar | | | 111,338 | | | | (935 | ) |
| 6/21/2019 | | Citibank | | Brazilian Real | | | 3,300,000 | | | Euro | | | 757,750 | | | | (18,538 | ) |
| 4/3/2019 | | Citibank | | Euro | | | 2,146,074 | | | Mexican Peso | | | 46,884,480 | | | | (5,131 | ) |
| 7/15/2019 | | Citibank | | Euro | | | 752,228 | | | Mexican Peso | | | 16,860,600 | | | | (2,172 | ) |
| 4/4/2019 | | HSBC | | Indian Rupee | | | 805,000 | | | U.S. Dollar | | | 11,689 | | | | (79 | ) |
| 4/3/2019 | | Citibank | | Mexican Peso | | | 46,884,480 | | | Euro | | | 2,075,453 | | | | 84,383 | |
| 7/15/2019 | | Citibank | | Mexican Peso | | | 16,860,600 | | | Euro | | | 728,863 | | | | 28,623 | |
| 4/29/2019 | | HSBC | | South Korea Won | | | 195,000,000 | | | U.S. Dollar | | | 173,727 | | | | (1,779 | ) |
| 4/3/2019 | | Goldman Sachs | | U.S. Dollar | | | 62,767 | | | Argentine Peso | | | 2,741,043 | | | | (22 | ) |
| 4/3/2019 | | BNP Paribas | | U.S. Dollar | | | 124,983 | | | Argentine Peso | | | 5,430,491 | | | | 587 | |
| 4/3/2019 | | HSBC | | U.S. Dollar | | | 268,146 | | | Argentine Peso | | | 11,637,538 | | | | 1,565 | |
| 4/11/2019 | | JP Morgan Chase | | U.S. Dollar | | | 176,213 | | | Australian Dollar | | | 245,500 | | | | 1,849 | |
| 4/15/2019 | | Citibank | | U.S. Dollar | | | 154,379 | | | Australian Dollar | | | 218,512 | | | | (829 | ) |
| 4/15/2019 | | JP Morgan Chase | | U.S. Dollar | | | 244,239 | | | Australian Dollar | | | 339,000 | | | | 3,450 | |
| 4/15/2019 | | JP Morgan Chase | | U.S. Dollar | | | 353,063 | | | Australian Dollar | | | 491,000 | | | | 4,309 | |
| 4/23/2019 | | JP Morgan Chase | | U.S. Dollar | | | 536,144 | | | Australian Dollar | | | 744,500 | | | | 7,250 | |
| 5/13/2019 | | Citibank | | U.S. Dollar | | | 154,036 | | | Australian Dollar | | | 217,744 | | | | (708 | ) |
| 5/13/2019 | | JP Morgan Chase | | U.S. Dollar | | | 173,850 | | | Australian Dollar | | | 245,500 | | | | (621 | ) |
| 5/15/2019 | | Citibank | | U.S. Dollar | | | 154,887 | | | Australian Dollar | | | 217,744 | | | | 136 | |
| 5/15/2019 | | JP Morgan Chase | | U.S. Dollar | | | 241,100 | | | Australian Dollar | | | 339,000 | | | | 173 | |
| 5/21/2019 | | Citibank | | U.S. Dollar | | | 264,087 | | | Australian Dollar | | | 370,000 | | | | 1,098 | |
| 5/22/2019 | | JP Morgan Chase | | U.S. Dollar | | | 533,345 | | | Australian Dollar | | | 744,500 | | | | 4,158 | |
| 4/8/2019 | | Deutsche Bank | | U.S. Dollar | | | 211,072 | | | Euro | | | 183,683 | | | | 4,851 | |
| 4/8/2019 | | Bank of America | | U.S. Dollar | | | 352,608 | | | Euro | | | 310,151 | | | | 4,401 | |
| 4/10/2019 | | Citibank | | U.S. Dollar | | | 2,444,617 | | | Euro | | | 2,146,074 | | | | 34,814 | |
| 4/11/2019 | | Barclays | | U.S. Dollar | | | 212,872 | | | Euro | | | 189,000 | | | | 628 | |
| 4/15/2019 | | Citibank | | U.S. Dollar | | | 71,731 | | | Euro | | | 63,594 | | | | 292 | |
| 4/23/2019 | | Deutsche Bank | | U.S. Dollar | | | 50,501 | | | Euro | | | 44,000 | | | | 1,039 | |
| 4/23/2019 | | Goldman Sachs | | U.S. Dollar | | | 130,221 | | | Euro | | | 113,352 | | | | 2,800 | |
| 4/24/2019 | | Deutsche Bank | | U.S. Dollar | | | 90,365 | | | Euro | | | 78,923 | | | | 1,638 | |
| 4/24/2019 | | UBS | | U.S. Dollar | | | 232,810 | | | Euro | | | 203,500 | | | | 4,032 | |
| 4/25/2019 | | Deutsche Bank | | U.S. Dollar | | | 50,411 | | | Euro | | | 44,000 | | | | 941 | |
| 4/25/2019 | | JP Morgan Chase | | U.S. Dollar | | | 68,885 | | | Euro | | | 60,167 | | | | 1,239 | |
| 4/29/2019 | | Goldman Sachs | | U.S. Dollar | | | 26,205 | | | Euro | | | 22,812 | | | | 548 | |
| 4/30/2019 | | HSBC | | U.S. Dollar | | | 39,271 | | | Euro | | | 34,118 | | | | 895 | |
| 4/30/2019 | | JP Morgan Chase | | U.S. Dollar | | | 302,713 | | | Euro | | | 263,000 | | | | 6,892 | |
| 4/30/2019 | | Deutsche Bank | | U.S. Dollar | | | 384,589 | | | Euro | | | 333,733 | | | | 9,208 | |
| 5/2/2019 | | Citibank | | U.S. Dollar | | | 76,830 | | | Euro | | | 66,790 | | | | 1,691 | |
| 5/6/2019 | | BNP Paribas | | U.S. Dollar | | | 2,132,608 | | | Euro | | | 1,845,000 | | | | 56,257 | |
| 5/20/2019 | | JP Morgan Chase | | U.S. Dollar | | | 68,405 | | | Euro | | | 60,167 | | | | 609 | |
| 5/21/2019 | | Goldman Sachs | | U.S. Dollar | | | 129,226 | | | Euro | | | 113,324 | | | | 1,521 | |
| 5/21/2019 | | JP Morgan Chase | | U.S. Dollar | | | 169,000 | | | Euro | | | 148,667 | | | | 1,468 | |
| 5/21/2019 | | Bank of America | | U.S. Dollar | | | 364,314 | | | Euro | | | 319,000 | | | | 4,834 | |
| 5/21/2019 | | Citibank | | U.S. Dollar | | | 1,848,509 | | | Euro | | | 1,620,000 | | | | 22,937 | |
| 5/28/2019 | | Goldman Sachs | | U.S. Dollar | | | 78,038 | | | Euro | | | 68,188 | | | | 1,150 | |
| 5/28/2019 | | Morgan Stanley | | U.S. Dollar | | | 101,159 | | | Euro | | | 88,500 | | | | 1,366 | |
| 5/31/2019 | | Deutsche Bank | | U.S. Dollar | | | 381,843 | | | Euro | | | 333,864 | | | | 5,285 | |
| 6/4/2019 | | Bank of America | | U.S. Dollar | | | 214,005 | | | Euro | | | 186,500 | | | | 3,587 | |
| 6/7/2019 | | Deutsche Bank | | U.S. Dollar | | | 209,338 | | | Euro | | | 183,683 | | | | 2,047 | |
| 6/7/2019 | | Bank of America | | U.S. Dollar | | | 354,275 | | | Euro | | | 310,348 | | | | 4,038 | |
| 6/18/2019 | | Deutsche Bank | | U.S. Dollar | | | 13,666 | | | Euro | | | 12,000 | | | | 112 | |
| 7/22/2019 | | Citibank | | U.S. Dollar | | | 359,314 | | | Euro | | | 314,223 | | | | 3,378 | |
| 7/23/2019 | | Citibank | | U.S. Dollar | | | 277,442 | | | Euro | | | 242,600 | | | | 2,614 | |
| 9/6/2019 | | Citibank | | U.S. Dollar | | | 219,069 | | | Euro | | | 190,790 | | | | 2,119 | |
See notes to financial statements.
98
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)
March 31, 2019
| | | | | | | | | | | | | | | | | | |
Forward
Expiration Date
| | Counterparty
| | Currency to be received
| | Amount of
Currency to
be received
| | | Currency to be delivered
| | Amount of
Currency to
be delivered
| | | Unrealized
Appreciation
(Depreciation)
| |
| 9/23/2019 | | Goldman Sachs | | U.S. Dollar | | | 130,682 | | | Euro | | | 113,324 | | | $ | 1,636 | |
| 4/4/2019 | | HSBC | | U.S. Dollar | | | 11,246 | | | Indian Rupee | | | 805,000 | | | | (363 | ) |
| 4/5/2019 | | BNP Paribas | | U.S. Dollar | | | 13,157 | | | Indian Rupee | | | 943,600 | | | | (449 | ) |
| 4/11/2019 | | HSBC | | U.S. Dollar | | | 65,505 | | | Indian Rupee | | | 4,664,162 | | | | (1,686 | ) |
| 4/15/2019 | | Citibank | | U.S. Dollar | | | 112,938 | | | Indian Rupee | | | 8,056,000 | | | | (3,043 | ) |
| 4/15/2019 | | HSBC | | U.S. Dollar | | | 112,941 | | | Indian Rupee | | | 8,048,948 | | | | (2,939 | ) |
| 4/16/2019 | | Citibank | | U.S. Dollar | | | 5,880 | | | Indian Rupee | | | 420,000 | | | | (166 | ) |
| 5/20/2019 | | HSBC | | U.S. Dollar | | | 74,146 | | | Indian Rupee | | | 5,330,000 | | | | (2,234 | ) |
| 5/22/2019 | | JP Morgan Chase | | U.S. Dollar | | | 78,356 | | | Indian Rupee | | | 5,651,000 | | | | (2,605 | ) |
| 5/28/2019 | | JP Morgan Chase | | U.S. Dollar | | | 16,816 | | | Indian Rupee | | | 1,212,000 | | | | (536 | ) |
| 6/6/2019 | | HSBC | | U.S. Dollar | | | 11,133 | | | Indian Rupee | | | 802,000 | | | | (337 | ) |
| 6/6/2019 | | BNP Paribas | | U.S. Dollar | | | 13,222 | | | Indian Rupee | | | 951,400 | | | | (386 | ) |
| 6/11/2019 | | HSBC | | U.S. Dollar | | | 111,686 | | | Indian Rupee | | | 8,006,483 | | | | (2,768 | ) |
| 6/11/2019 | | JP Morgan Chase | | U.S. Dollar | | | 127,654 | | | Indian Rupee | | | 9,051,000 | | | | (1,731 | ) |
| 6/12/2019 | | BNP Paribas | | U.S. Dollar | | | 188,120 | | | Indian Rupee | | | 13,361,000 | | | | (2,857 | ) |
| 6/14/2019 | | HSBC | | U.S. Dollar | | | 56,668 | | | Indian Rupee | | | 4,017,472 | | | | (744 | ) |
| 6/14/2019 | | JP Morgan Chase | | U.S. Dollar | | | 193,674 | | | Indian Rupee | | | 13,654,000 | | | | (1,449 | ) |
| 6/17/2019 | | JP Morgan Chase | | U.S. Dollar | | | 74,626 | | | Indian Rupee | | | 5,266,000 | | | | (603 | ) |
| 6/17/2019 | | HSBC | | U.S. Dollar | | | 113,312 | | | Indian Rupee | | | 8,014,000 | | | | (1,175 | ) |
| 6/18/2019 | | HSBC | | U.S. Dollar | | | 88,842 | | | Indian Rupee | | | 6,254,000 | | | | (493 | ) |
| 6/18/2019 | | Citibank | | U.S. Dollar | | | 91,232 | | | Indian Rupee | | | 6,467,000 | | | | (1,145 | ) |
| 6/19/2019 | | JP Morgan Chase | | U.S. Dollar | | | 80,500 | | | Indian Rupee | | | 5,670,000 | | | | (484 | ) |
| 6/19/2019 | | Citibank | | U.S. Dollar | | | 171,743 | | | Indian Rupee | | | 12,042,000 | | | | (250 | ) |
| 6/20/2019 | | JP Morgan Chase | | U.S. Dollar | | | 69,900 | | | Indian Rupee | | | 4,871,000 | | | | 336 | |
| 6/20/2019 | | Citibank | | U.S. Dollar | | | 168,519 | | | Indian Rupee | | | 11,738,000 | | | | 885 | |
| 7/5/2019 | | HSBC | | U.S. Dollar | | | 11,550 | | | Indian Rupee | | | 805,000 | | | | 71 | |
| 7/22/2019 | | HSBC | | U.S. Dollar | | | 70,024 | | | Indian Rupee | | | 5,102,000 | | | | (2,607 | ) |
| 4/8/2019 | | JP Morgan Chase | | U.S. Dollar | | | 158,099 | | | Japanese Yen | | | 17,142,239 | | | | 3,299 | |
| 4/8/2019 | | Deutsche Bank | | U.S. Dollar | | | 369,632 | | | Japanese Yen | | | 40,134,658 | | | | 7,205 | |
| 4/10/2019 | | Goldman Sachs | | U.S. Dollar | | | 182,931 | | | Japanese Yen | | | 19,732,000 | | | | 4,712 | |
| 4/11/2019 | | HSBC | | U.S. Dollar | | | 43,340 | | | Japanese Yen | | | 4,825,360 | | | | (246 | ) |
| 4/12/2019 | | Deutsche Bank | | U.S. Dollar | | | 141,672 | | | Japanese Yen | | | 15,700,000 | | | | (157 | ) |
| 4/15/2019 | | Deutsche Bank | | U.S. Dollar | | | 2,294,438 | | | Japanese Yen | | | 254,142,270 | | | | (2,051 | ) |
| 4/16/2019 | | JP Morgan Chase | | U.S. Dollar | | | 409,518 | | | Japanese Yen | | | 43,970,000 | | | | 12,158 | |
| 4/16/2019 | | HSBC | | U.S. Dollar | | | 440,558 | | | Japanese Yen | | | 47,460,000 | | | | 11,658 | |
| 4/18/2019 | | HSBC | | U.S. Dollar | | | 478,076 | | | Japanese Yen | | | 53,310,000 | | | | (3,782 | ) |
| 4/22/2019 | | Citibank | | U.S. Dollar | | | 196,592 | | | Japanese Yen | | | 21,865,000 | | | | (1,115 | ) |
| 4/25/2019 | | JP Morgan Chase | | U.S. Dollar | | | 906,275 | | | Japanese Yen | | | 99,485,000 | | | | 6,459 | |
| 4/26/2019 | | Deutsche Bank | | U.S. Dollar | | | 528,107 | | | Japanese Yen | | | 58,278,342 | | | | 826 | |
| 4/26/2019 | | Citibank | | U.S. Dollar | | | 325,476 | | | Japanese Yen | | | 35,670,000 | | | | 2,820 | |
| 5/7/2019 | | BNP Paribas | | U.S. Dollar | | | 798,923 | | | Japanese Yen | | | 88,730,000 | | | | (4,336 | ) |
| 5/28/2019 | | JP Morgan Chase | | U.S. Dollar | | | 43,951 | | | Japanese Yen | | | 4,875,000 | | | | (245 | ) |
| 5/31/2019 | | JP Morgan Chase | | U.S. Dollar | | | 68,636 | | | Japanese Yen | | | 7,550,000 | | | | 173 | |
| 6/4/2019 | | JP Morgan Chase | | U.S. Dollar | | | 1,461,018 | | | Japanese Yen | | | 161,142,239 | | | | (677 | ) |
| 6/18/2019 | | Bank of America | | U.S. Dollar | | | 135,466 | | | Japanese Yen | | | 15,015,000 | | | | (884 | ) |
| 6/18/2019 | | JP Morgan Chase | | U.S. Dollar | | | 166,928 | | | Japanese Yen | | | 18,500,000 | | | | (1,068 | ) |
| 4/29/2019 | | HSBC | | U.S. Dollar | | | 241,287 | | | South Korea Won | | | 270,856,853 | | | | 2,450 | |
| 5/13/2019 | | JP Morgan Chase | | U.S. Dollar | | | 353,419 | | | South Korea Won | | | 400,000,000 | | | | 546 | |
| 5/28/2019 | | Citibank | | U.S. Dollar | | | 33,008 | | | South Korea Won | | | 37,117,606 | | | | 248 | |
| 6/7/2019 | | Goldman Sachs | | U.S. Dollar | | | 936,766 | | | South Korea Won | | | 1,037,000,000 | | | | 21,201 | |
| 8/26/2019 | | Citibank | | U.S. Dollar | | | 14,022 | | | South Korea Won | | | 15,718,394 | | | | 106 | |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | 311,331 | |
| | | | | | | | | | | | | | | | |
|
|
|
See notes to financial statements.
99
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
INTEREST RATE SWAPS
March 31, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive
Floating Rate
| | Floating
Rate Index
| | | Floating
Payment
Frequency
| | | Fixed
Pay
Rate
| | Fixed
Payment
Frequency
| | Maturity
Date
| | | Counterparty
| | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 3.848% | | Semi-Annual | | | 8/22/2043 | | | JP Morgan Chase | | $ | 4,170,000 | | | $ | (982,524 | ) | | $ | 0 | | | $ | (982,524 | ) |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 2.587% | | Semi-Annual | | | 7/27/2047 | | | Citibank | | | 1,100,000 | | | | (112 | ) | | | 0 | | | | (112 | ) |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 1.973% | | Semi-Annual | | | 1/27/2025 | | | Citibank | | | 360,000 | | | | 6,566 | | | | 0 | | | | 6,566 | |
Receive | | | 3-MO-USD-LIBOR | | | | Quarterly | | | 2.980% | | Semi-Annual | | | 2/20/2048 | | | Citibank | | | 274,000 | | | | (22,680 | ) | | | 0 | | | | (22,680 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 3.002% | | Semi-Annual | | | 2/22/2048 | | | HSBC | | | 274,000 | | | | (23,960 | ) | | | 0 | | | | (23,960 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 3.019% | | Semi-Annual | | | 2/23/2048 | | | HSBC | | | 274,000 | | | | (24,944 | ) | | | 0 | | | | (24,944 | ) |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 1.914% | | Semi-Annual | | | 1/22/2025 | | | HSBC | | | 196,000 | | | | 4,187 | | | | 0 | | | | 4,187 | |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 1.817% | | Semi-Annual | | | 2/3/2025 | | | Citibank | | | 120,000 | | | | 3,230 | | | | 0 | | | | 3,230 | |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 1.942% | | Semi-Annual | | | 1/30/2025 | | | Citibank | | | 80,000 | | | | 1,599 | | | | 0 | | | | 1,599 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,038,638 | ) | | $ | 0 | | | $ | (1,038,638 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| * | | Centrally cleared swap, clearing agent: JP Morgan Chase |
| ** | | Centrally cleared swap, clearing agent: Citibank |
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2019
| | | | | | | | |
Notional
Amount
| | | | | Value
| |
| | | | | Options on Currency Contracts Call Options | | | | |
| $ | 3,000 | | | Australian Dollar - U.S. Dollar
Counterparty: Goldman Sachs
Expiration: Dec, 2019
Exercise Price: $0.74 | | $ | 30 | |
| | | | | | |
|
|
|
| | | | | Total Written Options (Premiums Received $30) | | $ | 30 | |
| | | | | | |
|
|
|
See notes to financial statements.
100
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.92% | |
| | | | | Exchange Traded Funds - 79.99% | |
| | 212,163 | | | iShares Core MSCI EAFE ETF (a) | | $ | 12,893,146 | |
| | 907,640 | | | iShares Core MSCI Emerging Markets ETF | | | 46,934,064 | |
| | 657,605 | | | iShares Core S&PSmall-Cap ETF (a) | | | 50,734,226 | |
| | 535,020 | | | iShares MSCI Canada ETF (a) | | | 14,787,953 | |
| | 258,578 | | | iShares MSCI Switzerland ETF (a) | | | 9,145,904 | |
| | 1,157,429 | | | Schwab U.S.Large-Cap ETF | | | 78,253,775 | |
| | 330,486 | | | Schwab U.S.Large-Cap Growth ETF (a) | | | 26,250,503 | |
| | 398,374 | | | SPDR S&P 600 Small Cap Growth ETF (a) | | | 23,782,928 | |
| | 228,337 | | | SPDR S&P China ETF (a) | | | 22,902,201 | |
| | 62,110 | | | Vanguard FTSE All Worldex-USSmall-Cap ETF | | | 6,467,514 | |
| | 3,114,552 | | | Vanguard FTSE Developed Markets ETF (a) | | | 127,291,740 | |
| | 158,241 | | | Vanguard Globalex-U.S. Real Estate ETF | | | 9,426,416 | |
| | 164,722 | | | Vanguard Real Estate ETF | | | 14,315,989 | |
| | 169,236 | | | Vanguard Russell 1000 Growth ETF (a) | | | 26,312,813 | |
| | 45,621 | | | Vanguard Russell 2000 Growth | | | 6,521,522 | |
| | 593,785 | | | Vanguard S&P 500 ETF | | | 154,110,959 | |
| | 44,445 | | | Vanguard Value ETF | | | 4,783,615 | |
| | | | | | |
|
|
|
| | | | | | | | 634,915,268 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 18.93% | |
| | 824,566 | | | AMCAP Fund - Class F3 | | | 25,957,332 | |
| | 774,687 | | | American Funds - EuroPacific Growth Fund - Class F3 | | | 39,493,561 | |
| | 444,000 | | | American Funds - Fundamental Investors - Class F3 | | | 25,911,858 | |
| | 535,447 | | | American Funds - The Growth Fund of America - Class F3 | | | 26,049,508 | |
| | 523,616 | | | American Funds - The Investment Company of America - Class F3 | | | 19,687,973 | |
| | 240,382 | | | American Funds - SMALLCAP World Fund, Inc. - Class F3 | | | 13,124,879 | |
| | | | | | |
|
|
|
| | | | | | | | 150,225,111 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $675,026,058) | | | 785,140,379 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.07% | |
| | | | | Money Market Funds - 1.07% | |
| | 8,520,109 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b) | | $ | 8,520,109 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $8,520,109) | | | 8,520,109 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 19.47% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 19.47% | |
| | 154,536,927 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b) | | | 154,536,927 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $154,536,927) | | | 154,536,927 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $838,083,094) - 119.46% | | | 948,197,415 | |
| | | | | Liabilities in Excess of
Other Assets - (19.46)% | | | (154,432,416 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 793,764,999 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
101
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.81% | |
| | | | | Exchange Traded Funds - 81.87% | |
| | 56,587 | | | Invesco DB Gold Fund | | $ | 2,245,372 | |
| | 258,729 | | | iShares1-3 Year Treasury Bond ETF (a) | | | 21,764,284 | |
| | 50,873 | | | iShares3-7 Year Treasury Bond ETF | | | 6,267,554 | |
| | 169,887 | | | iShares7-10 Year Treasury Bond ETF (a) | | | 18,121,846 | |
| | 99,484 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 12,578,757 | |
| | 257,132 | | | iShares Core Aggressive Allocation ETF | | | 13,761,705 | |
| | 262,339 | | | iShares Core Growth Allocation ETF | | | 11,726,553 | |
| | 45,278 | | | iShares Core MSCI Emerging Markets ETF | | | 2,341,325 | |
| | 44,405 | | | iShares Core MSCI Europe ETF | | | 2,036,857 | |
| | 174,494 | | | iShares Core S&PSmall-Cap ETF (a) | | | 13,462,212 | |
| | 198,982 | | | iShares Edge MSCI Min Vol USA ETF | | | 11,700,142 | |
| | 20,939 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 2,304,546 | |
| | 87,471 | | | iShares Long-Term Corporate Bond ETF (a) | | | 5,278,875 | |
| | 80,924 | | | iShares MSCI Canada ETF (a) | | | 2,236,739 | |
| | 155,581 | | | iShares MSCI Switzerland ETF (a) | | | 5,502,900 | |
| | 245,398 | | | iShares U.S. Credit Bond ETF | | | 13,565,601 | |
| | 152,856 | | | Principal Edge Active Income ETF (a) | | | 6,085,197 | |
| | 471,809 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 16,970,970 | |
| | 84,556 | | | SPDR Bloomberg Barclays International Treasury Bond ETF | | | 2,358,267 | |
| | 88,159 | | | SPDR Bloomberg Barclays TIPS ETF | | | 4,908,693 | |
| | 13,998 | | | SPDR S&P 600 Small CapValue ETF (a) | | | 844,079 | |
| | 23,305 | | | SPDR S&P China ETF (a) | | | 2,337,492 | |
| | 523,748 | | | Vanguard FTSE Developed Markets ETF (a) | | | 21,405,581 | |
| | 127,225 | | | Vanguard High Dividend Yield ETF | | | 10,898,094 | |
| | 577,853 | | | Vanguard Mortgage-Backed Securities ETF | | | 30,256,383 | |
| | 38,715 | | | Vanguard Real Estate ETF | | | 3,364,721 | |
| | 101,688 | | | Vanguard S&P 500 ETF | | | 26,392,104 | |
| | 16,936 | | | Vanguard Total Bond Market ETF (a) | | | 1,374,864 | |
| | 53,615 | | | Vanguard Value ETF | | | 5,770,582 | |
| | | | | | |
|
|
|
| | | | | | | | 277,862,295 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 16.94% | |
| | 228,402 | | | American Funds - Capital Income Builder - Class F3 | | | 13,800,046 | |
| | 819,077 | | | American Funds - High-Income Trust - Class F3 | | | 8,297,255 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Mutual Funds (Continued) | |
| | 623,743 | | | American Funds - The Income Fund of America - Class F3 | | $ | 13,766,015 | |
| | 608,767 | | | American Funds - U.S. Government Securities Fund - Class F3 | | | 8,346,198 | |
| | 271,883 | | | American Funds - Mutual Fund - Class F3 | | | 11,052,052 | |
| | 384,116 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 2,212,506 | |
| | | | | | |
|
|
|
| | | | | | | | 57,474,072 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $316,802,691) | | | 335,336,367 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.17% | |
| | | | | Money Market Funds - 1.17% | |
| | 3,973,258 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b) | | | 3,973,258 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,973,258) | | | 3,973,258 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 22.46% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 22.46% | |
| | 76,237,689 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b) | | | 76,237,689 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $76,237,689) | | | 76,237,689 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $397,013,638) - 122.44% | | | 415,547,314 | |
| | | | | Liabilities in Excess of
Other Assets - (22.44)% | | | (76,147,942 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 339,399,372 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
102
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.99% | |
| | | | | Exchange Traded Funds - 98.99% | |
| | 431,889 | | | iShares7-10 Year Treasury Bond ETF (a) | | $ | 46,069,600 | |
| | 105,253 | | | iShares Core S&P 500 ETF (a) | | | 29,950,794 | |
| | 78,148 | | | ProShares Ultra S&P 500 ETF (a) | | | 9,205,834 | |
| | 171,156 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 9,204,770 | |
| | 813,360 | | | Schwab U.S.Large-Cap ETF (a) | | | 54,991,270 | |
| | 1,047,347 | | | Schwab U.S. TIPs ETF | | | 57,604,085 | |
| | 12,265 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF | | | 1,123,474 | |
| | 441,383 | | | SPDR Portfolio S&P 500 Growth ETF (a) | | | 16,423,861 | |
| | 72,403 | | | SPDR S&P 500 ETF Trust | | | 20,452,400 | |
| | 195,573 | | | Technology Select Sector SPDR ETF (a) | | | 14,472,402 | |
| | 94,342 | | | VanguardMid-Cap Growth ETF | | | 13,469,207 | |
| | 211,856 | | | Vanguard S&P 500 ETF | | | 54,985,106 | |
| | 66,402 | | | VanguardSmall-Cap Growth ETF (a) | | | 11,933,767 | |
| | | | | | |
|
|
|
| | | | | | | | 339,886,570 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $309,283,054) | | | 339,886,570 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.07% | |
| | | | | Money Market Funds - 1.07% | |
| | 3,662,445 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b) | | | 3,662,445 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,662,445) | | | 3,662,445 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 21.13% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 21.13% | |
| | 72,550,452 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b) | | $ | 72,550,452 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $72,550,452) | | | 72,550,452 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $385,495,951) - 121.19% | | | 416,099,467 | |
| | | | | Liabilities in Excess of
Other Assets - (21.19)% | | | (72,753,771 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 343,345,696 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
103
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.90% | |
| | | | | Exchange Traded Funds - 66.69% | |
| | 33,490 | | | Invesco DB Agriculture Fund (a) | | $ | 551,580 | |
| | 16,750 | | | Invesco DB Base Metals Fund | | | 285,420 | |
| | 18,986 | | | Invesco DB Energy Fund | | | 278,905 | |
| | 354,386 | | | iShares1-3 Year Treasury Bond ETF (a) | | | 29,810,950 | |
| | 56,179 | | | iShares Core MSCI Emerging Markets ETF | | | 2,905,016 | |
| | 142,040 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 15,632,923 | |
| | 633,401 | | | ProShares Investment Grade-Interest Rate Hedged ETF (a)(c) | | | 46,966,684 | |
| | 255,089 | | | SPDR Barclays Investment Grade Floating Rate ETF | | | 7,831,232 | |
| | 72,287 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF (a) | | | 6,621,489 | |
| | 75,711 | | | Vanguard FTSE Developed Markets ETF (a) | | | 3,094,309 | |
| | 90,698 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 7,878,935 | |
| | 1,170,831 | | | Vanguard Mortgage-Backed Securities ETF | | | 61,304,711 | |
| | 55,004 | | | Vanguard S&P 500 ETF | | | 14,275,738 | |
| | 143,653 | | | Vanguard Total Bond Market ETF (a) | | | 11,661,751 | |
| | | | | | |
|
|
|
| | | | | | | | 209,099,643 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 32.21% | |
| | 1,640,507 | | | BlackRock Low Duration Bond Portfolio - Institutional Shares | | | 15,666,841 | |
| | 779,536 | | | DoubleLine Core Fixed Income Fund - Institutional Shares | | | 8,442,375 | |
| | 1,566,537 | | | DoubleLine Low Duration Bond Fund - Institutional Shares | | | 15,618,376 | |
| | 338,362 | | | DoubleLine Multi-Asset Growth Fund - Institutional Shares (d) | | | 3,102,784 | |
| | 3,671,566 | | | DoubleLine Total Return Bond Fund - Institutional Shares | | | 38,661,589 | |
| | 1,988,068 | | | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | | | 19,483,070 | |
| | | | | | |
|
|
|
| | | | | | | | 100,975,035 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $304,002,280) | | | 310,074,678 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.13% | |
| | | | | Money Market Funds - 1.13% | |
| | 3,542,714 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b) | | $ | 3,542,714 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,542,714) | | | 3,542,714 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 8.23% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 8.23% | |
| | 25,807,921 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b) | | | 25,807,921 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $25,807,921) | | | 25,807,921 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $333,352,915) - 108.26% | | | 339,425,313 | |
| | | | | Liabilities in Excess of
Other Assets - (8.26)% | | | (25,890,770 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 313,534,543 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2019. |
| (c) | | Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 9 for further disclosures related to this affiliated security. |
| (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 0.28% of total net assets as of March 31, 2019. |
See notes to financial statements.
104
GuidePath®Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 99.23% | |
| | | | | Exchange Traded Funds - 80.06% | |
| | 97,148 | | | Global X MLP ETF (a) | | $ | 861,703 | |
| | 137,071 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 6,402,587 | |
| | 12,442 | | | iShares7-10 Year Treasury Bond ETF (a) | | | 1,327,188 | |
| | 45,154 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 5,709,272 | |
| | 45,676 | | | iShares Currency Hedged MSCI Eurozone ETF (a) | | | 1,341,047 | |
| | 139,471 | | | iShares Emerging Markets Dividend ETF (a) | | | 5,608,129 | |
| | 21,356 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 2,542,645 | |
| | 32,372 | | | iShares MBS ETF (a) | | | 3,443,086 | |
| | 225,471 | | | iShares Preferred & Income Securities ETF (a) | | | 8,240,964 | |
| | 212,497 | | | SPDR Portfolio Aggregate Bond ETF (a) | | | 6,064,664 | |
| | 135,180 | | | SPDR Portfolio Long Term Corporate Bond ETF | | | 3,667,433 | |
| | 684,774 | | | SPDR Portfolio S&P 500 High Dividend ETF | | | 25,911,847 | |
| | 19,620 | | | SPDR S&P Global Dividend ETF (a) | | | 1,301,395 | |
| | 34,704 | | | SPDR S&P Global Infrastructure ETF | | | 1,785,174 | |
| | 35,360 | | | Vanguard Emerging Markets Government Bond ETF | | | 2,766,920 | |
| | 51,959 | | | Vanguard Globalex-U.S. Real Estate ETF | | | 3,095,198 | |
| | 30,637 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 2,661,436 | |
| | 214,882 | | | Vanguard International High Dividend Yield ETF (a) | | | 13,077,719 | |
| | 51,604 | | | Vanguard Real Estate ETF | | | 4,484,904 | |
| | 3,020 | | | Vanguard S&P 500 ETF | | | 783,811 | |
| | 174,402 | | | WisdomTree U.S. SmallCap Dividend Fund (a) | | | 4,803,031 | |
| | | | | | |
|
|
|
| | | | | | | | 105,880,153 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 19.17% | |
| | 179,470 | | | BlackRock Strategic Income Opportunities Portfolio - Institutional Shares | | | 1,749,834 | |
| | 296,725 | | | Loomis Sayles Global Equity and Income Fund - Y Shares | | | 6,670,379 | |
| | 800,603 | | | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | | | 7,845,908 | |
| | 1,577,784 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 9,088,037 | |
| | | | | | |
|
|
|
| | | | | | | | 25,354,158 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $127,117,089) | | | 131,234,311 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.34% | |
| | | | | Money Market Funds - 0.34% | |
| | 453,689 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield 2.44% (b) | | $ | 453,689 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $453,689) | | | 453,689 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 29.12% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral- 29.12% | |
| | 38,520,158 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b) | | | 38,520,158 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $38,520,158) | | | 38,520,158 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $166,090,936) - 128.69% | | | 170,208,158 | |
| | | | | Liabilities in Excess of
Other Assets - (28.69)% | | | (37,948,066 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 132,260,092 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
105
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.94% | |
| | | | | Exchange Traded Funds - 66.40% | |
| | 241,260 | | | iShares0-5 Year High Yield Corporate Bond ETF | | $ | 11,269,255 | |
| | 89,492 | | | iShares iBoxx $ High Yield Corporate Bond ETF (a) | | | 7,738,373 | |
| | 294,397 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 10,589,461 | |
| | 369,988 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF (a) | | | 10,082,173 | |
| | | | | | |
|
|
|
| | | | | | | | 39,679,262 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 32.54% | |
| | 667,497 | | | BlackRock High Yield Portfolio - Institutional Shares | | | 5,026,255 | |
| | 2,504,197 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 14,424,172 | |
| | | | | | |
|
|
|
| | | | | | | | 19,450,427 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $57,989,840) | | | 59,129,689 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.00% | |
| | | | | Money Market Funds - 0.00% | |
| | 629 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (b) | | | 629 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $629) | | | 629 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 32.03% | |
| | | | | Investments Purchased with Proceeds from Securities Lending Collateral - 32.03% | |
| | 19,144,533 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.66% (b) | | $ | 19,144,533 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $19,144,533) | | | 19,144,533 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $77,135,002) - 130.97% | | | 78,274,851 | |
| | | | | Liabilities in Excess of
Other Assets - (30.97)% | | | (18,507,494 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 59,767,357 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
106
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 100.19% | |
| | | | | Certificates of Deposit - 68.77% | |
| $ | 5,000,000 | | | Banco Del Estado De Chile
2.590%, 06/04/2019 | | $ | 5,000,421 | |
| | 2,000,000 | | | Bank of Montreal
2.904% (3 Month LIBOR USD + 0.110%), 10/04/2019 (a) | | | 2,001,050 | |
| | 7,200,000 | | | CIBC
2.400%, 04/01/2019 | | | 7,200,000 | |
| | 5,500,000 | | | Commonwealth Bank of Australia
2.810% (1 Month LIBOR USD + 0.320%), 10/04/2019 (a) | | | 5,506,395 | |
| | 5,000,000 | | | Dexia Credit Local SA
2.783% (3 Month LIBOR USD + 0.100%), 05/17/2019 (a) | | | 5,000,000 | |
| | 5,000,000 | | | DG Bank
2.580%, 06/19/2019 | | | 5,000,420 | |
| | 10,500,000 | | | Landesbank Hessen-Thueringen Girozentrale
2.760%, 04/10/2019 | | | 10,500,013 | |
| | 6,000,000 | | | Mitsubishi UFJ Trust & Banking Corp.
2.860%, 04/11/2019 | | | 6,000,000 | |
| | 2,000,000 | | | Mizuho Bank, Ltd.
2.620%, 06/17/2019 | | | 2,000,399 | |
| | 5,000,000 | | | National Bank of Canada
2.643% (1 Month LIBOR USD + 0.150%), 04/10/2019 (a) | | | 5,000,000 | |
| | 5,000,000 | | | Nordea Bank Abp
2.540%, 06/11/2019 | | | 5,000,489 | |
| | 6,000,000 | | | Oversea-Chinese Banking Corp., Ltd.
2.600%, 04/25/2019 | | | 6,000,000 | |
| | | | | Royal Bank of Canada | | | | |
| | 1,800,000 | | | 2.802% (1 Month LIBOR USD + 0.310%), 06/12/2019 (a) | | | 1,801,066 | |
| | 1,000,000 | | | 2.913% (3 Month LIBOR USD + 0.130%), 07/10/2019 (a) | | | 1,000,417 | |
| | 6,700,000 | | | Skandinaviska Enskilda Banken AB
2.340%, 04/01/2019 | | | 6,700,000 | |
| | 5,000,000 | | | Sumitomo Mitsui Banking Corp.
2.630%, 09/04/2019 | | | 5,001,351 | |
| | 5,000,000 | | | Sumitomo Mitsui Trust Bank, Ltd.
2.600%, 07/18/2019 | | | 5,000,250 | |
| | 5,000,000 | | | Svenska Handelsbanken
2.773% (1 Month LIBOR USD + 0.280%), 06/11/2019 (a) | | | 5,002,638 | |
| | 1,000,000 | | | Swedbank AB
2.550%, 08/12/2019 | | | 1,000,135 | |
| | 6,000,000 | | | The Norinchukin Bank
2.680%, 04/17/2019 | | | 6,000,000 | |
| | 8,000,000 | | | The Toronto-Dominion Bank
2.610%, 09/16/2019 | | | 8,000,528 | |
| | 4,500,000 | | | Westpac Banking Corp.
2.758% (1 Month LIBOR USD + 0.270%), 05/20/2019 (a) | | | 4,500,000 | |
| | | | | | |
|
|
|
| | | | | | | | 108,215,572 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COMMERCIAL PAPER - 13.97% | |
| $ | 5,000,000 | | | Bank of America
2.620%, 08/12/2019 | | $ | 5,002,957 | |
| | | | | Santander UK PLC | | | | |
| | 7,000,000 | | | -%, 04/25/2019 | | | 6,987,167 | |
| | 5,000,000 | | | -%, 05/03/2019 | | | 4,988,356 | |
| | 5,000,000 | | | ING U.S. Funding, LLC.
2.800% (1 Month LIBOR USD + 0.310%), 06/03/2019 (a) | | | 5,002,373 | |
| | | | | | |
|
|
|
| | | | | | | | 21,980,853 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | Money Market Funds - 0.71% | |
| | 1,117,933 | | | DWS Government Money Market Series - Institutional Shares Effective Yield 2.44% (b)(c) | | | 1,117,933 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bill - 16.74% | |
| $ | 7,000,000 | | | 2.379%, 04/04/2019 (c)(d)(e) | | | 6,998,638 | |
| | 11,600,000 | | | 2.377%, 05/02/2019 (c)(d)(e) | | | 11,576,521 | |
| | 7,800,000 | | | 2.393%, 06/06/2019 (c)(d)(e) | | | 7,766,324 | |
| | | | | | |
|
|
|
| | | | | | | | 26,341,483 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $157,634,420) | | | 157,655,841 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $157,634,420) - 100.19% | | | 157,655,841 | |
| | | | | Liabilities in Excess of
Other Assets - (0.19)% | | | (296,781 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 157,359,060 | |
| | | | | | |
|
|
|
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 March 31, 2019. |
| (b) | | Seven-day yield as of March 31, 2019. |
| (c) | | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
| (d) | | Zero coupon bond. The effective yield is listed. |
| (e) | | All or a portion of this security is held as collateral for certain futures contracts. |
See notes to financial statements.
107
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
Amsterdam IDX Futures | | | 54 | | | $ | 6,638,270 | | | Apr-19 | | $ | 157,953 | |
Australian3-Year Treasury Bond Futures | | | 439 | | | | 35,423,641 | | | Jun-19 | | | 154,196 | |
Australian10-Year Treasury Bond Futures | | | 338 | | | | 33,253,174 | | | Jun-19 | | | 663,239 | |
Australian Dollar Futures | | | (200 | ) | | | (14,218,000 | ) | | Jun-19 | | | (113,140 | ) |
Brent Crude Futures (a) | | | 60 | | | | 4,054,800 | | | Apr-19 | | | 31,016 | |
British Pound Futures | | | (56 | ) | | | (4,569,600 | ) | | Jun-19 | | | 6,889 | |
CAC40 Index Futures | | | 90 | | | | 5,394,185 | | | Apr-19 | | | 122,718 | |
Canadian10-Year Bond Futures | | | 340 | | | | 35,375,164 | | | Jun-19 | | | 652,118 | |
Canadian Dollar Futures | | | (314 | ) | | | (23,559,420 | ) | | Jun-19 | | | (88,892 | ) |
Cocoa Futures (a) | | | (52 | ) | | | (1,185,600 | ) | | May-19 | | | (34,386 | ) |
Coffee ‘C’ Futures (a) | | | (85 | ) | | | (3,012,188 | ) | | May-19 | | | 256,045 | |
Copper Futures (a) | | | 3 | | | | 220,200 | | | May-19 | | | 604 | |
Corn Futures (a) | | | (222 | ) | | | (4,065,375 | ) | | Jul-19 | | | 241,937 | |
Cotton No. 2 Futures (a) | | | (51 | ) | | | (1,979,055 | ) | | May-19 | | | (141,205 | ) |
DAX® Index Futures | | | 1 | | | | 323,472 | | | Jun-19 | | | (5,064 | ) |
DJIAE-Mini CBOT Futures | | | 67 | | | | 8,687,555 | | | Jun-19 | | | 72,135 | |
E-mini Nasdaq 100 Futures | | | 49 | | | | 7,252,490 | | | Jun-19 | | | 228,945 | |
E-mini Russell 2000 Futures | | | 42 | | | | 3,241,980 | | | Jun-19 | | | 1,601 | |
E-mini S&P 500 Futures | | | 61 | | | | 8,655,290 | | | Jun-19 | | | 97,793 | |
E-mini S&P Mid Cap 400 Futures | | | 24 | | | | 4,562,400 | | | Jun-19 | | | 29,963 | |
Euribor 3 Month Futures | | | 240 | | | | 67,510,601 | | | Jun-19 | | | 7,542 | |
Euro Fx Futures | | | (348 | ) | | | (49,104,975 | ) | | Jun-19 | | | 206,730 | |
Euro Stoxx 50® Index Futures | | | 145 | | | | 5,322,056 | | | Jun-19 | | | 61,674 | |
Euro-Bobl Futures | | | 145 | | | | 21,655,823 | | | Jun-19 | | | 183,669 | |
Euro-BTP Futures | | | 24 | | | | 3,485,608 | | | Jun-19 | | | 11,262 | |
Euro-BTP Futures - Short | | | 113 | | | | 14,070,177 | | | Jun-19 | | | 47,004 | |
Euro-Bund Futures | | | 128 | | | | 23,883,876 | | | Jun-19 | | | 457,795 | |
Euro-Buxl® 30 Year Futures | | | 42 | | | | 9,029,816 | | | Jun-19 | | | 425,179 | |
Eurodollar 90 Day Futures | | | 757 | | | | 184,433,587 | | | Jun-19 | | | 171,206 | |
Eurodollar 90 Day Futures | | | 364 | | | | 88,761,400 | �� | | Sep-19 | | | (11,992 | ) |
Euro-OATS Futures | | | 149 | | | | 27,188,915 | | | Jun-19 | | | 695,871 | |
Euro-Schatz Futures | | | 309 | | | | 38,813,043 | | | Jun-19 | | | 58,654 | |
FTSE 100 Index Futures | | | 48 | | | | 4,508,479 | | | Jun-19 | | | 55,267 | |
FTSE China A50 Index Futures | | | 248 | | | | 3,255,000 | | | Apr-19 | | | 123,665 | |
FTSE MIB Index Futures | | | 20 | | | | 2,326,633 | | | Jun-19 | | | (1,113 | ) |
FTSE/JSE Top 40 Index Futures | | | 6 | | | | 211,174 | | | Jun-19 | | | (356 | ) |
Gold 100 Oz. Futures (a) | | | 6 | | | | 779,100 | | | Jun-19 | | | (14,333 | ) |
Hang Seng Index Futures | | | 19 | | | | 3,518,895 | | | Apr-19 | | | 45,608 | |
HSCEI Index Futures | | | 44 | | | | 3,187,638 | | | Apr-19 | | | 26,918 | |
IBEX 35® Index Futures | | | 32 | | | | 3,298,284 | | | Apr-19 | | | (14,164 | ) |
Indian Rupee Futures | | | 75 | | | | 2,157,750 | | | Apr-19 | | | (4,676 | ) |
Japanese Yen Futures | | | (260 | ) | | | (29,505,125 | ) | | Jun-19 | | | (18,070 | ) |
Lean Hogs Futures (a) | | | 14 | | | | 495,880 | | | Jun-19 | | | (30,334 | ) |
Live Cattle Futures (a) | | | 109 | | | | 5,188,400 | | | Jun-19 | | | 39,863 | |
LME Aluminium Futures (a)(b) | | | 105 | | | | 5,016,375 | | | Jun-19 | | | 30,517 | |
LME Aluminium Futures (a)(b) | | | (185 | ) | | | (8,838,375 | ) | | Jun-19 | | | (152,693 | ) |
LME Copper Futures (a)(b) | | | 60 | | | | 9,729,750 | | | Jun-19 | | | 20,346 | |
LME Copper Futures (a)(b) | | | (52 | ) | | | (8,432,450 | ) | | Jun-19 | | | (235,088 | ) |
LME Nickel Futures (a)(b) | | | (44 | ) | | | (3,428,040 | ) | | Jun-19 | | | (72,090 | ) |
LME Nickel Futures (a)(b) | | | 57 | | | | 4,440,870 | | | Jun-19 | | | (83,589 | ) |
LME Zinc Futures (a)(b) | | | 48 | | | | 3,521,700 | | | Jun-19 | | | 202,822 | |
LME Zinc Futures (a)(b) | | | (27 | ) | | | (1,980,956 | ) | | Jun-19 | | | (171,718 | ) |
Long Gilt Futures | | | 150 | | | | 25,274,818 | | | Jun-19 | | | 433,894 | |
Low Sulphur Gas Oil Futures (a) | | | 56 | | | | 3,400,600 | | | May-19 | | | (27,366 | ) |
Mexican Peso Futures | | | 928 | | | | 23,594,400 | | | Jun-19 | | | (23,327 | ) |
MSCI EAFE Index Futures | | | 23 | | | | 2,146,360 | | | Jun-19 | | | 6,942 | |
MSCI Emerging Markets Index Futures | | | 33 | | | | 1,744,710 | | | Jun-19 | | | (11,296 | ) |
MSCI Singapore Index Futures | | | (2 | ) | | | (53,082 | ) | | Apr-19 | | | (412 | ) |
MSCI Taiwan Index Futures | | | 67 | | | | 2,617,690 | | | Apr-19 | | | 23,871 | |
See notes to financial statements.
108
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
New Zealand Dollar Futures | | | 35 | | | $ | 2,386,650 | | | Jun-19 | | $ | (26,543 | ) |
Nikkei 225 Futures | | | 6 | | | | 1,148,245 | | | Jun-19 | | | (7,585 | ) |
NY Harbor ULSD Futures (a) | | | 30 | | | | 2,483,964 | | | Apr-19 | | | (27,934 | ) |
OMXS30 Futures | | | 321 | | | | 5,338,606 | | | Apr-19 | | | 26,492 | |
Platinum Futures (a) | | | (11 | ) | | | (469,755 | ) | | Jul-19 | | | 6,191 | |
RBOB Gasoline Futures (a) | | | 2 | | | | 158,130 | | | Apr-19 | | | (870 | ) |
S&P/TSX 60 Index Futures | | | 54 | | | | 7,735,010 | | | Jun-19 | | | 18,501 | |
Silver Futures (a) | | | (36 | ) | | | (2,719,800 | ) | | May-19 | | | (880 | ) |
South African Rand Futures | | | (215 | ) | | | (7,377,188 | ) | | Jun-19 | | | (31,887 | ) |
Soybean Futures (a) | | | (86 | ) | | | (3,860,325 | ) | | Jul-19 | | | 81,227 | |
Soybean Meal Futures (a) | | | (90 | ) | | | (2,790,000 | ) | | Jul-19 | | | 40,829 | |
Soybean Oil Futures (a) | | | (104 | ) | | | (1,790,256 | ) | | Jul-19 | | | 78,728 | |
SPI 200TMIndex Futures | | | 71 | | | | 7,777,559 | | | Jun-19 | | | (11,494 | ) |
Sterling 90 Day Futures | | | 791 | | | | 127,698,625 | | | Jun-19 | | | 97,177 | |
Sugar No. 11 Futures (a) | | | (163 | ) | | | (2,287,477 | ) | | Apr-19 | | | (56,756 | ) |
Swiss Franc Futures | | | (171 | ) | | | (21,618,675 | ) | | Jun-19 | | | (204,391 | ) |
TOPIX Index Futures | | | (6 | ) | | | (861,861 | ) | | Jun-19 | | | 3,298 | |
U.S. Treasury2-Year Note Futures | | | 323 | | | | 68,829,281 | | | Jun-19 | | | 268,436 | |
U.S. Treasury5-Year Note Futures | | | 517 | | | | 59,883,141 | | | Jun-19 | | | 463,748 | |
U.S. Treasury10-Year Note Futures | | | 288 | | | | 35,775,000 | | | Jun-19 | | | 477,056 | |
U.S. Treasury Long Bond Futures | | | 77 | | | | 11,523,531 | | | Jun-19 | | | 285,427 | |
U.S. Treasury Ultra Bond Futures | | | 69 | | | | 11,592,000 | | | Jun-19 | | | 369,848 | |
Wheat Futures (a) | | | (158 | ) | | | (3,661,650 | ) | | Jul-19 | | | 195,688 | |
WTI Crude Futures (a) | | | 11 | | | | 661,540 | | | Apr-19 | | | 3,574 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 6,846,027 | |
| | | | | | | | | | | | |
|
|
|
| (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.
109
GuidePath® Conservative Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. TREASURY OBLIGATIONS - 8.06% | | | | |
| | | | | U.S. Treasury Notes - 8.06% | | | | |
| $ | 18,000 | | | 0.875%, 06/15/2019 | | $ | 17,941 | |
| | 22,000 | | | 0.875%, 09/15/2019 | | | 21,846 | |
| | 16,000 | | | 1.375%, 12/15/2019 | | | 15,883 | |
| | 23,000 | | | 1.625%, 03/15/2020 | | | 22,832 | |
| | | | | | |
|
|
|
| | | | | Total U.S.Treasury Obligations
(Cost $78,510) | | | 78,502 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | INVESTMENT COMPANIES - 47.55% | | | | |
| | | | | Exchange Traded Funds - 47.55% | | | | |
| | 3,041 | | | Invesco Senior Loan ETF | | | 68,848 | |
| | 1,491 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 69,645 | |
| | 4,597 | | | iShares0-5 Year Investment Grade Corporate Bond ETF | | | 231,920 | |
| | 3,012 | | | SPDR Barclays Investment Grade Floating Rate ETF | | | 92,468 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $461,777) | | | 462,881 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 44.63% | | | | |
| | | | | Money Market Funds - 44.63% | | | | |
| | 434,435 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44% (a)(b) | | $ | 434,435 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $434,435) | | | 434,435 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $974,722) - 100.24% | | | 975,818 | |
| | | | | Liabilities in Excess of Other Assets - (0.24)% | | | (2,291 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 973,527 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Seven-day yield as of March 31, 2019. |
| (b) | | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
See notes to financial statements.
110
GuidePath® Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 93.32% | |
| | | | | Exchange Traded Funds - 93.32% | |
| | 10,624 | | | iShares Core U.S. Aggregate Bond ETF (a) | | $ | 1,158,760 | |
| | 8,640 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 1,028,678 | |
| | 2,785 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 306,517 | |
| | 1,264 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 67,978 | |
| | 1,893 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 68,091 | |
| | 32,000 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 747,840 | |
| | | | | | |
|
|
|
| | | | | | | | 3,377,864 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $3,333,976) | | | 3,377,864 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $3,333,976) - 93.32% | | | 3,377,864 | |
| | | | | Other Assets in Excess of Liabilities - 6.68% | | | 241,764 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 3,619,628 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Fair value of these securities exceeds 25% of the Fund’s net assets. Additional information for these securities, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
See notes to financial statements.
111
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 32.36% | |
| | | | | Aerospace & Defense - 1.25% | |
| | 113 | | | Boeing Co. | | $ | 43,101 | |
| | 44 | | | Lockheed Martin Corp. | | | 13,207 | |
| | | | | | |
|
|
|
| | | | | | | | 56,308 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.45% | |
| | 181 | | | United Parcel Service, Inc. - Class B | | | 20,225 | |
| | | | | | |
|
|
|
| | | | | Banks - 1.07% | |
| | 218 | | | BB&T Corp. | | | 10,144 | |
| | 225 | | | Citizens Financial Group, Inc. | | | 7,313 | |
| | 461 | | | Regions Financial Corp. | | | 6,523 | |
| | 118 | | | SunTrust Banks, Inc. | | | 6,992 | |
| | 368 | | | US Bancorp | | | 17,733 | |
| | | | | | |
|
|
|
| | | | | | | | 48,705 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.89% | |
| | 951 | | | Coca-Cola Co. | | | 44,564 | |
| | 333 | | | PepsiCo, Inc. | | | 40,809 | |
| | | | | | |
|
|
|
| | | | | | | | 85,373 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.84% | |
| | 380 | | | AbbVie, Inc. | | | 30,624 | |
| | 157 | | | Amgen, Inc. | | | 29,827 | |
| | 352 | | | Gilead Sciences, Inc. | | | 22,884 | |
| | | | | | |
|
|
|
| | | | | | | | 83,335 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 0.61% | |
| | 23 | | | BlackRock, Inc. | | | 9,830 | |
| | 67 | | | CME Group, Inc. | | | 11,026 | |
| | 65 | | | T Rowe Price Group, Inc. | | | 6,508 | |
| | | | | | |
|
|
|
| | | | | | | | 27,364 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.67% | |
| | 49 | | | Air Products & Chemicals, Inc. | | | 9,357 | |
| | 192 | | | DowDuPont, Inc. | | | 10,236 | |
| | 123 | | | LyondellBasell Industries NV - Class A | | | 10,341 | |
| | | | | | |
|
|
|
| | | | | | | | 29,934 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.22% | |
| | 1,018 | | | Cisco Systems, Inc. | | | 54,962 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.14% | |
| | 199 | | | Synchrony Financial | | | 6,348 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.16% | |
| | 155 | | | International Paper Co. | | | 7,172 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.21% | |
| | 1,743 | | | AT&T, Inc. | | | 54,661 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.61% | |
| | 118 | | | American Electric Power Co, Inc. | | | 9,883 | |
| | 181 | | | Duke Energy Corp. | | | 16,290 | |
| | 102 | | | Edison International | | | 6,316 | |
| | 93 | | | Eversource Energy | | | 6,598 | |
| | 88 | | | NextEra Energy, Inc. | | | 17,012 | |
| | 312 | | | PPL Corp. | | | 9,903 | |
| | 116 | | | Xcel Energy, Inc. | | | 6,520 | |
| | | | | | |
|
|
|
| | | | | | | | 72,522 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.53% | |
| | 150 | | | Eaton Corp PLC | | | 12,084 | |
| | 176 | | | Emerson Electric Co. | | | 12,051 | |
| | | | | | |
|
|
|
| | | | | | | | 24,135 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electronic Equipment, Instruments & Components - 0.16% | |
| | 220 | | | Corning, Inc. | | $ | 7,282 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.15% | |
| | 120 | | | Sysco Corp. | | | 8,011 | |
| | 206 | | | Walgreens Boots Alliance, Inc. | | | 13,034 | |
| | 315 | | | Walmart, Inc. | | | 30,722 | |
| | | | | | |
|
|
|
| | | | | | | | 51,767 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.36% | |
| | 160 | | | Archer Daniels Midland Co. | | | 6,901 | |
| | 185 | | | General Mills, Inc. | | | 9,574 | |
| | | | | | |
|
|
|
| | | | | | | | 16,475 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.39% | |
| | 324 | | | CVS Health Corp. | | | 17,473 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.10% | |
| | 120 | | | Carnival Corp. | | | 6,086 | |
| | 146 | | | Las Vegas Sands Corp. | | | 8,900 | |
| | 183 | | | McDonald’s Corp. | | | 34,753 | |
| | | | | | |
|
|
|
| | | | | | | | 49,739 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.98% | |
| | 225 | | | Colgate-Palmolive Co. | | | 15,421 | |
| | 102 | | | Kimberly-Clark Corp. | | | 12,638 | |
| | 592 | | | Procter & Gamble Co. | | | 61,597 | |
| | | | | | |
|
|
|
| | | | | | | | 89,656 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.68% | |
| | 148 | | | 3M Co. | | | 30,751 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.45% | |
| | 225 | | | Aflac, Inc. | | | 11,250 | |
| | 65 | | | Travelers Cos., Inc. | | | 8,915 | |
| | | | | | |
|
|
|
| | | | | | | | 20,165 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.82% | |
| | 206 | | | International Business Machines Corp. | | | 29,067 | |
| | 97 | | | Paychex, Inc. | | | 7,779 | |
| | | | | | |
|
|
|
| | | | | | | | 36,846 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.59% | |
| | 35 | | | Cummins, Inc. | | | 5,525 | |
| | 88 | | | Illinois Tool Works, Inc. | | | 12,631 | |
| | 123 | | | PACCAR, Inc. | | | 8,381 | |
| | | | | | |
|
|
|
| | | | | | | | 26,537 | |
| | | | | | |
|
|
|
| | | | | Media - 0.10% | |
| | 62 | | | Omnicom Group, Inc. | | | 4,525 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.15% | |
| | 120 | | | Nucor Corp. | | | 7,002 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.35% | |
| | 62 | | | Kohl’s Corp. | | | 4,264 | |
| | 144 | | | Target Corp. | | | 11,557 | |
| | | | | | |
|
|
|
| | | | | | | | 15,821 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.86% | |
| | 93 | | | Consolidated Edison, Inc. | | | 7,887 | |
| | 51 | | | DTE Energy Co. | | | 6,362 | |
| | 155 | | | Public Service Enterprise Group, Inc. | | | 9,209 | |
| | 65 | | | Sempra Energy | | | 8,181 | |
| | 93 | | | WEC Energy Group, Inc. | | | 7,354 | |
| | | | | | |
|
|
|
| | | | | | | | 38,993 | |
| | | | | | |
|
|
|
See notes to financial statements.
112
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Oil, Gas & Consumable Fuels - 2.04% | |
| | 757 | | | Exxon Mobil Corp. | | $ | 61,165 | |
| | 176 | | | Marathon Petroleum Corp. | | | 10,534 | |
| | 106 | | | Phillips 66 | | | 10,088 | |
| | 120 | | | Valero Energy Corp. | | | 10,180 | |
| | | | | | |
|
|
|
| | | | | | | | 91,967 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.17% | |
| | 437 | | | Bristol-Myers Squibb Co. | | | 20,849 | |
| | 456 | | | Johnson & Johnson | | | 63,744 | |
| | 599 | | | Merck & Co., Inc. | | | 49,819 | |
| | 1,282 | | | Pfizer, Inc. | | | 54,447 | |
| | | | | | |
|
|
|
| | | | | | | | 188,859 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.46% | |
| | 95 | | | Analog Devices, Inc. | | | 10,001 | |
| | 67 | | | Broadcom, Inc. | | | 20,148 | |
| | 947 | | | Intel Corp. | | | 50,853 | |
| | 37 | | | Lam Research Corp. | | | 6,623 | |
| | 227 | | | Texas Instruments, Inc. | | | 24,078 | |
| | | | | | |
|
|
|
| | | | | | | | 111,703 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.14% | |
| | 88 | | | Best Buy Co., Inc. | | | 6,253 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.21% | |
| | 479 | | | HP, Inc. | | | 9,307 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 0.19% | |
| | 97 | | | VF Corp. | | | 8,430 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 1.36% | |
| | 474 | | | Altria Group, Inc. | | | 27,222 | |
| | 389 | | | Philip Morris International, Inc. | | | 34,384 | |
| | | | | | |
|
|
|
| | | | | | | | 61,606 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $1,451,503) | | | 1,462,201 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 60.42% | |
| | | | | Exchange Traded Funds - 60.42% | |
| | 6,756 | | | iShares Emerging Markets Dividend ETF | | $ | 271,659 | |
| | 62 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF | | | 5,679 | |
| | 7,135 | | | Vanguard High Dividend Yield ETF | | | 611,184 | |
| | 8,924 | | | Vanguard Real Estate ETF | | | 775,584 | |
| | 39,604 | | | WisdomTree CBOE S&P 500 PutWrite Strategy Fund | | | 1,066,536 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $2,719,423) | | | 2,730,642 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 4.99% | |
| | | | | Money Market Funds - 4.99% | |
| | 225,380 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 2.44%, (a) | | | 225,380 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $225,380) | | | 225,380 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $4,396,306) - 97.77% | | | 4,418,223 | |
| | | | | Other Assets in Excess of Liabilities - 2.23% | | | 100,837 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 4,519,060 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Seven-day yield as of March 31, 2019. |
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2019
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $286,257,662, $69,997,018 and $54,929,242, respectively)1 | | $ | 368,757,993 | | | $ | 85,112,939 | | | $ | 68,858,841 | |
Investments in affiliates, at value (cost $0, $88,412 and $0, respectively) | | | — | | | | 97,680 | | | | — | |
Foreign currencies (cost $0, $15,011, and $0, respectively) | | | — | | | | 15,002 | | | | — | |
Income receivable | | | 282,112 | | | | 233,617 | | | | 80,441 | |
Receivable for dividend reclaims | | | 4,355 | | | | 29,408 | | | | — | |
Receivable for fund shares sold | | | 1,216,156 | | | | 2,093,218 | | | | 1,527,904 | |
Other assets | | | 20,569 | | | | 15,252 | | | | 16,988 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 370,281,185 | | | | 87,597,116 | | | | 70,484,174 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 35,499,125 | | | | 1,026,618 | | | | 6,053,599 | |
Payable for investment securities purchased | | | — | | | | — | | | | 202,214 | |
Payable for fund shares redeemed | | | 1,259,321 | | | | 711,777 | | | | 182,865 | |
Payable to Investment Advisor | | | 192,120 | | | | 66,793 | | | | 49,154 | |
Payable to custodian | | | 5,971 | | | | 39,599 | | | | 2,999 | |
Accrued Trustee fees and expenses | | | 4,508 | | | | 1,138 | | | | 843 | |
Accrued distribution and shareholder servicing fees | | | 166,472 | | | | 48,147 | | | | 33,263 | |
Other accrued expenses | | | 115,483 | | | | 69,510 | | | | 54,292 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 37,243,000 | | | | 1,963,582 | | | | 6,579,229 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 333,038,185 | | | $ | 85,633,534 | | | $ | 63,904,945 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 246,870,731 | | | | 70,871,888 | | | | 50,612,975 | |
Total distributable earnings | | | 86,167,454 | | | | 14,761,646 | | | | 13,291,970 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 333,038,185 | | | $ | 85,633,534 | | | $ | 63,904,945 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 28,848 | | | | 777 | | | | — | |
Net assets | | | 538,016 | | | | 9,985 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 18.650 | | | $ | 12.851 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 18,069,627 | | | | 6,449,473 | | | | 4,442,391 | |
Net assets | | | 332,500,169 | | | | 85,623,549 | | | | 63,904,945 | |
Net asset value, offering and redemption price per share | | $ | 18.401 | | | $ | 13.278 | 2 | | $ | 14.385 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 34,780,303 | | | $ | 1,005,598 | | | $ | 5,899,610 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2019
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $201,275,996, $150,147,765 and $23,569,666, respectively)1 | | $ | 219,228,906 | | | $ | 151,675,480 | | | $ | 24,893,251 | |
Foreign currencies (cost $39,115, $0, and $0, respectively) | | | 38,784 | | | | — | | | | — | |
Appreciation on swap agreements | | | — | | | | 217,685 | | | | — | |
Income receivable | | | 861,536 | | | | 802,193 | | | | 358,603 | |
Receivable for dividend reclaims | | | 767,298 | | | | — | | | | — | |
Receivable for investment securities sold | | | — | | | | 9,687,917 | | | | — | |
Receivable for fund shares sold | | | 592,090 | | | | 783,002 | | | | 664,732 | |
Swap premiums paid | | | — | | | | 89,655 | | | | — | |
Other assets | | | 21,094 | | | | 14,675 | | | | 12,078 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 221,509,708 | | | | 163,270,607 | | | | 25,928,664 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation on swap agreements | | | — | | | | 3,509 | | | | — | |
Payable for collateral on securities loaned | | | 1,550,556 | | | | 2,557,125 | | | | — | |
Payable for investment securities purchased | | | — | | | | 25,721,383 | | | | 521,110 | |
Payable for fund shares redeemed | | | 2,599,622 | | | | 1,637,768 | | | | 25,810 | |
Payable to Investment Advisor | | | 134,775 | | | | 75,456 | | | | 13,198 | |
Payable to custodian | | | 35,996 | | | | 8,101 | | | | 547 | |
Variation margin on futures | | | — | | | | 23,015 | | | | — | |
Accrued Trustee fees and expenses | | | 2,994 | | | | 1,780 | | | | 328 | |
Accrued distribution and shareholder servicing fees | | | 108,193 | | | | 69,931 | | | | 19,415 | |
Swap premiums received | | | — | | | | 210,939 | | | | — | |
Payable for deposits with broker for swaps | | | — | | | | 72,773 | | | | — | |
Other accrued expenses | | | 107,773 | | | | 96,589 | | | | 37,806 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 4,539,909 | | | | 30,478,369 | | | | 618,214 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 216,969,799 | | | $ | 132,792,238 | | | $ | 25,310,450 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 199,097,651 | | | | 132,550,202 | | | | 23,911,096 | |
Total distributable earnings | | | 17,872,148 | | | | 242,036 | | | | 1,399,354 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 216,969,799 | | | $ | 132,792,238 | | | $ | 25,310,450 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 58,709 | | | | — | | | | — | |
Net assets | | | 534,233 | | | | — | | | | — | |
Net asset value, offering and redemption price per share | | $ | 9.100 | | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 24,440,915 | | | | 14,325,230 | | | | 2,261,673 | |
Net assets | | | 216,435,566 | | | | 132,792,238 | | | | 25,310,450 | |
Net asset value, offering and redemption price per share | | $ | 8.856 | 2 | | $ | 9.270 | | | $ | 11.191 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 1,519,623 | | | $ | 2,498,634 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2019
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $55,860,314, $838,083,094, and $397,013,638, respectively)1 | | $ | 49,713,638 | | | $ | 948,197,415 | | | $ | 415,547,314 | |
Foreign currencies (cost $87,155, $0, and $0, respectively) | | | 82,959 | | | | — | | | | — | |
Restricted cash | | | 100,000 | | | | — | | | | — | |
Deposits with brokers for swaps | | | 1,684,522 | | | | — | | | | — | |
Income receivable | | | 512,916 | | | | 693,000 | | | | 222,658 | |
Receivable for dividend reclaims | | | 516 | | | | — | | | | — | |
Receivable for fund shares sold | | | 84,428 | | | | 1,997,648 | | | | 993,640 | |
Appreciation of forward foreign currency contracts | | | 403,617 | | | | — | | | | — | |
Appreciation of swap agreements | | | 15,582 | | | | — | | | | — | |
Other assets | | | 21,835 | | | | 67,366 | | | | 68,823 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 52,620,013 | | | | 950,955,429 | | | | 416,832,435 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Options written at value (premiums received $30, $0 and $0, respectively) | | | 30 | | | | — | | | | — | |
Depreciation of forward foreign currency contracts | | | 92,286 | | | | — | | | | — | |
Depreciation on swap agreements | | | 1,054,220 | | | | — | | | | — | |
Payable for collateral on securities loaned | | | — | | | | 154,536,927 | | | | 76,237,689 | |
Payable to brokers for collateral received | | | 100,000 | | | | — | | | | — | |
Payable for investment securities and foreign currencies purchased | | | — | | | | 900,779 | | | | 670,155 | |
Payable for fund shares redeemed | | | 19,456 | | | | 813,314 | | | | 199,957 | |
Payable to Investment Advisor | | | 10,942 | | | | 311,842 | | | | 42,559 | |
Payable to custodian | | | 21,604 | | | | 13,046 | | | | 9,600 | |
Accrued Trustee fees and expenses | | | 696 | | | | 10,596 | | | | 4,542 | |
Accrued distribution and shareholder servicing fees | | | 27,300 | | | | 386,692 | | | | 160,358 | |
Other accrued expenses | | | 58,591 | | | | 217,234 | | | | 108,203 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 1,385,125 | | | | 157,190,430 | | | | 77,433,063 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 51,234,888 | | | $ | 793,764,999 | | | $ | 339,399,372 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 73,792,117 | | | | 698,762,757 | | | | 328,495,043 | |
Total distributable earnings (loss) | | | (22,557,229 | ) | | | 95,002,242 | | | | 10,904,329 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 51,234,888 | | | $ | 793,764,999 | | | $ | 339,399,372 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 44,406 | | | | 471,799 | | | | 234,399 | |
Net assets | | | 376,752 | | | | 5,450,557 | | | | 2,268,382 | |
Net asset value, offering and redemption price per share | | $ | 8.484 | | | $ | 11.553 | | | $ | 9.677 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 6,012,961 | | | | 68,689,415 | | | | 35,054,865 | |
Net assets | | | 50,858,136 | | | | 788,314,442 | | | | 337,130,990 | |
Net asset value, offering and redemption price per share | | $ | 8.458 | | | $ | 11.477 | | | $ | 9.617 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | — | | | $ | 151,604,056 | | | $ | 74,641,875 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2019
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $385,495,951, $287,680,554 and $166,090,936, respectively)1 | | $ | 416,099,467 | | | $ | 292,458,629 | | | $ | 170,208,158 | |
Investments in affiliates, at value (cost $0, $45,672,361, and $0, respectively) | | | — | | | | 46,966,684 | | | | — | |
Income receivable | | | 45,142 | | | | 354,923 | | | | 116,478 | |
Receivable for investment securities sold | | | — | | | | — | | | | 818,158 | |
Receivable for fund shares sold | | | 831,996 | | | | 595,643 | | | | 125,552 | |
Other assets | | | 38,185 | | | | 52,231 | | | | 47,710 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 417,014,790 | | | | 340,428,110 | | | | 171,316,056 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 72,550,452 | | | | 25,807,921 | | | | 38,520,158 | |
Payable for investment securities purchased | | | 396,671 | | | | 500,895 | | | | 42,018 | |
Payable for fund shares redeemed | | | 245,036 | | | | 172,550 | | | | 268,469 | |
Payable to Investment Advisor | | | 171,270 | | | | 78,188 | | | | 64,283 | |
Payable to custodian | | | 8,404 | | | | 14,699 | | | | 9,301 | |
Accrued Trustee fees and expenses | | | 4,553 | | | | 4,206 | | | | 1,793 | |
Accrued distribution and shareholder servicing fees | | | 180,100 | | | | 195,530 | | | | 98,983 | |
Other accrued expenses | | | 112,608 | | | | 119,578 | | | | 50,959 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 73,669,094 | | | | 26,893,567 | | | | 39,055,964 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 343,345,696 | | | $ | 313,534,543 | | | $ | 132,260,092 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 317,289,073 | | | | 319,091,356 | | | | 130,484,803 | |
Total distributable earnings (loss) | | | 26,056,623 | | | | (5,556,813 | ) | | | 1,775,289 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 343,345,696 | | | $ | 313,534,543 | | | $ | 132,260,092 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 137,389 | | | | 64,209 | | | | — | |
Net assets | | | 1,506,030 | | | | 667,898 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 10.962 | | | $ | 10.402 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 31,306,864 | | | | 30,076,027 | | | | 12,405,912 | |
Net assets | | | 341,839,666 | | | | 312,866,645 | | | | 132,260,092 | |
Net asset value, offering and redemption price per share | | $ | 10.919 | | | $ | 10.402 | 2 | | $ | 10.660 | 2 |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 71,266,460 | | | $ | 25,236,972 | | | $ | 37,716,409 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | |
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2019
| | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed2
Futures
Strategy
Fund
| |
ASSETS: | | | | | | | | |
Investments, at value (cost $77,135,002 and $157,634,420, respectively)1 | | $ | 78,274,851 | | | $ | 157,655,841 | |
Income receivable | | | 84,670 | | | | 363,241 | |
Receivable for investment securities sold | | | 785,917 | | | | — | |
Receivable for fund shares sold | | | 122,954 | | | | 409,979 | |
Receivable for unsettled open futures contracts | | | — | | | | 253,685 | |
Other assets | | | 21,387 | | | | 19,745 | |
| | |
|
|
| |
|
|
|
Total Assets | | | 79,289,779 | | | | 158,702,491 | |
| | |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | |
Payable for collateral on securities loaned | | | 19,144,533 | | | | — | |
Payable for deposits with brokers for futures | | | — | | | | 5,557 | |
Payable for fund shares redeemed | | | 84,632 | | | | 133,665 | |
Payable for unsettled open futures contracts | | | — | | | | 715,178 | |
Payable to investment advisor | | | 23,875 | | | | 229,618 | |
Payable to custodian | | | 205,656 | | | | 4,349 | |
Variation margin on futures | | | — | | | | 11,946 | |
Accrued Trustee fees and expenses | | | 917 | | | | 2,438 | |
Accrued distribution and shareholder servicing fees | | | 29,692 | | | | 138,931 | |
Other accrued expenses | | | 33,117 | | | | 101,749 | |
| | |
|
|
| |
|
|
|
Total Liabilities | | | 19,522,422 | | | | 1,343,431 | |
| | |
|
|
| |
|
|
|
NET ASSETS | | $ | 59,767,357 | | | $ | 157,359,060 | |
| | |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | |
Capital stock | | | 68,760,860 | | | | 165,325,107 | |
Total distributable loss | | | (8,993,503 | ) | | | (7,966,047 | ) |
| | |
|
|
| |
|
|
|
Total Net Assets | | $ | 59,767,357 | | | $ | 157,359,060 | |
| | |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 2,789 | | | | 119,238 | |
Net assets | | | 26,280 | | | | 961,919 | |
Net asset value, offering and redemption price per share | | $ | 9.422 | 3 | | $ | 8.067 | |
| | |
|
|
| |
|
|
|
Service Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 6,377,667 | | | | 19,762,051 | |
Net assets | | | 59,741,077 | | | | 156,397,141 | |
Net asset value, offering and redemption price per share | | $ | 9.366 | 3 | | $ | 7.914 | |
| | |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 18,800,943 | | | $ | — | |
| | |
|
|
| |
|
|
|
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.
118
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2019
| | | | | | | | | | | | |
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth &
Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $974,722, $3,333,976, and $4,396,306 respectively) | | $ | 975,818 | | | $ | 3,377,864 | | | $ | 4,418,223 | |
Income receivable | | | 722 | | | | 926 | | | | 3,903 | |
Receivable for dividend reclaims | | | — | | | | — | | | | 4 | |
Receivable for investment securities sold | | | — | | | | 1,588,177 | | | | — | |
Receivable for fund shares sold | | | 60,192 | | | | 222,161 | | | | 2,454,402 | |
Other assets | | | 27,070 | | | | 25,747 | | | | 27,436 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 1,063,802 | | | | 5,214,875 | | | | 6,903,968 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for investment securities purchased | | | 70,468 | | | | 94,097 | | | | 2,366,646 | |
Payable to Investment Advisor | | | 348 | | | | 2,609 | | | | 596 | |
Payable to Investment Advisor for prepaid expenses | | | — | | | | 21,038 | | | | — | |
Payable to custodian | | | 1,260 | | | | 1,459,198 | | | | 22 | |
Payable for audit and tax fees | | | 15,008 | | | | 15,008 | | | | 15,008 | |
Accrued Trustee fees and expenses | | | 335 | | | | 335 | | | | — | |
Other accrued expenses | | | 2,856 | | | | 2,962 | | | | 2,636 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 90,275 | | | | 1,595,247 | | | | 2,384,908 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 973,527 | | | $ | 3,619,628 | | | $ | 4,519,060 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 972,127 | | | | 3,566,034 | | | | 4,497,247 | |
Total distributable earnings | | | 1,400 | | | | 53,594 | | | | 21,813 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 973,527 | | | $ | 3,619,628 | | | $ | 4,519,060 | |
| | |
|
|
| |
|
|
| |
|
|
|
| | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 97,475 | | | | 365,930 | | | | 462,436 | |
Net assets | | | 973,527 | | | | 3,619,628 | | | | 4,519,060 | |
Net asset value, offering and redemption price per share | | $ | 9.987 | | | $ | 9.892 | | | $ | 9.772 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2019
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $893, $339,864, and $273, respectively) | | $ | 4,846,368 | | | $ | 2,175,546 | | | $ | 770,857 | |
Interest income | | | 58,779 | | | | 9,126 | | | | 11,154 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 4,905,147 | | | | 2,184,672 | | | | 782,011 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,391,152 | | | | 535,066 | | | | 340,309 | |
Distribution(12b-1) fees – Service Shares | | | 771,463 | | | | 226,698 | | | | 149,258 | |
Administrative service fees – Service Shares | | | 756,217 | | | | 219,979 | | | | 146,958 | |
Shareholder servicing fees – Service Shares | | | 274,136 | | | | 73,803 | | | | 50,159 | |
Administration fees | | | 151,843 | | | | 54,269 | | | | 50,303 | |
Legal fees | | | 91,786 | | | | 33,809 | | | | 17,434 | |
Fund accounting fees | | | 76,300 | | | | 92,694 | | | | 64,901 | |
Reports to shareholders | | | 54,676 | | | | 14,747 | | | | 9,544 | |
Federal and state registration fees | | | 47,889 | | | | 41,747 | | | | 40,245 | |
Trustee fees and expenses | | | 41,510 | | | | 12,785 | | | | 7,769 | |
Custody fees | | | 24,252 | | | | 163,177 | | | | 15,097 | |
Audit and tax fees | | | 21,497 | | | | 23,978 | | | | 22,496 | |
Transfer agent fees and expenses | | | 18,394 | | | | 9,667 | | | | 8,396 | |
Compliance fees | | | 17,903 | | | | 5,354 | | | | 3,368 | |
Insurance fees | | | 11,098 | | | | 5,993 | | | | 3,440 | |
Miscellaneous expenses | | | 3,219 | | | | 2,559 | | | | 2,460 | |
Interest expenses | | | 762 | | | | 12,191 | | | | 515 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 3,754,097 | | | | 1,528,516 | | | | 932,652 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | — | | | | (8,437 | ) | | | (1,943 | ) |
Less securities lending credit (See Note 7) | | | (87,728 | ) | | | (11,577 | ) | | | (64,496 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 3,666,369 | | | | 1,508,502 | | | | 866,213 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income (loss) | | | 1,238,778 | | | | 676,170 | | | | (84,202 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain on: | | | | | | | | | | | | |
Investments | | | 4,916,153 | | | | 4,702,311 | | | | 2,356,959 | |
Investments in affiliates | | | — | | | | 1 | | | | — | |
Net long-term capital gain distributions received | | | — | | | | 1,368 | | | | — | |
Foreign currencies | | | — | | | | (94,001 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 4,916,153 | | | | 4,609,679 | | | | 2,356,959 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 16,368,259 | | | | (16,803,584 | ) | | | (627,519 | ) |
Investments in affiliates | | | — | | | | 9,269 | | | | — | |
Foreign currencies | | | — | | | | (7,014 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 16,368,259 | | | | (16,801,329 | ) | | | (627,519 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | 21,284,412 | | | | (12,191,650 | ) | | | 1,729,440 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 22,523,190 | | | $ | (11,515,480 | ) | | $ | 1,645,238 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2019
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $505,046, $0, and $0, respectively) | | $ | 5,347,974 | | | $ | — | | | $ | — | |
Interest income | | | 35,757 | | | | 4,162,262 | | | | 1,132,884 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 5,383,731 | | | | 4,162,262 | | | | 1,132,884 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 988,356 | | | | 530,647 | | | | 131,542 | |
Distribution(12b-1) fees – Service Shares | | | 492,855 | | | | 331,654 | | | | 65,771 | |
Administrative service fees – Service Shares | | | 487,815 | | | | 323,141 | | | | 59,274 | |
Shareholder servicing fees – Service Shares | | | 179,301 | | | | 109,972 | | | | 18,896 | |
Administration fees | | | 117,826 | | | | 66,512 | | | | 13,934 | |
Legal fees | | | 59,445 | | | | 42,076 | | | | 7,112 | |
Fund accounting fees | | | 121,858 | | | | 201,268 | | | | 21,590 | |
Reports to shareholders | | | 45,581 | | | | 22,013 | | | | 4,199 | |
Federal and state registration fees | | | 42,314 | | | | 42,305 | | | | 39,250 | |
Trustee fees and expenses | | | 26,391 | | | | 17,860 | | | | 3,554 | |
Custody fees | | | 131,500 | | | | 32,316 | | | | 2,088 | |
Audit and tax fees | | | 26,673 | | | | 25,003 | | | | 24,524 | |
Transfer agent fees and expenses | | | 13,882 | | | | 11,441 | | | | 6,439 | |
Compliance fees | | | 11,015 | | | | 6,725 | | | | 1,530 | |
Insurance fees | | | 10,403 | | | | 9,797 | | | | 1,885 | |
Miscellaneous expenses | | | 2,863 | | | | 2,610 | | | | 2,380 | |
Interest expenses | | | 1,374 | | | | 50 | | | | 45 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 2,759,452 | | | | 1,775,390 | | | | 404,013 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | 19,833 | | | | (184,664 | ) | | | (64,590 | ) |
Less securities lending credit (See Note 7) | | | (33,458 | ) | | | (12,003 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 2,745,827 | | | | 1,578,723 | | | | 339,423 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 2,637,904 | | | | 2,583,539 | | | | 793,461 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (1,527,364 | ) | | | (386,738 | ) | | | 102,373 | |
Investments in affiliates | | | 93,071 | | | | — | | | | — | |
Foreign currencies | | | (204,318 | ) | | | (94 | ) | | | — | |
Forward currency exchange contracts | | | 5,656 | | | | — | | | | — | |
Swaps | | | — | | | | (204,400 | ) | | | — | |
Futures contracts | | | — | | | | (169,812 | ) | | | — | |
Written options | | | — | | | | 73,573 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (1,632,955 | ) | | | (687,471 | ) | | | 102,373 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (12,168,887 | ) | | | 2,543,294 | | | | 24,362 | |
Foreign currencies | | | (26,500 | ) | | | — | | | | — | |
Swaps | | | — | | | | (63,387 | ) | | | — | |
Futures contracts | | | — | | | | 101,386 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (12,195,387 | ) | | | 2,581,293 | | | | 24,362 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (13,828,342 | ) | | | 1,893,822 | | | | 126,735 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (11,190,438 | ) | | $ | 4,477,361 | | | $ | 920,196 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2019
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | — | | | $ | 16,439,647 | | | $ | 8,244,100 | |
Interest income (net of withholding tax of $90,714, $0, and $0, respectively) | | | 3,156,285 | | | | 168,001 | | | | 70,081 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,156,285 | | | | 16,607,648 | | | | 8,314,181 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 380,372 | | | | 1,769,139 | | | | 748,216 | |
Distribution(12b-1) fees – Service Shares | | | 134,891 | | | | 1,754,016 | | | | 741,861 | |
Administrative service fees – Service Shares | | | 133,699 | | | | 1,753,314 | | | | 741,591 | |
Shareholder servicing fees – Service Shares | | | 39,980 | | | | 681,699 | | | | 290,809 | |
Administration fees | | | 28,934 | | | | 329,800 | | | | 144,202 | |
Legal fees | | | 47,256 | | | | 143,724 | | | | 68,914 | |
Fund accounting fees | | | 63,729 | | | | 126,472 | | | | 54,306 | |
Reports to shareholders | | | 13,185 | | | | 125,559 | | | | 62,932 | |
Federal and state registration fees | | | 37,228 | | | | 49,493 | | | | 43,264 | |
Trustee fees and expenses | | | 7,333 | | | | 95,181 | | | | 40,598 | |
Custody fees | | | 96,849 | | | | 52,364 | | | | 38,588 | |
Audit and tax fees | | | 34,940 | | | | 14,994 | | | | 14,994 | |
Transfer agent fees and expenses | | | 8,214 | | | | 34,562 | | | | 18,150 | |
Compliance fees | | | 1,902 | | | | 24,612 | | | | 10,300 | |
Insurance fees | | | 1,215 | | | | 19,286 | | | | 6,777 | |
Miscellaneous expenses | | | 2,367 | | | | 6,097 | | | | 3,209 | |
Interest expenses | | | 21 | | | | 34,089 | | | | 14,639 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,032,115 | | | | 7,014,401 | | | | 3,043,350 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (192,137 | ) | | | — | | | | (461,910 | ) |
Less securities lending credit (See Note 7) | | | — | | | | (345,633 | ) | | | (487,048 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 839,978 | | | | 6,668,768 | | | | 2,094,392 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 2,316,307 | | | | 9,938,880 | | | | 6,219,789 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (857,715 | ) | | | (14,368,511 | ) | | | (7,900,188 | ) |
Net long-term capital gain distributions received | | | — | | | | — | | | | 398 | |
Foreign currencies | | | (44,966 | ) | | | — | | | | — | |
Forward currency exchange contracts | | | 1,897,281 | | | | — | | | | — | |
Swaps | | | (69,037 | ) | | | — | | | | — | |
Written Options | | | 18 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 925,581 | | | | (14,368,511 | ) | | | (7,899,790 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (3,141,347 | ) | | | 7,074,045 | | | | 9,575,254 | |
Foreign currencies | | | (17,014 | ) | | | — | | | | — | |
Forward currency contracts | | | 552,217 | | | | — | | | | — | |
Swaps | | | (309,338 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (2,915,482 | ) | | | 7,074,045 | | | | 9,575,254 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (1,989,901 | ) | | | (7,294,466 | ) | | | 1,675,464 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 326,406 | | | $ | 2,644,414 | | | $ | 7,895,253 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2019
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 5,311,030 | | | $ | 11,137,734 | | | $ | 5,213,472 | |
Dividends from affiliate investments | | | — | | | | 626,581 | | | | — | |
Interest income | | | 72,639 | | | | 73,180 | | | | 26,103 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 5,383,669 | | | | 11,837,495 | | | | 5,239,575 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,114,945 | | | | 1,165,574 | | | | 434,092 | |
Distribution(12b-1) fees – Service Shares | | | 792,191 | | | | 829,536 | | | | 310,066 | |
Administrative service fees – Service Shares | | | 791,640 | | | | 829,485 | | | | 310,016 | |
Shareholder servicing fees – Service Shares | | | 295,360 | | | | 324,494 | | | | 119,777 | |
Administration fees | | | 158,874 | | | | 156,176 | | | | 56,610 | |
Legal fees | | | 69,585 | | | | 71,034 | | | | 27,272 | |
Fund accounting fees | | | 57,107 | | | | 60,392 | | | | 18,869 | |
Reports to shareholders | | | 62,994 | | | | 63,490 | | | | 21,163 | |
Federal and state registration fees | | | 42,266 | | | | 41,104 | | | | 38,603 | |
Trustee fees and expenses | | | 41,086 | | | | 41,553 | | | | 16,470 | |
Custody fees | | | 33,960 | | | | 57,024 | | | | 35,879 | |
Audit and tax fees | | | 14,994 | | | | 15,003 | | | | 15,003 | |
Transfer agent fees and expenses | | | 18,825 | | | | 19,088 | | | | 7,727 | |
Compliance fees | | | 11,111 | | | | 12,169 | | | | 4,311 | |
Insurance fees | | | 8,733 | | | | 6,653 | | | | 3,531 | |
Miscellaneous expenses | | | 3,261 | | | | 3,329 | | | | 2,146 | |
Interest expenses | | | 2,458 | | | | 13,985 | | | | 2,270 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 3,519,390 | | | | 3,710,089 | | | | 1,423,805 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | — | | | | (735,890 | ) | | | — | |
Less securities lending credit (See Note 7) | | | (242,809 | ) | | | (303,285 | ) | | | (409,733 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 3,276,581 | | | | 2,670,914 | | | | 1,014,072 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 2,107,088 | | | | 9,166,581 | | | | 4,225,503 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 3,032,399 | | | | (7,393,475 | ) | | | (1,977,914 | ) |
Investments in affiliates | | | — | | | | 147,131 | | | | — | |
Net long-term capital gain distributions received | | | — | | | | 2,669 | | | | 204,804 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 3,032,399 | | | | (7,243,675 | ) | | | (1,773,110 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation on: | | | | | | | | | | | | |
Investments | | | 8,881,098 | | | | 7,212,550 | | | | 2,071,922 | |
Investments in affiliates | | | — | | | | 1,278,690 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 8,881,098 | | | | 8,491,240 | | | | 2,071,922 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 11,913,497 | | | | 1,247,565 | | | | 298,812 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 14,020,585 | | | $ | 10,414,146 | | | $ | 4,524,315 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2019
| | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed1
Futures
Strategy
Fund
| |
INVESTMENT INCOME: | | | | | | | | |
Dividend income | | $ | 2,315,715 | | | $ | — | |
Interest income | | | 11,257 | | | | 3,858,717 | |
| | |
|
|
| |
|
|
|
Total investment income | | | 2,326,972 | | | | 3,858,717 | |
| | |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | |
Investment advisory fees | | | 126,676 | | | | 1,733,361 | |
Distribution(12b-1) fees – Service Shares | | | 126,439 | | | | 409,643 | |
Administrative service fees – Service Shares | | | 126,420 | | | | 409,389 | |
Shareholder servicing fees – Service Shares | | | 49,335 | | | | 159,969 | |
Administration fees | | | 23,306 | | | | 81,491 | |
Legal fees | | | 14,916 | | | | 62,395 | |
Fund accounting fees | | | 9,893 | | | | 50,647 | |
Reports to shareholders | | | 10,559 | | | | 31,508 | |
Federal and state registration fees | | | 38,151 | | | | 44,663 | |
Trustee fees and expenses | | | 7,062 | | | | 18,472 | |
Custody fees | | | 10,431 | | | | 18,040 | |
Audit and tax fees | | | 14,985 | | | | 31,502 | |
Transfer agent fees and expenses | | | 7,902 | | | | 12,823 | |
Compliance fees | | | 2,426 | | | | 5,906 | |
Insurance fees | | | 2,041 | | | | 3,040 | |
Miscellaneous expenses | | | 2,338 | | | | 2,626 | |
Interest expenses | | | 7,628 | | | | 3,316 | |
| | |
|
|
| |
|
|
|
Total expenses | | | 580,508 | | | | 3,078,791 | |
| | |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | (48,623 | ) | | | 53,734 | |
Less securities lending credit (See Note 7) | | | (144,797 | ) | | | — | |
| | |
|
|
| |
|
|
|
Net expenses | | | 387,088 | | | | 3,132,525 | |
| | |
|
|
| |
|
|
|
Net investment income | | | 1,939,884 | | | | 726,192 | |
| | |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | |
Investments | | | (1,770,753 | ) | | | 14,245 | |
Net long-term capital gain distributions | | | 83 | | | | — | |
Foreign currency translation | | | — | | | | 109,715 | |
Futures contracts | | | — | | | | (15,862,505 | ) |
| | |
|
|
| |
|
|
|
Total | | | (1,770,670 | ) | | | (15,738,545 | ) |
| | |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | 934,092 | | | | 28,200 | |
Foreign currencies | | | — | | | | (23,757 | ) |
Futures contracts | | | — | | | | 6,154,902 | |
| | |
|
|
| |
|
|
|
Total | | | 934,092 | | | | 6,159,345 | |
| | |
|
|
| |
|
|
|
Net realized and unrealized loss | | | (836,578 | ) | | | (9,579,200 | ) |
| | |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,103,306 | | | $ | (8,853,008 | ) |
| | |
|
|
| |
|
|
|
| | 1Consolidated | | Statement of Operations for the year (see note 3b). |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended March 31, 2019
| | | | | | | | | | | | |
| | | Conservative
Income
Fund1
| | | Income
Fund1
| | | Growth &
Income
Fund1
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 1,430 | | | $ | 5,063 | | | $ | 8,263 | |
Interest income | | | 1,574 | | | | 1,216 | | | | 1,093 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,004 | | | | 6,279 | | | | 9,356 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 455 | | | | 1,700 | | | | 942 | |
Administrative service fees – Service Shares | | | 325 | | | | 944 | | | | 524 | |
Administration fees | | | 1,369 | | | | 1,369 | | | | 1,369 | |
Legal fees | | | 389 | | | | 3,462 | | | | 1,385 | |
Fund accounting fees | | | 335 | | | | 335 | | | | 704 | |
Reports to shareholders | | | 335 | | | | 407 | | | | 335 | |
Federal and state registration fees | | | 1,291 | | | | 2,709 | | | | 1,318 | |
Trustee fees and expenses | | | 335 | | | | 335 | | | | 335 | |
Custody fees | | | 1,340 | | | | 160 | | | | 290 | |
Audit and tax fees | | | 15,008 | | | | 15,008 | | | | 15,008 | |
Transfer agent fees and expenses | | | 2,345 | | | | 2,345 | | | | 2,345 | |
Compliance fees | | | 335 | | | | 335 | | | | 335 | |
Miscellaneous expenses | | | 1,335 | | | | 1,335 | | | | 1,335 | |
Offering Costs | | | 31,209 | | | | 30,855 | | | | 31,520 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 56,406 | | | | 61,299 | | | | 57,745 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (55,574 | ) | | | (58,315 | ) | | | (56,091 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 832 | | | | 2,984 | | | | 1,654 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 2,172 | | | | 3,295 | | | | 7,702 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on investments | | | (468 | ) | | | 9,244 | | | | (2,711 | ) |
Net long-term capital gain distributions received | | | — | | | | 688 | | | | — | |
Net change in unrealized appreciation on investments | | | 1,096 | | | | 43,889 | | | | 21,917 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 628 | | | | 53,821 | | | | 19,206 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,800 | | | $ | 57,116 | | | $ | 26,908 | |
| | |
|
|
| |
|
|
| |
|
|
|
| | 1Statement | | of Operations for the periods April 30, 2018 (commencement of operations) through March 31, 2019. |
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| | | Emerging Markets Fund
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,238,778 | | | $ | 1,258,613 | | | $ | 676,170 | | | $ | 745,048 | |
Net realized gain on investment transactions | | | 4,916,153 | | | | 8,719,296 | | | | 4,609,679 | | | | 13,213,297 | |
Net change in unrealized appreciation (depreciation) on investments | | | 16,368,259 | | | | 26,592,290 | | | | (16,801,329 | ) | | | 12,758,316 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 22,523,190 | | | | 36,570,199 | | | | (11,515,480 | ) | | | 26,716,661 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 337,214 | | | | 4,372,610 | | | | — | | | | 589,158 | |
Shares issued to holders in reinvestment of dividends | | | 8,623 | | | | 53,109 | | | | 1,287 | | | | 123 | |
Shares redeemed | | | (663,169 | ) | | | (47,873,563 | ) | | | — | | | | (13,478,239 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (317,332 | ) | | | (43,447,844 | ) | | | 1,287 | | | | (12,888,958 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 140,537,107 | | | | 260,741,902 | | | | 26,674,640 | | | | 17,192,001 | |
Shares issued to holders in reinvestment of dividends | | | 5,619,504 | | | | 12,413,999 | | | | 11,273,295 | | | | 804,883 | |
Shares redeemed | | | (136,967,206 | ) | | | (149,253,945 | ) | | | (39,125,475 | ) | | | (39,421,987 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 9,189,405 | | | | 123,901,956 | | | | (1,177,540 | ) | | | (21,425,103 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (8,622 | ) | | | (53,109 | ) | | | (1,287 | ) | | | (123 | ) |
Net dividends and distributions – Service Shares | | | (5,619,505 | ) | | | (12,414,000 | ) | | | (11,274,112 | ) | | | (805,139 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (5,628,127 | ) | | | (12,467,109 | ) | | | (11,275,399 | ) | | | (805,262 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 25,767,136 | | | | 104,557,202 | | | | (23,967,132 | ) | | | (8,402,660 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 307,271,049 | | | | 202,713,847 | | | | 109,600,666 | | | | (118,003,328 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 333,038,185 | | | $ | 307,271,049 | | | $ | 85,633,534 | | | $ | 109,600,666 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 18,355 | | | | 263,389 | | | | — | | | | 42,076 | |
Shares issued to holders in reinvestment of dividends | | | 528 | | | | 2,989 | | | | 111 | | | | 8 | |
Shares redeemed | | | (36,278 | ) | | | (2,875,478 | ) | | | — | | | | (927,381 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (17,395 | ) | | | (2,609,100 | ) | | | 111 | | | | (885,297 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 7,781,714 | | | | 15,512,423 | | | | 1,877,763 | | | | 1,080,290 | |
Shares issued to holders in reinvestment of dividends | | | 348,172 | | | | 707,673 | | | | 941,639 | | | | 49,559 | |
Shares redeemed | | | (7,569,017 | ) | | | (8,744,098 | ) | | | (2,792,358 | ) | | | (2,509,052 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 560,869 | | | | 7,475,998 | | | | 27,044 | | | | (1,379,203 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Total dividends and distributions include net investment income distributions of $10,529 and $1,390,681, and net realized gain distributions of $42,580 and $11,023,319 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $222,243. |
| ** | | Total dividends and distributions include net investment income distributions of $123 and $805,139 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment loss of $(208,273). |
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| | | Worldex-US Fund
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (84,202 | ) | | $ | (37,149 | ) | | $ | 2,637,904 | | | $ | 2,100,036 | |
Net realized gain (loss) on investment transactions | | | 2,356,959 | | | | 13,793,276 | | | | (1,632,955 | ) | | | 19,338,319 | |
Net change in unrealized appreciation (depreciation) on investments | | | (627,519 | ) | | | (6,175,054 | ) | | | (12,195,387 | ) | | | 6,585,365 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 1,645,238 | | | | 7,581,073 | | | | (11,190,438 | ) | | | 28,023,720 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | 3,294,382 | | | | 345,156 | | | | 5,303,995 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 6,418 | | | | 20,197 | |
Shares redeemed | | | — | | | | (69,583,874 | ) | | | (599,096 | ) | | | (85,854,669 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | (66,289,492 | ) | | | (247,522 | ) | | | (80,530,477 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 24,981,442 | | | | 12,520,861 | | | | 115,295,717 | | | | 134,859,726 | |
Shares issued to holders in reinvestment of dividends | | | 3,364,649 | | | | 14,158,393 | | | | 2,691,522 | | | | 2,881,634 | |
Shares redeemed | | | (17,193,095 | ) | | | (14,817,655 | ) | | | (99,754,051 | ) | | | (57,493,685 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 11,152,996 | | | | 11,861,599 | | | | 18,233,188 | | | | 80,247,675 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | — | | | | (6,418 | ) | | | (20,197 | ) |
Net dividends and distributions – Service Shares | | | (3,364,649 | ) | | | (14,158,394 | ) | | | (2,691,525 | ) | | | (2,881,638 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (3,364,649 | ) | | | (14,158,394 | ) | | | (2,697,943 | ) | | | (2,901,835 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 9,433,585 | | | | (61,005,214 | ) | | | 4,097,285 | | | | 24,839,083 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 54,471,360 | | | | 115,476,574 | | | | 212,872,514 | | | | 188,033,431 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 63,904,945 | | | $ | 54,471,360 | | | $ | 216,969,799 | | | $ | 212,872,514 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | 177,429 | | | | 37,506 | | | | 593,187 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 779 | | | | 2,084 | |
Shares redeemed | | | — | | | | (3,712,055 | ) | | | (63,890 | ) | | | (9,491,767 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | (3,534,626 | ) | | | (25,605 | ) | | | (8,896,496 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,662,151 | | | | 722,902 | | | | 12,866,777 | | | | 14,549,010 | |
Shares issued to holders in reinvestment of dividends | | | 266,782 | | | | 947,176 | | | | 335,267 | | | | 304,774 | |
Shares redeemed | | | (1,140,342 | ) | | | (851,979 | ) | | | (11,064,674 | ) | | | (6,197,310 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 788,591 | | | | 818,099 | | | | 2,137,370 | | | | 8,656,474 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Total dividends and distributions include net investment income distributions of $136,787 and net realized gain distributions of $14,021,607 for the service class. End of year Net Assets include accumulated undistributed net investment loss of $(4,745). |
| ** | | Total dividends and distributions include net investment income distributions of $20,197 and $2,881,638 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $2,124,397. |
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Core Fixed
Income Fund
| | | Tax-Exempt Fixed
Income Fund
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 2,583,539 | | | $ | 1,950,325 | | | $ | 793,461 | | | $ | 819,595 | |
Net realized gain (loss) on investment transactions | | | (687,471 | ) | | | 740,599 | | | | 102,373 | | | | 386,070 | |
Net change in unrealized appreciation (depreciation) on investments | | | 2,581,293 | | | | (2,020,466 | ) | | | 24,362 | | | | (516,683 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 4,477,361 | | | | 670,458 | | | | 920,196 | | | | 688,982 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | 336,969 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 20,203 | | | | — | | | | — | |
Shares redeemed | | | — | | | | (9,569,499 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | (9,212,327 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 36,418,311 | | | | 39,073,028 | | | | 3,618,363 | | | | 6,785,527 | |
Shares issued to holders in reinvestment of dividends | | | 2,660,730 | | | | 3,198,632 | | | | 838,420 | | | | 818,223 | |
Shares redeemed | | | (42,358,472 | ) | | | (42,724,698 | ) | | | (7,057,036 | ) | | | (9,962,657 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (3,279,431 | ) | | | (453,038 | ) | | | (2,600,253 | ) | | | (2,358,907 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (20,203 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | (2,660,751 | ) | | | (3,198,658 | ) | | | (838,525 | ) | | | (818,304 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,660,751 | ) | | | (3,218,861 | ) | | | (838,525 | ) | | | (818,304 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DECREASE IN NET ASSETS | | | (1,462,821 | ) | | | (12,213,768 | ) | | | (2,518,582 | ) | | | (2,488,229 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 134,255,059 | | | | 146,468,827 | | | | 27,829,032 | | | | 30,317,261 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 132,792,238 | | | $ | 134,255,059 | | | $ | 25,310,450 | | | $ | 27,829,032 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | 36,068 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 2,161 | | | | — | | | | — | |
Shares redeemed | | | — | | | | (1,023,488 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | (985,259 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 4,021,625 | | | | 4,186,911 | | | | 324,917 | | | | 599,756 | |
Shares issued to holders in reinvestment of dividends | | | 295,202 | | | | 343,575 | | | | 75,664 | | | | 72,377 | |
Shares redeemed | | | (4,685,544 | ) | | | (4,568,237 | ) | | | (636,054 | ) | | | (878,150 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (368,717 | ) | | | (37,751 | ) | | | (235,473 | ) | | | (206,017 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Total dividends and distributions include net investment income distributions of $20,203 and $2,400,585, and net realized gain distributions of $0 and $798,073 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment loss of $(183,955). |
| ** | | Total dividends and distributions include net investment income distributions of $0 and $818,304 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $18,460. |
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed
Income Fund
| | | Growth
Allocation Fund
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 2,316,307 | | | $ | 2,374,524 | | | $ | 9,938,880 | | | $ | 7,335,731 | |
Net realized gain (loss) on investment transactions | | | 925,581 | | | | 680,995 | | | | (14,368,511 | ) | | | 54,780,124 | |
Net change in unrealized appreciation (depreciation) on investments | | | (2,915,482 | ) | | | (2,354,977 | ) | | | 7,074,045 | | | | 10,017,412 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 326,406 | | | | 700,542 | | | | 2,644,414 | | | | 72,133,267 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 132,965 | | | | 449,049 | | | | 1,657,646 | | | | 2,523,648 | |
Shares issued to holders in reinvestment of dividends | | | 23,753 | | | | 104,381 | | | | 108,463 | | | | 1,388,964 | |
Shares redeemed | | | (120,924 | ) | | | (9,413,119 | ) | | | (2,871,708 | ) | | | (10,819,692 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 35,794 | | | | (8,859,689 | ) | | | (1,105,599 | ) | | | (6,907,080 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 16,506,716 | | | | 15,558,270 | | | | 416,955,507 | | | | 278,345,941 | |
Shares issued to holders in reinvestment of dividends | | | 3,092,832 | | | | 4,326,289 | | | | 9,525,359 | | | | 62,893,814 | |
Shares redeemed | | | (20,519,156 | ) | | | (19,087,569 | ) | | | (243,196,676 | ) | | | (287,925,270 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (919,608 | ) | | | 796,990 | | | | 183,284,190 | | | | 53,314,485 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (23,753 | ) | | | (104,381 | ) | | | (108,463 | ) | | | (1,388,963 | ) |
Net dividends and distributions – Service Shares | | | (3,092,832 | ) | | | (4,326,289 | ) | | | (9,525,359 | ) | | | (62,893,814 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (3,116,585 | ) | | | (4,430,670 | ) | | | (9,633,822 | ) | | | (64,282,777 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (3,673,993 | ) | | | (11,792,827 | ) | | | 175,189,183 | | | | 54,257,895 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 54,908,881 | | | | 66,701,708 | | | | 618,575,816 | | | | 564,317,921 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 51,234,888 | | | $ | 54,908,881 | | | $ | 793,764,999 | | | $ | 618,575,816 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 15,240 | | | | 48,181 | | | | 144,194 | | | | 209,011 | |
Shares issued to holders in reinvestment of dividends | | | 2,849 | | | | 11,250 | | | | 10,884 | | | | 119,450 | |
Shares redeemed | | | (13,830 | ) | | | (1,003,642 | ) | | | (259,582 | ) | | | (914,322 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 4,259 | | | | (944,211 | ) | | | (104,504 | ) | | | (585,861 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,893,945 | | | | 1,701,534 | | | | 36,483,081 | | | | 23,312,075 | |
Shares issued to holders in reinvestment of dividends | | | 371,466 | | | | 472,366 | | | | 960,605 | | | | 5,436,409 | |
Shares redeemed | | | (2,365,797 | ) | | | (2,060,900 | ) | | | (22,161,406 | ) | | | (24,168,108 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (100,386 | ) | | | 113,000 | | | | 15,282,280 | | | | 4,580,376 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Total dividends and distributions include net investment income distributions of $104,381 and $4,326,289 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $944,724. |
| ** | | Total dividends and distributions include net investment income distributions of $193,533 and $6,641,966, and net realized gain distributions of $1,195,430 and $56,251,848 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $478,743. |
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative
Allocation Fund
| | | Tactical
Allocation Fund
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 6,219,789 | | | $ | 2,841,036 | | | $ | 2,107,088 | | | $ | 2,186,198 | |
Net realized gain (loss) on investment transactions | | | (7,899,790 | ) | | | 5,051,600 | | | | 3,032,399 | | | | 28,030,926 | |
Net change in unrealized appreciation (depreciation) on investments | | | 9,575,254 | | | | 525,206 | | | | 8,881,098 | | | | (1,769,869 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 7,895,253 | | | | 8,417,842 | | | | 14,020,585 | | | | 28,447,255 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 724,953 | | | | 2,546,752 | | | | 375,423 | | | | 549,058 | |
Shares issued to holders in reinvestment of dividends | | | 56,379 | | | | 122,304 | | | | 77,209 | | | | 107,641 | |
Shares redeemed | | | (1,670,585 | ) | | | (4,764,568 | ) | | | (633,920 | ) | | | (2,966,618 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (889,253 | ) | | | (2,095,512 | ) | | | (181,288 | ) | | | (2,309,919 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 193,251,954 | | | | 209,548,761 | | | | 135,164,865 | | | | 103,820,830 | |
Shares issued to holders in reinvestment of dividends | | | 5,591,803 | | | | 3,944,370 | | | | 13,580,588 | | | | 8,805,598 | |
Shares redeemed | | | (132,023,074 | ) | | | (60,479,631 | ) | | | (78,722,126 | ) | | | (164,636,103 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 66,820,683 | | | | 153,013,500 | | | | 70,023,327 | | | | (52,009,675 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (56,380 | ) | | | (122,304 | ) | | | (77,548 | ) | | | (107,640 | ) |
Net dividends and distributions – Service Shares | | | (5,591,804 | ) | | | (3,944,370 | ) | | | (13,580,587 | ) | | | (8,805,598 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (5,648,184 | ) | | | (4,066,674 | ) | | | (13,658,135 | ) | | | (8,913,238 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 68,178,499 | | | | 155,269,156 | | | | 70,204,489 | | | | (34,785,577 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 271,220,873 | | | | 115,951,717 | | | | 273,141,207 | | | | 307,926,784 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 339,399,372 | | | $ | 271,220,873 | | | $ | 343,345,696 | | | $ | 273,141,207 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 75,790 | | | | 267,536 | | | | 33,527 | | | | 50,552 | |
Shares issued to holders in reinvestment of dividends | | | 6,347 | | | | 12,665 | | | | 7,919 | | | | 9,684 | |
Shares redeemed | | | (177,029 | ) | | | (496,437 | ) | | | (57,572 | ) | | | (274,312 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (94,892 | ) | | | (216,236 | ) | | | (16,126 | ) | | | (214,076 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 20,378,228 | | | | 22,005,525 | | | | 12,091,785 | | | | 9,607,889 | |
Shares issued to holders in reinvestment of dividends | | | 632,414 | | | | 410,231 | | | | 1,396,030 | | | | 794,156 | |
Shares redeemed | | | (14,227,224 | ) | | | (6,394,533 | ) | | | (7,070,209 | ) | | | (15,493,609 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 6,783,418 | | | | 16,021,223 | | | | 6,417,606 | | | | (5,091,564 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Total dividends and distributions include net investment income distributions of $110,165 and $3,431,566, and net realized gain distributions of $12,139 and $512,804 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $502,586. |
| ** | | Total dividends and distributions include net investment income distributions of $81,265 and $5,848,776, and net realized gain distributions of $26,375 and $2,956,822 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $259,442. |
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Absolute Return
Allocation Fund
| | | Multi-Asset Income
Allocation Fund
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 9,166,581 | | | $ | 4,458,899 | | | $ | 4,225,503 | | | $ | 3,184,269 | |
Net realized gain (loss) on investment transactions | | | (7,243,675 | ) | | | 7,816,385 | | | | (1,773,110 | ) | | | 9,903,304 | |
Net change in unrealized appreciation (depreciation) on investments | | | 8,491,240 | | | | (10,584,721 | ) | | | 2,071,922 | | | | (8,413,102 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 10,414,146 | | | | 1,690,563 | | | | 4,524,315 | | | | 4,674,471 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,170,515 | | | | 1,737,724 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 39,085 | | | | 30,997 | | | | — | | | | — | |
Shares redeemed | | | (1,882,202 | ) | | | (1,338,543 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (672,602 | ) | | | 430,178 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 234,362,254 | | | | 260,237,667 | | | | 61,005,347 | | | | 73,321,770 | |
Shares issued to holders in reinvestment of dividends | | | 8,665,826 | | | | 3,863,620 | | | | 4,391,358 | | | | 3,084,967 | |
Shares redeemed | | | (199,124,001 | ) | | | (123,603,021 | ) | | | (52,361,185 | ) | | | (78,721,755 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 43,904,079 | | | | 140,498,266 | | | | 13,035,520 | | | | (2,315,018 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (39,362 | ) | | | (30,997 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | (8,665,825 | ) | | | (3,863,620 | ) | | | (4,391,358 | ) | | | (3,084,967 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (8,705,187 | ) | | | (3,894,617 | ) | | | (4,391,358 | ) | | | (3,084,967 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 44,940,436 | | | | 138,724,390 | | | | 13,168,477 | | | | (725,514 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 268,594,107 | | | | 129,869,717 | | | | 119,091,615 | | | | 119,817,129 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 313,534,543 | | | $ | 268,594,107 | | | $ | 132,260,092 | | | $ | 119,091,615 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 113,305 | | | | 165,570 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 3,920 | | | | 2,980 | | | | — | | | | — | |
Shares redeemed | | | (183,031 | ) | | | (128,107 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (65,806 | ) | | | 40,443 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 22,748,702 | | | | 24,770,678 | | | | 5,782,369 | | | | 6,824,299 | |
Shares issued to holders in reinvestment of dividends | | | 867,537 | | | | 370,398 | | | | 427,132 | | | | 287,574 | |
Shares redeemed | | | (19,363,624 | ) | | | (11,811,030 | ) | | | (5,041,791 | ) | | | (7,323,838 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 4,252,615 | | | | 13,330,046 | | | | 1,167,710 | | | | (211,965 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Total dividends and distributions include net investment income distributions of $30,997 and $3,863,620 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $1,176,844. |
| ** | | Total dividends and distributions include net investment income distributions of $0 and $3,084,967 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $212,169. |
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Flexible Income
Allocation Fund
| | | Managed Futures
Strategy Fund1
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018*
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018**
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,939,884 | | | $ | 2,559,199 | | | $ | 726,192 | | | $ | (548,598 | ) |
Net realized gain (loss) on investment transactions | | | (1,770,670 | ) | | | 2,279,047 | | | | (15,738,545 | ) | | | (1,691,147 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 934,092 | | | | (1,865,761 | ) | | | 6,159,345 | | | | 726,418 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 1,103,306 | | | | 2,972,485 | | | | (8,853,008 | ) | | | (1,513,327 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 9,093 | | | | 258,984 | | | | 1,442,410 | | | | 466,184 | |
Shares issued to holders in reinvestment of dividends | | | 3,453 | | | | 6,034 | | | | — | | | | — | |
Shares redeemed | | | (209,840 | ) | | | (87,175 | ) | | | (1,630,704 | ) | | | (740,330 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (197,294 | ) | | | 177,843 | | | | (188,294 | ) | | | (274,146 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 30,258,355 | | | | 52,982,964 | | | | 238,690,777 | | | | 67,533,971 | |
Shares issued to holders in reinvestment of dividends | | | 2,012,768 | | | | 2,455,239 | | | | — | | | | — | |
Shares redeemed | | | (26,864,526 | ) | | | (100,283,926 | ) | | | (194,867,711 | ) | | | (25,861,027 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 5,406,597 | | | | (44,845,723 | ) | | | 43,823,066 | | | | 41,672,944 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (3,453 | ) | | | (6,034 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | (2,012,768 | ) | | | (2,455,238 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,016,221 | ) | | | (2,461,272 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 4,296,388 | | | | (44,156,667 | ) | | | 34,781,764 | | | | 39,885,471 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 55,470,969 | | | | 99,627,636 | | | | 122,577,296 | | | | 82,691,825 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 59,767,357 | | | $ | 55,470,969 | | | $ | 157,359,060 | | | $ | 122,577,296 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 956 | | | | 26,286 | | | | 184,502 | | | | 53,202 | |
Shares issued to holders in reinvestment of dividends | | | 365 | | | | 624 | | | | — | | | | — | |
Shares redeemed | | | (21,972 | ) | | | (8,899 | ) | | | (205,481 | ) | | | (82,970 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (20,651 | ) | | | 18,011 | | | | (20,979 | ) | | | (29,768 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 3,205,358 | | | | 5,422,981 | | | | 30,855,930 | | | | 7,771,183 | |
Shares issued to holders in reinvestment of dividends | | | 214,060 | | | | 254,168 | | | | — | | | | — | |
Shares redeemed | | | (2,841,102 | ) | | | (10,240,226 | ) | | | (25,285,394 | ) | | | (2,982,141 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 578,316 | | | | (4,563,077 | ) | | | 5,570,536 | | | | 4,789,042 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| 1 | | Consolidated Statements of Changes in Net Assets (see note 3b). |
| * | | Total dividends and distributions include net investment income distributions of $6,034 and $2,455,238 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $132,176. |
| ** | | End of year Net Assets include accumulated undistributed net investment loss of $(141,312). |
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | |
| | | Conservative
Income Fund
| | | Income
Fund
| | | Growth &
Income Fund
| |
| | | April 30, 20181
Through
March 31,
2019
| | | April 30, 20181
Through
March 31,
2019
| | | April 30, 20181
Through
March 31,
2019
| |
OPERATIONS: | | | | | | | | | | | | |
Net investment income | | $ | 2,172 | | | $ | 3,295 | | | $ | 7,702 | |
Net realized gain (loss) on investment transactions | | | (468 | ) | | | 9,932 | | | | (2,711 | ) |
Net change in unrealized appreciation on investments | | | 1,096 | | | | 43,889 | | | | 21,917 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 2,800 | | | | 57,116 | | | | 26,908 | |
| | |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | |
Shares sold | | | 1,046,413 | | | | 5,811,520 | | | | 4,494,615 | |
Shares issued to holders in reinvestment of dividends | | | 1,400 | | | | 3,522 | | | | 5,095 | |
Shares redeemed | | | (75,686 | ) | | | (2,249,008 | ) | | | (2,463 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 972,127 | | | | 3,566,034 | | | | 4,497,247 | |
| | |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
Net dividends and distributions | | | (1,400 | ) | | | (3,522 | ) | | | (5,095 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,400 | ) | | | (3,522 | ) | | | (5,095 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 973,527 | | | | 3,619,628 | | | | 4,519,060 | |
NET ASSETS: | | | | | | | | | | | | |
Beginning of year | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 973,527 | | | $ | 3,619,628 | | | $ | 4,519,060 | |
| | |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | |
Shares sold | | | 104,932 | | | | 593,250 | | | | 462,166 | |
Shares issued to holders in reinvestment of dividends | | | 140 | | | | 358 | | | | 523 | |
Shares redeemed | | | (7,597 | ) | | | (227,678 | ) | | | (253 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 97,475 | | | | 365,930 | | | | 462,436 | |
| | |
|
|
| |
|
|
| |
|
|
|
| | 1Commencement | | of Operations. |
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $17.755 | | | | $16.140 | | | | $14.85 | | | | $15.29 | | | | $13.67 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.175 | 1 | | | 0.157 | 1 | | | 0.20 | 1 | | | 0.13 | 1 | | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | | 1.194 | | | | 2.280 | | | | 1.62 | | | | (0.06 | )2 | | | 1.57 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.369 | | | | 2.437 | | | | 1.82 | | | | 0.07 | | | | 1.71 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.191 | ) | | | (0.163 | ) | | | (0.19 | ) | | | (0.11 | ) | | | (0.09 | ) |
Dividends from net realized gains | | | (0.283 | ) | | | (0.659 | ) | | | (0.34 | ) | | | (0.40 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.474 | ) | | | (0.822 | ) | | | (0.53 | ) | | | (0.51 | ) | | | (0.09 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $18.650 | | | | $17.755 | | | | $16.14 | | | | $14.85 | | | | $15.29 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 8.09% | | | | 15.10% | | | | 12.46% | | | | 0.47% | | | | 12.51% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $538,016 | | | | $821,049 | | | | $42,855,994 | | | | $31,353,268 | | | | $44,686,597 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.63% | | | | 0.65% | | | | 0.66% | | | | 0.80% | | | | 0.87% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.60% | | | | 0.60% | | | | 0.59% | | | | 0.76% | | | | 0.85% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.63% | | | | 0.65% | | | | 0.66% | | | | 0.80% | | | | 0.87% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.60% | | | | 0.60% | | | | 0.59% | | | | 0.76% | | | | 0.85% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.91% | | | | 0.91% | | | | 1.23% | | | | 0.79% | | | | 0.88% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.94% | | | | 0.96% | | | | 1.30% | | | | 0.83% | | | | 0.90% | |
Portfolio turnover rate | | | 45.31% | | | | 55.07% | | | | 90.46% | | | | 115.67% | | | | 53.23% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $17.503 | | | | $15.930 | | | | $14.68 | | | | $15.14 | | | | $13.56 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.073 | 1 | | | 0.074 | 1 | | | 0.11 | 1 | | | 0.07 | 1 | | | 0.05 | |
Net realized and unrealized gains (losses) on investments | | | 1.183 | | | | 2.241 | | | | 1.59 | | | | (0.08 | )2 | | | 1.56 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.257 | | | | 2.315 | | | | 1.70 | | | | (0.01 | ) | | | 1.61 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.076 | ) | | | (0.083 | ) | | | (0.11 | ) | | | (0.05 | ) | | | (0.03 | ) |
Dividends from net realized gains | | | (0.283 | ) | | | (0.659 | ) | | | (0.34 | ) | | | (0.40 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.359 | ) | | | (0.742 | ) | | | (0.45 | ) | | | (0.45 | ) | | | (0.03 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $18.401 | | | | $17.503 | | | | $15.93 | | | | $14.68 | | | | $15.14 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 7.47% | | | | 14.53% | | | | 11.74% | | | | (0.08)% | | | | 11.87% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $332,500,169 | | | | $306,450,000 | | | | $159,857,853 | | | | $218,788,468 | | | | $168,457,719 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.22% | | | | 1.21% | | | | 1.23% | | | | 1.33% | | | | 1.44% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.19% | | | | 1.17% | | | | 1.16% | | | | 1.27% | | | | 1.45% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.22% | | | | 1.21% | | | | 1.23% | | | | 1.33% | | | | 1.44% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.19% | | | | 1.17% | | | | 1.16% | | | | 1.27% | | | | 1.45% | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.37% | | | | 0.40% | | | | 0.65% | | | | 0.41% | | | | 0.32% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.40% | | | | 0.44% | | | | 0.72% | | | | 0.47% | | | | 0.31% | |
Portfolio turnover rate | | | 45.31% | | | | 55.07% | | | | 90.46% | | | | 115.67% | | | | 53.23% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $16.577 | | | | $13.460 | | | | $11.37 | | | | $12.46 | | | | $11.73 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.190 | 1 | | | 0.254 | 1 | | | 0.14 | 1 | | | 0.16 | 1 | | | 0.21 | |
Net realized and unrealized gains (losses) on investments | | | (1.983 | ) | | | 3.049 | | | | 2.05 | | | | (1.03 | ) | | | 0.74 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.793 | ) | | | 3.303 | | | | 2.19 | | | | (0.87 | ) | | | 0.95 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (1.263 | ) | | | (0.186 | ) | | | (0.10 | ) | | | (0.22 | ) | | | (0.22 | ) |
Dividends from net realized gains | | | (0.670 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (1.933 | ) | | | (0.186 | ) | | | (0.10 | ) | | | (0.22 | ) | | | (0.22 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $12.851 | | | | $16.577 | | | | $13.46 | | | | $11.37 | | | | $12.46 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (9.53)% | | | | 24.52%3 | | | | 19.61% | | | | (6.98)% | | | | 8.08% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $9,985 | | | | $11,036 | | | | $11,925,354 | | | | $6,081,265 | | | | $60,596,893 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.09% | | | | 1.01%4 | | | | 1.06% | | | | 0.88% | | | | 0.86% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.06% | | | | 1.00%4 | | | | 1.05% | | | | 0.84% | | | | 0.84% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.08% | | | | 1.01%4 | | | | 1.06% | | | | 0.88% | | | | 0.86% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.05% | | | | 1.00%4 | | | | 1.05% | | | | 0.84% | | | | 0.84% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.30% | | | | 2.13%4 | | | | 1.10% | | | | 1.25% | | | | 1.87% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.33% | | | | 2.14%4 | | | | 1.11% | | | | 1.29% | | | | 1.89% | |
Portfolio turnover rate | | | 47.18% | | | | 30.97% | | | | 60.19% | | | | 152.82% | | | | 31.33% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 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. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $17.063 | | | | $13.600 | | | | $11.49 | | | | $12.57 | | | | $11.84 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.109 | 1 | | | 0.096 | 1 | | | 0.09 | 1 | | | 0.06 | 1 | | | 0.15 | |
Net realized and unrealized gains (losses) on investments | | | (2.028 | ) | | | 3.485 | | | | 2.06 | | | | (0.99 | ) | | | 0.73 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.919 | ) | | | 3.581 | | | | 2.15 | | | | (0.93 | ) | | | 0.88 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (1.196 | ) | | | (0.118 | ) | | | (0.04 | ) | | | (0.15 | ) | | | (0.15 | ) |
Dividends from net realized gains | | | (0.670 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (1.866 | ) | | | (0.118 | ) | | | (0.04 | ) | | | (0.15 | ) | | | (0.15 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $13.278 | | | | $17.063 | | | | $13.60 | | | | $11.49 | | | | $12.57 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (10.05)% | | | | 26.37% | | | | 18.78% | | | | (7.38)% | | | | 7.46% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $85,623,549 | | | | $109,589,630 | | | | $106,077,974 | | | | $118,224,652 | | | | $161,242,899 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.69% | | | | 1.58% | | | | 1.64% | | | | 1.52% | | | | 1.43% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.66% | | | | 1.57% | | | | 1.63% | | | | 1.48% | | | | 1.41% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.68% | | | | 1.58% | | | | 1.64% | | | | 1.52% | | | | 1.43% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.65% | | | | 1.57% | | | | 1.63% | | | | 1.48% | | | | 1.41% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.72% | | | | 0.61% | | | | 0.73% | | | | 0.44% | | | | 1.30% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.75% | | | | 0.62% | | | | 0.74% | | | | 0.48% | | | | 1.32% | |
Portfolio turnover rate | | | 47.18% | | | | 30.97% | | | | 60.19% | | | | 152.82% | | | | 31.33% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $14.908 | | | | $17.860 | | | | $14.96 | | | | $17.31 | | | | $16.61 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.022 | )1 | | | (0.022 | )1 | | | 0.04 | 1 | | | (0.03 | )1 | | | (0.09 | ) |
Net realized and unrealized gains (losses) on investments | | | 0.348 | | | | 2.259 | | | | 2.91 | | | | (1.90 | ) | | | 1.91 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.326 | | | | 2.237 | | | | 2.95 | | | | (1.93 | ) | | | 1.82 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.050 | ) | | | (0.05 | ) | | | — | | | | — | |
Dividends from net realized gains | | | (0.849 | ) | | | (5.139 | ) | | | — | | | | (0.42 | ) | | | (1.12 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.849 | ) | | | (5.189 | ) | | | (0.05 | ) | | | (0.42 | ) | | | (1.12 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $14.385 | | | | $14.908 | | | | $17.86 | | | | $14.96 | | | | $17.31 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.99% | | | | 12.45% | | | | 19.71% | | | | (11.15)% | | | | 11.19% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $63,904,945 | | | | $54,471,360 | | | | $50,657,342 | | | | $48,196,975 | | | | $37,978,078 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.56% | | | | 1.55% | | | | 1.50% | | | | 1.58% | | | | 1.58% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.45% | | | | 1.39% | | | | 1.24% | | | | 1.41% | | | | 1.59% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.56% | | | | 1.55% | | | | 1.50% | | | | 1.58% | | | | 1.58% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.45% | | | | 1.39% | | | | 1.24% | | | | 1.41% | | | | 1.59% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | (0.25)% | | | | (0.29)% | | | | 0.00% | | | | (0.32)% | | | | (0.62)% | |
After expense reimbursement (recapture) and securities lending credit | | | (0.14)% | | | | (0.13)% | | | | 0.26% | | | | (0.15)% | | | | (0.63)% | |
Portfolio turnover rate | | | 39.01% | | | | 32.87% | | | | 42.22% | | | | 146.02% | | | | 96.24% | |
| 1 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Worldex-US Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.759 | | | | $8.380 | | | | $7.74 | | | | $8.75 | | | | $8.94 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.194 | 1 | | | 0.243 | 1 | | | 0.15 | 1 | | | 0.13 | 1 | | | 0.25 | |
Net realized and unrealized gains (losses) on investments | | | (0.680 | ) | | | 1.305 | | | | 0.65 | | | | (0.91 | ) | | | (0.26 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.486 | ) | | | 1.548 | | | | 0.80 | | | | (0.78 | ) | | | (0.01 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.173 | ) | | | (0.169 | ) | | | (0.16 | ) | | | (0.23 | ) | | | (0.18 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.173 | ) | | | (0.169 | ) | | | (0.16 | ) | | | (0.23 | ) | | | (0.18 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.100 | | | | $9.759 | | | | $8.38 | | | | $7.74 | | | | $8.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (4.79)% | | | | 18.49%3 | | | | 10.48% | | | | (9.00)% | | | | (0.10)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $534,233 | | | | $822,817 | | | | $75,295,608 | | | | $52,879,582 | | | | $113,316,485 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.80% | | | | 0.83%4 | | | | 0.84% | | | | 0.95% | | | | 0.98% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.79% | | | | 0.79%4 | | | | 0.79% | | | | 0.90% | | | | 0.98% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.80% | | | | 0.83%4 | | | | 0.84% | | | | 0.95% | | | | 0.98% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.79% | | | | 0.79%4 | | | | 0.79% | | | | 0.90% | | | | 0.98% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.04% | | | | 3.01%4 | | | | 1.83% | | | | 1.54% | | | | 2.68% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.05% | | | | 3.05%4 | | | | 1.88% | | | | 1.59% | | | | 2.68% | |
Portfolio turnover rate | | | 59.18% | | | | 84.22% | | | | 60.68% | | | | 114.74% | | | | 61.84% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 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. |
See notes to financial statements.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Worldex-US Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.507 | | | | $8.260 | | | | $7.66 | | | | $8.70 | | | | $8.89 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.121 | 1 | | | 0.087 | 1 | | | 0.11 | 1 | | | 0.08 | 1 | | | 0.17 | |
Net realized and unrealized gains (losses) on investments | | | (0.643 | ) | | | 1.296 | | | | 0.63 | | | | (0.91 | ) | | | (0.23 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.522 | ) | | | 1.383 | | | | 0.74 | | | | (0.83 | ) | | | (0.06 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.129 | ) | | | (0.136 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (0.13 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.129 | ) | | | (0.136 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (0.13 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.856 | | �� | | $9.507 | | | | $8.26 | | | | $7.66 | | | | $8.70 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (5.36 | )% | | | 16.76% | | | | 9.85% | | | | (9.59 | )% | | | (0.68 | )% |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $216,435,566 | | | | $212,049,697 | | | | $112,737,823 | | | | $135,305,242 | | | | $228,832,175 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.40% | | | | 1.38% | | | | 1.42% | | | | 1.52% | | | | 1.55% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.39% | | | | 1.39% | | | | 1.39% | | | | 1.52% | | | | 1.59% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.40% | | | | 1.38% | | | | 1.42% | | | | 1.52% | | | | 1.55% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.39% | | | | 1.39% | | | | 1.39% | | | | 1.52% | | | | 1.59% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.32% | | | | 0.95% | | | | 1.36% | | | | 0.92% | | | | 1.96% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.33% | | | | 0.94% | | | | 1.39% | | | | 0.92% | | | | 1.92% | |
Portfolio turnover rate | | | 59.18% | | | | 84.22% | | | | 60.68% | | | | 114.74% | | | | 61.84% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
140
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.131 | | | | $9.320 | | | | $9.54 | | | | $9.69 | | | | $9.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.176 | 1 | | | 0.133 | 1 | | | 0.12 | 1 | | | 0.12 | 1 | | | 0.10 | |
Net realized and unrealized gains (losses) on investments | | | 0.144 | | | | (0.098 | ) | | | (0.11 | ) | | | (0.03 | ) | | | 0.33 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.320 | | | | 0.035 | | | | 0.01 | | | | 0.09 | | | | 0.43 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.181 | ) | | | (0.168 | ) | | | (0.17 | ) | | | (0.13 | ) | | | (0.12 | ) |
Dividends from net realized gains | | | — | | | | (0.056 | ) | | | (0.06 | ) | | | (0.11 | ) | | | (0.01 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.181 | ) | | | (0.224 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.13 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.270 | | | | $9.131 | | | | $9.32 | | | | $9.54 | | | | $9.69 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.57% | | | | 0.35% | | | | 0.02% | | | | 1.01% | | | | 4.64% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $132,792,238 | | | | $134,255,059 | | | | $137,358,236 | | | | $209,252,288 | | | | $236,819,684 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.34% | | | | 1.38% | | | | 1.36% | | | | 1.31% | | | | 1.29% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.19% | | | | 1.26% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.34% | | | | 1.38% | | | | 1.36% | | | | 1.31% | | | | 1.29% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.19% | | | | 1.26% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.80% | | | | 1.30% | | | | 1.14% | | | | 1.22% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.95% | | | | 1.42% | | | | 1.21% | | | | 1.24% | | | | 1.11% | |
Portfolio turnover rate | | | 239.11% | | | | 193.12% | | | | 164.81% | | | | 157.49% | | | | 185.11% | |
| 1 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
141
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tax-Exempt Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.145 | | | | $11.220 | | | | $11.62 | | | | $11.58 | | | | $11.18 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.335 | 1 | | | 0.321 | 1 | | | 0.30 | 1 | | | 0.31 | 1 | | | 0.32 | |
Net realized and unrealized gains (losses) on investments | | | 0.072 | | | | (0.074 | ) | | | (0.38 | ) | | | 0.06 | | | | 0.40 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.407 | | | | 0.247 | | | | (0.08 | ) | | | 0.37 | | | | 0.72 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.347 | ) | | | (0.322 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.32 | ) |
Dividends from net realized gains | | | (0.014 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.361 | ) | | | (0.322 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.32 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $11.191 | | | | $11.145 | | | | $11.22 | | | | $11.62 | | | | $11.58 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.72% | | | | 2.28% | | | | (0.82 | )% | | | 3.22% | | | | 6.45% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $25,310,450 | | | | $27,829,032 | | | | $30,317,261 | | | | $49,084,900 | | | | $65,682,169 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.54% | | | | 1.48% | | | | 1.43% | | | | 1.42% | | | | 1.38% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.28% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.54% | | | | 1.48% | | | | 1.43% | | | | 1.42% | | | | 1.38% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.28% | | | | 1.29% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 2.77% | | | | 2.64% | | | | 2.43% | | | | 2.53% | | | | 2.64% | |
After expense reimbursement (recapture) | | | 3.02% | | | | 2.83% | | | | 2.57% | | | | 2.67% | | | | 2.73% | |
Portfolio turnover rate | | | 34.57% | | | | 56.73% | | | | 14.50% | | | | 12.47% | | | | 33.29% | |
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
142
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $8.835 | | | | $9.460 | | | | $9.05 | | | | $9.53 | | | | $9.94 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.437 | 1 | | | 0.427 | 1 | | | 0.46 | 1 | | | 0.36 | 1 | | | 0.41 | |
Net realized and unrealized gains (losses) on investments | | | (0.213 | ) | | | (0.250 | ) | | | 0.30 | | | | (0.76 | ) | | | (0.32 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.224 | | | | 0.177 | | | | 0.76 | | | | (0.40 | ) | | | 0.09 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.575 | ) | | | (0.802 | ) | | | (0.35 | ) | | | (0.08 | ) | | | (0.50 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.575 | ) | | | (0.802 | ) | | | (0.35 | ) | | | (0.08 | ) | | | (0.50 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.484 | | | | $8.835 | | | | $9.46 | | | | $9.05 | | | | $9.53 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.65% | | | | 1.81% | | | | 8.77% | | | | (4.22 | )% | | | 0.88% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $376,752 | | | | $354,392 | | | | $9,316,917 | | | | $8,572,900 | | | | $50,593,107 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture)including interest expense2 | | | 1.33% | | | | 1.34% | | | | 1.21% | | | | 1.13% | | | | 1.08% | |
After expense reimbursement (recapture)including interest expense2 | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.99% | | | | 1.05% | |
Before expense reimbursement (recapture) excluding interest expense | | | 1.33% | | | | 1.34% | | | | 1.21% | | | | 1.13% | | | | 1.08% | |
After expense reimbursement (recapture) excluding interest expense | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.99% | | | | 1.05% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 4.63% | | | | 4.16% | | | | 4.78% | | | | 3.71% | | | | 3.84% | |
After expense reimbursement (recapture) | | | 5.01% | | | | 4.55% | | | | 5.04% | | | | 3.85% | | | | 3.87% | |
Portfolio turnover rate | | | 24.46% | | | | 33.85% | | | | 33.77% | | | | 41.12% | | | | 39.66% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
143
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $8.932 | | | | $9.560 | | | | $9.05 | | | | $9.55 | | | | $9.93 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.371 | 1 | | | 0.391 | 1 | | | 0.40 | 1 | | | 0.30 | 1 | | | 0.33 | |
Net realized and unrealized gains (losses) on investments | | | (0.322 | ) | | | (0.259 | ) | | | 0.32 | | | | (0.72 | ) | | | (0.29 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.049 | | | | 0.132 | | | | 0.72 | | | | (0.42 | ) | | | 0.04 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.523 | ) | | | (0.760 | ) | | | (0.21 | ) | | | (0.08 | ) | | | (0.42 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.523 | ) | | | (0.760 | ) | | | (0.21 | ) | | | (0.08 | ) | | | (0.42 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.458 | | | | $8.932 | | | | $9.56 | | | | $9.05 | | | | $9.55 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.64% | | | | 1.29% | | | | 8.20% | | | | (4.44 | )% | | | 0.33% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $50,858,136 | | | | $54,554,489 | | | | $57,384,791 | | | | $78,168,300 | | | | $151,883,107 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture)including interest expense2 | | | 1.90% | | | | 1.90% | | | | 1.78% | | | | 1.68% | | | | 1.66% | |
After expense reimbursement (recapture)including interest expense2 | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | |
Before expense reimbursement (recapture) excluding interest expense | | | 1.90% | | | | 1.90% | | | | 1.78% | | | | 1.68% | | | | 1.66% | |
After expense reimbursement (recapture) excluding interest expense | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 3.91% | | | | 3.87% | | | | 4.17% | | | | 3.08% | | | | 3.28% | |
After expense reimbursement (recapture) | | | 4.26% | | | | 4.22% | | | | 4.40% | | | | 3.21% | | | | 3.39% | |
Portfolio turnover rate | | | 24.46% | | | | 33.85% | | | | 33.77% | | | | 41.12% | | | | 39.66% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
144
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.534 | | | | $11.340 | | | | $10.46 | | | | $11.65 | | | | $11.45 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.227 | 1 | | | 0.236 | 1 | | | 0.19 | 1 | | | 0.20 | 1 | | | 0.16 | |
Net realized and unrealized gains (losses) on investments | | | (0.003 | )5 | | | 1.466 | | | | 1.20 | | | | (1.02 | ) | | | 0.41 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.224 | | | | 1.702 | | | | 1.39 | | | | (0.82 | ) | | | 0.57 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.193 | ) | | | (0.210 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.19 | ) |
Dividends from net realized gains | | | (0.012 | ) | | | (1.298 | ) | | | (0.31 | ) | | | (0.21 | ) | | | (0.18 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.205 | ) | | | (1.508 | ) | | | (0.51 | ) | | | (0.37 | ) | | | (0.37 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $11.553 | | | | $11.534 | | | | $11.34 | | | | $10.46 | | | | $11.65 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.22% | | | | 14.90% | | | | 13.54% | | | | (7.11 | )% | | | 5.04% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $5,450,557 | | | | $6,646,937 | | | | $13,176,782 | | | | $10,968,769 | | | | $7,737,997 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.40% | | | | 0.40% | | | | 0.42% | | | | 0.43% | | | | 0.41% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.35% | | | | 0.35% | | | | 0.32% | | | | 0.31% | | | | 0.34% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.39% | | | | 0.40% | | | | 0.42% | | | | 0.43% | | | | 0.41% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.34% | | | | 0.35% | | | | 0.32% | | | | 0.31% | | | | 0.34% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.92% | | | | 1.91% | | | | 1.64% | | | | 1.67% | | | | 1.63% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.97% | | | | 1.96% | | | | 1.74% | | | | 1.79% | | | | 1.70% | |
Portfolio turnover rate | | | 53.89% | | | | 70.47% | | | | 42.81% | | | | 84.98% | | | | 11.96% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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. |
| 5 | | Realized and unrealized gains and losses per shares 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 aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
145
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.458 | | | | $11.290 | | | | $10.42 | | | | $11.62 | | | | $11.43 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.160 | 1 | | | 0.152 | 1 | | | 0.12 | 1 | | | 0.13 | 1 | | | 0.12 | |
Net realized and unrealized gains (losses) on investments | | | 0.0035 | | | | 1.467 | | | | 1.20 | | | | (1.02 | ) | | | 0.38 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.163 | | | | 1.619 | | | | 1.32 | | | | (0.89 | ) | | | 0.50 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.132 | ) | | | (0.153 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.13 | ) |
Dividends from net realized gains | | | (0.012 | ) | | | (1.298 | ) | | | (0.31 | ) | | | (0.21 | ) | | | (0.18 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.144 | ) | | | (1.451 | ) | | | (0.45 | ) | | | (0.31 | ) | | | (0.31 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $11.477 | | | | $11.458 | | | | $11.29 | | | | $10.42 | | | | $11.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.61% | | | | 14.22% | | | | 12.91% | | | | -7.67% | | | | 4.47% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $788,314,442 | | | | $611,928,879 | | | | $551,141,139 | | | | $383,423,651 | | | | $259,838,374 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.00% | | | | 1.00% | | | | 1.01% | | | | 1.02% | | | | 1.00% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.95% | | | | 0.95% | | | | 0.92% | | | | 0.91% | | | | 0.95% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.99% | | | | 0.99% | | | | 1.01% | | | | 1.02% | | | | 1.00% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.94% | | | | 0.94% | | | | 0.92% | | | | 0.91% | | | | 0.95% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.35% | | | | 1.22% | | | | 0.99% | | | | 1.05% | | | | 0.94% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.40% | | | | 1.27% | | | | 1.08% | | | | 1.16% | | | | 0.99% | |
Portfolio turnover rate | | | 53.89% | | | | 70.47% | | | | 42.81% | | | | 84.98% | | | | 11.96% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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. |
| 5 | | Realized and unrealized gains and losses per shares 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 aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
146
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.538 | | | | $9.100 | | | | $9.51 | | | | $11.26 | | | | $11.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.255 | 1 | | | 0.204 | 1 | | | 0.19 | 1 | | | 0.16 | 1 | | | 0.26 | |
Net realized and unrealized gains (losses) on investments | | | 0.104 | | | | 0.442 | | | | 0.35 | | | | (0.89 | ) | | | 0.41 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.359 | | | | 0.646 | | | | 0.54 | | | | (0.73 | ) | | | 0.67 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.205 | ) | | | (0.187 | ) | | | — | | | | (0.14 | ) | | | (0.25 | ) |
Dividends from net realized gains | | | (0.015 | ) | | | (0.021 | ) | | | (0.95 | ) | | | (0.88 | ) | | | (0.55 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.220 | ) | | | (0.208 | ) | | | (0.95 | ) | | | (1.02 | ) | | | (0.80 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.677 | | | | $9.538 | | | | $9.10 | | | | $9.51 | | | | $11.26 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.97% | | | | 7.07% | | | | 6.09% | | | | (6.65 | )% | | | 6.01% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $2,268,382 | | | | $3,140,896 | | | | $4,966,270 | | | | $4,220,428 | | | | $6,173,168 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.42% | | | | 0.44% | | | | 0.51% | | | | 0.47% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.10% | | | | 0.27% | | | | 0.30% | | | | 0.37% | | | | 0.37% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.42% | | | | 0.44% | | | | 0.51% | | | | 0.47% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.10% | | | | 0.27% | | | | 0.30% | | | | 0.37% | | | | 0.37% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.35% | | | | 1.97% | | | | 1.78% | | | | 1.39% | | | | 1.96% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.67% | | | | 2.14% | | | | 1.99% | | | | 1.49% | | | | 2.01% | |
Portfolio turnover rate | | | 69.19% | | | | 30.27% | | | | 44.43% | | | | 130.77% | | | | 38.36% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
147
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.482 | | | | $9.060 | | | | $9.53 | | | | $11.29 | | | | $11.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.196 | 1 | | | 0.143 | 1 | | | 0.12 | 1 | | | 0.09 | 1 | | | 0.15 | |
Net realized and unrealized gains (losses) on investments | | | 0.107 | | | | 0.438 | | | | 0.36 | | | | (0.89 | ) | | | 0.46 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.303 | | | | 0.581 | | | | 0.48 | | | | (0.80 | ) | | | 0.61 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.153 | ) | | | (0.138 | ) | | | — | | | | (0.08 | ) | | | (0.16 | ) |
Dividends from net realized gains | | | (0.015 | ) | | | (0.021 | ) | | | (0.95 | ) | | | (0.88 | ) | | | (0.55 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.168 | ) | | | (0.159 | ) | | | (0.95 | ) | | | (0.96 | ) | | | (0.71 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.617 | | | | $9.482 | | | | $9.06 | | | | $9.53 | | | | $11.29 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.35% | | | | 6.39% | | | | 5.44% | | | | (7.18 | )% | | | 5.42% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $337,130,990 | | | | $268,079,977 | | | | $110,985,447 | | | | $51,768,546 | | | | $174,138,417 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.02% | | | | 1.03% | | | | 1.10% | | | | 1.05% | | | | 1.01% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.70% | | | | 0.83% | | | | 0.89% | | | | 0.99% | | | | 1.00% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.02% | | | | 1.03% | | | | 1.10% | | | | 1.05% | | | | 1.01% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.70% | | | | 0.83% | | | | 0.89% | | | | 0.99% | | | | 1.00% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.75% | | | | 1.31% | | | | 1.10% | | | | 0.79% | | | | 1.17% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.07% | | | | 1.51% | | | | 1.31% | | | | 0.85% | | | | 1.18% | |
Portfolio turnover rate | | | 69.19% | | | | 30.27% | | | | 44.43% | | | | 130.77% | | | | 38.36% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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.
148
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.950 | | | | $10.250 | | | | $9.38 | | | | $10.34 | | | | $10.80 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.138 | 1 | | | 0.142 | 1 | | | 0.18 | 1 | | | 0.13 | 1 | | | 0.17 | |
Net realized and unrealized gains (losses) on investments | | | 0.408 | | | | 1.078 | | | | 0.81 | | | | (0.97 | ) | | | 0.21 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.546 | | | | 1.220 | | | | 0.99 | | | | (0.84 | ) | | | 0.38 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.128 | ) | | | (0.393 | ) | | | (0.12 | ) | | | (0.02 | ) | | | (0.20 | ) |
Dividends from net realized gains | | | (0.406 | ) | | | (0.127 | ) | | | — | | | | (0.10 | ) | | | (0.64 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.534 | ) | | | (0.520 | ) | | | (0.12 | ) | | | (0.12 | ) | | | (0.84 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.962 | | | | $10.950 | | | | $10.25 | | | | $9.38 | | | | $10.34 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 5.59% | | | | 11.83% | | | | 10.63% | | | | (8.18 | )% | | | 3.63% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $1,506,030 | | | | $1,681,043 | | | | $3,767,220 | | | | $5,005,303 | | | | $5,977,217 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.51% | | | | 0.52% | | | | 0.53% | | | | 0.51% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.43% | | | | 0.45% | | | | 0.40% | | | | 0.41% | | | | 0.36% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.51% | | | | 0.52% | | | | 0.53% | | | | 0.51% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.43% | | | | 0.45% | | | | 0.40% | | | | 0.41% | | | | 0.36% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.15% | | | | 1.25% | | | | 1.69% | | | | 1.20% | | | | 2.01% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.23% | | | | 1.32% | | | | 1.82% | | | | 1.30% | | | | 2.16% | |
Portfolio turnover rate | | | 336.60% | | | | 369.57% | | | | 336.50% | | | | 348.05% | | | | 214.84% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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.
149
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.907 | | | | $10.150 | | | | $9.32 | | | | $10.32 | | | | $10.79 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.074 | 1 | | | 0.082 | 1 | | | 0.11 | 1 | | | 0.07 | 1 | | | 0.15 | |
Net realized and unrealized gains (losses) on investments | | | 0.410 | | | | 1.054 | | | | 0.82 | | | | (0.97 | ) | | | 0.17 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.484 | | | | 1.136 | | | | 0.93 | | | | (0.90 | ) | | | 0.32 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.066 | ) | | | (0.252 | ) | | | (0.10 | ) | | | — | * | | | (0.15 | ) |
Dividends from net realized gains | | | (0.406 | ) | | | (0.127 | ) | | | — | | | | (0.10 | ) | | | (0.64 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.472 | ) | | | (0.379 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (0.79 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.919 | | | | $10.907 | | | | $10.15 | | | | $9.32 | | | | $10.32 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 4.96% | | | | 11.14% | | | | 10.05% | | | | (8.74 | )% | | | 3.08% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $341,839,666 | | | | $271,460,164 | | | | $304,159,564 | | | | $393,657,458 | | | | $480,492,438 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.11% | | | | 1.11% | | | | 1.12% | | | | 1.11% | | | | 1.10% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.03% | | | | 1.03% | | | | 1.00% | | | | 1.01% | | | | 0.97% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.11% | | | | 1.11% | | | | 1.12% | | | | 1.11% | | | | 1.10% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.03% | | | | 1.03% | | | | 1.00% | | | | 1.01% | | | | 0.97% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.58% | | | | 0.69% | | | | 1.07% | | | | 0.62% | | | | 1.30% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.66% | | | | 0.77% | | | | 1.19% | | | | 0.72% | | | | 1.43% | |
Portfolio turnover rate | | | 336.60% | | | | 369.57% | | | | 336.50% | | | | 348.05% | | | | 214.84% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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.
150
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.335 | | | | $10.290 | | | | $9.80 | | | | $10.02 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.346 | 1 | | | 0.292 | 1 | | | 0.37 | 1 | | | 0.26 | 1 | | | 0.40 | |
Net realized and unrealized gains (losses) on investments | | | (0.003 | )2 | | | (0.037 | ) | | | 0.52 | | | | (0.21 | ) | | | (0.10 | )2 |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.343 | | | | 0.255 | | | | 0.89 | | | | 0.05 | | | | 0.30 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.276 | ) | | | (0.210 | ) | | | (0.40 | ) | | | (0.27 | ) | | | (0.28 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.276 | ) | | | (0.210 | ) | | | (0.40 | ) | | | (0.27 | ) | | | (0.28 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.402 | | | | $10.335 | | | | $10.29 | | | | $9.80 | | | | $10.02 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.43% | | | | 2.47% | | | | 9.14% | | | | 0.56% | | | | 3.05% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $667,898 | | | | $1,343,813 | | | | $921,609 | | | | $1,107,629 | | | | $2,673,347 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.51% | | | | 0.53% | | | | 0.58% | | | | 0.53% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.20% | | | | 0.37% | | | | 0.50% | | | | 0.39% | | | | 0.34% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.51% | | | | 0.53% | | | | 0.58% | | | | 0.53% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.20% | | | | 0.37% | | | | 0.50% | | | | 0.39% | | | | 0.34% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.04% | | | | 2.64% | | | | 3.58% | | | | 2.49% | | | | 2.64% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.35% | | | | 2.80% | | | | 3.66% | | | | 2.63% | | | | 2.81% | |
Portfolio turnover rate | | | 146.82% | | | | 154.33% | | | | 41.66% | | | | 200.13% | | | | 91.93% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 4 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 5 | | 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.
151
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.348 | | | | 10.320 | | | | $9.81 | | | | $10.04 | | | | $10.01 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.283 | 1 | | | 0.231 | 1 | | | 0.30 | 1 | | | 0.20 | 1 | | | 0.23 | |
Net realized and unrealized gains (losses) on investments | | | (0.001 | )5 | | | (0.036 | ) | | | 0.53 | | | | (0.22 | ) | | | 0.02 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.282 | | | | 0.195 | | | | 0.83 | | | | (0.02 | ) | | | 0.25 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.228 | ) | | | (0.167 | ) | | | (0.32 | ) | | | (0.21 | ) | | | (0.22 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.228 | ) | | | (0.167 | ) | | | (0.32 | ) | | | (0.21 | ) | | | (0.22 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.402 | | | | $10.348 | | | | $10.32 | | | | $9.81 | | | | $10.04 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.81% | | | | 1.88% | | | | 8.54% | | | | (0.19 | )% | | | 2.47% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $312,866,645 | | | | 267,250,294 | | | | $128,948,108 | | | | $145,830,207 | | | | $366,970,865 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.11% | | | | 1.12% | | | | 1.18% | | | | 1.13% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.80% | | | | 0.96% | | | | 1.10% | | | | 0.99% | | | | 0.93% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.11% | | | | 1.12% | | | | 1.18% | | | | 1.13% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.80% | | | | 0.96% | | | | 1.10% | | | | 0.99% | | | | 0.93% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.44% | | | | 2.04% | | | | 2.91% | | | | 1.92% | | | | 1.92% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.75% | | | | 2.20% | | | | 2.99% | | | | 2.06% | | | | 2.10% | |
Portfolio turnover rate | | | 146.82% | | | | 154.33% | | | | 41.66% | | | | 200.13% | | | | 91.93% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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. |
| 5 | | Realized and unrealized gains and losses per shares 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 aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
152
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Multi-Asset Income Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.603 | | | | $10.460 | | | | $9.94 | | | | $10.62 | | | | $10.76 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.358 | 1 | | | 0.287 | 1 | | | 0.29 | 1 | | | 0.34 | 1 | | | 0.36 | |
Net realized and unrealized gains (losses) on investments | | | 0.062 | | | | 0.137 | | | | 0.52 | | | | (0.61 | ) | | | (0.05 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.420 | | | | 0.424 | | | | 0.81 | | | | (0.27 | ) | | | 0.31 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.363 | ) | | | (0.281 | ) | | | (0.29 | ) | | | (0.37 | ) | | | (0.38 | ) |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.363 | ) | | | (0.281 | ) | | | (0.29 | ) | | | (0.41 | ) | | | (0.45 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.660 | | | | $10.603 | | | | $10.46 | | | | $9.94 | | | | $10.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 4.13% | | | | 4.05% | | | | 8.24% | | | | (2.49 | )% | | | 3.01% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $132,260,092 | | | | $119,091,615 | | | | $119,817,129 | | | | $106,901,424 | | | | $140,497,937 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.15% | | | | 1.13% | | | | 1.17% | | | | 1.17% | | | | 1.14% | |
After expense reimbursement (recapture) and securities lending creditincluding interest expense3 | | | 0.82% | | | | 0.98% | | | | 0.97% | | | | 0.96% | | | | 0.88% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.15% | | | | 1.13% | | | | 1.17% | | | | 1.17% | | | | 1.14% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.82% | | | | 0.98% | | | | 0.97% | | | | 0.96% | | | | 0.88% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.08% | | | | 2.52% | | | | 2.66% | | | | 3.15% | | | | 3.23% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.41% | | | | 2.67% | | | | 2.86% | | | | 3.36% | | | | 3.49% | |
Portfolio turnover rate | | | 44.77% | | | | 131.23% | | | | 61.25% | | | | 145.43% | | | | 66.76% | |
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 4 | | 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.
153
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.577 | | | | $9.670 | | | | $9.62 | | | | $9.76 | | | | $9.65 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.426 | 1 | | | 0.543 | 1 | | | 0.24 | 1 | | | 0.18 | 1 | | | 0.25 | |
Net realized and unrealized gains (losses) on investments | | | (0.183 | ) | | | (0.158 | )2 | | | 0.07 | | | | (0.11 | ) | | | 0.11 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.243 | | | | 0.385 | | | | 0.31 | | | | 0.07 | | | | 0.36 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.398 | ) | | | (0.478 | ) | | | (0.26 | ) | | | (0.21 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.398 | ) | | | (0.478 | ) | | | (0.26 | ) | | | (0.21 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.422 | | | | $9.577 | | | | $9.67 | | | | $9.62 | | | | $9.76 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.58% | | | | 3.99% | | | | 3.23% | | | | 0.70% | | | | 3.75% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $26,280 | | | | $224,505 | | | | $52,492 | | | | $49,872 | | | | $2,257,327 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.56% | | | | 0.52% | | | | 0.50% | | | | 0.44% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending creditincluding interest expense4 | | | 0.16% | | | | 0.27% | | | | 0.37% | | | | 0.36% | | | | 0.31% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.55% | | | | 0.52% | | | | 0.50% | | | | 0.44% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.15% | | | | 0.27% | | | | 0.37% | | | | 0.36% | | | | 0.31% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 4.07% | | | | 5.27% | | | | 2.32% | | | | 1.76% | | | | 2.66% | |
After expense reimbursement (recapture) and securities lending credit | | | 4.47% | | | | 5.52% | | | | 2.45% | | | | 1.84% | | | | 2.77% | |
Portfolio turnover rate | | | 380.48% | | | | 232.11% | | | | 114.68% | | | | 147.81% | | | | 22.67% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 4 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 5 | | 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.
154
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
March 31,
2016
| | | Year Ended
March 31,
2015
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.525 | | | | $9.610 | | | | $9.55 | | | | $9.77 | | | | $9.64 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.361 | 1 | | | 0.340 | 1 | | | 0.18 | 1 | | | 0.14 | 1 | | | 0.19 | |
Net realized and unrealized gains (losses) on investments | | | (0.173 | ) | | | (0.018 | )2 | | | 0.08 | | | | (0.21 | ) | | | 0.13 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.188 | | | | 0.322 | | | | 0.26 | | | | (0.07 | ) | | | 0.32 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.347 | ) | | | (0.407 | ) | | | (0.20 | ) | | | (0.15 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.347 | ) | | | (0.407 | ) | | | (0.20 | ) | | | (0.15 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.366 | | | | $9.525 | | | | $9.61 | | | | $9.55 | | | | $9.77 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.00% | | | | 3.35% | | | | 2.73% | | | | (0.75 | )% | | | 3.32% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $59,741,077 | | | | $55,246,464 | | | | $99,575,144 | | | | $114,740,157 | | | | $143,904,504 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 1.15% | | | | 1.12% | | | | 1.09% | | | | 1.04% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending creditincluding interest expense4 | | | 0.77% | | | | 0.93% | | | | 0.91% | | | | 0.93% | | | | 0.92% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.13% | | | | 1.12% | | | | 1.09% | | | | 1.04% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.75% | | | | 0.93% | | | | 0.91% | | | | 0.93% | | | | 0.92% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.45% | | | | 3.30% | | | | 1.72% | | | | 1.32% | | | | 1.72% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.83% | | | | 3.49% | | | | 1.90% | | | | 1.43% | | | | 1.82% | |
Portfolio turnover rate | | | 380.48% | | | | 232.21% | | | | 114.68% | | | | 147.81% | | | | 22.67% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 4 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 5 | | 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.
155
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | January 19, 20161
Through
March 31,
2016
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $ 8.665 | | | | $ 8.700 | | | | $ 9.75 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment gain (loss)2 | | | 0.081 | | | | (0.002 | ) | | | (0.06 | ) | | | (0.02 | ) |
Net realized and unrealized losses on investments | | | (0.679 | ) | | | (0.033 | ) | | | (0.83 | ) | | | (0.23 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.598 | ) | | | (0.035 | ) | | | (0.89 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net realized gains | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $ 8.067 | | | | $ 8.665 | | | | $ 8.70 | | | | $ 9.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (6.90 | )% | | | (0.40 | )% | | | (9.17 | )% | | | (2.50)%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $961,919 | | | | $1,215,018 | | | | $1,478,880 | | | | $4,338,706 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.27% | | | | 1.38 | % | | | 1.37 | % | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.30% | | | | 1.34 | % | | | 1.34 | % | | | 1.30%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.27% | | | | 1.34 | % | | | 1.33 | % | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.30% | | | | 1.30 | % | | | 1.30 | % | | | 1.30%4 | |
Ratio of net investment gain (loss) to average net assets | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.03% | | | | (0.07 | )% | | | (0.69 | )% | | | (1.12)%4 | |
After expense reimbursement (recapture) and fees waived | | | 1.00% | | | | (0.03 | )% | | | (0.66 | )% | | | (0.81)%4 | |
Portfolio turnover rate | | | 0.00% | | | | 0.00 | % | | | 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 Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
156
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Service
| |
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | January 19, 20161
Through
March 31,
2016
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $ 8.551 | | | | $ 8.640 | | | | $ 9.73 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment gain (loss)2 | | | 0.035 | | | | (0.050 | ) | | | (0.11 | ) | | | (0.03 | ) |
Net realized and unrealized losses on investments | | | (0.672 | ) | | | (0.039 | ) | | | (0.82 | ) | | | (0.24 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.637 | ) | | | (0.089 | ) | | | (0.93 | ) | | | (0.27 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | |
Dividends from net realized gains | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $ 7.914 | | | | $ 8.551 | | | | $ 8.64 | | | | $ 9.73 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (7.45 | )% | | | (0.92 | )% | | | (9.70 | )% | | | (2.70)%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $156,397,141 | | | | $121,362,278 | | | | $81,212,945 | | | | $183,020,093 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.87% | | | | 1.97 | % | | | 1.97 | % | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.90% | | | | 1.94 | % | | | 1.94 | % | | | 1.90%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.87% | | | | 1.93 | % | | | 1.93 | % | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.90% | | | | 1.90 | % | | | 1.90 | % | | | 1.90%4 | |
Ratio of net investment gain (loss) to average net assets | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 0.47% | | | | (0.61 | )% | | | (1.27 | )% | | | (1.71)%4 | |
After expense reimbursement (recapture) and fees waived | | | 0.44% | | | | (0.58 | )% | | | (1.24 | )% | | | (1.41)%4 | |
Portfolio turnover rate | | | 0.00% | | | | 0.00 | % | | | 0.00 | % | | | 0.00%3 | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Commencement of operations. |
| 2 | | Net investment loss per share has been calculated based on average shares outstanding during the year. |
| 5 | | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
157
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | |
| | | Conservative
Income Fund
| |
| | | April 30, 20181
through
March 31,
2019
| |
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 | | | $10.000 | |
Income from investment operations: | | | | |
Net investment income2 | | | 0.153 | |
Net realized and unrealized losses on investments | | | (0.020 | )7 |
| | |
|
|
|
Total from investment operations | | | 0.133 | |
| | |
|
|
|
Less distributions: | | | | |
Dividends from net investment income | | | (0.144 | ) |
Dividends from net realized gains | | | (0.002 | ) |
| | |
|
|
|
Total distributions | | | (0.146 | ) |
| | |
|
|
|
Net asset value, end of period | | | $9.987 | |
| | |
|
|
|
Total return | | | 1.34%3 | |
Supplemental data and ratios: | | | | |
Net assets, end of period | | | $973,527 | |
Ratio of expenses to average net assets4 | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense | | | 43.40%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense | | | 0.64%5 | |
Ratio of net investment income to average net assets6 | | | | |
Before expense reimbursement (recapture) and fees waived | | | (41.09)%5 | |
After expense reimbursement (recapture) and fees waived | | | 1.67%5 | |
Portfolio turnover rate | | | 388.79%3 | |
| 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. |
| 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. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
158
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | |
| | | Income Fund
| |
| | | April 30, 20181
through
March 31,
2019
| |
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 | | | $10.000 | |
Income from investment operations: | | | | |
Net investment income2 | | | 0.079 | |
Net realized and unrealized gains on investments | | | 0.0167 | |
| | |
|
|
|
Total from investment operations | | | 0.095 | |
| | |
|
|
|
Less distributions: | | | | |
Dividends from net investment income | | | (0.203 | ) |
| | |
|
|
|
Total distributions | | | (0.203 | ) |
| | |
|
|
|
Net asset value, end of period | | | $9.892 | |
| | |
|
|
|
Total return | | | 0.99%3 | |
Supplemental data and ratios: | | | | |
Net assets, end of period | | | $3,619,628 | |
Ratio of expenses to average net assets4 | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 16.23%5 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | |
Before expense reimbursement (recapture) and fees waived | | | (14.57)%5 | |
After expense reimbursement (recapture) and fees waived | | | 0.87%5 | |
Portfolio turnover rate | | | 801.50%3 | |
| 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. |
| 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. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
159
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | |
| | | Growth &
Income Fund
| |
| | | April 30, 20181
through
March 31,
2019
| |
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 | | | $10.000 | |
Income from investment operations: | | | | |
Net investment income2 | | | 0.331 | |
Net realized and unrealized losses on investments | | | (0.320 | )7 |
| | |
|
|
|
Total from investment operations | | | 0.011 | |
| | |
|
|
|
Less distributions: | | | | |
Dividends from net investment income | | | (0.239 | ) |
| | |
|
|
|
Total distributions | | | (0.239 | ) |
| | |
|
|
|
Net asset value, end of period | | | $9.772 | |
| | |
|
|
|
Total return | | | 0.14%3 | |
Supplemental data and ratios: | | | | |
Net assets, end of period | | | $4,519,060 | |
Ratio of expenses to average net assets4 | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense | | | 27.58%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | |
Before expense reimbursement (recapture) and fees waived | | | (23.11)%5 | |
After expense reimbursement (recapture) and fees waived | | | 3.68%5 | |
Portfolio turnover rate | | | 123.50%3 | |
| 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. |
| 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. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
160
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS
March 31, 2019
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”), asopen-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® Worldex-US Fund, GuideMark® Core Fixed Income Fund and GuideMark®Tax-Exempt Fixed Income Fund. GPS Funds II is comprised of the following 11 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, GuidePath®Managed Futures Strategy Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income 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. The GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund, which are only offered with a single share class. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the Statement of Changes in Net Assets. 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, GuidePath® Flexible Income Allocation Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income
Fund each operate as a “Fund of Funds,” investing primarily in registered investment companies, including mutual funds and 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 theover-the-counter market. If anon-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 asinstitutional-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
161
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
day prices and transaction prices. When the comparison results exceedpre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).
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 year. 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 year, certain 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, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certainover-the-counter derivative instruments, including forward currency contracts, written and purchased options, 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 asinstitutional-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.
Forward 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.
162
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2019:
GuideMark® Large Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 306,015,732 | | | $ | — | | | $ | — | | | $ | 306,015,732 | |
Investment Companies | | | 9,845,909 | | | | — | | | | — | | | | 9,845,909 | |
Real Estate Investment Trusts | | | 14,770,343 | | | | — | | | | — | | | | 14,770,343 | |
Short Term Investments | | | 2,626,884 | | | | — | | | | — | | | | 2,626,884 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 35,499,125 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 333,258,868 | | | $ | — | | | $ | — | | | $ | 368,757,993 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
GuideMark® Emerging Markets Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 2,463,410 | | | $ | 6,396,189 | | | $ | — | | | $ | 8,859,599 | |
Consumer Discretionary | | | 5,144,503 | | | | 6,200,466 | | | | — | | | | 11,344,969 | |
Consumer Staples | | | 2,331,184 | | | | 5,223,888 | | | | — | | | | 7,555,072 | |
Energy | | | 2,448,712 | | | | 4,254,641 | | | | — | | | | 6,703,353 | |
Financials | | | 2,961,737 | | | | 13,017,984 | | | | 217,188 | | | | 16,196,909 | |
Health Care | | | — | | | | 2,012,446 | | | | — | | | | 2,012,446 | |
Industrials | | | 350,690 | | | | 4,692,252 | | | | — | | | | 5,042,942 | |
Information Technology | | | 271,611 | | | | 10,994,869 | | | | — | | | | 11,266,480 | |
Materials | | | 1,399,347 | | | | 4,318,029 | | | | — | | | | 5,717,376 | |
Real Estate | | | — | | | | 1,194,276 | | | | — | | | | 1,194,276 | |
Utilities | | | 478,676 | | | | 1,085,560 | | | | — | | | | 1,564,236 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 17,849,870 | | | | 59,390,600 | | | | 217,188 | | | | 77,457,658 | |
Investment Companies | | | 2,816,722 | | | | — | | | | — | | | | 2,816,722 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Staples | | | 79,574 | | | | 523,435 | | | | — | | | | 603,009 | |
Energy | | | 569,764 | | | | — | | | | — | | | | 569,764 | |
Financials | | | 1,336,897 | | | | — | | | | — | | | | 1,336,897 | |
Information Technology | | | — | | | | 468,231 | | | | — | | | | 468,231 | |
Materials | | | 115,436 | | | | — | | | | — | | | | 115,436 | |
Utilities | | | 278,204 | | | | — | | | | — | | | | 278,204 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | 2,379,875 | | | | 991,666 | | | | — | | | | 3,371,541 | |
Real Estate Investment Trusts | | | — | | | | 97,555 | | | | — | | | | 97,555 | |
Short Term Investments | | | 440,525 | | | | — | | | | — | | | | 440,525 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 1,026,618 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 23,486,992 | | | $ | 60,479,821 | | | $ | 217,188 | | | $ | 85,210,619 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
163
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | |
Description
| | Common Stocks
| |
Balance as of April 1, 2018 | | $ | — | |
Purchases | | | 233,753 | |
Sales proceeds and paydowns | | | — | |
Accreted discounts, net | | | — | |
Corporate Actions | | | — | |
Realized gain (loss) | | | — | |
Change in unrealized appreciation (depreciation) | | | (16,565 | ) |
Transfers into/(out of) Level 3 | | | — | |
| | |
|
|
|
Balance as of March 31, 2019 | | $ | 217,188 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2019. | | $ | (16,565 | ) |
| | |
|
|
|
The Level 3 amounts disclosed in the table above consist of three securities that are fair valued in good faith, using significant unobservable inputs, by the Adviser’s Valuation Committee. The table below includes the quantitative information about Level 3 fair value measurements for these securities:
| | | | | | | | | | | | | | | | | | | | |
Investment Type
| | Fair
Value
| | | Valuation
Methodology
| | | Unobservable
Input Type
| | | Inputs
| | | Range/Weighted
Average Discount
Unobservable Input
| |
Common Stock | | $ | 217,188 | | |
| Market
Halt |
| |
| Last
Traded
Price |
| | | 23.1 HKD | | | $ | 0 | |
GuideMark® Small/Mid Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | 55,288,584 | | | $ | — | | | $ | 0 | | | $ | 55,288,584 | |
Investment Companies | | | 2,337,488 | | | | — | | | | — | | | | 2,337,488 | |
Real Estate Investment Trusts | | | 4,623,933 | | | | — | | | | — | | | | 4,623,933 | |
Rights | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 555,237 | | | | — | | | | — | | | | 555,237 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 6,053,599 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 62,805,242 | | | $ | — | | | $ | 0 | | | $ | 68,858,841 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | | | | | |
Description
| | Common Stocks
| | | Rights
| |
Balance as of April 1, 2018 | | $ | 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 March 31, 2019 | | $ | 0 | | | $ | 0 | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2019. | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
|
164
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
GuideMark® Worldex-US Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 1,486,575 | | | $ | 9,576,545 | | | $ | — | | | $ | 11,063,120 | |
Consumer Discretionary | | | 1,765,481 | | | | 26,350,932 | | | | — | | | | 28,116,413 | |
Consumer Staples | | | 3,011,160 | | | | 27,527,453 | | | | — | | | | 30,538,613 | |
Energy | | | 1,847,132 | | | | 9,542,539 | | | | — | | | | 11,389,671 | |
Financials | | | 6,063,889 | | | | 29,594,567 | | | | — | | | | 35,658,456 | |
Health Care | | | 1,302,964 | | | | 24,772,109 | | | | — | | | | 26,075,073 | |
Industrials | | | 1,963,630 | | | | 24,558,313 | | | | — | | | | 26,521,943 | |
Information Technology | | | 2,202,712 | | | | 10,532,137 | | | | — | | | | 12,734,849 | |
Materials | | | 1,505,514 | | | | 11,566,413 | | | | — | | | | 13,071,927 | |
Real Estate | | | 264,134 | | | | 2,436,145 | | | | — | | | | 2,700,279 | |
Utilities | | | 914,360 | | | | 7,715,828 | | | | — | | | | 8,630,188 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 22,327,551 | | | | 184,172,981 | | | | — | | | | 206,500,532 | |
Investment Companies | | | 5,660,341 | | | | — | | | | — | | | | 5,660,341 | |
Participatory Notes | | | — | | | | 218,316 | | | | — | | | | 218,316 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Health Care | | | — | | | | 223,931 | | | | — | | | | 223,931 | |
Materials | | | — | | | | 269,187 | | | | — | | | | 269,187 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | — | | | | 493,118 | | | | — | | | | 493,118 | |
Real Estate Investment Trusts | | | 341,722 | | | | 3,034,545 | | | | — | | | | 3,376,267 | |
Short Term Investments | | | 1,429,776 | | | | — | | | | — | | | | 1,429,776 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 1,550,556 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 29,759,390 | | | $ | 187,918,960 | | | $ | — | | | $ | 219,228,906 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
GuideMark® Core Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Fixed Income | | | | | | | | | | | | | | | | |
Asset Backed Securities | | $ | — | | | $ | 19,641,576 | | | $ | — | | | $ | 19,641,576 | |
Collateralized Mortgage Obligations | | | — | | | | 13,886,330 | | | | — | | | | 13,886,330 | |
Corporate Obligations | | | — | | | | 41,033,233 | | | | — | | | | 41,033,233 | |
Foreign Government Debt Obligations | | | — | | | | 492,001 | | | | — | | | | 492,001 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 45,007,429 | | | | — | | | | 45,007,429 | |
Municipal Debt Obligations | | | — | | | | 257,726 | | | | — | | | | 257,726 | |
U.S. Treasury Obligations | | | — | | | | 21,424,325 | | | | — | | | | 21,424,325 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 141,742,620 | | | | — | | | | 141,742,620 | |
Swaptions | | | — | | | | 17,530 | | | | — | | | | 17,530 | |
Short Term Investments | | | 7,358,205 | | | | — | | | | — | | | | 7,358,205 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 2,557,125 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 7,358,205 | | | $ | 141,760,150 | | | $ | — | | | $ | 151,675,480 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | 110,276 | | | $ | — | | | $ | — | | | $ | 110,276 | |
Swaps | | | — | | | | 214,176 | | | | — | | | | 214,176 | |
| | * | | 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. |
165
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
GuideMark®Tax-Exempt Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Municipal Debt Obligations | | $ | — | | | $ | 24,771,217 | | | $ | — | | | $ | 24,771,217 | |
Short Term Investments | | | 122,034 | | | | — | | | | — | | | | 122,034 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 122,034 | | | $ | 24,771,217 | | | $ | — | | | $ | 24,893,251 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments.
GuideMark® Opportunistic Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | — | | | $ | 21,336 | | | $ | 0 | | | $ | 21,336 | |
Fixed Income | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | | — | | | | 8,283,631 | | | | — | | | | 8,283,631 | |
Corporate Obligations | | | — | | | | 11,978 | | | | — | | | | 11,978 | |
Foreign Government Obligations | | | — | | | | 16,569,801 | | | | — | | | | 16,569,801 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 9,181,366 | | | | — | | | | 9,181,366 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 34,046,776 | | | | — | | | | 34,046,776 | |
Purchased Options | | | — | | | | 32 | | | | — | | | | 32 | |
Warrants | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 5,905,671 | | | | 9,739,823 | | | | — | | | | 15,645,494 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 5,905,671 | | | $ | 43,807,967 | | | $ | 0 | | | $ | 49,713,638 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | $ | — | | | $ | 311,331 | | | $ | — | | | $ | 311,331 | |
Options Written | | | — | | | | (30 | ) | | | — | | | | (30 | ) |
Swaps | | | — | | | | (1,038,638 | ) | | | — | | | | (1,038,638 | ) |
| | * | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts, written options and swaps. Forward currency contracts and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while written options are reflected at value. |
For further information regarding security characteristics, see the Schedule of Investments.
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, 2018 | | $ | 0 | | | $ | 0 | |
Purchases | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | |
Amortization, net | | | — | | | | — | |
Realized gain (loss) | | | — | | | | — | |
Change in unrealized appreciation (depreciation) | | | — | | | | — | |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of March 31, 2019 | | $ | 0 | | | $ | 0 | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2019. | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
|
GuidePath® Growth Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 785,140,379 | | | $ | — | | | $ | — | | | $ | 785,140,379 | |
Short Term Investments | | | 8,520,109 | | | | — | | | | — | | | | 8,520,109 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 154,536,927 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 793,660,488 | | | $ | — | | | $ | — | | | $ | 948,197,415 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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. |
166
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Conservative Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 335,336,367 | | | $ | — | | | $ | — | | | $ | 335,336,367 | |
Short Term Investments | | | 3,973,258 | | | | — | | | | — | | | | 3,973,258 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 76,237,689 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 339,309,625 | | | $ | — | | | $ | — | | | $ | 415,547,314 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
GuidePath® Tactical Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 339,886,570 | | | $ | — | | | $ | — | | | $ | 339,886,570 | |
Short Term Investments | | | 3,662,445 | | | | — | | | | — | | | | 3,662,445 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 72,550,452 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 343,549,015 | | | $ | — | | | $ | — | | | $ | 416,099,467 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
GuidePath® Absolute Return Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 310,074,678 | | | $ | — | | | $ | — | | | $ | 310,074,678 | |
Short Term Investments | | | 3,542,714 | | | | — | | | | — | | | | 3,542,714 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 25,807,921 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 313,617,392 | | | $ | — | | | $ | — | | | $ | 339,425,313 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
GuidePath® Multi-Asset Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 131,234,311 | | | $ | — | | | $ | — | | | $ | 131,234,311 | |
Short Term Investments | | | 453,689 | | | | — | | | | — | | | | 453,689 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 38,520,158 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 131,688,000 | | | $ | — | | | $ | — | | | $ | 170,208,158 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
167
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
GuidePath® Flexible Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 59,129,689 | | | $ | — | | | $ | — | | | $ | 59,129,689 | |
Short Term Investments | | | 629 | | | | — | | | | — | | | | 629 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 19,144,533 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 59,130,318 | | | $ | — | | | $ | — | | | $ | 78,274,851 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
GuidePath®Managed Futures Strategy Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Short Term Investments | | $ | 1,117,933 | | | $ | 156,537,908 | | | $ | — | | | $ | 157,655,841 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 1,117,933 | | | $ | 156,537,908 | | | $ | — | | | $ | 157,655,841 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | 6,846,027 | | | $ | — | | | $ | — | | | $ | 6,846,027 | |
| | * | | Other financial instruments are derivative instruments not reflected in the Consolidated 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 Consolidated Schedule of Investments.
GuidePath® Conservative Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
U.S. Treasury Obligations | | $ | — | | | $ | 78,502 | | | $ | — | | | $ | 78,502 | |
Investment Companies | | | 462,881 | | | | — | | | | — | | | | 462,881 | |
Short Term Investments | | | 434,435 | | | | — | | | | — | | | | 434,435 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 897,316 | | | $ | 78,502 | | | $ | — | | | $ | 975,818 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 3,377,864 | | | $ | — | | | $ | — | | | $ | 3,377,864 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 3,377,864 | | | $ | — | | | $ | — | | | $ | 3,377,864 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Growth & Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | 1,462,201 | | | $ | — | | | $ | — | | | $ | 1,462,201 | |
Investment Companies | | | 2,730,642 | | | | — | | | | — | | | | 2,730,642 | |
Short Term Investments | | | 225,380 | | | | — | | | | — | | | | 225,380 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 4,418,223 | | | $ | — | | | $ | — | | | $ | 4,418,223 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments.
| | (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 GuidePath®Managed Futures Strategy Fund had 3.92% of its total assets invested in the Subsidiary as of March 31, 2019.
168
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
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 atri-party agreement. The securities aremarked-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 ofsub-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. As of and during the period ended March 31, 2019, the Funds did not have any tax positions that did not meet the“more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal period ended March 31, 2019, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax
years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
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 Funds expense 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 theex-dividend date, and the interest income recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and taxes on 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
169
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
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, Flexible Income Allocation Fund, Conservative Income Fund, Income Fund and Growth and Income 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. The Conservative Income Fund, Income Fund and Growth and Income Fund will generally distribute any net investment income monthly. All of the Funds will generally 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 theex-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
The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market
price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.
A purchaser (holder) of a put option pays anon-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 futures 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.
170
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
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 ofover-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® World ex-US Fund
The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund was not invested in these instruments at March 31, 2019.
| | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2019 | |
|
| Amount of Realized Gain on Derivatives Recognized in Income | |
| | | Forward
Currency
Contracts | | | Total | |
| Foreign Exchange Contracts | | $ | 5,656 | | | $ | 5,656 | |
| | |
| Total | | $ | 5,656 | | | $ | 5,656 | |
GuideMark® Core Fixed Income Fund
During the year, 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 year included those based on short, medium, and long-term U.S. Treasury debt.
The Fund used futures contracts during the year 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 March 31, 2019
| | | | | | | | | | | | |
| | | 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 | | $ | 11,026 | | | Depreciation on swap agreements | | $ | — | |
| | | | |
| Interest Rate Contracts – Swaps | | Appreciation on swap agreements | | | 206,659 | | | Depreciation on swap agreements | | | 3,509 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 212,348 | | | Unrealized depreciation on futures contracts** | | | 102,072 | |
| | | | |
| Interest Rate Contracts – Options | | Investments at value | | | 17,530 | | | Investments at value | | | — | |
| Total | | | | $ | 447,563 | | | | | $ | 105,581 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
| | ** | | Included in total distributable earnings on the Statement of Assets and Liabilities. |
| | | | | | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2019 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options* | | | Total | |
| Credit Contracts | | $ | — | | | $ | (59,796 | ) | | $ | — | | | $ | — | | | $ | (59,796 | ) |
| Interest Rate Contracts | | | (169,812 | ) | | | (144,604 | ) | | | 73,573 | | | | (48,809 | ) | | | (289,652 | ) |
| | | | | |
| Total | | $ | (169,812 | ) | | $ | (204,400 | ) | | $ | 73,573 | | | $ | (48,809 | ) | | $ | (349,448 | ) |
| | * | | Included in net realized gain (loss) on investments as reported in the Statement of Operations. |
171
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
| | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation or (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Purchased
Options* | | | Total | |
| Credit Contracts | | $ | — | | | $ | 9,063 | | | $ | — | | | $ | 9,063 | |
| Interest Rate Contracts | | | 101,386 | | | | (72,450 | ) | | | (34,535 | ) | | | (5,599 | ) |
| | | | |
| Total | | $ | 101,386 | | | $ | (63,387 | ) | | $ | (34,535 | ) | | $ | 3,464 | |
| | * | | Included in net change in unrealized appreciation (depreciation) on investments as reported in the Statement of Operations. |
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 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 year for the purpose of hedging exposures within the Fund tonon-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2019
| | | | | | | | | | | | |
| | | 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 | | $ | 15,582 | | | Depreciation on swap agreements | | $ | 1,054,220 | |
| | | | |
| Foreign Exchange Contracts – Forward Currency Contracts | | Appreciation of forward currency contracts | | | 403,617 | | | Depreciation of forward currency contracts | | | 92,286 | |
| | | | |
| Foreign Exchange Contracts – Options | | Investments, at Value | | | 32 | | | Options Written, at Value | | | 30 | |
| Total | | | | $ | 419,231 | | | | | $ | 1,146,536 | |
| | | | | | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2019 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Forward
Currency
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options* | | | Total | |
| Foreign Exchange Contracts | | $ | 1,897,281 | | | $ | — | | | $ | 18 | | | $ | 2 | | | $ | 1,897,301 | |
| Interest Rate Contracts | | | — | | | | (69,037 | ) | | | — | | | | — | | | | (69,037 | ) |
| | | | | |
| Total | | $ | 1,897,281 | | | $ | (69,037 | ) | | $ | 18 | | | $ | 2 | | | $ | 1,828,264 | |
| | * | | Included in net realized gain (loss) on investments as reported on the Statement of Operations. |
| | | | | | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Forward
Currency
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options | | | Total | |
| Foreign Exchange Contracts | | $ | 552,217 | | | $ | — | | | $ | 0 | | | $ | 0 | | | $ | 552,217 | |
| Interest Rate Contracts | | | — | | | | (309,338 | ) | | | — | | | | — | | | | (309,338 | ) |
| | | | | |
| Total | | $ | 552,217 | | | $ | (309,338 | ) | | $ | 0 | | | $ | 0 | | | $ | 242,879 | |
GuidePath® Managed Futures Strategy Fund
The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the year ended March 31, 2019, the Fund
172
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2019
| | | | | | | | | | | | |
| | | 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** | | $ | 1,229,387 | | | Unrealized depreciation on futures contracts** | | $ | 1,049,242 | |
| | | | |
| Equity Contracts –Futures* | | Unrealized appreciation on futures contracts** | | | 1,103,344 | | | Unrealized depreciation on futures contracts** | | | 51,484 | |
| | | | |
| Foreign Exchange Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 213,619 | | | Unrealized depreciation on futures contracts** | | | 510,926 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 5,923,321 | | | Unrealized depreciation on futures contracts** | | | 11,992 | |
| Total | | | | $ | 8,469,671 | | | | | $ | 1,623,644 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Consolidated Schedule of Open Futures Contracts. |
| | ** | | Included in total distributable earnings on the Consolidated Statement of Assets and Liabilities. |
| | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2019 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (3,350,703 | ) |
| Equity Contracts | | | (10,952,780 | ) |
| Foreign Exchange Contracts | | | (4,457,504 | ) |
| Interest Rate Contracts | | | 2,898,482 | |
| |
| Total | | $ | (15,862,505 | ) |
| | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (574,942 | ) |
| Equity Contracts | | | 2,047,593 | |
| Foreign Exchange Contracts | | | 59,334 | |
| Interest Rate Contracts | | | 4,622,917 | |
| |
| Total | | $ | 6,154,902 | |
Volume Disclosures
The average monthly value outstanding of purchased and written options during the year ended March 31, 2019 were as follows:
| | | | | | | | | | | | |
| | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | |
| Purchased Options | | $ | 57,879 | | | $ | 5 | | | $ | — | |
| Written Options | | $ | (7,183 | ) | | $ | (5 | ) | | $ | — | |
The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2019 were as follows:
| | | | | | | | | | | | |
| Long Positions | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | |
| Futures | | $ | 21,175,739 | | | $ | — | | | $ | 637,908,667 | |
| Forwards | | $ | — | | | $ | 26,284,915 | | | $ | — | |
| Swaps | | $ | 12,391,385 | | | $ | 6,832,923 | | | $ | — | |
173
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
| | | | | | | | | | | | |
| | | |
| Short Positions | | GuideMark®
Core Fixed
Income
Fund | | | GuideMark®
Opportunistic
Fixed
Income Fund | | | GuidePath®
Managed
Futures
Strategy Fund | |
| Futures | | $ | (9,262,379 | ) | | $ | — | | | $ | (420,747,571 | ) |
| Forwards | | $ | — | | | $ | (983,219 | ) | | $ | — | |
| | | |
| Cross Currency | | GuideMark®
Core Fixed
Income
Fund | | | GuideMark®
Opportunistic
Fixed
Income Fund | | | GuidePath®
Managed
Futures
Strategy Fund | |
| Forwards | | $ | — | | | $ | 5,155,736 | | | $ | — | |
| | * | | The GuideMark® Worldex-US Fund had forward transactions during the year ended March 31, 2019, however due to the timing of these transactions the average monthly notional amount for each Fund was $0. For more information about the forward activity of these Funds, see the Statements 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 orsub-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 atpre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2019, 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 Statement of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset
in the Statement of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | | | | | | | | | | | | | | | | | | | | | | | |
Credit Suisse | | $ | 12,000 | | | $ | (12,000 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Purchased Options* | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 17,530 | | | | — | | | | 17,530 | | | | — | | | | — | | | | 17,530 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 217,685 | | | | — | | | | 217,685 | | | | (3,509 | ) | | | — | | | | 214,176 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 247,215 | | | $ | (12,000 | ) | | $ | 235,215 | | | $ | (3,509 | ) | | $ | — | | | $ | 231,706 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Included in investments, at value as reported on the Statement of Assets and Liabilities. |
174
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 35,015 | | | $ | (12,000 | ) | | $ | 23,015 | | | $ | 23,015 | | | $ | — | | | $ | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 3,509 | | | | — | | | | 3,509 | | | | (3,509 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 38,524 | | | $ | (12,000 | ) | | $ | 26,524 | | | $ | (26,524 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
GuideMark® Opportunistic Fixed Income Fund
The Fund attempts to reduce its exposure to counterparty credit risk onover-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 netmark-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 March 31, 2019, discloses both gross information and net information about instruments and transactions eligible for offset in the Statement 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 | | $ | 16,860 | | | $ | — | | | $ | 16,860 | | | $ | (884 | ) | | $ | — | | | $ | 15,976 | |
Barclays | | | 628 | | | | — | | | | 628 | | | | — | | | | — | | | | 628 | |
BNP Paribas | | | 56,844 | | | | — | | | | 56,844 | | | | (13,557 | ) | | | — | | | | 43,287 | |
Citibank | | | 186,144 | | | | — | | | | 186,144 | | | | (33,097 | ) | | | (90,000 | ) | | | 63,047 | |
Deutsche Bank | | | 33,152 | | | | — | | | | 33,152 | | | | (2,208 | ) | | | — | | | | 30,944 | |
Goldman Sachs | | | 33,584 | | | | — | | | | 33,584 | | | | (1,728 | ) | | | (10,000 | ) | | | 21,856 | |
HSBC | | | 16,639 | | | | — | | | | 16,639 | | | | (16,639 | ) | | | — | | | | — | |
JP Morgan Chase | | | 54,368 | | | | — | | | | 54,368 | | | | (10,019 | ) | | | — | | | | 44,349 | |
Morgan Stanley | | | 1,366 | | | | — | | | | 1,366 | | | | — | | | | — | | | | 1,366 | |
UBS | | | 4,032 | | | | — | | | | 4,032 | | | | — | | | | — | | | | 4,032 | |
Purchased Options* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 32 | | | | — | | | | 32 | | | | (30 | ) | | | — | | | | 2 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | 11,395 | | | | — | | | | 11,395 | | | | (11,395 | ) | | | — | | | | — | |
HSBC | | | 4,187 | | | | — | | | | 4,187 | | | | (4,187 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 419,231 | | | $ | — | | | $ | 419,231 | | | $ | (93,744 | ) | | $ | (100,000 | ) | | $ | 225,487 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Included in investments, at value as reported on the Statement of Assets and Liabilities. |
175
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 884 | | | $ | — | | | $ | 884 | | | $ | (884 | ) | | $ | — | | | $ | — | |
BNP Paribas | | | 13,557 | | | | — | | | | 13,557 | | | | (13,557 | ) | | | — | | | | — | |
Citibank | | | 33,097 | | | | — | | | | 33,097 | | | | (33,097 | ) | | | — | | | | — | |
Deutsche Bank | | | 2,208 | | | | — | | | | 2,208 | | | | (2,208 | ) | | | — | | | | — | |
Goldman Sachs | | | 1,728 | | | | — | | | | 1,728 | | | | (1,728 | ) | | | — | | | | — | |
HSBC | | | 30,793 | | | | — | | | | 30,793 | | | | (16,639 | ) | | | — | | | | 14,154 | |
JP Morgan Chase | | | 10,019 | | | | — | | | | 10,019 | | | | (10,019 | ) | | | — | | | | — | |
Options Written | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 30 | | | | — | | | | 30 | | | | (30 | ) | | | — | | | | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | 22,792 | | | | — | | | | 22,792 | | | | (11,395 | ) | | | (11,397 | ) | | | — | |
HSBC | | | 48,904 | | | | — | | | | 48,904 | | | | (4,187 | ) | | | — | | | | 44,717 | |
JP Morgan Chase | | | 982,524 | | | | — | | | | 982,524 | | | | — | | | | (982,524 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 1,146,536 | | | $ | — | | | $ | 1,146,536 | | | $ | (93,744 | ) | | $ | (993,921 | ) | | $ | 58,871 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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 atpre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2019, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement 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 Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset in
the Consolidated Statement
of Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | $ | 1,549,050 | | | $ | (1,295,365 | ) | | $ | 253,685 | | | $ | (253,685 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 1,549,050 | | | $ | (1,295,365 | ) | | $ | 253,685 | | | $ | (253,685 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
176
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | Gross Amounts not offset in
the Consolidated Statement
of Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Liabilities
| | | Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Pledged
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | $ | 2,022,489 | | | $ | (1,295,365 | ) | | $ | 727,124 | | | $ | (253,685 | ) | | $ | (473,439 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 2,022,489 | | | $ | (1,295,365 | ) | | $ | 727,124 | | | $ | (253,685 | ) | | $ | (473,439 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Cumulative appreciation/ depreciation on futures contracts is reported in the consolidated schedule of open futures contracts – variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities. |
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.
| | (m) | | Securities Purchased or Sold on a Forward-Commitment Basis |
The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.
| | (n) | | Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board. |
| | (o) | | 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.
| | (p) | | Restricted and Illiquid Securities |
No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of thesub-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 the Funds’ liquidity guidelines.
| | (q) | | 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.
177
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
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, 2019, for the services performed as Trustees of the consolidated Board 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 $87,500 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether heldin-person or telephonically, $5,000 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 leveragedbuy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
| | (t) | | Participatory Notes (“participation notes”) |
Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership of local companies.
The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional
liquidity risk. These securities have been deemed to be liquid as of March 31, 2019.
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% | |
Worldex-US Fund | | | 0.50% | |
Core Fixed Income Fund | | | 0.40% | |
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% | |
Conservative Income Fund | | | 0.35% | |
Income Fund | | | 0.45% | |
Growth and Income Fund | | | 0.45% | |
AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining 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 applicable class of shares of each Fund. The administrative services may include development and maintenance of aweb-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 overseeingnon-advisory relationships with entities providing services to the applicable class of shares of each Fund; 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, 2020, 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.
178
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
Each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive, through July 31, 2020, 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 andnon-routine expenses) do not exceed the following rates (“Expense Limits”), based on daily net assets of each class of each Fund:
| | | | | | | | | | | | |
| | | Service
Class
| | | Institutional
Class
| | | Single
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% | | | | — | |
Worldex-US Fund | | | 1.39% | | | | 0.79% | | | | — | |
Core Fixed Income Fund | | | 1.19% | | | | 0.59% | | | | — | |
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 | | | 0.70% | | | | 0.10% | | | | — | |
Tactical Allocation Fund | | | 1.10% | | | | 0.50% | | | | — | |
| | | | | | | | | | | | |
| | | Service
Class
| | | Institutional
Class
| | | Single
Class
| |
Absolute Return Allocation Fund | | | 0.80% | | | | 0.20% | | | | — | |
Multi-Asset Income Allocation Fund | | | 1.10% | | | | 0.50% | | | | — | |
Flexible Income Allocation Fund | | | 0.75% | | | | 0.15% | | | | — | |
Managed Futures Strategy Fund | | | 1.90% | | | | 1.30% | | | | — | |
Conservative Income Fund | | | — | | | | — | | | | 0.64% | |
Income Fund | | | — | | | | — | | | | 0.79% | |
Growth and Income Fund | | | — | | | | — | | | | 0.79% | |
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 Limits 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 calendar month in which the fee or expense was waived or reimbursed. As of March 31, 2019, Large Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund and Multi-Asset Income Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.
The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:
| | | | | | | | | | | | |
| | | Year of
Expiration
03/31/2020
| | | Year of
Expiration
03/31/2021
| | | Year of
Expiration
03/31/2022
| |
Emerging Markets Fund | | $ | — | | | $ | — | | | $ | 8,437 | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | 1,943 | |
Worldex-US Fund | | | 18,036 | | | | 4,462 | | | | 13,827 | |
Core Fixed Income Fund | | | 109,659 | | | | 140,476 | | | | 187,844 | |
Tax-Exempt Fixed Income Fund | | | 60,304 | | | | 53,567 | | | | 64,590 | |
Opportunistic Fixed Income Fund | | | 175,049 | | | | 197,441 | | | | 192,137 | |
Conservative Allocation Fund | | | — | | | | 123,290 | | | | 461,910 | |
Absolute Return Allocation Fund | | | — | | | | 152,010 | | | | 735,890 | |
Flexible Income Allocation Fund | | | — | | | | 15,980 | | | | 67,053 | |
Managed Futures Strategy Fund | | | 62,978 | | | | 47,553 | | | | 18,545 | |
Conservative Income Fund | | | — | | | | — | | | | 55,574 | |
Income Fund | | | — | | | | — | | | | 58,315 | |
Growth and Income Fund | | | — | | | | — | | | | 56,091 | |
Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and varioussub-advisors. Under the terms of thesesub-advisory agreements, the Advisor compensates eachsub-advisor based on the portion of each Fund’s average daily net assets that is allocated to thesub-advisor.
Each Trust, on behalf of the Service Shares class of its Funds, as applicable, has adopted a distribution plan pursuant to Rule12b-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 the12b-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 the12b-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 than12b-1 fees, to the Distributor during the Funds’ most recent period ended March 31, 2019.
179
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
| 6. | | Service, Custody, and Line of Credit Agreements |
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S. Bank, N.A. (“USB” or the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services.
The Funds, excluding the Conservative Income Fund, Income Fund and Growth and Income Fund, have established a line of credit (“LoC”) with 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 renewed August 1, 2018 and will mature, unless renewed, on July 31, 2019. Borrowing under the LoC is limited to the lesser of 20% of the gross market value of a Fund, 20% of specific marketable securities acceptable to USB, 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 5.5% at March 31, 2019. As of March 31, 2019, Flexible Income Allocation Fund had outstanding borrowings of $203,000, which is disclosed as a payable to custodian on the Statement of Assets and Liabilities. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.
During the year April 1, 2018 to March 31, 2019, the details of the borrowings were as follows:
| | | | | | | | | | | | |
Fund
| | Average Daily Borrowings
| | | Weighted Average Annualized
Interest Rate
| | | Maximum
Borrowings
| |
Large Cap Core Fund | | $ | 14,077 | | | | 5.28 | % | | $ | 1,890,000 | |
Emerging Markets Fund | | | 234,195 | | | | 5.32 | % | | | 9,444,000 | |
Small/Mid Cap Core Fund | | | 9,814 | | | | 5.05 | % | | | 1,006,000 | |
Worldex-US Fund | | | 23,663 | | | | 4.90 | % | | | 4,940,000 | |
Core Fixed Income Fund | | | — | | | | — | | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 375 | | | | 5.50 | % | | | 137,000 | |
Growth Allocation Fund | | | 606,877 | | | | 5.50 | % | | | 118,938,000 | |
Conservative Allocation Fund | | | 288,332 | | | | 5.48 | % | | | 41,795,000 | |
Tactical Allocation Fund | | | 17,767 | | | | 5.25 | % | | | 4,886,000 | |
Absolute Return Allocation Fund | | | 256,616 | | | | 5.35 | % | | | 51,149,000 | |
Multi-Asset Income Allocation Fund | | | 36,493 | | | | 5.48 | % | | | 7,892,000 | |
Flexible Income Allocation Fund | | | 121,444 | | | | 5.40 | % | | | 10,011,000 | |
Managed Futures Strategy Fund | | | — | | | | — | | | | — | |
Conservative Income Fund | | | — | | | | — | | | | — | |
Income Fund | | | — | | | | — | | | | — | |
Growth and Income Fund | | | — | | | | — | | | | — | |
The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with the Custodian. 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 the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. 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 costs and other charges incurred by the Fund
with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. 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 March 31, 2019, the Funds (excluding theTax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Managed Futures Strategy Fund, Conservative Income Fund, Income Fund and Growth and Income Fund) had loaned securities that were collateralized by cash. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. 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. The Funds also receive compensation in the form of fees which depend on a number of factors including the type of security and length of the loan. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.
180
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
Secured Borrowings
| | | | |
Securities Lending Transactions
| | | |
Overnight and Continuous
| | Investments Purchased with
Proceeds from Securities
Lending Collateral
| |
Large Cap Core Fund | | $ | 35,499,125 | |
Emerging Markets Fund | | | 1,026,618 | |
Small/Mid Cap Core Fund | | | 6,053,599 | |
Worldex-US Fund | | | 1,550,556 | |
Core Fixed Income Fund | | | 2,557,125 | |
Tax-Exempt Fixed Income Fund* | | | — | |
Opportunistic Fixed Income Fund* | | | — | |
Growth Allocation Fund | | | 154,536,927 | |
Conservative Allocation Fund | | | 76,237,689 | |
Tactical Allocation Fund | | | 72,550,452 | |
Absolute Return Allocation Fund | | | 25,807,921 | |
Multi-Asset Income Allocation Fund | | | 38,520,158 | |
Flexible Income Allocation Fund | | | 19,144,533 | |
Managed Futures Strategy Fund | | | — | |
Conservative Income Fund | | | — | |
Income Fund | | | — | |
Growth & Income Fund | | | — | |
| |
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | | $ | 433,484,703 | |
| | * | | Not eligible to participate in securities lending. |
| 8. | | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the period ended March 31, 2019 are summarized below.
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Large Cap Core Fund | | $ | 146,543,139 | | | $ | 139,242,213 | |
Emerging Markets Fund | | | 42,912,752 | | | | 55,502,376 | |
Small/Mid Cap Core Fund | | | 30,275,607 | | | | 23,141,895 | |
Worldex-US Fund | | | 137,355,419 | | | | 116,131,647 | |
Core Fixed Income Fund* | | | 361,391,635 | | | | 373,514,047 | |
Tax-Exempt Fixed Income Fund | | | 8,998,412 | | | | 12,244,177 | |
Opportunistic Fixed Income Fund** | | | 9,188,635 | | | | 10,814,395 | |
Growth Allocation Fund | | | 560,925,112 | | | | 378,413,883 | |
Conservative Allocation Fund | | | 271,516,591 | | | | 205,688,566 | |
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Tactical Allocation Fund | | $ | 1,117,266,382 | | | $ | 1,059,000,255 | |
Absolute Return Allocation Fund | | | 523,924,248 | | | | 478,992,940 | |
Multi-Asset Income Allocation Fund | | | 68,356,228 | | | | 55,009,866 | |
Flexible Income Allocation Fund | | | 198,616,346 | | | | 193,194,964 | |
Managed Futures Strategy Fund | | | — | | | | — | |
Conservative Income Fund | | | 893,817 | | | | 353,101 | |
Income Fund | | | 7,043,410 | | | | 4,078,679 | |
Growth and Income Fund | | | 4,772,127 | | | | 597,656 | |
| | * | | Included in these amounts were $327,353,297 of purchases and $336,278,350 of sales of U.S. Government Securities. |
| | ** | | Included in these amounts were $26,256,294 of purchases and $17,323,480 of sales of U.S. Government Securities. |
| 9. | | Transactions with Affiliates |
The GuideMark® Emerging Markets Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2019. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
| | | | | | | | | | | | | | | | |
Issuer
| | Value as of
April 1, 2018
| | | Purchases
| | | Sales
| | | Realized Gain
(Loss)
| |
Sihuan Pharmaceutical Holdings Group, Ltd. | | $ | — | | | $ | 88,410 | | | $ | — | | | $ | 1 | |
| | |
|
|
|
| | | $ | — | | | $ | 88,410 | | | $ | — | | | $ | 1 | |
| | |
|
|
|
| | | | | | | | | | | | | | | | |
Issuer
| | Change in
Unrealized
Appreciation
(Depreciation)
| | | Dividend
Income
| | | Fair Value as of
March 31, 2019
| | | Share Balance
as of
March 31, 2019
| |
Sihuan Pharmaceutical Holdings Group, Ltd. | | $ | 9,269 | | | $ | — | | | $ | 97,680 | | | | 402,958 | |
| | |
|
|
|
| | | $ | 9,269 | | | $ | — | | | $ | 97,680 | | | | 402,958 | |
| | |
|
|
|
181
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
The GuidePath® Absolute Return Allocation Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2019. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
| | | | | | | | | | | | | | | | |
Issuer
| | Value as of
April 1, 2018
| | | Purchases
| | | Sales
| | | Realized Gain
(Loss)
| |
ProShares Investment Grade-Interest Rate Hedged ETF | | $ | 9,690,434 | | | $ | 65,211,508 | | | $ | 29,361,079 | | | $ | 147,131 | |
| | |
|
|
|
| | | $ | 9,690,434 | | | $ | 65,211,508 | | | $ | 29,361,079 | | | $ | 147,131 | |
| | |
|
|
|
| | | | | | | | | | | | | | | | |
Issuer
| | Change in
Unrealized
Appreciation
(Depreciation)
| | | Dividend
Income
| | | Fair Value as of
March 31, 2019
| | | Share Balance
as of
March 31, 2019
| |
ProShares Investment Grade-Interest Rate Hedged ETF | | $ | 1,278,690 | | | $ | 626,581 | | | $ | 46,966,684 | | | | 633,401 | |
| | |
|
|
|
| | | $ | 1,278,690 | | | $ | 626,581 | | | $ | 46,966,684 | | | | 633,401 | |
| | |
|
|
|
The GuideMark® WorldEx-US Fund owned 5% or more of Element Fleet Management Corp. for the period April 10, 2018 to May 30, 2018. During that period the GuideMark® WorldEx-US Fund received $93,071 in realized gain.
| 10. | | New Accounting Pronouncements |
In August 2018, FASB issued Accounting Standards Update (“ASU”)2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU2018-13”). The primary focus ofASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has evaluatedASU 2018-13 and has early adopted the relevant provisions of the disclosure framework.
In March 2017, the FASB issued ASUNo. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic310-20): Premium
Amortization on Purchased Callable Debt Securities(“ASU 2017-08”). The amendments in the ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. TheASU 2017-08 does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU 2017-08 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 permanentbook-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 CFC income reversal, net operating loss lost, Partnerships, tax equalization, excess distributions, and excise tax liabilities. On the Statements of Assets and Liabilities, the following adjustments were made:
| | | | | | | | |
| | | Total Distributable
Earnings (Loss)
| | | Capital
Stock
| |
Large Cap Core Fund | | $ | 155 | | | $ | (155 | ) |
Emerging Markets Fund | | | 6,018,094 | | | | (6,018,094 | ) |
Small/Mid Cap Core Fund | | | 82,106 | | | | (82,106 | ) |
Worldex-US Fund | | | 33 | | | | (33 | ) |
Core Fixed Income Fund | | | 28 | | | | (28 | ) |
Tax-Exempt Fixed Income Fund | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 1,153 | | | | (1,153 | ) |
Growth Allocation Fund | | | (343,712 | ) | | | 343,712 | |
Conservative Allocation Fund | | | (102,988 | ) | | | 102,988 | |
Tactical Allocation Fund | | | 499 | | | | (499 | ) |
Absolute Return Allocation Fund | | | 411 | | | | (411 | ) |
Multi-Asset Income Allocation Fund | | | 244 | | | | (244 | ) |
Flexible Income Allocation Fund | | | 63 | | | | (63 | ) |
Managed Futures Strategy Fund | | | 3,256,838 | | | | (3,256,838 | ) |
Conservative Income Fund | | | — | | | | — | |
Income Fund | | | — | | | | — | |
Growth and Income Fund | | | — | | | | — | |
182
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Losses are carried forward indefinitely and any corresponding loss character is retained. Capital loss carryforwards available for Federal income tax purposes are as follows:
| | | | | | | | | | | | |
| | | Capital losses
| | | | |
| | | Short Term
| | | Long Term
| | | Utilized
| |
Large Cap Core Fund | | $ | — | | | $ | — | | | $ | — | |
Emerging Markets Fund | | | — | | | | — | | | | — | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | |
Worldex-US Fund | | | 1,218,838 | | | | — | | | | — | |
Core Fixed Income Fund | | | 322,650 | | | | 892,955 | | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 13,412,961 | | | | 5,194,192 | | | | — | |
Growth Allocation Fund | | | — | | | | — | | | | — | |
Conservative Allocation Fund | | | 3,216,607 | | | | 2,941,058 | | | | — | |
Tactical Allocation Fund | | | — | | | | — | | | | — | |
Absolute Return Allocation Fund | | | 4,641,227 | | | | 5,713,779 | | | | — | |
Multi-Asset Income Allocation Fund | | | 581,457 | | | | 9,790 | | | | — | |
Flexible Income Allocation Fund | | | 2,322,774 | | | | 7,865,603 | | | | — | |
Managed Futures Strategy Fund | | | 7,660,359 | | | | 3,052,218 | | | | — | |
Conservative Income Fund | | | 468 | | | | — | | | | — | |
Income Fund | | | — | | | | — | | | | — | |
Growth and Income Fund | | | 2,411 | | | | — | | | | — | |
Additionally, at March 31, 2019, the Funds deferred on a tax basis losses as follows:
| | | | | | | | |
| | | Ordinary Late
Year Loss
| | | Capital Loss
| |
Large Cap Core Fund | | $ | — | | | $ | — | |
Emerging Markets Fund | | | 93,374 | | | | — | |
Small/Mid Cap Core Fund | | | 2,812 | | | | 112,148 | |
Worldex-US Fund | | | — | | | | — | |
Core Fixed Income Fund | | | — | | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | — | | | | — | |
Growth Allocation Fund | | | — | | | | 11,517,785 | |
Conservative Allocation Fund | | | — | | | | — | |
Tactical Allocation Fund | | | — | | | | 5,422,732 | |
Absolute Return Allocation Fund | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | — | | | | — | |
Flexible Income Allocation Fund | | | — | | | | — | |
Managed Futures Strategy Fund | | | — | | | | — | |
Conservative Income Fund | | | — | | | | — | |
Income Fund | | | — | | | | — | |
Growth and Income Fund | | | — | | | | — | |
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.
183
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
The character of distributions for tax purposes paid during the fiscal periods ended March 31, 2019 and March 31, 2018 are as follows:
| | | | | | | | |
| | | Period Ended March 31, 2019
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| |
Large Cap Core Fund | | $ | 3,453,165 | | | $ | 2,174,962 | |
Emerging Markets Fund | | | 6,612,553 | | | | 4,662,846 | |
Small/Mid Cap Core Fund | | | — | | | | 3,364,649 | |
Worldex-US Fund | | | 2,697,943 | | | | — | |
Core Fixed Income Fund | | | 2,660,751 | | | | — | |
Tax-Exempt Fixed Income Fund | | | 807,310 | * | | | 31,215 | |
Opportunistic Fixed Income Fund | | | 3,116,585 | | | | — | |
Growth Allocation Fund | | | 9,592,301 | | | | 41,521 | |
Conservative Allocation Fund | | | 5,144,892 | | | | 503,292 | |
Tactical Allocation Fund | | | 12,448,559 | | | | 1,209,576 | |
Absolute Return Allocation Fund | | | 8,705,187 | | | | — | |
Multi-Asset Income Allocation Fund | | | 4,391,358 | | | | — | |
Flexible Income Allocation Fund | | | 2,016,221 | | | | — | |
Managed Futures Strategy Fund | | | — | | | | — | |
Conservative Income Fund | | | 1,400 | | | | — | |
Income Fund | | | 3,522 | | | | — | |
Growth and Income Fund | | | 5,095 | | | | — | |
| | * | | Contains $802,230 oftax-exempt income for period ended March 31, 2019. |
| | | | | | | | |
| | | Year Ended March 31, 2018
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| |
Large Cap Core Fund | | $ | 3,107,413 | | | $ | 9,359,696 | |
Emerging Markets Fund | | | 805,262 | | | | — | |
Small/Mid Cap Core Fund | | | 2,395,401 | | | | 11,762,993 | |
Worldex-US Fund | | | 2,901,835 | | | | — | |
Core Fixed Income Fund | | | 2,420,788 | | | | 798,073 | |
Tax-Exempt Fixed Income Fund | | | 818,304 | * | | | — | |
Opportunistic Fixed Income Fund | | | 4,430,670 | | | | — | |
Growth Allocation Fund | | | 19,021,662 | | | | 45,261,115 | |
Conservative Allocation Fund | | | 3,541,731 | | | | 524,943 | |
Tactical Allocation Fund | | | 5,930,041 | | | | 2,983,197 | |
Absolute Return Allocation Fund | | | 3,894,617 | | | | — | |
Multi-Asset Income Allocation Fund | | | 3,084,967 | | | | — | |
Flexible Income Allocation Fund | | | 2,461,272 | | | | — | |
Managed Futures Strategy Fund | | | — | | | | — | |
| | * | | Contains $814,112 oftax-exempt income for year ended March 31, 2018. |
184
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2019
At March 31, 2019, 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
| |
Cost of Portfolio* | | $ | 286,853,990 | | | $ | 70,366,766 | | | $ | 55,451,911 | | | $ | 202,695,332 | | | $ | 150,629,488 | | | $ | 23,569,666 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 92,867,235 | | | $ | 19,878,576 | | | $ | 17,974,391 | | | $ | 28,626,589 | | | $ | 2,279,164 | | | $ | 1,342,039 | |
Gross Unrealized Depreciation | | | (10,963,232 | ) | | | (5,023,556 | ) | | | (4,567,461 | ) | | | (12,077,895 | ) | | | (908,720 | ) | | | (18,454 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/
(Depreciation) | | | 81,904,003 | | | | 14,855,020 | | | | 13,406,930 | | | | 16,548,694 | | | | 1,370,444 | | | | 1,323,585 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
UndistributedTax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 138,083 | | | | — | | | | — | | | | 2,542,292 | | | | 87,249 | | | | 4,611 | |
Undistributed Long-Term Cap Gains | | | 4,125,368 | | | | — | | | | — | | | | — | | | | — | | | | 71,158 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Distributable Earnings | | | 4,263,451 | | | | — | | | | — | | | | 2,542,292 | | | | 87,249 | | | | 1,399,354 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | — | | | | (93,374 | ) | | | (114,960 | ) | | | (1,218,838 | ) | | | (1,215,657 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | 86,167,454 | | | | 14,761,646 | | | | 13,291,970 | | | | 17,872,148 | | | | 242,036 | | | | 1,399,354 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Portfolio includes investments and derivative contracts |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
Cost of Portfolio* | | $ | 53,626,122 | | | $ | 843,090,153 | | | $ | 399,999,627 | | | $ | 390,156,104 | | | $ | 336,278,290 | | | $ | 167,887,936 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 479,605 | | | $ | 105,828,701 | | | $ | 15,886,687 | | | $ | 26,020,371 | | | $ | 3,546,174 | | | $ | 3,799,508 | |
Gross Unrealized Depreciation | | | (5,051,682 | ) | | | (721,439 | ) | | | (339,000 | ) | | | (77,008 | ) | | | (399,151 | ) | | | (1,479,286 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | (4,572,077 | ) | | | 105,107,262 | | | | 15,547,687 | | | | 25,943,363 | | | | 3,147,023 | | | | 2,320,222 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
UndistributedTax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 641,387 | | | | 1,429,522 | | | | 1,531,064 | | | | — | | | | 1,667,927 | | | | 46,314 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | 5,552,749 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Distributable Earnings | | | 641,387 | | | | 1,429,522 | | | | 1,531,064 | | | | 5,552,749 | | | | 1,667,927 | | | | 46,314 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (18,626,539 | ) | | | (11,534,542 | ) | | | (6,174,422 | ) | | | (5,439,489 | ) | | | (10,371,763 | ) | | | (591,247 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | (22,557,229 | ) | | | 95,002,242 | | | | 10,904,329 | | | | 26,056,623 | | | | (5,556,813 | ) | | | 1,775,289 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Portfolio includes investments and derivative contracts |
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures
Strategy
Fund
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth and
Income
Fund
| |
Cost of Portfolio* | | $ | 77,135,816 | | | $ | 157,634,420 | | | $ | 974,722 | | | $ | 3,338,001 | | | $ | 4,396,606 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 1,139,035 | | | $ | 2,053,364 | | | $ | 1,467 | | | $ | 39,883 | | | $ | 31,357 | |
Gross Unrealized Depreciation | | | — | | | | (75,477 | ) | | | (371 | ) | | | (20 | ) | | | (9,740 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 1,139,035 | | | | 1,977,887 | | | | 1,096 | | | | 39,863 | | | | 21,617 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
UndistributedTax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 55,839 | | | | 590,346 | | | | 772 | | | | 13,043 | | | | 2,607 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | 688 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Distributable Earnings | | | 55,839 | | | | 590,346 | | | | 772 | | | | 13,731 | | | | 2,607 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (10,188,377 | ) | | | (10,534,280 | ) | | | (468 | ) | | | — | | | | (2,411 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | (8,993,503 | ) | | | (7,966,047 | ) | | | 1,400 | | | | 53,594 | | | | 21,813 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
The differences between book-basis andtax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales, debt modifications, futures mark to market, and other temporary differences.
| | * | | Portfolio includes investments and derivative contracts |
185
GuideMark® Funds & GuidePath® Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of GPS Funds I and GPS Funds II
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts, open swap contracts, open forward currency contracts, and options written, of GPS Funds I and GPS Funds II comprising GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, GuideMark Worldex-US Fund, GuideMark Core Fixed Income Fund, GuideMarkTax-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 Conservative Income Fund, GuidePath Income Fund, GuidePath Growth and Income Fund, and the consolidated schedules of investments and open futures contracts and the accompanying consolidated statement of assets and liabilities of GuidePath Managed Futures Strategy Fund (the “Funds”) as of March 31, 2019, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the consolidated financial highlights for each of the four periods in the period then ended for GuidePath Managed Futures Strategy Fund, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period April 30, 2018 (commencement of operations) through March 31, 2019, for GuidePath Conservative Income Fund, GuidePath Income Fund, and GuidePath Growth and Income Fund, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five years in the period then ended, for the remainder of the Funds (collectively, for all Funds presented in the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2014.
/s/ COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
May 30, 2019
186
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION
March 31, 2019
Additional Information
| 1. | | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year 2019 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 | | | 83.35% | | | | 85.42% | |
Emerging Markets Fund | | | 1.02% | | | | 100.00% | |
Small/Mid Cap Core Fund | | | 0.00% | | | | 0.00% | |
Worldex-US Fund | | | 0.01% | | | | 100.00% | |
Core Fixed Income Fund | | | 0.00% | | | | 0.00% | |
Tax-Exempt Fixed Income Fund | | | 0.00% | | | | 0.00% | |
Opportunistic Fixed Income Fund | | | 0.00% | | | | 0.00% | |
Growth Allocation Fund | | | 9.49% | | | | 95.21% | |
Conservative Allocation Fund | | | 8.93% | | | | 25.95% | |
Tactical Allocation Fund | | | 13.32% | | | | 56.00% | |
Absolute Return Allocation Fund | | | 0.08% | | | | 2.46% | |
Multi-Asset Income Allocation Fund | | | 27.59% | | | | 45.00% | |
Flexible Income Allocation Fund | | | 2.12% | | | | 6.66% | |
Managed Futures Strategy Fund | | | 0.00% | | | | 0.00% | |
Conservative Income Fund | | | 0.00% | | | | 0.00% | |
Income Fund | | | 4.79% | | | | 1.12% | |
Growth and Income Fund | | | 4.34% | | | | 50.57% | |
| 2. | | Foreign Tax Credit Pass Through (Unaudited) |
Pursuant to Section 853 of the Internal Revenue Code, the following Fundsdesignate the following amounts as foreign taxes paid for the year ended March 31, 2019. 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 | | $ | 421,872 | | | $ | 0.0172 | | | | 96.72 | % |
Worldex-US Fund | | | 288,263 | | | | 0.0447 | | | | 94.67 | % |
| | * | | 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 IRS1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.
187
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2019
| 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). | | | 18 | | | Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); 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). | | | 18 | | | Trustee, Savos Investments Trust (2015-present); |
| | | | | |
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). | | | 18 | | | 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 Renewed1-Year Term since 2008 | | President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present). | | | 18 | | | 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). |
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March 31, 2019
| | | | | | |
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 | | Renewed1-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 | | Vice President and Treasurer | | Renewed1-Year Term since 2014 | | Vice President and 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 | | Renewed1-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) 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 recent12-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 FormN-Q or Part F of FormN-PORT (beginning with filings after March 31, 2019). Once filed, the Funds’ FormN-Q or Part F of FormN-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888)278-5809.
| 6. | | Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) |
GPS FUNDS I and GPS FUNDS II: Annual Consideration and Approval of Investment Advisory andSub-Advisory Agreements
At a meeting held on December 20, 2018 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds I and GPS Funds II (collectively, the “Trusts”) conducted its annual review and consideration of the renewal of the investment advisory agreements between AssetMark, Inc. (“AssetMark”) and each Trust on behalf of its respective series, other than the GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund series of GPS Funds II (each, a “Fund” and collectively, the “Funds”) and the renewal of the investment advisory agreement between AssetMark and the wholly-owned Cayman Islands subsidiary of the GuidePath® Managed Futures Strategy Fund, GuidePath® Managed Futures Strategy Cayman Fund Ltd. (the “Cayman Subsidiary”) (each such agreement, an “Advisory Agreement,” and collectively, the “Advisory Agreements”). Additionally, the Board considered the renewal of the investmentsub-advisory agreements between (i) Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark, on behalf of GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, and GuideMark® Worldex-US Fund; (ii) Wellington Management Company LLP (“Wellington”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; (iii) Delaware Investments Fund Advisers (“Delaware”) and AssetMark, on behalf of the GuideMark®Tax-Exempt Fixed Income Fund; (iv) Franklin Advisers, Inc. (“Franklin Advisers”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; (v) DoubleLine Capital LP (“DoubleLine”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; and (vi) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath® Managed Futures Strategy Fund and the Cayman Subsidiary (each, a“Sub-Advisory Agreement, and collectively, the“Sub-Advisory Agreements”).
Hereinafter, GSAM, Wellington, Delaware, Franklin Advisers, DoubleLine, and ASG are collectively referred to as the“Sub-Advisors” and the above-listed Funds are collectively referred to as the“Sub-Advised Funds.” The Advisory Agreements andSub-Advisory Agreements are collectively referred to herein as the “Agreements.” TheSub-Advised Funds are managed using a“manager-of-managers” structure that generally
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involves the use of one or moresub-advisors to manage allocated portions of theSub-Advised Funds’ portfolios. For thoseSub-Advised Funds, AssetMark is responsible for evaluating and selectingsub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacingsub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under themanager-of-managers structure, all parties understand thatsub-advisors are being monitored and evaluated, and are subject to replacement, at all times.
The Board – including a majority of the Trustees who are not “interested persons” of the Fund or AssetMark as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) �� determined to approve the continuance of the Advisory Agreements and theSub-Advisory Agreements. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees (“Independent Counsel”). The determination to approve the renewal of the Agreements was based on a comprehensive evaluation of all of the information available to the Trustees and was not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.
The Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds related to, among other things: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to a peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund selected by an independent provider of investment company data (“Peer Group”); (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by their respective Peer Groups; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s Peer Group; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund; (8) reports on AssetMark’s evaluation of theSub-Advisors, including reports relating to the monitoring of eachSub-Advisor’s trading and brokerage practices; (9) reports relating to the distribution, sales and redemptions of Fund shares and related shareholder services; (10) reports relating to the monitoring of the other service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees met with representatives of AssetMark. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting, and discussions with AssetMark at prior meetings and other communications throughout the year.
The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering whether to approve the Advisory Agreements. The Independent Trustees discussed the Advisory Agreements in communications prior to the Meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.
Factors Considered
The Trustees considered and reached conclusions on a number of factors that they deemed relevant in making the decision to approve the Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to theSub-Advised Funds, the Board considered the fact that, as an investment advisor operating within amanager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of theSub-Advisors and considered each Advisory Agreement in this context. In this regard, the Trustees evaluated information about the nature and extent of responsibilities retained and risks assumed by the AssetMark and not delegated to or assumed by theSub-Advisors. The Trustees also considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts’ CCO at which the Trustees are provided with details regarding AssetMark’s compliance functions.
The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a“Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to theSub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’
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March 31, 2019
manager-of-managers structure, including: selecting and oversight of the Funds’Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.
The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.
The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to theSub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of theSub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.
Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.
Investment Performance
The Trustees considered the overall investment performance of the Funds, and, with respect to theSub-Advised Funds, evaluated the Funds’ performance in the context of themanager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.
The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party information provider. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to eachFund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.
The Trustees considered that, as applicable, AssetMark continued to be proactive in seeking to replace and/or addSub-Advisors or underlying funds, to reallocate assets amongSub-Advisors or underlying funds and to implement new investment strategies, with a view to improving Fund performance over the long term.
The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.
Advisory Fees and Total Expenses
The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of its Peer Group; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’Sub-Advisors, as applicable.
The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to eachFund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.
In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling, full performance reporting and other services that are not typically provided with mutual funds. In this regard, while the Board recognized that comparisons between a Fund and its Peer Group may be imprecise given the Funds’ special distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund’s fees and expenses.
After comparing each Fund’s fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, the Trustees, including all of the Independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
Profitability, Economies of Scale and Ancillary Benefits
The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the individual profitability of AssetMark with respect to each Fund under this methodology.
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GuideMark® Funds and GuidePath® Funds
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March 31, 2019
In evaluating AssetMark’s profitability, the Trustees acknowledged that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.
The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related marketing rebates received by AssetMark. The Trustees concluded that these benefits were reasonable.
The Trustees considered AssetMark’s profitability in managing each Fund, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.
The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability with respect to each Fund is reasonable. Additionally, the Trustees concluded that the economies of scale being realized by AssetMark, if any, do not mandate the implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.
TheSub-Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of theSub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review. The materials provided to the Board related to, among other things: (1) a copy of eachSub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by theSub-Advisors; (3) the investment performance of eachSub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparableSub-Advisor client accounts, to the extent applicable; (4) AssetMark’s evaluation of the nature, extent and quality of the services provided by eachSub-Advisor; (5) information regarding any benefits to eachSub-Advisor, such as receipt of research from brokers, that might result from theSub-Advisor’s relationship with a Fund; (6) information concerning eachSub-Advisor’s personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for theday-to-day management of the applicable Fund’s portfolio; (7) information regarding eachSub-Advisor’s compliance policies and other internal procedures, including theSub-Advisor’s brokerage practices; (8) information regarding the financial condition of eachSub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services provided by eachSub-Advisor in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to eachSub-Advisor and the methods and resources AssetMark utilized in its efforts to identify and engageSub-Advisors for the Funds.
In connection with their consideration of theSub-Advisory Agreements, the Trustees considered several factors that they deemed relevant to this process, including: (1) the nature, quality and extent of the services to be provided to each Fund by the respectiveSub-Advisor; (2) the quantitative performance of eachSub-Advisor; (3) AssetMark’s evaluation, in accordance with its role as a“manager-of-managers,” of the nature, extent and quality of the services provided by eachSub-Advisor; (4) information that might suggest the potential for realizing economies of scale that could potentially be shared with Fund shareholders; and (5) any potential“fall-out” or ancillary benefits to aSub-Advisor or its affiliates. Prior to approving theSub-Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel. The Independent Trustees were assisted by Independent Counsel throughout the review process. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating eachSub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Independent Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to eachSub-Advisory Agreement.
Nature, Quality and Extent of Services
The Trustees considered eachSub-Advisor’s investment management process, including (a) the experience, capability and integrity of theSub-Advisor’s management, investment professionals and other personnel; (b) the financial position of theSub-Advisor; (c) the quality and commitment of theSub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) theSub-Advisor’s brokerage and trading practices; and (e) and AssetMark’s evaluation of the nature, quality and extent of services performed by eachSub-Advisor.
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The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at eachSub-Advisor that are responsible for theday-to-day management of each Fund’s portfolio. The Trustees also considered, with respect to eachSub-Advisor, the specific investment approach and level of expertise within its particular asset class. The Trustees considered whether eachSub-Advisor operated within its respective Fund’s investment objective and style and considered eachSub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered eachSub-Advisor’s performance record with respect to the relevant benchmark(s).
The Trustees concluded that the nature, extent and quality of the services provided by eachSub-Advisor to its respectiveSub-Advised Fund is satisfactory.
Sub-Advisor Investment Performance
The Trustees considered whether eachSub-Advisor operated within its respectiveSub-Advised Fund’s investment objective and style and considered eachSub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered eachSub-Advisor’s investment performance relative to appropriate benchmark indices.
The Trustees considered that they had reviewed eachSub-Advisor, including the primary contributors to and detractors from performance, with AssetMark and concluded that eachSub-Advisor’s performance record is satisfactory.
Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits
The Trustees considered the fee paid to eachSub-Advisor by AssetMark for providing services to its relevantSub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiatingsub-advisory arrangements is on negotiating the best possible fee structures for each Fund, and that thesub-advisory fees are paid by AssetMark out of the investment advisory fees received. The Trustees also considered individual reports prepared with regard to eachSub-Advisor, containing comparative information regarding fees. The Trustees noted that eachSub-Advisor’s fees were generally similar to or less than the fees charged by eachSub-Advisor to other comparable funds and accounts.
The Trustees considered eachSub-Advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of theSub-Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with theSub-Advised Funds’ shareholders as assets of theSub-Advised Funds grow.
The Trustees concluded that the fees to be paid to eachSub-Advisor by AssetMark are reasonable in light of the services performed for theSub-Advised Funds by theSub-Advisors and that the economies of scale being realized by theSub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for anySub-Advised Fund at this time.
The Trustees did not consider the profitability of theSub-Advisors to be a material factor based on representations from AssetMark that it negotiatessub-advisory fees with theSub-Advisors on anarm’s-length basis and reports regarding any relationships between theSub-Advisors and AssetMark.
The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with aSub-Advisor, and benefits to theSub-Advisors from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that accrue to aSub-Advisor or any affiliate by virtue of theSub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of theSub-Advisory Agreement with, and the fees to be paid to, each of theSub-Advisors for each of the relevantSub-Advised Funds.
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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
GuidePath® Conservative Income Fund
GuidePath® Income Fund
GuidePath® Growth and Income 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.
342 North Water St.
Suite 830
Milwaukee, WI 53202
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC,
doing business as U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
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.
Annual Report
March 31, 2019
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 ofForm N-CSR.
Item 4. Principal Accountant Fees and Services.
For the fiscal year ended March 31, 2019, the registrant’s principal accountant billed the registrant $151,500 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
For the fiscal year ended March 31, 2018, the registrant’s principal accountant billed the registrant $117,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
None.
For the fiscal year ended March 31, 2019, the registrant’s principal accountant billed the registrant $44,500 for professional services rendered for tax compliance, tax advice and tax planning.
For the fiscal year ended March 31, 2018, the registrant’s principal accountant billed the registrant $34,000 for professional services rendered for tax compliance, tax advice and tax planning.
None.
1
| (e)(1) | The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to providenon-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. |
| (e)(2) | There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X. |
| (f) | None of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the fiscal year ended March 31, 2019 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees. |
| (g) | The aggregatenon-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal year ended March 31, 2019 and March 31, 2018 were $0 and $0, respectively. |
| (h) | The registrant’s audit committee has considered whether the provision ofnon-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule10A-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 forClosed-End Management Investment Companies.
Not applicable toopen-end investment companies.
2
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable toopen-end investment companies.
Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.
Not applicable toopen-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 Rule30a-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 Rule30a-3(b) under the Act and Rules13a-15(b) or15d-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 Rule30a-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 forClosed-End Management Investment Companies
Not applicable toopen-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.Filed herewith. |
(2)A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.
(3)Any written solicitation to purchase securities under Rule23c-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. |
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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 R. Young |
| | | | Patrick R. Young, Vice President/Treasurer |
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