As filed with the Securities and Exchange Commission on [12/6/19]
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, 2020
Date of reporting period: April 1, 2019 through September 30, 2019
| Item 1. | Reports to Stockholders. |
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
September 30, 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.
11/27/2019
Dear Shareholder:
Enclosed is the Semi-Annual Report for the GuideMark® and GuidePath®Funds covering the period from April 1, 2019 to September 30, 2019.
Market Review
For thesix-month period ended September 30, 2019, US equity markets returned 6.1%1 and the US bond market returned 5.4%2. These were atypical return profiles during a time when bond yields fell substantially. During a period of uncertainty and growing tensions in the U.S. and abroad, US equity markets experienced an intra-period decline of more than 6.0% but seemed to shrug off the latest news and ultimately saw strong returns as of the end of the period, culminating in the best nine-month start to the year for US equities since 1997.
Within global equities, US markets provided the strongest returns for the period, as the international developed markets returned 2.9%3 and the emerging markets returned-3.4%4. The rallying US dollar in the third quarter, when investors sought safety amid the growing trade tensions, was the biggest headwind to international market returns, erasing around 2% of gains forUS-based investors with unhedged currency positions. Europe provided the strongest relative returns within international developed markets equities during the reporting period, while the UK saw the weakest relative performance due to uncertainty around Brexit5. Within emerging markets equities, Asia saw the weakest relative returns for the period, with China contributing significantly to the region’s relatively weak returns6 amid growing trade tensions.
Within the U.S., there was a rotation toward the more defensive sectors which tend to be sensitive to shifts in interest rates. Utilities, real estate and financials were thetop-performing sectors during the reporting period, with each one up over 10% as of the period end7. Two sectors saw negative returns over the period: energy(-9.0%) and healthcare(-0.9%)8. Energy was negatively impacted by a decline in crude oil prices during the period, which fell 8.2% in the third quarter9. Despite the strength of the more defensive high-yielding sectors over the reporting period, the value, yield and size factors saw the weakest results.
As investors sought safer investments, the10-year US Treasury yield plummeted, lifting the return of long-term Treasuries to an impressive 14.4%10 for the period. In contrast, short-term US Treasuries returned 2.1%11 for the period. Increased demand for longer term US Treasuries also resulted from over $17 trillion of global bonds having a negative yield. While US Treasury yields fell and were generally considered low as of the end of the reporting period, they were still ‘the best house on the block’ compared to their global counterparts. US corporate bonds were also strong for the period, with the investment grade sector outperforming the high yield sector by almost 4%12. In addition to longer duration bonds, investors also sought higher-credit quality in light of market uncertainty during the period.
Similar to the equity markets, the strength of the US dollar substantially weakened the performance of the international bond market. For the period, international bonds returned 2.8% in USD terms without adjusting for currency fluctuations, while currency hedged returns were 5.7%, slightly above the US bond market13.
Fund Review
Looking across the GuideMark® funds, two of the funds outperformed their respective benchmarks during the reporting period. The GuideMark® Emerging Markets Fund outperformed its benchmark, driven by continued strength from the quality factor. The GuideMark®Tax-Exempt Fixed Income Fund also outperformed for the period due to an emphasis on higher-yielding credit and exposure to longer-maturity bonds.
The GuideMark®Large Cap Core Fund, GuideMark®Small/Mid Cap Core Fund and GuideMark®Worldex-US Fund all underperformed their respective benchmarks, with the biggest detractor being exposure to the value factor.
The GuideMark®CoreFixed Income Fund and the GuideMark®Opportunistic Fixed Income Fund trailed their respective benchmarks as of the end of the reporting period. Shorter duration positioning within the GuideMark® Core Fixed Income Fund was the main headwind to the Fund’s returns. The GuideMark®Opportunistic Fixed Income Fund’s significant exposure to short duration bonds, underweight allocation to corporate credit and overweight exposure to foreign bonds hurt the Fund’s returns as the long end of the yield curve rallied and the US dollar strengthened during the period.
| 1 | | US equities represented by the S&P 500® Index. |
| 2 | | US bonds represented by the Bloomberg Barclays U.S. Aggregate Bond Index. |
| 3 | | International developed market equities represented by the MSCI EAFE Index. |
| 4 | | Emerging market equities represented by the MSCI Emerging Markets Index. |
| 5 | | Europe equities represented by the MSCI Europe ex UK Index, and UK equities represented by the MSCI UK Index. |
| 6 | | China equities represented by the MSCI China Index. Asia equities represented by the MSCI EM Asia Index. |
| 7 | | Real estate sector represented by the S&P 500® Real Estate (Sector) Index; financials sector represented by the S&P 500® Financials (Sector) Index; and utilities sector represented by the S&P 500® Utilities (Sector) Index. |
| 8 | | Energy sector represented by the S&P 500® Energy (Sector) Index and healthcare sector represented by the S&P 500® Health Care (Sector) Index. |
| 9 | | Crude oil represented by near-month crude oil futures contracts traded on the New York Mercantile Exchange (NYMEX). |
| 10 | | Long-term Treasuries represented by the Bloomberg Barclays U.S. Long Treasury Index. |
| 11 | | Short-term Treasuries represented by the Bloomberg Barclays U.S. Treasury1-3 Year Index. |
| 12 | | US corporate bonds represented by the Bloomberg Barclays U.S. Corporate Bond Index and US corporate high yield bonds represented by the Bloomberg Barclays U.S. Corporate High Yield Index. |
| 13 | | International bonds represented by the Bloomberg Barclays Global Aggregateex-USD Index (unhedged and hedged). |
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Across the GuidePath® funds, two funds outperformed, two funds were approximately in line with, and three funds underperformed their respective benchmarks during the period. The GuidePath®Tactical Allocation Fund outperformed its benchmark due to higher exposure to equities relative to its benchmark. The GuidePath®Absolute Return Fund outperformed its benchmark due to the Fund’s diversified mix of fixed income sector exposure.
The returns of the GuidePath®Multi-Asset Income Allocation Fund and the GuidePath® Managed Futures Strategy Fund were approximately in line with their respective benchmarks during the period. The GuidePath® Multi-Asset Income Allocation Fund’s longer term bond positions and exposure to US real estate investment trusts (REITs) contributed positively to the Fund’s returns, while weaker returns in international exposures to dividend equities and REITs detracted from the Fund’s returns. Long bond positions, particularly longer maturity bonds, contributed significantly to the GuidePath®Managed Futures Strategy Fund’s returns during the period, while short positions to grains saw slight losses. The GuidePath®Growth Allocation Fund, GuidePath®Conservative Allocation Fund, and GuidePath®Flexible Income Fundunderperformed their respective benchmarks. Lagging returns were generally a result of broader diversification, including exposure to US small capitalization stocks, and international and emerging markets exposure, specifically in equities.
The GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund trailed their respective benchmarks for the reporting period. The GuidePath® Conservative Income Fund’s portfolio was tilted toward cash equivalents during a time when long-term bonds rallied which hurt the Fund’s returns. The GuidePath®Income Fund saw weaker relative returns as a result of its higher-yielding emerging markets bond exposure while the performance of theGuidePath®Growth and Income Fund was adversely impacted by the market oscillations during the period which created a headwind for the volatility targeting component of the Fund’s investment strategy.
Looking Ahead
Given the current market environment uncertainties, particularly with respect to the future actions of the U.S. Federal Reserve, AssetMark does not believe that investors should try to maximize return by doubling down on asset classes and strategies that have outperformed over the past year or two. Instead, we believe investors should emphasize capital protection and prepare for sudden market trend reversals by broadly diversifying across risk assets and strategies. Positioning for an uncertain environment is different fromde-risking—it entails broad diversification that seeks to spread portfolio risk across a variety of markets and risk factors. Even when market returns have been trending strongly, market timing is a difficult and frequently disappointing sport.
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 invest directly 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
Currency Hedged Indicesseek to mitigate the currency exposures in an index compared to a ‘home’ currency (e.g., the US dollar). A currency hedged index may experience higher or lower returns than an unhedged index, depending on relative currency fluctuations. Currency hedges employed by hedged indices may be imperfect.
Market Capitalizationrefers to the total value of an issuer’s shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares.
Volatilityis a statistical measure of the dispersion of returns for a given security or market index.
Index Definitions
Bloomberg Barclays U.S. Long TreasuryIndex measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.
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Bloomberg Barclays U.S. Treasury1-3 Year 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.
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 Bloomberg 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 U.S. Corporate Bond Indexmeasures the investment grade, fixed-rate, taxable corporate bond market. It includes US dollar-denominated securities publicly issued by US andnon-US industrial, utility and financial issuers.
Bloomberg Barclays Global Aggregateex-USDIndexis 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 andmid-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) Index measures the equity market performance of countries considered to represent developed markets, excluding the U.S. and Canada.
MSCI Emerging MarketsIndex measures the equity market performance of countries considered to represent emerging markets.
MSCI EM Asia Indexmeasure the performance of large andmid-cap equities across nine emerging markets counties in Asia, including: China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand.
MSCI Europe ex UK Indexmeasures the performance of the large andmid-cap companies in 15 European developed markets countries. The index covers approximately 85% of the market cap in European developed countries, excluding the U.K.
MSCI UK Index measures the performance of the large andmid-cap segments of the UK equity market.
S&P 500®Index focuses on thelarge-cap segment of the US equity market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of US equities.
S&P 500® Health Care(Sector)Index comprises those companies included in the S&P® 500 Index that are classified as members of the GICS® health care sector.
S&P 500® Financials(Sector)Index comprises those companies included in the S&P® 500 Index that are classified as members of the GICS® financials sector.
S&P 500® Energy (Sector)Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® energy sector.
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® 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 September 30, 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 10, 2019, the market capitalization of the companies in the Russell 1000® Index ranged from $2.4 billion to $974.2 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Large Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -0.34 | % | | | 8.82 | % | | | 11.20 | % | | | 4.77 | % |
Institutional Shares | | | 0.24 | % | | | 9.43 | % | | | N/A | | | | 9.86 | % |
Russell 1000® Index | | | 3.87 | % | | | 10.62 | % | | | 13.23 | % | | | 7.31 | %(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%. |
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GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 3.78%, underperforming the Russell 1000® Index at 5.73%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative investment process. Quality and value both detracted from the Fund’s relative returns while momentum was a slightly positive contributor to Fund during the period. |
| • | | Value stocks underperformed on a global basis. With a backdrop of slowing economic growth, the relative underperformance of value is not surprising given that value stocks tend to be smaller capitalization, more volatile, and less profitable. |
| • | | During the period, momentum benefitted from exposure to lower volatility stocks, which have outperformed amid declining interest rates and falling expectations for future growth. |
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. | | | 3.56 | % |
| | 2 | | | Apple, Inc. | | | 3.26 | % |
| | 3 | | | Vanguard S&P 500 ETF | | | 3.18 | % |
| | 4 | | | Amazon.com, Inc. | | | 2.19 | % |
| | 5 | | | Facebook, Inc. – Class A | | | 1.30 | % |
| | 6 | | | Johnson & Johnson | | | 1.14 | % |
| | 7 | | | JPMorgan Chase & Co. | | | 0.98 | % |
| | 8 | | | Alphabet, Inc. – Class C | | | 0.96 | % |
| | 9 | | | Alphabet, Inc. – Class A | | | 0.94 | % |
| | 10 | | | The Procter & Gamble Co. | | | 0.91 | % |
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 September 30, 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. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Emerging Markets Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -1.27 | % | | | 5.11 | % | | | 9.35 | % | | | 4.45 | % |
Institutional Shares(2) | | | -0.66 | % | | | 5.31 | % | | | N/A | | | | 8.12 | % |
MSCI Emerging Markets Index | | | -1.63 | % | | | 2.71 | % | | | 3.73 | % | | | 9.33 | %(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 0.67%. |
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GuideMark®Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned-2.73%, outperforming the MSCI Emerging Markets Index at-3.40%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative investment process. Momentum and quality both contributed positively to the Fund’s relative returns while value detracted from Fund performance during the period. |
| • | | Value stocks underperformed on a global basis. With a backdrop of slowing economic growth, the relative underperformance of value is not surprising given that value stocks tend to be smaller capitalization, more volatile, and less profitable. |
| • | | The quality factor showed strength in emerging markets, despite seeing a reversal in the U.S. 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 | | | Tencent Holdings Ltd. | | | 3.86 | % |
| | 2 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3.76 | % |
| | 3 | | | Samsung Electronics Co., Ltd. | | | 3.54 | % |
| | 4 | | | Alibaba Group Holding, Ltd. – ADR | | | 3.54 | % |
| | 5 | | | KraneShares Bosera MSCI China A ETF | | | 2.55 | % |
| | 6 | | | iShares Core MSCI Emerging Markets ETF | | | 2.34 | % |
| | 7 | | | iShares MSCI Saudi Arabia ETF | | | 2.17 | % |
| | 8 | | | China Construction Bank Corp. – Series H | | | 1.14 | % |
| | 9 | | | Ping An Insurance Group Co. of China, Ltd. – Series H | | | 1.08 | % |
| | 10 | | | LUKOIL PJSC | | | 0.92 | % |
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GuideMark®Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 10, 2019, the market capitalization of the companies in the Russell 2500TM Index ranged from $152.3 million to $12.2 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Small/Mid Cap Core Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -8.11 | % | | | 6.76 | % | | | 10.73 | % | | | 7.02 | % |
Russell 2500TM Index | | | -4.04 | % | | | 8.57 | % | | | 12.22 | % | | | 8.58 | % |
| (1) | Inception date is 6/29/01. |
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GuideMark®Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned-0.09%, underperforming the Russell 2500™ Index at 1.64%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative investment process. Quality and value both detracted from the Fund’s relative returns while momentum was a slightly positive contributor to Fund performance during the period. |
| • | | Value stocks underperformed on a global basis. With a backdrop of slowing economic growth, the relative underperformance of value is not surprising given that value stocks tend to be smaller capitalization, more volatile, and less profitable. |
| • | | During the period, momentum benefitted from exposure to lower volatility stocks, which have outperformed amid declining interest rates and falling expectations for future growth. |
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 | | | 3.30 | % |
| | 2 | | | Vista Energy Corp. | | | 0.29 | % |
| | 3 | | | RingCentral, Inc. – Class A | | | 0.27 | % |
| | 4 | | | Pool Corp. | | | 0.27 | % |
| | 5 | | | Burlington Stores, Inc. | | | 0.26 | % |
| | 6 | | | DexCom, Inc. | | | 0.26 | % |
| | 7 | | | NVR, Inc. | | | 0.26 | % |
| | 8 | | | Booz Allen Hamilton Holding Corp. – Class A | | | 0.25 | % |
| | 9 | | | Zebra Technologies Corp. – Class A | | | 0.25 | % |
| | 10 | | | Leidos Holdings, Inc. | | | 0.24 | % |
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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 September 30, 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. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Worldex-US Fund | | | | | | | | | | | | | | | | |
Service Shares | | | -4.28 | % | | | 2.24 | % | | | 2.50 | % | | | 2.58 | % |
Institutional Shares(2) | | | -3.72 | % | | | 3.02 | % | | | N/A | | | | 2.43 | % |
MSCI Worldex-USA Index | | | -0.40 | % | | | 3.59 | % | | | 5.29 | % | | | 5.57 | %(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 3.73%. |
10
GuideMark®Worldex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 1.46%, underperforming the MSCI Worldex-USA. Index at 3.19%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative investment process. Momentum and value both detracted from the Fund’s relative returns while quality was a positive contributor to Fund performance during the period. |
| • | | Value stocks underperformed on a global basis. With a backdrop of slowing economic growth, the relative underperformance of value is not surprising given that value stocks tend to be smaller capitalization, more volatile, and less profitable. |
| • | | The quality factor showed strength in international developed markets, despite seeing a reversal in the US 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 | | | iShares MSCI EAFE ETF | | | 2.23 | % |
| | 2 | | | Nestle SA | | | 2.05 | % |
| | 3 | | | Roche Holdings AG | | | 1.45 | % |
| | 4 | | | Novartis AG | | | 1.15 | % |
| | 5 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 0.70 | % |
| | 6 | | | GlaxoSmithKline PLC | | | 0.70 | % |
| | 7 | | | Nippon Telegraph & Telephone Corp. | | | 0.64 | % |
| | 8 | | | Allianz SE | | | 0.63 | % |
| | 9 | | | L’Oreal SA | | | 0.62 | % |
| | 10 | | | Royal Dutch Shell PLC – Class A | | | 0.61 | % |
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 September 30, 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 September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Core Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 9.07 | % | | | 2.59 | % | | | 3.29 | % | | | 3.85 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 10.30 | % | | | 3.38 | % | | | 3.75 | % | | | 4.68 | % |
| (1) | Inception date is 6/29/01. |
12
GuideMark®Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 5.03%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 5.42%. |
| • | | The Fund’s tactical emphasis on lower duration bonds detracted from returns as interest rates declined during the period. Treasury Inflation Protected Securities (TIPS) also detracted from the Fund’s relative performance in the benign inflation environment. |
| • | | Exposure to securitized sectors, including collateralized loan obligations (CLOs),non-agency mortgage-backed securities (MBS), agency MBS, and commercial MBS contributed positively to the Fund’s returns. |
| • | | Within investment grade credit, an overweight allocation to and security selection within the industrials and financials sectors contributed positively to the Fund’s returns 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 | | | U.S. Treasury Note, 2.375%, 08/15/2024 | | | 5.20 | % |
| | 2 | | | Federal National Mortgage Association, Pool #TBA 3.000%, 10/15/2042 | | | 4.96 | % |
| | 3 | | | Federal National Mortgage Association, Pool #TBA 3.000%, 10/15/2026 | | | 2.38 | % |
| | 4 | | | U.S. Treasury Bond, 0.375%, 07/15/2027 | | | 2.35 | % |
| | 5 | | | Federal National Mortgage Association, Pool #TBA 3.500%, 10/01/2040 | | | 2.24 | % |
| | 6 | | | Federal National Mortgage Association, Pool #BN5279 4.000%, 02/01/2049 | | | 2.19 | % |
| | 7 | | | U.S. Treasury Bond, 2.500%, 05/15/2046 | | | 1.86 | % |
| | 8 | | | U.S. Treasury Bond, 3.750%, 11/15/2043 | | | 1.75 | % |
| | 9 | | | U.S. Treasury Note, 2.875%, 05/31/2025 | | | 1.71 | % |
| | 10 | | | Federal National Mortgage Association, Pool #TBA 2.500%, 10/15/2028 | | | 1.69 | % |
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 September 30, 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 September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark®Tax-Exempt Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 7.21 | % | | | 2.89 | % | | | 3.36 | % | | | 3.50 | % |
Bloomberg Barclays Municipal Bond Index | | | 8.55 | % | | | 3.66 | % | | | 4.16 | % | | | 4.70 | % |
| (1) | Inception date is 6/29/01. |
14
GuideMark®Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 3.82%, outperforming the Bloomberg Barclays Municipal Bond Index at 3.74%. |
| • | | An overweight allocation to lower credit qualities, including high yield tobacco bonds, benefited the Fund’s returns during the period. |
| • | | The Fund’s overweight allocation to the longer end of the yield curve, specifically the longer than 20 year maturities segment, added to the Fund’s returns. |
| • | | Security selection within the short and intermediate sections of the yield curve modestly detracted from Fund performance during the period. |
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, Prerefunded, Revenue Bond, 5.500%, 10/15/2027 | | | 2.55 | % |
| | 2 | | | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | | | 2.12 | % |
| | 3 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | | | 2.10 | % |
| | 4 | | | California Educational Facilities Authority, Revenue Bond, 5.000%, 05/01/2049 | | | 1.84 | % |
| | 5 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, 5.000%, 12/01/2025 | | | 1.81 | % |
| | 6 | | | Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034 | | | 1.70 | % |
| | 7 | | | M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039 | | | 1.55 | % |
| | 8 | | | Puerto Rico Sales Tax Financing Corp., Series A1, Revenue Bond, 4.750%, 07/01/2053 | | | 1.54 | % |
| | 9 | | | Illinois, GO, 5.000%, 01/01/2029 | | | 1.53 | % |
| | 10 | | | Central Puget Sound Regional Transit Authority, SeriesP-1, Refunding, Revenue Bond, 5.000%, 02/01/2027 | | | 1.39 | % |
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuideMark®Opportunistic Fixed Income Fund | | | | | | | | | | | | |
Service Shares | | | 2.85 | % | | | 0.81 | % | | | 1.72 | % |
Institutional Shares | | | 3.46 | % | | | 1.59 | % | | | 2.33 | % |
Bloomberg Barclays Multiverse Index | | | 7.54 | % | | | 2.14 | % | | | 2.29 | %(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 1.89%. |
16
GuideMark®Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned-0.17%, underperforming the Bloomberg Barclays Multiverse Index at 3.96%. |
| • | | A more defensive posture with an underweight allocation to higher risk corporate credit and lower duration positioning relative to the benchmark detracted from Fund performance during the period. |
| • | | A significant underweight to longer dated US Treasury bonds relative to the benchmark was a large driver of the Fund’s underperformance as long bonds moved higher with the flight to quality amid growing uncertainty. |
| • | | Underweight exposure to corporate credit in favor of securitized credit and exposure to foreign bonds detracted from relative Fund performance. Foreign bonds in particular priced lower during the period based on macroeconomic and country specific risks. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as forward currency contracts and swap contracts.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Indonesia Treasury Bond, 8.375%, 09/15/2026 | | | 3.74 | % |
| | 2 | | | Mexican Bonos, 5.000%, 12/11/2019 | | | 3.71 | % |
| | 3 | | | Nota Do Tesouro Nacional, 10.000%, 01/01/2027 | | | 2.86 | % |
| | 4 | | | India Government Bond, 8.830%, 11/25/2023 | | | 2.21 | % |
| | 5 | | | Brazil Letras do Tesouro Nacional, 7.221%, 07/01/2021 | | | 2.20 | % |
| | 6 | | | Federal National Mortgage Association, 3.500%, 04/01/2048 | | | 1.79 | % |
| | 7 | | | Federal National Mortgage Association, 3.000%, 04/25/2041 | | | 1.69 | % |
| | 8 | | | Federal National Mortgage Association, 2.630%, 09/01/2031 | | | 1.41 | % |
| | 9 | | | U.S. Treasury Bond, 2.875%, 05/15/2049 | | | 1.36 | % |
| | 10 | | | Federal National Mortgage Association, 3.000%, 04/01/2047 | | | 1.34 | % |
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Growth Allocation Fund | | | | | | | | | | | | |
Service Shares | | | -0.42 | % | | | 5.08 | % | | | 5.29 | % |
Institutional Shares | | | 0.18 | % | | | 5.70 | % | | | 7.39 | % |
S&P® Target Risk Aggressive Index | | | 3.25 | % | | | 7.15 | % | | | 7.81 | %(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 8.78%. |
18
GuidePath®Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 2.26%, underperforming the S&P® Target Risk Aggressive Index at 4.18%. |
| • | | Developed and emerging markets equity exposure hurt the Fund’s returns during the period due to US and China trade tensions. A small country-specific exposure to China was a large detractor from Fund performance. |
| • | | Fund performance was dampened by exposure to small cap equities which lagged large cap equities during the period. |
| • | | U.S. REITs exposure contributed positively to the Fund’s returns as interest rates fell. U.S. large cap equity exposure benefitted Fund performance as overall economic resiliency favored U.S. markets. |
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 | | | 16.96 | % |
| | 2 | | | Vanguard FTSE Developed Markets ETF | | | 12.12 | % |
| | 3 | | | Schwab U.S.Large-Cap ETF | | | 9.21 | % |
| | 4 | | | American Funds – EuroPacific Growth Fund – Class F3 | | | 7.46 | % |
| | 5 | | | iShares Core S&PSmall-Cap ETF | | | 5.02 | % |
| | 6 | | | American Funds – Fundamental Investors – Class F3 | | | 4.96 | % |
| | 7 | | | AMCAP Fund – Class F3 | | | 4.88 | % |
| | 8 | | | American Funds – The Growth Fund of America – Class F3 | | | 4.88 | % |
| | 9 | | | Schwab U.S.Large-Cap Growth ETF | | | 4.88 | % |
| | 10 | | | Vanguard Russell 1000 Growth ETF | | | 4.87 | % |
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Conservative Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 6.03 | % | | | 3.17 | % | | | 4.05 | % |
Institutional Shares | | | 6.67 | % | | | 3.81 | % | | | 5.39 | % |
S&P® Target Risk Conservative Index | | | 7.77 | % | | | 4.81 | % | | | 4.95 | %(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 4.91%. |
20
GuidePath®ConservativeAllocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 4.56%, lagging the S&P® Target Risk Conservative Index at 5.03%. |
| • | | Developed and emerging markets equity exposure hurt the Fund’s returns during the period due to U.S. and China trade tensions. A small country specific exposure to China was a large detractor from Fund performance. |
| • | | Fund performance was dampened by exposure to small cap equities which lagged large cap equities during the period. Exposure to short-term Treasuries and international treasury bonds also tempered Fund returns. |
| • | | Long-term Treasuries were a strong contributor to Fund performance along with U.S. REITs which benefited as interest rates fell. U.S. large cap equity exposure contributed positively to the Fund’s returns as overall economic resiliency favored U.S. markets. |
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 | | | 7.03 | % |
| | 2 | | | iShares Core Growth Allocation ETF | | | 6.45 | % |
| | 3 | | | American Funds – The Income Fund of America – Class F3 | | | 6.23 | % |
| | 4 | | | American Funds – Capital Income Builder – Class F3 | | | 6.22 | % |
| | 5 | | | Vanguard S&P 500 ETF | | | 5.89 | % |
| | 6 | | | Vanguard High Dividend Yield ETF | | | 5.05 | % |
| | 7 | | | iShares Core Aggressive Allocation ETF | | | 5.04 | % |
| | 8 | | | American Funds – Mutual Fund – Class F3 | | | 5.01 | % |
| | 9 | | | Vanguard FTSE Developed Markets ETF | | | 4.87 | % |
| | 10 | | | iShares1-3 Year Treasury Bond ETF | | | 4.73 | % |
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Tactical Allocation Fund | | | | | | | | | | | | |
Service Shares | | | -3.15 | % | | | 4.27 | % | | | 4.01 | % |
Institutional Shares | | | -2.56 | % | | | 4.90 | % | | | 5.74 | % |
S&P 500® Daily Risk Control 10% Index | | | -2.70 | % | | | 7.78 | % | | | 7.81 | %(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 9.41%. |
22
GuidePath®Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 2.73%, approximately in line with the S&P® 500 Daily Risk Control 10% Index at 2.69%. |
| • | | Higher equity exposure in the Fund relative to the benchmark during the period contributed positively to the Fund’s returns during the period. |
| • | | Positioning in intermediate to long-term Treasuries lifted Fund returns as interest rates fell in the flight to quality during the period. |
| • | | Sector- and style-specific positioning dragged on the Fund’s returns during the period. Exposures to the technology and healthcare sectors detracted from Fund performance, as the technology sector faced headwinds due to trade concerns while the healthcare sector came under pressure as a result of political criticism. |
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.Large-Cap ETF | | | 21.31 | % |
| | 2 | | | Vanguard S&P 500 ETF | | | 21.30 | % |
| | 3 | | | iShares Core S&P 500 ETF | | | 19.83 | % |
| | 4 | | | SPDR S&P 500 ETF Trust | | | 8.22 | % |
| | 5 | | | ProShares UltraPro S&P 500 ETF | | | 7.68 | % |
| | 6 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF | | | 6.92 | % |
| | 7 | | | Goldman Sachs Access Treasury0-1 Year ETF | | | 6.17 | % |
| | 8 | | | Direxion Daily S&P 500 Bull 3X Shares ETF | | | 2.39 | % |
| | 9 | | | Vanguard Information Technology ETF | | | 1.35 | % |
| | 10 | | | SPDR Portfolio S&P 500 Growth ETF | | | 1.32 | % |
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 September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath®Absolute Return Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 5.07 | % | | | 3.38 | % | | | 2.63 | % |
Institutional Shares | | | 5.70 | % | | | 4.00 | % | | | 3.42 | % |
FTSE3-Month Treasury Bill Index | | | 2.36 | % | | | 0.96 | % | | | 0.59 | %(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 0.69%. |
24
GuidePath®Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 2.76%, outperforming the FTSE3-Month Treasury Bill Index at 1.18%. |
| • | | The Fund’s performance primarily benefited from exposure to mortgage backed securities and core fixed income. An emerging markets bond position also added to the Fund’s returns during the period. |
| • | | Exposure to high yield debt, floating rate notes and long-term Treasuries all contributed positively to the Fund’s returns during the period, which was a period of strength for fixed income investments. |
| • | | A small exposure to emerging markets equity hurt the Fund’s performance during the period due to US and China trade tensions. |
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 | | | 16.52 | % |
| | 2 | | | SPDR Barclays Investment Grade Floating Rate ETF | | | 14.99 | % |
| | 3 | | | BlackRock Low Duration Bond Portfolio – Institutional Shares | | | 11.95 | % |
| | 4 | | | DoubleLine Total Return Bond Fund – Institutional Shares | | | 6.88 | % |
| | 5 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 6.86 | % |
| | 6 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 5.87 | % |
| | 7 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 4.97 | % |
| | 8 | | | ProShares Investment Grade-Interest Rate Hedged ETF | | | 4.48 | % |
| | 9 | | | Vanguard S&P 500 ETF | | | 4.41 | % |
| | 10 | | | iShares1-3 Year Treasury Bond ETF | | | 4.01 | % |
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 September 30) | | | | |
| | | One Year
| | | Five Years
| | | Since Inception(1)
| |
GuidePath®Multi-Asset Income Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 6.36 | % | | | 3.82 | % | | | 4.73 | % |
Morningstar Multi-Asset High Income Index | | | 6.66 | % | | | 4.48 | % | | | 4.54 | % |
| (1) | Inception date is 8/31/12. |
26
GuidePath®Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 3.66%, approximately in line with the Morningstar Multi-Asset High Income Index at 3.67%. |
| • | | Exposures to long-term Treasuries and corporate bonds were strong contributors to Fund returns during the period, as interest rates fell. Emerging markets bonds and high yield bonds also added to the Fund’s returns. |
| • | | Fund returns were hurt by exposure to dividend oriented securities across global equity markets during the period, particularly in emerging markets. Exposure to international real estate also dragged on Fund returns. |
| • | | U.S. REITs exposure helped the Fund’s returns during the period as interest rates fell. U.S. large cap equity exposure added to the Fund’s returns as overall economic resiliency favored U.S. markets. |
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 | | | 22.21 | % |
| | 2 | | | Vanguard International High Dividend Yield ETF | | | 10.53 | % |
| | 3 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 6.26 | % |
| | 4 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 6.05 | % |
| | 5 | | | T. Rowe Price Institutional Floating Rate Fund – Investor Shares | | | 5.83 | % |
| | 6 | | | iShares MBS ETF | | | 4.90 | % |
| | 7 | | | Loomis Sayles Global Allocation Fund – Y Shares | | | 4.87 | % |
| | 8 | | | Global X US Preferred ETF | | | 4.13 | % |
| | 9 | | | iShares Emerging Markets Dividend ETF | | | 4.06 | % |
| | 10 | | | iShares 20+ Year Treasury Bond ETF | | | 3.79 | % |
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 September 30) | |
| | | One Year
| | | Five Years
| | | Since Inception(1)
| |
GuidePath®Flexible Income Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 1.85 | % | | | 2.18 | % | | | 1.62 | % |
Institutional Shares | | | 2.47 | % | | | 2.95 | % | | | 2.32 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 10.30 | % | | | 3.38 | % | | | 2.71 | %(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 2.78%. |
28
GuidePath®Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 1.77%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 5.42%. |
| • | | A generally shorter duration position compared to the benchmark was a large driver of the Fund’s weaker relative returns during the period. |
| • | | Tactical positioning in high yield debt during the early and latter parts of the period detracted from the Fund’s returns given the strength of higher quality bonds during the period. |
| • | | Exposure to long- and intermediate-term Treasuries in the middle part of the period lifted the Fund’s returns as interest rates fell. |
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 Bloomberg Barclays High Yield Bond ETF | | | 23.99 | % |
| | 2 | | | BlackRock High Yield Portfolio – Institutional Shares | | | 23.97 | % |
| | 3 | | | iShares iBoxx High Yield Corporate Bond ETF | | | 17.71 | % |
| | 4 | | | Xtrackers USD High Yield Corporate Bond ETF | | | 13.76 | % |
| | 5 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 5.01 | % |
| | 6 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | 5.00 | % |
| | 7 | | | Invesco Fundamental High Yield Corporate Bond ETF | | | 4.99 | % |
| | 8 | | | Vanguard High-Yield Corporate Fund | | | 4.51 | % |
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 September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath®Managed Futures Strategy Fund | | | | | | | | |
Service Shares | | | 5.65 | % | | | -3.11 | % |
Institutional Shares | | | 6.29 | % | | | -2.53 | % |
FTSE3-Month Treasury Bill Index | | | 2.36 | % | | | 1.28 | % |
SG Trend Index | | | 7.88 | % | | | -1.37 | % |
| (1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
30
GuidePath®Managed Futures StrategyFund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund’s Service Shares returned 10.42%, approximately in line with the SG Trend Index at 10.47% and outperforming the FTSE 3-Month Treasury Bill Index at 1.18%. |
| • | | Gains within the Fund’s fixed income allocation were the primary tailwind for returns during the period. Marginal losses from commodities and equities were driven by short exposure to grains and long technology sector exposures. |
| • | | Fixed income gains were primarily driven by long positions to long-duration U.S. and European fixed income as interest rates declined throughout the period. |
| • | | Currency positioning marginally impacted Fund returns during the period, as gains from short positions to emerging market currencies were offset by losses from short positions to the Canadian Dollar and Japanese Yen. |
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 September 30, 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 indouble-counting.
| | | | | | | | |
| CUMULATIVE TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath®Conservative Income Fund | | | | | | | | |
Shares | | | 1.84 | % | | | 1.86 | % |
Bloomberg Barclays U.S.1-3 Year Treasury Bond Index | | | 4.43 | % | | | 3.52 | % |
| (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 6 months ended September 30, 2019, the Fund returned 1.30%, underperforming the Bloomberg Barclays U.S.1-3 Year Treasury Bond Index at 2.06%. |
| • | | A target allocation of approximately 50% to cash equivalents detracted from the Fund’s relative returns, as the Federal Reserve transitioned from tightening to easing monetary policy, and bond yields fell across the curve. |
| • | | Exposure to credit, both investment grade and below investment grade (e.g. bank loans, short duration high yield bonds) contributed positively to the Fund’s relative returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares0-5 Year Investment Grade Corporate Bond ETF | | | 25.84 | % |
| | 2 | | | Schwab Short-Term U.S. Treasury ETF | | | 10.18 | % |
| | 3 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 7.66 | % |
| | 4 | | | Invesco Senior Loan ETF | | | 7.57 | % |
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 September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath®Income Fund | | | | | | | | |
Shares | | | 4.69 | % | | | 4.08 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 10.30 | % | | | 7.61 | % |
| (1) | Inception date for the Fund is 4/30/18. |
34
GuidePath®Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2019, the Fund returned 4.80%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 5.42%. |
| • | | Exposure to higher yielding emerging market debt hindered the Fund’s relative returns during the period. |
| • | | Exposure to investment grade credit and preferred stock contributed positively to the Fund’s relative returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares Core U.S. Aggregate Bond ETF | | | 39.85 | % |
| | 2 | | | iShares Intermediate-Term Corporate Bond ETF | | | 28.81 | % |
| | 3 | | | iShares Preferred & Income Securities ETF | | | 14.76 | % |
| | 4 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 14.56 | % |
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 September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath®Growth and Income Fund | | | | | | | | |
Shares | | | -2.58 | % | | | 1.56 | % |
MSCI USA High Dividend Yield Index | | | 6.70 | % | | | 11.45 | % |
| (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 6 months ended September 30, 2019, the Fund returned 2.09%, underperforming the MSCI USA High Dividend Yield Index at 5.15%. |
| • | | Exposure to REITs (considered a bond proxy sector) dampened Fund returns relative to the benchmark during the period, (though they still contributed positively to the Fund’s returns on an absolute basis) as bond yields oscillated lower and stocks chopped their way higher during the period. |
| • | | Choppy equity market movements impeded returns from the Fund’s volatility targeting component 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 contracts and options written.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Schwab U.S.Large-Cap ETF | | | 20.83 | % |
| | 2 | | | Vanguard Real Estate ETF | | | 13.88 | % |
| | 3 | | | The Procter & Gamble Co. | | | 1.51 | % |
| | 4 | | | Johnson & Johnson | | | 1.40 | % |
| | 5 | | | AT&T, Inc. | | | 1.40 | % |
| | 6 | | | Exxon Mobil Corp. | | | 1.27 | % |
| | 7 | | | Merck & Co, Inc. | | | 1.15 | % |
| | 8 | | | Coca-Cola Co. | | | 1.11 | % |
| | 9 | | | PepsiCo, Inc. | | | 1.10 | % |
| | 10 | | | Intel Corp. | | | 1.08 | % |
37
GuideMark® Funds and GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
September 30, 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 April 1, 2019 to September 30, 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 and GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2019 | | | Ending
Account Value
September 30, 2019 | | | Annualized
Expense Ratio1
based on the period
April 1, 2019 –
September 30, 2019 | | | Expenses Paid
During Period2
April 1, 2019 –
September 30, 2019 | |
| INSTITUTIONAL SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,040.90 | | | | 0.61% | | | $ | 3.11 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.95 | | | | 0.61% | | | $ | 3.08 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 975.80 | | | | 1.06% | | | $ | 5.24 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.70 | | | | 1.06% | | | $ | 5.35 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,017.40 | | | | 0.81% | | | $ | 4.09 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.95 | | | | 0.81% | | | $ | 4.09 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,001.30 | | | | 0.95% | | | $ | 4.75 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.25 | | | | 0.95% | | | $ | 4.80 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,025.70 | | | | 0.39% | | | $ | 1.98 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.05 | | | | 0.39% | | | $ | 1.97 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,048.80 | | | | 0.19% | | | $ | 0.97 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,024.05 | | | | 0.19% | | | $ | 0.96 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,030.40 | | | | 0.50% | | | $ | 2.54 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.50 | | | | 0.50% | | | $ | 2.53 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,030.60 | | | | 0.21% | | | $ | 1.07 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.95 | | | | 0.21% | | | $ | 1.06 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,020.90 | | | | 0.18% | | | $ | 0.91 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,024.10 | | | | 0.18% | | | $ | 0.91 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 1,107.60 | | | | 1.30% | | | $ | 6.85 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.50 | | | | 1.30% | | | $ | 6.56 | |
| 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 183/366 to reflect theone-half year period. |
| 3 | 5% annualized return before expenses. |
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2019 | | | Ending
Account Value
September 30, 2019 | | | Annualized
Expense Ratio1
based on the period
April 1, 2019 –
September 30, 2019 | | | Expenses Paid
During Period2
April 1, 2019 –
September 30, 2019 | |
| SINGLE CLASS SHARES | | | | | | | | | | | | | | | | | | |
GuidePath® Conservative Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,013.00 | | | | 0.65% | | | $ | 3.27 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.75 | | | | 0.65% | | | $ | 3.29 | |
GuidePath® Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,048.00 | | | | 0.82% | | | $ | 4.20 | |
| | Hypothetical2 | | $ | 1,000.00 | | | $ | 1,020.90 | | | | 0.82% | | | $ | 4.14 | |
GuidePath® Growth and Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,020.90 | | | | 0.80% | | | $ | 4.04 | |
| | Hypothetical2 | | $ | 1,000.00 | | | $ | 1,021.00 | | | | 0.80% | | | $ | 4.04 | |
| 1 | The expense ratios 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 183/366 to reflect theone-half year period. |
| 3 | 5% annualized return before expenses. |
39
GuideMark® Funds and GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2019 | | | Ending
Account Value
September 30, 2019 | | | Annualized
Expense Ratio1
based on the period
April 1, 2019 –
September 30, 2019 | | | Expenses Paid
During Period2
April 1, 2019 –
September 30, 2019 | |
| SERVICE SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,037.80 | | | | 1.19% | | | $ | 6.06 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.05 | | | | 1.19% | | | $ | 6.01 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 972.70 | | | | 1.67% | | | $ | 8.24 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.65 | | | | 1.67% | | | $ | 8.42 | |
GuideMark® Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 999.10 | | | | 1.53% | | | $ | 7.65 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.35 | | | | 1.53% | | | $ | 7.72 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,014.60 | | | | 1.38% | | | $ | 6.95 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.10 | | | | 1.38% | | | $ | 6.96 | |
GuideMark® Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,050.30 | | | | 1.19% | | | $ | 6.10 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.05 | | | | 1.19% | | | $ | 6.01 | |
GuideMark®Tax-Exempt Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,038.20 | | | | 1.29% | | | $ | 6.57 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.55 | | | | 1.29% | | | $ | 6.51 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 998.30 | | | | 1.55% | | | $ | 7.74 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.25 | | | | 1.55% | | | $ | 7.82 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,022.60 | | | | 0.99% | | | $ | 5.01 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.05 | | | | 0.99% | | | $ | 5.00 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,045.60 | | | | 0.79% | | | $ | 4.04 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.05 | | | | 0.79% | | | $ | 3.99 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,027.30 | | | | 1.10% | | | $ | 5.58 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.50 | | | | 1.10% | | | $ | 5.55 | |
| GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,027.60 | | | | 0.81% | | | $ | 4.11 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.95 | | | | 0.81% | | | $ | 4.09 | |
GuidePath® Multi-Asset Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,036.60 | | | | 1.14% | | | $ | 5.80 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.30 | | | | 1.14% | | | $ | 5.76 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,017.70 | | | | 0.78% | | | $ | 3.93 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.10 | | | | 0.78% | | | $ | 3.94 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 1,104.20 | | | | 1.90% | | | $ | 9.99 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,015.50 | | | | 1.90% | | | $ | 9.57 | |
| 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 183/366 to reflect theone-half year period. |
| 3 | 5% annualized return before expenses. |
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 91.95% | | | | |
| | | | | Aerospace & Defense - 1.38% | | | | |
| | 4,303 | | | Arconic, Inc. | | $ | 111,878 | |
| | 824 | | | Curtiss-Wright Corp. | | | 106,601 | |
| | 5,590 | | | HEICO Corp. - Class A | | | 543,963 | |
| | 3,977 | | | HEICO Corp. (a) | | | 496,648 | |
| | 1,507 | | | Hexcel Corp. (a) | | | 123,770 | |
| | 989 | | | L3Harris Technologies, Inc. | | | 206,345 | |
| | 1,325 | | | Lockheed Martin Corp. | | | 516,830 | |
| | 2,395 | | | Northrop Grumman Corp. | | | 897,622 | |
| | 1,037 | | | Spirit AeroSystems Holdings, Inc. - Class A | | | 85,283 | |
| | 655 | | | Teledyne Technologies, Inc. (b) | | | 210,903 | |
| | 5,698 | | | Textron, Inc. | | | 278,974 | |
| | 3,769 | | | The Boeing Co. | | | 1,433,991 | |
| | 799 | | | TransDigm Group, Inc. (a)(b) | | | 416,015 | |
| | 2,958 | | | United Technologies Corp. | | | 403,826 | |
| | | | | | |
|
|
|
| | | | | | | | 5,832,649 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.32% | | | | |
| | 5,047 | | | C.H. Robinson Worldwide, Inc. (a) | | | 427,884 | |
| | 1,012 | | | FedEx Corp. | | | 147,317 | |
| | 10,912 | | | XPO Logistics, Inc. (a)(b) | | | 780,972 | |
| | | | | | |
|
|
|
| | | | | | | | 1,356,173 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.55% | | | | |
| | 4,898 | | | Alaska Air Group, Inc. | | | 317,929 | |
| | 3,659 | | | Delta Air Lines, Inc. | | | 210,758 | |
| | 34,497 | | | JetBlue Airways Corp. (b) | | | 577,825 | |
| | 6,099 | | | Southwest Airlines Co. | | | 329,407 | |
| | 9,950 | | | United Airlines Holdings, Inc. (a)(b) | | | 879,680 | |
| | | | | | |
|
|
|
| | | | | | | | 2,315,599 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.09% | | | | |
| | 4,092 | | | Gentex Corp. | | | 112,673 | |
| | 1,099 | | | Lear Corp. | | | 129,572 | |
| | 943 | | | WABCO Holdings, Inc. | | | 126,127 | |
| | | | | | |
|
|
|
| | | | | | | | 368,372 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.17% | | | | |
| | 62,037 | | | Ford Motor Co. | | | 568,259 | |
| | 2,730 | | | Thor Industries, Inc. (a) | | | 154,627 | |
| | | | | | |
|
|
|
| | | | | | | | 722,886 | |
| | | | | | |
|
|
|
| | | | | Banks - 3.10% | | | | |
| | 4,343 | | | Associated Banc-Corp. | | | 87,946 | |
| | 72,265 | | | Bank of America Corp. | | | 2,107,970 | |
| | 3,239 | | | Bank OZK (a) | | | 88,328 | |
| | 4,390 | | | BankUnited, Inc. | | | 147,592 | |
| | 1,791 | | | BB&T Corp. (a) | | | 95,586 | |
| | 12,358 | | | CIT Group, Inc. (a) | | | 559,941 | |
| | 19,978 | | | Citigroup, Inc. | | | 1,380,080 | |
| | 9,249 | | | Citizens Financial Group, Inc. | | | 327,137 | |
| | 1,355 | | | Comerica, Inc. | | | 89,416 | |
| | 7,774 | | | F.N.B. Corp. | | | 89,634 | |
| | 11,772 | | | Fifth Third Bancorp | | | 322,317 | |
| | 12,764 | | | First Horizon National Corp. | | | 206,777 | |
| | 35,144 | | | JPMorgan Chase & Co. | | | 4,136,097 | |
| | 10,876 | | | KeyCorp | | | 194,028 | |
| | 7,361 | | | Popular, Inc. | | | 398,083 | |
| | 12,499 | | | Regions Financial Corp. | | | 197,734 | |
| | 1,654 | | | SunTrust Banks, Inc. | | | 113,795 | |
| | 1,551 | | | Texas Capital Bancshares, Inc. (b) | | | 84,762 | |
| | 1,972 | | | The PNC Financial Services Group, Inc. | | | 276,396 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | | | | |
| | 5,848 | | | U.S. Bancorp | | $ | 323,628 | |
| | 37,211 | | | Wells Fargo & Co. | | | 1,876,923 | |
| | | | | | |
|
|
|
| | | | | | | | 13,104,170 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.62% | | | | |
| | 2,857 | | | Brown-Forman Corp. - Class A | | | 170,706 | |
| | 7,833 | | | Brown-Forman Corp. - Class B (a) | | | 491,756 | |
| | 9,203 | | | Keurig Dr. Pepper, Inc. (a) | | | 251,426 | |
| | 24,060 | | | Molson Coors Brewing Co. - Class B (a) | | | 1,383,450 | |
| | 6,459 | | | Monster Beverage Corp. (b) | | | 375,009 | |
| | 17,609 | | | PepsiCo, Inc. | | | 2,414,194 | |
| | 32,303 | | | The Coca-Cola Co. | | | 1,758,575 | |
| | | | | | |
|
|
|
| | | | | | | | 6,845,116 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.49% | | | | |
| | 2,073 | | | Alexion Pharmaceuticals, Inc. (b) | | | 203,030 | |
| | 6,758 | | | Alkermes PLC (b) | | | 131,849 | |
| | 5,505 | | | Amgen, Inc. | | | 1,065,273 | |
| | 4,221 | | | Biogen, Inc. (b) | | | 982,733 | |
| | 6,700 | | | Celgene Corp. (b) | | | 665,310 | |
| | 2,155 | | | Exact Sciences Corp. (b) | | | 194,747 | |
| | 23,154 | | | Exelixis, Inc. (b) | | | 409,478 | |
| | 12,305 | | | Gilead Sciences, Inc. | | | 779,891 | |
| | 5,825 | | | Incyte Corp. (b) | | | 432,390 | |
| | 2,665 | | | Ionis Pharmaceuticals, Inc. (a)(b) | | | 159,660 | |
| | 442 | | | Regeneron Pharmaceuticals, Inc. (b) | | | 122,611 | |
| | 4,561 | | | Seattle Genetics, Inc. (b) | | | 389,509 | |
| | 3,950 | | | United Therapeutics Corp. (b) | | | 315,013 | |
| | 2,603 | | | Vertex Pharmaceuticals, Inc. (b) | | | 441,000 | |
| | | | | | |
|
|
|
| | | | | | | | 6,292,494 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.63% | | | | |
| | 2,381 | | | A. O. Smith Corp. - Class A (a) | | | 113,598 | |
| | 3,942 | | | Allegion PLC (a) | | | 408,588 | |
| | 2,652 | | | Armstrong World Industries, Inc. | | | 256,449 | |
| | 3,547 | | | Johnson Controls International PLC (a) | | | 155,678 | |
| | 1,826 | | | Lennox International, Inc. | | | 443,663 | |
| | 8,452 | | | Masco Corp. | | | 352,279 | |
| | 2,642 | | | Owens Corning, Inc. | | | 166,974 | |
| | 51,881 | | | Resideo Technologies, Inc. (a)(b) | | | 744,492 | |
| | | | | | |
|
|
|
| | | | | | | | 2,641,721 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.98% | | | | |
| | 2,359 | | | Ameriprise Financial, Inc. (a) | | | 347,009 | |
| | 2,066 | | | CME Group, Inc. - Class A | | | 436,628 | |
| | 6,614 | | | Eaton Vance Corp. | | | 297,167 | |
| | 4,359 | | | Evercore, Inc. - Class A | | | 349,156 | |
| | 2,192 | | | FactSet Research Systems, Inc. (a) | | | 532,590 | |
| | 3,013 | | | Intercontinental Exchange, Inc. (a) | | | 278,010 | |
| | 8,320 | | | Janus Henderson Group Plc (a) | | | 186,867 | |
| | 11,714 | | | Lazard, Ltd. - Class A | | | 409,990 | |
| | 4,543 | | | Legg Mason, Inc. | | | 173,497 | |
| | 5,784 | | | LPL Financial Holdings, Inc. | | | 473,710 | |
| | 1,130 | | | MarketAxess Holdings, Inc. (a) | | | 370,075 | |
| | 4,217 | | | Moody’s Corp. | | | 863,768 | |
| | 11,604 | | | Morgan Stanley | | | 495,143 | |
| | 1,419 | | | Morningstar, Inc. | | | 207,373 | |
| | 2,364 | | | MSCI, Inc. | | | 514,761 | |
| | 4,783 | | | S&P Global, Inc. | | | 1,171,739 | |
| | 4,793 | | | SEI Investments Co. | | | 284,009 | |
| | 5,995 | | | State Street Corp. | | | 354,844 | |
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Capital Markets (Continued) | | | | |
| | 2,656 | | | T. Rowe Price Group, Inc. (a) | | $ | 303,448 | |
| | 2,823 | | | TD Ameritrade Holding Corp. | | | 131,834 | |
| | 4,367 | | | The Charles Schwab Corp. | | | 182,672 | |
| | | | | | |
|
|
|
| | | | | | | | 8,364,290 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.86% | | | | |
| | 2,502 | | | Air Products & Chemicals, Inc. | | | 555,094 | |
| | 1,278 | | | Eastman Chemical Co. | | | 94,355 | |
| | 3,239 | | | Ecolab, Inc. | | | 641,451 | |
| | 968 | | | FMC Corp. | | | 84,874 | |
| | 15,922 | | | Huntsman Corp. | | | 370,346 | |
| | 3,321 | | | Linde PLC | | | 643,344 | |
| | 23,047 | | | Olin Corp. (a) | | | 431,440 | |
| | 1,175 | | | PPG Industries, Inc. | | | 139,249 | |
| | 3,409 | | | RPM International, Inc. | | | 234,573 | |
| | 2,358 | | | The ScottsMiracle-Gro Co. - Class A | | | 240,092 | |
| | 9,304 | | | Valvoline, Inc. | | | 204,967 | |
| | | | | | |
|
|
|
| | | | | | | | 3,639,785 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.76% | | | | |
| | 72,324 | | | ADT, Inc. (a) | | | 453,471 | |
| | 1,289 | | | Avery Dennison Corp. | | | 146,392 | |
| | 2,336 | | | Cintas Corp. (a) | | | 626,282 | |
| | 4,256 | | | Copart, Inc. (b) | | | 341,884 | |
| | 2,661 | | | IAA, Inc. (b) | | | 111,044 | |
| | 4,719 | | | KAR Auction Services, Inc. (a) | | | 115,851 | |
| | 3,112 | | | Republic Services, Inc. | | | 269,344 | |
| | 18,448 | | | Rollins, Inc. (a) | | | 628,523 | |
| | 4,345 | | | Waste Management, Inc. | | | 499,675 | |
| | | | | | |
|
|
|
| | | | | | | | 3,192,466 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.37% | | | | |
| | 1,324 | | | Arista Networks, Inc. (a)(b) | | | 316,330 | |
| | 3,063 | | | Ciena Corp. (b) | | | 120,162 | |
| | 53,500 | | | Cisco Systems, Inc. | | | 2,643,435 | |
| | 2,562 | | | EchoStar Corp. - Class A (a)(b) | | | 101,506 | |
| | 3,326 | | | F5 Networks, Inc. (b) | | | 467,037 | |
| | 6,268 | | | Juniper Networks, Inc. | | | 155,133 | |
| | 2,542 | | | Motorola Solutions, Inc. | | | 433,182 | |
| | 1,164 | | | Palo Alto Networks, Inc. (a)(b) | | | 237,258 | |
| | 9,819 | | | QUALCOMM, Inc. | | | 748,993 | |
| | 3,785 | | | Ubiquiti, Inc. (a)(b) | | | 447,614 | |
| | 1,721 | | | ViaSat, Inc. (b) | | | 129,626 | |
| | | | | | |
|
|
|
| | | | | | | | 5,800,276 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.36% | | | | |
| | 30,544 | | | AECOM (b) | | | 1,147,232 | |
| | 4,729 | | | Fluor Corp. (a) | | | 90,466 | |
| | 2,178 | | | Jacobs Engineering Group, Inc. (a) | | | 199,287 | |
| | 320 | | | Martin Marietta Materials, Inc. | | | 87,712 | |
| | | | | | |
|
|
|
| | | | | | | | 1,524,697 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 1.24% | | | | |
| | 21,372 | | | Ally Financial, Inc. | | | 708,695 | |
| | 10,138 | | | American Express Co. | | | 1,199,123 | |
| | 7,769 | | | Capital One Financial Corp. | | | 706,824 | |
| | 920 | | | Credit Acceptance Corp. (a)(b) | | | 424,405 | |
| | 2,265 | | | Discover Financial Services | | | 183,669 | |
| | 52,220 | | | Navient Corp. | | | 668,416 | |
| | 10,547 | | | OneMain Holdings, Inc. | | | 386,864 | |
| | 24,610 | | | Santander Consumer USA Holdings, Inc. | | | 627,801 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Consumer Finance (Continued) | | | | |
| | 9,629 | | | Synchrony Financial | | $ | 328,253 | |
| | | | | | |
|
|
|
| | | | | | | | 5,234,050 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.41% | | | | |
| | 1,053 | | | AptarGroup, Inc. | | | 124,728 | |
| | 5,649 | | | Ball Corp. | | | 411,304 | |
| | 4,936 | | | Crown Holdings, Inc. (a)(b) | | | 326,072 | |
| | 3,206 | | | International Paper Co. (a) | | | 134,075 | |
| | 6,471 | | | Silgan Holdings, Inc. | | | 194,356 | |
| | 15,120 | | | WestRock Co. | | | 551,124 | |
| | | | | | |
|
|
|
| | | | | | | | 1,741,659 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.24% | | | | |
| | 2,757 | | | Genuine Parts Co. (a) | | | 274,570 | |
| | 23,538 | | | LKQ Corp. (b) | | | 740,270 | |
| | | | | | |
|
|
|
| | | | | | | | 1,014,840 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 0.51% | | | | |
| | 2,591 | | | Bright Horizons Family Solutions, Inc. (b) | | | 395,127 | |
| | 6,511 | | | frontdoor, Inc. (b) | | | 316,239 | |
| | 764 | | | Graham Holdings Co. - Class B | | | 506,876 | |
| | 18,961 | | | H&R Block, Inc. (a) | | | 447,859 | |
| | 2,770 | | | Service Corp. International (a) | | | 132,434 | |
| | 6,208 | | | ServiceMaster Global Holdings, Inc. (b) | | | 347,027 | |
| | | | | | |
|
|
|
| | | | | | | | 2,145,562 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.11% | | | | |
| | 21,178 | | | AXA Equitable Holdings, Inc. (a) | | | 469,305 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.26% | | | | |
| | 64,487 | | | AT&T, Inc. | | | 2,440,188 | |
| | 59,494 | | | CenturyLink, Inc. (a) | | | 742,485 | |
| | 35,673 | | | Verizon Communications, Inc. | | | 2,153,223 | |
| | | | | | |
|
|
|
| | | | | | | | 5,335,896 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.48% | | | | |
| | 5,116 | | | American Electric Power Co., Inc. | | | 479,318 | |
| | 4,834 | | | Duke Energy Corp. | | | 463,387 | |
| | 2,500 | | | Edison International | | | 188,550 | |
| | 3,225 | | | Entergy Corp. | | | 378,486 | |
| | 4,459 | | | Evergy, Inc. | | | 296,791 | |
| | 5,043 | | | Eversource Energy | | | 431,025 | |
| | 10,686 | | | Exelon Corp. | | | 516,241 | |
| | 5,861 | | | FirstEnergy Corp. | | | 282,676 | |
| | 6,762 | | | Hawaiian Electric Industries, Inc. | | | 308,415 | |
| | 4,196 | | | NextEra Energy, Inc. | | | 977,626 | |
| | 6,233 | | | OGE Energy Corp. (a) | | | 282,853 | |
| | 25,639 | | | PG&E Corp. | | | 256,390 | |
| | 2,158 | | | Pinnacle West Capital Corp. | | | 209,477 | |
| | 6,136 | | | PPL Corp. | | | 193,223 | |
| | 9,503 | | | The Southern Co. | | | 587,000 | |
| | 6,384 | | | Xcel Energy, Inc. | | | 414,258 | |
| | | | | | |
|
|
|
| | | | | | | | 6,265,716 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.79% | | | | |
| | 2,944 | | | Acuity Brands, Inc. | | | 396,822 | |
| | 1,788 | | | Agilent Technologies, Inc. (a) | | | 137,014 | |
| | 1,246 | | | AMETEK, Inc. | | | 114,408 | |
| | 2,185 | | | Eaton Corp. PLC (a) | | | 181,683 | |
| | 3,422 | | | Emerson Electric Co. | | | 228,795 | |
| | 34,604 | | | GrafTech International, Ltd. (a) | | | 442,931 | |
| | 9,165 | | | nVent Electric PLC (a) | | | 201,997 | |
| | 10,429 | | | Regal Beloit Corp. | | | 759,753 | |
See notes to financial statements.
42
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Electrical Equipment (Continued) | | | | |
| | 2,152 | | | Rockwell Automation, Inc. | | $ | 354,649 | |
| | 669 | | | Roper Industries, Inc. (a) | | | 238,565 | |
| | 1,833 | | | Sensata Technologies Holding PLC (a)(b) | | | 91,760 | |
| | 1,915 | | | Woodward Governor Co. | | | 206,494 | |
| | | | | | |
|
|
|
| | | | | | | | 3,354,871 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 1.09% | |
| | 15,992 | | | Arrow Electronics, Inc. (b) | | | 1,192,683 | |
| | 23,941 | | | Avnet, Inc. | | | 1,065,015 | |
| | 2,652 | | | CDW Corp. | | | 326,833 | |
| | 5,026 | | | Cognex Corp. | | | 246,927 | |
| | 1,269 | | | Coherent, Inc. (a)(b) | | | 195,071 | |
| | 2,181 | | | Dolby Laboratories, Inc. - Class A | | | 140,980 | |
| | 5,006 | | | Keysight Technologies, Inc. (a)(b) | | | 486,834 | |
| | 10,520 | | | National Instruments Corp. | | | 441,735 | |
| | 1,527 | | | Universal Display Corp. (a) | | | 256,383 | |
| | 1,179 | | | Zebra Technologies Corp. - Class A (a)(b) | | | 243,310 | |
| | | | | | |
|
|
|
| | | | | | | | 4,595,771 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.32% | | | | |
| | 85,659 | | | Patterson-UTI Energy, Inc. (a) | | | 732,384 | |
| | 138,970 | | | Transocean, Ltd. (a)(b) | | | 621,196 | |
| | | | | | |
|
|
|
| | | | | | | | 1,353,580 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 1.54% | | | | |
| | 2,443 | | | Activision Blizzard, Inc. | | | 129,284 | |
| | 3,042 | | | Electronic Arts, Inc. (b) | | | 297,568 | |
| | 114,552 | | | Lions Gate Entertainment Corp. - Class A (a) | | | 1,059,606 | |
| | 124,263 | | | Lions Gate Entertainment Corp. - Class B | | | 1,086,059 | |
| | 4,620 | | | Live Nation Entertainment, Inc. (a)(b) | | | 306,491 | |
| | 1,097 | | | Netflix, Inc. (a)(b) | | | 293,579 | |
| | 13,841 | | | The Walt Disney Co. | | | 1,803,759 | |
| | 16,162 | | | Viacom, Inc. - Class A (a) | | | 424,414 | |
| | 33,762 | | | Viacom, Inc. - Class B | | | 811,301 | |
| | 1,170 | | | World Wrestling Entertainment, Inc. - Class A (a) | | | 83,245 | |
| | 33,160 | | | Zynga, Inc. - Class A (a)(b) | | | 192,991 | |
| | | | | | |
|
|
|
| | | | | | | | 6,488,297 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 2.69% | | | | |
| | 3,519 | | | Casey’s General Stores, Inc. (a) | | | 567,122 | |
| | 6,516 | | | Costco Wholesale Corp. | | | 1,877,325 | |
| | 18,736 | | | CVS Health Corp. | | | 1,181,680 | |
| | 21,017 | | | Kroger Co. | | | 541,818 | |
| | 56,445 | | | Sprouts Farmers Market, Inc. (b) | | | 1,091,646 | |
| | 10,446 | | | sysco Corp. (a) | | | 829,412 | |
| | 27,786 | | | U.S. Foods Holding Corp. (b) | | | 1,142,005 | |
| | 21,003 | | | Walgreens Boots Alliance, Inc. | | | 1,161,676 | |
| | 25,030 | | | Walmart, Inc. | | | 2,970,560 | |
| | | | | | |
|
|
|
| | | | | | | | 11,363,244 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.71% | | | | |
| | 3,912 | | | Bunge Ltd. | | | 221,497 | |
| | 4,643 | | | Campbell Soup Co. (a) | | | 217,850 | |
| | 7,024 | | | Conagra Brands, Inc. (a) | | | 215,496 | |
| | 19,573 | | | Flowers Foods, Inc. | | | 452,724 | |
| | 4,854 | | | General Mills, Inc. (a) | | | 267,553 | |
| | 4,280 | | | Hormel Foods Corp. | | | 187,164 | |
| | 4,833 | | | Ingredion, Inc. | | | 395,049 | |
| | 4,456 | | | Lamb Weston Holdings, Inc. (a) | | | 324,040 | |
| | 2,219 | | | McCormick & Co, Inc. - Non Voting (a) | | | 346,830 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food Products (Continued) | | | | |
| | 10,022 | | | Mondelez International, Inc. - Class A | | $ | 554,417 | |
| | 29,232 | | | Pilgrim’s Pride Corp. (b) | | | 936,739 | |
| | 5,840 | | | Post Holdings, Inc. (b) | | | 618,106 | |
| | 4,214 | | | The Hershey Co. | | | 653,128 | |
| | 2,495 | | | The J.M. Smucker Co. (a) | | | 274,500 | |
| | 3,275 | | | The Kraft Heinz Co. | | | 91,487 | |
| | 14,141 | | | TreeHouse Foods, Inc. (a)(b) | | | 784,118 | |
| | 7,739 | | | Tyson Foods, Inc. - Class A | | | 666,638 | |
| | | | | | |
|
|
|
| | | | | | | | 7,207,336 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.47% | | | | |
| | 2,436 | | | Atmos Energy Corp. (a) | | | 277,436 | |
| | 78,005 | | | EQT Corp. (a) | | | 829,973 | |
| | 3,262 | | | National Fuel Gas Co. (a) | | | 153,053 | |
| | 14,726 | | | UGI Corp. | | | 740,276 | |
| | | | | | |
|
|
|
| | | | | | | | 2,000,738 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 2.47% | | | | |
| | 2,253 | | | ABIOMED, Inc. (b) | | | 400,786 | |
| | 3,107 | | | Align Technology, Inc. (b) | | | 562,118 | |
| | 4,101 | | | Baxter International, Inc. | | | 358,714 | |
| | 11,285 | | | Boston Scientific Corp. (a)(b) | | | 459,187 | |
| | 2,398 | | | Cantel Medical Corp. (a) | | | 179,370 | |
| | 4,971 | | | Danaher Corp. | | | 717,962 | |
| | 1,802 | | | DENTSPLY SIRONA, Inc. | | | 96,065 | |
| | 3,114 | | | DexCom, Inc. (a)(b) | | | 464,733 | |
| | 4,669 | | | Edwards Lifesciences Corp. (b) | | | 1,026,760 | |
| | 1,591 | | | Hill-Rom Holdings, Inc. | | | 167,421 | |
| | 5,479 | | | Hologic, Inc. (b) | | | 276,635 | |
| | 658 | | | ICU Medical, Inc. (b) | | | 105,017 | |
| | 3,271 | | | IDEXX Laboratories, Inc. (b) | | | 889,483 | |
| | 1,647 | | | Insulet Corp. (a)(b) | | | 271,640 | |
| | 895 | | | Intuitive Surgical, Inc. (b) | | | 483,237 | |
| | 3,949 | | | Masimo Corp. (b) | | | 587,572 | |
| | 6,280 | | | Medtronic PLC | | | 682,134 | |
| | 2,637 | | | Penumbra, Inc. (a)(b) | | | 354,650 | |
| | 2,537 | | | ResMed, Inc. (a) | | | 342,774 | |
| | 2,290 | | | STERIS PLC | | | 330,882 | |
| | 3,629 | | | Stryker Corp. (a) | | | 784,953 | |
| | 946 | | | Teleflex, Inc. | | | 321,403 | |
| | 1,128 | | | The Cooper Cos., Inc. | | | 335,016 | |
| | 1,274 | | | Varian Medical Systems, Inc. (b) | | | 151,721 | |
| | 631 | | | West Pharmaceutical Services, Inc. | | | 89,488 | |
| | | | | | |
|
|
|
| | | | | | | | 10,439,721 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.89% | | | | |
| | 1,953 | | | AmerisourceBergen Corp. (a) | | | 160,791 | |
| | 3,168 | | | Anthem, Inc. | | | 760,637 | |
| | 20,314 | | | Cardinal Health, Inc. (a) | | | 958,618 | |
| | 16,681 | | | Centene Corp. (b) | | | 721,620 | |
| | 7,473 | | | Cerner Corp. (a) | | | 509,434 | |
| | 1,337 | | | Chemed Corp. | | | 558,291 | |
| | 5,501 | | | Cigna Corp. | | | 834,997 | |
| | 74,991 | | | Covetrus, Inc. (a)(b) | | | 891,643 | |
| | 12,472 | | | DaVita, Inc. (b) | | | 711,777 | |
| | 2,307 | | | Guardant Health, Inc. (b) | | | 147,256 | |
| | 1,808 | | | HCA Healthcare, Inc. | | | 217,719 | |
| | 3,156 | | | Henry Schein, Inc. (a)(b) | | | 200,406 | |
| | 2,316 | | | Humana, Inc. | | | 592,132 | |
| | 2,052 | | | Laboratory Corp. of America Holdings (b) | | | 344,736 | |
| | 5,428 | | | McKesson Corp. | | | 741,791 | |
See notes to financial statements.
43
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Health Care Providers & Services (Continued) | | | | |
| | 51,415 | | | MEDNAX, Inc. (b) | | $ | 1,163,007 | |
| | 1,913 | | | Molina Healthcare, Inc. (b) | | | 209,894 | |
| | 10,789 | | | UnitedHealth Group, Inc. | | | 2,344,665 | |
| | 1,051 | | | Universal Health Services, Inc. - Class B | | | 156,336 | |
| | | | | | |
|
|
|
| | | | | | | | 12,225,750 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.18% | | | | |
| | 3,650 | | | Medidata Solutions, Inc. (b) | | | 333,975 | |
| | 2,844 | | | Veeva Systems, Inc. - Class A (b) | | | 434,250 | |
| | | | | | |
|
|
|
| | | | | | | | 768,225 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.15% | | | | |
| | 18,074 | | | Aramark | | | 787,665 | |
| | 13,754 | | | Caesars Entertainment Corp. (b) | | | 160,372 | |
| | 2,315 | | | Carnival Corp. (a) | | | 101,189 | |
| | 453 | | | Chipotle Mexican Grill, Inc. (a)(b) | | | 380,733 | |
| | 2,240 | | | Choice Hotels International, Inc. (a) | | | 199,270 | |
| | 2,413 | | | Darden Restaurants, Inc. (a) | | | 285,265 | |
| | 2,935 | | | Domino’s Pizza, Inc. (a) | | | 717,872 | |
| | 1,870 | | | Dunkin’ Brands Group, Inc. | | | 148,403 | |
| | 2,569 | | | Hilton Worldwide Holdings, Inc. | | | 239,199 | |
| | 6,910 | | | McDonald’s Corp. | | | 1,483,646 | |
| | 8,558 | | | MGM Resorts International | | | 237,228 | |
| | 15,744 | | | Norwegian Cruise Line Holdings, Ltd. (b) | | | 815,067 | |
| | 2,791 | | | Planet Fitness, Inc. - Class A (b) | | | 161,515 | |
| | 20,030 | | | Starbucks Corp. (a) | | | 1,771,053 | |
| | 4,973 | | | Wyndham Destinations, Inc. | | | 228,857 | |
| | 6,956 | | | Yum China Holdings, Inc. | | | 316,011 | |
| | 9,072 | | | Yum! Brands, Inc. | | | 1,029,037 | |
| | | | | | |
|
|
|
| | | | | | | | 9,062,382 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.67% | | | | |
| | 1,261 | | | Garmin Ltd. (a) | | | 106,794 | |
| | 7,612 | | | Lennar Corp. - Class A | | | 425,130 | |
| | 7,934 | | | Lennar Corp. - Class B | | | 352,032 | |
| | 93 | | | NVR, Inc. (b) | | | 345,714 | |
| | 14,170 | | | PulteGroup, Inc. | | | 517,914 | |
| | 2,699 | | | Roku, Inc. (b) | | | 274,650 | |
| | 3,077 | | | Tempur Sealy International, Inc. (b) | | | 237,544 | |
| | 13,540 | | | Toll Brothers, Inc. | | | 555,817 | |
| | | | | | |
|
|
|
| | | | | | | | 2,815,595 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.55% | | | | |
| | 4,244 | | | Church & Dwight, Inc. (a) | | | 319,319 | |
| | 3,281 | | | Clorox Co. | | | 498,285 | |
| | 13,974 | | | Colgate-Palmolive Co. | | | 1,027,229 | |
| | 5,807 | | | Kimberly-Clark Corp. | | | 824,884 | |
| | 31,073 | | | The Procter & Gamble Co. | | | 3,864,860 | |
| | | | | | |
|
|
|
| | | | | | | | 6,534,577 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.64% | |
| | 21,963 | | | AES Corp. | | | 358,875 | |
| | 18,963 | | | NRG Energy, Inc. (a) | | | 750,935 | |
| | 58,922 | | | Vistra Energy Corp. | | | 1,574,985 | |
| | | | | | |
|
|
|
| | | | | | | | 2,684,795 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.33% | | | | |
| | 3,640 | | | 3M Co. | | | 598,416 | |
| | 745 | | | Carlisle Companies, Inc. | | | 108,427 | |
| | 4,024 | | | Honeywell International, Inc. | | | 680,861 | |
| | | | | | |
|
|
|
| | | | | | | | 1,387,704 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Insurance - 3.30% | | | | |
| | 4,669 | | | Aflac, Inc. | | $ | 244,282 | |
| | 3,090 | | | American National Insurance Co. | | | 382,326 | |
| | 5,074 | | | Aon PLC | | | 982,174 | |
| | 7,430 | | | Arch Capital Group, Ltd. (b) | | | 311,911 | |
| | 2,582 | | | Arthur J. Gallagher & Co. | | | 231,270 | |
| | 12,886 | | | Athene Holding, Ltd. - Class A (b) | | | 541,985 | |
| | 16,431 | | | Berkshire Hathaway, Inc. - Class B (b) | | | 3,417,977 | |
| | 14,989 | | | Brighthouse Financial, Inc. (b) | | | 606,605 | |
| | 7,024 | | | Brown & Brown, Inc. | | | 253,285 | |
| | 2,348 | | | Chubb, Ltd. | | | 379,061 | |
| | 3,490 | | | Cincinnati Financial Corp. (a) | | | 407,178 | |
| | 2,446 | | | Erie Indemnity Co. - Class A (a) | | | 454,100 | |
| | 2,858 | | | First American Financial Corp. | | | 168,651 | |
| | 3,585 | | | Hartford Financial Services Group, Inc. | | | 217,287 | |
| | 9,174 | | | Lincoln National Corp. | | | 553,376 | |
| | 3,068 | | | Marsh & McLennan Cos., Inc. (a) | | | 306,953 | |
| | 13,584 | | | MetLife, Inc. | | | 640,621 | |
| | 6,235 | | | Old Republic International Corp. | | | 146,959 | |
| | 3,650 | | | Principal Financial Group, Inc. | | | 208,561 | |
| | 5,611 | | | Prudential Financial, Inc. (a) | | | 504,709 | |
| | 2,267 | | | Reinsurance Group of America, Inc. | | | 362,448 | |
| | 1,549 | | | RenaissanceRe Holdings, Ltd. | | | 299,654 | |
| | 1,651 | | | The Allstate Corp. | | | 179,431 | |
| | 905 | | | The Hanover Insurance Group, Inc. | | | 122,664 | |
| | 9,037 | | | The Progressive Corp. (a) | | | 698,108 | |
| | 1,673 | | | The Travelers Cos., Inc. (a) | | | 248,758 | |
| | 11,510 | | | Unum Group | | | 342,077 | |
| | 4,716 | | | W.R. Berkley Corp. | | | 340,637 | |
| | 1,949 | | | Willis Towers Watson PLC | | | 376,099 | |
| | | | | | |
|
|
|
| | | | | | | | 13,929,147 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 3.68% | | | | |
| | 3,262 | | | Alphabet, Inc. - Class A (b) | | | 3,983,358 | |
| | 3,339 | | | Alphabet, Inc. - Class C (b) | | | 4,070,241 | |
| | 30,846 | | | Facebook, Inc. - Class A (b) | | | 5,493,056 | |
| | 3,432 | | | InterActive Corp. (b) | | | 748,073 | |
| | 9,738 | | | Match Group, Inc. - Class A (a) | | | 695,683 | |
| | 10,285 | | | TripAdvisor, Inc. - Class A (a)(b) | | | 397,824 | |
| | 3,946 | | | Twitter, Inc. (b) | | | 162,575 | |
| | | | | | |
|
|
|
| | | | | | | | 15,550,810 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 3.03% | | | | |
| | 5,328 | | | Amazon.com, Inc. (b) | | | 9,248,928 | |
| | 419 | | | Booking Holdings, Inc. (b) | | | 822,334 | |
| | 10,970 | | | eBay, Inc. | | | 427,611 | |
| | 5,540 | | | Etsy, Inc. (a)(b) | | | 313,010 | |
| | 2,144 | | | Expedia Group, Inc. - Class A (a) | | | 288,175 | |
| | 98,670 | | | Qurate Retail, Inc. - Series A (a)(b) | | | 1,017,781 | |
| | 6,165 | | | Wayfair, Inc. - Class A (a)(b) | | | 691,220 | |
| | | | | | |
|
|
|
| | | | | | | | 12,809,059 | |
| | | | | | |
|
|
|
| | | | | IT Services - 5.36% | | | | |
| | 10,969 | | | Accenture PLC - Class A | | | 2,109,887 | |
| | 2,893 | | | Akamai Technologies, Inc. (b) | | | 264,362 | |
| | 7,922 | | | Alliance Data Systems Corp. | | | 1,015,046 | |
| | 2,867 | | | Amdocs Ltd. | | | 189,537 | |
| | 2,727 | | | Automatic Data Processing, Inc. | | | 440,192 | |
| | 3,156 | | | Black Knight, Inc. (b) | | | 192,705 | |
| | 11,895 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 844,783 | |
| | 3,063 | | | Broadridge Financial Solutions, Inc. | | | 381,129 | |
| | 3,214 | | | CACI International, Inc. - Class A (b) | | | 743,270 | |
See notes to financial statements.
44
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | IT Services (Continued) | | | | |
| | 10,526 | | | Cognizant Technology Solutions Corp. - Class A | | $ | 634,349 | |
| | 6,780 | | | CoreLogic, Inc. (b) | | | 313,711 | |
| | 46,329 | | | DXC Technology Co. | | | 1,366,705 | |
| | 1,520 | | | EPAM Systems, Inc. (b) | | | 277,126 | |
| | 1,846 | | | Euronet Worldwide, Inc. (b) | | | 270,070 | |
| | 5,441 | | | Fidelity National Information Services, Inc. | | | 722,347 | |
| | 7,079 | | | Fiserv, Inc. (b) | | | 733,314 | |
| | 702 | | | FleetCor Technologies, Inc. (b) | | | 201,320 | |
| | 741 | | | Gartner, Inc. (a)(b) | | | 105,956 | |
| | 8,668 | | | Genpact, Ltd. | | | 335,885 | |
| | 5,243 | | | Global Payments, Inc. | | | 833,637 | |
| | 3,004 | | | GoDaddy, Inc. - Class A (b) | | | 198,204 | |
| | 5,916 | | | Leidos Holdings, Inc. | | | 508,066 | |
| | 9,303 | | | MasterCard, Inc. - Class A | | | 2,526,416 | |
| | 1,423 | | | MongoDB, Inc. (a)(b) | | | 171,443 | |
| | 4,755 | | | Okta, Inc. - Class A (a)(b) | | | 468,177 | |
| | 3,866 | | | Paychex, Inc. (a) | | | 319,989 | |
| | 9,954 | | | PayPal Holdings, Inc. (b) | | | 1,031,135 | |
| | 7,419 | | | Sabre Corp. | | | 166,149 | |
| | 5,041 | | | Square, Inc. - Class A (a)(b) | | | 312,290 | |
| | 13,103 | | | Switch, Inc. - Class A (a) | | | 204,669 | |
| | 5,418 | | | The Western Union Co. (a) | | | 125,535 | |
| | 5,077 | | | T-Mobile USA, Inc. (b) | | | 399,915 | |
| | 2,547 | | | Twilio, Inc. - Class A (a)(b) | | | 280,068 | |
| | 3,229 | | | VeriSign, Inc. (b) | | | 609,086 | |
| | 18,683 | | | Visa, Inc. - Class A (a) | | | 3,213,663 | |
| | 644 | | | WEX, Inc. (b) | | | 130,133 | |
| | | | | | |
|
|
|
| | | | | | | | 22,640,269 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.28% | | | | |
| | 2,761 | | | Hasbro, Inc. | | | 327,703 | |
| | 12,791 | | | Mattel, Inc. (a) | | | 145,690 | |
| | 1,279 | | | Polaris, Inc. | | | 112,565 | |
| | 3,056 | | | Pool Corp. (a) | | | 616,395 | |
| | | | | | |
|
|
|
| | | | | | | | 1,202,353 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.90% | | | | |
| | 755 | | | Bio-Techne Corp. | | | 147,731 | |
| | 8,841 | | | Bruker Corp. | | | 388,385 | |
| | 1,691 | | | Charles River Laboratories International, Inc. (b) | | | 223,838 | |
| | 1,170 | | | Illumina, Inc. (b) | | | 355,937 | |
| | 2,090 | | | IQVIA Holdings, Inc. (b) | | | 312,204 | |
| | 1,165 | | | Mettler-Toledo International, Inc. (a)(b) | | | 820,626 | |
| | 1,272 | | | PRA Health Sciences, Inc. (a)(b) | | | 126,221 | |
| | 3,596 | | | Thermo Fisher Scientific, Inc. | | | 1,047,407 | |
| | 1,753 | | | Waters Corp. (a)(b) | | | 391,322 | |
| | | | | | |
|
|
|
| | | | | | | | 3,813,671 | |
| | | | | | |
|
|
|
| | | | | Machinery - 1.52% | | | | |
| | 10,234 | | | AGCO Corp. (a) | | | 774,714 | |
| | 2,061 | | | Allison Transmission Holdings, Inc. | | | 96,970 | |
| | 1,404 | | | Caterpillar, Inc. (a) | | | 177,339 | |
| | 9,060 | | | Colfax Corp. (a)(b) | | | 263,284 | |
| | 2,321 | | | Cummins, Inc. | | | 377,557 | |
| | 1,618 | | | Deere & Co. (a) | | | 272,924 | |
| | 4,671 | | | Donaldson Co., Inc. (a) | | | 243,266 | |
| | 1,285 | | | Dover Corp. | | | 127,935 | |
| | 4,433 | | | Gardner Denver Holdings, Inc. (a)(b) | | | 125,410 | |
| | 55,852 | | | Gates Industrial Corp PLC (a)(b) | | | 562,430 | |
| | 8,052 | | | Graco, Inc. (a) | | | 370,714 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Machinery (Continued) | | | | |
| | 3,790 | | | Illinois Tool Works, Inc. (a) | | $ | 593,097 | |
| | 2,092 | | | Ingersoll-Rand Plc | | | 257,755 | |
| | 2,798 | | | Lincoln Electric Holdings, Inc. (a) | | | 242,754 | |
| | 4,568 | | | Oshkosh Corp. | | | 346,254 | |
| | 671 | | | Parker-Hannifin Corp. | | | 121,189 | |
| | 920 | | | Snap-on, Inc. (a) | | | 144,017 | |
| | 629 | | | Stanley Black & Decker, Inc. | | | 90,834 | |
| | 17,799 | | | The Timken Co. | | | 774,434 | |
| | 4,915 | | | The Toro Co. | | | 360,270 | |
| | 1,207 | | | Wabtec Corp. (a) | | | 86,735 | |
| | | | | | |
|
|
|
| | | | | | | | 6,409,882 | |
| | | | | | |
|
|
|
| | | | | Media - 1.34% | | | | |
| | 257 | | | Cable One, Inc. (a) | | | 322,458 | |
| | 845 | | | Charter Communications, Inc. - Class A (b) | | | 348,241 | |
| | 40,655 | | | Comcast Corp. - Class A | | | 1,832,727 | |
| | 4,179 | | | Discovery Communications, Inc. - Series A (a)(b) | | | 111,287 | |
| | 4,310 | | | Discovery Communications, Inc. - Series C (a)(b) | | | 106,112 | |
| | 4,068 | | | John Wiley & Sons, Inc. - Class A (a) | | | 178,748 | |
| | 1,073 | | | Liberty Broadband Corp. - Class A (b) | | | 112,150 | |
| | 1,061 | | | Liberty Broadband Corp. - Class C (b) | | | 111,055 | |
| | 8,139 | | | Liberty Media Corp.-Liberty SiriusXM - Class A (b) | | | 338,338 | |
| | 11,158 | | | Liberty Media Corp.-Liberty SiriusXM - Class C (b) | | | 468,190 | |
| | 14,106 | | | News Corp. - Class A | | | 196,355 | |
| | 12,690 | | | News Corp. - Class B | | | 181,404 | |
| | 1,343 | | | Nexstar Media Group, Inc. - Class A (a) | | | 137,402 | |
| | 1,099 | | | Omnicom Group, Inc. (a) | | | 86,052 | |
| | 4,747 | | | Sinclair Broadcast Group, Inc. - Class A | | | 202,887 | |
| | 31,816 | | | Sirius XM Holdings, Inc. (a) | | | 199,009 | |
| | 8,407 | | | The Interpublic Group of Companies, Inc. | | | 181,255 | |
| | 18,602 | | | The New York Times Co. - Class A (a) | | | 529,785 | |
| | | | | | |
|
|
|
| | | | | | | | 5,643,455 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.63% | | | | |
| | 41,000 | | | Alcoa Corp. (b) | | | 822,870 | |
| | 7,332 | | | Newmont Goldcorp Corp. | | | 278,029 | |
| | 3,705 | | | Nucor Corp. (a) | | | 188,622 | |
| | 5,285 | | | Reliance Steel & Aluminum Co. | | | 526,703 | |
| | 2,571 | | | Royal Gold, Inc. (a) | | | 316,773 | |
| | 18,217 | | | Steel Dynamics, Inc. | | | 542,867 | |
| | | | | | |
|
|
|
| | | | | | | | 2,675,864 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 1.43% | | | | |
| | 4,282 | | | Burlington Stores, Inc. (a)(b) | | | 855,629 | |
| | 6,062 | | | Dollar General Corp. | | | 963,494 | |
| | 3,879 | | | Dollar Tree, Inc. (b) | | | 442,827 | |
| | 16,838 | | | Kohl’s Corp. (a) | | | 836,175 | |
| | 81,158 | | | Macy’s, Inc. (a) | | | 1,261,196 | |
| | 14,436 | | | Nordstrom, Inc. (a) | | | 486,060 | |
| | 2,444 | | | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | | | 143,316 | |
| | 9,722 | | | Target Corp. | | | 1,039,379 | |
| | | | | | |
|
|
|
| | | | | | | | 6,028,076 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.78% | | | | |
| | 4,434 | | | Alliant Energy Corp. (a) | | | 239,126 | |
| | 4,501 | | | Ameren Corp. | | | 360,305 | |
| | 5,853 | | | CenterPoint Energy, Inc. | | | 176,643 | |
See notes to financial statements.
45
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Multi-Utilities (Continued) | | | | |
| | 5,534 | | | CMS Energy Corp. | | $ | 353,899 | |
| | 2,724 | | | Consolidated Edison, Inc. | | | 257,336 | |
| | 3,740 | | | Dominion Energy, Inc. (a) | | | 303,090 | |
| | 1,880 | | | DTE Energy Co. | | | 249,965 | |
| | 5,018 | | | MDU Resources Group, Inc. | | | 141,457 | |
| | 8,195 | | | NiSource, Inc. (a) | | | 245,194 | |
| | 4,107 | | | Public Service Enterprise Group, Inc. | | | 254,963 | |
| | 1,910 | | | Sempra Energy | | | 281,935 | |
| | 4,708 | | | WEC Energy Group, Inc. (a) | | | 447,731 | |
| | | | | | |
|
|
|
| | | | | | | | 3,311,644 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 1.52% | | | | |
| | 11,791 | | | Chevron Corp. | | | 1,398,412 | |
| | 5,266 | | | ConocoPhillips | | | 300,057 | |
| | 3,515 | | | EOG Resources, Inc. | | | 260,883 | |
| | 24,962 | | | Exxon Mobil Corp. | | | 1,762,567 | |
| | 15,341 | | | HollyFrontier Corp. | | | 822,891 | |
| | 12,067 | | | Kinder Morgan, Inc. | | | 248,701 | |
| | 14,777 | | | Marathon Petroleum Corp. | | | 897,703 | |
| | 1,172 | | | ONEOK, Inc. (a) | | | 86,365 | |
| | 165,946 | | | Range Resources Corp. (a) | | | 633,914 | |
| | | | | | |
|
|
|
| | | | | | | | 6,411,493 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.11% | | | | |
| | 13,190 | | | Domtar Corp. | | | 472,334 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.56% | | | | |
| | 15,613 | | | Herbalife Nutrition, Ltd. (a) | | | 591,108 | |
| | 14,992 | | | Nu Skin Enterprises, Inc. - Class A | | | 637,610 | |
| | 5,768 | | | The Estee Lauder Cos., Inc. - Class A (a) | | | 1,147,544 | |
| | | | | | |
|
|
|
| | | | | | | | 2,376,262 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.30% | | | | |
| | 15,517 | | | Abbott Laboratories | | | 1,298,307 | |
| | 17,329 | | | AbbVie, Inc. | | | 1,312,152 | |
| | 5,104 | | | Allergan PLC | | | 858,952 | |
| | 11,787 | | | Bristol-Myers Squibb Co. (a) | | | 597,719 | |
| | 3,961 | | | Catalent, Inc. (b) | | | 188,781 | |
| | 10,542 | | | Eli Lilly & Co. (a) | | | 1,178,912 | |
| | 4,319 | | | Horizon Therapeutics Plc (b) | | | 117,606 | |
| | 812 | | | Jazz Pharmaceuticals PLC (b) | | | 104,050 | |
| | 37,147 | | | Johnson & Johnson | | | 4,806,079 | |
| | 33,311 | | | Merck & Co., Inc. | | | 2,804,120 | |
| | 62,377 | | | Mylan NV (a)(b) | | | 1,233,817 | |
| | 11,901 | | | Perrigo Co. PLC (a) | | | 665,147 | |
| | 58,837 | | | Pfizer, Inc. | | | 2,114,014 | |
| | 6,949 | | | Zoetis, Inc. | | | 865,776 | |
| | | | | | |
|
|
|
| | | | | | | | 18,145,432 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.55% | | | | |
| | 796 | | | CoStar Group, Inc. (b) | | | 472,187 | |
| | 1,461 | | | Equifax, Inc. | | | 205,519 | |
| | 2,744 | | | IHS Markit, Ltd. (a)(b) | | | 183,519 | |
| | 5,604 | | | ManpowerGroup, Inc. | | | 472,081 | |
| | 9,634 | | | Robert Half International, Inc. (a) | | | 536,228 | |
| | 2,976 | | | Verisk Analytics, Inc. | | | 470,625 | |
| | | | | | |
|
|
|
| | | | | | | | 2,340,159 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.21% | |
| | 9,037 | | | CBRE Group, Inc. - Class A (b) | | | 479,052 | |
| | 2,955 | | | Jones Lang LaSalle, Inc. (a) | | | 410,922 | |
| | | | | | |
|
|
|
| | | | | | | | 889,974 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Road & Rail - 0.39% | | | | |
| | 3,479 | | | CSX Corp. (a) | | $ | 240,990 | |
| | 3,232 | | | Genesee & Wyoming, Inc. - Class A (b) | | | 357,168 | |
| | 3,637 | | | Landstar System, Inc. | | | 409,454 | |
| | 757 | | | Norfolk Southern Corp. | | | 136,003 | |
| | 2,997 | | | Union Pacific Corp. | | | 485,454 | |
| | | | | | |
|
|
|
| | | | | | | | 1,629,069 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 3.36% | |
| | 31,520 | | | Advanced Micro Devices, Inc. (a)(b) | | | 913,765 | |
| | 1,150 | | | Analog Devices, Inc. | | | 128,489 | |
| | 16,140 | | | Applied Materials, Inc. | | | 805,386 | |
| | 3,954 | | | Broadcom, Inc. | | | 1,091,581 | |
| | 2,153 | | | Cree, Inc. (a)(b) | | | 105,497 | |
| | 4,293 | | | Cypress Semiconductor Corp. | | | 100,199 | |
| | 1,951 | | | Entegris, Inc. (a) | | | 91,814 | |
| | 1,346 | | | First Solar, Inc. (a)(b) | | | 78,081 | |
| | 50,616 | | | Intel Corp. | | | 2,608,242 | |
| | 3,083 | | | KLA Corp. | | | 491,584 | |
| | 3,615 | | | Lam Research Corp. | | | 835,463 | |
| | 5,203 | | | Marvell Technology Group, Ltd. (a) | | | 129,919 | |
| | 3,281 | | | Maxim Integrated Products, Inc. (a) | | | 190,003 | |
| | 1,936 | | | Microchip Technology, Inc. (a) | | | 179,874 | |
| | 31,173 | | | Micron Technology, Inc. (b) | | | 1,335,763 | |
| | 3,304 | | | MKS Instruments, Inc. (a) | | | 304,893 | |
| | 694 | | | Monolithic Power Systems, Inc. | | | 108,007 | |
| | 5,720 | | | NVIDIA Corp. | | | 995,680 | |
| | 28,065 | | | ON Semiconductor Corp. (a)(b) | | | 539,129 | |
| | 2,941 | | | Qorvo, Inc. (b) | | | 218,046 | |
| | 3,927 | | | Skyworks Solutions, Inc. (a) | | | 311,215 | |
| | 5,964 | | | Teradyne, Inc. | | | 345,375 | |
| | 11,644 | | | Texas Instruments, Inc. | | | 1,504,871 | |
| | 5,186 | | | Versum Materials, Inc. | | | 274,495 | |
| | 5,326 | | | Xilinx, Inc. | | | 510,763 | |
| | | | | | |
|
|
|
| | | | | | | | 14,198,134 | |
| | | | | | |
|
|
|
| | | | | Software - 8.58% | | | | |
| | 5,386 | | | Adobe Systems, Inc. (b) | | | 1,487,882 | |
| | 3,405 | | | Alteryx, Inc. - Class A (b) | | | 365,799 | |
| | 1,716 | | | ANSYS, Inc. (a)(b) | | | 379,854 | |
| | 5,333 | | | Aspen Technology, Inc. (b) | | | 656,386 | |
| | 3,638 | | | Atlassian Corp. PLC - Class A (b) | | | 456,351 | |
| | 3,305 | | | Autodesk, Inc. (b) | | | 488,148 | |
| | 2,972 | | | Avalara, Inc. (b) | | | 199,986 | |
| | 13,600 | | | Cadence Design System, Inc. (b) | | | 898,688 | |
| | 2,770 | | | CDK Global, Inc. | | | 133,209 | |
| | 2,454 | | | Ceridian HCM Holding, Inc. (a)(b) | | | 121,154 | |
| | 5,927 | | | Citrix Systems, Inc. (a) | | | 572,074 | |
| | 1,944 | | | Coupa Software, Inc. (a)(b) | | | 251,884 | |
| | 3,384 | | | DocuSign, Inc. (a)(b) | | | 209,537 | |
| | 21,008 | | | Dropbox, Inc. - Class A (b) | | | 423,731 | |
| | 1,902 | | | Elastic NV (a)(b) | | | 156,611 | |
| | 2,336 | | | Fair Isaac Corp. | | | 709,023 | |
| | 6,814 | | | Fortinet, Inc. (a)(b) | | | 523,043 | |
| | 876 | | | HubSpot, Inc. (b) | | | 132,810 | |
| | 4,830 | | | Intuit, Inc. | | | 1,284,490 | |
| | 2,523 | | | Jack Henry & Associates, Inc. (a) | | | 368,282 | |
| | 4,583 | | | LogMeIn, Inc. | | | 325,210 | |
| | 9,498 | | | Manhattan Associates, Inc. (b) | | | 766,204 | |
| | 108,177 | | | Microsoft Corp. (a) | | | 15,039,848 | |
| | 1,457 | | | New Relic, Inc. (a)(b) | | | 89,533 | |
| | 25,425 | | | Nuance Communications, Inc. (a)(b) | | | 414,682 | |
See notes to financial statements.
46
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Software (Continued) | | | | |
| | 14,379 | | | Nutanix, Inc. - Class A (a)(b) | | $ | 377,449 | |
| | 28,862 | | | Oracle Corp. | | | 1,588,276 | |
| | 1,294 | | | Paycom Software, Inc. (b) | | | 271,080 | |
| | 1,444 | | | Paylocity Holding Corp. (b) | | | 140,905 | |
| | 6,247 | | | Pegasystems, Inc. | | | 425,108 | |
| | 1,376 | | | Proofpoint, Inc. (a)(b) | | | 177,573 | |
| | 3,072 | | | PTC, Inc. (a)(b) | | | 209,449 | |
| | 5,521 | | | RingCentral, Inc. - Class A (b) | | | 693,769 | |
| | 12,015 | | | salesforce.com, Inc. (b) | | | 1,783,507 | |
| | 3,914 | | | ServiceNow, Inc. (a)(b) | | | 993,569 | |
| | 7,432 | | | Smartsheet, Inc. - Class A (a)(b) | | | 267,775 | |
| | 970 | | | Splunk, Inc. (b) | | | 114,324 | |
| | 8,722 | | | SS&C Technologies Holdings, Inc. | | | 449,794 | |
| | 14,860 | | | Symantec Corp. | | | 351,142 | |
| | 4,308 | | | Synopsys, Inc. (b) | | | 591,273 | |
| | 810 | | | The Trade Desk, Inc. - Class A (a)(b) | | | 151,915 | |
| | 2,301 | | | VMware, Inc. - Class A (a) | | | 345,288 | |
| | 1,938 | | | Workday, Inc. - Class A (b) | | | 329,382 | |
| | 4,561 | | | Zscaler, Inc. (a)(b) | | | 215,553 | |
| | 4,573 | | | Zendesk, Inc. (a)(b) | | | 333,280 | |
| | | | | | |
|
|
|
| | | | | | | | 36,264,830 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 3.49% | | | | |
| | 2,868 | | | Advance Auto Parts, Inc. (a) | | | 474,367 | |
| | 18,294 | | | AutoNation, Inc. (a)(b) | | | 927,506 | |
| | 825 | | | AutoZone, Inc. (b) | | | 894,812 | |
| | 8,228 | | | Best Buy Co., Inc. | | | 567,650 | |
| | 13,631 | | | Dick’s Sporting Goods, Inc. (a) | | | 556,281 | |
| | 7,130 | | | Floor & Decor Holdings, Inc. - Class A (a)(b) | | | 364,700 | |
| | 15,839 | | | Foot Locker, Inc. (a) | | | 683,611 | |
| | 16,432 | | | L Brands, Inc. | | | 321,903 | |
| | 8,044 | | | Lowe’s Cos., Inc. | | | 884,518 | |
| | 1,981 | | | O’Reilly Automotive, Inc. (b) | | | 789,448 | |
| | 8,084 | | | Ross Stores, Inc. | | | 888,027 | |
| | 532 | | | Sherwin-Williams Co. | | | 292,531 | |
| | 13,889 | | | The Gap, Inc. (a) | | | 241,113 | |
| | 12,331 | | | The Home Depot, Inc. | | | 2,861,039 | |
| | 18,428 | | | The TJX Cos., Inc. | | | 1,027,177 | |
| | 3,545 | | | Tiffany & Co. (a) | | | 328,373 | |
| | 7,134 | | | Tractor Supply Co. | | | 645,199 | |
| | 2,699 | | | Ulta Beauty, Inc. (b) | | | 676,504 | |
| | 29,329 | | | Urban Outfitters, Inc. (a)(b) | | | 823,852 | |
| | 7,145 | | | Williams-Sonoma, Inc. (a) | | | 485,717 | |
| | | | | | |
|
|
|
| | | | | | | | 14,734,328 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 4.07% | |
| | 61,571 | | | Apple, Inc. | | | 13,790,057 | |
| | 2,185 | | | Dell Technologies, Inc. - Class C (b) | | | 113,314 | |
| | 12,136 | | | HP, Inc. | | | 229,613 | |
| | 8,677 | | | International Business Machines Corp. (a) | | | 1,261,809 | |
| | 5,760 | | | NCR Corp. (b) | | | 181,786 | |
| | 7,155 | | | NetApp, Inc. (a) | | | 375,709 | |
| | 18,687 | | | Pure Storage, Inc. - Class A (b) | | | 316,558 | |
| | 9,829 | | | Teradata Corp. (a)(b) | | | 304,699 | |
| | 2,153 | | | Western Digital Corp. | | | 128,405 | |
| | 16,467 | | | Xerox Holdings Corp. (a)(b) | | | 492,528 | |
| | | | | | |
|
|
|
| | | | | | | | 17,194,478 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.59% | | | | |
| | 8,989 | | | Capri Holdings, Ltd. (b) | | | 298,075 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Textiles, Apparel & Luxury Goods (Continued) | | | | |
| | 4,243 | | | Carter’s, Inc. (a) | | $ | 387,004 | |
| | 5,060 | | | Columbia Sportswear Co. | | | 490,263 | |
| | 6,175 | | | lululemon athletica, Inc. (b) | | | 1,188,873 | |
| | 13,655 | | | NIKE, Inc. - Class B | | | 1,282,478 | |
| | 2,117 | | | PVH Corp. | | | 186,783 | |
| | 3,882 | | | Ralph Lauren Corp. (a) | | | 370,615 | |
| | 11,450 | | | Skechers U.S.A., Inc. - Class A (b) | | | 427,657 | |
| | 20,954 | | | Tapestry, Inc. | | | 545,852 | |
| | 16,512 | | | Under Armour, Inc. - Class A (a)(b) | | | 329,249 | |
| | 20,916 | | | Under Armour, Inc. - Class C (a)(b) | | | 379,207 | |
| | 9,157 | | | VF Corp. | | | 814,881 | |
| | | | | | |
|
|
|
| | | | | | | | 6,700,937 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 0.04% | | | | |
| | 8,321 | | | TFS Financial Corp. (a) | | | 149,944 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.30% | | | | |
| | 16,921 | | | Philip Morris International, Inc. | | | 1,284,812 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 0.93% | | | | |
| | 16,688 | | | Fastenal Co. (a) | | | 545,197 | |
| | 10,012 | | | HD Supply Holdings, Inc. (b) | | | 392,220 | |
| | 6,363 | | | MSC Industrial Direct Co., Inc. - Class A (a) | | | 461,508 | |
| | 1,121 | | | United Rentals, Inc. (b) | | | 139,722 | |
| | 11,829 | | | Univar, Inc. (a)(b) | | | 245,570 | |
| | 2,061 | | | W.W. Grainger, Inc. | | | 612,426 | |
| | 1,505 | | | Watsco, Inc. (a) | | | 254,616 | |
| | 26,341 | | | WESCO International, Inc. (b) | | | 1,258,310 | |
| | | | | | |
|
|
|
| | | | | | | | 3,909,569 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.11% | | | | |
| | 3,182 | | | American Water Works Co., Inc. | | | 395,300 | |
| | 1,920 | | | Aqua America, Inc. (a) | | | 86,073 | |
| | | | | | |
|
|
|
| | | | | | | | 481,373 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.17% | |
| | 16,888 | | | Telephone & Data Systems, Inc. | | | 435,711 | |
| | 7,409 | | | United States Cellular Corp. (b) | | | 278,430 | |
| | | | | | |
|
|
|
| | | | | | | | 714,141 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $295,309,999) | | | 388,401,807 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.18% | | | | |
| | | | | Exchange Traded Funds - 3.18% | | | | |
| | 49,242 | | | Vanguard S&P 500 ETF | | | 13,423,369 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $11,361,632) | | | 13,423,369 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 4.22% | |
| | | | | Real Estate Investment Trusts - 4.22% | | | | |
| | 1,013 | | | Alexandria Real Estate Equities, Inc. (a) | | | 156,042 | |
| | 5,500 | | | American Campus Communities, Inc. | | | 264,440 | |
| | 16,885 | | | American Homes 4 Rent - Class A | | | 437,153 | |
| | 3,441 | | | American Tower Corp. | | | 760,908 | |
| | 7,497 | | | Americold Realty Trust (a) | | | 277,914 | |
| | 5,742 | | | Apartment Investment & Management Co. -
Class A | | | 299,388 | |
| | 19,994 | | | Apple Hospitality REIT, Inc. | | | 331,500 | |
| | 1,837 | | | AvalonBay Communities, Inc. | | | 395,561 | |
| | 11,647 | | | Brandywine Realty Trust | | | 176,452 | |
| | 11,534 | | | Brixmor Property Group, Inc. (a) | | | 234,025 | |
| | 5,127 | | | Brookfield Property REIT, Inc. - Class A (a) | | | 104,539 | |
| | 1,960 | | | Camden Property Trust | | | 217,580 | |
See notes to financial statements.
47
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | | | | |
| | 10,502 | | | Chimera Investment Corp. (a) | | $ | 205,419 | |
| | 167,694 | | | Colony Capital, Inc. - Class A (a) | | | 1,009,518 | |
| | 2,491 | | | Crown Castle International Corp. | | | 346,274 | |
| | 3,323 | | | CubeSmart (a) | | | 115,973 | |
| | 3,506 | | | Digital Realty Trust, Inc. (a) | | | 455,114 | |
| | 2,016 | | | Douglas Emmett, Inc. | | | 86,345 | |
| | 7,499 | | | Duke Realty Corp. | | | 254,741 | |
| | 25,507 | | | Empire State Realty Trust, Inc. - Class A | | | 363,985 | |
| | 3,918 | | | EPR Properties | | | 301,137 | |
| | 659 | | | Equinix, Inc. | | | 380,111 | |
| | 6,704 | | | Equity Commonwealth | | | 229,612 | |
| | 2,732 | | | Equity LifeStyle Properties, Inc. | | | 364,995 | |
| | 4,256 | | | Equity Residential (a) | | | 367,123 | |
| | 1,022 | | | Essex Property Trust, Inc. | | | 333,836 | |
| | 2,953 | | | Extra Space Storage, Inc. | | | 344,969 | |
| | 7,340 | | | Gaming and Leisure Properties, Inc. | | | 280,682 | |
| | 7,852 | | | HCP, Inc. | | | 279,767 | |
| | 1,934 | | | Highwoods Properties, Inc. | | | 86,914 | |
| | 28,653 | | | Host Hotels & Resorts, Inc. | | | 495,410 | |
| | 6,328 | | | Invitation Homes, Inc. | | | 187,372 | |
| | 2,300 | | | JBG SMITH Properties (a) | | | 90,183 | |
| | 1,616 | | | Kilroy Realty Corp. | | | 125,870 | |
| | 4,547 | | | Kimco Realty Corp. (a) | | | 94,941 | |
| | 1,197 | | | Lamar Advertising Co. - Class A (a) | | | 98,070 | |
| | 5,499 | | | Liberty Property Trust | | | 282,264 | |
| | 17,106 | | | Medical Properties Trust, Inc. (a) | | | 334,593 | |
| | 2,459 | | | Mid-America Apartment Communities, Inc. | | | 319,695 | |
| | 5,697 | | | National Retail Properties, Inc. | | | 321,311 | |
| | 9,036 | | | Omega Healthcare Investors, Inc. (a) | | | 377,614 | |
| | 7,288 | | | Outfront Media, Inc. | | | 202,461 | |
| | 8,195 | | | Paramount Group, Inc. | | | 109,403 | |
| | 5,377 | | | Prologis, Inc. | | | 458,228 | |
| | 1,539 | | | Public Storage | | | 377,471 | |
| | 5,364 | | | Realty Income Corp. | | | 411,311 | |
| | 11,034 | | | Retail Properties of America, Inc. - Class A | | | 135,939 | |
| | 1,696 | | | SBA Communications Corp. (b) | | | 408,990 | |
| | 19,764 | | | Service Properties Trust (a)(b) | | | 509,714 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | | | | |
| | 2,373 | | | Spirit Realty Capital, Inc. (a) | | $ | 113,572 | |
| | 12,637 | | | Starwood Property Trust, Inc. (a) | | | 306,068 | |
| | 9,609 | | | STORE Capital Corp. | | | 359,473 | |
| | 2,677 | | | Sun Communities, Inc. | | | 397,401 | |
| | 7,068 | | | UDR, Inc. | | | 342,657 | |
| | 4,658 | | | Ventas, Inc. | | | 340,174 | |
| | 23,729 | | | VEREIT, Inc. | | | 232,070 | |
| | 1,382 | | | Vornado Realty Trust | | | 87,992 | |
| | 4,843 | | | Welltower, Inc. (a) | | | 439,018 | |
| | 4,465 | | | WP Carey, Inc. (a) | | | 399,617 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $15,778,221) | | | 17,820,899 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.58% | |
| | | | | Money Market Funds - 0.58% | | | | |
| | 2,470,057 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (c) | | | 2,470,057 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,470,057) | | | 2,470,057 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.37% | |
| | 86,050,938 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (c) | | | 86,050,938 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $86,050,938) | | | 86,050,938 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $410,970,847) - 120.30% | | | 508,167,070 | |
| | | | | Liabilities in Excess of
Other Assets - (20.30)% | | | (85,740,577 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 422,426,493 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of September 30, 2019. |
See notes to financial statements.
48
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 88.57% | | | | |
| | | | | Argentina - 0.55% | | | | |
| | 18,729 | | | Banco BBVA Argentina SA - ADR | | $ | 81,097 | |
| | 2,467 | | | Banco Macro SA - ADR | | | 64,191 | |
| | 932 | | | Globant SA (a)(b) | | | 85,353 | |
| | 5,267 | | | Grupo Financiero Galicia SA - ADR (b) | | | 68,471 | |
| | 16,149 | | | YPF SA - ADR (a) | | | 149,378 | |
| | | | | | |
|
|
|
| | | | | | | | 448,490 | |
| | | | | | |
|
|
|
| | | | | Brazil - 7.15% | | | | |
| | 43,485 | | | Ambev SA | | | 200,944 | |
| | 16,125 | | | Atacadao SA | | | 82,236 | |
| | 13,415 | | | B3 SA - Brasil Bolsa Balcao | | | 141,481 | |
| | 11,158 | | | Banco Bradesco SA | | | 84,243 | |
| | 9,872 | | | Banco BTG Pactual SA | | | 139,089 | |
| | 18,352 | | | Banco do Brasil SA | | | 201,411 | |
| | 7,842 | | | Banco Santander Brasil SA | | | 85,801 | |
| | 31,060 | | | BB Seguridade Participacoes SA | | | 262,985 | |
| | 14,351 | | | Centrais Eletricas Brasileiras SA | | | 139,021 | |
| | 15,268 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 181,528 | |
| | 26,593 | | | Embraer SA | | | 115,078 | |
| | 7,494 | | | Energisa SA | | | 89,785 | |
| | 11,494 | | | Engie Brasil Energia SA | | | 122,798 | |
| | 3,936 | | | Equatorial Energia SA | | | 95,138 | |
| | 38,898 | | | IRB Brasil Resseguros SA | | | 350,976 | |
| | 63,724 | | | JBS SA | | | 501,823 | |
| | 7,257 | | | Localiza Rent a Car SA | | | 79,400 | |
| | 34,083 | | | Lojas Renner SA | | | 413,184 | |
| | 10,188 | | | M Dias Branco SA | | | 85,968 | |
| | 32,725 | | | Magazine Luiza SA | | | 290,945 | |
| | 29,122 | | | Natura Cosmeticos SA | | | 239,077 | |
| | 8,756 | | | Notre Dame Intermedica Participacoes SA | | | 114,851 | |
| | 61,624 | | | Petroleo Brasileiro SA | | | 448,355 | |
| | 6,542 | | | Porto Seguro SA | | | 93,053 | |
| | 10,454 | | | Raia Drogasil SA | | | 241,187 | |
| | 13,863 | | | Rumo SA (b) | | | 81,944 | |
| | 20,882 | | | Sul America SA | | | 239,882 | |
| | 20,287 | | | Ultrapar Participacoes SA | | | 90,231 | |
| | 49,899 | | | Vale SA | | | 575,737 | |
| | | | | | |
|
|
|
| | | | | | | | 5,788,151 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.75% | | | | |
| | 146,736 | | | Aguas Andinas SA - Series A | | | 80,253 | |
| | 786,517 | | | Banco de Chile | | | 110,146 | |
| | 12,234 | | | Cia Cervecerias Unidas SA | | | 136,596 | |
| | 35,378 | | | Empresas CMPC SA | | | 82,269 | |
| | 484,102 | | | Enel Americas SA | | | 88,606 | |
| | 10,237 | | | Latam Airlines Group SA | | | 113,117 | |
| | | | | | |
|
|
|
| | | | | | | | 610,987 | |
| | | | | | |
|
|
|
| | | | | China - 22.99% | | | | |
| | 1,824 | | | 58.com, Inc. - ADR (a)(b) | | | 89,941 | |
| | 373,865 | | | Agricultural Bank of China Ltd. - Series H | | | 146,404 | |
| | 17,123 | | | Alibaba Group Holding, Ltd. - ADR (a)(b) | | | 2,863,479 | |
| | 226,311 | | | Angang Steel Co., Ltd. - Series H | | | 82,608 | |
| | 25,182 | | | Anhui Conch Cement Co., Ltd. - Series H | | | 149,439 | |
| | 46,325 | | | ANTA Sports Products Ltd. | | | 382,931 | |
| | 90,651 | | | Air China Ltd. - Series H (b) | | | 79,563 | |
| | 2,049 | | | Autohome, Inc. - ADR (a)(b) | | | 170,333 | |
| | 262,339 | | | BAIC Motor Corp., Ltd. | | | 162,068 | |
| | 3,033 | | | Baidu, Inc. - ADR (b) | | | 311,671 | |
| | 877,670 | | | Bank of China Ltd. - Series H | | | 344,197 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | China (Continued) | | | | |
| | 246,960 | | | Bank of Communications Co., Ltd. - Series H | | $ | 161,206 | |
| | 4,540 | | | Baozun, Inc. - ADR (a)(b) | | | 193,858 | |
| | 101,879 | | | China Aoyuan Group Ltd. | | | 115,412 | |
| | 569,672 | | | China Cinda Asset Management Co., Ltd. - Series H | | | 111,917 | |
| | 268,528 | | | China CITIC Bank Corp., Ltd. - Series H | | | 143,169 | |
| | 239,358 | | | China Coal Energy Co., Ltd. | | | 97,434 | |
| | 216,542 | | | China Communications Services Corp., Ltd. - Series H | | | 122,763 | |
| | 1,214,863 | | | China Construction Bank Corp. - Series H | | | 925,676 | |
| | 347,000 | | | China Everbright Bank Co., Ltd. - Series H | | | 147,819 | |
| | 41,264 | | | China Merchants Bank Co., Ltd. - Series H | | | 196,258 | |
| | 230,247 | | | China Minsheng Banking Corp., Ltd. - Series H | | | 156,534 | |
| | 170,617 | | | China National Building Material Co., Ltd. | | | 153,032 | |
| | 240,282 | | | China Oriental Group Co., Ltd. | | | 83,081 | |
| | 326,629 | | | China Petroleum & Chemical Corp. - Series H | | | 193,280 | |
| | 107,055 | | | China Resources Pharmaceutical Group, Ltd. | | | 100,153 | |
| | 40,626 | | | China Shenhua Energy Co., Ltd. - Series H | | | 81,563 | |
| | 346,338 | | | China Telecom Corp., Ltd. - Series H | | | 157,708 | |
| | 367,936 | | | China Tower Corp Ltd. - Series H | | | 83,503 | |
| | 338,103 | | | Chongqing Rural Commercial Bank Co., Ltd. - Series H | | | 180,009 | |
| | 227,558 | | | CNOOC, Ltd. | | | 348,421 | |
| | 63,696 | | | Country Garden Holdings Co., Ltd. | | | 80,675 | |
| | 125,656 | | | CSPC Pharmaceutical Group Ltd. | | | 252,169 | |
| | 124,303 | | | Dali Foods Group Co., Ltd. | | | 76,276 | |
| | 172,797 | | | Great Wall Motor Co., Ltd. - Series H | | | 115,790 | |
| | 742,987 | | | Industrial & Commercial Bank of China Ltd. - Series H | | | 497,753 | |
| | 7,417 | | | JD.com, Inc. - ADR (b) | | | 209,234 | |
| | 100,483 | | | Jiangxi Copper Co., Ltd. - Series H | | | 116,372 | |
| | 490,949 | | | Kaisa Group Holdings Ltd. | | | 215,448 | |
| | 95,910 | | | Kingdee International Software Group Co., Ltd. | | | 101,001 | |
| | 218,287 | | | Lenovo Group Ltd. | | | 145,625 | |
| | 104,214 | | | Li Ning Co., Ltd. | | | 298,992 | |
| | 37,647 | | | Longfor Properties Co., Ltd. | | | 140,603 | |
| | 223,067 | | | Maanshan Iron & Steel Co Ltd. - Series H | | | 83,995 | |
| | 4,705 | | | Momo, Inc. - ADR (a) | | | 145,761 | |
| | 1,064 | | | NetEase, Inc. - ADR (a)(b) | | | 283,216 | |
| | 2,090 | | | New Oriental Education & Technology Group, Inc. -
ADR (b) | | | 231,488 | |
| | 306,000 | | | PetroChina Co., Ltd. - Series H | | | 156,963 | |
| | 99,746 | | | PICC Property & Casualty Co., Ltd. - Series H (b) | | | 116,387 | |
| | 76,065 | | | Ping An Insurance Group Co. of China, Ltd. - Series H | | | 874,270 | |
| | 157,293 | | | Postal Savings Bank of China Co., Ltd. | | | 95,942 | |
| | 12,097 | | | Shenzhou International Group Holdings Ltd. | | | 157,809 | |
| | 500,362 | | | Shui On Land Ltd. | | | 99,604 | |
| | 1,883 | | | SINA Corp. (b) | | | 73,795 | |
| | 152,123 | | | Sinopec Engineering Group Co Ltd. Series H | | | 95,573 | |
| | 24,597 | | | Sunac China Holdings Ltd. | | | 98,872 | |
| | 2,880 | | | TAL Education Group - ADR (a)(b) | | | 98,611 | |
| | 74,717 | | | Tencent Holdings Ltd. | | | 3,125,257 | |
| | 136,824 | | | Tingyi Cayman Islands Holding Corp. | | | 192,623 | |
| | 100,731 | | | Uni-President China Holdings Ltd. | | | 108,679 | |
| | 24,103 | | | Vipshop Holdings Ltd. - ADR (a)(b) | | | 214,999 | |
| | 108,591 | | | Want Want China Holdings, Ltd. | | | 86,714 | |
| | 2,046 | | | Weibo Corp. - ADR (a)(b) | | | 91,559 | |
| | 55,626 | | | Weichai Power Co., Ltd. - Series H | | | 80,247 | |
| | 157,446 | | | Xinyi Solar Holdings Ltd. | | | 94,592 | |
See notes to financial statements.
49
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | China (Continued) | | | | |
| | 120,761 | | | Yanzhou Coal Mining Co Ltd. Series H | | $ | 122,640 | |
| | 60,469 | | | Yihai International Holding Ltd. | | | 359,430 | |
| | 7,278 | | | Yum China Holdings, Inc. | | | 330,640 | |
| | 307,827 | | | Yuzhou Properties Co Ltd. | | | 122,554 | |
| | 1,555 | | | YY, Inc. - ADR (a)(b) | | | 87,438 | |
| | 60,727 | | | Zhaojin Mining Industry Co., Ltd. - Series H | | | 70,097 | |
| | 47,553 | | | ZTE Corp. - Series H | | | 126,102 | |
| | | | | | |
|
|
|
| | | | | | | | 18,611,225 | |
| | | | | | |
|
|
|
| | | | | Colombia - 0.20% | | | | |
| | 7,332 | | | Bancolombia SA | | | 82,632 | |
| | 15,024 | | | Interconexion Electrica SA ESP | | | 78,747 | |
| | | | | | |
|
|
|
| | | | | | | | 161,379 | |
| | | | | | |
|
|
|
| | | | | Egypt - 0.49% | | | | |
| | 54,211 | | | Commercial International Bank Egypt SAE | | | 258,268 | |
| | 129,005 | | | Eastern Co. SAE | | | 134,790 | |
| | | | | | |
|
|
|
| | | | | | | | 393,058 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 3.45% | | | | |
| | 646,849 | | | Alibaba Pictures Group Ltd. (b) | | | 104,815 | |
| | 16,547 | | | Beijing Enterprises Holdings Ltd. | | | 76,137 | |
| | 431,103 | | | Bosideng International Holdings Ltd. | | | 183,588 | |
| | 73,806 | | | China Ding Yi Feng Holdings Ltd. (c)(e)(f) | | | 3,578 | |
| | 127,912 | | | China Jinmao Holdings Group Ltd. | | | 73,328 | |
| | 82,346 | | | China Mengniu Dairy Co., Ltd. | | | 308,244 | |
| | 79,491 | | | China Mobile Ltd. | | | 658,484 | |
| | 35,419 | | | China Resources Land Ltd. | | | 148,357 | |
| | 117,065 | | | China Unicom Hong Kong Ltd. | | | 123,934 | |
| | 143,338 | | | CITIC Ltd. | | | 180,937 | |
| | 69,234 | | | Guangdong Investment Ltd. | | | 135,500 | |
| | 129,910 | | | Kunlun Energy Co., Ltd. | | | 111,940 | |
| | 98,503 | | | Nexteer Automotive Group Ltd. | | | 81,346 | |
| | 121,788 | | | Sino Biopharmaceutical Ltd. | | | 154,630 | |
| | 133,292 | | | SSY Group, Ltd. | | | 105,274 | |
| | 204,292 | | | Sun Art Retail Group Ltd. | | | 207,211 | |
| | 612,961 | | | Yuexiu Property Co., Ltd. | | | 132,984 | |
| | | | | | |
|
|
|
| | | | | | | | 2,790,287 | |
| | | | | | |
|
|
|
| | | | | Hungary - 0.11% | | | | |
| | 2,138 | | | OTP Bank Plc (b) | | | 89,059 | |
| | | | | | |
|
|
|
| | | | | India - 8.56% | | | | |
| | 6,122 | | | Asian Paints Ltd. | | | 152,354 | |
| | 7,134 | | | Avenue Supermarts Ltd. (b) | | | 187,477 | |
| | 16,006 | | | Axis Bank Ltd. | | | 154,895 | |
| | 16,708 | | | Bharat Petroleum Corp Ltd. | | | 111,155 | |
| | 3,258 | | | Britannia Industries Ltd. | | | 135,451 | |
| | 20,041 | | | Dabur India Ltd. | | | 126,574 | |
| | 5,602 | | | Divi’s Laboratories Ltd. | | | 131,811 | |
| | 4,115 | | | Dr. Reddy’s Laboratories Ltd. | | | 156,804 | |
| | 15,281 | | | Glenmark Pharmaceuticals Ltd. | | | 70,100 | |
| | 18,244 | | | HCL Technologies Ltd. | | | 278,234 | |
| | 3,002 | | | Hero MotoCorp Ltd. | | | 114,683 | |
| | 74,700 | | | Hindalco Industries Ltd. | | | 201,996 | |
| | 47,214 | | | Hindustan Petroleum Corp Ltd. | | | 201,695 | |
| | 12,801 | | | Hindustan Unilever Ltd. | | | 358,185 | |
| | 15,350 | | | Housing Development Finance Corp. Ltd. | | | 428,453 | |
| | 20,347 | | | ICICI Bank Ltd. | | | 123,994 | |
| | 7,321 | | | ICICI Lombard General Insurance Co., Ltd. | | | 125,004 | |
| | 17,172 | | | Indiabulls Housing Finance Ltd. | | | 62,241 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | India (Continued) | | | | |
| | 57,688 | | | Infosys Ltd. | | $ | 653,069 | |
| | 7,952 | | | InterGlobe Aviation Ltd. | | | 212,352 | |
| | 30,369 | | | ITC Ltd. | | | 111,423 | |
| | 960 | | | Nestle India Ltd. | | | 188,234 | |
| | 102,927 | | | Oil & Natural Gas Corp. Ltd. | | | 191,585 | |
| | 370 | | | Page Industries Ltd. | | | 117,643 | |
| | 7,581 | | | Pidilite Industries Ltd. | | | 154,497 | |
| | 125,009 | | | REC Ltd. | | | 217,508 | |
| | 24,503 | | | Reliance Industries Ltd. (b) | | | 461,357 | |
| | 5,556 | | | Shriram Transport Finance Co Ltd. | | | 83,970 | |
| | 17,926 | | | Tata Consultancy Services Ltd. | | | 531,010 | |
| | 55,966 | | | Tata Motors Ltd. (b) | | | 92,853 | |
| | 33,073 | | | Tata Steel Ltd. | | | 168,465 | |
| | 14,432 | | | Tech Mahindra Ltd. | | | 145,597 | |
| | 5,844 | | | Titan Co., Ltd. | | | 105,015 | |
| | 16,438 | | | UPL Ltd. | | | 140,163 | |
| | 55,331 | | | Wipro Ltd. | | | 187,500 | |
| | 80,313 | | | Yes Bank Ltd. | | | 47,005 | |
| | | | | | |
|
|
|
| | | | | | | | 6,930,352 | |
| | | | | | |
|
|
|
| | | | | Indonesia - 1.82% | | | | |
| | 1,331,115 | | | Adaro Energy Tbk PT | | | 121,019 | |
| | 114,026 | | | Bank Central Asia Tbk PT | | | 243,784 | |
| | 650,761 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 188,958 | |
| | 2,332,960 | | | Barito Pacific Tbk PT | | | 162,713 | |
| | 441,599 | | | Hanjaya Mandala Sampoerna Tbk PT | | | 71,217 | |
| | 285,257 | | | Indah Kiat Pulp & Paper Corp. Tbk PT | | | 130,181 | |
| | 1,215,482 | | | Kalbe Farma Tbk PT | | | 143,267 | |
| | 693,843 | | | Perusahaan Gas Negara Tbk PT | | | 102,659 | |
| | 463,270 | | | Telekomunikasi Indonesia Persero Tbk PT | | | 139,903 | |
| | 52,013 | | | Unilever Indonesia Tbk PT | | | 170,318 | |
| | | | | | |
|
|
|
| | | | | | | | 1,474,019 | |
| | | | | | |
|
|
|
| | | | | Mexico - 2.13% | | | | |
| | 175,537 | | | Alfa SAB de CV - Series A | | | 154,776 | |
| | 44,536 | | | Alsea SAB de CV | | | 103,814 | |
| | 400,485 | | | America Movil SAB de CV - Series L | | | 297,512 | |
| | 484,811 | | | Cemex SAB de CV | | | 188,677 | |
| | 13,335 | | | Fomento Economico Mexicano SAB de CV | | | 122,200 | |
| | 12,221 | | | Grupo Aeroportuario del Pacifico SAB de CV - Series B | | | 117,949 | |
| | 70,159 | | | Grupo Bimbo SAB de CV - Series A | | | 127,988 | |
| | 24,765 | | | Grupo Financiero Banorte SAB de CV - Series O | | | 133,475 | |
| | 40,467 | | | Kimberly-Clark de Mexico SAB de CV - Series A | | | 81,328 | |
| | 133,688 | | | Wal-Mart de Mexico SAB de CV | | | 396,241 | |
| | | | | | |
|
|
|
| | | | | | | | 1,723,960 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 0.31% | | | | |
| | 3,427 | | | Prosus NV (b) | | | 251,571 | |
| | | | | | |
|
|
|
| | | | | Philippines - 0.36% | | | | |
| | 5,802 | | | Globe Telecom, Inc. | | | 204,856 | |
| | 35,686 | | | International Container Terminal Services, Inc. | | | 83,043 | |
| | | | | | |
|
|
|
| | | | | | | | 287,899 | |
| | | | | | |
|
|
|
| | | | | Poland - 1.14% | | | | |
| | 11,093 | | | Cyfrowy Polsat SA | | | 73,061 | |
| | 5,674 | | | Dino Polska SA (b) | | | 222,204 | |
| | 6,831 | | | Grupa Lotos SA | | | 150,894 | |
| | 14,939 | | | Jastrzebska Spolka Weglowa SA | | | 81,220 | |
| | 4,074 | | | KGHM Polska Miedz SA | | | 81,317 | |
| | 89 | | | LPP SA | | | 191,099 | |
See notes to financial statements.
50
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Poland (Continued) | | | | |
| | 5,142 | | | Polski Koncern Naftowy Orlen SA | | $ | 126,575 | |
| | | | | | |
|
|
|
| | | | | | | | 926,370 | |
| | | | | | |
|
|
|
| | | | | Qatar - 1.11% | | | | |
| | 137,960 | | | Ooredoo QPSC | | | 273,718 | |
| | 23,122 | | | Qatar Fuel QSC | | | 149,206 | |
| | 27,710 | | | Qatar Islamic Bank SAQ | | | 118,700 | |
| | 50,280 | | | Qatar National Bank QPSC | | | 266,740 | |
| | 72,650 | | | The Commercial Bank PQSC | | | 86,132 | |
| | | | | | |
|
|
|
| | | | | | | | 894,496 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 12.44% | | | | |
| | 925 | | | Amorepacific Corp. | | | 108,532 | |
| | 718 | | | BGF retail Co., Ltd. | | | 118,174 | |
| | 19,836 | | | BNK Financial Group, Inc. | | | 119,053 | |
| | 8,743 | | | Cheil Worldwide, Inc. | | | 181,185 | |
| | 2,258 | | | Daelim Industrial Co Ltd. | | | 196,219 | |
| | 5,104 | | | Daewoo Shipbuilding & Marine Engineering Co.,
Ltd. (b) | | | 130,261 | |
| | 2,578 | | | DB Insurance Co., Ltd. | | | 111,043 | |
| | 6,966 | | | Fila Korea Ltd. | | | 337,013 | |
| | 6,073 | | | GS Engineering & Construction Corp. | | | 167,325 | |
| | 2,793 | | | GS Holdings Corp. | | | 117,401 | |
| | 5,533 | | | Hana Financial Group, Inc. | | | 162,875 | |
| | 4,323 | | | Hankook Tire Co., Ltd. | | | 116,387 | |
| | 5,513 | | | Hanwha Corp. | | | 116,239 | |
| | 40,733 | | | Hanwha Life Insurance Co., Ltd. | | | 81,027 | |
| | 2,776 | | | HDC Hyundai DevelopmentCo-Engineering & Construction - Series E | | | 76,195 | |
| | 2,557 | | | Hotel Shilla Co., Ltd. | | | 184,095 | |
| | 1,825 | | | Hyundai Department Store Co. Ltd. | | | 119,073 | |
| | 614 | | | Hyundai Glovis Co Ltd. | | | 79,979 | |
| | 5,096 | | | Hyundai Marine & Fire Insurance Co., Ltd. | | | 112,357 | |
| | 434 | | | Hyundai Mobis Co., Ltd. | | | 91,332 | |
| | 785 | | | Hyundai Motor Co. | | | 87,893 | |
| | 10,541 | | | Industrial Bank of Korea | | | 116,283 | |
| | 4,354 | | | KB Financial Group, Inc. | | | 155,401 | |
| | 6,608 | | | Kia Motors Corp. (b) | | | 251,944 | |
| | 217 | | | Korea Zinc Co. Ltd. | | | 81,223 | |
| | 10,058 | | | Korean Air Lines Co., Ltd. | | | 192,525 | |
| | 1,945 | | | Kumho Petrochemical Co., Ltd. | | | 116,307 | |
| | 315 | | | LG Chem Ltd. | | | 78,765 | |
| | 2,269 | | | LG Electronics, Inc. | | | 127,739 | |
| | 279 | | | LG Household & Health Care Ltd. | | | 304,507 | |
| | 15,796 | | | LG Uplus Corp. | | | 179,987 | |
| | 46,426 | | | Meritz Securities Co., Ltd. (b) | | | 195,708 | |
| | 449 | | | NCSoft Corp. | | | 195,519 | |
| | 4,039 | | | Orange Life Insurance Ltd. | | | 91,248 | |
| | 681 | | | Pearl Abyss Corp. (b) | | | 112,695 | |
| | 1,183 | | | POSCO | | | 224,247 | |
| | 2,636 | | | POSCO Chemical Co., Ltd. | | | 97,161 | |
| | 8,295 | | | Posco International Corp. | | | 132,464 | |
| | 926 | | | S-1 Corp. | | | 75,944 | |
| | 1,070 | | | Samsung Electro-Mechanics Co., Ltd. | | | 92,073 | |
| | 69,947 | | | Samsung Electronics Co., Ltd. | | | 2,863,914 | |
| | 15,151 | | | Samsung Heavy Industries Co., Ltd. | | | 99,651 | |
| | 651 | | | Samsung SDI Co., Ltd. | | | 121,196 | |
| | 538 | | | Samsung SDS Co., Ltd. | | | 85,615 | |
| | 2,756 | | | Samsung Securities Co Ltd. (b) | | | 81,315 | |
| | 4,764 | | | Shinhan Financial Group Co., Ltd. (b) | | | 166,468 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Republic of Korea (Continued) | | | | |
| | 430 | | | Shinsegae, Inc. | | $ | 94,215 | |
| | 7,875 | | | SK Hynix, Inc. (b) | | | 540,858 | |
| | 3,601 | | | Woongjin Coway Co., Ltd. | | | 255,080 | |
| | 11,904 | | | Woori Financial Group Inc. (b) | | | 123,740 | |
| | | | | | |
|
|
|
| | | | | | | | 10,067,450 | |
| | | | | | |
|
|
|
| | | | | Russian Federation - 4.00% | | | | |
| | 41,270 | | | Gazprom PJSC - ADR (b) | | | 284,763 | |
| | 9,033 | | | LUKOIL PJSC - ADR | | | 747,300 | |
| | 9,927 | | | MMC Norilsk Nickel PJSC - ADR | | | 254,032 | |
| | 715 | | | Novatek PJSC - ADR (g) | | | 144,625 | |
| | 4,003 | | | Novolipetsk Steel PJSC | | | 86,930 | |
| | 2,122 | | | Polyus PJSC - GDR (g) | | | 122,757 | |
| | 20,711 | | | Rosneft Oil Co PJSC - ADR (g) | | | 133,845 | |
| | 37,721 | | | Sberbank of Russia PJSC - ADR | | | 533,469 | |
| | 9,904 | | | Severstal PJSC - GDR (g) | | | 142,122 | |
| | 36,200 | | | Surgutneftegas OJSC - ADR | | | 193,670 | |
| | 4,243 | | | Tatneft PJSC - ADR | | | 270,916 | |
| | 146,235 | | | VTB Bank PJSC - GDR (g) | | | 189,245 | |
| | 3,865 | | | X5 Retail Group NV | | | 135,148 | |
| | | | | | |
|
|
|
| | | | | | | | 3,238,822 | |
| | | | | | |
|
|
|
| | | | | Singapore - 0.12% | | | | |
| | 10,444 | | | BOC Aviation Ltd. | | | 96,388 | |
| | | | | | |
|
|
|
| | | | | South Africa - 4.33% | | | | |
| | 13,226 | | | Absa Group Ltd. | | | 133,581 | |
| | 3,968 | | | Anglo American Platinum, Ltd. (b) | | | 239,244 | |
| | 13,273 | | | AngloGold Ashanti Ltd. | | | 245,434 | |
| | 26,840 | | | Aspen Pharmacare Holdings Ltd. | | | 152,556 | |
| | 4,290 | | | Bid Corp. Ltd. | | | 91,172 | |
| | 1,711 | | | Capitec Bank Holdings Ltd. | | | 145,454 | |
| | 7,902 | | | Clicks Group, Ltd. | | | 112,230 | |
| | 32,408 | | | FirstRand Ltd. | | | 133,151 | |
| | 24,328 | | | Gold Fields Ltd. | | | 121,313 | |
| | 4,843 | | | Kumba Iron Ore, Ltd. | | | 119,660 | |
| | 11,775 | | | Liberty Holdings Ltd. | | | 87,389 | |
| | 13,842 | | | Mr. Price Group Ltd. | | | 144,804 | |
| | 19,305 | | | MultiChoice Group Ltd. (b) | | | 150,286 | |
| | 3,427 | | | Naspers Ltd. - N Shares | | | 518,879 | |
| | 7,114 | | | Nedbank Group Ltd. | | | 106,597 | |
| | 125,275 | | | Old Mutual Ltd. | | | 159,873 | |
| | 36,910 | | | Pick n Pay Stores Ltd. | | | 144,968 | |
| | 9,834 | | | Shoprite Holdings Ltd. | | | 79,635 | |
| | 17,604 | | | Standard Bank Group Ltd. | | | 203,100 | |
| | 36,360 | | | Telkom SA SOC Ltd. | | | 169,502 | |
| | 9,714 | | | The Bidvest Group Ltd. | | | 122,438 | |
| | 32,969 | | | Woolworths Holdings Ltd. | | | 120,018 | |
| | | | | | |
|
|
|
| | | | | | | | 3,501,284 | |
| | | | | | |
|
|
|
| | | | | Taiwan, Province of China - 12.32% | | | | |
| | 29,739 | | | Advantech Co., Ltd. | | | 261,589 | |
| | 36,138 | | | ASE Technology Holding Co Ltd. | | | 82,279 | |
| | 69,121 | | | Cathay Financial Holding Co., Ltd. | | | 91,105 | |
| | 31,707 | | | Chailease Holding Co., Ltd. | | | 128,051 | |
| | 152,062 | | | Chang Hwa Commercial Bank Ltd. | | | 106,074 | |
| | 29,053 | | | Chicony Electronics Co Ltd. | | | 85,580 | |
| | 652,496 | | | China Airlines Ltd. | | | 190,937 | |
| | 152,454 | | | China Steel Corp. | | | 113,008 | |
| | 121,901 | | | CTBC Financial Holding Co., Ltd. | | | 80,916 | |
| | 17,062 | | | Delta Electronics, Inc. | | | 72,896 | |
| | 215,098 | | | E.Sun Financial Holdings Co., Ltd. | | | 181,960 | |
See notes to financial statements.
51
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Taiwan, Province of China (Continued) | | | | |
| | 11,065 | | | Eclat Textile Co., Ltd. | | $ | 148,586 | |
| | 323,199 | | | Eva Airways Corp. | | | 142,150 | |
| | 200,349 | | | Evergreen Marine Corp. Taiwan Ltd. | | | 83,965 | |
| | 51,582 | | | Feng TAY Enterprise Co., Ltd. | | | 369,700 | |
| | 131,750 | | | First Financial Holding Co., Ltd. | | | 92,517 | |
| | 42,739 | | | Foxconn Technology Co., Ltd. | | | 89,131 | |
| | 103,394 | | | Fubon Financial Holding Co., Ltd. | | | 148,444 | |
| | 11,195 | | | Giant Manufacturing Co., Ltd. | | | 76,150 | |
| | 14,330 | | | Hiwin Technologies Corp. | | | 124,903 | |
| | 96,714 | | | Hon Hai Precision Industry Co., Ltd. | | | 228,208 | |
| | 8,851 | | | Hotai Motor Co., Ltd. | | | 134,437 | |
| | 231,298 | | | Hua Nan Financial Holdings Co., Ltd. | | | 156,121 | |
| | 1,054 | | | Largan Precision Co., Ltd. | | | 150,765 | |
| | 56,679 | | | Lite-On Technology Corp. | | | 90,043 | |
| | 12,584 | | | MediaTek, Inc. | | | 149,721 | |
| | 155,054 | | | Mega Financial Holding Co., Ltd. | | | 143,629 | |
| | 34,179 | | | Micro-Star International Co., Ltd. | | | 99,364 | |
| | 22,253 | | | Nien Made Enterprise Co., Ltd. | | | 195,061 | |
| | 107,426 | | | Pou Chen Corp. | | | 137,711 | |
| | 33,661 | | | Powertech Technology, Inc. | | | 94,586 | |
| | 26,608 | | | President Chain Store Corp. | | | 248,714 | |
| | 23,737 | | | Realtek Semiconductor Corp. | | | 175,988 | |
| | 289,842 | | | SinoPac Financial Holdings Co., Ltd. | | | 113,012 | |
| | 51,000 | | | Standard Foods Corp. | | | 102,027 | |
| | 65,818 | | | Synnex Technology International Corp. | | | 76,977 | |
| | 395,960 | | | Taiwan Business Bank | | | 162,628 | |
| | 310,941 | | | Taiwan Cooperative Financial Holding Co., Ltd. | | | 205,361 | |
| | 83,159 | | | Taiwan High Speed Rail Corp. | | | 94,605 | |
| | 33,743 | | | Taiwan Mobile Co., Ltd. | | | 121,790 | |
| | 342,878 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3,045,283 | |
| | 99,635 | | | The Shanghai Commercial & Savings Bank Ltd. | | | 167,371 | |
| | 138,249 | | | Uni-President Enterprises Corp. | | | 333,615 | |
| | 337,279 | | | United Microelectronics Corp. | | | 144,624 | |
| | 20,967 | | | Walsin Technology Corp. | | | 118,015 | |
| | 160,866 | | | Wistron Corp. | | | 129,824 | |
| | 65,388 | | | WPG Holdings, Ltd. | | | 80,441 | |
| | 10,373 | | | Yageo Corp. (b) | | | 82,416 | |
| | 243,896 | | | Yuanta Financial Holding Co Ltd. | | | 145,532 | |
| | 48,592 | | | Zhen Ding Technology Holding Ltd. | | | 173,935 | |
| | | | | | |
|
|
|
| | | | | | | | 9,971,745 | |
| | | | | | |
|
|
|
| | | | | Thailand - 2.47% | | | | |
| | 20,684 | | | Advanced Info Service PCL - NVDR | | | 148,902 | |
| | 306,068 | | | Bangkok Expressway & Metro PCL | | | 108,129 | |
| | 282,143 | | | Banpu Public Co., Ltd. - NVDR | | | 108,874 | |
| | 316,187 | | | BTS Group Holdings PCL - NVDR | | | 138,439 | |
| | 18,696 | | | Bumrungrad Hospital PCL - NVDR | | | 78,200 | |
| | 61,152 | | | CP ALL PCL - NVDR | | | 162,309 | |
| | 13,648 | | | Electricity Generating PCL - NVDR | | | 160,212 | |
| | 35,564 | | | Gulf Energy Development PCL - NVDR | | | 185,894 | |
| | 422,822 | | | Home Product Center PCL - NVDR | | | 236,576 | |
| | 79,676 | | | Muangthai Capital PCL - NVDR | | | 148,649 | |
| | 25,039 | | | PTT Exploration & Production PCL | | | 99,109 | |
| | 160,871 | | | PTT PCL - NVDR | | | 243,287 | |
| | 40,541 | | | Ratch Group PCL - NVDR | | | 94,716 | |
| | 157,710 | | | Thai Union Group PCL | | | 86,120 | |
| | | | | | |
|
|
|
| | | | | | | | 1,999,416 | |
| | | | | | |
|
|
|
| | | | | Turkey - 1.50% | | | | |
| | 110,695 | | | Akbank Turk AS (b) | | | 158,850 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Turkey (Continued) | | | | |
| | 26,000 | | | Arcelik AS (b) | | $ | 87,594 | |
| | 25,776 | | | BIM Birlesik Magazalar AS | | | 224,211 | |
| | 73,327 | | | Eregli Demir ve Celik Fabrikalari TAS | | | 88,800 | |
| | 115,676 | | | Haci Omer Sabanci Holding AS | | | 195,814 | |
| | 111,671 | | | Turkiye Garanti Bankasi AS (b) | | | 201,630 | |
| | 235,956 | | | Turkiye Is Bankasi - Series C (b) | | | 261,366 | |
| | | | | | |
|
|
|
| | | | | | | | 1,218,265 | |
| | | | | | |
|
|
|
| | | | | United Arab Emirates - 0.27% | | | | |
| | 36,429 | | | Abu Dhabi Commercial Bank PJSC | | | 78,034 | |
| | 34,962 | | | First Abu Dhabi Bank PJSC | | | 143,389 | |
| | | | | | |
|
|
|
| | | | | | | | 221,423 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $59,884,761) | | | 71,696,096 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | CORPORATE OBLIGATIONS - 0.00% | | | | |
| | | | | India - 0.00% | | | | |
| | 97,740 | | | Britannia Industries Ltd.
8.000%, 08/28/2022 (c)(f)(h) | | | 1,368 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $0) | | | 1,368 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | INVESTMENT COMPANIES - 7.07% | | | | |
| | | | | China - 4.89% | | | | |
| | 38,684 | | | iShares Core MSCI Emerging Markets ETF | | | 1,896,290 | |
| | 68,866 | | | KraneShares Bosera MSCI China A ETF | | | 2,063,225 | |
| | | | | | |
|
|
|
| | | | | | | | 3,959,515 | |
| | | | | | |
|
|
|
| | | | | Saudi Arabia - 2.18% | | | | |
| | 57,763 | | | iShares MSCI Saudi Arabia ETF (a) | | | 1,760,616 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $5,790,511) | | | 5,720,131 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 3.68% | | | | |
| | | | | Brazil - 2.49% | | | | |
| | 53,258 | | | Banco Bradesco SA - Preference Shares | | | 435,298 | |
| | 12,086 | | | Centrais Eletricas Brasileiras SA - Preference Shares | | | 122,083 | |
| | 28,567 | | | Cia Energetica de Minas Gerais - Preference Shares | | | 98,731 | |
| | 84,068 | | | Itau Unibanco Holding SA - Preference Shares | | | 709,579 | |
| | 38,402 | | | Itausa - Investimentos Itau SA - Preference Shares | | | 122,371 | |
| | 80,159 | | | Petroleo Brasileiro SA - Preference Shares | | | 530,734 | |
| | | | | | |
|
|
|
| | | | | | | | 2,018,796 | |
| | | | | | |
|
|
|
| | | | | Colombia - 0.11% | | | | |
| | 6,924 | | | Bancolombia SA - Preference Shares | | | 85,595 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 1.08% | | | | |
| | 2,259 | | | Amorepacific Corp. - Preference Shares | | | 138,428 | |
| | 393 | | | LG Household & Health Care Ltd. - Preference Shares | | | 253,113 | |
| | 14,623 | | | Samsung Electronics Co., Ltd. - Preference Shares | | | 482,692 | |
| | | | | | |
|
|
|
| | | | | | | | 874,233 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $1,902,903) | | | 2,978,624 | |
| | | | | | |
|
|
|
See notes to financial statements.
52
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.18% | | | | |
| | | | | South Africa - 0.18% | | | | |
| | 105,544 | | | Fortress REIT Ltd. - Class A | | $ | 143,559 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $139,997) | | | 143,559 | |
| | | | | | |
|
|
|
| | | | | RIGHTS - 0.00% | | | | |
| | | | | Taiwan, Province of China - 0.00% | | | | |
| | 8,095 | | | Shanghai Commercail and Savings Bank
Ltd. (b)(c)(e)(f) | | | 4,201 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $3,134) | | | 4,201 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.44% | | | | |
| | | | | Money Market Funds - 0.44% | | | | |
| | 356,145 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (d) | | | 356,145 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $356,145) | | | 356,145 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.53% | |
| | 3,669,261 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (d) | | | 3,669,261 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $3,669,261) | | | 3,669,261 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $71,746,712) - 104.47% | | | 84,569,385 | |
| | | | | Liabilities in Excess of
Other Assets - (4.47)% | | | (3,620,543 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 80,948,842 | |
| | | | | | |
|
|
|
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) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (d) | | Seven-day yield as of September 30, 2019. |
| (e) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $7,779, which represents 0.01% of total net assets. |
| (f) | | As of September 30, 2019, the Valuation Committee has fair valued this security. The value of this security was $9,147 , which represents 0.01% of total net assets. |
| (g) | | 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 $732,594, which represents 0.91% of total net assets. |
| (h) | | Non-income producing security. Item identified as in default as to payment of interest. |
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 (Unaudited)
September 30, 2019
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.14% | |
Air Freight & Logistics | | | 0.10% | |
Airlines | | | 1.15% | |
Auto Components | | | 0.36% | |
Automobiles | | | 1.02% | |
Banks | | | 12.23% | |
Beverages | | | 0.57% | |
Capital Markets | | | 1.01% | |
Chemicals | | | 0.99% | |
Commercial Services & Supplies | | | 0.09% | |
Communications Equipment | | | 0.16% | |
Construction & Engineering | | | 0.66% | |
Construction Materials | | | 0.73% | |
Consumer Finance | | | 0.29% | |
Diversified Consumer Services | | | 0.41% | |
Diversified Financial Services | | | 0.83% | |
Diversified Telecommunication Services | | | 1.39% | |
Electric Utilities | | | 0.61% | |
Electronic Equipment, Instruments & Components | | | 1.59% | |
Entertainment | | | 0.62% | |
Food & Staples Retailing | | | 3.13% | |
Food Products | | | 3.33% | |
Gas Utilities | | | 0.22% | |
Health Care Providers & Services | | | 0.24% | |
Hotels, Restaurants & Leisure | | | 0.54% | |
Household Durables | | | 1.13% | |
Household Products | | | 0.82% | |
Independent Power and Renewable Electricity Producers | | | 0.70% | |
Industrial Conglomerates | | | 0.86% | |
Insurance | | | 3.64% | |
Interactive Media & Services | | | 1.09% | |
Internet & Direct Marketing Retail | | | 4.61% | |
IT Services | | | 6.29% | |
Leisure Products | | | 0.09% | |
Life Sciences Tools & Services | | | 0.16% | |
Machinery | | | 0.54% | |
Marine | | | 0.10% | |
Media | | | 1.14% | |
Metals & Mining | | | 4.18% | |
Multiline Retail | | | 1.28% | |
Oil, Gas & Consumable Fuels | | | 6.99% | |
Paper & Forest Products | | | 0.26% | |
Personal Products | | | 0.59% | |
Pharmaceuticals | | | 1.40% | |
Real Estate Management & Development | | | 1.52% | |
Road & Rail | | | 0.37% | |
Semiconductors & Semiconductor Equipment | | | 8.88% | |
Software | | | 0.47% | |
| | | | |
| | | | | |
Specialty Retail | | | 0.86% | |
Technology Hardware, Storage & Peripherals | | | 1.00% | |
Textiles, Apparel & Luxury Goods | | | 3.00% | |
Thrifts & Mortgage Finance | | | 0.61% | |
Tobacco | | | 0.39% | |
Trading Companies & Distributors | | | 0.28% | |
Transportation Infrastructure | | | 0.50% | |
Water Utilities | | | 0.49% | |
Wireless Telecommunication Services | | | 1.92% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 88.57% | |
| | |
|
|
|
CORPORATE OBLIGATIONS | | | | |
Food Products | | | 0.00% | |
| | |
|
|
|
TOTAL CORPORATE OBLIGATIONS | | | 0.00% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 7.07% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 7.07% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Banks | | | 1.67% | |
Electric Utilities | | | 0.27% | |
Oil, Gas & Consumable Fuels | | | 0.66% | |
Personal Products | | | 0.48% | |
Semiconductors & Semiconductor Equipment | | | 0.60% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 3.68% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.18% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.18% | |
| | |
|
|
|
RIGHTS | | | | |
Rights | | | 0.00% | |
| | |
|
|
|
TOTAL RIGHTS | | | 0.00% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.44% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.44% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 4.53% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 4.53% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 104.47% | |
Liabilities in Excess of Other Assets | | | (4.47)% | |
| | |
|
|
|
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 (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 88.54% | | | | |
| | | | | Aerospace & Defense - 1.08% | | | | |
| | 427 | | | AAR Corp. (b) | | $ | 17,597 | |
| | 509 | | | Aerojet Rocketdyne Holdings, Inc. (b) | | | 25,710 | |
| | 938 | | | Axon Enterprise, Inc. (a)(b) | | | 53,260 | |
| | 992 | | | BWX Technologies, Inc. | | | 56,752 | |
| | 289 | | | Cubic Corp. (a) | | | 20,354 | |
| | 306 | | | Curtiss-Wright Corp. | | | 39,587 | |
| | 555 | | | Ducommun, Inc. (b) | | | 23,532 | |
| | 525 | | | Hexcel Corp. (b) | | | 43,118 | |
| | 324 | | | Huntington Ingalls Industries, Inc. | | | 68,620 | |
| | 1,178 | | | Kratos Defense & Security Solutions, Inc. (b) | | | 21,905 | |
| | 411 | | | Moog, Inc. - Class A (b) | | | 33,340 | |
| | 908 | | | Parsons Corp. (b) | | | 29,946 | |
| | 1,072 | | | Spirit AeroSystems Holdings, Inc. - Class A (b) | | | 88,161 | |
| | 331 | | | Teledyne Technologies, Inc. (b) | | | 106,579 | |
| | 1,203 | | | Vectrus, Inc. (b) | | | 48,902 | |
| | 1,217 | | | Wesco Aircraft Holdings, Inc. (b) | | | 13,399 | |
| | | | | | |
|
|
|
| | | | | | | | 690,762 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.28% | | | | |
| | 2,482 | | | Echo Global Logistics, Inc. (b) | | | 56,217 | |
| | 226 | | | Forward Air Corp. | | | 14,401 | |
| | 466 | | | Hub Group, Inc. - Class A (b) | | | 21,669 | |
| | 8,035 | | | Radiant Logistics, Inc. (b) | | | 41,541 | |
| | 624 | | | XPO Logistics, Inc. (a)(b) | | | 44,660 | |
| | | | | | |
|
|
|
| | | | | | | | 178,488 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.29% | | | | |
| | 1,004 | | | Alaska Air Group, Inc. (b) | | | 65,170 | |
| | 93 | | | Allegiant Travel Co. (b) | | | 13,918 | |
| | 180 | | | Copa Holdings SA - Class A | | | 17,775 | |
| | 484 | | | Hawaiian Holdings, Inc. (b) | | | 12,710 | |
| | 2,890 | | | JetBlue Airways Corp. (b) | | | 48,407 | |
| | 1,749 | | | Mesa Air Group, Inc. (b) | | | 11,797 | |
| | 329 | | | SkyWest, Inc. | | | 18,885 | |
| | | | | | |
|
|
|
| | | | | | | | 188,662 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.77% | | | | |
| | 881 | | | Adient PLC - ADR | | | 20,228 | |
| | 2,352 | | | American Axle & Manufacturing Holdings, Inc. | | | 19,333 | |
| | 1,576 | | | BorgWarner, Inc. | | | 57,808 | |
| | 1,536 | | | Dana, Inc. (b) | | | 22,180 | |
| | 404 | | | Dorman Products, Inc. (b) | | | 32,134 | |
| | 632 | | | Fox Factory Holding Corp. (b) | | | 39,336 | |
| | 2,772 | | | Gentex Corp. | | | 76,327 | |
| | 464 | | | Gentherm, Inc. (b) | | | 19,063 | |
| | 2,143 | | | Goodyear Tire & Rubber Co. (b) | | | 30,870 | |
| | 258 | | | LCI Industries | | | 23,697 | |
| | 1,544 | | | Modine Manufacturing Co. | | | 17,555 | |
| | 340 | | | Standard Motor Products, Inc. (a) | | | 16,507 | |
| | 1,594 | | | Stoneridge, Inc. (b) | | | 49,366 | |
| | 534 | | | WABCO Holdings, Inc. | | | 71,423 | |
| | | | | | |
|
|
|
| | | | | | | | 495,827 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.15% | | | | |
| | 757 | | | Harley-Davidson, Inc. | | | 27,229 | |
| | 791 | | | Thor Industries, Inc. (a) | | | 44,802 | |
| | 674 | | | Winnebago Industries, Inc. (b) | | | 25,848 | |
| | | | | | |
|
|
|
| | | | | | | | 97,879 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.00% | | | | |
| | 831 | | | 1st Constitution Bancorp. | | | 15,581 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | | | | |
| | 364 | | | ACNB Corp. | | $ | 12,485 | |
| | 920 | | | Ameris Bancorp | | | 37,021 | |
| | 1,911 | | | Associated Banc-Corp. | | | 38,698 | |
| | 443 | | | Atlantic Union Bankshares Corp. | | | 16,500 | |
| | 1,500 | | | Banc of California, Inc. | | | 21,210 | |
| | 562 | | | BancFirst Corp. | | | 31,146 | |
| | 3,049 | | | Bancorp, Inc. (b) | | | 30,185 | |
| | 758 | | | BancorpSouth, Inc. | | | 22,444 | |
| | 1,501 | | | Bank of Commerce Holdings | | | 16,346 | |
| | 455 | | | Bank of Hawaii Corp. | | | 39,098 | |
| | 426 | | | Bank of Marin Bancorp | | | 17,675 | |
| | 1,046 | | | Bank OZK | | | 28,524 | |
| | 1,592 | | | BankUnited, Inc. | | | 53,523 | |
| | 1,121 | | | BCB Bancorp, Inc. | | | 14,394 | |
| | 193 | | | BOK Financial Corp. | | | 15,276 | |
| | 375 | | | Bryn Mawr Bank Corp. | | | 13,691 | |
| | 284 | | | C&F Financial Corp. | | | 14,955 | |
| | 949 | | | Cadence BanCorp | | | 16,645 | |
| | 374 | | | Camden National Corp. | | | 16,202 | |
| | 568 | | | Cathay General Bancorp | | | 19,730 | |
| | 889 | | | CenterState Bank Corp. (a) | | | 21,323 | |
| | 205 | | | Century Bancorp, Inc. - Class A | | | 17,958 | |
| | 306 | | | Chemung Financial Corp. | | | 12,852 | |
| | 852 | | | CIT Group, Inc. (a) | | | 38,604 | |
| | 221 | | | City Holding Co. | | | 16,851 | |
| | 1,074 | | | Commerce Bancshares, Inc. (a) | | | 65,138 | |
| | 435 | | | Community Bank Systems, Inc. | | | 26,835 | |
| | 356 | | | Community Trust Bancorp, Inc. | | | 15,159 | |
| | 991 | | | Cullen/Frost Bankers, Inc. | | | 87,753 | |
| | 971 | | | Customers Bancorp, Inc. (b) | | | 20,139 | |
| | 630 | | | CVB Financial Corp. (a) | | | 13,148 | |
| | 296 | | | DNB Financial Corp. | | | 13,175 | |
| | 360 | | | Eagle Bancorp, Inc. (b) | | | 16,063 | |
| | 1,796 | | | East West Bancorp, Inc. | | | 79,545 | |
| | 953 | | | Enterprise Financial Services Corp. | | | 38,835 | |
| | 1,823 | | | F.N.B. Corp. | | | 21,019 | |
| | 1,281 | | | Farmers National Banc Corp. | | | 18,549 | |
| | 437 | | | First Bancorp (North Carolina) | | | 15,688 | |
| | 2,432 | | | First BanCorp (Puerto Rico) | | | 24,271 | |
| | 1,304 | | | First Bank | | | 14,122 | |
| | 890 | | | First Business Financial Services, Inc. | | | 21,431 | |
| | 105 | | | First Citizens BancShares, Inc. - Class A | | | 49,513 | |
| | 1,060 | | | First Commonwealth Financial Corp. | | | 14,077 | |
| | 545 | | | First Community Bancshares, Inc. | | | 17,642 | |
| | 1,398 | | | First Financial Bancorp. | | | 34,216 | |
| | 1,556 | | | First Financial Bankshares, Inc. | | | 51,861 | |
| | 723 | | | First Guaranty Bancshares, Inc. | | | 16,007 | |
| | 728 | | | First Hawaiian, Inc. | | | 19,438 | |
| | 3,054 | | | First Horizon National Corp. (b) | | | 49,475 | |
| | 936 | | | First Internet Bancorp | | | 20,040 | |
| | 500 | | | First Merchants Corp. | | | 18,818 | |
| | 405 | | | First Mid Bancshares, Inc. | | | 14,021 | |
| | 970 | | | First Midwest Bancorp, Inc. | | | 18,896 | |
| | 1,790 | | | Fulton Financial Corp. (a) | | | 28,962 | |
| | 667 | | | Glacier Bancorp, Inc. | | | 26,987 | |
| | 343 | | | Great Southern Bancorp, Inc. | | | 19,534 | |
| | 814 | | | Hancock Whitney Corp. | | | 31,172 | |
| | 402 | | | Heartland Financial U.S.A., Inc. | | | 17,985 | |
| | 755 | | | Hilltop Holdings, Inc. (b) | | | 18,037 | |
| | 985 | | | Home BancShares, Inc. | | | 18,513 | |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Banks (Continued) | | | | |
| | 1,405 | | | Hope Bancorp, Inc. | | $ | 20,148 | |
| | 481 | | | IBERIABANK Corp. | | | 36,335 | |
| | 178 | | | Independent Bank Corp. (Massechusetts) | | | 13,288 | |
| | 861 | | | Independent Bank Corp. (Michigan) | | | 18,352 | |
| | 247 | | | Independent Bank Group, Inc. | | | 12,995 | |
| | 879 | | | International Bancshares Corp. | | | 33,947 | |
| | 1,515 | | | Investors Bancorp, Inc. | | | 17,210 | |
| | 981 | | | Lakeland Bancorp, Inc. | | | 15,137 | |
| | 400 | | | Lakeland Financial Corp. | | | 17,592 | |
| | 334 | | | LegacyTexas Financial Group, Inc. | | | 14,539 | |
| | 1,296 | | | Macatawa Bank Corp. (b) | | | 13,465 | |
| | 502 | | | Midland States Bancorp, Inc. | | | 13,077 | |
| | 462 | | | National Bank Holdings Corp. - Class A (a) | | | 15,796 | |
| | 486 | | | NBT Bancorp, Inc. | | | 17,783 | |
| | 328 | | | Nicolet Bankshares, Inc. (b) | | | 21,835 | |
| | 885 | | | Northeast Bank | | | 19,620 | |
| | 937 | | | OFG Bancorp | | | 20,520 | |
| | 354 | | | Ohio Valley Banc Corp. | | | 12,917 | |
| | 1,437 | | | Old National Bancorp | | | 24,724 | |
| | 1,571 | | | Old Second Bancorp, Inc. | | | 19,198 | |
| | 1,955 | | | Pacific Mercantile Bancorp (b) | | | 14,682 | |
| | 822 | | | PacWest Bancorp | | | 29,871 | |
| | 183 | | | Park National Corp. | | | 17,350 | |
| | 1,302 | | | Parke Bancorp, Inc. | | | 28,930 | |
| | 577 | | | Peoples Bancorp, Inc. | | | 18,354 | |
| | 286 | | | Pinnacle Financial Partners, Inc. (b) | | | 16,231 | |
| | 1,431 | | | Popular, Inc. | | | 77,388 | |
| | 336 | | | Preferred Bank | | | 17,600 | |
| | 524 | | | Prosperity Bancshares, Inc. | | | 37,010 | |
| | 1,040 | | | RBB Bancorp | | | 20,478 | |
| | 324 | | | Republic Bancorp, Inc. - Class A | | | 14,078 | |
| | 511 | | | S&T Bancorp, Inc. | | | 18,667 | |
| | 438 | | | Sandy Spring Bancorp, Inc. | | | 14,765 | |
| | 626 | | | SB One Bancorp | | | 14,123 | |
| | 838 | | | ServisFirst Bancshares, Inc. | | | 27,780 | |
| | 1,465 | | | Shore Bancshares, Inc. | | | 22,576 | |
| | 634 | | | Signature Bank (b) | | | 75,585 | |
| | 593 | | | Simmons First National Corp. - Class A | | | 14,766 | |
| | 266 | | | South State Corp. | | | 20,030 | |
| | 413 | | | Southside Bancshares, Inc. | | | 14,087 | |
| | 1,205 | | | Sterling Bancorp | | | 24,172 | |
| | 369 | | | Stock Yards Bancorp, Inc. | | | 13,539 | |
| | 582 | | | Summit Financial Group, Inc. | | | 14,899 | |
| | 2,278 | | | Synovus Financial Corp. | | | 81,461 | |
| | 1,687 | | | TCF Financial Corp. | | | 64,224 | |
| | 496 | | | Texas Capital Bancshares, Inc. (b) | | | 27,106 | |
| | 1,000 | | | The Bank of N.T. Butterfield & Son, Ltd. | | | 29,640 | |
| | 593 | | | TowneBank | | | 16,488 | |
| | 827 | | | TriState Capital Holdings, Inc. (b) | | | 17,400 | |
| | 493 | | | Triumph Bancorp, Inc. (b) | | | 15,722 | |
| | 586 | | | Trustmark Corp. | | | 19,988 | |
| | 342 | | | UMB Financial Corp. | | | 22,086 | |
| | 1,727 | | | Umpqua Holdings Corp. | | | 28,426 | |
| | 477 | | | United Bankshares, Inc. (a) | | | 18,064 | |
| | 776 | | | Unity Bancorp, Inc. | | | 17,188 | |
| | 1,796 | | | Valley National Bancorp | | | 19,523 | |
| | 323 | | | Washington Trust Bancorp, Inc. | | | 15,604 | |
| | 775 | | | Webster Financial Corp. | | | 36,324 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | | | | |
| | 799 | | | WesBanco, Inc. | | $ | 29,859 | |
| | 901 | | | West Bancorporation, Inc. | | | 19,588 | |
| | 295 | | | WestAmerica Bancorporation | | | 18,343 | |
| | 1,071 | | | Western Alliance Bancorp (b) | | | 49,352 | |
| | 852 | | | Wintrust Financial Corp. | | | 55,065 | |
| | 1,851 | | | Zions Bancorporation | | | 82,407 | |
| | | | | | |
|
|
|
| | | | | | | | 3,204,278 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.29% | | | | |
| | 220 | | | Boston Beer Co., Inc. - Class A (b) | | | 80,098 | |
| | 6,862 | | | Celsius Holdings, Inc. (b) | | | 23,845 | |
| | 142 | | | Coca-Cola Consolidated, Inc. (a) | | | 43,150 | |
| | 262 | | | MGP Ingredients, Inc. | | | 13,016 | |
| | 552 | | | National Beverage Corp. (a)(b) | | | 24,487 | |
| | | | | | |
|
|
|
| | | | | | | | 184,596 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.82% | | | | |
| | 613 | | | ACADIA Pharmaceuticals, Inc. (a)(b) | | | 22,062 | |
| | 4,854 | | | Achillion Pharmaceuticals, Inc. (b) | | | 17,474 | |
| | 4,227 | | | Acorda Therapeutics, Inc. (b) | | | 12,131 | |
| | 11,552 | | | Affimed NV (b) | | | 33,963 | |
| | 756 | | | Alector, Inc. (b) | | | 10,902 | |
| | 1,894 | | | Alkermes PLC (b) | | | 36,952 | |
| | 379 | | | Alnylam Pharmaceuticals, Inc. (b) | | | 30,479 | |
| | 4,436 | | | AMAG Pharmaceuticals, Inc. (a)(b) | | | 51,236 | |
| | 511 | | | Apellis Pharmaceuticals, Inc. (b) | | | 12,310 | |
| | 1,717 | | | Arena Pharmaceuticals, Inc. (a)(b) | | | 78,587 | |
| | 2,211 | | | ArQule, Inc. (b) | | | 15,853 | |
| | 1,321 | | | Arrowhead Pharmaceuticals, Inc. (a)(b) | | | 37,226 | |
| | 311 | | | Biohaven Pharmaceutical Holding Co., Ltd. (b) | | | 12,975 | |
| | 281 | | | BioSpecifics Technologies Corp. (b) | | | 15,039 | |
| | 206 | | | Blueprint Medicines Corp. (b) | | | 15,135 | |
| | 991 | | | CareDx, Inc. (b) | | | 22,406 | |
| | 3,358 | | | Catalyst Pharmaceuticals, Inc. (b) | | | 17,831 | |
| | 891 | | | Coherus Biosciences, Inc. (a)(b) | | | 18,052 | |
| | 1,183 | | | Cytokinetics, Inc. (b) | | | 13,463 | |
| | 895 | | | Denali Therapeutics, Inc. (b) | | | 13,711 | |
| | 1,302 | | | Dicerna Pharmaceuticals, Inc. (b) | | | 18,697 | |
| | 982 | | | Eagle Pharmaceuticals, Inc. | | | 55,552 | |
| | 410 | | | Eidos Therapeutics, Inc. (b) | | | 14,748 | |
| | 257 | | | Emergent BioSolutions, Inc. (b) | | | 13,436 | |
| | 287 | | | Enanta Pharmaceuticals, Inc. (b) | | | 17,243 | |
| | 741 | | | Exact Sciences Corp. (b) | | | 66,964 | |
| | 5,691 | | | Exelixis, Inc. (b) | | | 100,645 | |
| | 1,548 | | | Fate Therapeutics, Inc. (b) | | | 24,040 | |
| | 327 | | | FibroGen, Inc. (b) | | | 12,092 | |
| | 984 | | | Genomic Health, Inc. (a)(b) | | | 66,735 | |
| | 247 | | | Global Blood Therapeutics, Inc. (a)(b) | | | 11,984 | |
| | 1,156 | | | Halozyme Therapeutics, Inc. (b) | | | 17,930 | |
| | 1,221 | | | Invitae Corp. (a)(b) | | | 23,529 | |
| | 1,384 | | | Ionis Pharmaceuticals, Inc. (a)(b) | | | 82,915 | |
| | 852 | | | Iovance Biotherapeutics, Inc. (b) | | | 15,506 | |
| | 299 | | | Krystal Biotech, Inc. (b) | | | 10,383 | |
| | 218 | | | Ligand Pharmaceuticals, Inc. - Class B (b) | | | 21,700 | |
| | 382 | | | Mirati Therapeutics, Inc. (a)(b) | | | 29,762 | |
| | 2,389 | | | Myriad Genetics, Inc. (b) | | | 68,397 | |
| | 1,729 | | | Natera, Inc. (b) | | | 56,711 | |
| | 425 | | | Neurocrine Biosciences, Inc. (b) | | | 38,297 | |
| | 6,347 | | | PDL BioPharma, Inc. (a) | | | 13,710 | |
| | 369 | | | PTC Therapeutics, Inc. (b) | | | 12,480 | |
| | 4,034 | | | Puma Biotechnology, Inc. (b) | | | 43,426 | |
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Biotechnology (Continued) | | | | |
| | 716 | | | Ra Pharmaceuticals, Inc. (a)(b) | | $ | 16,933 | |
| | 542 | | | Radius Health, Inc. (b) | | | 13,956 | |
| | 2,312 | | | Recro Pharma, Inc. (b) | | | 25,617 | |
| | 324 | | | Repligen Corp. (b) | | | 24,848 | |
| | 185 | | | Sage Therapeutics, Inc. (a)(b) | | | 25,954 | |
| | 1,151 | | | Seattle Genetics, Inc. (b) | | | 98,295 | |
| | 1,009 | | | United Therapeutics Corp. (b) | | | 80,468 | |
| | 3,163 | | | Vanda Pharmaceuticals, Inc. (b) | | | 42,005 | |
| | 2,390 | | | Veracyte, Inc. (b) | | | 57,360 | |
| | 3,438 | | | Vericel Corp. (b) | | | 52,051 | |
| | 721 | | | Voyager Therapeutics, Inc. (b) | | | 12,408 | |
| | 1,761 | | | XBiotech, Inc. (b) | | | 18,420 | |
| | 459 | | | Xencor, Inc. (a)(b) | | | 15,482 | |
| | | | | | |
|
|
|
| | | | | | | | 1,808,466 | |
| | | | | | |
|
|
|
| | | | | Building Products - 1.64% | | | | |
| | 1,860 | | | A. O. Smith Corp. - Class A | | | 88,741 | |
| | 727 | | | AAON, Inc. | | | 33,398 | |
| | 599 | | | Advanced Drainage Systems, Inc. | | | 19,330 | |
| | 995 | | | Allegion PLC | | | 103,132 | |
| | 271 | | | American Woodmark Corp. | | | 24,095 | |
| | 477 | | | Apogee Enterprises, Inc. | | | 18,598 | |
| | 528 | | | Armstrong World Industries, Inc. (b) | | | 51,058 | |
| | 3,402 | | | Builders FirstSource, Inc. (b) | | | 69,996 | |
| | 884 | | | Caesarstone, Ltd. | | | 14,683 | |
| | 780 | | | Continental Building Products, Inc. (b) | | | 21,286 | |
| | 4,991 | | | Cornerstone Building Brands, Inc. (b) | | | 30,196 | |
| | 450 | | | CSW Industrials, Inc. | | | 31,063 | |
| | 1,675 | | | Fortune Brands Home & Security, Inc. | | | 91,623 | |
| | 994 | | | JELD-WEN Holding, Inc. (b) | | | 19,174 | |
| | 416 | | | Lennox International, Inc. (a) | | | 101,076 | |
| | 353 | | | Masonite International Corp. (b) | | | 20,474 | |
| | 982 | | | Owens Corning, Inc. (b) | | | 62,062 | |
| | 485 | | | Patrick Industries, Inc. (b) | | | 20,797 | |
| | 952 | | | PGT Innovations, Inc. (b) | | | 16,441 | |
| | 1,328 | | | Quanex Building Products Corp. | | | 24,010 | |
| | 1,528 | | | Resideo Technologies, Inc. (a)(b) | | | 21,927 | |
| | 502 | | | Simpson Manufacturing Co., Inc. (a) | | | 34,824 | |
| | 1,024 | | | Trex Co., Inc. (a)(b) | | | 93,112 | |
| | 972 | | | Universal Forest Products, Inc. | | | 38,763 | |
| | | | | | |
|
|
|
| | | | | | | | 1,049,859 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.30% | | | | |
| | 1,462 | | | Ares Management Corp. - Class A | | | 39,196 | |
| | 1,629 | | | Artisan Partners Asset Management, Inc. - Class A | | | 46,003 | |
| | 896 | | | B. Riley Financial, Inc. | | | 21,164 | |
| | 856 | | | Blucora, Inc. (b) | | | 18,524 | |
| | 2,512 | | | Brightsphere Investment Group, Inc. | | | 24,894 | |
| | 733 | | | Cohen & Steers, Inc. | | | 40,264 | |
| | 826 | | | Cowen, Inc. - Class A (a)(b) | | | 12,712 | |
| | 154 | | | Diamond Hill Investment Group, Inc. (b) | | | 21,272 | |
| | 2,421 | | | Donnelley Financial Solutions, Inc. (b) | | | 29,827 | |
| | 1,353 | | | Eaton Vance Corp. | | | 60,790 | |
| | 643 | | | Evercore, Inc. - Class A | | | 51,504 | |
| | 539 | | | FactSet Research Systems, Inc. | | | 130,961 | |
| | 1,671 | | | Federated Investors, Inc. - Class B | | | 54,157 | |
| | 1,237 | | | GAMCO Investors, Inc. - Class A | | | 24,183 | |
| | 733 | | | Hamilton Lane, Inc. | | | 41,752 | |
| | 748 | | | Houlihan Lokey, Inc. | | | 33,735 | |
| | 531 | | | INTL. FCStone, Inc. (b) | | | 21,803 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Capital Markets (Continued) | | | | |
| | 1,230 | | | Janus Henderson Group Plc | | $ | 27,626 | |
| | 6,814 | | | Ladenburg Thalmann Financial Services, Inc. (b) | | | 16,149 | |
| | 1,871 | | | Lazard, Ltd. - Class A | | | 65,485 | |
| | 732 | | | Legg Mason, Inc. | | | 27,955 | |
| | 1,383 | | | LPL Financial Holdings, Inc. | | | 113,268 | |
| | 410 | | | MarketAxess Holdings, Inc. (b) | | | 134,275 | |
| | 936 | | | Moelis & Co. - Class A | | | 30,748 | |
| | 478 | | | Morningstar, Inc. (b) | | | 69,855 | |
| | 705 | | | Oppenheimer Holdings, Inc. - Class A | | | 21,192 | |
| | 206 | | | Piper Jaffray Cos. (b) | | | 15,549 | |
| | 470 | | | PJT Partners, Inc. - Class A | | | 19,129 | |
| | 3,100 | | | Pzena Investment Management, Inc. - Class A (b) | | | 27,652 | |
| | 1,097 | | | Safeguard Scientifics, Inc. (b) | | | 12,440 | |
| | 1,551 | | | SEI Investments Co. | | | 91,904 | |
| | 1,472 | | | Siebert Financial Corp. (b) | | | 13,542 | |
| | 724 | | | Stifel Financial Corp. (b) | | | 41,543 | |
| | 934 | | | Virtu Financial, Inc. - Class A | | | 15,280 | |
| | 241 | | | Virtus Investment Partners, Inc. (b) | | | 26,647 | |
| | 1,922 | | | Waddell & Reed Financial, Inc. - Class A (a) | | | 33,020 | |
| | | | | | |
|
|
|
| | | | | | | | 1,476,000 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.36% | | | | |
| | 772 | | | AdvanSix, Inc. (b) | | | 19,856 | |
| | 358 | | | Ashland Global Holdings, Inc. | | | 27,584 | |
| | 1,344 | | | Axalta Coating Systems, Ltd. (b) | | | 40,522 | |
| | 1,971 | | | CF Industries Holdings, Inc. | | | 96,973 | |
| | 222 | | | Chase Corp. | | | 24,285 | |
| | 1,144 | | | Ferro Corp. | | | 13,568 | |
| | 1,455 | | | FutureFuel Corp. | | | 17,373 | |
| | 431 | | | H.B. Fuller Co. | | | 20,067 | |
| | 474 | | | Hawkins, Inc. | | | 20,145 | |
| | 2,022 | | | Huntsman Corp. | | | 47,032 | |
| | 210 | | | Ingevity Corp. (b) | | | 17,817 | |
| | 223 | | | Innospec, Inc. | | | 19,878 | |
| | 595 | | | Kraton Corp. (a)(b) | | | 19,213 | |
| | 304 | | | Minerals Technologies, Inc. | | | 16,139 | |
| | 81 | | | NewMarket Corp. | | | 38,239 | |
| | 1,503 | | | Olin Corp. | | | 28,136 | |
| | 2,660 | | | OMNOVA Solutions, Inc. (b) | | | 26,786 | |
| | 799 | | | PolyOne Corp. (b) | | | 26,087 | |
| | 827 | | | PQ Group Holdings, Inc. (b) | | | 13,182 | |
| | 196 | | | Quaker Chemical Corp. | | | 30,996 | |
| | 3,951 | | | Rayonier Advanced Materials, Inc. | | | 17,108 | |
| | 1,284 | | | RPM International, Inc. | | | 88,352 | |
| | 191 | | | Sensient Technologies Corp. (a) | | | 13,112 | |
| | 279 | | | Stepan Co. | | | 27,080 | |
| | 210 | | | The ScottsMiracle-Gro Co. - Class A | | | 21,382 | |
| | 752 | | | Trinseo SA | | | 32,298 | |
| | 1,890 | | | Tronox Holdings PLC - Class A | | | 15,687 | |
| | 2,407 | | | Valvoline, Inc. | | | 53,026 | |
| | 330 | | | W.R. Grace & Co. (b) | | | 22,031 | |
| | 285 | | | Westlake Chemical Corp. | | | 18,673 | |
| | | | | | |
|
|
|
| | | | | | | | 872,627 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 1.97% | | | | |
| | 595 | | | ABM Industries, Inc. | | | 21,610 | |
| | 2,731 | | | ACCO Brands Corp. (b) | | | 26,955 | |
| | 2,505 | | | ADT, Inc. (a) | | | 15,706 | |
| | 732 | | | Advanced Disposal Services, Inc. (b) | | | 23,841 | |
| | 858 | | | Avery Dennison Corp. | | | 97,443 | |
| | 243 | | | Barrett Business Services, Inc. | | | 21,583 | |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Commercial Services & Supplies (Continued) | | | | |
| | 977 | | | BrightView Holdings, Inc. (a)(b) | | $ | 16,756 | |
| | 1,008 | | | Casella Waste Systems, Inc. - Class A (b) | | | 43,284 | |
| | 470 | | | Cimpress NV (a)(b) | | | 61,965 | |
| | 319 | | | Clean Harbors, Inc. (b) | | | 24,627 | |
| | 759 | | | Comfort Systems USA, Inc. | | | 33,571 | |
| | 1,061 | | | Covanta Holding Corp. (b) | | | 18,345 | |
| | 1,062 | | | Deluxe Corp. (a) | | | 52,208 | |
| | 681 | | | Healthcare Services Group, Inc. | | | 16,541 | |
| | 868 | | | Heritage-Crystal Clean, Inc. | | | 23,002 | |
| | 1,750 | | | Herman Miller, Inc. | | | 80,658 | |
| | 1,003 | | | HNI Corp. | | | 35,606 | |
| | 1,008 | | | IAA, Inc. (b) | | | 42,064 | |
| | 1,162 | | | Interface, Inc. | | | 16,779 | |
| | 1,536 | | | KAR Auction Services, Inc. (a) | | | 37,709 | |
| | 4,551 | | | Kimball International, Inc. - Class B | | | 87,834 | |
| | 814 | | | Knoll, Inc. | | | 20,635 | |
| | 10,621 | | | LSC Communications, Inc. | | | 14,657 | |
| | 476 | | | MSA Safety, Inc. (a) | | | 51,936 | |
| | 1,775 | | | NRC Group Holdings Corp. (b) | | | 22,081 | |
| | 3,896 | | | Pitney Bowes, Inc. | | | 17,805 | |
| | 2,449 | | | Quad/Graphics, Inc. | | | 25,739 | |
| | 2,280 | | | Rollins, Inc. (a) | | | 77,680 | |
| | 415 | | | SP Plus Corp. (b) | | | 15,355 | |
| | 2,012 | | | Steelcase, Inc. - Class A | | | 37,021 | |
| | 2,235 | | | Sykes Enterprises, Inc. (b) | | | 68,480 | |
| | 897 | | | Team, Inc. (a)(b) | | | 16,191 | |
| | 568 | | | Tetra Tech, Inc. (b) | | | 49,280 | |
| | 370 | | | The Brinks Co. | | | 30,691 | |
| | 234 | | | Viad Corp. | | | 15,713 | |
| | | | | | |
|
|
|
| | | | | | | | 1,261,351 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 0.99% | | | | |
| | 315 | | | Acacia Communications, Inc. (b) | | | 20,601 | |
| | 1,732 | | | ADTRAN, Inc. | | | 19,650 | |
| | 3,543 | | | Calix, Inc. (b) | | | 22,640 | |
| | 2,563 | | | Casa Systems, Inc. (b) | | | 20,132 | |
| | 1,950 | | | Ciena Corp. (b) | | | 76,498 | |
| | 1,147 | | | Clearfield, Inc. (b) | | | 13,592 | |
| | 1,893 | | | CommScope Holding Co., Inc. (b) | | | 22,262 | |
| | 776 | | | Comtech Telecommunications Corp. (b) | | | 25,220 | |
| | 1,823 | | | DASAN Zhone Solutions, Inc. (b) | | | 16,699 | |
| | 2,114 | | | Digi International, Inc. (b) | | | 28,793 | |
| | 676 | | | EchoStar Corp. - Class A (b) | | | 26,783 | |
| | 7,657 | | | Extreme Networks, Inc. (b) | | | 55,705 | |
| | 3,420 | | | Harmonic, Inc. (b) | | | 22,504 | |
| | 2,709 | | | Inseego Corp. (a)(b) | | | 13,003 | |
| | 1,623 | | | KVH Industries, Inc. (b) | | | 17,285 | |
| | 734 | | | Lumentum Holdings, Inc. (b) | | | 39,313 | |
| | 1,520 | | | NetScout Systems, Inc. (b) | | | 35,051 | |
| | 522 | | | Plantronics, Inc. | | | 19,481 | |
| | 3,650 | | | Ribbon Communications, Inc. (b) | | | 21,316 | |
| | 1,098 | | | TESSCO Technologies, Inc. | | | 15,778 | |
| | 339 | | | Ubiquiti, Inc. (a) | | | 40,090 | |
| | 364 | | | ViaSat, Inc. (b) | | | 27,416 | |
| | 2,605 | | | Viavi Solutions, Inc. (b) | | | 36,483 | |
| | | | | | |
|
|
|
| | | | | | | | 636,295 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.86% | | | | |
| | 1,706 | | | AECOM (b) | | | 64,077 | |
| | 892 | | | Aegion Corp. (b) | | | 19,071 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Construction & Engineering (Continued) | | | | |
| | 1,005 | | | Ameresco, Inc. - Class A (b) | | $ | 16,150 | |
| | 509 | | | Arcosa, Inc. | | | 17,413 | |
| | 499 | | | EMCOR Group, Inc. (b) | | | 42,974 | |
| | 844 | | | Fluor Corp. (a) | | | 16,146 | |
| | 2,947 | | | Great Lakes Dredge & Dock Corp. | | | 30,796 | |
| | 896 | | | IES Holdings, Inc. (b) | | | 18,449 | |
| | 1,211 | | | Jacobs Engineering Group, Inc. (b) | | | 110,806 | |
| | 3,313 | | | KBR, Inc. | | | 81,301 | |
| | 633 | | | MasTec, Inc. (a)(b) | | | 41,101 | |
| | 406 | | | MYR Group, Inc. (a)(b) | | | 12,704 | |
| | 500 | | | NV5 Global, Inc. (a)(b) | | | 34,135 | |
| | 935 | | | Quanta Services, Inc. (a)(b) | | | 35,343 | |
| | 1,035 | | | Sterling Construction Co., Inc. (b) | | | 13,610 | |
| | | | | | |
|
|
|
| | | | | | | | 554,076 | |
| | | | | | |
|
|
|
| | | | | Construction Materials - 0.09% | | | | |
| | 211 | | | Eagle Materials, Inc. (b) | | | 18,992 | |
| | 593 | | | Summit Materials, Inc. - Class A | | | 13,165 | |
| | 437 | | | US Concrete, Inc. (b) | | | 24,157 | |
| | | | | | |
|
|
|
| | | | | | | | 56,314 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.91% | | | | |
| | 203 | | | Credit Acceptance Corp. (a)(b) | | | 93,646 | |
| | 4,521 | | | Elevate Credit, Inc. (b) | | | 19,033 | |
| | 2,599 | | | Enova International, Inc. (b) | | | 53,929 | |
| | 1,944 | | | EZCORP, Inc. - Class A (b) | | | 12,548 | |
| | 395 | | | FirstCash, Inc. | | | 36,210 | |
| | 661 | | | Green Dot Corp. - Class A (b) | | | 16,690 | |
| | 3,776 | | | Navient Corp. | | | 48,333 | |
| | 510 | | | Nelnet, Inc. - Class A (b) | | | 32,436 | |
| | 894 | | | OneMain Holdings, Inc. | | | 32,792 | |
| | 648 | | | PRA Group, Inc. (b) | | | 21,896 | |
| | 2,519 | | | Regional Management Corp. (b) | | | 70,935 | |
| | 3,790 | | | Santander Consumer USA Holdings, Inc. | | | 96,683 | |
| | 5,225 | | | SLM Corp. (b) | | | 46,111 | |
| | | | | | |
|
|
|
| | | | | | | | 581,242 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.77% | | | | |
| | 362 | | | AptarGroup, Inc. | | | 42,879 | |
| | 1,225 | | | Berry Plastics Group, Inc. (b) | | | 48,106 | |
| | 1,143 | | | Crown Holdings, Inc. (b) | | | 75,506 | |
| | 945 | | | Graphic Packaging Holding Co. (b) | | | 13,939 | |
| | 518 | | | Greif, Inc. - Class A | | | 19,627 | |
| | 278 | | | Greif, Inc. - Class B | | | 12,666 | |
| | 2,215 | | | Myers Industries, Inc. | | | 39,095 | |
| | 949 | | | Packaging Corp. of America | | | 100,689 | |
| | 1,158 | | | Sealed Air Corp. | | | 48,068 | |
| | 990 | | | Silgan Holdings, Inc. | | | 29,735 | |
| | 789 | | | Sonoco Products Co. | | | 45,928 | |
| | 394 | | | UFP Technologies, Inc. (b) | | | 15,208 | |
| | | | | | |
|
|
|
| | | | | | | | 491,446 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.10% | | | | |
| | 1,251 | | | Core-Mark Holding Co., Inc. (b) | | | 40,176 | |
| | 1,326 | | | Funko, Inc. - Class A (b) | | | 27,282 | |
| | | | | | |
|
|
|
| | | | | | | | 67,458 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 1.60% | | | | |
| | 1,613 | | | Adtalem Global Education, Inc. (b) | | | 61,439 | |
| | 1,527 | | | American Public Education, Inc. (b) | | | 34,113 | |
| | 303 | | | Bright Horizons Family Solutions, Inc. (b) | | | 46,208 | |
| | 3,491 | | | Career Education Corp. (b) | | | 55,472 | |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Diversified Consumer Services (Continued) | | | | |
| | 1,028 | | | Carriage Services, Inc. (b) | | $ | 21,012 | |
| | 1,230 | | | Chegg, Inc. (b) | | | 36,839 | |
| | 1,795 | | | Collectors Universe, Inc. | | | 51,122 | |
| | 903 | | | frontdoor, Inc. (b) | | | 43,859 | |
| | 87 | | | Graham Holdings Co. - Class B | | | 57,720 | |
| | 487 | | | Grand Canyon Education, Inc. (a)(b) | | | 47,823 | |
| | 4,372 | | | H&R Block, Inc. | | | 103,267 | |
| | 1,275 | | | Hillenbrand, Inc. (b) | | | 39,372 | |
| | 3,657 | | | Houghton Mifflin Harcourt Co. (b) | | | 19,492 | |
| | 2,317 | | | K12, Inc. (b) | | | 61,169 | |
| | 1,705 | | | Laureate Education, Inc. - Class A (b) | | | 28,260 | |
| | 486 | | | Matthews International Corp. - Class A | | | 17,200 | |
| | 2,606 | | | Regis Corp. (a) | | | 52,693 | |
| | 1,182 | | | Service Corp. International | | | 56,511 | |
| | 1,488 | | | ServiceMaster Global Holdings, Inc. (b) | | | 83,179 | |
| | 221 | | | Strategic Education, Inc. | | | 30,029 | |
| | 2,012 | | | WW International, Inc. | | | 76,094 | |
| | | | | | |
|
|
|
| | | | | | | | 1,022,873 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.36% | | | | |
| | 684 | | | Cannae Holdings, Inc. (b) | | | 18,789 | |
| | 707 | | | Encore Capital Group, Inc. (b) | | | 23,561 | |
| | 2,303 | | | FGL Holdings | | | 18,378 | |
| | 1,743 | | | GWG Holdings, Inc. (a) | | | 17,395 | |
| | 1,348 | | | Jefferies Financial Group, Inc. (a) | | | 24,803 | |
| | 4,632 | | | On Deck Capital, Inc. (b) | | | 15,564 | |
| | 1,195 | | | Voya Financial, Inc. | | | 65,056 | |
| | 361 | | | World Acceptance Corp. (b) | | | 46,031 | |
| | | | | | |
|
|
|
| | | | | | | | 229,577 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.40% | | | | |
| | 270 | | | Bandwidth, Inc. - Class A (b) | | | 17,580 | |
| | 474 | | | Cogent Communications Holdings, Inc. (b) | | | 26,117 | |
| | 15,853 | | | Frontier Communications Corp. (a)(b) | | | 13,745 | |
| | 3,701 | | | IDT Corp. - Class B (a)(b) | | | 38,971 | |
| | 658 | | | Iridium Communications, Inc. (b) | | | 14,002 | |
| | 2,787 | | | Ooma, Inc. (b) | | | 28,985 | |
| | 2,522 | | | ORBCOMM, Inc. (b) | | | 12,005 | |
| | 6,705 | | | Vonage Holdings Corp. (b) | | | 75,766 | |
| | 850 | | | Zayo Group Holdings, Inc. (b) | | | 28,815 | |
| | | | | | |
|
|
|
| | | | | | | | 255,986 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.80% | | | | |
| | 446 | | | ALLETE, Inc. | | | 38,985 | |
| | 280 | | | El Paso Electric Co. (b) | | | 18,782 | |
| | 3,984 | | | Genie Energy Ltd. - Class B | | | 29,721 | |
| | 871 | | | Hawaiian Electric Industries, Inc. | | | 39,726 | |
| | 497 | | | IDACORP, Inc. | | | 55,997 | |
| | 265 | | | MGE Energy, Inc. | | | 21,165 | |
| | 2,036 | | | OGE Energy Corp. (a) | | | 92,394 | |
| | 881 | | | Pinnacle West Capital Corp. | | | 85,519 | |
| | 415 | | | PNM Resources, Inc. | | | 21,613 | |
| | 648 | | | Portland General Electric Co. | | | 36,528 | |
| | 5,749 | | | Spark Energy, Inc. - Class A | | | 60,652 | |
| | 238 | | | Unitil Corp. | | | 15,099 | |
| | | | | | |
|
|
|
| | | | | | | | 516,181 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 1.19% | | | | |
| | 677 | | | Acuity Brands, Inc. | | | 91,253 | |
| | 510 | | | Allied Motion Technologies, Inc. | | | 18,008 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electrical Equipment (Continued) | | | | |
| | 831 | | | Atkore International Group, Inc. (b) | | $ | 25,221 | |
| | 417 | | | AZZ, Inc. (b) | | | 18,165 | |
| | 462 | | | Belden, Inc. | | | 24,643 | |
| | 926 | | | Brady Corp. - Class A | | | 49,124 | |
| | 358 | | | Encore Wire Corp. | | | 20,148 | |
| | 327 | | | EnerSys (a)(b) | | | 21,562 | |
| | 3,041 | | | Enphase Energy, Inc. (b) | | | 67,601 | |
| | 524 | | | Franklin Electric Co., Inc. (a)(b) | | | 25,052 | |
| | 583 | | | Generac Holdings, Inc. (a)(b) | | | 45,672 | |
| | 2,534 | | | GrafTech International, Ltd. (a) | | | 32,435 | |
| | 537 | | | Hubbell, Inc. | | | 70,562 | |
| | 705 | | | II-VI, Inc. (b) | | | 24,827 | |
| | 1,048 | | | nVent Electric PLC | | | 23,098 | |
| | 287 | | | Preformed Line Products Co. | | | 15,667 | |
| | 526 | | | Regal Beloit Corp. | | | 38,319 | |
| | 1,068 | | | Sensata Technologies Holding PLC (b) | | | 53,464 | |
| | 1,342 | | | Sunrun, Inc. (b) | | | 22,418 | |
| | 849 | | | Vicor Corp. (b) | | | 25,063 | |
| | 1,688 | | | Vivint Solar, Inc. (a)(b) | | | 11,040 | |
| | 362 | | | Woodward Governor Co. | | | 39,035 | |
| | | | | | |
|
|
|
| | | | | | | | 762,377 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 2.59% | |
| | 1,344 | | | Airgain, Inc. (b) | | | 15,792 | |
| | 842 | | | Anixter International, Inc. (b) | | | 58,199 | |
| | 863 | | | Arrow Electronics, Inc. (b) | | | 64,362 | |
| | 1,197 | | | Avnet, Inc. (b) | | | 53,249 | |
| | 874 | | | Bel Fuse, Inc. - Class B | | | 13,136 | |
| | 1,066 | | | Benchmark Electronics, Inc. (b) | | | 30,978 | |
| | 2,498 | | | Coda Octopus Group, Inc. (b) | | | 20,509 | |
| | 1,665 | | | Cognex Corp. | | | 81,801 | |
| | 275 | | | Coherent, Inc. | | | 42,273 | |
| | 508 | | | CTS Corp. | | | 16,439 | |
| | 2,185 | | | Daktronics, Inc. | | | 16,136 | |
| | 663 | | | Dolby Laboratories, Inc. - Class A (b) | | | 42,856 | |
| | 650 | | | Fabrinet (b) | | | 33,995 | |
| | 394 | | | FARO Technologies, Inc. (a)(b) | | | 19,050 | |
| | 4,295 | | | Fitbit, Inc. - Class A (b) | | | 16,364 | |
| | 1,161 | | | FLIR Systems, Inc. (b) | | | 61,057 | |
| | 832 | | | Insight Enterprises, Inc. (a)(b) | | | 46,334 | |
| | 5,229 | | | Iteris, Inc. (b) | | | 30,041 | |
| | 503 | | | Itron, Inc. (b) | | | 37,202 | |
| | 532 | | | Jabil, Inc. | | | 19,030 | |
| | 1,312 | | | KEMET Corp. | | | 23,852 | |
| | 1,326 | | | Knowles Corp. (b) | | | 26,971 | |
| | 107 | | | Littelfuse, Inc. (b) | | | 18,972 | |
| | 329 | | | Mercury Systems, Inc. (b) | | | 26,705 | |
| | 95 | | | Mesa Laboratories, Inc. | | | 22,588 | |
| | 519 | | | Methode Electronics, Inc. | | | 17,459 | |
| | 295 | | | MTS Systems Corp. | | | 16,299 | |
| | 1,714 | | | Napco Security Technologies, Inc. (b) | | | 43,741 | |
| | 1,509 | | | National Instruments Corp. | | | 63,363 | |
| | 501 | | | Novanta, Inc. (b) | | | 40,942 | |
| | 244 | | | OSI Systems, Inc. (b) | | | 24,781 | |
| | 1,123 | | | PAR Technology Corp. (b) | | | 26,694 | |
| | 926 | | | PC Connection, Inc. (b) | | | 36,021 | |
| | 166 | | | Rogers Corp. (b) | | | 22,694 | |
| | 884 | | | Sanmina Corp. (b) | | | 28,385 | |
| | 712 | | | ScanSource, Inc. (b) | | | 21,752 | |
| | 511 | | | SYNNEX Corp. (b) | | | 57,692 | |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Electronic Equipment, Instruments & Components (Continued) | |
| | 533 | | | Tech Data Corp. (b) | | $ | 55,560 | |
| | 2,532 | | | Trimble, Inc. (b) | | | 98,267 | |
| | 1,874 | | | TTM Technologies, Inc. (b) | | | 22,853 | |
| | 227 | | | Universal Display Corp. (b) | | | 38,113 | |
| | 1,951 | | | Vishay Intertechnology, Inc. (b) | | | 33,030 | |
| | 493 | | | Vishay Precision Group, Inc. (b) | | | 16,141 | |
| | 765 | | | Zebra Technologies Corp. - Class A (b) | | | 157,873 | |
| | | | | | |
|
|
|
| | | | | | | | 1,659,551 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.51% | | | | |
| | 471 | | | Apergy Corp. (a)(b) | | | 12,741 | |
| | 1,326 | | | C&J Energy Services, Inc. (b) | | | 14,228 | |
| | 500 | | | Cactus, Inc. - Class A (b) | | | 14,470 | |
| | 1,970 | | | Era Group, Inc. (b) | | | 20,803 | |
| | 7,465 | | | Forum Energy Technologies, Inc. (b) | | | 11,571 | |
| | 2,382 | | | Helix Energy Solutions Group, Inc. (a)(b) | | | 19,199 | |
| | 492 | | | Helmerich & Payne, Inc. | | | 19,714 | |
| | 3,230 | | | Keane Group, Inc. (a)(b) | | | 19,574 | |
| | 1,952 | | | Matrix Service Co. (b) | | | 33,457 | |
| | 6,756 | | | NCS Multistage Holdings, Inc. (b) | | | 13,512 | |
| | 1,802 | | | Newpark Resources, Inc. (b) | | | 13,731 | |
| | 1,941 | | | Nine Energy Service, Inc. (b) | | | 11,976 | |
| | 1,240 | | | Oil States International, Inc. (b) | | | 16,492 | |
| | 1,440 | | | Patterson-UTI Energy, Inc. | | | 12,312 | |
| | 2,347 | | | RPC, Inc. (a) | | | 13,167 | |
| | 330 | | | SEACOR Holdings, Inc. (a)(b) | | | 15,533 | |
| | 1,845 | | | Select Energy Services, Inc. - Class A (b) | | | 15,978 | |
| | 4,228 | | | Smart Sand, Inc. (b) | | | 11,965 | |
| | 42,775 | | | Superior Energy Services, Inc. (b) | | | 5,561 | |
| | 6,919 | | | Transocean, Ltd. (a)(b) | | | 30,928 | |
| | | | | | |
|
|
|
| | | | | | | | 326,912 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.44% | | | | |
| | 8,866 | | | Eros International PLC (b) | | | 16,934 | |
| | 5,123 | | | Glu Mobile, Inc. (b) | | | 25,564 | |
| | 1,223 | | | Liberty Media Corp. - Liberty Formula One - Class C (b) | | | 50,865 | |
| | 1,394 | | | Lions Gate Entertainment Corp. - Class A | | | 12,894 | |
| | 1,901 | | | Lions Gate Entertainment Corp. - Class B | | | 16,615 | |
| | 2,667 | | | Rosetta Stone, Inc. (b) | | | 46,406 | |
| | 67 | | | The Madison Square Garden Co. - Class A (b) | | | 17,656 | |
| | 533 | | | The Marcus Corp. (a) | | | 19,726 | |
| | 641 | | | World Wrestling Entertainment, Inc. - Class A (a) | | | 45,607 | |
| | 4,747 | | | Zynga, Inc. - Class A (b) | | | 27,627 | |
| | | | | | |
|
|
|
| | | | | | | | 279,894 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.12% | | | | |
| | 1,885 | | | BJ’s Wholesale Club Holdings, Inc. (b) | | | 48,765 | |
| | 532 | | | Casey’s General Stores, Inc. | | | 85,737 | |
| | 6,246 | | | Diplomat Pharmacy, Inc. (b) | | | 30,605 | |
| | 1,094 | | | HF Foods Group, Inc. (b) | | | 18,653 | |
| | 1,090 | | | Ingles Markets, Inc. - Class A (a) | | | 42,357 | |
| | 2,198 | | | Natural Grocers by Vitamin Cottage, Inc. (b) | | | 21,958 | |
| | 1,793 | | | Performance Food Group Co. (b) | | | 82,496 | |
| | 396 | | | PriceSmart, Inc. (a) | | | 28,156 | |
| | 2,111 | | | Rite Aid Corp. (a)(b) | | | 14,671 | |
| | 2,053 | | | SpartanNash Co. | | | 24,287 | |
| | 2,203 | | | Sprouts Farmers Market, Inc. (b) | | | 42,606 | |
| | 1,314 | | | The Chefs’ Warehouse, Inc. (b) | | | 52,980 | |
| | 1,853 | | | United Natural Foods, Inc. (b) | | | 21,347 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food & Staples Retailing (Continued) | | | | |
| | 3,185 | | | US Foods Holding Corp. (b) | | $ | 130,904 | |
| | 1,158 | | | Village Super Market, Inc. - Class A | | | 30,629 | |
| | 1,093 | | | Weis Markets, Inc. | | | 41,687 | |
| | | | | | |
|
|
|
| | | | | | | | 717,838 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.35% | | | | |
| | 394 | | | Alico, Inc. | | | 13,404 | |
| | 785 | | | B&G Foods, Inc. (a) | | | 14,844 | |
| | 845 | | | Bridgford Foods Corp. (b) | | | 25,494 | |
| | 724 | | | Bunge Ltd. | | | 40,993 | |
| | 188 | | | Calavo Growers, Inc. | | | 17,894 | |
| | 1,576 | | | Darling International, Inc. (b) | | | 30,149 | |
| | 22,452 | | | Dean Foods Co. (a) | | | 26,044 | |
| | 1,330 | | | Farmer Brothers Co. | | | 17,223 | |
| | 2,828 | | | Flowers Foods, Inc. | | | 65,412 | |
| | 849 | | | Fresh Del Monte Produce, Inc. (b) | | | 28,959 | |
| | 1,758 | | | Freshpet, Inc. (a)(b) | | | 87,496 | |
| | 1,589 | | | Hostess Brands, Inc. (b) | | | 22,222 | |
| | 647 | | | Ingredion, Inc. | | | 52,886 | |
| | 160 | | | J&J Snack Foods Corp. | | | 30,720 | |
| | 272 | | | John B. Sanfilippo & Son, Inc. (b) | | | 26,275 | |
| | 1,314 | | | Lamb Weston Holdings, Inc. | | | 95,554 | |
| | 242 | | | Lancaster Colony Corp. (a) | | | 33,553 | |
| | 814 | | | Pilgrim’s Pride Corp. (b) | | | 26,085 | |
| | 711 | | | Post Holdings, Inc. (b) | | | 75,252 | |
| | 142 | | | Sanderson Farms, Inc. (a) | | | 21,489 | |
| | 912 | | | Seneca Foods Corp. - Class A (b) | | | 28,436 | |
| | 723 | | | Simply Good Foods Co. (b) | | | 20,960 | |
| | 526 | | | Tootsie Roll Industries, Inc. (a) | | | 19,536 | |
| | 781 | | | TreeHouse Foods, Inc. (b) | | | 43,306 | |
| | | | | | |
|
|
|
| | | | | | | | 864,186 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.60% | | | | |
| | 718 | | | Atmos Energy Corp. (a) | | | 81,773 | |
| | 2,083 | | | EQT Corp. | | | 22,163 | |
| | 365 | | | National Fuel Gas Co. (a) | | | 17,126 | |
| | 507 | | | New Jersey Resources Corp. | | | 22,927 | |
| | 267 | | | Northwest Natural Holding Co. | | | 19,048 | |
| | 340 | | | ONE Gas, Inc. | | | 32,677 | |
| | 529 | | | South Jersey Industries, Inc. | | | 17,409 | |
| | 295 | | | Southwest Gas Holdings, Inc. | | | 26,857 | |
| | 289 | | | Spire, Inc. | | | 25,212 | |
| | 2,322 | | | UGI Corp. | | | 116,727 | |
| | | | | | |
|
|
|
| | | | | | | | 381,919 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 4.17% | | | | |
| | 6,304 | | | Accuray, Inc. (b) | | | 17,462 | |
| | 4,285 | | | Alphatec Holdings, Inc. (b) | | | 21,511 | |
| | 1,268 | | | AngioDynamics, Inc. (b) | | | 23,357 | |
| | 1,178 | | | Anika Therapeutics, Inc. (b) | | | 64,660 | |
| | 5,550 | | | Antares Pharma, Inc. (b) | | | 18,565 | |
| | 1,914 | | | Apyx Medical Corp. (b) | | | 12,958 | |
| | 1,085 | | | AtriCure, Inc. (a)(b) | | | 27,060 | |
| | 59 | | | Atrion Corp. | | | 45,971 | |
| | 1,754 | | | Axogen, Inc. (b) | | | 21,890 | |
| | 455 | | | Cantel Medical Corp. (b) | | | 34,034 | |
| | 1,253 | | | Cardiovascular Systems, Inc. (b) | | | 59,543 | |
| | 2,558 | | | Cerus Corp. (b) | | | 13,186 | |
| | 9,684 | | | Conformis, Inc. (a)(b) | | | 18,012 | |
| | 304 | | | CONMED Corp. (b) | | | 29,230 | |
| | 4,433 | | | Corindus Vascular Robotics, Inc. (b) | | | 18,973 | |
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Health Care Equipment & Supplies (Continued) | | | | |
| | 636 | | | CryoLife, Inc. (b) | | $ | 17,267 | |
| | 1,251 | | | CryoPort, Inc. (a)(b) | | | 20,460 | |
| | 1,762 | | | Cutera, Inc. (b) | | | 51,503 | |
| | 2,411 | | | CytoSorbents Corp. (b) | | | 12,127 | |
| | 1,099 | | | DexCom, Inc. (a)(b) | | | 164,015 | |
| | 858 | | | Glaukos Corp. (b) | | | 53,634 | |
| | 2,053 | | | Globus Medical, Inc. - Class A (b) | | �� | 104,949 | |
| | 776 | | | Haemonetics Corp. (b) | | | 97,885 | |
| | 631 | | | Heska Corp. (b) | | | 44,719 | |
| | 974 | | | Hill-Rom Holdings, Inc. | | | 102,494 | |
| | 177 | | | ICU Medical, Inc. (b) | | | 28,249 | |
| | 510 | | | Inogen, Inc. (b) | | | 24,434 | |
| | 691 | | | Insulet Corp. (a)(b) | | | 113,967 | |
| | 750 | | | Integer Holdings Corp. (b) | | | 56,670 | |
| | 593 | | | Integra LifeSciences Holdings Corp. (b) | | | 35,621 | |
| | 705 | | | IntriCon Corp. (b) | | | 13,705 | |
| | 901 | | | iRadimed Corp. (a)(b) | | | 18,939 | |
| | 580 | | | iRhythm Technologies, Inc. (a)(b) | | | 42,984 | |
| | 1,876 | | | Lantheus Holdings, Inc. (b) | | | 47,022 | |
| | 1,427 | | | LeMaitre Vascular, Inc. (a)(b) | | | 48,775 | |
| | 283 | | | LivaNova PLC (a)(b) | | | 20,883 | |
| | 631 | | | Masimo Corp. (b) | | | 93,886 | |
| | 2,736 | | | Meridian Bioscience, Inc. | | | 25,965 | |
| | 534 | | | Merit Medical Systems, Inc. (a)(b) | | | 16,266 | |
| | 1,480 | | | Misonix, Inc. (b) | | | 29,748 | |
| | 1,393 | | | Natus Medical, Inc. (b) | | | 44,353 | |
| | 382 | | | Neogen Corp. (b) | | | 26,018 | |
| | 1,245 | | | Novocure, Ltd. (b) | | | 93,101 | |
| | 1,082 | | | NuVasive, Inc. (b) | | | 68,577 | |
| | 1,932 | | | OraSure Technologies, Inc. (b) | | | 14,432 | |
| | 883 | | | Orthofix Medical, Inc. (b) | | | 46,817 | |
| | 630 | | | OrthoPediatrics Corp. (a)(b) | | | 22,214 | |
| | 474 | | | Penumbra, Inc. (a)(b) | | | 63,748 | |
| | 564 | | | Quidel Corp. (a)(b) | | | 34,601 | |
| | 5,450 | | | RTI Surgical Holdings, Inc. (b) | | | 15,532 | |
| | 1,792 | | | SeaSpine Holdings Corp. (b) | | | 21,880 | |
| | 567 | | | Silk Road Medical, Inc. (b) | | | 18,445 | |
| | 2,583 | | | STAAR Surgical Co. (a)(b) | | | 66,590 | |
| | 620 | | | STERIS PLC | | | 89,584 | |
| | 516 | | | SurModics, Inc. (b) | | | 23,602 | |
| | 1,467 | | | Tactile Systems Technology, Inc. (a)(b) | | | 62,083 | |
| | 1,260 | | | Tandem Diabetes Care, Inc. (a)(b) | | | 74,315 | |
| | 834 | | | Varex Imaging Corp. (b) | | | 23,802 | |
| | 632 | | | West Pharmaceutical Services, Inc. | | | 89,630 | |
| | 877 | | | Wright Medical Group NV (b) | | | 18,093 | |
| | 4,160 | | | Zynex, Inc. (a) | | | 39,562 | |
| | | | | | |
|
|
|
| | | | | | | | 2,669,558 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.66% | | | | |
| | 879 | | | Acadia Healthcare Co., Inc. (b) | | | 27,319 | |
| | 555 | | | Addus HomeCare Corp. (b) | | | 44,000 | |
| | 925 | | | Amedisys, Inc. (b) | | | 121,184 | |
| | 4,095 | | | American Renal Associates Holdings, Inc. (b) | | | 25,880 | |
| | 1,206 | | | AMN Healthcare Services, Inc. (b) | | | 69,417 | |
| | 1,015 | | | BioTelemetry, Inc. (a)(b) | | | 41,341 | |
| | 2,567 | | | Brookdale Senior Living, Inc. | | | 19,458 | |
| | 2,078 | | | Catasys, Inc. (a)(b) | | | 32,749 | |
| | 234 | | | Chemed Corp. | | | 97,711 | |
| | 359 | | | CorVel Corp. (b) | | | 27,176 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Providers & Services (Continued) | | | | |
| | 3,278 | | | Covetrus, Inc. (a)(b) | | $ | 38,975 | |
| | 6,262 | | | Cross Country Healthcare, Inc. (b) | | | 64,499 | |
| | 1,150 | | | Encompass Health Corp. | | | 72,772 | |
| | 291 | | | Guardant Health, Inc. (b) | | | 18,575 | |
| | 699 | | | Hanger, Inc. | | | 14,246 | |
| | 266 | | | HealthEquity, Inc. (b) | | | 15,201 | |
| | 534 | | | HMS Holdings Corp. (b) | | | 18,404 | |
| | 2,113 | | | Joint Corp. (a)(b) | | | 39,323 | |
| | 437 | | | LHC Group, Inc. (b) | | | 49,626 | |
| | 619 | | | Magellan Health Services, Inc. (b) | | | 38,440 | |
| | 1,726 | | | MEDNAX, Inc. (b) | | | 39,042 | |
| | 1,059 | | | Molina Healthcare, Inc. (b) | | | 116,194 | |
| | 334 | | | National HealthCare Corp. | | | 27,338 | |
| | 1,763 | | | National Research Corp. - Class A | | | 101,813 | |
| | 8,380 | | | Option Care Health, Inc. | | | 26,816 | |
| | 8,272 | | | Owens & Minor, Inc. | | | 48,060 | |
| | 2,306 | | | Patterson Cos., Inc. (a)(b) | | | 41,093 | |
| | 1,108 | | | PerkinElmer, Inc. (a) | | | 94,368 | |
| | 649 | | | Premier, Inc. - Class A (b) | | | 18,769 | |
| | 387 | | | Providence Service Corp. (b) | | | 23,011 | |
| | 2,564 | | | R 1 RCM, Inc. (b) | | | 22,897 | |
| | 3,599 | | | RadNet, Inc. (b) | | | 51,682 | |
| | 2,549 | | | Select Medical Holdings Corp. (b) | | | 42,237 | |
| | 4,815 | | | Surgery Partners, Inc. (b) | | | 35,559 | |
| | 1,833 | | | Tenet Healthcare Corp. (b) | | | 40,546 | |
| | 898 | | | The Ensign Group, Inc. | | | 42,592 | |
| | 2,316 | | | Tivity Health, Inc. (b) | | | 38,515 | |
| | 123 | | | US Physical Therapy, Inc. (b) | | | 16,058 | |
| | | | | | |
|
|
|
| | | | | | | | 1,702,886 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.67% | | | | |
| | 2,875 | | | Allscripts Healthcare Solutions, Inc. (b) | | | 31,567 | |
| | 1,311 | | | Computer Programs & Systems, Inc. | | | 29,642 | |
| | 490 | | | HealthStream, Inc. (b) | | | 12,686 | |
| | 1,016 | | | Inovalon Holdings, Inc. - Class A (a)(b) | | | 16,652 | |
| | 477 | | | Inspire Medical Systems, Inc. (b) | | | 29,107 | |
| | 776 | | | Medidata Solutions, Inc. (b) | | | 71,004 | |
| | 5,284 | | | NextGen Healthcare, Inc. (a)(b) | | | 82,800 | |
| | 482 | | | Omnicell, Inc. (b) | | | 34,834 | |
| | 1,208 | | | OptimizeRx Corp. (b) | | | 17,492 | |
| | 1,387 | | | Simulations Plus, Inc. | | | 48,129 | |
| | 453 | | | Teladoc Health, Inc. (a)(b) | | | 30,677 | |
| | 958 | | | Vocera Communications, Inc. (a)(b) | | | 23,615 | |
| | | | | | |
|
|
|
| | | | | | | | 428,205 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 2.58% | | | | |
| | 2,138 | | | Aramark | | | 93,174 | |
| | 5,029 | | | BBX Capital Corp. | | | 23,485 | |
| | 156 | | | Biglari Holdings, Inc. - Class B (b) | | | 17,004 | |
| | 454 | | | BJ’s Restaurants, Inc. (a)(b) | | | 17,633 | |
| | 1,404 | | | Bloomin’ Brands, Inc. | | | 26,578 | |
| | 1,506 | | | Bluegreen Vacations Corp. | | | 14,036 | |
| | 1,048 | | | Boyd Gaming Corp. (b) | | | 25,100 | |
| | 1,253 | | | Brinker International, Inc. (a) | | | 53,466 | |
| | 4,975 | | | Caesars Entertainment Corp. (b) | | | 58,008 | |
| | 3,135 | | | Callaway Golf Co. | | | 60,850 | |
| | 504 | | | Cheesecake Factory, Inc. (b) | | | 21,007 | |
| | 990 | | | Choice Hotels International, Inc. (a) | | | 88,070 | |
| | 354 | | | Churchill Downs, Inc. | | | 43,703 | |
| | 139 | | | Cracker Barrel Old Country Store, Inc. (a) | | | 22,608 | |
| | 544 | | | Dave & Buster’s Entertainment, Inc. | | | 21,189 | |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Hotels, Restaurants & Leisure (Continued) | | | | |
| | 1,985 | | | Del Taco Restaurants, Inc. (b) | | $ | 20,297 | |
| | 1,622 | | | Denny’s Corp. (b) | | | 36,925 | |
| | 268 | | | Dine Brands Global, Inc. (b) | | | 20,330 | |
| | 559 | | | Domino’s Pizza, Inc. (b) | | | 136,726 | |
| | 650 | | | Dunkin’ Brands Group, Inc. | | | 51,584 | |
| | 1,638 | | | El Pollo Loco Holdings, Inc. (b) | | | 17,952 | |
| | 817 | | | Eldorado Resorts, Inc. (a)(b) | | | 32,574 | |
| | 2,817 | | | Everi Holdings, Inc. (b) | | | 23,832 | |
| | 1,861 | | | Fiesta Restaurant Group, Inc. (b) | | | 19,392 | |
| | 2,039 | | | Habit Restaurants, Inc. - Class A (b) | | | 17,821 | |
| | 390 | | | Hilton Grand Vacations, Inc. (b) | | | 12,480 | |
| | 173 | | | Hyatt Hotels Corp. - Class A (a) | | | 12,745 | |
| | 2,269 | | | Inspired Entertainment, Inc. (b) | | | 16,314 | |
| | 415 | | | International Speedway Corp. - Class A | | | 18,679 | |
| | 1,482 | | | J Alexander’s Holdings, Inc. (b) | | | 17,369 | |
| | 252 | | | Jack in the Box, Inc. (a)(b) | | | 22,962 | |
| | 929 | | | Lindblad Expeditions Holdings, Inc. (b) | | | 15,570 | |
| | 331 | | | Marriott Vacations Worldwide Corp. | | | 34,295 | |
| | 405 | | | Monarch Casino & Resort, Inc. (b) | | | 16,884 | |
| | 274 | | | Nathan’s Famous, Inc. (b) | | | 19,687 | |
| | 530 | | | Papa John’s International, Inc. (a)(b) | | | 27,745 | |
| | 1,752 | | | Penn National Gaming, Inc. (b) | | | 32,631 | |
| | 518 | | | Planet Fitness, Inc. - Class A (b) | | | 29,977 | |
| | 1,164 | | | PlayAGS, Inc. (b) | | | 11,966 | |
| | 4,210 | | | Potbelly Corp. (b) | | | 18,356 | |
| | 768 | | | RCI Hospitality Holdings, Inc. | | | 15,882 | |
| | 854 | | | Red Robin Gourmet Burgers, Inc. (b) | | | 28,404 | |
| | 1,273 | | | Ruth’s Hospitality Group, Inc. (b) | | | 25,988 | |
| | 938 | | | Scientific Games Corp. (b) | | | 19,088 | |
| | 760 | | | SeaWorld Entertainment, Inc. (b) | | | 20,003 | |
| | 289 | | | Shake Shack, Inc. (a)(b) | | | 28,334 | |
| | 271 | | | Six Flags Entertainment Corp. | | | 13,764 | |
| | 578 | | | Texas Roadhouse, Inc. (b) | | | 30,357 | |
| | 1,114 | | | The Wendy’s Co. | | | 22,258 | |
| | 203 | | | Vail Resorts, Inc. (b) | | | 46,195 | |
| | 614 | | | Wingstop, Inc. | | | 53,590 | |
| | 754 | | | Wyndham Destinations, Inc. | | | 34,699 | |
| | 854 | | | Wyndham Hotels & Resorts Inc. | | | 44,186 | |
| | | | | | |
|
|
|
| | | | | | | | 1,653,752 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 1.99% | | | | |
| | 1,939 | | | Bassett Furniture Industries, Inc. | | | 29,667 | |
| | 1,900 | | | Beazer Homes USA, Inc. (b) | | | 28,310 | |
| | 114 | | | Cavco Industries, Inc. (b) | | | 21,898 | |
| | 1,438 | | | Ethan Allen Interiors, Inc. | | | 27,466 | |
| | 4,354 | | | GoPro, Inc. - Class A (b) | | | 22,576 | |
| | 2,156 | | | Green Brick Partners, Inc. (b) | | | 23,069 | |
| | 1,050 | | | Hamilton Beach Brands Holding Co. - Class A | | | 16,979 | |
| | 322 | | | Helen of Troy, Ltd. (b) | | | 50,767 | |
| | 676 | | | Hooker Furniture Corp. | | | 14,494 | |
| | 412 | | | Installed Building Products, Inc. (b) | | | 23,624 | |
| | 545 | | | iRobot Corp. (a)(b) | | | 33,610 | |
| | 1,716 | | | KB Home | | | 58,344 | |
| | 1,375 | | | La-Z-Boy, Inc. | | | 46,186 | |
| | 1,092 | | | Legacy Housing Corp. (b) | | | 17,690 | |
| | 444 | | | Leggett & Platt, Inc. | | | 18,177 | |
| | 185 | | | LGI Homes, Inc. (b) | | | 15,414 | |
| | 1,539 | | | Lifetime Brands, Inc. | | | 13,620 | |
| | 794 | | | Lovesac Co. (b) | | | 14,824 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Household Durables (Continued) | | | | |
| | 402 | | | M.D.C Holdings, Inc. | | $ | 17,326 | |
| | 347 | | | M/I Homes, Inc. (b) | | | 13,065 | |
| | 452 | | | Meritage Homes Corp. (b) | | | 31,798 | |
| | 1,680 | | | Newell Brands, Inc. | | | 31,450 | |
| | 44 | | | NVR, Inc. (b) | | | 163,563 | |
| | 2,448 | | | PulteGroup, Inc. | | | 89,474 | |
| | 2,446 | | | Purple Innovation, Inc. (b) | | | 18,418 | |
| | 1,018 | | | Roku, Inc. (b) | | | 103,592 | |
| | 1,203 | | | Skyline Champion Corp. | | | 36,198 | |
| | 2,422 | | | Sonos, Inc. (b) | | | 32,479 | |
| | 1,093 | | | Taylor Morrison Home Corp. - Class A (b) | | | 28,352 | |
| | 616 | | | Tempur Sealy International, Inc. (a)(b) | | | 47,555 | |
| | 1,323 | | | Toll Brothers, Inc. (b) | | | 54,309 | |
| | 329 | | | TopBuild Corp. (b) | | | 31,726 | |
| | 1,636 | | | TRI Pointe Group, Inc. (b) | | | 24,605 | |
| | 1,157 | | | Tupperware Brands Corp. | | | 18,362 | |
| | 400 | | | Universal Electronics, Inc. (b) | | | 20,360 | |
| | 842 | | | William Lyon Homes - Class A (b) | | | 17,143 | |
| | 2,710 | | | ZAGG, Inc. (b) | | | 16,992 | |
| | | | | | |
|
|
|
| | | | | | | | 1,273,482 | |
| | | | | | |
|
|
|
| | | | | Household Products - 0.22% | | | | |
| | 537 | | | Central Garden & Pet Co. (b) | | | 15,697 | |
| | 653 | | | Central Garden & Pet Co. - Class A (b) | | | 18,104 | |
| | 656 | | | Oil-Dri Corp. of America | | | 22,343 | |
| | 34 | | | Spectrum Brands Holdings, Inc. | | | 1,777 | |
| | 438 | | | WD-40 Co. | | | 80,391 | |
| | | | | | |
|
|
|
| | | | | | | | 138,312 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity
Producers - 0.95% | |
| | 18,511 | | | Atlantic Power Corp. (b) | | | 43,316 | |
| | 3,145 | | | Clearway Energy, Inc. - Class A | | | 54,534 | |
| | 3,175 | | | Clearway Energy, Inc. - Class C | | | 57,944 | |
| | 3,684 | | | NRG Energy, Inc. (b) | | | 145,886 | |
| | 229 | | | Ormat Technologies, Inc. | | | 17,013 | |
| | 1,367 | | | Pattern Energy Group, Inc. - Class A | | | 36,813 | |
| | 3,863 | | | TerraForm Power, Inc. | | | 70,403 | |
| | 6,962 | | | Vistra Energy Corp. (a) | | | 186,094 | |
| | | | | | |
|
|
|
| | | | | | | | 612,003 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.25% | | | | |
| | 466 | | | Carlisle Companies, Inc. | | | 67,822 | |
| | 523 | | | Otter Tail Corp. | | | 28,111 | |
| | 467 | | | Raven Industries, Inc. | | | 15,626 | |
| | 4 | | | Seaboard Corp. | | | 17,500 | |
| | 180 | | | Standex International Corp. (a) | | | 13,129 | |
| | 976 | | | Tredegar Corp. | | | 19,051 | |
| | | | | | |
|
|
|
| | | | | | | | 161,239 | |
| | | | | | |
|
|
|
| | | | | Insurance - 3.64% | | | | |
| | 131 | | | Alleghany Corp. (b) | | | 104,507 | |
| | 1,697 | | | American Equity Investment Life Holding Co. | | | 41,067 | |
| | 951 | | | American Financial Group, Inc. | | | 102,565 | |
| | 151 | | | American National Insurance Co. | | | 18,683 | |
| | 619 | | | AMERISAFE, Inc. (b) | | | 40,922 | |
| | 328 | | | Argo Group International Holdings, Ltd. (b) | | | 23,039 | |
| | 731 | | | Assurant, Inc. | | | 91,974 | |
| | 1,871 | | | Assured Guaranty, Ltd. | | | 83,185 | |
| | 639 | | | Axis Capital Holdings, Ltd. | | | 42,634 | |
| | 819 | | | Brighthouse Financial, Inc. (b) | | | 33,145 | |
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Insurance (Continued) | | | | |
| | 3,370 | | | Brown & Brown, Inc. | | $ | 121,522 | |
| | 1,292 | | | Crawford & Co. | | | 14,057 | |
| | 306 | | | eHealth, Inc. (b) | | | 20,438 | |
| | 662 | | | Employers Holdings, Inc. | | | 28,850 | |
| | 112 | | | Enstar Group Ltd. (b) | | | 21,271 | |
| | 419 | | | Erie Indemnity Co. - Class A (a) | | | 77,787 | |
| | 292 | | | Everest Re Group, Ltd. | | | 77,698 | |
| | 222 | | | FBL Financial Group, Inc. - Class A | | | 13,211 | |
| | 1,552 | | | First American Financial Corp. | | | 91,584 | |
| | 6,765 | | | Genworth Financial, Inc. (b) | | | 29,766 | |
| | 1,415 | | | Globe Life, Inc. | | | 135,500 | |
| | 276 | | | Goosehead Insurance, Inc. - Class A | | | 13,621 | |
| | 1,238 | | | Hallmark Financial Services, Inc. (b) | | | 23,683 | |
| | 425 | | | HCI Group, Inc. | | | 17,867 | |
| | 725 | | | Health Insurance Innovations, Inc. - Class A (b) | | | 18,074 | |
| | 1,279 | | | Heritage Insurance Holdings, Inc. (b) | | | 19,121 | |
| | 419 | | | Horace Mann Educators Corp. | | | 19,412 | |
| | 510 | | | Independence Holding Co. | | | 19,681 | |
| | 124 | | | Investors Title Co. | | | 19,852 | |
| | 470 | | | James River Group Holdings, Ltd. | | | 24,083 | |
| | 529 | | | Kemper Corp. | | | 41,236 | |
| | 1,144 | | | National General Holdings Corp. | | | 26,335 | |
| | 85 | | | National Western Life Group, Inc. - Class A | | | 22,811 | |
| | 4,317 | | | Old Republic International Corp. | | | 101,752 | |
| | 626 | | | Primerica, Inc. | | | 79,646 | |
| | 686 | | | Reinsurance Group of America, Inc. | | | 109,678 | |
| | 447 | | | RenaissanceRe Holdings, Ltd. | | | 86,472 | |
| | 513 | | | RLI Corp. | | | 47,663 | |
| | 217 | | | Safety Insurance Group, Inc. | | | 21,989 | |
| | 612 | | | Selective Insurance Group, Inc. | | | 46,016 | |
| | 412 | | | State Auto Financial Corp. | | | 13,345 | |
| | 373 | | | The Hanover Insurance Group, Inc. | | | 50,556 | |
| | 2,196 | | | Tiptree, Inc. - Class A | | | 15,987 | |
| | 340 | | | United Fire Group, Inc. | | | 15,973 | |
| | 1,750 | | | Universal Insurance Holdings, Inc. (a) | | | 52,483 | |
| | 2,048 | | | Unum Group | | | 60,867 | |
| | 1,786 | | | W.R. Berkley Corp. | | | 129,003 | |
| | 20 | | | White Mountains Insurance Group, Ltd. - ADR | | | 21,600 | |
| | | | | | |
|
|
|
| | | | | | | | 2,332,211 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 0.65% | | | | |
| | 1,338 | | | Care.com, Inc. (b) | | | 13,982 | |
| | 1,189 | | | Cargurus, Inc. (b) | | | 36,800 | |
| | 2,067 | | | Cars.com, Inc. (b) | | | 18,562 | |
| | 6,945 | | | DHI Group, Inc. (b) | | | 26,738 | |
| | 1,970 | | | EverQuote, Inc. (b) | | | 42,040 | |
| | 3,314 | | | QuinStreet, Inc. (b) | | | 41,723 | |
| | 11,401 | | | The Meet Group, Inc. (b) | | | 37,338 | |
| | 3,583 | | | Travelzoo (b) | | | 38,302 | |
| | 1,392 | | | TripAdvisor, Inc. - Class A (a)(b) | | | 53,843 | |
| | 4,511 | | | TrueCar, Inc. (b) | | | 15,337 | |
| | 1,671 | | | Yelp, Inc. - Class A (a)(b) | | | 58,067 | |
| | 442 | | | Zillow Group, Inc. - Class A (b) | | | 13,059 | |
| | 701 | | | Zillow Group, Inc. - Class C (a)(b) | | | 20,904 | |
| | | | | | |
|
|
|
| | | | | | | | 416,695 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 0.64% | | | | |
| | 3,202 | | | 1-800-Flowers.com, Inc. - Class A (b) | | | 47,374 | |
| | 2,050 | | | Duluth Holdings, Inc. - Class B (b) | | | 17,384 | |
| | 1,570 | | | Etsy, Inc. (b) | | | 88,705 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Internet & Direct Marketing Retail (Continued) | | | | |
| | 9,688 | | | Groupon, Inc. (b) | | $ | 25,770 | |
| | 322 | | | GrubHub, Inc. (b) | | | 18,100 | |
| | 1,853 | | | Lands’ End, Inc. (b) | | | 21,022 | |
| | 4,531 | | | Leaf Group, Ltd. (b) | | | 19,030 | |
| | 1,931 | | | Liberty TripAdvisor Holdings, Inc. - Class A (b) | | | 18,171 | |
| | 1,348 | | | PetMed Express, Inc. (a) | | | 24,291 | |
| | 2,180 | | | Qurate Retail, Inc. - Series A (b) | | | 22,487 | |
| | 740 | | | Shutterstock, Inc. | | | 26,729 | |
| | 670 | | | Stamps.com, Inc. (b) | | | 49,881 | |
| | 1,489 | | | Stitch Fix, Inc. (a)(b) | | | 28,663 | |
| | | | | | |
|
|
|
| | | | | | | | 407,607 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.60% | | | | |
| | 516 | | | Alliance Data Systems Corp. (b) | | | 66,115 | |
| | 1,282 | | | Amdocs Ltd. (b) | | | 84,753 | |
| | 1,286 | | | Black Knight, Inc. (b) | | | 78,523 | |
| | 2,269 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 161,144 | |
| | 3,529 | | | Brightcove, Inc. (b) | | | 36,984 | |
| | 504 | | | CACI International, Inc. - Class A (b) | | | 116,555 | |
| | 2,332 | | | Carbonite, Inc. (b) | | | 36,123 | |
| | 1,526 | | | Cardtronics PLC - Class A (a)(b) | | | 46,146 | |
| | 340 | | | Cass Information Systems, Inc. | | | 18,357 | |
| | 5,437 | | | Conduent, Inc. (b) | | | 33,818 | |
| | 1,260 | | | CoreLogic, Inc. (b) | | | 58,300 | |
| | 1,294 | | | CSG Systems International, Inc. (b) | | | 66,874 | |
| | 590 | | | EPAM Systems, Inc. (b) | | | 107,569 | |
| | 438 | | | Euronet Worldwide, Inc. (b) | | | 64,079 | |
| | 1,520 | | | EVERTEC, Inc. | | | 47,454 | |
| | 494 | | | Evo Payments, Inc. - Class A (b) | | | 13,891 | |
| | 538 | | | ExlService Holdings, Inc. (b) | | | 36,025 | |
| | 2,021 | | | Genpact, Ltd. (b) | | | 78,314 | |
| | 1,332 | | | GTT Communications, Inc. (a)(b) | | | 12,547 | |
| | 10,682 | | | Information Services Group, Inc. (b) | | | 26,545 | |
| | 1,765 | | | Leidos Holdings, Inc. | | | 151,578 | |
| | 6,579 | | | Limelight Networks, Inc. (b) | | | 19,934 | |
| | 428 | | | LiveRamp Holdings, Inc. (a)(b) | | | 18,387 | |
| | 770 | | | ManTech International Corp. - Class A (b) | | | 54,986 | |
| | 1,785 | | | MAXIMUS, Inc. | | | 137,909 | |
| | 185 | | | MongoDB, Inc. (a)(b) | | | 22,289 | |
| | 2,526 | | | NIC, Inc. | | | 52,162 | |
| | 913 | | | Okta, Inc. (b) | | | 89,894 | |
| | 1,853 | | | Perficient, Inc. (b) | | | 71,489 | |
| | 2,054 | | | Perspecta, Inc. | | | 53,651 | |
| | 2,096 | | | Presidio, Inc. | | | 35,422 | |
| | 2,565 | | | PRGX Global, Inc. (b) | | | 13,210 | |
| | 2,804 | | | Sabre Corp. | | | 62,796 | |
| | 905 | | | Science Applications International Corp. | | | 79,052 | |
| | 1,010 | | | Switch, Inc. - Class A | | | 15,776 | |
| | 2,154 | | | The Hackett Group, Inc. | | | 35,455 | |
| | 840 | | | TTEC HLDGS, Inc. | | | 40,219 | |
| | 331 | | | Tucows, Inc. - Class A (b) | | | 17,927 | |
| | 4,280 | | | Unisys Corp. (b) | | | 31,800 | |
| | 975 | | | Verra Mobility Corp. (a)(b) | | | 13,991 | |
| | 741 | | | Virtusa Corp. | | | 26,691 | |
| | 353 | | | WEX, Inc. (b) | | | 71,331 | |
| | | | | | |
|
|
|
| | | | | | | | 2,306,065 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.80% | | | | |
| | 1,131 | | | Acushnet Holdings Corp. | | | 29,858 | |
| | 926 | | | Brunswick Corp. (a) | | | 48,263 | |
| | 1,226 | | | Clarus Corp. | | | 14,375 | |
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Leisure Products (Continued) | | | | |
| | 509 | | | Johnson Outdoors, Inc. - Class A | | $ | 29,807 | |
| | 970 | | | Malibu Boats, Inc. - Class A (b) | | | 29,760 | |
| | 1,817 | | | Marine Products Corp. | | | 25,729 | |
| | 2,894 | | | MasterCraft Boat Holdings, Inc. (b) | | | 43,193 | |
| | 2,637 | | | Mattel, Inc. (a) | | | 30,035 | |
| | 556 | | | Polaris Industries, Inc. | | | 48,934 | |
| | 860 | | | Pool Corp. | | | 173,462 | |
| | 504 | | | Sturm, Ruger & Co., Inc. | | | 21,047 | |
| | 701 | | | YETI Holdings, Inc. (a)(b) | | | 19,628 | |
| | | | | | |
|
|
|
| | | | | | | | 514,091 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.13% | | | | |
| | 177 | | | Bio-Rad Laboratories, Inc. - Class A (b) | | | 58,895 | |
| | 196 | | | Bio-Techne Corp. | | | 38,351 | |
| | 1,583 | | | Bruker Corp. (b) | | | 69,541 | |
| | 550 | | | Cambrex Corp. (b) | | | 32,725 | |
| | 645 | | | Charles River Laboratories International, Inc. (b) | | | 85,379 | |
| | 4,630 | | | ChromaDex Corp. (b) | | | 18,219 | |
| | 3,736 | | | Enzo Biochem, Inc. (b) | | | 13,450 | |
| | 1,706 | | | Luminex Corp. | | | 35,229 | |
| | 1,064 | | | Medpace holdings, Inc. (b) | | | 89,419 | |
| | 2,401 | | | NanoString Technologies, Inc. (b) | | | 51,838 | |
| | 1,351 | | | NeoGenomics, Inc. (a)(b) | | | 25,831 | |
| | 654 | | | PRA Health Sciences, Inc. (b) | | | 64,896 | |
| | 1,855 | | | QIAGEN NV (b) | | | 61,159 | |
| | 1,444 | | | Syneos Health, Inc. (b) | | | 76,835 | |
| | | | | | |
|
|
|
| | | | | | | | 721,767 | |
| | | | | | |
|
|
|
| | | | | Machinery - 3.26% | | | | |
| | 750 | | | Actuant Corp. - Class A | | | 16,455 | |
| | 696 | | | AGCO Corp. (b) | | | 52,687 | |
| | 225 | | | Alamo Group, Inc. | | | 26,487 | |
| | 179 | | | Albany International Corp. - Class A | | | 16,139 | |
| | 1,410 | | | Allison Transmission Holdings, Inc. | | | 66,340 | |
| | 601 | | | Altra Industrial Motion Corp. (a)(b) | | | 16,645 | |
| | 525 | | | Badger Meter, Inc. | | | 28,192 | |
| | 583 | | | Barnes Group, Inc. (a) | | | 30,048 | |
| | 750 | | | Blue Bird Corp. (b) | | | 14,276 | |
| | 398 | | | Chart Industries, Inc. (a)(b) | | | 24,819 | |
| | 375 | | | CIRCOR International, Inc. | | | 14,081 | |
| | 957 | | | Colfax Corp. (b) | | | 27,810 | |
| | 1,234 | | | Columbus McKinnon Corp. (b) | | | 44,955 | |
| | 1,870 | | | Commercial Vehicle Group, Inc. (b) | | | 13,483 | |
| | 501 | | | Crane Co. | | | 40,396 | |
| | 564 | | | DMC Global, Inc. (a) | | | 24,805 | |
| | 1,525 | | | Donaldson Co., Inc. | | | 79,422 | |
| | 330 | | | EnPro Industries, Inc. (b) | | | 22,654 | |
| | 347 | | | ESCO Technologies, Inc. (b) | | | 27,607 | |
| | 753 | | | Federal Signal Corp. | | | 24,653 | |
| | 743 | | | Flowserve Corp. | | | 34,705 | |
| | 1,191 | | | Gardner Denver Holdings, Inc. (b) | | | 33,693 | |
| | 1,670 | | | Gates Industrial Corp PLC (a)(b) | | | 16,817 | |
| | 1,917 | | | Graco, Inc. | | | 88,259 | |
| | 788 | | | IDEX Corp. | | | 129,137 | |
| | 740 | | | ITT, Inc. | | | 45,281 | |
| | 581 | | | John Bean Technologies Corp. | | | 57,769 | |
| | 241 | | | Kadant, Inc. (b) | | | 21,157 | |
| | 667 | | | Kennametal, Inc. | | | 20,503 | |
| | 777 | | | L.B. Foster Co. - Class A (b) | | | 16,838 | |
| | 623 | | | Lincoln Electric Holdings, Inc. | | | 54,051 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Machinery (Continued) | | | | |
| | 855 | | | Lydall, Inc. (b) | | $ | 21,298 | |
| | 1,403 | | | Meritor, Inc. (b) | | | 25,955 | |
| | 1,357 | | | Milacron Holdings Corp. (b) | | | 22,621 | |
| | 710 | | | Mueller Industries, Inc. | | | 20,363 | |
| | 460 | | | Navistar International Corp. (b) | | | 12,931 | |
| | 495 | | | Nordson Corp. | | | 72,399 | |
| | 635 | | | Omega Flex, Inc. | | | 64,929 | |
| | 697 | | | Oshkosh Corp. | | | 52,833 | |
| | 415 | | | Park-Ohio Holdings Corp. (b) | | | 12,392 | |
| | 1,549 | | | Pentair PLC | | | 58,552 | |
| | 376 | | | Proto Labs, Inc. (b) | | | 38,390 | |
| | 145 | | | RBC Bearings, Inc. (b) | | | 24,057 | |
| | 1,139 | | | REV Group, Inc. | | | 13,019 | |
| | 1,015 | | | Rexnord Corp. (b) | | | 27,456 | |
| | 748 | | | Snap-on, Inc. | | | 117,092 | |
| | 902 | | | SPX Corp. | | | 36,089 | |
| | 586 | | | SPX FLOW, Inc. (a)(b) | | | 23,123 | |
| | 351 | | | Tennant Co. | | | 24,816 | |
| | 689 | | | Terex Corp. (b) | | | 17,893 | |
| | 568 | | | The Eastern Co. | | | 14,098 | |
| | 350 | | | The Middleby Corp. (b) | | | 40,915 | |
| | 694 | | | The Timken Co. | | | 30,196 | |
| | 1,132 | | | The Toro Co. | | | 82,976 | |
| | 1,320 | | | TriMas Corp. (b) | | | 40,458 | |
| | 118 | | | Valmont Industries, Inc. | | | 16,336 | |
| | 1,564 | | | Wabash National Corp. (b) | | | 22,694 | |
| | 300 | | | Watts Water Technologies, Inc. - Class A | | | 28,119 | |
| | | | | | |
|
|
|
| | | | | | | | 2,092,164 | |
| | | | | | |
|
|
|
| | | | | Marine - 0.12% | | | | |
| | 446 | | | Kirby Corp. (b) | | | 36,643 | |
| | 8,844 | | | Safe Bulkers, Inc. (b) | | | 15,477 | |
| | 4,624 | | | Scorpio Bulkers, Inc. | | | 28,114 | |
| | | | | | |
|
|
|
| | | | | | | | 80,234 | |
| | | | | | |
|
|
|
| | | | | Media - 1.28% | | | | |
| | 438 | | | AMC Networks, Inc. - Class A (b) | | | 21,532 | |
| | 44 | | | Cable One, Inc. | | | 55,207 | |
| | 466 | | | Cardlytics, Inc. | | | 15,620 | |
| | 4,264 | | | Central European Media Enterprises, Ltd. -
Class A (b) | | | 19,167 | |
| | 580 | | | Cinemark Holdings, Inc. | | | 22,411 | |
| | 1,291 | | | Emerald Expositions Events, Inc. | | | 12,561 | |
| | 4,653 | | | Entercom Communications Corp. - Class A (b) | | | 15,541 | |
| | 5,264 | | | Fluent, Inc. (b) | | | 14,397 | |
| | 3,330 | | | Gannett Co., Inc. | | | 35,764 | |
| | 496 | | | GCI Liberty, Inc. (b) | | | 30,787 | |
| | 1,370 | | | Gray Television, Inc. | | | 22,358 | |
| | 651 | | | John Wiley & Sons, Inc. - Class A (a) | | | 28,605 | |
| | 8,906 | | | Lee Enterprises, Inc. (b) | | | 18,168 | |
| | 1,108 | | | Liberty Latin America Ltd. - Class A (b) | | | 18,914 | |
| | 1,329 | | | Liberty Latin America, Ltd. - Class C (b) | | | 22,719 | |
| | 1,208 | | | MSG Networks, Inc. - Class A (b) | | | 19,594 | |
| | 2,701 | | | New Media Investment Group, Inc. (a) | | | 23,796 | |
| | 2,506 | | | News Corp. - Class A | | | 34,884 | |
| | 951 | | | News Corp. - Class B | | | 13,595 | |
| | 529 | | | Nexstar Media Group, Inc. - Class A (a)(b) | | | 54,122 | |
| | 644 | | | Scholastic Corp. | | | 24,317 | |
| | 893 | | | Sinclair Broadcast Group, Inc. - Class A | | | 38,167 | |
| | 2,794 | | | TechTarget, Inc. (b) | | | 62,935 | |
| | 2,414 | | | TEGNA, Inc. (a) | | | 37,489 | |
See notes to financial statements.
64
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Media (Continued) | | | | |
| | 1,719 | | | The E.W. Scripps Co. - Class A (b) | | $ | 22,828 | |
| | 3,009 | | | The Interpublic Group of Companies, Inc. (b) | | | 64,874 | |
| | 2,099 | | | The New York Times Co. - Class A (a) | | | 59,780 | |
| | 536 | | | Value Line, Inc. | | | 12,194 | |
| | | | | | |
|
|
|
| | | | | | | | 822,326 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.85% | | | | |
| | 6,440 | | | AK Steel Holding Corp. | | | 14,619 | |
| | 1,827 | | | Alcoa Corp. (b) | | | 36,668 | |
| | 1,375 | | | Allegheny Technologies, Inc. | | | 27,844 | |
| | 370 | | | Carpenter Technology Corp. | | | 19,114 | |
| | 2,373 | | | Cleveland-Cliffs, Inc. (a) | | | 17,133 | |
| | 240 | | | Compass Minerals International, Inc. | | | 13,558 | |
| | 503 | | | Gibraltar Industries, Inc. | | | 23,108 | |
| | 540 | | | Materion Corp. | | | 33,134 | |
| | 2,048 | | | Novagold Resources, Inc. (b) | | | 12,431 | |
| | 1,828 | | | Olympic Steel, Inc. | | | 26,323 | |
| | 1,068 | | | Reliance Steel & Aluminum Co. | | | 106,437 | |
| | 306 | | | Royal Gold, Inc. | | | 37,702 | |
| | 1,466 | | | Ryerson Holding Corp. (b) | | | 12,505 | |
| | 707 | | | Schnitzer Steel Industries, Inc. - Class A | | | 14,607 | |
| | 2,359 | | | Steel Dynamics, Inc. | | | 70,298 | |
| | 2,997 | | | SunCoke Energy, Inc. (b) | | | 16,903 | |
| | 1,376 | | | United States Steel Corp. (a) | | | 15,893 | |
| | 1,532 | | | Warrior Met Coal, Inc. | | | 29,905 | |
| | 483 | | | Worthington Industries, Inc. | | | 17,412 | |
| | | | | | |
|
|
|
| | | | | | | | 545,594 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.84% | | | | |
| | 1,012 | | | Big Lots, Inc. (b) | | | 24,794 | |
| | 836 | | | Burlington Stores, Inc. (b) | | | 167,050 | |
| | 512 | | | Dillard’s, Inc. - Class A (a) | | | 33,848 | |
| | 30,182 | | | J.C. Penney Co., Inc. (a) | | | 26,829 | |
| | 2,484 | | | Kohl’s Corp. (b) | | | 123,356 | |
| | 4,060 | | | Macy’s, Inc. | | | 63,092 | |
| | 1,814 | | | Nordstrom, Inc. (a) | | | 61,077 | |
| | 645 | | | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | | | 37,823 | |
| | | | | | |
|
|
|
| | | | | | | | 537,869 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.38% | | | | |
| | 1,753 | | | Alliant Energy Corp. | | | 94,539 | |
| | 273 | | | Avista Corp. | | | 13,224 | |
| | 634 | | | Black Hills Corp. | | | 48,647 | |
| | 1,637 | | | MDU Resources Group, Inc. | | | 46,147 | |
| | 520 | | | NorthWestern Corp. | | | 39,026 | |
| | | | | | |
|
|
|
| | | | | | | | 241,583 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 0.86% | | | | |
| | 2,896 | | | Amplify Energy Corp. | | | 17,868 | |
| | 424 | | | Arch Coal, Inc. - Class A (a) | | | 31,461 | |
| | 211 | | | Chesapeake Utilities Corp. | | | 20,113 | |
| | 954 | | | CONSOL Energy, Inc. (b) | | | 14,911 | |
| | 596 | | | Contura Energy, Inc. (b) | | | 16,664 | |
| | 602 | | | CVR Energy, Inc. (b) | | | 26,506 | |
| | 717 | | | Delek US Holdings, Inc | | | 26,027 | |
| | 15,453 | | | Denbury Resources, Inc. (b) | | | 18,389 | |
| | 4,203 | | | DHT Holdings, Inc. | | | 25,848 | |
| | 2,527 | | | Dorian LPG, Ltd. (b) | | | 26,180 | |
| | 3,486 | | | Hallador Energy Co. | | | 12,619 | |
| | 1,362 | | | HollyFrontier Corp. | | | 73,058 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | | | | |
| | 620 | | | NACCO Industries, Inc. - Class A | | $ | 39,624 | |
| | 6,499 | | | Nordic American Tankers Ltd. | | | 14,038 | |
| | 6,841 | | | Northern Oil and Gas, Inc. (b) | | | 13,408 | |
| | 1,067 | | | Par Pacific Holdings, Inc. (b) | | | 24,392 | |
| | 1,089 | | | PBF Energy, Inc. - Class A | | | 29,610 | |
| | 1,236 | | | Peabody Energy Corp. | | | 18,194 | |
| | 2,756 | | | Range Resources Corp. | | | 10,528 | |
| | 465 | | | Scorpio Tankers, Inc. | | | 13,838 | |
| | 15,243 | | | Teekay Tankers, Ltd. - Class A | | | 19,816 | |
| | 2,750 | | | W&T Offshore, Inc. | | | 12,018 | |
| | 1,111 | | | World Fuel Services Corp. | | | 44,373 | |
| | | | | | |
|
|
|
| | | | | | | | 549,483 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.19% | | | | |
| | 697 | | | Boise Cascade Co. | | | 22,715 | |
| | 749 | | | Domtar Corp. (b) | | | 26,822 | |
| | 978 | | | Louisiana-Pacific Corp. (b) | | | 24,039 | |
| | 912 | | | PH Glatfelter Co. | | | 14,036 | |
| | 530 | | | Schweitzer-Mauduit International, Inc. | | | 19,843 | |
| | 1,129 | | | Verso Corp. - Class A (b) | | | 13,977 | |
| | | | | | |
|
|
|
| | | | | | | | 121,432 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.66% | | | | |
| | 582 | | | Edgewell Personal Care Co. (b) | | | 18,909 | |
| | 1,430 | | | elf Beauty, Inc. (b) | | | 25,039 | |
| | 2,012 | | | Herbalife Nutrition, Ltd. | | | 76,174 | |
| | 537 | | | Inter Parfums, Inc. | | | 37,574 | |
| | 2,986 | | | Lifevantage Corp. (b) | | | 40,908 | |
| | 585 | | | Medifast, Inc. (a)(b) | | | 60,624 | |
| | 2,033 | | | Nature’s Sunshine Products, Inc. | | | 16,854 | |
| | 999 | | | Nu Skin Enterprises, Inc. - Class A | | | 42,488 | |
| | 847 | | | Revlon, Inc. - Class A (a)(b) | | | 19,896 | |
| | 929 | | | USANA Health Sciences, Inc. (a)(b) | | | 63,534 | |
| | 4,360 | | | Youngevity International, Inc. (a)(b) | | | 19,489 | |
| | | | | | |
|
|
|
| | | | | | | | 421,489 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 1.86% | | | | |
| | 13,890 | | | Amneal Pharmaceuticals, Inc. (b) | | | 40,281 | |
| | 653 | | | Amphastar Pharmaceuticals, Inc. (b) | | | 12,949 | |
| | 606 | | | ANI Pharmaceuticals, Inc. (b) | | | 44,165 | |
| | 35,951 | | | Assertio Therapeutics, Inc. (b) | | | 46,017 | |
| | 502 | | | Axsome Therapeutics, Inc. (b) | | | 10,161 | |
| | 5,683 | | | BioDelivery Sciences International, Inc. (b) | | | 23,925 | |
| | 1,268 | | | Catalent, Inc. (b) | | | 60,433 | |
| | 5,713 | | | Collegium Pharmaceutical, Inc. (b) | | | 65,585 | |
| | 5,875 | | | Corcept Therapeutics, Inc. (a)(b) | | | 83,043 | |
| | 12,032 | | | Endo International PLC (b) | | | 38,623 | |
| | 3,558 | | | Horizon Therapeutics PLC (b) | | | 96,884 | |
| | 3,571 | | | Innoviva, Inc. (a)(b) | | | 37,638 | |
| | 1,116 | | | Intersect ENT, Inc. (b) | | | 18,983 | |
| | 780 | | | Jazz Pharmaceuticals PLC (b) | | | 99,949 | |
| | 7,438 | | | Lannett Co., Inc. (a)(b) | | | 83,306 | |
| | 20,714 | | | Mallinckrodt PLC (a)(b) | | | 49,921 | |
| | 287 | | | MyoKardia, Inc. (b) | | | 14,967 | |
| | 1,188 | | | Omeros Corp. (a)(b) | | | 19,400 | |
| | 372 | | | Pacira Pharmaceuticals, Inc. (b) | | | 14,162 | |
| | 1,641 | | | Perrigo Co. PLC (a) | | | 91,716 | |
| | 1,033 | | | Phibro Animal Health Corp. - Class A | | | 22,034 | |
| | 1,992 | | | Prestige Consumer Healthcare, Inc. (b) | | | 69,103 | |
| | 13,428 | | | SIGA Technologies, Inc. (b) | | | 68,751 | |
| | 1,637 | | | Supernus Pharmaceuticals, Inc. | | | 44,985 | |
See notes to financial statements.
65
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Pharmaceuticals (Continued) | | | | |
| | 353 | | | The Medicines Co. (b) | | $ | 17,650 | |
| | 402 | | | Zogenix, Inc. (b) | | | 16,096 | |
| | | | | | |
|
|
|
| | | | | | | | 1,190,727 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.43% | | | | |
| | 965 | | | ASGN, Inc. (b) | | | 60,660 | |
| | 1,417 | | | BG Staffing, Inc. | | | 27,079 | |
| | 1,552 | | | CBIZ, Inc. (b) | | | 36,472 | |
| | 422 | | | CRA International, Inc. (b) | | | 17,711 | |
| | 360 | | | Exponent, Inc. (b) | | | 25,164 | |
| | 540 | | | Forrester Research, Inc. (b) | | | 17,356 | |
| | 1,236 | | | Franklin Covey Co. | | | 43,260 | |
| | 504 | | | FTI Consulting, Inc. (b) | | | 53,419 | |
| | 556 | | | Heidrick & Struggles International, Inc. | | | 15,179 | |
| | 428 | | | Huron Consulting Group, Inc. (b) | | | 26,253 | |
| | 520 | | | ICF International, Inc. (b) | | | 43,924 | |
| | 6,124 | | | InnerWorkings, Inc. (b) | | | 27,129 | |
| | 573 | | | Insperity, Inc. | | | 56,509 | |
| | 1,003 | | | Kelly Services, Inc. - Class A | | | 24,293 | |
| | 1,318 | | | Kforce, Inc. (a)(b) | | | 49,867 | |
| | 507 | | | Korn Ferry International (b) | | | 19,590 | |
| | 903 | | | ManpowerGroup, Inc. | | | 76,069 | |
| | 1,080 | | | Mistras Group, Inc. (b) | | | 17,712 | |
| | 1,163 | | | Navigant Consulting, Inc. (b) | | | 32,506 | |
| | 1,721 | | | Resources Connection, Inc. (b) | | | 29,240 | |
| | 2,013 | | | Robert Half International, Inc. | | | 112,044 | |
| | 349 | | | TriNet Group, Inc. (b) | | | 21,704 | |
| | 1,930 | | | TrueBlue, Inc. (b) | | | 40,723 | |
| | 383 | | | VSE Corp. | | | 13,056 | |
| | 837 | | | WILLDAN GROUP, Inc. (a)(b) | | | 29,362 | |
| | | | | | |
|
|
|
| | | | | | | | 916,281 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.60% | | | | |
| | 2,783 | | | Altisource Portfolio Solutions SA (b) | | | 56,272 | |
| | 741 | | | Cushman & Wakefield PLC (b) | | | 13,731 | |
| | 4,024 | | | eXp World Holdings, Inc. (a)(b) | | | 33,721 | |
| | 1,382 | | | Forestar Group, Inc. | | | 25,263 | |
| | 619 | | | Jones Lang LaSalle, Inc. (a) | | | 86,078 | |
| | 866 | | | Kennedy-Wilson Holdings, Inc. (a) | | | 18,983 | |
| | 1,593 | | | Marcus & Millichap, Inc. (b) | | | 56,536 | |
| | 580 | | | RE/MAX Holdings, Inc. - Class A | | | 18,653 | |
| | 5,492 | | | Realogy Holdings Corp. (a) | | | 36,687 | |
| | 799 | | | The RMR Group, Inc. - Class A | | | 36,338 | |
| | | | | | |
|
|
|
| | | | | | | | 382,262 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.43% | | | | |
| | 51 | | | AMERCO (a)(b) | | | 19,892 | |
| | 1,081 | | | ArcBest Corp. | | | 32,916 | |
| | 5,512 | | | Daseke, Inc. (b) | | | 13,780 | |
| | 532 | | | Genesee & Wyoming, Inc. - Class A (b) | | | 58,791 | |
| | 449 | | | Knight-Swift Transportation Holdings, Inc. | | | 16,299 | |
| | 643 | | | Landstar System, Inc. | | | 72,389 | |
| | 392 | | | PAM Transportation Services, Inc. (b) | | | 23,171 | |
| | 255 | | | Saia, Inc. (b) | | | 23,894 | |
| | 579 | | | Universal Logistics Holdings, Inc. (b) | | | 13,479 | |
| | | | | | |
|
|
|
| | | | | | | | 274,611 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.34% | |
| | 769 | | | Advanced Energy Industries, Inc. (a)(b) | | | 44,148 | |
| | 346 | | | Ambarella, Inc. (b) | | | 21,741 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 3,761 | | | Amkor Technology, Inc. (b) | | $ | 34,225 | |
| | 879 | | | Axcelis Technologies, Inc. (b) | | | 15,022 | |
| | 856 | | | Brooks Automation, Inc. (b) | | | 31,698 | |
| | 170 | | | Cabot Microelectronics Corp. (b) | | | 24,006 | |
| | 1,476 | | | Cirrus Logic, Inc. (b) | | | 79,084 | |
| | 1,253 | | | Cohu, Inc. | | | 16,922 | |
| | 866 | | | Cree, Inc. (b) | | | 42,434 | |
| | 3,714 | | | Cypress Semiconductor Corp. (b) | | | 86,685 | |
| | 1,068 | | | Diodes, Inc. (b) | | | 42,880 | |
| | 1,319 | | | Entegris, Inc. (a)(b) | | | 62,072 | |
| | 409 | | | First Solar, Inc. (a)(b) | | | 23,726 | |
| | 1,180 | | | FormFactor, Inc. (a)(b) | | | 22,001 | |
| | 1,041 | | | Ichor Holdings, Ltd. (b) | | | 25,171 | |
| | 728 | | | Impinj, Inc. (a)(b) | | | 22,444 | |
| | 289 | | | Inphi Corp. (b) | | | 17,643 | |
| | 1,656 | | | Lattice Semiconductor Corp. (b) | | | 30,280 | |
| | 737 | | | MaxLinear, Inc. - Class A (a)(b) | | | 16,494 | |
| | 689 | | | MKS Instruments, Inc. (b) | | | 63,581 | |
| | 785 | | | Monolithic Power Systems, Inc. (b) | | | 122,170 | |
| | 1,083 | | | Nanometrics, Inc. (b) | | | 35,328 | |
| | 4,610 | | | NeoPhotonics Corp. (b) | | | 28,075 | |
| | 5,271 | | | ON Semiconductor Corp. (a)(b) | | | 101,256 | |
| | 755 | | | Power Integrations, Inc. | | | 68,275 | |
| | 1,845 | | | Rambus, Inc. (a)(b) | | | 24,216 | |
| | 1,090 | | | Rudolph Technologies, Inc. (b) | | | 28,732 | |
| | 623 | | | Semtech Corp. (b) | | | 30,284 | |
| | 319 | | | Silicon Laboratories, Inc. (b) | | | 35,521 | |
| | 1,665 | | | SMART Global Holdings, Inc. (b) | | | 42,424 | |
| | 2,439 | | | Teradyne, Inc. (b) | | | 141,243 | |
| | 2,043 | | | Ultra Clean Holdings, Inc. (b) | | | 29,899 | |
| | 1,166 | | | Versum Materials, Inc. | | | 61,716 | |
| | 1,384 | | | Xperi Corp. | | | 28,621 | |
| | | | | | |
|
|
|
| | | | | | | | 1,500,017 | |
| | | | | | |
|
|
|
| | | | | Software - 6.99% | | | | |
| | 1,047 | | | 2U, Inc. (a)(b) | | | 17,045 | |
| | 2,527 | | | 8x8, Inc. (b) | | | 52,359 | |
| | 4,084 | | | A10 Networks, Inc. (b) | | | 28,343 | |
| | 1,447 | | | ACI Worldwide, Inc. (b) | | | 45,327 | |
| | 1,402 | | | Agilysys, Inc. | | | 35,905 | |
| | 825 | | | Alarm.com Holdings, Inc. (b) | | | 38,478 | |
| | 1,157 | | | Altair Engineering, Inc. - Class A (b) | | | 40,055 | |
| | 651 | | | Alteryx, Inc. - Class A | | | 69,937 | |
| | 2,127 | | | American Software, Inc. - Class A | | | 31,948 | |
| | 660 | | | Anaplan, Inc. (b) | | | 31,020 | |
| | 1,134 | | | Appfolio, Inc. - Class A (a)(b) | | | 107,889 | |
| | 749 | | | Appian Corp. (b) | | | 35,577 | |
| | 1,181 | | | Aspen Technology, Inc. (b) | | | 145,357 | |
| | 411 | | | Avalara, Inc. (b) | | | 27,656 | |
| | 4,804 | | | Avaya Holdings Corp. (b) | | | 49,145 | |
| | 425 | | | Blackbaud, Inc. | | | 38,395 | |
| | 576 | | | Blackline, Inc. (b) | | | 27,539 | |
| | 633 | | | Bottomline Technologies, Inc. | | | 24,909 | |
| | 2,345 | | | Box, Inc. - Class A (b) | | | 38,833 | |
| | 913 | | | Carbon Black, Inc. (b) | | | 23,729 | |
| | 1,363 | | | CDK Global, Inc. | | | 65,547 | |
| | 455 | | | Ceridian HCM Holding, Inc. (b) | | | 22,463 | |
| | 2,898 | | | ChannelAdvisor Corp. (b) | | | 27,038 | |
| | 4,092 | | | Cision, Ltd. (b) | | | 31,467 | |
| | 1,562 | | | Cloudera, Inc. (b) | | | 13,839 | |
See notes to financial statements.
66
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Software (Continued) | | | | |
| | 979 | | | CommVault Systems, Inc. (b) | | $ | 43,771 | |
| | 945 | | | Cornerstone OnDemand, Inc. (b) | | | 51,805 | |
| | 331 | | | Coupa Software, Inc. (b) | | | 42,888 | |
| | 5,165 | | | Digital Turbine, Inc. (b) | | | 33,288 | |
| | 1,080 | | | DocuSign, Inc. (a)(b) | | | 66,874 | |
| | 846 | | | Domo, Inc. - Class B (b) | | | 13,519 | |
| | 598 | | | Ebix, Inc. (a)(b) | | | 25,176 | |
| | 4,503 | | | eGain Corp. (b) | | | 36,047 | |
| | 333 | | | Elastic NV (b) | | | 27,419 | |
| | 373 | | | Envestnet, Inc. (b) | | | 21,149 | |
| | 325 | | | ePlus, Inc. (b) | | | 24,729 | |
| | 712 | | | Everbridge, Inc. (b) | | | 43,938 | |
| | 381 | | | Fair Isaac Corp. | | | 115,641 | |
| | 1,718 | | | Five9, Inc. | | | 92,325 | |
| | 979 | | | ForeScout Technologies, Inc. (b) | | | 37,124 | |
| | 406 | | | Guidewire Software, Inc. (a)(b) | | | 42,784 | |
| | 515 | | | HubSpot, Inc. (a) | | | 78,079 | |
| | 1,272 | | | Instructure, Inc. (b) | | | 49,277 | |
| | 664 | | | Intelligent Systems Corp. (a)(b) | | | 27,583 | |
| | 856 | | | j2 Global, Inc. | | | 77,742 | |
| | 789 | | | Jack Henry & Associates, Inc. | | | 115,170 | |
| | 2,398 | | | LivePerson, Inc. (a)(b) | | | 85,609 | |
| | 743 | | | LogMeIn, Inc. | | | 52,723 | |
| | 2,987 | | | Majesco, Inc. (b) | | | 25,210 | |
| | 1,209 | | | Manhattan Associates, Inc. (b) | | | 97,530 | |
| | 318 | | | MicroStrategy, Inc. - Class A (b) | | | 47,182 | |
| | 2,264 | | | Mitek Systems, Inc. (b) | | | 21,848 | |
| | 8,689 | | | MobileIron, Inc. (b) | | | 56,870 | |
| | 1,181 | | | Model N, Inc. (b) | | | 32,785 | |
| | 1,082 | | | Monotype Imaging Holdings, Inc. (b) | | | 21,434 | |
| | 672 | | | New Relic, Inc. (a)(b) | | | 41,294 | |
| | 5,084 | | | Nuance Communications, Inc. (b) | | | 82,920 | |
| | 1,538 | | | Nutanix, Inc. - Class A (b) | | | 40,373 | |
| | 2,018 | | | OneSpan, Inc. (b) | | | 29,261 | |
| | 465 | | | Paycom Software, Inc. (b) | | | 97,413 | |
| | 229 | | | Paylocity Holding Corp. (b) | | | 22,346 | |
| | 854 | | | Pegasystems, Inc. | | | 58,115 | |
| | 2,176 | | | Progress Software Corp. (b) | | | 82,819 | |
| | 608 | | | Proofpoint, Inc. (a)(b) | | | 78,462 | |
| | 984 | | | PROS Holdings, Inc. (b) | | | 58,646 | |
| | 1,166 | | | PTC, Inc. (a)(b) | | | 79,498 | |
| | 430 | | | Q2 Holdings, Inc. (a)(b) | | | 33,914 | |
| | 927 | | | QAD, Inc. - Class A | | | 42,809 | |
| | 441 | | | Qualys, Inc. (b) | | | 33,326 | |
| | 1,599 | | | Rapid7, Inc. (b) | | | 72,579 | |
| | 674 | | | RealPage, Inc. (b) | | | 42,368 | |
| | 6,884 | | | Rimini Street Inc. (b) | | | 30,152 | |
| | 1,398 | | | RingCentral, Inc. - Class A (b) | | | 175,673 | |
| | 955 | | | SailPoint Technologies Holding Inc. (b) | | | 17,849 | |
| | 2,051 | | | SecureWorks Corp. - Class A (a)(b) | | | 26,519 | |
| | 615 | | | ShotSpotter, Inc. (b) | | | 14,163 | |
| | 1,209 | | | Smartsheet, Inc. - Class A (a)(b) | | | 43,560 | |
| | 773 | | | SolarWinds Corp. (a)(b) | | | 14,262 | |
| | 762 | | | SPS Commerce, Inc. (b) | | | 35,867 | |
| | 809 | | | SVMK, Inc. (b) | | | 13,834 | |
| | 6,494 | | | Synchronoss Technologies, Inc. (b) | | | 35,068 | |
| | 4,009 | | | Telaria, Inc. (b) | | | 27,702 | |
| | 2,836 | | | Telenav, Inc. (b) | | | 13,556 | |
| | 2,009 | | | The Rubicon Project, Inc. (b) | | | 17,498 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | | | | |
| | 355 | | | The Trade Desk, Inc. - Class A (b) | | $ | 66,580 | |
| | 5,274 | | | TiVo Corp. | | | 40,162 | |
| | 173 | | | Tyler Technologies, Inc. (b) | | | 45,413 | |
| | 578 | | | Upland Software, Inc. (b) | | | 20,149 | |
| | 901 | | | Varonis Systems, Inc. (a)(b) | | | 53,862 | |
| | 1,130 | | | Verint Systems, Inc. (b) | | | 48,341 | |
| | 2,130 | | | Workiva, Inc. (b) | | | 93,358 | |
| | 2,651 | | | Yext, Inc. (b) | | | 42,124 | |
| | 722 | | | Zscaler, Inc. (b) | | | 34,122 | |
| | 980 | | | Zendesk, Inc. (a)(b) | | | 71,422 | |
| | 2,941 | | | Zix Corp. (b) | | | 21,293 | |
| | | | | | |
|
|
|
| | | | | | | | 4,475,991 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 3.82% | | | | |
| | 1,581 | | | Aaron’s, Inc. | | | 101,595 | |
| | 3,108 | | | Abercrombie & Fitch Co. - Class A | | | 48,485 | |
| | 2,873 | | | American Eagle Outfitters, Inc. | | | 46,600 | |
| | 979 | | | America’sCar-Mart, Inc. (a)(b) | | | 89,774 | |
| | 305 | | | Asbury Automotive Group, Inc. (b) | | | 31,211 | |
| | 61,202 | | | Ascena Retail Group, Inc. (a)(b) | | | 16,163 | |
| | 521 | | | AutoNation, Inc. (b) | | | 26,415 | |
| | 6,022 | | | Barnes & Noble Education, Inc. (b) | | | 18,789 | |
| | 3,755 | | | Bed Bath & Beyond, Inc. (a)(b) | | | 39,953 | |
| | 758 | | | Boot Barn Holdings, Inc. (b) | | | 26,454 | |
| | 1,521 | | | Caleres, Inc. | | | 35,607 | |
| | 481 | | | Carvana Co. (a)(b) | | | 31,746 | |
| | 8,672 | | | Chico’s FAS, Inc. (a)(b) | | | 34,948 | |
| | 2,191 | | | Citi Trends, Inc. (b) | | | 40,095 | |
| | 856 | | | Conn’s, Inc. (a)(b) | | | 21,280 | |
| | 1,484 | | | Designer Brands, Inc. - Class A (a) | | | 25,406 | |
| | 1,401 | | | Dick’s Sporting Goods, Inc. (a)(b) | | | 57,175 | |
| | 7,086 | | | Express, Inc. (b) | | | 24,376 | |
| | 708 | | | Five Below, Inc. (b) | | | 89,279 | |
| | 916 | | | Floor & Decor Holdings, Inc. - Class A (b) | | | 46,853 | |
| | 1,702 | | | Foot Locker, Inc. | | | 73,458 | |
| | 3,961 | | | GameStop Corp. - Class A (a)(b) | | | 21,865 | |
| | 1,016 | | | Genesco, Inc. (b) | | | 40,660 | |
| | 11,148 | | | GNC Holdings, Inc. - Class A (a)(b) | | | 23,857 | |
| | 301 | | | Group 1 Automotive, Inc. | | | 27,785 | |
| | 1,392 | | | Guess?, Inc. | | | 25,794 | |
| | 2,397 | | | Haverty Furniture Cos., Inc. (b) | | | 48,587 | |
| | 1,720 | | | Hibbett Sports, Inc. (a)(b) | | | 39,388 | |
| | 1,832 | | | Hudson, Ltd. - Class A (b) | | | 22,479 | |
| | 9,054 | | | J. JILL, Inc. (a) | | | 17,203 | |
| | 1,845 | | | L Brands, Inc. | | | 36,144 | |
| | 193 | | | Lithia Motors, Inc. - Class A (b) | | | 25,549 | |
| | 2,298 | | | Lumber Liquidators Holdings, Inc. (a)(b) | | | 22,681 | |
| | 997 | | | MarineMax, Inc. (b) | | | 15,434 | |
| | 383 | | | Monro, Inc. | | | 30,261 | |
| | 544 | | | Murphy USA, Inc. (b) | | | 46,403 | |
| | 793 | | | National Vision Holdings, Inc. (b) | | | 19,088 | |
| | 9,873 | | | Office Depot, Inc. (a)(b) | | | 17,327 | |
| | 406 | | | Penske Automotive Group, Inc. | | | 19,196 | |
| | 5,703 | | | Rent-A-Center, Inc. (a)(b) | | | 147,080 | |
| | 346 | | | REX American Resources Corp. (b) | | | 26,410 | |
| | 647 | | | RH (b) | | | 110,527 | |
| | 14,191 | | | RTW RetailWinds, Inc. (b) | | | 19,442 | |
| | 3,026 | | | Sally Beauty Holdings, Inc. (a)(b) | | | 45,057 | |
| | 1,211 | | | Shoe Carnival, Inc. (a)(b) | | | 39,249 | |
| | 1,493 | | | Signet Jewelers, Ltd. | | | 25,023 | |
See notes to financial statements.
67
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Specialty Retail (Continued) | | | | |
| | 1,009 | | | Sleep Number Corp. (b) | | $ | 41,692 | |
| | 1,067 | | | Sonic Automotive, Inc. - Class A | | | 33,514 | |
| | 6,041 | | | Sportsman’s Warehouse Holdings, Inc. (b) | | | 31,292 | |
| | 3,962 | | | Tailored Brands, Inc. (a) | | | 17,433 | |
| | 1,628 | | | The Buckle, Inc. (a) | | | 33,537 | |
| | 1,540 | | | The Cato Corp. - Class A | | | 27,119 | |
| | 694 | | | The Children’s Place, Inc. (a)(b) | | | 53,431 | |
| | 9,664 | | | The Container Store Group, Inc. (b) | | | 42,715 | |
| | 2,846 | | | The Michaels Cos., Inc. (a)(b) | | | 27,862 | |
| | 5,143 | | | Tilly’s, Inc. - Class A | | | 48,550 | |
| | 1,930 | | | Urban Outfitters, Inc. (b) | | | 54,214 | |
| | 1,298 | | | Williams-Sonoma, Inc. (a) | | | 88,238 | |
| | 232 | | | Winmark Corp. | | | 40,922 | |
| | 2,120 | | | Zumiez, Inc. (a)(b) | | | 67,151 | |
| | | | | | |
|
|
|
| | | | | | | | 2,445,821 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.57% | |
| | 2,305 | | | 3D Systems Corp. (a)(b) | | | 18,786 | |
| | 1,183 | | | AstroNova, Inc. | | | 19,129 | |
| | 4,908 | | | Avid Technology, Inc. (b) | | | 30,380 | |
| | 1,345 | | | NCR Corp. (b) | | | 42,448 | |
| | 1,060 | | | Diebold Nixdorf, Inc. | | | 11,872 | |
| | 2,380 | | | Pure Storage, Inc. - Class A (b) | | | 40,317 | |
| | 825 | | | Stratasys, Ltd. (b) | | | 17,577 | |
| | 1,322 | | | Synaptics, Inc. (b) | | | 52,814 | |
| | 2,047 | | | Teradata Corp. (b) | | | 63,457 | |
| | 2,301 | | | Xerox Holdings Corp. | | | 68,823 | |
| | | | | | |
|
|
|
| | | | | | | | 365,603 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.71% | | | | |
| | 2,084 | | | Capri Holdings, Ltd. (b) | | | 69,105 | |
| | 562 | | | Carter’s, Inc. (a)(b) | | | 51,260 | |
| | 846 | | | Columbia Sportswear Co. | | | 81,969 | |
| | 4,123 | | | Crocs, Inc. (b) | | | 114,454 | |
| | 613 | | | Deckers Outdoor Corp. (b) | | | 90,332 | |
| | 571 | | | Delta Apparel, Inc. | | | 13,561 | |
| | 3,974 | | | Fossil Group, Inc. (a)(b) | | | 49,715 | |
| | 1,093 | | | G-III Apparel Group, Ltd. (b) | | | 28,167 | |
| | 3,663 | | | Hanesbrands, Inc. (b) | | | 56,117 | |
| | 453 | | | Kontoor Brands, Inc. (b) | | | 15,900 | |
| | 1,019 | | | Movado Group, Inc. | | | 25,332 | |
| | 490 | | | Oxford Industries, Inc. | | | 35,133 | |
| | 832 | | | Ralph Lauren Corp. - Class A (a) | | | 79,431 | |
| | 830 | | | Rocky Brands, Inc. (b) | | | 27,581 | |
| | 2,402 | | | Skechers U.S.A., Inc. - Class A (b) | | | 89,715 | |
| | 2,128 | | | Steven Madden, Ltd. (a)(b) | | | 76,161 | |
| | 1,066 | | | Superior Uniform Group, Inc. | | | 17,184 | |
| | 213 | | | UniFirst Corp. | | | 41,560 | |
| | 3,460 | | | Vera Bradley, Inc. (b) | | | 34,946 | |
| | 924 | | | Vince Holding Corp. (b) | | | 17,547 | |
| | 708 | | | Weyco Group, Inc. | | | 16,008 | |
| | 2,333 | | | Wolverine World Wide, Inc. (a) | | | 65,931 | |
| | | | | | |
|
|
|
| | | | | | | | 1,097,109 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 1.68% | | | | |
| | 1,401 | | | Axos Financial, Inc. | | | 38,738 | |
| | 815 | | | BANK7 Corp. (b) | | | 15,322 | |
| | 464 | | | Berkshire Hills Bancorp, Inc. | | | 13,590 | |
| | 910 | | | Brookline Bancorp, Inc. | | | 13,404 | |
| | 1,333 | | | Capitol Federal Financial, Inc. | | | 18,369 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Thrifts & Mortgage Finance (Continued) | | | | |
| | 932 | | | Dime Community Bancshares | | $ | 19,954 | |
| | 747 | | | Entegra Financial Corp. (b) | | | 22,440 | |
| | 1,421 | | | Essent Group, Ltd. (b) | | | 67,739 | |
| | 488 | | | Federal Agricultural Mortgage Corp. - Class C | | | 39,850 | |
| | 606 | | | First Defiance Financial Corp. | | | 17,553 | |
| | 843 | | | Flagstar Bancorp, Inc. | | | 31,486 | |
| | 308 | | | FS Bancorp, Inc. | | | 16,170 | |
| | 189 | | | Hingham Institution for Savings | | | 35,721 | |
| | 375 | | | Home Bancorp, Inc. | | | 14,621 | |
| | 953 | | | HomeStreet, Inc. (b) | | | 26,036 | |
| | 118 | | | LendingTree, Inc. (b) | | | 36,631 | |
| | 1,070 | | | Merchants Bancorp | | | 17,698 | |
| | 881 | | | Meridian Bancorp, Inc. | | | 16,519 | |
| | 648 | | | Meta Financial Group, Inc. | | | 21,131 | |
| | 4,007 | | | MGIC Investment Corp. (b) | | | 50,408 | |
| | 618 | | | MMA Capital Holdings, Inc. (b) | | | 18,540 | |
| | 3,132 | | | Mr Cooper Group, Inc. (b) | | | 33,262 | |
| | 3,398 | | | New York Community Bancorp, Inc. | | | 42,645 | |
| | 1,752 | | | NMI Holdings, Inc. - Class A (b) | | | 46,007 | |
| | 1,031 | | | Northwest Bancshares, Inc. | | | 16,898 | |
| | 1,104 | | | Oritani Financial Corp. | | | 19,535 | |
| | 1,028 | | | PennyMac Financial Services, Inc. | | | 31,231 | |
| | 2,453 | | | People’s United Financial, Inc. | | | 38,353 | |
| | 3,570 | | | Radian Group, Inc. | | | 81,539 | |
| | 1,975 | | | Riverview Bancorp, Inc. | | | 14,575 | |
| | 1,810 | | | Sterling Bancorp, Inc. | | | 17,666 | |
| | 1,059 | | | TFS Financial Corp. | | | 19,083 | |
| | 546 | | | Timberland Bancorp, Inc. | | | 15,015 | |
| | 945 | | | United Financial Bancorp, Inc. | | | 12,880 | |
| | 875 | | | Walker & Dunlop, Inc. | | | 48,939 | |
| | 1,436 | | | Washington Federal, Inc. (a) | | | 53,118 | |
| | 973 | | | Waterstone Financial, Inc. | | | 16,716 | |
| | 330 | | | WSFS Financial Corp. | | | 14,553 | |
| | | | | | |
|
|
|
| | | | | | | | 1,073,935 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.08% | | | | |
| | 634 | | | Turning Point Brands, Inc. | | | 14,620 | |
| | 389 | | | Universal Corp. | | | 21,321 | |
| | 1,453 | | | Vector Group, Ltd. | | | 17,308 | |
| | | | | | |
|
|
|
| | | | | | | | 53,249 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.58% | | | | |
| | 649 | | | Applied Industrial Technologies, Inc. | | | 36,863 | |
| | 1,013 | | | Beacon Roofing Supply, Inc. (b) | | | 33,966 | |
| | 427 | | | BlueLinx Holdings, Inc. (b) | | | 13,805 | |
| | 2,307 | | | BMC Stock Holdings, Inc. (b) | | | 60,397 | |
| | 1,598 | | | DXP Enterprises, Inc. (b) | | | 55,483 | |
| | 563 | | | EVI Industries, Inc. (a) | | | 17,971 | |
| | 2,260 | | | Foundation Building Materials, Inc. (b) | | | 35,007 | |
| | 225 | | | GATX Corp. | | | 17,444 | |
| | 1,940 | | | GMS, Inc. (b) | | | 55,717 | |
| | 1,102 | | | H&E Equipment Services, Inc. (b) | | | 31,804 | |
| | 2,774 | | | HD Supply Holdings, Inc. (b) | | | 108,671 | |
| | 464 | | | Kaman Corp. | | | 27,589 | |
| | 1,339 | | | Lawson Products, Inc. | | | 51,859 | |
| | 1,515 | | | MRC Global, Inc. (b) | | | 18,377 | |
| | 650 | | | MSC Industrial Direct Co., Inc. - Class A | | | 47,145 | |
| | 1,978 | | | NOW, Inc. (b) | | | 22,688 | |
| | 672 | | | Rush Enterprises, Inc. - Class A (b) | | | 25,926 | |
| | 588 | | | Rush Enterprises, Inc. - Class B (b) | | | 23,479 | |
| | 1,051 | | | SiteOne Landscape Supply, Inc. (a)(b) | | | 77,795 | |
See notes to financial statements.
68
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Trading Companies & Distributors (Continued) | | | | |
| | 1,325 | | | Systemax, Inc. (b) | | $ | 29,163 | |
| | 1,280 | | | Titan Machinery, Inc. (b) | | | 18,355 | |
| | 558 | | | Triton International, Ltd. | | | 18,883 | |
| | 1,863 | | | Univar, Inc. (b) | | | 38,676 | |
| | 2,053 | | | Veritiv Corp. (b) | | | 37,118 | |
| | 364 | | | Watsco, Inc. - Class A (a) | | | 61,582 | |
| | 577 | | | WESCO International, Inc. (b) | | | 27,563 | |
| | 368 | | | Willis Lease Finance Corp. (b) | | | 20,380 | |
| | | | | | |
|
|
|
| | | | | | | | 1,013,706 | |
| | | | | | |
|
|
|
| | | | | Transportation Infrastructure - 0.03% | | | | |
| | 456 | | | Macquarie Infrastructure Corp. | | | 17,998 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.27% | | | | |
| | 303 | | | American States Water Co. | | | 27,228 | |
| | 1,016 | | | Aqua America, Inc. (a) | | | 45,547 | |
| | 817 | | | AquaVenture Holdings, Ltd. (b) | | | 15,874 | |
| | 374 | | | California Water Service Group | | | 19,796 | |
| | 1,705 | | | Consolidated Water Co., Ltd. - Ordinary Shares | | | 28,115 | |
| | 318 | | | Middlesex Water Co. | | | 20,657 | |
| | 192 | | | SJW Group | | | 13,112 | |
| | | | | | |
|
|
|
| | | | | | | | 170,329 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.13% | | | | |
| | 443 | | | Shenandoah Telecommunications Co. | | | 14,074 | |
| | 1,576 | | | Telephone & Data Systems, Inc. | | | 40,661 | |
| | 716 | | | United States Cellular Corp. (b) | | | 26,907 | |
| | | | | | |
|
|
|
| | | | | | | | 81,642 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $44,675,714) | | | 56,722,248 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.30% | | | | |
| | | | | Exchange Traded Funds - 3.30% | | | | |
| | 18,181 | | | Vanguard Extended Market ETF | | | 2,114,996 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $1,833,465) | | | 2,114,996 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 7.67% | | | | |
| | 638 | | | Acadia Realty Trust (a) | | | 18,234 | |
| | 1,777 | | | AG Mortgage Investment Trust, Inc. | | | 26,922 | |
| | 2,040 | | | AGNC Investment Corp. | | | 32,824 | |
| | 242 | | | Agree Realty Corp. | | | 17,702 | |
| | 1,834 | | | Alexander & Baldwin, Inc. (a) | | | 44,951 | |
| | 446 | | | American Assets Trust, Inc. | | | 20,846 | |
| | 702 | | | American Campus Communities, Inc. | | | 33,752 | |
| | 2,911 | | | American Homes 4 Rent - Class A | | | 75,366 | |
| | 876 | | | Americold Realty Trust | | | 32,473 | |
| | 788 | | | Apartment Investment & Management Co. - Class A | | | 41,086 | |
| | 1,662 | | | Apollo Commercial Real Estate Finance, Inc. (a) | | | 31,861 | |
| | 2,890 | | | Apple Hospitality REIT, Inc. | | | 47,916 | |
| | 1,064 | | | Ares Commercial Real Estate Corp. | | | 16,205 | |
| | 1,648 | | | Armada Hoffler Properties, Inc. | | | 29,812 | |
| | 13,096 | | | Ashford Hospitality Trust, Inc. (b) | | | 43,348 | |
| | 1,124 | | | Blackstone Mortgage Trust, Inc. - Class A | | | 40,295 | |
| | 3,127 | | | Bluerock Residential Growth REIT, Inc. | | | 36,805 | |
| | 4,005 | | | Braemar Hotels & Resorts, Inc. | | | 37,607 | |
| | 1,670 | | | Brandywine Realty Trust | | | 25,300 | |
| | 3,330 | | | Brixmor Property Group, Inc. (a) | | | 67,566 | |
| | 2,774 | | | BRT Apartments Corp. | | | 40,445 | |
| | 814 | | | Camden Property Trust | | | 90,362 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | 1,746 | | | Capstead Mortgage Corp. | | $ | 12,833 | |
| | 849 | | | CareTrust REIT, Inc. | | | 19,956 | |
| | 46,573 | | | CBL & Associates Properties, Inc. (a) | | | 60,079 | |
| | 14,231 | | | Cedar Shopping Centers, Inc. | | | 42,693 | |
| | 2,004 | | | Chatham Lodging Trust | | | 36,373 | |
| | 4,404 | | | Chimera Investment Corp. (a) | | | 86,142 | |
| | 1,569 | | | Clipper Realty, Inc. | | | 15,988 | |
| | 8,424 | | | Colony Capital, Inc. - Class A (a) | | | 50,712 | |
| | 840 | | | Columbia Property Trust, Inc. | | | 17,766 | |
| | 378 | | | Community Healthcare Trust, Inc. | | | 16,840 | |
| | 879 | | | CoreCivic, Inc. | | | 15,189 | |
| | 467 | | | CorEnergy Infrastructure Trust, Inc. | | | 22,052 | |
| | 3,561 | | | CorePoint Lodging, Inc. (a) | | | 36,002 | |
| | 123 | | | CoreSite Realty Corp. | | | 14,988 | |
| | 1,170 | | | Corporate Office Properties Trust | | | 34,843 | |
| | 1,543 | | | Cousins Properties, Inc. | | | 58,001 | |
| | 926 | | | CubeSmart (a) | | | 32,317 | |
| | 475 | | | CyrusOne, Inc. | | | 37,572 | |
| | 3,461 | | | DiamondRock Hospitality Co. (a)(b) | | | 35,475 | |
| | 694 | | | Douglas Emmett, Inc. | | | 29,724 | |
| | 2,282 | | | Duke Realty Corp. | | | 77,520 | |
| | 1,084 | | | Easterly Government Properties, Inc. | | | 23,089 | |
| | 225 | | | EastGroup Properties, Inc. | | | 28,129 | |
| | 733 | | | Ellington Financial, Inc. | | | 13,245 | |
| | 2,068 | | | Empire State Realty Trust, Inc. - Class A | | | 29,510 | |
| | 611 | | | EPR Properties | | | 46,961 | |
| | 920 | | | Equity Commonwealth | | | 31,510 | |
| | 449 | | | Equity LifeStyle Properties, Inc. | | | 59,986 | |
| | 683 | | | Essential Properties Realty Trust, Inc. | | | 15,647 | |
| | 1,749 | | | Exantas Capital Corp. | | | 19,886 | |
| | 1,976 | | | Farmland Partners, Inc. | | | 13,200 | |
| | 660 | | | First Industrial Realty Trust, Inc. | | | 26,110 | |
| | 633 | | | Four Corners Property Trust, Inc. | | | 17,901 | |
| | 3,899 | | | Franklin Street Properties Corp. | | | 32,986 | |
| | 1,014 | | | Gaming and Leisure Properties, Inc. | | | 38,775 | |
| | 588 | | | Getty Realty Corp. | | | 18,851 | |
| | 1,216 | | | Gladstone Commercial Corp. | | | 28,576 | |
| | 1,296 | | | Global Medical REIT, Inc. | | | 14,774 | |
| | 689 | | | Global Net Lease, Inc. | | | 13,435 | |
| | 986 | | | Granite Point Mortgage Trust, Inc. | | | 18,478 | |
| | 1,900 | | | Great Ajax Corp. | | | 29,450 | |
| | 744 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 21,688 | |
| | 596 | | | Healthcare Realty Trust, Inc. | | | 19,966 | |
| | 924 | | | Healthcare Trust of America, Inc. - Class A | | | 27,147 | |
| | 2,234 | | | Hersha Hospitality Trust | | | 33,242 | |
| | 715 | | | Highwoods Properties, Inc. | | | 32,132 | |
| | 853 | | | Hudson Pacific Properties, Inc. | | | 28,541 | |
| | 1,211 | | | Independence Realty Trust, Inc. | | | 17,329 | |
| | 325 | | | Innovative Industrial Properties, Inc. (a) | | | 30,020 | |
| | 1,917 | | | Invesco Mortgage Capital, Inc. | | | 29,349 | |
| | 180 | | | Investors Real Estate Trust | | | 13,441 | |
| | 1,349 | | | Iron Mountain, Inc. | | | 43,694 | |
| | 1,061 | | | iStar Financial, Inc. (a)(b) | | | 13,846 | |
| | 508 | | | JBG SMITH Properties | | | 19,919 | |
| | 858 | | | Jernigan Capital, Inc. | | | 16,517 | |
| | 675 | | | Kilroy Realty Corp. | | | 52,576 | |
| | 2,823 | | | Kimco Realty Corp. | | | 58,944 | |
| | 2,528 | | | Kite Realty Group Trust | | | 40,827 | |
| | 975 | | | KKR Real Estate Finance Trust, Inc. (a) | | | 19,042 | |
See notes to financial statements.
69
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | 1,490 | | | Ladder Capital Corp. | | $ | 25,732 | |
| | 417 | | | Lamar Advertising Co. - Class A | | | 34,165 | |
| | 1,555 | | | Lexington Realty Trust | | | 15,939 | |
| | 1,444 | | | Liberty Property Trust | | | 74,121 | |
| | 240 | | | Life Storage, Inc. (a) | | | 25,298 | |
| | 700 | | | LTC Properties, Inc. | | | 35,854 | |
| | 2,003 | | | Mack-Cali Realty Corp. | | | 43,385 | |
| | 2,296 | | | Medical Properties Trust, Inc. (a) | | | 44,910 | |
| | 4,941 | | | MFA Financial, Inc. | | | 36,366 | |
| | 215 | | | National Health Investors, Inc. | | | 17,714 | |
| | 874 | | | National Retail Properties, Inc. | | | 49,294 | |
| | 1,144 | | | National Storage Affiliates Trust | | | 38,175 | |
| | 3,864 | | | New Residential Investment Corp. | | | 60,588 | |
| | 3,851 | | | New Senior Investment Group, Inc. | | | 25,725 | |
| | 2,931 | | | New York Mortgage Trust, Inc. | | | 17,850 | |
| | 399 | | | NexPoint Residential Trust, Inc. | | | 18,657 | |
| | 733 | | | Office Properties Income Trust | | | 22,459 | |
| | 2,156 | | | Omega Healthcare Investors, Inc. (a)(b) | | | 90,099 | |
| | 678 | | | One Liberty Properties, Inc. | | | 18,665 | |
| | 824 | | | Outfront Media, Inc. | | | 22,891 | |
| | 2,344 | | | Paramount Group, Inc. | | | 31,292 | |
| | 2,084 | | | Park Hotels & Resorts, Inc. | | | 52,037 | |
| | 1,395 | | | Pebblebrook Hotel Trust (a) | | | 38,809 | |
| | 5,873 | | | Pennsylvania Real Estate Investment Trust (a) | | | 33,594 | |
| | 1,237 | | | PennyMac Mortgage Investment Trust | | | 27,499 | |
| | 1,062 | | | Physicians Realty Trust | | | 18,851 | |
| | 1,695 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 35,392 | |
| | 2,057 | | | Preferred Apartment Communities, Inc. - Class A | | | 29,724 | |
| | 125 | | | PS Business Parks, Inc. | | | 22,744 | |
| | 576 | | | QTS Realty Trust, Inc. - Class A | | | 29,612 | |
| | 1,227 | | | Ready Capital Corp. (a) | | | 19,534 | |
| | 1,695 | | | Redwood Trust, Inc. | | | 27,815 | |
| | 1,174 | | | Regency Centers Corp. | | | 81,581 | |
| | 1,383 | | | Retail Opportunity Investments Corp. | | | 25,212 | |
| | 1,625 | | | Retail Properties of America, Inc. - Class A | | | 20,020 | |
| | 1,026 | | | Retail Value, Inc. | | | 38,003 | |
| | 890 | | | Rexford Industrial Realty, Inc. | | | 39,178 | |
| | 2,535 | | | RLJ Lodging Trust | | | 43,070 | |
| | 1,712 | | | RPT Realty (a) | | | 23,198 | |
| | 346 | | | Ryman Hospitality Properties, Inc. | | | 28,306 | |
| | 1,866 | | | Sabra Health Care REIT, Inc. | | | 42,843 | |
| | 2,516 | | | Senior Housing Properties Trust | | | 23,286 | |
| | 2,479 | | | Service Properties Trust | | | 63,933 | |
| | 1,446 | | | SITE Centers Corp. (a) | | | 21,849 | |
| | 241 | | | SL Green Realty Corp. | | | 19,702 | |
| | 535 | | | Spirit Realty Capital, Inc. (a) | | | 25,605 | |
| | 680 | | | STAG Industrial, Inc. | | | 20,046 | |
| | 2,407 | | | Starwood Property Trust, Inc. (a) | | | 58,298 | |
| | 1,080 | | | STORE Capital Corp. | | | 40,403 | |
| | 3,295 | | | Summit Hotel Properties, Inc. (a) | | | 38,222 | |
| | 656 | | | Sun Communities, Inc. | | | 97,383 | |
| | 3,165 | | | Sunstone Hotel Investors, Inc. | | | 43,487 | |
| | 1,474 | | | Tanger Factory Outlet Centers, Inc. (a) | | | 22,818 | |
| | 382 | | | Terreno Realty Corp. | | | 19,516 | |
| | 858 | | | The Geo Group, Inc. | | | 14,878 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | 940 | | | TPG RE Finance Trust, Inc. | | $ | 18,650 | |
| | 973 | | | Two Harbors Investment Corp. | | | 12,775 | |
| | 2,972 | | | Uniti Group, Inc. | | | 23,078 | |
| | 173 | | | Universal Health Realty Income Trust | | | 17,784 | |
| | 5,876 | | | VEREIT, Inc. | | | 57,467 | |
| | 2,648 | | | VICI Properties, Inc. (a) | | | 59,977 | |
| | 7,979 | | | Washington Prime Group, Inc. | | | 33,033 | |
| | 705 | | | Weingarten Realty Investors | | | 20,537 | |
| | 1,717 | | | Western Asset Mortgage Capital Corp. | | | 16,569 | |
| | 2,320 | | | Whitestone REIT | | | 31,923 | |
| | 1,975 | | | Xenia Hotels & Resorts, Inc. (a) | | | 41,712 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $4,469,170) | | | 4,912,594 | |
| | | | | | |
|
|
|
| | | | | RIGHTS - 0% | | | | |
| | 395 | | | Schulman, Inc. Contingent Value Right (d)(e)(f) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.36% | | | | |
| | | | | Money Market Funds - 0.36% | | | | |
| | 231,312 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (c) | | | 231,312 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $231,312) | | | 231,312 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 13.32% | |
| | 8,533,516 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (c) | | | 8,533,516 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $8,533,516) | | | 8,533,516 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $59,743,177) - 113.19% | | | 72,514,666 | |
| | | | | Liabilities in Excess of
Other Assets - (13.19)% | | | (8,450,865 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 64,063,801 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of September 30, 2019. |
| (d) | | As of September 30, 2019, the Valuation Committee has fair valued this security. The value of this security was $0, which repersents 0.00% of total net assets. |
| (e) | | Value determined using significant unobservable inputs. Classifies as Level 3 in the fair value hierarchy. |
| (f) | | These securities have been deemed illiquid to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
See notes to financial statements.
70
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 94.59% | | | | |
| | | | | Australia - 5.28% | | | | |
| | 13,112 | | | APA Group - Stapled Security (e) | | $ | 101,551 | |
| | 1,466 | | | Aristocrat Leisure, Ltd. | | | 30,310 | |
| | 3,758 | | | ASX, Ltd. | | | 205,937 | |
| | 20,619 | | | Aurizon Holdings Ltd. | | | 82,195 | |
| | 12,006 | | | Australia & New Zealand Banking Group, Ltd. | | | 230,631 | |
| | 18,160 | | | Bank of Queensland, Ltd. | | | 121,618 | |
| | 6,312 | | | Bendigo & Adelaide Bank, Ltd. | | | 48,975 | |
| | 13,408 | | | BHP Group PLC | | | 286,384 | |
| | 28,161 | | | BHP Billiton, Ltd. | | | 695,875 | |
| | 50,880 | | | BlueScope Steel, Ltd. | | | 413,267 | |
| | 14,816 | | | Brambles, Ltd. | | | 114,098 | |
| | 12,636 | | | CIMIC Group, Ltd. | | | 268,491 | |
| | 22,229 | | | Coca-Cola Amatil, Ltd. | | | 159,959 | |
| | 2,668 | | | Cochlear, Ltd. | | | 375,453 | |
| | 43,862 | | | Coles Group, Ltd. (a) | | | 456,012 | |
| | 8,606 | | | Commonwealth Bank of Australia | | | 469,453 | |
| | 1,773 | | | CSL, Ltd. | | | 280,333 | |
| | 11,826 | | | Flight Centre Travel Group, Ltd. | | | 379,844 | |
| | 23,131 | | | Fortescue Metals Group, Ltd. | | | 137,681 | |
| | 18,317 | | | Harvey Norman Holdings, Ltd. | | | 56,035 | |
| | 477 | | | Macquarie Group, Ltd. | | | 42,282 | |
| | 8,142 | | | Magellan Financial Group Ltd. | | | 283,588 | |
| | 103,275 | | | Medibank Private, Ltd. | | | 237,173 | |
| | 9,139 | | | National Australia Bank, Ltd. | | | 183,239 | |
| | 4,938 | | | Newcrest Mining, Ltd. | | | 113,948 | |
| | 5,718 | | | Origin Energy, Ltd. | | | 30,798 | |
| | 10,078 | | | QBE Insurance Group, Ltd. | | | 85,486 | |
| | 2,762 | | | REA Group, Ltd. | | | 201,922 | |
| | 6,051 | | | Santos, Ltd. | | | 31,551 | |
| | 70,217 | | | South32, Ltd. | | | 123,841 | |
| | 3,772 | | | Suncorp Group Ltd. (a) | | | 34,755 | |
| | 12,878 | | | Telstra Corp., Ltd. | | | 30,527 | |
| | 20,028 | | | Transurban Group - Stapled Security (e) | | | 198,827 | |
| | 15,504 | | | Wesfarmers, Ltd. | | | 416,559 | |
| | 10,895 | | | Westpac Banking Corp. | | | 217,602 | |
| | 27,615 | | | Woolworths, Ltd. | | | 694,894 | |
| | | | | | |
|
|
|
| | | | | | | | 7,841,094 | |
| | | | | | |
|
|
|
| | | | | Austria - 0.30% | | | | |
| | 3,203 | | | ANDRITZ AG | | | 130,892 | |
| | 6,286 | | | Raiffeisen Bank International AG | | | 145,783 | |
| | 3,104 | | | Verbund AG | | | 169,837 | |
| | | | | | |
|
|
|
| | | | | | | | 446,512 | |
| | | | | | |
|
|
|
| | | | | Belgium - 0.88% | | | | |
| | 4,996 | | | Ageas SA | | | 276,955 | |
| | 4,100 | | | Anheuser-Busch InBev SA | | | 390,237 | |
| | 5,033 | | | Colruyt SA | | | 275,721 | |
| | 2,668 | | | Proximus SADP | | | 79,277 | |
| | 689 | | | Solvay SA | | | 71,331 | |
| | 2,859 | | | UCB SA | | | 207,428 | |
| | | | | | |
|
|
|
| | | | | | | | 1,300,949 | |
| | | | | | |
|
|
|
| | | | | Canada - 9.12% | | | | |
| | 1,370 | | | Agnico Eagle Mines, Ltd. (a) | | | 73,420 | |
| | 1,699 | | | Air Canada (a) | | | 55,413 | |
| | 7,200 | | | Alimentation Couche-Tard, Inc. - Series B (a) | | | 220,644 | |
| | 6,023 | | | Bank of Montreal (a) | | | 443,616 | |
| | 7,243 | | | Barrick Gold Corp. (a) | | | 125,304 | |
| | 3,947 | | | Bausch Health Cos., Inc. (a) | | | 86,099 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Canada (Continued) | | | | |
| | 1,509 | | | BCE, Inc. | | $ | 72,987 | |
| | 3,716 | | | Brookfield Asset Management, Inc. - Class A (a) | | | 197,321 | |
| | 2,886 | | | CAE, Inc. (a) | | | 73,324 | |
| | 3,344 | | | Cameco Corp. (a) | | | 31,753 | |
| | 2,285 | | | Canadian Imperial Bank of Commerce (a) | | | 188,530 | |
| | 2,301 | | | Canadian National Railway Co. (a) | | | 206,610 | |
| | 7,214 | | | Canadian Natural Resources, Ltd. (a) | | | 191,941 | |
| | 668 | | | Canadian Pacific Railway, Ltd. (a) | | | 148,449 | |
| | 1,813 | | | Canadian Utilities Ltd. - Class A (a) | | | 53,438 | |
| | 47,861 | | | Cenovus Energy, Inc. (a) | | | 449,041 | |
| | 2,109 | | | CGI, Inc. (a) | | | 166,765 | |
| | 30,035 | | | CI Financial Corp. (a) | | | 438,221 | |
| | 704 | | | Constellation Software, Inc. (a) | | | 703,097 | |
| | 2,659 | | | Cronos Group, Inc. (a) | | | 24,024 | |
| | 4,819 | | | Dollarama, Inc. (a) | | | 172,522 | |
| | 5,200 | | | Emera, Inc. (a) | | | 228,276 | |
| | 22,966 | | | Empire Co., Ltd. - Series A (a) | | | 621,799 | |
| | 4,716 | | | Enbridge, Inc. (a) | | | 165,524 | |
| | 31,744 | | | Encana Corp. | | | 145,440 | |
| | 5,866 | | | Fortis, Inc. | | | 247,994 | |
| | 842 | | | Franco-Nevada Corp. | | | 76,723 | |
| | 2,743 | | | George Weston, Ltd. (a) | | | 230,769 | |
| | 1,531 | | | Gildan Activewear, Inc. (a) | | | 54,336 | |
| | 1,376 | | | Great-West Lifeco, Inc. | | | 33,038 | |
| | 3,321 | | | Hydro One Ltd. (a) | | | 61,389 | |
| | 5,011 | | | iA Financial Corp., Inc. (a) | | | 228,036 | |
| | 1,160 | | | IGM Financial, Inc. (a) | | | 32,939 | |
| | 7,896 | | | Imperial Oil, Ltd. (a) | | | 205,617 | |
| | 594 | | | Intact Financial Corp. (a) | | | 59,783 | |
| | 2,433 | | | Kirkland Lake Gold Ltd. (a) | | | 108,992 | |
| | 6,921 | | | Loblaw Cos., Ltd. (a) | | | 394,202 | |
| | 8,181 | | | Magna International, Inc. (a) | | | 436,081 | |
| | 8,060 | | | Manulife Financial Corp. (a) | | | 147,834 | |
| | 3,714 | | | Methanex Corp. (a) | | | 131,785 | |
| | 2,573 | | | Metro, Inc. (a) | | | 113,283 | |
| | 2,357 | | | National Bank of Canada (a) | | | 117,276 | |
| | 10,627 | | | Onex Corp. | | | 658,788 | |
| | 3,870 | | | Pembina Pipeline Corp. (a) | | | 143,455 | |
| | 9,305 | | | Power Corp. of Canada | | | 214,355 | |
| | 18,442 | | | Power Financial Corp. | | | 427,624 | |
| | 3,913 | | | Quebecor, Inc. - Class B (a) | | | 88,843 | |
| | 756 | | | Restaurant Brands International, Inc. (a) | | | 53,753 | |
| | 593 | | | Rogers Communications, Inc. - Class B | | | 28,883 | |
| | 10,640 | | | Royal Bank of Canada (a) | | | 863,102 | |
| | 1,602 | | | Saputo, Inc. (a) | | | 49,238 | |
| | 1,100 | | | Shopify, Inc. - Class A (a) | | | 342,326 | |
| | 2,779 | | | Stars Group, Inc. (a) | | | 41,595 | |
| | 716 | | | Sun Life Financial, Inc. (a) | | | 32,016 | |
| | 5,581 | | | Suncor Energy, Inc. (a) | | | 176,043 | |
| | 4,569 | | | TC Energy Corp. (a) | | | 236,580 | |
| | 23,947 | | | Teck Resources, Ltd. - Class B (a) | | | 388,256 | |
| | 810 | | | TELUS Corp. | | | 28,827 | |
| | 4,974 | | | The Bank of Nova Scotia (a) | | | 282,518 | |
| | 10,374 | | | The Toronto-Dominion Bank (a) | | | 604,892 | |
| | 3,514 | | | Thomson Reuters Corp. (a) | | | 234,868 | |
| | 833 | | | West Fraser Timber Co., Ltd. (a) | | | 33,324 | |
| | 1,869 | | | Wheaton Precious Metals Corp. (a) | | | 49,009 | |
| | 10,248 | | | WSP Global, Inc. (a) | | | 598,938 | |
| | | | | | |
|
|
|
| | | | | | | | 13,540,868 | |
| | | | | | |
|
|
|
See notes to financial statements.
71
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | China - 0.05% | | | | |
| | 108,997 | | | Yangzijiang Shipbuilding Holdings, Ltd. | | $ | 75,786 | |
| | | | | | |
|
|
|
| | | | | | | | 75,786 | |
| | | | | | |
|
|
|
| | | | | Denmark - 2.35% | | | | |
| | 524 | | | A.P. Moller - Maersk AS - Class A | | | 558,651 | |
| | 494 | | | A.P. Moller - Maersk AS - Class B | | | 558,434 | |
| | 2,193 | | | Carlsberg AS - Series B | | | 324,077 | |
| | 2,447 | | | Coloplast AS - Series B | | | 294,413 | |
| | 12,145 | | | Danske Bank AS | | | 168,966 | |
| | 968 | | | Demant AS (a) | | | 24,781 | |
| | 296 | | | DSV AS | | | 28,135 | |
| | 1,225 | | | H. Lundbeck AS | | | 40,612 | |
| | 14,194 | | | Novo Nordisk AS - Series B | | | 733,492 | |
| | 3,019 | | | Orsted AS | | | 280,642 | |
| | 3,470 | | | Pandora AS | | | 139,253 | |
| | 7,187 | | | Tryg AS | | | 205,911 | |
| | 1,810 | | | Vestas Wind Systems AS | | | 140,416 | |
| | | | | | |
|
|
|
| | | | | | | | 3,497,783 | |
| | | | | | |
|
|
|
| | | | | Finland - 0.50% | | | | |
| | 2,580 | | | Elisa OYJ | | | 133,011 | |
| | 3,286 | | | Neste OYJ | | | 108,717 | |
| | 8,530 | | | Nokia OYJ | | | 43,079 | |
| | 10,599 | | | Orion OYJ - Class B | | | 394,951 | |
| | 739 | | | Sampo OYJ - Series A | | | 29,362 | |
| | 1,089 | | | UPM-Kymmene OYJ | | | 32,157 | |
| | | | | | |
|
|
|
| | | | | | | | 741,277 | |
| | | | | | |
|
|
|
| | | | | France - 10.04% | | | | |
| | 1,843 | | | Air Liquide SA | | | 262,297 | |
| | 2,603 | | | Airbus SE | | | 337,945 | |
| | 335 | | | Arkema SA | | | 31,231 | |
| | 7,769 | | | Atos SE | | | 546,857 | |
| | 3,572 | | | AXA SA | | | 91,207 | |
| | 3,844 | | | BioMerieux | | | 317,902 | |
| | 7,222 | | | BNP Paribas SA | | | 351,112 | |
| | 90,143 | | | Bollore SA | | | 373,280 | |
| | 245 | | | Capgemini SE | | | 28,849 | |
| | 14,006 | | | Carrefour SA | | | 244,998 | |
| | 2,781 | | | Casino Guichard Perrachon SA (b) | | | 132,735 | |
| | 1,285 | | | Cie de Saint-Gobain | | | 50,363 | |
| | 328 | | | Cie Generale des Etablissements Michelin SCA | | | 36,521 | |
| | 20,289 | | | CNP Assurances | | | 392,078 | |
| | 22,956 | | | Credit Agricole SA | | | 277,856 | |
| | 4,836 | | | Danone SA | | | 425,965 | |
| | 71 | | | Dassault Aviation SA | | | 100,448 | |
| | 1,123 | | | Dassault Systemes SE | | | 159,979 | |
| | 4,614 | | | Edenred | | | 221,333 | |
| | 2,670 | | | Eiffage SA | | | 276,787 | |
| | 5,417 | | | Engie SA | | | 88,417 | |
| | 775 | | | EssilorLuxottica SA | | | 111,739 | |
| | 7,871 | | | Faurecia SA | | | 373,134 | |
| | 4,410 | | | Getlink SE | | | 66,220 | |
| | 926 | | | Hermes International | | | 639,571 | |
| | 2,203 | | | Ingenico Group SA | | | 214,718 | |
| | 3,796 | | | Ipsen SA | | | 360,114 | |
| | 1,122 | | | Kering SA | | | 571,756 | |
| | 1,168 | | | Legrand SA | | | 83,322 | |
| | 3,293 | | | L’Oreal SA | | | 920,953 | |
| | 2,607 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 1,034,356 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | France (Continued) | | | | |
| | 62,099 | | | Natixis SA | | $ | 257,287 | |
| | 1,476 | | | Pernod Ricard SA | | | 262,701 | |
| | 21,944 | | | Peugeot SA | | | 547,697 | |
| | 2,191 | | | Publicis Groupe SA | | | 107,809 | |
| | 1,406 | | | Safran SA | | | 221,376 | |
| | 7,540 | | | Sanofi-Aventis SA | | | 698,454 | |
| | 2,691 | | | Sartorius Stedim Biotech | | | 376,399 | |
| | 1,440 | | | Schneider Electric SE | | | 125,917 | |
| | 4,167 | | | SCOR SE | | | 172,045 | |
| | 1,517 | | | SEB SA | | | 230,239 | |
| | 3,128 | | | Societe BIC SA | | | 209,985 | |
| | 12,904 | | | Societe Generale SA | | | 353,469 | |
| | 8,682 | | | Suez Environnement Co. SA | | | 136,452 | |
| | 185 | | | Teleperformance | | | 40,085 | |
| | 14,585 | | | Total SA | | | 759,396 | |
| | 3,851 | | | Ubisoft Entertainment SA (a) | | | 277,622 | |
| | 12,893 | | | Valeo SA | | | 417,825 | |
| | 3,394 | | | Veolia Environnement SA | | | 85,976 | |
| | 3,508 | | | Vinci SA | | | 377,880 | |
| | 2,331 | | | Vivendi SA | | | 63,783 | |
| | 879 | | | Worldline SA (a) | | | 55,374 | |
| | | | | | |
|
|
|
| | | | | | | | 14,901,814 | |
| | | | | | |
|
|
|
| | | | | Germany - 5.88% | | | | |
| | 2,848 | | | adidas AG | | | 886,712 | |
| | 4,008 | | | Allianz SE | | | 932,953 | |
| | 444 | | | BASF SE | | | 31,044 | |
| | 5,181 | | | Bayer AG | | | 365,019 | |
| | 2,288 | | | Beiersdorf AG | | | 269,767 | |
| | 1,324 | | | Brenntag AG | | | 64,034 | |
| | 775 | | | Carl Zeiss Meditec AG | | | 88,331 | |
| | 1,449 | | | Covestro AG | | | 71,700 | |
| | 2,619 | | | Deutsche Boerse AG | | | 408,458 | |
| | 4,543 | | | Deutsche Lufthansa AG | | | 72,121 | |
| | 13,150 | | | Deutsche Post AG | | | 438,228 | |
| | 25,493 | | | Deutsche Telekom AG | | | 427,596 | |
| | 9,149 | | | E.ON SE | | | 88,952 | |
| | 897 | | | Fresenius Medical Care AG & Co. KGaA | | | 60,279 | |
| | 2,230 | | | Fresenius SE & Co. KGaA | | | 104,321 | |
| | 1,995 | | | Hannover Rueck SE | | | 337,175 | |
| | 2,533 | | | HeidelbergCement AG | | | 183,010 | |
| | 1,149 | | | HPCHTIEF AG | | | 130,941 | |
| | 7,809 | | | HUGO BOSS AG | | | 418,086 | |
| | 6,028 | | | Innogy SE | | | 293,362 | |
| | 1,772 | | | KION Group AG | | | 93,188 | |
| | 2,052 | | | Knorr-Bremse AG | | | 192,883 | |
| | 1,714 | | | Merck KGaA | | | 193,082 | |
| | 6,968 | | | METRO AG | | | 109,930 | |
| | 500 | | | MTU Aero Engines AG | | | 132,859 | |
| | 1,334 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 344,571 | |
| | 6,180 | | | Puma SE | | | 478,183 | |
| | 12,311 | | | RWE AG | | | 384,752 | |
| | 4,888 | | | SAP SE | | | 575,189 | |
| | 764 | | | Siemens AG | | | 81,783 | |
| | 1,063 | | | Siemens Healthineers AG | | | 41,800 | |
| | 314 | | | Symrise AG | | | 30,524 | |
| | 1,008 | | | Vonovia SE | | | 51,141 | |
| | 7,765 | | | Zalando SE (a) | | | 354,545 | |
| | | | | | |
|
|
|
| | | | | | | | 8,736,519 | |
| | | | | | |
|
|
|
See notes to financial statements.
72
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Hong Kong - 2.91% | | | | |
| | 86,864 | | | AIA Group, Ltd. | | $ | 819,219 | |
| | 2,563 | | | ASM Pacific Technology, Ltd. | | | 31,272 | |
| | 19,890 | | | BOC Hong Kong Holdings, Ltd. | | | 67,491 | |
| | 40,709 | | | CK Hutchison Holdings, Ltd. | | | 359,385 | |
| | 34,271 | | | Dairy Farm International Holdings, Ltd. | | | 215,999 | |
| | 31,245 | | | Hang Lung Properties Ltd. | | | 70,910 | |
| | 7,526 | | | Hang Seng Bank, Ltd. | | | 162,167 | |
| | 30,666 | | | HK Electric Investments & HK Electric Investments, Ltd. - Stapled Security | | | 29,227 | |
| | 131,213 | | | HKT Trust and HKT, Ltd. | | | 208,146 | |
| | 14,402 | | | Hong Kong Exchange & Clearing, Ltd. | | | 422,123 | |
| | 1,075 | | | Jardine Strategic Holdings, Ltd. | | | 32,155 | |
| | 80,389 | | | Kerry Properties, Ltd. | | | 247,527 | |
| | 13,340 | | | MTR Corp., Ltd. | | | 74,813 | |
| | 23,548 | | | New World Development Co., Ltd. | | | 30,581 | |
| | 40,210 | | | NWS Holdings, Ltd. | | | 62,280 | |
| | 98,281 | | | Shangri-La Asia, Ltd. | | | 100,172 | |
| | 31,080 | | | SJM Holdings, Ltd. | | | 29,517 | |
| | 3,581 | | | Sun Hung Kai Properties, Ltd. | | | 51,462 | |
| | 35,442 | | | Swire Pacific, Ltd. - Class A | | | 329,869 | |
| | 21,296 | | | Techtronic Industries Co., Ltd. | | | 148,224 | |
| | 29,706 | | | The Bank of East Asia, Ltd. | | | 73,163 | |
| | 117,235 | | | The Hong Kong and China Gas Co., Ltd. | | | 228,506 | |
| | 120,957 | | | Vitasoy International Holdings Ltd. | | | 490,292 | |
| | 36,498 | | | WH Group, Ltd. | | | 32,686 | |
| | | | | | |
|
|
|
| | | | | | | | 4,317,186 | |
| | | | | | |
|
|
|
| | | | | Ireland - 0.69% | | | | |
| | 1,417 | | | CRH PLC | | | 48,637 | |
| | 704 | | | DCC PLC (a) | | | 61,399 | |
| | 18,270 | | | Experian PLC | | | 584,256 | |
| | 246 | | | Kerry Group PLC - Series A | | | 28,750 | |
| | 643 | | | Kingspan Group PLC | | | 31,413 | |
| | 8,939 | | | Smurfit Kappa Group Plc | | | 265,810 | |
| | | | | | |
|
|
|
| | | | | | | | 1,020,265 | |
| | | | | | |
|
|
|
| | | | | Israel - 0.46% | | | | |
| | 782 | | | Azrieli Group, Ltd. | | | 61,624 | |
| | 11,528 | | | Bank LeumiLe-Israel BM | | | 82,077 | |
| | 321 | | | CyberArk Software, Ltd. (a)(b) | | | 32,042 | |
| | 1 | | | International Flavors & Fragrances, Inc. | | | 68 | |
| | 1,961 | | | Mizrahi Tefahot Bank, Ltd. (a) | | | 48,728 | |
| | 713 | | | Nice, Ltd. (a) | | | 102,764 | |
| | 42,738 | | | Teva Pharmaceutical Industries, Ltd. - ADR (b) | | | 294,038 | |
| | 587 | | | Wix.com, Ltd. (a) | | | 68,526 | |
| | | | | | |
|
|
|
| | | | | | | | 689,867 | |
| | | | | | |
|
|
|
| | | | | Italy - 3.27% | | | | |
| | 23,456 | | | Assicurazioni Generali SpA | | | 454,572 | |
| | 2,326 | | | Atlantia SpA | | | 56,214 | |
| | 3,131 | | | Davide Campari-Milano SpA | | | 28,282 | |
| | 52,665 | | | Enel SpA | | | 393,372 | |
| | 25,162 | | | Eni SpA | | | 384,597 | |
| | 1,663 | | | Ferrari NV | | | 256,624 | |
| | 14,455 | | | FinecoBank Banca Fineco SpA | | | 152,935 | |
| | 24,327 | | | Intesa Sanpaolo SpA | | | 57,626 | |
| | 2,398 | | | Leonardo SpA | | | 28,189 | |
| | 9,784 | | | Moncler SpA | | | 348,736 | |
| | 50,219 | | | Poste Italiane SpA | | | 570,846 | |
| | 4,911 | | | Prysmian SpA | | | 105,452 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Italy (Continued) | | | | |
| | 5,776 | | | Recordati SpA | | $ | 247,726 | |
| | 37,023 | | | Snam SpA | | | 187,012 | |
| | 920,834 | | | Telecom Italia SpA | | | 525,786 | |
| | 950,413 | | | Telecom Italia SpA - Savings Shares | | | 519,877 | |
| | 29,042 | | | Terna Rete Elettrica Nazionale SpA | | | 186,529 | |
| | 29,919 | | | UniCredit SpA | | | 352,657 | |
| | | | | | |
|
|
|
| | | | | | | | 4,857,032 | |
| | | | | | |
|
|
|
| | | | | Japan - 20.79% | | | | |
| | 2,731 | | | ABC-Mart, Inc. | | | 173,604 | |
| | 4,286 | | | Advantest Corp. | | | 191,061 | |
| | 11,775 | | | Alfresa Holdings Corp. | | | 263,834 | |
| | 11,332 | | | Asahi Intecc Co., Ltd. | | | 298,979 | |
| | 26,074 | | | Astellas Pharma, Inc. | | | 372,967 | |
| | 6,176 | | | Bandai Namco Holdings, Inc. | | | 385,120 | |
| | 1,770 | | | Bridgestone Corp. | | | 68,881 | |
| | 13,851 | | | Brother Industries, Ltd. | | | 252,389 | |
| | 8,166 | | | Calbee, Inc. | | | 254,723 | |
| | 1,130 | | | Canon, Inc. | | | 30,219 | |
| | 2,104 | | | Casio Computer Co., Ltd. | | | 32,743 | |
| | 166 | | | Central Japan Railway Co. | | | 34,231 | |
| | 2,761 | | | Chugai Pharmaceutical Co., Ltd. | | | 215,764 | |
| | 7,429 | | | Coca-Cola Bottlers Japan, Inc. | | | 167,049 | |
| | 25,122 | | | Credit Saison Co., Ltd. | | | 338,759 | |
| | 6,659 | | | CyberAgent, Inc. | | | 256,686 | |
| | 1,357 | | | Dai Nippon Printing Co., Ltd. | | | 35,202 | |
| | 22,059 | | | Dai-ichi Life Holdings, Inc. | | | 335,361 | |
| | 3,825 | | | Daiichi Sankyo Co., Ltd. | | | 241,699 | |
| | 398 | | | Daikin Industries, Ltd. | | | 52,492 | |
| | 3,348 | | | Eisai Co., Ltd. | | | 171,039 | |
| | 14,548 | | | Electric Power Development Co., Ltd. | | | 332,576 | |
| | 1,273 | | | FamilyMart UNY Holdings Co., Ltd. | | | 31,104 | |
| | 923 | | | Fast Retailing Co., Ltd. | | | 550,615 | |
| | 2,511 | | | Fuji Electric Co., Ltd. | | | 77,423 | |
| | 7,032 | | | FUJIFILM Holdings Corp. | | | 309,763 | |
| | 1,512 | | | Fujitsu, Ltd. | | | 121,520 | |
| | 4,018 | | | Fukuoka Financial Group, Inc. | | | 76,255 | |
| | 1,067 | | | GMO Payment Gateway, Inc. | | | 71,621 | |
| | 4,154 | | | Hakuhodo DY Holdings, Inc. | | | 60,360 | |
| | 321 | | | Hikari Tsushin, Inc. | | | 69,639 | |
| | 10,543 | | | Hitachi, Ltd. | | | 394,838 | |
| | 18,632 | | | Honda Motor Co., Ltd. | | | 487,869 | |
| | 7,500 | | | Hoya Corp. | | | 614,272 | |
| | 14,109 | | | Idemitsu Kosan Co., Ltd. | | | 400,306 | |
| | 11,245 | | | Isuzu Motors, Ltd. | | | 124,565 | |
| | 22,535 | | | ITOCHU Corp. | | | 466,782 | |
| | 3,120 | | | Itochu Techno-Solutions Corp. | | | 82,873 | |
| | 8,946 | | | J Front Retailing Co., Ltd. | | | 105,105 | |
| | 29,115 | | | Japan Post Holdings Co., Ltd. | | | 268,661 | |
| | 21,761 | | | JTEKT Corp. | | | 251,320 | |
| | 75,756 | | | JXTG Holdings, Inc. | | | 346,277 | |
| | 19,719 | | | Kakaku.com, Inc. | | | 487,128 | |
| | 1,931 | | | Kamigumi Co., Ltd. | | | 43,865 | |
| | 2,539 | | | Kao Corp. | | | 188,335 | |
| | 8,368 | | | Kawasaki Heavy Industries, Ltd. | | | 186,578 | |
| | 20,039 | | | KDDI Corp. | | | 522,873 | |
| | 1,832 | | | Keihan Electric Railway Co., Ltd. | | | 81,631 | |
| | 3,274 | | | Keio Corp. | | | 204,433 | |
| | 1,366 | | | Keisei Electric Railway Co., Ltd. | | | 56,393 | |
| | 131 | | | Keyence Corp. | | | 81,542 | |
See notes to financial statements.
73
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Japan (Continued) | | | | |
| | 3,892 | | | Kikkoman Corp. | | $ | 186,717 | |
| | 2,480 | | | Kintetsu Group Holdings Co., Ltd. | | | 129,452 | |
| | 1,328 | | | Kobayashi Pharmaceutical Co., Ltd. | | | 101,420 | |
| | 5,238 | | | Konica Minolta, Inc. | | | 36,648 | |
| | 2,291 | | | Kose Corp. | | | 388,987 | |
| | 1,649 | | | Lawson, Inc. | | | 84,438 | |
| | 1,143 | | | LINE Corp. (a) | | | 41,017 | |
| | 7,425 | | | Lion Corp. | | | 146,885 | |
| | 1,384 | | | M3, Inc. | | | 33,493 | |
| | 60,169 | | | Marubeni Corp. | | | 401,265 | |
| | 3,497 | | | Mazda Motor Corp. | | | 31,345 | |
| | 60,790 | | | Mebuki Financial Group, Inc. | | | 150,330 | |
| | 24,857 | | | Medipal Holdings Corp. | | | 554,864 | |
| | 2,262 | | | MEIJI Holdings Co., Ltd. | | | 165,459 | |
| | 10,948 | | | MISUMI Group, Inc. | | | 259,340 | |
| | 42,856 | | | Mitsubishi Chemical Holdings Corp. | | | 307,166 | |
| | 14,823 | | | Mitsubishi Corp. | | | 364,985 | |
| | 3,234 | | | Mitsubishi Gas Chemical Co., Inc. | | | 43,497 | |
| | 6,336 | | | Mitsubishi Heavy Industries, Ltd. | | | 249,058 | |
| | 11,571 | | | Mitsubishi Materials Corp. | | | 313,673 | |
| | 87,391 | | | Mitsubishi UFJ Financial Group, Inc. | | | 445,070 | |
| | 43,200 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 250,576 | |
| | 1,876 | | | Mitsui & Co., Ltd. | | | 30,816 | |
| | 9,672 | | | Mitsui Chemicals, Inc. | | | 217,903 | |
| | 12,148 | | | MonotaRO Co., Ltd. | | | 320,442 | |
| | 3,269 | | | MS&AD Insurance Group Holdings, Inc. | | | 106,256 | |
| | 700 | | | Murata Manufacturing Co., Ltd. | | | 33,927 | |
| | 15,814 | | | Nippon Electric Glass Co., Ltd. | | | 353,594 | |
| | 19,717 | | | Nippon Telegraph & Telephone Corp. | | | 943,334 | |
| | 694 | | | Nissan Chemical Industries, Ltd. | | | 29,058 | |
| | 1,636 | | | Nitori Holdings Co., Ltd. | | | 240,082 | |
| | 14,612 | | | Nomura Real Estate Holdings, Inc. | | | 316,753 | |
| | 3,294 | | | NTT Data Corp. | | | 42,751 | |
| | 21,620 | | | NTT DOCOMO, Inc. | | | 552,059 | |
| | 471 | | | Obic Co., Ltd. | | | 53,973 | |
| | 55,751 | | | Oji Holdings Corp. | | | 261,750 | |
| | 25,392 | | | Olympus Corp. | | | 344,008 | |
| | 3,479 | | | Omron Corp. | | | 191,711 | |
| | 341 | | | Oracle Corp. | | | 29,727 | |
| | 1,827 | | | Oriental Land Co., Ltd. | | | 278,463 | |
| | 16,144 | | | ORIX Corp. | | | 241,498 | |
| | 1,432 | | | Park24 Co., Ltd. | | | 33,267 | |
| | 1,464 | | | PeptiDream, Inc. (a) | | | 69,978 | |
| | 12,379 | | | Persol Holdings Co., Ltd. | | | 235,286 | |
| | 7,979 | | | Pigeon Corp. | | | 330,385 | |
| | 15,657 | | | Pola Orbis Holdings, Inc. | | | 352,963 | |
| | 19,647 | | | Rakuten, Inc. | | | 194,752 | |
| | 18,376 | | | Recruit Holdings Co., Ltd. | | | 561,451 | |
| | 4,699 | | | Renesas Electronics Corp. (a) | | | 30,794 | |
| | 42,166 | | | Resona Holdings, Inc. | | | 181,446 | |
| | 22,390 | | | Ryohin Keikaku Co., Ltd. | | | 419,737 | |
| | 4,071 | | | Seiko Epson Corp. | | | 57,826 | |
| | 4,018 | | | Seven & i Holdings Co., Ltd. - Series A | | | 153,991 | |
| | 1,097 | | | SG Holdings Co., Ltd. | | | 26,883 | |
| | 1,181 | | | Shimadzu Corp. | | | 30,029 | |
| | 376 | | | Shimamura Co., Ltd. | | | 29,872 | |
| | 13,619 | | | Shinsei Bank, Ltd. | | | 199,140 | |
| | 548 | | | Shionogi & Co., Ltd. | | | 30,553 | |
| | 5,997 | | | Shiseido Co., Ltd. | | | 481,314 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | | | | |
| | 7,774 | | | Showa Denko KK | | $ | 205,146 | |
| | 4,229 | | | SoftBank Group Corp. | | | 166,878 | |
| | 6,013 | | | Sony Corp. | | | 355,417 | |
| | 5,409 | | | Sony Financial Holdings, Inc. | | | 117,776 | |
| | 14,285 | | | Sumitomo Corp. | | | 223,638 | |
| | 14,852 | | | Sumitomo Dainippon Pharma Co., Ltd. | | | 245,732 | |
| | 10,559 | | | Sumitomo Mitsui Financial Group, Inc. | | | 362,830 | |
| | 3,044 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 110,229 | |
| | 781 | | | Sumitomo Realty & Development Co., Ltd. | | | 29,816 | |
| | 9,167 | | | Sundrug Co., Ltd. | | | 289,250 | |
| | 5,284 | | | Suzuken Co., Ltd. | | | 284,436 | |
| | 761 | | | Suzuki Motor Corp. | | | 32,418 | |
| | 2,855 | | | Sysmex Corp. | | | 191,805 | |
| | 5,391 | | | T&D Holdings, Inc. | | | 57,607 | |
| | 5,040 | | | Taiheiyo Cement Corp. | | | 135,432 | |
| | 422 | | | Taisho Pharmaceutical Holdings Co., Ltd. | | | 30,857 | |
| | 4,696 | | | Taiyo Nippon Sanso Corp. | | | 95,447 | |
| | 1,633 | | | Teijin, Ltd. | | | 31,520 | |
| | 2,901 | | | Terumo Corp. | | | 93,871 | |
| | 12,798 | | | The Yokohama Rubber Co., Ltd. | | | 257,199 | |
| | 6,545 | | | Toho Co., Ltd. | | | 287,292 | |
| | 2,168 | | | Toho Gas Co., Ltd. | | | 83,147 | |
| | 3,662 | | | Tokio Marine Holdings, Inc. | | | 196,456 | |
| | 2,261 | | | Tokyo Century Corp. | | | 105,149 | |
| | 6,166 | | | Tokyo Electric Power Co. Holdings, Inc. | | | 30,241 | |
| | 997 | | | Tokyo Electron, Ltd. | | | 191,547 | |
| | 9,340 | | | Toyota Motor Corp. | | | 627,277 | |
| | 11,648 | | | Toyota Tsusho Corp. | | | 378,067 | |
| | 2,510 | | | Tsuruha Holdings, Inc. | | | 274,101 | |
| | 956 | | | Unicharm Corp. | | | 30,386 | |
| | 6,750 | | | Welcia Holdings Co., Ltd. | | | 341,136 | |
| | 949 | | | West Japan Railway Co. | | | 80,296 | |
| | 16,484 | | | Yamada Denki Co., Ltd. | | | 79,871 | |
| | 680 | | | Yamaha Corp. | | | 30,658 | |
| | 7,371 | | | Yamato Holdings Co., Ltd. | | | 111,362 | |
| | 14,860 | | | Yamazaki Baking Co., Ltd. | | | 265,798 | |
| | 1,617 | | | Yokogawa Electric Corp. | | | 29,714 | |
| | 19,228 | | | ZOZO, Inc. (b) | | | 445,398 | |
| | | | | | |
|
|
|
| | | | | | | | 30,867,981 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.44% | | | | |
| | 36,672 | | | ArcelorMittal | | | 515,916 | |
| | 2,235 | | | RTL Group SA | | | 107,462 | |
| | 1,821 | | | SES SA | | | 33,192 | |
| | | | | | |
|
|
|
| | | | | | | | 656,570 | |
| | | | | | |
|
|
|
| | | | | Macau - 0.11% | | | | |
| | 8,793 | | | Sands China, Ltd. | | | 39,733 | |
| | 60,551 | | | Wynn Macau, Ltd. | | | 117,994 | |
| | | | | | |
|
|
|
| | | | | | | | 157,727 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 4.16% | | | | |
| | 7,600 | | | ABN AMRO Group NV | | | 133,885 | |
| | 62,449 | | | Aegon NV | | | 259,360 | |
| | 977 | | | Akzo Nobel NV | | | 87,054 | |
| | 2,270 | | | ASML Holding NV | | | 562,992 | |
| | 2,774 | | | Exor NV | | | 185,784 | |
| | 2,702 | | | Heineken Holding NV | | | 268,822 | |
| | 582 | | | Heineken NV | | | 62,863 | |
| | 23,240 | | | ING Groep NV | | | 242,783 | |
| | 24,414 | | | Koninklijke Ahold Delhaize NV | | | 610,539 | |
See notes to financial statements.
74
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Netherlands (Continued) | | | | |
| | 1,570 | | | Koninklijke DSM NV | | $ | 189,000 | |
| | 10,063 | | | Koninklijke KPN NV | | | 31,361 | |
| | 9,584 | | | Koninklijke Philips NV | | | 442,869 | |
| | 12,466 | | | NN Group NV | | | 441,779 | |
| | 2,454 | | | NXP Semiconductors NV (b) | | | 267,781 | |
| | 4,095 | | | Qiagen NV (a) | | | 134,106 | |
| | 5,342 | | | Randstad Holding NV | | | 262,272 | |
| | 30,643 | | | Royal Dutch Shell PLC - Class A | | | 898,692 | |
| | 24,323 | | | Royal Dutch Shell PLC - Class B | | | 718,873 | |
| | 5,244 | | | Wolters Kluwer NV | | | 382,630 | |
| | | | | | |
|
|
|
| | | | | | | | 6,183,445 | |
| | | | | | |
|
|
|
| | | | | New Zealand - 0.36% | | | | |
| | 6,669 | | | a2 Milk Co., Ltd. (a) | | | 55,411 | |
| | 32,707 | | | Auckland International Airport, Ltd. | | | 187,541 | |
| | 2,799 | | | Fisher & Paykel Healthcare Corp., Ltd. | | | 30,369 | |
| | 70,222 | | | Meridian Energy, Ltd. | | | 228,705 | |
| | 10,544 | | | Spark New Zealand, Ltd. | | | 29,123 | |
| | | | | | |
|
|
|
| | | | | | | | 531,149 | |
| | | | | | |
|
|
|
| | | | | Norway - 0.68% | | | | |
| | 4,844 | | | Equinor ASA | | | 91,756 | |
| | 18,834 | | | Gjensidige Forsikring ASA | | | 373,523 | |
| | 5,812 | | | Mowi ASA | | | 134,241 | |
| | 8,709 | | | Schibsted ASA - Class B | | | 244,235 | |
| | 8,607 | | | Telenor ASA | | | 172,690 | |
| | | | | | |
|
|
|
| | | | | | | | 1,016,445 | |
| | | | | | |
|
|
|
| | | | | Portugal - 0.29% | | | | |
| | 57,588 | | | EDP - Energias de Portugal SA | | | 223,490 | |
| | 12,156 | | | Jeronimo Martins SGPS SA | | | 204,995 | |
| | | | | | |
|
|
|
| | | | | | | | 428,485 | |
| | | | | | |
|
|
|
| | | | | Russia - 0.22% | | | | |
| | 56,712 | | | Evraz PLC | | | 326,408 | |
| | | | | | |
|
|
|
| | | | | | | | 326,408 | |
| | | | | | |
|
|
|
| | | | | Singapore - 1.66% | | | | |
| | 66,562 | | | ComfortDelGro Corp., Ltd. | | | 115,649 | |
| | 18,480 | | | DBS Group Holdings, Ltd. | | | 334,324 | |
| | 2,467,902 | | | Golden Agri-Resources, Ltd. | | | 401,688 | |
| | 11,947 | | | Jardine Cycle & Carriage, Ltd. | | | 259,474 | |
| | 28,520 | | | Oversea-Chinese Banking Corp., Ltd. | | | 224,207 | |
| | 99,178 | | | Singapore Exchange, Ltd. | | | 608,461 | |
| | 12,204 | | | Singapore Technologies Engineering Ltd. | | | 33,924 | |
| | 16,222 | | | United Overseas Bank, Ltd. | | | 301,486 | |
| | 67,321 | | | Wilmar International, Ltd. | | | 181,698 | |
| | | | | | |
|
|
|
| | | | | | | | 2,460,911 | |
| | | | | | |
|
|
|
| | | | | South Africa - 0.09% | | | | |
| | 25,582 | | | Investec PLC | | | 131,603 | |
| | | | | | |
|
|
|
| | | | | | | | 131,603 | |
| | | | | | |
|
|
|
| | | | | Spain - 2.71% | | | | |
| | 6,068 | | | ACS, Actividades de Construccion y Servicios SA | | | 242,454 | |
| | 494 | | | Aena SME SA | | | 90,429 | |
| | 4,377 | | | Amadeus IT Holdings SA - Class A | | | 313,620 | |
| | 100,678 | | | Banco Bilbao Vizcaya Argentaria SA | | | 524,079 | |
| | 98,121 | | | Banco de Sabadell SA | | | 95,131 | |
| | 79,557 | | | Banco Santander SA | | | 323,704 | |
| | 2,658 | | | Cellnex Telecom SA | | | 109,785 | |
| | 8,639 | | | Endesa SA | | | 227,256 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Spain (Continued) | | | | |
| | 6,565 | | | Ferrovial SA | | $ | 189,685 | |
| | 49,237 | | | Iberdrola SA | | | 511,760 | |
| | 22,650 | | | Industria de Diseno Textil SA | | | 700,965 | |
| | 11,271 | | | Mapfre SA | | | 30,356 | |
| | 1,121 | | | Naturgy Energy Group SA | | | 29,732 | |
| | 33,142 | | | Repsol SA | | | 516,884 | |
| | 15,966 | | | Telefonica SA | | | 121,999 | |
| | | | | | |
|
|
|
| | | | | | | | 4,027,839 | |
| | | | | | |
|
|
|
| | | | | Sweden - 1.68% | | | | |
| | 8,470 | | | Atlas Copco AB - Class A | | | 260,818 | |
| | 4,153 | | | Atlas Copco AB - Class B | | | 112,459 | |
| | 2,834 | | | Epiroc AB - Class A | | | 30,693 | |
| | 2,268 | | | Essity AB | | | 66,177 | |
| | 28,370 | | | Hennes & Mauritz AB - Series B | | | 549,934 | |
| | 2,179 | | | ICA Gruppen AB | | | 100,634 | |
| | 4,173 | | | Investor AB - B Shares | | | 203,798 | |
| | 20,075 | | | Skanska AB - Class B | | | 406,421 | |
| | 4,939 | | | SKF AB - B Shares | | | 81,559 | |
| | 2,286 | | | Swedbank AB - A Shares | | | 32,922 | |
| | 12,030 | | | Swedish Match AB | | | 497,537 | |
| | 17,991 | | | Telefonaktiebolaget LM Ericsson - Series B | | | 143,682 | |
| | | | | | |
|
|
|
| | | | | | | | 2,486,634 | |
| | | | | | |
|
|
|
| | | | | Switzerland - 8.30% | | | | |
| | 5,984 | | | Adecco Group AG | | | 331,141 | |
| | 676 | | | Alcon, Inc. (a) | | | 39,431 | |
| | 1,192 | | | Baloise Holding AG | | | 213,576 | |
| | 14 | | | Barry Callebaut AG | | | 28,875 | |
| | 412 | | | Cie Financiere Richemont SA | | | 30,194 | |
| | 3,900 | | | Coca-Cola HBC AG | | | 127,375 | |
| | 8,417 | | | Credit Suisse Group AG | | | 102,966 | |
| | 2,727 | | | Dufry AG | | | 228,118 | |
| | 120 | | | Geberit AG | | | 57,346 | |
| | 70 | | | Givaudan SA | | | 195,372 | |
| | 206,203 | | | Glencore PLC | | | 621,400 | |
| | 2,472 | | | Kuehne & Nagel International AG | | | 363,761 | |
| | 1,323 | | | LafargeHolcim, Ltd. | | | 65,150 | |
| | 323 | | | Lonza Group AG | | | 109,307 | |
| | 28,038 | | | Nestle SA | | | 3,040,848 | |
| | 19,717 | | | Novartis AG | | | 1,711,179 | |
| | 438 | | | Partners Group Holding AG | | | 336,365 | |
| | 7,410 | | | Roche Holdings AG | | | 2,157,531 | |
| | 154 | | | SGS SA | | | 381,754 | |
| | 1,132 | | | Sonova Holding AG | | | 263,395 | |
| | 7,717 | | | STMicroelectronics NV | | | 149,338 | |
| | 218 | | | Straumann Holding AG | | | 178,313 | |
| | 629 | | | Swiss Life Holding AG | | | 300,725 | |
| | 1,457 | | | Swiss Re AG | | | 152,029 | |
| | 133 | | | Swisscom AG | | | 65,619 | |
| | 1,222 | | | Temenos AG | | | 204,624 | |
| | 559 | | | The Swatch Group AG - Group I | | | 148,415 | |
| | 1,879 | | | The Swatch Group AG - Group N | | | 94,428 | |
| | 16,125 | | | UBS Group AG | | | 183,090 | |
| | 1,142 | | | Zurich Insurance Group AG | | | 437,395 | |
| | | | | | |
|
|
|
| | | | | | | | 12,319,060 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 11.25% | | | | |
| | 16,865 | | | 3i Group PLC | | | 241,377 | |
| | 19,360 | | | Admiral Group PLC | | | 503,444 | |
| | 13,124 | | | Anglo American PLC | | | 301,614 | |
See notes to financial statements.
75
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | United Kingdom (Continued) | | | | |
| | 1,063 | | | Ashtead Group PLC | | $ | 29,561 | |
| | 1,478 | | | Associated British Foods PLC | | | 41,840 | |
| | 9,067 | | | AstraZeneca PLC | | | 809,580 | |
| | 88,984 | | | Auto Trader Group PLC | | | 557,719 | |
| | 76,040 | | | Aviva PLC | | | 373,293 | |
| | 128,439 | | | Barclays PLC | | | 236,648 | |
| | 21,323 | | | Barratt Developments PLC | | | 169,744 | |
| | 4,580 | | | Berkeley Group Holdings PLC | | | 235,156 | |
| | 91,686 | | | BP PLC | | | 580,439 | |
| | 14,115 | | | British American Tobacco PLC | | | 521,268 | |
| | 3,603 | | | Bunzl PLC | | | 94,180 | |
| | 19,557 | | | Burberry Group PLC | | | 522,397 | |
| | 34,627 | | | Centrica PLC | | | 31,399 | |
| | 4,229 | | | CNH Industrial NV | | | 43,065 | |
| | 5,816 | | | Coca-Cola European Partners PLC (b) | | | 322,497 | |
| | 10,705 | | | Compass Group PLC | | | 275,467 | |
| | 513 | | | Croda International PLC | | | 30,644 | |
| | 16,072 | | | Diageo PLC | | | 656,543 | |
| | 5,660 | | | Ferguson PLC | | | 413,069 | |
| | 48,224 | | | GlaxoSmithKline PLC | | | 1,033,657 | |
| | 8,186 | | | Halma PLC | | | 198,145 | |
| | 20,564 | | | Hargreaves Lansdown PLC | | | 525,038 | |
| | 91,800 | | | HSBC Holdings PLC | | | 703,392 | |
| | 3,898 | | | InterContinental Hotels Group PLC | | | 243,255 | |
| | 12,307 | | | J. Sainsbury PLC | | | 33,209 | |
| | 51,792 | | | Kingfisher PLC | | | 131,623 | |
| | 124,791 | | | Legal & General Group PLC | | | 380,900 | |
| | 245,982 | | | Lloyds Banking Group PLC | | | 163,066 | |
| | 3,106 | | | London Stock Exchange Group PLC (f) | | | 278,916 | |
| | 111,920 | | | Marks & Spencer Group PLC | | | 253,494 | |
| | 3,899 | | | Meggitt PLC | | | 30,416 | |
| | 10,390 | | | Merlin Entertainments PLC (f) | | | 57,812 | |
| | 15,676 | | | Micro Focus International PLC | | | 220,281 | |
| | 1,511 | | | Mondi PLC | | | 28,932 | |
| | 18,335 | | | National Grid PLC | | | 198,518 | |
| | 5,022 | | | Next PLC | | | 381,748 | |
| | 16,236 | | | Ocado Group PLC (a) | | | 264,088 | |
| | 2,903 | | | Pearson PLC | | | 26,325 | |
| | 11,781 | | | Prudential PLC | | | 213,485 | |
| | 377 | | | Reckitt Benckiser Group PLC | | | 29,436 | |
| | 17,771 | | | RELX PLC | | | 422,055 | |
| | 12,680 | | | Rentokil Initial Plc | | | 72,902 | |
| | 6,950 | | | Rio Tinto PLC | | | 361,277 | |
| | 3,196 | | | Rio Tinto, Ltd. | | | 200,181 | |
| | 8,276 | | | Rolls-Royce Holdings PLC (a) | | | 80,416 | |
| | 884 | | | Schroders PLC | | | 33,414 | |
| | 1,217 | | | Severn Trent PLC | | | 32,393 | |
| | 19,048 | | | Smith & Nephew PLC | | | 458,710 | |
| | 1,357 | | | Spirax-Sarco Engineering PLC | | | 130,738 | |
| | 3,322 | | | St. James’s Place PLC | | | 39,956 | |
| | 40,579 | | | Standard Life Aberdeen PLC | | | 142,518 | |
| | 73,600 | | | Tesco PLC | | | 217,595 | |
| | 51,636 | | | The Sage Group PLC | | | 438,809 | |
| | 9,747 | | | Unilever NV | | | 585,284 | |
| | 8,347 | | | Unilever PLC | | | 501,669 | |
| | 5,883 | | | United Utilities Group PLC | | | 59,715 | |
| | 201,080 | | | Vodafone Group PLC | | | 400,611 | |
| | 43,691 | | | Wm Morrison Supermarkets PLC | | | 107,577 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | United Kingdom (Continued) | | | | |
| | 2,592 | | | WPP PLC | | $ | 32,455 | |
| | | | | | |
|
|
|
| | | | | | | | 16,704,955 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $122,485,032) | | | 140,266,164 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 2.45% | | | | |
| | | | | Canada - 0.21% | | | | |
| | 10,841 | | | iShares MSCI Canada ETF (b) | | | 313,305 | |
| | | | | | |
|
|
|
| | | | | Japan - 2.24% | | | | |
| | 50,879 | | | iShares MSCI EAFE ETF (b) | | | 3,317,819 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $3,355,166) | | | 3,631,124 | |
| | | | | | |
|
|
|
| | | | | PARTICIPATORY NOTES - 0.04% | | | | |
| | | | | Switzerland - 0.04% | | | | |
| | 4 | | | Chocoladefabriken Lindt & Spruengli AG (d) | | | 29,543 | |
| | 129 | | | Schindler Holding AG (d) | | | 28,868 | |
| | | | | | |
|
|
|
| | | | | Total Participatory Notes
(Cost $56,948) | | | 58,411 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 0.15% | | | | |
| | | | | Germany - 0.15% | | | | |
| | 5,261 | | | FUCHS PETROLUB SE - Preference Shares | | | 197,307 | |
| | 147 | | | Sartorius AG | | | 26,800 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $262,176) | | | 224,107 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 1.99% | |
| | | | | Australia - 0.43% | | | | |
| | 21,397 | | | Dexus | | | 172,347 | |
| | 23,978 | | | Goodman Group | | | 229,513 | |
| | 37,132 | | | GPT Group | | | 154,410 | |
| | 42,484 | | | Mirvac Group | | | 87,766 | |
| | | | | | |
|
|
|
| | | | | | | | 644,036 | |
| | | | | | |
|
|
|
| | | | | Canada - 0.21% | | | | |
| | 9,659 | | | H&R Real Estate Investment Trust (a) | | | 168,632 | |
| | 5,516 | | | RioCan Real Estate Investment Trust | | | 109,833 | |
| | 1,571 | | | SmartCentres Real Estate Investment Trust (a) | | | 38,538 | |
| | | | | | |
|
|
|
| | | | | | | | 317,003 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 0.13% | | | | |
| | 16,798 | | | Link REIT | | | 185,297 | |
| | | | | | |
|
|
|
| | | | | Japan - 0.84% | | | | |
| | 56 | | | Japan Prime Realty Investment Corp. | | | 265,760 | |
| | 38 | | | Japan Real Estate Investment Corp. | | | 254,840 | |
| | 30 | | | Japan Retail Fund Investment Corp. | | | 63,480 | |
| | 36 | | | Nippon Building Fund, Inc. | | | 276,593 | |
| | 46 | | | Nippon Prologis REIT, Inc. | | | 126,136 | |
| | 52 | | | Nomura Real Estate Master Fund, Inc. | | | 93,922 | |
| | 85 | | | United Urban Investment Corp. | | | 162,839 | |
| | | | | | |
|
|
|
| | | | | | | | 1,243,570 | |
| | | | | | |
|
|
|
| | | | | Singapore - 0.28% | | | | |
| | 36,048 | | | Ascendas Real Estate Investment Trust | | | 81,411 | |
| | 78,043 | | | CapitaLand Commercial Trust | | | 116,938 | |
| | 115,324 | | | CapitaLand Mall Trust | | | 219,542 | |
| | | | | | |
|
|
|
| | | | | | | | 417,891 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 0.10% | | | | |
| | 14,048 | | | Segro PLC | | | 140,050 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $2,598,501) | | | 2,947,847 | |
| | | | | | |
|
|
|
See notes to financial statements.
76
GuideMark® Worldex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.21% | | | | |
| | | | | Money Market Funds - 0.21% | | | | |
| | 310,937 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (c) | | $ | 310,937 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $310,937) | | | 310,937 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.45% | |
| | 2,160,335 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (c) | | | 2,160,335 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,160,335) | | | 2,160,335 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $131,229,096) - 100.76% | | | 149,598,925 | |
| | | | | Liabilities in Excess of
Other Assets - (0.76)% | | | (1,125,839 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 148,473,085 | |
| | | | | | |
|
|
|
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 September 30,2019. |
| (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 seperately. |
| (f) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $336,728, which represents 0.23% 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 (Unaudited)
September 30, 2019
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.70% | |
Air Freight & Logistics | | | 0.64% | |
Airlines | | | 0.09% | |
Auto Components | | | 1.07% | |
Automobiles | | | 1.42% | |
Banks | | | 7.34% | |
Beverages | | | 1.87% | |
Biotechnology | | | 0.24% | |
Building Products | | | 0.13% | |
Capital Markets | | | 3.21% | |
Chemicals | | | 1.39% | |
Commercial Services & Supplies | | | 0.86% | |
Communications Equipment | | | 0.13% | |
Construction & Engineering | | | 1.68% | |
Construction Materials | | | 0.29% | |
Consumer Finance | | | 0.23% | |
Containers & Packaging | | | 0.18% | |
Distributors | | | 0.17% | |
Diversified Financial Services | | | 1.20% | |
Diversified Telecommunication Services | | | 2.71% | |
Electric Utilities | | | 1.84% | |
Electrical Equipment | | | 0.36% | |
Electronic Equipment, Instruments & Components | | | 1.03% | |
Entertainment | | | 0.24% | |
Equity Real Estate Investment Trusts (REITs) | | | 0.11% | |
Food & Staples Retailing | | | 4.15% | |
Food Products | | | 4.25% | |
Gas Utilities | | | 0.30% | |
Health Care Equipment & Supplies | | | 2.76% | |
Health Care Providers & Services | | | 0.85% | |
Health Care Technology | | | 0.02% | |
Hotels, Restaurants & Leisure | | | 1.11% | |
Household Durables | | | 0.79% | |
Household Products | | | 0.53% | |
Independent Power and Renewable Electricity Producers | | | 0.38% | |
Industrial Conglomerates | | | 0.46% | |
Insurance | | | 7.32% | |
Interactive Media & Services | | | 0.87% | |
Internet & Direct Marketing Retail | | | 0.85% | |
IT Services | | | 1.28% | |
Leisure Products | | | 0.28% | |
Life Sciences Tools & Services | | | 0.42% | |
Machinery | | | 1.41% | |
Marine | | | 1.00% | |
Media | | | 0.64% | |
Metals & Mining | | | 3.52% | |
Multiline Retail | | | 1.22% | |
Multi-Utilities | | | 0.82% | |
Oil, Gas & Consumable Fuels | | | 4.58% | |
| | | | |
| | | | | |
Paper & Forest Products | | | 0.24% | |
Personal Products | | | 2.09% | |
Pharmaceuticals | | | 7.17% | |
Professional Services | | | 1.92% | |
Real Estate Management & Development | | | 0.68% | |
Road & Rail | | | 0.78% | |
Semiconductors & Semiconductor Equipment | | | 0.96% | |
Software | | | 1.85% | |
Specialty Retail | | | 1.86% | |
Technology Hardware, Storage & Peripherals | | | 0.46% | |
Textiles, Apparel & Luxury Goods | | | 3.69% | |
Tobacco | | | 0.69% | |
Trading Companies & Distributors | | | 1.88% | |
Transportation Infrastructure | | | 0.43% | |
Water Utilities | | | 0.06% | |
Wireless Telecommunication Services | | | 0.77% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 94.47% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 2.45% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 2.45% | |
| | |
|
|
|
PARTICIPATORY NOTES | | | | |
Food Products | | | 0.02% | |
Machinery | | | 0.02% | |
| | |
|
|
|
TOTAL PARTICIPATORY NOTES | | | 0.04% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Chemicals | | | 0.13% | |
Health Care Equipment & Supplies | | | 0.02% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 0.15% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 1.99% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 1.99% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.21% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.21% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 1.45% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 1.45% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 100.76% | |
Liabilities in Excess of Other Assets | | | (0.76)% | |
| | |
|
|
|
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 (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 7.49% | | | | |
| | 395,000 | | | AIMCO CLO
Series2015-A, 3.153% (3 Month LIBOR USD + 0.850%, 0.850% Floor), 01/15/2028 (a)(c) | | $ | 394,830 | |
| | 314,431 | | | Ally Auto Receivables Trust
Series2017-4, 1.750%, 12/15/2021 | | | 313,937 | |
| | 395,000 | | | Ally Master Owner Trust
Series2018-1, 2.700%, 01/15/2023 | | | 398,481 | |
| | 410,000 | | | ALM XVI, Ltd.
Series 2015-16RR, 3.203% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 04/15/2027 (a)(c) | | | 410,235 | |
| | | | | AmeriCredit Automobile Receivables Trust | | | | |
| | 6,252 | | | Series2016-4, 1.530%, 07/08/2021 | | | 6,251 | |
| | 221,926 | | | Series2017-3-A3, 1.900%, 03/18/2022 | | | 221,582 | |
| | 150,000 | | | Series2019-3D, 2.580%, 09/18/2025 | | | 150,312 | |
| | 400,000 | | | Atrium XII
Series2015-12R, 3.108% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (a)(c) | | | 400,380 | |
| | 209,914 | | | BMW Vehicle Lease Trust
Series2017-2, 2.070%, 10/20/2020 | | | 210,160 | |
| | 385,000 | | | Bristol Park CLO, Ltd.
Series2016-1, 3.723% (3 Month LIBOR USD + 1.420%, 0.000% Floor), 04/15/2029 (a)(c) | | | 385,359 | |
| | 250,000 | | | Carlyle Global Market Strategies CLO, Ltd.
Series2013-2, 3.190% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (a)(c) | | | 248,385 | |
| | 5,112 | | | CIG AUTO RECEIVABLES TRUST
Series2017-1, 2.710%, 05/15/2023 (c) | | | 5,117 | |
| | 105,000 | | | CNH Equipment Trust
Series2018-A, 3.300%, 04/15/2025 | | | 108,294 | |
| | 19,793 | | | Credit Suisse ABS Trust
Series2018-A, 3.420%, 07/25/2024 (c)(h) | | | 19,827 | |
| | 187,625 | | | Domino’s Pizza Master Issuer LLC
Series2018-1, 4.116%, 07/25/2048 (c)(h) | | | 196,314 | |
| | 135,000 | | | Drive Auto Receivables Trust
Series2019-4, 11.900%, 02/16/2027 | | | 135,155 | |
| | 137,083 | | | Flagship Credit Auto Trust
Series2018-2, 2.970%, 10/17/2022 (c) | | | 137,815 | |
| | 153,921 | | | Ford Credit Auto Lease Trust
Series2017-B, 2.030%, 12/15/2020 | | | 153,890 | |
| | 100,000 | | | GCO Education Loan Funding Trust
Series2006-1, 2.362% (3 Month LIBOR USD + 0.230%, 0.230% Floor), 05/25/2036 (a) | | | 97,478 | |
| | 300,000 | | | GTP Acquisition Partners I LLC
Series2015-2, 3.482%, 06/15/2050 (c) | | | 312,062 | |
| | 250,000 | | | LCM XX LP
Series2015-20R, 3.318% (3 Month LIBOR USD + 1.040%, 1.040% Floor), 10/20/2027 (a)(c) | | | 250,125 | |
| | 320,000 | | | LCM XXII, Ltd.
Series21-A, 3.758% (3 Month LIBOR USD + 1.480%, 0.000% Floor), 10/20/2028 (a)(c) | | | 320,172 | |
| | 27,753 | | | Marlette Funding Trust
Series2018-2, 3.060%, 07/17/2028 (c)(h) | | | 27,785 | |
| | 21,647 | | | Nationstar HECM Loan Trust
Series2018-IA, 2.760%, 02/25/2028 (b)(c) | | | 21,657 | |
| | 401,000 | | | Neuberger Berman CLO, Ltd.
Series2017-16A, 3.153% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 01/18/2028 (a)(c) | | | 400,279 | |
| | | | | NRZ Excess Spread-Collateralized Notes Series | | | | |
| | 249,695 | | | Series 2018-PLS1, 3.193%, 01/25/2023 (c) | | | 250,984 | |
| | 93,048 | | | Series 2018-PLS2, 3.265%, 02/25/2023 (c) | | | 93,283 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | | | | |
| | | | | OCP CLO, Ltd. | | | | |
| | 252,120 | | | Series2015-8R, 3.153% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 04/17/2027 (a)(c) | | $ | 252,128 | |
| | 335,000 | | | Series2015-9R, 3.103% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (a)(c) | | | 334,956 | |
| | | | | OneMain Financial Issuance Trust | | | | |
| | 331,000 | | | Series2018-1A, 3.300%, 03/14/2029 (c) | | | 337,200 | |
| | 120,000 | | | Series2017-1A, 2.370%, 09/14/2032 (c) | | | 119,930 | |
| | 250,000 | | | OZLM VII, Ltd.
Series2014-7R, 3.313% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c) | | | 248,697 | |
| | 300,000 | | | OZLM XII, Ltd.
Series2015-12R, 3.316% (3 Month LIBOR USD + 1.050%, 0.000% Floor), 04/30/2027 (a)(c) | | | 299,943 | |
| | 180,000 | | | Regional Management Issuance Trust
Series2018-1, 3.830%, 07/15/2027 (c)(h) | | | 180,990 | |
| | 214,958 | | | RMF Buyout Issuance Trust
Series2019-1, 2.475%, 07/25/2029 (b)(c) | | | 217,466 | |
| | 205,000 | | | Santander Drive Auto Receivables Trust
Series2019-3, 2.680%, 10/15/2025 | | | 205,431 | |
| | 20,070 | | | Skopos Auto Receivables Trust
Series2018-1A, 3.190%, 09/15/2021 (c)(h) | | | 20,079 | |
| | | | | SoFi Consumer Loan Program Trust | | | | |
| | 97,010 | | | Series2016-2, 3.090%, 10/27/2025 (c)(h) | | | 97,382 | |
| | 17,189 | | | Series2018-1, 2.550%, 02/25/2027 (c) | | | 17,183 | |
| | 26,481 | | | Series2018-2, 2.930%, 04/26/2027 (c) | | | 26,507 | |
| | 335,000 | | | Sound Point CLO, Ltd.
Series2016-2, 3.253% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (a)(c) | | | 333,258 | |
| | 125,000 | | | Springleaf Funding Trust
Series2017-A, 2.680%, 07/15/2030 (c) | | | 125,334 | |
| | 395,000 | | | TICP CLO, Ltd.
Series2018-3, 3.118% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (a)(c) | | | 393,063 | |
| | | | | Voya CLO, Ltd. | | | | |
| | 220,689 | | | Series2014-3, 2.996% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/27/2026 (a)(c) | | | 220,307 | |
| | 480,000 | | | Series2015-1, 3.200% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (a)(c) | | | 479,442 | |
| | 78,600 | | | Wendy’s Funding LLC
Series2018-1, 3.884%, 03/15/2048 (c)(h) | | | 80,939 | |
| | 220,020 | | | World Omni Auto Receivables Trust
Series2017-B, 1.950%, 02/15/2023 | | | 219,966 | |
| | 400,000 | | | Z Capital Credit Partners CLO, Ltd.
Series2015-1, 3.272% (3 Month LIBOR USD + 0.950%, 0.950% Floor), 07/16/2027 (a)(c) | | | 399,250 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $10,247,440) | | | 10,279,600 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 12.20% | |
| | 174,545 | | | Ajax Mortgage Loan Trust
Series2017-B, 3.163%, 09/25/2056 (b)(c) | | | 175,294 | |
| | | | | Angel Oak Mortgage Trust I LLC | | | | |
| | 161,615 | | | Series2018-3, 3.649%, 09/25/2048 (b)(c) | | | 164,094 | |
| | 169,659 | | | Series2019-2, 3.628%, 03/25/2049 (b)(c) | | | 172,533 | |
| | 193,178 | | | Series2019-4, 2.993%, 07/26/2049 (b)(c) | | | 195,902 | |
| | 316,367 | | | Series2019-3, 2.930%, 05/25/2059 (b)(c) | | | 319,428 | |
| | | | | Arroyo Mortgage Trust | | | | |
| | 203,666 | | | Series2018-1, 3.763%, 04/25/2048 (b)(c) | | | 208,372 | |
| | 286,603 | | | Series2019-3, 2.962%, 10/25/2048 (b)(c) | | | 285,695 | |
| | 312,911 | | | Series2019-2, 3.347%, 04/25/2049 (b)(c) | | | 317,878 | |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | | | | BANK | | | | |
| | 998,766 | | | Series 2019-BNK18, 1.052%, 05/17/2062 (b)(l) | | $ | 72,786 | |
| | 1,285,000 | | | Series 2019-BNK20, 0.842%, 09/15/2062 (b)(h)(l) | | | 89,430 | |
| | 83,802 | | | Bayview Koitere Fund Trust
Series2017-RT4, 3.500%, 07/28/2057 (b)(c) | | | 85,675 | |
| | 232,634 | | | Bayview Mortgage Fund IVc Trust
Series 2017-RT3A, 3.500%, 01/28/2058 (b)(c) | | | 237,172 | |
| | | | | Bayview Opportunity Master Fund IVa Trust | | | | |
| | 214,568 | | | Series 2017-SPL5A, 3.500%, 07/28/2057 (b)(c) | | | 218,930 | |
| | 73,581 | | | Series 2017-SPL1A, 4.000%, 10/28/2064 (b)(c) | | | 75,830 | |
| | | | | Bayview Opportunity Master Fund IVb Trust | | | | |
| | 60,881 | | | Series 2017-SPL3, 4.000%, 11/28/2053 (b)(c) | | | 62,882 | |
| | 80,335 | | | Series2017-RT6, 3.500%, 10/28/2057 (b)(c) | | | 82,078 | |
| | 132,000 | | | BBCMS Mortgage Trust
Series 2017-DELC, 2.878% (1 Month LIBOR USD + 0.850%, 0.850% Floor), 08/15/2036 (a)(c) | | | 132,138 | |
| | | | | Benchmark Mortgage Trust | | | | |
| | 325,000 | | | Series2019-B11, 3.410%, 05/17/2052 | | | 342,454 | |
| | 1,004,781 | | | Series2019-B12, 1.207%, 08/16/2052 (b)(l) | | | 78,136 | |
| | 255,216 | | | BX Commercial Mortgage Trust
Series2018-IND, 2.778% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 11/15/2035 (a)(c) | | | 255,462 | |
| | 100,000 | | | CAMB Commercial Mortgage Trust
Series 2019-LIFE, 3.478% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c) | | | 100,372 | |
| | 27,733 | | | Chase Mortgage Finance Trust
Series2007-A1, 4.399%, 02/25/2037 (b) | | | 27,985 | |
| | 77,223 | | | CIM Trust
Series2017-7, 3.000%, 04/25/2057 (b)(c) | | | 77,671 | |
| | | | | Citigroup Commercial Mortgage Trust | | | | |
| | 296,312 | | | Series2016-P3, 3.329%, 04/16/2049 | | | 314,470 | |
| | 505,000 | | | Series2016-P4, 2.902%, 07/12/2049 | | | 524,544 | |
| | 129,523 | | | Citigroup Mortgage Loan Trust
Series 2019-IMC1, 2.720%, 07/25/2049 (b)(c) | | | 129,614 | |
| | | | | Citigroup Mortgage Loan Trust, Inc. | | | | |
| | 268,002 | | | Series2018-R2, 3.500%, 02/25/2058 (b)(c) | | | 270,703 | |
| | 124,905 | | | Series2018-R, 3.000%, 09/25/2064 (b)(c) | | | 127,448 | |
| | | | | COLT Mortgage Loan Trust | | | | |
| | 83,735 | | | Series2019-1, 3.705%, 03/25/2049 (b)(c) | | | 85,166 | |
| | 150,882 | | | Series2019-2, 3.337%, 05/25/2049 (b)(c) | | | 153,779 | |
| | 185,419 | | | Series2019-3, 2.764%, 08/25/2049 (b)(c) | | | 187,091 | |
| | 280,000 | | | Series2019-4 A1, 2.579%, 11/25/2049 (b)(d)(k) | | | 279,998 | |
| | 120,000 | | | COMM Mortgage Trust
Series 2013-300P, 4.353%, 08/12/2030 (c) | | | 128,665 | |
| | | | | Countrywide Home Loans, Inc. | | | | |
| | 8,173 | | | Series 2004-HYB6, 4.114%, 11/20/2034 (b) | | | 8,410 | |
| | 87,182 | | | Series2005-11, 2.618% (1 Month LIBOR USD + 0.600%, 10.500% Cap, 0.300% Floor),
03/25/2035 (a) | | | 78,447 | |
| | 375,000 | | | CSAIL Commercial Mortgage Trust
Series2016-C6, 2.960%, 01/15/2049 | | | 386,260 | |
| | 40,009 | | | CSMC Trust
Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c) | | | 40,287 | |
| | 11,978,663 | | | DBGS Mortgage Trust
Series 2018-BIOD, 0.338%, 10/17/2051 (b)(l) | | | 203,781 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | | | | Deephaven Residential Mortgage Trust | | | | |
| | 149,938 | | | Series2019-2, 3.558%, 04/25/2059 (b)(c) | | $ | 151,472 | |
| | 325,263 | | | Series2019-3, 2.964%, 07/25/2059 (b)(c) | | | 325,297 | |
| | 373,592 | | | Four Times Square Trust
Series2006-4TS, 5.401%, 12/13/2028 (c) | | | 385,293 | |
| | | | | GS Mortgage Securities Trust | | | | |
| | 145,000 | | | Series 2012-ALOH, 3.551%, 04/12/2034 (c) | | | 149,275 | |
| | 145,000 | | | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | | | 148,603 | |
| | 35,000 | | | Series 2015-GC34, 3.506%, 10/13/2048 | | | 37,421 | |
| | 165,038 | | | Homeward Opportunities Fund I Trust
Series2019-2, 2.702%, 08/25/2059 (b)(c) | | | 165,239 | |
| | 481,640 | | | JPMBB Commercial Mortgage Securities Trust
Series2013-C12, 3.157%, 07/17/2045 | | | 487,442 | |
| | | | | Mill City Mortgage Loan Trust | | | | |
| | 246,251 | | | Series2018-2, 3.500%, 05/25/2058 (b)(c) | | | 251,489 | |
| | 255,387 | | | Series2017-3, 2.750%, 01/25/2061 (b)(c) | | | 257,007 | |
| | 186,549 | | | Series2018-1, 3.250%, 05/25/2062 (b)(c) | | | 189,714 | |
| | 277,874 | | | Series2019-1, 3.250%, 10/25/2069 (b)(c) | | | 285,726 | |
| | 169,985 | | | Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 3.038% (1 Month LIBOR USD + 1.020%, 0.680% Floor), 10/25/2033 (a) | | | 169,452 | |
| | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | |
| | 315,000 | | | Series2013-C13, 4.039%, 11/19/2046 | | | 337,496 | |
| | 175,000 | | | Series2016-C29, 3.325%, 05/17/2049 | | | 185,508 | |
| | 185,000 | | | Morgan Stanley Capital I Trust
Series2014-MP, 3.469%, 08/11/2033 (c) | | | 189,578 | |
| | | | | MTRO Commercial Mortgage Trust | | | | |
| | 100,000 | | | Series 2019-TECH B, 3.128% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 12/15/2033 (a)(c) | | | 100,313 | |
| | 100,000 | | | Series 2019-TECH C, 3.328% (1 Month LIBOR USD + 1.300%, 1.300% Floor), 12/15/2033 (a)(c) | | | 100,312 | |
| | | | | New Residential Mortgage LLC | | | | |
| | 211,881 | | | Series 2018-FNT1, 3.610%, 05/25/2023 (c) | | | 212,358 | |
| | 234,717 | | | Series 2018-FNT2, 3.790%, 07/25/2024 (c) | | | 236,483 | |
| | | | | New Residential Mortgage Loan Trust | | | | |
| | 89,355 | | | Series2016-2, 3.750%, 11/25/2035 (b)(c) | | | 92,731 | |
| | 72,659 | | | Series2016-4, 3.750%, 11/25/2056 (b)(c) | | | 75,470 | |
| | 119,588 | | | Series2017-1, 4.000%, 02/25/2057 (b)(c) | | | 124,932 | |
| | 106,922 | | | Series2017-2, 4.000%, 03/25/2057 (b)(c) | | | 112,049 | |
| | 59,844 | | | Series2017-3, 4.000%, 04/25/2057 (b)(c) | | | 62,351 | |
| | 65,063 | | | Series2017-4, 4.000%, 05/25/2057 (b)(c) | | | 68,298 | |
| | 68,671 | | | Series2017-5, 3.518% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c) | | | 69,889 | |
| | 87,096 | | | Series2017-6, 4.000%, 08/25/2057 (b)(c) | | | 91,353 | |
| | 188,596 | | | Series2018-1, 4.000%, 12/25/2057 (b)(c) | | | 194,142 | |
| | 189,162 | | | Series2018-2, 4.500%, 02/25/2058 (b)(c) | | | 199,106 | |
| | 242,185 | | | Series2018-4, 2.768% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)(c) | | | 241,898 | |
| | 318,915 | | | Series2019-3, 3.750%, 11/25/2058 (b)(c) | | | 332,792 | |
| | 150,000 | | | Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c) | | | 151,194 | |
| | 130,000 | | | OBP Depositor LLC Trust
Series2010-OBP, 4.646%, 07/17/2045 (c) | | | 130,880 | |
| | | | | SBA Tower Trust | | | | |
| | 90,000 | | | Series2017-1, 3.168%, 04/15/2047 (c) | | | 90,954 | |
| | 125,000 | | | Series2018-1, 3.448%, 03/15/2048 (c) | | | 128,809 | |
| | 155,000 | | | Series2019-1, 2.836%, 01/15/2050 (c) | | | 155,421 | |
| | 74,562 | | | Seasoned Credit Risk Transfer Trust Series
Series2019-3, 3.500%, 10/25/2058 | | | 79,329 | |
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 75,000 | | | SG Commercial Mortgage Securities Trust
Series2016-C5, 3.055%, 10/13/2048 | | $ | 78,242 | |
| | | | | Towd Point Mortgage Trust | | | | |
| | 144,079 | | | Series2015-6, 2.750%, 04/25/2055 (b)(c) | | | 144,656 | |
| | 57,325 | | | Series2016-2, 2.750%, 08/25/2055 (b)(c) | | | 57,595 | |
| | 60,632 | | | Series2016-3, 2.250%, 08/25/2055 (b)(c) | | | 60,538 | |
| | 132,843 | | | Series2017-1, 2.750%, 10/25/2056 (b)(c) | | | 134,387 | |
| | 262,830 | | | Series2017-2, 2.750%, 04/25/2057 (b)(c) | | | 265,155 | |
| | 62,539 | | | Series2017-3, 2.750%, 06/25/2057 (b)(c) | | | 62,871 | |
| | 319,759 | | | Series2017-4, 2.750%, 06/25/2057 (b)(c) | | | 323,033 | |
| | 310,256 | | | Series2017-5, 2.618% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (a)(c) | | | 309,838 | |
| | 304,553 | | | Series2017-6, 2.750%, 10/25/2057 (b)(c) | | | 306,121 | |
| | 95,500 | | | Series2018-1, 3.000%, 01/28/2058 (b)(c) | | | 97,068 | |
| | 263,610 | | | Series2018-2, 3.250%, 03/25/2058 (b)(c) | | | 268,078 | |
| | 193,627 | | | Series2018-3, 3.750%, 05/25/2058 (b)(c) | | | 203,725 | |
| | | | | Verus Securitization Trust | | | | |
| | 152,974 | | | Series2019-2, 3.211%, 05/25/2059 (b)(c) | | | 155,351 | |
| | 340,625 | | | Series2019-3, 2.784%, 07/25/2059 (c) | | | 341,128 | |
| | 459,459 | | | WellsFargo-RBS Commercial Mortgage Trust
Series2014-C19, 3.660%, 03/15/2047 | | | 466,735 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $16,552,213) | | | 16,738,457 | |
| | | | | | |
|
|
|
| | | | | CORPORATE OBLIGATIONS - 29.22% | | | | |
| | | | | Aerospace & Defense - 0.39% | | | | |
| | 45,000 | | | Lockheed Martin Corp.
4.090%, 09/15/2052 | | | 53,006 | |
| | 165,000 | | | The Boeing Co.
3.250%, 02/01/2035 | | | 171,282 | |
| | | | | United Technologies Corp. | | | | |
| | 100,000 | | | 3.950%, 08/16/2025 | | | 109,637 | |
| | 140,000 | | | 3.125%, 05/04/2027 | | | 146,827 | |
| | 20,000 | | | 4.450%, 11/16/2038 | | | 23,822 | |
| | 25,000 | | | 4.625%, 11/16/2048 | | | 31,259 | |
| | | | | | |
|
|
|
| | | | | | | | 535,833 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.11% | | | | |
| | | | | Delta Air Lines, Inc. | | | | |
| | 40,000 | | | 3.625%, 03/15/2022 | | | 41,113 | |
| | 100,000 | | | 3.800%, 04/19/2023 | | | 103,788 | |
| | | | | | |
|
|
|
| | | | | | | | 144,901 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.58% | | | | |
| | | | | Ford Motor Co. | | | | |
| | 40,000 | | | 4.346%, 12/08/2026 | | | 40,141 | |
| | 70,000 | | | 5.291%, 12/08/2046 | | | 64,784 | |
| | | | | General Motors Co. | | | | |
| | 15,000 | | | 6.250%, 10/02/2043 | | | 16,457 | |
| | 55,000 | | | 5.200%, 04/01/2045 | | | 54,406 | |
| | 175,000 | | | 6.750%, 04/01/2046 | | | 200,473 | |
| | 130,000 | | | 5.400%, 04/01/2048 | | | 130,436 | |
| | 45,000 | | | 5.950%, 04/01/2049 | | | 48,289 | |
| | 35,000 | | | General Motors Financial Co., Inc.
3.500%, 11/07/2024 | | | 35,420 | |
| | 205,000 | | | Volkswagen Group of America Finance LLC
3.875%, 11/13/2020 (c) | | | 208,377 | |
| | | | | | |
|
|
|
| | | | | | | | 798,783 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Banks - 5.78% | | | | |
| | | | | Bank of America Corp. | | | | |
| | 35,000 | | | 2.503%, 10/21/2022 (f) | | $ | 35,247 | |
| | 60,000 | | | 3.124% (3 Month LIBOR USD + 1.160%),
01/20/2023 (b) | | | 61,227 | |
| | 190,000 | | | 4.100%, 07/24/2023 | | | 202,844 | |
| | 250,000 | | | 3.864% (3 Month LIBOR USD + 0.940%),
07/23/2024 (b) | | | 263,496 | |
| | 45,000 | | | 4.000%, 01/22/2025 | | | 47,815 | |
| | 330,000 | | | 3.366% (3 Month LIBOR USD + 0.810%),
01/23/2026 (b) | | | 343,487 | |
| | 85,000 | | | 3.559% (3 Month LIBOR USD + 1.060%),
04/23/2027 (b) | | | 89,726 | |
| | 160,000 | | | 3.419% (3 Month LIBOR USD + 1.040%),
12/20/2028 (b) | | | 167,242 | |
| | 140,000 | | | 3.974% (3 Month LIBOR USD + 1.210%),
02/07/2030 (b) | | | 153,114 | |
| | 285,000 | | | 3.194% (3 Month LIBOR USD + 1.180%),
07/23/2030 (b)(f) | | | 294,297 | |
| | 100,000 | | | 6.110%, 01/29/2037 | | | 131,149 | |
| | 165,000 | | | 5.000%, 01/21/2044 | | | 209,617 | |
| | | | | Citigroup, Inc. | | | | |
| | 55,000 | | | 3.224% (3 Month LIBOR USD + 1.100%),
05/17/2024 (a) | | | 55,509 | |
| | 125,000 | | | 3.352% (3 Month LIBOR USD + 0.897%),
04/24/2025 (b) | | | 129,601 | |
| | 280,000 | | | 3.700%, 01/12/2026 | | | 297,572 | |
| | 155,000 | | | 4.300%, 11/20/2026 | | | 167,111 | |
| | 35,000 | | | 3.520% (3 Month LIBOR USD + 1.151%),
10/27/2028 (b) | | | 36,632 | |
| | 330,000 | | | 3.980% (3 Month LIBOR USD + 1.338%),
03/20/2030 (b) | | | 359,116 | |
| | 200,000 | | | Danske Bank AS
5.375%, 01/12/2024 (c) | | | 219,826 | |
| | 570,000 | | | HSBC Holdings PLC
3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (b) | | | 580,527 | |
| | | | | JPMorgan Chase & Co. | | | | |
| | 80,000 | | | 3.513% (3 Month LIBOR USD + 1.230%),
10/24/2023 (a) | | | 81,320 | |
| | 150,000 | | | 3.797% (3 Month LIBOR USD + 0.890%),
07/23/2024 (b) | | | 158,285 | |
| | 225,000 | | | 3.220% (3 Month LIBOR USD + 1.155%),
03/01/2025 (b) | | | 233,079 | |
| | 170,000 | | | 3.300%, 04/01/2026 | | | 178,044 | |
| | 90,000 | | | 2.950%, 10/01/2026 | | | 92,354 | |
| | 195,000 | | | 3.960% (3 Month LIBOR USD + 1.245%),
01/29/2027 (b) | | | 210,999 | |
| | 300,000 | | | 3.782% (3 Month LIBOR USD + 1.337%),
02/01/2028 (b) | | | 321,212 | |
| | 80,000 | | | 3.509% (3 Month LIBOR USD + 0.945%),
01/23/2029 (b) | | | 84,630 | |
| | 120,000 | | | 3.702% (3 Month LIBOR USD + 1.160%),
05/06/2030 (b) | | | 128,684 | |
| | 105,000 | | | KeyCorp
2.550%, 10/01/2029 | | | 102,840 | |
| | 195,000 | | | PNC Financial Services Group Inc.
3.450%, 04/23/2029 | | | 208,801 | |
| | | | | Royal Bank of Canada | | | | |
| | 245,000 | | | 2.800%, 04/29/2022 | | | 249,554 | |
| | 185,000 | | | 2.550%, 07/16/2024 | | | 187,632 | |
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Banks (Continued) | | | | |
| | 235,000 | | | Santander Holdings USA, Inc.
3.700%, 03/28/2022 | | $ | 241,679 | |
| | 310,000 | | | Toronto-Dominion Bank/The
2.650%, 06/12/2024 | | | 316,052 | |
| | | | | Wells Fargo & Co. | | | | |
| | 150,000 | | | 2.625%, 07/22/2022 | | | 151,718 | |
| | 120,000 | | | 3.000%, 04/22/2026 | | | 123,145 | |
| | 135,000 | | | 3.000%, 10/23/2026 | | | 138,767 | |
| | 285,000 | | | 3.584% (3 Month LIBOR USD + 1.310%),
05/22/2028 (b) | | | 302,154 | |
| | 1,000 | | | 5.606%, 01/15/2044 | | | 1,296 | |
| | 45,000 | | | 4.750%, 12/07/2046 | | | 53,203 | |
| | | | | Wells Fargo Bank NA | | | | |
| | 250,000 | | | 2.600%, 01/15/2021 | | | 251,883 | |
| | 265,000 | | | 3.625%, 10/22/2021 | | | 272,756 | |
| | | | | | |
|
|
|
| | | | | | | | 7,935,242 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.98% | | | | |
| | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | |
| | 175,000 | | | 4.750%, 01/23/2029 | | | 203,556 | |
| | 385,000 | | | 5.450%, 01/23/2039 | | | 487,530 | |
| | 5,000 | | | 3.750%, 07/15/2042 (f) | | | 5,186 | |
| | 20,000 | | | 4.900%, 02/01/2046 | | | 23,902 | |
| | 145,000 | | | 4.600%, 04/15/2048 (f) | | | 167,512 | |
| | 162,000 | | | 4.750%, 04/15/2058 | | | 190,077 | |
| | | | | Constellation Brands, Inc. | | | | |
| | 75,000 | | | 4.400%, 11/15/2025 | | | 82,983 | |
| | 40,000 | | | 3.600%, 02/15/2028 | | | 42,267 | |
| | 145,000 | | | Molson Coors Brewing Co.
3.000%, 07/15/2026 | | | 146,640 | |
| | | | | | |
|
|
|
| | | | | | | | 1,349,653 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 0.09% | | | | |
| | 45,000 | | | Amgen, Inc.
2.650%, 05/11/2022 | | | 45,606 | |
| | 80,000 | | | Gilead Sciences, Inc.
2.500%, 09/01/2023 | | | 81,097 | |
| | | | | | |
|
|
|
| | | | | | | | 126,703 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.00% | | | | |
| | | | | Morgan Stanley | | | | |
| | 75,000 | | | 2.625%, 11/17/2021 | | | 75,739 | |
| | 195,000 | | | 3.737% (3 Month LIBOR USD + 0.847%),
04/24/2024 (b) | | | 203,755 | |
| | 180,000 | | | 3.700%, 10/23/2024 | | | 190,720 | |
| | 65,000 | | | 3.125%, 07/27/2026 | | | 67,045 | |
| | 40,000 | | | 4.350%, 09/08/2026 | | | 43,351 | |
| | 50,000 | | | 3.950%, 04/23/2027 | | | 52,932 | |
| | 495,000 | | | 3.591% (3 Month LIBOR USD + 1.340%),
07/22/2028 (b) | | | 522,225 | |
| | 15,000 | | | 3.971% (3 Month LIBOR USD + 1.455%),
07/22/2038 (b) | | | 16,483 | |
| | 80,000 | | | State Street Corp.
3.776% (3 Month LIBOR USD + 0.770%), 12/03/2024 (b) | | | 84,725 | |
| | | | | The Bank of New York Mellon Corp. | | | | |
| | 70,000 | | | 1.950%, 08/23/2022 | | | 70,068 | |
| | 125,000 | | | 2.661% (3 Month LIBOR USD + 0.634%),
05/16/2023 (b) | | | 126,685 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Capital Markets (Continued) | | | | |
| | | | | The Goldman Sachs Group, Inc. | | | | |
| | 275,000 | | | 2.876% (3 Month LIBOR USD + 0.821%),
10/31/2022 (b) | | $ | 278,205 | |
| | 55,000 | | | 2.905% (3 Month LIBOR USD + 0.990%),
07/24/2023 (b) | | | 55,767 | |
| | 140,000 | | | 3.500%, 01/23/2025 | | | 146,039 | |
| | 40,000 | | | 3.272% (3 Month LIBOR USD + 1.201%),
09/29/2025 (b) | | | 41,317 | |
| | 130,000 | | | 3.691% (3 Month LIBOR USD + 1.510%),
06/05/2028 (b) | | | 136,468 | |
| | 315,000 | | | 4.223% (3 Month LIBOR USD + 1.301%),
05/01/2029 (b)(f) | | | 344,125 | |
| | 140,000 | | | 6.750%, 10/01/2037 | | | 189,223 | |
| | 20,000 | | | 6.250%, 02/01/2041 | | | 27,655 | |
| | | | | Willis North America, Inc. | | | | |
| | 25,000 | | | 3.600%, 05/15/2024 (f) | | | 25,995 | |
| | 40,000 | | | 2.950%, 09/15/2029 | | | 39,454 | |
| | | | | | |
|
|
|
| | | | | | | | 2,737,976 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.46% | | | | |
| | 295,000 | | | DuPont de Nemours, Inc.
4.205%, 11/15/2023 | | | 316,327 | |
| | 20,000 | | | Methanex Corp.
5.650%, 12/01/2044 | | | 19,353 | |
| | 35,000 | | | Nutrien, Ltd.
4.200%, 04/01/2029 | | | 38,585 | |
| | | | | The Sherwin-Williams Co. | | | | |
| | 150,000 | | | 3.450%, 06/01/2027 | | | 157,007 | |
| | 95,000 | | | 2.950%, 08/15/2029 | | | 95,378 | |
| | | | | | |
|
|
|
| | | | | | | | 626,650 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.18% | | | | |
| | 55,000 | | | ERAC USA Finance LLC
7.000%, 10/15/2037 (c) | | | 77,977 | |
| | | | | Waste Management, Inc. | | | | |
| | 105,000 | | | 3.200%, 06/15/2026 | | | 110,807 | |
| | 35,000 | | | 3.450%, 06/15/2029 | | | 37,830 | |
| | 20,000 | | | 4.150%, 07/15/2049 (f) | | | 23,342 | |
| | | | | | |
|
|
|
| | | | | | | | 249,956 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.07% | | | | |
| | 95,000 | | | Fluor Corp.
4.250%, 09/15/2028 | | | 95,558 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.35% | | | | |
| | 155,000 | | | American Express Co.
4.200%, 11/06/2025 | | | 170,463 | |
| | | | | John Deere Capital Corp. | | | | |
| | 135,000 | | | 3.200%, 01/10/2022 | | | 138,698 | |
| | 25,000 | | | 3.450%, 06/07/2023 | | | 26,329 | |
| | 145,000 | | | 2.600%, 03/07/2024 | | | 148,048 | |
| | | | | | |
|
|
|
| | | | | | | | 483,538 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.71% | | | | |
| | | | | BAT Capital Corp. | | | | |
| | 125,000 | | | 3.222%, 08/15/2024 | | | 126,454 | |
| | 275,000 | | | 2.789%, 09/06/2024 | | | 272,932 | |
| | 145,000 | | | 4.390%, 08/15/2037 | | | 140,745 | |
| | 200,000 | | | Ford Motor Credit Co. LLC
4.542%, 08/01/2026 | | | 200,105 | |
| | 160,000 | | | GlaxoSmithKline Capital, Inc.
3.625%, 05/15/2025 | | | 171,867 | |
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Diversified Financial Services (Continued) | | | | |
| | 45,000 | | | Shell International Finance BV
4.375%, 05/11/2045 | | $ | 54,457 | |
| | | | | | |
|
|
|
| | | | | | | | 966,560 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.15% | | | | |
| | | | | AT&T, Inc. | | | | |
| | 60,000 | | | 2.950%, 07/15/2026 | | | 60,799 | |
| | 80,000 | | | 3.800%, 02/15/2027 | | | 84,799 | |
| | 125,000 | | | 4.350%, 03/01/2029 | | | 138,177 | |
| | 175,000 | | | 4.500%, 05/15/2035 | | | 192,308 | |
| | 125,000 | | | 6.350%, 03/15/2040 | | | 158,992 | |
| | 35,000 | | | 4.350%, 06/15/2045 | | | 36,843 | |
| | | | | Verizon Communications, Inc. | | | | |
| | 160,000 | | | 4.125%, 03/16/2027 | | | 176,817 | |
| | 250,000 | | | 4.016%, 12/03/2029 | | | 278,063 | |
| | 140,000 | | | 4.500%, 08/10/2033 | | | 162,697 | |
| | 60,000 | | | 5.250%, 03/16/2037 | | | 74,387 | |
| | 20,000 | | | 4.812%, 03/15/2039 | | | 24,012 | |
| | 155,000 | | | 4.862%, 08/21/2046 | | | 189,590 | |
| | 3,000 | | | 4.672%, 03/15/2055 | | | 3,604 | |
| | | | | | |
|
|
|
| | | | | | | | 1,581,088 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.86% | | | | |
| | 65,000 | | | Alabama Power Co.
2.450%, 03/30/2022 | | | 65,691 | |
| | 5,000 | | | Cleco Corporate Holdings LLC
4.973%, 05/01/2046 | | | 5,732 | |
| | 90,000 | | | Commonwealth Edison Co.
3.650%, 06/15/2046 | | | 97,378 | |
| | | | | Duke Energy Carolinas LLC | | | | |
| | 45,000 | | | 2.500%, 03/15/2023 | | | 45,772 | |
| | 118,000 | | | 5.300%, 02/15/2040 | | | 153,209 | |
| | 35,000 | | | Duke Energy Indiana LLC
3.250%, 10/01/2049 | | | 35,003 | |
| | 60,000 | | | Duke Energy Indiana, Inc.
4.900%, 07/15/2043 | | | 75,196 | |
| | 100,000 | | | Duke Energy Ohio, Inc.
3.650%, 02/01/2029 | | | 109,501 | |
| | 235,000 | | | Duke Energy Progress LLC
4.150%, 12/01/2044 | | | 269,338 | |
| | | | | Evergy, Inc. | | | | |
| | 55,000 | | | 2.450%, 09/15/2024 | | | 55,021 | |
| | 75,000 | | | 2.900%, 09/15/2029 | | | 74,781 | |
| | 185,000 | | | Exelon Corp.
2.450%, 04/15/2021 | | | 185,466 | |
| | 20,000 | | | Fortis, Inc.
2.100%, 10/04/2021 | | | 19,940 | |
| | | | | Georgia Power Co. | | | | |
| | 187,000 | | | 2.000%, 09/08/2020 | | | 186,813 | |
| | 85,000 | | | 2.400%, 04/01/2021 | | | 85,360 | |
| | 45,000 | | | 4.750%, 09/01/2040 | | | 52,267 | |
| | 160,000 | | | NextEra Energy Capital Holdings, Inc.
3.150%, 04/01/2024 | | | 165,361 | |
| | 210,000 | | | Oglethorpe Power Corp.
5.050%, 10/01/2048 | | | 254,446 | |
| | 20,000 | | | Oncor Electric Delivery Co. LLC
5.750%, 03/15/2029 | | | 25,329 | |
| | 135,000 | | | Puget Energy, Inc.
3.650%, 05/15/2025 | | | 138,286 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Electric Utilities (Continued) | | | | |
| | 110,000 | | | Sierra Pacific Power Co.
2.600%, 05/01/2026 | | $ | 111,486 | |
| | 31,000 | | | South Carolina Electric & Gas Co.
5.100%, 06/01/2065 | | | 41,251 | |
| | 90,000 | | | Southern California Edison Co.
2.850%, 08/01/2029 (f) | | | 90,975 | |
| | | | | The Southern Co. | | | | |
| | 20,000 | | | 2.950%, 07/01/2023 | | | 20,425 | |
| | 160,000 | | | 3.250%, 07/01/2026 | | | 165,133 | |
| | 25,000 | | | 4.400%, 07/01/2046 | | | 27,898 | |
| | | | | | |
|
|
|
| | | | | | | | 2,557,058 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.16% | | | | |
| | | | | Viacom, Inc. | | | | |
| | 125,000 | | | 4.250%, 09/01/2023 (f) | | | 132,631 | |
| | 90,000 | | | 4.375%, 03/15/2043 | | | 93,022 | |
| | | | | | |
|
|
|
| | | | | | | | 225,653 | |
| | | | | | |
|
|
|
| | | | | Equity Real Estate Investment Trusts (REITs) - 0.03% | |
| | 45,000 | | | HCP, Inc.
3.250%, 07/15/2026 | | | 46,334 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.09% | | | | |
| | 115,000 | | | Walmart, Inc.
3.400%, 06/26/2023 | | | 121,129 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.34% | | | | |
| | | | | Conagra Brands, Inc. | | | | |
| | 100,000 | | | 4.300%, 05/01/2024 | | | 107,399 | |
| | 20,000 | | | 4.600%, 11/01/2025 | | | 22,011 | |
| | 325,000 | | | Nestle Holdings, Inc.
3.350%, 09/24/2023 (c)(f) | | | 341,503 | |
| | | | | | |
|
|
|
| | | | | | | | 470,913 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.01% | | | | |
| | 10,000 | | | Southern Co. Gas Capital Corp.
2.450%, 10/01/2023 | | | 10,040 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 0.45% | | | | |
| | | | | Becton Dickinson and Co. | | | | |
| | 205,000 | | | 3.125%, 11/08/2021 | | | 208,467 | |
| | 73,000 | | | 3.700%, 06/06/2027 | | | 77,561 | |
| | 115,000 | | | Boston Scientific Corp.
4.000%, 03/01/2028 | | | 126,148 | |
| | | | | Shire Acquisitions Investments Ireland Designated Activity Co. | | | | |
| | 70,000 | | | 2.400%, 09/23/2021 | | | 70,345 | |
| | 125,000 | | | 2.875%, 09/23/2023 | | | 127,514 | |
| | | | | | |
|
|
|
| | | | | | | | 610,035 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 1.86% | | | | |
| | | | | Anthem, Inc. | | | | |
| | 210,000 | | | 3.650%, 12/01/2027 | | | 220,855 | |
| | 205,000 | | | 2.875%, 09/15/2029 | | | 203,288 | |
| | 40,000 | | | 4.375%, 12/01/2047 | | | 43,246 | |
| | | | | Cigna Corp. | | | | |
| | 115,000 | | | 4.125%, 11/15/2025 | | | 123,638 | |
| | 455,000 | | | 4.375%, 10/15/2028 | | | 498,082 | |
| | | | | Cigna Holding Co. | | | | |
| | 110,000 | | | 3.050%, 10/15/2027 | | | 111,245 | |
| | 25,000 | | | 3.875%, 10/15/2047 | | | 24,770 | �� |
| | 70,000 | | | CommonSpirit Health
2.760%, 10/01/2024 | | | 70,944 | |
See notes to financial statements.
83
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Health Care Providers & Services (Continued) | | | | |
| | | | | CVS Health Corp. | | | | |
| | 160,000 | | | 4.100%, 03/25/2025 | | $ | 171,065 | |
| | 59,000 | | | 3.875%, 07/20/2025 (f) | | | 62,474 | |
| | 165,000 | | | 2.875%, 06/01/2026 | | | 165,519 | |
| | 35,000 | | | 3.000%, 08/15/2026 | | | 35,227 | |
| | 55,000 | | | 5.125%, 07/20/2045 | | | 62,437 | |
| | 125,000 | | | 5.050%, 03/25/2048 (f) | | | 142,089 | |
| | 135,000 | | | HCA, Inc.
4.125%, 06/15/2029 | | | 141,850 | |
| | 60,000 | | | Humana, Inc.
2.500%, 12/15/2020 | | | 60,153 | |
| | | | | UnitedHealth Group, Inc. | | | | |
| | 70,000 | | | 2.375%, 08/15/2024 | | | 70,608 | |
| | 65,000 | | | 3.700%, 12/15/2025 | | | 70,035 | |
| | 90,000 | | | 2.875%, 08/15/2029 | | | 91,975 | |
| | 10,000 | | | 3.500%, 08/15/2039 | | | 10,432 | |
| | 135,000 | | | 3.950%, 10/15/2042 | | | 146,283 | |
| | 20,000 | | | 3.700%, 08/15/2049 | | | 21,233 | |
| | | | | | |
|
|
|
| | | | | | | | 2,547,448 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.28% | | | | |
| | 100,000 | | | GLP Capital LP / GLP Financing II, Inc.
5.300%, 01/15/2029 | | | 110,596 | |
| | 80,000 | | | Las Vegas Sands Corp.
3.500%, 08/18/2026 | | | 81,390 | |
| | | | | McDonald’s Corp. | | | | |
| | 80,000 | | | 3.350%, 04/01/2023 | | | 83,545 | |
| | 20,000 | | | 4.600%, 05/26/2045 | | | 23,341 | |
| | 15,000 | | | 4.875%, 12/09/2045 | | | 18,163 | |
| | 65,000 | | | Starbucks Corp.
3.800%, 08/15/2025 | | | 70,390 | |
| | | | | | |
|
|
|
| | | | | | | | 387,425 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.18% | | | | |
| | 220,000 | | | NXP BV / NXP Funding LLC
4.875%, 03/01/2024 (c) | | | 238,691 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.50% | | | | |
| | 135,000 | | | Berkshire Hathaway Finance Corp.
4.200%, 08/15/2048 | | | 158,488 | |
| | 45,000 | | | CNA Financial Corp.
3.450%, 08/15/2027 | | | 46,680 | |
| | | | | Marsh & McLennan Cos, Inc. | | | | |
| | 30,000 | | | 3.500%, 12/29/2020 | | | 30,487 | |
| | 110,000 | | | 3.875%, 03/15/2024 | | | 117,214 | |
| | 65,000 | | | 4.375%, 03/15/2029 | | | 73,574 | |
| | 60,000 | | | 4.750%, 03/15/2039 | | | 72,532 | |
| | 70,000 | | | Marsh & McLennan Cos., Inc.
4.050%, 10/15/2023 | | | 74,553 | |
| | 8,000 | | | Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/2039 (c) | | | 13,631 | |
| | 40,000 | | | New York Life Global Funding
2.000%, 04/13/2021 (c) | | | 40,025 | |
| | 55,000 | | | Trinity Acquisition PLC
4.400%, 03/15/2026 | | | 59,690 | |
| | | | | | |
|
|
|
| | | | | | | | 686,874 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 0.31% | | | | |
| | 400,000 | | | Tencent Holdings Ltd.
3.975%, 04/11/2029 (c) | | | 428,503 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Internet & Direct Marketing Retail - 0.50% | | | | |
| | | | | Alibaba Group Holding, Ltd. | | | | |
| | 200,000 | | | 3.400%, 12/06/2027 | | $ | 208,342 | |
| | 200,000 | | | 4.200%, 12/06/2047 | | | 227,104 | |
| | | | | Amazon.com, Inc. | | | | |
| | 150,000 | | | 3.875%, 08/22/2037 | | | 172,837 | |
| | 60,000 | | | 4.950%, 12/05/2044 | | | 79,525 | |
| | | | | | |
|
|
|
| | | | | | | | 687,808 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.79% | | | | |
| | 70,000 | | | Fidelity National Information Services, Inc.
4.250%, 05/15/2028 | | | 78,144 | |
| | 135,000 | | | Fiserv, Inc.
3.200%, 07/01/2026 | | | 139,918 | |
| | 55,000 | | | Global Payments, Inc.
3.200%, 08/15/2029 | | | 55,890 | |
| | | | | International Business Machines Corp. | | | | |
| | 100,000 | | | 3.000%, 05/15/2024 | | | 103,750 | |
| | 250,000 | | | 3.300%, 05/15/2026 | | | 263,842 | |
| | 250,000 | | | 3.500%, 05/15/2029 | | | 268,548 | |
| | 160,000 | | | Visa, Inc.
3.150%, 12/14/2025 | | | 170,670 | |
| | | | | | |
|
|
|
| | | | | | | | 1,080,762 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.13% | | | | |
| | | | | Thermo Fisher Scientific, Inc. | | | | |
| | 160,000 | | | 3.000%, 04/15/2023 | | | 164,755 | |
| | 10,000 | | | 2.950%, 09/19/2026 | | | 10,311 | |
| | | | | | |
|
|
|
| | | | | | | | 175,066 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.07% | | | | |
| | 90,000 | | | Parker-Hannifin Corp.
2.700%, 06/14/2024 | | | 91,767 | |
| | | | | | |
|
|
|
| | | | | Media - 1.60% | | | | |
| | 80,000 | | | CBS Corp.
4.200%, 06/01/2029 | | | 86,881 | |
| | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | | |
| | 40,000 | | | 4.908%, 07/23/2025 (f) | | | 43,911 | |
| | 230,000 | | | 3.750%, 02/15/2028 | | | 236,000 | |
| | 150,000 | | | 5.375%, 05/01/2047 (f) | | | 163,700 | |
| | 55,000 | | | 5.750%, 04/01/2048 | | | 62,797 | |
| | 75,000 | | | 5.125%, 07/01/2049 | | | 80,141 | |
| | | | | Comcast Corp. | | | | |
| | 165,000 | | | 3.375%, 08/15/2025 | | | 174,622 | |
| | 55,000 | | | 3.950%, 10/15/2025 | | | 59,911 | |
| | 240,000 | | | 3.150%, 03/01/2026 | | | 251,497 | |
| | 35,000 | | | 2.350%, 01/15/2027 | | | 34,884 | |
| | 55,000 | | | 4.250%, 10/15/2030 | | | 62,615 | |
| | 35,000 | | | 3.200%, 07/15/2036 (f) | | | 35,869 | |
| | 125,000 | | | 4.600%, 10/15/2038 | | | 149,578 | |
| | 25,000 | | | 4.950%, 10/15/2058 | | | 31,820 | |
| | 80,000 | | | Cox Communications, Inc.
3.150%, 08/15/2024 (c) | | | 81,982 | |
| | | | | Discovery Communications LLC | | | | |
| | 41,000 | | | 2.800%, 06/15/2020 | | | 41,145 | |
| | 28,000 | | | 3.950%, 06/15/2025 | | | 29,437 | |
| | 15,000 | | | 5.300%, 05/15/2049 | | | 16,601 | |
| | | | | Discovery Communications, LLC | | | | |
| | 45,000 | | | 3.800%, 03/13/2024 | | | 46,961 | |
| | 180,000 | | | 4.900%, 03/11/2026 (f) | | | 200,198 | |
| | 180,000 | | | 3.950%, 03/20/2028 | | | 187,006 | |
See notes to financial statements.
84
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Media (Continued) | | | | |
| | 35,000 | | | Fox Corp.
3.666%, 01/25/2022 (c) | | $ | 36,149 | |
| | | | | Time Warner Cable, Inc. | | | | |
| | 30,000 | | | 5.500%, 09/01/2041 | | | 32,367 | |
| | 50,000 | | | 4.500%, 09/15/2042 | | | 49,310 | |
| | | | | | |
|
|
|
| | | | | | | | 2,195,382 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.09% | | | | |
| | 100,000 | | | Vale Overseas, Ltd.
6.875%, 11/10/2039 | | | 127,876 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.58% | | | | |
| | | | | Berkshire Hathaway Energy Co. | | | | |
| | 50,000 | | | 3.250%, 04/15/2028 | | | 52,706 | |
| | 65,000 | | | 6.125%, 04/01/2036 | | | 90,143 | |
| | 175,000 | | | CenterPoint Energy, Inc.
2.500%, 09/01/2022 | | | 176,083 | |
| | | | | Dominion Energy, Inc. | | | | |
| | 160,000 | | | 2.579%, 07/01/2020 | | | 160,382 | |
| | 240,000 | | | 2.850%, 08/15/2026 | | | 241,411 | |
| | 25,000 | | | 4.250%, 06/01/2028 | | | 27,702 | |
| | 40,000 | | | DTE Energy Co.
1.500%, 10/01/2019 | | | 39,950 | |
| | | | | | |
|
|
|
| | | | | | | | 788,377 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 2.77% | | | | |
| | 315,000 | | | BP Capital Markets America, Inc.
3.790%, 02/06/2024 | | | 334,983 | |
| | | | | Canadian Natural Resources, Ltd. | | | | |
| | 170,000 | | | 3.900%, 02/01/2025 | | | 179,287 | |
| | 25,000 | | | 3.850%, 06/01/2027 | | | 26,340 | |
| | 15,000 | | | 6.500%, 02/15/2037 | | | 19,396 | |
| | 105,000 | | | Cimarex Energy Co.
4.375%, 03/15/2029 | | | 110,595 | |
| | 280,000 | | | Encana Corp.
3.900%, 11/15/2021 | | | 286,930 | |
| | | | | Energy Transfer Operating LP | | | | |
| | 60,000 | | | 4.200%, 09/15/2023 | | | 63,095 | |
| | 85,000 | | | 4.500%, 04/15/2024 | | | 90,662 | |
| | 90,000 | | | 5.250%, 04/15/2029 | | | 101,668 | |
| | 35,000 | | | 6.250%, 04/15/2049 | | | 42,565 | |
| | 225,000 | | | Enterprise Products Operating LLC
4.800%, 02/01/2049 | | | 262,374 | |
| | | | | Hess Corp. | | | | |
| | 65,000 | | | 5.600%, 02/15/2041 | | | 72,657 | |
| | 75,000 | | | 5.800%, 04/01/2047 | | | 86,410 | |
| | 108,000 | | | Marathon Oil Corp.
3.850%, 06/01/2025 | | | 112,381 | |
| | 25,000 | | | Marathon Petroleum Corp.
3.800%, 04/01/2028 | | | 26,071 | |
| | | | | MPLX LP | | | | |
| | 65,000 | | | 4.250%, 12/01/2027 (c) | | | 68,885 | |
| | 100,000 | | | 5.200%, 03/01/2047 | | | 111,232 | |
| | 7,000 | | | 4.700%, 04/15/2048 | | | 7,318 | |
| | 93,000 | | | Noble Energy, Inc.
5.050%, 11/15/2044 | | | 101,604 | |
| | | | | Occidental Petroleum Corp. | | | | |
| | 75,000 | | | 3.500%, 08/15/2029 (f) | | | 76,127 | |
| | 40,000 | | | 4.500%, 07/15/2044 | | | 40,859 | |
| | 65,000 | | | ONEOK, Inc.
3.400%, 09/01/2029 | | | 64,707 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | | | | |
| | | | | Petroleos Mexicanos | | | | |
| | 200,000 | | | 6.840%, 01/23/2030 (c) | | $ | 207,530 | |
| | 122,000 | | | 6.750%, 09/21/2047 | | | 117,401 | |
| | 105,000 | | | Phillips 66 Partners LP
2.450%, 12/15/2024 | | | 104,700 | |
| | | | | Sabine Pass Liquefaction LLC | | | | |
| | 30,000 | | | 5.625%, 03/01/2025 | | | 33,705 | |
| | 50,000 | | | 4.200%, 03/15/2028 (f) | | | 52,948 | |
| | 200,000 | | | Saudi Arabian Oil Co.
2.875%, 04/16/2024 (c) | | | 202,372 | |
| | 85,000 | | | Suncor Energy, Inc.
3.600%, 12/01/2024 | | | 89,711 | |
| | | | | Sunoco Logistics Partners Operations LP | | | | |
| | 5,000 | | | 5.300%, 04/01/2044 | | | 5,290 | |
| | 5,000 | | | 5.350%, 05/15/2045 | | | 5,373 | |
| | 40,000 | | | Texas Eastern Transmission LP
3.500%, 01/15/2028 (c) | | | 41,630 | |
| | | | | TransCanada PipeLines, Ltd. | | | | |
| | 50,000 | | | 4.750%, 05/15/2038 | | | 57,127 | |
| | 10,000 | | | 6.100%, 06/01/2040 | | | 12,927 | |
| | 145,000 | | | 5.100%, 03/15/2049 | | | 174,346 | |
| | 160,000 | | | Valero Energy Partners LP
4.500%, 03/15/2028 | | | 175,109 | |
| | | | | Western Midstream Operating LP | | | | |
| | 135,000 | | | 4.500%, 03/01/2028 (f) | | | 130,474 | |
| | 100,000 | | | 4.750%, 08/15/2028 | | | 98,508 | |
| | 10,000 | | | 5.500%, 08/15/2048 | | | 8,914 | |
| | | | | | |
|
|
|
| | | | | | | | 3,804,211 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 0.85% | | | | |
| | 135,000 | | | Allergan Funding SCS
3.450%, 03/15/2022 | | | 138,391 | |
| | 230,000 | | | Bayer US Finance II LLC
4.250%, 12/15/2025 (c) | | | 245,912 | |
| | | | | Bristol-Myers Squibb Co. | | | | |
| | 30,000 | | | 3.200%, 06/15/2026 (c) | | | 31,498 | |
| | 75,000 | | | 3.400%, 07/26/2029 (c) | | | 80,178 | |
| | 195,000 | | | GlaxoSmithKline Capital PLC
2.875%, 06/01/2022 | | | 199,294 | |
| | | | | Johnson & Johnson | | | | |
| | 155,000 | | | 2.625%, 01/15/2025 | | | 159,895 | |
| | 75,000 | | | 3.550%, 03/01/2036 | | | 82,507 | |
| | 55,000 | | | 3.625%, 03/03/2037 | | | 61,407 | |
| | 135,000 | | | Merck & Co, Inc.
3.400%, 03/07/2029 | | | 146,564 | |
| | 15,000 | | | Mylan NV
5.250%, 06/15/2046 | | | 16,012 | |
| | | | | | |
|
|
|
| | | | | | | | 1,161,658 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.50% | | | | |
| | | | | CSX Corp. | | | | |
| | 110,000 | | | 3.250%, 06/01/2027 | | | 115,592 | |
| | 140,000 | | | 2.400%, 02/15/2030 | | | 137,442 | |
| | 135,000 | | | Penske Truck Leasing Co Lp / PTL Finance Corp. 3.450%, 07/01/2024 (c) | | | 140,390 | |
| | | | | Union Pacific Corp. | | | | |
| | 65,000 | | | 3.700%, 03/01/2029 | | | 70,789 | |
| | 50,000 | | | 4.375%, 09/10/2038 | | | 57,647 | |
| | 160,000 | | | 4.100%, 09/15/2067 | | | 168,713 | |
| | | | | | |
|
|
|
| | | | | | | | 690,573 | |
| | | | | | |
|
|
|
See notes to financial statements.
85
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | | | | |
| | | | | Semiconductors & Semiconductor Equipment - 0.68% | |
| | | | | Broadcom Corp / Broadcom Cayman Finance, Ltd. | | | | |
| | 205,000 | | | 3.625%, 01/15/2024 | | $ | 209,771 | |
| | 90,000 | | | 3.125%, 01/15/2025 | | | 89,434 | |
| | 205,000 | | | 3.875%, 01/15/2027 | | | 206,047 | |
| | 59,000 | | | Intel Corp.
3.734%, 12/08/2047 | | | 65,902 | |
| | 135,000 | | | Microchip Technology, Inc.
4.333%, 06/01/2023 | | | 141,891 | |
| | 205,000 | | | Micron Technology, Inc.
4.975%, 02/06/2026 | | | 221,000 | |
| | | | | | |
|
|
|
| | | | | | | | 934,045 | |
| | | | | | |
|
|
|
| | | | | Software - 0.36% | | | | |
| | 155,000 | | | Microsoft Corp.
4.450%, 11/03/2045 | | | 196,019 | |
| | | | | Oracle Corp. | | | | |
| | 115,000 | | | 4.300%, 07/08/2034 | | | 133,459 | |
| | 25,000 | | | 3.900%, 05/15/2035 | | | 27,645 | |
| | 50,000 | | | 3.800%, 11/15/2037 | | | 54,521 | |
| | 75,000 | | | salesforce.com, Inc.
3.250%, 04/11/2023 | | | 78,288 | |
| | | | | | |
|
|
|
| | | | | | | | 489,932 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.19% | | | | |
| | | | | Home Depot, Inc. | | | | |
| | 140,000 | | | 3.350%, 09/15/2025 | | | 149,522 | |
| | 55,000 | | | 5.875%, 12/16/2036 | | | 76,157 | |
| | 5,000 | | | 3.500%, 09/15/2056 | | | 5,329 | |
| | 25,000 | | | Lowe’s Cos., Inc.
3.700%, 04/15/2046 | | | 25,219 | |
| | | | | | |
|
|
|
| | | | | | | | 256,227 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.33% | |
| | | | | Apple, Inc. | | | | |
| | 5,000 | | | 3.000%, 02/09/2024 | | | 5,213 | |
| | 20,000 | | | 3.350%, 02/09/2027 | | | 21,400 | |
| | 385,000 | | | 2.200%, 09/11/2029 (f) | | | 378,785 | |
| | 40,000 | | | 3.450%, 02/09/2045 | | | 42,470 | |
| | 5,000 | | | Hewlett Packard Enterprise Co.
6.350%, 10/15/2045 | | | 5,841 | |
| | | | | | |
|
|
|
| | | | | | | | 453,709 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.53% | | | | |
| | | | | Altria Group, Inc. | | | | |
| | 75,000 | | | 4.400%, 02/14/2026 (f) | | | 80,262 | |
| | 145,000 | | | 2.625%, 09/16/2026 | | | 140,013 | |
| | 80,000 | | | 4.800%, 02/14/2029 | | | 87,706 | |
| | 40,000 | | | 4.250%, 08/09/2042 | | | 38,800 | |
| | 45,000 | | | 5.375%, 01/31/2044 | | | 50,101 | |
| | 115,000 | | | 3.875%, 09/16/2046 | | | 105,587 | |
| | 40,000 | | | 5.950%, 02/14/2049 | | | 47,105 | |
| | 170,000 | | | Philip Morris International, Inc.
2.625%, 03/06/2023 | | | 172,302 | |
| | | | | | |
|
|
|
| | | | | | | | 721,876 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.12% | | | | |
| | | | | American Water Capital Corp. | | | | |
| | 140,000 | | | 3.750%, 09/01/2028 | | | 151,887 | |
| | 15,000 | | | 4.150%, 06/01/2049 | | | 17,240 | |
| | | | | | |
|
|
|
| | | | | | | | 169,127 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Wireless Telecommunication Services - 0.21% | | | | |
| | 205,000 | | | Telefonica Emisiones SA
4.895%, 03/06/2048 | | $ | 229,222 | |
| | 60,000 | | | Vodafone Group Plc
4.250%, 09/17/2050 | | | 61,380 | |
| | | | | | |
|
|
|
| | | | | | | | 290,602 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $37,529,606) | | | 40,081,542 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.19% | |
| | 200,000 | | | Abu Dhabi Government International Bond
3.125%, 09/30/2049 (c) | | | 194,250 | |
| | 66,000 | | | Hungary Government International Bond
6.375%, 03/29/2021 | | | 70,125 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $263,595) | | | 264,375 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 35.89% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 18,582 | | | Pool#D9-6291 4.500%, 09/01/2023 | | | 19,552 | |
| | 51,377 | | | Pool#G1-3624 5.000%, 08/01/2024 | | | 53,378 | |
| | 82,000 | | | SeriesK-068, 3.244%, 08/25/2027 | | | 88,051 | |
| | 136,089 | | | Series 2329, 6.500%, 06/15/2031 | | | 152,090 | |
| | 62,147 | | | Series 2338, 6.500%, 07/15/2031 | | | 70,776 | |
| | 98,972 | | | Pool#78-0447 4.804% (1 Year CMT Rate + 2.250%, 9.309% Cap, 2.250% Floor), 04/01/2033 (a) | | | 104,613 | |
| | 100 | | | Pool#A4-3129 5.500%, 02/01/2036 | | | 110 | |
| | 66,049 | | | Series 3883, 3.000%, 05/15/2041 | | | 68,363 | |
| | 249,854 | | | Series 4139, 2.500%, 11/15/2041 | | | 253,406 | |
| | 423,122 | | | Pool#U9-0688 4.000%, 05/01/2042 | | | 450,720 | |
| | 643,150 | | | Pool#Q4-9389 3.500%, 07/01/2047 | | | 670,217 | |
| | 603,709 | | | Pool#Q5-2093 3.500%, 11/01/2047 | | | 624,088 | |
| | | | | Federal National Mortgage Association | | | | |
| | 3,200,000 | | | Pool #TBA 3.000%, 10/15/2026 (i) | | | 3,271,250 | |
| | 383,827 | | | Pool #AJ8325 3.000%, 12/01/2026 | | | 394,366 | |
| | 870,000 | | | Pool #AN8322 3.190%, 02/01/2028 | | | 936,370 | |
| | 1,023,117 | | | Pool #AN8695 3.550%, 03/01/2028 | | | 1,128,170 | |
| | 2,300,000 | | | Pool #TBA 2.500%, 10/15/2028 (i) | | | 2,319,721 | |
| | 3,159 | | | Pool #544859 2.954% (11th District Cost of Funds Index + 1.799%, 14.713% Cap, 1.799% Floor), 08/01/2029 (a) | | | 3,151 | |
| | 106,255 | | | Series2018-C04, 2.768% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 12/26/2030 (a) | | | 106,388 | |
| | 61,658 | | | Pool #BC4938 2.500%, 04/01/2031 | | | 62,272 | |
| | 107,898 | | | Pool #786848 7.000%, 10/01/2031 | | | 123,999 | |
| | 3,390 | | | Pool #727181 5.000%, 08/01/2033 | | | 3,745 | |
| | 1,521 | | | Pool #730727 5.000%, 08/01/2033 | | | 1,680 | |
| | 442 | | | Pool #741862 5.500%, 09/01/2033 | | | 498 | |
| | 579 | | | Pool #766197 5.500%, 02/01/2034 | | | 655 | |
| | 109 | | | Pool #776974 5.500%, 04/01/2034 | | | 123 | |
| | 82,453 | | | Pool #888504 4.568% (1 Year CMT Rate + 2.068%, 9.251% Cap, 2.068% Floor),
04/01/2034 (a) | | | 87,079 | |
| | 262,838 | | | Pool #MA1870 4.500%, 04/01/2034 | | | 282,668 | |
| | 4,497 | | | Pool #775776 5.500%, 05/01/2034 | | | 5,082 | |
| | 113,387 | | | Pool #802783 3.609% (12 Month LIBOR USD + 1.612%, 10.297% Cap, 1.612% Floor),
10/01/2034 (a) | | | 118,622 | |
| | 3,418 | | | Pool #781629 5.500%, 12/01/2034 | | | 3,862 | |
| | 5,021 | | | Pool #822815 5.500%, 04/01/2035 | | | 5,673 | |
See notes to financial statements.
86
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 4,432 | | | Pool #357850 5.500%, 07/01/2035 | | $ | 5,015 | |
| | 2,825 | | | Pool #820242 5.000%, 07/01/2035 | | | 3,117 | |
| | 747 | | | Pool #838452 5.500%, 09/01/2035 | | | 844 | |
| | 3,781 | | | Pool #865854 6.000%, 03/01/2036 | | | 4,351 | |
| | 6,370 | | | Pool #891474 6.000%, 04/01/2036 | | | 7,330 | |
| | 4,482 | | | Pool #906000 6.000%, 01/01/2037 | | | 5,051 | |
| | 51 | | | Pool #928062 5.500%, 02/01/2037 | | | 58 | |
| | 61 | | | Pool #899119 5.500%, 04/01/2037 | | | 66 | |
| | 428,093 | | | Pool #AS9772 3.500%, 06/01/2037 | | | 445,953 | |
| | 127 | | | Pool #970131 5.500%, 03/01/2038 | | | 143 | |
| | 84 | | | Pool #985108 5.500%, 07/01/2038 | | | 94 | |
| | 52 | | | Pool #964930 5.500%, 08/01/2038 | | | 56 | |
| | 50 | | | Pool #987032 5.500%, 08/01/2038 | | | 56 | |
| | 93 | | | Pool #968371 5.500%, 09/01/2038 | | | 102 | |
| | 32 | | | Pool #993050 5.500%, 12/01/2038 | | | 36 | |
| | 16,687 | | | Pool #993579 4.000%, 05/01/2039 | | | 17,818 | |
| | 3,343 | | | Pool #AA5840 4.000%, 06/01/2039 | | | 3,571 | |
| | 48,076 | | | Pool #AA8715 4.000%, 06/01/2039 | | | 51,854 | |
| | 170,987 | | | Pool #AD0586 4.500%, 12/01/2039 | | | 186,465 | |
| | 439,310 | | | Pool #AD4062 5.000%, 05/01/2040 | | | 480,367 | |
| | 399,823 | | | Pool #AD6929 5.000%, 06/01/2040 | | | 440,775 | |
| | 10,837 | | | Pool #AD9896 4.000%, 08/01/2040 | | | 11,580 | |
| | 12,517 | | | Pool #AB1500 4.000%, 09/01/2040 | | | 13,372 | |
| | 11,809 | | | Pool #AD9856 4.000%, 09/01/2040 | | | 12,618 | |
| | 7,114 | | | Pool #AE2559 4.000%, 09/01/2040 | | | 7,532 | |
| | 2,725 | | | Pool #AE2562 4.000%, 09/01/2040 | | | 2,913 | |
| | 3,480 | | | Pool #AE2566 4.000%, 09/01/2040 | | | 3,703 | |
| | 23,162 | | | Pool #AE4124 4.000%, 10/01/2040 | | | 24,744 | |
| | 12,363 | | | Pool #AE4888 4.000%, 10/01/2040 | | | 13,212 | |
| | 3,000,000 | | | Pool #TBA 3.500%, 10/01/2040 (i) | | | 3,077,344 | |
| | 18,133 | | | Pool #AE3916 4.000%, 11/01/2040 | | | 19,197 | |
| | 2,693 | | | Pool #AE5147 4.000%, 11/01/2040 | | | 2,877 | |
| | 34,124 | | | Pool #AE8715 4.000%, 11/01/2040 | | | 36,462 | |
| | 3,948 | | | Pool #AH0006 4.000%, 12/01/2040 | | | 4,220 | |
| | 10,854 | | | Pool #AH0020 4.000%, 12/01/2040 | | | 11,600 | |
| | 19,972 | | | Pool #AH0599 4.000%, 12/01/2040 | | | 21,341 | |
| | 6,832 | | | Pool #AH0601 4.000%, 12/01/2040 | | | 7,300 | |
| | 13,403 | | | Pool #AH1263 4.000%, 01/01/2041 | | | 14,322 | |
| | 58,850 | | | Pool #AL5233 4.000%, 01/01/2041 | | | 62,845 | |
| | 4,799 | | | Pool #AH4659 4.000%, 02/01/2041 | | | 5,129 | |
| | 68,005 | | | Pool #AH5653 4.000%, 02/01/2041 | | | 72,667 | |
| | 87,460 | | | Pool #AL0934 5.000%, 02/01/2041 | | | 96,704 | |
| | 136,616 | | | Pool #AD1889 4.500%, 03/01/2041 | | | 148,100 | |
| | 7,910 | | | Pool #AH6150 4.000%, 03/01/2041 | | | 8,453 | |
| | 82,429 | | | Pool #AL0215 4.500%, 04/01/2041 | | | 89,111 | |
| | 66,055 | | | Pool #AL0187 5.000%, 05/01/2041 | | | 73,036 | |
| | 11,667 | | | Pool #AL0456 5.000%, 06/01/2041 | | | 12,900 | |
| | 51,360 | | | Pool #AI8842 4.500%, 08/01/2041 | | | 55,680 | |
| | 30,197 | | | Pool #AL0815 4.000%, 09/01/2041 | | | 32,669 | |
| | 57,719 | | | Series2012-21, 2.000%, 09/25/2041 | | | 57,440 | |
| | 10,555 | | | Pool #AJ1562 4.000%, 10/01/2041 | | | 11,427 | |
| | 10,377 | | | Pool #AJ1972 4.000%, 10/01/2041 | | | 11,198 | |
| | 519,429 | | | Pool #AJ2212 4.500%, 10/01/2041 | | | 563,138 | |
| | 15,887 | | | Pool #AJ4756 4.000%, 10/01/2041 | | | 17,182 | |
| | 400,000 | | | Pool #TBA 4.000%, 10/15/2041 (i) | | | 415,078 | |
| | 14,140 | | | Pool #AJ3330 4.000%, 11/01/2041 | | | 15,325 | |
| | 13,408 | | | Pool #AJ4549 4.000%, 11/01/2041 | | | 14,521 | |
| | 11,004 | | | Pool #AJ4698 4.000%, 11/01/2041 | | | 11,913 | |
| | 22,675 | | | Pool #AJ5424 4.000%, 11/01/2041 | | | 24,531 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 8,363 | | | Pool #AJ7840 4.000%, 11/01/2041 | | $ | 9,064 | |
| | 14,084 | | | Pool #AB3995 4.000%, 12/01/2041 | | | 15,258 | |
| | 13,371 | | | Pool #AI0848 4.000%, 12/01/2041 | | | 14,491 | |
| | 12,043 | | | Pool #AJ4187 4.000%, 12/01/2041 | | | 13,020 | |
| | 13,490 | | | Pool #AJ5736 4.000%, 12/01/2041 | | | 14,573 | |
| | 8,223 | | | Pool #AJ5968 4.000%, 12/01/2041 | | | 8,788 | |
| | 15,861 | | | Pool #AJ6061 4.000%, 12/01/2041 | | | 17,177 | |
| | 10,207 | | | Pool #AJ7868 4.000%, 12/01/2041 | | | 11,061 | |
| | 23,801 | | | Pool #AJ8104 4.000%, 12/01/2041 | | | 25,720 | |
| | 15,813 | | | Pool #AJ8109 4.000%, 12/01/2041 | | | 17,138 | |
| | 8,649 | | | Pool #AJ8171 4.000%, 12/01/2041 | | | 9,360 | |
| | 16,727 | | | Pool #AJ8341 4.000%, 12/01/2041 | | | 18,128 | |
| | 27,423 | | | Pool #AJ8436 4.000%, 12/01/2041 | | | 29,710 | |
| | 10,500 | | | Pool #AJ8912 4.000%, 12/01/2041 | | | 11,379 | |
| | 13,458 | | | Pool #AJ9248 4.000%, 12/01/2041 | | | 14,579 | |
| | 110,802 | | | Series2012-18, 2.000%, 12/25/2041 | | | 110,243 | |
| | 115,382 | | | Series2012-75, 2.500%, 12/25/2041 | | | 116,708 | |
| | 12,796 | | | Pool #AJ2446 4.000%, 01/01/2042 | | | 13,674 | |
| | 17,863 | | | Pool #AJ7538 4.000%, 01/01/2042 | | | 19,359 | |
| | 4,604 | | | Pool #AJ8001 4.000%, 01/01/2042 | | | 4,830 | |
| | 15,427 | | | Pool #AJ8369 4.000%, 01/01/2042 | | | 16,684 | |
| | 13,882 | | | Pool #AJ9162 4.000%, 01/01/2042 | | | 15,019 | |
| | 80,761 | | | Pool #AJ9330 4.000%, 01/01/2042 | | | 87,526 | |
| | 8,430 | | | Pool #AJ9779 4.000%, 01/01/2042 | | | 8,907 | |
| | 13,371 | | | Pool #AK0170 4.000%, 01/01/2042 | | | 14,491 | |
| | 30,197 | | | Pool #AK0543 4.000%, 01/01/2042 | | | 32,726 | |
| | 12,011 | | | Pool #AK0563 4.000%, 01/01/2042 | | | 13,017 | |
| | 22,375 | | | Pool #AK1827 4.000%, 01/01/2042 | | | 24,249 | |
| | 291,004 | | | Pool #AL2752 5.000%, 03/01/2042 | | | 320,576 | |
| | 66,660 | | | Series2012-52, 3.500%, 05/25/2042 | | | 69,803 | |
| | 69,432 | | | Pool #AB5529 4.000%, 07/01/2042 | | | 73,947 | |
| | 167,861 | | | Pool #AB6228 3.500%, 09/01/2042 | | | 176,313 | |
| | 6,700,000 | | | Pool #TBA 3.000%, 10/15/2042 (i) | | | 6,801,023 | |
| | 189,576 | | | Series 415 3.000%, 11/01/2042 | | | 195,308 | |
| | 340,670 | | | Pool #AQ9316 2.500%, 01/01/2043 | | | 340,487 | |
| | 154,414 | | | Series2015-48, 3.000%, 02/25/2043 | | | 158,033 | |
| | 878,664 | | | Pool #AT2720 3.000%, 05/01/2043 | | | 905,670 | |
| | 692,169 | | | Pool #AT5900 3.000%, 06/01/2043 | | | 713,488 | |
| | 387,297 | | | Pool #AU1625 3.500%, 07/01/2043 | | | 406,947 | |
| | 175,837 | | | Series2017-26, 3.500%, 07/25/2044 | | | 184,192 | |
| | 164,505 | | | Series2018-38, 3.500%, 03/25/2045 | | | 167,019 | |
| | 553,678 | | | Pool #AS5469 4.000%, 07/01/2045 | | | 583,490 | |
| | 644,352 | | | Pool #AZ0832 4.000%, 07/01/2045 | | | 680,430 | |
| | 129,004 | | | Pool #AS5597 3.500%, 08/01/2045 | | | 134,411 | |
| | 45,510 | | | Series2016-38, 3.000%, 01/25/2046 | | | 46,984 | |
| | 101,096 | | | Series2016-11, 2.500%, 03/25/2046 | | | 102,235 | |
| | 762,964 | | | Pool #AS7170 3.500%, 05/01/2046 | | | 794,919 | |
| | 753,873 | | | Pool #AS7242 3.500%, 05/01/2046 | | | 785,095 | |
| | 582,664 | | | Pool #BC9468 3.000%, 06/01/2046 | | | 597,002 | |
| | 658,903 | | | Pool #AS7492 4.000%, 07/01/2046 | | | 694,679 | |
| | 495,402 | | | Pool #AS8947 3.500%, 03/01/2047 | | | 515,896 | |
| | 91,594 | | | Series2017-34, 3.000%, 05/25/2047 | | | 94,198 | |
| | 111,188 | | | Pool #MA3038 4.500%, 06/01/2047 | | | 117,861 | |
| | 140,290 | | | Series2017-72, 3.000%, 09/25/2047 | | | 144,454 | |
| | 146,361 | | | Series2017-72, 3.000%, 09/25/2047 | | | 150,712 | |
| | 190,863 | | | Series2018-80, 3.500%, 12/25/2047 | | | 197,690 | |
| | 88,685 | | | Series2018-77, 3.500%, 02/25/2048 | | | 94,251 | |
| | 135,153 | | | Series2018-23, 3.500%, 04/25/2048 | | | 141,773 | |
| | 2,880,365 | | | Pool #BN5279 4.000%, 02/01/2049 | | | 3,003,739 | |
See notes to financial statements.
87
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 161,970 | | | Series2019-07, 3.500%, 03/25/2049 | | $ | 169,138 | |
| | 165,082 | | | Series2019-14, 3.500%, 04/25/2049 | | | 174,234 | |
| | 246,554 | | | Series2019-45 3.000%, 08/25/2049 | | | 253,818 | |
| | 192,053 | | | Series2019-41 2.500%, 03/25/2053 | | | 191,325 | |
| | 191,677 | | | Series2017-35 3.500%, 04/25/2053 | | | 197,362 | |
| | 118,126 | | | Series2017-84 3.500%, 04/25/2053 | | | 121,337 | |
| | 162,780 | | | Series2019-15, 3.500%, 05/25/2053 | | | 171,439 | |
| | 153,318 | | | Series2017-49 4.000%, 07/25/2053 | | | 159,924 | |
| | 217,172 | | | Series2018-72, 3.500%, 07/25/2054 | | | 225,262 | |
| | 171,778 | | | Series2017-96, 3.000%, 12/25/2054 | | | 176,897 | |
| | 82,843 | | | Series2018-19, 3.500%, 05/25/2056 | | | 87,355 | |
| | 167,617 | | | Series2018-70, 3.500%, 10/25/2056 | | | 177,030 | |
| | 164,104 | | | Series2019-07, 3.500%, 11/25/2057 | | | 173,250 | |
| | 170,905 | | | Series2019-12, 3.500%, 11/25/2057 | | | 180,426 | |
| | 155,302 | | | Series2019-28, 3.500%, 06/25/2059 | | | 165,144 | |
| | | | | Government National Mortgage Association | | | | |
| | 10,707 | | | Pool #614436X 5.000%, 08/15/2033 | | | 11,461 | |
| | 26,553 | | | Pool #736686X 5.000%, 02/15/2039 | | | 29,429 | |
| | 569,923 | | | Pool #723248X 5.000%, 10/15/2039 | | | 640,980 | |
| | 286,448 | | | Pool #783403X 3.500%, 09/15/2041 | | | 301,551 | |
| | 1,500,000 | | | Pool #TBA 4.500%, 10/15/2041 (i) | | | 1,567,713 | |
| | 175,117 | | | Series2013-37, 2.000%, 01/20/2042 | | | 173,783 | |
| | 1,400,000 | | | Pool #TBA 3.500%, 10/15/2042 (i) | | | 1,450,449 | |
| | 800,000 | | | Pool #TBA 3.000%, 10/15/2044 (i) | | | 820,969 | |
| | 114,879 | | | Pool #MA4587M 4.000%, 07/20/2047 | | | 119,862 | |
| | 298,312 | | | Pool #MA4652M 3.500%, 08/20/2047 | | | 310,287 | |
| | 588,455 | | | Pool #MA4778M 3.500%, 10/20/2047 | | | 611,504 | |
| | 424,110 | | | Pool #MA4779M 4.000%, 10/20/2047 | | | 443,107 | |
| | 506,915 | | | Pool #MA4780M 4.500%, 10/20/2047 | | | 532,896 | |
| | 1,299,988 | | | Pool #MA6040M 4.000%, 07/20/2049 | | | 1,356,293 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $48,323,647) | | | 49,240,973 | |
| | | | | | |
|
|
|
| | | | | MUNICIPAL DEBT OBLIGATIONS - 0.60% | | | | |
| | | | | California, GO, | | | | |
| | 65,000 | | | 7.550%, 04/01/2039 | | | 107,672 | |
| | 60,000 | | | 7.300%, 10/01/2039 | | | 94,017 | |
| | 105,000 | | | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, 6.899%, 12/01/2040 | | | 147,563 | |
| | 355,000 | | | Philadelphia Authority for Industrial Development 6.550%, 10/15/2028 | | | 452,678 | |
| | 15,000 | | | University of California Medical Center, Series H Revenue Bond,
6.548%, 05/15/2048 | | | 22,692 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $777,617) | | | 824,622 | |
| | | | | | |
|
|
|
| | | | | U.S. TREASURY OBLIGATIONS - 27.02% | | | | |
| | | | | U.S. Treasury Bonds - 14.17% | | | | |
| | 685,667 | | | 0.625%, 01/15/2026 (g) | | | 702,902 | |
| | 3,180,144 | | | 0.375%, 07/15/2027 (g)(j) | | | 3,230,114 | |
| | 472,491 | | | 0.875%, 01/15/2029 (g) | | | 501,443 | |
| | 1,690,000 | | | 3.125%, 11/15/2041 | | | 2,014,401 | |
| | 1,075,000 | | | 3.125%, 02/15/2043 | | | 1,282,504 | |
| | 545,000 | | | 3.625%, 08/15/2043 | | | 703,060 | |
| | 1,830,000 | | | 3.750%, 11/15/2043 | | | 2,407,701 | |
| | 1,050,000 | | | 3.625%, 02/15/2044 | | | 1,357,679 | |
| | 735,000 | | | 3.125%, 08/15/2044 | | | 880,851 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. Treasury Bonds (Continued) | | | | |
| | 240,000 | | | 3.000%, 11/15/2045 | | $ | 283,158 | |
| | 2,365,000 | | | 2.500%, 05/15/2046 | | | 2,547,641 | |
| | 255,000 | | | 3.000%, 02/15/2047 | | | 302,349 | |
| | 500,000 | | | 3.000%, 02/15/2048 | | | 593,779 | |
| | 650,000 | | | 3.125%, 05/15/2048 | | | 790,220 | |
| | 1,430,000 | | | 3.000%, 02/15/2049 | | | 1,705,331 | |
| | 127,451 | | | 1.000%, 02/15/2049 (g) | | | 143,192 | |
| | | | | U.S. Treasury Notes - 12.85% | | | | |
| | 865,000 | | | 2.000%, 02/15/2022 (j) | | | 873,092 | |
| | 6,870,000 | | | 2.375%, 08/15/2024 | | | 7,127,893 | |
| | 1,707,000 | | | 2.000%, 02/15/2025 | | | 1,743,407 | |
| | 2,190,000 | | | 2.875%, 05/31/2025 | | | 2,341,290 | |
| | 1,870,000 | | | 2.875%, 08/15/2028 | | | 2,056,416 | |
| | 1,555,000 | | | 3.125%, 11/15/2028 | | | 1,746,004 | |
| | 1,605,000 | | | 2.625%, 02/15/2029 | | | 1,737,381 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $34,736,558) | | | 37,071,808 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 5.52% | | | | |
| | | | | Money Market Funds - 5.52% | | | | |
| | 7,575,765 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (e) | | | 7,575,765 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $7,575,765) | | | 7,575,765 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.00% | |
| | 2,740,344 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (e) | | | 2,740,344 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,740,344) | | | 2,740,344 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $158,746,785) - 120.13% | | | 164,817,486 | |
| | | | | Liabilities in Excess of
Other Assets - (20.13)% | | | (27,618,618 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 137,198,868 | |
| | | | | | |
|
|
|
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 based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2019. |
| (b) | | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 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 expemption from registration. The value of these securities total $23,448,103, which represents 17.09% of total net assets. |
| (d) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (e) | | Seven-day yield as of September 30, 2019. |
| (f) | | All or portion of this security is on loan. |
| (g) | | Represents a U.S. Treasury Inflation Protected Security. |
| (h) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $712,746, which represents 0.52% of total net assets. |
See notes to financial statements.
88
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| (i) | | Security purchased on a when-issued basis. On September 30, 2019, the total value of investments purchased on a when-issued basis was $19,723,547 or 14.38% of total net assets. |
| (j) | | All or a portion of this security is held as collateral for certain swap and futures contracts. |
| (k) | | As of September 30, 2019, the Valuation Committee has fair valued these securities. The value of these securities was $279,998, which represents 0.20% of total net assets. |
| (l) | | 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 September 30, 2019. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $444,133, which represents 0.32% of total net assets. |
See notes to financial statements.
89
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
U.S. Treasury 2 Year Note Futures | | | 43 | | | $ | 9,266,500 | | | Dec-19 | | $ | (17,047 | ) |
U.S. Treasury 5 Year Note Futures | | | (9 | ) | | | (1,072,336 | ) | | Dec-19 | | | (157 | ) |
U.S. Treasury 10 Year Note Futures | | | (26 | ) | | | (3,388,125 | ) | | Dec-19 | | | 5,265 | |
U.S. Treasury Long Bond Futures | | | (7 | ) | | | (1,136,188 | ) | | Dec-19 | | | 22,456 | |
U.S. Treasury Ultra 10 Year Note Futures | | | (7 | ) | | | (996,844 | ) | | Dec-19 | | | 11,362 | |
U.S. Treasury Ultra Bond Futures | | | 2 | | | | 383,813 | | | Dec-19 | | | 1,527 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 23,406 | |
| | | | | | | | | | | | |
|
|
|
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
September 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
9/30/2019(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CMBX.NA.AAA | | | 60.28% | | | | 0.500% | | | 8/17/2061 | | Morgan Stanley | | | Quarterly | | | $ | 330,000 | | | $ | (1,218 | ) | | $ | (2,664 | ) | | $ | 1,446 | |
CDX.NA.IG.33* | | | 53.95% | | | | 1.000% | | | 12/20/2024 | | Morgan Stanley | | | Quarterly | | | | 4,270,000 | | | | 84,500 | | | | 88,286 | | | | (3,786 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | $ | 83,282 | | | $ | 85,622 | | | $ | (2,340 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
GuideMark® Core Fixed Income Fund
INTEREST RATE SWAPS
September 30, 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 | | | 2.359% | | Semi-Annual | | | 4/9/2024 | | | | Morgan Stanley | | | $ | 1,220,000 | | | $ | (45,215 | ) | | $ | — | | | $ | (45,215 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.363% | | Semi-Annual | | | 4/9/2024 | | | | Morgan Stanley | | | | 1,265,000 | | | | (47,076 | ) | | | — | | | | (47,076 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.360% | | Semi-Annual | | | 4/9/2024 | | | | Morgan Stanley | | | | 1,295,000 | | | | (48,051 | ) | | | — | | | | (48,051 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.358% | | Semi-Annual | | | 4/9/2024 | | | | Morgan Stanley | | | | 1,732,000 | | | | (64,115 | ) | | | — | | | | (64,115 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.250% | | Semi-Annual | | | 9/21/2026 | | | | Morgan Stanley | | | | 4,143,000 | | | | (202,235 | ) | | | (181,289 | ) | | | (20,946 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.750% | | Semi-Annual | | | 12/20/2047 | | | | Morgan Stanley | | | | 775,000 | | | | (190,907 | ) | | | (29,133 | ) | | | (161,774 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (597,599 | ) | | $ | (210,422 | ) | | $ | (387,177 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| 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 (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS - 98.49% | |
| | | | | Alabama - 1.76% | |
| | | | | The Lower Alabama Gas District, Series A, Revenue Bond, | | | | |
| $ | 100,000 | | | 5.000%, 09/01/2034 | | $ | 130,422 | |
| | 225,000 | | | 5.000%, 09/01/2046 | | | 315,529 | |
| | | | | | |
|
|
|
| | | | | | | | 445,951 | |
| | | | | | |
|
|
|
| | | | | Arizona - 3.74% | | | | |
| | 145,000 | | | Arizona Board of Regents, Prerefunded, Revenue Bond,
5.000%, 07/01/2028 | | | 159,554 | |
| | 55,000 | | | Arizona Board of Regents, Unrefunded, Revenue Bond,
5.000%, 07/01/2028 | | | 60,207 | |
| | 150,000 | | | Arizona Industrial Development Authority, Revenue Bond,
6.000%, 07/01/2047 | | | 170,984 | |
| | 100,000 | | | Phoenix Industrial Development Authority, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2037 | | | 118,386 | |
| | | | | Pima County Industrial Development Authority, Revenue Bond, | | | | |
| | 35,000 | | | 5.000%, 06/15/2047 | | | 36,103 | |
| | 30,000 | | | 5.000%, 06/15/2052 | | | 30,907 | |
| | 100,000 | | | Salt River Project Agricultural Improvement & Power District, Revenue Bond,
5.000%, 01/01/2039 | | | 123,692 | |
| | 150,000 | | | Salt Verde Financial Corp., Revenue Bond,
5.000%, 12/01/2037 | | | 202,350 | |
| | 40,000 | | | Tempe Industrial Development Authority, Series A, Revenue Bond,
6.125%, 10/01/2052 | | | 45,680 | |
| | | | | | |
|
|
|
| | | | | | | | 947,863 | |
| | | | | | |
|
|
|
| | | | | Arkansas - 1.03% | | | | |
| | 250,000 | | | University of Arkansas, Series A, Revenue Bond,
4.125%, 11/01/2030 | | | 261,958 | |
| | | | | | |
|
|
|
| | | | | California - 13.54% | | | | |
| | 300,000 | | | California Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2049 | | | 465,363 | |
| | 100,000 | | | California Health Facilities Financing Authority, Series A, Revenue Bond,
5.000%, 11/15/2031 | | | 126,913 | |
| | 100,000 | | | California Municipal Finance Authority, Community Medical Centers, Series A, Revenue Bond,
5.000%, 02/01/2042 | | | 118,147 | |
| | 190,000 | | | California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond,
6.400%, 08/15/2045 | | | 198,516 | |
| | 100,000 | | | California Municipal Finance Authority, Revenue Bond,
5.000%, 12/31/2047 | | | 118,152 | |
| | 250,000 | | | California Pollution Control Financing Authority, Refunding, Revenue Bond,
5.000%, 07/01/2039 | | | 303,147 | |
| | 200,000 | | | California State University, Series A, Revenue Bond,
5.000%, 11/01/2031 | | | 235,792 | |
| | 160,000 | | | California Statewide Communities Development Authority, Series A, Revenue Bond,
6.125%, 11/01/2033 | | | 185,667 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | California (Continued) | | | | |
| $ | 300,000 | | | California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,
5.000%, 08/01/2034 | | $ | 335,451 | |
| | 300,000 | | | California, GO,
5.000%, 11/01/2043 | | | 339,960 | |
| | 50,000 | | | California, Refunding, GO,
5.000%, 04/01/2032 | | | 68,455 | |
| | 100,000 | | | Golden State Tobacco Securitization Corp., Series A, Revenue Bond,
4.000%, 06/01/2031 | | | 112,504 | |
| | 125,000 | | | Golden State Tobacco Securitization Corp.,Series A-1, Revenue Bond,
5.000%, 06/01/2047 | | | 128,262 | |
| | 250,000 | | | M-S-R Energy Authority, Revenue Bond,
6.500%, 11/01/2039 | | | 393,403 | |
| | 300,000 | | | San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,
5.250%, 07/15/2025 | | | 303,504 | |
| | | | | | |
|
|
|
| | | | | | | | 3,433,236 | |
| | | | | | |
|
|
|
| | | | | Colorado - 5.07% | | | | |
| | 150,000 | | | Castle Pines North Metropolitan District, Refunding, Revenue Bond,
4.000%, 12/01/2044 | | | 154,548 | |
| | 380,000 | | | Colorado Health Facilities Authority, Revenue Bond,
8.000%, 08/01/2043 | | | 461,674 | |
| | 220,000 | | | Public Authority for Colorado Energy, Revenue Bond,
6.500%, 11/15/2038 | | | 336,002 | |
| | 300,000 | | | Regional Transportation District, Series A, Revenue Bond,
5.000%, 11/01/2027 | | | 332,625 | |
| | | | | | |
|
|
|
| | | | | | | | 1,284,849 | |
| | | | | | |
|
|
|
| | | | | Delaware - 1.14% | | | | |
| | 35,000 | | | County of Kent, Series A, Revenue Bond,
5.000%, 07/01/2053 | | | 38,547 | |
| | 200,000 | | | Delaware, Series A, Refunding, GO,
5.000%, 01/01/2027 | | | 251,534 | |
| | | | | | |
|
|
|
| | | | | | | | 290,081 | |
| | | | | | |
|
|
|
| | | | | Florida - 3.05% | | | | |
| | 100,000 | | | Florida Development Finance Corp., Surface Transportation District, Series A, Revenue Bond,
6.500%, 01/01/2049 (a) | | | 93,000 | |
| | 145,000 | | | Florida, Series A, Refunding, GO,
4.000%, 07/01/2033 | | | 169,417 | |
| | 225,000 | | | Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,
5.000%, 04/01/2040 | | | 257,798 | |
| | 190,000 | | | Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,
5.250%, 08/01/2021 | | | 196,112 | |
| | | | | Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond, | | | | |
| | 10,000 | | | 7.250%, 06/01/2034 | | | 11,215 | |
| | 40,000 | | | 7.500%, 06/01/2049 | | | 45,069 | |
| | | | | | |
|
|
|
| | | | | | | | 772,611 | |
| | | | | | |
|
|
|
| | | | | Georgia - 1.38% | | | | |
| | 300,000 | | | Atlanta Water & Wastewater, Refunding, Revenue Bond,
5.000%, 11/01/2040 | | | 350,223 | |
| | | | | | |
|
|
|
See notes to financial statements.
91
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | Illinois - 9.05% | | | | |
| | | | | Chicago Board of Education, Revenue Bond, | | | | |
| $ | 100,000 | | | 5.000%, 04/01/2042 | | $ | 112,818 | |
| | 100,000 | | | 5.000%, 04/01/2046 | | | 112,288 | |
| | 100,000 | | | Chicago Board of Education, Series G, Refunding, GO,
5.000%, 12/01/2044 | | | 112,377 | |
| | 100,000 | | | Chicago Board of Education, Series H, GO,
5.000%, 12/01/2036 | | | 113,978 | |
| | 100,000 | | | Chicago Midway International Airport, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2028 | | | 112,740 | |
| | 70,000 | | | Chicago Waterworks, Revenue Bond,
5.000%, 11/01/2028 | | | 83,053 | |
| | 65,000 | | | Chicago, Series A, Refunding, GO,
5.250%, 01/01/2029 | | | 71,843 | |
| | 160,000 | | | Illinois Finance Authority, Refunding, Revenue Bond,
5.000%, 12/01/2047 | | | 177,051 | |
| | 140,000 | | | Illinois Finance Authority, Series A, Revenue Bond,
5.000%, 02/15/2047 | | | 158,172 | |
| | | | | Illinois, GO, | | | | |
| | 345,000 | | | 5.000%, 01/01/2029 | | | 387,252 | |
| | 75,000 | | | 5.000%, 11/01/2029 | | | 85,693 | |
| | 20,000 | | | 5.000%, 05/01/2036 | | | 21,674 | |
| | 70,000 | | | 5.000%, 11/01/2036 | | | 78,077 | |
| | 30,000 | | | 5.000%, 02/01/2039 | | | 32,246 | |
| | 30,000 | | | Illinois, Series A, GO,
5.000%, 04/01/2038 | | | 31,864 | |
| | 100,000 | | | O’Hare International Airport, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2032 | | | 116,079 | |
| | 150,000 | | | O’Hare International Airport, Series D, Revenue Bond,
5.250%, 01/01/2030 | | | 167,386 | |
| | 150,000 | | | Sales Tax Securitization Corp., Series A, Revenue Bond,
5.000%, 01/01/2040 | | | 172,997 | |
| | 120,000 | | | Southwestern Illinois Development Authority, Prerefunded, Revenue Bond,
7.125%, 11/01/2043 | | | 147,154 | |
| | | | | | |
|
|
|
| | | | | | | | 2,294,742 | |
| | | | | | |
|
|
|
| | | | | Indiana - 2.68% | | | | |
| | 100,000 | | | Indiana Health Facility Financing Authority,Series 2001A-1, Revenue Bond,
5.000%, 11/15/2034 | | | 118,556 | |
| | 250,000 | | | Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond,
5.250%, 01/01/2032 | | | 286,690 | |
| | 125,000 | | | Shoals Exempt Facilities, Revenue Bond,
7.250%, 11/01/2043 | | | 139,105 | |
| | 115,000 | | | Valparaiso Exempt Facilities, Revenue Bond,
7.000%, 01/01/2044 | | | 135,084 | |
| | | | | | |
|
|
|
| | | | | | | | 679,435 | |
| | | | | | |
|
|
|
| | | | | Iowa - 0.42% | | | | |
| | 100,000 | | | Iowa Finance Authority, Revenue Bond,
5.125%, 08/01/2048 | | | 105,819 | |
| | | | | | |
|
|
|
| | | | | Louisiana - 0.91% | | | | |
| | 200,000 | | | Louisiana Highway Improvement, Series A, Revenue Bond,
5.000%, 06/15/2029 | | | 230,592 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Maryland - 0.89% | |
| $ | 200,000 | | | Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond,
6.000%, 07/01/2034 | | $ | 224,752 | |
| | | | | | |
|
|
|
| | | | | Massachusetts - 0.51% | |
| | 100,000 | | | Commonwealth of Massachusetts, GO,
5.250%, 01/01/2033 | | | 129,989 | |
| | | | | | |
|
|
|
| | | | | Michigan - 0.45% | |
| | 100,000 | | | Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond,
5.000%, 09/01/2033 | | | 113,583 | |
| | | | | | |
|
|
|
| | | | | Minnesota - 3.03% | |
| | 100,000 | | | Apple Valley Senior Living, Series D, Revenue Bond,
7.250%, 01/01/2052 | | | 103,682 | |
| | 160,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2030 | | | 182,280 | |
| | 150,000 | | | Rochester Health Care & Housing Facility, Series A, Revenue Bond,
6.875%, 12/01/2048 | | | 163,972 | |
| | 300,000 | | | Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond,
4.500%, 11/15/2038 (a) | | | 319,167 | |
| | | | | | |
|
|
|
| | | | | | | | 769,101 | |
| | | | | | |
|
|
|
| | | | | Mississippi - 0.49% | |
| | 125,000 | | | Mississippi Business Finance Corp., Series G, Revenue Bond,
1.720%, 12/01/2030 (a) | | | 125,000 | |
| | | | | | |
|
|
|
| | | | | Missouri - 0.82% | |
| | 200,000 | | | Conley Road Transportation Development District, Revenue Bond,
5.375%, 05/01/2047 | | | 209,246 | |
| | | | | | |
|
|
|
| | | | | Montana - 0.43% | |
| | 100,000 | | | City of Kalispell, Series A, Revenue Bond,
5.250%, 05/15/2047 | | | 108,042 | |
| | | | | | |
|
|
|
| | | | | Nebraska - 1.63% | |
| | 130,000 | | | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
5.000%, 11/01/2024 | | | 151,181 | |
| | 250,000 | | | Omaha Public Power District, Series B, Prerefunded, Revenue Bond,
5.000%, 02/01/2027 | | | 262,260 | |
| | | | | | |
|
|
|
| | | | | | | | 413,441 | |
| | | | | | |
|
|
|
| | | | | New Hampshire - 0.52% | |
| | 120,000 | | | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027 | | | 130,646 | |
| | | | | | |
|
|
|
| | | | | New Jersey - 1.69% | |
| | 150,000 | | | New Jersey Economic Development Authority, Refunding, Revenue Bond,
5.250%, 06/15/2030 | | | 172,831 | |
| | 100,000 | | | New Jersey Transportation Trust Fund Authority, Series A, Refunding, Revenue Bond,
5.000%, 06/15/2031 | | | 117,095 | |
| | 25,000 | | | South Jersey Port Corp., Series A, Revenue Bond,
5.000%, 01/01/2049 | | | 28,895 | |
See notes to financial statements.
92
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | New Jersey (Continued) | |
| $ | 100,000 | | | Tobacco Settlement Financing Corp., Series B, Revenue Bond,
5.000%, 06/01/2046 | | $ | 110,335 | |
| | | | | | |
|
|
|
| | | | | | | | 429,156 | |
| | | | | | |
|
|
|
| | | | | New York - 10.72% | |
| | 225,000 | | | Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond,
6.500%, 07/15/2030 | | | 228,350 | |
| | 300,000 | | | City of New York, GO,
4.000%, 10/01/2041 | | | 336,165 | |
| | 200,000 | | | City of New York, Series B, GO,
5.000%, 10/01/2038 | | | 244,192 | |
| | 100,000 | | | City of New York, Series E, GO,
5.000%, 03/01/2041 | | | 121,822 | |
| | 40,000 | | | New York City Industrial Development Agency, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2022 | | | 43,539 | |
| | 100,000 | | | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bond,
5.000%, 07/15/2028 | | | 128,946 | |
| | 100,000 | | | New York Dormitory Authority, Refunding, Revenue Bond,
5.000%, 12/01/2035 | | | 117,684 | |
| | 100,000 | | | New York Dormitory Authority, Series A, Revenue Bond,
5.000%, 02/15/2031 | | | 123,157 | |
| | 250,000 | | | New York Dormitory Authority, Series B, Revenue Bond,
5.000%, 07/01/2038 | | | 274,815 | |
| | 500,000 | | | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond,
5.500%, 10/15/2027 | | | 645,785 | |
| | 175,000 | | | New York Liberty Development Corp., Refunding, Revenue Bond,
5.250%, 10/01/2035 | | | 240,412 | |
| | 200,000 | | | New York, Series E, GO,
4.000%, 12/15/2027 | | | 212,456 | |
| | | | | | |
|
|
|
| | | | | | | | 2,717,323 | |
| | | | | | |
|
|
|
| | | | | North Carolina - 1.39% | |
| | 320,000 | | | North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond,
5.000%, 01/01/2025 | | | 352,118 | |
| | | | | | |
|
|
|
| | | | | Ohio - 3.31% | |
| | 325,000 | | | Buckeye Tobacco Settlement Financing Authority, Series A, Revenue Bond,
5.875%, 06/01/2047 (b) | | | 326,430 | |
| | 135,000 | | | County of Cuyahoga, Revenue Bond,
5.250%, 02/15/2047 | | | 155,656 | |
| | 100,000 | | | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026 | | | 107,915 | |
| | 200,000 | | | Ohio, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2031 | | | 250,544 | |
| | | | | | |
|
|
|
| | | | | | | | 840,545 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Oregon - 0.51% | |
| $ | 100,000 | | | Oregon, Series A, GO,
5.000%, 05/01/2028 | | $ | 128,637 | |
| | | | | | |
|
|
|
| | | | | Pennsylvania - 2.81% | |
| | | | | Allegheny County Hospital Development Authority, Series A, Revenue Bond, | | | | |
| | 50,000 | | | 4.000%, 04/01/2044 | | | 53,882 | |
| | 50,000 | | | 5.000%, 04/01/2047 | | | 59,147 | |
| | 100,000 | | | Allentown Neighborhood Improvement Zone Development Authority, Revenue Bond,
5.000%, 05/01/2033 | | | 116,925 | |
| | 100,000 | | | Commonwealth Financing Authority, Revenue Bond,
5.000%, 06/01/2034 | | | 122,448 | |
| | 150,000 | | | Pennsylvania Economic Development Financing Authority, Revenue Bond,
6.750%, 12/01/2053 | | | 154,522 | |
| | 200,000 | | | Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond,
5.800%, 07/01/2030 | | | 206,712 | |
| | | | | | |
|
|
|
| | | | | | | | 713,636 | |
| | | | | | |
|
|
|
| | | | | Puerto Rico - 3.55% | | | | |
| | 95,000 | | | Puerto Rico Electric Power Authority,
Series2012A-RSA-1, Revenue Bond,
5.000%, 07/01/2042 (b) | | | 76,000 | |
| | 55,000 | | | Puerto Rico Electric Power Authority,Series CCC-RSA-1, Revenue Bond,
5.250%, 07/01/2027 (b) | | | 44,138 | |
| | 80,000 | | | Puerto Rico Electric Power Authority,Series WW-RSA-1, Revenue Bond,
5.000%, 07/01/2028 (b) | | | 64,000 | |
| | 90,000 | | | Puerto Rico Electric Power Authority,Series XX-RSA-1, Revenue Bond,
5.250%, 07/01/2040 (b) | | | 72,225 | |
| | | | | Puerto Rico Sales Tax Financing Corp., Series A1, Revenue Bond, | | | | |
| | 250,000 | | | 4.329%, 07/01/2040 | | | 253,745 | |
| | 375,000 | | | 4.750%, 07/01/2053 | | | 390,000 | |
| | | | | | |
|
|
|
| | | | | | | | 900,108 | |
| | | | | | |
|
|
|
| | | | | South Carolina - 2.26% | | | | |
| | 400,000 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
5.000%, 12/01/2025 | | | 459,824 | |
| | 100,000 | | | South Carolina Jobs-Economic Development Authority, Revenue Bond,
5.750%, 06/15/2039 | | | 113,190 | |
| | | | | | |
|
|
|
| | | | | | | | 573,014 | |
| | | | | | |
|
|
|
| | | | | South Dakota - 0.44% | | | | |
| | 100,000 | | | South Dakota Educational Enhancement Funding Corp., Tobaccos Settlement, Series B, Revenue Bond,
5.000%, 06/01/2026 | | | 110,625 | |
| | | | | | |
|
|
|
| | | | | Texas - 7.93% | | | | |
| | 200,000 | | | Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,
6.000%, 01/01/2041 | | | 211,382 | |
| | 100,000 | | | Central Texas Turnpike System, Series C, Refunding, Revenue Bond,
5.000%, 08/15/2029 | | | 114,663 | |
See notes to financial statements.
93
GuideMark®Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS (Continued) | |
| | | | | Texas (Continued) | | | | |
| $ | 200,000 | | | Dallas-Fort Worth International Airport, Series B, Revenue Bond,
5.000%, 11/01/2026 | | $ | 222,006 | |
| | 165,000 | | | New Hope Cultural Education Facilities Corp.,Series A-1, Revenue Bond,
5.000%, 07/01/2046 | | | 182,571 | |
| | 225,000 | | | North Texas Tollway Authority, Refunding, Revenue Bond,
4.000%, 01/01/2038 | | | 243,180 | |
| | 100,000 | | | North Texas Tollway Authority, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2029 | | | 117,455 | |
| | 100,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,
6.625%, 11/15/2037 | | | 116,162 | |
| | | | | Texas Private Activity Surface Transportation Corp., Revenue Bond, | | | | |
| | 200,000 | | | 7.500%, 12/31/2031 | | | 203,294 | |
| | 200,000 | | | 7.500%, 06/30/2033 | | | 209,768 | |
| | 85,000 | | | 7.000%, 12/31/2038 | | | 100,148 | |
| | 115,000 | | | 6.750%, 06/30/2043 | | | 133,953 | |
| | 100,000 | | | University of Texas, Revenue Bond,
2.790%, 08/15/2049 | | | 155,364 | |
| | | | | | |
|
|
|
| | | | | | | | 2,009,946 | |
| | | | | | |
|
|
|
| | | | | Utah - 2.58% | | | | |
| | 100,000 | | | Salt Lake City Corp., Airport, Series B, Revenue Bond,
5.000%, 07/01/2042 | | | 120,198 | |
| | 500,000 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
5.500%, 06/01/2022 | | | 533,375 | |
| | | | | | |
|
|
|
| | | | | | | | 653,573 | |
| | | | | | |
|
|
|
| | | | | Virginia - 2.37% | | | | |
| | 1,475,000 | | | Tobacco Settlement Financing Corp., Series C, Revenue Bond,
8.553%, 06/01/2047 (b)(c) | | | 171,572 | |
| | 300,000 | | | Virginia College Building Educational Facilities Authority, Revenue Bond,
5.750%, 01/01/2034 | | | 430,344 | |
| | | | | | |
|
|
|
| | | | | | | | 601,916 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Washington - 1.39% | | | | |
| $ | 325,000 | | | Central Puget Sound Regional Transit Authority, SeriesP-1, Refunding, Revenue Bond, 5.000%, 02/01/2027 | | $ | 352,521 | |
| | | | | | |
|
|
|
| | | | | Wisconsin - 5.00% | | | | |
| | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2025 | | | 112,835 | |
| | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Series C, Revenue Bond,
7.000%, 07/01/2043 | | | 100,111 | |
| | | | | Wisconsin Public Finance Authority, Refunding, Revenue Bond, | | | | |
| | 95,000 | | | 5.000%, 07/01/2022 | | | 99,828 | |
| | 150,000 | | | 5.750%, 10/01/2031 | | | 156,546 | |
| | 225,000 | | | 5.250%, 05/15/2047 | | | 251,937 | |
| | 10,000 | | | Wisconsin, Series 2, Prerefunded, GO,
5.000%, 05/01/2025 | | | 10,931 | |
| | 490,000 | | | Wisconsin, Series 2, Unrefunded, GO,
5.000%, 05/01/2025 | | | 536,388 | |
| | | | | | |
|
|
|
| | | | | | | | 1,268,576 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $23,065,872) | | | 24,972,854 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $23,065,872) - 98.49% | | | 24,972,854 | |
| | | | | Other Assets and Liabilities - 1.51% | | | 382,127 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 25,354,981 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Adjustable rate security - the rate is determined by the Remarketing Agent. |
| (b) | | Non-income producing. Item identified as in default as to payment of interest. |
| (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 (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 0.96% | | | | |
| | 483,333 | | | Textainer Marine Containers VII Ltd.
Series2019-1A, 3.960%, 04/20/2044 | | $ | 491,875 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $483,175) | | | 491,875 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE
OBLIGATIONS - 13.32% | |
| | 590,735 | | | Alternative Loan Trust
Series 2007-15CB, 6.000%, 07/25/2037 | | | 542,486 | |
| | 530,152 | | | Banc of America Funding Corp.
Series2007-3, 5.831%, 04/25/2037 (a) | | | 532,221 | |
| | 636,580 | | | Chase Mortgage Finance Trust
Series2007-S3, 6.000%, 05/25/2037 | | | 492,399 | |
| | 130,761 | | | DeutscheAlt-A Securities, Inc. Mortgage Loan Trust
Series2006-AR1, 3.616%, 02/25/2036 (a) | | | 128,225 | |
| | 285,613 | | | First Horizon Alternative Mortgage Securities Trust
Series2007-FA4, 6.250%, 08/25/2037 | | | 216,484 | |
| | 285,927 | | | Exantas Capital Corp., Ltd.
Series 2019-RSO7, 3.025% (1 Month LIBOR USD + 1.000%, 1.000% Floor), 04/17/2036 (c) | | | 286,355 | |
| | | | | GSR Mortgage Loan Trust | | | | |
| | 491,198 | | | Series2006-9F, 6.500%, 10/25/2036 | | | 396,795 | |
| | 185,519 | | | Series2007-4F, 6.000%, 07/25/2037 | | | 164,870 | |
| | 474,249 | | | IndyMac IMJA Mortgage Loan Trust
Series2007-A3, 6.250%, 11/25/2037 | | | 343,309 | |
| | 223,949 | | | IndyMac INDX Mortgage Loan Trust
Series2005-AR1, 4.169%, 03/25/2035 (a) | | | 228,734 | |
| | | | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | |
| | 5,071,822 | | | Series2012-C8, 1.921%, 10/17/2045 (a)(n) | | | 216,411 | |
| | 791 | | | Series 2007-LDP10, 5.464%, 01/15/2049 (a) | | | 789 | |
| | 383,017 | | | Lehman Mortgage Trust
Series2006-2, 5.750%, 04/25/2036 | | | 396,043 | |
| | 182,514 | | | MASTR Adjustable Rate Mortgages Trust
Series2006-2, 4.452%, 01/25/2036 (a) | | | 181,692 | |
| | 499,078 | | | Morgan Stanley Mortgage Loan Trust
Series2007-12, 6.250%, 08/25/2037 | | | 393,742 | |
| | | | | Residential Asset Securitization Trust | | | | |
| | 616,207 | | | Series2007-A2, 6.000%, 04/25/2037 | | | 542,173 | |
| | 459,804 | | | Series2007-A6, 6.000%, 06/25/2037 | | | 403,691 | |
| | 795,978 | | | Series2007-A7, 6.000%, 07/25/2037 | | | 498,710 | |
| | 771,848 | | | TBW Mortgage-Backed Trust
Series2006-6, 5.630%, 01/25/2037 (j) | | | 414,155 | |
| | 336,768 | | | Washington Mutual Asset-Backed Certificates Trust
2006-HE3, 2.173% (1 Month LIBOR USD + 0.155%, 0.155% Floor), 08/25/2036 (c) | | | 318,460 | |
| | 163,489 | | | Washington Mutual Mortgage Pass-Through Certificates Trust
Series2006-5, 6.000%, 07/25/2036 | | | 151,934 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations (Cost $8,319,643) | | | 6,849,678 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 0.00% | | | | |
| | | | | Metals & Mining - 0.00% | | | | |
| | 12,305,675 | | | K2016470219 - Class A (b)(e)(f)(g) | | $ | 0 | |
| | 1,336,186 | | | K2016470219 - Class B (b)(e)(f)(g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | CORPORATE OBLIGATIONS - 0.04% | | | | |
| | | | | Specialty Retail - 0.04% | | | | |
| | | | | K2016470219 South Africa, Ltd. | | | | |
| | 975,267 | | | 3.000% Cash or 3.000% PIK, 12/31/2022 (b)(d) | | | 9,753 | |
| | 188,341 | | | 8.000% Cash or 8.000% PIK, 12/31/2022 (b)(d) | | | 3,079 | |
| | 252,841 | | | K2016470260 South Africa, Ltd.
25.000% Cash or 25.000% PIK, 12/31/2022 (b)(d) | | | 9,481 | |
| | | | | | |
|
|
|
| | | | | | | | 22,313 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $2,082,741) | | | 22,313 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS - 30.55% | |
| | 20,000 | | | Argentina POM Politica Monetaria
68.466% (ARLLMONP + 0.000%), 06/21/2020 (b)(c) | | | 164 | |
| | | | | Argentine Bonos del Tesoro | | | | |
| | 6,954,000 | | | 18.200%, 10/03/2021 (b) | | | 34,938 | |
| | 10,209,900 | | | 16.000%, 10/17/2023 (b) | | | 57,911 | |
| | 22,986,100 | | | 15.500%, 10/17/2026 (b) | | | 131,293 | |
| | 9,000 | | | Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/2020 (b)(m) | | | 124 | |
| | 90,000 | | | Bonos de la Nacion Argentina en Moneda Dua
4.500%, 02/13/2020 | | | 33,708 | |
| | | | | Brazil Letras do Tesouro Nacional | | | | |
| | 50,000 | | | 0.002%, 01/01/2020 (h) | | | 11,885 | |
| | 170,000 | | | 0.006%, 04/01/2020 (h) | | | 39,959 | |
| | 130,000 | | | 7.113%, 07/01/2020 | | | 30,214 | |
| | 80,000 | | | 0.003%, 04/01/2021 (h) | | | 17,882 | |
| | 5,130,000 | | | 0.185%, 07/01/2021 (h) | | | 1,129,794 | |
| | 160,000,000 | | | Colombia Government International Bond
7.750%, 04/14/2021 | | | 47,933 | |
| | | | | Colombian TES | | | | |
| | 583,000,000 | | | 10.000%, 07/24/2024 | | | 202,349 | |
| | 296,500,000 | | | 7.500%, 08/26/2026 | | | 94,850 | |
| | 342,500,000 | | | 6.000%, 04/28/2028 | | | 99,719 | |
| | 1,946,000,000 | | | 7.750%, 09/18/2030 | | | 637,164 | |
| | | | | Ghana Government Bond | | | | |
| | 300,000 | | | 18.750%, 01/24/2022 | | | 55,702 | |
| | 200,000 | | | 16.500%, 02/06/2023 | | | 34,890 | |
| | 300,000 | | | 19.750%, 03/25/2024 | | | 56,667 | |
| | 910,000 | | | 19.750%, 03/15/2032 | | | 167,230 | |
| | | | | Ghana Treasury Note | | | | |
| | 460,000 | | | 16.500%, 02/17/2020 | | | 85,854 | |
| | 120,000 | | | 16.500%, 03/16/2020 | | | 22,322 | |
| | | | | India Government Bond | | | | |
| | 44,000,000 | | | 8.150%, 06/11/2022 | | | 651,237 | |
| | 7,000,000 | | | 8.080%, 08/02/2022 | | | 104,070 | |
| | 2,000,000 | | | 6.840%, 12/19/2022 | | | 28,847 | |
| | 74,000,000 | | | 8.830%, 11/25/2023 | | | 1,137,006 | |
| | 15,000,000 | | | 7.680%, 12/15/2023 | | | 221,865 | |
See notes to financial statements.
95
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | FOREIGN GOVERNMENT DEBT
OBLIGATIONS (Continued) | |
| | | | | Indonesia Treasury Bond | | | | |
| | 9,416,000,000 | | | 8.250%, 07/15/2021 | | $ | 686,748 | |
| | 1,500,000,000 | | | 7.000%, 05/15/2022 | | | 107,274 | |
| | 890,000,000 | | | 5.625%, 05/15/2023 | | | 61,043 | |
| | 25,441,000,000 | | | 8.375%, 09/15/2026 | | | 1,924,555 | |
| | 606,000,000 | | | 9.000%, 03/15/2029 | | | 47,369 | |
| | 140,000,000 | | | 10.500%, 08/15/2030 | | | 12,092 | |
| | 1,689,000,000 | | | 8.750%, 05/15/2031 | | | 130,262 | |
| | 647,000,000 | | | 8.375%, 03/15/2034 | | | 48,310 | |
| | | | | Korea Treasury Bond | | | | |
| | 210,000,000 | | | 4.250%, 06/10/2021 | | | 184,093 | |
| | 581,500,000 | | | 3.375%, 09/10/2023 | | | 523,333 | |
| | 459,000,000 | | | 3.500%, 03/10/2024 | | | 418,725 | |
| | 267,000,000 | | | 3.000%, 09/10/2024 | | | 240,256 | |
| | | | | Mexican Bonos | | | | |
| | 378,200 | | | 5.000%, 12/11/2019 | | | 1,906,945 | |
| | 11,000 | | | 8.000%, 06/11/2020 | | | 56,215 | |
| | 7,600 | | | 6.500%, 06/10/2021 | | | 38,418 | |
| | 109,100 | | | 7.250%, 12/09/2021 | | | 559,393 | |
| | 84,200 | | | 6.500%, 06/09/2022 | | | 424,844 | |
| | 700 | | | 8.000%, 12/07/2023 | | | 3,717 | |
| | 13,780 | | | Mexican Udibonos
2.500%, 12/10/2020 (l) | | | 69,238 | |
| | | | | Nota Do Tesouro Nacional | | | | |
| | 2,065 | | | 10.000%, 01/01/2021 | | | 525,098 | |
| | 120 | | | 10.000%, 01/01/2023 | | | 32,081 | |
| | 1,630 | | | 10.000%, 01/01/2025 | | | 449,290 | |
| | 5,220 | | | 10.000%, 01/01/2027 | | | 1,472,983 | |
| | | | | Republic of Ghana Government Bond | | | | |
| | 1,810,000 | | | 16.250%, 05/17/2021 | | | 327,568 | |
| | 200,000 | | | 24.500%, 06/21/2021 | | | 40,385 | |
| | 390,000 | | | 24.750%, 07/19/2021 | | | 79,005 | |
| | 99,000 | | | 19.500%, 10/18/2021 | | | 18,493 | |
| | 150,000 | | | 16.250%, 04/07/2025 | | | 25,225 | |
| | 910,000 | | | 19.000%, 11/02/2026 | | | 165,424 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $18,585,215) | | | 15,713,959 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 21.24% | |
| | 424,095 | | | Federal Home Loan Mortgage Corp.
Series 4768, 2.328% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 03/15/2048 (c) | | | 423,049 | |
| | | | | Federal National Mortgage Association | | | | |
| | 312,168 | | | Series 9445, 3.000%, 07/01/2031 | | | 322,221 | |
| | 700,000 | | | Pool #3993, 2.630%, 09/01/2031 | | | 725,565 | |
| | 490,305 | | | Pool #1201, 3.500%, 10/01/2032 | | | 510,274 | |
| | 294,259 | | | Pool #0039, 2.500%, 04/01/2033 | | | 297,800 | |
| | 231,278 | | | Pool#2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 6.000% Cap, 0.000% Floor), 08/25/2033 (c)(i) | | | 239,773 | |
| | 398,800 | | | Pool#2012-63, 2.000%, 08/25/2040 | | | 396,636 | |
| | 852,541 | | | Pool#2014-95, 3.000%, 04/25/2041 | | | 869,501 | |
| | 398,682 | | | Pool#2012-150, 1.750%, 01/25/2043 | | | 393,989 | |
| | 594,696 | | | Pool#2018-23, 2.750%, 12/25/2043 | | | 601,537 | |
| | 159,137 | | | Series 9003, 3.000%, 11/01/2046 | | | 163,053 | |
| | 674,982 | | | Pool #1000, 3.000%, 04/01/2047 | | | 690,779 | |
| | 374,235 | | | Pool #1827, 3.000%, 07/01/2047 | | | 383,429 | |
| | 497,553 | | | Series 0862, 3.500%, 09/01/2047 | | | 513,860 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 405,731 | | | Pool#2018-27, 3.000%, 12/25/2047 | | $ | 411,132 | |
| | 393,686 | | | Pool #3392, 4.000%, 01/01/2048 | | | 413,193 | |
| | 888,872 | | | Series 3332, 3.500%, 04/01/2048 | | | 919,590 | |
| | 449,841 | | | Pool#2018-31, 2.318% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 05/25/2048 (c) | | | 449,025 | |
| | 404,488 | | | Pool#2018-36, 3.000%, 06/25/2048 | | | 415,408 | |
| | 381,585 | | | Pool#2018-38, 3.000%, 06/25/2048 | | | 384,918 | |
| | 442,383 | | | Pool #3414, 3.500%, 07/01/2048 | | | 454,975 | |
| | | | | Government National Mortgage Association | | | | |
| | 497,592 | | | Pool#2010-62, 3.706% (1 Month LIBOR USD + 5.750%, 5.750% Cap, 0.000% Floor), 05/20/2040 (c)(i)(n) | | | 85,831 | |
| | 510,264 | | | Pool#2011-72, 3.336% (1 Month LIBOR USD + 5.380%, 5.380% Cap, 0.000% Floor), 05/20/2041 (c)(i)(n) | | | 83,008 | |
| | 610,041 | | | Pool#2012-40, 4.000%, 01/20/2042 | | | 645,306 | |
| | 944,832 | | | Pool#2013-113, 4.206% (1 Month LIBOR USD + 6.250%, 6.250% Cap, 0.000% Floor), 03/20/2043 (c)(i)(n) | | | 130,354 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $10,651,035) | | | 10,924,206 | |
| | | | | | |
|
|
|
| | | | | U.S. TREASURY OBLIGATIONS - 2.75% | | | | |
| | | | | U.S. Treasury Note | | | | |
| | 120,000 | | | 2.875%, 08/15/2028 | | | 131,963 | |
| | 200,000 | | | 3.125%, 11/15/2028 | | | 224,566 | |
| | 330,000 | | | 2.625%, 02/15/2029 | | | 357,219 | |
| | 600,000 | | | United States Treasury Note/Bond 2.875%, 05/15/2049 | | | 699,914 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $1,350,030) | | | 1,413,662 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 30.00% | | | | |
| | | | | Foreign Government Debt Obligation - 6.79% | | | | |
| | | | | Argentina Treasury Bill | | | | |
| | 10,000 | | | 0.000%, 02/28/2020 (b)(h) | | | 94 | |
| | 7,652,975 | | | 0.000%, 03/30/2020 (b)(h) | | | 112,932 | |
| | 3,912,000 | | | 0.000%, 04/28/2020 (b)(h) | | | 57,729 | |
| | 8,517,000 | | | 0.000%, 04/30/2020 (b)(h) | | | 87,978 | |
| | 528,000 | | | 0.000%, 07/31/2020 (b)(h) | | | 4,354 | |
| | | | | Mexico Cetes | | | | |
| | 177,110 | | | 0.023%, 11/07/2019 (h) | | | 89,008 | |
| | 298,410 | | | 0.036%, 01/02/2020 (h) | | | 148,287 | |
| | 511,760 | | | 0.059%, 02/27/2020 (h) | | | 251,505 | |
| | | | | Japan Treasury Discount Bill | | | | |
| | 48,100,000 | | | (0.003)%, 10/07/2019 (h) | | | 444,866 | |
| | 56,400,000 | | | (0.003)%, 10/15/2019 (h) | | | 521,649 | |
| | 50,000,000 | | | (0.002)%, 12/09/2019 (e)(f)(h) | | | 462,612 | |
| | 40,000,000 | | | (0.002)%, 12/10/2019 (h) | | | 370,093 | |
| | 72,600,000 | | | (0.004)%, 12/16/2019 (e)(f)(h) | | | 671,752 | |
| | 29,000,000 | | | (0.1715)%, 12/23/2019 (e)(f)(h) | | | 268,346 | |
| | | | | | |
|
|
|
| | | | | | | | 3,491,205 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | Money Market Funds - 6.65% | | | | |
| | 3,420,763 | | | DWS Government Money Market
Series - Institutional Shares
Effective Yield, 1.89% (k) | | | 3,420,763 | |
| | | | | | |
|
|
|
See notes to financial statements.
96
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS (Continued) | |
| | | | | United States Treasury Bills - 16.56% | | | | |
| | | | | United States Treasury Bills | | | | |
| | 1,600,000 | | | 0.091%, 12/05/2019 (h) | | $ | 1,594,857 | |
| | 1,600,000 | | | 0.091%, 12/12/2019 (h) | | | 1,594,331 | |
| | 5,350,000 | | | 0.296%, 12/19/2019 (h) | | | 5,329,804 | |
| | | | | | |
|
|
|
| | | | | | | | 8,518,992 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $15,818,400) | | | 15,430,960 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $57,290,239) - 98.85% | | | 50,846,653 | |
| | | | | Other Assets in Excess of
Liabilities - 1.15% | | | 590,884 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 51,437,537 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
| (a) | | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2019. |
| (b) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $509,830, which represents 0.99% of total net assets. |
| (c) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2019. |
| (d) | | 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 $22,313, which represents 0.00% of total net assets. |
| (e) | | As of September 30, 2019, the Valuation Committee has fair valued these securities. The value of these securities total $1,402,710, which represents 2.73% of total net assets. |
| (f) | | Value determined using significant unobservable inputs. Classified as level 3 in the fair value hierarchy. |
| (g) | | Non-income producing. |
| (h) | | Zero coupon bond. The yield to maturity is listed. |
| (i) | | 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. |
| (j) | | Step-up bond; the interest rate shown is the rate in effect as of September 30, 2019. |
| (k) | | Seven-day yield as of September 30, 2019. |
| (l) | | Represents an inflation protected security. |
| (m) | | Variable rate security. The coupon rate will be 0.00% until 2021. The effective yield is listed. |
| (n) | | 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 September 30, 2019. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $515,604 which represents 1.00% of total net assets. |
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 (Unaudited)
September 30, 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)
| |
| 11/15/2019 | | Citibank | | Australian Dollar | | | 217,744 | | | U.S. Dollar | | | 147,961 | | | $ | (762 | ) |
| 10/11/2019 | | JP Morgan Chase | | Australian Dollar | | | 245,500 | | | U.S. Dollar | | | 166,363 | | | | (594 | ) |
| 10/23/2019 | | JP Morgan Chase | | Australian Dollar | | | 744,500 | | | U.S. Dollar | | | 504,680 | | | | (1,735 | ) |
| 1/15/2020 | | JP Morgan Chase | | Australian Dollar | | | 415,000 | | | U.S. Dollar | | | 283,045 | | | | (2,025 | ) |
| 11/13/2019 | | JP Morgan Chase | | Australian Dollar | | | 245,500 | | | U.S. Dollar | | | 166,507 | | | | (553 | ) |
| 11/13/2019 | | Citibank | | Australian Dollar | | | 217,744 | | | U.S. Dollar | | | 147,955 | | | | (763 | ) |
| 11/15/2019 | | JP Morgan Chase | | Australian Dollar | | | 339,000 | | | U.S. Dollar | | | 229,934 | | | | (763 | ) |
| 10/15/2019 | | JP Morgan Chase | | Australian Dollar | | | 415,000 | | | U.S. Dollar | | | 281,257 | | | | (992 | ) |
| 10/15/2019 | | Citibank | | Australian Dollar | | | 218,512 | | | U.S. Dollar | | | 148,367 | | | | (798 | ) |
| 11/22/2019 | | JP Morgan Chase | | Australian Dollar | | | 744,500 | | | U.S. Dollar | | | 505,322 | | | | (1,931 | ) |
| 11/21/2019 | | Citibank | | Australian Dollar | | | 370,000 | | | U.S. Dollar | | | 251,456 | | | | (1,288 | ) |
| 12/18/2019 | | Citibank | | Brazilian Real | | | 3,300,000 | | | Euro | | | 724,558 | | | | (4,318 | ) |
| 11/20/2019 | | JP Morgan Chase | | Euro | | | 60,167 | | | U.S. Dollar | | | 67,237 | | | | (1,405 | ) |
| 10/30/2019 | | Deutsche Bank | | Euro | | | 333,733 | | | U.S. Dollar | | | 368,520 | | | | (3,864 | ) |
| 11/21/2019 | | JP Morgan Chase | | Euro | | | 74,333 | | | U.S. Dollar | | | 83,074 | | | | (1,736 | ) |
| 10/10/2019 | | Citibank | | Euro | | | 1,543,400 | | | U.S. Dollar | | | 1,689,298 | | | | (5,746 | ) |
| 10/29/2019 | | JP Morgan Chase | | Euro | | | 263,000 | | | U.S. Dollar | | | 293,451 | | | | (6,106 | ) |
| 10/25/2019 | | Deutsche Bank | | Euro | | | 22,685 | | | U.S. Dollar | | | 25,040 | | | | (264 | ) |
| 10/24/2019 | | Deutsche Bank | | Euro | | | 78,923 | | | U.S. Dollar | | | 87,109 | | | | (917 | ) |
| 10/8/2019 | | Deutsche Bank | | Euro | | | 183,683 | | | U.S. Dollar | | | 202,491 | | | | (2,162 | ) |
| 11/22/2019 | | JP Morgan Chase | | Euro | | | 74,333 | | | U.S. Dollar | | | 83,080 | | | | (1,736 | ) |
| 10/3/2019 | | HSBC | | Indian Rupee | | | 805,000 | | | U.S. Dollar | | | 11,368 | | | | (13 | ) |
| 12/12/2019 | | HSBC | | Japanese Yen | | | 50,269,080 | | | Australian Dollar | | | 670,000 | | | | 14,132 | |
| 1/14/2020 | | JP Morgan Chase | | Japanese Yen | | | 32,273,555 | | | Australian Dollar | | | 440,000 | | | | 2,993 | |
| 11/21/2019 | | JP Morgan Chase | | Japanese Yen | | | 47,505,743 | | | Australian Dollar | | | 660,875 | | | | (5,942 | ) |
| 12/12/2019 | | JP Morgan Chase | | Japanese Yen | | | 22,486,230 | | | Australian Dollar | | | 300,000 | | | | 6,120 | |
| 8/24/2020 | | Citibank | | Japanese Yen | | | 36,292,621 | | | Australian Dollar | | | 511,317 | | | | (4,858 | ) |
| 8/21/2020 | | JP Morgan Chase | | Japanese Yen | | | 46,968,319 | | | Australian Dollar | | | 660,875 | | | | (5,762 | ) |
| 6/12/2020 | | JP Morgan Chase | | Japanese Yen | | | 34,861,063 | | | Australian Dollar | | | 470,000 | | | | 8,744 | |
| 2/21/2020 | | JP Morgan Chase | | Japanese Yen | | | 47,293,206 | | | Australian Dollar | | | 660,875 | | | | (5,884 | ) |
| 5/21/2020 | | JP Morgan Chase | | Japanese Yen | | | 47,133,275 | | | Australian Dollar | | | 660,875 | | | | (5,832 | ) |
| 3/13/2020 | | HSBC | | Japanese Yen | | | 12,639,585 | | | Australian Dollar | | | 170,000 | | | | 3,014 | |
| 3/12/2020 | | JP Morgan Chase | | Japanese Yen | | | 29,103,968 | | | Australian Dollar | | | 390,000 | | | | 7,908 | |
| 3/6/2020 | | Citibank | | Japanese Yen | | | 36,202,663 | | | Australian Dollar | | | 505,500 | | | | (4,056 | ) |
| 2/25/2020 | | Citibank | | Japanese Yen | | | 36,652,317 | | | Australian Dollar | | | 512,683 | | | | (4,850 | ) |
| 6/12/2020 | | HSBC | | Japanese Yen | | | 12,604,395 | | | Australian Dollar | | | 170,000 | | | | 3,116 | |
| 2/25/2020 | | HSBC | | Japanese Yen | | | 12,555,518 | | | Euro | | | 106,399 | | | | 95 | |
| 3/25/2020 | | HSBC | | Japanese Yen | | | 12,578,869 | | | Euro | | | 106,402 | | | | 289 | |
| 3/31/2020 | | Citibank | | Japanese Yen | | | 36,374,784 | | | Euro | | | 308,680 | | | | (273 | ) |
| 5/22/2020 | | HSBC | | Japanese Yen | | | 12,563,464 | | | Euro | | | 106,399 | | | | 116 | |
| 8/24/2020 | | HSBC | | Japanese Yen | | | 12,572,925 | | | Euro | | | 106,399 | | | | 154 | |
| 9/30/2020 | | Citibank | | Japanese Yen | | | 36,380,958 | | | Euro | | | 308,680 | | | | (505 | ) |
| 10/31/2019 | | Citibank | | Japanese Yen | | | 36,358,578 | | | Euro | | | 308,680 | | | | (274 | ) |
| 11/22/2019 | | HSBC | | Japanese Yen | | | 12,553,571 | | | Euro | | | 106,399 | | | | 81 | |
| 6/30/2020 | | Citibank | | Japanese Yen | | | 36,368,610 | | | Euro | | | 308,680 | | | | (476 | ) |
| 12/30/2019 | | Citibank | | Japanese Yen | | | 36,372,778 | | | Euro | | | 308,680 | | | | (93 | ) |
| 2/27/2020 | | Citibank | | Japanese Yen | | | 25,952,300 | | | U.S. Dollar | | | 246,851 | | | | (4,210 | ) |
| 2/27/2020 | | JP Morgan Chase | | Japanese Yen | | | 25,650,300 | | | U.S. Dollar | | | 243,970 | | | | (4,153 | ) |
| 8/31/2020 | | Citibank | | Japanese Yen | | | 31,227,000 | | | U.S. Dollar | | | 302,149 | | | | (6,943 | ) |
| 12/24/2019 | | JP Morgan Chase | | Japanese Yen | | | 10,590,000 | | | U.S. Dollar | | | 98,671 | | | | (74 | ) |
| 2/26/2020 | | Citibank | | Japanese Yen | | | 38,060,400 | | | U.S. Dollar | | | 362,377 | | | | (6,553 | ) |
| 3/23/2020 | | JP Morgan Chase | | Japanese Yen | | | 22,016,160 | | | U.S. Dollar | | | 205,577 | | | | (687 | ) |
| 12/19/2019 | | HSBC | | Japanese Yen | | | 44,820,000 | | | U.S. Dollar | | | 418,282 | | | | (1,216 | ) |
| 1/24/2020 | | BNP Parabis | | Japanese Yen | | | 37,740,000 | | | U.S. Dollar | | | 351,759 | | | | 362 | |
| 2/28/2020 | | Citibank | | Japanese Yen | | | 49,839,000 | | | U.S. Dollar | | | 477,392 | | | | (11,395 | ) |
| 12/6/2019 | | JP Morgan Chase | | Japanese Yen | | | 12,442,000 | | | U.S. Dollar | | | 116,631 | | | | (1,017 | ) |
| 12/6/2019 | | HSBC | | Japanese Yen | | | 36,734,520 | | | U.S. Dollar | | | 344,411 | | | | (3,065 | ) |
| 3/6/2020 | | JP Morgan Chase | | Japanese Yen | | | 13,672,920 | | | U.S. Dollar | | | 129,018 | | | | (1,121 | ) |
| 3/6/2020 | | HSBC | | Japanese Yen | | | 14,396,340 | | | U.S. Dollar | | | 135,697 | | | | (1,033 | ) |
See notes to financial statements.
98
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)
September 30, 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)
| |
| 10/21/2019 | | JP Morgan Chase | | Japanese Yen | | | 27,177,810 | | | U.S. Dollar | | | 253,158 | | | $ | (1,419 | ) |
| 12/5/2019 | | JP Morgan Chase | | Japanese Yen | | | 11,960,130 | | | U.S. Dollar | | | 112,086 | | | | (962 | ) |
| 3/23/2020 | | JP Morgan Chase | | Japanese Yen | | | 43,985,160 | | | U.S. Dollar | | | 413,633 | | | | (1,768 | ) |
| 3/24/2020 | | Citibank | | Japanese Yen | | | 19,980,000 | | | U.S. Dollar | | | 187,374 | | | | (275 | ) |
| 11/27/2019 | | JP Morgan Chase | | Japanese Yen | | | 25,649,800 | | | U.S. Dollar | | | 242,329 | | | | (4,193 | ) |
| 3/24/2020 | | JP Morgan Chase | | Japanese Yen | | | 11,415,950 | | | U.S. Dollar | | | 108,375 | | | | (1,473 | ) |
| 6/8/2020 | | JP Morgan Chase | | Japanese Yen | | | 13,672,910 | | | U.S. Dollar | | | 129,777 | | | | (1,162 | ) |
| 11/26/2019 | | Citibank | | Japanese Yen | | | 36,076,300 | | | U.S. Dollar | | | 341,148 | | | | (6,231 | ) |
| 10/28/2019 | | Citibank | | Japanese Yen | | | 17,038,700 | | | U.S. Dollar | | | 158,700 | | | | (792 | ) |
| 6/8/2020 | | HSBC | | Japanese Yen | | | 14,396,350 | | | U.S. Dollar | | | 136,485 | | | | (1,065 | ) |
| 6/22/2020 | | JP Morgan Chase | | Japanese Yen | | | 22,016,160 | | | U.S. Dollar | | | 208,187 | | | | (919 | ) |
| 6/24/2020 | | BNP Parabis | | Japanese Yen | | | 55,637,050 | | | U.S. Dollar | | | 531,399 | | | | (7,551 | ) |
| 3/23/2020 | | HSBC | | Japanese Yen | | | 64,975,080 | | | U.S. Dollar | | | 611,510 | | | | (3,100 | ) |
| 10/21/2019 | | HSBC | | Japanese Yen | | | 43,137,630 | | | U.S. Dollar | | | 402,130 | | | | (2,560 | ) |
| 11/18/2019 | | Deutsche Bank | | Norwegian Krone | | | 476,000 | | | U.S. Dollar | | | 53,329 | | | | (968 | ) |
| 3/23/2020 | | Deutsche Bank | | Norwegian Krone | | | 1,164,500 | | | U.S. Dollar | | | 130,141 | | | | (1,960 | ) |
| 12/19/2019 | | Deutsche Bank | | Norwegian Krone | | | 1,923,000 | | | U.S. Dollar | | | 213,783 | | | | (2,130 | ) |
| 11/19/2019 | | Deutsche Bank | | Norwegian Krone | | | 1,923,000 | | | U.S. Dollar | | | 213,718 | | | | (2,178 | ) |
| 11/14/2019 | | Deutsche Bank | | Norwegian Krone | | | 1,152,000 | | | U.S. Dollar | | | 129,409 | | | | (2,689 | ) |
| 2/26/2020 | | Deutsche Bank | | Norwegian Krone | | | 1,425,500 | | | U.S. Dollar | | | 159,076 | | | | (2,252 | ) |
| 10/3/2019 | | Deutsche Bank | | Norwegian Krone | | | 582,000 | | | U.S. Dollar | | | 64,246 | | | | (269 | ) |
| 3/24/2020 | | Deutsche Bank | | Norwegian Krone | | | 876,000 | | | U.S. Dollar | | | 97,419 | | | | (963 | ) |
| 12/23/2019 | | Deutsche Bank | | Norwegian Krone | | | 1,164,500 | | | U.S. Dollar | | | 130,247 | | | | (2,025 | ) |
| 11/26/2019 | | Deutsche Bank | | Norwegian Krone | | | 1,425,500 | | | U.S. Dollar | | | 159,190 | | | | (2,239 | ) |
| 10/15/2019 | | Deutsche Bank | | Swedish Krona | | | 1,106,300 | | | Euro | | | 103,760 | | | | (730 | ) |
| 11/13/2019 | | Deutsche Bank | | Swedish Krona | | | 1,106,300 | | | Euro | | | 103,732 | | | | (731 | ) |
| 3/13/2020 | | Deutsche Bank | | Swedish Krona | | | 1,106,400 | | | Euro | | | 103,708 | | | | (721 | ) |
| 2/13/2020 | | Deutsche Bank | | Swedish Krona | | | 1,106,300 | | | Euro | | | 103,627 | | | | (723 | ) |
| 6/15/2020 | | Deutsche Bank | | Swedish Krona | | | 1,106,300 | | | Euro | | | 103,456 | | | | (725 | ) |
| 12/13/2019 | | Deutsche Bank | | Swedish Krona | | | 1,106,400 | | | Euro | | | 103,597 | | | | (723 | ) |
| 11/19/2019 | | Deutsche Bank | | Swedish Krona | | | 157,000 | | | U.S. Dollar | | | 16,373 | | | | (371 | ) |
| 11/26/2019 | | Deutsche Bank | | Swedish Krona | | | 3,161,000 | | | U.S. Dollar | | | 329,081 | | | | (6,776 | ) |
| 10/3/2019 | | Deutsche Bank | | Swedish Krona | | | 791,000 | | | U.S. Dollar | | | 81,379 | | | | (1,010 | ) |
| 11/22/2019 | | JP Morgan Chase | | U.S. Dollar | | | 517,063 | | | Australian Dollar | | | 744,500 | | | | 13,671 | |
| 11/21/2019 | | Citibank | | U.S. Dollar | | | 255,874 | | | Australian Dollar | | | 370,000 | | | | 5,706 | |
| 11/15/2019 | | JP Morgan Chase | | U.S. Dollar | | | 237,486 | | | Australian Dollar | | | 339,000 | | | | 8,316 | |
| 11/15/2019 | | Citibank | | U.S. Dollar | | | 152,530 | | | Australian Dollar | | | 217,744 | | | | 5,330 | |
| 11/13/2019 | | Citibank | | U.S. Dollar | | | 152,377 | | | Australian Dollar | | | 217,744 | | | | 5,186 | |
| 11/13/2019 | | JP Morgan Chase | | U.S. Dollar | | | 172,040 | | | Australian Dollar | | | 245,500 | | | | 6,086 | |
| 10/23/2019 | | JP Morgan Chase | | U.S. Dollar | | | 537,577 | | | Australian Dollar | | | 744,500 | | | | 34,633 | |
| 10/15/2019 | | Citibank | | U.S. Dollar | | | 156,599 | | | Australian Dollar | | | 218,512 | | | | 9,029 | |
| 10/11/2019 | | JP Morgan Chase | | U.S. Dollar | | | 176,193 | | | Australian Dollar | | | 245,500 | | | | 10,423 | |
| 1/15/2020 | | JP Morgan Chase | | U.S. Dollar | | | 290,755 | | | Australian Dollar | | | 415,000 | | | | 9,735 | |
| 10/15/2019 | | JP Morgan Chase | | U.S. Dollar | | | 297,457 | | | Australian Dollar | | | 415,000 | | | | 17,192 | |
| 11/4/2019 | | Citibank | | U.S. Dollar | | | 75,627 | | | Euro | | | 66,791 | | | | 2,624 | |
| 10/15/2019 | | Citibank | | U.S. Dollar | | | 72,715 | | | Euro | | | 63,594 | | | | 3,316 | |
| 10/11/2019 | | Barclays | | U.S. Dollar | | | 216,421 | | | Euro | | | 189,000 | | | | 10,241 | |
| 10/10/2019 | | Citibank | | U.S. Dollar | | | 2,455,752 | | | Euro | | | 2,146,074 | | | | 114,799 | |
| 10/8/2019 | | Deutsche Bank | | U.S. Dollar | | | 209,169 | | | Euro | | | 183,683 | | | | 8,840 | |
| 10/8/2019 | | Bank of America | | U.S. Dollar | | | 353,148 | | | Euro | | | 310,152 | | | | 14,890 | |
| 3/23/2020 | | Goldman Sachs | | U.S. Dollar | | | 127,011 | | | Euro | | | 113,324 | | | | 1,873 | |
| 11/21/2019 | | JP Morgan Chase | | U.S. Dollar | | | 84,211 | | | Euro | | | 74,333 | | | | 2,873 | |
| 1/23/2020 | | Deutsche Bank | | U.S. Dollar | | | 50,108 | | | Euro | | | 44,000 | | | | 1,717 | |
| 11/21/2019 | | Bank of America | | U.S. Dollar | | | 361,851 | | | Euro | | | 319,000 | | | | 12,790 | |
| 11/22/2019 | | JP Morgan Chase | | U.S. Dollar | | | 82,886 | | | Euro | | | 74,333 | | | | 1,543 | |
| 11/29/2019 | | Morgan Stanley | | U.S. Dollar | | | 100,095 | | | Euro | | | 88,500 | | | | 3,205 | |
| 11/29/2019 | | Goldman Sachs | | U.S. Dollar | | | 77,139 | | | Euro | | | 68,188 | | | | 2,486 | |
| 11/29/2019 | | Deutsche Bank | | U.S. Dollar | | | 377,525 | | | Euro | | | 333,864 | | | | 12,007 | |
| 12/9/2019 | | Deutsche Bank | | U.S. Dollar | | | 210,008 | | | Euro | | | 183,683 | | | | 8,718 | |
See notes to financial statements.
99
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)
September 30, 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)
| |
| 10/22/2019 | | Citibank | | U.S. Dollar | | | 629,321 | | | Euro | | | 556,823 | | | $ | 21,317 | |
| 12/9/2019 | | Bank of America | | U.S. Dollar | | | 355,141 | | | Euro | | | 310,349 | | | | 15,042 | |
| 12/18/2019 | | Deutsche Bank | | U.S. Dollar | | | 13,675 | | | Euro | | | 12,000 | | | | 514 | |
| 11/20/2019 | | JP Morgan Chase | | U.S. Dollar | | | 68,321 | | | Euro | | | 60,167 | | | | 2,489 | |
| 10/31/2019 | | HSBC | | U.S. Dollar | | | 38,638 | | | Euro | | | 34,118 | | | | 1,356 | |
| 11/6/2019 | | BNP Parabis | | U.S. Dollar | | | 2,098,411 | | | Euro | | | 1,845,000 | | | | 81,532 | |
| 10/23/2019 | | Goldman Sachs | | U.S. Dollar | | | 130,054 | | | Euro | | | 113,352 | | | | 6,273 | |
| 3/6/2020 | | Citibank | | U.S. Dollar | | | 213,017 | | | Euro | | | 190,790 | | | | 2,578 | |
| 10/24/2019 | | UBS | | U.S. Dollar | | | 233,698 | | | Euro | | | 203,500 | | | | 11,456 | |
| 10/24/2019 | | Deutsche Bank | | U.S. Dollar | | | 90,099 | | | Euro | | | 78,923 | | | | 3,907 | |
| 11/21/2019 | | Goldman Sachs | | U.S. Dollar | | | 128,527 | | | Euro | | | 113,324 | | | | 4,523 | |
| 12/4/2019 | | Bank of America | | U.S. Dollar | | | 211,263 | | | Euro | | | 186,500 | | | | 6,983 | |
| 11/21/2019 | | Citibank | | U.S. Dollar | | | 1,837,242 | | | Euro | | | 1,620,000 | | | | 64,580 | |
| 10/25/2019 | | Deutsche Bank | | U.S. Dollar | | | 50,088 | | | Euro | | | 44,000 | | | | 2,031 | |
| 10/29/2019 | | Goldman Sachs | | U.S. Dollar | | | 25,814 | | | Euro | | | 22,812 | | | | 890 | |
| 10/30/2019 | | Deutsche Bank | | U.S. Dollar | | | 377,786 | | | Euro | | | 333,733 | | | | 13,130 | |
| 10/29/2019 | | JP Morgan Chase | | U.S. Dollar | | | 297,527 | | | Euro | | | 263,000 | | | | 10,182 | |
| 11/20/2019 | | JP Morgan Chase | | U.S. Dollar | | | 78,472 | | | Indian Rupee | | | 5,651,000 | | | | (825 | ) |
| 11/18/2019 | | HSBC | | U.S. Dollar | | | 144,518 | | | Indian Rupee | | | 10,432,000 | | | | (1,898 | ) |
| 11/13/2019 | | HSBC | | U.S. Dollar | | | 198,332 | | | Indian Rupee | | | 14,268,000 | | | | (2,025 | ) |
| 11/7/2019 | | HSBC | | U.S. Dollar | | | 129,087 | | | Indian Rupee | | | 9,363,299 | | | | (2,477 | ) |
| 11/6/2019 | | HSBC | | U.S. Dollar | | | 156,154 | | | Indian Rupee | | | 11,356,294 | | | | (3,430 | ) |
| 11/6/2019 | | BNP Parabis | | U.S. Dollar | | | 13,153 | | | Indian Rupee | | | 951,400 | | | | (216 | ) |
| 11/4/2019 | | JP Morgan Chase | | U.S. Dollar | | | 125,208 | | | Indian Rupee | | | 9,051,000 | | | | (2,006 | ) |
| 10/15/2019 | | JP Morgan Chase | | U.S. Dollar | | | 261,977 | | | Indian Rupee | | | 18,920,000 | | | | (4,555 | ) |
| 10/7/2019 | | BNP Parabis | | U.S. Dollar | | | 13,523 | | | Indian Rupee | | | 943,600 | | | | 218 | |
| 10/3/2019 | | HSBC | | U.S. Dollar | | | 11,535 | | | Indian Rupee | | | 805,000 | | | | 180 | |
| 3/16/2020 | | JP Morgan Chase | | U.S. Dollar | | | 34,635 | | | Indian Rupee | | | 2,529,220 | | | | (366 | ) |
| 1/16/2020 | | Citibank | | U.S. Dollar | | | 204,056 | | | Indian Rupee | | | 14,943,000 | | | | (4,276 | ) |
| 1/13/2020 | | BNP Parabis | | U.S. Dollar | | | 183,159 | | | Indian Rupee | | | 13,361,000 | | | | (3,187 | ) |
| 12/5/2019 | | HSBC | | U.S. Dollar | | | 10,948 | | | Indian Rupee | | | 802,000 | | | | (288 | ) |
| 12/16/2019 | | HSBC | | U.S. Dollar | | | 55,371 | | | Indian Rupee | | | 4,017,472 | | | | (846 | ) |
| 11/19/2019 | | Citibank | | U.S. Dollar | | | 331,567 | | | Indian Rupee | | | 23,780,000 | | | | (2,158 | ) |
| 12/16/2019 | | JP Morgan Chase | | U.S. Dollar | | | 127,766 | | | Indian Rupee | | | 9,223,780 | | | | (1,304 | ) |
| 2/3/2020 | | HSBC | | U.S. Dollar | | | 11,181 | | | Indian Rupee | | | 805,000 | | | | (18 | ) |
| 2/27/2020 | | Citibank | | U.S. Dollar | | | 243,602 | | | Japanese Yen | | | 25,952,300 | | | | 961 | |
| 11/26/2019 | | Citibank | | U.S. Dollar | | | 336,309 | | | Japanese Yen | | | 36,076,300 | | | | 1,392 | |
| 12/6/2019 | | HSBC | | U.S. Dollar | | | 153,983 | | | Japanese Yen | | | 16,268,000 | | | | 2,817 | |
| 10/28/2019 | | Citibank | | U.S. Dollar | | | 158,542 | | | Japanese Yen | | | 17,038,700 | | | | 633 | |
| 2/27/2020 | | Citibank | | U.S. Dollar | | | 472,849 | | | Japanese Yen | | | 49,839,000 | | | | 6,852 | |
| 12/6/2019 | | JP Morgan Chase | | U.S. Dollar | | | 117,516 | | | Japanese Yen | | | 12,442,000 | | | | 1,902 | |
| 3/6/2020 | | JP Morgan Chase | | U.S. Dollar | | | 129,966 | | | Japanese Yen | | | 13,672,920 | | | | 2,069 | |
| 12/20/2019 | | JP Morgan Chase | | U.S. Dollar | | | 208,113 | | | Japanese Yen | | | 22,016,160 | | | | 3,223 | |
| 8/31/2020 | | Citibank | | U.S. Dollar | | | 296,363 | | | Japanese Yen | | | 31,227,000 | | | | 1,156 | |
| 2/26/2020 | | Citibank | | U.S. Dollar | | | 357,233 | | | Japanese Yen | | | 38,060,400 | | | | 1,410 | |
| 6/22/2020 | | JP Morgan Chase | | U.S. Dollar | | | 210,529 | | | Japanese Yen | | | 22,016,160 | | | | 3,262 | |
| 6/8/2020 | | JP Morgan Chase | | U.S. Dollar | | | 130,652 | | | Japanese Yen | | | 13,672,910 | | | | 2,037 | |
| 12/5/2019 | | JP Morgan Chase | | U.S. Dollar | | | 112,958 | | | Japanese Yen | | | 11,960,130 | | | | 1,833 | |
| 10/21/2019 | | HSBC | | U.S. Dollar | | | 407,173 | | | Japanese Yen | | | 43,137,630 | | | | 7,603 | |
| 3/24/2020 | | Citibank | | U.S. Dollar | | | 187,829 | | | Japanese Yen | | | 19,980,000 | | | | 730 | |
| 3/24/2020 | | JP Morgan Chase | | U.S. Dollar | | | 108,620 | | | Japanese Yen | | | 11,415,950 | | | | 1,718 | |
| 3/23/2020 | | HSBC | | U.S. Dollar | | | 599,118 | | | Japanese Yen | | | 62,755,558 | | | | 11,492 | |
| 10/21/2019 | | JP Morgan Chase | | U.S. Dollar | | | 255,973 | | | Japanese Yen | | | 27,177,810 | | | | 4,233 | |
| 3/23/2020 | | JP Morgan Chase | | U.S. Dollar | | | 418,487 | | | Japanese Yen | | | 43,985,160 | | | | 6,622 | |
| 12/9/2019 | | Goldman Sachs | | U.S. Dollar | | | 875,623 | | | South Korea Won | | | 1,037,000,000 | | | | 6,907 | |
| 1/29/2020 | | Citibank | | U.S. Dollar | | | 15,826 | | | South Korea Won | | | 18,558,803 | | | | 249 | |
| 11/12/2019 | | JP Morgan Chase | | U.S. Dollar | | | 344,193 | | | South Korea Won | | | 400,000,000 | | | | 9,383 | |
| 2/26/2020 | | Citibank | | U.S. Dollar | | | 13,083 | | | South Korea Won | | | 15,718,394 | | | | (122 | ) |
| 1/20/2020 | | HSBC | | U.S. Dollar | | | 64,818 | | | South Korea Won | | | 75,856,853 | | | | 1,150 | |
See notes to financial statements.
100
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)
September 30, 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)
| |
| 2/28/2020 | | Citibank | | U.S. Dollar | | | 15,447 | | | South Korea Won | | | 18,558,803 | | | $ | (145 | ) |
| 10/3/2019 | | Deutsche Bank | | U.S. Dollar | | | 81,758 | | | Swedish Krona | | | 791,000 | | | | 1,389 | |
| 11/19/2019 | | Deutsche Bank | | U.S. Dollar | | | 16,277 | | | Swedish Krona | | | 157,000 | | | | 275 | |
| 11/26/2019 | | Deutsche Bank | | U.S. Dollar | | | 327,854 | | | Swedish Krona | | | 3,161,000 | | | | 5,549 | |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | 495,843 | |
| | | | | | | | | | | | | | | | |
|
|
|
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
INTEREST RATE SWAPS (Unaudited)
September 30, 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 | | | 3.002% | | Semi-Annual | | | 2/22/2048 | | | HSBC | | $ | 274,000 | | | $ | (81,305 | ) | | $ | 0 | | | $ | (81,305 | ) |
Receive | | | 3-MO-USD-LIBOR | * | | | Quarterly | | | 3.019% | | Semi-Annual | | | 2/23/2048 | | | HSBC | | | 274,000 | | | | (82,383 | ) | | | 0 | | | | (82,383 | ) |
Receive | | | 3-MO-USD-LIBOR | | | | Quarterly | | | 2.980% | | Semi-Annual | | | 2/20/2048 | | | Citibank | | | 274,000 | | | | (79,875 | ) | | | 0 | | | | (79,875 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 2.587% | | Semi-Annual | | | 7/27/2047 | | | Citibank | | | 1,100,000 | | | | (217,158 | ) | | | 0 | | | | (217,158 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | $ | (460,721 | ) | | $ | 0 | | | $ | (460,721 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| * | | Centrally cleared swap, clearing agent: Citibank |
| ** | | Centrally cleared swap, clearing agent: JP Morgan Chase |
See notes to financial statements.
101
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.88% | | | | |
| | | | | Exchange Traded Funds - 70.55% | | | | |
| | 161,893 | | | iShares Core MSCI EAFE ETF (a) | | $ | 9,886,805 | |
| | 743,102 | | | iShares Core MSCI Emerging Markets ETF | | | 36,426,860 | |
| | 520,993 | | | iShares Core S&PSmall-Cap ETF (a) | | | 40,554,095 | |
| | 398,690 | | | iShares MSCI Canada ETF (a) | | | 11,522,141 | |
| | 178,694 | | | iShares MSCI Switzerland ETF | | | 6,736,764 | |
| | 1,050,077 | | | Schwab U.S.Large-Cap ETF | | | 74,481,962 | |
| | 469,886 | | | Schwab U.S.Large-Cap Growth ETF | | | 39,475,123 | |
| | 309,474 | | | SPDR S&P 600 Small Cap Growth ETF (a) | | | 18,441,556 | |
| | 186,364 | | | SPDR S&P China ETF (a) | | | 16,821,215 | |
| | 98,496 | | | Vanguard FTSE All Worldex-USSmall-Cap ETF | | | 10,041,667 | |
| | 2,385,935 | | | Vanguard FTSE Developed Markets ETF (a) | | | 98,014,210 | |
| | 121,147 | | | Vanguard Globalex-U.S. Real Estate ETF | | | 7,098,003 | |
| | 117,120 | | | Vanguard Real Estate ETF (a) | | | 10,921,440 | |
| | 240,075 | | | Vanguard Russell 1000 Growth ETF (a) | | | 39,410,712 | |
| | 69,837 | | | Vanguard Russell 2000 Growth | | | 9,786,957 | |
| | 503,008 | | | Vanguard S&P 500 ETF | | | 137,119,981 | |
| | 33,404 | | | Vanguard Value ETF (a) | | | 3,728,554 | |
| | | | | | |
|
|
|
| | | | | | | | 570,468,045 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 28.33% | | | | |
| | 1,248,539 | | | AMCAP Fund - Class F3 | | | 39,491,281 | |
| | 1,160,148 | | | American Funds - EuroPacific Growth Fund - Class F3 | | | 60,362,479 | |
| | 679,750 | | | American Funds - Fundamental Investors - Class F3 | | | 40,125,632 | |
| | 351,554 | | | American Funds - SMALLCAP World Fund, Inc. - Class F3 | | | 19,616,689 | |
| | 800,447 | | | American Funds - The Growth Fund of America - Class F3 | | | 39,486,068 | |
| | 790,985 | | | American Funds - The Investment Company of America - Class F3 | | | 30,017,897 | |
| | | | | | |
|
|
|
| | | | | | | | 229,100,046 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $677,107,789) | | | 799,568,091 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.21% | | | | |
| | | | | Money Market Funds - 1.21% | | | | |
| | 9,789,857 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | $ | 9,789,857 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $9,789,857) | | | 9,789,857 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 14.27% | |
| | 115,360,564 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 2.13% (b) | | | 115,360,564 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $115,360,564) | | | 115,360,564 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $802,258,210) - 114.36% | | | 924,718,512 | |
| | | | | Liabilities in Excess of
Other Assets - (14.36)% | | | (116,101,223 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 808,617,289 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
See notes to financial statements.
102
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.78% | | | | |
| | | | | Exchange Traded Funds - 72.16% | | | | |
| | 36,746 | | | Invesco DB Gold Fund (a) | | $ | 1,651,916 | |
| | 192,751 | | | iShares1-3 Year Treasury Bond ETF | | | 16,349,140 | |
| | 74,638 | | | iShares3-7 Year Treasury Bond ETF (a) | | | 9,464,098 | |
| | 118,316 | | | iShares7-10 Year Treasury Bond ETF (a) | | | 13,307,000 | |
| | 62,184 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 8,897,287 | |
| | 317,123 | | | iShares Core Aggressive Allocation ETF | | | 17,416,395 | |
| | 483,993 | | | iShares Core Growth Allocation ETF (a) | | | 22,292,718 | |
| | 37,234 | | | iShares Core MSCI Emerging Markets ETF | | | 1,825,211 | |
| | 71,421 | | | iShares Core MSCI Europe ETF | | | 3,266,797 | |
| | 137,255 | | | iShares Core S&PSmall-Cap ETF (a) | | | 10,683,929 | |
| | 137,472 | | | iShares Edge MSCI Min Vol USA ETF | | | 8,811,955 | |
| | 18,461 | | | iShares iBoxx High Yield Corporate Bond ETF (a) | | | 1,609,245 | |
| | 15,020 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 1,702,517 | |
| | 57,187 | | | iShares Long-Term Corporate Bond ETF | | | 3,810,370 | |
| | 60,724 | | | iShares MSCI Canada ETF (a) | | | 1,754,924 | |
| | 111,015 | | | iShares MSCI Switzerland ETF (a) | | | 4,185,265 | |
| | 171,794 | | | iShares Broad USD Investment Grade Corporate Bond ETF | | | 10,012,154 | |
| | 120,123 | | | Principal Active Income ETF (a) | | | 4,828,945 | |
| | 117,049 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 12,727,908 | |
| | 61,345 | | | SPDR Bloomberg Barclays International Treasury Bond ETF | | | 1,760,601 | |
| | 127,252 | | | SPDR Bloomberg Barclays TIPS ETF (a) | | | 3,629,227 | |
| | 11,160 | | | SPDR S&P 600 Small CapValue ETF (a) | | | 683,662 | |
| | 19,688 | | | SPDR S&P China ETF (a) | | | 1,777,039 | |
| | 409,494 | | | Vanguard FTSE Developed Markets ETF (a) | | | 16,822,014 | |
| | 196,693 | | | Vanguard High Dividend Yield ETF | | | 17,452,570 | |
| | 456,295 | | | Vanguard Mortgage-Backed Securities ETF | | | 24,302,272 | |
| | 27,098 | | | Vanguard Real Estate ETF (a) | | | 2,526,888 | |
| | 74,695 | | | Vanguard S&P 500 ETF | | | 20,361,857 | |
| | 12,061 | | | Vanguard Total Bond Market ETF | | | 1,018,310 | |
| | 40,851 | | | Vanguard Value ETF (a) | | | 4,559,789 | |
| | | | | | |
|
|
|
| | | | | | | | 249,492,003 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Mutual Funds - 26.62% | | | | |
| | 351,886 | | | American Funds - Capital Income Builder - Class F3 | | $ | 21,521,375 | |
| | 1,274,897 | | | American Funds - High-Income Trust - Class F3 | | | 12,697,977 | |
| | 406,985 | | | American Funds - Mutual Fund - Class F3 | | | 17,317,231 | |
| | 947,711 | | | American Funds - The Income Fund of America - Class F3 | | | 21,531,990 | |
| | 902,706 | | | American Funds - U.S. Government Securities Fund - Class F3 | | | 12,646,909 | |
| | 1,072,558 | | | Vanguard High-Yield Corporate Fund | | | 6,317,369 | |
| | | | | | |
|
|
|
| | | | | | | | 92,032,851 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $315,097,709) | | | 341,524,854 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.10% | | | | |
| | | | | Money Market Funds - 1.10% | | | | |
| | 3,812,653 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | | 3,812,653 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,812,653) | | | 3,812,653 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 23.06% | |
| | 79,746,430 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | | 79,746,430 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $79,746,430) | | | 79,746,430 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $398,656,792) - 122.94% | | | 425,083,937 | |
| | | | | Liabilities in Excess of
Other Assets - (22.94)% | | | (79,312,058 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 345,771,879 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
See notes to financial statements.
103
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.65% | | | | |
| | | | | Exchange Traded Funds - 98.65% | | | | |
| | 167,831 | | | Direxion Daily S&P 500 Bull 3X | | $ | 8,779,240 | |
| | 225,951 | | | Goldman Sachs Access Treasury0-1 Year ETF | | | 22,680,961 | |
| | 244,062 | | | iShares Core S&P 500 ETF | | | 72,857,388 | |
| | 510,770 | | | ProShares UltraPro S&P 500 | | | 28,230,258 | |
| | 1,103,789 | | | Schwab U.S.Large-Cap ETF | | | 78,291,754 | |
| | 277,586 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF | | | 25,424,102 | |
| | 124,579 | | | SPDR Portfolio S&P 500 Growth ETF (a) | | | 4,844,877 | |
| | 101,787 | | | SPDR S&P 500 ETF Trust | | | 30,207,328 | |
| | 23,096 | | | Vanguard Information Technology ETF (a) | | | 4,978,343 | |
| | 23,963 | | | VanguardMid-Cap Growth ETF (a) | | | 3,549,160 | |
| | 287,125 | | | Vanguard S&P 500 ETF (a) | | | 78,270,275 | |
| | 39,497 | | | Vanguard Value ETF (a) | | | 4,408,655 | |
| | | | | | |
|
|
|
| | | | | | | | 362,522,341 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $340,018,797) | | | 362,522,341 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.20% | | | | |
| | | | | Money Market Funds - 1.20% | | | | |
| | 4,402,238 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield 1.89% (b) | | | 4,402,238 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $4,402,238) | | | 4,402,238 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 22.44% | |
| | 82,460,019 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | $ | 82,460,019 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $82,460,019) | | | 82,460,019 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $426,881,054) - 122.29% | | | 449,384,598 | |
| | | | | Liabilities in Excess of
Other Assets - (22.29)% | | | (81,920,847 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 367,463,751 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
See notes to financial statements.
104
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.81% | | | | |
| | | | | Exchange Traded Funds - 61.12% | | | | |
| | 32,335 | | | Invesco DB Agriculture Fund | | $ | 512,833 | |
| | 13,245 | | | Invesco DB Base Metals Fund | | | 195,629 | |
| | 35,492 | | | Invesco DB Energy Fund (a) | | | 474,851 | |
| | 143,757 | | | iShares1-3 Year Treasury Bond ETF | | | 12,193,469 | |
| | 38,717 | | | iShares Core MSCI Emerging Markets ETF | | | 1,897,907 | |
| | 133,353 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | | | 15,115,562 | |
| | 183,023 | | | ProShares Investment Grade-Interest Rate Hedged ETF (a)(c) | | | 13,644,365 | |
| | 100,782 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF | | | 9,230,623 | |
| | 1,483,605 | | | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (a) | | | 45,635,690 | |
| | 86,426 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 9,397,963 | |
| | 69,260 | | | Vanguard FTSE Developed Markets ETF (a) | | | 2,845,201 | |
| | 944,448 | | | Vanguard Mortgage-Backed Securities ETF | | | 50,301,300 | |
| | 49,241 | | | Vanguard S&P 500 ETF | | | 13,423,097 | |
| | 132,419 | | | Vanguard Total Bond Market ETF | | | 11,180,136 | |
| | | | | | |
|
|
|
| | | | | | | | 186,048,626 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 37.69% | | | | |
| | 2,172,116 | | | BlackRock Low Duration Bond Portfolio - Institutional Shares | | | 20,939,202 | |
| | 726,319 | | | DoubleLine Core Fixed Income Fund - Institutional Shares | | | 8,083,933 | |
| | 2,081,259 | | | DoubleLine Low Duration Bond Fund - Institutional Shares | | | 20,875,028 | |
| | 324,025 | | | DoubleLine Multi-Asset Growth Fund - Institutional Shares (d) | | | 3,003,714 | |
| | 3,383,521 | | | DoubleLine Total Return Bond Fund - Institutional Shares | | | 36,372,855 | |
| | 771,420 | | | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | | | 7,590,774 | |
| | 3,034,265 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 17,871,820 | |
| | | | | | |
|
|
|
| | | | | | | | 114,737,326 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $292,427,431) | | | 300,785,952 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.07% | | | | |
| | | | | Money Market Funds - 1.07% | | | | |
| | 3,244,747 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | $ | 3,244,747 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,244,747) | | | 3,244,747 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.05% | |
| | 18,426,869 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | | 18,426,869 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $18,426,869) | | | 18,426,869 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $314,099,047) - 105.93% | | | 322,457,568 | |
| | | | | Liabilities in Excess of
Other Assets - (5.93)% | | | (18,058,924 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 304,398,644 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September, 30, 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 0.24% of total net assets as of September 30, 2019. |
See notes to financial statements.
105
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.90% | | | | |
| | | | | Exchange Traded Funds - 80.64% | | | | |
| | 105,372 | | | Global X MLP ETF (a) | | $ | 883,017 | |
| | 219,454 | | | Global X US Preferred ETF (a) | | | 5,506,101 | |
| | 173,611 | | | iShares0-5 Year High Yield Corporate Bond ETF (a) | | | 8,071,176 | |
| | 11,428 | | | iShares7-10 Year Treasury Bond ETF | | | 1,285,307 | |
| | 35,328 | | | iShares 20+ Year Treasury Bond ETF (a) | | | 5,054,731 | |
| | 44,759 | | | iShares Currency Hedged MSCI Eurozone ETF (a) | | | 1,383,948 | |
| | 144,933 | | | iShares Emerging Markets Dividend ETF (a) | | | 5,423,393 | |
| | 16,000 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 2,039,680 | |
| | 60,398 | | | iShares MBS ETF | | | 6,541,104 | |
| | 81,370 | | | iShares Preferred & Income Securities ETF (a) | | | 3,053,816 | |
| | 123,432 | | | SPDR Portfolio Aggregate Bond ETF | | | 3,658,524 | |
| | 78,385 | | | SPDR Portfolio Long Term Corporate Bond ETF | | | 2,358,605 | |
| | 780,414 | | | SPDR Portfolio S&P 500 High Dividend ETF | | | 29,640,123 | |
| | 27,960 | | | SPDR Portfolio Short Term Corporate Bond ETF (a) | | | 862,566 | |
| | 20,177 | | | SPDR S&P Global Dividend ETF | | | 1,362,351 | |
| | 31,417 | | | SPDR S&P Global Infrastructure ETF | | | 1,677,511 | |
| | 43,687 | | | Vanguard Emerging Markets Government Bond ETF | | | 3,521,172 | |
| | 19,143 | | | Vanguard Globalex-U.S. Real Estate ETF | | | 1,121,588 | |
| | 28,393 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 2,590,577 | |
| | 236,245 | | | Vanguard International High Dividend Yield ETF (a) | | | 14,056,577 | |
| | 28,257 | | | Vanguard Real Estate ETF (a) | | | 2,634,965 | |
| | 2,894 | | | Vanguard S&P 500 ETF | | | 788,904 | |
| | 150,766 | | | WisdomTree U.S. SmallCap Dividend Fund (a) | | | 4,126,466 | |
| | | | | | |
|
|
|
| | | | | | | | 107,642,202 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 18.26% | | | | |
| | 174,232 | | | BlackRock Strategic Income Opportunities Portfolio | | | 1,726,637 | |
| | 271,648 | | | Loomis Sayles Global Allocation Fund - Y Shares | | | 6,497,822 | |
| | 791,003 | | | T. Rowe Price Institutional Floating Rate Fund | | | 7,783,474 | |
| | 1,419,084 | | | Vanguard High-Yield Corporate Fund | | | 8,358,401 | |
| | | | | | |
|
|
|
| | | | | | | | 24,366,334 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $125,707,980) | | | 132,008,536 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.16% | | | | |
| | | | | Money Market Funds - 0.16% | | | | |
| | 207,229 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | $ | 207,229 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $207,229) | | | 207,229 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 13.49% | |
| | 18,003,699 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | | 18,003,699 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $18,003,699) | | | 18,003,699 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $143,918,908) - 112.55% | | | 150,219,464 | |
| | | | | Liabilities in Excess of
Other Assets - (12.55)% | | | (16,752,574 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 133,466,890 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
See notes to financial statements.
106
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.94% | | | | |
| | | | | Exchange Traded Funds - 70.46% | | | | |
| | 247,171 | | | Invesco Fundamental High Yield Corporate Bond ETF | | $ | 4,703,664 | |
| | 101,593 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 4,723,059 | |
| | 191,607 | | | iShares iBoxx High Yield Corporate Bond ETF (a) | | | 16,702,382 | |
| | 208,009 | | | SPDR Bloomberg Barclays High Yield Bond ETF (a) | | | 22,618,898 | |
| | 174,721 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | 4,719,214 | |
| | 259,132 | | | Xtrackers USD High Yield Corporate Bond ETF | | | 12,977,331 | |
| | | | | | |
|
|
|
| | | | | | | | 66,444,548 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 28.48% | | | | |
| | 2,943,002 | | | BlackRock High Yield Portfolio - Institutional Shares | | | 22,602,259 | |
| | 721,389 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 4,248,980 | |
| | | | | | |
|
|
|
| | | | | | | | 26,851,239 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $93,405,220) | | | 93,295,787 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.92% | | | | |
| | | | | Money Market Funds - 0.92% | | | | |
| | 866,063 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | $ | 866,063 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $866,063) | | | 866,063 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 12.54% | |
| | 11,829,387 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 2.13% (b) | | | 11,829,387 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $11,829,387) | | | 11,829,387 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $106,100,670) - 112.40% | | | 105,991,237 | |
| | | | | Liabilities in Excess of
Other Assets - (12.40)% | | | (11,689,530 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 94,301,707 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
See notes to financial statements.
107
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 91.55% | | | | |
| | | | | Certificates of Deposit - 74.99% | | | | |
| $ | 6,500,000 | | | Banco Del Estado De Chile
2.430%, 12/06/2019 | | $ | 6,503,860 | |
| | 2,000,000 | | | Bank of Montreal
2.399% (3 Month LIBOR USD + 0.110%), 10/04/2019 (a) | | | 2,000,000 | |
| | 10,000,000 | | | Bank of Nova Scotia
2.000%, 03/10/2020 | | | 9,998,339 | |
| | 12,000,000 | | | CIBC
1.800%, 10/01/2019 | | | 12,000,000 | |
| | 5,500,000 | | | Commonwealth Bank of Australia
2.402% (1 Month LIBOR USD + 0.320%), 10/04/2019 (a) | | | 5,500,000 | |
| | 7,000,000 | | | Credit Industriel ET Commercial
2.160%, 11/04/2019 | | | 7,000,000 | |
| | 7,000,000 | | | DNB Bank ASA
2.050%, 12/03/2019 | | | 6,999,569 | |
| | | | | DZ Bank AG Deutsche Zentral-Genossenschaftsbank | | | | |
| | 7,000,000 | | | 2.070%, 11/27/2019 | | | 7,000,000 | |
| | 3,500,000 | | | 2.070%, 12/10/2019 | | | 3,499,474 | |
| | 11,000,000 | | | KBC Bank
2.050%, 10/30/2019 | | | 11,000,000 | |
| | 7,900,000 | | | Landebank Hessen-Thueringen Girozentrale
2.270%, 10/23/2019 | | | 7,900,000 | |
| | 10,000,000 | | | Mizuho Bank, Ltd.
2.160%, 12/19/2019 | | | 10,000,677 | |
| | 5,000,000 | | | MUFG Bank, Ltd.
2.000%, 02/18/2020 | | | 4,998,520 | |
| | 6,500,000 | | | National Australia Bank Ltd.
2.194% (1 Month LIBOR USD + 0.150%), 05/20/2020 (a) | | | 6,495,410 | |
| | 6,000,000 | | | National Bank of Canada
2.149% (1 Month LIBOR USD + 0.100%), 10/10/2019 (a) | | | 6,000,000 | |
| | | | | National Bank of Kuwait | | | | |
| | 6,000,000 | | | 1.760%, 10/01/2019 | | | 6,000,000 | |
| | 6,000,000 | | | 2.180%, 10/03/2019 | | | 6,000,003 | |
| | 6,500,000 | | | Nordea Bank
2.280%, 12/11/2019 | | | 6,502,622 | |
| | 6,500,000 | | | Norinchukin Bank
2.540%, 11/15/2019 | | | 6,500,037 | |
| | | | | Oversea-Chinese Banking Corp., Ltd. | | | | |
| | 1,000,000 | | | 2.080%, 11/22/2019 | | | 1,000,000 | |
| | 3,000,000 | | | 2.080%, 12/10/2019 | | | 2,999,697 | |
| | 6,000,000 | | | 2.250%, 12/13/2019 | | | 6,001,394 | |
| | | | | Royal Bank of Canada | | | | |
| | 5,000,000 | | | 2.219% (1 Month LIBOR USD + 0.180%), 06/12/2020 (a) | | | 4,996,709 | |
| | 1,000,000 | | | 2.259% (1 Month LIBOR USD + 0.210%), 07/10/2020 (a) | | | 999,426 | |
| | 12,000,000 | | | SEB
1.760%, 10/01/2019 | | | 12,000,000 | |
| | 5,000,000 | | | State Street Bank and Trust Co.
2.142% (1 Month LIBOR USD + 0.100%), 10/07/2019 (a) | | | 5,000,000 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Certificates of Deposit (Continued) | | | | |
| | | | | Sumitomo Mitsui Trust Bank, Ltd. | | | | |
| $ | 5,700,000 | | | 2.181% (1 Month LIBOR USD + 0.140%), 11/18/2019 (a) | | $ | 5,700,000 | |
| | 1,300,000 | | | 2.020%, 02/14/2020 | | | 1,299,527 | |
| | | | | Svenska Handelsbanken | | | | |
| | 5,000,000 | | | 2.275%, 10/16/2019 | | | 5,000,010 | |
| | 1,500,000 | | | 2.121% (1 Month LIBOR USD + 0.080%), 11/18/2019 (a) | | | 1,500,000 | |
| | 8,000,000 | | | Toronto-Dominion Bank
2.356% (1 Month LIBOR USD + 0.310%), 10/20/2020 (a) | | | 7,997,898 | |
| | | | | | |
|
|
|
| | | | | | | | 186,393,172 | |
| | | | | | |
|
|
|
| | | | | Commercial Paper - 11.45% | | | | |
| | | | | Bank of America | | | | |
| | 1,500,000 | | | 2.350%, 12/13/2019 | | | 1,501,424 | |
| | 5,000,000 | | | 2.020%, 01/09/2020 | | | 5,001,300 | |
| | | | | COFCO Capital Corp. | | | | |
| | 4,000,000 | | | -%, 10/09/2019 | | | 3,998,098 | |
| | 7,000,000 | | | -%, 10/16/2019 | | | 6,993,583 | |
| | 11,000,000 | | | Santander UK PLC
-%, 12/11/2019 | | | 10,955,054 | |
| | | | | | |
|
|
|
| | | | | | | | 28,449,459 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | Money Market Funds - 4.06% | | | | |
| | 10,104,809 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.890% (b)(c) | | | 10,104,809 | |
| | | | | | |
|
|
|
| | | | | | | | 10,104,809 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bills - 1.05% | | | | |
| $ | 1,600,000 | | | 1.652%, 10/03/2019 (c)(d)(e) | | | 2,599,716 | |
| | | | | | |
|
|
|
| | | | | | | | 2,599,716 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(cost $227,551,539) | | | 227,547,156 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $227,551,539) - 91.55% | | | 227,547,156 | |
| | | | | Other Assets in Excess of
Liabilities - 8.45% | | | 21,002,676 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 248,549,832 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2019. |
| (b) | | Seven-day yield as of September 30, 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.
108
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
Amsterdam IDX Futures | | | 55 | | | | 6,955,704 | | | Oct-19 | | $ | 65,306 | |
Australian10-Year Treasury Bond Futures | | | 367 | | | | 36,499,423 | | | Dec-19 | | | 331,698 | |
Australian3-Year Treasury Bond Futures | | | 977 | | | | 76,289,633 | | | Dec-19 | | | 216,284 | |
Australian Dollar Futures | | | (372 | ) | | | (25,176,960 | ) | | Dec-19 | | | 320,070 | |
Brazilian Real Futures | | | (31 | ) | | | (745,395 | ) | | Nov-19 | | | (4,719 | ) |
Brent Crude Futures (a) | | | (9 | ) | | | (533,250 | ) | | Dec-19 | | | 15,221 | |
British Pound Futures | | | (280 | ) | | | (21,581,000 | ) | | Dec-19 | | | 153,998 | |
CAC40 Index Futures | | | 69 | | | | 4,268,739 | | | Oct-19 | | | 50,061 | |
Canadian10-Year Bond Futures | | | 333 | | | | 35,842,397 | | | Dec-19 | | | (161,573 | ) |
Canadian Dollar Futures | | | (281 | ) | | | (21,252,030 | ) | | Dec-19 | | | 37,412 | |
Cocoa Futures (a) | | | 12 | | | | 293,040 | | | Dec-19 | | | (2,514 | ) |
Coffee ‘C’ Futures (a) | | | (39 | ) | | | (1,479,319 | ) | | Dec-19 | | | (30,813 | ) |
Copper Futures (a) | | | (54 | ) | | | (3,480,975 | ) | | Dec-19 | | | 34,844 | |
Corn Futures (a) | | | (297 | ) | | | (5,761,800 | ) | | Dec-19 | | | (442,844 | ) |
Cotton No. 2 Futures (a) | | | (53 | ) | | | (1,611,995 | ) | | Dec-19 | | | 65,073 | |
DAX® Index Futures | | | 12 | | | | 4,058,225 | | | Dec-19 | | | 23,783 | |
DJIAE-Mini CBOT Futures | | | 74 | | | | 9,953,370 | | | Dec-19 | | | (86,807 | ) |
E-mini Nasdaq 100 Futures | | | 45 | | | | 6,993,450 | | | Dec-19 | | | (131,100 | ) |
E-mini Russell 2000 Futures | | | 30 | | | | 2,287,500 | | | Dec-19 | | | (71,579 | ) |
E-mini S&P 500 Futures | | | 62 | | | | 9,233,350 | | | Dec-19 | | | (80,131 | ) |
E-mini S&P Mid Cap 400 Futures | | | 22 | | | | 4,263,600 | | | Dec-19 | | | (45,153 | ) |
Euribor 3 Month Futures | | | (312 | ) | | | (85,445,737 | ) | | Mar-20 | | | (13,988 | ) |
Euro Fx Futures | | | (490 | ) | | | (67,145,313 | ) | | Dec-19 | | | 984,157 | |
Euro Stoxx 50® Index Futures | | | 184 | | | | 7,129,606 | | | Dec-19 | | | 52,003 | |
Euro-Bobl Futures | | | 371 | | | | 54,853,183 | | | Dec-19 | | | (409,968 | ) |
Euro-BTP Futures | | | 134 | | | | 21,300,489 | | | Dec-19 | | | 165,782 | |
Euro-BTP Futures - Short | | | 432 | | | | 53,061,223 | | | Dec-19 | | | 84,035 | |
Euro-Bund Futures | | | 229 | | | | 43,492,703 | | | Dec-19 | | | (360,064 | ) |
Euro-Buxl® 30 Year Futures | | | 70 | | | | 16,594,548 | | | Dec-19 | | | 50,824 | |
Eurodollar 90 Day Futures | | | 1,088 | | | | 267,457,600 | | | Mar-20 | | | 190,106 | |
Euro-OATS Futures | | | 218 | | | | 40,467,350 | | | Dec-19 | | | (127,733 | ) |
Euro-Schatz Futures | | | 450 | | | | 55,095,534 | | | Dec-19 | | | (149,959 | ) |
FTSE 100 Index Futures | | | 33 | | | | 2,995,850 | | | Dec-19 | | | 41,741 | |
FTSE China A50 Index Futures | | | 386 | | | | 5,245,740 | | | Oct-19 | | | (85,441 | ) |
FTSE MIB Index Futures | | | 26 | | | | 3,126,620 | | | Dec-19 | | | 46,052 | |
Gold 100 Oz. Futures (a) | | | 97 | | | | 14,287,130 | | | Dec-19 | | | (301,830 | ) |
Hang Seng Index Futures | | | 3 | | | | 498,399 | | | Oct-19 | | | (5,651 | ) |
HSCEI Index Futures | | | 7 | | | | 455,937 | | | Oct-19 | | | (6,496 | ) |
IBEX 35® Index Futures | | | 21 | | | | 2,113,230 | | | Oct-19 | | | 30,546 | |
Indian Rupee Futures | | | (18 | ) | | | (506,304 | ) | | Oct-19 | | | (5,827 | ) |
Japanese Yen Futures | | | (52 | ) | | | (6,043,700 | ) | | Dec-19 | | | 5,568 | |
Lean Hogs Futures (a) | | | (37 | ) | | | (1,074,480 | ) | | Dec-19 | | | (112,901 | ) |
Live Cattle Futures (a) | | | (102 | ) | | | (4,500,240 | ) | | Dec-19 | | | (261,990 | ) |
LME Aluminium Futures (a)(b) | | | 36 | | | | 1,555,200 | | | Dec-19 | | | (63,595 | ) |
LME Aluminium Futures (a)(b) | | | (164 | ) | | | (7,084,800 | ) | | Dec-19 | | | 190,742 | |
LME Copper Futures (a)(b) | | | (10 | ) | | | (1,430,938 | ) | | Dec-19 | | | 3,593 | |
LME Copper Futures (a)(b) | | | 2 | | | | 286,188 | | | Dec-19 | | | (5,529 | ) |
LME Nickel Futures (a)(b) | | | 43 | | | | 4,402,770 | | | Dec-19 | | | 37,797 | |
LME Nickel Futures (a)(b) | | | (5 | ) | | | (511,950 | ) | | Dec-19 | | | 14,126 | |
LME Zinc Futures (a)(b) | | | (17 | ) | | | (1,016,388 | ) | | Dec-19 | | | (62,439 | ) |
LME Zinc Futures (a)(b) | | | 6 | | | | 358,725 | | | Dec-19 | | | 8,588 | |
Long Gilt Futures | | | 258 | | | | 42,583,910 | | | Dec-19 | | | 437,042 | |
Low Sulphur Gas Oil Futures (a) | | | (19 | ) | | | (1,114,350 | ) | | Nov-19 | | | (38,935 | ) |
Mexican Peso Futures | | | 74 | | | | 1,852,220 | | | Dec-19 | | | (15,843 | ) |
MSCI EAFE Index Futures | | | 51 | | | | 4,840,920 | | | Dec-19 | | | (30,793 | ) |
MSCI Emerging Markets Index Futures | | | 31 | | | | 1,552,945 | | | Dec-19 | | | (33,731 | ) |
MSCI Singapore Index Futures | | | 40 | | | | 1,039,685 | | | Oct-19 | | | (9,518 | ) |
MSCI Taiwan Index Futures | | | 265 | | | | 10,788,150 | | | Oct-19 | | | 90,173 | |
See notes to financial statements.
109
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
Natural Gas Futures (a) | | | (24 | ) | | | (559,200 | ) | | Nov-19 | | $ | 2,944 | |
New Zealand Dollar Futures | | | (709 | ) | | | (44,482,660 | ) | | Dec-19 | | | 759,012 | |
Nikkei 225 Futures | | | 49 | | | | 9,861,179 | | | Dec-19 | | | (37,179 | ) |
NY Harbor ULSD Futures (a) | | | (21 | ) | | | (1,673,330 | ) | | Nov-19 | | | (63,451 | ) |
OMXS30 Futures | | | 308 | | | | 5,155,470 | | | Oct-19 | | | (12,190 | ) |
Platinum Futures (a) | | | 54 | | | | 2,400,840 | | | Jan-20 | | | (211,492 | ) |
S&P/TSX 60 Index Futures | | | 80 | | | | 12,029,739 | | | Dec-19 | | | (68,026 | ) |
Silver Futures (a) | | | 93 | | | | 7,904,070 | | | Dec-19 | | | (514,468 | ) |
South African Rand Futures | | | (74 | ) | | | (2,418,875 | ) | | Dec-19 | | | 50,909 | |
Soybean Futures (a) | | | (67 | ) | | | (3,035,100 | ) | | Nov-19 | | | (114,500 | ) |
Soybean Meal Futures (a) | | | (109 | ) | | | (3,280,900 | ) | | Dec-19 | | | (13,512 | ) |
Soybean Oil Futures (a) | | | (59 | ) | | | (1,029,432 | ) | | Dec-19 | | | (34,528 | ) |
SPI 200TM Index Futures | | | 84 | | | | 9,471,041 | | | Dec-19 | | | 8,524 | |
Sterling 90 Day Futures | | | 793 | | | | 120,988,783 | | | Dec-19 | | | 11,773 | |
Sugar No. 11 Futures (a) | | | (363 | ) | | | (5,142,984 | ) | | Mar-20 | | | (314,350 | ) |
Swiss Franc Futures | | | (104 | ) | | | (13,106,600 | ) | | Dec-19 | | | 93,743 | |
TOPIX Index Futures | | | 66 | | | | 9,693,225 | | | Dec-19 | | | (43,447 | ) |
U.S. Treasury10-Year Note Futures | | | 387 | | | | 50,430,938 | | | Dec-19 | | | (97,218 | ) |
U.S. Treasury2-Year Note Futures | | | 805 | | | | 173,477,500 | | | Dec-19 | | | (185,409 | ) |
U.S. Treasury5-Year Note Futures | | | 635 | | | | 75,659,258 | | | Dec-19 | | | (68,256 | ) |
U.S. Treasury Long Bond Futures | | | 155 | | | | 25,158,438 | | | Dec-19 | | | (164,376 | ) |
U.S. Treasury Ultra Bond Futures | | | 79 | | | | 15,160,594 | | | Dec-19 | | | (3,278 | ) |
Wheat Futures (a) | | | (113 | ) | | | (2,800,988 | ) | | Dec-19 | | | (88,401 | ) |
WTI Crude Futures (a) | | | (29 | ) | | | (1,568,030 | ) | | Nov-19 | | | 36,982 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | (483,033 | ) |
| | | | | | | | | | | | |
|
|
|
| (a) | | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
| (b) | | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities. |
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)
September 30, 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)
| |
| 12/18/2019 | | UBS AG | | Turkish Lira | | | 14,700,000 | | | U.S. Dollar | | | 2,459,313 | | | $ | 77,181 | |
| 12/18/2019 | | JP Morgan Chase | | U.S. Dollar | | | 984,106 | | | Chinese Yuan Renminbi | | | 7,000,000 | | | | 5,753 | |
| 12/18/2019 | | UBS AG | | U.S. Dollar | | | 6,320,868 | | | Chinese Yuan Renminbi | | | 45,000,000 | | | | 31,457 | |
| 12/18/2019 | | BNP Paribas | | U.S. Dollar | | | 1,104,874 | | | Norwegian Krone | | | 10,000,000 | | | | 4,259 | |
| 12/18/2019 | | JP Morgan Chase | | U.S. Dollar | | | 11,289,820 | | | Norwegian Krone | | | 102,000,000 | | | | 63,553 | |
| 12/18/2019 | | UBS AG | | U.S. Dollar | | | 13,182,784 | | | Norwegian Krone | | | 118,000,000 | | | | 195,534 | |
| 12/18/2019 | | UBS AG | | U.S. Dollar | | | 10,077,464 | | | Polish Zloty | | | 39,500,000 | | | | 215,690 | |
| 12/18/2019 | | JP Morgan Chase | | U.S. Dollar | | | 3,306,740 | | | Polish Zloty | | | 13,000,000 | | | | 61,093 | |
| 12/18/2019 | | BNP Paribas | | U.S. Dollar | | | 2,037,957 | | | Polish Zloty | | | 8,000,000 | | | | 40,636 | |
| 12/18/2019 | | BNP Paribas | | U.S. Dollar | | | 1,636,525 | | | Singapore Dollar | | | 2,250,000 | | | | 7,094 | |
| 12/18/2019 | | UBS AG | | U.S. Dollar | | | 27,482,294 | | | Singapore Dollar | | | 37,875,000 | | | | 53,541 | |
| 12/18/2019 | | Citibank | | U.S. Dollar | | | 5,638,703 | | | Singapore Dollar | | | 7,750,000 | | | | 26,219 | |
| 12/18/2019 | | UBS AG | | U.S. Dollar | | | 12,012,517 | | | Swedish Krona | | | 116,000,000 | | | | 162,770 | |
| 12/18/2019 | | JP Morgan Chase | | U.S. Dollar | | | 5,392,397 | | | Swedish Krona | | | 52,000,000 | | | | 80,442 | |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | 1,025,222 | |
| | | | | | | | | | | | | | | | |
|
|
|
See notes to financial statements.
110
GuidePath® Conservative Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 51.25% | | | | |
| | | | | Exchange Traded Funds - 51.25% | | | | |
| | 16,874 | | | Invesco Senior Loan ETF (a) | | $ | 381,184 | |
| | 8,291 | | | iShares0-5 Year High Yield Corporate Bond ETF | | | 385,449 | |
| | 25,442 | | | iShares0-5 Year Investment Grade Corporate Bond ETF (c) | | | 1,301,105 | |
| | 10,125 | | | Schwab Short-Term U.S. Treasury ETF (a) | | | 512,223 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $2,570,096) | | | 2,579,961 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 48.63% | | | | |
| | | | | Money Market Funds - 41.93% | | | | |
| | 2,110,934 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b)(c) | | | 2,110,934 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Notes - 6.70% | | | | |
| $ | 51,000 | | | 1.375%, 12/15/2019 | | | 50,947 | |
| | 102,000 | | | 1.625%, 03/15/2020 | | | 101,888 | |
| | 85,000 | | | 1.500%, 06/15/2020 | | | 84,787 | |
| | 100,000 | | | 1.375%, 09/15/2020 | | | 99,627 | |
| | | | | | |
|
|
|
| | | | | | | | 337,249 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,448,284) | | | 2,448,183 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 7.76% | |
| | 390,793 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | $ | 390,793 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $390,793) | | | 390,793 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $5,409,173) - 107.64% | | | 5,418,937 | |
| | | | | Liabilities in Excess of
Other Assets - (7.64)% | | | (384,398 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 5,034,539 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
| (c) | | 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.
111
GuidePath® Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 97.98% | | | | |
| | | | | Exchange Traded Funds - 97.98% | | | | |
| | 77,229 | | | iShares Core U.S. Aggregate Bond ETF (c) | | $ | 8,740,005 | |
| | 109,063 | | | iShares Intermediate-Term Corporate Bond
ETF (a)(c) | | | 6,316,929 | |
| | 28,165 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | | | 3,192,503 | |
| | 86,267 | | | iShares Preferred & Income Securities ETF (a) | | | 3,237,601 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $21,014,673) | | | 21,487,038 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 2.44% | | | | |
| | | | | Money Market Funds - 2.44% | | | | |
| | 536,129 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | | 536,129 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $536,129) | | | 536,129 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 33.30% | |
| | 7,302,268 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | $ | 7,302,268 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $7,302,268) | | | 7,302,268 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $28,853,070) - 133.72% | | | 29,325,435 | |
| | | | | Liabilities in Excess of
Other Assets - (33.72)% | | | (7,394,742 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 21,930,693 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
| (c) | | 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.
112
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 34.47% | | | | |
| | | | | Aerospace & Defense - 1.20% | | | | |
| | 662 | | | Boeing Co. | | $ | 251,871 | |
| | 128 | | | Lockheed Martin Corp. | | | 49,928 | |
| | | | | | |
|
|
|
| | | | | | | | 301,799 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.51% | | | | |
| | 1,065 | | | United Parcel Service, Inc. - Class B | | | 127,608 | |
| | | | | | |
|
|
|
| | | | | Banks - 1.26% | | | | |
| | 1,253 | | | BB&T Corp. | | | 66,872 | |
| | 1,323 | | | Citizens Financial Group, Inc. | | | 46,795 | |
| | 2,626 | | | Regions Financial Corp. | | | 41,543 | |
| | 597 | | | SunTrust Banks, Inc. | | | 41,074 | |
| | 2,170 | | | U.S. Bancorp (a) | | | 120,087 | |
| | | | | | |
|
|
|
| | | | | | | | 316,371 | |
| | | | | | |
|
|
|
| | | | | Beverages - 2.20% | | | | |
| | 5,096 | | | Coca-Cola Co. | | | 277,427 | |
| | 2,008 | | | PepsiCo, Inc. | | | 275,297 | |
| | | | | | |
|
|
|
| | | | | | | | 552,724 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.84% | | | | |
| | 2,268 | | | AbbVie, Inc. | | | 171,733 | |
| | 903 | | | Amgen, Inc. | | | 174,739 | |
| | 1,828 | | | Gilead Sciences, Inc. | | | 115,859 | |
| | | | | | |
|
|
|
| | | | | | | | 462,331 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 0.59% | | | | |
| | 77 | | | BlackRock, Inc. | | | 34,314 | |
| | 319 | | | CME Group, Inc. | | | 67,418 | |
| | 400 | | | T. Rowe Price Group, Inc. | | | 45,700 | |
| | | | | | |
|
|
|
| | | | | | | | 147,432 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.78% | | | | |
| | 183 | | | Air Products & Chemicals, Inc. | | | 40,600 | |
| | 1,223 | | | DuPont de Nemours, Inc. | | | 87,213 | |
| | 756 | | | LyondellBasell Industries NV - Class A | | | 67,639 | |
| | | | | | |
|
|
|
| | | | | | | | 195,452 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.06% | | | | |
| | 5,394 | | | Cisco Systems, Inc. | | | 266,518 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.16% | | | | |
| | 1,185 | | | Synchrony Financial | | | 40,397 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.16% | | | | |
| | 933 | | | International Paper Co. | | | 39,018 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 2.33% | | | | |
| | 9,263 | | | AT&T, Inc. | | | 350,511 | |
| | 3,882 | | | Verizon Communications, Inc. | | | 234,318 | |
| | | | | | |
|
|
|
| | | | | | | | 584,829 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.65% | | | | |
| | 631 | | | American Electric Power Co., Inc. | | | 59,118 | |
| | 1,091 | | | Duke Energy Corp. | | | 104,583 | |
| | 404 | | | Eversource Energy | | | 34,530 | |
| | 520 | | | NextEra Energy, Inc. | | | 121,156 | |
| | 1,821 | | | PPL Corp. | | | 57,343 | |
| | 585 | | | Xcel Energy, Inc. | | | 37,961 | |
| | | | | | |
|
|
|
| | | | | | | | 414,691 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.57% | | | | |
| | 878 | | | Eaton Corp. PLC | | | 73,006 | |
| | 1,049 | | | Emerson Electric Co. | | | 70,136 | |
| | | | | | |
|
|
|
| | | | | | | | 143,142 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electronic Equipment, Instruments & Components - 0.14% | |
| | 1,247 | | | Corning, Inc. | | $ | 35,564 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.35% | | | | |
| | 657 | | | Sysco Corp. | | | 52,166 | |
| | 1,208 | | | Walgreens Boots Alliance, Inc. | | | 66,814 | |
| | 1,860 | | | Walmart, Inc. | | | 220,745 | |
| | | | | | |
|
|
|
| | | | | | | | 339,725 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.41% | | | | |
| | 1,003 | | | Archer-Daniels-Midland Co. | | | 41,193 | |
| | 1,122 | | | General Mills, Inc. | | | 61,845 | |
| | | | | | |
|
|
|
| | | | | | | | 103,038 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.45% | | | | |
| | 1,777 | | | CVS Health Corp. | | | 112,075 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.23% | | | | |
| | 648 | | | Carnival Corp. | | | 28,324 | |
| | 811 | | | Las Vegas Sands Corp. | | | 46,843 | |
| | 1,080 | | | McDonald’s Corp. | | | 231,886 | |
| | | | | | |
|
|
|
| | | | | | | | 307,053 | |
| | | | | | |
|
|
|
| | | | | Household Products - 2.16% | | | | |
| | 1,328 | | | Colgate-Palmolive Co. | | | 97,621 | |
| | 465 | | | Kimberly-Clark Corp. | | | 66,053 | |
| | 3,044 | | | Procter & Gamble Co/The | | | 378,613 | |
| | | | | | |
|
|
|
| | | | | | | | 542,287 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.54% | | | | |
| | 817 | | | 3M Co. | | | 134,315 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.42% | | | | |
| | 1,363 | | | Aflac, Inc. | | | 71,313 | |
| | 234 | | | Travelers Cos., Inc. | | | 34,793 | |
| | | | | | |
|
|
|
| | | | | | | | 106,106 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.83% | | | | |
| | 1,191 | | | International Business Machines Corp. | | | 173,195 | |
| | 421 | | | Paychex, Inc. | | | 34,846 | |
| | | | | | |
|
|
|
| | | | | | | | 208,041 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.45% | | | | |
| | 111 | | | Cummins, Inc. | | | 18,056 | |
| | 274 | | | Illinois Tool Works, Inc. | | | 42,878 | |
| | 736 | | | PACCAR, Inc. (a) | | | 51,528 | |
| | | | | | |
|
|
|
| | | | | | | | 112,462 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.14% | | | | |
| | 687 | | | NUCOR Corp. | | | 34,975 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.45% | | | | |
| | 444 | | | Kohl’s Corp. (a) | | | 22,049 | |
| | 861 | | | Target Corp. | | | 92,050 | |
| | | | | | |
|
|
|
| | | | | | | | 114,099 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.80% | | | | |
| | 415 | | | Consolidated Edison, Inc. | | | 39,205 | |
| | 206 | | | DTE Energy Co. | | | 27,390 | |
| | 919 | | | Public Service Enterprise Group, Inc. | | | 57,051 | |
| | 263 | | | Sempra Energy | | | 38,821 | |
| | 415 | | | WEC Energy Group, Inc. | | | 39,467 | |
| | | | | | |
|
|
|
| | | | | | | | 201,934 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 2.04% | |
| | 4,520 | | | Exxon Mobil Corp. (a) | | | 319,157 | |
| | 1,039 | | | Marathon Petroleum Corp. | | | 63,119 | |
See notes to financial statements.
113
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | 679 | | | Phillips 66 | | $ | 69,530 | |
| | 695 | | | Valero Energy Corp. | | | 59,242 | |
| | | | | | |
|
|
|
| | | | | | | | 511,048 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.10% | |
| | 2,593 | | | Bristol-Myers Squibb Co. | | | 131,491 | |
| | 2,711 | | | Johnson & Johnson | | | 350,749 | |
| | 3,416 | | | Merck & Co, Inc. | | | 287,559 | |
| | 7,202 | | | Pfizer, Inc. | | | 258,768 | |
| | | | | | |
|
|
|
| | | | | | | | 1,028,567 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.41% | |
| | 346 | | | Analog Devices, Inc. | | | 38,659 | |
| | 357 | | | Broadcom, Inc. | | | 98,557 | |
| | 5,269 | | | Intel Corp. | | | 271,511 | |
| | 123 | | | Lam Research Corp. | | | 28,427 | |
| | 1,293 | | | Texas Instruments, Inc. | | | 167,107 | |
| | | | | | |
|
|
|
| | | | | | | | 604,261 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.96% | |
| | 307 | | | Best Buy Co., Inc. | | | 21,180 | |
| | 945 | | | Home Depot Inc. (a) | | | 219,259 | |
| | | | | | |
|
|
|
| | | | | | | | 240,439 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.20% | |
| | 2,678 | | | HP, Inc. | | | 50,668 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 0.08% | |
| | 227 | | | VF Corp. | | | 20,201 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 1.00% | |
| | 2,513 | | | Altria Group, Inc. | | | 102,782 | |
| | 1,965 | | | Philip Morris International, Inc. | | | 149,202 | |
| | | | | | |
|
|
|
| | | | | | | | 251,984 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $8,334,748) | | | 8,651,154 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 34.77% | | | | |
| | | | | Exchange Traded Funds - 34.77% | | | | |
| | 73,718 | | | Schwab U.S.Large-Cap ETF | | | 5,228,818 | |
| | 164 | | | SPDR Bloomberg Barclays1-3 MonthT-Bill ETF | | | 15,021 | |
| | 37,350 | | | Vanguard Real Estate ETF | | | 3,482,887 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $8,520,398) | | | 8,726,726 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 29.50% | | | | |
| | | | | Money Market Funds - 15.98% | | | | |
| | 4,010,119 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 1.89% (b) | | | 4,010,119 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. Treasury Notes - 13.52% | | | | |
| $ | 850,000 | | | 1.375%, 12/15/2019 (c) | | $ | 849,120 | |
| | 850,000 | | | 1.625%, 03/15/2020 (c) | | | 849,070 | |
| | 850,000 | | | 1.500%, 06/15/2020 (c) | | | 847,866 | |
| | 850,000 | | | 1.375%, 09/15/2020 (c) | | | 846,829 | |
| | | | | | |
|
|
|
| | | | | | | | 3,392,885 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $7,400,879) | | | 7,403,004 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.86% | |
| | 717,558 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 2.13% (b) | | | 717,558 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $717,558) | | | 717,558 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $24,973,583) - 101.60% | | | 25,498,442 | |
| | | | | Liabilities in Excess of
Other Assets - (1.60)% | | | (400,457 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 25,097,985 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2019. |
| (c) | | All or a portion of this security is held as collateral for certain futures and written options contracts. |
See notes to financial statements.
114
GuidePath® Growth and Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
E-mini S&P 500 Futures | | | 32 | | | $ | 4,765,600 | | | Dec-19 | | $ | (29,522 | ) |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | (29,522 | ) |
| | | | | | | | | | | | |
|
|
|
GuidePath® Growth and Income Fund
SCHEDULE OF OPTIONS WRITTEN (Unaudited)
September 30, 2019
| | | | | | | | |
Notional
Amount
| | | | | Value
| |
| | | | | Options on Equities | | | | |
| | | | | Put Options | | | | |
| | 602,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $3,010.00 | | $ | 10,820 | |
| | 600,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $3,000.00 | | | 10,420 | |
| | 596,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $2,980.00 | | | 5,200 | |
| | 299,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $2,990.00 | | | 3,235 | |
| | 596,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $2,980.00 | | | 3,020 | |
| | 903,000 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $3,010.00 | | | 14,874 | |
| | 900,000 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $3,000.00 | | | 13,800 | |
| | 598,000 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $2,990.00 | | | 8,210 | |
| | 150,000 | | | SPDR S&P 500 ETF
Counterparty: NatWest Market Securities
Expiration: October, 2019
Exercise Price: $300.00 | | | 2,250 | |
| | 600,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: November, 2019
Exercise Price: $3,000.00 | | | 11,570 | |
| | 299,000 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: November, 2019
Exercise Price: $2,990.00 | | | 5,340 | |
| | | | | | |
|
|
|
| | | | | Total Written Options (Premiums Received $85,205) | | $ | 88,739 | |
| | | | | | |
|
|
|
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited)
September 30, 2019
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $410,970,847, $71,746,712 and $59,743,177, respectively)1 | | $ | 508,167,070 | | | $ | 84,569,385 | | | $ | 72,514,666 | |
Foreign currencies (cost $0, $5,167, and $0, respectively) | | | — | | | | 5,170 | | | | — | |
Income receivable | | | 408,413 | | | | 148,947 | | | | 107,011 | |
Receivable for dividend reclaims | | | 13,757 | | | | 17,747 | | | | — | |
Receivable for fund shares sold | | | 531,201 | | | | 15,779 | | | | 68,008 | |
Other assets | | | 31,585 | | | | 21,118 | | | | 27,688 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 509,152,026 | | | | 84,778,146 | | | | 72,717,373 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 86,050,938 | | | | 3,669,261 | | | | 8,533,516 | |
Payable for fund shares redeemed | | | 222,940 | | | | 21,103 | | | | 23,156 | |
Payable to Investment Advisor | | | 236,593 | | | | 54,347 | | | | 43,273 | |
Payable to custodian | | | 3,550 | | | | 18,402 | | | | 1,561 | |
Accrued Trustee fees and expenses | | | 5,532 | | | | 1,279 | | | | 1,041 | |
Accrued distribution and shareholder servicing fees | | | 107,103 | | | | 25,788 | | | | 16,292 | |
Other accrued expenses | | | 98,877 | | | | 39,124 | | | | 34,733 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 86,725,533 | | | | 3,829,304 | | | | 8,653,572 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 422,426,493 | | | $ | 80,948,842 | | | $ | 64,063,801 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 321,916,852 | | | | 68,377,719 | | | | 50,773,093 | |
Total distributable earnings | | | 100,509,641 | | | | 12,571,123 | | | | 13,290,708 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 422,426,493 | | | $ | 80,948,842 | | | $ | 64,063,801 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 50,269 | | | | 777 | | | | — | |
Net assets | | | 975,826 | | | | 9,743 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 19.412 | | | $ | 12.540 | 2 | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 22,068,584 | | | | 6,266,447 | | | | 4,457,594 | |
Net assets | | | 421,450,667 | | | | 80,939,099 | | | | 64,063,801 | |
Net asset value, offering and redemption price per share | | $ | 19.097 | | | $ | 12.916 | | | $ | 14.372 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 84,674,620 | | | $ | 3,597,021 | | | $ | 8,328,316 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Difference in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2019
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $131,229,096, $158,746,785 and $23,065,872, respectively)1 | | $ | 149,598,925 | | | $ | 164,817,486 | | | $ | 24,972,854 | |
Foreign currencies (cost $106,333, $0, and $0, respectively) | | | 105,370 | | | | — | | | | — | |
Cash | | | — | | | | 640 | | | | 61,548 | |
Appreciation on swap agreements | | | — | | | | 1,446 | | | | — | |
Variation margin on futures | | | — | | | | 1,759 | | | | — | |
Income receivable | | | 460,081 | | | | 735,651 | | | | 343,808 | |
Receivable for dividend reclaims | | | 689,199 | | | | — | | | | — | |
Receivable for investment securities sold | | | — | | | | 1,284,648 | | | | 5,608 | |
Receivable for fund shares sold | | | 79,686 | | | | 146,568 | | | | 7 | |
Receivable for deposits with broker for swaps | | | — | | | | 550,092 | | | | — | |
Swap premiums paid | | | — | | | | 88,286 | | | | — | |
Other assets | | | 26,036 | | | | 20,696 | | | | 19,197 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 150,959,297 | | | | 167,647,272 | | | | 25,403,022 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation on swap agreements | | | — | | | | 390,963 | | | | — | |
Payable for collateral on securities loaned | | | 2,160,335 | | | | 2,740,344 | | | | — | |
Payable for investment securities purchased | | | — | | | | 26,874,501 | | | | — | |
Payable for fund shares redeemed | | | 73,551 | | | | 31,878 | | | | 656 | |
Payable to Investment Advisor | | | 103,152 | | | | 62,795 | | | | 10,248 | |
Payable to custodian | | | 27,911 | | | | 5,525 | | | | 369 | |
Payable to broker for futures | | | — | | | | 160 | | | | — | |
Accrued Trustee fees and expenses | | | 4,095 | | | | 2,303 | | | | 607 | |
Accrued distribution and shareholder servicing fees | | | 43,808 | | | | 35,989 | | | | 12,872 | |
Swap premiums received | | | — | | | | 213,086 | | | | — | |
Other accrued expenses | | | 73,360 | | | | 90,860 | | | | 23,289 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 2,486,212 | | | | 30,448,404 | | | | 48,041 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 148,473,085 | | | $ | 137,198,868 | | | $ | 25,354,981 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 129,185,975 | | | | 131,717,178 | | | | 23,340,130 | |
Total distributable earnings | | | 19,287,110 | | | | 5,481,690 | | | | 2,014,851 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 148,473,085 | | | $ | 137,198,868 | | | $ | 25,354,981 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 15,159 | | | | — | | | | — | |
Net assets | | | 140,331 | | | | — | | | | — | |
Net asset value, offering and redemption price per share | | $ | 9.258 | 2 | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 16,511,005 | | | | 14,241,235 | | | | 2,210,833 | |
Net assets | | | 148,332,754 | | | | 137,198,868 | | | | 25,354,981 | |
Net asset value, offering and redemption price per share | | $ | 8.984 | | | $ | 9.634 | | | $ | 11.469 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 2,083,571 | | | $ | 2,687,554 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
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 (Unaudited) (Continued)
September 30, 2019
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $57,290,239, $802,258,210 and $398,656,792, respectively)1 | | $ | 50,846,653 | | | $ | 924,718,512 | | | $ | 425,083,937 | |
Foreign currencies (cost $278,161, $0, and $0, respectively) | | | 264,316 | | | | — | | | | — | |
Restricted cash | | | 170,000 | | | | — | | | | — | |
Deposits with brokers for forwards and swaps | | | 759,538 | | | | — | | | | — | |
Income receivable | | | 477,373 | | | | 813,217 | | | | 259,356 | |
Receivable for dividend reclaims | | | 516 | | | | — | | | | — | |
Receivable for fund shares sold | | | 61,954 | | | | 1,179,497 | | | | 709,336 | |
Appreciation of forward foreign currency contracts | | | 710,381 | | | | — | | | | — | |
Other assets | | | 17,533 | | | | 52,011 | | | | 44,939 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 53,308,264 | | | | 926,763,237 | | | | 426,097,568 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation of forward foreign currency contracts | | | 214,538 | | | | — | | | | — | |
Depreciation on swap agreements | | | 460,721 | | | | — | | | | — | |
Payable to brokers for collateral received | | | 170,000 | | | | — | | | | — | |
Payable for collateral on securities loaned | | | — | | | | 115,360,564 | | | | 79,746,430 | |
Payable for investment securities and foreign currencies purchased | | | 918,415 | | | | 1,156,603 | | | | — | |
Payable for fund shares redeemed | | | 4,776 | | | | 802,163 | | | | 283,332 | |
Payable to Investment Advisor | | | 20,342 | | | | 337,278 | | | | 78,806 | |
Payable to custodian | | | 11,503 | | | | 7,040 | | | | 5,022 | |
Accrued Trustee fees and expenses | | | 822 | | | | 14,891 | | | | 6,700 | |
Accrued distribution and shareholder servicing fees | | | 13,474 | | | | 217,026 | | | | 93,718 | |
Other accrued expenses | | | 56,136 | | | | 250,383 | | | | 111,681 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 1,870,727 | | | | 118,145,948 | | | | 80,325,689 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 51,437,537 | | | $ | 808,617,289 | | | $ | 345,771,879 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 74,728,697 | | | | 694,814,234 | | | | 318,876,383 | |
Total distributable earnings (loss) | | | (23,291,160 | ) | | | 113,803,055 | | | | 26,895,496 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 51,437,537 | | | $ | 808,617,289 | | | $ | 345,771,879 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 45,190 | | | | 442,615 | | | | 214,844 | |
Net assets | | | 378,596 | | | | 5,244,796 | | | | 2,180,520 | |
Net asset value, offering and redemption price per share | | $ | 8.376 | 2 | | $ | 11.850 | | | $ | 10.149 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 6,123,389 | | | | 68,452,242 | | | | 34,167,832 | |
Net assets | | | 51,058,941 | | | | 803,372,493 | | | | 343,591,359 | |
Net asset value, offering and redemption price per share | | $ | 8.337 | 2 | | $ | 11.736 | | | $ | 10.056 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | — | | | $ | 112,967,527 | | | $ | 78,044,617 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences 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 (Unaudited) (Continued)
September 30, 2019
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $426,881,054, $314,099,047 and $143,918,908, respectively)1 | | $ | 449,384,598 | | | $ | 322,457,568 | | | $ | 150,219,464 | |
Income receivable | | | 546,053 | | | | 421,674 | | | | 192,669 | |
Receivable for investment securities sold | | | 3,324,120 | | | | — | | | | 1,117,403 | |
Receivable for fund shares sold | | | 655,561 | | | | 672,684 | | | | 107,499 | |
Other assets | | | 38,141 | | | | 30,112 | | | | 40,637 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 453,948,473 | | | | 323,582,038 | | | | 151,677,672 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 82,460,019 | | | | 18,426,869 | | | | 18,003,699 | |
Payable for investment securities purchased | | | 3,370,004 | | | | 205,901 | | | | — | |
Payable for fund shares redeemed | | | 269,126 | | | | 271,850 | | | | 45,923 | |
Payable to Investment Advisor | | | 180,237 | | | | 75,966 | | | | 66,716 | |
Payable to custodian | | | 7,017 | | | | 10,631 | | | | 6,118 | |
Accrued Trustee fees and expenses | | | 5,881 | | | | 4,221 | | | | 2,430 | |
Accrued distribution and shareholder servicing fees | | | 95,913 | | | | 82,920 | | | | 34,816 | |
Other accrued expenses | | | 96,525 | | | | 105,036 | | | | 51,080 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 86,484,722 | | | | 19,183,394 | | | | 18,210,782 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 367,463,751 | | | $ | 304,398,644 | | | $ | 133,466,890 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 331,752,964 | | | | 301,200,945 | | | | 129,159,925 | |
Total distributable earnings | | | 35,710,787 | | | | 3,197,699 | | | | 4,306,965 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 367,463,751 | | | $ | 304,398,644 | | | $ | 133,466,890 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 149,068 | | | | 64,407 | | | | — | |
Net assets | | | 1,683,668 | | | | 690,490 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 11.295 | | | $ | 10.720 | 2 | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 32,609,335 | | | | 28,412,535 | | | | 12,289,491 | |
Net assets | | | 365,780,083 | | | | 303,708,154 | | | | 133,466,890 | |
Net asset value, offering and redemption price per share | | $ | 11.217 | | | $ | 10.689 | | | $ | 10.860 | 2 |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 81,093,595 | | | $ | 18,023,177 | | | $ | 17,652,945 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2019
| | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed2
Futures
Strategy
Fund
| |
ASSETS: | | | | | | | | |
Investments, at value (cost $106,100,670 and $227,551,539, respectively)1 | | $ | 105,991,237 | | | $ | 227,547,156 | |
Cash | | | — | | | | — | |
Restricted Cash for forwards | | | — | | | | 550,000 | |
Income receivable | | | 60,821 | | | | 476,065 | |
Receivable for investment securities sold | | | 162,119 | | | | — | |
Receivable for deposits with broker for futures | | | — | | | | 19,886,917 | |
Receivable for fund shares sold | | | 142,007 | | | | 497,207 | |
Receivable for unsettled open futures contracts | | | — | | | | 254,846 | |
Appreciation on forward currency contracts | | | — | | | | 1,025,222 | |
Other assets | | | 27,722 | | | | 16,169 | |
| | |
|
|
| |
|
|
|
Total Assets | | | 106,383,906 | | | | 250,253,582 | |
| | |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | |
Payable for collateral on securities loaned | | | 11,829,387 | | | | — | |
Payable for investment securities purchased | | | 70,099 | | | | — | |
Payable to broker for forwards | | | — | | | | 550,000 | |
Payable for fund shares redeemed | | | 104,972 | | | | 182,057 | |
Payable for unsettled open futures contracts | | | — | | | | 131,563 | |
Payable to investment advisor | | | 22,668 | | | | 253,692 | |
Payable to custodian | | | 1,505 | | | | 2,234 | |
Variation margin on futures | | | — | | | | 465,044 | |
Accrued Trustee fees and expenses | | | 1,230 | | | | 1,128 | |
Accrued distribution and shareholder servicing fees | | | 27,434 | | | | 62,450 | |
Other accrued expenses | | | 24,904 | | | | 55,582 | |
| | |
|
|
| |
|
|
|
Total Liabilities | | | 12,082,199 | | | | 1,703,750 | |
| | |
|
|
| |
|
|
|
NET ASSETS | | $ | 94,301,707 | | | $ | 248,549,832 | |
| | |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | |
Capital stock | | | 104,653,394 | | | | 239,806,980 | |
Total distributable earnings (loss) | | | (10,351,687 | ) | | | 8,742,852 | |
| | |
|
|
| |
|
|
|
Total Net Assets | | $ | 94,301,707 | | | $ | 248,549,832 | |
| | |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 3,835 | | | | 167,074 | |
Net assets | | | 36,268 | | | | 1,492,870 | |
Net asset value, offering and redemption price per share | | $ | 9.458 | 3 | | $ | 8.935 | |
| | |
|
|
| |
|
|
|
Service Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 10,032,659 | | | | 28,267,959 | |
Net assets | | | 94,265,439 | | | | 247,056,962 | |
Net asset value, offering and redemption price per share | | $ | 9.395 | 3 | | $ | 8.739 | 3 |
| | |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 11,581,391 | | | $ | — | |
| | |
|
|
| |
|
|
|
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.
120
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2019
| | | | | | | | | | | | |
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth &
Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $5,409,173, $28,853,070, and $24,973,583 respectively)1 | | $ | 5,418,937 | | | $ | 29,325,435 | | | $ | 25,498,442 | |
Variation margin on futures | | | — | | | | — | | | | 23,520 | |
Income receivable | | | 4,129 | | | | 778 | | | | 28,379 | |
Receivable for fund shares sold | | | 58,854 | | | | 240,685 | | | | 354,515 | |
Receivable from investment advisor | | | 4,053 | | | | — | | | | — | |
Deposits for futures | | | — | | | | — | | | | 221,760 | |
Other assets | | | 17,449 | | | | 10,226 | | | | 21,493 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 5,503,422 | | | | 29,577,124 | | | | 26,148,109 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Written options, at value (premiums received $0, $0, and $85,205) | | | — | | | | — | | | | 88,739 | |
Payable for collateral on securities loaned | | | 390,793 | | | | 7,302,268 | | | | 717,558 | |
Payable for investment securities purchased | | | 52,933 | | | | 319,248 | | | | 225,365 | |
Payable for fund shares redeemed | | | 11,922 | | | | — | | | | — | |
Payable to Investment Advisor | | | — | | | | 8,853 | | | | 1,882 | |
Payable to custodian | | | 985 | | | | 960 | | | | 731 | |
Payable for audit and tax fees | | | 6,566 | | | | 6,566 | | | | 8,406 | |
Accrued Trustee fees and expenses | | | 319 | | | | 420 | | | | 124 | |
Other accrued expenses | | | 5,365 | | | | 8,116 | | | | 7,319 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 468,883 | | | | 7,646,431 | | | | 1,050,124 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 5,034,539 | | | $ | 21,930,693 | | | $ | 25,097,985 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 5,024,975 | | | | 21,451,015 | | | | 24,797,364 | |
Total distributable earnings | | | 9,564 | | | | 479,678 | | | | 300,621 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 5,034,539 | | | $ | 21,930,693 | | | $ | 25,097,985 | |
| | |
|
|
| |
|
|
| |
|
|
|
| | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 502,250 | | | | 2,142,084 | | | | 2,536,215 | |
Net assets | | | 5,034,539 | | | | 21,930,693 | | | | 25,097,985 | |
Net asset value, offering and redemption price per share | | $ | 10.024 | | | $ | 10.238 | | | $ | 9.896 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 379,713 | | | $ | 7,163,365 | | | $ | 700,709 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited)
For the Period Ended September 30, 2019
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $8,248, $198,202, and $158, respectively) | | $ | 3,053,517 | | | $ | 1,391,759 | | | $ | 464,383 | |
Interest income | | | 34,279 | | | | 5,518 | | | | 6,339 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,087,796 | | | | 1,397,277 | | | | 470,722 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 799,312 | | | | 242,600 | | | | 184,559 | |
Distribution(12b-1) fees – Service Shares | | | 443,293 | | | | 102,785 | | | | 80,947 | |
Administrative service fees – Service Shares | | | 435,476 | | | | 100,605 | | | | 79,970 | |
Shareholder servicing fees – Service Shares | | | 156,039 | | | | 33,302 | | | | 27,848 | |
Administration fees | | | 83,893 | | | | 26,377 | | | | 24,215 | |
Legal fees | | | 41,175 | | | | 15,128 | | | | 6,740 | |
Fund accounting fees | | | 37,696 | | | | 47,388 | | | | 31,900 | |
Reports to shareholders | | | 30,834 | | | | 7,440 | | | | 5,764 | |
Trustee fees and expenses | | | 21,653 | | | | 5,488 | | | | 4,300 | |
Federal and state registration fees | | | 21,379 | | | | 19,672 | | | | 19,489 | |
Custody fees | | | 11,052 | | | | 112,427 | | | | 7,134 | |
Audit and tax fees | | | 10,797 | | | | 10,065 | | | | 11,254 | |
Transfer agent fees and expenses | | | 9,301 | | | | 4,575 | | | | 4,208 | |
Compliance fees | | | 6,374 | | | | 1,585 | | | | 1,098 | |
Insurance fees | | | 6,374 | | | | 2,318 | | | | 1,312 | |
Miscellaneous expenses | | | 1,220 | | | | 1,098 | | | | 1,098 | |
Interest expenses | | | — | | | | 846 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 2,115,868 | | | | 733,699 | | | | 491,836 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | — | | | | (47,191 | ) | | | 1,943 | |
Less securities lending credit (See Note 7) | | | (38,312 | ) | | | (7,232 | ) | | | (36,490 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 2,077,556 | | | | 679,276 | | | | 457,289 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,010,240 | | | | 718,001 | | | | 13,433 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (1,363,945 | ) | | | (590,520 | ) | | | 1,143,415 | |
Foreign currencies | | | — | | | | (17,500 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (1,363,945 | ) | | | (608,020 | ) | | | 1,143,415 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 14,695,892 | | | | (2,293,248 | ) | | | (1,158,110 | ) |
Investments in affiliates | | | — | | | | (9,268 | ) | | | — | |
Foreign currencies | | | — | | | | 2,012 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 14,695,892 | | | | (2,300,504 | ) | | | (1,158,110 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | 13,331,947 | | | | (2,908,524 | ) | | | (14,695 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 14,342,187 | | | $ | (2,190,523 | ) | | $ | (1,262 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2019
| | | | | | | | | | | | |
| | |
| World
ex-US Fund
|
| |
| Core
Fixed Income
Fund
|
| |
| Tax-Exempt
Fixed Income
Fund
|
|
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $387,828, $0, and $0, respectively) | | $ | 3,795,843 | | | $ | — | | | $ | — | |
Interest income | | | 16,637 | | | | 2,101,360 | | | | 494,711 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,812,480 | | | | 2,101,360 | | | | 494,711 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 523,134 | | | | 271,723 | | | | 63,204 | |
Distribution(12b-1) fees – Service Shares | | | 260,956 | | | | 169,827 | | | | 31,602 | |
Administrative service fees – Service Shares | | | 258,194 | | | | 165,899 | | | | 28,600 | |
Shareholder servicing fees – Service Shares | | | 94,033 | | | | 57,741 | | | | 9,229 | |
Administration fees | | | 64,898 | | | | 34,891 | | | | 6,406 | |
Legal fees | | | 27,084 | | | | 17,903 | | | | 5,551 | |
Fund accounting fees | | | 61,474 | | | | 93,989 | | | | 10,559 | |
Reports to shareholders | | | 19,854 | | | | 12,200 | | | | 2,074 | |
Trustee fees and expenses | | | 14,211 | | | | 8,967 | | | | 1,893 | |
Federal and state registration fees | | | 21,165 | | | | 19,823 | | | | 18,179 | |
Custody fees | | | 48,883 | | | | 17,233 | | | | 1,068 | |
Audit and tax fees | | | 12,261 | | | | 12,474 | | | | 12,444 | |
Transfer agent fees and expenses | | | 7,045 | | | | 5,489 | | | | 3,539 | |
Compliance fees | | | 4,148 | | | | 2,531 | | | | 366 | |
Insurance fees | | | 5,092 | | | | 4,452 | | | | 763 | |
Miscellaneous expenses | | | 1,159 | | | | 1,159 | | | | 732 | |
Interest expenses | | | 665 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,424,256 | | | | 896,301 | | | | 196,209 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | 13,867 | | | | (85,485 | ) | | | (33,142 | ) |
Less securities lending credit (See Note 7) | | | (20,604 | ) | | | (2,440 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,417,519 | | | | 808,376 | | | | 163,067 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 2,394,961 | | | | 1,292,984 | | | | 331,644 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (1,416,260 | ) | | | 1,021,417 | | | | 27,583 | |
Foreign currencies | | | 19,115 | | | | — | | | | — | |
Swaps | | | — | | | | 72,287 | | | | — | |
Futures contracts | | | — | | | | 383,390 | | | | — | |
Written options | | | — | | | | 63,888 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (1,397,145 | ) | | | 1,540,982 | | | | 27,583 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 416,919 | | | | 4,542,986 | | | | 583,397 | |
Foreign currencies | | | 227 | | | | — | | | | — | |
Swaps | | | — | | | | (603,693 | ) | | | — | |
Futures contracts | | | — | | | | (86,870 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 417,146 | | | | 3,852,423 | | | | 583,397 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (979,999 | ) | | | 5,393,405 | | | | 610,980 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,414,962 | | | $ | 6,686,389 | | | $ | 942,624 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2019
| | | | | | | | | | | | |
| | |
| Opportunistic
Fixed Income
Fund
|
| |
| Growth
Allocation
Fund
|
| |
| Conservative
Allocation
Fund
|
|
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | — | | | $ | 7,522,297 | | | $ | 5,393,580 | |
Interest income (net of withholding tax of $20,346, $0, and $0, respectively) | | | 1,606,430 | | | | 102,244 | | | | 44,214 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 1,606,430 | | | | 7,624,541 | | | | 5,437,794 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 178,443 | | | | 1,036,822 | | | | 444,005 | |
Distribution(12b-1) fees – Service Shares | | | 63,242 | | | | 1,029,896 | | | | 441,098 | |
Administrative service fees – Service Shares | | | 62,727 | | | | 1,029,484 | | | | 440,950 | |
Shareholder servicing fees – Service Shares | | | 19,606 | | | | 403,719 | | | | 172,910 | |
Administration fees | | | 13,572 | | | | 196,184 | | | | 85,609 | |
Legal fees | | | 24,375 | | | | 74,725 | | | | 32,086 | |
Fund accounting fees | | | 33,871 | | | | 65,857 | | | | 27,113 | |
Reports to shareholders | | | 4,574 | | | | 73,870 | | | | 31,660 | |
Trustee fees and expenses | | | 3,416 | | | | 52,974 | | | | 22,416 | |
Federal and state registration fees | | | 17,476 | | | | 36,024 | | | | 27,119 | |
Custody fees | | | 50,992 | | | | 37,568 | | | | 28,439 | |
Audit and tax fees | | | 14,610 | | | | 7,503 | | | | 7,503 | |
Transfer agent fees and expenses | | | 4,026 | | | | 18,176 | | | | 9,485 | |
Compliance fees | | | 793 | | | | 12,566 | | | | 5,368 | |
Insurance fees | | | 793 | | | | 9,302 | | | | 4,331 | |
Miscellaneous expenses | | | 1,067 | | | | 1,586 | | | | 1,220 | |
Interest expenses | | | — | | | | 15,414 | | | | 6,904 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 493,583 | | | | 4,101,670 | | | | 1,788,216 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (99,630 | ) | | | — | | | | (389,244 | ) |
Less securities lending credit (See Note 7) | | | — | | | | (161,512 | ) | | | (155,832 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 393,953 | | | | 3,940,158 | | | | 1,243,140 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,212,477 | | | | 3,684,383 | | | | 4,194,654 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (351,091 | ) | | | 2,295,586 | | | | 3,903,044 | |
Net long-term capital gain distributions received | | | — | | | | 474,863 | | | | — | |
Foreign currencies | | | 13,012 | | | | — | | | | — | |
Forward currency exchange contracts | | | 519,867 | | | | — | | | | — | |
Swaps | | | (1,939,261 | ) | | | — | | | | — | |
Purchased Options | | | 6 | | | | — | | | | — | |
Written Options | | | 17 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (1,757,450 | ) | | | 2,770,449 | | | | 3,903,044 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (296,910 | ) | | | 12,345,981 | | | | 7,893,469 | |
Foreign currencies | | | (13,090 | ) | | | — | | | | — | |
Forward currency contracts | | | 184,512 | | | | — | | | | — | |
Swaps | | | 577,917 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 452,429 | | | | 12,345,981 | | | | 7,893,469 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (1,305,021 | ) | | | 15,116,430 | | | | 11,796,513 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (92,544 | ) | | $ | 18,800,813 | | | $ | 15,991,167 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2019
| | | | | | | | | | | | |
| | |
| Tactical
Allocation
Fund
|
| |
| Absolute
Return
Allocation
Fund
|
| |
| Multi-Asset
Income
Allocation
Fund
|
|
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 3,606,467 | | | $ | 5,534,109 | | | $ | 2,935,353 | |
Interest income | | | 43,741 | | | | 37,918 | | | | 16,347 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,650,208 | | | | 5,572,027 | | | | 2,951,700 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 624,166 | | | | 559,092 | | | | 237,553 | |
Distribution(12b-1) fees – Service Shares | | | 443,875 | | | | 398,473 | | | | 169,681 | |
Administrative service fees – Service Shares | | | 443,698 | | | | 398,393 | | | | 169,625 | |
Shareholder servicing fees – Service Shares | | | 170,448 | | | | 157,796 | | | | 65,836 | |
Administration fees | | | 88,872 | | | | 73,898 | | | | 32,847 | |
Legal fees | | | 31,598 | | | | 34,587 | | | | 13,542 | |
Fund accounting fees | | | 28,544 | | | | 26,587 | | | | 9,474 | |
Reports to shareholders | | | 31,659 | | | | 28,579 | | | | 12,200 | |
Trustee fees and expenses | | | 23,240 | | | | 22,328 | | | | 8,784 | |
Federal and state registration fees | | | 24,673 | | | | 23,310 | | | | 19,122 | |
Custody fees | | | 16,632 | | | | 26,124 | | | | 19,054 | |
Audit and tax fees | | | 7,503 | | | | 7,503 | | | | 7,503 | |
Transfer agent fees and expenses | | | 9,576 | | | | 8,723 | | | | 3,843 | |
Compliance fees | | | 5,368 | | | | 4,880 | | | | 2,074 | |
Insurance fees | | | 3,965 | | | | 4,606 | | | | 1,524 | |
Miscellaneous expenses | | | 1,220 | | | | 1,220 | | | | 793 | |
Interest expenses | | | — | | | | 3,317 | | | | 763 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,955,037 | | | | 1,779,416 | | | | 774,218 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | — | | | | (478,855 | ) | | | — | |
Less securities lending credit (See Note 7) | | | (81,079 | ) | | | (21,427 | ) | | | (129,986 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,873,958 | | | | 1,279,134 | | | | 644,232 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 1,776,250 | | | | 4,292,893 | | | | 2,307,468 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain on: | | | | | | | | | | | | |
Investments | | | 15,977,886 | | | | 2,175,496 | | | | 388,530 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 15,977,886 | | | | 2,175,496 | | | | 388,530 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (8,099,972 | ) | | | 3,580,446 | | | | 2,183,334 | |
Investments in affiliates | | | — | | | | (1,294,323 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (8,099,972 | ) | | | 2,286,123 | | | | 2,183,334 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 7,877,914 | | | | 4,461,619 | | | | 2,571,864 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 9,654,164 | | | $ | 8,754,512 | | | $ | 4,879,332 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2019
| | | | | | | | |
| | |
| Flexible
Income
Allocation
Fund |
| |
| Managed1
Futures
Strategy
Fund |
|
INVESTMENT INCOME: | | | | | | | | |
Dividend income | | $ | 1,181,002 | | | $ | — | |
Interest income | | | 9,536 | | | | 2,052,681 | |
| | |
|
|
| |
|
|
|
Total investment income | | | 1,190,538 | | | | 2,052,681 | |
| | |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | |
Investment advisory fees | | | 83,422 | | | | 927,219 | |
Distribution(12b-1) fees – Service Shares | | | 83,386 | | | | 219,422 | |
Administrative service fees – Service Shares | | | 83,386 | | | | 219,335 | |
Shareholder servicing fees – Service Shares | | | 32,505 | | | | 86,419 | |
Administration fees | | | 14,274 | | | | 40,626 | |
Legal fees | | | 6,283 | | | | 34,709 | |
Fund accounting fees | | | 4,829 | | | | 24,950 | |
Reports to shareholders | | | 5,521 | | | | 14,824 | |
Trustee fees and expenses | | | 3,843 | | | | 12,539 | |
Federal and state registration fees | | | 18,487 | | | | 24,064 | |
Custody fees | | | 6,289 | | | | 10,007 | |
Audit and tax fees | | | 7,503 | | | | 15,738 | |
Transfer agent fees and expenses | | | 4,117 | | | | 5,947 | |
Compliance fees | | | 671 | | | | 2,532 | |
Insurance fees | | | 335 | | | | 1,982 | |
Miscellaneous expenses | | | 1,098 | | | | 1,129 | |
Interest expenses | | | 3,431 | | | | — | |
| | |
|
|
| |
|
|
|
Total expenses | | | 359,380 | | | | 1,641,442 | |
| | |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | (96,623 | ) | | | 33,157 | |
Less securities lending credit (See Note 7) | | | (9,146 | ) | | | — | |
| | |
|
|
| |
|
|
|
Net expenses | | | 253,611 | | | | 1,674,599 | |
| | |
|
|
| |
|
|
|
Net investment income | | | 936,927 | | | | 378,082 | |
| | |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED (GAIN) LOSS ON INVESTMENTS: | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | |
Investments | | | (67,375 | ) | | | — | |
Foreign currency translation | | | — | | | | (133,706 | ) |
Forward currency contracts | | | — | | | | 637,281 | |
Futures contracts | | | — | | | | 22,135,157 | |
| | |
|
|
| |
|
|
|
Total | | | (67,375 | ) | | | 22,638,732 | |
| | |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | (1,249,282 | ) | | | (25,804 | ) |
Foreign currencies | | | — | | | | 21,727 | |
Forward currency contracts | | | — | | | | 1,025,222 | |
Futures contracts | | | — | | | | (7,329,060 | ) |
| | |
|
|
| |
|
|
|
Total | | | (1,249,282 | ) | | | (6,307,915 | ) |
| | |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (1,316,657 | ) | | | 16,330,817 | |
| | |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (379,730 | ) | | $ | 16,708,899 | |
| | |
|
|
| |
|
|
|
1Consolidated Statement of Operations for the period (see note 3b).
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2019
| | | | | | | | | | | | |
| | |
| Conservative
Income
Fund
|
| |
| Income
Fund
|
| |
| Growth &
Income
Fund
|
|
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 26,773 | | | $ | 231,140 | | | $ | 171,206 | |
Interest income | | | 16,608 | | | | 4,846 | | | | 48,702 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 43,381 | | | | 235,986 | | | | 219,908 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 5,629 | | | | 29,924 | | | | 34,626 | |
Administrative service fees – Service Shares | | | 4,021 | | | | 16,625 | | | | 19,237 | |
Administration fees | | | 457 | | | | 2,105 | | | | 2,775 | |
Legal fees | | | 2,806 | | | | 3,416 | | | | 3,507 | |
Fund accounting fees | | | 336 | | | | 795 | | | | 2,230 | |
Reports to shareholders | | | 122 | | | | 825 | | | | 825 | |
Trustee fees and expenses | | | 61 | | | | 397 | | | | 641 | |
Federal and state registration fees | | | 17,514 | | | | 21,547 | | | | 21,600 | |
Custody fees | | | 1,380 | | | | 2,884 | | | | 18,637 | |
Audit and tax fees | | | 7,808 | | | | 7,808 | | | | 9,648 | |
Transfer agent fees and expenses | | | 2,166 | | | | 2,440 | | | | 2,440 | |
Compliance fees | | | 61 | | | | 61 | | | | 213 | |
Insurance fees | | | — | | | | — | | | | 92 | |
Miscellaneous expenses | | | 3,081 | | | | 3,081 | | | | 3,081 | |
Offering Costs | | | 2,795 | | | | 2,763 | | | | 2,823 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 48,237 | | | | 94,671 | | | | 122,375 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (37,843 | ) | | | (40,012 | ) | | | (61,186 | ) |
Less securities lending credit (See Note 7) | | | (100 | ) | | | (2,124 | ) | | | (400 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 10,294 | | | | 52,535 | | | | 60,789 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 33,087 | | | | 183,451 | | | | 159,119 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (683 | ) | | | (183 | ) | | | (176,299 | ) |
Futures contracts | | | — | | | | — | | | | (74,459 | ) |
Options written | | | — | | | | — | | | | 58,530 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (683 | ) | | | (183 | ) | | | (192,228 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 8,668 | | | | 428,477 | | | | 502,942 | |
Futures contracts | | | — | | | | — | | | | (29,522 | ) |
Options written | | | — | | | | — | | | | (3,534 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 8,668 | | | | 428,477 | | | | 469,886 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 7,985 | | | | 428,294 | | | | 277,658 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 41,072 | | | $ | 611,745 | | | $ | 436,777 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| | | Emerging Markets Fund
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,010,240 | | | $ | 1,238,778 | | | $ | 718,001 | | | $ | 676,170 | |
Net realized gain (loss) on investment transactions | | | (1,363,945 | ) | | | 4,916,153 | | | | (608,020 | ) | | | 4,609,679 | |
Net change in unrealized appreciation (depreciation) on investments | | | 14,695,892 | | | | 16,368,259 | | | | (2,300,504 | ) | | | (16,801,329 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 14,342,187 | | | | 22,523,190 | | | | (2,190,523 | ) | | | (11,515,480 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 457,121 | | | | 337,214 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 8,623 | | | | — | | | | 1,287 | |
Shares redeemed | | | (51,074 | ) | | | (663,169 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 406,047 | | | | (317,332 | ) | | | — | | | | 1,287 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 122,090,335 | | | | 140,537,107 | | | | 8,211,416 | | | | 26,674,640 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 5,619,504 | | | | — | | | | 11,273,295 | |
Shares redeemed | | | (47,450,261 | ) | | | (136,967,206 | ) | | | (10,705,585 | ) | | | (39,125,475 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 74,640,074 | | | | 9,189,405 | | | | (2,494,169 | ) | | | (1,177,540 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (8,622 | ) | | | — | | | | (1,287 | ) |
Net dividends and distributions – Service Shares | | | — | | | | (5,619,505 | ) | | | — | | | | (11,274,112 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (5,628,127 | ) | | | — | | | | (11,275,399 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 89,388,308 | | | | 25,767,136 | | | | (4,684,692 | ) | | | (23,967,132 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 333,038,185 | | | | 307,271,049 | | | | 85,633,534 | | | | 109,600,666 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 422,426,493 | | | $ | 333,038,185 | | | $ | 80,948,842 | | | $ | 85,633,534 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 24,081 | | | | 18,355 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 528 | | | | — | | | | 111 | |
Shares redeemed | | | (2,660 | ) | | | (36,278 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 21,421 | | | | (17,395 | ) | | | — | | | | 111 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 6,515,217 | | | | 7,781,714 | | | | 638,031 | | | | 1,877,763 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 348,172 | | | | — | | | | 941,639 | |
Shares redeemed | | | (2,516,260 | ) | | | (7,569,017 | ) | | | (821,057 | ) | | | (2,792,358 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 3,998,957 | | | | 560,869 | | | | (183,026 | ) | | | 27,044 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| | | Worldex-US Fund
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 13,433 | | | $ | (84,202 | ) | | $ | 2,394,961 | | | $ | 2,637,904 | |
Net realized gain (loss) on investment transactions | | | 1,143,415 | | | | 2,356,959 | | | | (1,397,146 | ) | | | (1,632,955 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | (1,158,110 | ) | | | (627,519 | ) | | | 417,147 | | | | (12,195,387 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (1,262 | ) | | | 1,645,238 | | | | 1,414,962 | | | | (11,190,438 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 31,206 | | | | 345,156 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | — | | | | 6,418 | |
Shares redeemed | | | — | | | | — | | | | (424,008 | ) | | | (599,096 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (392,802 | ) | | | (247,522 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 9,942,490 | | | | 24,981,442 | | | | 25,175,186 | | | | 115,295,717 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 3,364,649 | | | | — | | | | 2,691,522 | |
Shares redeemed | | | (9,782,372 | ) | | | (17,193,095 | ) | | | (94,694,060 | ) | | | (99,754,051 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 160,118 | | | | 11,152,996 | | | | (69,518,874 | ) | | | 18,233,188 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | — | | | | — | | | | (6,418 | ) |
Net dividends and distributions – Service Shares | | | — | | | | (3,364,649 | ) | | | — | | | | (2,691,525 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (3,364,649 | ) | | | — | | | | (2,697,943 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 158,856 | | | | 9,433,585 | | | | (68,496,714 | ) | | | 4,097,285 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 63,904,945 | | | | 54,471,360 | | | | 216,969,799 | | | | 212,872,514 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 64,063,801 | | | $ | 63,904,945 | | | $ | 148,473,085 | | | $ | 216,969,799 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 3,402 | | | | 37,506 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | — | | | | 779 | |
Shares redeemed | | | — | | | | — | | | | (46,952 | ) | | | (63,890 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (43,550 | ) | | | (25,605 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 689,372 | | | | 1,662,151 | | | | 2,821,704 | | | | 12,866,777 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 266,782 | | | | — | | | | 335,267 | |
Shares redeemed | | | (674,169 | ) | | | (1,140,342 | ) | | | (10,751,614 | ) | | | (11,064,674 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 15,203 | | | | 788,591 | | | | (7,929,910 | ) | | | 2,137,370 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Core Fixed
Income Fund
| | | Tax-Exempt Fixed
Income Fund
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,292,984 | | | $ | 2,583,539 | | | $ | 331,644 | | | $ | 793,461 | |
Net realized gain (loss) on investment transactions | | | 1,540,982 | | | | (687,471 | ) | | | 27,583 | | | | 102,373 | |
Net change in unrealized appreciation on investments | | | 3,852,423 | | | | 2,581,293 | | | | 583,397 | | | | 24,362 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 6,686,389 | | | | 4,477,361 | | | | 942,624 | | | | 920,196 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 20,889,117 | | | | 36,418,311 | | | | 2,451,124 | | | | 3,618,363 | |
Shares issued to holders in reinvestment of dividends | | | 1,446,723 | | | | 2,660,730 | | | | 327,095 | | | | 838,420 | |
Shares redeemed | | | (23,168,864 | ) | | | (42,358,472 | ) | | | (3,349,185 | ) | | | (7,057,036 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (833,024 | ) | | | (3,279,431 | ) | | | (570,966 | ) | | | (2,600,253 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Service Shares | | | (1,446,735 | ) | | | (2,660,751 | ) | | | (327,127 | ) | | | (838,525 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,446,735 | ) | | | (2,660,751 | ) | | | (327,127 | ) | | | (838,525 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 4,406,630 | | | | (1,462,821 | ) | | | 44,531 | | | | (2,518,582 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 132,792,238 | | | | 134,255,059 | | | | 25,310,450 | | | | 27,829,032 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 137,198,868 | | | $ | 132,792,238 | | | $ | 25,354,981 | | | $ | 25,310,450 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 2,205,388 | | | | 4,021,625 | | | | 214,150 | | | | 324,917 | |
Shares issued to holders in reinvestment of dividends | | | 151,477 | | | | 295,202 | | | | 28,684 | | | | 756,664 | |
Shares redeemed | | | (2,440,860 | ) | | | (4,685,544 | ) | | | (293,674 | ) | | | (636,054 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (83,995 | ) | | | (368,717 | ) | | | (50,840 | ) | | | (235,473 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed
Income Fund
| | | Growth
Allocation Fund
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,212,477 | | | $ | 2,316,307 | | | $ | 3,684,383 | | | $ | 9,938,880 | |
Net realized gain (loss) on investment transactions | | | (1,757,450 | ) | | | 925,581 | | | | 2,770,449 | | | | (14,368,511 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 452,429 | | | | (2,915,482 | ) | | | 12,345,981 | | | | 7,074,045 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (92,544 | ) | | | 326,406 | | | | 18,800,813 | | | | 2,644,414 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 50,728 | | | | 132,965 | | | | 411,059 | | | | 1,657,646 | |
Shares issued to holders in reinvestment of dividends | | | 5,637 | | | | 23,753 | | | | — | | | | 108,463 | |
Shares redeemed | | | (49,326 | ) | | | (120,924 | ) | | | (759,200 | ) | | | (2,871,708 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 7,039 | | | | 35,794 | | | | (348,141 | ) | | | (1,105,599 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 8,532,654 | | | | 16,506,716 | | | | 146,618,142 | | | | 416,955,507 | |
Shares issued to holders in reinvestment of dividends | | | 635,750 | | | | 3,092,832 | | | | — | | | | 9,525,359 | |
Shares redeemed | | | (8,238,863 | ) | | | (20,519,156 | ) | | | (150,218,524 | ) | | | (243,196,676 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 929,541 | | | | (919,608 | ) | | | (3,600,382 | ) | | | 183,284,190 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (5,637 | ) | | | (23,753 | ) | | | — | | | | (108,463 | ) |
Net dividends and distributions – Service Shares | | | (635,750 | ) | | | (3,092,832 | ) | | | — | | | | (9,525,359 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (641,387 | ) | | | (3,116,585 | ) | | | — | | | | (9,633,822 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 202,649 | | | | (3,673,993 | ) | | | 14,852,290 | | | | 175,189,183 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 51,234,888 | | | | 54,908,881 | | | | 793,764,999 | | | | 618,575,816 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 51,437,537 | | | $ | 51,234,888 | | | $ | 808,617,289 | | | $ | 793,764,999 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 5,963 | | | | 15,240 | | | | 35,108 | | | | 144,194 | |
Shares issued to holders in reinvestment of dividends | | | 661 | | | | 2,849 | | | | — | | | | 10,884 | |
Shares redeemed | | | (5,840 | ) | | | (13,830 | ) | | | (64,292 | ) | | | (259,582 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 784 | | | | 4,259 | | | | (29,184 | ) | | | (104,504 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,006,243 | | | | 1,893,945 | | | | 12,599,674 | | | | 36,483,081 | |
Shares issued to holders in reinvestment of dividends | | | 74,724 | | | | 371,466 | | | | — | | | | 960,605 | |
Shares redeemed | | | (970,539 | ) | | | (2,365,797 | ) | | | (12,836,847 | ) | | | (22,161,406 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 110,428 | | | | (100,386 | ) | | | (237,173 | ) | | | 15,282,280 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative
Allocation Fund
| | | Tactical
Allocation Fund
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,194,654 | | | $ | 6,219,789 | | | $ | 1,776,250 | | | $ | 2,107,088 | |
Net realized gain (loss) on investment transactions | | | 3,903,044 | | | | (7,899,790 | ) | | | 15,977,886 | | | | 3,032,399 | |
Net change in unrealized appreciation (depreciation) on investments | | | 7,893,469 | | | | 9,575,254 | | | | (8,099,972 | ) | | | 8,881,098 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 15,991,167 | | | | 7,895,253 | | | | 9,654,164 | | | | 14,020,585 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 153,284 | | | | 724,953 | | | | 246,600 | | | | 375,423 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 56,379 | | | | — | | | | 77,209 | |
Shares redeemed | | | (352,564 | ) | | | (1,670,585 | ) | | | (115,105 | ) | | | (633,920 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (199,280 | ) | | | (889,253 | ) | | | 131,495 | | | | (181,288 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 62,081,821 | | | | 193,251,954 | | | | 56,943,967 | | | | 135,164,865 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 5,591,803 | | | | — | | | | 13,580,588 | |
Shares redeemed | | | (71,501,201 | ) | | | (132,023,074 | ) | | | (42,611,571 | ) | | | (78,722,126 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (9,419,380 | ) | | | 66,820,683 | | | | 14,332,396 | | | | 70,023,327 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (56,380 | ) | | | — | | | | (77,548 | ) |
Net dividends and distributions – Service Shares | | | — | | | | (5,591,804 | ) | | | — | | | | (13,580,587 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (5,648,184 | ) | | | — | | | | (13,658,135 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 6,372,507 | | | | 68,178,499 | | | | 24,118,055 | | | | 70,204,489 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 339,399,372 | | | | 271,220,873 | | | | 343,345,696 | | | | 273,141,207 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 345,771,879 | | | $ | 339,399,372 | | | $ | 367,463,751 | | | $ | 343,345,696 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 15,448 | | | | 75,790 | | | | 21,971 | | | | 33,527 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 6,347 | | | | — | | | | 7,919 | |
Shares redeemed | | | (35,003 | ) | | | (177,029 | ) | | | (10,292 | ) | | | (57,572 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (19,555 | ) | | | (94,892 | ) | | | 11,679 | | | | (16,126 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 6,331,872 | | | | 20,378,228 | | | | 5,151,746 | | | | 12,091,785 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 632,414 | | | | — | | | | 1,396,030 | |
Shares redeemed | | | (7,218,905 | ) | | | (14,227,224 | ) | | | (3,849,275 | ) | | | (7,070,209 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (887,033 | ) | | | 6,783,418 | | | | 1,302,471 | | | | 6,417,606 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Absolute Return
Allocation Fund
| | | Multi-Asset Income
Allocation Fund
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,292,893 | | | $ | 9,166,581 | | | $ | 2,307,468 | | | $ | 4,225,503 | |
Net realized gain (loss) on investment transactions | | | 2,175,496 | | | | (7,243,675 | ) | | | 388,530 | | | | (1,773,110 | ) |
Net change in unrealized appreciation on investments | | | 2,286,123 | | | | 8,491,240 | | | | 2,183,334 | | | | 2,071,922 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 8,754,512 | | | | 10,414,146 | | | | 4,879,332 | | | | 4,524,315 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 77,803 | | | | 1,170,515 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 39,085 | | | | — | | | | — | |
Shares redeemed | | | (76,420 | ) | | | (1,882,202 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,383 | | | | (672,602 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 62,414,576 | | | | 234,362,254 | | | | 21,864,036 | | | | 61,005,347 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 8,665,826 | | | | 2,347,656 | | | | 4,391,358 | |
Shares redeemed | | | (80,306,370 | ) | | | (199,124,001 | ) | | | (25,536,570 | ) | | | (52,361,185 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (17,891,794 | ) | | | 43,904,079 | | | | (1,324,878 | ) | | | 13,035,520 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (39,362 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | — | | | | (8,665,825 | ) | | | (2,347,656 | ) | | | (4,391,358 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (8,705,187 | ) | | | (2,347,656 | ) | | | (4,391,358 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (9,135,899 | ) | | | 44,940,436 | | | | 1,206,798 | | | | 13,168,477 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 313,534,543 | | | | 268,594,107 | | | | 132,260,092 | | | | 119,091,615 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 304,398,644 | | | $ | 313,534,543 | | | $ | 133,466,890 | | | $ | 132,260,092 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 7,360 | | | | 113,305 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 3,920 | | | | — | | | | — | |
Shares redeemed | | | (7,162 | ) | | | (183,031 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 198 | | | | (65,806 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 5,913,550 | | | | 22,748,702 | | | | 2,029,518 | | | | 5,782,369 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 867,537 | | | | 216,248 | | | | 427,132 | |
Shares redeemed | | | (7,577,042 | ) | | | (19,363,624 | ) | | | (2,362,187 | ) | | | (5,041,791 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (1,663,492 | ) | | | 4,252,615 | | | | (116,421 | ) | | | 1,167,710 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Flexible Income
Allocation Fund
| | | Managed Futures
Strategy Fund1
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 936,927 | | | $ | 1,939,884 | | | $ | 378,082 | | | $ | 726,192 | |
Net realized gain (loss) on investment transactions | | | (67,375 | ) | | | (1,770,670 | ) | | | 22,638,732 | | | | (15,738,545 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | (1,249,282 | ) | | | 934,092 | | | | (6,307,915 | ) | | | 6,159,345 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (379,730 | ) | | | 1,103,306 | | | | 16,708,899 | | | | (8,853,008 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 10,100 | | | | 9,093 | | | | 623,455 | | | | 1,442,410 | |
Shares issued to holders in reinvestment of dividends | | | 504 | | | | 3,453 | | | | — | | | | — | |
Shares redeemed | | | (429 | ) | | | (209,840 | ) | | | (198,557 | ) | | | (1,630,704 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 10,175 | | | | (197,294 | ) | | | 424,898 | | | | (188,294 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 46,405,065 | | | | 30,258,355 | | | | 115,818,065 | | | | 238,690,777 | |
Shares issued to holders in reinvestment of dividends | | | 977,950 | | | | 2,012,768 | | | | — | | | | — | |
Shares redeemed | | | (11,500,656 | ) | | | (26,864,526 | ) | | | (41,761,090 | ) | | | (194,867,711 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 35,882,359 | | | | 5,406,597 | | | | 74,056,975 | | | | 43,823,066 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (504 | ) | | | (3,453 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | (977,950 | ) | | | (2,012,768 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (978,454 | ) | | | (2,016,221 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 34,534,350 | | | | 4,296,388 | | | | 91,190,772 | | | | 34,781,764 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 59,767,357 | | | | 55,470,969 | | | | 157,359,060 | | | | 122,577,296 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 94,301,707 | | | $ | 59,767,357 | | | $ | 248,549,832 | | | $ | 157,359,060 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,036 | | | | 956 | | | | 69,673 | | | | 184,502 | |
Shares issued to holders in reinvestment of dividends | | | 54 | | | | 365 | | | | — | | | | — | |
Shares redeemed | | | (44 | ) | | | (21,972 | ) | | | (21,837 | ) | | | (205,481 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,046 | | | | (20,651 | ) | | | 47,836 | | | | (20,979 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 4,763,766 | | | | 3,205,358 | | | | 13,336,662 | | | | 30,855,930 | |
Shares issued to holders in reinvestment of dividends | | | 104,988 | | | | 214,060 | | | | — | | | | — | |
Shares redeemed | | | (1,213,762 | ) | | | (2,841,102 | ) | | | (4,830,754 | ) | | | (25,285,394 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 3,654,992 | | | | 578,316 | | | | 8,505,908 | | | | 5,570,536 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| 1 | | Consolidated Statements of Changes in Net Assets (see note 3b). |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative Income Fund
| | | Income Fund
| |
| | | Period Ended
September 30,
2019
| | | April 30, 20181
Through
March 31,
2019
| | | Period Ended
September 30,
2019
| | | April 30, 20181
Through
March 31,
2019
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 33,087 | | | $ | 2,172 | | | $ | 183,451 | | | $ | 3,295 | |
Net realized gain (loss) on investment transactions | | | (683 | ) | | | (468 | ) | | | (183 | ) | | | 9,932 | |
Net change in unrealized appreciation on investments | | | 8,668 | | | | 1,096 | | | | 428,477 | | | | 43,889 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 41,072 | | | | 2,800 | | | | 611,745 | | | | 57,116 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Shares sold | | | 5,151,247 | | | | 1,046,413 | | | | 18,657,398 | | | | 5,811,520 | |
Shares issued to holders in reinvestment of dividends | | | 32,908 | | | | 1,400 | | | | 185,661 | | | | 3,522 | |
Shares redeemed | | | (1,131,307 | ) | | | (75,686 | ) | | | (958,078 | ) | | | (2,249,008 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 4,052,848 | | | | 972,127 | | | | 17,884,981 | | | | 3,566,034 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions | | | (32,908 | ) | | | (1,400 | ) | | | (185,661 | ) | | | (3,522 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (32,908 | ) | | | (1,400 | ) | | | (185,661 | ) | | | (3,522 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 4,061,012 | | | | 973,527 | | | | 18,311,065 | | | | 3,619,628 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 973,527 | | | | — | | | | 3,619,628 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 5,034,539 | | | $ | 973,527 | | | $ | 21,930,693 | | | $ | 3,619,628 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Shares sold | | | 514,411 | | | | 104,932 | | | | 1,852,452 | | | | 593,250 | |
Shares issued to holders in reinvestment of dividends | | | 3,286 | | | | 140 | | | | 18,268 | | | | 358 | |
Shares redeemed | | | (112,922 | ) | | | (7,597 | ) | | | (94,566 | ) | | | (227,678 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 404,775 | | | | 97,475 | | | | 1,776,154 | | | | 365,930 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | 1Commencement | | of Operations. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | |
| | | Growth & Income Fund
| |
| | | Period Ended
September 30,
2019
| | | April 30, 20181
Through
March 31,
2019
| |
| | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 159,119 | | | $ | 7,702 | |
Net realized loss on investment transactions | | | (192,228 | ) | | | (2,711 | ) |
Net change in unrealized appreciation on investments | | | 469,886 | | | | 21,917 | |
| | |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 436,777 | | | | 26,908 | |
| | |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Shares sold | | | 21,356,116 | | | | 4,494,615 | |
Shares issued to holders in reinvestment of dividends | | | 157,969 | | | | 5,095 | |
Shares redeemed | | | (1,213,968 | ) | | | (2,463 | ) |
| | |
|
|
| |
|
|
|
Net increase | | | 20,300,117 | | | | 4,497,247 | |
| | |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net dividends and distributions | | | (157,969 | ) | | | (5,095 | ) |
| | |
|
|
| |
|
|
|
Total dividends and distributions | | | (157,969 | ) | | | (5,095 | ) |
| | |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 20,578,925 | | | | 4,519,060 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | | 4,519,060 | | | | — | |
| | |
|
|
| |
|
|
|
End of year | | $ | 25,097,985 | | | $ | 4,519,060 | |
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|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | |
Shares sold | | | 2,181,943 | | | | 462,166 | |
Shares issued to holders in reinvestment of dividends | | | 15,969 | | | | 523 | |
Shares redeemed | | | (124,133 | ) | | | (253 | ) |
| | |
|
|
| |
|
|
|
Net increase | | | 2,073,779 | | | | 462,436 | |
| | |
|
|
| |
|
|
|
| | 1Commencement | | of Operations. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $18.650 | | | | $17.755 | | | | $16.140 | | | | $14.85 | | | | $15.29 | | | | $13.67 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.112 | 1 | | | 0.175 | 1 | | | 0.157 | 1 | | | 0.20 | 1 | | | 0.13 | 1 | | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | | 0.650 | | | | 1.194 | | | | 2.280 | | | | 1.62 | | | | (0.06 | )2 | | | 1.57 | |
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|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.762 | | | | 1.369 | | | | 2.437 | | | | 1.82 | | | | 0.07 | | | | 1.71 | |
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|
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|
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|
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 | ) | | | — | |
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|
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|
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|
Total distributions | | | — | | | | (0.474 | ) | | | (0.822 | ) | | | (0.53 | ) | | | (0.51 | ) | | | (0.09 | ) |
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|
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|
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|
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|
|
|
Net asset value, end of period | | | $19.412 | | | | $18.650 | | | | $17.755 | | | | $16.14 | | | | $14.85 | | | | $15.29 | |
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|
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|
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|
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|
Total return | | | 4.09%4 | | | | 8.09% | | | | 15.10% | | | | 12.46% | | | | 0.47% | | | | 12.51% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $975,826 | | | | $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 | | | 0.61%5 | | | | 0.63% | | | | 0.65% | | | | 0.66% | | | | 0.80% | | | | 0.87% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.59%5 | | | | 0.60% | | | | 0.60% | | | | 0.59% | | | | 0.76% | | | | 0.85% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.61%5 | | | | 0.63% | | | | 0.65% | | | | 0.66% | | | | 0.80% | | | | 0.87% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.59%5 | | | | 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 | | | 1.15%5 | | | | 0.91% | | | | 0.91% | | | | 1.23% | | | | 0.79% | | | | 0.88% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.17%5 | | | | 0.94% | | | | 0.96% | | | | 1.30% | | | | 0.83% | | | | 0.90% | |
Portfolio turnover rate | | | 8.86%4 | | | | 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 period. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | 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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $18.401 | | | | $17.503 | | | | $15.930 | | | | $14.68 | | | | $15.14 | | | | $13.56 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.054 | 1 | | | 0.073 | 1 | | | 0.074 | 1 | | | 0.11 | 1 | | | 0.07 | 1 | | | 0.05 | |
Net realized and unrealized gains (losses) on investments | | | 0.642 | | | | 1.184 | | | | 2.241 | | | | 1.59 | | | | (0.08 | )2 | | | 1.56 | |
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|
|
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|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.696 | | | | 1.257 | | | | 2.315 | | | | 1.70 | | | | (0.01 | ) | | | 1.61 | |
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|
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|
|
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|
|
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|
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|
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 | ) | | | — | |
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|
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|
Total distributions | | | — | | | | (0.359 | ) | | | (0.742 | ) | | | (0.45 | ) | | | (0.45 | ) | | | (0.03 | ) |
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|
|
Net asset value, end of period | | | $19.097 | | | | $18.401 | | | | $17.503 | | | | $15.93 | | | | $14.68 | | | | $15.14 | |
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|
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|
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|
|
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|
|
|
Total return | | | 3.78%4 | | | | 7.47% | | | | 14.53% | | | | 11.74% | | | | (0.08)% | | | | 11.87% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $421,450,667 | | | | $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 | | | 1.19%5 | | | | 1.22% | | | | 1.21% | | | | 1.23% | | | | 1.33% | | | | 1.44% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.17%5 | | | | 1.19% | | | | 1.17% | | | | 1.16% | | | | 1.27% | | | | 1.45% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.19%5 | | | | 1.22% | | | | 1.21% | | | | 1.23% | | | | 1.33% | | | | 1.44% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.17%5 | | | | 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 | | | 0.55%5 | | | | 0.37% | | | | 0.40% | | | | 0.65% | | | | 0.41% | | | | 0.32% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.57%5 | | | | 0.40% | | | | 0.44% | | | | 0.72% | | | | 0.47% | | | | 0.31% | |
Portfolio turnover rate | | | 8.86%4 | | | | 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 period. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | 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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $12.851 | | | | $16.577 | | | | $13.460 | | | | $11.37 | | | | $12.46 | | | | $11.73 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.151 | 1 | | | 0.190 | 1 | | | 0.254 | 1 | | | 0.14 | 1 | | | 0.16 | 1 | | | 0.21 | |
Net realized and unrealized gains (losses) on investments | | | (0.462 | ) | | | (1.983 | ) | | | 3.049 | | | | 2.05 | | | | (1.03 | ) | | | 0.74 | |
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|
|
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|
|
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|
|
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|
|
| |
|
|
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|
|
|
Total from investment operations | | | (0.311 | ) | | | (1.793 | ) | | | 3.303 | | | | 2.19 | | | | (0.87 | ) | | | 0.95 | |
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|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
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|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (1.263 | ) | | | (0.186 | ) | | | (0.10 | ) | | | (0.22 | ) | | | (0.22 | ) |
Dividends from net realized gains | | | — | | | | (0.670 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
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|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (1.933 | ) | | | (0.186 | ) | | | (0.10 | ) | | | (0.22 | ) | | | (0.22 | ) |
| | |
|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $12.540 | | | | $12.851 | | | | $16.577 | | | | $13.46 | | | | $11.37 | | | | $12.46 | |
| | |
|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
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|
|
|
Total return | | | (2.42)%5 | | | | (9.53)% | | | | 24.52%3 | | | | 19.61% | | | | (6.98)% | | | | 8.08% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $9,743 | | | | $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 | | | 1.19%4 | | | | 1.09% | | | | 1.01%4 | | | | 1.06% | | | | 0.88% | | | | 0.86% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.05%4 | | | | 1.06% | | | | 1.00%4 | | | | 1.05% | | | | 0.84% | | | | 0.84% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.19%4 | | | | 1.08% | | | | 1.01%4 | | | | 1.06% | | | | 0.88% | | | | 0.86% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.05%4 | | | | 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 | | | 2.24%4 | | | | 1.30% | | | | 2.13%4 | | | | 1.10% | | | | 1.25% | | | | 1.87% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.38%4 | | | | 1.33% | | | | 2.14%4 | | | | 1.11% | | | | 1.29% | | | | 1.89% | |
Portfolio turnover rate | | | 24.14%5 | | | | 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 period. |
| 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.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $13.278 | | | | $17.063 | | | | $13.600 | | | | $11.49 | | | | $12.57 | | | | $11.84 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.114 | 1 | | | 0.109 | 1 | | | 0.096 | 1 | | | 0.09 | 1 | | | 0.06 | 1 | | | 0.15 | |
Net realized and unrealized gains (losses) on investments | | | (0.476 | ) | | | (2.028 | ) | | | 3.485 | | | | 2.06 | | | | (0.99 | ) | | | 0.73 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.362 | ) | | | (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 period | | | $12.916 | | | | $13.278 | | | | $17.063 | | | | $13.60 | | | | $11.49 | | | | $12.57 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (2.73)%3 | | | | (10.05)% | | | | 26.37% | | | | 18.78% | | | | (7.38)% | | | | 7.46% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $80,939,099 | | | | $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 | | | 1.78%4 | | | | 1.69% | | | | 1.58% | | | | 1.64% | | | | 1.52% | | | | 1.43% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.65%4 | | | | 1.66% | | | | 1.57% | | | | 1.63% | | | | 1.48% | | | | 1.41% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.78%4 | | | | 1.68% | | | | 1.58% | | | | 1.64% | | | | 1.52% | | | | 1.43% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.65%4 | | | | 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 | | | 1.62%4 | | | | 0.72% | | | | 0.61% | | | | 0.73% | | | | 0.44% | | | | 1.30% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.75%4 | | | | 0.75% | | | | 0.62% | | | | 0.74% | | | | 0.48% | | | | 1.32% | |
Portfolio turnover rate | | | 24.14%3 | | | | 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 period. |
| 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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $14.385 | | | | $14.908 | | | | $17.860 | | | | $14.96 | | | | $17.31 | | | | $16.61 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 0.0031 | | | | (0.022 | )1 | | | (0.022 | )1 | | | 0.04 | 1 | | | (0.03 | )1 | | | (0.09 | ) |
Net realized and unrealized gains (losses) on investments | | | (0.016 | ) | | | 0.348 | | | | 2.259 | | | | 2.91 | | | | (1.90 | ) | | | 1.91 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.013 | ) | | | 0.326 | | | | 2.237 | | | | 2.95 | | | | (1.93 | ) | | | 1.82 | |
| | |
|
|
| |
|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | — | | | | (0.050 | ) | | | (0.05 | ) | | | — | | | | — | |
Dividends from net realized gains | | | — | | | | (0.849 | ) | | | (5.139 | ) | | | — | | | | (0.42 | ) | | | (1.12 | ) |
| | |
|
|
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|
|
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|
|
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|
|
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|
|
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|
|
|
Total distributions | | | — | | | | (0.849 | ) | | | (5.189 | ) | | | (0.05 | ) | | | (0.42 | ) | | | (1.12 | ) |
| | |
|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $14.372 | | | | $14.385 | | | | $14.908 | | | | $17.86 | | | | $14.96 | | | | $17.31 | |
| | |
|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total return | | | (0.09)%3 | | | | 2.99% | | | | 12.45% | | | | 19.71% | | | | (11.15)% | | | | 11.19% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $64,063,801 | | | | $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 | | | 1.52%4 | | | | 1.56% | | | | 1.55% | | | | 1.50% | | | | 1.58% | | | | 1.58% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.41%4 | | | | 1.45% | | | | 1.39% | | | | 1.24% | | | | 1.41% | | | | 1.59% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.52%4 | | | | 1.56% | | | | 1.55% | | | | 1.50% | | | | 1.58% | | | | 1.58% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.41%4 | | | | 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 | | | (0.07)%4 | | | | (0.25)% | | | | (0.29)% | | | | — | | | | (0.32)% | | | | (0.62)% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.04%4 | | | | (0.14)% | | | | (0.13)% | | | | 0.26% | | | | (0.15)% | | | | (0.63)% | |
Portfolio turnover rate | | | 17.68%3 | | | | 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 period. |
| 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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Worldex-US Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.100 | | | | $9.759 | | | | $8.380 | | | | $7.74 | | | | $8.75 | | | | $8.94 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.129 | 1 | | | 0.194 | 1 | | | 0.243 | 1 | | | 0.15 | 1 | | | 0.13 | 1 | | | 0.25 | |
Net realized and unrealized gains (losses) on investments | | | 0.0296 | | | | (0.680 | ) | | | 1.305 | | | | 0.65 | | | | (0.91 | ) | | | (0.26 | ) |
| | |
|
|
| |
|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.158 | | | | (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 | ) |
| | |
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|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.173 | ) | | | (0.169 | ) | | | (0.16 | ) | | | (0.23 | ) | | | (0.18 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.258 | | | | $9.100 | | | | $9.759 | | | | $8.38 | | | | $7.74 | | | | $8.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.74%5 | | | | (4.79)% | | | | 18.49%3 | | | | 10.48% | | | | (9.00)% | | | | (0.10)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $140,331 | | | | $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 | | | 0.77%4 | | | | 0.80% | | | | 0.83%4 | | | | 0.84% | | | | 0.95% | | | | 0.98% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.79%4 | | | | 0.79% | | | | 0.79%4 | | | | 0.79% | | | | 0.90% | | | | 0.98% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.77%4 | | | | 0.80% | | | | 0.83%4 | | | | 0.84% | | | | 0.95% | | | | 0.98% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.79%4 | | | | 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 | | | 2.82%4 | | | | 2.04% | | | | 3.01%4 | | | | 1.83% | | | | 1.54% | | | | 2.68% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.80%4 | | | | 2.05% | | | | 3.05%4 | | | | 1.88% | | | | 1.59% | | | | 2.68% | |
Portfolio turnover rate | | | 9.94%5 | | | | 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 period. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 3 | | During the year 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. |
| 6 | | 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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
142
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Worldex-US Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.856 | | | | $9.507 | | | | $8.260 | | | | $7.66 | | | | $8.70 | | | | $8.89 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.102 | 1 | | | 0.121 | 1 | | | 0.087 | 1 | | | 0.11 | 1 | | | 0.08 | 1 | | | 0.17 | |
Net realized and unrealized gains (losses) on investments | | | 0.0265 | | | | (0.643 | ) | | | 1.296 | | | | 0.63 | | | | (0.91 | ) | | | (0.23 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.128 | | | | (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 period | | | $8.984 | | | | $8.856 | | | | $9.507 | | | | $8.26 | | | | $7.66 | | | | $8.70 | |
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|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.46%3 | | | | (5.36)% | | | | 16.76% | | | | 9.85% | | | | (9.59)% | | | | (0.68)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $148,332,754 | | | | $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 | | | 1.36%4 | | | | 1.40% | | | | 1.38% | | | | 1.42% | | | | 1.52% | | | | 1.55% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.35%4 | | | | 1.39% | | | | 1.39% | | | | 1.39% | | | | 1.52% | | | | 1.59% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.36%4 | | | | 1.40% | | | | 1.38% | | | | 1.42% | | | | 1.52% | | | | 1.55% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.35%4 | | | | 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 | | | 2.28%4 | | | | 1.32% | | | | 0.95% | | | | 1.36% | | | | 0.92% | | | | 1.96% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.29%4 | | | | 1.33% | | | | 0.94% | | | | 1.39% | | | | 0.92% | | | | 1.92% | |
Portfolio turnover rate | | | 9.94%3 | | | | 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 period. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
| 5 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
143
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.270 | | | | $9.131 | | | | $9.320 | | | | $9.54 | | | | $9.69 | | | | $9.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.090 | 1 | | | 0.176 | 1 | | | 0.133 | 1 | | | 0.12 | 1 | | | 0.12 | 1 | | | 0.10 | |
Net realized and unrealized gains (losses) on investments | | | 0.375 | | | | 0.144 | | | | (0.098 | ) | | | (0.11 | ) | | | (0.03 | ) | | | 0.33 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.465 | | | | 0.320 | | | | 0.035 | | | | 0.01 | | | | 0.09 | | | | 0.43 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.101 | ) | | | (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 | | | (0.101 | ) | | | (0.181 | ) | | | (0.224 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.13 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.634 | | | | $9.270 | | | | $9.131 | | | | $9.32 | | | | $9.54 | | | | $9.69 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 5.03%3 | | | | 3.57% | | | | 0.35% | | | | 0.02% | | | | 1.01% | | | | 4.64% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $137,198,868 | | | | $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 | | | 1.32%4 | | | | 1.34% | | | | 1.38% | | | | 1.36% | | | | 1.31% | | | | 1.29% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.19%4 | | | | 1.19% | | | | 1.26% | | | | 1.29% | | | | 1.29% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.32%4 | | | | 1.34% | | | | 1.38% | | | | 1.36% | | | | 1.31% | | | | 1.29% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.19%4 | | | | 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 | | | 1.77%4 | | | | 1.80% | | | | 1.30% | | | | 1.14% | | | | 1.22% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.90%4 | | | | 1.95% | | | | 1.42% | | | | 1.21% | | | | 1.24% | | | | 1.11% | |
Portfolio turnover rate | | | 139.30%3 | | | | 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 period. |
| 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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tax-Exempt Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.191 | | | | $11.145 | | | | $11.220 | | | | $11.62 | | | | $11.58 | | | | $11.18 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.149 | 1 | | | 0.335 | 1 | | | 0.321 | 1 | | | 0.30 | 1 | | | 0.31 | 1 | | | 0.32 | |
Net realized and unrealized gains (losses) on investments | | | 0.277 | | | | 0.072 | | | | (0.074 | ) | | | (0.38 | ) | | | 0.06 | | | | 0.40 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.426 | | | | 0.407 | | | | 0.247 | | | | (0.08 | ) | | | 0.37 | | | | 0.72 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.148 | ) | | | (0.347 | ) | | | (0.322 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.32 | ) |
Dividends from net realized gains | | | — | | | | (0.014 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.148 | ) | | | (0.361 | ) | | | (0.322 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.32 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $11.469 | | | | $11.191 | | | | $11.145 | | | | $11.22 | | | | $11.62 | | | | $11.58 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.82%3 | | | | 3.72% | | | | 2.28% | | | | (0.82)% | | | | 3.22% | | | | 6.45% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $25,354,981 | | | | $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 | | | 1.55%4 | | | | 1.54% | | | | 1.48% | | | | 1.43% | | | | 1.42% | | | | 1.38% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.29%4 | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.28% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.55%4 | | | | 1.54% | | | | 1.48% | | | | 1.43% | | | | 1.42% | | | | 1.38% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.29%4 | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.28% | | | | 1.29% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 2.36%4 | | | | 2.77% | | | | 2.64% | | | | 2.43% | | | | 2.53% | | | | 2.64% | |
After expense reimbursement (recapture) | | | 2.62%4 | | | | 3.02% | | | | 2.83% | | | | 2.57% | | | | 2.67% | | | | 2.73% | |
Portfolio turnover rate | | | 17.87%3 | | | | 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 period. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
145
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.484 | | | | $8.835 | | | | $9.460 | | | | $9.05 | | | | $9.53 | | | | $9.94 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.2291 | | | | 0.437 | 1 | | | 0.427 | 1 | | | 0.46 | 1 | | | 0.36 | 1 | | | 0.41 | |
Net realized and unrealized gains (losses) on investments | | | (0.216 | ) | | | (0.213 | ) | | | (0.250 | ) | | | 0.30 | | | | (0.76 | ) | | | (0.32 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.013 | | | | 0.224 | | | | 0.177 | | | | 0.76 | | | | (0.40 | ) | | | 0.09 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.121 | ) | | | (0.575 | ) | | | (0.802 | ) | | | (0.35 | ) | | | (0.08 | ) | | | (0.50 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.121 | ) | | | (0.575 | ) | | | (0.802 | ) | | | (0.35 | ) | | | (0.08 | ) | | | (0.50 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $8.376 | | | | $8.484 | | | | $8.835 | | | | $9.46 | | | | $9.05 | | | | $9.53 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.13%3 | | | | 2.65% | | | | 1.81% | | | | 8.77% | | | | (4.22)% | | | | 0.88% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $378,596 | | | | $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 | | | 1.37%4 | | | | 1.33% | | | | 1.34% | | | | 1.21% | | | | 1.13% | | | | 1.08% | |
After expense reimbursement (recapture)including interest expense2 | | | 0.95%4 | | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.99% | | | | 1.05% | |
Before expense reimbursement (recapture) excluding interest expense | | | 1.37%4 | | | | 1.33% | | | | 1.34% | | | | 1.21% | | | | 1.13% | | | | 1.08% | |
After expense reimbursement (recapture) excluding interest expense | | | 0.95%4 | | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.99% | | | | 1.05% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 4.96%4 | | | | 4.63% | | | | 4.16% | | | | 4.78% | | | | 3.71% | | | | 3.84% | |
After expense reimbursement (recapture) | | | 5.38%4 | | | | 5.01% | | | | 4.55% | | | | 5.04% | | | | 3.85% | | | | 3.87% | |
Portfolio turnover rate | | | 12.97%3 | | | | 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 period. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
146
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.458 | | | | $8.932 | | | | $9.560 | | | | $9.05 | | | | $9.55 | | | | $9.93 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.2011 | | | | 0.371 | 1 | | | 0.391 | 1 | | | 0.40 | 1 | | | 0.30 | 1 | | | 0.33 | |
Net realized and unrealized gains (losses) on investments | | | (0.213 | ) | | | (0.322 | ) | | | (0.259 | ) | | | 0.32 | | | | (0.72 | ) | | | (0.29 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.012 | ) | | | 0.049 | | | | 0.132 | | | | 0.72 | | | | (0.42 | ) | | | 0.04 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.109 | ) | | | (0.523 | ) | | | (0.760 | ) | | | (0.21 | ) | | | (0.08 | ) | | | (0.42 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.109 | ) | | | (0.523 | ) | | | (0.760 | ) | | | (0.21 | ) | | | (0.08 | ) | | | (0.42 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $8.337 | | | | $8.458 | | | | $8.932 | | | | $9.56 | | | | $9.05 | | | | $9.55 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | -0.17%3 | | | | 0.64% | | | | 1.29% | | | | 8.20% | | | | (4.44)% | | | | 0.33% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $51,058,941 | | | | $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 | | | 1.94%4 | | | | 1.90% | | | | 1.90% | | | | 1.78% | | | | 1.68% | | | | 1.66% | |
After expense reimbursement (recapture)including interest expense2 | | | 1.55%4 | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | |
Before expense reimbursement (recapture) excluding interest expense | | | 1.94%4 | | | | 1.90% | | | | 1.90% | | | | 1.78% | | | | 1.68% | | | | 1.66% | |
After expense reimbursement (recapture) excluding interest expense | | | 1.55%4 | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | | | | 1.55% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 4.36%4 | | | | 3.91% | | | | 3.87% | | | | 4.17% | | | | 3.08% | | | | 3.28% | |
After expense reimbursement (recapture) | | | 4.75%4 | | | | 4.26% | | | | 4.22% | | | | 4.40% | | | | 3.21% | | | | 3.39% | |
Portfolio turnover rate | | | 24.46%3 | | | | 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 period. |
| 2 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
147
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.553 | | | | $11.534 | | | | $11.340 | | | | $10.46 | | | | $11.65 | | | | $11.45 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.086 | 1 | | | 0.227 | 1 | | | 0.236 | 1 | | | 0.19 | 1 | | | 0.20 | 1 | | | 0.16 | |
Net realized and unrealized gains (losses) on investments | | | 0.211 | | | | (0.003 | )5 | | | 1.466 | | | | 1.20 | | | | (1.02 | ) | | | 0.41 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.297 | | | | 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 period | | | $11.850 | | | | $11.553 | | | | $11.534 | | | | $11.34 | | | | $10.46 | | | | $11.65 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.57%6 | | | | 2.22% | | | | 14.90% | | | | 13.54% | | | | (7.11)% | | | | 5.04% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $5,244,796 | | | | $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 | | | 0.39%7 | | | | 0.40% | | | | 0.40% | | | | 0.42% | | | | 0.43% | | | | 0.41% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.36%7 | | | | 0.35% | | | | 0.35% | | | | 0.32% | | | | 0.31% | | | | 0.34% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.38%7 | | | | 0.39% | | | | 0.40% | | | | 0.42% | | | | 0.43% | | | | 0.41% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.35%7 | | | | 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 | | | 1.44%7 | | | | 1.92% | | | | 1.91% | | | | 1.64% | | | | 1.67% | | | | 1.63% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.47%7 | | | | 1.97% | | | | 1.96% | | | | 1.74% | | | | 1.79% | | | | 1.70% | |
Portfolio turnover rate | | | 23.67%6 | | | | 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 period. |
| 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 period. |
See notes to financial statements.
148
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.477 | | | | $11.458 | | | | $11.290 | | | | $10.42 | | | | $11.62 | | | | $11.43 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.052 | 1 | | | 0.160 | 1 | | | 0.152 | 1 | | | 0.12 | 1 | | | 0.13 | 1 | | | 0.12 | |
Net realized and unrealized gains (losses) on investments | | | 0.207 | | | | 0.003 | 5 | | | 1.467 | | | | 1.20 | | | | (1.02 | ) | | | 0.38 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.259 | | | | 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 period | | | $11.736 | | | | $11.477 | | | | $11.458 | | | | $11.29 | | | | $10.42 | | | | $11.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.26%6 | | | | 1.61% | | | | 14.22% | | | | 12.91% | | | | (7.67)% | | | | 4.47% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $803,372,493 | | | | $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 | | | 0.99%7 | | | | 1.00% | | | | 1.00% | | | | 1.01% | | | | 1.02% | | | | 1.00% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.95%7 | | | | 0.95% | | | | 0.95% | | | | 0.92% | | | | 0.91% | | | | 0.95% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.99%7 | | | | 0.99% | | | | 0.99% | | | | 1.01% | | | | 1.02% | | | | 1.00% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.95%7 | | | | 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 | | | 0.85%7 | | | | 1.35% | | | | 1.22% | | | | 0.99% | | | | 1.05% | | | | 0.94% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.89%7 | | | | 1.40% | | | | 1.27% | | | | 1.08% | | | | 1.16% | | | | 0.99% | |
Portfolio turnover rate | | | 23.67%6 | | | | 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 period. |
| 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 period. |
See notes to financial statements.
149
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.677 | | | | $9.538 | | | | $9.100 | | | | $9.51 | | | | $11.26 | | | | $11.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.146 | 1 | | | 0.255 | 1 | | | 0.204 | 1 | | | 0.19 | 1 | | | 0.16 | 1 | | | 0.26 | |
Net realized and unrealized gains (losses) on investments | | | 0.326 | | | | 0.104 | | | | 0.442 | | | | 0.35 | | | | (0.89 | ) | | | 0.41 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.472 | | | | 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 period | | | $10.149 | | | | $9.677 | | | | $9.538 | | | | $9.10 | | | | $9.51 | | | | $11.26 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 4.88%5 | | | | 3.97% | | | | 7.07% | | | | 6.09% | | | | (6.65)% | | | | 6.01% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $2,180,520 | | | | $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 | | | 0.41%6 | | | | 0.42% | | | | 0.44% | | | | 0.51% | | | | 0.47% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.10%6 | | | | 0.10% | | | | 0.27% | | | | 0.30% | | | | 0.37% | | | | 0.37% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.41%6 | | | | 0.42% | | | | 0.44% | | | | 0.51% | | | | 0.47% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.10%6 | | | | 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 | | | 2.64%6 | | | | 2.35% | | | | 1.97% | | | | 1.78% | | | | 1.39% | | | | 1.96% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.95%6 | | | | 2.67% | | | | 2.14% | | | | 1.99% | | | | 1.49% | | | | 2.01% | |
Portfolio turnover rate | | | 26.88%5 | | | | 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 period. |
| 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.
150
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.617 | | | | $9.482 | | | | $9.060 | | | | $9.53 | | | | $11.29 | | | | $11.39 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.116 | 1 | | | 0.196 | 1 | | | 0.143 | 1 | | | 0.12 | 1 | | | 0.09 | 1 | | | 0.15 | |
Net realized and unrealized gains (losses) on investments | | | 0.323 | | | | 0.107 | | | | 0.438 | | | | 0.36 | | | | (0.89 | ) | | | 0.46 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.439 | | | | 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 period | | | $10.056 | | | | $9.617 | | | | $9.482 | | | | $9.06 | | | | $9.53 | | | | $11.29 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 4.56%5 | | | | 3.35% | | | | 6.39% | | | | 5.44% | | | | (7.18)% | | | | 5.42% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $343,591,359 | | | | $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 | | | 1.01%6 | | | | 1.02% | | | | 1.03% | | | | 1.10% | | | | 1.05% | | | | 1.01% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.70%6 | | | | 0.70% | | | | 0.83% | | | | 0.89% | | | | 0.99% | | | | 1.00% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.01%6 | | | | 1.02% | | | | 1.03% | | | | 1.10% | | | | 1.05% | | | | 1.01% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.70%6 | | | | 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 | | | 2.05%6 | | | | 1.75% | | | | 1.31% | | | | 1.10% | | | | 0.79% | | | | 1.17% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.36%6 | | | | 2.07% | | | | 1.51% | | | | 1.31% | | | | 0.85% | | | | 1.18% | |
Portfolio turnover rate | | | 26.88%5 | | | | 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 period. |
| 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.
151
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.962 | | | | $10.950 | | | | $10.250 | | | | $9.38 | | | | $10.34 | | | | $10.80 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.090 | 1 | | | 0.138 | 1 | | | 0.142 | 1 | | | 0.18 | 1 | | | 0.13 | 1 | | | 0.17 | |
Net realized and unrealized gains (losses) on investments | | | 0.243 | | | | 0.408 | | | | 1.078 | | | | 0.81 | | | | (0.97 | ) | | | 0.21 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.333 | | | | 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 period | | | $11.295 | | | | $10.962 | | | | $10.950 | | | | $10.25 | | | | $9.38 | | | | $10.34 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.04%5 | | | | 5.59% | | | | 11.83% | | | | 10.63% | | | | (8.18)% | | | | 3.63% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,683,668 | | | | $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 | | | 0.50%6 | | | | 0.51% | | | | 0.52% | | | | 0.53% | | | | 0.51% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.46%6 | | | | 0.43% | | | | 0.45% | | | | 0.40% | | | | 0.41% | | | | 0.36% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.50%6 | | | | 0.51% | | | | 0.52% | | | | 0.53% | | | | 0.51% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.46%6 | | | | 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 | | | 1.57%6 | | | | 1.15% | | | | 1.25% | | | | 1.69% | | | | 1.20% | | | | 2.01% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.61%6 | | | | 1.23% | | | | 1.32% | | | | 1.82% | | | | 1.30% | | | | 2.16% | |
Portfolio turnover rate | | | 225.72%5 | | | | 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 period. |
| 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.
152
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.919 | | | | $10.907 | | | | $10.150 | | | | $9.32 | | | | $10.32 | | | | $10.79 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.055 | 1 | | | 0.074 | 1 | | | 0.082 | 1 | | | 0.11 | 1 | | | 0.07 | 1 | | | 0.15 | |
Net realized and unrealized gains (losses) on investments | | | 0.243 | | | | 0.410 | | | | 1.054 | | | | 0.82 | | | | (0.97 | ) | | | 0.17 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.298 | | | | 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 period | | | $11.217 | | | | $10.919 | | | | $10.907 | | | | $10.15 | | | | $9.32 | | | | $10.32 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.73%5 | | | | 4.96% | | | | 11.14% | | | | 10.05% | | | | (8.74)% | | | | 3.08% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $365,780,083 | | | | $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 | | | 1.10%6 | | | | 1.11% | | | | 1.11% | | | | 1.12% | | | | 1.11% | | | | 1.10% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.05%6 | | | | 1.03% | | | | 1.03% | | | | 1.00% | | | | 1.01% | | | | 0.97% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.10%6 | | | | 1.11% | | | | 1.11% | | | | 1.12% | | | | 1.11% | | | | 1.10% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.05%6 | | | | 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 | | | 0.95%6 | | | | 0.58% | | | | 0.69% | | | | 1.07% | | | | 0.62% | | | | 1.30% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.00%6 | | | | 0.66% | | | | 0.77% | | | | 1.19% | | | | 0.72% | | | | 1.43% | |
Portfolio turnover rate | | | 225.72%5 | | | | 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 period. |
| 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.
153
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.402 | | | | $10.335 | | | | $10.290 | | | | $9.80 | | | | $10.02 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.172 | 1 | | | 0.346 | 1 | | | 0.292 | 1 | | | 0.37 | 1 | | | 0.26 | 1 | | | 0.40 | |
Net realized and unrealized gains (losses) on investments | | | 0.146 | | | | (0.003 | )2 | | | (0.037 | ) | | | 0.52 | | | | (0.21 | ) | | | (0.10 | )2 |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.318 | | | | 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 period | | | $10.720 | | | | $10.402 | | | | $10.335 | | | | $10.29 | | | | $9.80 | | | | $10.02 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.06%6 | | | | 3.43% | | | | 2.47% | | | | 9.14% | | | | 0.56% | | | | 3.05% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $690,490 | | | | $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%7 | | | | 0.51% | | | | 0.53% | | | | 0.58% | | | | 0.53% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.20%7 | | | | 0.20% | | | | 0.37% | | | | 0.50% | | | | 0.39% | | | | 0.34% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.51%7 | | | | 0.51% | | | | 0.53% | | | | 0.58% | | | | 0.53% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.20%7 | | | | 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 | | | 2.94%7 | | | | 3.04% | | | | 2.64% | | | | 3.58% | | | | 2.49% | | | | 2.64% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.25%7 | | | | 3.35% | | | | 2.80% | | | | 3.66% | | | | 2.63% | | | | 2.81% | |
Portfolio turnover rate | | | 61.39%6 | | | | 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 period. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | �� | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.402 | | | | $10.348 | | | | 10.320 | | | | $9.81 | | | | $10.04 | | | | $10.01 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.142 | 1 | | | 0.283 | 1 | | | 0.231 | 1 | | | 0.30 | 1 | | | 0.20 | 1 | | | 0.23 | |
Net realized and unrealized gains (losses) on investments | | | 0.145 | | | | (0.001 | )5 | | | (0.036 | ) | | | 0.53 | | | | (0.22 | ) | | | 0.02 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.287 | | | | 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 period | | | $10.689 | | | | $10.402 | | | | $10.348 | | | | $10.32 | | | | $9.81 | | | | $10.04 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.76%6 | | | | 2.81% | | | | 1.88% | | | | 8.54% | | | | (0.19)% | | | | 2.47% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $303,708,154 | | | | $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%7 | | | | 1.11% | | | | 1.12% | | | | 1.18% | | | | 1.13% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.80%7 | | | | 0.80% | | | | 0.96% | | | | 1.10% | | | | 0.99% | | | | 0.93% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.11%7 | | | | 1.11% | | | | 1.12% | | | | 1.18% | | | | 1.13% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.80%7 | | | | 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 | | | 2.37%7 | | | | 2.44% | | | | 2.04% | | | | 2.91% | | | | 1.92% | | | | 1.92% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.68%7 | | | | 2.75% | | | | 2.20% | | | | 2.99% | | | | 2.06% | | | | 2.10% | |
Portfolio turnover rate | | | 61.39%6 | | | | 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 period. |
| 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 period. |
See notes to financial statements.
155
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Multi-Asset Income Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.660 | | | | $10.603 | | | | $10.460 | | | | $9.94 | | | | $10.62 | | | | $10.76 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.183 | 1 | | | 0.358 | 1 | | | 0.287 | 1 | | | 0.29 | 1 | | | 0.34 | 1 | | | 0.36 | |
Net realized and unrealized gains (losses) on investments | | | 0.206 | | | | 0.062 | | | | 0.137 | | | | 0.52 | | | | (0.61 | ) | | | (0.05 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.389 | | | | 0.420 | | | | 0.424 | | | | 0.81 | | | | (0.27 | ) | | | 0.31 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.189 | ) | | | (0.363 | ) | | | (0.281 | ) | | | (0.29 | ) | | | (0.37 | ) | | | (0.38 | ) |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.189 | ) | | | (0.363 | ) | | | (0.281 | ) | | | (0.29 | ) | | | (0.41 | ) | | | (0.45 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.860 | | | | $10.660 | | | | $10.603 | | | | $10.46 | | | | $9.94 | | | | $10.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 3.66%5 | | | | 4.13% | | | | 4.05% | | | | 8.24% | | | | (2.49)% | | | | 3.01% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $133,466,890 | | | | $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 | | | 1.14%6 | | | | 1.15% | | | | 1.13% | | | | 1.17% | | | | 1.17% | | | | 1.14% | |
After expense reimbursement (recapture) and securities lending creditincluding interest expense3 | | | 0.95%6 | | | | 0.82% | | | | 0.98% | | | | 0.97% | | | | 0.96% | | | | 0.88% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.14%6 | | | | 1.15% | | | | 1.13% | | | | 1.17% | | | | 1.17% | | | | 1.14% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.95%6 | | | | 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 | | | 3.21%6 | | | | 3.08% | | | | 2.52% | | | | 2.66% | | | | 3.15% | | | | 3.23% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.40%6 | | | | 3.41% | | | | 2.67% | | | | 2.86% | | | | 3.36% | | | | 3.49% | |
Portfolio turnover rate | | | 24.43%5 | | | | 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 period. |
| 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.
156
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.422 | | | | $9.577 | | | | $9.670 | | | | $9.62 | | | | $9.76 | | | | $9.65 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.165 | 1 | | | 0.426 | 1 | | | 0.543 | 1 | | | 0.24 | 1 | | | 0.18 | 1 | | | 0.25 | |
Net realized and unrealized gains (losses) on investments | | | 0.0302 | | | | (0.183 | ) | | | (0.158 | )2 | | | 0.07 | | | | (0.11 | ) | | | 0.11 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.195 | | | | 0.243 | | | | 0.385 | | | | 0.31 | | | | 0.07 | | | | 0.36 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.159 | ) | | | (0.398 | ) | | | (0.478 | ) | | | (0.26 | ) | | | (0.21 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.159 | ) | | | (0.398 | ) | | | (0.478 | ) | | | (0.26 | ) | | | (0.21 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.458 | | | | $9.422 | | | | $9.577 | | | | $9.67 | | | | $9.62 | | | | $9.76 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.09%6 | | | | 2.58% | | | | 3.99% | | | | 3.23% | | | | 0.70% | | | | 3.75% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $36,268 | | | | $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 | | | 0.47%7 | | | | 0.56% | | | | 0.52% | | | | 0.50% | | | | 0.44% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending creditincluding interest expense4 | | | 0.15%7 | | | | 0.16% | | | | 0.27% | | | | 0.37% | | | | 0.36% | | | | 0.31% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.47%7 | | | | 0.55% | | | | 0.52% | | | | 0.50% | | | | 0.44% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.15%7 | | | | 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 | | | 3.15%7 | | | | 4.07% | | | | 5.27% | | | | 2.32% | | | | 1.76% | | | | 2.66% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.47%7 | | | | 4.47% | | | | 5.52% | | | | 2.45% | | | | 1.84% | | | | 2.77% | |
Portfolio turnover rate | | | 239.35%6 | | | | 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 period. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 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.
157
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | 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
| |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.366 | | | | $9.525 | | | | $9.610 | | | | $9.55 | | | | $9.77 | | | | $9.64 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.1331 | | | | 0.361 | 1 | | | 0.340 | 1 | | | 0.18 | 1 | | | 0.14 | 1 | | | 0.19 | |
Net realized and unrealized gains (losses) on investments | | | 0.0312 | | | | (0.173 | ) | | | (0.018 | )2 | | | 0.08 | | | | (0.21 | ) | | | 0.13 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.164 | | | | 0.188 | | | | 0.322 | | | | 0.26 | | | | (0.07 | ) | | | 0.32 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.135 | ) | | | (0.347 | ) | | | (0.407 | ) | | | (0.20 | ) | | | (0.15 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.135 | ) | | | (0.347 | ) | | | (0.407 | ) | | | (0.20 | ) | | | (0.15 | ) | | | (0.19 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.395 | | | | $9.366 | | | | $9.525 | | | | $9.61 | | | | $9.55 | | | | $9.77 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.77%6 | | | | 2.00% | | | | 3.35% | | | | 2.73% | | | | (0.75)% | | | | 3.32% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $94,265,439 | | | | $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 | | | 1.08%7 | | | | 1.15% | | | | 1.12% | | | | 1.09% | | | | 1.04% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending creditincluding interest expense4 | | | 0.76%7 | | | | 0.77% | | | | 0.93% | | | | 0.91% | | | | 0.93% | | | | 0.92% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.07%7 | | | | 1.13% | | | | 1.12% | | | | 1.09% | | | | 1.04% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.75%7 | | | | 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 | | | 2.49%7 | | | | 3.45% | | | | 3.30% | | | | 1.72% | | | | 1.32% | | | | 1.72% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.81%7 | | | | 3.83% | | | | 3.49% | | | | 1.90% | | | | 1.43% | | | | 1.82% | |
Portfolio turnover rate | | | 239.35%6 | | | | 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 period. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 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.
158
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | January 19, 20161
Through
March 31,
2016
| |
| | | (Unaudited) | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $8.067 | | | | $8.665 | | | | $8.700 | | | | $9.75 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment gain (loss)2 | | | 0.044 | | | | 0.081 | | | | (0.002 | ) | | | (0.06 | ) | | | (0.02 | ) |
Net realized and unrealized gains (losses) on investments | | | 0.824 | | | | (0.679 | ) | | | (0.033 | ) | | | (0.83 | ) | | | (0.23 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.868 | | | | (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 period | | | $8.935 | | | | $8.067 | | | | $8.665 | | | | $8.70 | | | | $9.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 10.76%3 | | | | (6.90)% | | | | (0.40)% | | | | (9.17)% | | | | (2.50)%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,492,870 | | | | $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 | | | 1.26%4 | | | | 1.27% | | | | 1.38% | | | | 1.37% | | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.30%4 | | | | 1.30% | | | | 1.34% | | | | 1.34% | | | | 1.30%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.26%4 | | | | 1.27% | | | | 1.34% | | | | 1.33% | | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.30%4 | | | | 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 | | | 1.06%4 | | | | 1.03% | | | | (0.07)% | | | | (0.69)% | | | | (1.12)%4 | |
After expense reimbursement (recapture) and fees waived | | | 1.02%4 | | | | 1.00% | | | | (0.03)% | | | | (0.66)% | | | | (0.81)%4 | |
Portfolio turnover rate | | | 0.00%3 | | | | 0.00% | | | | 0.00% | | | | 0.00% | | | | 0.00% | |
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.
159
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | January 19, 20161
Through
March 31,
2016
| |
| | | (Unaudited) | | | | | | | | | | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $7.914 | | | | $8.551 | | | | $8.640 | | | | $9.73 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment gain (loss)2 | | | 0.018 | | | | 0.035 | | | | (0.050 | ) | | | (0.11 | ) | | | (0.03 | ) |
Net realized and unrealized gains (losses) on investments | | | 0.807 | | | | (0.672 | ) | | | (0.039 | ) | | | (0.82 | ) | | | (0.24 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.825 | | | | (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 period | | | $8.739 | | | | $7.914 | | | | $8.551 | | | | $8.64 | | | | $9.73 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 10.42%3 | | | | (7.45)% | | | | (0.92)% | | | | (9.70)% | | | | (2.70)%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $247,056,962 | | | | $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 | | | 1.86%4 | | | | 1.87% | | | | 1.97% | | | | 1.97% | | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.90%4 | | | | 1.90% | | | | 1.94% | | | | 1.94% | | | | 1.90%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.86%4 | | | | 1.87% | | | | 1.93% | | | | 1.93% | | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.90%4 | | | | 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 | | | 0.46%4 | | | | 0.47% | | | | (0.61)% | | | | (1.27)% | | | | (1.71)%4 | |
After expense reimbursement (recapture) and fees waived | | | 0.42%4 | | | | 0.44% | | | | (0.58)% | | | | (1.24)% | | | | (1.41)%4 | |
Portfolio turnover rate | | | 0.00%3 | | | | 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.
160
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | |
| | | Conservative Income Fund
| |
| | | Period Ended
September 30,
2019
| | | April 30, 20181
through
March 31,
2019
| |
| | | (Unaudited) | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | |
Net asset value, beginning of period | | | $9.987 | | | | $10.000 | |
Income from investment operations: | | | | | | | | |
Net investment income2 | | | 0.103 | | | | 0.153 | |
Net realized and unrealized losses on investments | | | 0.026 | | | | (0.020 | )7 |
| | |
|
|
| |
|
|
|
Total from investment operations | | | 0.129 | | | | 0.133 | |
| | |
|
|
| |
|
|
|
Less distributions: | | | | | | | | |
Dividends from net investment income | | | (0.092 | ) | | | (0.144 | ) |
Dividends from net realized gains | | | — | | | | (0.002 | ) |
| | |
|
|
| |
|
|
|
Total distributions | | | (0.092 | ) | | | (0.146 | ) |
| | |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.024 | | | | $9.987 | |
| | |
|
|
| |
|
|
|
Total return | | | 1.30%3 | | | | 1.34%3 | |
Supplemental data and ratios: | | | | | | | | |
Net assets, end of period | | | $5,034,539 | | | | $973,527 | |
Ratio of expenses to average net assets4 | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 3.00%5 | | | | 43.40%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.64%5 | | | | 0.64%5 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 3.00%5 | | | | 43.40%5 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 0.64%5 | | | | 0.64%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | (0.30)%5 | | | | (41.09)%5 | |
After expense reimbursement (recapture) and fees waived | | | 2.06%5 | | | | 1.67%5 | |
Portfolio turnover rate | | | 33.08%3 | | | | 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. |
| 8 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
161
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | |
| | | Income Fund
| |
| | | Period Ended
September 30,
2019
| | | April 30, 20181
through
March 31,
2019
| |
| | | (Unaudited) | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | |
Net asset value, beginning of period | | | $9.892 | | | | $10.000 | |
Income from investment operations: | | | | | | | | |
Net investment income2 | | | 0.140 | | | | 0.079 | |
Net realized and unrealized gains on investments | | | 0.333 | | | | 0.016 | 7 |
| | |
|
|
| |
|
|
|
Total from investment operations | | | 0.473 | | | | 0.095 | |
| | |
|
|
| |
|
|
|
Less distributions: | | | | | | | | |
Dividends from net investment income | | | (0.127 | ) | | | (0.203 | ) |
| | |
|
|
| |
|
|
|
Total distributions | | | (0.127 | ) | | | (0.203 | ) |
| | |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.238 | | | | $9.892 | |
| | |
|
|
| |
|
|
|
Total return | | | 4.80%3 | | | | 0.99%3 | |
Supplemental data and ratios: | | | | | | | | |
Net assets, end of period | | | $21,930,693 | | | | $3,619,628 | |
Ratio of expenses to average net assets4 | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 1.42%5 | | | | 16.23%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.79%5 | | | | 0.79%5 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.42%5 | | | | 16.23%5 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 0.79%5 | | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 2.13%5 | | | | -14.57%5 | |
After expense reimbursement (recapture) and fees waived | | | 2.76%5 | | | | 0.87%5 | |
Portfolio turnover rate | | | 85.47%3 | | | | 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 year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 8 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
162
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | |
| | | Growth & Income Fund
| |
| | | Period Ended
September 30,
2019
| | | April 30, 20181
through
March 31,
2019
| |
| | | (Unaudited) | | | | |
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | | | | | | | | |
Net asset value, beginning of period | | | $9.772 | | | | $10.000 | |
Income from investment operations: | | | | | | | | |
Net investment income2 | | | 0.102 | | | | 0.331 | |
Net realized and unrealized losses on investments | | | 0.102 | | | | (0.320 | )7 |
| | |
|
|
| |
|
|
|
Total from investment operations | | | 0.204 | | | | 0.011 | |
| | |
|
|
| |
|
|
|
Less distributions: | | | | | | | | |
Dividends from net investment income | | | (0.080 | ) | | | (0.239 | ) |
| | |
|
|
| |
|
|
|
Total distributions | | | (0.080 | ) | | | (0.239 | ) |
| | |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.896 | | | | $9.772 | |
| | |
|
|
| |
|
|
|
Total return | | | 2.09%3 | | | | 0.14%3 | |
Supplemental data and ratios: | | | | | | | | |
Net assets, end of period | | | $25,097,985 | | | | $4,519,060 | |
Ratio of expenses to average net assets4 | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 1.59%5 | | | | 27.58%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.79%5 | | | | 0.79%5 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.59%5 | | | | — | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 0.79%5 | | | | — | |
Ratio of net investment income to average net assets6 | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.27%5 | | | | (23.11)%5 | |
After expense reimbursement (recapture) and fees waived | | | 2.07%5 | | | | 3.68%5 | |
Portfolio turnover rate | | | 110.84%3 | | | | 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. |
| 8 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
163
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)
September 30, 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.
164
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results 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 period, 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 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.
165
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2019:
GuideMark® Large Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 388,401,807 | | | $ | — | | | $ | — | | | $ | 388,401,807 | |
Investment Companies | | | 13,423,369 | | | | — | | | | — | | | | 13,423,369 | |
Real Estate Investment Trusts | | | 17,820,899 | | | | — | | | | — | | | | 17,820,899 | |
Short Term Investments | | | 2,470,057 | | | | — | | | | — | | | | 2,470,057 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 86,050,938 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 422,116,132 | | | $ | — | | | $ | — | | | $ | 508,167,070 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 1,668,644 | | | $ | 5,927,494 | | | $ | — | | | $ | 7,596,138 | |
Consumer Discretionary | | | 5,201,822 | | | | 5,929,277 | | | | — | | | | 11,131,099 | |
Consumer Staples | | | 2,437,992 | | | | 4,864,660 | | | | — | | | | 7,302,652 | |
Energy | | | 2,184,613 | | | | 3,472,870 | | | | — | | | | 5,657,483 | |
Financials | | | 3,026,614 | | | | 12,156,387 | | | | 3,578 | | | | 15,186,579 | |
Health Care | | | 114,851 | | | | 1,344,966 | | | | — | | | | 1,459,817 | |
Industrials | | | 625,091 | | | | 3,255,816 | | | | — | | | | 3,880,907 | |
Information Technology | | | 703,800 | | | | 11,062,559 | | | | — | | | | 11,766,359 | |
Materials | | | 1,160,568 | | | | 3,828,647 | | | | — | | | | 4,989,215 | |
Real Estate | | | — | | | | 1,094,854 | | | | — | | | | 1,094,854 | |
Utilities | | | 707,016 | | | | 923,977 | | | | — | | | | 1,630,993 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 17,831,011 | | | | 53,861,507 | | | | 3,578 | | | | 71,696,096 | |
Corporate Obligations | | | — | | | | — | | | | 1,368 | | | | 1,368 | |
Investment Companies | | | 5,720,131 | | | | — | | | | — | | | | 5,720,131 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Staples | | | — | | | | 391,541 | | | | — | | | | 391,541 | |
Energy | | | 530,734 | | | | — | | | | — | | | | 530,734 | |
Financials | | | 1,352,843 | | | | — | | | | — | | | | 1,352,843 | |
Information Technology | | | — | | | | 482,692 | | | | — | | | | 482,692 | |
Utilities | | | 220,814 | | | | — | | | | — | | | | 220,814 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | 2,104,391 | | | | 874,233 | | | | — | | | | 2,978,624 | |
Real Estate Investment Trusts | | | 143,559 | | | | — | | | | — | | | | 143,559 | |
Rights | | | — | | | | — | | | | 4,201 | | | | 4,201 | |
Short Term Investments | | | 356,145 | | | | — | | | | — | | | | 356,145 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 3,669,261 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 26,155,237 | | | $ | 54,735,740 | | | $ | 9,147 | | | $ | 84,569,385 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
166
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | | | | | | | | | |
Description
| | Common Stocks
| | | Corporate Obligations
| | | Rights
| |
Balance as of April 1, 2019 | | $ | 217,188 | | | $ | — | | | $ | — | |
Purchases | | | — | | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | | | | — | |
Corporate Actions | | | — | | | | 0 | | | | 3,134 | |
Realized gain (loss) | | | — | | | | — | | | | — | |
Change in unrealized appreciation (depreciation) | | | (213,610 | ) | | | 1,368 | | | | 1,067 | |
Transfers into/(out of) Level 3 | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Balance as of September 30, 2019 | | $ | 3,578 | | | $ | 1,368 | | | $ | 4,201 | |
| | |
|
|
| |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2019. | | $ | (213,610 | ) | | $ | 1,368 | | | $ | 1,067 | |
| | |
|
|
| |
|
|
| |
|
|
|
GuideMark® Small/Mid Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | 56,722,248 | | | $ | — | | | | — | | | $ | 56,722,248 | |
Investment Companies | | | 2,114,996 | | | | — | | | | — | | | | 2,114,996 | |
Real Estate Investment Trusts | | | 4,912,594 | | | | — | | | | — | | | | 4,912,594 | |
Rights | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 231,312 | | | | — | | | | — | | | | 231,312 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 8,533,516 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 63,981,150 | | | $ | — | | | $ | 0 | | | $ | 72,514,666 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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, 2019 | | $ | 0 | | | $ | 0 | |
Purchases | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | |
Corporate Actions | | | 0 | | | | — | |
Realized gain (loss) | | | — | | | | — | |
Change in unrealized appreciation (depreciation) | | | — | | | | — | |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of September 30, 2019 | | $ | — | | | $ | 0 | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2019. | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
|
167
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
GuideMark® Worldex-US Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 234,882 | | | $ | 7,275,755 | | | $ | — | | | $ | 7,510,637 | |
Consumer Discretionary | | | 1,704,113 | | | | 17,373,463 | | | | — | | | | 19,077,576 | |
Consumer Staples | | | 2,138,921 | | | | 18,041,788 | | | | — | | | | 20,180,709 | |
Energy | | | 1,745,393 | | | | 5,055,297 | | | | — | | | | 6,800,690 | |
Financials | | | 5,004,644 | | | | 23,757,865 | | | | — | | | | 28,762,509 | |
Health Care | | | 380,138 | | | | 16,631,488 | | | | — | | | | 17,011,626 | |
Industrials | | | 1,610,932 | | | | 16,269,967 | | | | — | | | | 17,880,899 | |
Information Technology | | | 1,580,536 | | | | 6,885,261 | | | | — | | | | 8,465,797 | |
Materials | | | 986,813 | | | | 7,362,342 | | | | — | | | | 8,349,155 | |
Real Estate | | | — | | | | 1,118,772 | | | | — | | | | 1,118,772 | |
Telecommunication Services | | | 28,827 | | | | 31,361 | | | | — | | | | 60,188 | |
Utilities | | | 620,325 | | | | 4,427,281 | | | | — | | | | 5,047,606 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 16,035,524 | | | | 124,230,640 | | | | — | | | | 140,266,164 | |
Investment Companies | | | 3,631,124 | | | | — | | | | — | | | | 3,631,124 | |
Participatory Notes | | | — | | | | 58,411 | | | | — | | | | 58,411 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Health Care | | | — | | | | 26,800 | | | | — | | | | 26,800 | |
Materials | | | — | | | | 197,307 | | | | — | | | | 197,307 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | — | | | | 224,107 | | | | — | | | | 224,107 | |
Real Estate Investment Trusts | | | 317,003 | | | | 2,630,844 | | | | — | | | | 2,947,847 | |
Short Term Investments | | | 310,937 | | | | — | | | | — | | | | 310,937 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 2,160,335 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 20,294,588 | | | $ | 127,144,002 | | | $ | — | | | $ | 149,598,925 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | — | | | $ | 10,279,600 | | | $ | — | | | $ | 10,279,600 | |
Collateralized Mortgage Obligations | | | — | | | | 16,458,459 | | | | 279,998 | | | | 16,738,457 | |
Corporate Obligations | | | — | | | | 40,081,542 | | | | — | | | | 40,081,542 | |
Foreign Government Debt Obligations | | | — | | | | 264,375 | | | | — | | | | 264,375 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 49,240,973 | | | | — | | | | 49,240,973 | |
Municipal Debt Obligations | | | — | | | | 824,622 | | | | — | | | | 824,622 | |
U.S. Treasury Obligations | | | — | | | | 37,071,808 | | | | — | | | | 37,071,808 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 154,221,379 | | | | 279,998 | | | | 154,501,377 | |
Short Term Investments | | | 7,575,765 | | | | — | | | | — | | | | 7,575,765 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 2,740,344 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 7,575,765 | | | $ | 154,221,379 | | | $ | 279,998 | | | $ | 164,817,486 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | 23,406 | | | $ | — | | | $ | — | | | $ | 23,406 | |
Swaps | | | — | | | | (389,177 | ) | | | — | | | | (389,177 | ) |
| | * | | 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. |
168
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | |
Description
| | Collateralized
Mortgage
Obligations
| |
Balance as of April 1, 2019 | | $ | — | |
Purchases | | | 279,998 | |
Sales proceeds and paydowns | | | — | |
Accreted discounts, net | | | — | |
Realized gain (loss) | | | — | |
Change in unrealized appreciation (depreciation) | | | — | |
Transfers into/(out of) Level 3 | | | — | |
| | |
|
|
|
Balance as of September 30, 2019 | | $ | 279,998 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2019. | | $ | — | |
| | |
|
|
|
GuideMark®Tax-Exempt Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Municipal Debt Obligations | | $ | — | | | $ | 24,972,854 | | | $ | — | | | $ | 24,972,854 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | — | | | $ | 24,972,854 | | | $ | — | | | $ | 24,972,854 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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 | | $ | — | | | $ | — | | | $ | 0 | | | $ | 0 | |
Fixed Income | | | | | | | | | | | | | | | | |
Asset Backed Securities | | | — | | | | 491,875 | | | | — | | | | 491,875 | |
Collateralized Mortgage Obligations | | | — | | | | 6,849,678 | | | | — | | | | 6,849,678 | |
Corporate Obligations | | | — | | | | 22,313 | | | | — | | | | 22,313 | |
Foreign Government Obligations | | | — | | | | 15,713,959 | | | | — | | | | 15,713,959 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 10,924,206 | | | | — | | | | 10,924,206 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 34,002,031 | | | | — | | | | 34,002,031 | |
U.S. Treasury Obligations | | | — | | | | 1,413,662 | | | | — | | | | 1,413,662 | |
Short Term Investments | | | 3,420,763 | | | | 10,607,487 | | | | 1,402,710 | | | | 15,430,960 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 3,420,763 | | | $ | 44,609,518 | | | $ | 1,402,710 | | | $ | 50,846,653 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | $ | — | | | $ | 495,843 | | | $ | — | | | $ | 495,843 | |
Swaps | | | — | | | | (460,721 | ) | | | — | | | | (460,721 | ) |
| | * | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts, and swaps. Forward currency contracts and swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | | | | | | | | | |
Description
| | Common Stocks
| | | Short Term
Investments
| | | Warrants
| |
Balance as of April 1, 2019 | | $ | 0 | | | $ | — | | | $ | 0 | |
Purchases | | | — | | | | 1,406,372 | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | | | | 0 | |
Accreted discounts, net | | | — | | | | (25 | ) | | | — | |
Amortization, net | | | — | | | | — | | | | — | |
Realized gain (loss) | | | — | | | | — | | | | — | |
Change in unrealized appreciation (depreciation) | | | — | | | | (3,637 | ) | | | — | |
Transfers into/(out of) Level 3 | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Balance as of September 30, 2019 | | $ | 0 | | | $ | 1,402,710 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2019. | | $ | — | | | $ | (3,637 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
169
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
GuidePath® Growth Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 799,568,091 | | | $ | — | | | $ | — | | | $ | 799,568,091 | |
Short Term Investments | | | 9,789,857 | | | | — | | | | — | | | | 9,789,857 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 115,360,564 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 809,357,948 | | | $ | — | | | $ | — | | | $ | 924,718,512 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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® Conservative Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 341,524,854 | | | $ | — | | | $ | — | | | $ | 341,524,854 | |
Short Term Investments | | | 3,812,653 | | | | — | | | | — | | | | 3,812,653 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 79,746,430 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 345,337,507 | | | $ | — | | | $ | — | | | $ | 425,083,937 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 362,522,341 | | | $ | — | | | $ | — | | | $ | 362,522,341 | |
Short Term Investments | | | 4,402,238 | | | | — | | | | — | | | | 4,402,238 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 82,460,019 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 366,924,579 | | | $ | — | | | $ | — | | | $ | 449,384,598 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 300,785,952 | | | $ | — | | | $ | — | | | $ | 300,785,952 | |
Short Term Investments | | | 3,244,747 | | | | — | | | | — | | | | 3,244,747 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 18,426,869 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 304,030,699 | | | $ | — | | | $ | — | | | $ | 322,457,568 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
170
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
GuidePath® Multi-Asset Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 132,008,536 | | | $ | — | | | $ | — | | | $ | 132,008,536 | |
Short Term Investments | | | 207,229 | | | | — | | | | — | | | | 207,229 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 18,003,699 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 132,215,765 | | | $ | — | | | $ | — | | | $ | 150,219,464 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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® Flexible Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 93,295,787 | | | $ | — | | | $ | — | | | $ | 93,295,787 | |
Short Term Investments | | | 866,063 | | | | — | | | | — | | | | 866,063 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 11,829,387 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 94,161,850 | | | $ | — | | | $ | — | | | $ | 105,991,237 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 10,104,809 | | | $ | 217,442,347 | | | $ | — | | | $ | 227,547,156 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 10,104,809 | | | $ | 217,442,347 | | | $ | — | | | $ | 227,547,156 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | (483,033 | ) | | $ | — | | | $ | — | | | $ | (483,033 | ) |
Forward Currency Contracts | | $ | 1,025,222 | | | $ | — | | | $ | — | | | $ | 1,025,222 | |
| | * | | Other financial instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures and forward currency contracts. Futures and forward currency contracts 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
| |
Investment Companies | | $ | 2,579,961 | | | $ | — | | | $ | — | | | $ | 2,579,961 | |
Short Term Investments | | | 2,110,934 | | | | 337,249 | | | | — | | | | 2,448,183 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 390,793 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 4,690,895 | | | $ | 337,249 | | | $ | — | | | $ | 5,418,937 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
171
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
GuidePath® Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 21,487,038 | | | $ | — | | | $ | — | | | $ | 21,487,038 | |
Short Term Investments | | | 536,129 | | | | — | | | | — | | | | 536,129 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 7,302,268 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 22,023,167 | | | $ | — | | | $ | — | | | $ | 29,325,435 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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® Growth & Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | 8,651,154 | | | $ | — | | | $ | — | | | $ | 8,651,154 | |
Investment Companies | | | 8,726,726 | | | | — | | | | — | | | | 8,726,726 | |
Short Term Investments | | | 4,010,119 | | | | 3,392,885 | | | | — | | | | 7,403,004 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 717,558 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 21,387,999 | | | $ | 3,392,885 | | | $ | — | | | $ | 25,498,442 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | (29,522 | ) | | $ | — | | | $ | — | | | $ | (29,522 | ) |
Options Written | | | — | | | | 88,739 | | | | — | | | | 88,739 | |
| | * | | 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 Consolidated Schedule of Investments, such as futures and written options. Futures are reflected as unrealized appreciation (depreciation) on the instrument, while written options are reflected at value. |
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 1.50% of its total assets invested in the Subsidiary as of September 30, 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
172
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
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 astraight-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 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.
173
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
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.
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® Core Fixed Income Fund
During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX and CMBX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.
174
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX and CMBX to efficiently manage investment grade credit exposure.
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 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 | | $ | 1,446 | | | Depreciation on swap agreements | | $ | 3,786 | |
| | | | |
| Interest Rate Contracts – Swaps | | Appreciation on swap agreements | | | — | | | Depreciation on swap agreements | | | 387,177 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 40,610 | | | Unrealized depreciation on futures contracts** | | | 17,204 | |
| Total | | | | $ | 42,057 | | | | | $ | 408,167 | |
| | * | | 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 period ended September 30, 2019 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options* | | | Total | |
| Credit Contracts | | $ | — | | | $ | 10,108 | | | $ | — | | | $ | — | | | $ | 10,108 | |
| Interest Rate Contracts | | | 383,390 | | | | 62,179 | | | | 63,888 | | | | (53,551 | ) | | | 455,906 | |
| | | | | |
| Total | | $ | 383,390 | | | $ | 72,287 | | | $ | 63,888 | | | $ | (53,551 | ) | | $ | 466,014 | |
| | * | | Included in net realized gain (loss) on investments as reported in the Statement of Operations. |
| | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation or (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Purchased
Options* | | | Total | |
| Credit Contracts | | $ | — | | | $ | (13,366 | ) | | $ | — | | | $ | (13,366 | ) |
| Interest Rate Contracts | | | (86,870 | ) | | | (590,327 | ) | | | 51,178 | | | | (626,019 | ) |
| | | | |
| Total | | $ | (86,870 | ) | | $ | (603,693 | ) | | $ | 51,178 | | | $ | (639,385 | ) |
| | * | | 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 period 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.
175
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 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 | | $ | — | | | Depreciation on swap agreements | | $ | 460,721 | |
| | | | |
| Foreign Exchange Contracts – Forward Currency Contracts | | Appreciation of forward currency contracts | | | 710,381 | | | Depreciation of forward currency contracts | | | 214,538 | |
| Total | | | | $ | 710,381 | | | | | $ | 675,259 | |
| | | | | | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2019 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Forward
Currency
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options* | | | Total | |
| Foreign Exchange Contracts | | $ | 519,867 | | | $ | — | | | $ | 17 | | | $ | 6 | | | $ | 519,890 | |
| Interest Rate Contracts | | | — | | | | (1,939,261 | ) | | | — | | | | — | | | | (1,939,261 | ) |
| | | | | |
| Total | | $ | 5,119,867 | | | $ | (1,939,261 | ) | | $ | 17 | | | $ | 6 | | | $ | (1,419,371 | ) |
| | * | | 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 | | $ | 184,512 | | | $ | — | | | $ | — | | | $ | — | | | $ | 184,512 | |
| Interest Rate Contracts | | | — | | | | 577,917 | | | | — | | | | — | | | | 577,917 | |
| | | | | |
| Total | | $ | 6,795,943 | | | $ | 577,917 | | | $ | — | | | $ | — | | | $ | 762,429 | |
GuidePath® Managed Futures Strategy Fund
The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the period ended September 30, 2019, the Fund used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 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** | | $ | 409,912 | | | Unrealized depreciation on futures contracts** | | $ | 2,614,641 | |
| | | | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 408,187 | | | Unrealized depreciation on futures contracts** | | | 747,242 | |
| | | | |
| Foreign Exchange Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 1,420,712 | | | Unrealized depreciation on futures contracts** | | | 26,389 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 2,471,701 | | | Unrealized depreciation on futures contracts** | | | 1,805,273 | |
| Total | | | | $ | 4,710,512 | | | | | $ | 5,193,545 | |
| | * | | 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. |
176
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
| | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2019 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (3,389,642 | ) |
| Equity Contracts | | | (3,080,775 | ) |
| Foreign Exchange Contracts | | | (1,095,936 | ) |
| Interest Rate Contracts | | | (29,701,510 | ) |
| |
| Total | | $ | (22,135,157 | ) |
| | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Futures
Contracts | |
| Commodity Contracts | | $ | (2,412,808 | ) |
| Equity Contracts | | | (1,390,915 | ) |
| Foreign Exchange Contracts | | | 1,898,360 | |
| Interest Rate Contracts | | | (5,423,697 | ) |
| |
| Total | | $ | (7,329,060 | ) |
GuidePath® Growth and Income Fund
During the period, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and exchange trade funds (“ETFs”) options, for both hedging and investment purposes, primarily risk management, and the pursuit of excess premium opportunities. The Fund used futures contracts during the period primarily to manage portfolio risk (volatility). The Fund wrote collateralized put options in an attempt to generate returns through receiving the option premiums; together with investments in fixed income instruments, it intended to lower the volatility relative to as if the Fund held the S&P 500 index.
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2019
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statement of Assets and
Liabilities Location | | Value | | | Statement of Assets and
Liabilities Location | | Value | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | $ | — | | | Unrealized depreciation on futures contracts** | | $ | 29,522 | |
| | | | |
| Equity Contracts – Options | | Invetsments, at Value | | | — | | | Options Written, at Value | | | 88,739 | |
| Total | | | | $ | — | | | | | $ | 118,261 | |
| | * | | 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 period ended September 30, 2019 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Futures
Contracts | | | Written
Options | |
| Equity Contracts | | $ | (74,459 | ) | | $ | 58,530 | |
| | |
| Total | | $ | (74,459 | ) | | $ | 58,530 | |
| | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Written
Options | |
| Equity Contracts | | $ | (29,522 | ) | | $ | (88,739 | ) |
| | |
| Total | | $ | (29,522 | ) | | $ | (88,739 | ) |
177
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
Volume Disclosures
The average monthly value outstanding of purchased and written options during the period ended September 30, 2019 were as follows:
| | | | | | | | | | | | | | | | |
| | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | | | GuidePath®
Growth and
Income Fund | |
| Purchased Options | | $ | 2,643 | | | $ | — | | | $ | — | | | $ | — | |
| Written Options | | $ | (5,091 | ) | | $ | — | | | $ | — | | | $ | (25,238 | ) |
The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2019 were as follows:
| | | | | | | | | | | | | | | | |
| Long Positions | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | | | GuidePath®
Growth and
Income Fund | |
| Futures | | $ | 11,905,786 | | | $ | — | | | $ | 1,172,592,417 | | | $ | 1,263,513 | |
| Forwards | | $ | — | | | $ | 23,124,854 | | | $ | 28,542,977 | | | $ | — | |
| Swaps | | $ | 7,271,923 | | | $ | 6,036,286 | | | $ | — | | | $ | — | |
| | | | |
| Short Positions | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | | | GuidePath®
Growth and
Income Fund | |
| Futures | | $ | (3,402,920 | ) | | $ | — | | | $ | (217,277,041 | ) | | $ | (44,997 | ) |
| Forwards | | $ | — | | | $ | (7,328,217 | ) | | $ | 5,250,298 | | | $ | — | |
| | | | |
| Cross Currency | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | | | GuidePath®
Growth and
Income Fund | |
| Forwards | | $ | — | | | $ | 4,733,538 | | | $ | — | | | $ | — | |
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.
178
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
The table below, as of September 30, 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 | | $ | 5,447 | | | $ | (3,668 | ) | | $ | 1,759 | | | $ | — | | | $ | — | | | $ | 1,759 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 1,446 | | | | — | | | | 1,446 | | | | (1,446 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 6,893 | | | $ | (3,668 | ) | | $ | 3,205 | | | $ | (1,446 | ) | | $ | — | | | $ | 1,759 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Included in investments, at value as reported on the Statement of Assets and Liabilities. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 3,668 | | | $ | (3,668 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 390,963 | | | | — | | | | 390,963 | | | | (1,446 | ) | | | (389,517 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 394,631 | | | $ | (3,668 | ) | | $ | 390,963 | | | $ | (1,446 | ) | | $ | (389,517 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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.
179
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
The table below, as of September 30, 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 | | $ | 49,705 | | | $ | — | | | $ | 49,705 | | | $ | — | | | $ | — | | | $ | 49,705 | |
Barclays | | | 10,241 | | | | — | | | | 10,241 | | | | — | | | | — | | | | 10,241 | |
BNP Paribas | | | 82,112 | | | | — | | | | 82,112 | | | | (10,954 | ) | | | — | | | | 71,158 | |
Citibank | | | 247,848 | | | | — | | | | 247,848 | | | | (72,160 | ) | | | — | | | | 175,688 | |
Deutsche Bank | | | 58,077 | | | | — | | | | 58,077 | | | | (37,390 | ) | | | — | | | | 20,687 | |
Goldman Sachs | | | 22,952 | | | | — | | | | 22,952 | | | | — | | | | — | | | | 22,952 | |
HSBC | | | 45,595 | | | | — | | | | 45,595 | | | | (23,034 | ) | | | — | | | | 22,561 | |
JP Morgan Chase | | | 179,190 | | | | — | | | | 179,190 | | | | (71,000 | ) | | | — | | | | 108,190 | |
Morgan Stanley | | | 3,205 | | | | — | | | | 3,205 | | | | — | | | | — | | | | 3,205 | |
UBS | | | 11,456 | | | | — | | | | 11,456 | | | | — | | | | — | | | | 11,456 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
HSBC | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 710,381 | | | $ | — | | | $ | 710,381 | | | $ | (214,538 | ) | | $ | — | | | $ | 495,843 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Included in investments at value as reported on the statement of Assets and Liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | |
BNP Paribas | | $ | 10,954 | | | $ | — | | | $ | 10,954 | | | $ | (10,954 | ) | | $ | — | | | $ | — | |
Citibank | | | 72,160 | | | | — | | | | 72,160 | | | | (72,160 | ) | | | — | | | | — | |
Deutsche Bank | | | 37,390 | | | | — | | | | 37,390 | | | | (37,390 | ) | | | — | | | | — | |
HSBC | | | 23,034 | | | | — | | | | 23,034 | | | | (23,034 | ) | | | — | | | | — | |
JP Morgan Chase | | | 71,000 | | | | — | | | | 71,000 | | | | (71,000 | ) | | | — | | | | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | | 297,033 | | | | — | | | | 297,033 | | | | — | | | | — | | | | 297,033 | |
HSBC | | | 163,688 | | | | — | | | | 163,688 | | | | — | | | | (11,023 | ) | | | 152,665 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 460,721 | | | $ | — | | | $ | 460,721 | | | $ | (214,538 | ) | | $ | (11,023 | ) | | $ | 449,698 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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.
180
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
The table below, as of September 30, 2019, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated 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 Consolidated Statements 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Forward | | | | | | | | | | | | | | | | | | | | | | | | |
NatWest | | $ | 1,025,222 | | | $ | — | | | $ | 1,025,222 | | | $ | — | | | $ | — | | | $ | 1,025,222 | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 1,598,844 | | | | (1,343,998 | ) | | | 254,846 | | | | (254,846 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 2,624,066 | | | $ | (1,343,998 | | | $ | 1,280,068 | | | $ | (254,846 | ) | | $ | — | | | $ | 1,025,222 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Forward | | | | | | | | | | | | | | | | | | | | | | | | |
NatWest | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 1,940,605 | | | | (1,343,998 | ) | | | 596,607 | | | | (254,846 | ) | | | (341,761 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 1,940,605 | | | $ | (1,343,998 | ) | | $ | 596,607 | | | $ | (254,846 | ) | | $ | (341,761 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | 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 Statements 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.
GuidePath® Growth and 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.
181
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
The table below, as of September 30, 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 | | | | | | | | | | | | | | | | | | | | | | | | |
NatWest | | $ | 23,520 | | | $ | — | | | $ | 23,520 | | | $ | — | | | $ | — | | | $ | 23,520 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 23,520 | | | $ | — | | | $ | 23,520 | | | $ | — | | | $ | — | | | $ | 23,520 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Options Written | | | | | | | | | | | | | | | | | | | | | | | | |
NatWest | | $ | 88,739 | | | $ | — | | | $ | 88,739 | | | $ | — | | | $ | — | | | $ | 88,739 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 88,739 | | | $ | — | | | $ | 88,739 | | | $ | — | | | $ | — | | | $ | 88,739 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | (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 its 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.
182
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
| | (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. 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.
| | (u) | | 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 September 30, 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;
183
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
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.
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% | | | | — | |
| | | | | | | | | | | | |
| | | Service
Class
| | | Institutional
Class
| | | Single
Class
| |
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% | | | | — | |
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 September 30, 2019, Large Cap Core Fund, Small/Mid Cap Core Fund, Worldex-US Fund Service Class Shares, 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
| | | Year of
Expiration
03/31/2023
| |
Emerging Markets Fund | | $ | 1 | | | $ | — | | | $ | 8,417 | | | $ | 48,050 | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | | | | — | |
Worldex-US Fund | | | 17,942 | | | | 4,462 | | | | 53 | | | | — | |
Core Fixed Income Fund | | | 109,659 | | | | 140,476 | | | | 187,844 | | | | 85,486 | |
Tax-Exempt Fixed Income Fund | | | 60,304 | | | | 53,567 | | | | 64,590 | | | | 33,142 | |
Opportunistic Fixed Income Fund | | | 175,049 | | | | 197,441 | | | | 192,137 | | | | 99,630 | |
Conservative Allocation Fund | | | — | | | | 123,290 | | | | 461,910 | | | | 389,245 | |
Absolute Return Allocation Fund | | | — | | | | 152,010 | | | | 735,890 | | | | 478,855 | |
Flexible Income Allocation Fund | | | — | | | | 15,949 | | | | 67,053 | | | | 96,654 | |
Managed Futures Strategy Fund | | | 29,820 | | | | 47,553 | | | | 18,545 | | | | — | |
Conservative Income Fund | | | — | | | | — | | | | 55,574 | | | | 37,843 | |
Income Fund | | | — | | | | — | | | | 58,315 | | | | 34,274 | |
Growth and Income Fund | | | — | | | | — | | | | 56,091 | | | | 61,186 | |
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.
The Board of Trustees approved the renewal of a compensation policy with respect to the Trust’s Chief Compliance Officer (“CCO”), pursuant to which the Funds will pay a portion of the CCO’s salary by allocation among the Funds according to relative average net assets.
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’ Service Shares. Payments under the12b-1 Plan shall be used to compensate persons (including
184
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
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 September 30, 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 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, 2019 and will mature, unless renewed, on July 31, 2020. 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 5.0% at September 30, 2019. As of September 30, 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 period April 1, 2019 to September 30, 2019, the details of the borrowings were as follows:
| | | | | | | | | | | | |
Fund
| | Average Daily Borrowings
| | | Weighted Average Annualized
Interest Rate
| | | Maximum
Borrowings
| |
Large Cap Core Fund | | $ | — | | | | — | | | $ | — | |
Emerging Markets Fund | | | 30,601 | | | | 5.44 | % | | | 1,041,000 | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | |
Worldex-US Fund | | | 13,689 | | | | 5.35 | % | | | 1,508,000 | |
Core Fixed Income Fund | | | — | | | | — | | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | — | | | | — | | | | — | |
Growth Allocation Fund | | | 577,590 | | | | 5.25 | % | | | 74,171,000 | |
Conservative Allocation Fund | | | 258,689 | | | | 5.25 | % | | | 33,161,000 | |
Tactical Allocation Fund | | | — | | | | — | | | | — | |
Absolute Return Allocation Fund | | | 123,038 | | | | 5.30 | % | | | 16,761,000 | |
Multi-Asset Income Allocation Fund | | | 28,311 | | | | 5.30 | % | | | 4,086,000 | |
Flexible Income Allocation Fund | | | 331,235 | | | | 3.66 | % | | | 22,320,000 | |
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.
185
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
During the period ended September 30, 2019, the Funds (excluding theTax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund and Managed Futures Strategy 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.
Secured Borrowings
| | | | |
Securities Lending Transactions
| | | |
Overnight and Continuous
| | Investments Purchased with
Proceeds from Securities
Lending Collateral
| |
Large Cap Core Fund | | $ | 86,050,938 | |
Emerging Markets Fund | | | 3,669,261 | |
Small/Mid Cap Core Fund | | | 8,533,516 | |
Worldex-US Fund | | | 2,160,335 | |
Core Fixed Income Fund | | | 2,740,344 | |
Tax-Exempt Fixed Income Fund* | | | — | |
Opportunistic Fixed Income Fund* | | | — | |
Growth Allocation Fund | | | 115,360,564 | |
Conservative Allocation Fund | | | 79,746,430 | |
Tactical Allocation Fund | | | 82,460,019 | |
Absolute Return Allocation Fund | | | 18,426,869 | |
Multi-Asset Income Allocation Fund | | | 18,003,699 | |
Flexible Income Allocation Fund | | | 11,829,387 | |
Managed Futures Strategy Fund | | | — | |
Conservative Income Fund | | | 390,793 | |
Income Fund | | | 7,302,268 | |
Growth & Income Fund | | | 717,558 | |
| |
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | | $ | 437,391,981 | |
| | * | | 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 September 30, 2019 are summarized below.
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Large Cap Core Fund | | $ | 106,985,009 | | | $ | 31,055,502 | |
Emerging Markets Fund | | | 19,683,130 | | | | 19,919,560 | |
Small/Mid Cap Core Fund | | | 12,858,674 | | | | 11,271,446 | |
Worldex-US Fund | | | 20,496,053 | | | | 88,514,900 | |
Core Fixed Income Fund* | | | 213,903,266 | | | | 206,672,082 | |
Tax-Exempt Fixed Income Fund | | | 4,442,127 | | | | 4,777,699 | |
Opportunistic Fixed Income Fund** | | | 6,139,767 | | | | 4,545,737 | |
Growth Allocation Fund | | | 193,013,240 | | | | 193,227,096 | |
Conservative Allocation Fund | | | 94,095,138 | | | | 99,703,164 | |
Tactical Allocation Fund | | | 809,523,505 | | | | 794,795,646 | |
Absolute Return Allocation Fund | | | 193,852,639 | | | | 207,602,983 | |
Multi-Asset Income Allocation Fund | | | 32,655,272 | | | | 34,400,747 | |
Flexible Income Allocation Fund | | | 193,083,195 | | | | 157,600,439 | |
Managed Futures Strategy Fund | | | — | | | | — | |
Conservative Income Fund | | | 2,648,192 | | | | 539,450 | |
Income Fund | | | 28,797,426 | | | | 11,116,546 | |
Growth and Income Fund | | | 26,033,642 | | | | 12,276,830 | |
| | * | | Included in these amounts were $196,818,918 of purchases and $179,724,372 of sales of U.S. Government Securities. |
| | ** | | Included in these amounts were $10,887,520 of purchases and $7,797,558 of sales of U.S. Government Securities. |
| 9. | | New Accounting Pronouncements |
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 ASU2017-08 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 ASU2017-08 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.
| 10. | | 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.
186
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
These differences are primarily due to foreign currency, Passive Foreign Investment Companies, capital loss carryforwards, CFC income reversal, net operating loss lost, Partnerships, debt modifications and paydown reclassifications. 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 | | | — | | | | — | |
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 | | | 3,222,774 | | | | 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 | | | | — | | | | | |
187
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
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 | | | — | | | | 11,517,785 | |
Growth Allocation Fund | | | — | | | | — | |
Conservative Allocation Fund | | | — | | | | 5,422,732 | |
Tactical Allocation Fund | | | — | | | | — | |
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.
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. |
188
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 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. |
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 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total 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 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total 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 |
189
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2019
| | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 4,396,696 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
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 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total 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 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
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| |
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The differences between book-basis andtax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.
| | * | | Portfolio includes investments and derivative contracts |
190
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION
September 30, 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.
191
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 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); |
| | | | | |
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, Cambria ETF Series Trust (2013-present); Director, Merriman Holdings, Inc. (financial services) (2003-2016); |
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); |
192
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 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 Part F of FormN-PORT. Once filed, the Funds’ 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.
193
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.
Semi-Annual Report
September 30, 2019
Not applicable for semi-annual reports.
| Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual reports.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual reports.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to registrants who are not listed issuers (as defined in Rule10A-3 under the Securities Exchange Act of 1934).
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.
| Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable toopen-end investment companies.
| Item 9. | Purchases of Equity Securities by Closed-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 Rules 13a-15(b) |
1
| | 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.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.Not applicable for semi-annual reports. |
(2)A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.
(3)Any written solicitation to purchase securities under 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. |
2
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 | | |
| |
| Date 11/12/19 | | |
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 | | |
| |
| Date 11/12/19 | | |
| |
| By (Signature and Title) /s/ Patrick R. Young | | |
| Patrick R. Young, Principal Financial Officer/Treasurer/Vice President | | |
| |
| Date 11/12/19 | | |
3
