As filed with the Securities and Exchange Commission on 03/30/2021
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22486
GPS Funds II
(Exact name of registrant as specified in charter)
1655 Grant Street, 10th Floor
Concord, CA 94520
(Address of principal executive offices) (Zip code)
Patrick Young
AssetMark, Inc.
1655 Grant Street, 10th Floor
Concord, CA 94520
(Name and address of agent for service)
800-664-5345
Registrant’s telephone number, including area code
Date of fiscal year end: March 31, 2021
Date of reporting period: April 1, 2020 through September 30, 2020
Item 1. Reports to Stockholders.
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GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
September 30, 2020
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 Funds’ 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.
[Date]
Dear Shareholder:
Enclosed is the Semi-Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2020 to September 30, 2020.
Market Review
The six-month period ended September 30, 2020 saw a historically fast recovery from a market downturn, taking only 126 days to recoup the losses of the bear market that occurred from February 19 through March 23.1 Central bank and government monetary and fiscal policy responses to the economic impacts of the global coronavirus pandemic were larger and quicker than previous economic stimulus measures. For the six-month period, the US equity markets had an impressive return of 31.3%, resulting in the largest six month gain since 2009.2 International equities also saw strong returns for the period, with developed markets returning 20.7% and emerging markets returning 29.7%.3
Within the US equity markets, outperformance was driven by a handful of stocks. The group of companies that has been coined ‘FANAMA’ – Facebook, Amazon, Netflix, Apple, Microsoft and Alphabet (Google’s parent company) – comprised over 20% of the S&P 500® Index (the “S&P 500”) and contributed over 30% to the return during the 6-month period.4 In fact, the concentration in performance drivers of the S&P 500 was primarily attributable to the outperformance of the three largest stocks in the index – Apple, Amazon and Microsoft – which represent 16% of the index and were responsible for 26% of its return over the 6-month period.5 These three companies benefited from the new living environment that has emerged as a result of the pandemic: working from home, virtual family get togethers, home schooling and online-shopping.
At the sector level, there was a large divergence in returns for the period. The consumer discretionary, technology, and materials sectors saw returns of over 40% for the six-month period while the energy and utilities sectors saw returns in the single digits.6 The dispersion in returns across sectors led to a gap in performance between growth and value stocks.7 Over the six-month period, the difference between large-cap growth and large-cap value stocks was 22.5%. Given their value bias, dividend-oriented companies saw a weaker return compared to the broad market, up 17.9% for the six-month period.8 One surprise in the recovery has been the trailing returns of small-cap stocks, which were up 25.8% for the six months, trailing large-cap stocks by 5.5%.9 The unique market environment during the reporting period including unprecedented business closures and social distancing public health protocols that have persisted since the second quarter of 2020 has focused the attention of smaller cap companies on survival, rather than growth, creating a disadvantage as compared to mega-cap, cash-rich companies.
Over the six-month period, real estate investment trusts (“REITs”) and commodities saw similar returns around 14.6%, but the journey getting there was quite different.10 REITs saw stronger returns in the second quarter of 2020 as retail rebounded from its lows, while commodities rallied strongly in the third quarter11. Broad-based gains were seen in commodities over the six-month period; however, it was precious metals that saw strongest returns, specifically silver, which was up over 25% in the third quarter.12
The bond markets also saw positive returns for the six-month period. The broad US bond market returned 3.5% for the six-month period, trailing the international markets at 7.7% and the emerging markets at 12.6%.13 A weakening US dollar helped lift international returns as dollar-hedged international bonds actually trailed the broad US bond market at 2.5%.14
Within the US bond markets, the higher-risk credit sectors saw strongest returns. High-yield corporate bonds were up 15.2% for the six months and investment-grade corporate bonds were up 10.7% for the period, both benefiting from the Federal Reserve’s asset buying program.15 Despite relatively stable inflation, Treasury Inflation Protection Securities were up 7.4%.16 Conversely, the more stable government related sectors of mortgage-backed securities and Treasuries gained only 0.8% and 0.7% respectively over the six-month period.17
| 1 | | Market returns represented by S&P 500® Index |
| 2 | | US equities represented by S&P 500® Index. |
| 3 | | International developed markets represented by the MSCI EAFE Index; emerging markets represented by MSCI Emerging Markets Index. |
| 4 | | Source: Standard & Poor’s, Factset, AssetMark. |
| 5 | | Source: Standard & Poor’s, Factset, AssetMark. |
| 6 | | Consumer discretionary sector represented by S&P 500® Consumer Discretionary (Sector) Index; technology sector represented by S&P 500® Information Technology (Sector) Index; materials sector represented by S&P 500® Materials (Sector) Index; energy sector represented by S&P 500® Energy (Sector) Index; utilities sector represented by S&P 500® Utilities (Sector) Index. |
| 7 | | Large-cap growth stocks represented by S&P 500® Growth Index; large-cap value stocks represented by S&P 500® Value Index. |
| 8 | | Dividend companies represented by MSCI USA High Dividend Yield Index. |
| 9 | | US small cap equities represented by S&P 600® Index, US large cap represented by S&P 500® Index. |
| 10 | | REITS represented by FTSE NAREIT All Equity REITS. |
| 11 | | Commodities represented by Bloomberg Commodity Index. |
| 12 | | Silver represented by Bloomberg Silver Sub-index. |
| 13 | | US bonds represented by Bloomberg Barclays US Aggregate Bond Index; international bonds represented by Bloomberg Barclays Global Aggregate Index. |
| 14 | | Emerging markets bonds represented by Bloomberg Barclays Emerging Markets Hard Currency Aggregate Index; international dollar-hedged bonds represented by Bloomberg Barclays Global Aggregate ex-USD Currency Hedged Index. |
| 15 | | High-yield corporate bonds represented by Bloomberg Barclays US Corporate High Yield Bond Index; investment grade bonds represented by Bloomberg Barclays US Corporate Bond Index. |
| 16 | | Treasury Inflation Protected Securities (TIPS) represented by Bloomberg Barclays US TIPS Index. |
| 17 | | Mortgage backed securities (MBS) represented by Bloomberg Barclays US MBS Index; US Treasuries represented by Bloomberg Barclays US Treasury Index. |
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Fund Review
Looking across the fund family, 12 of the 17 funds outperformed their benchmarks over the six-month period.
Most of the GuideMark® funds outperformed their respective benchmarks during the reporting period. Only two funds trailed their benchmarks. The GuideMark® Large Cap Core Fund, GuideMark® Small/Mid Cap Core Fund and GuideMark® World ex-US Fund all outperformed helped by the quality and momentum factors. The GuideMark® Emerging Markets Fund trailed its benchmark for the period as a result of the value factor. The GuideMark® Core Fixed Income Fund and GuideMark® Tax Exempt Fixed Income Fund both benefited from the active credit selection, resulting in outperformance of their respective benchmarks for the period. The GuideMark® Opportunistic Fixed Income Fund’s significant underweight exposure to Treasuries and shorter duration as well as the Fund’s overweight exposure to foreign bonds relative to its benchmark detracted from the Fund’s returns for the period, resulting in the Fund’s relative underperformance for the period.
Most of the GuidePath® allocation funds also outperformed their respective benchmarks, with only one fund underperforming for the six-month period. The six funds that outperformed were generally driven by exposure to higher-risk assets which rebounded and rallied from the market bottom. GuidePath® Growth Allocation Fund titled towards larger cap growth while the GuidePath® Conservative Allocation Fund, GuidePath® Flexible Income Fund and GuidePath® Absolute Return Fund all benefited from exposure to credit, especially high-yield, investment-grade and emerging markets. The GuidePath® Tactical Allocation Fund benefited from having higher equity exposure than the benchmark. The GuidePath® Managed Futures Strategy Fund uses derivatives to implement its investment strategy, specifically index futures contracts. Long futures positioning within bonds and equities benefitted the GuidePath® Managed Futures Strategy Fund’s returns during the period. The GuidePath® Multi-Asset Income Allocation Fund was the only fund that trailed its benchmark for the period, due to a larger allocation to government-related securities that underperformed credit-based securities.
Of the three GuidePath® income focused funds, only the GuidePath® Conservative Income Fund outperformed its benchmark, as exposure to investment-grade credit and Treasury inflation-linked securities lifted returns. The slower re-risking of exposures within the GuidePath® Income Fund and GuidePath® Growth and Income Fund during the market rally led to the lower relative returns for the period.
Looking Ahead
In our opinion, we may be entering a fundamentally different investment environment where the old investment frameworks and rules-of-thumb will no longer be adequate. The low absolute-level of interest rates, while stimulative for the economy, poses a challenge to bond investors. An important implication of the current low-rate environment is that bonds will likely be of limited value to hedge recession risk. Another implication is that it will be more challenging to achieve financial goals within an investor’s specific tolerance for risk. In contrast to today, where investors may be guided by their tolerance for withstanding short-term market losses, investors will need to thoughtfully balance their risk preferences with the minimum level of risk required to enable them to achieve their financial goals, based on more current and realistic asset class return assumptions.
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 and Bloomberg. It is not possible to invest directly in any index.
Past performance is no guarantee of future results.
The AssetMark platform provides fee-based investment advisory programs. Investors are advised to refer to the appropriate Disclosure Brochure, which can be obtained from your financial advisor, for a full description of services provided, including all applicable fees.
The prospectus includes additional information about the GuideMark® and GuidePath® Funds including 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, Inc. AssetMark Brokerage™, LLC is an affiliate of AssetMark, Inc. and shares its address. ©2020 AssetMark, Inc. All rights reserved.
Investment Terms
Market Capitalization or Market Cap refers 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.
Small Cap stocks generally refer to shares of companies with a market-cap of between $300 million and $2 billion.
Large Cap stocks generally refer to shares of companies with a market-cap of $10 billion and greater.
Mega Cap stocks generally refer to shares of companies with valuations well above the rest of the market, generally $200 billion and greater.
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Investment Factors:
Value refers to how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow.
Momentum refers to whether a company’s share price is trending up or down.
Quality refers to profitability.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Inflation is the measure of average prices of a ‘basket’ of consumer goods over time.
Risk refers to the price volatility of an investment, and typically refers to equities or credit-based investments. “Risking” or “de-risking” a portfolio refers to increasing or decreasing the amount of these assets.
Index Definitions
Bloomberg Barclays US Aggregate Bond Index is a broad-based index that measures the investment-grade, US dollar-denominated, fixed rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).
Bloomberg Barclays US Corporate High Yield Bond Index measures the US 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. Bonds from issuers with an emerging markets country of risk, based on Barclays’ emerging market country definition, are excluded.
Bloomberg Barclays US Corporate Bond Index measures the performance of the investment-grade, fixed-rate, taxable corporate bond market. It includes US dollar-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.
Bloomberg Barclays US MBS Index tracks fixed-rate agency mortgage backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual “to-be-announced” deliverable mortgage-backed security pools into aggregates or generics based on program, coupon and vintage.
Bloomberg Barclays US TIPS Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.
Bloomberg Barclays US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint.
Bloomberg Barclays Global Aggregate Index is a measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.
Bloomberg Barclays Emerging Markets Hard Currency Aggregate Index is a hard currency emerging markets debt benchmark that includes US dollar-denominated debt from sovereign, quasi-sovereign and corporate emerging markets issuers.
Bloomberg Barclays Global Aggregate ex-USD Currency Hedged Index is a measure of global investment-grade debt from 24 local currency markets. This multi-currency index includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. It excludes bonds issued in US dollars. The index reduces currency exposure by hedging local currencies to the US dollar.
Bloomberg Silver Sub-index is a commodity group subindex of the Bloomberg Commodity Index composed of futures contracts on silver. It reflects the return of underlying commodity futures price movements only and is quoted in US dollars.
Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements.
FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of US equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
MSCI EAFE (Europe, Australasia, Far East) Index is an equity index which captures large and mid cap representation across Developed Markets countries around the world, excluding the US and Canada.
MSCI Emerging Markets Index captures large and mid cap representation across twenty-six emerging markets countries.
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 reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.
S&P 500® Index focuses on the large-cap segment of the US equity market. It includes 500 leading companies in leading industries of the US economy, capturing approximately 75% coverage of US equities.
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.
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S&P 500® Information Technology (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® information technology sector.
S&P 500® Materials (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® materials 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.
S&P 500® Consumer Discretionary (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® consumer discretionary sector.
S&P 500® Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. Constituents are drawn from the S&P 500® Index.
S&P 500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. Constituents are drawn from the S&P 500® Index.
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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, 2010. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
RUSSELL 1000® INDEX – The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. As of May 08, 2020, the market capitalization of the companies in the Russell 1000® Index ranged from $1.8 billion to $1.4 trillion.
| | | | | | | | | | | | | | | | |
| 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 | | | 15.34 | % | | | 11.35 | % | | | 11.61 | % | | | 5.29 | % |
Institutional Shares | | | 16.02 | % | | | 11.98 | % | | | N/A | | | | 10.50 | % |
Russell 1000® Index | | | 16.01 | % | | | 14.09 | % | | | 13.76 | % | | | 7.75 | %(2) |
| (1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | The return shown for the Russell 1000® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 12.30%. |
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GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 35.40%, outperforming the Russell 1000® Index at 33.36%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Quality and momentum provided positive returns while value detracted from the Fund’s relative returns during the period. |
| • | | As markets faced an extreme level of uncertainty regarding the future path of economic growth, high quality stocks with higher profits generally outperformed during the period. |
| • | | Value stocks, which tend to have lower price to earnings ratios, high dividends and are generally considered to be trading below fair value, underperformed on a global basis 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 | | | Apple, Inc. | | | 5.91 | % |
| | 2 | | | Microsoft Corp. | | | 5.07 | % |
| | 3 | | | Amazon.com, Inc. | | | 4.08 | % |
| | 4 | | | Vanguard S&P 500 ETF | | | 3.21 | % |
| | 5 | | | Facebook, Inc. – Class A | | | 1.95 | % |
| | 6 | | | Alphabet, Inc. – Class C | | | 1.31 | % |
| | 7 | | | Alphabet, Inc. – Class A | | | 1.31 | % |
| | 8 | | | Johnson & Johnson | | | 1.25 | % |
| | 9 | | | UnitedHealth Group, Inc. | | | 0.94 | % |
| | 10 | | | NVIDIA Corp. | | | 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.
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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, 2010. 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 | | | 6.85 | % | | | 6.96 | % | | | 9.11 | % | | | 4.58 | % |
Institutional Shares(2) | | | 7.49 | % | | | 7.15 | % | | | N/A | | | | 8.05 | % |
MSCI Emerging Markets Index | | | 10.91 | % | | | 9.37 | % | | | 2.87 | % | | | 9.41 | %(3) |
| (1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
| (2) | During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
| (3) | The return shown for the MSCI Emerging Markets Index is from the inception date of the Service Shares. The MSCI Emerging Markets Index return from the inception date of the Institutional Shares is 1.71%. |
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GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 28.97%, slightly underperforming the MSCI Emerging Markets Index at 29.65%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Momentum contributed positively to relative returns while value and quality detracted from the Fund’s relative returns during the period. |
| • | | Momentum stocks outperformed during the period as companies that had been doing well before the pandemic generally continued to exhibit strength. |
| • | | Value stocks, which tend to have lower price to earnings ratios, high dividends and are generally considered to be trading below fair value, underperformed on a global basis 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 | | | Alibaba Group Holding, Ltd. – ADR | | | 7.84 | % |
| | 2 | | | Tencent Holdings Ltd. | | | 5.62 | % |
| | 3 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 5.59 | % |
| | 4 | | | KraneShares Bosera MSCI China ETF – Class A | | | 4.93 | % |
| | 5 | | | Samsung Electronics Co., Ltd. | | | 3.61 | % |
| | 6 | | | iShares Core MSCI Emerging Markets ETF | | | 2.30 | % |
| | 7 | | | iShares MSCI Saudi Arabia ETF | | | 2.00 | % |
| | 8 | | | Meituan Dianping | | | 1.09 | % |
| | 9 | | | Infosys Ltd. | | | 0.93 | % |
| | 10 | | | Reliance Industries Ltd. | | | 0.78 | % |
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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, 2010. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
RUSSELL 2500TM INDEX – The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. 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, 2020, the market capitalization of the companies in the Russell 2500TM Index ranged from $95 million to $11.5 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 | | | 3.82 | % | | | 7.51 | % | | | 9.76 | % | | | 6.85 | % |
Russell 2500TM Index | | | 2.22 | % | | | 8.97 | % | | | 10.81 | % | | | 8.24 | % |
| (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, 2020, the Fund’s Service Shares returned 36.66%, outperforming the Russell 2500™ Index at 34.01%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Quality and momentum provided positive returns while value detracted from the Fund’s relative returns during the period. |
| • | | As markets faced an extreme level of uncertainty regarding the future path of economic growth, high quality stocks with higher profits generally outperformed during the period. |
| • | | Value stocks, which tend to have lower price to earnings ratios, high dividends and are generally considered to be trading below fair value, underperformed on a global basis during the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Extended Market ETF | | | 3.36 | % |
| | 2 | | | Horizon Therapeutics Plc | | | 0.39 | % |
| | 3 | | | Pool Corp. | | | 0.36 | % |
| | 4 | | | Owens & Minor, Inc. | | | 0.34 | % |
| | 5 | | | Monolithic Power Systems, Inc. | | | 0.31 | % |
| | 6 | | | Amedisys, Inc. | | | 0.31 | % |
| | 7 | | | Teradyne, Inc. | | | 0.29 | % |
| | 8 | | | Boston Beer Co., Inc. – Class A | | | 0.27 | % |
| | 9 | | | Molina Healthcare, Inc. | | | 0.27 | % |
| | 10 | | | Enphase Energy, Inc. | | | 0.27 | % |
10
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 2010. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI WORLD EX-USA INDEX – The MSCI World ex-USA Index captures large and mid-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® World ex-US Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 2.18 | % | | | 4.96 | % | | | 2.96 | % | | | 2.56 | % |
Institutional Shares(2) | | | 2.77 | % | | | 5.74 | % | | | N/A | | | | 2.47 | % |
MSCI World ex-USA Index | | | 0.63 | % | | | 5.86 | % | | | 4.88 | % | | | 5.31 | %(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 World ex-USA Index is from the inception date of the Service Shares. The MSCI World ex-USA Index return from the inception date of the Institutional Shares is 3.40%. |
11
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 23.65%, outperforming the MSCI World ex-USA Index at 21.34%. |
| • | | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Quality and momentum provided positive returns while value detracted from the Fund’s relative returns during the period. |
| • | | As markets faced an extreme level of uncertainty regarding the future path of economic growth, high quality stocks with higher profits generally outperformed during the period. |
| • | | Value stocks, which tend to have lower price to earnings ratios, high dividends and are generally considered to be trading below fair value, underperformed on a global basis 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 | | | 2.56 | % |
| | 2 | | | Nestle SA | | | 2.03 | % |
| | 3 | | | Roche Holdings AG | | | 1.76 | % |
| | 4 | | | Novartis AG | | | 1.17 | % |
| | 5 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 0.84 | % |
| | 6 | | | AstraZeneca PLC | | | 0.80 | % |
| | 7 | | | Novo Nordisk AS – Series B | | | 0.79 | % |
| | 8 | | | GlaxoSmithKline PLC | | | 0.70 | % |
| | 9 | | | ASML Holding NV | | | 0.68 | % |
| | 10 | | | Sanofi-Aventis SA | | | 0.65 | % |
12
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, 2010. 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 | | | 7.46 | % | | | 3.70 | % | | | 2.97 | % | | | 4.04 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 6.98 | % | | | 4.18 | % | | | 3.64 | % | | | 4.79 | % |
| (1) | Inception date is 6/29/01. |
13
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 5.32%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 3.53%. |
| • | | An overweight allocation to and security selection within investment grade credit was a driver of the Fund’s relative outperformance over the period. |
| • | | Exposure to securitized sectors, including collateralized loan obligations (“CLOs”) and agency, non-agency and commercial mortgage- backed securities (“MBS”), contributed favorably to the Fund’s returns for the period. |
| • | | Duration positioning had a neutral effect on the Fund’s returns over the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude certain derivative instruments, such as futures, swaps and options written.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | U.S. Treasury Note, 1.375%, 08/31/2023 | | | 5.55 | % |
| | 2 | | | U.S. Treasury Note, 2.875%, 07/31/2025 | | | 5.32 | % |
| | 3 | | | Federal National Mortgage Association, 2.000%, 03/25/2050 | | | 4.40 | % |
| | 4 | | | Federal National Mortgage Assocation, 2.000%, 04/25/2050 | | | 4.31 | % |
| | 5 | | | Federal National Mortgage Association, 2.000%, 04/25/2035 | | | 2.17 | % |
| | 6 | | | Federal National Mortgage Association, 3.500%, 10/01/2040 | | | 2.06 | % |
| | 7 | | | U.S. Treasury Bond, 2.500%, 05/15/2046 | | | 1.91 | % |
| | 8 | | | U.S. Treasury Bond, 6.875%, 08/15/2025 | | | 1.85 | % |
| | 9 | | | U.S. Treasury Bond, 3.750%, 11/15/2043 | | | 1.78 | % |
| | 10 | | | U.S. Treasury Note, 2.875%, 05/31/2025 | | | 1.60 | % |
14
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, 2010. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS MUNICIPAL BOND INDEX – The Bloomberg Barclays Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark® Tax-Exempt Fixed Income Fund | | | | | | | | | | | | | | | | |
Service Shares | | | 2.22 | % | | | 2.82 | % | | | 3.02 | % | | | 3.43 | % |
Bloomberg Barclays Municipal Bond Index | | | 4.09 | % | | | 3.84 | % | | | 3.99 | % | | | 4.66 | % |
| (1) | Inception date is 6/29/01. |
15
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 4.90%, outperforming the Bloomberg Barclays Municipal Bond Index at 3.99%. |
| • | | An overweight allocation to lower credit qualities relative to the benchmark, including tobacco bonds, benefited Fund returns during the period. |
| • | | The Fund’s overweight exposure to the longer end of the yield curve, specifically longer than 20 years, added to returns for the period. |
| • | | Exposure to the shorter end of the yield curve modestly detracted from Fund performance as did an underweight exposure to single A rated securities. |
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 | | | 2.94 | % |
| | 2 | | | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | | | 2.32 | % |
| | 3 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | | | 2.28 | % |
| | 4 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, 5.000%, 12/01/2025 | | | 2.01 | % |
| | 5 | | | Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034 | | | 2.00 | % |
| | 6 | | | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A1, Revenue Bond, 4.750%, 07/01/2053 | | | 1.86 | % |
| | 7 | | | M-S-R Energy Authority, Revenue Bond, 6.500%, 11/01/2039 | | | 1.74 | % |
| | 8 | | | Atlanta Water & Wastewater, Refunding, Revenue Bond, 5.000%, 11/01/2040 | | | 1.56 | % |
| | 9 | | | Mississippi Business Finance Corp., Series H, Revenue Bond, 0.100%, 11/01/2035 | | | 1.54 | % |
| | 10 | | | Public Authority for Colorado Energy, Revenue Bond, 6.500%, 11/15/2038 | | | 1.54 | % |
16
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 | | | -2.07 | % | | | 1.36 | % | | | 1.31 | % |
Institutional Shares | | | -9.19 | % | | | 0.51 | % | | | 1.04 | % |
Bloomberg Barclays Multiverse Index | | | 5.99 | % | | | 4.08 | % | | | 2.67 | %(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 2.32%. |
17
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 1.72%, underperforming the Bloomberg Barclays Multiverse Index at 6.49%. |
| • | | A more value-oriented positioning within credit and a significantly underweight exposure to US interest rates as compared to the Fund’s benchmark were the biggest drivers of the Fund’s relative underperformance. |
| • | | Significantly underweight exposure to longer dated US Treasury bonds was a large driver of the Fund’s weaker relative returns as long bonds moved higher with the flight to safety in light of growing market uncertainty. |
| • | | Underweight exposure to investment grade and high yield corporate credit in favor of securitized credit, as well as exposures to sovereign bonds and a basket of emerging market currencies dampened the Fund’s relative performance for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as forward currency contracts.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | U.S. Treasury Note, 1.750%, 12/31/2024 | | | 6.62 | % |
| | 2 | | | U.S. Treasury Note, 2.125%, 05/31/2021 | | | 2.93 | % |
| | 3 | | | Mexican Bonos, 7.250%, 12/9/2021 | | | 2.37 | % |
| | 4 | | | Mexican Bonos, 6.500%, 06/09/2022 | | | 2.25 | % |
| | 5 | | | Mexican Bonos, 8.000%, 12/07/2023 | | | 2.12 | % |
| | 6 | | | Federal National Mortgage Association, 3.250%, 07/25/2043 | | | 1.88 | % |
| | 7 | | | ACE Securities Corp. Home Equity Loan Trust, 0.518%, 02/25/2037 | | | 1.68 | % |
| | 8 | | | Indonesia Treasury Bond, 8.250%, 7/15/2021 | | | 1.65 | % |
| | 9 | | | Federal Home Loan Mortgage Corp., 2.000%, 07/01/2050 | | | 1.54 | % |
| | 10 | | | Verus Securitization Trust, 3.291%, 05/25/2065 | | | 1.51 | % |
18
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 | | | 13.53 | % | | | 9.16 | % | | | 6.14 | % |
Institutional Shares | | | 14.22 | % | | | 9.81 | % | | | 8.22 | % |
S&P® Target Risk Aggressive Index | | | 8.47 | % | | | 9.30 | % | | | 7.88 | %(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 8.74%. |
19
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 30.97%, outperforming the S&P® Target Risk Aggressive Index at 23.25%. |
| • | | Performance benefited from exposure to growth stocks across the capitalization structure as growth was heavily favored over value during the period. |
| • | | Exposure to international small cap equities and emerging market equities also benefitted Fund performance during the period, as global economies started to reopen and investor risk appetites returned. |
| • | | Exposure to global real estate investment trusts (REITs) dampened returns as measures to contain the ongoing coronavirus pandemic raised concerns of negative impacts to shopping malls and office buildings. |
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 | | | 17.98 | % |
| | 2 | | | Vanguard FTSE Developed Markets ETF | | | 10.78 | % |
| | 3 | | | Schwab U.S. Large-Cap ETF | | | 6.44 | % |
| | 4 | | | Schwab U.S. Large-Cap Growth ETF | | | 6.43 | % |
| | 5 | | | Vanguard Russell 1000 Growth ETF | | | 6.41 | % |
| | 6 | | | American Funds – The Growth Fund of America – Class F3 | | | 6.31 | % |
| | 7 | | | AMCAP Fund – Class F3 | | | 6.12 | % |
| | 8 | | | iShares Core MSCI Emerging Markets ETF | | | 5.10 | % |
| | 9 | | | iShares Core S&P Small-Cap ETF | | | 5.09 | % |
| | 10 | | | American Funds – Fundamental Investors – Class F3 | | | 4.93 | % |
20
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath® Conservative Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 5.24 | % | | | 5.05 | % | | | 4.18 | % |
Institutional Shares | | | 5.88 | % | | | 5.70 | % | | | 5.45 | % |
S&P® Target Risk Conservative Index | | | 7.37 | % | | | 6.44 | % | | | 5.20 | %(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 5.21%. |
21
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 13.43%, outperforming the S&P® Target Risk Conservative Index at 11.39%. |
| • | | Returns were boosted by the Fund’s high yield bond exposure which benefitted from the Federal Reserve’s asset purchase program and investor demand for riskier fixed income securities. Investment grade corporate bonds also added to the Fund’s performance during the period. |
| • | | US large cap and emerging market equity exposure benefitted returns as global economies reopened and the economic outlook brightened. |
| • | | Exposure to MBS and to US Treasuries across the curve hurt performance as the Federal Reserve signaled lower interest rates are expected to persist for longer than anticipated. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Mortgage-Backed Securities ETF | | | 8.78 | % |
| | 2 | | | iShares Core Growth Allocation ETF | | | 6.43 | % |
| | 3 | | | American Funds – The Income Fund of America – Class F3 | | | 6.16 | % |
| | 4 | | | American Funds – Capital Income Builder – Class F3 | | | 6.15 | % |
| | 5 | | | Vanguard S&P 500 ETF | | | 5.25 | % |
| | 6 | | | iShares Core Aggressive Allocation ETF | | | 4.96 | % |
| | 7 | | | Vanguard FTSE Developed Markets ETF | | | 3.99 | % |
| | 8 | | | American Funds – High-Income Trust – Class F3 | | | 3.75 | % |
| | 9 | | | American Funds – Mutual Fund – Class F3 | | | 3.68 | % |
| | 10 | | | Vanguard High Dividend Yield ETF | | | 3.64 | % |
22
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 | | | 0.05 | % | | | 5.56 | % | | | 3.59 | % |
Institutional Shares | | | 0.64 | % | | | 6.18 | % | | | 5.09 | % |
S&P 500® Daily Risk Control 10% Index | | | 5.31 | % | | | 9.98 | % | | | 7.55 | %(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 8.89%. |
23
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 8.00%, outperforming the S&P 500® Daily Risk Control 10% Index at 6.18%. |
| • | | Higher total equity positioning relative to the benchmark during the period contributed positively to the Fund’s performance. The quick rise in equity markets led to a faster increase in the Fund’s equity exposure as compared to its benchmark. |
| • | | Technology sector positioning added to the Fund’s returns due to the relative advantages of cash-rich, mega-cap companies during the prolonged remote work and “shelter in place” environment. Residential homebuilder industry exposure contributed to Fund gains as a result of strong housing demand amidst a low interest rate environment. |
| • | | Exposure to the insurance industry detracted from the Fund’s performance. A small position in the energy sector was a headwind as energy was the worst performing sector for 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 | | | Apple, Inc. | | | 4.20 | % |
| | 2 | | | Kroger Co. | | | 3.93 | % |
| | 3 | | | Skyworks Solutions, Inc. | | | 3.56 | % |
| | 4 | | | Bio-Rad Laboratories, Inc. | | | 3.22 | % |
| | 5 | | | Consolidated Edison, Inc. | | | 2.82 | % |
| | 6 | | | CVS Health Corp. | | | 2.67 | % |
| | 7 | | | Cadence Design Systems, Inc. | | | 2.63 | % |
| | 8 | | | Biogen, Inc. | | | 2.62 | % |
| | 9 | | | Lennar Corp. | | | 2.55 | % |
| | 10 | | | AT&T, Inc. | | | 2.46 | % |
24
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.
FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath® Absolute Return Allocation Fund | | | | | | | | | | | | |
Service Shares | | | 2.17 | % | | | 4.00 | % | | | 2.59 | % |
Institutional Shares | | | 2.80 | % | | | 4.62 | % | | | 3.34 | % |
FTSE 3-Month Treasury Bill Index | | | 1.02 | % | | | 1.16 | % | | | 0.63 | %(2) |
| (1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
| (2) | The return shown for the FTSE 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The FTSE 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.73%. |
25
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 6.17%, outperforming the FTSE 3-Month Treasury Bill Index at 0.17%. |
| • | | Exposure to investment grade corporate bonds, low duration bonds and emerging market government bonds helped drive the Fund’s relative outperformance during the period. |
| • | | Returns from a small exposure to global equities benefitted returns as global economies reopened and the economic outlook brightened. |
| • | | Exposure to MBS and to US Treasuries across the yield curve hurt performance as the Federal Reserve signaled lower interest rates are expected to persist for longer than anticipated. |
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 | | | 23.75 | % |
| | 2 | | | DoubleLine Total Return Bond Fund – Institutional Shares | | | 10.42 | % |
| | 3 | | | BlackRock Low Duration Bond Portfolio – Institutional Shares | | | 8.49 | % |
| | 4 | | | DoubleLine Low Duration Bond Fund – Institutional Shares | | | 8.49 | % |
| | 5 | | | DoubleLine Flexible Income Fund – Institutional Shares | | | 7.49 | % |
| | 6 | | | Schwab Short-Term U.S. Treasury ETF | | | 7.49 | % |
| | 7 | | | ProShares Investment Grade-Interest Rate Hedged ETF | | | 6.96 | % |
| | 8 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 6.35 | % |
| | 9 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 4.97 | % |
| | 10 | | | Doubleline Shiller Enhanced CAPE – Institutional Shares | | | 2.77 | % |
26
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 | | | -5.06 | % | | | 3.73 | % | | | 3.47 | % |
Morningstar Multi-Asset High Income Index | | | -4.33 | % | | | 4.46 | % | | | 3.40 | % |
| (1) | Inception date is 8/31/12. |
27
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 12.51%, underperforming the Morningstar Multi-Asset High Income Index at 15.80%. |
| • | | Exposure to MBS and to US Treasuries across the yield curve hurt performance as the Federal Reserve signaled lower interest rates are expected to persist for longer than anticipated. |
| • | | Positioning in emerging market, dividend-oriented equity securities detracted from the Fund’s relative returns. A small exposure to the utilities sector also detracted from returns, as utilities was the second worst performing sector during the period. |
| • | | Returns were boosted by the Fund’s high yield bond exposure which benefitted from the Federal Reserve’s asset purchase program and investors seeking riskier fixed income securities. Investment grade corporate bonds and floating rate notes also added to the Fund’s performance 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 Emerging Markets Dividend ETF | | | 6.06 | % |
| | 2 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 5.97 | % |
| | 3 | | | Vanguard Mortgage-Backed Securities ETF | | | 5.64 | % |
| | 4 | | | Vanguard High-Yield Corporate Fund | | | 5.14 | % |
| | 5 | | | Vanguard Long-Term Treasury ETF | | | 5.11 | % |
| | 6 | | | Schwab U.S. Dividend Equity ETF | | | 5.10 | % |
| | 7 | | | Vanguard High Dividend Yield ETF | | | 5.09 | % |
| | 8 | | | Loomis Sayles Global Allocation Fund | | | 5.09 | % |
| | 9 | | | WisdomTree U.S. Large Cap Dividend Fund | | | 4.96 | % |
| | 10 | | | iShares Select Dividend ETF | | | 4.78 | % |
28
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 | | | 12.33 | % | | | 4.65 | % | | | 2.88 | % |
Institutional Shares | | | 13.02 | % | | | 5.44 | % | | | 3.59 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 6.98 | % | | | 4.18 | % | | | 3.23 | %(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 3.29%. |
29
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned 11.25%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 3.53%. |
| • | | Tactically positioning into high yield during the first half of the period yielded strong returns and was the primary driver of outperformance relative to the benchmark. |
| • | | A small allocation to equity, specifically technology industries aided returns as the technology sector was among the performance leaders during the period. |
| • | | Exposure to US Treasuries across the curve dampened performance as the Federal Reserve signaled lower interest rates are expected to persist for longer than anticipated. |
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 | | | BlackRock High Yield Portfolio – Institutional Shares | | | 13.36 | % |
| | 2 | | | Schwab U.S. TIPs ETF | | | 10.13 | % |
| | 3 | | | Xtrackers USD High Yield Corporate Bond ETF | | | 8.07 | % |
| | 4 | | | Vanguard High-Yield Corporate Fund | | | 7.12 | % |
| | 5 | | | Schwab Short-Term U.S. Treasury ETF | | | 6.79 | % |
| | 6 | | | SPDR Portfolio Aggregate Bond ETF | | | 6.63 | % |
| | 7 | | | iShares Convertible Bond ETF | | | 5.09 | % |
| | 8 | | | Vanguard Emerging Markets Government Bond ETF | | | 4.90 | % |
| | 9 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 4.70 | % |
| | 10 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 4.59 | % |
30
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator. Currently, one of the ten managers whose performance is tracked by the index is AlphaSimplex Group LLC, sub-advisor to the GuidePath® Managed Futures Strategy Fund.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Managed Futures Strategy Fund | | | | | | | | |
Service Shares | | | 1.80 | % | | | -2.08 | % |
Institutional Shares | | | 2.39 | % | | | -1.50 | % |
FTSE 3-Month Treasury Bill Index | | | 1.02 | % | | | 1.23 | % |
SG Trend Index | | | -5.73 | % | | | -2.32 | % |
| (1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
31
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund’s Service Shares returned -1.41%, outperforming the SG Trend Index at -4.23%. |
| • | | Gains within the Fund’s currency and fixed income allocations were the largest tailwinds for returns during the period. Headwinds were driven by losses within commodities, while the Fund’s equity allocation marginally impacted performance. |
| • | | Fixed income gains were primarily driven by long positions to long duration global fixed income securities. A net long position to the US dollar was the largest tailwind within currencies. |
| • | | Commodity losses were primarily driven by short energy sector exposure during the second quarter. Equity positioning marginally impacted returns as losses from short positions during the second quarter were offset by gains from long positions to global equity markets in the third quarter. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as futures and forward currency 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, 2020. |
32
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. 1-3 YEAR TREASURY BOND INDEX – The Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Conservative Income Fund | | | | | | | | |
Shares | | | -0.03 | % | | | 1.08 | % |
Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index | | | 3.64 | % | | | 3.56 | % |
| (1) | Inception date for the Fund is 4/30/18. |
33
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund returned 0.41%, outperforming the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index at 0.34%. |
| • | | Exposure to investment grade credit and inflation-linked bonds boosted the Fund’s relative returns as the global economy and risk assets rebounded from a tumultuous first quarter. |
| • | | A target allocation of 50% to cash equivalents dampened relative returns, as the Federal Reserve lowered short-term rates to near zero and signaled the intention to keep them there for longer than anticipated. |
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 0-5 Year Investment Grade Corporate Bond ETF | | | 26.12 | % |
| | 2 | | | iShares 0-5 Year TIPS Bond ETF | | | 10.41 | % |
| | 3 | | | Schwab Short-Term U.S. Treasury ETF | | | 10.36 | % |
| | 4 | | | SPDR Barclays Investment Grade Floating Rate ETF | | | 5.21 | % |
34
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.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Income Fund | | | | | | | | |
Shares | | | 0.12 | % | | | 2.42 | % |
Bloomberg Barclays U.S. Aggregate Bond Index | | | 6.98 | % | | | 7.35 | % |
| (1) | Inception date for the Fund is 4/30/18. |
35
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund returned 2.52%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 3.53%. |
| • | | Exposure to US Treasuries detracted from the Fund’s relative returns as credit recovered from the first quarter’s steep drop. |
| • | | Exposure to investment grade credit and higher yielding emerging market debt boosted relative returns as the global economy and risk assets rebounded from a tumultuous first quarter. |
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 | | | 44.69 | % |
| | 2 | | | iShares Intermediate-Term Corporate Bond ETF | | | 20.51 | % |
| | 3 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 14.88 | % |
| | 4 | | | Schwab U.S. TIPs ETF | | | 9.98 | % |
| | 5 | | | SPDR Bloomberg Barlcays High Yield Bond ETF | | | 5.95 | % |
| | 6 | | | Vanguard Total Bond Market ETF | | | 2.44 | % |
36
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 reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath® Growth and Income Fund | | | | | | | | |
Shares | | | 4.24 | % | | | 2.66 | % |
MSCI USA High Dividend Yield Index | | | -2.30 | % | | | 5.55 | % |
| (1) | Inception date for the Fund is 4/30/18. |
37
GuidePath® Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 6 months ended September 30, 2020, the Fund returned 17.52%, underperforming the MSCI USA High Dividend Yield Index at 17.90%. |
| • | | The Fund’s volatility targeting component detracted from returns as volatility receded at a much slower pace than the equity market advanced. |
| • | | Exposure to S&P 500® Index component stocks boosted relative returns in a period where dividend-oriented stocks lagged their core and growth counterparts. |
| • | | The Fund’s put-write strategy was a slight detractor from relative returns as put-write strategies tend to lag the broader equity market in strongly rising market conditions. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures and options written.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Schwab U.S. Large-Cap ETF | | | 35.27 | % |
| | 2 | | | U.S. Treasury Note, 1.750%, 11/30/2021 | | | 2.43 | % |
| | 3 | | | U.S. Treasury Note, 2.375%, 03/15/2021 | | | 2.01 | % |
| | 4 | | | U.S. Treasury Note, 1.125%, 09/30/2021 | | | 2.01 | % |
| | 5 | | | U.S. Treasury Note, 1.125%, 06/30/2021 | | | 2.00 | % |
| | 6 | | | U.S. Treasury Note, 2.500%, 12/31/2020 | | | 2.00 | % |
| | 7 | | | Johnson & Johnson | | | 1.44 | % |
| | 8 | | | Home Depot, Inc. | | | 1.33 | % |
| | 9 | | | Procter & Gamble Co. | | | 1.32 | % |
| | 10 | | | Verizon Communications, Inc. | | | 1.28 | % |
38
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
September 30, 2020
As a shareholder of the GuideMark® & GuidePath® Funds (the “Funds”), you incur ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from April 1, 2020 to September 30, 2020, 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.
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2020 | | | Ending
Account Value
September 30, 2020 | | | Annualized
Expense Ratio1
based on the period
April 1, 2020 –
September 30, 2020 | | | Expenses Paid
During Period2
April 1, 2020 –
September 30, 2020 | |
| INSTITUTIONAL SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,357.90 | | | | 0.55% | | | $ | 3.25 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.31 | | | | 0.55% | | | $ | 2.79 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,293.50 | | | | 1.07% | | | $ | 6.15 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.70 | | | | 1.07% | | | $ | 5.42 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,240.10 | | | | 0.81% | | | $ | 4.55 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.01 | | | | 0.81% | | | $ | 4.10 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 940.40 | | | | 0.95% | | | $ | 4.62 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.31 | | | | 0.95% | | | $ | 4.81 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,313.70 | | | | 0.35% | | | $ | 2.03 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.31 | | | | 0.35% | | | $ | 1.78 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,137.80 | | | | 0.19% | | | $ | 1.02 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,024.12 | | | | 0.19% | | | $ | 0.96 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,083.20 | | | | 0.47% | | | $ | 2.45 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.71 | | | | 0.47% | | | $ | 2.38 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,065.10 | | | | 0.24% | | | $ | 1.24 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.87 | | | | 0.24% | | | $ | 1.22 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,116.10 | | | | 0.28% | | | $ | 1.49 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.66 | | | | 0.28% | | | $ | 1.42 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 988.70 | | | | 1.30% | | | $ | 6.48 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.55 | | | | 1.30% | | | $ | 6.58 | |
| 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 183/365 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
39
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2020 | | | Ending
Account Value
September 30, 2020 | | | Annualized
Expense Ratio1
based on the period
April 1, 2020 –
September 30, 2020 | | | Expenses Paid
During Period2
April 1, 2020 –
September 30, 2020 | |
| SINGLE CLASS SHARES | | | | | | | | | | | | | | | | | | |
GuidePath® Conservative Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,004.10 | | | | 0.71% | | | $ | 3.57 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.51 | | | | 0.71% | | | $ | 3.60 | |
GuidePath® Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,025.20 | | | | 0.83% | | | $ | 4.21 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.91 | | | | 0.83% | | | $ | 4.20 | |
GuidePath® Growth and Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,175.20 | | | | 0.81% | | | $ | 4.42 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.01 | | | | 0.81% | | | $ | 4.10 | |
| 1 | The expense ratio excludes the securities lending credit. |
| 2 | Expenses are (net of waiver, if applicable) equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
April 1, 2020 | | | Ending
Account Value
September 30, 2020 | | | Annualized
Expense Ratio1
based on the period
April 1, 2020 –
September 30, 2020 | | | Expenses Paid
During Period2
April 1, 2020 –
September 30, 2020 | |
| SERVICE SHARES | | | | | | | | | | | | | | | | | | |
GuideMark® Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,354.00 | | | | 1.15% | | | $ | 6.79 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.30 | | | | 1.15% | | | $ | 5.82 | |
GuideMark® Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,289.70 | | | | 1.67% | | | $ | 9.59 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,016.70 | | | | 1.67% | | | $ | 8.44 | |
GuideMark® Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,366.60 | | | | 1.47% | | | $ | 8.72 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.70 | | | | 1.47% | | | $ | 7.44 | |
GuideMark® World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,236.50 | | | | 1.39% | | | $ | 7.79 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.10 | | | | 1.39% | | | $ | 7.03 | |
GuideMark® Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,053.20 | | | | 1.20% | | | $ | 6.18 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.05 | | | | 1.20% | | | $ | 6.07 | |
GuideMark® Tax-Exempt Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,049.00 | | | | 1.29% | | | $ | 6.63 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.60 | | | | 1.29% | | | $ | 6.53 | |
GuideMark® Opportunistic Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,017.20 | | | | 1.55% | | | $ | 7.84 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.30 | | | | 1.55% | | | $ | 7.84 | |
GuidePath® Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,309.70 | | | | 0.95% | | | $ | 5.50 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.31 | | | | 0.95% | | | $ | 4.81 | |
GuidePath® Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,134.30 | | | | 0.79% | | | $ | 4.23 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.11 | | | | 0.79% | | | $ | 4.00 | |
GuidePath® Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,080.00 | | | | 1.07% | | | $ | 5.58 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.70 | | | | 1.07% | | | $ | 5.42 | |
GuidePath® Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,061.70 | | | | 0.84% | | | $ | 4.34 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.86 | | | | 0.84% | | | $ | 4.26 | |
GuidePath® Multi-Asset Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,125.10 | | | | 1.11% | | | $ | 5.91 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.50 | | | | 1.11% | | | $ | 5.62 | |
GuidePath® Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,112.50 | | | | 0.87% | | | $ | 4.61 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.71 | | | | 0.87% | | | $ | 4.41 | |
GuidePath® Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 985.90 | | | | 1.82% | | | $ | 9.06 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,015.94 | | | | 1.82% | | | $ | 9.20 | |
| 1 | The expense ratio excludes the securities lending credit. |
| 2 | Expenses are (net of waiver, if applicable) equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 94.70% | |
| | | | | Aerospace & Defense - 0.56% | |
| | 3,858 | | | BWX Technologies, Inc. | | $ | 217,244 | |
| | 1,227 | | | L3Harris Technologies, Inc. | | | 208,394 | |
| | 1,765 | | | Lockheed Martin Corp. | | | 676,489 | |
| | 1,111 | | | Northrop Grumman Corp. | | | 350,509 | |
| | 7,627 | | | Raytheon Technologies Corp. | | | 438,858 | |
| | 1,054 | | | Teledyne Technologies, Inc. (a) | | | 326,961 | |
| | 14,062 | | | Textron, Inc. | | | 507,498 | |
| | 5,944 | | | Virgin Galactic Holdings, Inc. (a)(b) | | | 114,303 | |
| | | | | | |
|
|
|
| | | | | | | | 2,840,256 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.32% | |
| | 5,629 | | | C.H. Robinson Worldwide, Inc. (b) | | | 575,227 | |
| | 1,446 | | | FedEx Corp. | | | 363,698 | |
| | 2,762 | | | United Parcel Service, Inc. - Class B | | | 460,232 | |
| | 2,572 | | | XPO Logistics, Inc. (a) | | | 217,746 | |
| | | | | | |
|
|
|
| | | | | | | | 1,616,903 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.35% | |
| | 21,098 | | | Alaska Air Group, Inc. | | | 772,820 | |
| | 20,070 | | | Copa Holdings SA - Class A | | | 1,010,324 | |
| | | | | | |
|
|
|
| | | | | | | | 1,783,144 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.07% | |
| | 2,758 | | | Aptiv Plc | | | 252,853 | |
| | 4,092 | | | Gentex Corp. | | | 105,369 | |
| | | | | | |
|
|
|
| | | | | | | | 358,222 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.74% | |
| | 143,156 | | | Ford Motor Co. | | | 953,419 | |
| | 5,875 | | | Tesla, Inc. (a) | | | 2,520,433 | |
| | 2,676 | | | Thor Industries, Inc. (b) | | | 254,916 | |
| | | | | | |
|
|
|
| | | | | | | | 3,728,768 | |
| | | | | | |
|
|
|
| | | | | Banks - 1.37% | |
| | 13,902 | | | Associated Banc-Corp. | | | 175,443 | |
| | 53,991 | | | Bank of America Corp. | | | 1,300,643 | |
| | 19,759 | | | Citigroup, Inc. | | | 851,811 | |
| | 9,249 | | | Citizens Financial Group, Inc. | | | 233,815 | |
| | 4,809 | | | Comerica, Inc. | | | 183,944 | |
| | 19,017 | | | F.N.B. Corp. | | | 128,935 | |
| | 11,772 | | | Fifth Third Bancorp | | | 250,979 | |
| | 30,729 | | | JPMorgan Chase & Co. | | | 2,958,281 | |
| | 7,361 | | | Popular, Inc. | | | 266,984 | |
| | 12,196 | | | Synovus Financial Corp. | | | 258,189 | |
| | 8,428 | | | Wells Fargo & Co. | | | 198,142 | |
| | 3,385 | | | Wintrust Financial Corp. | | | 135,569 | |
| | | | | | |
|
|
|
| | | | | | | | 6,942,735 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.38% | |
| | 417 | | | Boston Beer Co., Inc. - Class A (a)(b) | | | 368,361 | |
| | 3,673 | | | Brown-Forman Corp. - Class A | | | 252,262 | |
| | 8,227 | | | Brown-Forman Corp. - Class B | | | 619,658 | |
| | 553 | | | Constellation Brands, Inc. - Class A | | | 104,799 | |
| | 7,247 | | | Keurig Dr. Pepper, Inc. | | | 200,017 | |
| | 37,703 | | | Molson Coors Brewing Co. - Class B | | | 1,265,313 | |
| | 7,928 | | | Monster Beverage Corp. (a) | | | 635,826 | |
| | 17,609 | | | PepsiCo, Inc. | | | 2,440,607 | |
| | 22,260 | | | The Coca-Cola Co. | | | 1,098,976 | |
| | | | | | |
|
|
|
| | | | | | | | 6,985,819 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Biotechnology - 2.64% | |
| | 2,361 | | | Acceleron Pharma, Inc. (a) | | $ | 265,683 | |
| | 3,926 | | | Alexion Pharmaceuticals, Inc. (a) | | | 449,252 | |
| | 26,807 | | | Alkermes PLC (a) | | | 444,192 | |
| | 2,999 | | | Alnylam Pharmaceuticals, Inc. (a) | | | 436,654 | |
| | 9,783 | | | Amgen, Inc. | | | 2,486,447 | |
| | 3,795 | | | Biogen, Inc. (a) | | | 1,076,566 | |
| | 2,398 | | | BioMarin Pharmaceutical, Inc. (a) | | | 182,440 | |
| | 25,126 | | | Exelixis, Inc. (a) | | | 614,331 | |
| | 25,418 | | | Gilead Sciences, Inc. | | | 1,606,163 | |
| | 5,226 | | | Immunomedics, Inc. (a) | | | 444,367 | |
| | 8,671 | | | Incyte Corp. (a) | | | 778,136 | |
| | 6,395 | | | Moderna, Inc. (a)(b) | | | 452,446 | |
| | 1,518 | | | Neurocrine Biosciences, Inc. (a) | | | 145,971 | |
| | 1,047 | | | Regeneron Pharmaceuticals, Inc. (a) | | | 586,090 | |
| | 1,983 | | | Repligen Corp. (a) | | | 292,572 | |
| | 693 | | | Sarepta Therapeutics, Inc. (a) | | | 97,318 | |
| | 5,098 | | | Seattle Genetics, Inc. (a) | | | 997,628 | |
| | 6,030 | | | United Therapeutics Corp. (a) | | | 609,030 | |
| | 5,128 | | | Vertex Pharmaceuticals, Inc. (a) | | | 1,395,431 | |
| | | | | | |
|
|
|
| | | | | | | | 13,360,717 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.67% | |
| | 4,380 | | | A. O. Smith Corp. - Class A | | | 231,264 | |
| | 3,942 | | | Allegion PLC (b) | | | 389,903 | |
| | 2,312 | | | Armstrong World Industries, Inc. | | | 159,089 | |
| | 2,102 | | | Fortune Brands Home & Security, Inc. | | | 181,865 | |
| | 1,889 | | | Lennox International, Inc. (b) | | | 514,960 | |
| | 9,597 | | | Masco Corp. | | | 529,083 | |
| | 10,776 | | | Owens Corning, Inc. | | | 741,496 | |
| | 2,092 | | | Trane Technologies PLC | | | 253,655 | |
| | 5,175 | | | Trex Co., Inc. (a)(b) | | | 370,530 | |
| | | | | | |
|
|
|
| | | | | | | | 3,371,845 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.21% | |
| | 3,667 | | | Ameriprise Financial, Inc. | | | 565,121 | |
| | 988 | | | BlackRock, Inc. | | | 556,787 | |
| | 1,922 | | | Cboe Global Markets, Inc. | | | 168,636 | |
| | 7,860 | | | Eaton Vance Corp. | | | 299,859 | |
| | 4,359 | | | Evercore, Inc. - Class A | | | 285,340 | |
| | 2,192 | | | FactSet Research Systems, Inc. | | | 734,057 | |
| | 4,503 | | | Intercontinental Exchange, Inc. | | | 450,525 | |
| | 75,275 | | | Invesco Ltd. (b) | | | 858,888 | |
| | 15,094 | | | Lazard, Ltd. - Class A | | | 498,857 | |
| | 5,784 | | | LPL Financial Holdings, Inc. | | | 443,459 | |
| | 1,373 | | | MarketAxess Holdings, Inc. | | | 661,223 | |
| | 4,390 | | | Moody’s Corp. | | | 1,272,442 | |
| | 8,753 | | | Morgan Stanley (b) | | | 423,208 | |
| | 1,419 | | | Morningstar, Inc. | | | 227,906 | |
| | 1,347 | | | MSCI, Inc. | | | 480,583 | |
| | 1,605 | | | NASDAQ OMX Group, Inc. | | | 196,950 | |
| | 3,749 | | | S&P Global, Inc. | | | 1,351,889 | |
| | 4,970 | | | SEI Investments Co. | | | 252,078 | |
| | 4,991 | | | T. Rowe Price Group, Inc. | | | 639,946 | |
| | 2,823 | | | TD Ameritrade Holding Corp. | | | 110,521 | |
| | 6,649 | | | The Bank of New York Mellon Corp. | | | 228,327 | |
| | 4,367 | | | The Charles Schwab Corp. | | | 158,216 | |
| | 1,868 | | | Tradeweb Markets, Inc. - Class A | | | 108,344 | |
| | 8,430 | | | Virtu Financial, Inc. - Class A | | | 193,974 | |
| | | | | | |
|
|
|
| | | | | | | | 11,167,136 | |
| | | | | | |
|
|
|
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Chemicals - 0.75% | |
| | 1,632 | | | Air Products & Chemicals, Inc. | | $ | 486,108 | |
| | 2,074 | | | Eastman Chemical Co. | | | 162,021 | |
| | 1,932 | | | Ecolab, Inc. | | | 386,091 | |
| | 2,846 | | | FMC Corp. | | | 301,420 | |
| | 13,606 | | | Huntsman Corp. | | | 302,189 | |
| | 2,332 | | | Linde PLC | | | 555,319 | |
| | 1,175 | | | PPG Industries, Inc. | | | 143,444 | |
| | 7,229 | | | RPM International, Inc. | | | 598,850 | |
| | 20,777 | | | The Mosaic Co. | | | 379,596 | |
| | 2,010 | | | The Scotts Miracle-Gro Co. - Class A | | | 307,349 | |
| | 9,304 | | | Valvoline, Inc. | | | 177,148 | |
| | | | | | |
|
|
|
| | | | | | | | 3,799,535 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.55% | |
| | 63,606 | | | ADT, Inc. | | | 519,661 | |
| | 2,336 | | | Cintas Corp. | | | 777,491 | |
| | 4,760 | | | Copart, Inc. (a) | | | 500,562 | |
| | 2,661 | | | IAA, Inc. (a) | | | 138,558 | |
| | 15,788 | | | Rollins, Inc. (b) | | | 855,552 | |
| | | | | | |
|
|
|
| | | | | | | | 2,791,824 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.27% | |
| | 1,159 | | | Arista Networks, Inc. (a) | | | 239,832 | |
| | 3,923 | | | Ciena Corp. (a) | | | 155,704 | |
| | 30,925 | | | Cisco Systems, Inc. | | | 1,218,136 | |
| | 23,310 | | | CommScope Holding Co., Inc. (a) | | | 209,790 | |
| | 2,681 | | | F5 Networks, Inc. (a) | | | 329,146 | |
| | 1,915 | | | Lumentum Holdings, Inc. (a) | | | 143,874 | |
| | 2,542 | | | Motorola Solutions, Inc. | | | 398,611 | |
| | 2,141 | | | Palo Alto Networks, Inc. (a) | | | 524,010 | |
| | 21,695 | | | Qualcomm, Inc. | | | 2,553,067 | |
| | 3,785 | | | Ubiquiti, Inc. (b) | | | 630,808 | |
| | | | | | |
|
|
|
| | | | | | | | 6,402,978 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.41% | |
| | 24,228 | | | AECOM (a) | | | 1,013,699 | |
| | 20,301 | | | Quanta Services, Inc. | | | 1,073,111 | |
| | | | | | |
|
|
|
| | | | | | | | 2,086,810 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.59% | |
| | 29,160 | | | Ally Financial, Inc. | | | 731,041 | |
| | 5,469 | | | American Express Co. | | | 548,268 | |
| | 647 | | | Credit Acceptance Corp. (a)(b) | | | 219,100 | |
| | 2,636 | | | Discover Financial Services | | | 152,308 | |
| | 22,077 | | | OneMain Holdings, Inc. | | | 689,906 | |
| | 24,224 | | | Synchrony Financial | | | 633,942 | |
| | | | | | |
|
|
|
| | | | | | | | 2,974,565 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.33% | |
| | 3,392 | | | Berry Plastics Group, Inc. (a)(b) | | | 163,901 | |
| | 4,339 | | | Crown Holdings, Inc. (a) | | | 333,496 | |
| | 5,931 | | | International Paper Co. | | | 240,443 | |
| | 4,403 | | | Silgan Holdings, Inc. | | | 161,898 | |
| | 22,658 | | | WestRock Co. | | | 787,139 | |
| | | | | | |
|
|
|
| | | | | | | | 1,686,877 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.20% | |
| | 3,321 | | | Genuine Parts Co. | | | 316,059 | |
| | 25,404 | | | LKQ Corp. (a) | | | 704,453 | |
| | | | | | |
|
|
|
| | | | | | | | 1,020,512 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Diversified Consumer Services - 0.44% | |
| | 3,758 | | | Chegg, Inc. (a)(b) | | $ | 268,471 | |
| | 9,636 | | | frontdoor, Inc. (a) | | | 374,937 | |
| | 3,099 | | | Graham Holdings Co. - Class B | | | 1,252,337 | |
| | 2,770 | | | Service Corp. International | | | 116,839 | |
| | 5,256 | | | ServiceMaster Global Holdings, Inc. (a) | | | 209,609 | |
| | | | | | |
|
|
|
| | | | | | | | 2,222,193 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.20% | |
| | 41,055 | | | Jefferies Financial Group, Inc. | | | 738,990 | |
| | 5,542 | | | Voya Financial, Inc. | | | 265,628 | |
| | | | | | |
|
|
|
| | | | | | | | 1,004,618 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.91% | |
| | 50,933 | | | AT&T, Inc. | | | 1,452,100 | |
| | 94,771 | | | CenturyLink, Inc. (b) | | | 956,239 | |
| | 37,250 | | | Verizon Communications, Inc. | | | 2,216,003 | |
| | | | | | |
|
|
|
| | | | | | | | 4,624,342 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.83% | |
| | 1,909 | | | American Electric Power Co., Inc. | | | 156,023 | |
| | 4,834 | | | Duke Energy Corp. | | | 428,099 | |
| | 2,500 | | | Edison International | | | 127,100 | |
| | 1,125 | | | Entergy Corp. | | | 110,846 | |
| | 4,459 | | | Evergy, Inc. | | | 226,606 | |
| | 1,983 | | | Eversource Energy | | | 165,680 | |
| | 8,917 | | | Exelon Corp. | | | 318,872 | |
| | 5,180 | | | FirstEnergy Corp. | | | 148,718 | |
| | 5,118 | | | Hawaiian Electric Industries, Inc. | | | 170,122 | |
| | 4,196 | | | NextEra Energy, Inc. | | | 1,164,642 | |
| | 25,639 | | | PG&E Corp. (a) | | | 240,750 | |
| | 1,712 | | | Pinnacle West Capital Corp. | | | 127,630 | |
| | 4,855 | | | PPL Corp. | | | 132,104 | |
| | 4,590 | | | The Southern Co. | | | 248,870 | |
| | 5,908 | | | Xcel Energy, Inc. | | | 407,711 | |
| | | | | | |
|
|
|
| | | | | | | | 4,173,773 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.90% | |
| | 5,718 | | | Acuity Brands, Inc. | | | 585,237 | |
| | 2,439 | | | Agilent Technologies, Inc. | | | 246,193 | |
| | 995 | | | AMETEK, Inc. | | | 98,903 | |
| | 1,760 | | | Eaton Corp. PLC | | | 179,573 | |
| | 6,553 | | | Emerson Electric Co. | | | 429,680 | |
| | 5,101 | | | Enphase Energy, Inc. (a) | | | 421,292 | |
| | 2,355 | | | Generac Holdings, Inc. (a) | | | 456,022 | |
| | 66,298 | | | GrafTech International, Ltd. | | | 453,478 | |
| | 9,165 | | | nVent Electric PLC | | | 162,129 | |
| | 4,694 | | | Regal Beloit Corp. | | | 440,626 | |
| | 3,472 | | | Rockwell Automation, Inc. | | | 766,201 | |
| | 256 | | | Roper Industries, Inc. | | | 101,148 | |
| | 11,299 | | | Vertiv Holdings Co. (a) | | | 195,699 | |
| | | | | | |
|
|
|
| | | | | | | | 4,536,181 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 1.08% | |
| | 14,716 | | | Arrow Electronics, Inc. (a) | | | 1,157,560 | |
| | 37,240 | | | Avnet, Inc. | | | 962,281 | |
| | 3,815 | | | CDW Corp. | | | 456,007 | |
| | 2,117 | | | Cognex Corp. | | | 137,817 | |
| | 2,181 | | | Dolby Laboratories, Inc. - Class A | | | 144,557 | |
| | 3,049 | | | Jabil, Inc. | | | 104,459 | |
| | 4,428 | | | Keysight Technologies, Inc. (a) | | | 437,398 | |
| | 14,111 | | | National Instruments Corp. | | | 503,763 | |
| | 5,504 | | | SYNNEX Corp. | | | 770,890 | |
See notes to financial statements.
42
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electronic Equipment, Instruments & Components (Continued) | |
| | 2,031 | | | Trimble, Inc. (a) | | $ | 98,910 | |
| | 2,629 | | | Zebra Technologies Corp. - Class A (a) | | | 663,717 | |
| | | | | | |
|
|
|
| | | | | | | | 5,437,359 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.31% | |
| | 12,574 | | | Baker Hughes Co. | | | 167,109 | |
| | 19,368 | | | Halliburton Co. | | | 233,384 | |
| | 35,050 | | | Helmerich & Payne, Inc. (b) | | | 513,483 | |
| | 74,240 | | | National Oilwell Varco, Inc. (b) | | | 672,614 | |
| | | | | | |
|
|
|
| | | | | | | | 1,586,590 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 1.51% | |
| | 8,494 | | | Activision Blizzard, Inc. | | | 687,589 | |
| | 3,293 | | | Electronic Arts, Inc. (a) | | | 429,440 | |
| | 173,933 | | | Lions Gate Entertainment Corp. - Class A (a)(b) | | | 1,648,885 | |
| | 147,162 | | | Lions Gate Entertainment Corp. - Class B (a) | | | 1,283,253 | |
| | 3,614 | | | Netflix, Inc. (a) | | | 1,807,108 | |
| | 2,022 | | | Spotify Technology SA (a) | | | 490,477 | |
| | 2,489 | | | Take-Two Interactive Software, Inc. (a) | | | 411,233 | |
| | 5,687 | | | The Walt Disney Co. | | | 705,643 | |
| | 19,962 | | | Zynga, Inc. - Class A (a) | | | 182,053 | |
| | | | | | |
|
|
|
| | | | | | | | 7,645,681 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 2.61% | |
| | 3,519 | | | Casey’s General Stores, Inc. | | | 625,150 | |
| | 6,759 | | | Costco Wholesale Corp. | | | 2,399,445 | |
| | 33,321 | | | CVS Health Corp. | | | 1,945,947 | |
| | 2,636 | | | Grocery Outlet Holding Corp. (a)(b) | | | 103,648 | |
| | 36,487 | | | Kroger Co. | | | 1,237,274 | |
| | 36,959 | | | Sprouts Farmers Market, Inc. (a) | | | 773,552 | |
| | 11,517 | | | SYSCO Corp. | | | 716,588 | |
| | 70,728 | | | US Foods Holding Corp. (a) | | | 1,571,576 | |
| | 25,886 | | | Walgreens Boots Alliance, Inc. | | | 929,825 | |
| | 20,597 | | | Walmart, Inc. | | | 2,881,726 | |
| | | | | | |
|
|
|
| | | | | | | | 13,184,731 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.32% | |
| | 708 | | | Beyond Meat, Inc. (a) | | | 117,571 | |
| | 5,325 | | | Campbell Soup Co. (b) | | | 257,570 | |
| | 9,801 | | | ConAgra Brands, Inc. | | | 349,994 | |
| | 17,075 | | | Flowers Foods, Inc. | | | 415,435 | |
| | 9,147 | | | General Mills, Inc. | | | 564,187 | |
| | 5,396 | | | Ingredion, Inc. | | | 408,369 | |
| | 4,298 | | | Kellogg Co. (b) | | | 277,608 | |
| | 1,183 | | | McCormick & Co, Inc. - Non Voting | | | 229,620 | |
| | 6,570 | | | Mondelez International, Inc. - Class A | | | 377,447 | |
| | 17,795 | | | Pilgrim’s Pride Corp. (a) | | | 266,302 | |
| | 5,265 | | | Post Holdings, Inc. (a) | | | 452,790 | |
| | 3,914 | | | The Hain Celestial Group, Inc. (a) | | | 134,250 | |
| | 4,524 | | | The Hershey Co. | | | 648,470 | |
| | 2,495 | | | The J.M. Smucker Co. (b) | | | 288,222 | |
| | 4,955 | | | The Kraft Heinz Co. | | | 148,402 | |
| | 25,294 | | | TreeHouse Foods, Inc. (a)(b) | | | 1,025,166 | |
| | 11,855 | | | Tyson Foods, Inc. - Class A | | | 705,135 | |
| | | | | | |
|
|
|
| | | | | | | | 6,666,538 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.10% | |
| | 14,726 | | | UGI Corp. | | | 485,663 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 2.66% | |
| | 2,442 | | | ABIOMED, Inc. (a) | | | 676,581 | |
| | 2,505 | | | Align Technology, Inc. (a) | | | 820,037 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 2,719 | | | Baxter International, Inc. | | $ | 218,662 | |
| | 1,737 | | | Becton Dickinson and Co. | | | 404,165 | |
| | 3,401 | | | Boston Scientific Corp. (a) | | | 129,952 | |
| | 3,603 | | | Danaher Corp. | | | 775,834 | |
| | 2,324 | | | DexCom, Inc. (a) | | | 958,023 | |
| | 13,821 | | | Edwards Lifesciences Corp. (a) | | | 1,103,192 | |
| | 6,309 | | | Hologic, Inc. (a) | | | 419,359 | |
| | 1,290 | | | ICU Medical, Inc. (a) | | | 235,760 | |
| | 3,271 | | | IDEXX Laboratories, Inc. (a) | | | 1,285,863 | |
| | 4,213 | | | Insulet Corp. (a) | | | 996,754 | |
| | 473 | | | Intuitive Surgical, Inc. (a) | | | 335,612 | |
| | 3,408 | | | Masimo Corp. (a) | | | 804,492 | |
| | 5,020 | | | Medtronic PLC | | | 521,678 | |
| | 3,645 | | | Penumbra, Inc. (a)(b) | | | 708,515 | |
| | 2,140 | | | Quidel Corp. (a)(b) | | | 469,473 | |
| | 4,334 | | | ResMed, Inc. | | | 742,978 | |
| | 1,338 | | | STERIS PLC | | | 235,742 | |
| | 3,419 | | | Stryker Corp. | | | 712,417 | |
| | 1,413 | | | Tandem Diabetes Care, Inc. (a) | | | 160,376 | |
| | 1,009 | | | Varian Medical Systems, Inc. (a) | | | 173,548 | |
| | 1,990 | | | West Pharmaceutical Services, Inc. | | | 547,051 | |
| | | | | | |
|
|
|
| | | | | | | | 13,436,064 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 3.06% | |
| | 13,151 | | | Acadia Healthcare Co., Inc. (a) | | | 387,691 | |
| | 1,768 | | | Amedisys, Inc. (a) | | | 418,008 | |
| | 2,438 | | | AmerisourceBergen Corp. | | | 236,291 | |
| | 3,815 | | | Anthem, Inc. | | | 1,024,671 | |
| | 6,915 | | | Cardinal Health, Inc. | | | 324,659 | |
| | 6,270 | | | Centene Corp. (a) | | | 365,729 | |
| | 8,781 | | | Cerner Corp. (b) | | | 634,779 | |
| | 1,542 | | | Chemed Corp. | | | 740,700 | |
| | 8,544 | | | Cigna Corp. | | | 1,447,439 | |
| | 7,045 | | | DaVita, Inc. (a) | | | 603,404 | |
| | 1,808 | | | HCA Healthcare, Inc. | | | 225,421 | |
| | 6,941 | | | Henry Schein, Inc. (a) | | | 407,992 | |
| | 2,907 | | | Humana, Inc. | | | 1,203,178 | |
| | 2,052 | | | Laboratory Corp. of America Holdings (a) | | | 386,330 | |
| | 4,568 | | | McKesson Corp. | | | 680,312 | |
| | 1,670 | | | Molina Healthcare, Inc. (a) | | | 305,677 | |
| | 1,272 | | | PerkinElmer, Inc. | | | 159,649 | |
| | 1,171 | | | Quest Diagnostics, Inc. | | | 134,068 | |
| | 15,279 | | | UnitedHealth Group, Inc. | | | 4,763,534 | |
| | 9,302 | | | Universal Health Services, Inc. - Class B | | | 995,500 | |
| | | | | | |
|
|
|
| | | | | | | | 15,445,032 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.20% | |
| | 1,732 | | | Teladoc Health, Inc. (a)(b) | | | 379,724 | |
| | 2,280 | | | Veeva Systems, Inc. - Class A (a) | | | 641,113 | |
| | | | | | |
|
|
|
| | | | | | | | 1,020,837 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.79% | |
| | 11,299 | | | Aramark | | | 298,858 | |
| | 445 | | | Chipotle Mexican Grill, Inc. (a) | | | 553,451 | |
| | 1,975 | | | Domino’s Pizza, Inc. | | | 839,928 | |
| | 1,870 | | | Dunkin’ Brands Group, Inc. (b) | | | 153,172 | |
| | 4,399 | | | McDonald’s Corp. | | | 965,536 | |
| | 8,220 | | | The Wendy’s Co. | | | 183,265 | |
| | 3,021 | | | Yum China Holdings, Inc. | | | 159,962 | |
| | 9,072 | | | Yum! Brands, Inc. | | | 828,274 | |
| | | | | | |
|
|
|
| | | | | | | | 3,982,446 | |
| | | | | | |
|
|
|
See notes to financial statements.
43
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Household Durables - 0.73% | |
| | 5,112 | | | DR Horton, Inc. | | $ | 386,620 | |
| | 2,296 | | | Garmin Ltd. | | | 217,799 | |
| | 7,612 | | | Lennar Corp. - Class A | | | 621,748 | |
| | 7,934 | | | Lennar Corp. - Class B | | | 520,946 | |
| | 2,885 | | | Mohawk Industries, Inc. (a) | | | 281,547 | |
| | 105 | | | NVR, Inc. (a) | | | 428,728 | |
| | 3,320 | | | PulteGroup, Inc. | | | 153,683 | |
| | 3,701 | | | Roku, Inc. (a) | | | 698,749 | |
| | 4,305 | | | Tempur Sealy International, Inc. (a) | | | 383,963 | |
| | | | | | |
|
|
|
| | | | | | | | 3,693,783 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.60% | |
| | 4,244 | | | Church & Dwight, Inc. | | | 397,705 | |
| | 3,274 | | | Clorox Co. | | | 688,097 | |
| | 12,247 | | | Colgate-Palmolive Co. | | | 944,856 | |
| | 5,589 | | | Kimberly-Clark Corp. | | | 825,272 | |
| | 15,233 | | | Spectrum Brands Holdings, Inc. | | | 870,718 | |
| | 31,546 | | | The Procter & Gamble Co. | | | 4,384,578 | |
| | | | | | |
|
|
|
| | | | | | | | 8,111,226 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.56% | |
| | 15,849 | | | AES Corp. | | | 287,025 | |
| | 22,902 | | | NRG Energy, Inc. | | | 704,008 | |
| | 96,302 | | | Vistra Energy Corp. | | | 1,816,256 | |
| | | | | | |
|
|
|
| | | | | | | | 2,807,289 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.22% | |
| | 3,394 | | | 3M Co. | | | 543,651 | |
| | 43,743 | | | General Electric Co. | | | 272,519 | |
| | 1,825 | | | Honeywell International, Inc. | | | 300,413 | |
| | | | | | |
|
|
|
| | | | | | | | 1,116,583 | |
| | | | | | |
|
|
|
| | | | | Insurance - 1.74% | |
| | 5,074 | | | Aon Plc | | | 1,046,766 | |
| | 2,582 | | | Arthur J. Gallagher & Co. | | | 272,608 | |
| | 14,474 | | | Berkshire Hathaway, Inc. - Class B (a) | | | 3,082,094 | |
| | 19,373 | | | Brighthouse Financial, Inc. (a) | | | 521,327 | |
| | 7,024 | | | Brown & Brown, Inc. | | | 317,976 | |
| | 1,183 | | | Erie Indemnity Co. - Class A (b) | | | 248,761 | |
| | 6,142 | | | Fidelity National Financial, Inc. (b) | | | 192,306 | |
| | 5,187 | | | First American Financial Corp. | | | 264,070 | |
| | 3,585 | | | Hartford Financial Services Group, Inc. | | | 132,143 | |
| | 4,804 | | | Marsh & McLennan Cos., Inc. | | | 551,019 | |
| | 13,584 | | | MetLife, Inc. | | | 504,917 | |
| | 3,650 | | | Principal Financial Group, Inc. | | | 146,986 | |
| | 2,267 | | | Reinsurance Group of America, Inc. | | | 215,796 | |
| | 2,544 | | | The Allstate Corp. | | | 239,492 | |
| | 4,986 | | | The Progressive Corp. | | | 472,025 | |
| | 21,269 | | | Unum Group | | | 357,957 | |
| | 1,086 | | | Willis Towers Watson PLC (d) | | | 226,779 | |
| | | | | | |
|
|
|
| | | | | | | | 8,793,022 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 4.98% | |
| | 4,511 | | | Alphabet, Inc. - Class A (a) | | | 6,611,322 | |
| | 4,506 | | | Alphabet, Inc. - Class C (a) | | | 6,622,017 | |
| | 37,632 | | | Facebook, Inc. - Class A (a) | | | 9,855,821 | |
| | 11,286 | | | Match Group, Inc. (a)(b) | | | 1,248,796 | |
| | 12,544 | | | TripAdvisor, Inc. - Class A | | | 245,737 | |
| | 2,629 | | | Zillow Group, Inc. - Class A (a) | | | 266,949 | |
| | 2,909 | | | Zillow Group, Inc. - Class C (a)(b) | | | 295,525 | |
| | | | | | |
|
|
|
| | | | | | | | 25,146,167 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Internet & Direct Marketing Retail - 5.30% | |
| | 6,557 | | | Amazon.com, Inc. (a) | | $ | 20,646,223 | |
| | 564 | | | Booking Holdings, Inc. (a) | | | 964,823 | |
| | 11,067 | | | eBay, Inc. | | | 576,591 | |
| | 4,795 | | | Etsy, Inc. (a) | | | 583,216 | |
| | 2,712 | | | Expedia Group, Inc. - Class A | | | 248,663 | |
| | 2,390 | | | GrubHub, Inc. (a) | | | 172,869 | |
| | 5,349 | | | Qurate Retail, Inc. | | | 526,835 | |
| | 178,286 | | | Qurate Retail, Inc. - Series A | | | 1,280,093 | |
| | 6,165 | | | Wayfair, Inc. - Class A (a)(b) | | | 1,794,077 | |
| | | | | | |
|
|
|
| | | | | | | | 26,793,390 | |
| | | | | | |
|
|
|
| | | | | IT Services - 5.32% | |
| | 9,809 | | | Accenture PLC - Class A | | | 2,216,736 | |
| | 2,745 | | | Akamai Technologies, Inc. (a) | | | 303,432 | |
| | 36,181 | | | Alliance Data Systems Corp. | | | 1,518,878 | |
| | 5,871 | | | Amdocs Ltd. | | | 337,054 | |
| | 4,085 | | | Black Knight, Inc. (a) | | | 355,599 | |
| | 4,386 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 363,950 | |
| | 1,036 | | | Broadridge Financial Solutions, Inc. | | | 136,752 | |
| | 3,214 | | | CACI International, Inc. - Class A (a) | | | 685,096 | |
| | 12,604 | | | Cognizant Technology Solutions Corp. - Class A | | | 874,970 | |
| | 6,780 | | | CoreLogic, Inc. | | | 458,802 | |
| | 119,397 | | | DXC Technology Co. | | | 2,131,236 | |
| | 1,029 | | | EPAM Systems, Inc. (a) | | | 332,655 | |
| | 3,677 | | | Euronet Worldwide, Inc. (a) | | | 334,975 | |
| | 1,603 | | | Fastly, Inc. - Class A (a)(b) | | | 150,169 | |
| | 5,441 | | | Fidelity National Information Services, Inc. | | | 800,970 | |
| | 8,576 | | | Fiserv, Inc. (a) | | | 883,757 | |
| | 556 | | | FleetCor Technologies, Inc. (a) | | | 132,384 | |
| | 1,795 | | | Gartner, Inc. (a) | | | 224,285 | |
| | 8,668 | | | Genpact, Ltd. | | | 337,619 | |
| | 3,172 | | | Global Payments, Inc. | | | 563,284 | |
| | 3,004 | | | GoDaddy, Inc. - Class A (a) | | | 228,214 | |
| | 7,347 | | | Leidos Holdings, Inc. | | | 654,985 | |
| | 9,749 | | | MasterCard, Inc. - Class A | | | 3,296,819 | |
| | 611 | | | MongoDB, Inc. (a)(b) | | | 141,453 | |
| | 1,614 | | | Okta, Inc. - Class A (a)(b) | | | 345,154 | |
| | 9,364 | | | PayPal Holdings, Inc. (a) | | | 1,844,989 | |
| | 6,923 | | | Science Applications International Corp. | | | 542,902 | |
| | 5,041 | | | Square, Inc. - Class A (a) | | | 819,414 | |
| | 17,520 | | | Switch, Inc. | | | 273,487 | |
| | 12,400 | | | The Western Union Co. | | | 265,732 | |
| | 4,684 | | | T-Mobile USA, Inc. (a) | | | 535,662 | |
| | 1,242 | | | Twilio, Inc. - Class A (a)(b) | | | 306,886 | |
| | 2,820 | | | VeriSign, Inc. (a) | | | 577,677 | |
| | 17,943 | | | Visa, Inc. - Class A (b) | | | 3,588,062 | |
| | 2,473 | | | WEX, Inc. (a) | | | 343,673 | |
| | | | | | |
|
|
|
| | | | | | | | 26,907,712 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.36% | |
| | 32,649 | | | Mattel, Inc. (a)(b) | | | 381,993 | |
| | 2,898 | | | Peloton Interactive, Inc. (a) | | | 287,598 | |
| | 1,279 | | | Polaris Industries, Inc. | | | 120,661 | |
| | 3,080 | | | Pool Corp. | | | 1,030,383 | |
| | | | | | |
|
|
|
| | | | | | | | 1,820,635 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.11% | |
| | 1,233 | | | 10X Genomics, Inc. - Class A (a) | | | 153,731 | |
| | 679 | | | Bio-Rad Laboratories, Inc. - Class A (a) | | | 349,997 | |
| | 899 | | | Bio-Techne Corp. | | | 222,709 | |
| | 4,895 | | | Bruker Corp. | | | 194,576 | |
See notes to financial statements.
44
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Life Sciences Tools & Services (Continued) | |
| | 1,963 | | | Charles River Laboratories International, Inc. (a) | | $ | 444,521 | |
| | 1,797 | | | Illumina, Inc. (a) | | | 555,417 | |
| | 1,686 | | | IQVIA Holdings, Inc. (a) | | | 265,764 | |
| | 702 | | | Mettler-Toledo International, Inc. (a) | | | 677,957 | |
| | 7,624 | | | QIAGEN NV (a)(b) | | | 398,430 | |
| | 6,602 | | | Syneos Health, Inc. (a) | | | 350,962 | |
| | 3,637 | | | Thermo Fisher Scientific, Inc. | | | 1,605,808 | |
| | 1,989 | | | Waters Corp. (a) | | | 389,208 | |
| | | | | | |
|
|
|
| | | | | | | | 5,609,080 | |
| | | | | | |
|
|
|
| | | | | Machinery - 1.21% | |
| | 9,463 | | | AGCO Corp. (b) | | | 702,817 | |
| | 1,112 | | | Caterpillar, Inc. | | | 165,855 | |
| | 1,374 | | | Cummins, Inc. | | | 290,134 | |
| | 903 | | | Deere & Co. | | | 200,132 | |
| | 4,671 | | | Donaldson Co., Inc. | | | 216,828 | |
| | 1,319 | | | Dover Corp. | | | 142,900 | |
| | 50,690 | | | Gates Industrial Corp PLC (a) | | | 563,673 | |
| | 6,628 | | | Graco, Inc. | | | 406,628 | |
| | 4,569 | | | Illinois Tool Works, Inc. | | | 882,776 | |
| | 3,945 | | | Lincoln Electric Holdings, Inc. (b) | | | 363,098 | |
| | 1,529 | | | Nordson Corp. (b) | | | 293,293 | |
| | 4,015 | | | Oshkosh Corp. | | | 295,102 | |
| | 671 | | | Parker-Hannifin Corp. | | | 135,770 | |
| | 920 | | | Snap-on, Inc. (b) | | | 135,359 | |
| | 10,471 | | | The Timken Co. | | | 567,738 | |
| | 5,601 | | | The Toro Co. | | | 470,204 | |
| | 1,259 | | | Valmont Industries, Inc. | | | 156,343 | |
| | 2,332 | | | Wabtec Corp. | | | 144,304 | |
| | | | | | |
|
|
|
| | | | | | | | 6,132,954 | |
| | | | | | |
|
|
|
| | | | | Media - 1.49% | |
| | 232 | | | Cable One, Inc. | | | 437,420 | |
| | 1,317 | | | Charter Communications, Inc. - Class A (a) | | | 822,256 | |
| | 28,552 | | | Comcast Corp. - Class A | | | 1,320,815 | |
| | 19,791 | | | Discovery Communications, Inc. - Series A (a)(b) | | | 430,850 | |
| | 18,966 | | | Discovery Communications, Inc. - Series C (a)(b) | | | 371,734 | |
| | 8,990 | | | Fox Corp. - Class A (b) | | | 250,192 | |
| | 7,178 | | | Fox Corp. - Class B | | | 200,769 | |
| | 3,912 | | | GCI Liberty, Inc. (a) | | | 320,627 | |
| | 4,328 | | | John Wiley & Sons, Inc. - Class A | | | 137,241 | |
| | 2,536 | | | Liberty Broadband Corp. - Class A (a) | | | 359,630 | |
| | 2,901 | | | Liberty Broadband Corp. - Class C (a) | | | 414,466 | |
| | 17,355 | | | Liberty Media Corp.-Liberty SiriusXM - Class A (a)(b) | | | 575,665 | |
| | 19,072 | | | Liberty Media Corp.-Liberty SiriusXM - Class C (a) | | | 630,902 | |
| | 1,343 | | | Nexstar Media Group, Inc. - Class A | | | 120,776 | |
| | 79,835 | | | Sirius XM Holdings, Inc. (b) | | | 427,916 | |
| | 11,256 | | | The Interpublic Group of Companies, Inc. | | | 187,637 | |
| | 9,360 | | | The New York Times Co. - Class A (b) | | | 400,514 | |
| | 4,057 | | | ViacomCBS, Inc. | | | 122,887 | |
| | | | | | |
|
|
|
| | | | | | | | 7,532,297 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.52% | |
| | 9,788 | | | Newmont Goldcorp Corp. | | | 621,048 | |
| | 10,192 | | | Reliance Steel & Aluminum Co. | | | 1,039,992 | |
| | 2,970 | | | Royal Gold, Inc. | | | 356,905 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Metals & Mining (Continued) | |
| | 2,156 | | | Southern Copper Corp. | | $ | 97,602 | |
| | 18,217 | | | Steel Dynamics, Inc. | | | 521,553 | |
| | | | | | |
|
|
|
| | | | | | | | 2,637,100 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 1.02% | |
| | 3,311 | | | Burlington Stores, Inc. (a) | | | 682,364 | |
| | 5,005 | | | Dollar General Corp. | | | 1,049,148 | |
| | 2,542 | | | Dollar Tree, Inc. (a) | | | 232,186 | |
| | 64,751 | | | Kohl’s Corp. | | | 1,199,836 | |
| | 22,511 | | | Nordstrom, Inc. (b) | | | 268,331 | |
| | 2,444 | | | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | | | 213,484 | |
| | 9,438 | | | Target Corp. | | | 1,485,730 | |
| | | | | | |
|
|
|
| | | | | | | | 5,131,079 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.35% | |
| | 1,679 | | | Ameren Corp. | | | 132,775 | |
| | 5,853 | | | CenterPoint Energy, Inc. (b) | | | 113,256 | |
| | 2,724 | | | Consolidated Edison, Inc. | | | 211,927 | |
| | 3,740 | | | Dominion Energy, Inc. | | | 295,198 | |
| | 1,880 | | | DTE Energy Co. | | | 216,275 | |
| | 8,698 | | | MDU Resources Group, Inc. | | | 195,705 | |
| | 4,107 | | | Public Service Enterprise Group, Inc. | | | 225,516 | |
| | 1,114 | | | Sempra Energy | | | 131,853 | |
| | 2,743 | | | WEC Energy Group, Inc. | | | 265,797 | |
| | | | | | |
|
|
|
| | | | | | | | 1,788,302 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 0.20% | |
| | 2,524 | | | Chevron Corp. | | | 181,728 | |
| | 3,515 | | | EOG Resources, Inc. | | | 126,329 | |
| | 35,352 | | | HollyFrontier Corp. | | | 696,788 | |
| | | | | | |
|
|
|
| | | | | | | | 1,004,845 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.48% | |
| | 15,613 | | | Herbalife Nutrition, Ltd. (a) | | | 728,346 | |
| | 14,992 | | | Nu Skin Enterprises, Inc. - Class A | | | 750,949 | |
| | 4,379 | | | The Estee Lauder Cos., Inc. - Class A | | | 955,717 | |
| | | | | | |
|
|
|
| | | | | | | | 2,435,012 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.79% | |
| | 17,992 | | | Abbott Laboratories | | | 1,958,069 | |
| | 27,326 | | | AbbVie, Inc. | | | 2,393,484 | |
| | 34,399 | | | Bristol-Myers Squibb Co. | | | 2,073,916 | |
| | 5,263 | | | Catalent, Inc. (a) | | | 450,829 | |
| | 12,632 | | | Eli Lilly & Co. | | | 1,869,789 | |
| | 5,997 | | | Horizon Therapeutics Plc (a) | | | 465,847 | |
| | 5,588 | | | Jazz Pharmaceuticals PLC (a) | | | 796,793 | |
| | 42,418 | | | Johnson & Johnson | | | 6,315,192 | |
| | 32,191 | | | Merck & Co., Inc. | | | 2,670,243 | |
| | 102,458 | | | Mylan NV (a)(b) | | | 1,519,452 | |
| | 8,338 | | | Perrigo Co. PLC | | | 382,798 | |
| | 54,943 | | | Pfizer, Inc. | | | 2,016,408 | |
| | 7,750 | | | Zoetis, Inc. | | | 1,281,617 | |
| | | | | | |
|
|
|
| | | | | | | | 24,194,437 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.64% | |
| | 715 | | | CoStar Group, Inc. (a) | | | 606,685 | |
| | 1,461 | | | Equifax, Inc. | | | 229,231 | |
| | 2,101 | | | IHS Markit, Ltd. | | | 164,950 | |
| | 16,220 | | | ManpowerGroup, Inc. | | | 1,189,413 | |
| | 12,941 | | | Nielsen Holdings Plc | | | 183,503 | |
| | 9,792 | | | Robert Half International, Inc. | | | 518,388 | |
| | 1,894 | | | Verisk Analytics, Inc. | | | 350,977 | |
| | | | | | |
|
|
|
| | | | | | | | 3,243,147 | |
| | | | | | |
|
|
|
See notes to financial statements.
45
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Real Estate Management & Development - 0.30% | |
| | 7,391 | | | CBRE Group, Inc. - Class A (a) | | $ | 347,155 | |
| | 12,044 | | | Jones Lang LaSalle, Inc. | | | 1,152,129 | |
| | | | | | |
|
|
|
| | | | | | | | 1,499,284 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.46% | |
| | 1,219 | | | J.B. Hunt Transport Services, Inc. | | | 154,057 | |
| | 885 | | | Kansas City Southern | | | 160,034 | |
| | 4,761 | | | Knight-Swift Transportation Holdings, Inc. - Class A | | | 193,773 | |
| | 4,683 | | | Landstar System, Inc. | | | 587,670 | |
| | 2,463 | | | Old Dominion Freight Line, Inc. | | | 445,606 | |
| | 8,010 | | | Schneider National, Inc. - Class B | | | 198,087 | |
| | 2,992 | | | Union Pacific Corp. | | | 589,035 | |
| | | | | | |
|
|
|
| | | | | | | | 2,328,262 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 4.99% | |
| | 28,440 | | | Advanced Micro Devices, Inc. (a) | | | 2,331,796 | |
| | 2,379 | | | Analog Devices, Inc. (b) | | | 277,724 | |
| | 16,998 | | | Applied Materials, Inc. | | | 1,010,531 | |
| | 4,757 | | | Broadcom, Inc. | | | 1,733,070 | |
| | 10,536 | | | Cirrus Logic, Inc. (a) | | | 710,653 | |
| | 5,231 | | | Entegris, Inc. | | | 388,873 | |
| | 2,599 | | | Inphi Corp. (a) | | | 291,738 | |
| | 80,628 | | | Intel Corp. | | | 4,174,918 | |
| | 3,672 | | | KLA-Tencor Corp. | | | 711,413 | |
| | 3,314 | | | Lam Research Corp. | | | 1,099,419 | |
| | 5,531 | | | Marvell Technology Group, Ltd. | | | 219,581 | |
| | 4,912 | | | Maxim Integrated Products, Inc. | | | 332,100 | |
| | 3,440 | | | Microchip Technology, Inc. (b) | | | 353,494 | |
| | 12,099 | | | Micron Technology, Inc. (a) | | | 568,169 | |
| | 3,761 | | | MKS Instruments, Inc. (b) | | | 410,814 | |
| | 2,014 | | | Monolithic Power Systems, Inc. | | | 563,135 | |
| | 8,454 | | | NVIDIA Corp. | | | 4,575,474 | |
| | 28,065 | | | ON Semiconductor Corp. (a) | | | 608,730 | |
| | 5,954 | | | Qorvo, Inc. (a) | | | 768,126 | |
| | 5,069 | | | Skyworks Solutions, Inc. | | | 737,539 | |
| | 1,705 | | | SolarEdge Technologies, Inc. (a) | | | 406,387 | |
| | 9,410 | | | Teradyne, Inc. | | | 747,719 | |
| | 12,913 | | | Texas Instruments, Inc. | | | 1,843,847 | |
| | 3,362 | | | Xilinx, Inc. | | | 350,455 | |
| | | | | | |
|
|
|
| | | | | | | | 25,215,705 | |
| | | | | | |
|
|
|
| | | | | Software - 11.47% | |
| | 16,527 | | | 2U, Inc. (a)(b) | | | 559,604 | |
| | 7,592 | | | Adobe Systems, Inc. (a) | | | 3,723,345 | |
| | 2,056 | | | Alteryx, Inc. (a)(b) | | | 233,459 | |
| | 10,491 | | | Anaplan, Inc. (a) | | | 656,527 | |
| | 1,486 | | | ANSYS, Inc. (a) | | | 486,264 | |
| | 3,032 | | | Aspen Technology, Inc. (a) | | | 383,821 | |
| | 2,588 | | | Atlassian Corp. PLC - Class A (a) | | | 470,473 | |
| | 4,176 | | | Autodesk, Inc. (a) | | | 964,698 | |
| | 2,305 | | | Avalara, Inc. (a) | | | 293,519 | |
| | 1,358 | | | Bill.com Holdings, Inc. (a) | | | 136,221 | |
| | 9,281 | | | Cadence Design System, Inc. (a) | | | 989,633 | |
| | 6,297 | | | CDK Global, Inc. (b) | | | 274,486 | |
| | 2,457 | | | Ceridian HCM Holding, Inc. (a) | | | 203,071 | |
| | 7,015 | | | Citrix Systems, Inc. | | | 966,036 | |
| | 5,403 | | | Cloudflare, Inc. - Class A (a) | | | 221,847 | |
| | 1,485 | | | Coupa Software, Inc. (a) | | | 407,246 | |
| | 3,017 | | | Datadog, Inc. - Class A (a) | | | 308,217 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | |
| | 5,328 | | | DocuSign, Inc. (a) | | $ | 1,146,799 | |
| | 15,701 | | | Dropbox, Inc. - Class A (a) | | | 302,401 | |
| | 5,144 | | | Dynatrace, Inc. (a) | | | 211,007 | |
| | 1,902 | | | Elastic NV (a)(b) | | | 205,207 | |
| | 1,034 | | | Everbridge, Inc. (a)(b) | | | 130,005 | |
| | 2,198 | | | Fair Isaac Corp. (a) | | | 934,985 | |
| | 2,584 | | | Five9, Inc. (a)(b) | | | 335,093 | |
| | 4,479 | | | Fortinet, Inc. (a) | | | 527,671 | |
| | 563 | | | Globant SA (a) | | | 100,901 | |
| | 823 | | | HubSpot, Inc. (a) | | | 240,505 | |
| | 2,764 | | | Intuit, Inc. | | | 901,644 | |
| | 2,523 | | | Jack Henry & Associates, Inc. | | | 410,215 | |
| | 9,498 | | | Manhattan Associates, Inc. (a)(b) | | | 906,964 | |
| | 121,730 | | | Microsoft Corp. | | | 25,603,471 | |
| | 3,458 | | | New Relic, Inc. (a) | | | 194,893 | |
| | 46,697 | | | NortonLifeLock, Inc. | | | 973,165 | |
| | 21,303 | | | Nuance Communications, Inc. (a) | | | 707,047 | |
| | 14,379 | | | Nutanix, Inc. - Class A (a)(b) | | | 318,926 | |
| | 21,715 | | | Oracle Corp. | | | 1,296,385 | |
| | 990 | | | Paycom Software, Inc. (a) | | | 308,187 | |
| | 1,444 | | | Paylocity Holding Corp. (a) | | | 233,090 | |
| | 6,247 | | | Pegasystems, Inc. | | | 756,137 | |
| | 993 | | | Proofpoint, Inc. (a) | | | 104,811 | |
| | 5,343 | | | RingCentral, Inc. - Class A (a) | | | 1,467,241 | |
| | 6,729 | | | salesforce.com, Inc. (a) | | | 1,691,132 | |
| | 3,451 | | | ServiceNow, Inc. (a) | | | 1,673,735 | |
| | 4,102 | | | Smartsheet, Inc. - Class A (a)(b) | | | 202,721 | |
| | 1,694 | | | Splunk, Inc. (a) | | | 318,692 | |
| | 8,722 | | | SS&C Technologies Holdings, Inc. | | | 527,855 | |
| | 3,819 | | | Synopsys, Inc. (a) | | | 817,190 | |
| | 670 | | | The Trade Desk, Inc. - Class A (a)(b) | | | 347,583 | |
| | 1,013 | | | Tyler Technologies, Inc. (a) | | | 353,091 | |
| | 1,673 | | | VMware, Inc. - Class A (a)(b) | | | 240,360 | |
| | 1,949 | | | Workday, Inc. - Class A (a) | | | 419,288 | |
| | 3,681 | | | Zendesk, Inc. (a) | | | 378,849 | |
| | 1,758 | | | Zoom Video Communications, Inc. (a) | | | 826,453 | |
| | 4,298 | | | Zscaler, Inc. (a)(b) | | | 604,686 | |
| | | | | | |
|
|
|
| | | | | | | | 57,996,852 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 3.96% | |
| | 1,551 | | | Advance Auto Parts, Inc. | | | 238,078 | |
| | 28,390 | | | AutoNation, Inc. (a)(b) | | | 1,502,683 | |
| | 788 | | | AutoZone, Inc. (a) | | | 927,980 | |
| | 9,523 | | | Best Buy Co., Inc. | | | 1,059,815 | |
| | 1,181 | | | Carvana Co. (a)(b) | | | 263,434 | |
| | 4,736 | | | Dick’s Sporting Goods, Inc. (b) | | | 274,120 | |
| | 3,902 | | | Floor & Decor Holdings, Inc. - Class A (a) | | | 291,870 | |
| | 18,801 | | | Foot Locker, Inc. | | | 620,997 | |
| | 22,129 | | | L Brands, Inc. | | | 703,923 | |
| | 13,483 | | | Lowe’s Cos., Inc. | | | 2,236,290 | |
| | 1,882 | | | O’Reilly Automotive, Inc. (a) | | | 867,752 | |
| | 25,619 | | | Penske Automotive Group, Inc. (b) | | | 1,221,001 | |
| | 5,050 | | | Ross Stores, Inc. | | | 471,266 | |
| | 1,651 | | | Sherwin-Williams Co. | | | 1,150,318 | |
| | 31,864 | | | The Gap, Inc. (b) | | | 542,644 | |
| | 16,294 | | | The Home Depot, Inc. | | | 4,525,007 | |
| | 18,428 | | | The TJX Cos., Inc. | | | 1,025,518 | |
| | 2,231 | | | Tiffany & Co. | | | 258,461 | |
| | 4,273 | | | Tractor Supply Co. | | | 612,492 | |
| | 2,472 | | | Ulta Beauty, Inc. (a) | | | 553,679 | |
See notes to financial statements.
46
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Specialty Retail (Continued) | |
| | 7,145 | | | Williams Sonoma, Inc. (b) | | $ | 646,194 | |
| | | | | | |
|
|
|
| | | | | | | | 19,993,522 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 6.51% | |
| | 257,966 | | | Apple, Inc. | | | 29,875,043 | |
| | 12,136 | | | HP, Inc. | | | 230,463 | |
| | 7,548 | | | International Business Machines Corp. | | | 918,365 | |
| | 27,037 | | | NCR Corp. (a)(b) | | | 598,599 | |
| | 9,717 | | | NetApp, Inc. | | | 425,993 | |
| | 26,967 | | | Pure Storage, Inc. - Class A (a)(b) | | | 415,022 | |
| | 18,643 | | | Teradata Corp. (a)(b) | | | 423,196 | |
| | | | | | |
|
|
|
| | | | | | | | 32,886,681 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.74% | |
| | 24,073 | | | Capri Holdings, Ltd. (a)(b) | | | 433,314 | |
| | 4,409 | | | Carter’s, Inc. | | | 381,731 | |
| | 5,320 | | | Columbia Sportswear Co. (b) | | | 462,733 | |
| | 5,967 | | | lululemon athletica, Inc. (a) | | | 1,965,351 | |
| | 17,729 | | | NIKE, Inc. - Class B | | | 2,225,699 | |
| | 15,844 | | | PVH Corp. (b) | | | 944,936 | |
| | 4,096 | | | Ralph Lauren Corp. - Class A | | | 278,405 | |
| | 11,450 | | | Skechers U.S.A., Inc. - Class A (a) | | | 346,019 | |
| | 29,781 | | | Tapestry, Inc. | | | 465,477 | |
| | 41,942 | | | Under Armour, Inc. - Class A (a)(b) | | | 471,009 | |
| | 26,607 | | | Under Armour, Inc. - Class C (a)(b) | | | 261,813 | |
| | 8,220 | | | VF Corp. | | | 577,455 | |
| | | | | | |
|
|
|
| | | | | | | | 8,813,942 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.37% | |
| | 3,774 | | | Altria Group, Inc. | | | 145,827 | |
| | 22,856 | | | Philip Morris International, Inc. | | | 1,713,972 | |
| | | | | | |
|
|
|
| | | | | | | | 1,859,799 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 0.83% | |
| | 16,968 | | | Fastenal Co. | | | 765,087 | |
| | 10,012 | | | HD Supply Holdings, Inc. (a) | | | 412,895 | |
| | 7,154 | | | MSC Industrial Direct Co., Inc. - Class A | | | 452,705 | |
| | 1,121 | | | United Rentals, Inc. (a) | | | 195,615 | |
| | 74,168 | | | Univar, Inc. (a) | | | 1,251,956 | |
| | 2,021 | | | W.W. Grainger, Inc. | | | 721,032 | |
| | 1,774 | | | Watsco, Inc. - Class A | | | 413,147 | |
| | | | | | |
|
|
|
| | | | | | | | 4,212,437 | |
| | | | | | |
|
|
|
| | | | | Transportation Infrastructure - 0.04% | |
| | 6,622 | | | Macquarie Infrastructure Corp. | | | 178,066 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.08% | |
| | 2,656 | | | American Water Works Co., Inc. | | | 384,801 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $321,528,025) | | | 478,638,105 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.21% | |
| | | | | Exchange Traded Funds - 3.21% | |
| | 52,801 | | | Vanguard S&P 500 ETF | | | 16,244,227 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $13,996,140) | | | 16,244,227 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 1.94% | |
| | | | | Real Estate Investment Trusts - 1.94% | |
| | 7,363 | | | AGNC Investment Corp. (b) | | | 102,419 | |
| | 1,205 | | | Alexandria Real Estate Equities, Inc. | | | 192,800 | |
| | 12,709 | | | American Homes 4 Rent - Class A | | | 361,952 | |
| | 2,271 | | | American Tower Corp. | | | 548,969 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 13,216 | | | Apple Hospitality REIT, Inc. | | $ | 127,006 | |
| | 11,647 | | | Brandywine Realty Trust | | | 120,430 | |
| | 13,667 | | | Brixmor Property Group, Inc. | | | 159,767 | |
| | 136,876 | | | Brookfield Property REIT, Inc. - Class A (b) | | | 1,675,362 | |
| | 2,446 | | | Camden Property Trust | | | 217,645 | |
| | 6,200 | | | Corporate Office Properties Trust | | | 147,064 | |
| | 3,314 | | | Crown Castle International Corp. | | | 551,781 | |
| | 3,173 | | | CyrusOne, Inc. | | | 222,205 | |
| | 2,815 | | | Digital Realty Trust, Inc. (b) | | | 413,129 | |
| | 5,669 | | | Duke Realty Corp. | | | 209,186 | |
| | 102,128 | | | Empire State Realty Trust, Inc. - Class A (b) | | | 625,023 | |
| | 881 | | | Equinix, Inc. | | | 669,675 | |
| | 6,122 | | | Equity LifeStyle Properties, Inc. | | | 375,279 | |
| | 7,522 | | | Gaming and Leisure Properties, Inc. | | | 277,779 | |
| | 3,666 | | | Highwoods Properties, Inc. | | | 123,068 | |
| | 14,192 | | | Invitation Homes, Inc. | | | 397,234 | |
| | 15,016 | | | Medical Properties Trust, Inc. | | | 264,732 | |
| | 53,033 | | | Paramount Group, Inc. (b) | | | 375,474 | |
| | 6,071 | | | Prologis, Inc. | | | 610,864 | |
| | 1,247 | | | SBA Communications Corp. | | | 397,145 | |
| | 7,021 | | | Spirit Realty Capital, Inc. (b) | | | 236,959 | |
| | 2,677 | | | Sun Communities, Inc. | | | 376,413 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts (Cost $9,048,563) | | | 9,779,360 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.23% | |
| | | | | Money Market Funds - 0.23% | |
| | 1,185,036 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (c) | | | 1,185,036 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments (Cost $1,185,036) | | | 1,185,036 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 7.18% | |
| | 36,279,414 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (c) | | | 36,279,414 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $36,279,414) | | | 36,279,414 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $382,037,178) - 107.26% | | | 542,126,142 | |
| | | | | Liabilities in Excess of
Other Assets - (7.26)% | | | (36,697,149 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 505,428,993 | |
| | | | | | |
|
|
|
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, 2020. |
| (d) | | These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $226,779, which represents 0.04% of total net assets. |
See notes to financial statements.
47
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 88.04% | |
| | | | | Argentina - 0.31% | |
| | 932 | | | Globant SA (a) | | $ | 167,033 | |
| | 26,700 | | | YPF SA - ADR (b) | | | 95,319 | |
| | | | | | |
|
|
|
| | | | | | | | 262,352 | |
| | | | | | |
|
|
|
| | | | | Bermuda - 0.14% | |
| | 50,485 | | | Alibaba Health Information Technology Ltd. (a) | | | 124,146 | |
| | | | | | |
|
|
|
| | | | | Brazil - 4.27% | |
| | 43,485 | | | Ambev SA | | | 97,409 | |
| | 5,161 | | | B2W Cia Gigtal (a) | | | 83,105 | |
| | 13,415 | | | B3 SA - Brasil Bolsa Balcao | | | 131,668 | |
| | 18,352 | | | Banco do Brasil SA | | | 97,056 | |
| | 31,060 | | | BB Seguridade Participacoes SA | | | 134,729 | |
| | 15,268 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 127,208 | |
| | 9,164 | | | Cosan SA | | | 111,696 | |
| | 21,657 | | | Equatorial Energia SA | | | 81,562 | |
| | 8,985 | | | Hapvida Participacoes e Investimentos SA | | | 99,915 | |
| | 49,607 | | | JBS SA | | | 182,761 | |
| | 30,084 | | | Lojas Renner SA | | | 212,831 | |
| | 26,843 | | | Magazine Luiza SA | | | 428,033 | |
| | 13,627 | | | Natura & Co Holding SA | | | 124,043 | |
| | 11,648 | | | Notre Dame Intermedica Participacoes SA | | | 135,170 | |
| | 54,732 | | | Petroleo Brasileiro SA | | | 193,554 | |
| | 63,055 | | | Raia Drogasil SA | | | 264,530 | |
| | 20,882 | | | Sul America SA | | | 146,764 | |
| | 37,747 | | | TIM Participacoes SA | | | 87,513 | |
| | 49,899 | | | Vale SA | | | 525,833 | |
| | 24,626 | | | Via Varejo SA (a) | | | 76,168 | |
| | 27,710 | | | WEG SA | | | 322,648 | |
| | | | | | |
|
|
|
| | | | | | | | 3,664,196 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 4.18% | |
| | 2,463 | | | Bilibili, Inc. - ADR (a)(b) | | | 102,461 | |
| | 76,414 | | | China Lesso Group Holdings Ltd. | | | 138,778 | |
| | 25,942 | | | China Resources Land Ltd. | | | 118,317 | |
| | 137,456 | | | China Yuhua Education Corp Ltd. | | | 117,975 | |
| | 28,276 | | | Country Garden Services Holdings Co., Ltd. | | | 183,638 | |
| | 3,349 | | | GSX Techedu, Inc. - ADR (a)(b) | | | 301,778 | |
| | 21,462 | | | Haidilao International Holding Ltd. | | | 155,508 | |
| | 1,555 | | | JOYY, Inc. - ADR (b) | | | 125,442 | |
| | 19,751 | | | Koolearn Technology Holding Ltd. (a) | | | 84,861 | |
| | 81,190 | | | KWG Property Holding Ltd. | | | 139,830 | |
| | 29,724 | | | Meituan Dianping (a) | | | 936,345 | |
| | 3,123 | | | Pinduoduo, Inc. - ADR (a)(b) | | | 231,570 | |
| | 7,314 | | | Ping An Healthcare and Technology Co Ltd. (a) | | | 94,371 | |
| | 96,772 | | | Seazen Group Ltd. | | | 82,433 | |
| | 3,167 | | | Silergy Corp. | | | 187,762 | |
| | 76,974 | | | Topsports International Holdings Ltd. | | | 107,014 | |
| | 1,416 | | | Zai Lab Ltd. - ADR (a) | | | 117,769 | |
| | 26,349 | | | Zhen Ding Technology Holding Ltd. | | | 115,655 | |
| | 20,376 | | | Zhongsheng Group Holdings, Ltd. | | | 128,175 | |
| | 3,789 | | | ZTO Express Cayman, Inc. - ADR | | | 113,367 | |
| | | | | | |
|
|
|
| | | | | | | | 3,583,049 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.28% | |
| | 96,093 | | | Cencosud SA | | | 140,762 | |
| | 34,490 | | | Falabella SA | | | 101,045 | |
| | | | | | |
|
|
|
| | | | | | | | 241,807 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | China - 25.98% | |
| | 373,865 | | | Agricultural Bank of China Ltd. - Series H | | $ | 117,302 | |
| | 128,492 | | | Air China Ltd. - Series H | | | 84,688 | |
| | 22,858 | | | Alibaba Group Holding, Ltd. - ADR (a) | | | 6,719,795 | |
| | 23,434 | | | A-Living Services Co., Ltd. - Series H | | | 119,893 | |
| | 25,182 | | | Anhui Conch Cement Co., Ltd. | | | 174,418 | |
| | 17,837 | | | ANTA Sports Products Ltd. | | | 186,154 | |
| | 1,525 | | | Autohome, Inc. - ADR (b) | | | 146,400 | |
| | 262,339 | | | BAIC Motor Corp., Ltd. | | | 107,340 | |
| | 2,593 | | | Baidu, Inc. - ADR (a) | | | 328,248 | |
| | 877,670 | | | Bank of China Ltd. - Series H | | | 272,973 | |
| | 246,960 | | | Bank of Communications Co., Ltd. - Series H | | | 119,028 | |
| | 4,540 | | | Baozun, Inc. - ADR (a)(b) | | | 147,505 | |
| | 5,681 | | | CanSino Biologics, Inc. (a) | | | 121,109 | |
| | 569,672 | | | China Cinda Asset Management Co., Ltd. - Series H | | | 107,354 | |
| | 268,528 | | | China CITIC Bank Corp., Ltd. - Series H | | | 104,066 | |
| | 1,000,037 | | | China Construction Bank Corp. - Series H | | | 649,797 | |
| | 220,273 | | | China Eastern Airlines Corp. Ltd. Series H | | | 94,754 | |
| | 347,000 | | | China Everbright Bank Co., Ltd. - Series H | | | 109,740 | |
| | 185,323 | | | China Hongqiao Group Ltd. | | | 116,100 | |
| | 41,264 | | | China Merchants Bank Co., Ltd. - Series H | | | 195,815 | |
| | 230,247 | | | China Minsheng Banking Corp., Ltd. - Series H | | | 120,982 | |
| | 170,617 | | | China National Building Material Co., Ltd. | | | 217,442 | |
| | 901,119 | | | China Reinsurance Group Corp. | | | 83,114 | |
| | 244,215 | | | China Resources Pharmaceutical Group, Ltd. | | | 125,936 | |
| | 274,136 | | | China Southern Airlines Co., Ltd. - Series H | | | 148,819 | |
| | 346,338 | | | China Telecom Corp., Ltd. - Series H | | | 104,057 | |
| | 182,941 | | | CNOOC, Ltd. | | | 175,967 | |
| | 229,428 | | | COSCO SHIPPING Holdings Co Ltd. (a) | | | 113,185 | |
| | 111,014 | | | CSPC Pharmaceutical Group Ltd. | | | 216,705 | |
| | 1,951 | | | GDS Holdings, Ltd. - ADR (a)(b) | | | 159,650 | |
| | 607,819 | | | Industrial & Commercial Bank of China Ltd. - Series H | | | 316,610 | |
| | 8,258 | | | JD.com, Inc. - ADR (a) | | | 640,903 | |
| | 100,483 | | | Jiangxi Copper Co., Ltd. Series H | | | 112,990 | |
| | 54,570 | | | Kingdee International Software Group Co., Ltd. | | | 142,335 | |
| | 73,672 | | | Legend Holdings Corp. | | | 89,775 | |
| | 158,377 | | | Lenovo Group Ltd. | | | 104,713 | |
| | 55,230 | | | Li Ning Co., Ltd. | | | 259,874 | |
| | 27,030 | | | Longfor Properties Co., Ltd. | | | 153,157 | |
| | 4,705 | | | Momo, Inc. - ADR | | | 64,741 | |
| | 918 | | | NetEase, Inc. - ADR | | | 417,387 | |
| | 1,690 | | | New Oriental Education & Technology Group, Inc. - ADR (a) | | | 252,655 | |
| | 172,318 | | | PICC Property & Casualty Co., Ltd. - Series H | | | 121,046 | |
| | 59,229 | | | Ping An Insurance Group Co. of China, Ltd. - Series H | | | 614,847 | |
| | 49,665 | | | Shandong Weigao Group Medical Polymer Co Ltd. | | | 99,371 | |
| | 3,606 | | | SINA Corp. (a) | | | 153,652 | |
| | 195,453 | | | Sinopec Engineering Group Co Ltd. Series H | | | 72,249 | |
| | 45,494 | | | Sinopharm Group Co., Ltd. | | | 96,138 | |
| | 8,294 | | | Sunny Optical Technology Group Co., Ltd. | | | 128,825 | |
| | 3,598 | | | TAL Education Group - ADR (a) | | | 273,592 | |
| | 71,308 | | | Tencent Holdings Ltd. | | | 4,816,384 | |
| | 136,824 | | | Tingyi Cayman Islands Holding Corp. | | | 242,274 | |
| | 100,731 | | | Uni-President China Holdings Ltd. | | | 92,381 | |
| | 21,340 | | | Vipshop Holdings Ltd. - ADR (a)(b) | | | 333,758 | |
| | 8,530 | | | WuXi AppTec Co Ltd. | | | 123,353 | |
| | 7,819 | | | Wuxi Biologics Cayman Inc. (a) | | | 191,629 | |
| | 86,748 | | | Xinyi Solar Holdings Ltd. | | | 138,298 | |
See notes to financial statements.
48
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | China (Continued) | |
| | 120,761 | | | Yanzhou Coal Mining Co Ltd. Series H | | $ | 90,244 | |
| | 20,942 | | | Yihai International Holding Ltd. | | | 328,936 | |
| | 6,045 | | | Yum China Holdings, Inc. | | | 320,083 | |
| | | | | | |
|
|
|
| | | | | | | | 22,280,536 | |
| | | | | | |
|
|
|
| | | | | Egypt - 0.38% | |
| | 54,211 | | | Commercial International Bank Egypt SAE | | | 228,821 | |
| | 129,005 | | | Eastern Co. SAE | | | 98,653 | |
| | | | | | |
|
|
|
| | | | | | | | 327,474 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 2.45% | |
| | 34,569 | | | Beijing Enterprises Holdings Ltd. | | | 104,214 | |
| | 431,103 | | | Bosideng International Holdings Ltd. | | | 134,500 | |
| | 49,767 | | | China Mengniu Dairy Co., Ltd. | | | 234,738 | |
| | 51,816 | | | China Mobile Ltd. | | | 332,622 | |
| | 15,171 | | | China Resources Beer Holdings Co., Ltd. | | | 93,178 | |
| | 89,903 | | | China Resources Cement Holdings, Ltd. | | | 123,594 | |
| | 63,200 | | | China Taiping Insurance Holdings Co., Ltd. | | | 96,899 | |
| | 202,791 | | | China Unicom Hong Kong Ltd. | | | 133,110 | |
| | 143,338 | | | CITIC Ltd. | | | 106,282 | |
| | 43,417 | | | Kingboard Chemical Holdings, Ltd. | | | 143,640 | |
| | 195,089 | | | Kunlun Energy Co., Ltd. | | | 128,822 | |
| | 38,821 | | | Semiconductor Manufacturing International Corp. (a) | | | 90,886 | |
| | 134,762 | | | Sino Biopharmaceutical Ltd. | | | 147,570 | |
| | 100,529 | | | Sun Art Retail Group Ltd. | | | 111,613 | |
| | 612,961 | | | Yuexiu Property Co., Ltd. | | | 120,330 | |
| | | | | | |
|
|
|
| | | | | | | | 2,101,998 | |
| | | | | | |
|
|
|
| | | | | Hungary - 0.24% | |
| | 16,022 | | | MOL Hungarian Oil & Gas Plc | | | 87,210 | |
| | 5,750 | | | Richter Gedeon Nyrt | | | 121,372 | |
| | | | | | |
|
|
|
| | | | | | | | 208,582 | |
| | | | | | |
|
|
|
| | | | | India - 9.24% | |
| | 6,122 | | | Asian Paints Ltd. | | | 164,954 | |
| | 8,101 | | | Aurobindo Pharma Ltd. | | | 87,724 | |
| | 7,134 | | | Avenue Supermarts Ltd. (a) | | | 213,278 | |
| | 18,559 | | | Berger Paints India Ltd. | | | 147,075 | |
| | 22,506 | | | Bharti Airtel Ltd. | | | 128,679 | |
| | 17,031 | | | Biocon Ltd. | | | 103,333 | |
| | 2,057 | | | Britannia Industries Ltd. | | | 106,161 | |
| | 7,870 | | | Colgate-Palmolive India Ltd. | | | 153,153 | |
| | 15,965 | | | Dabur India Ltd. | | | 110,664 | |
| | 5,602 | | | Divi’s Laboratories Ltd. | | | 231,927 | |
| | 4,115 | | | Dr. Reddy’s Laboratories Ltd. | | | 288,185 | |
| | 14,668 | | | Grasim Industries Ltd. | | | 148,471 | |
| | 36,488 | | | HCL Technologies Ltd. | | | 402,284 | |
| | 5,869 | | | HDFC Asset Management Co., Ltd. | | | 181,246 | |
| | 11,862 | | | HDFC Life Insurance Co., Ltd. (a) | | | 90,051 | |
| | 74,700 | | | Hindalco Industries Ltd. | | | 178,491 | |
| | 12,801 | | | Hindustan Unilever Ltd. | | | 359,743 | |
| | 15,350 | | | Housing Development Finance Corp. Ltd. | | | 363,836 | |
| | 25,648 | | | ICICI Bank Ltd. | | | 124,014 | |
| | 7,321 | | | ICICI Lombard General Insurance Co., Ltd. (a) | | | 128,937 | |
| | 23,569 | | | Indraprastha Gas Ltd. | | | 124,142 | |
| | 57,688 | | | Infosys Ltd. | | | 793,219 | |
| | 7,952 | | | InterGlobe Aviation Ltd. | | | 134,180 | |
| | 35,154 | | | LIC Housing Finance Ltd. | | | 132,206 | |
| | 19,797 | | | Marico Ltd. | | | 97,514 | |
| | 1,127 | | | Nestle India Ltd. | | | 243,216 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | India (Continued) | |
| | 142,033 | | | Oil & Natural Gas Corp. Ltd. | | $ | 133,650 | |
| | 370 | | | Page Industries Ltd. | | | 107,151 | |
| | 6,710 | | | Piramal Enterprises Ltd. | | | 114,344 | |
| | 125,009 | | | REC Ltd. | | | 168,445 | |
| | 21,930 | | | Reliance Industries Ltd. | | | 665,091 | |
| | 8,054 | | | SBI Life Insurance Co., Ltd. (a) | | | 88,631 | |
| | 13,263 | | | Shriram Transport Finance Co Ltd. | | | 111,949 | |
| | 10,654 | | | Tata Consultancy Services Ltd. | | | 360,451 | |
| | 16,464 | | | Tata Consumer Products Ltd. | | | 111,699 | |
| | 151,406 | | | Tata Motors Ltd. (a) | | | 274,705 | |
| | 3,068 | | | Torrent Pharmaceuticals Ltd. | | | 116,586 | |
| | 139,798 | | | Vedanta Ltd. | | | 260,770 | |
| | 40,542 | | | Wipro Ltd. | | | 172,530 | |
| | | | | | |
|
|
|
| | | | | | | | 7,922,685 | |
| | | | | | |
|
|
|
| | | | | Indonesia - 1.57% | |
| | 1,331,115 | | | Adaro Energy Tbk PT | | | 102,238 | |
| | 71,897 | | | Bank Central Asia Tbk PT | | | 131,241 | |
| | 2,332,960 | | | Barito Pacific Tbk PT (a) | | | 124,712 | |
| | 268,974 | | | Charoen Pokphand Indonesia Tbk PT | | | 102,959 | |
| | 285,257 | | | Indah Kiat Pulp & Paper Corp. Tbk PT | | | 173,153 | |
| | 296,654 | | | Indofood Sukses Makmur Tbk PT | | | 143,078 | |
| | 1,215,482 | | | Kalbe Farma Tbk PT | | | 126,999 | |
| | 2,038,627 | | | Perusahaan Gas Negara PT | | | 127,546 | |
| | 864,276 | | | PT Ace Hardware Indonesia Tbk | | | 92,741 | |
| | 463,270 | | | Telekomunikasi Indonesia Persero Tbk PT | | | 79,990 | |
| | 260,065 | | | Unilever Indonesia Tbk PT | | | 141,908 | |
| | | | | | |
|
|
|
| | | | | | | | 1,346,565 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.12% | |
| | 5,983 | | | Reinet Investments SCA | | | 103,336 | |
| | | | | | |
|
|
|
| | | | | Mexico - 1.36% | |
| | 400,485 | | | America Movil SAB de CV - Series L | | | 250,128 | |
| | 70,120 | | | Becle SAB de CV | | | 142,577 | |
| | 484,811 | | | Cemex SAB de CV | | | 183,957 | |
| | 9,053 | | | Gruma SAB de CV - Series B | | | 100,186 | |
| | 70,159 | | | Grupo Bimbo SAB de CV - Series A | | | 130,536 | |
| | 53,835 | | | Grupo Mexico SAB de CV - Series B | | | 137,025 | |
| | 93,130 | | | Wal-Mart de Mexico SAB de CV | | | 222,848 | |
| | | | | | |
|
|
|
| | | | | | | | 1,167,257 | |
| | | | | | |
|
|
|
| | | | | Philippines - 0.61% | |
| | 5,802 | | | Globe Telecom, Inc. | | | 248,866 | |
| | 1,399,258 | | | Metro Pacific Investments Corp. | | | 101,107 | |
| | 3,172 | | | PLDT, Inc. | | | 87,170 | |
| | 4,935 | | | SM Investments Corp. | | | 90,001 | |
| | | | | | |
|
|
|
| | | | | | | | 527,144 | |
| | | | | | |
|
|
|
| | | | | Poland - 0.81% | |
| | 1,206 | | | CD Projekt SA (a) | | | 130,583 | |
| | 4,277 | | | Dino Polska SA (a) | | | 251,597 | |
| | 7,868 | | | Grupa Lotos SA | | | 70,180 | |
| | 89 | | | LPP SA | | | 151,247 | |
| | 7,760 | | | Polski Koncern Naftowy Orlen SA | | | 92,097 | |
| | | | | | |
|
|
|
| | | | | | | | 695,704 | |
| | | | | | |
|
|
|
| | | | | Qatar - 0.86% | |
| | 91,205 | | | Masraf Al Rayan QSC | | | 104,434 | |
| | 137,960 | | | Ooredoo QPSC | | | 254,172 | |
| | 27,710 | | | Qatar Islamic Bank SAQ | | | 125,707 | |
| | 50,280 | | | Qatar National Bank QPSC | | | 251,723 | |
| | | | | | |
|
|
|
| | | | | | | | 736,036 | |
| | | | | | |
|
|
|
See notes to financial statements.
49
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Republic of Korea - 12.61% | |
| | 932 | | | Alteogen, Inc. (a) | | $ | 143,008 | |
| | 925 | | | Amorepacific Corp. | | | 128,955 | |
| | 20,403 | | | BNK Financial Group, Inc. | | | 88,279 | |
| | 1,091 | | | Celltrion Healthcare Co Ltd. (a) | | | 81,838 | |
| | 1,264 | | | Celltrion Pharm, Inc. (a) | | | 122,119 | |
| | 502 | | | Celltrion, Inc. (a) | | | 110,422 | |
| | 8,743 | | | Cheil Worldwide, Inc. | | | 156,612 | |
| | 330 | | | CJ CheilJedang Corp. | | | 111,387 | |
| | 1,860 | | | CJ Corp. | | | 129,157 | |
| | 2,258 | | | Daelim Industrial Co Ltd. | | | 149,239 | |
| | 5,452 | | | Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) | | | 110,618 | |
| | 2,578 | | | DB Insurance Co., Ltd. | | | 99,631 | |
| | 6,073 | | | GS Engineering & Construction Corp. | | | 125,092 | |
| | 5,093 | | | GS Holdings Corp. | | | 134,843 | |
| | 5,533 | | | Hana Financial Group, Inc. | | | 132,920 | |
| | 4,323 | | | Hankook Tire Co., Ltd. | | | 116,491 | |
| | 5,513 | | | Hanwha Corp. | | | 118,537 | |
| | 1,656 | | | HLB CO Ltd. (a) | | | 145,981 | |
| | 4,188 | | | Hyundai Engineering & Construction Co., Ltd. | | | 108,714 | |
| | 1,403 | | | Hyundai Glovis Co., Ltd. | | | 172,507 | |
| | 5,096 | | | Hyundai Marine & Fire Insurance Co., Ltd. | | | 97,488 | |
| | 720 | | | Hyundai Mobis Co., Ltd. | | | 141,252 | |
| | 16,741 | | | Industrial Bank of Korea | | | 114,360 | |
| | 925 | | | Kakao Corp. | | | 287,632 | |
| | 4,354 | | | KB Financial Group, Inc. | | | 140,199 | |
| | 5,113 | | | Kia Motors Corp. | | | 205,041 | |
| | 2,968 | | | KMW Co Ltd. (a) | | | 198,369 | |
| | 2,292 | | | Korea Gas Corp. | | | 48,118 | |
| | 272 | | | LG Chemical Ltd. | | | 151,822 | |
| | 2,269 | | | LG Electronics, Inc. | | | 177,737 | |
| | 236 | | | LG Household & Health Care Ltd. | | | 291,237 | |
| | 15,796 | | | LG Uplus Corp. | | | 155,190 | |
| | 46,426 | | | Meritz Securities Co., Ltd. | | | 128,659 | |
| | 1,315 | | | Naver Corp. | | | 334,169 | |
| | 449 | | | NCSoft Corp. | | | 309,421 | |
| | 1,006 | | | Orion Corp/Republic of Korea | | | 112,724 | |
| | 681 | | | Pearl Abyss Corp. (a) | | | 117,275 | |
| | 1,183 | | | POSCO | | | 198,051 | |
| | 8,295 | | | Posco International Corp. | | | 94,721 | |
| | 368 | | | Samsung Biologics Co., Ltd. (a) | | | 216,950 | |
| | 998 | | | Samsung C&T Corp. | | | 89,564 | |
| | 1,070 | | | Samsung Electro-Mechanics Co., Ltd. | | | 126,805 | |
| | 62,322 | | | Samsung Electronics Co., Ltd. | | | 3,093,923 | |
| | 463 | | | Samsung SDI Co., Ltd. | | | 171,041 | |
| | 871 | | | Seegene, Inc. | | | 196,395 | |
| | 1,290 | | | Shin Poong Pharmaceutical Co Ltd. (a) | | | 138,994 | |
| | 7,430 | | | Shinhan Financial Group Co., Ltd. | | | 174,312 | |
| | 529 | | | Shinsegae, Inc. | | | 95,716 | |
| | 5,371 | | | SK Hynix, Inc. | | | 385,008 | |
| | 3,601 | | | Woongjin Coway Co., Ltd. | | | 244,909 | |
| | 12,323 | | | Woori Financial Group Inc. | | | 90,107 | |
| | | | | | |
|
|
|
| | | | | | | | 10,813,539 | |
| | | | | | |
|
|
|
| | | | | Russian Federation - 3.19% | |
| | 46,472 | | | Gazprom PJSC - ADR | | | 202,618 | |
| | 8,407 | | | LUKOIL PJSC - ADR | | | 482,646 | |
| | 9,067 | | | Magnit PJSC | | | 135,161 | |
| | 11,364 | | | MMC Norilsk Nickel PJSC - ADR | | | 274,441 | |
| | 12,192 | | | Mobile TeleSystems PJSC - ADR | | | 106,436 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Russian Federation (Continued) | |
| | 2,122 | | | Polyus PJSC - GDR (d) | | $ | 223,559 | |
| | 20,711 | | | Rosneft Oil Co PJSC - ADR (a)(d) | | | 102,325 | |
| | 30,029 | | | Sberbank of Russia PJSC - ADR | | | 350,438 | |
| | 9,904 | | | Severstal PJSC - GDR (d) | | | 125,743 | |
| | 36,200 | | | Surgutneftegas OJSC - ADR | | | 160,909 | |
| | 4,243 | | | Tatneft PJSC - ADR | | | 149,697 | |
| | 132,595 | | | VTB Bank PJSC - GDR (d) | | | 110,541 | |
| | 3,865 | | | X5 Retail Group NV | | | 142,834 | |
| | 2,515 | | | Yandex NV (a)(b) | | | 164,104 | |
| | | | | | |
|
|
|
| | | | | | | | 2,731,452 | |
| | | | | | |
|
|
|
| | | | | South Africa - 3.39% | |
| | 21,809 | | | Absa Group Ltd. | | | 115,556 | |
| | 2,203 | | | Anglo American Platinum, Ltd. | | | 152,525 | |
| | 5,801 | | | AngloGold Ashanti Ltd. | | | 151,752 | |
| | 20,362 | | | Aspen Pharmacare Holdings Ltd. | | | 145,366 | |
| | 7,292 | | | Bid Corp. Ltd. | | | 112,190 | |
| | 1,711 | | | Capitec Bank Holdings Ltd. | | | 105,383 | |
| | 7,902 | | | Clicks Group, Ltd. | | | 104,611 | |
| | 50,165 | | | FirstRand Ltd. | | | 123,099 | |
| | 17,627 | | | Gold Fields Ltd. | | | 215,642 | |
| | 19,194 | | | Impala Platinum Holdings Ltd. | | | 166,771 | |
| | 4,843 | | | Kumba Iron Ore, Ltd. | | | 143,064 | |
| | 13,842 | | | Mr. Price Group Ltd. | | | 108,541 | |
| | 19,305 | | | MultiChoice Group Ltd. | | | 111,514 | |
| | 2,263 | | | Naspers Ltd. - N Shares | | | 399,700 | |
| | 21,482 | | | Nedbank Group Ltd. | | | 128,549 | |
| | 17,408 | | | Northam Platinum Ltd. (a) | | | 176,937 | |
| | 187,980 | | | Old Mutual Ltd. | | | 115,868 | |
| | 147,832 | | | Pepkor Holdings Ltd. | | | 98,319 | |
| | 17,604 | | | Standard Bank Group Ltd. | | | 113,066 | |
| | 57,566 | | | Woolworths Holdings Ltd. | | | 120,742 | |
| | | | | | |
|
|
|
| | | | | | | | 2,909,195 | |
| | | | | | |
|
|
|
| | | | | South Korea - 0.07% | |
| | 948 | | | Lotte Shopping Co Ltd. | | | 63,559 | |
| | | | | | |
|
|
|
| | | | | Taiwan, Province of China - 13.37% | |
| | 28,514 | | | Accton Technology Corp. | | | 220,604 | |
| | 113,505 | | | Acer, Inc. | | | 97,801 | |
| | 32,709 | | | Advantech Co., Ltd. | | | 330,992 | |
| | 6,516 | | | Airtac International Group | | | 148,232 | |
| | 2,168 | | | ASMedia Technology, Inc. | | | 109,923 | |
| | 69,121 | | | Cathay Financial Holding Co., Ltd. | | | 92,535 | |
| | 32,975 | | | Chailease Holding Co., Ltd. | | | 151,052 | |
| | 43,026 | | | Chicony Electronics Co., Ltd. | | | 125,608 | |
| | 180,807 | | | China Life Insurance Co., Ltd. | | | 124,809 | |
| | 187,746 | | | Compal Electronics, Inc. | | | 124,166 | |
| | 13,580 | | | Delta Electronics, Inc. | | | 89,172 | |
| | 169,746 | | | E.SUN Financial Holdings Co., Ltd. | | | 151,174 | |
| | 11,065 | | | Eclat Textile Co., Ltd. | | | 138,352 | |
| | 161,701 | | | Evergreen Marine Corp. Taiwan Ltd. (a) | | | 89,147 | |
| | 47,543 | | | Feng TAY Enterprise Co., Ltd. | | | 287,003 | |
| | 103,394 | | | Fubon Financial Holding Co., Ltd. | | | 150,450 | |
| | 6,782 | | | Globalwafers Co., Ltd. | | | 90,745 | |
| | 127,951 | | | Hon Hai Precision Industry Co., Ltd. | | | 343,998 | |
| | 1,054 | | | Largan Precision Co., Ltd. | | | 123,433 | |
| | 56,679 | | | Lite-On Technology Corp. | | | 90,783 | |
| | 19,435 | | | MediaTek, Inc. | | | 411,808 | |
| | 34,179 | | | Micro-Star International Co., Ltd. | | | 157,790 | |
| | 22,253 | | | Nien Made Enterprise Co., Ltd. | | | 265,924 | |
| | 13,853 | | | Novatek Microelectronics Corp. | | | 127,784 | |
See notes to financial statements.
50
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Taiwan, Province of China (Continued) | |
| | 107,426 | | | Pou Chen Corp. | | $ | 97,573 | |
| | 33,661 | | | Powertech Technology, Inc. | | | 101,227 | |
| | 26,608 | | | President Chain Store Corp. | | | 242,189 | |
| | 36,197 | | | Quanta Computer, Inc. | | | 95,051 | |
| | 23,737 | | | Realtek Semiconductor Corp. | | | 304,269 | |
| | 427,176 | | | Shin Kong Financial Holding Co., Ltd. | | | 119,373 | |
| | 68,905 | | | Standard Foods Corp. | | | 145,359 | |
| | 75,296 | | | Taiwan Cement Corp. | | | 108,331 | |
| | 33,743 | | | Taiwan Mobile Co., Ltd. | | | 112,779 | |
| | 318,653 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 4,793,841 | |
| | 138,249 | | | Uni-President Enterprises Corp. | | | 299,414 | |
| | 412,333 | | | United Microelectronics Corp. | | | 406,716 | |
| | 32,634 | | | Vanguard International Semiconductor Corp. | | | 109,172 | |
| | 9,815 | | | Win Semiconductors Corp. | | | 97,867 | |
| | 91,174 | | | Wistron Corp. | | | 94,554 | |
| | 6,434 | | | Wiwynn Corp. | | | 146,237 | |
| | 10,373 | | | Yageo Corp. | | | 127,374 | |
| | 9,756 | | | Yuanta Financial Holding Co Ltd. | | | 6,040 | |
| | | | | | |
|
|
|
| | | | | | | | 11,450,651 | |
| | | | | | |
|
|
|
| | | | | Thailand - 1.38% | |
| | 20,684 | | | Advanced Info Service PCL - NVDR | | | 112,056 | |
| | 77,961 | | | B Grimm Power PCL | | | 104,377 | |
| | 26,426 | | | Bangkok Bank PCL | | | 80,520 | |
| | 121,550 | | | Charoen Pokphand Foods PCL | | | 107,736 | |
| | 61,152 | | | CP ALL PCL - NVDR | | | 116,574 | |
| | 177,820 | | | Gulf Energy Development PCL - NVDR | | | 171,601 | |
| | 253,363 | | | Home Product Center PCL - NVDR | | | 115,513 | |
| | 79,676 | | | Muangthai Capital PCL - NVDR | | | 124,828 | |
| | 125,548 | | | Osotspa PCL - NVDR | | | 139,159 | |
| | 68,680 | | | SRISAWAD CORP PCL | | | 106,528 | |
| | | | | | |
|
|
|
| | | | | | | | 1,178,892 | |
| | | | | | |
|
|
|
| | | | | Turkey - 1.12% | |
| | 176,271 | | | Akbank Turk AS | | | 116,114 | |
| | 21,788 | | | Anadolu Efes Biracilik Ve Malt Sanayii AS | | | 58,167 | |
| | 25,776 | | | BIM Birlesik Magazalar AS | | | 231,112 | |
| | 115,676 | | | Haci Omer Sabanci Holding AS | | | 124,274 | |
| | 41,700 | | | KOC Holding AS | | | 78,949 | |
| | 106,286 | | | Turkiye Garanti Bankasi AS | | | 97,146 | |
| | 235,956 | | | Turkiye Is Bankasi - Series C | | | 163,356 | |
| | 315,645 | | | Yapi ve Kredi Bankasi AS (a) | | | 87,110 | |
| | | | | | |
|
|
|
| | | | | | | | 956,228 | |
| | | | | | |
|
|
|
| | | | | United Arab Emirates - 0.11% | |
| | 19,902 | | | Emirates Telecommunications Group Co. PJSC | | | 90,452 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $56,736,568) | | | 75,486,835 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 9.23% | |
| | | | | China - 7.23% | |
| | 37,412 | | | iShares Core MSCI Emerging Markets ETF | | | 1,975,354 | |
| | 107,060 | | | KraneShares Bosera MSCI China ETF - Class A (b) | | | 4,225,658 | |
| | | | | | |
|
|
|
| | | | | | | | 6,201,012 | |
| | | | | | |
|
|
|
| | | | | Saudi Arabia - 2.00% | |
| | 57,763 | | | iShares MSCI Saudi Arabia ETF (b) | | | 1,715,561 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $6,971,529) | | | 7,916,573 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | PREFERRED STOCKS - 2.51% | |
| | | | | Brazil - 1.30% | |
| | 58,583 | | | Banco Bradesco SA - Preference Shares | | $ | 203,312 | |
| | 56,982 | | | Cia Energetica de Minas Gerais - Preference Shares | | | 102,379 | |
| | 65,761 | | | Itau Unibanco Holding SA - Preference Shares | | | 264,875 | |
| | 64,997 | | | Itausa - Investimentos Itau SA - Preference Shares | | | 102,312 | |
| | 24,467 | | | Lojas Americanas SA | | | 123,078 | |
| | 66,546 | | | Petroleo Brasileiro SA - Preference Shares | | | 233,437 | |
| | 10,732 | | | Telefonica Brasil SA - Preference Shares | | | 83,205 | |
| | | | | | |
|
|
|
| | | | | | | | 1,112,598 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 1.21% | |
| | 3,482 | | | Amorepacific Corp. - Preference Shares | | | 171,440 | |
| | 393 | | | LG Household & Health Care Ltd. - Preference Shares | | | 237,460 | |
| | 14,623 | | | Samsung Electronics Co., Ltd. - Preference Shares | | | 629,388 | |
| | | | | | |
|
|
|
| | | | | | | | 1,038,288 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $1,993,615) | | | 2,150,886 | |
| | | | | | |
|
|
|
| | | | | RIGHTS - 0.00% | |
| | | | | Taiwan, Province of China - 0.00% | |
| | 5,446 | | | Shin Kong Financial Holding Co Ltd. (e)(f)(g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Rights
(Cost $0) | | | 0 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.42% | |
| | | | | Money Market Funds - 0.42% | |
| | 362,094 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (c) | | | 362,094 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $362,094) | | | 362,094 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 5.44% | |
| | 4,666,867 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (c) | | | 4,666,867 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $4,666,867) | | | 4,666,867 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $70,730,673) - 105.64% | | | 90,583,255 | |
| | | | | Liabilities in Excess of
Other Assets - (5.64)% | | | (4,835,541 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 85,747,714 | |
| | | | | | |
|
|
|
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, 2020. |
| (d) | | Regulation S securities, as defined under the Securities Act of 1933. Such securities are treated as liquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $683,402, which represents 0.80% of total net assets. |
| (e) | | As of September 30, 2020, the Valuation Committee has fair valued this security. The value of this security was $0, which represents 0.00% of total net assets. |
| (f) | | This security has been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of this security totals $0, which represents 0.00% of total net assets. |
| (g) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
| GDR | | - | | Global Depositary Receipt |
| NVDR | | - | | Non-Voting Depositary Receipt |
See notes to financial statements.
51
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)
September 30, 2020
| | | | |
COMMON STOCKS | | | | |
Air Freight & Logistics | | | 0.33% | |
Airlines | | | 0.54% | |
Auto Components | | | 0.30% | |
Automobiles | | | 0.68% | |
Banks | | | 6.33% | |
Beverages | | | 0.62% | |
Biotechnology | | | 0.78% | |
Building Products | | | 0.16% | |
Capital Markets | | | 0.77% | |
Chemicals | | | 0.69% | |
Commercial Services & Supplies | | | 0.35% | |
Communications Equipment | | | 0.49% | |
Construction & Engineering | | | 0.53% | |
Construction Materials | | | 1.12% | |
Consumer Finance | | | 0.40% | |
Department Stores | | | 0.07% | |
Diversified Consumer Services | | | 1.20% | |
Diversified Financial Services | | | 0.78% | |
Diversified Telecommunication Services | | | 0.80% | |
Electric Utilities | | | 0.10% | |
Electrical Equipment | | | 0.38% | |
Electronic Equipment, Instruments & Components | | | 1.60% | |
Entertainment | | | 0.90% | |
Food & Staples Retailing | | | 2.67% | |
Food Products | | | 3.26% | |
Gas Utilities | | | 0.47% | |
Health Care Equipment & Supplies | | | 0.12% | |
Health Care Providers & Services | | | 0.48% | |
Health Care Technology | | | 0.25% | |
Hotels, Restaurants & Leisure | | | 0.55% | |
Household Durables | | | 0.97% | |
Household Products | | | 0.76% | |
Independent Power and Renewable Electricity Producers | | | 0.32% | |
Industrial Conglomerates | | | 0.71% | |
Insurance | | | 2.69% | |
Interactive Media & Services | | | 1.29% | |
Internet & Direct Marketing Retail | | | 10.59% | |
Internet Software & Services | | | 0.19% | |
IT Services | | | 8.21% | |
Leisure Products | | | 0.17% | |
Life Sciences Tools & Services | | | 0.89% | |
Machinery | | | 0.30% | |
Marine | | | 0.24% | |
Media | | | 0.78% | |
Metals & Mining | | | 3.68% | |
Multiline Retail | | | 1.12% | |
Oil, Gas & Consumable Fuels | | | 3.72% | |
Paper & Forest Products | | | 0.20% | |
| | | | |
| | | | | |
Personal Products | | | 0.72% | |
Pharmaceuticals | | | 2.18% | |
Real Estate Management & Development | | | 0.72% | |
Semiconductors & Semiconductor Equipment | | | 12.18% | |
Software | | | 0.72% | |
Specialty Retail | | | 0.85% | |
Technology Hardware, Storage & Peripherals | | | 1.70% | |
Textiles, Apparel & Luxury Goods | | | 1.59% | |
Thrifts & Mortgage Finance | | | 0.58% | |
Tobacco | | | 0.12% | |
Trading Companies & Distributors | | | 0.11% | |
Water Utilities | | | 0.15% | |
Wireless Telecommunication Services | | | 1.87% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 88.04% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 9.23% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 9.23% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Banks | | | 0.67% | |
Diversified Telecommunication Services | | | 0.10% | |
Electric Utilities | | | 0.12% | |
Multiline Retail | | | 0.14% | |
Oil, Gas & Consumable Fuels | | | 0.27% | |
Personal Products | | | 0.48% | |
Semiconductors & Semiconductor Equipment | | | 0.73% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 2.51% | |
| | |
|
|
|
RIGHTS | | | | |
Insurance | | | 0.00% | |
| | |
|
|
|
TOTAL RIGHTS | | | 0.00% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.42% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.42% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 5.44% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 5.44% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 105.64% | |
Liabilities in Excess of Other Assets | | | (5.64)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
52
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 91.18% | |
| | | | | Aerospace & Defense - 0.76% | |
| | 509 | | | Aerojet Rocketdyne Holdings, Inc. (a) | | $ | 20,304 | |
| | 281 | | | AeroVironment, Inc. (a) | | | 16,863 | |
| | 2,116 | | | Astronics Corp. (a) | | | 16,335 | |
| | 938 | | | Axon Enterprise, Inc. (a) | | | 85,077 | |
| | 992 | | | BWX Technologies, Inc. | | | 55,859 | |
| | 358 | | | Curtiss-Wright Corp. | | | 33,387 | |
| | 555 | | | Ducommun, Inc. (a) | | | 18,271 | |
| | 525 | | | Hexcel Corp. | | | 17,614 | |
| | 835 | | | Howmet Aerospace, Inc. | | | 13,961 | |
| | 324 | | | Huntington Ingalls Industries, Inc. | | | 45,603 | |
| | 1,178 | | | Kratos Defense & Security Solutions, Inc. (a) | | | 22,712 | |
| | 865 | | | Maxar Technologies, Inc. | | | 21,573 | |
| | 411 | | | Moog, Inc. - Class A | | | 26,111 | |
| | 908 | | | Parsons Corp. (a) | | | 30,454 | |
| | 1,178 | | | Textron, Inc. | | | 42,514 | |
| | 1,203 | | | Vectrus, Inc. (a) | | | 45,714 | |
| | 1,248 | | | Virgin Galactic Holdings, Inc. (a)(b) | | | 23,999 | |
| | | | | | |
|
|
|
| | | | | | | | 536,351 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.38% | |
| | 612 | | | Atlas Air Worldwide Holdings, Inc. (a)(b) | | | 37,271 | |
| | 2,482 | | | Echo Global Logistics, Inc. (a) | | | 63,961 | |
| | 364 | | | Forward Air Corp. | | | 20,886 | |
| | 466 | | | Hub Group, Inc. - Class A (a) | | | 23,391 | |
| | 8,035 | | | Radiant Logistics, Inc. (a) | | | 41,300 | |
| | 978 | | | XPO Logistics, Inc. (a) | | | 82,797 | |
| | | | | | |
|
|
|
| | | | | | | | 269,606 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.15% | |
| | 1,282 | | | Alaska Air Group, Inc. | | | 46,960 | |
| | 444 | | | Copa Holdings SA - Class A | | | 22,351 | |
| | 4,708 | | | Mesa Air Group, Inc. (a) | | | 13,888 | |
| | 750 | | | SkyWest, Inc. | | | 22,395 | |
| | | | | | |
|
|
|
| | | | | | | | 105,594 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.68% | |
| | 3,589 | | | American Axle & Manufacturing Holdings, Inc. (a) | | | 20,709 | |
| | 1,576 | | | BorgWarner, Inc. (b) | | | 61,054 | |
| | 968 | | | Cooper Tire & Rubber Co. (b) | | | 30,686 | |
| | 1,536 | | | Dana, Inc. | | | 18,923 | |
| | 404 | | | Dorman Products, Inc. (a) | | | 36,513 | |
| | 381 | | | Fox Factory Holding Corp. (a)(b) | | | 28,320 | |
| | 2,772 | | | Gentex Corp. | | | 71,379 | |
| | 464 | | | Gentherm, Inc. (a) | | | 18,978 | |
| | 2,143 | | | Goodyear Tire & Rubber Co. | | | 16,437 | |
| | 258 | | | LCI Industries | | | 27,423 | |
| | 341 | | | Lear Corp. | | | 37,186 | |
| | 2,834 | | | Modine Manufacturing Co. (a) | | | 17,712 | |
| | 865 | | | Motorcar Parts of America, Inc. (a) | | | 13,459 | |
| | 340 | | | Standard Motor Products, Inc. | | | 15,181 | |
| | 1,594 | | | Stoneridge, Inc. (a) | | | 29,282 | |
| | 216 | | | Visteon Corp. (a) | | | 14,952 | |
| | 472 | | | Workhorse Group, Inc. (a) | | | 11,932 | |
| | 550 | | | XPEL, Inc. (a) | | | 14,344 | |
| | | | | | |
|
|
|
| | | | | | | | 484,470 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.18% | |
| | 757 | | | Harley-Davidson, Inc. | | | 18,577 | |
| | 791 | | | Thor Industries, Inc. (b) | | | 75,351 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Automobiles (Continued) | |
| | 674 | | | Winnebago Industries, Inc. | | $ | 34,825 | |
| | | | | | |
|
|
|
| | | | | | | | 128,753 | |
| | | | | | |
|
|
|
| | | | | Banks - 2.58% | |
| | 920 | | | Ameris Bancorp | | | 20,958 | |
| | 14 | | | Arrow Financial Corp. | | | 354 | |
| | 1,911 | | | Associated Banc-Corp. | | | 24,117 | |
| | 693 | | | Atlantic Union Bankshares Corp. | | | 14,809 | |
| | 562 | | | BancFirst Corp. | | | 22,952 | |
| | 1,166 | | | Banco Latinoamericano de Comercio Exterior SA - Class E | | | 14,167 | |
| | 3,049 | | | Bancorp, Inc. (a) | | | 26,343 | |
| | 758 | | | BancorpSouth, Inc. | | | 14,690 | |
| | 455 | | | Bank of Hawaii Corp. | | | 22,987 | |
| | 1,046 | | | Bank OZK (b) | | | 22,301 | |
| | 1,592 | | | BankUnited, Inc. | | | 34,881 | |
| | 306 | | | BOK Financial Corp. | | | 15,762 | |
| | 340 | | | City Holding Co. | | | 19,587 | |
| | 1,273 | | | Comerica, Inc. | | | 48,692 | |
| | 1,127 | | | Commerce Bancshares, Inc. | | | 63,439 | |
| | 435 | | | Community Bank Systems, Inc. | | | 23,690 | |
| | 991 | | | Cullen Frost Bankers, Inc. (b) | | | 63,374 | |
| | 1,558 | | | Customers Bancorp, Inc. (a) | | | 17,450 | |
| | 579 | | | Eagle Bancorp, Inc. | | | 15,511 | |
| | 1,796 | | | East West Bancorp, Inc. | | | 58,801 | |
| | 953 | | | Enterprise Financial Services Corp. | | | 25,988 | |
| | 2,369 | | | F.N.B. Corp. | | | 16,062 | |
| | 1,281 | | | Farmers National Banc Corp. | | | 13,989 | |
| | 3,691 | | | First BanCorp (Puerto Rico) | | | 19,267 | |
| | 105 | | | First Citizens BancShares, Inc. - Class A | | | 33,472 | |
| | 1,398 | | | First Financial Bancorp. | | | 16,783 | |
| | 1,556 | | | First Financial Bankshares, Inc. (b) | | | 43,428 | |
| | 1,124 | | | First Hawaiian, Inc. | | | 16,264 | |
| | 5,258 | | | First Horizon National Corp. | | | 49,583 | |
| | 936 | | | First Internet Bancorp | | | 13,787 | |
| | 291 | | | First Savings Financial Group, Inc. | | | 15,813 | |
| | 1,790 | | | Fulton Financial Corp. | | | 16,701 | |
| | 667 | | | Glacier Bancorp, Inc. | | | 21,377 | |
| | 1,650 | | | HBT Financial, Inc. | | | 18,513 | |
| | 1,517 | | | Hilltop Holdings, Inc. | | | 31,220 | |
| | 985 | | | Home BancShares, Inc. (b) | | | 14,933 | |
| | 2,162 | | | Hope Bancorp, Inc. | | | 16,399 | |
| | 1,337 | | | Independent Bank Corp. | | | 16,806 | |
| | 412 | | | Independent Bank Group, Inc. | | | 18,202 | |
| | 879 | | | International Bancshares Corp. | | | 22,907 | |
| | 400 | | | Lakeland Financial Corp. (b) | | | 16,480 | |
| | 2,210 | | | Macatawa Bank Corp. | | | 14,431 | |
| | 1,438 | | | Metrocity Bankshares, Inc. | | | 18,938 | |
| | 971 | | | MVB Financial Corp. | | | 15,507 | |
| | 328 | | | Nicolet Bankshares, Inc. (a) | | | 17,912 | |
| | 885 | | | Northeast Bank | | | 16,284 | |
| | 1,437 | | | Old National Bancorp | | | 18,049 | |
| | 2,471 | | | Old Second Bancorp, Inc. | | | 18,520 | |
| | 1,432 | | | Parke Bancorp, Inc. | | | 17,098 | |
| | 503 | | | Pinnacle Financial Partners, Inc. | | | 17,902 | |
| | 1,431 | | | Popular, Inc. | | | 51,902 | |
| | 551 | | | Preferred Bank | | | 17,698 | |
| | 700 | | | Prosperity Bancshares, Inc. | | | 36,281 | |
| | 658 | | | Sandy Spring Bancorp, Inc. | | | 15,187 | |
| | 838 | | | ServisFirst Bancshares, Inc. | | | 28,517 | |
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Banks (Continued) | |
| | 1,465 | | | Shore Bancshares, Inc. | | $ | 16,086 | |
| | 634 | | | Signature Bank (b) | | | 52,616 | |
| | 919 | | | Simmons First National Corp. - Class A | | | 14,571 | |
| | 1,815 | | | Sterling Bancorp | | | 19,094 | |
| | 558 | | | Stock Yards Bancorp, Inc. | | | 18,994 | |
| | 2,278 | | | Synovus Financial Corp. | | | 48,225 | |
| | 840 | | | TCF Financial Corp. | | | 19,622 | |
| | 496 | | | Texas Capital Bancshares, Inc. (a) | | | 15,440 | |
| | 1,000 | | | The Bank of N.T. Butterfield & Son, Ltd. | | | 22,280 | |
| | 1,271 | | | TriState Capital Holdings, Inc. (a) | | | 16,828 | |
| | 342 | | | UMB Financial Corp. | | | 16,761 | |
| | 1,263 | | | Unity Bancorp, Inc. | | | 14,626 | |
| | 3,562 | | | Valley National Bancorp | | | 24,400 | |
| | 527 | | | Washington Trust Bancorp, Inc. | | | 16,158 | |
| | 976 | | | Webster Financial Corp. | | | 25,776 | |
| | 799 | | | WesBanco, Inc. | | | 17,067 | |
| | 901 | | | West Bancorporation, Inc. | | | 14,272 | |
| | 295 | | | WestAmerica Bancorporation | | | 16,033 | |
| | 1,599 | | | Western Alliance Bancorp | | | 50,560 | |
| | 852 | | | Wintrust Financial Corp. | | | 34,123 | |
| | 1,851 | | | Zions Bancorporation | | | 54,086 | |
| | | | | | |
|
|
|
| | | | | | | | 1,834,683 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.67% | |
| | 220 | | | Boston Beer Co., Inc. - Class A (a)(b) | | | 194,339 | |
| | 5,293 | | | Celsius Holdings, Inc. (a) | | | 120,204 | |
| | 197 | | | Coca-Cola Consolidated, Inc. | | | 47,414 | |
| | 552 | | | National Beverage Corp. (a)(b) | | | 37,542 | |
| | 12,037 | | | NewAge, Inc. (a) | | | 20,824 | |
| | 3,800 | | | Primo Water Corp. | | | 53,960 | |
| | | | | | |
|
|
|
| | | | | | | | 474,283 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 5.26% | |
| | 1,051 | | | ACADIA Pharmaceuticals, Inc. (a) | | | 43,354 | |
| | 317 | | | Acceleron Pharma, Inc. (a) | | | 35,672 | |
| | 4,854 | | | Achillion Pharmaceuticals, Inc. (a)(d)(e)(f) | | | 2,233 | |
| | 5,903 | | | Aduro Biotech, Inc. (a) | | | 14,344 | |
| | 1,316 | | | Adverum Biotechnologies, Inc. (a) | | | 13,555 | |
| | 4,880 | | | Affimed NV (a) | | | 16,543 | |
| | 561 | | | Agios Pharmaceuticals, Inc. (a) | | | 19,635 | |
| | 7,738 | | | Akebia Therapeutics, Inc. (a) | | | 19,422 | |
| | 371 | | | Albireo Pharma, Inc. (a) | | | 12,380 | |
| | 1,894 | | | Alkermes PLC (a) | | | 31,384 | |
| | 449 | | | Allogene Therapeutics, Inc. (a)(b) | | | 16,932 | |
| | 3,772 | | | AMAG Pharmaceuticals, Inc. (a) | | | 35,457 | |
| | 1,266 | | | Amicus Therapeutics, Inc. (a) | | | 17,876 | |
| | 511 | | | Apellis Pharmaceuticals, Inc. (a)(b) | | | 15,417 | |
| | 660 | | | Applied Therapeutics, Inc. (a) | | | 13,702 | |
| | 445 | | | Arcturus Therapeutics Holdings, Inc. (a) | | | 19,090 | |
| | 894 | | | Arcus Biosciences, Inc. (a) | | | 15,323 | |
| | 672 | | | Arena Pharmaceuticals, Inc. (a) | | | 50,259 | |
| | 1,321 | | | Arrowhead Pharmaceuticals, Inc. (a)(b) | | | 56,882 | |
| | 7,766 | | | Athersys, Inc. (a)(b) | | | 15,144 | |
| | 1,826 | | | Avenue Therapeutics, Inc. (a) | | | 19,776 | |
| | 2,170 | | | Avid Bioservices, Inc. (a) | | | 16,535 | |
| | 4,465 | | | BioCryst Pharmaceuticals, Inc. (a)(b) | | | 15,337 | |
| | 311 | | | Biohaven Pharmaceutical Holding Co., Ltd. (a) | | | 20,218 | |
| | 281 | | | BioSpecifics Technologies Corp. (a) | | | 14,845 | |
| | 380 | | | Bioxcel Therapeutics, Inc. (a) | | | 16,477 | |
| | 182 | | | Blueprint Medicines Corp. (a) | | | 16,871 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Biotechnology (Continued) | |
| | 1,016 | | | BrainStorm Cell Therapeutics, Inc. (a) | | $ | 17,191 | |
| | 388 | | | Bridgebio Pharma, Inc. (a)(b) | | | 14,558 | |
| | 4,328 | | | Calithera Biosciences, Inc. (a) | | | 14,932 | |
| | 620 | | | CareDx, Inc. (a)(b) | | | 23,523 | |
| | 3,830 | | | Cassava Sciences, Inc. (a)(b) | | | 44,083 | |
| | 531 | | | Castle Biosciences, Inc. (a) | | | 27,320 | |
| | 16,439 | | | Catalyst Pharmaceuticals, Inc. (a) | | | 48,824 | |
| | 1,436 | | | CEL-SCI Corp. (a)(b) | | | 18,309 | |
| | 374 | | | ChemoCentryx, Inc. (a) | | | 20,495 | |
| | 5,607 | | | Cidara Therapeutics, Inc. (a) | | | 15,980 | |
| | 1,980 | | | Coherus Biosciences, Inc. (a)(b) | | | 36,313 | |
| | 770 | | | Constellation Pharmaceuticals, Inc. (a) | | | 15,600 | |
| | 273 | | | Cortexyme, Inc. (a) | | | 13,650 | |
| | 965 | | | Cue Biopharma, Inc. (a) | | | 14,523 | |
| | 1,918 | | | Cyclerion Therapeutics, Inc. (a) | | | 11,661 | |
| | 874 | | | Cytokinetics, Inc. (a) | | | 18,922 | |
| | 346 | | | Deciphera Pharmaceuticals, Inc. (a)(b) | | | 17,750 | |
| | 541 | | | Denali Therapeutics, Inc. (a)(b) | | | 19,384 | |
| | 1,295 | | | DermTech, Inc. (a) | | | 15,475 | |
| | 1,812 | | | Dicerna Pharmaceuticals, Inc. (a) | | | 32,598 | |
| | 1,310 | | | Eagle Pharmaceuticals, Inc. (a) | | | 55,649 | |
| | 445 | | | Editas Medicine, Inc. (a)(b) | | | 12,487 | |
| | 410 | | | Eidos Therapeutics, Inc. (a) | | | 20,717 | |
| | 805 | | | Emergent BioSolutions, Inc. (a) | | | 83,181 | |
| | 397 | | | Enanta Pharmaceuticals, Inc. (a) | | | 18,175 | |
| | 1,092 | | | Epizyme, Inc. (a) | | | 13,028 | |
| | 6,253 | | | Exelixis, Inc. (a) | | | 152,886 | |
| | 451 | | | Fate Therapeutics, Inc. (a) | | | 18,026 | |
| | 2,514 | | | Fennec Pharmaceuticals, Inc. (a) | | | 15,235 | |
| | 451 | | | FibroGen, Inc. (a) | | | 18,545 | |
| | 1,539 | | | Flexion Therapeutics, Inc. (a) | | | 16,021 | |
| | 4,931 | | | Fortress Biotech, Inc. (a) | | | 19,921 | |
| | 850 | | | Frequency Therapeutics, Inc. (a) | | | 16,328 | |
| | 378 | | | Global Blood Therapeutics, Inc. (a)(b) | | | 20,843 | |
| | 1,156 | | | Halozyme Therapeutics, Inc. (a)(b) | | | 30,380 | |
| | 1,144 | | | Harpoon Therapeutics, Inc. (a) | | | 19,437 | |
| | 186 | | | IGM Biosciences, Inc. (a) | | | 13,729 | |
| | 4,239 | | | ImmunoGen, Inc. (a) | | | 15,260 | |
| | 1,600 | | | Immunomedics, Inc. (a) | | | 136,048 | |
| | 470 | | | Immunovant, Inc. (a) | | | 16,539 | |
| | 1,032 | | | Inovio Pharmaceuticals, Inc. (a)(b) | | | 11,971 | |
| | 495 | | | Insmed, Inc. (a) | | | 15,909 | |
| | 627 | | | Intellia Therapeutics, Inc. (a) | | | 12,465 | |
| | 965 | | | Invitae Corp. (a)(b) | | | 41,833 | |
| | 959 | | | Ionis Pharmaceuticals, Inc. (a) | | | 45,505 | |
| | 852 | | | Iovance Biotherapeutics, Inc. (a) | | | 28,048 | |
| | 4,300 | | | Ironwood Pharmaceuticals, Inc. - Class A (a) | | | 38,678 | |
| | 1,698 | | | Jounce Therapeutics, Inc. (a)(b) | | | 13,856 | |
| | 4,089 | | | Kadmon Holdings, Inc. (a) | | | 16,029 | |
| | 204 | | | Karuna Therapeutics, Inc. (a) | | | 15,773 | |
| | 978 | | | Kiniksa Pharmaceuticals Ltd. - Class A (a) | | | 14,983 | |
| | 330 | | | Kodiak Sciences, Inc. (a) | | | 19,539 | |
| | 450 | | | Krystal Biotech, Inc. (a) | | | 19,373 | |
| | 34,436 | | | Lexicon Pharmaceuticals, Inc. (a)(b) | | | 49,588 | |
| | 119 | | | Madrigal Pharmaceuticals, Inc. (a)(b) | | | 14,129 | |
| | 7,439 | | | MannKind Corp. (a) | | | 13,985 | |
| | 902 | | | Mersana Therapeutics, Inc. (a) | | | 16,795 | |
| | 382 | | | Mirati Therapeutics, Inc. (a) | | | 63,431 | |
| | 1,298 | | | Molecular Templates, Inc. (a) | | | 14,174 | |
| | 778 | | | Momenta Pharmaceuticals, Inc. (a) | | | 40,829 | |
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Biotechnology (Continued) | |
| | 6,684 | | | Myriad Genetics, Inc. (a) | | $ | 87,159 | |
| | 2,144 | | | NantKwest, Inc. (a) | | | 14,869 | |
| | 1,000 | | | Natera, Inc. (a) | | | 72,240 | |
| | 1,357 | | | Neoleukin Therapeutics, Inc. (a) | | | 16,284 | |
| | 832 | | | Neurocrine Biosciences, Inc. (a) | | | 80,005 | |
| | 407 | | | Novavax, Inc. (a)(b) | | | 44,098 | |
| | 4,629 | | | OPKO Health, Inc. (a)(b) | | | 17,081 | |
| | 2,749 | | | Ovid therapeutics, Inc. (a) | | | 15,779 | |
| | 6,347 | | | PDL BioPharma, Inc. (a) | | | 19,993 | |
| | 2,178 | | | Pfenex, Inc. (a) | | | 27,770 | |
| | 1,355 | | | Prothena Corp Plc (a) | | | 13,536 | |
| | 491 | | | PTC Therapeutics, Inc. (a) | | | 22,954 | |
| | 8,126 | | | Puma Biotechnology, Inc. (a)(b) | | | 81,991 | |
| | 2,675 | | | Radius Health, Inc. (a) | | | 30,335 | |
| | 15,381 | | | Recro Pharma, Inc. (a) | | | 32,300 | |
| | 379 | | | Repligen Corp. (a) | | | 55,918 | |
| | 808 | | | Replimune Group, Inc. (a) | | | 18,600 | |
| | 713 | | | Retrophin, Inc. (a) | | | 13,162 | |
| | 610 | | | Rocket Pharmaceuticals, Inc. (a) | | | 13,945 | |
| | 1,474 | | | Sangamo Therapeutics, Inc. (a) | | | 13,929 | |
| | 590 | | | Sarepta Therapeutics, Inc. (a) | | | 82,854 | |
| | 7,262 | | | Selecta Biosciences, Inc. (a) | | | 18,010 | |
| | 1,374 | | | SERES THERAPEUTICS, Inc. (a) | | | 38,898 | |
| | 1,532 | | | Sorrento Therapeutics, Inc. (a)(b) | | | 17,082 | |
| | 339 | | | SpringWorks Therapeutics, Inc. (a) | | | 16,160 | |
| | 6,964 | | | Stereotaxis, Inc. (a) | | | 24,931 | |
| | 871 | | | Syndax Pharmaceuticals, Inc. (a) | | | 12,856 | |
| | 2,005 | | | Syros Pharmaceuticals, Inc. (a)(b) | | | 17,724 | |
| | 1,046 | | | TG Therapeutics, Inc. (a)(b) | | | 27,991 | |
| | 1,150 | | | Translate Bio, Inc. (a) | | | 15,652 | |
| | 231 | | | Turning Point Therapeutics, Inc. (a) | | | 20,180 | |
| | 316 | | | Twist Bioscience Corp. (a)(b) | | | 24,007 | |
| | 423 | | | Ultragenyx Pharmaceutical, Inc. (a)(b) | | | 34,766 | |
| | 1,170 | | | United Therapeutics Corp. (a) | | | 118,170 | |
| | 6,125 | | | Vanda Pharmaceuticals, Inc. (a) | | | 59,168 | |
| | 2,480 | | | Vaxart, Inc. (a)(b) | | | 16,492 | |
| | 4,304 | | | VBI Vaccines, Inc. (a)(b) | | | 12,309 | |
| | 2,390 | | | Veracyte, Inc. (a) | | | 77,651 | |
| | 3,438 | | | Vericel Corp. (a) | | | 63,706 | |
| | 546 | | | Viela Bio, Inc. (a) | | | 15,332 | |
| | 552 | | | Vir Biotechnology, Inc. (a)(b) | | | 18,950 | |
| | 1,277 | | | XBiotech, Inc. (a) | | | 24,378 | |
| | 665 | | | Xencor, Inc. (a) | | | 25,795 | |
| | 458 | | | Y-mAbs Therapeutics, Inc. (a) | | | 17,583 | |
| | | | | | |
|
|
|
| | | | | | | | 3,737,675 | |
| | | | | | |
|
|
|
| | | | | Building Products - 2.10% | |
| | 1,860 | | | A. O. Smith Corp. - Class A | | | 98,208 | |
| | 727 | | | AAON, Inc. | | | 43,802 | |
| | 599 | | | Advanced Drainage Systems, Inc. | | | 37,402 | |
| | 995 | | | Allegion PLC (b) | | | 98,415 | |
| | 1,610 | | | Alpha Pro Tech, Ltd. (a) | | | 23,796 | |
| | 363 | | | American Woodmark Corp. (a) | | | 28,510 | |
| | 897 | | | Apogee Enterprises, Inc. | | | 19,169 | |
| | 528 | | | Armstrong World Industries, Inc. | | | 36,332 | |
| | 3,845 | | | Builders FirstSource, Inc. (a) | | | 125,424 | |
| | 1,959 | | | Caesarstone, Ltd. | | | 19,198 | |
| | 4,991 | | | Cornerstone Building Brands, Inc. (a) | | | 39,828 | |
| | 450 | | | CSW Industrials, Inc. | | | 34,762 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Building Products (Continued) | |
| | 1,905 | | | Fortune Brands Home & Security, Inc. | | $ | 164,821 | |
| | 1,017 | | | Griffon Corp. | | | 19,872 | |
| | 1,046 | | | Insteel Industries, Inc. | | | 19,560 | |
| | 2,018 | | | JELD-WEN Holding, Inc. (a) | | | 45,607 | |
| | 443 | | | Lennox International, Inc. | | | 120,766 | |
| | 353 | | | Masonite International Corp. (a) | | | 34,735 | |
| | 1,361 | | | Owens Corning, Inc. | | | 93,650 | |
| | 485 | | | Patrick Industries, Inc. | | | 27,897 | |
| | 1,608 | | | PGT Innovations, Inc. (a) | | | 28,172 | |
| | 1,328 | | | Quanex Building Products Corp. (b) | | | 24,488 | |
| | 1,857 | | | Resideo Technologies, Inc. (a) | | | 20,427 | |
| | 749 | | | Simpson Manufacturing Co., Inc. | | | 72,773 | |
| | 2,048 | | | Trex Co., Inc. (a)(b) | | | 146,637 | |
| | 1,254 | | | UFP Industries, Inc. | | | 70,864 | |
| | | | | | |
|
|
|
| | | | | | | | 1,495,115 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.30% | |
| | 287 | | | Affiliated Managers Group, Inc. (b) | | | 19,625 | |
| | 1,462 | | | Ares Management Corp. - Class A | | | 59,094 | |
| | 1,629 | | | Artisan Partners Asset Management, Inc. - Class A | | | 63,515 | |
| | 1,168 | | | B. Riley Financial, Inc. | | | 29,270 | |
| | 4,399 | | | Brightsphere Investment Group, Inc. | | | 56,747 | |
| | 733 | | | Cohen & Steers, Inc. | | | 40,857 | |
| | 2,109 | | | Cowen Group, Inc. - Class A | | | 34,313 | |
| | 214 | | | Diamond Hill Investment Group, Inc. | | | 27,032 | |
| | 4,065 | | | Donnelley Financial Solutions, Inc. (a) | | | 54,308 | |
| | 1,675 | | | Eaton Vance Corp. | | | 63,901 | |
| | 762 | | | Evercore, Inc. - Class A | | | 49,881 | |
| | 539 | | | FactSet Research Systems, Inc. | | | 180,500 | |
| | 1,946 | | | Federated Investors, Inc. - Class B | | | 41,858 | |
| | 681 | | | Focus Financial Partners, Inc. - Class A (a) | | | 22,330 | |
| | 2,298 | | | GAMCO Investors, Inc. - Class A | | | 26,588 | |
| | 2,893 | | | Greenhill & Co., Inc. | | | 32,836 | |
| | 733 | | | Hamilton Lane, Inc. | | | 47,344 | |
| | 748 | | | Houlihan Lokey, Inc. | | | 44,169 | |
| | 3,088 | | | Invesco Ltd. | | | 35,234 | |
| | 1,871 | | | Lazard, Ltd. - Class A | | | 61,837 | |
| | 1,383 | | | LPL Financial Holdings, Inc. | | | 106,035 | |
| | 1,150 | | | Moelis & Co. - Class A | | | 40,411 | |
| | 478 | | | Morningstar, Inc. | | | 76,772 | |
| | 705 | | | Oppenheimer Holdings, Inc. - Class A | | | 15,736 | |
| | 324 | | | Piper Jaffray Cos. | | | 23,652 | |
| | 874 | | | PJT Partners, Inc. - Class A | | | 52,973 | |
| | 3,100 | | | Pzena Investment Management, Inc. - Class A | | | 16,616 | |
| | 1,551 | | | SEI Investments Co. | | | 78,667 | |
| | 1,765 | | | Silvercrest Asset Management Group, Inc. - Class A | | | 18,462 | |
| | 1,078 | | | Stifel Financial Corp. | | | 54,504 | |
| | 655 | | | StoneX Group, Inc. (a) | | | 33,510 | |
| | 729 | | | The Carlyle Group Inc | | | 17,984 | |
| | 1,834 | | | Virtu Financial, Inc. - Class A | | | 42,200 | |
| | 241 | | | Virtus Investment Partners, Inc. | | | 33,415 | |
| | 1,922 | | | Waddell & Reed Financial, Inc. - Class A | | | 28,542 | |
| | | | | | |
|
|
|
| | | | | | | | 1,630,718 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.51% | |
| | 4,602 | | | Advanced Emissions Solutions, Inc. | | | 18,684 | |
| | 7,136 | | | AgroFresh Solutions, Inc. (a) | | | 17,341 | |
| | 602 | | | Albemarle Corp. (b) | | | 53,747 | |
| | 358 | | | Ashland Global Holdings, Inc. (b) | | | 25,389 | |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Chemicals (Continued) | |
| | 799 | | | Avient Corp. | | $ | 21,142 | |
| | 1,344 | | | Axalta Coating Systems, Ltd. (a) | | | 29,796 | |
| | 544 | | | Cabot Corp. | | | 19,600 | |
| | 1,971 | | | CF Industries Holdings, Inc. | | | 60,529 | |
| | 222 | | | Chase Corp. | | | 21,179 | |
| | 2,064 | | | Element Solutions, Inc. (a) | | | 21,693 | |
| | 1,455 | | | FutureFuel Corp. | | | 16,543 | |
| | 745 | | | GCP Applied Technologies, Inc. (a) | | | 15,608 | |
| | 431 | | | H.B. Fuller Co. | | | 19,731 | |
| | 474 | | | Hawkins, Inc. | | | 21,851 | |
| | 2,022 | | | Huntsman Corp. | | | 44,909 | |
| | 304 | | | Ingevity Corp. (a) | | | 15,030 | |
| | 223 | | | Innospec, Inc. | | | 14,120 | |
| | 1,373 | | | Intrepid Potash, Inc. (a) | | | 11,588 | |
| | 1,084 | | | Koppers Holdings, Inc. (a) | | | 22,666 | |
| | 1,489 | | | Kraton Corp. (a)(b) | | | 26,534 | |
| | 2,242 | | | Livent Corp. (a) | | | 20,111 | |
| | 304 | | | Minerals Technologies, Inc. | | | 15,534 | |
| | 81 | | | NewMarket Corp. | | | 27,728 | |
| | 1,503 | | | Olin Corp. | | | 18,607 | |
| | 1,891 | | | Orion Engineered Carbons SA | | | 23,656 | |
| | 1,415 | | | PQ Group Holdings, Inc. (a) | | | 14,518 | |
| | 79 | | | Quaker Chemical Corp. | | | 14,197 | |
| | 1,372 | | | RPM International, Inc. | | | 113,657 | |
| | 298 | | | Sensient Technologies Corp. | | | 17,207 | |
| | 279 | | | Stepan Co. | | | 30,411 | |
| | 1,666 | | | The Chemours Co. | | | 34,836 | |
| | 3,473 | | | The Mosaic Co. | | | 63,452 | |
| | 473 | | | The Scotts Miracle-Gro Co. - Class A | | | 72,326 | |
| | 3,209 | | | Trecora Resources (a) | | | 19,703 | |
| | 2,871 | | | Tronox Holdings PLC - Class A | | | 22,595 | |
| | 2,407 | | | Valvoline, Inc. | | | 45,829 | |
| | 285 | | | Westlake Chemical Corp. | | | 18,018 | |
| | | | | | |
|
|
|
| | | | | | | | 1,070,065 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 1.65% | |
| | 595 | | | ABM Industries, Inc. | | | 21,813 | |
| | 2,731 | | | ACCO Brands Corp. | | | 15,840 | |
| | 2,505 | | | ADT, Inc. | | | 20,466 | |
| | 858 | | | Avery Dennison Corp. | | | 109,687 | |
| | 1,573 | | | BrightView Holdings, Inc. (a) | | | 17,932 | |
| | 1,008 | | | Casella Waste Systems, Inc. - Class A (a) | | | 56,297 | |
| | 2,268 | | | CECO Environmental Corp. (a) | | | 16,534 | |
| | 470 | | | Cimpress Plc (a) | | | 35,325 | |
| | 319 | | | Clean Harbors, Inc. (a) | | | 17,874 | |
| | 759 | | | Comfort Systems USA, Inc. | | | 39,096 | |
| | 1,550 | | | Deluxe Corp. (b) | | | 39,881 | |
| | 1,013 | | | Ennis, Inc. | | | 17,667 | |
| | 681 | | | Healthcare Services Group, Inc. (b) | | | 14,662 | |
| | 1,750 | | | Herman Miller, Inc. | | | 52,780 | |
| | 1,219 | | | HNI Corp. | | | 38,252 | |
| | 1,008 | | | IAA, Inc. (a) | | | 52,487 | |
| | 3,635 | | | Interface, Inc. | | | 22,246 | |
| | 1,536 | | | KAR Auction Services, Inc. | | | 22,118 | |
| | 4,551 | | | Kimball International, Inc. - Class B | | | 47,968 | |
| | 2,167 | | | Knoll, Inc. | | | 26,134 | |
| | 476 | | | MSA Safety, Inc. (b) | | | 63,865 | |
| | 5,861 | | | NL Industries, Inc. | | | 24,909 | |
| | 11,990 | | | Orion Energy Systems, Inc. (a) | | | 90,764 | |
| | 5,960 | | | Pitney Bowes, Inc. (b) | | | 31,648 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Commercial Services & Supplies (Continued) | |
| | 6,136 | | | Quad/Graphics, Inc. | | $ | 18,592 | |
| | 1,145 | | | SP Plus Corp. (a) | | | 20,553 | |
| | 2,956 | | | Steelcase, Inc. - Class A | | | 29,885 | |
| | 500 | | | Stericycle, Inc. (a) | | | 31,530 | |
| | 2,235 | | | Sykes Enterprises, Inc. (a) | | | 76,459 | |
| | 5,171 | | | Team, Inc. (a) | | | 28,440 | |
| | 568 | | | Tetra Tech, Inc. | | | 54,244 | |
| | 370 | | | The Brinks Co. (b) | | | 15,203 | |
| | | | | | |
|
|
|
| | | | | | | | 1,171,151 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.09% | |
| | 421 | | | Acacia Communications, Inc. (a) | | | 28,375 | |
| | 1,732 | | | ADTRAN, Inc. | | | 17,762 | |
| | 3,543 | | | Calix, Inc. (a) | | | 62,994 | |
| | 4,213 | | | Cambium Networks Corp. (a) | | | 71,073 | |
| | 4,257 | | | Casa Systems, Inc. (a) | | | 17,156 | |
| | 2,543 | | | Ciena Corp. (a) | | | 100,932 | |
| | 1,147 | | | Clearfield, Inc. (a) | | | 23,135 | |
| | 2,581 | | | CommScope Holding Co., Inc. (a) | | | 23,229 | |
| | 1,071 | | | Comtech Telecommunications Corp. | | | 14,994 | |
| | 1,468 | | | Digi International, Inc. (a) | | | 22,945 | |
| | 1,541 | | | DZS, Inc. (a) | | | 14,439 | |
| | 676 | | | EchoStar Corp. - Class A (a) | | | 16,826 | |
| | 12,420 | | | Extreme Networks, Inc. (a) | | | 49,928 | |
| | 3,420 | | | Harmonic, Inc. (a) | | | 19,084 | |
| | 2,709 | | | Inseego Corp. (a)(b) | | | 27,957 | |
| | 734 | | | Lumentum Holdings, Inc. (a) | | | 55,145 | |
| | 795 | | | NETGEAR, Inc. (a) | | | 24,502 | |
| | 1,520 | | | NetScout Systems, Inc. (a) | | | 33,182 | |
| | 4,950 | | | PCTEL, Inc. | | | 28,017 | |
| | 1,522 | | | Plantronics, Inc. | | | 18,020 | |
| | 12,569 | | | Ribbon Communications, Inc. (a) | | | 48,642 | |
| | 27,188 | | | Seachange International, Inc. (a) | | | 23,664 | |
| | 2,605 | | | Viavi Solutions, Inc. (a) | | | 30,557 | |
| | | | | | |
|
|
|
| | | | | | | | 772,558 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 1.21% | |
| | 2,045 | | | AECOM (a) | | | 85,563 | |
| | 1,248 | | | Aegion Corp. (a) | | | 17,634 | |
| | 1,005 | | | Ameresco, Inc. (a) | | | 33,567 | |
| | 1,053 | | | API Group Corp. (a) | | | 14,984 | |
| | 660 | | | Arcosa, Inc. | | | 29,099 | |
| | 3,821 | | | Concrete Pumping Holdings, Inc. (a) | | | 13,641 | |
| | 1,006 | | | Construction Partners, Inc. - Class A (a) | | | 18,309 | |
| | 504 | | | Dycom Industries, Inc. (a) | | | 26,621 | |
| | 681 | | | EMCOR Group, Inc. | | | 46,111 | |
| | 2,947 | | | Great Lakes Dredge & Dock Corp. (a) | | | 28,026 | |
| | 5,921 | | | HC2 Holdings, Inc. (a) | | | 14,329 | |
| | 1,189 | | | IES Holdings, Inc. (a) | | | 37,775 | |
| | 1,211 | | | Jacobs Engineering Group, Inc. | | | 112,344 | |
| | 3,313 | | | KBR, Inc. | | | 74,079 | |
| | 789 | | | MasTec, Inc. (a) | | | 33,296 | |
| | 437 | | | MYR Group, Inc. (a) | | | 16,248 | |
| | 707 | | | Northwest Pipe Co. (a) | | | 18,707 | |
| | 500 | | | NV5 Global, Inc. (a) | | | 26,385 | |
| | 1,178 | | | Primoris Services Corp. | | | 21,251 | |
| | 1,717 | | | Quanta Services, Inc. | | | 90,761 | |
| | 1,820 | | | Sterling Construction Co., Inc. (a) | | | 25,771 | |
| | 5,156 | | | Tutor Perini Corp. (a) | | | 57,386 | |
| | 1,215 | | | WillScot Mobile Mini Holdings Corp. (a) | | | 20,266 | |
| | | | | | |
|
|
|
| | | | | | | | 862,153 | |
| | | | | | |
|
|
|
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Construction Materials - 0.15% | |
| | 211 | | | Eagle Materials, Inc. | | $ | 18,213 | |
| | 2,880 | | | Forterra, Inc. (a) | | | 34,042 | |
| | 1,257 | | | Summit Materials, Inc. - Class A (a) | | | 20,791 | |
| | 1,128 | | | US Concrete, Inc. (a) | | | 32,757 | |
| | | | | | |
|
|
|
| | | | | | | | 105,803 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.83% | |
| | 2,539 | | | Ally Financial, Inc. | | | 63,653 | |
| | 2,036 | | | Atlanticus Holdings Corp. (a) | | | 24,228 | |
| | 203 | | | Credit Acceptance Corp. (a)(b) | | | 68,744 | |
| | 4,960 | | | Curo Group Holdings Corp. | | | 34,968 | |
| | 2,599 | | | Enova International, Inc. (a) | | | 42,598 | |
| | 395 | | | FirstCash, Inc. | | | 22,598 | |
| | 661 | | | Green Dot Corp. - Class A (a)(b) | | | 33,453 | |
| | 6,122 | | | Navient Corp. | | | 51,731 | |
| | 510 | | | Nelnet, Inc. - Class A | | | 30,727 | |
| | 2,326 | | | OneMain Holdings, Inc. | | | 72,688 | |
| | 648 | | | PRA Group, Inc. (a) | | | 25,888 | |
| | 2,519 | | | Regional Management Corp. (a) | | | 41,967 | |
| | 2,055 | | | Santander Consumer USA Holdings, Inc. | | | 37,380 | |
| | 5,225 | | | SLM Corp. | | | 42,270 | |
| | | | | | |
|
|
|
| | | | | | | | 592,893 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.80% | |
| | 414 | | | AptarGroup, Inc. | | | 46,865 | |
| | 1,518 | | | Berry Plastics Group, Inc. (a)(b) | | | 73,350 | |
| | 1,242 | | | Crown Holdings, Inc. (a) | | | 95,460 | |
| | 2,192 | | | Graphic Packaging Holding Co. | | | 30,885 | |
| | 518 | | | Greif, Inc. - Class A | | | 18,757 | |
| | 436 | | | Greif, Inc. - Class B | | | 17,213 | |
| | 2,215 | | | Myers Industries, Inc. | | | 29,305 | |
| | 1,663 | | | O-I Glass, Inc. | | | 17,611 | |
| | 949 | | | Packaging Corp. of America | | | 103,488 | |
| | 1,268 | | | Ranpak Holdings Corp. (a) | | | 12,071 | |
| | 1,158 | | | Sealed Air Corp. | | | 44,942 | |
| | 990 | | | Silgan Holdings, Inc. | | | 36,402 | |
| | 538 | | | Sonoco Products Co. | | | 27,476 | |
| | 394 | | | UFP Technologies, Inc. (a) | | | 16,320 | |
| | | | | | |
|
|
|
| | | | | | | | 570,145 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.14% | |
| | 1,251 | | | Core-Mark Holding Co., Inc. | | | 36,191 | |
| | 4,607 | | | Funko, Inc. (a) | | | 26,675 | |
| | 8,759 | | | Greenlane Holdings, Inc. - Class A (a) | | | 19,620 | |
| | 2,185 | | | VOXX International Corp. (a) | | | 16,803 | |
| | | | | | |
|
|
|
| | | | | | | | 99,289 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 1.34% | |
| | 1,613 | | | Adtalem Global Education, Inc. (a) | | | 39,583 | |
| | 1,527 | | | American Public Education, Inc. (a) | | | 43,046 | |
| | 2,211 | | | Aspen Group, Inc. (a) | | | 24,697 | |
| | 303 | | | Bright Horizons Family Solutions, Inc. (a) | | | 46,068 | |
| | 1,028 | | | Carriage Services, Inc. | | | 22,935 | |
| | 693 | | | Chegg, Inc. (a)(b) | | | 49,508 | |
| | 1,795 | | | Collectors Universe, Inc. | | | 88,835 | |
| | 7,799 | | | Envela Corp. (a) | | | 33,458 | |
| | 562 | | | Franchise Group, Inc. | | | 14,252 | |
| | 1,340 | | | frontdoor, Inc. (a) | | | 52,139 | |
| | 80 | | | Graham Holdings Co. - Class B | | | 32,329 | |
| | 410 | | | Grand Canyon Education, Inc. (a) | | | 32,775 | |
| | 1,559 | | | H&R Block, Inc. | | | 25,396 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Diversified Consumer Services (Continued) | |
| | 1,493 | | | Hillenbrand, Inc. | | $ | 42,341 | |
| | 16,396 | | | Houghton Mifflin Harcourt Co. (a) | | | 28,365 | |
| | 2,317 | | | K12, Inc. (a) | | | 61,030 | |
| | 3,032 | | | Laureate Education, Inc. - Class A (a) | | | 40,265 | |
| | 841 | | | Matthews International Corp. - Class A | | | 18,805 | |
| | 4,091 | | | Perdoceo Education Corp. (a) | | | 50,074 | |
| | 1,362 | | | Service Corp. International | | | 57,449 | |
| | 1,069 | | | ServiceMaster Global Holdings, Inc. (a) | | | 42,632 | |
| | 221 | | | Strategic Education, Inc. | | | 20,215 | |
| | 5,814 | | | Universal Technical Institute, Inc. (a) | | | 29,535 | |
| | 795 | | | Vivint Smart Home, Inc. (a) | | | 13,579 | |
| | 2,012 | | | WW International, Inc. (a) | | | 37,966 | |
| | | | | | |
|
|
|
| | | | | | | | 947,277 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.40% | |
| | 423 | | | A-Mark Precious Metals, Inc. | | | 14,264 | |
| | 1,942 | | | Cannae Holdings, Inc. (a) | | | 72,359 | |
| | 898 | | | Encore Capital Group, Inc. (a)(b) | | | 34,654 | |
| | 2,954 | | | Jefferies Financial Group, Inc. | | | 53,172 | |
| | 1,429 | | | Voya Financial, Inc. | | | 68,492 | |
| | 361 | | | World Acceptance Corp. (a) | | | 38,103 | |
| | | | | | |
|
|
|
| | | | | | | | 281,044 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.49% | |
| | 10,254 | | | Alaska Communications Systems Group, Inc. | | | 20,508 | |
| | 469 | | | Anterix, Inc. (a) | | | 15,341 | |
| | 270 | | | Bandwidth, Inc. - Class A (a)(b) | | | 47,134 | |
| | 558 | | | Cogent Communications Holdings, Inc. | | | 33,508 | |
| | 3,839 | | | Consolidated Communications Holdings, Inc. (a) | | | 21,844 | |
| | 3,765 | | | Genasys, Inc. (a) | | | 23,155 | |
| | 4,629 | | | IDT Corp. - Class B (a) | | | 30,459 | |
| | 658 | | | Iridium Communications, Inc. (a) | | | 16,832 | |
| | 3,341 | | | Ooma, Inc. (a) | | | 43,600 | |
| | 7,853 | | | ORBCOMM, Inc. (a) | | | 26,700 | |
| | 6,705 | | | Vonage Holdings Corp. (a) | | | 68,592 | |
| | | | | | |
|
|
|
| | | | | | | | 347,673 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.46% | |
| | 6,794 | | | Genie Energy Ltd. - Class B | | | 54,352 | |
| | 1,019 | | | Hawaiian Electric Industries, Inc. | | | 33,872 | |
| | 295 | | | IDACORP, Inc. | | | 23,571 | |
| | 1,391 | | | OGE Energy Corp. | | | 41,716 | |
| | 3,524 | | | PG&E Corp. (a) | | | 33,090 | |
| | 523 | | | Pinnacle West Capital Corp. | | | 38,990 | |
| | 415 | | | PNM Resources, Inc. | | | 17,152 | |
| | 648 | | | Portland General Electric Co. | | | 23,004 | |
| | 7,364 | | | Spark Energy, Inc. - Class A | | | 61,268 | |
| | | | | | |
|
|
|
| | | | | | | | 327,015 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 1.85% | |
| | 677 | | | Acuity Brands, Inc. | | | 69,291 | |
| | 510 | | | Allied Motion Technologies, Inc. | | | 21,053 | |
| | 1,166 | | | American Superconductor Corp. (a) | | | 16,884 | |
| | 1,079 | | | Atkore International Group, Inc. (a) | | | 24,526 | |
| | 417 | | | AZZ, Inc. | | | 14,228 | |
| | 462 | | | Belden, Inc. | | | 14,377 | |
| | 838 | | | Bloom Energy Corp. (a) | | | 15,059 | |
| | 926 | | | Brady Corp. - Class A | | | 37,059 | |
| | 358 | | | Encore Wire Corp. | | | 16,618 | |
| | 327 | | | EnerSys | | | 21,948 | |
| | 2,308 | | | Enphase Energy, Inc. (a) | | | 190,618 | |
| | 656 | | | Franklin Electric Co., Inc. | | | 38,592 | |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electrical Equipment (Continued) | |
| | 6,157 | | | FuelCell Energy, Inc. (a) | | $ | 13,176 | |
| | 678 | | | Generac Holdings, Inc. (a) | | | 131,288 | |
| | 3,356 | | | GrafTech International, Ltd. | | | 22,955 | |
| | 582 | | | Hubbell, Inc. | | | 79,641 | |
| | 533 | | | II-VI, Inc. (a)(b) | | | 21,618 | |
| | 7,184 | | | LSI Industries, Inc. | | | 48,492 | |
| | 1,048 | | | nVent Electric PLC | | | 18,539 | |
| | 4,766 | | | Plug Power, Inc. (a) | | | 63,912 | |
| | 746 | | | Powell Industries, Inc. | | | 18,001 | |
| | 287 | | | Preformed Line Products Co. | | | 13,983 | |
| | 526 | | | Regal Beloit Corp. | | | 49,376 | |
| | 1,068 | | | Sensata Technologies Holding PLC (a) | | | 46,074 | |
| | 1,175 | | | Sunrun, Inc. (a) | | | 90,557 | |
| | 1,820 | | | Thermon Group Holdings, Inc. (a) | | | 20,439 | |
| | 542 | | | TPI Composites, Inc. (a) | | | 15,696 | |
| | 1,573 | | | Vertiv Holdings Co. (a) | | | 27,244 | |
| | 849 | | | Vicor Corp. (a) | | | 65,993 | |
| | 1,290 | | | Vivint Solar, Inc. (a)(b) | | | 54,631 | |
| | 362 | | | Woodward Governor Co. | | | 29,018 | |
| | | | | | |
|
|
|
| | | | | | | | 1,310,886 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 2.03% | |
| | 2,584 | | | Arlo Technologies, Inc. (a) | | | 13,592 | |
| | 863 | | | Arrow Electronics, Inc. (a) | | | 67,884 | |
| | 1,197 | | | Avnet, Inc. | | | 30,931 | |
| | 1,530 | | | Bel Fuse, Inc. - Class B | | | 16,340 | |
| | 1,066 | | | Benchmark Electronics, Inc. | | | 21,480 | |
| | 1,665 | | | Cognex Corp. | | | 108,392 | |
| | 275 | | | Coherent, Inc. (a) | | | 30,506 | |
| | 3,905 | | | Daktronics, Inc. | | | 15,464 | |
| | 764 | | | Dolby Laboratories, Inc. - Class A | | | 50,638 | |
| | 650 | | | Fabrinet (a) | | | 40,970 | |
| | 394 | | | FARO Technologies, Inc. (a) | | | 24,026 | |
| | 4,295 | | | Fitbit, Inc. - Class A (a) | | | 29,893 | |
| | 1,161 | | | FLIR Systems, Inc. | | | 41,622 | |
| | 832 | | | Insight Enterprises, Inc. (a) | | | 47,075 | |
| | 5,229 | | | Iteris, Inc. (a) | | | 21,439 | |
| | 503 | | | Itron, Inc. (a)(b) | | | 30,552 | |
| | 1,821 | | | Jabil, Inc. | | | 62,387 | |
| | 1,595 | | | Kimball Electronics, Inc. (a) | | | 18,438 | |
| | 1,326 | | | Knowles Corp. (a) | | | 19,757 | |
| | 107 | | | Littelfuse, Inc. | | | 18,975 | |
| | 4,507 | | | Luna Innovations, Inc. (a) | | | 26,952 | |
| | 788 | | | Methode Electronics, Inc. | | | 22,458 | |
| | 1,714 | | | Napco Security Technologies, Inc. (a) | | | 40,279 | |
| | 2,025 | | | National Instruments Corp. | | | 72,293 | |
| | 609 | | | nLight, Inc. (a) | | | 14,299 | |
| | 501 | | | Novanta, Inc. (a) | | | 52,775 | |
| | 244 | | | OSI Systems, Inc. (a) | | | 18,937 | |
| | 874 | | | PAR Technology Corp. (a)(b) | | | 35,406 | |
| | 926 | | | PC Connection, Inc. | | | 38,022 | |
| | 369 | | | Plexus Corp. (a) | | | 26,062 | |
| | 166 | | | Rogers Corp. (a) | | | 16,278 | |
| | 1,129 | | | Sanmina Corp. (a) | | | 30,539 | |
| | 1,282 | | | ScanSource, Inc. (a) | | | 25,422 | |
| | 583 | | | SYNNEX Corp. | | | 81,655 | |
| | 2,532 | | | Trimble, Inc. (a) | | | 123,308 | |
| | 1,874 | | | TTM Technologies, Inc. (a) | | | 21,382 | |
| | 227 | | | Universal Display Corp. (b) | | | 41,028 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electronic Equipment, Instruments & Components (Continued) | |
| | 1,951 | | | Vishay Intertechnology, Inc. | | $ | 30,377 | |
| | 1,638 | | | Wrap Technologies, Inc. (a)(b) | | | 11,089 | |
| | | | | | |
|
|
|
| | | | | | | | 1,438,922 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.25% | |
| | 1,986 | | | Aspen Aerogels, Inc. (a) | | | 21,747 | |
| | 956 | | | Helmerich & Payne, Inc. (b) | | | 14,005 | |
| | 1,625 | | | Matrix Service Co. (a) | | | 13,569 | |
| | 2,111 | | | National Oilwell Varco, Inc. (b) | | | 19,126 | |
| | 11,309 | | | Newpark Resources, Inc. (a) | | | 11,874 | |
| | 9,321 | | | NexTier Oilfield Solutions, Inc. (a) | | | 17,244 | |
| | 4,821 | | | Oil States International, Inc. (a) | | | 13,161 | |
| | 4,342 | | | Patterson-UTI Energy, Inc. | | | 12,375 | |
| | 5,761 | | | ProPetro Holding Corp. (a) | | | 23,390 | |
| | 496 | | | Seacor Holdings, Inc. (a) | | | 14,424 | |
| | 4,260 | | | Select Energy Services, Inc. - Class A (a) | | | 16,358 | |
| | | | | | |
|
|
|
| | | | | | | | 177,273 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.42% | |
| | 8,866 | | | Eros International PLC (a)(b) | | | 19,594 | |
| | 5,123 | | | Glu Mobile, Inc. (a) | | | 39,319 | |
| | 1,223 | | | Liberty Media Corp. - Liberty Formula One - Class C (a) | | | 44,358 | |
| | 2,092 | | | Lions Gate Entertainment Corp. - Class A (a)(b) | | | 19,832 | |
| | 2,917 | | | Lions Gate Entertainment Corp. - Class B (a) | | | 25,436 | |
| | 2,667 | | | Rosetta Stone, Inc. (a) | | | 79,957 | |
| | 7,616 | | | Zynga, Inc. - Class A (a) | | | 69,458 | |
| | | | | | |
|
|
|
| | | | | | | | 297,954 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.11% | |
| | 720 | | | Andersons, Inc. | | | 13,802 | |
| | 2,426 | | | BJ’s Wholesale Club Holdings, Inc. (a)(b) | | | 100,800 | |
| | 532 | | | Casey’s General Stores, Inc. | | | 94,510 | |
| | 843 | | | Grocery Outlet Holding Corp. (a)(b) | | | 33,147 | |
| | 1,090 | | | Ingles Markets, Inc. - Class A | | | 41,464 | |
| | 2,198 | | | Natural Grocers by Vitamin Cottage, Inc. | | | 21,672 | |
| | 2,866 | | | Performance Food Group Co. (a) | | | 99,221 | |
| | 396 | | | PriceSmart, Inc. | | | 26,314 | |
| | 2,111 | | | Rite Aid Corp. (a)(b) | | | 20,033 | |
| | 2,533 | | | SpartanNash Co. | | | 41,415 | |
| | 2,724 | | | Sprouts Farmers Market, Inc. (a) | | | 57,013 | |
| | 1,314 | | | The Chefs’ Warehouse, Inc. (a) | | | 19,106 | |
| | 3,654 | | | United Natural Foods, Inc. (a)(b) | | | 54,335 | |
| | 3,862 | | | US Foods Holding Corp. (a) | | | 85,814 | |
| | 1,158 | | | Village Super Market, Inc. - Class A | | | 28,498 | |
| | 1,093 | | | Weis Markets, Inc. | | | 52,464 | |
| | | | | | |
|
|
|
| | | | | | | | 789,608 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.33% | |
| | 799 | | | Alico, Inc. | | | 22,867 | |
| | 1,325 | | | B&G Foods, Inc. (b) | | | 36,795 | |
| | 312 | | | Beyond Meat, Inc. (a)(b) | | | 51,811 | |
| | 724 | | | Bunge Ltd. | | | 33,087 | |
| | 1,576 | | | Darling International, Inc. (a) | | | 56,783 | |
| | 6,826 | | | Farmer Brothers Co. (a) | | | 30,171 | |
| | 3,135 | | | Flowers Foods, Inc. | | | 76,275 | |
| | 1,431 | | | Fresh Del Monte Produce, Inc. | | | 32,799 | |
| | 1,169 | | | Freshpet, Inc. (a)(b) | | | 130,519 | |
| | 2,081 | | | Hostess Brands, Inc. (a) | | | 25,659 | |
| | 889 | | | Ingredion, Inc. | | | 67,279 | |
| | 160 | | | J&J Snack Foods Corp. | | | 20,862 | |
| | 272 | | | John B. Sanfilippo & Son, Inc. | | | 20,503 | |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Food Products (Continued) | |
| | 1,685 | | | Lamb Weston Holdings, Inc. (b) | | $ | 111,665 | |
| | 242 | | | Lancaster Colony Corp. | | | 43,270 | |
| | 1,107 | | | Pilgrim’s Pride Corp. (a) | | | 16,566 | |
| | 711 | | | Post Holdings, Inc. (a) | | | 61,146 | |
| | 142 | | | Sanderson Farms, Inc. | | | 16,752 | |
| | 912 | | | Seneca Foods Corp. - Class A (a) | | | 32,586 | |
| | 545 | | | The Hain Celestial Group, Inc. (a) | | | 18,693 | |
| | 965 | | | TreeHouse Foods, Inc. (a)(b) | | | 39,111 | |
| | | | | | |
|
|
|
| | | | | | | | 945,199 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.27% | |
| | 728 | | | Brookfield Infrastructure Corp. - Class A | | | 40,324 | |
| | 2,083 | | | EQT Corp. | | | 26,933 | |
| | 365 | | | National Fuel Gas Co. | | | 14,815 | |
| | 295 | | | Southwest Gas Holdings, Inc. | | | 18,614 | |
| | 289 | | | Spire, Inc. | | | 15,375 | |
| | 2,322 | | | UGI Corp. | | | 76,580 | |
| | | | | | |
|
|
|
| | | | | | | | 192,641 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 3.71% | |
| | 6,304 | | | Accuray, Inc. (a) | | | 15,130 | |
| | 5,925 | | | Alphatec Holdings, Inc. (a) | | | 39,342 | |
| | 2,151 | | | AngioDynamics, Inc. (a) | | | 25,941 | |
| | 1,178 | | | Anika Therapeutics, Inc. (a) | | | 41,689 | |
| | 10,317 | | | Antares Pharma, Inc. (a) | | | 27,856 | |
| | 5,033 | | | Aspira Womens Health, Inc. (a) | | | 15,527 | |
| | 1,085 | | | AtriCure, Inc. (a) | | | 43,291 | |
| | 50 | | | Atrion Corp. | | | 31,300 | |
| | 1,754 | | | AxoGen, Inc. (a) | | | 20,399 | |
| | 390 | | | Axonics Modulation Technologies, Inc. (a)(b) | | | 19,906 | |
| | 490 | | | Cantel Medical Corp. (b) | | | 21,531 | |
| | 1,253 | | | Cardiovascular Systems, Inc. (a) | | | 49,306 | |
| | 2,668 | | | Cerus Corp. (a) | | | 16,702 | |
| | 3,935 | | | Chembio Diagnostics, Inc. (a)(b) | | | 19,124 | |
| | 2,174 | | | Co-Diagnostics, Inc. (a)(b) | | | 29,545 | |
| | 304 | | | CONMED Corp. (b) | | | 23,916 | |
| | 920 | | | CryoPort, Inc. (a) | | | 43,608 | |
| | 2,317 | | | Cutera, Inc. (a) | | | 43,953 | |
| | 4,203 | | | CytoSorbents Corp. (a) | | | 33,519 | |
| | 3,220 | | | Electromed, Inc. (a) | | | 33,520 | |
| | 878 | | | Envista Holdings Corp. (a) | | | 21,669 | |
| | 1,219 | | | FONAR Corp. (a) | | | 25,453 | |
| | 2,359 | | | GenMark Diagnostics, Inc. (a) | | | 33,498 | |
| | 2,053 | | | Globus Medical, Inc. - Class A (a) | | | 101,665 | |
| | 776 | | | Haemonetics Corp. (a) | | | 67,706 | |
| | 216 | | | Heska Corp. (a)(b) | | | 21,339 | |
| | 974 | | | Hill-Rom Holdings, Inc. | | | 81,339 | |
| | 177 | | | ICU Medical, Inc. (a) | | | 32,348 | |
| | 510 | | | Inogen, Inc. (a)(b) | | | 14,790 | |
| | 579 | | | Integer Holdings Corp. (a) | | | 34,167 | |
| | 593 | | | Integra LifeSciences Holdings Corp. (a) | | | 28,001 | |
| | 3,443 | | | Invacare Corp. | | | 25,891 | |
| | 901 | | | iRadimed Corp. (a) | | | 19,263 | |
| | 580 | | | iRhythm Technologies, Inc. (a)(b) | | | 138,104 | |
| | 3,181 | | | Lantheus Holdings, Inc. (a) | | | 40,303 | |
| | 1,427 | | | LeMaitre Vascular, Inc. | | | 46,420 | |
| | 4,429 | | | Meridian Bioscience, Inc. (a)(b) | | | 75,204 | |
| | 534 | | | Merit Medical Systems, Inc. (a) | | | 23,229 | |
| | 2,157 | | | Natus Medical, Inc. (a) | | | 36,949 | |
| | 382 | | | Neogen Corp. (a) | | | 29,891 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 1,245 | | | Novocure, Ltd. (a) | | $ | 138,581 | |
| | 1,210 | | | NuVasive, Inc. (a) | | | 58,770 | |
| | 1,567 | | | Ocular Therapeutix, Inc. (a) | | | 11,925 | |
| | 1,184 | | | OraSure Technologies, Inc. (a)(b) | | | 14,409 | |
| | 1,490 | | | Orthofix Medical, Inc. (a) | | | 46,399 | |
| | 630 | | | OrthoPediatrics Corp. (a) | | | 28,930 | |
| | 9,700 | | | PAVmed, Inc. (a)(b) | | | 17,266 | |
| | 474 | | | Penumbra, Inc. (a)(b) | | | 92,136 | |
| | 564 | | | Quidel Corp. (a)(b) | | | 123,730 | |
| | 3,947 | | | Retractable Technologies, Inc. (a) | | | 26,287 | |
| | 2,448 | | | SeaSpine Holdings Corp. (a) | | | 35,006 | |
| | 200 | | | Shockwave Medical, Inc. (a) | | | 15,160 | |
| | 567 | | | Silk Road Medical, Inc. (a) | | | 38,108 | |
| | 2,027 | | | STAAR Surgical Co. (a) | | | 114,647 | |
| | 9,095 | | | Surgalign Holdings, Inc. (a) | | | 16,462 | |
| | 721 | | | SurModics, Inc. (a) | | | 28,054 | |
| | 1,467 | | | Tactile Systems Technology, Inc. (a) | | | 53,678 | |
| | 1,260 | | | Tandem Diabetes Care, Inc. (a) | | | 143,010 | |
| | 575 | | | Vapotherm, Inc. (a) | | | 16,675 | |
| | 1,990 | | | Varex Imaging Corp. (a) | | | 25,313 | |
| | 877 | | | Wright Medical Group NV (a) | | | 26,784 | |
| | 4,160 | | | Zynex, Inc. (a)(b) | | | 72,592 | |
| | | | | | |
|
|
|
| | | | | | | | 2,636,256 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 3.88% | |
| | 2,050 | | | Acadia Healthcare Co., Inc. (a) | | | 60,434 | |
| | 638 | | | AdaptHealth Corp. (a) | | | 13,915 | |
| | 435 | | | Addus HomeCare Corp. (a) | | | 41,112 | |
| | 925 | | | Amedisys, Inc. (a) | | | 218,698 | |
| | 4,095 | | | American Renal Associates Holdings, Inc. (a) | | | 28,255 | |
| | 1,206 | | | AMN Healthcare Services, Inc. (a) | | | 70,503 | |
| | 1,015 | | | BioTelemetry, Inc. (a)(b) | | | 46,264 | |
| | 13,836 | | | Brookdale Senior Living, Inc. (a) | | | 35,143 | |
| | 234 | | | Chemed Corp. | | | 112,402 | |
| | 4,836 | | | Community Health Systems, Inc. (a) | | | 20,408 | |
| | 359 | | | CorVel Corp. (a) | | | 30,669 | |
| | 2,025 | | | Covetrus, Inc. (a) | | | 49,410 | |
| | 7,393 | | | Cross Country Healthcare, Inc. (a) | | | 47,980 | |
| | 1,150 | | | Encompass Health Corp. | | | 74,727 | |
| | 2,757 | | | Five Star Senior Living, Inc. (a) | | | 13,978 | |
| | 795 | | | Fulgent Genetics, Inc. (a) | | | 31,832 | |
| | 421 | | | Guardant Health, Inc. (a) | | | 47,059 | |
| | 1,119 | | | Hanger Orthopedic Group, Inc. (a) | | | 17,703 | |
| | 3,300 | | | InfuSystem Holdings, Inc. (a) | | | 42,306 | |
| | 437 | | | LHC Group, Inc. (a) | | | 92,889 | |
| | 854 | | | Magellan Health Services, Inc. (a) | | | 64,716 | |
| | 3,820 | | | MEDNAX, Inc. (a) | | | 62,190 | |
| | 1,059 | | | Molina Healthcare, Inc. (a) | | | 193,839 | |
| | 414 | | | National HealthCare Corp. (b) | | | 25,796 | |
| | 1,763 | | | National Research Corp. - Class A | | | 86,757 | |
| | 1,903 | | | Ontrak, Inc. (a)(b) | | | 114,180 | |
| | 2,095 | | | Option Care Health, Inc. (a) | | | 28,010 | |
| | 9,679 | | | Owens & Minor, Inc. (b) | | | 243,040 | |
| | 2,306 | | | Patterson Cos., Inc. (b) | | | 55,586 | |
| | 1,108 | | | PerkinElmer, Inc. | | | 139,065 | |
| | 556 | | | PetIQ, Inc. (a) | | | 18,303 | |
| | 848 | | | Premier, Inc. - Class A | | | 27,840 | |
| | 491 | | | Providence Service Corp. (a)(b) | | | 45,619 | |
| | 2,564 | | | R1 RCM, Inc. (a) | | | 43,973 | |
| | 3,599 | | | RadNet, Inc. (a) | | | 55,245 | |
| | 2,703 | | | Sharps Compliance Corp. (a) | | | 16,948 | |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Providers & Services (Continued) | |
| | 3,274 | | | Select Medical Holdings Corp. (a) | | $ | 68,165 | |
| | 3,800 | | | Surgery Partners, Inc. (a) | | | 83,220 | |
| | 2,870 | | | Tenet Healthcare Corp. (a)(b) | | | 70,344 | |
| | 898 | | | The Ensign Group, Inc. | | | 51,240 | |
| | 2,113 | | | The Joint Corp (a) | | | 36,745 | |
| | 393 | | | The Pennant Group, Inc. (a) | | | 15,154 | |
| | 3,610 | | | Tivity Health, Inc. (a)(b) | | | 50,612 | |
| | 2,225 | | | Triple-S Management Corp. - Class B (a)(b) | | | 39,761 | |
| | 208 | | | Trupanion, Inc. (a) | | | 16,411 | |
| | 1,525 | | | Viemed Healthcare, Inc. (a) | | | 13,176 | |
| | | | | | |
|
|
|
| | | | | | | | 2,761,622 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.80% | |
| | 3,871 | | | Allscripts Healthcare Solutions, Inc. (a) | | | 31,510 | |
| | 825 | | | BioLife Solutions, Inc. (a) | | | 23,876 | |
| | 1,687 | | | Change Healthcare, Inc. (a) | | | 24,478 | |
| | 1,866 | | | Computer Programs & Systems, Inc. (b) | | | 51,520 | |
| | 1,968 | | | Evolent Health, Inc. - Class A (a)(b) | | | 24,423 | |
| | 450 | | | Health Catalyst, Inc. (a) | | | 16,470 | |
| | 741 | | | HealthStream, Inc. (a) | | | 14,872 | |
| | 3,868 | | | iCAD, Inc. (a) | | | 34,077 | |
| | 1,016 | | | Inovalon Holdings, Inc. (a) | | | 26,873 | |
| | 477 | | | Inspire Medical Systems, Inc. (a) | | | 61,557 | |
| | 5,760 | | | NantHealth, Inc. (a) | | | 13,478 | |
| | 6,097 | | | NextGen Healthcare, Inc. (a) | | | 77,676 | |
| | 482 | | | Omnicell, Inc. (a) | | | 35,986 | |
| | 1,387 | | | Simulations Plus, Inc. (b) | | | 104,524 | |
| | 958 | | | Vocera Communications, Inc. (a) | | | 27,859 | |
| | | | | | |
|
|
|
| | | | | | | | 569,179 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.95% | |
| | 2,631 | | | Aramark | | | 69,590 | |
| | 2,006 | | | BBX Capital Corp. | | | 26,860 | |
| | 327 | | | Biglari Holdings, Inc. - Class B (a) | | | 29,106 | |
| | 1,157 | | | BJ’s Restaurants, Inc. | | | 34,062 | |
| | 3,651 | | | Bluegreen Vacations Corp. | | | 17,890 | |
| | 1,048 | | | Boyd Gaming Corp. | | | 32,163 | |
| | 729 | | | Brinker International, Inc. | | | 31,143 | |
| | 1,270 | | | Caesars Entertainment, Inc. (a) | | | 71,196 | |
| | 3,135 | | | Callaway Golf Co. | | | 60,004 | |
| | 399 | | | Choice Hotels International, Inc. | | | 34,298 | |
| | 354 | | | Churchill Downs, Inc. | | | 57,992 | |
| | 1,016 | | | Chuy’s Holdings, Inc. (a)(b) | | | 19,893 | |
| | 5,046 | | | Del Taco Restaurants, Inc. (a) | | | 41,377 | |
| | 433 | | | Dine Brands Global, Inc. | | | 23,638 | |
| | 650 | | | Dunkin’ Brands Group, Inc. | | | 53,242 | |
| | 1,638 | | | El Pollo Loco Holdings, Inc. (a) | | | 26,536 | |
| | 2,817 | | | Everi Holdings, Inc. (a) | | | 23,240 | |
| | 3,939 | | | Fiesta Restaurant Group, Inc. (a) | | | 36,908 | |
| | 794 | | | Hilton Grand Vacations, Inc. (a) | | | 16,658 | |
| | 3,100 | | | International Game Technology Plc | | | 34,503 | |
| | 252 | | | Jack in the Box, Inc. | | | 19,986 | |
| | 503 | | | Marriott Vacations Worldwide Corp. | | | 45,677 | |
| | 405 | | | Monarch Casino & Resort, Inc. (a) | | | 18,063 | |
| | 274 | | | Nathan’s Famous, Inc. | | | 14,043 | |
| | 618 | | | Papa John’s International, Inc. (b) | | | 50,849 | |
| | 1,574 | | | Penn National Gaming, Inc. (a)(b) | | | 114,430 | |
| | 518 | | | Planet Fitness, Inc. - Class A (a) | | | 31,919 | |
| | 6,904 | | | PlayAGS, Inc. (a) | | | 24,440 | |
| | 1,648 | | | RCI Hospitality Holdings, Inc. (b) | | | 33,619 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Hotels, Restaurants & Leisure (Continued) | |
| | 1,433 | | | Scientific Games Corp. - Class A (a)(b) | | $ | 50,026 | |
| | 16,049 | | | Target Hospitality Corp. (a) | | | 19,580 | |
| | 578 | | | Texas Roadhouse, Inc. (b) | | | 35,137 | |
| | 1,114 | | | The Wendy’s Co. | | | 24,837 | |
| | 162 | | | Vail Resorts, Inc. (b) | | | 34,663 | |
| | 614 | | | Wingstop, Inc. (b) | | | 83,903 | |
| | 854 | | | Wyndham Hotels & Resorts Inc. | | | 43,127 | |
| | | | | | |
|
|
|
| | | | | | | | 1,384,598 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 2.63% | |
| | 1,900 | | | Beazer Homes USA, Inc. (a) | | | 25,080 | |
| | 4,771 | | | Casper Sleep, Inc. (a)(b) | | | 34,303 | |
| | 114 | | | Cavco Industries, Inc. (a) | | | 20,555 | |
| | 692 | | | Century Communities, Inc. (a) | | | 29,292 | |
| | 2,485 | | | Ethan Allen Interiors, Inc. | | | 33,647 | |
| | 6,318 | | | GoPro, Inc. - Class A (a) | | | 28,621 | |
| | 2,156 | | | Green Brick Partners, Inc. (a) | | | 34,712 | |
| | 1,654 | | | Hamilton Beach Brands Holding Co. - Class A | | | 32,170 | |
| | 358 | | | Helen of Troy, Ltd. (a) | | | 69,280 | |
| | 690 | | | Hooker Furniture Corp. (b) | | | 17,823 | |
| | 549 | | | Installed Building Products, Inc. (a) | | | 55,861 | |
| | 689 | | | iRobot Corp. (a) | | | 52,295 | |
| | 1,716 | | | KB Home | | | 65,877 | |
| | 1,375 | | | La-Z-Boy, Inc. | | | 43,491 | |
| | 1,092 | | | Legacy Housing Corp. (a) | | | 14,939 | |
| | 716 | | | Leggett & Platt, Inc. | | | 29,478 | |
| | 233 | | | LGI Homes, Inc. (a) | | | 27,068 | |
| | 2,883 | | | Lifetime Brands, Inc. | | | 27,244 | |
| | 1,726 | | | Lovesac Co. (a) | | | 47,827 | |
| | 402 | | | M.D.C Holdings, Inc. | | | 18,934 | |
| | 840 | | | M/I Homes, Inc. (a) | | | 38,682 | |
| | 563 | | | Meritage Homes Corp. (a) | | | 62,150 | |
| | 375 | | | Mohawk Industries, Inc. (a) | | | 36,596 | |
| | 2,946 | | | Newell Rubbermaid, Inc. | | | 50,553 | |
| | 46 | | | NVR, Inc. (a) | | | 187,823 | |
| | 2,867 | | | PulteGroup, Inc. | | | 132,713 | |
| | 4,336 | | | Purple Innovation, Inc. (a) | | | 107,793 | |
| | 1,203 | | | Skyline Champion Corp. (a) | | | 32,204 | |
| | 2,422 | | | Sonos, Inc. (a) | | | 36,766 | |
| | 2,083 | | | Taylor Morrison Home Corp. - Class A (a) | | | 51,221 | |
| | 766 | | | Tempur Sealy International, Inc. (a) | | | 68,320 | |
| | 1,872 | | | Toll Brothers, Inc. | | | 91,092 | |
| | 329 | | | TopBuild Corp. (a) | | | 56,157 | |
| | 2,754 | | | TRI Pointe Group, Inc. (a) | | | 49,958 | |
| | 4,955 | | | Tupperware Brands Corp. (a) | | | 99,893 | |
| | 2,153 | | | Turtle Beach Corp. (a)(b) | | | 39,185 | |
| | 400 | | | Universal Electronics, Inc. (a) | | | 15,096 | |
| | | | | | |
|
|
|
| | | | | | | | 1,864,699 | |
| | | | | | |
|
|
|
| | | | | Household Products - 0.31% | |
| | 537 | | | Central Garden & Pet Co. (a) | | | 21,442 | |
| | 890 | | | Central Garden & Pet Co. - Class A (a) | | | 32,165 | |
| | 399 | | | Energizer Holdings, Inc. (b) | | | 15,617 | |
| | 656 | | | Oil-Dri Corp. of America | | | 23,465 | |
| | 747 | | | Spectrum Brands Holdings, Inc. | | | 42,698 | |
| | 438 | | | WD-40 Co. (b) | | | 82,918 | |
| | | | | | |
|
|
|
| | | | | | | | 218,305 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.82% | |
| | 24,162 | | | Atlantic Power Corp. (a) | | | 47,357 | |
| | 1,839 | | | Brookfield Renewable Corp. | | | 107,765 | |
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Independent Power and Renewable Electricity Producers (Continued) | |
| | 2,691 | | | Clearway Energy, Inc. - Class A | | $ | 66,468 | |
| | 3,175 | | | Clearway Energy, Inc. - Class C | | | 85,598 | |
| | 3,888 | | | NRG Energy, Inc. | | | 119,517 | |
| | 575 | | | Sunnova Energy International, Inc. (a) | | | 17,486 | |
| | 7,317 | | | Vistra Energy Corp. | | | 137,999 | |
| | | | | | |
|
|
|
| | | | | | | | 582,190 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.12% | |
| | 590 | | | Carlisle Companies, Inc. | | | 72,198 | |
| | 976 | | | Tredegar Corp. | | | 14,513 | |
| | | | | | |
|
|
|
| | | | | | | | 86,711 | |
| | | | | | |
|
|
|
| | | | | Insurance - 2.92% | |
| | 95 | | | Alleghany Corp. | | | 49,443 | |
| | 2,136 | | | American Equity Investment Life Holding Co. | | | 46,971 | |
| | 733 | | | American Financial Group, Inc. | | | 49,096 | |
| | 245 | | | American National Group, Inc. | | | 16,545 | |
| | 619 | | | AMERISAFE, Inc. | | | 35,506 | |
| | 731 | | | Assurant, Inc. | | | 88,678 | |
| | 1,651 | | | Assured Guaranty, Ltd. | | | 35,463 | |
| | 642 | | | Athene Holding, Ltd. - Class A (a)(b) | | | 21,879 | |
| | 762 | | | Axis Capital Holdings, Ltd. | | | 33,558 | |
| | 2,046 | | | Brighthouse Financial, Inc. (a) | | | 55,058 | |
| | 3,370 | | | Brown & Brown, Inc. | | | 152,560 | |
| | 1,532 | | | CNO Financial Group, Inc. | | | 24,573 | |
| | 306 | | | eHealth, Inc. (a)(b) | | | 24,174 | |
| | 662 | | | Employers Holdings, Inc. | | | 20,026 | |
| | 123 | | | Enstar Group Ltd. (a) | | | 19,865 | |
| | 419 | | | Erie Indemnity Co. - Class A (b) | | | 88,107 | |
| | 537 | | | Everest Re Group, Ltd. | | | 106,079 | |
| | 461 | | | FBL Financial Group, Inc. - Class A | | | 22,220 | |
| | 2,066 | | | First American Financial Corp. | | | 105,180 | |
| | 6,765 | | | Genworth Financial, Inc. (a) | | | 22,663 | |
| | 1,415 | | | Globe Life, Inc. | | | 113,059 | |
| | 211 | | | Goosehead Insurance, Inc. - Class A | | | 18,270 | |
| | 424 | | | HCI Group, Inc. | | | 20,899 | |
| | 1,279 | | | Heritage Insurance Holdings, Inc. | | | 12,943 | |
| | 600 | | | Horace Mann Educators Corp. | | | 20,040 | |
| | 124 | | | Investors Title Co. | | | 16,127 | |
| | 470 | | | James River Group Holdings, Ltd. | | | 20,929 | |
| | 826 | | | Kemper Corp. | | | 55,202 | |
| | 338 | | | Kinsale Capital Group, Inc. | | | 64,281 | |
| | 560 | | | Mercury General Corp. | | | 23,167 | |
| | 1,771 | | | National General Holdings Corp. | | | 59,771 | |
| | 85 | | | National Western Life Group, Inc. - Class A | | | 15,535 | |
| | 2,234 | | | Old Republic International Corp. | | | 32,929 | |
| | 200 | | | Palomar Holdings, Inc. (a)(b) | | | 20,848 | |
| | 626 | | | Primerica, Inc. | | | 70,826 | |
| | 686 | | | Reinsurance Group of America, Inc. | | | 65,300 | |
| | 623 | | | RenaissanceRe Holdings, Ltd. | | | 105,748 | |
| | 294 | | | RLI Corp. (b) | | | 24,617 | |
| | 217 | | | Safety Insurance Group, Inc. | | | 14,993 | |
| | 3,127 | | | Security National Financial Corp. (a) | | | 20,013 | |
| | 612 | | | Selective Insurance Group, Inc. | | | 31,512 | |
| | 507 | | | Stewart Information Services Corp. | | | 22,171 | |
| | 633 | | | The Hanover Insurance Group, Inc. | | | 58,983 | |
| | 1,151 | | | Universal Insurance Holdings, Inc. | | | 15,930 | |
| | 2,048 | | | Unum Group | | | 34,468 | |
| | 1,656 | | | W.R. Berkley Corp. | | | 101,264 | |
| | | | | | |
|
|
|
| | | | | | | | 2,077,469 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Interactive Media & Services - 0.66% | |
| | 1,727 | | | Cargurus, Inc. (a) | | $ | 37,355 | |
| | 4,373 | | | Cars.com, Inc. (a) | | | 35,334 | |
| | 9,148 | | | DHI Group, Inc. (a) | | | 20,674 | |
| | 1,970 | | | EverQuote, Inc. - Class A (a)(b) | | | 76,121 | |
| | 2,860 | | | QuinStreet, Inc. (a) | | | 45,302 | |
| | 1,713 | | | TripAdvisor, Inc. - Class A | | | 33,558 | |
| | 12,005 | | | TrueCar, Inc. (a) | | | 60,025 | |
| | 1,972 | | | Yelp, Inc. - Class A (a) | | | 39,617 | |
| | 442 | | | Zillow Group, Inc. - Class A (a) | | | 44,881 | |
| | 776 | | | Zillow Group, Inc. - Class C (a)(b) | | | 78,834 | |
| | | | | | |
|
|
|
| | | | | | | | 471,701 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 1.34% | |
| | 3,202 | | | 1-800-Flowers.com, Inc. - Class A (a)(b) | | | 79,858 | |
| | 4,468 | | | CarParts.com, Inc. (a) | | | 48,299 | |
| | 4,411 | | | Duluth Holdings, Inc. - Class B (a) | | | 53,902 | |
| | 1,482 | | | Etsy, Inc. (a) | | | 180,256 | |
| | 1,645 | | | Groupon, Inc. (a)(b) | | | 33,558 | |
| | 558 | | | GrubHub, Inc. (a) | | | 40,360 | |
| | 2,840 | | | Lands’ End, Inc. (a) | | | 37,005 | |
| | 1,348 | | | PetMed Express, Inc. (b) | | | 42,624 | |
| | 3,266 | | | Qurate Retail, Inc. - Series A | | | 23,450 | |
| | 931 | | | Shutterstock, Inc. (b) | | | 48,449 | |
| | 670 | | | Stamps.com, Inc. (a) | | | 161,437 | |
| | 1,901 | | | Stitch Fix, Inc. - Class A (a)(b) | | | 51,574 | |
| | 2,011 | | | The RealReal, Inc. (a) | | | 29,099 | |
| | 37,639 | | | Waitr Holdings, Inc. (a) | | | 121,198 | |
| | | | | | |
|
|
|
| | | | | | | | 951,069 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.40% | |
| | 1,391 | | | Alliance Data Systems Corp. | | | 58,394 | |
| | 1,662 | | | Amdocs Ltd. | | | 95,415 | |
| | 1,843 | | | Benefitfocus, Inc. (a) | | | 20,642 | |
| | 1,286 | | | Black Knight, Inc. (a) | | | 111,946 | |
| | 2,269 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 188,282 | |
| | 3,529 | | | Brightcove, Inc. (a) | | | 36,137 | |
| | 564 | | | CACI International, Inc. - Class A (a) | | | 120,222 | |
| | 1,873 | | | Cardtronics PLC - Class A (a) | | | 37,085 | |
| | 516 | | | Cass Information Systems, Inc. | | | 20,764 | |
| | 14,412 | | | Conduent, Inc. (a) | | | 45,830 | |
| | 1,117 | | | CoreLogic, Inc. | | | 75,587 | |
| | 1,294 | | | CSG Systems International, Inc. | | | 52,989 | |
| | 4,239 | | | DXC Technology Co. | | | 75,666 | |
| | 657 | | | Euronet Worldwide, Inc. (a) | | | 59,853 | |
| | 1,520 | | | EVERTEC, Inc. | | | 52,759 | |
| | 644 | | | ExlService Holdings, Inc. (a) | | | 42,485 | |
| | 893 | | | Fastly, Inc. - Class A (a)(b) | | | 83,656 | |
| | 2,720 | | | Genpact, Ltd. | | | 105,944 | |
| | 7,017 | | | GTT Communications, Inc. (a)(b) | | | 36,208 | |
| | 755 | | | I3 Verticals, Inc. - Class A (a) | | | 19,064 | |
| | 10,647 | | | Information Services Group, Inc. (a) | | | 22,465 | |
| | 2,412 | | | International Money Express, Inc. (a) | | | 34,648 | |
| | 6,579 | | | Limelight Networks, Inc. (a) | | | 37,895 | |
| | 297 | | | LiveRamp Holdings, Inc. (a) | | | 15,376 | |
| | 770 | | | ManTech International Corp. - Class A | | | 53,038 | |
| | 1,785 | | | Maximus, Inc. | | | 122,112 | |
| | 315 | | | MongoDB, Inc. (a)(b) | | | 72,926 | |
| | 2,526 | | | NIC, Inc. | | | 49,762 | |
| | 1,853 | | | Perficient, Inc. (a) | | | 79,197 | |
| | 3,120 | | | Perspecta, Inc. | | | 60,684 | |
| | 4,780 | | | PFSweb, Inc. (a) | | | 31,978 | |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | IT Services (Continued) | |
| | 743 | | | Repay Holdings Corp. (a)(b) | | $ | 17,461 | |
| | 1,071 | | | Science Applications International Corp. | | | 83,988 | |
| | 15,694 | | | ServiceSource International, Inc. (a) | | | 23,070 | |
| | 1,914 | | | StoneCo, Ltd. - Class A (a) | | | 101,232 | |
| | 1,010 | | | Switch, Inc. | | | 15,766 | |
| | 3,658 | | | The Hackett Group, Inc. | | | 40,896 | |
| | 840 | | | TTEC HLDGS, Inc. | | | 45,822 | |
| | 1,797 | | | Unisys Corp. (a)(b) | | | 19,174 | |
| | 2,231 | | | Verra Mobility Corp. (a) | | | 21,552 | |
| | 1,094 | | | Virtusa Corp. (a) | | | 53,781 | |
| | 512 | | | WEX, Inc. (a) | | | 71,153 | |
| | | | | | |
|
|
|
| | | | | | | | 2,412,904 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 1.32% | |
| | 1,131 | | | Acushnet Holdings Corp. (b) | | | 38,013 | |
| | 1,036 | | | American Outdoor Brands, Inc. (a) | | | 13,499 | |
| | 864 | | | Brunswick Corp. | | | 50,898 | |
| | 1,230 | | | Clarus Corp. | | | 17,368 | |
| | 797 | | | Escalade, Inc. | | | 14,577 | |
| | 509 | | | Johnson Outdoors, Inc. - Class A (b) | | | 41,682 | |
| | 970 | | | Malibu Boats, Inc. - Class A (a) | | | 48,073 | |
| | 1,817 | | | Marine Products Corp. | | | 28,418 | |
| | 2,894 | | | MasterCraft Boat Holdings, Inc. (a) | | | 50,616 | |
| | 3,943 | | | Mattel, Inc. (a)(b) | | | 46,133 | |
| | 4,591 | | | Nautilus, Inc. (a) | | | 78,781 | |
| | 852 | | | Polaris Industries, Inc. | | | 80,378 | |
| | 763 | | | Pool Corp. | | | 255,254 | |
| | 2,752 | | | Smith & Wesson Brands, Inc. (b) | | | 42,711 | |
| | 504 | | | Sturm, Ruger & Co., Inc. | | | 30,825 | |
| | 2,090 | | | Vista Outdoor, Inc. (a) | | | 42,176 | |
| | 1,328 | | | YETI Holdings, Inc. (a) | | | 60,185 | |
| | | | | | |
|
|
|
| | | | | | | | 939,587 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 1.50% | |
| | 656 | | | 10X Genomics, Inc. - Class A (a) | | | 81,790 | |
| | 434 | | | Adaptive Biotechnologies Corp. (a) | | | 21,106 | |
| | 280 | | | Bio-Techne Corp. | | | 69,365 | |
| | 1,583 | | | Bruker Corp. | | | 62,924 | |
| | 645 | | | Charles River Laboratories International, Inc. (a) | | | 146,060 | |
| | 6,109 | | | ChromaDex Corp. (a) | | | 24,497 | |
| | 1,768 | | | Fluidigm Corp. (a) | | | 13,136 | |
| | 22,010 | | | Harvard Bioscience, Inc. (a) | | | 66,250 | |
| | 1,706 | | | Luminex Corp. (b) | | | 44,783 | |
| | 847 | | | Medpace holdings, Inc. (a) | | | 94,652 | |
| | 1,050 | | | NanoString Technologies, Inc. (a) | | | 46,935 | |
| | 1,351 | | | NeoGenomics, Inc. (a) | | | 49,839 | |
| | 1,777 | | | Pacific Biosciences of California, Inc. (a) | | | 17,539 | |
| | 599 | | | Personalis, Inc. (a) | | | 12,980 | |
| | 489 | | | PPD, Inc. (a) | | | 18,088 | |
| | 791 | | | PRA Health Sciences, Inc. (a) | | | 80,239 | |
| | 2,299 | | | QIAGEN NV (a)(b) | | | 120,146 | |
| | 426 | | | Quanterix Corp. (a) | | | 14,373 | |
| | 1,577 | | | Syneos Health, Inc. (a) | | | 83,833 | |
| | | | | | |
|
|
|
| | | | | | | | 1,068,535 | |
| | | | | | |
|
|
|
| | | | | Machinery - 3.24% | |
| | 696 | | | AGCO Corp. (b) | | | 51,692 | |
| | 225 | | | Alamo Group, Inc. | | | 24,307 | |
| | 270 | | | Albany International Corp. - Class A | | | 13,368 | |
| | 1,410 | | | Allison Transmission Holdings, Inc. | | | 49,547 | |
| | 1,361 | | | Altra Industrial Motion Corp. | | | 50,316 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Machinery (Continued) | |
| | 506 | | | Astec Industries, Inc. | | $ | 27,451 | |
| | 525 | | | Badger Meter, Inc. | | | 34,319 | |
| | 583 | | | Barnes Group, Inc. | | | 20,836 | |
| | 1,214 | | | Blue Bird Corp. (a) | | | 14,762 | |
| | 620 | | | Chart Industries, Inc. (a)(b) | | | 43,567 | |
| | 957 | | | Colfax Corp. (a) | | | 30,012 | |
| | 1,234 | | | Columbus McKinnon Corp. | | | 40,845 | |
| | 501 | | | Crane Co. | | | 25,115 | |
| | 803 | | | DMC Global, Inc. | | | 26,451 | |
| | 1,525 | | | Donaldson Co., Inc. | | | 70,791 | |
| | 499 | | | Douglas Dynamics, Inc. | | | 17,066 | |
| | 2,190 | | | Energy Recovery, Inc. (a) | | | 17,958 | |
| | 330 | | | EnPro Industries, Inc. | | | 18,615 | |
| | 347 | | | ESCO Technologies, Inc. | | | 27,954 | |
| | 1,477 | | | Evoqua Water Technologies Corp. (a) | | | 31,342 | |
| | 753 | | | Federal Signal Corp. | | | 22,025 | |
| | 743 | | | Flowserve Corp. | | | 20,276 | |
| | 1,670 | | | Gates Industrial Corp PLC (a) | | | 18,570 | |
| | 2,035 | | | Graco, Inc. | | | 124,847 | |
| | 357 | | | Hyster-Yale Materials Handling, Inc. | | | 13,263 | |
| | 740 | | | ITT, Inc. | | | 43,697 | |
| | 581 | | | John Bean Technologies Corp. (b) | | | 53,388 | |
| | 241 | | | Kadant, Inc. | | | 26,418 | |
| | 667 | | | Kennametal, Inc. | | | 19,303 | |
| | 1,181 | | | L.B. Foster Co. - Class A (a) | | | 15,849 | |
| | 781 | | | Lincoln Electric Holdings, Inc. | | | 71,883 | |
| | 154 | | | Lindsay Corp. | | | 14,889 | |
| | 2,208 | | | Lydall, Inc. (a) | | | 36,520 | |
| | 1,403 | | | Meritor, Inc. (a)(b) | | | 29,379 | |
| | 457 | | | Miller Industries, Inc. | | | 13,971 | |
| | 710 | | | Mueller Industries, Inc. | | | 19,213 | |
| | 1,838 | | | Mueller Water Products, Inc. - Class A | | | 19,097 | |
| | 5,181 | | | NN, Inc. (a) | | | 26,734 | |
| | 617 | | | Nordson Corp. | | | 118,353 | |
| | 635 | | | Omega Flex, Inc. | | | 99,517 | |
| | 697 | | | Oshkosh Corp. | | | 51,230 | |
| | 968 | | | Park-Ohio Holdings Corp. | | | 15,556 | |
| | 1,549 | | | Pentair PLC | | | 70,898 | |
| | 376 | | | Proto Labs, Inc. (a)(b) | | | 48,692 | |
| | 145 | | | RBC Bearings, Inc. (a) | | | 17,575 | |
| | 3,165 | | | REV Group, Inc. | | | 24,972 | |
| | 1,015 | | | Rexnord Corp. | | | 30,288 | |
| | 748 | | | Snap-on, Inc. (b) | | | 110,053 | |
| | 902 | | | SPX Corp. (a) | | | 41,835 | |
| | 586 | | | SPX FLOW, Inc. (a) | | | 25,093 | |
| | 456 | | | Tennant Co. | | | 27,524 | |
| | 1,043 | | | Terex Corp. | | | 20,192 | |
| | 929 | | | The Eastern Co. | | | 18,134 | |
| | 1,844 | | | The Manitowoc Co., Inc. (a) | | | 15,508 | |
| | 350 | | | The Middleby Corp. (a)(b) | | | 31,399 | |
| | 931 | | | The Shyft Group Inc | | | 17,577 | |
| | 859 | | | The Timken Co. | | | 46,575 | |
| | 1,320 | | | The Toro Co. | | | 110,814 | |
| | 1,320 | | | TriMas Corp. (a) | | | 30,096 | |
| | 1,020 | | | Trinity Industries, Inc. (b) | | | 19,890 | |
| | 166 | | | Valmont Industries, Inc. | | | 20,614 | |
| | 2,327 | | | Wabash National Corp. (b) | | | 27,831 | |
| | 361 | | | Watts Water Technologies, Inc. - Class A | | | 36,154 | |
| | | | | | |
|
|
|
| | | | | | | | 2,302,006 | |
| | | | | | |
|
|
|
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Marine - 0.07% | |
| | 3,394 | | | Costamere, Inc. | | $ | 20,602 | |
| | 396 | | | Kirby Corp. (a) | | | 14,323 | |
| | 13,501 | | | Safe Bulkers, Inc. (a) | | | 13,906 | |
| | | | | | |
|
|
|
| | | | | | | | 48,831 | |
| | | | | | |
|
|
|
| | | | | Media - 1.20% | |
| | 722 | | | AMC Networks, Inc. - Class A (a) | | | 17,841 | |
| | 44 | | | Cable One, Inc. | | | 82,959 | |
| | 576 | | | Cardlytics, Inc. (a)(b) | | | 40,648 | |
| | 4,264 | | | Central European Media Enterprises, Ltd. - Class A (a) | | | 17,866 | |
| | 6,175 | | | Emerald Holding, Inc. | | | 12,597 | |
| | 12,915 | | | Entercom Communications Corp. - Class A | | | 20,793 | |
| | 8,066 | | | Fluent, Inc. (a) | | | 20,004 | |
| | 593 | | | GCI Liberty, Inc. (a) | | | 48,602 | |
| | 1,370 | | | Gray Television, Inc. (a) | | | 18,865 | |
| | 2,219 | | | iHeartMedia, Inc. - Class A (a) | | | 18,018 | |
| | 870 | | | John Wiley & Sons, Inc. - Class A | | | 27,588 | |
| | 2,496 | | | Liberty Latin America Ltd. - Class A (a) | | | 20,592 | |
| | 2,759 | | | Liberty Latin America, Ltd. - Class C (a) | | | 22,458 | |
| | 451 | | | Liberty Media Group - Class A (a) | | | 15,113 | |
| | 1,625 | | | Meredith Corp. | | | 21,320 | |
| | 1,733 | | | MSG Networks, Inc. - Class A (a) | | | 16,585 | |
| | 2,506 | | | News Corp. - Class A | | | 35,134 | |
| | 529 | | | Nexstar Media Group, Inc. - Class A | | | 47,573 | |
| | 636 | | | Saga Communications, Inc. - Class A | | | 12,644 | |
| | 1,227 | | | Sinclair Broadcast Group, Inc. - Class A | | | 23,595 | |
| | 2,794 | | | TechTarget, Inc. (a) | | | 122,824 | |
| | 2,414 | | | TEGNA, Inc. | | | 28,365 | |
| | 3,321 | | | The Interpublic Group of Companies, Inc. | | | 55,361 | |
| | 2,099 | | | The New York Times Co. - Class A (b) | | | 89,816 | |
| | 1,303 | | | Tribune Publishing Co. | | | 15,193 | |
| | | | | | |
|
|
|
| | | | | | | | 852,354 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.95% | |
| | 2,495 | | | Alcoa Corp. (a) | | | 29,017 | |
| | 2,128 | | | Allegheny Technologies, Inc. (a) | | | 18,556 | |
| | 941 | | | Arconic Corp. (a) | | | 17,926 | |
| | 866 | | | Caledonia Mining Corp., PLC | | | 14,713 | |
| | 2,355 | | | Century Aluminum Co. (a) | | | 16,768 | |
| | 2,826 | | | Coeur Mining, Inc. (a) | | | 20,856 | |
| | 1,823 | | | Commercial Metals Co. | | | 36,424 | |
| | 503 | | | Gibraltar Industries, Inc. (a) | | | 32,765 | |
| | 5,106 | | | Hecla Mining Co. | | | 25,939 | |
| | 346 | | | Kaiser Aluminum Corp. | | | 18,542 | |
| | 540 | | | Materion Corp. | | | 28,096 | |
| | 2,048 | | | Novagold Resources, Inc. (a) | | | 24,351 | |
| | 2,390 | | | Olympic Steel, Inc. | | | 27,150 | |
| | 1,068 | | | Reliance Steel & Aluminum Co. | | | 108,979 | |
| | 361 | | | Royal Gold, Inc. | | | 43,381 | |
| | 5,265 | | | Ryerson Holding Corp. (a) | | | 30,168 | |
| | 1,101 | | | Schnitzer Steel Industries, Inc. - Class A | | | 21,172 | |
| | 2,359 | | | Steel Dynamics, Inc. | | | 67,538 | |
| | 6,980 | | | SunCoke Energy, Inc. | | | 23,872 | |
| | 5,105 | | | TimkenSteel Corp. (a) | | | 18,123 | |
| | 1,872 | | | Warrior Met Coal, Inc. | | | 31,974 | |
| | 483 | | | Worthington Industries, Inc. | | | 19,697 | |
| | | | | | |
|
|
|
| | | | | | | | 676,007 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Multiline Retail - 0.40% | |
| | 1,391 | | | Big Lots, Inc. | | $ | 62,039 | |
| | 1,318 | | | Dillard’s, Inc. - Class A (b) | | | 48,133 | |
| | 2,778 | | | Kohl’s Corp. | | | 51,476 | |
| | 8,172 | | | Macy’s, Inc. (b) | | | 46,580 | |
| | 1,814 | | | Nordstrom, Inc. (b) | | | 21,623 | |
| | 645 | | | Ollie’s Bargain Outlet Holdings, Inc. (a) | | | 56,341 | |
| | | | | | |
|
|
|
| | | | | | | | 286,192 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.12% | |
| | 418 | | | Avista Corp. | | | 14,262 | |
| | 2,100 | | | MDU Resources Group, Inc. | | | 47,250 | |
| | 520 | | | NorthWestern Corp. | | | 25,293 | |
| | | | | | |
|
|
|
| | | | | | | | 86,805 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 0.66% | |
| | 2,675 | | | Antero Midstream Corp. | | | 14,365 | |
| | 2,028 | | | Apache Corp. | | | 19,205 | |
| | 5,002 | | | Ardmore Shipping Corp. | | | 17,807 | |
| | 1,545 | | | CNX Resources Corp. (a)(b) | | | 14,585 | |
| | 3,139 | | | Comstock Resources, Inc. (a) | | | 13,749 | |
| | 2,518 | | | CONSOL Energy, Inc. (a) | | | 11,155 | |
| | 4,203 | | | DHT Holdings, Inc. | | | 21,687 | |
| | 2,560 | | | Diamond S Shipping, Inc. (a) | | | 17,587 | |
| | 2,527 | | | Dorian LPG, Ltd. (a) | | | 20,241 | |
| | 1,563 | | | Equitrans Midstream Corp. | | | 13,223 | |
| | 962 | | | Green Plains, Inc. (a) | | | 14,892 | |
| | 23,298 | | | Gulfport Energy Corp. (a) | | | 12,280 | |
| | 1,362 | | | HollyFrontier Corp. | | | 26,845 | |
| | 1,239 | | | International Seaways, Inc. (b) | | | 18,102 | |
| | 3,363 | | | Marathon Oil Corp. | | | 13,755 | |
| | 6,499 | | | Nordic American Tankers Ltd. (b) | | | 22,682 | |
| | 1,454 | | | Ovintiv, Inc. (b) | | | 11,865 | |
| | 1,813 | | | Par Pacific Holdings, Inc. (a) | | | 12,274 | |
| | 1,857 | | | Range Resources Corp. | | | 12,293 | |
| | 1,442 | | | Renewable Energy Group, Inc. (a)(b) | | | 77,032 | |
| | 1,563 | | | Scorpio Tankers, Inc. | | | 17,302 | |
| | 8,310 | | | Southwestern Energy Co. (a) | | | 19,528 | |
| | 1,437 | | | Targa Resources Corp. | | | 20,161 | |
| | 1,111 | | | World Fuel Services Corp. | | | 23,542 | |
| | | | | | |
|
|
|
| | | | | | | | 466,157 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.22% | |
| | 1,083 | | | Boise Cascade Co. | | | 43,233 | |
| | 775 | | | Clearwater Paper Corp. (a) | | | 29,404 | |
| | 749 | | | Domtar Corp. | | | 19,676 | |
| | 978 | | | Louisiana-Pacific Corp. | | | 28,861 | |
| | 1,385 | | | PH Glatfelter Co. | | | 19,071 | |
| | 530 | | | Schweitzer-Mauduit International, Inc. | | | 16,107 | |
| | | | | | |
|
|
|
| | | | | | | | 156,352 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.82% | |
| | 1,684 | | | BellRing Brands, Inc. - Class A (a) | | | 34,926 | |
| | 994 | | | Edgewell Personal Care Co. (a) | | | 27,713 | |
| | 1,430 | | | elf Beauty, Inc. (a) | | | 26,269 | |
| | 2,012 | | | Herbalife Nutrition, Ltd. (a) | | | 93,860 | |
| | 537 | | | Inter Parfums, Inc. | | | 20,057 | |
| | 2,986 | | | Lifevantage Corp. (a) | | | 36,041 | |
| | 585 | | | Medifast, Inc. | | | 96,203 | |
| | 5,184 | | | Nature’s Sunshine Products, Inc. (a) | | | 59,979 | |
| | 1,975 | | | Nu Skin Enterprises, Inc. - Class A | | | 98,928 | |
| | 3,010 | | | Revlon, Inc. - Class A (a)(b) | | | 19,023 | |
| | 929 | | | USANA Health Sciences, Inc. (a) | | | 68,421 | |
| | | | | | |
|
|
|
| | | | | | | | 581,420 | |
| | | | | | |
|
|
|
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Pharmaceuticals - 2.78% | |
| | 4,563 | | | Agile Therapeutics, Inc. (a) | | $ | 13,871 | |
| | 2,202 | | | Akcea Therapeutics, Inc. (a) | | | 39,944 | |
| | 548 | | | Akero Therapeutics, Inc. (a) | | | 16,873 | |
| | 12,151 | | | Amneal Pharmaceuticals, Inc. (a)(b) | | | 47,146 | |
| | 1,640 | | | ANI Pharmaceuticals, Inc. (a)(b) | | | 46,264 | |
| | 6,396 | | | Aquestive Therapeutics, Inc. (a)(b) | | | 31,053 | |
| | 555 | | | Arvinas, Inc. (a) | | | 13,104 | |
| | 431 | | | Axsome Therapeutics, Inc. (a) | | | 30,709 | |
| | 11,945 | | | BioDelivery Sciences International, Inc. (a) | | | 44,555 | |
| | 1,356 | | | Catalent, Inc. (a) | | | 116,155 | |
| | 2,866 | | | CHAMPIONS ONCOLOGY, Inc. (a) | | | 26,510 | |
| | 5,301 | | | Collegium Pharmaceutical, Inc. (a) | | | 110,367 | |
| | 5,875 | | | Corcept Therapeutics, Inc. (a)(b) | | | 102,254 | |
| | 2,087 | | | Cymabay Therapeutics, Inc. (a) | | | 15,110 | |
| | 13,061 | | | Durect Corp. (a) | | | 22,334 | |
| | 15,762 | | | Endo International PLC (a)(b) | | | 52,015 | |
| | 5,066 | | | Harrow Health, Inc. (a) | | | 28,319 | |
| | 3,558 | | | Horizon Therapeutics Plc (a) | | | 276,385 | |
| | 5,750 | | | Innoviva, Inc. (a)(b) | | | 60,087 | |
| | 1,645 | | | Intersect ENT, Inc. (a) | | | 26,830 | |
| | 2,401 | | | IVERIC Bio, Inc. (a) | | | 13,542 | |
| | 1,054 | | | Jazz Pharmaceuticals PLC (a) | | | 150,290 | |
| | 1,970 | | | Kala Pharmaceuticals, Inc. (a) | | | 14,775 | |
| | 11,735 | | | Lannett Co., Inc. (a)(b) | | | 71,701 | |
| | 53,403 | | | Mallinckrodt PLC (a)(b) | | | 51,977 | |
| | 1,228 | | | Marinus Pharmaceuticals, Inc. (a) | | | 15,780 | |
| | 5,036 | | | MEI Pharma, Inc. (a) | | | 15,712 | |
| | 20,107 | | | Milestone Scientific, Inc. (a)(b) | | | 27,949 | |
| | 287 | | | MyoKardia, Inc. (a)(b) | | | 39,127 | |
| | 716 | | | Nektar Therapeutics (a) | | | 11,878 | |
| | 3,272 | | | Osmotica Pharmaceuticals, Plc. (a) | | | 17,701 | |
| | 676 | | | Pacira Pharmaceuticals, Inc. (a) | | | 40,641 | |
| | 2,246 | | | Perrigo Co. PLC | | | 103,114 | |
| | 1,033 | | | Phibro Animal Health Corp. - Class A | | | 17,974 | |
| | 1,992 | | | Prestige Consumer Healthcare, Inc. (a) | | | 72,549 | |
| | 827 | | | Protara Therapeutics, Inc. (a) | | | 13,918 | |
| | 1,362 | | | Provention Bio, Inc. (a) | | | 17,474 | |
| | 138 | | | Reata Pharmaceuticals, Inc. - Class A (a) | | | 13,444 | |
| | 477 | | | Relmada Therapeutics, Inc. (a) | | | 17,945 | |
| | 663 | | | Revance Therapeutics, Inc. (a) | | | 16,668 | |
| | 3,120 | | | Satsuma Pharmaceuticals, Inc. (a) | | | 12,137 | |
| | 6,536 | | | Strongbridge Biopharma PLC (a) | | | 13,726 | |
| | 2,950 | | | Supernus Pharmaceuticals, Inc. (a)(b) | | | 61,478 | |
| | 10,022 | | | Veru, Inc. (a) | | | 26,258 | |
| | | | | | |
|
|
|
| | | | | | | | 1,977,643 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.28% | |
| | 965 | | | ASGN, Inc. (a) | | | 61,335 | |
| | 3,417 | | | BG Staffing, Inc. | | | 28,942 | |
| | 1,552 | | | CBIZ, Inc. (a) | | | 35,494 | |
| | 422 | | | CRA International, Inc. | | | 15,812 | |
| | 360 | | | Exponent, Inc. | | | 25,931 | |
| | 540 | | | Forrester Research, Inc. (a) | | | 17,707 | |
| | 1,236 | | | Franklin Covey Co. (a) | | | 21,927 | |
| | 504 | | | FTI Consulting, Inc. (a) | | | 53,409 | |
| | 2,148 | | | GP Strategies Corp. (a) | | | 20,707 | |
| | 861 | | | Heidrick & Struggles International, Inc. | | | 16,919 | |
| | 428 | | | Huron Consulting Group, Inc. (a) | | | 16,833 | |
| | 520 | | | ICF International, Inc. | | | 31,996 | |
| | 705 | | | Insperity, Inc. | | | 46,170 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Professional Services (Continued) | |
| | 1,821 | | | Kelly Services, Inc. - Class A | | $ | 31,030 | |
| | 1,318 | | | Kforce, Inc. | | | 42,400 | |
| | 507 | | | Korn Ferry International | | | 14,703 | |
| | 903 | | | ManpowerGroup, Inc. | | | 66,217 | |
| | 1,726 | | | Mastech Digital, Inc. (a) | | | 31,085 | |
| | 7,330 | | | Mistras Group, Inc. (a) | | | 28,660 | |
| | 1,828 | | | Nielsen Holdings Plc | | | 25,921 | |
| | 1,610 | | | Red Violet, Inc. (a) | | | 29,721 | |
| | 2,235 | | | Resources Connection, Inc. | | | 25,814 | |
| | 2,013 | | | Robert Half International, Inc. | | | 106,568 | |
| | 349 | | | TriNet Group, Inc. (a)(b) | | | 20,703 | |
| | 2,352 | | | TrueBlue, Inc. (a) | | | 36,432 | |
| | 941 | | | Upwork, Inc. (a) | | | 16,411 | |
| | 609 | | | VSE Corp. | | | 18,660 | |
| | 837 | | | WILLDAN GROUP, Inc. (a) | | | 21,352 | |
| | | | | | |
|
|
|
| | | | | | | | 908,859 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.78% | |
| | 4,149 | | | Altisource Portfolio Solutions SA (a) | | | 52,568 | |
| | 3,315 | | | eXp World Holdings, Inc. (a) | | | 133,727 | |
| | 502 | | | FRP Holdings, Inc. (a) | | | 20,918 | |
| | 372 | | | Griffin Industrial Realty, Inc. | | | 19,884 | |
| | 619 | | | Jones Lang LaSalle, Inc. | | | 59,214 | |
| | 1,593 | | | Marcus & Millichap, Inc. (a) | | | 43,839 | |
| | 580 | | | RE/MAX Holdings, Inc. - Class A | | | 18,983 | |
| | 11,005 | | | Realogy Holdings Corp. (a) | | | 103,887 | |
| | 647 | | | Redfin Corp. (a) | | | 32,305 | |
| | 799 | | | The RMR Group, Inc. - Class A | | | 21,949 | |
| | 938 | | | The St. Joe Co. (a) | | | 19,351 | |
| | 5,386 | | | VIRNETX HLDG Corp. | | | 28,384 | |
| | | | | | |
|
|
|
| | | | | | | | 555,009 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.39% | |
| | 1,081 | | | ArcBest Corp. | | | 33,576 | |
| | 700 | | | Avis Budget Group, Inc. (a) | | | 18,424 | |
| | 5,512 | | | Daseke, Inc. (a) | | | 29,599 | |
| | 760 | | | Knight-Swift Transportation Holdings, Inc. | | | 30,932 | |
| | 643 | | | Landstar System, Inc. | | | 80,690 | |
| | 255 | | | Saia, Inc. (a) | | | 32,166 | |
| | 824 | | | Schneider National, Inc. - Class B | | | 20,377 | |
| | 1,845 | | | US Xpress Enterprises, Inc. (a) | | | 15,240 | |
| | 447 | | | Werner Enterprises, Inc. | | | 18,770 | |
| | | | | | |
|
|
|
| | | | | | | | 279,774 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 3.12% | |
| | 514 | | | Advanced Energy Industries, Inc. (a) | | | 32,351 | |
| | 1,133 | | | Alpha & Omega Semiconductor, Ltd. (a) | | | 14,525 | |
| | 346 | | | Ambarella, Inc. (a) | | | 18,054 | |
| | 4,307 | | | Amkor Technology, Inc. (a) | | | 48,238 | |
| | 2,033 | | | Atomera, Inc. (a)(b) | | | 21,245 | |
| | 1,199 | | | Axcelis Technologies, Inc. (a) | | | 26,378 | |
| | 2,938 | | | AXT, Inc. (a) | | | 17,981 | |
| | 856 | | | Brooks Automation, Inc. | | | 39,599 | |
| | 220 | | | Cabot Microelectronics Corp. | | | 31,418 | |
| | 561 | | | CEVA, Inc. (a) | | | 22,087 | |
| | 1,586 | | | Cirrus Logic, Inc. (a) | | | 106,976 | |
| | 1,463 | | | Cohu, Inc. | | | 25,134 | |
| | 543 | | | Cree, Inc. (a)(b) | | | 34,611 | |
| | 599 | | | CyberOptics Corp. (a) | | | 19,072 | |
| | 1,068 | | | Diodes, Inc. (a) | | | 60,289 | |
| | 1,364 | | | DSP Group, Inc. (a) | | | 17,978 | |
| | 1,539 | | | Entegris, Inc. | | | 114,409 | |
See notes to financial statements.
64
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 409 | | | First Solar, Inc. (a)(b) | | $ | 27,076 | |
| | 1,653 | | | FormFactor, Inc. (a) | | | 41,209 | |
| | 1,301 | | | Ichor Holdings, Ltd. (a) | | | 28,063 | |
| | 728 | | | Impinj, Inc. (a) | | | 19,183 | |
| | 551 | | | Inphi Corp. (a) | | | 61,850 | |
| | 1,890 | | | Lattice Semiconductor Corp. (a) | | | 54,734 | |
| | 612 | | | MACOM Technology Solutions Holdings, Inc. (a) | | | 20,814 | |
| | 1,192 | | | MaxLinear, Inc. - Class A (a) | | | 27,702 | |
| | 689 | | | MKS Instruments, Inc. (b) | | | 75,259 | |
| | 785 | | | Monolithic Power Systems, Inc. | | | 219,494 | |
| | 7,724 | | | NeoPhotonics Corp. (a) | | | 47,039 | |
| | 5,271 | | | ON Semiconductor Corp. (a) | | | 114,328 | |
| | 1,115 | | | Onto Innovation, Inc. (a) | | | 33,205 | |
| | 1,065 | | | PDF Solutions, Inc. (a) | | | 19,926 | |
| | 4,214 | | | Photronics, Inc. (a) | | | 41,971 | |
| | 10,085 | | | PIXELWORKS, Inc. (a) | | | 20,674 | |
| | 1,510 | | | Power Integrations, Inc. | | | 83,654 | |
| | 2,869 | | | Rambus, Inc. (a) | | | 39,277 | |
| | 751 | | | Semtech Corp. (a) | | | 39,773 | |
| | 319 | | | Silicon Laboratories, Inc. (a) | | | 31,214 | |
| | 280 | | | SiTime Corp. (a)(b) | | | 23,528 | |
| | 1,665 | | | SMART Global Holdings, Inc. (a) | | | 45,521 | |
| | 710 | | | SolarEdge Technologies, Inc. (a) | | | 169,229 | |
| | 2,618 | | | Teradyne, Inc. | | | 208,026 | |
| | 2,714 | | | Ultra Clean Holdings, Inc. (a) | | | 58,242 | |
| | 1,191 | | | Veeco Instruments, Inc. (a) | | | 13,899 | |
| | | | | | |
|
|
|
| | | | | | | | 2,215,235 | |
| | | | | | |
|
|
|
| | | | | Software - 7.53% | |
| | 1,438 | | | 2U, Inc. (a)(b) | | | 48,691 | |
| | 2,527 | | | 8x8, Inc. (a)(b) | | | 39,295 | |
| | 4,084 | | | A10 Networks, Inc. (a) | | | 26,015 | |
| | 1,447 | | | ACI Worldwide, Inc. (a) | | | 37,810 | |
| | 1,402 | | | Agilysys, Inc. (a) | | | 33,872 | |
| | 959 | | | Alarm.com Holdings, Inc. (a) | | | 52,985 | |
| | 1,157 | | | Altair Engineering, Inc. - Class A (a) | | | 48,571 | |
| | 651 | | | Alteryx, Inc. (a)(b) | | | 73,921 | |
| | 2,127 | | | American Software, Inc. - Class A | | | 29,863 | |
| | 1,821 | | | Anaplan, Inc. (a) | | | 113,958 | |
| | 789 | | | Appfolio, Inc. - Class A (a) | | | 111,888 | |
| | 877 | | | Appian Corp. (a)(b) | | | 56,786 | |
| | 1,181 | | | Aspen Technology, Inc. (a) | | | 149,503 | |
| | 943 | | | Avalara, Inc. (a) | | | 120,082 | |
| | 4,804 | | | Avaya Holdings Corp. (a)(b) | | | 73,021 | |
| | 226 | | | Bill.com Holdings, Inc. (a) | | | 22,670 | |
| | 425 | | | Blackbaud, Inc. | | | 23,728 | |
| | 364 | | | Blackline, Inc. (a)(b) | | | 32,625 | |
| | 633 | | | Bottomline Technologies, Inc. (a) | | | 26,687 | |
| | 2,645 | | | Box, Inc. - Class A (a) | | | 45,917 | |
| | 1,363 | | | CDK Global, Inc. (b) | | | 59,413 | |
| | 814 | | | Cerence, Inc. (a) | | | 39,780 | |
| | 616 | | | Ceridian HCM Holding, Inc. (a) | | | 50,912 | |
| | 6,982 | | | ChannelAdvisor Corp. (a) | | | 101,030 | |
| | 1,562 | | | Cloudera, Inc. (a)(b) | | | 17,010 | |
| | 1,087 | | | Cloudflare, Inc. - Class A (a) | | | 44,632 | |
| | 1,135 | | | CommVault Systems, Inc. (a) | | | 46,308 | |
| | 945 | | | Cornerstone OnDemand, Inc. (a) | | | 34,360 | |
| | 3,785 | | | Digital Turbine, Inc. (a) | | | 123,921 | |
| | 1,736 | | | Domo, Inc. - Class B (a) | | | 66,541 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | |
| | 1,107 | | | Dynatrace, Inc. (a) | | $ | 45,409 | |
| | 2,627 | | | Ebix, Inc. (b) | | | 54,116 | |
| | 4,503 | | | eGain Corp. (a) | | | 63,808 | |
| | 682 | | | Elastic NV (a)(b) | | | 73,581 | |
| | 373 | | | Envestnet, Inc. (a) | | | 28,781 | |
| | 325 | | | ePlus, Inc. (a) | | | 23,790 | |
| | 326 | | | Everbridge, Inc. (a)(b) | | | 40,988 | |
| | 398 | | | Fair Isaac Corp. (a) | | | 169,301 | |
| | 1,678 | | | FireEye, Inc. (a) | | | 20,715 | |
| | 941 | | | Five9, Inc. (a)(b) | | | 122,029 | |
| | 435 | | | Globant SA (a) | | | 77,961 | |
| | 406 | | | Guidewire Software, Inc. (a) | | | 42,334 | |
| | 515 | | | HubSpot, Inc. (a) | | | 150,499 | |
| | 3,432 | | | INTELLICHECK, Inc. (a)(b) | | | 22,892 | |
| | 664 | | | Intelligent Systems Corp. (a)(b) | | | 25,883 | |
| | 958 | | | j2 Global, Inc. (a)(b) | | | 66,313 | |
| | 2,398 | | | LivePerson, Inc. (a)(b) | | | 124,672 | |
| | 1,209 | | | Manhattan Associates, Inc. (a) | | | 115,447 | |
| | 980 | | | Medallia, Inc. (a)(b) | | | 26,872 | |
| | 318 | | | MicroStrategy, Inc. - Class A (a) | | | 47,878 | |
| | 477 | | | Mimecast, Ltd. (a)(b) | | | 22,381 | |
| | 4,010 | | | Mitek Systems, Inc. (a) | | | 51,087 | |
| | 8,689 | | | MobileIron, Inc. (a) | | | 60,910 | |
| | 1,181 | | | Model N, Inc. (a) | | | 41,666 | |
| | 804 | | | New Relic, Inc. (a) | | | 45,314 | |
| | 5,084 | | | Nuance Communications, Inc. (a)(b) | | | 168,738 | |
| | 2,755 | | | Nutanix, Inc. - Class A (a)(b) | | | 61,106 | |
| | 2,018 | | | OneSpan, Inc. (a) | | | 42,297 | |
| | 229 | | | Paylocity Holding Corp. (a) | | | 36,965 | |
| | 854 | | | Pegasystems, Inc. | | | 103,368 | |
| | 483 | | | Ping Identity Holding Corp. (a)(b) | | | 15,074 | |
| | 1,164 | | | Pluralsight, Inc. - Class A (a) | | | 19,939 | |
| | 2,176 | | | Progress Software Corp. | | | 79,816 | |
| | 608 | | | Proofpoint, Inc. (a) | | | 64,174 | |
| | 984 | | | PROS Holdings, Inc. (a) | | | 31,429 | |
| | 1,250 | | | PTC, Inc. (a)(b) | | | 103,400 | |
| | 430 | | | Q2 Holdings, Inc. (a)(b) | | | 39,242 | |
| | 927 | | | QAD, Inc. - Class A | | | 39,119 | |
| | 518 | | | Qualys, Inc. (a)(b) | | | 50,769 | |
| | 1,599 | | | Rapid7, Inc. (a)(b) | | | 97,923 | |
| | 772 | | | RealPage, Inc. (a) | | | 44,498 | |
| | 16,301 | | | Rimini Street Inc. (a) | | | 52,489 | |
| | 955 | | | SailPoint Technologies Holding Inc. (a)(b) | | | 37,789 | |
| | 706 | | | Sapiens International Corp NV | | | 21,590 | |
| | 2,585 | | | SecureWorks Corp. - Class A (a)(b) | | | 29,443 | |
| | 881 | | | ShotSpotter, Inc. (a) | | | 27,346 | |
| | 1,209 | | | Smartsheet, Inc. - Class A (a)(b) | | | 59,749 | |
| | 10,816 | | | Smith Micro Software, Inc. (a) | | | 40,344 | |
| | 773 | | | SolarWinds Corp. (a) | | | 15,723 | |
| | 762 | | | SPS Commerce, Inc. (a) | | | 59,337 | |
| | 1,365 | | | SVMK, Inc. (a) | | | 30,180 | |
| | 11,621 | | | Synchronoss Technologies, Inc. (a) | | | 34,979 | |
| | 8,846 | | | Telenav, Inc. (a) | | | 31,846 | |
| | 867 | | | Tenable Holdings, Inc. (a) | | | 32,729 | |
| | 901 | | | Varonis Systems, Inc. (a) | | | 103,993 | |
| | 1,130 | | | Verint Systems, Inc. (a)(b) | | | 54,443 | |
| | 1,502 | | | Veritone, Inc. (a)(b) | | | 13,758 | |
| | 1,122 | | | Workiva, Inc. (a)(b) | | | 62,563 | |
| | 3,708 | | | Xperi Holding Corp. | | | 42,605 | |
| | 2,651 | | | Yext, Inc. (a) | | | 40,242 | |
See notes to financial statements.
65
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Software (Continued) | |
| | 1,285 | | | Zendesk, Inc. (a) | | $ | 132,252 | |
| | 783 | | | Zscaler, Inc. (a)(b) | | | 110,160 | |
| | | | | | |
|
|
|
| | | | | | | | 5,347,839 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 4.17% | |
| | 1,581 | | | Aaron’s, Inc. (b) | | | 89,564 | |
| | 3,108 | | | Abercrombie & Fitch Co. - Class A (b) | | | 43,295 | |
| | 2,873 | | | American Eagle Outfitters, Inc. (b) | | | 42,549 | |
| | 833 | | | America’s Car-Mart, Inc. (a)(b) | | | 70,705 | |
| | 461 | | | Asbury Automotive Group, Inc. (a) | | | 44,925 | |
| | 972 | | | At Home Group, Inc. (a) | | | 14,444 | |
| | 1,252 | | | AutoNation, Inc. (a) | | | 66,268 | |
| | 4,674 | | | Bed Bath & Beyond, Inc. | | | 70,017 | |
| | 758 | | | Boot Barn Holdings, Inc. (a) | | | 21,330 | |
| | 5,959 | | | Caleres, Inc. (b) | | | 56,968 | |
| | 1,566 | | | Camping World Holdings, Inc. - Class A | | | 46,589 | |
| | 13,236 | | | Chico’s FAS, Inc. | | | 12,872 | |
| | 2,796 | | | Citi Trends, Inc. | | | 69,844 | |
| | 2,272 | | | Conn’s, Inc. (a) | | | 24,038 | |
| | 2,710 | | | Designer Brands, Inc. - Class A | | | 14,715 | |
| | 1,401 | | | Dick’s Sporting Goods, Inc. (b) | | | 81,090 | |
| | 708 | | | Five Below, Inc. (a)(b) | | | 89,916 | |
| | 1,134 | | | Floor & Decor Holdings, Inc. - Class A (a) | | | 84,823 | |
| | 1,702 | | | Foot Locker, Inc. | | | 56,217 | |
| | 5,440 | | | GameStop Corp. - Class A (a)(b) | | | 55,488 | |
| | 2,008 | | | Genesco, Inc. (a) | | | 43,252 | |
| | 301 | | | Group 1 Automotive, Inc. | | | 26,605 | |
| | 1,392 | | | Guess?, Inc. | | | 16,175 | |
| | 2,397 | | | Haverty Furniture Cos., Inc. | | | 50,193 | |
| | 1,720 | | | Hibbett Sports, Inc. (a)(b) | | | 67,459 | |
| | 6,582 | | | Hudson, Ltd. (a) | | | 50,023 | |
| | 3,615 | | | L Brands, Inc. | | | 114,993 | |
| | 368 | | | Lithia Motors, Inc. - Class A | | | 83,882 | |
| | 4,222 | | | Lumber Liquidators Holdings, Inc. (a) | | | 93,095 | |
| | 1,827 | | | MarineMax, Inc. (a) | | | 46,899 | |
| | 383 | | | Monro, Inc. | | | 15,538 | |
| | 544 | | | Murphy USA, Inc. (a) | | | 69,779 | |
| | 1,078 | | | National Vision Holdings, Inc. (a)(b) | | | 41,223 | |
| | 1,655 | | | ODP Corp. | | | 32,190 | |
| | 406 | | | Penske Automotive Group, Inc. (b) | | | 19,350 | |
| | 4,560 | | | Rent-A-Center, Inc. | | | 136,298 | |
| | 460 | | | RH (a)(b) | | | 176,005 | |
| | 3,026 | | | Sally Beauty Holdings, Inc. (a)(b) | | | 26,296 | |
| | 1,211 | | | Shoe Carnival, Inc. (b) | | | 40,665 | |
| | 2,313 | | | Signet Jewelers, Ltd. | | | 43,253 | |
| | 1,009 | | | Sleep Number Corp. (a)(b) | | | 49,350 | |
| | 1,067 | | | Sonic Automotive, Inc. - Class A (b) | | | 42,851 | |
| | 6,041 | | | Sportsman’s Warehouse Holdings, Inc. (a) | | | 86,447 | |
| | 1,628 | | | The Buckle, Inc. (b) | | | 33,195 | |
| | 2,337 | | | The Cato Corp. - Class A | | | 18,275 | |
| | 1,228 | | | The Children’s Place, Inc. (b) | | | 34,814 | |
| | 9,664 | | | The Container Store Group, Inc. (a) | | | 60,014 | |
| | 2,132 | | | The Gap, Inc. (b) | | | 36,308 | |
| | 6,690 | | | The Michaels Cos., Inc. (a)(b) | | | 64,592 | |
| | 5,143 | | | Tilly’s, Inc. - Class A | | | 31,012 | |
| | 1,930 | | | Urban Outfitters, Inc. (a) | | | 40,163 | |
| | 1,298 | | | Williams Sonoma, Inc. (b) | | | 117,391 | |
| | 232 | | | Winmark Corp. | | | 39,946 | |
| | 2,120 | | | Zumiez, Inc. (a)(b) | | | 58,978 | |
| | | | | | |
|
|
|
| | | | | | | | 2,962,166 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Technology Hardware, Storage & Peripherals - 0.65% | |
| | 3,663 | | | 3D Systems Corp. (a)(b) | | $ | 17,985 | |
| | 4,908 | | | Avid Technology, Inc. (a) | | | 42,012 | |
| | 2,670 | | | Diebold Nixdorf, Inc. (a) | | | 20,399 | |
| | 2,383 | | | Intevac, Inc. (a) | | | 13,130 | |
| | 1,752 | | | NCR Corp. (a)(b) | | | 38,789 | |
| | 3,840 | | | Pure Storage, Inc. - Class A (a)(b) | | | 59,098 | |
| | 11,461 | | | Quantum Corp. (a) | | | 52,721 | |
| | 915 | | | Super Micro Computer, Inc. (a)(b) | | | 24,156 | |
| | 1,322 | | | Synaptics, Inc. (a)(b) | | | 106,315 | |
| | 2,047 | | | Teradata Corp. (a)(b) | | | 46,467 | |
| | 2,301 | | | Xerox Holdings Corp. | | | 43,190 | |
| | | | | | |
|
|
|
| | | | | | | | 464,262 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 1.81% | |
| | 3,081 | | | Capri Holdings, Ltd. (a)(b) | | | 55,458 | |
| | 633 | | | Carter’s, Inc. | | | 54,805 | |
| | 846 | | | Columbia Sportswear Co. (b) | | | 73,585 | |
| | 3,157 | | | Crocs, Inc. (a)(b) | | | 134,899 | |
| | 613 | | | Deckers Outdoor Corp. (a) | | | 134,866 | |
| | 6,323 | | | Fossil Group, Inc. (a) | | | 36,294 | |
| | 2,482 | | | G-III Apparel Group, Ltd. (a)(b) | | | 32,539 | |
| | 4,585 | | | Hanesbrands, Inc. | | | 72,214 | |
| | 843 | | | Kontoor Brands, Inc. | | | 20,400 | |
| | 1,227 | | | Lakeland Industries, Inc. (a)(b) | | | 24,294 | |
| | 2,221 | | | Movado Group, Inc. | | | 22,077 | |
| | 631 | | | Oxford Industries, Inc. | | | 25,467 | |
| | 1,173 | | | PVH Corp. (b) | | | 69,958 | |
| | 832 | | | Ralph Lauren Corp. - Class A | | | 56,551 | |
| | 830 | | | Rocky Brands, Inc. | | | 20,609 | |
| | 2,402 | | | Skechers U.S.A., Inc. - Class A (a) | | | 72,588 | |
| | 2,128 | | | Steven Madden, Ltd. | | | 41,496 | |
| | 2,247 | | | Superior Uniform Group, Inc. | | | 52,198 | |
| | 3,076 | | | Tapestry, Inc. | | | 48,078 | |
| | 2,825 | | | Under Armour, Inc. - Class A (a) | | | 31,725 | |
| | 3,116 | | | Under Armour, Inc. - Class C (a)(b) | | | 30,661 | |
| | 1,790 | | | Unifi, Inc. (a) | | | 22,984 | |
| | 213 | | | UniFirst Corp. | | | 40,336 | |
| | 4,951 | | | Vera Bradley, Inc. (a) | | | 30,251 | |
| | 1,132 | | | Weyco Group, Inc. | | | 18,304 | |
| | 2,333 | | | Wolverine World Wide, Inc. (b) | | | 60,285 | |
| | | | | | |
|
|
|
| | | | | | | | 1,282,922 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 1.08% | |
| | 1,401 | | | Axos Financial, Inc. (a)(b) | | | 32,657 | |
| | 1,421 | | | Essent Group, Ltd. | | | 52,591 | |
| | 488 | | | Federal Agricultural Mortgage Corp. - Class C | | | 31,066 | |
| | 843 | | | Flagstar Bancorp, Inc. | | | 24,978 | |
| | 345 | | | FS Bancorp, Inc. | | | 14,145 | |
| | 705 | | | Greene County Bancorp, Inc. | | | 15,291 | |
| | 189 | | | Hingham Institution for Savings | | | 34,776 | |
| | 953 | | | HomeStreet, Inc. | | | 24,549 | |
| | 118 | | | LendingTree, Inc. (a)(b) | | | 36,213 | |
| | 1,070 | | | Merchants Bancorp | | | 21,090 | |
| | 4,983 | | | MGIC Investment Corp. | | | 44,149 | |
| | 1,187 | | | MMA Capital Holdings, Inc. (a) | | | 26,719 | |
| | 2,471 | | | Mr Cooper Group, Inc. (a) | | | 55,153 | |
| | 3,984 | | | New York Community Bancorp, Inc. (b) | | | 32,948 | |
| | 1,752 | | | NMI Holdings, Inc. - Class A (a) | | | 31,186 | |
| | 1,291 | | | PennyMac Financial Services, Inc. | | | 75,033 | |
| | 3,279 | | | People’s United Financial, Inc. | | | 33,807 | |
| | 3,570 | | | Radian Group, Inc. | | | 52,158 | |
See notes to financial statements.
66
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Thrifts & Mortgage Finance (Continued) | |
| | 6,642 | | | Sterling Bancorp, Inc. | | $ | 19,992 | |
| | 915 | | | Timberland Bancorp, Inc. | | | 16,470 | |
| | 875 | | | Walker & Dunlop, Inc. | | | 46,375 | |
| | 1,436 | | | Washington Federal, Inc. | | | 29,955 | |
| | 973 | | | Waterstone Financial, Inc. | | | 15,072 | |
| | | | | | |
|
|
|
| | | | | | | | 766,373 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.09% | |
| | 634 | | | Turning Point Brands, Inc. | | | 17,689 | |
| | 389 | | | Universal Corp. | | | 16,291 | |
| | 2,758 | | | Vector Group, Ltd. | | | 26,725 | |
| | | | | | |
|
|
|
| | | | | | | | 60,705 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 1.78% | |
| | 897 | | | Applied Industrial Technologies, Inc. | | | 49,425 | |
| | 1,558 | | | Beacon Roofing Supply, Inc. (a) | | | 48,407 | |
| | 2,633 | | | BMC Stock Holdings, Inc. (a) | | | 112,771 | |
| | 811 | | | CAI International, Inc. | | | 22,327 | |
| | 2,035 | | | DXP Enterprises, Inc. (a) | | | 32,825 | |
| | 853 | | | EVI Industries, Inc. (a) | | | 22,698 | |
| | 3,270 | | | Foundation Building Materials, Inc. (a) | | | 51,404 | |
| | 2,276 | | | GMS, Inc. (a) | | | 54,852 | |
| | 1,102 | | | H&E Equipment Services, Inc. | | | 21,665 | |
| | 2,774 | | | HD Supply Holdings, Inc. (a) | | | 114,400 | |
| | 1,339 | | | Lawson Products, Inc. (a) | | | 54,939 | |
| | 4,114 | | | MRC Global, Inc. (a) | | | 17,608 | |
| | 742 | | | MSC Industrial Direct Co., Inc. - Class A | | | 46,954 | |
| | 6,286 | | | NOW, Inc. (a) | | | 28,538 | |
| | 672 | | | Rush Enterprises, Inc. - Class A | | | 33,963 | |
| | 588 | | | Rush Enterprises, Inc. - Class B | | | 26,048 | |
| | 1,051 | | | SiteOne Landscape Supply, Inc. (a)(b) | | | 128,170 | |
| | 1,668 | | | Systemax, Inc. | | | 39,932 | |
| | 1,587 | | | Textainer Group Holdings Ltd. (a) | | | 22,472 | |
| | 1,940 | | | Titan Machinery, Inc. (a) | | | 25,666 | |
| | 650 | | | Transcat, Inc. (a) | | | 19,045 | |
| | 954 | | | Triton International, Ltd. | | | 38,799 | |
| | 2,437 | | | Univar, Inc. (a) | | | 41,137 | |
| | 5,015 | | | Veritiv Corp. (a) | | | 63,490 | |
| | 435 | | | Watsco, Inc. - Class A | | | 101,307 | |
| | 988 | | | WESCO International, Inc. (a) | | | 43,492 | |
| | | | | | |
|
|
|
| | | | | | | | 1,262,334 | |
| | | | | | |
|
|
|
| | | | | Transportation Infrastructure - 0.03% | |
| | 733 | | | Macquarie Infrastructure Corp. | | | 19,710 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.16% | |
| | 1,705 | | | Consolidated Water Co., Ltd. - Ordinary Shares | | | 17,749 | |
| | 1,534 | | | Essential Utilities, Inc. | | | 61,743 | |
| | 1,813 | | | Pure Cycle Corp. (a) | | | 16,335 | |
| | 362 | | | The York Water Co. | | | 15,302 | |
| | | | | | |
|
|
|
| | | | | | | | 111,129 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.10% | | | | |
| | 412 | | | Shenandoah Telecommunications Co. | | | 18,307 | |
| | 1,576 | | | Telephone & Data Systems, Inc. | | | 29,061 | |
| | 716 | | | United States Cellular Corp. (a) | | | 21,144 | |
| | | | | | |
|
|
|
| | | | | | | | 68,512 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $49,440,126) | | | 64,760,218 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 3.36% | |
| | | | | Exchange Traded Funds - 3.36% | |
| | 18,397 | | | Vanguard Extended Market ETF | | $ | 2,386,459 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $1,949,372) | | | 2,386,459 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCK - 0.03% | |
| | 98 | | | Qurate Retail, Inc. (a) | | | 9,651 | |
| | 535 | | | WESCO International, Inc. | | | 14,980 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stock
(Cost $24,697) | | | 24,631 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 5.00% | |
| | | | | Real Estate Investment Trusts - 5.00% | |
| | 1,751 | | | Acadia Realty Trust | | | 18,386 | |
| | 5,148 | | | AGNC Investment Corp. (b) | | | 71,609 | |
| | 344 | | | Agree Realty Corp. | | | 21,892 | |
| | 2,320 | | | Alexander & Baldwin, Inc. | | | 26,007 | |
| | 879 | | | Alpine Income Property Trust, Inc. | | | 13,668 | |
| | 677 | | | American Assets Trust, Inc. | | | 16,309 | |
| | 702 | | | American Campus Communities, Inc. (b) | | | 24,514 | |
| | 2,911 | | | American Homes 4 Rent - Class A | | | 82,905 | |
| | 1,052 | | | Americold Realty Trust | | | 37,609 | |
| | 788 | | | Apartment Investment & Management Co. - Class A | | | 26,571 | |
| | 1,662 | | | Apollo Commercial Real Estate Finance, Inc. | | | 14,975 | |
| | 4,468 | | | Apple Hospitality REIT, Inc. | | | 42,938 | |
| | 1,648 | | | Armada Hoffler Properties, Inc. | | | 15,260 | |
| | 1,124 | | | Blackstone Mortgage Trust, Inc. (b) | | | 24,694 | |
| | 3,127 | | | Bluerock Residential Growth REIT, Inc. | | | 23,703 | |
| | 1,670 | | | Brandywine Realty Trust | | | 17,268 | |
| | 3,330 | | | Brixmor Property Group, Inc. | | | 38,928 | |
| | 2,111 | | | BRT Apartments Corp. | | | 24,868 | |
| | 814 | | | Camden Property Trust | | | 72,430 | |
| | 849 | | | CareTrust REIT, Inc. | | | 15,108 | |
| | 3,517 | | | Chatham Lodging Trust | | | 26,800 | |
| | 1,873 | | | City Office REIT, Inc. | | | 14,085 | |
| | 7,194 | | | Colony Capital, Inc. - Class A (b) | | | 19,640 | |
| | 1,357 | | | Columbia Property Trust, Inc. | | | 14,805 | |
| | 378 | | | Community Healthcare Trust, Inc. | | | 17,675 | |
| | 3,277 | | | CoreCivic, Inc. | | | 26,216 | |
| | 3,088 | | | CorEnergy Infrastructure Trust, Inc. | | | 18,034 | |
| | 9,428 | | | CorePoint Lodging, Inc. | | | 51,383 | |
| | 239 | | | CoreSite Realty Corp. | | | 28,412 | |
| | 1,170 | | | Corporate Office Properties Trust | | | 27,752 | |
| | 1,543 | | | Cousins Properties, Inc. | | | 44,114 | |
| | 926 | | | CubeSmart | | | 29,919 | |
| | 569 | | | CyrusOne, Inc. | | | 39,847 | |
| | 6,632 | | | DiamondRock Hospitality Co. | | | 33,624 | |
| | 12,768 | | | Diversified Healthcare Trust | | | 44,943 | |
| | 1,010 | | | Douglas Emmett, Inc. | | | 25,351 | |
| | 2,218 | | | Dynex Capital, Inc. | | | 33,736 | |
| | 1,084 | | | Easterly Government Properties, Inc. | | | 24,292 | |
| | 225 | | | EastGroup Properties, Inc. | | | 29,099 | |
| | 4,558 | | | Empire State Realty Trust, Inc. - Class A (b) | | | 27,895 | |
| | 501 | | | EPR Properties (b) | | | 13,778 | |
| | 920 | | | Equity Commonwealth | | | 24,500 | |
| | 976 | | | Equity LifeStyle Properties, Inc. | | | 59,829 | |
| | 1,095 | | | Essential Properties Realty Trust, Inc. | | | 20,060 | |
| | 2,660 | | | Farmland Partners, Inc. | | | 17,716 | |
| | 831 | | | First Industrial Realty Trust, Inc. | | | 33,074 | |
| | 633 | | | Four Corners Property Trust, Inc. | | | 16,198 | |
See notes to financial statements.
67
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 8,957 | | | Franklin Street Properties Corp. (b) | | $ | 32,783 | |
| | 1,656 | | | Gaming and Leisure Properties, Inc. | | | 61,172 | |
| | 1,216 | | | Gladstone Commercial Corp. | | | 20,490 | |
| | 1,311 | | | Gladstone Land Corp. | | | 19,691 | |
| | 1,296 | | | Global Medical REIT, Inc. | | | 17,496 | |
| | 1,036 | | | Global Net Lease, Inc. | | | 16,472 | |
| | 1,967 | | | Great Ajax Corp. | | | 16,306 | |
| | 744 | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | | | 31,449 | |
| | 817 | | | Healthcare Realty Trust, Inc. | | | 24,608 | |
| | 1,141 | | | Healthcare Trust of America, Inc. - Class A (b) | | | 29,666 | |
| | 7,788 | | | Hersha Hospitality Trust (b) | | | 43,146 | |
| | 1,070 | | | Highwoods Properties, Inc. | | | 35,920 | |
| | 853 | | | Hudson Pacific Properties, Inc. | | | 18,706 | |
| | 915 | | | Industrial Logistics Properties Trust | | | 20,011 | |
| | 211 | | | Innovative Industrial Properties, Inc. (b) | | | 26,187 | |
| | 358 | | | Investors Real Estate Trust | | | 23,331 | |
| | 1,349 | | | Iron Mountain, Inc. (b) | | | 36,140 | |
| | 1,610 | | | iStar Financial, Inc. | | | 19,014 | |
| | 780 | | | JBG SMITH Properties | | | 20,857 | |
| | 675 | | | Kilroy Realty Corp. | | | 35,073 | |
| | 2,823 | | | Kimco Realty Corp. | | | 31,787 | |
| | 2,528 | | | Kite Realty Group Trust | | | 29,274 | |
| | 975 | | | KKR Real Estate Finance Trust, Inc. | | | 16,117 | |
| | 2,307 | | | Ladder Capital Corp. | | | 16,426 | |
| | 417 | | | Lamar Advertising Co. - Class A | | | 27,593 | |
| | 1,555 | | | Lexington Realty Trust | | | 16,250 | |
| | 292 | | | Life Storage, Inc. | | | 30,739 | |
| | 2,003 | | | Mack-Cali Realty Corp. | | | 25,278 | |
| | 3,804 | | | Medical Properties Trust, Inc. | | | 67,065 | |
| | 1,338 | | | Monmouth Real Estate Investment Corp. - Class A | | | 18,531 | |
| | 324 | | | National Health Investors, Inc. | | | 19,527 | |
| | 874 | | | National Retail Properties, Inc. | | | 30,162 | |
| | 1,144 | | | National Storage Affiliates Trust | | | 37,420 | |
| | 12,348 | | | New Senior Investment Group, Inc. | | | 49,392 | |
| | 399 | | | NexPoint Residential Trust, Inc. (b) | | | 17,696 | |
| | 1,395 | | | Office Properties Income Trust | | | 28,904 | |
| | 1,542 | | | Omega Healthcare Investors, Inc. | | | 46,167 | |
| | 2,783 | | | Orchid Island Capital, Inc. | | | 13,943 | |
| | 3,424 | | | Paramount Group, Inc. (b) | | | 24,242 | |
| | 2,273 | | | Park Hotels & Resorts, Inc. | | | 22,707 | |
| | 2,495 | | | Pebblebrook Hotel Trust (b) | | | 31,262 | |
| | 1,431 | | | Physicians Realty Trust | | | 25,629 | |
| | 1,695 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 23,001 | |
| | 354 | | | PotlatchDeltic Corp. | | | 14,903 | |
| | 125 | | | PS Business Parks, Inc. | | | 15,299 | |
| | 576 | | | QTS Realty Trust, Inc. - Class A | | | 36,300 | |
| | 545 | | | Rayonier, Inc. | | | 14,410 | |
| | 1,174 | | | Regency Centers Corp. | | | 44,635 | |
| | 2,042 | | | Retail Opportunity Investments Corp. | | | 21,267 | |
| | 4,388 | | | Retail Properties of America, Inc. - Class A | | | 25,494 | |
| | 3,088 | | | Retail Value, Inc. | | | 38,816 | |
| | 890 | | | Rexford Industrial Realty, Inc. (b) | | | 40,726 | |
| | 3,685 | | | RLJ Lodging Trust | | | 31,912 | |
| | 2,687 | | | RPT Realty | | | 14,617 | |
| | 2,541 | | | Sabra Health Care REIT, Inc. (b) | | | 35,028 | |
| | 352 | | | Safehold, Inc. (b) | | | 21,859 | |
| | 6,545 | | | Service Properties Trust | | | 52,033 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 3,982 | | | SITE Centers Corp. | | $ | 28,670 | |
| | 872 | | | Spirit Realty Capital, Inc. | | | 29,430 | |
| | 909 | | | STAG Industrial, Inc. | | | 27,715 | |
| | 3,120 | | | Starwood Property Trust, Inc. | | | 47,081 | |
| | 2,532 | | | STORE Capital Corp. (b) | | | 69,453 | |
| | 4,938 | | | Summit Hotel Properties, Inc. | | | 25,579 | |
| | 1,907 | | | Sunstone Hotel Investors, Inc. | | | 15,142 | |
| | 3,759 | | | Tanger Factory Outlet Centers, Inc. (b) | | | 22,667 | |
| | 382 | | | Terreno Realty Corp. | | | 20,918 | |
| | 2,305 | | | The Geo Group, Inc. | | | 26,139 | |
| | 1,046 | | | UMH Properties, Inc. | | | 14,163 | |
| | 3,728 | | | Uniti Group, Inc. | | | 39,274 | |
| | 1,406 | | | Urban Edge Properties | | | 13,666 | |
| | 1,582 | | | Urstadt Biddle Properties, Inc. - Class A | | | 14,554 | |
| | 5,876 | | | VEREIT, Inc. (b) | | | 38,194 | |
| | 2,648 | | | VICI Properties, Inc. | | | 61,884 | |
| | 1,060 | | | Weingarten Realty Investors | | | 17,978 | |
| | 3,491 | | | Whitestone REIT | | | 20,946 | |
| | 2,525 | | | Xenia Hotels & Resorts, Inc. | | | 22,170 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $4,110,797) | | | 3,552,971 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.41% | | | | |
| | | | | Money Market Funds - 0.41% | | | | |
| | 289,930 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (c) | | | 289,930 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $289,930) | | | 289,930 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 15.13% | |
| | 10,747,823 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (c) | | | 10,747,823 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $10,747,823) | | | 10,747,823 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $66,562,745) - 115.11% | | | 81,762,032 | |
| | | | | Liabilities in Excess of
Other Assets - (15.11)% | | | (10,730,920 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 71,031,112 | |
| | | | | | |
|
|
|
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, 2020. |
| (d) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (e) | | As of September 30, 2020, the Valuation Committee has fair valued this security. The value of this security was $2,233, which represents 0.00% of total net assets. |
| (f) | | This security has been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of this security totals $2,233, which represents 0.00% of total net assets. |
See notes to financial statements.
68
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 95.13% | |
| | | | | Australia - 3.97% | |
| | 2,547 | | | Afterpay, Ltd. (a) | | $ | 150,132 | |
| | 5,167 | | | AGL Energy, Ltd. | | | 50,452 | |
| | 4,661 | | | Ampol, Ltd. | | | 80,443 | |
| | 9,672 | | | APA Group - Stapled Security (e) | | | 71,899 | |
| | 638 | | | ASX, Ltd. | | | 37,301 | |
| | 12,006 | | | Australia & New Zealand Banking Group, Ltd. | | | 149,787 | |
| | 3,326 | | | BHP Billiton, Ltd. | | | 85,923 | |
| | 20,160 | | | BlueScope Steel, Ltd. | | | 185,751 | |
| | 14,061 | | | CIMIC Group, Ltd. | | | 188,344 | |
| | 4,127 | | | Coca-Cola Amatil, Ltd. | | | 28,249 | |
| | 1,764 | | | Cochlear, Ltd. | | | 252,020 | |
| | 42,802 | | | Coles Group, Ltd. | | | 521,447 | |
| | 6,172 | | | Commonwealth Bank of Australia | | | 284,013 | |
| | 2,684 | | | CSL, Ltd. | | | 554,425 | |
| | 7,995 | | | Evolution Mining, Ltd. | | | 33,399 | |
| | 23,131 | | | Fortescue Metals Group, Ltd. | | | 271,744 | |
| | 477 | | | Macquarie Group, Ltd. | | | 41,348 | |
| | 8,717 | | | Magellan Financial Group Ltd. | | | 359,524 | |
| | 92,785 | | | Medibank Private, Ltd. | | | 167,421 | |
| | 9,139 | | | National Australia Bank, Ltd. | | | 117,408 | |
| | 2,064 | | | Newcrest Mining, Ltd. | | | 46,803 | |
| | 2,762 | | | REA Group, Ltd. | | | 219,935 | |
| | 540 | | | Rio Tinto, Ltd. | | | 36,883 | |
| | 1,891 | | | Sonic Healthcare, Ltd. | | | 44,906 | |
| | 42,422 | | | South32, Ltd. | | | 62,957 | |
| | 9,926 | | | Suncorp Group, Ltd. | | | 60,593 | |
| | 12,878 | | | Telstra Corp., Ltd. | | | 25,785 | |
| | 3,355 | | | Transurban Group - Stapled Security (e) | | | 34,257 | |
| | 8,803 | | | Wesfarmers, Ltd. | | | 281,381 | |
| | 10,895 | | | Westpac Banking Corp. | | | 132,476 | |
| | 3,978 | | | Woodside Petroleum, Ltd. | | | 50,489 | |
| | 14,478 | | | Woolworths, Ltd. | | | 378,581 | |
| | | | | | |
|
|
|
| | | | | | | | 5,006,076 | |
| | | | | | |
|
|
|
| | | | | Austria - 0.64% | |
| | 4,191 | | | ANDRITZ AG | | | 129,359 | |
| | 1,125 | | | Erste Group Bank AG (a) | | | 23,558 | |
| | 7,188 | | | OMV AG | | | 196,672 | |
| | 9,912 | | | Raiffeisen Bank International AG | | | 151,714 | |
| | 695 | | | Verbund AG | | | 37,956 | |
| | 10,204 | | | voestalpine AG | | | 268,937 | |
| | | | | | |
|
|
|
| | | | | | | | 808,196 | |
| | | | | | |
|
|
|
| | | | | Belgium - 0.88% | | | | |
| | 4,843 | | | Ageas SA | | | 198,172 | |
| | 1,533 | | | Anheuser-Busch InBev SA | | | 82,538 | |
| | 2,461 | | | Colruyt SA | | | 159,712 | |
| | 866 | | | Elia Group SA/NV | | | 86,573 | |
| | 508 | | | Groupe Bruxelles Lambert SA | | | 45,797 | |
| | 487 | | | Sofina SA | | | 132,955 | |
| | 2,744 | | | UCB SA | | | 311,648 | |
| | 2,143 | | | Umicore SA | | | 89,138 | |
| | | | | | |
|
|
|
| | | | | | | | 1,106,533 | |
| | | | | | |
|
|
|
| | | | | Canada - 8.10% | | | | |
| | 2,206 | | | Agnico Eagle Mines, Ltd. | | | 175,761 | |
| | 3,994 | | | Air Canada (a) | | | 47,062 | |
| | 6,718 | | | Algonquin Power & Utilities Corp. | | | 97,575 | |
| | 7,200 | | | Alimentation Couche-Tard, Inc. - Series B | | | 250,733 | |
| | 3,399 | | | AltaGas, Ltd. | | | 41,047 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Canada (Continued) | | | | |
| | 21,483 | | | B2Gold Corp. | | $ | 139,880 | |
| | 4,389 | | | Bank of Montreal | | | 256,573 | |
| | 10,568 | | | Barrick Gold Corp. | | | 296,829 | |
| | 3,947 | | | Bausch Health Cos., Inc. (a) | | | 61,359 | |
| | 1,509 | | | BCE, Inc. | | | 62,579 | |
| | 2,852 | | | Brookfield Asset Management, Inc. - Class A | | | 94,371 | |
| | 2,326 | | | Cameco Corp. | | | 23,495 | |
| | 2,109 | | | Canadian Imperial Bank of Commerce | | | 157,642 | |
| | 995 | | | Canadian National Railway Co. | | | 105,967 | |
| | 7,214 | | | Canadian Natural Resources, Ltd. | | | 115,615 | |
| | 280 | | | Canadian Pacific Railway, Ltd. | | | 85,174 | |
| | 451 | | | Canadian Tire Corp., Ltd. - Class A | | | 45,427 | |
| | 8,937 | | | Cenovus Energy, Inc. (a) | | | 34,834 | |
| | 985 | | | CGI, Inc. (a) | | | 66,858 | |
| | 29,032 | | | CI Financial Corp. | | | 368,255 | |
| | 525 | | | Constellation Software, Inc. | | | 583,385 | |
| | 4,819 | | | Dollarama, Inc. | | | 184,718 | |
| | 955 | | | Emera, Inc. | | | 39,231 | |
| | 18,226 | | | Empire Co., Ltd. - Series A | | | 529,034 | |
| | 6,941 | | | Enbridge, Inc. | | | 202,775 | |
| | 1,137 | | | Fortis, Inc. | | | 46,486 | |
| | 1,440 | | | Franco-Nevada Corp. | | | 201,225 | |
| | 3,090 | | | George Weston, Ltd. | | | 227,210 | |
| | 2,256 | | | Great-West Lifeco, Inc. | | | 44,085 | |
| | 4,951 | | | Hydro One, Ltd. | | | 104,928 | |
| | 5,011 | | | iA Financial Corp., Inc. | | | 174,428 | |
| | 6,815 | | | Imperial Oil, Ltd. | | | 81,582 | |
| | 244 | | | Intact Financial Corp. | | | 26,127 | |
| | 17,938 | | | Kinross Gold Corp. | | | 158,290 | |
| | 1,691 | | | Kirkland Lake Gold Ltd. | | | 82,547 | |
| | 6,709 | | | Loblaw Cos., Ltd. | | | 351,334 | |
| | 3,179 | | | Magna International, Inc. | | | 145,467 | |
| | 25,276 | | | Manulife Financial Corp. | | | 351,554 | |
| | 2,573 | | | Metro, Inc. | | | 123,457 | |
| | 2,357 | | | National Bank of Canada | | | 117,076 | |
| | 2,433 | | | Nutrien, Ltd. | | | 95,398 | |
| | 591 | | | Open Text Corp. | | | 24,980 | |
| | 2,808 | | | Pan American Silver Corp. | | | 90,279 | |
| | 6,154 | | | Power Corp. of Canada | | | 120,580 | |
| | 1,968 | | | Ritchie Bros Auctioneers, Inc. | | | 116,716 | |
| | 9,264 | | | Royal Bank of Canada | | | 650,439 | |
| | 1,602 | | | Saputo, Inc. | | | 40,184 | |
| | 649 | | | Shopify, Inc. - Class A (a) | | | 663,690 | |
| | 1,709 | | | Sun Life Financial, Inc. | | | 69,641 | |
| | 1,472 | | | TC Energy Corp. | | | 61,796 | |
| | 2,044 | | | TELUS Corp. | | | 35,966 | |
| | 4,974 | | | The Bank of Nova Scotia | | | 206,648 | |
| | 10,374 | | | The Toronto-Dominion Bank | | | 480,310 | |
| | 1,168 | | | Thomson Reuters Corp. | | | 93,208 | |
| | 1,226 | | | TMX Group Ltd. | | | 126,085 | |
| | 4,318 | | | Wheaton Precious Metals Corp. | | | 211,855 | |
| | 10,248 | | | WSP GLOBAL, Inc. | | | 672,964 | |
| | 24,961 | | | Yamana Gold, Inc. | | | 141,906 | |
| | | | | | |
|
|
|
| | | | | | | | 10,204,620 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 0.18% | | | | |
| | 27,576 | | | CK Asset Holdings, Ltd. | | | 135,501 | |
| | 23,093 | | | Microport Scientific Corp. | | | 92,345 | |
| | | | | | |
|
|
|
| | | | | | | | 227,846 | |
| | | | | | |
|
|
|
See notes to financial statements.
69
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Denmark - 2.63% | | | | |
| | 252 | | | A.P. Moeller - Maersk AS - Class A | | $ | 368,875 | |
| | 257 | | | A.P. Moeller - Maersk AS - Class B | | | 406,286 | |
| | 2,617 | | | Ambu A/S - Class B (a) | | | 73,693 | |
| | 543 | | | Carlsberg AS - Series B | | | 73,154 | |
| | 2,310 | | | Coloplast AS - Series B | | | 366,110 | |
| | 5,484 | | | Danske Bank AS | | | 74,177 | |
| | 1,050 | | | DSV AS | | | 170,313 | |
| | 566 | | | Genmab AS (a) | | | 205,405 | |
| | 14,384 | | | Novo Nordisk AS - Series B | | | 996,589 | |
| | 1,508 | | | Orsted AS | | | 207,894 | |
| | 3,470 | | | Pandora AS | | | 250,318 | |
| | 778 | | | Vestas Wind Systems AS | | | 125,730 | |
| | | | | | |
|
|
|
| | | | | | | | 3,318,544 | |
| | | | | | |
|
|
|
| | | | | Finland - 0.67% | | | | |
| | 2,040 | | | Elisa OYJ | | | 119,935 | |
| | 1,254 | | | Kone OYJ - Series B | | | 110,106 | |
| | 2,519 | | | Neste OYJ | | | 132,650 | |
| | 10,599 | | | Orion OYJ - Class B | | | 480,208 | |
| | | | | | |
|
|
|
| | | | | | | | 842,899 | |
| | | | | | |
|
|
|
| | | | | France - 9.52% | | | | |
| | 2,209 | | | Air Liquide SA | | | 350,150 | |
| | 485 | | | Alstom SA | | | 24,227 | |
| | 604 | | | Amundi SA | | | 42,573 | |
| | 335 | | | Arkema SA | | | 35,518 | |
| | 6,890 | | | Atos SE | | | 553,657 | |
| | 3,572 | | | AXA SA | | | 66,111 | |
| | 2,579 | | | BioMerieux | | | 403,694 | |
| | 7,222 | | | BNP Paribas SA | | | 261,254 | |
| | 90,143 | | | Bollore SA | | | 335,767 | |
| | 5,605 | | | Bouygues SA | | | 193,689 | |
| | 840 | | | Capgemini SE | | | 107,769 | |
| | 14,006 | | | Carrefour SA | | | 223,804 | |
| | 8,316 | | | Cie de Saint-Gobain | | | 348,336 | |
| | 328 | | | Cie Generale des Etablissements Michelin SCA | | | 35,210 | |
| | 20,289 | | | CNP Assurances | | | 254,451 | |
| | 22,956 | | | Credit Agricole SA | | | 200,290 | |
| | 3,625 | | | Danone SA | | | 234,811 | |
| | 175 | | | Dassault Systemes SE | | | 32,652 | |
| | 2,670 | | | Eiffage SA | | | 217,913 | |
| | 5,417 | | | Engie SA | | | 72,391 | |
| | 874 | | | EssilorLuxottica SA | | | 118,984 | |
| | 578 | | | Hermes International | | | 497,807 | |
| | 379 | | | Iliad SA | | | 69,522 | |
| | 962 | | | Ingenico Group SA | | | 149,046 | |
| | 4,852 | | | Ipsen SA | | | 507,201 | |
| | 643 | | | Kering SA | | | 426,532 | |
| | 10,225 | | | La Francaise des Jeux SAEM | | | 375,121 | |
| | 1,360 | | | Legrand SA | | | 108,324 | |
| | 2,346 | | | L’Oreal SA | | | 763,461 | |
| | 2,274 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 1,064,012 | |
| | 117,047 | | | Natixis SA (a) | | | 263,040 | |
| | 6,932 | | | Publicis Groupe SA | | | 223,419 | |
| | 815 | | | Safran SA | | | 80,186 | |
| | 8,167 | | | Sanofi-Aventis SA | | | 818,435 | |
| | 1,578 | | | Sartorius Stedim Biotech | | | 544,670 | |
| | 2,818 | | | Schneider Electric SE | | | 350,276 | |
| | 1,778 | | | SEB SA | | | 289,231 | |
| | 8,682 | | | Suez Environnement Co. SA | | | 160,419 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | France (Continued) | | | | |
| | 413 | | | Teleperformance | | $ | 127,330 | |
| | 14,585 | | | Total SA | | | 500,889 | |
| | 1,065 | | | Ubisoft Entertainment SA (a) | | | 95,987 | |
| | 8,317 | | | Veolia Environnement SA | | | 179,449 | |
| | 2,580 | | | Vinci SA | | | 215,577 | |
| | 879 | | | Worldline SA (a) | | | 71,976 | |
| | | | | | |
|
|
|
| | | | | | | | 11,995,161 | |
| | | | | | |
|
|
|
| | | | | Germany - 7.67% | | | | |
| | 2,059 | | | adidas AG | | | 664,942 | |
| | 2,105 | | | Allianz SE | | | 404,015 | |
| | 6,645 | | | Bayer AG | | | 409,957 | |
| | 2,288 | | | Beiersdorf AG | | | 259,775 | |
| | 2,052 | | | Brenntag AG | | | 130,471 | |
| | 1,040 | | | Carl Zeiss Meditec AG | | | 131,353 | |
| | 685 | | | Covestro AG | | | 33,969 | |
| | 6,826 | | | Daimler AG | | | 368,231 | |
| | 1,888 | | | Delivery Hero SE (a) | | | 216,629 | |
| | 1,901 | | | Deutsche Boerse AG | | | 333,286 | |
| | 9,474 | | | Deutsche Lufthansa AG (a)(b) | | | 82,062 | |
| | 12,788 | | | Deutsche Post AG | | | 580,266 | |
| | 16,977 | | | Deutsche Telekom AG | | | 282,669 | |
| | 1,560 | | | Deutsche Wohnen SE | | | 77,968 | |
| | 8,128 | | | E.ON SE | | | 89,591 | |
| | 815 | | | Fresenius Medical Care AG & Co. KGaA | | | 68,898 | |
| | 2,745 | | | Fresenius SE & Co. KGaA | | | 124,828 | |
| | 1,008 | | | GEA Group AG | | | 35,319 | |
| | 364 | | | Hannover Rueck SE | | | 56,351 | |
| | 6,746 | | | HeidelbergCement AG | | | 412,223 | |
| | 1,149 | | | Hochtief AG | | | 89,197 | |
| | 6,239 | | | Infineon Technologies AG | | | 175,852 | |
| | 1,772 | | | KION Group AG | | | 151,311 | |
| | 2,052 | | | Knorr-Bremse AG | | | 241,648 | |
| | 1,822 | | | Merck KGaA | | | 265,635 | |
| | 18,492 | | | METRO AG | | | 184,160 | |
| | 242 | | | MTU Aero Engines AG | | | 40,117 | |
| | 421 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 107,026 | |
| | 3,765 | | | Nemetschek SE | | | 275,190 | |
| | 5,535 | | | Puma SE | | | 497,573 | |
| | 6,861 | | | RWE AG | | | 256,942 | |
| | 4,888 | | | SAP SE | | | 761,155 | |
| | 2,161 | | | Scout24 AG | | | 188,499 | |
| | 2,634 | | | Siemens AG | | | 332,647 | |
| | 1,317 | | | Siemens Energy AG (a) | | | 35,515 | |
| | 731 | | | Siemens Healthineers AG | | | 32,814 | |
| | 550 | | | Symrise AG | | | 75,968 | |
| | 3,041 | | | Uniper SE | | | 98,161 | |
| | 1,917 | | | United Internet AG | | | 73,312 | |
| | 1,027 | | | Volkswagen AG | | | 179,504 | |
| | 1,651 | | | Vonovia SE | | | 113,182 | |
| | 7,765 | | | Zalando SE (a) | | | 725,487 | |
| | | | | | |
|
|
|
| | | | | | | | 9,663,698 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 2.14% | | | | |
| | 72,146 | | | AIA Group, Ltd. | | | 717,138 | |
| | 19,890 | | | BOC Hong Kong Holdings, Ltd. | | | 52,728 | |
| | 52,531 | | | CK Hutchison Holdings, Ltd. | | | 318,325 | |
| | 58,085 | | | Dairy Farm International Holdings, Ltd. | | | 219,537 | |
| | 1,758 | | | Hang Seng Bank, Ltd. | | | 26,044 | |
| | 37,145 | | | HK Electric Investments & HK Electric Investments, Ltd. - Stapled Security (e) | | | 38,403 | |
See notes to financial statements.
70
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hong Kong (Continued) | | | | |
| | 10,693 | | | Hong Kong Exchange & Clearing, Ltd. | | $ | 503,357 | |
| | 2,811 | | | Jardine Matheson Holdings, Ltd. | | | 111,742 | |
| | 11,846 | | | Jardine Strategic Holdings, Ltd. | | | 234,869 | |
| | 16,754 | | | Pacific Century Premium Developments, Ltd. (a) | | | 4,418 | |
| | 155,130 | | | PCCW, Ltd. | | | 92,802 | |
| | 8,517 | | | Swire Pacific, Ltd. - Class A | | | 41,235 | |
| | 22,687 | | | Techtronic Industries Co., Ltd. | | | 301,640 | |
| | 36,498 | | | WH Group, Ltd. | | | 29,772 | |
| | | | | | |
|
|
|
| | | | | | | | 2,692,010 | |
| | | | | | |
|
|
|
| | | | | Ireland - 0.49% | | | | |
| | 1,417 | | | CRH PLC | | | 51,383 | |
| | 559 | | | DCC PLC | | | 43,274 | |
| | 5,189 | | | James Hardie Industries PLC (a) | | | 124,390 | |
| | 246 | | | Kerry Group PLC - Series A | | | 31,591 | |
| | 643 | | | Kingspan Group PLC | | | 58,478 | |
| | 373 | | | Kingspan Group PLC | | | 33,945 | |
| | 876 | | | Paddy Power Betfair PLC (a) | | | 139,029 | |
| | 3,543 | | | Smurfit Kappa Group PLC | | | 139,021 | |
| | | | | | |
|
|
|
| | | | | | | | 621,111 | |
| | | | | | |
|
|
|
| | | | | Isle Of Man - 0.13% | | | | |
| | 13,132 | | | GVC Holdings PLC | | | 164,469 | |
| | | | | | |
|
|
|
| | | | | Israel - 0.60% | | | | |
| | 1 | | | International Flavors & Fragrances, Inc. | | | 69 | |
| | 713 | | | Nice, Ltd. (a) | | | 161,655 | |
| | 39,563 | | | Teva Pharmaceutical Industries, Ltd. - ADR (a)(b) | | | 356,462 | |
| | 920 | | | Wix.com, Ltd. (a)(b) | | | 234,462 | |
| | | | | | |
|
|
|
| | | | | | | | 752,648 | |
| | | | | | |
|
|
|
| | | | | Italy - 2.79% | | | | |
| | 7,382 | | | Assicurazioni Generali SpA | | | 104,046 | |
| | 2,326 | | | Atlantia SpA | | | 36,428 | |
| | 1,386 | | | DiaSorin SpA | | | 278,854 | |
| | 52,665 | | | Enel SpA | | | 456,920 | |
| | 6,176 | | | Exor NV | | | 335,252 | |
| | 14,455 | | | FinecoBank Banca Fineco SpA | | | 199,100 | |
| | 7,503 | | | Infrastrutture Wireless Italiane SpA | | | 82,776 | |
| | 24,327 | | | Intesa Sanpaolo SpA (a) | | | 45,769 | |
| | 7,122 | | | Moncler SpA | | | 291,445 | |
| | 4,536 | | | Nexi SpA (a) | | | 90,912 | |
| | 8,519 | | | Pirelli & C SpA | | | 36,502 | |
| | 24,195 | | | Poste Italiane SpA | | | 214,412 | |
| | 4,911 | | | Prysmian SpA | | | 142,556 | |
| | 3,313 | | | Recordati SpA | | | 169,709 | |
| | 25,012 | | | Snam SpA | | | 128,632 | |
| | 953,392 | | | Telecom Italia SpA | | | 382,126 | |
| | 950,413 | | | Telecom Italia SpA - Savings Shares | | | 383,753 | |
| | 19,073 | | | Terna Rete Elettrica Nazionale SpA | | | 133,451 | |
| | | | | | |
|
|
|
| | | | | | | | 3,512,643 | |
| | | | | | |
|
|
|
| | | | | Japan - 22.65% | | | | |
| | 1,355 | | | ABC-Mart, Inc. | | | 70,550 | |
| | 4,821 | | | Advantest Corp. | | | 234,496 | |
| | 4,688 | | | Aeon Co., Ltd. | | | 126,111 | |
| | 7,946 | | | Asahi Intecc Co., Ltd. | | | 249,732 | |
| | 24,851 | | | Astellas Pharma, Inc. | | | 370,444 | |
| | 2,653 | | | Bandai Namco Holdings, Inc. | | | 194,386 | |
| | 10,130 | | | Brother Industries, Ltd. | | | 161,142 | |
| | 7,477 | | | Calbee, Inc. | | | 246,277 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | | | | |
| | 3,759 | | | Casio Computer Co., Ltd. | | $ | 60,867 | |
| | 8,283 | | | Chugai Pharmaceutical Co., Ltd. | | | 371,704 | |
| | 5,715 | | | Coca-Cola Bottlers Japan, Inc. | | | 95,669 | |
| | 630 | | | Cosmos Pharmaceutical Corp. | | | 109,790 | |
| | 4,674 | | | CyberAgent, Inc. (a) | | | 288,627 | |
| | 1,357 | | | Dai Nippon Printing Co., Ltd. | | | 27,506 | |
| | 1,403 | | | Daifuku Co., Ltd. | | | 141,615 | |
| | 10,608 | | | Daiichi Sankyo Co., Ltd. | | | 325,642 | |
| | 839 | | | Daikin Industries, Ltd. | | | 155,026 | |
| | 431 | | | Disco Corp. | | | 105,382 | |
| | 1,390 | | | Don Quijote Co., Ltd. | | | 32,371 | |
| | 3,051 | | | Eisai Co., Ltd. | | | 278,655 | |
| | 243 | | | Fast Retailing Co., Ltd. | | | 152,706 | |
| | 1,957 | | | FUJIFILM Holdings Corp. | | | 96,464 | |
| | 1,626 | | | Fujitsu, Ltd. | | | 222,140 | |
| | 435 | | | GMO Payment Gateway, Inc. | | | 46,598 | |
| | 4,154 | | | Hakuhodo DY Holdings, Inc. | | | 53,717 | |
| | 822 | | | Hamamatsu Photonics KK (a) | | | 41,541 | |
| | 2,169 | | | Hitachi Metals, Ltd. | | | 33,446 | |
| | 7,387 | | | Hitachi, Ltd. | | | 250,120 | |
| | 11,358 | | | Honda Motor Co., Ltd. | | | 269,722 | |
| | 5,028 | | | Hoya Corp. | | | 567,743 | |
| | 6,077 | | | Iida Group Holdings Co., Ltd. | | | 122,996 | |
| | 35,064 | | | Inpex Corp. | | | 188,160 | |
| | 4,584 | | | Ito En, Ltd. | | | 326,923 | |
| | 17,565 | | | ITOCHU Corp. | | | 449,767 | |
| | 3,120 | | | Itochu Techno-Solutions Corp. | | | 118,359 | |
| | 32,630 | | | Japan Post Holdings Co., Ltd. | | | 222,506 | |
| | 19,221 | | | Japan Post Insurance Co Ltd. | | | 302,640 | |
| | 10,483 | | | JGC Holdings Corp. (a) | | | 108,731 | |
| | 3,182 | | | JSR Corp. | | | 75,630 | |
| | 97,944 | | | JXTG Holdings, Inc. | | | 349,451 | |
| | 8,068 | | | Kakaku.com, Inc. | | | 212,704 | |
| | 1,931 | | | Kamigumi Co., Ltd. | | | 38,051 | |
| | 2,539 | | | Kao Corp. | | | 190,605 | |
| | 16,471 | | | KDDI Corp. | | | 414,271 | |
| | 680 | | | Keyence Corp. | | | 317,886 | |
| | 2,949 | | | Kikkoman Corp. | | | 163,592 | |
| | 1,469 | | | Kobayashi Pharmaceutical Co., Ltd. | | | 141,944 | |
| | 2,891 | | | Kobe Bussan Co, Ltd. | | | 159,211 | |
| | 2,291 | | | Kose Corp. | | | 280,505 | |
| | 1,959 | | | Lasertec Corp. | | | 161,028 | |
| | 1,447 | | | Lawson, Inc. | | | 68,997 | |
| | 3,033 | | | LINE Corp. (a) | | | 154,384 | |
| | 4,011 | | | Lion Corp. | | | 82,342 | |
| | 10,427 | | | LIXIL Group Corp. | | | 210,754 | |
| | 4,662 | | | M3, Inc. | | | 288,374 | |
| | 60,169 | | | Marubeni Corp. | | | 341,604 | |
| | 60,790 | | | Mebuki Financial Group, Inc. | | | 137,944 | |
| | 1,739 | | | Medipal Holdings Corp. | | | 34,871 | |
| | 2,262 | | | MEIJI Holdings Co., Ltd. | | | 172,785 | |
| | 1,185 | | | Mercari, Inc. (a) | | | 54,763 | |
| | 7,536 | | | MISUMI Group, Inc. | | | 211,286 | |
| | 57,415 | | | Mitsubishi Chemical Holdings Corp. | | | 331,421 | |
| | 14,173 | | | Mitsubishi Corp. | | | 339,236 | |
| | 3,234 | | | Mitsubishi Gas Chemical Co., Inc. | | | 60,164 | |
| | 4,828 | | | Mitsubishi Heavy Industries, Ltd. | | | 106,895 | |
| | 26,991 | | | Mitsubishi UFJ Financial Group, Inc. | | | 107,718 | |
| | 40,974 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 190,380 | |
| | 1,736 | | | Mitsui & Co., Ltd. | | | 29,829 | |
See notes to financial statements.
71
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Japan (Continued) | | | | |
| | 7,429 | | | Mitsui Chemicals, Inc. | | $ | 179,557 | |
| | 1,181 | | | Miura Co., Ltd. | | | 57,927 | |
| | 6,560 | | | Mizuho Financial Group, Inc. | | | 81,880 | |
| | 10,575 | | | MonotaRO Co., Ltd. | | | 525,271 | |
| | 2,991 | | | Murata Manufacturing Co., Ltd. | | | 194,496 | |
| | 4,277 | | | Nexon Co., Ltd. | | | 106,685 | |
| | 845 | | | Nidec Corp. | | | 79,242 | |
| | 2,285 | | | Nihon M&A Center, Inc. | | | 130,723 | |
| | 285 | | | Nintendo Co., Ltd. | | | 161,507 | |
| | 2,244 | | | Nippon Paint Holdings Co., Ltd. | | | 231,012 | |
| | 24,313 | | | Nippon Telegraph & Telephone Corp. | | | 496,391 | |
| | 1,498 | | | Nissin Foods Holdings Co., Ltd. (a) | | | 140,734 | |
| | 1,636 | | | Nitori Holdings Co., Ltd. | | | 339,391 | |
| | 31,686 | | | Nomura Holdings, Inc. | | | 144,803 | |
| | 5,232 | | | Nomura Research Institute, Ltd. | | | 154,054 | |
| | 21,620 | | | NTT DoCoMo, Inc. | | | 794,451 | |
| | 17,264 | | | Obayashi Corp. | | | 157,608 | |
| | 471 | | | Obic Co., Ltd. | | | 82,831 | |
| | 24,028 | | | Olympus Corp. (a) | | | 499,680 | |
| | 3,479 | | | OMRON Corp. | | | 272,010 | |
| | 4,253 | | | Ono Pharmaceutical Co., Ltd. | | | 133,773 | |
| | 1,043 | | | Oracle Corp. | | | 112,620 | |
| | 16,144 | | | ORIX Corp. | | | 201,643 | |
| | 5,501 | | | Osaka Gas Co., Ltd. | | | 107,099 | |
| | 3,368 | | | Osaka Securities Exchange Co., Ltd. | | | 94,399 | |
| | 2,529 | | | Otsuka Holdings Co., Ltd. | | | 107,142 | |
| | 14,250 | | | Persol Holdings Co., Ltd. | | | 232,762 | |
| | 4,912 | | | Pigeon Corp. | | | 219,474 | |
| | 15,072 | | | Pola Orbis Holdings, Inc. | | | 284,187 | |
| | 8,678 | | | Rakuten, Inc. | | | 93,575 | |
| | 11,724 | | | Recruit Holdings Co., Ltd. | | | 465,623 | |
| | 42,166 | | | Resona Holdings, Inc. | | | 143,652 | |
| | 582 | | | Rinnai Corp. | | | 56,769 | |
| | 19,105 | | | Ryohin Keikaku Co., Ltd. | | | 317,457 | |
| | 4,071 | | | Seiko Epson Corp. | | | 46,817 | |
| | 18,161 | | | Sekisui House, Ltd. | | | 321,826 | |
| | 3,693 | | | Seven & I Holdings Co., Ltd. - Series A | | | 114,742 | |
| | 1,319 | | | SG Holdings Co., Ltd. (a) | | | 68,632 | |
| | 1,181 | | | Shimadzu Corp. (a) | | | 35,945 | |
| | 772 | | | Shimamura Co., Ltd. | | | 74,995 | |
| | 337 | | | Shimano, Inc. | | | 66,522 | |
| | 1,337 | | | Shin-Etsu Chemical Co., Ltd. | | | 174,952 | |
| | 13,619 | | | Shinsei Bank, Ltd. (a) | | | 168,158 | |
| | 548 | | | Shionogi & Co., Ltd. | | | 29,331 | |
| | 5,821 | | | Shiseido Co., Ltd. | | | 336,978 | |
| | 339 | | | SMC Corp. | | | 189,107 | |
| | 3,489 | | | SoftBank Group Corp. | | | 215,880 | |
| | 7,541 | | | Sony Corp. | | | 577,958 | |
| | 981 | | | Square Enix Holdings Co., Ltd. | | | 64,924 | |
| | 2,402 | | | SUMCO Corp. | | | 33,890 | |
| | 16,367 | | | Sumitomo Corp. | | | 197,296 | |
| | 10,968 | | | Sumitomo Dainippon Pharma Co., Ltd. | | | 144,530 | |
| | 2,254 | | | Sumitomo Metal Mining Co., Ltd. | | | 69,906 | |
| | 10,559 | | | Sumitomo Mitsui Financial Group, Inc. | | | 295,238 | |
| | 4,758 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 126,581 | |
| | 23,559 | | | Sumitomo Rubber Industries, Ltd. | | | 218,843 | |
| | 7,070 | | | Sundrug Co., Ltd. | | | 266,503 | |
| | 2,855 | | | Sysmex Corp. | | | 273,172 | |
| | 8,800 | | | T&D Holdings, Inc. | | | 86,753 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | | | | |
| | 5,040 | | | Taiheiyo Cement Corp. | | $ | 128,689 | |
| | 795 | | | Taisho Pharmaceutical Holdings Co., Ltd. | | | 52,356 | |
| | 5,406 | | | Takeda Pharmaceutical Co., Ltd. | | | 193,226 | |
| | 515 | | | TDK Corp. (a) | | | 56,234 | |
| | 1,776 | | | Terumo Corp. | | | 70,711 | |
| | 12,798 | | | The Yokohama Rubber Co., Ltd. | | | 182,185 | |
| | 16,187 | | | Tohoku Electric Power Co., Inc. | | | 162,228 | |
| | 997 | | | Tokyo Electron, Ltd. (a) | | | 260,471 | |
| | 6,897 | | | Tokyo Gas Co., Ltd. | | | 157,393 | |
| | 37,272 | | | Toray Industries, Inc. | | | 170,520 | |
| | 1,424 | | | Toyo Suisan Kaisha, Ltd. | | | 75,196 | |
| | 5,003 | | | Toyota Motor Corp. | | | 332,049 | |
| | 11,648 | | | Toyota Tsusho Corp. | | | 327,615 | |
| | 1,343 | | | Trend Micro, Inc. | | | 81,841 | |
| | 2,432 | | | Tsuruha Holdings, Inc. | | | 344,778 | |
| | 2,478 | | | Unicharm Corp. | | | 110,824 | |
| | 11,512 | | | Welcia Holdings Co., Ltd. | | | 506,009 | |
| | 40,904 | | | Yamada Denki Co., Ltd. | | | 203,985 | |
| | 680 | | | Yamaha Corp. | | | 32,613 | |
| | 2,305 | | | Yamato Holdings Co., Ltd. (a) | | | 60,719 | |
| | 14,269 | | | Yamazaki Baking Co., Ltd. | | | 248,723 | |
| | 16,991 | | | Z Holdings Corp. | | | 113,490 | |
| | 15,136 | | | ZOZO, Inc. | | | 422,364 | |
| | | | | | |
|
|
|
| | | | | | | | 28,543,022 | |
| | | | | | |
|
|
|
| | | | | Jersey - 0.91% | | | | |
| | 5,660 | | | Ferguson PLC | | | 569,571 | |
| | 206,203 | | | Glencore PLC | | | 427,497 | |
| | 19,007 | | | WPP PLC | | | 149,281 | |
| | | | | | |
|
|
|
| | | | | | | | 1,146,349 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.22% | | | | |
| | 146 | | | Eurofins Scientific SE (a) | | | 115,657 | |
| | 4,895 | | | SES SA | | | 34,654 | |
| | 25,615 | | | Tenaris SA | | | 127,616 | |
| | | | | | |
|
|
|
| | | | | | | | 277,927 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 4.57% | | | | |
| | 3,453 | | | ABN AMRO Group NV | | | 28,866 | |
| | 99 | | | Adyen NV (a) | | | 182,605 | |
| | 79,252 | | | Aegon NV | | | 205,130 | |
| | 566 | | | Akzo Nobel NV | | | 57,206 | |
| | 36,672 | | | ArcelorMittal | | | 487,862 | |
| | 223 | | | Argenx SE (a) | | | 58,909 | |
| | 2,308 | | | ASML Holding NV | | | 852,518 | |
| | 1,193 | | | Ferrari NV | | | 218,939 | |
| | 1,386 | | | Galapagos NV (a) | | | 196,494 | |
| | 28,833 | | | ING Groep NV | | | 205,778 | |
| | 22,273 | | | Koninklijke Ahold Delhaize NV | | | 658,348 | |
| | 1,334 | | | Koninklijke DSM NV | | | 219,620 | |
| | 8,797 | | | Koninklijke Philips NV | | | 415,389 | |
| | 1,376 | | | Koninklijke Vopak NV | | | 77,447 | |
| | 8,411 | | | NN Group NV | | | 315,278 | |
| | 2,437 | | | Qiagen NV (a) | | | 126,577 | |
| | 5,342 | | | Randstad Holding NV | | | 278,563 | |
| | 9,706 | | | STMicroelectronics NV | | | 297,685 | |
| | 7,808 | | | Unilever NV | | | 474,162 | |
| | 4,647 | | | Wolters Kluwer NV | | | 396,403 | |
| | | | | | |
|
|
|
| | | | | | | | 5,753,779 | |
| | | | | | |
|
|
|
See notes to financial statements.
72
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | New Zealand - 0.26% | | | | |
| | 6,669 | | | a2 Milk Co., Ltd. (a) | | $ | 67,874 | |
| | 7,064 | | | Fisher & Paykel Healthcare Corp., Ltd. | | | 155,907 | |
| | 15,343 | | | Meridian Energy, Ltd. | | | 50,461 | |
| | 17,409 | | | Spark New Zealand, Ltd. | | | 54,321 | |
| | | | | | |
|
|
|
| | | | | | | | 328,563 | |
| | | | | | |
|
|
|
| | | | | Norway - 0.56% | | | | |
| | 5,590 | | | Gjensidige Forsikring ASA | | | 113,447 | |
| | 50,917 | | | Norsk Hydro ASA | | | 140,543 | |
| | 9,998 | | | Orkla ASA | | | 100,905 | |
| | 8,709 | | | Schibsted ASA - B Shares | | | 346,963 | |
| | | | | | |
|
|
|
| | | | | | | | 701,858 | |
| | | | | | |
|
|
|
| | | | | Portugal - 0.35% | | | | |
| | 46,949 | | | EDP - Energias de Portugal SA | | | 230,847 | |
| | 12,880 | | | Jeronimo Martins SGPS SA | | | 207,116 | |
| | | | | | |
|
|
|
| | | | | | | | 437,963 | |
| | | | | | |
|
|
|
| | | | | Singapore - 1.61% | | | | |
| | 13,194 | | | DBS Group Holdings, Ltd. | | | 193,970 | |
| | 27,073 | | | Jardine Cycle & Carriage, Ltd. | | | 359,356 | |
| | 26,845 | | | Oversea-Chinese Banking Corp., Ltd. | | | 166,942 | |
| | 78,960 | | | Singapore Exchange, Ltd. | | | 532,559 | |
| | 15,474 | | | United Overseas Bank, Ltd. | | | 217,985 | |
| | 84,970 | | | Wilmar International, Ltd. | | | 275,885 | |
| | 379,623 | | | Yangzijiang Shipbuilding Holdings, Ltd. | | | 277,309 | |
| | | | | | |
|
|
|
| | | | | | | | 2,024,006 | |
| | | | | | |
|
|
|
| | | | | Spain - 1.80% | | | | |
| | 19,865 | | | ACS, Actividades de Construccion y Servicios SA | | | 449,044 | |
| | 185 | | | Aena SME SA | | | 25,757 | |
| | 3,430 | | | Amadeus IT Holdings SA - Class A | | | 190,490 | |
| | 13,597 | | | CaixaBank SA | | | 28,865 | |
| | 4,126 | | | Cellnex Telecom SA | | | 250,461 | |
| | 2,125 | | | Enagas SA | | | 49,031 | |
| | 3,702 | | | Endesa SA | | | 99,022 | |
| | 1,762 | | | Grifols SA (a) | | | 50,667 | |
| | 41,331 | | | Iberdrola SA | | | 508,729 | |
| | 13,892 | | | Industria de Diseno Textil SA | | | 384,316 | |
| | 52,922 | | | Mapfre SA | | | 83,028 | |
| | 1,988 | | | Siemens Gamesa Renewable Energy SA | | | 53,800 | |
| | 26,193 | | | Telefonica SA | | | 89,726 | |
| | | | | | |
|
|
|
| | | | | | | | 2,262,936 | |
| | | | | | |
|
|
|
| | | | | Sweden - 3.04% | |
| | 1,290 | | | Assa Abloy AB - Series B | | | 30,160 | |
| | 8,172 | | | Atlas Copco AB - Class A | | | 389,631 | |
| | 4,153 | | | Atlas Copco AB - Class B | | | 173,321 | |
| | 2,834 | | | Epiroc AB - Class A | | | 41,054 | |
| | 4,137 | | | Epiroc AB - Class B | | | 57,425 | |
| | 2,701 | | | Essity AB - Class B | | | 91,189 | |
| | 7,634 | | | Evolution Gaming Group AB | | | 504,402 | |
| | 27,595 | | | Hennes & Mauritz AB - Series B | | | 475,406 | |
| | 798 | | | Hexagon AB - Class B | | | 60,275 | |
| | 9,979 | | | Husqvarna AB - Class B | | | 109,731 | |
| | 1,010 | | | ICA Gruppen AB | | | 51,310 | |
| | 4,512 | | | Investment AB Latour - B Shares | | | 106,004 | |
| | 4,173 | | | Investor AB - B Shares | | | 272,579 | |
| | 2,443 | | | Kinnevik AB - B Shares | | | 99,157 | |
| | 1,720 | | | L E Lundbergforetagen AB - Series B | | | 84,984 | |
| | 7,130 | | | Nibe Industrier AB - B Shares | | | 183,249 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Sweden (Continued) | |
| | 11,856 | | | Skanska AB - B Shares | | $ | 250,383 | |
| | 2,274 | | | SKF AB - B Shares | | | 46,914 | |
| | 8,135 | | | Svenska Cellulosa AB - Series B | | | 111,526 | |
| | 6,600 | | | Swedish Match AB | | | 539,661 | |
| | 13,828 | | | Telefonaktiebolaget LM Ericsson - Series B | | | 151,323 | |
| | | | | | |
|
|
|
| | | | | | | | 3,829,684 | |
| | | | | | |
|
|
|
| | | | | Switzerland - 8.48% | |
| | 6,553 | | | ABB, Ltd. | | | 166,603 | |
| | 2,918 | | | Adecco Group AG | | | 153,969 | |
| | 637 | | | Banque Cantonale Vaudoise | | | 64,644 | |
| | 426 | | | Cie Financiere Richemont SA | | | 28,603 | |
| | 1,669 | | | Coca-Cola HBC AG | | | 41,213 | |
| | 37,981 | | | Credit Suisse Group AG | | | 379,153 | |
| | 79 | | | EMS-Chemie Holding AG | | | 70,979 | |
| | 62 | | | Givaudan SA | | | 267,704 | |
| | 2,024 | | | Kuehne & Nagel International AG | | | 393,007 | |
| | 4,312 | | | LafargeHolcim, Ltd. | | | 196,280 | |
| | 3,778 | | | Logitech International SA | | | 292,652 | |
| | 429 | | | Lonza Group AG | | | 264,751 | |
| | 21,462 | | | Nestle SA | | | 2,554,236 | |
| | 16,946 | | | Novartis AG | | | 1,471,325 | |
| | 438 | | | Partners Group Holding AG | | | 402,874 | |
| | 6,481 | | | Roche Holdings AG | | | 2,220,005 | |
| | 121 | | | SGS SA | | | 324,260 | |
| | 635 | | | Sika AG | | | 155,925 | |
| | 699 | | | Sonova Holding AG | | | 177,137 | |
| | 221 | | | Straumann Holding AG | | | 223,564 | |
| | 96 | | | Swiss Life Holding AG | | | 36,326 | |
| | 133 | | | Swisscom AG | | | 70,458 | |
| | 180 | | | Temenos AG | | | 24,193 | |
| | 559 | | | The Swatch Group AG - Group I | | | 130,295 | |
| | 2,516 | | | The Swatch Group AG - Group N | | | 113,300 | |
| | 16,125 | | | UBS Group AG | | | 180,163 | |
| | 815 | | | Zurich Insurance Group AG | | | 284,203 | |
| | | | | | |
|
|
|
| | | | | | | | 10,687,822 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 10.27% | |
| | 15,937 | | | Admiral Group PLC | | | 537,482 | |
| | 5,790 | | | Anglo American PLC | | | 140,082 | |
| | 4,729 | | | Ashtead Group PLC | | | 170,299 | |
| | 3,495 | | | Associated British Foods PLC | | | 84,144 | |
| | 9,181 | | | AstraZeneca PLC | | | 1,003,162 | |
| | 60,490 | | | Auto Trader Group PLC | | | 439,184 | |
| | 2,539 | | | AVEVA Group PLC | | | 156,602 | |
| | 76,040 | | | Aviva PLC | | | 281,329 | |
| | 3,935 | | | Berkeley Group Holdings PLC | | | 214,509 | |
| | 3,359 | | | BHP Group PLC | | | 71,662 | |
| | 19,034 | | | BP PLC | | | 55,046 | |
| | 14,115 | | | British American Tobacco PLC | | | 506,326 | |
| | 3,603 | | | Bunzl PLC | | | 116,329 | |
| | 18,946 | | | Burberry Group PLC | | | 379,759 | |
| | 4,211 | | | Coca-Cola European Partners PLC | | | 163,429 | |
| | 6,170 | | | Compass Group PLC | | | 92,685 | |
| | 638 | | | Croda International PLC | | | 51,465 | |
| | 3,700 | | | Diageo PLC | | | 127,091 | |
| | 44,173 | | | Evraz PLC | | | 196,698 | |
| | 5,121 | | | Experian PLC | | | 192,419 | |
| | 47,109 | | | GlaxoSmithKline PLC | | | 883,180 | |
| | 5,451 | | | Halma PLC | | | 164,686 | |
| | 20,564 | | | Hargreaves Lansdown PLC | | | 413,658 | |
See notes to financial statements.
73
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | United Kingdom (Continued) | |
| | 5,512 | | | Hikma Pharmaceuticals PLC | | $ | 184,748 | |
| | 8,260 | | | HSBC Holdings PLC | | | 32,315 | |
| | 3,972 | | | Imperial Brands PLC | | | 70,160 | |
| | 152,021 | | | J. Sainsbury PLC | | | 374,298 | |
| | 40,986 | | | JD Sports Fashion PLC | | | 427,840 | |
| | 19,269 | | | Kingfisher PLC | | | 73,808 | |
| | 104,147 | | | Legal & General Group PLC | | | 254,064 | |
| | 2,565 | | | London Stock Exchange Group PLC | | | 294,250 | |
| | 183,237 | | | M&G PLC | | | 376,632 | |
| | 20,470 | | | National Grid PLC | | | 235,123 | |
| | 4,329 | | | Next PLC | | | 331,894 | |
| | 6,058 | | | Ocado Group PLC (a) | | | 214,268 | |
| | 3,865 | | | Persimmon PLC | | | 123,172 | |
| | 2,227 | | | Prudential PLC | | | 31,954 | |
| | 2,381 | | | Reckitt Benckiser Group PLC | | | 232,161 | |
| | 11,013 | | | RELX PLC | | | 245,129 | |
| | 22,679 | | | Rentokil Initial PLC (a) | | | 156,755 | |
| | 3,901 | | | Rio Tinto PLC | | | 234,734 | |
| | 19,393 | | | Royal Dutch Shell PLC - Class A | | | 242,090 | |
| | 18,696 | | | Royal Dutch Shell PLC - Class B | | | 226,728 | |
| | 884 | | | Schroders PLC | | | 30,701 | |
| | 4,793 | | | Severn Trent PLC | | | 150,907 | |
| | 9,237 | | | Smith & Nephew PLC | | | 180,948 | |
| | 394 | | | Spirax-Sarco Engineering PLC | | | 56,107 | |
| | 12,215 | | | SSE Plc | | | 190,117 | |
| | 11,138 | | | St. James’s Place PLC | | | 133,995 | |
| | 31,220 | | | Standard Chartered PLC | | | 143,662 | |
| | 9,300 | | | Standard Life Aberdeen PLC | | | 27,084 | |
| | 40,987 | | | Tesco PLC | | | 112,440 | |
| | 39,771 | | | The Sage Group PLC | | | 369,601 | |
| | 6,067 | | | Unilever PLC | | | 374,052 | |
| | 6,957 | | | United Utilities Group PLC | | | 76,850 | |
| | 201,080 | | | Vodafone Group PLC | | | 266,519 | |
| | 17,962 | | | Wm Morrison Supermarkets PLC | | | 39,426 | |
| | | | | | |
|
|
|
| | | | | | | | 12,955,758 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $98,609,237) | | | 119,866,121 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 2.80% | |
| | | | | Canada - 0.24% | |
| | 11,095 | | | iShares MSCI Canada ETF (b) | | | 304,114 | |
| | | | | | |
|
|
|
| | | | | Japan - 2.56% | |
| | 50,664 | | | iShares MSCI EAFE ETF (b) | | | 3,224,764 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $3,522,961) | | | 3,528,878 | |
| | | | | | |
|
|
|
| | | | | PARTICIPATORY NOTES - 0.03% | |
| | | | | Switzerland - 0.03% | |
| | 129 | | | Schindler Holding AG (d) | | | 35,214 | |
| | | | | | |
|
|
|
| | | | | Total Participatory Notes
(Cost $29,164) | | | 35,214 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 0.50% | |
| | | | | Germany - 0.50% | |
| | 4,155 | | | Fuchs Petrolub SE - Preference Shares | | | 211,265 | |
| | 442 | | | Sartorius AG | | | 181,166 | |
| | 1,507 | | | Volkswagen AG - Preference Shares | | | 242,495 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $585,758) | | | 634,926 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.57% | |
| | | | | Australia - 0.12% | | | | |
| | 9,369 | | | Goodman Group | | $ | 121,305 | |
| | 10,821 | | | Stockland | | | 29,561 | |
| | | | | | |
|
|
|
| | | | | | | | 150,866 | |
| | | | | | |
|
|
|
| | | | | Canada - 0.03% | |
| | 1,123 | | | Canadian Apartment Properties | | | 39,175 | |
| | | | | | |
|
|
|
| | | | | Japan - 0.13% | |
| | 49 | | | Nippon Prologis REIT, Inc. | | | 165,241 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 0.18% | |
| | 18,142 | | | Segro PLC | | | 218,023 | |
| | | | | | |
|
|
|
| | | | | Singapore - 0.11% | |
| | 93,316 | | | Mapletree Logistics Trust | | | 140,559 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $549,783) | | | 713,864 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.28% | |
| | | | | Money Market Funds - 0.28% | |
| | 358,563 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (c) | | | 358,563 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $358,563) | | | 358,563 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.23% | |
| | 2,816,113 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (c) | | | 2,816,113 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,816,113) | | | 2,816,113 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $106,471,579) - 101.54% | | | 127,953,679 | |
| | | | | Liabilities in Excess of
Other Assets - (1.54)% | | | (1,944,037 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 126,009,642 | |
| | | | | | |
|
|
|
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, 2020. |
| (d) | | Represents the value of the underlying security. See note 3t. of the Notes to Financial Statements. |
| (e) | | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
Glossary of Terms
ADR - American Depositary Receipt
See notes to financial statements.
74
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)
September 30, 2020
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.10% | |
Air Freight & Logistics | | | 0.83% | |
Airlines | | | 0.10% | |
Auto Components | | | 0.49% | |
Automobiles | | | 1.09% | |
Banks | | | 4.55% | |
Beverages | | | 0.74% | |
Biotechnology | | | 0.85% | |
Building Products | | | 0.81% | |
Capital Markets | | | 3.79% | |
Chemicals | | | 2.16% | |
Commercial Services & Supplies | | | 0.39% | |
Communications Equipment | | | 0.12% | |
Construction & Engineering | | | 2.02% | |
Construction Materials | | | 0.72% | |
Containers & Packaging | | | 0.11% | |
Distributors | | | 0.29% | |
Diversified Financial Services | | | 1.40% | |
Diversified Telecommunication Services | | | 2.37% | |
Electric Utilities | | | 1.96% | |
Electrical Equipment | | | 0.83% | |
Electronic Equipment, Instruments & Components | | | 1.22% | |
Energy Equipment & Services | | | 0.10% | |
Entertainment | | | 0.14% | |
Food & Staples Retailing | | | 5.00% | |
Food Products | | | 3.76% | |
Gas Utilities | | | 0.30% | |
Health Care Equipment & Supplies | | | 3.53% | |
Health Care Providers & Services | | | 0.22% | |
Health Care Technology | | | 0.23% | |
Hotels, Restaurants & Leisure | | | 1.01% | |
Household Durables | | | 1.73% | |
Household Products | | | 0.74% | |
Independent Power and Renewable Electricity Producers | | | 0.12% | |
Industrial Conglomerates | | | 0.99% | |
Insurance | | | 4.68% | |
Interactive Media & Services | | | 0.96% | |
Internet & Direct Marketing Retail | | | 1.37% | |
Internet Software & Services | | | 0.09% | |
IT Services | | | 2.33% | |
Leisure Equipment & Products | | | 0.05% | |
Leisure Products | | | 0.18% | |
Life Sciences Tools & Services | | | 0.83% | |
Machinery | | | 1.92% | |
Marine | | | 0.93% | |
Media | | | 0.84% | |
Media (discontinued effective close of September 28, 2018) | | | 0.03% | |
Metals & Mining | | | 3.41% | |
Multiline Retail | | | 0.95% | |
Multi-Utilities | | | 0.84% | |
Oil, Gas & Consumable Fuels | | | 2.22% | |
| | | | |
| | | | | |
Paper & Forest Products | | | 0.09% | |
Personal Products | | | 2.02% | |
Pharmaceuticals | | | 9.64% | |
Professional Services | | | 1.94% | |
Real Estate Management & Development | | | 0.30% | |
Road & Rail | | | 0.29% | |
Semiconductors & Semiconductor Equipment | | | 1.68% | |
Software | | | 2.25% | |
Specialty Retail | | | 1.75% | |
Technology Hardware, Storage & Peripherals | | | 0.47% | |
Textiles, Apparel & Luxury Goods | | | 3.54% | |
Tobacco | | | 0.89% | |
Trading Companies & Distributors | | | 2.54% | |
Transportation Infrastructure | | | 0.11% | |
Water Utilities | | | 0.18% | |
Wireless Telecommunication Services | | | 1.00% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 95.13% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
Exchange Traded Funds | | | 2.80% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 2.80% | |
| | |
|
|
|
PARTICIPATORY NOTES | | | | |
Machinery | | | 0.03% | |
| | |
|
|
|
TOTAL PARTICIPATORY NOTES | | | 0.03% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Automobiles | | | 0.19% | |
Chemicals | | | 0.17% | |
Health Care Equipment & Supplies | | | 0.14% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 0.50% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.57% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.57% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.28% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.28% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | |
Investments Purchased with Proceeds from Securities Lending Collateral | | | 2.23% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 2.23% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 101.54% | |
Liabilities in Excess of Other Assets | | | (1.54)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
75
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 5.25% | |
| | 90,149 | | | Affirm Asset Securitization Trust 2020-Z1
Series A, 3.460%, 10/15/2024 (c)(g) | | $ | 90,790 | |
| | 395,000 | | | Ally Master Owner Trust
Series 2018-1, 2.700%, 01/15/2023 | | | 397,632 | |
| | 323,199 | | | ALM XVI, Ltd.
Series 2015-16RR, 1.175% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 04/15/2027 (a)(c) | | | 321,858 | |
| | 150,000 | | | AmeriCredit Automobile Receivables Trust | | | | |
| | | | | Series 2019-3D, 2.580%, 09/18/2025 | | | 152,929 | |
| | 395,484 | | | Atrium XII
Series 2015-12R, 1.088% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (a)(c) | | | 392,077 | |
| | 249,672 | | | Carlyle Global Market Strategies CLO, Ltd.
Series 2013-2A, 1.162% (3 Month LIBOR USD + 0.890%, 0% Floor), 01/18/2029 (a)(c) | | | 247,342 | |
| | 442,445 | | | CARLYLE US CLO 2017-1 Ltd.
Series 2017-1A, 1.572% (3 Month LIBOR USD + 1.300%, 0% Floor), 04/21/2031 (a)(c) | | | 441,383 | |
| | 99,833 | | | CF Hippolyta LLC
Series 2020-1, 1.990%, 07/15/2060 (c) | | | 102,243 | |
| | | | | Domino’s Pizza Master Issuer LLC | | | | |
| | 186,200 | | | Series 2018-1, 4.116%, 07/25/2048 (c)(g) | | | 197,480 | |
| | 74,438 | | | Series 2019-1, 3.668%, 10/25/2049 (c) | | | 79,460 | |
| | 135,000 | | | Drive Auto Receivables Trust
Series 2019-4, 2.700%, 02/16/2027 | | | 138,341 | |
| | 90,000 | | | Exeter Automobile Receivables Trust | | | | |
| | | | | Series 2020-1, 2.730%, 12/15/2025 (c) | | | 92,606 | |
| | 300,000 | | | Exeter Automobile Receivables Trust 2019-4 | | | | |
| | | | | Series 2019-4, 2.580%, 09/15/2025 (c) | | | 308,026 | |
| | 30,794 | | | Flagship Credit Auto Trust
Series 2018-2, 2.970%, 10/17/2022 (c) | | | 30,949 | |
| | 100,000 | | | GCO Education Loan Funding Trust
Series 2006-1, 0.590% (3 Month LIBOR USD + 0.230%, 0% Floor), 05/25/2036 (a) | | | 96,063 | |
| | 122,732 | | | GLS Auto Receivables Issuer Trust
Series 2019-4, 2.470%, 11/15/2023 (c) | | | 124,423 | |
| | 300,000 | | | GTP Acquisition Partners I LLC
Series 2015-2, 3.482%, 06/15/2050 (c) | | | 324,715 | |
| | 250,000 | | | LCM XX LP
Series 2015-20R, 1.312% (3 Month LIBOR USD + 1.040%, 0% Floor), 10/20/2027 (a)(c) | | | 247,998 | |
| | 152,308 | | | Marlette Funding Trust
Series 2019-4, 2.390%, 12/15/2029 (c)(g) | | | 154,159 | |
| | | | | NRZ Excess Spread-Collateralized Notes Series | | | | |
| | 185,096 | | | Series 2018-PLS1, 3.193%, 01/25/2023 (c) | | | 185,781 | |
| | 70,329 | | | Series 2018-PLS2, 3.265%, 02/25/2023 (c) | | | 70,518 | |
| | | | | OCP CLO, Ltd. | | | | |
| | 84,267 | | | Series 2015-8R, 1.123% (3 Month LIBOR USD + 0.850%, 0% Floor), 04/17/2027 (a)(c) | | | 84,037 | |
| | 160,773 | | | Series 2015-9R, 1.075% (3 Month LIBOR USD + 0.800%, 0% Floor), 07/15/2027 (a)(c) | | | 160,646 | |
| | 35,007 | | | OnDeck Asset Securitization Trust II LLC | | | | |
| | | | | Series 2019-1A, 2.650%, 11/17/2024 (c)(g) | | | 35,058 | |
| | | | | OneMain Financial Issuance Trust | | | | |
| | 331,000 | | | Series 2018-1A, 3.300%, 03/14/2029 (c) | | | 338,425 | |
| | 37,872 | | | Series 2017-1A, 2.370%, 09/14/2032 (c) | | | 37,951 | |
| | 246,844 | | | OZLM VII, Ltd.
Series 2014-7R, 1.283% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c) | | | 243,892 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 273,100 | | | OZLM XII, Ltd.
Series 2015-12R, 1.318% (3 Month LIBOR USD + 1.050%, 0% Floor), 04/30/2027 (a)(c) | | $ | 271,897 | |
| | 205,000 | | | Santander Drive Auto Receivables Trust
Series 2019-3, 2.680%, 10/15/2025 | | | 210,525 | |
| | 54,913 | | | Santander Drive Auto Receivables Trust 2020-1
Series 2.07000, 2.070%, 01/15/2023 | | | 55,299 | |
| | 335,000 | | | Sound Point CLO, Ltd.
Series 2018-3, 1.225% (3 Month LIBOR USD + 0.950%, 0% Floor), 04/16/2029 (a)(c) | | | 331,912 | |
| | 102,702 | | | Springleaf Funding Trust
Series 2017-A, 2.680%, 07/15/2030 (c) | | | 102,875 | |
| | 387,780 | | | TICP CLO, Ltd.
Series 2018-3, 1.112% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (a)(c) | | | 384,194 | |
| | | | | Voya CLO, Ltd. | | | | |
| | 103,385 | | | Series 2014-3, 0.965% (3 Month LIBOR USD + 0.720%, 0% Floor), 07/27/2026 (a)(c) | | | 103,078 | |
| | 480,000 | | | Series 2015-1, 1.172% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (a)(c) | | | 475,256 | |
| | 77,800 | | | Wendy’s Funding LLC
Series 2018-1, 3.884%, 03/15/2048 (c)(g) | | | 81,993 | |
| | 220,000 | | | Westlake Automobile Receivables Trust
Series 2019-3, 2.720%, 11/15/2024 (c) | | | 225,924 | |
| | 310,445 | | | Z Capital Credit Partners CLO, Ltd.
Series 2015-1, 1.221% (3 Month LIBOR USD + 0.950%, 0.950% Floor), 07/16/2027 (a)(c) | | | 308,949 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $7,575,404) | | | 7,648,684 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 14.25% | |
| | 144,729 | | | Ajax Mortgage Loan Trust
Series 2017-B, 3.163%, 09/25/2056 (b)(c) | | | 145,781 | |
| | | | | Angel Oak Mortgage Trust I LLC | | | | |
| | 89,956 | | | Series 2018-3, 3.649%, 09/25/2048 (b)(c) | | | 91,910 | |
| | 103,125 | | | Series 2019-2, 3.628%, 03/25/2049 (b)(c) | | | 105,807 | |
| | 269,799 | | | Series 2019-4, 2.993%, 07/26/2049 (b)(c) | | | 274,950 | |
| | 186,717 | | | Series 2019-3, 2.930%, 05/25/2059 (b)(c) | | | 189,254 | |
| | 105,000 | | | Series 2020-6 TR, 1.261%, 05/25/2065 (b)(c) | | | 105,787 | |
| | | | | Arroyo Mortgage Trust | | | | |
| | 144,595 | | | Series 2018-1, 3.763%, 04/25/2048 (b)(c) | | | 151,878 | |
| | 215,995 | | | Series 2019-3, 2.962%, 10/25/2048 (b)(c) | | | 221,046 | |
| | 235,834 | | | Series 2019-2, 3.347%, 04/25/2049 (b)(c) | | | 246,489 | |
| | | | | BANK | | | | |
| | 2,150,662 | | | Series 2019-BNK23, 0.700%, 12/17/2052 (b)(j) | | | 119,913 | |
| | 994,836 | | | Series 2019-BNK18, 0.904%, 05/17/2062 (b)(j) | | | 64,215 | |
| | 1,279,673 | | | Series 2019-BNK20, 0.839%, 09/15/2062 (b)(j) | | | 78,963 | |
| | 1,321,952 | | | Series 2019-BNK22, 0.603%, 11/17/2062 (b)(j) | | | 63,613 | |
| | 997,408 | | | Series 2019-BNK24, 0.766%, 11/17/2062 (b)(j) | | | 51,901 | |
| | 997,637 | | | Series 2020-BNK26, 1.355%, 03/16/2063 (b)(j) | | | 92,707 | |
| | 1,565,000 | | | Series 2020-BNK28, 1.787%, 03/16/2063 (b)(g)(j) | | | 235,234 | |
| | 64,634 | | | Bayview Koitere Fund Trust | | | | |
| | | | | Series 2017-RT4, 3.500%, 07/28/2057 (b)(c) | | | 67,183 | |
See notes to financial statements.
76
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 179,669 | | | Bayview Mortgage Fund IVc Trust | | | | |
| | | | | Series 2017-RT3A, 3.500%, 01/28/2058 (b)(c) | | $ | 181,783 | |
| | | | | Bayview Opportunity Master Fund IVa Trust | | | | |
| | 167,177 | | | Series 2017-SPL5A, 3.500%, 06/28/2057 (b)(c) | | | 173,058 | |
| | 57,890 | | | Series 2017-SPL1A, 4.000%, 10/28/2064 (b)(c) | | | 60,093 | |
| | | | | Bayview Opportunity Master Fund IVb Trust | | | | |
| | 47,280 | | | Series 2017-SPL3, 4.000%, 11/28/2053 (b)(c) | | | 49,274 | |
| | 62,828 | | | Series 2017-RT6, 3.500%, 10/28/2057 (b)(c) | | | 64,261 | |
| | 132,000 | | | BBCMS Mortgage Trust
Series 2017-DELC, 1.025% (1 Month LIBOR USD + 0.850%, 0.850% Floor), 08/15/2036 (a)(c) | | | 128,513 | |
| | | | | Benchmark Mortgage Trust | | | | |
| | 325,000 | | | Series 2019-B11, 3.410%, 05/17/2052 | | | 349,549 | |
| | 1,001,970 | | | Series 2019-B12, 1.067%, 08/16/2052 (b)(j) | | | 68,777 | |
| | 394,963 | | | Series 2020-B18, 1.921%, 07/17/2053 (b)(j) | | | 48,361 | |
| | 1,504,868 | | | Series 2019-B10, 1.392%, 03/17/2062 (b)(j) | | | 122,213 | |
| | | | | BX Commercial Mortgage Trust | | | | |
| | 128,195 | | | Series 2018-IND, 0.925% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 11/15/2035 (a)(c) | | | 128,428 | |
| | 327,508 | | | Series 2019-XL, 1.095% (1 Month LIBOR USD + 0.920%, 0.920% Floor), 10/15/2036 (a)(c) | | | 327,200 | |
| | 100,000 | | | CAMB Commercial Mortgage Trust
Series 2019-LIFE, 1.625% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c) | | | 99,877 | |
| | 145,000 | | | Century Plaza Towers
Series 2019-CPT, 2.865%, 11/16/2039 (c) | | | 158,928 | |
| | 13,528 | | | Chase Mortgage Finance Trust
Series 2007-A1, 3.683%, 02/25/2037 (b) | | | 13,653 | |
| | 56,021 | | | CIM Trust
Series 2017-7, 3.000%, 04/25/2057 (b)(c) | | | 57,416 | |
| | | | | Citigroup Commercial Mortgage Trust | | | | |
| | 296,312 | | | Series 2016-P3, 3.329%, 04/16/2049 | | | 326,966 | |
| | 505,000 | | | Series 2016-P4, 2.902%, 07/12/2049 | | | 549,759 | |
| | | | | Citigroup Mortgage Loan Trust | | | | |
| | 228,606 | | | Series 2018-RP2, 3.500%, 02/25/2058 (b)(c) | | | 245,529 | |
| | 104,929 | | | Series 2018-RP1, 3.000%, 09/25/2064 (b)(c) | | | 111,838 | |
| | 86,472 | | | Series 2019-IMC1, 2.720%, 07/25/2049 (c) | | | 88,033 | |
| | 137,464 | | | Series 2019-E, 3.228%, 11/25/2070 (c)(b)(k) | | | 138,629 | |
| | | | | COLT Mortgage Loan Trust | | | | |
| | 40,939 | | | Series 2019-1, 3.705%, 03/25/2049 (b)(c) | | | 41,372 | |
| | 73,924 | | | Series 2019-2, 3.337%, 05/25/2049 (b)(c) | | | 79,080 | |
| | 85,775 | | | Series 2019-3, 2.764%, 08/25/2049 (b)(c) | | | 87,586 | |
| | 176,805 | | | Series 2019-4, 2.579%, 11/25/2049 (b)(c) | | | 179,345 | |
| | 100,000 | | | Series 2020-1R, 1.255%, 09/25/2065 (b)(c) | | | 100,754 | |
| | | | | COMM Mortgage Trust | | | | |
| | 120,000 | | | Series 2013-300P, 4.353%, 08/12/2030 (c) | | | 128,543 | |
| | 290,000 | | | Series 2019-WCM, 1.075% (1 Month LIBOR USD + 0.900%, 0.900% Floor), 10/16/2034 (a)(c) | | | 289,650 | |
| | | | | Countrywide Home Loans, Inc. | | | | |
| | 7,023 | | | Series 2004-HYB6, 3.769%, 11/20/2034 (b) | | | 7,071 | |
| | 84,980 | | | Series 2005-11, 0.772% (1 Month LIBOR USD + 0.600%, 0.300% Floor, 10.500% Cap), 03/25/2035 (a) | | | 70,052 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 375,000 | | | CSAIL Commercial Mortgage Trust | | | | |
| | | | | Series 2016-C6, 2.960%, 01/15/2049 | | $ | 397,208 | |
| | | | | CSMC Trust | | | | |
| | 34,923 | | | Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c) | | | 36,398 | |
| | 100,000 | | | Series 2020-NET, 2.260%, 08/17/2037 (c) | | | 103,441 | |
| | 385,000 | | | Series 2020-RPL4, 2.000%, 01/25/2060 (c) | | | 397,351 | |
| | 460,000 | | | Series 2020-NQM1 A1, 1.208%, 05/25/2065 (c) | | | 459,992 | |
| | 11,946,629 | | | DBGS Mortgage Trust
Series 2018-C1, 0.207%, 10/17/2051 (b)(j) | | | 176,834 | |
| | 475,000 | | | DBJPM Mortgage Trust | | | | |
| | 360,000 | | | Series 2016-C1, 3.038%, 05/12/2049 | | | 383,742 | |
| | 475,000 | | | Series 2016-C3, 2.890%, 08/12/2049 | | | 519,053 | |
| | 310,966 | | | Series 2020-C9, 1.832%, 08/15/2053 (b)(j) | | | 35,380 | |
| | | | | Deephaven Residential Mortgage Trust | | | | |
| | 85,296 | | | Series 2019-2, 3.558%, 04/25/2059 (b)(c) | | | 86,395 | |
| | 199,126 | | | Series 2019-3, 2.964%, 07/25/2059 (b)(c) | | | 203,102 | |
| | | | | GS Mortgage Securities Trust | | | | |
| | 145,000 | | | Series 2012-ALOH, 3.551%, 04/12/2034 (c) | | | 146,396 | |
| | 145,000 | | | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | | | 144,824 | |
| | 35,000 | | | Series 2015-GC34, 3.506%, 10/13/2048 | | | 38,795 | |
| | 1,449,868 | | | Series 2020-GC45, 0.675%, 02/14/2053 (b)(j) | | | 73,450 | |
| | 220,000 | | | Hawaii Hotel Trust 2019-MAUI | | | | |
| | | | | Series 2019-MAUI, 1.325% (1 Month LIBOR USD + 1.150%, 1.150% Floor), 05/17/2038 (a)(c) | | | 213,816 | |
| | 104,965 | | | Homeward Opportunities Fund I Trust | | | | |
| | | | | Series 2019-2, 2.702%, 08/25/2059 (b)(c) | | | 106,294 | |
| | | | | JPMBB Commercial Mortgage Securities Trust | | | | |
| | 90,000 | | | Series 2020-NNN, 2.812%, 01/16/2037 (c) | | | 94,021 | |
| | 317,025 | | | Series 2013-C12, 3.157%, 07/17/2045 | | | 322,651 | |
| | | | | Mill City Mortgage Loan Trust | | | | |
| | 189,327 | | | Series 2018-2, 3.500%, 05/25/2058 (c)(b) | | | 197,742 | |
| | 420,339 | | | Series 2019-GS1, 2.750%, 07/25/2059 (b)(c) | | | 453,938 | |
| | 193,054 | | | Series 2017-3, 2.750%, 01/25/2061 (b)(c) | | | 199,055 | |
| | 147,931 | | | Series 2018-1, 3.250%, 05/25/2062 (b)(c) | | | 154,034 | |
| | 233,486 | | | Series 2019-1, 3.250%, 10/25/2069 (b)(c) | | | 248,371 | |
| | 134,336 | | | Morgan Stanley ABS Capital I, Inc. Trust | | | | |
| | | | | Series 2003-NC10, 1.192% (1 Month LIBOR USD + 1.020%, 0.680% Floor), 10/25/2033 (a) | | | 133,808 | |
| | 175,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29, 3.325%, 05/17/2049 | | | 194,188 | |
| | 185,000 | | | Morgan Stanley Capital I Trust
Series 2014-MP, 3.469%, 08/11/2033 (c) | | | 188,131 | |
| | 222,000 | | | Mortgage Insurance-Linked Notes
Series 2019-1, 2.072% (1 Month LIBOR USD + 1.900%, 1.900% Floor), 11/26/2029 (a)(c) | | | 221,085 | |
| | | | | MTRO Commercial Mortgage Trust | | | | |
| | 100,000 | | | Series 2019-TECH B, 1.275% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 12/15/2033 (a)(c) | | | 99,055 | |
| | 100,000 | | | Series 2019-TECH C, 1.475% (1 Month LIBOR USD + 1.300%, 1.300% Floor), 12/15/2033 (a)(c) | | | 98,132 | |
| | 160,000 | | | Natixis Commercial Mortgage Securities Trust
Series 2019-1776, 2.507%, 10/17/2036 (c) | | | 161,630 | |
| | 320,000 | | | New Residential Advance Receivables Trust Advance Receivables Backed
Series 2019-T4, 2.329%, 10/15/2051 (c) | | | 320,904 | |
See notes to financial statements.
77
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | | | | New Residential Mortgage LLC | | | | |
| | 168,947 | | | Series 2018-FNT1, 3.610%, 05/25/2023 (c) | | $ | 165,124 | |
| | 187,445 | | | Series 2018-FNT2, 3.790%, 07/25/2024 (c) | | | 182,050 | |
| | | | | New Residential Mortgage Loan Trust | | | | |
| | 70,730 | | | Series 2016-2, 3.750%, 11/25/2035 (b)(c) | | | 76,901 | |
| | 58,637 | | | Series 2016-4, 3.750%, 11/25/2056 (b)(c) | | | 63,434 | |
| | 93,413 | | | Series 2017-1, 4.000%, 02/25/2057 (b)(c) | | | 101,872 | |
| | 85,653 | | | Series 2017-2, 4.000%, 03/25/2057 (c)(b) | | | 93,261 | |
| | 48,082 | | | Series 2017-3, 4.000%, 04/25/2057 (b)(c) | | | 52,282 | |
| | 50,536 | | | Series 2017-4, 4.000%, 05/25/2057 (b)(c) | | | 55,617 | |
| | 49,870 | | | Series 2017-5, 1.672% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c) | | | 50,022 | |
| | 70,598 | | | Series 2017-6, 4.000%, 08/25/2057 (b)(c) | | | 76,584 | |
| | 153,578 | | | Series 2018-1, 4.000%, 12/25/2057 (b)(c) | | | 167,184 | |
| | 149,741 | | | Series 2018-2, 4.500%, 02/25/2058 (b)(c) | | | 164,395 | |
| | 174,025 | | | Series 2018-4, 0.922% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)(c) | | | 173,927 | |
| | 249,866 | | | Series 2019-3, 3.750%, 11/25/2058 (b) | | | 268,925 | |
| | 195,330 | | | Series 2019-5, 3.500%, 08/25/2059 (b)(c) | | | 205,062 | |
| | 117,870 | | | Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c) | | | 121,194 | |
| | 97,767 | | | Series 2020-NPL2, 3.228%, 08/25/2060 (c)(k) | | | 98,489 | |
| | | | | PRPM Trust | | | | |
| | 99,622 | | | Series 2019-GS1, 3.500%, 10/25/2024 (b)(c) | | | 100,479 | |
| | 280,000 | | | Series 2020-3 A1, 2.860%, 09/25/2025 (c) | | | 279,995 | |
| | | | | SBA Tower Trust | | | | |
| | 155,000 | | | Series 2019-1, 2.836%, 01/15/2025 (c) | | | 166,289 | |
| | 90,000 | | | Series 2017-1, 3.168%, 04/15/2047 (c) | | | 91,174 | |
| | 125,000 | | | Series 2018-1, 3.448%, 03/15/2048 (c) | | | 131,996 | |
| | 71,879 | | | Seasoned Credit Risk Transfer Trust Series | | | | |
| | | | | Series 2019-3, 3.500%, 10/25/2058 | | | 80,128 | |
| | | | | SG Commercial Mortgage Securities Trust | | | | |
| | 355,000 | | | Series 2020-COVE, 2.632%, 04/17/2037 (c) | | | 358,656 | |
| | 75,000 | | | Series 2016-C5, 3.055%, 10/13/2048 | | | 81,070 | |
| | 96,417 | | | Starwood Mortgage Residential Trust 2020-3 | | | | |
| | | | | Series 2020-3, 1.486%, 04/25/2065 (b)(c) | | | 97,096 | |
| | | | | Towd Point Mortgage Trust | | | | |
| | 87,330 | | | Series 2015-6, 2.750%, 04/25/2055 (b)(c) | | | 89,038 | |
| | 38,751 | | | Series 2016-2, 2.750%, 08/25/2055 (b)(c) | | | 39,837 | |
| | 38,581 | | | Series 2016-3, 2.250%, 08/25/2055 (b)(c) | | | 39,119 | |
| | 400,109 | | | Series 2017-1, 2.750%, 10/25/2056 (b)(c) | | | 410,588 | |
| | 194,723 | | | Series 2017-2, 2.750%, 04/25/2057 (b)(c) | | | 200,423 | |
| | 48,154 | | | Series 2017-3, 2.750%, 06/25/2057 (b)(c) | | | 49,640 | |
| | 252,340 | | | Series 2017-4, 2.750%, 06/25/2057 (b)(c) | | | 261,993 | |
| | 211,792 | | | Series 2017-5, 0.748% (1 Month LIBOR USD + 0.600%, 0% Floor), 02/26/2057 (a)(c) | | | 211,506 | |
| | 394,154 | | | Series 2017-6, 2.750%, 10/25/2057 (b)(c) | | | 408,947 | |
| | 77,524 | | | Series 2018-1, 3.000%, 01/28/2058 (b)(c) | | | 81,143 | |
| | 216,065 | | | Series 2018-2, 3.250%, 03/25/2058 (b)(c) | | | 230,469 | |
| | 164,372 | | | Series 2018-3, 3.750%, 05/25/2058 (b)(c) | | | 177,924 | |
| | 407,340 | | | Series 2019-1, 3.750%, 03/25/2058 (b)(c) | | | 441,863 | |
| | | | | Verus Securitization Trust | | | | |
| | 97,859 | | | Series 2019-2, 3.211%, 05/25/2059 (b)(c) | | | 101,365 | |
| | 224,672 | | | Series 2019-3, 2.784%, 07/25/2059 (c)(k) | | | 229,399 | |
| | 299,297 | | | Series 2019-4, 3.142%, 10/25/2059 (b)(c) | | | 306,362 | |
| | 205,000 | | | Series 2020-NPL1, 3.598%, 08/25/2050 (c)(k) | | | 206,573 | |
| | 357,102 | | | VOLT LXXVIII LLC
Series 2019-NPL4, 3.352%, 08/25/2049 (c)(k) | | | 358,084 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 97,226 | | | VOLT LXXXIII LLC
Series 2019-NPL9, 3.327%, 11/25/2049 (c)(k) | | $ | 97,414 | |
| | 299,754 | | | VOLT LXXXIV LLC
Series 2019-NPL10, 3.426%, 12/25/2049 (c)(k) | | | 297,804 | |
| | 80,059 | | | VOLT LXXXV LLC
Series 2020-NPL1, 3.228%, 01/25/2050 (c)(k) | | | 80,352 | |
| | 273,044 | | | VOLT LXXXVIII LLC
Series 2020-NPL4, 2.981%, 03/25/2050 (c)(k) | | | 273,132 | |
| | 265,000 | | | Wells Fargo Commercial Mortgage Trust 2015-NXS1
Series A-5, 3.148%, 05/15/2048 | | | 287,615 | |
| | 459,459 | | | Wells Fargo-RBS Commercial Mortgage Trust
Series 2014-C19, 3.660%, 03/15/2047 | | | 461,776 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $21,754,271) | | | 22,237,010 | |
| | | | | | |
|
|
|
| | | | | CORPORATE OBLIGATIONS - 32.09% | |
| | | | | Aerospace & Defense - 0.77% | |
| | 60,000 | | | General Dynamics Corp.
4.250%, 04/01/2040 | | | 75,747 | |
| | | | | L3Harris Technologies, Inc. | | | | |
| | 150,000 | | | 3.850%, 06/15/2023 | | | 162,500 | |
| | 31,000 | | | 4.400%, 06/15/2028 | | | 37,013 | |
| | | | | Lockheed Martin Corp. | | | | |
| | 45,000 | | | 1.850%, 06/15/2030 | | | 46,942 | |
| | 45,000 | | | 4.090%, 09/15/2052 | | | 58,169 | |
| | 150,000 | | | Northrop Grumman Corp.
5.150%, 05/01/2040 | | | 202,297 | |
| | | | | Raytheon Technologies Corp. | | | | |
| | 100,000 | | | 3.950%, 08/16/2025 | | | 113,767 | |
| | 140,000 | | | 3.125%, 05/04/2027 (f) | | | 155,508 | |
| | 20,000 | | | 4.450%, 11/16/2038 | | | 24,659 | |
| | 25,000 | | | 4.625%, 11/16/2048 | | | 32,765 | |
| | | | | The Boeing Co. | | | | |
| | 200,000 | | | 5.040%, 05/01/2027 | | | 220,608 | |
| | 50,000 | | | 3.250%, 02/01/2035 | | | 47,051 | |
| | | | | | |
|
|
|
| | | | | | | | 1,177,026 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.24% | |
| | | | | FedEx Corp. | | | | |
| | 50,000 | | | 3.300%, 03/15/2027 | | | 55,624 | |
| | 265,000 | | | 4.250%, 05/15/2030 | | | 319,306 | |
| | | | | | |
|
|
|
| | | | | | | | 374,930 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.08% | |
| | | | | General Motors Co. | | | | |
| | 55,000 | | | 6.125%, 10/01/2025 | | | 63,988 | |
| | 55,000 | | | 5.200%, 04/01/2045 | | | 59,412 | |
| | | | | | |
|
|
|
| | | | | | | | 123,400 | |
| | | | | | |
|
|
|
| | | | | Banks - 4.49% | |
| | | | | Bank of America Corp. | | | | |
| | 190,000 | | | 4.100%, 07/24/2023 (f) | | | 208,125 | |
| | 250,000 | | | 3.864% (3 Month LIBOR USD + 0.940%), 07/23/2024 (b) | | | 270,927 | |
| | 140,000 | | | 2.456% (3 Month LIBOR USD + 0.870%), 10/22/2025 (b) | | | 147,749 | |
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Banks (Continued) | |
| | 185,000 | | | 3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (b) | | $ | 202,126 | |
| | 515,000 | | | 4.083% (3 Month LIBOR USD + 3.150%), 03/20/2051 (b)(f) | | | 641,284 | |
| | 200,000 | | | BNP Paribas SA | | | | |
| | | | | 2.219% (SOFR + 2.074%), 06/09/2026 (b)(c) | | | 206,559 | |
| | | | | Citigroup, Inc. | | | | |
| | 125,000 | | | 3.352% (3 Month LIBOR USD + 0.897%), 04/24/2025 (b) | | | 135,355 | |
| | 280,000 | | | 3.700%, 01/12/2026 | | | 314,377 | |
| | 185,000 | | | 3.980% (3 Month LIBOR USD + 1.338%), 03/20/2030 (b) | | | 213,275 | |
| | 75,000 | | | 2.976% (SOFR + 1.422%), 11/05/2030 (b) | | | 81,215 | |
| | 100,000 | | | 4.412% (SOFR + 3.914%), 03/31/2031 (b) | | | 120,111 | |
| | 200,000 | | | Danske Bank AS
5.375%, 01/12/2024 (c) | | | 225,269 | |
| | 95,000 | | | Fifth Third Bancorp
2.375%, 01/28/2025 | | | 100,782 | |
| | | | | HSBC Holdings PLC | | | | |
| | 370,000 | | | 3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (b) | | | 382,651 | |
| | 200,000 | | | 4.583% (3 Month LIBOR USD + 1.535%), 06/19/2029 (b) | | | 231,051 | |
| | | | | JPMorgan Chase & Co. | | | | |
| | 150,000 | | | 3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (b) | | | 162,601 | |
| | 155,000 | | | 4.023% (3 Month LIBOR USD + 1.000%), 12/05/2024 (b) | | | 170,214 | |
| | 225,000 | | | 3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (b)(f) | | | 241,883 | |
| | 170,000 | | | 3.300%, 04/01/2026 | | | 188,617 | |
| | 90,000 | | | 2.950%, 10/01/2026 | | | 99,121 | |
| | 300,000 | | | 3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (b) | | | 339,698 | |
| | 80,000 | | | 3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (b) | | | 90,132 | |
| | 120,000 | | | 3.702% (3 Month LIBOR USD + 1.160%), 05/06/2030 (b) | | | 137,930 | |
| | 65,000 | | | 3.109% (SOFR + 2.460%), 04/22/2041 (b) | | | 70,823 | |
| | 70,000 | | | 3.109% (SOFR + 2.440%), 04/22/2051 (b)(f) | | | 75,563 | |
| | 105,000 | | | KeyCorp
2.550%, 10/01/2029 | | | 111,893 | |
| | | | | PNC Financial Services Group, Inc. | | | | |
| | 55,000 | | | 2.200%, 11/01/2024 | | | 58,235 | |
| | 65,000 | | | 3.450%, 04/23/2029 | | | 74,926 | |
| | 235,000 | | | Santander Holdings USA, Inc.
3.700%, 03/28/2022 | | | 243,671 | |
| | 370,000 | | | Truist Bank
2.250%, 03/11/2030 | | | 380,839 | |
| | | | | Wells Fargo & Co. | | | | |
| | 250,000 | | | 2.600%, 01/15/2021 | | | 251,689 | |
| | 150,000 | | | 2.625%, 07/22/2022 (f) | | | 155,602 | |
| | 85,000 | | | 2.406% (3 Month LIBOR USD + 0.825%), 10/30/2025 (b) | | | 89,058 | |
| | 120,000 | | | 3.000%, 04/22/2026 | | | 130,736 | |
| | 135,000 | | | 3.000%, 10/23/2026 | | | 147,773 | |
| | 1,000 | | | 5.606%, 01/15/2044 | | | 1,369 | |
| | 45,000 | | | 4.750%, 12/07/2046 (f) | | | 56,221 | |
| | 90,000 | | | 5.013% (3 Month LIBOR USD + 4.240%), 04/04/2051 (b) | | | 123,826 | |
| | | | | | |
|
|
|
| | | | | | | | 6,883,276 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Beverages - 1.03% | |
| | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | |
| | 175,000 | | | 4.750%, 01/23/2029 | | $ | 213,867 | |
| | 200,000 | | | 5.450%, 01/23/2039 (f) | | | 259,245 | |
| | 5,000 | | | 3.750%, 07/15/2042 | | | 5,333 | |
| | 20,000 | | | 4.900%, 02/01/2046 | | | 24,737 | |
| | 145,000 | | | 4.600%, 04/15/2048 | | | 173,475 | |
| | 112,000 | | | 4.750%, 04/15/2058 | | | 137,206 | |
| | | | | Constellation Brands, Inc. | | | | |
| | 75,000 | | | 4.400%, 11/15/2025 | | | 87,292 | |
| | 144,000 | | | 3.600%, 02/15/2028 | | | 162,926 | |
| | 25,000 | | | 4.650%, 11/15/2028 | | | 30,131 | |
| | 6,000 | | | 3.150%, 08/01/2029 | | | 6,562 | |
| | 200,000 | | | Diageo Capital Plc
2.000%, 04/29/2030 | | | 206,534 | |
| | 35,000 | | | Keurig Dr Pepper, Inc.
3.200%, 05/01/2030 | | | 39,364 | |
| | | | | PepsiCo, Inc. | | | | |
| | 40,000 | | | 2.625%, 03/19/2027 | | | 43,985 | |
| | 5,000 | | | 1.625%, 05/01/2030 | | | 5,148 | |
| | 150,000 | | | 3.625%, 03/19/2050 (f) | | | 182,709 | |
| | | | | | |
|
|
|
| | | | | | | | 1,578,514 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.27% | |
| | | | | AbbVie, Inc. | | | | |
| | 135,000 | | | 3.450%, 03/15/2022 (c) | | | 140,071 | |
| | 205,000 | | | 2.950%, 11/21/2026 (c) | | | 223,599 | |
| | 355,000 | | | 3.200%, 11/21/2029 (c) | | | 392,636 | |
| | 205,000 | | | 4.250%, 11/21/2049 (c) | | | 244,658 | |
| | | | | Amgen, Inc. | | | | |
| | 45,000 | | | 2.650%, 05/11/2022 | | | 46,571 | |
| | 55,000 | | | 1.900%, 02/21/2025 | | | 57,717 | |
| | 95,000 | | | 2.200%, 02/21/2027 | | | 100,870 | |
| | 360,000 | | | 2.300%, 02/25/2031 (f) | | | 378,682 | |
| | | | | Gilead Sciences, Inc. | | | | |
| | 80,000 | | | 2.500%, 09/01/2023 | | | 84,044 | |
| | 270,000 | | | 1.650%, 10/01/2030 | | | 269,902 | |
| | | | | | |
|
|
|
| | | | | | | | 1,938,750 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.06% | |
| | 90,000 | | | Carrier Global Corp.
2.700%, 02/15/2031 (c) | | | 94,014 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.89% | |
| | | | | Bank of New York Mellon Corp/The | | | | |
| | 120,000 | | | 2.100%, 10/24/2024 | | | 127,118 | |
| | 90,000 | | | 2.450%, 08/17/2026 | | | 98,437 | |
| | 240,000 | | | BlackRock, Inc.
1.900%, 01/28/2031 | | | 249,105 | |
| | | | | Morgan Stanley | | | | |
| | 75,000 | | | 2.625%, 11/17/2021 | | | 76,895 | |
| | 195,000 | | | 3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (b)(f) | | | 210,032 | |
| | 180,000 | | | 3.700%, 10/23/2024 | | | 199,892 | |
| | 65,000 | | | 3.125%, 07/27/2026 | | | 72,055 | |
| | 190,000 | | | 3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (b)(f) | | | 214,082 | |
| | 55,000 | | | 4.431% (3 Month LIBOR USD + 1.628%), 01/23/2030 (b)(f) | | | 65,809 | |
| | 210,000 | | | 2.699% (SOFR + 1.143%), 01/22/2031 (b)(f) | | | 224,153 | |
| | 60,000 | | | 3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (b) | | | 71,281 | |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Capital Markets (Continued) | |
| | | | | State Street Corp. | | | | |
| | 80,000 | | | 3.776% (3 Month LIBOR USD + 0.770%), 12/03/2024 (b) | | $ | 87,588 | |
| | 90,000 | | | 2.354% (SOFR + 0.940%), 11/01/2025 (b) | | | 95,361 | |
| | 80,000 | | | 2.901% (SOFR + 2.600%), 03/30/2026 (b)(c) | | | 87,044 | |
| | | | | The Bank of New York Mellon Corp. | | | | |
| | 70,000 | | | 1.950%, 08/23/2022 | | | 72,212 | |
| | 125,000 | | | 2.661% (3 Month LIBOR USD + 0.634%), 05/16/2023 (b) | | | 129,441 | |
| | | | | The Goldman Sachs Group, Inc. | | | | |
| | 135,000 | | | 2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (b) | | | 138,280 | |
| | 55,000 | | | 2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (b) | | | 57,083 | |
| | 140,000 | | | 3.500%, 01/23/2025 (f) | | | 153,843 | |
| | 40,000 | | | 3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (b) | | | 43,336 | |
| | 140,000 | | | 6.750%, 10/01/2037 | | | 203,873 | |
| | 20,000 | | | 6.250%, 02/01/2041 | | | 29,957 | |
| | | | | Willis North America, Inc. | | | | |
| | 25,000 | | | 3.600%, 05/15/2024 | | | 27,327 | |
| | 145,000 | | | 2.950%, 09/15/2029 | | | 156,550 | |
| | | | | | |
|
|
|
| | | | | | | | 2,890,754 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.55% | |
| | | | | Air Products and Chemicals, Inc. | | | | |
| | 20,000 | | | 1.500%, 10/15/2025 | | | 20,772 | |
| | 40,000 | | | 1.850%, 05/15/2027 | | | 42,051 | |
| | | | | Dow Chemical Co. | | | | |
| | 45,000 | | | 4.800%, 05/15/2049 | | | 53,881 | |
| | 105,000 | | | 3.600%, 11/15/2050 | | | 106,475 | |
| | 295,000 | | | DuPont de Nemours, Inc.
4.205%, 11/15/2023 | | | 324,207 | |
| | | | | The Sherwin-Williams Co. | | | | |
| | 15,000 | | | 3.450%, 06/01/2027 | | | 16,870 | |
| | 95,000 | | | 2.950%, 08/15/2029 | | | 104,757 | |
| | 105,000 | | | 2.300%, 05/15/2030 (f) | | | 109,928 | |
| | 15,000 | | | 4.500%, 06/01/2047 | | | 18,665 | |
| | 45,000 | | | 3.300%, 05/15/2050 | | | 47,832 | |
| | | | | | |
|
|
|
| | | | | | | | 845,438 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.22% | |
| | 55,000 | | | ERAC USA Finance LLC
7.000%, 10/15/2037 (c)(f) | | | 79,625 | |
| | 240,000 | | | Republic Services, Inc.
1.450%, 02/15/2031 | | | 237,255 | |
| | 20,000 | | | Waste Management, Inc.
4.150%, 07/15/2049 | | | 25,538 | |
| | | | | | |
|
|
|
| | | | | | | | 342,418 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.45% | |
| | 155,000 | | | American Express Co.
4.200%, 11/06/2025 | | | 179,727 | |
| | | | | John Deere Capital Corp. | | | | |
| | 135,000 | | | 3.200%, 01/10/2022 | | | 139,971 | |
| | 25,000 | | | 1.200%, 04/06/2023 | | | 25,506 | |
| | 25,000 | | | 3.450%, 06/07/2023 | | | 27,051 | |
| | 145,000 | | | 2.600%, 03/07/2024 | | | 155,110 | |
| | 25,000 | | | 1.750%, 03/09/2027 | | | 26,172 | |
| | 125,000 | | | NiSource, Inc.
3.490%, 05/15/2027 | | | 139,517 | |
| | | | | | |
|
|
|
| | | | | | | | 693,054 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Diversified Consumer Services - 0.12% | |
| | | | | Howard University | | | | |
| | 100,000 | | | 2.901%, 10/01/2031 | | $ | 104,644 | |
| | 75,000 | | | 3.476%, 10/01/2041 | | | 76,683 | |
| | | | | | |
|
|
|
| | | | | | | | 181,327 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.64% | |
| | | | | BAT Capital Corp. | | | | |
| | 55,000 | | | 3.222%, 08/15/2024 | | | 58,897 | |
| | 275,000 | | | 2.789%, 09/06/2024 (f) | | | 290,724 | |
| | 115,000 | | | 2.259%, 03/25/2028 (f) | | | 115,765 | |
| | 120,000 | | | BAT International Finance Plc
1.668%, 03/25/2026 (f) | | | 120,563 | |
| | 200,000 | | | GE Capital Funding LLC | | | | |
| | | | | 4.400%, 05/15/2030 (c)(f) | | | 215,196 | |
| | 160,000 | | | GlaxoSmithKline Capital, Inc.
3.625%, 05/15/2025 | | | 182,009 | |
| | | | | | |
|
|
|
| | | | | | | | 983,154 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.82% | |
| | | | | AT&T, Inc. | | | | |
| | 175,000 | | | 4.500%, 05/15/2035 | | | 207,059 | |
| | 29,000 | | | 4.350%, 06/15/2045 | | | 32,593 | |
| | 168,000 | | | 3.500%, 09/15/2053 (c) | | | 163,209 | |
| | 91,000 | | | 3.550%, 09/15/2055 (c) | | | 88,630 | |
| | 165,000 | | | 3.500%, 02/01/2061 | | | 157,773 | |
| | | | | Verizon Communications, Inc. | | | | |
| | 70,000 | | | 1.500%, 09/18/2030 | | | 69,927 | |
| | 140,000 | | | 4.500%, 08/10/2033 | | | 177,929 | |
| | 60,000 | | | 5.250%, 03/16/2037 | | | 83,290 | |
| | 20,000 | | | 4.812%, 03/15/2039 | | | 26,225 | |
| | 155,000 | | | 4.862%, 08/21/2046 | | | 212,348 | |
| | 30,000 | | | 4.000%, 03/22/2050 (f) | | | 37,138 | |
| | 3,000 | | | 4.672%, 03/15/2055 | | | 4,173 | |
| | | | | | |
|
|
|
| | | | | | | | 1,260,294 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 2.55% | |
| | | | | Alabama Power Co. | | | | |
| | 65,000 | | | 2.450%, 03/30/2022 | | | 66,899 | |
| | 55,000 | | | 4.150%, 08/15/2044 | | | 67,392 | |
| | 70,000 | | | BP Capital Markets America, Inc.
3.633%, 04/06/2030 | | | 80,494 | |
| | | | | Cleco Corporate Holdings LLC | | | | |
| | 46,000 | | | 3.743%, 05/01/2026 | | | 49,147 | |
| | 5,000 | | | 4.973%, 05/01/2046 | | | 5,559 | |
| | 90,000 | | | Commonwealth Edison Co.
3.650%, 06/15/2046 | | | 105,288 | |
| | | | | Duke Energy Carolinas LLC | | | | |
| | 45,000 | | | 2.500%, 03/15/2023 | | | 47,176 | |
| | 118,000 | | | 5.300%, 02/15/2040 | | | 167,341 | |
| | 60,000 | | | Duke Energy Indiana, Inc.
4.900%, 07/15/2043 | | | 80,036 | |
| | 100,000 | | | Duke Energy Ohio, Inc.
3.650%, 02/01/2029 | | | 116,273 | |
| | 15,000 | | | Evergy Metro, Inc.
2.250%, 06/01/2030 | | | 15,902 | |
| | | | | Evergy, Inc. | | | | |
| | 55,000 | | | 2.450%, 09/15/2024 | | | 58,309 | |
| | 150,000 | | | 2.900%, 09/15/2029 | | | 161,308 | |
| | | | | Exelon Corp. | | | | |
| | 185,000 | | | 2.450%, 04/15/2021 | | | 186,618 | |
| | 10,000 | | | 4.700%, 04/15/2050 | | | 12,785 | |
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Electric Utilities (Continued) | |
| | | | | FirstEnergy Corp. | | | | |
| | 25,000 | | | 1.600%, 01/15/2026 | | $ | 24,876 | |
| | 65,000 | | | 2.250%, 09/01/2030 | | | 63,685 | |
| | | | | Georgia Power Co. | | | | |
| | 85,000 | | | 2.400%, 04/01/2021 | | | 85,735 | |
| | 130,000 | | | 2.100%, 07/30/2023 | | | 135,801 | |
| | 45,000 | | | 4.750%, 09/01/2040 | | | 55,549 | |
| | 160,000 | | | ITC Holdings Corp.
2.950%, 05/14/2030 (c) | | | 172,408 | |
| | 245,000 | | | NextEra Energy Capital Holdings, Inc.
2.250%, 06/01/2030 | | | 254,350 | |
| | 210,000 | | | Oglethorpe Power Corp.
5.050%, 10/01/2048 | | | 249,066 | |
| | 20,000 | | | Oncor Electric Delivery Co. LLC
5.750%, 03/15/2029 | | | 26,334 | |
| | 305,000 | | | Pacific Gas and Electric Co.
2.500%, 02/01/2031 (f) | | | 291,114 | |
| | | | | PacifiCorp | | | | |
| | 10,000 | | | 2.700%, 09/15/2030 | | | 11,007 | |
| | 33,000 | | | 4.125%, 01/15/2049 | | | 41,281 | |
| | 10,000 | | | 3.300%, 03/15/2051 | | | 11,214 | |
| | | | | Puget Energy, Inc. | | | | |
| | 135,000 | | | 3.650%, 05/15/2025 | | | 144,662 | |
| | 125,000 | | | 4.100%, 06/15/2030 (c) | | | 139,805 | |
| | 110,000 | | | Sierra Pacific Power Co.
2.600%, 05/01/2026 | | | 120,068 | |
| | 31,000 | | | South Carolina Electric & Gas Co.
5.100%, 06/01/2065 | | | 46,405 | |
| | | | | Southern California Edison Co. | | | | |
| | 90,000 | | | 2.850%, 08/01/2029 (f) | | | 94,922 | |
| | 125,000 | | | 2.250%, 06/01/2030 | | | 125,635 | |
| | 19,000 | | | 4.000%, 04/01/2047 | | | 20,421 | |
| | 61,000 | | | 4.125%, 03/01/2048 | | | 67,318 | |
| | 80,000 | | | 3.650%, 02/01/2050 (f) | | | 83,114 | |
| | 230,000 | | | Southern Co/The
3.700%, 04/30/2030 (f) | | | 263,360 | |
| | 25,000 | | | The Southern Co.
4.400%, 07/01/2046 | | | 29,714 | |
| | 120,000 | | | Xcel Energy, Inc.
2.600%, 12/01/2029 | | | 129,899 | |
| | | | | | |
|
|
|
| | | | | | | | 3,908,270 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.41% | |
| | | | | ViacomCBS, Inc. | | | | |
| | 340,000 | | | 4.950%, 01/15/2031 (f) | | | 409,834 | |
| | 30,000 | | | 4.375%, 03/15/2043 (f) | | | 31,983 | |
| | 170,000 | | | Walt Disney Co
2.650%, 01/13/2031 (f) | | | 184,043 | |
| | | | | | |
|
|
|
| | | | | | | | 625,860 | |
| | | | | | |
|
|
|
| | | | | Equity Real Estate Investment Trusts (REITs) - 0.20% | |
| | 105,000 | | | American Tower Corp.
2.400%, 03/15/2025 | | | 111,128 | |
| | 45,000 | | | Brixmor Operating Partnership LP
4.050%, 07/01/2030 | | | 48,208 | |
| | 25,000 | | | Equinix, Inc.
1.800%, 07/15/2027 | | | 25,273 | |
| | 35,000 | | | VEREIT Operating Partnership LP
3.400%, 01/15/2028 | | | 36,589 | |
| | 85,000 | | | Welltower, Inc.
2.700%, 02/15/2027 | | | 89,884 | |
| | | | | | |
|
|
|
| | | | | | | | 311,082 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Financials - 0.01% | |
| | 12,000 | | | Massachusetts Mutual Life Insurance Co.
3.729%, 10/15/2070 (c) | | $ | 12,558 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.26% | |
| | | | | Alimentation Couche-Tard, Inc. | | | | |
| | 15,000 | | | 2.950%, 01/25/2030 (c) | | | 16,220 | |
| | 55,000 | | | 3.800%, 01/25/2050 (c) | | | 60,724 | |
| | 215,000 | | | Costco Wholesale Corp.
1.600%, 04/20/2030 (f) | | | 219,163 | |
| | 75,000 | | | Sysco Corp.
5.950%, 04/01/2030 | | | 95,304 | |
| | | | | | |
|
|
|
| | | | | | | | 391,411 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.36% | |
| | 75,000 | | | Archer-Daniels-Midland Co.
3.250%, 03/27/2030 | | | 86,150 | |
| | 130,000 | | | Conagra Brands, Inc.
4.850%, 11/01/2028 | | | 158,978 | |
| | 140,000 | | | General Mills, Inc.
2.875%, 04/15/2030 | | | 153,877 | |
| | | | | Mondelez International, Inc. | | | | |
| | 15,000 | | | 2.750%, 04/13/2030 | | | 16,352 | |
| | 135,000 | | | 1.500%, 02/04/2031 | | | 131,912 | |
| | | | | | |
|
|
|
| | | | | | | | 547,269 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.01% | |
| | 10,000 | | | Southern Co. Gas Capital Corp.
2.450%, 10/01/2023 | | | 10,523 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 0.86% | |
| | 200,000 | | | Alcon Finance Corp.
2.750%, 09/23/2026 (c) | | | 217,613 | |
| | 65,000 | | | Baxter International, Inc.
3.950%, 04/01/2030 (c) | | | 78,025 | |
| | | | | Becton Dickinson and Co. | | | | |
| | 205,000 | | | 3.125%, 11/08/2021 | | | 210,741 | |
| | 35,000 | | | 2.823%, 05/20/2030 (f) | | | 37,822 | |
| | | | | Boston Scientific Corp. | | | | |
| | 85,000 | | | 1.900%, 06/01/2025 | | | 88,879 | |
| | 250,000 | | | 3.750%, 03/01/2026 | | | 285,101 | |
| | | | | Shire Acquisitions Investments Ireland Designated Activity Co. | | | | |
| | 20,000 | | | 2.400%, 09/23/2021 | | | 20,365 | |
| | 125,000 | | | 2.875%, 09/23/2023 | | | 132,565 | |
| | 230,000 | | | Zimmer Biomet Holdings, Inc.
3.050%, 01/15/2026 (f) | | | 252,678 | |
| | | | | | |
|
|
|
| | | | | | | | 1,323,789 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.86% | |
| | | | | Anthem, Inc. | | | | |
| | 95,000 | | | 3.650%, 12/01/2027 | | | 108,381 | |
| | 130,000 | | | 2.875%, 09/15/2029 (f) | | | 140,586 | |
| | 40,000 | | | 4.375%, 12/01/2047 | | | 49,076 | |
| | 70,000 | | | CommonSpirit Health
2.760%, 10/01/2024 | | | 73,222 | |
| | | | | CVS Health Corp. | | | | |
| | 100,000 | | | 4.125%, 04/01/2040 (f) | | | 114,362 | |
| | 55,000 | | | 5.125%, 07/20/2045 | | | 69,702 | |
| | 125,000 | | | 5.050%, 03/25/2048 | | | 160,067 | |
| | 60,000 | | | Humana, Inc.
2.500%, 12/15/2020 | | | 60,254 | |
| | 70,000 | | | Quest Diagnostics, Inc.
2.800%, 06/30/2031 | | | 75,499 | |
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Health Care Providers & Services (Continued) | |
| | | | | UnitedHealth Group, Inc. | | | | |
| | 70,000 | | | 2.375%, 08/15/2024 | | $ | 74,603 | |
| | 90,000 | | | 2.875%, 08/15/2029 | | | 100,448 | |
| | 115,000 | | | 2.000%, 05/15/2030 | | | 120,760 | |
| | 10,000 | | | 3.500%, 08/15/2039 | | | 11,520 | |
| | 135,000 | | | 3.950%, 10/15/2042 | | | 164,809 | |
| | | | | | |
|
|
|
| | | | | | | | 1,323,289 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.35% | |
| | 65,000 | | | GLP Capital LP / GLP Financing II, Inc.
5.300%, 01/15/2029 | | | 72,578 | |
| | 80,000 | | | Las Vegas Sands Corp.
3.500%, 08/18/2026 | | | 81,173 | |
| | | | | McDonald’s Corp. | | | | |
| | 80,000 | | | 3.350%, 04/01/2023 | | | 85,488 | |
| | 20,000 | | | 4.600%, 05/26/2045 | | | 24,846 | |
| | 15,000 | | | 4.875%, 12/09/2045 | | | 19,543 | |
| | 85,000 | | | 3.625%, 09/01/2049 | | | 95,969 | |
| | 70,000 | | | 4.200%, 04/01/2050 (f) | | | 85,657 | |
| | 65,000 | | | Starbucks Corp.
3.800%, 08/15/2025 | | | 73,576 | |
| | | | | | |
|
|
|
| | | | | | | | 538,830 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.46% | |
| | 30,000 | | | General Electric Co.
3.625%, 05/01/2030 | | | 31,154 | |
| | 245,000 | | | Honeywell International, Inc.
1.950%, 06/01/2030 (f) | | | 258,370 | |
| | 232,000 | | | NXP BV / NXP Funding LLC
4.875%, 03/01/2024 (c) | | | 261,010 | |
| | 85,000 | | | NXP BV / NXP Funding LLC / NXP USA, Inc.
4.300%, 06/18/2029 (c) | | | 98,159 | |
| | 60,000 | | | NXP BV / NXP Funding LLC / NXP US SR GLBL 144A 27
3.150%, 05/01/2027 (c) | | | 64,961 | |
| | | | | | |
|
|
|
| | | | | | | | 713,654 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.74% | |
| | 325,000 | | | American International Group, Inc.
2.500%, 06/30/2025 (f) | | | 347,611 | |
| | 135,000 | | | Berkshire Hathaway Finance Corp.
4.200%, 08/15/2048 | | | 173,820 | |
| | | | | Marsh & McLennan Cos, Inc. | | | | |
| | 30,000 | | | 3.500%, 12/29/2020 | | | 30,232 | |
| | 110,000 | | | 3.875%, 03/15/2024 | | | 122,000 | |
| | 65,000 | | | 4.375%, 03/15/2029 | | | 78,812 | |
| | 60,000 | | | 4.750%, 03/15/2039 | | | 79,135 | |
| | 70,000 | | | Marsh & McLennan Cos., Inc.
4.050%, 10/15/2023 | | | 76,736 | |
| | 40,000 | | | New York Life Global Funding
2.000%, 04/13/2021 (c) | | | 40,378 | |
| | 105,000 | | | Progressive Corp.
3.200%, 03/26/2030 | | | 120,313 | |
| | 55,000 | | | Trinity Acquisition PLC
4.400%, 03/15/2026 | | | 63,602 | |
| | | | | | |
|
|
|
| | | | | | | | 1,132,639 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 0.41% | |
| | 295,000 | | | Alphabet, Inc.
2.050%, 08/15/2050 | | | 277,636 | |
| | 350,000 | | | Tencent Holdings Ltd.
2.390%, 06/03/2030 (c) | | | 356,504 | |
| | | | | | |
|
|
|
| | | | | | | | 634,140 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Internet & Direct Marketing Retail - 0.64% | |
| | 200,000 | | | Alibaba Group Holding, Ltd.
3.400%, 12/06/2027 | | $ | 224,107 | |
| | | | | Amazon.com, Inc. | | | | |
| | 470,000 | | | 1.500%, 06/03/2030 | | | 480,923 | |
| | 150,000 | | | 3.875%, 08/22/2037 | | | 187,227 | |
| | 60,000 | | | 4.950%, 12/05/2044 | | | 85,578 | |
| | | | | | |
|
|
|
| | | | | | | | 977,835 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.99% | |
| | | | | Fidelity National Information Services, Inc. | | | | |
| | 70,000 | | | 4.250%, 05/15/2028 | | | 83,981 | |
| | 62,000 | | | 3.750%, 05/21/2029 | | | 73,017 | |
| | | | | Fiserv, Inc. | | | | |
| | 135,000 | | | 3.200%, 07/01/2026 | | | 150,184 | |
| | 385,000 | | | 2.250%, 06/01/2027 | | | 407,496 | |
| | | | | Global Payments, Inc. | | | | |
| | 55,000 | | | 3.200%, 08/15/2029 | | | 60,150 | |
| | 120,000 | | | 2.900%, 05/15/2030 | | | 128,613 | |
| | | | | International Business Machines Corp. | | | | |
| | 385,000 | | | 1.950%, 05/15/2030 | | | 398,216 | |
| | 100,000 | | | 4.250%, 05/15/2049 | | | 125,820 | |
| | 85,000 | | | Leidos Holdings, Inc.
3.625%, 05/15/2025 (c) | | | 94,543 | |
| | | | | | |
|
|
|
| | | | | | | | 1,522,020 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.11% | |
| | 160,000 | | | Thermo Fisher Scientific, Inc.
3.000%, 04/15/2023 | | | 169,329 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.48% | |
| | 130,000 | | | Caterpillar, Inc.
2.600%, 04/09/2030 | | | 143,035 | |
| | 545,000 | | | Otis Worldwide Corp.
2.565%, 02/15/2030 (f) | | | 586,685 | |
| | | | | | |
|
|
|
| | | | | | | | 729,720 | |
| | | | | | |
|
|
|
| | | | | Media - 1.75% | |
| | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | | |
| | 40,000 | | | 4.908%, 07/23/2025 | | | 46,297 | |
| | 230,000 | | | 3.750%, 02/15/2028 | | | 254,850 | |
| | 125,000 | | | 2.800%, 04/01/2031 | | | 130,408 | |
| | 150,000 | | | 5.375%, 05/01/2047 (f) | | | 178,371 | |
| | 55,000 | | | 5.750%, 04/01/2048 | | | 68,773 | |
| | 75,000 | | | 5.125%, 07/01/2049 | | | 87,235 | |
| | 30,000 | | | 4.800%, 03/01/2050 | | | 34,282 | |
| | | | | Comcast Corp. | | | | |
| | 35,000 | | | 3.200%, 07/15/2036 | | | 38,965 | |
| | 125,000 | | | 4.600%, 10/15/2038 | | | 160,176 | |
| | 90,000 | | | 3.250%, 11/01/2039 | | | 100,369 | |
| | 255,000 | | | 3.750%, 04/01/2040 | | | 299,475 | |
| | 20,000 | | | 4.750%, 03/01/2044 | | | 26,473 | |
| | 30,000 | | | 3.400%, 07/15/2046 | | | 33,497 | |
| | 65,000 | | | 4.700%, 10/15/2048 | | | 86,982 | |
| | 50,000 | | | 4.950%, 10/15/2058 (f) | | | 72,006 | |
| | 291,000 | | | Cox Communications, Inc.
3.150%, 08/15/2024 (c) | | | 313,445 | |
| | | | | Discovery Communications, LLC | | | | |
| | 45,000 | | | 3.800%, 03/13/2024 | | | 49,053 | |
| | 28,000 | | | 3.950%, 06/15/2025 | | | 31,451 | |
| | 145,000 | | | 3.950%, 03/20/2028 | | | 165,162 | |
| | 80,000 | | | 3.625%, 05/15/2030 | | | 89,101 | |
| | 60,000 | | | 5.200%, 09/20/2047 | | | 72,794 | |
| | 97,000 | | | 5.300%, 05/15/2049 (f) | | | 118,915 | |
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Media (Continued) | |
| | | | | Time Warner Cable, Inc. | | | | |
| | 30,000 | | | 5.500%, 09/01/2041 | | $ | 36,460 | |
| | 50,000 | | | 4.500%, 09/15/2042 | | | 54,390 | |
| | 110,000 | | | ViacomCBS, Inc. | | | | |
| | | | | 4.200%, 05/19/2032 (f) | | | 126,227 | |
| | | | | | |
|
|
|
| | | | | | | | 2,675,157 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.15% | |
| | 15,000 | | | Steel Dynamics, Inc.
3.250%, 01/15/2031 | | | 16,099 | |
| | 205,000 | | | Vale Overseas Ltd.
3.750%, 07/08/2030 | | | 211,150 | |
| | | | | | |
|
|
|
| | | | | | | | 227,249 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.71% | |
| | | | | Berkshire Hathaway Energy Co. | | | | |
| | 50,000 | | | 3.250%, 04/15/2028 | | | 56,767 | |
| | 65,000 | | | 6.125%, 04/01/2036 | | | 92,894 | |
| | 85,000 | | | Dominion Energy, Inc. | | | | |
| | | | | 2.850%, 08/15/2026 | | | 93,309 | |
| | 65,000 | | | 2.500%, 11/15/2024 | | | 69,241 | |
| | 190,000 | | | NiSource, Inc.
3.600%, 05/01/2030 (f) | | | 217,022 | |
| | 380,000 | | | Public Service Enterprise Group, Inc.
1.600%, 08/15/2030 | | | 374,826 | |
| | | | | Sempra Energy | | | | |
| | 150,000 | | | 3.400%, 02/01/2028 | | | 165,181 | |
| | 15,000 | | | 4.000%, 02/01/2048 | | | 16,945 | |
| | | | | | |
|
|
|
| | | | | | | | 1,086,185 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 1.29% | |
| | 15,000 | | | Canadian Natural Resources, Ltd.
6.500%, 02/15/2037 | | | 17,798 | |
| | | | | Energy Transfer Operating LP | | | | |
| | 90,000 | | | 5.250%, 04/15/2029 | | | 96,755 | |
| | 90,000 | | | 6.125%, 12/15/2045 | | | 90,571 | |
| | 45,000 | | | 6.250%, 04/15/2049 | | | 46,633 | |
| | 215,000 | | | Enterprise Products Operating LLC
4.800%, 02/01/2049 (f) | | | 249,153 | |
| | | | | Equinor ASA | | | | |
| | 65,000 | | | 3.625%, 04/06/2040 | | | 74,304 | |
| | 75,000 | | | 3.700%, 04/06/2050 | | | 86,517 | |
| | 160,000 | | | Exxon Mobil Corp.
4.227%, 03/19/2040 | | | 196,570 | |
| | | | | Hess Corp. | | | | |
| | 10,000 | | | 7.300%, 08/15/2031 | | | 12,244 | |
| | 20,000 | | | 5.800%, 04/01/2047 | | | 21,956 | |
| | 130,000 | | | Marathon Petroleum Corp.
4.700%, 05/01/2025 | | | 147,120 | |
| | | | | MPLX LP | | | | |
| | 125,000 | | | 1.750%, 03/01/2026 (f) | | | 124,661 | |
| | 65,000 | | | 4.250%, 12/01/2027 | | | 72,962 | |
| | 140,000 | | | 5.200%, 03/01/2047 | | | 153,322 | |
| | | | | ONEOK, Inc. | | | | |
| | 15,000 | | | 2.200%, 09/15/2025 | | | 14,813 | |
| | 65,000 | | | 5.850%, 01/15/2026 | | | 74,841 | |
| | 30,000 | | | 4.000%, 07/13/2027 | | | 31,258 | |
| | 20,000 | | | 3.100%, 03/15/2030 | | | 19,286 | |
| | 135,000 | | | Sabine Pass Liquefaction LLC
4.500%, 05/15/2030 (c)(f) | | | 152,417 | |
| | 95,000 | | | Suncor Energy, Inc.
3.100%, 05/15/2025 (f) | | | 102,163 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | | | | Sunoco Logistics Partners Operations LP | | | | |
| | 5,000 | | | 5.300%, 04/01/2044 | | $ | 4,667 | |
| | 5,000 | | | 5.350%, 05/15/2045 | | | 4,675 | |
| | | | | TransCanada PipeLines, Ltd. | | | | |
| | 80,000 | | | 4.100%, 04/15/2030 | | | 92,479 | |
| | 5,000 | | | 4.750%, 05/15/2038 | | | 5,892 | |
| | 10,000 | | | 6.100%, 06/01/2040 | | | 13,265 | |
| | 55,000 | | | 5.100%, 03/15/2049 (f) | | | 70,190 | |
| | | | | | |
|
|
|
| | | | | | | | 1,976,512 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.04% | |
| | 50,000 | | | Estee Lauder Cos Inc/The
2.600%, 04/15/2030 | | | 54,693 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 1.42% | |
| | 230,000 | | | Bayer US Finance II LLC
4.250%, 12/15/2025 (c)(f) | | | 263,565 | |
| | | | | Bristol-Myers Squibb Co. | | | | |
| | 30,000 | | | 3.200%, 06/15/2026 | | | 33,882 | |
| | 75,000 | | | 3.400%, 07/26/2029 | | | 87,485 | |
| | 195,000 | | | GlaxoSmithKline Capital PLC
2.875%, 06/01/2022 | | | 202,540 | |
| | | | | Johnson & Johnson | | | | |
| | 75,000 | | | 3.550%, 03/01/2036 | | | 91,301 | |
| | 55,000 | | | 3.625%, 03/03/2037 | | | 67,424 | |
| | 135,000 | | | Merck & Co, Inc. | | | | |
| | | | | 3.400%, 03/07/2029 | | | 157,513 | |
| | | | | Novartis Capital Corp. | | | | |
| | 195,000 | | | 2.000%, 02/14/2027 | | | 207,658 | |
| | 145,000 | | | 2.200%, 08/14/2030 | | | 156,896 | |
| | | | | Pfizer, Inc. | | | | |
| | 60,000 | | | 2.625%, 04/01/2030 | | | 67,224 | |
| | 135,000 | | | 1.700%, 05/28/2030 | | | 139,431 | |
| | | | | Royalty Pharma Plc | | | | |
| | 15,000 | | | 1.750%, 09/02/2027 (c) | | | 15,063 | |
| | 265,000 | | | 2.200%, 09/02/2030 (c)(f) | | | 265,109 | |
| | 70,000 | | | 3.300%, 09/02/2040 (c) | | | 69,672 | |
| | 50,000 | | | 3.550%, 09/02/2050 (c)(f) | | | 48,709 | |
| | 200,000 | | | TAKEDA PHARMACEUTICAL CO LTD GLBL NT 2.05% 30
2.050%, 03/31/2030 | | | 202,478 | |
| | | | | Upjohn, Inc. | | | | |
| | 55,000 | | | 1.650%, 06/22/2025 (c) | | | 56,388 | |
| | 40,000 | | | 2.300%, 06/22/2027 (c) | | | 41,510 | |
| | | | | | |
|
|
|
| | | | | | | | 2,173,848 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.06% | |
| | | | | Equifax, Inc. | | | | |
| | 67,000 | | | 2.600%, 12/15/2025 | | | 71,669 | |
| | 20,000 | | | 3.100%, 05/15/2030 | | | 21,825 | |
| | | | | | |
|
|
|
| | | | | | | | 93,494 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.19% | |
| | 45,000 | | | CSX Corp.
4.500%, 03/15/2049 | | | 58,827 | |
| | 30,000 | | | Norfolk Southern Corp.
3.400%, 11/01/2049 | | | 33,546 | |
| | 160,000 | | | Union Pacific Corp.
4.100%, 09/15/2067 | | | 191,017 | |
| | | | | | |
|
|
|
| | | | | | | | 283,390 | |
| | | | | | |
|
|
|
See notes to financial statements.
83
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Semiconductors & Semiconductor Equipment - 1.15% | |
| | 60,000 | | | Broadcom Corp / Broadcom Cayman Finance, Ltd.
3.125%, 01/15/2025 | | $ | 63,977 | |
| | | | | Broadcom, Inc. | | | | |
| | 190,000 | | | 3.150%, 11/15/2025 (f) | | | 206,035 | |
| | 215,000 | | | 4.110%, 09/15/2028 | | | 242,871 | |
| | 425,000 | | | 5.000%, 04/15/2030 (f) | | | 502,473 | |
| | | | | Intel Corp. | | | | |
| | 265,000 | | | 2.450%, 11/15/2029 | | | 288,978 | |
| | 19,000 | | | 3.734%, 12/08/2047 | | | 22,771 | |
| | 115,000 | | | 3.250%, 11/15/2049 (f) | | | 129,262 | |
| | 150,000 | | | Microchip Technology, Inc.
2.670%, 09/01/2023 (c)(f) | | | 155,364 | |
| | 130,000 | | | NVIDIA Corp.
3.500%, 04/01/2040 | | | 153,008 | |
| | | | | | |
|
|
|
| | | | | | | | 1,764,739 | |
| | | | | | |
|
|
|
| | | | | Software - 0.54% | |
| | 155,000 | | | Microsoft Corp.
2.525%, 06/01/2050 (f) | | | 163,117 | |
| | | | | Oracle Corp. | | | | |
| | 115,000 | | | 4.300%, 07/08/2034 | | | 144,452 | |
| | 25,000 | | | 3.900%, 05/15/2035 | | | 30,481 | |
| | 50,000 | | | 3.800%, 11/15/2037 | | | 58,809 | |
| | 185,000 | | | 3.600%, 04/01/2040 | | | 212,812 | |
| | 125,000 | | | 3.600%, 04/01/2050 (f) | | | 141,687 | |
| | 75,000 | | | salesforce.com, Inc.
3.250%, 04/11/2023 | | | 80,372 | |
| | | | | | |
|
|
|
| | | | | | | | 831,730 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.34% | |
| | 75,000 | | | AutoZone, Inc.
3.625%, 04/15/2025 | | | 83,754 | |
| | 205,000 | | | Home Depot Inc/The
3.300%, 04/15/2040 | | | 233,896 | |
| | | | | Home Depot, Inc. | | | | |
| | 55,000 | | | 5.875%, 12/16/2036 | | | 83,062 | |
| | 5,000 | | | 3.500%, 09/15/2056 | | | 5,897 | |
| | | | | Lowe’s Cos., Inc. | | | | |
| | 60,000 | | | 5.000%, 04/15/2040 | | | 78,962 | |
| | 25,000 | | | 3.700%, 04/15/2046 | | | 28,766 | |
| | | | | | |
|
|
|
| | | | | | | | 514,337 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.48% | |
| | | | | Apple, Inc. | | | | |
| | 360,000 | | | 1.125%, 05/11/2025 (f) | | | 368,976 | |
| | 20,000 | | | 3.350%, 02/09/2027 (f) | | | 22,907 | |
| | 280,000 | | | 2.200%, 09/11/2029 | | | 301,594 | |
| | 40,000 | | | 3.450%, 02/09/2045 | | | 46,938 | |
| | | | | | |
|
|
|
| | | | | | | | 740,415 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.52% | |
| | | | | Altria Group, Inc. | | | | |
| | 45,000 | | | 2.350%, 05/06/2025 | | | 47,619 | |
| | 75,000 | | | 4.400%, 02/14/2026 | | | 86,739 | |
| | 145,000 | | | 2.625%, 09/16/2026 | | | 155,654 | |
| | 105,000 | | | 4.800%, 02/14/2029 | | | 124,764 | |
| | 45,000 | | | 5.800%, 02/14/2039 | | | 57,725 | |
| | 15,000 | | | 5.375%, 01/31/2044 | | | 18,740 | |
| | 90,000 | | | 3.875%, 09/16/2046 | | | 92,663 | |
| | 40,000 | | | 5.950%, 02/14/2049 | | | 53,748 | |
| | 160,000 | | | Philip Morris International, Inc.
2.100%, 05/01/2030 | | | 164,927 | |
| | | | | | |
|
|
|
| | | | | | | | 802,579 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Water Utilities - 0.15% | |
| | | | | American Water Capital Corp. | | | | |
| | 140,000 | | | 3.750%, 09/01/2028 | | $ | 163,795 | |
| | 40,000 | | | 2.800%, 05/01/2030 | | | 43,941 | |
| | 15,000 | | | 4.150%, 06/01/2049 | | | 18,819 | |
| | | | | | |
|
|
|
| | | | | | | | 226,555 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.98% | |
| | | | | T-Mobile USA, Inc. | | | | |
| | 235,000 | | | 3.500%, 04/15/2025 (c)(f) | | | 258,101 | |
| | 360,000 | | | 1.500%, 02/15/2026 (c) | | | 363,454 | |
| | 65,000 | | | 2.050%, 02/15/2028 (c) | | | 66,630 | |
| | 290,000 | | | 3.875%, 04/15/2030 (c) | | | 329,402 | |
| | 100,000 | | | 4.500%, 04/15/2050 (c) | | | 120,155 | |
| | 75,000 | | | 3.300%, 02/15/2051 (c) | | | 74,491 | |
| | 205,000 | | | Telefonica Emisiones SA
4.895%, 03/06/2048 | | | 237,073 | |
| | 50,000 | | | Vodafone Group Plc
4.250%, 09/17/2050 (f) | | | 58,302 | |
| | | | | | |
|
|
|
| | | | | | | | 1,507,608 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $44,992,470) | | | 49,197,058 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.50% | |
| | 200,000 | | | Chile Government International Bond
2.550%, 01/27/2032 | | | 211,602 | |
| | 66,000 | | | Hungary Government International Bond
6.375%, 03/29/2021 | | | 67,926 | |
| | 200,000 | | | Mexico Government International Bond
4.750%, 04/27/2032 | | | 226,200 | |
| | 40,000 | | | Peruvian Government International Bond
2.392%, 01/23/2026 | | | 42,040 | |
| | 200,000 | | | Saudi Government International Bond
2.900%, 10/22/2025 (c) | | | 214,010 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $701,682) | | | 761,778 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 34.06% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 13,214 | | | Pool #D9-6291 4.500%, 09/01/2023 | | | 14,267 | |
| | 30,075 | | | Pool #G1-3624 5.000%, 08/01/2024 | | | 31,698 | |
| | 82,000 | | | Series K-068, 1.698%, 08/25/2027 | | | 94,707 | |
| | 724,409 | | | Series K-104, 1.271%, 01/25/2030 (b)(j) | | | 64,819 | |
| | 334,891 | | | Series K-110, 1.698%, 04/25/2030 (b)(j) | | | 45,932 | |
| | 1,327,272 | | | Series K-111, 1.682%, 05/25/2030 (b)(j) | | | 171,557 | |
| | 934,892 | | | Series K-114, 1.213%, 06/25/2030 (b)(j) | | | 87,749 | |
| | 108,288 | | | Series 2329, 6.500%, 06/15/2031 | | | 121,599 | |
| | 52,994 | | | Series 2338, 6.500%, 07/15/2031 | | | 62,677 | |
| | 53,809 | | | Pool #78-0447 3.761% (1 Year CMT Rate + 2.250%), 04/01/2033 (a) | | | 56,492 | |
| | 95 | | | Pool #A4-3129 5.500%, 02/01/2036 | | | 107 | |
| | 106,869 | | | Series 4216, 1.700%, 10/15/2039 | | | 108,506 | |
| | 53,515 | | | Series 3883, 3.000%, 05/15/2041 | | | 57,872 | |
| | 196,462 | | | Series 4139, 2.500%, 11/15/2041 | | | 205,836 | |
| | 305,362 | | | Pool #U9-0688 4.000%, 05/01/2042 | | | 333,418 | |
| | 487,802 | | | Pool #Q4-9389 3.500%, 07/01/2047 | | | 523,991 | |
| | 453,425 | | | Pool #Q5-2093 3.500%, 11/01/2047 | | | 480,949 | |
| | | | | Federal National Mortgage Association | | | | |
| | 1,100,000 | | | Pool #TBA 3.000%, 10/15/2026 (h) | | | 1,154,398 | |
| | 285,156 | | | Pool #AJ8325 3.000%, 12/01/2026 | | | 303,629 | |
| | 861,953 | | | Pool #AN8322 3.190%, 02/01/2028 | | | 984,752 | |
See notes to financial statements.
84
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 1,008,517 | | | Pool #AN8695 3.550%, 03/01/2028 | | $ | 1,169,637 | |
| | 1,931 | | | Pool #544859 2.494% (11th District Cost of Funds Index + 1.841%), 08/01/2029 (a) | | | 1,930 | |
| | 45,713 | | | Pool #BC4938 2.500%, 04/01/2031 | | | 47,772 | |
| | 76,755 | | | Pool #786848 7.000%, 10/01/2031 | | | 89,513 | |
| | 2,716 | | | Pool #727181 5.000%, 08/01/2033 | | | 3,106 | |
| | 1,241 | | | Pool #730727 5.000%, 08/01/2033 | | | 1,425 | |
| | 370 | | | Pool #741862 5.500%, 09/01/2033 | | | 435 | |
| | 418 | | | Pool #766197 5.500%, 02/01/2034 | | | 490 | |
| | 96 | | | Pool #776974 5.500%, 04/01/2034 | | | 113 | |
| | 54,546 | | | Pool #888504 3.562% (1 Year CMT Rate + 2.062%), 04/01/2034 (a) | | | 57,422 | |
| | 207,771 | | | Pool #MA1870 4.500%, 04/01/2034 | | | 229,319 | |
| | 3,906 | | | Pool #775776 5.500%, 05/01/2034 | | | 4,596 | |
| | 1,559,556 | | | Series 2019-M21, 1.332%, 06/25/2034 (b)(j) | | | 200,462 | |
| | 107,177 | | | Pool #802783 3.609% (12 Month LIBOR USD + 1.612%), 10/01/2034 (a) | | | 109,183 | |
| | 2,836 | | | Pool #781629 5.500%, 12/01/2034 | | | 3,334 | |
| | 4,312 | | | Pool #822815 5.500%, 04/01/2035 | | | 5,072 | |
| | 3,200,000 | | | Pool #TBA 2.000%, 04/25/2035 (h) | | | 3,327,250 | |
| | 3,857 | | | Pool #357850 5.500%, 07/01/2035 | | | 4,537 | |
| | 2,500 | | | Pool #820242 5.000%, 07/01/2035 | | | 2,871 | |
| | 635 | | | Pool #838452 5.500%, 09/01/2035 | | | 748 | |
| | 3,377 | | | Pool #865854 6.000%, 03/01/2036 | | | 3,998 | |
| | 5,741 | | | Pool #891474 6.000%, 04/01/2036 | | | 6,797 | |
| | 2,238 | | | Pool #906000 6.000%, 01/01/2037 | | | 2,585 | |
| | 42 | | | Pool #928062 5.500%, 02/01/2037 | | | 49 | |
| | 59 | | | Pool #899119 5.500%, 04/01/2037 | | | 65 | |
| | 307,847 | | | Pool #AS9772 3.500%, 06/01/2037 | | | 332,966 | |
| | 114 | | | Pool #970131 5.500%, 03/01/2038 | | | 132 | |
| | 71 | | | Pool #985108 5.500%, 07/01/2038 | | | 82 | |
| | 50 | | | Pool #964930 5.500%, 08/01/2038 | | | 56 | |
| | 46 | | | Pool #987032 5.500%, 08/01/2038 | | | 54 | |
| | 66 | | | Pool #968371 5.500%, 09/01/2038 | | | 74 | |
| | 26 | | | Pool #993050 5.500%, 12/01/2038 | | | 30 | |
| | 13,245 | | | Pool #993579 4.000%, 05/01/2039 | | | 14,563 | |
| | 2,501 | | | Pool #AA5840 4.000%, 06/01/2039 | | | 2,754 | |
| | 40,936 | | | Pool #AA8715 4.000%, 06/01/2039 | | | 46,527 | |
| | 141,112 | | | Pool #AD0586 4.500%, 12/01/2039 | | | 160,019 | |
| | 328,936 | | | Pool #AD4062 5.000%, 05/01/2040 | | | 378,955 | |
| | 304,949 | | | Pool #AD6929 5.000%, 06/01/2040 | | | 350,620 | |
| | 6,870 | | | Pool #AD9896 4.000%, 08/01/2040 | | | 7,480 | |
| | 9,099 | | | Pool #AB1500 4.000%, 09/01/2040 | | | 10,013 | |
| | 9,879 | | | Pool #AD9856 4.000%, 09/01/2040 | | | 10,908 | |
| | 5,172 | | | Pool #AE2559 4.000%, 09/01/2040 | | | 5,680 | |
| | 1,594 | | | Pool #AE2562 4.000%, 09/01/2040 | | | 1,736 | |
| | 2,162 | | | Pool #AE2566 4.000%, 09/01/2040 | | | 2,354 | |
| | 17,793 | | | Pool #AE4124 4.000%, 10/01/2040 | | | 19,576 | |
| | 9,797 | | | Pool #AE4888 4.000%, 10/01/2040 | | | 10,790 | |
| | 3,000,000 | | | Pool #TBA 3.500%, 10/01/2040 (h) | | | 3,163,242 | |
| | 12,108 | | | Pool #AE3916 4.000%, 11/01/2040 | | | 13,185 | |
| | 1,963 | | | Pool #AE5147 4.000%, 11/01/2040 | | | 2,145 | |
| | 25,807 | | | Pool #AE8715 4.000%, 11/01/2040 | | | 28,435 | |
| | 2,755 | | | Pool #AH0006 4.000%, 12/01/2040 | | | 3,011 | |
| | 8,642 | | | Pool #AH0020 4.000%, 12/01/2040 | | | 9,547 | |
| | 15,437 | | | Pool #AH0599 4.000%, 12/01/2040 | | | 17,007 | |
| | 4,903 | | | Pool #AH0601 4.000%, 12/01/2040 | | | 5,404 | |
| | 9,425 | | | Pool #AH1263 4.000%, 01/01/2041 | | | 10,355 | |
| | 45,805 | | | Pool #AL5233 4.000%, 01/01/2041 | | | 50,524 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 3,186 | | | Pool #AH4659 4.000%, 02/01/2041 | | $ | 3,467 | |
| | 52,426 | | | Pool #AH5653 4.000%, 02/01/2041 | | | 57,816 | |
| | 68,426 | | | Pool #AL0934 5.000%, 02/01/2041 | | | 78,843 | |
| | 105,893 | | | Pool #AD1889 4.500%, 03/01/2041 | | | 119,190 | |
| | 6,272 | | | Pool #AH6150 4.000%, 03/01/2041 | | | 6,886 | |
| | 66,405 | | | Pool #AL0215 4.500%, 04/01/2041 | | | 74,751 | |
| | 51,405 | | | Pool #AL0187 5.000%, 05/01/2041 | | | 59,195 | |
| | 9,187 | | | Pool #AL0456 5.000%, 06/01/2041 | | | 10,589 | |
| | 38,257 | | | Pool #AI8842 4.500%, 08/01/2041 | | | 42,999 | |
| | 123,995 | | | Series 2013-43, 1.500%, 08/25/2041 | | | 126,315 | |
| | 26,561 | | | Pool #AL0815 4.000%, 09/01/2041 | | | 30,301 | |
| | 44,337 | | | Series 2012-21, 2.000%, 09/25/2041 | | | 45,700 | |
| | 9,727 | | | Pool #AJ1562 4.000%, 10/01/2041 | | | 11,097 | |
| | 7,201 | | | Pool #AJ1972 4.000%, 10/01/2041 | | | 8,206 | |
| | 395,772 | | | Pool #AJ2212 4.500%, 10/01/2041 | | | 445,709 | |
| | 13,333 | | | Pool #AJ4756 4.000%, 10/01/2041 | | | 15,210 | |
| | 400,000 | | | Pool #TBA 4.000%, 10/15/2041 (h) | | | 426,648 | |
| | 11,762 | | | Pool #AJ3330 4.000%, 11/01/2041 | | | 13,418 | |
| | 11,102 | | | Pool #AJ4549 4.000%, 11/01/2041 | | | 12,665 | |
| | 9,679 | | | Pool #AJ4698 4.000%, 11/01/2041 | | | 11,042 | |
| | 19,459 | | | Pool #AJ5424 4.000%, 11/01/2041 | | | 22,199 | |
| | 6,913 | | | Pool #AJ7840 4.000%, 11/01/2041 | | | 7,898 | |
| | 11,598 | | | Pool #AB3995 4.000%, 12/01/2041 | | | 13,231 | |
| | 11,351 | | | Pool #AI0848 4.000%, 12/01/2041 | | | 12,953 | |
| | 10,201 | | | Pool #AJ4187 4.000%, 12/01/2041 | | | 11,637 | |
| | 10,782 | | | Pool #AJ5736 4.000%, 12/01/2041 | | | 12,300 | |
| | 6,434 | | | Pool #AJ5968 4.000%, 12/01/2041 | | | 7,107 | |
| | 14,637 | | | Pool #AJ6061 4.000%, 12/01/2041 | | | 16,698 | |
| | 9,059 | | | Pool #AJ7868 4.000%, 12/01/2041 | | | 10,350 | |
| | 18,640 | | | Pool #AJ8104 4.000%, 12/01/2041 | | | 21,265 | |
| | 13,396 | | | Pool #AJ8109 4.000%, 12/01/2041 | | | 15,283 | |
| | 7,457 | | | Pool #AJ8171 4.000%, 12/01/2041 | | | 8,507 | |
| | 14,566 | | | Pool #AJ8341 4.000%, 12/01/2041 | | | 16,617 | |
| | 24,813 | | | Pool #AJ8436 4.000%, 12/01/2041 | | | 28,307 | |
| | 8,538 | | | Pool #AJ8912 4.000%, 12/01/2041 | | | 9,754 | |
| | 10,347 | | | Pool #AJ9248 4.000%, 12/01/2041 | | | 11,804 | |
| | 83,295 | | | Series 2012-18, 2.000%, 12/25/2041 | | | 86,147 | |
| | 86,312 | | | Series 2012-75, 2.500%, 12/25/2041 | | | 89,167 | |
| | 9,190 | | | Pool #AJ2446 4.000%, 01/01/2042 | | | 10,094 | |
| | 15,518 | | | Pool #AJ7538 4.000%, 01/01/2042 | | | 17,723 | |
| | 4,478 | | | Pool #AJ8001 4.000%, 01/01/2042 | | | 4,947 | |
| | 12,602 | | | Pool #AJ8369 4.000%, 01/01/2042 | | | 14,377 | |
| | 11,594 | | | Pool #AJ9162 4.000%, 01/01/2042 | | | 13,227 | |
| | 67,650 | | | Pool #AJ9330 4.000%, 01/01/2042 | | | 77,176 | |
| | 6,444 | | | Pool #AJ9779 4.000%, 01/01/2042 | | | 7,233 | |
| | 10,861 | | | Pool #AK0170 4.000%, 01/01/2042 | | | 12,408 | |
| | 25,971 | | | Pool #AK0543 4.000%, 01/01/2042 | | | 29,628 | |
| | 11,061 | | | Pool #AK0563 4.000%, 01/01/2042 | | | 12,623 | |
| | 18,890 | | | Pool #AK1827 4.000%, 01/01/2042 | | | 21,550 | |
| | 221,408 | | | Pool #AL2752 5.000%, 03/01/2042 | | | 253,593 | |
| | 52,411 | | | Series 2012-52, 3.500%, 05/25/2042 | | | 56,872 | |
| | 196,141 | | | Series 2012-128, 1.500%, 06/25/2042 | | | 199,963 | |
| | 47,762 | | | Pool #AB5529 4.000%, 07/01/2042 | | | 52,067 | |
| | 145,185 | | | Pool #AB6228 3.500%, 09/01/2042 | | | 157,477 | |
| | 141,141 | | | Series 415, 3.000%, 11/01/2042 | | | 152,715 | |
| | 192,191 | | | Series 4961, 2.500%, 12/15/2042 | | | 200,613 | |
| | 286,770 | | | Pool #AQ9316 2.500%, 01/01/2043 | | | 305,592 | |
| | 123,088 | | | Series 2015-48, 3.000%, 02/25/2043 | | | 127,926 | |
| | 748,358 | | | Pool #AT2720 3.000%, 05/01/2043 | | | 808,089 | |
See notes to financial statements.
85
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 560,818 | | | Pool #AT5900 3.000%, 06/01/2043 | | $ | 597,565 | |
| | 101,544 | | | Series 2013-77, 1.700%, 06/25/2043 | | | 103,207 | |
| | 337,580 | | | Pool #AU1625 3.500%, 07/01/2043 | | | 365,517 | |
| | 128,191 | | | Series 2017-26, 3.500%, 07/25/2044 | | | 134,479 | |
| | 87,595 | | | Series 2018-38, 3.500%, 03/25/2045 | | | 89,430 | |
| | 417,257 | | | Pool #AS5469 4.000%, 07/01/2045 | | | 455,729 | |
| | 509,655 | | | Pool #AZ0832 4.000%, 07/01/2045 | | | 557,515 | |
| | 91,329 | | | Pool #AS5597 3.500%, 08/01/2045 | | | 97,470 | |
| | 38,507 | | | Series 2016-38, 3.000%, 01/25/2046 | | | 41,529 | |
| | 82,912 | | | Series 2016-11, 2.500%, 03/25/2046 | | | 87,161 | |
| | 508,510 | | | Pool #AS7170 3.500%, 05/01/2046 | | | 541,057 | |
| | 421,693 | | | Pool #AS7242 3.500%, 05/01/2046 | | | 448,232 | |
| | 472,433 | | | Pool #BC9468 3.000%, 06/01/2046 | | | 497,769 | |
| | 402,490 | | | Pool #AS7492 4.000%, 07/01/2046 | | | 433,858 | |
| | 361,573 | | | Pool #AS8947 3.500%, 03/01/2047 | | | 389,874 | |
| | 63,970 | | | Series 2017-34, 3.000%, 05/25/2047 | | | 66,276 | |
| | 65,829 | | | Pool #MA3038 4.500%, 06/01/2047 | | | 71,669 | |
| | 107,080 | | | Series 2017-72, 3.000%, 09/25/2047 | | | 115,044 | |
| | 111,705 | | | Series 2017-72, 3.000%, 09/25/2047 | | | 120,256 | |
| | 120,442 | | | Series 2018-80, 3.500%, 12/25/2047 | | | 127,826 | |
| | 58,575 | | | Series 2018-77, 3.500%, 02/25/2048 | | | 61,649 | |
| | 110,915 | | | Series 2018-23, 3.500%, 04/25/2048 | | | 120,781 | |
| | 1,526,878 | | | Pool #BN5279 4.000%, 02/01/2049 | | | 1,628,962 | |
| | 128,612 | | | Series 2019-06, 3.000%, 02/25/2049 | | | 136,598 | |
| | 126,321 | | | Series 2019-07, 3.500%, 03/25/2049 | | | 136,293 | |
| | 139,418 | | | Series 2019-14, 3.500%, 04/25/2049 | | | 152,572 | |
| | 188,108 | | | Series 2019-45, 3.000%, 08/25/2049 | | | 202,735 | |
| | 6,530,000 | | | Pool #TBA 2.000%, 03/25/2050 (h) | | | 6,751,918 | |
| | 6,400,000 | | | Pool #TBA 2.000%, 04/25/2050 (h) | | | 6,606,392 | |
| | 152,872 | | | Series 2019-41, 2.500%, 03/25/2053 | | | 157,873 | |
| | 147,023 | | | Series 2017-35, 3.500%, 04/25/2053 | | | 151,640 | |
| | 93,458 | | | Series 2017-84, 3.500%, 04/25/2053 | | | 96,296 | |
| | 140,422 | | | Series 2019-15, 3.500%, 05/25/2053 | | | 148,121 | |
| | 117,831 | | | Series 2017-49, 4.000%, 07/25/2053 | | | 123,402 | |
| | 169,914 | | | Series 2018-72, 3.500%, 07/25/2054 | | | 179,217 | |
| | 143,942 | | | Series 2017-96, 3.000%, 12/25/2054 | | | 151,683 | |
| | 72,889 | | | Series 2018-19, 3.500%, 05/25/2056 | | | 76,560 | |
| | 127,660 | | | Series 2018-70, 3.500%, 10/25/2056 | | | 137,120 | |
| | 129,574 | | | Series 2019-07, 3.500%, 11/25/2057 | | | 140,559 | |
| | 143,451 | | | Series 2019-12, 3.500%, 11/25/2057 | | | 155,207 | |
| | 399,788 | | | Series 2020-1, 3.500%, 08/25/2058 | | | 432,871 | |
| | 129,745 | | | Series 2019-28, 3.500%, 06/25/2059 | | | 144,682 | |
| | | | | Government National Mortgage Association | | | | |
| | 9,696 | | | Pool #614436X 5.000%, 08/15/2033 | | | 10,631 | |
| | 21,088 | | | Pool #736686X 5.000%, 02/15/2039 | | | 23,909 | |
| | 471,150 | | | Pool #723248X 5.000%, 10/15/2039 | | | 536,617 | |
| | 157,732 | | | Series 2015-56, 1.500%, 04/16/2040 | | | 159,660 | |
| | 220,459 | | | Pool #783403X 3.500%, 09/15/2041 | | | 234,181 | |
| | 1,500,000 | | | Pool #TBA 4.500%, 10/15/2041 (h) | | | 1,607,578 | |
| | 900,000 | | | Pool #TBA 4.000%, 10/15/2041 (h) | | | 956,303 | |
| | 121,167 | | | Series 2013-37, 2.000%, 01/20/2042 | | | 124,697 | |
| | 700,000 | | | Pool #TBA 3.500%, 10/15/2042 (h) | | | 737,105 | |
| | 400,000 | | | Pool #TBA 3.000%, 11/15/2042 (h) | | | 418,664 | |
| | 700,000 | | | Pool #TBA 3.500%, 11/15/2042 (h) | | | 737,324 | |
| | 400,000 | | | Pool #TBA 3.000%, 10/15/2044 (h) | | | 418,852 | |
| | 98,482 | | | Series 2015-151, 1.700%, 10/20/2045 | | | 99,709 | |
| | 1,100,000 | | | Pool #TBA 2.500%, 10/15/2046 (h) | | | 1,155,301 | |
| | 1,000,000 | | | Pool #TBA 2.500%, 11/15/2046 (h) | | | 1,048,437 | |
| | 73,501 | | | Pool #MA4587M 4.000%, 07/20/2047 | | | 79,164 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 198,099 | | | Pool #MA4652M 3.500%, 08/20/2047 | | $ | 211,405 | |
| | 383,427 | | | Pool #MA4778M 3.500%, 10/20/2047 | | | 409,212 | |
| | 270,980 | | | Pool #MA4779M 4.000%, 10/20/2047 | | | 290,120 | |
| | 314,201 | | | Pool #MA4780M 4.500%, 10/20/2047 | | | 340,245 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $50,534,988) | | | 52,206,760 | |
| | | | | | |
|
|
|
| | | | | MUNICIPAL DEBT OBLIGATIONS - 1.98% | |
| | | | | California, GO, | | | | |
| | 30,000 | | | 7.550%, 04/01/2039 (f) | | | 52,552 | |
| | 60,000 | | | 7.300%, 10/01/2039 | | | 98,645 | |
| | 5,000 | | | 7.625%, 03/01/2040 | | | 8,666 | |
| | 105,000 | | | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, | | | | |
| | | | | Series B, 6.899%, 12/01/2040 | | | 149,920 | |
| | 20,000 | | | Chicago Transit Authority Sales Tax Receipts Fund | | | | |
| | | | | 3.912%, 12/01/2040 | | | 21,659 | |
| | | | | County of Riverside CA | | | | |
| | 345,000 | | | 2.963%, 02/15/2027 | | | 373,587 | |
| | 345,000 | | | 3.070%, 02/15/2028 | | | 375,239 | |
| | 125,000 | | | District of Columbia | | | | |
| | | | | 3.432%, 04/01/2042 | | | 134,727 | |
| | | | | Metropolitan Transportation Authority | | | | |
| | 255,000 | | | 5.175%, 11/15/2049 | | | 278,840 | |
| | 100,000 | | | 5.000%, 11/15/2050 | | | 106,273 | |
| | 60,000 | | | New York State Thruway Authority - Class M | | | | |
| | | | | 2.900%, 01/01/2035 | | | 65,210 | |
| | 370,000 | | | New York Transportation Development Corp. | | | | |
| | | | | 4.248%, 09/01/2035 | | | 411,943 | |
| | 355,000 | | | Philadelphia Authority for Industrial Development | | | | |
| | | | | 6.550%, 10/15/2028 | | | 460,002 | |
| | 215,000 | | | Port Authority of New York & New Jersey | | | | |
| | | | | 1.086%, 07/01/2023 | | | 218,141 | |
| | 250,000 | | | State Board of Administration Finance Corp. | | | | |
| | | | | 1.258%, 07/01/2025 | | | 253,955 | |
| | 15,000 | | | University of California Medical Center, Series H Revenue Bond, | | | | |
| | | | | 6.548%, 05/15/2048 | | | 24,447 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $2,822,236) | | | 3,033,806 | |
| | | | | | |
|
|
|
| | |
Notional
Amount
| | | | | | |
| | | | | PURCHASED OPTIONS - 0.00% | |
| | | | | Put Interest Rate Swaption - 0.00% | |
| | 535,000 | | | 10-Year Interest Rate Swap, ,
Receive Floating Rate | | | | |
| | | | | Rate Paid: 1.700% | | | | |
| | | | | Frequency: Semi-Annual | | | | |
| | | | | Rate Received: 3-MO-USD-LIBOR | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Counterparty: Bank of America | | | | |
| | | | | Expiration: November, 2020 | | | | |
| | | | | Exercises Rate: 1.700% (g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Total Purchased Options
(Cost $13,402) | | | 0 | |
| | | | | | |
|
|
|
See notes to financial statements.
86
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. TREASURY OBLIGATIONS - 29.54% | |
| | | | | U.S. Treasury Bonds - 12.80% | |
| | 2,150,000 | | | 6.875%, 08/15/2025 | | $ | 2,838,168 | |
| | 1,075,000 | | | 3.125%, 02/15/2043 (f) | | | 1,459,606 | |
| | 275,000 | | | 3.625%, 08/15/2043 | | | 401,747 | |
| | 1,830,000 | | | 3.750%, 11/15/2043 (f) | | | 2,723,984 | |
| | 1,050,000 | | | 3.625%, 02/15/2044 | | | 1,537,594 | |
| | 1,600,000 | | | 3.125%, 08/15/2044 (f) | | | 2,182,125 | |
| | 240,000 | | | 3.000%, 11/15/2045 | | | 323,184 | |
| | 2,365,000 | | | 2.500%, 05/15/2046 (f)(i) | | | 2,929,182 | |
| | 255,000 | | | 3.000%, 02/15/2047 | | | 345,814 | |
| | 500,000 | | | 3.000%, 02/15/2048 | | | 681,250 | |
| | 131,339 | | | 1.000%, 02/15/2048 (e) | | | 181,881 | |
| | 940,000 | | | 3.125%, 05/15/2048 | | | 1,310,492 | |
| | 740,000 | | | 3.000%, 02/15/2049 | | | 1,014,407 | |
| | 1,161,000 | | | 1.250%, 05/15/2050 (f) | | | 1,104,038 | |
| | 610,000 | | | 1.375%, 08/15/2050 (f) | | | 598,801 | |
| | | | | U.S. Treasury Notes - 16.74% | |
| | 8,210,000 | | | 1.375%, 08/31/2023 (f)(i) | | | 8,503,123 | |
| | 1,600,000 | | | 2.375%, 08/15/2024 (i) | | | 1,734,562 | |
| | 2,190,000 | | | 2.875%, 05/31/2025 (f) | | | 2,456,650 | |
| | 7,240,000 | | | 2.875%, 07/31/2025 (f) | | | 8,148,111 | |
| | 692,429 | | | 0.625%, 01/15/2026 (e) | | | 763,791 | |
| | 498,768 | | | 0.375%, 01/15/2027 (e) | | | 549,203 | |
| | 605,417 | | | 0.875%, 01/15/2029 (e) | | | 705,999 | |
| | 1,730,000 | | | 2.625%, 02/15/2029 (f) | | | 2,021,802 | |
| | 520,000 | | | 1.625%, 08/15/2029 (f) | | | 566,394 | |
| | 186,955 | | | 0.125%, 07/15/2030 (e) | | | 208,172 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $41,709,928) | | | 45,290,080 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 3.19% | |
| | | | | Money Market Funds - 3.19% | |
| | 4,889,652 | | | DWS Government Money Market Series - Institutional Shares | | | | |
| | | | | Effective Yield, 0.04%, 12/31/2031 (d) | | | 4,889,652 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $4,889,652) | | | 4,889,652 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 28.77% | |
| | 44,102,873 | | | Mount Vernon Liquid Assets Portfolio, LLC | | | | |
| | | | | Effective Yield, 0.18% (d) | | | 44,102,873 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $44,102,873) | | | 44,102,873 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $219,096,906) - 149.62% | | | 229,367,701 | |
| | | | | Liabilities in Excess of
Other Assets - (49.62)% | | | (76,068,402 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 153,299,299 | |
| | | | | | |
|
|
|
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, 2020. |
| (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, 2020. |
| (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 $28,829,822, which represents 18.81% of total net assets. |
| (d) | | Seven-day yield as of September 30, 2020. |
| (e) | | Represents a U.S. Treasury Inflation Protected Security. |
| (f) | | All or portion of this security is on loan. |
| (g) | | These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $794,714, which represents 0.52% of total net assets. |
| (h) | | Security purchased on a when-issued basis. On September 30, 2020, the total value of investments purchased on a when-issued basis was $28,509,412 or 18.60% of total net assets. |
| (i) | | All or a portion of this security is held as collateral for certain swap and futures contracts. The approximate value of the portion of this security held as collateral is $13,166,867. |
| (j) | | Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at September 30, 2020. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $1,802,080, which represents 1.18% of total net assets. |
| (k) | | Step-up bond; the interest rate shown is the rate in effect as of September 30, 2020. |
Glossary of Terms
| | | | |
| LIBOR | | - | | London Interbank Offered Rate |
| CMT | | - | | Constant Maturing Treasury Rate |
| SOFR | | - | | Secured Overnight Financing Rate |
See notes to financial statements.
87
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Unrealized
Appreciation
(Depreciation)
| |
U.S. Treasury 10 Year Note Futures | | | (22 | ) | | | (3,069,688 | ) | | Dec-20 | | $ | (10,079 | ) |
U.S. Treasury Ultra 10 Year Note Futures | | | (13 | ) | | | (2,078,984 | ) | | Dec-20 | | | (7,102 | ) |
U.S. Treasury 5 Year Note Futures | | | 14 | | | | 1,764,438 | | | Dec-20 | | | 3,502 | |
U.S. Treasury Long Bond Futures | | | (3 | ) | | | (528,844 | ) | | Dec-20 | | | 1,151 | |
U.S. Treasury Ultra Bond Futures | | | (8 | ) | | | (1,774,500 | ) | | Dec-20 | | | 12,540 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 12 | |
| | | | | | | | | | | | |
|
|
|
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPTIONS WRITTEN
September 30, 2020
| | | | | | | | |
Notional
Amount
| | | | | Value
| |
| | | | | OPTIONS ON CREDIT DEFAULT SWAPS | | | | |
| | | | | Call Credit Default Swaptions | | | | |
| $ | 7,625,000 | | | Euro-U.S. Dollar | | | | |
| | | | | Buy Protection CDX.NA.IG.34 | | | | |
| | | | | Reference Rate Paid: 1.000% | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Reference Rate Received: CDX.NA.IG.34 | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Counterparty: Morgan Stanley | | | | |
| | | | | Expiration: October, 2020 | | | | |
| | | | | Exercise Price: $77.50 | | | 7,825 | |
| | 7,625,000 | | | U.S. Dollar-Euro | | | | |
| | | | | Buy Protection CDX.NA.IG.34 | | | | |
| | | | | Reference Rate Paid: 1.000% | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Reference Rate Received: CDX.NA.IG.34 | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Counterparty: Morgan Stanley | | | | |
| | | | | Expiration: October, 2020 | | | | |
| | | | | Exercise Price: $67.50 | | | 1,157 | |
| | | | | Put Credit Default Swaptions | | | | |
| | 7,625,000 | | | U.S. Dollar-Euro | | | | |
| | | | | Buy Protection CDX.NA.IG.34 | | | | |
| | | | | Reference Rate Paid: 1.000% | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Reference Rate Received: CDX.NA.IG.34 | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Counterparty: Morgan Stanley | | | | |
| | | | | Expiration: October, 2020 | | | | |
| | | | | Exercise Price: $77.50 | | | 66,798 | |
| | 7,625,000 | | | U.S. Dollar-Euro | | | | |
| | | | | Buy Protection CDX.NA.IG.34 | | | | |
| | | | | Reference Rate Paid: 1.000% | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Reference Rate Received: CDX.NA.IG.34 | | | | |
| | | | | Frequency: Quarterly | | | | |
| | | | | Counterparty: Morgan Stanley | | | | |
| | | | | Expiration: October, 2020 | | | | |
| | | | | Exercise Price: $67.50 | | | 38,309 | |
| | | | | | |
|
|
|
| | | | | Total Options Written (Premiums Received $69,388) | | $ | 114,089 | |
| | | | | | |
|
|
|
See notes to financial statements.
88
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION(1) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
09/30/2020(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CMBX.NA.AAA* | | | 54.01% | | | | 0.500% | | | 8/17/2061 | | Morgan Stanley | | | Quarterly | | | $ | 290,000 | | | $ | 890 | | | $ | (1,043 | ) | | $ | 1,933 | |
CMBX.NA.AAA* | | | 54.01% | | | | 0.500% | | | 8/17/2061 | | Morgan Stanley | | | Quarterly | | | | 1,490,000 | | | | 4,571 | | | | 11,173 | | | | (6,602 | ) |
GuideMark® Core Fixed Income Fund
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
9/30/2020(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CDX-NAIGS34V-5Y* | | | 85.15% | | | | 1.000% | | | 06/20/2025 | | Morgan Stanley | | | Quarterly | | | $ | 3,185,000 | | | $ | 21,760 | | | $ | 15,274 | | | $ | 6,486 | |
GuideMark® Core Fixed Income Fund
INTEREST RATE SWAPS
September 30, 2020
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive
Floating Rate
| | Floating
Rate Index
| | | Fixed
Payment
Frequency
| | | Fixed
Pay
Rate
| | Payment
Frequency
| | Maturity
Date
| | | Counterparty
| | | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 0.7500% | | Semi-Annual | | | 12/16/2030 | | | | Morgan Stanley | | | $ | 1,680,000 | | | $ | (3,471 | ) | | $ | (4,273 | ) | | $ | 802 | |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 0.3800% | | Semi-Annual | | | 12/16/2025 | | | | Morgan Stanley | | | | 6,570,000 | | | | (4,081 | ) | | | (10,310 | ) | | | 6,229 | |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 0.8355% | | Semi-Annual | | | 3/20/2030 | | | | Morgan Stanley | | | | 690,000 | | | | (10,599 | ) | | | — | | | | (10,599 | ) |
Receive | | | 3-MO-USD-LIBOR | ** | | | Quarterly | | | 0.8100% | | Semi-Annual | | | 9/16/2050 | | | | Morgan Stanley | | | | 690,000 | | | | 54,477 | | | | 2,150 | | | | 52,327 | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 36,326 | | | $ | (12,433 | ) | | $ | 48,759 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| 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.
89
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MUNICIPAL DEBT OBLIGATIONS - 98.22% | | | | |
| | | | | Alabama - 1.97% | | | | |
| | | | | The Lower Alabama Gas District, Series A, Revenue Bond, | | | | |
| $ | 100,000 | | | 5.000%, 09/01/2034 | | $ | 133,462 | |
| | 225,000 | | | 5.000%, 09/01/2046 | | | 314,098 | |
| | | | | | |
|
|
|
| | | | | | | | 447,560 | |
| | | | | | |
|
|
|
| | | | | Arizona - 3.82% | | | | |
| | 55,000 | | | Arizona Board of Regents, Unrefunded, Revenue Bond,
5.000%, 07/01/2028 | | | 59,091 | |
| | | | | Arizona Industrial Development Authority, Revenue Bond, | | | | |
| | 150,000 | | | 5.000%, 02/01/2030 | | | 199,122 | |
| | 150,000 | | | 6.000%, 07/01/2047 | | | 174,310 | |
| | | | | Pima County Industrial Development Authority, Revenue Bond, | | | | |
| | 35,000 | | | 5.000%, 06/15/2047 | | | 35,362 | |
| | 30,000 | | | 5.000%, 06/15/2052 | | | 30,285 | |
| | 100,000 | | | Salt River Project Agricultural Improvement & Power District, Revenue Bond,
5.000%, 01/01/2039 | | | 125,013 | |
| | 150,000 | | | Salt Verde Financial Corp., Revenue Bond,
5.000%, 12/01/2037 | | | 202,635 | |
| | 40,000 | | | Tempe Industrial Development Authority, Series A, Revenue Bond,
6.125%, 10/01/2052 | | | 41,132 | |
| | | | | | |
|
|
|
| | | | | | | | 866,950 | |
| | | | | | |
|
|
|
| | | | | Arkansas - 1.15% | | | | |
| | 250,000 | | | University of Arkansas, Series A, Revenue Bond,
4.125%, 11/01/2030 | | | 260,725 | |
| | | | | | |
|
|
|
| | | | | California - 12.15% | | | | |
| | 200,000 | | | California Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2049 | | | 322,964 | |
| | 100,000 | | | California Health Facilities Financing Authority, Series A, Revenue Bond,
5.000%, 11/15/2031 | | | 125,086 | |
| | 100,000 | | | California Municipal Finance Authority, Community Medical Centers, Series A, Revenue Bond,
5.000%, 02/01/2042 | | | 115,175 | |
| | 100,000 | | | California Municipal Finance Authority, Revenue Bond,
5.000%, 12/31/2047 | | | 113,658 | |
| | 250,000 | | | California Pollution Control Financing Authority, Refunding, Revenue Bond,
5.000%, 07/01/2039 | | | 291,242 | |
| | 200,000 | | | California State University, Series A, Revenue Bond, 5.000%, 11/01/2031 | | | 236,032 | |
| | 160,000 | | | California Statewide Communities Development Authority, Series A, Revenue Bond,
6.125%, 11/01/2033 | | | 174,554 | |
| | 300,000 | | | California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured,
5.000%, 08/01/2034 | | | 332,157 | |
| | 300,000 | | | California, GO,
5.000%, 11/01/2043 | | | 339,036 | |
| | 50,000 | | | California, Refunding, GO,
5.000%, 04/01/2032 | | | 69,794 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | California (Continued) | | | | |
| $ | 100,000 | | | Golden State Tobacco Securitization Corp., Series A, Revenue Bond,
4.000%, 06/01/2031 | | $ | 113,336 | |
| | 125,000 | | | Golden State Tobacco Securitization Corp.,
Series A-1, Revenue Bond,
5.000%, 06/01/2047 | | | 128,881 | |
| | 250,000 | | | M-S-R Energy Authority, Revenue Bond,
6.500%, 11/01/2039 | | | 395,578 | |
| | | | | | |
|
|
|
| | | | | | | | 2,757,493 | |
| | | | | | |
|
|
|
| | | | | Colorado - 4.23% | | | | |
| | 150,000 | | | Castle Pines North Metropolitan District, Refunding, Revenue Bond,
4.000%, 12/01/2044 | | | 153,537 | |
| | | | | Colorado Health Facilities Authority, Revenue Bond, | | | | |
| | 250,000 | | | 5.000%, 08/01/2029 | | | 319,295 | |
| | 130,000 | | | 8.000%, 08/01/2043 | | | 138,130 | |
| | 220,000 | | | Public Authority for Colorado Energy, Revenue Bond, 6.500%, 11/15/2038 | | | 348,520 | |
| | | | | | |
|
|
|
| | | | | | | | 959,482 | |
| | | | | | |
|
|
|
| | | | | Delaware - 1.13% | | | | |
| | 200,000 | | | Delaware, Series A, Refunding, GO,
5.000%, 01/01/2027 | | | 256,338 | |
| | | | | | |
|
|
|
| | | | | Florida - 4.04% | | | | |
| | 100,000 | | | Broward County FL Airport System, Revenue Bond, 5.000%, 10/01/2033 | | | 124,751 | |
| | 100,000 | | | Central Florida Expressway Authority, Revenue Bond, 5.000%, 07/01/2033 | | | 128,634 | |
| | 100,000 | | | Florida Development Finance Corp., Transportation District, Revenue Bond,
6.500%, 01/01/2049 (a)(b) | | | 86,661 | |
| | 145,000 | | | Florida, Series A, Refunding, GO,
4.000%, 07/01/2033 | | | 176,561 | |
| | 225,000 | | | Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond,
5.000%, 04/01/2040 | | | 251,091 | |
| | 95,000 | | | Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,
5.250%, 08/01/2021 | | | 95,353 | |
| | 10,000 | | | Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond,
7.250%, 06/01/2034 | | | 10,952 | |
| | 40,000 | | | 7.500%, 06/01/2049 | | | 43,797 | |
| | | | | | |
|
|
|
| | | | | | | | 917,800 | |
| | | | | | |
|
|
|
| | | | | Georgia - 1.56% | | | | |
| | 300,000 | | | Atlanta Water & Wastewater, Refunding, Revenue Bond,
5.000%, 11/01/2040 | | | 354,834 | |
| | | | | | |
|
|
|
| | | | | Illinois - 9.55% | | | | |
| | | | | Chicago Board of Education, Revenue Bond, | | | | |
| | 100,000 | | | 5.000%, 04/01/2042 | | | 108,388 | |
| | 100,000 | | | 5.000%, 04/01/2046 | | | 107,776 | |
| | 100,000 | | | Chicago Board of Education, Series G, Refunding, GO,
5.000%, 12/01/2044 | | | 106,590 | |
| | 100,000 | | | Chicago Board of Education, Series H, GO,
5.000%, 12/01/2036 | | | 108,587 | |
See notes to financial statements.
90
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Illinois (Continued) | | | | |
| $ | 100,000 | | | Chicago Midway International Airport, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2028 | | $ | 110,980 | |
| | 70,000 | | | Chicago Waterworks, Revenue Bond,
5.000%, 11/01/2028 | | | 84,588 | |
| | 65,000 | | | Chicago, Series A, Refunding, GO,
5.250%, 01/01/2029 | | | 67,779 | |
| | 160,000 | | | Illinois Finance Authority, Refunding, Revenue Bond,
5.000%, 12/01/2047 | | | 171,953 | |
| | 140,000 | | | Illinois Finance Authority, Series A, Revenue Bond,
5.000%, 02/15/2047 | | | 133,489 | |
| | | | | Illinois, GO, | | | | |
| | 35,000 | | | 5.000%, 01/01/2028 | | | 37,721 | |
| | 40,000 | | | 5.125%, 12/01/2029 | | | 43,750 | |
| | 205,000 | | | 5.250%, 02/01/2030 | | | 215,119 | |
| | 70,000 | | | 5.250%, 02/01/2032 | | | 72,950 | |
| | 45,000 | | | 5.250%, 02/01/2033 | | | 46,731 | |
| | 20,000 | | | 5.000%, 05/01/2036 | | | 20,496 | |
| | 70,000 | | | 5.000%, 11/01/2036 | | | 72,698 | |
| | 30,000 | | | 5.000%, 02/01/2039 | | | 30,580 | |
| | 30,000 | | | Illinois, Series A, GO,
5.000%, 04/01/2038 | | | 30,610 | |
| | 100,000 | | | O’Hare International Airport, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2032 | | | 115,809 | |
| | 150,000 | | | O’Hare International Airport, Series D, Revenue Bond,
5.250%, 01/01/2030 | | | 164,490 | |
| | 150,000 | | | Sales Tax Securitization Corp., Series A, Revenue Bond,
5.000%, 01/01/2040 | | | 172,743 | |
| | 120,000 | | | Southwestern Illinois Development Authority, Prerefunded, Revenue Bond,
7.125%, 11/01/2043 | | | 144,683 | |
| | | | | | |
|
|
|
| | | | | | | | 2,168,510 | |
| | | | | | |
|
|
|
| | | | | Indiana - 2.92% | | | | |
| | 100,000 | | | Indiana Health Facility Financing Authority,
Series 2001A-1, Revenue Bond, 5.000%, 11/15/2034 | | | 118,179 | |
| | 250,000 | | | Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond,
5.250%, 01/01/2032 | | | 284,422 | |
| | 125,000 | | | Shoals Exempt Facilities, Revenue Bond, 7.250%, 11/01/2043 | | | 131,983 | |
| | 115,000 | | | Valparaiso Exempt Facilities, Revenue Bond, 7.000%, 01/01/2044 | | | 129,428 | |
| | | | | | |
|
|
|
| | | | | | | | 664,012 | |
| | | | | | |
|
|
|
| | | | | Iowa - 0.44% | | | | |
| | 100,000 | | | Iowa Finance Authority, Revenue Bond, 5.125%, 08/01/2048 | | | 100,566 | |
| | | | | | |
|
|
|
| | | | | Louisiana - 1.02% | | | | |
| | 200,000 | | | Louisiana Highway Improvement, Series A, Revenue Bond,
5.000%, 06/15/2029 | | | 230,448 | |
| | | | | | |
|
|
|
| | | | | Maryland - 0.95% | | | | |
| | 200,000 | | | Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond,
6.000%, 07/01/2034 | | | 216,746 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Michigan - 0.49% | | | | |
| $ | 100,000 | | | Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond,
5.000%, 09/01/2033 | | $ | 111,473 | |
| | | | | | |
|
|
|
| | | | | Minnesota - 3.20% | | | | |
| | 100,000 | | | Apple Valley Senior Living, Series D,
Revenue Bond,
7.250%, 01/01/2052 | | | 72,630 | |
| | 160,000 | | | Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond, 5.000%, 01/01/2030 | | | 179,789 | |
| | 150,000 | | | Rochester Health Care & Housing Facility, Series A, Revenue Bond,
6.875%, 12/01/2048 | | | 161,163 | |
| | 300,000 | | | Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond,
4.500%, 11/15/2038 (b) | | | 313,653 | |
| | | | | | |
|
|
|
| | | | | | | | 727,235 | |
| | | | | | |
|
|
|
| | | | | Mississippi - 2.42% | | | | |
| | 100,000 | | | Mississippi Business Finance Corp., Revenue Bond,
0.100%, 11/01/2035 (b) | | | 100,000 | |
| | 100,000 | | | Mississippi Business Finance Corp., Series G, Revenue Bond,
0.060%, 11/01/2035 (b) | | | 100,000 | |
| | 350,000 | | | Mississippi Business Finance Corp., Series H, Revenue Bond,
0.100%, 11/01/2035 (b) | | | 350,000 | |
| | | | | | |
|
|
|
| | | | | | | | 550,000 | |
| | | | | | |
|
|
|
| | | | | Missouri - 0.89% | | | | |
| | 200,000 | | | Conley Road Transportation Development District, Revenue Bond,
5.375%, 05/01/2047 | | | 201,158 | |
| | | | | | |
|
|
|
| | | | | Montana - 0.44% | | | | |
| | 100,000 | | | City of Kalispell, Series A, Revenue Bond,
5.250%, 05/15/2047 | | | 99,851 | |
| | | | | | |
|
|
|
| | | | | Nebraska - 0.67% | | | | |
| | 130,000 | | | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond,
5.000%, 11/01/2024 | | | 151,757 | |
| | | | | | |
|
|
|
| | | | | New Hampshire - 0.56% | | | | |
| | 120,000 | | | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027 | | | 126,727 | |
| | | | | | |
|
|
|
| | | | | New Jersey - 1.87% | | | | |
| | 150,000 | | | New Jersey Economic Development Authority, Refunding, Revenue Bond,
5.250%, 06/15/2030 | | | 168,933 | |
| | 100,000 | | | New Jersey Transportation Trust Fund Authority,
Series A, Refunding, Revenue Bond, 5.000%, 06/15/2031 | | | 114,611 | |
| | 25,000 | | | South Jersey Port Corp., Series A, Revenue Bond,
5.000%, 01/01/2049 | | | 27,371 | |
| | 100,000 | | | Tobacco Settlement Financing Corp., Series B, Revenue Bond,
5.000%, 06/01/2046 | | | 113,087 | |
| | | | | | |
|
|
|
| | | | | | | | 424,002 | |
| | | | | | |
|
|
|
| | | | | New York - 10.20% | | | | |
| | 100,000 | | | City of New York, Series E, GO,
5.000%, 03/01/2041 | | | 119,269 | |
See notes to financial statements.
91
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | New York (Continued) | | | | |
| $ | 40,000 | | | New York City Industrial Development Agency,
Series A, Refunding, Revenue Bond, 5.000%, 07/01/2022 | | $ | 42,192 | |
| | 100,000 | | | New York City Transitional Finance Authority Building Aid Revenue, Revenue Bond,
5.000%, 07/15/2028 | | | 130,140 | |
| | 250,000 | | | New York City Water & Sewer System, Revenue Bond,
4.000%, 06/15/2050 | | | 288,950 | |
| | 100,000 | | | New York Dormitory Authority, Refunding, Revenue Bond,
5.000%, 12/01/2035 | | | 115,540 | |
| | 250,000 | | | New York Dormitory Authority, Series B, Revenue Bond,
5.000%, 07/01/2038 | | | 270,467 | |
| | 500,000 | | | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond,
5.500%, 10/15/2027 | | | 666,765 | |
| | 175,000 | | | New York Liberty Development Corp., Refunding, Revenue Bond,
5.250%, 10/01/2035 | | | 242,935 | |
| | 100,000 | | | New York State Dormitory Authority, Series A, Unrefunded, Revenue Bond,
5.000%, 02/15/2031 | | | 123,794 | |
| | 200,000 | | | New York, Series E, GO,
4.000%, 12/15/2027 | | | 208,728 | |
| | 85,000 | | | Triborough Bridge & Tunnel Authority, Revenue Bond
5.000%, 11/15/2049 | | | 107,181 | |
| | | | | | |
|
|
|
| | | | | | | | 2,315,961 | |
| | | | | | |
|
|
|
| | | | | North Carolina - 1.53% | | | | |
| | 320,000 | | | North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond,
5.000%, 01/01/2025 | | | 346,422 | |
| | | | | | |
|
|
|
| | | | | Ohio - 2.26% | | | | |
| | 135,000 | | | County of Cuyahoga, Revenue Bond,
5.250%, 02/15/2047 | | | 155,111 | |
| | 100,000 | | | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026 | | | 105,703 | |
| | 200,000 | | | Ohio, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2031 | | | 252,772 | |
| | | | | | |
|
|
|
| | | | | | | | 513,586 | |
| | | | | | |
|
|
|
| | | | | Oregon - 0.58% | | | | |
| | 100,000 | | | Oregon, Series A, GO,
5.000%, 05/01/2028 | | | 132,477 | |
| | | | | | |
|
|
|
| | | | | Pennsylvania - 1.69% | | | | |
| | | | | Allegheny County Hospital Development Authority,
Series A, Revenue Bond, | | | | |
| | 50,000 | | | 4.000%, 04/01/2044 | | | 55,214 | |
| | 50,000 | | | 5.000%, 04/01/2047 | | | 58,907 | |
| | 100,000 | | | Commonwealth Financing Authority, Revenue Bond, 5.000%, 06/01/2034 | | | 124,374 | |
| | 150,000 | | | Pennsylvania Economic Development Financing Authority, Revenue Bond,
6.750%, 12/01/2053 | | | 145,547 | |
| | | | | | |
|
|
|
| | | | | | | | 384,042 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Puerto Rico - 3.99% | | | | |
| $ | 95,000 | | | Puerto Rico Electric Power Authority, Series 2012A-RSA-1, Revenue Bond,
5.000%, 07/01/2042 (c)(e) | | $ | 67,688 | |
| | 55,000 | | | Puerto Rico Electric Power Authority, Series CCC-RSA-1, Revenue Bond,
5.250%, 07/01/2027 (c)(e) | | | 39,187 | |
| | 80,000 | | | Puerto Rico Electric Power Authority, Series WW-RSA-1, Revenue Bond,
5.000%, 07/01/2028 (c)(e) | | | 57,000 | |
| | 90,000 | | | Puerto Rico Electric Power Authority, Series XX-RSA-1, Revenue Bond,
5.250%, 07/01/2040 (c)(e) | | | 64,125 | |
| | | | | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Series A1, Revenue Bond, | | | | |
| | 250,000 | | | 4.329%, 07/01/2040 | | | 255,417 | |
| | 405,000 | | | 4.750%, 07/01/2053 | | | 422,217 | |
| | | | | | |
|
|
|
| | | | | | | | 905,634 | |
| | | | | | |
|
|
|
| | | | | South Carolina - 2.49% | | | | |
| | 400,000 | | | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond,
5.000%, 12/01/2025 | | | 456,296 | |
| | 100,000 | | | South Carolina Jobs-Economic Development Authority, Revenue Bond,
5.750%, 06/15/2039 | | | 109,926 | |
| | | | | | |
|
|
|
| | | | | | | | 566,222 | |
| | | | | | |
|
|
|
| | | | | South Dakota - 0.49% | | | | |
| | 100,000 | | | South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Revenue Bond,
5.000%, 06/01/2026 | | | 110,695 | |
| | | | | | |
|
|
|
| | | | | Texas - 6.67% | | | | |
| | 200,000 | | | Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond,
6.000%, 01/01/2041 | | | 202,886 | |
| | 100,000 | | | Central Texas Turnpike System, Series C, Refunding, Revenue Bond,
5.000%, 08/15/2029 | | | 114,806 | |
| | 200,000 | | | Dallas-Fort Worth International Airport, Series B, Revenue Bond,
5.000%, 11/01/2026 | | | 217,804 | |
| | 125,000 | | | New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond,
5.000%, 07/01/2046 | | | 122,333 | |
| | 225,000 | | | North Texas Tollway Authority, Refunding, Revenue Bond,
4.000%, 01/01/2038 | | | 246,375 | |
| | 100,000 | | | North Texas Tollway Authority, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2029 | | | 117,672 | |
| | 100,000 | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond,
6.625%, 11/15/2037 | | | 105,202 | |
| | | | | Texas Private Activity Surface Transportation Corp., Revenue Bond, | | | | |
| | 85,000 | | | 7.000%, 12/31/2038 | | | 97,256 | |
| | 115,000 | | | 6.750%, 06/30/2043 | | | 130,595 | |
See notes to financial statements.
92
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Texas (Continued) | | | | |
| $ | 100,000 | | | University of Texas, Revenue Bond, 5.000%, 08/15/2049 | | $ | 158,823 | |
| | | | | | |
|
|
|
| | | | | | | | 1,513,752 | |
| | | | | | |
|
|
|
| | | | | Utah - 2.80% | | | | |
| | 100,000 | | | Salt Lake City Corp. Airport, Series B, Revenue Bond,
5.000%, 07/01/2042 | | | 118,593 | |
| | 500,000 | | | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | | | 517,295 | |
| | | | | | |
|
|
|
| | | | | | | | 635,888 | |
| | | | | | |
|
|
|
| | | | | Virginia - 3.29% | | | | |
| | 1,475,000 | | | Tobacco Settlement Financing Corp., Series C, Revenue Bond,
8.553%, 06/01/2047 (c)(d) | | | 293,333 | |
| | 300,000 | | | Virginia College Building Educational Facilities Authority, Revenue Bond,
5.750%, 01/01/2034 | | | 453,756 | |
| | | | | | |
|
|
|
| | | | | | | | 747,089 | |
| | | | | | |
|
|
|
| | | | | Washington - 1.52% | | | | |
| | 325,000 | | | Central Puget Sound Regional Transit Authority,
Series P-1, Refunding, Revenue Bond, 5.000%, 02/01/2027 | | | 344,396 | |
| | | | | | |
|
|
|
| | | | | Wisconsin - 5.24% | | | | |
| | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Revenue Bond,
5.000%, 05/01/2025 | | | 113,628 | |
| | 100,000 | | | Wisconsin Health & Educational Facilities Authority, Series C, Revenue Bond,
7.000%, 07/01/2043 | | | 89,869 | |
| | | | | Wisconsin Public Finance Authority, Refunding, Revenue Bond, | | | | |
| | 55,000 | | | 5.000%, 07/01/2022 | | | 56,859 | |
| | 150,000 | | | 5.750%, 10/01/2031 | | | 155,086 | |
| | 225,000 | | | 5.250%, 05/15/2047 | | | 236,660 | |
| | 10,000 | | | Wisconsin, Series 2, Prerefunded, GO,
5.000%, 05/01/2025 | | | 10,757 | |
| | 490,000 | | | Wisconsin, Series 2, Unrefunded, GO,
5.000%, 05/01/2025 | | | 527,505 | |
| | | | | | |
|
|
|
| | | | | | | | 1,190,364 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $20,633,781) | | | 22,300,195 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.17% | | | | |
| | | | | Money Market Funds - 0.17% | | | | |
| | 37,685 | | | STIT - Invesco Treasury Obigations Portfolio - Institutional
Effective Yield, 0.01% (a) | | $ | 37,685 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $37,685) | | | 37,685 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $20,671,466) - 98.39% | | | 22,337,880 | |
| | | | | Other Assets in Excess of
Liabilities - 1.61% | | | 365,137 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 22,703,017 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Seven-day yield as of September 30, 2020. |
| (a) | | Adjustable rate security - the rate is determined by the Remarking Agent. |
| (c) | | Non-income producing. Item identified as in default as to payment of interest. |
| (d) | | Zero coupon bond. Effective yield is listed. |
| (e) | | These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $228,000, which represents 1.00% of total net assets. |
Glossary of Terms
| | | | |
| CMI | | - | | California Mortgage Insurance |
| GO | | - | | General Obligation |
See notes to financial statements.
93
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 1.14% | |
| | 446,667 | | | Textainer Marine Containers VII Ltd.
Series 2019-1A, 3.960%, 04/20/2044 (d) | | $ | 454,009 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities (Cost $446,520) | | | 454,009 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE
OBLIGATIONS - 17.99% | |
| | 1,176,846 | | | ACE Securities Corp Home Equity Loan Trust 2007-WM2, 0.518% (1 Month LIBOR USD + 0.370%, 0.370% Floor), 02/25/2037 (b) | | | 669,448 | |
| | 516,435 | | | Alternative Loan Trust
Series 2007-15CB, 6.000%, 07/25/2037 | | | 442,224 | |
| | 444,340 | | | Banc of America Funding Corp.
Series 2007-3, 5.831%, 04/25/2037 (a) | | | 450,141 | |
| | 561,114 | | | Chase Mortgage Finance Trust
Series 2007-S3, 6.000%, 05/25/2037 | | | 395,865 | |
| | 116,785 | | | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR1, 3.409%, 02/25/2036 (a) | | | 114,094 | |
| | 187,042 | | | Exantas Capital Corp Ltd.
Series 2019-RSO7, 1.151% (1 Month LIBOR USD + 1.000%, 1.000% Floor), 04/17/2036 (b)(d) | | | 184,724 | |
| | 247,859 | | | First Horizon Alternative Mortgage Securities Trust
Series 2007-FA4, 6.250%, 08/25/2037 | | | 172,455 | |
| | | | | GSR Mortgage Loan Trust | | | | |
| | 442,280 | | | Series 2006-9F, 6.500%, 10/25/2036 | | | 329,655 | |
| | 145,629 | | | Series 2007-4F, 6.000%, 07/25/2037 | | | 130,636 | |
| | 435,454 | | | IndyMac IMJA Mortgage Loan Trust
Series 2007-A3, 6.250%, 11/25/2037 | | | 291,069 | |
| | 117,888 | | | IndyMac INDX Mortgage Loan Trust
Series 2005-AR1, 3.415%, 03/25/2035 (a) | | | 117,104 | |
| | 4,647,975 | | | JP Morgan Chase Commercial Mortgage Securities Trust
Series 2012-C8, 1.918%, 10/17/2045 (a)(m) | | | 130,073 | |
| | 262,027 | | | Lehman Mortgage Trust
Series 2006-2, 5.750%, 04/25/2036 | | | 273,080 | |
| | 134,626 | | | MASTR Adjustable Rate Mortgages Trust
Series 2006-2, 3.364%, 01/25/2036 (a) | | | 133,837 | |
| | 417,287 | | | Morgan Stanley Mortgage Loan Trust
Series 2007-12, 6.250%, 08/25/2037 | | | 290,238 | |
| | | | | Residential Asset Securitization Trust | | | | |
| | 545,617 | | | Series 2007-A2, 6.000%, 04/25/2037 | | | 439,313 | |
| | 405,284 | | | Series 2007-A6, 6.000%, 06/25/2037 | | | 345,330 | |
| | 764,613 | | | Series 2007-A7, 6.000%, 07/25/2037 | | | 446,878 | |
| | 200,000 | | | STRU JPM-3036
1.170%, 10/25/2030 | | | 200,552 | |
| | 708,816 | | | TBW Mortgage-Backed Trust
Series 2006-6, 5.630%, 01/25/2037 (j) | | | 350,551 | |
| | 600,000 | | | Verus Securitization Trust
2020-4, 3.291%, 05/25/2065 (a)(d) | | | 601,528 | |
| | 240,178 | | | VOLT LXXXV LLC
2020-NPL1, 3.228%, 01/25/2050 (d)(j) | | | 241,056 | |
| | 293,418 | | | Washington Mutual Asset-Backed Certificates Trust
Series 2006-HE3, 0.303% (1 Month LIBOR USD + 0.155%, 0.155% Floor), 08/25/2036 (b) | | | 277,500 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 142,154 | | | Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-5, 6.000%, 07/25/2036 | | $ | 133,596 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $8,452,287) | | | 7,160,947 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | COMMON STOCKS - 0.00% | | | | |
| | | | | Metals & Mining - 0.00% | | | | |
| | 12,305,675 | | | K2016470219 - Class A (c)(e)(f)(g) | | | – | |
| | 1,336,186 | | | K2016470219 - Class B (c)(e)(f)(g) | | | – | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $0) | | | – | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | CORPORATE OBLIGATIONS - 0.06% | |
| | | | | Specialty Retail - 0.06% | | | | |
| | 320,002 | | | K2016470260 South Africa, Ltd.
25.000% Cash or 25.000% PIK, 12/31/2022 (c)(d) | | | 12,000 | |
| | | | | K2016470219 South Africa, Ltd. | | | | |
| | 1,004,745 | | | 3.000% Cash or 3.000% PIK, 12/31/2022 (c)(d)(n) | | | 10,047 | |
| | 203,710 | | | 8.000% Cash or 8.000% PIK, 12/31/2022 (c)(d)(n) | | | 3,583 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $2,196,633) | | | 25,630 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 20.80% | |
| | | | | Argentina Treasury Bond BONCER | | | | |
| | 3,301,000 | | | 1.100%, 04/17/2021 (c)(l) | | | 43,568 | |
| | 19,625,568 | | | 1.200%, 03/18/2022 (c)(l)(n) | | | 290,836 | |
| | 14,030,056 | | | 1.400%, 03/25/2023 (c)(l)(n) | | | 173,480 | |
| | 14,030,063 | | | 1.500%, 03/25/2024 (c)(l)(n) | | | 162,959 | |
| | | | | Argentine Bonos del Tesoro | | | | |
| | 6,954,000 | | | 18.200%, 10/03/2021 (c) | | | 74,238 | |
| | 10,209,900 | | | 16.000%, 10/17/2023 (c) | | | 77,836 | |
| | 22,986,100 | | | 15.500%, 10/17/2026 (c) | | | 137,601 | |
| | | | | Brazil Letras do Tesouro Nacional | | | | |
| | 5,630,000 | | | 0.000%, 10/01/2020 (h) | | | 1,002,511 | |
| | 80,000 | | | 0.000%, 04/01/2021 (h) | | | 14,092 | |
| | 200,000 | | | 0.000%, 10/01/2021 (h) | | | 34,645 | |
| | 160,000,000 | | | Colombia Government International Bond
7.750%, 04/14/2021 | | | 42,817 | |
| | | | | Colombian TES | | | | |
| | 583,000,000 | | | 10.000%, 07/24/2024 | | | 187,277 | |
| | 296,500,000 | | | 7.500%, 08/26/2026 | | | 89,355 | |
| | 342,500,000 | | | 6.000%, 04/28/2028 | | | 94,663 | |
| | 1,303,000,000 | | | 7.750%, 09/18/2030 | | | 393,705 | |
| | | | | Indonesia Treasury Bond | | | | |
| | 9,416,000,000 | | | 8.250%, 07/15/2021 | | | 655,481 | |
| | 1,500,000,000 | | | 7.000%, 05/15/2022 | | | 105,010 | |
| | 890,000,000 | | | 5.625%, 05/15/2023 | | | 60,883 | |
| | 1,890,000,000 | | | 6.500%, 06/15/2025 | | | 131,239 | |
| | | | | Korea Treasury Bond | | | | |
| | 264,510,000 | | | 3.375%, 09/10/2023 | | | 242,397 | |
| | 459,000,000 | | | 3.500%, 03/10/2024 | | | 426,233 | |
| | 267,000,000 | | | 3.000%, 09/10/2024 | | | 245,847 | |
See notes to financial statements.
94
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued) | |
| | | | | Mexican Bonos | | | | |
| | 201,700 | | | 7.250%, 12/09/2021 | | $ | 942,806 | |
| | 191,480 | | | 6.500%, 06/09/2022 | | | 894,800 | |
| | 6,580 | | | 6.750%, 03/09/2023 | | | 31,324 | |
| | 169,750 | | | 8.000%, 12/07/2023 | | | 842,904 | |
| | 14,345 | | | Mexican Udibonos
2.500%, 12/10/2020 (l) | | | 65,205 | |
| | | | | Republic of Ghana Government Bond | | | | |
| | 1,760,000 | | | 16.250%, 05/17/2021 | | | 306,702 | |
| | 200,000 | | | 24.500%, 06/21/2021 | | | 36,662 | |
| | 390,000 | | | 24.750%, 07/19/2021 | | | 71,729 | |
| | 99,000 | | | 19.500%, 10/18/2021 | | | 17,448 | |
| | 300,000 | | | 18.750%, 01/24/2022 | | | 52,893 | |
| | 200,000 | | | 16.500%, 02/06/2023 | | | 32,939 | |
| | 300,000 | | | 19.750%, 03/25/2024 | | | 52,012 | |
| | 150,000 | | | 16.250%, 04/07/2025 | | | 23,707 | |
| | 710,000 | | | 19.000%, 11/02/2026 | | | 118,529 | |
| | 660,000 | | | 19.750%, 03/15/2032 | | | 106,509 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $11,080,748) | | | 8,282,842 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 24.06% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 240,268 | | | Pool #0039, 2.500%, 04/01/2033 | | | 255,449 | |
| | 250,000 | | | Pool #RB5085, 2.000%, 11/01/2040 | | | 258,701 | |
| | 318,271 | | | Series 4116, 1.350%, 08/15/2042 | | | 319,934 | |
| | 299,776 | | | Series 4446, 2.250%, 03/15/2045 | | | 313,260 | |
| | 287,679 | | | Pool #1827, 3.000%, 07/01/2047 | | | 302,706 | |
| | 329,297 | | | Series 4800, 4.000%, 06/15/2048 | | | 361,917 | |
| | 532,635 | | | Series 4868, 4.000%, 03/15/2049 | | | 574,524 | |
| | 590,891 | | | Pool #SD8079, 2.000%, 07/01/2050 | | | 612,411 | |
| | 198,155 | | | Pool #RA3280, 2.500%, 08/01/2050 | | | 208,080 | |
| | 250,000 | | | Pool #RE6066, 2.000%, 10/01/2050 | | | 256,276 | |
| | | | | Federal National Mortgage Association | | | | |
| | 253,420 | | | Series 9445, 3.000%, 07/01/2031 | | | 272,960 | |
| | 385,267 | | | Pool #1201, 3.500%, 10/01/2032 | | | 416,579 | |
| | 167,727 | | | Pool #2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 6.000% Cap, 0.000% Floor), 08/25/2033 (b)(i) | | | 179,965 | |
| | 400,000 | | | Pool #BL4073, 2.960%, 09/01/2034 | | | 451,498 | |
| | 361,583 | | | Pool #CA4507, 2.500%, 11/01/2034 | | | 384,959 | |
| | 166,518 | | | Pool #2012-63, 2.000%, 08/25/2040 | | | 167,115 | |
| | 578,117 | | | Pool #2014-95, 3.000%, 04/25/2041 | | | 595,004 | |
| | 297,843 | | | Pool #2012-150, 1.750%, 01/25/2043 | | | 304,203 | |
| | 632,648 | | | Pool #2013-75, 3.250%, 07/25/2043 | | | 748,648 | |
| | 161,985 | | | Pool #2018-23, 2.750%, 12/25/2043 | | | 163,437 | |
| | 196,331 | | | Pool #2015-08, 2.000%, 03/25/2045 | | | 202,010 | |
| | 124,761 | | | Series 9003, 3.000%, 11/01/2046 | | | 131,255 | |
| | 312,620 | | | Series 0862, 3.500%, 09/01/2047 | | | 330,925 | |
| | 246,572 | | | Pool #2018-27, 3.000%, 12/25/2047 | | | 257,180 | |
| | 225,046 | | | Pool #3392, 4.000%, 01/01/2048 | | | 241,343 | |
| | 262,327 | | | Pool #2018-36, 3.000%, 06/25/2048 | | | 275,983 | |
| | 251,324 | | | Pool #2018-38, 3.000%, 06/25/2048 | | | 265,835 | |
| | | | | Government National Mortgage Association | | | | |
| | 372,974 | | | Pool #2010-62, 5.594% (1 Month LIBOR USD + 5.750%, 5.750% Cap, 0.000% Floor), 05/20/2040 (b)(i)(m) | | | 68,191 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 382,930 | | | Pool #2011-72, 5.224% (1 Month LIBOR USD + 5.380%, 5.380%Cap, 0.000% Floor), 05/20/2041 (b)(i)(m) | | $ | 65,633 | |
| | 461,272 | | | Pool #2012-40, 4.000%, 01/20/2042 | | | 493,347 | |
| | 665,357 | | | Pool #2013-113, 6.094% (1 Month LIBOR USD + 6.250%, 6.250% Cap, 0.000% Floor ), 03/20/2043 (b)(i)(m) | | | 97,983 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $9,221,763) | | | 9,577,311 | |
| | | | | | |
|
|
|
| | | | | U.S. TREASURY OBLIGATIONS - 12.05% | | | | |
| | 380,000 | | | U.S Treasury Bond
1.250%, 05/15/2050 | | | 361,357 | |
| | | | | U.S. Treasury Note | | | | |
| | 1,150,000 | | | 2.125%, 05/31/2021 | | | 1,165,396 | |
| | 2,476,000 | | | 1.750%, 12/31/2024 | | | 2,635,973 | |
| | 249,000 | | | 2.625%, 12/31/2025 | | | 279,181 | |
| | 130,000 | | | 1.625%, 02/15/2026 | | | 139,100 | |
| | 61,000 | | | 2.125%, 05/31/2026 | | | 67,114 | |
| | 140,000 | | | 1.625%, 10/31/2026 | | | 150,533 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $4,668,143) | | | 4,798,654 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 24.58% | | | | |
| | | | | Foreign Government Debt Obligation - 11.823% | |
| | 4,012,800 | | | Letras de la Nacion Argentina con Ajuste por CER
0.000%, 12/04/2020 (c)(h)(l) | | | 59,933 | |
| | | | | Japan Treasury Discount Bill | | | | |
| | 62,900,000 | | | 0.000%, 10/05/2020 (h) | | | 596,414 | |
| | 14,000,000 | | | 0.000%, 10/12/2020 (h) | | | 132,754 | |
| | 19,100,000 | | | 0.000%, 11/09/2020 (h) | | | 181,122 | |
| | 17,100,000 | | | 0.000%, 11/10/2020 (h) | | | 162,172 | |
| | 108,000,000 | | | 0.000%, 11/25/2020 (h) | | | 1,024,376 | |
| | 17,800,000 | | | 0.000%, 12/14/2020 (h) | | | 168,829 | |
| | 18,800,000 | | | 0.000%, 01/12/2021 (h) | | | 178,341 | |
| | 77,950,000 | | | 0.000%, 02/10/2021 (h) | | | 739,542 | |
| | 117,900,000 | | | 0.000%, 02/25/2021 (h) | | | 1,118,632 | |
| | 5,000,000 | | | 0.000%, 03/10/2021 (h) | | | 47,443 | |
| | 6,600,000 | | | 0.000%, 03/25/2021 (h) | | | 62,628 | |
| | | | | Mexico Cetes | | | | |
| | 102,690 | | | 0.000%, 10/22/2020 (h) | | | 46,297 | |
| | 50,820 | | | 0.000%, 11/05/2020 (h) | | | 22,881 | |
| | 61,150 | | | 0.000%, 12/17/2020 (h) | | | 27,401 | |
| | 79,360 | | | 0.000%, 02/25/2021 (h) | | | 35,269 | |
| | 229,110 | | | 0.000%, 03/25/2021 (h) | | | 101,483 | |
| | | | | | |
|
|
|
| | | | | | | | 4,705,517 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | Money Market Funds - 10.68% | |
| | 4,252,695 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (k) | | | 4,252,695 | |
| | | | | | |
|
|
|
See notes to financial statements.
95
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. Treasury Obligations - 2.07% | |
| | 826,000 | | | U.S. Treasury Bill
0.000%, 02/25/2021 (h) | | $ | 825,692 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $9,707,526) | | | 9,783,904 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $45,773,620) - 100.68% | | | 40,083,297 | |
| | | | | Liabilities in Excess of
Other Assets - (0.68)% | | | (271,190 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 39,812,107 | |
| | | | | | |
|
|
|
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, 2020. |
| (b) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2020. |
| (c) | | These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $1,046,081, which represents 2.63% of total net assets. |
| (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 $1,506,947, which represents 3.79% of total net assets. |
| (e) | | As of September 30, 2020, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets. |
| (f) | | Value determined using significant unobservable inputs. Classified as level 3 in the fair value hierarchy. |
| (g) | | Non-income producing. |
| (h) | | Zero coupon bond. The effective yield 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, 2020. |
| (k) | | Seven-day yield as of September 30, 2020. |
| (l) | | Represents an inflation protected security. |
| (m) | | Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at September 30, 2020. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $361,880 which represents 0.91% of total net assets. |
| (n) | | Represents defaulted securities. |
See notes to financial statements.
96
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | |
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)
| |
| 10/2/2020 | | JP Morgan Chase | | Brazilian Real | | | 2,160,600 | | | U.S. Dollar | | | 382,238 | | | $ | 2,464 | |
| 10/15/2020 | | Citibank | | Euro | | | 63,594 | | | U.S. Dollar | | | 70,407 | | | | 4,177 | |
| 10/15/2020 | | Deutsche Bank | | Japanese Yen | | | 77,022,656 | | | Australian Dollar | | | 1,037,000 | | | | (12,334 | ) |
| 11/24/2020 | | Citibank | | Japanese Yen | | | 38,694,714 | | | Australian Dollar | | | 511,317 | | | | 843 | |
| 11/24/2020 | | JP Morgan Chase | | Japanese Yen | | | 24,215,250 | | | Australian Dollar | | | 330,437 | | | | (6,961 | ) |
| 10/14/2020 | | JP Morgan Chase | | Japanese Yen | | | 48,620,095 | | | Australian Dollar | | | 642,495 | | | | 880 | |
| 10/13/2020 | | HSBC | | Japanese Yen | | | 18,892,101 | | | Australian Dollar | | | 252,499 | | | | (1,699 | ) |
| 10/13/2020 | | JP Morgan Chase | | Japanese Yen | | | 22,051,253 | | | Australian Dollar | | | 295,010 | | | | (2,189 | ) |
| 3/17/2021 | | HSBC | | Japanese Yen | | | 13,054,470 | | | Australian Dollar | | | 170,000 | | | | 2,271 | |
| 3/11/2021 | | HSBC | | Japanese Yen | | | 19,449,899 | | | Australian Dollar | | | 252,501 | | | | 3,932 | |
| 3/10/2021 | | Citibank | | Japanese Yen | | | 38,668,070 | | | Australian Dollar | | | 505,500 | | | | 5,301 | |
| 12/14/2020 | | HSBC | | Japanese Yen | | | 25,911,245 | | | Australian Dollar | | | 335,000 | | | | 5,956 | |
| 12/14/2020 | | JP Morgan Chase | | Japanese Yen | | | 15,717,766 | | | Australian Dollar | | | 202,495 | | | | 4,126 | |
| 2/26/2021 | | Citibank | | Japanese Yen | | | 38,849,956 | | | Australian Dollar | | | 512,683 | | | | 1,835 | |
| 3/31/2021 | | Citibank | | Japanese Yen | | | 29,540,492 | | | Euro | | | 239,736 | | | | (1,431 | ) |
| 12/30/2020 | | Citibank | | Japanese Yen | | | 29,523,231 | | | Euro | | | 239,736 | | | | (1,370 | ) |
| 11/24/2020 | | HSBC | | Japanese Yen | | | 25,920,397 | | | Euro | | | 212,802 | | | | (3,864 | ) |
| 10/30/2020 | | Citibank | | Japanese Yen | | | 33,378,821 | | | Euro | | | 270,097 | | | | (276 | ) |
| 1/15/2021 | | Deutsche Bank | | Japanese Yen | | | 187,116,500 | | | Euro | | | 1,535,000 | | | | (27,233 | ) |
| 6/30/2021 | | Citibank | | Japanese Yen | | | 29,559,443 | | | Euro | | | 239,736 | | | | (1,429 | ) |
| 2/24/2021 | | HSBC | | Japanese Yen | | | 13,356,798 | | | Euro | | | 106,396 | | | | 1,746 | |
| 2/25/2021 | | HSBC | | Japanese Yen | | | 13,269,288 | | | Euro | | | 106,399 | | | | 910 | |
| 2/26/2021 | | Citibank | | Japanese Yen | | | 33,973,111 | | | Euro | | | 270,096 | | | | 5,052 | |
| 10/30/2020 | | JP Morgan Chase | | Japanese Yen | | | 41,000,000 | | | U.S. Dollar | | | 384,475 | | | | 4,412 | |
| 10/26/2020 | | BNP Parabis | | Japanese Yen | | | 37,740,000 | | | U.S. Dollar | | | 348,603 | | | | 9,346 | |
| 11/27/2020 | | Deutsche Bank | | Norwegian Krone | | | 2,851,000 | | | Euro | | | 269,323 | | | | (10,473 | ) |
| 3/22/2021 | | Deutsche Bank | | Norwegian Krone | | | 1,923,000 | | | Euro | | | 178,500 | | | | (3,882 | ) |
| 3/31/2021 | | Deutsche Bank | | Norwegian Krone | | | 582,000 | | | Euro | | | 52,479 | | | | 632 | |
| 11/16/2020 | | Deutsche Bank | | Norwegian Krone | | | 1,152,000 | | | U.S. Dollar | | | 126,012 | | | | (2,498 | ) |
| 11/19/2020 | | Deutsche Bank | | Norwegian Krone | | | 3,275,000 | | | U.S. Dollar | | | 369,614 | | | | (18,477 | ) |
| 10/13/2020 | | Deutsche Bank | | Norwegian Krone | | | 7,510,000 | | | U.S. Dollar | | | 799,338 | | | | 5,819 | |
| 12/28/2020 | | Deutsche Bank | | Norwegian Krone | | | 1,164,500 | | | U.S. Dollar | | | 125,297 | | | | (410 | ) |
| 12/15/2020 | | Deutsche Bank | | Swedish Krona | | | 737,550 | | | Euro | | | 70,904 | | | | (843 | ) |
| 12/14/2020 | | Deutsche Bank | | Swedish Krona | | | 1,475,067 | | | Euro | | | 142,655 | | | | (2,683 | ) |
| 3/15/2020 | | Deutsche Bank | | Swedish Krona | | | 1,106,350 | | | Euro | | | 106,399 | | | | (1,438 | ) |
| 10/15/2020 | | Deutsche Bank | | Swedish Krona | | | 737,550 | | | Euro | | | 70,939 | | | | (832 | ) |
| 10/16/2020 | | Deutsche Bank | | Swedish Krona | | | 1,106,400 | | | Euro | | | 106,193 | | | | (987 | ) |
| 11/13/2020 | | Deutsche Bank | | Swedish Krona | | | 737,533 | | | Euro | | | 71,640 | | | | (1,682 | ) |
| 12/15/2020 | | Deutsche Bank | | Swedish Krona | | | 737,550 | | | Euro | | | 71,730 | | | | (1,789 | ) |
| 11/12/2020 | | Goldman Sachs | | Swiss Franc | | | 323,807 | | | Euro | | | 297,490 | | | | 2,893 | |
| 2/10/2021 | | UBS | | Swiss Franc | | | 152,460 | | | Euro | | | 141,846 | | | | (593 | ) |
| 11/9/2020 | | UBS | | Swiss Franc | | | 296,948 | | | Euro | | | 274,760 | | | | 363 | |
| 3/10/2021 | | UBS | | Swiss Franc | | | 76,227 | | | Euro | | | 70,665 | | | | 23 | |
| 3/15/2021 | | Goldman Sachs | | Swiss Franc | | | 129,523 | | | Euro | | | 120,274 | | | | (193 | ) |
| 10/13/2020 | | UBS | | Swiss Franc | | | 76,227 | | | Euro | | | 70,843 | | | | (288 | ) |
| 2/12/2021 | | Goldman Sachs | | Swiss Franc | | | 129,523 | | | Euro | | | 120,283 | | | | (239 | ) |
| 11/27/2020 | | JP Morgan Chase | | U.S. Dollar | | | 201,114 | | | Australian Dollar | | | 280,000 | | | | 536 | |
| 10/2/2020 | | JP Morgan Chase | | U.S. Dollar | | | 408,328 | | | Brazilian Real | | | 2,160,600 | | | | 23,626 | |
| 11/4/2020 | | HSBC | | U.S. Dollar | | | 82,474 | | | Brazilian Real | | | 428,920 | | | | 6,170 | |
| 10/2/2020 | | JP Morgan Chase | | U.S. Dollar | | | 887,615 | | | Brazilian Real | | | 4,954,300 | | | | 6,264 | |
| 10/15/2020 | | Citibank | | U.S. Dollar | | | 71,747 | | | Euro | | | 63,594 | | | | (2,837 | ) |
| 12/17/2020 | | Citibank | | U.S. Dollar | | | 94,978 | | | Euro | | | 80,000 | | | | 1,008 | |
| 10/26/2020 | | BNP Parabis | | U.S. Dollar | | | 362,787 | | | Japanese Yen | | | 37,740,000 | | | | 4,838 | |
| 10/30/2020 | | JP Morgan Chase | | U.S. Dollar | | | 377,445 | | | Japanese Yen | | | 41,000,000 | | | | (11,442 | ) |
| 3/11/2021 | | Citibank | | U.S. Dollar | | | 238,812 | | | Mexican Peso | | | 5,378,000 | | | | 194 | |
| 10/7/2020 | | HSBC | | U.S. Dollar | | | 632,090 | | | Mexican Peso | | | 13,190,000 | | | | 36,067 | |
| 10/6/2020 | | HSBC | | U.S. Dollar | | | 716,978 | | | Mexican Peso | | | 17,690,000 | | | | (82,485 | ) |
| 10/9/2020 | | Citibank | | U.S. Dollar | | | 58,586 | | | Mexican Peso | | | 1,209,000 | | | | 3,967 | |
| 10/13/2020 | | Citibank | | U.S. Dollar | | | 194,891 | | | Mexican Peso | | | 4,030,000 | | | | 12,921 | |
See notes to financial statements.
97
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | |
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)
| |
| 10/15/2020 | | Citibank | | U.S. Dollar | | | 287,908 | | | Mexican Peso | | | 5,932,000 | | | $ | 20,121 | |
| 10/16/2020 | | Citibank | | U.S. Dollar | | | 266,021 | | | Mexican Peso | | | 5,431,000 | | | | 20,880 | |
| 10/27/2020 | | Citibank | | U.S. Dollar | | | 148,083 | | | Mexican Peso | | | 3,755,000 | | | | (21,177 | ) |
| 10/29/2020 | | Citibank | | U.S. Dollar | | | 246,201 | | | Mexican Peso | | | 6,280,000 | | | | (36,806 | ) |
| 12/18/2020 | | Citibank | | U.S. Dollar | | | 40,171 | | | Mexican Peso | | | 912,719 | | | | (728 | ) |
| 12/21/2020 | | Citibank | | U.S. Dollar | | | 18,354 | | | Mexican Peso | | | 420,281 | | | | (472 | ) |
| 10/8/2020 | | Citibank | | U.S. Dollar | | | 139,525 | | | Mexican Peso | | | 3,177,000 | | | | (4,018 | ) |
| 11/27/2020 | | Citibank | | U.S. Dollar | | | 13,266 | | | South Korea Won | | | 15,718,394 | | | | (175 | ) |
| 3/9/2020 | | Goldman Sachs | | U.S. Dollar | | | 826,470 | | | South Korea Won | | | 980,400,000 | | | | (12,188 | ) |
| 2/26/2021 | | Citibank | | U.S. Dollar | | | 15,661 | | | South Korea Won | | | 18,558,803 | | | | (214 | ) |
| 1/29/2021 | | Citibank | | U.S. Dollar | | | 15,421 | | | South Korea Won | | | 18,558,803 | | | | (452 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | (79,514 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
See notes to financial statements.
98
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.99% | |
| | | | | Exchange Traded Funds - 74.09% | |
| | 24,854 | | | Invesco QQQ Trust Series 1 (a) | | $ | 6,905,435 | |
| | 865,842 | | | iShares Core MSCI Emerging Markets ETF | | | 45,716,458 | |
| | 38,651 | | | iShares Core MSCI Europe ETF | | | 1,728,086 | |
| | 650,622 | | | iShares Core S&P Small-Cap ETF (a) | | | 45,693,183 | |
| | 346,936 | | | iShares MSCI ACWI ETF (a) | | | 27,727,125 | |
| | 176,038 | | | iShares MSCI Switzerland ETF (a) | | | 7,229,881 | |
| | 525,688 | | | JPMorgan BetaBuilders Canada ETF | | | 12,537,659 | |
| | 716,289 | | | Schwab U.S. Large-Cap ETF | | | 57,754,382 | |
| | 500,916 | | | Schwab U.S. Large-Cap Growth ETF (a) | | | 57,690,496 | |
| | 295,380 | | | SPDR S&P 600 Small Cap Growth ETF (a) | | | 17,436,281 | |
| | 136,263 | | | SPDR S&P China ETF | | | 16,190,770 | |
| | 105,525 | | | Vanguard FTSE All World ex-US Small-Cap ETF | | | 11,110,727 | |
| | 2,363,733 | | | Vanguard FTSE Developed Markets ETF | | | 96,676,680 | |
| | 198,543 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 9,651,175 | |
| | 179,913 | | | Vanguard Real Estate ETF (a) | | | 14,205,930 | |
| | 257,882 | | | Vanguard Russell 1000 Growth ETF (a) | | | 57,481,898 | |
| | 68,837 | | | Vanguard Russell 2000 Growth (a) | | | 11,104,785 | |
| | 524,180 | | | Vanguard S&P 500 ETF (a) | | | 161,263,977 | |
| | 63,200 | | | Vanguard Value ETF (a) | | | 6,605,032 | |
| | | | | | |
|
|
|
| | | | | | | | 664,709,960 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 24.90% | |
| | 1,532,398 | | | AMCAP Fund - Class F3 | | | 54,905,822 | |
| | 723,707 | | | American Funds - Fundamental Investors - Class F3 | | | 44,204,046 | |
| | 429,503 | | | American Funds - The New Economy Fund | | | 22,514,544 | |
| | 335,272 | | | American Funds - SMALLCAP World Fund, Inc. - Class F3 | | | 22,520,239 | |
| | 930,561 | | | American Funds - The Growth Fund of America - Class F3 | | | 56,615,313 | |
| | 420,459 | | | American New Perspective Fund - Class F2 | | | 22,566,054 | |
| | | | | | |
|
|
|
| | | | | | | | 223,326,018 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $654,244,496) | | | 888,035,978 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.84% | |
| | | | | Money Market Funds - 0.84% | |
| | 7,564,578 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | $ | 7,564,578 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $7,564,578) | | | 7,564,578 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 17.92% | |
| | 160,801,185 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (b) | | | 160,801,185 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $160,801,185) | | | 160,801,185 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $862,610,259) - 117.75% | | | 1,056,401,741 | |
| | | | | Liabilities in Excess of
Other Assets - (17.75)% | | | (159,247,970 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 897,153,771 | |
| | | | | | |
|
|
|
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, 2020. |
See notes to financial statements.
99
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.94% | |
| | | | | Exchange Traded Funds - 71.42% | |
| | 150,272 | | | iShares 1-3 Year Treasury Bond ETF (a) | | $ | 13,000,031 | |
| | 61,453 | | | iShares 3-7 Year Treasury Bond ETF | | | 8,209,506 | |
| | 103,167 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 12,567,804 | |
| | 144,958 | | | iShares Broad USD High Yield Corporate Bond ETF (a) | | | 5,721,492 | |
| | 348,926 | | | iShares Core Aggressive Allocation ETF | | | 20,237,708 | |
| | 541,523 | | | iShares Core Growth Allocation ETF | | | 26,231,374 | |
| | 63,549 | | | iShares Core MSCI Emerging Markets ETF | | | 3,355,387 | |
| | 83,347 | | | iShares Core MSCI Europe ETF | | | 3,726,444 | |
| | 172,507 | | | iShares Core S&P Small-Cap ETF (a) | | | 12,115,167 | |
| | 86,864 | | | iShares Core U.S. Aggregate Bond ETF | | | 10,255,164 | |
| | 160,588 | | | iShares Edge MSCI Min Vol USA ETF (a) | | | 10,234,273 | |
| | 22,843 | | | iShares iBoxx High Yield Corporate Bond ETF | | | 1,916,528 | |
| | 26,650 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | | | 2,955,219 | |
| | 51,345 | | | iShares Long-Term Corporate Bond ETF (a) | | | 3,615,201 | |
| | 113,862 | | | iShares MSCI Switzerland ETF (a) | | | 4,676,312 | |
| | 41,066 | | | iShares TIPS Bond ETF (a) | | | 5,194,849 | |
| | 162,625 | | | iShares U.S. Credit Bond ETF | | | 9,884,348 | |
| | 82,659 | | | JPMorgan BetaBuilders Canada ETF | | | 1,971,417 | |
| | 109,639 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 11,432,059 | |
| | 69,456 | | | SPDR Bloomberg Barclays International Treasury Bond ETF | | | 2,060,760 | |
| | 281,070 | | | SPDR Gold MiniShares Trust (a)(b) | | | 5,284,116 | |
| | 38,926 | | | SPDR S&P China ETF | | | 4,625,187 | |
| | 397,948 | | | Vanguard FTSE Developed Markets ETF | | | 16,276,073 | |
| | 183,364 | | | Vanguard High Dividend Yield ETF | | | 14,839,649 | |
| | 129,033 | | | Vanguard Long-Term Treasury ETF | | | 12,859,429 | |
| | 660,485 | | | Vanguard Mortgage-Backed Securities ETF | | | 35,844,521 | |
| | 46,672 | | | Vanguard Real Estate ETF (a) | | | 3,685,221 | |
| | 69,583 | | | Vanguard S&P 500 ETF (a) | | | 21,407,210 | |
| | 14,083 | | | Vanguard Total Bond Market ETF | | | 1,242,402 | |
| | 57,069 | | | Vanguard Value ETF (a) | | | 5,964,281 | |
| | | | | | |
|
|
|
| | | | | | | | 291,389,132 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 27.52% | |
| | 729,141 | | | American Funds - The Bond Fund of America - Class F2 | | | 10,259,020 | |
| | 432,185 | | | American Funds - Capital Income Builder - Class F3 | | | 25,101,288 | |
| | 1,590,459 | | | American Funds - High-Income Trust - Class F3 | | | 15,316,124 | |
| | 362,118 | | | American Funds - Mutual Fund - Class F3 | | | 14,995,316 | |
| | 1,149,315 | | | American Funds - The Income Fund of America - Class F3 | | | 25,135,513 | |
| | 722,134 | | | American Funds - Intermediate Bond Fund of America - Class F2 | | | 10,261,525 | |
| | 1,942,255 | | | Vanguard High - Yield Corporate Fund - Admiral Shares | | | 11,226,233 | |
| | | | | | |
|
|
|
| | | | | | | | 112,295,019 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $374,432,614) | | | 403,684,151 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.01% | |
| | | | | Money Market Funds - 1.01% | |
| | 4,115,628 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (c) | | $ | 4,115,628 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $4,115,628) | | | 4,115,628 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.70% | |
| | 92,629,933 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (c) | | | 92,629,933 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $92,629,933) | | | 92,629,933 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $471,178,175) - 122.65% | | | 500,429,712 | |
| | | | | Liabilities in Excess of
Other Assets - (22.65)% | | | (92,401,295 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 408,028,417 | |
| | | | | | |
|
|
|
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, 2020. |
See notes to financial statements.
100
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 66.26% | |
| | | | | Biotechnology - 6.50% | |
| | 65,518 | | | AbbVie, Inc. | | $ | 5,738,722 | |
| | 38,859 | | | Biogen, Inc. (a) | | | 11,023,521 | |
| | 13,944 | | | Regeneron Pharmaceuticals, Inc. (a) | | | 7,805,572 | |
| | 27,634 | | | United Therapeutics Corp. (a) | | | 2,791,034 | |
| | | | | | |
|
|
|
| | | | | | | | 27,358,849 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 5.24% | |
| | 11,340 | | | FactSet Research Systems, Inc. | | | 3,797,539 | |
| | 8,169 | | | MarketAxess Holdings, Inc. | | | 3,934,109 | |
| | 9,939 | | | Moody’s Corp. | | | 2,880,819 | |
| | 24,626 | | | S&P Global, Inc. | | | 8,880,135 | |
| | 43,645 | | | State Street Corp. | | | 2,589,458 | |
| | | | | | |
|
|
|
| | | | | | | | 22,082,060 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.29% | |
| | 22,889 | | | Linde Plc | | | 5,450,558 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.87% | |
| | 99,677 | | | Silgan Holdings, Inc. | | | 3,665,123 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 1.21% | |
| | 106,581 | | | Voya Financial, Inc. | | | 5,108,427 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 3.13% | |
| | 362,701 | | | AT&T, Inc. | | | 10,340,605 | |
| | 47,383 | | | Verizon Communications, Inc. | | | 2,818,815 | |
| | | | | | |
|
|
|
| | | | | | | | 13,159,420 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.59% | |
| | 158,536 | | | Schlumberger Ltd. | | | 2,466,820 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 2.59% | |
| | 59,140 | | | Activision Blizzard, Inc. | | | 4,787,383 | |
| | 46,875 | | | Electronic Arts, Inc. (a) | | | 6,112,969 | |
| | | | | | |
|
|
|
| | | | | | | | 10,900,352 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 5.45% | |
| | 487,548 | | | Kroger Co/The | | | 16,532,753 | |
| | 306,682 | | | Sprouts Farmers Market, Inc. (a)(b) | | | 6,418,854 | |
| | | | | | |
|
|
|
| | | | | | | | 22,951,607 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 0.69% | |
| | 8,915 | | | Align Technology, Inc. (a)(b) | | | 2,918,414 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.67% | |
| | 192,171 | | | CVS Health Corp. | | | 11,222,786 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 3.96% | |
| | 131,477 | | | Lennar Corp. | | | 10,739,042 | |
| | 127,739 | | | PulteGroup, Inc. | | | 5,913,038 | |
| | | | | | |
|
|
|
| | | | | | | | 16,652,080 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.74% | |
| | 34,786 | | | Clorox Co. | | | 7,310,974 | |
| | | | | | |
|
|
|
| | | | | Insurance - 1.43% | |
| | 49,110 | | | Prudential Financial, Inc. | | | 3,119,467 | |
| | 17,175 | | | RenaissanceRe Holdings Ltd. | | | 2,915,285 | |
| | | | | | |
|
|
|
| | | | | | | | 6,034,752 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 4.48% | |
| | 52,267 | | | Agilent Technologies, Inc. | | | 5,275,831 | |
| | 26,319 | | | Bio-Rad Laboratories, Inc. (a) | | | 13,566,392 | |
| | | | | | |
|
|
|
| | | | | | | | 18,842,223 | |
| | | | | | |
|
|
|
| | | | | Media - 1.77% | |
| | 243,263 | | | Discovery, Inc. - Class A (a)(b) | | | 4,767,955 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Media (Continued) | |
| | 124,092 | | | Discovery, Inc. - Class C (a)(b) | | $ | 2,701,483 | |
| | | | | | |
|
|
|
| | | | | | | | 7,469,438 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 1.71% | |
| | 113,325 | | | Newmont Corp. | | | 7,190,471 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 2.82% | |
| | 152,474 | | | Consolidated Edison, Inc. | | | 11,862,477 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 1.77% | |
| | 123,640 | | | Bristol-Myers Squibb Co. | | | 7,454,256 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.06% | |
| | 57,021 | | | IHS Markit Ltd. | | | 4,476,719 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 5.17% | |
| | 75,223 | | | Intel Corp. (b) | | | 3,895,047 | |
| | 73,091 | | | Marvell Technology Group Ltd. | | | 2,901,713 | |
| | 102,934 | | | Skyworks Solutions, Inc. | | | 14,976,897 | |
| | | | | | |
|
|
|
| | | | | | | | 21,773,657 | |
| | | | | | |
|
|
|
| | | | | Software - 5.92% | |
| | 10,024 | | | Adobe, Inc. (a) | | | 4,916,070 | |
| | 103,916 | | | Cadence Design Systems, Inc. (a) | | | 11,080,563 | |
| | 13,889 | | | Microsoft Corp. | | | 2,921,273 | |
| | 52,874 | | | Oracle Corp. | | | 3,156,578 | |
| | 47,138 | | | SS&C Technologies Holdings, Inc. | | | 2,852,792 | |
| | | | | | |
|
|
|
| | | | | | | | 24,927,276 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 4.20% | |
| | 152,576 | | | Apple, Inc. | | | 17,669,826 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $275,427,779) | | | 278,948,565 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.90% | |
| | | | | Real Estate Investment Trusts - 0.90% | |
| | 4,948 | | | Equinix, Inc. | | | 3,761,123 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $3,924,661) | | | 3,761,123 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 32.43% | |
| | | | | Money Market Funds - 32.43% | |
| | 136,537,219 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (c) | | | 136,537,219 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $136,537,219) | | | 136,537,219 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.11% | |
| | 8,904,188 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (c) | | | 8,904,188 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $8,904,188) | | | 8,904,188 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $424,793,847) - 101.70% | | | 428,151,095 | |
| | | | | Liabilities in Excess of
Other Assets - (1.70)% | | | (7,138,158 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 421,012,937 | |
| | | | | | |
|
|
|
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, 2020. |
See notes to financial statements.
101
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.84% | |
| | | | | Exchange Traded Funds - 58.31% | |
| | 2,919 | | | Invesco DB Agriculture Fund | | $ | 43,026 | |
| | 1,390 | | | Invesco DB Base Metals Fund | | | 21,045 | |
| | 6,778 | | | Invesco DB Energy Fund | | | 64,730 | |
| | 409 | | | Invesco DB Precious Metals Fund | | | 20,998 | |
| | 26,346 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 3,209,470 | |
| | 817 | | | iShares Core MSCI Emerging Markets ETF | | | 43,138 | |
| | 101,005 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 13,606,384 | |
| | 208,820 | | | ProShares Investment Grade-Interest Rate Hedged ETF (c) | | | 14,928,542 | |
| | 220,469 | | | ProShares UltraShort 20+ Year Treasury (a) | | | 3,461,363 | |
| | 311,781 | | | Schwab Short-Term U.S. Treasury ETF | | | 16,056,721 | |
| | 3,148 | | | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a) | | | 288,105 | |
| | 67,798 | | | Vanguard Emerging Markets Government Bond ETF | | | 5,349,262 | |
| | 6,307 | | | Vanguard FTSE Developed Markets ETF | | | 257,956 | |
| | 111,260 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 10,658,708 | |
| | 938,131 | | | Vanguard Mortgage-Backed Securities ETF (a) | | | 50,912,369 | |
| | 1,546 | | | Vanguard S&P 500 ETF (a) | | | 475,627 | |
| | 63,687 | | | Vanguard Total Bond Market ETF | | | 5,618,467 | |
| | | | | | |
|
|
|
| | | | | | | | 125,015,911 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 40.53% | |
| | 1,874,466 | | | BlackRock Low Duration Bond Portfolio - Institutional Shares | | | 18,201,066 | |
| | 310,206 | | | DoubleLine Core Fixed Income Fund - Institutional Shares | | | 3,483,612 | |
| | 1,715,816 | | | DoubleLine Flexible Income Fund - Institutional Shares | | | 16,060,039 | |
| | 1,830,538 | | | DoubleLine Low Duration Bond Fund - Institutional Shares | | | 18,195,544 | |
| | 367,028 | | | DoubleLine Shiller Enhanced CAPE - Institutional Shares | | | 5,934,844 | |
| | 2,080,162 | | | DoubleLine Total Return Bond Fund - Institutional Shares | | | 22,340,937 | |
| | 281,866 | | | T. Rowe Price Institutional Floating Rate Fund | | | 2,672,087 | |
| | | | | | |
|
|
|
| | | | | | | | 86,888,129 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $197,932,878) | | | 211,904,040 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.10% | |
| | | | | Money Market Funds - 1.10% | |
| | 2,349,634 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | $ | 2,349,634 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,349,634) | | | 2,349,634 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.89% | |
| | 21,213,308 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (b) | | | 21,213,308 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $21,213,308) | | | 21,213,308 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $221,495,820) - 109.83% | | | 235,466,982 | |
| | | | | Liabilities in Excess of
Other Assets - (9.83)% | | | (21,069,592 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 214,397,390 | |
| | | | | | |
|
|
|
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, 2020. |
| (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 GuidePath® Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to $4,516,590 or 2.11% of total net assets as of September 30, 2020. |
See notes to financial statements.
102
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.95% | |
| | | | | Exchange Traded Funds - 82.27% | |
| | 189,560 | | | Global X US Preferred ETF (a) | | $ | 4,693,506 | |
| | 22,214 | | | Invesco S&P 500 Quality ETF (a) | | | 858,793 | |
| | 170,309 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 7,485,081 | |
| | 69,684 | | | iShares Broad USD High Yield Corporate Bond ETF (a) | | | 2,750,427 | |
| | 29,268 | | | iShares Currency Hedged MSCI Eurozone ETF (a) | | | 815,114 | |
| | 252,287 | | | iShares Emerging Markets Dividend ETF (a) | | | 7,596,362 | |
| | 15,021 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 2,023,479 | |
| | 216,510 | | | iShares International Select Dividend ETF (a) | | | 5,397,594 | |
| | 81,755 | | | iShares Preferred & Income Securities ETF (a) | | | 2,979,970 | |
| | 73,559 | | | iShares Select Dividend ETF (a) | | | 5,998,001 | |
| | 115,557 | | | Schwab US Dividend Equity ETF (a) | | | 6,390,301 | |
| | 109,335 | | | SPDR Portfolio Aggregate Bond ETF | | | 3,368,611 | |
| | 61,431 | | | SPDR Portfolio Long Term Corporate Bond ETF (a) | | | 1,952,277 | |
| | 43,514 | | | SPDR Portfolio S&P 500 High Dividend ETF | | | 1,192,284 | |
| | 81,264 | | | SPDR Portfolio Short Term Corporate Bond ETF (a) | | | 2,549,252 | |
| | 37,125 | | | SPDR S&P Global Dividend ETF | | | 1,973,305 | |
| | 27,123 | | | SPDR S&P Global Infrastructure ETF | | | 1,205,617 | |
| | 110,838 | | | SPDR S&P International Dividend ETF | | | 3,738,566 | |
| | 39,103 | | | Vanguard Emerging Markets Government Bond ETF | | | 3,085,227 | |
| | 56,666 | | | Vanguard Global ex-U.S. Real Estate ETF (a) | | | 2,754,534 | |
| | 78,786 | | | Vanguard High Dividend Yield ETF | | | 6,376,151 | |
| | 8,786 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 841,699 | |
| | 64,279 | | | Vanguard Long-Term Treasury ETF | | | 6,406,045 | |
| | 130,390 | | | Vanguard Mortgage-Backed Securities ETF (a) | | | 7,076,265 | |
| | 34,042 | | | Vanguard Real Estate ETF (a) | | | 2,687,956 | |
| | 2,469 | | | Vanguard S&P 500 ETF (a) | | | 759,588 | |
| | 6,345 | | | Vanguard Utilities ETF (a) | | | 819,140 | |
| | 64,022 | | | WisdomTree US LargeCap Dividend Fund (a) | �� | | 6,212,695 | |
| | 149,680 | | | WisdomTree U.S. SmallCap Dividend Fund (a) | | | 3,155,254 | |
| | | | | | |
|
|
|
| | | | | | | | 103,143,094 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 16.68% | |
| | 380,484 | | | BlackRock Strategic Income Opportunities Portfolio | | | 3,827,674 | |
| | 241,306 | | | Loomis Sayles Global Allocation Fund | | | 6,375,316 | |
| | 449,808 | | | T. Rowe Price Institutional Floating Rate Fund | | | 4,264,178 | |
| | 1,114,216 | | | Vanguard High-Yield Corporate Fund | | | 6,440,169 | |
| | | | | | |
|
|
|
| | | | | | | | 20,907,337 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $118,055,831) | | | 124,050,431 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.17% | |
| | | | | Money Market Funds - 1.17% | |
| | 1,466,813 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | $ | 1,466,813 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $1,466,813) | | | 1,466,813 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 16.34% | |
| | 20,483,678 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (b) | | | 20,483,678 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $20,483,678) | | | 20,483,678 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $140,006,322) - 116.46% | | | 146,000,922 | |
| | | | | Liabilities in Excess of
Other Assets - (16.46)% | | | (20,639,161 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 125,361,761 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of September 30, 2020. |
See notes to financial statements.
103
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.68% | |
| | | | | Exchange Traded Funds - 78.20% | |
| | 70,091 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | $ | 3,080,499 | |
| | 62,537 | | | iShares Agency Bond ETF (a) | | | 7,571,980 | |
| | 77,810 | | | iShares Broad USD High Yield Corporate Bond ETF (a) | | | 3,071,161 | |
| | 143,666 | | | iShares Convertible Bond ETF | | | 11,601,030 | |
| | 77,549 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 10,446,626 | |
| | 24,853 | | | iShares PHLX Semiconductor ETF (a) | | | 7,570,472 | |
| | 156,378 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 9,176,261 | |
| | 300,264 | | | Schwab Short-Term U.S. Treasury ETF | | | 15,463,596 | |
| | 374,206 | | | Schwab U.S. TIPS ETF | | | 23,062,315 | |
| | 102,762 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 10,714,994 | |
| | 119,313 | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF (a) | | | 3,086,627 | |
| | 490,321 | | | SPDR Portfolio Aggregate Bond ETF | | | 15,106,790 | |
| | 205,808 | | | SPDR Portfolio Intermediate Term Corporate Bond ETF | | | 7,565,502 | |
| | 141,341 | | | Vanguard Emerging Markets Government Bond ETF | | | 11,151,805 | |
| | 78,859 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 7,554,692 | |
| | 59,565 | | | Vanguard Long-Term Treasury ETF (a) | | | 5,936,248 | |
| | 85,626 | | | Vanguard Total Bond Market ETF | | | 7,553,926 | |
| | 382,260 | | | Xtrackers USD High Yield Corporate Bond ETF (a) | | | 18,386,706 | |
| | | | | | |
|
|
|
| | | | | | | | 178,101,230 | |
| | | | | | |
|
|
|
| | | | | Mutual Funds - 20.48% | |
| | 4,101,463 | | | BlackRock High Yield Portfolio - Institutional Shares | | | 30,432,855 | |
| | 2,805,478 | | | Vanguard High-Yield Corporate Fund | | | 16,215,662 | |
| | | | | | |
|
|
|
| | | | | | | | 46,648,517 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $221,568,102) | | | 224,749,747 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.39% | |
| | | | | Money Market Funds - 1.39% | |
| | 3,175,797 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | $ | 3,175,797 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $3,175,797) | | | 3,175,797 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.32% | |
| | 28,054,156 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (b) | | | 28,054,156 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending
(Cost $28,054,156) | | | 28,054,156 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $252,798,055) - 112.39% | | | 255,979,700 | |
| | | | | Liabilities in Excess of
Other Assets - (12.39)% | | | (28,227,413 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 227,752,287 | |
| | | | | | |
|
|
|
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, 2020. |
See notes to financial statements.
104
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 96.29% | |
| | | | | Certificates of Deposit - 69.78% | |
| $ | 6,000,000 | | | Bank of Montreal
0.170%, 12/18/2020 | | $ | 6,000,289 | |
| | 7,000,000 | | | BNP Paribas
0.220%, 12/01/2020 | | | 7,001,109 | |
| | 7,000,000 | | | CIBC
0.080%, 10/01/2020 | | | 7,000,000 | |
| | 6,500,000 | | | Credit Industriel ET Commercia
0.140%, 12/01/2020 | | | 6,500,571 | |
| | 7,000,000 | | | KBC Bank NV
0.120%, 12/01/2020 | | | 6,999,807 | |
| | 7,000,000 | | | Landesbank Baden Wurttemberg
0.190%, 10/06/2020 | | | 7,000,010 | |
| | 4,000,000 | | | Landesbank Hessen-Thuringen
0.160%, 11/05/2020 | | | 4,000,000 | |
| | 7,000,000 | | | Mitsubishi Trust & Banking Corp.
0.230%, 02/10/2021 | | | 7,000,594 | |
| | 7,000,000 | | | Mizuho Bank, Ltd.
0.240%, 12/02/2020 | | | 7,001,040 | |
| | 7,000,000 | | | National Bank of Kuwait
0.210%, 10/01/2020 | | | 7,000,000 | |
| | 7,000,000 | | | Nordea Bank Abp
0.150%, 12/11/2020 | | | 7,000,322 | |
| | 7,000,000 | | | Norinchukin Bank
0.200%, 12/08/2020 | | | 7,000,523 | |
| | 8,000,000 | | | Oversea-Chinese Banking Corp., Ltd.
0.950%, 10/15/2020 | | | 8,000,000 | |
| | 6,500,000 | | | Royal Bank of Canada
0.428% (3 Month LIBOR USD + 0.110%), 06/11/2021 (a) | | | 6,505,636 | |
| | 5,100,000 | | | SEB
0.040%, 10/01/2020 | | | 5,100,000 | |
| | 6,000,000 | | | Sumitomo Mitsui Banking Corp.
0.220%, 11/30/2020 | | | 6,000,853 | |
| | 7,000,000 | | | Sumitomo Mitsui Trust Bank, Ltd.
0.210%, 01/15/2021 | | | 7,000,561 | |
| | 5,500,000 | | | Toronto-Dominion Bank
0.466% (1 Month LIBOR USD + 0.310%), 10/20/2020 (a) | | | 5,500,000 | |
| | | | | | |
|
|
|
| | | | | | | | 117,611,315 | |
| | | | | | |
|
|
|
| | | | | Commercial Paper - 17.98% | |
| | 5,000,000 | | | Bank of America NA
0.216%, 11/09/2020 | | | 5,000,000 | |
| | 6,400,000 | | | COFANZ
–%, 10/27/2020 | | | 6,399,076 | |
| | 7,000,000 | | | Rabobank
–%, 10/06/2020 | | | 6,999,921 | |
| | 4,900,000 | | | Swedbank Banking Co.
–%, 10/19/2020 | | | 4,899,755 | |
| | 7,000,000 | | | Santander UK PLC
–%, 11/02/2020 | | | 6,998,756 | |
| | | | | | |
|
|
|
| | | | | | | | 30,297,508 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Money Market Funds - 1.17% | |
| | 1,969,786 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | $ | 1,969,786 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bill - 7.36% | |
| $ | 7,400,000 | | | –%, 10/08/2020 (c)(d)(e) | | | 7,399,882 | |
| | 5,000,000 | | | –%, 11/05/2020 (d)(e) | | | 4,999,563 | |
| | | | | | |
|
|
|
| | | | | | | | 12,399,445 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $162,267,012) | | | 162,278,054 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $162,267,012) - 96.29% | | | 162,278,054 | |
| | | | | Other Assets in Excess of
Liabilities - 3.71% | | | 6,245,986 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 168,524,040 | |
| | | | | | |
|
|
|
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, 2020. |
| (b) | | Seven-day yield as of September 30, 2020. |
| (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. The approximate value of the portion of these securities held as collateral is $12,399,445. |
See notes to financial statements.
105
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value / Unrealized
Appreciation
(Depreciation)
| |
Amsterdam IDX Futures | | | 2 | | | $ | 256,806 | | | Oct-20 | | $ | (3,719 | ) |
Australian 10-Year Treasury Bond Futures | | | 169 | | | | 18,083,454 | | | Dec-20 | | | 112,073 | |
Australian 3-Year Treasury Bond Futures | | | 710 | | | | 59,654,699 | | | Dec-20 | | | 98,949 | |
Australian Dollar Futures | | | 188 | | | | 13,466,440 | | | Dec-20 | | | (255,177 | ) |
Brazilian Real Futures | | | (21 | ) | | | (373,380 | ) | | Oct-20 | | | 3,006 | |
Brent Crude Futures (a) | | | (64 | ) | | | (2,707,200 | ) | | Oct-20 | | | (107,284 | ) |
British Pound Futures | | | 96 | | | | 7,742,400 | | | Dec-20 | | | (80,008 | ) |
CAC40 Index Futures | | | (13 | ) | | | (731,765 | ) | | Oct-20 | | | 10,990 | |
Canadian 10-Year Bond Futures | | | 218 | | | | 24,854,177 | | | Dec-20 | | | (29,829 | ) |
Canadian Dollar Futures | | | 74 | | | | 5,559,620 | | | Dec-20 | | | (50,242 | ) |
Cocoa Futures (a) | | | 57 | | | | 1,451,220 | | | Dec-20 | | | (27,539 | ) |
Coffee ‘C’ Futures (a) | | | 21 | | | | 873,731 | | | Dec-20 | | | (141,753 | ) |
Copper Futures (a) | | | 124 | | | | 9,400,750 | | | Dec-20 | | | 280,848 | |
Corn Futures (a) | | | 74 | | | | 1,402,300 | | | Dec-20 | | | 36,260 | |
Cotton No. 2 Futures (a) | | | 24 | | | | 789,480 | | | Dec-20 | | | 16,738 | |
DAX® Index Futures | | | 5 | | | | 1,872,853 | | | Dec-20 | | | (51,144 | ) |
DJIA E-Mini CBOT Futures | | | 31 | | | | 4,287,920 | | | Dec-20 | | | 26,977 | |
E-mini Nasdaq 100 Futures | | | 25 | | | | 5,703,625 | | | Dec-20 | | | 173,429 | |
E-mini Russell 2000 Futures | | | 27 | | | | 2,030,940 | | | Dec-20 | | | 2,987 | |
E-mini S&P 500 Futures | | | 30 | | | | 5,028,000 | | | Dec-20 | | | (79,472 | ) |
E-mini S&P Mid Cap 400 Futures | | | 10 | | | | 1,855,900 | | | Dec-20 | | | 3,091 | |
Euribor 3 Month Futures | | | 200 | | | | 58,918,878 | | | Dec-20 | | | 10,646 | |
Euro Fx Futures | | | 186 | | | | 27,285,038 | | | Dec-20 | | | (254,611 | ) |
Euro Stoxx 50® Index Futures | | | 13 | | | | 486,827 | | | Dec-20 | | | (17,015 | ) |
Euro-Bobl Futures | | | 96 | | | | 15,214,173 | | | Dec-20 | | | 7,249 | |
Euro-BTP Futures | | | 162 | | | | 28,031,047 | | | Dec-20 | | | 118,890 | |
Euro-BTP Futures - Short | | | 92 | | | | 12,217,983 | | | Dec-20 | | | 34,557 | |
Euro-Bund Futures | | | 55 | | | | 11,253,942 | | | Dec-20 | | | 57,597 | |
Euro-Buxl® 30 Year Futures | | | 21 | | | | 5,482,736 | | | Dec-20 | | | 114,670 | |
Eurodollar 90 Day Futures | | | 1,119 | | | | 279,204,488 | | | Mar-21 | | | 43,267 | |
Euro-OATS Futures | | | 101 | | | | 19,959,374 | | | Dec-20 | | | 143,625 | |
Euro-Schatz Futures | | | 35 | | | | 4,607,931 | | | Dec-20 | | | 325 | |
FTSE 100 Index Futures | | | (17 | ) | | | (1,281,394 | ) | | Dec-20 | | | 43,081 | |
FTSE China A50 Index Futures | | | 248 | | | | 3,749,760 | | | Oct-20 | | | 11,758 | |
FTSE JSE Top 40 Futures | | | 12 | | | | 360,946 | | | Dec-20 | | | (14,494 | ) |
FTSE MIB Index Future | | | (4 | ) | | | (444,713 | ) | | Dec-20 | | | (4,673 | ) |
Gold 100 Oz. Futures (a) | | | 52 | | | | 9,856,600 | | | Dec-20 | | | 115,287 | |
Hang Seng Index Futures | | | (39 | ) | | | (5,895,252 | ) | | Oct-20 | | | (7,958 | ) |
HSCEI Index Futures | | | (106 | ) | | | (6,414,668 | ) | | Oct-20 | | | 12,781 | |
IBEX 35® Index Futures | | | (43 | ) | | | (3,393,174 | ) | | Oct-20 | | | (28,998 | ) |
Indian Rupee Futures | | | 122 | | | | 3,301,320 | | | Oct-20 | | | (5,725 | ) |
Japanese Yen Futures | | | 278 | | | | 32,969,063 | | | Dec-20 | | | (217,132 | ) |
Lean Hogs Futures (a) | | | (16 | ) | | | (403,840 | ) | | Dec-20 | | | (46,493 | ) |
Live Cattle Futures (a) | | | (19 | ) | | | (853,860 | ) | | Dec-20 | | | (25,483 | ) |
LME Aluminium Futures (a)(b) | | | (79 | ) | | | (3,484,394 | ) | | Dec-20 | | | 25,643 | |
LME Aluminium Futures (a)(b) | | | 139 | | | | 6,130,769 | | | Dec-20 | | | (49,605 | ) |
LME Copper Futures (a)(b) | | | 72 | | | | 12,014,550 | | | Dec-20 | | | 376,157 | |
LME Copper Futures (a)(b) | | | (39 | ) | | | (6,507,881 | ) | | Dec-20 | | | (169,034 | ) |
LME Nickel Futures (a)(b) | | | 22 | | | | 1,915,980 | | | Dec-20 | | | (25,521 | ) |
LME Nickel Futures (a)(b) | | | (4 | ) | | | (348,360 | ) | | Dec-20 | | | 10,894 | |
LME Zinc Futures (a)(b) | | | (25 | ) | | | (1,501,406 | ) | | Dec-20 | | | 29,634 | |
LME Zinc Futures (a)(b) | | | 62 | | | | 3,723,488 | | | Dec-20 | | | 49,137 | |
Long Gilt Futures | | | 119 | | | | 20,900,010 | | | Dec-20 | | | (36,839 | ) |
Low Sulphur Gas Oil Futures (a) | | | (83 | ) | | | (2,770,125 | ) | | Nov-20 | | | (39,685 | ) |
Mexican Peso Futures | | | (13 | ) | | | (291,525 | ) | | Dec-20 | | | (2,061 | ) |
MSCI EAFE Index Futures | | | 31 | | | | 2,872,460 | | | Dec-20 | | | (52,858 | ) |
MSCI Emerging Markets Index Futures | | | 72 | | | | 3,918,600 | | | Dec-20 | | | (12,919 | ) |
MSCI Singapore Index Futures | | | (37 | ) | | | (766,265 | ) | | Oct-20 | | | 427 | |
Natural Gas Futures (a) | | | (37 | ) | | | (934,990 | ) | | Oct-20 | | | 120,237 | |
See notes to financial statements.
106
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased /(Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value / Unrealized
Appreciation
(Depreciation)
| |
New Zealand Dollar Futures | | | 155 | | | $ | 10,250,150 | | | Dec-20 | | $ | (171,322 | ) |
Nikkei 225 Futures | | | 12 | | | | 2,638,600 | | | Dec-20 | | | 13,036 | |
NY Harbor ULSD Futures (a) | | | (47 | ) | | | (2,274,443 | ) | | Oct-20 | | | (103,346 | ) |
OMXS30 Futures | | | 137 | | | | 2,801,311 | | | Oct-20 | | | 25,360 | |
Platinum Futures (a) | | | 10 | | | | 454,600 | | | Jan-21 | | | (35,861 | ) |
RBOB Gasoline Futures (a) | | | (7 | ) | | | (342,569 | ) | | Nov-20 | | | (20 | ) |
S&P/TSX 60 Index Futures | | | 16 | | | | 2,310,691 | | | Dec-20 | | | (1,327 | ) |
Silver Futures (a) | | | 29 | | | | 3,406,630 | | | Dec-20 | | | (615,017 | ) |
South African Rand Futures | | | (44 | ) | | | (1,305,700 | ) | | Dec-20 | | | 7,083 | |
Soybean Futures (a) | | | 131 | | | | 6,703,925 | | | Nov-20 | | | 370,704 | |
Soybean Meal Futures (a) | | | 144 | | | | 4,936,320 | | | Dec-20 | | | 361,205 | |
Soybean Oil Futures (a) | | | 126 | | | | 2,504,628 | | | Dec-20 | | | (7,527 | ) |
SPI 200TM Index Futures | | | (2 | ) | | | (207,784 | ) | | Dec-20 | | | (1,686 | ) |
Sterling 90 Day Futures | | | 696 | | | | 112,171,164 | | | Dec-20 | | | (6,838 | ) |
Sugar No. 11 Futures (a) | | | 96 | | | | 1,452,595 | | | Feb-21 | | | (3,041 | ) |
Swiss Franc Futures | | | 87 | | | | 11,828,738 | | | Dec-20 | | | (147,660 | ) |
TOPIX Index Futures | | | 23 | | | | 3,544,920 | | | Dec-20 | | | (5,678 | ) |
U.S. Treasury 10-Year Note Futures | | | 338 | | | | 47,161,563 | | | Dec-20 | | | 30,059 | |
U.S. Treasury 2-Year Note Futures | | | 561 | | | | 123,959,086 | | | Dec-20 | | | 39,084 | |
U.S. Treasury 5-Year Note Futures | | | 712 | | | | 89,734,250 | | | Dec-20 | | | 18,863 | |
U.S. Treasury Long Bond Futures | | | 73 | | | | 12,868,531 | | | Dec-20 | | | (88,528 | ) |
U.S. Treasury Ultra Bond Futures | | | 31 | | | | 6,876,188 | | | Dec-20 | | | (88,003 | ) |
Wheat Futures (a) | | | 55 | | | | 1,589,500 | | | Dec-20 | | | 54,862 | |
WTI Crude Futures (a) | | | (56 | ) | | | (2,252,320 | ) | | Oct-20 | | | (129,916 | ) |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | (231,575 | ) |
| | | | | | | | | | | | |
|
|
|
| (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
September 30, 2020
| | | | | | | | | | | | | | | | | | |
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)
| |
| 12/16/2020 | | NatWest | | Chinese Yuan Renminbi | | | 78,000,001 | | | U.S. Dollar | | | 11,317,300 | | | $ | 117,878 | |
| 12/16/2020 | | NatWest | | Norwegian Krone | | | 2,000,000 | | | U.S. Dollar | | | 211,704 | | | | 2,765 | |
| 12/16/2020 | | NatWest | | Norwegian Krone | | | 26,000,000 | | | U.S. Dollar | | | 2,876,200 | | | | (88,103 | ) |
| 12/16/2020 | | NatWest | | Polish Zloty | | | 27,000,000 | | | U.S. Dollar | | | 7,183,755 | | | | (209,558 | ) |
| 12/16/2020 | | NatWest | | Singapore Dollar | | | 2,500,000 | | | U.S. Dollar | | | 1,840,914 | | | | (9,293 | ) |
| 12/16/2020 | | NatWest | | Singapore Dollar | | | 24,000,000 | | | U.S. Dollar | | | 17,525,527 | | | | 58,035 | |
| 12/16/2020 | | NatWest | | Swedish Krona | | | 86,000,001 | | | U.S. Dollar | | | 9,806,828 | | | | (194,210 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 2,610,377 | | | New Turkish Lira | | | 20,400,000 | | | | 30,307 | |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 5,463,884 | | | Norwegian Krone | | | 52,000,000 | | | | (112,310 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 435,556 | | | Norwegian Krone | | | 4,000,000 | | | | 6,618 | |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 428,593 | | | Norwegian Krone | | | 4,000,000 | | | | (345 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 636,858 | | | Polish Zloty | | | 2,500,000 | | | | (10,060 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 1,421,668 | | | Polish Zloty | | | 5,500,000 | | | | (1,552 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 903,640 | | | Polish Zloty | | | 3,500,000 | | | | (2,045 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 1,726,992 | | | Singapore Dollar | | | 2,375,000 | | | | (13,048 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 4,405,495 | | | Swedish Krona | | | 40,000,000 | | | | (65,490 | ) |
| 12/16/2020 | | NatWest | | U.S. Dollar | | | 1,589,752 | | | Swedish Krona | | | 14,000,000 | | | | 24,907 | |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | (465,504 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
See notes to financial statements.
107
GuidePath® Conservative Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 52.10% | | | | |
| | | | | Exchange Traded Funds - 52.10% | | | | |
| | 50,179 | | | iShares 0-5 Year Investment Grade Corporate Bond ETF (b) | | $ | 2,615,329 | |
| | 10,022 | | | iShares 0-5 Year TIPS Bond ETF | | | 1,042,889 | |
| | 20,151 | | | Schwab Short-Term U.S. Treasury ETF | | | 1,037,777 | |
| | 17,053 | | | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | | | 521,481 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $5,174,069) | | | 5,217,476 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 47.12% | | | | |
| | | | | Money Market Funds - 35.01% | | | | |
| | 3,505,838 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (a)(b) | | | 3,505,838 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Notes - 12.11% | | | | |
| $ | 300,000 | | | 2.500%, 12/31/2020 | | | 301,772 | |
| | 300,000 | | | 2.250%, 03/31/2021 | | | 303,214 | |
| | 300,000 | | | 1.125%, 06/30/2021 | | | 302,273 | |
| | 300,000 | | | 2.125%, 09/30/2021 | | | 305,983 | |
| | | | | | |
|
|
|
| | | | | | | | 1,213,242 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $4,717,306) | | | 4,719,080 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $9,891,375) - 99.22% | | | 9,936,556 | |
| | | | | Other Assets in Excess of
Liabilities - 0.78% | | | 78,074 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 10,014,630 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Seven-day yield as of September 30, 2020. |
| (b) | | Fair value of these securities exceeds 25% of the Fund’s net assets. Additional information for these securities, including financial statements, is available from the SEC’s EDGAR datatbase at www.sec.gov. |
See notes to financial statements.
108
GuidePath® Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.45% | |
| | | | | Exchange Traded Funds - 98.45% | |
| | 131,362 | | | iShares Core U.S. Aggregate Bond ETF (c) | | $ | 15,508,598 | |
| | 117,024 | | | iShares Trust iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | | | 7,116,229 | |
| | 56,171 | | | Schwab U.S. TIPS ETF | | | 3,461,819 | |
| | 19,812 | | | SPDR Bloomberg Barclays High Yield Bond ETF | | | 2,065,797 | |
| | 227,139 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 5,165,141 | |
| | 9,580 | | | Vanguard Total Bond Market ETF | | | 845,148 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $33,667,941) | | | 34,162,732 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.16% | |
| | | | | Money Market Funds - 1.16% | |
| | 403,183 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | | 403,183 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $403,183) | | | 403,183 | |
| | | | | | |
|
|
|
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 13.49% | |
| | 4,681,200 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (b) | | | 4,681,200 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $4,681,200) | | | 4,681,200 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $38,752,324) - 113.10% | | | 39,247,115 | |
| | | | | Liabilities in Excess of
Other Assets - (13.10)% | | | (4,544,977 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 34,702,138 | |
| | | | | | |
|
|
|
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, 2020. |
| (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.
109
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 35.58% | |
| | | | | Aerospace & Defense - 0.95% | |
| | 701 | | | General Dynamics Corp. | | $ | 97,039 | |
| | 724 | | | Lockheed Martin Corp. | | | 277,496 | |
| | 3,869 | | | Raytheon Technologies Corp. | | | 222,622 | |
| | | | | | |
|
|
|
| | | | | | | | 597,157 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.61% | |
| | 2,313 | | | United Parcel Service, Inc. - Class B | | | 385,415 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.19% | |
| | 3,104 | | | Southwest Airlines Co. | | | 116,400 | |
| | | | | | |
|
|
|
| | | | | Banks - 0.89% | |
| | 5,411 | | | Citizens Financial Group, Inc. | | | 136,790 | |
| | 9,410 | | | Regions Financial Corp. | | | 108,497 | |
| | 5,446 | | | Truist Financial Corp. | | | 207,220 | |
| | 3,056 | | | U.S. Bancorp | | | 109,558 | |
| | | | | | |
|
|
|
| | | | | | | | 562,065 | |
| | | | | | |
|
|
|
| | | | | Beverages - 2.21% | |
| | 12,763 | | | Coca-Cola Co. | | | 630,109 | |
| | 5,478 | | | PepsiCo, Inc. | | | 759,252 | |
| | | | | | |
|
|
|
| | | | | | | | 1,389,361 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 1.98% | |
| | 5,435 | | | AbbVie, Inc. | | | 476,052 | |
| | 1,960 | | | Amgen, Inc. | | | 498,153 | |
| | 4,319 | | | Gilead Sciences, Inc. | | | 272,918 | |
| | | | | | |
|
|
|
| | | | | | | | 1,247,123 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.22% | |
| | 3,414 | | | Johnson Controls International PLC | | | 139,462 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.13% | |
| | 447 | | | BlackRock, Inc. | | | 251,906 | |
| | 828 | | | CME Group, Inc. | | | 138,533 | |
| | 3,054 | | | State Street Corp. | | | 181,194 | |
| | 1,099 | | | T. Rowe Price Group, Inc. | | | 140,914 | |
| | | | | | |
|
|
|
| | | | | | | | 712,547 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.43% | |
| | 905 | | | Air Products & Chemicals, Inc. | | | 269,563 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.01% | |
| | 16,082 | | | Cisco Systems, Inc. | | | 633,470 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.19% | |
| | 4,498 | | | Synchrony Financial (a) | | | 117,713 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.19% | |
| | 3,014 | | | International Paper Co. | | | 122,188 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 2.36% | |
| | 23,960 | | | AT&T, Inc. | | | 683,100 | |
| | 13,510 | | | Verizon Communications, Inc. | | | 803,710 | |
| | | | | | |
|
|
|
| | | | | | | | 1,486,810 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 1.92% | |
| | 1,507 | | | American Electric Power Co., Inc. | | | 123,167 | |
| | 2,756 | | | Duke Energy Corp. | | | 244,071 | |
| | 704 | | | Eversource Energy | | | 58,819 | |
| | 2,099 | | | NextEra Energy, Inc. | | | 582,599 | |
| | 2,928 | | | Xcel Energy, Inc. | | | 202,061 | |
| | | | | | |
|
|
|
| | | | | | | | 1,210,717 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.77% | |
| | 2,444 | | | Eaton Corp. PLC | | | 249,361 | |
| | 3,577 | | | Emerson Electric Co. | | | 234,544 | |
| | | | | | |
|
|
|
| | | | | | | | 483,905 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electronic Equipment, Instruments & Components - 0.21% | |
| | 4,105 | | | Corning, Inc. | | $ | 133,043 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 0.44% | |
| | 2,215 | | | Sysco Corp. | | | 137,817 | |
| | 3,806 | | | Walgreens Boots Alliance, Inc. | | | 136,712 | |
| | | | | | |
|
|
|
| | | | | | | | 274,529 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.51% | |
| | 3,255 | | | Archer-Daniels-Midland Co. | | | 151,325 | |
| | 2,781 | | | General Mills, Inc. | | | 171,532 | |
| | | | | | |
|
|
|
| | | | | | | | 322,857 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.47% | |
| | 5,038 | | | CVS Health Corp. | | | 294,219 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.95% | |
| | 2,718 | | | McDonald’s Corp. | | | 596,574 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.97% | |
| | 3,360 | | | Colgate-Palmolive Co. | | | 259,224 | |
| | 1,044 | | | Kimberly-Clark Corp. | | | 154,157 | |
| | 5,959 | | | Procter & Gamble Co. | | | 828,241 | |
| | | | | | |
|
|
|
| | | | | | | | 1,241,622 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 1.11% | |
| | 2,261 | | | 3M Co. | | | 362,168 | |
| | 2,048 | | | Honeywell International, Inc. | | | 337,121 | |
| | | | | | |
|
|
|
| | | | | | | | 699,289 | |
| | | | | | |
|
|
|
| | | | | Insurance - 1.08% | |
| | 4,648 | | | Aflac, Inc. | | | 168,955 | |
| | 1,477 | | | Chubb Ltd. | | | 171,509 | |
| | 2,835 | | | Hartford Financial Services Group, Inc. | | | 104,498 | |
| | 1,570 | | | Progressive Corp | | | 148,632 | |
| | 809 | | | Travelers Cos., Inc. | | | 87,526 | |
| | | | | | |
|
|
|
| | | | | | | | 681,120 | |
| | | | | | |
|
|
|
| | | | | IT Services - 0.95% | |
| | 659 | | | Automatic Data Processing, Inc. | | | 91,924 | |
| | 3,432 | | | International Business Machines Corp. | | | 417,571 | |
| | 1,126 | | | Paychex, Inc. (a) | | | 89,821 | |
| | | | | | |
|
|
|
| | | | | | | | 599,316 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.54% | |
| | 183 | | | Cummins, Inc. | | | 38,642 | |
| | 514 | | | Illinois Tool Works, Inc. | | | 99,310 | |
| | 2,333 | | | PACCAR, Inc. | | | 198,958 | |
| | | | | | |
|
|
|
| | | | | | | | 336,910 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.18% | |
| | 2,478 | | | NUCOR Corp. | | | 111,163 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.35% | |
| | 1,400 | | | Target Corp. | | | 220,388 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.80% | |
| | 1,404 | | | Ameren Corp. | | | 111,028 | |
| | 883 | | | Consolidated Edison, Inc. | | | 68,697 | |
| | 338 | | | DTE Energy Co. | | | 38,884 | |
| | 2,629 | | | Public Service Enterprise Group, Inc. | | | 144,358 | |
| | 477 | | | Sempra Energy (a) | | | 56,458 | |
| | 835 | | | WEC Energy Group, Inc. | | | 80,912 | |
| | | | | | |
|
|
|
| | | | | | | | 500,337 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 1.20% | |
| | 14,140 | | | Exxon Mobil Corp. | | | 485,426 | |
See notes to financial statements.
110
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | 3,976 | | | Marathon Petroleum Corp. | | $ | 116,656 | |
| | 2,978 | | | Phillips 66 | | | 154,380 | |
| | | | | | |
|
|
|
| | | | | | | | 756,462 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.45% | |
| | 8,106 | | | Bristol-Myers Squibb Co. | | | 488,711 | |
| | 6,079 | | | Johnson & Johnson | | | 905,041 | |
| | 8,334 | | | Merck & Co., Inc. | | | 691,305 | |
| | 19,484 | | | Pfizer, Inc. | | | 715,062 | |
| | | | | | |
|
|
|
| | | | | | | | 2,800,119 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.17% | |
| | 888 | | | Analog Devices, Inc. (a) | | | 103,665 | |
| | 13,739 | | | Intel Corp. | | | 711,406 | |
| | 3,875 | | | Texas Instruments, Inc. | | | 553,311 | |
| | | | | | |
|
|
|
| | | | | | | | 1,368,382 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 1.45% | |
| | 676 | | | Best Buy Co., Inc. | | | 75,232 | |
| | 3,004 | | | Home Depot, Inc. | | | 834,240 | |
| | | | | | |
|
|
|
| | | | | | | | 909,472 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.21% | |
| | 6,816 | | | HP, Inc. | | | 129,436 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 0.15% | |
| | 1,351 | | | VF Corp. | | | 94,908 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 1.11% | |
| | 7,659 | | | Altria Group, Inc. | | | 295,944 | |
| | 5,344 | | | Philip Morris International, Inc. | | | 400,746 | |
| | | | | | |
|
|
|
| | | | | | | | 696,690 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 0.22% | |
| | 3,125 | | | Fastenal Co. | | | 140,906 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $21,340,134) | | | 22,381,638 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 35.52% | |
| | | | | Exchange Traded Funds - 35.52% | |
| | 275,200 | | | Schwab U.S. Large-Cap ETF | | | 22,189,376 | |
| | 1,727 | | | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a) | | | 158,055 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $18,618,093) | | | 22,347,431 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 28.26% | |
| | | | | Money Market Funds - 17.82% | |
| | 11,212,250 | | | DWS Government Money Market Series - Institutional Shares
Effective Yield, 0.04% (b) | | $ | 11,212,250 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Note - 10.44% | |
| $ | 1,250,000 | | | 2.500%, 12/31/2020 (c) | | | 1,257,383 | |
| | 1,250,000 | | | 2.375%, 03/15/2021 (c) | | | 1,262,948 | |
| | 1,250,000 | | | 1.125%, 06/30/2021 (c) | | | 1,259,469 | |
| | 1,250,000 | | | 1.125%, 09/30/2021 (c) | | | 1,262,256 | |
| | 1,500,000 | | | 1.750%, 11/30/2021 | | | 1,528,360 | |
| | | | | | |
|
|
|
| | | | | | | | 6,570,416 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $17,776,705) | | | 17,782,666 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.61% | |
| | 384,784 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 0.18% (b) | | | 384,784 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $384,784) | | | 384,784 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $58,119,716) - 99.97% | | | 62,896,519 | |
| | | | | Other Assets in Excess of
Liabilities - 0.03% | | | 21,463 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 62,917,982 | |
| | | | | | |
|
|
|
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, 2020. |
| (c) | | All or a portion of this security is held as collateral for certain written options contracts. The approximate value of the portion on these securities held as collateral is $5,042,056. |
See notes to financial statements.
111
GuidePath® Growth and Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased / (Sold)
| | | Notional
Value
| | | Settlement
Month
| | Value / Unrealized
Appreciation
(Depreciation)
| |
E-mini S&P 500 Futures | | | (45 | ) | | $ | (7,542,000 | ) | | Dec-20 | | $ | 24,680 | |
| | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | $ | 24,680 | |
| | | | | | | | | | | | |
|
|
|
GuidePath® Growth and Income Fund
SCHEDULE OF OPTIONS WRITTEN (Unaudited)
September 30, 2020
| | | | | | | | | | | | |
Notional
Amount
| | | Number of
Contracts
| | | | | Value
| |
| | | | | | | | | Put Options | | | | |
| | | | | | | | | Options on Equities | | | | |
| | 1,014,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 02, 2020
Exercise Price: $3,380.00 | | $ | (13,746 | ) |
| | 1,020,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 02, 2020
Exercise Price: $3,400.00 | | | (18,300 | ) |
| | 1,035,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 02, 2020
Exercise Price: $3,450.00 | | | (30,861 | ) |
| | 1,320,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 09, 2020
Exercise Price: $3,300.00 | | | (9,639 | ) |
| | 1,050,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 09, 2020
Exercise Price: $3,500.00 | | | (37,734 | ) |
| | 1,065,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 09, 2020
Exercise Price: $3,550.00 | | | (61,350 | ) |
| | 969,000 | | | | 3 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 23, 2020
Exercise Price: $3,230.00 | | | (12,330 | ) |
| | 1,300,000 | | | | 4 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 23, 2020
Exercise Price: $3,250.00 | | | (18,320 | ) |
| | 990,000 | | | | 4 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 23, 2020
Exercise Price: $3,300.00 | | | (23,192 | ) |
| | 1,300,000 | | | | 4 | | | CBOE S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 30, 2020
Exercise Price: $3,250.00 | | | (21,600 | ) |
| | 969,000 | | | | 3 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 16, 2020
Exercise Price: $3,230.00 | | | (7,275 | ) |
See notes to financial statements.
112
GuidePath® Growth and Income Fund
SCHEDULE OF OPTIONS WRITTEN (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | |
Notional
Amount
| | | Number of
Contracts
| | | | | Value
| |
| | | | | | | | | Put Options (Continued) | | | | |
| | | | | | | | | Options on Equities (Continued) | | | | |
| | 997,000 | | | | 3 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 16, 2020
Exercise Price: $3,325.00 | | $ | (14,190 | ) |
| | 1,630,000 | | | | 5 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 16, 2020
Exercise Price: $3,260.00 | | | (17,970 | ) |
| | 1,340,000 | | | | 4 | | | S&P 500 Index
Counterparty: NatWest Market Securities
Expiration: October 16, 2020
Exercise Price: $3,350.00 | | | (26,296 | ) |
| | | | | | | | | | |
|
|
|
| | | | | | | | | Total Written Options (Premiums Received $407,339) | | $ | (312,803 | ) |
| | | | | | | | | | |
|
|
|
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES
September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $382,037,178, $70,730,673 and $66,562,745, respectively)1 | | $ | 542,126,142 | | | $ | 90,583,255 | | | $ | 81,762,032 | |
Foreign currencies (cost $0, $21,291, and $0, respectively) | | | — | | | | 21,369 | | | | — | |
Income receivable | | | 274,974 | | | | 82,656 | | | | 125,142 | |
Receivable for dividend reclaims | | | 10,349 | | | | 1,053 | | | | — | |
Receivable for fund shares sold | | | 542,568 | | | | 49,711 | | | | 78,797 | |
Other assets | | | 45,168 | | | | 26,709 | | | | 30,612 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 542,999,201 | | | | 90,764,753 | | | | 81,996,583 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 36,279,414 | | | | 4,666,867 | | | | 10,747,823 | |
Payable for fund shares redeemed | | | 562,441 | | | | 137,317 | | | | 77,401 | |
Payable to Investment Advisor | | | 290,259 | | | | 59,829 | | | | 47,891 | |
Payable to custodian | | | 5,782 | | | | 32,889 | | | | 3,677 | |
Accrued Trustee fees and expenses | | | 6,391 | | | | 1,263 | | | | 917 | |
Accrued distribution and shareholder servicing fees | | | 274,151 | | | | 52,638 | | | | 38,323 | |
Other accrued expenses | | | 151,770 | | | | 66,236 | | | | 49,439 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 37,570,208 | | | | 5,017,039 | | | | 10,965,471 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 505,428,993 | | | $ | 85,747,714 | | | $ | 71,031,112 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 356,047,808 | | | | 67,096,666 | | | | 54,835,031 | |
Total distributable earnings | | | 149,381,185 | | | | 18,651,048 | | | | 16,196,081 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 505,428,993 | | | $ | 85,747,714 | | | $ | 71,031,112 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 51,011 | | | | 795 | | | | — | |
Net assets | | | 1,132,396 | | | | 10,474 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 22.199 | | | $ | 13.182 | 2 | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 23,125,970 | | | | 6,321,926 | | | | 4,828,432 | |
Net assets | | | 504,296,597 | | | | 85,737,240 | | | | 71,031,112 | |
Net asset value, offering and redemption price per share | | $ | 21.807 | | | $ | 13.562 | | | $ | 14.711 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 35,572,567 | | | $ | 4,599,639 | | | $ | 10,539,007 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $106,471,579, $219,096,906 and $20,671,466, respectively)1 | | $ | 127,953,679 | | | $ | 229,367,701 | | | $ | 22,337,880 | |
Foreign currencies (cost $116,082, $0, and $0, respectively) | | | 115,613 | | | | — | | | | — | |
Appreciation on swap agreements | | | — | | | | 67,777 | | | | — | |
Variation margin on futures | | | — | | | | 29,039 | | | | — | |
Income receivable | | | 308,987 | | | | 794,359 | | | | 295,662 | |
Receivable for dividend reclaims | | | 698,443 | | | | — | | | | — | |
Receivable for investment securities sold | | | — | | | | 9,125,642 | | | | — | |
Receivable for fund shares sold | | | 113,685 | | | | 432,031 | | | | 104,900 | |
Swap premiums paid | | | — | | | | 28,597 | | | | — | |
Other assets | | | 24,842 | | | | 25,595 | | | | 22,813 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 129,215,249 | | | | 239,870,741 | | | | 22,761,255 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Options written at value (Premium received $0, $69,388 and $0, respectively) | | | — | | | | 114,089 | | | | — | |
Depreciation on swap agreements | | | — | | | | 17,201 | | | | — | |
Payable for collateral on securities loaned | | | 2,816,113 | | | | 44,102,873 | | | | — | |
Payable for investment securities purchased | | | 4,055 | | | | 41,634,937 | | | | — | |
Payable for fund shares redeemed | | | 140,158 | | | | 383,847 | | | | 595 | |
Payable to Investment Advisor | | | 74,141 | | | | 65,605 | | | | 7,876 | |
Payable to custodian | | | 13,093 | | | | 8,604 | | | | 316 | |
Accrued Trustee fees and expenses | | | 1,437 | | | | 1,932 | | | | 367 | |
Accrued distribution and shareholder servicing fees | | | 78,240 | | | | 81,771 | | | | 18,504 | |
Swap premiums received | | | — | | | | 15,626 | | | | — | |
Other accrued expenses | | | 78,370 | | | | 108,650 | | | | 30,580 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 3,205,607 | | | | 86,571,442 | | | | 58,238 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 126,009,642 | | | $ | 153,299,299 | | | $ | 22,703,017 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 109,737,455 | | | | 139,254,626 | | | | 20,889,006 | |
Total distributable earnings | | | 16,272,187 | | | | 14,044,673 | | | | 1,814,011 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 126,009,642 | | | $ | 153,299,299 | | | $ | 22,703,017 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 17,304 | | | | — | | | | — | |
Net assets | | | 161,736 | | | | — | | | | — | |
Net asset value, offering and redemption price per share | | $ | 9.347 | | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 13,936,224 | | | | 14,958,375 | | | | 1,993,738 | |
Net assets | | | 125,847,906 | | | | 153,299,299 | | | | 22,703,017 | |
Net asset value, offering and redemption price per share | | $ | 9.030 | | | $ | 10.248 | | | $ | 11.387 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 2,744,593 | | | $ | 2,054,002 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $45,773,620, $862,610,259 and $471,178,175, respectively)1 | | $ | 40,083,297 | | | $ | 1,056,401,741 | | | $ | 500,429,712 | |
Foreign currencies (cost $148,675, $0, and $0, respectively) | | | 145,541 | | | | — | | | | — | |
Deposits with brokers for forwards | | | 180,000 | | | | — | | | | — | |
Income receivable | | | 313,143 | | | | 697,366 | | | | 233,340 | |
Receivable for dividend reclaims | | | 516 | | | | — | | | | — | |
Receivable for investment securities sold | | | — | | | | 1,510,010 | | | | 212,954 | |
Receivable for fund shares sold | | | 138,703 | | | | 1,079,894 | | | | 713,135 | |
Appreciation of forward foreign currency contracts | | | 199,573 | | | | — | | | | — | |
Other assets | | | 27,243 | | | | 55,355 | | | | 40,804 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 41,088,016 | | | | 1,059,744,366 | | | | 501,629,945 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation of forward foreign currency contracts | | | 279,087 | | | | — | | | | — | |
Payable for collateral on securities loaned | | | — | | | | 160,801,185 | | | | 92,629,933 | |
Payable for investment securities purchased | | | 797,245 | | | | — | | | | 191,416 | |
Payable for fund shares redeemed | | | 106,501 | | | | 592,874 | | | | 300,609 | |
Payable to Investment Advisor | | | 28,184 | | | | 370,288 | | | | 109,111 | |
Payable to custodian | | | 14,011 | | | | 19,615 | | | | 13,815 | |
Accrued Trustee fees and expenses | | | — | | | | 8,951 | | | | 4,070 | |
Accrued distribution and shareholder servicing fees | | | 20,501 | | | | 491,804 | | | | 218,733 | |
Other accrued expenses | | | 30,380 | | | | 305,878 | | | | 133,841 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 1,275,909 | | | | 162,590,595 | | | | 93,601,528 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 39,812,107 | | | $ | 897,153,771 | | | $ | 408,028,417 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 66,533,143 | | | $ | 700,462,141 | | | | 377,847,508 | |
Total distributable earnings (loss) | | | (26,721,036 | ) | | | 196,691,630 | | | | 30,180,909 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 39,812,107 | | | $ | 897,153,771 | | | $ | 408,028,417 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 19 | | | | 376,003 | | | | 195,601 | |
Net assets | | | 136 | | | | 5,008,229 | | | | 2,048,073 | |
Net asset value, offering and redemption price per share | | $ | 7.078 | 2 | | $ | 13.320 | | | $ | 10.471 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 5,201,889 | | | | 67,697,338 | | | | 39,172,523 | |
Net assets | | | 39,811,971 | | | | 892,145,542 | | | | 405,980,344 | |
Net asset value, offering and redemption price per share | | $ | 7.653 | | | $ | 13.178 | | | $ | 10.364 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | — | | | $ | 158,327,263 | | | $ | 90,932,449 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences 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 (Continued)
September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $424,793,847, $207,751,299 and $140,006,322, respectively)1 | | $ | 428,151,095 | | | $ | 220,538,440 | | | $ | 146,000,922 | |
Investments in affiliates, at value (cost $0, $13,744,521, and $0, respectively) | | | — | | | | 14,928,542 | | | | — | |
Income receivable | | | 50,977 | | | | 32,114 | | | | 106,262 | |
Receivable for investment securities sold | | | 1,894,120 | | | | — | | | | — | |
Receivable for fund shares sold | | | 818,273 | | | | 785,275 | | | | 353,320 | |
Other assets | | | 32,342 | | | | 32,807 | | | | 36,664 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 430,946,807 | | | | 236,317,178 | | | | 146,497,168 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 8,904,188 | | | | 21,213,308 | | | | 20,483,678 | |
Payable for investment securities purchased | | | 121,682 | | | | 210,472 | | | | 196,452 | |
Payable for fund shares redeemed | | | 298,907 | | | | 195,405 | | | | 261,870 | |
Payable to Investment Advisor | | | 208,148 | | | | 54,167 | | | | 62,959 | |
Payable to custodian | | | 10,947 | | | | 10,492 | | | | 7,765 | |
Accrued Trustee fees and expenses | | | 5,817 | | | | 3,215 | | | | 1,145 | |
Accrued distribution and shareholder servicing fees | | | 235,170 | | | | 122,536 | | | | 68,107 | |
Other accrued expenses | | | 149,011 | | | | 110,193 | | | | 53,431 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 9,933,870 | | | | 21,919,788 | | | | 21,135,407 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 421,012,937 | | | $ | 214,397,390 | | | $ | 125,361,761 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 401,857,614 | | | | 206,869,804 | | | | 132,738,191 | |
Total distributable earnings (loss) | | | 19,155,323 | | | | 7,527,586 | | | | (7,376,430 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 421,012,937 | | | $ | 214,397,390 | | | $ | 125,361,761 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 174,688 | | | | 61,949 | | | | — | |
Net assets | | | 1,895,947 | | | | 660,102 | | | | — | |
Net asset value, offering and redemption price per share | | $ | 10.853 | | | $ | 10.656 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 38,963,227 | | | | 20,110,106 | | | | 12,523,421 | |
Net assets | | | 419,116,990 | | | | 213,737,288 | | | | 125,361,761 | |
Net asset value, offering and redemption price per share | | $ | 10.757 | | | $ | 10.628 | 2 | | $ | 10.010 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 8,705,021 | | | $ | 20,772,251 | | | $ | 20,092,595 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | |
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
September 30, 2020 (Unaudited)
| | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed2
Futures
Strategy
Fund
| |
ASSETS: | | | | | | | | |
Investments, at value (cost $252,798,055 and $162,267,012, respectively)1 | | $ | 255,979,700 | | | $ | 162,278,054 | |
Restricted Cash | | | — | | | | 490,000 | |
Income receivable | | | 181,573 | | | | 55,678 | |
Receivable for fund shares sold | | | 905,158 | | | | 278,783 | |
Receivable for unsettled open futures contracts | | | — | | | | 491,465 | |
Appreciation on forward currency contracts | | | — | | | | 240,510 | |
Other assets | | | 39,940 | | | | 19,509 | |
| | |
|
|
| |
|
|
|
Total Assets | | | 257,106,371 | | | | 170,379,951 | |
| | |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | |
Depreciation on forward currency contracts | | | — | | | | 706,014 | |
Payable for collateral on securities loaned | | | 28,054,156 | | | | — | |
Payable for investment securities purchased | | | 815,067 | | | | — | |
Payable for fund shares redeemed | | | 246,401 | | | | 144,659 | |
Payable for unsettled open futures contracts | | | — | | | | 244,160 | |
Payable to investment advisor | | | 61,923 | | | | 182,801 | |
Payable to custodian | | | 2,514 | | | | 5,312 | |
Variation margin on futures | | | — | | | | 292,354 | |
Accrued Trustee fees and expenses | | | 2,544 | | | | 5,822 | |
Accrued distribution and shareholder servicing fees | | | 125,047 | | | | 131,539 | |
Other accrued expenses | | | 46,432 | | | | 143,250 | |
| | |
|
|
| |
|
|
|
Total Liabilities | | | 29,354,084 | | | | 1,855,911 | |
| | |
|
|
| |
|
|
|
NET ASSETS | | $ | 227,752,287 | | | $ | 168,524,040 | |
| | |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | |
Capital stock | | | 227,906,204 | | | | 163,161,076 | |
Total distributable earnings (loss) | | | (153,917 | ) | | | 5,362,964 | |
| | |
|
|
| |
|
|
|
Total Net Assets | | $ | 227,752,287 | | | $ | 168,524,040 | |
| | |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 692 | | | | 94,429 | |
Net assets | | | 7,131 | | | | 822,367 | |
Net asset value, offering and redemption price per share | | $ | 10.312 | 3 | | $ | 8.7093 | |
| | |
|
|
| |
|
|
|
Service Shares | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 22,259,397 | | | | 19,675,421 | |
Net assets | | | 227,745,156 | | | | 167,701,673 | |
Net asset value, offering and redemption price per share | | $ | 10.231 | | | $ | 8.523 | |
| | |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 27,480,328 | | | $ | — | |
| | |
|
|
| |
|
|
|
2Consolidated Statement of Assets & Liabilities (see note 3b). | |
3Differences in actual and calculated net asset value shown are due to rounding. | |
See notes to financial statements.
118
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth &
Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $9,891,375, $38,752,324, and $58,119,716 respectively)1 | | $ | 9,936,556 | | | $ | 39,247,115 | | | $ | 62,896,519 | |
Income receivable | | | 2,938 | | | | 28 | | | | 58,743 | |
Receivable for dividend reclaims | | | — | | | | — | | | | 438 | |
Receivable for fund shares sold | | | 81,281 | | | | 161,684 | | | | 275,064 | |
Deposits for futures | | | — | | | | — | | | | 652,590 | |
Other assets | | | 11,943 | | | | 11,158 | | | | 16,708 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 10,032,718 | | | | 39,419,985 | | | | 63,900,062 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Written options, at value (premiums received $0, $0, and $407,339) | | | — | | | | — | | | | 312,803 | |
Payable for collateral on securities loaned | | | — | | | | 4,681,200 | | | | 384,784 | |
Payable for investment securities purchased | | | — | | | | — | | | | 175,570 | |
Payable for fund shares redeemed | | | 2,006 | | | | — | | | | — | |
Payable to Investment Advisor | | | 931 | | | | 15,923 | | | | 28,772 | |
Payable to custodian | | | 737 | | | | 952 | | | | 8,487 | |
Payable to broker for options | | | — | | | | — | | | | 1,319 | |
Variation margin on futures | | | — | | | | — | | | | 41,175 | |
Accrued Trustee fees and expenses | | | 170 | | | | 469 | | | | 791 | |
Other accrued expenses | | | 14,244 | | | | 19,303 | | | | 28,379 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 18,088 | | | | 4,717,847 | | | | 982,080 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 10,014,630 | | | $ | 34,702,138 | | | $ | 62,917,982 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 10,066,228 | | | | 35,092,668 | | | | 60,197,192 | |
Total distributable earnings (loss) | | | (51,598 | ) | | | (390,530 | ) | | | 2,720,790 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 10,014,630 | | | $ | 34,702,138 | | | $ | 62,917,982 | |
| | |
|
|
| |
|
|
| |
|
|
|
Shares outstanding (unlimited shares of no par value authorized) | | | 1,009,063 | | | | 3,461,976 | | | | 6,181,051 | |
Net assets | | | 10,014,630 | | | | 34,702,138 | | | | 62,917,982 | |
Net asset value, offering and redemption price per share | | $ | 9.925 | | | $ | 10.024 | | | $ | 10.179 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | — | | | $ | 4,572,912 | | | $ | 377,115 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS
For the Period Ended September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $635, $148,601, and $454, respectively) | | $ | 3,371,333 | | | $ | 1,043,771 | | | $ | 404,405 | |
Interest income | | | 1,817 | | | | 344 | | | | 343 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,373,150 | | | | 1,044,115 | | | | 404,748 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,012,106 | | | | 240,639 | | | | 188,456 | |
Distribution (12b-1) fees – Service Shares | | | 561,128 | | | | 101,954 | | | | 82,656 | |
Administrative service fees – Service Shares | | | 554,025 | | | | 100,431 | | | | 81,954 | |
Shareholder servicing fees – Service Shares | | | 203,560 | | | | 32,625 | | | | 28,941 | |
Legal fees | | | 42,585 | | | | 18,649 | | | | 6,798 | |
Fund accounting fees | | | 41,148 | | | | 48,296 | | | | 35,194 | |
Administration fees | | | 38,833 | | | | 16,380 | | | | 15,120 | |
Reports to shareholders | | | 30,394 | | | | 6,465 | | | | 5,703 | |
Trustee fees and expenses | | | 25,739 | | | | 4,819 | | | | 3,935 | |
Federal and state registration fees | | | 20,305 | | | | 17,898 | | | | 17,438 | |
Audit and tax fees | | | 11,037 | | | | 12,531 | | | | 11,555 | |
Custody fees | | | 8,845 | | | | 38,470 | | | | 3,124 | |
Compliance fees | | | 8,177 | | | | 1,526 | | | | 1,282 | |
Transfer agent fees and expenses | | | 7,893 | | | | 3,047 | | | | 2,804 | |
Insurance fees | | | 3,781 | | | | 610 | | | | 703 | |
Miscellaneous expenses | | | 1,555 | | | | 1,281 | | | | 1,281 | |
Interest expenses | | | 945 | | | | 285 | | | | 174 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 2,572,056 | | | | 645,906 | | | | 487,118 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | — | | | | 36,559 | | | | — | |
Less securities lending credit (See Note 7) | | | (89,684 | ) | | | (9,235 | ) | | | (70,621 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 2,482,372 | | | | 673,230 | | | | 416,497 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income (loss) | | | 890,778 | | | | 370,885 | | | | (11,749 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (4,994,230 | ) | | | (199,023 | ) | | | 2,163,183 | |
Foreign currencies | | | — | | | | (48,329 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (4,994,230 | ) | | | (247,352 | ) | | | 2,163,183 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation on: | | | | | | | | | | | | |
Investments | | | 124,079,650 | | | | 19,711,884 | | | | 17,240,486 | |
Foreign currencies | | | — | | | | 13,336 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 124,079,650 | | | | 19,725,220 | | | | 17,240,486 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 119,085,420 | | | | 19,477,868 | | | | 19,403,669 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 119,976,198 | | | $ | 19,848,753 | | | $ | 19,391,920 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Tax-Exempt
Fixed Income
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $178,632, $0, and $0, respectively) | | $ | 1,624,289 | | | $ | — | | | $ | — | |
Interest income | | | 339 | | | | 1,857,359 | | | | 430,000 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 1,624,628 | | | | 1,857,359 | | | | 430,000 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 304,781 | | | | 290,043 | | | | 56,942 | |
Distribution (12b-1) fees – Service Shares | | | 152,224 | | | | 181,277 | | | | 28,471 | |
Administrative service fees – Service Shares | | | 150,613 | | | | 177,774 | | | | 25,761 | |
Shareholder servicing fees – Service Shares | | | 53,549 | | | | 63,118 | | | | 8,541 | |
Legal fees | | | 20,821 | | | | 15,976 | | | | 2,073 | |
Fund accounting fees | | | 54,992 | | | | 11,131 | | | | 10,273 | |
Administration fees | | | 22,751 | | | | 13,725 | | | | 2,378 | |
Reports to shareholders | | | 12,955 | | | | 109,540 | | | | 1,586 | |
Trustee fees and expenses | | | 7,713 | | | | 8,845 | | | | 1,525 | |
Federal and state registration fees | | | 17,773 | | | | 17,835 | | | | 17,530 | |
Audit and tax fees | | | 13,872 | | | | 16,449 | | | | 12,805 | |
Custody fees | | | 28,611 | | | | 12,866 | | | | 793 | |
Compliance fees | | | 2,440 | | | | 3,872 | | | | 488 | |
Transfer agent fees and expenses | | | 3,749 | | | | 3,020 | | | | 2,438 | |
Insurance fees | | | 1,771 | | | | 915 | | | | 121 | |
Miscellaneous expenses | | | 1,341 | | | | 1,311 | | | | 1,189 | |
Interest expenses | | | 1,252 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 851,208 | | | | 927,697 | | | | 172,914 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | (3,808 | ) | | | (59,135 | ) | | | (26,004 | ) |
Less securities lending credit (See Note 7) | | | (8,647 | ) | | | (5,686 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 838,753 | | | | 862,876 | | | | 146,910 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 785,875 | | | | 994,483 | | | | 283,090 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (2,906,831 | ) | | | 3,651,581 | | | | (4,582 | ) |
Foreign currencies | | | 63,039 | | | | — | | | | — | |
Swaps | | | — | | | | (1,852,011 | ) | | | — | |
Futures contracts | | | — | | | | (40,497 | ) | | | — | |
Written options | | | — | | | | 416,218 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (2,843,792 | ) | | | 2,175,291 | | | | (4,582 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation on: | | | | | | | | | | | | |
Investments | | | 26,410,462 | | | | 2,530,533 | | | | 818,768 | |
Foreign currencies | | | 35,343 | | | | — | | | | — | |
Swaps | | | — | | | | 1,433,463 | | | | — | |
Futures contracts | | | — | | | | 43,882 | | | | — | |
Written options | | | — | | | | 2,866 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 26,445,805 | | | | 4,010,744 | | | | 818,768 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 23,602,013 | | | | 6,186,035 | | | | 814,186 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 24,387,888 | | | $ | 7,180,518 | | | $ | 1,097,276 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Opportunistic
Fixed Income
Fund
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | — | | | $ | 5,177,198 | | | $ | 4,575,017 | |
Interest income (net of withholding tax of $28,264, $0, and $0, respectively) | | | 795,474 | | | | 5,353 | | | | 2,310 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 795,474 | | | | 5,182,551 | | | | 4,577,327 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 138,159 | | | | 994,916 | | | | 429,224 | |
Distribution (12b-1) fees – Service Shares | | | 49,020 | | | | 989,273 | | | | 426,968 | |
Administrative service fees – Service Shares | | | 48,675 | | | | 988,937 | | | | 426,798 | |
Shareholder servicing fees – Service Shares | | | 15,394 | | | | 389,900 | | | | 167,372 | |
Legal fees | | | 8,207 | | | | 84,468 | | | | 33,806 | |
Fund accounting fees | | | 20,640 | | | | 54,119 | | | | 25,486 | |
Administration fees | | | 4,268 | | | | 66,005 | | | | 29,765 | |
Reports to shareholders | | | 2,774 | | | | 45,795 | | | | 21,643 | |
Trustee fees and expenses | | | 2,195 | | | | 49,395 | | | | 21,067 | |
Federal and state registration fees | | | 11,403 | | | | 24,147 | | | | 18,810 | |
Audit and tax fees | | | 13,539 | | | | 7,773 | | | | 7,683 | |
Custody fees | | | 16,609 | | | | 28,835 | | | | 20,522 | |
Compliance fees | | | 519 | | | | 12,292 | | | | 5,276 | |
Transfer agent fees and expenses | | | 2,103 | | | | 12,983 | | | | 6,614 | |
Insurance fees | | | 365 | | | | 10,194 | | | | 4,488 | |
Miscellaneous expenses | | | 915 | | | | 2,012 | | | | 1,555 | |
Interest expenses | | | 26 | | | | 8,110 | | | | 1,681 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 334,811 | | | | 3,769,154 | | | | 1,648,758 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (29,636 | ) | | | — | | | | (298,577 | ) |
Less securities lending credit (See Note 7) | | | — | | | | (160,386 | ) | | | (152,086 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 305,175 | | | | 3,608,768 | | | | 1,198,095 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 490,299 | | | | 1,573,783 | | | | 3,379,232 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (357,688 | ) | | | 14,641,822 | | | | 1,556,527 | |
Foreign currencies | | | (135,363 | ) | | | — | | | | — | |
Forward currency exchange contracts | | | 96,955 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (396,096 | ) | | | 14,641,822 | | | | 1,556,527 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 1,530,401 | | | | 190,322,788 | | | | 34,906,886 | |
Foreign currencies | | | 84,965 | | | | — | | | | — | |
Forward currency contracts | | | (1,036,655 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 578,711 | | | | 190,322,788 | | | | 34,906,886 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 182,615 | | | | 204,964,610 | | | | 36,463,413 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 672,914 | | | $ | 206,538,393 | | | $ | 39,842,645 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 1,789,808 | | | $ | 3,479,556 | | | $ | 2,064,955 | |
Dividends from affiliate investments | | | — | | | | 363,899 | | | | 124,295 | |
Interest income | | | 57,659 | | | | 2,088 | | | | 782 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 1,847,467 | | | | 3,845,543 | | | | 2,190,032 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 685,906 | | | | 506,590 | | | | 201,886 | |
Distribution (12b-1) fees – Service Shares | | | 487,655 | | | | 360,769 | | �� | | 144,204 | |
Administrative service fees – Service Shares | | | 487,460 | | | | 360,700 | | | | 144,204 | |
Shareholder servicing fees – Service Shares | | | 188,321 | | | | 141,421 | | | | 55,951 | |
Legal fees | | | 49,230 | | | | 31,372 | | | | 13,204 | |
Fund accounting fees | | | 28,470 | | | | 26,122 | | | | 7,686 | |
Administration fees | | | 37,495 | | | | 27,571 | | | | 10,431 | |
Reports to shareholders | | | 31,094 | | | | 30,370 | | | | 6,466 | |
Trustee fees and expenses | | | 23,754 | | | | 21,808 | | | | 7,168 | |
Federal and state registration fees | | | 22,256 | | | | 17,909 | | | | 17,200 | |
Audit and tax fees | | | 7,683 | | | | 7,683 | | | | 7,503 | |
Custody fees | | | 23,774 | | | | 24,794 | | | | 13,516 | |
Compliance fees | | | 6,040 | | | | 5,553 | | | | 1,770 | |
Transfer agent fees and expenses | | | 7,283 | | | | 6,709 | | | | 2,714 | |
Insurance fees | | | 4,544 | | | | 3,631 | | | | 1,556 | |
Miscellaneous expenses | | | 1,555 | | | | 1,555 | | | | 1,189 | |
Interest expenses | | | — | | | | 17,876 | | | | 815 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 2,092,520 | | | | 1,592,433 | | | | 637,463 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | — | | | | (375,412 | ) | | | — | |
Less securities lending credit (See Note 7) | | | (55,811 | ) | | | (43,821 | ) | | | (64,068 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 2,036,709 | | | | 1,173,200 | | | | 573,395 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | (189,242 | ) | | | 2,672,343 | | | | 1,616,637 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 7,179,350 | | | | 2,277,540 | | | | (60,696 | ) |
Investments in affiliates | | | — | | | | 755,457 | | | | (48,355 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 7,179,350 | | | | 3,032,997 | | | | (109,051 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation on: | | | | | | | | | | | | |
Investments | | | 20,006,969 | | | | 13,944,350 | | | | 10,992,182 | |
Investments in affiliates | | | — | | | | 1,867,291 | | | | 583,014 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 20,006,969 | | | | 15,811,641 | | | | 11,575,196 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 27,186,319 | | | | 18,844,638 | | | | 11,466,145 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 26,997,077 | | | $ | 21,516,981 | | | $ | 13,082,782 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended September 30, 2020 (Unaudited)
| | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed1
Futures
Strategy
Fund
| |
INVESTMENT INCOME: | | | | | | | | |
Dividend income | | $ | 2,759,653 | | | $ | — | |
Interest income | | | 1,882 | | | | 664,891 | |
| | |
|
|
| |
|
|
|
Total investment income | | | 2,761,535 | | | | 664,891 | |
| | |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | |
Investment advisory fees | | | 202,144 | | | | 1,545,503 | |
Distribution (12b-1) fees – Service Shares | | | 202,123 | | | | 365,958 | |
Administrative service fees – Service Shares | | | 202,123 | | | | 365,880 | |
Shareholder servicing fees – Service Shares | | | 79,232 | | | | 142,684 | |
Legal fees | | | 9,942 | | | | 30,580 | |
Fund accounting fees | | | 10,967 | | | | 32,229 | |
Administration fees | | | 9,716 | | | | 23,521 | |
Reports to shareholders | | | 11,839 | | | | 34,244 | |
Trustee fees and expenses | | | 7,616 | | | | 18,086 | |
Federal and state registration fees | | | 22,109 | | | | 50,508 | |
Audit and tax fees | | | 7,503 | | | | 16,128 | |
Custody fees | | | 7,042 | | | | 10,095 | |
Compliance fees | | | 2,011 | | | | 5,004 | |
Transfer agent fees and expenses | | | 3,595 | | | | 6,127 | |
Insurance fees | | | 1,005 | | | | 2,529 | |
Miscellaneous expenses | | | 1,250 | | | | 1,372 | |
Interest expenses | | | 9,419 | | | | — | |
| | |
|
|
| |
|
|
|
Total expenses | | | 789,636 | | | | 2,650,448 | |
| | |
|
|
| |
|
|
|
Net expense recapture (reimbursement) by Advisor (See Note 4) | | | (83,250 | ) | | | 14,649 | |
Less securities lending credit (See Note 7) | | | (90,587 | ) | | | — | |
| | |
|
|
| |
|
|
|
Net expenses | | | 615,799 | | | | 2,665,097 | |
| | |
|
|
| |
|
|
|
Net investment income | | | 2,145,736 | | | | (2,000,206 | ) |
| | |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED (GAIN) LOSS ON INVESTMENTS: | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | |
Investments | | | 8,317,931 | | | | 1,631 | |
Foreign currency translation | | | — | | | | (37,271 | ) |
Forward currency contracts | | | — | | | | 1,012,775 | |
Futures contracts | | | — | | | | 11,613,920 | |
| | |
|
|
| |
|
|
|
Total | | | 8,317,931 | | | | 12,591,055 | |
| | |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments | | | 2,963,032 | | | | 54,331 | |
Foreign currencies | | | — | | | | 12,152 | |
Forward currency contracts | | | — | | | | (2,038,199 | ) |
Futures contracts | | | — | | | | (8,406,385 | ) |
| | |
|
|
| |
|
|
|
Total | | | 2,963,032 | | | | (10,378,101 | ) |
| | |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 11,280,963 | | | | 2,212,954 | |
| | |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 13,426,699 | | | $ | 212,748 | |
| | |
|
|
| |
|
|
|
1Consolidated Statement of Operations for the period (see note 3b). | | | | | | | | |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended September 30, 2020 (Unaudited)
| | | | | | | | | | | | |
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth &
Income
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 37,039 | | | $ | 359,042 | | | $ | 521,563 | |
Interest income | | | 6,337 | | | | 276 | | | | 32,339 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 43,376 | | | | 359,318 | | | | 553,902 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 16,610 | | | | 67,202 | | | | 115,138 | |
Administrative service fees – Service Shares | | | 11,865 | | | | 37,335 | | | | 63,966 | |
Legal fees | | | 183 | | | | 884 | | | | 976 | |
Fund accounting fees | | | 823 | | | | 1,890 | | | | 4,572 | |
Administration fees | | | 733 | | | | 2,318 | | | | 4,178 | |
Reports to shareholders | | | 854 | | | | 1,769 | | | | 3,415 | |
Trustee fees and expenses | | | 549 | | | | 1,860 | | | | 2,775 | |
Federal and state registration fees | | | 11,300 | | | | 11,096 | | | | 15,191 | |
Audit and tax fees | | | 7,683 | | | | 7,683 | | | | 10,488 | |
Custody fees | | | 183 | | | | 1,404 | | | | 12,465 | |
Compliance fees | | | 152 | | | | 366 | | | | 549 | |
Transfer agent fees and expenses | | | 2,012 | | | | 2,134 | | | | 2,195 | |
Insurance fees | | | 122 | | | | 275 | | | | 213 | |
Miscellaneous expenses | | | 854 | | | | 915 | | | | 915 | |
Interest expenses | | | — | | | | 2,331 | | | | 2,081 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 53,923 | | | | 139,462 | | | | 239,117 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net expense reimbursement by Advisor (See Note 4) | | | (20,330 | ) | | | (15,679 | ) | | | (31,686 | ) |
Less securities lending credit (See Note 7) | | | (3,220 | ) | | | (3,475 | ) | | | (3,219 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 30,373 | | | | 120,308 | | | | 204,212 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 13,003 | | | | 239,010 | | | | 349,690 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 4,310 | | | | 1,012,801 | | | | (444,034 | ) |
Written Options | | | — | | | | — | | | | 1,741,345 | |
Futures Contracts | | | — | | | | — | | | | (1,318,357 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 4,310 | | | | 1,012,801 | | | | (21,046 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 20,609 | | | | (584,211 | ) | | | 7,279,176 | |
Written Options | | | — | | | | — | | | | 64,247 | |
Futures Contracts | | | — | | | | — | | | | 14,973 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 20,609 | | | | (584,211 | ) | | | 7,358,396 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain | | | 24,919 | | | | 428,590 | | | | 7,337,350 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 37,922 | | | $ | 667,600 | | | $ | 7,687,040 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| | | Emerging Markets Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 890,778 | | | $ | 2,330,571 | | | $ | 370,885 | | | $ | 1,084,599 | |
Net realized loss on investment transactions | | | (4,994,230 | ) | | | (8,017,009 | ) | | | (247,352 | ) | | | (619,470 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 124,079,650 | | | | (46,491,017 | ) | | | 19,725,220 | | | | (14,995,269 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 119,976,198 | | | | (52,177,455 | ) | | | 19,848,753 | | | | (14,530,140 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 603,101 | | | | 513,901 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 14,706 | | | | — | | | | 238 | |
Shares redeemed | | | (160,641 | ) | | | (450,346 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 442,460 | | | | 78,261 | | | | — | | | | 238 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 138,811,211 | | | | 206,658,674 | | | | 14,689,467 | | | | 16,935,060 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 4,566,189 | | | | — | | | | 1,489,138 | |
Shares redeemed | | | (81,233,644 | ) | | | (160,145,611 | ) | | | (12,952,454 | ) | | | (23,876,328 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 57,577,567 | | | | 51,079,252 | | | | 1,737,013 | | | | (5,452,130 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (14,706 | ) | | | — | | | | (238 | ) |
Net dividends and distributions – Service Shares | | | — | | | | (4,570,769 | ) | | | — | | | | (1,489,316 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (4,585,475 | ) | | | — | | | | (1,489,554 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 177,996,225 | | | | (5,605,417 | ) | | | 21,585,766 | | | | (21,471,586 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 327,432,768 | | | | 333,038,185 | | | | 64,161,948 | | | | 85,633,534 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 505,428,993 | | | $ | 327,432,768 | | | $ | 85,747,714 | | | $ | 64,161,948 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 29,374 | | | | 27,051 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 706 | | | | — | | | | 18 | |
Shares redeemed | | | (7,713 | ) | | | (27,255 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 21,661 | | | | 502 | | | | — | | | | 18 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 6,914,591 | | | | 11,192,862 | | | | 1,251,452 | | | | 1,387,936 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 222,134 | | | | — | | | | 106,238 | |
Shares redeemed | | | (4,088,054 | ) | | | (9,185,190 | ) | | | (1,030,344 | ) | | | (1,842,829 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 2,826,537 | | | | 2,229,806 | | | | 221,108 | | | | (348,655 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| | | World ex-US Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (11,749 | ) | | $ | (33,242 | ) | | $ | 785,875 | | | $ | 2,819,154 | |
Net realized gain (loss) on investment transactions | | | 2,163,183 | | | | 456,752 | | | | (2,843,792 | ) | | | (3,404,293 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 17,240,486 | | | | (15,970,798 | ) | | | 26,445,805 | | | | (22,860,422 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 19,391,920 | | | | (15,547,288 | ) | | | 24,387,888 | | | | (23,445,561 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 81,616 | | | | 42,416 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | — | | | | 2,574 | |
Shares redeemed | | | — | | | | — | | | | (19,228 | ) | | | (470,575 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | — | | | | — | | | | 62,388 | | | | (425,585 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 9,651,654 | | | | 24,717,091 | | | | 22,131,654 | | | | 44,121,495 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 986,422 | | | | — | | | | 2,534,791 | |
Shares redeemed | | | (10,917,073 | ) | | | (20,170,137 | ) | | | (31,211,685 | ) | | | (126,573,250 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (1,265,419 | ) | | | 5,533,376 | | | | (9,080,031 | ) | | | (79,916,964 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | — | | | | — | | | | (2,574 | ) |
Net dividends and distributions – Service Shares | | | — | | | | (986,422 | ) | | | — | | | | (2,539,718 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (986,422 | ) | | | — | | | | (2,542,292 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 18,126,501 | | | | (11,000,334 | ) | | | 15,370,245 | | | | (106,330,402 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 52,904,611 | | | | 63,904,945 | | | | 110,639,397 | | | | 216,969,799 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 71,031,112 | | | $ | 52,904,611 | | | $ | 126,009,642 | | | $ | 110,639,397 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 9,099 | | | | 4,693 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | — | | | | 263 | |
Shares redeemed | | | — | | | | — | | | | (2,175 | ) | | | (53,285 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | — | | | | — | | | | 6,924 | | | | (48,329 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 726,010 | | | | 1,868,502 | | | | 2,586,271 | | | | 5,127,561 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 64,012 | | | | — | | | | 267,439 | |
Shares redeemed | | | (811,879 | ) | | | (1,460,604 | ) | | | (3,789,468 | ) | | | (14,696,494 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (85,869 | ) | | | 471,910 | | | | (1,203,197 | ) | | | (9,301,494 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| | | Tax-Exempt Fixed Income Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 994,483 | | | $ | 2,439,710 | | | $ | 283,090 | | | $ | 641,326 | |
Net realized gain (loss) on investment transactions | | | 2,175,291 | | | | 2,684,610 | | | | (4,582 | ) | | | 146,062 | |
Net change in unrealized appreciation (depreciation) on investments | | | 4,010,744 | | | | 4,413,771 | | | | 818,768 | | | | (475,939 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 7,180,518 | | | | 9,538,091 | | | | 1,097,276 | | | | 311,449 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 28,716,075 | | | | 48,416,876 | | | | 2,158,189 | | | | 4,543,444 | |
Shares issued to holders in reinvestment of dividends | | | 1,022,697 | | | | 1,893,151 | | | | 303,035 | | | | 690,936 | |
Shares redeemed | | | (17,984,246 | ) | | | (55,360,113 | ) | | | (3,015,019 | ) | | | (7,702,675 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 11,754,526 | | | | (5,050,086 | ) | | | (553,795 | ) | | | (2,468,295 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Service Shares | | | (1,022,706 | ) | | | (1,893,282 | ) | | | (303,069 | ) | | | (690,999 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,022,706 | ) | | | (1,893,282 | ) | | | (303,069 | ) | | | (690,999 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 17,912,338 | | | | 2,594,723 | | | | 240,412 | | | | (2,847,845 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 135,386,961 | | | | 132,792,238 | | | | 22,462,605 | | | | 25,310,450 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 153,299,299 | | | $ | 135,386,961 | | | $ | 22,703,017 | | | $ | 22,462,605 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 2,811,604 | | | | 5,049,690 | | | | 193,296 | | | | 398,701 | |
Shares issued to holders in reinvestment of dividends | | | 100,118 | | | | 197,922 | | | | 26,746 | | | | 62,474 | |
Shares redeemed | | | (1,769,971 | ) | | | (5,756,218 | ) | | | (268,611 | ) | | | (680,541 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,141,751 | | | | (508,606 | ) | | | (48,569 | ) | | | (219,366 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed
Income Fund
| | | Growth Allocation Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 490,299 | | | $ | 1,974,742 | | | $ | 1,573,783 | | | $ | 9,295,484 | |
Net realized gain (loss) on investment transactions | | | (396,096 | ) | | | (3,864,424 | ) | | | 14,641,822 | | | | 2,955,907 | |
Net change in unrealized appreciation (depreciation) on investments | | | 578,711 | | | | 130,344 | | | | 190,322,788 | | | | (106,645,627 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 672,914 | | | | (1,759,338 | ) | | | 206,538,393 | | | | (94,394,236 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 110,329 | | | | 185,093 | | | | 842,149 | | | | 1,182,389 | |
Shares issued to holders in reinvestment of dividends | | | 19,632 | | | | 19,564 | | | | — | | | | 92,823 | |
Shares redeemed | | | (569,653 | ) | | | (97,605 | ) | | | (1,445,937 | ) | | | (1,738,209 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (439,692 | ) | | | 107,052 | | | | (603,788 | ) | | | (462,997 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 9,582,175 | | | | 18,324,155 | | | | 186,967,252 | | | | 359,009,853 | |
Shares issued to holders in reinvestment of dividends | | | 1,224,578 | | | | 2,221,909 | | | | — | | | | 10,362,363 | |
Shares redeemed | | | (10,740,359 | ) | | | (27,130,492 | ) | | | (240,100,694 | ) | | | (313,472,188 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 66,394 | | | | (6,584,428 | ) | | | (53,133,442 | ) | | | 55,900,028 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (19,632 | ) | | | (19,564 | ) | | | — | | | | (92,823 | ) |
Net dividends and distributions – Service Shares | | | (1,224,578 | ) | | | (2,221,909 | ) | | | — | | | | (10,362,363 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (1,244,210 | ) | | | (2,241,473 | ) | | | — | | | | (10,455,186 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (944,594 | ) | | | (10,478,187 | ) | | | 152,801,163 | | | | (49,412,391 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 40,756,701 | | | | 51,234,888 | | | | 744,352,608 | | | | 793,764,999 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 39,812,107 | | | $ | 40,756,701 | | | $ | 897,153,771 | | | $ | 744,352,608 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 14,007 | | | | 22,959 | | | | 63,894 | | | | 103,712 | |
Shares issued to holders in reinvestment of dividends | | | 2,566 | | | | 2,380 | | | | — | | | | 7,252 | |
Shares redeemed | | | (74,609 | ) | | | (11,690 | ) | | | (122,096 | ) | | | (148,558 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (58,036 | ) | | | 13,649 | | | | (58,202 | ) | | | (37,594 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,242,230 | | | | 2,199,049 | | | | 14,745,061 | | | | 31,144,526 | |
Shares issued to holders in reinvestment of dividends | | | 159,971 | | | | 270,885 | | | | — | | | | 814,523 | |
Shares redeemed | | | (1,394,560 | ) | | | (3,288,647 | ) | | | (20,586,236 | ) | | | (27,109,951 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 7,641 | | | | (818,713 | ) | | | (5,841,175 | ) | | | 4,849,098 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| | | Tactical Allocation Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 3,379,232 | | | $ | 8,221,295 | | | $ | (189,242 | ) | | $ | 2,004,239 | |
Net realized gain on investment transactions | | | 1,556,527 | | | | 3,611,842 | | | | 7,179,350 | | | | 27,802,208 | |
Net change in unrealized appreciation (depreciation) on investments | | | 34,906,886 | | | | (24,189,025 | ) | | | 20,006,969 | | | | (47,253,237 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 39,842,645 | | | | (12,355,888 | ) | | | 26,997,077 | | | | (17,446,790 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 499,184 | | | | 413,237 | | | | 406,301 | | | | 479,802 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 58,660 | | | | — | | | | 87,971 | |
Shares redeemed | | | (385,443 | ) | | | (933,549 | ) | | | (198,735 | ) | | | (357,458 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 113,741 | | | | (461,652 | ) | | | 207,566 | | | | 210,315 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 120,740,118 | | | | 156,817,005 | | | | 117,267,225 | | | | 107,782,906 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 8,068,043 | | | | — | | | | 16,363,574 | |
Shares redeemed | | | (69,317,120 | ) | | | (166,691,144 | ) | | | (48,211,488 | ) | | | (109,051,599 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 51,422,998 | | | | (1,806,096 | ) | | | 69,055,737 | | | | 15,094,881 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (58,660 | ) | | | — | | | | (87,971 | ) |
Net dividends and distributions – Service Shares | | | — | | | | (8,068,043 | ) | | | — | | | | (16,363,574 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (8,126,703 | ) | | | — | | | | (16,451,545 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 91,379,384 | | | | (22,750,339 | ) | | | 96,260,380 | | | | (18,593,139 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 316,649,033 | | | | 339,399,372 | | | | 324,752,557 | | | | 343,345,696 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 408,028,417 | | | $ | 316,649,033 | | | $ | 421,012,937 | | | $ | 324,752,557 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 47,902 | | | | 40,748 | | | | 38,136 | | | | 42,127 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 5,696 | | | | — | | | | 7,518 | |
Shares redeemed | | | (38,442 | ) | | | (94,702 | ) | | | (18,453 | ) | | | (32,029 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 9,460 | | | | (48,258 | ) | | | 19,683 | | | | 17,616 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 11,763,144 | | | | 15,754,381 | | | | 11,081,559 | | | | 9,631,859 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 787,818 | | | | — | | | | 1,404,719 | |
Shares redeemed | | | (7,057,946 | ) | | | (17,129,739 | ) | | | (4,568,033 | ) | | | (9,893,741 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 4,705,198 | | | | (587,540 | ) | | | 6,513,526 | | | | 1,142,837 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Absolute Return
Allocation Fund
| | | Multi-Asset Income
Allocation Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 2,672,343 | | | $ | 7,980,276 | | | $ | 1,616,637 | | | $ | 4,341,121 | |
Net realized gain (loss) on investment transactions | | | 3,032,997 | | | | (178,118 | ) | | | (109,051 | ) | | | (10,848,275 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 15,811,641 | | | | (7,912,877 | ) | | | 11,575,196 | | | | (9,697,818 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 21,516,981 | | | | (110,719 | ) | | | 13,082,782 | | | | (16,204,972 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 125,832 | | | | 598,666 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 22,693 | | | | — | | | | — | |
Shares redeemed | | | (665,724 | ) | | | (148,461 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (539,892 | ) | | | 472,898 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 57,940,074 | | | | 222,565,439 | | | | 28,885,293 | | | | 51,742,493 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 8,291,027 | | | | 2,107,831 | | | | 3,921,757 | |
Shares redeemed | | | (256,830,661 | ) | | | (144,128,580 | ) | | | (28,651,067 | ) | | | (55,752,860 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (198,890,587 | ) | | | 86,727,886 | | | | 2,342,057 | | | | (88,610 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | (22,693 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | — | | | | (8,291,027 | ) | | | (2,107,831 | ) | | | (3,921,757 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | — | | | | (8,313,720 | ) | | | (2,107,831 | ) | | | (3,921,757 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (177,913,498 | ) | | | 78,776,345 | | | | 13,317,008 | | | | (20,215,339 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 392,310,888 | | | | 313,534,543 | | | | 112,044,753 | | | | 132,260,092 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 214,397,390 | | | $ | 392,310,888 | | | $ | 125,361,761 | | | $ | 112,044,753 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 12,098 | | | | 60,832 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 2,165 | | | | — | | | | — | |
Shares redeemed | | | (63,451 | ) | | | (13,904 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (51,353 | ) | | | 49,093 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 5,568,578 | | | | 21,905,893 | | | | 2,864,283 | | | | 4,878,457 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | 789,546 | | | | 212,495 | | | | 363,964 | |
Shares redeemed | | | (24,537,879 | ) | | | (13,692,059 | ) | | | (2,925,744 | ) | | | (5,275,946 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (18,969,301 | ) | | | 9,003,380 | | | | 151,034 | | | | (33,525 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Flexible Income
Allocation Fund
| | | Managed Futures
Strategy Fund1
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 2,145,736 | | | $ | 2,881,327 | | | $ | (2,000,206 | ) | | $ | 248,028 | |
Net realized gain (loss) on investment transactions | | | 8,317,931 | | | | (1,482,272 | ) | | | 12,591,055 | | | | 15,984,318 | |
Net change in unrealized appreciation (depreciation) on investments | | | 2,963,032 | | | | (921,236 | ) | | | (10,378,101 | ) | | | 2,830,019 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase in net assets resulting from operations | | | 13,426,699 | | | | 477,819 | | | | 212,748 | | | | 19,062,365 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,169 | | | | 15,036 | | | | 839,623 | | | | 1,103,093 | |
Shares issued to holders in reinvestment of dividends | | | 97 | | | | 1,248 | | | | — | | | | 47,540 | |
Shares redeemed | | | (31,828 | ) | | | (7,977 | ) | | | (1,247,036 | ) | | | (962,837 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (30,562 | ) | | | 8,307 | | | | (407,413 | ) | | | 187,796 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 175,017,911 | | | | 73,398,512 | | | | 162,938,221 | | | | 226,293,387 | |
Shares issued to holders in reinvestment of dividends | | | 2,171,004 | | | | 2,892,886 | | | | — | | | | 7,130,028 | |
Shares redeemed | | | (59,212,197 | ) | | | (35,100,214 | ) | | | (217,308,344 | ) | | | (179,766,240 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 117,976,718 | | | | 41,191,184 | | | | (54,370,123 | ) | | | 53,657,175 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (97 | ) | | | (1,248 | ) | | | — | | | | (47,540 | ) |
Net dividends and distributions – Service Shares | | | (2,171,004 | ) | | | (2,892,886 | ) | | | — | | | | (7,130,028 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,171,101 | ) | | | (2,894,134 | ) | | | — | | | | (7,177,568 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 129,201,754 | | | | 38,783,176 | | | | (54,564,788 | ) | | | 65,729,768 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 98,550,533 | | | | 59,767,357 | | | | 223,088,828 | | | | 157,359,060 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 227,752,287 | | | $ | 98,550,533 | | | $ | 168,524,040 | | | $ | 223,088,828 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 120 | | | | 1,554 | | | | 97,337 | | | | 124,742 | |
Shares issued to holders in reinvestment of dividends | | | 9 | | | | 133 | | | | — | | | | 5,744 | |
Shares redeemed | | | (3,083 | ) | | | (830 | ) | | | (141,408 | ) | | | (111,224 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (2,954 | ) | | | 857 | | | | (44,071 | ) | | | 19,262 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 17,291,827 | | | | 7,620,555 | | | | 19,235,211 | | | | 26,297,941 | |
Shares issued to holders in reinvestment of dividends | | | 214,589 | | | | 309,366 | | | | — | | | | 876,571 | |
Shares redeemed | | | (5,835,817 | ) | | | (3,718,790 | ) | | | (25,215,144 | ) | | | (21,281,209 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 11,670,599 | | | | 4,211,131 | | | | (5,979,933 | ) | | | 5,893,303 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
1 Consolidated Statements of Changes in Net Assets (see note 3b). | | | | | | | | | | | | | | | | |
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative Income Fund
| | | Income Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 13,003 | | | $ | 81,195 | | | $ | 239,010 | | | $ | 578,434 | |
Net realized gain (loss) on investment transactions | | | 4,310 | | | | (99,937 | ) | | | 1,012,801 | | | | (1,891,187 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 20,609 | | | | 23,476 | | | | (584,211 | ) | | | 1,035,114 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 37,922 | | | | 4,734 | | | | 667,600 | | | | (277,639 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Shares sold | | | 6,574,670 | | | | 9,021,060 | | | | 11,045,302 | | | | 31,868,029 | |
Shares issued to holders in reinvestment of dividends | | | 14,094 | | | | 81,578 | | | | 244,222 | | | | 589,863 | |
Shares redeemed | | | (3,322,780 | ) | | | (3,274,503 | ) | | | (9,505,638 | ) | | | (2,715,144 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 3,265,984 | | | | 5,828,135 | | | | 1,783,886 | | | | 29,742,748 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions | | | (14,094 | ) | | | (81,578 | ) | | | (244,222 | ) | | | (589,863 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (14,094 | ) | | | (81,578 | ) | | | (244,222 | ) | | | (589,863 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 3,289,812 | | | | 5,751,291 | | | | 2,207,264 | | | | 28,875,246 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 6,724,818 | | | | 973,527 | | | | 32,494,874 | | | | 3,619,628 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 10,014,630 | | | $ | 6,724,818 | | | $ | 34,702,138 | | | $ | 32,494,874 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Shares sold | | | 663,605 | | | | 900,671 | | | | 1,103,849 | | | | 3,142,291 | |
Shares issued to holders in reinvestment of dividends | | | 1,423 | | | | 8,153 | | | | 24,380 | | | | 58,174 | |
Shares redeemed | | | (335,312 | ) | | | (326,952 | ) | | | (962,945 | ) | | | (269,703 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | 329,716 | | | | 581,872 | | | | 165,284 | | | | 2,930,762 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | |
| | | Growth & Income Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| |
| | | (Unaudited) | | | | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 349,690 | | | $ | 454,681 | |
Net realized loss on investment transactions | | | (21,046 | ) | | | (2,211,753 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 7,358,396 | | | | (2,484,867 | ) |
| | |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 7,687,040 | | | | (4,241,939 | ) |
| | |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Shares sold | | | 24,808,170 | | | | 36,359,310 | |
Shares issued to holders in reinvestment of dividends | | | 351,727 | | | | 394,397 | |
Shares redeemed | | | (3,504,887 | ) | | | (2,708,772 | ) |
| | |
|
|
| |
|
|
|
Net increase | | | 21,655,010 | | | | 34,044,935 | |
| | |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net dividends and distributions | | | (351,727 | ) | | | (394,397 | ) |
| | |
|
|
| |
|
|
|
Total dividends and distributions | | | (351,727 | ) | | | (394,397 | ) |
| | |
|
|
| |
|
|
|
INCREASE IN NET ASSETS | | | 28,990,323 | | | | 29,408,599 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | | 33,927,659 | | | | 4,519,060 | |
| | |
|
|
| |
|
|
|
End of year | | $ | 62,917,982 | | | $ | 33,927,659 | |
| | |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | |
Shares sold | | | 2,618,862 | | | | 3,673,636 | |
Shares issued to holders in reinvestment of dividends | | | 35,671 | | | | 39,418 | |
Shares redeemed | | | (365,531 | ) | | | (283,441 | ) |
| | |
|
|
| |
|
|
|
Net increase | | | 2,289,002 | | | | 3,429,613 | |
| | |
|
|
| |
|
|
|
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $16.348 | | | | $18.650 | | | | $17.755 | | | | $16.140 | | | | $14.85 | | | | $15.29 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.101 | | | | 0.234 | | | | 0.175 | | | | 0.157 | | | | 0.20 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | 5.750 | | | | (2.234 | ) | | | 1.194 | | | | 2.280 | | | | 1.62 | | | | (0.06 | )2 |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 5.851 | | | | (2.000 | ) | | | 1.369 | | | | 2.437 | | | | 1.82 | | | | 0.07 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.116 | ) | | | (0.191 | ) | | | (0.163 | ) | | | (0.19 | ) | | | (0.11 | ) |
Dividends from net realized gains | | | — | | | | (0.186 | ) | | | (0.283 | ) | | | (0.659 | ) | | | (0.34 | ) | | | (0.40 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.302 | ) | | | (0.474 | ) | | | (0.822 | ) | | | (0.53 | ) | | | (0.51 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $22.199 | | | | $16.348 | | | | $18.650 | | | | $17.755 | | | | $16.14 | | | | $14.85 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 35.79%5 | | | | (11.07)% | | | | 8.09% | | | | 15.10% | | | | 12.46% | | | | 0.47% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,132,396 | | | | $479,829 | | | | $538,016 | | | | $821,049 | | | | $42,855,994 | | | | $31,353,268 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.55%4 | | | | 0.59% | | | | 0.63% | | | | 0.65% | | | | 0.66% | | | | 0.80% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.52%4 | | | | 0.56% | | | | 0.60% | | | | 0.60% | | | | 0.59% | | | | 0.76% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.55%4 | | | | 0.59% | | | | 0.63% | | | | 0.65% | | | | 0.66% | | | | 0.80% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.52%4 | | | | 0.56% | | | | 0.60% | | | | 0.60% | | | | 0.59% | | | | 0.76% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.95%4 | | | | 1.16% | | | | 0.91% | | | | 0.91% | | | | 1.23% | | | | 0.79% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.98%4 | | | | 1.19% | | | | 0.94% | | | | 0.96% | | | | 1.30% | | | | 0.83% | |
Portfolio turnover rate | | | 19.43%5 | | | | 28.54% | | | | 45.31% | | | | 55.07% | | | | 90.46% | | | | 115.67% | |
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 year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 3 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $16.106 | | | | $18.401 | | | | $17.503 | | | | $15.930 | | | | $14.68 | | | | $15.14 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.040 | | | | 0.114 | | | | 0.073 | | | | 0.074 | | | | 0.11 | | | | 0.07 | |
Net realized and unrealized gains (losses) on investments | | | 5.661 | | | | (2.202 | ) | | | 1.184 | | | | 2.241 | | | | 1.59 | | | | (0.08 | )2 |
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|
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|
|
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|
|
|
Total from investment operations | | | 5.701 | | | | (2.088 | ) | | | 1.257 | | | | 2.315 | | | | 1.70 | | | | (0.01 | ) |
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|
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|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.021 | ) | | | (0.076 | ) | | | (0.083 | ) | | | (0.11 | ) | | | (0.05 | ) |
Dividends from net realized gains | | | — | | | | (0.186 | ) | | | (0.283 | ) | | | (0.659 | ) | | | (0.34 | ) | | | (0.40 | ) |
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|
|
|
Total distributions | | | — | | | | (0.207 | ) | | | (0.359 | ) | | | (0.742 | ) | | | (0.45 | ) | | | (0.45 | ) |
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|
|
Net asset value, end of period | | | $21.807 | | | | $16.106 | | | | $18.401 | | | | $17.503 | | | | $15.93 | | | | $14.68 | |
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|
Total return | | | 35.40%5 | | | | (11.59)% | | | | 7.47% | | | | 14.53% | | | | 11.74% | | | | (0.08)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $504,296,597 | | | | $326,952,939 | | | | $332,500,169 | | | | $306,450,000 | | | | $159,857,853 | | | | $218,788,468 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.14%4 | | | | 1.18% | | | | 1.22% | | | | 1.21% | | | | 1.23% | | | | 1.33% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.10%4 | | | | 1.14% | | | | 1.19% | | | | 1.17% | | | | 1.16% | | | | 1.27% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.14%4 | | | | 1.18% | | | | 1.22% | | | | 1.21% | | | | 1.23% | | | | 1.33% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.10%4 | | | | 1.14% | | | | 1.19% | | | | 1.17% | | | | 1.16% | | | | 1.27% | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.35%4 | | | | 0.55% | | | | 0.37% | | | | 0.40% | | | | 0.65% | | | | 0.41% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.39%4 | | | | 0.59% | | | | 0.40% | | | | 0.44% | | | | 0.72% | | | | 0.47% | |
Portfolio turnover rate | | | 19.43%5 | | | | 28.54% | | | | 45.31% | | | | 55.07% | | | | 90.46% | | | | 115.67% | |
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 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.191 | | | | $12.851 | | | | $16.577 | | | | $13.460 | | | | $11.37 | | | | $12.46 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.089 | | | | 0.244 | | | | 0.190 | | | | 0.254 | | | | 0.14 | | | | 0.16 | |
Net realized and unrealized gains (losses) on investments | | | 2.902 | | | | (2.598 | ) | | | (1.983 | ) | | | 3.049 | | | | 2.05 | | | | (1.03 | ) |
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|
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|
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|
|
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|
|
|
Total from investment operations | | | 2.991 | | | | (2.354 | ) | | | (1.793 | ) | | | 3.303 | | | | 2.19 | | | | (0.87 | ) |
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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 | | | — | | | | (0.306 | ) | | | (1.263 | ) | | | (0.186 | ) | | | (0.10 | ) | | | (0.22 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.670 | ) | | | — | | | | — | | | | — | |
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|
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|
|
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|
|
|
Total distributions | | | — | | | | (0.306 | ) | | | (1.933 | ) | | | (0.186 | ) | | | (0.10 | ) | | | (0.22 | ) |
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|
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|
|
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|
|
|
Net asset value, end of period | | | $13.182 | | | | $10.191 | | | | $12.851 | | | | $16.577 | | | | $13.46 | | | | $11.37 | |
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|
Total return | | | 29.35%5 | | | | (18.91)% | | | | (9.53)% | | | | 24.52%3 | | | | 19.61% | | | | (6.98)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $10,474 | | | | $8,097 | | | | $9,985 | | | | $11,036 | | | | $11,925,354 | | | | $6,081,265 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.99%4 | | | | 1.19% | | | | 1.09% | | | | 1.01%4 | | | | 1.06% | | | | 0.88% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.05%4 | | | | 1.05% | | | | 1.06% | | | | 1.00%4 | | | | 1.05% | | | | 0.84% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.99%4 | | | | 1.19% | | | | 1.08% | | | | 1.01%4 | | | | 1.06% | | | | 0.88% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.05%4 | | | | 1.05% | | | | 1.05% | | | | 1.00%4 | | | | 1.05% | | | | 0.84% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.52%4 | | | | 1.78% | | | | 1.30% | | | | 2.13%4 | | | | 1.10% | | | | 1.25% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.46%4 | | | | 1.92% | | | | 1.33% | | | | 2.14%4 | | | | 1.11% | | | | 1.29% | |
Portfolio turnover rate | | | 31.39%5 | | | | 42.60% | | | | 47.18% | | | | 30.97% | | | | 60.19% | | | | 152.82% | |
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.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.516 | | | | $13.278 | | | | $17.063 | | | | $13.600 | | | | $11.49 | | | | $12.57 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.057 | | | | 0.175 | | | | 0.109 | | | | 0.096 | | | | 0.09 | | | | 0.06 | |
Net realized and unrealized gains (losses) on investments | | | 2.989 | | | | (2.690 | ) | | | (2.028 | ) | | | 3.485 | | | | 2.06 | | | | (0.99 | ) |
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|
|
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|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 3.046 | | | | (2.515 | ) | | | (1.919 | ) | | | 3.581 | | | | 2.15 | | | | (0.93 | ) |
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|
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|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.247 | ) | | | (1.196 | ) | | | (0.118 | ) | | | (0.04 | ) | | | (0.15 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.670 | ) | | | — | | | | — | | | | — | |
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|
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|
Total distributions | | | — | | | | (0.247 | ) | | | (1.866 | ) | | | (0.118 | ) | | | (0.04 | ) | | | (0.15 | ) |
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|
|
Net asset value, end of period | | | $13.562 | | | | $10.516 | | | | $13.278 | | | | $17.063 | | | | $13.60 | | | | $11.49 | |
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|
|
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|
|
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| |
|
|
|
Total return | | | 28.97%3 | | | | (19.40)% | | | | (10.05)% | | | | 26.37% | | | | 18.78% | | | | (7.38)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $85,737,240 | | | | $64,153,851 | | | | $85,623,549 | | | | $109,589,630 | | | | $106,077,974 | | | | $118,224,652 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.58%4 | | | | 1.79% | | | | 1.69% | | | | 1.58% | | | | 1.64% | | | | 1.52% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.65%4 | | | | 1.65% | | | | 1.66% | | | | 1.57% | | | | 1.63% | | | | 1.48% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.58%4 | | | | 1.79% | | | | 1.68% | | | | 1.58% | | | | 1.64% | | | | 1.52% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.65%4 | | | | 1.65% | | | | 1.65% | | | | 1.57% | | | | 1.63% | | | | 1.48% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.98%4 | | | | 1.20% | | | | 0.72% | | | | 0.61% | | | | 0.73% | | | | 0.44% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.91%4 | | | | 1.34% | | | | 0.75% | | | | 0.62% | | | | 0.74% | | | | 0.48% | |
Portfolio turnover rate | | | 31.39%3 | | | | 42.60% | | | | 47.18% | | | | 30.97% | | | | 60.19% | | | | 152.82% | |
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.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.765 | | | | $14.385 | | | | $14.908 | | | | $17.860 | | | | $14.96 | | | | $17.31 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.002 | ) | | | (0.007 | ) | | | (0.022 | ) | | | (0.022 | ) | | | 0.04 | | | | (0.03 | ) |
Net realized and unrealized gains (losses) on investments | | | 3.948 | | | | (3.393 | ) | | | 0.348 | | | | 2.259 | | | | 2.91 | | | | (1.90 | ) |
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|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 3.946 | | | | (3.400 | ) | | | 0.326 | | | | 2.237 | | | | 2.95 | | | | (1.93 | ) |
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|
|
| |
|
|
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|
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|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.016 | ) | | | — | | | | (0.050 | ) | | | (0.05 | ) | | | — | |
Dividends from net realized gains | | | — | | | | (0.204 | ) | | | (0.849 | ) | | | (5.139 | ) | | | — | | | | (0.42 | ) |
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|
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| |
|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.220 | ) | | | (0.849 | ) | | | (5.189 | ) | | | (0.05 | ) | | | (0.42 | ) |
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|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $14.711 | | | | $10.765 | | | | $14.385 | | | | $14.908 | | | | $17.86 | | | | $14.96 | |
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|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 36.66%3 | | | | (24.10)% | | | | 2.99% | | | | 12.45% | | | | 19.71% | | | | (11.15)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $71,031,112 | | | | $52,904,611 | | | | $63,904,945 | | | | $54,471,360 | | | | $50,657,342 | | | | $48,196,975 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.47%4 | | | | 1.50% | | | | 1.56% | | | | 1.55% | | | | 1.50% | | | | 1.58% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.26%4 | | | | 1.39% | | | | 1.45% | | | | 1.39% | | | | 1.24% | | | | 1.41% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.47%4 | | | | 1.50% | | | | 1.56% | | | | 1.55% | | | | 1.50% | | | | 1.58% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.26%4 | | | | 1.39% | | | | 1.45% | | | | 1.39% | | | | 1.24% | | | | 1.41% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | (0.25)%4 | | | | (0.16)% | | | | (0.25)% | | | | (0.29)% | | | | 0.00% | | | | (0.32)% | |
After expense reimbursement (recapture) and securities lending credit | | | (0.04)%4 | | | | (0.05)% | | | | (0.14)% | | | | (0.13)% | | | | 0.26% | | | | (0.15)% | |
Portfolio turnover rate | | | 23.673 | | | | 26.54% | | | | 39.01% | | | | 32.87% | | | | 42.22% | | | | 146.02% | |
| 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.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $7.537 | | | | $9.100 | | | | $9.759 | | | | $8.380 | | | | $7.74 | | | | $8.75 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.081 | | | | 0.222 | | | | 0.194 | | | | 0.243 | | | | 0.15 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | 1.729 | | | | (1.610 | ) | | | (0.680 | ) | | | 1.305 | | | | 0.65 | | | | (0.91 | ) |
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|
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|
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|
|
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|
|
|
Total from investment operations | | | 1.810 | | | | (1.388 | ) | | | (0.486 | ) | | | 1.548 | | | | 0.80 | | | | (0.78 | ) |
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|
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|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.175 | ) | | | (0.173 | ) | | | (0.169 | ) | | | (0.16 | ) | | | (0.23 | ) |
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|
Total distributions | | | — | | | | (0.175 | ) | | | (0.173 | ) | | | (0.169 | ) | | | (0.16 | ) | | | (0.23 | ) |
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Net asset value, end of period | | | $9.347 | | | | $7.537 | | | | $9.100 | | | | $9.759 | | | | $8.38 | | | | $7.74 | |
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|
Total return | | | 24.01%5 | | | | (15.69)% | | | | (4.79)% | | | | 18.49%3 | | | | 10.48% | | | | (9.00)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $161,736 | | | | $78,232 | | | | $534,233 | | | | $822,817 | | | | $75,295,608 | | | | $52,879,582 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.81%4 | | | | 0.77% | | | | 0.80% | | | | 0.83%4 | | | | 0.84% | | | | 0.95% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.79%4 | | | | 0.79% | | | | 0.79% | | | | 0.79%4 | | | | 0.79% | | | | 0.90% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.81%4 | | | | 0.77% | | | | 0.80% | | | | 0.83%4 | | | | 0.84% | | | | 0.95% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.79%4 | | | | 0.79% | | | | 0.79% | | | | 0.79%4 | | | | 0.79% | | | | 0.90% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.79%4 | | | | 2.43% | | | | 2.04% | | | | 3.01%4 | | | | 1.83% | | | | 1.54% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.81%4 | | | | 2.41% | | | | 2.05% | | | | 3.05%4 | | | | 1.88% | | | | 1.59% | |
Portfolio turnover rate | | | 28.28%5 | | | | 25.52% | | | | 59.18% | | | | 84.22% | | | | 60.68% | | | | 114.74% | |
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 Insttutional Shares of the Fund outstanding. Perfomance information provided for the Institutional Shares during that year 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 year August 3, 2017 through September 5, 2017, their annual returns would have been substantially smilar 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.
140
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $7.303 | | | | $8.856 | | | | $9.507 | | | | $8.260 | | | | $7.66 | | | | $8.70 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.055 | | | | 0.142 | | | | 0.121 | | | | 0.087 | | | | 0.11 | | | | 0.08 | |
Net realized and unrealized gains (losses) on investments | | | 1.672 | | | | (1.538 | ) | | | (0.643 | ) | | | 1.296 | | | | 0.63 | | | | (0.91 | ) |
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|
Total from investment operations | | | 1.727 | | | | (1.396 | ) | | | (0.522 | ) | | | 1.383 | | | | 0.74 | | | | (0.83 | ) |
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|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.157 | ) | | | (0.129 | ) | | | (0.136 | ) | | | (0.14 | ) | | | (0.21 | ) |
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|
Total distributions | | | — | | | | (0.157 | ) | | | (0.129 | ) | | | (0.136 | ) | | | (0.14 | ) | | | (0.21 | ) |
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|
Net asset value, end of period | | | $9.030 | | | | $7.303 | | | | $8.856 | | | | $9.507 | | | | $8.26 | | | | $7.66 | |
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|
Total return | | | 23.65%4 | | | | (16.16)% | | | | (5.36)% | | | | 16.76% | | | | 9.85% | | | | (9.59)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $125,847,906 | | | | $110,561,165 | | | | $216,435,566 | | | | $212,049,697 | | | | $112,737,823 | | | | $135,305,242 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.40%3 | | | | 1.36% | | | | 1.40% | | | | 1.38% | | | | 1.42% | | | | 1.52% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.38%3 | | | | 1.35% | | | | 1.39% | | | | 1.39% | | | | 1.39% | | | | 1.52% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.40%3 | | | | 1.36% | | | | 1.40% | | | | 1.38% | | | | 1.42% | | | | 1.52% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.38%3 | | | | 1.35% | | | | 1.39% | | | | 1.39% | | | | 1.39% | | | | 1.52% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.27%3 | | | | 1.58% | | | | 1.32% | | | | 0.95% | | | | 1.36% | | | | 0.92% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.29%3 | | | | 1.59% | | | | 1.33% | | | | 0.94% | | | | 1.39% | | | | 0.92% | |
Portfolio turnover rate | | | 28.28%4 | | | | 25.52% | | | | 59.18% | | | | 84.22% | | | | 60.68% | | | | 114.74% | |
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.
141
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.798 | | | | $9.270 | | | | $9.131 | | | | $9.320 | | | | $9.54 | | | | $9.69 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.070 | | | | 0.170 | | | | 0.176 | | | | 0.133 | | | | 0.12 | | | | 0.12 | |
Net realized and unrealized gains (losses) on investments | | | 0.478 | | | | 0.490 | | | | 0.144 | | | | (0.098 | ) | | | (0.11 | ) | | | (0.03 | ) |
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|
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|
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|
|
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|
|
|
Total from investment operations | | | 0.548 | | | | 0.660 | | | | 0.320 | | | | 0.035 | | | | 0.01 | | | | 0.09 | |
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|
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|
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|
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|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.098 | ) | | | (0.108 | ) | | | (0.181 | ) | | | (0.168 | ) | | | (0.17 | ) | | | (0.13 | ) |
Dividends from net realized gains | | | — | | | | (0.024 | ) | | | — | | | | (0.056 | ) | | | (0.06 | ) | | | (0.11 | ) |
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|
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|
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|
Total distributions | | | (0.098 | ) | | | (0.132 | ) | | | (0.181 | ) | | | (0.224 | ) | | | (0.23 | ) | | | (0.24 | ) |
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|
Net asset value, end of period | | | $10.248 | | | | $9.798 | | | | $9.270 | | | | $9.131 | | | | $9.32 | | | | $9.54 | |
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|
|
Total return | | | 5.32%4 | | | | 7.16% | | | | 3.57% | | | | 0.35% | | | | 0.02% | | | | 1.01% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $153,299,299 | | | | $135,386,961 | | | | $132,792,238 | | | | $134,255,059 | | | | $137,358,236 | | | | $209,252,288 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.28%3 | | | | 1.29% | | | | 1.34% | | | | 1.38% | | | | 1.36% | | | | 1.31% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.19%3 | | | | 1.19% | | | | 1.19% | | | | 1.26% | | | | 1.29% | | | | 1.29% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.28%3 | | | | 1.29% | | | | 1.34% | | | | 1.38% | | | | 1.36% | | | | 1.31% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.19%3 | | | | 1.19% | | | | 1.19% | | | | 1.26% | | | | 1.29% | | | | 1.29% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.28%3 | | | | 1.67% | | | | 1.80% | | | | 1.30% | | | | 1.14% | | | | 1.22% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.37%4 | | | | 1.77% | | | | 1.95% | | | | 1.42% | | | | 1.21% | | | | 1.24% | |
Portfolio turnover rate | | | 156.85%4 | | | | 278.67% | | | | 239.11% | | | | 193.12% | | | | 164.81% | | | | 157.49% | |
| 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.
142
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tax-Exempt Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.999 | | | | $11.191 | | | | $11.145 | | | | $11.220 | | | | $11.62 | | | | $11.58 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.140 | | | | 0.295 | | | | 0.335 | | | | 0.321 | | | | 0.30 | | | | 0.31 | |
Net realized and unrealized gains (losses) on investments | | | 0.398 | | | | (0.164 | ) | | | 0.072 | | | | (0.074 | ) | | | (0.38 | ) | | | 0.06 | |
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|
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|
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|
|
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|
|
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|
|
|
Total from investment operations | | | 0.538 | | | | 0.131 | | | | 0.407 | | | | 0.247 | | | | (0.08 | ) | | | 0.37 | |
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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 | | | (0.150 | ) | | | (0.287 | ) | | | (0.347 | ) | | | (0.322 | ) | | | (0.32 | ) | | | (0.33 | ) |
Dividends from net realized gains | | | — | | | | (0.036 | ) | | | (0.014 | ) | | | — | | | | — | | | | — | |
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|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.150 | ) | | | (0.323 | ) | | | (0.361 | ) | | | (0.322 | ) | | | (0.32 | ) | | | (0.33 | ) |
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|
|
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|
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| |
|
|
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|
|
|
Net asset value, end of period | | | $11.387 | | | | $10.999 | | | | $11.191 | | | | $11.145 | | | | $11.22 | | | | $11.62 | |
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|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total return | | | 4.90%4 | | | | 1.16% | | | | 3.72% | | | | 2.28% | | | | (0.82)% | | | | 3.22% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $22,703,017 | | | | $22,462,605 | | | | $25,310,450 | | | | $27,829,032 | | | | $30,317,261 | | | | $49,084,900 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.52%3 | | | | 1.53% | | | | 1.54% | | | | 1.48% | | | | 1.43% | | | | 1.42% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.29%3 | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.28% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.52%3 | | | | 1.53% | | | | 1.54% | | | | 1.48% | | | | 1.43% | | | | 1.42% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.29%3 | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.29% | | | | 1.28% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 2.26%3 | | | | 2.34% | | | | 2.77% | | | | 2.64% | | | | 2.43% | | | | 2.53% | |
After expense reimbursement (recapture) | | | 2.49%3 | | | | 2.58% | | | | 3.02% | | | | 2.83% | | | | 2.57% | | | | 2.67% | |
Portfolio turnover rate | | | 14.41%4 | | | | 35.73% | | | | 34.57% | | | | 56.73% | | | | 14.50% | | | | 12.47% | |
| 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.
143
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $7.786 | | | | $8.484 | | | | $8.835 | | | | $9.460 | | | | $9.05 | | | | $9.53 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.221 | | | | 0.377 | | | | 0.437 | | | | 0.427 | | | | 0.46 | | | | 0.36 | |
Net realized and unrealized gains (losses) on investments | | | -0.651 | | | | (0.654 | ) | | | (0.213 | ) | | | (0.250 | ) | | | 0.30 | | | | (0.76 | ) |
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|
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|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.430 | ) | | | (0.277 | ) | | | 0.224 | | | | 0.177 | | | | 0.76 | | | | (0.40 | ) |
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|
|
| |
|
|
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|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.278 | ) | | | (0.421 | ) | | | (0.575 | ) | | | (0.802 | ) | | | (0.35 | ) | | | (0.08 | ) |
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| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.278 | ) | | | (0.421 | ) | | | (0.575 | ) | | | (0.802 | ) | | | (0.35 | ) | | | (0.08 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $7.078 | | | | $7.786 | | | | $8.484 | | | | $8.835 | | | | $9.46 | | | | $9.05 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (5.96)%3 | | | | (3.30)% | | | | 2.65% | | | | 1.81% | | | | 8.77% | | | | (4.22)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $136 | | | | $452,046 | | | | $376,752 | | | | $354,392 | | | | $9,316,917 | | | | $8,572,900 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) including interest expense2 | | | 1.16%4 | | | | 1.31% | | | | 1.33% | | | | 1.34% | | | | 1.21% | | | | 1.13% | |
After expense reimbursement (recapture) including interest expense2 | | | 0.95%4 | | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.99% | |
Before expense reimbursement (recapture) excluding interest expense | | | 1.16%4 | | | | 1.31% | | | | 1.33% | | | | 1.34% | | | | 1.21% | | | | 1.13% | |
After expense reimbursement (recapture) excluding interest expense | | | 0.95%4 | | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.95% | | | | 0.99% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) | | | 5.40%4 | | | | 4.14% | | | | 4.63% | | | | 4.16% | | | | 4.78% | | | | 3.71% | |
After expense reimbursement (recapture) | | | 5.61%4 | | | | 4.50% | | | | 5.01% | | | | 4.55% | | | | 5.04% | | | | 3.85% | |
Portfolio turnover rate | | | 27.58%3 | | | | 71.24% | | | | 24.46% | | | | 33.85% | | | | 33.77% | | | | 41.12% | |
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.
144
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Opportunistic Fixed Income Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $7.759 | | | | $8.458 | | | | $8.932 | | | | $9.560 | | | | $9.05 | | | | $9.55 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.096 | | | | 0.326 | | | | 0.371 | | | | 0.391 | | | | 0.40 | | | | 0.30 | |
Net realized and unrealized gains (losses) on investments | | | 0.052 | | | | (0.652 | ) | | | (0.322 | ) | | | (0.259 | ) | | | 0.32 | | | | (0.72 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.148 | | | | (0.326 | ) | | | 0.049 | | | | 0.132 | | | | 0.72 | | | | (0.42 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.254 | ) | | | (0.373 | ) | | | (0.523 | ) | | | (0.760 | ) | | | (0.21 | ) | | | (0.08 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.254 | ) | | | (0.373 | ) | | | (0.523 | ) | | | (0.760 | ) | | | (0.21 | ) | | | (0.08 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $7.653 | | | | $7.759 | | | | $8.458 | | | | $8.932 | | | | $9.56 | | | | $9.05 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 1.72%3 | | | | (3.89)% | | | | 0.64% | | | | 1.29% | | | | 8.20% | | | | (4.44)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $39,811,971 | | | | $40,304,655 | | | | $50,858,136 | | | | $54,554,489 | | | | $57,384,791 | | | | $78,168,300 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) including interest expense2 | | | 1.70%4 | | | | 1.89% | | | | 1.90% | | | | 1.90% | | | | 1.78% | | | | 1.68% | |
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 | | | 1.70%4 | | | | 1.89% | | | | 1.90% | | | | 1.90% | | | | 1.78% | | | | 1.68% | |
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) | | | 2.31%4 | | | | 3.56% | | | | 3.91% | | | | 3.87% | | | | 4.17% | | | | 3.08% | |
After expense reimbursement (recapture) | | | 2.46%4 | | | | 3.90% | | | | 4.26% | | | | 4.22% | | | | 4.40% | | | | 3.21% | |
Portfolio turnover rate | | | 27.58%3 | | | | 71.24% | | | | 24.46% | | | | 33.85% | | | | 33.77% | | | | 41.12% | |
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.
145
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.139 | | | | $11.553 | | | | $11.534 | | | | $11.340 | | | | $10.46 | | | | $11.65 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.061 | | | | 0.199 | | | | 0.227 | | | | 0.236 | | | | 0.19 | | | | 0.20 | |
Net realized and unrealized gains (losses) on investments | | | 3.120 | | | | (1.407 | ) | | | (0.003 | ) 5 | | | 1.466 | | | | 1.20 | | | | (1.02 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 3.181 | | | | (1.208 | ) | | | 0.224 | | | | 1.702 | | | | 1.39 | | | | (0.82 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.206 | ) | | | (0.193 | ) | | | (0.210 | ) | | | (0.20 | ) | | | (0.16 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.012 | ) | | | (1.298 | ) | | | (0.31 | ) | | | (0.21 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.206 | ) | | | (0.205 | ) | | | (1.508 | ) | | | (0.51 | ) | | | (0.37 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $13.320 | | | | $10.139 | | | | $11.553 | | | | $11.534 | | | | $11.34 | | | | $10.46 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 31.37%6 | | | | (10.82)% | | | | 2.22% | | | | 14.90% | | | | 13.54% | | | | (7.11)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $5,008,229 | | | | $4,402,611 | | | | $5,450,557 | | | | $6,646,937 | | | | $13,176,782 | | | | $10,968,769 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.35%7 | | | | 0.38% | | | | 0.40% | | | | 0.40% | | | | 0.42% | | | | 0.43% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.31%7 | | | | 0.33% | | | | 0.35% | | | | 0.35% | | | | 0.32% | | | | 0.31% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.35%7 | | | | 0.38% | | | | 0.39% | | | | 0.40% | | | | 0.42% | | | | 0.43% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.31%7 | | | | 0.33% | | | | 0.34% | | | | 0.35% | | | | 0.32% | | | | 0.31% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.95%7 | | | | 1.60% | | | | 1.92% | | | | 1.91% | | | | 1.64% | | | | 1.67% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.99%7 | | | | 1.65% | | | | 1.97% | | | | 1.96% | | | | 1.74% | | | | 1.79% | |
Portfolio turnover rate | | | 33.92%6 | | | | 37.80% | | | | 53.89% | | | | 70.47% | | | | 42.81% | | | | 84.98% | |
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 period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
146
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.062 | | | | $11.477 | | | | $11.458 | | | | $11.290 | | | | $10.42 | | | | $11.62 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.024 | | | | 0.128 | | | | 0.160 | | | | 0.152 | | | | 0.12 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | 3.092 | | | | (1.402 | ) | | | 0.003 5 | | | | 1.467 | | | | 1.20 | | | | (1.02 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 3.116 | | | | (1.274 | ) | | | 0.163 | | | | 1.619 | | | | 1.32 | | | | (0.89 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.141 | ) | | | (0.132 | ) | | | (0.153 | ) | | | (0.14 | ) | | | (0.10 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.012 | ) | | | (1.298 | ) | | | (0.31 | ) | | | (0.21 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.141 | ) | | | (0.144 | ) | | | (1.451 | ) | | | (0.45 | ) | | | (0.31 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $13.178 | | | | $10.062 | | | | $11.477 | | | | $11.458 | | | | $11.29 | | | | $10.42 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 30.97%6 | | | | (11.35)% | | | | 1.61% | | | | 14.22% | | | | 12.91% | | | | (7.67)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $892,145,542 | | | | $739,949,997 | | | | $788,314,442 | | | | $611,928,879 | | | | $551,141,139 | | | | $383,423,651 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.95%7 | | | | 0.97% | | | | 1.00% | | | | 1.00% | | | | 1.01% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.91%7 | | | | 0.93% | | | | 0.95% | | | | 0.95% | | | | 0.92% | | | | 0.91% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.95%7 | | | | 0.97% | | | | 0.99% | | | | 0.99% | | | | 1.01% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.91%7 | | | | 0.93% | | | | 0.94% | | | | 0.94% | | | | 0.92% | | | | 0.91% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.35%7 | | | | 1.03% | | | | 1.35% | | | | 1.22% | | | | 0.99% | | | | 1.05% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.39%7 | | | | 1.07% | | | | 1.40% | | | | 1.27% | | | | 1.08% | | | | 1.16% | |
Portfolio turnover rate | | | 33.92%6 | | | | 37.80% | | | | 53.89% | | | | 70.47% | | | | 42.81% | | | | 84.98% | |
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 period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
147
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.204 | | | | $9.677 | | | | $9.538 | | | | $9.100 | | | | $9.51 | | | | $11.26 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.130 | | | | 0.288 | | | | 0.255 | | | | 0.204 | | | | 0.19 | | | | 0.16 | |
Net realized and unrealized gains (losses) on investments | | | 1.137 | | | | (0.491 | ) | | | 0.104 | | | | 0.442 | | | | 0.35 | | | | (0.89 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.267 | | | | (0.203 | ) | | | 0.359 | | | | 0.646 | | | | 0.54 | | | | (0.73 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.270 | ) | | | (0.205 | ) | | | (0.187 | ) | | | — | | | | (0.14 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.015 | ) | | | (0.021 | ) | | | (0.95 | ) | | | (0.88 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.270 | ) | | | (0.220 | ) | | | (0.208 | ) | | | (0.95 | ) | | | (1.02 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.471 | | | | $9.204 | | | | $9.677 | | | | $9.538 | | | | $9.10 | | | | $9.51 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 13.78%5 | | | | (2.41)% | | | | 3.97% | | | | 7.07% | | | | 6.09% | | | | (6.65)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $2,048,073 | | | | $1,713,169 | | | | $2,268,382 | | | | $3,140,896 | | | | $4,966,270 | | | | $4,220,428 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.37%6 | | | | 0.40% | | | | 0.42% | | | | 0.44% | | | | 0.51% | | | | 0.47% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.10%6 | | | | 0.10% | | | | 0.10% | | | | 0.27% | | | | 0.30% | | | | 0.37% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.37%6 | | | | 0.40% | | | | 0.42% | | | | 0.44% | | | | 0.51% | | | | 0.47% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.10%6 | | | | 0.10% | | | | 0.10% | | | | 0.27% | | | | 0.30% | | | | 0.37% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.30%6 | | | | 2.57% | | | | 2.35% | | | | 1.97% | | | | 1.78% | | | | 1.39% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.57%6 | | | | 2.87% | | | | 2.67% | | | | 2.14% | | | | 1.99% | | | | 1.49% | |
Portfolio turnover rate | | | 31.91%5 | | | | 58.96% | | | | 69.19% | | | | 30.27% | | | | 44.43% | | | | 130.77% | |
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.
148
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.137 | | | | $9.617 | | | | $9.482 | | | | $9.060 | | | | $9.53 | | | | $11.29 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.099 | | | | 0.226 | | | | 0.196 | | | | 0.143 | | | | 0.12 | | | | 0.09 | |
Net realized and unrealized gains (losses) on investments | | | 1.128 | | | | (0.490 | ) | | | 0.107 | | | | 0.438 | | | | 0.36 | | | | (0.89 | ) |
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|
|
| |
|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.227 | | | | (0.264 | ) | | | 0.303 | | | | 0.581 | | | | 0.48 | | | | (0.80 | ) |
| | |
|
|
| |
|
|
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|
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|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.216 | ) | | | (0.153 | ) | | | (0.138 | ) | | | — | | | | (0.08 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.015 | ) | | | (0.021 | ) | | | (0.95 | ) | | | (0.88 | ) |
| | |
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|
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|
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|
|
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|
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|
|
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|
|
|
Total distributions | | | — | | | | (0.216 | ) | | | (0.168 | ) | | | (0.159 | ) | | | (0.95 | ) | | | (0.96 | ) |
| | |
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|
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|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.364 | | | | $9.137 | | | | $9.617 | | | | $9.482 | | | | $9.06 | | | | $9.53 | |
| | |
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|
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|
|
| |
|
|
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|
|
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|
|
| |
|
|
|
Total return | | | 13.43%5 | | | | (2.99)% | | | | 3.35% | | | | 6.39% | | | | 5.44% | | | | (7.18)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $405,980,344 | | | | $314,935,864 | | | | $337,130,990 | | | | $268,079,977 | | | | $110,985,447 | | | | $51,768,546 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.96%6 | | | | 0.99% | | | | 1.02% | | | | 1.03% | | | | 1.10% | | | | 1.05% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.70%6 | | | | 0.70% | | | | 0.70% | | | | 0.83% | | | | 0.89% | | | | 0.99% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.96%6 | | | | 0.99% | | | | 1.02% | | | | 1.03% | | | | 1.10% | | | | 1.05% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.70%6 | | | | 0.70% | | | | 0.70% | | | | 0.83% | | | | 0.89% | | | | 0.99% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.71%6 | | | | 1.98% | | | | 1.75% | | | | 1.31% | | | | 1.10% | | | | 0.79% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.97%6 | | | | 2.27% | | | | 2.07% | | | | 1.51% | | | | 1.31% | | | | 0.85% | |
Portfolio turnover rate | | | 31.91%5 | | | | 58.96% | | | | 69.19% | | | | 30.27% | | | | 44.43% | | | | 130.77% | |
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.
149
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.019 | | | | $10.962 | | | | $10.950 | | | | $10.250 | | | | $9.38 | | | | $10.34 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.027 | | | | 0.129 | | | | 0.138 | | | | 0.142 | | | | 0.18 | | | | 0.13 | |
Net realized and unrealized gains (losses) on investments | | | 0.807 | | | | (0.517 | ) | | | 0.408 | | | | 1.078 | | | | 0.81 | | | | (0.97 | ) |
| | |
|
|
| |
|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.834 | | | | (0.388 | ) | | | 0.546 | | | | 1.220 | | | | 0.99 | | | | (0.84 | ) |
| | |
|
|
| |
|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.108 | ) | | | (0.128 | ) | | | (0.393 | ) | | | (0.12 | ) | | | (0.02 | ) |
Dividends from net realized gains | | | — | | | | (0.447 | ) | | | (0.406 | ) | | | (0.127 | ) | | | — | | | | (0.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.555 | ) | | | (0.534 | ) | | | (0.520 | ) | | | (0.12 | ) | | | (0.12 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.853 | | | | $10.019 | | | | $10.962 | | | | $10.950 | | | | $10.25 | | | | $9.38 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 8.32%5 | | | | (4.27)% | | | | 5.59% | | | | 11.83% | | | | 10.63% | | | | (8.18)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $1,895,947 | | | | $1,553,075 | | | | $1,506,030 | | | | $1,681,043 | | | | $3,767,220 | | | | $5,005,303 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.47%6 | | | | 0.50% | | | | 0.51% | | | | 0.52% | | | | 0.53% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.45%6 | | | | 0.46% | | | | 0.43% | | | | 0.45% | | | | 0.40% | | | | 0.41% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.47%6 | | | | 0.50% | | | | 0.51% | | | | 0.52% | | | | 0.53% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.45%6 | | | | 0.46% | | | | 0.43% | | | | 0.45% | | | | 0.40% | | | | 0.41% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.48%6 | | | | 1.10% | | | | 1.15% | | | | 1.25% | | | | 1.69% | | | | 1.20% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.50%6 | | | | 1.14% | | | | 1.23% | | | | 1.32% | | | | 1.82% | | | | 1.30% | |
Portfolio turnover rate | | | 287.34%5 | | | | 500.28% | | | | 336.60% | | | | 369.57% | | | | 336.50% | | | | 348.05% | |
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
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.960 | | | | $10.919 | | | | $10.907 | | | | $10.150 | | | | $9.32 | | | | $10.32 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | (0.005 | ) | | | 0.061 | | | | 0.074 | | | | 0.082 | | | | 0.11 | | | | 0.07 | |
Net realized and unrealized gains (losses) on investments | | | 0.802 | | | | (0.515 | ) | | | 0.410 | | | | 1.054 | | | | 0.82 | | | | (0.97 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.797 | | | | (0.454 | ) | | | 0.484 | | | | 1.136 | | | | 0.93 | | | | (0.90 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.058 | ) | | | (0.066 | ) | | | (0.252 | ) | | | (0.10 | ) | | | — | * |
Dividends from net realized gains | | | — | | | | (0.447 | ) | | | (0.406 | ) | | | (0.127 | ) | | | — | | | | (0.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.505 | ) | | | (0.472 | ) | | | (0.379 | ) | | | (0.10 | ) | | | (0.10 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.757 | | | | $9.960 | | | | $10.919 | | | | $10.907 | | | | $10.15 | | | | $9.32 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 8.00%5 | | | | (4.83)% | | | | 4.96% | | | | 11.14% | | | | 10.05% | | | | (8.74)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $419,116,990 | | | | $323,199,482 | | | | $341,839,666 | | | | $271,460,164 | | | | $304,159,564 | | | | $393,657,458 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.07%6 | | | | 1.10% | | | | 1.11% | | | | 1.11% | | | | 1.12% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.04%6 | | | | 1.06% | | | | 1.03% | | | | 1.03% | | | | 1.00% | | | | 1.01% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.07%6 | | | | 1.10% | | | | 1.11% | | | | 1.11% | | | | 1.12% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.04%6 | | | | 1.06% | | | | 1.03% | | | | 1.03% | | | | 1.00% | | | | 1.01% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | (0.13)%6 | | | | 0.50% | | | | 0.58% | | | | 0.69% | | | | 1.07% | | | | 0.62% | |
After expense reimbursement (recapture) and securities lending credit | | | (0.10)%6 | | | | 0.54% | | | | 0.66% | | | | 0.77% | | | | 1.19% | | | | 0.72% | |
Portfolio turnover rate | | | 287.34%5 | | | | 500.28% | | | | 336.60% | | | | 369.57% | | | | 336.50% | | | | 348.05% | |
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.
151
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.005 | | | | $10.402 | | | | $10.335 | | | | $10.290 | | | | $9.80 | | | | $10.02 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.129 | | | | 0.329 | | | | 0.346 | | | | 0.292 | | | | 0.37 | | | | 0.26 | |
Net realized and unrealized gains (losses) on investments | | | 0.522 | | | | (0.367 | ) | | | (0.003 | )2 | | | (0.037 | ) | | | 0.52 | | | | (0.21 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.651 | | | | (0.038 | ) | | | 0.343 | | | | 0.255 | | | | 0.89 | | | | 0.05 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.359 | ) | | | (0.276 | ) | | | (0.210 | ) | | | (0.40 | ) | | | (0.27 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.359 | ) | | | (0.276 | ) | | | (0.210 | ) | | | (0.40 | ) | | | (0.27 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.656 | | | | $10.005 | | | | $10.402 | | | | $10.335 | | | | $10.29 | | | | $9.80 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 6.51%7 | | | | (0.53)% | | | | 3.43% | | | | 2.47% | | | | 9.14% | | | | 0.56% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $660,102 | | | | $1,133,623 | | | | $667,898 | | | | $1,343,813 | | | | $921,609 | | | | $1,107,629 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.50%6 | | | | 0.50% | | | | 0.51% | | | | 0.53% | | | | 0.58% | | | | 0.53% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.20%6 | | | | 0.21% | | | | 0.20% | | | | 0.37% | | | | 0.50% | | | | 0.39% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.50%6 | | | | 0.49% | | | | 0.51% | | | | 0.53% | | | | 0.58% | | | | 0.53% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.20%6 | | | | 0.20% | | | | 0.20% | | | | 0.37% | | | | 0.50% | | | | 0.39% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.16%6 | | | | 2.82% | | | | 3.04% | | | | 2.64% | | | | 3.58% | | | | 2.49% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.46%6 | | | | 3.11% | | | | 3.35% | | | | 2.80% | | | | 3.66% | | | | 2.63% | |
Portfolio turnover rate | | | 24.57%7 | | | | 161.00% | | | | 146.82% | | | | 154.33% | | | | 41.66% | | | | 200.13% | |
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.
152
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $10.010 | | | | $10.402 | | | | $10.348 | | | | $10.320 | | | | $9.81 | | | | $10.04 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.096 | | | | 0.266 | | | | 0.283 | | | | 0.231 | | | | 0.30 | | | | 0.20 | |
Net realized and unrealized gains (losses) on investments | | | 0.522 | | | | (0.368 | ) | | | (0.001 | )5 | | | (0.036 | ) | | | 0.53 | | | | (0.22 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.618 | | | | (0.102 | ) | | | 0.282 | | | | 0.195 | | | | 0.83 | | | | (0.02 | ) |
| | |
|
|
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|
|
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|
|
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|
|
| |
|
|
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|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.290 | ) | | | (0.228 | ) | | | (0.167 | ) | | | (0.32 | ) | | | (0.21 | ) |
| | |
|
|
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|
|
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|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.290 | ) | | | (0.228 | ) | | | (0.167 | ) | | | (0.32 | ) | | | (0.21 | ) |
| | |
|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.628 | | | | $10.010 | | | | $10.402 | | | | $10.348 | | | | $10.32 | | | | $9.81 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 6.17%7 | | | | (1.11)% | | | | 2.81% | | | | 1.88% | | | | 8.54% | | | | (0.19)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $213,737,288 | | | | $391,177,265 | | | | $312,866,645 | | | | 267,250,294 | | | | $128,948,108 | | | | $145,830,207 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.09%6 | | | | 1.10% | | | | 1.11% | | | | 1.12% | | | | 1.18% | | | | 1.13% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.80%6 | | | | 1.81% | | | | 0.80% | | | | 0.96% | | | | 1.10% | | | | 0.99% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.09%6 | | | | 1.09% | | | | 1.11% | | | | 1.12% | | | | 1.18% | | | | 1.13% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.80%6 | | | | 0.80% | | | | 0.80% | | | | 0.96% | | | | 1.10% | | | | 0.99% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.55%6 | | | | 2.22% | | | | 2.44% | | | | 2.04% | | | | 2.91% | | | | 1.92% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.84%6 | | | | 2.51% | | | | 2.75% | | | | 2.20% | | | | 2.99% | | | | 2.06% | |
Portfolio turnover rate | | | 24.57%7 | | | | 161.00% | | | | 146.82% | | | | 154.33% | | | | 41.66% | | | | 200.13% | |
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 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.
153
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Multi-Asset Income Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.056 | | | | $10.660 | | | | $10.603 | | | | $10.460 | | | | $9.94 | | | | $10.62 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.139 | | | | 0.344 | | | | 0.358 | | | | 0.287 | | | | 0.29 | | | | 0.34 | |
Net realized and unrealized gains (losses) on investments | | | 0.992 | | | | (1.632 | ) | | | 0.062 | | | | 0.137 | | | | 0.52 | | | | (0.61 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.131 | | | | (1.288 | ) | | | 0.420 | | | | 0.424 | | | | 0.81 | | | | (0.27 | ) |
| | |
|
|
| |
|
|
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|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.177 | ) | | | (0.313 | ) | | | (0.363 | ) | | | (0.281 | ) | | | (0.29 | ) | | | (0.37 | ) |
Dividends from net realized gains | | | — | | | | (0.003 | ) | | | — | | | | — | | | | — | | | | (0.04 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.177 | ) | | | (0.316 | ) | | | (0.363 | ) | | | (0.281 | ) | | | (0.29 | ) | | | (0.41 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.010 | | | | $9.056 | | | | $10.660 | | | | $10.603 | | | | $10.46 | | | | $9.94 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 12.51%6 | | | | (12.53)% | | | | 4.13% | | | | 4.05% | | | | 8.24% | | | | (2.49)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $125,361,761 | | | | $112,044,753 | | | | $132,260,092 | | | | $119,091,615 | | | | $119,817,129 | | | | $106,901,424 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 1.10%5 | | | | 1.12% | | | | 1.15% | | | | 1.13% | | | | 1.17% | | | | 1.17% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.99%5 | | | | 0.92% | | | | 0.82% | | | | 0.98% | | | | 0.97% | | | | 0.96% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 1.10%5 | | | | 1.12% | | | | 1.15% | | | | 1.13% | | | | 1.17% | | | | 1.17% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.99%5 | | | | 0.92% | | | | 0.82% | | | | 0.98% | | | | 0.97% | | | | 0.96% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.69%5 | | | | 2.99% | | | | 3.08% | | | | 2.52% | | | | 2.66% | | | | 3.15% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.80%5 | | | | 3.19% | | | | 3.41% | | | | 2.67% | | | | 2.86% | | | | 3.36% | |
Portfolio turnover rate | | | 37.98%6 | | | | 85.15% | | | | 44.77% | | | | 131.23% | | | | 61.25% | | | | 145.43% | |
| 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.
154
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.368 | | | | $9.422 | | | | $9.577 | | | | $9.670 | | | | $9.62 | | | | $9.76 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.298 | | | | 0.391 | | | | 0.426 | | | | 0.543 | | | | 0.24 | | | | 0.18 | |
Net realized and unrealized gains (losses) on investments | | | 0.788 | | | | (0.076 | )2 | | | (0.183 | ) | | | (0.158 | )2 | | | 0.07 | | | | (0.11 | ) |
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|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.086 | | | | 0.315 | | | | 0.243 | | | | 0.385 | | | | 0.31 | | | | 0.07 | |
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|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.142 | ) | | | (0.369 | ) | | | (0.398 | ) | | | (0.478 | ) | | | (0.26 | ) | | | (0.21 | ) |
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|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.142 | ) | | | (0.369 | ) | | | (0.398 | ) | | | (0.478 | ) | | | (0.26 | ) | | | (0.21 | ) |
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|
|
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|
|
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|
|
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|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.312 | | | | $9.368 | | | | $9.422 | | | | $9.577 | | | | $9.67 | | | | $9.62 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 11.61%7 | | | | 3.38% | | | | 2.58% | | | | 3.99% | | | | 3.23% | | | | 0.70% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $7,131 | | | | $34,154 | | | | $26,280 | | | | $224,505 | | | | $52,492 | | | | $49,872 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.39%6 | | | | 0.45% | | | | 0.56% | | | | 0.52% | | | | 0.50% | | | | 0.44% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.14%6 | | | | 0.15% | | | | 0.16% | | | | 0.27% | | | | 0.37% | | | | 0.36% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.39%6 | | | | 0.45% | | | | 0.55% | | | | 0.52% | | | | 0.50% | | | | 0.44% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.14%6 | | | | 0.15% | | | | 0.15% | | | | 0.27% | | | | 0.37% | | | | 0.36% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 5.76%6 | | | | 3.81% | | | | 4.07% | | | | 5.27% | | | | 2.32% | | | | 1.76% | |
After expense reimbursement (recapture) and securities lending credit | | | 6.01%6 | | | | 4.11% | | | | 4.47% | | | | 5.52% | | | | 2.45% | | | | 1.84% | |
Portfolio turnover rate | | | 154.26%7 | | | | 517.05% | | | | 380.48% | | | | 232.11% | | | | 114.68% | | | | 147.81% | |
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.
155
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Service
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| | | Year Ended
March 31,
2018
| | | Year Ended
March 31,
2017
| | | Year Ended
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 | | | $9.304 | | | | $9.366 | | | | $9.525 | | | | $9.610 | | | | $9.55 | | | | $9.77 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.134 | | | | 0.331 | | | | 0.361 | | | | 0.340 | | | | 0.18 | | | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | | 0.911 | | | | (0.076 | )2 | | | (0.173 | ) | | | (0.018 | )2 | | | 0.08 | | | | (0.21 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.045 | | | | 0.255 | | | | 0.188 | | | | 0.322 | | | | 0.26 | | | | (0.07 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | (0.118 | ) | | | (0.317 | ) | | | (0.347 | ) | | | (0.407 | ) | | | (0.20 | ) | | | (0.15 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.118 | ) | | | (0.317 | ) | | | (0.347 | ) | | | (0.407 | ) | | | (0.20 | ) | | | (0.15 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.231 | | | | $9.304 | | | | $9.366 | | | | $9.525 | | | | $9.61 | | | | $9.55 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 11.25%7 | | | | 2.76% | | | | 2.00% | | | | 3.35% | | | | 2.73% | | | | (0.75)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $227,745,156 | | | | $98,516,379 | | | | $59,741,077 | | | | $55,246,464 | | | | $99,575,144 | | | | $114,740,157 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.97%6 | | | | 1.05% | | | | 1.15% | | | | 1.12% | | | | 1.09% | | | | 1.04% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.75%6 | | | | 0.75% | | | | 0.77% | | | | 0.93% | | | | 0.91% | | | | 0.93% | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.97%6 | | | | 1.05% | | | | 1.13% | | | | 1.12% | | | | 1.09% | | | | 1.04% | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.75%6 | | | | 0.75% | | | | 0.75% | | | | 0.93% | | | | 0.91% | | | | 0.93% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.43%6 | | | | 3.20% | | | | 3.45% | | | | 3.30% | | | | 1.72% | | | | 1.32% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.65%6 | | | | 3.50% | | | | 3.83% | | | | 3.49% | | | | 1.90% | | | | 1.43% | |
Portfolio turnover rate | | | 154.26%7 | | | | 517.05% | | | | 380.48% | | | | 232.21% | | | | 114.68% | | | | 147.81% | |
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.
156
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Institutional
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2020
| | | 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 | | | $8.813 | | | | $8.067 | | | | $8.665 | | | | $8.700 | | | | $9.75 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment gain (loss)2 | | | (0.037 | ) | | | 0.063 | | | | 0.081 | | | | (0.002 | ) | | | (0.06 | ) | | | (0.02 | ) |
Net realized and unrealized losses on investments | | | (0.067 | ) | | | 1.097 | | | | (0.679 | ) | | | (0.033 | ) | | | (0.83 | ) | | | (0.23 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.104 | ) | | | 1.160 | | | | (0.598 | ) | | | (0.035 | ) | | | (0.89 | ) | | | (0.25 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.131 | ) | | | — | | | | — | | | | — | | | | — | |
Dividends from net realized gains | | | — | | | | (0.283 | ) | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.414 | ) | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $8.709 | | | | $8.813 | | | | $8.067 | | | | $8.665 | | | | $8.70 | | | | $9.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (1.13)%3 | | | | 14.70% | | | | (6.90)% | | | | (0.40)% | | | | (9.17)% | | | | (2.50)%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $822,367 | | | | $1,220,564 | | | | $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 | | | 1.20%4 | | | | 1.25% | | | | 1.27% | | | | 1.38% | | | | 1.37% | | | | 1.61%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.30%4 | | | | 1.30% | | | | 1.30% | | | | 1.34% | | | | 1.34% | | | | 1.30%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.20%4 | | | | 1.25% | | | | 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% | | | | 1.30%4 | |
Ratio of net investment gain (loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | (0.74)%4 | | | | 0.79% | | | | 1.03% | | | | (0.07)% | | | | (0.69)% | | | | (1.12)%4 | |
After expense reimbursement (recapture) and fees waived | | | (0.84)%4 | | | | 0.74% | | | | 1.00% | | | | (0.03)% | | | | (0.66)% | | | | (0.81)%4 | |
Portfolio turnover rate | | | 0.00%3 | | | | 0.00% | | | | 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.
157
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Service
| |
| | | Period Ended
September 30,
2019
| | | Year Ended
March 31,
2020
| | | 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 | | | $8.648 | | | | $7.914 | | | | $8.551 | | | | $8.640 | | | | $9.73 | | | | $10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment gain (loss)2 | | | (0.058 | ) | | | 0.011 | | | | 0.035 | | | | (0.050 | ) | | | (0.11 | ) | | | (0.03 | ) |
Net realized and unrealized losses on investments | | | (0.067 | ) | | | 1.077 | | | | (0.672 | ) | | | (0.039 | ) | | | (0.82 | ) | | | (0.24 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.125 | ) | | | 1.088 | | | | (0.637 | ) | | | (0.089 | ) | | | (0.93 | ) | | | (0.27 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | — | | | | (0.071 | ) | | | — | | | | — | | | | — | | | | — | |
Dividends from net realized gains | | | — | | | | (0.283 | ) | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | — | | | | (0.354 | ) | | | — | | | | — | | | | (0.16 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $8.523 | | | | $8.648 | | | | $7.914 | | | | $8.551 | | | | $8.64 | | | | $9.73 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (1.41)%3 | | | | 14.03% | | | | (7.45)% | | | | (0.92)% | | | | (9.70)% | | | | (2.70)%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period | | | $167,701,673 | | | | $221,868,264 | | | | $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 | | | 1.80%4 | | | | 1.85% | | | | 1.87% | | | | 1.97% | | | | 1.97% | | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived including interest expense5 | | | 1.81%4 | | | | 1.90% | | | | 1.90% | | | | 1.94% | | | | 1.94% | | | | 1.90%4 | |
Before expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.80%4 | | | | 1.85% | | | | 1.87% | | | | 1.93% | | | | 1.93% | | | | 2.20%4 | |
After expense reimbursement (recapture) and fees waived excluding interest expense | | | 1.81%4 | | | | 1.90% | | | | 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 | | | (1.35)%4 | | | | 0.18% | | | | 0.47% | | | | (0.61)% | | | | (1.27)% | | | | (1.71)%4 | |
After expense reimbursement (recapture) and fees waived | | | (1.36)%4 | | | | 0.13% | | | | 0.44% | | | | (0.58)% | | | | (1.24)% | | | | (1.41)%4 | |
Portfolio turnover rate | | | 0.00%3 | | | | 0.00% | | | | 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.
158
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | |
| | | Conservative Income Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | 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 | | | $9.899 | | | | $9.987 | | | | $10.000 | |
Income from investment operations: | | | | | | | | | | | | |
Net investment income2 | | | 0.014 | | | | 0.177 | | | | 0.153 | |
Net realized and unrealized gains (losses) on investments | | | 0.027 | | | | (0.092 | ) | | | (0.020 | ) 7 |
| | |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.041 | | | | 0.085 | | | | 0.133 | |
| | |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | |
Dividends from net investment income | | | (0.015 | ) | | | (0.173 | ) | | | (0.144 | ) |
Dividends from net realized gains | | | — | | | | — | | | | (0.002 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.015 | ) | | | (0.173 | ) | | | (0.146 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $9.925 | | | | $9.899 | | | | $9.987 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.41%3 | | | | 0.85% | | | | 1.34%3 | |
Supplemental data and ratios: | | | | | | | | | | | | |
Net assets, end of period | | | $10,014,630 | | | | $6,724,818 | | | | $973,527 | |
Ratio of expenses to average net assets4 | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.14%5 | | | | 2.23% | | | | 43.40%5 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.64%5 | | | | 0.64% | | | | 0.64%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | (0.23)%5 | | | | 0.18% | | | | (41.09)%5 | |
After expense reimbursement (recapture) and fees waived | | | 0.27%5 | | | | 1.77% | | | | 1.67%5 | |
Portfolio turnover rate | | | 115.09%3 | | | | 190.99% | | | | 388.79%3 | |
| 1 | | Commencement of operations. |
| 2 | | Net investment income per share has been calculated based on average shares outstanding during the period. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 6 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See notes to financial statements.
159
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | |
| | | Income Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | 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 | | | $9.857 | | | | $9.892 | | | | $10.000 | |
Income from investment operations: | | | | | | | | | | | | |
Net investment income2 | | | 0.080 | | | | 0.284 | | | | 0.079 | |
Net realized and unrealized gains (losses) on investments | | | 0.168 | | | | (0.048 | )7 | | | 0.0167 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.248 | | | | 0.236 | | | | 0.095 | |
| | |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | |
Dividends from net investment income | | | (0.081 | ) | | | (0.266 | ) | | | (0.203 | ) |
Dividends from net realized gains | | | — | | | | (0.005 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.081 | ) | | | (0.271 | ) | | | (0.203 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.024 | | | | $9.857 | | | | $9.892 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total return | | | 2.52%3 | | | | 2.34% | | | | 0.99%3 | |
Supplemental data and ratios: | | | | | | | | | | | | |
Net assets, end of period | | | $34,702,138 | | | | $32,494,874 | | | | $3,619,628 | |
Ratio of expenses to average net assets4 | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.94%5 | | | | 1.18% | | | | 16.23%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.81%5 | | | | 0.79% | | | | 0.79%5 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.92%5 | | | | 1.18% | | | | 16.23%5 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.79%5 | | | | 0.79% | | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.47%5 | | | | 2.39% | | | | (14.57)%5 | |
After expense reimbursement (recapture) and fees waived | | | 1.60%5 | | | | 2.79% | | | | 0.87%5 | |
Portfolio turnover rate | | | 159.07%3 | | | | 247.58% | | | | 801.50%3 | |
| 1 | | Commencement of operations. |
| 2 | | Net investment income per share has been calculated based on average shares outstanding during the period. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 6 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| 8 | | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
160
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | |
| | | Growth & Income Fund
| |
| | | Period Ended
September 30,
2020
| | | Year Ended
March 31,
2020
| | | April 30, 2018
through
March 31,
20191
| |
| | | (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 | | | $8.717 | | | | $9.772 | | | | $10.000 | |
Income from investment operations: | | | | | | | | | | | | |
Net investment income2 | | | 0.067 | | | | 0.189 | | | | 0.331 | |
Net realized and unrealized gains (losses) on investments | | | 1.458 | | | | (1.094 | ) | | | (0.320 | )7 |
| | |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 1.525 | | | | (0.905 | ) | | | 0.011 | |
| | |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | |
Dividends from net investment income | | | (0.063 | ) | | | (0.146 | ) | | | (0.239 | ) |
Dividends from net realized gains | | | — | | | | (0.004 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.063 | ) | | | (0.150 | ) | | | (0.239 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period | | | $10.179 | | | | $8.717 | | | | $9.772 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total return | | | 17.52%3 | | | | (9.45)% | | | | 0.14%3 | |
Supplemental data and ratios: | | | | | | | | | | | | |
Net assets, end of period | | | $62,917,982 | | | | $33,927,659 | | | | $4,519,060 | |
Ratio of expenses to average net assets4 | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.94%5 | | | | 1.34% | | | | 27.58%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.80%5 | | | | 0.79% | | | | 0.79%5 | |
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.93%5 | | | | 1.34% | | | | 27.58%5 | |
After expense reimbursement (recapture) and securities lending credit excluding interest expense | | | 0.79%5 | | | | 0.79% | | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.23%5 | | | | 1.34% | | | | (23.11)%5 | |
After expense reimbursement (recapture) and fees waived | | | 1.37%5 | | | | 1.89% | | | | 3.68%5 | |
Portfolio turnover rate | | | 16.14%3 | | | | 159.34% | | | | 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.
161
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)
September 30, 2020
GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trusts dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. GPS Funds I is comprised of the following 6 funds: GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US Fund, GuideMark® Core Fixed Income Fund and GuideMark® Tax-Exempt Fixed Income Fund. GPS Funds II is comprised of the following 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 (or, in the case of the GuidePath® Tactical Allocation Fund, between 10% and 100% of its assets) 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 the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.
Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost, which approximates fair value.
Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves.
162
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
During the period, certain 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) certain over-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 as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.
Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.
Forward currency contracts, options 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.
163
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2020:
GuideMark® Large Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 478,638,105 | | | $ | — | | | $ | — | | | $ | 478,638,105 | |
Investment Companies | | | 16,244,227 | | | | — | | | | — | | | | 16,244,227 | |
Real Estate Investment Trusts | | | 9,779,360 | | | | — | | | | — | | | | 9,779,360 | |
Short Term Investments | | | 1,185,036 | | | | — | | | | — | | | | 1,185,036 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 36,279,414 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 505,846,728 | | | $ | — | | | $ | — | | | $ | 542,126,142 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 1,782,407 | | | $ | 7,459,144 | | | $ | — | | | $ | 9,241,551 | |
Consumer Discretionary | | | 10,345,182 | | | | 5,679,814 | | | | — | | | | 16,024,996 | |
Consumer Staples | | | 1,281,610 | | | | 5,603,364 | | | | — | | | | 6,884,974 | |
Energy | | | 1,235,530 | | | | 1,943,575 | | | | — | | | | 3,179,105 | |
Financials | | | 860,655 | | | | 9,158,913 | | | | — | | | | 10,019,568 | |
Health Care | | | 352,854 | | | | 3,685,890 | | | | — | | | | 4,038,744 | |
Industrials | | | 436,015 | | | | 2,700,943 | | | | — | | | | 3,136,958 | |
Information Technology | | | 490,787 | | | | 16,210,023 | | | | — | | | | 16,700,810 | |
Materials | | | 1,121,255 | | | | 3,756,367 | | | | — | | | | 4,877,622 | |
Real Estate | | | — | | | | 493,737 | | | | — | | | | 493,737 | |
Utilities | | | 208,771 | | | | 679,999 | | | | — | | | | 888,770 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 18,115,066 | | | | 57,371,769 | | | | — | | | | 75,486,835 | |
Investment Companies | | | 7,916,573 | | | | — | | | | — | | | | 7,916,573 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Communication Services | | | 83,205 | | | | — | | | | — | | | | 83,205 | |
Consumer Discretionary | | | 123,078 | | | | — | | | | — | | | | 123,078 | |
Consumer Staples | | | — | | | | 408,900 | | | | — | | | | 408,900 | |
Energy | | | 233,437 | | | | — | | | | — | | | | 233,437 | |
Financials | | | 570,499 | | | | — | | | | — | | | | 570,499 | |
Information Technology | | | — | | | | 629,388 | | | | — | | | | 629,388 | |
Utilities | | | 102,379 | | | | — | | | | — | | | | 102,379 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | 1,112,598 | | | | 1,038,288 | | | | — | | | | 2,150,886 | |
Rights | | | — | | | | — | | | | 0 | | | | 0 | |
Short Term Investments | | | 362,094 | | | | — | | | | — | | | | 362,094 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 4,666,867 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 27,506,331 | | | $ | 58,410,057 | | | $ | — | | | $ | 90,583,255 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
164
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| | | | |
Description
| | Rights
| |
Balance as of April 1, 2020 | | $ | — | |
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, 2020 | | $ | 0 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2020. | | $ | — | |
| | |
|
|
|
GuideMark® Small/Mid Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | | $ 64,757,985 | | | | $ — | | | | $ 2,233 | | | | $ 64,760,218 | |
Investment Companies | | | 2,386,459 | | | | — | | | | — | | | | 2,386,459 | |
Preferred Stock | | | 24,631 | | | | — | | | | — | | | | 24,631 | |
Real Estate Investment Trusts | | | 3,552,971 | | | | — | | | | — | | | | 3,552,971 | |
Short Term Investments | | | 289,930 | | | | — | | | | — | | | | 289,930 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 10,747,823 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | | $ 71,011,976 | | | | $ — | | | | $ 2,233 | | | | $ 81,762,032 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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, 2020 | | $ | 9,708 | | | $ | 0 | |
Purchases | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | |
Corporate Actions | | | — | | | | (359 | ) |
Realized gain (loss) | | | — | | | | 359 | |
Change in unrealized appreciation (depreciation) | | | (7,475 | ) | | | — | |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of September 30, 2020 | | $ | 2,233 | | | $ | — | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2020. | | $ | (7,475 | ) | | $ | — | |
| | |
|
|
| |
|
|
|
GuideMark® World ex-US Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 98,545 | | | $ | 6,424,715 | | | $ | — | | | $ | 6,523,260 | |
Consumer Discretionary | | | 375,612 | | | | 15,773,773 | | | | — | | | | 16,149,385 | |
Consumer Staples | | | 1,685,381 | | | | 14,884,581 | | | | — | | | | 16,569,962 | |
Energy | | | 520,097 | | | | 2,405,346 | | | | — | | | | 2,925,443 | |
Financials | | | 3,243,813 | | | | 14,997,812 | | | | — | | | | 18,241,625 | |
Health Care | | | 544,399 | | | | 18,726,327 | | | | — | | | | 19,270,726 | |
Industrials | | | 1,121,092 | | | | 16,009,614 | | | | — | | | | 17,130,706 | |
Information Technology | | | 1,573,374 | | | | 8,729,974 | | | | — | | | | 10,303,348 | |
Materials | | | 1,593,969 | | | | 6,589,304 | | | | — | | | | 8,183,273 | |
Real Estate | | | — | | | | 294,336 | | | | — | | | | 294,336 | |
Utilities | | | 572,676 | | | | 3,701,381 | | | | — | | | | 4,274,057 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 11,328,958 | | | | 108,537,163 | | | | — | | | | 119,866,121 | |
165
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 3,528,878 | | | $ | — | | | $ | — | | | $ | 3,528,878 | |
Participatory Notes | | | — | | | | 35,214 | | | | — | | | | 35,214 | |
Preferred Stocks | | | — | | | | 634,926 | | | | — | | | | 634,926 | |
Real Estate Investment Trusts | | | 39,175 | | | | 674,689 | | | | — | | | | 713,864 | |
Short Term Investments | | | 358,563 | | | | — | | | | — | | | | 358,563 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 2,816,113 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 15,255,574 | | | $ | 109,881,992 | | | $ | — | | | $ | 127,953,679 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | — | | | $ | 7,648,684 | | | $
|
— |
| | $ | 7,648,684 | |
Collateralized Mortgage Obligations | | | — | | | | 22,237,010 | | | | — | | | | 22,237,010 | |
Corporate Obligations | | | — | | | | 49,197,058 | | | | — | | | | 49,197,058 | |
Foreign Government Debt Obligations | | | — | | | | 761,778 | | | | — | | | | 761,778 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 52,206,760 | | | | — | | | | 52,206,760 | |
Municipal Debt Obligations | | | — | | | | 3,033,806 | | | | — | | | | 3,033,806 | |
U.S. Treasury Obligations | | | — | | | | 45,290,080 | | | | — | | | | 45,290,080 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 180,375,176 | | | | — | | | | 180,375,176 | |
Purchased Options | | | — | | | | 0 | | | | — | | | | — | |
Short Term Investments | | | 4,889,652 | | | | — | | | | — | | | | 4,889,652 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 44,102,873 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 4,889,652 | | | $ | 180,375,176 | | | $ | — | | | $ | 229,367,701 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | 12 | | | $ | — | | | $
|
— |
| | $ | 12 | |
Options Written | | | — | | | | 114,089 | | | | — | | | | 114,089 | |
Swaps | | | — | | | | 63,547 | | | | — | | | | 63,547 | |
| | * | | 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, written options, and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while written options are reflected at value. |
For further information regarding security characteristics, see the Schedule of Investments.
GuideMark® Tax-Exempt Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Municipal Debt Obligations | | $ | — | | | $ | 22,300,195 | | | $ | — | | | $ | 22,300,195 | |
Short Term Investments | | | 37,685 | | | | — | | | | — | | | | 37,685 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 37,685 | | | $ | 22,300,195 | | | $ | — | | | $ | 22,337,880 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments.
166
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
GuideMark® Opportunistic Fixed Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | — | | | $ | — | | | $ | 0 | | | $ | 0 | |
Fixed Income | | | | | | | | | | | | | | | | |
Asset Backed Securities | | | — | | | | 454,009 | | | | — | | | | 454,009 | |
Collateralized Mortgage Obligations | | | — | | | | 7,160,947 | | | | — | | | | 7,160,947 | |
Corporate Obligations | | | — | | | | 25,630 | | | | — | | | | 25,630 | |
Foreign Government Obligations | | | — | | | | 8,282,842 | | | | — | | | | 8,282,842 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 9,577,311 | | | | — | | | | 9,577,311 | |
U.S. Treasury Obligations | | | | | | | 4,798,654 | | | | — | | | | 4,798,654 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 30,299,393 | | | | — | | | | 30,299,393 | |
Short Term Investments | | | 4,252,695 | | | | 5,531,209 | | | | — | | | | 9,783,904 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 4,252,695 | | | $ | 35,830,602 | | | $ | — | | | $ | 40,083,297 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | $ | — | | | $ | (79,514 | ) | | $ | — | | | $ | (79,514 | ) |
| | * | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts. Forward currency contracts 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
| |
Balance as of April 1, 2020 | | $ | 0 | |
Purchases | | | — | |
Sales proceeds and paydowns | | | — | |
Accreted discounts, net | | | — | |
Amortization, net | | | — | |
Corporate Actions | | | — | |
Realized gain (loss) | | | — | |
Change in unrealized appreciation (depreciation) | | | — | |
Transfers into/(out of) Level 3 | | | — | |
| | |
|
|
|
Balance as of September 30, 2020 | | $ | 0 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2020. | | $ | — | |
| | |
|
|
|
GuidePath® Growth Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 888,035,978 | | | $ | — | | | $ | — | | | $ | 888,035,978 | |
Short Term Investments | | | 7,564,578 | | | | — | | | | — | | | | 7,564,578 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 160,801,185 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 895,600,556 | | | $ | — | | | $ | — | | | | $1,056,401,741 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
167
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
GuidePath® Conservative Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 403,684,151 | | | $ | — | | | $ | — | | | $ | 403,684,151 | |
Short Term Investments | | | 4,115,628 | | | | — | | | | — | | | | 4,115,628 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 92,629,933 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 407,799,779 | | | $ | — | | | $ | — | | | $ | 500,429,712 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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
| |
Common Stocks | | $ | 278,948,565 | | | $ | — | | | $ | — | | | $ | 278,948,565 | |
Real Estate Investment Trusts | | | 3,761,123 | | | | — | | | | — | | | | 3,761,123 | |
Short Term Investments | | | 136,537,219 | | | | — | | | | — | | | | 136,537,219 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 8,904,188 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 419,246,907 | | | $ | — | | | $ | — | | | $ | 428,151,095 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | $ | 211,904,040 | | | $ | — | | | $ | — | | | $ | 211,904,040 | |
Short Term Investments | | | 2,349,634 | | | | — | | | | — | | | | 2,349,634 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 21,213,308 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 214,253,674 | | | $ | — | | | $ | — | | | $ | 235,466,982 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Multi-Asset Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 124,050,431 | | | $ | — | | | $ | — | | | $ | 124,050,431 | |
Short Term Investments | | | 1,466,813 | | | | — | | | | — | | | | 1,466,813 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 20,483,678 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 125,517,244 | | | $ | — | | | $ | — | | | $ | 146,000,922 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
168
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
GuidePath® Flexible Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 224,749,747 | | | $ | — | | | $ | — | | | $ | 224,749,747 | |
Short Term Investments | | | 3,175,797 | | | | — | | | | — | | | | 3,175,797 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 28,054,156 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 227,925,544 | | | $ | — | | | $ | — | | | $ | 255,979,700 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Managed Futures Strategy Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Short Term Investments | | $ | 1,969,786 | | | $ | 160,308,268 | | | $ | — | | | $ | 162,278,054 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 1,969,786 | | | $ | 160,308,268 | | | $ | — | | | $ | 162,278,054 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | (231,575 | ) | | $ | — | | | $ | — | | | $ | (231,575 | ) |
Forward Currency Contracts | | $ | — | | | $ | (465,504 | ) | | $ | — | | | $ | (465,504 | ) |
| | * | | 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 | | $ | 5,217,476 | | | $ | — | | | $ | — | | | $ | 5,217,476 | |
Short Term Investments | | | 3,505,838 | | | | 1,213,242 | | | | — | | | | 4,719,080 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 8,723,314 | | | $ | 1,213,242 | | | $ | — | | | $ | 9,936,556 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 34,162,732 | | | $ | — | | | $ | — | | | $ | 34,162,732 | |
Short Term Investments | | | 403,183 | | | | — | | | | — | | | | 403,183 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 4,681,200 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 34,565,915 | | | $ | — | | | $ | — | | | $ | 39,247,115 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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.
169
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
GuidePath® Growth & Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stock | | $ | 22,381,638 | | | $ | — | | | $ | — | | | $ | 22,381,638 | |
Investment Companies | | | 22,347,431 | | | | — | | | | — | | | | 22,347,431 | |
Short Term Investments | | | 11,212,250 | | | | 6,570,416 | | | | — | | | | 17,782,666 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 384,784 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 55,941,319 | | | $ | 6,570,416 | | | $ | — | | | $ | 62,896,519 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | 24,680 | | | $ | — | | | $ | — | | | $ | 24,680 | |
Options Written | | | — | | | | (312,803 | ) | | | — | | | | (312,803 | ) |
| | * | | 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 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 3.20% of its total assets invested in the Subsidiary as of September 30, 2020.
The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.
| | (c) | | Subsequent Events Evaluation |
In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.
| | (d) | | Repurchase Agreements |
Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to
the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.
The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.
The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. As of and during the fiscal year ended March 31, 2020, 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 year ended March 31, 2020, 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.
170
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
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 Fund and enable it legally to do business. The Funds expense organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 4). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.
| | (j) | | Security Transactions and Income Recognition |
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-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 the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.
Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.
Forward Currency Contracts
The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.
Options
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.
171
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.
Futures
Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.
The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities,
foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such 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 of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.
GuideMark® Core Fixed Income Fund
During the period, the Fund used fixed income derivatives including options on credit default swaps, 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.
The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX, IR, and purchased/written options to efficiently manage investment grade credit exposure.
172
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2020
| | | | | | | | | | | | |
| | | 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 | | $ | 8,419 | | | Depreciation on swap agreements | | $ | 6,602 | |
| | | | |
| Interest Rate Contracts – Swaps | | Appreciation on swap agreements | | | 59,358 | | | Depreciation on swap agreements | | | 10,599 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 17,193 | | | Unrealized depreciation on futures contracts** | | | 17,181 | |
| | | | |
| Credit Contracts – Options | | Investments, at Value | | | 114,089 | | | Options Written, at Value | | | — | |
| Total | | | | $ | 199,059 | | | | | $ | 34,382 | |
| | * | | 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, 2020 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options* | | | Total | |
| Credit Contracts | | $ | — | | | $ | (444,944 | ) | | $ | 416,218 | | | $ | — | | | $ | (28,726 | ) |
| Interest Rate Contracts | | | (40,497 | ) | | | (1,407,067 | ) | | | — | | | | — | | | | (1,447,564 | ) |
| | | | | |
| Total | | $ | (40,497 | ) | | $ | (1,852,011 | ) | | $ | 416,218 | | | $ | — | | | $ | (1,476,290 | ) |
| | * | | 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 | | | Written
Options | | | Purchased
Options* | | | Total | |
| Credit Contracts | | $ | — | | | $ | 102,419 | | | $ | 2,866 | | | $ | — | | | $ | 105,285 | |
| Interest Rate Contracts | | | 43,882 | | | | 1,331,044 | | | | — | | | | (918 | ) | | | 1,374,008 | |
| | | | | |
| Total | | $ | 43,882 | | | $ | 1,433,463 | | | $ | 2,866 | | | $ | (918 | ) | | $ | 1,479,293 | |
| | * | | 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 to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2020
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statement of Assets and
Liabilities Location | | Value | | | Statement of Assets and
Liabilities Location | | Value | |
| Foreign Exchange Contracts – Forward Currency Contracts | | Appreciation of forward currency contracts | | $ | 199,573 | | | Depreciation of forward currency contracts | | $ | 279,087 | |
| Total | | | | $ | 199,573 | | | | | $ | 279,087 | |
173
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2020 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Forward
Currency
Contracts | | | Swaps | | | Written
Options | | | Purchased
Options* | | | Total | |
| Foreign Exchange Contracts | | $ | 96,955 | | | $ | — | | | $ | — | | | $ | — | | | $ | 96,955 | |
| | | | | |
| Total | | $ | 96,955 | | | $ | — | | | $ | — | | | $ | — | | | $ | 96,955 | |
| | * | | 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 | | $ | (1,036,655 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (1,036,655 | ) |
| | | | | |
| Total | | $ | (1,036,655 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (1,036,655 | ) |
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, 2020, 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, 2020
| | | | | | | | | | | | |
| | | Asset Derivatives
| | �� | Liability Derivatives
| |
| | | Statement of Assets and
Liabilities Location | | Value | | | Statement of Assets and
Liabilities Location | | Value | |
| Commodity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | $ | 1,847,606 | | | Unrealized depreciation on futures contracts** | | $ | 1,423,779 | |
| | | | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 323,917 | | | Unrealized depreciation on futures contracts** | | | 281,941 | |
| | | | |
| Foreign Exchange Contracts – Forward Currency Contracts | | Unrealized appreciation on forward currency contracts | | | 240,510 | | | Unrealized depreciation on forward currency contracts | | | 706,014 | |
| | | | |
| Foreign Exchange Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 10,089 | | | Unrealized depreciation on futures contracts** | | | 929,327 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 829,854 | | | Unrealized depreciation on futures contracts** | | | 607,994 | |
| Total | | | | $ | 3,251,976 | | | | | $ | 3,949,055 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Consolidated Schedule of Open Futures Contracts. |
| | ** | | Included in total distributable earnings on the Consolidated Statement of Assets and Liabilities. |
| | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2020 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Forward
Currency
Contracts | | | Futures
Contracts | | | Total | |
| Commodity Contracts | | $ | — | | | $ | (38,401 | ) | | $ | (38,401 | ) |
| Equity Contracts | | | — | | | | 4,258,393 | | | | 4,258,393 | |
| Foreign Exchange Contracts | | | 1,012,775 | | | | (289,916 | ) | | | 722,859 | |
| Interest Rate Contracts | | | — | | | | 7,683,844 | | | | 7,683,844 | |
| | | |
| Total | | $ | 1,012,775 | | | $ | 11,613,920 | | | $ | 12,626,695 | |
174
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Forward
Currency
Contracts | | | Futures
Contracts | | | Total | |
| Commodity Contracts | | $ | — | | | $ | (2,613,898 | ) | | $ | (2,613,898 | ) |
| Equity Contracts | | | — | | | | 516,513 | | | | 516,513 | |
| Foreign Exchange Contracts | | | (2,038,199 | ) | | | (1,511,293 | ) | | | (3,549,492 | ) |
| Interest Rate Contracts | | | — | | | | (4,797,707 | ) | | | (4,797,707 | ) |
| | | |
| Total | | $ | (2,038,199 | ) | | $ | (8,406,385 | ) | | $ | (10,444,584 | ) |
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, 2020
| | | | | | | | | | | | |
| | | 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** | | $ | 24,680 | | | Unrealized depreciation on futures contracts** | | $ | — | |
| | | | |
| Equity Contracts – Options | | Investments, at Value | | | — | | | Options Written, at Value | | | 312,803 | |
| Total | | | | $ | 24,680 | | | | | $ | 312,803 | |
| | * | | 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, 2020 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Futures
Contracts | | | Written
Options | |
| Equity Contracts | | $ | (1,318,357 | ) | | $ | 1,741,345 | |
| | |
| Total | | $ | (1,318,357 | ) | | $ | 1,741,345 | |
| | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Written
Options | |
| Equity Contracts | | $ | 14,973 | | | $ | 64,247 | |
| | |
| Total | | $ | 14,973 | | | $ | 64,247 | |
Volume Disclosures
The average monthly value outstanding of purchased and written options during the period ended September 30, 2020 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 | | $ | 203 | | | $ | — | | | $ | — | | | $ | — | |
| Written Options | | $ | (77,898 | ) | | $ | — | | | $ | — | | | $ | (223,861 | ) |
175
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2020 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 | | $ | 10,954,435 | | | $ | — | | | $ | 1,611,463,302 | | | $ | — | |
| Forwards | | $ | — | | | $ | 10,389,019 | | | $ | 69,423,940 | | | $ | — | |
| Swaps | | $ | 15,445,714 | | | $ | — | | | $ | — | | | $ | — | |
| | | | |
| Short Positions | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | | | GuidePath®
Growth and
Income Fund | |
| Futures | | $ | (7,226,868 | ) | | $ | — | | | $ | (299,828,198 | ) | | $ | (5,365,029 | ) |
| Forwards | | $ | — | | | $ | (7,309,660 | ) | | $ | (60,806,200 | ) | | $ | — | |
| | | | |
| Cross Currency | | GuideMark®
Core Fixed
Income Fund | | | GuideMark®
Opportunistic Fixed
Income Fund | | | GuidePath®
Managed Futures
Strategy Fund | | | GuidePath®
Growth and
Income Fund | |
| Forwards | | $ | — | | | $ | 10,713,548 | | | $ | — | | | $ | — | |
Derivative Risks
The risks of using the various types of derivatives in which the Funds may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Funds in the manner intended by the Advisor or sub-advisor; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Funds; the risk that there may not be a liquid secondary market for the derivative at a time when the Funds would look to disengage the position; the risk that additional capital from the Funds may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Funds may induce leverage in the Funds, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Funds.
Offsetting Assets and Liabilities
GuideMark® Core Fixed Income Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of September 30, 2020, 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 | | $ | 30,461 | | | $ | (1,422 | ) | | $ | 29,039 | | | $ | — | | | $ | — | | | $ | 29,039 | |
Purchased Options* | | | | | | | | | | | | | | | | | | | | | | | | |
Bank of America | | | 0 | | | | — | | | | 0 | | | | — | | | | — | | | | 0 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 67,777 | | | | — | | | | 67,777 | | | | (17,201 | ) | | | — | | | | 50,576 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 98,238 | | | $ | (1,422 | ) | | $ | 96,816 | | | $ | (17,201 | ) | | $ | — | | | $ | 79,615 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Included in investments, at value as reported on the Statement of Assets and Liabilities. |
176
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | $ | 1,422 | | | $ | (1,422 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Options Written | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 114,089 | | | | — | | | | 114,089 | | | | — | | | | — | | | | 114,089 | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 17,201 | | | | — | | | | 17,201 | | | | (17,201 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 132,712 | | | $ | (1,422 | ) | | $ | 131,290 | | | $ | (17,201 | ) | | $ | — | | | $ | 114,089 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
GuideMark® Opportunistic Fixed Income Fund
The Fund attempts to reduce its exposure to counterparty credit risk on over-the counter (“OTC”) derivatives, whenever possible, by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) agreements with certain counterparties. These agreements typically contain various provisions, including but not limited to, collateral requirements and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. The Fund is required to deposit financial collateral in the form of cash and/or securities at the clearing brokers and counterparties to continually meet the original and maintenance requirement established by the clearing brokers and counterparties. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.
The table below, as of September 30, 2020, 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 | | | | | | | | | | | | | | | | | | | | | | | | |
BNP Paribas | | $ | 14,184 | | | $ | — | | | $ | 14,184 | | | $ | — | | | $ | — | | | $ | 14,184 | |
Citibank | | | 76,299 | | | | — | | | | 76,299 | | | | (71,385 | ) | | | — | | | | 4,914 | |
Deutsche Bank | | | 6,451 | | | | — | | | | 6,451 | | | | (6,451 | ) | | | — | | | | — | |
Goldman Sachs | | | 2,893 | | | | — | | | | 2,893 | | | | (2,893 | ) | | | — | | | | — | |
HSBC | | | 57,052 | | | | — | | | | 57,052 | | | | (57,052 | ) | | | — | | | | — | |
JP Morgan Chase | | | 42,308 | | | | — | | | | 42,308 | | | | (20,592 | ) | | | (21,716 | ) | | | — | |
UBS | | | 386 | | | | — | | | | 386 | | | | (386 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 199,573 | | | $ | — | | | $ | 199,573 | | | $ | (158,759 | ) | | $ | (21,716 | ) | | $ | 19,098 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Included in investments at value as reported on the Statement of Assets and Liabilities |
177
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Citibank | | $ | 71,385 | | | $ | — | | | $ | 71,385 | | | $ | (71,385 | ) | | $ | — | | | $ | — | |
Deutsche Bank | | | 85,561 | | | | — | | | | 85,561 | | | | (6,451 | ) | | | (79,110 | ) | | | — | |
Goldman Sachs | | | 12,620 | | | | — | | | | 12,620 | | | | (2,893 | ) | | | — | | | | 9,727 | |
HSBC | | | 88,048 | | | | — | | | | 88,048 | | | | (57,052 | ) | | | (30,000 | ) | | | 996 | |
JP Morgan Chase | | | 20,592 | | | | — | | | | 20,592 | | | | (20,592 | ) | | | — | | | | — | |
UBS | | | 881 | | | | — | | | | 881 | | | | (386 | ) | | | — | | | | 495 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 279,087 | | | $ | — | | | $ | 279,087 | | | $ | (158,759 | ) | | $ | (109,110 | ) | | $ | 11,218 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
GuidePath® Managed Futures Strategy Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of September 30, 2020, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset in
the Consolidated Statement of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Consolidated
Statement of
Assets and Liabilities
| | | Net Amounts
Presented in the
Consolidated
Statement of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Forward | | | | | | | | | | | | | | | | | | | | | | | | |
NatWest | | $ | 240,510 | | | $ | — | | | $ | 240,510 | | | $ | (240,510 | ) | | $ | — | | | $ | — | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 3,011,466 | | | | — | | | | 3,011,466 | | | | (3,011,466 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 3,011,466 | | | $ | — | | | $ | 3,011,466 | | | $ | (3,251,976 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
| 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 | | $ | 706,014 | | | $ | — | | | $ | 706,014 | | | $ | (240,510 | ) | | $ | (465,504 | ) | | $ | — | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 3,243,041 | | | | — | | | | 3,243,041 | | | | (3,011,466 | ) | | | (231,575 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 3,243,041 | | | $ | — | | | $ | 3,243,041 | | | $ | — | | | $ | (231,575 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Cumulative appreciation/ depreciation on futures contracts is reported in the Consolidated Schedule of Open Futures Contracts – variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities. |
178
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
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 at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of September 30, 2020, 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 | | $ | 24,680 | | | $ | — | | | $ | 24,680 | | | $ | — | | | $ | — | | | $ | 24,680 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 24,680 | | | $ | — | | | $ | 24,680 | | | $ | — | | | $ | — | | | $ | 24,680 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Options Written | | | | | | | | | | | | | | | | | | | | | | | | |
NatWest | | $ | 312,803 | | | $ | — | | | $ | 312,803 | | | $ | — | | | $ | — | | | $ | 312,803 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 312,803 | | | $ | — | | | $ | 312,803 | | | $ | — | | | $ | — | | | $ | 312,803 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | (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
179
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
| | (p) | | Restricted and Illiquid Securities |
No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds’ liquidity guidelines.
| | (q) | | Auction Rate Securities |
The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.
Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales. 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, 2020, 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 held in-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 leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
| | (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, 2020.
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
180
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:
| | | | |
Large Cap Core Fund | | | 0.45% | |
Emerging Markets Fund | | | 0.59% | |
Small/Mid Cap Core Fund | | | 0.57% | |
World ex-US Fund | | | 0.50% | |
Core Fixed Income Fund | | | 0.40% | |
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 receives an advisory fee of 1.05% for the GuideMark Managed Futures Strategy Cayman Fund Ltd., all of which is being waived by AssetMark. 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 a web-based software platform for both investment advisers and shareholders; creation of a customized full-color client quarterly performance review for each individual client; facilitating the initiation and setup of new account and related asset transfers; reviewing and following up on custodial paperwork; attending to shareholder correspondence, requests and inquiries, and other communications with shareholders and their representatives; assisting with the processing of purchases and redemptions of shares; and monitoring and overseeing non-advisory relationships with entities providing services to the 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, 0.025% of each Fund’s annual
advisory fee on GPS Funds I assets in excess of $6 billion and an additional 0.025% of each Fund’s annual advisory fee on GPS Funds I assets 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, 2021, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Fund’s net annual operating expenses (excluding taxes, interest, trading costs, acquired fund expenses, expenses paid with securities lending expense offset credits and non-routine expenses) do not exceed the following rates (“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% | | | | — | |
World ex-US Fund | | | 1.39% | | | | 0.79% | | | | — | |
Core Fixed Income Fund | | | 1.19% | | | | 0.59% | | | | — | |
Tax-Exempt Fixed Income Fund | | | 1.29% | | | | 0.69% | | | | — | |
Opportunistic Fixed Income Fund | | | 1.55% | | | | 0.95% | | | | — | |
Growth Allocation Fund | | | 1.00% | | | | 0.40% | | | | — | |
Conservative Allocation Fund | | | 0.70% | | | | 0.10% | | | | — | |
Tactical Allocation Fund | | | 1.10% | | | | 0.50% | | | | — | |
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, 2020, Large Cap Core Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Managed Futures Strategy Fund Service Shares have recouped all potential recoverable waived fees or reimbursed expenses.
181
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
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 fees and/or reimbursed expenses subject to potential recovery are as follows:
| | | | | | | | | | | | | | | | |
| | | Year of
Expiration
03/31/2021
| | | Year of
Expiration
03/31/2022
| | | Year of
Expiration
03/31/2023
| | | Year of
Expiration
03/31/2024
| |
Emerging Markets Fund | | $ | — | | | $ | — | | | $ | 66,679 | | | $ | 154 | |
World ex-US Fund | | | 4,462 | | | | 43 | | | | 3 | | | | 3,818 | |
Core Fixed Income Fund | | | 140,476 | | | | 187,844 | | | | 132,507 | | | | 59,134 | |
Tax-Exempt Fixed Income Fund | | | 53,567 | | | | 64,590 | | | | 60,079 | | | | 26,004 | |
Opportunistic Fixed Income Fund | | | 197,437 | | | | 192,137 | | | | 171,719 | | | | 39,629 | |
Conservative Allocation Fund | | | 123,290 | | | | 461,910 | | | | 778,668 | | | | 347,060 | |
Absolute Return Allocation Fund | | | 152,010 | | | | 735,890 | | | | 847,340 | | | | 415,728 | |
Flexible Income Allocation Fund | | | 14,666 | | | | 67,053 | | | | 205,738 | | | | 116,838 | |
Managed Futures Strategy Fund | | | 17 | | | | 115 | | | | 52 | | | | 24 | |
Conservative Income Fund | | | — | | | | 55,574 | | | | 70,018 | | | | 23,014 | |
Income Fund | | | — | | | | 58,315 | | | | 74,536 | | | | 18,384 | |
Growth and Income Fund | | | — | | | | 56,091 | | | | 124,031 | | | | 36,412 | |
Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.
Each Trust, on behalf of the Service Shares class of its Funds, as applicable, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds’ Service Shares. Payments
under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor.
The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent fiscal period ended September 30, 2020.
| 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, 2020 and will mature, unless renewed, on July 31, 2021. 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 3.25% at September 30, 2020. 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.
182
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
During the period April 1, 2020 to September 30, 2020, the details of the borrowings were as follows:
| | | | | | | | | | | | |
Fund
| | Average Daily
Borrowings
| | | Weighted Average Annualized
Interest Rate
| | | Maximum
Borrowings
| |
Large Cap Core Fund | | $ | 57,798 | | | | 3.25 | % | | $ | 4,172,000 | |
Emerging Markets Fund | | | 14,776 | | | | 3.25 | % | | | 1,176,000 | |
Small/Mid Cap Core Fund | | | 10,541 | | | | 3.25 | % | | | 871,000 | |
World ex-US Fund | | | 75,787 | | | | 3.25 | % | | | 9,777,000 | |
Core Fixed Income Fund | | | — | | | | — | | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 1,601 | | | | 3.25 | % | | | 293,000 | |
Growth Allocation Fund | | | 490,929 | | | | 3.25 | % | | | 51,145,000 | |
Conservative Allocation Fund | | | 101,770 | | | | 3.25 | % | | | 18,115,000 | |
Tactical Allocation Fund | | | — | | | | — | | | | — | |
Absolute Return Allocation Fund | | | 1,082,022 | | | | 3.25 | % | | | 63,211,000 | |
Multi-Asset Income Allocation Fund | | | 49,295 | | | | 3.25 | % | | | 5,661,000 | |
Flexible Income Allocation Fund | | | 570,131 | | | | 3.25 | % | | | 29,886,000 | |
Managed Futures Strategy Fund | | | — | | | | — | | | | — | |
Conservative Income Fund | | | — | | | | — | | | | — | |
Income Fund | | | 141,071 | | | | 3.25 | % | | | 6,454,000 | |
Growth and Income Fund | | | 2,536 | | | | 3.25 | % | | | 122,000 | |
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 Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.
During the period ended September 30, 2020, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Managed Futures Strategy Fund and Conservative Income Fund) had loaned securities that were collateralized by cash. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. The Funds also receive compensation in the form of fees which depend on a number of factors including the type of security and length of the loan. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.
183
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
Secured Borrowings
| | | | |
Securities Lending Transactions
| | | |
Overnight and Continuous
| | Investments Purchased with
Proceeds from Securities
Lending Collateral
| |
Large Cap Core Fund | | $ | 36,279,414 | |
Emerging Markets Fund | | | 4,666,867 | |
Small/Mid Cap Core Fund | | | 10,747,823 | |
World ex-US Fund | | | 2,816,113 | |
Core Fixed Income Fund | | | 44,102,873 | |
Tax-Exempt Fixed Income Fund* | | | — | |
Opportunistic Fixed Income Fund* | | | — | |
Growth Allocation Fund | | | 160,801,185 | |
Conservative Allocation Fund | | | 92,629,933 | |
Tactical Allocation Fund | | | 8,904,188 | |
Absolute Return Allocation Fund | | | 21,213,308 | |
Multi-Asset Income Allocation Fund | | | 20,483,678 | |
Flexible Income Allocation Fund | | | 28,054,156 | |
Managed Futures Strategy Fund | | | — | |
Conservative Income Fund | | | — | |
Income Fund | | | 4,681,200 | |
Growth & Income Fund | | | 384,784 | |
| |
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | | $ | 435,765,522 | |
| | * | | 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, 2020 are summarized below.
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Large Cap Core Fund | | $ | 149,438,447 | | | $ | 85,133,458 | |
Emerging Markets Fund | | | 29,358,012 | | | | 24,766,536 | |
Small/Mid Cap Core Fund | | | 15,393,103 | | | | 15,972,338 | |
World ex-US Fund | | | 33,664,816 | | | | 43,103,776 | |
Core Fixed Income Fund* | | | 240,914,264 | | | | 245,383,067 | |
Tax-Exempt Fixed Income Fund | | | 3,239,589 | | | | 5,076,856 | |
Opportunistic Fixed Income Fund** | | | 7,997,143 | | | | 8,658,198 | |
Growth Allocation Fund | | | 271,027,354 | | | | 321,208,449 | |
Conservative Allocation Fund | | | 164,074,126 | | | | 109,626,750 | |
Tactical Allocation Fund | | | 902,672,376 | | | | 867,726,806 | |
Absolute Return Allocation Fund | | | 71,892,801 | | | | 267,625,104 | |
Multi-Asset Income Allocation Fund | | | 46,712,125 | | | | 43,539,316 | |
Flexible Income Allocation Fund | | | 365,502,416 | | | | 249,979,612 | |
Managed Futures Strategy Fund | | | — | | | | — | |
Conservative Income Fund | | | 8,165,841 | | | | 6,206,723 | |
Income Fund | | | 50,329,380 | | | | 48,312,311 | |
Growth and Income Fund | | | 25,183,154 | | | | 6,279,728 | |
| | * | | Included in these amounts were $222,559,134 of purchases and $214,494,035 of sales of U.S. Government Securities. |
| | ** | | Included in these amounts were $3,579,370 of purchases and $5,388,954 of sales of U.S. Government Securities. |
184
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| 9. | | Transactions with Affiliates |
The GuidePath® Absolute Return Allocation Fund owned 5% or more of the voting securities of the following company during the period ended September 30, 2020. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
| | | | | | | | | | | | |
Issuer
| | Value as of
April 1, 2020
| | Purchases
| | | Sales
| | Realized Gain
(Loss)
| |
| | | | |
| ProShares Investment Grade-Interest Rate Hedged ETF | | $ 29,836,379 | | $ | 3,243,625 | | | $ 20,774,210 | | $ | 755,457 | |
| | |
| |
|
|
| |
| |
|
|
|
| | | | |
| | | $ 29,836,379 | | $ | 3,243,625 | | | $ 20,774,210 | | $ | 755,457 | |
| | |
| |
|
|
| |
| |
|
|
|
| | | | |
Issuer
| | Change in
Unrealized
Appreciation
(Depreciation)
| | Dividend
Income
| | | Fair Value as of
September 30, 2020
| | Share Balance as of
September 30, 2020
| |
| | | | |
| ProShares Investment Grade-Interest Rate Hedged ETF | | $ 1,867,291 | | $ | 363,899 | | | $ 14,928,542 | | | 208,820 | |
| | |
| |
|
|
| |
| |
|
|
|
| | | | |
| | | $ 1,867,291 | | $ | 363,899 | | | $ 14,928,542 | | | 208,820 | |
| | |
| |
|
|
| |
| |
|
|
|
The GuidePath® Multi-Asset Income Allocation Fund owned 5% or more of the voting securities of the following company during the period ended September 30, 2020. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
| | | | | | | | | | | | |
Issuer
| | Value as of
April 1, 2020
| | Purchases
| | | Sales
| | Realized Gain
(Loss)
| |
| | | | |
| Global X US Preferred ETF* | | $ 4,252,378 | | $ | 983,881 | | | $ 1,077,412 | | $ | (48,355 | ) |
| | |
| |
|
|
| |
| |
|
|
|
| | | | |
| | | $ 4,252,378 | | $ | 983,881 | | | $ 1,077,412 | | $ | (48,355 | ) |
| | |
| |
|
|
| |
| |
|
|
|
| | | | |
Issuer
| | Change in Unrealized
Appreciation
(Depreciation)
| | Dividend
Income
| | | Fair Value as of
September 30, 2020
| | Share Balance as of
September 30, 2020
| |
| | | | |
| Global X US Preferred ETF* | | $ 583,014 | | $ | 124,295 | | | $ 4,693,506 | | | 189,560 | |
| | |
| |
|
|
| |
| |
|
|
|
| | | | |
| | | $ 583,014 | | $ | 124,295 | | | $ 4,693,506 | | | 189,560 | |
| | |
| |
|
|
| |
| |
|
|
|
| | *Issuer | | was no longer an affiliate as of September 30, 2020. |
The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Fund’s investments.
| 11. | | Other Tax Information |
Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.
| 12. | | New Accounting Pronouncements |
In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. Management is currently evaluating implications of these changes on the financial statements.
185
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
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 Distrubutable
Earnings (Loss)
| | | Capital
Stock
| |
Large Cap Core Fund | | $ | 463 | | | $ | (463 | ) |
Emerging Markets Fund | | | 60,343 | | | | (60,343 | ) |
Small/Mid Cap Core Fund | | | 45,901 | | | | (45,901 | ) |
World ex-US Fund | | | 4 | | | | (4 | ) |
Core Fixed Income Fund | | | 16 | | | | (16 | ) |
Tax-Exempt Fixed Income Fund | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 1,789 | | | | (1,789 | ) |
Growth Allocation Fund | | | 417 | | | | (417 | ) |
Conservative Allocation Fund | | | (83,474 | ) | | | 83,474 | |
Tactical Allocation Fund | | | (42 | ) | | | 42 | |
Absolute Return Allocation Fund | | | (8,143 | ) | | | 8,143 | |
Multi-Asset Income Allocation Fund | | | 59 | | | | (59 | ) |
Flexible Income Allocation Fund | | | 303 | | | | (303 | ) |
Managed Futures Strategy Fund | | | 4,102,853 | | | | (4,102,853 | ) |
Conservative Income Fund | | | 18 | | | | (18 | ) |
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 | | $ | 4,279,873 | | | $ | 2,132,503 | | | $ | — | |
Emerging Markets Fund | | | 479,613 | | | | — | | | | — | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | |
World ex-US Fund | | | 2,998,080 | | | | 1,307,719 | | | | — | |
Core Fixed Income Fund | | | — | | | | — | | | | (1,215,605 | ) |
Tax-Exempt Fixed Income Fund | | | — | | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | 13,406,605 | | | | 8,411,636 | | | | — | |
Growth Allocation Fund | | | 1,788,501 | | | | — | | | | — | |
Conservative Allocation Fund | | | 691,182 | | | | — | | | | (5,466,483 | ) |
Tactical Allocation Fund | | | — | | | | — | | | | — | |
Absolute Return Allocation Fund | | | 5,785,855 | | | | 4,370,636 | | | | (198,515 | ) |
Multi-Asset Income Allocation Fund | | | — | | | | — | | | | (591,247 | ) |
Flexible Income Allocation Fund | | | 1,417,518 | | | | 7,857,209 | | | | (913,650 | ) |
Managed Futures Strategy Fund | | | — | | | | — | | | | (10,712,577 | ) |
Conservative Income Fund | | | 100,387 | | | | — | | | | | |
Income Fund | | | 1,889,437 | | | | — | | | | | |
Growth and Income Fund | | | 1,178,671 | | | | — | | | | | |
186
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
Additionally, at March 31, 2020, the Funds deferred on a tax basis losses as follows:
| | | | | | | | |
| | | Ordinary Late
Year Loss
| | | Capital
Loss
| |
Large Cap Core Fund | | $ | — | | | $ | — | |
Emerging Markets Fund | | | 356,958 | | | | — | |
Small/Mid Cap Core Fund | | | 5,190 | | | | 438,451 | |
World ex-US Fund | | | — | | | | — | |
Core Fixed Income Fund | | | — | | | | — | |
Tax-Exempt Fixed Income Fund | | | — | | | | — | |
Opportunistic Fixed Income Fund | | | — | | | | — | |
Growth Allocation Fund | | | — | | | | — | |
Conservative Allocation Fund | | | — | | | | — | |
Tactical Allocation Fund | | | — | | | | 7,065,536 | |
Absolute Return Allocation Fund | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | — | | | | 10,895,219 | |
Flexible Income Allocation Fund | | | — | | | | — | |
Managed Futures Strategy Fund | | | 1,001,138 | | | | — | |
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, 2020 and March 31, 2019 are as follows:
| | | | | | | | |
| | | Period Ended March 31, 2020
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| |
Large Cap Core Fund | | $ | 460,107 | | | $ | 4,125,368 | |
Emerging Markets Fund | | | 1,489,554 | | | | — | |
Small/Mid Cap Core Fund | | | 23,201 | | | | 963,221 | |
World ex-US Fund | | | 2,542,292 | | | | — | |
Core Fixed Income Fund | | | 1,893,282 | | | | — | |
Tax-Exempt Fixed Income Fund | | | 619,833 | * | | | 71,166 | |
Opportunistic Fixed Income Fund | | | 2,241,473 | | | | — | |
Growth Allocation Fund | | | 10,455,186 | | | | — | |
Conservative Allocation Fund | | | 8,126,703 | | | | — | |
Tactical Allocation Fund | | | 3,986,966 | | | | 12,464,579 | |
Absolute Return Allocation Fund | | | 8,313,720 | | | | — | |
Multi-Asset Income Allocation Fund | | | 3,881,432 | | | | 40,325 | |
Flexible Income Allocation Fund | | | 2,894,134 | | | | — | |
Managed Futures Strategy Fund | | | 2,629,756 | | | | 4,547,812 | |
Conservative Income Fund | | | 81,578 | | | | — | |
Income Fund | | | 589,175 | | | | 688 | |
Growth and Income Fund | | | 394,397 | | | | — | |
| | * | | Contains $610,917 of tax-exempt income for period ended March 31, 2020. |
187
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | |
| | | Year 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 | |
World ex-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 of tax-exempt income for year ended March 31, 2019. |
At March 31, 2020, 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* | | $ | 334,702,516 | | | $ | 65,890,288 | | | $ | 64,937,026 | | | $ | 118,432,426 | | | $ | 157,505,800 | | | $ | 22,612,830 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 83,854,280 | | | $ | 12,359,500 | | | $ | 11,375,419 | | | $ | 16,329,354 | | | $ | 9,127,975 | | | $ | 1,113,466 | |
Gross Unrealized Depreciation | | | (50,043,629 | ) | | | (12,720,634 | ) | | | (14,127,617 | ) | | | (22,855,258 | ) | | | (1,609,994 | ) | | | (265,820 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 33,810,651 | | | | (361,134 | ) | | | (2,752,198 | ) | | | (6,525,904 | ) | | | 7,517,981 | | | | 847,646 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 2,006,712 | | | | — | | | | — | | | | 2,716,002 | | | | 368,880 | | | | 38,371 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | 133,787 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 2,006,712 | | | | — | | | | — | | | | 2,716,002 | | | | 368,880 | | | | 172,158 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (6,412,376 | ) | | | (836,571 | ) | | | (443,641 | ) | | | (4,305,799 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | 29,404,987 | | | | (1,197,705 | ) | | | (3,195,839 | ) | | | (8,115,701 | ) | | | 7,886,861 | | | | 1,019,804 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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* | | $ | 45,637,856 | | | $ | 888,964,477 | | | $ | 414,379,984 | | | $ | 415,359,438 | | | $ | 434,304,774 | | | $ | 132,541,071 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 2,482,783 | | | $ | 43,726,179 | | | $ | 13,446,252 | | | $ | 692,220 | | | $ | 8,176,365 | | | $ | 1,545,445 | |
Gross Unrealized Depreciation | | | (8,041,875 | ) | | | (52,037,504 | ) | | | (24,060,959 | ) | | | (19,625,548 | ) | | | (13,335,187 | ) | | | (9,507,610 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | (5,559,092 | ) | | | (8,311,325 | ) | | | (10,614,707 | ) | | | (18,933,328 | ) | | | (5,158,822 | ) | | | (7,962,165 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 1,244,210 | | | | 267,454 | | | | 1,658,544 | | | | — | | | | 1,340,309 | | | | 506,003 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | 18,171,501 | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 1,244,210 | | | | 267,454 | | | | 1,658,544 | | | | 18,171,501 | | | | 1,340,309 | | | | 506,003 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (21,834,858 | ) | | | (1,802,892 | ) | | | (705,573 | ) | | | (7,079,927 | ) | | | (10,170,882 | ) | | | (10,895,219 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | (26,149,740 | ) | | | (9,846,763 | ) | | | (9,661,736 | ) | | | (7,841,754 | ) | | | (13,989,395 | ) | | | (18,351,381 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | Portfolio includes investments and derivative contracts |
188
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2020
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures
Strategy
Fund
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth
and Income
Fund
| |
Cost of Portfolio* | | $ | 100,283,981 | | | $ | 220,919,824 | | | $ | 6,558,294 | | | $ | 30,940,036 | | | $ | 38,443,733 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 310,591 | | | $ | 1,170,934 | | | $ | 24,572 | | | $ | 1,079,003 | | | $ | 224,382 | |
Gross Unrealized Depreciation | | | (2,488,411 | ) | | | (315,753 | ) | | | — | | | | (5,776 | ) | | | (3,723,125 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | (2,177,820 | ) | | | 855,181 | | | | 24,572 | | | | 1,073,227 | | | | (3,498,743 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Tax-Exempt Ordinary Income | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Ordinary Income | | | 43,032 | | | | — | | | | 389 | | | | 2,302 | | | | 62,891 | |
Undistributed Long-Term Cap Gains | | | — | | | | 4,051,633 | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings | | | 43,032 | | | | 4,051,633 | | | | 389 | | | | 2,302 | | | | 62,891 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Accumulated Gains/(Losses) | | | (9,274,727 | ) | | | 243,402 | | | | (100,387 | ) | | | (1,889,437 | ) | | | (1,178,671 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | (11,409,515 | ) | | | 5,150,216 | | | | (75,426 | ) | | | (813,908 | ) | | | (4,614,523 | ) |
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The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.
| | * | | Portfolio includes investments and derivative contracts |
189
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION
September 30, 2020
Additional Information
| 1. | | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year 2020 as dividends qualifying for the dividends received deduction available to corporate shareholders and as dividends from net investment income that are qualifying income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, respectively:
| | | | | | | | |
| | | Dividends received
deduction % for
corporate shareholders
| | | % of dividends as
qualified income
| |
Large Cap Core Fund | | | 100.00% | | | | 100.00% | |
Emerging Markets Fund | | | 1.17% | | | | 100.00% | |
Small/Mid Cap Core Fund | | | 100.00% | | | | 100.00% | |
World ex-US Fund | | | 0.64% | | | | 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 | | | 49.49% | | | | 100.00% | |
Conservative Allocation Fund | | | 16.87% | | | | 41.24% | |
Tactical Allocation Fund | | | 34.74% | | | | 61.34% | |
Absolute Return Allocation Fund | | | 0.04% | | | | 2.64% | |
Multi-Asset Income Allocation Fund | | | 32.22% | | | | 50.73% | |
Flexible Income Allocation Fund | | | 0.25% | | | | 0.54% | |
Managed Futures Strategy Fund | | | 0.00% | | | | 0.00% | |
Conservative Income Fund | | | 0.00% | | | | 0.00% | |
Income Fund | | | 0.00% | | | | 0.00% | |
Growth and Income Fund | | | 0.00% | | | | 0.33% | |
| 2. | | Foreign Tax Credit Pass Through (Unaudited) |
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the period ended September 30, 2020. 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 | | $ | 274,121 | | | $ | 0.0287 | | | | 94.05 | % |
World ex-US Fund | | | 435,026 | | | | 0.0449 | | | | 96.70 | % |
| | * | | The Funds listed above did not derive any income from “ineligible foreign sources” as defined under Section 901(j) of the Internal Revenue Code. |
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.
190
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 2020
| 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 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 agency), CitiStreet Equities LLC (broker- GPS Funds II) | | Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance 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 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 Renewed 1-Year Term since 2008 | | President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); 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); |
191
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 2020
| | | | | | |
Name, Address
and Year of Birth
| | Position(s) Held
with the Trusts
| | Term of Office and
Length of Time Served
| | Principal Occupation During Past Five Years
|
Officers of the Trusts** |
| | | |
John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | | Chief Compliance Officer and AML Compliance Officer | | Renewed 1-Year Term since 2013 | | Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009). |
| | | |
Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | | Vice President and Treasurer | | Renewed 1-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 | | Renewed 1-Year Term since 2014 | | Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present) Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009). |
| * | | Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates. |
| ** | | Each Officer of the Trusts serves at the pleasure of the Board. |
The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.
| 4. | | Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.
| 5. | | Availability of Quarterly Portfolio Holdings Schedules (Unaudited) |
The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Funds’ Part F of Form N-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809.
192
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, 2020
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a- |
2
| | 15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| (Registrant) | | GPS Funds II |
| | |
| By (Signature and Title) | | /s/ Carrie E. Hansen |
| | Carrie E. Hansen, Principal Executive Officer/President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title) | | /s/ Carrie E. Hansen |
| | Carrie E. Hansen, Principal Executive Officer/President |
| | |
| By (Signature and Title) | | /s/ Patrick R. Young |
| | Patrick R. Young, Principal Financial Officer/Treasurer/Vice President |
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