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, 2023
Date of reporting period: April 1, 2022 through March 31, 2023
| Item 1. | Reports to Stockholders. |
(a)
(b) Not applicable.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
March 31, 2023
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
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
Dear Shareholder:
Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2022 to March 31, 2023.
Market Review
For the 12-month reporting period ended March 31, 2023, U.S. equities returned (7.7)%1. Tightening monetary policy intended to tame persistently high inflation, culminating in a banking crisis during the first quarter of 2023, plagued the markets over the 12 month period. International developed markets outperformed U.S. equities, returning (0.9)%2 in U.S. dollar terms for the 12-month period ended March 31, 2023. The outperformance came as investors were surprised by better-than-expected economic growth and corporate earnings, as well as cheaper relative valuations. Emerging markets struggled for the 12-month period ending March 31, 2023, declining 10.3%3 as China’s continued restrictive, zero-tolerance COVID policy remained highly disruptive to the region’s economy and markets.
Within U.S. equities, 8 out of 11 sectors posted negative returns for the 12-month period ended March 31, 2023. Energy was the best performing sector with gains of 13.6%4. In addition, consumer staples, a defensive sector, also gained 1.2%5 as investors sought safety amid rising uncertainty. The worst performing sectors for the 12-month period were real estate and consumer discretionary. Both sectors were impacted by higher costs due to rising interest rates and fell 19.7%6 and 19.6%7 respectively as of March 31, 2023.
Within equity styles, U.S. large cap value stocks posted negative absolute returns, but outperformed U.S. large cap growth stocks for the 12-month reporting period by 15.5%8. This was a reversal from the last decade where value style underperformed. Rising interest rates and lofty valuations drove underperformance of the growth segments during most of the reporting period. Across the capitalization spectrum, small cap stocks slightly underperformed large-cap stocks by 1.1%9.
Looking at broader asset class returns for the 12-month period ending March 31, 2023, commodities fell 12.5%10 as recession concerns weighed on future demand. Gold prices were nearly flat at 0.7%11 hurt by a rising U.S. dollar in the first half of the reporting period followed by strong gains in the second half as the debt ceiling uncertainty and a banking crisis in the US led to fears of a contagion and deeper recession. Real estate investment trusts (REITs) returned (19.4)%12 over the same period and were also hurt by rising interest rates.
Within fixed income, the U.S. bond market ended 2022 with its worst performance on record since the inception of the Bloomberg US Aggregate Bond Index as interest rates rose sharply after the Federal Reserve set out on a more aggressive path of monetary tightening in an effort to tame inflation. While bonds posted stronger returns in the first quarter of 2023, it was not enough to recover from the losses sustained in 2022. U.S. core bonds returned (4.8)% for the 12-month period ended March 31, 202313. Longer-term Treasuries, which have the greatest sensitivity to interest-rate changes, were the hardest hit and fell 16.0%14 for the same time period. High yield bonds (which carry less interest rate sensitivity) fell 3.3%15, surprisingly outperforming investment grade corporate bonds, despite recessionary fears hitting other risk assets. Finally, emerging market bonds struggled with weaker regional ecnomic growth, falling 4.6%16 for the 12-month period ended March 31, 2023.
Fund Review
Looking across the fund family, five of the 15 funds performed in line with or outperformed their benchmarks over the 12-month period.
Performance of the GuideMark Funds was mixed during the reporting period. The GuideMark Small/Mid Cap Fund outperformed its benchmark as all three factors (value, quality, momentum) contributed to the relative outperformance. The GuideMark Large Cap Core Fund underperformed its benchmark primarily as a result of its exposure to the value factor. Large cap growth significantly outperformed large cap value largely in the first quarter of 2023 as higher growth tech securities mounted a rally while value related financials experienced a dramatic sell off on the heels of Silicon Valley Bank falling into receivership. GuideMark World Ex-US Fund and GuideMark Emerging Markets Fund lagged its respective benchmark over the 12-month period due to its exposure to the momentum factor. The GuideMark Core Fixed Income Fund underperformed its benchmark due its
| 1 | | Source: Zephyr Style Advisor. US equities represented by S&P 500 Index. |
| 2 | | Source: Zephyr Style Advisor. International developed market equities represented by MSCI EAFE Index USD. |
| 3 | | Source: Zephyr Style Advisor. Emerging market equities represented by MSCI Emerging Markets Index. |
| 4 | | Source: Zephyr Style Advisor. Energy represented by S&P 500 Sector Energy TR USD. |
| 5 | | Source: Zephyr Style Advisor. Consumer Staples represented by S&P 500 Sector Consumer Staples TR USD. |
| 6 | | Source: Zephyr Style Advisor. Real Estate represented by S&P 500 Sector Real Estate TR USD. |
| 7 | | Source: Zephyr Style Advisor. Consumer Discretionary represented by S&P 500 Sector Consumer Discretionary TR USD. |
| 8 | | Source: Zephyr Style Advisor. Large cap growth stocks represented by S&P 500 Growth Index and large cap value stocks represented by S&P 500 Value Index. |
| 9 | | Source: Zephyr Style Advisor. Large cap stocks represented by S&P 500 Index and small cap stocks represented by S&P 600 Index. |
| 10 | | Source: Zephyr Style Advisor. Commodities represented by Bloomberg Commodity Index. |
| 11 | | Source: Zephyr Style Advisor. Gold represented by Bloomberg Gold Subindex. |
| 12 | | Source: Zephyr Style Advisor. REITs represented by FTSE NAREIT All Equity REITs TR Index. |
| 13 | | Source Zephyr Style Advisor. US core bonds represented by Bloomberg US Aggregate Bond Index. |
| 14 | | Source: Zephyr Style Advisor. Long Treasuries represented by Bloomberg US Long Treasury Index. |
| 15 | | Source: Zephyr Style Advisor. High yield bonds represented by Bloomberg US Corporate High Yield Bond Index. |
| 16 | | Source: Zephyr Style Advisor. Emerging market bonds represented by Bloomberg Emerging Markets Aggregate Bond Index. |
1
allocation to the securitized credit sector including non-agency residential mortgages and commercial mortgage-backed securities. Securitized credit fell under pressure during the period due partially to growing interest rate volatility.
The GuidePath Multi-Asset Income Allocation Fund outperformed its benchmark due to exposures to convertible bonds, short-term bonds and high yield bonds during the period. The GuidePath Managed Futures Strategy Fund outperformed its benchmark for the 12-month period largely due to its strong performance in the first half of the period. In particular, short positions in fixed income and long positioning in the U.S. dollar were primary contributors. The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund and GuidePath Flexible Income Allocation Fund each underperformed their respective benchmarks, with exposure to global equities, and in particular growth-oriented equities, along with small cap equities, global REITs and long-term Treasuries within fixed income all weighing on returns for the period. The GuidePath Tactical Allocation Fund underperformed its benchmark due to its security selection in the Consumer Staples and Healthcare sectors. The Fund’s higher total equity positioning relative to its benchmark also detracted from performance during the period.
Of the three GuidePath income-focused funds, the GuidePath Conservative Income Fund outperformed its benchmark for the reporting period. The GuidePath Conservative Income Fund primarily benefited from an allocation to investment grade bonds that beat the modest returns of short-term Treasuries as the Federal Reserve raised interest rates sharply during the period. The GuidePath Growth and Income Fund slightly underperformed its benchmark for the period. The Fund’s put-write strategy modestly detracted from returns, as the collection of the option premiums was offset by increased market volatility. Exposure to master limited partnerships (MLPs) and dividend-oriented stocks lifted its returns for the period, as did the Fund’s volatility targeting component. The GuidePath Income Fund underperformed its benchmark for the period. The Fund’s allocation to preferred securities and high yield bonds were the primary detractors from returns during the period.
Looking Ahead
After several interest rate increases, the conventional wisdom holds that the economy is likely to enter a period of slowing. However, how much of that slowdown is already “priced” into current market levels? Getting that question wrong can be very costly to your investment returns. In our view, a sensible plan is to prepare for some ups and downs, and to follow a disciplined investment strategy.
Please contact your financial advisor to discuss any questions you may have 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
Past performance is no guarantee of future results and it is not possible to invest directly in any index.
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 (AssetMark Brokerage), a member of the Financial Industry Regulatory Authority, Inc. AssetMark Brokerage is an affiliate of AssetMark, Inc. and shares its address. ©2023 AssetMark, Inc. All rights reserved.
Investment Terms
Market Capitalization or Market Cap refers to the total value of an issuer’s outstanding 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 between $300 million and $2 billion.
Mid Cap stocks generally refer to shares of companies with a market cap between $2 billion and $10 billion.
Large Cap stocks generally refer to shares of companies with a market cap of $10 billion or greater.
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.
2
Volatility is a statistical measure of the dispersion of returns for a given security, market index or portfolio over a period of time. Low volatility means that the value of a security, market index or portfolio stays relatively stable. High volatility means that the value of a security, market index or portfolio experiences rapid increases and dramatic falls and may move erratically.
Inflation is the measure of average prices of a “basket” of consumer goods over time.
3
GuideMark Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2013. 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 6, 2022, the market capitalization of the companies in the Russell 1000® Index ranged from $2.9 billion to $2.5 trillion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)(2)
| |
GuideMark Large Cap Core Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (8.81 | )% | | | 9.88 | % | | | 10.83 | % | | | 5.73 | % |
Institutional Shares | | | (8.62 | )% | | | 10.39 | % | | | 11.41 | % | | | 10.30 | % |
Russell 1000® Index | | | (8.39 | )% | | | 10.87 | % | | | 12.01 | % | | | 7.93 | % |
| (1) | Inception date is June 29, 2001 for Service Shares and April 29, 2011 for Institutional Shares. |
| (2) | The return shown for the Russell 1000® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 11.66%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
4
GuideMark Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (8.81)%, underperforming the Russell 1000 Index at (8.39)%. |
| • | | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was the largest detractor for the period. |
| • | | As a result of the Fund’s factor-based investment approach, security selection within communication services detracted from Fund performance. |
| • | | The Fund’s dedicated allocation to the quality and momentum factors benefited Fund performance for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Apple, Inc. | | | 5.90 | % |
| | 2 | | | Microsoft Corp. | | | 4.97 | % |
| | 3 | | | Vanguard S&P 500 ETF | | | 3.24 | % |
| | 4 | | | Amazon.com, Inc. | | | 1.73 | % |
| | 5 | | | NVIDIA Corp. | | | 1.27 | % |
| | 6 | | | Alphabet, Inc. – Class A | | | 1.21 | % |
| | 7 | | | Alphabet, Inc. – Class C | | | 1.10 | % |
| | 8 | | | UnitedHealth Group, Inc. | | | 0.92 | % |
| | 9 | | | Exxon Mobil Corp. | | | 0.92 | % |
| | 10 | | | Meta Platforms, Inc. – Class A | | | 0.88 | % |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P, and has been licensed for use by U.S. Bancorp Fund Services, LLC.
5
GuideMark Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2013. 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: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark Emerging Markets Fund(2) | | | | | | | | | | | | | | | | |
Service Shares | | | (11.05 | )% | | | (1.75 | )% | | | 5.56 | % | | | 3.94 | % |
MSCI Emerging Markets Index | | | (10.30 | )% | | | (0.53 | )% | | | 2.37 | % | | | 8.18 | % |
| (1) | Inception date is June 29, 2001. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
6
GuideMark Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (11.05)%, underperforming the MSCI Emerging Markets Index at (10.30)%. |
| • | | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the momentum factor was the largest detractor for the period. |
| • | | Exposure to emerging market equities, led by security selection in India, detracted from the Fund’s returns. |
| • | | Fund performance benefited from an overweight allocation to Turkish financials equities, driven by the value factor. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 6.37 | % |
| | 2 | | | Tencent Holdings, Ltd. | | | 4.28 | % |
| | 3 | | | iShares MSCI Saudi Arabia ETF | | | 3.98 | % |
| | 4 | | | Samsung Electronics Co., Ltd. | | | 3.50 | % |
| | 5 | | | Alibaba Group Holdings, Ltd. | | | 2.33 | % |
| | 6 | | | iShares Core MSCI Emerging Markets ETF | | | 1.95 | % |
| | 7 | | | Meituan | | | 0.87 | % |
| | 8 | | | Vale SA | | | 0.85 | % |
| | 9 | | | Infosys, Ltd. | | | 0.83 | % |
| | 10 | | | Reliance Industries, Ltd. | | | 0.82 | % |
7
GuideMark Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2013. 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 6, 2022, the market capitalization of the companies in the Russell 2500TM Index ranged from $240 million to $16.9 billion.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark Small/Mid Cap Core Fund(2) | | | | | | | | | | | | | | | | |
Service Shares | | | (10.34 | )% | | | 7.26 | % | | | 8.83 | % | | | 7.43 | % |
Russell 2500TM Index | | | (10.39 | )% | | | 6.65 | % | | | 9.07 | % | | | 8.45 | % |
| (1) | Inception date is June 29, 2001. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
8
GuideMark Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (10.34) %, outperforming the Russell 2500 Index at (10.39)%. |
| • | | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the momentum factor was the largest contributor to the Fund’s outperformance relative to the benchmark for the period, followed by the value and quality factors. |
| • | | During the reporting period, the Fund’s relative performance benefited from security section in the industrials sector, driven by the value factor. |
| • | | As a result of the Fund’s factor-based investment approach, security selection within the financials and energy sectors detracted from the Fund’s performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Extended Market ETF | | | 3.58 | % |
| | 2 | | | Steel Dynamics, Inc. | | | 0.44 | % |
| | 3 | | | Builders FirstSource, Inc. | | | 0.42 | % |
| | 4 | | | Reliance Steel & Aluminum Co. | | | 0.35 | % |
| | 5 | | | Quanta Services, Inc. | | | 0.30 | % |
| | 6 | | | LPL Financial Holdings, Inc. | | | 0.29 | % |
| | 7 | | | Fair Isaac Corp. | | | 0.28 | % |
| | 8 | | | Deckers Outdoor Corp. | | | 0.28 | % |
| | 9 | | | United Therapeutics Corp. | | | 0.27 | % |
| | 10 | | | Croc’s, Inc. | | | 0.27 | % |
9
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 March 31, 2013. 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 March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)(2)
| |
GuideMark World ex-US Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (2.71 | )% | | | 2.35 | % | | | 3.73 | % | | | 2.90 | % |
Institutional Shares(4) | | | (2.18 | )% | | | 2.89 | % | | | 4.40 | % | | | 3.21 | % |
MSCI World ex-USA Index | | | (2.19 | )% | | | 4.34 | % | | | 5.44 | % | | | 5.66 | % |
| (1) | Inception date is June 29, 2001 for Service Shares and April 29, 2011 for Institutional Shares. |
| (2) | 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 4.42%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
| (4) | 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. |
10
GuideMark World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (2.71)%, underperforming the MSCI World ex-USA Index at (2.19)%. |
| • | | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocations to the quality and momentum factors detracted from performance. |
| • | | As a result of the Fund’s factor-based investment approach, security selection within the industrials sector detracted from Fund performance. |
| • | | The Fund’s dedicated exposure to the value factor benefited performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | iShares MSCI EAFE ETF | | | 2.40 | % |
| | 2 | | | Novo Nordisk AS – Series B | | | 1.65 | % |
| | 3 | | | Nestle SA | | | 1.35 | % |
| | 4 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 1.26 | % |
| | 5 | | | Shell PLC | | | 1.09 | % |
| | 6 | | | AstraZeneca PLC | | | 1.06 | % |
| | 7 | | | Roche Holdings AG | | | 1.03 | % |
| | 8 | | | ASML Holding NV | | | 1.03 | % |
| | 9 | | | Novartis AG | | | 0.94 | % |
| | 10 | | | Total SA | | | 0.82 | % |
11
GuideMark Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2013. 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 U.S. AGGREGATE BOND INDEX – The Bloomberg 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 U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)
| |
GuideMark Core Fixed Income Fund(2) | | | | | | | | | | | | | | | | |
Service Shares | | | (6.02 | )% | | | 0.33 | % | | | 0.62 | % | | | 2.90 | % |
Bloomberg U.S. Aggregate Bond Index | | | (4.78 | )% | | | 0.91 | % | | | 1.36 | % | | | 3.66 | % |
| (1) | Inception date is June 29, 2001. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
12
GuideMark Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (6.02)%, underperforming the Bloomberg US Aggregate Bond Index at (4.78)%. |
| • | | Exposure to the securitized credit sector, including residential mortgage-backed securities and commercial mortgage-backed securities, tempered returns for the period. |
| • | | The Fund’s allocation to collateralized loan obligations also contributed to relative underperformance, as interest rates continued to rise over the period. |
| • | | Security selection within investment grade corporate credit and an allocation to treasury inflation protected securities benefited performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures, options written and swap contracts.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Federal National Mortgage Association, 4.500%, 04/15/2041 | | | 6.39 | % |
| | 2 | | | U.S. Treasury Note, 1.875%, 02/28/2029 | | | 2.81 | % |
| | 3 | | | Federal National Mortgage Association, 5.500%, 04/15/2041 | | | 2.61 | % |
| | 4 | | | U.S. Treasury Note, 2.00%, 11/15/2026 | | | 2.40 | % |
| | 5 | | | Federal Home Loan Mortgage Corp., 2.000%, 01/01/2052 | | | 2.37 | % |
| | 6 | | | Federal National Mortgage Association, 5.000%, 04/15/2041 | | | 1.93 | % |
| | 7 | | | Federal National Mortgage Association, 1.500%, 04/15/2036 | | | 1.70 | % |
| | 8 | | | U.S. Treasury Bond, 3.125%, 02/15/2043 | | | 1.49 | % |
| | 9 | | | Government National Mortgage Association, 2.000%, 04/15/2051 | | | 1.35 | % |
| | 10 | | | Government National Mortgage Association, 3.000%, 04/15/2045 | | | 1.34 | % |
13
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 March 31, 2013. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31 | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)(2)
| |
GuidePath Growth Allocation Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (9.69 | )% | | | 6.25 | % | | | 6.76 | % | | | 6.04 | % |
Institutional Shares | | | (9.75 | )% | | | 6.70 | % | | | 7.31 | % | | | 7.67 | % |
S&P® Target Risk Aggressive Index | | | (5.56 | )% | | | 6.12 | % | | | 7.76 | % | | | 7.51 | % |
| (1) | Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 8.11%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
14
GuidePath Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (9.69)%, underperforming the S&P Target Risk Aggressive Index at (5.56)%. |
| • | | The Fund’s tilt towards large cap growth stocks hurt performance, as rising interest rates and lofty valuations put pressure on the growth segments during most of the period. Exposure to US equities and emerging market equites also detracted from performance. |
| • | | Exposure to global small cap equities detracted as small cap equities slightly underperformed large cap equities for the period. |
| • | | Exposure to large cap value and a small allocation to Swiss equity added to performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard S&P 500 ETF | | | 17.87 | % |
| | 2 | | | Vanguard FTSE Developed Markets ETF | | | 10.31 | % |
| | 3 | | | Schwab U.S. Large-Cap Growth ETF | | | 6.22 | % |
| | 4 | | | American Funds – The Growth Fund of America – Class F3 | | | 6.21 | % |
| | 5 | | | iShares Core MSCI Emerging Markets ETF | | | 5.82 | % |
| | 6 | | | Vanguard Russell 1000 Growth ETF | | | 4.97 | % |
| | 7 | | | AMCAP Fund – Class F3 | | | 4.96 | % |
| | 8 | | | American Funds – Fundamental Investors – Class F3 | | | 4.94 | % |
| | 9 | | | Schwab U.S. Large-Cap ETF | | | 4.92 | % |
| | 10 | | | iShares Core S&P Small-Cap ETF | | | 4.45 | % |
15
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 March 31, 2013. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)(2)
| |
GuidePath Conservative Allocation Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (5.40 | )% | | | 3.77 | % | | | 3.85 | % | | | 3.78 | % |
Institutional Shares | | | (4.97 | )% | | | 4.31 | % | | | 4.43 | % | | | 4.80 | % |
S&P® Target Risk Conservative Index | | | (4.65 | )% | | | 3.20 | % | | | 3.84 | % | | | 4.06 | % |
| (1) | Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 3.93%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
16
GuidePath Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (5.40)%, underperforming the S&P Target Risk Conservative Index at (4.65)%. |
| • | | Exposure to US equities, global real estate investment trusts (REITs), investment grade credit, and long-term Treasuries detracted from returns. |
| • | | Exposure to high yield bonds, short-term Treasuries, and core bonds within fixed income and a small allocation to gold within commodities added to performance. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 8.45 | % |
| | 2 | | | WisdonTree Floating Rate Treasury Fund | | | 8.32 | % |
| | 3 | | | Vanguard S&P 500 ETF | | | 5.10 | % |
| | 4 | | | iShares Core Aggressive Allocation ETF | | | 4.72 | % |
| | 5 | | | American Funds – The Income Fund of America – Class F3 | | | 4.70 | % |
| | 6 | | | American Funds – Capital Income Builder – Class F3 | | | 4.69 | % |
| | 7 | | | Vanguard Value ETF | | | 4.11 | % |
| | 8 | | | iShares Core Growth Allocation ETF | | | 4.01 | % |
| | 9 | | | American Funds – Multi-Sector Income Fund – Class F3 | | | 3.96 | % |
| | 10 | | | American Funds – The Bond Fund of America – Class F3 | | | 3.94 | % |
17
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 March 31, 2013. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)(2)
| |
GuidePath Tactical Allocation Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (2.90 | )% | | | 5.12 | % | | | 4.71 | % | | | 4.33 | % |
Institutional Shares | | | (2.56 | )% | | | 5.65 | % | | | 5.28 | % | | | 5.69 | % |
S&P 500® Daily Risk Control 10% Index | | | (1.81 | )% | | | 5.61 | % | | | 8.11 | % | | | 7.35 | % |
| (1) | Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 8.35%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
18
GuidePath Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (2.90)%, underperforming the S&P 500 Daily Risk Control Index at (1.81)%. |
| • | | Overweight equity positioning relative to the benchmark during the period detracted from returns. |
| • | | Security selection within the consumer staples, healthcare and communication services sectors detracted from returns. |
| • | | Security selection within the financials and industrials sectors added to returns, as did an underweight allocation to the consumer discretionary sector. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Apple, Inc. | | | 3.64 | % |
| | 2 | | | Microsoft Corp. | | | 3.56 | % |
| | 3 | | | Procter & Gamble Co. | | | 3.22 | % |
| | 4 | | | Builders FirstSource, Inc. | | | 3.19 | % |
| | 5 | | | Hartford Financials Services Group, Inc. | | | 3.08 | % |
| | 6 | | | Expeditors International of Washington, Inc. | | | 2.91 | % |
| | 7 | | | Knight-Swift Transportation Holdings, Inc. – Class A | | | 2.89 | % |
| | 8 | | | Aflac, Inc. | | | 2.82 | % |
| | 9 | | | NRG Energy, Inc. | | | 2.80 | % |
| | 10 | | | Pfizer, Inc. | | | 2.65 | % |
19
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 March 31, 2013. 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 March 31) | |
| | | One Year
| | | Five Year
| | | Ten Year
| | | Since Inception(1)(2)
| |
GuidePath Absolute Return Allocation Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (4.57 | )% | | | 0.42 | % | | | 1.49 | % | | | 1.56 | % |
Institutional Shares | | | (4.22 | )% | | | 0.92 | % | | | 2.06 | % | | | 2.10 | % |
FTSE 3-Month Treasury Bill Index | | | 2.61 | % | | | 1.40 | % | | | 0.85 | % | | | 0.73 | % |
| (1) | Inception date is April 29, 2011 for Service Shares and September 13, 2012 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 0.81%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
20
GuidePath Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (4.57)%, underperforming the FTSE 3-Month Treasury Bill Index at 2.61%. |
| • | | Positioning in high yield, mortgage-backed securities, core fixed income, emerging market government bonds, long-term Treasuries, and global equities detracted from the Fund’s performance. |
| • | | Exposure to investment grade bonds and floating rate notes added to Fund returns for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Mortgage-Backed Securities ETF | | | 12.77 | % |
| | 2 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 12.62 | % |
| | 3 | | | DoubleLine Total Return Bond Fund – Institutional Shares | | | 10.29 | % |
| | 4 | | | Vanguard Emerging Markets Government Bond ETF | | | 7.33 | % |
| | 5 | | | BlackRock Low Duration Bond Portfolio – Insitutional Shares | | | 7.21 | % |
| | 6 | | | DoubleLine Low Duration Bond Fund – Institutional Shares | | | 7.16 | % |
| | 7 | | | Vanguard Intermediate-Term Corporate Bond ETF | | | 5.57 | % |
| | 8 | | | iShares 7-10 Year Treasury Bond ETF | | | 5.10 | % |
| | 9 | | | T. Rowe Price Institutional Floating Rate Fund – Investor Shares | | | 4.92 | % |
| | 10 | | | ProShares Investment Grade-Interest Rate Hedged ETF | | | 4.90 | % |
21
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 March 31, 2013. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Years
| | | Ten Years
| | | Since Inception(1)
| |
GuidePath Multi-Asset Income Allocation Fund(2) | | | | | | | | | | | | | | | | |
Service Shares | | | (6.92 | )% | | | 2.34 | % | | | 2.98 | % | | | 3.52 | % |
Morningstar Multi-Asset High Income Index | | | (9.00 | )% | | | (0.34 | )% | | | 1.75 | % | | | 2.10 | % |
| (1) | Inception date is August 31, 2012. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
22
GuidePath Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (6.92)%, outperforming the Morningstar Multi-Asset High Income Index at (9.00)%. |
| • | | Convertible bonds, short-term bonds and high-yield bonds contributed positively to the Fund’s relative performance during the period. The Fund’s allocation to floating rate bonds exposure also added to returns. |
| • | | Exposure to global dividend equities, global real estate investment trusts (REITs), long-term Treasuries, and long-term corporate bonds detracted from returns for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard High-Yield Corporate Fund – Admiral Shares | | | 11.29 | % |
| | 2 | | | iShares Emerging Markets Dividend ETF | | | 6.04 | % |
| | 3 | | | Vanguard High Dividend Yield ETF | | | 5.57 | % |
| | 4 | | | Schwab US Dividend Equity ETF | | | 5.54 | % |
| | 5 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 5.29 | % |
| | 6 | | | Loomis Sayles Global Allocation Fund – Class Y | | | 5.13 | % |
| | 7 | | | Global X US Preferred ETF | | | 5.13 | % |
| | 8 | | | iShares International Select Dividend ETF | | | 4.69 | % |
| | 9 | | | WisdomTree U.S. Large Cap Dividend Fund | | | 4.62 | % |
| | 10 | | | iShares Select Dividend ETF | | | 4.44 | % |
23
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 March 31, 2013. 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 U.S. AGGREGATE BOND INDEX – The Bloomberg 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 U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Years
| | | Ten Years
| | | Since Inception(1)(2)
| |
GuidePath Flexible Income Allocation Fund(3) | | | | | | | | | | | | | | | | |
Service Shares | | | (7.27 | )% | | | 1.84 | % | | | 1.63 | % | | | 1.59 | % |
Institutional Shares | | | (6.93 | )% | | | 2.35 | % | | | 2.25 | % | | | 2.22 | % |
Bloomberg U.S. Aggregate Bond Index | | | (4.78 | )% | | | 0.91 | % | | | 1.36 | % | | | 1.31 | % |
| (1) | Inception date is August 31, 2012 for Service Shares and September 13, 2012 for Institutional Shares. |
| (2) | The return shown for the Bloomberg U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 1.35%. |
| (3) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
24
GuidePath Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned (7.27)%, underperforming the Bloomberg US Aggregate Bond Index at (4.78)%. |
| • | | Positioning in long and intermediate-term Treasuries, high yield bonds, and mortgage-backed securities drove underperformance relative to the benchmark. Global technology equities exposure also detracted from Fund performance for the period. |
| • | | Small allocations to the US dollar and to the US home construction and semi-conductor sectors within equities contributed positively to performance. Exposure to short-term Treasuries and senior loans within fixed income also added to returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Vanguard Long-Term Treasury ETF | | | 16.12 | % |
| | 2 | | | SPDR Portfolio Short Term Treasury ETF | | | 14.52 | % |
| | 3 | | | iShares 7-10 Year Treasury Bond ETF | | | 7.88 | % |
| | 4 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 7.86 | % |
| | 5 | | | SPDR Portfolio Intermediate Term Treasury ETF | | | 7.86 | % |
| | 6 | | | Vanguard Intermediate-Term Treasury ETF | | | 5.70 | % |
| | 7 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 5.09 | % |
| | 8 | | | Vanguard Emerging Markets Government Bond ETF | | | 4.85 | % |
| | 9 | | | iShares U.S. Home Construction ETF | | | 3.41 | % |
| | 10 | | | iShares MSCI Kokusai ETF | | | 3.39 | % |
25
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 SG Trend Index is AlphaSimplex Group LLC, sub-advisor to the GuidePath Managed Futures Strategy Fund.
| | | | | | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Five Year
| | | Since Inception(1)
| |
GuidePath Managed Futures Strategy Fund(2) | | | | | | | | | | | | |
Service Shares | | | 5.00 | % | | | 7.51 | % | | | 3.16 | % |
Institutional Shares | | | 5.81 | % | | | 8.13 | % | | | 3.76 | % |
FTSE 3-Month Treasury Bill Index | | | 2.61 | % | | | 1.40 | % | | | 1.17 | % |
SG Trend Index | | | 0.35 | % | | | 7.41 | % | | | 3.15 | % |
| (1) | Inception date is January 19, 2016 for Service Shares and Institutional Shares. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
26
GuidePath Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund’s Service Shares returned 5.00%, outperforming the SG Trend Index at 0.35%. |
| • | | Most of the Fund’s outperformance occurred during the second quarter of 2022 due to short positions to global fixed income and long positions to the US dollar. The Fund’s use of forwards and futures to implement its strategy had a positive impact on performance. |
| • | | Long energy positions contributed positively to Fund performance, while long agriculture and metals positions detracted from returns. |
| • | | The Fund’s equity positioning, specifically long positions to global markets, detracted from returns. |
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 March 31, 2023. |
27
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 U.S. Treasury 1-3 YEAR BOND INDEX – The Bloomberg U.S. Treasury 1-3 Year 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 March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath Conservative Income Fund(2) | | | | | | | | |
Shares | | | 0.71 | % | | | 0.51 | % |
Bloomberg U.S. Treasury 1-3 Year Bond Index | | | 0.23 | % | | | 1.15 | % |
| (1) | Inception date for the Fund is April 30, 2018. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
28
GuidePath Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund returned 0.71%, outperforming the Bloomberg US Treasury 1-3 Year Bond Index at 0.23%. |
| • | | The Fund’s allocation to investment grade bonds benefitted returns for the period. |
| • | | A target allocation of 50% to cash equivalents also contributed to relative Fund performance, as interest rates rose during the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | SPDR Bloomberg Investment Grade Floating Rate ETF | | | 21.01 | % |
| | 2 | | | iShares 0-5 Year Investment Grade Corporate Bond ETF | | | 8.46 | % |
| | 3 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 6.33 | % |
| | 4 | | | Invesco Senior Loan ETF | | | 6.29 | % |
29
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 U.S. AGGREGATE BOND INDEX – The Bloomberg 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 U.S. Aggregate Bond Index have a minimum term to maturity of one year.
| | | | | | | | |
| AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath Income Fund(2) | | | | | | | | |
Shares | | | (6.21 | )% | | | (1.22 | )% |
Bloomberg U.S. Aggregate Bond Index | | | (4.78 | )% | | | 1.07 | % |
| (1) | Inception date for the Fund is April 30, 2018. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
30
GuidePath Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund returned (6.21)%, underperforming the Bloomberg US Aggregate Bond Index at (4.78)%. |
| • | | Exposure to preferred securities and high yield bonds were the primary detractors from Fund returns during the period. |
| • | | Exposure to longer dated investment grade bonds detracted from returns as the Federal Reserve continued to raise interest rates during the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.
Top Ten Holdings
| | | | | | | | |
| Rank | | | Security/Holding | | % of Net
Assets | |
| | 1 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 36.83 | % |
| | 2 | | | iShares Core U.S. Aggregate Bond ETF | | | 35.98 | % |
| | 3 | | | VanEck Vectors Emerging Markets High Yield Bond ETF | | | 14.01 | % |
| | 4 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 10.72 | % |
31
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 March 31) | |
| | | One Year
| | | Since Inception(1)
| |
GuidePath Growth and Income Fund(2) | | | | | | | | |
Shares | | | (3.03 | )% | | | 5.27 | % |
MSCI USA High Dividend Yield Index | | | (2.99 | )% | | | 7.92 | % |
| (1) | Inception date for the Fund is April 30, 2018. |
| (2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
32
GuidePath Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
| • | | For the 12 months ended March 31, 2023, the Fund returned (3.03)%, slightly underperforming the MSCI USA High Dividend Yield Index at (2.99)%. |
| • | | The Fund’s put-write strategy was a slight detractor from performance as the collection of the option premiums was offset by increased market volatility. |
| • | | Exposure to MLPs and dividend-oriented stocks contributed positively to Fund returns as energy prices rose in the latter half of the period. |
| • | | The Fund’s volatility targeting component benefited returns as volatility remained high throughout the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from 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 | | | 18.37 | % |
| | 2 | | | Vanguard International High Dividend Yield ETF | | | 8.39 | % |
| | 3 | | | Global X MLP ETF | | | 7.63 | % |
| | 4 | | | AbbVie, Inc. | | | 1.31 | % |
| | 5 | | | Procter & Gamble, Co. | | | 1.27 | % |
| | 6 | | | Home Depot, Inc. | | | 1.23 | % |
| | 7 | | | Johnson & Johnson | | | 1.23 | % |
| | 8 | | | Merck & Co., Inc. | | | 1.17 | % |
| | 9 | | | Coca-Cola Co. | | | 1.16 | % |
| | 10 | | | PepsiCo, Inc. | | | 1.15 | % |
33
GuideMark Funds & GuidePath Funds
EXPENSE EXAMPLE (Unaudited)
March 31, 2023
As a shareholder of the GuideMark & GuidePath Funds (the “Funds”), you incur ongoing costs, including management fees, 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 October 1, 2022 to March 31, 2023, 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, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, 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
October 1, 2022 | | | Ending
Account Value
March 31, 2023 | | | Annualized
Expense Ratio1
based on the period
October 1, 2022 –
March 31, 2023 | | | Expenses Paid
During Period2
October 1, 2022 – March 31, 2023 | |
| INSTITUTIONAL SHARES | | | | | | | | | | | | | | | | | | |
GuideMark Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,148.90 | | | | 0.43% | | | $ | 2.30 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.79 | | | | 0.43% | | | $ | 2.17 | |
GuideMark World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,263.10 | | | | 0.79% | | | $ | 4.46 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.99 | | | | 0.79% | | | $ | 3.98 | |
GuidePath Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,160.00 | | | | 0.30% | | | $ | 1.62 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.44 | | | | 0.30% | | | $ | 1.51 | |
GuidePath Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,104.30 | | | | 0.18% | | | $ | 0.94 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,024.03 | | | | 0.18% | | | $ | 0.91 | |
GuidePath Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,066.70 | | | | 0.45% | | | $ | 2.32 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.69 | | | | 0.45% | | | $ | 2.27 | |
GuidePath Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,045.70 | | | | 0.30% | | | $ | 1.53 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.44 | | | | 0.30% | | | $ | 1.51 | |
GuidePath Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,033.60 | | | | 0.27% | | | $ | 1.37 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,023.59 | | | | 0.27% | | | $ | 1.36 | |
GuidePath Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 839.80 | | | | 1.21% | | | $ | 5.55 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,018.90 | | | | 1.21% | | | $ | 6.09 | |
| 1 | The expense ratio excludes the securities lending credit. |
| 2 | Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
34
GuideMark Funds & GuidePath Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2023
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2022 | | | Ending
Account Value
March 31, 2023 | | | Annualized
Expense Ratio1
based on the period
October 1, 2022 –
March 31, 2023 | | | Expenses Paid
During Period2
October 1, 2022 – March 31, 2023 | |
| SINGLE CLASS SHARES | | | | | | | | | | | | | | | | | | |
GuidePath Conservative Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,018.70 | | | | 0.78% | | | $ | 3.93 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.04 | | | | 0.78% | | | $ | 3.93 | |
| GuidePath Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,034.60 | | | | 0.85% | | | $ | 4.31 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.69 | | | | 0.85% | | | $ | 4.28 | |
GuidePath Growth and Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,097.80 | | | | 1.05% | | | $ | 5.49 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.70 | | | | 1.05% | | | $ | 5.29 | |
| 1 | The expense ratio excludes the securities lending credit. |
| 2 | Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Beginning
Account Value
October 1, 2022 | | | Ending
Account Value
March 31, 2023 | | | Annualized
Expense Ratio1
based on the period
October 1, 2022 –
March 31, 2023 | | | Expenses Paid
During Period2
October 1, 2022 – March 31, 2023 | |
| SERVICE SHARES | | | | | | | | | | | | | | | | | | |
GuideMark Large Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,146.50 | | | | 0.90% | | | $ | 4.82 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.44 | | | | 0.90% | | | $ | 4.53 | |
GuideMark Emerging Markets Fund | | Actual | | $ | 1,000.00 | | | $ | 1,153.50 | | | | 1.42% | | | $ | 7.62 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.85 | | | | 1.42% | | | $ | 7.14 | |
GuideMark Small/Mid Cap Core Fund | | Actual | | $ | 1,000.00 | | | $ | 1,118.30 | | | | 1.17% | | | $ | 6.18 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.10 | | | | 1.17% | | | $ | 5.89 | |
GuideMark World ex-US Fund | | Actual | | $ | 1,000.00 | | | $ | 1,264.90 | | | | 1.17% | | | $ | 6.61 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,019.10 | | | | 1.17% | | | $ | 5.89 | |
GuideMark Core Fixed Income Fund | | Actual | | $ | 1,000.00 | | | $ | 1,050.90 | | | | 0.94% | | | $ | 4.81 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.24 | | | | 0.94% | | | $ | 4.73 | |
GuidePath Growth Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,157.80 | | | | 0.68% | | | $ | 3.66 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.54 | | | | 0.68% | | | $ | 3.43 | |
GuidePath Conservative Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,102.40 | | | | 0.53% | | | $ | 2.78 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,022.29 | | | | 0.53% | | | $ | 2.67 | |
GuidePath Tactical Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,064.90 | | | | 0.80% | | | $ | 4.12 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.94 | | | | 0.80% | | | $ | 4.03 | |
GuidePath Absolute Return Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,043.90 | | | | 0.64% | | | $ | 3.26 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.74 | | | | 0.64% | | | $ | 3.23 | |
GuidePath Multi-Asset Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,101.20 | | | | 0.83% | | | $ | 4.35 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,020.79 | | | | 0.83% | | | $ | 4.18 | |
GuidePath Flexible Income Allocation Fund | | Actual | | $ | 1,000.00 | | | $ | 1,031.70 | | | | 0.64% | | | $ | 3.24 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,021.74 | | | | 0.64% | | | $ | 3.23 | |
GuidePath Managed Futures Strategy Fund | | Actual | | $ | 1,000.00 | | | $ | 838.20 | | | | 1.53% | | | $ | 7.01 | |
| | Hypothetical3 | | $ | 1,000.00 | | | $ | 1,017.30 | | | | 1.53% | | | $ | 7.70 | |
| 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 182/365 to reflect the one-half year period. |
| 3 | 5% annualized return before expenses. |
35
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 94.19% | |
| | | | | Aerospace & Defense - 1.52% | |
| | 1,733 | | | Axon Enterprise, Inc. (a) | | $ | 389,665 | |
| | 5,826 | | | BWX Technologies, Inc. | | | 367,271 | |
| | 2,687 | | | Curtiss-Wright Corp. | | | 473,611 | |
| | 4,640 | | | General Dynamics Corp. | | | 1,058,894 | |
| | 1,562 | | | HEICO Corp. - Class A | | | 212,276 | |
| | 2,740 | | | HEICO Corp. (b) | | | 468,650 | |
| | 7,193 | | | Hexcel Corp. (b) | | | 490,922 | |
| | 15,130 | | | Howmet Aerospace, Inc. | | | 641,058 | |
| | 1,434 | | | Huntington Ingalls Industries, Inc. | | | 296,867 | |
| | 1,241 | | | L3Harris Technologies, Inc. | | | 243,534 | |
| | 2,079 | | | Lockheed Martin Corp. | | | 982,806 | |
| | 1,458 | | | Northrop Grumman Corp. | | | 673,188 | |
| | 12,654 | | | Raytheon Technologies Corp. | | | 1,239,206 | |
| | 14,058 | | | Textron, Inc. | | | 992,916 | |
| | 1,756 | | | The Boeing Co. (a) | | | 373,027 | |
| | 467 | | | TransDigm Group, Inc. | | | 344,202 | |
| | | | | | |
|
|
|
| | | | | | | | 9,248,093 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.35% | |
| | 7,207 | | | C.H. Robinson Worldwide, Inc. (b) | | | 716,160 | |
| | 1,289 | | | Expeditors International of Washington, Inc. | | | 141,945 | |
| | 2,843 | | | FedEx Corp. | | | 649,597 | |
| | 2,528 | | | United Parcel Service, Inc. - Class B (b) | | | 490,407 | |
| | 4,525 | | | XPO Logistics, Inc. (a) | | | 144,347 | |
| | | | | | |
|
|
|
| | | | | | | | 2,142,456 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.11% | |
| | 15,681 | | | United Airlines Holdings, Inc. (a) | | | 693,884 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.24% | |
| | 14,541 | | | BorgWarner, Inc. | | | 714,108 | |
| | 5,363 | | | Lear Corp. | | | 748,085 | |
| | | | | | |
|
|
|
| | | | | | | | 1,462,193 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 1.15% | |
| | 6,050 | | | Harley-Davidson, Inc. | | | 229,718 | |
| | 24,996 | | | Tesla, Inc. (a) | | | 5,185,670 | |
| | 19,943 | | | Thor Industries, Inc. (b) | | | 1,588,261 | |
| | | | | | |
|
|
|
| | | | | | | | 7,003,649 | |
| | | | | | |
|
|
|
| | | | | Banks - 1.95% | |
| | 45,952 | | | Bank of America Corp. | | | 1,314,227 | |
| | 2,038 | | | BOK Financial Corp. | | | 172,028 | |
| | 30,702 | | | Citigroup, Inc. | | | 1,439,617 | |
| | 6,939 | | | Citizens Financial Group, Inc. (b) | | | 210,737 | |
| | 5,054 | | | Comerica, Inc. (b) | | | 219,445 | |
| | 3,353 | | | Commerce Bancshares, Inc. (b) | | | 195,648 | |
| | 1,926 | | | Cullen Frost Bankers, Inc. (b) | | | 202,885 | |
| | 22,529 | | | F.N.B. Corp. (b) | | | 261,336 | |
| | 2,358 | | | Fifth Third Bancorp (b) | | | 62,817 | |
| | 8,593 | | | First Horizon National Corp. | | | 152,784 | |
| | 26,246 | | | JPMorgan Chase & Co. | | | 3,420,116 | |
| | 31,947 | | | KeyCorp (b) | | | 399,976 | |
| | 46,441 | | | PacWest Bancorp (b) | | | 451,871 | |
| | 5,790 | | | Popular, Inc. - ADR | | | 332,404 | |
| | 3,226 | | | Prosperity Bancshares, Inc. | | | 198,464 | |
| | 13,484 | | | Regions Financial Corp. (b) | | | 250,263 | |
| | 8,021 | | | Synovus Financial Corp. | | | 247,287 | |
| | 9,804 | | | Truist Financial Corp. | | | 334,316 | |
| | 2,578 | | | U.S. Bancorp (b) | | | 92,937 | |
| | 28,790 | | | Wells Fargo & Co. | | | 1,076,170 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Bank (Continued) | |
| | 12,504 | | | Western Alliance Bancorp (b) | | $ | 444,392 | |
| | 2,597 | | | Wintrust Financial Corp. | | | 189,451 | |
| | 5,360 | | | Zions Bancorporation (b) | | | 160,425 | |
| | | | | | |
|
|
|
| | | | | | | | 11,829,596 | |
| | | | | | |
|
|
|
| | | | | Beverages - 1.41% | |
| | 1,634 | | | Boston Beer Co., Inc. - Class A (a)(b) | | | 537,096 | |
| | 3,643 | | | Brown-Forman Corp. - Class A | | | 237,487 | |
| | 2,684 | | | Brown-Forman Corp. - Class B | | | 172,501 | |
| | 1,364 | | | Constellation Brands, Inc. - Class A | | | 308,114 | |
| | 7,983 | | | Keurig Dr. Pepper, Inc. (b) | | | 281,640 | |
| | 23,419 | | | Molson Coors Brewing Co. - Class B (b) | | | 1,210,294 | |
| | 11,462 | | | Monster Beverage Corp. (a) | | | 619,063 | |
| | 17,481 | | | PepsiCo, Inc. | | | 3,186,786 | |
| | 32,099 | | | The Coca-Cola Co. | | | 1,991,101 | |
| | | | | | |
|
|
|
| | | | | | | | 8,544,082 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.00% | |
| | 6,735 | | | Amgen, Inc. | | | 1,628,186 | |
| | 2,039 | | | Biogen, Inc. (a) | | | 566,903 | |
| | 2,514 | | | BioMarin Pharmaceutical, Inc. (a) | | | 244,461 | |
| | 37,670 | | | Exelixis, Inc. (a) | | | 731,175 | |
| | 17,824 | | | Gilead Sciences, Inc. | | | 1,478,857 | |
| | 10,362 | | | Incyte Corp. (a)(b) | | | 748,862 | |
| | 3,996 | | | Ionis Pharmaceuticals, Inc. (a) | | | 142,817 | |
| | 8,918 | | | Moderna, Inc. (a) | | | 1,369,627 | |
| | 3,133 | | | Neurocrine Biosciences, Inc. (a) | | | 317,122 | |
| | 1,545 | | | Regeneron Pharmaceuticals, Inc. (a) | | | 1,269,480 | |
| | 4,783 | | | Sarepta Therapeutics, Inc. (a) | | | 659,241 | |
| | 2,296 | | | Seagen, Inc. (a) | | | 464,871 | |
| | 4,060 | | | United Therapeutics Corp. (a) | | | 909,278 | |
| | 5,127 | | | Vertex Pharmaceuticals, Inc. (a) | | | 1,615,364 | |
| | | | | | |
|
|
|
| | | | | | | | 12,146,244 | |
| | | | | | |
|
|
|
| | | | | Building Products - 1.11% | |
| | 4,380 | | | A. O. Smith Corp. (b) | | | 302,877 | |
| | 2,364 | | | Advanced Drainage Systems, Inc. (b) | | | 199,072 | |
| | 28,867 | | | Builders FirstSource, Inc. (a) | | | 2,562,812 | |
| | 5,412 | | | Johnson Controls International PLC - ADR | | | 325,911 | |
| | 1,985 | | | Lennox International, Inc. (b) | | | 498,791 | |
| | 9,739 | | | Masco Corp. (b) | | | 484,223 | |
| | 12,963 | | | Masterbrand, Inc. (a) | | | 104,222 | |
| | 15,547 | | | Owens Corning, Inc. | | | 1,489,403 | |
| | 1,772 | | | Trane Technologies PLC - ADR | | | 326,013 | |
| | 9,093 | | | Trex Co., Inc. (a)(b) | | | 442,556 | |
| | | | | | |
|
|
|
| | | | | | | | 6,735,880 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.93% | |
| | 2,137 | | | Affiliated Managers Group, Inc. | | | 304,352 | |
| | 3,761 | | | Ameriprise Financial, Inc. | | | 1,152,746 | |
| | 5,046 | | | Ares Management Corp. - Class A (b) | | | 421,038 | |
| | 433 | | | BlackRock, Inc. (b) | | | 289,729 | |
| | 6,362 | | | Evercore, Inc. - Class A (b) | | | 734,048 | |
| | 1,497 | | | FactSet Research Systems, Inc. | | | 621,390 | |
| | 22,233 | | | Franklin Resources, Inc. (b) | | | 598,957 | |
| | 60,324 | | | Invesco, Ltd. - ADR | | | 989,314 | |
| | 21,031 | | | Janus Henderson Group PLC - ADR | | | 560,266 | |
| | 14,557 | | | Lazard, Ltd. - Class A - ADR | | | 481,982 | |
| | 3,658 | | | LPL Financial Holdings, Inc. (b) | | | 740,379 | |
| | 2,500 | | | Moody’s Corp. | | | 765,050 | |
| | 7,354 | | | Morgan Stanley | | | 645,681 | |
See notes to financial statements.
36
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Capital Markets (Continued) | |
| | 5,168 | | | NASDAQ OMX Group, Inc. | | $ | 282,535 | |
| | 4,850 | | | Raymond James Financial, Inc. | | | 452,359 | |
| | 2,738 | | | SEI Investments Co. | | | 157,572 | |
| | 3,451 | | | State Street Corp. | | | 261,206 | |
| | 9,102 | | | Stifel Financial Corp. (b) | | | 537,837 | |
| | 2,206 | | | The Bank of New York Mellon Corp. | | | 100,241 | |
| | 9,301 | | | The Blackstone Group, Inc. (b) | | | 817,000 | |
| | 10,982 | | | The Carlyle Group, Inc. (b) | | | 341,101 | |
| | 9,361 | | | The Charles Schwab Corp. | | | 490,329 | |
| | | | | | |
|
|
|
| | | | | | | | 11,745,112 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.24% | |
| | 1,803 | | | Air Products & Chemicals, Inc. | | | 517,840 | |
| | 1,485 | | | Albemarle Corp. (b) | | | 328,244 | |
| | 3,330 | | | Ashland Global Holdings, Inc. | | | 342,024 | |
| | 7,063 | | | CF Industries Holdings, Inc. | | | 511,997 | |
| | 9,598 | | | Corteva, Inc. | | | 578,855 | |
| | 12,363 | | | Dow, Inc. | | | 677,740 | |
| | 24,495 | | | Huntsman Corp. | | | 670,183 | |
| | 2,495 | | | Linde Plc - ADR | | | 886,823 | |
| | 738 | | | NewMarket Corp. | | | 269,355 | |
| | 10,435 | | | Olin Corp. | | | 579,143 | |
| | 6,058 | | | RPM International, Inc. | | | 528,500 | |
| | 4,012 | | | The Chemours Co. | | | 120,119 | |
| | 13,635 | | | The Mosaic Co. | | | 625,574 | |
| | 7,601 | | | Westlake Chemical Corp. | | | 881,564 | |
| | | | | | |
|
|
|
| | | | | | | | 7,517,961 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 0.57% | |
| | 106,043 | | | ADT, Inc. | | | 766,691 | |
| | 677 | | | Avery Dennison Corp. | | | 121,135 | |
| | 2,738 | | | Cintas Corp. | | | 1,266,818 | |
| | 2,893 | | | Clean Harbors, Inc. (a) | | | 412,426 | |
| | 1,417 | | | Republic Services, Inc. | | | 191,607 | |
| | 18,949 | | | Rollins, Inc. | | | 711,156 | |
| | | | | | |
|
|
|
| | | | | | | | 3,469,833 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.39% | |
| | 5,464 | | | Arista Networks, Inc. (a) | | | 917,187 | |
| | 41,728 | | | Cisco Systems, Inc. | | | 2,181,331 | |
| | 2,096 | | | F5 Networks, Inc. (a) | | | 305,366 | |
| | 6,819 | | | Juniper Networks, Inc. | | | 234,710 | |
| | 4,743 | | | Lumentum Holdings, Inc. (a) | | | 256,170 | |
| | 2,864 | | | Motorola Solutions, Inc. | | | 819,476 | |
| | 4,311 | | | Palo Alto Networks, Inc. (a) | | | 861,079 | |
| | 14,898 | | | Qualcomm, Inc. | | | 1,900,687 | |
| | 3,562 | | | Ubiquiti, Inc. (b) | | | 967,760 | |
| | | | | | |
|
|
|
| | | | | | | | 8,443,766 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 0.40% | |
| | 10,326 | | | AECOM | | | 870,688 | |
| | 2,388 | | | KBR, Inc. | | | 131,459 | |
| | 5,246 | | | MasTec, Inc. (a)(b) | | | 495,432 | |
| | 3,867 | | | Quanta Services, Inc. | | | 644,397 | |
| | 6,612 | | | WillScot Mobile Mini Holdings Corp. (a) | | | 309,971 | |
| | | | | | |
|
|
|
| | | | | | | | 2,451,947 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 1.28% | |
| | 56,139 | | | Ally Financial, Inc. (b) | | | 1,430,983 | |
| | 6,569 | | | American Express Co. | | | 1,083,557 | |
| | 13,562 | | | Capital One Financial Corp. | | | 1,304,122 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Consumer Finance (Continued) | |
| | 710 | | | Credit Acceptance Corp. (a)(b) | | $ | 309,588 | |
| | 6,753 | | | Discover Financial Services | | | 667,467 | |
| | 31,579 | | | OneMain Holdings, Inc. (b) | | | 1,170,949 | |
| | 1,909 | | | Shift4 Payments, Inc. - Class A (a)(b) | | | 144,702 | |
| | 33,642 | | | SLM Corp. | | | 416,824 | |
| | 42,282 | | | Synchrony Financial (b) | | | 1,229,561 | |
| | | | | | |
|
|
|
| | | | | | | | 7,757,753 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.34% | |
| | 8,343 | | | Ardagh Group SA - ADR (a)(c)(d)(f) | | | 0 | |
| | 4,220 | | | Berry Global Group, Inc. | | | 248,558 | |
| | 19,574 | | | Graphic Packaging Holding Co. | | | 498,941 | |
| | 8,850 | | | Silgan Holdings, Inc. | | | 474,979 | |
| | 3,124 | | | Sonoco Products Co. (b) | | | 190,564 | |
| | 21,610 | | | WestRock Co. | | | 658,457 | |
| | | | | | |
|
|
|
| | | | | | | | 2,071,499 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.31% | |
| | 5,638 | | | Genuine Parts Co. | | | 943,294 | |
| | 16,411 | | | LKQ Corp. | | | 931,488 | |
| | | | | | |
|
|
|
| | | | | | | | 1,874,782 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 0.31% | |
| | 8,659 | | | Grand Canyon Education, Inc. (a) | | | 986,260 | |
| | 23,006 | | | H&R Block, Inc. (b) | | | 810,961 | |
| | 1,429 | | | Service Corp. International (b) | | | 98,287 | |
| | | | | | |
|
|
|
| | | | | | | | 1,895,508 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.45% | |
| | 6,074 | | | Apollo Global Management, Inc. | | | 383,634 | |
| | 23,931 | | | Equitable Holdings, Inc. | | | 607,608 | |
| | 36,405 | | | Jefferies Financial Group, Inc. | | | 1,155,495 | |
| | 8,526 | | | Voya Financial, Inc. (b) | | | 609,268 | |
| | | | | | |
|
|
|
| | | | | | | | 2,756,005 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.53% | |
| | 60,189 | | | AT&T, Inc. | | | 1,158,638 | |
| | 518,918 | | | Lumen Technologies, Inc. (b) | | | 1,375,133 | |
| | 17,961 | | | Verizon Communications, Inc. | | | 698,503 | |
| | | | | | |
|
|
|
| | | | | | | | 3,232,274 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.98% | |
| | 5,290 | | | American Electric Power Co., Inc. (b) | | | 481,337 | |
| | 5,777 | | | Constellation Energy Corp. | | | 453,495 | |
| | 5,841 | | | Duke Energy Corp. | | | 563,481 | |
| | 5,954 | | | Edison International | | | 420,293 | |
| | 919 | | | Entergy Corp. | | | 99,013 | |
| | 794 | | | Eversource Energy | | | 62,138 | |
| | 11,163 | | | Exelon Corp. | | | 467,618 | |
| | 7,752 | | | FirstEnergy Corp. | | | 310,545 | |
| | 3,852 | | | Hawaiian Electric Industries, Inc. | | | 147,917 | |
| | 13,397 | | | NextEra Energy, Inc. | | | 1,032,641 | |
| | 9,054 | | | OGE Energy Corp. (b) | | | 340,974 | |
| | 38,518 | | | PG&E Corp. (a) | | | 622,836 | |
| | 9,698 | | | PPL Corp. | | | 269,507 | |
| | 7,509 | | | The Southern Co. (b) | | | 522,476 | |
| | 2,275 | | | Xcel Energy, Inc. | | | 153,426 | |
| | | | | | |
|
|
|
| | | | | | | | 5,947,697 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.72% | |
| | 4,333 | | | Acuity Brands, Inc. (b) | | | 791,769 | |
| | 3,121 | | | Agilent Technologies, Inc. | | | 431,759 | |
| | 2,141 | | | AMETEK, Inc. | | | 311,152 | |
See notes to financial statements.
37
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Electrical Equipment (Continued) | |
| | 2,572 | | | Eaton Corp. PLC - ADR | | $ | 440,686 | |
| | 1,822 | | | Emerson Electric Co. | | | 158,769 | |
| | 2,018 | | | Enphase Energy, Inc. (a)(b) | | | 424,345 | |
| | 2,389 | | | Hubbell, Inc. (b) | | | 581,268 | |
| | 12,151 | | | nVent Electric PLC - ADR | | | 521,764 | |
| | 1,387 | | | Regal Beloit Corp. (b) | | | 195,192 | |
| | 1,227 | | | Rockwell Automation, Inc. (b) | | | 360,063 | |
| | 3,228 | | | Sensata Technologies Holding PLC - ADR | | | 161,465 | |
| | | | | | |
|
|
|
| | | | | | | | 4,378,232 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 0.56% | |
| | 7,464 | | | Amphenol Corp. - Class A | | | 609,958 | |
| | 2,930 | | | Avnet, Inc. | | | 132,436 | |
| | 1,445 | | | CDW Corp. | | | 281,616 | |
| | 2,128 | | | Cognex Corp. (b) | | | 105,443 | |
| | 3,043 | | | Dolby Laboratories, Inc. - Class A | | | 259,933 | |
| | 7,721 | | | Jabil, Inc. (b) | | | 680,683 | |
| | 3,529 | | | Keysight Technologies, Inc. (a) | | | 569,863 | |
| | 11,309 | | | National Instruments Corp. | | | 592,705 | |
| | 4,542 | | | Vontier Corp. | | | 124,178 | |
| | 229 | | | Zebra Technologies Corp. - Class A (a)(b) | | | 72,822 | |
| | | | | | |
|
|
|
| | | | | | | | 3,429,637 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.16% | |
| | 4,495 | | | Halliburton Co. | | | 142,222 | |
| | 11,049 | | | NOV, Inc. | | | 204,517 | |
| | 12,574 | | | Schlumberger, Ltd. - ADR | | | 617,383 | |
| | | | | | |
|
|
|
| | | | | | | | 964,122 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.62% | |
| | 3,690 | | | Electronic Arts, Inc. | | | 444,460 | |
| | 2,211 | | | Liberty Media Corp. - Liberty Formula One - Class C (a) | | | 165,449 | |
| | 1,989 | | | Netflix, Inc. (a) | | | 687,160 | |
| | 40,582 | | | Playtika Holding Corp. (a) | | | 456,953 | |
| | 1,953 | | | Spotify Technology SA - ADR (a) | | | 260,960 | |
| | 71,740 | | | Warner Bros Discovery, Inc. (a) | | | 1,083,274 | |
| | 7,187 | | | World Wrestling Entertainment, Inc. - Class A (b) | | | 655,886 | |
| | | | | | |
|
|
|
| | | | | | | | 3,754,142 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 2.43% | |
| | 44,128 | | | Albertsons Cos., Inc. - Class A | | | 916,980 | |
| | 6,956 | | | BJ’s Wholesale Club Holdings, Inc. (a) | | | 529,143 | |
| | 4,345 | | | Casey’s General Stores, Inc. | | | 940,519 | |
| | 5,759 | | | Costco Wholesale Corp. | | | 2,861,474 | |
| | 26,487 | | | CVS Health Corp. | | | 1,968,249 | |
| | 2,442 | | | Grocery Outlet Holding Corp. (a)(b) | | | 69,011 | |
| | 29,574 | | | Kroger Co. | | | 1,460,068 | |
| | 9,659 | | | Performance Food Group Co. (a)(b) | | | 582,824 | |
| | 13,672 | | | SYSCO Corp. | | | 1,055,889 | |
| | 22,726 | | | US Foods Holding Corp. (a)(b) | | | 839,499 | |
| | 20,219 | | | Walgreens Boots Alliance, Inc. | | | 699,173 | |
| | 19,254 | | | Walmart, Inc. | | | 2,839,002 | |
| | | | | | |
|
|
|
| | | | | | | | 14,761,831 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.84% | |
| | 13,453 | | | Archer-Daniels-Midland Co. | | | 1,071,666 | |
| | 828 | | | Bunge, Ltd. - ADR | | | 79,091 | |
| | 9,731 | | | Campbell Soup Co. (b) | | | 535,010 | |
| | 13,114 | | | ConAgra Brands, Inc. | | | 492,562 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Food Products (Continued) | |
| | 1,855 | | | Darling International, Inc. (a)(b) | | $ | 108,332 | |
| | 28,315 | | | Flowers Foods, Inc. (b) | | | 776,114 | |
| | 11,926 | | | General Mills, Inc. | | | 1,019,196 | |
| | 1,729 | | | Hormel Foods Corp. (b) | | | 68,953 | |
| | 4,284 | | | Ingredion, Inc. (b) | | | 435,811 | |
| | 7,893 | | | Kellogg Co. | | | 528,515 | |
| | 6,551 | | | Lamb Weston Holdings, Inc. | | | 684,711 | |
| | 8,527 | | | Mondelez International, Inc. - Class A | | | 594,502 | |
| | 34,670 | | | Pilgrim’s Pride Corp. (a)(b) | | | 803,651 | |
| | 12,414 | | | Post Holdings, Inc. (a)(b) | | | 1,115,646 | |
| | 4,385 | | | The Hershey Co. | | | 1,115,588 | |
| | 3,750 | | | The J.M. Smucker Co. | | | 590,137 | |
| | 20,369 | | | The Kraft Heinz Co. (b) | | | 787,669 | |
| | 6,565 | | | Tyson Foods, Inc. - Class A | | | 389,436 | |
| | | | | | |
|
|
|
| | | | | | | | 11,196,590 | |
| | | | | | |
|
|
|
| | | | | Gas Utilities - 0.33% | |
| | 1,150 | | | Atmos Energy Corp. | | | 129,214 | |
| | 22,796 | | | EQT Corp. | | | 727,420 | |
| | 6,556 | | | National Fuel Gas Co. (b) | | | 378,543 | |
| | 21,910 | | | UGI Corp. (b) | | | 761,592 | |
| | | | | | |
|
|
|
| | | | | | | | 1,996,769 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 1.15% | |
| | 1,637 | | | Align Technology, Inc. (a) | | | 546,987 | |
| | 9,096 | | | Boston Scientific Corp. (a) | | | 455,073 | |
| | 3,246 | | | Danaher Corp. (b) | | | 818,122 | |
| | 4,524 | | | Dentsply Sirona, Inc. (b) | | | 177,703 | |
| | 3,109 | | | DexCom, Inc. (a) | | | 361,204 | |
| | 8,629 | | | Edwards Lifesciences Corp. (a) | | | 713,877 | |
| | 5,153 | | | Globus Medical, Inc. - Class A (a) | | | 291,866 | |
| | 1,747 | | | Hologic, Inc. (a) | | | 140,983 | |
| | 1,836 | | | IDEXX Laboratories, Inc. (a) | | | 918,147 | |
| | 1,333 | | | Insulet Corp. (a)(b) | | | 425,174 | |
| | 1,142 | | | Intuitive Surgical, Inc. (a) | | | 291,747 | |
| | 1,026 | | | Novocure, Ltd. - ADR (a) | | | 61,704 | |
| | 753 | | | Penumbra, Inc. (a)(b) | | | 209,853 | |
| | 1,982 | | | ResMed, Inc. | | | 434,038 | |
| | 1,733 | | | Stryker Corp. | | | 494,719 | |
| | 4,022 | | | Tandem Diabetes Care, Inc. (a)(b) | | | 163,333 | |
| | 477 | | | West Pharmaceutical Services, Inc. | | | 165,266 | |
| | 2,425 | | | Zimmer Biomet Holdings, Inc. | | | 313,310 | |
| | | | | | |
|
|
|
| | | | | | | | 6,983,106 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 3.23% | |
| | 6,809 | | | Acadia Healthcare Co., Inc. (a)(b) | | | 491,950 | |
| | 4,223 | | | Amedisys, Inc. (a) | | | 310,602 | |
| | 2,943 | | | AmerisourceBergen Corp. | | | 471,204 | |
| | 3,247 | | | Anthem, Inc. | | | 1,493,003 | |
| | 8,553 | | | Cardinal Health, Inc. | | | 645,752 | |
| | 24,052 | | | Centene Corp. (a) | | | 1,520,327 | |
| | 1,178 | | | Chemed Corp. (b) | | | 633,470 | |
| | 8,592 | | | Cigna Corp. | | | 2,195,514 | |
| | 895 | | | DaVita, Inc. (a) | | | 72,593 | |
| | 5,009 | | | Encompass Health Corp. | | | 270,987 | |
| | 27,567 | | | Enhabit, Inc. (a) | | | 383,457 | |
| | 2,409 | | | HCA Healthcare, Inc. | | | 635,205 | |
| | 7,263 | | | Henry Schein, Inc. (a) | | | 592,225 | |
| | 2,164 | | | Humana, Inc. | | | 1,050,535 | |
| | 2,082 | | | Laboratory Corp. of America Holdings | | | 477,652 | |
| | 2,444 | | | McKesson Corp. | | | 870,186 | |
See notes to financial statements.
38
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Providers & Services (Continued) | |
| | 856 | | | Molina Healthcare, Inc. (a) | | $ | 228,971 | |
| | 6,032 | | | Oak Street Health, Inc. (a) | | | 233,318 | |
| | 1,510 | | | PerkinElmer, Inc. | | | 201,223 | |
| | 10,378 | | | Premier, Inc. - Class A | | | 335,936 | |
| | 2,505 | | | Quest Diagnostics, Inc. | | | 354,407 | |
| | 11,890 | | | UnitedHealth Group, Inc. | | | 5,619,095 | |
| | 4,520 | | | Universal Health Services, Inc. - Class B | | | 574,492 | |
| | | | | | |
|
|
|
| | | | | | | | 19,662,104 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.28% | |
| | 1,224 | | | Airbnb, Inc. - Class A (a)(b) | | | 152,266 | |
| | 15,155 | | | Aramark (b) | | | 542,549 | |
| | 5,739 | | | Boyd Gaming Corp. | | | 367,985 | |
| | 2,383 | | | Darden Restaurants, Inc. (b) | | | 369,746 | |
| | 2,309 | | | Domino’s Pizza, Inc. | | | 761,670 | |
| | 2,541 | | | Hyatt Hotels Corp. - Class A (a)(b) | | | 284,058 | |
| | 2,159 | | | Las Vegas Sands Corp. (a) | | | 124,034 | |
| | 1,742 | | | Marriott International, Inc. - Class A | | | 289,242 | |
| | 3,034 | | | Marriott Vacations Worldwide Corp. | | | 409,165 | |
| | 5,144 | | | McDonald’s Corp. | | | 1,438,314 | |
| | 11,590 | | | MGM Resorts International | | | 514,828 | |
| | 34,218 | | | Penn National Gaming, Inc. (a)(b) | | | 1,014,906 | |
| | 5,644 | | | Starbucks Corp. | | | 587,710 | |
| | 6,813 | | | Yum! Brands, Inc. | | | 899,861 | |
| | | | | | |
|
|
|
| | | | | | | | 7,756,334 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.79% | |
| | 2,785 | | | DR Horton, Inc. (b) | | | 272,067 | |
| | 901 | | | Garmin, Ltd. - ADR | | | 90,929 | |
| | 10,473 | | | Lennar Corp. - Class A | | | 1,100,817 | |
| | 10,454 | | | Lennar Corp. - Class B | | | 933,647 | |
| | 98 | | | NVR, Inc. (a) | | | 546,075 | |
| | 2,302 | | | PulteGroup, Inc. | | | 134,160 | |
| | 13,089 | | | Tempur Sealy International, Inc. (b) | | | 516,884 | |
| | 19,741 | | | Toll Brothers, Inc. | | | 1,185,052 | |
| | | | | | |
|
|
|
| | | | | | | | 4,779,631 | |
| | | | | | |
|
|
|
| | | | | Household Products - 0.94% | |
| | 2,917 | | | Clorox Co. (b) | | | 461,586 | |
| | 13,377 | | | Colgate-Palmolive Co. | | | 1,005,281 | |
| | 2,245 | | | Kimberly-Clark Corp. | | | 301,324 | |
| | 26,426 | | | The Procter & Gamble Co. | | | 3,929,282 | |
| | | | | | |
|
|
|
| | | | | | | | 5,697,473 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.43% | |
| | 17,385 | | | AES Corp. (b) | | | 418,631 | |
| | 17,587 | | | Brookfield Renewable Corp. - Class A - ADR | | | 614,666 | |
| | 28,511 | | | NRG Energy, Inc. (b) | | | 977,642 | |
| | 25,147 | | | Vistra Energy Corp. | | | 603,528 | |
| | | | | | |
|
|
|
| | | | | | | | 2,614,467 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.55% | |
| | 2,850 | | | 3M Co. | | | 299,564 | |
| | 2,727 | | | Carlisle Companies, Inc. | | | 616,493 | |
| | 9,886 | | | General Electric Co. (b) | | | 945,102 | |
| | 4,839 | | | Honeywell International, Inc. | | | 924,830 | |
| | 147 | | | Seaboard Corp. (b) | | | 554,191 | |
| | | | | | |
|
|
|
| | | | | | | | 3,340,180 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Insurance - 3.71% | |
| | 8,281 | | | Aflac, Inc. | | $ | 534,290 | |
| | 2,958 | | | American Financial Group, Inc. | | | 359,397 | |
| | 25,785 | | | American International Group, Inc. | | | 1,298,533 | |
| | 1,788 | | | Aon PLC - Class A - ADR | | | 563,738 | |
| | 8,628 | | | Arch Capital Group, Ltd. - ADR (a) | | | 585,582 | |
| | 3,800 | | | Arthur J. Gallagher & Co. | | | 726,978 | |
| | 6,608 | | | Assured Guaranty, Ltd. - ADR | | | 332,184 | |
| | 5,972 | | | Axis Capital Holdings, Ltd. - ADR | | | 325,593 | |
| | 14,508 | | | Berkshire Hathaway, Inc. - Class B (a) | | | 4,479,635 | |
| | 16,369 | | | Brighthouse Financial, Inc. (a)(b) | | | 722,037 | |
| | 2,932 | | | Chubb, Ltd. - ADR | | | 569,336 | |
| | 1,436 | | | Cincinnati Financial Corp. | | | 160,947 | |
| | 8,141 | | | CNA Financial Corp. | | | 317,743 | |
| | 2,299 | | | Erie Indemnity Co. - Class A (b) | | | 532,586 | |
| | 1,230 | | | Everest Re Group, Ltd. - ADR | | | 440,365 | |
| | 9,656 | | | F&G Annuities & Life, Inc. | | | 174,967 | |
| | 20,402 | | | Fidelity National Financial, Inc. | | | 712,642 | |
| | 3,785 | | | Globe Life, Inc. (b) | | | 416,426 | |
| | 4,677 | | | Hartford Financial Services Group, Inc. | | | 325,940 | |
| | 5,876 | | | Loews Corp. | | | 340,925 | |
| | 8,724 | | | Marsh & McLennan Cos., Inc. | | | 1,452,982 | |
| | 11,741 | | | MetLife, Inc. (b) | | | 680,274 | |
| | 25,640 | | | Old Republic International Corp. (b) | | | 640,231 | |
| | 1,333 | | | Primerica, Inc. | | | 229,596 | |
| | 11,154 | | | Principal Financial Group, Inc. (b) | | | 828,965 | |
| | 3,297 | | | Reinsurance Group of America, Inc. | | | 437,710 | |
| | 997 | | | RenaissanceRe Holdings, Ltd. - ADR | | | 199,739 | |
| | 6,185 | | | Ryan Specialty Holdings, Inc. (a)(b) | | | 248,884 | |
| | 3,637 | | | The Allstate Corp. | | | 403,016 | |
| | 5,934 | | | The Progressive Corp. | | | 848,918 | |
| | 1,983 | | | The Travelers Cos., Inc. | | | 339,906 | |
| | 30,546 | | | Unum Group | | | 1,208,400 | |
| | 6,600 | | | W.R. Berkley Corp. | | | 410,916 | |
| | 328 | | | White Mountains Insurance Group, Ltd. - ADR | | | 451,817 | |
| | 1,184 | | | Willis Towers Watson PLC - ADR | | | 275,138 | |
| | | | | | |
|
|
|
| | | | | | | | 22,576,336 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 3.53% | |
| | 70,937 | | | Alphabet, Inc. - Class A (a) | | | 7,358,295 | |
| | 64,128 | | | Alphabet, Inc. - Class C (a) | | | 6,669,312 | |
| | 11,622 | | | Match Group, Inc. (a) | | | 446,169 | |
| | 25,133 | | | Meta Platforms, Inc. - Class A (a) | | | 5,326,688 | |
| | 31,325 | | | Pinterest, Inc. - Class A (a) | | | 854,233 | |
| | 15,540 | | | TripAdvisor, Inc. (a) | | | 308,624 | |
| | 5,597 | | | Zillow Group, Inc. - Class A (a) | | | 244,589 | |
| | 6,011 | | | Zillow Group, Inc. - Class C (a) | | | 267,309 | |
| | | | | | |
|
|
|
| | | | | | | | 21,475,219 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 2.15% | |
| | 101,709 | | | Amazon.com, Inc. (a) | | | 10,505,523 | |
| | 378 | | | Booking Holdings, Inc. (a) | | | 1,002,611 | |
| | 5,477 | | | eBay, Inc. | | | 243,015 | |
| | 5,598 | | | Etsy, Inc. (a)(b) | | | 623,225 | |
| | 2,939 | | | Expedia Group, Inc. (a) | | | 285,171 | |
| | 12,445 | | | Wayfair, Inc. - Class A (a)(b) | | | 427,361 | |
| | | | | | |
|
|
|
| | | | | | | | 13,086,906 | |
| | | | | | |
|
|
|
| | | | | IT Services - 3.84% | |
| | 7,973 | | | Accenture PLC - Class A - ADR | | | 2,278,763 | |
| | 5,531 | | | Akamai Technologies, Inc. (a) | | | 433,077 | |
| | 7,417 | | | Amdocs, Ltd. - ADR | | | 712,255 | |
See notes to financial statements.
39
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | IT Services (Continued) | |
| | 4,631 | | | Automatic Data Processing, Inc. | | $ | 1,031,000 | |
| | 5,749 | | | Booz Allen Hamilton Holding Corp. | | | 532,875 | |
| | 3,279 | | | CACI International, Inc. - Class A (a) | | | 971,502 | |
| | 14,162 | | | Cognizant Technology Solutions Corp. - Class A | | | 862,891 | |
| | 4,398 | | | Concentrix Corp. (b) | | | 534,577 | |
| | 92,322 | | | DXC Technology Co. (a) | | | 2,359,750 | |
| | 643 | | | EPAM Systems, Inc. (a)(b) | | | 192,257 | |
| | 1,771 | | | Euronet Worldwide, Inc. (a) | | | 198,175 | |
| | 3,805 | | | Fidelity National Information Services, Inc. | | | 206,726 | |
| | 9,420 | | | Fiserv, Inc. (a) | | | 1,064,743 | |
| | 487 | | | FleetCor Technologies, Inc. (a)(b) | | | 102,684 | |
| | 2,617 | | | Gartner, Inc. (a) | | | 852,540 | |
| | 5,124 | | | Genpact, Ltd. - ADR | | | 236,831 | |
| | 2,328 | | | GoDaddy, Inc. - Class A (a) | | | 180,932 | |
| | 3,174 | | | Leidos Holdings, Inc. | | | 292,198 | |
| | 8,346 | | | MasterCard, Inc. - Class A | | | 3,033,020 | |
| | 5,565 | | | Paychex, Inc. | | | 637,693 | |
| | 6,965 | | | Science Applications International Corp. | | | 748,459 | |
| | 36,755 | | | The Western Union Co. | | | 409,818 | |
| | 27,025 | | | Thoughtworks Holding, Inc. (a) | | | 198,904 | |
| | 4,817 | | | T-Mobile USA, Inc. (a) | | | 697,694 | |
| | 4,117 | | | VeriSign, Inc. (a) | | | 870,046 | |
| | 13,816 | | | Visa, Inc. - Class A (b) | | | 3,114,955 | |
| | 1,777 | | | WEX, Inc. (a) | | | 326,773 | |
| | 2,734 | | | Wix.com, Ltd. - ADR (a) | | | 272,853 | |
| | | | | | |
|
|
|
| | | | | | | | 23,353,991 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.28% | |
| | 17,833 | | | Mattel, Inc. (a)(b) | | | 328,305 | |
| | 1,427 | | | Polaris Industries, Inc. (b) | | | 157,869 | |
| | 1,472 | | | Pool Corp. (b) | | | 504,072 | |
| | 17,720 | | | YETI Holdings, Inc. (a)(b) | | | 708,800 | |
| | | | | | |
|
|
|
| | | | | | | | 1,699,046 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.94% | |
| | 3,733 | | | 10X Genomics, Inc. - Class A (a) | | | 208,264 | |
| | 11,646 | | | Avantor, Inc. (a) | | | 246,196 | |
| | 2,723 | | | Bruker Corp. | | | 214,681 | |
| | 426 | | | IQVIA Holdings, Inc. (a) | | | 84,727 | |
| | 581 | | | Mettler-Toledo International, Inc. (a)(b) | | | 889,052 | |
| | 49,627 | | | Syneos Health, Inc. (a) | | | 1,767,714 | |
| | 2,923 | | | Thermo Fisher Scientific, Inc. (b) | | | 1,684,730 | |
| | 1,994 | | | Waters Corp. (a) | | | 617,402 | |
| | | | | | |
|
|
|
| | | | | | | | 5,712,766 | |
| | | | | | |
|
|
|
| | | | | Machinery - 2.39% | |
| | 1,851 | | | AGCO Corp. | | | 250,255 | |
| | 12,055 | | | Allison Transmission Holdings, Inc. | | | 545,368 | |
| | 2,707 | | | Caterpillar, Inc. | | | 619,470 | |
| | 1,039 | | | Crane Holdings Co. | | | 117,927 | |
| | 2,273 | | | Cummins, Inc. (b) | | | 542,974 | |
| | 2,209 | | | Deere & Co. | | | 912,052 | |
| | 9,498 | | | Donaldson Co., Inc. | | | 620,599 | |
| | 14,290 | | | Esab Corp. (b) | | | 844,110 | |
| | 2,729 | | | Fortive Corp. (b) | | | 186,036 | |
| | 49,452 | | | Gates Industrial Corp PLC - ADR (a) | | | 686,888 | |
| | 5,597 | | | Graco, Inc. (b) | | | 408,637 | |
| | 1,468 | | | IDEX Corp. | | | 339,152 | |
| | 3,388 | | | Illinois Tool Works, Inc. (b) | | | 824,809 | |
| | 4,557 | | | Ingersoll Rand, Inc. (b) | | | 265,126 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Machinery (Continued) | |
| | 1,760 | | | ITT, Inc. | | $ | 151,888 | |
| | 5,119 | | | Lincoln Electric Holdings, Inc. (b) | | | 865,623 | |
| | 2,270 | | | Nordson Corp. (b) | | | 504,530 | |
| | 11,912 | | | Oshkosh Corp. (b) | | | 990,840 | |
| | 7,266 | | | Otis Worldwide Corp. (b) | | | 613,251 | |
| | 9,302 | | | PACCAR, Inc. | | | 680,906 | |
| | 1,926 | | | Parker-Hannifin Corp. | | | 647,348 | |
| | 2,044 | | | Snap-on, Inc. (b) | | | 504,643 | |
| | 2,785 | | | The Timken Co. (b) | | | 227,590 | |
| | 5,584 | | | The Toro Co. (a) | | | 620,718 | |
| | 1,832 | | | Valmont Industries, Inc. | | | 584,921 | |
| | 6,174 | | | Wabtec Corp. | | | 623,945 | |
| | 3,302 | | | Xylem, Inc. (b) | | | 345,719 | |
| | | | | | |
|
|
|
| | | | | | | | 14,525,325 | |
| | | | | | |
|
|
|
| | | | | Marine - 0.04% | |
| | 3,493 | | | Kirby Corp. (a) | | | 243,462 | |
| | | | | | |
|
|
|
| | | | | Media - 1.37% | |
| | 37,405 | | | Comcast Corp. - Class A | | | 1,418,024 | |
| | 27,059 | | | Fox Corp. - Class A (b) | | | 921,359 | |
| | 28,555 | | | Fox Corp. - Class B | | | 894,057 | |
| | 34,791 | | | Liberty Media Corp.-Liberty SiriusXM - Class A (a) | | | 977,279 | |
| | 35,418 | | | Liberty Media Corp.-Liberty SiriusXM - Class C (a) | | | 991,350 | |
| | 47,972 | | | News Corp. - Class A | | | 828,476 | |
| | 46,028 | | | News Corp. - Class B (b) | | | 802,268 | |
| | 4,542 | | | Nexstar Media Group, Inc. (b) | | | 784,222 | |
| | 1,337 | | | Omnicom Group, Inc. | | | 126,133 | |
| | 84,549 | | | Sirius XM Holdings, Inc. (b) | | | 335,659 | |
| | 6,819 | | | The New York Times Co. - Class A (b) | | | 265,123 | |
| | | | | | |
|
|
|
| | | | | | | | 8,343,950 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 1.11% | |
| | 50,438 | | | Cleveland-Cliffs, Inc. (a) | | | 924,529 | |
| | 9,522 | | | Nucor Corp. | | | 1,470,863 | |
| | 6,398 | | | Reliance Steel & Aluminum Co. | | | 1,642,622 | |
| | 13,343 | | | Steel Dynamics, Inc. | | | 1,508,560 | |
| | 46,935 | | | United States Steel Corp. (b) | | | 1,225,003 | |
| | | | | | |
|
|
|
| | | | | | | | 6,771,577 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 1.03% | |
| | 2,423 | | | Burlington Stores, Inc. (a) | | | 489,688 | |
| | 4,707 | | | Dollar General Corp. | | | 990,635 | |
| | 3,988 | | | Dollar Tree, Inc. (a) | | | 572,477 | |
| | 22,127 | | | Kohl’s Corp. (b) | | | 520,870 | |
| | 111,914 | | | Macy’s, Inc. | | | 1,957,376 | |
| | 42,391 | | | Nordstrom, Inc. (b) | | | 689,702 | |
| | 6,457 | | | Target Corp. (b) | | | 1,069,473 | |
| | | | | | |
|
|
|
| | | | | | | | 6,290,221 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.49% | |
| | 2,368 | | | Ameren Corp. | | | 204,572 | |
| | 13,353 | | | CenterPoint Energy, Inc. | | | 393,379 | |
| | 1,600 | | | CMS Energy Corp. | | | 98,208 | |
| | 6,339 | | | Consolidated Edison, Inc. (b) | | | 606,452 | |
| | 3,430 | | | Dominion Energy, Inc. | | | 191,771 | |
| | 3,096 | | | DTE Energy Co. | | | 339,136 | |
| | 7,413 | | | MDU Resources Group, Inc. | | | 225,948 | |
| | 9,931 | | | NiSource, Inc. | | | 277,671 | |
| | 3,027 | | | Sempra Energy | | | 457,561 | |
See notes to financial statements.
40
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Multi-Utilities (Continued) | |
| | 1,941 | | | WEC Energy Group, Inc. | | $ | 183,988 | |
| | | | | | |
|
|
|
| | | | | | | | 2,978,686 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 4.99% | |
| | 25,738 | | | Antero Midstream Corp. | | | 269,992 | |
| | 27,087 | | | Antero Resources Corp. (a) | | | 625,439 | |
| | 19,839 | | | APA Corp. (b) | | | 715,394 | |
| | 16,111 | | | Cabot Oil & Gas Corp. | | | 395,364 | |
| | 2,554 | | | Cheniere Energy, Inc. | | | 402,510 | |
| | 5,765 | | | Chesapeake Energy Corp. (b) | | | 438,371 | |
| | 20,726 | | | Chevron Corp. | | | 3,381,654 | |
| | 15,411 | | | ConocoPhillips | | | 1,528,925 | |
| | 14,590 | | | Devon Energy Corp. | | | 738,400 | |
| | 3,471 | | | Diamondback Energy, Inc. | | | 469,175 | |
| | 10,037 | | | EOG Resources, Inc. | | | 1,150,541 | |
| | 51,037 | | | Exxon Mobil Corp. | | | 5,596,717 | |
| | 4,967 | | | Hess Corp. | | | 657,333 | |
| | 22,678 | | | HF Sinclair Corp. | | | 1,097,162 | |
| | 20,499 | | | Kinder Morgan, Inc. (b) | | | 358,938 | |
| | 45,613 | | | Marathon Oil Corp. | | | 1,092,888 | |
| | 16,731 | | | Marathon Petroleum Corp. | | | 2,255,841 | |
| | 13,039 | | | New Fortress Energy, Inc. (b) | | | 383,738 | |
| | 15,029 | | | Occidental Petroleum Corp. (b) | | | 938,260 | |
| | 6,520 | | | ONEOK, Inc. | | | 414,281 | |
| | 16,916 | | | OVINTIV, Inc. | | | 610,329 | |
| | 9,105 | | | PDC Energy, Inc. | | | 584,359 | |
| | 15,129 | | | Phillips 66 | | | 1,533,778 | |
| | 3,162 | | | Pioneer Natural Resources Co. | | | 645,807 | |
| | 11,115 | | | Range Resources Corp. | | | 294,214 | |
| | 80,736 | | | Southwestern Energy Co. (a) | | | 403,680 | |
| | 6,923 | | | Targa Resources Corp. | | | 505,033 | |
| | 319 | | | Texas Pacific Land Corp. | | | 542,625 | |
| | 2,976 | | | The Williams Companies, Inc. (b) | | | 88,863 | |
| | 12,955 | | | Valero Energy Corp. | | | 1,808,518 | |
| | 21,103 | | | Vitesse Energy, Inc. (b) | | | 401,590 | |
| | | | | | |
|
|
|
| | | | | | | | 30,329,719 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.14% | |
| | 15,112 | | | Louisiana-Pacific Corp. (b) | | | 819,222 | |
| | | | | | |
|
|
|
| | | | | Personal Care Products - 0.03% | |
| | 39,892 | | | Olaplex Holdings, Inc. (a) | | | 170,339 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.30% | |
| | 83,307 | | | Coty, Inc. - Class A (a)(b) | | | 1,004,682 | |
| | 3,254 | | | The Estee Lauder Cos., Inc. - Class A | | | 801,981 | |
| | | | | | |
|
|
|
| | | | | | | | 1,806,663 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 4.77% | |
| | 13,436 | | | Abbott Laboratories | | | 1,360,529 | |
| | 26,086 | | | AbbVie, Inc. | | | 4,157,326 | |
| | 35,762 | | | Bristol-Myers Squibb Co. | | | 2,478,664 | |
| | 143,625 | | | Elanco Animal Health, Inc. (a) | | | 1,350,075 | |
| | 11,642 | | | Eli Lilly & Co. | | | 3,998,096 | |
| | 3,875 | | | Horizon Therapeutics PLC - ADR (a) | | | 422,918 | |
| | 2,516 | | | Jazz Pharmaceuticals PLC - ADR (a) | | | 368,166 | |
| | 34,026 | | | Johnson & Johnson | | | 5,274,030 | |
| | arda | | | Merck & Co., Inc. | | | 3,752,269 | |
| | 3,999 | | | Perrigo Co. PLC - ADR | | | 143,444 | |
| | 73,961 | | | Pfizer, Inc. | | | 3,017,609 | |
| | 2,426 | | | Royalty Pharma PLC - Class A - ADR | | | 87,409 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Pharmaceuticals (Continued) | |
| | 201,945 | | | Viatris, Inc. | | $ | 1,942,711 | |
| | 3,939 | | | Zoetis, Inc. (b) | | | 655,607 | |
| | | | | | |
|
|
|
| | | | | | | | 29,008,853 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 0.46% | |
| | 4,365 | | | CoStar Group, Inc. (a) | | | 300,530 | |
| | 11,443 | | | Dun & Bradstreet Holdings, Inc. | | | 134,341 | |
| | 2,315 | | | FTI Consulting, Inc. (a)(b) | | | 456,865 | |
| | 13,663 | | | ManpowerGroup, Inc. | | | 1,127,608 | |
| | 9,456 | | | Robert Half International, Inc. | | | 761,870 | |
| | | | | | |
|
|
|
| | | | | | | | 2,781,214 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.08% | |
| | 6,642 | | | CBRE Group, Inc. - Class A (a) | | | 483,604 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.64% | |
| | 1,036 | | | J.B. Hunt Transport Services, Inc. (b) | | | 181,776 | |
| | 22,310 | | | Knight-Swift Transportation Holdings, Inc. | | | 1,262,300 | |
| | 5,668 | | | Landstar System, Inc. (b) | | | 1,016,046 | |
| | 2,124 | | | Old Dominion Freight Line, Inc. | | | 723,944 | |
| | 22,769 | | | RXO, Inc. (a)(b) | | | 447,183 | |
| | 9,554 | | | Schneider National, Inc. - Class B | | | 255,570 | |
| | | | | | |
|
|
|
| | | | | | | | 3,886,819 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 4.51% | |
| | 9,703 | | | Advanced Micro Devices, Inc. (a) | | | 950,991 | |
| | 16,911 | | | Allegro MicroSystems, Inc. (a)(b) | | | 811,559 | |
| | 3,197 | | | Analog Devices, Inc. | | | 630,512 | |
| | 11,859 | | | Applied Materials, Inc. | | | 1,456,641 | |
| | 4,503 | | | Broadcom, Inc. | | | 2,888,855 | |
| | 9,319 | | | Cirrus Logic, Inc. (a) | | | 1,019,312 | |
| | 3,152 | | | First Solar, Inc. (a) | | | 685,560 | |
| | 19,238 | | | Intel Corp. | | | 628,505 | |
| | 2,868 | | | KLA-Tencor Corp. | | | 1,144,820 | |
| | 1,794 | | | Lam Research Corp. (b) | | | 951,035 | |
| | 8,250 | | | Lattice Semiconductor Corp. (a) | | | 787,875 | |
| | 2,041 | | | Microchip Technology, Inc. | | | 170,995 | |
| | 15,876 | | | Micron Technology, Inc. (b) | | | 957,958 | |
| | 7,699 | | | MKS Instruments, Inc. (b) | | | 682,285 | |
| | 1,600 | | | Monolithic Power Systems, Inc. (b) | | | 800,864 | |
| | 27,744 | | | NVIDIA Corp. | | | 7,706,451 | |
| | 17,003 | | | ON Semiconductor Corp. (a) | | | 1,399,687 | |
| | 7,249 | | | Qorvo, Inc. (a) | | | 736,281 | |
| | 2,670 | | | Skyworks Solutions, Inc. | | | 315,007 | |
| | 7,059 | | | Teradyne, Inc. (b) | | | 758,913 | |
| | 10,294 | | | Texas Instruments, Inc. (b) | | | 1,914,787 | |
| | | | | | |
|
|
|
| | | | | | | | 27,398,893 | |
| | | | | | |
|
|
|
| | | | | Software - 8.71% | |
| | 5,494 | | | Adobe Systems, Inc. (a) | | | 2,117,223 | |
| | 5,948 | | | Alteryx, Inc. - Class A (a) | | | 349,980 | |
| | 85,319 | | | AppLovin Corp. - Class A (a)(b) | | | 1,343,774 | |
| | 4,644 | | | Atlassian Corp. - Class A (a)(b) | | | 794,914 | |
| | 3,212 | | | Autodesk, Inc. (a) | | | 668,610 | |
| | 7,846 | | | Cadence Design System, Inc. (a) | | | 1,648,366 | |
| | 4,629 | | | Datadog, Inc. - Class A (a) | | | 336,343 | |
| | 11,768 | | | DocuSign, Inc. (a)(b) | | | 686,075 | |
| | 34,397 | | | Dropbox, Inc. - Class A (a) | | | 743,663 | |
| | 4,833 | | | Elastic NV - ADR (a) | | | 279,831 | |
| | 1,413 | | | Fair Isaac Corp. (a) | | | 992,901 | |
| | 18,088 | | | Fortinet, Inc. (a) | | | 1,202,129 | |
| | 1,678 | | | HubSpot, Inc. (a)(b) | | | 719,443 | |
See notes to financial statements.
41
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Software (Continued) | |
| | 15,025 | | | Informatica, Inc. - Class A (a) | | $ | 246,410 | |
| | 2,045 | | | Intuit, Inc. | | | 911,722 | |
| | 2,996 | | | Jack Henry & Associates, Inc. (b) | | | 451,557 | |
| | 5,113 | | | Manhattan Associates, Inc. (a) | | | 791,748 | |
| | 104,738 | | | Microsoft Corp. | | | 30,195,966 | |
| | 5,866 | | | New Relic, Inc. (a) | | | 441,651 | |
| | 20,581 | | | Nutanix, Inc. - Class A (a) | | | 534,900 | |
| | 9,020 | | | Oracle Corp. | | | 838,138 | |
| | 17,369 | | | Pegasystems, Inc. (b) | | | 842,049 | |
| | 15,070 | | | RingCentral, Inc. - Class A (a) | | | 462,197 | |
| | 4,895 | | | salesforce.com, Inc. (a) | | | 977,923 | |
| | 2,067 | | | ServiceNow, Inc. (a) | | | 960,576 | |
| | 11,043 | | | Smartsheet, Inc. - Class A (a) | | | 527,855 | |
| | 4,353 | | | Splunk, Inc. (a) | | | 417,366 | |
| | 4,607 | | | SS&C Technologies Holdings, Inc. | | | 260,157 | |
| | 2,781 | | | Synopsys, Inc. (a) | | | 1,074,161 | |
| | 2,806 | | | VMware, Inc. - Class A (a) | | | 350,329 | |
| | 1,157 | | | Workday, Inc. - Class A (a) | | | 238,967 | |
| | 7,380 | | | Zoom Video Communications, Inc. - Class A (a) | | | 544,939 | |
| | | | | | |
|
|
|
| | | | | | | | 52,951,863 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 4.05% | |
| | 1,688 | | | Advance Auto Parts, Inc. | | | 205,278 | |
| | 16,697 | | | AutoNation, Inc. (a)(b) | | | 2,243,409 | |
| | 642 | | | AutoZone, Inc. (a) | | | 1,578,132 | |
| | 16,766 | | | Bath & Body Works, Inc. (b) | | | 613,300 | |
| | 7,733 | | | Best Buy Co., Inc. (b) | | | 605,262 | |
| | 14,657 | | | CarMax, Inc. (a)(b) | | | 942,152 | |
| | 7,880 | | | Dick’s Sporting Goods, Inc. (b) | | | 1,118,093 | |
| | 2,505 | | | Floor & Decor Holdings, Inc. - Class A (a)(b) | | | 246,041 | |
| | 7,342 | | | GameStop Corp. - Class A (a)(b) | | | 169,013 | |
| | 30,664 | | | Leslie’s, Inc. (a)(b) | | | 337,611 | |
| | 1,532 | | | Lithia Motors, Inc. (b) | | | 350,721 | |
| | 9,813 | | | Lowe’s Cos., Inc. | | | 1,962,305 | |
| | 2,117 | | | O’Reilly Automotive, Inc. (a) | | | 1,797,291 | |
| | 15,444 | | | Penske Automotive Group, Inc. (b) | | | 2,190,114 | |
| | 7,473 | | | Petco Health & Wellness Co., Inc. (a) | | | 67,257 | |
| | 5,183 | | | Ross Stores, Inc. | | | 550,072 | |
| | 2,142 | | | Sherwin-Williams Co. | | | 481,457 | |
| | 38,075 | | | The Gap, Inc. (b) | | | 382,273 | |
| | 12,073 | | | The Home Depot, Inc. | | | 3,562,984 | |
| | 16,233 | | | The TJX Cos., Inc. | | | 1,272,018 | |
| | 4,309 | | | Tractor Supply Co. (b) | | | 1,012,787 | |
| | 2,927 | | | Ulta Beauty, Inc. (a) | | | 1,597,176 | |
| | 14,546 | | | Victoria’s Secret & Co. (a)(b) | | | 496,746 | |
| | 7,041 | | | Williams Sonoma, Inc. (b) | | | 856,608 | |
| | | | | | |
|
|
|
| | | | | | | | 24,638,100 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 6.91% | |
| | 217,615 | | | Apple, Inc. | | | 35,884,714 | |
| | 28,897 | | | Hewlett Packard Enterprise Co. | | | 460,329 | |
| | 8,397 | | | HP, Inc. | | | 246,452 | |
| | 11,395 | | | International Business Machines Corp. | | | 1,493,771 | |
| | 68,438 | | | NCR Corp. (a) | | | 1,614,452 | |
| | 6,077 | | | NetApp, Inc. | | | 388,016 | |
| | 18,395 | | | Pure Storage, Inc. - Class A (a) | | | 469,256 | |
| | 29,616 | | | Teradata Corp. (a) | | | 1,192,933 | |
| | 6,265 | | | Western Digital Corp. (a) | | | 236,003 | |
| | | | | | |
|
|
|
| | | | | | | | 41,985,926 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Textiles, Apparel & Luxury Goods - 1.64% | |
| | 10,991 | | | Capri Holdings, Ltd. - ADR (a) | | $ | 516,577 | |
| | 7,250 | | | Carter’s, Inc. (b) | | | 521,420 | |
| | 6,335 | | | Columbia Sportswear Co. | | | 571,670 | |
| | 2,479 | | | Deckers Outdoor Corp. (a) | | | 1,114,434 | |
| | 2,982 | | | lululemon athletica, Inc. (a) | | | 1,086,015 | |
| | 12,032 | | | NIKE, Inc. - Class B | | | 1,475,605 | |
| | 11,479 | | | PVH Corp. | | | 1,023,468 | |
| | 5,399 | | | Ralph Lauren Corp. (b) | | | 629,901 | |
| | 10,632 | | | Skechers U.S.A., Inc. - Class A (a) | | | 505,233 | |
| | 19,991 | | | Tapestry, Inc. (b) | | | 861,812 | |
| | 84,910 | | | Under Armour, Inc. - Class A (a) | | | 805,796 | |
| | 74,351 | | | Under Armour, Inc. - Class C (a) | | | 634,214 | |
| | 10,118 | | | VF Corp. | | | 231,803 | |
| | | | | | |
|
|
|
| | | | | | | | 9,977,948 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 0.15% | |
| | 30,767 | | | MGIC Investment Corp. | | | 412,893 | |
| | 96,688 | | | UWM Holdings Corp. (b) | | | 474,738 | |
| | | | | | |
|
|
|
| | | | | | | | 887,631 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.45% | |
| | 20,158 | | | Altria Group, Inc. | | | 899,450 | |
| | 18,734 | | | Philip Morris International, Inc. | | | 1,821,881 | |
| | | | | | |
|
|
|
| | | | | | | | 2,721,331 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 0.88% | |
| | 2,823 | | | Air Lease Corp. | | | 111,142 | |
| | 14,970 | | | Fastenal Co. | | | 807,482 | |
| | 7,330 | | | MSC Industrial Direct Co., Inc. - Class A | | | 615,720 | |
| | 3,415 | | | SiteOne Landscape Supply, Inc. (a)(b) | | | 467,411 | |
| | 760 | | | United Rentals, Inc. | | | 300,778 | |
| | 23,778 | | | Univar Solutions, Inc. (a) | | | 832,943 | |
| | 1,961 | | | W.W. Grainger, Inc. (b) | | | 1,350,756 | |
| | 1,989 | | | Watsco, Inc. (b) | | | 632,820 | |
| | 1,627 | | | WESCO International, Inc. | | | 251,437 | |
| | | | | | |
|
|
|
| | | | | | | | 5,370,489 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $377,770,763) | | | 572,560,931 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 3.24% | |
| | | | | Domestic Equity Funds - 3.24% | |
| | 52,364 | | | Vanguard S&P 500 ETF | | | 19,692,529 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $15,789,347) | | | 19,692,529 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 1.44% | |
| | | | | Real Estate Investment Trusts - 1.44% | |
| | 13,991 | | | Annaly Capital Management, Inc. (b) | | | 267,368 | |
| | 46,700 | | | Douglas Emmett, Inc. (b) | | | 575,811 | |
| | 5,185 | | | EPR Properties (b) | | | 197,548 | |
| | 11,236 | | | Gaming and Leisure Properties, Inc. | | | 584,946 | |
| | 12,617 | | | Highwoods Properties, Inc. | | | 292,588 | |
| | 16,370 | | | Host Hotels & Resorts, Inc. (b) | | | 269,941 | |
| | 190,835 | | | Hudson Pacific Properties, Inc. (b) | | | 1,269,053 | |
| | 7,387 | | | Iron Mountain, Inc. (b) | | | 390,846 | |
| | 5,301 | | | Kilroy Realty Corp. (b) | | | 171,752 | |
| | 9,370 | | | National Retail Properties, Inc. | | | 413,686 | |
| | 90,729 | | | Park Hotels & Resorts, Inc. (b) | | | 1,121,410 | |
| | 4,302 | | | Realty Income Corp. (b) | | | 272,403 | |
| | 147,837 | | | Rithm Capital Corp. (b) | | | 1,182,696 | |
| | 9,456 | | | Starwood Property Trust, Inc. (b) | | | 167,277 | |
See notes to financial statements.
42
GuideMark Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 18,922 | | | VICI Properties, Inc. (b) | | $ | 617,236 | |
| | 40,157 | | | Vornado Realty Trust (b) | | | 617,213 | |
| | 4,269 | | | WP Carey, Inc. (b) | | | 330,634 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $10,201,894) | | | 8,742,408 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.91% | |
| | | | | Money Market Funds - 0.91% | |
| | 5,518,049 | | | JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (e) | | | 5,518,049 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $5,518,049) | | | 5,518,049 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | |
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 16.38% | |
| | 99,549,037 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (e) | | | 99,549,037 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $99,549,037) | | | 99,549,037 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $508,829,090) - 116.16% | | | 706,062,954 | |
| | | | | Liabilities in Excess of
Other Assets - (16.16)% | | | (98,219,320 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 607,843,634 | |
| | | | | | |
|
|
|
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) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (d) | | As of March 31, 2023, the Valuation Committee has fair valued this security. The value of this security was $0, which represents 0.00% of total assets. |
| (e) | | Seven-day yield as of March 31, 2023. |
| (f) | | This security has been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
See notes to financial statements.
43
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 93.15% | |
| | | | | Bermuda - 0.06% | |
| | 36,001 | | | Alibaba Health Information Technology Ltd. (a) | | $ | 25,965 | |
| | | | | | |
|
|
|
| | | | | Brazil - 3.34% | |
| | 12,706 | | | Ambev SA (a) | | | 36,024 | |
| | 8,712 | | | B3 SA - Brasil Bolsa Balcao | | | 17,756 | |
| | 15,847 | | | Banco do Brasil SA | | | 122,375 | |
| | 33,563 | | | BB Seguridade Participacoes SA | | | 215,213 | |
| | 9,249 | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 92,263 | |
| | 2,999 | | | CPFL Energia SA | | | 18,757 | |
| | 5,362 | | | Hypermarcas SA | | | 40,095 | |
| | 17,024 | | | JBS SA | | | 59,787 | |
| | 13,627 | | | Natura & Co., Holding SA (a) | | | 35,489 | |
| | 5,802 | | | Petro Rio SA (a) | | | 35,750 | |
| | 42,474 | | | Petroleo Brasileiro SA | | | 222,407 | |
| | 17,921 | | | Raia Drogasil SA | | | 86,238 | |
| | 9,981 | | | Sendas Distribuidora S/A | | | 30,563 | |
| | 2,452 | | | SUZANO SA | | | 20,159 | |
| | 4,548 | | | Telefonica Brasil SA | | | 34,735 | |
| | 24,590 | | | Vale SA | | | 388,612 | |
| | 11,516 | | | Vibra Energia SA | | | 33,014 | |
| | 4,552 | | | WEG SA | | | 36,373 | |
| | | | | | |
|
|
|
| | | | | | | | 1,525,610 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 8.13% | |
| | 4,242 | | | 360 DigiTech, Inc. - ADR | | | 82,295 | |
| | 18,671 | | | 3SBio, Inc. | | | 18,582 | |
| | 10,089 | | | Akeso, Inc. (a) | | | 52,092 | |
| | 84,250 | | | Alibaba Group Holding, Ltd. (a) | | | 1,067,068 | |
| | 10,326 | | | Baidu, Inc. - Class A (a) | | | 194,555 | |
| | 1,383 | | | BeiGene Ltd. (a) | | | 23,020 | |
| | 16,912 | | | C&D International Investment Group Ltd. | | | 55,543 | |
| | 171,507 | | | China Evergrande Group (a)(e)(f)(g) | | | 0 | |
| | 84,652 | | | China Feihe, Ltd. | �� | | 63,443 | |
| | 64,482 | | | China Medical System Holdings, Ltd. | | | 101,738 | |
| | 5,941 | | | China Meidong Auto Holdings, Ltd. | | | 12,814 | |
| | 8,006 | | | China Resources Land, Ltd. | | | 36,458 | |
| | 26,053 | | | Chinasoft International, Ltd. | | | 16,505 | |
| | 16,923 | | | Chow Tai Fook Jewellery Group, Ltd. | | | 33,628 | |
| | 1,641 | | | Daqo New Energy Corp. - ADR (a) | | | 76,864 | |
| | 26,212 | | | Dongyue Group, Ltd. | | | 27,092 | |
| | 64,718 | | | Haidilao International Holding, Ltd. | | | 175,398 | |
| | 4,278 | | | Hygeia Healthcare Holdings Co Ltd. (a) | | | 30,504 | |
| | 5,220 | | | Innovent Biologics, Inc. (a) | | | 23,414 | |
| | 2,985 | | | JD Health International, Inc. (a) | | | 22,134 | |
| | 9,211 | | | JD.com, Inc. - Class A | | | 201,133 | |
| | 35,061 | | | Jiumaojiu International Holdings, Ltd. | | | 83,351 | |
| | 10,815 | | | East Buy Holdings, Ltd. (a) | | | 46,294 | |
| | 6,861 | | | Kuaishou Technology (a) | | | 52,756 | |
| | 23,733 | | | Lufax Holding, Ltd. - ADR | | | 48,415 | |
| | 21,802 | | | Meituan - Class B (a) | | | 395,537 | |
| | 1,034 | | | MINISO Group Holding Ltd. - ADR | | | 18,343 | |
| | 5,922 | | | NetEase, Inc. | | | 104,540 | |
| | 12,813 | | | New Oriental Education & Technology Group, Inc. (a) | | | 49,171 | |
| | 507 | | | Parade Technologies, Ltd. | | | 17,553 | |
| | 2,501 | | | PDD Holdings, Inc. - ADR (a) | | | 189,826 | |
| | 3,236 | | | Silergy Corp. | | | 51,377 | |
| | 11,310 | | | Tongcheng Travel Holdings Ltd. (a) | | | 24,619 | |
| | 138,091 | | | Topsports International Holdings, Ltd. | | | 125,877 | |
| | 1,255 | | | Trip.com Group Ltd. - ADR (a) | | | 47,276 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Cayman Islands (Continued) | |
| | 2,656 | | | Wuxi Biologics Cayman, Inc. (a) | | $ | 16,366 | |
| | 9,436 | | | Xiaomi Corp. - Class B (a) | | | 14,522 | |
| | 21,830 | | | Yadea Group Holdings, Ltd. | | | 56,232 | |
| | 15,083 | | | Zhen Ding Technology Holding, Ltd. | | | 56,751 | |
| | | | | | |
|
|
|
| | | | | | | | 3,713,086 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.18% | |
| | 26,564 | | | Cencosud SA | | | 51,331 | |
| | 3,758 | | | Cia Cervecerias Unidas SA | | | 28,904 | |
| | | | | | |
|
|
|
| | | | | | | | 80,235 | |
| | | | | | |
|
|
|
| | | | | China - 23.49% | |
| | 283,724 | | | Agricultural Bank of China, Ltd. - Series H | | | 105,070 | |
| | 5,155 | | | Aier Eye Hospital Group Co., Ltd. - Class A | | | 23,299 | |
| | 51,421 | | | Air China, Ltd. - Series H (a) | | | 45,989 | |
| | 11,207 | | | ANTA Sports Products, Ltd. | | | 162,716 | |
| | 698,225 | | | Bank of China, Ltd. - Series H | | | 267,676 | |
| | 90,100 | | | Bank of Communications Co., Ltd. - Class A | | | 67,023 | |
| | 162,883 | | | Bank of Communications Co., Ltd. - Series H | | | 102,438 | |
| | 85,100 | | | BBMG Corp. - Class A | | | 30,343 | |
| | 1,711 | | | Beijing Tongrentang Co., Ltd. - Class A | | | 13,738 | |
| | 3,200 | | | Beijing United Information Technology Co., Ltd. - Class A | | | 38,645 | |
| | 2,755 | | | Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A | | | 46,567 | |
| | 28,900 | | | Beijing Yanjing Brewery Co., Ltd. - Class A | | | 58,901 | |
| | 1,600 | | | Bloomage Biotechnology Corp, Ltd. - Class A | | | 26,422 | |
| | 2,131 | | | BYD Co., Ltd. - Series H | | | 62,686 | |
| | 12,800 | | | By-health Co., Ltd. - Class A | | | 39,704 | |
| | 1,500 | | | Changchun High & New Technology Industry Group, Inc. - Class A | | | 35,673 | |
| | 5,084 | | | Chengxin Lithium Group Co., Ltd. - Class A | | | 25,537 | |
| | 569,672 | | | China Cinda Asset Management Co., Ltd. - Series H | | | 72,001 | |
| | 268,528 | | | China CITIC Bank Corp., Ltd. - Series H | | | 135,086 | |
| | 153,233 | | | China Coal Energy Co., Ltd. - Series H | | | 116,286 | |
| | 222,759 | | | China Communications Services Corp., Ltd. - Series H | | | 109,612 | |
| | 549,881 | | | China Construction Bank Corp. - Series H | | | 355,880 | |
| | 100,600 | | | China Everbright Bank Co., Ltd. - Class A | | | 44,066 | |
| | 347,000 | | | China Everbright Bank Co., Ltd. - Series H | | | 105,266 | |
| | 84,801 | | | China Hongqiao Group, Ltd. | | | 81,492 | |
| | 24,467 | | | China Life Insurance Company Ltd. - Series H | | | 40,152 | |
| | 14,800 | | | China Meheco Co., Ltd. - Class A | | | 29,626 | |
| | 17,280 | | | China Merchants Bank Co., Ltd. - Series H | | | 87,748 | |
| | 39,900 | | | China Merchants Energy Shipping Co., Ltd. - Class A | | | 40,722 | |
| | 112,125 | | | China National Building Material Co., Ltd. - Series H | | | 92,158 | |
| | 3,100 | | | China National Software & Service Co Ltd. - Class A | | | 31,108 | |
| | 31,622 | | | China Oilfield Services, Ltd. - Series H | | | 32,507 | |
| | 53,500 | | | China Petroleum & Chemical Corp. - Class A | | | 43,727 | |
| | 320,832 | | | China Petroleum & Chemical Corp. - Series H | | | 189,329 | |
| | 194,967 | | | China Resources Pharmaceutical Group, Ltd. | | | 154,268 | |
| | 13,865 | | | China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A | | | 116,075 | |
| | 11,100 | | | China Shenhua Energy Co., Ltd. - Series A | | | 45,481 | |
| | 33,615 | | | China Shenhua Energy Co., Ltd. - Series H | | | 105,784 | |
| | 615 | | | China Tourism Group Duty Free Corp, Ltd. - Class A | | | 16,423 | |
See notes to financial statements.
44
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | China (Continued) | |
| | 105,400 | | | China United Network Communications, Ltd. - Class A | | $ | 83,157 | |
| | 2,793 | | | China Zhenhua Group Science & Technology Co., Ltd. - Class A | | | 36,640 | |
| | 3,700 | | | Chongqing Brewery Co., Ltd. - Class A | | | 67,365 | |
| | 1,284 | | | Chongqing Zhifei Biological Products Co., Ltd. - Class A | | | 15,342 | |
| | 31,300 | | | COSCO SHIPPING Energy Transportation Co., Ltd. - Class A | | | 61,672 | |
| | 112,436 | | | COSCO SHIPPING Holdings Co., Ltd. - Series H | | | 126,758 | |
| | 197,349 | | | Country Garden Holdings Co., Ltd. | | | 55,413 | |
| | 160,393 | | | CSPC Pharmaceutical Group, Ltd. | | | 157,236 | |
| | 20,000 | | | Daan Gene Co., Ltd. - Class A | | | 46,887 | |
| | 11,760 | | | DaShenLin Pharmaceutical Group Co., Ltd. - Class A | | | 63,775 | |
| | 87,253 | | | Dongfeng Motor Group Co., Ltd. - Series H | | | 40,988 | |
| | 4,800 | | | Ecovacs Robotics Co., Ltd. - Class A | | | 57,595 | |
| | 30,833 | | | Focus Media Information Technology Co., Ltd. - Class A | | | 30,799 | |
| | 700 | | | G-bits Network Technology Xiamen Co., Ltd. - Class A | | | 48,511 | |
| | 74,400 | | | GD Power Development Co., Ltd. - Class A (a) | | | 41,196 | |
| | 18,100 | | | Gemdale Corp. - Class A | | | 22,052 | |
| | 38,114 | | | Guanghui Energy Co., Ltd. - Class A | | | 51,315 | |
| | 3,000 | | | Guangzhou Kingmed Diagnostics Group Co., Ltd. - Class A | | | 38,480 | |
| | 6,379 | | | Guangzhou Tinci Materials Technology Co., Ltd. - Class A | | | 39,009 | |
| | 42,500 | | | Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | | | 56,337 | |
| | 9,000 | | | Hangzhou Robam Appliances Co., Ltd. - Class A | | | 37,170 | |
| | 17,300 | | | Henan Shenhuo Coal & Power Co., Ltd. - Class A | | | 44,516 | |
| | 3,900 | | | Hithink RoyalFlush Information Network Co., Ltd. - Class A | | | 116,164 | |
| | 6,869 | | | Huadong Medicine Co., Ltd. - Class A | | | 46,320 | |
| | 63,100 | | | Huaxia Bank Co., Ltd. - Class A | | | 49,453 | |
| | 8,100 | | | Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | | | 33,631 | |
| | 8,446 | | | Hubei Xingfa Chemicals Group Co., Ltd. - Class A | | | 37,481 | |
| | 5,200 | | | Hundsun Technologies, Inc. - Class A | | | 40,297 | |
| | 269,446 | | | Industrial & Commercial Bank of China, Ltd. - Series H | | | 143,194 | |
| | 3,456 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | | | 14,619 | |
| | 8,800 | | | Jafron Biomedical Co., Ltd. - Class A | | | 38,871 | |
| | 8,200 | | | Jiangsu Hengrui Medicine Co., Ltd. - Class A | | | 51,088 | |
| | 18,000 | | | Jiangxi Copper Co., Ltd. - Class A | | | 51,812 | |
| | 33,415 | | | Jiangxi Copper Co., Ltd. Series H | | | 56,572 | |
| | 2,300 | | | JiuGui Liquor Co., Ltd. - Class A | | | 43,221 | |
| | 21,371 | | | Joincare Pharmaceutical Group Industry Co., Ltd. - Class A | | | 40,990 | |
| | 200 | | | Kweichow Moutai Co., Ltd. - Class A | | | 52,832 | |
| | 140,696 | | | Lenovo Group, Ltd. | | | 152,432 | |
| | 16,845 | | | Li Ning Co., Ltd. | | | 132,468 | |
| | 9,989 | | | Longfor Properties Co., Ltd. | | | 28,173 | |
| | 1,400 | | | Luzhou Laojiao Co., Ltd. - Class A | | | 51,703 | |
| | 19,600 | | | Meihua Holdings Group Co Ltd. - Class A | | | 27,914 | |
| | 136,400 | | | Metallurgical Corp of China, Ltd. - Class A | | | 77,403 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | China (Continued) | |
| | 3,200 | | | Ningbo Tuopu Group Co., Ltd. - Class A | | $ | 29,990 | |
| | 25,169 | | | Nongfu Spring Co., Ltd. - Class H | | | 145,120 | |
| | 43,500 | | | Offshore Oil Engineering Co Ltd. - Class A | | | 38,803 | |
| | 272,281 | | | PetroChina Co., Ltd - Series H | | | 160,846 | |
| | 61,600 | | | PetroChina Co., Ltd. - Class A | | | 53,040 | |
| | 137,185 | | | PICC Property & Casualty Co., Ltd. - Series H | | | 139,944 | |
| | 29,743 | | | Ping An Insurance Group Co. of China, Ltd. - Series H | | | 192,414 | |
| | 4,180 | | | Proya Cosmetics Co., Ltd. - Class A | | | 110,687 | |
| | 2,600 | | | Sangfor Technologies, Inc. - Class A | | | 56,065 | |
| | 14,800 | | | Seazen Holdings Co., Ltd. - Class A (a) | | | 35,096 | |
| | 1,650 | | | SG Micro Corp. - Class A | | | 37,335 | |
| | 15,400 | | | Shaanxi Coal Industry Co., Ltd. - Class A | | | 45,580 | |
| | 18,800 | | | Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A | | | 37,749 | |
| | 21,100 | | | Shandong Buchang Pharmaceuticals Co., Ltd. - Class A | | | 60,901 | |
| | 5,639 | | | Shanghai Fudan Microelectronics Group Co Ltd. - Series H | | | 20,837 | |
| | 1,498 | | | Shanghai International Airport Co., Ltd. - Class A (a) | | | 12,154 | |
| | 6,100 | | | Shanghai M&G Stationery, Inc. - Class A | | | 43,589 | |
| | 1,100 | | | Shanxi Xinghuacun Fen Wine Factory Co., Ltd. - Class A | | | 43,498 | |
| | 5,700 | | | Shenzhen Kstar Science And Technology Co Ltd. - Class A | | | 38,793 | |
| | 6,800 | | | Shenzhen Salubris Pharmaceuticals Co Ltd. - Class A | | | 35,030 | |
| | 11,770 | | | Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A | | | 49,827 | |
| | 35,432 | | | Shimao Property Holdings, Ltd. (a)(e)(f)(g) | | | 9,658 | |
| | 6,400 | | | Sichuan Kelun Pharmaceutical Co Ltd. - Class A | | | 26,507 | |
| | 3,200 | | | Sichuan Swellfun Co., Ltd. - Class A | | | 35,057 | |
| | 1,000 | | | Skshu Paint Co., Ltd. - Class A (a) | | | 16,939 | |
| | 46,301 | | | Sunac China Holdings, Ltd. (a)(e)(f)(g) | | | 12,975 | |
| | 3,300 | | | Canmax Technologies Co., Ltd - Class A | | | 24,644 | |
| | 8,458 | | | TAL Education Group - ADR (a) | | | 54,216 | |
| | 40,044 | | | Tencent Holdings, Ltd. | | | 1,956,923 | |
| | 120,428 | | | The People’s Insurance Co. Group of China, Ltd. - Series H | | | 40,185 | |
| | 55,234 | | | Tingyi Cayman Islands Holding Corp. | | | 92,432 | |
| | 15,417 | | | TravelSky Technology, Ltd. - Series H | | | 28,727 | |
| | 1,837 | | | Tsingtao Brewery Co., Ltd - Series H | | | 20,079 | |
| | 78,261 | | | Uni-President China Holdings, Ltd. | | | 78,932 | |
| | 16,004 | | | Vipshop Holdings, Ltd. - ADR (a) | | | 242,941 | |
| | 75,147 | | | Want Want China Holdings, Ltd. | | | 48,349 | |
| | 75,800 | | | Wuchan Zhongda Group Co., Ltd. - Class A | | | 53,530 | |
| | 22,900 | | | Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. - Class A | | | 94,761 | |
| | 47,200 | | | Xiamen C & D, Inc. - Class A | | | 82,767 | |
| | 9,800 | | | Yankuang Energy Group Co., Ltd. - Class A | | | 50,777 | |
| | 46,289 | | | Yankuang Energy Group Co., Ltd. - Series H | | | 165,735 | |
| | 3,353 | | | Yifeng Pharmacy Chain Co., Ltd. - Class A | | | 28,270 | |
| | 16,709 | | | Yihai International Holding, Ltd. | | | 49,093 | |
| | 1,063 | | | YongXing Special Materials Technology Co., Ltd. - Class A | | | 13,035 | |
| | 1,181 | | | Youngy Co., Ltd. - Class A | | | 13,045 | |
| | 11,400 | | | YTO Express Group Co., Ltd. - Class A | | | 30,360 | |
| | 2,665 | | | Yum China Holdings, Inc. (b) | | | 168,934 | |
| | 1,000 | | | Yunnan Botanee Bio-Technology Group Co., Ltd. - Class A | | | 18,642 | |
See notes to financial statements.
45
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | China (Continued) | |
| | 17,650 | | | Zhaojin Mining Industry Co., Ltd. - Series H | | $ | 26,766 | |
| | 9,000 | | | Zhejiang Supor Co., Ltd. - Class A | | | 70,851 | |
| | 13,855 | | | Zhejiang Weixing New Building Materials Co., Ltd. - Class A | | | 48,925 | |
| | 5,112 | | | Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. - Class A | | | 35,420 | |
| | | | | | |
|
|
|
| | | | | | | | 10,732,848 | |
| | | | | | |
|
|
|
| | | | | Cyprus - 0.00% | |
| | 2,617 | | | TCS Group Holding PLC (a)(d)(e)(f)(g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | Czech Republic - 0.14% | |
| | 1,021 | | | CEZ AS | | | 49,588 | |
| | 467 | | | Komercni Banka AS | | | 15,495 | |
| | | | | | |
|
|
|
| | | | | | | | 65,083 | |
| | | | | | |
|
|
|
| | | | | Egypt - 0.38% | |
| | 83,542 | | | Commercial International Bank Egypt SAE | | | 138,273 | |
| | 67,890 | | | Egyptian Financial Group-Hermes Holding Co. (a) | | | 36,964 | |
| | | | | | |
|
|
|
| | | | | | | | 175,237 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 1.64% | |
| | 203,098 | | | Bosideng International Holdings, Ltd. | | | 113,331 | |
| | 6,357 | | | BYD Electronic International Co., Ltd. | | | 19,784 | |
| | 19,398 | | | China Mengniu Dairy Co., Ltd. | | | 79,521 | |
| | 1,938 | | | China Resources Beer Holdings Co., Ltd. | | | 15,569 | |
| | 75,979 | | | China Taiping Insurance Holdings Co., Ltd. | | | 80,789 | |
| | 66,261 | | | China Traditional Chinese Medicine Holdings Co., Ltd. | | | 34,715 | |
| | 128,661 | | | CITIC, Ltd. | | | 150,380 | |
| | 26,844 | | | Kingboard Chemical Holdings, Ltd. | | | 82,540 | |
| | 4,079 | | | Orient Overseas International Ltd. | | | 78,298 | |
| | 59,913 | | | Sino Biopharmaceutical, Ltd. | | | 33,581 | |
| | 40,795 | | | Yuexiu Property Co., Ltd. | | | 61,683 | |
| | | | | | |
|
|
|
| | | | | | | | 750,191 | |
| | | | | | |
|
|
|
| | | | | Hungary - 0.33% | |
| | 18,405 | | | MOL Hungarian Oil & Gas PLC | | | 134,794 | |
| | 495 | | | OTP Bank PLC | | | 14,132 | |
| | | | | | |
|
|
|
| | | | | | | | 148,926 | |
| | | | | | |
|
|
|
| | | | | India - 12.32% | |
| | 941 | | | ACC, Ltd. | | | 19,151 | |
| | 3,481 | | | Adani Enterprises, Ltd. | | | 74,488 | |
| | 25,416 | | | Adani Power, Ltd. (a) | | | 59,345 | |
| | 1,438 | | | Adani Total Gas, Ltd. | | | 15,164 | |
| | 6,826 | | | Ambuja Cements, Ltd. (a) | | | 30,477 | |
| | 1,052 | | | Asian Paints, Ltd. | | | 35,444 | |
| | 22,795 | | | Aurobindo Pharma, Ltd. | | | 144,056 | |
| | 6,001 | | | Axis Bank, Ltd. | | | 62,871 | |
| | 536 | | | Bajaj Finance, Ltd. | | | 36,777 | |
| | 14,879 | | | Bank of Baroda | | | 30,689 | |
| | 48,052 | | | Bharat Electronics, Ltd. | | | 57,191 | |
| | 1,875 | | | Bharat Forge Ltd. | | | 17,626 | |
| | 4,538 | | | Bharti Airtel, Ltd. | | | 41,384 | |
| | 1,317 | | | Britannia Industries, Ltd. | | | 69,420 | |
| | 10,927 | | | CG Power & Industrial Solutions Ltd. | | | 39,978 | |
| | 2,073 | | | Cholamandalam Investment and Finance Co., Ltd. | | | 19,262 | |
| | 6,423 | | | Cipla, Ltd. | | | 70,497 | |
| | 24,459 | | | Coal India, Ltd. | | | 63,760 | |
| | 4,611 | | | Colgate-Palmolive India, Ltd. | | | 84,668 | |
| | 2,041 | | | Dabur India, Ltd. | | | 13,552 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | India (Continued) | |
| | 488 | | | Divi’s Laboratories, Ltd. | | $ | 16,804 | |
| | 1,820 | | | Dr. Reddy’s Laboratories, Ltd. | | | 102,627 | |
| | 687 | | | Eicher Motors, Ltd. (a) | | | 24,685 | |
| | 11,573 | | | HCL Technologies, Ltd. | | | 153,638 | |
| | 37,040 | | | Hindalco Industries, Ltd. | | | 183,649 | |
| | 2,222 | | | Hindustan Unilever, Ltd. | | | 69,392 | |
| | 6,856 | | | Housing Development Finance Corp., Ltd. | | | 219,859 | |
| | 25,648 | | | ICICI Bank, Ltd. | | | 274,086 | |
| | 10,135 | | | Indian Hotels Co., Ltd. | | | 40,123 | |
| | 14,494 | | | Indian Oil Corp, Ltd. | | | 13,768 | |
| | 1,315 | | | Indian Railway Catering & Tourism Corp., Ltd. | | | 9,191 | |
| | 21,825 | | | Infosys, Ltd. | | | 381,570 | |
| | 20,548 | | | ITC, Ltd. | | | 96,142 | |
| | 14,051 | | | Jindal Steel & Power, Ltd. | | | 93,765 | |
| | 14,098 | | | JSW Steel, Ltd. | | | 118,376 | |
| | 4,166 | | | Jubilant Foodworks, Ltd. | | | 22,376 | |
| | 1,969 | | | Larsen & Toubro Infotech, Ltd. | | | 114,659 | |
| | 5,027 | | | Larsen & Toubro, Ltd. | | | 132,694 | |
| | 9,326 | | | Mahindra & Mahindra, Ltd. | | | 131,790 | |
| | 10,424 | | | Marico, Ltd. | | | 60,961 | |
| | 265 | | | Maruti Suzuki India, Ltd. | | | 26,799 | |
| | 3,222 | | | Mphasis, Ltd. | | | 70,832 | |
| | 35 | | | MRF Ltd. | | | 35,848 | |
| | 3,914 | | | Muthoot Finance, Ltd. | | | 46,804 | |
| | 446 | | | Nestle India, Ltd. | | | 107,088 | |
| | 51,600 | | | NTPC, Ltd. | | | 110,163 | |
| | 108,248 | | | Oil & Natural Gas Corp., Ltd. | | | 199,493 | |
| | 203 | | | Page Industries, Ltd. | | | 93,773 | |
| | 10,783 | | | Petronet LNG, Ltd. | | | 30,081 | |
| | 418 | | | Pidilite Industries, Ltd. | | | 11,990 | |
| | 26,051 | | | Power Grid Corp of India, Ltd. | | | 71,721 | |
| | 13,124 | | | Reliance Industries, Ltd. | | | 373,176 | |
| | 16,763 | | | State Bank of India | | | 107,158 | |
| | 6,323 | | | Sun Pharmaceutical Industries, Ltd. | | | 75,764 | |
| | 7,477 | | | Tata Consultancy Services, Ltd. | | | 293,082 | |
| | 668 | | | Tata Elxsi, Ltd. | | | 48,640 | |
| | 19,415 | | | Tata Motors, Ltd. (a) | | | 100,028 | |
| | 156,435 | | | Tata Steel, Ltd. | | | 199,841 | |
| | 8,295 | | | Tech Mahindra, Ltd. | | | 111,822 | |
| | 526 | | | Titan Co., Ltd. | | | 16,156 | |
| | 887 | | | Tube Investments of India Ltd. | | | 27,560 | |
| | 3,804 | | | TVS Motor Co., Ltd. | | | 50,000 | |
| | 266 | | | UltraTech Cement, Ltd. | | | 24,718 | |
| | 4,447 | | | Varun Beverages, Ltd. | | | 75,243 | |
| | 13,386 | | | Vedanta, Ltd. | | | 44,842 | |
| | 7,253 | | | Wipro, Ltd. | | | 32,358 | |
| | | | | | |
|
|
|
| | | | | | | | 5,630,935 | |
| | | | | | |
|
|
|
| | | | | Indonesia - 2.13% | |
| | 1,079,491 | | | Adaro Energy Tbk PT | | | 209,258 | |
| | 175,027 | | | Astra International Tbk PT | | | 70,132 | |
| | 47,754 | | | Bank Central Asia Tbk PT | | | 27,938 | |
| | 82,986 | | | Bank Negara Indonesia Persero Tbk PT | | | 51,928 | |
| | 78,434 | | | Bank of Mandiri Persero Tbk PT | | | 54,013 | |
| | 111,277 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 35,258 | |
| | 309,753 | | | Indofood Sukses Makmur Tbk PT | | | 128,240 | |
| | 510,158 | | | Kalbe Farma Tbk PT | | | 71,499 | |
| | 518,150 | | | Sumber Alfaria Trijaya Tbk PT | | | 99,692 | |
| | 463,270 | | | Telekomunikasi Indonesia Persero Tbk PT | | | 125,798 | |
| | 337,039 | | | Unilever Indonesia Tbk PT | | | 97,784 | |
| | | | | | |
|
|
|
| | | | | | | | 971,540 | |
| | | | | | |
|
|
|
See notes to financial statements.
46
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Mexico - 2.38% | |
| | 88,214 | | | Alfa SAB de CV - Series A | | $ | 56,052 | |
| | 101,917 | | | America Movil SAB de CV (a) | | | 107,460 | |
| | 4,805 | | | Arca Continental SAB de CV | | | 43,565 | |
| | 284,957 | | | Cemex SAB de CV (a) | | | 156,869 | |
| | 2,990 | | | Coca-Cola Femsa SAB de CV | | | 24,031 | |
| | 1,743 | | | Gruma SAB de CV - Series B | | | 25,821 | |
| | 1,061 | | | Grupo Aeroportuario del Pacifico SAB de CV - Series B | | | 20,698 | |
| | 47,780 | | | Grupo Bimbo SAB de CV - Series A | | | 240,173 | |
| | 10,427 | | | Grupo Financiero Banorte SAB de CV - Series O | | | 87,790 | |
| | 28,782 | | | Grupo Financiero Inbursa SAB de CV - Series O (a) | | | 61,844 | |
| | 14,349 | | | Grupo Mexico SAB de CV - Series B | | | 67,875 | |
| | 26,029 | | | Orbia Advance Corp SAB de CV | | | 56,608 | |
| | 34,632 | | | Wal-Mart de Mexico SAB de CV | | | 138,374 | |
| | | | | | |
|
|
|
| | | | | | | | 1,087,160 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 0.08% | |
| | 3,790 | | | Pepco Group NV (a) | | | 36,505 | |
| | | | | | |
|
|
|
| | | | | Peru - 0.19% | |
| | 291 | | | Credicorp, Ltd. - ADR | | | 38,525 | |
| | 639 | | | Southern Copper Corp. (b) | | | 48,724 | |
| | | | | | |
|
|
|
| | | | | | | | 87,249 | |
| | | | | | |
|
|
|
| | | | | Poland - 0.93% | |
| | 1,019 | | | CD Projekt SA | | | 26,379 | |
| | 2,267 | | | Dino Polska SA (a) | | | 205,912 | |
| | 18 | | | LPP SA | | | 39,965 | |
| | 67,386 | | | PGE Polska Grupa Energetyczna SA (a) | | | 98,135 | |
| | 4,186 | | | Polski Koncern Naftowy Orlen SA | | | 56,503 | |
| | | | | | |
|
|
|
| | | | | | | | 426,894 | |
| | | | | | |
|
|
|
| | | | | Qatar - 1.09% | |
| | 17,004 | | | Industries Qatar QSC | | | 60,932 | |
| | 68,927 | | | Ooredoo QPSC | | | 178,010 | |
| | 10,659 | | | Qatar Islamic Bank SAQ | | | 52,242 | |
| | 33,670 | | | Qatar National Bank QPSC | | | 148,759 | |
| | 36,411 | | | The Commercial Bank PQSC | | | 58,328 | |
| | | | | | |
|
|
|
| | | | | | | | 498,271 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 12.79% | |
| | 684 | | | Amorepacific Corp. | | | 72,193 | |
| | 270 | | | BGF retail Co., Ltd. | | | 37,613 | |
| | 7,452 | | | Cheil Worldwide, Inc. | | | 106,766 | |
| | 1,964 | | | CJ Corp. | | | 157,433 | |
| | 2,940 | | | DB Insurance Co., Ltd. | | | 169,145 | |
| | 736 | | | Ecopro BM Co., Ltd. | | | 127,545 | |
| | 872 | | | F&F Co., Ltd. | | | 93,825 | |
| | 1,681 | | | GS Holdings Corp. | | | 52,144 | |
| | 3,983 | | | Hana Financial Group, Inc. | | | 124,743 | |
| | 176 | | | Hanmi Pharm Co., Ltd. | | | 34,693 | |
| | 1,222 | | | Hanwha Solutions (a) | | | 50,406 | |
| | 1,378 | | | Hanwha Galleria Co. (a) | | | 2,255 | |
| | 4,582 | | | HMM Co., Ltd. | | | 72,050 | |
| | 902 | | | Hotel Shilla Co., Ltd. | | | 56,686 | |
| | 2,031 | | | Hyundai Engineering & Construction Co., Ltd. | | | 57,118 | |
| | 151 | | | Hyundai Glovis Co., Ltd. | | | 18,441 | |
| | 1,507 | | | Hyundai Heavy Industries Holdings Co., Ltd. | | | 67,334 | |
| | 394 | | | Hyundai Mobis Co., Ltd. | | | 65,439 | |
| | 533 | | | Hyundai Motor Co. | | | 75,831 | |
| | 4,746 | | | Hyundai Steel Co. | | | 126,869 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Republic of Korea (Continued) | |
| | 14,389 | | | Industrial Bank of Korea | | $ | 111,905 | |
| | 3,696 | | | KB Financial Group, Inc. | | | 134,986 | |
| | 2,002 | | | Kia Motors Corp. | | | 124,941 | |
| | 2,697 | | | Korea Aerospace Industries Ltd. | | | 98,490 | |
| | 667 | | | Korea Investment Holdings Co., Ltd. | | | 28,312 | |
| | 2,682 | | | Korean Air Lines Co., Ltd. | | | 47,885 | |
| | 1,294 | | | KT&G Corp. | | | 83,163 | |
| | 713 | | | Kumho Petrochemical Co., Ltd. | | | 78,868 | |
| | 284 | | | L&F Co., Ltd. | | | 68,851 | |
| | 107 | | | LG Chemical, Ltd. | | | 58,764 | |
| | 805 | | | LG Electronics, Inc. | | | 71,841 | |
| | 69 | | | LG Energy Solution Ltd. (a) | | | 31,088 | |
| | 155 | | | LG Household & Health Care, Ltd. | | | 71,610 | |
| | 146 | | | LG Innotek Co., Ltd. | | | 30,618 | |
| | 15,796 | | | LG Uplus Corp. | | | 131,601 | |
| | 4,046 | | | Meritz Financial Group, Inc. | | | 120,533 | |
| | 19,803 | | | Meritz Securities Co., Ltd. | | | 92,945 | |
| | 278 | | | NCSoft Corp. | | | 79,667 | |
| | 1,994 | | | NH Investment & Securities Co., Ltd. | | | 13,517 | |
| | 1,210 | | | Orion Corp. | | | 126,995 | |
| | 9,050 | | | Pan Ocean Co., Ltd. | | | 40,569 | |
| | 134 | | | POSCO Holdings, Inc. | | | 37,911 | |
| | 492 | | | POSCO Chemical Co., Ltd. | | | 103,698 | |
| | 277 | | | Samsung Electro-Mechanics Co., Ltd. | | | 32,706 | |
| | 32,358 | | | Samsung Electronics Co., Ltd. | | | 1,600,134 | |
| | 2,697 | | | Samsung Engineering Co., Ltd. (a) | | | 65,912 | |
| | 214 | | | Samsung Fire & Marine Insurance Co., Ltd. | | | 33,827 | |
| | 173 | | | Samsung SDI Co., Ltd. | | | 98,271 | |
| | 2,897 | | | Samsung Securities Co., Ltd. | | | 70,812 | |
| | 1,177 | | | SD Biosensor, Inc. | | | 19,153 | |
| | 5,446 | | | Shinhan Financial Group Co., Ltd. | | | 147,942 | |
| | 425 | | | SK Biopharmaceuticals Co., Ltd. (a) | | | 20,711 | |
| | 3,100 | | | SK Hynix, Inc. | | | 212,148 | |
| | 1,956 | | | Woongjin Coway Co., Ltd. | | | 78,943 | |
| | 12,323 | | | Woori Financial Group, Inc. | | | 108,402 | |
| | | | | | |
|
|
|
| | | | | | | | 5,846,248 | |
| | | | | | |
|
|
|
| | | | | Russian Federation - 0.00% | |
| | 44,711 | | | Gazprom PJSC - ADR (a)(e)(f)(g) | | | 0 | |
| | 3,704 | | | Lukoil PJSC - ADR (a)(e)(f)(g) | | | 0 | |
| | 1,815 | | | Magnit PJSC - ADR (a)(d)(e)(f)(g) | | | 0 | |
| | 5,783 | | | MMC Norilsk Nickel PJSC - ADR (a)(e)(f)(g) | | | 0 | |
| | 4,954 | | | Novolipetsk Steel PJSC - ADR (e)(f)(g) | | | 0 | |
| | 5,230 | | | PhosAgro PJSC (a)(d)(e)(f)(g) | | | 0 | |
| | 994 | | | Polyus PJSC - GDR - ADR (d)(e)(f)(g) | | | 0 | |
| | 13,382 | | | Rosneft Oil Co PJSC (e)(f)(g) | | | 0 | |
| | 120,116 | | | Sberbank Of Russia (a)(e)(f)(g) | | | 0 | |
| | 21,281 | | | Surgutneftegas OJSC - ADR (a)(e)(f)(g) | | | 0 | |
| | 4,243 | | | Tatneft PJSC - ADR (a)(e)(f)(g) | | | 0 | |
| | 128,418,000 | | | VTB Bank PJSC (a)(e)(f)(g) | | | 0 | |
| | 3,865 | | | X5 Retail Group NV - ADR (d)(e)(f)(g) | | | 0 | |
| | 2,515 | | | Yandex NV - Class A - ADR (a)(e)(f)(g) | | | 0 | |
| | | | | | |
|
|
|
| | | | | | | | 0 | |
| | | | | | |
|
|
|
| | | | | Singapore - 0.04% | |
| | 2,640 | | | BOC Aviation, Ltd. | | | 20,473 | |
| | | | | | |
|
|
|
| | | | | South Africa - 4.25% | |
| | 13,641 | | | Absa Group, Ltd. | | | 139,429 | |
| | 2,453 | | | African Rainbow Minerals, Ltd. | | | 31,903 | |
| | 682 | | | Anglo American Platinum, Ltd. | | | 36,611 | |
See notes to financial statements.
47
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | South Africa (Continued) | |
| | 3,686 | | | Aspen Pharmacare Holdings, Ltd. | | $ | 38,113 | |
| | 5,009 | | | Bid Corp., Ltd. | | | 112,108 | |
| | 222 | | | Capitec Bank Holdings, Ltd. | | | 21,043 | |
| | 3,652 | | | Clicks Group, Ltd. | | | 52,535 | |
| | 3,430 | | | Exxaro Resources, Ltd. | | | 35,850 | |
| | 27,764 | | | FirstRand, Ltd. | | | 94,103 | |
| | 3,210 | | | Gold Fields, Ltd. | | | 43,000 | |
| | 10,423 | | | Impala Platinum Holdings, Ltd. | | | 95,937 | |
| | 3,716 | | | Kumba Iron Ore, Ltd. | | | 93,956 | |
| | 5,550 | | | Mr. Price Group, Ltd. | | | 44,949 | |
| | 17,584 | | | MTN Group, Ltd. | | | 125,980 | |
| | 12,030 | | | MultiChoice Group, Ltd. | | | 83,598 | |
| | 670 | | | Naspers, Ltd. - N Shares | | | 124,147 | |
| | 9,293 | | | Nedbank Group, Ltd. | | | 113,390 | |
| | 58,167 | | | Old Mutual, Ltd. | | | 38,558 | |
| | 27,124 | | | OUTsurance Group Ltd. | | | 53,212 | |
| | 24,798 | | | Pepkor Holdings, Ltd. | | | 24,011 | |
| | 2,448 | | | Remgro, Ltd. | | | 18,483 | |
| | 5,007 | | | Sasol, Ltd. | | | 67,663 | |
| | 4,548 | | | Shoprite Holdings, Ltd. | | | 56,756 | |
| | 30,641 | | | Sibanye Stillwater, Ltd. | | | 63,268 | |
| | 12,903 | | | Standard Bank Group, Ltd. | | | 125,105 | |
| | 4,392 | | | The Bidvest Group, Ltd. | | | 62,512 | |
| | 41,122 | | | Woolworths Holdings, Ltd. | | | 147,720 | |
| | | | | | |
|
|
|
| | | | | | | | 1,943,940 | |
| | | | | | |
|
|
|
| | | | | South Korea - 0.29% | |
| | 2,093 | | | Lotte Shopping Co., Ltd. | | | 132,080 | |
| | | | | | |
|
|
|
| | | | | Taiwan, Province of China - 14.09% | |
| | 3,162 | | | Accton Technology Corp. | | | 33,233 | |
| | 5,147 | | | Advantech Co., Ltd. | | | 62,967 | |
| | 9,799 | | | ASE Technology Holding Co., Ltd. | | | 36,365 | |
| | 13,151 | | | Catcher Technology Co., Ltd. | | | 82,211 | |
| | 34,148 | | | Cathay Financial Holding Co., Ltd. | | | 47,017 | |
| | 2,728 | | | Chailease Holding Co., Ltd. | | | 20,063 | |
| | 44,823 | | | Chang Hwa Commercial Bank, Ltd. | | | 25,589 | |
| | 135,776 | | | China Development Financial Holding Corp. | | | 56,181 | |
| | 4,797 | | | Chunghwa Telecom Co., Ltd. | | | 18,857 | |
| | 88,408 | | | Compal Electronics, Inc. | | | 73,423 | |
| | 50,572 | | | CTBC Financial Holding Co., Ltd. | | | 36,418 | |
| | 7,845 | | | Delta Electronics, Inc. | | | 77,835 | |
| | 11,343 | | | E Ink Holdings, Inc. | | | 69,234 | |
| | 2,098 | | | eMemory Technology, Inc. | | | 129,149 | |
| | 38,043 | | | Eva Airways Corp. | | | 33,760 | |
| | 30,495 | | | Evergreen Marine Corp. Taiwan, Ltd. | | | 159,714 | |
| | 101,653 | | | Far Eastern New Century Corp. | | | 104,623 | |
| | 12,586 | | | Far EasTone Telecommunications Co., Ltd. | | | 31,105 | |
| | 7,996 | | | Feng TAY Enterprise Co., Ltd. | | | 50,898 | |
| | 73,633 | | | First Financial Holding Co., Ltd. | | | 64,090 | |
| | 32,871 | | | Fubon Financial Holding Co., Ltd. | | | 61,176 | |
| | 44,663 | | | Hon Hai Precision Industry Co., Ltd. | | | 152,881 | |
| | 111,471 | | | Hua Nan Financial Holdings Co., Ltd. | | | 82,004 | |
| | 9,446 | | | MediaTek, Inc. | | | 244,898 | |
| | 9,860 | | | Micro-Star International Co., Ltd. | | | 46,866 | |
| | 1,837 | | | momo.com, Inc. | | | 54,726 | |
| | 3,737 | | | Nan Ya Printed Circuit Board Corp. | | | 35,031 | |
| | 7,162 | | | Nien Made Enterprise Co., Ltd. | | | 77,134 | |
| | 9,424 | | | Novatek Microelectronics Corp. | | | 133,920 | |
| | 5,259 | | | Pegatron Corp. | | | 12,068 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Taiwan, Province of China (Continued) | |
| | 3,583 | | | PharmaEssentia Corp. (a) | | $ | 50,422 | |
| | 14,115 | | | President Chain Store Corp. | | | 125,094 | |
| | 12,817 | | | Realtek Semiconductor Corp. | | | 163,601 | |
| | 15,402 | | | Ruentex Development Co., Ltd. | | | 17,937 | |
| | 140,486 | | | Shin Kong Financial Holding Co., Ltd. | | | 38,962 | |
| | 90,191 | | | SinoPac Financial Holdings Co., Ltd. | | | 49,312 | |
| | 136,710 | | | Taiwan Business Bank | | | 60,549 | |
| | 82,531 | | | Taiwan Cooperative Financial Holding Co., Ltd. | | | 70,873 | |
| | 8,931 | | | Taiwan Mobile Co., Ltd. | | | 29,634 | |
| | 165,995 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 2,909,000 | |
| | 27,459 | | | The Shanghai Commercial & Savings Bank, Ltd. | | | 42,381 | |
| | 11,481 | | | Unimicron Technology Corp. | | | 55,996 | |
| | 89,066 | | | Uni-President Enterprises Corp. | | | 210,551 | |
| | 93,712 | | | United Microelectronics Corp. | | | 163,990 | |
| | 47,164 | | | Walsin Lihwa Corp. | | | 75,962 | |
| | 26,116 | | | Wan Hai Lines, Ltd. | | | 59,106 | |
| | 38,824 | | | Winbond Electronics Corp. | | | 33,969 | |
| | 53,140 | | | Yang Ming Marine Transport Corp. | | | 112,813 | |
| | 73,960 | | | Yuanta Financial Holding Co., Ltd. | | | 54,389 | |
| | | | | | |
|
|
|
| | | | | | | | 6,437,977 | |
| | | | | | |
|
|
|
| | | | | Thailand - 1.58% | |
| | 6,760 | | | Advanced Info Service PLC - NVDR | | | 41,933 | |
| | 31,708 | | | Airports of Thailand PLC - NVDR (a) | | | 65,893 | |
| | 253,279 | | | Asset World Corp PLC | | | 43,010 | |
| | 27,250 | | | Bangkok Dusit Medical Services PLC | | | 23,525 | |
| | 163,330 | | | Banpu Public Co., Ltd. - NVDR | | | 51,664 | |
| | 6,853 | | | Bumrungrad Hospital PLC - NVDR | | | 45,347 | |
| | 32,430 | | | Central Pattana PLC - NVDR | | | 65,306 | |
| | 16,704 | | | Central Retail Corp PLC | | | 21,925 | |
| | 4,020 | | | Delta Electronics Thailand PLC - NVDR | | | 134,873 | |
| | 6,767 | | | Electricity Generating PLC - NVDR | | | 30,813 | |
| | 11,397 | | | Gulf Energy Development PLC - NVDR | | | 17,616 | |
| | 45,073 | | | Home Product Center PLC - NVDR | | | 19,029 | |
| | 115,383 | | | Krung Thai Bank PLC | | | 55,717 | |
| | 11,163 | | | Krungthai Card PLC | | | 17,734 | |
| | 60,632 | | | Osotspa PLC - NVDR | | | 54,569 | |
| | 7,808 | | | PTT Exploration & Production PLC | | | 34,311 | |
| | | | | | |
|
|
|
| | | | | | | | 723,265 | |
| | | | | | |
|
|
|
| | | | | Turkey - 2.16% | |
| | 120,011 | | | Akbank Turk AS | | | 106,190 | |
| | 15,190 | | | BIM Birlesik Magazalar AS | | | 117,978 | |
| | 19,325 | | | Haci Omer Sabanci Holding AS | | | 39,968 | |
| | 43,730 | | | KOC Holding AS | | | 174,676 | |
| | 20,353 | | | Turk Hava Yollari AO (a) | | | 126,035 | |
| | 38,327 | | | Turkcell Iletisim Hizmetleri AS | | | 64,137 | |
| | 466,400 | | | Turkiye Is Bankasi - Series C | | | 315,755 | |
| | 82,783 | | | Yapi ve Kredi Bankasi AS | | | 41,464 | |
| | | | | | |
|
|
|
| | | | | | | | 986,203 | |
| | | | | | |
|
|
|
| | | | | United Arab Emirates - 1.15% | |
| | 24,201 | | | Abu Dhabi Commercial Bank PJSC | | | 54,768 | |
| | 17,866 | | | Abu Dhabi Islamic Bank PJSC | | | 48,593 | |
| | 63,845 | | | Abu Dhabi National Oil Co. for Distribution PJSC | | | 72,668 | |
| | 86,422 | | | Aldar Properties PJSC | | | 109,597 | |
| | 89,456 | | | Emaar Properties PJSC | | | 136,689 | |
| | 9,317 | | | Emirates NBD Bank PJSC | | | 33,341 | |
| | 4,091 | | | Emirates Telecommunications Group Co. PJSC | | | 24,580 | |
See notes to financial statements.
48
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | United Arab Emirates (Continued) | |
| | 12,473 | | | First Abu Dhabi Bank PJSC | | $ | 43,808 | |
| | | | | | |
|
|
|
| | | | | | | | 524,044 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $37,528,675) | | | 42,569,965 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 5.93% | |
| | | | | China - 1.95% | |
| | 18,271 | | | iShares Core MSCI Emerging Markets ETF (b) | | | 891,442 | |
| | | | | | |
|
|
|
| | | | | Saudi Arabia - 3.98% | | | | |
| | 46,998 | | | iShares MSCI Saudi Arabia ETF (b) | | | 1,820,233 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $2,402,084) | | | 2,711,675 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 2.39% | |
| | | | | Brazil - 1.66% | |
| | 28,116 | | | Banco Bradesco SA - Preference Shares | | | 73,279 | |
| | 4,834 | | | Centrais Eletricas Brasileiras SA - Preference Shares | | | 34,564 | |
| | 49,016 | | | Cia Energetica de Minas Gerais - Preference Shares | | | 110,924 | |
| | 23,814 | | | Gerdau SA - Preference Shares | | | 118,872 | |
| | 37,716 | | | Itau Unibanco Holding SA - Preference Shares | | | 184,917 | |
| | 51,087 | | | Petroleo Brasileiro SA - Preference Shares | | | 235,858 | |
| | | | | | |
|
|
|
| | | | | | | | 758,414 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.19% | |
| | 1,083 | | | Sociedad Quimica y Minera de Chile SA - Class B | | | 87,022 | |
| | | | | | |
|
|
|
| | | | | Republic of Korea - 0.54% | |
| | 446 | | | Hyundai Motor Co. - 1st Preference Shares | | | 32,424 | |
| | 487 | | | Hyundai Motor Co. - 2nd Preference Shares | | | 35,973 | |
| | 4,305 | | | Samsung Electronics Co., Ltd. - Preference Shares | | | 179,151 | |
| | | | | | |
|
|
|
| | | | | | | | 247,548 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $870,403) | | | 1,092,984 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.05% | |
| | | | | Mexico - 0.05% | |
| | 14,555 | | | Fibra Uno Administracion SA de CV | | | 20,379 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $19,239) | | | 20,379 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.43% | |
| | | | | Money Market Funds - 0.43% | |
| | 196,628 | | | JPMorgan US Government Money Market Fund Effective Yield, 4.73% (c) | | $ | 196,628 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $196,628) | | | 196,628 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.44% | |
| | 2,941,322 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c) | | | 2,941,322 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $2,941,322) | | | 2,941,322 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $43,958,351) - 108.39% | | | 49,532,953 | |
| | | | | Liabilities in Excess of
Other Assets - (8.39)% | | | (3,833,689 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 45,699,264 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Non-income producing security. |
| (b) | | All or portion of this security is on loan. |
| (c) | | Seven-day yield as of March 31, 2023. |
| (d) | | Regulation S securities, as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets. |
| (e) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (f) | | As of March 31, 2023, the Valuation Committee has fair valued these securities. The value of these securities were $22,633, which represents 0.05% of total net assets. |
| (g) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $22,633, which represents 0.05% of total net assets. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
| GDR | | - | | Global Depositary Receipt |
| NVDR | | - | | Non-Voting Depositary Receipt |
See notes to financial statements.
49
GuideMark Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2023
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 0.34% | |
Air Freight & Logistics | | | 0.11% | |
Airlines | | | 0.45% | |
Auto Components | | | 0.39% | |
Automobiles | | | 1.67% | |
Banks | | | 11.06% | |
Beverages | | | 1.74% | |
Biotechnology | | | 0.66% | |
Broadline Retail | | | 2.91% | |
Building Products | | | 0.11% | |
Capital Markets | | | 1.10% | |
Chemicals | | | 0.96% | |
Commercial Services & Supplies | | | 0.12% | |
Communications Equipment | | | 0.20% | |
Construction & Engineering | | | 0.73% | |
Construction Materials | | | 1.00% | |
Consumer Finance | | | 0.55% | |
Consumer Staples Distribution & Retail | | | 0.32% | |
Department Stores | | | 0.29% | |
Distributors | | | 0.12% | |
Diversified Consumer Services | | | 0.33% | |
Diversified Financial Services | | | 0.60% | |
Diversified Telecommunication Services | | | 1.36% | |
Electric Utilities | | | 0.52% | |
Electrical Equipment | | | 0.79% | |
Electronic Equipment, Instruments & Components | | | 1.96% | |
Energy Equipment & Services | | | 0.16% | |
Entertainment | | | 0.60% | |
Financial Services | | | 0.04% | |
Food & Staples Retailing | | | 2.24% | |
Food Products | | | 3.11% | |
Gas Utilities | | | 0.03% | |
Health Care Equipment & Supplies | | | 0.13% | |
Health Care Providers & Services | | | 0.52% | |
Health Care Technology | | | 0.06% | |
Hotels, Restaurants & Leisure | | | 1.39% | |
Household Durables | | | 1.08% | |
Household Products | | | 0.31% | |
Independent Power and Renewable Electricity Producers | | | 0.57% | |
Industrial Conglomerates | | | 1.76% | |
Insurance | | | 2.52% | |
Interactive Media & Services | | | 0.54% | |
Internet & Direct Marketing Retail | | | 1.89% | |
Internet Software & Services | | | 0.00% | |
IT Services | | | 6.84% | |
Life Sciences Tools & Services | | | 0.07% | |
Machinery | | | 0.15% | |
Marine | | | 0.77% | |
Marine Transportation | | | 0.65% | |
Media | | | 0.76% | |
| | | | |
| | | | | |
Metals & Mining | | | 4.26% | |
Multiline Retail | | | 0.45% | |
Oil, Gas & Consumable Fuels | | | 6.01% | |
Paper & Forest Products | | | 0.10% | |
Passenger Airlines | | | 0.10% | |
Personal Products | | | 1.05% | |
Pharmaceuticals | | | 3.37% | |
Real Estate Management & Development | | | 1.54% | |
Semiconductors & Semiconductor Equipment | | | 12.75% | |
Software | | | 0.56% | |
Specialty Retail | | | 0.96% | |
Technology Hardware, Storage & Peripherals | | | 0.97% | |
Textiles, Apparel & Luxury Goods | | | 1.54% | |
Thrifts & Mortgage Finance | | | 0.48% | |
Tobacco | | | 0.39% | |
Trading Companies & Distributors | | | 0.47% | |
Transportation Infrastructure | | | 0.22% | |
Water Utilities | | | 0.20% | |
Wireless Telecommunication Services | | | 1.15% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 93.15% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
International Equity Funds | | | 5.93% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 5.93% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Automobiles | | | 0.15% | |
Banks | | | 0.56% | |
Chemicals | | | 0.19% | |
Electric Utilities | | | 0.32% | |
Metals & Mining | | | 0.26% | |
Oil, Gas & Consumable Fuels | | | 0.52% | |
Semiconductors & Semiconductor Equipment | | | 0.39% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 2.39% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Equity Real Estate Investment Trusts (REITs) | | | 0.05% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.05% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.43% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.43% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | | |
Private Investment Funds | | | 6.44% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 6.44% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 108.39% | |
Liabilities in Excess of Other Assets | | | (8.39)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
See notes to financial statements.
50
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 89.75% | |
| | | | | Aerospace & Defense - 1.16% | |
| | 1,220 | | | AAR Corp. (a) | | $ | 66,551 | |
| | 476 | | | Aerojet Rocketdyne Holdings, Inc. (a)(b) | | | 26,737 | |
| | 938 | | | Axon Enterprise, Inc. (a) | | | 210,909 | |
| | 326 | | | BWX Technologies, Inc. | | | 20,551 | |
| | 567 | | | Curtiss-Wright Corp. (b) | | | 99,939 | |
| | 684 | | | Ducommun, Inc. (a) | | | 37,422 | |
| | 647 | | | Hexcel Corp. (b) | | | 44,158 | |
| | 3,348 | | | Howmet Aerospace, Inc. | | | 141,855 | |
| | 485 | | | Huntington Ingalls Industries, Inc. (b) | | | 100,405 | |
| | 660 | | | Moog, Inc. - Class A | | | 66,495 | |
| | 908 | | | Parsons Corp. (a) | | | 40,624 | |
| | 2,897 | | | Textron, Inc. | | | 204,615 | |
| | 1,164 | | | V2X, Inc. (a) | | | 46,234 | |
| | | | | | |
|
|
|
| | | | | | | | 1,106,495 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.30% | |
| | 981 | | | Air Transport Services Group, Inc. (a) | | | 20,434 | |
| | 541 | | | Forward Air Corp. (b) | | | 58,298 | |
| | 1,186 | | | GXO Logistics, Inc. (a)(b) | | | 59,846 | |
| | 732 | | | Hub Group, Inc. - Class A (a) | | | 61,444 | |
| | 8,035 | | | Radiant Logistics, Inc. (a) | | | 52,710 | |
| | 978 | | | XPO Logistics, Inc. (a) | | | 31,198 | |
| | | | | | |
|
|
|
| | | | | | | | 283,930 | |
| | | | | | |
|
|
|
| | | | | Airlines - 0.16% | |
| | 1,405 | | | Alaska Air Group, Inc. (a) | | | 58,954 | |
| | 2,672 | | | American Airlines Group, Inc. (a) | | | 39,412 | |
| | 2,954 | | | JetBlue Airways Corp. (a) | | | 21,505 | |
| | 3,835 | | | Joby Aviation, Inc. (a) | | | 16,644 | |
| | 750 | | | SkyWest, Inc. (a) | | | 16,627 | |
| | | | | | |
|
|
|
| | | | | | | | 153,142 | |
| | | | | | |
|
|
|
| | | | | Auto Components - 0.83% | |
| | 1,357 | | | Adient PLC - ADR (a) | | | 55,583 | |
| | 3,589 | | | American Axle & Manufacturing Holdings, Inc. (a)(b) | | | 28,030 | |
| | 2,430 | | | BorgWarner, Inc. | | | 119,337 | |
| | 807 | | | Dana, Inc. (b) | | | 12,145 | |
| | 404 | | | Dorman Products, Inc. (a) | | | 34,849 | |
| | 381 | | | Fox Factory Holding Corp. (a)(b) | | | 46,242 | |
| | 2,920 | | | Gentex Corp. | | | 81,848 | |
| | 464 | | | Gentherm, Inc. (a) | | | 28,035 | |
| | 4,193 | | | Goodyear Tire & Rubber Co. (a)(b) | | | 46,207 | |
| | 425 | | | LCI Industries (b) | | | 46,695 | |
| | 513 | | | Lear Corp. | | | 71,558 | |
| | 2,834 | | | Modine Manufacturing Co. (a) | | | 65,324 | |
| | 894 | | | Standard Motor Products, Inc. | | | 32,998 | |
| | 1,319 | | | Stoneridge, Inc. (a) | | | 24,665 | |
| | 147 | | | Visteon Corp. (a) | | | 23,054 | |
| | 1,020 | | | XPEL, Inc. (a) | | | 69,309 | |
| | | | | | |
|
|
|
| | | | | | | | 785,879 | |
| | | | | | |
|
|
|
| | | | | Automobiles - 0.17% | |
| | 1,852 | | | Harley-Davidson, Inc. (b) | | | 70,320 | |
| | 722 | | | Thor Industries, Inc. (b) | | | 57,500 | |
| | 674 | | | Winnebago Industries, Inc. (b) | | | 38,890 | |
| | | | | | |
|
|
|
| | | | | | | | 166,710 | |
| | | | | | |
|
|
|
| | | | | Banks - 5.02% | |
| | 624 | | | Amerant Bancorp, Inc. | | | 13,578 | |
| | 1,128 | | | Ameris Bancorp (b) | | | 41,262 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 2,420 | | | Associated Banc-Corp. | | $ | 43,512 | |
| | 975 | | | Atlantic Union Bankshares Corp. (b) | | | 34,174 | |
| | 195 | | | BancFirst Corp. | | | 16,204 | |
| | 2,010 | | | Banco Latinoamericano de Comercio Exterior SA - Class E - ADR | | | 34,934 | |
| | 3,049 | | | Bancorp, Inc. (a) | | | 84,915 | |
| | 590 | | | Bank of Hawaii Corp. (b) | | | 30,727 | |
| | 1,563 | | | Bank OZK (b) | | | 53,455 | |
| | 1,297 | | | BankUnited, Inc. | | | 29,286 | |
| | 2,411 | | | Blue Ridge Bankshares Inc. | | | 24,592 | |
| | 429 | | | BOK Financial Corp. | | | 36,212 | |
| | 993 | | | Business First Bancshares, Inc. | | | 17,010 | |
| | 943 | | | Byline Bancorp, Inc. | | | 20,388 | |
| | 2,799 | | | Cadence Bank (b) | | | 58,107 | |
| | 261 | | | Cambridge Bancorp | | | 16,915 | |
| | 481 | | | Camden National Corp. | | | 17,407 | |
| | 1,993 | | | Capital Bancorp, Inc. | | | 33,164 | |
| | 1,616 | | | Capstar Financial Holdings, Inc. | | | 24,482 | |
| | 1,275 | | | Cathay General Bancorp | | | 44,013 | |
| | 815 | | | Central Pacific Financial Corp. | | | 14,588 | |
| | 340 | | | City Holding Co. | | | 30,899 | |
| | 933 | | | Civista Bancshares, Inc. | | | 15,749 | |
| | 1,331 | | | CNB Financial Corp. | | | 25,555 | |
| | 1,036 | | | Coastal Financial Corp. (a) | | | 37,306 | |
| | 2,289 | | | Columbia Banking System, Inc. | | | 49,030 | |
| | 1,806 | | | Columbia Financial, Inc. (a) | | | 33,014 | |
| | 2,369 | | | Comerica, Inc. (b) | | | 102,862 | |
| | 1,459 | | | Commerce Bancshares, Inc. (b) | | | 85,133 | |
| | 304 | | | Community Bank Systems, Inc. | | | 15,957 | |
| | 1,094 | | | ConnectOne Bancorp, Inc. | | | 19,342 | |
| | 500 | | | Cullen Frost Bankers, Inc. (b) | | | 52,670 | |
| | 2,096 | | | Customers Bancorp, Inc. (a) | | | 38,818 | |
| | 1,254 | | | CVB Financial Corp. | | | 20,917 | |
| | 988 | | | Dime Community Bancshares, Inc. | | | 22,447 | |
| | 579 | | | Eagle Bancorp, Inc. | | | 19,379 | |
| | 2,323 | | | East West Bancorp, Inc. (b) | | | 128,927 | |
| | 1,635 | | | Eastern Bankshares, Inc. | | | 20,634 | |
| | 417 | | | Enterprise Bancorp, Inc. | | | 13,119 | |
| | 1,168 | | | Enterprise Financial Services Corp. | | | 52,081 | |
| | 1,035 | | | Equity Bancshares, Inc. - Class A | | | 25,223 | |
| | 4,067 | | | F.N.B. Corp. (b) | | | 47,177 | |
| | 528 | | | FB Financial Corp. | | | 16,410 | |
| | 1,462 | | | Financial Institutions, Inc. | | | 28,187 | |
| | 785 | | | First Bancorp (North Carolina) (b) | | | 27,883 | |
| | 5,140 | | | First BanCorp (Puerto Rico) - ADR | | | 58,699 | |
| | 854 | | | First Bancshares, Inc. | | | 22,059 | |
| | 2,391 | | | First Bank (b) | | | 24,149 | |
| | 1,247 | | | First Busey Corp. | | | 25,364 | |
| | 146 | | | First Citizens BancShares, Inc. - Class A (b) | | | 142,073 | |
| | 2,384 | | | First Commonwealth Financial Corp. | | | 29,633 | |
| | 676 | | | First Community Bancshares, Inc. | | | 16,934 | |
| | 1,512 | | | First Financial Bancorp. | | | 32,916 | |
| | 1,365 | | | First Financial Bankshares, Inc. | | | 43,544 | |
| | 792 | | | First Financial Corp. | | | 29,684 | |
| | 1,585 | | | First Hawaiian, Inc. | | | 32,699 | |
| | 7,822 | | | First Horizon National Corp. | | | 139,075 | |
| | 1,030 | | | First Internet Bancorp | | | 17,150 | |
| | 450 | | | First Interstate BancSystem, Inc. - Class A | | | 13,437 | |
| | 3,010 | | | Fulton Financial Corp. | | | 41,598 | |
| | 571 | | | German American Bancorp, Inc. | | | 19,054 | |
See notes to financial statements.
51
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Banks (Continued) | |
| | 1,277 | | | Glacier Bancorp, Inc. (b) | | $ | 53,647 | |
| | 1,511 | | | Hancock Whitney Corp. (b) | | | 55,000 | |
| | 2,112 | | | Hanmi Financial Corp. | | | 39,220 | |
| | 2,308 | | | HarborOne Bancorp, Inc. | | | 28,158 | |
| | 1,650 | | | HBT Financial, Inc. | | | 32,538 | |
| | 682 | | | Heartland Financial U.S.A., Inc. | | | 26,162 | |
| | 1,176 | | | Hilltop Holdings, Inc. | | | 34,892 | |
| | 932 | | | Home BancShares, Inc. (b) | | | 20,234 | |
| | 1,149 | | | HomeTrust Bancshares, Inc. | | | 28,254 | |
| | 3,219 | | | Hope Bancorp, Inc. | | | 31,611 | |
| | 383 | | | Independent Bank Corp. | | | 25,132 | |
| | 1,337 | | | Independent Bank Corp. | | | 23,758 | |
| | 551 | | | Independent Bank Group, Inc. | | | 25,539 | |
| | 1,757 | | | Kearny Financial Corp. | | | 14,267 | |
| | 1,211 | | | Lakeland Bancorp, Inc. | | | 18,940 | |
| | 573 | | | Lakeland Financial Corp. | | | 35,893 | |
| | 876 | | | Live Oak Bancshares, Inc. (b) | | | 21,348 | |
| | 2,399 | | | Luther Burbank Corp. | | | 22,743 | |
| | 1,080 | | | Mercantile Bank Corp. | | | 33,026 | |
| | 1,438 | | | Metrocity Bankshares, Inc. | | | 24,575 | |
| | 348 | | | Metropolitan Bank Holding Corp. (a) | | | 11,794 | |
| | 822 | | | Mid Penn Bancorp, Inc. | | | 21,051 | |
| | 1,269 | | | Midland States Bancorp, Inc. | | | 27,182 | |
| | 1,015 | | | MidWestOne Financial Group, Inc. | | | 24,786 | |
| | 971 | | | MVB Financial Corp. | | | 20,041 | |
| | 519 | | | National Bank Holdings Corp. - Class A | | | 17,366 | |
| | 727 | | | NBT Bancorp, Inc. | | | 24,507 | |
| | 328 | | | Nicolet Bankshares, Inc. (a) | | | 20,680 | |
| | 1,437 | | | OFG Bancorp - ADR | | | 35,839 | |
| | 2,825 | | | Old National Bancorp (b) | | | 40,737 | |
| | 1,813 | | | Old Second Bancorp, Inc. | | | 25,491 | |
| | 716 | | | Origin Bancorp, Inc. | | | 23,019 | |
| | 1,386 | | | Orrstown Financial Services, Inc. | | | 27,526 | |
| | 963 | | | Pacific Premier Bancorp, Inc. | | | 23,131 | |
| | 2,153 | | | PacWest Bancorp (b) | | | 20,949 | |
| | 229 | | | Park National Corp. | | | 27,153 | |
| | 671 | | | Peapack Gladstone Financial Corp. | | | 19,875 | |
| | 874 | | | Pinnacle Financial Partners, Inc. | | | 48,210 | |
| | 1,178 | | | Popular, Inc. - ADR | | | 67,629 | |
| | 551 | | | Preferred Bank (b) | | | 30,200 | |
| | 738 | | | Premier Financial Corp. | | | 15,299 | |
| | 971 | | | Prosperity Bancshares, Inc. (b) | | | 59,736 | |
| | 586 | | | QCR Holdings, Inc. | | | 25,731 | |
| | 1,313 | | | RBB Bancorp | | | 20,352 | |
| | 435 | | | Republic Bancorp, Inc. - Class A | | | 18,457 | |
| | 1,011 | | | S&T Bancorp, Inc. | | | 31,796 | |
| | 695 | | | Sandy Spring Bancorp, Inc. | | | 18,056 | |
| | 985 | | | ServisFirst Bancshares, Inc. (b) | | | 53,811 | |
| | 1,861 | | | Simmons First National Corp. - Class A | | | 32,549 | |
| | 865 | | | SmartFinancial, Inc. | | | 20,016 | |
| | 1,398 | | | South Plains Financial, Inc. | | | 29,931 | |
| | 1,043 | | | South State Corp. (b) | | | 74,324 | |
| | 424 | | | Southern First Bancshares, Inc. (a) | | | 13,017 | |
| | 547 | | | Southside Bancshares, Inc. | | | 18,160 | |
| | 549 | | | Stock Yards Bancorp, Inc. | | | 30,272 | |
| | 1,277 | | | Summit Financial Group, Inc. | | | 26,498 | |
| | 2,558 | | | Synovus Financial Corp. | | | 78,863 | |
| | 675 | | | Texas Capital Bancshares, Inc. (a)(b) | | | 33,048 | |
| | 1,000 | | | The Bank of N.T. Butterfield & Son, Ltd. - ADR | | | 27,000 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 1,049 | | | TowneBank | | $ | 27,956 | |
| | 500 | | | Triumph Bancorp, Inc. (a) | | | 29,030 | |
| | 1,050 | | | Trustmark Corp. | | | 25,935 | |
| | 669 | | | UMB Financial Corp. | | | 38,615 | |
| | 1,585 | | | United Bankshares, Inc. (b) | | | 55,792 | |
| | 2,294 | | | United Community Banks, Inc. | | | 64,507 | |
| | 1,224 | | | Univest Corp. of Pennsylvania | | | 29,058 | |
| | 5,260 | | | Valley National Bancorp (b) | | | 48,602 | |
| | 909 | | | Veritex Holdings, Inc. | | | 16,598 | |
| | 527 | | | Washington Trust Bancorp, Inc. | | | 18,266 | |
| | 1,620 | | | Webster Financial Corp. | | | 63,860 | |
| | 1,440 | | | WesBanco, Inc. | | | 44,208 | |
| | 1,329 | | | West Bancorporation, Inc. | | | 24,281 | |
| | 1,946 | | | Western Alliance Bancorp (b) | | | 69,161 | |
| | 851 | | | Wintrust Financial Corp. (b) | | | 62,080 | |
| | 2,824 | | | Zions Bancorporation (b) | | | 84,522 | |
| | | | | | |
|
|
|
| | | | | | | | 4,787,202 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.45% | |
| | 171 | | | Boston Beer Co., Inc. - Class A (a)(b) | | | 56,208 | |
| | 690 | | | Celsius Holdings, Inc. (a) | | | 64,129 | |
| | 252 | | | Coca-Cola Consolidated, Inc. | | | 134,840 | |
| | 478 | | | MGP Ingredients, Inc. | | | 46,232 | |
| | 1,321 | | | National Beverage Corp. (a) | | | 69,643 | |
| | 3,800 | | | Primo Water Corp. - ADR | | | 58,330 | |
| | | | | | |
|
|
|
| | | | | | | | 429,382 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.43% | |
| | 3,712 | | | ACADIA Pharmaceuticals, Inc. (a) | | | 69,860 | |
| | 4,854 | | | Achillion Pharmaceuticals, Inc. (a)(c)(e)(f) | | | 2,233 | |
| | 1,181 | | | Aduro Biotech, Inc. (a)(c)(e)(f) | | | 0 | |
| | 4,144 | | | Alkermes PLC - ADR (a) | | | 116,819 | |
| | 1,560 | | | Amicus Therapeutics, Inc. (a) | | | 17,300 | |
| | 666 | | | Apellis Pharmaceuticals, Inc. (a) | | | 43,929 | |
| | 2,672 | | | Arcus Biosciences, Inc. (a) | | | 48,737 | |
| | 1,051 | | | CareDx, Inc. (a) | | | 9,606 | |
| | 10,835 | | | Catalyst Pharmaceuticals, Inc. (a) | | | 179,644 | |
| | 4,694 | | | Coherus Biosciences, Inc. (a) | | | 32,107 | |
| | 653 | | | Cytokinetics, Inc. (a)(b) | | | 22,979 | |
| | 7,358 | | | Dynavax Technologies Corp. (a)(b) | | | 72,182 | |
| | 3,593 | | | Eagle Pharmaceuticals, Inc. (a) | | | 101,934 | |
| | 3,690 | | | Emergent BioSolutions, Inc. (a) | | | 38,228 | |
| | 618 | | | Exact Sciences Corp. (a)(b) | | | 41,907 | |
| | 8,793 | | | Exelixis, Inc. (a) | | | 170,672 | |
| | 5,017 | | | Foghorn Therapeutics, Inc. (a) | | | 31,105 | |
| | 1,156 | | | Halozyme Therapeutics, Inc. (a) | | | 44,148 | |
| | 749 | | | Ionis Pharmaceuticals, Inc. (a) | | | 26,769 | |
| | 6,114 | | | Ironwood Pharmaceuticals, Inc. - Class A (a) | | | 64,319 | |
| | 4,261 | | | iTeos Therapeutics, Inc. (a) | | | 57,992 | |
| | 179 | | | Karuna Therapeutics, Inc. (a)(b) | | | 32,514 | |
| | 7,593 | | | Karyopharm Therapeutics, Inc. (a) | | | 29,537 | |
| | 358 | | | Ligand Pharmaceuticals, Inc. (a)(b) | | | 26,335 | |
| | 7,439 | | | MannKind Corp. (a) | | | 30,500 | |
| | 12,644 | | | MiMedx Group, Inc. (a) | | | 43,116 | |
| | 1,419 | | | Myriad Genetics, Inc. (a) | | | 32,963 | |
| | 394 | | | Natera, Inc. (a) | | | 21,875 | |
| | 713 | | | Neurocrine Biosciences, Inc. (a) | | | 72,170 | |
| | 20,079 | | | OPKO Health, Inc. (a) | | | 29,315 | |
| | 35,840 | | | Organogenesis Holdings, Inc. (a) | | | 76,339 | |
| | 354 | | | Prometheus Biosciences, Inc. (a) | | | 37,991 | |
| | 362 | | | PTC Therapeutics, Inc. (a) | | | 17,535 | |
See notes to financial statements.
52
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Biotechnology (Continued) | |
| | 6,802 | | | Radius Health, Inc. (a)(c)(e)(f) | | $ | 544 | |
| | 271 | | | Repligen Corp. (a) | | | 45,626 | |
| | 508 | | | Sarepta Therapeutics, Inc. (a) | | | 70,018 | |
| | 797 | | | Travere Therapeutics, Inc. (a) | | | 17,925 | |
| | 1,170 | | | United Therapeutics Corp. (a) | | | 262,033 | |
| | 9,018 | | | Vanda Pharmaceuticals, Inc. (a) | | | 61,232 | |
| | 2,767 | | | Vericel Corp. (a) | | | 81,129 | |
| | 5,973 | | | Vir Biotechnology, Inc. (a) | | | 138,992 | |
| | | | | | |
|
|
|
| | | | | | | | 2,320,159 | |
| | | | | | |
|
|
|
| | | | | Building Products - 2.06% | |
| | 2,043 | | | A. O. Smith Corp. (b) | | | 141,273 | |
| | 200 | | | AAON, Inc. | | | 19,338 | |
| | 778 | | | Advanced Drainage Systems, Inc. (b) | | | 65,515 | |
| | 1,101 | | | Allegion PLC - ADR | | | 117,510 | |
| | 748 | | | American Woodmark Corp. (a) | | | 38,948 | |
| | 1,160 | | | Apogee Enterprises, Inc. | | | 50,170 | |
| | 216 | | | Armstrong World Industries, Inc. | | | 15,388 | |
| | 4,524 | | | Builders FirstSource, Inc. (a)(b) | | | 401,641 | |
| | 224 | | | CSW Industrials, Inc. | | | 31,120 | |
| | 2,034 | | | Fortune Brands Home & Security, Inc. (b) | | | 119,457 | |
| | 1,017 | | | Griffon Corp. | | | 32,554 | |
| | 1,371 | | | Insteel Industries, Inc. | | | 38,141 | |
| | 1,681 | | | JELD-WEN Holding, Inc. (a) | | | 21,282 | |
| | 473 | | | Lennox International, Inc. (b) | | | 118,855 | |
| | 608 | | | Masonite International Corp. - ADR (a) | | | 55,188 | |
| | 2,034 | | | Masterbrand, Inc. (a) | | | 16,353 | |
| | 1,509 | | | Owens Corning, Inc. | | | 144,562 | |
| | 485 | | | Patrick Industries, Inc. (b) | | | 33,373 | |
| | 2,650 | | | PGT Innovations, Inc. (a) | | | 66,542 | |
| | 2,745 | | | Quanex Building Products Corp. | | | 59,100 | |
| | 2,310 | | | Resideo Technologies, Inc. (a) | | | 42,227 | |
| | 865 | | | Simpson Manufacturing Co., Inc. | | | 94,839 | |
| | 1,851 | | | Trex Co., Inc. (a)(b) | | | 90,088 | |
| | 1,938 | | | UFP Industries, Inc. | | | 154,013 | |
| | | | | | |
|
|
|
| | | | | | | | 1,967,477 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.87% | |
| | 761 | | | Affiliated Managers Group, Inc. | | | 108,382 | |
| | 1,629 | | | Artisan Partners Asset Management, Inc. - Class A | | | 52,095 | |
| | 975 | | | Avantax, Inc. (a)(b) | | | 25,662 | |
| | 1,632 | | | Brightsphere Investment Group, Inc. | | | 38,483 | |
| | 841 | | | Cboe Global Markets, Inc. | | | 112,896 | |
| | 1,025 | | | Cohen & Steers, Inc. | | | 65,559 | |
| | 334 | | | Diamond Hill Investment Group, Inc. | | | 54,970 | |
| | 1,980 | | | Donnelley Financial Solutions, Inc. (a) | | | 80,903 | |
| | 1,019 | | | Evercore, Inc. - Class A (b) | | | 117,572 | |
| | 521 | | | FactSet Research Systems, Inc. | | | 216,262 | |
| | 2,306 | | | Federated Hermes, Inc. | | | 92,563 | |
| | 859 | | | Hamilton Lane, Inc. - Class A (b) | | | 63,549 | |
| | 1,127 | | | Houlihan Lokey, Inc. (b) | | | 98,601 | |
| | 4,225 | | | Invesco, Ltd. - ADR | | | 69,290 | |
| | 2,781 | | | Janus Henderson Group PLC - ADR (b) | | | 74,086 | |
| | 2,429 | | | Lazard, Ltd. - Class A - ADR | | | 80,424 | |
| | 1,383 | | | LPL Financial Holdings, Inc. | | | 279,919 | |
| | 381 | | | MarketAxess Holdings, Inc. (b) | | | 149,082 | |
| | 1,978 | | | Moelis & Co. - Class A | | | 76,034 | |
| | 4,517 | | | Open Lending Corp. - Class A (a) | | | 31,800 | |
| | 1,125 | | | Oppenheimer Holdings, Inc. - Class A | | | 44,044 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Capital Markets (Continued) | |
| | 574 | | | Piper Jaffray Cos. | | $ | 79,562 | |
| | 1,011 | | | PJT Partners, Inc. - Class A | | | 72,984 | |
| | 3,147 | | | Robinhood Markets, Inc. - Class A (a) | | | 30,557 | |
| | 2,118 | | | Sculptor Capital Management, Inc. | | | 18,236 | |
| | 1,754 | | | SEI Investments Co. | | | 100,943 | |
| | 1,047 | | | Silvercrest Asset Management Group, Inc. - Class A | | | 19,034 | |
| | 2,110 | | | Stifel Financial Corp. (b) | | | 124,680 | |
| | 828 | | | StoneX Group, Inc. (a) | | | 85,723 | |
| | 3,817 | | | The Carlyle Group, Inc. | | | 118,556 | |
| | 2,062 | | | Valhi, Inc. | | | 35,899 | |
| | 3,300 | | | Virtu Financial, Inc. - Class A | | | 62,370 | |
| | 293 | | | Virtus Investment Partners, Inc. | | | 55,784 | |
| | | | | | |
|
|
|
| | | | | | | | 2,736,504 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.37% | |
| | 1,698 | | | AdvanSix, Inc. (b) | | | 64,982 | |
| | 2,040 | | | American Vanguard Corp. | | | 44,635 | |
| | 617 | | | Ashland Global Holdings, Inc. | | | 63,372 | |
| | 1,053 | | | Avient Corp. (b) | | | 43,342 | |
| | 2,211 | | | Axalta Coating Systems, Ltd. - ADR (a) | | | 66,971 | |
| | 565 | | | Cabot Corp. | | | 43,302 | |
| | 3,196 | | | Element Solutions, Inc. | | | 61,715 | |
| | 580 | | | H.B. Fuller Co. | | | 39,701 | |
| | 948 | | | Hawkins, Inc. | | | 41,503 | |
| | 3,147 | | | Huntsman Corp. (b) | | | 86,102 | |
| | 461 | | | Ingevity Corp. (a) | | | 32,971 | |
| | 464 | | | Innospec, Inc. | | | 47,639 | |
| | 1,174 | | | Intrepid Potash, Inc. (a) | | | 32,402 | |
| | 1,084 | | | Koppers Holdings, Inc. | | | 37,908 | |
| | 2,242 | | | Livent Corp. (a)(b) | | | 48,696 | |
| | 460 | | | Minerals Technologies, Inc. | | | 27,793 | |
| | 81 | | | NewMarket Corp. | | | 29,563 | |
| | 2,726 | | | Olin Corp. | | | 151,293 | |
| | 1,698 | | | RPM International, Inc. | | | 148,134 | |
| | 298 | | | Sensient Technologies Corp. | | | 22,815 | |
| | 1,979 | | | The Chemours Co. | | | 59,251 | |
| | 2,871 | | | Tronox Holdings PLC - ADR | | | 41,285 | |
| | 2,095 | | | Valvoline, Inc. | | | 73,199 | |
| | | | | | |
|
|
|
| | | | | | | | 1,308,574 | |
| | | | | | |
|
|
|
| | | | | Commercial Services & Supplies - 1.17% | |
| | 835 | | | ABM Industries, Inc. | | | 37,525 | |
| | 4,135 | | | ACCO Brands Corp. | | | 21,998 | |
| | 3,855 | | | ADT, Inc. | | | 27,872 | |
| | 1,147 | | | Avery Dennison Corp. (b) | | | 205,233 | |
| | 2,399 | | | BrightView Holdings, Inc. (a) | | | 13,482 | |
| | 173 | | | Casella Waste Systems, Inc. - Class A (a) | | | 14,300 | |
| | 1,217 | | | Cimpress PLC - ADR (a) | | | 53,329 | |
| | 670 | | | Clean Harbors, Inc. (a) | | | 95,515 | |
| | 896 | | | Comfort Systems USA, Inc. | | | 130,780 | |
| | 2,045 | | | Deluxe Corp. | | | 32,720 | |
| | 1,097 | | | Heritage-Crystal Clean, Inc. (a) | | | 39,064 | |
| | 2,274 | | | Herman Miller, Inc. | | | 46,503 | |
| | 1,519 | | | HNI Corp. | | | 42,289 | |
| | 3,635 | | | Interface, Inc. | | | 29,516 | |
| | 4,551 | | | Kimball International, Inc. - Class B | | | 56,433 | |
| | 290 | | | McGrath RentCorp | | | 27,060 | |
| | 476 | | | MSA Safety, Inc. | | | 63,546 | |
| | 3,990 | | | NL Industries, Inc. | | | 24,179 | |
| | 411 | | | Ritchie Bros Auctioneers, Inc. - ADR | | | 23,135 | |
See notes to financial statements.
53
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Commercial Services & Supplies (Continued) | |
| | 2,956 | | | Steelcase, Inc. - Class A | | $ | 24,890 | |
| | 500 | | | Stericycle, Inc. (a)(b) | | | 21,805 | |
| | 246 | | | Tetra Tech, Inc. (b) | | | 36,140 | |
| | 720 | | | The Brinks Co. | | | 48,096 | |
| | | | | | |
|
|
|
| | | | | | | | 1,115,410 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 1.42% | |
| | 1,242 | | | ADTRAN Holdings, Inc. | | | 19,698 | |
| | 922 | | | Aviat Networks, Inc. (a) | | | 31,772 | |
| | 2,439 | | | Calix, Inc. (a) | | | 130,706 | |
| | 2,972 | | | Cambium Networks Corp. - ADR (a) | | | 52,664 | |
| | 14,309 | | | Casa Systems, Inc. (a)(b) | | | 18,173 | |
| | 1,529 | | | Ciena Corp. (a)(b) | | | 80,303 | |
| | 1,147 | | | Clearfield, Inc. (a)(b) | | | 53,427 | |
| | 1,906 | | | Comtech Telecommunications Corp. | | | 23,787 | |
| | 1,468 | | | Digi International, Inc. (a) | | | 49,442 | |
| | 2,317 | | | DZS, Inc. (a) | | | 18,281 | |
| | 1,814 | | | EchoStar Corp. - Class A (a) | | | 33,178 | |
| | 10,564 | | | Extreme Networks, Inc. (a) | | | 201,984 | |
| | 996 | | | F5 Networks, Inc. (a) | | | 145,107 | |
| | 3,420 | | | Harmonic, Inc. (a) | | | 49,898 | |
| | 30,763 | | | Inseego Corp. (a) | | | 17,916 | |
| | 367 | | | InterDigital, Inc. (b) | | | 26,754 | |
| | 5,889 | | | Juniper Networks, Inc. | | | 202,699 | |
| | 850 | | | Lumentum Holdings, Inc. (a)(b) | | | 45,909 | |
| | 1,293 | | | NETGEAR, Inc. (a) | | | 23,934 | |
| | 1,833 | | | NetScout Systems, Inc. (a) | | | 52,516 | |
| | 14,036 | | | Ribbon Communications, Inc. (a)(b) | | | 48,003 | |
| | 2,605 | | | Viavi Solutions, Inc. (a) | | | 28,212 | |
| | | | | | |
|
|
|
| | | | | | | | 1,354,363 | |
| | | | | | |
|
|
|
| | | | | Construction & Engineering - 1.58% | |
| | 2,048 | | | AECOM | | | 172,687 | |
| | 2,526 | | | API Group Corp. (a) | | | 56,784 | |
| | 862 | | | Arcosa, Inc. | | | 54,401 | |
| | 388 | | | Dycom Industries, Inc. (a) | | | 36,336 | |
| | 1,010 | | | EMCOR Group, Inc. | | | 164,216 | |
| | 1,747 | | | Fluor Corp. (a)(b) | | | 54,000 | |
| | 1,189 | | | IES Holdings, Inc. (a) | | | 51,234 | |
| | 1,792 | | | KBR, Inc. | | | 98,650 | |
| | 909 | | | MasTec, Inc. (a)(b) | | | 85,846 | |
| | 559 | | | MYR Group, Inc. (a) | | | 70,440 | |
| | 1,083 | | | Northwest Pipe Co. (a) | | | 33,822 | |
| | 500 | | | NV5 Global, Inc. (a) | | | 51,985 | |
| | 1,601 | | | Primoris Services Corp. | | | 39,481 | |
| | 1,717 | | | Quanta Services, Inc. | | | 286,121 | |
| | 2,237 | | | Sterling Infrastructure, Inc. (a) | | | 84,737 | |
| | 6,243 | | | Tutor Perini Corp. (a) | | | 38,519 | |
| | 2,661 | | | WillScot Mobile Mini Holdings Corp. - Class A (a) | | | 124,748 | |
| | | | | | |
|
|
|
| | | | | | | | 1,504,007 | |
| �� | | | | | |
|
|
|
| | | | | Construction Materials - 0.15% | |
| | 526 | | | Eagle Materials, Inc. | | | 77,191 | |
| | 1,631 | | | Summit Materials, Inc. - Class A (a)(b) | | | 46,467 | |
| | 135 | | | United States Lime & Minerals, Inc. | | | 20,613 | |
| | | | | | |
|
|
|
| | | | | | | | 144,271 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.88% | |
| | 2,036 | | | Atlanticus Holdings Corp. (a) | | | 55,237 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Consumer Finance (Continued) | |
| | 4,512 | | | Consumer Portfolio Services, Inc. (a) | | $ | 48,233 | |
| | 203 | | | Credit Acceptance Corp. (a)(b) | | | 88,516 | |
| | 2,599 | | | Enova International, Inc. (a) | | | 115,474 | |
| | 3,102 | | | EZCORP, Inc. - Class A (a) | | | 26,677 | |
| | 395 | | | FirstCash Holdings, Inc. | | | 37,671 | |
| | 1,903 | | | LendingClub Corp. (a) | | | 13,721 | |
| | 6,122 | | | Navient Corp. | | | 97,891 | |
| | 651 | | | Nelnet, Inc. - Class A (b) | | | 59,820 | |
| | 3,056 | | | OneMain Holdings, Inc. (b) | | | 113,316 | |
| | 648 | | | PRA Group, Inc. (a)(b) | | | 25,246 | |
| | 1,815 | | | PROG Holdings, Inc. (a) | | | 43,179 | |
| | 1,540 | | | Regional Management Corp. | | | 40,179 | |
| | 5,849 | | | SLM Corp. | | | 72,469 | |
| | | | | | |
|
|
|
| | | | | | | | 837,629 | |
| | | | | | |
|
|
|
| | | | | Consumer Staples Distribution & Retail - 0.18% | |
| | 4,871 | | | Albertsons Cos., Inc. - Class A | | | 101,220 | |
| | 131,296 | | | Boxed, Inc. (a)(b) | | | 24,920 | |
| | 1,608 | | | Grocery Outlet Holding Corp. (a)(b) | | | 45,442 | |
| | | | | | |
|
|
|
| | | | | | | | 171,582 | |
| | | | | | |
|
|
|
| | | | | Containers & Packaging - 0.86% | |
| | 456 | | | AptarGroup, Inc. | | | 53,895 | |
| | 1,281 | | | Ardagh Group SA - ADR (a)(c)(e)(f) | | | 0 | |
| | 1,518 | | | Berry Global Group, Inc. | | | 89,410 | |
| | 314 | | | Crown Holdings, Inc. | | | 25,971 | |
| | 2,258 | | | Graphic Packaging Holding Co. | | | 57,556 | |
| | 696 | | | Greif, Inc. - Class A | | | 44,106 | |
| | 436 | | | Greif, Inc. - Class B | | | 33,363 | |
| | 2,215 | | | Myers Industries, Inc. | | | 47,467 | |
| | 3,037 | | | O-I Glass, Inc. (a)(b) | | | 68,970 | |
| | 1,166 | | | Packaging Corp. of America (b) | | | 161,876 | |
| | 2,098 | | | Sealed Air Corp. | | | 96,319 | |
| | 1,249 | | | Silgan Holdings, Inc. | | | 67,034 | |
| | 538 | | | Sonoco Products Co. (b) | | | 32,818 | |
| | 338 | | | UFP Technologies, Inc. (a) | | | 43,886 | |
| | | | | | |
|
|
|
| | | | | | | | 822,671 | |
| | | | | | |
|
|
|
| | | | | Distributors - 0.03% | |
| | 2,813 | | | Funko, Inc. - Class A (a)(b) | | | 26,527 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 1.31% | |
| | 1,613 | | | Adtalem Global Education, Inc. (a) | | | 62,294 | |
| | 10,633 | | | American Public Education, Inc. (a) | | | 57,631 | |
| | 55,503 | | | Beachbody Co., Inc. (a) | | | 26,764 | |
| | 231 | | | Bright Horizons Family Solutions, Inc. (a) | | | 17,785 | |
| | 1,319 | | | Carriage Services, Inc. | | | 40,256 | |
| | 1,135 | | | Chegg, Inc. (a) | | | 18,500 | |
| | 1,083 | | | Franchise Group, Inc. | | | 29,512 | |
| | 2,598 | | | frontdoor, Inc. (a) | | | 72,432 | |
| | 112 | | | Graham Holdings Co. - Class B | | | 66,734 | |
| | 840 | | | Grand Canyon Education, Inc. (a) | | | 95,676 | |
| | 3,807 | | | H&R Block, Inc. (b) | | | 134,197 | |
| | 1,493 | | | Hillenbrand, Inc. | | | 70,962 | |
| | 850 | | | Laureate Education, Inc. (b) | | | 9,996 | |
| | 1,233 | | | Matthews International Corp. - Class A | | | 44,462 | |
| | 15,467 | | | Nerdy, Inc. (a)(b) | | | 64,652 | |
| | 8,341 | | | Perdoceo Education Corp. (a) | | | 112,020 | |
| | 1,753 | | | Service Corp. International (b) | | | 120,571 | |
| | 523 | | | Strategic Education, Inc. (b) | | | 46,981 | |
| | 2,317 | | | Stride, Inc. (a)(b) | | | 90,942 | |
| | 2,395 | | | Udemy, Inc. (a) | | | 21,148 | |
See notes to financial statements.
54
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Diversified Consumer Services (Continued) | |
| | 9,824 | | | WW International, Inc. (a) | | $ | 40,475 | |
| | | | | | |
|
|
|
| | | | | | | | 1,243,990 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.61% | |
| | 1,609 | | | Alerus Financial Corp. | | | 25,824 | |
| | 2,868 | | | A-Mark Precious Metals, Inc. | | | 99,376 | |
| | 17,205 | | | Douglas Elliman, Inc. | | | 53,508 | |
| | 1,478 | | | Encore Capital Group, Inc. (a)(b) | | | 74,565 | |
| | 4,221 | | | Jefferies Financial Group, Inc. (b) | | | 133,975 | |
| | 1,560 | | | Primis Financial Corp. | | | 15,023 | |
| | 2,295 | | | Voya Financial, Inc. (b) | | | 164,001 | |
| | 198 | | | World Acceptance Corp. (a) | | | 16,491 | |
| | | | | | |
|
|
|
| | | | | | | | 582,763 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.34% | |
| | 558 | | | Cogent Communications Holdings, Inc. (b) | | | 35,556 | |
| | 1,181 | | | Frontier Communications Parent, Inc. (a)(b) | | | 26,891 | |
| | 3,834 | | | IDT Corp. - Class B (a) | | | 130,663 | |
| | 690 | | | Iridium Communications, Inc. | | | 42,732 | |
| | 4,385 | | | Ooma, Inc. (a) | | | 54,856 | |
| | 2,059 | | | Radius Global Infrastructure, Inc. - Class A (a)(b) | | | 30,205 | |
| | | | | | |
|
|
|
| | | | | | | | 320,903 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.40% | |
| | 347 | | | ALLETE, Inc. | | | 22,336 | |
| | 1,641 | | | Hawaiian Electric Industries, Inc. | | | 63,015 | |
| | 500 | | | IDACORP, Inc. | | | 54,165 | |
| | 1,515 | | | OGE Energy Corp. (b) | | | 57,055 | |
| | 819 | | | Pinnacle West Capital Corp. | | | 64,898 | |
| | 635 | | | PNM Resources, Inc. | | | 30,912 | |
| | 780 | | | Portland General Electric Co. (b) | | | 38,134 | |
| | 485 | | | Unitil Corp. | | | 27,664 | |
| | 994 | | | Via Renewables, Inc. | | | 18,266 | |
| | | | | | |
|
|
|
| | | | | | | | 376,445 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 1.78% | |
| | 738 | | | Acuity Brands, Inc. (b) | | | 134,855 | |
| | 1,116 | | | Allied Motion Technologies, Inc. | | | 43,133 | |
| | 1,540 | | | Atkore International Group, Inc. (a) | | | 216,339 | |
| | 865 | | | AZZ, Inc. | | | 35,673 | |
| | 4,498 | | | Babcock & Wilcox Enterprises, Inc. (a) | | | 27,258 | |
| | 1,016 | | | Belden, Inc. | | | 88,158 | |
| | 760 | | | Bloom Energy Corp. - Class A (a)(b) | | | 15,147 | |
| | 926 | | | Brady Corp. - Class A | | | 49,754 | |
| | 1,769 | | | ChargePoint Holdings, Inc. (a)(b) | | | 18,521 | |
| | 1,196 | | | Encore Wire Corp. (b) | | | 221,655 | |
| | 221 | | | EnerSys | | | 19,200 | |
| | 799 | | | Franklin Electric Co., Inc. | | | 75,186 | |
| | 14,577 | | | GrafTech International, Ltd. | | | 70,844 | |
| | 582 | | | Hubbell, Inc. (b) | | | 141,606 | |
| | 2,620 | | | nVent Electric PLC - ADR | | | 112,503 | |
| | 910 | | | Preformed Line Products Co. | | | 116,516 | |
| | 705 | | | Regal Beloit Corp. (b) | | | 99,215 | |
| | 1,292 | | | Sensata Technologies Holding PLC - ADR (b) | | | 64,626 | |
| | 872 | | | Shoals Technologies Group, Inc. - Class A (a) | | | 19,873 | |
| | 2,001 | | | Thermon Group Holdings, Inc. (a) | | | 49,865 | |
| | 1,362 | | | Vertiv Holdings Co. | | | 19,490 | |
| | 849 | | | Vicor Corp. (a) | | | 39,852 | |
| | 196 | | | Woodward Governor Co. | | | 19,085 | |
| | | | | | |
|
|
|
| | | | | | | | 1,698,354 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electronic Equipment, Instruments & Components - 2.08% | |
| | 3,654 | | | Arlo Technologies, Inc. (a) | | $ | 22,143 | |
| | 1,052 | | | Arrow Electronics, Inc. (a) | | | 131,363 | |
| | 1,446 | | | Avnet, Inc. | | | 65,359 | |
| | 1,066 | | | Benchmark Electronics, Inc. | | | 25,254 | |
| | 1,908 | | | Cognex Corp. (b) | | | 94,541 | |
| | 1,583 | | | Coherent Corp. (a)(b) | | | 60,281 | |
| | 1,302 | | | CTS Corp. (b) | | | 64,397 | |
| | 1,199 | | | Dolby Laboratories, Inc. - Class A | | | 102,419 | |
| | 549 | | | Fabrinet - ADR (a) | | | 65,199 | |
| | 694 | | | FARO Technologies, Inc. (a) | | | 17,079 | |
| | 2,471 | | | Identiv, Inc. (a) | | | 15,172 | |
| | 832 | | | Insight Enterprises, Inc. (a)(b) | | | 118,943 | |
| | 252 | | | IPG Photonics Corp. (a)(b) | | | 31,074 | |
| | 409 | | | Itron, Inc. (a) | | | 22,679 | |
| | 1,851 | | | Jabil, Inc. | | | 163,184 | |
| | 2,685 | | | Knowles Corp. (a) | | | 45,645 | |
| | 181 | | | Littelfuse, Inc. (b) | | | 48,524 | |
| | 788 | | | Methode Electronics, Inc. | | | 34,577 | |
| | 3,428 | | | Napco Security Technologies, Inc. (a) | | | 128,824 | |
| | 2,266 | | | National Instruments Corp. | | | 118,761 | |
| | 501 | | | Novanta, Inc. - ADR (a) | | | 79,704 | |
| | 364 | | | OSI Systems, Inc. (a) | | | 37,259 | |
| | 926 | | | PC Connection, Inc. | | | 41,633 | |
| | 272 | | | Plexus Corp. (a) | | | 26,539 | |
| | 1,430 | | | Sanmina Corp. (a)(b) | | | 87,216 | |
| | 1,282 | | | ScanSource, Inc. (a) | | | 39,024 | |
| | 726 | | | TD SYNNEX Corp. | | | 70,270 | |
| | 3,515 | | | TTM Technologies, Inc. (a)(b) | | | 47,417 | |
| | 227 | | | Universal Display Corp. (b) | | | 35,215 | |
| | 2,848 | | | Vishay Intertechnology, Inc. (b) | | | 64,422 | |
| | 2,979 | | | Vontier Corp. | | | 81,446 | |
| | | | | | |
|
|
|
| | | | | | | | 1,985,563 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.81% | |
| | 3,136 | | | Archrock, Inc. | | | 30,639 | |
| | 1,624 | | | Bristow Group, Inc. (a) | | | 36,378 | |
| | 611 | | | Cactus, Inc. - Class A | | | 25,191 | |
| | 1,730 | | | ChampionX Corp. (b) | | | 46,935 | |
| | 10,332 | | | Helix Energy Solutions Group, Inc. (a)(b) | | | 79,970 | |
| | 736 | | | Helmerich & Payne, Inc. | | | 26,312 | |
| | 346 | | | Nabors Industries Ltd. - ADR (a) | | | 42,181 | |
| | 5,229 | | | National Energy Services Reunited Corp. - ADR (a) | | | 27,504 | |
| | 8,901 | | | Newpark Resources, Inc. (a) | | | 34,269 | |
| | 1,997 | | | NexTier Oilfield Solutions, Inc. (a)(b) | | | 15,876 | |
| | 3,407 | | | NOV, Inc. | | | 63,064 | |
| | 3,036 | | | Oceaneering International, Inc. (a) | | | 53,525 | |
| | 4,821 | | | Oil States International, Inc. (a) | | | 40,159 | |
| | 3,780 | | | Patterson-UTI Energy, Inc. | | | 44,226 | |
| | 4,112 | | | ProPetro Holding Corp. (a)(b) | | | 29,565 | |
| | 9,166 | | | TETRA Technologies, Inc. (a) | | | 24,290 | |
| | 440 | | | Tidewater, Inc. (a) | | | 19,395 | |
| | 5,080 | | | US Silica Holdings, Inc. (a) | | | 60,655 | |
| | 406 | | | Valaris Ltd. - ADR (a) | | | 26,414 | |
| | 822 | | | Weatherford International PLC - ADR (a) | | | 48,786 | |
| | | | | | |
|
|
|
| | | | | | | | 775,334 | |
| | | | | | |
|
|
|
| | | | | Entertainment - 0.40% | |
| | 1,777 | | | Liberty Media Corp. - Liberty Formula One - Class C (a) | | | 132,973 | |
| | 9,230 | | | Playstudios, Inc. (a) | | | 34,059 | |
See notes to financial statements.
55
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Entertainment (Continued) | |
| | 3,749 | | | Playtika Holding Corp. (a) | | $ | 42,214 | |
| | 33,406 | | | Skillz, Inc. (a) | | | 19,816 | |
| | 96 | | | The Madison Square Garden Co. - Class A (a) | | | 18,705 | |
| | 2,021 | | | The Marcus Corp. (b) | | | 32,336 | |
| | 3,235 | | | Vivid Seats, Inc. - Class A (a)(b) | | | 24,683 | |
| | 853 | | | World Wrestling Entertainment, Inc. - Class A (b) | | | 77,845 | |
| | | | | | |
|
|
|
| | | | | | | | 382,631 | |
| | | | | | |
|
|
|
| | | | | Financial Services - 0.34% | |
| | 1,805 | | | Enact Holdings, Inc. | | | 41,262 | |
| | 2,102 | | | International Money Express, Inc. (a) | | | 54,189 | |
| | 2,242 | | | Jackson Financial, Inc. - Class A (b) | | | 83,873 | |
| | 447 | | | Shift4 Payments, Inc. - Class A (a)(b) | | | 33,883 | |
| | 2,622 | | | StoneCo, Ltd. - Class A - ADR (a)(b) | | | 25,014 | |
| | 1,080 | | | Toast, Inc. - Class A (a) | | | 19,170 | |
| | 9,914 | | | UWM Holdings Corp. (b) | | | 48,678 | |
| | 2,069 | | | Velocity Financial, Inc. (a) | | | 18,683 | |
| | | | | | |
|
|
|
| | | | | | | | 324,752 | |
| | | | | | |
|
|
|
| | | | | Food & Staples Retailing - 1.61% | |
| | 2,977 | | | BJ’s Wholesale Club Holdings, Inc. (a) | | | 226,460 | |
| | 740 | | | Casey’s General Stores, Inc. | | | 160,180 | |
| | 4,122 | | | HF Foods Group, Inc. (a) | | | 16,158 | |
| | 1,257 | | | Ingles Markets, Inc. - Class A | | | 111,496 | |
| | 3,381 | | | Natural Grocers by Vitamin Cottage, Inc. | | | 39,727 | |
| | 3,255 | | | Performance Food Group Co. (a)(b) | | | 196,407 | |
| | 396 | | | PriceSmart, Inc. | | | 28,306 | |
| | 9,962 | | | Rite Aid Corp. (a) | | | 22,315 | |
| | 3,427 | | | SpartanNash Co. | | | 84,990 | |
| | 4,490 | | | Sprouts Farmers Market, Inc. (a)(b) | | | 157,285 | |
| | 1,011 | | | The Andersons, Inc. | | | 41,774 | |
| | 1,091 | | | The Chefs’ Warehouse, Inc. (a) | | | 37,149 | |
| | 2,843 | | | The Fresh Market, Inc. (a)(c)(e)(f) | | | 0 | |
| | 4,162 | | | U.S. Foods Holding Corp. (a) | | | 153,744 | |
| | 3,654 | | | United Natural Foods, Inc. (a) | | | 96,283 | |
| | 2,516 | | | Village Super Market, Inc. - Class A | | | 57,566 | |
| | 1,221 | | | Weis Markets, Inc. | | | 103,382 | |
| | | | | | |
|
|
|
| | | | | | | | 1,533,222 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.00% | |
| | 421 | | | Cal-Maine Foods, Inc. (b) | | | 25,635 | |
| | 1,901 | | | Darling International, Inc. (a)(b) | | | 111,019 | |
| | 4,417 | | | Flowers Foods, Inc. (b) | | | 121,070 | |
| | 1,120 | | | Fresh Del Monte Produce, Inc. - ADR | | | 33,723 | |
| | 2,081 | | | Hostess Brands, Inc. (a)(b) | | | 51,775 | |
| | 813 | | | Ingredion, Inc. (b) | | | 82,707 | |
| | 160 | | | J&J Snack Foods Corp. | | | 23,715 | |
| | 383 | | | John B. Sanfilippo & Son, Inc. | | | 37,121 | |
| | 946 | | | Lamb Weston Holdings, Inc. | | | 98,876 | |
| | 242 | | | Lancaster Colony Corp. (b) | | | 49,097 | |
| | 1,107 | | | Pilgrim’s Pride Corp. (a)(b) | | | 25,660 | |
| | 749 | | | Post Holdings, Inc. (a)(b) | | | 67,313 | |
| | 912 | | | Seneca Foods Corp. - Class A (a) | | | 47,670 | |
| | 929 | | | Simply Good Foods Co. (a) | | | 36,946 | |
| | 1,004 | | | The Hain Celestial Group, Inc. (a) | | | 17,219 | |
| | 1,238 | | | TreeHouse Foods, Inc. (a)(b) | | | 62,432 | |
| | 3,411 | | | Vital Farms, Inc. (a) | | | 52,188 | |
| | 3,672 | | | Whole Earth Brands, Inc. (a) | | | 9,400 | |
| | | | | | |
|
|
|
| | | | | | | | 953,566 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Gas Utilities - 0.61% | |
| | 2,005 | | | Brookfield Infrastructure Corp. - Class A - ADR (b) | | $ | 92,350 | |
| | 4,250 | | | EQT Corp. (b) | | | 135,617 | |
| | 785 | | | National Fuel Gas Co. (b) | | | 45,326 | |
| | 810 | | | New Jersey Resources Corp. (b) | | | 43,092 | |
| | 946 | | | ONE Gas, Inc. (b) | | | 74,952 | |
| | 541 | | | Southwest Gas Holdings, Inc. | | | 33,785 | |
| | 344 | | | Spire, Inc. (b) | | | 24,128 | |
| | 3,752 | | | UGI Corp. (b) | | | 130,420 | |
| | | | | | |
|
|
|
| | | | | | | | 579,670 | |
| | | | | | |
|
|
|
| | | | | Ground Transportation - 0.08% | |
| | 163,049 | | | Bird Global, Inc. - Class A (a) | | | 45,638 | |
| | 1,042 | | | Hertz Global Holdings, Inc. (a)(b) | | | 16,974 | |
| | 1,204 | | | Lyft, Inc. - Class A (a) | | | 11,161 | |
| | | | | | |
|
|
|
| | | | | | | | 73,773 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 2.44% | |
| | 3,514 | | | Alphatec Holdings, Inc. (a) | | | 54,818 | |
| | 1,314 | | | AngioDynamics, Inc. (a) | | | 13,587 | |
| | 1,594 | | | Anika Therapeutics, Inc. (a) | | | 45,780 | |
| | 743 | | | AtriCure, Inc. (a) | | | 30,797 | |
| | 1,771 | | | Avanos Medical, Inc. (a) | | | 52,670 | |
| | 216 | | | Axonics, Inc. (a)(b) | | | 11,785 | |
| | 2,571 | | | Cardiovascular Systems, Inc. (a) | | | 51,060 | |
| | 7,600 | | | Cerus Corp. (a)(b) | | | 22,572 | |
| | 2,183 | | | Dentsply Sirona, Inc. (b) | | | 85,748 | |
| | 2,595 | | | Embecta Corp. (b) | | | 72,971 | |
| | 920 | | | Enovis Corp. (a) | | | 49,211 | |
| | 2,291 | | | Envista Holdings Corp. (a) | | | 93,656 | |
| | 6,758 | | | Figs, Inc. - Class A (a) | | | 41,832 | |
| | 1,062 | | | Globus Medical, Inc. - Class A (a) | | | 60,152 | |
| | 626 | | | Haemonetics Corp. (a) | | | 51,801 | |
| | 989 | | | Inari Medical, Inc. (a) | | | 61,061 | |
| | 785 | | | Inogen, Inc. (a) | | | 9,797 | |
| | 479 | | | Integer Holdings Corp. (a) | | | 37,122 | |
| | 804 | | | Integra LifeSciences Holdings Corp. (a)(b) | | | 46,158 | |
| | 1,234 | | | iRadimed Corp. | | | 48,558 | |
| | 580 | | | iRhythm Technologies, Inc. (a) | | | 71,937 | |
| | 1,267 | | | Lantheus Holdings, Inc. (a)(b) | | | 104,603 | |
| | 1,238 | | | LeMaitre Vascular, Inc. (b) | | | 63,720 | |
| | 512 | | | LivaNova PLC - ADR (a) | | | 22,313 | |
| | 591 | | | Masimo Corp. (a) | | | 109,063 | |
| | 534 | | | Merit Medical Systems, Inc. (a) | | | 39,489 | |
| | 587 | | | Nevro Corp. (a) | | | 21,220 | |
| | 640 | | | Novocure, Ltd. - ADR (a) | | | 38,490 | |
| | 556 | | | NuVasive, Inc. (a) | | | 22,968 | |
| | 3,139 | | | Orthofix Medical, Inc. (a) | | | 52,578 | |
| | 474 | | | Penumbra, Inc. (a)(b) | | | 132,099 | |
| | 463 | | | QuidelOrtho Corp. (a) | | | 41,249 | |
| | 620 | | | Shockwave Medical, Inc. (a) | | | 134,435 | |
| | 1,859 | | | SI-BONE, Inc. (a) | | | 36,567 | |
| | 1,248 | | | Silk Road Medical, Inc. (a) | | | 48,834 | |
| | 1,258 | | | STAAR Surgical Co. (a)(b) | | | 80,449 | |
| | 721 | | | SurModics, Inc. (a) | | | 16,424 | |
| | 7,633 | | | Tactile Systems Technology, Inc. (a) | | | 125,334 | |
| | 1,260 | | | Tandem Diabetes Care, Inc. (a)(b) | | | 51,169 | |
| | 240 | | | TransMedics Group, Inc. (a) | | | 18,175 | |
| | 242 | | | Utah Medical Products, Inc. | | | 22,934 | |
| | 1,893 | | | Varex Imaging Corp. (a) | | | 34,434 | |
| | 3,098 | | | Zimvie, Inc. (a) | | | 22,399 | |
See notes to financial statements.
56
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Health Care Equipment & Supplies (Continued) | |
| | 6,439 | | | Zynex, Inc. (a) | | $ | 77,268 | |
| | | | | | |
|
|
|
| | | | | | | | 2,329,287 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 2.25% | |
| | 1,369 | | | Acadia Healthcare Co., Inc. (a)(b) | | | 98,910 | |
| | 1,889 | | | AdaptHealth Corp. (a) | | | 23,480 | |
| | 539 | | | Addus HomeCare Corp. (a) | | | 57,544 | |
| | 669 | | | Agilon Health, Inc. (a)(b) | | | 15,889 | |
| | 3,930 | | | AirSculpt Technologies, Inc. | | | 19,807 | |
| | 846 | | | Amedisys, Inc. (a) | | | 62,223 | |
| | 1,381 | | | AMN Healthcare Services, Inc. (a) | | | 114,568 | |
| | 258 | | | Chemed Corp. (b) | | | 138,739 | |
| | 356 | | | CorVel Corp. (a) | | | 67,740 | |
| | 5,262 | | | Cross Country Healthcare, Inc. (a)(b) | | | 117,448 | |
| | 690 | | | DaVita, Inc. (a) | | | 55,966 | |
| | 804 | | | Encompass Health Corp. | | | 43,496 | |
| | 1,010 | | | Enhabit, Inc. (a) | | | 14,049 | |
| | 1,980 | | | Fulgent Genetics, Inc. (a) | | | 61,816 | |
| | 553 | | | HealthEquity, Inc. (a) | | | 32,467 | |
| | 2,936 | | | Henry Schein, Inc. (a) | | | 239,401 | |
| | 7,081 | | | Innovage Holding Corp. (a)(b) | | | 56,506 | |
| | 287 | | | ModivCare, Inc. (a) | | | 24,131 | |
| | 707 | | | National HealthCare Corp. | | | 41,055 | |
| | 1,573 | | | National Research Corp. | | | 68,441 | |
| | 504 | | | Oak Street Health, Inc. (a) | | | 19,495 | |
| | 2,400 | | | Option Care Health, Inc. (a) | | | 76,248 | |
| | 2,590 | | | Owens & Minor, Inc. (a) | | | 37,684 | |
| | 2,306 | | | Patterson Cos., Inc. | | | 61,732 | |
| | 2,348 | | | Pediatrix Medical Group, Inc. (a)(b) | | | 35,009 | |
| | 1,886 | | | PetIQ, Inc. (a) | | | 21,576 | |
| | 1,671 | | | Premier, Inc. - Class A | | | 54,090 | |
| | 671 | | | Progyny, Inc. (a)(b) | | | 21,553 | |
| | 955 | | | R1 RCM, Inc. (a)(b) | | | 14,325 | |
| | 730 | | | Select Medical Holdings Corp. (b) | | | 18,871 | |
| | 926 | | | Surgery Partners, Inc. (a)(b) | | | 31,919 | |
| | 1,777 | | | Tenet Healthcare Corp. (a)(b) | | | 105,589 | |
| | 898 | | | The Ensign Group, Inc. (b) | | | 85,795 | |
| | 3,292 | | | The Joint Corp (a) | | | 55,404 | |
| | 245 | | | U.S. Physical Therapy, Inc. (b) | | | 23,988 | |
| | 995 | | | Universal Health Services, Inc. - Class B | | | 126,465 | |
| | | | | | |
|
|
|
| | | | | | | | 2,143,419 | |
| | | | | | |
|
|
|
| | | | | Health Care Technology - 0.54% | |
| | 1,866 | | | Computer Programs & Systems, Inc. (a) | | | 56,353 | |
| | 1,282 | | | Evolent Health, Inc. - Class A (a)(b) | | | 41,601 | |
| | 1,709 | | | HealthStream, Inc. (a) | | | 46,314 | |
| | 477 | | | Inspire Medical Systems, Inc. (a) | | | 111,651 | |
| | 16,353 | | | Multiplan Corp. (a) | | | 17,334 | |
| | 6,097 | | | NextGen Healthcare, Inc. (a) | | | 106,149 | |
| | 419 | | | Omnicell, Inc. (a) | | | 24,583 | |
| | 2,484 | | | Teladoc Health, Inc. (a) | | | 64,336 | |
| | 3,872 | | | Veradigm, Inc. (a)(b) | | | 50,529 | |
| | | | | | |
|
|
|
| | | | | | | | 518,850 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.99% | |
| | 1,758 | | | Aramark | | | 62,936 | |
| | 327 | | | Biglari Holdings, Inc. - Class B (a) | | | 55,328 | |
| | 731 | | | BJ’s Restaurants, Inc. (a)(b) | | | 21,301 | |
| | 1,792 | | | Bloomin’ Brands, Inc. (b) | | | 45,965 | |
| | 1,821 | | | Bluegreen Vacations Holding Corp. - Class A | | | 49,859 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Hotels, Restaurants & Leisure (Continued) | |
| | 1,258 | | | Boyd Gaming Corp. | | $ | 80,663 | |
| | 729 | | | Brinker International, Inc. (a) | | | 27,702 | |
| | 627 | | | Callaway Golf Co. (a)(b) | | | 13,556 | |
| | 2,494 | | | Century Casinos, Inc. (a) | | | 18,281 | |
| | 478 | | | Choice Hotels International, Inc. (b) | | | 56,017 | |
| | 203 | | | Churchill Downs, Inc. (b) | | | 52,181 | |
| | 1,016 | | | Chuy’s Holdings, Inc. (a) | | | 36,423 | |
| | 256 | | | Cracker Barrel Old Country Store, Inc. (b) | | | 29,081 | |
| | 1,072 | | | Dave & Buster’s Entertainment, Inc. (a) | | | 39,439 | |
| | 422 | | | Dine Brands Global, Inc. (b) | | | 28,544 | |
| | 2,776 | | | El Pollo Loco Holdings, Inc. | | | 26,622 | |
| | 1,453 | | | Everi Holdings, Inc. (a) | | | 24,919 | |
| | 1,239 | | | Hilton Grand Vacations, Inc. (a) | | | 55,049 | |
| | 464 | | | Hyatt Hotels Corp. - Class A (a) | | | 51,870 | |
| | 3,157 | | | Inspired Entertainment, Inc. (a) | | | 40,378 | |
| | 3,100 | | | International Game Technology PLC | | | 83,080 | |
| | 564 | | | Kura Sushi USA, Inc. - Class A (a) | | | 37,134 | |
| | 1,433 | | | Light & Wonder, Inc. (a) | | | 86,051 | |
| | 597 | | | Marriott Vacations Worldwide Corp. | | | 80,511 | |
| | 1,455 | | | Norwegian Cruise Line Holdings, Ltd. - ADR (a)(b) | | | 19,570 | |
| | 618 | | | Papa John’s International, Inc. | | | 46,307 | |
| | 1,832 | | | Penn National Gaming, Inc. (a)(b) | | | 54,337 | |
| | 406 | | | Planet Fitness, Inc. - Class A (a)(b) | | | 31,534 | |
| | 623 | | | RCI Hospitality Holdings, Inc. | | | 48,700 | |
| | 710 | | | Red Rock Resorts, Inc. - Class A (b) | | | 31,645 | |
| | 777 | | | SeaWorld Entertainment, Inc. (a) | | | 47,638 | |
| | 8,027 | | | Target Hospitality Corp. (a)(b) | | | 105,475 | |
| | 563 | | | Texas Roadhouse, Inc. (b) | | | 60,838 | |
| | 3,028 | | | The ONE Group Hospitality, Inc. (a)(f) | | | 24,527 | |
| | 855 | | | The Wendy’s Co. | | | 18,622 | |
| | 790 | | | Travel + Leisure Co. (b) | | | 30,968 | |
| | 226 | | | Vail Resorts, Inc. | | | 52,812 | |
| | 614 | | | Wingstop, Inc. (b) | | | 112,718 | |
| | 689 | | | Wyndham Hotels & Resorts Inc. | | | 46,749 | |
| | 525 | | | Wynn Resorts Ltd. (a) | | | 58,753 | |
| | | | | | |
|
|
|
| | | | | | | | 1,894,083 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 2.09% | |
| | 31,730 | | | Aterian, Inc. (a) | | | 27,291 | |
| | 1,900 | | | Beazer Homes USA, Inc. (a) | | | 30,172 | |
| | 207 | | | Cavco Industries, Inc. (a)(b) | | | 65,772 | |
| | 692 | | | Century Communities, Inc. (b) | | | 44,233 | |
| | 2,485 | | | Ethan Allen Interiors, Inc. (b) | | | 68,238 | |
| | 6,318 | | | GoPro, Inc. - Class A (a) | | | 31,780 | |
| | 2,156 | | | Green Brick Partners, Inc. (a) | | | 75,589 | |
| | 358 | | | Helen of Troy, Ltd. - ADR (a)(b) | | | 34,071 | |
| | 629 | | | Hovnanian Enterprises, Inc. - Class A (a) | | | 42,671 | |
| | 549 | | | Installed Building Products, Inc. | | | 62,602 | |
| | 932 | | | iRobot Corp. (a) | | | 40,672 | |
| | 799 | | | KB Home (b) | | | 32,104 | |
| | 5,380 | | | Landsea Homes Corp. (a) | | | 32,603 | |
| | 2,098 | | | La-Z-Boy, Inc. (b) | | | 61,010 | |
| | 716 | | | Leggett & Platt, Inc. | | | 22,826 | |
| | 3,627 | | | Lifetime Brands, Inc. | | | 21,327 | |
| | 1,726 | | | Lovesac Co. (a)(b) | | | 49,881 | |
| | 840 | | | M/I Homes, Inc. (a) | | | 52,996 | |
| | 563 | | | Meritage Homes Corp. | | | 65,736 | |
| | 686 | | | Mohawk Industries, Inc. (a) | | | 68,751 | |
| | 3,826 | | | PulteGroup, Inc. | | | 222,979 | |
See notes to financial statements.
57
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Household Durables (Continued) | |
| | 4,884 | | | Purple Innovation, Inc. (a) | | $ | 12,894 | |
| | 1,396 | | | Skyline Champion Corp. (a) | | | 105,021 | |
| | 2,136 | | | Snap One Holdings Corp. (a) | | | 19,972 | |
| | 3,326 | | | Sonos, Inc. (a)(b) | | | 65,256 | |
| | 2,661 | | | Taylor Morrison Home Corp. (a)(b) | | | 101,810 | |
| | 3,862 | | | Tempur Sealy International, Inc. (b) | | | 152,510 | |
| | 1,872 | | | Toll Brothers, Inc. | | | 112,376 | |
| | 452 | | | TopBuild Corp. (a) | | | 94,079 | |
| | 4,096 | | | Traeger, Inc. (a) | | | 16,835 | |
| | 3,387 | | | TRI Pointe Group, Inc. (a)(b) | | | 85,759 | |
| | 13,927 | | | Tupperware Brands Corp. (a) | | | 34,818 | |
| | 2,153 | | | Turtle Beach Corp. (a) | | | 21,573 | |
| | 1,264 | | | Universal Electronics, Inc. (a) | | | 12,817 | |
| | | | | | |
|
|
|
| | | | | | | | 1,989,024 | |
| | | | | | |
|
|
|
| | | | | Household Products - 0.14% | |
| | 537 | | | Central Garden & Pet Co. (a) | | | 22,049 | |
| | 890 | | | Central Garden & Pet Co. - Class A (a) | | | 34,772 | |
| | 438 | | | WD-40 Co. | | | 77,986 | |
| | | | | | |
|
|
|
| | | | | | | | 134,807 | |
| | | | | | |
|
|
|
| | | | | Independent Power and Renewable Electricity Producers - 0.51% | |
| | 956 | | | Brookfield Renewable Corp. - Class A - ADR | | | 33,412 | |
| | 2,339 | | | Clearway Energy, Inc. - Class A | | | 70,240 | |
| | 2,378 | | | Clearway Energy, Inc. - Class C | | | 74,503 | |
| | 4,637 | | | NRG Energy, Inc. | | | 159,003 | |
| | 399 | | | Ormat Technologies, Inc. (b) | | | 33,823 | |
| | 4,913 | | | Vistra Energy Corp. | | | 117,912 | |
| | | | | | |
|
|
|
| | | | | | | | 488,893 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.33% | |
| | 567 | | | Carlisle Companies, Inc. | | | 128,181 | |
| | 1,299 | | | Otter Tail Corp. | | | 93,879 | |
| | 8 | | | Seaboard Corp. (b) | | | 30,160 | |
| | 343 | | | Standex International Corp. | | | 41,997 | |
| | 2,129 | | | Tredegar Corp. | | | 19,438 | |
| | | | | | |
|
|
|
| | | | | | | | 313,655 | |
| | | | | | |
|
|
|
| | | | | Insurance - 3.01% | |
| | 1,800 | | | Ambac Financial Group, Inc. (a) | | | 27,864 | |
| | 2,669 | | | American Equity Investment Life Holding Co. (b) | | | 97,392 | |
| | 1,435 | | | American Financial Group, Inc. | | | 174,353 | |
| | 619 | | | AMERISAFE, Inc. | | | 30,300 | |
| | 683 | | | Assurant, Inc. | | | 82,008 | |
| | 1,300 | | | Assured Guaranty, Ltd. - ADR | | | 65,351 | |
| | 1,392 | | | Axis Capital Holdings, Ltd. - ADR | | | 75,892 | |
| | 1,726 | | | Brighthouse Financial, Inc. (a)(b) | | | 76,134 | |
| | 3,370 | | | Brown & Brown, Inc. (b) | | | 193,505 | |
| | 2,228 | | | CNO Financial Group, Inc. | | | 49,439 | |
| | 2,200 | | | Donegal Group, Inc. - Class A | | | 33,616 | |
| | 662 | | | Employers Holdings, Inc. | | | 27,599 | |
| | 419 | | | Erie Indemnity Co. - Class A (b) | | | 97,066 | |
| | 545 | | | Everest Re Group, Ltd. - ADR | | | 195,121 | |
| | 1,488 | | | First American Financial Corp. (b) | | | 82,822 | |
| | 11,950 | | | Genworth Financial, Inc. - Class A (a) | | | 59,989 | |
| | 1,159 | | | Globe Life, Inc. | | | 127,513 | |
| | 3,853 | | | Greenlight Capital RE Ltd. - Class A - ADR (a) | | | 36,180 | |
| | 852 | | | Horace Mann Educators Corp. | | | 28,525 | |
| | 249 | | | Investors Title Co. | | | 37,599 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Insurance (Continued) | |
| | 326 | | | Kemper Corp. | | $ | 17,819 | |
| | 376 | | | Kinsale Capital Group, Inc. (b) | | | 112,856 | |
| | 4,760 | | | MBIA, Inc. (a) | | | 44,078 | |
| | 132 | | | National Western Life Group, Inc. - Class A | | | 32,026 | |
| | 6,325 | | | Old Republic International Corp. (b) | | | 157,935 | |
| | 709 | | | Primerica, Inc. | | | 122,118 | |
| | 946 | | | ProAssurance Corp. | | | 17,482 | |
| | 908 | | | Reinsurance Group of America, Inc. | | | 120,546 | |
| | 354 | | | RenaissanceRe Holdings, Ltd. - ADR | | | 70,920 | |
| | 564 | | | RLI Corp. (b) | | | 74,961 | |
| | 1,009 | | | Ryan Specialty Holdings, Inc. (a) | | | 40,602 | |
| | 338 | | | Safety Insurance Group, Inc. | | | 25,188 | |
| | 885 | | | Selective Insurance Group, Inc. (b) | | | 84,367 | |
| | 1,050 | | | Stewart Information Services Corp. | | | 42,368 | |
| | 699 | | | The Hanover Insurance Group, Inc. (b) | | | 89,822 | |
| | 3,491 | | | Tiptree, Inc. | | | 50,864 | |
| | 757 | | | United Fire Group, Inc. | | | 20,098 | |
| | 3,133 | | | Unum Group | | | 123,941 | |
| | 15 | | | White Mountains Insurance Group, Ltd. - ADR | | | 20,662 | |
| | | | | | |
|
|
|
| | | | | | | | 2,866,921 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 0.61% | |
| | 2,647 | | | Arena Group Holdings, Inc. (a) | | | 11,250 | |
| | 3,229 | | | Cargurus, Inc. (a) | | | 60,318 | |
| | 5,388 | | | Cars.com, Inc. (a)(b) | | | 103,988 | |
| | 5,208 | | | DHI Group, Inc. (a) | | | 20,207 | |
| | 4,765 | | | EverQuote, Inc. - Class A (a) | | | 66,234 | |
| | 62,935 | | | Leafly Holdings, Inc. (a) | | | 25,168 | |
| | 1,795 | | | MediaAlpha, Inc. - Class A (a) | | | 26,889 | |
| | 1,981 | | | QuinStreet, Inc. (a) | | | 31,438 | |
| | 1,765 | | | TripAdvisor, Inc. (a) | | | 35,053 | |
| | 18,058 | | | TrueCar, Inc. (a) | | | 41,533 | |
| | 2,787 | | | Yelp, Inc. (a) | | | 85,561 | |
| | 1,698 | | | Zillow Group, Inc. - Class C (a)(b) | | | 75,510 | |
| | | | | | |
|
|
|
| | | | | | | | 583,149 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 0.40% | |
| | 5,674 | | | 1-800-Flowers.com, Inc. - Class A (a) | | | 65,251 | |
| | 13,799 | | | aka Brands Holding Corp. (a) | | | 7,516 | |
| | 7,464 | | | CarParts.com, Inc. (a) | | | 39,858 | |
| | 6,393 | | | Duluth Holdings, Inc. - Class B (a) | | | 40,787 | |
| | 6,347 | | | Groupon, Inc. (a) | | | 26,721 | |
| | 3,825 | | | Lands’ End, Inc. (a) | | | 37,179 | |
| | 1,348 | | | PetMed Express, Inc. (b) | | | 21,891 | |
| | 8,052 | | | Quotient Technology, Inc. (a) | | | 26,411 | |
| | 931 | | | Shutterstock, Inc. | | | 67,591 | |
| | 1,526 | | | Wayfair, Inc. - Class A (a)(b) | | | 52,403 | |
| | | | | | |
|
|
|
| | | | | | | | 385,608 | |
| | | | | | |
|
|
|
| | | | | Internet Software & Services - 0.02% | | | | |
| | 1,558 | | | Liquidity Services, Inc. (a) | | | 20,519 | |
| | | | | | |
|
|
|
| | | | | IT Services - 2.82% | | | | |
| | 2,210 | | | Amdocs, Ltd. - ADR | | | 212,226 | |
| | 899 | | | Black Knight, Inc. (a) | | | 51,746 | |
| | 2,269 | | | Booz Allen Hamilton Holding Corp. - Class A | | | 210,314 | |
| | 1,847 | | | Bread Financial Holdings, Inc. | | | 56,001 | |
| | 11,543 | | | Brightcove, Inc. (a) | | | 51,366 | |
| | 529 | | | CACI International, Inc. - Class A (a)(b) | | | 156,732 | |
| | 1,526 | | | Cass Information Systems, Inc. | | | 66,091 | |
| | 1,007 | | | Concentrix Corp. (b) | | | 122,401 | |
| | 15,110 | | | Conduent, Inc. (a) | | | 51,827 | |
See notes to financial statements.
58
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | IT Services (Continued) | |
| | 1,962 | | | CSG Systems International, Inc. | | $ | 105,359 | |
| | 409 | | | DigitalOcean Holdings, Inc. (a)(b) | | | 16,021 | |
| | 4,207 | | | DXC Technology Co. (a) | | | 107,531 | |
| | 639 | | | Euronet Worldwide, Inc. (a) | | | 71,504 | |
| | 1,046 | | | EVERTEC, Inc. - ADR | | | 35,302 | |
| | 745 | | | ExlService Holdings, Inc. (a)(b) | | | 120,563 | |
| | 3,389 | | | Genpact, Ltd. - ADR | | | 156,640 | |
| | 2,713 | | | Gogo, Inc. (a) | | | 39,339 | |
| | 1,738 | | | Grid Dynamics Holdings, Inc. (a) | | | 19,917 | |
| | 860 | | | I3 Verticals, Inc. - Class A (a)(b) | | | 21,096 | |
| | 3,989 | | | IBEX Holdings Ltd. - ADR (a) | | | 97,332 | |
| | 14,346 | | | Information Services Group, Inc. | | | 73,021 | |
| | 1,308 | | | Kyndryl Holdings, Inc. (a) | | | 19,306 | |
| | 2,572 | | | LiveRamp Holdings, Inc. (a) | | | 56,404 | |
| | 1,068 | | | Maximus, Inc. (b) | | | 84,052 | |
| | 2,190 | | | MoneyGram International, Inc. (a) | | | 22,820 | |
| | 1,573 | | | Perficient, Inc. (a) | | | 113,555 | |
| | 26,189 | | | Rackspace Technology, Inc. (a) | | | 49,235 | |
| | 1,933 | | | Repay Holdings Corp. (a) | | | 12,700 | |
| | 578 | | | Science Applications International Corp. (b) | | | 62,112 | |
| | 4,815 | | | SolarWinds Corp. (a) | | | 41,409 | |
| | 1,732 | | | Squarespace, Inc. - Class A (a) | | | 55,026 | |
| | 4,254 | | | The Hackett Group, Inc. | | | 78,614 | |
| | 4,937 | | | The Western Union Co. | | | 55,048 | |
| | 422 | | | TTEC Holdings, Inc. | | | 15,711 | |
| | 3,906 | | | Unisys Corp. (a) | | | 15,155 | |
| | 2,139 | | | Verra Mobility Corp. (a)(b) | | | 36,192 | |
| | 369 | | | WEX, Inc. (a)(b) | | | 67,855 | |
| | 624 | | | Wix.com, Ltd. - ADR (a) | | | 62,275 | |
| | | | | | |
|
|
|
| | | | | | | | 2,689,798 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 1.15% | |
| | 1,131 | | | Acushnet Holdings Corp. | | | 57,613 | |
| | 1,380 | | | Brunswick Corp. | | | 113,160 | |
| | 1,230 | | | Clarus Corp. (b) | | | 11,624 | |
| | 1,750 | | | Hayward Holdings, Inc. (a) | | | 20,510 | |
| | 509 | | | Johnson Outdoors, Inc. - Class A | | | 32,072 | |
| | 856 | | | Malibu Boats, Inc. - Class A (a) | | | 48,321 | |
| | 2,765 | | | Marine Products Corp. | | | 36,470 | |
| | 2,894 | | | MasterCraft Boat Holdings, Inc. (a) | | | 88,064 | |
| | 6,336 | | | Mattel, Inc. (a)(b) | | | 116,646 | |
| | 1,002 | | | Polaris Industries, Inc. (b) | | | 110,851 | |
| | 611 | | | Pool Corp. (b) | | | 209,231 | |
| | 3,842 | | | Smith & Wesson Brands, Inc. | | | 47,295 | |
| | 3,865 | | | Solo Brands, Inc. - Class A (a) | | | 27,751 | |
| | 817 | | | Sturm, Ruger & Co., Inc. | | | 46,929 | |
| | 2,451 | | | Vista Outdoor, Inc. (a)(b) | | | 67,917 | |
| | 1,459 | | | YETI Holdings, Inc. (a)(b) | | | 58,360 | |
| | | | | | |
|
|
|
| | | | | | | | 1,092,814 | |
| | | | | | |
|
|
|
| | | | | Life Sciences Tools & Services - 0.90% | |
| | 936 | | | 10X Genomics, Inc. - Class A (a) | | | 52,219 | |
| | 5,266 | | | AbCellera Biologics, Inc. - ADR (a) | | | 39,706 | |
| | 2,048 | | | Bio-Techne Corp. | | | 151,941 | |
| | 1,583 | | | Bruker Corp. | | | 124,804 | |
| | 503 | | | Charles River Laboratories International, Inc. (a) | | | 101,515 | |
| | 4,663 | | | Codexis, Inc. (a) | | | 19,305 | |
| | 2,411 | | | Inotiv, Inc. (a) | | | 10,440 | |
| | 2,505 | | | Maravai LifeSciences Holdings, Inc. - Class A (a) | | | 35,095 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Life Sciences Tools & Services (Continued) | |
| | 517 | | | Medpace holdings, Inc. (a)(b) | | $ | 97,222 | |
| | 3,173 | | | QIAGEN NV - ADR (a) | | | 145,736 | |
| | 2,165 | | | Syneos Health, Inc. (a) | | | 77,117 | |
| | | | | | |
|
|
|
| | | | | | | | 855,100 | |
| | | | | | |
|
|
|
| | | | | Machinery - 3.64% | |
| | 1,016 | | | AGCO Corp. | | | 137,363 | |
| | 225 | | | Alamo Group, Inc. | | | 41,436 | |
| | 409 | | | Albany International Corp. - Class A (b) | | | 36,548 | |
| | 1,469 | | | Allison Transmission Holdings, Inc. | | | 66,458 | |
| | 506 | | | Astec Industries, Inc. | | | 20,872 | |
| | 525 | | | Badger Meter, Inc. (b) | | | 63,956 | |
| | 840 | | | Barnes Group, Inc. | | | 33,835 | |
| | 260 | | | Chart Industries, Inc. (a)(b) | | | 32,604 | |
| | 1,868 | | | CIRCOR International, Inc. (a) | | | 58,132 | |
| | 1,262 | | | Columbus McKinnon Corp. | | | 46,896 | |
| | 734 | | | Crane Holdings Co. | | | 83,309 | |
| | 1,705 | | | Donaldson Co., Inc. | | | 111,405 | |
| | 2,190 | | | Energy Recovery, Inc. (a) | | | 50,480 | |
| | 547 | | | EnPro Industries, Inc. | | | 56,828 | |
| | 1,166 | | | Esab Corp. (b) | | | 68,876 | |
| | 272 | | | ESCO Technologies, Inc. | | | 25,962 | |
| | 1,477 | | | Evoqua Water Technologies Corp. (a) | | | 73,436 | |
| | 753 | | | Federal Signal Corp. | | | 40,820 | |
| | 1,122 | | | Flowserve Corp. | | | 38,148 | |
| | 3,275 | | | Gates Industrial Corp PLC - ADR (a) | | | 45,490 | |
| | 2,320 | | | Graco, Inc. (b) | | | 169,383 | |
| | 417 | | | Helios Technologies, Inc. | | | 27,272 | |
| | 640 | | | ITT, Inc. | | | 55,232 | |
| | 449 | | | John Bean Technologies Corp. | | | 49,071 | |
| | 293 | | | Kadant, Inc. | | | 61,096 | |
| | 1,046 | | | Kennametal, Inc. (b) | | | 28,849 | |
| | 866 | | | Lincoln Electric Holdings, Inc. (b) | | | 146,441 | |
| | 154 | | | Lindsay Corp. | | | 23,274 | |
| | 2,175 | | | Mueller Industries, Inc. (b) | | | 159,819 | |
| | 1,838 | | | Mueller Water Products, Inc. - Class A | | | 25,622 | |
| | 803 | | | Nordson Corp. (b) | | | 178,475 | |
| | 577 | | | Omega Flex, Inc. | | | 64,301 | |
| | 905 | | | Oshkosh Corp. | | | 75,278 | |
| | 1,428 | | | Pentair PLC - ADR | | | 78,926 | |
| | 770 | | | Proto Labs, Inc. (a) | | | 25,526 | |
| | 143 | | | RBC Bearings, Inc. (a) | | | 33,280 | |
| | 3,472 | | | REV Group, Inc. | | | 41,629 | |
| | 1,026 | | | Snap-on, Inc. (b) | | | 253,309 | |
| | 626 | | | SPX Technologies, Inc. (a) | | | 44,183 | |
| | 591 | | | Tennant Co. | | | 40,501 | |
| | 1,521 | | | Terex Corp. | | | 73,586 | |
| | 3,275 | | | The Manitowoc Co., Inc. (a) | | | 55,970 | |
| | 475 | | | The Middleby Corp. (a) | | | 69,640 | |
| | 2,159 | | | The Shyft Group Inc | | | 49,117 | |
| | 859 | | | The Timken Co. (b) | | | 70,197 | |
| | 1,609 | | | The Toro Co. (a) | | | 178,856 | |
| | 2,756 | | | Titan International, Inc. (a) | | | 28,883 | |
| | 1,035 | | | TriMas Corp. | | | 28,835 | |
| | 250 | | | Valmont Industries, Inc. | | | 79,820 | |
| | 1,200 | | | Wabash National Corp. (b) | | | 29,508 | |
| | 510 | | | Watts Water Technologies, Inc. - Class A | | | 85,843 | |
| | | | | | |
|
|
|
| | | | | | | | 3,464,576 | |
| | | | | | |
|
|
|
See notes to financial statements.
59
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Marine - 0.22% | |
| | 882 | | | Eagle Bulk Shipping, Inc. - ADR | | $ | 40,131 | |
| | 747 | | | Kirby Corp. (a) | | | 52,066 | |
| | 1,003 | | | Matson, Inc. (b) | | | 59,849 | |
| | 9,051 | | | Safe Bulkers, Inc. - ADR | | | 33,398 | |
| | 2,752 | | | SFL Corp. Ltd. - ADR | | | 26,144 | |
| | | | | | |
|
|
|
| | | | | | | | 211,588 | |
| | | | | | |
|
|
|
| | | | | Marine Transportation - 0.06% | |
| | 2,455 | | | Genco Shipping & Trading Ltd. - ADR | | | 38,445 | |
| | 1,577 | | | Golden Ocean Group Ltd. - ADR | | | 15,013 | |
| | | | | | |
|
|
|
| | | | | | | | 53,458 | |
| | | | | | |
|
|
|
| | | | | Media - 1.04% | |
| | 5,242 | | | Advantage Solutions, Inc. (a) | | | 8,282 | |
| | 954 | | | AMC Networks, Inc. - Class A (a) | | | 16,771 | |
| | 7,233 | | | Entravision Communications Corp. - Class A | | | 43,760 | |
| | 11,078 | | | Gannett Co, Inc. (a) | | | 20,716 | |
| | 2,271 | | | Gray Television, Inc. | | | 19,803 | |
| | 2,219 | | | iHeartMedia, Inc. - Class A (a) | | | 8,654 | |
| | 870 | | | John Wiley & Sons, Inc. - Class A (b) | | | 33,730 | |
| | 4,323 | | | Liberty Latin America Ltd. - Class A - ADR (a) | | | 35,924 | |
| | 2,759 | | | Liberty Latin America, Ltd. - Class C - ADR (a) | | | 22,789 | |
| | 393 | | | Liberty Media Group - Class A (a) | | | 26,528 | |
| | 5,686 | | | News Corp. - Class A | | | 98,197 | |
| | 2,667 | | | News Corp. - Class B | | | 46,486 | |
| | 609 | | | Nexstar Media Group, Inc. (b) | | | 105,150 | |
| | 1,467 | | | Scholastic Corp. | | | 50,201 | |
| | 1,227 | | | Sinclair Broadcast Group, Inc. - Class A (b) | | | 21,055 | |
| | 726 | | | TechTarget, Inc. (a) | | | 26,223 | |
| | 3,522 | | | TEGNA, Inc. | | | 59,557 | |
| | 2,882 | | | The E.W. Scripps Co. - Class A (a) | | | 27,120 | |
| | 4,652 | | | The Interpublic Group of Companies, Inc. (b) | | | 173,241 | |
| | 2,099 | | | The New York Times Co. - Class A (b) | | | 81,609 | |
| | 2,391 | | | Thryv Holdings, Inc. (a)(b) | | | 55,136 | |
| | 246 | | | Value Line, Inc. | | | 11,889 | |
| | | | | | |
|
|
|
| | | | | | | | 992,821 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 2.23% | |
| | 2,188 | | | Alcoa Corp. | | | 93,121 | |
| | 1,212 | | | ATI, Inc. (a) | | | 47,826 | |
| | 539 | | | Alpha Metallurgical Resources, Inc. | | | 84,084 | |
| | 7,409 | | | Cleveland-Cliffs, Inc. (a)(b) | | | 135,807 | |
| | 2,114 | | | Commercial Metals Co. | | | 103,375 | |
| | 1,797 | | | Constellium SE - ADR (a) | | | 27,458 | |
| | 503 | | | Gibraltar Industries, Inc. (a) | | | 24,396 | |
| | 693 | | | Haynes International, Inc. | | | 34,712 | |
| | 1,691 | | | Hecla Mining Co. | | | 10,704 | |
| | 262 | | | Kaiser Aluminum Corp. | | | 19,553 | |
| | 305 | | | Materion Corp. | | | 35,380 | |
| | 2,390 | | | Olympic Steel, Inc. | | | 124,782 | |
| | 1,307 | | | Reliance Steel & Aluminum Co. (b) | | | 335,559 | |
| | 158 | | | Royal Gold, Inc. | | | 20,494 | |
| | 4,713 | | | Ryerson Holding Corp. | | | 171,459 | |
| | 1,101 | | | Schnitzer Steel Industries, Inc. - Class A | | | 34,241 | |
| | 1,870 | | | SSR Mining, Inc. - ADR | | | 28,274 | |
| | 3,701 | | | Steel Dynamics, Inc. (b) | | | 418,435 | |
| | 6,980 | | | SunCoke Energy, Inc. | | | 62,680 | |
| | 4,206 | | | TimkenSteel Corp. (a) | | | 77,138 | |
| | 4,736 | | | United States Steel Corp. (b) | | | 123,610 | |
| | 2,494 | | | Warrior Met Coal, Inc. | | | 91,555 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Metals & Mining (Continued) | |
| | 259 | | | Worthington Industries, Inc. | | $ | 16,744 | |
| | | | | | |
|
|
|
| | | | | | | | 2,121,387 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.55% | |
| | 1,756 | | | Big Lots, Inc. | | | 19,246 | |
| | 662 | | | Dillard’s, Inc. - Class A (b) | | | 203,684 | |
| | 3,351 | | | Kohl’s Corp. (b) | | | 78,883 | |
| | 8,172 | | | Macy’s, Inc. (b) | | | 142,928 | |
| | 2,677 | | | Nordstrom, Inc. (b) | | | 43,555 | |
| | 645 | | | Ollie’s Bargain Outlet Holdings, Inc. (a) | | | 37,371 | |
| | | | | | |
|
|
|
| | | | | | | | 525,667 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.26% | |
| | 740 | | | Avista Corp. | | | 31,413 | |
| | 625 | | | Black Hills Corp. (b) | | | 39,437 | |
| | 2,372 | | | MDU Resources Group, Inc. | | | 72,299 | |
| | 3,669 | | | NiSource, Inc. | | | 102,585 | |
| | | | | | |
|
|
|
| | | | | | | | 245,734 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 3.47% | |
| | 5,775 | | | Alto Ingredients, Inc. (a) | | | 8,663 | |
| | 692 | | | Kinetik Holdings, Inc. (b) | | | 21,660 | |
| | 3,973 | | | Amplify Energy Corp. (a) | | | 27,295 | |
| | 2,675 | | | Antero Midstream Corp. | | | 28,061 | |
| | 4,620 | | | Antero Resources Corp. (a)(b) | | | 106,676 | |
| | 6,201 | | | APA Corp. (b) | | | 223,608 | |
| | 377 | | | Arch Resources, Inc. (b) | | | 49,560 | |
| | 2,807 | | | Battalion Oil Corp. (a) | | | 18,442 | |
| | 4,684 | | | Berry Corp. | | | 36,769 | |
| | 1,483 | | | California Resources Corp. | | | 57,096 | |
| | 728 | | | Callon Petroleum Co. (a)(b) | | | 24,344 | |
| | 839 | | | Centrus Energy Corp. - Class A (a) | | | 27,016 | |
| | 1,369 | | | Chesapeake Energy Corp. (b) | | | 104,099 | |
| | 801 | | | Chord Energy Corp. (b) | | | 107,815 | |
| | 909 | | | Civitas Resources, Inc. (b) | | | 62,121 | |
| | 2,890 | | | CNX Resources Corp. (a)(b) | | | 46,298 | |
| | 3,364 | | | Comstock Resources, Inc. (b) | | | 36,298 | |
| | 1,996 | | | CONSOL Energy, Inc. | | | 116,307 | |
| | 1,014 | | | CVR Energy, Inc. | | | 33,239 | |
| | 1,832 | | | Delek US Holdings, Inc | | | 42,044 | |
| | 592 | | | Denbury, Inc. (a) | | | 51,877 | |
| | 2,527 | | | Dorian LPG, Ltd. - ADR | | | 50,388 | |
| | 661 | | | DT Midstream, Inc. | | | 32,634 | |
| | 3,214 | | | Earthstone Energy, Inc. - Class A (a)(b) | | | 41,814 | |
| | 7,781 | | | Equitrans Midstream Corp. (b) | | | 44,974 | |
| | 1,401 | | | Frontline PLC - ADR | | | 23,201 | |
| | 1,287 | | | Golar LNG, Ltd. - ADR (a) | | | 27,799 | |
| | 759 | | | Green Plains, Inc. (a) | | | 23,521 | |
| | 1,984 | | | HF Sinclair Corp. | | | 95,986 | |
| | 535 | | | International Seaways, Inc. - ADR | | | 22,299 | |
| | 4,521 | | | Kosmos Energy Ltd. (a)(b) | | | 33,636 | |
| | 4,506 | | | Magnolia Oil & Gas Corp. - Class A (b) | | | 98,591 | |
| | 2,256 | | | Matador Resources Co. (b) | | | 107,498 | |
| | 2,607 | | | Murphy Oil Corp. | | | 96,407 | |
| | 832 | | | NACCO Industries, Inc. - Class A | | | 30,010 | |
| | 388 | | | New Fortress Energy, Inc. (b) | | | 11,419 | |
| | 1,224 | | | Northern Oil and Gas, Inc. (b) | | | 37,148 | |
| | 3,466 | | | OVINTIV, Inc. | | | 125,053 | |
| | 2,757 | | | PBF Energy, Inc. - Class A | | | 119,544 | |
| | 1,440 | | | PDC Energy, Inc. (b) | | | 92,419 | |
| | 3,067 | | | Peabody Energy Corp. (a)(b) | | | 78,515 | |
See notes to financial statements.
60
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | 9,317 | | | Permian Resources Corp. | | $ | 97,829 | |
| | 3,498 | | | Range Resources Corp. (b) | | | 92,592 | |
| | 1,154 | | | Ranger Oil Corp. - Class A | | | 47,129 | |
| | 11,401 | | | Ring Energy, Inc. (a) | | | 21,662 | |
| | 746 | | | Scorpio Tankers, Inc. - ADR | | | 42,007 | |
| | 844 | | | SilverBow Resources, Inc. (a)(b) | | | 19,285 | |
| | 2,509 | | | Sitio Royalties Corp. - Class A | | | 56,703 | |
| | 2,769 | | | SM Energy Co. (b) | | | 77,975 | |
| | 21,175 | | | Southwestern Energy Co. (a) | | | 105,875 | |
| | 3,722 | | | Talos Energy, Inc. (a)(b) | | | 55,235 | |
| | 8,927 | | | Teekay Corp. - ADR (a) | | | 55,169 | |
| | 56 | | | Texas Pacific Land Corp. | | | 95,257 | |
| | 5,075 | | | Uranium Energy Corp. (a) | | | 14,616 | |
| | 9,899 | | | Vaalco Energy, Inc. | | | 44,843 | |
| | 584 | | | Vital Energy, Inc. (a)(b) | | | 26,595 | |
| | 1,111 | | | World Fuel Services Corp. | | | 28,386 | |
| | | | | | |
|
|
|
| | | | | | | | 3,303,302 | |
| | | | | | |
|
|
|
| | | | | Paper & Forest Products - 0.38% | |
| | 2,267 | | | Boise Cascade Co. | | | 143,388 | |
| | 1,153 | | | Clearwater Paper Corp. (a) | | | 38,533 | |
| | 2,836 | | | Louisiana-Pacific Corp. | | | 153,740 | |
| | 2,770 | | | Resolute Forest Products (a)(c)(e)(f) | | | 3,933 | |
| | 522 | | | Sylvamo Corp. | | | 24,148 | |
| | | | | | |
|
|
|
| | | | | | | | 363,742 | |
| | | | | | |
|
|
|
| | | | | Personal Care Products - 0.05% | |
| | 6,107 | | | The Honest Co., Inc. (a) | | | 10,993 | |
| | 7,999 | | | Thorne HealthTech, Inc. (a) | | | 36,955 | |
| | | | | | |
|
|
|
| | | | | | | | 47,948 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.80% | |
| | 2,487 | | | BellRing Brands, Inc. (a) | | | 84,558 | |
| | 3,902 | | | Coty, Inc. - Class A (a)(b) | | | 47,058 | |
| | 994 | | | Edgewell Personal Care Co. | | | 42,166 | |
| | 2,147 | | | elf Beauty, Inc. (a) | | | 176,805 | |
| | 2,463 | | | Herbalife Nutrition, Ltd. - ADR (a)(b) | | | 39,654 | |
| | 658 | | | Inter Parfums, Inc. | | | 93,594 | |
| | 546 | | | Medifast, Inc. (b) | | | 56,604 | |
| | 4,728 | | | Nature’s Sunshine Products, Inc. (a) | | | 48,273 | |
| | 1,975 | | | Nu Skin Enterprises, Inc. - Class A | | | 77,637 | |
| | 2,957 | | | The Beauty Health Co. (a) | | | 37,347 | |
| | 929 | | | USANA Health Sciences, Inc. (a) | | | 58,434 | |
| | | | | | |
|
|
|
| | | | | | | | 762,130 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 1.33% | |
| | 34,119 | | | Amneal Pharmaceuticals, Inc. (a) | | | 47,425 | |
| | 3,857 | | | Amphastar Pharmaceuticals, Inc. (a)(b) | | | 144,637 | |
| | 18,514 | | | BARK, Inc. (a) | | | 26,845 | |
| | 4,309 | | | Collegium Pharmaceutical, Inc. (a)(b) | | | 103,373 | |
| | 5,510 | | | Corcept Therapeutics, Inc. (a) | | | 119,347 | |
| | 1,300 | | | Harmony Biosciences Holdings, Inc. (a)(b) | | | 42,445 | |
| | 7,266 | | | Innoviva, Inc. (a) | | | 81,742 | |
| | 758 | | | Intra-Cellular Therapies, Inc. (a) | | | 41,046 | |
| | 1,089 | | | IVERIC Bio, Inc. (a) | | | 26,495 | |
| | 1,114 | | | Jazz Pharmaceuticals PLC - ADR (a) | | | 163,012 | |
| | 430 | | | Organon & Co. | | | 10,114 | |
| | 852 | | | Pacira Pharmaceuticals, Inc. (a) | | | 34,770 | |
| | 2,246 | | | Perrigo Co. PLC - ADR | | | 80,564 | |
| | 1,570 | | | Phibro Animal Health Corp. - Class A | | | 24,052 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Pharmaceuticals (Continued) | |
| | 1,992 | | | Prestige Consumer Healthcare, Inc. (a) | | $ | 124,759 | |
| | 15,662 | | | SIGA Technologies, Inc. | | | 90,057 | |
| | 2,950 | | | Supernus Pharmaceuticals, Inc. (a)(b) | | | 106,879 | |
| | | | | | |
|
|
|
| | | | | | | | 1,267,562 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 1.51% | |
| | 2,081 | | | Alight, Inc. - Class A (a)(b) | | | 19,166 | |
| | 965 | | | ASGN, Inc. (a) | | | 79,776 | |
| | 6,678 | | | Atlas Technical Consultants, Inc. (a) | | | 81,405 | |
| | 1,010 | | | CBIZ, Inc. (a) | | | 49,985 | |
| | 422 | | | CRA International, Inc. (b) | | | 45,500 | |
| | 379 | | | Exponent, Inc. | | | 37,782 | |
| | 751 | | | Forrester Research, Inc. (a) | | | 24,295 | |
| | 1,236 | | | Franklin Covey Co. (a) | | | 47,549 | |
| | 569 | | | FTI Consulting, Inc. (a)(b) | | | 112,292 | |
| | 981 | | | Heidrick & Struggles International, Inc. | | | 29,783 | |
| | 648 | | | Huron Consulting Group, Inc. (a) | | | 52,080 | |
| | 520 | | | ICF International, Inc. | | | 57,044 | |
| | 705 | | | Insperity, Inc. | | | 85,693 | |
| | 1,821 | | | Kelly Services, Inc. - Class A | | | 30,210 | |
| | 1,318 | | | Kforce, Inc. | | | 83,350 | |
| | 850 | | | Korn Ferry International (b) | | | 43,979 | |
| | 4,364 | | | Legalzoom.com, Inc. (a) | | | 40,934 | |
| | 903 | | | ManpowerGroup, Inc. (b) | | | 74,525 | |
| | 1,451 | | | Red Violet, Inc. (a) | | | 25,538 | |
| | 3,696 | | | Resources Connection, Inc. | | | 63,054 | |
| | 2,408 | | | Robert Half International, Inc. | | | 194,013 | |
| | 610 | | | TriNet Group, Inc. (a) | | | 49,172 | |
| | 3,068 | | | TrueBlue, Inc. (a) | | | 54,610 | |
| | 2,231 | | | Upwork, Inc. (a) | | | 25,255 | |
| | 453 | | | VSE Corp. | | | 20,340 | |
| | 837 | | | Willdan Group, Inc. (a) | | | 13,074 | |
| | | | | | |
|
|
|
| | | | | | | | 1,440,404 | |
| | | | | | |
|
|
|
| | | | | Real Estate Management & Development - 0.42% | |
| | 4,807 | | | Anywhere Real Estate, Inc. (a) | | | 25,381 | |
| | 8,613 | | | Compass, Inc. - Class A (a) | | | 27,820 | |
| | 4,494 | | | Cushman & Wakefield PLC - ADR (a)(b) | | | 47,367 | |
| | 6,875 | | | eXp World Holdings, Inc. (b) | | | 87,244 | |
| | 2,406 | | | Forestar Group, Inc. (a) | | | 37,437 | |
| | 523 | | | Jones Lang LaSalle, Inc. (a) | | | 76,091 | |
| | 2,316 | | | Marcus & Millichap, Inc. | | | 74,367 | |
| | 1,248 | | | RE/MAX Holdings, Inc. - Class A | | | 23,412 | |
| | | | | | |
|
|
|
| | | | | | | | 399,119 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.88% | |
| | 1,081 | | | ArcBest Corp. | | | 99,906 | |
| | 364 | | | Avis Budget Group, Inc. (a)(b) | | | 70,907 | |
| | 1,552 | | | Covenant Transportation Group, Inc. - Class A | | | 54,972 | |
| | 5,512 | | | Daseke, Inc. (a) | | | 42,608 | |
| | 2,390 | | | Knight-Swift Transportation Holdings, Inc. | | | 135,226 | |
| | 856 | | | Landstar System, Inc. (b) | | | 153,447 | |
| | 2,085 | | | PAM Transportation Services, Inc. (a) | | | 59,693 | |
| | 978 | | | RXO, Inc. (a)(b) | | | 19,208 | |
| | 1,183 | | | Ryder System, Inc. | | | 105,571 | |
| | 255 | | | Saia, Inc. (a)(b) | | | 69,380 | |
| | 485 | | | Werner Enterprises, Inc. (b) | | | 22,063 | |
| | | | | | |
|
|
|
| | | | | | | | 832,981 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.37% | |
| | 514 | | | Advanced Energy Industries, Inc. (b) | | | 50,372 | |
| | 2,084 | | | Allegro MicroSystems, Inc. (a)(b) | | | 100,011 | |
See notes to financial statements.
61
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 2,097 | | | Alpha & Omega Semiconductor, Ltd. - ADR (a) | | $ | 56,514 | |
| | 481 | | | Ambarella, Inc. - ADR (a) | | | 37,239 | |
| | 4,307 | | | Amkor Technology, Inc. (b) | | | 112,068 | |
| | 1,199 | | | Axcelis Technologies, Inc. (a) | | | 159,767 | |
| | 561 | | | CEVA, Inc. (a) | | | 17,071 | |
| | 1,474 | | | Cirrus Logic, Inc. (a) | | | 161,226 | |
| | 1,566 | | | Cohu, Inc. (a)(b) | | | 60,119 | |
| | 957 | | | Diodes, Inc. (a)(b) | | | 88,771 | |
| | 326 | | | Entegris, Inc. (b) | | | 26,735 | |
| | 663 | | | First Solar, Inc. (a) | | | 144,202 | |
| | 1,653 | | | FormFactor, Inc. (a) | | | 52,648 | |
| | 728 | | | Impinj, Inc. (a) | | | 98,659 | |
| | 1,897 | | | Kulicke & Soffa Industries, Inc. (b) | | | 99,953 | |
| | 2,076 | | | Lattice Semiconductor Corp. (a) | | | 198,258 | |
| | 612 | | | MACOM Technology Solutions Holdings, Inc. (a)(b) | | | 43,354 | |
| | 1,894 | | | MaxLinear, Inc. (a) | | | 66,688 | |
| | 830 | | | MKS Instruments, Inc. (b) | | | 73,555 | |
| | 1,115 | | | Onto Innovation, Inc. (a) | | | 97,986 | |
| | 4,972 | | | Photronics, Inc. (a)(b) | | | 82,436 | |
| | 1,112 | | | Power Integrations, Inc. (b) | | | 94,120 | |
| | 2,869 | | | Rambus, Inc. (a)(b) | | | 147,065 | |
| | 1,097 | | | Semtech Corp. (a) | | | 26,482 | |
| | 194 | | | Silicon Laboratories, Inc. (a)(b) | | | 33,967 | |
| | 2,529 | | | SMART Global Holdings, Inc. - ADR (a) | | | 43,600 | |
| | 1,006 | | | Ultra Clean Holdings, Inc. (a)(b) | | | 33,359 | |
| | 1,626 | | | Veeco Instruments, Inc. (a)(b) | | | 34,357 | |
| | 300 | | | Wolfspeed, Inc. (a) | | | 19,485 | |
| | | | | | |
|
|
|
| | | | | | | | 2,260,067 | |
| | | | | | |
|
|
|
| | | | | Software - 5.11% | |
| | 1,438 | | | 2U, Inc. (a) | | | 9,850 | |
| | 16,615 | | | 8x8, Inc. (a)(b) | | | 69,285 | |
| | 7,306 | | | A10 Networks, Inc. | | | 113,170 | |
| | 2,670 | | | ACI Worldwide, Inc. (a)(b) | | | 72,037 | |
| | 5,761 | | | Adeia, Inc. | | | 51,042 | |
| | 1,402 | | | Agilysys, Inc. (a) | | | 115,679 | |
| | 959 | | | Alarm.com Holdings, Inc. (a)(b) | | | 48,219 | |
| | 1,157 | | | Altair Engineering, Inc. - Class A (a) | | | 83,431 | |
| | 651 | | | Alteryx, Inc. - Class A (a) | | | 38,305 | |
| | 2,127 | | | American Software, Inc. - Class A | | | 26,821 | |
| | 601 | | | Appfolio, Inc. - Class A (a) | | | 74,812 | |
| | 877 | | | Appian Corp. - Class A (a) | | | 38,921 | |
| | 4,087 | | | AppLovin Corp. - Class A (a)(b) | | | 64,370 | |
| | 1,874 | | | Asana, Inc. - Class A (a) | | | 39,598 | |
| | 298 | | | Aspen Technology, Inc. (a) | | | 68,203 | |
| | 1,022 | | | Bentley Systems, Inc. - Class B | | | 43,936 | |
| | 420 | | | Bill.com Holdings, Inc. (a) | | | 34,079 | |
| | 909 | | | Blackbaud, Inc. (a) | | | 62,994 | |
| | 3,537 | | | Box, Inc. - Class A (a)(b) | | | 94,756 | |
| | 737 | | | Cerence, Inc. (a) | | | 20,702 | |
| | 574 | | | Ceridian HCM Holding, Inc. (a) | | | 42,028 | |
| | 1,629 | | | CommVault Systems, Inc. (a) | | | 92,429 | |
| | 985 | | | Consensus Cloud Solutions, Inc. (a) | | | 33,579 | |
| | 1,477 | | | Couchbase, Inc. (a) | | | 20,767 | |
| | 6,294 | | | Cvent Holding Corp. (a) | | | 52,618 | |
| | 3,976 | | | Digital Turbine, Inc. (a)(b) | | | 49,143 | |
| | 2,227 | | | Domo, Inc. - Class B (a) | | | 31,601 | |
| | 6,270 | | | Dropbox, Inc. - Class A (a) | | | 135,557 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Software (Continued) | |
| | 1,863 | | | Dynatrace, Inc. (a) | | $ | 78,805 | |
| | 3,491 | | | Ebix, Inc. (b) | | | 46,046 | |
| | 5,611 | | | eGain Corp. (a) | | | 42,587 | |
| | 890 | | | Elastic NV - ADR (a) | | | 51,531 | |
| | 824 | | | Envestnet, Inc. (a)(b) | | | 48,344 | |
| | 896 | | | ePlus, Inc. (a) | | | 43,940 | |
| | 2,057 | | | EverCommerce, Inc. (a) | | | 21,763 | |
| | 380 | | | Fair Isaac Corp. (a) | | | 267,022 | |
| | 723 | | | Five9, Inc. (a) | | | 52,266 | |
| | 4,079 | | | Gen Digital, Inc. (b) | | | 69,996 | |
| | 352 | | | Globant SA - ADR (a) | | | 57,732 | |
| | 1,787 | | | Informatica, Inc. - Class A (a) | | | 29,307 | |
| | 1,025 | | | Jack Henry & Associates, Inc. (b) | | | 154,488 | |
| | 3,807 | | | LivePerson, Inc. (a) | | | 16,789 | |
| | 1,209 | | | Manhattan Associates, Inc. (a) | | | 187,214 | |
| | 4,010 | | | Mitek Systems, Inc. (a) | | | 38,456 | |
| | 1,181 | | | Model N, Inc. (a) | | | 39,528 | |
| | 4,424 | | | Momentive Global, Inc. (a) | | | 41,232 | |
| | 2,046 | | | N-able, Inc. (a)(b) | | | 27,007 | |
| | 804 | | | New Relic, Inc. (a) | | | 60,533 | |
| | 3,423 | | | Nutanix, Inc. - Class A (a) | | | 88,964 | |
| | 2,018 | | | OneSpan, Inc. (a)(b) | | | 35,315 | |
| | 223 | | | Paylocity Holding Corp. (a) | | | 44,328 | |
| | 1,362 | | | Pegasystems, Inc. (b) | | | 66,030 | |
| | 447 | | | Procore Technologies, Inc. (a) | | | 27,996 | |
| | 1,970 | | | Progress Software Corp. | | | 113,176 | |
| | 1,250 | | | PTC, Inc. (a) | | | 160,287 | |
| | 683 | | | Qualys, Inc. (a)(b) | | | 88,804 | |
| | 1,025 | | | Rapid7, Inc. (a) | | | 47,058 | |
| | 18,493 | | | Rimini Street Inc. (a) | | | 76,191 | |
| | 1,899 | | | RingCentral, Inc. - Class A (a) | | | 58,242 | |
| | 1,100 | | | Sapiens International Corp NV - ADR | | | 23,892 | |
| | 4,170 | | | SecureWorks Corp. - Class A (a) | | | 35,737 | |
| | 701 | | | SentinelOne, Inc. - Class A (a) | | | 11,468 | |
| | 881 | | | ShotSpotter, Inc. (a) | | | 34,641 | |
| | 1,520 | | | Smartsheet, Inc. - Class A (a) | | | 72,656 | |
| | 948 | | | Sprout Social, Inc. - Class A (a)(b) | | | 57,714 | |
| | 762 | | | SPS Commerce, Inc. (a) | | | 116,053 | |
| | 1,579 | | | Tenable Holdings, Inc. (a) | | | 75,018 | |
| | 1,443 | | | UiPath, Inc. - Class A (a) | | | 25,339 | |
| | 9,986 | | | Upland Software, Inc. (a) | | | 42,940 | |
| | 2,078 | | | Varonis Systems, Inc. (a) | | | 54,049 | |
| | 2,216 | | | Verint Systems, Inc. (a) | | | 82,524 | |
| | 2,971 | | | Veritone, Inc. (a) | | | 17,321 | |
| | 1,122 | | | Workiva, Inc. (a)(b) | | | 114,904 | |
| | 2,304 | | | Xperi, Inc. (a) | | | 25,183 | |
| | 8,583 | | | Yext, Inc. (a) | | | 82,483 | |
| | 8,822 | | | Zeta Global Holdings Corp. - Class A (a) | | | 95,542 | |
| | 743 | | | Ziff Davis, Inc. (a)(b) | | | 57,991 | |
| | 3,228 | | | Zuora, Inc. - Class A (a) | | | 31,893 | |
| | | | | | |
|
|
|
| | | | | | | | 4,866,257 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 4.82% | |
| | 3,108 | | | Abercrombie & Fitch Co. - Class A (a) | | | 86,247 | |
| | 2,730 | | | Academy Sports & Outdoors, Inc. (b) | | | 178,132 | |
| | 3,165 | | | American Eagle Outfitters, Inc. (b) | | | 42,538 | |
| | 634 | | | America’s Car-Mart, Inc. (a)(b) | | | 50,219 | |
| | 522 | | | Asbury Automotive Group, Inc. (a) | | | 109,620 | |
| | 1,252 | | | AutoNation, Inc. (a)(b) | | | 168,219 | |
| | 15,751 | | | Bed Bath & Beyond, Inc. (a)(b) | | | 6,732 | |
See notes to financial statements.
62
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Specialty Retail (Continued) | |
| | 3,864 | | | Big 5 Sporting Goods Corp. (b) | | $ | 29,714 | |
| | 909 | | | Boot Barn Holdings, Inc. (a)(b) | | | 69,666 | |
| | 2,827 | | | Build-A-Bear Workshop, Inc. | | | 65,699 | |
| | 4,189 | | | Caleres, Inc. (b) | | | 90,608 | |
| | 1,566 | | | Camping World Holdings, Inc. - Class A (b) | | | 32,682 | |
| | 12,365 | | | Chico’s FAS, Inc. (a) | | | 68,008 | |
| | 2,170 | | | Citi Trends, Inc. (a) | | | 41,273 | |
| | 3,115 | | | Conn’s, Inc. (a) | | | 18,877 | |
| | 4,179 | | | Designer Brands, Inc. - Class A | | | 36,524 | |
| | 9,912 | | | Destination XL Group, Inc. (a) | | | 54,615 | |
| | 1,401 | | | Dick’s Sporting Goods, Inc. (b) | | | 198,788 | |
| | 3,842 | | | EVgo, Inc. (a)(b) | | | 29,929 | |
| | 22,622 | | | Express, Inc. (a) | | | 17,833 | |
| | 663 | | | Five Below, Inc. (a)(b) | | | 136,558 | |
| | 1,241 | | | Floor & Decor Holdings, Inc. - Class A (a)(b) | | | 121,891 | |
| | 1,866 | | | Foot Locker, Inc. (b) | | | 74,062 | |
| | 4,972 | | | GameStop Corp. - Class A (a)(b) | | | 114,455 | |
| | 1,394 | | | Genesco, Inc. (a) | | | 51,411 | |
| | 591 | | | Group 1 Automotive, Inc. (b) | | | 133,814 | |
| | 1,392 | | | Guess?, Inc. (b) | | | 27,088 | |
| | 2,397 | | | Haverty Furniture Cos., Inc. | | | 76,488 | |
| | 1,720 | | | Hibbett Sports, Inc. | | | 101,446 | |
| | 8,664 | | | JOANN, Inc. (b) | | | 13,776 | |
| | 3,434 | | | Leslie’s, Inc. (a)(b) | | | 37,808 | |
| | 534 | | | Lithia Motors, Inc. (b) | | | 122,249 | |
| | 8,137 | | | LL Flooring Holdings, Inc. (a) | | | 30,921 | |
| | 3,945 | | | Lulu’s Fashion Lounge Holdings, Inc. (a) | | | 9,389 | |
| | 1,827 | | | MarineMax, Inc. (a) | | | 52,526 | |
| | 396 | | | Monro, Inc. (b) | | | 19,574 | |
| | 585 | | | Murphy USA, Inc. | | | 150,959 | |
| | 1,678 | | | National Vision Holdings, Inc. (a) | | | 31,614 | |
| | 2,017 | | | ODP Corp. (a) | | | 90,725 | |
| | 842 | | | Penske Automotive Group, Inc. (b) | | | 119,404 | |
| | 2,191 | | | Petco Health & Wellness Co., Inc. (a)(b) | | | 19,719 | |
| | 2,384 | | | Rent-A-Center, Inc. (b) | | | 58,432 | |
| | 1,742 | | | Revolve Group, Inc. (a) | | | 45,815 | |
| | 1,206 | | | REX American Resources Corp. (a) | | | 34,480 | |
| | 315 | | | RH (a)(b) | | | 76,718 | |
| | 5,338 | | | Sally Beauty Holdings, Inc. (a)(b) | | | 83,166 | |
| | 2,422 | | | Shoe Carnival, Inc. | | | 62,124 | |
| | 2,149 | | | Signet Jewelers, Ltd. - ADR | | | 167,149 | |
| | 1,610 | | | Sleep Number Corp. (a) | | | 48,960 | |
| | 1,367 | | | Sonic Automotive, Inc. - Class A | | | 74,283 | |
| | 6,041 | | | Sportsman’s Warehouse Holdings, Inc. (a) | | | 51,228 | |
| | 9,554 | | | Stitch Fix, Inc. - Class A (a) | | | 48,821 | |
| | 3,493 | | | The Aaron’s Co., Inc. | | | 33,742 | |
| | 1,628 | | | The Buckle, Inc. (b) | | | 58,103 | |
| | 4,077 | | | The Cato Corp. - Class A | | | 36,041 | |
| | 1,432 | | | The Children’s Place, Inc. (a) | | | 57,638 | |
| | 6,889 | | | The Container Store Group, Inc. (a) | | | 23,629 | |
| | 5,188 | | | The Gap, Inc. (b) | | | 52,088 | |
| | 15,128 | | | The RealReal, Inc. (a) | | | 19,061 | |
| | 5,677 | | | Tile Shop Holdings, Inc. (a) | | | 26,625 | |
| | 4,339 | | | Tilly’s, Inc. - Class A (a) | | | 33,454 | |
| | 6,106 | | | Torrid Holdings, Inc. (a)(b) | | | 26,622 | |
| | 1,085 | | | TravelCenters of America, Inc. (a)(b) | | | 93,853 | |
| | 1,714 | | | Urban Outfitters, Inc. (a) | | | 47,512 | |
| | 1,427 | | | Victoria’s Secret & Co. (a)(b) | | | 48,732 | |
| | 2,256 | | | Warby Parker, Inc. - Class A (a) | | | 23,891 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Specialty Retail (Continued) | |
| | 1,516 | | | Williams Sonoma, Inc. (b) | | $ | 184,437 | |
| | 330 | | | Winmark Corp. | | | 105,742 | |
| | 2,120 | | | Zumiez, Inc. (a) | | | 39,093 | |
| | | | | | |
|
|
|
| | | | | | | | 4,593,239 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.87% | |
| | 4,908 | | | Avid Technology, Inc. (a) | | | 156,958 | |
| | 1,343 | | | Corsair Gaming, Inc. (a)(b) | | | 24,644 | |
| | 15,211 | | | Diebold Nixdorf, Inc. (a) | | | 18,253 | |
| | 3,469 | | | NCR Corp. (a) | | | 81,834 | |
| | 5,014 | | | Pure Storage, Inc. - Class A (a) | | | 127,907 | |
| | 915 | | | Super Micro Computer, Inc. (a)(b) | | | 97,493 | |
| | 1,256 | | | Synaptics, Inc. (a)(b) | | | 139,605 | |
| | 3,443 | | | Teradata Corp. (a) | | | 138,684 | |
| | 2,946 | | | Xerox Holdings Corp. | | | 45,368 | |
| | | | | | |
|
|
|
| | | | | | | | 830,746 | |
| | | | | | |
|
|
|
| | | | | Textiles, Apparel & Luxury Goods - 2.20% | |
| | 3,391 | | | Capri Holdings, Ltd. - ADR (a) | | | 159,377 | |
| | 737 | | | Carter’s, Inc. | | | 53,005 | |
| | 846 | | | Columbia Sportswear Co. | | | 76,343 | |
| | 2,014 | | | Crocs, Inc. (a)(b) | | | 254,650 | |
| | 585 | | | Deckers Outdoor Corp. (a) | | | 262,987 | |
| | 8,398 | | | Fossil Group, Inc. (a) | | | 26,874 | |
| | 2,482 | | | G-III Apparel Group, Ltd. (a) | | | 38,595 | |
| | 5,673 | | | Hanesbrands, Inc. (b) | | | 29,840 | |
| | 2,060 | | | Kontoor Brands, Inc. (b) | | | 99,684 | |
| | 2,555 | | | Movado Group, Inc. | | | 73,507 | |
| | 970 | | | Oxford Industries, Inc. (b) | | | 102,422 | |
| | 9,540 | | | PLBY Group, Inc. (a) | | | 18,889 | |
| | 1,173 | | | PVH Corp. | | | 104,585 | |
| | 996 | | | Ralph Lauren Corp. (b) | | | 116,203 | |
| | 830 | | | Rocky Brands, Inc. | | | 19,148 | |
| | 1,994 | | | Skechers U.S.A., Inc. - Class A (a) | | | 94,755 | |
| | 1,971 | | | Steven Madden, Ltd. | | | 70,956 | |
| | 2,247 | | | Superior Uniform Group, Inc. | | | 17,684 | |
| | 5,543 | | | Tapestry, Inc. (b) | | | 238,959 | |
| | 6,655 | | | Under Armour, Inc. - Class A (a) | | | 63,156 | |
| | 7,580 | | | Under Armour, Inc. - Class C (a)(b) | | | 64,657 | |
| | 1,790 | | | Unifi, Inc. (a) | | | 14,624 | |
| | 213 | | | UniFirst Corp. | | | 37,537 | |
| | 736 | | | Weyco Group, Inc. | | | 18,621 | |
| | 2,333 | | | Wolverine World Wide, Inc. | | | 39,778 | |
| | | | | | |
|
|
|
| | | | | | | | 2,096,836 | |
| | | | | | |
|
|
|
| | | | | Thrifts & Mortgage Finance - 1.15% | |
| | 898 | | | Axos Financial, Inc. (a) | | | 33,154 | |
| | 1,240 | | | Berkshire Hills Bancorp, Inc. (b) | | | 31,074 | |
| | 1,990 | | | Bridgewater Bancshares, Inc. (a) | | | 21,572 | |
| | 2,098 | | | Essent Group, Ltd. - ADR | | | 84,025 | |
| | 586 | | | Federal Agricultural Mortgage Corp. - Class C | | | 78,049 | |
| | 1,873 | | | Flushing Financial Corp. | | | 27,889 | |
| | 850 | | | Home Bancorp, Inc. | | | 28,076 | |
| | 1,221 | | | HomeStreet, Inc. | | | 21,966 | |
| | 2,008 | | | Merchants Bancorp | | | 52,288 | |
| | 6,500 | | | MGIC Investment Corp. | | | 87,230 | |
| | 2,979 | | | Mr Cooper Group, Inc. (a)(b) | | | 122,050 | |
| | 7,900 | | | New York Community Bancorp, Inc. (b) | | | 71,416 | |
| | 2,319 | | | NMI Holdings, Inc. - Class A (a) | | | 51,783 | |
| | 1,957 | | | Northfield Bancorp, Inc. | | | 23,054 | |
| | 1,703 | | | Northwest Bancshares, Inc. | | | 20,487 | |
See notes to financial statements.
63
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Thrifts & Mortgage Finance (Continued) | |
| | 1,127 | | | PennyMac Financial Services, Inc. | | $ | 67,181 | |
| | 1,422 | | | Provident Financial Services, Inc. | | | 27,274 | |
| | 4,194 | | | Radian Group, Inc. | | | 92,687 | |
| | 700 | | | Southern Missouri Bancorp, Inc. | | | 26,187 | |
| | 636 | | | Walker & Dunlop, Inc. | | | 48,444 | |
| | 1,191 | | | Washington Federal, Inc. (b) | | | 35,873 | |
| | 1,034 | | | Waterstone Financial, Inc. | | | 15,644 | |
| | 685 | | | WSFS Financial Corp. | | | 25,763 | |
| | | | | | |
|
|
|
| | | | | | | | 1,093,166 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.11% | |
| | 990 | | | Turning Point Brands, Inc. | | | 20,790 | |
| | 752 | | | Universal Corp. | | | 39,773 | |
| | 3,407 | | | Vector Group, Ltd. | | | 40,918 | |
| | | | | | |
|
|
|
| | | | | | | | 101,481 | |
| | | | | | |
|
|
|
| | | | | Trading Companies & Distributors - 2.43% | |
| | 484 | | | Air Lease Corp. | | | 19,055 | |
| | 2,166 | | | Alta Equipment Group, Inc. | | | 34,331 | |
| | 996 | | | Applied Industrial Technologies, Inc. | | | 141,561 | |
| | 1,572 | | | Beacon Roofing Supply, Inc. (a)(b) | | | 92,512 | |
| | 1,602 | | | BlueLinx Holdings, Inc. (a) | | | 108,872 | |
| | 845 | | | Core & Main, Inc. - Class A (a) | | | 19,519 | |
| | 2,406 | | | DXP Enterprises, Inc. (a) | | | 64,770 | |
| | 1,962 | | | Global Industrial Co. | | | 52,660 | |
| | 2,276 | | | GMS, Inc. (a) | | | 131,758 | |
| | 1,102 | | | H&E Equipment Services, Inc. | | | 48,741 | |
| | 336 | | | Herc Holdings, Inc. (b) | | | 38,270 | |
| | 8,134 | | | Hudson Technologies, Inc. (a) | | | 71,010 | |
| | 611 | | | Kaman Corp. | | | 13,967 | |
| | 2,731 | | | Karat Packaging, Inc. | | | 36,404 | |
| | 4,114 | | | MRC Global, Inc. (a) | | | 39,988 | |
| | 975 | | | MSC Industrial Direct Co., Inc. - Class A | | | 81,900 | |
| | 6,286 | | | NOW, Inc. (a) | | | 70,089 | |
| | 1,262 | | | Rush Enterprises, Inc. - Class A (b) | | | 68,905 | |
| | 882 | | | Rush Enterprises, Inc. - Class B | | | 52,823 | |
| | 941 | | | SiteOne Landscape Supply, Inc. (a)(b) | | | 128,795 | |
| | 1,587 | | | Textainer Group Holdings, Ltd. - ADR | | | 50,959 | |
| | 2,662 | | | Titan Machinery, Inc. (a) | | | 81,058 | |
| | 650 | | | Transcat, Inc. (a) | | | 58,104 | |
| | 954 | | | Triton International, Ltd. - ADR (b) | | | 60,312 | |
| | 4,754 | | | Univar Solutions, Inc. (a) | | | 166,533 | |
| | 1,796 | | | Veritiv Corp. | | | 242,711 | |
| | 519 | | | Watsco, Inc. (b) | | | 165,125 | |
| | 988 | | | WESCO International, Inc. | | | 152,686 | |
| | 1,336 | | | Xometry, Inc. - Class A (a) | | | 20,000 | |
| | | | | | |
|
|
|
| | | | | | | | 2,313,418 | |
| | | | | | |
|
|
|
| | | | | Water Utilities - 0.16% | |
| | 244 | | | American States Water Co. | | | 21,689 | |
| | 470 | | | Artesian Resources Corp. - Class A | | | 26,020 | |
| | 531 | | | California Water Service Group | | | 30,904 | |
| | 1,648 | | | Essential Utilities, Inc. | | | 71,935 | |
| | | | | | |
|
|
|
| | | | | | | | 150,548 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.03% | |
| | 1,576 | | | Telephone & Data Systems, Inc. | | | 16,564 | |
| | 716 | | | United States Cellular Corp. (a) | | | 14,842 | |
| | | | | | |
|
|
|
| | | | | | | | 31,406 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $63,602,101) | | | 85,528,390 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 3.58% | |
| | | | | International Equity Funds - 3.58% | |
| | 24,363 | | | Vanguard Extended Market ETF | | $ | 3,415,693 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $3,052,811) | | | 3,415,693 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 4.25% | |
| | | | | Real Estate Investment Trusts - 4.25% | |
| | 2,287 | | | Acadia Realty Trust | | | 31,904 | |
| | 483 | | | Agree Realty Corp. | | | 33,139 | |
| | 677 | | | American Assets Trust, Inc. | | | 12,585 | |
| | 5,976 | | | Necessity Retail REIT, Inc. - Class A | | | 37,529 | |
| | 1,957 | | | American Homes 4 Rent - Class A | | | 61,548 | |
| | 1,519 | | | Americold Realty Trust, Inc. (b) | | | 43,216 | |
| | 5,448 | | | Annaly Capital Management, Inc. (b) | | | 104,111 | |
| | 264 | | | Apartment Income REIT Corp. | | | 9,454 | |
| | 6,603 | | | Apartment Investment and Management Co. - Class A | | | 50,777 | |
| | 3,391 | | | Apollo Commercial Real Estate Finance, Inc. | | | 31,570 | |
| | 4,839 | | | Apple Hospitality REIT, Inc. | | | 75,101 | |
| | 4,100 | | | Arbor Realty Trust, Inc. | | | 47,109 | |
| | 2,207 | | | Ares Commercial Real Estate Corp. | | | 20,062 | |
| | 1,690 | | | Armada Hoffler Properties, Inc. | | | 19,959 | |
| | 1,865 | | | Blackstone Mortgage Trust, Inc. - Class A | | | 33,290 | |
| | 11,688 | | | Braemar Hotels & Resorts, Inc. | | | 45,116 | |
| | 3,238 | | | Brandywine Realty Trust | | | 15,316 | |
| | 4,302 | | | Brixmor Property Group, Inc. (b) | | | 92,579 | |
| | 1,826 | | | Broadstone Net Lease, Inc. | | | 31,060 | |
| | 650 | | | Camden Property Trust | | | 68,146 | |
| | 1,596 | | | CBL & Associates Properties, Inc. | | | 40,921 | |
| | 4,458 | | | Chatham Lodging Trust | | | 46,764 | |
| | 3,267 | | | City Office REIT, Inc. | | | 22,542 | |
| | 4,177 | | | CoreCivic, Inc. (a)(b) | | | 38,428 | |
| | 1,579 | | | Corporate Office Properties Trust | | | 37,438 | |
| | 2,150 | | | Cousins Properties, Inc. (b) | | | 45,967 | |
| | 507 | | | CubeSmart (b) | | | 23,434 | |
| | 4,239 | | | DiamondRock Hospitality Co. (b) | | | 34,463 | |
| | 1,770 | | | Douglas Emmett, Inc. (b) | | | 21,824 | |
| | 3,808 | | | Dynex Capital, Inc. | | | 46,153 | |
| | 1,084 | | | Easterly Government Properties, Inc. | | | 14,894 | |
| | 5,645 | | | Empire State Realty Trust, Inc. - Class A | | | 36,636 | |
| | 1,398 | | | EPR Properties (b) | | | 53,264 | |
| | 567 | | | Equity LifeStyle Properties, Inc. | | | 38,063 | |
| | 1,203 | | | Essential Properties Realty Trust, Inc. (b) | | | 29,895 | |
| | 507 | | | Federal Realty Investment Trust | | | 50,107 | |
| | 218 | | | First Industrial Realty Trust, Inc. | | | 11,598 | |
| | 1,492 | | | Gaming and Leisure Properties, Inc. | | | 77,674 | |
| | 1,216 | | | Gladstone Commercial Corp. | | | 15,358 | |
| | 1,307 | | | Global Medical REIT, Inc. | | | 11,907 | |
| | 2,975 | | | Global Net Lease, Inc. (b) | | | 38,258 | |
| | 4,780 | | | Hersha Hospitality Trust - Class A | | | 32,122 | |
| | 1,400 | | | Highwoods Properties, Inc. | | | 32,466 | |
| | 7,240 | | | Host Hotels & Resorts, Inc. | | | 119,388 | |
| | 3,005 | | | Hudson Pacific Properties, Inc. | | | 19,983 | |
| | 1,665 | | | Independence Realty Trust, Inc. (b) | | | 26,690 | |
| | 2,001 | | | Iron Mountain, Inc. | | | 105,873 | |
| | 1,544 | | | JBG SMITH Properties | | | 23,253 | |
| | 1,696 | | | Kilroy Realty Corp. (b) | | | 54,950 | |
| | 6,694 | | | Kimco Realty Corp. | | | 130,734 | |
| | 3,552 | | | Kite Realty Group Trust | | | 74,308 | |
| | 1,079 | | | KKR Real Estate Finance Trust, Inc. | | | 12,290 | |
See notes to financial statements.
64
GuideMark Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | REAL ESTATE INVESTMENT TRUSTS (Continued) | |
| | | | | Real Estate Investment Trusts (Continued) | |
| | 519 | | | Lamar Advertising Co. - Class A | | $ | 51,843 | |
| | 353 | | | Life Storage, Inc. | | | 46,275 | |
| | 457 | | | LTC Properties, Inc. | | | 16,054 | |
| | 1,583 | | | LXP Industrial Trust | | | 16,321 | |
| | 5,334 | | | Macerich Co. (b) | | | 56,540 | |
| | 5,837 | | | Medical Properties Trust, Inc. (b) | | | 47,980 | |
| | 247 | | | National Health Investors, Inc. | | | 12,740 | |
| | 1,218 | | | National Retail Properties, Inc. | | | 53,775 | |
| | 415 | | | National Storage Affiliates Trust (b) | | | 17,339 | |
| | 8,954 | | | New Residential Investment Corp. (b) | | | 71,632 | |
| | 394 | | | NexPoint Residential Trust, Inc. | | | 17,206 | |
| | 2,535 | | | Office Properties Income Trust | | | 31,180 | |
| | 1,106 | | | Omega Healthcare Investors, Inc. (b) | | | 30,315 | |
| | 3,416 | | | Orion Office REIT, Inc. | | | 22,887 | |
| | 7,463 | | | Paramount Group, Inc. (b) | | | 34,031 | |
| | 2,989 | | | Park Hotels & Resorts, Inc. (b) | | | 36,944 | |
| | 2,889 | | | Pebblebrook Hotel Trust (b) | | | 40,562 | |
| | 1,052 | | | Phillips Edison & Co, Inc. | | | 34,316 | |
| | 1,431 | | | Physicians Realty Trust (b) | | | 21,365 | |
| | 3,538 | | | Piedmont Office Realty Trust, Inc. - Class A | | | 25,827 | |
| | 1,082 | | | Plymouth Industrial REIT, Inc. | | | 22,733 | |
| | 1,113 | | | Postal Realty Trust, Inc. - Class A | | | 16,940 | |
| | 846 | | | PotlatchDeltic Corp. (b) | | | 41,877 | |
| | 2,811 | | | Ready Capital Corp. (b) | | | 28,588 | |
| | 1,819 | | | Regency Centers Corp. | | | 111,286 | |
| | 1,973 | | | Retail Opportunity Investments Corp. | | | 27,543 | |
| | 171 | | | Rexford Industrial Realty, Inc. (b) | | | 10,200 | |
| | 2,198 | | | RLJ Lodging Trust (b) | | | 23,299 | |
| | 3,658 | | | RPT Realty | | | 34,788 | |
| | 363 | | | Ryman Hospitality Properties, Inc. | | | 32,572 | |
| | 2,930 | | | Sabra Health Care REIT, Inc. (b) | | | 33,695 | |
| | 8,877 | | | Service Properties Trust | | | 88,415 | |
| | 3,318 | | | SITE Centers Corp. | | | 40,745 | |
| | 892 | | | SL Green Realty Corp. (b) | | | 20,980 | |
| | 1,424 | | | Spirit Realty Capital, Inc. (b) | | | 56,732 | |
| | 282 | | | STAG Industrial, Inc. (b) | | | 9,537 | |
| | 3,266 | | | Starwood Property Trust, Inc. (b) | | | 57,776 | |
| | 5,458 | | | Summit Hotel Properties, Inc. | | | 38,206 | |
| | 3,469 | | | Sunstone Hotel Investors, Inc. (b) | | | 34,274 | |
| | 3,216 | | | Tanger Factory Outlet Centers, Inc. (b) | | | 63,130 | |
| | 10,316 | | | The Geo Group, Inc. (a)(b) | | | 81,393 | |
| | 2,520 | | | Two Harbors Investment Corp. | | | 37,069 | |
| | 3,497 | | | Uniti Group, Inc. (b) | | | 12,414 | |
| | 1,406 | | | Urban Edge Properties | | | 21,174 | |
| | 1,582 | | | Urstadt Biddle Properties, Inc. - Class A | | | 27,796 | |
| | 2,160 | | | Veris Residential, Inc. (a) | | | 31,622 | |
| | 2,380 | | | Vornado Realty Trust (b) | | | 36,581 | |
| | 6,037 | | | Whitestone | | | 55,540 | |
| | 3,015 | | | Xenia Hotels & Resorts, Inc. | | | 39,466 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $4,767,396) | | | 4,052,719 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.95% | |
| | | | | Money Market Funds - 0.95% | |
| | 906,837 | | | JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (d) | | $ | 906,837 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $906,837) | | | 906,837 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 29.66% | |
| | 28,266,325 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (d) | | | 28,266,325 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $28,266,325) | | | 28,266,325 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $100,595,470) - 128.19% | | | 122,169,964 | |
| | | | | Liabilities in Excess of
Other Assets - (28.19)% | | | (26,869,014 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 95,300,950 | |
| | | | | | |
|
|
|
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) | | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (d) | | Seven-day yield as of March 31, 2023. |
| (e) | | As of March 31, 2023, the Valuation Committee has fair valued these securities. The value of these securites were $6,710, which represents 0.01% of total net assets. |
| (f) | | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $31,237, which represents 0.03% of the total assets. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
See notes to financial statements.
65
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 96.41% | |
| | | | | Australia - 5.97% | |
| | 1,541 | | | Ampol, Ltd. | | $ | 31,418 | |
| | 9,368 | | | APA Group - Stapled Security | | | 63,639 | |
| | 456 | | | Aristocrat Leisure, Ltd. | | | 11,401 | |
| | 9,693 | | | Aurizon Holdings Ltd. | | | 21,832 | |
| | 8,393 | | | Australia & New Zealand Banking Group, Ltd. | | | 129,337 | |
| | 27,156 | | | BHP Billiton, Ltd. | | | 858,507 | |
| | 30,278 | | | BlueScope Steel, Ltd. | | | 409,823 | |
| | 7,973 | | | Brambles, Ltd. | | | 71,886 | |
| | 1,623 | | | Cochlear, Ltd. | | | 258,382 | |
| | 26,268 | | | Coles Group, Ltd. | | | 317,387 | |
| | 4,886 | | | Commonwealth Bank of Australia | | | 322,600 | |
| | 902 | | | CSL, Ltd. | | | 174,690 | |
| | 7,418 | | | Endeavour Group, Ltd. | | | 33,702 | |
| | 10,797 | | | Fortescue Metals Group, Ltd. | | | 162,296 | |
| | 8,917 | | | IDP Education Ltd. | | | 164,327 | |
| | 7,682 | | | IGO Ltd. | | | 65,874 | |
| | 1,054 | | | Macquarie Group, Ltd. | | | 124,793 | |
| | 17,941 | | | Medibank Private, Ltd. | | | 40,487 | |
| | 2,036 | | | Mineral Resources Ltd. | | | 110,060 | |
| | 13,172 | | | National Australia Bank, Ltd. | | | 245,438 | |
| | 11,297 | | | Northern Star Resources, Ltd. | | | 92,637 | |
| | 23,414 | | | Origin Energy, Ltd. | | | 130,394 | |
| | 42,019 | | | Pilbara Minerals Ltd. | | | 111,787 | |
| | 15,039 | | | Qantas Airways, Ltd. (a) | | | 67,126 | |
| | 1,187 | | | REA Group, Ltd. | | | 110,680 | |
| | 4,624 | | | Rio Tinto, Ltd. | | | 371,537 | |
| | 15,953 | | | Santos, Ltd. | | | 73,422 | |
| | 2,679 | | | Sonic Healthcare, Ltd. | | | 62,804 | |
| | 76,385 | | | South32, Ltd. | | | 223,864 | |
| | 4,380 | | | Suncorp Group, Ltd. | | | 35,588 | |
| | 17,261 | | | Telstra Corp., Ltd. | | | 48,873 | |
| | 102,440 | | | The Lottery Corp., Ltd. | | | 352,328 | |
| | 6,295 | | | Transurban Group - Stapled Security | | | 60,107 | |
| | 9,584 | | | Treasury Wine Estates, Ltd. | | | 84,136 | |
| | 66,229 | | | Vicinity, Ltd. | | | 86,618 | |
| | 6,713 | | | Wesfarmers, Ltd. | | | 226,889 | |
| | 13,041 | | | Westpac Banking Corp. | | | 189,872 | |
| | 1,030 | | | WiseTech Global, Ltd. | | | 45,375 | |
| | 9,210 | | | Woodside Energy Group, Ltd. | | | 205,753 | |
| | 13,689 | | | Woolworths, Ltd. | | | 348,011 | |
| | | | | | |
|
|
|
| | | | | | | | 6,545,680 | |
| | | | | | |
|
|
|
| | | | | Austria - 0.38% | |
| | 2,917 | | | Erste Group Bank AG | | | 96,639 | |
| | 6,936 | | | OMV AG | | | 318,524 | |
| | | | | | |
|
|
|
| | | | | | | | 415,163 | |
| | | | | | |
|
|
|
| | | | | Belgium - 0.83% | |
| | 3,726 | | | Ageas SA | | | 161,181 | |
| | 3,233 | | | Anheuser-Busch InBev SA | | | 215,512 | |
| | 790 | | | D’ieteren Group | | | 153,721 | |
| | 768 | | | Elia Group SA | | | 101,420 | |
| | 801 | | | Solvay SA | | | 91,608 | |
| | 1,595 | | | UCB SA | | | 142,556 | |
| | 1,381 | | | Umicore SA | | | 46,845 | |
| | | | | | |
|
|
|
| | | | | | | | 912,843 | |
| | | | | | |
|
|
|
| | | | | Canada - 10.26% | |
| | 1,883 | | | Agnico Eagle Mines, Ltd. (a) | | | 95,996 | |
| | 5,917 | | | Alimentation Couche-Tard, Inc. (a) | | | 297,492 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Canada (Continued) | |
| | 25,402 | | | ARC Resources, Ltd. (a)(b) | | $ | 288,134 | |
| | 3,426 | | | Bank of Montreal (a) | | | 305,159 | |
| | 5,058 | | | Barrick Gold Corp. (a) | | | 93,900 | |
| | 1,961 | | | Brookfield Asset Management Ltd. - Class A (a) | | | 64,235 | |
| | 1,596 | | | BRP, Inc. (a) | | | 124,893 | |
| | 1,650 | | | Cameco Corp. (a) | | | 43,206 | |
| | 1,705 | | | Canadian Imperial Bank of Commerce (a) | | | 72,300 | |
| | 1,121 | | | Canadian National Railway Co. (a) | | | 132,272 | |
| | 7,088 | | | Canadian Natural Resources, Ltd. (a) | | | 392,239 | |
| | 2,680 | | | Canadian Pacific Railway, Ltd. (a) | | | 206,369 | |
| | 2,403 | | | Canadian Utilities, Ltd. - Class A (a) | | | 66,960 | |
| | 28,169 | | | Cenovus Energy, Inc. (a) | | | 491,472 | |
| | 1,931 | | | CGI, Inc. (a) | | | 186,099 | |
| | 282 | | | Constellation Software, Inc. (a) | | | 530,179 | |
| | 5,138 | | | Dollarama, Inc. (a) | | | 307,063 | |
| | 12,263 | | | Element Fleet Management Corp. (a) | | | 161,057 | |
| | 16,112 | | | Empire Co., Ltd. (a) | | | 431,918 | |
| | 6,422 | | | Enbridge, Inc. (a) | | | 244,858 | |
| | 311 | | | Fairfax Financial Holdings, Ltd. (a) | | | 206,834 | |
| | 5,922 | | | First Quantum Minerals, Ltd. | | | 136,143 | |
| | 513 | | | FirstService Corp. (a) | | | 72,283 | |
| | 258 | | | Franco-Nevada Corp. | | | 37,632 | |
| | 2,699 | | | George Weston, Ltd. (a) | | | 357,670 | |
| | 3,017 | | | Great-West Lifeco, Inc. | | | 79,962 | |
| | 3,779 | | | Hydro One, Ltd. (a) | | | 107,596 | |
| | 2,575 | | | iA Financial Corp., Inc. (a) | | | 163,207 | |
| | 6,792 | | | Imperial Oil, Ltd. (a) | | | 345,405 | |
| | 964 | | | Intact Financial Corp. (a) | | | 137,963 | |
| | 5,227 | | | Loblaw Cos., Ltd. (a) | | | 476,367 | |
| | 7,419 | | | Lundin Mining Corp. (a) | | | 50,393 | |
| | 999 | | | Magna International, Inc. (a) | | | 53,509 | |
| | 20,016 | | | Manulife Financial Corp. (a) | | | 367,293 | |
| | 1,993 | | | Metro, Inc. (a) | | | 109,626 | |
| | 517 | | | National Bank of Canada (a) | | | 36,980 | |
| | 3,503 | | | Nutrien, Ltd. (a)(b) | | | 258,701 | |
| | 4,540 | | | Pembina Pipeline Corp. (a) | | | 147,067 | |
| | 5,563 | | | Power Corp. of Canada (b) | | | 142,172 | |
| | 1,510 | | | Restaurant Brands International, Inc. (a) | | | 101,371 | |
| | 421 | | | Ritchie Bros Auctioneers, Inc. (a) | | | 23,687 | |
| | 7,442 | | | Royal Bank of Canada (a) | | | 711,712 | |
| | 3,730 | | | Saputo, Inc. (a) | | | 96,514 | |
| | 13,180 | | | Suncor Energy, Inc. (a) | | | 409,199 | |
| | 7,502 | | | Teck Resources, Ltd. - Class B (a) | | | 273,935 | |
| | 3,757 | | | The Bank of Nova Scotia (a) | | | 189,226 | |
| | 7,850 | | | The Toronto-Dominion Bank (a) | | | 470,187 | |
| | 844 | | | Thomson Reuters Corp. (a) | | | 109,811 | |
| | 4,184 | | | Tourmaline Oil Corp. (a) | | | 174,357 | |
| | 6,620 | | | West Fraser Timber Co., Ltd. (a) | | | 472,192 | |
| | 3,022 | | | WSP GLOBAL, Inc. (a) | | | 395,845 | |
| | | | | | |
|
|
|
| | | | | | | | 11,250,640 | |
| | | | | | |
|
|
|
| | | | | Cayman Islands - 0.10% | |
| | 19,464 | | | Wharf Real Estate Investment Co Ltd. | | | 112,061 | |
| | | | | | |
|
|
|
| | | | | Chile - 0.09% | |
| | 5,106 | | | Antofagasta PLC | | | 100,013 | |
| | | | | | |
|
|
|
| | | | | Denmark - 2.98% | |
| | 151 | | | A.P. Moeller - Maersk AS - Class A | | | 267,881 | |
| | 159 | | | A.P. Moeller - Maersk AS - Class B | | | 289,016 | |
| | 503 | | | Coloplast AS - Series B | | | 66,229 | |
| | 2,153 | | | Danske Bank AS (a) | | | 43,316 | |
See notes to financial statements.
66
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Denmark (Continued) | |
| | 154 | | | DSV AS | | $ | 29,860 | |
| | 322 | | | Genmab AS (a) | | | 121,718 | |
| | 11,412 | | | Novo Nordisk AS - Series B | | | 1,812,469 | |
| | 3,300 | | | Pandora AS | | | 316,761 | |
| | 663 | | | Rockwool International AS - B Shares | | | 162,579 | |
| | 2,277 | | | Tryg AS | | | 49,788 | |
| | 905 | | | Vestas Wind System | | | 26,376 | |
| | 2,346 | | | William Demant Holdings AS (a) | | | 82,360 | |
| | | | | | |
|
|
|
| | | | | | | | 3,268,353 | |
| | | | | | |
|
|
|
| | | | | Finland - 0.98% | |
| | 2,616 | | | Neste OYJ | | | 129,241 | |
| | 7,849 | | | Nokia OYJ | | | 38,530 | |
| | 17,312 | | | Nordea Bank Abp | | | 184,863 | |
| | 8,479 | | | Orion OYJ - Class B | | | 378,996 | |
| | 4,658 | | | Sampo OYJ - Series A | | | 219,789 | |
| | 5,679 | | | Stora Enso OYJ - R Shares | | | 73,883 | |
| | 1,599 | | | UPM-Kymmene OYJ | | | 53,708 | |
| | | | | | |
|
|
|
| | | | | | | | 1,079,010 | |
| | | | | | |
|
|
|
| | | | | France - 11.10% | |
| | 730 | | | Aeroports de Paris (a) | | | 104,217 | |
| | 1,255 | | | Air Liquide SA | | | 210,074 | |
| | 1,938 | | | Alstom SA | | | 52,765 | |
| | 936 | | | Arkema SA | | | 92,418 | |
| | 12,537 | | | AXA SA | | | 382,601 | |
| | 1,596 | | | BioMerieux | | | 168,245 | |
| | 6,047 | | | BNP Paribas SA | | | 361,114 | |
| | 45,490 | | | Bollore SA | | | 281,204 | |
| | 826 | | | Bureau Veritas SA | | | 23,733 | |
| | 305 | | | Capgemini SE | | | 56,680 | |
| | 18,033 | | | Carrefour SA | | | 364,585 | |
| | 6,816 | | | Cie de Saint-Gobain | | | 387,448 | |
| | 22,232 | | | Credit Agricole SA | | | 250,805 | |
| | 562 | | | Danone SA | | | 34,970 | |
| | 1,187 | | | Dassault Aviation SA | | | 234,825 | |
| | 1,454 | | | Dassault Systemes SE | | | 59,979 | |
| | 2,264 | | | Edenred | | | 133,995 | |
| | 3,602 | | | Eiffage SA | | | 389,796 | |
| | 12,722 | | | Engie SA | | | 201,323 | |
| | 620 | | | EssilorLuxottica SA | | | 111,801 | |
| | 2,705 | | | Eurazeo SE | | | 192,544 | |
| | 4,404 | | | Getlink SE | | | 72,533 | |
| | 291 | | | Hermes International | | | 589,352 | |
| | 4,309 | | | Ipsen SA | | | 474,475 | |
| | 296 | | | Kering SA | | | 193,120 | |
| | 11,463 | | | La Francaise des Jeux SAEM | | | 477,753 | |
| | 1,463 | | | L’Oreal SA | | | 653,734 | |
| | 1,503 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 1,379,622 | |
| | 11,492 | | | Orange SA | | | 136,527 | |
| | 1,978 | | | Publicis Groupe SA | | | 154,403 | |
| | 128 | | | Remy Cointreau SA | | | 23,307 | |
| | 6,552 | | | Renault SA | | | 267,035 | |
| | 1,017 | | | Safran SA | | | 150,554 | |
| | 5,846 | | | Sanofi-Aventis SA | | | 634,169 | |
| | 130 | | | Sartorius Stedim Biotech | | | 39,884 | |
| | 878 | | | Schneider Electric SE | | | 146,735 | |
| | 367 | | | SEB SA | | | 41,759 | |
| | 7,125 | | | Societe Generale SA | | | 160,537 | |
| | 1,215 | | | Sodexo SA | | | 118,670 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | France (Continued) | |
| | 1,334 | | | Thales SA | | $ | 197,228 | |
| | 15,281 | | | Total SA (b) | | | 901,028 | |
| | 1,316 | | | Unibail-Rodamco-Westfield (a) | | | 70,809 | |
| | 6,343 | | | Valeo SA | | | 130,158 | |
| | 2,687 | | | Vinci SA | | | 308,045 | |
| | 18,336 | | | Vivendi SA | | | 185,406 | |
| | 5,446 | | | Wendel SA | | | 575,860 | |
| | | | | | |
|
|
|
| | | | | | | | 12,177,825 | |
| | | | | | |
|
|
|
| | | | | Germany - 8.15% | |
| | 1,947 | | | adidas AG | | | 345,151 | |
| | 953 | | | Allianz SE | | | 219,988 | |
| | 5,098 | | | Bayer AG | | | 325,670 | |
| | 3,239 | | | Bayerische Motoren Werke AG | | | 354,992 | |
| | 780 | | | Beiersdorf AG | | | 101,469 | |
| | 682 | | | Carl Zeiss Meditec AG | | | 94,997 | |
| | 21,293 | | | Commerzbank AG | | | 224,179 | |
| | 5,547 | | | Daimler AG | | | 426,582 | |
| | 31,754 | | | Deutsche Bank AG (b) | | | 322,914 | |
| | 782 | | | Deutsche Boerse AG | | | 152,264 | |
| | 38,688 | | | Deutsche Lufthansa AG (a) | | | 430,309 | |
| | 11,721 | | | Deutsche Post AG | | | 548,963 | |
| | 20,409 | | | Deutsche Telekom AG | | | 494,559 | |
| | 2,485 | | | E.ON SE | | | 31,000 | |
| | 8,112 | | | Fresenius Medical Care AG & Co. KGaA | | | 344,309 | |
| | 11,439 | | | Fresenius SE & Co. KGaA | | | 308,891 | |
| | 415 | | | Hannover Rueck SE | | | 81,166 | |
| | 2,673 | | | HeidelbergCement AG | | | 195,176 | |
| | 11,068 | | | HelloFresh SE (a) | | | 263,943 | |
| | 961 | | | Infineon Technologies AG | | | 39,464 | |
| | 1,861 | | | Knorr-Bremse AG | | | 123,963 | |
| | 985 | | | Merck KGaA | | | 183,639 | |
| | 314 | | | MTU Aero Engines AG | | | 78,576 | |
| | 508 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 177,616 | |
| | 4,753 | | | Nemetschek SE | | | 328,105 | |
| | 3,492 | | | Puma SE | | | 216,479 | |
| | 466 | | | Rational AG | | | 313,239 | |
| | 1,079 | | | Rheinmetall AG | | | 319,655 | |
| | 4,227 | | | RWE AG | | | 181,882 | |
| | 2,196 | | | SAP SE | | | 277,291 | |
| | 1,988 | | | Siemens AG | | | 322,065 | |
| | 13,923 | | | Siemens Energy AG (a) | | | 307,024 | |
| | 40,454 | | | Telefonica Deutschland Holding AG | | | 124,528 | |
| | 7,182 | | | United Internet AG | | | 123,804 | |
| | 1,068 | | | Volkswagen AG | | | 183,190 | |
| | 8,891 | | | Zalando SE (a) | | | 372,628 | |
| | | | | | |
|
|
|
| | | | | | | | 8,939,670 | |
| | | | | | |
|
|
|
| | | | | Hong Kong - 2.31% | |
| | 19,351 | | | AIA Group, Ltd. | | | 202,941 | |
| | 26,522 | | | BOC Hong Kong Holdings, Ltd. | | | 82,570 | |
| | 25,831 | | | Budweiser Brewing Co., APAC Ltd. | | | 78,612 | |
| | 33,470 | | | CK Asset Holdings, Ltd. | | | 202,918 | |
| | 44,574 | | | CK Hutchison Holdings, Ltd. | | | 275,764 | |
| | 4,485 | | | Galaxy Entertainment Group, Ltd. (a) | | | 30,001 | |
| | 4,480 | | | Hong Kong Exchange & Clearing, Ltd. | | | 198,575 | |
| | 6,532 | | | Jardine Matheson Holdings, Ltd. | | | 317,731 | |
| | 72,513 | | | New World Development Co., Ltd. | | | 194,378 | |
| | 15,765 | | | Sino Land Co., Ltd. | | | 21,319 | |
| | 116,518 | | | SITC International Holdings Co., Ltd. | | | 250,416 | |
| | 5,235 | | | Sun Hung Kai Properties, Ltd. | | | 73,340 | |
See notes to financial statements.
67
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Hong Kong (Continued) | |
| | 19,476 | | | Swire Pacific, Ltd. - Class A | | $ | 149,673 | |
| | 10,078 | | | Techtronic Industries Co., Ltd. | | | 109,196 | |
| | 585,065 | | | WH Group, Ltd. | | | 348,785 | |
| | | | | | |
|
|
|
| | | | | | | | 2,536,219 | |
| | | | | | |
|
|
|
| | | | | Ireland - 0.60% | |
| | 31,211 | | | AIB Group PLC | | | 126,328 | |
| | 15,858 | | | Bank of Ireland Group PLC | | | 160,457 | |
| | 743 | | | CRH PLC | | | 37,537 | |
| | 1,635 | | | DCC PLC | | | 95,306 | |
| | 4,966 | | | James Hardie Industries PLC | | | 106,887 | |
| | 206 | | | Kingspan Group PLC | | | 13,753 | |
| | 432 | | | Kingspan Group PLC | | | 29,603 | |
| | 460 | | | Flutter Entertainment PLC (a) | | | 83,707 | |
| | | | | | |
|
|
|
| | | | | | | | 653,578 | |
| | | | | | |
|
|
|
| | | | | Isle Of Man - 0.05% | |
| | 3,698 | | | Entain PLC | | | 57,430 | |
| | | | | | |
|
|
|
| | | | | Israel - 0.50% | |
| | 2,155 | | | Bank Leumi Le-Israel BM | | | 16,302 | |
| | 118,279 | | | Bezeq the Israel Telecommunication Corp., Ltd. | | | 161,030 | |
| | 158 | | | Check Point Software Technologies, Ltd. - ADR (a) | | | 20,540 | |
| | 14,932 | | | ICL Group, Ltd. | | | 101,173 | |
| | 1,495 | | | Mizrahi Tefahot Bank, Ltd. | | | 46,866 | |
| | 20,863 | | | Teva Pharmaceutical Industries, Ltd. - ADR (a) | | | 184,638 | |
| | 186 | | | Wix.com, Ltd. - ADR (a)(b) | | | 18,563 | |
| | | | | | |
|
|
|
| | | | | | | | 549,112 | |
| | | | | | |
|
|
|
| | | | | Italy - 1.80% | |
| | 10,170 | | | Assicurazioni Generali SpA | | | 202,634 | |
| | 34,721 | | | Eni SpA | | | 484,234 | |
| | 6,120 | | | FinecoBank Banca Fineco SpA | | | 93,766 | |
| | 8,585 | | | Infrastrutture Wireless Italiane SpA | | | 112,793 | |
| | 16,500 | | | Intesa Sanpaolo SpA | | | 42,346 | |
| | 5,801 | | | Moncler SpA | | | 400,686 | |
| | 20,984 | | | Poste Italiane SpA | | | 213,987 | |
| | 4,534 | | | Prysmian SpA | | | 190,387 | |
| | 362 | | | Recordati SpA | | | 15,312 | |
| | 8,441 | | | Terna Rete Elettrica Nazionale SpA | | | 69,279 | |
| | 7,803 | | | UniCredit SpA | | | 147,070 | |
| | | | | | |
|
|
|
| | | | | | | | 1,972,494 | |
| | | | | | |
|
|
|
| | | | | Japan - 17.65% | |
| | 3,716 | | | Advantest Corp. | | | 344,497 | |
| | 2,376 | | | Aeon Co., Ltd. | | | 46,096 | |
| | 3,659 | | | Ajinomoto Co., Inc. | | | 127,289 | |
| | 3,487 | | | ANA Holdings, Inc. (a)(b) | | | 75,790 | |
| | 4,238 | | | Asahi Group Holdings, Ltd. | | | 157,730 | |
| | 18,469 | | | Astellas Pharma, Inc. | | | 262,395 | |
| | 5,508 | | | Bandai Namco Holdings, Inc. | | | 118,748 | |
| | 4,728 | | | BayCurrent Consulting, Inc. | | | 196,298 | |
| | 2,016 | | | Bridgestone Corp. | | | 81,895 | |
| | 4,787 | | | Brother Industries, Ltd. | | | 72,121 | |
| | 3,405 | | | Canon, Inc. | | | 75,829 | |
| | 6,014 | | | Capcom Co., Ltd. | | | 215,245 | |
| | 13,297 | | | Chiba Bank Ltd. | | | 85,822 | |
| | 6,593 | | | Chugai Pharmaceutical Co., Ltd. | | | 162,798 | |
| | 8,680 | | | Concordia Financial Group Ltd. | | | 31,994 | |
| | 19,405 | | | CyberAgent, Inc. | | | 164,415 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Japan (Continued) | |
| | 8,997 | | | Dai-ichi Life Holdings, Inc. | | $ | 165,396 | |
| | 8,060 | | | Daiichi Sankyo Co., Ltd. | | | 294,010 | |
| | 270 | | | Daikin Industries, Ltd. | | | 48,440 | |
| | 756 | | | Dentsu, Inc. | | | 26,648 | |
| | 975 | | | Disco Corp. | | | 113,423 | |
| | 3,306 | | | Don Quijote Co., Ltd. | | | 63,959 | |
| | 3,987 | | | Eisai Co., Ltd. | | | 226,460 | |
| | 654 | | | Fast Retailing Co., Ltd. | | | 143,169 | |
| | 1,009 | | | Fujitsu, Ltd. | | | 136,346 | |
| | 2,175 | | | Hakuhodo DY Holdings, Inc. | | | 24,659 | |
| | 726 | | | Hamamatsu Photonics KK | | | 39,162 | |
| | 1,164 | | | Hankyu Hanshin Holdings, Inc. | | | 34,515 | |
| | 714 | | | Hikari Tsushin, Inc. | | | 100,336 | |
| | 4,390 | | | Hitachi, Ltd. | | | 241,277 | |
| | 19,279 | | | Honda Motor Co., Ltd. | | | 509,952 | |
| | 3,432 | | | Hoya Corp. | | | 379,278 | |
| | 35,984 | | | Inpex Corp. | | | 380,802 | |
| | 12,729 | | | ITOCHU Corp. | | | 414,538 | |
| | 8,006 | | | Japan Airlines Co., Ltd. | | | 156,102 | |
| | 2,374 | | | Japan Post Bank Co., Ltd. | | | 19,390 | |
| | 38,055 | | | Japan Post Holdings Co., Ltd. | | | 308,853 | |
| | 17,610 | | | Japan Post Insurance Co., Ltd. | | | 274,467 | |
| | 6,371 | | | Japan Tobacco, Inc. | | | 134,578 | |
| | 1,400 | | | Kao Corp. | | | 54,495 | |
| | 8,293 | | | KDDI Corp. | | | 255,738 | |
| | 252 | | | Keyence Corp. | | | 123,507 | |
| | 371 | | | Kikkoman Corp. | | | 18,941 | |
| | 4,431 | | | Kintetsu Group Holdings Co., Ltd. | | | 142,740 | |
| | 1,645 | | | Kirin Holdings Co., Ltd. | | | 26,025 | |
| | 2,182 | | | Koei Tecmo Holdings Co., Ltd. | | | 39,436 | |
| | 1,396 | | | Komatsu, Ltd. | | | 34,656 | |
| | 2,794 | | | Kose Corp. | | | 332,090 | |
| | 38,584 | | | Marubeni Corp. | | | 524,732 | |
| | 2,712 | | | MatsukiyoCocokara & Co. | | | 143,659 | |
| | 23,096 | | | Mazda Motor Corp. | | | 213,037 | |
| | 7,043 | | | MISUMI Group, Inc. | | | 176,979 | |
| | 13,599 | | | Mitsubishi Corp. | | | 488,700 | |
| | 8,715 | | | Mitsubishi Heavy Industries, Ltd. | | | 321,069 | |
| | 44,033 | | | Mitsubishi UFJ Financial Group, Inc. | | | 282,193 | |
| | 37,633 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 194,327 | |
| | 15,869 | | | Mitsui & Co., Ltd. | | | 494,634 | |
| | 12,565 | | | Mitsui OSK Lines, Ltd. (b) | | | 315,101 | |
| | 18,464 | | | Mizuho Financial Group, Inc. | | | 261,590 | |
| | 19,351 | | | MonotaRO Co., Ltd. | | | 243,738 | |
| | 738 | | | MS & AD Insurance Group Holdings, Inc. (a) | | | 22,871 | |
| | 560 | | | NEC Corp. | | | 21,619 | |
| | 3,349 | | | Nexon Co., Ltd. | | | 79,970 | |
| | 2,612 | | | NGK Insulators, Ltd. | | | 34,636 | |
| | 2,382 | | | Nintendo Co., Ltd. | | | 92,521 | |
| | 4,500 | | | Nippon Paint Holdings Co., Ltd. | | | 42,314 | |
| | 4,469 | | | Nippon Steel & Sumitomo Metal Corp. | | | 105,386 | |
| | 18,791 | | | Nippon Telegraph & Telephone Corp. | | | 561,527 | |
| | 14,153 | | | Nippon Yusen Kabushiki Kaisha (b) | | | 330,591 | |
| | 1,266 | | | Nissan Chemical Industries, Ltd. | | | 57,498 | |
| | 17,128 | | | Nissan Motor Co. Ltd. | | | 64,822 | |
| | 375 | | | Nissin Foods Holdings Co., Ltd. | | | 34,290 | |
| | 803 | | | Nitori Holdings Co., Ltd. | | | 96,972 | |
| | 10,704 | | | Olympus Corp. | | | 187,992 | |
| | 1,743 | | | OMRON Corp. | | | 102,012 | |
| | 3,301 | | | Ono Pharmaceutical Co., Ltd. | | | 68,787 | |
See notes to financial statements.
68
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Japan (Continued) | |
| | 1,906 | | | Oracle Corp. | | $ | 137,653 | |
| | 7,117 | | | ORIX Corp. | | | 117,345 | |
| | 729 | | | Otsuka Holdings Co., Ltd. | | | 23,145 | |
| | 18,684 | | | Panasonic Corp. | | | 167,168 | |
| | 14,402 | | | Persol Holdings Co., Ltd. | | | 289,983 | |
| | 12,383 | | | Recruit Holdings Co., Ltd. | | | 340,644 | |
| | 2,244 | | | Renesas Electronics Corp. (a) | | | 32,495 | |
| | 29,119 | | | Resona Holdings, Inc. | | | 140,474 | |
| | 9,748 | | | Ricoh Co., Ltd. | | | 73,121 | |
| | 249 | | | Secom Co., Ltd. | | | 15,345 | |
| | 3,298 | | | Seiko Epson Corp. | | | 47,122 | |
| | 5,745 | | | Seven & I Holdings Co., Ltd. | | | 259,525 | |
| | 7,729 | | | Shiseido Co., Ltd. | | | 362,361 | |
| | 9,042 | | | Shizuoka Financial Group, Inc. | | | 64,930 | |
| | 15,452 | | | SoftBank Corp. | | | 178,375 | |
| | 5,427 | | | SoftBank Group Corp. | | | 213,354 | |
| | 644 | | | Sompo Holdings, Inc. | | | 25,519 | |
| | 347 | | | Sony Corp. | | | 31,606 | |
| | 2,925 | | | Square Enix Holdings Co., Ltd. | | | 140,563 | |
| | 15,388 | | | Subaru Corp. | | | 245,648 | |
| | 3,276 | | | Sumitomo Chemical Co., Ltd. | | | 11,030 | |
| | 8,381 | | | Sumitomo Corp. | | | 148,472 | |
| | 10,196 | | | Sumitomo Mitsui Financial Group, Inc. | | | 408,019 | |
| | 4,317 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 148,315 | |
| | 1,266 | | | Suntory Beverage & Food, Ltd. | | | 47,157 | |
| | 2,203 | | | Sysmex Corp. | | | 144,586 | |
| | 1,209 | | | Taisei Corp. | | | 37,405 | |
| | 1,551 | | | Taiyo Nippon Sanso Corp. | | | 28,021 | |
| | 9,964 | | | Takeda Pharmaceutical Co., Ltd. | | | 327,253 | |
| | 2,505 | | | The Kansai Electric Power Co., Inc. | | | 24,396 | |
| | 3,496 | | | TIS, Inc. | | | 92,454 | |
| | 1,531 | | | Tobu Railway Co Ltd. | | | 36,653 | |
| | 8,800 | | | Tokio Marine Holdings, Inc. | | | 169,356 | |
| | 2,793 | | | Tokyo Electron, Ltd. | | | 341,210 | |
| | 3,311 | | | Tokyo Gas Co., Ltd. | | | 62,224 | |
| | 1,396 | | | Toppan Printing Co., Ltd. | | | 28,133 | |
| | 6,682 | | | Toray Industries, Inc. | | | 38,226 | |
| | 19,866 | | | Toyota Motor Corp. | | | 282,801 | |
| | 1,795 | | | Trend Micro, Inc. | | | 88,064 | |
| | 3,437 | | | USS Co., Ltd. | | | 59,631 | |
| | 14,448 | | | Welcia Holdings Co., Ltd. | | | 309,311 | |
| | 2,310 | | | Yakult Honsha Co., Ltd. | | | 167,845 | |
| | 1,344 | | | Yamaha Motor Co., Ltd. | | | 35,174 | |
| | 1,935 | | | Yokogawa Electric Corp. | | | 31,509 | |
| | 14,823 | | | ZOZO, Inc. | | | 339,031 | |
| | | | | | |
|
|
|
| | | | | | | | 19,358,569 | |
| | | | | | |
|
|
|
| | | | | Jersey - 0.40% | |
| | 76,720 | | | Glencore PLC | | | 441,461 | |
| | | | | | |
|
|
|
| | | | | Luxembourg - 0.18% | |
| | 1,023 | | | Eurofins Scientific SE | | | 68,500 | |
| | 8,700 | | | Tenaris SA | | | 123,273 | |
| | | | | | |
|
|
|
| | | | | | | | 191,773 | |
| | | | | | |
|
|
|
| | | | | Macau - 0.02% | |
| | 7,328 | | | Sands China, Ltd. (a) | | | 25,457 | |
| | | | | | |
|
|
|
| | | | | Netherlands - 4.87% | |
| | 10,389 | | | ABN AMRO Group NV | | | 164,744 | |
| | 23,758 | | | Aegon NV | | | 101,997 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Netherlands (Continued) | |
| | 3,339 | | | AerCap Holdings NV - ADR (a) | | $ | 187,752 | |
| | 1,225 | | | Airbus SE | | | 163,621 | |
| | 15,970 | | | ArcelorMittal | | | 483,834 | |
| | 332 | | | Argenx SE (a) | | | 123,291 | |
| | 1,656 | | | ASML Holding NV | | | 1,128,483 | |
| | 14,176 | | | CNH Industrial NV | | | 216,910 | |
| | 595 | | | EXOR NV (a) | | | 49,064 | |
| | 518 | | | Ferrari NV | | | 140,370 | |
| | 1,662 | | | Heineken Holding NV | | | 152,486 | |
| | 258 | | | Heineken NV | | | 27,722 | |
| | 11,801 | | | ING Groep NV | | | 140,142 | |
| | 1,835 | | | JDE Peet’s NV | | | 53,326 | |
| | 16,450 | | | Koninklijke Ahold Delhaize NV | | | 562,019 | |
| | 4,458 | | | Koninklijke Philips NV | | | 81,880 | |
| | 7,331 | | | NN Group NV | | | 266,189 | |
| | 4,908 | | | OCI NV | | | 166,381 | |
| | 294 | | | Prosus NV | | | 23,022 | |
| | 1,049 | | | Qiagen NV (a) | | | 47,778 | |
| | 4,762 | | | Randstad Holding NV | | | 282,696 | |
| | 17,126 | | | Stellantis NV | | | 311,460 | |
| | 2,100 | | | STMicroelectronics NV | | | 111,896 | |
| | 2,164 | | | Universal Music Group NV | | | 54,803 | |
| | 2,409 | | | Wolters Kluwer NV | | | 304,105 | |
| | | | | | |
|
|
|
| | | | | | | | 5,345,971 | |
| | | | | | |
|
|
|
| | | | | New Zealand - 0.46% | |
| | 1,088 | | | EBOS Group Ltd. | | | 31,704 | |
| | 12,639 | | | Fisher & Paykel Healthcare Corp., Ltd. | | | 211,285 | |
| | 51,127 | | | Spark New Zealand, Ltd. | | | 161,981 | |
| | 1,714 | | | Xero, Ltd. (a) | | | 103,957 | |
| | | | | | |
|
|
|
| | | | | | | | 508,927 | |
| | | | | | |
|
|
|
| | | | | Norway - 0.65% | |
| | 2,658 | | | Aker BP ASA | | | 65,188 | |
| | 10,682 | | | Equinor ASA | | | 303,672 | |
| | 6,408 | | | Gjensidige Forsikring ASA | | | 104,785 | |
| | 2,889 | | | Kongsberg Gruppen ASA | | | 116,781 | |
| | 11,488 | | | Norsk Hydro ASA | | | 85,740 | |
| | 886 | | | Yara International ASA | | | 38,506 | |
| | | | | | |
|
|
|
| | | | | | | | 714,672 | |
| | | | | | |
|
|
|
| | | | | Portugal - 0.58% | |
| | 23,362 | | | EDP - Energias de Portugal SA | | | 127,298 | |
| | 9,897 | | | Galp Energia SGPS SA | | | 111,988 | |
| | 17,029 | | | Jeronimo Martins SGPS SA | | | 399,721 | |
| | | | | | |
|
|
|
| | | | | | | | 639,007 | |
| | | | | | |
|
|
|
| | | | | Singapore - 1.38% | |
| | 10,113 | | | Capitaland Investment, Ltd. | | | 28,059 | |
| | 12,175 | | | City Developments, Ltd. | | | 67,559 | |
| | 7,071 | | | DBS Group Holdings, Ltd. | | | 175,797 | |
| | 140,320 | | | Genting Singapore Ltd. | | | 118,431 | |
| | 11,790 | | | Jardine Cycle & Carriage, Ltd. | | | 277,643 | |
| | 28,973 | | | Keppel Corp., Ltd. | | | 122,924 | |
| | 18,377 | | | Oversea-Chinese Banking Corp., Ltd. | | | 171,307 | |
| | 552,950 | | | Sembcorp Marine Ltd. (a) | | | 49,628 | |
| | 30,935 | | | Singapore Airlines, Ltd. | | | 133,437 | |
| | 24,983 | | | Singapore Exchange, Ltd. | | | 176,917 | |
| | 19,130 | | | Singapore Telecommunications Ltd. | | | 35,445 | |
| | 7,151 | | | United Overseas Bank, Ltd. | | | 160,390 | |
| | | | | | |
|
|
|
| | | | | | | | 1,517,537 | |
| | | | | | |
|
|
|
See notes to financial statements.
69
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | Spain - 2.76% | |
| | 597 | | | Acciona SA | | $ | 119,782 | |
| | 6,379 | | | ACS, Actividades de Construccion y Servicios SA | | | 203,170 | |
| | 470 | | | Amadeus IT Holdings SA - Class A (a) | | | 31,529 | |
| | 43,291 | | | Banco Bilbao Vizcaya Argentaria SA | | | 309,504 | |
| | 102,103 | | | Banco Santander SA | | | 380,487 | |
| | 28,791 | | | CaixaBank SA | | | 112,342 | |
| | 2,812 | | | Corp ACCIONA Energias Renovables SA | | | 109,055 | |
| | 1,462 | | | Ferrovial SA | | | 43,052 | |
| | 24,410 | | | Iberdrola SA | | | 304,096 | |
| | 15,512 | | | Industria de Diseno Textil SA | | | 521,131 | |
| | 1,755 | | | Naturgy Energy Group SA | | | 52,832 | |
| | 2,516 | | | Red Electrica Corp SA | | | 44,273 | |
| | 34,059 | | | Repsol SA | | | 523,757 | |
| | 63,335 | | | Telefonica SA | | | 272,774 | |
| | | | | | |
|
|
|
| | | | | | | | 3,027,784 | |
| | | | | | |
|
|
|
| | | | | Sweden - 2.15% | |
| | 4,699 | | | Alfa Laval AB | | | 167,788 | |
| | 1,962 | | | Assa Abloy AB - Series B | | | 46,995 | |
| | 14,765 | | | Atlas Copco AB - A Shares | | | 187,048 | |
| | 12,769 | | | Atlas Copco AB - B Shares | | | 146,878 | |
| | 2,133 | | | Boliden AB | | | 83,793 | |
| | 3,995 | | | EPIROC AB | | | 68,117 | |
| | 4,057 | | | EPIROC AB | | | 80,532 | |
| | 504 | | | Evolution AB | | | 67,525 | |
| | 32,109 | | | Hennes & Mauritz AB - Series B | | | 459,080 | |
| | 2,360 | | | Indutrade AB | | | 50,223 | |
| | 2,940 | | | Investor AB | | | 58,567 | |
| | 11,519 | | | Nibe Industrier AB | | | 131,306 | |
| | 10,333 | | | Securitas AB - Series B | | | 91,919 | |
| | 6,936 | | | Skandinaviska Enskilda Banken AB - Class A | | | 76,561 | |
| | 12,139 | | | Svenska Handelsbanken AB - Class A | | | 105,134 | |
| | 8,436 | | | Swedbank AB - A Shares | | | 138,727 | |
| | 3,749 | | | Swedish Orphan Biovitrum AB (a) | | | 87,354 | |
| | 24,900 | | | Telefonaktiebolaget LM Ericsson - Series B (b) | | | 145,959 | |
| | 31,317 | | | Telia Co. AB (b) | | | 79,522 | |
| | 1,140 | | | Volvo AB - A Shares | | | 24,521 | |
| | 1,010 | | | Volvo AB - B Shares (b) | | | 20,813 | |
| | 9,942 | | | Volvo Car AB - Class B (a) | | | 43,493 | |
| | | | | | |
|
|
|
| | | | | | | | 2,361,855 | |
| | | | | | |
|
|
|
| | | | | Switzerland - 7.06% | |
| | 1,647 | | | ABB, Ltd. | | | 56,659 | |
| | 234 | | | Baloise Holding AG | | | 36,438 | |
| | 1,557 | | | Banque Cantonale Vaudoise | | | 146,928 | |
| | 618 | | | BKW AG | | | 97,167 | |
| | 1,634 | | | Cie Financiere Richemont SA | | | 262,022 | |
| | 1,978 | | | Coca-Cola HBC AG | | | 54,148 | |
| | 176 | | | EMS-Chemie Holding AG | | | 145,487 | |
| | 382 | | | Geberit AG | | | 213,327 | |
| | 615 | | | Julius Baer Group, Ltd. | | | 42,010 | |
| | 1,187 | | | Kuehne & Nagel International AG | | | 353,530 | |
| | 3,774 | | | LafargeHolcim, Ltd. | | | 243,390 | |
| | 2,971 | | | Logitech International SA | | | 173,407 | |
| | 12,134 | | | Nestle SA | | | 1,479,505 | |
| | 11,240 | | | Novartis AG | | | 1,032,040 | |
| | 301 | | | Partners Group Holding AG | | | 283,459 | |
| | 529 | | | Roche Holding AG | | | 158,960 | |
| | 3,955 | | | Roche Holdings AG - Non-Voting Shares | | | 1,130,112 | |
| | 124 | | | SGS SA | | | 273,513 | |
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Switzerland (Continued) | |
| | 2,179 | | | SIG Group AG | | $ | 56,138 | |
| | 561 | | | Sonova Holding AG | | | 165,489 | |
| | 1,360 | | | Straumann Holding AG | | | 203,979 | |
| | 145 | | | Swiss Life Holding AG | | | 89,480 | |
| | 325 | | | Swiss Re AG | | | 33,388 | |
| | 383 | | | The Swatch Group AG - Group I | | | 131,902 | |
| | 868 | | | The Swatch Group AG - Group N | | | 55,037 | |
| | 18,742 | | | UBS Group AG | | | 396,596 | |
| | 487 | | | VAT Group AG | | | 175,945 | |
| | 522 | | | Zurich Insurance Group AG | | | 250,142 | |
| | | | | | |
|
|
|
| | | | | | | | 7,740,198 | |
| | | | | | |
|
|
|
| | | | | United Kingdom - 12.15% | |
| | 13,090 | | | 3i Group PLC | | | 272,840 | |
| | 9,079 | | | Admiral Group PLC | | | 227,981 | |
| | 4,593 | | | Anglo American PLC | | | 152,769 | |
| | 681 | | | Ashtead Group PLC | | | 41,816 | |
| | 1,109 | | | Associated British Foods PLC | | | 26,614 | |
| | 8,426 | | | AstraZeneca PLC | | | 1,167,453 | |
| | 56,515 | | | Auto Trader Group PLC | | | 431,077 | |
| | 11,811 | | | Aviva PLC - B Shares | | | 58,997 | |
| | 22,094 | | | BAE Systems PLC | | | 267,251 | |
| | 117,452 | | | Barclays PLC | | | 211,401 | |
| | 30,562 | | | Barratt Developments PLC | | | 175,877 | |
| | 2,152 | | | Berkeley Group Holdings PLC | | | 111,490 | |
| | 112,519 | | | BP PLC | | | 711,175 | |
| | 11,074 | | | British American Tobacco PLC | | | 388,190 | |
| | 3,422 | | | Bunzl PLC | | | 129,257 | |
| | 13,702 | | | Burberry Group PLC | | | 438,733 | |
| | 1,124 | | | Coca-Cola European Partners PLC - ADR | | | 66,530 | |
| | 10,051 | | | Compass Group PLC | | | 252,596 | |
| | 7,201 | | | Diageo PLC | | | 321,376 | |
| | 24,787 | | | GSK PLC | | | 437,967 | |
| | 28,067 | | | Hargreaves Lansdown PLC | | | 278,044 | |
| | 4,893 | | | Hikma Pharmaceuticals PLC | | | 101,418 | |
| | 64,306 | | | HSBC Holdings PLC | | | 437,054 | |
| | 9,912 | | | Imperial Brands PLC | | | 227,932 | |
| | 7,541 | | | Informa PLC | | | 64,637 | |
| | 1,397 | | | InterContinental Hotels Group PLC | | | 91,455 | |
| | 114,711 | | | J. Sainsbury PLC | | | 394,740 | |
| | 185,307 | | | JD Sports Fashion PLC | | | 408,085 | |
| | 1,938 | | | Johnson Matthey PLC | | | 47,512 | |
| | 48,927 | | | Kingfisher PLC | | | 158,156 | |
| | 34,855 | | | Legal & General Group PLC | | | 103,087 | |
| | 317,039 | | | Lloyds Banking Group PLC | | | 186,402 | |
| | 234 | | | London Stock Exchange Group PLC | | | 22,728 | |
| | 2,028 | | | National Grid PLC | | | 27,433 | |
| | 43,379 | | | NatWest Group PLC | | | 141,546 | |
| | 3,997 | | | Next PLC | | | 324,874 | |
| | 4,096 | | | Pearson PLC | | | 42,864 | |
| | 2,781 | | | Phoenix Group Holdings PLC | | | 18,789 | |
| | 4,147 | | | Prudential PLC | | | 56,779 | |
| | 1,587 | | | Reckitt Benckiser Group PLC | | | 120,734 | |
| | 10,539 | | | RELX PLC | | | 341,324 | |
| | 7,804 | | | Rio Tinto PLC | | | 529,717 | |
| | 41,997 | | | Shell PLC | | | 1,196,849 | |
| | 5,520 | | | Smith & Nephew PLC | | | 76,731 | |
| | 3,743 | | | Smiths Group PLC | | | 79,384 | |
| | 6,156 | | | SSE PLC | | | 137,363 | |
| | 18,333 | | | St. James’s Place PLC | | | 275,094 | |
See notes to financial statements.
70
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | |
| | | | | United Kingdom (Continued) | |
| | 21,287 | | | Standard Chartered PLC | | $ | 161,335 | |
| | 61,830 | | | Standard Life Aberdeen PLC | | | 155,617 | |
| | 89,024 | | | Tesco PLC | | | 291,858 | |
| | 29,375 | | | The Sage Group PLC | | | 281,894 | |
| | 4,662 | | | Unilever PLC | | | 241,579 | |
| | 378,738 | | | Vodafone Group PLC | | | 417,783 | |
| | | | | | |
|
|
|
| | | | | | | | 13,332,187 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $83,069,108) | | | 105,775,489 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 2.63% | |
| | | | | Canada - 0.23% | |
| | 7,282 | | | iShares MSCI Canada ETF | | | 248,899 | |
| | | | | | |
|
|
|
| | | | | Japan - 2.40% | |
| | 36,822 | | | iShares MSCI EAFE ETF (b) | | | 2,633,509 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $2,893,136) | | | 2,882,408 | |
| | | | | | |
|
|
|
| | | | | PREFERRED STOCKS - 0.49% | |
| | | | | Germany - 0.49% | |
| | 3,083 | | | Bayerische Motoren Werke AG - Preference Shares | | | 315,140 | |
| | 1,651 | | | Volkswagen AG - Preference Shares | | | 225,317 | |
| | | | | | |
|
|
|
| | | | | Total Preferred Stocks
(Cost $486,119) | | | 540,457 | |
| | | | | | |
|
|
|
| | | | | REAL ESTATE INVESTMENT TRUSTS - 0.12% | |
| | | | | France - 0.06% | |
| | 2,969 | | | Klepierre | | | 67,314 | |
| | | | | | |
|
|
|
| | | | | Japan - 0.06% | |
| | 96 | | | Japan Retail Fund Investment Corp. | | | 70,104 | |
| | | | | | |
|
|
|
| | | | | Total Real Estate Investment Trusts
(Cost $134,490) | | | 137,418 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 0.55% | |
| | | | | Money Market Funds - 0.55% | |
| | 601,189 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73% (c) | | $ | 601,189 | |
| | | | | | |
|
|
|
| | | | | Total Money Market Funds
(Cost $601,189) | | | 601,189 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.83% | |
| | 5,299,517 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (c) | | | 5,299,517 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $5,299,517) | | | 5,299,517 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $92,483,559) - 105.03% | | | 115,236,478 | |
| | | | | Liabilities in Excess of
Other Assets - (5.03)% | | | (5,521,413 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 109,715,065 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Non-income producing security. |
| (b) | | All or portion of this security is on loan. |
| (c) | | Seven-day yield as of March 31, 2023. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
See notes to financial statements.
71
GuideMark World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2023
| | | | |
COMMON STOCKS | | | | |
Aerospace & Defense | | | 1.39% | |
Air Freight & Logistics | | | 0.76% | |
Airlines | | | 0.51% | |
Auto Components | | | 0.24% | |
Automobiles | | | 2.81% | |
Banks | | | 8.55% | |
Beverages | | | 1.14% | |
Biotechnology | | | 0.46% | |
Building Products | | | 0.94% | |
Capital Markets | | | 2.38% | |
Chemicals | | | 1.25% | |
Commercial Services & Supplies | | | 0.33% | |
Communications Equipment | | | 0.17% | |
Construction & Engineering | | | 1.26% | |
Construction Materials | | | 0.53% | |
Containers & Packaging | | | 0.05% | |
Distributors | | | 0.39% | |
Diversified Consumer Services | | | 0.15% | |
Diversified Financial Services | | | 1.33% | |
Diversified Telecommunication Services | | | 2.34% | |
Electric Utilities | | | 1.40% | |
Electrical Equipment | | | 0.43% | |
Electronic Equipment, Instruments & Components | | | 0.49% | |
Energy Equipment & Services | | | 0.11% | |
Entertainment | | | 0.65% | |
Financial Services | | | 0.04% | |
Food & Staples Retailing | | | 4.93% | |
Food Products | | | 2.40% | |
Gas Utilities | | | 0.16% | |
Ground Transportation | | | 0.05% | |
Health Care Equipment & Supplies | | | 1.93% | |
Health Care Providers & Services | | | 0.68% | |
Hotels, Restaurants & Leisure | | | 1.63% | |
Household Durables | | | 0.58% | |
Household Products | | | 0.16% | |
Independent Power and Renewable Electricity Producers | | | 0.10% | |
Industrial Conglomerates | | | 1.11% | |
Insurance | | | 4.93% | |
Interactive Media & Services | | | 0.49% | |
Internet & Direct Marketing Retail | | | 0.67% | |
IT Services | | | 0.48% | |
Leisure Products | | | 0.22% | |
Life Sciences Tools & Services | | | 0.14% | |
Machinery | | | 2.00% | |
Marine | | | 1.13% | |
Marine Transportation | | | 0.52% | |
Media | | | 0.44% | |
Metals & Mining | | | 4.63% | |
| | | | |
| | | | | |
Multiline Retail | | | 0.84% | |
Multi-Utilities | | | 0.37% | |
Oil, Gas & Consumable Fuels | | | 7.39% | |
Paper & Forest Products | | | 0.55% | |
Passenger Airlines | | | 0.27% | |
Personal Products | | | 1.32% | |
Pharmaceuticals | | | 8.71% | |
Professional Services | | | 1.97% | |
Real Estate Management & Development | | | 0.84% | |
Retail REITs | | | 0.14% | |
Road & Rail | | | 0.50% | |
Semiconductors & Semiconductor Equipment | | | 1.92% | |
Software | | | 1.79% | |
Specialty Retail | | | 1.77% | |
Technology Hardware, Storage & Peripherals | | | 0.42% | |
Textiles, Apparel & Luxury Goods | | | 4.05% | |
Tobacco | | | 0.68% | |
Trading Companies & Distributors | | | 2.44% | |
Transportation Infrastructure | | | 0.22% | |
Wireless Telecommunication Services | | | 0.74% | |
| | |
|
|
|
TOTAL COMMON STOCKS | | | 96.41% | |
| | |
|
|
|
INVESTMENT COMPANIES | | | | |
International Equity Funds | | | 2.63% | |
| | |
|
|
|
TOTAL INVESTMENT COMPANIES | | | 2.63% | |
| | |
|
|
|
PREFERRED STOCKS | | | | |
Automobiles | | | 0.49% | |
| | |
|
|
|
TOTAL PREFERRED STOCKS | | | 0.49% | |
| | |
|
|
|
REAL ESTATE INVESTMENT TRUSTS | | | | |
Real Estate Investment Trusts | | | 0.12% | |
| | |
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS | | | 0.12% | |
| | |
|
|
|
SHORT TERM INVESTMENTS | | | | |
Money Market Funds | | | 0.55% | |
| | |
|
|
|
TOTAL SHORT TERM INVESTMENTS | | | 0.55% | |
| | |
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | | |
Private Investment Funds | | | 4.83% | |
| | |
|
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | | | 4.83% | |
| | |
|
|
|
TOTAL INVESTMENTS | | | 105.03% | |
Liabilities in Excess of Other Assets | | | (5.03)% | |
| | |
|
|
|
TOTAL NET ASSETS | | | 100.00% | |
| | |
|
|
|
Percentages are stated as a percent of net assets.
See notes to financial statements.
72
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES - 8.00% | |
| | | | | Affirm Asset Securitization Trust | | | | |
| | 6,820 | | | Series 2020-Z1A, 3.460%, 10/15/2024 (c)(g) | | $ | 6,777 | |
| | 23,708 | | | Series 2020-Z2A, 1.900%, 01/15/2025 (c)(g) | | | 23,341 | |
| | 25,000 | | | American Credit Acceptance Receivables Trust
Series 2022-3, 4.550%, 10/13/2026 (c) | | | 24,702 | |
| | 150,000 | | | AmeriCredit Automobile Receivables Trust
Series 2019-3D, 2.580%, 09/18/2025 | | | 145,228 | |
| | 105,000 | | | Amur Equipment Finance Receivables XI LLC
Series 2022-2 A-2, 5.300%, 06/21/2028 (c) | | | 104,592 | |
| | 300,000 | | | ARI FLEET LEASE TR 2023-A
Series 2023-A, 0.000%, 02/17/2032 (c) | | | 300,037 | |
| | 160,000 | | | Avant Loans Funding Trust
Series 2021-REV1 A, 1.210%, 07/15/2030 (c)(g) | | | 155,381 | |
| | 450,000 | | | Bain Capital Credit CLO, Ltd.
Series 2017-2A AR2, 5.998% (3 Month LIBOR USD + 1.180%, 1.180% Floor), 07/25/2034 (a)(c) | | | 439,295 | |
| | 47,681 | | | BHG Securitization Trust
Series 2021-B A, 0.900%, 10/17/2034 (c)(g) | | | 45,438 | |
| | 260,000 | | | BlueMountain CLO, Ltd.
Series 2019-24A AR, 5.908% (3 Month LIBOR USD + 1.100%, 1.100% Floor), 04/20/2034 (a)(c) | | | 252,474 | |
| | 380,000 | | | Buckhorn Park CLO, Ltd.
Series 2019-1R A-R, 5.915% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 07/18/2034 (a)(c) | | | 371,753 | |
| | 380,000 | | | Carvana Auto Receivables Trust
Series 2022-P2, 4.130%, 04/10/2027 | | | 371,776 | |
| | 88,162 | | | CF Hippolyta Issuer LLC
Series 2020-1A2, 1.990%, 07/15/2060 (c) | | | 74,599 | |
| | 607,313 | | | DB Master Finance LLC
Series 2021-1A A23, 2.791%, 11/20/2051 (c) | | | 491,405 | |
| | 214,000 | | | Dell Equipment Finance Trust 2023-1
Series 2023-1, 5.650%, 09/22/2028 (c) | | | 214,942 | |
| | | | | Domino’s Pizza Master Issuer LLC | | | | |
| | 181,925 | | | Series 2018-1, 4.116%, 07/25/2048 (c)(g) | | | 174,945 | |
| | 72,750 | | | Series 2019-1, 3.668%, 10/25/2049 (c)(g) | | | 64,833 | |
| | 186,675 | | | Series 2021-1A A2I, 2.662%, 04/25/2051 (c)(g) | | | 160,517 | |
| | 95,328 | | | Drive Auto Receivables Trust
Series 2019-4, 2.700%, 02/16/2027 | | | 94,091 | |
| | 145,000 | | | Enterprise Fleet Financing 2023-1 LLC
Series 2023-1, 5.420%, 10/20/2029 (c) | | | 145,267 | |
| | | | | Exeter Automobile Receivables Trust | | | | |
| | 194,903 | | | Series 2019-4, 2.580%, 09/15/2025 (c) | | | 191,267 | |
| | 73,520 | | | Series 2020-1, 2.730%, 12/15/2025 (c) | | | 72,064 | |
| | 155,000 | | | Series 2022-1, 2.180%, 06/15/2026 | | | 152,163 | |
| | 120,000 | | | Series 2022-4, 4.570%, 01/15/2027 | | | 118,241 | |
| | 62,000 | | | Series 2022-6, 6.030%, 08/16/2027 | | | 62,368 | |
| | | | | Flagship Credit Auto Trust | | | | |
| | 53,000 | | | Series 2023-1, 5.050%, 01/18/2028 (c) | | | 52,470 | |
| | 204,000 | | | Series 2022-3, 4.690%, 07/17/2028 (c) | | | 200,891 | |
| | 560,386 | | | Galaxy XXIII CLO, Ltd.
Series 2017-23A AR, 5.686% (3 Month LIBOR USD + 0.870%, 0.870% Floor), 04/24/2029 (a)(c) | | | 555,051 | |
| | 40,000 | | | GLS Auto Receivables Issuer Trust
Series 2022-3, 4.920%, 01/15/2027 (c) | | | 39,537 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 300,000 | | | GTP Acquisition Partners I LLC
Series 2015-2, 3.482%, 06/15/2050 (c) | | $ | 287,013 | |
| | 605,000 | | | Harriman Park CLO, Ltd.
Series 2020-1A A1R, 5.928% (3 Month LIBOR USD + 1.120%, 1.120% Floor), 04/20/2034 (a)(c) | | | 593,832 | |
| | 150,000 | | | Kubota Credit Owner Trust 2023-1
Series A-3, 5.400%, 06/15/2027 (c) | | | 150,141 | |
| | 57,797 | | | LCM XX LP
Series 2015-20R, 5.848% (3 Month LIBOR USD + 1.040%, 0.000% Floor), 10/20/2027 (a)(c) | | | 57,739 | |
| | 235,731 | | | Madison Park Funding XLI, Ltd.
Series 2015-12R, 5.645% (3 Month LIBOR USD + 0.830%, Floor 0.000%), 04/22/2027 (a)(c) | | | 234,352 | |
| | 118,080 | | | Navient Private Education Refi Loan Trust
Series 2021-E A, 0.970%, 12/16/2069 (c) | | | 100,286 | |
| | 465,000 | | | Neuberger Berman CLO XX, Ltd.
Series 2015-20RR A-RR, 5.952% (3 Month LIBOR USD + 1.160%, 1.160% Floor), 07/17/2034 (a)(c) | | | 453,770 | |
| | 280,000 | | | Octagon 61, Ltd.
0.000% (TSFR3M + 2.350%, 2.350% Floor), 04/20/2036 (a)(b)(c) | | | 280,000 | |
| | 155,406 | | | OZLM VII,, Ltd.
Series 2014-7R, 5.802% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c) | | | 154,314 | |
| | 420,000 | | | Regatta VI Funding, Ltd.
Series 2016-1A AR2, 5.968% (3 Month LIBOR USD + 1.160%, 1.160% Floor), 04/20/2034 (a)(c) | | | 409,271 | |
| | | | | RR, Ltd. | | | | |
| | 480,000 | | | Series 2017-1A A1AB, 5.942% (3 Month LIBOR USD + 1.150%, 1.150% Floor), 07/16/2035 (a)(c) | | | 470,792 | |
| | 330,000 | | | Series 2021-16A A1, 5.902% (3 Month LIBOR USD + 1.110%, 1.110% Floor), 07/15/2036 (a)(c) | | | 322,893 | |
| | 250,000 | | | Series 2023-26A A2, 6.982% (TSFR3M + 2.250%, 2.250% Floor), 04/15/2038 (a)(c) | | | 247,653 | |
| | | | | Santander Drive Auto Receivables Trust | | | | |
| | 56,817 | | | Series 2019-3, 2.680%, 10/15/2025 | | | 56,548 | |
| | 95,000 | | | Series 2022-5, 4.430%, 03/15/2027 | | | 93,566 | |
| | 65,000 | | | Series 2022-6, 4.720%, 06/15/2027 | | | 63,950 | |
| | 305,000 | | | Series 2022-4, 4.420%, 11/15/2027 | | | 300,349 | |
| | 255,000 | | | Series 2022-7, 5.950%, 01/18/2028 | | | 259,191 | |
| | 115,000 | | | Series 2023-1, 4.980%, 02/15/2028 | | | 114,243 | |
| | | | | Sound Point CLO, Ltd. | | | | |
| | 216,985 | | | Series 2018-3, 5.742% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (a)(c) | | | 215,285 | |
| | 410,000 | | | Series 2021-1A A, 5.888% (3 Month LIBOR USD + 1.070%, 1.070% Floor), 04/25/2034 (a)(c) | | | 397,704 | |
| | 100,000 | | | Summit Issuer LLC
Series 2020-1, 2.290%, 12/20/2050 (c) | | | 89,302 | |
| | 728,775 | | | Taco Bell Funding LLC
Series 2021-1A A2II, 2.294%, 08/25/2051 (c) | | | 609,797 | |
| | 250,000 | | | Texas Debt Capital CLO 2023-I, Ltd.
0.000% (TSFR3M + 2.300%, 2.300% Floor), 04/20/2036 (a)(c) | | | 247,653 | |
See notes to financial statements.
73
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | ASSET BACKED SECURITIES (Continued) | |
| | 405,000 | | | THL Credit Wind River CLO, Ltd.
Series 2020-1A, 6.238% (3 Month LIBOR USD + 1.430%, 1.430% Floor), 10/20/2033 (a)(c) | | $ | 398,548 | |
| | | | | Upstart Securitization Trust | | | | |
| | 27,841 | | | Series 2021-3, 0.830%, 07/20/2031 (c) | | | 27,393 | |
| | 78,220 | | | Series 2021-4, 0.840%, 09/20/2031 (c) | | | 76,361 | |
| | | | | Venture CLO, Ltd. | | | | |
| | 410,000 | | | Series 2021-42A A1A, 5.922% (3 Month LIBOR USD + 1.130%, 1.130% Floor), 04/17/2034 (a)(c) | | | 398,904 | |
| | 180,000 | | | Series 2021-43A A1, 6.032% (3 Month LIBOR USD + 1.240%, 1.240% Floor), 04/17/2034 (a)(c) | | | 175,773 | |
| | 258,797 | | | Voya CLO, Ltd.
Series 2015-1, 5.695% (3 Month LIBOR USD + 0.900%, 0.9000% Floor), 01/18/2029 (a)(c) | | | 257,085 | |
| | 370,000 | | | Wellfleet CLO X, Ltd.
Series 2019-XA A1R, 5.978% (3 Month LIBOR USD + 1.170%, 0.000% Floor), 07/20/2032 (a)(c) | | | 360,688 | |
| | 75,800 | | | Wendy’s Funding LLC
Series 2018-1, 3.884%, 03/15/2048 (c)(g) | | | 70,168 | |
| | | | | Westlake Automobile Receivables Trust | | | | |
| | 77,893 | | | Series 2019-3, 2.720%, 11/15/2024 (c) | | | 77,556 | |
| | 225,000 | | | Series 2022-2, 4.310%, 09/15/2027 (c) | | | 220,383 | |
| | 60,000 | | | Series 2023-1, 5.410%, 01/18/2028 (c) | | | 59,888 | |
| | 98,750 | | | Wingstop Funding LLC
Series 2020-1, 2.841%, 12/05/2050 (c)(g) | | | 86,860 | |
| | 100,000 | | | World Omni Auto Receivables Trust
Series 2023-A B, 5.030%, 05/15/2029 | | | 100,488 | |
| | | | | | |
|
|
|
| | | | | Total Asset Backed Securities
(Cost $13,881,294) | | | 13,625,184 | |
| | | | | | |
|
|
|
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS - 16.38% | |
| | 258,773 | | | 510 Asset Backed Trust
Series 2021-NPL2 A-1, 2.116%, 06/25/2061 (c)(k) | | | 235,800 | |
| | 89,754 | | | Ajax Mortgage Loan Trust
Series 2021-C A, 2.115%, 01/25/2061 (c)(k) | | | 84,279 | |
| | 350,000 | | | American Tower Trust #1
Series 2023-1, 5.490%, 03/15/2053 (c) | | | 353,582 | |
| | | | | Angel Oak Mortgage Trust | | | | |
| | 3,917 | | | Series 2019-4, 2.993%, 07/25/2049 (b)(c) | | | 3,902 | |
| | 83,103 | | | Series 2020-R1, 0.990%, 04/25/2053 (b)(c) | | | 75,477 | |
| | 159,086 | | | Series 2021-4 A1, 1.035%, 01/20/2065 (b)(c) | | | 128,261 | |
| | 29,608 | | | Series 2020-6 TR, 1.261%, 05/25/2065 (b)(c) | | | 26,561 | |
| | 104,885 | | | Series 2021-1, 0.909%, 01/25/2066 (b)(c) | | | 87,801 | |
| | 98,359 | | | Series 2021-2 A1, 0.985%, 04/25/2066 (b)(c) | | | 82,659 | |
| | 196,832 | | | Series 2021-3 A1, 1.068%, 05/25/2066 (b)(c) | | | 162,723 | |
| | 248,664 | | | Series 2021-5 A1, 0.951%, 07/25/2066 (b)(c) | | | 205,505 | |
| | 183,495 | | | Series 2021-8, 1.820%, 11/25/2066 (b)(c) | | | 153,413 | |
| | 442,107 | | | Series 2022-1, 2.881%, 12/25/2066 (c)(k) | | | 389,580 | |
| | 100,000 | | | Arbor Realty Commercial Real Estate Notes 2021-FL2, Ltd.
Series 2021-FL2 A, 5.784% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 05/15/2036 (a)(c) | | | 98,351 | |
| | | | | Arroyo Mortgage Trust | | | | |
| | 62,530 | | | Series 2019-3, 2.962%, 10/25/2048 (b)(c) | | | 57,579 | |
| | 68,010 | | | Series 2019-2, 3.347%, 04/25/2049 (b)(c) | | | 63,901 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | | | | BANK | | | | |
| | 2,134,217 | | | Series 2019-BNK23, 0.692%, 12/17/2052 (b)(j) | | $ | 77,948 | |
| | 999,507 | | | Series 2023-BNK45, 0.994%, 02/17/2056 (b)(j) | | | 69,551 | |
| | 981,714 | | | Series 2019-BNK18, 0.891%, 05/17/2062 (b)(j) | | | 41,743 | |
| | 1,156,878 | | | Series 2019-BNK20, 0.813%, 09/15/2062 (b)(j) | | | 47,385 | |
| | 1,307,871 | | | Series 2019-BNK22, 0.594%, 11/17/2062 (b)(j) | | | 41,359 | |
| | 984,754 | | | Series 2019-BNK24, 0.639%, 11/17/2062 (b)(j) | | | 34,151 | |
| | 981,961 | | | Series 2020-BNK26, 1.223%, 03/16/2063 (b)(j) | | | 60,088 | |
| | 1,525,411 | | | Series 2020-BNK28, 1.763%, 03/16/2063 (b)(j) | | | 149,993 | |
| | | | | BBCMS Mortgage Trust | | | | |
| | 132,000 | | | Series 2017-DELC, 5.659% (1 Month LIBOR USD + 0.975%, 0.850% Floor), 08/15/2036 (a)(c) | | | 130,744 | |
| | 100,000 | | | Series 2022-C16, 4.600%, 06/17/2055 (b) | | | 96,416 | |
| | 125,000 | | | Series 2022-C18 A4, 5.439%, 12/17/2055 (b) | | | 128,365 | |
| | 40,000 | | | Series 2022-C18 A5, 5.710%, 12/17/2055 (b) | | | 41,895 | |
| | | | | Benchmark Mortgage Trust | | | | |
| | 230,565 | | | Series 2019-B11, 3.410%, 05/17/2052 | | | 223,412 | |
| | 961,923 | | | Series 2019-B12, 1.032%, 08/16/2052 (b)(j) | | | 38,935 | |
| | 393,113 | | | Series 2020-B18, 1.788%, 07/17/2053 (b)(j) | | | 30,123 | |
| | 750,445 | | | Series 2020-B22, 1.515%, 01/15/2054 (b)(j) | | | 66,395 | |
| | 1,488,594 | | | Series 2019-B10, 1.220%, 03/17/2062 (b)(j) | | | 75,037 | |
| | 250,000 | | | Benefit Street Partners CLO XXXI, Ltd.
Series B-1, 7.220% (TSFR3M + 2.350%, 2.35% Floor), 04/25/2036 (a)(c) | | | 247,653 | |
| | 121,214 | | | BINOM Securitization Trust
Series 2021-INV1, 2.034%, 06/25/2056 (b)(c) | | | 106,970 | |
| | | | | BRAVO Residential Funding Trust | | | | |
| | 71,452 | | | Series 2021-NQM1 A1, 0.941%, 02/25/2049 (b)(c) | | | 62,959 | |
| | 58,379 | | | Series 2021-NQM2 A1, 0.970%, 03/25/2060 (b)(c) | | | 54,679 | |
| | 301,094 | | | Series 2021-C A1, 1.620%, 03/01/2061 (c)(k) | | | 271,478 | |
| | 259,667 | | | BX Commercial Mortgage Trust 2019-XL
Series 2019-XL, 5.862% (1 Month LIBOR USD + 1.034%, 1.034% Floor), 10/15/2036 (a)(c) | | | 256,889 | |
| | | | | CAMB Commercial Mortgage Trust | | | | |
| | 150,000 | | | Series 2019-LIFE A, 5.754% (1 Month LIBOR USD + 1.070%, 1.070% Floor), 12/15/2037 (a)(c) | | | 147,998 | |
| | 100,000 | | | Series 2019-LIFE C, 6.134% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c) | | | 97,766 | |
| | 130,000 | | | CCG Receivables Trust 2023-1
Series 2023-1, 5.820%, 09/16/2030 (c) | | | 131,344 | |
| | 145,000 | | | Century Plaza Towers
Series 2019-CPT, 2.865%, 11/16/2039 (c) | | | 117,971 | |
| | 7,028 | | | Chase Mortgage Finance Trust
Series 2007-A1, 3.960%, 02/25/2037 (b) | | | 6,610 | |
| | | | | Citigroup Commercial Mortgage Trust | | | | |
| | 376,000 | | | Series 2014-GC19, 4.023%, 03/12/2047 | | | 369,180 | |
| | 296,312 | | | Series 2016-P3, 3.329%, 04/16/2049 | | | 278,672 | |
| | 505,000 | | | Series 2016-P4, 2.902%, 07/12/2049 | | | 466,640 | |
| | | | | Citigroup Mortgage Loan Trust, Inc. | | | | |
| | 95,798 | | | Series 2018-RP2, 3.347%, 02/25/2058 (b)(c) | | | 91,894 | |
| | 38,416 | | | Series 2018-RP1, 3.000%, 09/25/2064 (b)(c) | | | 36,699 | |
| | 100,049 | | | Series 2019-E, 6.228%, 11/25/2070 (c)(k) | | | 99,948 | |
See notes to financial statements.
74
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | | | | COLT Mortgage Loan Trust | | | | |
| | 308,279 | | | Series 2020-RPL1 A1, 1.390%, 01/25/2065 (b)(c) | | $ | 266,615 | |
| | 66,680 | | | Series 2020-2R A1, 1.325%, 10/26/2065 (b)(c) | | | 59,856 | |
| | 154,583 | | | Series 2021-1 A1, 0.910%, 06/25/2066 (b)(c) | | | 125,111 | |
| | 293,272 | | | Series 2021-3 A1, 0.956%, 09/27/2066 (b)(c) | | | 233,448 | |
| | 370,011 | | | Series 2021-HX1 A1, 1.110%, 10/25/2066 (b)(c) | | | 297,316 | |
| | 439,827 | | | Series 2022-1 A1, 2.284%, 12/27/2066 (b)(c) | | | 385,897 | |
| | 91,132 | | | Series 2022-4 A-1, 4.301%, 03/25/2067 (b)(c) | | | 88,105 | |
| | | | | COMM Mortgage Trust | | | | |
| | 120,000 | | | Series 2013-300P, 4.353%, 08/12/2030 (c) | | | 115,620 | |
| | 100,000 | | | Series A, 2.819%, 01/10/2039 (c) | | | 87,673 | |
| | 100,000 | | | Series C, 3.376%, 01/10/2039 (c) | | | 85,129 | |
| | 53,963 | | | Connecticut Avenue Securities Trust
Series 2022-R08 1M-1, 7.110% (SOFR30A + 2.550%, 2.550% Floor), 07/25/2042 (a)(c) | | | 54,341 | |
| | | | | Countrywide Home Loans, Inc. | | | | |
| | 4,738 | | | Series 2004-HYB6, 3.996%, 11/20/2034 (b) | | | 4,396 | |
| | 57,206 | | | Series 2005-11, 5.445% (1 Month LIBOR USD + 0.600%, 0.600% Floor, 10.500% Cap), 03/25/2035 (a) | | | 39,277 | |
| | 217,382 | | | CSAIL Commercial Mortgage Trust
Series 2016-C6, 2.960%, 01/15/2049 | | | 209,037 | |
| | | | | CSMC Trust | | | | |
| | 97,732 | | | Series 2020-NET, 2.257%, 08/17/2037 (c) | | | 87,920 | |
| | 24,164 | | | Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c) | | | 21,773 | |
| | 204,995 | | | Series 2020-RPL4, 2.000%, 01/25/2060 (b)(c) | | | 179,400 | |
| | 104,295 | | | Series 2021-RPL4 A1, 1.796%, 12/27/2060 (b)(c) | | | 96,918 | |
| | 109,828 | | | Series 2020-NQM1, 1.208%, 05/25/2065 (c)(k) | | | 99,284 | |
| | 184,448 | | | Series 2021-NQM2, 1.179%, 02/25/2066 (b)(c) | | | 156,188 | |
| | 146,556 | | | Series 2021-NQM5 A1, 0.938%, 05/25/2066 (b)(c) | | | 115,934 | |
| | 368,840 | | | Series 2021-NQM6 A1, 1.174%, 07/25/2066 (b)(c) | | | 297,652 | |
| | 188,435 | | | Series 2021-NQM8, 1.841%, 10/25/2066 (b)(c) | | | 163,198 | |
| | 473,914 | | | Series 2022-NQM1, 2.265%, 11/25/2066 (b)(c) | | | 409,500 | |
| | | | | DBGS Mortgage Trust | | | | |
| | 215,000 | | | Series 2018-C1, 4.466%, 10/17/2051 | | | 204,934 | |
| | 11,792,880 | | | Series 2018-C1, 0.190%, 10/17/2051 (b)(j) | | | 94,636 | |
| | | | | DBJPM Mortgage Trust | | | | |
| | 218,806 | | | Series 2016-C1, 3.038%, 05/12/2049 | | | 210,002 | |
| | 475,000 | | | Series 2016-C3, 2.890%, 08/12/2049 | | | 437,020 | |
| | 309,464 | | | Series 2020-C9, 1.708%, 08/15/2053 (b)(j) | | | 20,889 | |
| | 65,102 | | | Deephaven Residential Mortgage Trust
Series 2021-2 A1, 0.899%, 04/25/2066 (b)(c) | | | 55,931 | |
| | | | | Ellington Financial Mortgage Trust | | | | |
| | 67,681 | | | Series 2021-2 A1, 0.931%, 06/25/2066 (b)(c) | | | 54,676 | |
| | 222,384 | | | Series 2022-1, 2.206%, 01/25/2067 (b)(c) | | | 187,448 | |
| | 250,000 | | | Elmwood CLO 23, Ltd.
Series 2023-2A B, 0.000% (TSFR3M + 2.250%, 2.250% Floor), 04/16/2036 (a)(c) | | | 250,000 | |
| | | | | FirstKey Homes Trust | | | | |
| | 114,353 | | | Series 2022-SFR1, 4.145%, 05/19/2039 (c) | | | 109,304 | |
| | 482,273 | | | Series 2022-SFR2, 4.250%, 07/19/2039 (c) | | | 462,156 | |
| | | | | GCAT Trust | | | | |
| | 117,974 | | | Series 2021-NQM1, 0.874%, 01/25/2066 (b)(c) | | | 99,691 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 141,374 | | | Series 2021-NQM2 A1, 1.036%, 05/25/2066 (b)(c) | | $ | 116,293 | |
| | 184,187 | | | Series 2021-NQM3 A1, 1.091%, 05/25/2066 (b)(c) | | | 151,097 | |
| | 255,054 | | | Series 2021-NQM4, 1.093%, 08/25/2066 (b)(c) | | | 198,968 | |
| | 140,316 | | | Series 2021-NQM7, 1.915%, 08/25/2066 (b)(c) | | | 124,196 | |
| | | | | GS Mortgage Securities Trust | | | | |
| | 145,000 | | | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | | | 107,590 | |
| | 35,000 | | | Series 2022-SHIP, 5.558% (TSFR1M + 0.731%, 0.731% Floor), 08/15/2036 (a)(c) | | | 34,674 | |
| | 35,000 | | | Series 2015-GC34, 3.506%, 10/13/2048 | | | 33,166 | |
| | 1,440,349 | | | Series 2020-GC45, 0.668%, 02/14/2053 (b)(j) | | | 46,163 | |
| | 220,000 | | | Hawaii Hotel Trust 2019-MAUI
Series 2019-MAUI, 5.834% (1 Month LIBOR USD + 1.150%, 1.150% Floor), 05/17/2038 (a)(c) | | | 214,805 | |
| | | | | Imperial Fund Mortgage Trust | | | | |
| | 143,660 | | | Series 2021-NQM2 A-1, 1.073%, 09/25/2056 (b)(c) | | | 116,417 | |
| | 471,769 | | | Series 2022-NQM2, 3.638%, 03/25/2067 (c)(k) | | | 440,012 | |
| | 90,000 | | | JPMBB Commercial Mortgage Securities Trust
Series 2020-NNN, 2.812%, 01/16/2037 (c) | | | 81,888 | |
| | | | | Legacy Mortgage Asset Trust | | | | |
| | 78,954 | | | Series 2021-GS4 A1, 1.650%, 11/25/2060 (c)(k) | | | 72,613 | |
| | 137,249 | | | Series 2021-GS3 A1, 1.750%, 07/25/2061 (c)(k) | | | 126,873 | |
| | 520,974 | | | Life 2021-BMR Mortgage Trust
Series A, 5.641% (1 Month LIBOR USD + 0.814%, 0.8140% Floor), 03/15/2038 (a)(c) | | | 506,062 | |
| | 260,000 | | | MF1, Ltd.
Series 2022-FL8, 6.310% (SOFR30A + 1.750%, 1.750% Floor), 02/20/2037 (a)(c)(g) | | | 251,499 | |
| | | | | MFRA Trust | | | | |
| | 106,360 | | | Series 2021-NQM2, 1.029%, 11/25/2064 (b)(c) | | | 87,395 | |
| | 24,543 | | | Series 2020-NQM3 A1, 1.014%, 01/26/2065 (b) | | | 22,630 | |
| | 87,556 | | | Series 2021-NQM1 A-1, 1.153%, 04/25/2065 (b)(c) | | | 77,168 | |
| | | | | Mill City Mortgage Loan Trust | | | | |
| | 42,005 | | | Series 2018-2, 3.500%, 05/25/2058 (b)(c) | | | 41,022 | |
| | 186,538 | | | Series 2019-GS1, 2.750%, 07/25/2059 (b)(c) | | | 177,211 | |
| | 51,315 | | | Series 2017-3, 2.750%, 01/25/2061 (b)(c) | | | 49,659 | |
| | 45,637 | | | Series 2018-1, 3.250%, 05/25/2062 (b)(c) | | | 44,044 | |
| | 121,606 | | | Series 2019-1, 3.250%, 10/25/2069 (b)(c) | | | 116,163 | |
| | 72,986 | | | Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, 5.865% (1 Month LIBOR USD + 1.020%, 1.020% Floor), 10/25/2033 (a) | | | 71,575 | |
| | 175,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29, 3.325%, 05/17/2049 | | | 164,733 | |
| | | | | New Residential Mortgage Loan Trust | | | | |
| | 33,645 | | | Series 2016-2, 3.750%, 11/25/2035 (c) | | | 31,772 | |
| | 76,391 | | | Series 2018-4, 5.595% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)(c) | | | 74,027 | |
| | 30,511 | | | Series 2016-4, 3.750%, 11/25/2056 (b)(c) | | | 28,196 | |
| | 297,183 | | | Series 2021-NQM3 A1, 1.156%, 11/25/2056 (b)(c) | | | 244,950 | |
| | 47,771 | | | Series 2017-1, 4.000%, 02/25/2057 (b)(c) | | | 45,332 | |
See notes to financial statements.
75
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 43,180 | | | Series 2017-2, 4.000%, 03/25/2057 (b)(c) | | $ | 40,910 | |
| | 24,135 | | | Series 2017-3, 4.000%, 04/25/2057 (b)(c) | | | 23,126 | |
| | 22,811 | | | Series 2017-4, 4.000%, 05/25/2057 (b)(c) | | | 21,256 | |
| | 21,257 | | | Series 2017-5, 6.345% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c) | | | 20,769 | |
| | 37,403 | | | Series 2017-6, 4.000%, 08/25/2057 (b)(c) | | | 35,164 | |
| | 82,558 | | | Series 2018-1, 4.000%, 12/25/2057 (b)(c) | | | 78,453 | |
| | 68,516 | | | Series 2018-2, 4.500%, 02/25/2058 (b)(c) | | | 65,886 | |
| | 174,639 | | | Series 2018-3, 4.500%, 05/25/2058 (b)(c) | | | 163,718 | |
| | 69,596 | | | Series 2021-NQM2R A-1, 0.941%, 10/25/2058 (b)(c) | | | 62,701 | |
| | 124,755 | | | Series 2019-3, 3.750%, 11/25/2058 (b)(c) | | | 116,443 | |
| | 90,070 | | | Series 2019-5, 3.500%, 08/25/2059 (b)(c) | | | 84,426 | |
| | 24,713 | | | Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c) | | | 22,695 | |
| | 433,571 | | | Series 2022-NQM1, 2.277%, 04/25/2061 (b)(c) | | | 377,732 | |
| | 299,849 | | | NMLT Trust
Series 2021-INV1 A1, 1.185%, 05/25/2056 (b)(c) | | | 250,323 | |
| | | | | OBX Trust | | | | |
| | 180,960 | | | Series 2021-NQM3 A1, 1.054%, 07/25/2061 (b)(c) | | | 138,402 | |
| | 385,972 | | | Series 2022-NQM1, 2.305%, 11/25/2061 (b)(c) | | | 331,392 | |
| | 169,059 | | | Series 2021-NQM1, 1.072%, 02/25/2066 (b)(c) | | | 138,109 | |
| | | | | Pretium Mortgage Credit Partners LLC | | | | |
| | 148,720 | | | Series 2021-NPL3 A1, 1.868%, 07/25/2051 (c)(k) | | | 138,164 | |
| | 140,625 | | | Series 2021-RN2 A1, 1.744%, 07/25/2051 (c)(k) | | | 131,260 | |
| | 173,106 | | | Series 2021-NPL2 A-1, 1.992%, 06/29/2060 (c)(k) | | | 162,075 | |
| | 284,457 | | | Series 2021-RN1 A1, 1.992%, 02/25/2061 (c)(k) | | | 267,405 | |
| | | | | Progress Residential Trust | | | | |
| | 373,378 | | | Series 2021-SFR3, 1.637%, 05/17/2026 (c) | | | 333,157 | |
| | 397,838 | | | Series 2021-SFR1, 1.052%, 04/17/2038 (c) | | | 350,821 | |
| | 328,758 | | | Series 2021-SFR8, 1.510%, 10/19/2038 (c) | | | 287,956 | |
| | 109,719 | | | Series 2022-SFR3, 3.200%, 04/19/2039 (c) | | | 102,076 | |
| | 99,148 | | | Series 2022-SFR5, 4.451%, 06/17/2039 (c) | | | 95,482 | |
| | 144,772 | | | Series 2022-SFR7, 4.750%, 10/19/2039 (c) | | | 142,140 | |
| | 299,473 | | | Series 2022-SFR4, 4.438%, 05/17/2041 (c) | | | 286,056 | |
| | | | | PRPM Trust | | | | |
| | 52,294 | | | Series 2020-6, 2.363%, 11/25/2025 (c)(k) | | | 50,968 | |
| | 136,061 | | | Series 2021-3 A1, 1.867%, 04/25/2026 (c)(k) | | | 130,367 | |
| | 188,093 | | | Series 2021-4 A1, 1.867%, 04/25/2026 (c)(k) | | | 179,711 | |
| | 184,780 | | | Series 2021-5 A1, 1.793%, 06/25/2026 (c)(k) | | | 174,042 | |
| | 167,997 | | | Series 2021-6 A1, 1.793%, 07/25/2026 (c)(k) | | | 155,478 | |
| | 268,924 | | | Series 2021-7 A1, 1.867%, 08/25/2026 (c)(k) | | | 251,586 | |
| | 344,224 | | | Series 2021-9, 2.363%, 10/25/2026 (c)(k) | | | 326,316 | |
| | 155,000 | | | SBA Tower Trust
Series 2019-1, 2.836%, 01/15/2025 (c) | | | 146,886 | |
| | 64,746 | | | Seasoned Credit Risk Transfer Trust Series
Series 2019-3, 3.500%, 10/25/2058 | | | 60,257 | |
| | | | | SG Commercial Mortgage Securities Trust | | | | |
| | 355,000 | | | Series 2020-COVE, 2.632%, 04/17/2037 (c) | | | 331,016 | |
| | 75,000 | | | Series 2016-C5, 3.055%, 10/13/2048 | | | 69,707 | |
| | 250,861 | | | SG Residential Mortgage Trust
Series 2021-1 A-1, 1.160%, 07/25/2061 (b)(c) | | | 201,876 | |
| | | | | Starwood Mortgage Residential Trust | | | | |
| | 19,919 | | | Series 2020-3, 1.486%, 04/25/2065 (b)(c) | | | 18,727 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | |
| | 139,251 | | | Series 2021-1, 1.219%, 05/25/2065 (b)(c) | | $ | 120,387 | |
| | 55,033 | | | Series 2021-2 A1, 0.943%, 05/25/2065 (b)(c) | | | 49,320 | |
| | 285,801 | | | Series 2021-6, 1.920%, 11/25/2066 (b)(c) | | | 236,615 | |
| | 230,000 | | | Toorak Mortgage Corp.
Series 2021-1 A1, 2.240%, 06/25/2024 (c)(k) | | | 217,617 | |
| | | | | Towd Point Mortgage Trust | | | | |
| | 102,724 | | | Series 2022-EBO1, 2.161%, 01/25/2052 (b)(c) | | | 100,789 | |
| | 48,642 | | | Series 2017-1, 2.750%, 10/25/2056 (b)(c) | | | 47,794 | |
| | 54,122 | | | Series 2017-5, 5.445% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (a)(c) | | | 53,909 | |
| | 23,142 | | | Series 2017-2, 2.750%, 04/25/2057 (b)(c) | | | 22,907 | |
| | 10,392 | | | Series 2017-3, 2.750%, 06/25/2057 (b)(c) | | | 10,111 | |
| | 96,154 | | | Series 2017-4, 2.750%, 06/25/2057 (b)(c) | | | 91,572 | |
| | 142,673 | | | Series 2017-6, 2.750%, 10/25/2057 (b)(c) | | | 136,352 | |
| | 25,620 | | | Series 2018-1, 3.000%, 01/28/2058 (b)(c) | | | 24,900 | |
| | 86,877 | | | Series 2018-2, 3.250%, 03/25/2058 (b)(c) | | | 83,434 | |
| | 207,059 | | | Series 2019-1, 3.750%, 03/25/2058 (b)(c) | | | 197,205 | |
| | 81,372 | | | Series 2018-3, 3.750%, 05/25/2058 (b)(c) | | | 77,947 | |
| | 143,039 | | | Series 2020-4, 1.750%, 10/25/2060 (c) | | | 128,126 | |
| | 425,362 | | | Series 2021-R1 A1, 2.918%, 11/30/2060 (b)(c) | | | 347,067 | |
| | 87,380 | | | Triangle Re 2021-3, Ltd.
Series 2021-3, 6.460% (SOFR30A + 1.900%, 1.900% Floor), 02/25/2034 (a)(c) | | | 86,731 | |
| | 116,415 | | | Tricolor Auto Securitization Trust 2023-1
Series 2023-1, 6.480%, 08/17/2026 (c) | | | 116,393 | |
| | 505,000 | | | Tricon Residential Trust
Series 2022-SFR1, 3.856%, 04/19/2039 (c) | | | 482,154 | |
| | | | | VCAT Asset Securitization LLC | | | | |
| | 52,539 | | | Series 2021-NPL2 A1, 2.115%, 03/27/2051 (c)(k) | | | 49,823 | |
| | 162,430 | | | Series 2021-NPL3 A1, 1.743%, 05/25/2051 (c)(k) | | | 151,134 | |
| | 225,513 | | | Series 2021-NPL4 A1, 1.868%, 08/25/2051 (c)(k) | | | 209,599 | |
| | 292,587 | | | Series 2021-NPL5, 1.868%, 08/25/2051 (c)(k) | �� | | 270,349 | |
| | 371,978 | | | Series 2021-NPL6, 1.917%, 09/25/2051 (c)(k) | | | 345,626 | |
| | | | | Vericrest Opportunity Loan Transferee | | | | |
| | 223,810 | | | Series 2021-R2 A1, 2.116%, 04/25/2051 (c)(k) | | | 204,828 | |
| | 89,729 | | | Series 2021-NPL9, 1.992%, 05/25/2051 (c)(k) | | | 82,566 | |
| | 192,269 | | | Series 2021-CF1 A1, 1.992%, 08/25/2051 (c)(k) | | | 179,062 | |
| | | | | Verus Securitization Trust | | | | |
| | 36,538 | | | Series 2019-4, 3.142%, 10/25/2059 (b)(c) | | | 35,072 | |
| | 83,753 | | | Series 2021-R2 A-1, 0.918%, 02/25/2064 (b)(c) | | | 71,954 | |
| | 84,063 | | | Series 2021-2, 1.031%, 02/25/2066 (b)(c) | | | 71,627 | |
| | 122,972 | | | Series 2021-4, 0.938%, 07/25/2066 (b)(c) | | | 98,922 | |
| | 320,417 | | | Series 2021-5 A-1, 1.013%, 09/25/2066 (b)(c) | | | 260,378 | |
| | 199,977 | | | Series 2021-8, 1.824%, 11/25/2066 (b)(c) | | | 170,775 | |
| | 294,328 | | | Series 2022-1 A-1, 2.724%, 01/25/2067 (c)(k) | | | 263,054 | |
| | 265,000 | | | Wells Fargo Commercial Mortgage Trust 2015-NXS1
Series A-5, 3.148%, 05/15/2048 | | | 252,025 | |
| | | | | | |
|
|
|
| | | | | Total Collateralized Mortgage Obligations
(Cost $31,055,935) | | | 27,885,890 | |
| | | | | | |
|
|
|
See notes to financial statements.
76
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS - 24.02% | |
| | | | | Aerospace & Defense - 0.36% | |
| | | | | Boeing Co. | | | | |
| | 163,000 | | | 5.040%, 05/01/2027 | | $ | 164,231 | |
| | 35,000 | | | 5.150%, 05/01/2030 | | | 35,247 | |
| | 120,000 | | | Lockheed Martin Corp.
4.950%, 10/15/2025 | | | 121,868 | |
| | 189,000 | | | Northrop Grumman Corp.
5.150%, 05/01/2040 | | | 191,198 | |
| | | | | Raytheon Technologies Corp. | | | | |
| | 75,000 | | | 5.150%, 02/27/2033 | | | 77,974 | |
| | 25,000 | | | 5.375%, 02/27/2053 | | | 26,256 | |
| | | | | | |
|
|
|
| | | | | | | | 616,774 | |
| | | | | | |
|
|
|
| | | | | Banks - 4.57% | |
| | | | | Bank of America Corp. | | | | |
| | 820,000 | | | 1.922% (SOFR + 1.370%), 10/24/2031 (a) | | | 654,121 | |
| | 515,000 | | | 2.687% (SOFR + 1.320%), 04/22/2032 (a) | | | 429,815 | |
| | 115,000 | | | 2.299% (SOFR + 1.220%), 07/21/2032 (a) | | | 92,728 | |
| | 100,000 | | | 2.572% (SOFR + 1.210%), 10/20/2032 (a) | | | 81,744 | |
| | | | | BNP Paribas SA | | | | |
| | 200,000 | | | 2.219% (SOFR + 2.074%), 06/09/2026 (a)(c) | | | 183,723 | |
| | 235,000 | | | 5.125% (1 Year CMT Rate + 1.450%), 01/16/2029 (a)(c) | | | 235,433 | |
| | 250,000 | | | BPCE SA
2.045% (SOFR + 1.087%), 10/19/2027 (a)(c) | | | 218,633 | |
| | 280,000 | | | Credit Agricole SA
5.301%, 07/12/2028 (c) | | | 283,804 | |
| | 200,000 | | | Danske Bank AS
5.375%, 01/12/2024 (c) | | | 198,213 | |
| | | | | Deutsche Bank AG | | | | |
| | 285,000 | | | 2.129% (SOFR + 1.870%), 11/24/2026 (a) | | | 245,613 | |
| | 150,000 | | | 6.720% (SOFR + 3.180%), 01/18/2029 (a) | | | 148,948 | |
| | | | | HSBC Holdings PLC | | | | |
| | 200,000 | | | 1.589% (SOFR + 1.290%), 05/24/2027 (a) | | | 176,333 | |
| | 305,000 | | | 5.210% (SOFR + 2.610%), 08/11/2028 (a) | | | 301,908 | |
| | 400,000 | | | 4.762% (SOFR + 2.530%), 03/29/2033 (a) | | | 361,447 | |
| | 520,000 | | | 5.402% (SOFR + 2.870%), 08/11/2033 (a) | | | 509,734 | |
| | 200,000 | | | 6.254% (SOFR + 2.390%), 03/09/2034 (a) | | | 208,959 | |
| | | | | JPMorgan Chase & Co. | | | | |
| | 300,000 | | | 3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a) | | | 286,426 | |
| | 425,000 | | | 4.323% (SOFR + 1.560%), 04/26/2028 (a) | | | 414,345 | |
| | 205,000 | | | 4.851% (SOFR + 1.990%), 07/25/2028 (a) | | | 204,641 | |
| | 80,000 | | | 3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (a) | | | 74,934 | |
| | 105,000 | | | 2.739% (SOFR + 1.510%), 10/15/2030 (a) | | | 91,622 | |
| | 235,000 | | | 2.545% (SOFR + 1.180%), 11/08/2032 (a) | | | 194,866 | |
| | 200,000 | | | Lloyds Banking Group PLC
5.871% (1 Year CMT Rate + 1.700%), 03/06/2029 (a) | | | 201,625 | |
| | 250,000 | | | Manufacturers & Traders Trust Co.
4.700%, 01/27/2028 | | | 234,143 | |
| | 200,000 | | | NatWest Group PLC
5.847% (1 Year CMT Rate + 1.350%), 03/02/2027 (a) | | | 200,551 | |
| | 490,000 | | | Societe Generale SA
6.221% (1 Year CMT Rate + 3.200%), 06/15/2033 (a)(c) | | | 455,983 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Banks (Continued) | |
| | 200,000 | | | Standard Chartered PLC
7.767% (1 Year CMT Rate + 3.450%), 11/16/2028 (a)(c) | | $ | 214,475 | |
| | 85,000 | | | Truist Financial Corp.
1.887% (SOFR + 0.862%), 06/07/2029 (a) | | | 70,951 | |
| | | | | Wells Fargo & Co. | | | | |
| | 120,000 | | | 3.000%, 04/22/2026 | | | 113,344 | |
| | 135,000 | | | 3.000%, 10/23/2026 | | | 126,280 | |
| | 210,000 | | | 4.808% (SOFR + 1.980%), 07/25/2028 (a) | | | 207,372 | |
| | 110,000 | | | 3.350% (SOFR + 1.500%), 03/02/2033 (a) | | | 95,368 | |
| | 190,000 | | | 4.897% (SOFR + 2.100%), 07/25/2033 (a) | | | 185,446 | |
| | 90,000 | | | 5.013% (SOFR + 4.502%), 04/04/2051 (a) | | | 84,583 | |
| | | | | | |
|
|
|
| | | | | | | | 7,788,111 | |
| | | | | | |
|
|
|
| | | | | Beverages - 0.25% | |
| | | | | Anheuser-Busch InBev Worldwide, Inc. | | | | |
| | 180,000 | | | 5.450%, 01/23/2039 | | | 188,938 | |
| | 60,000 | | | 4.600%, 04/15/2048 | | | 56,729 | |
| | 6,000 | | | Constellation Brands, Inc.
3.150%, 08/01/2029 | | | 5,483 | |
| | 200,000 | | | Diageo Capital PLC
2.000%, 04/29/2030 | | | 170,397 | |
| | | | | | |
|
|
|
| | | | | | | | 421,547 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 0.57% | |
| | 175,000 | | | AbbVie, Inc.
4.250%, 11/21/2049 | | | 154,086 | |
| | | | | Amgen, Inc. | | | | |
| | 115,000 | | | 5.150%, 03/02/2028 | | | 117,384 | |
| | 40,000 | | | 5.250%, 03/02/2030 | | | 40,865 | |
| | 170,000 | | | 5.250%, 03/02/2033 (e) | | | 174,631 | |
| | 85,000 | | | 5.750%, 03/02/2063 | | | 87,794 | |
| | | | | CSL Finance PLC | | | | |
| | 170,000 | | | 4.050%, 04/27/2029 (c) | | | 164,014 | |
| | 110,000 | | | 4.250%, 04/27/2032 (c) | | | 106,598 | |
| | 160,000 | | | Gilead Sciences, Inc.
1.650%, 10/01/2030 | | | 131,745 | |
| | | | | | |
|
|
|
| | | | | | | | 977,117 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 2.36% | |
| | | | | BP Capital Markets America, Inc. | | | | |
| | 100,000 | | | 3.633%, 04/06/2030 | | | 94,908 | |
| | 115,000 | | | 2.721%, 01/12/2032 | | | 100,248 | |
| | 125,000 | | | 4.812%, 02/13/2033 | | | 126,890 | |
| | 125,000 | | | 2.939%, 06/04/2051 | | | 86,507 | |
| | 45,000 | | | 3.379%, 02/08/2061 (e) | | | 32,461 | |
| | | | | Credit Suisse Group AG | | | | |
| | 250,000 | | | 6.442% (SOFR + 3.700%), 08/11/2028 (a)(c) | | | 248,575 | |
| | 750,000 | | | 6.537% (SOFR + 3.920%), 08/12/2033 (a)(c) | | | 772,500 | |
| | | | | Intercontinental Exchange, Inc. | | | | |
| | 55,000 | | | 4.350%, 06/15/2029 | | | 54,340 | |
| | 30,000 | | | 4.600%, 03/15/2033 | | | 29,817 | |
| | 20,000 | | | 4.950%, 06/15/2052 | | | 19,547 | |
| | | | | Morgan Stanley | | | | |
| | 255,000 | | | 2.475% (SOFR + 1.000%), 01/21/2028 (a) | | | 232,655 | |
| | 340,000 | | | 3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (a) | | | 320,882 | |
| | 35,000 | | | 5.123% (SOFR + 1.730%), 02/01/2029 (a) | | | 35,235 | |
| | 210,000 | | | 2.699% (SOFR + 1.143%), 01/22/2031 (a) | | | 180,905 | |
| | 285,000 | | | 1.794% (SOFR + 1.034%), 02/13/2032 (a) | | | 223,111 | |
| | 145,000 | | | 1.928% (SOFR + 1.020%), 04/28/2032 (a) | | | 114,100 | |
See notes to financial statements.
77
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Capital Markets (Continued) | |
| | 60,000 | | | 2.511% (SOFR + 1.200%), 10/20/2032 (a) | | $ | 49,158 | |
| | 30,000 | | | 5.948% (5 Year CMT Rate + 2.430%), 01/19/2038 (a) | | | 29,841 | |
| | | | | The Goldman Sachs Group, Inc. | | | | |
| | 120,000 | | | 4.482% (SOFR + 1.725%), 08/23/2028 (a) | | | 117,366 | |
| | 70,000 | | | 1.992% (SOFR + 1.090%), 01/27/2032 (a) | | | 55,812 | |
| | 560,000 | | | 2.615% (SOFR + 1.281%), 04/22/2032 (a) | | | 467,050 | |
| | 225,000 | | | 2.383% (SOFR + 1.248%), 07/21/2032 (a)(e) | | | 182,536 | |
| | 40,000 | | | 2.650% (SOFR + 1.264%), 10/21/2032 (a) | | | 33,055 | |
| | 60,000 | | | 3.102% (SOFR + 1.410%), 02/24/2033 (a) | | | 51,397 | |
| | 200,000 | | | UBS Group AG
4.751% (1 Year CMT Rate + 1.750%), 05/12/2028 (a)(c) | | | 191,093 | |
| | 195,000 | | | Willis North America, Inc.
2.950%, 09/15/2029 | | | 171,069 | |
| | | | | | |
|
|
|
| | | | | | | | 4,021,058 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.25% | |
| | 230,000 | | | Celanese US Holdings LLC
6.165%, 07/15/2027 | | | 232,450 | |
| | 235,000 | | | The Sherwin-Williams Co.
2.300%, 05/15/2030 | | | 199,435 | |
| | | | | | |
|
|
|
| | | | | | | | 431,885 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.23% | |
| | | | | Capital One Financial Corp. | | | | |
| | 30,000 | | | 5.468% (SOFR + 2.080%), 02/01/2029 (a) | | | 29,240 | |
| | 390,000 | | | 5.247% (SOFR + 2.600%), 07/26/2030 (a) | | | 367,849 | |
| | | | | | |
|
|
|
| | | | | | | | 397,089 | |
| | | | | | |
|
|
|
| | | | | Diversified Consumer Services - 0.08% | |
| | | | | Howard University | | | | |
| | 100,000 | | | 2.901%, 10/01/2031 | | | 84,704 | |
| | 75,000 | | | 3.476%, 10/01/2041 | | | 57,981 | |
| | | | | | |
|
|
|
| | | | | | | | 142,685 | |
| | | | | | |
|
|
|
| | | | | Diversified Financial Services - 0.82% | |
| | 235,000 | | | Athene Global Funding
2.646%, 10/04/2031 (c) | | | 186,780 | |
| | 150,000 | | | Corebridge Financial, Inc.
3.850%, 04/05/2029 (c) | | | 136,906 | |
| | 300,000 | | | DAE Funding LLC
1.550%, 08/01/2024 (c) | | | 282,210 | |
| | 340,000 | | | Equitable Financial Life Global Funding
1.800%, 03/08/2028 (c) | | | 286,464 | |
| | | | | National Rural Utilities Cooperative Finance Corp. | | | | |
| | 85,000 | | | 4.800%, 03/15/2028 | | | 85,781 | |
| | 185,000 | | | 4.150%, 12/15/2032 | | | 176,022 | |
| | 45,000 | | | 5.800%, 01/15/2033 | | | 47,928 | |
| | | | | Shell International Finance BV | | | | |
| | 180,000 | | | 3.250%, 04/06/2050 | | | 137,012 | |
| | 80,000 | | | 3.000%, 11/26/2051 | | | 57,514 | |
| | | | | | |
|
|
|
| | | | | | | | 1,396,617 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 0.49% | |
| | | | | AT&T, Inc. | | | | |
| | 175,000 | | | 4.500%, 05/15/2035 | | | 164,247 | |
| | 80,000 | | | 3.650%, 06/01/2051 | | | 60,483 | |
| | 148,000 | | | 3.500%, 09/15/2053 | | | 107,037 | |
| | 91,000 | | | 3.550%, 09/15/2055 | | | 65,181 | |
| | 53,000 | | | 3.800%, 12/01/2057 | | | 39,388 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Diversified Telecommunication Services (Continued) | |
| | | | | Verizon Communications, Inc. | | | | |
| | 420,000 | | | 2.355%, 03/15/2032 | | $ | 344,590 | |
| | 85,000 | | | 2.650%, 11/20/2040 | | | 60,724 | |
| | | | | | |
|
|
|
| | | | | | | | 841,650 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 3.43% | |
| | 165,000 | | | Alabama Power Co.
3.450%, 10/01/2049 | | | 123,678 | |
| | 65,000 | | | Cleco Corporate Holdings LLC
3.375%, 09/15/2029 | | | 56,312 | |
| | 130,000 | | | Consolidated Edison Co. of New York, Inc.
3.200%, 12/01/2051 | | | 93,388 | |
| | | | | Duke Energy Carolinas LLC | | | | |
| | 150,000 | | | 2.550%, 04/15/2031 | | | 128,716 | |
| | 156,000 | | | 5.300%, 02/15/2040 | | | 160,552 | |
| | | | | Duke Energy Corp. | | | | |
| | 474,000 | | | 2.550%, 06/15/2031 | | | 396,494 | |
| | 175,000 | | | 4.500%, 08/15/2032 | | | 169,289 | |
| | 55,000 | | | Duke Energy Indiana, Inc.
4.900%, 07/15/2043 | | | 53,127 | |
| | 95,000 | | | Duke Energy Ohio, Inc.
5.250%, 04/01/2033 | | | 97,748 | |
| | 200,000 | | | Enel Finance International NV
5.000%, 06/15/2032 (c) | | | 187,984 | |
| | 45,000 | | | Evergy Metro, Inc.
2.250%, 06/01/2030 | | | 38,151 | |
| | | | | Evergy, Inc. | | | | |
| | 80,000 | | | 2.450%, 09/15/2024 | | | 76,650 | |
| | 155,000 | | | 2.900%, 09/15/2029 | | | 138,915 | |
| | 45,000 | | | Eversource Energy
5.450%, 03/01/2028 (e) | | | 46,625 | |
| | 155,000 | | | Exelon Corp.
5.150%, 03/15/2028 (e) | | | 157,699 | |
| | 60,000 | | | Florida Power & Light Co.
5.100%, 04/01/2033 | | | 62,177 | |
| | | | | Georgia Power Co. | | | | |
| | 130,000 | | | 2.100%, 07/30/2023 | | | 128,604 | |
| | 120,000 | | | 4.700%, 05/15/2032 | | | 118,873 | |
| | 50,000 | | | 4.750%, 09/01/2040 | | | 46,135 | |
| | 120,000 | | | ITC Holdings Corp.
2.950%, 05/14/2030 (c) | | | 105,712 | |
| | 65,000 | | | Kentucky Utilities Co.
5.450%, 04/15/2033 | | | 67,578 | |
| | 65,000 | | | Louisville Gas and Electric Co.
5.450%, 04/15/2033 | | | 67,560 | |
| | | | | NextEra Energy Capital Holdings, Inc. | | | | |
| | 30,000 | | | 6.051%, 03/01/2025 | | | 30,519 | |
| | 365,000 | | | 4.625%, 07/15/2027 | | | 364,000 | |
| | 325,000 | | | 2.250%, 06/01/2030 | | | 274,768 | |
| | 40,000 | | | 5.050%, 02/28/2033 | | | 40,110 | |
| | 145,000 | | | Oglethorpe Power Corp.
5.050%, 10/01/2048 | | | 131,809 | |
| | | | | Pacific Gas and Electric Co. | | | | |
| | 490,000 | | | 5.450%, 06/15/2027 | | | 485,229 | |
| | 110,000 | | | 4.550%, 07/01/2030 | | | 103,005 | |
| | 470,000 | | | 2.500%, 02/01/2031 | | | 380,926 | |
| | 120,000 | | | 3.250%, 06/01/2031 | | | 101,733 | |
| | 30,000 | | | 6.150%, 01/15/2033 | | | 30,812 | |
| | 140,000 | | | 4.950%, 07/01/2050 | | | 115,145 | |
| | 35,000 | | | 6.750%, 01/15/2053 | | | 36,140 | |
See notes to financial statements.
78
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Electric Utilities (Continued) | |
| | 60,000 | | | PacifiCorp
2.700%, 09/15/2030 | | $ | 53,128 | |
| | | | | Puget Energy, Inc. | | | | |
| | 135,000 | | | 3.650%, 05/15/2025 | | | 130,419 | |
| | 45,000 | | | 4.100%, 06/15/2030 | | | 41,591 | |
| | | | | Southern California Edison Co. | | | | |
| | 40,000 | | | 5.850%, 11/01/2027 | | | 42,135 | |
| | 70,000 | | | 5.300%, 03/01/2028 | | | 71,750 | |
| | 90,000 | | | 2.850%, 08/01/2029 | | | 80,463 | |
| | 225,000 | | | 2.250%, 06/01/2030 | | | 191,484 | |
| | 110,000 | | | 2.750%, 02/01/2032 | | | 94,396 | |
| | 1,000 | | | 4.125%, 03/01/2048 | | | 826 | |
| | 45,000 | | | 3.650%, 02/01/2050 | | | 34,610 | |
| | 160,000 | | | Southwestern Electric Power Co.
5.300%, 04/01/2033 | | | 161,222 | |
| | | | | The Southern Co. | | | | |
| | 100,000 | | | 3.700%, 04/30/2030 | | | 93,241 | |
| | 25,000 | | | 4.400%, 07/01/2046 | | | 21,781 | |
| | 145,000 | | | Virginia Electric and Power Co.
5.000%, 04/01/2033 | | | 146,094 | |
| | 55,000 | | | Xcel Energy, Inc.
4.600%, 06/01/2032 | | | 53,420 | |
| | | | | | |
|
|
|
| | | | | | | | 5,832,723 | |
| | | | | | |
|
|
|
| | | | | Electrical Equipment - 0.22% | |
| | | | | Regal Rexnord Corp. | | | | |
| | 250,000 | | | 6.050%, 04/15/2028 (c) | | | 250,161 | |
| | 115,000 | | | 6.300%, 02/15/2030 (c) | | | 115,832 | |
| | | | | | |
|
|
|
| | | | | | | | 365,993 | |
| | | | | | |
|
|
|
| | | | | Electronic Equipment, Instruments & Components - 0.15% | |
| | | | | CDW LLC / CDW Finance Corp. | | | | |
| | 60,000 | | | 2.670%, 12/01/2026 | | | 54,001 | |
| | 55,000 | | | 3.569%, 12/01/2031 | | | 47,357 | |
| | 150,000 | | | Microchip Technology, Inc.
2.670%, 09/01/2023 | | | 147,921 | |
| | | | | | |
|
|
|
| | | | | | | | 249,279 | |
| | | | | | |
|
|
|
| | | | | Energy Equipment & Services - 0.06% | |
| | 99,000 | | | Schlumberger Holdings Corp.
4.300%, 05/01/2029 (c) | | | 96,846 | |
| | | | | | |
|
|
|
| | | | | Equity Real Estate Investment Trusts (REITs) - 0.25% | |
| | 150,000 | | | American Tower Corp.
3.650%, 03/15/2027 | | | 142,154 | |
| | | | | VICI Properties LP | | | | |
| | 125,000 | | | 4.950%, 02/15/2030 | | | 117,307 | |
| | 170,000 | | | 5.125%, 05/15/2032 | | | 160,317 | |
| | | | | | |
|
|
|
| | | | | | | | 419,778 | |
| | | | | | |
|
|
|
| | | | | Food Products - 0.30% | |
| | | | | Cargill, Inc. | | | | |
| | 165,000 | | | 2.125%, 11/10/2031 (c) | | | 136,923 | |
| | 105,000 | | | 4.000%, 06/22/2032 (c) | | | 100,190 | |
| | 230,000 | | | Conagra Brands, Inc.
4.850%, 11/01/2028 | | | 228,925 | |
| | 45,000 | | | General Mills, Inc.
4.950%, 03/29/2033 | | | 45,652 | |
| | | | | | |
|
|
|
| | | | | | | | 511,690 | |
| | | | | | |
|
|
|
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Health Care Equipment & Supplies - 0.11% | |
| | 200,000 | | | Alcon Finance Corp.
2.750%, 09/23/2026 (c) | | $ | 187,409 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.73% | |
| | 120,000 | | | Cigna Group/The
5.400%, 03/15/2033 | | | 124,588 | |
| | 70,000 | | | CommonSpirit Health
2.760%, 10/01/2024 | | | 67,845 | |
| | | | | CVS Health Corp. | | | | |
| | 45,000 | | | 4.300%, 03/25/2028 | | | 44,161 | |
| | 125,000 | | | 5.125%, 02/21/2030 | | | 126,700 | |
| | 55,000 | | | 5.250%, 02/21/2033 | | | 55,997 | |
| | 100,000 | | | 4.125%, 04/01/2040 | | | 85,836 | |
| | 15,000 | | | 5.125%, 07/20/2045 | | | 14,220 | |
| | | | | Elevance Health, Inc. | | | | |
| | 5,000 | | | 5.350%, 10/15/2025 | | | 5,049 | |
| | 155,000 | | | 2.875%, 09/15/2029 | | | 140,637 | |
| | 60,000 | | | Humana, Inc.
5.875%, 03/01/2033 | | | 64,613 | |
| | 15,000 | | | Sutter Health
3.361%, 08/15/2050 | | | 10,942 | |
| | | | | UnitedHealth Group, Inc. | | | | |
| | 85,000 | | | 5.300%, 02/15/2030 | | | 89,577 | |
| | 100,000 | | | 4.200%, 05/15/2032 | | | 97,923 | |
| | 145,000 | | | 5.350%, 02/15/2033 | | | 154,003 | |
| | 10,000 | | | 3.500%, 08/15/2039 | | | 8,508 | |
| | 80,000 | | | 5.875%, 02/15/2053 | | | 89,929 | |
| | 30,000 | | | 4.950%, 05/15/2062 | | | 29,186 | |
| | 25,000 | | | 6.050%, 02/15/2063 | | | 28,396 | |
| | | | | | |
|
|
|
| | | | | | | | 1,238,110 | |
| | | | | | |
|
|
|
| | | | | Healthcare Providers & Services - 0.08% | |
| | | | | Kaiser Foundation Hospitals | | | | |
| | 70,000 | | | 2.810%, 06/01/2041 | | | 51,238 | |
| | 115,000 | | | 3.002%, 06/01/2051 | | | 80,743 | |
| | | | | | |
|
|
|
| | | | | | | | 131,981 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 0.16% | |
| | 105,000 | | | GLP Capital LP / GLP Financing II, Inc.
5.300%, 01/15/2029 | | | 100,055 | |
| | | | | McDonald’s Corp. | | | | |
| | 50,000 | | | 4.600%, 05/26/2045 | | | 46,440 | |
| | 15,000 | | | 4.875%, 12/09/2045 | | | 14,524 | |
| | 55,000 | | | 3.625%, 09/01/2049 | | | 43,878 | |
| | 75,000 | | | 4.200%, 04/01/2050 | | | 65,495 | |
| | | | | | |
|
|
|
| | | | | | | | 270,392 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 0.14% | |
| | | | | NXP BV / NXP Funding LLC / NXP USA, Inc. | | | | |
| | 147,000 | | | 4.875%, 03/01/2024 | | | 145,950 | |
| | 90,000 | | | 4.300%, 06/18/2029 | | | 86,398 | |
| | | | | | |
|
|
|
| | | | | | | | 232,348 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.51% | |
| | | | | Aon Corp / Aon Global Holdings PLC | | | | |
| | 45,000 | | | 5.350%, 02/28/2033 | | | 46,629 | |
| | 70,000 | | | 3.900%, 02/28/2052 | | | 56,405 | |
| | 190,000 | | | Brighthouse Financial Global Funding
1.750%, 01/13/2025 (c) | | | 177,751 | |
| | 90,000 | | | Marsh & McLennan Cos, Inc.
4.750%, 03/15/2039 | | | 85,447 | |
See notes to financial statements.
79
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Insurance (Continued) | |
| | 70,000 | | | Marsh & McLennan Cos., Inc.
4.050%, 10/15/2023 | | $ | 69,816 | |
| | 360,000 | | | Metropolitan Life Global Funding I
2.400%, 01/11/2032 (c) | | | 301,384 | |
| | 130,000 | | | Principal Financial Group, Inc.
5.375%, 03/15/2033 | | | 129,942 | |
| | | | | | |
|
|
|
| | | | | | | | 867,374 | |
| | | | | | |
|
|
|
| | | | | Internet & Direct Marketing Retail - 0.12% | |
| | | | | Amazon.com, Inc. | | | | |
| | 70,000 | | | 3.875%, 08/22/2037 | | | 65,167 | |
| | 150,000 | | | 4.100%, 04/13/2062 | | | 131,648 | |
| | | | | | |
|
|
|
| | | | | | | | 196,815 | |
| | | | | | |
|
|
|
| | | | | Machinery - 0.25% | |
| | 490,000 | | | Otis Worldwide Corp.
2.565%, 02/15/2030 | | | 429,707 | |
| | | | | | |
|
|
|
| | | | | Media - 1.56% | |
| | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | | |
| | 210,000 | | | 2.250%, 01/15/2029 | | | 175,068 | |
| | 29,000 | | | 3.500%, 03/01/2042 | | | 19,584 | |
| | 150,000 | | | 5.375%, 05/01/2047 | | | 123,580 | |
| | 55,000 | | | 5.750%, 04/01/2048 | | | 47,380 | |
| | 75,000 | | | 5.125%, 07/01/2049 | | | 59,255 | |
| | 160,000 | | | 4.800%, 03/01/2050 | | | 121,725 | |
| | 45,000 | | | 3.700%, 04/01/2051 | | | 28,747 | |
| | 170,000 | | | 3.900%, 06/01/2052 | | | 112,195 | |
| | 70,000 | | | 4.400%, 12/01/2061 | | | 47,734 | |
| | | | | Comcast Corp. | | | | |
| | 35,000 | | | 3.200%, 07/15/2036 | | | 29,485 | |
| | 255,000 | | | 3.750%, 04/01/2040 | | | 219,298 | |
| | 75,000 | | | 2.937%, 11/01/2056 | | | 49,752 | |
| | | | | Cox Communications, Inc. | | | | |
| | 101,000 | | | 3.150%, 08/15/2024 (c) | | | 98,474 | |
| | 120,000 | | | 2.600%, 06/15/2031 (c) | | | 99,137 | |
| | | | | Discovery Communications LLC | | | | |
| | 18,000 | | | 4.125%, 05/15/2029 | | | 16,730 | |
| | 179,000 | | | 5.200%, 09/20/2047 | | | 148,014 | |
| | 103,000 | | | 5.300%, 05/15/2049 | | | 85,762 | |
| | 75,000 | | | 4.650%, 05/15/2050 | | | 57,274 | |
| | | | | Paramount Global | | | | |
| | 45,000 | | | 4.200%, 06/01/2029 | | | 41,302 | |
| | 15,000 | | | 4.950%, 01/15/2031 | | | 13,827 | |
| | 255,000 | | | 4.200%, 05/19/2032 (e) | | | 219,009 | |
| | 130,000 | | | 4.375%, 03/15/2043 | | | 92,353 | |
| | 40,000 | | | 5.850%, 09/01/2043 | | | 34,580 | |
| | | | | Time Warner Cable, Inc. | | | | |
| | 30,000 | | | 5.500%, 09/01/2041 | | | 25,916 | |
| | 50,000 | | | 4.500%, 09/15/2042 | | | 38,330 | |
| | | | | Warnermedia Holdings, Inc. | | | | |
| | 210,000 | | | 4.279%, 03/15/2032 (c)(e) | | | 187,379 | |
| | 580,000 | | | 5.141%, 03/15/2052 (c) | | | 470,555 | |
| | | | | | |
|
|
|
| | | | | | | | 2,662,445 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 0.18% | |
| | 205,000 | | | Anglo American Capital PLC
3.875%, 03/16/2029 (c) | | | 188,568 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Metals & Mining (Continued) | |
| | 120,000 | | | BHP Billiton Finance USA, Ltd.
4.900%, 02/28/2033 | | $ | 122,422 | |
| | | | | | |
|
|
|
| | | | | | | | 310,990 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.68% | |
| | | | | Berkshire Hathaway Energy Co. | | | | |
| | 50,000 | | | 3.250%, 04/15/2028 | | | 47,450 | |
| | 65,000 | | | 6.125%, 04/01/2036 | | | 71,600 | |
| | | | | Dominion Energy, Inc. | | | | |
| | 34,000 | | | 3.375%, 04/01/2030 | | | 30,804 | |
| | 361,000 | | | 5.375%, 11/15/2032 | | | 370,092 | |
| | 10,000 | | | 6.300%, 03/15/2033 | | | 10,913 | |
| | | | | NiSource, Inc. | | | | |
| | 379,000 | | | 3.600%, 05/01/2030 | | | 349,806 | |
| | 45,000 | | | 1.700%, 02/15/2031 | | | 35,632 | |
| | | | | Sempra Energy | | | | |
| | 150,000 | | | 3.400%, 02/01/2028 | | | 140,864 | |
| | 35,000 | | | 3.700%, 04/01/2029 | | | 32,485 | |
| | 75,000 | | | 4.000%, 02/01/2048 | | | 61,063 | |
| | | | | | |
|
|
|
| | | | | | | | 1,150,709 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 2.26% | |
| | 80,000 | | | Amerada Hess Corp.
7.875%, 10/01/2029 | | | 89,874 | |
| | 50,000 | | | Boston Gas Co.
3.757%, 03/16/2032 (c) | | | 45,072 | |
| | 80,000 | | | ConocoPhillips Co.
3.800%, 03/15/2052 | | | 66,136 | |
| | | | | Diamondback Energy, Inc. | | | | |
| | 160,000 | | | 6.250%, 03/15/2033 | | | 169,298 | |
| | 20,000 | | | 6.250%, 03/15/2053 | | | 20,685 | |
| | 270,000 | | | Enbridge, Inc.
5.700%, 03/08/2033 | | | 280,729 | |
| | | | | Energy Transfer LP | | | | |
| | 105,000 | | | 5.550%, 02/15/2028 | | | 106,366 | |
| | 115,000 | | | 6.250%, 04/15/2049 | | | 113,637 | |
| | 5,000 | | | Energy Transfer Operating LP
6.125%, 12/15/2045 | | | 4,837 | |
| | | | | Enterprise Products Operating LLC | | | | |
| | 50,000 | | | 2.800%, 01/31/2030 | | | 44,356 | |
| | 100,000 | | | 5.350%, 01/31/2033 (e) | | | 103,618 | |
| | 30,000 | | | 4.800%, 02/01/2049 | | | 27,463 | |
| | | | | Equinor ASA | | | | |
| | 95,000 | | | 3.625%, 04/06/2040 | | | 81,754 | |
| | 70,000 | | | 3.700%, 04/06/2050 | | | 58,813 | |
| | 145,000 | | | Exxon Mobil Corp.
4.227%, 03/19/2040 | | | 135,811 | |
| | 189,970 | | | Galaxy Pipeline Assets Bidco, Ltd.
2.940%, 09/30/2040 (c) | | | 154,348 | |
| | 200,000 | | | Greensaif Pipelines Bidco Sarl
6.129%, 02/23/2038 (c)(e) | | | 206,136 | |
| | 70,000 | | | Hess Corp.
7.300%, 08/15/2031 | | | 78,017 | |
| | 100,000 | | | KeySpan Gas East Corp.
5.994%, 03/06/2033 (c) | | | 103,305 | |
| | | | | MPLX LP | | | | |
| | 35,000 | | | 4.250%, 12/01/2027 | | | 33,891 | |
| | 55,000 | | | 4.950%, 09/01/2032 | | | 53,797 | |
| | 90,000 | | | 5.200%, 03/01/2047 | | | 80,505 | |
| | 10,000 | | | 4.950%, 03/14/2052 | | | 8,681 | |
See notes to financial statements.
80
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Oil, Gas & Consumable Fuels (Continued) | |
| | | | | ONEOK, Inc. | | | | |
| | 55,000 | | | 4.550%, 07/15/2028 | | $ | 53,125 | |
| | 135,000 | | | 3.100%, 03/15/2030 | | | 118,013 | |
| | 62,000 | | | 6.350%, 01/15/2031 | | | 64,774 | |
| | 30,000 | | | 6.100%, 11/15/2032 | | | 31,067 | |
| | 50,000 | | | 5.200%, 07/15/2048 | | | 43,165 | |
| | 45,000 | | | Ovintiv, Inc.
7.375%, 11/01/2031 | | | 48,566 | |
| | 75,000 | | | Phillips 66
4.950%, 12/01/2027 | | | 75,306 | |
| | 60,000 | | | Pioneer Natural Resources Co.
5.100%, 03/29/2026 | | | 60,231 | |
| | | | | Plains All American Pipeline LP / PAA Finance Corp. | | | | |
| | 45,000 | | | 3.550%, 12/15/2029 | | | 40,267 | |
| | 80,000 | | | 3.800%, 09/15/2030 | | | 71,325 | |
| | 35,000 | | | Sabine Pass Liquefaction LLC
4.500%, 05/15/2030 (e) | | | 33,758 | |
| | 10,000 | | | Southern Co. Gas Capital Corp.
2.450%, 10/01/2023 | | | 9,841 | |
| | 5,000 | | | Sunoco Logistics Partners Operations LP
5.300%, 04/01/2044 | | | 4,427 | |
| | 95,000 | | | Targa Resources Corp.
6.125%, 03/15/2033 | | | 98,444 | |
| | 235,000 | | | Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.000%, 01/15/2032 | | | 205,074 | |
| | 245,000 | | | The Brooklyn Union Gas Co.
4.866%, 08/05/2032 (c) | | | 235,508 | |
| | | | | The Williams Companies, Inc. | | | | |
| | 95,000 | | | 2.600%, 03/15/2031 | | | 79,729 | |
| | 155,000 | | | 4.650%, 08/15/2032 | | | 149,395 | |
| | 120,000 | | | 5.650%, 03/15/2033 | | | 123,913 | |
| | 125,000 | | | TransCanada PipeLines, Ltd.
2.500%, 10/12/2031 | | | 102,187 | |
| | 70,000 | | | TransCanada PipeLines, Ltd.
4.100%, 04/15/2030 | | | 65,676 | |
| | 70,000 | | | Transcontinental Gas Pipe Line Co., LLC
3.250%, 05/15/2030 | | | 63,331 | |
| | | | | | |
|
|
|
| | | | | | | | 3,844,251 | |
| | | | | | |
|
|
|
| | | | | Personal Products - 0.22% | |
| | 295,000 | | | Haleon US Capital LLC
3.375%, 03/24/2029 | | | 271,747 | |
| | 105,000 | | | Kenvue, Inc.
5.100%, 03/22/2043 (c) | | | 108,240 | |
| | | | | | |
|
|
|
| | | | | | | | 379,987 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 0.34% | |
| | | | | Royalty Pharma PLC | | | | |
| | 190,000 | | | 1.750%, 09/02/2027 | | | 164,644 | |
| | 260,000 | | | 2.200%, 09/02/2030 | | | 211,676 | |
| | 210,000 | | | 2.150%, 09/02/2031 | | | 166,014 | |
| | 60,000 | | | 3.350%, 09/02/2051 | | | 39,455 | |
| | | | | | |
|
|
|
| | | | | | | | 581,789 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 0.67% | |
| | | | | Broadcom, Inc. | | | | |
| | 45,000 | | | 4.300%, 11/15/2032 | | | 41,354 | |
| | 45,000 | | | 3.419%, 04/15/2033 (c) | | | 37,610 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | Semiconductors & Semiconductor Equipment (Continued) | |
| | 300,000 | | | 3.187%, 11/15/2036 (c) | | $ | 227,710 | |
| | 66,000 | | | 4.926%, 05/15/2037 (c) | | | 60,025 | |
| | | | | Intel Corp. | | | | |
| | 45,000 | | | 4.875%, 02/10/2028 | | | 45,705 | |
| | 50,000 | | | 5.125%, 02/10/2030 | | | 50,924 | |
| | 165,000 | | | 5.200%, 02/10/2033 | | | 167,903 | |
| | 80,000 | | | 3.050%, 08/12/2051 | | | 54,529 | |
| | 40,000 | | | 5.700%, 02/10/2053 | | | 40,732 | |
| | 160,000 | | | 5.050%, 08/05/2062 | | | 147,601 | |
| | 25,000 | | | 5.900%, 02/10/2063 | | | 25,667 | |
| | | | | Marvell Technology, Inc. | | | | |
| | 30,000 | | | 2.450%, 04/15/2028 | | | 26,279 | |
| | 95,000 | | | 2.950%, 04/15/2031 | | | 79,348 | |
| | 150,000 | | | NVIDIA Corp.
3.500%, 04/01/2040 | | | 128,724 | |
| | | | | | |
|
|
|
| | | | | | | | 1,134,111 | |
| | | | | | |
|
|
|
| | | | | Software - 0.51% | |
| | | | | Oracle Corp. | | | | |
| | 80,000 | | | 2.300%, 03/25/2028 | | | 71,489 | |
| | 160,000 | | | 6.150%, 11/09/2029 | | | 170,313 | |
| | 50,000 | | | 2.950%, 04/01/2030 | | | 44,130 | |
| | 185,000 | | | 4.300%, 07/08/2034 | | | 169,071 | |
| | 25,000 | | | 3.900%, 05/15/2035 | | | 21,842 | |
| | 50,000 | | | 3.800%, 11/15/2037 | | | 41,530 | |
| | 212,000 | | | 3.600%, 04/01/2040 | | | 164,402 | |
| | 187,000 | | | 3.600%, 04/01/2050 | | | 132,188 | |
| | 65,000 | | | 4.100%, 03/25/2061 (e) | | | 47,617 | |
| | | | | | |
|
|
|
| | | | | | | | 862,582 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 0.25% | |
| | | | | Lowe’s Cos, Inc. | | | | |
| | 30,000 | | | 3.750%, 04/01/2032 | | | 27,715 | |
| | 85,000 | | | 5.625%, 04/15/2053 | | | 85,113 | |
| | 175,000 | | | O’Reilly Automotive, Inc.
4.700%, 06/15/2032 (e) | | | 172,352 | |
| | 155,000 | | | Penske Truck Leasing Co. LP / PTL Finance Corp.
4.400%, 07/01/2027 (c) | | | 148,749 | |
| | | | | | |
|
|
|
| | | | | | | | 433,929 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.63% | |
| | | | | BAT Capital Corp. | | | | |
| | 135,000 | | | 2.259%, 03/25/2028 | | | 115,331 | |
| | 100,000 | | | 3.462%, 09/06/2029 | | | 88,389 | |
| | 75,000 | | | BAT International Finance PLC
4.448%, 03/16/2028 | | | 71,293 | |
| | | | | Philip Morris International, Inc. | | | | |
| | 180,000 | | | 5.125%, 11/17/2027 | | | 184,173 | |
| | 250,000 | | | 4.875%, 02/15/2028 | | | 252,264 | |
| | 80,000 | | | 5.625%, 11/17/2029 (e) | | | 83,470 | |
| | 170,000 | | | 5.125%, 02/15/2030 | | | 171,845 | |
| | 15,000 | | | 5.375%, 02/15/2033 | | | 15,328 | |
| | 85,000 | | | Reynolds American, Inc.
5.700%, 08/15/2035 | | | 80,400 | |
| | | | | | |
|
|
|
| | | | | | | | 1,062,493 | |
| | | | | | |
|
|
|
| | | | | Wireless Telecommunication Services - 0.23% | |
| | 50,000 | | | Rogers Communications, Inc.
4.550%, 03/15/2052 (c) | | | 41,134 | |
| | | | | T-Mobile USA, Inc. | | | | |
| | 65,000 | | | 2.050%, 02/15/2028 | | | 57,672 | |
See notes to financial statements.
81
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | �� | | | Value
| |
| | | | | CORPORATE OBLIGATIONS (Continued) | |
| | | | | Wireless Telecommunication Services (Continued) | |
| | 180,000 | | | 3.875%, 04/15/2030 | | $ | 168,940 | |
| | 110,000 | | | 5.050%, 07/15/2033 | | | 110,538 | |
| | | | | | |
|
|
|
| | | | | | | | 378,284 | |
| | | | | | |
|
|
|
| | | | | Total Corporate Obligations
(Cost $44,251,545) | | | 40,866,548 | |
| | | | | | |
|
|
|
| | | | | FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.21% | |
| | | | | Bermuda Government International Bond | | | | |
| | 200,000 | | | 2.375%, 08/20/2030 | | | 171,520 | |
| | 200,000 | | | 5.000%, 07/15/2032 (c) | | | 200,492 | |
| | 285,000 | | | Finance Department Government of Sharjah
3.625%, 03/10/2033 | | | 231,943 | |
| | 210,000 | | | Hungary Government International Bond
5.250%, 06/16/2029 (c) | | | 204,950 | |
| | | | | Mexico Government International Bond | | | | |
| | 200,000 | | | 4.280%, 08/14/2041 | | | 163,790 | |
| | 280,000 | | | 4.750%, 03/08/2044 | | | 238,343 | |
| | 210,000 | | | Panama Government International Bond
4.500%, 04/16/2050 | | | 160,489 | |
| | | | | Romanian Government International Bond | | | | |
| | 246,000 | | | 3.000%, 02/27/2027 (c) | | | 224,349 | |
| | 338,000 | | | 3.000%, 02/14/2031 | | | 278,839 | |
| | 200,000 | | | Saudi Government International Bond
5.000%, 01/18/2053 (c) | | | 186,316 | |
| | | | | | |
|
|
|
| | | | | Total Foreign Government Debt Obligations
(Cost $2,427,749) | | | 2,061,031 | |
| | | | | | |
|
|
|
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 37.73% | |
| | | | | Federal Home Loan Mortgage Corp. | | | | |
| | 384 | | | Pool #D9-6291 4.500%, 09/01/2023 | | | 381 | |
| | 1,466 | | | Pool #G1-3624 5.000%, 08/01/2024 | | | 1,478 | |
| | 82,000 | | | Series K-068, 3.244%, 08/25/2027 | | | 78,780 | |
| | 333,576 | | | Series K-110, 1.697%, 04/25/2030 (b)(j) | | | 30,333 | |
| | 1,320,351 | | | Series K-111, 1.571%, 05/25/2030 (b)(j) | | | 115,636 | |
| | 930,597 | | | Series K-114, 1.116%, 06/25/2030 (b)(j) | | | 59,748 | |
| | 298,651 | | | Series K-122, 0.881%, 11/25/2030 (b)(j) | | | 15,404 | |
| | 53,534 | | | Series 2329, 6.500%, 06/15/2031 | | | 54,950 | |
| | 29,306 | | | Series 2338, 6.500%, 07/15/2031 | | | 30,840 | |
| | 27,641 | | | Pool #78-0447 3.296% (1 Year CMT Rate + 2.250% 2.250% Floor, 9.350% Cap), 04/01/2033 (a) | | | 27,847 | |
| | 44 | | | Pool #A4-3129 5.500%, 02/01/2036 | | | 45 | |
| | 31,407 | | | Series 4216, 1.700%, 10/15/2039 | | | 30,399 | |
| | 29,360 | | | Series 3883, 3.000%, 05/15/2041 | | | 27,730 | |
| | 110,299 | | | Pool #U9-0688 4.000%, 05/01/2042 | | | 107,879 | |
| | 197,741 | | | Pool #Q4-9389 3.500%, 07/01/2047 | | | 186,747 | |
| | 172,483 | | | Pool #Q5-2093 3.500%, 11/01/2047 | | | 162,785 | |
| | 381,471 | | | Series 5170, 2.000%, 07/25/2050 | | | 333,431 | |
| | 1,728,138 | | | Pool #SD-8123 3.000%, 01/01/2051 | | | 1,557,777 | |
| | 1,930,078 | | | Pool #QC-8858 2.500%, 10/01/2051 | | | 1,684,746 | |
| | 4,870,362 | | | Pool #QD-4104 2.000%, 01/01/2052 | | | 4,033,973 | |
| | 147,041 | | | Pool #QE-0827 2.000%, 04/01/2052 | | | 121,719 | |
| | | | | Federal National Mortgage Association | | | | |
| | 108,136 | | | Pool #AJ8325 3.000%, 12/01/2026 | | | 105,378 | |
| | 464 | | | Pool #544859 3.964% (11th District Cost of Funds Index + 1.695%, 1.695% Floor, 13.695% Cap), 08/01/2029 (a) | | | 457 | |
| | 713,030 | | | Series K-104, 1.125%, 01/25/2030 (b)(j) | | | 42,637 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 18,987 | | | Pool #BC4938 2.500%, 04/01/2031 | | $ | 17,909 | |
| | 40,633 | | | Pool #786848 7.000%, 10/01/2031 | | | 41,812 | |
| | 1,325 | | | Pool #727181 5.000%, 08/01/2033 | | | 1,354 | |
| | 670 | | | Pool #730727 5.000%, 08/01/2033 | | | 684 | |
| | 208 | | | Pool #741862 5.500%, 09/01/2033 | | | 214 | |
| | 273 | | | Pool #766197 5.500%, 02/01/2034 | | | 280 | |
| | 58 | | | Pool #776974 5.500%, 04/01/2034 | | | 60 | |
| | 30,417 | | | Pool #888504 3.006% (1 Year CMT Rate + 2.006%, 2.006% Floor, 9.222% Cap), 04/01/2034 (a) | | | 30,375 | |
| | 107,344 | | | Pool #MA1870 4.500%, 04/01/2034 | | | 107,016 | |
| | 2,376 | | | Pool #775776 5.500%, 05/01/2034 | | | 2,437 | |
| | 1,522,864 | | | Series 2019-M21, 1.201%, 06/25/2034 (b)(j) | | | 133,904 | |
| | 77,577 | | | Pool #802783 3.862% (12 Month LIBOR USD + 1.612%, 1.612% Floor, 10.270% Cap), 10/01/2034 (a) | | | 76,346 | |
| | 1,797 | | | Pool #781629 5.500%, 12/01/2034 | | | 1,855 | |
| | 1,549 | | | Pool #822815 5.500%, 04/01/2035 | | | 1,580 | |
| | 2,372 | | | Pool #357850 5.500%, 07/01/2035 | | | 2,448 | |
| | 1,672 | | | Pool #820242 5.000%, 07/01/2035 | | | 1,708 | |
| | 320 | | | Pool #838452 5.500%, 09/01/2035 | | | 323 | |
| | 1,792 | | | Pool #865854 6.000%, 03/01/2036 | | | 1,863 | |
| | 2,406 | | | Pool #891474 6.000%, 04/01/2036 | | | 2,506 | |
| | 3,300,000 | | | Pool #TBA 1.500%, 04/15/2036 (h) | | | 2,898,534 | |
| | 1,333 | | | Pool #906000 6.000%, 01/01/2037 | | | 1,389 | |
| | 24 | | | Pool #928062 5.500%, 02/01/2037 | | | 25 | |
| | 26 | | | Pool #899119 5.500%, 04/01/2037 | | | 26 | |
| | 146,615 | | | Pool #AS9772 3.500%, 06/01/2037 | | | 141,231 | |
| | 62 | | | Pool #970131 5.500%, 03/01/2038 | | | 63 | |
| | 40 | | | Pool #985108 5.500%, 07/01/2038 | | | 41 | |
| | 46 | | | Pool #964930 5.500%, 08/01/2038 | | | 46 | |
| | 23 | | | Pool #987032 5.500%, 08/01/2038 | | | 24 | |
| | 21 | | | Pool #968371 5.500%, 09/01/2038 | | | 21 | |
| | 15 | | | Pool #993050 5.500%, 12/01/2038 | | | 15 | |
| | 6,660 | | | Pool #993579 4.000%, 05/01/2039 | | | 6,516 | |
| | 1,170 | | | Pool #AA5840 4.000%, 06/01/2039 | | | 1,144 | |
| | 26,500 | | | Pool #AA8715 4.000%, 06/01/2039 | | | 25,927 | |
| | 70,369 | | | Pool #AD0586 4.500%, 12/01/2039 | | | 70,763 | |
| | 157,019 | | | Pool #AD4062 5.000%, 05/01/2040 | | | 160,415 | |
| | 131,826 | | | Pool #AD6929 5.000%, 06/01/2040 | | | 134,683 | |
| | 3,340 | | | Pool #AD9896 4.000%, 08/01/2040 | | | 3,267 | |
| | 4,111 | | | Pool #AB1500 4.000%, 09/01/2040 | | | 4,022 | |
| | 4,378 | | | Pool #AD9856 4.000%, 09/01/2040 | | | 4,283 | |
| | 1,901 | | | Pool #AE2559 4.000%, 09/01/2040 | | | 1,860 | |
| | 683 | | | Pool #AE2562 4.000%, 09/01/2040 | | | 669 | |
| | 478 | | | Pool #AE2566 4.000%, 09/01/2040 | | | 468 | |
| | 7,471 | | | Pool #AE4124 4.000%, 10/01/2040 | | | 7,310 | |
| | 4,403 | | | Pool #AE4888 4.000%, 10/01/2040 | | | 4,307 | |
| | 5,434 | | | Pool #AE3916 4.000%, 11/01/2040 | | | 5,316 | |
| | 832 | | | Pool #AE5147 4.000%, 11/01/2040 | | | 814 | |
| | 9,446 | | | Pool #AE8715 4.000%, 11/01/2040 | | | 9,242 | |
| | 1,399 | | | Pool #AH0006 4.000%, 12/01/2040 | | | 1,369 | |
| | 4,541 | | | Pool #AH0020 4.000%, 12/01/2040 | | | 4,442 | |
| | 5,916 | | | Pool #AH0599 4.000%, 12/01/2040 | | | 5,788 | |
| | 1,513 | | | Pool #AH0601 4.000%, 12/01/2040 | | | 1,480 | |
| | 4,479 | | | Pool #AH1263 4.000%, 01/01/2041 | | | 4,383 | |
| | 21,535 | | | Pool #AL5233 4.000%, 01/01/2041 | | | 21,070 | |
| | 1,265 | | | Pool #AH4659 4.000%, 02/01/2041 | | | 1,237 | |
| | 22,246 | | | Pool #AH5653 4.000%, 02/01/2041 | | | 21,765 | |
See notes to financial statements.
82
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 32,532 | | | Pool #AL0934 5.000%, 02/01/2041 | | $ | 33,237 | |
| | 52,116 | | | Pool #AD1889 4.500%, 03/01/2041 | | | 52,408 | |
| | 3,812 | | | Pool #AH6150 4.000%, 03/01/2041 | | | 3,729 | |
| | 30,196 | | | Pool #AL0215 4.500%, 04/01/2041 | | | 30,364 | |
| | 2,000,000 | | | Pool #TBA 4.000%, 04/15/2041 (h) | | | 1,910,469 | |
| | 11,118,000 | | | Pool #TBA 4.500%, 04/15/2041 (h) | | | 10,882,611 | |
| | 3,300,000 | | | Pool #TBA 5.000%, 04/15/2041 (h) | | | 3,289,430 | |
| | 4,405,000 | | | Pool #TBA 5.500%, 04/15/2041 (h) | | | 4,446,125 | |
| | 25,646 | | | Pool #AL0187 5.000%, 05/01/2041 | | | 26,201 | |
| | 4,685 | | | Pool #AL0456 5.000%, 06/01/2041 | | | 4,787 | |
| | 20,578 | | | Pool #AI8842 4.500%, 08/01/2041 | | | 20,693 | |
| | 15,811 | | | Pool #AL0815 4.000%, 09/01/2041 | | | 15,724 | |
| | 18,166 | | | Series 2012-21, 2.000%, 09/25/2041 | | | 16,689 | |
| | 7,569 | | | Pool #AJ1562 4.000%, 10/01/2041 | | | 7,528 | |
| | 3,518 | | | Pool #AJ1972 4.000%, 10/01/2041 | | | 3,465 | |
| | 211,122 | | | Pool #AJ2212 4.500%, 10/01/2041 | | | 212,303 | |
| | 8,377 | | | Pool #AJ4756 4.000%, 10/01/2041 | | | 8,331 | |
| | 6,689 | | | Pool #AJ3330 4.000%, 11/01/2041 | | | 6,659 | |
| | 6,066 | | | Pool #AJ4549 4.000%, 11/01/2041 | | | 6,038 | |
| | 6,029 | | | Pool #AJ4698 4.000%, 11/01/2041 | | | 6,002 | |
| | 11,372 | | | Pool #AJ5424 4.000%, 11/01/2041 | | | 11,313 | |
| | 3,621 | | | Pool #AJ7840 4.000%, 11/01/2041 | | | 3,609 | |
| | 7,026 | | | Pool #AB3995 4.000%, 12/01/2041 | | | 6,992 | |
| | 6,653 | | | Pool #AI0848 4.000%, 12/01/2041 | | | 6,623 | |
| | 5,377 | | | Pool #AJ4187 4.000%, 12/01/2041 | | | 5,353 | |
| | 6,537 | | | Pool #AJ5736 4.000%, 12/01/2041 | | | 6,501 | |
| | 3,552 | | | Pool #AJ5968 4.000%, 12/01/2041 | | | 3,475 | |
| | 6,595 | | | Pool #AJ6061 4.000%, 12/01/2041 | | | 6,565 | |
| | 6,419 | | | Pool #AJ7868 4.000%, 12/01/2041 | | | 6,391 | |
| | 11,379 | | | Pool #AJ8104 4.000%, 12/01/2041 | | | 11,302 | |
| | 8,963 | | | Pool #AJ8109 4.000%, 12/01/2041 | | | 8,922 | |
| | 4,426 | | | Pool #AJ8171 4.000%, 12/01/2041 | | | 4,389 | |
| | 9,879 | | | Pool #AJ8341 4.000%, 12/01/2041 | | | 9,835 | |
| | 14,757 | | | Pool #AJ8436 4.000%, 12/01/2041 | | | 14,681 | |
| | 5,407 | | | Pool #AJ8912 4.000%, 12/01/2041 | | | 5,382 | |
| | 6,030 | | | Pool #AJ9248 4.000%, 12/01/2041 | | | 6,003 | |
| | 30,642 | | | Series 2012-18, 2.000%, 12/25/2041 | | | 27,948 | |
| | 515,000 | | | Series 2022-90, 4.500%, 12/25/2041 | | | 520,035 | |
| | 4,008 | | | Pool #AJ2446 4.000%, 01/01/2042 | | | 3,921 | |
| | 10,018 | | | Pool #AJ7538 4.000%, 01/01/2042 | | | 9,973 | |
| | 2,693 | | | Pool #AJ8001 4.000%, 01/01/2042 | | | 2,644 | |
| | 7,552 | | | Pool #AJ8369 4.000%, 01/01/2042 | | | 7,518 | |
| | 8,357 | | | Pool #AJ9162 4.000%, 01/01/2042 | | | 8,320 | |
| | 43,288 | | | Pool #AJ9330 4.000%, 01/01/2042 | | | 43,094 | |
| | 2,734 | | | Pool #AJ9779 4.000%, 01/01/2042 | | | 2,736 | |
| | 6,735 | | | Pool #AK0170 4.000%, 01/01/2042 | | | 6,705 | |
| | 16,376 | | | Pool #AK0543 4.000%, 01/01/2042 | | | 16,302 | |
| | 7,545 | | | Pool #AK0563 4.000%, 01/01/2042 | | | 7,511 | |
| | 12,699 | | | Pool #AK1827 4.000%, 01/01/2042 | | | 12,642 | |
| | 99,451 | | | Pool #AL2752 5.000%, 03/01/2042 | | | 101,604 | |
| | 28,020 | | | Series 2012-52, 3.500%, 05/25/2042 | | | 26,904 | |
| | 18,338 | | | Pool #AB5529 4.000%, 07/01/2042 | | | 17,915 | |
| | 60,450 | | | Pool #AB6228 3.500%, 09/01/2042 | | | 57,628 | |
| | 57,147 | | | Series 415, 3.000%, 11/01/2042 | | | 53,568 | |
| | 359,788 | | | Series 2012-120 ZB, 3.500%, 11/25/2042 | | | 338,817 | |
| | 107,859 | | | Series 4961, 2.500%, 12/15/2042 | | | 98,718 | |
| | 163,835 | | | Pool #AQ9316 2.500%, 01/01/2043 | | | 143,879 | |
| | 39,392 | | | Series 2015-48, 3.000%, 02/25/2043 | | | 37,626 | |
| | 440,020 | | | Pool #AT2720 3.000%, 05/01/2043 | | | 405,758 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 268,545 | | | Pool #AT5900 3.000%, 06/01/2043 | | $ | 247,634 | |
| | 32,829 | | | Series 2013-77, 1.700%, 06/25/2043 | | | 31,413 | |
| | 165,535 | | | Pool #AU1625 3.500%, 07/01/2043 | | | 157,547 | |
| | 30,312 | | | Series 2017-26, 3.500%, 07/25/2044 | | | 29,570 | |
| | 190,571 | | | Pool #AS5469 4.000%, 07/01/2045 | | | 185,742 | |
| | 263,336 | | | Pool #AZ0832 4.000%, 07/01/2045 | | | 256,663 | |
| | 33,543 | | | Pool #AS5597 3.500%, 08/01/2045 | | | 31,645 | |
| | 24,516 | | | Series 2016-38, 3.000%, 01/25/2046 | | | 22,904 | |
| | 44,299 | | | Series 2016-11, 2.500%, 03/25/2046 | | | 40,959 | |
| | 130,826 | | | Pool #AS7170 3.500%, 05/01/2046 | | | 123,421 | |
| | 125,020 | | | Pool #AS7242 3.500%, 05/01/2046 | | | 117,943 | |
| | 232,370 | | | Pool #BC9468 3.000%, 06/01/2046 | | | 213,417 | |
| | 88,414 | | | Pool #AS7492 4.000%, 07/01/2046 | | | 86,192 | |
| | 164,865 | | | Pool #AS8947 3.500%, 03/01/2047 | | | 155,532 | |
| | 217,000 | | | Series 2017-16, 3.000%, 03/25/2047 | | | 191,373 | |
| | 18,652 | | | Series 2017-34, 3.000%, 05/25/2047 | | | 17,776 | |
| | 21,056 | | | Pool #MA3038 4.500%, 06/01/2047 | | | 20,985 | |
| | 1,333,036 | | | Pool #CA0858 3.500%, 12/01/2047 | | | 1,251,541 | |
| | 62,050 | | | Series 2018-23, 3.500%, 04/25/2048 | | | 59,319 | |
| | 396,519 | | | Pool #BN5279 4.000%, 02/01/2049 | | | 386,171 | |
| | 63,943 | | | Series 2019-07, 3.500%, 03/25/2049 | | | 61,254 | |
| | 83,040 | | | Series 2019-14, 3.500%, 04/25/2049 | | | 79,715 | |
| | 70,873 | | | Series 2019-45, 3.000%, 08/25/2049 | | | 65,318 | |
| | 1,413,000 | | | Pool #TBA 2.500%, 09/25/2049 (h) | | | 1,217,912 | |
| | 1,150,000 | | | Pool #TBA 2.000%, 09/25/2050 (h) | | | 949,807 | |
| | 2,077,843 | | | Pool #MA4307 3.000%, 04/01/2051 | | | 1,871,143 | |
| | 1,929,399 | | | Pool #FM7678 2.500%, 06/01/2051 | | | 1,675,275 | |
| | 361,676 | | | Pool #BT7155 2.000%, 08/01/2051 | | | 299,794 | |
| | 1,944,079 | | | Pool #FS1108 2.500%, 09/01/2051 | | | 1,685,522 | |
| | 1,957,332 | | | Pool #FM9491 2.500%, 11/01/2051 | | | 1,690,567 | |
| | 430,716 | | | Pool #FS1069 2.000%, 12/01/2051 | | | 356,869 | |
| | 787,326 | | | Pool #BV1380 2.000%, 01/01/2052 | | | 652,004 | |
| | 246,022 | | | Pool #BT2317 2.000%, 03/01/2052 | | | 203,582 | |
| | 877,701 | | | Pool #BV2993 2.000%, 04/01/2052 | | | 726,834 | |
| | 145,176 | | | Pool #FS1598 2.000%, 04/01/2052 | | | 120,150 | |
| | 2,370,286 | | | Pool #MA4577 2.000%, 04/01/2052 | | | 1,961,401 | |
| | 176,823 | | | Pool #BV9804 2.000%, 05/01/2052 | | | 146,391 | |
| | 35,590 | | | Series 2017-35, 3.500%, 04/25/2053 | | | 34,764 | |
| | 37,414 | | | Series 2017-84, 3.500%, 04/25/2053 | | | 36,390 | |
| | 34,313 | | | Series 2017-49, 4.000%, 07/25/2053 | | | 33,877 | |
| | 46,793 | | | Series 2018-70, 3.500%, 10/25/2056 | | | 45,342 | |
| | 75,386 | | | Series 2019-12, 3.500%, 11/25/2057 | | | 72,212 | |
| | 198,758 | | | Series 2020-1, 3.500%, 08/25/2058 | | | 190,742 | |
| | | | | Government National Mortgage Association | | | | |
| | 5,572 | | | Pool #TBA 5.000%, 04/15/2033 (h) | | | 5,680 | |
| | 10,925 | | | Pool #TBA 5.000%, 02/15/2039 (h) | | | 11,232 | |
| | 282,132 | | | Pool #TBA 5.000%, 10/15/2039 (h) | | | 290,872 | |
| | 21,466 | | | Series 2015-56, 1.500%, 04/16/2040 | | | 21,043 | |
| | 106,843 | | | Pool #TBA 3.500%, 09/15/2041 (h) | | | 103,766 | |
| | 33,815 | | | Series 2013-37, 2.000%, 01/20/2042 | | | 31,971 | |
| | 2,250,000 | | | Pool #TBA 4.000%, 04/15/2042 (h) | | | 2,163,516 | |
| | 2,500,000 | | | Pool #TBA 3.000%, 04/15/2045 (h) | | | 2,274,389 | |
| | 1,250,000 | | | Pool #TBA 3.500%, 04/15/2045 (h) | | | 1,169,824 | |
| | 7,278 | | | Series 2015-151, 1.700%, 10/20/2045 | | | 7,200 | |
| | 22,966 | | | Pool #TBA 4.000%, 07/20/2047 (h) | | | 22,414 | |
| | 65,208 | | | Pool #TBA 4.000%, 08/20/2047 (h) | | | 61,933 | |
| | 121,732 | | | Pool #TBA 3.500%, 10/20/2047 (h) | | | 115,593 | |
| | 85,618 | | | Pool #TBA 4.000%, 10/20/2047 (h) | | | 83,559 | |
| | 98,903 | | | Pool #TBA 4.500%, 10/20/2047 (h) | | | 98,884 | |
See notes to financial statements.
83
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) | |
| | 2,100,000 | | | Pool #TBA 2.500%, 04/15/2050 (h) | | $ | 1,848,123 | |
| | 2,700,000 | | | Pool #TBA 2.000%, 04/15/2051 (h) | | | 2,289,887 | |
| | | | | | |
|
|
|
| | | | | Total Mortgage Backed Securities - U.S. Government Agency
(Cost $65,491,303) | | | 64,236,122 | |
| | | | | | |
|
|
|
| | | | | MUNICIPAL DEBT OBLIGATIONS - 1.87% | |
| | | | | California, GO, | | | | |
| | 30,000 | | | 7.550%, 04/01/2039 | | | 38,917 | |
| | 60,000 | | | 7.300%, 10/01/2039 | | | 74,588 | |
| | 105,000 | | | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond,
Series B, 6.899%, 12/01/2040 | | | 121,453 | |
| | 20,000 | | | Chicago Transit Authority Sales Tax Receipts Fund
3.912%, 12/01/2040 | | | 17,535 | |
| | 270,000 | | | Commonwealth of Massachusetts
4.110%, 07/15/2031 | | | 267,359 | |
| | | | | County of Riverside CA | | | | |
| | 345,000 | | | 2.963%, 02/15/2027 | | | 324,042 | |
| | 345,000 | | | 3.070%, 02/15/2028 | | | 320,632 | |
| | 155,000 | | | Dallas Fort Worth International Airport
Series A, 4.507%, 11/01/2051 | | | 143,655 | |
| | 125,000 | | | District of Columbia
3.432%, 04/01/2042 | | | 102,416 | |
| | | | | Metropolitan Transportation Authority | | | | |
| | 255,000 | | | 5.175%, 11/15/2049 | | | 232,624 | |
| | 100,000 | | | 5.000%, 11/15/2050 | | | 103,133 | |
| | 60,000 | | | New York State Thruway Authority - Class M
2.900%, 01/01/2035 | | | 50,918 | |
| | 300,000 | | | New York Transportation Development Corp.
4.248%, 09/01/2035 | | | 294,169 | |
| | 355,000 | | | Philadelphia Authority for Industrial Development
6.550%, 10/15/2028 | | | 379,974 | |
| | 215,000 | | | Port Authority of New York & New Jersey
1.086%, 07/01/2023 | | | 212,935 | |
| | 250,000 | | | State Board of Administration Finance Corp.
1.258%, 07/01/2025 | | | 232,554 | |
| | 225,000 | | | Texas Natural Gas Securitization Finance Corp.
5.102%, 04/01/2035 | | | 231,367 | |
| | 35,000 | | | University of California Medical Center, Series H Revenue Bond,
6.548%, 05/15/2048 | | | 41,150 | |
| | | | | | |
|
|
|
| | | | | Total Municipal Debt Obligations
(Cost $3,393,393) | | | 3,189,421 | |
| | | | | | |
|
|
|
| | | | | U.S. TREASURY OBLIGATIONS - 24.06% | |
| | | | | U.S. Treasury Bonds - 14.42% | |
| | 1,651,876 | | | 0.750%, 07/15/2028 (f) | | | 1,620,078 | |
| | 1,555,541 | | | 0.250%, 07/15/2029 (f) | | | 1,474,289 | |
| | 105,017 | | | 0.125%, 07/15/2030 (f) | | | 97,749 | |
| | 2,234,657 | | | 1.125%, 01/15/2033 (f) | | | 2,229,646 | |
| | 2,190,000 | | | 3.375%, 08/15/2042 | | | 2,054,323 | |
| | 2,820,000 | | | 3.125%, 02/15/2043 | | | 2,533,043 | |
| | 1,225,000 | | | 3.875%, 02/15/2043 | | | 1,234,092 | |
| | 795,000 | | | 3.750%, 11/15/2043 | | | 784,255 | |
| | 2,220,000 | | | 3.125%, 08/15/2044 | | | 1,977,968 | |
| | 240,000 | | | 3.000%, 11/15/2045 | | | 208,444 | |
| | 950,000 | | | 2.500%, 02/15/2046 | | | 753,135 | |
| | 2,510,000 | | | 3.000%, 02/15/2047 | | | 2,179,190 | |
| | 1,050,000 | | | 2.750%, 11/15/2047 | | | 871,213 | |
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | U.S. Treasury Bonds (Continued) | |
| | 500,000 | | | 3.000%, 02/15/2048 | | $ | 434,941 | |
| | 940,000 | | | 3.125%, 05/15/2048 | | | 836,710 | |
| | 320,007 | | | 0.250%, 02/15/2050 (f) | | | 232,488 | |
| | 2,996,000 | | | 1.250%, 05/15/2050 | | | 1,734,988 | |
| | 390,000 | | | 1.375%, 08/15/2050 | | | 233,375 | |
| | 1,020,000 | | | 1.625%, 11/15/2050 | | | 651,684 | |
| | 300,916 | | | 0.125%, 02/15/2052 (f) | | | 209,288 | |
| | 1,660,000 | | | 3.000%, 08/15/2052 | | | 1,452,241 | |
| | 710,000 | | | 4.000%, 11/15/2052 | | | 750,603 | |
| | | | | | |
|
|
|
| | | | | | | | 24,553,743 | |
| | | | | | |
|
|
|
| | | | | U.S. Treasury Notes - 9.64% | | | | |
| | 4,340,000 | | | 2.000%, 11/15/2026 (i) | | | 4,079,854 | |
| | 1,605,000 | | | 1.500%, 11/30/2028 | | | 1,430,864 | |
| | 5,260,000 | | | 1.875%, 02/28/2029 | | | 4,775,608 | |
| | 1,445,000 | | | 3.250%, 06/30/2029 | | | 1,415,761 | |
| | 708,000 | | | 1.625%, 08/15/2029 | | | 631,088 | |
| | 1,030,000 | | | 1.375%, 11/15/2031 | | | 868,821 | |
| | 1,075,000 | | | 2.875%, 05/15/2032 | | | 1,022,300 | |
| | 2,320,000 | | | 2.750%, 08/15/2032 | | | 2,181,706 | |
| | | | | | |
|
|
|
| | | | | | | | 16,406,002 | |
| | | | | | |
|
|
|
| | | | | Total U.S. Treasury Obligations
(Cost $46,350,405) | | | 40,959,745 | |
| | | | | | |
|
|
|
| | |
Number of
Shares
| | | | | | |
| | | | | SHORT TERM INVESTMENTS - 6.28% | |
| | | | | Money Market Funds - 6.28% | |
| | 10,700,062 | | | JPMorgan US Government Money Market Fund
Effective Yield, 4.73% (d) | | | 10,700,062 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $10,700,062) | | | 10,700,062 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.99% | |
| | 1,689,338 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (d) | | | 1,689,338 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $1,689,338) | | | 1,689,338 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $219,241,024) - 120.54% | | | 205,213,341 | |
| | | | | Liabilities in Excess of
Other Assets - (20.54)% | | | (34,965,713 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 170,247,628 | |
| | | | | | |
|
|
|
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. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of March 31, 2023. |
| (b) | | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2023. |
| (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 |
See notes to financial statements.
84
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | exemption from registration. The value of these securities total $44,348,180, which represents 26.05% of total net assets. |
| (d) | | Seven-Day yield as of March 31, 2023. |
| (e) | | All or portion of this security is on loan. |
| (f) | | Represents a U.S. Treasury Inflation Protected Security. |
| (g) | | These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $1,039,759, which represents 0.61% of total net assets. |
| (h) | | Security purchased on a when-issued basis. On March 31, 2023, the total value of investments purchased on a when-issued basis was $36,134,560 or 21.22% of total net assets. |
| (i) | | All or a portion of this security is held as collateral for certain swap, options written and futures contracts. The approximate value of the portion of this security held as collateral is $1,205,483. |
| (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 March 31, 2023. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $1,292,058, which represents 0.76% of total net assets. |
| (k) | | Step-up bond; the interest rate shown is the rate in effect as of March 31, 2023. |
Glossary of Terms
| | | | |
| LIBOR | | - | | London Interbank Offered Rate |
| CMT | | - | | Constant Maturing Treasury Rate |
| SOFR | | - | | Secured Overnight Financing Rate |
| TSFR | | - | | Term Secured Overnight Financing Rate |
See notes to financial statements.
85
GuideMark Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2023
| | | | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased/(Sold)
| | | Long/Short
| | | Notional
Value
| | | Settlement
Month
| | | Unrealized
Appreciation
(Depreciation)
| |
U.S. Treasury 2 Year Bond Future | | | 129 | | | | Long | | | $ | 26,632,453 | | | | Jun-23 | | | $ | 196,794 | |
U.S. Treasury 5 Year Bond Future | | | 41 | | | | Long | | | | 4,489,820 | | | | Jun-23 | | | | 3,791 | |
U.S. Treasury 10 Year Note Future | | | (43 | ) | | | Short | | | | (4,941,641 | ) | | | Jun-23 | | | | (86,403 | ) |
U.S. Treasury Long Bond Future | | | (33 | ) | | | Short | | | | (4,328,156 | ) | | | Jun-23 | | | | (181,204 | ) |
U.S. Treasury Ultra Long Bond Future | | | (5 | ) | | | Short | | | | (705,625 | ) | | | Jun-23 | | | | (4,291 | ) |
U.S. Treasury Ultra 10 Year Note Future | | | (20 | ) | | | Short | | | | (2,422,813 | ) | | | Jun-23 | | | | (77,735 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | (149,048 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
GuideMark Core Fixed Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2023
| | | | | | | | |
Notional
Amount
| | | | | Value
| |
| | | | | Credit Default Swaptions | | | | |
| | | | | Call Options | | | | |
| $ | 8,465,000 | | | U.S. Dollar - Euro
Buy Protection CDX.NA.IG.40
Reference Rate: 1.000%
Frequency: Quarterly
Counterparty: Goldman Sachs
Expiration: April 2023
Exercise Price: $85.00 | | $ | (5,389 | ) |
| | |
| | | | | Put Options | | | | |
| | 8,465,000 | | | U.S. Dollar - Euro
Buy Protection CDX.NA.IG.40
Reference Rate: 1.000%
Frequency: Quarterly
Counterparty: Goldman Sachs
Expiration: April 2023
Exercise Price: $85.00 | | | (38,844 | ) |
| | | | | | |
|
|
|
| | | | | Total Options Written (Premiums Received $50,197) | | $ | (44,233 | ) |
| | | | | | |
|
|
|
GuideMark Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
March 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Obligation
| | Implied
Credit
Spread at
3/31/2023(2)
| | | Fixed
Pay
Rate
| | | Maturity
Date
| | Counterparty
| | Payment
Frequency
| | | Notional
Amount(3)
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
CDX-NAIGS39V1-5Y* | | | 72.76% | | | | 1.000% | | | 12/20/2027 | | Morgan Stanley | | | Quarterly | | | $ | 3,735,000 | | | $ | 43,248 | | | $ | 44,722 | | | $ | (1,474 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | $ | 43,248 | | | $ | 44,722 | | | $ | (1,474 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
86
GuideMark Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS (Continued)
INTEREST RATE SWAPS
March 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive
Floating Rate
| | Floating Rate Index and Rate
at 03/31/2023
| | | Floating
Payment
Frequency
| | | Fixed
Pay
Rate
| | Fixed
Payment
Frequency
| | Maturity
Date
| | | Counterparty
| | | Notional
Amount
| | | Fair
Value
| | | Upfront
Premiums
Paid
(Received)
| | | Unrealized
Appreciation
(Depreciation)
| |
Receive | | | USD-SOFR-COMPOUND** 4.87% | | | | Annually | | | 1.5600% | | Annually | | | 12/15/2051 | | | | Morgan Stanley | | | $ | 565,000 | | | $ | 152,750 | | | $ | (3,366 | ) | | $ | 156,117 | |
Receive | | | USD-SOFR-COMPOUND** 4.87% | | | | Annually | | | 2.9700% | | Annually | | | 3/15/2053 | | | | Morgan Stanley | | | | 1,395,000 | | | | (1,778 | ) | | | 4,501 | | | | (6,279 | ) |
Receive | | | USD-SOFR-COMPOUND** 4.87% | | | | Annually | | | 2.8800% | | Annually | | | 3/15/2053 | | | | Morgan Stanley | | | | 310,000 | | | | 5,034 | | | | 3,623 | | | | 1,410 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 156,006 | | | $ | 4,758 | | | $ | 151,248 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
|
|
| |
|
|
|
| 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: ICE |
| ** | | Centrally cleared swap, clearing agent: LCH Group |
See notes to financial statements.
87
GuidePath Growth Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.97% | |
| | | | | Domestic Equity Funds - 72.68% | |
| | 1,410,197 | | | AMCAP Fund - Class F3 | | $ | 47,171,106 | |
| | 737,949 | | | American Funds - Fundamental Investors - Class F3 | | | 46,933,562 | |
| | 488,019 | | | American Funds - New Economy Fund - Class F3 | | | 23,478,591 | |
| | 450,338 | | | American Funds - New Perspective Fund - Class F3 | | | 23,498,650 | |
| | 577,843 | | | American Funds - SMALLCAP World Fund, Inc. - Class F3 | | | 35,271,550 | |
| | 1,071,660 | | | American Funds - The Growth Fund of America - Class F3 | | | 58,984,146 | |
| | 22,197 | | | Invesco QQQ Trust Series 1 (a) | | | 7,123,683 | |
| | 437,611 | | | iShares Core S&P Small-Cap ETF | | | 42,316,984 | |
| | 965,768 | | | Schwab U.S. Large-Cap ETF (a) | | | 46,714,198 | |
| | 906,958 | | | Schwab U.S. Large-Cap Growth ETF (a) | | | 59,106,453 | |
| | 436,191 | | | SPDR S&P 600 Small Cap Growth ETF | | | 32,169,086 | |
| | 751,036 | | | Vanguard Russell 1000 Growth ETF (a) | | | 47,232,654 | |
| | 106,875 | | | Vanguard Russell 2000 Growth ETF | | | 17,639,719 | |
| | 451,477 | | | Vanguard S&P 500 ETF (a) | | | 169,786,955 | |
| | 240,601 | | | Vanguard Value ETF | | | 33,229,404 | |
| | | | | | |
|
|
|
| | | | | | | | 690,656,741 | |
| | | | | | |
|
|
|
| | | | | International Equity Funds - 23.81% | |
| | 1,133,120 | | | iShares Core MSCI Emerging Markets ETF | | | 55,284,925 | |
| | 36,247 | | | iShares Core MSCI Europe ETF | | | 1,898,618 | |
| | 322,097 | | | iShares MSCI ACWI ETF (a) | | | 29,362,363 | |
| | 168,438 | | | iShares MSCI Switzerland ETF | | | 7,633,610 | |
| | 276,196 | | | JPMorgan Beta Builders Canada ETF (a) | | | 16,441,948 | |
| | 161,244 | | | Vanguard FTSE All World ex-US Small-Cap ETF (a) | | | 17,614,294 | |
| | 2,169,374 | | | Vanguard FTSE Developed Markets ETF (a) | | | 97,990,624 | |
| | | | | | |
|
|
|
| | | | | | | | 226,226,382 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Real Estate Funds - 2.48% | |
| | 199,974 | | | Vanguard Global ex-U.S. Real Estate ETF | | $ | 8,112,945 | |
| | 185,767 | | | Vanguard Real Estate ETF (a) | | | 15,426,092 | |
| | | | | | |
|
|
|
| | | | | | | | 23,539,037 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $695,329,845) | | | 940,422,160 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.47% | |
| | | | | Money Market Funds -1.47% | |
| | 13,967,727 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73% (b) | | | 13,967,727 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $13,967,727) | | | 13,967,727 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 15.83% | |
| | 150,405,813 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (b) | | | 150,405,813 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $150,405,813) | | | 150,405,813 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $859,703,385) - 116.27% | | | 1,104,795,700 | |
| | | | | Liabilities in Excess of
Other Assets - (16.27)% | | | (154,609,942 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 950,185,758 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2023. |
See notes to financial statements.
88
GuidePath Conservative Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.90% | |
| | | | | Alternative Funds - 1.54% | |
| | 168,741 | | | SPDR Gold MiniShares Trust (a)(b) | | $ | 6,599,460 | |
| | | | | | |
|
|
|
| | | | | Domestic Equity Funds - 23.21% | |
| | 218,744 | | | American Funds - Mutual Fund - Class F3 | | | 10,615,670 | |
| | 203,544 | | | American Funds - Washington Mutual Investors Fund - Class F3 | | | 10,645,342 | |
| | 149,814 | | | iShares Core S&P Small-Cap ETF | | | 14,487,014 | |
| | 186,562 | | | iShares Edge MSCI Min Vol USA ETF (a) | | | 13,570,520 | |
| | 100,544 | | | Vanguard High Dividend Yield ETF | | | 10,607,392 | |
| | 58,137 | | | Vanguard S&P 500 ETF (a) | | | 21,863,582 | |
| | 127,496 | | | Vanguard Value ETF (a) | | | 17,608,472 | |
| | | | | | |
|
|
|
| | | | | | | | 99,397,992 | |
| | | | | | |
|
|
|
| | | | | Domestic Fixed Income Funds - 45.99% | |
| | 1,152,397 | | | American Funds - High-Income Trust - Class F3 | | | 10,579,006 | |
| | 1,867,519 | | | American Funds - Multi-Sector Income Fund - Class F3 | | | 16,975,752 | |
| | 1,452,033 | | | American Funds - The Bond Fund of America - Class F3 | | | 16,858,105 | |
| | 119,621 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 11,856,833 | |
| | 259,694 | | | iShares Broad USD High Yield Corporate Bond ETF (a) | | | 9,232,122 | |
| | 104,685 | | | iShares Broad USD Investment Grade Corporate Bond ETF (a) | | | 5,303,342 | |
| | 169,024 | | | iShares Core U.S. Aggregate Bond ETF | | | 16,841,551 | |
| | 26,744 | | | iShares iBoxx High Yield Corporate Bond ETF (a) | | | 2,020,509 | |
| | 50,789 | | | iShares 10+ Year Investment Grade Corporate Bond ETF (a) | | | 2,660,836 | |
| | 48,029 | | | iShares TIPS Bond ETF (a) | | | 5,295,197 | |
| | 39,844 | | | SPDR Portfolio Short Term Treasury ETF | | | 1,164,640 | |
| | 6,909,784 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 36,207,271 | |
| | 63,235 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 5,072,712 | |
| | 191,066 | | | Vanguard Long-Term Treasury ETF | | | 12,516,734 | |
| | 125,365 | | | Vanguard Mortgage-Backed Securities ETF | | | 5,835,741 | |
| | 22,008 | | | Vanguard Short-Term Corporate Bond ETF (a) | | | 1,677,670 | |
| | 17,292 | | | Vanguard Total Bond Market ETF | | | 1,276,668 | |
| | 708,550 | | | WisdomTree Floating Rate Treasury Fund | | | 35,618,808 | |
| | | | | | |
|
|
|
| | | | | | | | 196,993,497 | |
| | | | | | |
|
|
|
| | | | | Hybrid Funds - 18.12% | |
| | 315,136 | | | American Funds - Capital Income Builder - Class F3 | | | 20,102,530 | |
| | 889,756 | | | American Funds - The Income Fund of America - Class F3 | | | 20,126,278 | |
| | 317,654 | | | iShares Core Aggressive Allocation ETF | | | 20,199,618 | |
| | 343,429 | | | iShares Core Growth Allocation ETF | | | 17,181,753 | |
| | | | | | |
|
|
|
| | | | | | | | 77,610,179 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | International Equity Funds - 7.80% | |
| | 121,542 | | | iShares Core MSCI Emerging Markets ETF (a) | | $ | 5,930,034 | |
| | 57,976 | | | iShares Core MSCI Europe ETF (a) | | | 3,036,783 | |
| | 50,113 | | | iShares MSCI EAFE Min Vol Factor ETF | | | 3,390,144 | |
| | 92,093 | | | iShares MSCI Switzerland ETF | | | 4,173,655 | |
| | 50,924 | | | JPMorgan Beta Builders Canada ETF (a) | | | 3,031,506 | |
| | 307,013 | | | Vanguard FTSE Developed Markets ETF (a) | | | 13,867,777 | |
| | | | | | |
|
|
|
| | | | | | | | 33,429,899 | |
| | | | | | |
|
|
|
| | | | | International Fixed Income Funds - 1.18% | |
| | 26,566 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 2,292,114 | |
| | 47,730 | | | SPDR Bloomberg International Treasury Bond ETF | | | 1,103,518 | |
| | 34,193 | | | Vanguard Total International Bond ETF (a) | | | 1,672,722 | |
| | | | | | |
|
|
|
| | | | | | | | 5,068,354 | |
| | | | | | |
|
|
|
| | | | | Real Estate Funds - 1.06% | |
| | 26,905 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 1,091,536 | |
| | 41,356 | | | Vanguard Real Estate ETF (a) | | | 3,434,202 | |
| | | | | | |
|
|
|
| | | | | | | | 4,525,738 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $396,956,094) | | | 423,625,119 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.00% (d) | |
| | | | | Money Market Funds - 0.00% | |
| | 718 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73%, (c) | | | 718 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $718) | | | 718 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 14.57% | |
| | 62,421,423 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (c) | | | 62,421,423 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $62,421,423) | | | 62,421,423 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $459,378,235) - 113.47% | | | 486,047,260 | |
| | | | | Liabilities in Excess of
Other Assets - (13.47)% | | | (57,708,814 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 428,338,446 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2023. |
See notes to financial statements.
89
GuidePath Tactical Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 70.21% | |
| | | | | Air Freight & Logistics - 2.91% | |
| | 132,381 | | | Expeditors International of Washington, Inc. (a) | | $ | 14,577,796 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 7.21% | |
| | 15,327 | | | Regeneron Pharmaceuticals, Inc. (b) | | | 12,593,736 | |
| | 49,164 | | | United Therapeutics Corp. (b) | | | 11,010,769 | |
| | 39,754 | | | Vertex Pharmaceuticals, Inc. (b) | | | 12,525,293 | |
| | | | | | |
|
|
|
| | | | | | | | 36,129,798 | |
| | | | | | |
|
|
|
| | | | | Building Products - 3.19% | |
| | 180,401 | | | Builders FirstSource, Inc. (b) | | | 16,016,001 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 1.69% | |
| | 153,054 | | | Olin Corp. | | | 8,494,497 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 4.65% | |
| | 409,160 | | | NRG Energy, Inc. (a) | | | 14,030,097 | |
| | 247,043 | | | OGE Energy Corp. (a) | | | 9,303,639 | |
| | | | | | |
|
|
|
| | | | | | | | 23,333,736 | |
| | | | | | |
|
|
|
| | | | | Food Products - 2.58% | |
| | 162,683 | | | Archer-Daniels-Midland Co. (a) | | | 12,959,328 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 2.43% | |
| | 48,381 | | | Danaher Corp. (a) | | | 12,193,947 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 4.26% | |
| | 109,741 | | | CVS Health Corp. | | | 8,154,854 | |
| | 57,544 | | | Laboratory Corp of America Holdings | | | 13,201,744 | |
| | | | | | |
|
|
|
| | | | | | | | 21,356,598 | |
| | | | | | |
|
|
|
| | | | | Household Products - 3.22% | |
| | 108,634 | | | Procter & Gamble Co. | | | 16,152,789 | |
| | | | | | |
|
|
|
| | | | | Insurance - 8.00% | |
| | 219,423 | | | Aflac, Inc. | | | 14,157,172 | |
| | 221,946 | | | Hartford Financial Services Group, Inc. | | | 15,467,416 | |
| | 265,155 | | | Unum Group | | | 10,489,532 | |
| | | | | | |
|
|
|
| | | | | | | | 40,114,120 | |
| | | | | | |
|
|
|
| | | | | Interactive Media & Services - 0.97% | |
| | 46,948 | | | Alphabet, Inc. - Class A (b) | | | 4,869,916 | |
| | | | | | |
|
|
|
| | | | | Machinery - 2.43% | |
| | 49,279 | | | Snap-on, Inc. (a) | | | 12,166,492 | |
| | | | | | |
|
|
|
| | | | | Media - 2.88% | |
| | 53,229 | | | Nexstar Media Group, Inc. (a) | | | 9,190,519 | |
| | 310,568 | | | TEGNA, Inc. | | | 5,251,705 | |
| | | | | | |
|
|
|
| | | | | | | | 14,442,224 | |
| | | | | | |
|
|
|
| | | | | Metals & Mining - 2.48% | |
| | 109,803 | | | Steel Dynamics, Inc. (a) | | | 12,414,327 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 1.79% | |
| | 93,797 | | | Consolidated Edison, Inc. (a) | | | 8,973,559 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 2.15% | |
| | 50,508 | | | Devon Energy Corp. (a) | | | 2,556,210 | |
| | 190,094 | | | PBF Energy, Inc. | | | 8,242,476 | |
| | | | | | |
|
|
|
| | | | | | | | 10,798,686 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Pharmaceuticals - 2.65% | |
| | 325,955 | | | Pfizer, Inc. | | $ | 13,298,964 | |
| | | | | | |
|
|
|
| | | | | Professional Services - 2.02% | |
| | 125,954 | | | Robert Half International, Inc. (a) | | | 10,148,114 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 2.90% | |
| | 256,607 | | | Knight-Swift Transportation Holdings, Inc. - Class A (a) | | | 14,518,824 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 2.59% | |
| | 157,919 | | | ON Semiconductor Corp. (a)(b) | | | 12,999,892 | |
| | | | | | |
|
|
|
| | | | | Software - 3.56% | |
| | 61,939 | | | Microsoft Corp. | | | 17,857,014 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 3.65% | |
| | 110,855 | | | Apple, Inc. | | | 18,279,990 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $319,864,953) | | | 352,096,612 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 29.31% | |
| | | | | Money Market Funds - 29.31% | |
| | 147,014,890 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73%, (c)(d) | | | 147,014,890 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $147,014,890) | | | 147,014,890 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.84% | |
| | 104,514,306 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (c) | | | 104,514,306 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $104,514,306) | | | 104,514,306 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $571,394,149) - 120.36% | | | 603,625,808 | |
| | | | | Liabilities in Excess of
Other Assets - (20.36)% | | | (102,111,211 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 501,514,597 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Non-income producing security. |
| (c) | | Seven-day yield as of March 31, 2023. |
| (d) | | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
See notes to financial statements.
90
GuidePath Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 99.01% | |
| | | | | Alternative Funds - 4.96% | |
| | 2,646 | | | Invesco DB Agriculture Fund | | $ | 54,058 | |
| | 2,611 | | | Invesco DB Energy Fund (a) | | | 53,641 | |
| | 466 | | | Invesco DB Precious Metals Fund | | | 23,784 | |
| | 153,084 | | | ProShares Investment Grade-Interest Rate Hedged ETF | | | 10,996,024 | |
| | | | | | |
|
|
|
| | | | | | | | 11,127,507 | |
| | | | | | |
|
|
|
| | | | | Domestic Equity Funds - 0.27% | |
| | 1,593 | | | Vanguard S&P 500 ETF | | | 599,079 | |
| | | | | | |
|
|
|
| | | | | Domestic Fixed Income Funds - 83.10% | |
| | 1,805,813 | | | BlackRock Low Duration Bond Portfolio - Institutional Shares | | | 16,162,029 | |
| | 498,943 | | | DoubleLine Core Fixed Income Fund - Institutional Shares | | | 4,695,056 | |
| | 851,019 | | | DoubleLine Flexible Income Fund - Institutional Shares | | | 7,165,576 | |
| | 1,697,300 | | | DoubleLine Low Duration Bond Fund - Institutional Shares | | | 16,056,458 | |
| | 477,317 | | | DoubleLine Shiller Enhanced CAPE - Institutional Shares | | | 6,042,838 | |
| | 2,572,622 | | | DoubleLine Total Return Bond Fund - Institutional Shares | | | 23,076,420 | |
| | 115,421 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 11,440,530 | |
| | 45,719 | | | Schwab Short-Term U.S. Treasury ETF (a) | | | 2,230,630 | |
| | 2,376 | | | SPDR Bloomberg 1-3 Month T-Bill ETF | | | 218,164 | |
| | 1,190,902 | | | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | | | 11,039,661 | |
| | 5,400,521 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 28,298,731 | |
| | 155,701 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 12,490,334 | |
| | 53,226 | | | Vanguard Long-Term Treasury ETF (a) | | | 3,486,835 | |
| | 614,966 | | | Vanguard Mortgage-Backed Securities ETF (a) | | | 28,626,667 | |
| | 109,629 | | | Vanguard Short-Term Corporate Bond ETF (a) | | | 8,357,019 | |
| | 94,438 | | | Vanguard Total Bond Market ETF | | | 6,972,358 | |
| | | | | | |
|
|
|
| | | | | | | | 186,359,306 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | International Equity Funds - 0.14% | |
| | 1,820 | | | iShares Core MSCI Emerging Markets ETF (a) | | $ | 88,798 | |
| | 5,139 | | | Vanguard FTSE Developed Markets ETF (a) | | | 232,128 | |
| | | | | | |
|
|
|
| | | | | | | | 320,926 | |
| | | | | | |
|
|
|
| | | | | International Fixed Income Funds - 7.33% | |
| | 263,754 | | | Vanguard Emerging Markets Government Bond ETF | | | 16,434,512 | |
| | | | | | |
|
|
|
| | | | | Opportunistic Fixed Income Funds - 3.21% | |
| | 777,369 | | | BlackRock Strategic Income Opportunities Portfolio - Institutional Shares | | | 7,190,660 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $222,140,685) | | | 222,031,990 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 0.96% | |
| | | | | Money Market Funds - 0.96% | |
| | 2,162,658 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73%, (b) | | | 2,162,658 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $2,162,658) | | | 2,162,658 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.20% | |
| | 25,105,887 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (b) | | | 25,105,887 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $25,105,887) | | | 25,105,887 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $249,409,230) - 111.17% | | | 249,300,535 | |
| | | | | Liabilities in Excess of
Other Assets - (11.17)% | | | (25,047,024 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 224,253,511 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2023. |
See notes to financial statements.
91
GuidePath Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.95% | |
| | | | | Domestic Equity Funds - 32.77% | |
| | 32,041 | | | BlackRock High Equity Income Fund - Institutional Shares | | $ | 868,626 | |
| | 229,443 | | | Global X US Preferred ETF (a) | | | 4,556,738 | |
| | 33,704 | | | iShares Select Dividend ETF (a) | | | 3,949,435 | |
| | 67,282 | | | Schwab US Dividend Equity ETF | | | 4,922,350 | |
| | 88,474 | | | SPDR Portfolio S&P 500 High Dividend ETF (a) | | | 3,362,012 | |
| | 46,938 | | | Vanguard High Dividend Yield ETF (a) | | | 4,951,958 | |
| | 1,436 | | | Vanguard S&P 500 ETF | | | 540,037 | |
| | 65,325 | | | WisdomTree U.S. SmallCap Dividend Fund (a) | | | 1,865,682 | |
| | 66,337 | | | WisdomTree US LargeCap Dividend Fund | | | 4,103,607 | |
| | | | | | |
|
|
|
| | | | | | | | 29,120,445 | |
| | | | | | |
|
|
|
| | | | | Domestic Fixed Income Funds - 39.03% | |
| | 112,764 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 4,700,003 | |
| | 12,391 | | | iShares 7-10 Year Treasury Bond ETF (a) | | | 1,228,196 | |
| | 47,946 | | | iShares Broad USD Investment Grade Corporate Bond ETF (a) | | | 2,428,944 | |
| | 40,067 | | | iShares Convertible Bond ETF | | | 2,909,666 | |
| | 8,810 | | | iShares iBoxx $Investment Grade Corporate Bond ETF (a) | | | 965,664 | |
| | 12,056 | | | Schwab U.S. TIPS ETF | | | 646,322 | |
| | 14,244 | | | SPDR Portfolio Aggregate Bond ETF (a) | | | 367,353 | |
| | 51,140 | | | SPDR Portfolio Long Term Corporate Bond ETF | | | 1,207,927 | |
| | 35,116 | | | SPDR Portfolio Short Term Treasury ETF | | | 1,026,441 | |
| | 254,161 | | | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | | | 2,356,077 | |
| | 1,914,317 | | | Vanguard High-Yield Corporate Fund - Admiral Shares | | | 10,031,022 | |
| | 8,862 | | | Vanguard Intermediate-Term Treasury ETF (a) | | | 531,366 | |
| | 34,234 | | | Vanguard Long-Term Treasury ETF (a) | | | 2,242,669 | |
| | 12,961 | | | Vanguard Mortgage-Backed Securities ETF | | | 603,335 | |
| | 68,528 | | | WisdomTree Floating Rate Treasury Fund (a) | | | 3,444,903 | |
| | | | | | |
|
|
|
| | | | | | | | 34,689,888 | |
| | | | | | |
|
|
|
| | | | | International Equity Funds - 16.50% | |
| | 218,789 | | | iShares Emerging Markets Dividend ETF | | | 5,369,082 | |
| | 14,757 | | | iShares International Dividend Growth ETF (a) | | | 894,569 | |
| | 151,656 | | | iShares International Select Dividend ETF (a) | | | 4,169,023 | |
| | 29,511 | | | SPDR S&P Global Dividend ETF | | | 1,740,098 | |
| | 72,684 | | | SPDR S&P International Dividend ETF | | | 2,491,608 | |
| | | | | | |
|
|
|
| | | | | | | | 14,664,380 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | International Fixed Income Funds - 1.96% | |
| | 27,893 | | | Vanguard Emerging Markets Government Bond ETF | | $ | 1,738,013 | |
| | | | | | |
|
|
|
| | | | | Multi-Asset Funds - 5.13% | |
| | 213,892 | | | Loomis Sayles Global Allocation Fund - Class Y | | | 4,562,319 | |
| | | | | | |
|
|
|
| | | | | Opportunistic Fixed Income Funds - 0.66% | |
| | 63,716 | | | BlackRock Strategic Income Opportunities Portfolio - Institutional Shares | | | 589,374 | |
| | | | | | |
|
|
|
| | | | | Real Estate Funds - 2.90% | |
| | 31,039 | | | Vanguard Real Estate ETF (a) | | | 2,577,479 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $81,096,214) | | | 87,941,898 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 1.04% | |
| | | | | Money Market Funds - 1.04% | |
| | 922,727 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield 4.73%, (b) | | | 922,727 | |
| | | | | | |
|
|
|
| | | | | Total Money Market Funds
(Cost $922,727) | | | 922,727 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 21.25% | |
| | 18,881,022 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93%, (b) | | | 18,881,022 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $18,881,022) | | | 18,881,022 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $100,899,963) - 121.24% | | | 107,745,647 | |
| | | | | Liabilities in Excess of
Other Assets - (21.24)% | | | (18,873,418 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 88,872,229 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2022. |
See notes to financial statements.
92
GuidePath Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 98.13% | |
| | | | | Alternative Funds - 3.28% | |
| | 370,869 | | | WisdomTree Bloomberg U.S. Dollar Bullish Fund | | $ | 9,668,555 | |
| | | | | | |
|
|
|
| | | | | Domestic Equity Funds - 3.41% | |
| | 143,016 | | | iShares U.S. Home Construction ETF (a) | | | 10,052,595 | |
| | | | | | |
|
|
|
| | | | | Domestic Fixed Income Funds - 83.20% | |
| | 234,565 | | | iShares 7-10 Year Treasury Bond ETF | | | 23,250,083 | |
| | 89,612 | | | iShares Agency Bond ETF (a) | | | 9,698,707 | |
| | 137,110 | | | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | | | 15,028,627 | |
| | 460,084 | | | Schwab Intermediate-Term U.S. Treasury ETF | | | 23,202,036 | |
| | 801,324 | | | SPDR Portfolio Intermediate Term Treasury ETF | | | 23,190,316 | |
| | 377,514 | | | SPDR Portfolio Aggregate Bond ETF (a) | | | 9,736,086 | |
| | 299,932 | | | SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | | | 9,744,791 | |
| | 1,466,296 | | | SPDR Portfolio Short Term Treasury ETF | | | 42,859,832 | |
| | 121,728 | | | Vanguard Intermediate-Term Corporate Bond ETF (a) | | | 9,765,020 | |
| | 280,524 | | | Vanguard Intermediate-Term Treasury ETF (a) | | | 16,820,219 | |
| | 726,068 | | | Vanguard Long-Term Treasury ETF (a) | | | 47,564,715 | |
| | 84,444 | | | Vanguard Short-Term Treasury ETF | | | 4,943,352 | |
| | 132,028 | | | Vanguard Total Bond Market ETF | | | 9,747,627 | |
| | | | | | |
|
|
|
| | | | | | | | 245,551,411 | |
| | | | | | |
|
|
|
| | | | | Emerging Markets Fixed Income Funds - 4.85% | |
| | 229,535 | | | Vanguard Emerging Markets Government Bond ETF | | | 14,302,326 | |
| | | | | | |
|
|
|
| | | | | International Developed Equity Funds - 3.39% | |
| | 114,135 | | | iShares MSCI Kokusai ETF (a)(b) | | | 10,010,370 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $287,159,665) | | | 289,585,257 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 1.95% | |
| | | | | Money Market Funds - 1.95% | |
| | 5,769,035 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73% (c) | | $ | 5,769,035 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $5,769,035) | | | 5,769,035 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 19.89% | |
| | 58,689,441 | | | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 4.93% (c) | | | 58,689,441 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $58,689,441) | | | 58,689,441 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $351,618,141) - 119.97% | | | 354,043,733 | |
| | | | | Liabilities in Excess of
Other Assets - (19.97)% | | | (58,928,441 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 295,115,292 | |
| | | | | | |
|
|
|
| Percentages | | are stated as a percent of net assets. |
| (a) | | All or portion of this security is on loan. |
| (b) | | Affiliated company as defined by the Investment Company Act of 1940. Please refer to Note 8 for further disclosures related to this affiliated security. |
| (c) | | Seven-day yield as of March 31, 2023. |
See notes to financial statements.
93
GuidePath Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Principal
Amount
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 97.42% | |
| | | | | Certificate of Deposits - 52.86% | |
| | | | | Bank of America NA | | | | |
| $ | 8,000,000 | | | 5.050%, 04/12/2023 | | $ | 8,000,000 | |
| | 10,000,000 | | | 5.200%, 10/10/2023 | | | 9,985,608 | |
| | | | | Bank of Montreal | | | | |
| | 7,000,000 | | | 3.600%, 06/23/2023 | | | 6,975,079 | |
| | 5,000,000 | | | 5.000%, 10/06/2023 | | | 4,988,839 | |
| | | | | Bank of Nova Scotia | | | | |
| | 4,000,000 | | | 4.990% (SOFR + 0.680%), 08/16/2023 (a) | | | 4,005,727 | |
| | 10,000,000 | | | 5.010% (SOFR + 0.700%), 08/17/2023 (a) | | | 10,015,106 | |
| | 5,000,000 | | | 4.730% (SOFR + 0.420%), 01/26/2024 (a) | | | 4,995,604 | |
| | | | | CIBC | | | | |
| | 6,000,000 | | | 3.590%, 06/26/2023 | | | 5,977,153 | |
| | 5,000,000 | | | 5.200%, 09/21/2023 | | | 4,994,718 | |
| | 5,000,000 | | | 5.600%, 03/06/2024 | | | 5,006,389 | |
| | | | | Commonwealth Bank of Australia | | | | |
| | 14,000,000 | | | 4.910% (SOFR + 0.360%), 04/20/2023 (a) | | | 14,000,033 | |
| | 6,500,000 | | | 4.490% (SOFR + 0.690%), 06/05/2023 (a) | | | 6,506,329 | |
| | | | | Cooperatieve Centrale Raiffe | | | | |
| | 10,000,000 | | | 5.020% (SOFR + 0.710%), 11/24/2023 (a) | | | 10,015,089 | |
| | 10,500,000 | | | 5.300%, 12/14/2023 | | | 10,497,672 | |
| | 15,000,000 | | | DNB Bank ASA
4.750%, 04/05/2023 | | | 15,000,000 | |
| | | | | Mitsubishi Trust & Banking Corp. | | | | |
| | 10,000,000 | | | 4.520%, 04/21/2023 | | | 10,000,054 | |
| | 7,000,000 | | | 4.520%, 04/21/2023 | | | 7,000,038 | |
| | 3,000,000 | | | 5.280%, 05/17/2023 | | | 3,000,037 | |
| | | | | Mizuho Bank, Ltd. | | | | |
| | 10,000,000 | | | 5.000%, 04/28/2023 | | | 10,000,000 | |
| | 10,000,000 | | | 5.350%, 02/07/2024 | | | 9,994,390 | |
| | | | | Nordea Bank | | | | |
| | 10,000,000 | | | 3.790% (SOFR + 0.770%), 10/23/2023 (a) | | | 10,018,347 | |
| | 5,000,000 | | | 4.820% (SOFR + 0.270%), 02/16/2024 (a) | | | 4,986,862 | |
| | | | | Royal Bank of Canada | | | | |
| | 7,000,000 | | | 3.890%, 05/08/2023 | | | 7,000,000 | |
| | 3,000,000 | | | 3.000%, 06/05/2023 | | | 2,987,655 | |
| | 10,000,000 | | | Skandinaviska Enskilda Bank
4.820%, 05/24/2023 | | | 10,000,000 | |
| | 10,000,000 | | | Sumitomo Mitsui Banking Corp.
5.090%, 08/23/2023 | | | 9,994,497 | |
| | 15,000,000 | | | Sumitomo Mitsui Trust Bank, Ltd.
4.870%, 05/17/2023 | | | 15,000,189 | |
| | | | | Svenska Handelsbanken - A Shares | | | | |
| | 2,000,000 | | | 3.460%, 06/13/2023 | | | 1,993,256 | |
| | 8,000,000 | | | 5.100% (SOFR + 0.790%), 10/25/2023 (a) | | | 8,013,781 | |
| | | | | Toronto Dominion Bank | | | | |
| | 3,000,000 | | | 4.020%, 08/22/2023 | | | 2,984,033 | |
| | 15,000,000 | | | 5.320%, 09/27/2023 | | | 14,992,749 | |
| | | | | Westpac Banking Corp. | | | | |
| | 10,000,000 | | | 4.600%, 04/11/2023 | | | 10,000,000 | |
| | 5,000,000 | | | 4.780% (SOFR + 0.230%), 02/22/2024 (a) | | | 4,988,487 | |
| | | | | | |
|
|
|
| | | | | | | | 263,917,721 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Money Market Funds - 3.92% | |
| | 19,553,395 | | | JPMorgan US Government Money Market Fund
Effective Yield, 4.73% (b)(c) | | $ | 19,553,395 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bills - 40.64% | |
| $ | 14,000,000 | | | 4.331%, 04/04/2023 (c)(d) | | | 13,995,077 | |
| | 27,000,000 | | | 4.596%, 04/06/2023 (d)(e) | | | 26,981,879 | |
| | 18,000,000 | | | 4.626%, 04/17/2023 (d) | | | 17,963,680 | |
| | 10,000,000 | | | 4.156%, 04/18/2023 (d) | | | 9,980,757 | |
| | 13,000,000 | | | 4.743%, 04/25/2023 (d) | | | 12,959,852 | |
| | 3,000,000 | | | 4.656%, 04/27/2023 (d) | | | 2,990,163 | |
| | 30,000,000 | | | 4.694%, 05/02/2023 (d) | | | 29,881,425 | |
| | 22,000,000 | | | 4.722%, 05/11/2023 (c)(d)(e) | | | 21,887,460 | |
| | 10,000,000 | | | 4.447%, 05/16/2023 (d) | | | 9,945,688 | |
| | 5,000,000 | | | 4.756%, 06/06/2023 (d) | | | 4,959,698 | |
| | 28,000,000 | | | 5.005%, 06/08/2023 (d)(e) | | | 27,766,227 | |
| | 12,000,000 | | | 4.669%, 06/22/2023 (d) | | | 11,877,084 | |
| | 12,000,000 | | | 4.801%, 09/21/2023 (d) | | | 11,733,240 | |
| | | | | | |
|
|
|
| | | | | | | | 202,922,230 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $486,451,185) | | | 486,393,346 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $486,451,185) - 171.33% | | | 486,393,346 | |
| | | | | Liabilities in Excess of
Other Assets - 2.58% | | | 12,877,141 | |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 499,270,487 | |
| | | | | | |
|
|
|
| Percentages | | are stated as a percent of net assets. |
| (a) | | Variable rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of March 31, 2023. |
| (b) | | Seven-day yield as of March 31, 2023. |
| (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 $66,642,688. |
See notes to financial statements.
94
GuidePath Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2023
| | | | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased/(Sold)
| | | Long/Short
| | | Notional
Value
| | | Settlement
Month
| | | Value/Unrealized
Appreciation
(Depreciation)
| |
90-Day Bank Bill Futures | | | 398 | | | | Long | | | $ | 263,721,310 | | | | Sep-23 | | | $ | (74,484 | ) |
Australian 10-Year Treasury Bond Futures | | | 501 | | | | Long | | | | 41,153,811 | | | | Jun-23 | | | | (125,605 | ) |
Australian 3-Year Treasury Bond Futures | | | 1,370 | | | | Long | | | | 99,650,705 | | | | Jun-23 | | | | (211,768 | ) |
Brazilian Real Futures | | | 144 | | | | Long | | | | 2,826,000 | | | | Apr-23 | | | | 39,738 | |
British Pound Futures | | | 79 | | | | Long | | | | 6,100,281 | | | | Jun-23 | | | | (18,042 | ) |
CAC40 Index Futures | | | 203 | | | | Long | | | | 16,146,126 | | | | Apr-23 | | | | 596,724 | |
Canadian 10-Year Bond Futures | | | 137 | | | | Long | | | | 12,788,694 | | | | Jun-23 | | | | (93,608 | ) |
Cocoa Futures (a) | | | 100 | | | | Long | | | | 2,894,000 | | | | Jul-23 | | | | 23,223 | |
Copper Futures (a) | | | 37 | | | | Long | | | | 3,787,413 | | | | May-23 | | | | (11,017 | ) |
DAX® Index Futures | | | 30 | | | | Long | | | | 12,848,939 | | | | Jun-23 | | | | 467,094 | |
ECX Emissions Futures (a) | | | 33 | | | | Long | | | | 3,290,051 | | | | Dec-23 | | | | (205,002 | ) |
E-mini NASDAQ 100 Futures | | | 62 | | | | Long | | | | 16,494,170 | | | | Jun-23 | | | | 588,474 | |
E-mini S&P 500 Futures | | | 2 | | | | Long | | | | 413,775 | | | | Jun-23 | | | | 4,386 | |
Euro Fx Futures | | | 152 | | | | Long | | | | 20,716,650 | | | | Jun-23 | | | | 19,709 | |
Euro Stoxx 50® Index Futures | | | 497 | | | | Long | | | | 22,966,738 | | | | Jun-23 | | | | 1,024,509 | |
Euro Stoxx 600 Futures | | | 185 | | | | Long | | | | 4,559,393 | | | | Jun-23 | | | | 193,344 | |
FTSE 100 Index Futures | | | 125 | | | | Long | | | | 11,779,273 | | | | Jun-23 | | | | 193,473 | |
FTSE JSE Top 40 Futures | | | 68 | | | | Long | | | | 2,720,535 | | | | Jun-23 | | | | 42,598 | |
FTSE MIB Index Futures | | | 95 | | | | Long | | | | 13,731,563 | | | | Jun-23 | | | | 413,904 | |
FTSE Taiwan Index Futures | | | 190 | | | | Long | | | | 10,548,800 | | | | Apr-23 | | | | 39,228 | |
Gold 100 Oz. Futures (a) | | | 146 | | | | Long | | | | 28,998,520 | | | | Jun-23 | | | | (127,367 | ) |
IBEX 35® Index Futures | | | 98 | | | | Long | | | | 9,770,666 | | | | Apr-23 | | | | 280,563 | |
Live Cattle Futures (a) | | | 262 | | | | Long | | | | 16,990,700 | | | | Jun-23 | | | | 216,971 | |
LME Aluminium Futures (a)(b) | | | 30 | | | | Long | | | | 1,807,875 | | | | Jun-23 | | | | (71,372 | ) |
LME Copper Futures (a)(b) | | | 9 | | | | Long | | | | 2,023,313 | | | | Jun-23 | | | | (42,023 | ) |
LME Nickel Futures (a)(b) | | | 26 | | | | Long | | | | 3,717,324 | | | | Jun-23 | | | | (789,857 | ) |
LME Zinc Futures (a)(b) | | | 27 | | | | Long | | | | 1,974,206 | | | | Jun-23 | | | | (336,755 | ) |
Mexican Peso Futures | | | 1,192 | | | | Long | | | | 32,583,320 | | | | Jun-23 | | | | 307,081 | |
MSCI EAFE Index Futures | | | 72 | | | | Long | | | | 7,547,400 | | | | Jun-23 | | | | 191,516 | |
MSCI Singapore Index Futures | | | 54 | | | | Long | | | | 1,242,674 | | | | Apr-23 | | | | 5,432 | |
Nikkei 225 Futures | | | 36 | | | | Long | | | | 7,602,636 | | | | Jun-23 | | | | 38,695 | |
OMXS30 Futures | | | 299 | | | | Long | | | | 6,386,051 | | | | Apr-23 | | | | 213,941 | |
Platinum Futures (a) | | | 20 | | | | Long | | | | 1,003,100 | | | | Jul-23 | | | | 13,741 | |
RBOB Gasoline Futures (a) | | | 15 | | | | Long | | | | 1,689,030 | | | | Apr-23 | | | | (36,591 | ) |
SGX Iron Ore 62% Futures (a) | | | 260 | | | | Long | | | | 3,258,320 | | | | May-23 | | | | (142,229 | ) |
Silver Futures (a) | | | 32 | | | | Long | | | | 3,864,960 | | | | May-23 | | | | 11,978 | |
Soybean Meal Futures (a) | | | 223 | | | | Long | | | | 10,286,990 | | | | Jul-23 | | | | (114,123 | ) |
SPI 200 Index Futures | | | 40 | | | | Long | | | | 4,806,818 | | | | Jun-23 | | | | 94,851 | |
Sugar No. 11 Futures (a) | | | 582 | | | | Long | | | | 14,229,667 | | | | Jun-23 | | | | 717,992 | |
Swiss Franc Futures | | | 49 | | | | Long | | | | 6,756,181 | | | | Jun-23 | | | | 19,245 | |
Topix Index Futures | | | 94 | | | | Long | | | | 14,184,071 | | | | Jun-23 | | | | (99,724 | ) |
3 Month SOFR Futures | | | (332 | ) | | | Short | | | | (79,177,850 | ) | | | Dec-23 | | | | 50,330 | |
Australian Dollar Futures | | | (631 | ) | | | Short | | | | (42,283,310 | ) | | | Jun-23 | | | | (224,853 | ) |
Bank Accept Futures | | | (90 | ) | | | Short | | | | (15,873,196 | ) | | | Sep-23 | | | | 48,618 | |
Brent Crude Futures (a) | | | (198 | ) | | | Short | | | | (15,818,220 | ) | | | Apr-23 | | | | (1,213,791 | ) |
Canadian Dollar Futures | | | (610 | ) | | | Short | | | | (45,133,900 | ) | | | Jun-23 | | | | (481,527 | ) |
Coffee ‘C’ Futures (a) | | | (40 | ) | | | Short | | | | (2,545,500 | ) | | | Jul-23 | | | | 149 | |
Corn Futures (a) | | | (423 | ) | | | Short | | | | (13,451,400 | ) | | | Jul-23 | | | | (473,227 | ) |
Cotton No. 2 Futures (a) | | | (112 | ) | | | Short | | | | (4,635,680 | ) | | | May-23 | | | | 45,538 | |
DJIA E-Mini CBOT Futures | | | (32 | ) | | | Short | | | | (5,353,600 | ) | | | Jun-23 | | | | (166,549 | ) |
E-mini Russell 2000 Futures | | | (160 | ) | | | Short | | | | (14,508,000 | ) | | | Jun-23 | | | | (489,132 | ) |
E-mini S&P Mid Cap 400 Futures | | | (17 | ) | | | Short | | | | (4,300,490 | ) | | | Jun-23 | | | | (238,093 | ) |
Euribor 3 Month Futures | | | (801 | ) | | | Short | | | | (209,321,276 | ) | | | Sep-23 | | | | 126,365 | |
Euro-Bobl Futures | | | (308 | ) | | | Short | | | | (39,375,152 | ) | | | Jun-23 | | | | (789,954 | ) |
Euro-BTP Futures | | | (8 | ) | | | Short | | | | (1,000,781 | ) | | | Jun-23 | | | | (38,464 | ) |
Euro-BTP Futures - Short | | | (189 | ) | | | Short | | | | (21,597,833 | ) | | | Jun-23 | | | | (273,461 | ) |
Euro-Bund Futures | | | (140 | ) | | | Short | | | | (20,624,675 | ) | | | Jun-23 | | | | (642,370 | ) |
Euro-Buxl® 30 Year Futures | | | (60 | ) | | | Short | | | | (9,165,799 | ) | | | Jun-23 | | | | (453,597 | ) |
Euro-OAT Futures | | | (209 | ) | | | Short | | | | (29,518,122 | ) | | | Jun-23 | | | | (905,261 | ) |
Euro-Schatz Futures | | | (1,047 | ) | | | Short | | | | (120,014,169) | | | | Jun-23 | | | | (974,505 | ) |
See notes to financial statements.
95
GuidePath Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2023
| | | | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased/(Sold)
| | | Long/Short
| | | Notional
Value
| | | Settlement
Month
| | | Value/Unrealized
Appreciation
(Depreciation)
| |
FTSE China A50 Index Futures | | | (193 | ) | | | Short | | | $ | (2,568,058 | ) | | | Apr-23 | | | $ | (44,786 | ) |
Hang Seng Index Futures | | | (6 | ) | | | Short | | | | (782,723 | ) | | | Apr-23 | | | | (29,239 | ) |
HSCEI Index Futures | | | (12 | ) | | | Short | | | | (535,956 | ) | | | Apr-23 | | | | (23,173 | ) |
ICE 3 Month Sonia Futures | | | (190 | ) | | | Short | | | | (55,900,276 | ) | | | Dec-23 | | | | 26,096 | |
Indian Rupee Futures | | | (274 | ) | | | Short | | | | (6,656,556 | ) | | | Apr-23 | | | | (43,273 | ) |
Japanese Yen Futures | | | (154 | ) | | | Short | | | | (14,673,313 | ) | | | Jun-23 | | | | (275,784 | ) |
KC HRW Wheat Future (a) | | | (42 | ) | | | Short | | | | (1,809,675 | ) | | | Jul-23 | | | | (45,760 | ) |
Lean Hogs Futures (a) | | | (186 | ) | | | Short | | | | (6,816,900 | ) | | | Jun-23 | | | | 346,928 | |
LME Aluminium Futures (a)(b) | | | (169 | ) | | | Short | | | | (10,184,363 | ) | | | Jun-23 | | | | (89,843 | ) |
LME Copper Futures (a)(b) | | | (5 | ) | | | Short | | | | (1,124,063 | ) | | | Jun-23 | | | | (36,465 | ) |
LME Nickel Futures (a)(b) | | | (39 | ) | | | Short | | | | (5,575,986 | ) | | | Jun-23 | | | | 235,242 | |
LME Zinc Futures (a)(b) | | | (61 | ) | | | Short | | | | (4,460,244 | ) | | | Jun-23 | | | | 81,042 | |
Long Gilt Futures | | | (49 | ) | | | Short | | | | (6,247,101 | ) | | | Jun-23 | | | | (216,781 | ) |
Low Sulphur Gas Oil Futures (a) | | | (84 | ) | | | Short | | | | (6,314,700 | ) | | | May-23 | | | | (74,300 | ) |
MSCI Emerging Markets Index Futures | | | (168 | ) | | | Short | | | | (8,362,200 | ) | | | Jun-23 | | | | (284,959 | ) |
Natural Gas Futures (a) | | | (469 | ) | | | Short | | | | (10,393,040 | ) | | | Apr-23 | | | | 1,202,922 | |
New Zealand Dollar Futures | | | (290 | ) | | | Short | | | | (18,127,900 | ) | | | Jun-23 | | | | (268,602 | ) |
NY Harbor ULSD Futures (a) | | | (52 | ) | | | Short | | | | (5,723,390 | ) | | | Apr-23 | | | | (43,871 | ) |
Palladium Futures (a) | | | (20 | ) | | | Short | | | | (2,936,000 | ) | | | Jun-23 | | | | (27,346 | ) |
S&P/TSX 60 Index Futures | | | (18 | ) | | | Short | | | | (3,220,955 | ) | | | Jun-23 | | | | (90,876 | ) |
South African Rand Futures | | | (741 | ) | | | Short | | | | (20,683,162 | ) | | | Jun-23 | | | | (633,201 | ) |
Soybean Futures (a) | | | (40 | ) | | | Short | | | | (2,951,000 | ) | | | Jul-23 | | | | (109,380 | ) |
Soybean Oil Futures (a) | | | (308 | ) | | | Short | | | | (10,278,576 | ) | | | Jul-23 | | | | 96,841 | |
U.S. Treasury 10-Year Note Futures | | | (142 | ) | | | Short | | | | (16,318,906 | ) | | | Jun-23 | | | | (574,377 | ) |
U.S. Treasury 2-Year Note Futures | | | (361 | ) | | | Short | | | | (74,529,578 | ) | | | Jun-23 | | | | (770,723 | ) |
U.S. Treasury 5-Year Note Futures | | | (275 | ) | | | Short | | | | (30,114,649 | ) | | | Jun-23 | | | | (798,430 | ) |
U.S. Treasury Long Bond Futures | | | (45 | ) | | | Short | | | | (5,902,031 | ) | | | Jun-23 | | | | (327,184 | ) |
U.S. Treasury Ultra Bond Futures | | | (33 | ) | | | Short | | | | (4,657,125 | ) | | | Jun-23 | | | | (220,574 | ) |
U.S. Ultra 10 Year Future | | | (55 | ) | | | Short | | | | (6,662,734 | ) | | | Jun-23 | | | | (263,638 | ) |
Wheat Futures (a) | | | (254 | ) | | | Short | | | | (8,947,150 | ) | | | Jul-23 | | | | 127,354 | |
WTI Crude Futures (a) | | | (237 | ) | | | Short | | | | (17,933,790 | ) | | | Apr-23 | | | | (1,345,071 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | | | $ | (8,356,152 | ) |
| | | | | | | | | | | | | | | | | | |
|
|
|
| (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
March 31, 2023
| | | | | | | | | | | | | | | | | | |
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)
| |
| 6/21/2023 | | UBS AG | | Chinese Yuan Renminbi | | | 51,000,000 | | | U.S. Dollar | | | 7,483,181 | | | $ | (12,263 | ) |
| 6/21/2023 | | UBS AG | | New Turkish Lira | | | 26,400,000 | | | U.S. Dollar | | | 1,322,130 | | | | (120,003 | ) |
| 6/21/2023 | | UBS AG | | Norwegian Krone | | | 126,000,000 | | | U.S. Dollar | | | 11,962,788 | | | | 117,214 | |
| 6/21/2023 | | UBS AG | | Polish Zloty | | | 157,500,000 | | | U.S. Dollar | | | 35,873,594 | | | | 427,086 | |
| 6/21/2023 | | UBS AG | | Singapore Dollar | | | 180,625,000 | | | U.S. Dollar | | | 135,151,407 | | | | 943,550 | |
| 6/21/2023 | | UBS AG | | Swedish Krona | | | 94,000,000 | | | U.S. Dollar | | | 8,950,921 | | | | 145,207 | |
| 6/21/2023 | | UBS AG | | U.S. Dollar | | | 18,241,217 | | | Chinese Yuan Renminbi | | | 126,000,000 | | | | (216,346 | ) |
| 6/21/2023 | | UBS AG | | U.S. Dollar | | | 1,154,620 | | | New Turkish Lira | | | 26,400,000 | | | | (47,507 | ) |
| 6/21/2023 | | UBS AG | | U.S. Dollar | | | 39,466,422 | | | Norwegian Krone | | | 414,000,000 | | | | (225,010 | ) |
| 6/21/2023 | | UBS AG | | U.S. Dollar | | | 10,960,166 | | | Polish Zloty | | | 48,500,000 | | | | (218,138 | ) |
| 6/21/2023 | | UBS AG | | U.S. Dollar | | | 61,315,695 | | | Singapore Dollar | | | 82,500,000 | | | | (846,865 | ) |
| 6/21/2023 | | UBS AG | | U.S. Dollar | | | 19,966,054 | | | Swedish Krona | | | 210,000,000 | | | | (355,085 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | (408,160 | ) |
| | | | | | | | | | | | | | | | |
|
|
|
See notes to financial statements.
96
GuidePath Conservative Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 42.09% | |
| | | | | Domestic Fixed Income Funds - 42.09% | |
| | 35,639 | | | Invesco Senior Loan ETF (a) | | $ | 741,291 | |
| | 17,894 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 745,822 | |
| | 20,557 | | | iShares 0-5 Year Investment Grade Corporate Bond ETF | | | 996,604 | |
| | 81,345 | | | SPDR Bloomberg Investment Grade Floating Rate ETF (a) | | | 2,475,329 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $4,950,117) | | | 4,959,046 | |
| | | | | | |
|
|
|
| | | | | SHORT TERM INVESTMENTS - 57.88% | |
| | | | | Money Market Funds - 39.12% | |
| | 4,608,659 | | | JPMorgan U.S. Government Money Market Fund Effective Yield, 4.73% (b)(c) | | | 4,608,659 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Bills - 6.31% | |
| | 750,000 | | | 0.000%, 06/15/2023 | | | 742,964 | |
| | | | | | |
|
|
|
| | | | | U.S. Treasury Notes - 12.45% | |
| | 750,000 | | | 1.375%, 09/30/2023 | | | 737,871 | |
| | 750,000 | | | 0.500%, 11/30/2023 | | | 729,340 | |
| | | | | | |
|
|
|
| | | | | | | | 1,467,211 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $6,824,290) | | | 6,818,834 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Units
| | | | | Value
| |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.25% | |
| | 1,325,946 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (c) | | $ | 1,325,946 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $1,325,946) | | | 1,325,946 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $13,100,353) - 111.23% | | | 13,103,826 | |
| | | | | Liabilities in Excess of
Other Assets - (11.23)% | | | (1,322,473 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 11,781,353 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (c) | | Seven-day yield as of March 31, 2023. |
See notes to financial statements.
97
GuidePath Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | INVESTMENT COMPANIES - 97.55% | |
| | | | | Domestic Fixed Income Funds - 97.55% | |
| | 204,498 | | | iShares Core U.S. Aggregate Bond ETF (a) | | $ | 20,376,181 | |
| | 70,394 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF | | | 6,073,594 | |
| | 413,658 | | | Schwab Intermediate-Term U.S. Treasury ETF (a) | | | 20,860,773 | |
| | 430,635 | | | VanEck Vectors Emerging Markets High Yield Bond ETF (b) | | | 7,932,297 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $54,882,436) | | | 55,242,845 | |
| | | | | | |
|
|
|
| | | | | SHORT-TERM INVESTMENTS - 2.33% | |
| | | | | Money Market Funds - 2.33% | |
| | 1,321,403 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield 4.73%, (c) | | | 1,321,403 | |
| | | | | | |
|
|
|
| | | | | Total Money Market Funds
(Cost $1,321,403) | | | 1,321,403 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.54% | |
| | 305,100 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield 4.93% (c) | | | 305,100 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $305,100) | | | 305,100 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $56,508,939) - 100.42% | | | 56,869,348 | |
| | | | | Liabilities in Excess of
Other Assets - (0.42)% | | | (235,158 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 56,634,190 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (b) | | All or portion of this security is on loan. |
| (c) | | Seven-day yield as of March 31, 2022. |
See notes to financial statements.
98
GuidePath Growth and Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS - 35.03% | | | | |
| | | | | Aerospace & Defense - 0.50% | | | | |
| | 728 | | | General Dynamics Corp. | | $ | 166,137 | |
| | 775 | | | Lockheed Martin Corp. | | | 366,366 | |
| | | | | | |
|
|
|
| | | | | | | | 532,503 | |
| | | | | | |
|
|
|
| | | | | Air Freight & Logistics - 0.52% | | | | |
| | 2,847 | | | United Parcel Service, Inc. - Class B (a) | | | 552,290 | |
| | | | | | |
|
|
|
| | | | | Banks - 1.20% | | | | |
| | 5,250 | | | Citizens Financial Group, Inc. (a) | | | 159,443 | |
| | 17,272 | | | Huntington Bancshares, Inc. (a) | | | 193,446 | |
| | 822 | | | M&T Bank Corp. (a) | | | 98,287 | |
| | 1,213 | | | PNC Financial Services Group, Inc. | | | 154,172 | |
| | 10,827 | | | Regions Financial Corp. (a) | | | 200,949 | |
| | 8,359 | | | Truist Financial Corp. | | | 285,042 | |
| | 5,186 | | | U.S. Bancorp (a) | | | 186,955 | |
| | | | | | |
|
|
|
| | | | | | | | 1,278,294 | |
| | | | | | |
|
|
|
| | | | | Beverages - 2.32% | | | | |
| | 20,003 | | | Coca-Cola Co. | | | 1,240,787 | |
| | 6,743 | | | PepsiCo, Inc. | | | 1,229,249 | |
| | | | | | |
|
|
|
| | | | | | | | 2,470,036 | |
| | | | | | |
|
|
|
| | | | | Biotechnology - 2.07% | | | | |
| | 8,803 | | | AbbVie, Inc. (a) | | | 1,402,934 | |
| | 3,351 | | | Amgen, Inc. (a) | | | 810,104 | |
| | | | | | |
|
|
|
| | | | | | | | 2,213,038 | |
| | | | | | |
|
|
|
| | | | | Building Products - 0.27% | | | | |
| | 4,797 | | | Johnson Controls International PLC - ADR (a) | | | 288,875 | |
| | | | | | |
|
|
|
| | | | | Capital Markets - 1.30% | | | | |
| | 528 | | | BlackRock, Inc. | | | 353,295 | |
| | 3,050 | | | Blackstone, Inc. (a) | | | 267,912 | |
| | 1,255 | | | CME Group, Inc. | | | 240,358 | |
| | 3,977 | | | State Street Corp. | | | 301,019 | |
| | 2,073 | | | T. Rowe Price Group, Inc. (a) | | | 234,042 | |
| | | | | | |
|
|
|
| | | | | | | | 1,396,626 | |
| | | | | | |
|
|
|
| | | | | Chemicals - 0.77% | | | | |
| | 1,599 | | | Air Products & Chemicals, Inc. (a) | | | 459,249 | |
| | 3,918 | | | LyondellBasell Industries NV - Class A - ADR (a) | | | 367,861 | |
| | | | | | |
|
|
|
| | | | | | | | 827,110 | |
| | | | | | |
|
|
|
| | | | | Communications Equipment - 0.87% | | | | |
| | 17,825 | | | Cisco Systems, Inc. | | | 931,802 | |
| | | | | | |
|
|
|
| | | | | Consumer Finance - 0.51% | | | | |
| | 3,547 | | | Capital One Financial Corp. | | | 341,080 | |
| | 6,868 | | | Synchrony Financial (a) | | | 199,721 | |
| | | | | | |
|
|
|
| | | | | | | | 540,801 | |
| | | | | | |
|
|
|
| | | | | Diversified Telecommunication Services - 1.11% | |
| | 21,270 | | | AT&T, Inc. | | | 409,448 | |
| | 20,026 | | | Verizon Communications, Inc. | | | 778,811 | |
| | | | | | |
|
|
|
| | | | | | | | 1,188,259 | |
| | | | | | |
|
|
|
| | | | | Electric Utilities - 0.55% | | | | |
| | 2,258 | | | American Electric Power Co., Inc. (a) | | | 205,455 | |
| | 1,098 | | | Eversource Energy | | | 85,929 | |
| | 4,412 | | | Xcel Energy, Inc. | | | 297,546 | |
| | | | | | |
|
|
|
| | | | | | | | 588,930 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | Electrical Equipment - 0.95% | | | | |
| | 2,996 | | | Eaton Corp. PLC - ADR | | $ | 513,334 | |
| | 5,705 | | | Emerson Electric Co. | | | 497,134 | |
| | | | | | |
|
|
|
| | | | | | | | 1,010,468 | |
| | | | | | |
|
|
|
| | | | | Food Products - 1.02% | | | | |
| | 3,299 | | | Archer-Daniels-Midland Co. | | | 262,798 | |
| | 4,767 | | | General Mills, Inc. (a) | | | 407,388 | |
| | 6,035 | | | Mondelez International, Inc. - Class A (a) | | | 420,760 | |
| | | | | | |
|
|
|
| | | | | | | | 1,090,946 | |
| | | | | | |
|
|
|
| | | | | Health Care Equipment & Supplies - 0.41% | |
| | 5,391 | | | Medtronic PLC - ADR | | | 434,622 | |
| | | | | | |
|
|
|
| | | | | Health Care Providers & Services - 0.47% | |
| | 6,776 | | | CVS Health Corp. | | | 503,525 | |
| | | | | | |
|
|
|
| | | | | Hotels, Restaurants & Leisure - 1.42% | |
| | 3,713 | | | McDonald’s Corp. | | | 1,038,192 | |
| | 4,624 | | | Starbucks Corp. | | | 481,497 | |
| | | | | | |
|
|
|
| | | | | | | | 1,519,689 | |
| | | | | | |
|
|
|
| | | | | Household Durables - 0.12% | | | | |
| | 968 | | | Whirlpool Corp. (a) | | | 127,795 | |
| | | | | | |
|
|
|
| | | | | Household Products - 1.93% | | | | |
| | 6,049 | | | Colgate-Palmolive Co. | | | 454,582 | |
| | 1,905 | | | Kimberly-Clark Corp. | | | 255,689 | |
| | 9,123 | | | Procter & Gamble Co. | | | 1,356,499 | |
| | | | | | |
|
|
|
| | | | | | | | 2,066,770 | |
| | | | | | |
|
|
|
| | | | | Industrial Conglomerates - 1.27% | | | | |
| | 5,615 | | | 3M Co. | | | 590,193 | |
| | 4,052 | | | Honeywell International, Inc. | | | 774,418 | |
| | | | | | |
|
|
|
| | | | | | | | 1,364,611 | |
| | | | | | |
|
|
|
| | | | | Insurance - 0.76% | | | | |
| | 6,003 | | | Aflac, Inc. (a) | | | 387,314 | |
| | 3,700 | | | Hartford Financial Services Group, Inc. | | | 257,853 | |
| | 991 | | | Travelers Cos., Inc. | | | 169,867 | |
| | | | | | |
|
|
|
| | | | | | | | 815,034 | |
| | | | | | |
|
|
|
| | | | | IT Services - 1.38% | | | | |
| | 2,356 | | | Automatic Data Processing, Inc. | | | 524,516 | |
| | 5,814 | | | International Business Machines Corp. | | | 762,158 | |
| | 1,655 | | | Paychex, Inc. | | | 189,646 | |
| | | | | | |
|
|
|
| | | | | | | | 1,476,320 | |
| | | | | | |
|
|
|
| | | | | Leisure Products - 0.06% | | | | |
| | 1,162 | | | Hasbro, Inc. (a) | | | 62,388 | |
| | | | | | |
|
|
|
| | | | | Machinery - 1.14% | | | | |
| | 2,702 | | | Caterpillar, Inc. | | | 618,325 | |
| | 1,378 | | | Cummins, Inc. (a) | | | 329,177 | |
| | 1,107 | | | Illinois Tool Works, Inc. (a) | | | 269,499 | |
| | | | | | |
|
|
|
| | | | | | | | 1,217,001 | |
| | | | | | |
|
|
|
| | | | | Media - 0.98% | | | | |
| | 23,240 | | | Comcast Corp. - Class A (a) | | | 881,028 | |
| | 7,426 | | | Paramount Global - Class B (a) | | | 165,674 | |
| | | | | | |
|
|
|
| | | | | | | | 1,046,702 | |
| | | | | | |
|
|
|
| | | | | Multiline Retail - 0.39% | | | | |
| | 2,512 | | | Target Corp. (a) | | | 416,063 | |
| | | | | | |
|
|
|
| | | | | Multi-Utilities - 0.95% | | | | |
| | 3,317 | | | Ameren Corp. | | | 286,556 | |
| | 2,196 | | | Consolidated Edison, Inc. (a) | | | 210,091 | |
See notes to financial statements.
99
GuidePath Growth and Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2023
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | COMMON STOCKS (Continued) | | | | |
| | | | | Multi-Utilities (Continued) | | | | |
| | 1,861 | | | DTE Energy Co. | | $ | 203,854 | |
| | 2,065 | | | Sempra Energy | | | 312,145 | |
| | | | | | |
|
|
|
| | | | | | | | 1,012,646 | |
| | | | | | |
|
|
|
| | | | | Oil, Gas & Consumable Fuels - 0.80% | | | | |
| | 22,605 | | | Kinder Morgan, Inc. (a) | | | 395,814 | |
| | 3,372 | | | Marathon Petroleum Corp. | | | 454,646 | |
| | | | | | |
|
|
|
| | | | | | | | 850,460 | |
| | | | | | |
|
|
|
| | | | | Pharmaceuticals - 3.37% | | | | |
| | 8,501 | | | Johnson & Johnson | | | 1,317,656 | |
| | 11,779 | | | Merck & Co., Inc. | | | 1,253,168 | |
| | 25,085 | | | Pfizer, Inc. | | | 1,023,468 | |
| | | | | | |
|
|
|
| | | | | | | | 3,594,292 | |
| | | | | | |
|
|
|
| | | | | Road & Rail - 0.39% | | | | |
| | 2,073 | | | Union Pacific Corp. | | | 417,212 | |
| | | | | | |
|
|
|
| | | | | Semiconductors & Semiconductor Equipment - 3.09% | |
| | 902 | | | Analog Devices, Inc. | | | 177,892 | |
| | 1,732 | | | Broadcom, Inc. | | | 1,111,147 | |
| | 15,390 | | | Intel Corp. (a) | | | 502,791 | |
| | 5,633 | | | QUALCOMM, Inc. | | | 718,658 | |
| | 4,255 | | | Texas Instruments, Inc. (a) | | | 791,473 | |
| | | | | | |
|
|
|
| | | | | | | | 3,301,961 | |
| | | | | | |
|
|
|
| | | | | Specialty Retail - 1.55% | | | | |
| | 2,118 | | | Advance Auto Parts, Inc. | | | 257,570 | |
| | 971 | | | Best Buy Co., Inc. (a) | | | 76,000 | |
| | 4,468 | | | Home Depot, Inc. (a) | | | 1,318,596 | |
| | | | | | |
|
|
|
| | | | | | | | 1,652,166 | |
| | | | | | |
|
|
|
| | | | | Technology Hardware, Storage & Peripherals - 0.20% | |
| | 7,231 | | | HP, Inc. | | | 212,230 | |
| | | | | | |
|
|
|
| | | | | Tobacco - 0.39% | | | | |
| | 4,269 | | | Philip Morris International, Inc. | | | 415,160 | |
| | | | | | |
|
|
|
| | | | | Total Common Stocks
(Cost $32,984,718) | | | 37,416,625 | |
| | | | | | |
|
|
|
| | | | | INVESTMENT COMPANIES - 35.78% | | | | |
| | | | | Domestic Equity Funds - 26.71% | | | | |
| | 195,987 | | | Global X MLP ETF (a) | | | 8,153,058 | |
| | 405,625 | | | Schwab U.S. Large-Cap ETF | | | 19,620,082 | |
| | 7,047 | | | Vanguard High Dividend Yield ETF (a) | | | 743,459 | |
| | | | | | |
|
|
|
| | | | | | | | 28,516,599 | |
| | | | | | |
|
|
|
| | | | | Domestic Fixed Income Funds - 0.68% | | | | |
| | 7,941 | | | SPDR Bloomberg 1-3 Month T-Bill ETF | | | 729,143 | |
| | | | | | |
|
|
|
| | | | | International Equity Funds - 8.39% | | | | |
| | 144,692 | | | Vanguard International High Dividend Yield ETF | | | 8,963,669 | |
| | | | | | |
|
|
|
| | | | | Total Investment Companies
(Cost $37,069,563) | | | 38,209,411 | |
| | | | | | |
|
|
|
| | | | | | | | |
Number of
Shares
| | | | | Value
| |
| | | | | SHORT TERM INVESTMENTS - 28.89% | |
| | | | | Money Market Funds - 20.62% | | | | |
| | 22,024,000 | | | JPMorgan U.S. Government Money Market Fund
Effective Yield, 4.73% (b) | | $ | 22,024,000 | |
| | | | | | |
|
|
|
| | |
Principal
Amount
| | | | | | |
| | | | | U.S. Treasury Notes - 5.49% | | | | |
| | 3,000,000 | | | 1.375%, 09/30/2023 (c) | | | 2,951,485 | |
| | 3,000,000 | | | 0.500%, 11/30/2023 (c) | | | 2,917,360 | |
| | | | | | |
|
|
|
| | | | | | | | 5,868,845 | |
| | | | | | |
|
|
|
| | | | | U.S. Treasury Bills - 2.78% | | | | |
| | 3,000,000 | | | 0.00%, 06/15/2023 | | | 2,971,855 | |
| | | | | | |
|
|
|
| | | | | Total Short Term Investments
(Cost $30,886,522) | | | 30,864,700 | |
| | | | | | |
|
|
|
| | |
Number of
Units
| | | | | | |
| | | | | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.78% | |
| | 12,585,208 | | | Mount Vernon Liquid Assets Portfolio, LLC
Effective Yield, 4.93% (b) | | | 12,585,208 | |
| | | | | | |
|
|
|
| | | | | Total Investments Purchased with Proceeds from Securities Lending Collateral
(Cost $12,585,208) | | | 12,585,208 | |
| | | | | | |
|
|
|
| | | | | Total Investments
(Cost $113,526,011) - 111.48% | | | 119,075,944 | |
| | | | | Liabilities in Excess of
Other Assets - (11.48)% | | | (12,258,770 | ) |
| | | | | | |
|
|
|
| | | | | TOTAL NET ASSETS - 100.00% | | $ | 106,817,174 | |
| | | | | | |
|
|
|
Percentages are stated as a percent of net assets.
| (a) | | All or portion of this security is on loan. |
| (b) | | Seven-day yield as of March 31, 2023. |
| (c) | | All or portion of this security is held as collateral for certain options written contracts. The approximate value of the portion on these securities held as collateral is $5,377,195. |
Glossary of Terms
| | | | |
| ADR | | - | | American Depositary Receipt |
See notes to financial statements.
100
GuidePath Growth and Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2023
| | | | | | | | | | | | | | | | | | |
Description
| | Number of
Contracts
Purchased/(Sold)
| | | Long/Short
| | | Notional
Value
| | | Settlement
Month
| | Value/Unrealized
Appreciation
(Depreciation)
| |
E-mini S&P 500 Futures | | | 21 | | | | Long | | | $ | 4,344,638 | | | Jun-23 | | $ | 145,604 | |
| | | | | | | | | | | | | | | | |
|
|
|
| | | | | | | | | | | | | | | | | $ | 145,604 | |
| | | | | | | | | | | | | | | | |
|
|
|
GuidePath Growth and Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2023
| | | | | | | | | | | | |
Notional
Amount
| | | Number of
Contracts
| | | | | Value
| |
| | | | | | | | | Options on Equities | | | | |
| | | | | | | | | Put Options | | | | |
| $ | 4,010,000 | | | | 10 | | | CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: April 06, 2023
Exercise Price: $4,010.00 | | $ | (4,600 | ) |
| | 3,890,000 | | | | 10 | | | CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: April 14, 2023
Exercise Price: $3,890.00 | | | (7,100 | ) |
| | 5,835,000 | | | | 15 | | | CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: April 21, 2023
Exercise Price: $3,890.00 | | | (18,780 | ) |
| | 4,000,000 | | | | 10 | | | CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: April 28, 2023
Exercise Price: $4,000.00 | | | (36,400 | ) |
| | 4,070,000 | | | | 10 | | | CBOE S&P 500 Index
Counterparty: Interactive Brokers
Expiration: May 5, 2023
Exercise Price: $4,070.00 | | | (68,200 | ) |
| | 3,900,000 | | | | 10 | | | S&P 500 Index
Counterparty: Interactive Brokers
Expiration: April 21, 2023
Exercise Price: $3,900.00 | | | (12,900 | ) |
| | | | | | | | | | |
|
|
|
| | | | | | | | | Total Written Options
(Premiums Received $604,110) | | $ | (147,980 | ) |
| | | | | | | | | | |
|
|
|
See notes to financial statements.
101
GuideMark Funds & GuidePath Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2023
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $508,829,090, $43,958,351 and $100,595,470, respectively)1 | | $ | 706,062,954 | | | $ | 49,532,953 | | | $ | 122,169,964 | |
Foreign currencies (cost $0, $6,203, and $0, respectively) | | | — | | | | 6,273 | | | | — | |
Cash | | | 5,045 | | | | — | | | | 790 | |
Income receivable | | | 551,435 | | | | 181,530 | | | | 107,550 | |
Receivable for dividend reclaims | | | 736 | | | | 2,779 | | | | — | |
Receivable from Investment Advisor | | | — | | | | 2,359 | | | | — | |
Receivable for fund shares sold | | | 2,037,482 | | | | 124,642 | | | | 1,800,239 | |
Other assets | | | 35,203 | | | | 15,156 | | | | 21,840 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 708,692,855 | | | | 49,865,692 | | | | 124,100,383 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 99,549,037 | | | | 2,941,322 | | | | 28,266,325 | |
Payable for investment securities purchased | | | — | | | | — | | | | 340,364 | |
Payable for fund shares redeemed | | | 737,599 | | | | 1,005,260 | | | | 43,220 | |
Payable to Investment Advisor | | | 349,140 | | | | — | | | | 64,681 | |
Payable to custodian | | | 4,005 | | | | 25,999 | | | | 1,508 | |
Accrued Trustee fees and expenses | | | 2,885 | | | | 495 | | | | 964 | |
Accrued shareholder servicing fees | | | 39,724 | | | | 6,760 | | | | 5,871 | |
Deferred tax | | | — | | | | 112,650 | | | | — | |
Other accrued expenses | | | 166,831 | | | | 73,942 | | | | 76,500 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 100,849,221 | | | | 4,166,428 | | | | 28,799,433 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 607,843,634 | | | $ | 45,699,264 | | | $ | 95,300,950 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 410,071,965 | | | | 40,960,922 | | | | 74,542,447 | |
Total distributable earnings | | | 197,771,669 | | | | 4,738,342 | | | | 20,758,503 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 607,843,634 | | | $ | 45,699,264 | | | $ | 95,300,950 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 75 | | | | — | | | | — | |
Net assets | | | 1,810 | | | | — | | | | — | |
Net asset value, offering and redemption price per share | | $ | 24.237 | 2 | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 25,518,611 | | | | 4,437,167 | | | | 5,685,087 | |
Net assets | | | 607,841,824 | | | | 45,699,264 | | | | 95,300,950 | |
Net asset value, offering and redemption price per share | | $ | 23.820 | | | $ | 10.299 | | | $ | 16.763 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 99,108,475 | | | $ | 2,871,760 | | | $ | 28,014,227 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
102
GuideMark Funds & GuidePath Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2023
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Growth
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $92,483,559, $219,241,024 and $859,703,385, respectively)1 | | $ | 115,236,478 | | | $ | 205,213,341 | | | $ | 1,104,795,700 | |
Foreign currencies (cost $69,286, $0, and $0, respectively) | | | 67,948 | | | | — | | | | — | |
Cash | | | — | | | | 4,157 | | | | — | |
Appreciation on swap agreements | | | — | | | | 157,527 | | | | — | |
Income receivable | | | 632,568 | | | | 1,018,006 | | | | 48,722 | |
Receivable for dividend and interest reclaims | | | 440,672 | | | | 3,119 | | | | — | |
Receivable for investment securities sold | | | — | | | | 588,288 | | | | 18,190,470 | |
Receivable for fund shares sold | | | 125,339 | | | | 1,665,776 | | | | 1,420,761 | |
Net swap premiums paid | | | — | | | | 49,480 | | | | — | |
Other assets | | | 15,792 | | | | 16,822 | | | | 67,352 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 116,518,797 | | | | 208,716,516 | | | | 1,124,523,005 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Options written at value (Premium received $0, $50,197 and $0, respectively) | | | — | | | | 44,233 | | | | — | |
Depreciation on swap agreements | | | — | | | | 7,753 | | | | — | |
Variation margin on futures | | | — | | | | 38,007 | | | | — | |
Payable for collateral on securities loaned | | | 5,299,517 | | | | 1,689,338 | | | | 150,405,813 | |
Payable for investment securities purchased (When issued securities of $0, $34,974,462, and $0, respectively) | | | — | | | | 36,070,935 | | | | 22,784,999 | |
Payable for fund shares redeemed | | | 1,273,758 | | | | 189,029 | | | | 458,839 | |
Payable to Investment Advisor | | | 79,020 | | | | 91,561 | | | | 389,882 | |
Payable to custodian | | | 7,343 | | | | 5,397 | | | | 9,994 | |
Accrued Trustee fees and expenses | | | 986 | | | | 1,649 | | | | 7,965 | |
Accrued shareholder servicing fees | | | 13,308 | | | | 10,376 | | | | 86,328 | |
Due to broker for swaps for margin | | | — | | | | 212,690 | | | | — | |
Other accrued expenses | | | 129,800 | | | | 107,920 | | | | 193,427 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 6,803,732 | | | | 38,468,888 | | | | 174,337,247 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 109,715,065 | | | $ | 170,247,628 | | | $ | 950,185,758 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 83,929,229 | | | | 197,876,553 | | | | 717,191,507 | |
Total distributable earnings (loss) | | | 25,785,836 | | | | (27,628,925 | ) | | | 232,994,251 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 109,715,065 | | | $ | 170,247,628 | | | $ | 950,185,758 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 27 | | | | — | | | | 518 | |
Net assets | | | 269 | | | | — | | | | 7,255 | |
Net asset value, offering and redemption price per share | | $ | 10.028 | 2 | | $ | — | | | $ | 14.000 | 2 |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 11,279,642 | | | | 20,595,662 | | | | 68,339,523 | |
Net assets | | | 109,714,796 | | | | 170,247,628 | | | | 950,178,503 | |
Net asset value, offering and redemption price per share | | $ | 9.727 | | | $ | 8.266 | | | $ | 13.904 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 5,106,814 | | | $ | 1,662,252 | | | $ | 148,809,275 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
103
GuideMark Funds & GuidePath Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2023
| | | | | | | | | | | | |
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $459,378,235, $571,394,149 and $249,409,230, respectively)1 | | $ | 486,047,260 | | | $ | 603,625,808 | | | $ | 249,300,535 | |
Income receivable | | | 374,120 | | | | 640,312 | | | | 528,300 | |
Receivable for investment securities sold | | | 51,660,567 | | | | 1,674,368 | | | | — | |
Receivable for fund shares sold | | | 820,759 | | | | 791,469 | | | | 343,455 | |
Other assets | | | 53,280 | | | | 30,762 | | | | 38,497 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 538,955,986 | | | | 606,762,719 | | | | 250,210,787 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Payable for collateral on securities loaned | | | 62,421,423 | | | | 104,514,306 | | | | 25,105,887 | |
Payable for investment securities purchased | | | 46,615,486 | | | | — | | | | 348,659 | |
Loan payable | | | 960,000 | | | | — | | | | — | |
Payable for fund shares redeemed | | | 335,686 | | | | 295,089 | | | | 288,653 | |
Payable to Investment Advisor | | | 127,835 | | | | 249,481 | | | | 48,283 | |
Payable to custodian | | | 9,371 | | | | 6,408 | | | | 9,001 | |
Accrued Trustee fees and expenses | | | 3,301 | | | | 3,682 | | | | 2,384 | |
Accrued shareholder servicing fees | | | 36,025 | | | | 39,803 | | | | 22,300 | |
Other accrued expenses | | | 108,413 | | | | 139,353 | | | | 132,109 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 110,617,540 | | | | 105,248,122 | | | | 25,957,276 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 428,338,446 | | | $ | 501,514,597 | | | $ | 224,253,511 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 415,092,414 | | | | 500,782,767 | | | | 251,940,413 | |
Total distributable earnings (loss) | | | 13,246,032 | | | | 731,830 | | | | (27,686,902 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 428,338,446 | | | $ | 501,514,597 | | | $ | 224,253,511 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 1,030 | | | | 50,399 | | | | 2,832 | |
Net assets | | | 10,563 | | | | 539,126 | | | | 26,541 | |
Net asset value, offering and redemption price per share | | $ | 10.260 | 2 | | $ | 10.697 | | | $ | 9.372 | |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 42,139,311 | | | | 47,428,565 | | | | 23,868,740 | |
Net assets | | | 428,327,883 | | | | 500,975,471 | | | | 224,226,970 | |
Net asset value, offering and redemption price per share | | $ | 10.165 | | | $ | 10.563 | | | $ | 9.394 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 61,536,495 | | | $ | 103,926,502 | | | $ | 24,691,536 | |
| | |
|
|
| |
|
|
| |
|
|
|
2Differences in actual and calculated net asset value shown are due to rounding. | | | | | | | | | | | | |
See notes to financial statements.
104
GuideMark Funds & GuidePath Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2023
| | | | | | | | | | | | |
| | | Multi-Asset
Income
Allocation
Fund
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures
Strategy
Fund2
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $100,899,963, $341,891,538 and $486,451,185, respectively)1 | | $ | 107,745,647 | | | $ | 344,033,363 | | | $ | 486,393,346 | |
Investments in affiliates, at value (cost $0, $9,726,603, and $0, respectively) | | | — | | | | 10,010,370 | | | | — | |
Cash held as collateral for forward contracts | | | — | | | | — | | | | 5,320,053 | |
Income receivable | | | 90,025 | | | | 116,404 | | | | 3,108,828 | |
Deposits with broker for futures | | | — | | | | — | | | | 7,031,275 | |
Receivable for fund shares sold | | | 10,198 | | | | 746,674 | | | | 929,314 | |
Receivable for unsettled open futures contracts | | | — | | | | — | | | | 317,532 | |
Appreciation on forward currency contracts | | | — | | | | — | | | | 1,633,057 | |
Other assets | | | 26,241 | | | | 34,238 | | | | 30,563 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 107,872,111 | | | | 354,941,049 | | | | 504,763,968 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Depreciation on forward currency contracts | | | — | | | | — | | | | 2,041,217 | |
Variation margin on futures | | | — | | | | — | | | | 799,311 | |
Payable for collateral on securities loaned | | | 18,881,022 | | | | 58,689,441 | | | | — | |
Payable for investment securities purchased | | | — | | | | 807,315 | | | | — | |
Payable for fund shares redeemed | | | 27,605 | | | | 111,822 | | | | 451,775 | |
Payable for unsettled open futures contracts | | | — | | | | — | | | | 1,367,563 | |
Payable to Investment Advisor | | | 45,015 | | | | 91,614 | | | | 580,861 | |
Payable to custodian | | | 3,808 | | | | 4,597 | | | | 3,992 | |
Accrued Trustee fees and expenses | | | 613 | | | | 1,932 | | | | 3,026 | |
Accrued shareholder servicing fees | | | 7,742 | | | | 26,933 | | | | 44,906 | |
Other accrued expenses | | | 34,077 | | | | 92,103 | | | | 200,830 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 18,999,882 | | | | 59,825,757 | | | | 5,493,481 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 88,872,229 | | | $ | 295,115,292 | | | $ | 499,270,487 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 90,688,428 | | | | 343,309,057 | | | | 580,560,093 | |
Total distributable earnings (loss) | | | (1,816,199 | ) | | | (48,193,765 | ) | | | (81,289,606 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 88,872,229 | | | $ | 295,115,292 | | | $ | 499,270,487 | |
| | |
|
|
| |
|
|
| |
|
|
|
Institutional Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | — | | | | 926 | | | | 38,783 | |
Net assets | | | — | | | | 8,353 | | | | 331,615 | |
Net asset value, offering and redemption price per share | | $ | — | | | $ | 9.021 | | | $ | 8.550 | 3 |
| | |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | |
Shares outstanding (unlimited shares of no par value authorized) | | | 8,741,423 | | | | 32,883,204 | | | | 60,480,801 | |
Net assets | | | 88,872,229 | | | | 295,106,939 | | | | 498,938,872 | |
Net asset value, offering and redemption price per share | | $ | 10.167 | | | $ | 8.974 | | | $ | 8.250 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 18,509,059 | | | $ | 57,976,455 | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
|
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.
105
GuideMark Funds & GuidePath Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2023
| | | | | | | | | | | | |
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth &
Income
Fund
| |
ASSETS: | | | | | | | | | | | | |
Investments, at value (cost $13,100,353, $56,508,939, and $113,526,011 respectively)1 | | $ | 13,103,826 | | | $ | 56,869,348 | | | $ | 119,075,944 | |
Income receivable | | | 17,794 | | | | 5,768 | | | | 140,536 | |
Receivable for dividend reclaims | | | — | | | | — | | | | 1,345 | |
Receivable for investment securities sold | | | — | | | | 118,251 | | | | 139,831 | |
Receivable for fund shares sold | | | — | | | | 404 | | | | 978 | |
Deposits with broker for futures | | | — | | | | — | | | | 235,604 | |
Variation margin on futures | | | — | | | | — | | | | 84,000 | |
Other assets | | | 15,302 | | | | 20,101 | | | | 23,074 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Assets | | | 13,136,922 | | | | 57,013,872 | | | | 119,701,312 | |
| | |
|
|
| |
|
|
| |
|
|
|
LIABILITIES: | | | | | | | | | | | | |
Options written, at value (premiums received $0, $0, and $604,110) | | | — | | | | — | | | | 147,980 | |
Payable for collateral on securities loaned | | | 1,325,946 | | | | 305,100 | | | | 12,585,208 | |
Payable for investment securities purchased | | | — | | | | — | | | | 162 | |
Payable for fund shares redeemed | | | 2,286 | | | | 7,637 | | | | 16,247 | |
Payable to Investment Advisor | | | 4,177 | | | | 37,374 | | | | 75,858 | |
Payable to custodian | | | 208 | | | | 516 | | | | 4,046 | |
Payable for audit and tax fees | | | 16,243 | | | | 16,243 | | | | 21,746 | |
Payable for legal fees | | | 546 | | | | 1,257 | | | | 4,745 | |
Payable for printing and mailing fees | | | 1,072 | | | | 2,567 | | | | 6,530 | |
Payable for transfer agent fees and expenses | | | 710 | | | | 780 | | | | 881 | |
Accrued Trustee fees and expenses | | | 82 | | | | 325 | | | | 595 | |
Other accrued expenses | | | 4,299 | | | | 7,883 | | | | 20,140 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 1,355,569 | | | | 379,682 | | | | 12,884,138 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS | | $ | 11,781,353 | | | $ | 56,634,190 | | | $ | 106,817,174 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Capital stock | | | 12,285,121 | | | | 65,598,293 | | | | 106,571,542 | |
Total distributable earnings (loss) | | | (503,768 | ) | | | (8,964,103 | ) | | | 245,632 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total Net Assets | | $ | 11,781,353 | | | $ | 56,634,190 | | | $ | 106,817,174 | |
| | |
|
|
| |
|
|
| |
|
|
|
Shares outstanding (unlimited shares of no par value authorized) | | | 1,223,574 | | | | 6,691,530 | | | | 10,209,003 | |
Net assets | | | 11,781,353 | | | | 56,634,190 | | | | 106,817,174 | |
Net asset value, offering and redemption price per share | | $ | 9.629 | | | $ | 8.464 | | | $ | 10.463 | |
| | |
|
|
| |
|
|
| |
|
|
|
1Includes loaned securities with a value of: | | $ | 1,294,782 | | | $ | 299,730 | | | $ | 12,472,025 | |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
106
GuideMark Funds & GuidePath Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2023
| | | | | | | | | | | | |
| | | Large Cap
Core Fund
| | | Emerging
Markets Fund
| | | Small/Mid Cap
Core Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $2,164, $274,401, and $1,455, respectively) | | $ | 8,965,063 | | | $ | 2,175,013 | | | $ | 1,516,234 | |
Interest income | | | 93,844 | | | | 7,050 | | | | 17,401 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 9,058,907 | | | | 2,182,063 | | | | 1,533,635 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 2,414,505 | | | | 303,578 | | | | 553,065 | |
Administrative service fees – Service Shares | | | 1,329,418 | | | | 126,792 | | | | 241,431 | |
Shareholder servicing fees – Service Shares | | | 536,538 | | | | 51,454 | | | | 97,029 | |
Reports to shareholders | | | 98,142 | | | | 15,375 | | | | 27,819 | |
Administration fees | | | 95,463 | | | | 30,578 | | | | 38,495 | |
Fund accounting fees | | | 84,011 | | | | 118,335 | | | | 67,591 | |
Legal fees | | | 81,796 | | | | 22,025 | | | | 13,556 | |
Trustee fees and expenses | | | 57,640 | | | | 6,123 | | | | 10,711 | |
Federal and state registration fees | | | 41,528 | | | | 36,348 | | | | 37,659 | |
Custody fees | | | 27,044 | | | | 167,553 | | | | 7,515 | |
Audit and tax fees | | | 24,219 | | | | 55,135 | | | | 24,790 | |
Transfer agent fees and expenses | | | 14,533 | | | | 5,010 | | | | 5,958 | |
Compliance fees | | | 14,352 | | | | 1,382 | | | | 2,716 | |
Insurance fees | | | 10,616 | | | | 1,277 | | | | 1,640 | |
Miscellaneous expenses | | | 1,233 | | | | 3,880 | | | | 979 | |
Interest expenses | | | 576 | | | | 4,213 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 4,831,614 | | | | 949,058 | | | | 1,130,954 | |
| | |
|
|
| |
|
|
| |
|
|
|
Fees waived by the Advisor (See Note 4) | | | — | | | | (219,516 | ) | | | — | |
Less securities lending credit (See Note 6) | | | (184,550 | ) | | | (4,973 | ) | | | (104,192 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 4,647,064 | | | | 724,569 | | | | 1,026,762 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 4,411,843 | | | | 1,457,494 | | | | 506,873 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments (net of foreign capital gains tax of $0, $132,550, and $0, respectively) | | | 32,878,693 | | | | 436,209 | | | | 1,256,717 | |
Foreign currencies | | | — | | | | (27,581 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 32,878,693 | | | | 408,628 | | | | 1,256,717 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments (net change in deferred foreign capital gains tax of $0, $318,693, and $0, respectively) | | | (99,052,414 | ) | | | (9,652,713 | ) | | | (12,936,836 | ) |
Foreign currencies | | | — | | | | 12 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (99,052,414 | ) | | | (9,652,701 | ) | | | (12,936,836 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (66,173,721 | ) | | | (9,244,073 | ) | | | (11,680,119 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (61,761,878 | ) | | $ | (7,786,579 | ) | | $ | (11,173,246 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
107
GuideMark Funds & GuidePath Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2023
| | | | | | | | | | | | |
| | | World
ex-US Fund
| | | Core
Fixed Income
Fund
| | | Growth
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income (net of withholding tax of $470,700, $0, and $0, respectively) | | $ | 3,615,004 | | | $ | — | | | $ | 14,804,414 | |
Interest income | | | 12,331 | | | | 5,928,563 | | | | 252,229 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,627,335 | | | | 5,928,563 | | | | 15,056,643 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 499,720 | | | | 725,518 | | | | 2,420,239 | |
Administrative service fees – Service Shares | | | 248,491 | | | | 449,495 | | | | 2,419,083 | |
Shareholder servicing fees – Service Shares | | | 99,941 | | | | 181,379 | | | | 968,020 | |
Reports to shareholders | | | 77,604 | | | | 17,938 | | | | 90,681 | |
Administration fees | | | 39,606 | | | | 44,169 | | | | 127,317 | |
Fund accounting fees | | | 112,658 | | | | 203,205 | | | | 112,211 | |
Legal fees | | | 16,302 | | | | 34,165 | | | | 152,096 | |
Trustee fees and expenses | | | 11,159 | | | | 19,668 | | | | 105,755 | |
Federal and state registration fees | | | 37,382 | | | | 39,140 | | | | 53,161 | |
Custody fees | | | 75,726 | | | | 36,079 | | | | 62,692 | |
Audit and tax fees | | | 27,082 | | | | 26,330 | | | | 18,220 | |
Transfer agent fees and expenses | | | 5,942 | | | | 7,794 | | | | 23,677 | |
Compliance fees | | | 2,686 | | | | 5,073 | | | | 26,992 | |
Insurance fees | | | 2,005 | | | | 3,195 | | | | 17,888 | |
Miscellaneous expenses | | | 914 | | | | 1,028 | | | | 1,264 | |
Interest expenses | | | 2,348 | | | | — | | | | 65,529 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 1,259,566 | | | | 1,794,176 | | | | 6,664,825 | |
| | |
|
|
| |
|
|
| |
|
|
|
Fees waived by the Advisor (See Note 4) | | | (110,946 | ) | | | (80,939 | ) | | | — | |
Fees recouped by the Advisor (See Note 4) | | | 10,557 | | | | — | | | | — | |
Less securities lending credit (See Note 6) | | | (17,475 | ) | | | (8,271 | ) | | | (460,860 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,141,702 | | | | 1,704,966 | | | | 6,203,965 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 2,485,633 | | | | 4,223,597 | | | | 8,852,678 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 2,908,393 | | | | (14,986,790 | ) | | | (5,720,251 | ) |
Foreign currencies | | | (23,973 | ) | | | — | | | | — | |
Swaps | | | — | | | | (383,947 | ) | | | — | |
Net long-term capital gain distributions received from registered investment companies | | | — | | | | — | | | | 7,609,092 | |
Futures contracts | | | — | | | | 2,558,042 | | | | — | |
Options written | | | — | | | | 732,170 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 2,884,420 | | | | (12,080,525 | ) | | | 1,888,841 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized depreciation on: | | | | | | | | | | | | |
Investments | | | (9,268,827 | ) | | | (4,529,120 | ) | | | (120,272,532 | ) |
Foreign currencies | | | (7,578 | ) | | | — | | | | — | |
Swaps | | | — | | | | (137,133 | ) | | | — | |
Futures contracts | | | — | | | | (422,107 | ) | | | — | |
Options written | | | — | | | | (2,867 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (9,276,405 | ) | | | (5,091,227 | ) | | | (120,272,532 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized loss | | | (6,391,985 | ) | | | (17,171,752 | ) | | | (118,383,691 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (3,906,352 | ) | | $ | (12,948,155 | ) | | $ | (109,531,013 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
108
GuideMark Funds & GuidePath Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2023
| | | | | | | | | | | | |
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 13,265,477 | | | $ | 5,509,728 | | | $ | 11,423,236 | |
Interest income | | | 111,824 | | | | 5,191,121 | | | | 115,010 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 13,377,301 | | | | 10,700,849 | | | | 11,538,246 | |
| | |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,084,258 | | | | 1,726,048 | | | | 1,125,924 | |
Administrative service fees – Service Shares | | | 1,084,004 | | | | 1,231,422 | | | | 804,002 | |
Shareholder servicing fees – Service Shares | | | 433,669 | | | | 492,619 | | | | 321,651 | |
Reports to shareholders | | | 68,139 | | | | 94,662 | | | | 77,863 | |
Administration fees | | | 65,406 | | | | 76,964 | | | | 45,860 | |
Fund accounting fees | | | 55,994 | | | | 61,915 | | | | 44,886 | |
Legal fees | | | 67,390 | | | | 79,376 | | | | 64,598 | |
Trustee fees and expenses | | | 45,702 | | | | 51,972 | | | | 33,100 | |
Federal and state registration fees | | | 41,664 | | | | 39,487 | | | | 72,798 | |
Custody fees | | | 61,085 | | | | 35,531 | | | | 50,102 | |
Audit and tax fees | | | 17,422 | | | | 17,438 | | | | 16,401 | |
Transfer agent fees and expenses | | | 13,130 | | | | 13,917 | | | | 10,880 | |
Compliance fees | | | 12,026 | | | | 13,734 | | | | 9,922 | |
Insurance fees | | | 7,969 | | | | 8,061 | | | | 3,467 | |
Miscellaneous expenses | | | 1,153 | | | | 1,216 | | | | 1,188 | |
Interest expenses | | | 27,566 | | | | — | | | | 98,496 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 3,086,577 | | | | 3,944,362 | | | | 2,781,138 | |
| | |
|
|
| |
|
|
| |
|
|
|
Fees waived by the Advisor (See Note 4) | | | (671,969 | ) | | | — | | | | (692,243 | ) |
Less securities lending credit (See Note 6) | | | (435,496 | ) | | | (64,982 | ) | | | (221,237 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 1,979,112 | | | | 3,879,380 | | | | 1,867,658 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 11,398,189 | | | | 6,821,469 | | | | 9,670,588 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (14,039,751 | ) | | | (33,147,870 | ) | | | (27,416,167 | ) |
Net long-term capital gain distributions received | | | 1,442,164 | | | | — | | | | 978,212 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (12,597,587 | ) | | | (33,147,870 | ) | | | (26,437,955 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (27,287,849 | ) | | | 10,865,970 | | | | 1,390,097 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (27,287,849 | ) | | | 10,865,970 | | | | 1,390,097 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (39,885,436 | ) | | | (22,281,900 | ) | | | (25,047,858 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (28,487,247 | ) | | $ | (15,460,431 | ) | | $ | (15,377,270 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
109
GuideMark Funds & GuidePath Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2023
| | | | | | | | | | | | |
| | | Multi-Asset
Income
Allocation
Fund
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures
Strategy
Fund1
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 3,928,801 | | | $ | 8,683,146 | | | $ | — | |
Dividends from affiliate investments | | | — | | | | 356,993 | | | | — | |
Interest income | | | 23,449 | | | | 415,449 | | | | 13,248,897 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 3,952,250 | | | | 9,455,588 | | | | 13,248,897 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 331,962 | | | | 792,628 | | | | 4,574,211 | |
Administrative service fees – Service Shares | | | 237,116 | | | | 792,609 | | | | 1,088,864 | |
Shareholder servicing fees – Service Shares | | | 94,846 | | | | 317,043 | | | | 435,546 | |
Reports to shareholders | | | 3,330 | | | | 27,919 | | | | 85,143 | |
Administration fees | | | 14,500 | | | | 41,606 | | | | 62,297 | |
Fund accounting fees | | | 11,250 | | | | 41,718 | | | | 76,017 | |
Legal fees | | | 7,140 | | | | 52,045 | | | | 94,501 | |
Trustee fees and expenses | | | 10,178 | | | | 33,486 | | | | 40,458 | |
Federal and state registration fees | | | 35,259 | | | | 43,576 | | | | 78,102 | |
Custody fees | | | 23,686 | | | | 29,361 | | | | 20,420 | |
Audit and tax fees | | | 16,273 | | | | 17,358 | | | | 33,876 | |
Transfer agent fees and expenses | | | 4,507 | | | | 10,709 | | | | 12,746 | |
Compliance fees | | | 2,627 | | | | 8,931 | | | | 12,076 | |
Insurance fees | | | 1,858 | | | | 5,292 | | | | 3,801 | |
Miscellaneous expenses | | | 903 | | | | 1,154 | | | | 1,297 | |
Interest expenses | | | 6,960 | | | | 7,121 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 802,395 | | | | 2,222,556 | | | | 6,619,355 | |
| | |
|
|
| |
|
|
| |
|
|
|
Fees waived by the Advisor (See Note 4) | | | — | | | | (308,528 | ) | | | — | |
Fees recouped by the Advisor (See Note 4) | | | — | | | | 17,224 | | | | — | |
Less securities lending credit (See Note 6) | | | (246,537 | ) | | | (338,902 | ) | | | (4,732 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 555,858 | | | | 1,592,350 | | | | 6,614,623 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 3,396,392 | | | | 7,863,238 | | | | 6,634,274 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | (1,758,148 | ) | | | (46,890,106 | ) | | | (17,765 | ) |
Investments in affiliates | | | — | | | | (224,871 | ) | | | — | |
Foreign currencies | | | — | | | | — | | | | (1,096,592 | ) |
Forward currency contracts | | | — | | | | — | | | | 1,098,762 | |
Futures contracts | | | — | | | | — | | | | 12,851,862 | |
Net long-term capital gain distributions received from registered investment companies | | | 397,102 | | | | 17,270 | | | | — | |
Net long-term capital gain distributions received from affiliated registered investment companies | | | — | | | | 362,269 | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (1,361,046 | ) | | | (46,735,438 | ) | | | 12,836,267 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | (9,822,082 | ) | | | 12,979,383 | | | | (46,891 | ) |
Investments in affiliates | | | — | | | | 178,490 | | | | — | |
Foreign currencies | | | — | | | | — | | | | (392,787 | ) |
Forward currency contracts | | | — | | | | — | | | | 1,410,840 | |
Futures contracts | | | — | | | | — | | | | (25,728,371 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (9,822,082 | ) | | | 13,157,873 | | | | (24,757,209 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized gain (loss) | | | (11,183,128 | ) | | | (33,577,565 | ) | | | (11,920,942 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (7,786,736 | ) | | $ | (25,714,327 | ) | | $ | (5,286,668 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
1Consolidated Statement of Operations for the year (see Note 3b). | | | | | | | | | | | | |
See notes to financial statements.
110
GuideMark Funds & GuidePath Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2023
| | | | | | | | | | | | |
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth &
Income
Fund
| |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividend income | | $ | 263,745 | | | $ | 1,481,778 | | | $ | 2,449,800 | |
Interest income | | | 187,573 | | | | 38,359 | | | | 708,474 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total investment income | | | 451,318 | | | | 1,520,137 | | | | 3,158,274 | |
| | |
|
|
| |
|
|
| |
|
|
|
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 57,506 | | | | 247,542 | | | | 451,330 | |
Administrative service fees | | | 41,076 | | | | 137,523 | | | | 250,739 | |
Shareholder servicing fees | | | 116 | | | | 386 | | | | 901 | |
Reports to shareholders | | | 1,408 | | | | 976 | | | | 1,281 | |
Administration fees | | | 2,281 | | | | 7,551 | | | | 15,937 | |
Fund accounting fees | | | 2,254 | | | | 6,068 | | | | 14,248 | |
Legal fees | | | 2,550 | | | | 6,998 | | | | 15,302 | |
Trustee fees and expenses | | | 1,660 | | | | 5,442 | | | | 10,531 | |
Federal and state registration fees | | | 25,468 | | | | 27,597 | | | | 26,160 | |
Custody fees | | | 1,097 | | | | 3,036 | | | | 24,512 | |
Audit and tax fees | | | 16,256 | | | | 16,257 | | | | 20,787 | |
Transfer agent fees and expenses | | | 3,835 | | | | 4,157 | | | | 4,598 | |
Compliance fees | | | 470 | | | | 1,520 | | | | 2,778 | |
Insurance fees | | | 303 | | | | 728 | | | | 1,551 | |
Miscellaneous expenses | | | 244 | | | | 305 | | | | 305 | |
Interest expenses | | | — | | | | — | | | | 101,415 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total expenses | | | 156,524 | | | | 466,086 | | | | 942,375 | |
| | |
|
|
| |
|
|
| |
|
|
|
Fees waived by the Advisor (See Note 4) | | | (31,182 | ) | | | (18,873 | ) | | | (2,958 | ) |
Fees recouped by the Advisor (See Note 4) | | | — | | | | 7,197 | | | | 57,714 | |
Less securities lending credit (See Note 6) | | | (20,188 | ) | | | (19,837 | ) | | | (103,380 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net expenses | | | 105,154 | | | | 434,573 | | | | 893,751 | |
| | |
|
|
| |
|
|
| |
|
|
|
Net investment income | | | 346,164 | | | | 1,085,564 | | | | 2,264,523 | |
| | |
|
|
| |
|
|
| |
|
|
|
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | | | | | | | | | | | | |
Net realized loss on: | | | | | | | | | | | | |
Investments | | | (341,288 | ) | | | (6,245,008 | ) | | | (996,695 | ) |
Options written | | | — | | | | — | | | | (1,033,354 | ) |
Futures contracts | | | — | | | | — | | | | (1,228,020 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | (341,288 | ) | | | (6,245,008 | ) | | | (3,258,069 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 50,611 | | | | 1,652,884 | | | | (1,704,056 | ) |
Options written | | | — | | | | — | | | | (132,960 | ) |
Futures contracts | | | — | | | | — | | | | 91,575 | |
| | |
|
|
| |
|
|
| |
|
|
|
Total | | | 50,611 | | | | 1,652,884 | | | | (1,745,441 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
Net realized and unrealized loss | | | (290,677 | ) | | | (4,592,124 | ) | | | (5,003,510 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 55,487 | | | $ | (3,506,560 | ) | | $ | (2,738,987 | ) |
| | |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
111
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| | | Emerging Markets Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,411,843 | | | $ | 2,272,053 | | | $ | 1,457,494 | | | $ | 1,217,861 | |
Net realized gain on investment transactions | | | 32,878,693 | | | | 33,586,242 | | | | 408,628 | | | | 8,873,790 | |
Net change in unrealized appreciation (depreciation) on investments | | | (99,052,414 | ) | | | 35,262,507 | | | | (9,652,701 | ) | | | (18,511,855 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (61,761,878 | ) | | | 71,120,802 | | | | (7,786,579 | ) | | | (8,420,204 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 2,596 | | | | 68,056 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 158 | | | | 11,114 | | | | — | | | | — | |
Shares redeemed | | | (192,141 | ) | | | (532,561 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (189,387 | ) | | | (453,391 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 280,903,875 | | | | 184,811,275 | | | | 7,279,116 | | | | 12,108,881 | |
Shares issued to holders in reinvestment of dividends | | | 46,117,712 | | | | 21,862,003 | | | | 7,031,403 | | | | 7,603,555 | |
Shares redeemed | | | (303,253,972 | ) | | | (166,111,709 | ) | | | (25,571,030 | ) | | | (28,803,390 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 23,767,615 | | | | 40,561,569 | | | | (11,260,511 | ) | | | (9,090,954 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (158 | ) | | | (11,114 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | (46,117,717 | ) | | | (21,862,004 | ) | | | (7,033,679 | ) | | | (7,604,672 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (46,117,875 | ) | | | (21,873,118 | ) | | | (7,033,679 | ) | | | (7,604,672 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (84,301,525 | ) | | | 89,355,862 | | | | (26,080,769 | ) | | | (25,115,830 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 692,145,159 | | | | 602,789,297 | | | | 71,780,033 | | | | 96,895,863 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 607,843,634 | | | $ | 692,145,159 | | | $ | 45,699,264 | | | $ | 71,780,033 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 95 | | | | 2,293 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 7 | | | | 356 | | | | — | | | | — | |
Shares redeemed | | | (7,078 | ) | | | (18,931 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (6,976 | ) | | | (16,282 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 11,356,474 | | | | 6,340,347 | | | | 652,729 | | | | 768,538 | |
Shares issued to holders in reinvestment of dividends | | | 2,051,226 | | | | 710,405 | | | | 702,227 | | | | 522,653 | |
Shares redeemed | | | (11,916,928 | ) | | | (5,674,316 | ) | | | (2,206,058 | ) | | | (1,874,588 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,490,772 | | | | 1,376,436 | | | | (851,102 | ) | | | (583,397 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
112
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| | | World ex-US Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 506,873 | | | $ | 10,830 | | | $ | 2,485,633 | | | $ | 1,685,046 | |
Net realized gain on investment transactions | | | 1,256,717 | | | | 7,166,955 | | | | 2,884,420 | | | | 6,684,551 | |
Net change in unrealized depreciation on investments | | | (12,936,836 | ) | | | (6,144,525 | ) | | | (9,276,405 | ) | | | (8,039,202 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (11,173,246 | ) | | | 1,033,260 | | | | (3,906,352 | ) | | | 330,395 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 151 | | | | 12,233 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 8 | | | | 741 | |
Shares redeemed | | | — | | | | — | | | | (26,154 | ) | | | (72,840 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (25,995 | ) | | | (59,866 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 26,442,019 | | | | 40,939,693 | | | | 38,594,673 | | | | 23,919,033 | |
Shares issued to holders in reinvestment of dividends | | | 2,058,851 | | | | 12,188,589 | | | | 2,939,056 | | | | 1,529,269 | |
Shares redeemed | | | (27,073,552 | ) | | | (27,623,574 | ) | | | (50,009,329 | ) | | | (37,238,743 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,427,318 | | | | 25,504,708 | | | | (8,475,600 | ) | | | (11,790,441 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | — | | | | (8 | ) | | | (741 | ) |
Net dividends and distributions – Service Shares | | | (2,058,851 | ) | | | (12,188,589 | ) | | | (2,939,065 | ) | | | (1,529,272 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,058,851 | ) | | | (12,188,589 | ) | | | (2,939,073 | ) | | | (1,530,013 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (11,804,779 | ) | | | 14,349,379 | | | | (15,347,020 | ) | | | (13,049,925 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 107,105,729 | | | | 92,756,350 | | | | 125,062,085 | | | | 138,112,010 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 95,300,950 | | | $ | 107,105,729 | | | $ | 109,715,065 | | | $ | 125,062,085 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 16 | | | | 1,069 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 1 | | | | 64 | |
Shares redeemed | | | — | | | | — | | | | (2,652 | ) | | | (6,671 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (2,635 | ) | | | (5,538 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,544,637 | | | | 1,921,507 | | | | 4,197,627 | | | | 2,184,015 | |
Shares issued to holders in reinvestment of dividends | | | 125,678 | | | | 595,117 | | | | 322,230 | | | | 136,945 | |
Shares redeemed | | | (1,586,525 | ) | | | (1,318,150 | ) | | | (5,372,342 | ) | | | (3,403,084 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 83,790 | | | | 1,198,474 | | | | (852,485 | ) | | | (1,082,124 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
113
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| | | Growth Allocation Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,223,597 | | | $ | 2,243,841 | | | $ | 8,852,678 | | | $ | 8,821,839 | |
Net realized gain (loss) on investment transactions | | | (12,080,525 | ) | | | (23,486 | ) | | | 1,888,841 | | | | 47,296,585 | |
Net change in unrealized depreciation on investments | | | (5,091,227 | ) | | | (12,718,312 | ) | | | (120,272,532 | ) | | | (272,220 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (12,948,155 | ) | | | (10,497,957 | ) | | | (109,531,013 | ) | | | 55,846,204 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 25,114 | | | | 366,994 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 278 | | | | 37,028 | |
Shares redeemed | | | — | | | | — | | | | (757,103 | ) | | | (2,541,121 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (731,711 | ) | | | (2,137,099 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 46,197,572 | | | | 77,062,970 | | | | 242,390,203 | | | | 246,731,954 | |
Shares issued to holders in reinvestment of dividends | | | 4,263,565 | | | | 4,697,207 | | | | 35,500,660 | | | | 32,026,349 | |
Shares redeemed | | | (63,562,199 | ) | | | (54,038,488 | ) | | | (319,224,478 | ) | | | (241,243,938 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (13,101,062 | ) | | | 27,721,689 | | | | (41,333,615 | ) | | | 37,514,365 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | — | | | | — | | | | (278 | ) | | | (37,028 | ) |
Net dividends and distributions – Service Shares | | | (4,263,587 | ) | | | (4,697,233 | ) | | | (35,500,660 | ) | | | (32,026,349 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (4,263,587 | ) | | | (4,697,233 | ) | | | (35,500,938 | ) | | | (32,063,377 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (30,312,804 | ) | | | 12,526,499 | | | | (187,097,277 | ) | | | 59,160,093 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 200,560,432 | | | | 188,033,933 | | | | 1,137,283,035 | | | | 1,078,122,942 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 170,247,628 | | | $ | 200,560,432 | | | $ | 950,185,758 | | | $ | 1,137,283,035 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 1,652 | | | | 21,781 | |
Shares issued to holders in reinvestment of dividends | | | — | | | | — | | | | 21 | | | | 2,115 | |
Shares redeemed | | | — | | | | — | | | | (50,994 | ) | | | (157,429 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | — | | | | — | | | | (49,321 | ) | | | (133,533 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 5,508,964 | | | | 7,992,605 | | | | 17,445,883 | | | | 14,795,143 | |
Shares issued to holders in reinvestment of dividends | | | 519,559 | | | | 488,605 | | | | 2,735,028 | | | | 1,846,218 | |
Shares redeemed | | | (7,694,344 | ) | | | (5,603,826 | ) | | | (22,742,123 | ) | | | (14,505,542 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (1,665,821 | ) | | | 2,877,384 | | | | (2,561,212 | ) | | | 2,135,819 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
114
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| | | Tactical Allocation Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 11,398,189 | | | $ | 9,061,342 | | | $ | 6,821,469 | | | $ | 1,976,066 | |
Net realized gain (loss) on investment transactions | | | (12,597,587 | ) | | | 9,055,589 | | | | (33,147,870 | ) | | | 69,033,903 | |
Net change in unrealized appreciation (depreciation) on investments | | | (27,287,849 | ) | | | (6,618,739 | ) | | | 10,865,970 | | | | (22,265,126 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (28,487,247 | ) | | | 11,498,192 | | | | (15,460,431 | ) | | | 48,744,843 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 6,520 | | | | 142,707 | | | | 42,267 | | | | 128,879 | |
Shares issued to holders in reinvestment of dividends | | | 251 | | | | 19,960 | | | | 23,875 | | | | 95,752 | |
Shares redeemed | | | (267,848 | ) | | | (1,163,521 | ) | | | (271,333 | ) | | | (744,369 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (261,077 | ) | | | (1,000,854 | ) | | | (205,191 | ) | | | (519,738 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 119,398,201 | | | | 143,881,416 | | | | 108,999,781 | | | | 110,745,122 | |
Shares issued to holders in reinvestment of dividends | | | 8,621,246 | | | | 17,723,039 | | | | 22,530,273 | | | | 49,222,037 | |
Shares redeemed | | | (172,393,902 | ) | | | (106,687,033 | ) | | | (111,208,633 | ) | | | (110,078,244 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (44,374,455 | ) | | | 54,917,422 | | | | 20,321,421 | | | | 49,888,915 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (251 | ) | | | (19,960 | ) | | | (23,875 | ) | | | (95,752 | ) |
Net dividends and distributions – Service Shares | | | (8,621,246 | ) | | | (17,723,039 | ) | | | (22,530,274 | ) | | | (49,222,036 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (8,621,497 | ) | | | (17,742,999 | ) | | | (22,554,149 | ) | | | (49,317,788 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (81,744,276 | ) | | | 47,671,761 | | | | (17,898,350 | ) | | | 48,796,232 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 510,082,722 | | | | 462,410,961 | | | | 519,412,947 | | | | 470,616,715 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 428,338,446 | | | $ | 510,082,722 | | | $ | 501,514,597 | | | $ | 519,412,947 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 627 | | | | 12,238 | | | | 3,855 | | | | 10,641 | |
Shares issued to holders in reinvestment of dividends | | | 25 | | | | 1,726 | | | | 2,263 | | | | 8,163 | |
Shares redeemed | | | (25,517 | ) | | | (103,371 | ) | | | (24,401 | ) | | | (63,755 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (24,865 | ) | | | (89,407 | ) | | | (18,283 | ) | | | (44,951 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 11,742,067 | | | | 12,598,971 | | | | 10,065,407 | | | | 9,337,653 | |
Shares issued to holders in reinvestment of dividends | | | 872,949 | | | | 1,544,088 | | | | 2,160,348 | | | | 4,229,060 | |
Shares redeemed | | | (16,915,702 | ) | | | (9,358,518 | ) | | | (10,290,244 | ) | | | (9,261,795 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase | | | (4,300,686 | ) | | | 4,784,541 | | | | 1,935,511 | | | | 4,304,918 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
115
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Absolute Return
Allocation Fund
| | | Multi-Asset Income
Allocation Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 9,670,588 | | | $ | 4,759,974 | | | $ | 3,396,392 | | | $ | 3,325,148 | |
Net realized gain (loss) on investment transactions | | | (26,437,955 | ) | | | 1,198,754 | | | | (1,361,046 | ) | | | 4,292,287 | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,390,097 | | | | (12,428,090 | ) | | | (9,822,082 | ) | | | (3,308,389 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (15,377,270 | ) | | | (6,469,362 | ) | | | (7,786,736 | ) | | | 4,309,046 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 6,756 | | | | 77,360 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 677 | | | | 7,241 | | | | — | | | | — | |
Shares redeemed | | | (202,020 | ) | | | (316,904 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (194,587 | ) | | | (232,303 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 324,648,665 | | | | 91,788,044 | | | | 22,572,633 | | | | 19,831,921 | |
Shares issued to holders in reinvestment of dividends | | | 7,994,097 | | | | 4,472,150 | | | | 3,695,270 | | | | 3,347,756 | |
Shares redeemed | | | (321,055,015 | ) | | | (61,979,678 | ) | | | (37,801,710 | ) | | | (45,073,938 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 11,587,747 | | | | 34,280,516 | | | | (11,533,807 | ) | | | (21,894,261 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (677 | ) | | | (7,241 | ) | | | — | | | | — | |
Net dividends and distributions – Service Shares | | | (7,994,097 | ) | | | (4,472,150 | ) | | | (3,695,270 | ) | | | (3,347,756 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (7,994,774 | ) | | | (4,479,391 | ) | | | (3,695,270 | ) | | | (3,347,756 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (11,978,884 | ) | | | 23,099,460 | | | | (23,015,813 | ) | | | (20,932,971 | ) |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 236,232,395 | | | | 213,132,935 | | | | 111,888,042 | | | | 132,821,013 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 224,253,511 | | | $ | 236,232,395 | | | $ | 88,872,229 | | | $ | 111,888,042 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 709 | | | | 7,268 | | | | — | | | | — | |
Shares issued to holders in reinvestment of dividends | | | 74 | | | | 690 | | | | — | | | | — | |
Shares redeemed | | | (20,721 | ) | | | (30,333 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net decrease | | | (19,938 | ) | | | (22,375 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 33,601,635 | | | | 8,737,172 | | | | 2,182,285 | | | | 1,705,565 | |
Shares issued to holders in reinvestment of dividends | | | 870,248 | | | | 424,585 | | | | 369,390 | | | | 285,830 | |
Shares redeemed | | | (34,015,775 | ) | | | (5,853,630 | ) | | | (3,648,647 | ) | | | (3,873,950 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 456,108 | | | | 3,308,127 | | | | (1,096,972 | ) | | | (1,882,555 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
116
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Flexible Income
Allocation Fund
| | | Managed Futures
Strategy Fund1
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,863,238 | | | $ | 6,467,892 | | | $ | 6,634,274 | | | $ | (3,161,620 | ) |
Net realized gain (loss) on investment transactions | | | (46,735,438 | ) | | | 1,219,012 | | | | 12,836,267 | | | | 27,516,644 | |
Net change in unrealized appreciation (depreciation) on investments | | | 13,157,873 | | | | (17,128,034 | ) | | | (24,757,209 | ) | | | 11,567,031 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (25,714,327 | ) | | | (9,441,130 | ) | | | (5,286,668 | ) | | | 35,922,055 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,584 | | | | 1,684 | | | | 366,815 | | | | 86,012 | |
Shares issued to holders in reinvestment of dividends | | | 313 | | | | 239 | | | | 35,142 | | | | 25,077 | |
Shares redeemed | | | (1,275 | ) | | | (638 | ) | | | (203,416 | ) | | | (438,693 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 622 | | | | 1,285 | | | | 198,541 | | | | (327,604 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 122,385,834 | | | | 188,621,759 | | | | 498,941,528 | | | | 71,484,905 | |
Shares issued to holders in reinvestment of dividends | | | 9,653,021 | | | | 8,321,885 | | | | 110,142,951 | | | | 19,330,980 | |
Shares redeemed | | | (149,331,897 | ) | | | (111,252,166 | ) | | | (245,996,973 | ) | | | (63,742,265 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (17,293,042 | ) | | | 85,691,478 | | | | 363,087,506 | | | | 27,073,620 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions – Institutional Shares | | | (313 | ) | | | (239 | ) | | | (35,142 | ) | | | (25,078 | ) |
Net dividends and distributions – Service Shares | | | (9,653,021 | ) | | | (8,321,884 | ) | | | (110,142,951 | ) | | | (19,330,980 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (9,653,334 | ) | | | (8,322,123 | ) | | | (110,178,093 | ) | | | (19,356,058 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (52,660,081 | ) | | | 67,929,510 | | | | 247,821,286 | | | | 43,312,013 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 347,775,373 | | | | 279,845,863 | | | | 251,449,201 | | | | 208,137,188 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 295,115,292 | | | $ | 347,775,373 | | | $ | 499,270,487 | | | $ | 251,449,201 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 170 | | | | 158 | | | | 35,855 | | | | 8,939 | |
Shares issued to holders in reinvestment of dividends | | | 34 | | | | 22 | | | | 3,755 | | | | 2,894 | |
Shares redeemed | | | (131 | ) | | | (59 | ) | | | (18,259 | ) | | | (45,310 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 73 | | | | 121 | | | | 21,351 | | | | (33,477 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 13,137,850 | | | | 17,984,644 | | | | 47,336,914 | | | | 7,704,764 | |
Shares issued to holders in reinvestment of dividends | | | 1,074,891 | | | | 787,857 | | | | 12,187,999 | | | | 2,283,366 | |
Shares redeemed | | | (16,137,435 | ) | | | (10,621,780 | ) | | | (24,444,350 | ) | | | (6,994,195 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | (1,924,694 | ) | | | 8,150,721 | | | | 35,080,563 | | | | 2,993,935 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
1Consolidated Statements of Changes in Net Assets (see note 3b).
See notes to financial statements.
117
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | Conservative Income Fund
| | | Income Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 346,164 | | | $ | 69,869 | | | $ | 1,085,564 | | | $ | 920,118 | |
Net realized loss on investment transactions | | | (341,288 | ) | | | (92,583 | ) | | | (6,245,008 | ) | | | (2,118,319 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 50,611 | | | | (102,101 | ) | | | 1,652,884 | | | | (1,507,377 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | 55,487 | | | | (124,815 | ) | | | (3,506,560 | ) | | | (2,705,578 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Shares sold | | | 14,707,129 | | | | 6,864,164 | | | | 24,537,832 | | | | 14,999,784 | |
Shares issued to holders in reinvestment of dividends | | | 333,851 | | | | 76,343 | | | | 1,084,689 | | | | 918,443 | |
Shares redeemed | | | (13,893,111 | ) | | | (11,753,692 | ) | | | (8,867,473 | ) | | | (5,855,535 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 1,147,869 | | | | (4,813,185 | ) | | | 16,755,048 | | | | 10,062,692 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Net dividends and distributions | | | (333,852 | ) | | | (76,343 | ) | | | (1,084,689 | ) | | | (918,444 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total dividends and distributions | | | (333,852 | ) | | | (76,343 | ) | | | (1,084,689 | ) | | | (918,444 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | 869,504 | | | | (5,014,343 | ) | | | 12,163,799 | | | | 6,438,670 | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Beginning of year | | | 10,911,849 | | | | 15,926,192 | | | | 44,470,391 | | | | 38,031,721 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
End of year | | $ | 11,781,353 | | | $ | 10,911,849 | | | $ | 56,634,190 | | | $ | 44,470,391 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
Shares sold | | | 1,509,965 | | | | 692,076 | | | | 2,760,584 | | | | 1,509,807 | |
Shares issued to holders in reinvestment of dividends | | | 34,676 | | | | 7,690 | | | | 127,816 | | | | 92,304 | |
Shares redeemed | | | (1,437,264 | ) | | | (1,186,080 | ) | | | (1,028,707 | ) | | | (592,617 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net increase (decrease) | | | 107,377 | | | | (486,314 | ) | | | 1,859,693 | | | | 1,009,494 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See notes to financial statements.
118
GuideMark Funds & GuidePath Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | |
| | | Growth & Income Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 2,264,523 | | | $ | 985,853 | |
Net realized gain (loss) on investment transactions | | | (3,258,069 | ) | | | 3,574,209 | |
Net change in unrealized appreciation (depreciation) on investments | | | (1,745,441 | ) | | | 2,729,306 | |
| | |
|
|
| |
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (2,738,987 | ) | | | 7,289,368 | |
| | |
|
|
| |
|
|
|
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Shares sold | | | 27,064,823 | | | | 33,406,696 | |
Shares issued to holders in reinvestment of dividends | | | 2,147,781 | | | | 15,108,720 | |
Shares redeemed | | | (34,342,235 | ) | | | (10,695,867 | ) |
| | |
|
|
| |
|
|
|
Net increase (decrease) | | | (5,129,631 | ) | | | 37,819,549 | |
| | |
|
|
| |
|
|
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
Net dividends and distributions | | | (2,147,781 | ) | | | (15,108,720 | ) |
| | |
|
|
| |
|
|
|
Total dividends and distributions | | | (2,147,781 | ) | | | (15,108,720 | ) |
| | |
|
|
| |
|
|
|
INCREASE (DECREASE) IN NET ASSETS | | | (10,016,399 | ) | | | 30,000,197 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | | 116,833,573 | | | | 86,833,376 | |
| | |
|
|
| |
|
|
|
End of year | | $ | 106,817,174 | | | $ | 116,833,573 | |
| | |
|
|
| |
|
|
|
CHANGES IN SHARES OUTSTANDING | | | | | | | | |
Shares sold | | | 2,586,598 | | | | 2,763,459 | |
Shares issued to holders in reinvestment of dividends | | | 208,178 | | | | 1,297,682 | |
Shares redeemed | | | (3,184,948 | ) | | | (894,613 | ) |
| | |
|
|
| |
|
|
|
Net increase (decrease) | | | (390,172 | ) | | | 3,166,528 | |
| | |
|
|
| |
|
|
|
See notes to financial statements.
119
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $29.278 | | | | $27.015 | | | | $16.348 | | | | $18.650 | | | | $17.755 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.101 | | | | 0.194 | | | | 0.195 | | | | 0.234 | | | | 0.175 | |
Net realized and unrealized gains (losses) on investments | | | (2.770 | ) | | | 3.110 | | | | 10.688 | | | | (2.234 | ) | | | 1.194 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (2.669 | ) | | | 3.304 | | | | 10.883 | | | | (2.000 | ) | | | 1.369 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.230 | ) | | | (0.234 | ) | | | (0.216 | ) | | | (0.116 | ) | | | (0.191 | ) |
Distributions from net realized gains | | | (2.142 | ) | | | (0.807 | ) | | | — | | | | (0.186 | ) | | | (0.283 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (2.372 | ) | | | (1.041 | ) | | | (0.216 | ) | | | (0.302 | ) | | | (0.474 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $24.237 | | | | $29.278 | | | | $27.015 | | | | $16.348 | | | | $18.650 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (8.62)% | | | | 11.99% | | | | 66.66% | | | | (11.07)% | | | | 8.09% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $1,810 | | | | $206,440 | | | | $630,350 | | | | $479,829 | | | | $538,016 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.53% | | | | 0.55% | | | | 0.56% | | | | 0.59% | | | | 0.63% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.52% | | | | 0.54% | | | | 0.51% | | | | 0.56% | | | | 0.60% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.35% | | | | 0.64% | | | | 0.80% | | | | 1.16% | | | | 0.91% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.36% | | | | 0.65% | | | | 0.85% | | | | 1.19% | | | | 0.94% | |
Portfolio turnover rate | | | 46.39% | | | | 25.18% | | | | 34.13% | | | | 28.54% | | | | 45.31% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00% respectively. |
See notes to financial statements.
120
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Core Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $28.797 | | | | $26.584 | | | | $16.106 | | | | $18.401 | | | | $17.503 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.205 | | | | 0.096 | | | | 0.059 | | | | 0.114 | | | | 0.073 | |
Net realized and unrealized gains (losses) on investments | | | (2.879 | ) | | | 3.045 | | | | 10.515 | | | | (2.202 | ) | | | 1.184 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (2.674 | ) | | | 3.141 | | | | 10.574 | | | | (2.088 | ) | | | 1.257 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.161 | ) | | | (0.121 | ) | | | (0.096 | ) | | | (0.021 | ) | | | (0.076 | ) |
Distributions from net realized gains | | | (2.142 | ) | | | (0.807 | ) | | | — | | | | (0.186 | ) | | | (0.283 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (2.303 | ) | | | (0.928 | ) | | | (0.096 | ) | | | (0.207 | ) | | | (0.359 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $23.820 | | | | $28.797 | | | | $26.584 | | | | $16.106 | | | | $18.401 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (8.81)% | | | | 11.59% | | | | 65.69% | | | | (11.59)% | | | | 7.47% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $607,841,824 | | | | $691,938,719 | | | | $602,158,947 | | | | $326,952,939 | | | | $332,500,169 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.90% | | | | 0.89% | | | | 1.15% | | | | 1.18% | | | | 1.22% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.87% | | | | 0.89% | | | | 1.10% | | | | 1.14% | | | | 1.19% | |
Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.79% | | | | 0.33% | | | | 0.21% | | | | 0.55% | | | | 0.37% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.82% | | | | 0.33% | | | | 0.26% | | | | 0.59% | | | | 0.40% | |
Portfolio turnover rate | | | 46.39% | | | | 25.18% | | | | 34.13% | | | | 28.54% | | | | 45.31% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
See notes to financial statements.
121
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $13.573 | | | | $16.502 | | | | $10.516 | | | | $13.278 | | | | $17.063 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.324 | | | | 0.214 | | | | 0.049 | | | | 0.175 | | | | 0.109 | |
Net realized and unrealized gains (losses) on investments | | | (1.870 | ) | | | (1.727 | ) | | | 5.968 | | | | (2.690 | ) | | | (2.028 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.546 | ) | | | (1.513 | ) | | | 6.017 | | | | (2.515 | ) | | | (1.919 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.486 | ) | | | (0.258 | ) | | | (0.031 | ) | | | (0.247 | ) | | | (1.196 | ) |
Distributions from net realized gains | | | (1.242 | ) | | | (1.158 | ) | | | — | | | | — | | | | (0.670 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (1.728 | ) | | | (1.416 | ) | | | (0.031 | ) | | | (0.247 | ) | | | (1.866 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.299 | | | | $13.573 | | | | $16.502 | | | | $10.516 | | | | $13.278 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (11.02)% | | | | (9.75)% | | | | 57.85%3 | | | | (19.40)% | | | | (10.05)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $45,699,264 | | | | $71,780,033 | | | | $96,895,863 | | | | $64,153,851 | | | | $85,623,549 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.84% | | | | 1.40% | | | | 1.55% | | | | 1.79% | | | | 1.69% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.40% | | | | 1.39% | | | | 1.64% | | | | 1.65% | | | | 1.66% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.39% | | | | 1.32% | | | | 0.43% | | | | 1.20% | | | | 0.72% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.83% | | | | 1.33% | | | | 0.34% | | | | 1.34% | | | | 0.75% | |
Portfolio turnover rate | | | 43.50% | | | | 47.80% | | | | 58.36% | | | | 42.60% | | | | 47.18% | |
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.01%, respectively. |
| 3 | | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
See notes to financial statements.
122
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Core Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $19.122 | | | | $21.067 | | | | $10.765 | | | | $14.385 | | | | $14.908 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.089 | | | | 0.002 | | | | (0.040 | ) | | | (0.007 | ) | | | (0.022 | ) |
Net realized and unrealized gains (losses) on investments | | | (2.074 | ) | | | 0.447 | | | | 10.720 | | | | (3.393 | ) | | | 0.348 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.985 | ) | | | 0.449 | | | | 10.680 | | | | (3.400 | ) | | | 0.326 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.063 | ) | | | (0.046 | ) | | | (0.024 | ) | | | (0.016 | ) | | | — | |
Distributions from net realized gains | | | (0.311 | ) | | | (2.348 | ) | | | (0.354 | ) | | | (0.204 | ) | | | (0.849 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.374 | ) | | | (2.394 | ) | | | (0.378 | ) | | | (0.220 | ) | | | (0.849 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $16.763 | | | | $19.122 | | | | $21.067 | | | | $10.765 | | | | $14.385 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (10.34)% | | | | 1.38% | | | | 99.76% | | | | (24.10)% | | | | 2.99% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $95,300,950 | | | | $107,105,729 | | | | $92,756,350 | | | | $52,904,611 | | | | $63,904,945 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.17% | | | | 1.17% | | | | 1.46% | | | | 1.50% | | | | 1.56% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.06% | | | | 1.14% | | | | 1.31% | | | | 1.39% | | | | 1.45% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.41% | | | | (0.03)% | | | | (0.40)% | | | | (0.16)% | | | | (0.25)% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.52% | | | | 0.01% | | | | (0.25)% | | | | (0.05)% | | | | (0.14)% | |
Portfolio turnover rate | | | 24.59% | | | | 36.38% | | | | 37.81% | | | | 26.54% | | | | 39.01% | |
| 1 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
See notes to financial statements.
123
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.611 | | | | $10.768 | | | | $7.537 | | | | $9.100 | | | | $9.759 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.327 | | | | 0.158 | | | | 0.125 | | | | 0.222 | | | | 0.194 | |
Net realized and unrealized gains (losses) on investments | | | (0.581 | ) | | | (0.136 | ) | | | 3.386 | | | | (1.610 | ) | | | (0.680 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.254 | ) | | | 0.022 | | | | 3.511 | | | | (1.388 | ) | | | (0.486 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.257 | ) | | | (0.179 | ) | | | (0.280 | ) | | | (0.175 | ) | | | (0.173 | ) |
Distributions from net realized gains | | | (0.072 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.329 | ) | | | (0.179 | ) | | | (0.280 | ) | | | (0.175 | ) | | | (0.173 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.028 | | | | $10.611 | | | | $10.768 | | | | $7.537 | | | | $9.100 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (2.18)% | | | | 0.08% | | | | 46.72% | | | | (15.69)% | | | | (4.79)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $269 | | | | $28,243 | | | | $88,302 | | | | $78,232 | | | | $534,233 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.76% | | | | 0.89% | | | | 0.79% | | | | 0.77% | | | | 0.80% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.79% | | | | 0.79% | | | | 0.79% | | | | 0.79% | | | | 0.79% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.23% | | | | 1.29% | | | | 1.30% | | | | 2.43% | | | | 2.04% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.20% | | | | 1.39% | | | | 1.30% | | | | 2.41% | | | | 2.05% | |
Portfolio turnover rate | | | 54.13% | | | | 33.89% | | | | 46.15% | | | | 25.52% | | | | 59.18% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
See notes to financial statements.
124
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | World ex-US Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.306 | | | | $10.445 | | | | $7.303 | | | | $8.856 | | | | $9.507 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.229 | | | | 0.131 | | | | 0.081 | | | | 0.142 | | | | 0.121 | |
Net realized and unrealized gains (losses) on investments | | | (0.526 | ) | | | (0.150 | ) | | | 3.263 | | | | (1.538 | ) | | | (0.643 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.297 | ) | | | (0.019 | ) | | | 3.344 | | | | (1.396 | ) | | | (0.522 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.210 | ) | | | (0.120 | ) | | | (0.202 | ) | | | (0.157 | ) | | | (0.129 | ) |
Distributions from net realized gains | | | (0.072 | ) | | | — | | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.282 | ) | | | (0.120 | ) | | | (0.202 | ) | | | (0.157 | ) | | | (0.129 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.727 | | | | $10.306 | | | | $10.445 | | | | $7.303 | | | | $8.856 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (2.70)% | | | | (0.27)% | | | | 45.89% | | | | (16.16)% | | | | (5.36)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $109,714,796 | | | | $125,033,842 | | | | $138,023,708 | | | | $110,561,165 | | | | $216,435,566 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.26% | | | | 1.25% | | | | 1.38% | | | | 1.36% | | | | 1.40% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 1.14% | | | | 1.14% | | | | 1.37% | | | | 1.35% | | | | 1.39% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.37% | | | | 1.08% | | | | 0.88% | | | | 1.58% | | | | 1.32% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.49% | | | | 1.19% | | | | 0.89% | | | | 1.59% | | | | 1.33% | |
Portfolio turnover rate | | | 54.13% | | | | 33.89% | | | | 46.15% | | | | 25.52% | | | | 59.18% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
See notes to financial statements.
125
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Core Fixed Income Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.009 | | | | $9.700 | | | | $9.798 | | | | $9.270 | | | | $9.131 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.194 | | | | 0.110 | | | | 0.112 | | | | 0.170 | | | | 0.176 | |
Net realized and unrealized gains (losses) on investments | | | (0.740 | ) | | | (0.571 | ) | | | 0.1413 | | | | 0.490 | | | | 0.144 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.546 | ) | | | (0.461 | ) | | | 0.253 | | | | 0.660 | | | | 0.320 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.197 | ) | | | (0.124 | ) | | | (0.184 | ) | | | (0.108 | ) | | | (0.181 | ) |
Distributions from net realized gains | | | — | | | | (0.106 | ) | | | (0.167 | ) | | | (0.024 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.197 | ) | | | (0.230 | ) | | | (0.351 | ) | | | (0.132 | ) | | | (0.181 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.266 | | | | $9.009 | | | | $9.700 | | | | $9.798 | | | | $9.270 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (6.02)% | | | | (4.88)% | | | | 2.47% | | | | 7.16% | | | | 3.57% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $170,247,628 | | | | $200,560,432 | | | | $188,033,933 | | | | $135,386,961 | | | | $132,792,238 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.99% | | | | 0.99% | | | | 1.28% | | | | 1.29% | | | | 1.34% | |
After expense reimbursement (recapture) and securities lending credit including interest expense2 | | | 0.94% | | | | 0.94% | | | | 1.19% | | | | 1.19% | | | | 1.19% | |
Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.28% | | | | 1.09% | | | | 1.01% | | | | 1.67% | | | | 1.80% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.33% | | | | 1.14% | | | | 1.10% | | | | 1.77% | | | | 1.95% | |
Portfolio turnover rate | | | 252.14% | | | | 263.72% | | | | 283.45% | | | | 278.67% | | | | 239.11% | |
| 1 | | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 3 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
126
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $16.192 | | | | $15.776 | | | | $10.139 | | | | $11.553 | | | | $11.534 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | (0.023 | ) | | | 0.168 | | | | 0.140 | | | | 0.199 | | | | 0.227 | |
Net realized and unrealized gains (losses) on investments | | | (1.597 | )5 | | | 0.751 | | | | 5.843 | | | | (1.407 | ) | | | (0.003)5 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.620 | ) | | | 0.919 | | | | 5.983 | | | | (1.208 | ) | | | 0.224 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.066 | ) | | | (0.173 | ) | | | (0.147 | ) | | | (0.206 | ) | | | (0.193 | ) |
Distributions from net realized gains | | | (0.506 | ) | | | (0.330 | ) | | | (0.199 | ) | | | — | | | | (0.012 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.572 | ) | | | (0.503 | ) | | | (0.346 | ) | | | (0.206 | ) | | | (0.205 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $14.000 | | | | $16.192 | | | | $15.776 | | | | $10.139 | | | | $11.553 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (9.75)% | | | | 5.59% | | | | 59.19% | | | | (10.82)% | | | | 2.22% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $7,255 | | | | $806,977 | | | | $2,892,788 | | | | $4,402,611 | | | | $5,450,557 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.33% | | | | 0.33% | | | | 0.34% | | | | 0.38% | | | | 0.40% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.28% | | | | 0.29% | | | | 0.30% | | | | 0.33% | | | | 0.35% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | (0.20)% | | | | 0.96% | | | | 0.99% | | | | 1.60% | | | | 1.92% | |
After expense reimbursement (recapture) and securities lending credit | | | (0.15)% | | | | 1.00% | | | | 1.03% | | | | 1.65% | | | | 1.97% | |
Portfolio turnover rate | | | 22.84% | | | | 17.09% | | | | 39.58% | | | | 37.80% | | | | 53.89% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 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 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.01%, respectively. |
| 4 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
127
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Growth Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $16.029 | | | | $15.636 | | | | $10.062 | | | | $11.477 | | | | $11.458 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.127 | | | | 0.126 | | | | 0.064 | | | | 0.128 | | | | 0.160 | |
Net realized and unrealized gains (losses) on investments | | | (1.718 | ) | | | 0.726 | | | | 5.780 | | | | (1.402 | ) | | | 0.0035 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (1.591 | ) | | | 0.852 | | | | 5.844 | | | | (1.274 | ) | | | 0.163 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.028 | ) | | | (0.129 | ) | | | (0.072 | ) | | | (0.141 | ) | | | (0.132 | ) |
Distributions from net realized gains | | | (0.506 | ) | | | (0.330 | ) | | | (0.198 | ) | | | — | | | | (0.012 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.534 | ) | | | (0.459 | ) | | | (0.270 | ) | | | (0.141 | ) | | | (0.144 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $13.904 | | | | $16.029 | | | | $15.636 | | | | $10.062 | | | | $11.477 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (9.69)% | | | | 5.22% | | | | 58.23% | | | | (11.35)% | | | | 1.61% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $950,178,503 | | | | $1,136,476,058 | | | | $1,075,230,154 | | | | $739,949,997 | | | | $788,314,442 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.69% | | | | 0.68% | | | | 0.94% | | | | 0.97% | | | | 1.00% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.64% | | | | 0.64% | | | | 0.90% | | | | 0.93% | | | | 0.95% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.87% | | | | 0.71% | | | | 0.44% | | | | 1.03% | | | | 1.35% | |
After expense reimbursement (recapture) and securities lending credit | | | 0.92% | | | | 0.75% | | | | 0.48% | | | | 1.07% | | | | 1.40% | |
Portfolio turnover rate | | | 22.84% | | | | 17.09% | | | | 39.58% | | | | 37.80% | | | | 53.89% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 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 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.01%, respectively. |
| 4 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 5 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
128
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.071 | | | | $11.164 | | | | $9.204 | | | | $9.677 | | | | $9.538 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.272 | | | | 0.247 | | | | 0.262 | | | | 0.288 | | | | 0.255 | |
Net realized and unrealized gains (losses) on investments | | | (0.829 | ) | | | 0.101 | | | | 1.978 | | | | (0.491 | ) | | | 0.104 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.557 | ) | | | 0.348 | | | | 2.240 | | | | (0.203 | ) | | | 0.359 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.215 | ) | | | (0.246 | ) | | | (0.244 | ) | | | (0.270 | ) | | | (0.205 | ) |
Distributions from net realized gains | | | (0.039 | ) | | | (0.195 | ) | | | (0.036 | ) | | | — | | | | (0.015 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.254 | ) | | | (0.441 | ) | | | (0.280 | ) | | | (0.270 | ) | | | (0.220 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.260 | | | | $11.071 | | | | $11.164 | | | | $9.204 | | | | $9.677 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (4.97)% | | | | 2.95% | | | | 24.42% | | | | (2.41)% | | | | 3.97% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $10,563 | | | | $286,674 | | | | $1,287,200 | | | | $1,713,169 | | | | $2,268,382 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.33% | | | | 0.35% | | | | 0.36% | | | | 0.40% | | | | 0.42% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.10% | | | | 0.10% | | | | 0.10% | | | | 0.10% | | | | 0.10% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.33% | | | | 1.89% | | | | 2.22% | | | | 2.57% | | | | 2.35% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.56% | | | | 2.14% | | | | 2.48% | | | | 2.87% | | | | 2.67% | |
Portfolio turnover rate | | | 48.39% | | | | 28.28% | | | | 38.17% | | | | 58.96% | | | | 69.19% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 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.
129
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.978 | | | | $11.070 | | | | $9.137 | | | | $9.617 | | | | $9.482 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.266 | | | | 0.207 | | | | 0.199 | | | | 0.226 | | | | 0.196 | |
Net realized and unrealized gains (losses) on investments | | | (0.865 | ) | | | 0.098 | | | | 1.959 | | | | (0.490 | ) | | | 0.107 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.599 | ) | | | 0.305 | | | | 2.158 | | | | (0.264 | ) | | | 0.303 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.175 | ) | | | (0.202 | ) | | | (0.189 | ) | | | (0.216 | ) | | | (0.153 | ) |
Distributions from net realized gains | | | (0.039 | ) | | | (0.195 | ) | | | (0.036 | ) | | | — | | | | (0.015 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.214 | ) | | | (0.397 | ) | | | (0.225 | ) | | | (0.216 | ) | | | (0.168 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.165 | | | | $10.978 | | | | $11.070 | | | | $9.137 | | | | $9.617 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (5.39)% | | | | 2.60% | | | | 23.67% | | | | (2.99)% | | | | 3.35% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $428,327,883 | | | | $509,796,048 | | | | $461,123,761 | | | | $314,935,864 | | | | $337,130,990 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.71% | | | | 0.70% | | | | 0.96% | | | | 0.99% | | | | 1.02% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.45% | | | | 0.45% | | | | 0.70% | | | | 0.70% | | | | 0.70% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.37% | | | | 1.56% | | | | 1.64% | | | | 1.98% | | | | 1.75% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.63% | | | | 1.81% | | | | 1.90% | | | | 2.27% | | | | 2.07% | |
Portfolio turnover rate | | | 48.39% | | | | 28.28% | | | | 38.17% | | | | 58.96% | | | | 69.19% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 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.
130
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.499 | | | | $11.487 | | | | $10.019 | | | | $10.962 | | | | $10.950 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.183 | | | | 0.088 | | | | 0.073 | | | | 0.129 | | | | 0.138 | |
Net realized and unrealized gains (losses) on investments | | | (0.485 | ) | | | 1.167 | | | | 1.958 | | | | (0.517 | ) | | | 0.408 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.302 | ) | | | 1.255 | | | | 2.031 | | | | (0.388 | ) | | | 0.546 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | — | | | | (0.101 | ) | | | (0.051 | ) | | | (0.108 | ) | | | (0.128 | ) |
Distributions from net realized gains | | | (0.500 | ) | | | (1.142 | ) | | | (0.512 | ) | | | (0.447 | ) | | | (0.406 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.500 | ) | | | (1.243 | ) | | | (0.563 | ) | | | (0.555 | ) | | | (0.534 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.697 | | | | $11.499 | | | | $11.487 | | | | $10.019 | | | | $10.962 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (2.56)% | | | | 10.71% | | | | 20.69% | | | | (4.27)% | | | | 5.59% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $539,126 | | | | $789,761 | | | | $1,305,328 | | | | $1,553,075 | | | | $1,506,030 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.45% | | | | 0.46% | | | | 0.47% | | | | 0.50% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.44% | | | | 0.43% | | | | 0.45% | | | | 0.46% | | | | 0.43% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.66% | | | | 0.70% | | | | 0.65% | | | | 1.10% | | | | 1.15% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.67% | | | | 0.73% | | | | 0.67% | | | | 1.14% | | | | 1.23% | |
Portfolio turnover rate | | | 248.27% | | | | 406.19% | | | | 443.30% | | | | 500.28% | | | | 336.60% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 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.
131
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Tactical Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.400 | | | | $11.394 | | | | $9.960 | | | | $10.919 | | | | $10.907 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.149 | | | | 0.047 | | | | 0.010 | | | | 0.061 | | | | 0.074 | |
Net realized and unrealized gains (losses) on investments | | | (0.486 | ) | | | 1.154 | | | | 1.941 | | | | (0.515 | ) | | | 0.410 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.337 | ) | | | 1.201 | | | | 1.951 | | | | (0.454 | ) | | | 0.484 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | — | | | | (0.053 | ) | | | (0.005 | ) | | | (0.058 | ) | | | (0.066 | ) |
Distributions from net realized gains | | | (0.500 | ) | | | (1.142 | ) | | | (0.512 | ) | | | (0.447 | ) | | | (0.406 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.500 | ) | | | (1.195 | ) | | | (0.517 | ) | | | (0.505 | ) | | | (0.472 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.563 | | | | $11.400 | | | | $11.394 | | | | $9.960 | | | | $10.919 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (2.90)% | | | | 10.32% | | | | 19.96% | | | | (4.83)% | | | | 4.96% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $500,975,471 | | | | $518,623,186 | | | | $469,311,387 | | | | $323,199,482 | | | | $341,839,666 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.80% | | | | 0.81% | | | | 1.07% | | | | 1.10% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.79% | | | | 0.78% | | | | 1.05% | | | | 1.06% | | | | 1.03% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 1.37% | | | | 0.36% | | | | 0.07% | | | | 0.50% | | | | 0.58% | |
After expense reimbursement (recapture) and securities lending credit | | | 1.38% | | | | 0.39% | | | | 0.09% | | | | 0.54% | | | | 0.66% | |
Portfolio turnover rate | | | 248.27% | | | | 406.19% | | | | 443.30% | | | | 500.28% | | | | 336.60% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 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.
132
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.053 | | | | $10.554 | | | | $10.005 | | | | $10.402 | | | | $10.335 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.346 | | | | 0.267 | | | | 0.256 | | | | 0.329 | | | | 0.346 | |
Net realized and unrealized gains (losses) on investments | | | (0.775 | ) | | | (0.516 | ) | | | 0.6382 | | | | (0.367 | ) | | | (0.003)2 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.429 | ) | | | (0.249 | ) | | | 0.894 | | | | (0.038 | ) | | | 0.343 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.252 | ) | | | (0.252 | ) | | | (0.345 | ) | | | (0.359 | ) | | | (0.276 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.252 | ) | | | (0.252 | ) | | | (0.345 | ) | | | (0.359 | ) | | | (0.276 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.372 | | | | $10.053 | | | | $10.554 | | | | $10.005 | | | | $10.402 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (4.21)% | | | | (2.46)% | | | | 8.92% | | | | (0.53)% | | | | 3.43% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $26,541 | | | | $228,905 | | | | $476,449 | | | | $1,133,623 | | | | $667,898 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.50% | | | | 0.47% | | | | 0.49% | | | | 0.50% | | | | 0.51% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.22% | | | | 0.20% | | | | 0.21% | | | | 0.21% | | | | 0.20% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.31% | | | | 2.26% | | | | 2.15% | | | | 2.82% | | | | 3.04% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.59% | | | | 2.53% | | | | 2.43% | | | | 3.11% | | | | 3.35% | |
Portfolio turnover rate | | | 152.99% | | | | 27.64% | | | | 65.03% | | | | 161.00% | | | | 146.82% | |
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 year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 4 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.02%, 0.00%, 0.01%, 0.01% and 0.00%, respectively. |
| 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.
133
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Absolute Return Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.080 | | | | $10.578 | | | | $10.010 | | | | $10.402 | | | | $10.348 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.286 | | | | 0.227 | | | | 0.195 | | | | 0.266 | | | | 0.283 | |
Net realized and unrealized gains (losses) on investments | | | (0.750 | ) | | | (0.515 | ) | | | 0.6345 | | | | (0.368 | ) | | | (0.001)5 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.464 | ) | | | (0.288 | ) | | | 0.829 | | | | (0.102 | ) | | | 0.282 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.222 | ) | | | (0.210 | ) | | | (0.261 | ) | | | (0.290 | ) | | | (0.228 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.222 | ) | | | (0.210 | ) | | | (0.261 | ) | | | (0.290 | ) | | | (0.228 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.394 | | | | $10.080 | | | | $10.578 | | | | $10.010 | | | | $10.402 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (4.56)% | | | | (2.80)% | | | | 8.26% | | | | (1.11)% | | | | 2.81% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $224,226,970 | | | | $236,003,490 | | | | $212,656,486 | | | | $391,177,265 | | | | $312,866,645 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.86% | | | | 0.82% | | | | 1.09% | | | | 1.10% | | | | 1.11% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.58% | | | | 0.55% | | | | 0.81% | | | | 0.81% | | | | 0.80% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.73% | | | | 1.87% | | | | 1.57% | | | | 2.22% | | | | 2.44% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.01% | | | | 2.14% | | | | 1.85% | | | | 2.51% | | | | 2.75% | |
Portfolio turnover rate | | | 152.99% | | | | 27.64% | | | | 65.03% | | | | 161.00% | | | | 146.82% | |
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 year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.03%, 0.00%, 0.01%, 0.01% and 0.00%, respectively. |
| 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 year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
134
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Multi-Asset Income Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.373 | | | | $11.332 | | | | $9.056 | | | | $10.660 | | | | $10.603 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.370 | | | | 0.313 | | | | 0.270 | | | | 0.344 | | | | 0.358 | |
Net realized and unrealized gains (losses) on investments | | | (1.169 | ) | | | 0.044 | | | | 2.272 | | | | (1.632 | ) | | | 0.062 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.799 | ) | | | 0.357 | | | | 2.542 | | | | (1.288 | ) | | | 0.420 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.407 | ) | | | (0.316 | ) | | | (0.266 | ) | | | (0.313 | ) | | | (0.363 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | (0.003 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.407 | ) | | | (0.316 | ) | | | (0.266 | ) | | | (0.316 | ) | | | (0.363 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $10.167 | | | | $11.373 | | | | $11.332 | | | | $9.056 | | | | $10.660 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (6.92)% | | | | 3.09% | | | | 28.42% | | | | (12.53)% | | | | 4.13% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $88,872,229 | | | | $111,888,042 | | | | $132,821,013 | | | | $112,044,753 | | | | $132,260,092 | |
Ratio of expenses to average net assets2 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.85% | | | | 0.84% | | | | 1.09% | | | | 1.12% | | | | 1.15% | |
After expense reimbursement (recapture) and securities lending credit including interest expense3 | | | 0.59% | | | | 0.70% | | | | 0.96% | | | | 0.92% | | | | 0.82% | |
Ratio of net investment income to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 3.32% | | | | 2.55% | | | | 2.48% | | | | 2.99% | | | | 3.08% | |
After expense reimbursement (recapture) and securities lending credit | | | 3.58% | | | | 2.69% | | | | 2.61% | | | | 3.19% | | | | 3.41% | |
Portfolio turnover rate | | | 65.66% | | | | 24.21% | | | | 73.27% | | | | 85.15% | | | | 44.77% | |
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 3 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 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.
135
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.080 | | | | $10.582 | | | | $9.368 | | | | $9.422 | | | | $9.577 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.270 | | | | 0.254 | | | | 0.511 | | | | 0.391 | | | | 0.426 | |
Net realized and unrealized gains (losses) on investments | | | (0.971 | ) | | | (0.453 | ) | | | 0.9892 | | | | (0.076)2 | | | | (0.183 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.701 | ) | | | (0.199 | ) | | | 1.500 | | | | 0.315 | | | | 0.243 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.291 | ) | | | (0.236 | ) | | | (0.286 | ) | | | (0.369 | ) | | | (0.398 | ) |
Distributions from net realized gains | | | (0.067 | ) | | | (0.067 | ) | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.358 | ) | | | (0.303 | ) | | | (0.286 | ) | | | (0.369 | ) | | | (0.398 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $9.021 | | | | $10.080 | | | | $10.582 | | | | $9.368 | | | | $9.422 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (6.92)% | | | | (2.02)% | | | | 16.10% | | | | 3.38% | | | | 2.58% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $8,353 | | | | $8,598 | | | | $7,747 | | | | $34,154 | | | | $26,280 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.30% | | | | 0.30% | | | | 0.37% | | | | 0.45% | | | | 0.56% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.15% | | | | 0.15% | | | | 0.15% | | | | 0.15% | | | | 0.16% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.74% | | | | 2.24% | | | | 4.84% | | | | 3.81% | | | | 4.07% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.89% | | | | 2.39% | | | | 5.06% | | | | 4.11% | | | | 4.47% | |
Portfolio turnover rate | | | 483.66% | | | | 195.55% | | | | 211.84% | | | | 517.05% | | | | 380.48% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 4 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.01%, respectively. |
| 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.
136
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible Income Allocation Fund
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.991 | | | | $10.497 | | | | $9.304 | | | | $9.366 | | | | $9.525 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income1 | | | 0.230 | | | | 0.213 | | | | 0.250 | | | | 0.331 | | | | 0.361 | |
Net realized and unrealized gains (losses) on investments | | | (0.960 | ) | | | (0.445 | ) | | | 1.1752 | | | | (0.076 | )2 | | | (0.173 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.730 | ) | | | (0.232 | ) | | | 1.425 | | | | 0.255 | | | | 0.188 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.220 | ) | | | (0.207 | ) | | | (0.232 | ) | | | (0.317 | ) | | | (0.347 | ) |
Distributions from net realized gains | | | (0.067 | ) | | | (0.067 | ) | | | — | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.287 | ) | | | (0.274 | ) | | | (0.232 | ) | | | (0.317 | ) | | | (0.347 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.974 | | | | $9.991 | | | | $10.497 | | | | $9.304 | | | | $9.366 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (7.27)% | | | | (2.33)% | | | | 15.38% | | | | 2.76% | | | | 2.00% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $295,106,939 | | | | $347,766,775 | | | | $279,838,116 | | | | $98,516,379 | | | | $59,741,077 | |
Ratio of expenses to average net assets3 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.70% | | | | 0.70% | | | | 0.99% | | | | 1.05% | | | | 1.15% | |
After expense reimbursement (recapture) and securities lending credit including interest expense4 | | | 0.50% | | | | 0.50% | | | | 0.75% | | | | 0.75% | | | | 0.77% | |
Ratio of net investment income to average net assets5 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 2.28% | | | | 1.83% | | | | 2.17% | | | | 3.20% | | | | 3.45% | |
After expense reimbursement (recapture) and securities lending credit | | | 2.48% | | | | 2.03% | | | | 2.41% | | | | 3.50% | | | | 3.83% | |
Portfolio turnover rate | | | 483.66% | | | | 195.55% | | | | 211.84% | | | | 517.05% | | | | 380.48% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income per share has been calculated based on average shares outstanding during the year. |
| 2 | | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 3 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 4 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.02%, respectively. |
| 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.
137
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Institutional
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.136 | | | | $9.504 | | | | $8.813 | | | | $8.067 | | | | $8.665 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.241 | | | | (0.106 | ) | | | (0.084 | ) | | | 0.063 | | | | 0.081 | |
Net realized and unrealized gains (losses) on investments | | | 0.557 | 3 | | | 1.607 | | | | 1.079 | | | | 1.097 | | | | (0.679 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.798 | | | | 1.501 | | | | 0.995 | | | | 1.160 | | | | (0.598 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (1.085 | ) | | | (0.262 | ) | | | — | | | | (0.131 | ) | | | — | |
Distributions from net realized gains | | | (1.299 | ) | | | (0.607 | ) | | | (0.304 | ) | | | (0.283 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (2.384 | ) | | | (0.869 | ) | | | (0.304 | ) | | | (0.414 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.550 | | | | $10.136 | | | | $9.504 | | | | $8.813 | | | | $8.067 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 5.85% | | | | 17.34% | | | | 11.46% | | | | 14.70% | | | | (6.90)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $331,615 | | | | $176,686 | | | | $483,785 | | | | $1,220,564 | | | | $961,919 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived including interest expense2 | | | 1.21% | | | | 1.19% | | | | 1.21% | | | | 1.25% | | | | 1.27% | |
After expense reimbursement (recapture) and fees waived including interest expense2 | | | 1.21% | | | | 1.19% | | | | 1.29% | | | | 1.30% | | | | 1.30% | |
Ratio of net investment gain (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 2.52% | | | | (1.12)% | | | | (0.87)% | | | | 0.79% | | | | 1.03% | |
After expense reimbursement (recapture) and fees waived | | | 2.52% | | | | (1.12)% | | | | (0.95)% | | | | 0.74% | | | | 1.00% | |
Portfolio turnover rate | | | 0.00% | | | | 0.00% | | | | 0.00% | | | | 0.00% | | | | 0.00% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income (loss) per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 3 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
138
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Managed Futures Strategy Fund (Consolidated)
| |
| | | Service
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | Year Ended
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $9.893 | | | | $9.268 | | | | $8.648 | | | | $7.914 | | | | $8.551 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)1 | | | 0.160 | | | | (0.136 | ) | | | (0.129 | ) | | | 0.011 | | | | 0.035 | |
Net realized and unrealized gains (losses) on investments | | | 0.542 | 3 | | | 1.570 | | | | 1.053 | | | | 1.077 | | | | (0.672 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.702 | | | | 1.434 | | | | 0.924 | | | | 1.088 | | | | (0.637 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (1.046 | ) | | | (0.202 | ) | | | — | | | | (0.071 | ) | | | — | |
Distributions from net realized gains | | | (1.299 | ) | | | (0.607 | ) | | | (0.304 | ) | | | (0.283 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (2.345 | ) | | | (0.809 | ) | | | (0.304 | ) | | | (0.354 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of year | | | $8.250 | | | | $9.893 | | | | $9.268 | | | | $8.648 | | | | $7.914 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 5.04% | | | | 16.94% | | | | 10.84% | | | | 14.03% | | | | (7.45)% | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year | | | $498,938,872 | | | | $251,272,515 | | | | $207,653,403 | | | | $221,868,264 | | | | $156,397,141 | |
Ratio of expenses to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived including interest expense2 | | | 1.52% | | | | 1.54% | | | | 1.80% | | | | 1.85% | | | | 1.87% | |
After expense reimbursement (recapture) and fees waived including interest expense2 | | | 1.52% | | | | 1.54% | | | | 1.81% | | | | 1.90% | | | | 1.90% | |
Ratio of net investment gain (loss) to average net assets | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.52% | | | | (1.47)% | | | | (1.47)% | | | | 0.18% | | | | 0.47% | |
After expense reimbursement (recapture) and fees waived | | | 1.52% | | | | (1.47)% | | | | (1.48)% | | | | 0.13% | | | | 0.44% | |
Portfolio turnover rate | | | 0.00% | | | | 0.00% | | | | 0.00% | | | | 0.00% | | | | 0.00% | |
Portfolio Turnover is calculated for the Fund as a whole.
| 1 | | Net investment income (loss) per share has been calculated based on average shares outstanding during the year. |
| 2 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. |
| 3 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
139
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Conservative Income Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | April 30, 20181
through
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period/year | | | $9.776 | | | | $9.938 | | | | $9.899 | | | | $9.987 | | | | $10.000 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income2 | | | 0.204 | | | | 0.049 | | | | 0.029 | | | | 0.177 | | | | 0.153 | |
Net realized and unrealized gains (losses) on investments | | | (0.136 | ) | | | (0.159 | ) | | | 0.044 | | | | (0.092 | ) | | | (0.020)7 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | 0.068 | | | | (0.110 | ) | | | 0.073 | | | | 0.085 | | | | 0.133 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.215 | ) | | | (0.052 | ) | | | (0.034 | ) | | | (0.173 | ) | | | (0.144 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.002 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.215 | ) | | | (0.052 | ) | | | (0.034 | ) | | | (0.173 | ) | | | (0.146 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period/year | | | $9.629 | | | | $9.776 | | | | $9.938 | | | | $9.899 | | | | $9.987 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | 0.71% | | | | (1.12)% | | | | 0.74% | | | | 0.85% | | | | 1.34%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period/year | | | $11,781,353 | | | | $10,911,849 | | | | $15,926,192 | | | | $6,724,818 | | | | $973,527 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit | | | 0.95% | | | | 1.06% | | | | 1.14% | | | | 2.23% | | | | 43.40%5 | |
After expense reimbursement (recapture) and securities lending credit | | | 0.64% | | | | 0.64% | | | | 0.64% | | | | 0.64% | | | | 0.64%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.81% | | | | 0.08% | | | | (0.20)% | | | | 0.18% | | | | (41.09)%5 | |
After expense reimbursement (recapture) and fees waived | | | 2.12% | | | | 0.50% | | | | 0.30% | | | | 1.77% | | | | 1.67%5 | |
Portfolio turnover rate | | | 398.32% | | | | 161.18% | | | | 190.65% | | | | 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/year. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 6 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
140
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Income Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | April 30, 20181
through
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period/year | | | $9.204 | | | | $9.950 | | | | $9.857 | | | | $9.892 | | | | $10.000 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income2 | | | 0.169 | | | | 0.208 | | | | 0.186 | | | | 0.284 | | | | 0.079 | |
Net realized and unrealized gains (losses) on investments | | | (0.742 | ) | | | (0.745 | ) | | | 0.0907 | | | | (0.048)7 | | | | 0.0167 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.573 | ) | | | (0.537 | ) | | | 0.276 | | | | 0.236 | | | | 0.095 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.167 | ) | | | (0.209 | ) | | | (0.183 | ) | | | (0.266 | ) | | | (0.203 | ) |
Distributions from net realized gains | | | — | | | | — | | | | — | | | | (0.005 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.167 | ) | | | (0.209 | ) | | | (0.183 | ) | | | (0.271 | ) | | | (0.203 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period/year | | | $8.464 | | | | $9.204 | | | | $9.950 | | | | $9.857 | | | | $9.892 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (6.21)% | | | | (5.53)% | | | | 2.79% | | | | 2.34% | | | | 0.99%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period/year | | | $56,634,190 | | | | $44,470,391 | | | | $38,031,721 | | | | $32,494,874 | | | | $3,619,628 | |
Ratio of expenses to average net assets4 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.85% | | | | 0.88% | | | | 0.92% | | | | 1.18% | | | | 16.23%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.79% | | | | 0.79% | | | | 0.80% | | | | 0.79% | | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 1.91% | | | | 2.02% | | | | 1.73% | | | | 2.39% | | | | (14.57)%5 | |
After expense reimbursement (recapture) and fees waived | | | 1.97% | | | | 2.11% | | | | 1.85% | | | | 2.79% | | | | 0.87%5 | |
Portfolio turnover rate | | | 300.76% | | | | 222.96% | | | | 194.13% | | | | 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/year. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 6 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 8 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.01%, 0.00% and 0.00%, respectively. |
See notes to financial statements.
141
GuideMark Funds & GuidePath Funds
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | |
| | | Growth & Income Fund
| |
| | | Year Ended
March 31,
2023
| | | Year Ended
March 31,
2022
| | | Year Ended
March 31,
2021
| | | Year Ended
March 31,
2020
| | | April 30, 20181
through
March 31,
2019
| |
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows: | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period/year | | | $11.023 | | | | $11.683 | | | | $8.717 | | | | $9.772 | | | | $10.000 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income2 | | | 0.236 | | | | 0.110 | | | | 0.134 | | | | 0.189 | | | | 0.331 | |
Net realized and unrealized gains (losses) on investments | | | (0.575 | ) | | | 0.888 | | | | 2.959 | | | | (1.094 | ) | | | (0.320)7 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total from investment operations | | | (0.339 | ) | | | 0.998 | | | | 3.093 | | | | (0.905 | ) | | | 0.011 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Less distributions: | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | (0.221 | ) | | | (0.139 | ) | | | (0.127 | ) | | | (0.146 | ) | | | (0.239 | ) |
Distributions from net realized gains | | | — | | | | (1.519 | ) | | | — | | | | (0.004 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total distributions | | | (0.221 | ) | | | (1.658 | ) | | | (0.127 | ) | | | (0.150 | ) | | | (0.239 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net asset value, end of period/year | | | $10.463 | | | | $11.023 | | | | $11.683 | | | | $8.717 | | | | $9.772 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total return | | | (3.02)% | | | | 7.90% | | | | 35.67% | | | | (9.45)% | | | | 0.14%3 | |
Supplemental data and ratios: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period/year | | | $106,817,174 | | | | $116,833,573 | | | | $86,833,376 | | | | $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% | | | | 0.87% | | | | 0.95% | | | | 1.34% | | | | 27.58%5 | |
After expense reimbursement (recapture) and securities lending credit including interest expense8 | | | 0.89% | | | | 0.81% | | | | 0.80% | | | | 0.79% | | | | 0.79%5 | |
Ratio of net investment income to average net assets6 | | | | | | | | | | | | | | | | | | | | |
Before expense reimbursement (recapture) and fees waived | | | 2.21% | | | | 0.86% | | | | 1.13% | | | | 1.34% | | | | (23.11)%5 | |
After expense reimbursement (recapture) and fees waived | | | 2.26% | | | | 0.92% | | | | 1.28% | | | | 1.89% | | | | 3.68%5 | |
Portfolio turnover rate | | | 73.19% | | | | 174.37% | | | | 108.96% | | | | 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/year. |
| 4 | | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 6 | | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
| 7 | | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
| 8 | | Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.10%, 0.02%, 0.01%, 0.00% and 0.00%, respectively. |
See notes to financial statements.
142
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS
March 31, 2023
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 5 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. GPS Funds II is comprised of the following 10 funds: 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. 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 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 year end; any share activity related to those classes is presented in the Statements 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 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”).
The Funds value their investments at fair value. 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. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.
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 in accordance
143
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
with the requirements of Rule 2a-5. The Board designated the Advisor as Valuation Designee of the Trusts. The Valuation Designee has established a Valuation Committee to oversee the implementation of the valuation procedures on behalf of the Funds.
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the year. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts).
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
During the year, certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.
Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, options written, 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 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 for which observable inputs are not available.
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 approved 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.
144
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2023:
GuideMark Large Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 572,560,931 | | | $ | — | | | | 0 | | | $ | 572,560,931 | |
Investment Companies | | | 19,692,529 | | | | — | | | | — | | | | 19,692,529 | |
Real Estate Investment Trusts | | | 8,742,408 | | | | — | | | | — | | | | 8,742,408 | |
Short Term Investments | | | 5,518,049 | | | | — | | | | — | | | | 5,518,049 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 99,549,037 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 606,513,917 | | | $ | — | | | $ | — | | | $ | 706,062,954 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements 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 Stock
| |
Balance as of April 1, 2022 | | $ | 140,204 | |
Purchases | | | — | |
Sales proceeds and paydowns | | | — | |
Accreted discounts, net | | | — | |
Corporate Actions | | | — | |
Realized gain (loss) | | | — | |
Change in unrealized appreciation (depreciation) | | | (140,204 | ) |
Transfers into/(out of) Level 3 | | | — | |
| | |
|
|
|
Balance as of March 31, 2023 | | $ | 0 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2023. | | $ | (140,204 | ) |
| | |
|
|
|
Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.
GuideMark Emerging Markets Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 142,195 | | | $ | 3,705,376 | | | $ | — | | | $ | 3,847,571 | |
Consumer Discretionary | | | 1,046,029 | | | | 5,071,271 | | | | — | | | | 6,117,300 | |
Consumer Staples | | | 735,906 | | | | 3,357,168 | | | | 0 | | | | 4,093,074 | |
Energy | | | 319,830 | | | | 2,500,147 | | | | 0 | | | | 2,819,977 | |
Financials | | | 766,952 | | | | 6,792,627 | | | | 0 | | | | 7,559,579 | |
Health Care | | | 40,095 | | | | 2,195,385 | | | | — | | | | 2,235,480 | |
Industrials | | | 175,634 | | | | 2,916,112 | | | | — | | | | 3,091,746 | |
Information Technology | | | 76,865 | | | | 8,614,253 | | | | 0 | | | | 8,691,118 | |
Materials | | | 789,252 | | | | 2,100,434 | | | | 0 | | | | 2,889,686 | |
Real Estate | | | — | | | | 597,041 | | | | 22,633 | | | | 619,674 | |
Utilities | | | 160,607 | | | | 444,153 | | | | — | | | | 604,760 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 4,253,365 | | | | 38,293,967 | | | | 22,633 | | | | 42,569,965 | |
Investment Companies | | | 2,711,675 | | | | — | | | | — | | | | 2,711,675 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | | — | | | | 68,397 | | | | — | | | | 68,397 | |
Energy | | | 235,858 | | | | — | | | | — | | | | 235,858 | |
Financials | | | 258,196 | | | | — | | | | — | | | | 258,196 | |
Information Technology | | | — | | | | 179,151 | | | | — | | | | 179,151 | |
Materials | | | 118,871 | | | | 87,023 | | | | — | | | | 205,894 | |
Utilities | | | 145,488 | | | | — | | | | — | | | | 145,488 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Preferred Stocks | | | 758,413 | | | | 334,571 | | | | — | | | | 1,092,984 | |
Real Estate Investment Trusts | | | 20,379 | | | | — | | | | — | | | | 20,379 | |
Short Term Investments | | | 196,628 | | | | — | | | | — | | | | 196,628 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 2,941,322 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 7,940,460 | | | $ | 38,628,538 | | | $ | 22,633 | | | $ | 49,532,953 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
145
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
| | * | | 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 Stock
| |
Balance as of April 1, 2022 | | $ | 0 | |
Purchases | | | — | |
Sales proceeds and paydowns | | | — | |
Accreted discounts, net | | | — | |
Realized gain (loss) | | | — | |
Change in unrealized appreciation (depreciation) | | | — | |
Transfers into/(out of) Level 3 | | | 22,633 | * |
| | |
|
|
|
Balance as of March 31, 2023 | | $ | 22,633 | |
| | |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2023. | | $ | (60,407 | ) |
| | |
|
|
|
| | * | | Three common stocks transferred from Level 2 to Level 3 due to a lack of observable market data. |
Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.
GuideMark Small/Mid Cap Core Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 85,521,680 | | | $ | — | | | $ | 6,710 | | | $ | 85,528,390 | |
Investment Companies | | | 3,415,693 | | | | — | | | | — | | | | 3,415,693 | |
Real Estate Investment Trusts | | | 4,052,719 | | | | — | | | | — | | | | 4,052,719 | |
Short Term Investments | | | 906,837 | | | | — | | | | — | | | | 906,837 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 28,266,325 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 93,896,929 | | | $ | — | | | $ | 6,710 | | | $ | 122,169,964 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements 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, 2022 | | $ | 23,760 | | | $ | 322 | |
Purchases | | | — | | | | — | |
Sales proceeds and paydowns | | | — | | | | — | |
Accreted discounts, net | | | — | | | | — | |
Corporate Actions | | | 6,935 | | | | — | |
Realized gain (loss) | | | 544 | | | | (2,026 | ) |
Change in unrealized appreciation (depreciation) | | | (24,529 | ) | | | 1,704 | |
Transfers into/(out of) Level 3 | | | — | | | | — | |
| | |
|
|
| |
|
|
|
Balance as of March 31, 2023 | | $ | 6,710 | | | $ | — | |
| | |
|
|
| |
|
|
|
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2023. | | $ | (24,529 | ) | | $ | — | |
| | |
|
|
| |
|
|
|
Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.
146
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
GuideMark World ex-US Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | — | | | $ | 4,959,016 | | | $ | — | | | $ | 4,959,016 | |
Consumer Discretionary | | | 646,522 | | | | 14,595,953 | | | | — | | | | 15,242,475 | |
Consumer Staples | | | 1,937,487 | | | | 9,797,795 | | | | — | | | | 11,735,282 | |
Energy | | | 2,535,937 | | | | 5,690,718 | | | | — | | | | 8,226,655 | |
Financials | | | 2,947,230 | | | | 15,778,769 | | | | — | | | | 18,725,999 | |
Health Care | | | 184,638 | | | | 12,892,441 | | | | — | | | | 13,077,079 | |
Industrials | | | 1,055,736 | | | | 15,962,515 | | | | — | | | | 17,018,251 | |
Information Technology | | | 755,381 | | | | 5,028,491 | | | | — | | | | 5,783,872 | |
Materials | | | 1,418,892 | | | | 6,272,910 | | | | — | | | | 7,691,802 | |
Real Estate | | | 72,283 | | | | 1,006,734 | | | | — | | | | 1,079,017 | |
Utilities | | | 174,556 | | | | 2,061,485 | | | | — | | | | 2,236,041 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Common Stocks | | | 11,728,662 | | | | 94,046,827 | | | | — | | | | 105,775,489 | |
Investment Companies | | | 2,882,408 | | | | — | | | | — | | | | 2,882,408 | |
Preferred Stocks | | | — | | | | 540,457 | | | | — | | | | 540,457 | |
Real Estate Investment Trusts | | | — | | | | 137,418 | | | | — | | | | 137,418 | |
Short Term Investments | | | 601,189 | | | | — | | | | — | | | | 601,189 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 5,299,517 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 15,212,259 | | | $ | 94,724,702 | | | $ | — | | | $ | 115,236,478 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements 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 | | $ | — | | | $ | 13,625,184 | | | $ | — | | | $ | 13,625,184 | |
Collateralized Mortgage Obligations | | | — | | | | 27,885,890 | | | | — | | | | 27,885,890 | |
Corporate Obligations | | | — | | | | 40,866,548 | | | | — | | | | 40,866,548 | |
Foreign Government Debt Obligations | | | — | | | | 2,061,031 | | | | — | | | | 2,061,031 | |
Mortgage Backed Securities – U.S. Government Agency | | | — | | | | 64,236,122 | | | | — | | | | 64,236,122 | |
Municipal Debt Obligations | | | — | | | | 3,189,421 | | | | — | | | | 3,189,421 | |
U.S. Treasury Obligations | | | — | | | | 40,959,745 | | | | — | | | | 40,959,745 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Fixed Income | | | — | | | | 192,823,941 | | | | — | | | | 192,823,941 | |
Short Term Investments | | | 10,700,062 | | | | — | | | | — | | | | 10,700,062 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 1,689,338 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 10,700,062 | | | | 192,823,941 | | | $ | — | | | $ | 205,213,341 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | (149,048 | ) | | $ | — | | | $ | — | | | $ | (149,048 | ) |
Options Written | | | — | | | | (44,233 | ) | | | — | | | | (44,233 | ) |
Swaps | | | — | | | | 149,774 | | | | — | | | | 149,774 | |
| | * | | 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 Statements of Assets and Liabilities. |
| | ** | | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, options written and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument, while options written are reflected at fair value. |
For further information regarding security characteristics, see the Schedule of Investments.
147
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
GuidePath Growth Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 940,422,160 | | | $ | — | | | $ | — | | | $ | 940,422,160 | |
Short Term Investments | | | 13,967,727 | | | | — | | | | — | | | | 13,967,727 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 150,405,813 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 954,389,887 | | | $ | — | | | $ | — | | | $ | 1,104,795,700 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath Conservative Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 423,625,119 | | | $ | — | | | $ | — | | | $ | 423,625,119 | |
Short Term Investments | | | 718 | | | | — | | | | — | | | | 718 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 62,421,423 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 423,625,837 | | | $ | — | | | $ | — | | | $ | 486,047,260 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements 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 | | $ | 352,096,612 | | | $ | — | | | $ | — | | | $ | 352,096,612 | |
Short Term Investments | | | 147,014,890 | | | | — | | | | — | | | | 147,014,890 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 104,514,306 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 499,111,502 | | | $ | — | | | $ | — | | | $ | 603,625,808 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements 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 | | $ | 222,031,990 | | | $ | — | | | $ | — | | | $ | 222,031,990 | |
Short Term Investments | | | 2,162,658 | | | | — | | | | — | | | | 2,162,658 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 25,105,887 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 224,194,648 | | | $ | — | | | $ | — | | | $ | 249,300,535 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
148
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
GuidePath Multi-Asset Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 87,941,898 | | | $ | — | | | $ | — | | | $ | 87,941,898 | |
Short Term Investments | | | 922,727 | | | | — | | | | — | | | | 922,727 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 18,881,022 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 88,864,625 | | | $ | — | | | $ | — | | | $ | 107,745,647 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath Flexible Income Allocation Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 289,585,257 | | | $ | — | | | $ | — | | | $ | 289,585,257 | |
Short Term Investments | | | 5,769,035 | | | | — | | | | — | | | | 5,769,035 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 58,689,441 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 295,354,292 | | | $ | — | | | $ | — | | | $ | 354,043,733 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements 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 | | $ | 16,882,323 | | | $ | 469,511,023 | | | $ | — | | | $ | 486,393,346 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 16,882,323 | | | $ | 469,511,023 | | | $ | — | | | | 486,393,346 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments* | | | | | | | | | | | | | | | | |
Futures | | $ | (8,356,152 | ) | | $ | — | | | $ | — | | | | (8,356,152 | ) |
Forward Currency Contracts | | $ | — | | | $ | (408,160 | ) | | $ | — | | | $ | (408,160 | ) |
| | * | | 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 | | $ | 4,959,046 | | | $ | — | | | $ | — | | | $ | 4,959,046 | |
Short Term Investments | | | 4,608,659 | | | | 2,210,175 | | | | — | | | | 6,818,834 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 1,325,946 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 9,567,705 | | | $ | 2,210,175 | | | $ | — | | | $ | 13,103,826 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
149
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
GuidePath Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Investment Companies | | $ | 55,242,845 | | | $ | — | | | $ | — | | | $ | 55,242,845 | |
Short Term Investments | | | 1,321,403 | | | | — | | | | — | | | | 1,321,403 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 305,100 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 56,564,248 | | | $ | — | | | $ | — | | | $ | 56,869,348 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | * | | 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 Statements of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath Growth & Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
| | | Level 2
| | | Level 3
| | | Total
| |
Common Stocks | | $ | 37,416,625 | | | $ | — | | | $ | — | | | $ | 37,416,625 | |
Investment Companies | | | 38,209,411 | | | | — | | | | — | | | | 38,209,411 | |
Short Term Investments | | | 22,024,000 | | | | 8,840,700 | | | | — | | | | 30,864,700 | |
Investments Purchased with Proceeds from Securities Lending Collateral* | | | — | | | | — | | | | — | | | | 12,585,208 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Investments in Securities | | $ | 97,650,036 | | | $ | 8,840,700 | | | $ | — | | | $ | 119,075,944 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Other Financial Instruments** | | | | | | | | | | | | | | | | |
Futures | | $ | 145,604 | | | $ | — | | | $ | — | | | $ | 145,604 | |
Options Written | | | (147,980 | ) | | | — | | | | — | | | | (147,980 | ) |
| | * | | 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 Statements 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 options written are reflected at fair 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 3.42% of its total assets invested in the Subsidiary as of March 31, 2023.
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.
150
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
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 year ended March 31, 2023, 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, 2023, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.
Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets. Income, other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its 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. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest 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, 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, 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.
151
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
Forward Currency Contracts
The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.
Options
The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.
A purchaser (holder) of a put option pays 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 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.
152
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX, purchased and sold (wrote) options to efficiently manage investment grade credit exposure.
Statements of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2023
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statements of Assets and
Liabilities Location | | Value | | | Statements of Assets and
Liabilities Location | | Value | |
| Credit Contracts – Swaps | | Appreciation on swap agreements | | $ | — | | | Depreciation on swap agreements | | $ | 1,474 | |
| | | | |
| Interest Rate Contracts – Swaps | | Appreciation on swap agreements | | | 157,527 | | | Depreciation on swap agreements | | | 6,279 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 200,585 | | | Unrealized depreciation on futures contracts** | | | 349,633 | |
| | | | |
| Credit Contracts – Options | | Options written, at value | | | — | | | Options written, at value | | | 44,233 | |
| Total | | | | $ | 358,112 | | | | | $ | 401,619 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
| | ** | | Included in total distributable earnings on the Statements of Assets and Liabilities. |
| | | | | | | | | | | | | | | | |
| The Effect of Derivative Instruments on the Statements of Operations for the year ended March 31, 2023 | |
|
| Amount of Realized Gain or (Loss) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Options | | | Total | |
| Credit Contracts | | $ | — | | | $ | (659,000 | ) | | $ | 732,170 | | | $ | 73,170 | |
| Interest Rate Contracts | | | 2,558,042 | | | | 275,053 | | | | — | | | | 2,833,095 | |
| | | | |
| Total | | $ | 2,558,042 | | | $ | (383,947 | ) | | $ | 732,170 | | | $ | 2,906,265 | |
| | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation or (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Swaps | | | Options | | | Total | |
| Credit Contracts | | $ | — | | | $ | (1,474 | ) | | $ | (2,867 | ) | | $ | (4,341 | ) |
| Interest Rate Contracts | | | (422,107 | ) | | | (135,659 | ) | | | — | | | | (557,766 | ) |
| | | | |
| Total | | $ | (422,107 | ) | | $ | (137,133 | ) | | $ | (2,867 | ) | | $ | (562,107 | ) |
GuidePath Managed Futures Strategy Fund
The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the year ended March 31, 2023, 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.
153
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
Consolidated Statements of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2023
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statements of Assets and
Liabilities Location | | Value | | | Statements of Assets and
Liabilities Location | | Value | |
| Commodity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | $ | 3,119,921 | | | Unrealized depreciation on futures contracts** | | $ | 5,335,390 | |
| | | | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 4,388,732 | | | Unrealized depreciation on futures contracts** | | | 1,466,531 | |
| | | | |
Foreign Exchange Contracts – Forward Currency Contracts | | Unrealized appreciation on forward currency contracts | | | 1,633,057 | | | Unrealized depreciation on forward currency contracts | | | 2,041,217 | |
| | | | |
| Foreign Exchange Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 385,773 | | | Unrealized depreciation on futures contracts** | | | 1,945,282 | |
| | | | |
| Interest Rate Contracts – Futures* | | Unrealized appreciation on futures contracts** | | | 251,409 | | | Unrealized depreciation on futures contracts** | | | 7,754,784 | |
| Total | | | | $ | 9,778,892 | | | | | $ | 18,543,204 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Consolidated Schedule of Open Futures Contracts. |
| | ** | | Included in total distributable earnings on the Consolidated Statements of Assets and Liabilities. |
| | | | | | | | |
| The Effect of Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2023 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Futures
Contracts | | | Forward
Currency
Contracts | |
| Commodity Contracts | | $ | (10,342,180 | ) | | $ | — | |
| Equity Contracts | | | (28,982,320 | ) | | | — | |
| Foreign Exchange Contracts | | | 17,145,207 | | | | 1,098,762 | |
| Interest Rate Contracts | | | 35,031,155 | | | | — | |
| | |
| Total | | $ | 12,851,862 | | | $ | 1,098,762 | |
|
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Forward
Currency
Contracts | |
Commodity Contracts | | $ | (6,216,962 | ) | | $ | — | |
Equity Contracts | | | 3,753,839 | | | | — | |
Foreign Exchange Contracts | | | (3,347,609 | ) | | | 1,410,840 | |
| Interest Rate Contracts | | | (19,917,639 | ) | | | — | |
| | |
| Total | | $ | (25,728,371 | ) | | $ | 1,410,840 | |
GuidePath Growth and Income Fund
During the year, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and 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 year 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.
154
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
Statements of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2023
| | | | | | | | | | | | |
| | | Asset Derivatives
| | | Liability Derivatives
| |
| | | Statements of Assets and
Liabilities Location | | Value | | | Statements of Assets and
Liabilities Location | | Value | |
| Equity Contracts – Futures* | | Unrealized appreciation on futures contracts** | | $ | 145,604 | | | Unrealized depreciation on futures contracts** | | $ | — | |
| | | | |
| Equity Contracts – Options | | Options written, at value | | | — | | | Options written, at value | | | 147,980 | |
| Total | | | | $ | 145,604 | | | | | $ | 147,980 | |
| | * | | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
| | ** | | Included in total distributable earnings on the Statements of Assets and Liabilities. |
| | | | | | | | |
| The Effect of Derivative Instruments on the Statements of Operations for the year ended March 31, 2023 | |
|
| Amount of Realized Gain (Loss) on Derivatives | |
| | | Futures
Contracts | | | Options
Written | |
| Equity Contracts | | $ | (1,228,020 | ) | | $ | (1,033,354 | ) |
| | |
| Total | | $ | (1,228,020 | ) | | $ | (1,033,354 | ) |
|
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| | | Futures
Contracts | | | Options
Written | |
| Equity Contracts | | $ | 91,575 | | | $ | (132,960 | ) |
| | |
| Total | | $ | 91,575 | | | $ | (132,960 | ) |
Volume Disclosures
The average monthly value outstanding of options written during the year ended March 31, 2023 were as follows:
| | | | | | | | | | | | |
| | | GuideMark
Core Fixed
Income Fund | | | GuidePath
Managed Futures
Strategy Fund | | | GuidePath
Growth and
Income Fund | |
| Options Written | | $ | (64,537 | ) | | $ | — | | | $ | (596,076 | ) |
The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2023 were as follows:
| | | | | | | | | | | | |
| Long Positions | | GuideMark
Core Fixed
Income Fund | | | GuidePath
Managed Futures
Strategy Fund | | | GuidePath
Growth and
Income Fund | |
| Futures | | $ | 8,847,898 | | | $ | 264,039,565 | | | $ | 1,780,974 | |
| Forwards | | $ | — | | | $ | 105,051,097 | | | $ | — | |
| Swaps | | $ | 3,791,923 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
| Short Positions | | GuideMark
Core Fixed
Income Fund | | | GuidePath
Managed Futures
Strategy Fund | | | GuidePath
Growth and
Income Fund | |
| Futures | | $ | (23,125,406 | ) | | $ | (1,652,302,143 | ) | | $ | (7,396,279 | ) |
| Forwards | | $ | — | | | $ | (78,371,822 | ) | | $ | — | |
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.
155
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
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 March 31, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset in
the Statements of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Statements of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statements of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | $ | 157,527 | | | $ | — | | | $ | 157,527 | | | $ | (7,753) | | | $ | — | | | $ | 149,774 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 157,527 | | | $ | — | | | $ | 157,527 | | | $ | (7,753) | | | $ | — | | | $ | 149,774 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | Gross Amounts not offset in
the Statements of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Liabilities
| | | Gross Amounts
Offset in the
Statements of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statements of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Pledged
| | | Net
Amount
| |
Description / Counterparty | | | | | �� | | | | | | | | | | | | | | | | | | | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Citigroup | | $ | 38,007 | | | $ | — | | | $ | 38,007 | | | $ | (38,007) | | | $ | — | | | $ | — | |
Options written | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 44,233 | | | | — | | | | 44,233 | | | | (44,233) | | | | — | | | | — | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | | 7,753 | | | | — | | | | 7,753 | | | | (7,753) | | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 89,993 | | | $ | — | | | $ | 89,993 | | | $ | (89,993) | | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Cumulative appreciation/depreciation on futures contracts is reported in the Schedule of Open Futures Contracts – variation margin and receivable/payable for unsettled open futures contracts presented above is presented in the Statements of Assets and Liabilities. |
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.
156
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
The table below, as of March 31, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statements of Assets and Liabilities, except in the case of futures contracts.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | Gross Amounts not offset
in the Consolidated
Statements of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Assets
| | | Gross Amounts
Offset in the
Consolidated
Statements of
Assets and Liabilities
| | | Net Amounts
Presented in the
Consolidated
Statements of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Received
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Forward | | | | | | | | | | | | | | | | | | | | | | | | |
UBS AG | | $ | 1,633,057 | | | $ | — | | | $ | 1,633,057 | | | $ | (1,633,057 | ) | | $ | — | | | $ | — | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 2,863,109 | | | | (2,545,577 | ) | | | 317,532 | | | | (317,532 | ) | | | — | | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 4,496,166 | | | $ | (2,545,577 | ) | | $ | 1,950,589 | | | $ | (1,950,589 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | Gross Amounts not offset
in the Consolidated
Statements of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Liabilities
| | | Gross Amounts
Offset in the
Consolidated
Statements of
Assets and Liabilities
| | | Net Amounts
Presented in the
Consolidated
Statements of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Pledged
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Forward | | | | | | | | | | | | | | | | | | | | | | | | |
UBS AG | | $ | 2,041,217 | | | $ | — | | | $ | 2,041,217 | | | $ | (1,633,057 | ) | | $ | (408,160 | ) | | $ | — | |
Futures* | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs | | | 4,712,451 | | | | (2,545,577 | ) | | | 2,166,874 | | | | (317,532 | ) | | | (1,849,342 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 6,753,668 | | | $ | (2,545,577 | ) | | $ | 4,208,091 | | | $ | (1,950,589 | ) | | $ | (2,257,502 | ) | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| * | | Cumulative appreciation/ depreciation on futures contracts is reported in the Consolidated Schedule of Open Futures Contracts – variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statements of Assets and Liabilities. |
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
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.
157
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
The table below, as of March 31, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities, 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley | | $ | 84,000 | | | $ | — | | | $ | 84,000 | | | $ | — | | | $ | — | | | $ | 84,000 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 84,000 | | | $ | — | | | $ | 84,000 | | | $ | — | | | $ | — | | | $ | 84,000 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | Gross Amounts not offset
in the Statements of
Assets and Liabilities
| | | | |
| | | Gross Amounts
of Recognized
Liabilities
| | | Gross Amounts
Offset in the
Statements of
Assets and Liabilities
| | | Net Amounts
Presented in the
Statements of
Assets and Liabilities
| | | Financial
Instruments
| | | Collateral
Pledged
| | | Net
Amount
| |
Description / Counterparty | | | | | | | | | | | | | | | | | | | | | | | | |
Options Written | | | | | | | | | | | | | | | | | | | | | | | | |
Interactive Brokers | | $ | 147,980 | | | $ | — | | | $ | 147,980 | | | $ | (147,980 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 147,980 | | | $ | — | | | $ | 147,980 | | | $ | (147,980 | ) | | $ | — | | | $ | — | |
| | |
|
|
| |
|
|
| |
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|
| |
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| |
|
|
| |
|
|
|
Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.
| | (m) | | Securities Purchased or Sold on a Forward-Commitment Basis The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security. |
| | (n) | | Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such |
| | events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board. |
| | (o) | | Foreign Currency Translation |
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Net realized gain (loss) on foreign currencies include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.
158
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.
| | (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 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, 2023, for the services performed as Trustees of the consolidated Board of GPS Funds I and GPS Funds II, the Independent Trustees receive a retainer fee of $110,000 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 $2,500 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.
During the fiscal year ended March 31, 2023, the Independent Trustees received a retainer fee of $90,000 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 $2,500 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings.
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. 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 March 31, 2023.
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. The Cayman subsidiary of the GuidePath Managed Futures Strategy Fund aslo has an Investment Advisory Agreement with AssetMark, with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Fund.
159
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
Under the terms of the Agreement, the Funds compensate the Advisor monthly for its management services at the following annual 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% | |
Growth Allocation Fund | | | 0.25% | |
Conservative Allocation Fund | | | 0.25% | |
Tactical Allocation Fund | | | 0.35% | |
Absolute Return Allocation Fund | | | 0.35% | |
Multi-Asset Income Allocation Fund | | | 0.35% | |
Flexible Income Allocation Fund | | | 0.25% | |
Managed Futures Strategy Fund | | | 1.05% | |
Conservative Income Fund | | | 0.35% | |
Income Fund | | | 0.45% | |
Growth and Income Fund | | | 0.45% | |
AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a monthly fee at an annual rate of 0.25% of the average daily net assets of the applicable class of shares of each Fund. Pursuant to an administrative services agreement, AssetMark provides services in connection with the operation and administration of the AssetMark Platform, including, among other things, back-office, administrative, custodial support and clerical services. Investors holding shares of the Funds outside of the AssetMark Platform are subject to these administrative services fees, but may not receive all of the related services.
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, 2024, 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 | | | 0.99% | | | | 0.64% | | | | — | |
Emerging Markets Fund | | | 1.40% | | | | 1.05% | | | | — | |
Small/Mid Cap Core Fund | | | 1.20% | | | | 0.85% | | | | — | |
World ex-US Fund | | | 1.14% | | | | 0.79% | | | | — | |
Core Fixed Income Fund | | | 0.94% | | | | 0.59% | | | | — | |
Growth Allocation Fund | | | 0.75% | | | | 0.40% | | | | — | |
Conservative Allocation Fund | | | 0.45% | | | | 0.10% | | | | — | |
Tactical Allocation Fund | | | 0.85% | | | | 0.50% | | | | — | |
Absolute Return Allocation Fund | | | 0.55% | | | | 0.20% | | | | — | |
Multi-Asset Income Allocation Fund | | | 0.85% | | | | 0.50% | | | | — | |
Flexible Income Allocation Fund | | | 0.50% | | | | 0.15% | | | | — | |
Managed Futures Strategy Fund | | | 1.65% | | | | 1.30% | | | | — | |
Conservative Income Fund | | | — | | | | — | | | | 0.64% | |
Income Fund | | | — | | | | — | | | | 0.79% | |
Growth and Income Fund | | | — | | | | — | | | | 0.79% | |
Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s Expense Limits at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years after the end of the calendar month in which the fee or expense was waived or reimbursed. As of March 31, 2023, Large Cap Core Fund, Emerging Markets Fund Service Class Shares, Small/Mid Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Managed Futures Strategy Fund have recouped all potential recoverable waivers or reimbursed expenses.
The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:
| | | | | | | | | | | | |
| | | Year of
Expiration
03/31/2024
| | | Year of
Expiration
03/31/2025
| | | Year of
Expiration
03/31/2026
| |
Emerging Markets Fund | | $ | — | | | $ | — | | | $ | 219,516 | |
World ex-US Fund | | | 20 | | | | 144,468 | | | | 110,946 | |
Core Fixed Income Fund | | | 123,677 | | | | 89,424 | | | | 80,939 | |
Conservative Allocation Fund | | | 725,482 | | | | 812,082 | | | | 671,969 | |
Absolute Return Allocation Fund | | | 590,940 | | | | 312,450 | | | | 692,243 | |
Flexible Income Allocation Fund | | | 289,266 | | | | 212,963 | | | | 308,528 | |
Conservative Income Fund | | | 38,716 | | | | 53,047 | | | | 31,182 | |
Income Fund | | | 25,172 | | | | 3,614 | | | | 18,873 | |
Growth and Income Fund | | | 79,155 | | | | 43,413 | | | | 2,958 | |
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.
160
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
| 5. | | 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. The LoC was renewed July 26, 2022 and will mature, unless renewed, on July 25, 2023. 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 8.00% at March 31, 2023. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.
During the year April 1, 2022 to March 31, 2023, the details of the borrowings were as follows:
| | | | | | | | | | | | |
Fund
| | Average Daily
Borrowings
| | | Weighted Average Annualized
Interest Rate
| | | Maximum
Borrowings
| |
Large Cap Core Fund | | $ | 8,008 | | | | 7.09 | % | | $ | 852,000 | |
Emerging Markets Fund | | | 75,652 | | | | 5.49 | % | | | 3,712,000 | |
World ex-US Fund | | | 32,301 | | | | 7.35 | % | | | 3,036,000 | |
Growth Allocation Fund | | | 1,142,592 | | | | 5.68 | % | | | 77,574,000 | |
Conservative Allocation Fund | | | 544,822 | | | | 5.45 | % | | | 43,493,000 | |
Absolute Return Allocation Fund | | | 1,479,195 | | | | 6.57 | % | | | 87,465,000 | |
Multi-Asset Income Allocation Fund | | | 122,118 | | | | 5.62 | % | | | 7,927,000 | |
Flexible Income Allocation Fund | | | 136,277 | | | | 5.16 | % | | | 21,521,000 | |
Growth and Income Fund | | | 83,808 | | | | 3.62 | % | | | 14,512,000 | |
As of March 31, 2023, the GuidePath Conservative Allocation Fund had outstanding borrowings of $960,000. No other Fund had outstanding borrowings as of March 31, 2023.
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 year ended March 31, 2023, the Funds 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.
161
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
Secured Borrowings
| | | | |
Securities Lending Transactions
| | | |
Overnight and Continuous
| | Investments Purchased with
Proceeds from Securities
Lending Collateral
| |
Large Cap Core Fund | | $ | 99,549,037 | |
Emerging Markets Fund | | | 2,941,322 | |
Small/Mid Cap Core Fund | | | 28,266,325 | |
World ex-US Fund | | | 5,299,517 | |
Core Fixed Income Fund | | | 1,689,338 | |
Growth Allocation Fund | | | 150,405,813 | |
Conservative Allocation Fund | | | 62,421,423 | |
Tactical Allocation Fund | | | 104,514,306 | |
Absolute Return Allocation Fund | | | 25,105,887 | |
Multi-Asset Income Allocation Fund | | | 18,881,022 | |
Flexible Income Allocation Fund | | | 58,689,441 | |
Managed Futures Strategy Fund | | | — | |
Conservative Income Fund | | | 1,325,946 | |
Income Fund | | | 305,100 | |
Growth & Income Fund | | | 12,585,208 | |
| |
Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities). | | $ | 571,979,685 | |
| 7. | | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2023 are summarized below.
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Large Cap Core Fund | | $ | 251,234,201 | | | $ | 271,717,517 | |
Emerging Markets Fund | | | 22,537,417 | | | | 38,110,860 | |
Small/Mid Cap Core Fund | | | 23,788,231 | | | | 24,624,987 | |
World ex-US Fund | | | 54,247,019 | | | | 61,935,163 | |
Core Fixed Income Fund* | | | 533,397,557 | | | | 562,514,590 | |
Growth Allocation Fund | | | 220,780,326 | | | | 278,386,615 | |
Conservative Allocation Fund | | | 208,693,921 | | | | 247,945,279 | |
Tactical Allocation Fund | | | 778,093,366 | | | | 711,881,955 | |
| | | | | | | | |
| | | Purchases
| | | Sales
| |
Absolute Return Allocation Fund | | $ | 526,432,090 | | | $ | 511,937,691 | |
Multi-Asset Income Allocation Fund | | | 61,858,757 | | | | 72,975,476 | |
Flexible Income Allocation Fund | | | 1,432,162,254 | | | | 1,432,595,576 | |
Managed Futures Strategy Fund | | | — | | | | — | |
Conservative Income Fund | | | 32,221,083 | | | | 30,368,087 | |
Income Fund | | | 175,673,672 | | | | 159,680,888 | |
Growth and Income Fund | | | 52,736,436 | | | | 57,302,603 | |
| | * | | Included in these amounts were $491,182,880 of purchases and $506,817,803 of sales of U.S. Government Securities. |
| 8. | | Transactions with Affiliates |
The GuidePath Flexible Income Allocation Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2023. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
| | | | | | | | | | | | | | | | |
Issuer
| | Value as of
April 1, 2022
| | | Purchases
| | | Sales
| | | Realized Gain
(Loss)
| |
WisdomTree Bloomberg U.S. Dollar Bullish Fund1 | | $ | 11,530,173 | | | $ | 14,539,175 | | | $ | 16,061,856 | | | $ | (233,659 | ) |
iShares MSCI Kokasui ETF | | | — | | | | 11,060,244 | | | | 1,342,429 | | | | 8,788 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 11,530,173 | | | $ | 25,599,419 | | | $ | 17,404,285 | | | $ | (224,871 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | |
Issuer
| | Change in
Unrealized
Appreciation
(Depreciation)
| | | Distributions
Received
| | | Fair Value
as of
March 31,
2023
| | | Share Balance
as of
March 31,
2023
| |
WisdomTree Bloomberg U.S. Dollar Bullish Fund1 | | $ | (105,277 | ) | | $ | 719,262 | 2 | | $ | 9,668,556 | | | | 370,869 | |
iShares MSCI Kokasui ETF | | | 283,767 | | | | — | | | | 10,010,370 | | | | 114,135 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | $ | 178,490 | | | $ | 719,262 | | | $ | 19,678,926 | | | | 485,004 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | 1 | | No longer an affiliate as of March 31, 2023. |
| | 2 | | Includes Dividends from affiliated investments and Net long-term capital gain distributions received from affiliated registered investment companies on the Statement of Operations. |
The global outbreak of COVID-19, first detected in China in December 2019, has disrupted economic markets and the long-term economic impact is uncertain. The operational and financial
performance of the issuers of securities in which a 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 Funds’ investments.
162
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
| 10. | | LIBOR Discontinuation |
Certain variable rate securities use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a planned phase out of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as originally intended, certain widely used US dollar (USD) LIBOR rate settings (overnight, 1-, 3- ,6-, and 12-month) will continue to be published in representative forms until June 30, 2023 in order to assist with the market transition away from LIBOR-based instruments. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The transition to alternative rates may adversely affect the value or liquidity of certain LIBOR-based investments or reduce the effectiveness of related transactions such as hedges and the ultimate impact of the transition on markets generally remains uncertain.
On February 24, 2022, Russia commenced a military attack on Ukraine. This has led to various countries, including the US, imposing economic sanctions on certain Russian individuals and entities. In response to these events, the Russian government has imposed capital controls to restrict movements of capital entering and exiting the country. The conflict and related events have and may continue to result in price volatility and liquidity constraints. Future market disruptions as a result of the war cannot be predicted, but could be significant and may include adverse effects on global economic growth as well as the markets for certain securities and commodities, such as oil and natural gas, among other sectors. The duration of the conflict, potential for escalation and ultimate effects on the Funds cannot currently be predicted.
Financial services companies are subject to risks related to changes in governmental regulation, the availability and cost of capital, changes in interest rates and/or monetary policy and competitive pressures. In addition, financial services companies are often more highly leveraged than other companies, which carries additional inherent risk, particularly during times of market volatility or monetary tightening. Deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, negatively affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the global financial markets and may cause certain financial services companies to incur substantial losses. The value of securities issued by companies in the financials sector may dramatically decline if financial services issuers experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Adverse economic or political developments could also adversely affect financial institutions engaged in mortgage related finance or other lending or investing activities directly or indirectly connected to the value of real estate.
| 13. | | Other Tax Information |
Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.
These differences are primarily due to CFC income reversal, distribution in excess of taxable income, non-deductable excise tax paid, partnerships and equalization. On the Statements of Assets and Liabilities, the following adjustments were made:
| | | | | | | | |
| | | Total Distributable
Earnings (Loss)
| | | Capital Stock
| |
Large Cap Core Fund | | $ | (1,144,681 | ) | | $ | 1,144,681 | |
Emerging Markets Fund | | | 499,425 | | | | (499,425 | ) |
Small/Mid Cap Core Fund | | | — | | | | — | |
World ex-US Fund | | | (1,451,625 | ) | | | 1,451,625 | |
Core Fixed Income Fund | | | — | | | | — | |
Growth Allocation Fund | | | (6,212,695 | ) | | | 6,212,695 | |
Conservative Allocation Fund | | | 14,294 | | | | (14,294 | ) |
Tactical Allocation Fund | | | — | | | | — | |
Absolute Return Allocation Fund | | | 16,347 | | | | (16,347 | ) |
Multi-Asset Income Allocation Fund | | | — | | | | — | |
Flexible Income Allocation Fund | | | 1,659 | | | | (1,659 | ) |
Managed Futures Strategy Fund | | | 10,032,796 | | | | (10,032,796 | ) |
Conservative Income Fund | | | — | | | | — | |
Income Fund | | | 554 | | | | (554 | ) |
Growth and Income Fund | | | — | | | | — | |
163
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Losses are carried forward indefinitely and any corresponding loss character is retained. Capital loss carryforwards available for Federal income tax purposes are as follows:
| | | | | | | | | | | | |
| | | Capital losses
| | | | |
| | | Short Term
| | | Long Term
| | | Utilized
| |
Large Cap Core Fund | | $ | — | | | $ | — | | | $ | — | |
Emerging Markets Fund | | | — | | | | — | | | | — | |
Small/Mid Cap Core Fund | | | — | | | | — | | | | — | |
World ex-US Fund | | | — | | | | — | | | | — | |
Core Fixed Income Fund | | | 7,636,772 | | | | 6,023,841 | | | | — | |
Growth Allocation Fund | | | — | | | | — | | | | — | |
Conservative Allocation Fund | | | 2,603,613 | | | | 7,701,402 | | | | — | |
Tactical Allocation Fund | | | 7,351,658 | | | | 8,645,327 | | | | — | |
Absolute Return Allocation Fund | | | 11,046,175 | | | | 14,359,697 | | | | — | |
Multi-Asset Income Allocation Fund | | | 565,064 | | | | 4,491,439 | | | | 144,419 | |
Flexible Income Allocation Fund | | | 38,986,676 | | | | 9,472,286 | | | | — | |
Managed Futures Strategy Fund | | | — | | | | — | | | | — | |
Conservative Income Fund | | | 462,161 | | | | 50,222 | | | | — | |
Income Fund | | | 5,421,355 | | | | 1,104,747 | | | | — | |
Growth and Income Fund | | | 1,022,669 | | | | 3,079,690 | | | | — | |
Additionally, at March 31, 2023, the Funds deferred on a tax basis losses as follows:
| | | | | | | | |
| | | Ordinary Late
Year Loss
| | | Capital Loss
| |
Large Cap Core Fund | | $ | — | | | $ | — | |
Emerging Markets Fund | | | 87,320 | | | | 506,958 | |
Small/Mid Cap Core Fund | | | 77,932 | | | | 364,519 | |
World ex-US Fund | | | — | | | | — | |
Core Fixed Income Fund | | | — | | | | — | |
Growth Allocation Fund | | | — | | | | — | |
Conservative Allocation Fund | | | — | | | | — | |
Tactical Allocation Fund | | | — | | | | — | |
Absolute Return Allocation Fund | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | — | | | | — | |
Flexible Income Allocation Fund | | | — | | | | — | |
Managed Futures Strategy Fund | | | 7,759,883 | | | | 71,122,613 | |
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 years ended March 31, 2023 and March 31, 2022 are as follows:
| | | | | | | | | | | | |
| | | Year Ended March 31, 2023
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| | | Return of
Capital
| |
Large Cap Core Fund | | $ | 3,230,813 | | | $ | 42,887,062 | | | $ | — | |
Emerging Markets Fund | | | 1,979,243 | | | | 5,054,436 | | | | — | |
Small/Mid Cap Core Fund | | | 415,207 | | | | 1,643,644 | | | | — | |
World ex-US Fund | | | 2,185,741 | | | | 753,332 | | | | — | |
Core Fixed Income Fund | | | 4,236,587 | | | | — | | | | — | |
Growth Allocation Fund | | | 2,497,998 | | | | 33,002,940 | | | | — | |
Conservative Allocation Fund | | | 7,210,860 | | | | 1,410,637 | | | | — | |
Tactical Allocation Fund | | | 13,932,446 | | | | 8,621,703 | | | | — | |
Absolute Return Allocation Fund | | | 7,994,774 | | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | 3,695,270 | | | | — | | | | — | |
Flexible Income Allocation Fund | | | 7,455,369 | | | | 2,197,965 | | | | — | |
Managed Futures Strategy Fund | | | 77,138,457 | | | | 33,039,636 | | | | — | |
Conservative Income Fund | | | 333,852 | | | | — | | | | — | |
Income Fund | | | 1,084,689 | | | | — | | | | — | |
Growth and Income Fund | | | 2,147,781 | | | | — | | | | — | |
164
GuideMark Funds & GuidePath Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2023
| | | | | | | | | | | | |
| | | Year Ended March 31, 2022
| |
| | | Ordinary
Income
Distributions
| | | Long-Term
Capital Gain
Distributions
| | | Return of
Capital
| |
Large Cap Core Fund | | $ | 4,380,405 | | | $ | 17,492,713 | | | $ | — | |
Emerging Markets Fund | | | 2,454,324 | | | | 5,150,349 | | | | — | |
Small/Mid Cap Core Fund | | | 1,322,987 | | | | 10,865,602 | | | | — | |
World ex-US Fund | | | 1,530,013 | | | | — | | | | — | |
Core Fixed Income Fund | | | 2,772,722 | | | | 1,924,511 | | | | — | |
Growth Allocation Fund | | | 15,113,758 | | | | 16,949,619 | | | | — | |
Conservative Allocation Fund | | | 11,536,921 | | | | 6,206,078 | | | | — | |
Tactical Allocation Fund | | | 39,531,728 | | | | 9,786,060 | | | | — | |
Absolute Return Allocation Fund | | | 4,479,391 | | | | — | | | | — | |
Multi-Asset Income Allocation Fund | | | 3,347,756 | | | | — | | | | — | |
Flexible Income Allocation Fund | | | 8,322,123 | | | | — | | | | — | |
Managed Futures Strategy Fund | | | 14,193,380 | | | | 5,162,678 | | | | — | |
Conservative Income Fund | | | 69,357 | | | | — | | | | 6,986 | |
Income Fund | | | 918,444 | | | | — | | | | — | |
Growth and Income Fund | | | 6,681,000 | | | | 8,349,427 | | | | 78,293 | |
At March 31, 2023, 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
| |
Cost of Portfolio* | | $ | 509,500,945 | | | $ | 44,091,727 | | | $ | 100,968,953 | | | $ | 93,420,022 | | | $ | 219,518,983 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 220,341,637 | | | $ | 11,760,660 | | | $ | 31,665,485 | | | $ | 26,493,785 | | | $ | 1,281,587 | |
Gross Unrealized Depreciation | | | (23,779,628 | ) | | | (6,428,040 | ) | | | (10,464,474 | ) | | | (4,426,421 | ) | | | (15,630,736 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 196,562,009 | | | | 5,332,620 | | | | 21,201,011 | | | | 22,067,364 | | | | (14,349,149 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Ordinary Income | | | 1,209,660 | | | | — | | | | — | | | | 2,469,488 | | | | 380,837 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | 1,248,984 | | | | — | |
Other Accumulated Gains/(Losses) | | | — | | | | (594,278 | ) | | | (442,508 | ) | | | — | | | | (13,660,613 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | 197,771,669 | | | | 4,738,342 | | | | 20,758,503 | | | | 25,785,836 | | | | (27,628,925 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
| | | Growth
Allocation
Fund
| | | Conservative
Allocation
Fund
| | | Tactical
Allocation
Fund
| | | Absolute
Return
Allocation
Fund
| | | Multi-Asset
Income
Allocation
Fund
| |
Cost of Portfolio* | | $ | 878,808,763 | | | $ | 468,284,753 | | | $ | 593,708,303 | | | $ | 254,307,846 | | | $ | 104,704,992 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 251,635,775 | | | $ | 42,492,539 | | | $ | 36,602,716 | | | $ | 3,348,597 | | | $ | 9,524,974 | |
Gross Unrealized Depreciation | | | (25,648,838 | ) | | | (24,730,031 | ) | | | (26,685,211 | ) | | | (8,355,908 | ) | | | (6,484,319 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | 225,986,937 | | | | 17,762,508 | | | | 9,917,505 | | | | (5,007,311 | ) | | | 3,040,655 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Ordinary Income | | | 7,014,607 | | | | 5,795,832 | | | | 6,818,603 | | | | 2,733,574 | | | | 199,649 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | — | | | | — | |
Other Accumulated Gains/(Losses) | | | (7,293 | ) | | | (10,312,308 | ) | | | (16,004,278 | ) | | | (25,413,165 | ) | | | (5,056,503 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | 232,994,251 | | | | 13,246,032 | | | | 731,830 | | | | (27,686,902 | ) | | | (1,816,199 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | | Flexible
Income
Allocation
Fund
| | | Managed
Futures
Strategy
Fund
| | | Conservative
Income
Fund
| | | Income
Fund
| | | Growth and
Income
Fund
| |
Cost of Portfolio* | | $ | 354,174,661 | | | $ | 486,451,185 | | | $ | 13,104,358 | | | $ | 59,316,553 | | | $ | 114,776,202 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Gross Unrealized Appreciation | | $ | 3,456,496 | | | $ | 2,827,097 | | | $ | 17,217 | | | $ | 439,125 | | | $ | 7,465,863 | |
Gross Unrealized Depreciation | | | (3,587,424 | ) | | | (2,107,540 | ) | | | (17,749 | ) | | | (2,886,328 | ) | | | (3,166,694 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Unrealized Appreciation/(Depreciation) | | | (130,928 | ) | | | 719,557 | | | | (532 | ) | | | (2,447,203 | ) | | | 4,299,169 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Undistributed Ordinary Income | | | 396,125 | | | | — | | | | 9,147 | | | | 9,202 | | | | 48,822 | |
Undistributed Long-Term Cap Gains | | | — | | | | — | | | | — | | | | — | | | | — | |
Other Accumulated Gains/(Losses) | | | (48,458,962 | ) | | | (82,009,163 | ) | | | (512,383 | ) | | | (6,526,102 | ) | | | (4,102,359 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Distributable Earnings/(Loss) | | | (48,193,765 | ) | | | (81,289,606 | ) | | | (503,768 | ) | | | (8,964,103 | ) | | | 245,632 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
The differences between book-basis and tax-basis unrealized appreciation and depreciation are primarily attributable to the tax deferral of losses on wash sales and other temporary differences.
| | * | | Portfolio includes investments and derivative contracts |
165
GuideMark Funds & GuidePath Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of GPS Funds I and GPS Funds II
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts, options written, and open swap contracts (including the consolidated statement of assets and liabilities and consolidated schedules of investments, open futures contracts, and open forward currency contracts of GuidePath® Managed Futures Strategy Fund), of GPS Funds I and GPS Funds II comprising the funds listed below (the “Funds”) as of March 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| | | | | | |
Fund Name
| | Statements of Operations
| | Statements of Changes
in Net Assets
| | Financial Highlights
|
GuideMark® Large Cap Core Fund, | | For the year ended March 31, 2023 | | For the years ended March 31, 2023 and 2022 | | For the years ended March 31, 2023, 2022, 2021, 2020, and 2019 |
GuideMark® Emerging Markets Fund, |
GuideMark® Small/Mid Cap Core Fund, |
GuideMark® World ex-US Fund, |
GuideMark® Core 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, and | | | | | | |
GuidePath® Flexible Income Allocation Fund | | | | | | |
| | | |
GuidePath® Managed Futures Strategy Fund | | Consolidated for the year ended March 31, 2023 | | Consolidated for the years ended March 31, 2023 and 2022 | | Consolidated for the years ended March 31, 2023, 2022, 2021, 2020, and 2019 |
| | | |
GuidePath® Conservative Income Fund, GuidePath® Income Fund, and GuidePath® Growth and Income Fund | | For the year ended March 31, 2023 | | For the years ended March 31, 2023 and 2022 | | For the years ended March 31, 2023, 2022, 2021, 2020, and for the period from April 30, 2018 (commencement of operations) through March 31, 2019 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2014.
/s/ COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
May 30, 2023
166
GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION
March 31, 2023
Additional Information
| 1. | | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2023 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 | | | 0.00% | | | | 92.27% | |
Small/Mid Cap Core Fund | | | 100.00% | | | | 100.00% | |
World ex-US Fund | | | 0.00% | | | | 100.00% | |
Core Fixed Income Fund | | | 0.00% | | | | 0.00% | |
Growth Allocation Fund | | | 44.75% | | | | 93.98% | |
Conservative Allocation Fund | | | 14.16% | | | | 33.85% | |
Tactical Allocation Fund | | | 11.85% | | | | 12.13% | |
Absolute Return Allocation Fund | | | 0.07% | | | | 0.53% | |
Multi-Asset Income Allocation Fund | | | 27.67% | | | | 49.47% | |
Flexible Income Allocation Fund | | | 2.13% | | | | 2.16% | |
Managed Futures Strategy Fund | | | 0.00% | | | | 0.00% | |
Conservative Income Fund | | | 0.00% | | | | 0.00% | |
Income Fund | | | 3.15% | | | | 3.17% | |
Growth and Income Fund | | | 51.63% | | | | 82.41% | |
The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) for each Fund were as follows (unaudited).
| | | | |
| | | % of dividends as
short-term
capital gain
| |
Large Cap Core Fund | | | 0.00% | |
Emerging Markets Fund | | | 0.00% | |
Small/Mid Cap Core Fund | | | 0.00% | |
World ex-US Fund | | | 0.00% | |
Core Fixed Income Fund | | | 0.00% | |
Growth Allocation Fund | | | 26.52% | |
Conservative Allocation Fund | | | 2.33% | |
Tactical Allocation Fund | | | 100.00% | |
Absolute Return Allocation Fund | | | 0.00% | |
Multi-Asset Income Allocation Fund | | | 0.00% | |
Flexible Income Allocation Fund | | | 0.00% | |
Managed Futures Strategy Fund | | | 36.29% | |
Conservative Income Fund | | | 0.00% | |
Income Fund | | | 0.00% | |
Growth and Income Fund | | | 0.00% | |
| 2. | | Foreign Tax Credit Pass Through (Unaudited) |
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 2023. 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 Fund | | $ | 255,855 | | | $ | 0.0577 | | | | 96.68 | % |
World ex-US Fund | | | 357,876 | | | | 0.0317 | | | | 97.57 | % |
| | * | | 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.
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ADDITIONAL INFORMATION (Continued)
March 31, 2023
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.
| 3. | | Disclosure Regarding Fund Trustees and Officers (Unaudited) |
| | | | | | | | | | | | |
Name, Address
and Year of Birth
| | Position(s) Held
with the Trusts
| | Term of Office and
Length of Time Served
| | Principal Occupation
During Past Five Years or Longer
| | # of
Portfolios
in Fund
Complex
Overseen
by Trustee
| | | Other Director/ Trustee Positions
|
GPS Funds I and GPS Funds II |
|
Independent Trustees |
| | | | | |
David M. Dunford Year of Birth: 1949 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | | Lead Independent Trustee | | Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II) | | Retired; formerly, Senior Vice President, Merrill Lynch Insurance Group (1989-2001). | | | 15 | | | Trustee, Savos Investments Trust (2015-2022). |
| | | | | |
Paul S. Feinberg Year of Birth: 1942 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | | Independent Trustee | | Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II) | | Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker-dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005). | | | 15 | | | Trustee, Savos Investments Trust (2015-2022). |
| | | | | |
Dennis G. Schmal Year of Birth: 1947 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | | Independent Trustee | | Indefinite Term (since 2007 for GPS Funds I and since 2013 for GPS Funds II) | | Self-employed consultant (1999-present); formerly, Partner, Arthur Andersen LLP (audit services) (1972-1999). | | | 15 | | | Trustee, Savos Investments Trust (2015-2022); Director, Blue Calypso, Inc. (2015-2019); Director, Owens Realty Mortage Inc. (2013-2019); Director, Cambria ETF Series Trust (2013-present); Director, Wells Fargo GAI Hedge Funds (2008-2019); Director, First Guarantee Mortgage Corporation (2021-present). |
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 (2008-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-2022); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage®, LLC (2014-present). | | | 15 | | | Trustee, Savos Investments Trust (2008-2022); Director and Chairperson, AssetMark Trust Co. (2008-present); Director, AssetMark, Inc. (2013-present); Treasurer, Acalanes Booster Club (2017-2019); Director, Rheumatology Research Foundation (2021-present). |
168
GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
| | | | | | |
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 (2013-present), and Savos (2013-2022); 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 (May 2014-present), and Savos (2014-2022); Director of Mutual Fund Operations and Finance, AssetMark (2016-present); Manager of Fund Administration, AssetMark (2014-2016); Senior Fund Administration Officer, AssetMark (2008-2014). |
| | | |
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 2014-present), GPS Funds II (2011-2013 and 2014- present), Savos (2009-2010 and 2014-2022) 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.
| 6. | | Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) |
GPS FUNDS I and GPS FUNDS II: Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements
At a meeting held on December 8, 2022 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds I and GPS Funds II (collectively, the “Trusts”) conducted its annual review and consideration of the renewal of the investment advisory agreements between AssetMark, Inc. (“AssetMark”) and each Trust on behalf of its respective series (each, a “Fund” and collectively, the “Funds”) and the renewal of the investment advisory agreement between AssetMark and the wholly-owned Cayman Islands subsidiary of the GuidePath Managed Futures Strategy Fund, GuidePath Managed Futures Strategy Cayman Fund Ltd. (the “Cayman Subsidiary”) (each such agreement, an “Advisory Agreement,” and collectively, the “Advisory Agreements”). Additionally, the Board considered the renewal of the investment sub-advisory agreements between (i) Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark, on behalf of GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, and GuideMark World ex-US Fund; (ii) Wellington Management Company LLP (“Wellington”) and AssetMark, on behalf of the GuideMark Core Fixed Income Fund; and (iii) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath Managed Futures Strategy Fund and the Cayman Subsidiary (each, a “Sub-Advisory Agreement, and collectively, the “Sub-Advisory Agreements”).
Hereinafter, GSAM, Wellington, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.” The Sub-Advised Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated on an ongoing basis, and are subject to replacement, at all times.
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GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
The Board – including a majority of the Trustees who are not “interested persons” of the Funds or AssetMark as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) – determined to approve the continuance of the Advisory Agreements and the Sub-Advisory Agreements. In connection with their consideration of the renewal of the Advisory Agreements, the Trustees considered several factors they deemed relevant to the process, including: the nature, quality and extent of the services provided to each Fund by the Advisor; the costs of providing services to each Fund; the anticipated profitability to be realized by the Advisor; any potential “fall-out” or ancillary benefits to the Advisor or its affiliates; the potential effects of asset growth and related economies of scale on each fund’s expenses; and the fees charged by investment advisers of other comparable funds, among other considerations. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from counsel to the Trusts and separately from independent legal counsel to the Independent Trustees (“Independent Counsel”). Prior to approving the Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel without representatives of the Advisor or its affiliates. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating each Investment Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information available to the Trustees and not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.
The Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel and AssetMark for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds included, among other information: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund; (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability with respect to each Fund; (8) reports on AssetMark’s evaluation of the Sub-Advisors, including reports relating to the monitoring of each Sub-Advisor’s trading and brokerage practices; (9) information relating to shareholder and administrative services provided to the Funds; (10) reports relating the Funds’ distribution structure, sales and redemptions of the Funds’ shares; (11) reports relating to the monitoring of Fund service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees discussed various matters relating to the approvals with representatives of AssetMark. The Trustees also considered their discussions with and presentations from representatives of AssetMark throughout the course of the Meeting. In addition, the Trustees considered communications, discussions held and information furnished to the Board and its Committees throughout the year and in between regularly scheduled meetings on particular matters as the need arose.
The Trustees received assistance and advice regarding legal and industry standards from counsel to the Trusts. The Independent Trustees also received separate assistance and advice from Independent Counsel throughout the review process, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering whether to approve the continuation of the Advisory Agreements. The Independent Trustees also discussed the Advisory Agreements prior to the Meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.
Factors Considered
The Trustees considered and reached conclusions on a number of factors that they deemed relevant in making the decision to approve the renewal of each Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to the Sub-Advised Funds, the Board considered the fact that, as an investment advisor operating within a manager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of the Sub-Advisors and considered each Advisory Agreement in this context. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and risks assumed by AssetMark that were not delegated to or assumed by the Sub-Advisors. The Trustees considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts’ Chief Compliance Officer (“CCO”) at which the Trustees are provided with details regarding AssetMark’s compliance functions.
170
GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including the selection and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.
The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.
The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of the Sub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.
Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.
Investment Performance
The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds’ performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.
The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party provider of investment company data. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to each Fund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.
The Trustees considered that AssetMark continued to be proactive in seeking to enhance the Funds’ investment strategies, with a view to improving Fund performance over the long term.
The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.
Advisory Fees and Total Expenses
The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by a third-party information provider; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors, as applicable.
The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.
In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling and other services that are not typically provided with mutual funds. In this regard, while the Board recognized that comparisons between a Fund and its peer group may be imprecise given the Funds’ special distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund’s fees and expenses.
After comparing each Fund’s fee levels with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, with respect to each Fund of Funds, the Trustees, including all of the Independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
171
GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
Profitability, Economies of Scale and Ancillary Benefits
The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the profitability of AssetMark with respect to each Fund under this methodology.
In evaluating AssetMark’s profitability, the Trustees noted that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.
The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs as well as compensation received by AssetMark Trust Company for its service as an intermediary. The Trustees concluded that these benefits were reasonable.
The Trustees considered AssetMark’s profitability in managing each Fund, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.
The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability with respect to each Fund is reasonable. Additionally, the Board concluded that the economies of scale being realized by AssetMark, if any, do not mandate implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.
The Sub-Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Sub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel, AssetMark and each Sub-Advisor for purposes of their review. The materials provided to the Board included, among other information: (1) a copy of each Sub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by the Sub-Advisors; (3) the investment performance of each Sub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparable Sub-Advisor client accounts, to the extent applicable; (4) AssetMark’s evaluation of the nature, extent and quality of the services provided by each Sub-Advisor; (5) information regarding any benefits to each Sub-Advisor, such as receipt of research from brokers, that might result from the Sub-Advisor’s relationship with a Sub-Advised Fund; (6) information concerning each Sub-Advisor’s personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for the day-to-day management of the applicable Sub-Advised Fund’s portfolio; (7) information regarding each Sub-Advisor’s compliance policies and other internal procedures, including the Sub-Advisor’s brokerage practices; (8) information regarding the financial condition of each Sub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services, including information provided by each Sub-Advisor in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub- Advisor and the methods and resources AssetMark utilized in its efforts to identify and engage Sub- Advisors for the Sub-Advised Funds.
In connection with their consideration of the Sub-Advisory Agreements, the Trustees considered several factors that they deemed relevant to this process, including: (1) the nature, quality and extent of the services to be provided to each Sub-Advised Fund by the respective Sub-Advisor; (2) the quantitative performance of each Sub-Advisor; (3) AssetMark’s evaluation, in accordance with its role as a “manager-of-managers,” of the nature, extent and quality of the services provided by each Sub-Advisor; (4) information that might suggest the potential for realizing economies of scale that could potentially be shared with Fund shareholders; and (5) any potential “fall-out” or ancillary benefits to a Sub-Advisor or its affiliates. Prior to approving the continuation of the Sub-Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel. The Independent Trustees were assisted by Independent Counsel throughout the review process. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating each Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided to the Board throughout the year and specifically with respect to the renewal and were not the result of any one factor. Moreover, each Independent Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Sub-Advisory Agreement. A more detailed summary of the important, but not necessarily all, of the factors the Independent Trustees considered with respect to their approval of the continuation of the Sub-Advisory Agreements is provided below.
172
GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
Nature, Quality and Extent of Services
The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience, capability and integrity of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and commitment of the Sub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor’s brokerage and trading practices; and (e) AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.
The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Sub-Advised Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, its specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s performance record with respect to the relevant benchmark(s).
The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.
Sub-Advisor Investment Performance
The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s investment performance relative to benchmark indices.
The Trustees considered information received regarding each Sub-Advisor’s performance, as reviewed with AssetMark and concluded that each Sub-Advisor’s performance record is satisfactory.
Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits
The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to the respective Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on negotiating competitive fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received and not the Funds. The Trustees also considered individual reports and data prepared with regard to each Sub- Advised Fund, including comparative information regarding fees. The Trustees noted that each Sub- Advisor’s fees were generally similar to or less than the fees charged by each Sub-Advisor to other comparable funds and accounts.
The Trustees considered each Sub-Advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub- Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with the Sub-Advised Funds’ shareholders as assets of the Sub-Advised Funds grow.
The Trustees concluded that the fees to be paid to each Sub-Advisor by AssetMark are reasonable in light of the services performed for the Sub-Advised Funds by the Sub-Advisors and that the economies of scale being realized by the Sub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for any Sub-Advised Fund at this time.
The Trustees did not consider the profitability of the Sub-Advisors to be a material factor based on representations from AssetMark that it negotiates sub-advisory fees with the Sub-Advisors on an arm’s- length basis and reports regarding any relationships between the Sub-Advisors and AssetMark.
The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with a Sub-Advisor, and benefits to the Sub-Advisors from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that accrue to a Sub-Advisor or any affiliate by virtue of the Sub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, concluded to approve the renewal of the Sub-Advisory Agreement with, and the fees to be paid to, each of the Sub-Advisors for each of the relevant Sub-Advised Funds.
| 7. | | Statement Regarding the Trusts’ Liquidity Risk Management Program (Unaudited) |
This section discusses the operation and effectiveness of the Liquidity Risk Management Program (the “Program”) of GPS Funds I and GPS Funds II Trust (each, a “Trust” and collectively, the “Trusts”), including each of their respective series (each, a “Fund” and collectively, the “Funds”), established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Board of Trustees of each Trust (the “Board”), including a majority of the Trustees who are not “interested persons” as defined in the 1940 Act, previously approved the Program on behalf of each Fund, as required pursuant to the Liquidity Rule. The Board also approved the designation of AssetMark, Inc. (“AssetMark”), the investment adviser to each Fund, as the Program Administrator for the Program. AssetMark administers day-to-day implementation of the Program through a Liquidity Risk Management Committee (the “Committee”), as set forth in the Program.
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GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
At the meeting of the Board held on March 9, 2023, AssetMark, as Program Administrator, provided the Board with the annual report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation, including, if applicable, the operation of any highly liquid investments minimum (“HLIM”) and any material changes to the Program (the “Report”).
The Report included an overview of the operation of the Program from January 1, 2022 through December 31, 2022 (the “Review Period”), including liquidity events relevant to the Funds, if any, during the Review Period and conclusions with respect to the adequacy of the policies and procedures of the Program and its effectiveness of implementation.
| | I. | | Key Conclusions of the Report |
The Report concluded that (i) the Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule; (ii) each Fund’s investment strategy is appropriate for an open-end fund; (iii) each Fund was able to meet requests for redemptions without significant dilution of remaining investors’ interests in the Fund during the Review Period; and (iv) the Program was implemented and operated effectively to assess and manage each Fund’s liquidity risk during the Review Period, including during periods of market volatility and net redemptions, as applicable.
There were no material liquidity matters impacting the Funds identified in the Report. In addition, the Report noted that there were no material changes to the Program during the Review Period and no material changes recommended for the coming period pursuant to the Review.
| | II. | | Summary of the Review |
| | A. | | Liquidity Risk Assessment and Review |
Throughout the Review Period, the Program Administrator, in consultation with the Funds’ sub-advisers, as applicable, and portfolio management teams, monitored the Funds’ portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in quarterly Board reporting.
The Program Administrator also conducted an annual review assessing each Fund’s liquidity risk as described in the Report, in accordance with the requirements of the Program and the Liquidity Rule, taking into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:
a. Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives (including for hedging purposes);
b. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and
c. Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.
In addition, in connection with the review of the Funds’ liquidity risks and the operation of the Program and the adequacy and effectiveness of its implementation, the Program Administrator also reviewed:
| | • | | Reasonably Anticipated Trade Size and Significant Value Impact metrics for each Fund |
| | • | | Process for identifying and monitoring illiquid investments |
| | • | | Responsibilities and operations of the Committee |
| | • | | Effectiveness of third-party liquidity classification vendor, including coverage and methodology |
In light of the assessment and review as discussed above, the Program Administrator did not recommend any changes in the management of the Funds’ liquidity risk.
| | B. | | Portfolio Holdings Classifications |
During the Review Period, each Fund’s portfolio holdings (including derivative investments) were classified monthly as Highly Liquid Investments, Moderately Liquid Investments, Less Liquid Investments and Illiquid Investments pursuant to the Program, as required by the Liquidity Rule. Upon the Committee’s review and approval, the classifications were recorded for reporting in each Fund’s Form N-PORT filings during the Review Period. The Report reviewed the classification methodology as provided in the Program.
Each Fund qualified as a Primarily Highly Liquid Fund (“PHLF”) under the Program during the Review Period and accordingly, none of the Funds maintained or were required to establish an HLIM during the Review Period. There were no changes recommended in the Report with respect to the status of any Fund as a PHLF pursuant to the review.
174
GuideMark Funds & GuidePath Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2023
| | D. | | Compliance with the 15% Limitation on Illiquid Investments |
Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets (the “15% Limit”). All Funds were monitored daily for compliance with the 15% Limit during the Review Period. During the Review Period, the Funds operated in accordance with the relevant provisions of the Program addressing the 15% Limit, including with respect to temporary investment illiquidity as a result of extended market closures. The Report also addressed significant liquidity matters which occurred or were reported during the Review Period applicable to the Funds, if any, and actions to address such matters as applicable.
175
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
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 Brokerage, LLC
1655 Grant Street, 10th Floor
Concord, CA 94520
This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.
Annual Report
March 31, 2023
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
| Item 3. | Audit Committee Financial Expert. |
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
| Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
For the fiscal year ended March 31, 2023, the registrant’s principal accountant billed the registrant $145,500 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
For the fiscal year ended March 31, 2022, the registrant’s principal accountant billed the registrant $138,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
(b) Audit-Related Fees
For the fiscal year ended March 31, 2023, the registrant’s principal accountant billed the registrant $0 for professional services rendered for the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.
For the fiscal year ended March 31, 2022, the registrant’s principal accountant billed the registrant $1,176.75 for professional services rendered for the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.
c) Tax Fees
For the fiscal year ended March 31, 2023, the registrant’s principal accountant billed the registrant $39,000 for professional services rendered for tax compliance, tax advice and tax planning, including review of the registrant’s tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences.
For the fiscal year ended March 31, 2022, the registrant’s principal accountant billed the registrant $44,000 for professional services rendered for tax compliance, tax advice and tax planning, including review of the registrant’s tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences.
(d) All Other Fees
None.
| (e)(1) | The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to provide non-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. |
| (e)(2) | There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | None of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the fiscal year ended March 31, 2023 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees. |
| (g) | The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal year ended March 31, 2023 and March 31, 2022 were $0 and $0, respectively. |
| (h) | The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
| | (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to open-end investment companies.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
None.
| Item 11. | Controls and Procedures. |
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the 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.
(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.
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, President/Principal Executive Officer |
| | |
| | Date | | 5/30/2023 |
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, President/Principal Executive Officer |
| | |
| | Date | | 5/30/2023 |
| | |
| | By (Signature and Title)* | | /s/ Patrick R. Young |
| | | | Patrick R. Young, Vice President/Treasurer |
| | |
| | Date | | 5/30/2023 |
| * | Print the name and title of each signing officer under his or her signature. |
