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 811-10267
GPS Funds I
(Exact name of registrant as specified in charter)
1655 Grant Street, 10th Floor
Concord, CA 94520
(Address of principal executive offices) (Zip code)
Patrick R Young
AssetMark, Inc.
1655 Grant Street, 10th Floor
Concord, CA 94520
(Name and address of agent for service)
800-664-5345
Registrant’s telephone number, including area code
Date of fiscal year end: March 31, 2018
Date of reporting period: April 1, 2017 through March 31, 2018
Item 1. Reports to Stockholders.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
ANNUAL REPORT
March 31, 2018
GUIDEMARK® LARGE CAP CORE FUND
GUIDEMARK® EMERGING MARKETS FUND
GUIDEMARK® SMALL/MID CAP CORE FUND
GUIDEMARK® WORLD EX-US FUND
GUIDEMARK® CORE FIXED INCOME FUND
GUIDEMARK® TAX-EXEMPT FIXED INCOME FUND
GUIDEMARK® OPPORTUNISTIC FIXED INCOME FUND
GUIDEPATH® GROWTH ALLOCATION FUND
GUIDEPATH® CONSERVATIVE ALLOCATION FUND
GUIDEPATH® TACTICAL ALLOCATION FUND
GUIDEPATH® ABSOLUTE RETURN ALLOCATION FUND
GUIDEPATH® MULTI-ASSET INCOME ALLOCATION FUND
GUIDEPATH® FLEXIBLE INCOME ALLOCATION FUND
GUIDEPATH® MANAGED FUTURES STRATEGY FUND
May 30, 2018
Dear Shareholder:
Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2017 to March 31, 2018.
Market Review
The first 10 months of the 12-month period ended March 31, 2018 were characterized by a solid upward trend, low volatility and several markets reaching all-time highs. The last two months of the reporting period were very different as we saw a significant decline in the equity markets and the return of volatility. The decline in the U.S. Equity Market was the largest seen since the third quarter of 2015, and led to the second negative quarter in the last 5 years. It is important to note, however, that this decline followed what was an extraordinarily long period of positive returns – the longest ever period without a 3% correction and the second longest without a 5% correction.
The S&P 500® Index returned 14.0% for the 12-month period. Small-cap stocks underperformed larger cap stocks over the period as the potential impact of tax reform on companies was considered. Growth-biased stocks were the market leaders, with information technology stocks returning 36.3%.1 The rally seen in technology stocks helped drive momentum indices higher, with the MSCI USA Momentum Index returning 37.2% for the 12-month period. The value indices performed more modestly during the period, with the MSCI USA Value Index returning 9.2% as the interest rate-sensitive sectors of telecom services, real estate and utilities produced negative returns for the 12-month period, with interest rates reaching their highest level in several years over the period.
The international markets fared better over the 12-month period, with emerging markets seeing the strongest returns. The MSCI World ex-USA Index returned 14.5% and the MSCI Emerging Markets Index returned 25.4% for the 12-month period ended March 2018. Foreign currency appreciation was an important contributor to this performance, as international stocks returned only 5.5% in local market terms,2 significantly lagging those of the U.S. as Europe saw signs of slower than expected growth. Emerging market stocks benefitted from more resilient economic and earnings growth along with a rally in commodity prices towards the latter half of the 12-month period.
In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 1.2% for the 12-month period ended March 2018. Yields on 2-year and 10-year Treasury bonds reached their highest levels since 2008 and 2014 respectively, in the first quarter of 20183, contributing to weaker relative returns and volatility in the bond market.4 However, for the full year, the general flattening of the yield curve and general strength of the U.S. economy resulted in longer term bonds and credit being the best performing sectors of the U.S. bond market.5 International bonds was the best performing sector of the bond market where foreign currency gains versus the U.S. dollar was the driver of returns, adding over 8% to the local returns of the international bond index.6
Fund Review
Looking across the GuideMark® equity funds, all funds outperformed their benchmarks. Momentum was a large driver of returns across these funds given the strong trends seen across all equity markets for most of the period. Quality was another factor that positively contributed to returns while the value factor was a headwind over the full year. Being equally weighted across these factors allowed the funds to benefit from 2 of the 3 factors.
The GuideMark® fixed income funds trailed their respective benchmarks. Shorter duration and an emphasis on long-term relative valuations contributed to the funds’ underperformance. The GuideMark® Opportunistic Fixed Income Fund also faced headwinds from currency positioning, as the fund’s short positions in the euro and yen detracted from the fund’s performance while these currencies appreciated against the U.S. dollar.
The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Absolute Return Fund and GuidePath® Flexible Income Fund each outperformed its respective benchmark, generally as a result of broad diversification, including exposure to international and emerging markets within equities and a bias toward credit within fixed income. The GuidePath® Multi-Asset Income Allocation Fund underperformed its benchmark due to lower exposures to high yield bonds and emerging market bonds in addition to exposure to real estate investment trusts (REITs). The GuidePath® Tactical Allocation Fund underperformed its benchmark due to lower relative equity exposure. Its benchmark, the S&P 500® Daily Risk Control 10% Index, can employ leverage. Given the low volatility environment during 2017, the equity exposure of the index has generally been more than 120% over the past 12-months while the GuidePath® Tactical Allocation Fund’s equity exposure has generally been below 100%.
Looking Ahead
We anticipate continued bouts of market volatility for three reasons, even if the April earnings reports confirm continued growth in corporate earnings.
The first reason is that 2018 is a mid-term election year. Historically, the stock market tends to struggle in the second and third quarters of mid-term election years, as investors try to forecast whether control of the House or Senate will change, creating uncertainty on everything from regulations, to taxes, to spending to trade. It is probably for this reason that mid-term election years generally have the lowest, or close to the lowest, median return for the stock market in the presidential cycle. Historically, however, the market tends to recover in the fourth quarter of mid-term election years, as greater certainty emerges over the likely outcome of the election. While the fiscal stimulus of tax cuts makes 2018 very different from a typical mid-term election year, which is often characterized by fiscal tightening, the uncertainty that accompanies elections generally gives rise to volatility.
The second reason is that we anticipate a multi-year series of interest rate increases into 2020. Before and after each meeting of the Federal Open Market Committee, we expect the market to reflect uncertainty about whether the Federal Reserve (the “Fed”) might move too quickly (potentially slow growth) or too slowly (potentially causing over-inflation and triggering a recession.
1 | S&P 500® Information Technology Index. Source: Morningstar, as of March 31, 2018 |
2 | MSCI World ex-USA Index. Source: Morningstar, as of March 31, 2018 |
3 | U.S. Treasury, Source: Morningstar, as of March 31, 2018 |
4 | Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays Multiverse Index. Source: Morningstar, as of March 31, 2018 |
5 | Bloomberg Barclays Long U.S. Treasury Index, Bloomberg Barclays U.S. Corporate Bond Index, Bloomberg Barclays U.S. Corporate High Yield Index. Source: Morningstar, as of March 31, 2018 |
6 | Bloomberg Barclays Global Aggregate ex-USD Bond Index. Source: Morningstar, as of March 31, 2018 |
1
Finally, the potential for an escalating or broadening trade war, concerns about potential geopolitical conflict, and unanticipated or inadequately-specified policy statements by officials are likely to generate sporadic uncertainty for investors.
While it can be a challenge to maintain investment discipline during periods of market apprehension, it is important to remember that 2017 was a remarkable period of consistently positive returns month after month. More typically, investing involves alternating periods of gains and losses. While we don’t believe the bull market is over yet, volatility has returned to more typical levels. We expect the market environment to remain positive in the intermediate term (primarily due to the ongoing impact of tax cuts), but stocks may nevertheless drift lower in the near term before coming back. Diversification across asset classes, regions, and strategies remains the best, albeit imperfect, way for investors to stay disciplined in order to realize the benefits of a long-term investment strategy.
Please contact your financial advisor to discuss any questions about your investment strategy or changes in your financial goals. We thank you for including the funds in your portfolio and appreciate the trust you have placed in us.
Sincerely,
Carrie E. Hansen
Trustee, Chairperson and President of the Funds
Important Information
All index returns are sourced from Morningstar. It is not possible to make an investment in any index.
Past performance is no guarantee of future results.
The AssetMark platform provides fee-based investment advisory programs. Investors are advised to refer to the appropriate Disclosure Brochure, which can be obtained from your financial advisor, for a full description of services provided, including all applicable fees.
The prospectus includes additional information about the mutual funds regarding investment objectives, risk factors, fees and charges as well as other important information that should be carefully read and considered before investing. You may obtain a prospectus by contacting your registered representative.
AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. Principal Underwriter GuideMark® and GuidePath® Funds: AssetMark Brokerage™, LLC, a member of the Financial Industry Regulatory Authority, is an affiliate of AssetMark, Inc. and shares its address. ©2018 AssetMark, Inc. All rights reserved.
Investment Terms
Valuation is the process of determining the value of an asset or company.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Index Definitions
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index that measures the investment-grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities. All securities contained in the Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
Bloomberg Barclays Long U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.
Bloomberg Barclays Multiverse Index provides a broad-based measure of the global fixed income bond market and captures investment grade and high yield securities in all eligible securities.
Bloomberg Barclays U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes U.S. dollar denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers.
Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Bloomberg Barclays Global Aggregate ex-USD Bond Index is a measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers, excluding the U.S.
MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets.
MSCI USA Momentum Index captures large and mid-cap stocks of the U.S. market. It is designed to reflect the performance of an equity momentum strategy.
MSCI USA Value Index captures large and mid-cap U.S. securities exhibiting overall value style characteristics. These characteristics are: book value to price, 12-month forward earnings to price and dividend yield.
MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 developed markets countries, excluding the U.S.
S&P 500® Daily Risk Control 10% Index relies on existing S&P 500 methodology and overlays mathematical algorithms to control the index risk profiles at specific volatility targets.
S&P 500® Index focuses on the large-cap segment of the U.S. equity market. It includes 500 leading companies in leading industries of the U.S. economy, capturing approximately 75% coverage of U.S. equities.
S&P 500® Information Technology Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® information technology sector.
2
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2008. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
RUSSELL 1000® INDEX – The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. As of May 12, 2017, the market capitalization of the companies in the Russell 1000® Index ranged from $2.4 billion to $813.9 billion.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Large Cap Core Fund | ||||||||||||||||
Service Shares | 14.53 | % | 11.79 | % | 8.26 | % | 4.52 | % | ||||||||
Institutional Shares | 15.10 | % | 12.44 | % | N/A | 10.23 | % | |||||||||
Russell 1000® Index | 13.98 | % | 13.17 | % | 9.61 | % | 7.07 | %(2) |
(1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
(2) | The return shown for the Russell 1000® Index is from the inception date of the Service Shares. The Russell 1000® Index return from the inception date of the Institutional Shares is 12.24%. |
3
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 14.5%, outperforming the Russell 1000 Index at 14.0%. |
• | A diversified approach to factor investing was generally effective during the period. Stocks with momentum and higher quality characteristics generally outperformed the broad market. |
• | The momentum and quality factors contributed positively to performance and offset the negative contribution from the Fund’s exposure to the value factor. |
• | The Fund benefited from an underweight exposure to the real estate and energy sectors, driven by weaker momentum and quality characteristics within these sectors. Security selection within consumer discretionary was a drag on returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard S&P 500 ETF | 3.86 | ||||||
2 | Apple, Inc. | 2.93 | ||||||
3 | Microsoft Corp. | 2.38 | ||||||
4 | Amazon.com, Inc. | 1.90 | ||||||
5 | Facebook, Inc. – Class A | 1.33 | ||||||
6 | JPMorgan Chase & Co. | 1.23 | ||||||
7 | Berkshire Hathaway, Inc. – Class B | 1.21 | ||||||
8 | Johnson & Johnson | 1.21 | ||||||
9 | Alphabet, Inc. – Class C | 1.01 | ||||||
10 | Alphabet, Inc. – Class A | 1.00 |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P, and has been licensed for use by U.S. Bancorp Fund Services, LLC.
4
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2008. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI EMERGING MARKETS INDEX – The MSCI Emerging Markets Index measures the equity market performance of global emerging markets. As of July 31, 2017 the MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Emerging Markets Fund | ||||||||||||||||
Service Shares | 26.37 | % | 13.42 | % | 7.06 | % | 5.70 | % | ||||||||
Institutional Shares(2) | 24.52 | % | 13.61 | % | N/A | 11.96 | % | |||||||||
MSCI Emerging Markets Index | 25.37 | % | 5.37 | % | 3.36 | % | 10.92 | %(3) |
(1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
(2) | During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
(3) | The return shown for the MSCI Emerging Markets Index is from the inception date of the Service Shares. The MSCI Emerging Markets Index return from the inception date of the Institutional Shares is 2.40%. |
5
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 26.4%, outperforming the MSCI Emerging Markets Index at 25.4%. |
• | A diversified approach to factor investing was generally effective during the period. Stocks with momentum and higher quality characteristics generally outperformed the broad market. |
• | The momentum and quality factors contributed positively to performance and offset the negative contribution from the Fund’s exposure to the value factor. |
• | Driven by momentum, security selection in China was a significant positive contributor, along with security selection in the consumer discretionary and real estate sectors. Security selection within telecommunications was a drag on returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | iShares MSCI India ETF | 7.52 | ||||||
2 | Tencent Holdings Ltd. | 5.48 | ||||||
3 | Samsung Electronics Co., Ltd. | 4.06 | ||||||
4 | iShares Core MSCI Emerging Markets ETF | 3.86 | ||||||
5 | Alibaba Group Holding, Ltd. – ADR | 3.63 | ||||||
6 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3.49 | ||||||
7 | China Construction Bank Corp. – Series H | 1.36 | ||||||
8 | Naspers Ltd. – N Shares | 1.27 | ||||||
9 | Itau Unibanco Holding SA – Preference Shares | 1.00 | ||||||
10 | Industrial & Commercial bank of China, Ltd. – Series H | 0.98 |
6
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2008. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
RUSSELL 2500TM INDEX – The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500TM Index includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 12, 2017, the market capitalization of the companies in the Russell 2500TM Index ranged from $144 million to $10.6 billion.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Small/Mid Cap Core Fund | ||||||||||||||||
Service Shares | 12.45 | % | 10.43 | % | 9.29 | % | 7.48 | % | ||||||||
Russell 2500TM Index | 12.31 | % | 11.55 | % | 10.28 | % | 8.99 | % |
(1) | Inception date is 6/29/01. |
7
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 12.5%, outperforming the Russell 2500 Index at 12.3%. |
• | A diversified approach to factor investing was generally effective during the period. Stocks with momentum and higher quality characteristics generally outperformed the broad market. |
• | The momentum and quality factors contributed positively to performance and offset the negative contribution from the Fund’s exposure to the value factor. |
• | The Fund benefited from an underweight exposure to the real estate and energy sectors, driven by weaker momentum and quality characteristics within these sectors. Security selection within consumer discretionary was as a drag on returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard Extended Market ETF | 3.21 | ||||||
2 | ABIOMED, Inc. | 0.32 | ||||||
3 | ANSYS, Inc. | 0.32 | ||||||
4 | E*TRADE Financial Corp. | 0.28 | ||||||
5 | Kohl’s Corp. | 0.27 | ||||||
6 | MSCI, Inc. | 0.25 | ||||||
7 | IAC InterActive Corp. | 0.25 | ||||||
8 | United Therapeutics Corp. | 0.25 | ||||||
9 | A.O. Smith Corp. | 0.25 | ||||||
10 | Domino’s Pizza, Inc. | 0.24 |
8
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2008. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI WORLD EX-US INDEX – The MSCI World ex-US Index measures the equity market performance of developed markets excluding the United States. As of July 31, 2017 the MSCI World ex-US Index consisted of 45 country indices comprising 22 developed market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® World ex-US Fund | ||||||||||||||||
Service Shares | 16.76 | % | 5.12 | % | -0.61 | % | 3.07 | % | ||||||||
Institutional Shares(2) | 18.49 | % | 5.93 | % | N/A | 3.44 | % | |||||||||
MSCI World ex-US Index | 14.46 | % | 6.55 | % | 3.10 | % | 6.06 | %(3) |
(1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
(2) | During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
(3) | The return shown for the MSCI World ex-US Index is from the inception date of the Service Shares. The MSCI World ex-US Index return from the inception date of the Institutional Shares is 4.48%. |
9
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 16.8%, outperforming the MSCI World ex-US Index at 14.5%. |
• | A diversified approach to factor investing was generally effective during the period. Stocks with momentum and higher quality characteristics generally outperformed the broad market. |
• | The momentum and quality factors contributed positively to performance and offset the negative contribution from the Fund’s exposure to the value factor. |
• | Security selection was a large driver of returns, especially within the consumer staples, consumer discretionary, industrials, and materials sectors. Security selection within the utilities sector was a drag on returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | iShares MSCI EAFE ETF | 4.01 | ||||||
2 | Nestle SA | 1.01 | ||||||
3 | Royal Mail Plc | 0.72 | ||||||
4 | HSBC Holdings Plc | 0.71 | ||||||
5 | Roche Holdings AG | 0.66 | ||||||
6 | Novartis AG | 0.57 | ||||||
7 | Deutsche Lufthansa AG | 0.54 | ||||||
8 | Allianz SE | 0.54 | ||||||
9 | Royal Bank of Canada | 0.52 | ||||||
10 | Shiseido Co., Ltd. | 0.49 |
10
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2008. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Core Fixed Income Fund | ||||||||||||||||
Service Shares | 0.35 | % | 0.92 | % | 2.98 | % | 3.69 | % | ||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 1.20 | % | 1.82 | % | 3.63 | % | 4.50 | % |
(1) | Inception date is 6/29/01. |
11
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 0.4%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 1.2%. |
• | The Fund’s relative duration and yield curve positioning detracted from returns. |
• | While maintaining duration within a 20% band to the index, the Fund reduced duration due to geopolitical risk earlier in the period. The shorter duration resulted in a modest lag over the period. |
• | An overweight exposure to corporate credit in addition to security selection within credit contributed positively to returns as credit spreads continued to tighten. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Federal National Mortgage Association, Pool #TBA, 3.500%, 04/15/2041 | 7.62 | ||||||
2 | U.S. Treasury Note, 1.625%, 04/30/2023 | 2.85 | ||||||
3 | U.S. Treasury Note, 2.000%, 02/15/2022 | 2.74 | ||||||
4 | U.S. Treasury Bond, 0.375%, 07/15/2027 | 2.62 | ||||||
5 | U.S. Treasury Note, 2.375%, 08/15/2024 | 2.36 | ||||||
6 | Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 04/15/2042 | 2.02 | ||||||
7 | U.S. Treasury Bond, 3.125%, 11/15/2041 | 1.89 | ||||||
8 | U.S. Treasury Note, 1.875%, 09/30/2022 | 1.78 | ||||||
9 | U.S. Treasury Bond, 2.500%, 05/15/2046 | 1.60 | ||||||
10 | U.S. Treasury Note, 2.000%, 11/15/2021 | 1.59 |
12
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2008. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS MUNICIPAL BOND INDEX – The Bloomberg Barclays Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Tax-Exempt Fixed Income Fund | ||||||||||||||||
Service Shares | 2.28 | % | 1.89 | % | 3.55 | % | 3.36 | % | ||||||||
Bloomberg Barclays Municipal Bond Index | 2.66 | % | 2.73 | % | 4.40 | % | 4.57 | % |
(1) | Inception date is 6/29/01. |
13
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 2.3%, underperforming the Bloomberg Barclays Municipal Bond Index at 2.7%. |
• | The Fund’s overweight exposure to AAA rated securities and relative curve positioning detracted from returns. |
• | While beneifting from positioning within the 22 year maturities, the underweight exposure to the longest end of the curve was a larger drag on returns. |
• | The Fund’s exposure to BBB rated and below investment grade bonds benefited absolute performance as higher yielding bonds outperformed and risk appetite remained strong up until the latter two months of the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Mississippi Business Finance Corp., Series G, Revenue Bond, 1.610%, 11/01/2035 | 3.59 | ||||||
2 | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond, 5.500%, 10/15/2027 | 2.23 | ||||||
3 | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | 1.98 | ||||||
4 | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | 1.95 | ||||||
5 | Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047 | 1.95 | ||||||
6 | Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027 | 1.95 | ||||||
7 | Fishers Redevelopment District, Prerefunded, Revenue Bond, 5.250%, 07/15/2034 | 1.91 | ||||||
8 | California, GO, 6.500%, 04/01/2033 | 1.88 | ||||||
9 | Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034 | 1.88 | ||||||
10 | Los Angeles Department of Airports, Series A, Revenue Bond, 5.250%, 05/15/2029 | 1.87 |
14
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 1, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS MULTIVERSE INDEX – The Bloomberg Barclays Multiverse Index provides a broad-based measure of the global fixed-income bond market, and captures investment grade and high yield securities in all eligible currencies.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuideMark® Opportunistic Fixed Income Fund | ||||||||||||
Service Shares | 1.29 | % | 0.85 | % | 2.02 | % | ||||||
Institutional Shares | 1.81 | % | 1.32 | % | 2.44 | % | ||||||
Bloomberg Barclays Multiverse Index | 7.04 | % | 1.69 | % | 2.26 | %(2) |
(1) | Inception date is 4/1/11 for Service Shares and 4/29/11 for Institutional Shares. |
(2) | The return shown for the Bloomberg Barclays Multiverse Index is from the inception date of the Service Shares. The Bloomberg Barclays Multiverse Index return from the inception date of the Institutional Shares is 1.77%. |
15
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 1.3%, underperforming the Bloomberg Barclays Multiverse Index at 7.0%. |
• | Underweight treasury duration coupled with an underweight exposure to corporate credit and select currency positioning were the main detractors to returns. |
• | Although select duration exposures in Africa, Indonesia and Brazil contributed to absolute results, the underweight exposure to longer-dated U.S. treasury bonds created a headwind to returns. |
• | While underweight exposure to corporate credit was a drag, positions in below-investment grade sovereign credit contributed positively to absolute returns. The Fund’s short exposure to the Euro and the Yen detracted from returns as both appreciated against the U.S. dollar. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Indonesia Treasury Bond, 8.375%, 09/15/2026 | 3.72 | ||||||
2 | Mexican Bonos, 5.000%, 12/11/2019 | 3.65 | ||||||
3 | Mexican Bonos, 4.750%, 06/14/2018 | 2.88 | ||||||
4 | India Government Bond, 8.130%, 09/21/2022 | 2.59 | ||||||
5 | India Government Bond, 8.830%, 11/25/2023 | 2.19 | ||||||
6 | Brazil Letras do Tesouro Nacional, 7.221%, 07/01/2021 | 2.18 | ||||||
7 | Federal National Mortgage Association, Pool #2014-95, 3.000%, 04/25/2041 | 2.09 | ||||||
8 | Federal Home Loan Mortgage Corp., Pool #4062, 3.500%, 06/15/2042 | 1.85 | ||||||
9 | Colombian TES, 7.750%, 09/18/2030 | 1.72 | ||||||
10 | B2Gold Corp., 3.250%, 10/01/2018 | 1.45 |
16
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Growth Allocation Fund | ||||||||||||
Service Shares | 14.22 | % | 7.27 | % | 5.89 | % | ||||||
Institutional Shares | 14.90 | % | 7.92 | % | 8.55 | % | ||||||
S&P® Target Risk Aggressive Index | 13.15 | % | 9.43 | % | 8.53 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the S&P® Target Risk Aggressive Index is annualized from the inception date of the Service Shares. The S&P® Target Risk Aggressive Index average annual return from the inception date of the Institutional Shares is 9.95%. |
17
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 14.2%, outperforming the S&P Target Risk Aggressive Index at 13.2%. |
• | Returns benefited from exposure to international and emerging market equities due to increased global growth and foreign currency appreciation. A small, country specific exposure to China boosted gains. |
• | Positioning in longer term treasuries also benefited returns as yields rose. Similar to equities, emerging market bonds lifted returns due to improved global growth prospects and foreign currency appreciation. |
• | Exposure to U.S. REITs dampened returns due to their sensitivity to interest rates and bond yields moving higher. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard FTSE Developed Markets ETF | 23.85 | ||||||
2 | Vanguard S&P 500 ETF | 23.67 | ||||||
3 | iShares Core S&P Small-Cap ETF | 11.19 | ||||||
4 | Schwab U.S. Large-Cap ETF | 11.16 | ||||||
5 | iShares Core MSCI Emerging Markets ETF | 8.39 | ||||||
6 | SPDR S&P China ETF | 4.04 | ||||||
7 | Vanguard REIT ETF | 3.49 | ||||||
8 | iShares Core MSCI EAFE ETF | 2.90 | ||||||
9 | SPDR S&P 600 Small Cap Growth ETF | 2.88 | ||||||
10 | iShares MSCI Canada ETF | 2.66 |
18
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Conservative Allocation Fund | ||||||||||||
Service Shares | 6.39 | % | 3.92 | % | 3.78 | % | ||||||
Institutional Shares | 7.07 | % | 4.55 | % | 5.25 | % | ||||||
S&P® Target Risk Conservative Index | 6.34 | % | 4.48 | % | 4.70 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the S&P® Target Risk Conservative Index is annualized from the inception date of the Service Shares. The S&P® Target Risk Conservative Index average annual return from the inception date of the Institutional Shares is 4.59%. |
19
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 6.4% marginally outperforming the S&P Target Risk Conservative Index at 6.3%. |
• | Returns benefited from exposure to international and emerging market equities due to increased global growth and foreign currency appreciation. A small country specific exposure to China boosted gains. |
• | Positioning in longer term credit benefited returns as yields rose. International bonds lifted returns as foreign currencies rose against the U.S. dollar boosting the returns experienced by U.S. investors. |
• | Exposure to mortgage backed securities and short-to-intermediate term treasuries dampened returns with the yield curve flattening. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | iShares 7-10 Year Treasury Bond ETF | 11.91 | ||||||
2 | Vanguard Mortgage-Backed Securities ETF | 11.73 | ||||||
3 | Vanguard S&P 500 ETF | 10.83 | ||||||
4 | Vanguard FTSE Developed Markets ETF | 9.80 | ||||||
5 | iShares 20+ Year Treasury Bond ETF | 9.27 | ||||||
6 | iShares 1-3 Year Treasury Bond ETF | 5.92 | ||||||
7 | SPDR Bloomberg Barclays High Yield Bond ETF | 5.36 | ||||||
8 | iShares Core S&P Small-Cap ETF | 5.30 | ||||||
9 | iShares Edge MSCI Min Vol USA ETF | 4.43 | ||||||
10 | SPDR Bloomberg Barclays TIPS ETF | 3.58 |
20
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Tactical Allocation Fund | ||||||||||||
Service Shares | 11.14 | % | 4.30 | % | 3.77 | % | ||||||
Institutional Shares | 11.83 | % | 4.92 | % | 5.73 | % | ||||||
S&P 500® Daily Risk Control 10% Index | 21.56 | % | 10.67 | % | 8.62 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the S&P 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 10.88%. |
21
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 11.1% underperforming the S&P 500 Daily Risk Control 10% Index at 21.6%. |
• | Underweight exposure to equities throughout most of the period detracted from returns as the index was levered up to over 120% for most of the period in an effort to maintain a constant level of volatility. The levered position in the index was a large boost to returns during the market rally, while the Fund held under 100% equity exposure. |
• | Value-oriented equity positioning hurt returns as the market favored growth companies due to positive global economic trends. |
• | When not invested in equities, exposure was taken in TIPS and short-term credit, which created a drag on returns given the strength of longer-term maturities and a mild inflation environment. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard S&P 500 ETF | 23.99 | ||||||
2 | Schwab U.S. Large-Cap ETF | 20.42 | ||||||
3 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 10.96 | ||||||
4 | Vanguard Growth ETF | 10.77 | ||||||
5 | PowerShares QQQ Trust Series 1 | 6.63 | ||||||
6 | iShares Core S&P 500 ETF | 5.94 | ||||||
7 | Vanguard Mid-Cap Growth ETF | 4.78 | ||||||
8 | SPDR S&P 500 ETF Trust | 3.54 | ||||||
9 | Technology Select Sector SPDR ETF | 3.34 | ||||||
10 | Vanguard Value ETF | 2.89 |
22
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
CITIGROUP 3-MONTH TREASURY BILL INDEX – The Citigroup 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Absolute Return Allocation Fund | ||||||||||||
Service Shares | 1.88 | % | 2.58 | % | 2.40 | % | ||||||
Institutional Shares | 2.47 | % | 3.21 | % | 3.17 | % | ||||||
Citigroup 3-Month Treasury Bill Index | 1.07 | % | 0.31 | % | 0.24 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the Citigroup 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The Citigroup 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.29%. |
23
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 1.9% outperforming the Citigroup 3-Month Treasury Bill Index at 1.1%. |
• | High yield bond exposure benefited from credit spreads tightening while emerging market bond exposure was lifted from improved global growth prospects and foreign currency appreciation. |
• | Small exposures to broad market equities and, in particular, to emerging market equities boosted returns. |
• | Exposure to mortgage backed securities and short-to-intermediate term treasuries dampened returns with the yield curve flattening. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | DoubleLine Total Return Bond Fund – Institutional Shares | 13.90 | ||||||
2 | Vanguard Mortgage-Backed Securities ETF | 12.45 | ||||||
3 | iShares 3-7 Year Treasury Bond ETF | 10.46 | ||||||
4 | Vanguard High-Yield Corporate Fund – Admiral Shares | 8.89 | ||||||
5 | T. Rowe Price Institutional Floating Rate Fund | 8.68 | ||||||
6 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 8.06 | ||||||
7 | SPDR Bloomberg Barclays High Yield Bond ETF | 5.95 | ||||||
8 | DoubleLine Low Duration Bond Fund – Institutional Shares | 4.96 | ||||||
9 | Vanguard Total Bond Market ETF | 4.14 | ||||||
10 | ProShares Investment Grade-Interest Rate Hedged ETF | 3.61 |
24
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Multi-Asset Income Allocation Fund | ||||||||||||
Service Shares | 4.05 | % | 3.63 | % | 4.60 | % | ||||||
Morningstar Multi-Asset High Income Index | 4.41 | % | 3.87 | % | 4.33 | % |
(1) | Inception date is 8/31/12. |
25
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 4.1% trailing the the Morningstar Multi-Asset High Income Index at 4.4%. |
• | Lower relative exposure to high yield bonds and emerging market bonds exposure limited returns as credit spreads tightened and emerging markets had resilient economic growth. |
• | As interest rates moved higher, exposure to U.S. REITs dampened returns due to their interest rate sensitivity. Intermediate term credit exposure dampened performance as the yield curve flattened. |
• | Emerging market dividend equities lifted returns due to improved global growth prospects and foreign currency appreciation. Exposure to floating rate notes added to gains due to the lower sensitivity to rising interest rates. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | SPDR Portfolio S&P 500 High Dividend ETF | 17.75 | ||||||
2 | Vanguard International High Dividend Yield Index Fund | 10.60 | ||||||
3 | Vanguard High-Yield Corporate Fund – Admiral Shares | 7.93 | ||||||
4 | iShares U.S. Preferred Stock ETF | 7.03 | ||||||
5 | T. Rowe Price Institutional Floating Rate Fund | 6.34 | ||||||
6 | iShares 20+ Year Treasury Bond ETF | 5.10 | ||||||
7 | iShares 0-5 Year High Yield Corporate Bond ETF | 5.09 | ||||||
8 | Loomis Sayles Global Equity and Income Fund – Institutional Shares | 4.44 | ||||||
9 | iShares Income Emerging Markets Dividend ETF | 4.18 | ||||||
10 | WisdomTree U.S. SmallCap Dividend Fund | 3.75 |
26
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Flexible Income Allocation Fund | ||||||||||||
Service Shares | 3.35 | % | 1.41 | % | 1.37 | % | ||||||
Institutional Shares | 3.99 | % | 2.15 | % | 2.10 | % | ||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 1.20 | % | 1.82 | % | 1.67 | %(2) |
(1) | Inception date is 8/31/12 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the Bloomberg Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 1.76%. |
27
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 2018, the Fund’s Service Shares returned 3.4% outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 1.2%. |
• | Returns benefited from exposure to international and emerging market equities due to increased global growth and foreign currency appreciation. |
• | Exposure to extended credit was a large driver of relative returns. High yield bond exposure benefited from credit spreads tightening while emerging market bond exposure was lifted from improved global growth prospects. |
• | As interest rates moved higher, exposure to U.S. REITs dampened returns due to their interest rate sensitivity. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard High-Yield Corporate Fund – Admiral Shares | 23.74 | ||||||
2 | SPDR Bloomberg Barclays High Yield Bond ETF | 22.30 | ||||||
3 | VanEck Vectors Emerging Markets High Yield Bond ETF | 9.89 | ||||||
4 | Vanguard S&P 500 ETF | 9.41 | ||||||
5 | Vanguard Global ex-U.S. Real Estate ETF | 7.51 | ||||||
6 | iShares U.S. Preferred Stock ETF | 7.43 | ||||||
7 | iShares Core MSCI Emerging Markets ETF | 5.05 | ||||||
8 | Vanguard REIT ETF | 4.94 | ||||||
9 | Vanguard FTSE Developed Markets ETF | 2.50 | ||||||
10 | iShares 0-5 Year High Yield Corporate Bond ETF | 2.48 |
28
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
CITIGROUP 3-MONTH TREASURY BILL INDEX – The Citigroup 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
One Year | Since Inception(1) | |||||||
GuidePath® Managed Futures Strategy Fund | ||||||||
Service Shares | -0.92 | % | -6.11 | % | ||||
Institutional Shares | -0.40 | % | -5.55 | % | ||||
Citigroup 3-Month Treasury Bill Index | 1.07 | % | 0.66 | % | ||||
SG Trend Index | -0.83 | % | -5.89 | % |
(1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
29
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2018, the Fund returned -0.9%, underperforming the Citigroup 3-Month Treasury Bill Index at 1.1% and the SG Trend Index at -0.8%. |
• | Long exposure to broad global equity contributed to relative performance over the period as pro-growth policies and positive trends in corporate earnings across regions helped lift equities higher. |
• | Long positions to U.S. and International government bonds dampened returns as rates rose across short and longer term maturities during the period. |
• | Long positions in energy combined with trading within currencies including short positions to the Japanese Yen and Mexican Peso were noticeable detractors to returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||
The GuidePath® Managed Futures Strategy Fund did not hold any long term investments as of March 31, 2018. |
30
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
March 31, 2018
As a shareholder of the GuideMark® & GuidePath® Funds (the “Funds”), you incur ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from October 1, 2017 to March 31, 2018.
Actual Expenses
The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
The example includes, but is not limited to, management fees, shareholder servicing fees, distribution fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by a Fund and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expenses ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
31
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2018
Fund | Beginning Account Value October 1, 2017 | Ending Account Value March 31, 2018 | Annualized Expense Ratio1 based on the period October 1, 2017 – March 31, 2018 | Expenses Paid During Period2 October 1, 2017 – March 31, 2018 | ||||||||||||||
INSTITUTIONAL SHARES | ||||||||||||||||||
GuideMark® Large Cap | Actual | $ | 1,000.00 | $ | 1,075.20 | 0.63% | $ | 3.26 | ||||||||||
Core Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,021.79 | 0.63% | $ | 3.18 | ||||||||||
GuideMark® Emerging | Actual | $ | 1,000.00 | $ | 1,102.60 | 0.94% | $ | 4.93 | ||||||||||
Markets Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.24 | 0.94% | $ | 4.73 | ||||||||||
GuideMark® World | Actual | $ | 1,000.00 | $ | 1,042.70 | 0.80% | $ | 4.07 | ||||||||||
ex-US Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.94 | 0.80% | $ | 4.03 | ||||||||||
GuideMark® Opportunistic | Actual | $ | 1,000.00 | $ | 1,000.30 | 0.95% | $ | 4.74 | ||||||||||
Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.19 | 0.95% | $ | 4.78 | ||||||||||
GuidePath® Growth | Actual | $ | 1,000.00 | $ | 1,044.60 | 0.39% | $ | 1.99 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,022.99 | 0.39% | $ | 1.97 | ||||||||||
GuidePath® Conservative4 | Actual | $ | 1,000.00 | $ | 1,012.20 | 0.34% | $ | 1.71 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,023.24 | 0.34% | $ | 1.72 | ||||||||||
GuidePath® Tactical | Actual | $ | 1,000.00 | $ | 1,044.90 | 0.50% | $ | 2.55 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,022.44 | 0.50% | $ | 2.52 | ||||||||||
GuidePath® Absolute Return4 | Actual | $ | 1,000.00 | $ | 997.30 | 0.40% | $ | 1.99 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,022.94 | 0.40% | $ | 2.02 | ||||||||||
GuidePath® Flexible Income4 | Actual | $ | 1,000.00 | $ | 1,002.40 | 0.34% | $ | 1.70 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,023.24 | 0.34% | $ | 1.72 | ||||||||||
GuidePath® Managed Futures | Actual | $ | 1,000.00 | $ | 1,004.80 | 1.30% | $ | 6.50 | ||||||||||
Strategy Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.45 | 1.30% | $ | 6.54 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
3 | 5% annualized return before expenses. |
4 | The Fund’s Expense Limit was reduced during the period October 1, 2017 – March 31, 2018, which affected the expense ratio (see note 4). |
32
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2018
Fund | Beginning Account Value October 1, 2017 | Ending Account Value March 31, 2018 | Annualized Expense Ratio1 based on the period October 1, 2017 – March 31, 2018 | Expenses Paid During Period2 October 1, 2017 – March 31, 2018 | ||||||||||||||
SERVICE SHARES | ||||||||||||||||||
GuideMark® Large Cap | Actual | $ | 1,000.00 | $ | 1,072.20 | 1.21% | $ | 6.25 | ||||||||||
Core Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.90 | 1.21% | $ | 6.09 | ||||||||||
GuideMark® Emerging | Actual | $ | 1,000.00 | $ | 1,099.40 | 1.52% | $ | 7.96 | ||||||||||
Markets Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,017.45 | 1.52% | $ | 7.64 | ||||||||||
GuideMark® Small/Mid Cap | Actual | $ | 1,000.00 | $ | 1,047.70 | 1.49% | $ | 7.61 | ||||||||||
Core Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,017.50 | 1.49% | $ | 7.49 | ||||||||||
GuideMark® World | Actual | $ | 1,000.00 | $ | 1,039.60 | 1.40% | $ | 7.12 | ||||||||||
ex-US Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,017.95 | 1.40% | $ | 7.04 | ||||||||||
GuideMark® Core4, 5 | Actual | $ | 1,000.00 | $ | 983.90 | 1.24% | $ | 6.13 | ||||||||||
Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.75 | 1.24% | $ | 6.24 | ||||||||||
GuideMark® Tax-Exempt | Actual | $ | 1,000.00 | $ | 995.10 | 1.29% | $ | 6.42 | ||||||||||
Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,018.50 | 1.29% | $ | 6.49 | ||||||||||
GuideMark® Opportunistic | Actual | $ | 1,000.00 | $ | 997.40 | 1.55% | $ | 7.72 | ||||||||||
Fixed Income Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,017.20 | 1.55% | $ | 7.80 | ||||||||||
GuidePath® Growth | Actual | $ | 1,000.00 | $ | 1,041.50 | 0.98% | $ | 4.99 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.04 | 0.98% | $ | 4.94 | ||||||||||
GuidePath® Conservative4 | Actual | $ | 1,000.00 | $ | 1,009.20 | 0.92% | $ | 4.61 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,020.34 | 0.92% | $ | 4.63 | ||||||||||
GuidePath® Tactical | Actual | $ | 1,000.00 | $ | 1,041.90 | 1.09% | $ | 5.55 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.50 | 1.09% | $ | 5.49 | ||||||||||
GuidePath® Absolute Return4 | Actual | $ | 1,000.00 | $ | 994.40 | 1.00% | $ | 4.97 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.95 | 1.00% | $ | 5.04 | ||||||||||
GuidePath® Multi-Asset Income | Actual | $ | 1,000.00 | $ | 997.40 | 1.11% | $ | 5.53 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.40 | 1.11% | $ | 5.59 | ||||||||||
GuidePath® Flexible Income4 | Actual | $ | 1,000.00 | $ | 999.30 | 1.03% | $ | 5.13 | ||||||||||
Allocation Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,019.80 | 1.03% | $ | 5.19 | ||||||||||
GuidePath® Managed Futures | Actual | $ | 1,000.00 | $ | 1,001.80 | 1.90% | $ | 9.48 | ||||||||||
Strategy Fund | Hypothetical3 | $ | 1,000.00 | $ | 1,015.46 | 1.90% | $ | 9.55 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses (net of wavier, 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. |
4 | The Fund’s Expense Limit was reduced during the period October 1, 2017 – March 31, 2018, which affected the expense ratio (see note 4). |
5 | The Fund’s management fee was reduced during the period October 17, 2017 – March 31, 2018, which affected the expense ratio (see note 4). |
33
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS - 92.86% |
| |||||||
Aerospace & Defense - 2.20% |
| |||||||
5,299 | Boeing Co. | $ | 1,737,436 | |||||
3,602 | BWX Technologies, Inc. | 228,835 | ||||||
1,119 | General Dynamics Corp. | 247,187 | ||||||
1,742 | Harris Corp. | 280,950 | ||||||
3,182 | HEICO Corp. (a) | 276,230 | ||||||
4,472 | HEICO Corp. - Class A | 317,288 | ||||||
934 | Hexcel Corp. | 60,327 | ||||||
1,399 | L3 Technologies, Inc. | 290,992 | ||||||
1,617 | Lockheed Martin Corp. | 546,433 | ||||||
1,269 | Northrop Grumman Corp. | 443,033 | ||||||
2,238 | Orbital ATK, Inc. | 296,781 | ||||||
2,212 | Raytheon Co. | 477,394 | ||||||
1,934 | Rockwell Collins, Inc. | 260,800 | ||||||
3,279 | Spirit AeroSystems Holdings, Inc. - Class A | 274,452 | ||||||
496 | Teledyne Technologies, Inc. (b) | 92,836 | ||||||
5,624 | Textron, Inc. | 331,647 | ||||||
554 | TransDigm Group, Inc. | 170,045 | ||||||
3,474 | United Technologies Corp. | 437,099 | ||||||
6,769,765 | ||||||||
Air Freight & Logistics - 0.39% |
| |||||||
4,125 | C.H. Robinson Worldwide, Inc. (a) | 386,554 | ||||||
1,367 | Expeditors International of Washington, Inc. (a) | 86,531 | ||||||
1,673 | FedEx Corp. | 401,704 | ||||||
3,130 | XPO Logistics, Inc. (a)(b) | 318,665 | ||||||
1,193,454 | ||||||||
Airlines - 0.48% |
| |||||||
6,125 | Alaska Air Group, Inc. | 379,505 | ||||||
3,842 | Copa Holdings SA - Class A | 494,197 | ||||||
13,684 | JetBlue Airways Corp. (a)(b) | 278,059 | ||||||
5,419 | Southwest Airlines Co. | 310,400 | ||||||
1,462,161 | ||||||||
Auto Components - 0.13% |
| |||||||
1,478 | Aptiv Plc | 125,586 | ||||||
1,521 | Lear Corp. | 283,043 | ||||||
408,629 | ||||||||
Automobiles - 0.26% |
| |||||||
54,522 | Ford Motor Co. (a) | 604,104 | ||||||
304 | Tesla, Inc. (a)(b) | 80,903 | ||||||
895 | Thor Industries, Inc. (a) | 103,077 | ||||||
788,084 | ||||||||
Banks - 4.04% |
| |||||||
86,978 | Bank of America Corp. | 2,608,470 | ||||||
5,486 | BankUnited, Inc. | 219,330 | ||||||
2,588 | BB&T Corp. | 134,680 | ||||||
14,580 | Citigroup, Inc. | 984,150 | ||||||
5,507 | Citizens Financial Group, Inc. | 231,184 | ||||||
1,265 | Comerica, Inc. | 121,351 | ||||||
5,177 | Fifth Third Bancorp | 164,370 | ||||||
6,847 | Huntington Bancshares, Inc. | 103,390 | ||||||
34,258 | JPMorgan Chase & Co. | 3,767,352 | ||||||
10,876 | KeyCorp | 212,626 | ||||||
644 | M&T Bank Corp. (a) | 118,728 | ||||||
3,657 | PNC Financial Services Group, Inc. | 553,085 | ||||||
10,790 | Regions Financial Corp. | 200,478 | ||||||
3,299 | SunTrust Banks, Inc. | 224,464 | ||||||
10,981 | TCF Financial Corp. (a) | 250,477 |
Number of | Value | |||||||
Banks (Continued) |
| |||||||
9,788 | U.S. Bancorp | $ | 494,294 | |||||
37,211 | Wells Fargo & Co. | 1,950,228 | ||||||
1,239 | Zions Bancorporation (a) | 65,332 | ||||||
12,403,989 | ||||||||
Beverages - 1.52% |
| |||||||
6,244 | Brown-Forman Corp. - Class A | 332,993 | ||||||
7,184 | Brown-Forman Corp. - Class B | 390,810 | ||||||
1,548 | Constellation Brands, Inc. - Class A | 352,820 | ||||||
2,272 | Dr. Pepper Snapple Group, Inc. | 268,959 | ||||||
5,761 | Molson Coors Brewing Co. - Class B | 433,976 | ||||||
8,084 | Monster Beverage Corp. (b) | 462,486 | ||||||
12,848 | PepsiCo, Inc. | 1,402,359 | ||||||
23,940 | The Coca-Cola Co. | 1,039,714 | ||||||
4,684,117 | ||||||||
Biotechnology - 1.52% |
| |||||||
1,868 | Alkermes Plc (a)(b) | 108,269 | ||||||
1,209 | Alnylam Pharmaceuticals, Inc. (a)(b) | 143,992 | ||||||
5,208 | Amgen, Inc. | 887,860 | ||||||
2,207 | Biogen, Inc. (b) | 604,321 | ||||||
5,110 | Celgene Corp. (b) | 455,863 | ||||||
14,326 | Gilead Sciences, Inc. | 1,080,037 | ||||||
704 | Neurocrine Biosciences, Inc. (b) | 58,383 | ||||||
5,949 | Seattle Genetics, Inc. (a)(b) | 311,370 | ||||||
3,950 | United Therapeutics Corp. (a)(b) | 443,822 | ||||||
3,611 | Vertex Pharmaceuticals, Inc. (b) | 588,521 | ||||||
4,682,438 | ||||||||
Building Products - 0.53% |
| |||||||
2,381 | A. O. Smith Corp. | 151,408 | ||||||
2,446 | Allegion Plc | 208,619 | ||||||
1,084 | Fortune Brands Home & Security, Inc. | 63,837 | ||||||
1,934 | Lennox International, Inc. (a) | 395,252 | ||||||
6,400 | Masco Corp. | 258,816 | ||||||
5,655 | Owens Corning, Inc. (a) | 454,662 | ||||||
2,708 | USG Corp. (b) | 109,457 | ||||||
1,642,051 | ||||||||
Capital Markets - 2.50% |
| |||||||
1,782 | Ameriprise Financial, Inc. | 263,629 | ||||||
20,320 | BGC Partners, Inc. - Class A | 273,304 | ||||||
714 | BlackRock, Inc. | 386,788 | ||||||
3,380 | Cboe Global Markets, Inc. (a) | 385,658 | ||||||
2,546 | CME Group, Inc. | 411,790 | ||||||
4,453 | E*TRADE Financial Corp. (b) | 246,741 | ||||||
4,676 | Eaton Vance Corp. | 260,313 | ||||||
2,038 | FactSet Research Systems, Inc. (a) | 406,418 | ||||||
6,217 | Federated Investors, Inc. - Class B (a) | 207,648 | ||||||
2,193 | Intercontinental Exchange, Inc. | 159,036 | ||||||
2,319 | Lazard Ltd. - Class A | 121,887 | ||||||
11,043 | Legg Mason, Inc. (a) | 448,898 | ||||||
5,315 | LPL Financial Holdings, Inc. (a) | 324,587 | ||||||
1,135 | MarketAxess Holdings, Inc. | 246,794 | ||||||
1,649 | Moody’s Corp. | 265,984 | ||||||
6,875 | Morgan Stanley | 370,975 | ||||||
909 | Morningstar, Inc. | 86,828 | ||||||
4,098 | MSCI, Inc. | 612,528 | ||||||
4,749 | S&P Global, Inc. | 907,344 | ||||||
4,793 | SEI Investments Co. | 359,043 | ||||||
2,060 | State Street Corp. | 205,444 |
See notes to financial statements.
34
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Capital Markets (Continued) |
| |||||||
4,196 | T. Rowe Price Group, Inc. (a) | $ | 453,042 | |||||
2,545 | TD Ameritrade Holding Corp. | 150,740 | ||||||
1,184 | The Bank of New York Mellon Corp. | 61,011 | ||||||
1,244 | The Charles Schwab Corp. | 64,962 | ||||||
7,681,392 | ||||||||
Chemicals - 1.06% |
| |||||||
5,793 | DowDuPont, Inc. | 369,072 | ||||||
575 | Eastman Chemical Co. | 60,708 | ||||||
1,295 | Ecolab, Inc. | 177,506 | ||||||
12,081 | Huntsman Corp. | 353,369 | ||||||
967 | International Flavors & Fragrances, Inc. | 132,392 | ||||||
802 | LyondellBasell Industries NV - Class A | 84,755 | ||||||
4,838 | Monsanto Co. | 564,546 | ||||||
370 | NewMarket Corp. | 148,622 | ||||||
2,079 | Olin Corp. | 63,181 | ||||||
52,648 | Platform Specialty Products Corp. (b) | 507,000 | ||||||
1,175 | PPG Industries, Inc. (a) | 131,130 | ||||||
1,382 | Praxair, Inc. | 199,423 | ||||||
3,878 | RPM International, Inc. | 184,864 | ||||||
5,630 | Valvoline, Inc. (a) | 124,592 | ||||||
1,406 | Westlake Chemical Corp. (a) | 156,277 | ||||||
3,257,437 | ||||||||
Commercial Services & Supplies - 0.62% |
| |||||||
2,214 | Avery Dennison Corp. | 235,237 | ||||||
871 | Cintas Corp. | 148,575 | ||||||
2,496 | Copart, Inc. (a)(b) | 127,121 | ||||||
5,018 | Pitney Bowes, Inc. | 54,646 | ||||||
15,756 | Rollins, Inc. | 804,029 | ||||||
4,522 | Stericycle, Inc. (a)(b) | 264,673 | ||||||
3,356 | Waste Management, Inc. | 282,307 | ||||||
1,916,588 | ||||||||
Communications Equipment - 1.23% |
| |||||||
2,387 | Arista Networks, Inc. (a)(b) | 609,401 | ||||||
22,099 | ARRIS International Plc (b) | 587,170 | ||||||
34,230 | Cisco Systems, Inc. (a) | 1,468,125 | ||||||
3,150 | F5 Networks, Inc. (b) | 455,521 | ||||||
12,014 | Juniper Networks, Inc. | 292,301 | ||||||
1,263 | Motorola Solutions, Inc. (a) | 132,994 | ||||||
842 | Palo Alto Networks, Inc. (b) | 152,840 | ||||||
1,545 | QUALCOMM, Inc. | 85,608 | ||||||
3,783,960 | ||||||||
Construction & Engineering - 0.59% |
| |||||||
28,288 | AECOM (a)(b) | 1,007,901 | ||||||
4,931 | Fluor Corp. | 282,152 | ||||||
8,825 | Jacobs Engineering Group, Inc. | 521,999 | ||||||
1,812,052 | ||||||||
Consumer Finance - 0.98% |
| |||||||
21,372 | Ally Financial, Inc. | 580,250 | ||||||
4,445 | American Express Co. | 414,630 | ||||||
1,236 | Capital One Financial Corp. | 118,433 | ||||||
1,060 | Credit Acceptance Corp. (a)(b) | 350,235 | ||||||
2,265 | Discover Financial Services | 162,921 | ||||||
39,101 | Navient Corp. (a) | 513,005 | ||||||
42,047 | Santander Consumer USA Holdings, Inc. (a) | 685,366 | ||||||
5,266 | Synchrony Financial | 176,569 | ||||||
3,001,409 | ||||||||
Number of | Value | |||||||
Containers & Packaging - 0.15% |
| |||||||
711 | AptarGroup, Inc. | $ | 63,869 | |||||
2,787 | Owens-Illinois, Inc. (a)(b) | 60,367 | ||||||
1,974 | Packaging Corp. of America | 222,470 | ||||||
1,843 | WestRock Co. | 118,265 | ||||||
464,971 | ||||||||
Distributors - 0.17% |
| |||||||
3,086 | Genuine Parts Co. | 277,246 | ||||||
6,568 | LKQ Corp. (a)(b) | 249,256 | ||||||
526,502 | ||||||||
Diversified Consumer Services - 0.51% |
| |||||||
2,591 | Bright Horizons Family Solutions, Inc. (b) | 258,375 | ||||||
1,393 | Graham Holdings Co. - Class B | 838,934 | ||||||
12,045 | H&R Block, Inc. (a) | 306,063 | ||||||
1,626 | Service Corp. International | 61,365 | ||||||
1,915 | ServiceMaster Global Holdings, Inc. (b) | 97,378 | ||||||
1,562,115 | ||||||||
Diversified Financial Services - 0.25% |
| |||||||
3,754 | Interactive Brokers Group, Inc. - Class A | 252,419 | ||||||
20,013 | Leucadia National Corp. | 454,896 | ||||||
743 | NASDAQ OMX Group, Inc. | 64,061 | ||||||
771,376 | ||||||||
Diversified Telecommunication Services - 0.80% |
| |||||||
40,351 | AT&T, Inc. (a) | 1,438,513 | ||||||
21,032 | Verizon Communications, Inc. | 1,005,750 | ||||||
2,444,263 | ||||||||
Electric Utilities - 1.12% |
| |||||||
4,868 | American Electric Power Co., Inc. | 333,896 | ||||||
4,035 | Avangrid, Inc. | 206,269 | ||||||
5,013 | Duke Energy Corp. (a) | 388,357 | ||||||
2,208 | Edison International | 140,561 | ||||||
2,352 | Entergy Corp. | 185,291 | ||||||
4,119 | Eversource Energy | 242,691 | ||||||
7,580 | Exelon Corp. | 295,696 | ||||||
5,861 | FirstEnergy Corp. (a) | 199,333 | ||||||
6,263 | Great Plains Energy, Inc. | 199,101 | ||||||
2,713 | Hawaiian Electric Industries, Inc. (a) | 93,273 | ||||||
3,242 | NextEra Energy, Inc. | 529,516 | ||||||
2,641 | PG&E Corp. | 116,019 | ||||||
4,723 | Southern Co. (a) | 210,929 | ||||||
6,571 | Xcel Energy, Inc. | 298,849 | ||||||
3,439,781 | ||||||||
Electrical Equipment - 0.73% |
| |||||||
1,828 | Acuity Brands, Inc. (a) | 254,439 | ||||||
3,569 | Agilent Technologies, Inc. | 238,766 | ||||||
3,460 | AMETEK, Inc. | 262,856 | ||||||
1,115 | Eaton Corp. Plc | 89,100 | ||||||
2,721 | Emerson Electric Co. | 185,844 | ||||||
9,159 | Regal Beloit Corp. | 671,813 | ||||||
1,419 | Rockwell Automation, Inc. | 247,190 | ||||||
1,074 | Roper Industries, Inc. | 301,461 | ||||||
2,251,469 | ||||||||
Electronic Equipment, Instruments & Components - 0.98% |
| |||||||
2,891 | Amphenol Corp. - Class A | 249,002 | ||||||
2,290 | CDW Corp. | 161,010 | ||||||
8,080 | Cognex Corp. (a) | 420,079 |
See notes to financial statements.
35
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Electronic Equipment, Instruments & Components (Continued) |
| |||||||
1,269 | Coherent, Inc. (b) | $ | 237,811 | |||||
3,014 | Dolby Laboratories, Inc. - Class A | 191,570 | ||||||
1,882 | FLIR Systems, Inc. | 94,119 | ||||||
1,517 | IPG Photonics Corp. (a)(b) | 354,037 | ||||||
13,665 | Jabil, Inc. | 392,595 | ||||||
11,110 | National Instruments Corp. | 561,833 | ||||||
1,914 | Trimble, Inc. (b) | 68,674 | ||||||
863 | Universal Display Corp. | 87,163 | ||||||
1,353 | Zebra Technologies Corp. - Class A (b) | 188,324 | ||||||
3,006,217 | ||||||||
Energy Equipment & Services - 0.46% |
| |||||||
19,677 | Oceaneering International, Inc. (a) | 364,812 | ||||||
7,736 | RPC, Inc. (a) | 139,480 | ||||||
90,960 | Transocean, Ltd. (a)(b) | 900,504 | ||||||
1,404,796 | ||||||||
Food & Staples Retailing - 2.53% |
| |||||||
2,274 | Casey’s General Stores, Inc. (a) | 249,617 | ||||||
4,791 | Costco Wholesale Corp. | 902,768 | ||||||
14,948 | CVS Health Corp. | 929,915 | ||||||
21,017 | Kroger Co. | 503,147 | ||||||
417,336 | Rite Aid Corp. (a)(b) | 701,124 | ||||||
18,631 | Sprouts Farmers Market, Inc. (b) | 437,270 | ||||||
9,516 | SYSCO Corp. | 570,579 | ||||||
22,313 | U.S. Foods Holding Corp. (b) | 731,197 | ||||||
12,867 | Walgreens Boots Alliance, Inc. | 842,403 | ||||||
21,471 | Wal-Mart Stores, Inc. (a) | 1,910,275 | ||||||
7,778,295 | ||||||||
Food Products - 1.66% |
| |||||||
7,463 | Archer-Daniels-Midland Co. | 323,670 | ||||||
12,371 | Blue Buffalo Pet Products, Inc. (a)(b) | 492,490 | ||||||
1,127 | Bunge Ltd. | 83,330 | ||||||
3,590 | Campbell Soup Co. (a) | 155,483 | ||||||
19,573 | Flowers Foods, Inc. (a) | 427,866 | ||||||
3,431 | Hershey Co. | 339,532 | ||||||
2,490 | Hormel Foods Corp. (a) | 85,457 | ||||||
2,670 | Ingredion, Inc. | 344,216 | ||||||
968 | Kellogg Co. | 62,930 | ||||||
4,456 | Lamb Weston Holdings, Inc. | 259,428 | ||||||
17,587 | Pilgrim’s Pride Corp. (a)(b) | 432,816 | ||||||
1,158 | Pinnacle Foods, Inc. | 62,648 | ||||||
8,205 | Post Holdings, Inc. (a)(b) | 621,611 | ||||||
2,201 | The Hain Celestial Group, Inc. (a)(b) | 70,586 | ||||||
2,103 | The J.M. Smucker Co. | 260,793 | ||||||
21,992 | TreeHouse Foods, Inc. (a)(b) | 841,634 | ||||||
3,317 | Tyson Foods, Inc. - Class A | 242,771 | ||||||
5,107,261 | ||||||||
Gas Utilities - 0.11% |
| |||||||
1,364 | Atmos Energy Corp. (a) | 114,903 | ||||||
5,118 | UGI Corp. | 227,342 | ||||||
342,245 | ||||||||
Health Care Equipment & Supplies - 2.11% |
| |||||||
2,482 | ABIOMED, Inc. (a)(b) | 722,237 | ||||||
3,489 | Align Technology, Inc. (b) | 876,193 | ||||||
5,561 | Baxter International, Inc. | 361,687 | ||||||
1,856 | Becton Dickinson and Co. | 402,195 | ||||||
6,717 | Boston Scientific Corp. (b) | 183,508 |
Number of | Value | |||||||
Health Care Equipment & Supplies (Continued) |
| |||||||
4,096 | DexCom, Inc. (b) | $ | 303,759 | |||||
2,958 | Edwards Lifesciences Corp. (b) | 412,700 | ||||||
2,482 | Hill-Rom Holdings, Inc. | 215,934 | ||||||
3,271 | IDEXX Laboratories, Inc. (b) | 626,037 | ||||||
1,815 | Intuitive Surgical, Inc. (b) | 749,287 | ||||||
1,822 | Medtronic Plc | 146,161 | ||||||
764 | ResMed, Inc. | 75,231 | ||||||
1,446 | STERIS Plc (a) | 134,999 | ||||||
3,782 | Stryker Corp. | 608,599 | ||||||
920 | Teleflex, Inc. (a) | 234,582 | ||||||
645 | The Cooper Cos., Inc. | 147,583 | ||||||
2,248 | Varian Medical Systems, Inc. (b) | 275,717 | ||||||
6,476,409 | ||||||||
Health Care Providers & Services - 3.35% |
| |||||||
2,187 | Aetna, Inc. | 369,603 | ||||||
4,222 | Anthem, Inc. (a) | 927,573 | ||||||
79,508 | Brookdale Senior Living, Inc. (b) | 533,499 | ||||||
2,147 | Cardinal Health, Inc. (a) | 134,574 | ||||||
8,721 | Centene Corp. (b) | 932,013 | ||||||
2,084 | Cerner Corp. (a)(b) | 120,872 | ||||||
3,028 | CIGNA Corp. | 507,917 | ||||||
5,668 | DaVita, Inc. (b) | 373,748 | ||||||
15,142 | Envision Healthcare Corp. (a)(b) | 581,907 | ||||||
10,728 | Express Scripts Holding Co. (b) | 741,090 | ||||||
3,156 | Henry Schein, Inc. (a)(b) | 212,115 | ||||||
3,495 | Humana, Inc. | 939,561 | ||||||
482 | Laboratory Corp. of America Holdings (b) | 77,963 | ||||||
2,762 | McKesson Corp. | 389,083 | ||||||
4,913 | MEDNAX, Inc. (b) | 273,310 | ||||||
2,372 | PerkinElmer, Inc. | 179,608 | ||||||
11,210 | UnitedHealth Group, Inc. | 2,398,940 | ||||||
3,054 | WellCare Health Plans, Inc. (b) | 591,346 | ||||||
10,284,722 | ||||||||
Health Care Technology - 0.16% |
| |||||||
2,096 | athenahealth, Inc. (a)(b) | 299,791 | ||||||
2,583 | Veeva Systems, Inc. - Class A (b) | 188,611 | ||||||
488,402 | ||||||||
Hotels, Restaurants & Leisure - 2.32% |
| |||||||
3,082 | Aramark | 121,924 | ||||||
5,501 | Carnival Corp. | 360,756 | ||||||
5,783 | Choice Hotels International, Inc. | 463,507 | ||||||
3,305 | Darden Restaurants, Inc. | 281,751 | ||||||
3,042 | Domino’s Pizza, Inc. | 710,489 | ||||||
9,721 | Extended Stay America, Inc. | 192,184 | ||||||
5,205 | Hilton Grand Vacations, Inc. (b) | 223,919 | ||||||
3,436 | Hilton Worldwide Holdings, Inc. | 270,619 | ||||||
3,283 | Hyatt Hotels Corp. - Class A | 250,362 | ||||||
3,501 | Las Vegas Sands Corp. | 251,722 | ||||||
3,914 | Marriott International, Inc. - Class A | 532,226 | ||||||
7,908 | McDonald’s Corp. | 1,236,653 | ||||||
2,602 | MGM Resorts International | 91,122 | ||||||
2,841 | Royal Caribbean Cruises Ltd. | 334,499 | ||||||
8,449 | Starbucks Corp. | 489,113 | ||||||
2,102 | Wyndham Worldwide Corp. | 240,532 | ||||||
1,407 | Wynn Resorts Ltd. | 256,581 | ||||||
7,712 | Yum China Holdings, Inc. | 320,048 | ||||||
5,952 | Yum! Brands, Inc. | 506,694 | ||||||
7,134,701 | ||||||||
See notes to financial statements.
36
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Household Durables - 0.76% |
| |||||||
3,571 | DR Horton, Inc. | $ | 156,553 | |||||
1,261 | Garmin Ltd. (a) | 74,311 | ||||||
1,993 | Lennar Corp. - Class A | 117,467 | ||||||
775 | Mohawk Industries, Inc. (b) | 179,970 | ||||||
179 | NVR, Inc. (b) | 501,200 | ||||||
6,518 | PulteGroup, Inc. | 192,216 | ||||||
4,251 | Tempur Sealy International, Inc. (a)(b) | 192,528 | ||||||
13,734 | Toll Brothers, Inc. (a) | 593,995 | ||||||
6,933 | Tupperware Brands Corp. | 335,419 | ||||||
2,343,659 | ||||||||
Household Products - 0.96% |
| |||||||
2,119 | Church & Dwight, Inc. (a) | 106,713 | ||||||
2,753 | Clorox Co. | 366,452 | ||||||
8,417 | Colgate-Palmolive Co. | 603,331 | ||||||
4,108 | Energizer Holdings, Inc. (a) | 244,755 | ||||||
3,179 | Kimberly-Clark Corp. | 350,103 | ||||||
16,148 | Procter & Gamble Co. | 1,280,213 | ||||||
2,951,567 | ||||||||
Independent Power and Renewable Electricity Producers - 0.54% |
| |||||||
17,303 | AES Corp. | 196,735 | ||||||
9,731 | NRG Energy, Inc. | 297,088 | ||||||
55,381 | Vistra Energy Corp. (a)(b) | 1,153,586 | ||||||
1,647,409 | ||||||||
Industrial Conglomerates - 0.84% |
| |||||||
6,595 | 3M Co. (a) | 1,447,734 | ||||||
12,121 | General Electric Co. (a) | 163,391 | ||||||
5,031 | Honeywell International, Inc. | 727,030 | ||||||
59 | Seaboard Corp. | 251,635 | ||||||
2,589,790 | ||||||||
Insurance - 3.53% |
| |||||||
7,108 | Aflac, Inc. (a) | 311,046 | ||||||
6,441 | Allstate Corp. | 610,607 | ||||||
1,665 | American Financial Group, Inc. | 186,846 | ||||||
1,091 | American National Insurance Co. | 127,603 | ||||||
3,119 | Aon Plc | 437,689 | ||||||
1,100 | Arthur J. Gallagher & Co. | 75,603 | ||||||
717 | Assurant, Inc. | 65,541 | ||||||
5,651 | Assured Guaranty, Ltd. | 204,566 | ||||||
2,452 | Athene Holding, Ltd. - Class A (b) | 117,230 | ||||||
18,674 | Berkshire Hathaway, Inc. - Class B (b) | 3,725,090 | ||||||
4,784 | Brown & Brown, Inc. | 121,705 | ||||||
2,183 | CNA Financial Corp. | 107,731 | ||||||
1,170 | Erie Indemnity Co. - Class A | 137,639 | ||||||
4,450 | First American Financial Corp. (a) | 261,126 | ||||||
7,266 | FNF Group (a) | 290,785 | ||||||
3,274 | Hartford Financial Services Group, Inc. | 168,677 | ||||||
5,221 | Lincoln National Corp. | 381,446 | ||||||
81 | Markel Corp. (b) | 94,790 | ||||||
5,543 | Marsh & McLennan Cos., Inc. | 457,796 | ||||||
4,424 | MetLife, Inc. | 203,017 | ||||||
12,812 | Old Republic International Corp. | 274,817 | ||||||
9,037 | Progressive Corp. | 550,625 | ||||||
4,747 | Prudential Financial, Inc. | 491,552 | ||||||
3,068 | Reinsurance Group of America, Inc. | 472,472 | ||||||
1,625 | The Hanover Insurance Group, Inc. | 191,571 |
Number of | Value | |||||||
Insurance (Continued) |
| |||||||
1,552 | The Travelers Cos., Inc. | $ | 215,511 | |||||
733 | Torchmark Corp. | 61,697 | ||||||
7,393 | Unum Group | 351,981 | ||||||
971 | Willis Towers Watson Plc | 147,777 | ||||||
10,844,536 | ||||||||
Internet & Direct Marketing Retail - 3.33% |
| |||||||
4,039 | Amazon.com, Inc. (b) | 5,845,806 | ||||||
609 | Booking Holdings, Inc. (a)(b) | 1,266,958 | ||||||
2,144 | Expedia, Inc. | 236,719 | ||||||
12,793 | Liberty Expedia Holdings, Inc. - Class A (b) | 502,509 | ||||||
9,477 | Liberty Interactive Corp. QVC Group - Class A (b) | 238,536 | ||||||
4,224 | Netflix, Inc. (b) | 1,247,558 | ||||||
8,085 | TripAdvisor, Inc. (a)(b) | 330,596 | ||||||
8,153 | Wayfair, Inc. - Class A (a)(b) | 550,572 | ||||||
10,219,254 | ||||||||
Internet Software & Services - 4.33% |
| |||||||
6,161 | Akamai Technologies, Inc. (a)(b) | 437,308 | ||||||
2,976 | Alphabet, Inc. - Class A (b) | 3,086,529 | ||||||
3,018 | Alphabet, Inc. - Class C (b) | 3,113,942 | ||||||
877 | CoStar Group, Inc. (b) | 318,070 | ||||||
8,729 | eBay, Inc. (b) | 351,255 | ||||||
25,580 | Facebook, Inc. - Class A (b) | 4,087,428 | ||||||
2,577 | GoDaddy, Inc. - Class A (b) | 158,279 | ||||||
3,872 | IAC InterActive Corp. (b) | 605,503 | ||||||
7,784 | Match Group, Inc. (a)(b) | 345,921 | ||||||
32,753 | Pandora Media, Inc. (a)(b) | 164,748 | ||||||
8,740 | Twitter, Inc. (b) | 253,548 | ||||||
2,089 | VeriSign, Inc. (b) | 247,672 | ||||||
1,123 | Zillow Group, Inc. - Class A (b) | 60,642 | ||||||
1,119 | Zillow Group, Inc. - Class C (b) | 60,202 | ||||||
13,291,047 | ||||||||
IT Services - 3.88% |
| |||||||
8,248 | Accenture Plc - Class A | 1,266,068 | ||||||
1,038 | Alliance Data Systems Corp. (a) | 220,949 | ||||||
2,222 | Amdocs Ltd. | 148,252 | ||||||
12,439 | Booz Allen Hamilton Holding Corp. - Class A | 481,638 | ||||||
3,063 | Broadridge Financial Solutions, Inc. | 335,980 | ||||||
7,804 | Cognizant Technology Solutions Corp. - Class A | 628,222 | ||||||
44,118 | Conduent, Inc. (b) | 822,360 | ||||||
6,780 | CoreLogic, Inc. (a)(b) | 306,659 | ||||||
5,651 | CSRA, Inc. | 232,991 | ||||||
764 | DST Systems, Inc. | 63,909 | ||||||
8,675 | DXC Technology Co. | 872,098 | ||||||
1,549 | Euronet Worldwide, Inc. (b) | 122,247 | ||||||
3,645 | Fidelity National Information Services, Inc. | 351,013 | ||||||
12,388 | First Data Corp. - Class A (b) | 198,208 | ||||||
1,768 | Fiserv, Inc. (b) | 126,076 | ||||||
1,172 | Gartner, Inc. (a)(b) | 137,851 | ||||||
9,618 | Genpact, Ltd. | 307,680 | ||||||
1,182 | Global Payments, Inc. | 131,817 | ||||||
2,037 | Leidos Holdings, Inc. | 133,220 | ||||||
8,227 | MasterCard, Inc. - Class A | 1,441,041 | ||||||
9,213 | PayPal Holdings, Inc. (b) | 698,990 | ||||||
13,280 | Square, Inc. - Class A (a)(b) | 653,376 | ||||||
5,473 | T-Mobile USA, Inc. (b) | 334,072 | ||||||
3,832 | Total System Services, Inc. | 330,548 |
See notes to financial statements.
37
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
IT Services (Continued) |
| |||||||
11,773 | Visa, Inc. - Class A (a) | $ | 1,408,286 | |||||
400 | WEX, Inc. (b) | 62,648 | ||||||
1,367 | Worldpay, Inc. - Class A (b) | 112,422 | ||||||
11,928,621 | ||||||||
Leisure Products - 0.35% |
| |||||||
2,119 | Brunswick Corp. | 125,848 | ||||||
3,059 | Hasbro, Inc. | 257,874 | ||||||
2,183 | Polaris Industries, Inc. (a) | 249,997 | ||||||
3,056 | Pool Corp. (a) | 446,848 | ||||||
1,080,567 | ||||||||
Life Sciences Tools & Services - 0.82% |
| |||||||
236 | Bio-Rad Laboratories, Inc. - Class A (b) | 59,019 | ||||||
652 | Bio-Techne Corp. (a) | 98,478 | ||||||
11,458 | Bruker Corp. | 342,823 | ||||||
1,928 | Charles River Laboratories International, | 205,795 | ||||||
687 | Illumina, Inc. (b) | 162,420 | ||||||
2,733 | IQVIA Holdings, Inc. (b) | 268,135 | ||||||
1,039 | Mettler-Toledo International, Inc. (b) | 597,456 | ||||||
2,642 | Thermo Fisher Scientific, Inc. | 545,467 | ||||||
1,175 | Waters Corp. (b) | 233,414 | ||||||
2,513,007 | ||||||||
Machinery - 1.91% |
| |||||||
10,234 | AGCO Corp. | 663,675 | ||||||
3,729 | Caterpillar, Inc. | 549,580 | ||||||
8,777 | Colfax Corp. (a)(b) | 279,986 | ||||||
665 | Crane Co. | 61,672 | ||||||
838 | Cummins, Inc. (a) | 135,831 | ||||||
2,835 | Deere & Co. | 440,332 | ||||||
4,671 | Donaldson Co., Inc. | 210,429 | ||||||
943 | Dover Corp. (a) | 92,621 | ||||||
5,003 | Fortive Corp. (a) | 387,833 | ||||||
12,199 | Graco, Inc. | 557,738 | ||||||
1,774 | IDEX Corp. | 252,813 | ||||||
1,838 | Illinois Tool Works, Inc. | 287,941 | ||||||
3,194 | Ingersoll-Rand Plc | 273,119 | ||||||
2,618 | Lincoln Electric Holdings, Inc. | 235,489 | ||||||
697 | Nordson Corp. | 95,029 | ||||||
852 | Parker-Hannifin Corp. | 145,718 | ||||||
920 | Snap-on, Inc. (a) | 135,737 | ||||||
1,263 | Stanley Black & Decker, Inc. | 193,492 | ||||||
3,985 | Terex Corp. (a) | 149,079 | ||||||
6,721 | Toro Co. | 419,726 | ||||||
3,794 | Xylem, Inc. | 291,834 | ||||||
5,859,674 | ||||||||
Marine - 0.21% |
| |||||||
8,277 | Kirby Corp. (a)(b) | 636,915 | ||||||
Media - 1.48% |
| |||||||
88 | Cable One, Inc. | 60,466 | ||||||
393 | Charter Communications, Inc. - Class A (b) | 122,309 | ||||||
26,454 | Comcast Corp. - Class A | 903,933 | ||||||
3,089 | Discovery Communications, Inc. - | 66,197 | ||||||
2,925 | Discovery Communications, Inc. - Series C (b) | 57,096 | ||||||
4,068 | John Wiley & Sons, Inc. - Class A | 259,132 | ||||||
4,909 | Liberty Media Corp. - Class A (b) | 201,760 | ||||||
5,517 | Liberty Media Corp. - Class C (b) | 225,369 |
Number of | Value | |||||||
Media (Continued) |
| |||||||
4,423 | Lions Gate Entertainment Corp. - Class A (a)(b) | $ | 114,246 | |||||
4,874 | Lions Gate Entertainment Corp. - Class B (b) | 117,366 | ||||||
4,607 | Live Nation Entertainment, Inc. (a)(b) | 194,139 | ||||||
3,854 | News Corp. - Class A | 60,893 | ||||||
3,785 | News Corp. - Class B | 60,939 | ||||||
31,816 | Sirius XM Holdings, Inc. (a) | 198,532 | ||||||
7,776 | TEGNA, Inc. (a) | 88,569 | ||||||
9,575 | The Walt Disney Co. | 961,713 | ||||||
1,978 | Time Warner, Inc. | 187,079 | ||||||
6,976 | Viacom, Inc. - Class A (a) | 276,250 | ||||||
12,588 | Viacom, Inc. - Class B | 390,983 | ||||||
4,546,971 | ||||||||
Metals & Mining - 0.49% |
| |||||||
11,931 | Alcoa Corp. (b) | 536,418 | ||||||
16,885 | Freeport-McMoRan, Inc. (b) | 296,669 | ||||||
4,212 | Newmont Mining Corp. | 164,563 | ||||||
2,592 | Royal Gold, Inc. | 222,575 | ||||||
1,759 | Southern Copper Corp. (a) | 95,303 | ||||||
5,612 | United States Steel Corp. | 197,486 | ||||||
1,513,014 | ||||||||
Multiline Retail - 1.49% |
| |||||||
4,595 | Burlington Stores, Inc. (b) | 611,824 | ||||||
4,530 | Dollar General Corp. | 423,782 | ||||||
4,327 | Dollar Tree, Inc. (b) | 410,632 | ||||||
15,954 | Kohl’s Corp. (a) | 1,045,147 | ||||||
34,619 | Macy’s, Inc. (a) | 1,029,569 | ||||||
8,667 | Nordstrom, Inc. (a) | 419,569 | ||||||
9,314 | Target Corp. (a) | 646,671 | ||||||
4,587,194 | ||||||||
Multi-Utilities - 0.74% |
| |||||||
3,362 | Alliant Energy Corp. (a) | 137,371 | ||||||
4,141 | Ameren Corp. (a) | 234,505 | ||||||
5,861 | CenterPoint Energy, Inc. | 160,591 | ||||||
1,918 | CMS Energy Corp. | 86,866 | ||||||
3,339 | Consolidated Edison, Inc. (a) | 260,242 | ||||||
3,452 | Dominion Energy, Inc. (a) | 232,768 | ||||||
1,880 | DTE Energy Co. | 196,272 | ||||||
7,314 | MDU Resources Group, Inc. (a) | 205,962 | ||||||
3,284 | NiSource, Inc. | 78,521 | ||||||
4,660 | Public Service Enterprise Group, Inc. | 234,118 | ||||||
1,787 | Sempra Energy | 198,750 | ||||||
4,015 | WEC Energy Group, Inc. (a) | 251,741 | ||||||
2,277,707 | ||||||||
Oil, Gas & Consumable Fuels - 2.10% |
| |||||||
7,997 | Chevron Corp. | 911,978 | ||||||
9,456 | CONSOL Energy, Inc. (b) | 273,940 | ||||||
22,512 | Exxon Mobil Corp. | 1,679,620 | ||||||
13,647 | HollyFrontier Corp. (a) | 666,793 | ||||||
10,631 | Marathon Petroleum Corp. | 777,232 | ||||||
19,269 | PBF Energy, Inc. - Class A | 653,219 | ||||||
1,343 | Phillips 66 | 128,821 | ||||||
14,779 | Valero Energy Corp. | 1,371,048 | ||||||
6,462,651 | ||||||||
Paper & Forest Products - 0.20% |
| |||||||
14,390 | Domtar Corp. (a) | 612,151 | ||||||
See notes to financial statements.
38
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Personal Products - 0.71% |
| |||||||
5,975 | Edgewell Personal Care Co. (a)(b) | $ | 291,699 | |||||
5,379 | Herbalife, Ltd. (a)(b) | 524,291 | ||||||
7,191 | Nu Skin Enterprises, Inc. - Class A | 530,049 | ||||||
5,553 | The Estee Lauder Cos., Inc. - Class A | 831,395 | ||||||
2,177,434 | ||||||||
Pharmaceuticals - 4.34% |
| |||||||
10,405 | Abbott Laboratories | 623,468 | ||||||
14,121 | AbbVie, Inc. | 1,336,553 | ||||||
5,267 | Akorn, Inc. (b) | 98,546 | ||||||
4,866 | Allergan Plc | 818,899 | ||||||
16,092 | Bristol-Myers Squibb Co. | 1,017,819 | ||||||
8,052 | Eli Lilly & Co. | 622,983 | ||||||
137,549 | Endo International Plc (b) | 817,041 | ||||||
28,998 | Johnson & Johnson | 3,716,094 | ||||||
13,374 | Mallinckrodt Plc (a)(b) | 193,655 | ||||||
14,783 | Merck & Co., Inc. | 805,230 | ||||||
21,941 | Mylan NV (b) | 903,311 | ||||||
3,465 | Perrigo Co. Plc | 288,773 | ||||||
42,575 | Pfizer, Inc. | 1,510,987 | ||||||
6,934 | Zoetis, Inc. | 579,058 | ||||||
13,332,417 | ||||||||
Professional Services - 0.65% |
| |||||||
520 | Equifax, Inc. | 61,261 | ||||||
2,111 | IHS Markit, Ltd. (b) | 101,835 | ||||||
5,886 | ManpowerGroup, Inc. | 677,479 | ||||||
3,717 | Nielsen Holdings Plc | 118,163 | ||||||
10,545 | Robert Half International, Inc. (a) | 610,450 | ||||||
2,131 | The Dun & Bradstreet Corp. | 249,327 | ||||||
1,825 | Verisk Analytics, Inc. (b) | 189,800 | ||||||
2,008,315 | ||||||||
Real Estate Management & Development - 0.58% |
| |||||||
1,846 | CBRE Group, Inc. - Class A (b) | 87,168 | ||||||
4,152 | Jones Lang LaSalle, Inc. | 725,106 | ||||||
35,601 | Realogy Holdings Corp. (a) | 971,195 | ||||||
1,783,469 | ||||||||
Road & Rail - 0.39% |
| |||||||
5,202 | Genesee & Wyoming, Inc. - Class A (b) | 368,250 | ||||||
528 | J.B. Hunt Transport Services, Inc. (a) | 61,855 | ||||||
3,262 | Landstar System, Inc. | 357,678 | ||||||
1,455 | Old Dominion Freight Line, Inc. | 213,842 | ||||||
1,426 | Union Pacific Corp. | 191,697 | ||||||
1,193,322 | ||||||||
Semiconductors & Semiconductor Equipment - 3.96% |
| |||||||
31,520 | Advanced Micro Devices, Inc. (a)(b) | 316,776 | ||||||
16,954 | Applied Materials, Inc. | 942,812 | ||||||
1,839 | Broadcom Ltd. | 433,360 | ||||||
2,028 | Cavium, Inc. (b) | 160,983 | ||||||
13,289 | First Solar, Inc. (a)(b) | 943,253 | ||||||
45,661 | Intel Corp. (a) | 2,378,025 | ||||||
3,378 | KLA-Tencor Corp. (a) | 368,236 | ||||||
3,811 | Lam Research Corp. (a) | 774,243 | ||||||
7,900 | Marvell Technology Group, Ltd. (a) | 165,900 | ||||||
2,085 | Maxim Integrated Products, Inc. (a) | 125,559 | ||||||
785 | Microchip Technology, Inc. (a) | 71,718 | ||||||
17,688 | Micron Technology, Inc. (b) | 922,252 | ||||||
3,978 | Microsemi Corp. (b) | 257,456 |
Number of | Value | |||||||
Semiconductors & Semiconductor Equipment (Continued) |
| |||||||
5,993 | NVIDIA Corp. | $ | 1,387,919 | |||||
18,196 | ON Semiconductor Corp. (a)(b) | 445,074 | ||||||
1,996 | Qorvo, Inc. (a)(b) | 140,618 | ||||||
4,658 | Skyworks Solutions, Inc. | 467,011 | ||||||
10,834 | Teradyne, Inc. | 495,222 | ||||||
10,450 | Texas Instruments, Inc. | 1,085,650 | ||||||
6,085 | Versum Materials, Inc. (a) | 228,978 | ||||||
890 | Xilinx, Inc. | 64,294 | ||||||
12,175,339 | ||||||||
Software - 6.82% |
| |||||||
6,063 | Activision Blizzard, Inc. | 409,010 | ||||||
5,500 | Adobe Systems, Inc. (b) | 1,188,440 | ||||||
1,716 | ANSYS, Inc. (b) | 268,880 | ||||||
5,554 | Atlassian Corp. Plc - Class A (b) | 299,472 | ||||||
1,932 | Autodesk, Inc. (b) | 242,621 | ||||||
3,368 | CA, Inc. (a) | 114,175 | ||||||
16,949 | Cadence Design System, Inc. (b) | 623,215 | ||||||
1,236 | CDK Global, Inc. | 78,288 | ||||||
2,980 | Citrix Systems, Inc. (b) | 276,544 | ||||||
18,270 | Dell Technologies, Inc. - Class V (b) | 1,337,547 | ||||||
3,993 | Electronic Arts, Inc. (b) | 484,111 | ||||||
3,581 | FireEye, Inc. (b) | 60,626 | ||||||
5,804 | Fortinet, Inc. (a)(b) | 310,978 | ||||||
828 | Guidewire Software, Inc. (a)(b) | 66,927 | ||||||
3,759 | Intuit, Inc. | 651,623 | ||||||
2,523 | Jack Henry & Associates, Inc. | 305,157 | ||||||
9,498 | Manhattan Associates, Inc. (a)(b) | 397,776 | ||||||
80,051 | Microsoft Corp. | 7,306,255 | ||||||
28,274 | Nuance Communications, Inc. (b) | 445,316 | ||||||
25,597 | Oracle Corp. | 1,171,063 | ||||||
1,341 | PTC, Inc. (b) | 104,611 | ||||||
4,737 | Red Hat, Inc. (a)(b) | 708,229 | ||||||
8,129 | salesforce.com, Inc. (b) | 945,403 | ||||||
4,209 | ServiceNow, Inc. (b) | 696,379 | ||||||
4,136 | Splunk, Inc. (b) | 406,941 | ||||||
1,931 | SS&C Technologies Holdings, Inc. | 103,579 | ||||||
2,297 | Symantec Corp. (a) | 59,377 | ||||||
5,608 | Synopsys, Inc. (b) | 466,810 | ||||||
4,567 | Tableau Software, Inc. - Class A (b) | 369,105 | ||||||
3,590 | Take-Two Interactive Software, Inc. (b) | 351,030 | ||||||
749 | The Ultimate Software Group, Inc. (a)(b) | 182,531 | ||||||
306 | Tyler Technologies, Inc. (a)(b) | 64,554 | ||||||
2,720 | VMware, Inc. - Class A (a)(b) | 329,854 | ||||||
924 | Workday, Inc. - Class A (b) | 117,450 | ||||||
20,943,877 | ||||||||
Specialty Retail - 4.37% |
| |||||||
2,868 | Advance Auto Parts, Inc. | 340,001 | ||||||
2,749 | AutoNation, Inc. (a)(b) | 128,598 | ||||||
618 | AutoZone, Inc. (b) | 400,890 | ||||||
36,008 | Bed Bath & Beyond, Inc. (a) | 755,808 | ||||||
7,651 | Best Buy Co., Inc. (a) | 535,494 | ||||||
15,235 | Dick’s Sporting Goods, Inc. (a) | 533,987 | ||||||
7,130 | Floor & Decor Holdings, Inc. - Class A (a)(b) | 371,616 | ||||||
13,176 | Foot Locker, Inc. | 600,035 | ||||||
46,301 | GameStop Corp. - Class A (a) | 584,319 | ||||||
7,797 | L Brands, Inc. | 297,923 | ||||||
8,596 | Lowe’s Cos., Inc. | 754,299 | ||||||
2,629 | Murphy USA, Inc. (a)(b) | 191,391 |
See notes to financial statements.
39
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Specialty Retail (Continued) |
| |||||||
1,892 | O’Reilly Automotive, Inc. (b) | $ | 468,043 | |||||
7,027 | Ross Stores, Inc. | 547,965 | ||||||
21,318 | Sally Beauty Holdings, Inc. (a)(b) | 350,681 | ||||||
605 | Sherwin-Williams Co. | 237,233 | ||||||
12,138 | Signet Jewelers Ltd. (a) | 467,556 | ||||||
13,889 | The Gap, Inc. (a) | 433,337 | ||||||
11,642 | The Home Depot, Inc. | 2,075,070 | ||||||
18,963 | The Michaels Cos., Inc. (b) | 373,761 | ||||||
7,233 | The TJX Cos., Inc. | 589,923 | ||||||
3,545 | Tiffany & Co. | 346,205 | ||||||
6,781 | Tractor Supply Co. (a) | 427,339 | ||||||
1,816 | Ulta Beauty, Inc. (b) | 370,954 | ||||||
23,370 | Urban Outfitters, Inc. (a)(b) | 863,755 | ||||||
7,145 | Williams Sonoma, Inc. (a) | 376,970 | ||||||
13,423,153 | ||||||||
Technology Hardware, Storage & Peripherals - 3.94% |
| |||||||
53,664 | Apple, Inc. | 9,003,746 | ||||||
5,016 | Hewlett Packard Enterprise Co. | 87,981 | ||||||
17,116 | HP, Inc. | 375,183 | ||||||
6,727 | International Business Machines Corp. | 1,032,124 | ||||||
4,718 | NCR Corp. (a)(b) | 148,711 | ||||||
2,140 | NetApp, Inc. | 132,016 | ||||||
16,734 | Teradata Corp. (a)(b) | 663,838 | ||||||
7,364 | Western Digital Corp. | 679,476 | ||||||
12,123,075 | ||||||||
Textiles, Apparel & Luxury Goods - 1.86% |
| |||||||
4,849 | Carter’s, Inc. (a) | 504,781 | ||||||
3,165 | Hanesbrands, Inc. (a) | 58,299 | ||||||
6,941 | lululemon athletica, Inc. (b) | 618,582 | ||||||
8,519 | Michael Kors Holdings Ltd. (b) | 528,860 | ||||||
11,968 | NIKE, Inc. - Class B | 795,154 | ||||||
2,582 | PVH Corp. | 390,992 | ||||||
6,358 | Ralph Lauren Corp. | 710,824 | ||||||
11,450 | Skechers U.S.A., Inc. - Class A (a)(b) | 445,290 | ||||||
7,857 | Tapestry, Inc. | 413,357 | ||||||
17,930 | Under Armour, Inc. - Class A (a)(b) | 293,156 | ||||||
18,447 | Under Armour, Inc. - Class C (a)(b) | 264,714 | ||||||
9,157 | VF Corp. | 678,717 | ||||||
5,702,726 | ||||||||
Tobacco - 0.62% |
| |||||||
9,160 | Altria Group, Inc. | 570,851 | ||||||
13,524 | Philip Morris International, Inc. | 1,344,286 | ||||||
1,915,137 | ||||||||
Trading Companies & Distributors - 1.01% |
| |||||||
9,399 | Fastenal Co. (a) | 513,091 | ||||||
6,790 | HD Supply Holdings, Inc. (b) | 257,613 | ||||||
4,226 | MSC Industrial Direct Co., Inc. - Class A | 387,566 | ||||||
7,363 | Univar, Inc. (b) | 204,323 | ||||||
2,061 | W.W. Grainger, Inc. | 581,759 | ||||||
1,505 | Watsco, Inc. - Class A (a) | 272,360 | ||||||
14,241 | WESCO International, Inc. (a)(b) | 883,654 | ||||||
3,100,366 | ||||||||
Water Utilities - 0.09% |
| |||||||
2,020 | American Water Works Co., Inc. (a) | 165,902 | ||||||
3,245 | Aqua America, Inc. | 110,525 | ||||||
276,427 | ||||||||
Number of | Value | |||||||
Wireless Telecommunication Services - 0.10% |
| |||||||
11,988 | Sprint Corp. (a)(b) | $ | 58,501 | |||||
8,594 | Telephone & Data Systems, Inc. | 240,890 | ||||||
299,391 | ||||||||
Total Common Stocks | 285,331,233 | |||||||
INVESTMENT COMPANIES - 3.86% |
| |||||||
Exchange Traded Funds - 3.86% |
| |||||||
49,104 | Vanguard S&P 500 ETF | 11,887,097 | ||||||
Total Investment Companies | 11,887,097 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 2.05% |
| |||||||
Real Estate Investment Trusts - 2.05% |
| |||||||
13,867 | AGNC Investment Corp. (a) | 262,364 | ||||||
942 | Alexandria Real Estate Equities, Inc. (a) | 117,646 | ||||||
7,841 | American Homes 4 Rent - Class A | 157,447 | ||||||
3,078 | American Tower Corp. | 447,356 | ||||||
35,149 | Annaly Capital Management, Inc. | 366,604 | ||||||
4,139 | Brandywine Realty Trust | 65,727 | ||||||
1,574 | Camden Property Trust | 132,499 | ||||||
22,621 | Chimera Investment Corp. | 393,832 | ||||||
26,505 | CoreCivic, Inc. | 517,378 | ||||||
1,490 | CoreSite Realty Corp. (a) | 149,387 | ||||||
3,003 | Crown Castle International Corp. | 329,159 | ||||||
1,479 | CyrusOne, Inc. | 75,740 | ||||||
2,570 | DCT Industrial Trust, Inc. | 144,794 | ||||||
1,196 | Digital Realty Trust, Inc. | 126,034 | ||||||
6,217 | Empire State Realty Trust, Inc. - Class A | 104,383 | ||||||
501 | Equinix, Inc. | 209,488 | ||||||
2,009 | Equity LifeStyle Properties, Inc. | 176,330 | ||||||
1,760 | Extra Space Storage, Inc. | 153,754 | ||||||
4,459 | Forest City Realty Trust, Inc. - Class A | 90,339 | ||||||
4,304 | Gaming and Leisure Properties, Inc. | 144,055 | ||||||
10,693 | Hospitality Properties Trust | 270,961 | ||||||
16,096 | Host Hotels & Resorts, Inc. | 300,029 | ||||||
23,017 | MFA Financial, Inc. (a) | 173,318 | ||||||
16,734 | New Residential Investment Corp. (a) | 275,274 | ||||||
2,777 | Park Hotels & Resorts, Inc. | 75,035 | ||||||
7,520 | Piedmont Office Realty Trust, Inc. - Class A | 132,277 | ||||||
3,245 | Prologis, Inc. | 204,403 | ||||||
8,849 | Retail Properties of America, Inc. - Class A | 103,179 | ||||||
1,976 | SBA Communications Corp. (b) | 337,738 | ||||||
1,143 | Sun Communities, Inc. | 104,436 | ||||||
10,064 | Two Harbors Investment Corp. (a) | 154,684 | ||||||
Total Real Estate Investment Trusts | 6,295,650 | |||||||
SHORT TERM INVESTMENTS - 1.06% |
| |||||||
Money Market Funds - 1.06% |
| |||||||
3,250,651 | Deutsche Government Money Market Series - Institutional Shares | 3,250,651 | ||||||
Total Short Term Investments | 3,250,651 | |||||||
See notes to financial statements.
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 17.61% |
| |||||||
Investments Purchased with Proceeds from |
| |||||||
54,100,127 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 54,100,127 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 54,100,127 | |||||||
Total Investments | 360,864,758 | |||||||
Liabilities in Excess of | (53,593,709 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 307,271,049 | ||||||
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, 2018. |
See notes to financial statements.
41
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS - 84.18% |
| |||||||
Brazil - 5.19% |
| |||||||
53,143 | Ambev SA | $ | 389,705 | |||||
15,086 | B3 SA - Brasil Bolsa Balcao | 122,326 | ||||||
14,878 | Banco Bradesco SA | 174,672 | ||||||
18,352 | Banco do Brasil SA | 229,799 | ||||||
38,220 | BB Seguridade Participacoes SA | 339,198 | ||||||
12,765 | Cia de Saneamento Basico do Estado de Sao Paulo | 135,907 | ||||||
11,274 | Cosan SA Industria e Comercio | 141,888 | ||||||
39,371 | EDP - Energias do Brasil SA | 159,084 | ||||||
11,532 | Fibria Celulose SA | 226,103 | ||||||
97,234 | JBS SA | 275,081 | ||||||
30,751 | Localiza Rent a Car SA | 265,646 | ||||||
37,009 | Lojas Renner SA | 382,819 | ||||||
10,188 | M Dias Branco SA | 157,382 | ||||||
14,561 | Natura Cosmeticos SA | 141,400 | ||||||
47,738 | Odontoprev SA | 216,173 | ||||||
69,896 | Petroleo Brasileiro SA (a) | 495,408 | ||||||
23,291 | Qualicorp SA | 157,886 | ||||||
15,281 | Raia Drogasil SA | 345,893 | ||||||
81,317 | Sul America SA (b) | 540,644 | ||||||
6,841 | Ultrapar Participacoes SA | 148,198 | ||||||
49,899 | Vale SA | 640,989 | ||||||
5,686,201 | ||||||||
Chile - 0.58% |
| |||||||
769,300 | Banco de Chile | 129,261 | ||||||
18,808 | Cia Cervecerias Unidas SA | 276,757 | ||||||
8,381 | Empresas COPEC SA | 131,694 | ||||||
6,675 | Latam Airlines Group SA | 103,932 | ||||||
641,644 | ||||||||
China - 18.48% |
| |||||||
2,535 | 58.com, Inc. - ADR (a) | 202,445 | ||||||
578,874 | Agricultural Bank of China Ltd. - Series H | 332,415 | ||||||
21,702 | Alibaba Group Holding, Ltd. - ADR (a)(c) | 3,983,185 | ||||||
91,219 | ANTA Sports Products Ltd. | 465,656 | ||||||
5,211 | Autohome, Inc. - ADR | 447,833 | ||||||
4,141 | Baidu, Inc. - ADR (a) | 924,230 | ||||||
1,242,773 | Bank of China Ltd. - Series H | 678,876 | ||||||
384,000 | Bank of Communications Co., Ltd. - Series H | 303,587 | ||||||
569,672 | China Cinda Asset Management Co., Ltd. - Series H | 208,578 | ||||||
420,000 | China CITIC Bank Corp., Ltd. - Series H | 289,791 | ||||||
710,542 | China Communications Services Corp., Ltd. - Series H | 427,540 | ||||||
40,180 | China Conch Venture Holdings Ltd. | 123,299 | ||||||
1,431,467 | China Construction Bank Corp. - Series H | 1,495,173 | ||||||
347,000 | China Everbright Bank Co., Ltd. - Series H | 168,116 | ||||||
318,286 | China Huarong Asset Management Co., Ltd. - Series H | 134,918 | ||||||
82,346 | China Mengniu Dairy Co., Ltd. | 284,182 | ||||||
70,315 | China Merchants Bank Co., Ltd. - Series H | 291,868 | ||||||
191,873 | China Minsheng Banking Corp., Ltd. - Series H | 188,188 | ||||||
835,981 | China Petroleum & Chemical Corp. - Series H | 741,585 | ||||||
428,148 | Chongqing Rural Commercial Bank Co., Ltd. - Series H | 330,964 | ||||||
257,720 | CIFI Holdings Group Co., Ltd. | 227,681 | ||||||
297,165 | Country Garden Holdings Co., Ltd. | 620,424 | ||||||
226,768 | Dongfeng Motor Group Co., Ltd. - Series H | 264,738 | ||||||
22,740 | ENN Energy Holdings, Ltd. | 204,408 | ||||||
75,016 | Haier Electronics Group Co., Ltd. | 268,945 |
Number of | Value | |||||||
China (Continued) |
| |||||||
9,322 | JD.com, Inc. - ADR (a) | $ | 377,448 | |||||
6,343 | Momo, Inc. - ADR (a) | 237,101 | ||||||
1,332 | NetEase, Inc. - ADR | 373,479 | ||||||
4,267 | New Oriental Education & Technology Group, Inc. - ADR | 374,003 | ||||||
306,000 | PetroChina Co. - Series H | 212,553 | ||||||
107,163 | PICC Property & Casualty Co., Ltd. - Series H | 189,360 | ||||||
102,986 | Ping An Insurance Group Co. of China, Ltd. - Series H | 1,061,855 | ||||||
20,768 | Shenzhou International Group Holdings Ltd. | 220,034 | ||||||
1,615 | SINA Corp. (a) | 168,396 | ||||||
498,790 | Sino-Ocean Group Holding Ltd. | 365,238 | ||||||
184,074 | Sinopec Shanghai Petrochemical Co., Ltd. - Series H | 112,478 | ||||||
326,638 | Sun Art Retail Group Ltd. | 382,237 | ||||||
13,737 | TAL Education Group - ADR | 509,505 | ||||||
523,372 | The People’s Insurance Co. Group of China, Ltd. - Series H | 247,528 | ||||||
16,062 | Vipshop Holdings Ltd. - ADR (a) | 266,950 | ||||||
283,799 | Want Want China Holdings, Ltd. | 228,320 | ||||||
2,728 | Weibo Corp. - ADR (a)(c) | 326,105 | ||||||
16,613 | Yum China Holdings, Inc. | 689,440 | ||||||
1,555 | YY, Inc. - ADR (a) | 163,586 | ||||||
41,077 | ZTE Corp. - Series H | 135,268 | ||||||
20,249,509 | ||||||||
Colombia - 0.47% |
| |||||||
274,886 | Ecopetrol SA | 257,270 | ||||||
53,988 | Interconexion Electrica SA ESP | 257,374 | ||||||
514,644 | ||||||||
Czech Republic - 0.23% |
| |||||||
5,038 | CEZ AS | 125,437 | ||||||
9,635 | O2 Czech Republic AS | 133,015 | ||||||
258,452 | ||||||||
Egypt - 0.42% |
| |||||||
43,369 | Commercial International Bank Egypt SAE | 218,961 | ||||||
7,251 | Eastern Tobacco | 244,642 | ||||||
463,603 | ||||||||
Hong Kong - 11.55% |
| |||||||
9,526 | AAC Technologies Holdings, Inc. | 174,560 | ||||||
216,132 | Agile Group Holdings, Ltd. | 450,726 | ||||||
124,606 | China Evergrande Group (a) | 398,281 | ||||||
73,148 | China Gas Holdings, Ltd. | 268,173 | ||||||
97,341 | China Mobile Ltd. | 892,169 | ||||||
346,338 | China Telecom Corp., Ltd. - Series H | 153,612 | ||||||
115,853 | CITIC Ltd. | 163,139 | ||||||
234,800 | CSPC Pharmaceutical Group Ltd. | 632,907 | ||||||
80,042 | Geely Automobile Holdings Ltd. | 234,542 | ||||||
1,229,158 | Industrial & Commercial Bank of China Ltd. - Series H | 1,071,194 | ||||||
32,959 | Kingboard Chemical Holdings, Ltd. | 152,376 | ||||||
110,331 | Longfor Properties Co., Ltd. | 340,184 | ||||||
352,745 | Sino Biopharmaceutical Ltd. | 701,042 | ||||||
121,719 | Sunac China Holdings Ltd. | 478,319 | ||||||
13,632 | Sunny Optical Technology Group Co., Ltd. | 255,795 | ||||||
111,885 | Tencent Holdings Ltd. | 6,005,939 | ||||||
136,824 | Tingyi Cayman Islands Holding Corp. | 283,824 | ||||||
12,656,782 | ||||||||
See notes to financial statements.
42
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Hungary - 0.41% |
| |||||||
26,752 | MOL Hungarian Oil & Gas Plc | $ | 291,883 | |||||
3,641 | OTP Bank Plc | 163,597 | ||||||
455,480 | ||||||||
Indonesia - 1.92% |
| |||||||
1,134,984 | Adaro Energy Tbk PT | 176,842 | ||||||
201,991 | Bank Central Asia Tbk PT | 343,140 | ||||||
295,404 | Bank Negara Indonesia Persero Tbk PT | 187,077 | ||||||
252,185 | Bank of Mandiri Persero Tbk PT | 141,413 | ||||||
500,386 | Bank Rakyat Indonesia Persero Tbk PT | 131,321 | ||||||
752,605 | Bank Tabungan Negara Persero Tbk PT | 208,398 | ||||||
441,599 | Hanjaya Mandala Sampoerna Tbk PT | 128,211 | ||||||
1,215,482 | Kalbe Farma Tbk PT | 132,844 | ||||||
177,812 | Matahari Department Store Tbk PT | 142,028 | ||||||
463,270 | Telekomunikasi Indonesia Persero Tbk PT | 121,819 | ||||||
66,176 | Unilever Indonesia Tbk PT | 238,710 | ||||||
66,282 | United Tractors Tbk PT | 154,635 | ||||||
2,106,438 | ||||||||
Malaysia - 2.05% |
| |||||||
202,167 | Astro Malaysia Holdings Bhd | 106,930 | ||||||
27,976 | British American Tobacco Malaysia Bhd | 190,401 | ||||||
65,082 | CIMB Group Holdings Berhad | 121,106 | ||||||
192,958 | Dialog Group Bhd | 148,207 | ||||||
141,468 | DiGi.Com Bhd | 169,887 | ||||||
97,284 | Hartalega Holdings Bhd | 148,394 | ||||||
89,186 | Malayan Banking Bhd | 242,947 | ||||||
100,451 | Maxis Communications Bhd | 147,905 | ||||||
13,743 | Nestle Malaysia Bhd | 537,704 | ||||||
27,694 | Public Bank Bhd | 172,191 | ||||||
691,771 | Sapura Energy Bhd | 91,525 | ||||||
39,462 | Tenaga Nasional Bhd | 165,133 | ||||||
2,242,330 | ||||||||
Mexico - 1.87% |
| |||||||
570,545 | America Movil SAB de CV - Series L | 541,359 | ||||||
467,264 | Cemex SAB de CV (a) | 308,682 | ||||||
17,078 | Coca-Cola Femsa SAB de CV - Series L | 112,726 | ||||||
13,335 | Fomento Economico Mexicano SAB de CV | 122,061 | ||||||
17,272 | Gruma SAB de CV - Series B | 197,801 | ||||||
114,001 | Grupo Bimbo SAB de CV - Series A | 250,890 | ||||||
28,594 | Grupo Financiero Banorte SAB de CV - Series O | 173,420 | ||||||
133,688 | Wal-Mart de Mexico SAB de CV | 338,265 | ||||||
2,045,204 | ||||||||
Peru - 0.26% |
| |||||||
1,237 | CREDICORP Ltd. | 280,849 | ||||||
Philippines - 0.33% |
| |||||||
5,802 | Globe Telecom, Inc. | 180,362 | ||||||
10,102 | SM Investments Corp. | 178,776 | ||||||
359,138 | ||||||||
Poland - 1.28% |
| |||||||
2,254 | CCC SA | 153,966 | ||||||
6,306 | CD Projekt SA | 202,040 | ||||||
18,353 | Grupa Lotos SA | 283,808 | ||||||
4,933 | Jastrzebska Spolka Weglowa SA (a) | 116,955 | ||||||
126 | LPP SA | 320,299 | ||||||
9,217 | Polski Koncern Naftowy Orlen SA | 226,861 | ||||||
62,411 | Polskie Gornictwo Naftowe i Gazownictwo SA | 103,160 | ||||||
1,407,089 | ||||||||
Number of | Value | |||||||
Qatar - 0.15% |
| |||||||
7,211 | Ooredoo QPSC | $ | 164,274 | |||||
Republic of Korea - 14.88% |
| |||||||
1,084 | Amorepacific Corp. | 313,253 | ||||||
2,112 | AMOREPACIFIC Group | 272,539 | ||||||
31,898 | BNK Financial Group, Inc. | 320,370 | ||||||
1,233 | Celltrion, Inc. (a) | 368,919 | ||||||
11,244 | Cheil Worldwide, Inc. | 192,864 | ||||||
3,709 | Coway Co., Ltd. | 305,517 | ||||||
2,158 | DB Insurance Co., Ltd. | 134,065 | ||||||
35,743 | DGB Financial Group, Inc. | 393,505 | ||||||
9,404 | Hana Financial Group, Inc. | 405,286 | ||||||
1,449 | Hanssem Co., Ltd. | 204,793 | ||||||
5,061 | Hanwha Chemical Corp. | 141,618 | ||||||
8,478 | Hanwha Corp. | 315,219 | ||||||
24,749 | Hanwha Life Insurance Co., Ltd. | 145,928 | ||||||
3,666 | Hotel Shilla Co., Ltd. | 319,272 | ||||||
4,203 | Hyundai Engineering & Construction Co., Ltd. | 169,521 | ||||||
3,916 | Hyundai Marine & Fire Insurance Co., Ltd. | 145,246 | ||||||
2,843 | Hyundai Steel Co. | 138,109 | ||||||
20,385 | Industrial Bank of Korea | 300,259 | ||||||
10,053 | KB Financial Group, Inc. | 583,046 | ||||||
9,018 | Korea Gas Corp. (a) | 412,555 | ||||||
3,419 | Korea Investment Holdings Co., Ltd. | 268,380 | ||||||
10,058 | Korean Air Lines Co., Ltd. | 311,250 | ||||||
4,092 | KT Corp. (b) | 105,360 | ||||||
569 | LG Chemical Ltd. | 207,702 | ||||||
4,150 | LG Electronics, Inc. | 428,183 | ||||||
447 | LG Household & Health Care Ltd. | 501,213 | ||||||
438 | Lotte Chemical Corp. | 179,442 | ||||||
622 | Naver Corp. | 462,907 | ||||||
352 | NCSoft Corp. | 136,217 | ||||||
1,712 | OCI Co., Ltd. | 256,208 | ||||||
982 | POSCO | 313,455 | ||||||
1,772 | S-1 Corp. | 160,048 | ||||||
620 | Samsung Biologics Co., Ltd. (a) | 285,341 | ||||||
1,906 | Samsung Electronics Co., Ltd. | 4,453,324 | ||||||
4,764 | Shinhan Financial Group Co., Ltd. | 203,229 | ||||||
384 | Shinsegae, Inc. | 126,166 | ||||||
3,156 | SillaJen, Inc. (a) | 321,228 | ||||||
10,866 | SK Hynix, Inc. | 832,466 | ||||||
1,768 | SK Innovation Co., Ltd. | 351,405 | ||||||
981 | SK Telecom Co., Ltd. | 212,717 | ||||||
1,728 | S-Oil Corp. | 195,667 | ||||||
30,561 | Woori Bank | 415,543 | ||||||
16,309,335 | ||||||||
Russian Federation - 2.36% |
| |||||||
8,946 | Lukoil PJSC - ADR | 619,242 | ||||||
9,629 | Mobile TeleSystems PJSC - ADR | 109,674 | ||||||
56,299 | Sberbank of Russia PJSC - ADR (c) | 1,049,976 | ||||||
9,904 | Severstal PJSC - GDR (e) | 149,743 | ||||||
36,200 | Surgutneftegas OJSC - ADR | 177,923 | ||||||
5,065 | Tatneft PJSC - ADR | 325,325 | ||||||
79,483 | VTB Bank PJSC - GDR (e) | 155,957 | ||||||
2,587,840 | ||||||||
South Africa - 5.33% |
| |||||||
18,731 | AngloGold Ashanti Ltd. | 180,686 | ||||||
13,226 | Barclays Africa Group Ltd. | 211,829 | ||||||
1,711 | Capitec Bank Holdings Ltd. | 125,874 |
See notes to financial statements.
43
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
South Africa (Continued) |
| |||||||
36,518 | Coronation Fund Managers Ltd. | $ | 249,052 | |||||
17,306 | Exxaro Resources Ltd. | 159,737 | ||||||
32,408 | FirstRand Ltd. | 183,130 | ||||||
47,115 | Gold Fields Ltd. | 190,146 | ||||||
10,257 | Imperial Holdings Ltd. | 202,189 | ||||||
17,516 | Mr. Price Group Ltd. | 421,223 | ||||||
5,697 | Naspers Ltd. - N Shares | 1,394,130 | ||||||
5,835 | Nedbank Group Ltd. | 140,637 | ||||||
36,910 | Pick n Pay Stores Ltd. | 213,689 | ||||||
29,282 | Sappi Ltd. | 189,193 | ||||||
4,304 | Sasol Ltd. | 146,836 | ||||||
9,834 | Shoprite Holdings Ltd. | 209,945 | ||||||
20,668 | Standard Bank Group Ltd. | 381,913 | ||||||
904,620 | Steinhoff International Holdings NV (a) | 251,987 | ||||||
36,360 | Telkom SA SOC Ltd. | 163,274 | ||||||
12,915 | The Bidvest Group Ltd. | 245,088 | ||||||
5,879 | The SPAR Group Ltd. | 100,589 | ||||||
4,229 | Tiger Brands Ltd. | 132,361 | ||||||
20,400 | Truworths International Ltd. | 185,965 | ||||||
32,969 | Woolworths Holdings Ltd. | 167,131 | ||||||
5,846,604 | ||||||||
Taiwan, Province of China - 11.57% |
| |||||||
141,076 | Acer, Inc. | 118,704 | ||||||
29,739 | Advantech Co., Ltd. | 215,060 | ||||||
9,227 | Airtac International Group | 166,161 | ||||||
626,054 | AU Optronics Corp. | 290,265 | ||||||
12,230 | Catcher Technology Co., Ltd. | 153,730 | ||||||
94,186 | Cathay Financial Holding Co., Ltd. | 168,891 | ||||||
74,112 | Chailease Holding Co., Ltd. | 257,388 | ||||||
860,915 | China Airlines Ltd. (a) | 316,696 | ||||||
35,054 | Chunghwa Telecom Co., Ltd. | 135,076 | ||||||
433,679 | Compal Electronics, Inc. | 297,781 | ||||||
191,657 | CTBC Financial Holding Co., Ltd. | 138,489 | ||||||
462,046 | Eva Airways Corp. | 238,300 | ||||||
332,000 | Evergreen Marine Corp. Taiwan Ltd. (a) | 173,379 | ||||||
49,624 | Far EasTone Telecommunications Co., Ltd. | 131,380 | ||||||
55,796 | Feng TAY Enterprise Co., Ltd. | 255,735 | ||||||
224,287 | First Financial Holding Co., Ltd. | 156,432 | ||||||
27,820 | Formosa Petrochemical Corp. | 114,264 | ||||||
103,394 | Fubon Financial Holding Co., Ltd. | 179,130 | ||||||
20,700 | General Interface Solution Holding, Ltd. | 127,922 | ||||||
16,019 | Globalwafers Co., Ltd. | 258,168 | ||||||
18,923 | Hiwin Technologies Corp. | 273,297 | ||||||
61,741 | Hon Hai Precision Industry Co., Ltd. | 192,568 | ||||||
601,000 | Innolux Corp. | 265,634 | ||||||
1,809 | Largan Precision Co., Ltd. | 210,589 | ||||||
174,050 | Macronix International (a) | 298,194 | ||||||
12,584 | MediaTek, Inc. | 144,794 | ||||||
52,459 | Micro-Star International Co., Ltd. | 178,142 | ||||||
27,517 | Nien Made Enterprise Co., Ltd. | 266,279 | ||||||
64,216 | Pegatron Corp. | 161,626 | ||||||
11,709 | Phison Electronics Corp. | 122,844 | ||||||
107,426 | Pou Chen Corp. | 143,451 | ||||||
42,921 | President Chain Store Corp. | 434,368 | ||||||
38,439 | Realtek Semiconductor Corp. | 167,304 | ||||||
461,658 | Shin Kong Financial Holding Co., Ltd. | 176,932 | ||||||
56,134 | Standard Foods Corp. | 132,090 | ||||||
305,527 | Taishin Financial Holding Co., Ltd. | 150,896 |
Number of | Value | |||||||
Taiwan, Province of China (Continued) |
| |||||||
358,054 | Taiwan Cooperative Financial Holding Co., Ltd. | $ | 211,683 | |||||
33,743 | Taiwan Mobile Co., Ltd. | 126,473 | ||||||
451,782 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3,826,684 | ||||||
155,373 | Uni-President Enterprises Corp. | 366,920 | ||||||
74,239 | Vanguard International Semiconductor Corp. | 162,517 | ||||||
21,271 | Win Semiconductors Corp. | 231,319 | ||||||
238,584 | Winbond Electronics Corp. | 162,588 | ||||||
20,977 | Yageo Corp. | 380,584 | ||||||
12,680,727 | ||||||||
Thailand - 2.37% | ||||||||
27,971 | Advanced Info Service PCL - NVDR | 184,718 | ||||||
98,006 | Airports of Thailand PCL - NVDR | 207,467 | ||||||
380,886 | Banpu Public Co., Ltd. - NVDR | 242,661 | ||||||
25,077 | Bumrungrad Hospital PCL - NVDR | 166,550 | ||||||
45,204 | Central Pattana PCL - NVDR | 113,693 | ||||||
97,065 | CP ALL PCL - NVDR | 271,326 | ||||||
67,576 | Energy Absolute PCL - NVDR | 95,057 | ||||||
422,822 | Home Product Center PCL - NVDR | 188,414 | ||||||
55,228 | KCE Electronics PCL - NVDR | 118,171 | ||||||
102,672 | Minor International PCL - NVDR | 125,103 | ||||||
81,744 | PTT Global Chemical PCL - NVDR | 248,480 | ||||||
25,088 | PTT PCL - NVDR | 441,852 | ||||||
65,998 | Thai Oil PCL - NVDR | 192,371 | ||||||
2,595,863 | ||||||||
Turkey - 2.48% | ||||||||
41,980 | Aselsan Elektronik Sanayi Ve Ticaret AS | 327,098 | ||||||
16,127 | BIM Birlesik Magazalar AS | 292,439 | ||||||
82,905 | Eregli Demir ve Celik Fabrikalari TAS | 219,184 | ||||||
8,447 | Ford Otomotiv Sanayi AS | 131,594 | ||||||
70,638 | Petkim Petrokimya Holding AS | 145,541 | ||||||
87,899 | Turk Hava Yollari AO (a) | 434,691 | ||||||
31,827 | Turkcell Iletisim Hizmetleri AS | 121,960 | ||||||
76,198 | Turkiye Halk Bankasi AS | 175,657 | ||||||
177,923 | Turkiye Is Bankasi - Series C | 323,156 | ||||||
165,783 | Turkiye Vakiflar Bankasi TAO - Class D | 274,523 | ||||||
236,618 | Yapi ve Kredi Bankasi AS (a) | 267,868 | ||||||
2,713,711 | ||||||||
Total Common Stocks | 92,265,717 | |||||||
INVESTMENT COMPANIES - 11.38% | ||||||||
China - 3.86% | ||||||||
72,464 | iShares Core MSCI Emerging Markets ETF | 4,231,898 | ||||||
India - 7.52% | ||||||||
241,295 | iShares MSCI India ETF | 8,235,398 | ||||||
Total Investment Companies | 12,467,296 | |||||||
PREFERRED STOCKS - 3.80% | ||||||||
Brazil - 2.36% | ||||||||
59,664 | Banco Bradesco SA - Preference Shares | 714,208 | ||||||
29,912 | Gerdau SA - Preference Shares | 140,978 | ||||||
70,164 | Itau Unibanco Holding SA - Preference Shares | 1,097,478 | ||||||
97,539 | Petroleo Brasileiro SA - Preference Shares (a) | 632,543 | ||||||
2,585,207 | ||||||||
Chile - 0.23% | ||||||||
5,137 | Sociedad Quimica y Minera de Chile SA - Class B | 250,189 | ||||||
See notes to financial statements.
44
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
PREFERRED STOCKS (Continued) | ||||||||
Colombia - 0.11% | ||||||||
304,800 | Grupo Aval Acciones y Valores SA - Preference Shares | $ | 127,088 | |||||
Republic of Korea - 1.10% | ||||||||
932 | Amorepacific Corp. - Preference Shares | 140,344 | ||||||
619 | LG Household & Health Care Ltd. - | 408,367 | ||||||
341 | Samsung Electronics Co., Ltd. - | 655,720 | ||||||
1,204,431 | ||||||||
Total Preferred Stocks | 4,166,915 | |||||||
SHORT TERM INVESTMENTS - 0.41% | ||||||||
Money Market Funds - 0.41% | ||||||||
443,659 | Deutsche Government Money Market Series - Institutional Shares | |||||||
Effective Yield, 1.56% (d) | 443,659 | |||||||
Total Short Term Investments | 443,659 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL- 4.80% | ||||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 4.80% | ||||||||
5,261,814 | Mount Vernon Liquid Assets Portfolio, LLC | |||||||
Effective Yield, 1.91% (d) | 5,261,814 | |||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 5,261,814 | |||||||
Total Investments | 114,605,401 | |||||||
Liabilities in Excess of | (5,004,735 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 109,600,666 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $646,004, which represents 0.59% of total net assets. |
(c) | All or a portion of this security is on loan. |
(d) | Seven-day yield as of March 31, 2018. |
(e) | Regulation S securities as defined under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $305,700, which represents 0.28% 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.
45
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2018
COMMON STOCKS | ||||
Aerospace & Defense | 0.30% | |||
Airlines | 1.28% | |||
Automobiles | 0.58% | |||
Banks | 13.18% | |||
Beverages | 0.82% | |||
Biotechnology | 0.63% | |||
Capital Markets | 0.90% | |||
Chemicals | 1.31% | |||
Commercial Services & Supplies | 0.15% | |||
Communications Equipment | 0.12% | |||
Construction & Engineering | 0.15% | |||
Construction Materials | 0.28% | |||
Distributors | 0.18% | |||
Diversified Consumer Services | 0.81% | |||
Diversified Financial Services | 0.57% | |||
Diversified Telecommunication Services | 1.28% | |||
Electric Utilities | 0.65% | |||
Electronic Equipment, Instruments & Components | 1.98% | |||
Energy Equipment & Services | 0.22% | |||
Food & Staples Retailing | 2.36% | |||
Food Products | 2.60% | |||
Gas Utilities | 0.81% | |||
Health Care Equipment & Supplies | 0.14% | |||
Health Care Providers & Services | 0.35% | |||
Hotels, Restaurants & Leisure | 0.74% | |||
Household Durables | 1.79% | |||
Household Products | 0.46% | |||
Industrial Conglomerates | 0.82% | |||
Insurance | 2.87% | |||
Internet & Direct Marketing Retail | 0.59% | |||
Internet Software & Services | 12.13% | |||
Life Sciences Tools & Services | 0.26% | |||
Machinery | 0.51% | |||
Marine | 0.16% | |||
Media | 1.55% | |||
Metals & Mining | 1.78% | |||
Multiline Retail | 0.75% | |||
Oil, Gas & Consumable Fuels | 5.73% | |||
Paper & Forest Products | 0.38% | |||
Personal Products | 0.66% |
Pharmaceuticals | 1.34% | |||
Professional Services | 0.14% | |||
Real Estate Management & Development | 2.73% | |||
Road & Rail | 0.24% | |||
Semiconductors & Semiconductor Equipment | 9.73% | |||
Software | 0.31% | |||
Specialty Retail | 1.02% | |||
Technology Hardware, Storage & Peripherals | 1.03% | |||
Textiles, Apparel & Luxury Goods | 1.42% | |||
Tobacco | 0.51% | |||
Transportation Infrastructure | 0.19% | |||
Water Utilities | 0.12% | |||
Wireless Telecommunication Services | 2.57% | |||
TOTAL COMMON STOCKS | 84.18% | |||
INVESTMENT COMPANIES | ||||
Exchange Traded Funds | 11.38% | |||
TOTAL INVESTMENT COMPANIES | 11.38% | |||
PREFERRED STOCKS | ||||
Banks | 1.76% | |||
Chemicals | 0.23% | |||
Metals & Mining | 0.13% | |||
Oil, Gas & Consumable Fuels | 0.58% | |||
Personal Products | 0.50% | |||
Semiconductors & Semiconductor Equipment | 0.60% | |||
TOTAL PREFERRED STOCKS | 3.80% | |||
SHORT TERM INVESTMENTS | ||||
Money Market Funds | 0.41% | |||
TOTAL SHORT TERM INVESTMENTS | 0.41% | |||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | ||||
Investments Purchased with Proceeds from Securities Lending Collateral | 4.80% | |||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | 4.80% | |||
TOTAL INVESTMENTS | 104.57% | |||
Liabilities in Excess of Other Assets | (4.57)% | |||
TOTAL NET ASSETS | 100.00% | |||
See notes to financial statements.
46
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS - 90.46% |
| |||||||
Aerospace & Defense - 1.37% |
| |||||||
427 | AAR Corp. (a) | $ | 18,835 | |||||
509 | Aerojet Rocketdyne Holdings, Inc. (b) | 14,237 | ||||||
938 | Axon Enterprise, Inc. (b) | 36,873 | ||||||
992 | BWX Technologies, Inc. | 63,022 | ||||||
214 | Curtiss-Wright Corp. | 28,905 | ||||||
555 | Ducommun, Inc. (b) | 16,861 | ||||||
545 | Engility Holdings, Inc. (a)(b) | 13,298 | ||||||
317 | Esterline Technologies Corp. (b) | 23,188 | ||||||
218 | HEICO Corp. (a) | 18,924 | ||||||
467 | HEICO Corp. - Class A | 33,134 | ||||||
346 | Hexcel Corp. (a) | 22,348 | ||||||
296 | Huntington Ingalls Industries, Inc. | 76,297 | ||||||
563 | KLX, Inc. (a)(b) | 40,007 | ||||||
1,276 | Kratos Defense & Security Solutions, Inc. (b) | 13,130 | ||||||
565 | Moog, Inc. - Class A (b) | 46,562 | ||||||
493 | Orbital ATK, Inc. | 65,377 | ||||||
719 | Sparton Corp. (b) | 12,518 | ||||||
1,072 | Spirit AeroSystems Holdings, Inc. - Class A | 89,726 | ||||||
213 | Teledyne Technologies, Inc. (b) | 39,867 | ||||||
741 | Triumph Group, Inc. | 18,673 | ||||||
1,454 | Vectrus, Inc. (b) | 54,147 | ||||||
745,929 | ||||||||
Air Freight & Logistics - 0.43% |
| |||||||
636 | Air Transport Services Group, Inc. (b) | 14,832 | ||||||
2,482 | Echo Global Logistics, Inc. (b) | 68,503 | ||||||
226 | Forward Air Corp. (a) | 11,946 | ||||||
303 | Hub Group, Inc. - Class A (b) | 12,681 | ||||||
8,035 | Radiant Logistics, Inc. (b) | 31,095 | ||||||
939 | XPO Logistics, Inc. (a)(b) | 95,600 | ||||||
234,657 | ||||||||
Airlines - 0.35% |
| |||||||
900 | Alaska Air Group, Inc. | 55,764 | ||||||
334 | Copa Holdings SA - Class A (a) | 42,963 | ||||||
462 | Hawaiian Holdings, Inc. | 17,879 | ||||||
2,890 | JetBlue Airways Corp. (b) | 58,725 | ||||||
255 | SkyWest, Inc. | 13,872 | ||||||
189,203 | ||||||||
Auto Components - 1.00% |
| |||||||
581 | Adient Plc - ADR (a) | 34,721 | ||||||
2,352 | American Axle & Manufacturing Holdings, Inc. (a)(b) | 35,797 | ||||||
159 | Cooper-Standard Holdings, Inc. (b) | 19,527 | ||||||
1,536 | Dana, Inc. | 39,567 | ||||||
404 | Dorman Products, Inc. (b) | 26,749 | ||||||
632 | Fox Factory Holding Corp. (b) | 22,057 | ||||||
1,244 | Gentex Corp. (a) | 28,637 | ||||||
2,143 | Goodyear Tire & Rubber Co. | 56,961 | ||||||
258 | LCI Industries (a) | 26,871 | ||||||
598 | Lear Corp. | 111,282 | ||||||
482 | Modine Manufacturing Co. (b) | 10,194 | ||||||
340 | Standard Motor Products, Inc. (a) | 16,174 | ||||||
1,594 | Stoneridge, Inc. (b) | 43,994 | ||||||
289 | Tenneco, Inc. | 15,857 | ||||||
184 | Visteon Corp. (b) | 20,284 | ||||||
263 | WABCO Holdings, Inc. (b) | 35,208 | ||||||
543,880 | ||||||||
Number of | Value | |||||||
Automobiles - 0.24% |
| |||||||
914 | Thor Industries, Inc. (a) | $ | 105,265 | |||||
674 | Winnebago Industries, Inc. | 25,343 | ||||||
130,608 | ||||||||
Banks - 5.88% |
| |||||||
274 | 1st Source Corp. | 13,870 | ||||||
339 | Ameris Bancorp | 17,933 | ||||||
1,911 | Associated Banc-Corp. (a) | 47,488 | ||||||
1,500 | Banc of California, Inc. (a) | 28,950 | ||||||
562 | BancFirst Corp. | 29,842 | ||||||
996 | Bancorp, Inc. (b) | 10,757 | ||||||
758 | BancorpSouth, Inc. | 24,104 | ||||||
1,501 | Bank of Commerce Holdings | 17,487 | ||||||
455 | Bank of Hawaii Corp. (a) | 37,810 | ||||||
605 | Bank of the Ozarks, Inc. | 29,203 | ||||||
1,014 | BankUnited, Inc. | 40,540 | ||||||
355 | Bankwell Financial Group, Inc. | 11,459 | ||||||
1,121 | BCB Bancorp, Inc. | 17,544 | ||||||
193 | BOK Financial Corp. | 19,105 | ||||||
375 | Bryn Mawr Bank Corp. | 16,481 | ||||||
545 | Byline Bancorp, Inc. (b) | 12,497 | ||||||
374 | Camden National Corp. | 16,643 | ||||||
347 | Carolina Financial Corp. | 13,630 | ||||||
568 | Cathay General Bancorp | 22,709 | ||||||
370 | Century Bancorp, Inc. - Class A | 29,378 | ||||||
210 | Chemical Financial Corp. | 11,483 | ||||||
306 | Chemung Financial Corp. | 14,220 | ||||||
221 | City Holding Co. (a) | 15,152 | ||||||
404 | CNB Financial Corp. | 11,752 | ||||||
315 | Columbia Banking System, Inc. (a) | 13,214 | ||||||
931 | Commerce Bancshares, Inc. | 55,776 | ||||||
248 | Community Bank Systems, Inc. | 13,283 | ||||||
1,549 | Community Bankers Trust Corp. (b) | 13,941 | ||||||
356 | Community Trust Bancorp, Inc. | 16,091 | ||||||
991 | Cullen Frost Bankers, Inc. (a) | 105,115 | ||||||
645 | Customers Bancorp, Inc. (b) | 18,802 | ||||||
473 | CVB Financial Corp. | 10,709 | ||||||
219 | Eagle Bancorp, Inc. (b) | 13,107 | ||||||
1,796 | East West Bancorp, Inc. | 112,322 | ||||||
953 | Enterprise Financial Services Corp. (a) | 44,696 | ||||||
320 | Evans Bancorp, Inc. | 14,480 | ||||||
1,296 | F.N.B. Corp. (a) | 17,431 | ||||||
261 | Farmers & Merchants Bancorp, Inc. | 10,537 | ||||||
303 | Farmers Capital Bank Corp. | 12,105 | ||||||
1,281 | Farmers National Banc Corp. | 17,742 | ||||||
288 | FB Financial Corp. (b) | 11,690 | ||||||
502 | FCB Financial Holdings, Inc. - Class A (b) | 25,652 | ||||||
733 | Fidelity Southern Corp. | 16,910 | ||||||
437 | First Bancorp (a) | 15,579 | ||||||
2,432 | First BanCorp (b) | 14,641 | ||||||
105 | First Citizens BancShares, Inc. - Class A | 43,390 | ||||||
1,060 | First Commonwealth Financial Corp. | 14,978 | ||||||
535 | First Connecticut Bancorp, Inc. | 13,696 | ||||||
1,635 | First Financial Bancorp (a) | 47,987 | ||||||
409 | First Financial Bankshares, Inc. | 18,937 | ||||||
598 | First Foundation, Inc. (a)(b) | 11,087 | ||||||
723 | First Guaranty Bancshares, Inc. | 18,791 | ||||||
1,267 | First Horizon National Corp. | 23,858 | ||||||
320 | First Interstate BancSystem, Inc. - Class A | 12,656 | ||||||
500 | First Merchants Corp. | 20,850 |
See notes to financial statements.
47
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Banks (Continued) |
| |||||||
405 | First Mid-Illinois Bancshares, Inc. | $ | 14,762 | |||||
1,790 | Fulton Financial Corp. | 31,772 | ||||||
342 | German American Bancorp, Inc. | 11,406 | ||||||
365 | Glacier Bancorp, Inc. (a) | 14,009 | ||||||
343 | Great Southern Bancorp, Inc. | 17,133 | ||||||
1,332 | Green Bancorp, Inc. (b) | 29,637 | ||||||
550 | Guaranty Bancorp | 15,592 | ||||||
814 | Hancock Holding Co. | 42,084 | ||||||
402 | Heartland Financial U.S.A., Inc. | 21,326 | ||||||
867 | Heritage Commerce Corp. | 14,288 | ||||||
497 | Hilltop Holdings, Inc. (a) | 11,660 | ||||||
926 | Hope Bancorp, Inc. | 16,844 | ||||||
394 | IBERIABANK Corp. | 30,732 | ||||||
861 | Independent Bank Corp. | 19,717 | ||||||
879 | International Bancshares Corp. | 34,193 | ||||||
529 | Investar Holding Corp. | 13,675 | ||||||
1,515 | Investors Bancorp, Inc. | 20,665 | ||||||
981 | Lakeland Bancorp, Inc. | 19,473 | ||||||
267 | Lakeland Financial Corp. | 12,343 | ||||||
310 | LegacyTexas Financial Group, Inc. | 13,274 | ||||||
1,077 | Live Oak Bancshares, Inc. | 29,941 | ||||||
1,115 | Macatawa Bank Corp. | 11,451 | ||||||
833 | MainSource Financial Group, Inc. | 33,861 | ||||||
320 | Mercantile Bank Corp. | 10,640 | ||||||
299 | MutualFirst Financial, Inc. | 10,839 | ||||||
262 | National Bankshares, Inc. | 11,803 | ||||||
328 | Nicolet Bankshares, Inc. (b) | 18,063 | ||||||
885 | Northeast Bancorp | 18,142 | ||||||
355 | Northrim BanCorp, Inc. | 12,265 | ||||||
354 | Ohio Valley Banc Corp. | 14,815 | ||||||
458 | Old Line Bancshares, Inc. | 15,114 | ||||||
1,437 | Old National Bancorp | 24,285 | ||||||
1,571 | Old Second Bancorp, Inc. | 21,837 | ||||||
369 | Pacific Premier Bancorp, Inc. (b) | 14,834 | ||||||
708 | PacWest Bancorp | 35,067 | ||||||
104 | Park National Corp. | 10,791 | ||||||
1,184 | Parke Bancorp, Inc. | 24,627 | ||||||
333 | Peapack Gladstone Financial Corp. | 11,119 | ||||||
577 | Peoples Bancorp, Inc. | 20,455 | ||||||
371 | People’s Utah Bancorp | 11,983 | ||||||
596 | Popular, Inc. | 24,805 | ||||||
336 | Preferred Bank (a) | 21,571 | ||||||
667 | Premier Financial Bancorp, Inc. | 12,413 | ||||||
524 | Prosperity Bancshares, Inc. (a) | 38,058 | ||||||
353 | QCR Holdings, Inc. | 15,832 | ||||||
324 | Republic Bancorp, Inc. - Class A | 12,409 | ||||||
511 | S&T Bancorp, Inc. | 20,409 | ||||||
438 | Sandy Spring Bancorp, Inc. | 16,977 | ||||||
838 | ServisFirst Bancshares, Inc. | 34,207 | ||||||
1,465 | Shore Bancshares, Inc. | 27,630 | ||||||
148 | Signature Bank (b) | 21,009 | ||||||
317 | Stock Yards Bancorp, Inc. | 11,127 | ||||||
582 | Summit Financial Group, Inc. | 14,556 | ||||||
483 | SVB Financial Group (b) | 115,925 | ||||||
1,749 | Synovus Financial Corp. | 87,345 | ||||||
2,390 | TCF Financial Corp. (a) | 54,516 | ||||||
496 | Texas Capital Bancshares, Inc. (b) | 44,590 | ||||||
834 | The Bank of N.T. Butterfield & Son Ltd. | 37,430 |
Number of | Value | |||||||
Banks (Continued) |
| |||||||
912 | TowneBank | $ | 26,083 | |||||
289 | TriCo Bancshares | 10,757 | ||||||
827 | TriState Capital Holdings, Inc. (b) | 19,228 | ||||||
493 | Triumph Bancorp, Inc. (b) | 20,312 | ||||||
386 | Trustmark Corp. (a) | 12,028 | ||||||
949 | Two River Bancorp | 17,129 | ||||||
342 | UMB Financial Corp. | 24,757 | ||||||
1,727 | Umpqua Holdings Corp. | 36,975 | ||||||
248 | Union Bankshares, Inc. | 12,598 | ||||||
397 | Univest Corp. of Pennsylvania | 10,997 | ||||||
1,796 | Valley National Bancorp (a) | 22,378 | ||||||
323 | Washington Trust Bancorp, Inc. | 17,361 | ||||||
709 | WesBanco, Inc. (a) | 29,991 | ||||||
901 | West Bancorporation, Inc. | 23,066 | ||||||
1,071 | Western Alliance Bancorp (b) | 62,236 | ||||||
852 | Wintrust Financial Corp. | 73,315 | ||||||
1,851 | Zions Bancorporation (a) | 97,603 | ||||||
3,204,230 | ||||||||
Beverages - 0.24% | ||||||||
220 | Boston Beer Co., Inc. - Class A (b) | 41,591 | ||||||
9,877 | Castle Brands, Inc. (a)(b) | 12,247 | ||||||
142 | Coca-Cola Bottling Co. | 24,519 | ||||||
174 | MGP Ingredients, Inc. | 15,589 | ||||||
405 | National Beverage Corp. | 36,053 | ||||||
129,999 | ||||||||
Biotechnology - 2.70% |
| |||||||
261 | Acceleron Pharma, Inc. (b) | 10,205 | ||||||
1,777 | Acorda Therapeutics, Inc. (b) | 42,026 | ||||||
258 | Agios Pharmaceuticals, Inc. (b) | 21,099 | ||||||
1,373 | Akebia Therapeutics, Inc. (b) | 13,085 | ||||||
1,013 | Alkermes Plc (a)(b) | 58,713 | ||||||
346 | Alnylam Pharmaceuticals, Inc. (a)(b) | 41,209 | ||||||
2,238 | AMAG Pharmaceuticals, Inc. (a)(b) | 45,096 | ||||||
1,171 | Amicus Therapeutics, Inc. (a)(b) | 17,612 | ||||||
102 | AnaptysBio, Inc. (b) | 10,616 | ||||||
360 | Arena Pharmaceuticals, Inc. (b) | 14,220 | ||||||
2,119 | Array BioPharma, Inc. (b) | 34,582 | ||||||
288 | Atara Biotherapeutics, Inc. (b) | 11,232 | ||||||
563 | Audentes Therapeutics, Inc. (b) | 16,918 | ||||||
187 | Avexis, Inc. (b) | 23,109 | ||||||
235 | Bluebird Bio, Inc. (b) | 40,126 | ||||||
375 | Blueprint Medicines Corp. (b) | 34,387 | ||||||
3,433 | Calithera Biosciences, Inc. (b) | 21,628 | ||||||
4,406 | Conatus Pharmaceuticals, Inc. (b) | 25,863 | ||||||
1,090 | Concert Pharmaceuticals, Inc. (b) | 24,961 | ||||||
582 | CytomX Therapeutics, Inc. (b) | 16,558 | ||||||
776 | Dynavax Technologies Corp. (b) | 15,404 | ||||||
724 | Eagle Pharmaceuticals, Inc. (a)(b) | 38,148 | ||||||
392 | Emergent BioSolutions, Inc. (b) | 20,639 | ||||||
196 | Enanta Pharmaceuticals, Inc. (b) | 15,858 | ||||||
202 | Esperion Therapeutics, Inc. (b) | 14,611 | ||||||
563 | Exact Sciences Corp. (a)(b) | 22,706 | ||||||
1,434 | Exelixis, Inc. (a)(b) | 31,763 | ||||||
322 | FibroGen, Inc. (b) | 14,876 | ||||||
409 | Foundation Medicine, Inc. (a)(b) | 32,209 | ||||||
984 | Genomic Health, Inc. (b) | 30,789 | ||||||
301 | Global Blood Therapeutics, Inc. (b) | 14,538 | ||||||
555 | Halozyme Therapeutics, Inc. (b) | 10,872 |
See notes to financial statements.
48
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Biotechnology (Continued) |
| |||||||
408 | Heron Therapeutics, Inc. (b) | $ | 11,261 | |||||
2,358 | ImmunoGen, Inc. (b) | 24,806 | ||||||
2,007 | Immunomedics, Inc. (b) | 29,322 | ||||||
498 | Ionis Pharmaceuticals, Inc. (a)(b) | 21,952 | ||||||
675 | Iovance Biotherapeutics, Inc. (b) | 11,408 | ||||||
443 | Jounce Therapeutics, Inc. (b) | 9,901 | ||||||
800 | Kura Oncology, Inc. (b) | 15,000 | ||||||
83 | Ligand Pharmaceuticals, Inc. - Class B (a)(b) | 13,708 | ||||||
184 | Loxo Oncology, Inc. (a)(b) | 21,228 | ||||||
92 | Madrigal Pharmaceuticals, Inc. (b) | 10,745 | ||||||
4,149 | MiMedx Group, Inc. (a)(b) | 28,919 | ||||||
2,389 | Myriad Genetics, Inc. (b) | 70,595 | ||||||
2,235 | Natera, Inc. (b) | 20,718 | ||||||
306 | Neurocrine Biosciences, Inc. (b) | 25,377 | ||||||
16,100 | PDL BioPharma, Inc. (a)(b) | 47,334 | ||||||
1,878 | Pieris Pharmaceuticals, Inc. (b) | 12,808 | ||||||
369 | PTC Therapeutics, Inc. (b) | 9,985 | ||||||
222 | Puma Biotechnology, Inc. (b) | 15,107 | ||||||
199 | Sage Therapeutics, Inc. (b) | 32,053 | ||||||
668 | Sangamo Therapeutics, Inc. (b) | 12,692 | ||||||
208 | Sarepta Therapeutics, Inc. (b) | 15,411 | ||||||
782 | Seattle Genetics, Inc. (a)(b) | 40,930 | ||||||
1,010 | Spectrum Pharmaceuticals, Inc. (b) | 16,251 | ||||||
1,200 | United Therapeutics Corp. (a)(b) | 134,832 | ||||||
1,290 | Vanda Pharmaceuticals, Inc. (b) | 21,737 | ||||||
2,390 | Veracyte, Inc. (b) | 13,288 | ||||||
1,473,026 | ||||||||
Building Products - 1.49% | ||||||||
2,118 | A. O. Smith Corp. | 134,684 | ||||||
727 | AAON, Inc. | 28,353 | ||||||
794 | Allegion Plc | 67,720 | ||||||
173 | American Woodmark Corp. (b) | 17,032 | ||||||
348 | Apogee Enterprises, Inc. | 15,086 | ||||||
684 | Armstrong World Industries, Inc. (b) | 38,509 | ||||||
1,941 | Builders FirstSource, Inc. (b) | 38,509 | ||||||
605 | Caesarstone, Ltd. | 11,888 | ||||||
780 | Continental Building Products, Inc. (b) | 22,269 | ||||||
1,318 | Fortune Brands Home & Security, Inc. (a) | 77,617 | ||||||
393 | Lennox International, Inc. (a) | 80,317 | ||||||
233 | Masonite International Corp. (b) | 14,295 | ||||||
656 | NCI Building Systems, Inc. (a)(b) | 11,611 | ||||||
982 | Owens Corning, Inc. (a) | 78,953 | ||||||
205 | Patrick Industries, Inc. (b) | 12,679 | ||||||
672 | PGT Innovations, Inc. (b) | 12,533 | ||||||
867 | Quanex Building Products Corp. | 15,086 | ||||||
312 | Simpson Manufacturing Co., Inc. | 17,968 | ||||||
512 | Trex Co., Inc. (b) | 55,690 | ||||||
807 | Universal Forest Products, Inc. | 26,187 | ||||||
835 | USG Corp. (b) | 33,751 | ||||||
810,737 | ||||||||
Capital Markets - 2.81% | ||||||||
1,629 | Artisan Partners Asset Management, Inc. - Class A | 54,246 | ||||||
1,234 | B. Riley Financial, Inc. | 24,063 | ||||||
3,067 | BGC Partners, Inc. - Class A | 41,251 | ||||||
819 | Cboe Global Markets, Inc. | 93,448 | ||||||
573 | Cohen & Steers, Inc. | 23,298 | ||||||
106 | Diamond Hill Investment Group, Inc. | 21,895 |
Number of | Value | |||||||
Capital Market (Continued) | ||||||||
2,716 | E*TRADE Financial Corp. (b) | $ | 150,494 | |||||
1,353 | Eaton Vance Corp. | 75,321 | ||||||
643 | Evercore Partners, Inc. - Class A | 56,070 | ||||||
539 | FactSet Research Systems, Inc. (a) | 107,487 | ||||||
1,410 | Federated Investors, Inc. - Class B (a) | 47,094 | ||||||
326 | Hamilton Lane, Inc. - Class A | 12,137 | ||||||
390 | HFF, Inc. - Class A | 19,383 | ||||||
748 | Houlihan Lokey, Inc. | 33,361 | ||||||
372 | INTL. FCStone, Inc. (b) | 15,877 | ||||||
1,871 | Lazard Ltd. - Class A | 98,340 | ||||||
732 | Legg Mason, Inc. (a) | 29,756 | ||||||
1,302 | LPL Financial Holdings, Inc. (a) | 79,513 | ||||||
363 | MarketAxess Holdings, Inc. | 78,931 | ||||||
743 | Moelis & Co. - Class A | 37,782 | ||||||
478 | Morningstar, Inc. | 45,659 | ||||||
922 | MSCI, Inc. | 137,811 | ||||||
705 | Oppenheimer Holdings, Inc. - Class A | 18,154 | ||||||
130 | Piper Jaffray Cos. | 10,796 | ||||||
376 | PJT Partners, Inc. - Class A | 18,838 | ||||||
2,329 | Pzena Investment Management, Inc. - Class A | 25,922 | ||||||
1,551 | SEI Investments Co. | 116,185 | ||||||
338 | Virtu Financial, Inc. - Class A | 11,154 | ||||||
1,568 | Waddell & Reed Financial, Inc. - Class A (a) | 31,689 | ||||||
258 | Westwood Holdings Group, Inc. | 14,574 | ||||||
1,530,529 | ||||||||
Chemicals - 1.74% | ||||||||
395 | A. Schulman, Inc. (a) | 16,985 | ||||||
2,035 | AgroFresh Solutions, Inc. (b) | 14,957 | ||||||
831 | American Vanguard Corp. | 16,786 | ||||||
358 | Ashland Global Holdings, Inc. | 24,985 | ||||||
1,344 | Axalta Coating Systems, Ltd. (b) | 40,575 | ||||||
379 | Cabot Corp. | 21,118 | ||||||
1,432 | CF Industries Holdings, Inc. | 54,029 | ||||||
222 | Chase Corp. | 25,852 | ||||||
927 | Codexis, Inc. (b) | 10,197 | ||||||
779 | Core Molding Technologies, Inc. | 13,890 | ||||||
487 | Ferro Corp. (b) | 11,308 | ||||||
305 | H.B. Fuller Co. (a) | 15,168 | ||||||
2,022 | Huntsman Corp. | 59,144 | ||||||
828 | Ingevity Corp. (b) | 61,015 | ||||||
3,008 | Intrepid Potash, Inc. (b) | 10,949 | ||||||
599 | KMG Chemicals, Inc. | 35,910 | ||||||
281 | Koppers Holdings, Inc. (b) | 11,549 | ||||||
465 | Kraton Corp. (b) | 22,185 | ||||||
687 | Kronos Worldwide, Inc. | 15,526 | ||||||
191 | Minerals Technologies, Inc. | 12,787 | ||||||
81 | NewMarket Corp. | 32,536 | ||||||
1,503 | Olin Corp. | 45,676 | ||||||
2,853 | Platform Specialty Products Corp. (b) | 27,474 | ||||||
799 | PolyOne Corp. | 33,974 | ||||||
196 | Quaker Chemical Corp. | 29,034 | ||||||
1,320 | Rayonier Advanced Materials, Inc. (a) | 28,340 | ||||||
655 | RPM International, Inc. | 31,224 | ||||||
279 | Stepan Co. | 23,207 | ||||||
997 | The Chemours Co. (a) | 48,564 | ||||||
210 | The Scotts Miracle-Gro Co. - Class A (a) | 18,008 | ||||||
752 | Trinseo SA | 55,686 | ||||||
1,089 | Tronox, Ltd. - Class A | 20,081 |
See notes to financial statements.
49
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Chemicals (Continued) | ||||||||
1,393 | Valvoline, Inc. (a) | $ | 30,827 | |||||
258 | Westlake Chemical Corp. (a) | 28,677 | ||||||
948,223 | ||||||||
Commercial Services & Supplies - 1.87% | ||||||||
2,731 | ACCO Brands Corp. | 34,274 | ||||||
6,173 | ARC Document Solutions, Inc. (b) | 13,581 | ||||||
800 | Avery Dennison Corp. | 85,000 | ||||||
243 | Barrett Business Services, Inc. | 20,140 | ||||||
1,008 | Casella Waste Systems, Inc. - Class A (b) | 23,567 | ||||||
216 | Clean Harbors, Inc. (b) | 10,543 | ||||||
629 | Comfort Systems USA, Inc. | 25,946 | ||||||
1,590 | Copart, Inc. (a)(b) | 80,979 | ||||||
539 | Deluxe Corp. (a) | 39,891 | ||||||
1,376 | Essendant, Inc. | 10,733 | ||||||
681 | Healthcare Services Group, Inc. | 29,610 | ||||||
868 | Heritage-Crystal Clean, Inc. (b) | 20,441 | ||||||
1,750 | Herman Miller, Inc. | 55,913 | ||||||
813 | HNI Corp. | 29,341 | ||||||
857 | Interface, Inc. | 21,596 | ||||||
459 | KAR Auction Services, Inc. (a) | 24,878 | ||||||
4,551 | Kimball International, Inc. - Class B | 77,549 | ||||||
814 | Knoll, Inc. | 16,435 | ||||||
902 | LSC Communications, Inc. | 15,740 | ||||||
205 | McGrath RentCorp | 11,006 | ||||||
251 | Mobile Mini, Inc. | 10,919 | ||||||
476 | MSA Safety, Inc. | 39,622 | ||||||
906 | Pitney Bowes, Inc. | 9,866 | ||||||
641 | Quad/Graphics, Inc. | 16,249 | ||||||
1,520 | Rollins, Inc. | 77,566 | ||||||
415 | SP Plus Corp. (b) | 14,774 | ||||||
2,012 | Steelcase, Inc. - Class A | 27,363 | ||||||
2,013 | Sykes Enterprises, Inc. (b) | 58,256 | ||||||
897 | Team, Inc. (a)(b) | 12,334 | ||||||
568 | Tetra Tech, Inc. | 27,804 | ||||||
761 | The Brinks Co. (a) | 54,297 | ||||||
402 | Viad Corp. | 21,085 | ||||||
1,017,298 | ||||||||
Communications Equipment - 1.45% |
| |||||||
582 | Acacia Communications, Inc. (a)(b) | 22,384 | ||||||
848 | ADTRAN, Inc. | 13,187 | ||||||
557 | Applied Optoelectronics, Inc. (a)(b) | 13,959 | ||||||
491 | Arista Networks, Inc. (a)(b) | 125,352 | ||||||
2,169 | ARRIS International Plc (b) | 57,630 | ||||||
2,729 | Calix, Inc. (b) | 18,694 | ||||||
347 | Casa Systems, Inc. (a)(b) | 10,181 | ||||||
1,376 | Ciena Corp. (a)(b) | 35,638 | ||||||
1,147 | Clearfield, Inc. (b) | 14,796 | ||||||
1,893 | CommScope Holding Co., Inc. (b) | 75,663 | ||||||
494 | Comtech Telecommunications Corp. | 14,766 | ||||||
2,114 | Digi International, Inc. (b) | 21,774 | ||||||
527 | EchoStar Corp. - Class A (b) | 27,810 | ||||||
7,657 | Extreme Networks, Inc. (b) | 84,763 | ||||||
969 | Finisar Corp. (a)(b) | 15,320 | ||||||
500 | InterDigital, Inc. | 36,800 | ||||||
1,623 | KVH Industries, Inc. (b) | 16,798 | ||||||
368 | Lumentum Holdings, Inc. (a)(b) | 23,478 | ||||||
279 | NETGEAR, Inc. (a)(b) | 15,959 | ||||||
1,520 | NetScout Systems, Inc. (b) | 40,052 |
Number of | Value | |||||||
Communications Equipment (Continued) |
| |||||||
1,515 | Oclaro, Inc. (b) | $ | 14,483 | |||||
344 | Plantronics, Inc. | 20,767 | ||||||
1,248 | Quantenna Communications, Inc. (b) | 17,098 | ||||||
3,650 | Ribbon Communications, Inc. (b) | 18,615 | ||||||
339 | Ubiquiti Networks, Inc. (a)(b) | 23,323 | ||||||
154 | ViaSat, Inc. (a)(b) | 10,121 | ||||||
789,411 | ||||||||
Construction & Engineering - 0.72% | ||||||||
957 | AECOM (b) | 34,098 | ||||||
660 | Aegion Corp. (a)(b) | 15,121 | ||||||
275 | Argan, Inc. (a) | 11,811 | ||||||
203 | Dycom Industries, Inc. (a)(b) | 21,849 | ||||||
423 | EMCOR Group, Inc. | 32,964 | ||||||
844 | Fluor Corp. (a) | 48,294 | ||||||
3,147 | HC2 Holdings, Inc. (b) | 16,553 | ||||||
896 | IES Holdings, Inc. (b) | 13,574 | ||||||
662 | Jacobs Engineering Group, Inc. | 39,157 | ||||||
1,181 | KBR, Inc. | 19,120 | ||||||
621 | MasTec, Inc. (a)(b) | 29,218 | ||||||
500 | NV5 Global, Inc. (b) | 27,875 | ||||||
2,495 | Orion Group Holdings, Inc. (b) | 16,442 | ||||||
505 | Primoris Services Corp. | 12,615 | ||||||
765 | Quanta Services, Inc. (b) | 26,278 | ||||||
1,495 | Sterling Construction Co., Inc. (b) | 17,133 | ||||||
576 | Tutor Perini Corp. (a)(b) | 12,701 | ||||||
394,803 | ||||||||
Construction Materials - 0.11% | ||||||||
137 | Eagle Materials, Inc. | 14,118 | ||||||
513 | Summit Materials, Inc. - Class A (a)(b) | 15,537 | ||||||
162 | United States Lime & Minerals, Inc. | 11,855 | ||||||
278 | US Concrete, Inc. (a)(b) | 16,791 | ||||||
58,301 | ||||||||
Consumer Finance - 1.00% | ||||||||
203 | Credit Acceptance Corp. (a)(b) | 67,073 | ||||||
3,453 | Enova International, Inc. (b) | 76,139 | ||||||
1,290 | EZCORP, Inc. - Class A (b) | 17,028 | ||||||
251 | FirstCash, Inc. | 20,394 | ||||||
427 | Green Dot Corp. - Class A (b) | 27,396 | ||||||
5,553 | Navient Corp. (a) | 72,855 | ||||||
510 | Nelnet, Inc. - Class A | 26,729 | ||||||
357 | OneMain Holdings, Inc. (b) | 10,689 | ||||||
648 | PRA Group, Inc. (a)(b) | 24,624 | ||||||
2,519 | Regional Management Corp. (b) | 80,205 | ||||||
3,790 | Santander Consumer USA Holdings, Inc. (a) | 61,777 | ||||||
5,225 | SLM Corp. (b) | 58,572 | ||||||
543,481 | ||||||||
Containers & Packaging - 0.81% | ||||||||
308 | AptarGroup, Inc. | 27,668 | ||||||
283 | Bemis Co., Inc. | 12,316 | ||||||
1,101 | Berry Plastics Group, Inc. (b) | 60,346 | ||||||
854 | Crown Holdings, Inc. (b) | 43,340 | ||||||
1,905 | Graphic Packaging Holding Co. | 29,242 | ||||||
314 | Greif, Inc. - Class A | 16,406 | ||||||
2,215 | Myers Industries, Inc. | 46,847 | ||||||
1,321 | Owens-Illinois, Inc. (b) | 28,613 | ||||||
949 | Packaging Corp. of America | 106,952 |
See notes to financial statements.
50
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Containers & Packaging (Continued) | ||||||||
1,158 | Sealed Air Corp. | $ | 49,551 | |||||
776 | Silgan Holdings, Inc. | 21,612 | ||||||
442,893 | ||||||||
Distributors - 0.04% | ||||||||
623 | Core-Mark Holding Co., Inc. | 13,245 | ||||||
1,326 | Funko, Inc. - Class A (b) | 10,886 | ||||||
24,131 | ||||||||
Diversified Consumer Services - 1.98% |
| |||||||
2,702 | Adtalem Global Education, Inc. | 128,480 | ||||||
1,527 | American Public Education, Inc. (b) | 65,661 | ||||||
3,874 | Bridgepoint Education, Inc. (b) | 26,111 | ||||||
246 | Bright Horizons Family Solutions, Inc. (a)(b) | 24,531 | ||||||
3,846 | Cambium Learning Group, Inc. (b) | 43,075 | ||||||
491 | Capella Education Co. | 42,889 | ||||||
3,491 | Career Education Corp. (b) | 45,872 | ||||||
433 | Carriage Services, Inc. | 11,977 | ||||||
2,460 | Chegg, Inc. (a)(b) | 50,824 | ||||||
1,315 | Collectors Universe, Inc. | 20,659 | ||||||
87 | Graham Holdings Co. - Class B | 52,396 | ||||||
638 | Grand Canyon Education, Inc. (a)(b) | 66,939 | ||||||
4,372 | H&R Block, Inc. | 111,092 | ||||||
1,275 | Hillenbrand, Inc. | 58,522 | ||||||
1,906 | Houghton Mifflin Harcourt Co. (b) | 13,247 | ||||||
2,317 | K12, Inc. (b) | 32,855 | ||||||
1,604 | Liberty Tax, Inc. | 16,200 | ||||||
2,606 | Regis Corp. (b) | 39,429 | ||||||
746 | Service Corp. International (a) | 28,154 | ||||||
854 | ServiceMaster Global Holdings, Inc. (b) | 43,426 | ||||||
751 | Sotheby’s - Class A (b) | 38,534 | ||||||
505 | Strayer Education, Inc. | 51,030 | ||||||
1,024 | Weight Watchers International, Inc. (b) | 65,249 | ||||||
1,077,152 | ||||||||
Diversified Financial Services - 0.25% |
| |||||||
684 | Cannae Holdings, Inc. (b) | 12,900 | ||||||
707 | Encore Capital Group, Inc. (b) | 31,956 | ||||||
2,196 | Tiptree, Inc. - Class A | 13,945 | ||||||
831 | Voya Financial, Inc. | 41,966 | ||||||
361 | World Acceptance Corp. (a)(b) | 38,013 | ||||||
138,780 | ||||||||
Diversified Telecommunication Services - 0.30% |
| |||||||
351 | Cogent Communications Holdings, Inc. | 15,234 | ||||||
2,231 | Frontier Communications Corp. (a) | 16,554 | ||||||
2,097 | IDT Corp. - Class B | 13,148 | ||||||
2,159 | Ooma, Inc. (b) | 23,533 | ||||||
6,705 | Vonage Holdings Corp. (b) | 71,408 | ||||||
649 | Zayo Group Holdings, Inc. (b) | 22,170 | ||||||
162,047 | ||||||||
Electric Utilities - 0.59% |
| |||||||
446 | ALLETE, Inc. | 32,224 | ||||||
280 | El Paso Electric Co. | 14,280 | ||||||
1,736 | Great Plains Energy, Inc. | 55,187 | ||||||
718 | Hawaiian Electric Industries, Inc. | 24,685 | ||||||
240 | IDACORP, Inc. | 21,185 | ||||||
594 | OGE Energy Corp. | 19,465 | ||||||
599 | Pinnacle West Capital Corp. | 47,800 | ||||||
596 | PNM Resources, Inc. | 22,797 |
Number of | Value | |||||||
Electric Utilities (Continued) |
| |||||||
520 | Portland General Electric Co. | $ | 21,065 | |||||
2,197 | Spark Energy, Inc. - Class A (a) | 26,035 | ||||||
696 | Westar Energy, Inc. | 36,603 | ||||||
321,326 | ||||||||
Electrical Equipment - 0.61% |
| |||||||
551 | Atkore International Group, Inc. (b) | 10,937 | ||||||
344 | Belden, Inc. (a) | 23,715 | ||||||
662 | Brady Corp. - Class A | 24,593 | ||||||
232 | Encore Wire Corp. | 13,154 | ||||||
253 | EnerSys | 17,551 | ||||||
347 | Generac Holdings, Inc. (b) | 15,931 | ||||||
327 | Hubbell, Inc. | 39,822 | ||||||
527 | II-VI, Inc. (b) | 21,554 | ||||||
1,967 | LSI Industries, Inc. | 15,952 | ||||||
442 | Powell Industries, Inc. | 11,863 | ||||||
450 | Regal Beloit Corp. | 33,008 | ||||||
949 | Sensata Technologies Holding Plc (a)(b) | 49,187 | ||||||
1,499 | Vicor Corp. (b) | 42,797 | ||||||
151 | Woodward Governor Co. (a) | 10,821 | ||||||
330,885 | ||||||||
Electronic Equipment, Instruments & Components - 3.02% |
| |||||||
842 | Anixter International, Inc. (b) | 63,782 | ||||||
791 | Arrow Electronics, Inc. (b) | 60,923 | ||||||
473 | Avnet, Inc. | 19,752 | ||||||
1,250 | AVX Corp. | 20,688 | ||||||
654 | Bel Fuse, Inc. - Class B | 12,361 | ||||||
1,066 | Benchmark Electronics, Inc. (a) | 31,820 | ||||||
1,808 | CDW Corp. | 127,120 | ||||||
1,526 | Cognex Corp. (a) | 79,337 | ||||||
183 | Coherent, Inc. (a)(b) | 34,294 | ||||||
1,716 | Control4 Corp. (b) | 36,860 | ||||||
2,185 | Daktronics, Inc. | 19,250 | ||||||
571 | Dolby Laboratories, Inc. - Class A | 36,293 | ||||||
2,170 | Electro Scientific Industries, Inc. (b) | 41,946 | ||||||
337 | Fabrinet (b) | 10,575 | ||||||
188 | FARO Technologies, Inc. (b) | 10,979 | ||||||
3,074 | Fitbit, Inc. - Class A (b) | 15,677 | ||||||
630 | FLIR Systems, Inc. | 31,506 | ||||||
428 | Insight Enterprises, Inc. (b) | 14,950 | ||||||
408 | IPG Photonics Corp. (a)(b) | 95,219 | ||||||
3,876 | Iteris, Inc. (b) | 19,225 | ||||||
503 | Itron, Inc. (b) | 35,990 | ||||||
1,661 | Jabil, Inc. | 47,721 | ||||||
1,312 | KEMET Corp. (b) | 23,787 | ||||||
1,344 | Keysight Technologies, Inc. (b) | 70,412 | ||||||
867 | Kimball Electronics, Inc. (b) | 14,002 | ||||||
1,326 | Knowles Corp. (b) | 16,694 | ||||||
107 | Littelfuse, Inc. | 22,275 | ||||||
285 | Mercury Systems, Inc. (a)(b) | 13,771 | ||||||
519 | Methode Electronics, Inc. | 20,293 | ||||||
295 | MTS Systems Corp. | 15,237 | ||||||
1,714 | Napco Security Technologies, Inc. (b) | 20,054 | ||||||
1,509 | National Instruments Corp. | 76,310 | ||||||
501 | Novanta, Inc. (b) | 26,127 | ||||||
167 | OSI Systems, Inc. (b) | 10,900 | ||||||
926 | PC Connection, Inc. (a) | 23,150 | ||||||
474 | Plexus Corp. (b) | 28,312 | ||||||
21,436 | Radisys Corp. (b) | 13,740 |
See notes to financial statements.
51
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Electronic Equipment, Instruments & Components (Continued) |
| |||||||
166 | Rogers Corp. (b) | $ | 19,844 | |||||
1,438 | Sanmina Corp. (a)(b) | 37,604 | ||||||
544 | ScanSource, Inc. (b) | 19,339 | ||||||
92 | SYNNEX Corp. (a) | 10,893 | ||||||
347 | Tech Data Corp. (a)(b) | 29,540 | ||||||
2,242 | Trimble, Inc. (b) | 80,443 | ||||||
1,874 | TTM Technologies, Inc. (b) | 28,653 | ||||||
173 | Universal Display Corp. (a) | 17,473 | ||||||
1,951 | Vishay Intertechnology, Inc. (a) | 36,289 | ||||||
733 | Zebra Technologies Corp. - Class A (b) | 102,026 | ||||||
1,643,436 | ||||||||
Energy Equipment & Services - 0.45% | ||||||||
1,148 | Diamond Offshore Drilling, Inc. (a)(b) | 16,830 | ||||||
341 | Dril-Quip, Inc. (a)(b) | 15,277 | ||||||
879 | Exterran Corp. (b) | 23,469 | ||||||
570 | FTS International, Inc. (b) | 10,482 | ||||||
995 | Matrix Service Co. (b) | 13,631 | ||||||
4,064 | Noble Corp. Plc (b) | 15,077 | ||||||
846 | Oceaneering International, Inc. (a) | 15,685 | ||||||
639 | Oil States International, Inc. (b) | 16,742 | ||||||
1,191 | RigNet, Inc. (b) | 16,198 | ||||||
3,414 | Rowan Cos., Inc. - Class A (a)(b) | 39,398 | ||||||
568 | RPC, Inc. (a) | 10,241 | ||||||
4,142 | Tetra Technologies, Inc. (b) | 15,532 | ||||||
3,540 | Transocean, Ltd. (a)(b) | 35,046 | ||||||
243,608 | ||||||||
Food & Staples Retailing - 0.96% |
| |||||||
532 | Casey’s General Stores, Inc. (a) | 58,398 | ||||||
1,791 | Diplomat Pharmacy, Inc. (b) | 36,089 | ||||||
1,090 | Ingles Markets, Inc. - Class A | 36,896 | ||||||
2,198 | Natural Grocers by Vitamin Cottage, Inc. (b) | 15,738 | ||||||
1,436 | Performance Food Group Co. (b) | 42,865 | ||||||
186 | PriceSmart, Inc. | 15,540 | ||||||
15,276 | Rite Aid Corp. (a)(b) | 25,664 | ||||||
1,656 | SpartanNash Co. | 28,500 | ||||||
1,732 | Sprouts Farmers Market, Inc. (b) | 40,650 | ||||||
757 | SUPERVALU, Inc. (a)(b) | 11,529 | ||||||
1,314 | The Chefs’ Warehouse, Inc. (a)(b) | 30,222 | ||||||
883 | United Natural Foods, Inc. (b) | 37,916 | ||||||
2,011 | US Foods Holding Corp. (b) | 65,900 | ||||||
1,158 | Village Super Market, Inc. - Class A | 30,536 | ||||||
1,093 | Weis Markets, Inc. | 44,791 | ||||||
521,234 | ||||||||
Food Products - 1.15% |
| |||||||
409 | Alico, Inc. | 11,125 | ||||||
1,270 | Blue Buffalo Pet Products, Inc. (a)(b) | 50,559 | ||||||
124 | Calavo Growers, Inc. (a) | 11,433 | ||||||
1,576 | Darling International, Inc. (b) | 27,265 | ||||||
3,399 | Dean Foods Co. | 29,299 | ||||||
1,330 | Farmer Brothers Co. (b) | 40,166 | ||||||
2,192 | Flowers Foods, Inc. (a) | 47,917 | ||||||
612 | Fresh Del Monte Produce, Inc. | 27,687 | ||||||
1,758 | Freshpet, Inc. (a)(b) | 28,919 | ||||||
1,124 | Hostess Brands, Inc. (a)(b) | 16,624 | ||||||
647 | Ingredion, Inc. (a) | 83,411 | ||||||
115 | J&J Snack Foods Corp. | 15,705 | ||||||
1,070 | Lamb Weston Holdings, Inc. | 62,295 |
Number of | Value | |||||||
Food Products (Continued) |
| |||||||
127 | Lancaster Colony Corp. | $ | 15,639 | |||||
2,507 | Lifeway Foods, Inc. (b) | 15,017 | ||||||
515 | Pilgrim’s Pride Corp. (a)(b) | 12,674 | ||||||
735 | Pinnacle Foods, Inc. | 39,764 | ||||||
320 | Post Holdings, Inc. (b) | 24,243 | ||||||
319 | Sanderson Farms, Inc. (a) | 37,967 | ||||||
352 | The Hain Celestial Group, Inc. (a)(b) | 11,289 | ||||||
431 | TreeHouse Foods, Inc. (a)(b) | 16,494 | ||||||
625,492 | ||||||||
Gas Utilities - 0.42% | ||||||||
414 | Atmos Energy Corp. (a) | 34,875 | ||||||
365 | National Fuel Gas Co. (a) | 18,779 | ||||||
378 | New Jersey Resources Corp. (a) | 15,158 | ||||||
247 | Northwest Natural Gas Co. (a) | 14,239 | ||||||
502 | ONE Gas, Inc. | 33,142 | ||||||
190 | Southwest Gas Holdings, Inc. | 12,850 | ||||||
209 | Spire, Inc. (a) | 15,111 | ||||||
1,511 | UGI Corp. | 67,119 | ||||||
237 | WGL Holdings, Inc. | 19,825 | ||||||
231,098 | ||||||||
Health Care Equipment & Supplies - 4.17% |
| |||||||
331 | Abaxis, Inc. | 23,375 | ||||||
603 | ABIOMED, Inc. (a)(b) | 175,467 | ||||||
314 | Analogic Corp. | 30,113 | ||||||
1,268 | AngioDynamics, Inc. (b) | 21,873 | ||||||
212 | Anika Therapeutics, Inc. (b) | 10,541 | ||||||
5,550 | Antares Pharma, Inc. (b) | 12,210 | ||||||
886 | AtriCure, Inc. (b) | 18,181 | ||||||
59 | Atrion Corp. | 37,247 | ||||||
1,894 | AxoGen, Inc. (b) | 69,131 | ||||||
332 | Cantel Medical Corp. | 36,988 | ||||||
1,253 | Cardiovascular Systems, Inc. (b) | 27,478 | ||||||
304 | CONMED Corp. | 19,252 | ||||||
1,762 | Cutera, Inc. (b) | 88,541 | ||||||
1,099 | DexCom, Inc. (a)(b) | 81,502 | ||||||
599 | FONAR Corp. (b) | 17,850 | ||||||
858 | Glaukos Corp. (b) | 26,452 | ||||||
2,053 | Globus Medical, Inc. - Class A (a)(b) | 102,280 | ||||||
776 | Haemonetics Corp. (b) | 56,772 | ||||||
739 | Halyard Health, Inc. (a)(b) | 34,053 | ||||||
709 | Heska Corp. (b) | 56,061 | ||||||
650 | Hill-Rom Holdings, Inc. (a) | 56,550 | ||||||
110 | ICU Medical, Inc. (a)(b) | 27,764 | ||||||
665 | Inogen, Inc. (b) | 81,689 | ||||||
691 | Insulet Corp. (a)(b) | 59,896 | ||||||
750 | Integer Holdings Corp. (b) | 42,413 | ||||||
593 | Integra LifeSciences Holdings Corp. (a)(b) | 32,817 | ||||||
293 | iRhythm Technologies, Inc. (b) | 18,444 | ||||||
820 | K2M Group Holdings, Inc. (b) | 15,539 | ||||||
1,876 | Lantheus Holdings, Inc. (b) | 29,828 | ||||||
1,427 | LeMaitre Vascular, Inc. | 51,700 | ||||||
283 | LivaNova Plc (b) | 25,046 | ||||||
631 | Masimo Corp. (b) | 55,496 | ||||||
1,166 | Meridian Bioscience, Inc. (a) | 16,557 | ||||||
423 | Merit Medical Systems, Inc. (b) | 19,183 | ||||||
451 | Natus Medical, Inc. (b) | 15,176 | ||||||
309 | Neogen Corp. (b) | 20,700 | ||||||
752 | Novocure Ltd. (b) | 16,394 |
See notes to financial statements.
52
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Health Care Equipment & Supplies (Continued) |
| |||||||
1,082 | NuVasive, Inc. (a)(b) | $ | 56,491 | |||||
1,161 | NxStage Medical, Inc. (b) | 28,862 | ||||||
1,229 | OraSure Technologies, Inc. (b) | 20,758 | ||||||
638 | Orthofix International NV (b) | 37,502 | ||||||
1,134 | Oxford Immunotec Global Plc (b) | 14,118 | ||||||
286 | Penumbra, Inc. (a)(b) | 33,076 | ||||||
858 | Pulse Biosciences, Inc. (a)(b) | 11,609 | ||||||
273 | Quidel Corp. (b) | 14,144 | ||||||
1,115 | ResMed, Inc. | 109,794 | ||||||
5,498 | STAAR Surgical Co. (b) | 81,370 | ||||||
464 | STERIS Plc (a) | 43,319 | ||||||
516 | SurModics, Inc. (b) | 19,634 | ||||||
1,954 | Tactile Systems Technology, Inc. (a)(b) | 62,137 | ||||||
204 | Teleflex, Inc. | 52,016 | ||||||
330 | The Cooper Cos., Inc. | 75,507 | ||||||
146 | Utah Medical Products, Inc. | 14,432 | ||||||
300 | Varex Imaging Corp. (b) | 10,734 | ||||||
527 | West Pharmaceutical Services, Inc. | 46,529 | ||||||
563 | Wright Medical Group NV (a)(b) | 11,170 | ||||||
2,273,761 | ||||||||
Health Care Providers & Services - 2.58% |
| |||||||
503 | Acadia Healthcare Co., Inc. (a)(b) | 19,708 | ||||||
2,143 | Aceto Corp. | 16,287 | ||||||
555 | Addus HomeCare Corp. (b) | 27,001 | ||||||
516 | Almost Family, Inc. (b) | 28,896 | ||||||
925 | Amedisys, Inc. (b) | 55,814 | ||||||
855 | American Renal Associates Holdings, Inc. (b) | 16,117 | ||||||
1,069 | AMN Healthcare Services, Inc. (a)(b) | 60,666 | ||||||
8,380 | BioScrip, Inc. (b) | 20,615 | ||||||
1,015 | BioTelemetry, Inc. (b) | 31,516 | ||||||
2,567 | Brookdale Senior Living, Inc. (b) | 17,225 | ||||||
234 | Chemed Corp. | 63,849 | ||||||
1,001 | Civitas Solutions, Inc. (b) | 15,415 | ||||||
3,648 | Community Health Systems, Inc. (a)(b) | 14,446 | ||||||
359 | CorVel Corp. (b) | 18,147 | ||||||
5,394 | Cross Country Healthcare, Inc. (b) | 59,927 | ||||||
1,150 | Encompass Health Corp. | 65,745 | ||||||
1,137 | Envision Healthcare Corp. (b) | 43,695 | ||||||
7,274 | Genesis Healthcare, Inc. (b) | 10,984 | ||||||
592 | HealthEquity, Inc. (b) | 35,840 | ||||||
1,534 | Kindred Healthcare, Inc. (b) | 14,036 | ||||||
787 | LHC Group, Inc. (a)(b) | 48,448 | ||||||
432 | LifePoint Health, Inc. (a)(b) | 20,304 | ||||||
305 | Magellan Health Services, Inc. (a)(b) | 32,665 | ||||||
612 | MEDNAX, Inc. (b) | 34,046 | ||||||
1,120 | Molina Healthcare, Inc. (a)(b) | 90,922 | ||||||
249 | National Healthcare Corp. | 14,848 | ||||||
1,763 | National Research Corp. - Class A | 51,568 | ||||||
765 | Owens & Minor, Inc. (a) | 11,896 | ||||||
682 | Patterson Cos., Inc. (a) | 15,161 | ||||||
1,108 | PerkinElmer, Inc. | 83,898 | ||||||
192 | Providence Service Corp. (b) | 13,275 | ||||||
3,496 | R1 RCM, Inc. (b) | 24,961 | ||||||
5,556 | RadNet, Inc. (b) | 80,006 | ||||||
961 | Select Medical Holdings Corp. (b) | 16,577 | ||||||
1,273 | Surgery Partners, Inc. (b) | 21,832 | ||||||
453 | Teladoc, Inc. (a)(b) | 18,256 | ||||||
395 | The Ensign Group, Inc. | 10,388 |
Number of | Value | |||||||
Health Care Providers & Services (Continued) |
| |||||||
419 | Tivity Health, Inc. (b) | $ | 16,613 | |||||
1,845 | Triple-S Management Corp. - Class B (b) | 48,228 | ||||||
518 | Trupanion, Inc. (b) | 15,483 | ||||||
508 | WellCare Health Plans, Inc. (b) | 98,364 | ||||||
1,403,668 | ||||||||
Health Care Technology - 0.65% |
| |||||||
2,306 | Allscripts Healthcare Solutions, Inc. (b) | 28,479 | ||||||
354 | athenahealth, Inc. (b) | 50,633 | ||||||
379 | Computer Programs & Systems, Inc. | 11,067 | ||||||
357 | Cotiviti Holdings, Inc. (a)(b) | 12,295 | ||||||
532 | Medidata Solutions, Inc. (a)(b) | 33,415 | ||||||
389 | Omnicell, Inc. (b) | 16,883 | ||||||
5,284 | Quality Systems, Inc. (b) | 72,127 | ||||||
1,387 | Simulations Plus, Inc. | 20,458 | ||||||
388 | Tabula Rasa HealthCare, Inc. (b) | 15,054 | ||||||
966 | Veeva Systems, Inc. - Class A (b) | 70,537 | ||||||
958 | Vocera Communications, Inc. (b) | 22,436 | ||||||
353,384 | ||||||||
Hotels, Restaurants & Leisure - 2.44% |
| |||||||
1,982 | Aramark | 78,408 | ||||||
48 | Biglari Holdings, Inc. (b) | 19,604 | ||||||
464 | Bloomin’ Brands, Inc. | 11,266 | ||||||
760 | Bluegreen Vacations Corp. | 16,089 | ||||||
1,175 | Bojangles’, Inc. (b) | 16,274 | ||||||
859 | Boyd Gaming Corp. (a) | 27,368 | ||||||
1,253 | Brinker International, Inc. (a) | 45,233 | ||||||
2,475 | Caesars Entertainment Corp. (b) | 27,844 | ||||||
3,135 | Callaway Golf Co. | 51,289 | ||||||
2,607 | Century Casinos, Inc. (b) | 19,448 | ||||||
504 | Cheesecake Factory, Inc. (a) | 24,303 | ||||||
990 | Choice Hotels International, Inc. | 79,349 | ||||||
127 | Churchill Downs, Inc. (a) | 30,994 | ||||||
100 | Cracker Barrel Old Country Store, Inc. (a) | 15,920 | ||||||
258 | Dave & Buster’s Entertainment, Inc. (b) | 10,769 | ||||||
1,351 | Del Taco Restaurants, Inc. (b) | 13,996 | ||||||
1,622 | Denny’s Corp. (b) | 25,027 | ||||||
559 | Domino’s Pizza, Inc. (a) | 130,560 | ||||||
428 | Dunkin’ Brands Group, Inc. (a) | 25,547 | ||||||
1,638 | El Pollo Loco Holdings, Inc. (b) | 15,561 | ||||||
403 | Eldorado Resorts, Inc. (b) | 13,299 | ||||||
885 | Extended Stay America, Inc. | 17,496 | ||||||
843 | Fiesta Restaurant Group, Inc. (b) | 15,596 | ||||||
1,275 | Fogo De Chao, Inc. (b) | 20,081 | ||||||
518 | Hilton Grand Vacations, Inc. (b) | 22,284 | ||||||
440 | Hyatt Hotels Corp. - Class A | 33,554 | ||||||
922 | ILG, Inc. | 28,683 | ||||||
957 | International Game Technology Plc | 25,581 | ||||||
968 | J Alexander’s Holdings, Inc. (b) | 11,084 | ||||||
252 | Jack in the Box, Inc. | 21,503 | ||||||
681 | La Quinta Holdings, Inc. (b) | 12,878 | ||||||
242 | Marriott Vacations Worldwide Corp. (a) | 32,234 | ||||||
274 | Nathan’s Famous, Inc. | 20,249 | ||||||
387 | Papa John’s International, Inc. | 22,175 | ||||||
1,180 | Penn National Gaming, Inc. (b) | 30,987 | ||||||
1,363 | Pinnacle Entertainment, Inc. (b) | 41,094 | ||||||
393 | Planet Fitness, Inc. - Class A (b) | 14,844 | ||||||
2,394 | Potbelly Corp. (b) | 28,848 | ||||||
481 | RCI Hospitality Holdings, Inc. | 13,656 |
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Hotels, Restaurants & Leisure (Continued) |
| |||||||
269 | Red Robin Gourmet Burgers, Inc. (b) | $ | 15,602 | |||||
514 | Red Rock Resorts, Inc. - Class A | 15,050 | ||||||
1,273 | Ruth’s Hospitality Group, Inc. | 31,125 | ||||||
535 | Scientific Games Corp. - Class A (b) | 22,256 | ||||||
271 | Six Flags Entertainment Corp. (a) | 16,872 | ||||||
745 | Speedway Motorsports, Inc. | 13,276 | ||||||
304 | Texas Roadhouse, Inc. | 17,565 | ||||||
649 | The Wendy’s Co. | 11,390 | ||||||
203 | Vail Resorts, Inc. | 45,005 | ||||||
590 | Wingstop, Inc. | 27,866 | ||||||
1,326,982 | ||||||||
Household Durables - 1.55% |
| |||||||
906 | AV Homes, Inc. (b) | 16,806 | ||||||
697 | Bassett Furniture Industries, Inc. | 21,154 | ||||||
1,217 | Beazer Homes USA, Inc. (a)(b) | 19,411 | ||||||
75 | Cavco Industries, Inc. (b) | 13,031 | ||||||
370 | Century Communities, Inc. (b) | 11,082 | ||||||
858 | Ethan Allen Interiors, Inc. | 19,691 | ||||||
377 | Flexsteel Industries, Inc. | 14,922 | ||||||
3,118 | GoPro, Inc. - Class A (a)(b) | 14,935 | ||||||
2,156 | Green Brick Partners, Inc. (b) | 23,500 | ||||||
747 | Hamilton Beach Brands Holding Co. - Class A | 15,851 | ||||||
218 | Helen of Troy, Ltd. (b) | 18,966 | ||||||
676 | Hooker Furniture Corp. | 24,809 | ||||||
9,989 | Hovnanian Enterprises, Inc. - Class A (b) | 18,280 | ||||||
412 | Installed Building Products, Inc. (a)(b) | 24,741 | ||||||
480 | iRobot Corp. (b) | 30,811 | ||||||
2,341 | KB Home (a) | 66,602 | ||||||
953 | La-Z-Boy, Inc. | 28,542 | ||||||
234 | LGI Homes, Inc. (a)(b) | 16,513 | ||||||
1,132 | Lifetime Brands, Inc. | 14,037 | ||||||
827 | M.D.C Holdings, Inc. | 23,090 | ||||||
249 | Meritage Homes Corp. (b) | 11,267 | ||||||
38 | NVR, Inc. (a)(b) | 106,400 | ||||||
2,031 | PulteGroup, Inc. (a) | 59,894 | ||||||
728 | Taylor Morrison Home Corp. - Class A (b) | 16,948 | ||||||
527 | Tempur Sealy International, Inc. (a)(b) | 23,868 | ||||||
1,323 | Toll Brothers, Inc. | 57,220 | ||||||
329 | TopBuild Corp. (b) | 25,175 | ||||||
1,276 | TRI Pointe Group, Inc. (b) | 20,965 | ||||||
642 | Tupperware Brands Corp. | 31,060 | ||||||
400 | Universal Electronics, Inc. (b) | 20,820 | ||||||
2,710 | ZAGG, Inc. (b) | 33,062 | ||||||
843,453 | ||||||||
Household Products - 0.34% |
| |||||||
537 | Central Garden & Pet Co. (b) | 23,091 | ||||||
653 | Central Garden & Pet Co. - Class A (b) | 25,865 | ||||||
467 | Energizer Holdings, Inc. (a) | 27,824 | ||||||
2,401 | HRG Group, Inc. (b) | 39,592 | ||||||
124 | Spectrum Brands Holdings, Inc. (a) | 12,859 | ||||||
438 | WD-40 Co. | 57,685 | ||||||
186,916 | ||||||||
Independent Power and Renewable Electricity Producers - 0.68% |
| |||||||
18,511 | Atlantic Power Corp. (b) | 38,873 | ||||||
5,822 | Dynegy, Inc. (a)(b) | 78,713 | ||||||
2,749 | NRG Energy, Inc. | 83,927 |
Number of | Value | |||||||
Independent Power and Renewable Electricity Producers (Continued) |
| |||||||
2,258 | NRG Yield, Inc. - Class A | $ | 37,121 | |||||
2,316 | NRG Yield, Inc. - Class C | 39,372 | ||||||
244 | Ormat Technologies, Inc. | 13,757 | ||||||
641 | Pattern Energy Group, Inc. - Class A (a) | 11,083 | ||||||
3,167 | Vistra Energy Corp. (b) | 65,969 | ||||||
368,815 | ||||||||
Industrial Conglomerates - 0.23% |
| |||||||
276 | Carlisle Companies, Inc. | 28,817 | ||||||
2,707 | McDermott International, Inc. (b) | 16,486 | ||||||
523 | Otter Tail Corp. | 22,672 | ||||||
467 | Raven Industries, Inc. | 16,368 | ||||||
4 | Seaboard Corp. | 17,060 | ||||||
110 | Standex International Corp. | 10,489 | ||||||
622 | Tredegar Corp. | 11,165 | ||||||
123,057 | ||||||||
Insurance - 3.19% |
| |||||||
54 | Alleghany Corp. (a) | 33,180 | ||||||
1,252 | American Equity Investment Life Holding Co. | 36,759 | ||||||
951 | American Financial Group, Inc. | 106,721 | ||||||
1,010 | AMERISAFE, Inc. (a) | 55,802 | ||||||
1,659 | AmTrust Financial Services, Inc. (a) | 20,422 | ||||||
244 | Argo Group International Holdings, Ltd. | 14,006 | ||||||
1,775 | Arthur J. Gallagher & Co. | 121,996 | ||||||
731 | Assurant, Inc. | 66,821 | ||||||
1,871 | Assured Guaranty, Ltd. | 67,730 | ||||||
3,370 | Brown & Brown, Inc. | 85,733 | ||||||
1,653 | CNO Financial Group, Inc. | 35,821 | ||||||
4,301 | Crawford & Co. - Class B | 35,354 | ||||||
662 | Employers Holdings, Inc. | 26,778 | ||||||
74 | Enstar Group Ltd. (b) | 15,559 | ||||||
419 | Erie Indemnity Co. - Class A | 49,291 | ||||||
431 | Everest Re Group, Ltd. | 110,689 | ||||||
1,194 | First American Financial Corp. (a) | 70,064 | ||||||
458 | Global Indemnity Ltd. | 15,810 | ||||||
725 | Health Insurance Innovations, Inc. - Class A (b) | 20,953 | ||||||
843 | Heritage Insurance Holdings, Inc. (a) | 12,780 | ||||||
279 | Horace Mann Educators Corp. | 11,927 | ||||||
208 | Infinity Property & Casualty Corp. | 24,627 | ||||||
124 | Investors Title Co. | 24,788 | ||||||
470 | James River Group Holdings, Ltd. | 16,671 | ||||||
201 | Kemper Corp. | 11,457 | ||||||
1,066 | Kingstone Cos., Inc. | 17,909 | ||||||
85 | National Western Life Group, Inc. - Class A | 25,915 | ||||||
1,792 | Old Republic International Corp. | 38,438 | ||||||
626 | Primerica, Inc. | 60,472 | ||||||
452 | ProAssurance Corp. | 21,945 | ||||||
686 | Reinsurance Group of America, Inc. | 105,644 | ||||||
391 | RLI Corp. | 24,785 | ||||||
147 | Safety Insurance Group, Inc. | 11,297 | ||||||
612 | Selective Insurance Group, Inc. | 37,148 | ||||||
269 | The Hanover Insurance Group, Inc. | 31,712 | ||||||
1,253 | Third Point Reinsurance, Ltd. (b) | 17,479 | ||||||
1,344 | Torchmark Corp. | 113,124 | ||||||
1,750 | Universal Insurance Holdings, Inc. | 55,825 | ||||||
1,191 | W.R. Berkley Corp. (a) | 86,586 | ||||||
1,740,018 | ||||||||
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Internet & Direct Marketing Retail - 0.84% | ||||||||
2,650 | 1-800-Flowers.Com, Inc. - Class A (b) | $ | 31,270 | |||||
1,341 | Duluth Holdings, Inc. - Class B (a)(b) | 25,117 | ||||||
1,570 | Etsy, Inc. (a)(b) | 44,054 | ||||||
2,953 | FTD Cos., Inc. (b) | 10,749 | ||||||
8,004 | Groupon, Inc. (a)(b) | 34,737 | ||||||
1,853 | Lands’ End, Inc. (b) | 43,268 | ||||||
486 | Liberty Expedia Holdings, Inc. - Class A (a)(b) | 19,090 | ||||||
838 | Nutrisystem, Inc. | 22,584 | ||||||
1,462 | Overstock.com, Inc. (a)(b) | 52,998 | ||||||
707 | PetMed Express, Inc. | 29,517 | ||||||
514 | Shutterfly, Inc. (a)(b) | 41,763 | ||||||
923 | TripAdvisor, Inc. (a)(b) | 37,741 | ||||||
974 | Wayfair, Inc. - Class A (a)(b) | 65,774 | ||||||
458,662 | ||||||||
Internet Software & Services - 4.10% | ||||||||
1,274 | 2U, Inc. (b) | 107,054 | ||||||
4,855 | Aerohive Networks, Inc. (b) | 19,614 | ||||||
698 | Alarm.com Holdings, Inc. (b) | 26,343 | ||||||
318 | Alteryx, Inc. - Class A (b) | 10,857 | ||||||
2,536 | Amber Road, Inc. (b) | 22,570 | ||||||
1,923 | Appfolio, Inc. - Class A (b) | 78,555 | ||||||
1,259 | Apptio, Inc. - Class A (a)(b) | 35,680 | ||||||
1,578 | Blucora, Inc. (b) | 38,819 | ||||||
2,035 | Box, Inc. - Class A (b) | 41,819 | ||||||
3,529 | Brightcove, Inc. (b) | 24,527 | ||||||
1,506 | Carbonite, Inc. (b) | 43,373 | ||||||
672 | Cardlytics, Inc. (b) | 9,831 | ||||||
1,338 | Care.com, Inc. (b) | 21,769 | ||||||
632 | Cars.com, Inc. (a)(b) | 17,905 | ||||||
2,174 | ChannelAdvisor Corp. (b) | 19,783 | ||||||
470 | Cimpress NV (b) | 72,709 | ||||||
576 | Cloudera, Inc. (b) | 12,430 | ||||||
1,786 | CommerceHub, Inc. - Series A (b) | 40,185 | ||||||
1,847 | CommerceHub, Inc. - Series C (b) | 41,539 | ||||||
607 | Cornerstone OnDemand, Inc. (b) | 23,740 | ||||||
225 | CoStar Group, Inc. (b) | 81,603 | ||||||
240 | Coupa Software, Inc. (b) | 10,949 | ||||||
23,770 | DHI Group, Inc. (b) | 38,032 | ||||||
260 | Envestnet, Inc. (b) | 14,898 | ||||||
1,718 | Five9, Inc. (b) | 51,179 | ||||||
637 | GoDaddy, Inc. - Class A (b) | 39,125 | ||||||
345 | GrubHub, Inc. (a)(b) | 35,007 | ||||||
349 | GTT Communications, Inc. (b) | 19,788 | ||||||
3,005 | Hortonworks, Inc. (b) | 61,212 | ||||||
873 | IAC InterActive Corp. (a)(b) | 136,520 | ||||||
1,272 | Instructure, Inc. (b) | 53,615 | ||||||
782 | j2 Global, Inc. (a) | 61,716 | ||||||
2,185 | Leaf Group, Ltd. (b) | 15,404 | ||||||
2,398 | LivePerson, Inc. (b) | 39,207 | ||||||
344 | LogMeIn, Inc. (a) | 39,749 | ||||||
1,307 | Match Group, Inc. (a)(b) | 58,083 | ||||||
678 | MINDBODY, Inc. - Class A (b) | 26,374 | ||||||
337 | MuleSoft, Inc. - Class A (b) | 14,821 | ||||||
553 | New Relic, Inc. (a)(b) | 40,988 | ||||||
2,526 | NIC, Inc. | 33,596 | ||||||
794 | Nutanix, Inc. - Class A (b) | 38,993 | ||||||
293 | Okta, Inc. (b) | 11,676 | ||||||
3,344 | Ominto, Inc. (a)(b) | 9,597 |
Number of | Value | |||||||
Internet Software & Services (Continued) | ||||||||
3,344 | Pandora Media, Inc. (a)(b) | $ | 16,820 | |||||
430 | Q2 Holdings, Inc. (a)(b) | 19,587 | ||||||
5,757 | QuinStreet, Inc. (b) | 73,517 | ||||||
1,601 | Quotient Technology, Inc. (b) | 20,973 | ||||||
558 | SendGrid, Inc. (b) | 15,702 | ||||||
494 | Shutterstock, Inc. (a)(b) | 23,786 | ||||||
178 | SPS Commerce, Inc. (a)(b) | 11,405 | ||||||
269 | Stamps.com, Inc. (b) | 54,083 | ||||||
2,794 | TechTarget, Inc. (b) | 55,545 | ||||||
12,783 | The Meet Group, Inc. (b) | 26,717 | ||||||
281 | The Trade Desk, Inc. - Class A (b) | 13,943 | ||||||
5,678 | Tintri, Inc. (a)(b) | 9,709 | ||||||
4,511 | TrueCar, Inc. (b) | 42,674 | ||||||
214 | Tucows, Inc. - Class A (b) | 11,984 | ||||||
549 | Twilio, Inc. - Class A (b) | 20,961 | ||||||
1,374 | Web.com Group, Inc. (b) | 24,869 | ||||||
1,735 | XO Group, Inc. (b) | 36,001 | ||||||
1,227 | Yelp, Inc. - Class A (b) | 51,227 | ||||||
1,163 | Yext, Inc. (b) | 14,712 | ||||||
195 | Zillow Group, Inc. - Class A (b) | 10,530 | ||||||
701 | Zillow Group, Inc. - Class C (a)(b) | 37,714 | ||||||
2,233,693 | ||||||||
IT Services - 3.30% |
| |||||||
567 | Acxiom Corp. (b) | 12,876 | ||||||
355 | Black Knight, Inc. (b) | 16,720 | ||||||
2,160 | Blackhawk Network Holdings, Inc. (b) | 96,552 | ||||||
2,269 | Booz Allen Hamilton Holding Corp. - Class A | 87,856 | ||||||
1,066 | Broadridge Financial Solutions, Inc. | 116,929 | ||||||
396 | CACI International, Inc. - Class A (b) | 59,935 | ||||||
1,084 | Cardtronics Plc - Class A (b) | 24,184 | ||||||
1,812 | Conduent, Inc. (b) | 33,776 | ||||||
3,676 | Convergys Corp. (a) | 83,151 | ||||||
1,088 | CoreLogic, Inc. (a)(b) | 49,210 | ||||||
1,294 | CSG Systems International, Inc. | 58,605 | ||||||
1,838 | CSRA, Inc. | 75,781 | ||||||
226 | DST Systems, Inc. | 18,905 | ||||||
470 | EPAM Systems, Inc. (b) | 53,824 | ||||||
438 | Euronet Worldwide, Inc. (b) | 34,567 | ||||||
3,447 | Everi Holdings, Inc. (b) | 22,647 | ||||||
1,520 | EVERTEC, Inc. | 24,852 | ||||||
538 | ExlService Holdings, Inc. (b) | 30,004 | ||||||
540 | Forrester Research, Inc. | 22,383 | ||||||
756 | Gartner, Inc. (a)(b) | 88,921 | ||||||
1,645 | Genpact, Ltd. | 52,623 | ||||||
5,812 | Information Services Group, Inc. (b) | 24,294 | ||||||
1,150 | Leidos Holdings, Inc. | 75,210 | ||||||
668 | ManTech International Corp. - Class A | 37,054 | ||||||
1,785 | Maximus, Inc. (a) | 119,131 | ||||||
1,853 | Perficient, Inc. (b) | 42,471 | ||||||
848 | Sabre Corp. (a) | 18,190 | ||||||
660 | Science Applications International Corp. | 52,008 | ||||||
2,319 | Square, Inc. - Class A (a)(b) | 114,095 | ||||||
2,831 | StarTek, Inc. (b) | 27,687 | ||||||
704 | Switch, Inc. - Class A (a) | 11,201 | ||||||
1,262 | Syntel, Inc. (b) | 32,219 | ||||||
2,154 | The Hackett Group, Inc. | 34,593 | ||||||
2,118 | Travelport Worldwide, Ltd. | 34,608 | ||||||
840 | TTEC Holdings, Inc. (a) | 25,788 | ||||||
2,157 | Unisys Corp. (b) | 23,188 |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
IT Services (Continued) |
| |||||||
1,141 | VeriFone Systems, Inc. (b) | $ | 17,549 | |||||
447 | Virtusa Corp. (b) | 21,662 | ||||||
158 | WEX, Inc. (b) | 24,746 | ||||||
1,799,995 | ||||||||
Leisure Products - 0.92% |
| |||||||
651 | Acushnet Holdings Corp. | 15,032 | ||||||
1,726 | American Outdoor Brands Corp. (b) | 17,812 | ||||||
829 | Brunswick Corp. | 49,234 | ||||||
509 | Johnson Outdoors, Inc. - Class A | 31,558 | ||||||
970 | Malibu Boats, Inc. - Class A (b) | 32,214 | ||||||
1,817 | Marine Products Corp. | 25,456 | ||||||
3,490 | MCBC Holdings, Inc. (b) | 87,948 | ||||||
1,586 | Nautilus, Inc. (b) | 21,332 | ||||||
507 | Polaris Industries, Inc. (a) | 58,062 | ||||||
860 | Pool Corp. (a) | 125,749 | ||||||
504 | Sturm, Ruger & Company, Inc. | 26,460 | ||||||
686 | Vista Outdoor, Inc. (b) | 11,195 | ||||||
502,052 | ||||||||
Life Sciences Tools & Services - 0.80% |
| |||||||
153 | Bio-Rad Laboratories, Inc. - Class A (b) | 38,262 | ||||||
164 | Bio-Techne Corp. | 24,771 | ||||||
1,386 | Bruker Corp. | 41,469 | ||||||
400 | Cambrex Corp. (a)(b) | 20,920 | ||||||
541 | Charles River Laboratories International, Inc. (b) | 57,746 | ||||||
2,959 | Enzo Biochem, Inc. (b) | 16,215 | ||||||
1,245 | Luminex Corp. | 26,232 | ||||||
1,775 | Medpace Holdings, Inc. (b) | 61,965 | ||||||
1,627 | NanoString Technologies, Inc. (b) | 12,219 | ||||||
356 | PRA Health Sciences, Inc. (b) | 29,534 | ||||||
2,393 | QIAGEN NV (b) | 77,318 | ||||||
795 | Syneos Health, Inc. (b) | 28,223 | ||||||
434,874 | ||||||||
Machinery - 3.49% |
| |||||||
604 | AGCO Corp. | 39,169 | ||||||
225 | Alamo Group, Inc. | 24,727 | ||||||
182 | Albany International Corp. - Class A | 11,411 | ||||||
1,024 | Allison Transmission Holdings, Inc. (a) | 39,997 | ||||||
388 | Altra Industrial Motion Corp. (a) | 17,829 | ||||||
260 | Badger Meter, Inc. | 12,259 | ||||||
583 | Barnes Group, Inc. | 34,916 | ||||||
465 | Blue Bird Corp. (b) | 11,021 | ||||||
502 | Briggs & Stratton Corp. | 10,748 | ||||||
398 | Chart Industries, Inc. (b) | 23,494 | ||||||
716 | Colfax Corp. (b) | 22,840 | ||||||
1,234 | Columbus McKinnon Corp. | 44,227 | ||||||
501 | Crane Co. | 46,463 | ||||||
1,055 | Donaldson Co., Inc. | 47,528 | ||||||
612 | Douglas Dynamics, Inc. (a) | 26,530 | ||||||
232 | EnPro Industries, Inc. | 17,952 | ||||||
347 | ESCO Technologies, Inc. | 20,317 | ||||||
500 | Federal Signal Corp. | 11,010 | ||||||
253 | Flowserve Corp. (a) | 10,962 | ||||||
1,026 | FreightCar America, Inc. | 13,748 | ||||||
385 | Gorman Rupp Co. | 11,261 | ||||||
1,917 | Graco, Inc. (a) | 87,645 | ||||||
1,983 | Hardinge, Inc. | 36,329 | ||||||
1,042 | Harsco Corp. (a)(b) | 21,517 |
Number of | Value | |||||||
Machinery (Continued) |
| |||||||
396 | Hurco Cos., Inc. | $ | 18,176 | |||||
215 | Hyster-Yale Materials Handling, Inc. | 15,035 | ||||||
788 | IDEX Corp. (a) | 112,298 | ||||||
418 | ITT, Inc. | 20,474 | ||||||
735 | John Bean Technologies Corp. (a) | 83,349 | ||||||
241 | Kadant, Inc. | 22,775 | ||||||
667 | Kennametal, Inc. (a) | 26,787 | ||||||
506 | L.B. Foster Co. - Class A (b) | 11,916 | ||||||
623 | Lincoln Electric Holdings, Inc. | 56,039 | ||||||
1,403 | Meritor, Inc. (b) | 28,846 | ||||||
283 | NACCO Industries, Inc. - Class A | 9,297 | ||||||
335 | Navistar International Corp. (b) | 11,715 | ||||||
398 | Nordson Corp. | 54,263 | ||||||
635 | Omega Flex, Inc. | 41,339 | ||||||
697 | Oshkosh Corp. | 53,857 | ||||||
396 | Park-Ohio Holdings Corp. | 15,385 | ||||||
326 | Proto Labs, Inc. (b) | 38,321 | ||||||
103 | RBC Bearings, Inc. (b) | 12,793 | ||||||
789 | Rexnord Corp. (b) | 23,418 | ||||||
409 | Snap-on, Inc. (a) | 60,344 | ||||||
636 | Spartan Motors, Inc. | 10,939 | ||||||
455 | SPX FLOW, Inc. (b) | 22,381 | ||||||
298 | Sun Hydraulics Corp. | 15,961 | ||||||
346 | Tennant Co. | 23,424 | ||||||
1,239 | Terex Corp. | 46,351 | ||||||
568 | The Eastern Co. | 16,188 | ||||||
441 | The Greenbrier Companies, Inc. (a) | 22,160 | ||||||
513 | The Manitowoc Co., Inc. (b) | 14,600 | ||||||
142 | The Middleby Corp. (a)(b) | 17,578 | ||||||
428 | The Timken Co. | 19,517 | ||||||
1,201 | Toro Co. | 75,002 | ||||||
1,320 | TriMas Corp. (b) | 34,650 | ||||||
819 | Trinity Industries, Inc. (a) | 26,724 | ||||||
570 | Twin Disc, Inc. (b) | 12,392 | ||||||
118 | Valmont Industries, Inc. (a) | 17,263 | ||||||
2,017 | Wabash National Corp. | 41,974 | ||||||
214 | Wabtec Corp. (a) | 17,420 | ||||||
149 | Watts Water Technologies, Inc. - Class A | 11,577 | ||||||
1,251 | Xylem, Inc. | 96,227 | ||||||
1,902,655 | ||||||||
Marine - 0.12% |
| |||||||
2,458 | Costamare, Inc. | 15,338 | ||||||
725 | Genco Shipping & Trading Ltd. (b) | 10,310 | ||||||
374 | Kirby Corp. (a)(b) | 28,779 | ||||||
3,412 | Safe Bulkers, Inc. (b) | 10,816 | ||||||
65,243 | ||||||||
Media - 1.20% |
| |||||||
240 | AMC Networks, Inc. - Class A (a)(b) | 12,408 | ||||||
2,604 | Ascent Capital Group, Inc. - Class A (b) | 9,583 | ||||||
52 | Cable One, Inc. | 35,730 | ||||||
4,264 | Central European Media Enterprises Ltd. - Class A (b) | 17,909 | ||||||
4,041 | Entravision Communications Corp. - Class A | 18,993 | ||||||
3,330 | Gannett Co., Inc. | 33,233 | ||||||
612 | GCI Liberty, Inc. - Class A (b) | 32,360 | ||||||
1,048 | Gray Television, Inc. (a)(b) | 13,310 | ||||||
462 | John Wiley & Sons, Inc. - Class A | 29,429 | ||||||
906 | Liberty Media Group - Class C (a)(b) | 27,950 | ||||||
866 | Lions Gate Entertainment Corp. - Class A (a) | 22,369 |
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Media (Continued) |
| |||||||
751 | Lions Gate Entertainment Corp. - Class B | $ | 18,084 | |||||
1,506 | Live Nation Entertainment, Inc. (b) | 63,463 | ||||||
398 | Meredith Corp. | 21,412 | ||||||
1,208 | MSG Networks, Inc. - Class A (b) | 27,301 | ||||||
1,628 | New Media Investment Group, Inc. | 27,904 | ||||||
170 | Nexstar Media Group, Inc. - Class A | 11,305 | ||||||
3,980 | Salem Media Group, Inc. | 14,328 | ||||||
644 | Scholastic Corp. (a) | 25,013 | ||||||
729 | Sinclair Broadcast Group, Inc. - Class A (a) | 22,818 | ||||||
1,573 | TEGNA, Inc. | 17,916 | ||||||
1,961 | The Interpublic Group of Companies, Inc. (a) | 45,162 | ||||||
71 | The Madison Square Garden Co. - Class A (b) | 17,452 | ||||||
1,653 | The New York Times Co. - Class A | 39,837 | ||||||
1,836 | Townsquare Media, Inc. - Class A | 14,559 | ||||||
780 | tronc, Inc. (b) | 12,808 | ||||||
641 | World Wrestling Entertainment, Inc. - Class A | 23,082 | ||||||
655,718 | ||||||||
Metals & Mining - 0.87% |
| |||||||
1,425 | Alcoa Corp. (b) | 64,068 | ||||||
418 | Allegheny Technologies, Inc. (a)(b) | 9,898 | ||||||
256 | Carpenter Technology Corp. | 11,295 | ||||||
1,224 | Century Aluminum Co. (b) | 20,245 | ||||||
1,751 | Cleveland-Cliffs, Inc. (b) | 12,169 | ||||||
469 | Commercial Metals Co. | 9,596 | ||||||
3,195 | Ferroglobe Representation & Warranty Insurance Trust (b)(d)(f) | 0 | ||||||
503 | Gibraltar Industries, Inc. (b) | 17,027 | ||||||
540 | Materion Corp. | 27,567 | ||||||
892 | Olympic Steel, Inc. | 18,295 | ||||||
593 | Reliance Steel & Aluminum Co. (a) | 50,844 | ||||||
241 | Royal Gold, Inc. | 20,695 | ||||||
707 | Schnitzer Steel Industries, Inc. - Class A | 22,871 | ||||||
1,757 | Steel Dynamics, Inc. | 77,694 | ||||||
1,976 | SunCoke Energy, Inc. (a)(b) | 21,262 | ||||||
2,482 | Tahoe Resources, Inc. | 11,641 | ||||||
1,376 | United States Steel Corp. | 48,421 | ||||||
530 | Warrior Met Coal, Inc. (a) | 14,845 | ||||||
314 | Worthington Industries, Inc. | 13,477 | ||||||
471,910 | ||||||||
Multiline Retail - 0.81% |
| |||||||
822 | Big Lots, Inc. (a) | 35,782 | ||||||
677 | Burlington Stores, Inc. (a)(b) | 90,142 | ||||||
343 | Dillard’s, Inc. - Class A (a) | 27,557 | ||||||
4,301 | Fred’s, Inc. - Class A (a) | 12,860 | ||||||
6,902 | J.C. Penney Co., Inc. (a)(b) | 20,844 | ||||||
2,231 | Kohl’s Corp. (a) | 146,153 | ||||||
1,387 | Nordstrom, Inc. (a) | 67,145 | ||||||
511 | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | 30,813 | ||||||
4,777 | Sears Holdings Corp. (b) | 12,754 | ||||||
444,050 | ||||||||
Multi-Utilities - 0.32% |
| |||||||
981 | Alliant Energy Corp. (a) | 40,084 | ||||||
294 | Avista Corp. | 15,068 | ||||||
311 | Black Hills Corp. (a) | 16,887 | ||||||
1,637 | MDU Resources Group, Inc. (a) | 46,098 | ||||||
520 | NorthWestern Corp. | 27,976 | ||||||
407 | Vectren Corp. | 26,015 | ||||||
172,128 | ||||||||
Number of | Value | |||||||
Oil, Gas & Consumable Fuels - 0.93% |
| |||||||
312 | Adams Resources & Energy, Inc. | $ | 13,572 | |||||
196 | Arch Coal, Inc. - Class A (a) | 18,008 | ||||||
1,391 | Ardmore Shipping Corp. (b) | 10,572 | ||||||
4,953 | Cloud Peak Energy, Inc. (b) | 14,413 | ||||||
1,537 | CNX Resources Corp. (b) | 23,716 | ||||||
382 | CONSOL Energy, Inc. (b) | 11,067 | ||||||
437 | CVR Energy, Inc. (a) | 13,206 | ||||||
427 | Delek US Holdings, Inc. | 17,379 | ||||||
300 | Diamondback Energy, Inc. (a)(b) | 37,956 | ||||||
2,527 | Dorian LPG, Ltd. (b) | 18,927 | ||||||
653 | GasLog, Ltd. | 10,742 | ||||||
2,294 | Hallador Energy Co. | 15,760 | ||||||
1,257 | HollyFrontier Corp. | 61,417 | ||||||
397 | Matador Resources Co. (b) | 11,874 | ||||||
593 | Murphy Oil Corp. (a) | 15,323 | ||||||
12,328 | Navios Maritime Acquisition Corp. | 10,356 | ||||||
7,211 | Overseas Shipholding Group, Inc. - Class A (b) | 20,479 | ||||||
4,281 | Pacific Ethanol, Inc. (b) | 12,843 | ||||||
1,067 | Par Pacific Holdings, Inc. (b) | 18,320 | ||||||
1,102 | PBF Energy, Inc. - Class A | 37,358 | ||||||
704 | Peabody Energy Corp. | 25,696 | ||||||
484 | Targa Resources Corp. (a) | 21,296 | ||||||
15,243 | Teekay Tankers Ltd. - Class A (a) | 18,139 | ||||||
1,733 | Tellurian, Inc. (a)(b) | 12,495 | ||||||
1,111 | World Fuel Services Corp. | 27,275 | ||||||
821 | WPX Energy, Inc. (b) | 12,134 | ||||||
510,323 | ||||||||
Paper & Forest Products - 0.26% |
| |||||||
555 | Boise Cascade Co. | 21,423 | ||||||
624 | Domtar Corp. (a) | 26,545 | ||||||
1,302 | KapStone Paper and Packaging Corp. | 44,672 | ||||||
972 | Louisiana-Pacific Corp. | 27,964 | ||||||
1,129 | Verso Corp. - Class A (b) | 19,012 | ||||||
139,616 | ||||||||
Personal Products - 0.81% |
| |||||||
255 | Edgewell Personal Care Co. (a)(b) | 12,449 | ||||||
1,006 | Herbalife, Ltd. (a)(b) | 98,055 | ||||||
433 | Inter Parfums, Inc. | 20,416 | ||||||
1,064 | Medifast, Inc. | 99,431 | ||||||
1,438 | Natural Health Trends Corp. (a) | 27,336 | ||||||
1,808 | Nature’s Sunshine Products, Inc. (b) | 19,888 | ||||||
999 | Nu Skin Enterprises, Inc. - Class A | 73,636 | ||||||
523 | Revlon, Inc. - Class A (b) | 10,774 | ||||||
929 | USANA Health Sciences, Inc. (b) | 79,801 | ||||||
441,786 | ||||||||
Pharmaceuticals - 1.28% |
| |||||||
1,514 | Akorn, Inc. (b) | 28,327 | ||||||
727 | Amphastar Pharmaceuticals, Inc. (b) | 13,631 | ||||||
497 | Assembly Biosciences, Inc. (b) | 24,423 | ||||||
1,090 | Catalent, Inc. (b) | 44,755 | ||||||
3,327 | Corcept Therapeutics, Inc. (a)(b) | 54,729 | ||||||
994 | Corium International, Inc. (b) | 11,401 | ||||||
5,605 | Depomed, Inc. (a)(b) | 36,937 | ||||||
13,774 | Durect Corp. (b) | 29,476 | ||||||
5,356 | Endo International Plc (b) | 31,815 | ||||||
3,558 | Horizon Pharma Plc (b) | 50,524 | ||||||
1,193 | Impax Laboratories, Inc. (a)(b) | 23,204 | ||||||
823 | Innoviva, Inc. (b) | 13,719 |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Pharmaceuticals (Continued) |
| |||||||
1,116 | Intersect ENT, Inc. (b) | $ | 43,859 | |||||
2,019 | Lannett Co., Inc. (a)(b) | 32,405 | ||||||
2,548 | Mallinckrodt Plc (a)(b) | 36,895 | ||||||
287 | MyoKardia, Inc. (b) | 14,006 | ||||||
572 | Nektar Therapeutics (a)(b) | 60,781 | ||||||
372 | Pacira Pharmaceuticals, Inc. (b) | 11,588 | ||||||
1,033 | Phibro Animal Health Corp. - Class A | 41,010 | ||||||
1,002 | Prestige Brands Holdings, Inc. (b) | 33,787 | ||||||
1,034 | Supernus Pharmaceuticals, Inc. (b) | 47,357 | ||||||
267 | Zogenix, Inc. (b) | 10,693 | ||||||
695,322 | ||||||||
Professional Services - 1.51% | ||||||||
4,510 | Acacia Research Corp. (b) | 15,785 | ||||||
1,417 | BG Staffing, Inc. | 26,909 | ||||||
1,552 | CBIZ, Inc. (b) | 28,324 | ||||||
422 | CRA International, Inc. | 22,066 | ||||||
1,236 | Franklin Covey Co. (b) | 33,248 | ||||||
504 | FTI Consulting, Inc. (a)(b) | 24,399 | ||||||
556 | Heidrick & Struggles International, Inc. | 17,375 | ||||||
428 | Huron Consulting Group, Inc. (b) | 16,307 | ||||||
520 | ICF International, Inc. | 30,394 | ||||||
518 | Insperity, Inc. | 36,027 | ||||||
496 | Kelly Services, Inc. - Class A | 14,404 | ||||||
1,318 | Kforce, Inc. (a) | 35,652 | ||||||
507 | Korn/Ferry International (a) | 26,156 | ||||||
903 | ManpowerGroup, Inc. | 103,935 | ||||||
708 | Mistras Group, Inc. (b) | 13,410 | ||||||
1,639 | Navigant Consulting, Inc. (b) | 31,534 | ||||||
965 | On Assignment, Inc. (b) | 79,014 | ||||||
1,372 | Resources Connection, Inc. | 22,226 | ||||||
2,013 | Robert Half International, Inc. (a) | 116,533 | ||||||
1,202 | RPX Corp. | 12,849 | ||||||
258 | The Dun & Bradstreet Corp. | 30,186 | ||||||
349 | TriNet Group, Inc. (b) | 16,166 | ||||||
1,336 | TrueBlue, Inc. (b) | 34,602 | ||||||
230 | VSE Corp. | 11,896 | ||||||
837 | Willdan Group, Inc. (b) | 23,729 | ||||||
823,126 | ||||||||
Real Estate Management & Development - 0.85% | ||||||||
3,910 | Altisource Portfolio Solutions SA (a)(b) | 103,850 | ||||||
1,887 | Forestar Group, Inc. (a)(b) | 39,910 | ||||||
87 | Howard Hughes Corp. (b) | 12,104 | ||||||
457 | Jones Lang LaSalle, Inc. | 79,811 | ||||||
1,593 | Marcus & Millichap, Inc. (a)(b) | 57,444 | ||||||
2,165 | Maui Land & Pineapple Co, Inc. (b) | 25,222 | ||||||
1,049 | Rafael Holdings, Inc. - Class B (b) | 5,085 | ||||||
321 | RE/MAX Holdings, Inc. - Class A | 19,404 | ||||||
1,822 | Realogy Holdings Corp. (a) | 49,704 | ||||||
799 | The RMR Group, Inc. - Class A | 55,890 | ||||||
321 | Transcontinental Realty Investors, Inc. (b) | 13,036 | ||||||
461,460 | ||||||||
Road & Rail - 0.62% | ||||||||
1,586 | ArcBest Corp. | 50,831 | ||||||
1,073 | Avis Budget Group, Inc. (a)(b) | 50,259 | ||||||
1,052 | Daseke, Inc. (b) | 10,299 | ||||||
386 | Genesee & Wyoming, Inc. - Class A (b) | 27,325 | ||||||
449 | Knight-Swift Transportation Holdings, Inc. (a) | 20,659 |
Number of | Value | |||||||
Road & Rail (Continued) | ||||||||
580 | Landstar System, Inc. | $ | 63,597 | |||||
473 | Marten Transport, Ltd. | 10,785 | ||||||
363 | Old Dominion Freight Line, Inc. | 53,350 | ||||||
252 | Ryder System, Inc. | 18,343 | ||||||
255 | Saia, Inc. (b) | 19,163 | ||||||
294 | Werner Enterprises, Inc. | 10,731 | ||||||
335,342 | ||||||||
Semiconductors & Semiconductor Equipment - 2.75% | ||||||||
505 | Advanced Energy Industries, Inc. (a)(b) | 32,269 | ||||||
7,532 | Advanced Micro Devices, Inc. (a)(b) | 75,697 | ||||||
239 | Ambarella, Inc. (a)(b) | 11,709 | ||||||
3,038 | Amkor Technology, Inc. (a)(b) | 30,775 | ||||||
879 | Axcelis Technologies, Inc. (b) | 21,623 | ||||||
1,783 | AXT, Inc. (b) | 12,927 | ||||||
1,139 | Brooks Automation, Inc. | 30,844 | ||||||
358 | Cabot Microelectronics Corp. | 38,345 | ||||||
461 | Cavium, Inc. (b) | 36,594 | ||||||
1,151 | Cirrus Logic, Inc. (b) | 46,765 | ||||||
678 | Cohu, Inc. | 15,465 | ||||||
983 | Cree, Inc. (b) | 39,625 | ||||||
1,560 | Cypress Semiconductor Corp. (a) | 26,458 | ||||||
1,068 | Diodes, Inc. (b) | 32,531 | ||||||
2,811 | DSP Group, Inc. (b) | 33,170 | ||||||
1,147 | Entegris, Inc. | 39,916 | ||||||
812 | First Solar, Inc. (b) | 57,636 | ||||||
739 | FormFactor, Inc. (b) | 10,087 | ||||||
689 | Ichor Holdings, Ltd. (b) | 16,681 | ||||||
832 | Integrated Device Technology, Inc. (b) | 25,426 | ||||||
3,282 | Marvell Technology Group, Ltd. (a) | 68,922 | ||||||
667 | Microsemi Corp. (b) | 43,168 | ||||||
627 | MKS Instruments, Inc. | 72,513 | ||||||
832 | Monolithic Power Systems, Inc. (a) | 96,321 | ||||||
877 | Nanometrics, Inc. (b) | 23,591 | ||||||
4,378 | ON Semiconductor Corp. (a)(b) | 107,086 | ||||||
2,648 | Photronics, Inc. (b) | 21,846 | ||||||
7,186 | Pixelworks, Inc. (b) | 27,810 | ||||||
755 | Power Integrations, Inc. | 51,604 | ||||||
1,845 | Rambus, Inc. (b) | 24,778 | ||||||
1,090 | Rudolph Technologies, Inc. (b) | 30,193 | ||||||
503 | Semtech Corp. (b) | 19,642 | ||||||
5,401 | Sigma Designs, Inc. (b) | 33,486 | ||||||
198 | Silicon Laboratories, Inc. (b) | 17,800 | ||||||
2,439 | Teradyne, Inc. (a) | 111,487 | ||||||
1,361 | Ultra Clean Holdings, Inc. (b) | 26,199 | ||||||
1,166 | Versum Materials, Inc. (a) | 43,877 | ||||||
2,302 | Xcerra Corp. (b) | 26,818 | ||||||
702 | Xperi Corp. | 14,847 | ||||||
1,496,531 | ||||||||
Software - 4.85% | ||||||||
1,571 | 8x8, Inc. (b) | 29,299 | ||||||
4,865 | A10 Networks, Inc. (b) | 28,314 | ||||||
649 | ACI Worldwide, Inc. (a)(b) | 15,394 | ||||||
1,011 | Agilysys, Inc. (b) | 12,051 | ||||||
1,048 | American Software, Inc. - Class A | 13,624 | ||||||
1,108 | ANSYS, Inc. (b) | 173,612 | ||||||
1,181 | Aspen Technology, Inc. (b) | 93,169 | ||||||
861 | Atlassian Corp. Plc - Class A (b) | 46,425 | ||||||
425 | Blackbaud, Inc. | 43,269 | ||||||
314 | Blackline, Inc. (b) | 12,312 |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Software (Continued) | ||||||||
306 | Bottomline Technologies, Inc. (a)(b) | $ | 11,857 | |||||
3,310 | Cadence Design System, Inc. (b) | 121,709 | ||||||
421 | Callidus Software, Inc. (b) | 15,135 | ||||||
979 | CommVault Systems, Inc. (b) | 55,999 | ||||||
210 | Ebix, Inc. | 15,645 | ||||||
168 | Ellie Mae, Inc. (a)(b) | 15,446 | ||||||
263 | ePlus, Inc. (b) | 20,435 | ||||||
712 | Everbridge, Inc. (a)(b) | 26,059 | ||||||
292 | Fair Isaac Corp. (b) | 49,456 | ||||||
753 | FireEye, Inc. (b) | 12,748 | ||||||
1,193 | Fortinet, Inc. (b) | 63,921 | ||||||
4,166 | Glu Mobile, Inc. (b) | 15,706 | ||||||
355 | Guidewire Software, Inc. (a)(b) | 28,695 | ||||||
515 | HubSpot, Inc. (a)(b) | 55,774 | ||||||
320 | Imperva, Inc. (b) | 13,856 | ||||||
710 | Jack Henry & Associates, Inc. | 85,874 | ||||||
962 | Manhattan Associates, Inc. (a)(b) | 40,289 | ||||||
225 | MicroStrategy, Inc. - Class A (b) | 29,023 | ||||||
2,264 | Mitek Systems, Inc. (b) | 16,754 | ||||||
8,689 | MobileIron, Inc. (b) | 43,011 | ||||||
780 | Model N, Inc. (b) | 14,079 | ||||||
689 | Monotype Imaging Holdings, Inc. | 15,468 | ||||||
3,512 | Nuance Communications, Inc. (a)(b) | 55,314 | ||||||
465 | Paycom Software, Inc. (a)(b) | 49,936 | ||||||
229 | Paylocity Holdings Corp. (b) | 11,732 | ||||||
854 | Pegasystems, Inc. | 51,795 | ||||||
2,176 | Progress Software Corp. | 83,667 | ||||||
327 | Proofpoint, Inc. (a)(b) | 37,164 | ||||||
984 | PROS Holdings, Inc. (b) | 32,482 | ||||||
968 | PTC, Inc. (b) | 75,514 | ||||||
927 | QAD, Inc. - Class A | 38,610 | ||||||
364 | Qualys, Inc. (b) | 26,481 | ||||||
1,767 | Rapid7, Inc. (b) | 45,182 | ||||||
3,424 | RealNetworks, Inc. (b) | 10,477 | ||||||
822 | RealPage, Inc. (a)(b) | 42,333 | ||||||
1,398 | RingCentral, Inc. - Class A (b) | 88,773 | ||||||
2,667 | Rosetta Stone, Inc. (b) | 35,071 | ||||||
1,071 | Splunk, Inc. (b) | 105,376 | ||||||
1,126 | SS&C Technologies Holdings, Inc. | 60,399 | ||||||
2,304 | Synchronoss Technologies, Inc. (b) | 24,307 | ||||||
689 | Tableau Software, Inc. - Class A (b) | 55,685 | ||||||
562 | Take-Two Interactive Software, Inc. (b) | 54,952 | ||||||
7,400 | The Rubicon Project, Inc. (b) | 13,320 | ||||||
208 | The Ultimate Software Group, Inc. (a)(b) | 50,690 | ||||||
1,940 | TiVo Corp. (a) | 26,287 | ||||||
147 | Tyler Technologies, Inc. (a)(b) | 31,011 | ||||||
578 | Upland Software, Inc. (a)(b) | 16,641 | ||||||
901 | Varonis Systems, Inc. (b) | 54,510 | ||||||
2,018 | VASCO Data Security International, Inc. (b) | 26,133 | ||||||
865 | Verint Systems, Inc. (a)(b) | 36,849 | ||||||
3,413 | Workiva, Inc. (b) | 80,888 | ||||||
980 | Zendesk, Inc. (a)(b) | 46,913 | ||||||
6,476 | Zix Corp. (b) | 27,653 | ||||||
3,683 | Zynga, Inc. - Class A (b) | 13,480 | ||||||
2,644,033 | ||||||||
Specialty Retail - 4.00% |
| |||||||
1,581 | Aaron’s, Inc. (a) | 73,675 | ||||||
3,108 | Abercrombie & Fitch Co. - Class A (a) | 75,245 |
Number of | Value | |||||||
Specialty Retail (Continued) |
| |||||||
2,623 | American Eagle Outfitters, Inc. (a) | $ | 52,276 | |||||
979 | America’s Car-Mart, Inc. (b) | 49,390 | ||||||
220 | Asbury Automotive Group, Inc. (a)(b) | 14,850 | ||||||
13,828 | Ascena Retail Group, Inc. (b) | 27,794 | ||||||
253 | AutoNation, Inc. (a)(b) | 11,835 | ||||||
1,870 | Barnes & Noble Education, Inc. (b) | 12,884 | ||||||
2,488 | Barnes & Noble, Inc. | 12,316 | ||||||
1,910 | Bed Bath & Beyond, Inc. | 40,091 | ||||||
2,898 | Big 5 Sporting Goods Corp. (a) | 21,010 | ||||||
2,502 | Build-A-Bear Workshop, Inc. (b) | 22,893 | ||||||
1,182 | Caleres, Inc. (a) | 39,715 | ||||||
560 | Camping World Holdings, Inc. - Class A | 18,060 | ||||||
5,859 | Chico’s FAS, Inc. (a) | 52,965 | ||||||
1,115 | Citi Trends, Inc. | 34,465 | ||||||
856 | Conn’s, Inc. (b) | 29,104 | ||||||
1,061 | Dick’s Sporting Goods, Inc. (a) | 37,188 | ||||||
1,254 | DSW, Inc. - Class A (a) | 28,165 | ||||||
4,127 | Express, Inc. (b) | 29,549 | ||||||
708 | Five Below, Inc. (a)(b) | 51,925 | ||||||
397 | Floor & Decor Holdings, Inc. (a)(b) | 20,692 | ||||||
1,324 | Foot Locker, Inc. | 60,295 | ||||||
4,420 | Francesca’s Holdings Corp. (a)(b) | 21,216 | ||||||
3,138 | GameStop Corp. - Class A (a) | 39,602 | ||||||
873 | Genesco, Inc. (a)(b) | 35,444 | ||||||
1,879 | GNC Holdings, Inc. - Class A (a)(b)(c) | 7,253 | ||||||
183 | Group 1 Automotive, Inc. (a) | 11,957 | ||||||
849 | Guess?, Inc. | 17,608 | ||||||
2,397 | Haverty Furniture Cos., Inc. | 48,300 | ||||||
1,720 | Hibbett Sports, Inc. (a)(b) | 41,194 | ||||||
1,090 | Hudson Ltd. - Class A (b) | 17,342 | ||||||
3,678 | J. Jill, Inc. (a)(b) | 16,257 | ||||||
3,057 | Kirkland’s, Inc. (b) | 29,622 | ||||||
193 | Lithia Motors, Inc. - Class A (a) | 19,400 | ||||||
1,374 | Lumber Liquidators Holdings, Inc. (a)(b) | 32,866 | ||||||
700 | MarineMax, Inc. (b) | 13,615 | ||||||
222 | Monro, Inc. | 11,899 | ||||||
240 | Murphy USA, Inc. (a)(b) | 17,472 | ||||||
512 | National Vision Holdings, Inc. (b) | 16,543 | ||||||
8,138 | Office Depot, Inc. | 17,497 | ||||||
5,549 | Pier 1 Imports, Inc. | 17,868 | ||||||
6,113 | Rent-A-Center, Inc. (a) | 52,755 | ||||||
346 | REX American Resources Corp. (b) | 25,189 | ||||||
647 | RH (a)(b) | 61,646 | ||||||
1,804 | Sally Beauty Holdings, Inc. (a)(b) | 29,676 | ||||||
1,211 | Shoe Carnival, Inc. | 28,822 | ||||||
498 | Signet Jewelers Ltd. (a) | 19,183 | ||||||
1,009 | Sleep Number Corp. (b) | 35,466 | ||||||
4,349 | Sportsman’s Warehouse Holdings, Inc. (b) | 17,744 | ||||||
1,325 | Systemax, Inc. | 37,829 | ||||||
1,951 | Tailored Brands, Inc. | 48,892 | ||||||
1,332 | The Buckle, Inc. (a) | 29,504 | ||||||
1,241 | The Cato Corp. - Class A | 18,292 | ||||||
694 | The Children’s Place, Inc. (a) | 93,863 | ||||||
9,664 | The Container Store Group, Inc. (b) | 52,572 | ||||||
2,121 | The Finish Line, Inc. - Class A | 28,718 | ||||||
2,846 | The Michaels Cos., Inc. (a)(b) | 56,095 | ||||||
2,700 | Tile Shop Holdings, Inc. | 16,200 | ||||||
5,143 | Tilly’s, Inc. - Class A (a) | 58,116 | ||||||
1,930 | Urban Outfitters, Inc. (a)(b) | 71,333 | ||||||
3,453 | Vitamin Shoppe, Inc. (b) | 15,021 |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Specialty Retail (Continued) |
| |||||||
999 | Williams Sonoma, Inc. (a) | $ | 52,707 | |||||
232 | Winmark Corp. | 30,346 | ||||||
2,120 | Zumiez, Inc. (b) | 50,668 | ||||||
2,179,974 | ||||||||
Technology Hardware, Storage & Peripherals - 0.53% |
| |||||||
2,305 | 3D Systems Corp. (b) | 26,715 | ||||||
4,908 | Avid Technology, Inc. (b) | 22,282 | ||||||
608 | Electronics for Imaging, Inc. (a)(b) | 16,617 | ||||||
1,131 | NCR Corp. (a)(b) | 35,649 | ||||||
2,380 | Pure Storage, Inc. - Class A (b) | 47,481 | ||||||
3,754 | Quantum Corp. (b) | 13,665 | ||||||
511 | Stratasys Ltd. (b) | 10,312 | ||||||
687 | Synaptics, Inc. (a)(b) | 31,416 | ||||||
1,881 | Teradata Corp. (a)(b) | 74,619 | ||||||
1,165 | USA Technologies, Inc. (b) | 10,485 | ||||||
289,241 | ||||||||
Textiles, Apparel & Luxury Goods - 1.95% |
| |||||||
562 | Carter’s, Inc. (a) | 58,504 | ||||||
846 | Columbia Sportswear Co. | 64,660 | ||||||
7,310 | Crocs, Inc. (b) | 118,787 | ||||||
562 | Deckers Outdoor Corp. (b) | 50,597 | ||||||
3,367 | Fossil Group, Inc. (b) | 42,761 | ||||||
725 | G-III Apparel Group, Ltd. (b) | 27,318 | ||||||
821 | lululemon athletica, Inc. (b) | 73,168 | ||||||
1,909 | Michael Kors Holdings Ltd. (b) | 118,511 | ||||||
770 | Movado Group, Inc. (a) | 29,568 | ||||||
490 | Oxford Industries, Inc. | 36,534 | ||||||
1,992 | Perry Ellis International, Inc. (b) | 51,394 | ||||||
739 | Ralph Lauren Corp. | 82,620 | ||||||
1,498 | Skechers U.S.A., Inc. - Class A (a)(b) | 58,257 | ||||||
1,419 | Steven Madden, Ltd. (a) | 62,294 | ||||||
1,066 | Superior Uniform Group, Inc. | 28,004 | ||||||
213 | UniFirst Corp. | 34,431 | ||||||
2,836 | Vera Bradley, Inc. (b) | 30,090 | ||||||
461 | Weyco Group, Inc. | 15,490 | ||||||
2,656 | Wolverine World Wide, Inc. (a) | 76,758 | ||||||
1,059,746 | ||||||||
Thrifts & Mortgage Finance - 1.42% |
| |||||||
464 | Berkshire Hills Bancorp, Inc. | 17,609 | ||||||
1,401 | BofI Holding, Inc. (a)(b) | 56,783 | ||||||
910 | Brookline Bancorp, Inc. | 14,742 | ||||||
895 | Charter Financial Corp. | 18,249 | ||||||
747 | Entegra Financial Corp. (b) | 21,663 | ||||||
488 | Federal Agricultural Mortgage Corp. - Class C | 42,466 | ||||||
843 | Flagstar Bancorp, Inc. (b) | 29,842 | ||||||
367 | Greene County Bancorp, Inc. | 13,469 | ||||||
242 | Hingham Institution for Savings | 49,852 | ||||||
375 | Home Bancorp, Inc. | 16,189 | ||||||
953 | HomeStreet, Inc. (a)(b) | 27,303 | ||||||
3,940 | Impac Mortgage Holdings, Inc. (b) | 31,126 | ||||||
74 | LendingTree, Inc. (a)(b) | 24,283 | ||||||
520 | Malvern Bancorp, Inc. (b) | 13,520 | ||||||
583 | Meridian Bancorp, Inc. | 11,747 | ||||||
216 | Meta Financial Group, Inc. | 23,587 | ||||||
1,828 | New York Community Bancorp, Inc. (a) | 23,819 | ||||||
1,752 | NMI Holdings, Inc. - Class A (a)(b) | 28,996 | ||||||
1,028 | PennyMac Financial Services, Inc. - Class A (b) | 23,284 |
Number of | Value | |||||||
Thrifts & Mortgage Finance (Continued) |
| |||||||
2,453 | People’s United Financial, Inc. | $ | 45,773 | |||||
2,986 | Radian Group, Inc. | 56,853 | ||||||
1,303 | Riverview Bancorp, Inc. | 12,170 | ||||||
323 | Southern Missouri Bancorp, Inc. | 11,822 | ||||||
546 | Timberland Bancorp, Inc. | 16,598 | ||||||
739 | United Financial Bancorp, Inc. | 11,972 | ||||||
875 | Walker & Dunlop, Inc. (a) | 51,992 | ||||||
1,436 | Washington Federal, Inc. (a) | 49,686 | ||||||
973 | Waterstone Financial, Inc. | 16,833 | ||||||
1,177 | Western New England Bancorp, Inc. | 12,535 | ||||||
774,763 | ||||||||
Tobacco - 0.05% |
| |||||||
281 | Universal Corp. | 13,628 | ||||||
658 | Vector Group, Ltd. | 13,417 | ||||||
27,045 | ||||||||
Trading Companies & Distributors - 1.78% |
| |||||||
512 | Air Lease Corp. | 21,821 | ||||||
540 | Applied Industrial Technologies, Inc. | 39,366 | ||||||
1,013 | Beacon Roofing Supply, Inc. (b) | 53,760 | ||||||
1,328 | BMC Stock Holdings, Inc. (a)(b) | 25,962 | ||||||
539 | CAI International, Inc. (b) | 11,459 | ||||||
1,598 | DXP Enterprises, Inc. (b) | 62,242 | ||||||
563 | EnviroStar, Inc. (a) | 22,098 | ||||||
161 | GATX Corp. (a) | 11,027 | ||||||
894 | GMS, Inc. (b) | 27,321 | ||||||
1,102 | H&E Equipment Services, Inc. | 42,416 | ||||||
1,925 | HD Supply Holdings, Inc. (b) | 73,035 | ||||||
168 | Herc Holdings, Inc. (a)(b) | 10,912 | ||||||
3,828 | Huttig Building Products, Inc. (b) | 20,020 | ||||||
267 | Kaman Corp. | 16,586 | ||||||
1,339 | Lawson Products, Inc. (b) | 33,810 | ||||||
575 | MSC Industrial Direct Co., Inc. - Class A | 52,733 | ||||||
1,244 | Nexeo Solutions, Inc. (b) | 13,311 | ||||||
1,082 | NOW, Inc. (a)(b) | 11,058 | ||||||
672 | Rush Enterprises, Inc. - Class A (a)(b) | 28,553 | ||||||
588 | Rush Enterprises, Inc. - Class B (b) | 23,743 | ||||||
1,051 | SiteOne Landscape Supply, Inc. (a)(b) | 80,969 | ||||||
861 | Textainer Group Holdings Ltd. (b) | 14,594 | ||||||
1,280 | Titan Machinery, Inc. (b) | 30,157 | ||||||
473 | Triton International Ltd. | 14,474 | ||||||
480 | United Rentals, Inc. (b) | 82,910 | ||||||
1,289 | Univar, Inc. (b) | 35,770 | ||||||
710 | Veritiv Corp. (b) | 27,832 | ||||||
258 | Watsco, Inc. - Class A (a) | 46,690 | ||||||
577 | WESCO International, Inc. (a)(b) | 35,803 | ||||||
970,432 | ||||||||
Water Utilities - 0.15% |
| |||||||
303 | American States Water Co. | 16,077 | ||||||
691 | Aqua America, Inc. | 23,536 | ||||||
817 | AquaVenture Holdings Ltd. (b) | 10,147 | ||||||
2,116 | Consolidated Water Co., Ltd. - Ordinary Shares | 30,788 | ||||||
80,548 | ||||||||
Wireless Telecommunication Services - 0.14% |
| |||||||
684 | Boingo Wireless, Inc. (b) | 16,943 | ||||||
443 | Shenandoah Telecommunications Co. | 15,948 |
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Wireless Telecommunication Services (Continued) |
| |||||||
1,003 | Telephone & Data Systems, Inc. | $ | 28,114 | |||||
434 | United States Cellular Corp. (b) | 17,442 | ||||||
78,447 | ||||||||
Total Common Stocks | 49,275,166 | |||||||
INVESTMENT COMPANIES - 3.21% |
| |||||||
Exchange Traded Funds - 3.21% |
| |||||||
15,669 | Vanguard Extended Market ETF | 1,748,034 | ||||||
Total Investment Companies | 1,748,034 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 5.28% |
| |||||||
Real Estate Investment Trusts - 5.28% | ||||||||
2,354 | AG Mortgage Investment Trust, Inc. | 40,889 | ||||||
5,412 | AGNC Investment Corp. (a) | 102,395 | ||||||
404 | Alexandria Real Estate Equities, Inc. | 50,456 | ||||||
446 | American Assets Trust, Inc. | 14,901 | ||||||
2,056 | American Homes 4 Rent - Class A | 41,284 | ||||||
3,560 | Anworth Mortgage Asset Corp. | 17,088 | ||||||
1,662 | Apollo Commercial Real Estate Finance, Inc. | 29,883 | ||||||
1,336 | Apple Hospitality REIT, Inc. | 23,473 | ||||||
1,064 | Ares Commercial Real Estate Corp. | 13,140 | ||||||
1,437 | ARMOUR Residential REIT, Inc. | 33,453 | ||||||
3,309 | Ashford Hospitality Prime, Inc. | 32,163 | ||||||
7,056 | Ashford Hospitality Trust, Inc. | 45,582 | ||||||
1,249 | Brandywine Realty Trust | 19,834 | ||||||
683 | Camden Property Trust | 57,495 | ||||||
1,746 | Capstead Mortgage Corp. | 15,103 | ||||||
1,217 | CareTrust REIT, Inc. | 16,308 | ||||||
3,675 | CBL & Associates Properties, Inc. (a) | 15,325 | ||||||
4,064 | Cedar Shopping Centers, Inc. | 16,012 | ||||||
2,004 | Chatham Lodging Trust | 38,377 | ||||||
1,570 | Cherry Hill Mortgage Investment Corp. | 27,538 | ||||||
2,119 | Chesapeake Lodging Trust (a) | 58,929 | ||||||
5,792 | Chimera Investment Corp. | 100,839 | ||||||
2,904 | Colony NorthStar, Inc. - Class A | 16,320 | ||||||
565 | CoreCivic, Inc. | 11,029 | ||||||
467 | CorEnergy Infrastructure Trust, Inc. | 17,531 | ||||||
207 | CoreSite Realty Corp. (a) | 20,754 | ||||||
1,170 | Corporate Office Properties Trust (a) | 30,221 | ||||||
2,591 | Cousins Properties, Inc. | 22,490 | ||||||
553 | CubeSmart | 15,595 | ||||||
353 | CyrusOne, Inc. | 18,077 | ||||||
2,326 | CYS Investments, Inc. | 15,631 | ||||||
365 | DCT Industrial Trust, Inc. | 20,564 | ||||||
2,893 | DDR Corp. | 21,206 | ||||||
2,872 | DiamondRock Hospitality Co. (a) | 29,984 | ||||||
1,608 | Duke Realty Corp. | 42,580 | ||||||
4,279 | Dynex Capital, Inc. | 28,370 | ||||||
556 | Easterly Government Properties, Inc. | 11,342 | ||||||
168 | EastGroup Properties, Inc. | 13,887 | ||||||
1,356 | Empire State Realty Trust, Inc. - Class A | 22,767 | ||||||
545 | Equity Commonwealth (b) | 16,715 | ||||||
329 | Equity LifeStyle Properties, Inc. | 28,876 | ||||||
495 | First Industrial Realty Trust, Inc. | 14,469 | ||||||
2,158 | Forest City Realty Trust, Inc. - Class A | 43,721 | ||||||
528 | Four Corners Property Trust, Inc. | 12,191 | ||||||
864 | Gaming and Leisure Properties, Inc. | 28,918 |
Number of | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
623 | Getty Realty Corp. | $ | 15,712 | |||||
982 | Government Properties Income Trust | 13,414 | ||||||
535 | Gramercy Property Trust | 11,626 | ||||||
700 | Healthcare Trust of America, Inc. - Class A | 18,515 | ||||||
1,235 | Hersha Hospitality Trust | 22,106 | ||||||
301 | Highwoods Properties, Inc. | 13,190 | ||||||
1,287 | Hospitality Properties Trust | 32,613 | ||||||
853 | Hudson Pacific Properties, Inc. | 27,748 | ||||||
1,209 | InfraREIT, Inc. | 23,491 | ||||||
3,318 | Invesco Mortgage Capital, Inc. | 54,349 | ||||||
774 | Invitation Homes, Inc. | 17,670 | ||||||
1,083 | Iron Mountain, Inc. | 35,587 | ||||||
2,467 | iStar Financial, Inc. (b) | 25,089 | ||||||
968 | Kite Realty Group Trust | 14,743 | ||||||
799 | Ladder Capital Corp. | 12,049 | ||||||
1,206 | LaSalle Hotel Properties | 34,986 | ||||||
1,051 | Liberty Property Trust | 41,756 | ||||||
179 | Life Storage, Inc. | 14,950 | ||||||
287 | LTC Properties, Inc. | 10,906 | ||||||
1,153 | Mack-Cali Realty Corp. | 19,267 | ||||||
1,178 | Medical Properties Trust, Inc. (a) | 15,314 | ||||||
4,941 | MFA Financial, Inc. | 37,206 | ||||||
1,323 | MTGE Investment Corp. | 23,682 | ||||||
378 | National Retail Properties, Inc. (a) | 14,840 | ||||||
1,700 | National Storage Affiliates Trust | 42,636 | ||||||
4,435 | New Residential Investment Corp. (a) | 72,956 | ||||||
2,931 | New York Mortgage Trust, Inc. (a) | 17,381 | ||||||
580 | Omega Healthcare Investors, Inc. (a) | 15,683 | ||||||
1,071 | Paramount Group, Inc. | 15,251 | ||||||
1,274 | Park Hotels & Resorts, Inc. | 34,423 | ||||||
991 | Pebblebrook Hotel Trust (a) | 34,041 | ||||||
2,282 | Pennsylvania Real Estate Investment Trust | 22,021 | ||||||
1,237 | PennyMac Mortgage Investment Trust | 22,303 | ||||||
1,059 | Piedmont Office Realty Trust, Inc. - Class A | 18,628 | ||||||
318 | PotlatchDeltic Corp. | 16,552 | ||||||
850 | Preferred Apartment Communities, Inc. - Class A | 12,061 | ||||||
136 | PS Business Parks, Inc. | 15,373 | ||||||
439 | QTS Realty Trust, Inc. - Class A | 15,901 | ||||||
2,199 | Quality Care Properties, Inc. (a)(b) | 42,727 | ||||||
1,174 | Ramco-Gershenson Properties Trust | 14,511 | ||||||
521 | Rayonier, Inc. | 18,329 | ||||||
1,695 | Redwood Trust, Inc. | 26,222 | ||||||
298 | Regency Centers Corp. | 17,576 | ||||||
1,162 | Resource Capital Corp. | 11,051 | ||||||
1,116 | Retail Properties of America, Inc. - Class A | 13,013 | ||||||
890 | Rexford Industrial Realty, Inc. | 25,623 | ||||||
2,181 | RLJ Lodging Trust | 42,399 | ||||||
271 | Ryman Hospitality Properties, Inc. (a) | 20,989 | ||||||
665 | Select Income REIT | 12,954 | ||||||
810 | Senior Housing Properties Trust | 12,685 | ||||||
2,675 | Spirit Realty Capital, Inc. | 20,758 | ||||||
2,407 | Starwood Property Trust, Inc. (a) | 50,427 | ||||||
2,202 | Summit Hotel Properties, Inc. | 29,969 | ||||||
482 | Sun Communities, Inc. | 44,040 | ||||||
3,165 | Sunstone Hotel Investors, Inc. | 48,171 | ||||||
803 | Sutherland Asset Management Corp. | 12,165 | ||||||
518 | Tanger Factory Outlet Centers, Inc. (a) | 11,396 | ||||||
382 | Terreno Realty Corp. | 13,183 | ||||||
750 | The Geo Group, Inc. | 15,352 | ||||||
2,969 | Two Harbors Investment Corp. (a) | 45,633 |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (Continued) |
| |||||||
Real Estate Investment Trusts (Continued) | ||||||||
3,119 | Washington Prime Group, Inc. (a) | $ | 20,804 | |||||
1,717 | Western Asset Mortgage Capital Corp. | 16,638 | ||||||
424 | WP Carey, Inc. | 26,284 | ||||||
1,975 | Xenia Hotels & Resorts, Inc. | 38,947 | ||||||
Total Real Estate Investment Trusts | 2,871,570 | |||||||
RIGHTS - 0.00% |
| |||||||
Biotechnology - 0.00% | ||||||||
1,600 | Dyax Corp. (c)(d)(f) | 0 | ||||||
Total Rights | 0 | |||||||
SHORT TERM INVESTMENTS - 1.00% | ||||||||
Money Market Funds - 1.00% | ||||||||
547,023 | Deutsche Government Money Market Series - Institutional Shares Effective Yield, 1.56% (e) | 547,023 | ||||||
Total Short Term Investments | 547,023 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 26.00% | ||||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 26.00% |
| |||||||
14,164,130 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.91% (e) | 14,164,130 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 14,164,130 | |||||||
Total Investments | 68,605,923 | |||||||
Liabilities in Excess of | (14,134,563 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 54,471,360 | ||||||
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) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $7,253, which represents 0.00% of total net assets. |
(d) | As of March 31, 2018, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets. |
(e) | Seven-day yield as of March 31, 2018. |
(f) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
Glossary of Terms
ADR | - | American Depositary Receipt |
See notes to financial statements.
62
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS - 92.95% |
| |||||||
Australia - 4.90% |
| |||||||
27,799 | Aristocrat Leisure, Ltd. | $ | 519,022 | |||||
14,453 | Australia & New Zealand Banking Group, Ltd. | 300,815 | ||||||
11,973 | Bank of Queensland, Ltd. | 101,631 | ||||||
25,541 | Bendigo & Adelaide Bank, Ltd. | 194,466 | ||||||
21,650 | BHP Billiton, Ltd. | 479,883 | ||||||
50,082 | BlueScope Steel, Ltd. | 589,223 | ||||||
20,280 | Boral, Ltd. | 116,981 | ||||||
5,720 | Caltex Australia, Ltd. | 138,945 | ||||||
3,304 | CIMIC Group, Ltd. | 113,716 | ||||||
5,777 | Cochlear, Ltd. | 811,364 | ||||||
10,538 | Commonwealth Bank of Australia | 589,304 | ||||||
8,727 | Computershare, Ltd. | 117,033 | ||||||
17,223 | Crown Resorts, Ltd. | 169,148 | ||||||
4,617 | CSL, Ltd. | 556,249 | ||||||
19,165 | Flight Centre Travel Group, Ltd. | 843,675 | ||||||
93,950 | Fortescue Metals Group, Ltd. | 316,487 | ||||||
18,317 | Harvey Norman Holdings, Ltd. | 52,371 | ||||||
47,326 | Insurance Australia Group, Ltd. | 274,014 | ||||||
8,057 | LendLease Group - Stapled Security (e) | 108,020 | ||||||
1,763 | Macquarie Group, Ltd. | 140,576 | ||||||
103,275 | Medibank Private, Ltd. | 231,803 | ||||||
7,400 | National Australia Bank, Ltd. | 163,366 | ||||||
22,427 | Origin Energy, Ltd. (a) | 151,350 | ||||||
3,334 | REA Group, Ltd. | 204,697 | ||||||
4,948 | Rio Tinto, Ltd. | 280,315 | ||||||
47,303 | Santos, Ltd. (a) | 186,564 | ||||||
18,729 | SEEK, Ltd. | 270,135 | ||||||
9,878 | Sonic Healthcare, Ltd. | 174,783 | ||||||
111,344 | South32, Ltd. | 279,827 | ||||||
13,201 | Suncorp Group, Ltd. | 136,148 | ||||||
15,975 | Tabcorp Holdings, Ltd. | 54,173 | ||||||
58,108 | Telstra Corp., Ltd. | 140,661 | ||||||
10,317 | TPG Telecom, Ltd. | 43,835 | ||||||
20,546 | Treasury Wine Estates, Ltd. | 268,438 | ||||||
12,893 | Wesfarmers, Ltd. | 413,154 | ||||||
14,404 | Westpac Banking Corp. | 319,040 | ||||||
28,457 | Woolworths, Ltd. | 577,592 | ||||||
10,428,804 | ||||||||
Austria - 0.37% |
| |||||||
3,497 | ANDRITZ AG | 195,546 | ||||||
2,904 | Erste Group Bank AG | 145,994 | ||||||
3,687 | OMV AG | 215,052 | ||||||
4,169 | Raiffeisen Bank International AG | 162,381 | ||||||
1,348 | voestalpine AG | 70,712 | ||||||
789,685 | ||||||||
Belgium - 0.24% |
| |||||||
2,038 | Ageas SA | 105,170 | ||||||
1,319 | KBC Group NV | 114,857 | ||||||
514 | UCB SA | 41,859 | ||||||
4,588 | Umicore SA | 243,051 | ||||||
504,937 | ||||||||
Canada - 7.70% |
| |||||||
4,531 | Alimentation Couche-Tard, Inc. - Series B | 202,820 | ||||||
2,839 | Bank of Montreal | 214,454 | ||||||
4,928 | BlackBerry Ltd. (a) | 56,649 | ||||||
43,339 | Bombardier, Inc. - Class B (a) | 126,147 | ||||||
2,279 | CAE, Inc. | 42,419 |
Number of | Value | |||||||
Canada (Continued) |
| |||||||
3,085 | Canadian Imperial Bank of Commerce | $ | 272,307 | |||||
2,558 | Canadian National Railway Co. | 186,953 | ||||||
331 | Canadian Pacific Railway, Ltd. | 58,372 | ||||||
913 | Canadian Tire Corp., Ltd. - Class A | 120,047 | ||||||
990 | CCL Industries, Inc. - Class B | 49,978 | ||||||
73,406 | Cenovus Energy, Inc. | 625,035 | ||||||
2,728 | CGI Group, Inc. - Class A (a) | 157,326 | ||||||
20,675 | CI Financial Corp. | 442,915 | ||||||
1,407 | Constellation Software, Inc. | 954,654 | ||||||
7,455 | Dollarama, Inc. | 906,046 | ||||||
19,691 | Element Fleet Management Corp. | 63,428 | ||||||
34,457 | Empire Co., Ltd. - Series A | 691,627 | ||||||
703 | Fairfax Financial Holdings Ltd. | 356,354 | ||||||
4,168 | Finning International, Inc. | 100,516 | ||||||
6,675 | First Quantum Minerals, Ltd. | 93,725 | ||||||
1,107 | Franco-Nevada Corp. | 75,527 | ||||||
5,529 | George Weston, Ltd. | 445,118 | ||||||
6,106 | Gildan Activewear, Inc. | 176,353 | ||||||
2,178 | Great-West Lifeco, Inc. | 55,585 | ||||||
35,637 | Husky Energy, Inc. | 510,068 | ||||||
1,579 | Imperial Oil, Ltd. | 41,817 | ||||||
7,068 | Industrial Alliance Insurance & Financial Services, Inc. | 290,763 | ||||||
1,638 | Intact Financial Corp. | 123,084 | ||||||
8,478 | Linamar Corp. | 463,136 | ||||||
4,369 | Loblaw Cos., Ltd. | 220,730 | ||||||
6,838 | Magna International, Inc. | 385,170 | ||||||
11,375 | Manulife Financial Corp. | 211,193 | ||||||
1,222 | Metro, Inc. | 38,983 | ||||||
5,519 | National Bank of Canada | 259,768 | ||||||
14,311 | Onex Corp. | 1,032,156 | ||||||
24,881 | Power Corp. of Canada | 567,782 | ||||||
10,461 | Power Financial Corp. | 261,941 | ||||||
4,032 | Rogers Communications, Inc. - Class B | 180,076 | ||||||
14,425 | Royal Bank of Canada | 1,114,275 | ||||||
8,027 | Saputo, Inc. | 257,629 | ||||||
2,863 | Shopify, Inc. - Class A (a) | 356,267 | ||||||
3,344 | Sun Life Financial, Inc. | 137,331 | ||||||
2,172 | Suncor Energy, Inc. | 75,005 | ||||||
24,717 | Teck Resources, Ltd. - Class B | 636,558 | ||||||
1,159 | TELUS Corp. | 40,698 | ||||||
9,140 | The Bank of Nova Scotia | 563,007 | ||||||
13,101 | The Jean Coutu Group PJC, Inc. - Class A | 249,746 | ||||||
15,237 | The Toronto-Dominion Bank | 864,654 | ||||||
40,489 | Valeant Pharmaceuticals International, Inc. (a) | 644,568 | ||||||
5,737 | West Fraser Timber Co., Ltd. | 381,220 | ||||||
16,381,980 | ||||||||
China - 0.04% |
| |||||||
14,105 | Sands China Ltd. | 76,651 | ||||||
Denmark - 1.66% |
| |||||||
3,494 | Carlsberg AS - Series B | 417,165 | ||||||
1,608 | Chr. Hansen Holding AS | 139,168 | ||||||
2,577 | Coloplast AS - Series B | 218,573 | ||||||
3,052 | Danske Bank AS | 114,353 | ||||||
3,526 | DSV AS | 278,372 | ||||||
2,730 | H. Lundbeck AS | 153,334 | ||||||
20,076 | Novo Nordisk AS - Series B | 987,455 | ||||||
1,793 | Novozymes AS - B Shares | 93,344 | ||||||
5,252 | Orsted AS | 341,705 |
See notes to financial statements.
63
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Denmark (Continued) |
| |||||||
1,884 | Pandora AS | $ | 203,842 | |||||
18,618 | TDC AS (a) | 154,280 | ||||||
3,302 | Tryg AS | 76,934 | ||||||
1,634 | Vestas Wind Systems AS | 116,916 | ||||||
6,143 | William Demant Holdings AS (a) | 228,828 | ||||||
3,524,269 | ||||||||
Finland - 0.72% |
| |||||||
10,259 | Fortum OYJ | 220,394 | ||||||
1,155 | Kone OYJ - Series B | 57,644 | ||||||
4,852 | Neste OYJ | 337,724 | ||||||
7,148 | Nokia OYJ | 39,472 | ||||||
13,910 | Orion OYJ-Class B | 425,821 | ||||||
1,640 | Sampo OYJ-Series A | 91,369 | ||||||
14,395 | Stora Enso OYJ-R Shares | 264,672 | ||||||
2,653 | UPM-Kymmene OYJ | 98,357 | ||||||
1,535,453 | ||||||||
France - 8.89% |
| |||||||
739 | Accor SA | 39,924 | ||||||
1,688 | Aeroports de Paris | 367,751 | ||||||
793 | Air Liquide SA | 97,315 | ||||||
2,922 | Alstom | 131,790 | ||||||
1,780 | Amundi SA | 142,947 | ||||||
5,366 | Arkema SA | 700,526 | ||||||
6,221 | Atos SE | 852,336 | ||||||
15,497 | AXA SA | 411,957 | ||||||
5,544 | BioMerieux | 456,603 | ||||||
10,528 | BNP Paribas SA | 780,765 | ||||||
2,266 | Bureau Veritas SA | 58,903 | ||||||
1,979 | Capgemini SE | 246,929 | ||||||
5,006 | Carrefour SA | 103,824 | ||||||
8,923 | Casino Guichard Perrachon SA | 437,038 | ||||||
745 | Cie de Saint-Gobain | 39,340 | ||||||
1,782 | Cie Generale des Etablissements Michelin | 263,812 | ||||||
14,536 | CNP Assurances | 366,950 | ||||||
23,937 | Credit Agricole SA | 390,293 | ||||||
4,545 | Danone SA | 368,519 | ||||||
69 | Dassault Aviation SA | 131,819 | ||||||
2,263 | Dassault Systemes SE | 307,754 | ||||||
3,987 | Eiffage SA | 454,085 | ||||||
9,471 | Electricite de France (EDF) | 137,126 | ||||||
6,500 | Engie SA | 108,540 | ||||||
1,349 | Essilor International Cie Generale d’Optique SA | 181,981 | ||||||
4,512 | Eurazeo SA | 415,451 | ||||||
4,628 | Faurecia SA | 374,480 | ||||||
12,103 | Getlink SE | 172,749 | ||||||
1,163 | Hermes International | 689,371 | ||||||
1,958 | Ingenico Group SA | 158,925 | ||||||
4,470 | Ipsen SA | 694,798 | ||||||
1,209 | Kering SA | 579,858 | ||||||
2,428 | Legrand SA | 190,503 | ||||||
2,897 | L’Oreal SA | 654,313 | ||||||
3,310 | LVMH Moet Hennessy Louis Vuitton SE | 1,020,054 | ||||||
14,775 | Natixis SA | 121,234 | ||||||
1,789 | Pernod Ricard SA | 297,884 | ||||||
28,167 | Peugeot SA | 678,245 | ||||||
1,030 | Remy Cointreau SA | 146,923 | ||||||
10,237 | Rexel SA | 173,412 |
Number of | Value | |||||||
France (Continued) |
| |||||||
3,781 | Safran SA | $ | 401,277 | |||||
8,452 | Sanofi-Aventis SA | 678,190 | ||||||
2,793 | Schneider Electric SE | 245,956 | ||||||
3,802 | SEB SA | 727,209 | ||||||
2,665 | Societe BIC SA | 264,916 | ||||||
9,888 | Societe Generale SA | 537,022 | ||||||
11,682 | Total SA | 669,609 | ||||||
9,066 | Ubisoft Entertainment SA (a) | 767,275 | ||||||
9,031 | Veolia Environnement SA | 214,553 | ||||||
3,350 | Vinci SA | 329,959 | ||||||
891 | Wendel SA | 138,936 | ||||||
18,921,929 | ||||||||
Germany - 6.25% |
| |||||||
2,152 | 1&1 Drillisch AG | 145,200 | ||||||
3,459 | adidas AG | 841,567 | ||||||
5,039 | Allianz SE | 1,139,103 | ||||||
3,854 | Axel Springer SE | 322,400 | ||||||
6,256 | BASF SE | 634,468 | ||||||
7,453 | Bayer AG | 840,205 | ||||||
2,987 | Beiersdorf AG | 338,510 | ||||||
896 | Brenntag AG | 53,341 | ||||||
18,571 | Commerzbank AG (a) | 241,095 | ||||||
195 | Continental AG | 53,861 | ||||||
5,178 | Covestro AG | 509,863 | ||||||
482 | Daimler AG | 41,066 | ||||||
2,719 | Deutsche Boerse AG | 371,697 | ||||||
35,790 | Deutsche Lufthansa AG | 1,144,119 | ||||||
17,798 | Deutsche Post AG | 779,541 | ||||||
14,428 | Deutsche Telekom AG | 236,052 | ||||||
14,786 | E.ON SE | 164,304 | ||||||
3,654 | Fraport AG Frankfurt Airport Services Worldwide | 360,622 | ||||||
706 | Fresenius Medical Care AG & Co. KGaA | 72,106 | ||||||
2,086 | Fresenius SE & Co. KGaA | 159,506 | ||||||
1,243 | HeidelbergCement AG | 122,115 | ||||||
1,907 | HOCHTIEF AG | 356,474 | ||||||
8,220 | HUGO BOSS AG | 716,102 | ||||||
5,844 | Infineon Technologies AG | 157,164 | ||||||
2,201 | KION Group AG | 205,487 | ||||||
460 | LANXESS AG | 35,262 | ||||||
2,437 | Merck KGaA | 233,825 | ||||||
6,958 | METRO AG | 123,089 | ||||||
1,899 | OSRAM Licht AG | 139,742 | ||||||
6,112 | RWE AG | 151,078 | ||||||
7,601 | SAP SE | 797,968 | ||||||
3,150 | Siemens AG | 401,932 | ||||||
9,182 | Telefonica Deutschland Holding AG | 43,145 | ||||||
2,516 | United Internet AG | 158,535 | ||||||
5,923 | Vonovia SE | 293,721 | ||||||
3,432 | Wirecard AG | 406,836 | ||||||
9,474 | Zalando SE (a) | 516,984 | ||||||
13,308,085 | ||||||||
Hong Kong - 3.65% |
| |||||||
105,160 | AIA Group, Ltd. | 898,979 | ||||||
15,219 | ASM Pacific Technology, Ltd. | 214,410 | ||||||
7,831 | BOC Hong Kong Holdings, Ltd. | 38,417 | ||||||
37,856 | CK Asset Holdings, Ltd. | 319,470 | ||||||
3,349 | CK Hutchison Holdings, Ltd. | 40,239 | ||||||
35,975 | Galaxy Entertainment Group, Ltd. | 330,203 |
See notes to financial statements.
64
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Hong Kong (Continued) |
| |||||||
85,010 | Hang Lung Group, Ltd. | $ | 278,789 | |||||
9,619 | Hang Seng Bank, Ltd. | 223,494 | ||||||
27,459 | Henderson Land Development Co., Ltd. | 180,051 | ||||||
104,223 | HK Electric Investments & HK Electric Investments Ltd.-Stapled Security (e) | 101,064 | ||||||
14,402 | Hong Kong Exchange & Clearing, Ltd. | 474,359 | ||||||
6,616 | Hysan Development Co., Ltd. | 35,110 | ||||||
1,525 | Jardine Matheson Holdings, Ltd. | 93,980 | ||||||
1,835 | Jardine Strategic Holdings, Ltd. | 70,544 | ||||||
108,625 | Kerry Properties, Ltd. | 491,201 | ||||||
166,930 | Kingston Financial Group, Ltd. | 75,090 | ||||||
4,121 | Melco Resorts & Entertainment, Ltd. - ADR | 119,427 | ||||||
33,690 | Minth Group, Ltd. | 154,573 | ||||||
41,548 | MTR Corp., Ltd. | 224,282 | ||||||
22,095 | NWS Holdings, Ltd. | 40,245 | ||||||
455,548 | PCCW, Ltd. | 264,386 | ||||||
92,013 | Shangri-La Asia, Ltd. | 186,828 | ||||||
744,864 | SJM Holdings, Ltd. | 652,570 | ||||||
4,212 | Sun Hung Kai Properties, Ltd. | 66,857 | ||||||
39,285 | Swire Pacific Ltd. - Class A | 397,823 | ||||||
38,594 | Swire Properties, Ltd. | 135,742 | ||||||
64,606 | Techtronic Industries Co., Ltd. | 379,179 | ||||||
29,706 | The Bank of East Asia Ltd. | 119,029 | ||||||
47,825 | The Hong Kong and China Gas Co., Ltd. | 98,556 | ||||||
98,342 | The Wharf Holdings, Ltd. | 340,489 | ||||||
213,765 | WH Group, Ltd. | 229,046 | ||||||
67,865 | Wheelock & Co., Ltd. | 497,793 | ||||||
7,772,225 | ||||||||
Ireland - 0.36% |
| |||||||
18,615 | Bank of Ireland Group Plc | 163,121 | ||||||
3,285 | CRH Plc | 111,269 | ||||||
474 | DCC Plc | 43,673 | ||||||
13,734 | James Hardie Industries Plc | 243,745 | ||||||
1,634 | Kerry Group Plc-Series A (ID) | 165,670 | ||||||
373 | Kerry Group Plc-Series A (LN) | 37,704 | ||||||
765,182 | ||||||||
Israel - 0.95% |
| |||||||
6,806 | Bank Hapoalim BM | 46,804 | ||||||
48,098 | Bank Leumi Le-Israel BM | 290,533 | ||||||
210,820 | Bezeq the Israel Telecommunication Corp., Ltd. | 270,209 | ||||||
2,059 | Check Point Software Technologies, Ltd. (a)(b) | 204,541 | ||||||
2,689 | Frutarom Industries Ltd. | 247,247 | ||||||
3,380 | Mizrahi Tefahot Bank, Ltd. | 64,747 | ||||||
1,962 | Nice, Ltd. (a) | 183,322 | ||||||
41,722 | Teva Pharmaceutical Industries, Ltd.-ADR (b) | 713,029 | ||||||
2,020,432 | ||||||||
Italy - 2.43% |
| |||||||
16,791 | Assicurazioni Generali SpA | 322,761 | ||||||
27,381 | Davide Campari-Milano SpA | 207,297 | ||||||
48,356 | Enel SpA | 295,901 | ||||||
4,473 | EXOR NV | 318,407 | ||||||
4,731 | Ferrari NV | 568,722 | ||||||
147,957 | Intesa Sanpaolo SpA | 538,713 | ||||||
75,086 | Intesa Sanpaolo SpA-Savings Shares | 284,414 | ||||||
8,073 | Luxottica Group SpA | 501,532 | ||||||
4,923 | Mediobanca Banca di Credito Finanziario SpA | 57,877 | ||||||
5,348 | Poste Italiane SpA | 48,850 |
Number of | Value | |||||||
Italy (Continued) |
| |||||||
8,014 | Prysmian SpA | $ | 251,657 | |||||
10,535 | Recordati SpA | 388,693 | ||||||
585,518 | Telecom Italia SpA (a) | 555,946 | ||||||
688,250 | Telecom Italia SpA - Savings Share | 573,019 | ||||||
110,323 | UnipolSai Assicurazioni SpA | 262,320 | ||||||
5,176,109 | ||||||||
Japan - 23.84% |
| |||||||
2,731 | ABC-Mart, Inc. | 179,847 | ||||||
1,829 | AEON Mall Co., Ltd. | 38,468 | ||||||
673 | Aisin Seiki Co., Ltd. | 36,728 | ||||||
19,089 | Alfresa Holdings Corp. | 431,045 | ||||||
3,484 | ANA Holdings, Inc. | 135,006 | ||||||
5,600 | Asahi Group Holdings, Ltd. | 301,160 | ||||||
6,578 | Asahi Kasei Corp. | 87,921 | ||||||
20,422 | Asics Corp. | 380,379 | ||||||
26,039 | Astellas Pharma, Inc. | 398,292 | ||||||
5,803 | Bandai Namco Holdings, Inc. | 187,807 | ||||||
2,797 | Benesse Holdings, Inc. | 101,753 | ||||||
3,618 | Bridgestone Corp. | 159,170 | ||||||
9,401 | Brother Industries, Ltd. | 217,985 | ||||||
10,937 | Calbee, Inc. | 371,638 | ||||||
10,047 | Canon, Inc. | 364,488 | ||||||
322 | Central Japan Railway Co. | 61,451 | ||||||
3,758 | Chugai Pharmaceutical Co., Ltd. | 190,787 | ||||||
6,594 | Coca-Cola Bottlers Japan, Inc. | 272,316 | ||||||
20,139 | Credit Saison Co., Ltd. | 337,078 | ||||||
8,359 | Daicel Corp. | 91,790 | ||||||
5,238 | Daifuku Co., Ltd. | 310,548 | ||||||
6,152 | Dai-ichi Life Holdings, Inc. | 113,575 | ||||||
9,027 | Daiichi Sankyo Co., Ltd. | 302,819 | ||||||
1,145 | Daito Trust Construction Co., Ltd. | 194,956 | ||||||
4,955 | Daiwa House Industry Co., Ltd. | 190,883 | ||||||
3,519 | DeNA Co., Ltd. | 64,091 | ||||||
1,896 | DENSO Corp. | 104,289 | ||||||
1,090 | Disco Corp. | 232,980 | ||||||
3,408 | Don Quijote Co., Ltd. | 195,313 | ||||||
16,418 | Electric Power Development Co., Ltd. | 423,189 | ||||||
1,921 | FamilyMart UNY Holdings Co., Ltd. | 160,052 | ||||||
320 | FANUC Corp. | 82,353 | ||||||
1,237 | Fast Retailing Co., Ltd. | 496,944 | ||||||
8,061 | FUJIFILM Holdings Corp. | 321,905 | ||||||
46,336 | Fujitsu, Ltd. | 281,581 | ||||||
1,089 | Hamamatsu Photonics K.K. | 41,895 | ||||||
2,084 | Hikari Tsushin, Inc. | 336,162 | ||||||
6,042 | Hitachi Construction Machinery Co., Ltd. | 234,532 | ||||||
92,339 | Hitachi, Ltd. | 672,561 | ||||||
21,113 | Honda Motor Co., Ltd. | 730,860 | ||||||
449 | Hoshizaki Corp. | 40,029 | ||||||
11,129 | Hoya Corp. | 562,155 | ||||||
10,920 | Idemitsu Kosan Co., Ltd. | 417,807 | ||||||
45,168 | Isetan Mitsukoshi Holdings, Ltd. | 499,812 | ||||||
32,548 | ITOCHU Corp. | 635,570 | ||||||
3,550 | Japan Airlines Co., Ltd. | 144,542 | ||||||
2,402 | Japan Airport Terminal Co., Ltd. | 93,260 | ||||||
2,853 | JTEKT Corp. | 42,038 | ||||||
74,604 | JXTG Holdings, Inc. | 454,829 | ||||||
42,449 | Kajima Corp. | 399,079 | ||||||
33,774 | Kakaku.com, Inc. | 597,710 | ||||||
10,482 | Kao Corp. | 786,920 |
See notes to financial statements.
65
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Japan (Continued) |
| |||||||
1,366 | Keisei Electric Railway Co., Ltd. | $ | 42,047 | |||||
741 | Keyence Corp. | 462,872 | ||||||
5,478 | Kikkoman Corp. | 222,091 | ||||||
14,077 | Kirin Holdings Co., Ltd. | 374,759 | ||||||
41,490 | Kobe Steel, Ltd. (a) | 411,553 | ||||||
6,381 | Komatsu, Ltd. | 213,757 | ||||||
755 | Konami Holdings Corp. | 38,450 | ||||||
38,186 | Konica Minolta, Inc. | 324,618 | ||||||
4,525 | Kose Corp. | 951,259 | ||||||
3,101 | Kyowa Hakko Kirin Co., Ltd. | 67,346 | ||||||
5,334 | Lawson, Inc. | 364,644 | ||||||
9,815 | LINE Corp. (a) | 386,272 | ||||||
28,924 | Lion Corp. | 593,572 | ||||||
4,419 | LIXIL Group Corp. | 98,025 | ||||||
8,280 | M3, Inc. | 380,449 | ||||||
4,213 | Makita Corp. | 208,687 | ||||||
68,706 | Marubeni Corp. | 501,728 | ||||||
32,868 | Mazda Motor Corp. | 439,571 | ||||||
6,264 | McDonald’s Holdings Co. Japan, Ltd. | 296,449 | ||||||
17,891 | Mebuki Financial Group, Inc. | 69,496 | ||||||
3,013 | Medipal Holdings Corp. | 62,884 | ||||||
3,741 | MEIJI Holdings Co., Ltd. | 287,372 | ||||||
9,901 | Minebea Mitsumi, Inc. | 212,889 | ||||||
20,950 | MISUMI Group, Inc. | 580,224 | ||||||
50,998 | Mitsubishi Chemical Holdings Corp. | 496,541 | ||||||
20,286 | Mitsubishi Corp. | 546,080 | ||||||
50,639 | Mitsubishi UFJ Financial Group, Inc. | 336,527 | ||||||
46,901 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 280,963 | ||||||
25,396 | Mitsui & Co., Ltd. | 437,011 | ||||||
2,206 | Mitsui Chemicals, Inc. | 70,039 | ||||||
12,552 | Mixi, Inc. | 469,629 | ||||||
199,633 | Mizuho Financial Group, Inc. | 363,807 | ||||||
326 | Murata Manufacturing Co., Ltd. | 44,999 | ||||||
4,681 | Nabtesco Corp. | 182,317 | ||||||
17,274 | Nexon Co., Ltd. (a) | 292,858 | ||||||
1,105 | NH Foods, Ltd. | 45,372 | ||||||
2,554 | Nidec Corp. | 393,083 | ||||||
19,709 | Nikon Corp. | 356,257 | ||||||
1,056 | Nintendo Co., Ltd. | 469,153 | ||||||
11,425 | Nippon Electric Glass Co., Ltd. | 331,191 | ||||||
1,277 | Nippon Express Co., Ltd. | 84,491 | ||||||
9,500 | Nippon Telegraph & Telephone Corp. | 443,204 | ||||||
1,123 | Nissin Foods Holdings Co., Ltd. | 77,914 | ||||||
3,658 | Nitori Holdings Co., Ltd. | 641,489 | ||||||
29,006 | Nomura Holdings, Inc. | 169,143 | ||||||
1,795 | Nomura Research Institute, Ltd. | 84,812 | ||||||
9,218 | NTT Data Corp. | 96,860 | ||||||
1,787 | NTT DoCoMo, Inc. | 45,557 | ||||||
36,558 | Obayashi Corp. | 402,718 | ||||||
3,086 | Obic Co., Ltd. | 260,051 | ||||||
56,701 | Oji Holdings Corp. | 365,453 | ||||||
8,417 | Olympus Corp. | 321,858 | ||||||
8,379 | OMRON Corp. | 489,807 | ||||||
3,483 | Oracle Corp. | 289,068 | ||||||
4,050 | Oriental Land Co., Ltd. | 414,384 | ||||||
22,858 | ORIX Corp. | 409,638 | ||||||
13,691 | Osaka Gas Co., Ltd. | 272,299 | ||||||
5,486 | Otsuka Corp. | 279,692 | ||||||
12,963 | Panasonic Corp. | 186,155 |
Number of | Value | |||||||
Japan (Continued) |
| |||||||
18,028 | Persol Holdings Co., Ltd. | $ | 523,834 | |||||
18,127 | Pola Orbis Holdings, Inc. | 755,664 | ||||||
32,045 | Recruit Holdings Co., Ltd. | 803,164 | ||||||
42,166 | Resona Holdings, Inc. | 226,640 | ||||||
17,823 | Ricoh Co., Ltd. | 176,070 | ||||||
2,158 | Rohm Co., Ltd. | 204,839 | ||||||
2,239 | Ryohin Keikaku Co., Ltd. | 748,029 | ||||||
4,161 | SBI Holdings, Inc. | 97,767 | ||||||
3,841 | Sega Sammy Holdings, Inc. | 62,233 | ||||||
5,909 | Seiko Epson Corp. | 102,402 | ||||||
2,093 | Sekisui Chemical Co., Ltd. | 36,705 | ||||||
8,347 | Sekisui House Ltd. | 152,732 | ||||||
1,039 | Seven & I Holdings Co., Ltd. - Series A | 44,503 | ||||||
2,301 | Sharp Corp. (a) | 68,913 | ||||||
3,254 | Shimadzu Corp. | 89,762 | ||||||
1,291 | Shimamura Co., Ltd. | 160,973 | ||||||
9,418 | Shinsei Bank, Ltd. | 146,102 | ||||||
16,249 | Shiseido Co., Ltd. | 1,043,462 | ||||||
5,874 | Showa Shell Sekiyu KK | 79,962 | ||||||
631 | SMC Corp. | 256,690 | ||||||
1,234 | Sohgo Security Services Co., Ltd. | 60,643 | ||||||
2,760 | Sompo Holdings, Inc. | 111,209 | ||||||
12,029 | Sony Corp. | 591,831 | ||||||
4,404 | Stanley Electric Co., Ltd. | 165,356 | ||||||
24,444 | Start Today Co., Ltd. | 636,216 | ||||||
1,445 | Subaru Corp. | 47,834 | ||||||
6,482 | SUMCO Corp. | 169,294 | ||||||
35,176 | Sumitomo Chemical Co., Ltd. | 204,081 | ||||||
26,591 | Sumitomo Corp. | 445,467 | ||||||
2,312 | Sumitomo Heavy Industries, Ltd. | 88,335 | ||||||
6,104 | Sumitomo Metal Mining Co., Ltd. | 252,471 | ||||||
10,979 | Sumitomo Mitsui Financial Group, Inc. | 465,776 | ||||||
12,072 | Sundrug Co., Ltd. | 565,042 | ||||||
3,504 | Suntory Beverage & Food, Ltd. | 170,577 | ||||||
13,105 | Suzuken Co., Ltd. | 551,438 | ||||||
3,858 | Suzuki Motor Corp. | 209,464 | ||||||
6,606 | Sysmex Corp. | 600,234 | ||||||
5,040 | Taiheiyo Cement Corp. | 181,034 | ||||||
4,875 | Taisei Corp. | 250,037 | ||||||
6,088 | Takeda Pharmaceutical Co., Ltd. | 296,859 | ||||||
4,844 | Teijin, Ltd. | 92,048 | ||||||
5,620 | Terumo Corp. | 292,306 | ||||||
7,560 | The Hachijuni Bank Ltd. | 41,086 | ||||||
47,778 | The Kansai Electric Power Co., Inc. | 624,677 | ||||||
6,970 | The Yokohama Rubber Co., Ltd. | 161,539 | ||||||
3,665 | THK Co., Ltd. | 152,464 | ||||||
118,480 | Tokyo Electric Power Co. Holdings, Inc. (a) | 464,084 | ||||||
1,680 | Tokyo Electron, Ltd. | 310,785 | ||||||
1,921 | Tokyo Gas Co., Ltd. | 51,330 | ||||||
66,775 | Tokyu Fudosan Holdings, Corp. | 480,446 | ||||||
9,514 | Tosoh Corp. | 187,621 | ||||||
1,777 | TOTO, Ltd. | 93,169 | ||||||
3,850 | Toyota Industries Corp. | 232,749 | ||||||
10,880 | Toyota Motor Corp. | 706,456 | ||||||
5,459 | Toyota Tsusho Corp. | 184,484 | ||||||
2,878 | Trend Micro, Inc. | 169,721 | ||||||
4,031 | Tsuruha Holdings, Inc. | 580,153 | ||||||
4,695 | Unicharm Corp. | 135,420 | ||||||
2,970 | Yakult Honsha Co., Ltd. | 222,629 | ||||||
28,379 | Yamada Denki Co., Ltd. | 172,451 |
See notes to financial statements.
66
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Japan (Continued) |
| |||||||
2,278 | Yamaha Corp. | $ | 100,061 | |||||
3,279 | Yamaha Motor Co., Ltd. | 97,557 | ||||||
17,420 | Yamazaki Baking Co., Ltd. | 364,956 | ||||||
8,140 | Yaskawa Electric Corp. | 369,194 | ||||||
3,817 | Yokogawa Electric Corp. | 77,390 | ||||||
50,760,202 | ||||||||
Jersey - 0.76% | ||||||||
7,276 | Ferguson Plc | 547,226 | ||||||
102,986 | Glencore Plc | 511,760 | ||||||
8,356 | Shire Plc | 415,876 | ||||||
9,103 | WPP Plc | 144,661 | ||||||
1,619,523 | ||||||||
Luxembourg - 0.55% | ||||||||
19,230 | ArcelorMittal (a) | 610,789 | ||||||
144 | Eurofins Scientific SE | 75,884 | ||||||
2,234 | Millicom International Cellular SA | 152,883 | ||||||
4,102 | RTL Group SA | 340,565 | ||||||
1,180,121 | ||||||||
Macau - 0.15% | ||||||||
26,638 | MGM China Holdings Ltd. | 69,282 | ||||||
68,153 | Wynn Macau, Ltd. | 249,797 | ||||||
319,079 | ||||||||
Netherlands - 3.77% | ||||||||
7,600 | ABN AMRO Group NV | 229,166 | ||||||
73,620 | Aegon NV | 496,701 | ||||||
3,592 | Airbus SE | 415,802 | ||||||
1,321 | Akzo Nobel NV | 124,812 | ||||||
2,629 | ASML Holding NV | 521,315 | ||||||
17,999 | CNH Industrial NV | 222,415 | ||||||
36,562 | Fiat Chrysler Automobiles NV (a) | 745,730 | ||||||
2,850 | Heineken Holding NV | 293,862 | ||||||
1,399 | Heineken NV | 150,468 | ||||||
38,265 | ING Groep NV | 645,731 | ||||||
36,128 | Koninklijke Ahold Delhaize NV | 856,087 | ||||||
1,545 | Koninklijke DSM NV | 153,568 | ||||||
7,207 | Koninklijke Philips NV | 275,971 | ||||||
13,104 | NN Group NV | 582,211 | ||||||
1,189 | QIAGEN NV (a) | 38,438 | ||||||
5,672 | Randstad Holding NV | 373,558 | ||||||
24,324 | RELX NV | 504,210 | ||||||
14,365 | STMicroelectronics NV | 319,675 | ||||||
15,212 | Unilever NV | 858,649 | ||||||
4,080 | Wolters Kluwer NV | 216,995 | ||||||
8,025,364 | ||||||||
New Zealand - 0.27% | ||||||||
39,340 | Fisher & Paykel Healthcare Corp., Ltd. | 376,856 | ||||||
34,910 | Mercury NZ Ltd. | 81,629 | ||||||
20,389 | Meridian Energy, Ltd. | 42,172 | ||||||
11,040 | Ryman Healthcare Ltd. | 84,956 | ||||||
585,613 | ||||||||
Norway - 0.73% | ||||||||
6,130 | DNB ASA | 120,744 | ||||||
7,262 | Gjensidige Forsikring ASA | 133,565 | ||||||
15,316 | Marine Harvest ASA | 309,590 | ||||||
6,308 | Norsk Hydro ASA | 37,417 |
Number of | Value | |||||||
Norway (Continued) | ||||||||
22,053 | Orkla ASA | $ | 237,665 | |||||
17,723 | Schibsted ASA - Class B | 453,619 | ||||||
2,598 | Statoil ASA | 61,489 | ||||||
8,607 | Telenor ASA | 195,733 | ||||||
1,549,822 | ||||||||
Portugal - 0.23% | ||||||||
26,476 | Jeronimo Martins SGPS SA | 481,562 | ||||||
Singapore - 1.88% | ||||||||
19,423 | DBS Group Holdings, Ltd. | 410,259 | ||||||
90,367 | Genting Singapore Plc | 74,953 | ||||||
1,519,103 | Golden Agri-Resources, Ltd. | 407,243 | ||||||
1,256,691 | Hutchison Port Holdings Trust | 372,299 | ||||||
14,187 | Jardine Cycle & Carriage, Ltd. | 374,769 | ||||||
54,908 | Oversea-Chinese Banking Corp., Ltd. | 540,899 | ||||||
12,171 | Singapore Airlines Ltd. | 101,137 | ||||||
134,195 | Singapore Exchange, Ltd. | 757,588 | ||||||
101,809 | StarHub, Ltd. | 179,212 | ||||||
�� | 17,955 | United Overseas Bank, Ltd. | 377,813 | |||||
28,031 | UOL Group, Ltd. | 183,790 | ||||||
230,932 | Yangzijiang Shipbuilding Holdings, Ltd. | 215,086 | ||||||
3,995,048 | ||||||||
South Africa - 0.07% | ||||||||
20,316 | Investec Plc | 157,008 | ||||||
Spain - 2.10% | ||||||||
18,593 | Abertis Infraestructuras SA | 416,817 | ||||||
6,161 | ACS, Actividades de Construccion y Servicios SA | 240,375 | ||||||
455 | Aena SME SA | 91,748 | ||||||
7,459 | Amadeus IT Holdings SA - Class A | 551,990 | ||||||
41,186 | Banco Bilbao Vizcaya Argentaria SA | 326,176 | ||||||
65,349 | Banco de Sabadell SA | 133,667 | ||||||
87,665 | Banco Santander SA | 573,801 | ||||||
3,945 | Bankinter SA | 40,615 | ||||||
4,960 | Ferrovial SA | 103,702 | ||||||
26,253 | Industria de Diseno Textil SA | 825,360 | ||||||
56,300 | Mapfre SA | 187,310 | ||||||
42,363 | Repsol SA | 753,030 | ||||||
23,095 | Telefonica SA | 228,799 | ||||||
4,473,390 | ||||||||
Sweden - 1.51% | ||||||||
5,173 | Atlas Copco AB - Class A | 224,673 | ||||||
3,625 | Atlas Copco AB - Class B | 141,540 | ||||||
1,251 | Boliden AB | 44,021 | ||||||
5,002 | Electrolux AB - Series B | 157,961 | ||||||
29,177 | Hennes & Mauritz AB - Series B | 435,879 | ||||||
699 | Hexagon AB - Class B | 41,723 | ||||||
3,762 | Husqvarna AB - Class B | 36,369 | ||||||
3,858 | ICA Gruppen AB | 136,779 | ||||||
11,016 | Industrivarden AB - C Shares | 256,916 | ||||||
2,676 | Investor AB - B Shares | 118,877 | ||||||
6,945 | Kinnevik AB - Class B | 250,911 | ||||||
8,288 | Sandvik AB | 151,846 | ||||||
2,476 | Securitas AB - Series B | 42,158 | ||||||
1,539 | Swedbank AB - A Shares | 34,582 | ||||||
9,428 | Swedish Match AB | 427,255 | ||||||
12,941 | Tele2 AB - B Shares | 155,840 | ||||||
39,257 | Telefonaktiebolaget LM Ericsson - Series B | 249,987 | ||||||
16,430 | Volvo AB - Class B | 300,741 | ||||||
3,208,058 | ||||||||
See notes to financial statements.
67
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Switzerland - 5.58% | ||||||||
8,621 | ABB, Ltd. | $ | 204,992 | |||||
1,409 | Adecco Group AG | 100,363 | ||||||
1,814 | Baloise Holding AG | 277,512 | ||||||
261 | Barry Callebaut AG | 510,453 | ||||||
3,281 | Cie Financiere Richemont SA | 294,837 | ||||||
11,640 | Clariant AG | 278,463 | ||||||
2,324 | Credit Suisse Group AG | 39,032 | ||||||
818 | Dufry AG (a) | 107,444 | ||||||
120 | Geberit AG | 53,067 | ||||||
60 | Givaudan SA | 136,881 | ||||||
1,536 | Julius Baer Group, Ltd. | 94,528 | ||||||
4,176 | Kuehne & Nagel International AG | 657,741 | ||||||
830 | Lonza Group AG | 195,747 | ||||||
27,144 | Nestle SA | 2,145,503 | ||||||
15,078 | Novartis AG | 1,219,522 | ||||||
4,699 | Pargesa Holding SA | 416,937 | ||||||
987 | Partners Group Holding AG | 734,451 | ||||||
6,155 | Roche Holdings AG | 1,411,939 | ||||||
214 | SGS SA | 526,425 | ||||||
51 | Sika AG | 400,052 | ||||||
1,934 | Sonova Holding AG | 307,473 | ||||||
936 | Straumann Holding AG | 590,563 | ||||||
1,155 | Swiss Life Holding AG | 411,604 | ||||||
271 | Swisscom AG | 134,444 | ||||||
458 | The Swatch Group AG - Group I | 202,090 | ||||||
1,938 | The Swatch Group AG - Group N | 162,525 | ||||||
6,875 | UBS Group AG | 121,130 | ||||||
459 | Zurich Insurance Group AG | 151,407 | ||||||
11,887,125 | ||||||||
United Kingdom - 13.35% |
| |||||||
60,470 | 3i Group Plc | 729,863 | ||||||
24,030 | Admiral Group Plc | 621,953 | ||||||
40,685 | Anglo American Plc | 947,741 | ||||||
2,546 | Ashtead Group Plc | 69,421 | ||||||
6,057 | Associated British Foods Plc | 211,761 | ||||||
9,584 | AstraZeneca Plc | 658,815 | ||||||
148,847 | Auto Trader Group Plc | 731,644 | ||||||
5,057 | BAE Systems Plc | 41,375 | ||||||
17,809 | Barratt Developments Plc | 132,522 | ||||||
9,519 | Berkeley Group Holdings Plc | 506,024 | ||||||
14,898 | BHP Billiton Plc | 294,432 | ||||||
55,743 | BP Plc | 375,991 | ||||||
13,422 | British American Tobacco Plc | 775,882 | ||||||
26,654 | British Sky Broadcasting Group Plc | 485,424 | ||||||
39,713 | Burberry Group Plc | 946,616 | ||||||
18,119 | Capita Plc | 36,619 | ||||||
3,940 | Carnival Plc | 253,591 | ||||||
118,877 | Centrica Plc | 238,024 | ||||||
3,098 | Coca-Cola European Partners Plc | 129,063 | ||||||
10,965 | Coca-Cola HBC AG | 405,777 | ||||||
24,903 | Compass Group Plc | 508,492 | ||||||
3,084 | Croda International Plc | 198,120 | ||||||
14,974 | Diageo Plc | 506,415 | ||||||
19,487 | Direct Line Insurance Group Plc | 104,343 | ||||||
19,288 | easyJet Plc | 434,787 | ||||||
34,567 | GlaxoSmithKline Plc | 671,326 | ||||||
44,356 | Hargreaves Lansdown Plc | 1,018,128 | ||||||
161,500 | HSBC Holdings Plc | 1,516,597 |
Number of | Value | |||||||
United Kingdom (Continued) |
| |||||||
5,416 | Imperial Brands Plc | $ | 184,412 | |||||
6,318 | InterContinental Hotels Group Plc | 378,527 | ||||||
94,494 | International Consolidated Airlines Group SA | 818,117 | ||||||
5,009 | Intertek Group Plc | 327,879 | ||||||
203,508 | J. Sainsbury Plc | 682,663 | ||||||
45,075 | Kingfisher Plc | 184,911 | ||||||
124,791 | Legal & General Group Plc | 452,148 | ||||||
299,693 | Lloyds Banking Group Plc | 272,608 | ||||||
6,032 | London Stock Exchange Group Plc | 349,269 | ||||||
106,919 | Marks & Spencer Group Plc | 406,126 | ||||||
32,350 | Mediclinic International Plc | 272,941 | ||||||
26,808 | Meggitt Plc | 162,631 | ||||||
10,390 | Merlin Entertainments Plc | 50,522 | ||||||
1,675 | Micro Focus International Plc | 23,389 | ||||||
1,478 | Mondi Plc | 39,726 | ||||||
9,580 | Next Plc | 640,412 | ||||||
11,821 | Old Mutual Plc | 39,776 | ||||||
4,228 | Pearson Plc | 44,575 | ||||||
10,020 | Persimmon Plc | 355,631 | ||||||
22,351 | Prudential Plc | 558,521 | ||||||
24,603 | RELX Plc | 505,390 | ||||||
10,331 | Rio Tinto Plc | 524,236 | ||||||
15,733 | Rolls-Royce Holdings Plc (a) | 192,353 | ||||||
24,535 | Royal Dutch Shell Plc - Class A | 776,249 | ||||||
14,245 | Royal Dutch Shell Plc - Class B | 458,381 | ||||||
201,378 | Royal Mail Plc | 1,528,411 | ||||||
3,073 | Schroders Plc | 137,880 | ||||||
33,138 | Smith & Nephew Plc | 619,911 | ||||||
10,632 | Smiths Group Plc | 226,156 | ||||||
5,860 | Standard Chartered Plc | 58,731 | ||||||
8,216 | Standard Life Aberdeen Plc | 41,472 | ||||||
67,214 | Taylor Wimpey Plc | 174,131 | ||||||
118,138 | Tesco Plc | 341,915 | ||||||
46,551 | The Sage Group Plc | 418,280 | ||||||
6,204 | Travis Perkins Plc | 107,565 | ||||||
18,949 | TUI AG | 406,334 | ||||||
15,840 | Unilever Plc | 878,525 | ||||||
267,803 | Vodafone Group Plc | 732,716 | ||||||
166,021 | Wm Morrison Supermarkets Plc | 498,123 | ||||||
28,422,289 | ||||||||
Total Common Stocks | 197,869,945 | |||||||
INVESTMENT COMPANIES - 4.38% |
| |||||||
Canada - 0.37% |
| |||||||
28,709 | iShares MSCI Canada ETF | 791,220 | ||||||
Switzerland - 4.01% |
| |||||||
122,446 | iShares MSCI EAFE ETF | 8,532,037 | ||||||
Total Investment Companies | 9,323,257 | |||||||
PARTICIPATORY NOTES - 0.03% |
| |||||||
Switzerland - 0.03% |
| |||||||
268 | Schindler Holdings AG (d) | 57,826 | ||||||
Total Participatory Notes | 57,826 | |||||||
See notes to financial statements.
68
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
PREFERRED STOCKS - 0.27% |
| |||||||
Germany - 0.27% |
| |||||||
6,028 | FUCHS PETROLUB SE - Preference Shares | $ | 327,228 | |||||
2,234 | Porsche Automobil Holding SE | 186,223 | ||||||
3,645 | Schaeffler AG | 56,294 | ||||||
Total Preferred Stocks | 569,745 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 0.66% |
| |||||||
Australia - 0.02% |
| |||||||
8,212 | Goodman Group | 53,395 | ||||||
France - 0.27% |
| |||||||
929 | Fonciere Des Regions | 102,486 | ||||||
1,546 | Gecina SA | 268,280 | ||||||
2,075 | ICADE | 201,451 | ||||||
572,217 | ||||||||
Hong Kong - 0.10% |
| |||||||
23,827 | Link Real Estate Investment Trust | 204,239 | ||||||
Singapore - 0.11% |
| |||||||
104,161 | CapitaLand Commercial Trust | 146,011 | ||||||
60,285 | Suntec Real Estate Investment Trust | 87,405 | ||||||
233,416 | ||||||||
United Kingdom - 0.16% |
| |||||||
40,514 | Segro Plc | 341,914 | ||||||
Total Real Estate Investment Trusts | 1,405,181 | |||||||
SHORT TERM INVESTMENTS - 0.78% |
| |||||||
Money Market Funds - 0.78% |
| |||||||
1,661,097 | Deutsche Government Money Market Series - Institutional Shares Effective Yield, 1.56% (c) | 1,661,097 | ||||||
Total Short Term Investments | 1,661,097 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.44% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 0.44% |
| |||||||
929,168 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.91% (c) | $ | 929,168 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 929,168 | |||||||
Total Investments | 211,816,219 | |||||||
Other Assets in Excess of | 1,056,295 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 212,872,514 | ||||||
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, 2018. |
(d) | Represents the value of the underlying security. See note 3t. of the Notes to financial statements. |
(e) | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
Glossary of Terms
ADR | - | American Depositary Receipt | ||
ID | - | Irish Stock Exchange | ||
LN | - | London Stock Exchange |
See notes to financial statements.
69
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2018
COMMON STOCKS | ||||
Aerospace & Defense | 0.71% | |||
Air Freight & Logistics | 1.08% | |||
Airlines | 1.30% | |||
Auto Components | 1.20% | |||
Automobiles | 2.00% | |||
Banks | 7.68% | |||
Beverages | 1.85% | |||
Biotechnology | 0.26% | |||
Building Products | 0.13% | |||
Capital Markets | 2.67% | |||
Chemicals | 2.85% | |||
Commercial Services & Supplies | 0.17% | |||
Communications Equipment | 0.14% | |||
Construction & Engineering | 1.24% | |||
Construction Materials | 0.36% | |||
Consumer Finance | 0.35% | |||
Containers & Packaging | 0.02% | |||
Distributors | 0.18% | |||
Diversified Consumer Services | 0.05% | |||
Diversified Financial Services | 1.72% | |||
Diversified Telecommunication Services | 1.56% | |||
Electric Utilities | 1.14% | |||
Electrical Equipment | 0.72% | |||
Electronic Equipment, Instruments & Components | 1.72% | |||
Food & Staples Retailing | 3.77% | |||
Food Products | 3.75% | |||
Gas Utilities | 0.20% | |||
Health Care Equipment & Supplies | 2.35% | |||
Health Care Providers & Services | 0.85% | |||
Health Care Technology | 0.18% | |||
Hotels, Restaurants & Leisure | 2.67% | |||
Household Durables | 1.65% | |||
Household Products | 0.71% | |||
Independent Power and Renewable Electricity Producers | 0.22% | |||
Industrial Conglomerates | 0.67% | |||
Insurance | 5.01% | |||
Internet & Direct Marketing Retail | 0.54% | |||
Internet Software & Services | 1.21% | |||
IT Services | 1.57% | |||
Leisure Products | 0.33% | |||
Life Sciences Tools & Services | 0.15% | |||
Machinery | 1.82% | |||
Marine | 0.31% | |||
Media | 1.32% | |||
Metals & Mining | 3.03% | |||
Multiline Retail | 1.25% | |||
Multi-Utilities | 0.33% | |||
Oil, Gas & Consumable Fuels | 2.98% |
Paper & Forest Products | 0.54% | |||
Personal Products | 1.76% | |||
Pharmaceuticals | 4.99% | |||
Professional Services | 1.52% | |||
Real Estate Management & Development | 1.99% | |||
Road & Rail | 0.44% | |||
Semiconductors & Semiconductor Equipment | 1.00% | |||
Software | 2.49% | |||
Specialty Retail | 2.18% | |||
Technology Hardware, Storage & Peripherals | 0.58% | |||
Textiles, Apparel & Luxury Goods | 3.15% | |||
Tobacco | 0.65% | |||
Trading Companies & Distributors | 2.06% | |||
Transportation Infrastructure | 0.88% | |||
Wireless Telecommunication Services | 0.75% | |||
TOTAL COMMON STOCKS | 92.95% | |||
INVESTMENT COMPANIES | ||||
Exchange Traded Funds | 4.38% | |||
TOTAL INVESTMENT COMPANIES | 4.38% | |||
PARTICIPATORY NOTES | ||||
Machinery | 0.03% | |||
TOTAL PARTICIPATORY NOTES | 0.03% | |||
PREFERRED STOCKS | ||||
Auto Components | 0.03% | |||
Automobiles | 0.09% | |||
Chemicals | 0.15% | |||
TOTAL PREFERRED STOCKS | 0.27% | |||
REAL ESTATE INVESTMENT TRUSTS | ||||
Real Estate Investment Trusts | 0.66% | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 0.66% | |||
SHORT TERM INVESTMENTS | ||||
Money Market Funds | 0.78% | |||
TOTAL SHORT TERM INVESTMENTS | 0.78% | |||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | ||||
Investments Purchased with Proceeds from Securities Lending Collateral | 0.44% | |||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | 0.44% | |||
TOTAL INVESTMENTS | 99.51% | |||
Other Assets in Excess of Liabilities | 0.49% | |||
TOTAL NET ASSETS | 100.00% | |||
Percentages are stated as a percent of net assets.
See notes to financial statements.
70
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Principal | Value | |||||||
ASSET BACKED SECURITIES - 17.43% | ||||||||
395,000 | AIMCO CLO | $ | 395,060 | |||||
222,824 | Ajax Mortgage Loan Trust | 220,300 | ||||||
510,000 | Ally Auto Receivables Trust | 503,498 | ||||||
395,000 | Ally Master Owner Trust | 392,644 | ||||||
250,000 | Americredit Automobile Receivables Trust | 247,545 | ||||||
320,000 | AmeriCredit Automobile Receivables Trust | 315,599 | ||||||
392,000 | AMMC CLO 21 Ltd. | 394,737 | ||||||
500,000 | Apidos CLO XII | 502,101 | ||||||
250,000 | Atlas Senior Loan Fund X Ltd. | 250,217 | ||||||
400,000 | Atrium XII | 400,254 | ||||||
250,000 | Babson CLO Ltd. | 250,317 | ||||||
575,000 | Series 2013-IA, 2.545% | 575,169 | ||||||
250,000 | Series 2013-IIA, 2.935% | 250,840 | ||||||
397,000 | BlueMountain CLO Ltd. | 400,228 | ||||||
403,000 | Series 2015-3R, 0.000% | 403,000 | ||||||
315,000 | BMW Vehicle Lease Trust | 312,153 | ||||||
385,000 | Bristol Park CLO Ltd. | 388,344 | ||||||
735,000 | Capital One Multi-Asset Execution Trust | 724,470 | ||||||
Carlyle Global Market Strategies CLO Ltd. | ||||||||
250,000 | Series 2013-3A, 2.822% | 251,059 | ||||||
370,000 | Series 2013-4A, 2.722% | 370,000 | ||||||
645,000 | Chase Issuance Trust | 635,990 | ||||||
CIFC Funding Ltd. |
Principal | Value | |||||||
ASSET BACKED SECURITIES (Continued) | ||||||||
365,000 | Series 2013-IR, 2.972% | $ | 367,212 | |||||
390,000 | Series 2013-IIR, 2.944% | 393,319 | ||||||
250,000 | Series 2015-IR, 2.855% | 251,151 | ||||||
250,000 | Series 2018-1, 3.157% | 250,000 | ||||||
20,191 | CIG AUTO RECEIVABLES TRUST | 20,081 | ||||||
62,643 | Conn’s Receivables Funding LLC | 62,557 | ||||||
270,000 | Dryden 38 Senior Loan Fund | 270,428 | ||||||
530,000 | Dryden 50 Senior Loan Fund | 532,963 | ||||||
145,000 | Engs Commercial Finance Trust | 145,355 | ||||||
300,000 | Ford Credit Auto Lease Trust | 297,116 | ||||||
485,000 | Ford Credit Auto Owner Trust | 482,803 | ||||||
295,000 | Galaxy XXII CLO, Ltd. | 295,118 | ||||||
100,000 | GCO Education Loan Funding Trust | 93,791 | ||||||
570,000 | GM Financial Automobile Leasing Trust | 566,556 | ||||||
300,000 | GTP Acquisition Partners I LLC | 290,466 | ||||||
KKR Financial CLO Ltd. | ||||||||
340,000 | Series 2016-16, 3.235% | 342,440 | ||||||
250,000 | Series 2013-IA, 3.012% | 252,616 | ||||||
400,000 | Series 2015-11R, 2.902% | 401,262 | ||||||
280,000 | Series 2014-21, 0.000% | 280,000 | ||||||
320,000 | LCM XXII Ltd. | 322,826 | ||||||
250,000 | LCM XXV Ltd. | 251,159 | ||||||
100,000 | Lendmark Funding Trust | 100,002 | ||||||
365,016 | Mill City Mortgage Loan Trust | 361,737 |
See notes to financial statements.
71
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
ASSET BACKED SECURITIES (Continued) | ||||||||
238,540 | Morgan Stanley ABS Capital I, Inc. Trust | $ | 236,856 | |||||
114,877 | Nationstar HECM Loan Trust | 115,020 | ||||||
Neuberger Berman CLO Ltd. | ||||||||
401,000 | Series 2017-16A, 2.572% | 401,509 | ||||||
345,000 | Series 2018-27A, 3.417% | 344,991 | ||||||
NRZ Advance Receivables Trust | ||||||||
147,000 | Series 2016-T2, 2.575%, 10/15/2049 (d) | 145,673 | ||||||
136,000 | Series 2015-ON1, 3.107%, 12/15/2050 (c) | 135,394 | ||||||
120,000 | Series 2017-T1, 3.214%, 02/15/2051 (c) | 119,446 | ||||||
NRZ Excess Spread-Collateralized Notes Series | ||||||||
212,084 | Series 2018-PLS1, 3.193%, 01/25/2023 (c) | 211,018 | ||||||
134,747 | Series 2018-PLS2, 3.265%, 02/25/2023 (c) | 134,498 | ||||||
OCP CLO Ltd. | ||||||||
275,000 | Series 2015-8R, 2.581% | 275,299 | ||||||
335,000 | Series 2015-9R, 2.522% | 334,999 | ||||||
278,570 | Octagon Investment Partners XVI Ltd. | 278,629 | ||||||
250,000 | Octagon Investment Partners XXI Ltd. | 250,142 | ||||||
209,911 | OHA Credit Partners VIII, Ltd. | 209,980 | ||||||
OneMain Financial Issuance Trust | ||||||||
120,000 | Series 2017-1A, 2.370%, 09/14/2032 (c) | 118,014 | ||||||
331,000 | Series 2018-1A, 3.300%, 03/14/2029 (c) | 332,636 | ||||||
300,000 | OZLM XII Ltd. | 301,090 | ||||||
220,000 | Prosper Marketplace Issuance Trust | 220,048 | ||||||
400,000 | RR 3 Ltd. | 401,331 | ||||||
SBA Tower Trust | ||||||||
155,000 | Series 2014-1-2, 2.898%, 10/15/2044 (c) | 154,267 | ||||||
90,000 | Series 2017-1, 3.168%, 04/15/2047 (c) | 89,157 | ||||||
125,000 | Series 2018-1, 3.448%, 03/15/2048 (c) | 125,248 | ||||||
250,000 | Shackleton | 250,291 | ||||||
190,000 | Skopos Auto Receivables Trust | 190,009 | ||||||
SoFi Consumer Loan Program Trust | ||||||||
348,947 | Series 2016-2, 3.090%, 10/27/2025 (c)(h) | 349,553 | ||||||
229,459 | Series 2018-1, 2.550%, 02/25/2027 (c) | 228,776 |
Principal | Value | |||||||
ASSET BACKED SECURITIES (Continued) | ||||||||
315,000 | Sound Point CLO II Ltd. | $ | 315,559 | |||||
210,008 | Sound Point CLO IV Ltd. | 210,251 | ||||||
401,000 | Sound Point CLO XVIII Ltd. | 402,189 | ||||||
125,000 | Springleaf Funding Trust | 123,114 | ||||||
Voya CLO Ltd. | ||||||||
400,000 | Series 2014-3, 2.465% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/25/2026 (b)(c) | 400,054 | ||||||
480,000 | Series 2015-1, 2.634% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (b)(c) | 480,455 | ||||||
80,000 | Wendy’s Funding LLC | 79,357 | ||||||
230,000 | World Omni Auto Receivables Trust | 225,467 | ||||||
400,000 | Z Capital Credit Partners CLO Ltd. | 400,322 | ||||||
Total Asset Backed Securities | 23,405,125 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 9.03% |
| |||||||
Angel Oak Mortgage Trust LLC | ||||||||
27,379 | Series 2017-1, 2.810%, 01/25/2047 (a)(c) | 27,036 | ||||||
43,823 | Series 2017-2, 2.478%, 07/25/2047 (a)(c) | 43,205 | ||||||
43,599 | Series 2017-3, 2.708%, 11/25/2047 (a)(c) | 42,911 | ||||||
205,000 | Series 2018-1, 3.258%, 04/25/2048 (c) | 204,999 | ||||||
BANK 2017-BNK9 | ||||||||
110,000 | Series 2017-BNK8, 3.488%, 11/17/2050 | 110,019 | ||||||
384,000 | Series 2017-BNK9, 3.538%, 11/17/2054 | 384,981 | ||||||
270,000 | BANK 2018-BNK10 | 272,634 | ||||||
120,059 | Bayview Koitere Fund Trust | 121,160 | ||||||
88,737 | Bayview Mortgage Fund IVc Trust | 89,508 | ||||||
Bayview Opportunity Master Fund IVa Trust | ||||||||
307,062 | Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(c) | 309,195 | ||||||
99,867 | Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(c) | 102,205 | ||||||
Bayview Opportunity Master Fund IVb Trust | ||||||||
83,805 | Series 2017-SPL3, 4.000%, 11/28/2053 (a)(c) | 86,255 | ||||||
121,764 | Series 2017-RT6, 3.500%, 10/28/2057 (a)(c) | 123,087 | ||||||
BBCMS Mortgage Trust | ||||||||
132,000 | Series 2017-DELC, 2.627% (1 Month LIBOR USD + 0.850%), 08/15/2036 (b)(c) | 132,112 | ||||||
96,000 | Series 2017-C1, 3.674%, 02/17/2050 | 97,147 | ||||||
105,000 | BENCHMARK Mortgage Trust | 106,051 | ||||||
92,000 | CD 2017-CD4 Mortgage Trust | 92,028 | ||||||
153,000 | CFCRE Commercial Mortgage Trust | 152,702 | ||||||
51,600 | Chase Mortgage Finance Trust | 50,443 |
See notes to financial statements.
72
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
112,647 | CIM Trust | $ | 112,029 | |||||
Citigroup Commercial Mortgage Trust | ||||||||
407,000 | Series 2016-P4, 2.902%, 07/12/2049 | 391,620 | ||||||
383,000 | Series 2016-P6, 3.720%, 12/10/2049 (a) | 389,907 | ||||||
146,549 | Citigroup Mortgage Loan Trust, Inc. | 147,287 | ||||||
COLT Mortgage Loan Trust | ||||||||
57,675 | Series 2017-1, 2.614%, 05/27/2047 (a)(c) | 57,350 | ||||||
134,052 | Series 2018-1, 2.930%, 02/25/2048 (a)(c) | 133,191 | ||||||
120,000 | COMM Mortgage Trust | 126,239 | ||||||
Countrywide Home Loans, Inc. | ||||||||
11,794 | Series 2004-HYB6, 3.511%, 11/20/2034 (a) | 12,060 | ||||||
87,527 | Series 2005-11, 2.472% (1 Month LIBOR USD + 0.600%, 10.500% Cap, 0.300% Floor), 03/25/2035 (b) | 81,607 | ||||||
47,280 | CSMC Trust | 46,148 | ||||||
394,000 | DBJPM Mortgage Trust | 376,761 | ||||||
81,364 | Deephaven Residential Mortgage Trust | 80,936 | ||||||
94,178 | Finance of America Structured Securities Trust | 94,081 | ||||||
387,994 | Four Times Square Trust | 410,174 | ||||||
96,599 | Galton Funding Mortgage Trust 2017-1 | 97,114 | ||||||
GS Mortgage Securities Trust | ||||||||
145,000 | Series 2012-ALOH, 3.551%, 04/12/2034 (c) | 147,441 | ||||||
145,000 | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | 142,211 | ||||||
35,000 | Series 2015-GC34, 3.506%, 10/13/2048 | 35,098 | ||||||
370,000 | Series 2016-GS4, 3.442%, 11/15/2049 (a) | 369,368 | ||||||
107,921 | Series 2017-GS5, 3.674%, 03/11/2050 | 109,346 | ||||||
705,000 | JPMBB Commercial Mortgage Securities Trust | 707,712 | ||||||
261,000 | Madison Park Funding XI, Ltd. | 261,326 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
175,000 | Series 2016-C29, 3.325%, 05/17/2049 | 173,218 | ||||||
403,000 | Series 2016-C30, 2.860%, 09/17/2049 | 384,120 | ||||||
Morgan Stanley Capital I Trust | ||||||||
185,000 | Series 2014-MP, 3.469%, 08/11/2033 (c) | 186,476 | ||||||
152,000 | Series 2017-H1, 3.530%, 06/17/2050 | 152,135 | ||||||
New Residential Mortgage Loan Trust | ||||||||
118,936 | Series 2016-2, 3.750%, 11/25/2035 (a)(c) | 120,406 | ||||||
95,823 | Series 2016-4, 3.750%, 11/25/2056 (a)(c) | 96,950 | ||||||
165,794 | Series 2017-1, 4.000%, 02/25/2057 (a)(c) | 169,605 | ||||||
145,466 | Series 2017-2, 4.000%, 03/25/2057 (a)(c) | 148,778 | ||||||
82,556 | Series 2017-3, 4.000%, 04/25/2057 (a)(c) | 84,186 | ||||||
93,562 | Series 2017-4, 4.000%, 05/25/2057 (a)(c) | 95,571 | ||||||
110,918 | Series 2017-5, 3.372% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (b)(c) | 114,683 | ||||||
117,265 | Series 2017-6, 4.000%, 08/25/2057 (a)(c) | 119,409 | ||||||
127,135 | New Residential Mortgage Trust | 130,360 |
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
130,000 | OBP Depositor LLC Trust | $ | 134,203 | |||||
75,000 | SG Commercial Mortgage Securities Trust | 72,039 | ||||||
Towd Point Mortgage Trust | ||||||||
217,411 | Series 2015-6, 2.750%, 04/25/2055 (a)(c) | 215,613 | ||||||
83,710 | Series 2016-2, 2.750%, 08/25/2055 (a)(c) | 82,803 | ||||||
95,173 | Series 2016-3, 2.250%, 08/25/2055 (a)(c) | 93,958 | ||||||
184,981 | Series 2017-1, 2.750%, 10/25/2056 (a)(c) | 183,394 | ||||||
105,064 | Series 2017-5, 2.472% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (b)(c) | 105,704 | ||||||
384,584 | Series 2017-2, 2.750%, 04/25/2057 (a)(c) | 382,218 | ||||||
87,927 | Series 2017-3, 2.750%, 06/25/2057 (a)(c) | 87,327 | ||||||
99,794 | Series 2017-4, 2.750%, 06/25/2057 (a)(c) | 98,651 | ||||||
393,082 | Series 2017-6, 2.750%, 10/25/2057 (a)(c) | 388,863 | ||||||
127,724 | Series 2018-1, 3.000%, 01/28/2058 (a)(c) | 127,672 | ||||||
368,928 | Verus Securitization Trust | 367,120 | ||||||
380,000 | Wells Fargo Commercial Mortgage Trust | 383,709 | ||||||
540,000 | Wells Fargo-RBS Commercial Mortgage Trust | 547,148 | ||||||
Total Collateralized Mortgage Obligations | 12,123,003 | |||||||
CORPORATE OBLIGATIONS - 29.85% |
| |||||||
Aerospace & Defense - 0.25% | ||||||||
145,000 | Lockheed Martin Corp. | 141,258 | ||||||
205,000 | United Technologies Corp. | 193,837 | ||||||
335,095 | ||||||||
Air Freight & Logistics - 0.23% | ||||||||
FedEx Corp. | ||||||||
50,000 | 4.100%, 02/01/2045 | 47,516 | ||||||
15,000 | 4.550%, 04/01/2046 | 15,190 | ||||||
105,000 | 4.400%, 01/15/2047 | 104,098 | ||||||
150,000 | 4.050%, 02/15/2048 | 141,429 | ||||||
308,233 | ||||||||
Airlines - 0.07% | ||||||||
90,000 | Delta Air Lines, Inc. | 89,971 | ||||||
Automobiles - 0.37% | ||||||||
95,000 | Ford Motor Co. | 93,238 | ||||||
General Motors Co. | ||||||||
15,000 | 6.250%, 10/02/2043 | 16,529 | ||||||
175,000 | 6.750%, 04/01/2046 | 203,838 | ||||||
130,000 | 5.400%, 04/01/2048 (d) | 130,341 | ||||||
50,000 | Nissan Motor Acceptance Corp. | 48,983 | ||||||
492,929 | ||||||||
Banks - 6.80% | ||||||||
200,000 | Banco Santander SA | 193,514 | ||||||
Bank of America Corp. | ||||||||
345,000 | 2.250%, 04/21/2020 | 340,081 |
See notes to financial statements.
73
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Banks (Continued) | ||||||||
100,000 | 2.369% (3 Month LIBOR USD + 0.660%), 07/21/2021 (b) | $ | 98,162 | |||||
35,000 | 2.503%, 10/21/2022 | 33,642 | ||||||
370,000 | 3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (b) | 366,494 | ||||||
190,000 | 4.100%, 07/24/2023 | 196,278 | ||||||
45,000 | 4.000%, 01/22/2025 | 44,951 | ||||||
330,000 | 3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (b) | 321,313 | ||||||
85,000 | 4.183%, 11/25/2027 | 84,430 | ||||||
85,000 | 3.705% (3 Month LIBOR USD + 1.512%), 04/24/2028 (b) | 83,677 | ||||||
100,000 | 6.110%, 01/29/2037 | 120,674 | ||||||
200,000 | 5.000%, 01/21/2044 | 225,048 | ||||||
200,000 | Barclays Bank Plc | 197,217 | ||||||
270,000 | BNP Paribas SA | 261,558 | ||||||
250,000 | BPCE SA | 241,487 | ||||||
Citigroup, Inc. | ||||||||
240,000 | 2.700%, 10/27/2022 | 232,411 | ||||||
55,000 | 2.985% (3 Month LIBOR USD + 1.100%), 05/17/2024 (b) | 55,533 | ||||||
360,000 | 3.700%, 01/12/2026 | 356,099 | ||||||
235,000 | 4.300%, 11/20/2026 | 235,549 | ||||||
75,000 | 4.450%, 09/29/2027 | 75,976 | ||||||
245,000 | 3.887% (3 Month LIBOR USD + 1.563%), 01/10/2028 (b) | 243,943 | ||||||
35,000 | 3.520% (3 Month LIBOR USD + 1.151%), 10/27/2028 (b) | 33,855 | ||||||
250,000 | Credit Agricole SA | 238,394 | ||||||
Deutsche Bank AG | ||||||||
155,000 | 2.700%, 07/13/2020 | 151,798 | ||||||
100,000 | 3.300%, 11/16/2022 | 97,309 | ||||||
280,000 | European Investment Bank | 276,144 | ||||||
120,000 | Fifth Third Bancorp | 119,833 | ||||||
570,000 | HSBC Holdings Plc | 562,898 | ||||||
200,000 | Intesa Sanpaolo SpA | 189,012 | ||||||
JPMorgan Chase & Co. | ||||||||
80,000 | 2.971% (3 Month LIBOR USD + 1.230%), 10/24/2023 (b) | 81,235 | ||||||
225,000 | 3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (b) | 219,503 | ||||||
170,000 | 3.300%, 04/01/2026 | 164,565 | ||||||
90,000 | 2.950%, 10/01/2026 | 84,785 | ||||||
310,000 | 3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (b) | 308,484 | ||||||
205,000 | 3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (b)(d) | 199,239 | ||||||
Royal Bank of Canada | ||||||||
185,000 | 2.125%, 03/02/2020 | 182,386 | ||||||
120,000 | 2.150%, 10/26/2020 | 117,432 |
Principal | Value | |||||||
Banks (Continued) | ||||||||
235,000 | Santander Holdings USA, Inc. | $ | 235,708 | |||||
385,000 | The Bank of Nova Scotia | 382,504 | ||||||
200,000 | UBS AG | 196,520 | ||||||
Wells Fargo & Co. | ||||||||
120,000 | 2.550%, 12/07/2020 | 117,981 | ||||||
150,000 | 2.625%, 07/22/2022 | 145,182 | ||||||
120,000 | 3.000%, 04/22/2026 | 112,781 | ||||||
135,000 | 3.000%, 10/23/2026 | 126,563 | ||||||
390,000 | 3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (b) | 380,994 | ||||||
1,000 | 5.606%, 01/15/2044 | 1,149 | ||||||
105,000 | 4.400%, 06/14/2046 | 102,154 | ||||||
45,000 | 4.750%, 12/07/2046 | 46,222 | ||||||
250,000 | Wells Fargo Bank NA | 246,610 | ||||||
9,129,277 | ||||||||
Beverages - 0.57% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
70,000 | 3.500%, 01/12/2024 | 70,545 | ||||||
65,000 | 8.200%, 01/15/2039 | 97,453 | ||||||
225,000 | 4.750%, 04/15/2058 | 230,759 | ||||||
Constellation Brands, Inc. | ||||||||
115,000 | 2.700%, 05/09/2022 | 111,668 | ||||||
80,000 | 2.650%, 11/07/2022 | 77,389 | ||||||
175,000 | 3.600%, 02/15/2028 | 169,188 | ||||||
5,000 | 4.500%, 05/09/2047 | 4,980 | ||||||
761,982 | ||||||||
Biotechnology - 0.18% | ||||||||
Amgen, Inc. | ||||||||
45,000 | 2.650%, 05/11/2022 | 43,950 | ||||||
125,000 | 4.400%, 05/01/2045 | 125,316 | ||||||
80,000 | Gilead Sciences, Inc. | 77,166 | ||||||
246,432 | ||||||||
Capital Markets - 2.50% | ||||||||
Morgan Stanley | ||||||||
75,000 | 2.625%, 11/17/2021 | 73,262 | ||||||
35,000 | 2.750%, 05/19/2022 | 34,152 | ||||||
230,000 | 3.700%, 10/23/2024 | 229,076 | ||||||
190,000 | 3.125%, 07/27/2026 | 179,998 | ||||||
40,000 | 4.350%, 09/08/2026 | 40,356 | ||||||
50,000 | 3.950%, 04/23/2027 (d) | 48,775 | ||||||
580,000 | 3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (b) | 561,669 | ||||||
15,000 | 3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (b) | 14,703 | ||||||
155,000 | The Bank of New York Mellon Corp. | 150,933 | ||||||
The Goldman Sachs Group, Inc. | ||||||||
212,000 | 2.750%, 09/15/2020 | 209,966 | ||||||
80,000 | 2.600%, 12/27/2020 | 78,855 | ||||||
35,000 | 2.875%, 02/25/2021 | 34,666 | ||||||
50,000 | 2.350%, 11/15/2021 (d) | 48,253 |
See notes to financial statements.
74
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Capital Markets (Continued) | ||||||||
275,000 | 2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (b) | $ | 269,342 | |||||
390,000 | 2.908% (3 Month LIBOR USD + 1.053%), 06/05/2023 (b)(d) | 379,930 | ||||||
55,000 | 2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (b) | 53,543 | ||||||
155,000 | 4.000%, 03/03/2024 | 157,509 | ||||||
140,000 | 3.500%, 01/23/2025 | 137,460 | ||||||
150,000 | 3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (b) | 144,523 | ||||||
255,000 | 3.691% (3 Month LIBOR USD + 1.510%), 06/05/2028 (b) | 247,501 | ||||||
140,000 | 6.750%, 10/01/2037 | 175,689 | ||||||
40,000 | 6.250%, 02/01/2041 | 50,822 | ||||||
5,000 | 4.750%, 10/21/2045 | 5,363 | ||||||
25,000 | Willis North America, Inc. | 24,625 | ||||||
3,350,971 | ||||||||
Chemicals - 0.05% | ||||||||
25,000 | Methanex Corp. | 25,068 | ||||||
45,000 | The Sherwin-Williams Co. | 43,569 | ||||||
68,637 | ||||||||
Commercial Services & Supplies - 0.09% | ||||||||
90,000 | ERAC USA Finance LLC | 117,646 | ||||||
Communications Equipment - 0.10% | ||||||||
Qualcomm, Inc. | ||||||||
65,000 | 2.100%, 05/20/2020 | 64,279 | ||||||
75,000 | 3.000%, 05/20/2022 | 73,924 | ||||||
138,203 | ||||||||
Consumer Finance - 0.11% | ||||||||
125,000 | John Deere Capital Corp. | 122,656 | ||||||
25,000 | Toyota Motor Credit Corp. | 24,712 | ||||||
147,368 | ||||||||
Diversified Financial Services - 1.20% | ||||||||
385,000 | Anheuser-Busch InBev Finance, Inc. | 383,355 | ||||||
BAT Capital Corp. | ||||||||
680,000 | 2.297%, 08/14/2020 (c) | 667,086 | ||||||
50,000 | 4.390%, 08/15/2037 (c) | 49,841 | ||||||
40,000 | BAT International Finance Plc | 39,679 | ||||||
75,000 | Caterpillar Financial Services Corp. | 73,247 | ||||||
Daimler Finance North America LLC | ||||||||
175,000 | 2.450%, 05/18/2020 (c) | 172,571 | ||||||
180,000 | 3.000%, 02/22/2021 (c) | 179,049 | ||||||
45,000 | Shell International Finance BV | 47,938 | ||||||
1,612,766 | ||||||||
Principal | Value | |||||||
Diversified Telecommunication Services - 1.69% | ||||||||
AT&T, Inc. | ||||||||
175,000 | 4.450%, 04/01/2024 | $ | 180,855 | |||||
55,000 | 4.250%, 03/01/2027 | 55,699 | ||||||
305,000 | 4.100%, 02/15/2028 (c) | 303,452 | ||||||
235,000 | 4.500%, 05/15/2035 | 231,488 | ||||||
125,000 | 6.350%, 03/15/2040 | 145,498 | ||||||
165,000 | 4.750%, 05/15/2046 | 160,867 | ||||||
145,000 | 5.150%, 02/14/2050 | 147,046 | ||||||
Verizon Communications, Inc. | ||||||||
355,000 | 4.125%, 03/16/2027 | 360,254 | ||||||
140,000 | 4.500%, 08/10/2033 | 142,117 | ||||||
60,000 | 5.250%, 03/16/2037 | 64,897 | ||||||
20,000 | 4.812%, 03/15/2039 | 20,506 | ||||||
260,000 | 4.862%, 08/21/2046 | 263,397 | ||||||
105,000 | 4.522%, 09/15/2048 | 101,582 | ||||||
90,000 | 5.012%, 08/21/2054 | 90,514 | ||||||
5,000 | 4.672%, 03/15/2055 | 4,776 | ||||||
2,272,948 | ||||||||
Electric Utilities - 1.48% | ||||||||
65,000 | Alabama Power Co. | 63,420 | ||||||
45,000 | Duke Energy Carolinas LLC | 43,749 | ||||||
45,000 | Duke Energy Corp. | 40,759 | ||||||
60,000 | Duke Energy Florida LLC | 54,775 | ||||||
60,000 | Duke Energy Indiana, Inc. | 68,016 | ||||||
235,000 | Duke Energy Progress LLC | 241,852 | ||||||
5,000 | Emera US Finance LP | 5,037 | ||||||
185,000 | Exelon Corp. | 180,940 | ||||||
20,000 | Fortis, Inc. | 19,135 | ||||||
Georgia Power Co. | ||||||||
187,000 | 2.000%, 09/08/2020 | 182,877 | ||||||
85,000 | 2.400%, 04/01/2021 | 83,591 | ||||||
20,000 | Oncor Electric Delivery Co. LLC | 23,109 | ||||||
Pacific Gas & Electric Co. | ||||||||
155,000 | 6.050%, 03/01/2034 | 185,247 | ||||||
180,000 | 4.750%, 02/15/2044 | 186,492 | ||||||
110,000 | Sierra Pacific Power Co. | 102,664 | ||||||
31,000 | South Carolina Electric & Gas Co. | 33,190 | ||||||
250,000 | Southern California Edison Co. | 250,108 | ||||||
The Southern Co. | ||||||||
30,000 | 1.850%, 07/01/2019 | 29,606 | ||||||
155,000 | 2.150%, 09/01/2019 | 153,093 | ||||||
20,000 | 2.950%, 07/01/2023 | 19,449 | ||||||
25,000 | 4.400%, 07/01/2046 | 25,123 | ||||||
1,992,232 | ||||||||
See notes to financial statements.
75
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Engineering & Construction - 0.14% | ||||||||
200,000 | Mexico City Airport Trust | $ | 184,524 | |||||
Food & Staples Retailing - 1.29% | ||||||||
CVS Health Corp. | ||||||||
400,000 | 3.125%, 03/09/2020 | 400,590 | ||||||
553,000 | 2.800%, 07/20/2020 | 549,357 | ||||||
220,000 | 2.125%, 06/01/2021 | 212,704 | ||||||
205,000 | 4.100%, 03/25/2025 | 206,750 | ||||||
59,000 | 3.875%, 07/20/2025 | 58,580 | ||||||
165,000 | 2.875%, 06/01/2026 | 152,313 | ||||||
55,000 | 5.125%, 07/20/2045 | 58,554 | ||||||
90,000 | 5.050%, 03/25/2048 | 95,031 | ||||||
1,733,879 | ||||||||
Food Products - 0.24% | ||||||||
Kraft Heinz Foods Co. | ||||||||
55,000 | 2.000%, 07/02/2018 | 54,948 | ||||||
40,000 | 2.800%, 07/02/2020 | 39,744 | ||||||
185,000 | 5.000%, 07/15/2035 | 192,366 | ||||||
35,000 | 4.375%, 06/01/2046 | 32,220 | ||||||
319,278 | ||||||||
Gas Utilities - 0.01% | ||||||||
10,000 | Southern Co. Gas Capital Corp. | 9,507 | ||||||
Health Care Equipment & Supplies - 1.00% | ||||||||
75,000 | Abbott Laboratories | 74,672 | ||||||
Becton Dickinson and Co. | ||||||||
205,000 | 3.125%, 11/08/2021 | 201,879 | ||||||
100,000 | 3.363%, 06/06/2024 | 96,382 | ||||||
195,000 | 3.700%, 06/06/2027 | 188,630 | ||||||
180,000 | Boston Scientific Corp. | 180,614 | ||||||
295,000 | Dignity Health | 293,809 | ||||||
Medtronic, Inc. | ||||||||
46,000 | 4.375%, 03/15/2035 | 48,895 | ||||||
65,000 | 4.625%, 03/15/2045 | 71,316 | ||||||
Shire Acquisitions Investments Ireland Designated Activity Co. | ||||||||
70,000 | 2.400%, 09/23/2021 | 67,642 | ||||||
125,000 | 2.875%, 09/23/2023 | 119,484 | ||||||
1,343,323 | ||||||||
Health Care Providers & Services - 0.76% | ||||||||
150,000 | Anthem, Inc. | 147,551 | ||||||
Cardinal Health, Inc. | ||||||||
20,000 | 1.950%, 06/15/2018 | 19,978 | ||||||
110,000 | 2.616%, 06/15/2022 | 106,441 | ||||||
215,000 | 3.200%, 03/15/2023 | 211,979 | ||||||
95,000 | Catholic Health Initiatives | 95,125 | ||||||
Cigna Corp. | ||||||||
30,000 | 3.050%, 10/15/2027 | 27,583 | ||||||
25,000 | 3.875%, 10/15/2047 | 22,424 | ||||||
60,000 | Humana, Inc. | 58,888 |
Principal | Value | |||||||
Health Care Providers & Services (Continued) | ||||||||
UnitedHealth Group, Inc. | ||||||||
55,000 | 1.700%, 02/15/2019 | $ | 54,572 | |||||
70,000 | 3.350%, 07/15/2022 | 70,403 | ||||||
135,000 | 3.950%, 10/15/2042 | 132,866 | ||||||
40,000 | 4.750%, 07/15/2045 | 44,123 | ||||||
10,000 | 4.250%, 04/15/2047 | 10,242 | ||||||
15,000 | 3.750%, 10/15/2047 | 14,186 | ||||||
1,016,361 | ||||||||
Hotels, Restaurants & Leisure - 0.11% | ||||||||
McDonald’s Corp. | ||||||||
115,000 | 3.350%, 04/01/2023 | 115,767 | ||||||
20,000 | 4.600%, 05/26/2045 | 21,132 | ||||||
15,000 | 4.875%, 12/09/2045 | 16,385 | ||||||
153,284 | ||||||||
Insurance - 0.94% | ||||||||
American International Group, Inc. | ||||||||
204,000 | 3.375%, 08/15/2020 | 205,008 | ||||||
105,000 | 4.125%, 02/15/2024 | 106,686 | ||||||
595,000 | Assurant, Inc. | 595,752 | ||||||
45,000 | CNA Financial Corp. | 42,846 | ||||||
70,000 | Marsh & McLennan Cos., Inc. | 71,875 | ||||||
13,000 | Massachusetts Mutual Life Insurance Co. | 20,466 | ||||||
New York Life Global Funding | ||||||||
130,000 | 1.950%, 02/11/2020 (c) | 127,873 | ||||||
40,000 | 2.000%, 04/13/2021 (c) | 38,846 | ||||||
55,000 | Trinity Acquisition Plc | 55,823 | ||||||
1,265,175 | ||||||||
Internet & Direct Marketing Retail - 0.27% | ||||||||
Amazon.com, Inc. | ||||||||
15,000 | 2.800%, 08/22/2024 (c) | 14,576 | ||||||
275,000 | 3.875%, 08/22/2037 (c) | 274,955 | ||||||
60,000 | 4.950%, 12/05/2044 | 67,871 | ||||||
357,402 | ||||||||
Internet Software & Services - 0.28% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
200,000 | 3.400%, 12/06/2027 | 190,053 | ||||||
200,000 | 4.200%, 12/06/2047 | 192,339 | �� | |||||
382,392 | ||||||||
IT Services - 0.27% | ||||||||
Visa, Inc. | ||||||||
165,000 | 2.800%, 12/14/2022 | 163,004 | ||||||
160,000 | 3.150%, 12/14/2025 (d) | 157,087 | ||||||
45,000 | 4.300%, 12/14/2045 | 48,387 | ||||||
368,478 | ||||||||
Life Sciences Tools & Services - 0.12% | ||||||||
Thermo Fisher Scientific, Inc. | ||||||||
160,000 | 3.000%, 04/15/2023 | 156,094 | ||||||
10,000 | 2.950%, 09/19/2026 | 9,353 | ||||||
165,447 | ||||||||
See notes to financial statements.
76
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Machinery - 0.03% | ||||||||
35,000 | Fortive Corp. | $ | 34,053 | |||||
Media - 2.01% | ||||||||
175,000 | 21st Century Fox America, Inc. | 182,268 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
15,000 | 3.579%, 07/23/2020 | 15,050 | ||||||
115,000 | 4.464%, 07/23/2022 | 117,582 | ||||||
5,000 | 4.908%, 07/23/2025 | 5,117 | ||||||
230,000 | 3.750%, 02/15/2028 | 211,782 | ||||||
130,000 | 6.484%, 10/23/2045 | 143,175 | ||||||
150,000 | 5.375%, 05/01/2047 | 145,609 | ||||||
Comcast Corp. | ||||||||
15,000 | 3.375%, 08/15/2025 | 14,690 | ||||||
240,000 | 3.150%, 03/01/2026 | 231,310 | ||||||
150,000 | 3.550%, 05/01/2028 | 148,109 | ||||||
50,000 | 3.400%, 07/15/2046 | 43,070 | ||||||
Cox Communications, Inc. | ||||||||
375,000 | 3.250%, 12/15/2022 (c)(d) | 368,541 | ||||||
80,000 | 3.150%, 08/15/2024 (c) | 76,831 | ||||||
5,000 | 3.350%, 09/15/2026 (c) | 4,769 | ||||||
Discovery Communications, LLC | ||||||||
45,000 | 3.800%, 03/13/2024 | 44,525 | ||||||
125,000 | 4.900%, 03/11/2026 (d) | 129,776 | ||||||
28,000 | Scripps Networks Interactive, Inc. | 27,879 | ||||||
Time Warner Cable, Inc. | ||||||||
30,000 | 5.500%, 09/01/2041 | 29,904 | ||||||
50,000 | 4.500%, 09/15/2042 | 43,456 | ||||||
Time Warner, Inc. | ||||||||
145,000 | 4.875%, 03/15/2020 | 149,995 | ||||||
60,000 | 2.950%, 07/15/2026 | 55,050 | ||||||
240,000 | 3.800%, 02/15/2027 | 232,471 | ||||||
Viacom, Inc. | ||||||||
250,000 | 4.250%, 09/01/2023 | 254,014 | ||||||
25,000 | 4.375%, 03/15/2043 | 22,484 | ||||||
2,697,457 | ||||||||
Metals & Mining - 0.35% | ||||||||
275,000 | Anglo American Capital Plc | 276,083 | ||||||
Vale Overseas Ltd. | ||||||||
65,000 | 6.250%, 08/10/2026 | 72,962 | ||||||
100,000 | 6.875%, 11/10/2039 | 119,000 | ||||||
468,045 | ||||||||
Multi-Utilities - 0.57% | ||||||||
50,000 | Berkshire Hathaway Energy Co. | 48,357 | ||||||
175,000 | CenterPoint Energy, Inc. | 169,770 | ||||||
Dominion Energy, Inc. | ||||||||
160,000 | 2.579%, 07/01/2020 | 158,065 | ||||||
240,000 | 2.850%, 08/15/2026 | 222,822 | ||||||
40,000 | DTE Energy Co. | 39,101 | ||||||
130,000 | Sempra Energy | 128,670 | ||||||
766,785 | ||||||||
Principal | Value | |||||||
Oil, Gas & Consumable Fuels - 2.33% | ||||||||
Anadarko Petroleum Corp. | ||||||||
50,000 | 8.700%, 03/15/2019 | $ | 52,619 | |||||
15,000 | 6.950%, 06/15/2019 | 15,692 | ||||||
210,000 | 3.450%, 07/15/2024 | 204,161 | ||||||
45,000 | 4.500%, 07/15/2044 | 43,351 | ||||||
10,000 | 6.600%, 03/15/2046 | 12,618 | ||||||
Andeavor Logistics LP | ||||||||
5,000 | 3.500%, 12/01/2022 | 4,919 | ||||||
120,000 | 4.250%, 12/01/2027 | 117,215 | ||||||
60,000 | 3.800%, 04/01/2028 | 57,353 | ||||||
Canadian Natural Resources Ltd. | ||||||||
80,000 | 3.800%, 04/15/2024 | 79,729 | ||||||
170,000 | 3.900%, 02/01/2025 | 169,600 | ||||||
25,000 | 3.850%, 06/01/2027 (d) | 24,494 | ||||||
15,000 | 6.500%, 02/15/2037 | 18,482 | ||||||
10,000 | 6.250%, 03/15/2038 (d) | 12,111 | ||||||
45,000 | Enbridge, Inc. | 43,220 | ||||||
280,000 | Encana Corp. | 284,401 | ||||||
105,000 | Energy Transfer Partners LP | 98,935 | ||||||
Hess Corp. | ||||||||
30,000 | 5.600%, 02/15/2041 | 30,742 | ||||||
155,000 | 5.800%, 04/01/2047 | 163,510 | ||||||
130,000 | Kinder Morgan, Inc. | 136,913 | ||||||
90,000 | Marathon Oil Corp. | 91,551 | ||||||
MPLX LP | ||||||||
50,000 | 4.125%, 03/01/2027 | 49,632 | ||||||
50,000 | 4.000%, 03/15/2028 (d) | 49,376 | ||||||
100,000 | 5.200%, 03/01/2047 | 104,893 | ||||||
30,000 | 4.700%, 04/15/2048 (d) | 29,339 | ||||||
Petroleos Mexicanos | ||||||||
15,000 | 6.375%, 02/04/2021 | 16,020 | ||||||
25,000 | 5.375%, 03/13/2022 | 26,050 | ||||||
80,000 | 5.350%, 02/12/2028 (c) | 79,312 | ||||||
152,000 | 6.750%, 09/21/2047 | 154,186 | ||||||
116,000 | 6.350%, 02/12/2048 (c) | 112,665 | ||||||
Phillips 66 Partners LP | ||||||||
10,000 | 3.750%, 03/01/2028 | 9,680 | ||||||
170,000 | 3.900%, 03/15/2028 | 169,730 | ||||||
95,000 | Principal Life Global Funding II | 93,592 | ||||||
50,000 | Sabine Pass Liquefaction LLC | 49,372 | ||||||
Sunoco Logistics Partners Operations LP | ||||||||
125,000 | 4.250%, 04/01/2024 | 124,455 | ||||||
5,000 | 5.300%, 04/01/2044 | 4,667 | ||||||
5,000 | 5.350%, 05/15/2045 | 4,674 | ||||||
60,000 | 5.400%, 10/01/2047 | 57,365 | ||||||
40,000 | Texas Eastern Transmission LP | 38,270 | ||||||
140,000 | Valero Energy Corp. | 134,571 | ||||||
160,000 | Valero Energy Partners LP | 161,253 | ||||||
3,130,718 | ||||||||
See notes to financial statements.
77
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Pharmaceuticals - 0.50% | ||||||||
225,000 | Allergan Funding SCS | $ | 223,281 | |||||
Johnson & Johnson | ||||||||
155,000 | 2.625%, 01/15/2025 | 149,716 | ||||||
75,000 | 3.550%, 03/01/2036 | 74,280 | ||||||
55,000 | 3.625%, 03/03/2037 | 54,903 | ||||||
Mylan NV | ||||||||
55,000 | 3.000%, 12/15/2018 | 55,009 | ||||||
60,000 | 3.750%, 12/15/2020 | 60,446 | ||||||
5,000 | 3.150%, 06/15/2021 | 4,934 | ||||||
45,000 | 5.200%, 04/15/2048 (c) | 45,498 | ||||||
668,067 | ||||||||
Real Estate Management & Development - 0.03% |
| |||||||
American Tower Corp. | ||||||||
25,000 | 3.450%, 09/15/2021 | 25,068 | ||||||
15,000 | 2.250%, 01/15/2022 | 14,357 | ||||||
39,425 | ||||||||
Road & Rail - 0.19% | ||||||||
110,000 | CSX Corp. | 105,348 | ||||||
160,000 | Union Pacific Corp. | 153,519 | ||||||
258,867 | ||||||||
Semiconductors & Semiconductor Equipment - 0.82% |
| |||||||
Applied Materials, Inc. | ||||||||
15,000 | 3.300%, 04/01/2027 | 14,756 | ||||||
10,000 | 4.350%, 04/01/2047 | 10,662 | ||||||
Broadcom Corp / Broadcom Cayman Finance Ltd. | ||||||||
250,000 | 2.375%, 01/15/2020 | 246,619 | ||||||
360,000 | 3.625%, 01/15/2024 | 354,600 | ||||||
75,000 | 3.125%, 01/15/2025 | 71,005 | ||||||
Intel Corp. | ||||||||
30,000 | 1.700%, 05/19/2021 | 28,997 | ||||||
185,000 | 3.300%, 10/01/2021 | 188,004 | ||||||
170,000 | 2.350%, 05/11/2022 | 166,068 | ||||||
5,000 | 4.100%, 05/19/2046 | 5,140 | ||||||
14,000 | 3.734%, 12/08/2047 (c) | 13,678 | ||||||
1,099,529 | ||||||||
Software - 0.55% | ||||||||
Microsoft Corp. | ||||||||
50,000 | 2.375%, 02/12/2022 | 49,064 | ||||||
155,000 | 4.450%, 11/03/2045 | 172,014 | ||||||
90,000 | 3.700%, 08/08/2046 (d) | 89,032 | ||||||
Oracle Corp. | ||||||||
155,000 | 4.300%, 07/08/2034 | 163,920 | ||||||
25,000 | 3.900%, 05/15/2035 | 25,044 | ||||||
50,000 | 3.800%, 11/15/2037 | 49,544 | ||||||
200,000 | Tencent Holdings Ltd. | 192,871 | ||||||
741,489 | ||||||||
Specialty Retail - 0.19% | ||||||||
Home Depot, Inc. | ||||||||
140,000 | 3.350%, 09/15/2025 | 139,581 | ||||||
65,000 | 5.875%, 12/16/2036 | 83,685 | ||||||
5,000 | 3.500%, 09/15/2056 | 4,478 |
Principal | Value | |||||||
Specialty Retail (Continued) | ||||||||
25,000 | Lowe’s Cos., Inc. | $ | 23,304 | |||||
251,048 | ||||||||
Technology Hardware, Storage & Peripherals - 0.33% |
| |||||||
Apple, Inc. | ||||||||
185,000 | 2.400%, 05/03/2023 | 179,079 | ||||||
5,000 | 3.000%, 02/09/2024 | 4,948 | ||||||
20,000 | 3.350%, 02/09/2027 | 19,781 | ||||||
85,000 | 3.450%, 02/09/2045 | 78,636 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
80,000 | 4.900%, 10/15/2025 | 83,187 | ||||||
75,000 | 6.350%, 10/15/2045 | 80,397 | ||||||
446,028 | ||||||||
Tobacco - 0.34% | ||||||||
Altria Group, Inc. | ||||||||
40,000 | 4.250%, 08/09/2042 | 39,345 | ||||||
95,000 | 3.875%, 09/16/2046 | 88,981 | ||||||
170,000 | Philip Morris International, Inc. | 164,483 | ||||||
Reynolds American, Inc. | ||||||||
65,000 | 2.300%, 06/12/2018 | 64,970 | ||||||
80,000 | 5.850%, 08/15/2045 | 93,927 | ||||||
451,706 | ||||||||
Wireless Telecommunication Services - 0.49% | ||||||||
295,000 | Sprint Spectrum Co., LLC | 297,301 | ||||||
Telefonica Emisiones SAU | ||||||||
150,000 | 4.103%, 03/08/2027 | 150,124 | ||||||
205,000 | 4.895%, 03/06/2048 (d) | 209,398 | ||||||
656,823 | ||||||||
Total Corporate Obligations | 40,073,780 | |||||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.90% |
| |||||||
335,000 | Abu Dhabi Government International Bond | 317,161 | ||||||
100,000 | Hungary Government International Bond | 105,850 | ||||||
400,000 | Japan Bank for International Cooperation | 394,518 | ||||||
Mexico Government International Bond | ||||||||
130,000 | 4.750%, 03/08/2044 | 126,750 | ||||||
68,000 | 5.750%, 10/12/2110 | 69,360 | ||||||
200,000 | Oman Government International Bond | 195,472 | ||||||
Total Foreign Government Debt Obligations | 1,209,111 | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 33.86% |
| |||||||
Federal Home Loan Mortgage Corp. | ||||||||
482,541 | Series K703, 2.699%, 05/25/2018 | 482,541 | ||||||
239 | Pool #E9-9763 4.500%, 09/01/2018 | 240 | ||||||
131 | Pool #E9-9764 4.500%, 09/01/2018 | 132 | ||||||
600,000 | Series K705, 2.303%, 09/25/2018 | 598,708 | ||||||
872,589 | Series K706, 2.323%, 10/25/2018 | 871,304 | ||||||
600,000 | Series K709, 2.086%, 03/25/2019 | 597,424 | ||||||
41,521 | Pool #D9-6291 4.500%, 09/01/2023 | 43,508 |
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - |
| |||||||
96,433 | Pool #G1-3624 5.000%, 08/01/2024 | $ | 101,075 | |||||
82,000 | Series K-068, 3.244%, 08/25/2027 | 81,932 | ||||||
181,584 | Series 2329, 6.500%, 06/15/2031 | 204,881 | ||||||
82,627 | Series 2338, 6.500%, 07/15/2031 | 96,888 | ||||||
123,779 | Pool #78-0447 3.170% (1 Year CMT Rate + 2.250%, 9.310% Cap, 0.000% Floor), 04/01/2033 (b) | 131,232 | ||||||
106 | Pool #A4-3129 5.500%, 02/01/2036 | 115 | ||||||
86,678 | Series 3883, 3.000%, 05/15/2041 | 86,604 | ||||||
2,700,000 | Pool #TBA 3.500%, 04/15/2042 (g) | 2,706,511 | ||||||
538,993 | Pool #U9-0688 4.000%, 05/01/2042 | 558,575 | ||||||
400,000 | Pool #TBA 4.000%, 04/15/2045 (g) | 410,641 | ||||||
755,592 | Pool #Q4-9389 3.500%, 07/01/2047 | 759,328 | ||||||
675,090 | Pool #Q5-2093 3.500%, 11/01/2047 | 677,333 | ||||||
15,000 | Series 2017-K728, 3.647%, 09/25/2024 (a)(c) | 14,705 | ||||||
90,000 | Series 2017-K729, 3.675%, 11/25/2024 (a)(c) | 87,310 | ||||||
34,000 | Series 2017-K66, 4.034%, 07/25/2027 (a)(c) | 34,220 | ||||||
20,000 | Series 2017-K67, 3.944%, 08/25/2027 (a)(c) | 20,060 | ||||||
75,000 | Series 2017-K71, 3.753%, 11/25/2027 (a)(c) | 72,931 | ||||||
40,000 | Series 2017-K65, 4.073%, 07/25/2050 (a)(c) | 40,472 | ||||||
Federal National Mortgage Association | ||||||||
15 | Pool #685505 5.000%, 05/01/2018 | 15 | ||||||
19 | Pool #705709 5.000%, 05/01/2018 | 19 | ||||||
45,872 | Series 2014-C01, 3.472% (1 Month LIBOR USD + 1.600%), 01/25/2024 (b) | 46,214 | ||||||
557,242 | Pool #AJ8325 3.000%, 12/01/2026 | 559,567 | ||||||
110,000 | Pool #AN6110 3.000%, 07/01/2027 | 108,248 | ||||||
150,000 | Pool #AN6257 3.160%, 08/01/2027 | 149,577 | ||||||
155,111 | Pool #AN7376 2.880%, 11/01/2027 | 151,073 | ||||||
4,052 | Pool #544859 2.572% (11th District Cost of Funds Index + 1.795%, 14.567% Cap, 0.000% Floor), 08/01/2029 (b) | 4,060 | ||||||
79,468 | Pool #BC4938 2.500%, 04/01/2031 | 77,934 | ||||||
127,389 | Pool #786848 7.000%, 10/01/2031 | 143,053 | ||||||
4,437 | Pool #727181 5.000%, 08/01/2033 | 4,808 | ||||||
2,040 | Pool #730727 5.000%, 08/01/2033 | 2,210 | ||||||
611 | Pool #741862 5.500%, 09/01/2033 | 672 | ||||||
737 | Pool #766197 5.500%, 02/01/2034 | 810 | ||||||
147 | Pool #776974 5.500%, 04/01/2034 | 163 | ||||||
146,430 | Pool #888504 2.934% (1 Year CMT Rate + 2.081%, 9.261% Cap, 0.000% Floor), 04/01/2034 (b) | 154,575 | ||||||
331,882 | Pool #MA1870 4.500%, 04/01/2034 | 350,975 | ||||||
6,882 | Pool #775776 5.500%, 05/01/2034 | 7,561 | ||||||
136,853 | Pool #802783 3.362% (12 Month LIBOR USD + 1.612%, 10.240% Cap, 0.000% Floor), 10/01/2034 (b) | 142,644 | ||||||
4,796 | Pool #781629 5.500%, 12/01/2034 | 5,269 | ||||||
6,448 | Pool #822815 5.500%, 04/01/2035 | 7,083 | ||||||
5,168 | Pool #357850 5.500%, 07/01/2035 | 5,688 | ||||||
3,109 | Pool #820242 5.000%, 07/01/2035 | 3,365 | ||||||
911 | Pool #838452 5.500%, 09/01/2035 | 1,006 | ||||||
5,639 | Pool #865854 6.000%, 03/01/2036 | 6,317 | ||||||
7,814 | Pool #891474 6.000%, 04/01/2036 | 8,773 | ||||||
6,733 | Pool #906000 6.000%, 01/01/2037 | 7,564 | ||||||
63 | Pool #928062 5.500%, 02/01/2037 | 69 | ||||||
100 | Pool #899119 5.500%, 04/01/2037 | 108 | ||||||
515,230 | Pool #AS9772 3.500%, 06/01/2037 | 523,753 | ||||||
186 | Pool #970131 5.500%, 03/01/2038 | 204 |
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - |
| |||||||
53 | Pool #981313 5.500%, 06/01/2038 | $ | 58 | |||||
121 | Pool #985108 5.500%, 07/01/2038 | 133 | ||||||
54 | Pool #964930 5.500%, 08/01/2038 | 59 | ||||||
83 | Pool #987032 5.500%, 08/01/2038 | 91 | ||||||
110 | Pool #968371 5.500%, 09/01/2038 | 121 | ||||||
44 | Pool #993050 5.500%, 12/01/2038 | 49 | ||||||
20,788 | Pool #993579 4.000%, 05/01/2039 | 21,494 | ||||||
4,148 | Pool #AA5840 4.000%, 06/01/2039 | 4,289 | ||||||
60,454 | Pool #AA8715 4.000%, 06/01/2039 | 62,632 | ||||||
219,547 | Pool #AD0586 4.500%, 12/01/2039 | 233,217 | ||||||
621,801 | Pool #AD4062 5.000%, 05/01/2040 | 672,807 | ||||||
508,968 | Pool #AD6929 5.000%, 06/01/2040 | 550,585 | ||||||
13,836 | Pool #AD9896 4.000%, 08/01/2040 | 14,308 | ||||||
15,443 | Pool #AB1500 4.000%, 09/01/2040 | 15,970 | ||||||
13,701 | Pool #AD9856 4.000%, 09/01/2040 | 14,168 | ||||||
9,448 | Pool #AE2559 4.000%, 09/01/2040 | 9,769 | ||||||
3,363 | Pool #AE2562 4.000%, 09/01/2040 | 3,478 | ||||||
4,361 | Pool #AE2566 4.000%, 09/01/2040 | 4,489 | ||||||
28,427 | Pool #AE4124 4.000%, 10/01/2040 | 29,394 | ||||||
16,217 | Pool #AE4888 4.000%, 10/01/2040 | 16,770 | ||||||
24,247 | Pool #AE3916 4.000%, 11/01/2040 | 25,073 | ||||||
3,195 | Pool #AE5147 4.000%, 11/01/2040 | 3,305 | ||||||
41,171 | Pool #AE8715 4.000%, 11/01/2040 | 42,573 | ||||||
4,885 | Pool #AH0006 4.000%, 12/01/2040 | 5,052 | ||||||
13,121 | Pool #AH0020 4.000%, 12/01/2040 | 13,568 | ||||||
25,695 | Pool #AH0599 4.000%, 12/01/2040 | 26,571 | ||||||
8,614 | Pool #AH0601 4.000%, 12/01/2040 | 8,908 | ||||||
17,502 | Pool #AH1263 4.000%, 01/01/2041 | 18,098 | ||||||
73,005 | Pool #AL5233 4.000%, 01/01/2041 | 75,479 | ||||||
5,891 | Pool #AH4659 4.000%, 02/01/2041 | 6,092 | ||||||
81,707 | Pool #AH5653 4.000%, 02/01/2041 | 84,503 | ||||||
113,103 | Pool #AL0934 5.000%, 02/01/2041 | 122,354 | ||||||
163,738 | Pool #AD1889 4.500%, 03/01/2041 | 173,233 | ||||||
9,715 | Pool #AH6150 4.000%, 03/01/2041 | 10,046 | ||||||
103,326 | Pool #AL0215 4.500%, 04/01/2041 | 109,350 | ||||||
10,200,000 | Pool #TBA 3.500%, 04/15/2041 (g) | 10,222,113 | ||||||
400,000 | Pool #TBA 4.500%, 04/15/2041 (g) | 418,898 | ||||||
84,803 | Pool #AL0187 5.000%, 05/01/2041 | 91,699 | ||||||
14,824 | Pool #AL0456 5.000%, 06/01/2041 | 16,035 | ||||||
69,707 | Pool #AI8842 4.500%, 08/01/2041 | 73,596 | ||||||
37,826 | Pool #AL0815 4.000%, 09/01/2041 | 39,277 | ||||||
76,036 | Series 2012-21, 2.000%, 09/25/2041 | 72,432 | ||||||
13,301 | Pool #AJ1562 4.000%, 10/01/2041 | 13,809 | ||||||
13,352 | Pool #AJ1972 4.000%, 10/01/2041 | 13,866 | ||||||
667,583 | Pool #AJ2212 4.500%, 10/01/2041 | 706,103 | ||||||
18,651 | Pool #AJ4756 4.000%, 10/01/2041 | 19,365 | ||||||
16,295 | Pool #AJ3330 4.000%, 11/01/2041 | 16,916 | ||||||
16,837 | Pool #AJ4549 4.000%, 11/01/2041 | 17,480 | ||||||
13,143 | Pool #AJ4698 4.000%, 11/01/2041 | 13,644 | ||||||
25,415 | Pool #AJ5424 4.000%, 11/01/2041 | 26,389 | ||||||
10,370 | Pool #AJ7840 4.000%, 11/01/2041 | 10,763 | ||||||
17,512 | Pool #AB3995 4.000%, 12/01/2041 | 18,179 | ||||||
16,663 | Pool #AI0848 4.000%, 12/01/2041 | 17,297 | ||||||
14,275 | Pool #AJ4187 4.000%, 12/01/2041 | 14,825 | ||||||
17,943 | Pool #AJ5736 4.000%, 12/01/2041 | 18,631 | ||||||
10,418 | Pool #AJ5968 4.000%, 12/01/2041 | 10,774 | ||||||
20,900 | Pool #AJ6061 4.000%, 12/01/2041 | 21,696 | ||||||
13,153 | Pool #AJ7868 4.000%, 12/01/2041 | 13,654 | ||||||
29,957 | Pool #AJ8104 4.000%, 12/01/2041 | 31,103 |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - |
| |||||||
18,458 | Pool #AJ8109 4.000%, 12/01/2041 | $ | 19,162 | |||||
11,141 | Pool #AJ8171 4.000%, 12/01/2041 | 11,565 | ||||||
21,370 | Pool #AJ8341 4.000%, 12/01/2041 | 22,184 | ||||||
32,749 | Pool #AJ8436 4.000%, 12/01/2041 | 34,000 | ||||||
12,465 | Pool #AJ8912 4.000%, 12/01/2041 | 12,940 | ||||||
16,708 | Pool #AJ9248 4.000%, 12/01/2041 | 17,344 | ||||||
144,323 | Series 2012-18, 2.000%, 12/25/2041 | 138,051 | ||||||
154,680 | Series 2012-75, 2.500%, 12/25/2041 | 150,587 | ||||||
16,368 | Pool #AJ2446 4.000%, 01/01/2042 | 16,927 | ||||||
20,903 | Pool #AJ7538 4.000%, 01/01/2042 | 21,699 | ||||||
5,935 | Pool #AJ8001 4.000%, 01/01/2042 | 6,110 | ||||||
19,935 | Pool #AJ8369 4.000%, 01/01/2042 | 20,696 | ||||||
18,233 | Pool #AJ9162 4.000%, 01/01/2042 | 18,928 | ||||||
102,686 | Pool #AJ9330 4.000%, 01/01/2042 | 106,589 | ||||||
11,262 | Pool #AJ9779 4.000%, 01/01/2042 | 11,616 | ||||||
17,816 | Pool #AK0170 4.000%, 01/01/2042 | 18,495 | ||||||
34,964 | Pool #AK0543 4.000%, 01/01/2042 | 36,288 | ||||||
14,374 | Pool #AK0563 4.000%, 01/01/2042 | 14,922 | ||||||
28,988 | Pool #AK1827 4.000%, 01/01/2042 | 30,087 | ||||||
376,909 | Pool #AL2752 5.000%, 03/01/2042 | 407,512 | ||||||
86,369 | Pool #AB5529 4.000%, 07/01/2042 | 89,234 | ||||||
204,012 | Pool #AB6228 3.500%, 09/01/2042 | 205,893 | ||||||
402,946 | Pool #AQ9316 2.500%, 01/01/2043 | 381,767 | ||||||
199,663 | Series 2015-48, 3.000%, 02/25/2043 | 198,479 | ||||||
800,000 | Pool #TBA 3.000%, 04/15/2043 (g) | 780,312 | ||||||
1,101,388 | Pool #AT2720 3.000%, 05/01/2043 | 1,084,767 | ||||||
821,521 | Pool #AT5900 3.000%, 06/01/2043 | 809,111 | ||||||
448,761 | Pool #AU1625 3.500%, 07/01/2043 | 452,639 | ||||||
736,799 | Pool #AS5469 4.000%, 07/01/2045 | 760,099 | ||||||
842,370 | Pool #AZ0832 4.000%, 07/01/2045 | 866,118 | ||||||
160,000 | Pool #AS5597 3.500%, 08/01/2045 | 160,690 | ||||||
960,359 | Pool #AS7170 3.500%, 05/01/2046 | 963,910 | ||||||
970,790 | Pool #AS7242 3.500%, 05/01/2046 | 974,377 | ||||||
708,647 | Pool #BC9468 3.000%, 06/01/2046 | 692,018 | ||||||
890,151 | Pool #AS7492 4.000%, 07/01/2046 | 915,987 | ||||||
396,198 | Pool #AS8299 3.000%, 11/01/2046 | 387,632 | ||||||
597,230 | Pool #AS8947 3.500%, 03/01/2047 | 599,891 | ||||||
153,785 | Pool #MA3038 4.500%, 06/01/2047 | 161,488 | ||||||
177,729 | Series 2017-72, 3.000%, 09/25/2047 | 176,307 | ||||||
185,454 | Series 2017-72, 3.000%, 09/25/2047 | 183,963 | ||||||
171,194 | Series 2018-23, 3.500%, 04/25/2048 | 173,757 | ||||||
Government National Mortgage Association | ||||||||
12,012 | Pool #614436X 5.000%, 08/15/2033 | 12,668 | ||||||
35,848 | Pool #736686X 5.000%, 02/15/2039 | 38,527 | ||||||
690,344 | Pool #723248X 5.000%, 10/15/2039 | 744,262 | ||||||
500,000 | Pool #TBA 3.500%, 04/15/2041 (g) | 504,863 | ||||||
364,680 | Pool #783403X 3.500%, 09/15/2041 | 370,372 | ||||||
1,300,000 | Pool #TBA 4.000%, 04/15/2042 (g) | 1,336,334 | ||||||
800,000 | Pool #TBA 3.000%, 04/15/2045 (g) | 787,109 | ||||||
1,400,000 | Pool #TBA 3.500%, 04/15/2045 (g) | 1,413,699 | ||||||
152,139 | Pool #MA4587M 4.000%, 07/20/2047 | 157,124 | ||||||
362,281 | Pool #MA4652M 3.500%, 08/20/2047 | 366,247 | ||||||
708,150 | Pool #MA4778M 3.500%, 10/20/2047 | 715,930 | ||||||
563,121 | Pool #MA4779M 4.000%, 10/20/2047 | 579,680 | ||||||
818,338 | Pool #MA4780M 4.500%, 10/20/2047 | 852,647 | ||||||
Total Mortgage Backed Securities - U.S. Government Agency | 45,462,280 | |||||||
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS - 0.55% | ||||||||
California, GO, | ||||||||
80,000 | 7.550%, 04/01/2039 | $ | 122,120 | |||||
160,000 | 7.350%, 11/01/2039 | 234,454 | ||||||
55,000 | 7.625%, 03/01/2040 | 83,961 | ||||||
45,000 | 7.600%, 11/01/2040 | 69,795 | ||||||
160,000 | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, | 211,558 | ||||||
15,000 | University of California Medical Center, Revenue Bond, | 20,655 | ||||||
Total Municipal Debt Obligations | 742,543 | |||||||
Notional | ||||||||
Purchased Options - 0.07% | ||||||||
Put Interest Rate Swaption - 0.07% | ||||||||
6,210,000 | 10-Year Interest Rate Swap, 3-MO-USD-LIBOR, Receive Floating Rate, Counterparty: Bank of America Expiration: 02/28/2019 Exercises Rate: 3.200% (h) | 85,077 | ||||||
Total Purchased Options | 85,077 | |||||||
U.S. TREASURY OBLIGATIONS - 21.46% |
| |||||||
U.S. Treasury Bonds - 11.09% |
| |||||||
2,458,000 | 1.875%, 09/30/2022 | 2,388,917 | ||||||
947,852 | 0.125%, 07/15/2024 (f)(i) | 926,330 | ||||||
3,607,277 | 0.375%, 07/15/2027 (f) | 3,520,538 | ||||||
219,000 | 4.500%, 08/15/2039 | 275,517 | ||||||
320,000 | 4.375%, 11/15/2039 | 396,344 | ||||||
2,460,000 | 3.125%, 11/15/2041 | 2,542,208 | ||||||
545,000 | 3.625%, 08/15/2043 | 610,251 | ||||||
1,380,000 | 3.750%, 11/15/2043 | 1,576,596 | ||||||
240,000 | 3.000%, 11/15/2045 | 241,406 | ||||||
2,365,000 | 2.500%, 05/15/2046 | 2,150,765 | ||||||
255,000 | 3.000%, 02/15/2047 | 256,415 | ||||||
U.S. Treasury Notes - 10.37% | ||||||||
2,165,000 | 2.000%, 11/15/2021 | 2,130,495 | ||||||
3,745,000 | 2.000%, 02/15/2022 | 3,679,170 | ||||||
150,000 | 2.000%, 02/15/2023 | 146,188 | ||||||
510,000 | 1.500%, 03/31/2023 | 484,580 | ||||||
4,005,000 | 1.625%, 04/30/2023 | 3,824,384 | ||||||
3,220,000 | 2.375%, 08/15/2024 (i) | 3,166,103 | ||||||
72,000 | 1.625%, 05/15/2026 (i) | 66,238 | ||||||
455,000 | 2.000%, 11/15/2026 | 429,202 | ||||||
Total U.S. Treasury Obligations | 28,811,647 | |||||||
Number of | ||||||||
SHORT TERM INVESTMENTS - 1.11% | ||||||||
Money Market Funds - 1.11% | ||||||||
1,494,324 | Deutsche Government Money Market Series - Institutional Shares | 1,494,324 | ||||||
Total Short Term Investments | 1,494,324 | |||||||
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.55% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 1.55% | ||||||||
2,080,400 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.91% (e) | $ | 2,080,400 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 2,080,400 | |||||||
Total Investments | 155,487,290 | |||||||
Liabilities in Excess of | (21,232,231 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 134,255,059 | ||||||
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
(a) | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2018. |
(b) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2018. |
(c) | Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $30,838,404, which represents 22.97% of total net assets. |
(d) | All or portion of this security is on loan. |
(e) | Seven-day yield as of March 31, 2018. |
(f) | Represents a U.S. Treasury Inflation Protected Security. |
(g) | Security purchased on a when-issued basis. On March 31, 2018, the total value of investments purchased on a when-issued basis was $18,580,480 or 13.84% of total net assets. |
(h) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $1,248,766, which represents 0.93% of total net assets. |
(i) | All or a portion of this security is held as collateral for certain swap and futures contracts. |
(j) | Step-up bond; the interest rate shown is the rate in effect as of March 31, 2018. |
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2018
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value/Unrealized Appreciation (Depreciation) | ||||||||||||
Eurodollar 90 Day Futures | 13 | $ | 3,165,825 | Mar-19 | $ | 2,893 | ||||||||||
Eurodollar 90 Day Futures | (27 | ) | (6,561,338 | ) | Mar-20 | (4,868 | ) | |||||||||
U.S. Treasury 2 Year Note Futures | 29 | 6,165,672 | Jun-18 | (2,459 | ) | |||||||||||
U.S. Treasury 5 Year Note Futures | 76 | 8,699,031 | Jun-18 | 16,526 | ||||||||||||
U.S. Treasury 10 Year Note Futures | (32 | ) | (3,876,500 | ) | Jun-18 | (23,668 | ) | |||||||||
U.S. Treasury Ultra Bond Futures | 6 | 962,813 | Jun-18 | 20,466 | ||||||||||||
$ | 8,890 | |||||||||||||||
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION(1)
March 31, 2018
Reference Obligation | Implied Credit Spread at 3/31/2018(2) | Fixed Pay Rate | Maturity Date | Counterparty | Payment Frequency | Notional Amount(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
CDX. NA. IG. 29 Index* | 0.58% | 1.000% | 12/20/2022 | Morgan Stanley | Quarterly | $ | 1,280,000 | $ | (23,743 | ) | $ | (25,706 | ) | $ | 1,963 | |||||||||||||||||
$ | (23,743 | ) | $ | (25,706 | ) | $ | 1,963 | |||||||||||||||||||||||||
GuideMark® Core Fixed Income Fund
INTEREST RATE SWAPS
March 31, 2018
Pay/Receive Floating Rate | Floating Rate Index | Floating Payment Frequency | Fixed Pay Rate | Fixed | Maturity Date | Counterparty | Notional Amount | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.060% | Annual | 11/15/2024 | Morgan Stanley | $ | 508,000 | $ | (19,683 | ) | $ | 11,347 | $ | (31,030 | ) | ||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.179% | Annual | 11/15/2024 | Morgan Stanley | 350,000 | (11,532 | ) | (565 | ) | (10,967 | ) | |||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.179% | Annual | 11/15/2024 | Morgan Stanley | 355,000 | (11,696 | ) | — | (11,696 | ) | ||||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.250% | Annual | 11/15/2024 | Morgan Stanley | 170,000 | (4,814 | ) | 2,048 | (6,862 | ) | ||||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.250% | Annual | 11/15/2024 | Morgan Stanley | 45,000 | (1,274 | ) | 543 | (1,817 | ) | ||||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.453% | Annual | 11/15/2024 | Morgan Stanley | 205,000 | (1,341 | ) | — | (1,341 | ) | ||||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.453% | Annual | 11/15/2024 | Morgan Stanley | 240,000 | (1,581 | ) | — | (1,581 | ) | ||||||||||||||||||||||
Receive | | 1-Day Overnight Fed Funds Effective Rate | ** | Annual | 2.459% | Annual | 11/15/2024 | Morgan Stanley | 235,000 | (1,415 | ) | — | (1,415 | ) | ||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 2.250% | Semi-Annual | 9/21/2026 | Morgan Stanley | 4,143,000 | 158,616 | (181,289 | ) | 339,905 | ||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 2.250% | Semi-Annual | 6/20/2028 | Morgan Stanley | 4,241,000 | 201,938 | 235,579 | (33,641 | ) | ||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 2.750% | Semi-Annual | 12/20/2047 | Morgan Stanley | 775,000 | 5,363 | (30,682 | ) | 36,045 | ||||||||||||||||||||||||
$ | 312,581 | $ | 36,981 | $ | 275,600 | |||||||||||||||||||||||||||||||
1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may |
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2018
include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
3) | The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
* | Centrally cleared swap, clearing agent: Intercontinental Exchange |
** | Centrally cleared swap, clearing agent: Clearnet |
See notes to financial statements.
83
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS - 99.91% |
| |||||||
Alabama - 1.42% |
| |||||||
The Lower Alabama Gas District, Series A, Revenue Bond, | ||||||||
$ | 100,000 | 5.000%, 09/01/2034 | $ | 118,741 | ||||
225,000 | 5.000%, 09/01/2046 | 275,243 | ||||||
393,984 | ||||||||
Alaska - 0.31% |
| |||||||
85,000 | Northern Tobacco Securitization Corp., Series A, Revenue Bond, | 84,997 | ||||||
Arizona - 2.39% |
| |||||||
Arizona Board of Regents, Refunding, Revenue Bond, | ||||||||
145,000 | 5.000%, 07/01/2028 | 161,985 | ||||||
55,000 | 5.000%, 07/01/2028 | 61,254 | ||||||
150,000 | Arizona Industrial Development Authority, Revenue Bond, | 158,142 | ||||||
Pima County Industrial Development Authority, Revenue Bond, | ||||||||
35,000 | 5.000%, 06/15/2047 | 35,056 | ||||||
30,000 | 5.000%, 06/15/2052 | 29,706 | ||||||
150,000 | Salt Verde Financial Corp., Revenue Bond, | 178,227 | ||||||
40,000 | Tempe Industrial Development Authority, Series A, Revenue Bond, | 41,115 | ||||||
665,485 | ||||||||
Arkansas - 0.93% |
| |||||||
250,000 | University of Arkansas, Series A, Revenue Bond, | 259,988 | ||||||
California - 14.28% |
| |||||||
100,000 | California Health Facilities Financing Authority, Series A, Revenue Bond, | 117,782 | ||||||
100,000 | California Municipal Finance Authority, Community Medical Centers, Series A, Refunding, Revenue Bond, | 110,105 | ||||||
195,000 | California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond, | 213,829 | ||||||
200,000 | California State University, Series A, Refunding, Revenue Bond, | 231,728 | ||||||
California Statewide Communities Development Authority, Series A, Revenue Bond, | ||||||||
160,000 | 6.125%, 11/01/2033 | 184,347 | ||||||
150,000 | 5.250%, 12/01/2056 | 160,886 | ||||||
300,000 | California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured, | 336,093 | ||||||
California, GO, | ||||||||
500,000 | 6.500%, 04/01/2033 | 524,280 | ||||||
150,000 | 5.000%, 10/01/2047 | 170,727 | ||||||
California, Refunding, GO, | ||||||||
150,000 | 5.000%, 10/01/2029 | 169,156 | ||||||
300,000 | 5.000%, 11/01/2043 | 333,531 |
Principal | Value | |||||||
California (Continued) |
| |||||||
Golden State Tobacco Securitization Corp., Series A, Revenue Bond, | ||||||||
$ | 100,000 | 4.000%, 06/01/2031 | $ | 105,869 | ||||
10,000 | 5.125%, 06/01/2047 | 10,000 | ||||||
100,000 | Golden State Tobacco Securitization Corp., Series A-1, Refunding, Revenue Bond, | 113,517 | ||||||
500,000 | Los Angeles Department of Airports, Series A, Revenue Bond, | 520,165 | ||||||
250,000 | M-S-R Energy Authority, Revenue Bond, | 352,013 | ||||||
300,000 | San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond, | 318,567 | ||||||
3,972,595 | ||||||||
Colorado - 3.39% |
| |||||||
150,000 | Castle Pines North Metropolitan District, Refunding, Revenue Bond, | 152,654 | ||||||
130,000 | Colorado Health Facilities Authority, Revenue Bond, | 149,705 | ||||||
220,000 | Public Authority for Colorado Energy, Revenue Bond, | 306,319 | ||||||
300,000 | Regional Transportation District, Series A, Revenue Bond, | 335,829 | ||||||
944,507 | ||||||||
Connecticut - 0.73% |
| |||||||
200,000 | Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond, | 201,716 | ||||||
Delaware - 0.87% |
| |||||||
200,000 | Delaware, Series A, Refunding, GO, | 241,842 | ||||||
Florida - 3.96% |
| |||||||
300,000 | Brevard County Health Facilities Authority, Prerefunded, Revenue Bond, | 315,582 | ||||||
100,000 | Florida Development Finance Corp., Revenue Bond, | 103,048 | ||||||
225,000 | Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond, | 249,309 | ||||||
355,000 | Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond, | 376,879 | ||||||
40,000 | Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond, | 46,564 | ||||||
10,000 | Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond, | 11,579 | ||||||
1,102,961 | ||||||||
Georgia - 1.59% |
| |||||||
300,000 | Atlanta Water & Wastewater, Refunding, Revenue Bond, | 340,248 |
See notes to financial statements.
84
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
Georgia (Continued) |
| |||||||
$ | 100,000 | Marietta Development Authority, Prerefunded, Revenue Bond, | $ | 101,080 | ||||
441,328 | ||||||||
Illinois - 7.98% |
| |||||||
Chicago Board of Education, Revenue Bond, | ||||||||
100,000 | 5.000%, 04/01/2042 | 107,648 | ||||||
100,000 | 5.000%, 04/01/2046 | 107,336 | ||||||
100,000 | Chicago Board of Education, Series G, Refunding, GO, 5.000%, 12/01/2044 | 97,266 | ||||||
100,000 | Chicago Board of Education, Series H, GO, | 99,274 | ||||||
70,000 | Chicago Waterworks, Revenue Bond, | 78,881 | ||||||
65,000 | Chicago, Series A, Refunding, GO, | 68,685 | ||||||
225,000 | Illinois Finance Authority, Prerefunded, Revenue Bond, | 240,844 | ||||||
160,000 | Illinois Finance Authority, Refunding, Revenue Bond, | 166,203 | ||||||
140,000 | Illinois Finance Authority, Series A, Revenue Bond, | 149,486 | ||||||
Illinois, GO, | ||||||||
345,000 | 5.000%, 01/01/2029 | 356,378 | ||||||
20,000 | 5.000%, 05/01/2036 | 20,229 | ||||||
70,000 | 5.000%, 11/01/2036 | 71,516 | ||||||
30,000 | 5.000%, 02/01/2039 | 30,194 | ||||||
30,000 | Illinois, Series A, GO, | 30,197 | ||||||
100,000 | O’Hare International Airport, Series B, Refunding, Revenue Bond, | 112,385 | ||||||
150,000 | O’Hare International Airport, Series D, Refunding, Revenue Bond, | 167,061 | ||||||
150,000 | Sales Tax Securitization Corp., Series A, Revenue Bond, | 168,039 | ||||||
120,000 | Southwestern Illinois Development Authority, Prerefunded, Revenue Bond, | 150,502 | ||||||
2,222,124 | ||||||||
Indiana - 4.35% |
| |||||||
500,000 | Fishers Redevelopment District, Prerefunded, Revenue Bond, | 531,490 | ||||||
100,000 | Indiana Health Facility Financing Authority, Series 2001A-1, Revenue Bond, | 114,036 | ||||||
250,000 | Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond, | 288,637 | ||||||
125,000 | Shoals Exempt Facilities, Revenue Bond, | 141,324 | ||||||
115,000 | Valparaiso Exempt Facilities, Revenue Bond, | 135,970 | ||||||
1,211,457 | ||||||||
Principal | Value | |||||||
Kentucky - 0.96% |
| |||||||
$ | 250,000 | Kentucky Economic Development Finance Authority, Series A, Revenue Bond, | $ | 266,632 | ||||
Louisiana - 0.81% |
| |||||||
200,000 | Louisiana Highway Improvement, Series A, Revenue Bond, | 226,336 | ||||||
Maryland - 1.76% |
| |||||||
250,000 | City of Baltimore, Refunding, Revenue Bond, | 276,460 | ||||||
200,000 | Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond, | 213,132 | ||||||
489,592 | ||||||||
Massachusetts - 0.70% |
| |||||||
190,000 | Massachusetts Development Finance Agency, Series A, Prerefunded, Revenue Bond, | 194,644 | ||||||
Michigan - 0.40% |
| |||||||
100,000 | Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond, | 110,415 | ||||||
Minnesota - 2.80% |
| |||||||
100,000 | Apple Valley Senior Living, Series D, Revenue Bond, | 101,273 | ||||||
160,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond, | 179,635 | ||||||
150,000 | Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond, | 169,859 | ||||||
300,000 | Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond, | 328,233 | ||||||
779,000 | ||||||||
Mississippi - 3.59% |
| |||||||
1,000,000 | Mississippi Business Finance Corp., Series G, Revenue Bond, | 1,000,000 | ||||||
Missouri - 2.21% |
| |||||||
240,000 | Conley Road Transportation Development District, Revenue Bond, | 245,014 | ||||||
350,000 | St. Louis Airport, Revenue Bond, | 369,873 | ||||||
614,887 | ||||||||
Montana - 0.38% |
| |||||||
100,000 | City of Kalispell, Series A, Revenue Bond, | 104,791 | ||||||
Nebraska - 2.49% |
| |||||||
130,000 | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond, | 148,075 | ||||||
500,000 | Omaha Public Power District, Series B, Prerefunded, Revenue Bond, | 543,475 | ||||||
691,550 | ||||||||
See notes to financial statements.
85
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
New Hampshire - 0.47% |
| |||||||
$ | 120,000 | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond, | $ | 130,441 | ||||
New Jersey - 1.06% |
| |||||||
150,000 | New Jersey Economic Development Authority, Refunding, Revenue Bond, | 163,777 | ||||||
100,000 | New Jersey Turnpike Authority, Revenue Bond, | 103,259 | ||||||
25,000 | South Jersey Port Corp., Series A, Revenue Bond, | 27,126 | ||||||
294,162 | ||||||||
New York - 8.83% |
| |||||||
325,000 | Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond, | 352,098 | ||||||
200,000 | City of New York, Series B, GO, | 231,582 | ||||||
100,000 | City of New York, Series E, GO, | 116,011 | ||||||
90,000 | Long Island Power Authority, Revenue Bond, | 102,133 | ||||||
140,000 | New York City Industrial Development Agency, Revenue Bond, | 139,986 | ||||||
40,000 | New York City Industrial Development Agency, Series A, Refunding, Revenue Bond, | 44,002 | ||||||
35,000 | New York City, Series I, Unrefunded, GO, | 36,249 | ||||||
100,000 | New York Dormitory Authority, Refunding, Revenue Bond, | 108,883 | ||||||
250,000 | New York Dormitory Authority, Series B, Refunding, Revenue Bond, | 275,965 | ||||||
500,000 | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond, | 620,790 | ||||||
175,000 | New York Liberty Development Corp., Refunding, Revenue Bond, | 217,689 | ||||||
200,000 | New York, Series E, GO, | 212,940 | ||||||
2,458,328 | ||||||||
North Carolina - 1.29% |
| |||||||
320,000 | North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond, | 358,870 | ||||||
Ohio - 5.04% |
| |||||||
Buckeye Tobacco Settlement Financing Authority, Series A, Revenue Bond, | ||||||||
550,000 | 5.875%, 06/01/2047 | 543,812 | ||||||
145,000 | 6.500%, 06/01/2047 | 145,908 | ||||||
135,000 | County of Cuyahoga, Revenue Bond, | 144,570 |
Principal | Value | |||||||
Ohio (Continued) |
| |||||||
$ | 300,000 | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, | $ | 331,734 | ||||
200,000 | Ohio, Series A, Refunding, Revenue Bond, | 237,476 | ||||||
1,403,500 | ||||||||
Oklahoma - 0.24% |
| |||||||
60,000 | Oklahoma Development Finance Authority, Series B, Revenue Bond, | 66,603 | ||||||
Pennsylvania - 4.30% |
| |||||||
350,000 | Butler County Hospital Authority, Prerefunded, Revenue Bond, | 373,044 | ||||||
300,000 | Commonwealth Financing Authority, Revenue Bond, | 334,383 | ||||||
200,000 | Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond, | 217,376 | ||||||
65,000 | Pennsylvania Turnpike Commission, Series A-1, Revenue Bond, | 72,988 | ||||||
200,000 | The School District of Philadelphia, Series B, GO, | 199,676 | ||||||
1,197,467 | ||||||||
South Carolina - 1.63% |
| |||||||
400,000 | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, | 454,732 | ||||||
South Dakota - 0.39% |
| |||||||
100,000 | South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Refunding, Revenue Bond, | 109,844 | ||||||
Texas - 7.48% |
| |||||||
200,000 | Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond, | 221,764 | ||||||
100,000 | Central Texas Turnpike System, Series C, Refunding, Revenue Bond, | 111,142 | ||||||
200,000 | Dallas-Fort Worth International Airport, Series B, Revenue Bond, | 223,332 | ||||||
200,000 | New Hope Cultural Education Facilities Corp., Series A-1, Revenue Bond, | 220,560 | ||||||
225,000 | North Texas Tollway Authority, Refunding, Revenue Bond, | 231,696 | ||||||
150,000 | North Texas Tollway Authority, Series A, Refunding, Revenue Bond, | 171,363 | ||||||
100,000 | North Texas Tollway Authority, Series B, Refunding, Revenue Bond, | 113,300 |
See notes to financial statements.
86
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
Texas (Continued) |
| |||||||
$ | 100,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond, | $ | 111,310 | ||||
Texas Private Activity Surface Transportation Corp., Revenue Bond, | ||||||||
200,000 | 7.500%, 12/31/2031 | 218,792 | ||||||
200,000 | 7.500%, 06/30/2033 | 223,426 | ||||||
85,000 | 7.000%, 12/31/2038 | 100,097 | ||||||
115,000 | 6.750%, 06/30/2043 | 133,582 | ||||||
2,080,364 | ||||||||
Utah - 2.39% |
| |||||||
100,000 | Salt Lake City Corp. Airport, Series B, Revenue Bond, | 114,215 | ||||||
500,000 | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, | 551,395 | ||||||
665,610 | ||||||||
Virginia - 1.88% |
| |||||||
400,000 | Virginia College Building Educational Facilities Authority, Revenue Bond, | 523,512 | ||||||
Washington - 2.21% |
| |||||||
325,000 | Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, | 358,725 | ||||||
250,000 | Washington Health Care Facilities Authority, Refunding, Revenue Bond, | 255,205 | ||||||
613,930 | ||||||||
Wisconsin - 4.40% |
| |||||||
100,000 | Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond, | 110,274 |
Principal | Value | |||||||
Wisconsin (Continued) |
| |||||||
Wisconsin Public Finance Authority, Refunding, Revenue Bond, | ||||||||
$ | 155,000 | 5.000%, 07/01/2022 | $ | 163,857 | ||||
150,000 | 5.750%, 10/01/2031 | 151,713 | ||||||
225,000 | 5.250%, 05/15/2047 | 243,610 | ||||||
10,000 | Wisconsin, Series 2, Prerefunded, GO, | 11,152 | ||||||
490,000 | Wisconsin, Series 2, Unrefunded, GO, | 543,831 | ||||||
1,224,437 | ||||||||
Total Municipal Debt Obligations | 27,802,631 | |||||||
Number of | ||||||||
SHORT TERM INVESTMENTS - 0.21% |
| |||||||
Money Market Funds - 0.21% |
| |||||||
59,421 | Government TaxAdvantage Portfolio-Institutional Shares Effective Yield, 1.50% (b) | 59,421 | ||||||
Total Short Term Investments | 59,421 | |||||||
Total Investments | 27,862,052 | |||||||
Liabilities in Excess of Other Assets - (0.12)% | (33,020 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 27,829,032 | ||||||
Percentages are stated as a percent of net assets.
(a) | Adjustable rate security - the rate is determined by the Remarketing Agent. |
(b) | Seven - day yield as of March 31, 2018. |
Glossary of Terms
CMI | - | California Mortgage Insurance | ||
GO | - | General Obligation |
See notes to financial statements.
87
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 18.53% |
| |||||||
690,055 | Alternative Loan Trust | $ | 629,680 | |||||
695,625 | Banc of America Funding Corp. | 650,633 | ||||||
737,595 | Chase Mortgage Finance Trust | 590,474 | ||||||
Credit Suisse Mortgage Capital Mortgage-Backed Trust | ||||||||
223,618 | Series 2006-9, 6.000%, 11/25/2036 | 213,047 | ||||||
363,075 | Series 2007-1, 6.000%, 02/25/2037 | 330,640 | ||||||
308,028 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | 302,218 | ||||||
337,936 | First Horizon Alternative Mortgage Securities Trust | 274,809 | ||||||
346,875 | First Horizon Mortgage Pass-Through Trust | 294,539 | ||||||
GSR Mortgage Loan Trust | ||||||||
634,186 | Series 2006-9F, 6.500%, 10/25/2036 | 564,673 | ||||||
247,731 | Series 2007-4F, 6.000%, 07/25/2037 | 228,583 | ||||||
536,474 | IndyMac IMJA Mortgage Loan Trust | 438,127 | ||||||
313,484 | IndyMac INDX Mortgage Loan Trust | 315,477 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
6,062,002 | Series 2012-C8, 1.797%, 10/17/2045 (a)(i) | 384,994 | ||||||
5,021 | Series 2007-LDP10, | 5,041 | ||||||
439,296 | Lehman Mortgage Trust | 448,742 | ||||||
326,537 | MASTR Adjustable Rate Mortgages Trust | 321,757 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
832,435 | Series 2005-10, 6.000%, 12/25/2035 | 697,422 | ||||||
565,224 | Series 2007-12, 6.250%, 08/25/2037 | 477,552 | ||||||
Residential Asset Securitization Trust | ||||||||
692,541 | Series 2007-A2, 6.000%, 04/25/2037 | 626,536 | ||||||
544,700 | Series 2007-A6, 6.000%, 06/25/2037 | 497,737 | ||||||
852,215 | Series 2007-A7, 6.000%, 07/25/2037 | 622,076 | ||||||
874,521 | TBW Mortgage-Backed Trust | 492,464 | ||||||
404,849 | Washington Mutual Asset-Backed Certificates Trust | 371,198 | ||||||
199,806 | Washington Mutual Mortgage Pass-Through Certificates Trust | 183,827 | ||||||
223,936 | Wells Fargo Alternative Loan Trust | 212,833 | ||||||
Total Collateralized Mortgage Obligations | 10,175,079 | |||||||
Number of | Value | |||||||
COMMON STOCKS - 0.02% |
| |||||||
Metals & Mining - 0.00% | ||||||||
12,305,675 | K2016470219 - Class A (c)(d)(g)(h) | $ | 0 | |||||
1,336,186 | K2016470219 - Class B (c)(d)(g)(h) | 0 | ||||||
0 | ||||||||
Transportation - 0.02% | ||||||||
22 | CEVA Holdings LLC (c)(d) | 13,682 | ||||||
Total Common Stocks | 13,682 | |||||||
Principal | ||||||||
CONVERTIBLE OBLIGATIONS - 1.45% |
| |||||||
Metals & Mining - 1.45% | ||||||||
780,000 | B2Gold Corp. | 797,113 | ||||||
Total Convertible Obligations | 797,113 | |||||||
CORPORATE OBLIGATIONS - 0.27% |
| |||||||
Specialty Retail - 0.27% | ||||||||
K2016470219 South Africa, Ltd. | 46,074 | |||||||
932,665 | 0.000% Cash or 3.000% PIK, 12/31/2022 (e) | |||||||
167,435 | 0.000% Cash or 8.000% PIK, 12/31/2022 (e) | 15,410 | ||||||
177,578 | K2016470260 South Africa, Ltd. | 84,350 | ||||||
Total Corporate Obligations | 145,834 | |||||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 39.00% |
| |||||||
Argentine Bonos del Tesoro | ||||||||
1,157,000 | 21.200%, 09/19/2018 | 57,324 | ||||||
6,875,000 | 18.200%, 10/03/2021 | 343,272 | ||||||
2,274,900 | 16.000%, 10/17/2023 | 118,995 | ||||||
15,011,100 | 15.500%, 10/17/2026 | 790,333 | ||||||
5,100,000 | Brazil Letras do Tesouro Nacional | 1,196,103 | ||||||
Brazil Notas do Tesouro Nacional - Serie F | ||||||||
2,065,000 | 10.000%, 01/01/2021 | 672,484 | ||||||
120,000 | 10.000%, 01/01/2023 (n) | 38,873 | ||||||
1,630,000 | 10.000%, 01/01/2025 (n) | 524,764 | ||||||
160,000,000 | Colombia Government International Bond | 60,425 | ||||||
Colombian TES | ||||||||
583,000,000 | 10.000%, 07/24/2024 | 251,123 | ||||||
296,500,000 | 7.500%, 08/26/2026 | 114,351 | ||||||
342,500,000 | 6.000%, 04/28/2028 | 118,466 | ||||||
2,411,000,000 | 7.750%, 09/18/2030 | 943,860 | ||||||
Ghana Government Bond | ||||||||
150,000 | 22.490%, 04/23/2018 | 33,921 | ||||||
1,810,000 | 23.470%, 05/21/2018 | 409,346 | ||||||
990,000 | 19.040%, 09/24/2018 | 228,321 | ||||||
99,000 | 24.500%, 10/22/2018 | 23,459 | ||||||
200,000 | 24.500%, 06/21/2021 | 55,113 | ||||||
390,000 | 24.750%, 07/19/2021 | 108,160 | ||||||
300,000 | 18.750%, 01/24/2022 | 74,249 | ||||||
200,000 | 16.500%, 02/06/2023 | 46,477 | ||||||
300,000 | 19.750%, 03/25/2024 | 79,010 | ||||||
910,000 | 19.000%, 11/02/2026 | 241,757 | ||||||
910,000 | 19.750%, 03/15/2032 | 232,663 |
See notes to financial statements.
88
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Principal | Value | |||||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS (Continued) |
| |||||||
Ghana Treasury Note | ||||||||
170,000 | 22.500%, 12/10/2018 | $ | 40,173 | |||||
340,000 | 21.000%, 01/07/2019 | 79,942 | ||||||
290,000 | 19.950%, 05/06/2019 | 68,719 | ||||||
460,000 | 16.500%, 02/17/2020 | 105,234 | ||||||
120,000 | 16.500%, 03/16/2020 | 27,147 | ||||||
India Government Bond | ||||||||
25,000,000 | 8.200%, 02/15/2022 | 395,804 | ||||||
44,000,000 | 8.150%, 06/11/2022 | 694,591 | ||||||
7,000,000 | 8.080%, 08/02/2022 | 110,567 | ||||||
90,000,000 | 8.130%, 09/21/2022 | 1,422,341 | ||||||
2,000,000 | 6.840%, 12/19/2022 | 30,110 | ||||||
74,000,000 | 8.830%, 11/25/2023 | 1,203,348 | ||||||
15,000,000 | 7.680%, 12/15/2023 | 232,998 | ||||||
Indonesia Treasury Bond | ||||||||
7,846,000,000 | 8.250%, 07/15/2021 | 608,361 | ||||||
25,441,000,000 | 8.375%, 09/15/2026 | 2,044,242 | ||||||
606,000,000 | 9.000%, 03/15/2029 | 50,645 | ||||||
140,000,000 | 10.500%, 08/15/2030 | 12,917 | ||||||
1,689,000,000 | 8.750%, 05/15/2031 | 138,813 | ||||||
7,580,000,000 | 8.375%, 03/15/2034 | 600,123 | ||||||
Korea Treasury Bond | ||||||||
581,500,000 | 3.375%, 09/10/2023 | 568,990 | ||||||
459,000,000 | 3.500%, 03/10/2024 | 453,656 | ||||||
267,000,000 | 3.000%, 09/10/2024 | 257,223 | ||||||
Mexican Bonos | ||||||||
289,700 | 4.750%, 06/14/2018 | 1,584,028 | ||||||
27,100 | 8.500%, 12/13/2018 | 149,941 | ||||||
378,200 | 5.000%, 12/11/2019 | 2,004,647 | ||||||
11,000 | 8.000%, 06/11/2020 | 61,512 | ||||||
7,600 | 6.500%, 06/10/2021 | 40,984 | ||||||
Mexican Udibonos | ||||||||
15,959 | 4.000%, 06/13/2019 (j) | 87,347 | ||||||
13,189 | 2.500%, 12/10/2020 (j) | 70,379 | ||||||
Philippine Government Bond | ||||||||
22,580,000 | 3.875%, 11/22/2019 | 430,796 | ||||||
15,690,000 | 3.375%, 08/20/2020 | 292,506 | ||||||
1,120,000 | Ukraine Government International Bond | 784,456 | ||||||
Total Foreign Government Debt Obligations | 21,415,389 | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 12.71% |
| |||||||
Federal Home Loan Mortgage Corp. | ||||||||
1,051,412 | Pool #4062, 3.500%, 06/15/2042 | 1,018,225 | ||||||
799,599 | Pool #4171, 3.000%, 02/15/2043 | 748,675 | ||||||
Federal National Mortgage Association | ||||||||
633,370 | Pool #1201, 3.500%, 10/01/2032 | 647,339 | ||||||
335,722 | Pool #2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 6.000% Cap, 0.000% Floor), 08/25/2033 (b)(m) | 359,816 | ||||||
47,730 | Pool #2011-113, 4.000%, 03/25/2040 | 47,814 | ||||||
553,001 | Pool #2012-63, 2.000%, 08/25/2040 | 539,233 | ||||||
1,157,125 | Pool #2014-95, 3.000%, 04/25/2041 | 1,146,342 | ||||||
519,788 | Pool #2012-150, 1.750%, 01/25/2043 | 493,217 | ||||||
465,348 | Pool #2863, 3.000%, 01/01/2047 | 454,413 | ||||||
494,636 | Pool #3392, 4.000%, 01/01/2048 | 508,182 |
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
Government National Mortgage Association | ||||||||
659,053 | Pool #2010-62, 3.928% (1 Month LIBOR USD + 5.750%, 5.750% Cap, 0.000% Floor), 05/20/2040 (b)(i)(m) | $ | 79,372 | |||||
670,052 | Pool #2011-72, 3.558% (1 Month LIBOR USD + 5.380%, 5.380% Cap, 0.000% Floor), 05/20/2041 (b)(i)(m) | 77,933 | ||||||
697,105 | Pool #2012-40, 4.000%, 01/20/2042 | 709,230 | ||||||
1,304,770 | Pool #2013-113, 4.428% (1 Month LIBOR USD + 6.250%, 6.250% Cap, 0.000% Floor), 03/20/2043 (b)(i)(m) | 149,306 | ||||||
Total Mortgage Backed Securities - U.S. Government Agency | 6,979,097 | |||||||
Number of | ||||||||
PREFERRED STOCKS - 0.05% |
| |||||||
Transportation - 0.05% |
| |||||||
49 | CEVA Holdings LLC (c)(d) | 29,615 | ||||||
Total Preferred Stocks | 29,615 | |||||||
WARRANTS - 0.00% |
| |||||||
Textiles, Apparel & Luxury Goods - 0.00% |
| |||||||
361 | Edcon Holdings, Ltd. F - Expiration: December, 2049 (c)(d)(g)(h) | 0 | ||||||
6,464,770 | Edcon Holdings, Ltd. F1 - Expiration: December, 2049 (c)(d)(g)(h) | 0 | ||||||
523,517 | Edcon Holdings, Ltd. F2 - Expiration: December, 2049 (c)(d)(g)(h) | 0 | ||||||
Total Warrants | 0 | |||||||
Principal | ||||||||
SHORT TERM INVESTMENTS - 24.80% |
| |||||||
Foreign Government Debt Obligation - 2.43% |
| |||||||
264,000 | Bonos de la Nacion Argentina Con Ajuste por CER | 13,903 | ||||||
Egypt Treasury Bill | ||||||||
6,100,000 | 18.670%, 05/15/2018 (f) | 339,012 | ||||||
6,100,000 | 17.540%, 11/06/2018 (f) | 314,774 | ||||||
Letras del Banco Central de la Republica Argentina | ||||||||
668,000 | 12.490%, 06/21/2018 (f) | 31,420 | ||||||
335,000 | 13.360%, 07/18/2018 (f) | 15,475 | ||||||
803,000 | 13.230%, 08/15/2018 (f) | 36,339 | ||||||
1,305,000 | 13.410%, 09/19/2018 (f) | 57,912 | ||||||
1,632,000 | 25.040%, 10/17/2018 (f) | 71,258 | ||||||
Mexico Cetes | ||||||||
271,760 | 7.940%, 06/21/2018 (f) | 147,000 | ||||||
583,500 | 7.810%, 12/06/2018 (f) | 304,730 | ||||||
1,331,823 | ||||||||
See notes to financial statements.
89
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Number of | Value | |||||||
Money Market Funds - 22.37% |
| |||||||
12,281,466 | Deutsche Government Money Market | $ | 12,281,466 | |||||
Total Short Term Investments | 13,613,289 | |||||||
Total Investments | 53,169,098 | |||||||
Other Assets in Excess of | 1,739,783 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 54,908,881 | ||||||
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
(a) | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2018. |
(b) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2018. |
(c) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $43,297, which represents 0.08% of total net assets. |
(d) | Non-income producing. |
(e) | Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $930,290, which represents 1.69% of total net assets. |
(f) | Zero Coupon Bond. The Effective yield is listed. |
(g) | As of March 31, 2018, the Valuation Committee has fair valued these securities. The value of these securities total $0, which represents 0.00% of total net assets. |
(h) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
(i) | Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. 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, 2018. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $691,605, which represents 1.26% of total net assets. |
(j) | Represents an inflation protected security. |
(k) | Seven-day yield as of March 31, 2018. |
(l) | Step-up bond; the interest rate shown is the rate in effect as of March 31, 2018. |
(m) | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplyer or slope. |
(n) | Non-income producing security. Item identified as in default as to payment of interest. |
(o) | Variable rate security. The coupon rate will be 0.00% until the year 2021. The effective yield is listed. |
Glossary of Terms
LIBOR | - | London Interbank Offered Rate | ||
PIK | - | Payment-in-Kind |
See notes to financial statements.
90
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2018
Forward | Counterparty | Currency to be received | Amount of | Currency to be delivered | Amount of | Unrealized | ||||||||||||
9/24/2018 | Citibank | Brazilian Real | 3,300,000 | Euro | 790,609 | $ | (2,796 | ) | ||||||||||
4/3/2018 | Citibank | Euro | 2,058,594 | Mexican Peso | 46,884,480 | (43,082 | ) | |||||||||||
4/3/2018 | Citibank | Mexican Peso | 46,884,480 | Euro | 2,101,368 | (9,567 | ) | |||||||||||
7/12/2018 | Citibank | Mexican Peso | 9,384,000 | Euro | 389,430 | 24,665 | ||||||||||||
7/13/2018 | Citibank | Mexican Peso | 7,476,600 | Euro | 339,140 | (16,252 | ) | |||||||||||
10/3/2018 | Citibank | Mexican Peso | 46,884,480 | Euro | 1,972,837 | 40,389 | ||||||||||||
5/23/2018 | Citibank | South Korea Won | 43,024,000 | U.S. Dollar | 40,166 | 278 | ||||||||||||
5/15/2018 | JP Morgan Chase | U.S. Dollar | 258,743 | Australian Dollar | 339,000 | (1,639 | ) | |||||||||||
5/22/2018 | Citibank | U.S. Dollar | 291,963 | Australian Dollar | 370,000 | 7,765 | ||||||||||||
6/12/2018 | JP Morgan Chase | U.S. Dollar | 769,790 | Australian Dollar | 982,000 | 15,429 | ||||||||||||
6/13/2018 | Citibank | U.S. Dollar | 512,697 | Australian Dollar | 654,000 | 10,299 | ||||||||||||
6/15/2018 | JP Morgan Chase | U.S. Dollar | 267,576 | Australian Dollar | 339,000 | 7,155 | ||||||||||||
6/20/2018 | JP Morgan Chase | U.S. Dollar | 1,174,062 | Australian Dollar | 1,489,000 | 30,171 | ||||||||||||
4/10/2018 | Barclays | U.S. Dollar | 227,603 | Euro | 189,000 | (5,147 | ) | |||||||||||
4/10/2018 | Citibank | U.S. Dollar | 80,422 | Euro | 66,790 | (1,830 | ) | |||||||||||
4/18/2018 | JP Morgan Chase | U.S. Dollar | 108,886 | Euro | 88,500 | (163 | ) | |||||||||||
4/19/2018 | Goldman Sachs | U.S. Dollar | 417,836 | Euro | 340,000 | (1,139 | ) | |||||||||||
4/19/2018 | Morgan Stanley | U.S. Dollar | 109,467 | Euro | 88,500 | 411 | ||||||||||||
4/23/2018 | UBS | U.S. Dollar | 250,596 | Euro | 203,500 | (245 | ) | |||||||||||
4/23/2018 | JP Morgan Chase | U.S. Dollar | 74,114 | Euro | 60,167 | (50 | ) | |||||||||||
4/23/2018 | Deutsche Bank | U.S. Dollar | 54,152 | Euro | 44,000 | (84 | ) | |||||||||||
4/24/2018 | Deutsche Bank | U.S. Dollar | 97,131 | Euro | 78,923 | (160 | ) | |||||||||||
5/2/2018 | JP Morgan Chase | U.S. Dollar | 329,726 | Euro | 263,000 | 5,331 | ||||||||||||
5/2/2018 | HSBC | U.S. Dollar | 42,808 | Euro | 34,118 | 726 | ||||||||||||
5/7/2018 | Bank of America | U.S. Dollar | 466,810 | Euro | 373,000 | 6,567 | ||||||||||||
5/7/2018 | Deutsche Bank | U.S. Dollar | 459,148 | Euro | 367,366 | 5,858 | ||||||||||||
5/15/2018 | Deutsche Bank | U.S. Dollar | 14,923 | Euro | 12,000 | 108 | ||||||||||||
5/21/2018 | JP Morgan Chase | U.S. Dollar | 75,581 | Euro | 60,167 | 1,265 | ||||||||||||
5/22/2018 | Bank of America | U.S. Dollar | 396,039 | Euro | 319,000 | 1,991 | ||||||||||||
5/22/2018 | Deutsche Bank | U.S. Dollar | 54,661 | Euro | 44,000 | 310 | ||||||||||||
5/29/2018 | Citibank | U.S. Dollar | 2,007,716 | Euro | 1,620,000 | 5,544 | ||||||||||||
5/31/2018 | Deutsche Bank | U.S. Dollar | 413,497 | Euro | 333,864 | 801 | ||||||||||||
5/31/2018 | Goldman Sachs | U.S. Dollar | 56,385 | Euro | 45,500 | 142 | ||||||||||||
6/7/2018 | Bank of America | U.S. Dollar | 537,782 | Euro | 434,000 | 986 | ||||||||||||
6/13/2018 | Citibank | U.S. Dollar | 78,927 | Euro | 63,594 | 229 | ||||||||||||
6/15/2018 | JP Morgan Chase | U.S. Dollar | 74,984 | Euro | 60,167 | 516 | ||||||||||||
6/29/2018 | Deutsche Bank | U.S. Dollar | 416,817 | Euro | 333,733 | 3,265 | ||||||||||||
6/29/2018 | Goldman Sachs | U.S. Dollar | 56,825 | Euro | 45,500 | 443 | ||||||||||||
4/13/2018 | Deutsche Bank | U.S. Dollar | 2,340,836 | Japanese Yen | 254,142,270 | (49,861 | ) | |||||||||||
4/18/2018 | Merrill Lynch | U.S. Dollar | 276,578 | Japanese Yen | 30,030,000 | (6,001 | ) | |||||||||||
4/23/2018 | JP Morgan Chase | U.S. Dollar | 360,496 | Japanese Yen | 38,610,000 | (2,934 | ) | |||||||||||
4/23/2018 | Citibank | U.S. Dollar | 336,398 | Japanese Yen | 35,670,000 | 642 | ||||||||||||
6/1/2018 | Deutsche Bank | U.S. Dollar | 739,702 | Japanese Yen | 80,680,000 | (21,753 | ) | |||||||||||
6/5/2018 | JP Morgan Chase | U.S. Dollar | 307,567 | Japanese Yen | 34,284,478 | (16,102 | ) | |||||||||||
6/11/2018 | HSBC | U.S. Dollar | 172,619 | Japanese Yen | 19,250,000 | (9,194 | ) | |||||||||||
6/13/2018 | HSBC | U.S. Dollar | 423,032 | Japanese Yen | 47,460,000 | (25,283 | ) | |||||||||||
6/13/2018 | JP Morgan Chase | U.S. Dollar | 391,982 | Japanese Yen | 43,970,000 | (23,367 | ) | |||||||||||
6/13/2018 | Deutsche Bank | U.S. Dollar | 147,774 | Japanese Yen | 15,700,000 | (531 | ) | |||||||||||
6/15/2018 | JP Morgan Chase | U.S. Dollar | 165,252 | Japanese Yen | 18,500,000 | (9,527 | ) | |||||||||||
6/18/2018 | HSBC | U.S. Dollar | 827,201 | Japanese Yen | 88,800,000 | (11,925 | ) | |||||||||||
6/20/2018 | Citibank | U.S. Dollar | 534,560 | Japanese Yen | 58,390,000 | (17,283 | ) | |||||||||||
6/22/2018 | Deutsche Bank | U.S. Dollar | 168,294 | Japanese Yen | 17,733,000 | 675 | ||||||||||||
7/30/2018 | JP Morgan Chase | U.S. Dollar | 181,263 | Japanese Yen | 19,500,000 | (3,574 | ) | |||||||||||
8/15/2018 | JP Morgan Chase | U.S. Dollar | 389,684 | Japanese Yen | 41,463,000 | (3,802 | ) | |||||||||||
9/11/2018 | HSBC | U.S. Dollar | 173,657 | Japanese Yen | 19,250,000 | (9,392 | ) | |||||||||||
9/18/2018 | HSBC | U.S. Dollar | 170,038 | Japanese Yen | 17,820,000 | 499 | ||||||||||||
1/11/2019 | Goldman Sachs | U.S. Dollar | 179,333 | Japanese Yen | 19,732,000 | (10,151 | ) | |||||||||||
1/16/2019 | JP Morgan Chase | U.S. Dollar | 410,018 | Japanese Yen | 44,610,000 | (18,541 | ) | |||||||||||
1/25/2019 | JP Morgan Chase | U.S. Dollar | 519,485 | Japanese Yen | 56,000,000 | (18,891 | ) |
See notes to financial statements.
91
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued)
March 31, 2018
Forward | Counterparty | Currency to be received | Amount of | Currency to be delivered | Amount of | Unrealized | ||||||||||||
1/25/2019 | Citibank | U.S. Dollar | 337,106 | Japanese Yen | 36,309,000 | $ | (11,964 | ) | ||||||||||
2/4/2019 | JP Morgan Chase | U.S. Dollar | 1,882,814 | Japanese Yen | 200,000,000 | (41,532 | ) | |||||||||||
2/14/2019 | Citibank | U.S. Dollar | 111,948 | Japanese Yen | 11,860,000 | (2,260 | ) | |||||||||||
5/23/2018 | Citibank | U.S. Dollar | 88,887 | South Korea Won | 95,860,000 | (1,224 | ) | |||||||||||
6/7/2018 | Goldman Sachs | U.S. Dollar | 960,052 | South Korea Won | 1,037,000,000 | (15,275 | ) | |||||||||||
6/27/2018 | HSBC | U.S. Dollar | 254,099 | South Korea Won | 270,856,853 | (825 | ) | |||||||||||
$ | (240,886 | ) | ||||||||||||||||
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
Interest Rate Swaps
March 31, 2018
Pay/Receive | Floating Rate Index | Floating Payment Frequency | Fixed Pay Rate | Fixed | Maturity Date | Counterparty | Notional Amount | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 3.848% | Semi-Annual | 8/22/2043 | JP Morgan Chase | $ | 4,170,000 | $ | (797,409 | ) | $ | — | $ | (797,409 | ) | |||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 2.587% | Semi-Annual | 7/27/2047 | Citibank | 1,100,000 | 54,328 | — | 54,328 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.973% | Semi-Annual | 1/27/2025 | Citibank | 360,000 | 16,919 | — | 16,919 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | Quarterly | 2.980% | Semi-Annual | 2/20/2048 | Citibank | 274,000 | (6,792 | ) | — | (6,792 | ) | ||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 3.002% | Semi-Annual | 2/22/2048 | HSBC | 274,000 | (8,032 | ) | — | (8,032 | ) | |||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 3.019% | Semi-Annual | 2/23/2048 | HSBC | 274,000 | (8,995 | ) | — | (8,995 | ) | |||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.914% | Semi-Annual | 1/22/2025 | HSBC | 196,000 | 9,926 | — | 9,926 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.817% | Semi-Annual | 2/3/2025 | Citibank | 120,000 | 6,836 | — | 6,836 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.942% | Semi-Annual | 1/30/2025 | Citibank | 80,000 | 3,919 | — | 3,919 | |||||||||||||||||||||||||
$ | (729,300 | ) | $ | — | $ | (729,300 | ) | |||||||||||||||||||||||||||||
* | Centrally cleared swap, clearing agent: JP Morgan Chase |
** | Centrally cleared swap, clearing agent: Citibank |
See notes to financial statements.
92
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.64% |
| |||||||
Exchange Traded Funds - 98.64% |
| |||||||
272,256 | iShares Core MSCI EAFE ETF | $ | 17,936,225 | |||||
888,190 | iShares Core MSCI Emerging Markets ETF | 51,870,296 | ||||||
898,640 | iShares Core S&P Small-Cap ETF (a) | 69,204,267 | ||||||
596,397 | iShares MSCI Canada ETF | 16,436,701 | ||||||
367,032 | iShares MSCI Switzerland Capped ETF (a) | 12,614,890 | ||||||
1,093,905 | Schwab U.S. Large-Cap ETF | 69,003,527 | ||||||
76,484 | SPDR S&P 600 Small Cap Growth ETF | 17,788,649 | ||||||
226,040 | SPDR S&P China ETF | 25,020,368 | ||||||
3,333,940 | Vanguard FTSE Developed Markets ETF | 147,526,845 | ||||||
186,149 | Vanguard Global ex-U.S. Real Estate ETF | 11,340,197 | ||||||
285,916 | Vanguard REIT ETF (a) | 21,578,081 | ||||||
604,891 | Vanguard S&P 500 ETF | 146,432,013 | ||||||
32,835 | Vanguard Value ETF | 3,387,915 | ||||||
610,139,974 | ||||||||
Total Investment Companies | 610,139,974 | |||||||
SHORT TERM INVESTMENTS - 1.61% |
| |||||||
Money Market Funds - 1.61% |
| |||||||
9,967,482 | Deutsche Government Money Market Series - Institutional Shares | 9,967,482 | ||||||
Total Short Term Investments | 9,967,482 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 10.36% |
| |||||||
Investments Purchased with Proceeds from |
| |||||||
64,102,560 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 64,102,560 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 64,102,560 | |||||||
Total Investments | 684,210,016 | |||||||
Liabilities in Excess of | (65,634,200 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 618,575,816 | ||||||
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, 2018. |
See notes to financial statements.
93
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.77% |
| |||||||
Exchange Traded Funds - 98.77% |
| |||||||
192,248 | iShares 1-3 Year Treasury Bond ETF (a) | $ | 16,064,243 | |||||
313,093 | iShares 7-10 Year Treasury Bond ETF (a) | 32,308,067 | ||||||
87,310 | iShares 10+ Year Credit Bond ETF (a) | 5,264,793 | ||||||
206,327 | iShares 20+ Year Treasury Bond ETF (a) | 25,151,261 | ||||||
47,610 | iShares Core MSCI Emerging Markets ETF | 2,780,424 | ||||||
186,800 | iShares Core S&P Small-Cap ETF (a) | 14,385,468 | ||||||
231,557 | iShares Edge MSCI Min Vol USA ETF | 12,024,755 | ||||||
34,291 | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | 3,868,711 | ||||||
93,232 | iShares MSCI Canada ETF (a) | 2,569,474 | ||||||
188,118 | iShares MSCI Switzerland Capped ETF | 6,465,616 | ||||||
69,523 | iShares U.S. Credit Bond ETF | 7,575,921 | ||||||
94,034 | PowerShares DB Gold Fund | 3,949,428 | ||||||
405,345 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 14,531,618 | ||||||
149,476 | SPDR Bloomberg Barclays International Treasury Bond ETF (a) | 4,411,037 | ||||||
174,267 | SPDR Bloomberg Barclays TIPS ETF | 9,717,128 | ||||||
19,438 | SPDR S&P 600 Small CapValue ETF (a) | 2,400,399 | ||||||
45,002 | SPDR S&P China ETF | 4,981,271 | ||||||
600,552 | Vanguard FTSE Developed Markets ETF | 26,574,426 | ||||||
616,795 | Vanguard Mortgage-Backed Securities ETF | 31,826,622 | ||||||
62,061 | Vanguard Real Estate ETF (a) | 4,683,744 | ||||||
121,329 | Vanguard S&P 500 ETF | 29,371,324 | ||||||
20,751 | Vanguard Total Bond Market ETF | 1,658,627 | ||||||
51,547 | Vanguard Value ETF | 5,318,619 | ||||||
267,882,976 | ||||||||
Total Investment Companies | 267,882,976 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 1.34% |
| |||||||
Money Market Funds - 1.34% |
| |||||||
3,625,343 | Deutsche Government Money Market Series -Institutional Shares | $ | 3,625,343 | |||||
Total Short Term Investments | 3,625,343 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 25.93% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 25.93% |
| |||||||
70,331,057 | Mount Vernon Liquid Assets Portfolio, LLC | 70,331,057 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 70,331,057 | |||||||
Total Investments | 341,839,376 | |||||||
Liabilities in Excess of | (70,618,503 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 271,220,873 | ||||||
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, 2018. |
See notes to financial statements.
94
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.74% |
| |||||||
Exchange Traded Funds - 98.74% |
| |||||||
91,532 | Healthcare Select Sector SPDR Fund | $ | 7,450,705 | |||||
61,102 | iShares Core S&P 500 ETF | 16,214,638 | ||||||
113,051 | PowerShares QQQ Trust Series 1 (a) | 18,102,857 | ||||||
884,307 | Schwab U.S. Large-Cap ETF | 55,782,085 | ||||||
326,879 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 29,925,772 | ||||||
36,787 | SPDR S&P 500 ETF Trust (a) | 9,680,499 | ||||||
139,279 | Technology Select Sector SPDR ETF | 9,111,632 | ||||||
207,403 | Vanguard Growth ETF | 29,426,338 | ||||||
100,694 | Vanguard Mid-Cap Growth ETF | 13,050,949 | ||||||
270,669 | Vanguard S&P 500 ETF | 65,523,551 | ||||||
45,984 | Vanguard Small-Cap Growth ETF (a) | 7,539,077 | ||||||
76,554 | Vanguard Value ETF | 7,898,842 | ||||||
269,706,945 | ||||||||
Total Investment Companies | 269,706,945 | |||||||
SHORT TERM INVESTMENTS - 1.34% |
| |||||||
Money Market Funds - 1.34% |
| |||||||
3,670,591 | Deutsche Government Money Market Series - Institutional Shares | 3,670,591 | ||||||
Total Short Term Investments | 3,670,591 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.79% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 9.79% |
| |||||||
26,730,427 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 26,730,427 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 26,730,427 | |||||||
Total Investments | 300,107,963 | |||||||
Liabilities in Excess of | (26,966,756 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 273,141,207 | ||||||
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, 2018. |
See notes to financial statements.
95
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.25% |
| |||||||
Exchange Traded Funds - 54.49% |
| |||||||
232,946 | iShares 3-7 Year Treasury Bond ETF (a) | $ | 28,097,947 | |||||
65,050 | iShares 7-10 Year Treasury Bond ETF (a) | 6,712,510 | ||||||
52,139 | iShares 20+ Year Treasury Bond ETF (a) | 6,355,744 | ||||||
41,118 | iShares Core MSCI Emerging Markets ETF | 2,401,291 | ||||||
191,896 | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | 21,649,707 | ||||||
16,511 | PowerShares DB Agriculture Fund (a)(b) | 310,572 | ||||||
7,199 | PowerShares DB Base Metals Fund (b) | 131,022 | ||||||
22,037 | PowerShares DB Energy Fund (b) | 336,505 | ||||||
127,121 | ProShares Investment Grade-Interest Rate Hedged ETF (a) | 9,690,434 | ||||||
18,361 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 1,680,950 | ||||||
445,868 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 15,984,368 | ||||||
64,677 | Vanguard FTSE Developed Markets ETF | 2,861,957 | ||||||
648,024 | Vanguard Mortgage-Backed Securities ETF | 33,438,038 | ||||||
23,031 | Vanguard S&P 500 ETF | 5,575,344 | ||||||
139,279 | Vanguard Total Bond Market ETF | 11,132,570 | ||||||
146,358,959 | ||||||||
Mutual Funds - 43.76% |
| |||||||
700,588 | BlackRock Low Duration Bond Portfolio - Institutional Shares | 6,669,599 | ||||||
778,653 | DoubleLine Core Fixed Income Fund - Institutional Shares | 8,417,236 | ||||||
1,336,560 | DoubleLine Low Duration Bond Fund - Institutional Shares | 13,325,505 | ||||||
486,329 | DoubleLine Multi-Asset Growth Fund - Institutional Shares (d) | 4,586,087 | ||||||
3,562,553 | DoubleLine Total Return Bond Fund - Institutional Shares | 37,335,556 | ||||||
2,329,653 | T. Rowe Price Institutional Floating Rate Fund | 23,319,828 | ||||||
4,146,823 | Vanguard High-Yield Corporate Fund - Admiral Shares | 23,885,702 | ||||||
117,539,513 | ||||||||
Total Investment Companies | 263,898,472 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 1.16% |
| |||||||
Money Market Funds - 1.16% |
| |||||||
Deutsche Government Money Market Series - Institutional Shares | ||||||||
3,109,537 | Effective Yield, 1.56% (c) | $ | 3,109,537 | |||||
Total Short Term Investments | 3,109,537 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 19.98% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 19.98% |
| |||||||
53,670,654 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.91% (c) | 53,670,654 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 53,670,654 | |||||||
Total Investments | 320,678,663 | |||||||
Liabilities in Excess of | (52,084,556 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 268,594,107 | ||||||
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, 2018. |
(d) | Certain GPS Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to 0.90% of total net assets as of March 31, 2018. |
See notes to financial statements.
96
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.94% |
| |||||||
Exchange Traded Funds - 78.11% |
| |||||||
93,609 | Global X MLP ETF | $ | 794,740 | |||||
129,450 | iShares 0-5 Year High Yield Corporate Bond ETF | 6,056,965 | ||||||
49,782 | iShares 20+ Year Treasury Bond ETF (a) | 6,068,426 | ||||||
60,912 | iShares Currency Hedged MSCI Eurozone ETF | 1,787,158 | ||||||
5,358 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 628,976 | ||||||
114,654 | iShares Income Emerging Markets Dividend ETF | 4,972,544 | ||||||
27,221 | iShares MBS ETF | 2,848,405 | ||||||
223,027 | iShares U.S. Preferred Stock ETF (a) | 8,376,894 | ||||||
155,254 | SPDR Portfolio Aggregate Bond ETF | 4,371,953 | ||||||
85,240 | SPDR Portfolio Long Term Corporate Bond ETF | 2,324,495 | ||||||
591,282 | SPDR Portfolio S&P 500 High Dividend ETF | 21,144,244 | ||||||
27,641 | SPDR S&P Global Dividend ETF | 1,901,397 | ||||||
41,267 | SPDR S&P Global Infrastructure ETF | 2,032,400 | ||||||
32,278 | Vanguard Emerging Markets Government Bond ETF | 2,532,209 | ||||||
50,570 | Vanguard Global ex-U.S. Real Estate ETF (a) | 3,080,724 | ||||||
46,151 | Vanguard Intermediate-Term Corporate Bond ETF | 3,915,451 | ||||||
190,044 | Vanguard International High Dividend Yield Index Fund | 12,628,424 | ||||||
31,204 | Vanguard REIT ETF (a) | 2,354,966 | ||||||
3,040 | Vanguard S&P 500 ETF | 735,923 | ||||||
163,159 | WisdomTree U.S. SmallCap Dividend Fund | 4,470,557 | ||||||
93,026,851 | ||||||||
Mutual Funds - 20.83% | ||||||||
1,114 | BlackRock Global Dividend Portfolio-Institutional Shares | 14,303 | ||||||
253,676 | BlackRock Strategic Income Opportunities Portfolio-Institutional Shares | 2,516,464 | ||||||
234,220 | Loomis Sayles Global Equity and Income Fund-Institutional Shares | 5,284,005 | ||||||
754,180 | T. Rowe Price Institutional Floating Rate Fund | 7,549,343 | ||||||
1,639,125 | Vanguard High-Yield Corporate Fund-Admiral Shares | 9,441,361 | ||||||
24,805,476 | ||||||||
Total Investment Companies | 117,832,327 | |||||||
SHORT TERM INVESTMENTS - 1.22% |
| |||||||
Money Market Funds - 1.22% |
| |||||||
1,452,952 | Deutsche Government Money Market | 1,452,952 | ||||||
Total Short Term Investments | 1,452,952 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.72% |
| |||||||
Investments Purchased with Proceeds from |
| |||||||
22,294,424 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.91% (b) | $ | 22,294,424 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 22,294,424 | |||||||
Total Investments | 141,579,703 | |||||||
Liabilities in Excess of | (22,488,088 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 119,091,615 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or a portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2018. |
See notes to financial statements.
97
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.34% |
| |||||||
Exchange Traded Funds - 72.13% |
| |||||||
29,396 | iShares 0-5 Year High Yield Corporate Bond ETF | $ | 1,375,439 | |||||
47,966 | iShares Core MSCI Emerging Markets ETF | 2,801,214 | ||||||
109,757 | iShares U.S. Preferred Stock ETF (a) | 4,122,473 | ||||||
345,105 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 12,372,015 | ||||||
228,219 | VanEck Vectors Emerging Markets High Yield Bond ETF | 5,486,385 | ||||||
31,337 | Vanguard FTSE Developed Markets ETF | 1,386,662 | ||||||
68,375 | Vanguard Global ex-U.S. Real Estate ETF | 4,165,405 | ||||||
36,305 | Vanguard REIT ETF (a) | 2,739,938 | ||||||
21,553 | Vanguard S&P 500 ETF | 5,217,550 | ||||||
4,301 | Vanguard Total Bond Market ETF | 343,779 | ||||||
40,010,860 | ||||||||
Mutual Funds - 26.21% |
| |||||||
179,528 | BlackRock High Yield Portfolio - Institutional Shares | 1,371,598 | ||||||
2,285,998 | Vanguard High-Yield Corporate Fund - Admiral Shares | 13,167,346 | ||||||
14,538,944 | ||||||||
Total Investment Companies | 54,549,804 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 1.36% |
| |||||||
Money Market Funds - 1.36% |
| |||||||
751,711 | Deutsche Government Money Market Series - Institutional Shares Effective Yield, 1.56% (b) | $ | 751,711 | |||||
Total Short Term Investments | 751,711 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 30.30% |
| |||||||
Investments Purchased with Proceeds from |
| |||||||
16,808,555 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 1.91% (b) | 16,808,555 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 16,808,555 | |||||||
Total Investments | 72,110,070 | |||||||
Liabilities in Excess of | (16,639,101 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 55,470,969 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or a portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2018. |
See notes to financial statements.
98
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2018
Principal | Value | |||||||
SHORT TERM INVESTMENTS - 95.97% | ||||||||
Certificates of Deposit - 84.34% | ||||||||
$ | 5,000,000 | Abbey National Treasury Services Plc | $ | 5,000,000 | ||||
4,000,000 | Banco Del Estado De Chile | 3,999,363 | ||||||
2,500,000 | Bank of Montreal | 2,500,000 | ||||||
3,500,000 | Bank of Nova Scotia | 3,500,139 | ||||||
500,000 | Bank of Tokyo-Mitsubishi, Ltd. | 500,000 | ||||||
2,500,000 | BNP Paribas SA | 2,500,194 | ||||||
5,600,000 | CIBC | 5,600,000 | ||||||
4,500,000 | COFCO Capital Corp. | 4,494,451 | ||||||
2,000,000 | Commonwealth Bank of Australia | 1,997,844 | ||||||
3,000,000 | Cooperatieve Rabobank UA | 3,000,000 | ||||||
5,000,000 | Credit Agricole Corp. and Investment Bank | 5,000,000 | ||||||
4,500,000 | Credit Industriel et Commercial Bank | 4,500,482 | ||||||
4,000,000 | Dexia Credit Local SA | 4,000,013 | ||||||
3,000,000 | DZ Bank AG | 3,000,000 | ||||||
Landesbank Hessen-Thueringen | ||||||||
3,500,000 | 1.800%, 04/03/2018 | 3,500,000 | ||||||
1,000,000 | 1.960%, 04/16/2018 | 1,000,000 | ||||||
3,500,000 | Mitsubishi Trust & Banking Corp. | 3,500,000 | ||||||
3,500,000 | Mizuho Bank, Ltd. | |||||||
2.062% (1 Month LIBOR USD + 0.190%), 04/25/2018 (a) | 3,500,000 | |||||||
500,000 | 1.970%, 06/04/2018 | 499,902 | ||||||
5,650,000 | National Bank of Kuwait | 5,650,000 | ||||||
Oversea-Chinese Banking Corp., Ltd. | ||||||||
3,500,000 | 1.710%, 04/04/2018 | 3,500,000 | ||||||
1,500,000 | 2.220%, 06/14/2018 | 1,500,051 | ||||||
1,500,000 | Royal Bank of Canada | |||||||
1.920% (1 Month LIBOR USD + 0.180%), 06/12/2018 (a) | 1,500,177 | |||||||
1,500,000 | 1.920% (1 Month LIBOR USD + 0.180%), 07/10/2018 (a) | 1,499,817 | ||||||
1,600,000 | 2.542% (3 Month LIBOR USD + 0.250%), 03/27/2019 (a) | 1,600,075 | ||||||
3,800,000 | Skandinaviska Enskilda Banken AB | 3,799,391 |
Principal | Value | |||||||
Certificates of Deposit (Continued) | ||||||||
Sumitomo Mitsui Banking Corp. | ||||||||
$ | 3,000,000 | 1.886% (1 Month LIBOR USD + 0.200%), 06/05/2018 (a) | $ | 2,999,550 | ||||
1,250,000 | 2.018% (1 Month LIBOR USD + 0.210%), 07/19/2018 (a) | 1,249,678 | ||||||
Sumitomo Mitsui Trust Bank, Ltd. | ||||||||
3,500,000 | 1.977% (1 Month LIBOR USD + 0.200%), 06/15/2018 (a) | 3,499,339 | ||||||
500,000 | 2.000%, 05/21/2018 | 500,000 | ||||||
Svenska Handelsbanken | ||||||||
3,000,000 | 1.951% (1 Month LIBOR USD + 0.110%), 05/21/2018 (a) | 3,000,000 | ||||||
500,000 | 1.811% (1 Month LIBOR USD + 0.120%), 06/06/2018 (a) | 500,024 | ||||||
3,500,000 | Swedbank AB | 3,500,405 | ||||||
The Norinchukin Bank | ||||||||
500,000 | 1.720%, 04/24/2018 | 500,000 | ||||||
1,500,000 | 2.300%, 06/20/2018 | 1,500,323 | ||||||
1,000,000 | 1.840%, 07/10/2018 | 998,861 | ||||||
2,000,000 | The Toronto-Dominion Bank | 2,000,000 | ||||||
2,500,000 | Wells Fargo Bank NA | 2,497,573 | ||||||
103,387,652 | ||||||||
Commercial Paper - 6.12% | ||||||||
Bank of America Corp. | ||||||||
2,500,000 | 1.740%, 08/02/2018 | 2,500,041 | ||||||
1,500,000 | 1.768%, 08/16/2018 | 1,500,027 | ||||||
3,500,000 | ING U.S. Funding, LLC. | 3,500,000 | ||||||
7,500,068 | ||||||||
Number of | ||||||||
Money Market Funds - 0.37% | ||||||||
457,553 | Deutsche Government Money Market Series - Institutional Shares | 457,553 | ||||||
457,553 | ||||||||
Principal | ||||||||
U.S. Treasury Bill - 5.14% | ||||||||
United States Treasury Bill | ||||||||
$ | 3,100,000 | 1.550%, 04/05/2018 (c)(d)(e) | 3,099,541 | |||||
3,200,000 | 1.430%, 05/03/2018 (c)(d)(e) | 3,195,711 | ||||||
6,295,252 | ||||||||
Total Short Term Investments | 117,640,525 | |||||||
Total Investments | 117,640,525 | |||||||
Other Assets in Excess of | 4,936,771 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 122,577,296 | ||||||
See notes to financial statements.
99
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
March 31, 2018
Percentages are stated as a percent of net assets.
(a) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2018. |
(b) | Seven-day yield as of March 31, 2018. |
(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. |
(f) | Variable rate security. The rate reported is the rate in effect as of March 31, 2018. |
See notes to financial statements.
100
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2018
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value/Unrealized Appreciation (Depreciation) | ||||||||||||
Amsterdam IDX Futures | 9 | $ | 1,169,421 | Apr-18 | $ | (15,450 | ) | |||||||||
Australian 3-Year Treasury Bond Futures | 12 | 1,024,644 | Jun-18 | 692 | ||||||||||||
Australian 10-Year Treasury Bond Futures | 130 | 12,941,779 | Jun-18 | 52,721 | ||||||||||||
Australian Dollar Futures | 80 | 6,140,800 | Jun-18 | (127,587 | ) | |||||||||||
Brent Crude Futures (a) | 57 | 3,952,380 | Apr-18 | 156,044 | ||||||||||||
British Pound Futures | 178 | 15,639,525 | Jun-18 | (30,427 | ) | |||||||||||
CAC40 Index Futures | 6 | 380,542 | Apr-18 | (7,320 | ) | |||||||||||
Canadian 10-Year Bond Futures | (36 | ) | (3,723,926 | ) | Jun-18 | (67,395 | ) | |||||||||
Canadian Dollar Futures | (6 | ) | (465,750 | ) | Jun-18 | (2,430 | ) | |||||||||
Cocoa Futures (a) | 20 | 511,200 | May-18 | 32,561 | ||||||||||||
Coffee ‘C’ Futures (a) | (63 | ) | (2,791,294 | ) | May-18 | 103,827 | ||||||||||
Copper Futures (a) | 15 | 1,134,563 | May-18 | (57,609 | ) | |||||||||||
Corn Futures (a) | (111 | ) | (2,199,188 | ) | Jul-18 | (76,831 | ) | |||||||||
Cotton No. 2 Futures (a) | 42 | 1,710,660 | May-18 | 33,187 | ||||||||||||
DAX® Index Futures | (4 | ) | (1,491,245 | ) | Jun-18 | (25,077 | ) | |||||||||
DJIA E-Mini CBOT Futures | 24 | 2,897,640 | Jun-18 | (95,922 | ) | |||||||||||
E-mini Nasdaq 100 Futures | 25 | 3,297,000 | Jun-18 | (260,675 | ) | |||||||||||
E-mini Russell 2000 Futures | 34 | 2,603,040 | Jun-18 | (105,426 | ) | |||||||||||
E-mini S&P 500 Futures | 19 | 2,510,850 | Jun-18 | (92,269 | ) | |||||||||||
E-mini S&P Mid Cap 400 Futures | 16 | 3,012,960 | Jun-18 | (76,298 | ) | |||||||||||
Euribor 3 Month Futures | 118 | 36,414,465 | Jun-18 | 214 | ||||||||||||
Euro Fx Futures | 185 | 28,579,031 | Jun-18 | (167,369 | ) | |||||||||||
Euro Stoxx 50® Index Futures | (40 | ) | (1,614,844 | ) | Jun-18 | (28,706 | ) | |||||||||
Euro-Bobl Futures | 126 | 20,348,587 | Jun-18 | 87,659 | ||||||||||||
Euro-BTP Futures | 138 | 23,566,857 | Jun-18 | 404,773 | ||||||||||||
Euro-BTP Futures - Short | 150 | 20,815,543 | Jun-18 | 92,766 | ||||||||||||
Euro-Bund Futures | 109 | 21,382,621 | Jun-18 | 116,554 | ||||||||||||
Euro-Buxl® 30 Year Futures | 55 | 11,192,061 | Jun-18 | 105,814 | ||||||||||||
Eurodollar 90 Day Futures | (698 | ) | (170,486,500 | ) | Jun-18 | 375,558 | ||||||||||
Euro-OATS Futures | 212 | 40,325,676 | Jun-18 | 365,190 | ||||||||||||
Euro-Schatz Futures | 245 | 33,756,045 | Jun-18 | 45,815 | ||||||||||||
FTSE 100 Index Futures | (44 | ) | (4,317,218 | ) | Jun-18 | (79,670 | ) | |||||||||
FTSE MIB Index Futures | 5 | 675,302 | Jun-18 | (11,948 | ) | |||||||||||
FTSE/JSE Top 40 Index Futures | (5 | ) | (208,574 | ) | Jun-18 | (1,758 | ) | |||||||||
Gold 100 Oz. Futures (a) | 38 | 5,043,740 | Jun-18 | (160 | ) | |||||||||||
Hang Seng Index Futures | 15 | 2,871,696 | Apr-18 | (7,128 | ) | |||||||||||
HSCEI Index Futures | 32 | 2,455,814 | Apr-18 | (8,369 | ) | |||||||||||
IBEX 35® Index Futures | (40 | ) | (4,710,807 | ) | Apr-18 | (25,204 | ) | |||||||||
Japanese Yen Futures | 74 | 8,735,238 | Jun-18 | (90,836 | ) | |||||||||||
Live Cattle Futures (a) | (59 | ) | (2,420,770 | ) | Jun-18 | 99,833 | ||||||||||
LME Aluminium Futures (a)(b) | (72 | ) | (3,605,850 | ) | Jun-18 | 108,747 | ||||||||||
LME Aluminium Futures (a)(b) | 45 | 2,253,656 | Jun-18 | (162,988 | ) | |||||||||||
LME Copper Futures (a)(b) | (13 | ) | (2,181,806 | ) | Jun-18 | 23,718 | ||||||||||
LME Copper Futures (a)(b) | 18 | 3,020,963 | Jun-18 | (136,588 | ) | |||||||||||
LME Nickel Futures (a)(b) | (4 | ) | (319,104 | ) | Jun-18 | 10,133 | ||||||||||
LME Nickel Futures (a)(b) | 9 | 717,984 | Jun-18 | (18,335 | ) | |||||||||||
LME Zinc Futures (a)(b) | (3 | ) | (245,775 | ) | Jun-18 | (162 | ) | |||||||||
LME Zinc Futures (a)(b) | 20 | 1,638,500 | Jun-18 | (21,564 | ) | |||||||||||
Long Gilt Futures | (18 | ) | (3,101,689 | ) | Jun-18 | (46,494 | ) | |||||||||
Low Sulphur Gas Oil Futures (a) | 55 | 3,399,000 | May-18 | 148,439 | ||||||||||||
Mexican Peso Futures | 528 | 14,337,840 | Jun-18 | 287,564 | ||||||||||||
MSCI EAFE Index Futures | 32 | 3,200,960 | Jun-18 | (28,329 | ) | |||||||||||
MSCI Emerging Markets Index Futures | 36 | 2,138,040 | Jun-18 | (47,761 | ) | |||||||||||
MSCI Singapore Index Futures | 21 | 623,521 | Apr-18 | 8,127 | ||||||||||||
MSCI Taiwan Index Futures | 47 | 1,899,270 | Apr-18 | 21,286 | ||||||||||||
Natural Gas Futures (a) | (57 | ) | (1,557,810 | ) | Apr-18 | 27,137 | ||||||||||
New Zealand Dollar Futures | 166 | 11,985,200 | Jun-18 | (117,314 | ) | |||||||||||
Nifty 50 Index Futures | 26 | 527,124 | Apr-18 | 10,910 | ||||||||||||
Nikkei 225 Futures | 5 | 996,664 | Jun-18 | 17,014 |
See notes to financial statements.
101
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2018
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value/Unrealized Appreciation (Depreciation) | ||||||||||||
NY Harbor ULSD Futures (a) | 29 | $ | 2,461,578 | Apr-18 | $ | 103,248 | ||||||||||
OMXS30 Futures | (70 | ) | (1,277,635 | ) | Apr-18 | (19,002 | ) | |||||||||
RBOB Gasoline Futures (a) | 37 | 3,140,012 | Apr-18 | 90,214 | ||||||||||||
S&P/TSX 60 Index Futures | 6 | 843,870 | Jun-18 | (19,913 | ) | |||||||||||
Silver Futures (a) | (27 | ) | (2,196,180 | ) | May-18 | 47,826 | ||||||||||
South African Rand Futures | 206 | 8,603,075 | Jun-18 | (47,259 | ) | |||||||||||
Soybean Futures (a) | 57 | 2,977,538 | May-18 | (28,725 | ) | |||||||||||
Soybean Meal Futures (a) | 62 | 2,380,800 | May-18 | 74,530 | ||||||||||||
Soybean Oil Futures (a) | (78 | ) | (1,491,516 | ) | May-18 | (4,203 | ) | |||||||||
SPI 200TM Index Futures | 26 | 2,863,594 | Jun-18 | (122,716 | ) | |||||||||||
Sterling 90 Day Futures | (322 | ) | (55,956,739 | ) | Jun-18 | 44,020 | ||||||||||
Sugar No. 11 Futures (a) | (219 | ) | (3,029,208 | ) | Apr-18 | 115,944 | ||||||||||
Swiss Franc Futures | 38 | 4,994,150 | Jun-18 | (60,983 | ) | |||||||||||
TOPIX Index Futures | 8 | 1,283,022 | Jun-18 | 25,871 | ||||||||||||
U.S. Treasury 2-Year Note Futures | (245 | ) | (52,089,297 | ) | Jun-18 | (39,164 | ) | |||||||||
U.S. Treasury 5-Year Note Futures | (149 | ) | (17,054,680 | ) | Jun-18 | (78,495 | ) | |||||||||
U.S. Treasury 10-Year Note Futures | (80 | ) | (9,691,250 | ) | Jun-18 | (88,939 | ) | |||||||||
U.S. Treasury Long Bond Futures | (20 | ) | (2,932,500 | ) | Jun-18 | (86,619 | ) | |||||||||
U.S. Treasury Ultra Bond Futures | 6 | 962,813 | Jun-18 | 3,742 | ||||||||||||
Wheat Futures (a) | (61 | ) | (1,428,925 | ) | Jul-18 | (2,718 | ) | |||||||||
WTI Crude Futures (a) | 50 | 3,247,000 | Apr-18 | 89,582 | ||||||||||||
$ | 691,125 | |||||||||||||||
(a) | All 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/depreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities. |
See notes to financial statements.
102
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2018
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $294,732,686, $82,685,897, and $54,048,805, respectively)1 | $ | 360,864,758 | $ | 114,605,401 | $ | 68,605,923 | ||||||
Foreign currencies (cost $0, $71,798, and $0, respectively) | — | 72,089 | — | |||||||||
Cash | 59,253 | — | 7,145 | |||||||||
Income receivable | 263,180 | 289,042 | 57,546 | |||||||||
Receivable for dividend reclaims | 3,987 | 31,365 | 15 | |||||||||
Receivable for fund shares sold | 593,274 | 70,217 | 66,325 | |||||||||
Other assets | 32,137 | 22,422 | 24,974 | |||||||||
Total Assets | 361,816,589 | 115,091,729 | 68,761,928 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 54,100,127 | 5,261,814 | 14,164,130 | |||||||||
Payable for fund shares redeemed | 85,554 | 13,442 | 15,190 | |||||||||
Payable to Investment Advisor | 178,821 | 78,339 | 37,997 | |||||||||
Payable to custodian | 5,766 | 31,041 | 5,052 | |||||||||
Accrued Trustee fees and expenses | 4,894 | 1,801 | 1,020 | |||||||||
Accrued distribution and shareholder servicing fees | 78,163 | 32,331 | 15,355 | |||||||||
Other accrued expenses | 92,215 | 71,102 | 51,824 | |||||||||
Total Liabilities | 54,545,540 | 5,489,870 | 14,290,568 | |||||||||
NET ASSETS | $ | 307,271,049 | $ | 109,600,666 | $ | 54,471,360 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 237,998,813 | 78,066,235 | 39,542,085 | |||||||||
Unrealized appreciation on: | ||||||||||||
Investments | 66,132,072 | 31,919,504 | 14,557,118 | |||||||||
Foreign currencies | — | 3,170 | — | |||||||||
Accumulated undistributed net investment income (loss) | 222,243 | (208,273 | ) | (4,745 | ) | |||||||
Accumulated undistributed net realized gain (loss) | 2,917,921 | (179,970 | ) | 376,902 | ||||||||
Total Net Assets | $ | 307,271,049 | $ | 109,600,666 | $ | 54,471,360 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 46,243 | 666 | — | |||||||||
Net assets | 821,049 | 11,036 | — | |||||||||
Net asset value, offering and redemption price per share | $ | 17.755 | $ | 16.577 | 2 | $ | — | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 17,508,758 | 6,422,429 | 3,653,800 | |||||||||
Net assets | 306,450,000 | 109,589,630 | 54,471,360 | |||||||||
Net asset value, offering and redemption price per share | $ | 17.503 | $ | 17.063 | 2 | $ | 14.908 | |||||
1Includes loaned securities with a value of: | $ | 53,620,036 | $ | 5,269,546 | $ | 14,008,010 | ||||||
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, 2018
World ex-US Fund | Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $181,694,422, $156,502,879 and $26,562,829, respectively)1 | $ | 211,816,219 | $ | 155,487,290 | $ | 27,862,052 | ||||||
Foreign currencies (cost $451,590, $0, and $0, respectively) | 450,863 | — | — | |||||||||
Cash | — | 10,420 | — | |||||||||
Appreciation on swap agreements | — | 377,913 | — | |||||||||
Variation margin on futures | — | 6,292 | — | |||||||||
Income receivable | 587,075 | 625,957 | 394,368 | |||||||||
Receivable for dividend reclaims | 818,658 | — | — | |||||||||
Receivable for investment securities sold | — | 1,253,354 | — | |||||||||
Receivable for fund shares sold | 488,622 | 384,979 | 2,052 | |||||||||
Receivable for deposits with broker for options | — | 24,715 | — | |||||||||
Swap premiums paid | — | 249,517 | — | |||||||||
Other assets | 24,500 | 25,863 | 17,399 | |||||||||
Total Assets | 214,185,937 | 158,446,300 | 28,275,871 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 929,168 | 2,080,400 | — | |||||||||
Depreciation on swap agreements | — | 100,350 | — | |||||||||
Payable for investment securities purchased | — | 20,980,531 | 380,553 | |||||||||
Payable for fund shares redeemed | 74,936 | 85,359 | 195 | |||||||||
Payable to Investment Advisor | 135,956 | 58,494 | 16,146 | |||||||||
Payable to custodian | 28,569 | 8,214 | 716 | |||||||||
Accrued Trustee fees and expenses | 3,485 | 2,058 | 415 | |||||||||
Accrued distribution and shareholder servicing fees | 50,414 | 38,312 | 13,338 | |||||||||
Swap premiums received | — | 238,242 | — | |||||||||
Payable for deposits with broker for swaps | — | 379,048 | — | |||||||||
Payable for deposits with broker for futures | — | 135,181 | — | |||||||||
Other accrued expenses | 90,895 | 85,052 | 35,476 | |||||||||
Total Liabilities | 1,313,423 | 24,191,241 | 446,839 | |||||||||
NET ASSETS | $ | 212,872,514 | $ | 134,255,059 | $ | 27,829,032 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 181,112,018 | 135,829,661 | 26,511,349 | |||||||||
Unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 30,121,797 | (1,015,579 | ) | 1,299,223 | ||||||||
Foreign currencies | 2,505 | — | — | |||||||||
Swaps | — | 277,563 | — | |||||||||
Futures contracts | — | 8,890 | — | |||||||||
Accumulated undistributed net investment income (loss) | 2,124,397 | (183,955 | ) | 18,460 | ||||||||
Accumulated undistributed net realized loss | (488,203 | ) | (661,521 | ) | — | |||||||
Total Net Assets | $ | 212,872,514 | $ | 134,255,059 | $ | 27,829,032 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 84,314 | — | — | |||||||||
Net assets | 822,817 | — | — | |||||||||
Net asset value, offering and redemption price per share | $ | 9.759 | $ | — | $ | — | ||||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 22,303,545 | 14,693,947 | 2,497,146 | |||||||||
Net assets | 212,049,697 | 134,255,059 | 27,829,032 | |||||||||
Net asset value, offering and redemption price per share | $ | 9.507 | $ | 9.131 | 2 | $ | 11.145 | 2 | ||||
1Includes loaned securities with a value of: | $ | 908,340 | $ | 2,044,107 | $ | — | ||||||
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, 2018
Opportunistic Fixed Income Fund | Growth Allocation Fund | Conservative Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $56,174,427, $581,169,740, and $332,880,954, respectively)1 | $ | 53,169,098 | $ | 684,210,016 | $ | 341,839,376 | ||||||
Foreign currencies (cost $72,693, $0, and $0, respectively) | 70,850 | — | — | |||||||||
Cash | 100,000 | — | — | |||||||||
Deposits with brokers for forwards and swaps | 1,920,714 | — | — | |||||||||
Income receivable | 569,403 | 10,104 | 4,403 | |||||||||
Receivable for dividend reclaims | 618 | — | — | |||||||||
Receivable for fund shares sold | 154,348 | 2,559,460 | 1,045,004 | |||||||||
Appreciation of forward foreign currency contracts | 172,460 | — | — | |||||||||
Appreciation of swap agreements | 91,928 | — | — | |||||||||
Other assets | 22,637 | 56,446 | 58,397 | |||||||||
Total Assets | 56,272,056 | 686,836,026 | 342,947,180 | |||||||||
LIABILITIES: | ||||||||||||
Depreciation of forward foreign currency contracts | 413,346 | — | — | |||||||||
Depreciation on swap agreements | 821,228 | — | — | |||||||||
Payable for collateral on securities loaned | — | 64,102,560 | 70,331,057 | |||||||||
Payable for investment securities purchased | — | 2,504,083 | 666,509 | |||||||||
Payable for fund shares redeemed | 4,588 | 1,052,653 | 495,156 | |||||||||
Payable to Investment Advisor | 38,984 | 259,701 | 72,503 | |||||||||
Payable to custodian | 20,603 | 10,854 | 8,833 | |||||||||
Accrued Trustee fees and expenses | 808 | 8,952 | 3,765 | |||||||||
Accrued distribution and shareholder servicing fees | 16,216 | 175,091 | 75,076 | |||||||||
Other accrued expenses | 47,402 | 146,316 | 73,408 | |||||||||
Total Liabilities | 1,363,175 | 68,260,210 | 71,726,307 | |||||||||
NET ASSETS | $ | 54,908,881 | $ | 618,575,816 | $ | 271,220,873 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 74,677,084 | 516,240,454 | 262,460,625 | |||||||||
Unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (3,005,329 | ) | 103,040,276 | 8,958,422 | ||||||||
Foreign currencies | (2,427 | ) | — | — | ||||||||
Swaps | (729,300 | ) | — | — | ||||||||
Forward currency contracts | (240,886 | ) | — | — | ||||||||
Accumulated undistributed net investment income | 944,724 | 478,743 | 502,586 | |||||||||
Accumulated undistributed net realized loss | (16,734,985 | ) | (1,183,657 | ) | (700,760 | ) | ||||||
Total Net Assets | $ | 54,908,881 | $ | 618,575,816 | $ | 271,220,873 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 40,147 | 576,303 | 329,291 | |||||||||
Net assets | 354,392 | 6,646,937 | 3,140,896 | |||||||||
Net asset value, offering and redemption price per share | $ | 8.835 | 2 | $ | 11.534 | $ | 9.538 | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 6,113,347 | 53,407,135 | 28,271,447 | |||||||||
Net assets | 54,554,489 | 611,928,879 | 268,079,977 | |||||||||
Net asset value, offering and redemption price per share | $ | 8.932 | 2 | $ | 11.458 | $ | 9.482 | |||||
1Includes loaned securities with a value of: | $ | — | $ | 63,063,217 | $ | 69,082,827 | ||||||
2Differences in actual and calculated net asset value are due to rounding. |
See notes to financial statements.
105
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2018
Tactical Allocation Fund | Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $278,385,545, $323,097,505 and $139,534,403, respectively)1 | $ | 300,107,963 | $ | 320,678,663 | $ | 141,579,703 | ||||||
Cash | — | — | 3,813 | |||||||||
Income receivable | 97,098 | 428,551 | 70,856 | |||||||||
Receivable for investment securities sold | — | — | 68,129,472 | |||||||||
Receivable for fund shares sold | 835,961 | 2,127,884 | 359,862 | |||||||||
Other assets | 48,773 | 49,822 | 35,422 | |||||||||
Total Assets | 301,089,795 | 323,284,920 | 210,179,128 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 26,730,427 | 53,670,654 | 22,294,424 | |||||||||
Payable for investment securities purchased | 693,441 | 411,860 | 68,600,156 | |||||||||
Payable for fund shares redeemed | 205,956 | 330,634 | 44,916 | |||||||||
Payable to Investment Advisor | 140,987 | 109,711 | 61,720 | |||||||||
Payable to custodian | 7,857 | 11,939 | 9,187 | |||||||||
Accrued Trustee fees and expenses | 4,129 | 3,675 | 1,775 | |||||||||
Accrued distribution and shareholder servicing fees | 84,180 | 78,114 | 32,342 | |||||||||
Other accrued expenses | 81,611 | 74,226 | 42,993 | |||||||||
Total Liabilities | 27,948,588 | 54,690,813 | 91,087,513 | |||||||||
NET ASSETS | $ | 273,141,207 | $ | 268,594,107 | $ | 119,091,615 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 247,447,533 | 275,860,290 | 117,449,527 | |||||||||
Unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 21,722,418 | (2,418,842 | ) | 2,045,300 | ||||||||
Accumulated undistributed net investment income | 259,442 | 1,176,844 | 212,169 | |||||||||
Accumulated undistributed net realized gain (loss) | 3,711,814 | (6,024,185 | ) | (615,381 | ) | |||||||
Total Net Assets | $ | 273,141,207 | $ | 268,594,107 | $ | 119,091,615 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 153,515 | 130,015 | — | |||||||||
Net assets | 1,681,043 | 1,343,813 | — | |||||||||
Net asset value, offering and redemption price per share | $ | 10.950 | $ | 10.335 | 2 | $ | — | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 24,889,258 | 25,823,412 | 11,238,202 | |||||||||
Net assets | 271,460,164 | 267,250,294 | 119,091,615 | |||||||||
Net asset value, offering and redemption price per share | $ | 10.907 | $ | 10.348 | 2 | $ | 10.603 | 2 | ||||
1Includes loaned securities with a value of: | $ | 26,619,150 | $ | 52,770,490 | $ | 21,786,056 | ||||||
2Differences in actual and calculated net asset value shown are due to rounding. |
|
See notes to financial statements.
106
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2018
Flexible Income Allocation Fund | Managed2 Futures Strategy Fund | |||||||
ASSETS: | ||||||||
Investments, at value (cost $71,904,313 and $117,647,304, respectively)1 | $ | 72,110,070 | $ | 117,640,525 | ||||
Deposits with brokers for futures | — | 4,360,428 | ||||||
Variation margin on futures | — | 455,143 | ||||||
Income receivable | 66,202 | 152,339 | ||||||
Receivable for investment securities sold | 2,371,617 | — | ||||||
Receivable for fund shares sold | 360,761 | 469,029 | ||||||
Receivable for unsettled open futures contracts | — | 142,598 | ||||||
Other assets | 19,130 | 20,902 | ||||||
Total Assets | 74,927,780 | 123,240,964 | ||||||
LIABILITIES: | ||||||||
Payable for collateral on securities loaned | 16,808,555 | — | ||||||
Payable for investment securities purchased | 2,522,456 | — | ||||||
Payable for fund shares redeemed | 53,524 | 69,691 | ||||||
Payable for unsettled open futures contracts | — | 339,047 | ||||||
Payable to Investment Advisor | 21,424 | 148,722 | ||||||
Payable to custodian | 3,362 | 4,649 | ||||||
Accrued Trustee fees and expenses | 819 | 1,654 | ||||||
Accrued distribution and shareholder servicing fees | 17,844 | 34,012 | ||||||
Other accrued expenses | 28,827 | 65,893 | ||||||
Total Liabilities | 19,456,811 | 663,668 | ||||||
NET ASSETS | $ | 55,470,969 | $ | 122,577,296 | ||||
NET ASSETS CONSIST OF: | ||||||||
Capital stock | 63,551,620 | 124,947,173 | ||||||
Unrealized appreciation (depreciation) on: | ||||||||
Investments | 205,757 | (6,779 | ) | |||||
Foreign currency translation | — | (403 | ) | |||||
Futures contracts | — | 691,125 | ||||||
Accumulated undistributed net investment income (loss) | 132,176 | (141,312 | ) | |||||
Accumulated undistributed net realized loss | (8,418,584 | ) | (2,912,508 | ) | ||||
Total Net Assets | $ | 55,470,969 | $ | 122,577,296 | ||||
Institutional Shares | ||||||||
Shares outstanding (unlimited shares of no par value authorized) | 23,440 | 140,217 | ||||||
Net assets | 224,505 | 1,215,018 | ||||||
Net asset value, offering and redemption price per share | $ | 9.577 | 3 | $ | 8.665 | |||
Service Shares | ||||||||
Shares outstanding (unlimited shares of no par value authorized) | 5,799,351 | 14,191,515 | ||||||
Net assets | 55,246,464 | 121,362,278 | ||||||
Net asset value, offering and redemption price per share | $ | 9.525 | 3 | $ | 8.551 | 3 | ||
1Includes loaned securities with a value of: | $ | 16,480,227 | $ | — | ||||
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.
107
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2018
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of withholding tax of $356, $369,169 and $273, respectively) | $ | 4,369,211 | $ | 2,508,956 | $ | 795,911 | ||||||
Interest income | 29,558 | 5,935 | 6,308 | |||||||||
Total investment income | 4,398,769 | 2,514,891 | 802,219 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 1,235,362 | 671,295 | 394,849 | |||||||||
Distribution (12b-1) fees – Service Shares | 656,448 | 276,981 | 131,709 | |||||||||
Administrative service fees – Service Shares | 639,887 | 268,800 | 129,302 | |||||||||
Shareholder servicing fees – Service Shares | 223,192 | 87,526 | 43,200 | |||||||||
Administration fees | 125,279 | 61,355 | 51,404 | |||||||||
Fund accounting fees | 80,038 | 100,621 | 73,766 | |||||||||
Legal fees | 55,373 | 27,256 | 18,520 | |||||||||
Reports to shareholders | 43,079 | 15,951 | 9,678 | |||||||||
Federal and state registration fees | 41,237 | 37,504 | 36,378 | |||||||||
Trustee fees and expenses | 40,181 | 17,161 | 11,303 | |||||||||
Custody fees | 25,871 | 157,310 | 24,187 | |||||||||
Audit and tax fees | 21,499 | 23,105 | 22,509 | |||||||||
Compliance fees | 20,322 | 7,882 | 4,389 | |||||||||
Transfer agent fees and expenses | 18,781 | 11,351 | 9,255 | |||||||||
Insurance fees | 10,316 | 6,931 | 4,593 | |||||||||
Interest expenses | 3,182 | 4,927 | 19 | |||||||||
Miscellaneous expenses | 2,783 | 2,501 | 2,326 | |||||||||
Total expenses | 3,242,830 | 1,778,457 | 967,387 | |||||||||
Less securities lending credit (See Note 7) | (102,674 | ) | (8,614 | ) | (128,019 | ) | ||||||
Net expenses | 3,140,156 | 1,769,843 | 839,368 | |||||||||
Net investment income | 1,258,613 | 745,048 | (37,149 | ) | ||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 8,719,296 | 13,301,733 | 13,793,276 | |||||||||
Foreign currencies | — | (82,945 | ) | — | ||||||||
Forward currency contracts | — | (5,491 | ) | — | ||||||||
Total | 8,719,296 | 13,213,297 | 13,793,276 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 26,592,290 | 12,765,322 | (6,175,054 | ) | ||||||||
Foreign currencies | — | (8,891 | ) | — | ||||||||
Forward currency contracts | — | 1,885 | — | |||||||||
Total | 26,592,290 | 12,758,316 | (6,175,054 | ) | ||||||||
Net realized and unrealized gain | 35,311,586 | 25,971,613 | 7,618,222 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 36,570,199 | $ | 26,716,661 | $ | 7,581,073 | ||||||
See notes to financial statements.
108
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2018
World ex-US Fund | Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of withholding tax of $432,087, $0, and $0, respectively) | $ | 4,463,725 | $ | — | $ | — | ||||||
Interest income | 13,173 | 3,655,274 | 1,193,741 | |||||||||
Total investment income | 4,476,898 | 3,655,274 | 1,193,741 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 897,181 | 638,107 | 144,985 | |||||||||
Distribution (12b-1) fees – Service Shares | 399,364 | 336,462 | 72,493 | |||||||||
Administrative service fees – Service Shares | 392,911 | 325,904 | 65,112 | |||||||||
Shareholder servicing fees – Service Shares | 129,107 | 113,051 | 21,748 | |||||||||
Administration fees | 99,947 | 65,884 | 12,636 | |||||||||
Fund accounting fees | 132,324 | 178,011 | 21,158 | |||||||||
Legal fees | 35,560 | 36,640 | 8,730 | |||||||||
Reports to shareholders | 31,481 | 16,493 | 3,201 | |||||||||
Federal and state registration fees | 36,681 | 37,047 | 33,612 | |||||||||
Trustee fees and expenses | 26,296 | 21,292 | 4,539 | |||||||||
Custody fees | 123,632 | 37,338 | 3,368 | |||||||||
Audit and tax fees | 27,167 | 24,995 | 22,995 | |||||||||
Compliance fees | 9,982 | 9,806 | 2,161 | |||||||||
Transfer agent fees and expenses | 14,408 | 12,379 | 6,451 | |||||||||
Insurance fees | 10,587 | 11,256 | 2,313 | |||||||||
Interest expenses | 842 | 45 | 85 | |||||||||
Miscellaneous expenses | 2,616 | 2,446 | 2,126 | |||||||||
Total expenses | 2,370,086 | 1,867,156 | 427,713 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | 28,068 | (142,744 | ) | (53,567 | ) | |||||||
Less securities lending credit (See Note 7) | (21,292 | ) | (19,463 | ) | — | |||||||
Net expenses | 2,376,862 | 1,704,949 | 374,146 | |||||||||
Net investment income | 2,100,036 | 1,950,325 | 819,595 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 19,233,774 | 849,404 | 386,070 | |||||||||
Foreign currencies | 104,545 | — | — | |||||||||
Swaps | — | 5,041 | — | |||||||||
Futures contracts | — | (150,655 | ) | — | ||||||||
Written options | — | 36,809 | — | |||||||||
Total | 19,338,319 | 740,599 | 386,070 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 6,531,355 | (2,051,141 | ) | (516,683 | ) | |||||||
Foreign currencies | 54,010 | — | — | |||||||||
Swaps | — | 42,122 | — | |||||||||
Futures contracts | — | (11,447 | ) | — | ||||||||
Total | 6,585,365 | (2,020,466 | ) | (516,683 | ) | |||||||
Net realized and unrealized gain (loss) | 25,923,684 | (1,279,867 | ) | (130,613 | ) | |||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 28,023,720 | $ | 670,458 | $ | 688,982 | ||||||
See notes to financial statements.
109
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2018
Opportunistic Fixed Income Fund | Growth Allocation Fund | Conservative Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | — | $ | 12,586,978 | $ | 4,340,985 | ||||||
Interest income (net of withholding tax of $12,770, $0, and $0, respectively) | 3,230,258 | 78,212 | 27,512 | |||||||||
Total investment income | 3,230,258 | 12,665,190 | 4,368,497 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 392,961 | 1,426,189 | 466,356 | |||||||||
Distribution (12b-1) fees – Service Shares | 134,346 | 1,398,888 | 454,358 | |||||||||
Administrative service fees – Service Shares | 132,466 | 1,397,866 | 454,133 | |||||||||
Shareholder servicing fees – Service Shares | 39,229 | 542,768 | 177,823 | |||||||||
Administration fees | 25,492 | 245,865 | 84,410 | |||||||||
Fund accounting fees | 63,094 | 118,146 | 38,309 | |||||||||
Legal fees | 30,278 | 132,691 | 44,157 | |||||||||
Reports to shareholders | 9,339 | 77,808 | 35,203 | |||||||||
Federal and state registration fees | 38,877 | 36,281 | 34,784 | |||||||||
Trustee fees and expenses | 8,834 | 85,826 | 24,914 | |||||||||
Custody fees | 129,833 | 57,968 | 36,488 | |||||||||
Audit and tax fees | 30,864 | 14,996 | 14,996 | |||||||||
Compliance fees | 2,234 | 22,863 | 5,165 | |||||||||
Transfer agent fees and expenses | 8,603 | 32,533 | 14,575 | |||||||||
Insurance fees | 1,644 | 17,443 | 2,973 | |||||||||
Interest expenses | — | 18,727 | 3,734 | |||||||||
Miscellaneous expenses | 5,081 | 3,043 | 2,566 | |||||||||
Total expenses | 1,053,175 | 5,629,901 | 1,894,944 | |||||||||
Net expense reimbursement by Advisor (See Note 4) | (197,441 | ) | — | (123,290 | ) | |||||||
Less securities lending credit (See Note 7) | — | (300,442 | ) | (244,193 | ) | |||||||
Net expenses | 855,734 | 5,329,459 | 1,527,461 | |||||||||
Net investment income | 2,374,524 | 7,335,731 | 2,841,036 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 1,615,000 | 7,285,910 | 207,509 | |||||||||
Investments in affiliates | — | 47,475,926 | 4,745,552 | |||||||||
Net long-term capital gain distributions received | — | 18,288 | 98,539 | |||||||||
Foreign currencies | (78,532 | ) | — | — | ||||||||
Forward currency contracts | (548,047 | ) | — | — | ||||||||
Swaps | (307,426 | ) | — | — | ||||||||
Total | 680,995 | 54,780,124 | 5,051,600 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (1,554,036 | ) | 48,652,667 | 4,330,506 | ||||||||
Investments in affiliates | — | (38,635,255 | ) | (3,805,300 | ) | |||||||
Foreign currencies | (20,549 | ) | — | — | ||||||||
Forward currency contracts | (1,202,497 | ) | — | — | ||||||||
Swaps | 422,105 | — | — | |||||||||
Total | (2,354,977 | ) | 10,017,412 | 525,206 | ||||||||
Net realized and unrealized gain (loss) | (1,673,982 | ) | 64,797,536 | 5,576,806 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 700,542 | $ | 72,133,267 | $ | 8,417,842 | ||||||
See notes to financial statements.
110
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2018
Tactical Allocation Fund | Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | 5,080,095 | $ | 6,364,482 | $ | 4,244,850 | ||||||
Dividends from affiliate investments | — | — | 95,602 | |||||||||
Interest income | 31,397 | 26,631 | 13,607 | |||||||||
Total investment income | 5,111,492 | 6,391,113 | 4,354,059 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 996,410 | 706,506 | 416,570 | |||||||||
Distribution (12b-1) fees – Service Shares | 704,770 | 501,386 | 297,550 | |||||||||
Administrative service fees – Service Shares | 704,163 | 501,270 | 297,550 | |||||||||
Shareholder servicing fees – Service Shares | 262,937 | 194,538 | 111,878 | |||||||||
Administration fees | 127,960 | 84,826 | 49,782 | |||||||||
Fund accounting fees | 59,713 | 41,286 | 21,133 | |||||||||
Legal fees | 52,560 | 37,920 | 19,506 | |||||||||
Reports to shareholders | 39,070 | 35,536 | 11,271 | |||||||||
Federal and state registration fees | 36,126 | 34,972 | 35,283 | |||||||||
Trustee fees and expenses | 44,265 | 27,778 | 18,192 | |||||||||
Custody fees | 38,714 | 47,883 | 36,046 | |||||||||
Audit and tax fees | 14,996 | 14,999 | 14,999 | |||||||||
Compliance fees | 12,449 | 5,795 | 4,680 | |||||||||
Transfer agent fees and expenses | 19,249 | 15,244 | 7,641 | |||||||||
Insurance fees | 10,375 | 3,892 | 3,678 | |||||||||
Interest expenses | 6,794 | 6,222 | 2,628 | |||||||||
Miscellaneous expenses | 2,990 | 2,623 | 2,464 | |||||||||
Total expenses | 3,133,541 | 2,262,676 | 1,350,851 | |||||||||
Net expense reimbursement by Advisor (See Note 4) | — | (140,038 | ) | — | ||||||||
Less securities lending credit (See Note 7) | (208,247 | ) | (190,424 | ) | (181,061 | ) | ||||||
Net expenses | 2,925,294 | 1,932,214 | 1,169,790 | |||||||||
Net investment income | 2,186,198 | 4,458,899 | 3,184,269 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain on: | ||||||||||||
Investments | 28,030,926 | 7,531,442 | 9,518,839 | |||||||||
Investments in affiliates | — | 91,285 | 137,799 | |||||||||
Net long-term capital gain distributions received | — | 193,658 | 246,666 | |||||||||
Total | 28,030,926 | 7,816,385 | 9,903,304 | |||||||||
Net change in unrealized depreciation on: | ||||||||||||
Investments | (1,769,869 | ) | (10,527,062 | ) | (8,249,520 | ) | ||||||
Investments in affiliates | — | (57,659 | ) | (163,582 | ) | |||||||
Total | (1,769,869 | ) | (10,584,721 | ) | (8,413,102 | ) | ||||||
Net realized and unrealized gain (loss) | 26,261,057 | (2,768,336 | ) | 1,490,202 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 28,447,255 | $ | 1,690,563 | $ | 4,674,471 | ||||||
See notes to financial statements.
111
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2018
Flexible Income Allocation Fund | Managed1 Futures Strategy Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividend income | $ | 3,232,139 | $ | — | ||||
Interest income | 8,091 | 1,309,366 | ||||||
Total investment income | 3,240,230 | 1,309,366 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 183,259 | 1,012,834 | ||||||
Distribution (12b-1) fees – Service Shares | 182,991 | 237,546 | ||||||
Administrative service fees – Service Shares | 182,927 | 237,465 | ||||||
Shareholder servicing fees – Service Shares | 71,000 | 92,168 | ||||||
Administration fees | 30,538 | 44,911 | ||||||
Fund accounting fees | 16,004 | 42,371 | ||||||
Legal fees | 40,659 | 44,122 | ||||||
Reports to shareholders | 6,833 | 20,009 | ||||||
Federal and state registration fees | 35,316 | 38,876 | ||||||
Trustee fees and expenses | 12,323 | 14,046 | ||||||
Custody fees | 25,114 | 17,784 | ||||||
Audit and tax fees | 13,735 | 31,497 | ||||||
Compliance fees | 3,002 | 3,577 | ||||||
Transfer agent fees and expenses | 9,013 | 10,441 | ||||||
Insurance fees | 3,285 | 4,211 | ||||||
Interest expenses | 2,570 | 33,868 | ||||||
Miscellaneous expenses | 2,351 | 2,296 | ||||||
Total expenses | 820,920 | 1,888,022 | ||||||
Net expense reimbursement by Advisor (See Note 4) | (34,410 | ) | (30,058 | ) | ||||
Less securities lending credit (See Note 7) | (105,479 | ) | — | |||||
Net expenses | 681,031 | 1,857,964 | ||||||
Net investment income (loss) | 2,559,199 | (548,598 | ) | |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | 2,271,997 | 391 | ||||||
Investments in affiliates | 6,902 | — | ||||||
Net long-term capital gain distributions | 148 | — | ||||||
Foreign currency translation | — | 9,286 | ||||||
Futures contracts | — | (1,700,824 | ) | |||||
Total | 2,279,047 | (1,691,147 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (1,865,481 | ) | (25,143 | ) | ||||
Investments in affiliates | (280 | ) | — | |||||
Foreign currencies | — | 3,084 | ||||||
Futures contracts | — | 748,477 | ||||||
Total | (1,865,761 | ) | 726,418 | |||||
Net realized and unrealized gain (loss) | 413,286 | (964,729 | ) | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,972,485 | ($ | 1,513,327 | ) | |||
1Consolidated Statement of Operations for the year (see note 3b). |
See notes to financial statements.
112
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
Large Cap Core Fund | Emerging Markets Fund | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,258,613 | $ | 1,967,294 | $ | 745,048 | $ | 867,154 | ||||||||
Net realized gain on investment transactions | 8,719,296 | 11,575,308 | 13,213,297 | 3,598,512 | ||||||||||||
Net change in unrealized appreciation on investments | 26,592,290 | 9,712,500 | 12,758,316 | 14,916,242 | ||||||||||||
Net increase in net assets resulting from operations | 36,570,199 | 23,255,102 | 26,716,661 | 19,381,908 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 4,372,610 | 27,172,126 | 589,158 | 7,059,500 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 53,109 | 1,397,913 | 123 | 64,639 | ||||||||||||
Shares redeemed | (47,873,563 | ) | (20,862,812 | ) | (13,478,239 | ) | (2,680,771 | ) | ||||||||
Net increase (decrease) | (43,447,844 | ) | 7,707,227 | (12,888,958 | ) | 4,443,368 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 260,741,902 | 199,930,027 | 17,192,001 | 22,239,137 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 12,413,999 | 6,951,634 | 804,883 | 325,406 | ||||||||||||
Shares redeemed | (149,253,945 | ) | (276,922,332 | ) | (39,421,987 | ) | (52,302,305 | ) | ||||||||
Net increase (decrease) | 123,901,956 | (70,040,671 | ) | (21,425,103 | ) | (29,737,762 | ) | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | (10,529 | ) | (492,125 | ) | (123 | ) | (64,639 | ) | ||||||||
Net investment income – Service Shares | (1,390,681 | ) | (1,630,366 | ) | (805,139 | ) | (325,464 | ) | ||||||||
Net realized gains – Institutional Shares | (42,580 | ) | (905,788 | ) | — | — | ||||||||||
Net realized gains – Service Shares | (11,023,319 | ) | (5,321,268 | ) | — | — | ||||||||||
Total dividends and distributions | (12,467,109 | ) | (8,349,547 | ) | (805,262 | ) | (390,103 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 104,557,202 | (47,427,889 | ) | (8,402,660 | ) | (6,302,589 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 202,713,847 | 250,141,736 | 118,003,328 | 124,305,917 | ||||||||||||
End of year (including accumulated undistributed net investment income (loss) of $222,243, $355,378, $(208,273) and $(188,840), respectively) | $ | 307,271,049 | $ | 202,713,847 | $ | 109,600,666 | $ | 118,003,328 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 263,389 | 1,782,172 | 42,076 | 564,774 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 2,989 | 91,129 | 8 | 5,501 | ||||||||||||
Shares redeemed | (2,875,478 | ) | (1,329,010 | ) | (927,381 | ) | (219,419 | ) | ||||||||
Net increase (decrease) | (2,609,100 | ) | 544,291 | (885,297 | ) | 350,856 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 15,512,423 | 12,920,906 | 1,080,290 | 1,767,998 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 707,673 | 458,249 | 49,559 | 27,368 | ||||||||||||
Shares redeemed | (8,744,098 | ) | (18,252,615 | ) | (2,509,052 | ) | (4,287,240 | ) | ||||||||
Net increase (decrease) | 7,475,998 | (4,873,460 | ) | (1,379,203 | ) | (2,491,874 | ) | |||||||||
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Small/Mid Cap Core Fund | World ex-US Fund | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | (37,149 | ) | $ | 584,349 | $ | 2,100,036 | $ | 2,869,415 | |||||||
Net realized gain on investment transactions | 13,793,276 | 2,596,131 | 19,338,319 | 1,468,963 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (6,175,054 | ) | 16,860,179 | 6,585,365 | 13,684,439 | |||||||||||
Net increase in net assets resulting from operations | 7,581,073 | 20,040,659 | 28,023,720 | 18,022,817 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 3,294,382 | 33,144,087 | 5,303,995 | 38,691,905 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 388,573 | 20,197 | 1,274,678 | ||||||||||||
Shares redeemed | (69,583,874 | ) | (19,767,896 | ) | (85,854,669 | ) | (23,473,550 | ) | ||||||||
Net increase (decrease) | (66,289,492 | ) | 13,764,764 | (80,530,477 | ) | 16,493,033 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 12,520,861 | 20,701,621 | 134,859,726 | 32,189,333 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 14,158,393 | 145,119 | 2,881,634 | 2,057,665 | ||||||||||||
Shares redeemed | (14,817,655 | ) | (27,463,485 | ) | (57,493,685 | ) | (65,581,894 | ) | ||||||||
Net increase (decrease) | 11,861,599 | (6,616,745 | ) | 80,247,675 | (31,334,896 | ) | ||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | — | (388,573 | ) | (20,197 | ) | (1,274,678 | ) | |||||||||
Net investment income – Service Shares | (136,787 | ) | (145,119 | ) | (2,881,638 | ) | (2,057,669 | ) | ||||||||
Net realized gains – Service Shares | (14,021,607 | ) | — | — | — | |||||||||||
Total dividends and distributions | (14,158,394 | ) | (533,692 | ) | (2,901,835 | ) | (3,332,347 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | (61,005,214 | ) | 26,654,986 | 24,839,083 | (151,393 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 115,476,574 | 88,821,588 | 188,033,431 | 188,184,824 | ||||||||||||
End of year (including accumulated undistributed net investment income (loss) of $(4,745), $59,283, $2,124,397 and $2,624,397, respectively) | $ | 54,471,360 | $ | 115,476,574 | $ | 212,872,514 | $ | 188,033,431 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 177,429 | 2,006,770 | 593,187 | 4,951,526 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 21,587 | 2,084 | 165,543 | ||||||||||||
Shares redeemed | (3,712,055 | ) | (1,143,672 | ) | (9,491,767 | ) | (2,965,934 | ) | ||||||||
Net increase (decrease) | (3,534,626 | ) | 884,685 | (8,896,496 | ) | 2,151,135 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 722,902 | 1,297,027 | 14,549,010 | 4,135,180 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 947,176 | 8,264 | 304,774 | 270,745 | ||||||||||||
Shares redeemed | (851,979 | ) | (1,691,174 | ) | (6,197,310 | ) | (8,418,202 | ) | ||||||||
Net increase (decrease) | 818,099 | (385,883 | ) | 8,656,474 | (4,012,277 | ) | ||||||||||
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,950,325 | $ | 2,210,725 | $ | 819,595 | $ | 1,006,148 | ||||||||
Net realized gain on investment transactions | 740,599 | 2,413,490 | 386,070 | 1,133,091 | ||||||||||||
Net change in unrealized depreciation on investments | (2,020,466 | ) | (3,995,678 | ) | (516,683 | ) | (2,319,469 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 670,458 | 628,537 | 688,982 | (180,230 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 336,969 | 9,216,113 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 20,203 | 205,332 | — | — | ||||||||||||
Shares redeemed | (9,569,499 | ) | (1,989,593 | ) | — | — | ||||||||||
Net increase (decrease) | (9,212,327 | ) | 7,431,852 | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 39,073,028 | 43,254,342 | 6,785,527 | 3,874,625 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 3,198,632 | 3,820,498 | 818,223 | 1,010,136 | ||||||||||||
Shares redeemed | (42,724,698 | ) | (115,863,777 | ) | (9,962,657 | ) | (22,461,531 | ) | ||||||||
Net decrease | (453,038 | ) | (68,788,937 | ) | (2,358,907 | ) | (17,576,770 | ) | ||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | (20,203 | ) | (152,091 | ) | — | — | ||||||||||
Net investment income – Service Shares | (2,400,585 | ) | (2,879,314 | ) | (818,304 | ) | (1,010,639 | ) | ||||||||
Net realized gains – Institutional Shares | — | (53,241 | ) | — | — | |||||||||||
Net realized gains – Service Shares | (798,073 | ) | (941,209 | ) | — | — | ||||||||||
Total dividends and distributions | (3,218,861 | ) | (4,025,855 | ) | (818,304 | ) | (1,010,639 | ) | ||||||||
DECREASE IN NET ASSETS | (12,213,768 | ) | (64,754,403 | ) | (2,488,229 | ) | (18,767,639 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 146,468,827 | 211,223,230 | 30,317,261 | 49,084,900 | ||||||||||||
End of year (including accumulated undistributed net investment income (loss) of $(183,955), $59,210, $18,460, and $17,169, respectively) | $ | 134,255,059 | $ | 146,468,827 | $ | 27,829,032 | $ | 30,317,261 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 36,068 | 966,027 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 2,161 | 22,096 | — | — | ||||||||||||
Shares redeemed | (1,023,488 | ) | (211,192 | ) | — | — | ||||||||||
Net increase (decrease) | (985,259 | ) | 776,931 | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 4,186,911 | 4,539,007 | 599,756 | 336,913 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 343,575 | 405,506 | 72,377 | 88,393 | ||||||||||||
Shares redeemed | (4,568,237 | ) | (12,156,705 | ) | (878,150 | ) | (1,947,665 | ) | ||||||||
Net decrease | (37,751 | ) | (7,212,192 | ) | (206,017 | ) | (1,552,359 | ) | ||||||||
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Opportunistic Fixed Income Fund | Growth Allocation Fund | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,374,524 | $ | 3,412,103 | $ | 7,335,731 | $ | 5,194,312 | ||||||||
Net realized gain (loss) on investment transactions | 680,995 | (7,523,373 | ) | 54,780,124 | 7,919,673 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,354,977 | ) | 9,671,466 | 10,017,412 | 49,863,254 | |||||||||||
Net increase in net assets resulting from operations | 700,542 | 5,560,196 | 72,133,267 | 62,977,239 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 449,049 | 3,816,196 | 2,523,648 | 8,303,858 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 104,381 | 331,065 | 1,388,964 | 609,074 | ||||||||||||
Shares redeemed | (9,413,119 | ) | (3,798,705 | ) | (10,819,692 | ) | (7,695,013 | ) | ||||||||
Net increase (decrease) | (8,859,689 | ) | 348,556 | (6,907,080 | ) | 1,217,919 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 15,558,270 | 16,100,897 | 278,345,941 | 443,722,149 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 4,326,289 | 1,633,885 | 62,893,814 | 19,098,534 | ||||||||||||
Shares redeemed | (19,087,569 | ) | (41,718,076 | ) | (287,925,270 | ) | (337,382,732 | ) | ||||||||
Net increase (decrease) | 796,990 | (23,983,294 | ) | 53,314,485 | 125,437,951 | |||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | (104,381 | ) | (331,065 | ) | (193,533 | ) | (238,018 | ) | ||||||||
Net investment income – Service Shares | (4,326,289 | ) | (1,633,885 | ) | (6,641,966 | ) | (5,978,596 | ) | ||||||||
Net realized gains – Institutional Shares | — | — | (1,195,430 | ) | (371,056 | ) | ||||||||||
Net realized gains – Service Shares | — | — | (56,251,848 | ) | (13,119,938 | ) | ||||||||||
Total dividends and distributions | (4,430,670 | ) | (1,964,950 | ) | (64,282,777 | ) | (19,707,608 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | (11,792,827 | ) | (20,039,492 | ) | 54,257,895 | 169,925,501 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 66,701,708 | 86,741,200 | 564,317,921 | 394,392,420 | ||||||||||||
End of year (including accumulated undistributed net investment income (loss) of $944,724, $12,504,155, $478,743, and $(21,489), respectively) | $ | 54,908,881 | $ | 66,701,708 | $ | 618,575,816 | $ | 564,317,921 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 48,181 | 423,674 | 209,011 | 762,936 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 11,250 | 37,026 | 119,450 | 56,923 | ||||||||||||
Shares redeemed | (1,003,642 | ) | (423,729 | ) | (914,322 | ) | (706,774 | ) | ||||||||
Net increase (decrease) | (944,211 | ) | 36,971 | (585,861 | ) | 113,085 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 1,701,534 | 1,778,727 | 23,312,075 | 41,175,115 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 472,366 | 182,229 | 5,436,409 | 1,789,928 | ||||||||||||
Shares redeemed | (2,060,900 | ) | (4,594,338 | ) | (24,168,108 | ) | (30,940,749 | ) | ||||||||
Net increase (decrease) | 113,000 | (2,633,382 | ) | 4,580,376 | 12,024,294 | |||||||||||
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Conservative Allocation Fund | Tactical Allocation Fund | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,841,036 | $ | 1,227,141 | $ | 2,186,198 | $ | 4,053,503 | ||||||||
Net realized gain (loss) on investment transactions | 5,051,600 | (181,535 | ) | 28,030,926 | 8,717,010 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 525,206 | 4,026,646 | (1,769,869 | ) | 16,899,104 | |||||||||||
Net increase in net assets resulting from operations | 8,417,842 | 5,072,252 | 28,447,255 | 29,669,617 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 2,546,752 | 2,865,702 | 549,058 | 1,267,953 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 122,304 | 525,473 | 107,641 | 55,523 | ||||||||||||
Shares redeemed | (4,764,568 | ) | (2,385,391 | ) | (2,966,618 | ) | (2,912,491 | ) | ||||||||
Net increase (decrease) | (2,095,512 | ) | 1,005,784 | (2,309,919 | ) | (1,589,015 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 209,548,761 | 116,123,492 | 103,820,830 | 111,320,764 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 3,944,370 | 9,383,008 | 8,805,598 | 3,141,480 | ||||||||||||
Shares redeemed | (60,479,631 | ) | (61,713,312 | ) | (164,636,103 | ) | (230,081,819 | ) | ||||||||
Net increase (decrease) | 153,013,500 | 63,793,188 | (52,009,675 | ) | (115,619,575 | ) | ||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | (110,165 | ) | — | (81,265 | ) | (55,523 | ) | |||||||||
Net investment income – Service Shares | (3,431,566 | ) | — | (5,848,776 | ) | (3,141,480 | ) | |||||||||
From net realized gains – Institutional Shares | (12,139 | ) | (525,473 | ) | (26,375 | ) | — | |||||||||
From net realized gains – Service Shares | (512,804 | ) | (9,383,008 | ) | (2,956,822 | ) | — | |||||||||
Total dividends and distributions | (4,066,674 | ) | (9,908,481 | ) | (8,913,238 | ) | (3,197,003 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 155,269,156 | 59,962,743 | (34,785,577 | ) | (90,735,976 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 115,951,717 | 55,988,974 | 307,926,784 | 398,662,760 | ||||||||||||
End of year (including undistributed net investment income of $502,586, $1,203,281, $259,442, and $4,003,285 respectively) | $ | 271,220,873 | $ | 115,951,717 | $ | 273,141,207 | $ | 307,926,784 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 267,536 | 298,501 | 50,552 | 130,536 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 12,665 | 59,781 | 9,684 | 5,712 | ||||||||||||
Shares redeemed | (496,437 | ) | (256,488 | ) | (274,312 | ) | (302,323 | ) | ||||||||
Net increase (decrease) | (216,236 | ) | 101,794 | (214,076 | ) | (166,075 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 22,005,525 | 12,164,490 | 9,607,889 | 11,613,580 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 410,231 | 1,071,120 | 794,156 | 325,879 | ||||||||||||
Shares redeemed | (6,394,533 | ) | (6,419,892 | ) | (15,493,609 | ) | (24,187,866 | ) | ||||||||
Net increase (decrease) | 16,021,223 | 6,815,718 | (5,091,564 | ) | (12,248,407 | ) | ||||||||||
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,458,899 | $ | 3,994,590 | $ | 3,184,269 | $ | 3,131,927 | ||||||||
Net realized gain on investment transactions | 7,816,385 | 1,487,161 | 9,903,304 | 998,269 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (10,584,721 | ) | 5,232,782 | (8,413,102 | ) | 4,631,731 | ||||||||||
Net increase in net assets resulting from operations | 1,690,563 | 10,714,533 | 4,674,471 | $ | 8,761,927 | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 1,737,724 | 484,903 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 30,997 | 42,389 | — | — | ||||||||||||
Shares redeemed | (1,338,543 | ) | (760,732 | ) | — | — | ||||||||||
Net increase (decrease) | 430,178 | (233,440 | ) | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 260,237,667 | 60,737,268 | 73,321,770 | 74,271,420 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 3,863,620 | 3,893,353 | 3,084,967 | 3,068,620 | ||||||||||||
Shares redeemed | (123,603,021 | ) | (88,244,091 | ) | (78,721,755 | ) | (70,117,642 | ) | ||||||||
Net increase (decrease) | 140,498,266 | (23,613,470 | ) | (2,315,018 | ) | 7,222,398 | ||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | (30,997 | ) | (42,389 | ) | — | — | ||||||||||
Net investment income – Service Shares | (3,863,620 | ) | (3,893,353 | ) | (3,084,967 | ) | (3,068,620 | ) | ||||||||
Total dividends and distributions | (3,894,617 | ) | (3,935,742 | ) | (3,084,967 | ) | (3,068,620 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 138,724,390 | (17,068,119 | ) | (725,514 | ) | $ | 12,915,705 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 129,869,717 | 146,937,836 | 119,817,129 | 106,901,424 | ||||||||||||
End of year (including undistributed net investment income of $1,176,844, $612,562, $212,169, and $112,867, respectively) | $ | 268,594,107 | $ | 129,869,717 | $ | 119,091,615 | $ | 119,817,129 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 165,570 | 47,168 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 2,980 | 4,197 | — | — | ||||||||||||
Shares redeemed | (128,107 | ) | (74,836 | ) | — | — | ||||||||||
Net increase (decrease) | 40,443 | (23,471 | ) | — | — | |||||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 24,770,678 | 5,951,803 | 6,824,299 | 7,247,038 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 370,398 | 383,582 | 287,574 | 298,763 | ||||||||||||
Shares redeemed | (11,811,030 | ) | (8,701,541 | ) | (7,323,838 | ) | (6,846,481 | ) | ||||||||
Net increase (decrease) | 13,330,046 | (2,366,156 | ) | (211,965 | ) | 699,320 | ||||||||||
See notes to financial statements.
118
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Flexible Income Allocation Fund | Managed Futures Strategy Fund1 | |||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 2,559,199 | $ | 2,023,688 | $ | (548,598 | ) | $ | (1,582,704 | ) | ||||||
Net realized gain (loss) on investment transactions | 2,279,047 | 1,315,146 | (1,691,147 | ) | (8,984,456 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | (1,865,761 | ) | (404,711 | ) | 726,418 | (2,428,629 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 2,972,485 | 2,934,123 | (1,513,327 | ) | (12,995,789 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 258,984 | 6,780 | 466,184 | 967,128 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 6,034 | 1,379 | — | 31,103 | ||||||||||||
Shares redeemed | (87,175 | ) | (5,866 | ) | (740,330 | ) | (3,553,995 | ) | ||||||||
Net increase (decrease) | 177,843 | 2,293 | (274,146 | ) | (2,555,764 | ) | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 52,982,964 | 36,522,245 | 67,533,971 | 80,280,173 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 2,455,239 | 2,157,347 | — | 1,458,638 | ||||||||||||
Shares redeemed | (100,283,926 | ) | (54,619,675 | ) | (25,861,027 | ) | (169,364,491 | ) | ||||||||
Net increase (decrease) | (44,845,723 | ) | (15,940,083 | ) | 41,672,944 | (87,625,680 | ) | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income – Institutional Shares | (6,034 | ) | (1,379 | ) | — | — | ||||||||||
Net investment income – Service Shares | (2,455,238 | ) | (2,157,347 | ) | — | — | ||||||||||
Net realized gains – Institutional Shares | — | — | — | (31,103 | ) | |||||||||||
Net realized gains – Service Shares | — | — | — | (1,458,638 | ) | |||||||||||
Total dividends and distributions | (2,461,272 | ) | (2,158,726 | ) | — | (1,489,741 | ) | |||||||||
INCREASE (DECREASE) IN NET ASSETS | (44,156,667 | ) | (15,162,393 | ) | 39,885,471 | (104,666,974 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 99,627,636 | 114,790,029 | 82,691,825 | 187,358,799 | ||||||||||||
End of year (including accumulated undistributed net investment income (loss) of $132,176, $38,394, $(141,312), and $(167,523), respectively) | $ | 55,470,969 | $ | 99,627,636 | $ | 122,577,296 | $ | 82,691,825 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 26,286 | 698 | 53,202 | 104,954 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 624 | 142 | — | 3,612 | ||||||||||||
Shares redeemed | (8,899 | ) | (597 | ) | (82,970 | ) | (383,824 | ) | ||||||||
Net increase (decrease) | 18,011 | 243 | (29,768 | ) | (275,258 | ) | ||||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 5,422,981 | 3,781,892 | 7,771,183 | 8,679,693 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 254,168 | 223,758 | — | 170,402 | ||||||||||||
Shares redeemed | (10,240,226 | ) | (5,653,805 | ) | (2,982,141 | ) | (18,252,001 | ) | ||||||||
Net increase (decrease) | (4,563,077 | ) | (1,648,155 | ) | 4,789,042 | (9,401,906 | ) | |||||||||
1 Consolidated Statements of Changes in Net Assets (see note 3b). |
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Large Cap Core Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $16.140 | $14.85 | $15.29 | $13.67 | $11.20 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.157 | 1 | 0.20 | 1 | 0.13 | 1 | 0.14 | 0.09 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 2.280 | 1.62 | (0.06 | )2 | 1.57 | 2.46 | ||||||||||||||
Total from investment operations | 2.437 | 1.82 | 0.07 | 1.71 | 2.55 | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.163 | ) | (0.19 | ) | (0.11 | ) | (0.09 | ) | (0.08 | ) | ||||||||||
Dividends from net realized gains | (0.659 | ) | (0.34 | ) | (0.40 | ) | — | — | ||||||||||||
Total distributions | (0.822 | ) | (0.53 | ) | (0.51 | ) | (0.09 | ) | (0.08 | ) | ||||||||||
Net asset value, end of year | $17.755 | $16.14 | $14.85 | $15.29 | $13.67 | |||||||||||||||
Total return | 15.10% | 12.46% | 0.47% | 12.51% | 22.81% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $821,049 | $42,855,994 | $31,353,268 | $44,686,597 | $44,827,864 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.65% | 0.66% | 0.80% | 0.87% | 0.90% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.60% | 0.59% | 0.76% | 0.85% | 0.89% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.65% | 0.66% | 0.80% | 0.87% | 0.90% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.60% | 0.59% | 0.76% | 0.85% | 0.89% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.91% | 1.23% | 0.79% | 0.88% | 0.63% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.96% | 1.30% | 0.83% | 0.90% | 0.64% | |||||||||||||||
Portfolio turnover rate | 55.07% | 90.46% | 115.67% | 53.23% | 55.81% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Large Cap Core Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $15.930 | $14.68 | $15.14 | $13.56 | $11.12 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.074 | 1 | 0.11 | 1 | 0.07 | 1 | 0.05 | — | ||||||||||||
Net realized and unrealized gains (losses) on investments | 2.241 | 1.59 | (0.08 | )2 | 1.56 | 2.45 | ||||||||||||||
Total from investment operations | 2.315 | 1.70 | (0.01 | ) | 1.61 | 2.45 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.083 | ) | (0.11 | ) | (0.05 | ) | (0.03 | ) | (0.01 | ) | ||||||||||
Dividends from net realized gains | (0.659 | ) | (0.34 | ) | (0.40 | ) | — | — | ||||||||||||
Total distributions | (0.742 | ) | (0.45 | ) | (0.45 | ) | (0.03 | ) | (0.01 | ) | ||||||||||
Net asset value, end of year | $17.503 | $15.93 | $14.68 | $15.14 | $13.56 | |||||||||||||||
Total return | 14.53% | 11.74% | (0.08)% | 11.87% | 22.04% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $306,450,000 | $159,857,853 | $218,788,468 | $168,457,719 | $138,902,683 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.21% | 1.23% | 1.33% | 1.44% | 1.48% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.17% | 1.16% | 1.27% | 1.45% | 1.49% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.21% | 1.23% | 1.33% | 1.44% | 1.48% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.17% | 1.16% | 1.27% | 1.45% | 1.49% | |||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.40% | 0.65% | 0.41% | 0.32% | 0.05% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.44% | 0.72% | 0.47% | 0.31% | 0.04% | |||||||||||||||
Portfolio turnover rate | 55.07% | 90.46% | 115.67% | 53.23% | 55.81% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Emerging Markets Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $13.460 | $11.37 | $12.46 | $11.73 | $9.43 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.254 | 1 | 0.14 | 1 | 0.16 | 1 | 0.21 | 0.17 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 3.049 | 2.05 | (1.03 | ) | 0.74 | 2.31 | ||||||||||||||
Total from investment operations | 3.303 | 2.19 | (0.87 | ) | 0.95 | 2.48 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.186 | ) | (0.10 | ) | (0.22 | ) | (0.22 | ) | (0.18 | ) | ||||||||||
Total distributions | (0.186 | ) | (0.10 | ) | (0.22 | ) | (0.22 | ) | (0.18 | ) | ||||||||||
Net asset value, end of year | $16.577 | $13.46 | $11.37 | $12.46 | $11.73 | |||||||||||||||
Total return | 24.52% | 3 | 19.61% | (6.98)% | 8.08% | 26.38% | ||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $11,036 | $11,925,354 | $6,081,265 | $60,596,893 | $62,007,800 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.01%4 | 1.06% | 0.88% | 0.86% | 0.89% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.00%4 | 1.05% | 0.84% | 0.84% | 0.88% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.01%4 | 1.06% | 0.88% | 0.86% | 0.89% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.00%4 | 1.05% | 0.84% | 0.84% | 0.88% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.13%4 | 1.10% | 1.25% | 1.87% | 1.57% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.14%4 | 1.11% | 1.29% | 1.89% | 1.58% | |||||||||||||||
Portfolio turnover rate | 30.97% | 60.19% | 152.82% | 31.33% | 29.10% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
3 | During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
4 | Annualized. |
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Emerging Markets Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $13.600 | $11.49 | $12.57 | $11.84 | $9.52 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.096 | 1 | 0.09 | 1 | 0.06 | 1 | 0.15 | 0.13 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 3.485 | 2.06 | (0.99 | ) | 0.73 | 2.31 | ||||||||||||||
Total from investment operations | 3.581 | 2.15 | (0.93 | ) | 0.88 | 2.44 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.118 | ) | (0.04 | ) | (0.15 | ) | (0.15 | ) | (0.12 | ) | ||||||||||
Total distributions | (0.118 | ) | (0.04 | ) | (0.15 | ) | (0.15 | ) | (0.12 | ) | ||||||||||
Net asset value, end of year | $17.063 | $13.60 | $11.49 | $12.57 | $11.84 | |||||||||||||||
Total return | 26.37% | 18.78% | (7.38)% | 7.46% | 25.63% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $109,589,630 | $106,077,974 | $118,224,652 | $161,242,899 | $137,835,903 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.58% | 1.64% | 1.52% | 1.43% | 1.46% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.57% | 1.63% | 1.48% | 1.41% | 1.45% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.58% | 1.64% | 1.52% | 1.43% | 1.46% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.57% | 1.63% | 1.48% | 1.41% | 1.45% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.61% | 0.73% | 0.44% | 1.30% | 1.01% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.62% | 0.74% | 0.48% | 1.32% | 1.02% | |||||||||||||||
Portfolio turnover rate | 30.97% | 60.19% | 152.82% | 31.33% | 29.10% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Small/Mid Cap Core Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $17.860 | $14.96 | $17.31 | $16.61 | $13.45 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.022 | )1 | 0.04 | 1 | (0.03 | )1 | (0.09 | ) | (0.12 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 2.259 | 2.91 | (1.90 | ) | 1.91 | 3.28 | ||||||||||||||
Total from investment operations | 2.237 | 2.95 | (1.93 | ) | 1.82 | 3.16 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.050 | ) | (0.05 | ) | — | — | — | |||||||||||||
Dividends from net realized gains | (5.139 | ) | — | (0.42 | ) | (1.12 | ) | — | ||||||||||||
Total distributions | (5.189 | ) | (0.05 | ) | (0.42 | ) | (1.12 | ) | — | |||||||||||
Net asset value, end of year | $14.908 | $17.86 | $14.96 | $17.31 | $16.61 | |||||||||||||||
Total return | 12.45% | 19.71% | (11.15)% | 11.19% | 23.49% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $54,471,360 | $50,657,342 | $48,196,975 | $37,978,078 | $32,592,001 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.55% | 1.50% | 1.58% | 1.58% | 1.60% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.39% | 1.24% | 1.41% | 1.59% | 1.59% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.55% | 1.50% | 1.58% | 1.58% | 1.60% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.39% | 1.24% | 1.41% | 1.59% | 1.59% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | (0.29)% | 0.00% | (0.32)% | (0.62)% | (0.62)% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | (0.13)% | 0.26% | (0.15)% | (0.63)% | (0.61)% | |||||||||||||||
Portfolio turnover rate | 32.87% | 42.22% | 146.02% | 96.24% | 241.55% |
1 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
World ex-US Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $8.380 | $7.74 | $8.75 | $8.94 | $8.06 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.243 | 1 | 0.15 | 1 | 0.13 | 1 | 0.25 | 0.11 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.305 | 0.65 | (0.91 | ) | (0.26 | ) | 0.86 | |||||||||||||
Total from investment operations | 1.548 | 0.80 | (0.78 | ) | (0.01 | ) | 0.97 | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.169 | ) | (0.16 | ) | (0.23 | ) | (0.18 | ) | (0.09 | ) | ||||||||||
Total distributions | (0.169 | ) | (0.16 | ) | (0.23 | ) | (0.18 | ) | (0.09 | ) | ||||||||||
Net asset value, end of year | $9.759 | $8.38 | $7.74 | $8.75 | $8.94 | |||||||||||||||
Total return | 18.49%3 | 10.48% | (9.00)% | (0.10)% | 12.09% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $822,817 | $75,295,608 | $52,879,582 | $113,316,485 | $130,537,695 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 0.83%4 | 0.84% | 0.95% | 0.98% | 1.03% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 0.79%4 | 0.79% | 0.90% | 0.98% | 1.03% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.83%4 | 0.84% | 0.95% | 0.98% | 1.03% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79%4 | 0.79% | 0.90% | 0.98% | 1.03% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 3.01%4 | 1.83% | 1.54% | 2.68% | 1.44% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 3.05%4 | 1.88% | 1.59% | 2.68% | 1.44% | |||||||||||||||
Portfolio turnover rate | 84.22% | 60.68% | 114.74% | 61.84% | 75.22% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
3 | During the period August 3, 2017 through September 5, 2017 there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
4 | Annualized. |
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
World ex-US Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $8.260 | $7.66 | $8.70 | $8.89 | $8.05 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.087 | 1 | 0.11 | 1 | 0.08 | 1 | 0.17 | 0.07 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.296 | 0.63 | (0.91 | ) | (0.23 | ) | 0.85 | |||||||||||||
Total from investment operations | 1.383 | 0.74 | (0.83 | ) | (0.06 | ) | 0.92 | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.136 | ) | (0.14 | ) | (0.21 | ) | (0.13 | ) | (0.08 | ) | ||||||||||
Total distributions | (0.136 | ) | (0.14 | ) | (0.21 | ) | (0.13 | ) | (0.08 | ) | ||||||||||
Net asset value, end of year | $9.507 | $8.26 | $7.66 | $8.70 | $8.89 | |||||||||||||||
Total return | 16.76% | 9.85% | (9.59)% | (0.68)% | 11.47% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $212,049,697 | $112,737,823 | $135,305,242 | $228,832,175 | $238,149,375 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.38% | 1.42% | 1.52% | 1.55% | 1.60% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.39% | 1.39% | 1.52% | 1.59% | 1.59% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.38% | 1.42% | 1.52% | 1.55% | 1.60% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.39% | 1.39% | 1.52% | 1.59% | 1.59% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.95% | 1.36% | 0.92% | 1.96% | 0.94% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.94% | 1.39% | 0.92% | 1.92% | 0.95% | |||||||||||||||
Portfolio turnover rate | 84.22% | 60.68% | 114.74% | 61.84% | 75.22% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Core Fixed Income Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.320 | $9.54 | $9.69 | $9.39 | $9.88 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.133 | 1 | 0.12 | 1 | 0.12 | 1 | 0.10 | 0.11 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.098 | ) | (0.11 | ) | (0.03 | ) | 0.33 | (0.25 | ) | |||||||||||
Total from investment operations | 0.035 | 0.01 | 0.09 | 0.43 | (0.14 | ) | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.168 | ) | (0.17 | ) | (0.13 | ) | (0.12 | ) | (0.14 | ) | ||||||||||
Dividends from net realized gains | (0.056 | ) | (0.06 | ) | (0.11 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
Return of capital | — | — | — | — | (0.18 | ) | ||||||||||||||
Total distributions | (0.224 | ) | (0.23 | ) | (0.24 | ) | (0.13 | ) | (0.35 | ) | ||||||||||
Net asset value, end of year | $9.131 | $9.32 | $9.54 | $9.69 | $9.39 | |||||||||||||||
Total return | 0.35% | 0.02% | 1.01% | 4.64% | (1.33)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $134,255,059 | $137,358,236 | $209,252,288 | $236,819,684 | $231,285,162 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.38% | 1.36% | 1.31% | 1.29% | 1.29% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.26% | 1.29% | 1.29% | 1.29% | 1.29% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.38% | 1.36% | 1.31% | 1.29% | 1.29% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.26% | 1.29% | 1.29% | 1.29% | 1.29% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.30% | 1.14% | 1.22% | 1.11% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.42% | 1.21% | 1.24% | 1.11% | 1.10% | |||||||||||||||
Portfolio turnover rate | 193.12% | 164.81% | 157.49% | 185.11% | 112.86% |
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tax-Exempt Fixed Income Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $11.220 | $11.62 | $11.58 | $11.18 | $11.70 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.321 | 1 | 0.30 | 1 | 0.31 | 1 | 0.32 | 0.34 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.074 | ) | (0.38 | ) | 0.06 | 0.40 | (0.52 | ) | ||||||||||||
Total from investment operations | 0.247 | (0.08 | ) | 0.37 | 0.72 | (0.18 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.322 | ) | (0.32 | ) | (0.33 | ) | (0.32 | ) | (0.34 | ) | ||||||||||
Total distributions | (0.322 | ) | (0.32 | ) | (0.33 | ) | (0.32 | ) | (0.34 | ) | ||||||||||
Net asset value, end of year | $11.145 | $11.22 | $11.62 | $11.58 | $11.18 | |||||||||||||||
Total return | 2.28% | (0.82)% | 3.22% | 6.45% | (1.48)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $27,829,032 | $30,317,261 | $49,084,900 | $65,682,169 | $63,429,577 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.48% | 1.43% | 1.42% | 1.38% | 1.38% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.29% | 1.29% | 1.28% | 1.29% | 1.29% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.48% | 1.43% | 1.42% | 1.38% | 1.38% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.29% | 1.29% | 1.28% | 1.29% | 1.29% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) | 2.64% | 2.43% | 2.53% | 2.64% | 2.90% | |||||||||||||||
After expense reimbursement (recapture) | 2.83% | 2.57% | 2.67% | 2.73% | 2.99% | |||||||||||||||
Portfolio turnover rate | 56.73% | 14.50% | 12.47% | 33.29% | 35.08% |
1 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Opportunistic Fixed Income Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.460 | $9.05 | $9.53 | $9.94 | $10.27 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.427 | 1 | 0.46 | 1 | 0.36 | 1 | 0.41 | 0.34 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.250 | ) | 0.30 | (0.76 | ) | (0.32 | ) | (0.37 | ) | |||||||||||
Total from investment operations | 0.177 | 0.76 | (0.40 | ) | 0.09 | (0.03 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.802 | ) | (0.35 | ) | (0.08 | ) | (0.50 | ) | (0.28 | ) | ||||||||||
Dividends from net realized gains | — | — | — | — | (0.02 | ) | ||||||||||||||
Total distributions | (0.802 | ) | (0.35 | ) | (0.08 | ) | (0.50 | ) | (0.30 | ) | ||||||||||
Net asset value, end of year | $8.835 | $9.46 | $9.05 | $9.53 | $9.94 | |||||||||||||||
Total return | 1.81% | 8.77% | (4.22 | )% | 0.88% | (0.21)% | ||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $354,392 | $9,316,917 | $8,572,900 | $50,593,107 | $65,181,311 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) | 1.34% | 1.21% | 1.13% | 1.08% | 1.01% | |||||||||||||||
After expense reimbursement (recapture) | 0.95% | 0.95% | 0.99% | 1.05% | 1.01% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) | 4.16% | 4.78% | 3.71% | 3.84% | 4.10% | |||||||||||||||
After expense reimbursement (recapture) | 4.55% | 5.04% | 3.85% | 3.87% | 4.10% | |||||||||||||||
Portfolio turnover rate | 33.85% | 33.77% | 41.12% | 39.66% | 66.49% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Opportunistic Fixed Income Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.560 | $9.05 | $9.55 | $9.93 | $10.28 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.391 | 1 | 0.40 | 1 | 0.30 | 1 | 0.33 | 0.35 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.259 | ) | 0.32 | (0.72 | ) | (0.29 | ) | (0.43 | ) | |||||||||||
Total from investment operations | 0.132 | 0.72 | (0.42 | ) | 0.04 | (0.08 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.760 | ) | (0.21 | ) | (0.08 | ) | (0.42 | ) | (0.25 | ) | ||||||||||
Dividends from net realized gains | — | — | — | — | (0.02 | ) | ||||||||||||||
Total distributions | (0.760 | ) | (0.21 | ) | (0.08 | ) | (0.42 | ) | (0.27 | ) | ||||||||||
Net asset value, end of year | $8.932 | $9.56 | $9.05 | $9.55 | $9.93 | |||||||||||||||
Total return | 1.29% | 8.20% | (4.44)% | 0.33% | (0.71)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $54,554,489 | $57,384,791 | $78,168,300 | $151,883,107 | $147,493,694 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) | 1.90% | 1.78% | 1.68% | 1.66% | 1.59% | |||||||||||||||
After expense reimbursement (recapture) | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) | 3.87% | 4.17% | 3.08% | 3.28% | 3.51% | |||||||||||||||
After expense reimbursement (recapture) | 4.22% | 4.40% | 3.21% | 3.39% | 3.55% | |||||||||||||||
Portfolio turnover rate | 33.85% | 33.77% | 41.12% | 39.66% | 66.49% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $11.340 | $10.46 | $11.65 | $11.45 | $10.25 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss) | 0.236 | 1 | 0.19 | 1 | 0.20 | 1 | 0.16 | (0.03 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | 1.466 | 1.20 | (1.02 | ) | 0.41 | 1.56 | ||||||||||||||
Total from investment operations | 1.702 | 1.39 | (0.82 | ) | 0.57 | 1.53 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.210 | ) | (0.20 | ) | (0.16 | ) | (0.19 | ) | (0.11 | ) | ||||||||||
Dividends from net realized gains | (1.298 | ) | (0.31 | ) | (0.21 | ) | (0.18 | ) | (0.22 | ) | ||||||||||
Total distributions | (1.508 | ) | (0.51 | ) | (0.37 | ) | (0.37 | ) | (0.33 | ) | ||||||||||
Net asset value, end of year | $11.534 | $11.34 | $10.46 | $11.65 | $11.45 | |||||||||||||||
Total return | 14.90% | 13.54% | (7.11)% | 5.04% | 15.00% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $6,646,937 | $13,176,782 | $10,968,769 | $7,737,997 | $3,534,178 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.40% | 0.42% | 0.43% | 0.41% | 0.40% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.35% | 0.32% | 0.31% | 0.34% | 0.36% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.40% | 0.42% | 0.43% | 0.41% | 0.40% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.35% | 0.32% | 0.31% | 0.34% | 0.36% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.91% | 1.64% | 1.67% | 1.63% | 1.42% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.96% | 1.74% | 1.79% | 1.70% | 1.46% | |||||||||||||||
Portfolio turnover rate | 70.47% | 42.81% | 84.98% | 11.96% | 30.35% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $11.290 | $10.42 | $11.62 | $11.43 | $10.26 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.152 | 1 | 0.12 | 1 | 0.13 | 1 | 0.12 | 0.07 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.467 | 1.20 | (1.02 | ) | 0.38 | 1.38 | ||||||||||||||
Total from investment operations | 1.619 | 1.32 | (0.89 | ) | 0.50 | 1.45 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.153 | ) | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.06 | ) | ||||||||||
Dividends from net realized gains | (1.298 | ) | (0.31 | ) | (0.21 | ) | (0.18 | ) | (0.22 | ) | ||||||||||
Total distributions | (1.451 | ) | (0.45 | ) | (0.31 | ) | (0.31 | ) | (0.28 | ) | ||||||||||
Net asset value, end of year | $11.458 | $11.29 | $10.42 | $11.62 | $11.43 | |||||||||||||||
Total return | 14.22% | 12.91% | (7.67)% | 4.47% | 14.20% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $611,928,879 | $551,141,139 | $383,423,651 | $259,838,374 | $288,401,436 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.00% | 1.01% | 1.02% | 1.00% | 1.00% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.95% | 0.92% | 0.91% | 0.95% | 1.00% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.99% | 1.01% | 1.02% | 1.00% | 1.00% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.94% | 0.92% | 0.91% | 0.95% | 1.00% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.22% | 0.99% | 1.05% | 0.94% | 0.61% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.27% | 1.08% | 1.16% | 0.99% | 0.61% | |||||||||||||||
Portfolio turnover rate | 70.47% | 42.81% | 84.98% | 11.96% | 30.35% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.100 | $9.51 | $11.26 | $11.39 | $10.43 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.204 | 1 | 0.19 | 1 | 0.16 | 1 | 0.26 | 0.18 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 0.442 | 0.35 | (0.89 | ) | 0.41 | 0.98 | ||||||||||||||
Total from investment operations | 0.646 | 0.54 | (0.73 | ) | 0.67 | 1.16 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.187 | ) | — | (0.14 | ) | (0.25 | ) | (0.14 | ) | |||||||||||
Dividends from net realized gains | (0.021 | ) | (0.95 | ) | (0.88 | ) | (0.55 | ) | (0.06 | ) | ||||||||||
Total distributions | (0.208 | ) | (0.95 | ) | (1.02 | ) | (0.80 | ) | (0.20 | ) | ||||||||||
Net asset value, end of year | $9.538 | $9.10 | $9.51 | $11.26 | $11.39 | |||||||||||||||
Total return | 7.07% | 6.09% | (6.65)% | 6.01% | 11.13% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $3,140,896 | $4,966,270 | $4,220,428 | $6,173,168 | $2,680,327 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.44% | 0.51% | 0.47% | 0.42% | 0.43% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.27% | 0.30% | 0.37% | 0.37% | 0.38% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.44% | 0.51% | 0.47% | 0.42% | 0.43% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.27% | 0.30% | 0.37% | 0.37% | 0.38% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.97% | 1.78% | 1.39% | 1.96% | 1.42% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.14% | 1.99% | 1.49% | 2.01% | 1.47% | |||||||||||||||
Portfolio turnover rate | 30.27% | 44.43% | 130.77% | 38.36% | 69.17% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.060 | $9.53 | $11.29 | �� | $11.39 | $10.44 | ||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.143 | 1 | 0.12 | 1 | 0.09 | 1 | 0.15 | 0.08 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 0.438 | 0.36 | (0.89 | ) | 0.46 | 1.01 | ||||||||||||||
Total from investment operations | 0.581 | 0.48 | (0.80 | ) | 0.61 | 1.09 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.138 | ) | — | (0.08 | ) | (0.16 | ) | (0.08 | ) | |||||||||||
Dividends from net realized gains | (0.021 | ) | (0.95 | ) | (0.88 | ) | (0.55 | ) | (0.06 | ) | ||||||||||
Total distributions | (0.159 | ) | (0.95 | ) | (0.96 | ) | (0.71 | ) | (0.14 | ) | ||||||||||
Net asset value, end of year | $9.482 | $9.06 | $9.53 | $11.29 | $11.39 | |||||||||||||||
Total return | 6.39% | 5.44% | (7.18)% | 5.42% | 10.40% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $268,079,977 | $110,985,447 | $51,768,546 | $174,138,417 | $195,498,995 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.03% | 1.10% | 1.05% | 1.01% | 1.02% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.83% | 0.89% | 0.99% | 1.00% | 1.00% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.03% | 1.10% | 1.05% | 1.01% | 1.02% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.83% | 0.89% | 0.99% | 1.00% | 1.00% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.31% | 1.10% | 0.79% | 1.17% | 0.67% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.51% | 1.31% | 0.85% | 1.18% | 0.69% | |||||||||||||||
Portfolio turnover rate | 30.27% | 44.43% | 130.77% | 38.36% | 69.17% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tactical Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $10.250 | $9.38 | $10.34 | $10.80 | $10.25 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.142 | 1 | 0.18 | 1 | 0.13 | 1 | 0.17 | 0.07 | ||||||||||||
Net realized and unrealized gains on investments | 1.078 | 0.81 | (0.97 | ) | 0.21 | 0.75 | ||||||||||||||
Total from investment operations | 1.220 | 0.99 | (0.84 | ) | 0.38 | 0.82 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.393 | ) | (0.12 | ) | (0.02 | ) | (0.20 | ) | (0.09 | ) | ||||||||||
Dividends from net realized gains | (0.127 | ) | — | (0.10 | ) | (0.64 | ) | (0.18 | ) | |||||||||||
Total distributions | (0.520 | ) | (0.12 | ) | (0.12 | ) | (0.84 | ) | (0.27 | ) | ||||||||||
Net asset value, end of year | $10.950 | $10.25 | $9.38 | $10.34 | $10.80 | |||||||||||||||
Total return | 11.83% | 10.63% | (8.18)% | 3.63% | 8.01% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $1,681,043 | $3,767,220 | $5,005,303 | $5,977,217 | $1,496,066 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.52% | 0.53% | 0.51% | 0.51% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.45% | 0.40% | 0.41% | 0.36% | 0.46% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.52% | 0.53% | 0.51% | 0.51% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.45% | 0.40% | 0.41% | 0.36% | 0.46% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.25% | 1.69% | 1.20% | 2.01% | 1.14% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.32% | 1.82% | 1.30% | 2.16% | 1.19% | |||||||||||||||
Portfolio turnover rate | 369.57% | 336.50% | 348.05% | 214.84% | 244.90% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tactical Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $10.150 | $9.32 | $10.32 | $10.79 | $10.27 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.082 | 1 | 0.11 | 1 | 0.07 | 1 | 0.15 | 0.05 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.054 | 0.82 | (0.97 | ) | 0.17 | 0.70 | ||||||||||||||
Total from investment operations | 1.136 | 0.93 | (0.90 | ) | 0.32 | 0.75 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.252 | ) | (0.10 | ) | — | * | (0.15 | ) | (0.05 | ) | ||||||||||
Dividends from net realized gains | (0.127 | ) | — | (0.10 | ) | (0.64 | ) | (0.18 | ) | |||||||||||
Total distributions | (0.379 | ) | (0.10 | ) | (0.10 | ) | (0.79 | ) | (0.23 | ) | ||||||||||
Net asset value, end of year | $10.907 | $10.15 | $9.32 | $10.32 | $10.79 | |||||||||||||||
Total return | 11.14% | 10.05% | (8.74)% | 3.08% | 7.27% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $271,460,164 | $304,159,564 | $393,657,458 | $480,492,438 | $377,469,190 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.11% | 1.12% | 1.11% | 1.10% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.03% | 1.00% | 1.01% | 0.97% | 1.10% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.11% | 1.12% | 1.11% | 1.10% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.03% | 1.00% | 1.01% | 0.97% | 1.10% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.69% | 1.07% | 0.62% | 1.30% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.77% | 1.19% | 0.72% | 1.43% | 0.51% | |||||||||||||||
Portfolio turnover rate | 369.57% | 336.50% | 348.05% | 214.84% | 244.90% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
* | Amount represents less than $0.01 per share. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Absolute Return Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $10.290 | $9.80 | $10.02 | $10.00 | $10.16 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.292 | 1 | 0.37 | 1 | 0.26 | 1 | 0.40 | 0.41 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.037 | ) | 0.52 | (0.21 | ) | (0.10 | )2 | (0.31 | ) | |||||||||||
Total from investment operations | 0.255 | 0.89 | 0.05 | 0.30 | 0.10 | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.210 | ) | (0.40 | ) | (0.27 | ) | (0.28 | ) | (0.26 | ) | ||||||||||
Total distributions | (0.210 | ) | (0.40 | ) | (0.27 | ) | (0.28 | ) | (0.26 | ) | ||||||||||
Net asset value, end of year | $10.335 | $10.29 | $9.80 | $10.02 | $10.00 | |||||||||||||||
Total return | 2.47% | 9.14% | 0.56% | 3.05% | 1.08% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $1,343,813 | $921,609 | $1,107,629 | $2,673,347 | $1,014,889 | |||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.53% | 0.58% | 0.53% | 0.51% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.37% | 0.50% | 0.39% | 0.34% | 0.36% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.53% | 0.58% | 0.53% | 0.51% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.37% | 0.50% | 0.39% | 0.34% | 0.36% | |||||||||||||||
Ratio of net investment income to average net assets5 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.64% | 3.58% | 2.49% | 2.64% | 2.24% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.80% | 3.66% | 2.63% | 2.81% | 2.39% | |||||||||||||||
Portfolio turnover rate | 154.33% | 41.66% | 200.13% | 91.93% | 134.44% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
5 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Absolute Return Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $10.320 | $9.81 | $10.04 | $10.01 | $10.17 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.231 | 1 | 0.30 | 1 | 0.20 | 1 | 0.23 | 0.19 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.036 | ) | 0.53 | (0.22 | ) | 0.02 | (0.15 | ) | ||||||||||||
Total from investment operations | 0.195 | 0.83 | (0.02 | ) | 0.25 | 0.04 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.167 | ) | (0.32 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Total distributions | (0.167 | ) | (0.32 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Net asset value, end of year | $10.348 | $10.32 | $9.81 | $10.04 | $10.01 | |||||||||||||||
Total return | 1.88% | 8.54% | (0.19)% | 2.47% | 0.43% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $267,250,294 | $128,948,108 | $145,830,207 | $366,970,865 | $449,186,398 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.12% | 1.18% | 1.13% | 1.11% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.96% | 1.10% | 0.99% | 0.93% | 1.00% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.12% | 1.18% | 1.13% | 1.11% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.96% | 1.10% | 0.99% | 0.93% | 1.00% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.04% | 2.91% | 1.92% | 1.92% | 1.64% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.20% | 2.99% | 2.06% | 2.10% | 1.74% | |||||||||||||||
Portfolio turnover rate | 154.33% | 41.66% | 200.13% | 91.93% | 134.44% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Multi-Asset Income Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $10.460 | $9.94 | $10.62 | $10.76 | $10.58 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.287 | 1 | 0.29 | 1 | 0.34 | 1 | 0.36 | 0.38 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 0.137 | 0.52 | (0.61 | ) | (0.05 | ) | 0.21 | |||||||||||||
Total from investment operations | 0.424 | 0.81 | (0.27 | ) | 0.31 | 0.59 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.281 | ) | (0.29 | ) | (0.37 | ) | (0.38 | ) | (0.40 | ) | ||||||||||
Dividends from net realized gains | — | — | (0.04 | ) | (0.07 | ) | (0.01 | ) | ||||||||||||
Total distributions | (0.281 | ) | (0.29 | ) | (0.41 | ) | (0.45 | ) | (0.41 | ) | ||||||||||
Net asset value, end of year | $10.603 | $10.46 | $9.94 | $10.62 | $10.76 | |||||||||||||||
Total return | 4.05% | 8.24% | (2.49)% | 3.01% | 5.63% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $119,091,615 | $119,817,129 | $106,901,424 | $140,497,937 | $115,477,776 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.13% | 1.17% | 1.17% | 1.14% | 1.18% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.98% | 0.97% | 0.96% | 0.88% | 0.88% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.13% | 1.17% | 1.17% | 1.14% | 1.18% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.98% | 0.97% | 0.96% | 0.88% | 0.88% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.52% | 2.66% | 3.15% | 3.23% | 3.66% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.67% | 2.86% | 3.36% | 3.49% | 3.96% | |||||||||||||||
Portfolio turnover rate | 131.23% | 61.25% | 145.43% | 66.76% | 100.40% |
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Flexible Income Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.670 | $9.62 | $9.76 | $9.65 | $10.00 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.543 | 1 | 0.24 | 1 | 0.18 | 1 | 0.25 | 0.19 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.158 | )5 | 0.07 | (0.11 | ) | 0.11 | (0.27 | ) | ||||||||||||
Total from investment operations | 0.385 | 0.31 | 0.07 | 0.36 | (0.08 | ) | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.478 | ) | (0.26 | ) | (0.21 | ) | (0.25 | ) | (0.24 | ) | ||||||||||
Dividends from net realized gains | — | — | — | — | (0.03 | ) | ||||||||||||||
Total distributions | (0.478 | ) | (0.26 | ) | (0.21 | ) | (0.25 | ) | (0.27 | ) | ||||||||||
Net asset value, end of year | $9.577 | $9.67 | $9.62 | $9.76 | $9.65 | |||||||||||||||
Total return | 3.99% | 3.23% | 0.70% | 3.75% | (0.83)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $224,505 | $52,492 | $49,872 | $2,257,327 | $960,185 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.52% | 0.50% | 0.44% | 0.42% | 0.41% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.27% | 0.37% | 0.36% | 0.31% | 0.32% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.52% | 0.50% | 0.44% | 0.42% | 0.41% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.27% | 0.37% | 0.36% | 0.31% | 0.32% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 5.27% | 2.32% | 1.76% | 2.66% | 1.98% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 5.52% | 2.45% | 1.84% | 2.77% | 2.07% | |||||||||||||||
Portfolio turnover rate | 232.21% | 114.68% | 147.81% | 22.67% | 67.82% |
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 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the 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.
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FINANCIAL HIGHLIGHTS
Flexible Income Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Year Ended March 31, 2015 | Year Ended March 31, 2014 | ||||||||||||||||
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 | $9.610 | $9.55 | $9.77 | $9.64 | $9.98 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income | 0.340 | 1 | 0.18 | 1 | 0.14 | 1 | 0.19 | 0.15 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.018 | )5 | 0.08 | (0.21 | ) | 0.13 | (0.30 | ) | ||||||||||||
Total from investment operations | 0.322 | 0.26 | (0.07 | ) | 0.32 | (0.15 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.407 | ) | (0.20 | ) | (0.15 | ) | (0.19 | ) | (0.16 | ) | ||||||||||
Dividends from net realized gains | — | — | — | — | (0.03 | ) | ||||||||||||||
Total distributions | (0.407 | ) | (0.20 | ) | (0.15 | ) | (0.19 | ) | (0.19 | ) | ||||||||||
Net asset value, end of year | $9.525 | $9.61 | $9.55 | $9.77 | $9.64 | |||||||||||||||
Total return | 3.35% | 2.73% | (0.75)% | 3.32% | (1.47)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $55,246,464 | $99,575,144 | $114,740,157 | $143,904,504 | $213,499,393 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.12% | 1.09% | 1.04% | 1.02% | 1.01% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.93% | 0.91% | 0.93% | 0.92% | 0.92% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.12% | 1.09% | 1.04% | 1.02% | 1.01% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.93% | 0.91% | 0.93% | 0.92% | 0.92% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 3.30% | 1.72% | 1.32% | 1.72% | 1.40% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 3.49% | 1.90% | 1.43% | 1.82% | 1.49% | |||||||||||||||
Portfolio turnover rate | 232.21% | 114.68% | 147.81% | 22.67% | 67.82% |
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 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the 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.
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FINANCIAL HIGHLIGHTS
Managed Futures Strategy Fund (Consolidated) | ||||||||||||
Institutional | ||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | January 19, 20161 Through March 31, 2016 | ||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||
Net asset value, beginning of year | $8.700 | $9.75 | $10.00 | |||||||||
Income from investment operations: | ||||||||||||
Net investment loss | (0.002 | )2 | (0.06 | )2 | (0.02 | )2 | ||||||
Net realized and unrealized losses on investments | (0.033 | ) | (0.83 | ) | (0.23 | ) | ||||||
Total from investment operations | (0.035 | ) | (0.89 | ) | (0.25 | ) | ||||||
Less distributions: | ||||||||||||
Dividends from net realized gains | — | (0.16 | ) | — | ||||||||
Total distributions | — | (0.16 | ) | — | ||||||||
Net asset value, end of year | $8.665 | $8.70 | $9.75 | |||||||||
Total return | (0.40)% | (9.17)% | (2.50)% | 3 | ||||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of year | $1,215,018 | $1,478,880 | $4,338,706 | |||||||||
Ratio of expenses to average net assets | ||||||||||||
Before expense reimbursement (recapture) and fees waived including interest expense5 | 1.38% | 1.37% | 1.61% | 4 | ||||||||
After expense reimbursement (recapture) and fees waived including interest expense5 | 1.34% | 1.34% | 1.30% | 4 | ||||||||
Before expense reimbursement (recapture) and fees waived excluding interest expense | 1.34% | 1.33% | 1.61% | 4 | ||||||||
After expense reimbursement (recapture) and fees waived excluding interest expense | 1.30% | 1.30% | 1.30% | 4 | ||||||||
Ratio of net investment loss to average net assets | ||||||||||||
Before expense reimbursement (recapture) and fees waived | (0.07)% | (0.69)% | (1.12)% | 4 | ||||||||
After expense reimbursement (recapture) and fees waived | (0.03)% | (0.66)% | (0.81)% | 4 | ||||||||
Portfolio turnover rate | 0.00% | 0.00% | 0.00% | 3 |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Commencement of operations. |
2 | Net investment loss per share has been calculated based on average shares outstanding during the year. |
3 | Not annualized. |
4 | Annualized. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
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FINANCIAL HIGHLIGHTS
Managed Futures Strategy Fund (Consolidated) | ||||||||||||
Service | ||||||||||||
Year Ended March 31, 2018 | Year Ended March 31, 2017 | January 19, 20161 Through March 31, 2016 | ||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||
Net asset value, beginning of year | $8.640 | $9.73 | $10.00 | |||||||||
Income from investment operations: | ||||||||||||
Net investment loss | (0.050 | )2 | (0.11 | )2 | (0.03 | )2 | ||||||
Net realized and unrealized losses on investments | (0.039 | ) | (0.82 | ) | (0.24 | ) | ||||||
Total from investment operations | (0.089 | ) | (0.93 | ) | (0.27 | ) | ||||||
Less distributions: | ||||||||||||
Dividends from net realized gains | — | (0.16 | ) | — | ||||||||
Total distributions | — | (0.16 | ) | — | ||||||||
Net asset value, end of year | $8.551 | $8.64 | $9.73 | |||||||||
Total return | (0.92)% | (9.70)% | (2.70)% | 3 | ||||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of year | $121,362,278 | $81,212,945 | $183,020,093 | |||||||||
Ratio of expenses to average net assets | ||||||||||||
Before expense reimbursement (recapture) and fees waived including interest expense5 | 1.97% | 1.97% | 2.20% | 4 | ||||||||
After expense reimbursement (recapture) and fees waived including interest expense5 | 1.94% | 1.94% | 1.90% | 4 | ||||||||
Before expense reimbursement (recapture) and fees waived excluding interest expense | 1.93% | 1.93% | 2.20% | 4 | ||||||||
After expense reimbursement (recapture) and fees waived excluding interest expense | 1.90% | 1.90% | 1.90% | 4 | ||||||||
Ratio of net investment loss to average net assets | ||||||||||||
Before expense reimbursement (recapture) and fees waived | (0.61)% | (1.27)% | (1.71)% | 4 | ||||||||
After expense reimbursement (recapture) and fees waived | (0.58)% | (1.24)% | (1.41)% | 4 | ||||||||
Portfolio turnover rate | 0.00% | 0.00% | 0.00% | 3 |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Commencement of operations. |
2 | Net investment loss per share has been calculated based on average shares outstanding during the year. |
3 | Not annualized. |
4 | Annualized. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
143
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS
March 31, 2018
1. | Organization |
GPS Funds I and GPS Funds II (the “Trusts”) are organized as Delaware statutory trusts under Declarations of Trusts dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. GPS Funds I is comprised of the following 6 funds: GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US Fund, GuideMark® Core Fixed Income Fund and GuideMark® Tax-Exempt Fixed Income Fund. GPS Funds II is comprised of the following 8 funds: GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund and GuidePath® Managed Futures Strategy Fund (collectively, the “Funds”). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuideMark® Opportunistic Fixed Income Fund commenced operations on April 1, 2011. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. Each Fund offers two classes of shares: Service Shares and Institutional Shares. Certain Fund classes were without shares as of the year end; any share activity related to those classes is presented in the Statement of Changes in Net Assets. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
2. | Fund of Funds |
The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund each operate as a “Fund of Funds,” investing primarily in registered mutual funds, including exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein as the “Underlying Funds.” The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to
obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.
3. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(a) | Investment Valuation |
Portfolio securities listed on a national or foreign securities exchange, except those listed on NASDAQ, for which market quotations are available are valued at the last quoted sale price on each business day. Portfolio securities traded on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) on each business day. If there is no reported sale on an exchange or NASDAQ, the portfolio security will be valued at the mean between the most recent quoted bid and asked price. Price information on listed securities is taken from the exchange where the security is primarily traded.
All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.
Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost, which approximates fair value.
Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves.
To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).
144
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
During the period, certain of the securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.
Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, convertible obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities, certificates of deposit, 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 and swaps.
Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.
Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.
Foreign currency contracts and swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.
Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities.
Fair valued securities are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures adopted by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.
To verify Level 3 unobservable inputs, the Valuation Committee uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
On March 30, 2018, U.S. and certain other financial markets were closed, while some foreign markets were open. Price changes of securities in those foreign markets were immaterial to the Funds. The Funds’ securities were valued as of the close of regular trading on the last day the NYSE was open to maintain consistency with the Funds’ net asset value calculations used for shareholder transactions.
145
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2018:
GuideMark® Large Cap Core Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 285,331,233 | $ | — | $ | — | $ | 285,331,233 | ||||||||
Investment Companies | 11,887,097 | — | — | 11,887,097 | ||||||||||||
Real Estate Investment Trusts | 6,295,650 | — | — | 6,295,650 | ||||||||||||
Short Term Investments | 3,250,651 | — | — | 3,250,651 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 54,100,127 | ||||||||||||
Total Investments in Securities | $ | 306,764,631 | $ | — | $ | — | $ | 360,864,758 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Emerging Markets Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 2,905,681 | $ | 7,181,616 | $ | — | $ | 10,087,297 | ||||||||
Consumer Staples | 3,173,949 | 5,192,978 | — | 8,366,927 | ||||||||||||
Energy | 2,165,254 | 4,502,602 | — | 6,667,856 | ||||||||||||
Financials | 3,508,158 | 15,812,538 | — | 19,320,696 | ||||||||||||
Health Care | 216,173 | 2,757,226 | — | 2,973,399 | ||||||||||||
Industrials | 423,532 | 3,907,361 | — | 4,330,893 | ||||||||||||
Information Technology | 6,826,361 | 20,896,077 | — | 27,722,438 | ||||||||||||
Materials | 1,175,774 | 2,788,939 | — | 3,964,713 | ||||||||||||
Real Estate | — | 2,880,852 | — | 2,880,852 | ||||||||||||
Telecommunication Services | 964,410 | 3,258,165 | — | 4,222,575 | ||||||||||||
Utilities | 677,803 | 1,050,268 | — | 1,728,071 | ||||||||||||
Total Common Stocks | 22,037,095 | 70,228,622 | — | 92,265,717 | ||||||||||||
Investment Companies | 12,467,296 | — | — | 12,467,296 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer Staples | — | 548,711 | — | 548,711 | ||||||||||||
Energy | 632,543 | — | — | 632,543 | ||||||||||||
Financials | 1,938,774 | — | — | 1,938,774 | ||||||||||||
Information Technology | — | 655,720 | — | 655,720 | ||||||||||||
Materials | 140,978 | 250,189 | — | 391,167 | ||||||||||||
Total Preferred Stocks | 2,712,295 | 1,454,620 | — | 4,166,915 | ||||||||||||
Short Term Investments | 443,659 | — | — | 443,659 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 5,261,814 | ||||||||||||
Total Investments in Securities | $ | 37,660,345 | $ | 71,683,242 | $ | — | $ | 114,605,401 | ||||||||
* | 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.
146
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:
Description | Investments in Securities | |||
Transfers into Level 1 | $ | 1,551,994 | ||
Transfers out of Level 1 | (2,442,632 | ) | ||
Net Transfers into/(out of) Level 1 | $ | (890,638 | ) | |
Transfers into Level 2 | $ | 2,442,632 | ||
Transfers out of Level 2 | (1,551,994 | ) | ||
Net Transfers into/(out of) Level 2 | $ | 890,638 | ||
Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predetermined threshold.
There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Small/Mid Cap Core Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stock | $ | 49,275,166 | $ | — | $ | 0 | $ | 49,275,166 | ||||||||
Investment Companies | 1,748,034 | — | — | 1,748,034 | ||||||||||||
Real Estate Investment Trusts | 2,871,570 | — | — | 2,871,570 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Short Term Investments | 547,023 | — | — | 547,023 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 14,164,130 | ||||||||||||
Total Investments in Securities | $ | 54,441,793 | $ | — | $ | — | $ | 68,605,923 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Common Stocks | Rights | ||||||
Balance as of April 1, 2017 | $ | 0 | $ | 0 | ||||
Purchases | — | — | ||||||
Sales proceeds and paydowns | — | — | ||||||
Accreted discounts, net | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | — | ||||||
Transfers into/(out of) Level 3 | — | — | ||||||
Balance as of March 31, 2018 | $ | 0 | $ | 0 | ||||
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2018. | $ | — | $ | — | ||||
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March 31, 2018
GuideMark® World ex-US Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 2,792,692 | $ | 32,875,260 | $ | — | $ | 35,667,952 | ||||||||
Consumer Staples | 2,236,271 | 24,337,195 | — | 26,573,466 | ||||||||||||
Energy | 1,251,925 | 5,076,985 | — | 6,328,910 | ||||||||||||
Financials | 6,767,567 | 31,210,178 | — | 37,977,745 | ||||||||||||
Health Care | 1,357,597 | 17,300,534 | — | 18,658,131 | ||||||||||||
Industrials | 723,775 | 27,110,707 | — | 27,834,482 | ||||||||||||
Information Technology | 1,373,170 | 16,753,707 | — | 18,126,877 | ||||||||||||
Materials | 1,237,008 | 13,256,604 | — | 14,493,612 | ||||||||||||
Real Estate | — | 3,262,251 | — | 3,262,251 | ||||||||||||
Telecommunication Services | 220,774 | 4,695,120 | — | 4,915,894 | ||||||||||||
Utilities | — | 4,030,625 | — | 4,030,625 | ||||||||||||
Total Common Stocks | 17,960,779 | 179,909,166 | — | 197,869,945 | ||||||||||||
Investment Companies | 9,323,257 | — | — | 9,323,257 | ||||||||||||
Participatory Notes | — | 57,826 | — | 57,826 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer Discretionary | — | 242,516 | — | 242,516 | ||||||||||||
Materials | — | 327,229 | — | 327,229 | ||||||||||||
Total Preferred Stocks | — | 569,745 | — | 569,745 | ||||||||||||
Real Estate Investment Trusts | — | 1,405,181 | — | 1,405,181 | ||||||||||||
Short Term Investments | 1,661,097 | — | — | 1,661,097 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 929,168 | ||||||||||||
Total Investments in Securities | $ | 28,945,133 | $ | 181,941,918 | $ | — | $ | 211,816,219 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period:
Description | Investments in Securities | |||
Transfers into Level 1 | $ | 37,703 | ||
Transfers out of Level 1 | (858,649 | ) | ||
Net Transfers into/(out of) Level 1 | $ | (820,946 | ) | |
Transfers into Level 2 | $ | 858,649 | ||
Transfers out of Level 2 | (37,703 | ) | ||
Net Transfers into/(out of) Level 2 | $ | 820,946 | ||
Transfers between Level 1 and Level 2 were made due to valuation adjustments for certain foreign common stocks applied at the beginning or end of the reporting period when correlation patterns of price movements of foreign securities to the intraday trading in the U.S. markets reached the Fund’s predetermined threshold.
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March 31, 2018
There were no transfers in or out of Level 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Core Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 23,405,125 | $ | — | $ | 23,405,125 | ||||||||
Collateralized Mortgage Obligations | — | 12,123,003 | — | 12,123,003 | ||||||||||||
Corporate Obligations | — | 40,073,780 | — | 40,073,780 | ||||||||||||
Foreign Government Debt Obligations | — | 1,209,111 | — | 1,209,111 | ||||||||||||
Mortgage Backed Securities – U.S. Government Agency | — | 45,462,280 | — | 45,462,280 | ||||||||||||
Municipal Debt Obligations | — | 742,543 | — | 742,543 | ||||||||||||
U.S. Treasury Obligations | — | 28,811,647 | — | 28,811,647 | ||||||||||||
Total Fixed Income | — | 151,827,489 | — | 151,827,489 | ||||||||||||
Swaptions | — | 85,077 | — | 85,077 | ||||||||||||
Short Term Investments | 1,494,324 | — | — | 1,494,324 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 2,080,400 | ||||||||||||
Total Investments in Securities | $ | 1,494,324 | $ | 151,912,566 | $ | — | $ | 155,487,290 | ||||||||
Other Financial Instruments** | ||||||||||||||||
Futures | $ | 8,890 | $ | — | $ | — | $ | 8,890 | ||||||||
Swaps | — | 277,563 | — | 277,563 |
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
** | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Tax-Exempt Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Debt Obligations | $ | — | $ | 27,802,631 | $ | — | $ | 27,802,631 | ||||||||
Short Term Investments | 59,421 | — | — | 59,421 | ||||||||||||
Total Investments in Securities | $ | 59,421 | $ | 27,802,631 | $ | — | $ | 27,862,052 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuideMark® Opportunistic Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stock | $ | — | $ | 13,682 | $ | 0 | $ | 13,682 | ||||||||
Preferred Stock | — | 29,615 | — | 29,615 | ||||||||||||
Total Equity | — | 43,297 | — | 43,297 | ||||||||||||
Fixed Income | ||||||||||||||||
Collateralized Mortgage Obligations | — | 10,175,079 | — | 10,175,079 | ||||||||||||
Convertible Obligations | — | 797,113 | — | 797,113 | ||||||||||||
Corporate Obligations | — | 145,834 | — | 145,834 | ||||||||||||
Foreign Government Obligations | — | 21,415,389 | — | 21,415,389 | ||||||||||||
Mortgage Backed Securities – U.S. Government Agency | — | 6,979,097 | — | 6,979,097 | ||||||||||||
Total Fixed Income | — | 39,512,512 | — | 39,512,512 | ||||||||||||
Warrants | — | — | 0 | 0 | ||||||||||||
Short Term Investments | 12,281,466 | 1,331,823 | — | 13,613,289 | ||||||||||||
Total Investments in Securities | $ | 12,281,466 | $ | 40,887,632 | $ | 0 | $ | 53,169,098 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (240,886 | ) | $ | — | $ | (240,886 | ) | ||||||
Swaps | — | (729,300 | ) | — | (729,300 | ) |
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts and swaps. Forward currency contracts and swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Common Stocks | Warrants | ||||||
Balance as of April 1, 2017 | $ | — | $ | — | ||||
Purchases | 0 | 0 | ||||||
Sales proceeds and paydowns | — | — | ||||||
Accreted discounts, net | — | — | ||||||
Amortization, net | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | — | ||||||
Transfers into/(out of) Level 3 | — | — | ||||||
Balance as of March 31, 2018 | $ | 0 | $ | 0 | ||||
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2018. | $ | — | $ | — | ||||
GuidePath® Growth Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 610,139,974 | $ | — | $ | — | $ | 610,139,974 | ||||||||
Short Term Investments | 9,967,482 | — | — | 9,967,482 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 64,102,560 | ||||||||||||
Total Investments in Securities | $ | 620,107,456 | $ | — | $ | — | $ | 684,210,016 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Conservative Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 267,882,976 | $ | — | $ | — | $ | 267,882,976 | ||||||||
Short Term Investments | 3,625,343 | — | — | 3,625,343 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 70,331,057 | ||||||||||||
Total Investments in Securities | $ | 271,508,319 | $ | — | $ | — | $ | 341,839,376 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Tactical Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 269,706,945 | $ | — | $ | — | $ | 269,706,945 | ||||||||
Short Term Investments | 3,670,591 | — | — | 3,670,591 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 26,730,427 | ||||||||||||
Total Investments in Securities | $ | 273,377,536 | $ | — | $ | — | $ | 300,107,963 | ||||||||
* | 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. |
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Absolute Return Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 263,898,472 | $ | — | $ | — | $ | 263,898,472 | ||||||||
Short Term Investments | 3,109,537 | — | — | 3,109,537 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 53,670,654 | ||||||||||||
Total Investments in Securities | $ | 267,008,009 | $ | — | $ | — | $ | 320,678,663 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Multi-Asset Income Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 117,832,327 | $ | — | $ | — | $ | 117,832,327 | ||||||||
Short Term Investments | 1,452,952 | — | — | 1,452,952 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 22,294,424 | ||||||||||||
Total Investments in Securities | $ | 119,285,279 | $ | — | $ | — | $ | 141,579,703 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Flexible Income Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 54,549,804 | $ | — | $ | — | $ | 54,549,804 | ||||||||
Short Term Investments | 751,711 | — | — | 751,711 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 16,808,555 | ||||||||||||
Total Investments in Securities | $ | 55,301,515 | $ | — | $ | — | $ | 72,110,070 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
GuidePath® Managed Futures Strategy Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short Term Investments | $ | 457,553 | $ | 117,182,972 | $ | — | $ | 117,640,525 | ||||||||
Total Investments in Securities | $ | 457,553 | $ | 117,182,972 | $ | — | $ | 117,640,525 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Futures | $ | 691,125 | $ | — | $ | — | $ | 691,125 |
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures. Futures are reflected as the unrealized appreciation (depreciation) on the instrument. |
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March 31, 2018
For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1, 2 or 3. Transfers between levels are recognized at the end of the reporting period.
(b) | Consolidation of Subsidiary |
The GuidePath® Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath Managed Futures Strategy Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath® Managed Futures Strategy Fund. The financial statements of the GuidePath® Managed Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The GuidePath® Managed Futures Strategy Fund had 2.05% of its total assets invested in the Subsidiary as of March 31, 2018.
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.
(e) | Federal Income Taxes |
The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.
The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the
excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. As of and during the year ended March 31, 2018, 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 Statement of Operations. During the fiscal year ended March 31, 2018, 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.
(f) | Use of Estimates |
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.
(g) | Indemnifications |
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.
(h) | Expenses |
Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets.
(i) | Organization and Offering Costs |
Organization costs consist of costs incurred to establish a Trust and enable it legally to do business. The Funds expense organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 4).
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March 31, 2018
Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.
(j) | Security Transactions and Income Recognition |
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and the interest income recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and capital gains, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in accordance with the Trusts’ understanding of the applicable country’s tax rules and rates. Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.
(k) | Distributions to Shareholders |
The Funds, with the exception of the Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund will distribute any net investment income quarterly. All of the Funds will 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.
(l) | Derivatives |
Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.
Forward Currency Contracts
The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.
Options
The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange.
The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.
A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.
Futures
Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.
The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such future contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.
Futures contracts are valued at the daily quoted settlement prices.
Swaps
The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options
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March 31, 2018
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® Emerging Markets Fund
The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Fund was not invested in these instruments at March 31, 2018.
The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2018 | ||||||||
Amount of Realized Loss on Derivatives | ||||||||
Forward Currency Contracts | Total | |||||||
Foreign Exchange Contracts | $ | (5,491 | ) | $ | (5,491 | ) | ||
Total | $ | (5,491 | ) | $ | (5,491 | ) | ||
Change in Unrealized Appreciation on Derivatives | ||||||||
Forward Currency Contracts | Total | |||||||
Foreign Exchange Contracts | $ | 1,885 | $ | 1,885 | ||||
Total | $ | 1,885 | $ | 1,885 |
GuideMark® Core Fixed Income Fund
During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.
The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX to efficiently manage investment grade credit exposure.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2018
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||||||
Credit Contracts – Swaps | Appreciation on swap agreements | $ | 1,963 | Depreciation on swap agreements | $ | — | ||||||
Interest Rate Contracts – Swaps | Appreciation on swap agreements | 375,950 | Depreciation on swap agreements | 100,350 | ||||||||
Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts | 39,885 | Unrealized depreciation on futures contracts | 30,995 | ||||||||
Interest Rate Contracts – Options | Investments, at value | 85,077 | Options Written, at Value | — | ||||||||
Total | $ | 502,875 | $ | 131,345 |
* | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
154
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2018 | ||||||||||||||||||||
Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||||||||||
Futures Contracts | Swaps | Written Options | Purchased Options* | Total | ||||||||||||||||
Credit Contracts | $ | — | $ | 29,669 | $ | — | $ | — | $ | 29,669 | ||||||||||
Interest Rate Contracts | (150,655 | ) | (24,628 | ) | 36,809 | (199 | ) | (138,673 | ) | |||||||||||
Total | $ | (150,655 | ) | $ | 5,041 | $ | 36,809 | $ | (199 | ) | $ | (109,004 | ) |
* | Included in net realized gain (loss) on investments as reported in the Statement of Operations. |
Change in Unrealized Appreciation or (Depreciation) on Derivatives | ||||||||||||||||
Futures Contracts | Swaps | Purchased Options* | Total | |||||||||||||
Credit Contracts | $ | — | $ | (12,216 | ) | $ | — | $ | (12,216 | ) | ||||||
Interest Rate Contracts | (11,447 | ) | 54,338 | (16,643 | ) | 26,248 | ||||||||||
Total | $ | (11,447 | ) | $ | 42,122 | $ | (16,643 | ) | $ | 14,032 |
* | Included in net change in unrealized appreciation (depreciation) on investments as reported in the Statement of Operations. |
GuideMark® Opportunistic Fixed Income Fund
The Fund invested in derivatives in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks, including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Fund to gains or losses.
The Fund seeks to maximize total investment returns through exposure to investments in fixed-income securities, equity securities, and currency instruments. The Fund expects that its exposure to these asset classes will often be obtained substantially through the use of swap agreements. The Fund entered into swap agreements to manage and/or gain exposures to credit risk. The Fund entered into forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies.
The Fund used currency forwards during the period for the purpose of hedging exposures within the Fund to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2018
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||||||
Interest Rate Contracts – Swaps | Appreciation on swap agreements | $ | 91,928 | Depreciation on swap agreements | $ | 821,228 | ||||||
Foreign Exchange Contracts – Forward Currency Contracts | Appreciation of forward currency contracts | 172,460 | Depreciation of forward currency contracts | 413,346 | ||||||||
Total | $ | 264,388 | $ | 1,234,574 |
The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2018 | ||||||||||||
Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||
Forward Currency Contracts | Swaps | Total | ||||||||||
Foreign Exchange Contracts | $ | (548,047 | ) | $ | — | $ | (548,047 | ) | ||||
Interest Rate Contracts | — | (307,426 | ) | (307,426 | ) | |||||||
Total | $ | (548,047 | ) | $ | (307,426 | ) | $ | (855,473 | ) | |||
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||
Forward Currency Contracts | Swaps | Total | ||||||||||
Foreign Exchange Contracts | $ | (1,202,497 | ) | $ | — | $ | (1,202,497 | ) | ||||
Interest Rate Contracts | — | 422,105 | 422,105 | |||||||||
Total | $ | (1,202,497 | ) | $ | 422,105 | $ | (780,392 | ) |
155
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
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, 2018, the Fund used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2018
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||||||
Commodity Contracts – Futures* | Unrealized appreciation on futures contracts | $ | 1,264,970 | Unrealized depreciation on futures contracts | $ | 509,883 | ||||||
Equity Contracts – Futures* | Unrealized appreciation on futures contracts | 83,208 | Unrealized depreciation on futures contracts | 1,078,941 | ||||||||
Foreign Exchange Contracts – Futures* | Unrealized appreciation on futures contracts | 287,564 | Unrealized depreciation on futures contracts | 644,205 | ||||||||
Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts | 1,695,518 | Unrealized depreciation on futures contracts | 407,106 | ||||||||
Total | $ | 3,331,260 | $ | 2,640,135 |
* | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2018 | ||||
Amount of Realized Gain (Loss) on Derivatives | ||||
Futures Contracts | ||||
Commodity Contracts | $ | (2,665,208 | ) | |
Equity Contracts | 7,143,671 | |||
Foreign Exchange Contracts | (1,147,531 | ) | ||
Interest Rate Contracts | (5,031,756 | ) | ||
Total | $ | (1,700,824 | ) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||
Futures Contracts | ||||
Commodity Contracts | $ | 906,346 | ||
Equity Contracts | (1,738,021 | ) | ||
Foreign Exchange Contracts | (29,026 | ) | ||
Interest Rate Contracts | 1,609,178 | |||
Total | $ | 748,477 |
Volume Disclosures
The average monthly value outstanding of purchased and written options during the year ended March 31, 2018 were as follows:
GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | ||||||||||
Purchased Options | $ | 14,369 | $ | — | $ | — | ||||||
Written Options | $ | (2,474 | ) | $ | — | $ | — |
156
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2018 were as follows:
Long Positions | GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | |||||||||
Futures | $ | 9,814,379 | $ | — | $ | 408,639,484 | ||||||
Forwards* | $ | — | $ | 30,265,490 | $ | — | ||||||
Swaps | $ | 8,169,308 | $ | 8,121,231 | $ | — | ||||||
Short Positions | GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | |||||||||
Futures | $ | (6,128,125 | ) | $ | — | $ | (274,394,013 | ) | ||||
Forwards* | $ | — | $ | (3,771,341 | ) | $ | — | |||||
Cross Currency | GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | |||||||||
Forwards* | $ | — | $ | 6,288,168 | $ | — |
* | The GuideMark® Emerging Markets Fund had forward transactions during the year ended March 31, 2018, however due to the timing of these transactions the average monthly notional amount for the Fund was $0. For more information about the forward activity of the Fund, see the Statement of Operations for this Fund. |
Derivative Risks
The risks of using the various types of derivatives in which the Funds may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Funds in the manner intended by the Advisor or sub-advisor; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Funds; the risk that there may not be a liquid secondary market for the derivative at a time when the Funds would look to disengage the position; the risk that additional capital from the Funds may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Funds may induce leverage in the Funds, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Funds.
Offsetting Assets and Liabilities
GuideMark® Core Fixed Income Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2018, 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 | ||||||||||||||||||||||||
Credit Suisse | $ | 14,280 | $ | (7,988 | ) | $ | 6,292 | $ | — | $ | — | $ | 6,292 | |||||||||||
Purchased Options* | ||||||||||||||||||||||||
Bank of America | 85,077 | (85,077 | ) | — | — | — | — | |||||||||||||||||
Swaps | ||||||||||||||||||||||||
Morgan Stanley | 377,913 | — | 377,913 | (100,350 | ) | — | 277,563 | |||||||||||||||||
$ | 477,270 | $ | (93,065 | ) | $ | 384,205 | $ | (100,350 | ) | $ | — | $ | 283,855 | |||||||||||
* | Included in investments, at value as reported on the Statement of Assets & Liabilities. |
157
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Liabilities | Gross Amounts not offset in the Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Futures | ||||||||||||||||||||||||
Credit Suisse | $ | 7,988 | $ | (7,988 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Purchased Options* | ||||||||||||||||||||||||
Bank of America | 101,720 | (85,077 | ) | 16,643 | — | — | 16,643 | |||||||||||||||||
Swaps | ||||||||||||||||||||||||
Morgan Stanley | 100,350 | — | 100,350 | (100,350 | ) | — | — | |||||||||||||||||
$ | 210,058 | $ | (93,065 | ) | $ | 116,993 | $ | (100,350 | ) | $ | — | $ | 16,643 | |||||||||||
* | Included in investments, at value as reported on the Statement of Assets & Liabilities. |
GuideMark® Opportunistic Fixed Income Fund
The Fund attempts to reduce its exposure to counterparty credit risk on over-the counter (“OTC”) derivatives, whenever possible, by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) agreements with certain counterparties. These agreements typically contain various provisions, including but not limited to, collateral requirements and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. The Fund is required to deposit financial collateral in the form of cash and/or securities at the clearing brokers and counterparties to continually meet the original and maintenance requirement established by the clearing brokers and counterparties. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.
The table below, as of March 31, 2018, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties.
Assets | Gross Amounts not offset in the Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Forward Currency Contracts | ||||||||||||||||||||||||
Bank of America | $ | 9,544 | $ | — | $ | 9,544 | $ | (6,001 | ) | $ | — | $ | 3,543 | |||||||||||
Barclays | — | — | — | — | — | — | ||||||||||||||||||
Citibank | 89,811 | — | 89,811 | (89,811 | ) | — | — | |||||||||||||||||
Deutsche Bank | 11,017 | — | 11,017 | (11,017 | ) | — | — | |||||||||||||||||
Goldman Sachs | 585 | — | 585 | (585 | ) | — | — | |||||||||||||||||
HSBC | 1,225 | — | 1,225 | (1,225 | ) | — | — | |||||||||||||||||
JP Morgan Chase | 59,867 | — | 59,867 | (59,867 | ) | — | — | |||||||||||||||||
Morgan Stanley | 411 | — | 411 | — | — | 411 | ||||||||||||||||||
UBS | — | — | — | — | — | — | ||||||||||||||||||
Swaps | ||||||||||||||||||||||||
Citibank | 82,002 | — | 82,002 | (6,792 | ) | — | 75,210 | |||||||||||||||||
HSBC | 9,926 | — | 9,926 | (9,926 | ) | — | — | |||||||||||||||||
JP Morgan Chase | — | — | — | — | — | — | ||||||||||||||||||
$ | 264,388 | $ | — | $ | 264,388 | $ | (185,224 | ) | $ | — | $ | 79,164 | ||||||||||||
158
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Liabilities | Gross Amounts not offset in the Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Forward Currency Contracts | ||||||||||||||||||||||||
Bank of America | $ | 6,001 | $ | — | $ | 6,001 | $ | (6,001 | ) | $ | — | $ | — | |||||||||||
Barclays | 5,147 | — | 5,147 | — | — | 5,147 | ||||||||||||||||||
Citibank | 106,258 | — | 106,258 | (89,811 | ) | (16,447 | ) | — | ||||||||||||||||
Deutsche Bank | 72,389 | — | 72,389 | (11,017 | ) | (61,372 | ) | — | ||||||||||||||||
Goldman Sachs | 26,565 | — | 26,565 | (585 | ) | (20,000 | ) | 5,980 | ||||||||||||||||
HSBC | 56,619 | — | 56,619 | (1,225 | ) | (55,394 | ) | — | ||||||||||||||||
JP Morgan Chase | 140,122 | — | 140,122 | (59,867 | ) | (60,000 | ) | 20,255 | ||||||||||||||||
Morgan Stanley | — | — | — | — | — | — | ||||||||||||||||||
UBS | 245 | — | 245 | — | — | 245 | ||||||||||||||||||
Swaps | ||||||||||||||||||||||||
Citibank | 6,792 | — | 6,792 | (6,792 | ) | — | — | |||||||||||||||||
HSBC | 17,027 | — | 17,027 | (9,926 | ) | — | 7,101 | |||||||||||||||||
JP Morgan Chase | 797,409 | — | 797,409 | (797,409 | ) | — | ||||||||||||||||||
$ | 1,234,574 | $ | — | $ | 1,234,574 | $ | (185,224 | ) | $ | (1,010,622 | ) | $ | 38,728 | |||||||||||
GuidePath® Managed Futures Strategy Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2018, 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* | ||||||||||||||||||||||||
Goldman Sachs | $ | 597,741 | $ | — | $ | 597,741 | $ | (339,047 | ) | $ | — | $ | 258,694 | |||||||||||
$ | 597,741 | $ | — | $ | 597,741 | $ | (339,047 | ) | $ | — | $ | 258,694 | ||||||||||||
159
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Liabilities | Gross Amounts not offset in the Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Futures* | ||||||||||||||||||||||||
Goldman Sachs | $ | 339,047 | $ | — | $ | 339,047 | $ | (339,047 | ) | $ | — | $ | — | |||||||||||
$ | 339,047 | $ | — | $ | 339,047 | $ | (339,047 | ) | $ | — | $ | — | ||||||||||||
* | Cumulative appreciation/depreciation on futures contracts is reported in the Consolidated Schedule of Open Futures Contracts. Variation margin and receivable/payable for unsettled open futures contracts presented above is presented on the Statements of Assets and Liabilities. |
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.
(m) | Securities Purchased or Sold on a Forward-Commitment Basis |
The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.
(n) | Foreign Securities |
For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.
(o) | Foreign Currency Translation |
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the
portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
(p) | Restricted and Illiquid Securities |
Each Fund may invest up to 15% of its net assets in securities that are illiquid, which includes securities with legal or contractual restrictions on their disposition, and securities for which there are no readily available market quotations. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under procedures adopted by the Board of Trustees.
(q) | Auction Rate Securities |
The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.
(r) | Short Sales |
Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales.
160
GuideMark® Funds and GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.
(s) | Trustee Compensation |
Effective April 1, 2017, for the services performed as Trustees of the consolidated Board of Trustees of GPS Funds I, GPS Funds II, and Savos Investments Trust, which currently consists of one fund, the Independent Trustees receive a retainer fee of $80,000 per year, $4,500 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $4,500 for each special meeting attended in person and $2,000 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.
The “interested persons” who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.
(t) | Pending Litigation |
The Funds are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company, which included the GuideMark® Emerging Markets Fund, who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
(u) | Participatory Notes (“participation notes”) |
Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership of local companies.
The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional
liquidity risk. These securities have been deemed to be liquid as of March 31, 2018.
4. | Investment Advisor |
Each Trust has an Investment Advisory Agreement (the “Agreement”) with AssetMark, Inc. (the “Advisor” or “AssetMark”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:
Large Cap Core Fund | 0.45% | |||
Emerging Markets Fund | 0.59% | |||
Small/Mid Cap Core Fund | 0.57% | |||
World ex-US Fund | 0.50% | |||
Core Fixed Income Fund | 0.40% | |||
Tax-Exempt Fixed Income Fund | 0.50% | |||
Opportunistic Fixed Income Fund | 0.70% | |||
Growth Allocation Fund | 0.25% | |||
Conservative Allocation Fund | 0.25% | |||
Tactical Allocation Fund | 0.35% | |||
Absolute Return Allocation Fund | 0.35% | |||
Multi-Asset Income Allocation Fund | 0.35% | |||
Flexible Income Allocation Fund | 0.25% | |||
Managed Futures Strategy Fund | 1.05% |
From April 1, 2017 through November 30, 2017 the Investment Advisory Fee for the GuideMark® Core Fixed Income Fund was 0.50%. Effective December 1, 2017, the Fund’s Investment Advisory Fee was reduced from 0.50% to 0.40%.
AssetMark also provides certain administrative services to the Service Shares of the Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a fee of 0.25% of the average daily net assets of the Service Shares of the Funds. The administrative services may include development and maintenance of a web-based software platform for both investment advisers and shareholders; creation of a customized full-color client quarterly performance review for each individual client; facilitating the initiation and setup of new account and related asset transfers; reviewing and following up on custodial paperwork; attending to shareholder correspondence, requests and inquiries, and other communications with shareholders and their representatives; assisting with the processing of purchases and redemptions of shares; and monitoring and overseeing non-advisory relationships with entities providing services to the Service Shares; including the transfer agent and custodian.
In addition, GPS Funds I and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to waive, through July 31, 2019, 0.025% of each Fund’s annual advisory fee on assets in GPS Funds I collectively in excess of $6 billion, and an additional 0.025% of each Fund’s annual advisory fee on assets in GPS Funds I collectively in excess of $12 billion.
Each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive,
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March 31, 2018
through July 31, 2019, 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 | |||||||
Large Cap Core Fund | 1.24% | 0.64% | ||||||
Emerging Markets Fund | 1.65% | 1.05% | ||||||
Small/Mid Cap Core Fund | 1.45% | 0.85% | ||||||
World ex-US Fund | 1.39% | 0.79% | ||||||
Core Fixed Income Fund | 1.19% | 0.59% | ||||||
Tax-Exempt Fixed Income Fund | 1.29% | 0.69% | ||||||
Opportunistic Fixed Income Fund | 1.55% | 0.95% | ||||||
Growth Allocation Fund | 1.00% | 0.40% | ||||||
Conservative Allocation Fund | 0.70% | 0.10% | ||||||
Tactical Allocation Fund | 1.10% | 0.50% | ||||||
Absolute Return Allocation Fund | 0.80% | 0.20% | ||||||
Multi-Asset Income Allocation Fund | 1.10% | 0.50% | ||||||
Flexible Income Allocation Fund | 0.75% | 0.15% | ||||||
Managed Futures Strategy Fund | 1.90% | 1.30% |
From April 1, 2017 through November 30, 2017 the Expense Limits for the GuideMark® Core Fixed Income Fund were 1.29% (Service Shares) and 0.69% (Institutional Shares). In addition, from April 1, 2017 through December 31, 2017 the Expense Limits were as follows: 1.00% (Service Shares) and 0.40% (Institutional Shares), for the GuidePath® Conservative Allocation Fund; 1.10% (Service Shares) and 0.50% (Institutional Shares) for the GuidePath® Absolute Return Allocation Fund; and 1.05% (Service Shares) and 0.45% (Institutional Shares) for the GuidePath® Flexible Income Allocation Fund.
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, 2018, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund and Multi-Asset Income Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.
The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:
Year of Expiration 03/31/2019 | Year of Expiration 03/31/2020 | Year of Expiration 03/31/2021 | ||||||||||
World ex-US Fund | $ | 4,595 | $ | 18,036 | $ | 39,000 | ||||||
Core Fixed Income Fund | 56,910 | 109,659 | 142,744 | |||||||||
Tax-Exempt Fixed Income Fund | 82,292 | 60,304 | 53,567 | |||||||||
Opportunistic Fixed Income Fund | 242,737 | 175,049 | 197,441 | |||||||||
Conservative Allocation Fund | — | — | 123,290 | |||||||||
Absolute Return Allocation Fund | — | — | 152,010 | |||||||||
Flexible Income Allocation Fund | — | — | 34,410 | |||||||||
Managed Futures Strategy Fund | 61,388 | 62,978 | 47,553 |
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.
5. | Distribution Plan |
Each Trust, on behalf of the Service Shares class of its Funds, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ Service Shares class and servicing of the Funds’ Service Shares class shareholders. For example, these amounts are paid to financial intermediaries that perform recordkeeping services that facilitate the operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC
(“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent year ended March 31, 2018.
6. | Service, Custody, and Line of Credit Agreements |
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“USBFS”) and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of USBFS. Under these agreements, USBFS and U.S. Bank, N.A. provide certain transfer agency, administrative, accounting and custody services.
Prior to January 2, 2018, The Bank of New York Mellon (“BNY”) provided certain custody services to the Opportunistic Fixed Income Fund. Effective January 2, 2018, U.S. Bank N.A. replaced BNY as custodian for the Opportunistic Fixed Income Fund.
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March 31, 2018
The Funds, excluding the Opportunistic Fixed Income Fund, have established a line of credit (“LoC”) with U.S. Bank, N.A. (“USB”) to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. Savos Investments Trust, which is also managed by AssetMark, is also party to the same LoC agreement. The LoC was effective August 1, 2017 and will mature, unless renewed, on July 31, 2018. Borrowing under the LoC is limited to
the lesser of 20% of the total market value of a Fund, 33.33% 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 4.75% at March 31, 2018. 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, 2017 to March 31, 2018, the details of the borrowings were as follows:
Fund | Average Daily Borrowings | Weighted Average Annualized Interest Rate | Maximum Borrowings | |||||||||
Large Cap Core Fund | $ | 73,756 | 4.26 | % | $ | 20,635,000 | ||||||
Emerging Markets Fund | 115,022 | 4.29 | % | 10,507,000 | ||||||||
Small/Mid Cap Core Fund | 507 | 4.50 | % | 185,000 | ||||||||
World ex-US Fund | 23,723 | 4.22 | % | 2,744,000 | ||||||||
Core Fixed Income Fund | 211 | 4.25 | % | 77,000 | ||||||||
Tax-Exempt Fixed Income Fund | 2,397 | 4.45 | % | 360,000 | ||||||||
Growth Allocation Fund | 511,710 | 4.25 | % | 78,949,000 | ||||||||
Conservative Allocation Fund | 54,077 | 4.25 | % | 8,338,000 | ||||||||
Tactical Allocation Fund | 195,740 | 4.30 | % | 42,500,000 | ||||||||
Absolute Return Allocation Fund | 163,534 | 4.37 | % | 13,778,000 | ||||||||
Multi-Asset Income Allocation Fund | 73,614 | 4.29 | % | 10,000,000 | ||||||||
Flexible Income Allocation Fund | 70,910 | 4.25 | % | 12,200,000 | ||||||||
Managed Futures Strategy Fund | — | — | — |
7. | Securities Lending |
The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with U.S. Bank, N.A. Under the terms of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in 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 custody costs and other charges incurred by the Funds. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.
During the year ended March 31, 2018, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund and Managed Futures Strategy Fund) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.
Secured Borrowings
Securities Lending Transactions | ||||
Overnight and Continuous | Investments Purchased with Proceeds from Securities Lending Collateral* | |||
Large Cap Core Fund | $ | 54,100,127 | ||
Emerging Markets Fund | 5,261,814 | |||
Small/Mid Cap Core Fund | 14,164,130 | |||
World ex-US Fund | 929,168 | |||
Core Fixed Income Fund | 2,080,400 | |||
Tax-Exempt Fixed Income Fund | — | |||
Opportunistic Fixed Income Fund | — | |||
Growth Allocation Fund | 64,102,560 | |||
Conservative Allocation Fund | 70,331,057 | |||
Tactical Allocation Fund | 26,730,427 | |||
Absolute Return Allocation Fund | 53,670,654 | |||
Multi-Asset Income Allocation Fund | 22,294,424 | |||
Flexible Income Allocation Fund | 16,808,555 | |||
Managed Futures Strategy Fund | — | |||
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | $ | 330,473,316 |
* | Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral). |
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March 31, 2018
8. | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2018 are summarized below.
Purchases | Sales | |||||||
Large Cap Core Fund | $ | 219,297,793 | $ | 151,806,031 | ||||
Emerging Markets Fund | 34,825,705 | 67,961,620 | ||||||
Small/Mid Cap Core Fund | 22,283,842 | 89,749,556 | ||||||
World ex-US Fund | 147,984,530 | 150,439,229 | ||||||
Core Fixed Income Fund* | 280,343,953 | 278,615,333 | ||||||
Tax-Exempt Fixed Income Fund | 16,201,517 | 17,589,936 | ||||||
Opportunistic Fixed Income Fund** | 15,657,374 | 29,761,745 | ||||||
Growth Allocation Fund | 399,017,335 | 410,812,348 |
Purchases | Sales | |||||||
Conservative Allocation Fund | $ | 203,330,728 | $ | 55,350,814 | ||||
Tactical Allocation Fund | 1,050,195,929 | 1,111,289,056 | ||||||
Absolute Return Allocation Fund | 441,412,493 | 302,897,566 | ||||||
Multi-Asset Income Allocation Fund | 153,912,237 | 155,756,293 | ||||||
Flexible Income Allocation Fund | 171,415,406 | 215,947,795 | ||||||
Managed Futures Strategy Fund | — | — |
* | Included in these amounts were $214,236,149 of purchases and $206,600,451 of sales of U.S. Government Securities. |
** | Included in these amounts were $14,403,802 of purchases and $26,752,063 of sales of U.S. Government Securities. |
9. | Transactions with Affiliates |
The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor.
The GuidePath® Funds had the following transactions during the year ended March 31, 2018, with affiliates:
Share Activity | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||
Security Name | Balance March 31, 2017 | Purchases | Sales | Balance March 31, 2018 | Fair Value | Dividends Credited to Income | Amount of Gain (Loss) realized on Sale of Shares | Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||||||
Growth Allocation Fund |
| |||||||||||||||||||||||||||||||
GuideMark® Large Cap Core Fund - Institutional Shares | 2,463,265 | 117,882 | 2,581,147 | — | $ | �� — | $ | — | $ | 11,373,270 | $ | (10,192,633 | ) | |||||||||||||||||||
GuideMark® Emerging Markets Fund - Institutional Shares | 857,339 | 39,187 | 896,526 | — | — | — | 4,207,754 | (3,288,271 | ) | |||||||||||||||||||||||
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | 3,165,311 | 148,628 | 3,313,939 | — | — | — | 17,436,043 | (16,228,471 | ) | |||||||||||||||||||||||
GuideMark® World ex-US Fund - Institutional Shares | 8,369,337 | 382,487 | 8,751,824 | — | — | — | 14,458,859 | (8,925,880 | ) | |||||||||||||||||||||||
$ | — | $ | — | $ | 47,475,926 | $ | (38,635,255 | ) | ||||||||||||||||||||||||
Conservative Allocation Fund |
| |||||||||||||||||||||||||||||||
GuideMark® Large Cap Core Fund - Institutional Shares | 181,943 | 14,186 | 196,129 | — | $ | — | $ | — | $ | 944,890 | $ | (813,413 | ) | |||||||||||||||||||
GuideMark® Emerging Markets Fund - Institutional Shares | 28,624 | 2,231 | 30,855 | — | — | — | 154,474 | (108,799 | ) | |||||||||||||||||||||||
GuideMark® Small/Mid Cap Core Fund - Institutional Shares | 369,315 | 28,801 | 398,116 | — | — | — | 2,354,212 | (2,097,331 | ) | |||||||||||||||||||||||
GuideMark® World ex-US Fund - Institutional Shares | 611,474 | 47,696 | 659,170 | — | — | — | 1,291,975 | (785,757 | ) | |||||||||||||||||||||||
$ | — | $ | — | $ | 4,745,551 | $ | (3,805,300 | ) | ||||||||||||||||||||||||
Absolute Return Allocation Fund |
| |||||||||||||||||||||||||||||||
GuideMark® Core Fixed Income Fund - Institutional Shares | 617,227 | 8,936 | 626,163 | — | $ | — | $ | — | $ | (105,413 | ) | $ | 165,192 | |||||||||||||||||||
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | 508,071 | 7,360 | 515,431 | — | — | — | 196,698 | (222,851 | ) | |||||||||||||||||||||||
$ | — | $ | — | $ | 91,285 | $ | (57,659 | ) | ||||||||||||||||||||||||
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March 31, 2018
Share Activity | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||
Security Name | Balance March 31, 2017 | Purchases | Sales | Balance March 31, 2018 | Fair Value | Dividends Credited to Income | Amount of Gain (Loss) realized on Sale of Shares | Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||||||
Multi-Asset Income Allocation Fund |
| |||||||||||||||||||||||||||||||
GuideMark® Core Fixed Income Fund - Institutional Shares | 299,116 | 28,528 | 327,644 | — | $ | — | $ | 20,203 | $ | (26,139 | ) | $ | 58,424 | |||||||||||||||||||
GuideMark® Opportunistic Fixed Income Fund - Institutional Shares | 443,310 | 29,998 | 473,308 | — | — | 75,399 | 163,938 | (222,006 | ) | |||||||||||||||||||||||
$ | — | $ | 95,602 | $ | 137,799 | $ | (163,582 | ) | ||||||||||||||||||||||||
Flexible Income Allocation Fund |
| |||||||||||||||||||||||||||||||
GuideMark® Core Fixed Income Fund - Institutional Shares | 68,915 | 766 | 69,681 | — | $ | — | $ | — | $ | 6,902 | $ | (280 | ) | |||||||||||||||||||
$ | — | $ | — | $ | 6,902 | $ | (280 | ) | ||||||||||||||||||||||||
10. | New Accounting Pronouncement |
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years
and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.
11. | Other Tax Information |
Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.
These differences are primarily due to foreign currency, Passive Foreign Investment Companies, capital loss carryforwards, CFC income reversal, net operating loss lost, Partnerships and paydown reclassifications. On the Statements of Assets and Liabilities, the following adjustments were made:
Accumulated Undistributed Net Investment Income or (Loss) | Accumulated Undistributed Realized Gain or (Loss) | Capital Stock | ||||||||||
Large Cap Core Fund | $ | 9,462 | $ | (9,311 | ) | $ | (151 | ) | ||||
Emerging Markets Fund | 40,781 | 77,859,592 | (77,900,373 | ) | ||||||||
Small/Mid Cap Core Fund | 109,908 | (109,827 | ) | (81 | ) | |||||||
World ex-US Fund | 301,799 | 135,837,812 | (136,139,611 | ) | ||||||||
Core Fixed Income Fund | 227,298 | (227,259 | ) | (39 | ) | |||||||
Tax-Exempt Fixed Income Fund | — | 1,343,499 | (1,343,499 | ) | ||||||||
Opportunistic Fixed Income Fund | (9,503,285 | ) | 9,503,285 | — | ||||||||
Growth Allocation Fund | — | 281 | (281 | ) | ||||||||
Conservative Allocation Fund | — | 36,479 | (36,479 | ) | ||||||||
Tactical Allocation Fund | — | 168 | (168 | ) | ||||||||
Absolute Return Allocation Fund | — | 53 | (53 | ) | ||||||||
Multi-Asset Income Allocation Fund | — | 45 | (45 | ) | ||||||||
Flexible Income Allocation Fund | (4,145 | ) | (31,689 | ) | 35,834 | |||||||
Managed Futures Strategy Fund | 574,809 | 2,686,962 | (3,261,771 | ) |
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Indefinite carryovers must be used first, resulting in a greater likelihood that pre-enactment losses may expire. Capital loss carryforwards available for Federal income tax purposes are as follows:
Capital losses expiring: | Utilized | |||||||||||||||
Indefinite* | ||||||||||||||||
3/31/2019 | Short Term | Long Term | ||||||||||||||
Large Cap Core Fund | $ | — | $ | — | $ | — | $ | — | ||||||||
Emerging Markets Fund | — | — | — | (13,169,427 | ) | |||||||||||
Small/Mid Cap Core Fund | — | — | — | — | ||||||||||||
World ex-US Fund | — | — | — | (18,914,024 | ) | |||||||||||
Core Fixed Income Fund | — | — | — | — | ||||||||||||
Tax-Exempt Fixed Income Fund | — | — | — | (386,070 | ) | |||||||||||
Opportunistic Fixed Income Fund | — | 13,425,834 | 4,917,840 | — | ||||||||||||
Growth Allocation Fund | — | — | — | — | ||||||||||||
Conservative Allocation Fund | — | — | — | (4,244,624 | ) | |||||||||||
Tactical Allocation Fund | — | — | — | (14,579,332 | ) | |||||||||||
Absolute Return Allocation Fund | — | 3,208,676 | 1,455,810 | (6,115,078 | ) | |||||||||||
Multi-Asset Income Allocation Fund | — | 242,041 | — | (5,963,961 | ) | |||||||||||
Flexible Income Allocation Fund | — | 796,517 | 7,410,914 | (1,960,431 | ) | |||||||||||
Managed Futures Strategy Fund | — | 1,479,772 | 1,327,118 | (1,410,115 | ) |
* | The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses and their character is retained as short-term or long-term losses. |
Additionally, at March 31, 2018, the Funds deferred on a tax basis losses as follows:
Ordinary Late Year Loss | Capital Loss | |||||||
Large Cap Core Fund | $ | — | $ | — | ||||
Emerging Markets Fund | 138,215 | — | ||||||
Small/Mid Cap Core Fund | 4,745 | — | ||||||
World ex-US Fund | — | — | ||||||
Core Fixed Income Fund | — | 412,345 | ||||||
Tax-Exempt Fixed Income Fund | — | — | ||||||
Opportunistic 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 | 141,312 | — |
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, 2018 and March 31, 2017 are as follows:
Year Ended March 31, 2018 | ||||||||
Ordinary Income Distributions | Long-Term Capital Gain Distributions | |||||||
Large Cap Core Fund | $ | 3,107,413 | $ | 9,359,696 | ||||
Emerging Markets Fund | 805,262 | — | ||||||
Small/Mid Cap Core Fund | 2,395,401 | 11,762,993 | ||||||
World ex-US Fund | 2,901,835 | — | ||||||
Core Fixed Income Fund | 2,420,788 | 798,073 | ||||||
Tax-Exempt Fixed Income Fund | 818,304 | * | — | |||||
Opportunistic Fixed Income Fund | 4,430,670 | — | ||||||
Growth Allocation Fund | 19,021,662 | 45,261,115 | ||||||
Conservative Allocation Fund | 3,541,731 | 524,943 |
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Year Ended March 31, 2018 | ||||||||
Ordinary Income Distributions | Long-Term Capital Gain Distributions | |||||||
Tactical Allocation Fund | $ | 5,930,041 | $ | 2,983,197 | ||||
Absolute Return Allocation Fund | 3,894,617 | — | ||||||
Multi-Asset Income Allocation Fund | 3,084,967 | — | ||||||
Flexible Income Allocation Fund | 2,461,272 | — | ||||||
Managed Futures Strategy Fund | — | — |
* | Contains $814,112 of tax-exempt income for year ended March 31, 2018 |
Year Ended March 31, 2017 | ||||||||
Ordinary Income Distributions | Long-Term Capital Gain Distributions | |||||||
Large Cap Core Fund | $ | 2,122,491 | $ | 6,227,056 | ||||
Emerging Markets Fund | 390,103 | — | ||||||
Small/Mid Cap Core Fund | 533,692 | — | ||||||
World ex-US Fund | 3,332,347 | — | ||||||
Core Fixed Income Fund | 4,025,855 | — | ||||||
Tax-Exempt Fixed Income Fund | 1,010,639 | * | — | |||||
Opportunistic Fixed Income Fund | 1,964,950 | — | ||||||
Growth Allocation Fund | 9,730,472 | 9,977,136 | ||||||
Conservative Allocation Fund | 5 | 9,908,476 | ||||||
Tactical Allocation Fund | 3,197,003 | — | ||||||
Absolute Return Allocation Fund | 3,935,742 | — | ||||||
Multi-Asset Income Allocation Fund | 3,068,620 | — | ||||||
Flexible Income Allocation Fund | 2,158,726 | — | ||||||
Managed Futures Strategy Fund | — | 1,489,705 |
* | Contains $1,008,839 of tax-exempt income for year ended March 31, 2017 |
At March 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | World ex-US Fund | Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | Opportunistic Fixed Income Fund | ||||||||||||||||||||||
Cost of Portfolio* | $ | 295,527,585 | $ | 83,007,723 | $ | 54,401,874 | $ | 183,207,761 | $ | 157,029,618 | $ | 26,562,829 | $ | 53,668,245 | ||||||||||||||
Gross Unrealized Appreciation | 76,667,577 | 34,828,795 | 17,043,699 | 35,009,818 | 1,126,580 | 1,334,618 | 1,977,879 | |||||||||||||||||||||
Gross Unrealized Depreciation | (11,330,404 | ) | (3,156,149 | ) | (2,839,650 | ) | (5,947,265 | ) | (2,382,445 | ) | (35,395 | ) | (3,376,946 | ) | ||||||||||||||
Net Unrealized Appreciation/(Depreciation) | 65,337,173 | 31,672,646 | 14,204,049 | 29,062,553 | (1,255,865 | ) | 1,299,223 | (1,399,067 | ) | |||||||||||||||||||
Undistributed Tax-Exempt Ordinary Income | — | — | — | — | — | 17,757 | — | |||||||||||||||||||||
Undistributed Ordinary Income | 2,347,468 | — | — | 2,697,943 | 93,608 | 703 | 11,809 | |||||||||||||||||||||
Undistributed Long-Term Cap Gains | 1,587,595 | — | 729,971 | — | — | — | — | |||||||||||||||||||||
Total Distributable Earnings | 3,935,063 | — | 729,971 | 2,697,943 | 93,608 | 18,460 | 11,809 | |||||||||||||||||||||
Other Accumulated Gains/(Losses) | — | (138,215 | ) | (4,745 | ) | — | (412,345 | ) | — | (18,380,945 | ) | |||||||||||||||||
Total Accumulated Earnings/(Losses) | 69,272,236 | 31,534,431 | 14,929,275 | 31,760,496 | (1,574,602 | ) | 1,317,683 | (19,768,203 | ) | |||||||||||||||||||
* | Portfolio includes investments and derivative contracts. |
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NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2018
Growth Allocation Fund | Conservative Allocation Fund | Tactical Allocation Fund | Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | Flexible Income Allocation Fund | Managed Futures Strategy Fund | ||||||||||||||||||||||
Cost of Portfolio* | $ | 582,722,062 | $ | 334,085,729 | $ | 281,727,579 | $ | 324,458,579 | $ | 139,907,743 | $ | 72,115,466 | $ | 117,752,922 | ||||||||||||||
Gross Unrealized Appreciation | 103,578,722 | 11,848,332 | 21,514,940 | 1,370,914 | 2,331,126 | 970,181 | 141,784 | |||||||||||||||||||||
Gross Unrealized Depreciation | (2,090,768 | ) | (4,094,685 | ) | (3,134,556 | ) | (5,150,830 | ) | (659,166 | ) | (975,577 | ) | (318,546 | ) | ||||||||||||||
Net Unrealized Appreciation/(Depreciation) | 101,487,954 | 7,753,647 | 18,380,384 | (3,779,916 | ) | 1,671,960 | (5,396 | ) | (176,762 | ) | ||||||||||||||||||
Undistributed Tax-Exempt Ordinary Income | — | — | — | — | — | — | — | |||||||||||||||||||||
Undistributed Ordinary Income | 866,531 | 522,432 | 6,122,981 | 1,197,342 | 212,169 | 132,176 | — | |||||||||||||||||||||
Undistributed Long-Term Cap Gains | — | 503,292 | 1,209,432 | — | — | — | — | |||||||||||||||||||||
Total Distributable Earnings | 866,531 | 1,025,724 | 7,332,413 | 1,197,342 | 212,169 | 132,176 | — | |||||||||||||||||||||
Other Accumulated Gains/(Losses) | (19,123 | ) | (19,123 | ) | (19,123 | ) | (4,683,609 | ) | (242,041 | ) | (8,207,431 | ) | (2,193,115 | ) | ||||||||||||||
Total Accumulated Earnings/(Losses) | 102,335,362 | 8,760,248 | 25,693,674 | (7,266,183 | ) | 1,642,088 | (8,080,651 | ) | (2,369,877 | ) | ||||||||||||||||||
The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.
* | Portfolio includes investments and derivative contracts. |
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GuideMark® Funds and GuidePath® Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of GPS Funds I and GPS Funds II
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts, open swap contracts, and open forward currency contracts, of GPS Funds I and GPS Funds II comprising GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, GuideMark World ex-US Fund, GuideMark Core Fixed Income Fund, GuideMark Tax-Exempt Fixed Income Fund, GuideMark Opportunistic Fixed Income Fund, GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, and the consolidated schedules of investments and open futures contracts and the accompanying consolidated statement of assets and liabilities of GuidePath Managed Futures Strategy Fund (the “Funds”) as of March 31, 2018, and the related consolidated statement of operations for the year ended March 31, 2018, consolidated statements of changes in net assets for the two years in the period then ended March 31, 2018, and the consolidated financial highlights for the three periods in the period then ended March 31, 2018, for GuidePath Managed Futures Strategy Fund, and the related statements of operations for the year ended March 31, 2018, statements of changes in net assets for the two years in the period then ended March 31, 2018, and the financial highlights for each of the five years in the period then ended March 31, 2018, for the remainder of the Funds (collectively, for all Funds presented in the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds constituting GPS Funds I and GPS Funds II as of March 31, 2018, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits include 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 include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of March 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2014.
COHEN & COMPANY, LTD.
Cleveland, Ohio
May 30, 2018
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GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION
March 31, 2018
1. | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year 2018 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 | 78.30% | 81.00% | ||||||
Emerging Markets Fund | 4.47% | 100.00% | ||||||
Small/Mid Cap Core Fund | 36.55% | 37.91% | ||||||
World ex-US Fund | 0.52% | 100.00% | ||||||
Core Fixed Income Fund | 0.00% | 0.00% | ||||||
Tax-Exempt Fixed Income Fund | 0.00% | 0.00% | ||||||
Opportunistic Fixed Income Fund | 0.00% | 0.00% | ||||||
Growth Allocation Fund | 3.97% | 48.82% | ||||||
Conservative Allocation Fund | 10.42% | 50.97% | ||||||
Tactical Allocation Fund | 9.07% | 82.64% | ||||||
Absolute Return Allocation Fund | 0.95% | 5.30% | ||||||
Multi-Asset Income Allocation Fund | 34.90% | 59.80% | ||||||
Flexible Income Allocation Fund | 5.30% | 24.14% | ||||||
Managed Futures Strategy Fund | 0.00% | 0.00% |
2. | Foreign Tax Credit Pass Through (Unaudited) |
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 2018. 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 | $ | 305,130 | $ | 0.0475 | 92.94 | % | ||||||
World ex-US Fund | 369,522 | 0.0165 | 96.70 | % |
* | The Funds listed above did not derive any income from “ineligible foreign sources” as defined under Section 901(j) of the Internal Revenue Code. |
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.
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ADDITIONAL INFORMATION (Continued)
March 31, 2018
3. | Disclosure Regarding Fund Trustees and Officers (Unaudited) |
Name, Address | Position(s) Held | Term of Office and | Principal Occupation | # of Portfolios in Fund Complex Overseen by Trustee | Other Director/ Trustee Positions | |||||||
GPS Funds I and GPS Funds II | ||||||||||||
Independent Trustees | ||||||||||||
David M. Dunford Year of Birth: 1949 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Lead Independent Trustee | Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II) | Retired; formerly, Senior Vice President, Merrill Lynch Insurance Group (1989-2001). | 15 | Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); Director, Hospice and Palliative Care of Cape Cod (2006-2011). | |||||||
Paul S. Feinberg Year of Birth: 1942 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Independent Trustee | Indefinite Term for GPS Funds II) | Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker-dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005). | 15 | Trustee, Savos Investments Trust (2015-present). | |||||||
Dennis G. Schmal Year of Birth: 1947 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Independent Trustee | Indefinite Term (since 2007 for GPS Funds I and since 2013 for GPS Funds II) | Self-employed consultant (1999-present); formerly, Partner, Arthur Andersen LLP (audit services) (1972-1999). | 15 | Trustee, Savos Investments Trust (2015-present); Director, Blue Calypso, Inc. (2015-present); Director, Owens Realty Mortgage Inc. (2013-present); Director, Cambria ETF Series Trust (2013-present) Director/Chairman, Sitoa Global Inc. (2011-2013); Director, Wells Fargo GAI Hedge Funds (closed-end hedge funds) (2008- present); Director/Chairman, Pacific Metrics Corp. (educational services) (2005- 2014); Director, Merriman Holdings, Inc. (financial services) (2003-2016); Director, Grail Advisors ETF Trust (2009-2011); Director, Varian Semiconductor Equipment Associates, Inc. (2004-2011); Director, North Bay Bancorp (2006-2007). | |||||||
Interested Trustee | ||||||||||||
Carrie E. Hansen* Year of Birth: 1970 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Interested Trustee and Chairperson
President
| Indefinite Term
Renewed 1-Year Term | President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present). | 15 | Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present); Treasurer, Acalanes Booster Club (Feb 2017-present); Director, Lamorinda Soccer Club (2011-2013). |
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ADDITIONAL INFORMATION (Continued)
March 31, 2018
Name, Address | Position(s) Held | Term of Office and Length of Time Served | Principal Occupation During Past Five Years | |||||||
Officers of the Trusts** | ||||||||||
John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Chief Compliance Officer and AML Compliance Officer | Renewed 1-Year Term since 2013 | Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009). | |||||||
Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Treasurer | Renewed 1-Year Term since 2014 | Treasurer, GPS Funds I, GPS Funds II, and Savos (May 2014-present); Director of Mutual Fund Operations and Finance, AssetMark (February 2016-present); Manager of Fund Administration, AssetMark (May 2014-February 2016); Senior Fund Administration Officer, AssetMark (2008-May 2014). | |||||||
Christine Villas-Chernak Year of Birth: 1968 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Secretary | Renewed 1-Year Term since 2014 | Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present); Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present); Senior Compliance Officer, AssetMark (2005-2009). |
* | Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates. |
** | Each Officer of the Trusts serves at the pleasure of the Board. |
The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.
4. | Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.
5. | Availability of Quarterly Portfolio Holdings Schedules (Unaudited) |
The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Once filed, the Funds’ Form N-Q is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, D.C. (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, D.C. 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
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 13, 2017 (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 the series of each Trust (collectively, the “Funds”) (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; (iii) Delaware Investments Fund Advisers (“Delaware”) and AssetMark, on behalf of the GuideMark® Tax-Exempt Fixed Income Fund; (iv) Franklin Advisers, Inc. (“Franklin Advisers”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; (v) DoubleLine Capital LP (“DoubleLine”) and AssetMark, on behalf of the GuideMark® Opportunistic Fixed Income Fund; and (vi) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath® Managed Futures Strategy Fund (collectively, the “Sub-Advisory Agreements”).
Hereinafter, GSAM, Wellington, Delaware, Franklin, DoubleLine, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements 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, and are subject to replacement, at all times.
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GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2018
The Board – including a majority of the Trustees who are not “interested persons” of the Fund or AssetMark as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) – determined to approve the continuance of the Advisory Agreements and the Sub-Advisory Agreements. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees (“Independent Counsel”). The determination to approve the renewal of the Agreements was based on a comprehensive evaluation of all of the information available to the Trustees and was not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.
The Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds related to, among other things: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to 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) reports relating to the distribution, sales and redemptions of Fund shares and related shareholder services; (10) reports relating to the monitoring of the other service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees met with representatives of AssetMark. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting, and discussions with AssetMark at prior meetings and other communications throughout the year.
The Trustees received assistance and advice regarding legal and industry standards from both Independent Counsel and from counsel to the Trusts, which included detailed memoranda that described the Trustees’ legal duties and obligations in considering whether to approve the Advisory Agreements. The Independent Trustees discussed the Advisory Agreements in communications prior to the Meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.
Factors Considered
The Trustees considered and reached conclusions on a number of factors in making the decision to approve the Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to 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 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’ CCO at which the Trustees are provided with details regarding AssetMark’s compliance functions.
The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including: selecting and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.
The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.
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GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2018
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 Trustees 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 information provider. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to each Fund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.
The Trustees considered that, as applicable, AssetMark continued to be proactive in seeking to replace and/or add Sub-Advisors or underlying funds, to reallocate assets among Sub-Advisors or underlying funds and to implement new investment strategies, with a view to improving Fund performance over the long term.
The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.
Advisory Fees and Total Expenses
The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of 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, including the proposed reductions of the expense caps for the Service Shares and Institutional Shares of each of the GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund and GuidePath Flexible Income Allocation Fund. 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, full performance reporting and other services that are not typically provided with mutual funds.
After comparing each Fund’s fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, the Trustees, including all of the Independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
Profitability, Economies of Scale and Ancillary Benefits
The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the individual profitability of AssetMark with respect to each Fund under this methodology.
In evaluating AssetMark’s profitability, the Trustees acknowledged that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.
174
GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2018
The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related marketing rebates received by AssetMark. The Trustees concluded that these benefits were reasonable.
The Trustees considered AssetMark’s profitability in managing each Fund within the Trusts, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.
The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability with respect to each Fund is reasonable. Additionally, the Trustees concluded that the economies of scale being realized by AssetMark, if any, do not mandate the implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, concluded 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 for purposes of their review. The materials provided to the Board related to, among other things: (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 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 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 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 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 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 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 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.
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) and 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 Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, the 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).
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GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2018
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 that they had reviewed each Sub-Advisor, including the primary contributors to and detractors from performance, 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 its relevant Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on negotiating the best possible fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received. The Trustees also considered individual reports prepared with regard to each Sub-Advisor, containing 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.
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.
176
GuideMark® Funds
GuidePath® Funds
GUIDEMARK® FUNDS & GUIDEPATH® FUNDS
GuideMark® Large Cap Core Fund
GuideMark® Emerging Markets Fund
GuideMark® Small/Mid Cap Core Fund
GuideMark® World ex-US Fund
GuideMark® Core Fixed Income Fund
GuideMark® Tax-Exempt Fixed Income Fund
GuideMark® Opportunistic Fixed Income Fund
GuidePath® Growth Allocation Fund
GuidePath® Conservative Allocation Fund
GuidePath® Tactical Allocation Fund
GuidePath® Absolute Return Allocation Fund
GuidePath® Multi-Asset Income Allocation Fund
GuidePath® Flexible Income Allocation Fund
GuidePath® Managed Futures Strategy Fund
Investment Advisor
AssetMark, Inc.
1655 Grant Street, 10th Floor
Concord, CA 94520
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Distributor
AssetMark BrokerageTM, LLC
1655 Grant Street, 10th Floor
Concord, CA 94520
This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.
Annual Report
March 31, 2018
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees
For the fiscal year ended March 31, 2018, the registrant’s principal accountant billed the registrant $110,000 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.
For the fiscal year ended March 31, 2017, the registrant’s principal accountant billed the registrant $124,000 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
None.
c) Tax Fees
For the fiscal year ended March 31, 2018, the registrant’s principal accountant billed the registrant $34,500 for professional services rendered for tax compliance, tax advice and tax planning.
For the fiscal year ended March 31, 2017, the registrant’s principal accountant billed the registrant $31,000 for professional services rendered for tax compliance, tax advice and tax planning.
(d) All Other Fees
None.
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(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, 2018 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 years ended March 31, 2018 and March 31, 2017, 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).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
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Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith. |
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under 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.
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(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | GPS Funds I |
By (Signature and Title) | /s/ Carrie E. Hansen | |
Carrie E. Hansen, Principal Executive Officer/President |
Date | 5-29-18 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Carrie E. Hansen | |
Carrie E. Hansen, Principal Executive Officer/President |
Date | 5-29-18 |
By (Signature and Title) | /s/ Patrick Young | |
Patrick R Young, Principal Financial Officer/Treasurer |
Date | 5-29-18 |
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