As filed with the Securities and Exchange Commission on 12/07/18
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, 2019
Date of reporting period: April 1, 2018 through September 30, 2018
Item 1. Reports to Stockholders.
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
SEMI-ANNUAL REPORT
September 30, 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
GUIDEPATH® CONSERVATIVE INCOME FUND
GUIDEPATH® INCOME FUND
GUIDEPATH® GROWTH AND INCOME FUND
September 28, 2018
Dear Shareholder:
Enclosed is the Semi-Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2018 to September 30, 2018.
Market Review
For the six-month period ended September 30, 2018, US equities provided the strongest performance across the broad asset classes, returning 11.41%1. The S&P 500® hit new highs during the period and in the third quarter of 2018 saw its best quarterly return since the end of 20132. While tapering off in the third quarter, a strong second quarter saw small cap equities outperform large cap equities, returning 13.9%3 for the six-month period. Small cap equities benefited from the potential storm of trade wars as they tend to have a smaller percentage of profits derived from overseas.
Growth sectors continued to dominate, with technology and healthcare contributing to over 50% of the period return for US equities. Momentum in higher beta sectors like technology continued to contribute to growth. For the six-month period ended September 30, 2018, the spread between growth and value styles was over 600 basis points4. The more defensive sectors and especially those that are sensitive to changes in interest rates saw weaker relative returns.
There was a large concentration of positive returns during the reporting period, not only at the sector level, but also at the individual security level. Over 40% of the return of the S&P 500® during the six month period was driven by ten holdings5. Three of the “FAANMG” stocks,6 Amazon, Apple, and Microsoft, drove almost 30% of the return.
Non-U.S. equity markets saw lower relative returns over the six month period with the developed markets returning 0.9%7 and the emerging markets falling significantly with a return of -8.7%8. The strength of the US dollar had a significant influence on broad non-US equity market returns for the period. Tax cuts in the U.S. induced economic growth which outpaced much of the rest of the world and incentivized the repatriation of overseas cash into the U.S. Emerging market equities performed the worst during the period, with the spread between US equities and emerging market equities reaching more than 20 percentage points. In addition to the stronger U.S. dollar, the U.S. Federal Reserve (the “Fed”) tightening cycle and trade war fears negatively impacted emerging markets.
The performance of global bond markets was negative for the period. In the U.S. the central bank continued to raise rates while in Europe the central bank stopped their easing program. While the U.S. bond market returned -0.1%9 for the period, the international bond markets took a tumble during the period with a return of -6.4%10. US dollar weakness, a big positive driver of returns in the international bond markets in prior quarters, reversed during the reporting period and was a major headwind for international bonds.
Over the period, yields rose across the yield curve but the yield curve flattened as short-term yields increased more than longer term yields. The flatness of the curve during the period has not been seen for over 10 years (since August 2007) and can be a concern for future economic growth. With the 10 year Treasury yield rising over 30 basis points11 during the six-month period, longer-term maturities saw the weakest returns. Less interest-sensitive sectors, like corporate credit, saw mostly positive returns with high yield leading the pack with a return of 3.5%12 for the period as the sector also benefited from the accelerating economy.
Fund Review
Looking across the GuideMark® equity funds, the domestic funds outperformed their benchmarks during the six month period while the international and emerging markets funds trailed their benchmarks. In the U.S., exposure across momentum and quality factors contributed positively to returns while in the emerging markets momentum detracted from returns given the turnaround in equity momentum.
Two of the three GuideMark® fixed income funds slightly trailed their respective benchmarks, with the GuideMark® Opportunistic Fixed Income Fund being the only fund to outperform. A shorter duration and security selection within mortgage-backed securities benefited the fund over the period. Within the GuideMark® Core Fixed Income Fund security selection within structured securities detracted from returns. In the GuideMark® Tax Exempt Fund an underweight exposure to “A” rated bonds and the longest end of the curve negatively impacted returns.
Most of the GuidePath® funds outperformed their respective benchmarks. Broad diversification, including exposure to US equities, including small-cap equities, and high yield bonds within fixed income lifted returns. The GuidePath® Tactical Allocation Fund was overweight to equities in comparison to its benchmark, the S&P 500® Daily Risk Control 10% Index, which boosted returns. The only two GuidePath® funds that trailed their
1 | US equities represented by S&P 500® Index (“S&P 500®”) |
2 | Source: AssetMark, FactSet |
3 | US small cap represented by S&P Small Cap 600® Index |
4 | Growth represented by Russell 3000® Growth Index, Value represented by Russell 3000® Value Index |
5 | Source: AssetMark, FactSet |
6 | “FAANMG” is an acronym for the market’s six most popular technology stocks, namely Facebook, Apple, Amazon, Netflix Microsoft and Google. |
7 | International developed equities represented by MSCI EAFE Index |
8 | Emerging Market equities represented by MSCI Emerging Markets Index |
9 | US bonds represented by Bloomberg Barclays US Aggregate Bond Index |
10 | International bonds represented by Bloomberg Barclays Global Aggregate ex USD Bond Index |
11 | U.S. Department of Treasury |
12 | U.S. High Yield represented by Bloomberg Barclays U.S. Corporate High Yield Index |
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benchmarks were the GuidePath® Absolute Return Fund and the GuidePath® Managed Futures Strategy Fund. The GuidePath® Absolute Return Fund’s modest exposure to long-term Treasuries and non-U.S. equities tempered returns. GuidePath® Managed Futures Strategy Fund’s performance was negatively impacted specifically in September 2018 from long exposures in European bonds and currencies.
Three new GuidePath® funds focused on income were launched at the end of April 2018. Two of the three funds outperformed their benchmarks due primarily to credit exposure including high yield. The GuidePath® Growth and Income Fund trailed its benchmark due to defensive positioning for most of the second quarter following the volatility spike in the first quarter.
Looking Ahead
The question on all investors’ minds is how much longer will this rally in U.S. stocks last. Multiple factors feed a stock market rally and as a result no one can provide a precise answer to this question. Having acknowledged this, we can say that while economic growth is slowing, it is not slow. Economic and market fundamentals remain attractive, and we believe they are likely to continue to support the market in the near-term. However, the pace of the economic expansion is slowing and sometime next year the current rally may take a pause or even reverse after the last of the fiscal stimulus from U.S. tax cuts is received when tax refunds are mailed mid-2019.
Beyond economic fundamentals, we anticipate that the market will also be fueled by the continuation of what is expected to be a record-setting level of share buyback activity. Over $1 trillion in stock buybacks were authorized in 2018 and buybacks are expected to continue through the end of 2018 and into 201913. Corporate share buybacks dwarf all other sources of demand for US stocks. By shrinking the number of shares outstanding, stock buybacks have the effect of increasing Earnings Per Share (EPS). This is important because approximately 72% of the rise in the S&P 500® since the end of the Great Financial Crisis in March 2009 has been attributable to growth in EPS rather than expansion in valuation multiples or margins. In fact, since the beginning of this year the Price-to-Earnings multiple of the S&P 500® has actually contracted by 7%14.
Other reasons for near-term optimism about the market include: strong consumer confidence; demand from foreign investors whose home markets have weaker growth and currencies; and the pattern observed in past mid-term election years of a strong fourth quarter once the uncertainty of the election results had been resolved.
Beyond our near-term view that US stock prices are likely to continue to rise, we also expect US stocks to outperform international stocks in the near term despite the relative attractiveness of valuations of international stocks. Despite the relatively attractive valuations of international stocks, we favor strategies in the near term with a US bias given its more robust growth, stock buyback activity, and continuing capital inflow from foreign investors.
Our expectation, consistent with that of the market, is for the Fed to again raise interest rates this December and then 3 or 4 more times after that. However, we expect the yield curve to remain relatively flat. Consequently, we believe the best performing fixed income sectors in the near-term are likely to be shorter maturities and high-yield bonds.
Note, however, that there is no guarantee that our expectations will prove to be correct.
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.
13 | CNBC, August 6, 2018 |
14 | Goldman Sachs, Where to Invest, September 2018 |
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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 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 EAFE (Europe, Australasia, Far East) Index measures the equity market performance of countries considered to represent developed markets, excluding the U.S. and Canada.
MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets.
Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® companies with higher price-to-book ratios and higher forecasted growth values.
Russell 3000® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000® companies with lower price-to-book ratios and lower forecasted growth values.
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 Small Cap 600® Index measures the performance of the small-cap segment of the U.S. equity market.
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GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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 11, 2018, the market capitalization of the companies in the Russell 1000® Index ranged from $2.5 billion to $926.9 billion.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Large Cap Core Fund | ||||||||||||||||
Service Shares | 19.98 | % | 12.13 | % | 10.80 | % | 5.07 | % | ||||||||
Institutional Shares | 20.68 | % | 12.76 | % | N/A | 11.23 | % | |||||||||
Russell 1000® Index | 17.76 | % | 13.67 | % | 12.09 | % | 7.52 | %(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 12.98%. |
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GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 11.91%, outperforming the Russell 1000® Index at 11.25%. |
• | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Of the factors, only value was a detractor to relative returns. |
• | Exposure to quality and momentum factors benefited the Fund over the period. Both momentum and quality moved in a similar direction and trended higher over the year. |
• | Exposure to value was a detractor for the period as value lagged growth across the market cap spectrum. Underperformance of value is not surprising given positive economic and market sentiment typically favors higher growth companies. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Apple, Inc. | 3.58 | ||||||
2 | Vanguard S&P 500 ETF | 3.31 | ||||||
3 | Microsoft Corp. | 2.73 | ||||||
4 | Amazon.com, Inc. | 2.52 | ||||||
5 | Facebook, Inc. – Class A | 1.23 | ||||||
6 | Berkshire Hathaway, Inc. – Class B | 1.17 | ||||||
7 | Johnson & Johnson | 1.14 | ||||||
8 | JPMorgan Chase & Co. | 1.13 | ||||||
9 | Alphabet, Inc. – Class C | 1.06 | ||||||
10 | Alphabet, Inc. – Class A | 1.06 |
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P, and has been licensed for use by U.S. Bancorp Fund Services, LLC.
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GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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 countries considered to represent emerging markets. As of July 31, 2018 the emerging market country indices included were: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Emerging Markets Fund | ||||||||||||||||
Service Shares | -2.57 | % | 8.01 | % | 7.69 | % | 4.79 | % | ||||||||
Institutional Shares(2) | -2.01 | % | 8.21 | % | N/A | 9.36 | % | |||||||||
MSCI Emerging Markets Index | -0.44 | % | 3.99 | % | 5.76 | % | 10.00 | %(3) |
(1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
(2) | During the period August 3, 2017 through September 25, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 25, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
(3) | The return shown for the MSCI Emerging Markets Index is from the inception date of the Service Shares. The MSCI Emerging Markets Index return from the inception date of the Institutional Shares is 0.99%. |
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GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned -11.38%, underperforming the MSCI Emerging Markets Index at -8.73%. |
• | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. All three factors detracted from returns over the period. |
• | Emerging market equities had a tough period due to the U.S. dollar headwind combined with geopolitical concerns in select countries such as Turkey and Argentina. |
• | Exposure to issuers in Turkey, which is a result of the Fund’s adherence to its diversified factor approach, was a detractor for the period. Turkish securities sold off as upheaval within the current Government continued to grow. |
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 | 8.04 | ||||||
2 | Tencent Holdings Ltd. | 4.13 | ||||||
3 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3.75 | ||||||
4 | Samsung Electronics Co., Ltd. | 3.72 | ||||||
5 | Alibaba Group Holding, Ltd. – ADR | 3.28 | ||||||
6 | iShares Core MSCI Emerging Markets ETF | 3.15 | ||||||
7 | China Construction Bank Corp. – Series H | 1.39 | ||||||
8 | Naspers Ltd. – N Shares | 1.16 | ||||||
9 | Baidu, Inc. – ADR | 1.05 | ||||||
10 | Ping An Insurance Group Co. of China, Ltd. – Series H | 1.00 |
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GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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 11, 2018, the market capitalization of the companies in the Russell 2500TM Index ranged from $159.2 million to $12.0 billion.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Small/Mid Cap Core Fund | ||||||||||||||||
Service Shares | 17.31 | % | 10.24 | % | 11.37 | % | 7.96 | % | ||||||||
Russell 2500TM Index | 16.19 | % | 11.37 | % | 12.02 | % | 9.36 | % |
(1) | Inception date is 6/29/01. |
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GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 11.97%, outperforming the Russell 2500™ Index at 10.67%. |
• | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Of the factors, only value was a detractor to relative returns. |
• | Exposure to quality and momentum factors benefited the Fund over the period. Both momentum and quality moved in a similar direction and trended higher over the year. |
• | Exposure to value was a detractor for the period as value lagged growth across the market cap spectrum. Underperformance of value is not surprising given positive economic and market sentiment typically favors higher growth companies. |
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 | 3.60 | ||||||
2 | Advanced Micro Devices, Inc. | 0.44 | ||||||
3 | Kohl’s Corp. | 0.28 | ||||||
4 | Vistra Energy Corp. | 0.27 | ||||||
5 | CDW Corp. | 0.26 | ||||||
6 | Domino’s Pizza, Inc. | 0.26 | ||||||
7 | WellCare Health Plans, Inc. | 0.26 | ||||||
8 | Molina Healthcare, Inc. | 0.25 | ||||||
9 | DexCom, Inc. | 0.25 | ||||||
10 | United Therapeutics Corp. | 0.24 |
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GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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-USA INDEX – The MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 developed markets countries excluding the U.S. As of July 31, 2018, the developed market country indices included were: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® World ex-US Fund | ||||||||||||||||
Service Shares | 4.28 | % | 3.95 | % | 2.25 | % | 3.00 | % | ||||||||
Institutional Shares(2) | 4.90 | % | 4.77 | % | N/A | 3.29 | % | |||||||||
MSCI World ex-USA Index | 3.20 | % | 4.75 | % | 5.69 | % | 5.93 | %(3) |
(1) | Inception date is 6/29/01 for Service Shares and 4/29/11 for Institutional Shares. |
(2) | During the period August 3, 2017 through September 5, 2017, there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
(3) | The return shown for the MSCI World ex-USA Index is from the inception date of the Service Shares. The MSCI World ex-USA Index return from the inception date of the Institutional Shares is 4.30%. |
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GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 0.32%, underperforming the MSCI World ex-USA Index at 0.89%. |
• | The Fund maintains consistent and diversified exposure across three factors – momentum, quality, and value – applying a proprietary quantitative process. Of the factors, value was a notable detractor to returns. |
• | The value factor was the only negative contributor as the market continued to reward higher growth stocks. |
• | Exposure to quality and momentum was additive to performance, but not enough to offset the impact of the value factor. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | iShares MSCI EAFE ETF | 2.79 | ||||||
2 | Nestle SA | 1.09 | ||||||
3 | Roche Holdings AG | 0.77 | ||||||
4 | HSBC Holdings PLC | 0.66 | ||||||
5 | Novartis AG | 0.61 | ||||||
6 | Hargreaves Lansdown PLC | 0.60 | ||||||
7 | Total SA | 0.60 | ||||||
8 | Shiseido Co., Ltd. | 0.59 | ||||||
9 | BP PLC | 0.56 | ||||||
10 | Royal Bank of Canada | 0.55 |
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GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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 September 30) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Core Fixed Income Fund | ||||||||||||||||
Service Shares | -1.86 | % | 1.39 | % | 3.47 | % | 3.56 | % | ||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22 | % | 2.16 | % | 3.77 | % | 4.36 | % |
(1) | Inception date is 6/29/01. |
12
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned -0.26%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index at -0.14%. |
• | Security selection within mortgage backed securities coupled with an overweight allocation to agency pass-throughs detracted from returns as did security selection within asset backed securities and exposure to collateralized loan obligations. |
• | Yield curve positioning and credit spread duration benefited the Fund. |
• | Security selection within investment grade credit, treasury inflation protected securities and an allocation to commercial mortgage backed securities contributed positively to 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 | Federal National Mortgage Association, Pool #TBA, 3.500%, 10/01/2040 | 7.43 | ||||||
2 | U.S. Treasury Note, 2.000%, 02/15/2022 | 2.69 | ||||||
3 | U.S. Treasury Note, 2.375%, 08/15/2024 | 2.31 | ||||||
4 | U.S. Treasury Bond, 0.375%, 07/15/2027 | 2.21 | ||||||
5 | Federal Home Loan Mortgage Corp., Pool #TBA, 3.500%, 10/15/2042 | 1.97 | ||||||
6 | U.S. Treasury Bond, 3.125%, 11/15/2041 | 1.80 | ||||||
7 | Federal Home Loan Mortgage Corp., Pool #TBA, 4.500%, 10/15/2041 | 1.76 | ||||||
8 | U.S. Treasury Note, 2.875%, 05/31/2025 | 1.61 | ||||||
9 | U.S. Treasury Bond, 2.500%, 05/15/2046 | 1.53 | ||||||
10 | U.S. Treasury Note, 2.000%, 02/15/2025 | 1.19 |
13
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on September 30, 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 September 30) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Tax-Exempt Fixed Income Fund | ||||||||||||||||
Service Shares | -0.06 | % | 2.95 | % | 3.88 | % | 3.29 | % | ||||||||
Bloomberg Barclays Municipal Bond Index | 0.35 | % | 3.54 | % | 4.75 | % | 4.48 | % |
(1) | Inception date is 6/29/01. |
14
GuideMark® Tax-Exempt Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 0.44%, underperforming the Bloomberg Barclays Municipal Bond Index at 0.72%. |
• | The Fund’s underweight allocation to A-rated securities relative to AAA-rated securities combined with an underweight allocation to the 30+ year end of the yield curve was a modest detractor. |
• | Allocation to below investment grade bonds, particularly tobacco bonds, benefited returns. |
• | The Fund’s exposure to the longer end of the yield curve, greater than 22 years, added to returns as the municipal yield curve was not as impacted by interest rate moves. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond, 5.500%, 10/15/2027 | 2.30 | ||||||
2 | Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond, 5.875%, 06/01/2047 | 2.07 | ||||||
3 | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, 5.500%, 06/01/2022 | 2.04 | ||||||
4 | Wisconsin, Series 2, Unrefunded, GO, 5.000%, 05/01/2025 | 2.02 | ||||||
5 | Omaha Public Power District, Series B, Prerefunded, Revenue Bond, 5.000%, 02/01/2027 | 2.01 | ||||||
6 | Fishers Redevelopment District, Prerefunded, Revenue Bond, 5.250%, 07/15/2034 | 1.96 | ||||||
7 | Los Angeles Department of Airports, Series A, Revenue Bond, 5.250%, 05/15/2029 | 1.92 | ||||||
8 | Charleston Educational Excellence Financing Corp., Refunding, Revenue Board, 5.00%, 12/01/2025 | 1.69 | ||||||
9 | Virginia College Building Educational Facilities Authority, Revenue Bond, 5.750%, 01/01/2034 | 1.44 | ||||||
10 | Butler County Hospital Authority, Prerefunded, Revenue Bond, 7.125%, 07/01/2029 | 1.37 |
15
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 1, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS MULTIVERSE INDEX – The Bloomberg Barclays Multiverse Index provides a broad-based measure of the global fixed-income bond market, and captures investment grade and high yield securities in all eligible currencies.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuideMark® Opportunistic Fixed Income Fund | ||||||||||||
Service Shares | -2.57 | % | 1.03 | % | 1.57 | % | ||||||
Institutional Shares | -0.63 | % | 1.80 | % | 2.18 | % | ||||||
Bloomberg Barclays Multiverse Index | -1.32 | % | 0.94 | % | 1.61 | %(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 1.15%. |
16
GuideMark® Opportunistic Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned -2.32%, outperforming the Bloomberg Barclays Multiverse Index at -3.60%. |
• | Security selection within securitized assets including mortgages as well as an underweight allocation to Treasury duration was largely additive to returns. |
• | Higher income from emerging market bonds in addition to a long U.S. dollar short Euro trade contributed to returns. |
• | Consistent underweight allocation to corporate credit, especially to those within high yield dampened returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Mexican Bonos, 5.000%, 12/11/2019 | 3.47 | ||||||
2 | Indonesia Treasury Bond, 8.375%, 09/15/2026 | 3.07 | ||||||
3 | India Government Bond, 8.130%, 09/21/2022 | 2.21 | ||||||
4 | Brazil Notas do Tesouro Nacional – Serie F, 10.000%, 01/01/2027 | 2.17 | ||||||
5 | India Government Bond, 8.830%, 11/25/2023 | 1.86 | ||||||
6 | Federal Home Loan Mortgage Corp., Pool #4062, 3.500%, 06/15/2042 | 1.83 | ||||||
7 | Federal National Mortgage Assocation, Pool #2014-95, 3.000%, 04/25/2041 | 1.80 | ||||||
8 | Brazil Letras do Tesouro Nacional, 7.221%, 07/01/2021 | 1.73 | ||||||
9 | Columbia TES, 7.750%, 09/18/2030 | 1.53 | ||||||
10 | B2Gold Corp., 3.250%, 10/01/2018 | 1.44 |
17
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Growth Allocation Fund | ||||||||||||
Service Shares | 8.68 | % | 6.81 | % | 6.09 | % | ||||||
Institutional Shares | 9.34 | % | 7.46 | % | 8.63 | % | ||||||
S&P® Target Risk Aggressive Index | 7.86 | % | 8.72 | % | 8.44 | %(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 9.72%. |
18
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 4.35% outperforming the S&P® Target Risk Aggressive Index at 3.57%. |
• | Returns benefited from exposure to small cap equities which were viewed favorably amidst rising trade tensions. U.S. REITs exposure also helped gains given a tight real estate market even as interest rates rose. |
• | Exposure to international and emerging market equities detracted due to global trade tensions and the strength of the U.S. dollar. A small country specific exposure to China was a headwind. |
• | U.S. large cap equity exposure helped returns as the underlying strength of the economy remained resilient. |
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 | 24.42 | ||||||
2 | Vanguard FTSE Developed Markets ETF | 23.73 | ||||||
3 | Schwab U.S. Large-Cap ETF | 11.76 | ||||||
4 | iShares Core S&P Small-Cap ETF | 10.77 | ||||||
5 | iShares Core MSCI Emerging Markets ETF | 7.95 | ||||||
6 | SPDR S&P China ETF | 4.28 | ||||||
7 | SPDR S&P 600 Small Cap Growth ETF | 3.37 | ||||||
8 | Vanguard Real Estate ETF | 3.04 | ||||||
9 | iShares MSCI Canada ETF | 2.81 | ||||||
10 | iShares Core MSCI EAFE ETF | 2.12 |
19
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Conservative Allocation Fund | ||||||||||||
Service Shares | 2.86 | % | 3.53 | % | 3.79 | % | ||||||
Institutional Shares | 3.47 | % | 4.17 | % | 5.18 | % | ||||||
S&P® Target Risk Conservative Index | 2.67 | % | 4.42 | % | 4.57 | %(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 4.45%. |
20
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 1.92% outperforming the S&P® Target Risk Conservative Index at 1.42%. |
• | Returns benefited from exposure to small cap equities which were viewed favorably amidst rising trade tensions. U.S. large cap equity exposure helped returns as the underlying strength of the economy remained resilient. |
• | Exposure to international and emerging market equities detracted due to global trade tensions and the strength of the U.S. dollar. A small country specific exposure to China was a headwind. |
• | Exposure to mortgage-backed securities and high yield bonds helped returns on the strength in the U.S. economy. Exposure to short-term Treasuries aided gains. |
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 | 12.62 | % | |||||
2 | Vanguard Mortgage-Backed Securities ETF | 11.81 | % | |||||
3 | Vanguard FTSE Developed Markets ETF | 10.25 | % | |||||
4 | iShares 7-10 Year Treasury Bond ETF | 9.52 | % | |||||
5 | iShares 1-3 Year Treasury Bond ETF | 8.98 | % | |||||
6 | iShares 20+ Year Treasury Bond ETF | 6.60 | % | |||||
7 | iShares Core S&P Small-Cap ETF | 6.24 | % | |||||
8 | SPDR Bloomberg Barclays High Yield Bond ETF | 5.96 | % | |||||
9 | iShares Edge MSCI Min Vol USA ETF | 4.70 | % | |||||
10 | SPDR Bloomberg Barclays TIPS ETF | 2.73 | % |
21
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Tactical Allocation Fund | ||||||||||||
Service Shares | 15.99 | % | 5.93 | % | 5.02 | % | ||||||
Institutional Shares | 16.67 | % | 6.56 | % | 7.18 | % | ||||||
S&P 500® Daily Risk Control 10% Index | 21.71 | % | 11.51 | % | 9.32 | %(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 11.56%. |
22
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 11.33% outperforming the S&P® 500 Daily Risk Control 10% Index at 9.24%. |
• | Higher total equity positioning relative to the Fund’s benchmark during the period was a primary driver of returns as the market rallied. |
• | Value-oriented equity positioning across all market capitalizations tempered returns as the market favored growth companies on continued positive global economic trends. |
• | Sector and style-specific positioning lifted returns. Exposure to the Healthcare and Technology sectors helped due to positive earnings growth and strength in more growth-oriented sectors. |
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 | 23.15 | % | |||||
2 | Schwab U.S. Large-Cap ETF | 15.92 | % | |||||
3 | Vanguard Growth ETF | 10.84 | % | |||||
4 | ProShares Ultra S&P 500 ETF | 8.95 | % | |||||
5 | iShares Core S&P 500 ETF | 7.57 | % | |||||
6 | Invesco QQQ Trust Series 1 | 6.71 | % | |||||
7 | Vanguard Small-Cap Growth ETF | 4.16 | % | |||||
8 | Vanguard Mid-Cap Growth ETF | 4.03 | % | |||||
9 | Vanguard Value ETF | 3.71 | % | |||||
10 | SPDR S&P 500 ETF Trust | 3.54 | % |
23
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Absolute Return Allocation Fund | ||||||||||||
Service Shares | -0.01 | % | 3.10 | % | 2.31 | % | ||||||
Institutional Shares | 0.57 | % | 3.71 | % | 3.05 | % | ||||||
FTSE 3-Month Treasury Bill Index(3) | 1.57 | % | 0.49 | % | 0.35 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the FTSE 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The FTSE 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 0.42%. |
(3) | Index formerly known as the Citigroup 3-Month Treasury Bill Index. |
24
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 0.55% underperforming the FTSE 3-month Treasury Bill Index (formerly, the Citigroup 3-month Treasury Bill Index) at 0.94%. |
• | Small exposures to international and emerging market equities detracted due to global trade tensions and the strength of the U.S. dollar. |
• | Exposure to high yield bonds and mortgage backed securities helped returns on the strength in the U.S. economy. Exposure to short-term Treasuries aided gains. |
• | Long-term Treasuries exposure dampened performance as yields rose while positioning in emerging market bonds tempered returns from foreign currency weakness. |
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 | 12.99 | % | |||||
2 | iShares 1-3 Year Treasury Bond ETF | 9.99 | % | |||||
3 | Vanguard High-Yield Corporate Fund – Admiral Shares | 8.97 | % | |||||
4 | T. Rowe Price Institutional Floating Rate Fund | 8.75 | % | |||||
5 | SPDR Portfolio Short Term Corporate Bond ETF | 7.84 | % | |||||
6 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 6.60 | % | |||||
7 | SPDR Bloomberg Barclays High Yield Bond ETF | 6.00 | % | |||||
8 | iShares 3-7 Year Treasury Bond ETF | 6.00 | % | |||||
9 | Vanguard Mortgage-Backed Securities ETF | 5.00 | % | |||||
10 | DoubleLine Low Duration Bond Fund – Institutional Shares | 4.99 | % |
25
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Multi-Asset Income Allocation Fund | ||||||||||||
Service Shares | 1.23 | % | 3.95 | % | 4.47 | % | ||||||
Morningstar Multi-Asset High Income Index | 0.34 | % | 5.04 | % | 4.19 | % |
(1) | Inception date is 8/31/12. |
26
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 1.49% outperforming the Morningstar Multi-Asset High Income Index at 1.31%. |
• | Returns benefited from exposure to small cap dividend equities which were viewed favorably amidst rising trade tensions. U.S. REITs exposure also helped gains given a tight real estate market even as interest rates rose. |
• | Long-term Treasuries and long-term corporate bonds exposure dampened returns as yields rose. |
• | Exposure to high yield bonds and U.S. large cap equity exposure aided returns as the underlying strength of the economy remained resilient. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | SPDR Portfolio S&P 500 High Dividend ETF | 19.16 | % | |||||
2 | Vanguard International High Dividend Yield ETF | 9.91 | % | |||||
3 | Vanguard High-Yield Corporate Fund – Admiral Shares | 6.80 | % | |||||
4 | iShares U.S. Preferred Stock ETF | 6.33 | % | |||||
5 | T. Rowe Price Institutional Floating Rate Fund | 5.94 | % | |||||
6 | iShares 0-5 Year High Yield Corporate Bond ETF | 4.87 | % | |||||
7 | SPDR Portfolio Aggregate Bond ETF | 4.59 | % | |||||
8 | iShares Income Emerging Markets Dividend ETF | 4.41 | % | |||||
9 | Loomis Sayles Global Equity and Income Fund – Institutional Shares | 4.35 | % | |||||
10 | iShares 20+ Year Treasury Bond ETF | 4.12 | % |
27
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Flexible Income Allocation Fund | ||||||||||||
Service Shares | 1.85 | % | 2.38 | % | 1.58 | % | ||||||
Institutional Shares | 2.45 | % | 3.13 | % | 2.29 | % | ||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22 | % | 2.16 | % | 1.51 | %(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 1.59%. |
28
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned 1.92% outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at -0.14%. |
• | Exposure to high yield bonds helped drive a large part of the returns as they outpaced all other fixed income sectors on the strength in the U.S. economy. |
• | U.S. large cap equity exposure helped returns as the underlying strength of the economy remained resilient. U.S. REITs exposure also helped gains given a tight real estate market even as interest rates rose. |
• | A small exposure to energy infrastructure added to gains as the energy sector surged in the first half of the period as lower global oil inventories led to higher prices. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard High-Yield Corporate Fund – Admiral Shares | 24.09 | % | |||||
2 | SPDR Bloomberg Barclays High Yield Bond ETF | 22.66 | % | |||||
3 | iShares 0-5 Year High Yield Corporate Bond ETF | 17.02 | % | |||||
4 | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 17.01 | % | |||||
5 | ishares iBoxx $ High Yield Corporate Bond ETF | 11.34 | % | |||||
6 | BlackRock High Yield Portfolio – Institutional Shares | 6.00 | % | |||||
7 | Vanguard Total Bond Market ETF | 0.99 | % |
29
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator.
AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30) | ||||||||
One Year | Since Inception(1) | |||||||
GuidePath® Managed Futures Strategy Fund | ||||||||
Service Shares | -3.09 | % | -6.17 | % | ||||
Institutional Shares | -2.53 | % | -5.61 | % | ||||
FTSE 3-Month Treasury Bill Index | 1.57 | % | 0.89 | % | ||||
SG Trend Index | 4.27 | % | -4.59 | % |
(1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
30
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 6 months ended September 2018, the Fund’s service class returned -3.26%, underperforming both the FTSE 3-Month Treasury Bill Index at 0.94% and the SG Trend Index at 0.72%. |
• | Losses within the fixed income and currency allocations were the main drivers of the Fund’s weaker returns over the period. Fixed income and currency losses were driven by long positions to European bonds and currencies. |
• | Net long positions in commodities contributed positively to returns. Long energy and agriculture positions were the largest tailwinds within commodities. |
• | Equity positioning marginally impacted returns as gains from long exposure to U.S. stocks were largely offset by losses from emerging markets and international positions. |
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 September 30, 2018. |
31
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. TREASURY 1-3 YEARS – The Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.
CUMULATIVE TOTAL RETURN (for periods ended September 30) | ||||
Since Inception(1) | ||||
GuidePath® Conservative Income Fund | ||||
Shares | 0.79 | % | ||
Bloomberg Barclays U.S. Treasury 1-3 Years | 0.57 | % |
(1) | Inception date for the fund is 4/30/18. |
32
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 5 months ended September 2018, the Fund returned 0.79% outperforming the Bloomberg Barclays U.S. Treasury 1-3 Year Index at 0.57%. |
• | Exposure to below investment grade credit such as bank loans and short duration high yield bonds boosted relative returns as domestic credit spreads remained tight, benefitting from improved U.S. growth prospects. |
• | Defensive investments, “risk off” positioning (e.g. money market investments) in May through mid June detracted from performance as the February-to-April volatility spike gradually subsided. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | SPDR Barclays Investment Grade Floating Rate ETF | 20.28 | % | |||||
2 | iShares 0-5 Year Investment Grade Corporate Bond ETF | 15.23 | % | |||||
3 | Invesco Senior Loan ETF | 7.68 | % | |||||
4 | iShares 0-5 Year High Yield Corporate Bond ETF | 7.61 | % |
33
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
CUMULATIVE TOTAL RETURN (for periods ended September 30) | ||||
Since Inception(1) | ||||
GuidePath® Income Fund | ||||
Shares | 1.09 | % | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 0.61 | % |
(1) | Inception date for the fund is 4/30/18. |
34
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 5 months ended September 2018, the Fund returned 1.09% outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 0.61%. |
• | Exposure to investment and below-investment grade credit (e.g. high yield bonds and emerging market debt) boosted relative returns as credit spreads remained tight, benefitting from improved U.S. growth prospects. |
• | Defensive investments, “risk off” positioning (e.g. money market investments) in May through mid June detracted from performance as the February-to-April volatility spike gradually subsided. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | WisdomTree CBOE S&P PutWrite Strategy Fund | 24.91 | % | |||||
2 | SPDR Bloomberg Barclays High Yield Bond ETF | 20.50 | % | |||||
3 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 15.69 | % | |||||
4 | Schwab U.S. TIPs ETF | 15.43 | % | |||||
5 | iShares U.S. Preferred Stock ETF | 14.29 | % | |||||
6 | iShares Barclays Aggregate Bond Fund | 8.14 | % | |||||
7 | VanEck Vectors Emerging Markets High Yield Bond ETF | 3.96 | % | |||||
8 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.95 | % |
35
GuidePath® Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI USA HIGH DIVIDEND YIELD INDEX – The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.
CUMULATIVE TOTAL RETURN (for periods ended September 30) | ||||
Since Inception(1) | ||||
GuidePath® Growth and Income Fund | ||||
Shares | 4.93 | % | ||
MSCI USA High Dividend Yield Index | 9.31 | % |
(1) | Inception date for the fund is 4/30/18. |
36
GuidePath® Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 5 months ended September 2018, the Fund returned 4.93% underperforming the MSCI USA High Dividend Yield Index at 9.31%. |
• | Defensive investments, “risk off” positioning (e.g. money market investments) in May through mid June was the main detractor from returns as the February-to-April volatility spike gradually subsided. |
• | Exposure to REITs dampened returns as bond yields moved higher in the third quarter. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard High Dividend Yield ETF | 51.96 | % | |||||
2 | Vanguard Real Estate ETF | 30.14 | % | |||||
3 | Schwab U.S. Large-Cap ETF | 10.54 | % | |||||
4 | Global X MLP ETF | 10.03 | % |
37
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
September 30, 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 April 1, 2018 to September 30, 2018, except as otherwise noted below.
Actual Expenses
The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
The example includes, but is not limited to, management fees, shareholder servicing fees, distribution fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by a Fund and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expenses ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
38
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2018
Fund | Beginning Account Value April 1, 2018 | Ending Account Value September 30, 2018 | Annualized Expense Ratio1 based on the period April 1, 2018 – September 30, 2018 | Expenses Paid During Period2 April 1, 2018 – September 30, 2018 | ||||||||||||||
INSTITUTIONAL SHARES | ||||||||||||||||||
GuideMark® Large Cap Core Fund | Actual | $ | 1,000.00 | $ | 1,122.40 | 0.62% | $ | 3.30 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,021.96 | 0.62% | $ | 3.14 | |||||||||||
GuideMark® Emerging Markets Fund | Actual | $ | 1,000.00 | $ | 888.70 | 1.05% | $ | 4.97 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.80 | 1.05% | $ | 5.32 | |||||||||||
GuideMark® World ex-US Fund | Actual | $ | 1,000.00 | $ | 1,006.00 | 0.80% | $ | 4.02 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,021.06 | 0.80% | $ | 4.05 | |||||||||||
GuideMark® Opportunistic Fixed Income Fund | Actual | $ | 1,000.00 | $ | 993.40 | 0.95% | $ | 4.75 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.31 | 0.95% | $ | 4.81 | |||||||||||
GuidePath® Growth Allocation Fund | Actual | $ | 1,000.00 | $ | 1,046.60 | 0.38% | $ | 1.95 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,023.16 | 0.38% | $ | 1.93 | |||||||||||
GuidePath® Conservative Allocation Fund | Actual | $ | 1,000.00 | $ | 1,022.20 | 0.27% | $ | 1.37 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,023.71 | 0.27% | $ | 1.37 | |||||||||||
GuidePath® Tactical Allocation Fund | Actual | $ | 1,000.00 | $ | 1,116.60 | 0.50% | $ | 2.65 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,022.56 | 0.50% | $ | 2.54 | |||||||||||
GuidePath® Absolute Return Allocation Fund | Actual | $ | 1,000.00 | $ | 1,008.40 | 0.33% | $ | 1.66 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,023.41 | 0.33% | $ | 1.67 | |||||||||||
GuidePath® Flexible Income Allocation Fund | Actual | $ | 1,000.00 | $ | 1,022.00 | 0.54% | $ | 2.74 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,022.36 | 0.54% | $ | 2.74 | |||||||||||
GuidePath® Managed Futures Strategy Fund | Actual | $ | 1,000.00 | $ | 970.10 | 1.30% | $ | 6.42 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,018.55 | 1.30% | $ | 6.58 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
3 | 5% annualized return before expenses. |
39
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
September 30, 2018
Fund | Beginning Account Value April 1, 2018 | Ending Account Value September 30, 2018 | Annualized Expense Ratio1 based on the period April 1, 2018 – September 30, 2018 | Expenses Paid During Period2 April 1, 2018 – September 30, 2018 | ||||||||||||||
SERVICE SHARES | ||||||||||||||||||
GuideMark® Large Cap Core Fund | Actual | $ | 1,000.00 | $ | 1,119.10 | 1.20% | $ | 6.37 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.05 | 1.20% | $ | 6.07 | |||||||||||
GuideMark® Emerging Markets Fund | Actual | $ | 1,000.00 | $ | 886.20 | 1.63% | $ | 7.71 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,016.90 | 1.63% | $ | 8.24 | |||||||||||
GuideMark® Small/Mid Cap Core Fund | Actual | $ | 1,000.00 | $ | 1,119.70 | 1.55% | $ | 8.24 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,017.30 | 1.55% | $ | 7.84 | |||||||||||
GuideMark® World ex-US Fund | Actual | $ | 1,000.00 | $ | 1,003.20 | 1.39% | $ | 6.98 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,018.10 | 1.39% | $ | 7.03 | |||||||||||
GuideMark® Core Fixed Income Fund | Actual | $ | 1,000.00 | $ | 997.40 | 1.21% | $ | 6.06 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.00 | 1.21% | $ | 6.12 | |||||||||||
GuideMark® Tax-Exempt Fixed Income Fund | Actual | $ | 1,000.00 | $ | 1,004.40 | 1.29% | $ | 6.48 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,018.60 | 1.29% | $ | 6.53 | |||||||||||
GuideMark® Opportunistic Fixed Income Fund | Actual | $ | 1,000.00 | $ | 976.80 | 1.55% | $ | 7.68 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,017.30 | 1.55% | $ | 7.84 | |||||||||||
GuidePath® Growth Allocation Fund | Actual | $ | 1,000.00 | $ | 1,043.50 | 0.98% | $ | 5.02 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.16 | 0.98% | $ | 4.96 | |||||||||||
GuidePath® Conservative Allocation Fund | Actual | $ | 1,000.00 | $ | 1,019.20 | 0.86% | $ | 4.35 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.76 | 0.86% | $ | 4.36 | |||||||||||
GuidePath® Tactical Allocation Fund | Actual | $ | 1,000.00 | $ | 1,113.30 | 1.09% | $ | 5.77 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.60 | 1.09% | $ | 5.52 | |||||||||||
GuidePath® Absolute Return Allocation Fund | Actual | $ | 1,000.00 | $ | 1,005.50 | 0.91% | $ | 4.58 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.51 | 0.91% | $ | 4.61 | |||||||||||
GuidePath® Multi-Asset Income Allocation Fund | Actual | $ | 1,000.00 | $ | 1,014.90 | 1.14% | $ | 5.76 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.35 | 1.14% | $ | 5.77 | |||||||||||
GuidePath® Flexible Income Allocation Fund | Actual | $ | 1,000.00 | $ | 1,019.20 | 1.08% | $ | 5.47 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.65 | 1.08% | $ | 5.47 | |||||||||||
GuidePath® Managed Futures Strategy Fund | Actual | $ | 1,000.00 | $ | 967.40 | 1.90% | $ | 9.37 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,015.54 | 1.90% | $ | 9.60 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
3 | 5% annualized return before expenses. |
Fund | Beginning Account Value April 30, 2018 | Ending Account Value September 30, 2018 | Annualized Expense Ratio1 based on the period May 1, 2018 – September 30, 2018 | Expenses Paid During Period May 1, 2018 – September 30, 2018 | ||||||||||||||
SINGLE CLASS SHARES | ||||||||||||||||||
GuidePath® Conservative Income Fund | Actual2 | $ | 1,000.00 | $ | 1,007.90 | 0.64% | $ | 2.69 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,022.39 | 0.64% | $ | 3.24 | |||||||||||
GuidePath® Income Fund | Actual2 | $ | 1,000.00 | $ | 1,010.90 | 0.79% | $ | 3.33 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,021.76 | 0.79% | $ | 4.00 | |||||||||||
GuidePath® Growth and Income Fund | Actual2 | $ | 1,000.00 | $ | 1,049.30 | 0.79% | $ | 3.39 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,021.76 | 0.79% | $ | 4.00 |
1 | Expenses (net of waiver, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
2 | The GuidePath® Conservative Income Fund, Income Fund, and Growth and Income Fund commenced operation on 04/30/2018. The amounts shown are based on the 153 days between commencement date and the end of the period. |
3 | 5% annualized return before expenses. |
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS - 94.43% |
| |||||||
Aerospace & Defense - 1.77% |
| |||||||
5,299 | Boeing Co. | $ | 1,970,698 | |||||
3,421 | BWX Technologies, Inc. | 213,949 | ||||||
1,885 | Curtiss-Wright Corp. | 259,037 | ||||||
831 | General Dynamics Corp. | 170,122 | ||||||
1,328 | Harris Corp. | 224,711 | ||||||
3,977 | HEICO Corp. (a) | 368,310 | ||||||
5,590 | HEICO Corp. - Class A | 422,045 | ||||||
1,473 | Hexcel Corp. | 98,765 | ||||||
1,399 | L3 Technologies, Inc. | 297,455 | ||||||
435 | Lockheed Martin Corp. | 150,493 | ||||||
790 | Northrop Grumman Corp. | 250,722 | ||||||
1,668 | Raytheon Co. | 344,709 | ||||||
1,056 | Rockwell Collins, Inc. | 148,336 | ||||||
655 | Teledyne Technologies, Inc. (b) | 161,576 | ||||||
5,121 | Textron, Inc. | 365,998 | ||||||
647 | TransDigm Group, Inc. (b) | 240,878 | ||||||
2,791 | United Technologies Corp. | 390,210 | ||||||
6,078,014 | ||||||||
Air Freight & Logistics - 0.39% |
| |||||||
4,858 | C.H. Robinson Worldwide, Inc. | 475,695 | ||||||
1,367 | Expeditors International of Washington, Inc. | 100,516 | ||||||
1,673 | FedEx Corp. | 402,842 | ||||||
3,130 | XPO Logistics, Inc. (b) | 357,352 | ||||||
1,336,405 | ||||||||
Airlines - 0.82% |
| |||||||
10,095 | Copa Holdings SA - Class A | 805,985 | ||||||
7,343 | Delta Air Lines, Inc. | 424,646 | ||||||
30,292 | JetBlue Airways Corp. (a)(b) | 586,453 | ||||||
5,419 | Southwest Airlines Co. | 338,417 | ||||||
7,289 | United Continental Holdings, Inc. (b) | 649,158 | ||||||
2,804,659 | ||||||||
Auto Components - 0.12% |
| |||||||
5,457 | Gentex Corp. | 117,107 | ||||||
2,790 | Goodyear Tire & Rubber Co. | 65,258 | ||||||
1,521 | Lear Corp. | 220,545 | ||||||
402,910 | ||||||||
Automobiles - 0.17% |
| |||||||
54,522 | Ford Motor Co. | 504,328 | ||||||
895 | Thor Industries, Inc. | 74,912 | ||||||
579,240 | ||||||||
Banks - 3.72% |
| |||||||
86,978 | Bank of America Corp. | 2,562,372 | ||||||
10,143 | BankUnited, Inc. | 359,062 | ||||||
3,195 | BB&T Corp. | 155,085 | ||||||
1,273 | CIT Group, Inc. | 65,699 | ||||||
6,429 | Citigroup, Inc. | 461,216 | ||||||
5,507 | Citizens Financial Group, Inc. | 212,405 | ||||||
1,599 | Comerica, Inc. | 144,230 | ||||||
1,491 | Commerce Bancshares, Inc. | 98,436 | ||||||
13,688 | Fifth Third Bancorp | 382,169 | ||||||
6,847 | Huntington Bancshares, Inc. | 102,157 | ||||||
34,258 | JPMorgan Chase & Co. | 3,865,673 | ||||||
10,876 | KeyCorp | 216,324 | ||||||
644 | M&T Bank Corp. | 105,964 | ||||||
3,657 | PNC Financial Services Group, Inc. | 498,047 | ||||||
1,301 | Popular, Inc. | 66,676 |
Number of | Value | |||||||
Banks (Continued) |
| |||||||
12,499 | Regions Financial Corp. | $ | 229,357 | |||||
3,299 | SunTrust Banks, Inc. | 220,340 | ||||||
519 | SVB Financial Group (b) | 161,321 | ||||||
10,981 | TCF Financial Corp. | 261,458 | ||||||
9,788 | U.S. Bancorp | 516,904 | ||||||
37,211 | Wells Fargo & Co. | 1,955,810 | ||||||
2,387 | Zions Bancorporation (a) | 119,708 | ||||||
12,760,413 | ||||||||
Beverages - 1.09% |
| |||||||
5,084 | Brown-Forman Corp. - Class A | 258,267 | ||||||
7,833 | Brown-Forman Corp. - Class B | 395,958 | ||||||
9,203 | Keurig Dr. Pepper, Inc. | 213,234 | ||||||
11,052 | Molson Coors Brewing Co. - Class B | 679,698 | ||||||
8,084 | Monster Beverage Corp. (b) | 471,136 | ||||||
10,128 | PepsiCo, Inc. | 1,132,310 | ||||||
12,810 | The Coca-Cola Co. | 591,694 | ||||||
3,742,297 | ||||||||
Biotechnology - 1.62% |
| |||||||
1,868 | Alkermes PLC (b) | 79,278 | ||||||
5,208 | Amgen, Inc. | 1,079,566 | ||||||
2,207 | Biogen, Inc. (b) | 779,755 | ||||||
5,110 | Celgene Corp. (b) | 457,294 | ||||||
14,326 | Gilead Sciences, Inc. | 1,106,110 | ||||||
2,204 | Neurocrine Biosciences, Inc. (b) | 270,982 | ||||||
1,772 | Sarepta Therapeutics, Inc. (a)(b) | 286,196 | ||||||
3,648 | Seattle Genetics, Inc. (b) | 281,334 | ||||||
3,950 | United Therapeutics Corp. (b) | 505,126 | ||||||
3,611 | Vertex Pharmaceuticals, Inc. (b) | 695,984 | ||||||
5,541,625 | ||||||||
Building Products - 0.58% |
| |||||||
2,381 | A. O. Smith Corp. | 127,074 | ||||||
2,446 | Allegion PLC | 221,534 | ||||||
5,496 | Armstrong World Industries, Inc. (b) | 382,521 | ||||||
1,934 | Lennox International, Inc. | 422,386 | ||||||
6,400 | Masco Corp. | 234,240 | ||||||
10,843 | Owens Corning, Inc. | 588,450 | ||||||
1,976,205 | ||||||||
Capital Markets - 2.32% |
| |||||||
1,782 | Ameriprise Financial, Inc. | 263,130 | ||||||
714 | BlackRock, Inc. | 336,530 | ||||||
1,400 | Cboe Global Markets, Inc. | 134,344 | ||||||
2,546 | CME Group, Inc. (a) | 433,355 | ||||||
5,454 | E*TRADE Financial Corp. (b) | 285,735 | ||||||
4,676 | Eaton Vance Corp. | 245,771 | ||||||
1,740 | Evercore Partners, Inc. - Class A | 174,957 | ||||||
2,038 | FactSet Research Systems, Inc. (a) | 455,921 | ||||||
1,741 | Intercontinental Exchange, Inc. | 130,383 | ||||||
5,110 | Invesco Ltd. | 116,917 | ||||||
2,319 | Lazard Ltd. - Class A | 111,613 | ||||||
13,169 | Legg Mason, Inc. | 411,268 | ||||||
5,784 | LPL Financial Holdings, Inc. | 373,126 | ||||||
1,135 | MarketAxess Holdings, Inc. | 202,586 | ||||||
3,625 | Moody’s Corp. | 606,100 | ||||||
6,875 | Morgan Stanley | 320,169 | ||||||
2,359 | Morningstar, Inc. | 296,998 | ||||||
4,098 | MSCI, Inc. | 727,026 | ||||||
2,576 | NASDAQ OMX Group, Inc. | 221,021 |
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Capital Markets (Continued) | ||||||||
4,749 | S&P Global, Inc. | $ | 927,907 | |||||
4,793 | SEI Investments Co. | 292,852 | ||||||
4,458 | T. Rowe Price Group, Inc. | 486,724 | ||||||
1,960 | TD Ameritrade Holding Corp. | 103,547 | ||||||
5,139 | The Charles Schwab Corp. | 252,582 | ||||||
3,152 | Virtu Financial, Inc. - Class A | 64,458 | ||||||
7,975,020 | ||||||||
Chemicals - 0.65% |
| |||||||
800 | Ashland Global Holdings, Inc. | 67,088 | ||||||
2,852 | CF Industries Holdings, Inc. | 155,263 | ||||||
1,295 | Ecolab, Inc. | 203,030 | ||||||
14,450 | Huntsman Corp. | 393,473 | ||||||
967 | International Flavors & Fragrances, Inc. | 134,529 | ||||||
802 | LyondellBasell Industries NV - Class A | 82,213 | ||||||
370 | NewMarket Corp. | 150,039 | ||||||
12,271 | Olin Corp. | 315,119 | ||||||
1,175 | PPG Industries, Inc. | 128,228 | ||||||
605 | Praxair, Inc. | 97,242 | ||||||
3,878 | RPM International, Inc. | 251,837 | ||||||
5,630 | Valvoline, Inc. | 121,101 | ||||||
1,406 | Westlake Chemical Corp. | 116,853 | ||||||
2,216,015 | ||||||||
Commercial Services & Supplies - 0.74% |
| |||||||
2,214 | Avery Dennison Corp. | 239,887 | ||||||
1,861 | Cintas Corp. | 368,124 | ||||||
1,142 | Clean Harbors, Inc. (b) | 81,744 | ||||||
4,256 | Copart, Inc. (b) | 219,312 | ||||||
3,929 | KAR Auction Services, Inc. | 234,522 | ||||||
15,756 | Rollins, Inc. | 956,232 | ||||||
4,522 | Stericycle, Inc. (b) | 265,351 | ||||||
1,825 | Waste Management, Inc. | 164,907 | ||||||
2,530,079 | ||||||||
Communications Equipment - 1.44% |
| |||||||
2,387 | Arista Networks, Inc. (b) | 634,608 | ||||||
19,520 | ARRIS International PLC (b) | 507,325 | ||||||
36,455 | Cisco Systems, Inc. | 1,773,536 | ||||||
3,219 | CommScope Holding Co., Inc. (b) | 99,016 | ||||||
3,326 | F5 Networks, Inc. (b) | 663,271 | ||||||
12,014 | Juniper Networks, Inc. | 360,059 | ||||||
1,263 | Motorola Solutions, Inc. | 164,367 | ||||||
1,307 | Palo Alto Networks, Inc. (b) | 294,415 | ||||||
2,010 | QUALCOMM, Inc. | 144,780 | ||||||
3,029 | Ubiquiti Networks, Inc. (a) | 299,447 | ||||||
4,940,824 | ||||||||
Construction & Engineering - 0.67% |
| |||||||
28,288 | AECOM (b) | 923,886 | ||||||
4,429 | Fluor Corp. | 257,325 | ||||||
5,302 | Jacobs Engineering Group, Inc. | 405,603 | ||||||
21,253 | Quanta Services, Inc. (b) | 709,425 | ||||||
2,296,239 | ||||||||
Consumer Finance - 0.91% |
| |||||||
21,372 | Ally Financial, Inc. | 565,290 | ||||||
2,864 | American Express Co. | 304,987 | ||||||
915 | Capital One Financial Corp. | 86,861 | ||||||
1,060 | Credit Acceptance Corp. (a)(b) | 464,354 | ||||||
2,265 | Discover Financial Services | 173,159 |
Number of | Value | |||||||
Consumer Finance (Continued) | ||||||||
39,101 | Navient Corp. | $ | 527,082 | |||||
42,047 | Santander Consumer USA Holdings, Inc. (a) | 842,622 | ||||||
5,266 | Synchrony Financial | 163,667 | ||||||
3,128,022 | ||||||||
Containers & Packaging - 0.16% |
| |||||||
711 | AptarGroup, Inc. | 76,603 | ||||||
7,973 | Owens-Illinois, Inc. (b) | 149,813 | ||||||
1,974 | Packaging Corp. of America | 216,528 | ||||||
1,843 | WestRock Co. | 98,490 | ||||||
541,434 | ||||||||
Distributors - 0.14% |
| |||||||
2,757 | Genuine Parts Co. | 274,046 | ||||||
6,568 | LKQ Corp. (b) | 208,008 | ||||||
482,054 | ||||||||
Diversified Consumer Services - 0.39% |
| |||||||
2,591 | Bright Horizons Family Solutions, Inc. (b) | 305,323 | ||||||
812 | Graham Holdings Co. - Class B | 470,392 | ||||||
1,181 | Grand Canyon Education, Inc. (b) | 133,217 | ||||||
12,045 | H&R Block, Inc. | 310,159 | ||||||
1,915 | ServiceMaster Global Holdings, Inc. (b) | 118,787 | ||||||
1,337,878 | ||||||||
Diversified Financial Services - 0.19% |
| |||||||
4,090 | Interactive Brokers Group, Inc. - Class A | 226,218 | ||||||
20,013 | Jefferies Financial Group, Inc. | 439,485 | ||||||
665,703 | ||||||||
Diversified Telecommunication Services - 0.79% |
| |||||||
40,387 | AT&T, Inc. | 1,356,195 | ||||||
25,443 | Verizon Communications, Inc. | 1,358,402 | ||||||
2,714,597 | ||||||||
Electric Utilities - 0.81% |
| |||||||
2,569 | American Electric Power Co., Inc. | 182,091 | ||||||
4,035 | Avangrid, Inc. (a) | 193,398 | ||||||
3,587 | Duke Energy Corp. | 287,032 | ||||||
2,208 | Edison International | 149,437 | ||||||
1,604 | Entergy Corp. | 130,133 | ||||||
1,457 | Eversource Energy | 89,518 | ||||||
10,686 | Exelon Corp. | 466,551 | ||||||
5,861 | FirstEnergy Corp. | 217,853 | ||||||
2,713 | Hawaiian Electric Industries, Inc. | 96,556 | ||||||
3,242 | NextEra Energy, Inc. | 543,359 | ||||||
2,641 | PG&E Corp. | 121,512 | ||||||
4,054 | Southern Co. | 176,754 | ||||||
2,827 | Xcel Energy, Inc. | 133,463 | ||||||
2,787,657 | ||||||||
Electrical Equipment - 0.78% |
| |||||||
2,611 | Acuity Brands, Inc. | 410,449 | ||||||
3,569 | Agilent Technologies, Inc. | 251,757 | ||||||
1,250 | AMETEK, Inc. | 98,900 | ||||||
1,667 | Eaton Corp. Plc | 144,579 | ||||||
2,721 | Emerson Electric Co. | 208,374 | ||||||
12,509 | nVent Electric PLC | 339,744 | ||||||
8,524 | Regal Beloit Corp. | 702,804 | ||||||
1,419 | Rockwell Automation, Inc. | 266,091 | ||||||
864 | Roper Industries, Inc. | 255,926 | ||||||
2,678,624 | ||||||||
See notes to financial statements.
42
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Electronic Equipment, Instruments & Components - 0.78% |
| |||||||
1,868 | Amphenol Corp. - Class A | $ | 175,629 | |||||
2,290 | CDW Corp. | 203,627 | ||||||
6,914 | Cognex Corp. | 385,940 | ||||||
1,269 | Coherent, Inc. (b) | 218,509 | ||||||
3,014 | Dolby Laboratories, Inc. - Class A | 210,890 | ||||||
4,895 | FLIR Systems, Inc. | 300,896 | ||||||
1,517 | IPG Photonics Corp. (b) | 236,758 | ||||||
2,666 | Keysight Technologies, Inc. (b) | 176,702 | ||||||
11,110 | National Instruments Corp. | 536,946 | ||||||
1,353 | Zebra Technologies Corp. - Class A (b) | 239,251 | ||||||
2,685,148 | ||||||||
Energy Equipment & Services - 0.34% |
| |||||||
7,736 | RPC, Inc. (a) | 119,753 | ||||||
74,902 | Transocean, Ltd. (a)(b) | 1,044,883 | ||||||
1,164,636 | ||||||||
Entertainment - 1.58% |
| |||||||
6,063 | Activision Blizzard, Inc. | 504,381 | ||||||
3,993 | Electronic Arts, Inc. (b) | 481,117 | ||||||
7,486 | Lions Gate Entertainment Corp. - Class A | 182,583 | ||||||
8,155 | Lions Gate Entertainment Corp. - Class B | 190,011 | ||||||
2,719 | Live Nation Entertainment, Inc. (b) | 148,104 | ||||||
3,937 | Netflix, Inc. (b) | 1,472,950 | ||||||
2,639 | Take-Two Interactive Software, Inc. (b) | 364,156 | ||||||
344 | The Madison Square Garden Co. - Class A (b) | 108,470 | ||||||
5,915 | The Walt Disney Co. | 691,700 | ||||||
7,602 | Twenty-First Century Fox, Inc. - Class A | 352,201 | ||||||
5,654 | Twenty-First Century Fox, Inc. - Class B | 259,066 | ||||||
6,210 | Viacom, Inc. - Class A | 226,975 | ||||||
12,588 | Viacom, Inc. - Class B | 424,971 | ||||||
5,406,685 | ||||||||
Food & Staples Retailing - 2.33% |
| |||||||
2,274 | Casey’s General Stores, Inc. | 293,596 | ||||||
4,937 | Costco Wholesale Corp. | 1,159,602 | ||||||
10,205 | CVS Health Corp. | 803,338 | ||||||
21,017 | Kroger Co. | 611,805 | ||||||
18,631 | Sprouts Farmers Market, Inc. (b) | 510,676 | ||||||
10,446 | SYSCO Corp. | 765,169 | ||||||
27,786 | US Foods Holding Corp. (b) | 856,364 | ||||||
13,333 | Walgreens Boots Alliance, Inc. | 971,976 | ||||||
21,471 | Walmart, Inc. | 2,016,342 | ||||||
7,988,868 | ||||||||
Food Products - 1.32% |
| |||||||
1,486 | Archer-Daniels-Midland Co. | 74,701 | ||||||
19,573 | Flowers Foods, Inc. | 365,232 | ||||||
3,431 | Hershey Co. | 349,962 | ||||||
2,490 | Hormel Foods Corp. (a) | 98,106 | ||||||
2,670 | Ingredion, Inc. | 280,243 | ||||||
968 | Kellogg Co. | 67,779 | ||||||
4,456 | Lamb Weston Holdings, Inc. | 296,770 | ||||||
526 | McCormick & Co, Inc. - Non Voting | 69,300 | ||||||
32,417 | Pilgrim’s Pride Corp. (b) | 586,424 | ||||||
7,350 | Post Holdings, Inc. (b) | 720,594 | ||||||
1,580 | The J.M. Smucker Co. | 162,124 | ||||||
20,741 | TreeHouse Foods, Inc. (a)(b) | 992,457 | ||||||
7,739 | Tyson Foods, Inc. - Class A | 460,703 | ||||||
4,524,395 | ||||||||
Number of | Value | |||||||
Gas Utilities - 0.11% |
| |||||||
6,977 | UGI Corp. | $ | 387,084 | |||||
Health Care Equipment & Supplies - 2.77% |
| |||||||
2,482 | ABIOMED, Inc. (b) | 1,116,279 | ||||||
3,489 | Align Technology, Inc. (b) | 1,364,967 | ||||||
5,064 | Baxter International, Inc. | 390,384 | ||||||
1,242 | Becton Dickinson and Co. | 324,162 | ||||||
6,717 | Boston Scientific Corp. (b) | 258,604 | ||||||
2,742 | Cantel Medical Corp. | 252,428 | ||||||
1,272 | Danaher Corp. | 138,215 | ||||||
4,096 | DexCom, Inc. (b) | 585,892 | ||||||
2,958 | Edwards Lifesciences Corp. (b) | 514,988 | ||||||
2,482 | Hill-Rom Holdings, Inc. | 234,301 | ||||||
776 | ICU Medical, Inc. (b) | 219,414 | ||||||
3,271 | IDEXX Laboratories, Inc. (b) | 816,638 | ||||||
1,716 | Insulet Corp. (b) | 181,810 | ||||||
1,815 | Intuitive Surgical, Inc. (b) | 1,041,810 | ||||||
2,216 | Masimo Corp. (b) | 275,981 | ||||||
2,495 | Medtronic Plc | 245,433 | ||||||
2,169 | Penumbra, Inc. (b) | 324,699 | ||||||
764 | ResMed, Inc. | 88,120 | ||||||
1,747 | STERIS Plc | 199,857 | ||||||
3,782 | Stryker Corp. | 671,986 | ||||||
2,248 | Varian Medical Systems, Inc. (b) | 251,619 | ||||||
9,497,587 | ||||||||
Health Care Providers & Services - 3.91% |
| |||||||
2,187 | Aetna, Inc. | 443,633 | ||||||
3,268 | Anthem, Inc. | 895,595 | ||||||
11,083 | Cardinal Health, Inc. | 598,482 | ||||||
6,515 | Centene Corp. (b) | 943,242 | ||||||
2,084 | Cerner Corp. (b) | 134,231 | ||||||
1,240 | Chemed Corp. | 396,279 | ||||||
3,028 | CIGNA Corp. | 630,581 | ||||||
1,349 | DaVita, Inc. (b) | 96,629 | ||||||
4,013 | Encompass Health Corp. | 312,813 | ||||||
15,142 | Envision Healthcare Corp. (b) | 692,444 | ||||||
10,728 | Express Scripts Holding Co. (b) | 1,019,267 | ||||||
2,875 | HCA Healthcare, Inc. | 399,970 | ||||||
3,156 | Henry Schein, Inc. (b) | 268,355 | ||||||
3,495 | Humana, Inc. | 1,183,127 | ||||||
482 | Laboratory Corp. of America Holdings (b) | 83,714 | ||||||
3,406 | McKesson Corp. | 451,806 | ||||||
13,095 | MEDNAX, Inc. (b) | 611,013 | ||||||
1,913 | Molina Healthcare, Inc. (b) | 284,463 | ||||||
1,576 | Premier, Inc. - Class A (b) | 72,149 | ||||||
637 | Quest Diagnostics, Inc. | 68,739 | ||||||
11,210 | UnitedHealth Group, Inc. | 2,982,308 | ||||||
541 | Universal Health Services, Inc. - Class B | 69,161 | ||||||
2,391 | WellCare Health Plans, Inc. (b) | 766,292 | ||||||
13,404,293 | ||||||||
Health Care Technology - 0.16% |
| |||||||
2,096 | athenahealth, Inc. (b) | 280,026 | ||||||
2,583 | Veeva Systems, Inc. - Class A (b) | 281,211 | ||||||
561,237 | ||||||||
Hotels, Restaurants & Leisure - 1.83% |
| |||||||
5,570 | Carnival Corp. | 355,199 | ||||||
293 | Chipotle Mexican Grill, Inc. (b) | 133,174 | ||||||
5,783 | Choice Hotels International, Inc. (a) | 481,724 | ||||||
2,970 | Darden Restaurants, Inc. | 330,234 |
See notes to financial statements.
43
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Hotels, Restaurants & Leisure (Continued) | ||||||||
3,042 | Domino’s Pizza, Inc. | $ | 896,782 | |||||
1,870 | Dunkin’ Brands Group, Inc. (a) | 137,856 | ||||||
9,721 | Extended Stay America, Inc. | 196,656 | ||||||
2,602 | Hilton Worldwide Holdings, Inc. | 210,190 | ||||||
3,283 | Hyatt Hotels Corp. - Class A | 261,294 | ||||||
3,501 | Las Vegas Sands Corp. | 207,714 | ||||||
1,843 | Marriott International, Inc. - Class A | 243,331 | ||||||
5,736 | McDonald’s Corp. | 959,576 | ||||||
2,602 | MGM Resorts International (a) | 72,622 | ||||||
1,286 | Norwegian Cruise Line Holdings, Ltd. (b) | 73,855 | ||||||
8,449 | Starbucks Corp. | 480,241 | ||||||
356 | Vail Resorts, Inc. | 97,694 | ||||||
4,973 | Wyndham Destinations, Inc. | 215,629 | ||||||
2,102 | Wyndham Hotels & Resorts, Inc. | 116,808 | ||||||
7,712 | Yum China Holdings, Inc. | 270,768 | ||||||
5,952 | Yum! Brands, Inc. | 541,096 | ||||||
6,282,443 | ||||||||
Household Durables - 0.51% |
| |||||||
1,261 | Garmin Ltd. | 88,333 | ||||||
2,677 | Lennar Corp. - Class A | 124,989 | ||||||
1,690 | Lennar Corp. - Class B | 65,065 | ||||||
179 | NVR, Inc. (b) | 442,273 | ||||||
14,170 | PulteGroup, Inc. | 350,991 | ||||||
4,251 | Tempur Sealy International, Inc. (a)(b) | 224,878 | ||||||
13,734 | Toll Brothers, Inc. | 453,634 | ||||||
1,750,163 | ||||||||
Household Products - 0.78% |
| |||||||
1,713 | Church & Dwight, Inc. | 101,701 | ||||||
2,753 | Clorox Co. | 414,079 | ||||||
8,417 | Colgate-Palmolive Co. | 563,518 | ||||||
4,108 | Energizer Holdings, Inc. | 240,934 | ||||||
3,179 | Kimberly-Clark Corp. | 361,262 | ||||||
9,475 | Procter & Gamble Co. | 788,604 | ||||||
2,732 | Spectrum Brands Holdings, Inc. | 204,135 | ||||||
2,674,233 | ||||||||
Independent Power and Renewable Electricity |
| |||||||
17,303 | AES Corp. | 242,242 | ||||||
19,746 | NRG Energy, Inc. | 738,501 | ||||||
55,381 | Vistra Energy Corp. (b) | 1,377,879 | ||||||
2,358,622 | ||||||||
Industrial Conglomerates - 0.57% |
| |||||||
4,636 | 3M Co. | 976,852 | ||||||
12,121 | General Electric Co. | 136,846 | ||||||
5,031 | Honeywell International, Inc. | 837,158 | ||||||
1,950,856 | ||||||||
Insurance - 2.91% |
| |||||||
7,820 | Aflac, Inc. | 368,087 | ||||||
6,441 | Allstate Corp. | 635,727 | ||||||
1,091 | American National Insurance Co. | 141,055 | ||||||
5,651 | Assured Guaranty, Ltd. | 238,642 | ||||||
2,452 | Athene Holding, Ltd. - Class A (b) | 126,670 | ||||||
18,674 | Berkshire Hathaway, Inc. - Class B (b) | 3,998,290 | ||||||
7,024 | Brown & Brown, Inc. | 207,700 | ||||||
1,170 | Erie Indemnity Co. - Class A (a) | 149,210 | ||||||
7,266 | Fidelity National Financial, Inc. | 285,917 |
Number of | Value | |||||||
Insurance (Continued) | ||||||||
3,720 | First American Financial Corp. | $ | 191,915 | |||||
5,221 | Lincoln National Corp. | 353,253 | ||||||
81 | Markel Corp. (b) | 96,268 | ||||||
5,543 | Marsh & McLennan Cos., Inc. | 458,517 | ||||||
5,820 | MetLife, Inc. | 271,910 | ||||||
7,824 | Old Republic International Corp. | 175,101 | ||||||
1,716 | Principal Financial Group, Inc. | 100,540 | ||||||
9,037 | Progressive Corp. | 641,989 | ||||||
4,747 | Prudential Financial, Inc. | 480,966 | ||||||
3,068 | Reinsurance Group of America, Inc. | 443,510 | ||||||
1,889 | The Hanover Insurance Group, Inc. | 233,046 | ||||||
6,774 | Unum Group | 264,660 | ||||||
1,305 | W.R. Berkley Corp. | 104,309 | ||||||
9,967,282 | ||||||||
Interactive Media & Services - 3.98% |
| |||||||
3,005 | Alphabet, Inc. - Class A (b) | 3,627,275 | ||||||
3,047 | Alphabet, Inc. - Class C (b) | 3,636,503 | ||||||
25,580 | Facebook, Inc. - Class A (b) | 4,206,887 | ||||||
3,872 | IAC InterActive Corp. (b) | 839,140 | ||||||
9,738 | Match Group, Inc. (b) | 563,927 | ||||||
8,085 | TripAdvisor, Inc. (b) | 412,901 | ||||||
9,943 | Twitter, Inc. (b) | 282,978 | ||||||
1,610 | Zillow Group, Inc. - Class A (b) | 71,162 | ||||||
13,640,773 | ||||||||
Internet & Direct Marketing Retail - 3.68% |
| |||||||
4,315 | Amazon.com, Inc. (b) | 8,642,945 | ||||||
609 | Booking Holdings, Inc. (b) | 1,208,256 | ||||||
8,729 | eBay, Inc. (b) | 288,232 | ||||||
2,144 | Expedia Group, Inc. | 279,749 | ||||||
2,503 | GrubHub, Inc. (b) | 346,966 | ||||||
28,759 | Qurate Retail, Inc. (b) | 638,737 | ||||||
8,153 | Wayfair, Inc. - Class A (a)(b) | 1,203,953 | ||||||
12,608,838 | ||||||||
IT Services - 5.13% |
| |||||||
8,650 | Accenture Plc - Class A | 1,472,230 | ||||||
6,161 | Akamai Technologies, Inc. (b) | 450,677 | ||||||
1,038 | Alliance Data Systems Corp. | 245,134 | ||||||
2,222 | Amdocs Ltd. | 146,608 | ||||||
2,514 | Automatic Data Processing, Inc. | 378,759 | ||||||
1,814 | Black Knight, Inc. (b) | 94,237 | ||||||
12,439 | Booz Allen Hamilton Holding Corp. - Class A | 617,348 | ||||||
3,063 | Broadridge Financial Solutions, Inc. | 404,163 | ||||||
7,804 | Cognizant Technology Solutions Corp. - Class A | 602,079 | ||||||
55,402 | Conduent, Inc. (b) | 1,247,653 | ||||||
6,780 | CoreLogic, Inc. (b) | 335,000 | ||||||
13,528 | DXC Technology Co. | 1,265,139 | ||||||
1,514 | EPAM Systems, Inc. (b) | 208,478 | ||||||
1,549 | Euronet Worldwide, Inc. (a)(b) | 155,241 | ||||||
3,645 | Fidelity National Information Services, Inc. | 397,560 | ||||||
12,388 | First Data Corp. - Class A (b) | 303,134 | ||||||
1,768 | Fiserv, Inc. (b) | 145,648 | ||||||
702 | FleetCor Technologies, Inc. (b) | 159,944 | ||||||
511 | Gartner, Inc. (b) | 80,993 | ||||||
9,618 | Genpact, Ltd. | 294,407 | ||||||
1,182 | Global Payments, Inc. | 150,587 | ||||||
2,577 | GoDaddy, Inc. - Class A (b) | 214,896 | ||||||
3,636 | Leidos Holdings, Inc. | 251,466 | ||||||
8,381 | MasterCard, Inc. - Class A | 1,865,694 |
See notes to financial statements.
44
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
IT Services (Continued) | ||||||||
4,755 | Okta, Inc. (b) | $ | 334,562 | |||||
911 | Paychex, Inc. | 67,095 | ||||||
8,557 | PayPal Holdings, Inc. (b) | 751,647 | ||||||
10,182 | Square, Inc. - Class A (b) | 1,008,120 | ||||||
3,602 | The Western Union Co. | 68,654 | ||||||
5,473 | T-Mobile USA, Inc. (b) | 384,095 | ||||||
4,200 | Total System Services, Inc. | 414,708 | ||||||
2,547 | Twilio, Inc. - Class A (a)(b) | 219,755 | ||||||
3,042 | VeriSign, Inc. (b) | 487,085 | ||||||
12,470 | Visa, Inc. - Class A | 1,871,622 | ||||||
1,545 | WEX, Inc. (b) | 310,174 | ||||||
1,746 | Worldpay, Inc. - Class A (b) | 176,817 | ||||||
17,581,409 | ||||||||
Leisure Products - 0.35% |
| |||||||
2,119 | Brunswick Corp. | 142,016 | ||||||
3,059 | Hasbro, Inc. | 321,562 | ||||||
2,183 | Polaris Industries, Inc. (a) | 220,374 | ||||||
3,056 | Pool Corp. | 509,985 | ||||||
1,193,937 | ||||||||
Life Sciences Tools & Services - 0.98% |
| |||||||
1,352 | Bio-Techne Corp. | 275,957 | ||||||
11,458 | Bruker Corp. | 383,270 | ||||||
1,928 | Charles River Laboratories International, Inc. (b) | 259,393 | ||||||
1,070 | Illumina, Inc. (b) | 392,754 | ||||||
2,733 | IQVIA Holdings, Inc. (b) | 354,579 | ||||||
1,039 | Mettler-Toledo International, Inc. (b) | 632,730 | ||||||
1,272 | PRA Health Sciences, Inc. (b) | 140,162 | ||||||
2,795 | Thermo Fisher Scientific, Inc. (a) | 682,204 | ||||||
1,175 | Waters Corp. (b) | 228,749 | ||||||
3,349,798 | ||||||||
Machinery - 1.57% |
| |||||||
10,234 | AGCO Corp. | 622,125 | ||||||
1,081 | Caterpillar, Inc. | 164,842 | ||||||
4,515 | Colfax Corp. (b) | 162,811 | ||||||
838 | Cummins, Inc. | 122,407 | ||||||
4,671 | Donaldson Co., Inc. | 272,132 | ||||||
943 | Dover Corp. | 83,484 | ||||||
4,120 | Fortive Corp. | 346,904 | ||||||
4,433 | Gardner Denver Holdings, Inc. (b) | 125,631 | ||||||
12,199 | Graco, Inc. | 565,302 | ||||||
1,774 | IDEX Corp. | 267,271 | ||||||
1,838 | Illinois Tool Works, Inc. | 259,379 | ||||||
3,194 | Ingersoll-Rand Plc | 326,746 | ||||||
2,292 | Lincoln Electric Holdings, Inc. | 214,164 | ||||||
697 | Nordson Corp. | 96,813 | ||||||
2,342 | Oshkosh Corp. | 166,844 | ||||||
852 | Parker-Hannifin Corp. | 156,708 | ||||||
920 | Snap-on, Inc. | 168,912 | ||||||
10,755 | Terex Corp. (a) | 429,232 | ||||||
6,721 | Toro Co. | 403,058 | ||||||
2,162 | Wabtec Corp. | 226,751 | ||||||
2,550 | Xylem, Inc. | 203,669 | ||||||
5,385,185 | ||||||||
Marine - 0.06% |
| |||||||
2,468 | Kirby Corp. (a)(b) | 202,993 | ||||||
Number of | Value | |||||||
Media - 0.44% |
| |||||||
88 | Cable One, Inc. | $ | 77,758 | |||||
14,841 | Comcast Corp. - Class A | 525,520 | ||||||
4,068 | John Wiley & Sons, Inc. - Class A | 246,521 | ||||||
4,909 | Liberty Media Corp. - Class A (b) | 213,247 | ||||||
5,517 | Liberty Media Corp. - Class C (b) | 239,713 | ||||||
31,816 | Sirius XM Holdings, Inc. (a) | 201,077 | ||||||
1,503,836 | ||||||||
Metals & Mining - 0.20% |
| |||||||
23,570 | Freeport-McMoRan, Inc. | 328,094 | ||||||
3,505 | Newmont Mining Corp. | 105,851 | ||||||
3,371 | Steel Dynamics, Inc. | 152,336 | ||||||
3,709 | United States Steel Corp. (a) | 113,050 | ||||||
699,331 | ||||||||
Multiline Retail - 1.63% |
| |||||||
4,595 | Burlington Stores, Inc. (b) | 748,617 | ||||||
5,784 | Dollar General Corp. | 632,191 | ||||||
5,414 | Dollar Tree, Inc. (b) | 441,512 | ||||||
15,954 | Kohl’s Corp. | 1,189,371 | ||||||
34,619 | Macy’s, Inc. | 1,202,318 | ||||||
8,667 | Nordstrom, Inc. (a) | 518,373 | ||||||
9,722 | Target Corp. | 857,578 | ||||||
5,589,960 | ||||||||
Multi-Utilities - 0.44% |
| |||||||
1,359 | Ameren Corp. | 85,916 | ||||||
4,758 | CenterPoint Energy, Inc. | 131,559 | ||||||
1,918 | CMS Energy Corp. | 93,982 | ||||||
2,956 | Consolidated Edison, Inc. | 225,218 | ||||||
1,880 | DTE Energy Co. | 205,164 | ||||||
7,314 | MDU Resources Group, Inc. | 187,897 | ||||||
3,284 | NiSource, Inc. | 81,837 | ||||||
4,660 | Public Service Enterprise Group, Inc. | 246,001 | ||||||
952 | Sempra Energy | 108,290 | ||||||
2,105 | WEC Energy Group, Inc. | 140,530 | ||||||
1,506,394 | ||||||||
Oil, Gas & Consumable Fuels - 3.67% |
| |||||||
3,453 | Anadarko Petroleum Corp. | 232,767 | ||||||
1,524 | Andeavor | 233,934 | ||||||
2,063 | Cheniere Energy, Inc. (b) | 143,358 | ||||||
11,791 | Chevron Corp. | 1,441,803 | ||||||
7,663 | ConocoPhillips | 593,116 | ||||||
4,485 | Continental Resources, Inc. (a)(b) | 306,236 | ||||||
839 | Energen Corp. (b) | 72,297 | ||||||
3,228 | EOG Resources, Inc. | 411,796 | ||||||
23,325 | Exxon Mobil Corp. | 1,983,091 | ||||||
1,007 | Hess Corp. | 72,081 | ||||||
14,579 | HollyFrontier Corp. | 1,019,072 | ||||||
12,101 | Marathon Oil Corp. | 281,711 | ||||||
14,180 | Marathon Petroleum Corp. | 1,133,975 | ||||||
5,573 | Occidental Petroleum Corp. | 457,933 | ||||||
3,702 | ONEOK, Inc. | 250,959 | ||||||
25,910 | PBF Energy, Inc. - Class A | 1,293,168 | ||||||
5,913 | Phillips 66 | 666,513 | ||||||
516 | Pioneer Natural Resources Co. | 89,882 | ||||||
2,520 | SM Energy Co. | 79,456 | ||||||
12,438 | Valero Energy Corp. | 1,414,823 | ||||||
2,950 | Whiting Petroleum Corp. (b) | 156,468 | ||||||
12,626 | WPX Energy, Inc. (b) | 254,035 | ||||||
12,588,474 | ||||||||
See notes to financial statements.
45
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Paper & Forest Products - 0.22% |
| |||||||
14,390 | Domtar Corp. | $ | 750,726 | |||||
Personal Products - 0.60% |
| |||||||
11,381 | Herbalife Nutrition Ltd. (b) | 620,834 | ||||||
7,191 | Nu Skin Enterprises, Inc. - Class A | 592,682 | ||||||
5,768 | The Estee Lauder Cos., Inc. - Class A | 838,206 | ||||||
2,051,722 | ||||||||
Pharmaceuticals - 4.14% |
| |||||||
10,405 | Abbott Laboratories | 763,311 | ||||||
14,458 | AbbVie, Inc. | 1,367,438 | ||||||
4,866 | Allergan Plc | 926,876 | ||||||
16,092 | Bristol-Myers Squibb Co. | 998,991 | ||||||
7,959 | Eli Lilly & Co. | 854,080 | ||||||
566 | Jazz Pharmaceuticals PLC (b) | 95,161 | ||||||
28,323 | Johnson & Johnson | 3,913,389 | ||||||
14,751 | Merck & Co., Inc. | 1,046,436 | ||||||
22,040 | Mylan NV (b) | 806,664 | ||||||
5,529 | Nektar Therapeutics (b) | 337,048 | ||||||
3,931 | Perrigo Co. Plc | 278,315 | ||||||
49,726 | Pfizer, Inc. | 2,191,425 | ||||||
6,934 | Zoetis, Inc. | 634,877 | ||||||
14,214,011 | ||||||||
Professional Services - 0.85% |
| |||||||
877 | CoStar Group, Inc. (b) | 369,077 | ||||||
520 | Equifax, Inc. | 67,896 | ||||||
2,111 | IHS Markit, Ltd. (b) | 113,910 | ||||||
4,112 | ManpowerGroup, Inc. | 353,467 | ||||||
11,653 | Nielsen Holdings Plc | 322,322 | ||||||
10,545 | Robert Half International, Inc. | 742,157 | ||||||
2,131 | The Dun & Bradstreet Corp. | 303,689 | ||||||
3,768 | TransUnion | 277,249 | ||||||
2,976 | Verisk Analytics, Inc. (b) | 358,757 | ||||||
2,908,524 | ||||||||
Real Estate Management & Development - 0.58% |
| |||||||
5,840 | CBRE Group, Inc. - Class A (b) | 257,544 | ||||||
4,579 | Jones Lang LaSalle, Inc. | 660,841 | ||||||
51,626 | Realogy Holdings Corp. (a) | 1,065,561 | ||||||
1,983,946 | ||||||||
Road & Rail - 0.64% |
| |||||||
3,823 | CSX Corp. | 283,093 | ||||||
4,025 | Genesee & Wyoming, Inc. - Class A (a)(b) | 366,235 | ||||||
837 | J.B. Hunt Transport Services, Inc. | 99,553 | ||||||
3,262 | Landstar System, Inc. | 397,964 | ||||||
778 | Norfolk Southern Corp. | 140,429 | ||||||
2,069 | Old Dominion Freight Line, Inc. | 333,647 | ||||||
3,527 | Union Pacific Corp. | 574,301 | ||||||
2,195,222 | ||||||||
Semiconductors & Semiconductor Equipment - 3.45% |
| |||||||
31,520 | Advanced Micro Devices, Inc. (a)(b) | 973,653 | ||||||
16,954 | Applied Materials, Inc. | 655,272 | ||||||
1,839 | Broadcom, Inc. | 453,737 | ||||||
13,289 | First Solar, Inc. (b) | 643,453 | ||||||
49,063 | Intel Corp. | 2,320,189 | ||||||
3,378 | KLA-Tencor Corp. | 343,576 | ||||||
3,811 | Lam Research Corp. (a) | 578,129 | ||||||
5,529 | Marvell Technology Group, Ltd. | 106,710 | ||||||
2,085 | Maxim Integrated Products, Inc. | 117,573 |
Number of | Value | |||||||
Semiconductors & Semiconductor Equipment (Continued) |
| |||||||
24,769 | Micron Technology, Inc. (b) | $ | 1,120,302 | |||||
1,312 | MKS Instruments, Inc. | 105,157 | ||||||
5,993 | NVIDIA Corp. | 1,684,153 | ||||||
731 | NXP Semiconductors NV | 62,501 | ||||||
18,196 | ON Semiconductor Corp. (b) | 335,352 | ||||||
1,996 | Qorvo, Inc. (b) | 153,472 | ||||||
4,658 | Skyworks Solutions, Inc. | 422,527 | ||||||
10,834 | Teradyne, Inc. | 400,641 | ||||||
10,735 | Texas Instruments, Inc. | 1,151,758 | ||||||
6,085 | Versum Materials, Inc. | 219,121 | ||||||
11,847,276 | ||||||||
Software - 8.50% |
| |||||||
4,182 | 2U, Inc. (b) | 314,445 | ||||||
5,500 | Adobe Systems, Inc. (b) | 1,484,725 | ||||||
1,716 | ANSYS, Inc. (b) | 320,343 | ||||||
6,285 | Aspen Technology, Inc. (b) | 715,924 | ||||||
5,554 | Atlassian Corp. Plc - Class A (b) | 533,962 | ||||||
1,932 | Autodesk, Inc. (b) | 301,604 | ||||||
3,368 | CA, Inc. | 148,697 | ||||||
13,795 | Cadence Design System, Inc. (b) | 625,189 | ||||||
1,236 | CDK Global, Inc. | 77,324 | ||||||
1,632 | Ceridian HCM Holding, Inc. (b) | 68,593 | ||||||
3,901 | Citrix Systems, Inc. (b) | 433,635 | ||||||
18,270 | Dell Technologies, Inc. - Class V (b) | 1,774,382 | ||||||
4,008 | DocuSign, Inc. (b) | 210,701 | ||||||
1,733 | Fair Isaac Corp. (b) | 396,077 | ||||||
6,814 | Fortinet, Inc. (b) | 628,728 | ||||||
828 | Guidewire Software, Inc. (b) | 83,636 | ||||||
4,394 | Intuit, Inc. | 999,196 | ||||||
2,523 | Jack Henry & Associates, Inc. | 403,882 | ||||||
2,155 | LogMeIn, Inc. | 192,010 | ||||||
9,498 | Manhattan Associates, Inc. (a)(b) | 518,591 | ||||||
81,858 | Microsoft Corp. | 9,362,099 | ||||||
28,274 | Nuance Communications, Inc. (b) | 489,706 | ||||||
5,757 | Nutanix, Inc. - Class A (b) | 245,939 | ||||||
24,959 | Oracle Corp. | 1,286,886 | ||||||
1,294 | Paycom Software, Inc. (b) | 201,101 | ||||||
2,870 | Pegasystems, Inc. (a) | 179,662 | ||||||
800 | Proofpoint, Inc. (b) | 85,064 | ||||||
3,072 | PTC, Inc. (b) | 326,216 | ||||||
3,447 | RealPage, Inc. (a)(b) | 227,157 | ||||||
4,737 | Red Hat, Inc. (a)(b) | 645,558 | ||||||
5,521 | RingCentral, Inc. - Class A (b) | 513,729 | ||||||
8,129 | salesforce.com, Inc. (b) | 1,292,755 | ||||||
4,209 | ServiceNow, Inc. (b) | 823,407 | ||||||
4,446 | Splunk, Inc. (b) | 537,566 | ||||||
1,931 | SS&C Technologies Holdings, Inc. | 109,739 | ||||||
10,066 | Symantec Corp. | 214,204 | ||||||
5,257 | Synopsys, Inc. (b) | 518,393 | ||||||
4,567 | Tableau Software, Inc. - Class A (b) | 510,317 | ||||||
859 | The Ultimate Software Group, Inc. (b) | 276,761 | ||||||
446 | Tyler Technologies, Inc. (b) | 109,297 | ||||||
2,720 | VMware, Inc. - Class A (b) | 424,483 | ||||||
1,418 | Workday, Inc. - Class A (b) | 207,000 | ||||||
4,573 | Zendesk, Inc. (b) | 324,683 | ||||||
29,143,366 | ||||||||
Specialty Retail - 4.15% |
| |||||||
2,868 | Advance Auto Parts, Inc. | 482,771 | ||||||
11,622 | AutoNation, Inc. (a)(b) | 482,894 |
See notes to financial statements.
46
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Specialty Retail (Continued) | ||||||||
752 | AutoZone, Inc. (b) | $ | 583,326 | |||||
8,076 | Best Buy Co., Inc. (a) | 640,911 | ||||||
19,943 | Dick’s Sporting Goods, Inc. | 707,578 | ||||||
7,130 | Floor & Decor Holdings, Inc. - Class A (a)(b) | 215,112 | ||||||
14,542 | Foot Locker, Inc. | 741,351 | ||||||
8,840 | L Brands, Inc. | 267,852 | ||||||
8,255 | Lowe’s Cos., Inc. | 947,839 | ||||||
1,892 | O’Reilly Automotive, Inc. (b) | 657,130 | ||||||
11,906 | Penske Automotive Group, Inc. | 564,225 | ||||||
7,730 | Ross Stores, Inc. | 766,043 | ||||||
605 | Sherwin-Williams Co. | 275,402 | ||||||
13,889 | The Gap, Inc. (a) | 400,698 | ||||||
11,642 | The Home Depot, Inc. | 2,411,640 | ||||||
18,963 | The Michaels Cos., Inc. (b) | 307,770 | ||||||
9,214 | The TJX Cos., Inc. | 1,032,152 | ||||||
3,545 | Tiffany & Co. | 457,199 | ||||||
6,781 | Tractor Supply Co. | 616,257 | ||||||
1,816 | Ulta Beauty, Inc. (b) | 512,330 | ||||||
16,573 | Urban Outfitters, Inc. (b) | 677,836 | ||||||
7,145 | Williams Sonoma, Inc. (a) | 469,569 | ||||||
14,217,885 | ||||||||
Technology Hardware, Storage & Peripherals - 4.65% |
| |||||||
54,441 | Apple, Inc. | 12,289,511 | ||||||
15,765 | HP, Inc. | 406,264 | ||||||
6,727 | International Business Machines Corp. | 1,017,190 | ||||||
5,760 | NCR Corp. (b) | 163,641 | ||||||
4,547 | NetApp, Inc. | 390,542 | ||||||
6,780 | Pure Storage, Inc. - Class A (b) | 175,941 | ||||||
16,734 | Teradata Corp. (b) | 631,039 | ||||||
15,194 | Western Digital Corp. (a) | 889,457 | ||||||
15,963,585 | ||||||||
Textiles, Apparel & Luxury Goods - 2.12% |
| |||||||
4,849 | Carter’s, Inc. (a) | 478,111 | ||||||
5,060 | Columbia Sportswear Co. | 470,934 | ||||||
6,941 | lululemon athletica, Inc. (b) | 1,127,843 | ||||||
8,989 | Michael Kors Holdings Ltd. (b) | 616,286 | ||||||
11,968 | NIKE, Inc. - Class B | 1,013,929 | ||||||
2,582 | PVH Corp. | 372,841 | ||||||
6,358 | Ralph Lauren Corp. | 874,543 | ||||||
11,450 | Skechers U.S.A., Inc. - Class A (b) | 319,798 | ||||||
7,857 | Tapestry, Inc. | 394,971 | ||||||
17,930 | Under Armour, Inc. - Class A (a)(b) | 380,475 | ||||||
18,447 | Under Armour, Inc. - Class C (a)(b) | 358,979 | ||||||
9,157 | VF Corp. | 855,722 | ||||||
7,264,432 | ||||||||
Tobacco - 0.30% |
| |||||||
5,941 | Altria Group, Inc. | 358,302 | ||||||
8,358 | Philip Morris International, Inc. | 681,511 | ||||||
1,039,813 | ||||||||
Trading Companies & Distributors - 1.00% |
| |||||||
9,399 | Fastenal Co. | 545,330 | ||||||
6,790 | HD Supply Holdings, Inc. (b) | 290,544 | ||||||
4,226 | MSC Industrial Direct Co., Inc. - Class A | 372,353 | ||||||
1,059 | United Rentals, Inc. (b) | 173,252 | ||||||
7,363 | Univar, Inc. (b) | 225,750 | ||||||
2,061 | W.W. Grainger, Inc. | 736,622 |
Number of | Value | |||||||
Trading Companies & Distributors (Continued) |
| |||||||
1,505 | Watsco, Inc. - Class A | $ | 268,041 | |||||
13,292 | WESCO International, Inc. (b) | 816,793 | ||||||
3,428,685 | ||||||||
Wireless Telecommunication Services - 0.24% |
| |||||||
7,442 | Telephone & Data Systems, Inc. | 226,460 | ||||||
13,690 | United States Cellular Corp. (a)(b) | 613,038 | ||||||
839,498 | ||||||||
Total Common Stocks | 323,819,065 | |||||||
INVESTMENT COMPANIES - 3.31% |
| |||||||
Exchange Traded Funds - 3.31% |
| |||||||
42,477 | Vanguard S&P 500 ETF | 11,343,483 | ||||||
Total Investment Companies | 11,343,483 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 1.35% |
| |||||||
Real Estate Investment Trusts - 1.35% |
| |||||||
7,841 | American Homes 4 Rent - Class A | 171,640 | ||||||
950 | American Tower Corp. | 138,035 | ||||||
23,240 | Annaly Capital Management, Inc. | 237,745 | ||||||
1,574 | Camden Property Trust | 147,279 | ||||||
22,621 | Chimera Investment Corp. | 410,119 | ||||||
1,944 | Crown Castle International Corp. | 216,426 | ||||||
5,032 | CubeSmart | 143,563 | ||||||
1,196 | Digital Realty Trust, Inc. | 134,526 | ||||||
6,217 | Empire State Realty Trust, Inc. - Class A (a) | 103,264 | ||||||
707 | Equity LifeStyle Properties, Inc. | 68,190 | ||||||
1,760 | Extra Space Storage, Inc. | 152,486 | ||||||
4,459 | Forest City Realty Trust, Inc. - Class A | 111,876 | ||||||
10,693 | Hospitality Properties Trust | 308,386 | ||||||
13,023 | Host Hotels & Resorts, Inc. | 274,785 | ||||||
1,981 | Life Storage, Inc. | 188,512 | ||||||
18,460 | New Residential Investment Corp. | 328,957 | ||||||
3,819 | Park Hotels & Resorts, Inc. | 125,340 | ||||||
6,119 | Rayonier, Inc. | 206,883 | ||||||
7,072 | Retail Value, Inc. (b) | 231,184 | ||||||
906 | SBA Communications Corp. (b) | 145,531 | ||||||
1,139 | Simon Property Group, Inc. | 201,318 | ||||||
11,874 | Spirit Realty Capital, Inc. | 95,704 | ||||||
1,814 | Sun Communities, Inc. | 184,194 | ||||||
1,128 | Taubman Centers, Inc. | 67,488 | ||||||
10,064 | Two Harbors Investment Corp. | 150,256 | ||||||
5,173 | Uniti Group, Inc. (a) | 104,236 | ||||||
Total Real Estate Investment Trusts | 4,647,923 | |||||||
SHORT TERM INVESTMENTS - 0.79% | ||||||||
Money Market Funds - 0.79% | ||||||||
2,711,211 | Deutsche Government Money Market Series - Institutional Shares | 2,711,211 | ||||||
Total Short Term Investments | 2,711,211 | |||||||
See notes to financial statements.
47
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.28% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 4.28% | ||||||||
14,679,865 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 2.32% (c) | $ | 14,679,865 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 14,679,865 | |||||||
Total Investments | 357,201,547 | |||||||
Liabilities in Excess of | (14,267,107 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 342,934,440 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
48
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS - 84.61% |
| |||||||
Brazil - 5.18% |
| |||||||
53,143 | Ambev SA | $ | 242,124 | |||||
16,365 | Banco Bradesco SA | 103,493 | ||||||
18,352 | Banco do Brasil SA | 133,554 | ||||||
31,060 | BB Seguridade Participacoes SA | 184,889 | ||||||
38,400 | Centrais Eletricas Brasileiras SA (a) | 147,475 | ||||||
20,261 | Cia de Saneamento Basico do Estado de Sao Paulo | 118,700 | ||||||
11,274 | Cosan SA | 90,169 | ||||||
26,593 | Embraer SA | 130,576 | ||||||
11,532 | Fibria Celulose SA | 215,018 | ||||||
10,680 | IRB Brasil Resseguros SA | 174,935 | ||||||
97,234 | JBS SA | 225,115 | ||||||
30,985 | Lojas Renner SA | 237,535 | ||||||
10,188 | M Dias Branco SA | 99,470 | ||||||
6,124 | Magazine Luiza SA | 186,515 | ||||||
14,561 | Natura Cosmeticos SA | 102,252 | ||||||
47,738 | Odontoprev SA | 151,303 | ||||||
69,896 | Petroleo Brasileiro SA | 420,911 | ||||||
6,542 | Porto Seguro SA | 96,351 | ||||||
12,703 | Raia Drogasil SA | 227,887 | ||||||
28,389 | Rumo SA (a) | 104,950 | ||||||
81,317 | Sul America SA (b) | 522,508 | ||||||
49,899 | Vale SA | 738,251 | ||||||
4,653,981 | ||||||||
Chile - 0.75% |
| |||||||
786,517 | Banco de Chile | 119,762 | ||||||
15,214 | Cia Cervecerias Unidas SA | 212,051 | ||||||
27,823 | Empresas CMPC SA | 112,284 | ||||||
8,381 | Empresas COPEC SA | 129,476 | ||||||
10,237 | Latam Airlines Group SA | 97,352 | ||||||
670,925 | ||||||||
China - 18.70% |
| |||||||
2,535 | 58.com, Inc. - ADR (a) | 186,576 | ||||||
483,391 | Agricultural Bank of China Ltd. - Series H | 237,065 | ||||||
17,908 | Alibaba Group Holding, Ltd. - ADR (a) | 2,950,522 | ||||||
109,067 | Angang Steel Co., Ltd. | 97,347 | ||||||
17,168 | Anhui Conch Cement Co., Ltd. | 103,092 | ||||||
70,298 | ANTA Sports Products Ltd. | 335,591 | ||||||
4,203 | Autohome, Inc. - ADR | 325,354 | ||||||
185,750 | BAIC Motor Corp., Ltd. | 149,512 | ||||||
4,141 | Baidu, Inc. - ADR (a) | 946,964 | ||||||
990,540 | Bank of China Ltd. - Series H | 437,663 | ||||||
246,960 | Bank of Communications Co., Ltd. - Series H | 184,920 | ||||||
1,734 | Baozun, Inc. - ADR (a) | 84,238 | ||||||
569,672 | China Cinda Asset Management Co., Ltd. - Series H | 143,988 | ||||||
268,528 | China CITIC Bank Corp., Ltd. - Series H | 171,478 | ||||||
239,358 | China Coal Energy Co., Ltd. | 100,833 | ||||||
98,074 | China Communications Construction Co., Ltd. | 99,994 | ||||||
302,348 | China Communications Services Corp., Ltd. - Series H | 278,798 | ||||||
1,431,467 | China Construction Bank Corp. - Series H | 1,251,246 | ||||||
347,000 | China Everbright Bank Co., Ltd. - Series H | 153,693 | ||||||
723,495 | China Huarong Asset Management Co., Ltd. - Series H | 132,977 | ||||||
82,346 | China Mengniu Dairy Co., Ltd. | 273,752 | ||||||
41,264 | China Merchants Bank Co., Ltd. - Series H | 166,854 | ||||||
230,248 | China Minsheng Banking Corp., Ltd. - Series H | 170,730 | ||||||
170,617 | China National Building Material Co., Ltd. | 151,305 |
Number of | Value | |||||||
China (Continued) |
| |||||||
736,003 | China Petroleum & Chemical Corp. - Series H | $ | 739,499 | |||||
89,371 | China Resources Cement Holdings, Ltd. | 103,932 | ||||||
40,626 | China Shenhua Energy Co., Ltd. | 92,524 | ||||||
338,103 | Chongqing Rural Commercial Bank Co., Ltd. - Series H | 184,510 | ||||||
179,796 | CNOOC, Ltd. | 356,019 | ||||||
154,431 | Country Garden Holdings Co., Ltd. | 194,611 | ||||||
226,768 | Dongfeng Motor Group Co., Ltd. - Series H | 233,686 | ||||||
13,858 | ENN Energy Holdings, Ltd. | 120,476 | ||||||
3,950 | GDS Holdings, Ltd. - ADR (a) | 138,763 | ||||||
33,610 | Haier Electronics Group Co., Ltd. | 90,994 | ||||||
9,322 | JD.com, Inc. - ADR (a) | 243,211 | ||||||
46,045 | Kingsoft Corp., Ltd. | 87,325 | ||||||
95,910 | Luye Pharma Group Ltd. | 85,869 | ||||||
351,398 | Metallurgical Corp. of China Ltd. | 98,765 | ||||||
6,343 | Momo, Inc. - ADR (a) | 277,823 | ||||||
1,332 | NetEase, Inc. - ADR | 304,029 | ||||||
2,809 | New Oriental Education & Technology Group, Inc. - ADR (a) | 207,894 | ||||||
2,652 | Noah Holdings, Ltd. - ADR (a) | 111,755 | ||||||
306,000 | PetroChina Co. - Series H | 247,675 | ||||||
160,745 | PICC Property & Casualty Co., Ltd. - Series H | 189,182 | ||||||
88,836 | Ping An Insurance Group Co. of China, Ltd. - Series H | 899,927 | ||||||
157,293 | Postal Savings Bank of China Co., Ltd. | 98,843 | ||||||
20,768 | Shenzhou International Group Holdings Ltd. | 266,477 | ||||||
35,594 | Shimao Property Holdings Ltd. | 88,393 | ||||||
402,958 | Sihuan Pharmaceutical Holdings Group, Ltd. | 82,323 | ||||||
1,615 | SINA Corp. (a) | 112,210 | ||||||
184,074 | Sinopec Shanghai Petrochemical Co., Ltd. - Series H | 112,266 | ||||||
251,499 | Sun Art Retail Group Ltd. | 326,271 | ||||||
4,302 | TAL Education Group - ADR (a) | 110,604 | ||||||
523,372 | The People’s Insurance Co. Group of China, Ltd. - Series H | 234,539 | ||||||
16,062 | Vipshop Holdings Ltd. - ADR (a) | 100,227 | ||||||
233,595 | Want Want China Holdings, Ltd. | 196,503 | ||||||
2,728 | Weibo Corp. - ADR (a)(c) | 199,499 | ||||||
9,389 | Wuxi Biologics Cayman, Inc. (a) | 95,013 | ||||||
75,527 | Yanzhou Coal Mining Co., Ltd. | 87,327 | ||||||
12,340 | Yum China Holdings, Inc. | 433,257 | ||||||
1,555 | YY, Inc. - ADR (a) | 116,501 | ||||||
16,803,214 | ||||||||
Colombia - 0.42% |
| |||||||
274,886 | Ecopetrol SA | 373,900 | ||||||
Czech Republic - 0.14% |
| |||||||
5,038 | CEZ AS | 128,937 | ||||||
Egypt - 0.38% |
| |||||||
43,369 | Commercial International Bank Egypt SAE | 200,892 | ||||||
129,008 | Eastern Tobacco (a) | 136,445 | ||||||
337,337 | ||||||||
Hong Kong - 9.87% |
| |||||||
86,277 | Alibaba Health Information Technology Ltd. (a) | 84,369 | ||||||
19,284 | Beijing Enterprises Holdings Ltd. | 108,078 | ||||||
40,180 | China Conch Venture Holdings Ltd. | 140,314 | ||||||
229,096 | China First Capital Group Ltd. (a) | 122,879 | ||||||
54,670 | China Gas Holdings Ltd. | 154,730 | ||||||
61,826 | China Mobile Ltd. | 607,863 |
See notes to financial statements.
49
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Hong Kong (Continued) |
| |||||||
19,918 | China Resources Beer Holdings Co., Ltd. | $ | 79,874 | |||||
68,587 | China Resources Pharmaceutical Group Ltd. | 108,909 | ||||||
346,338 | China Telecom Corp., Ltd. - Series H | 172,165 | ||||||
77,466 | China Unicom Hong Kong Ltd. | 90,500 | ||||||
187,495 | CIFI Holdings Group Co., Ltd. | 85,862 | ||||||
115,853 | CITIC Ltd. | 172,553 | ||||||
177,800 | CSPC Pharmaceutical Group Ltd. | 376,089 | ||||||
124,303 | Dali Foods Group Co., Ltd. | 89,392 | ||||||
134,274 | Future Land Development Holdings, Ltd. | 86,771 | ||||||
63,078 | Genscript Biotech Corp. (a) | 105,816 | ||||||
112,802 | Greentown Service Group Co., Ltd. | 90,235 | ||||||
30,309 | Hua Hong Semiconductor Ltd. | 64,974 | ||||||
1,050,066 | Industrial & Commercial Bank of China Ltd. - Series H | 766,647 | ||||||
83,590 | Jiayuan International Group, Ltd. | 143,083 | ||||||
95,910 | Kingdee International Software Group Co., Ltd. | 104,102 | ||||||
37,647 | Longfor Properties Co., Ltd. | 97,046 | ||||||
314,275 | Sino Biopharmaceutical Ltd. | 292,318 | ||||||
212,816 | Sinotrans Ltd. - Series H | 86,555 | ||||||
74,395 | Sinotruk Hong Kong Ltd. | 162,313 | ||||||
133,292 | SSY Group Ltd. | 129,049 | ||||||
45,788 | Sunac China Holdings Ltd. | 140,299 | ||||||
13,632 | Sunny Optical Technology Group Co., Ltd. | 157,382 | ||||||
90,903 | Tencent Holdings Ltd. | 3,711,645 | ||||||
136,824 | Tingyi Cayman Islands Holding Corp. | 251,239 | ||||||
95,365 | Towngas China Co. Ltd. | 83,236 | ||||||
8,866,287 | ||||||||
Hungary - 0.36% |
| |||||||
17,769 | MOL Hungarian Oil & Gas Plc | 191,389 | ||||||
3,641 | OTP Bank Plc | 134,930 | ||||||
326,319 | ||||||||
Indonesia - 1.37% |
| |||||||
766,900 | Adaro Energy Tbk PT | 94,362 | ||||||
114,026 | Bank Central Asia Tbk PT | 184,694 | ||||||
500,386 | Bank Rakyat Indonesia Persero Tbk PT | 105,741 | ||||||
441,599 | Hanjaya Mandala Sampoerna Tbk PT | 114,067 | ||||||
127,262 | Indah Kiat Pulp & Paper Corp. Tbk PT | 148,074 | ||||||
1,215,482 | Kalbe Farma Tbk PT | 112,583 | ||||||
200,444 | Matahari Department Store Tbk PT | 93,147 | ||||||
693,843 | Perusahaan Gas Negara PT | 104,662 | ||||||
463,270 | Telekomunikasi Indonesia Persero Tbk PT | 113,397 | ||||||
52,013 | Unilever Indonesia Tbk PT | 164,156 | ||||||
1,234,883 | ||||||||
Malaysia - 2.57% |
| |||||||
22,695 | British American Tobacco Malaysia Bhd | 173,948 | ||||||
192,958 | Dialog Group Bhd | 162,707 | ||||||
141,468 | DiGi.Com Bhd | 164,726 | ||||||
346,935 | Felda Global Ventures Holdings Bhd | 129,844 | ||||||
12,186 | Fraser & Neave Holdings Bhd | 111,068 | ||||||
37,066 | HAP Seng Consolidated Bhd | 88,656 | ||||||
97,284 | Hartalega Holdings Bhd | 155,528 | ||||||
100,451 | Maxis Communications Bhd | 141,722 | ||||||
12,521 | Nestle Malaysia Bhd | 442,828 | ||||||
37,506 | Petronas Chemicals Group Bhd | 84,819 | ||||||
21,733 | PPB Group Bhd | 88,077 | ||||||
36,474 | Public Bank Bhd | 220,294 | ||||||
171,718 | Sime Darby Bhd | 108,273 |
Number of | Value | |||||||
Malaysia (Continued) |
| |||||||
40,837 | Top Glove Corp. Bhd | $ | 105,137 | |||||
441,043 | YTL Corp. Bhd | 133,128 | ||||||
2,310,755 | ||||||||
Mexico - 2.23% |
| |||||||
25,860 | Alsea SAB de CV | 87,831 | ||||||
570,545 | America Movil SAB de CV - Series L | 458,838 | ||||||
353,193 | Cemex SAB de CV (a) | 248,560 | ||||||
13,335 | Fomento Economico Mexicano SAB de CV | 131,925 | ||||||
12,008 | Gruma SAB de CV - Series B | 152,657 | ||||||
90,004 | Grupo Bimbo SAB de CV - Series A | 191,512 | ||||||
16,053 | Grupo Financiero Banorte SAB de CV - Series O | 116,130 | ||||||
34,717 | Mexichem SAB de CV | 118,859 | ||||||
2,153 | Southern Copper Corp. | 92,881 | ||||||
133,688 | Wal-Mart de Mexico SAB de CV | 405,550 | ||||||
2,004,743 | ||||||||
Peru - 0.31% |
| |||||||
1,237 | Credicorp Ltd. | 275,950 | ||||||
Philippines - 0.35% |
| |||||||
5,802 | Globe Telecom, Inc. | 236,247 | ||||||
12,466 | Manila Electric Co. | 78,500 | ||||||
314,747 | ||||||||
Poland - 1.38% |
| |||||||
5,255 | CD Projekt SA (a) | 266,802 | ||||||
5,674 | Dino Polska SA (a) | 153,209 | ||||||
10,699 | Grupa Lotos SA | 217,613 | ||||||
4,933 | Jastrzebska Spolka Weglowa SA (a) | 88,755 | ||||||
106 | LPP SA | 247,981 | ||||||
47,499 | PGE Polska Grupa Energetyczna SA (a) | 122,769 | ||||||
5,142 | Polski Koncern Naftowy Orlen SA | 140,947 | ||||||
1,238,076 | ||||||||
Qatar - 0.61% |
| |||||||
2,608 | Industries Qatar QSC | 89,579 | ||||||
13,796 | Ooredoo QPSC | 261,195 | ||||||
2,771 | Qatar Islamic Bank SAQ | 106,737 | ||||||
1,848 | Qatar National Bank QPSC | 90,123 | ||||||
547,634 | ||||||||
Republic of Korea - 15.06% |
| |||||||
925 | Amorepacific Corp. | 217,568 | ||||||
1,695 | AMOREPACIFIC Group | 142,533 | ||||||
19,836 | BNK Financial Group, Inc. | 153,754 | ||||||
1,055 | Celltrion Healthcare Co., Ltd. (a) | 87,707 | ||||||
1,868 | Celltrion Pharm, Inc. (a) | 134,817 | ||||||
1,233 | Celltrion, Inc. (a) | 330,439 | ||||||
8,743 | Cheil Worldwide, Inc. | 170,722 | ||||||
411 | CJ ENM Co., Ltd. | 91,886 | ||||||
2,997 | Coway Co., Ltd. | 234,492 | ||||||
1,202 | Daelim Industrial Co., Ltd. | 89,510 | ||||||
2,158 | DB Insurance Co., Ltd. | 141,629 | ||||||
23,172 | DGB Financial Group, Inc. | 211,985 | ||||||
2,087 | GS Engineering & Construction Corp. | 98,361 | ||||||
1,812 | GS Holdings Corp. | 90,018 | ||||||
5,533 | Hana Financial Group, Inc. | 222,165 | ||||||
2,648 | Hankook Tire Co., Ltd. | 119,542 | ||||||
1,449 | Hanssem Co., Ltd. | 100,071 | ||||||
5,061 | Hanwha Chemical Corp. | 88,043 | ||||||
6,848 | Hanwha Corp. | 202,526 | ||||||
24,749 | Hanwha Life Insurance Co., Ltd. | 118,033 |
See notes to financial statements.
50
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Republic of Korea (Continued) |
| |||||||
1,973 | HLB, Inc. (a) | $ | 213,381 | |||||
3,666 | Hotel Shilla Co., Ltd. | 358,473 | ||||||
3,916 | Hyundai Marine & Fire Insurance Co., Ltd. | 148,030 | ||||||
521 | Hyundai Mobis Co., Ltd. | 107,054 | ||||||
761 | Hyundai Motor Co. | 88,831 | ||||||
275 | Hyundai Heavy Industries Holdings Co., Ltd. (a) | 100,391 | ||||||
2,843 | Hyundai Steel Co. | 144,841 | ||||||
13,410 | Industrial Bank of Korea | 184,293 | ||||||
5,250 | KB Financial Group, Inc. | 255,696 | ||||||
6,608 | Kia Motors Corp. | 209,024 | ||||||
5,291 | Korea Gas Corp. (a) | 289,367 | ||||||
10,058 | Korean Air Lines Co., Ltd. | 254,740 | ||||||
4,092 | KT Corp. (b) | 111,241 | ||||||
315 | LG Chemical Ltd. | 103,775 | ||||||
2,138 | LG Electronics, Inc. | 136,812 | ||||||
361 | LG Household & Health Care Ltd. | 415,193 | ||||||
9,246 | LG Uplus Corp. | 152,547 | ||||||
438 | Lotte Chemical Corp. | 109,766 | ||||||
410 | NAVER Corp. | 264,638 | ||||||
352 | NCSoft Corp. | 140,439 | ||||||
1,712 | OCI Co., Ltd. | 169,740 | ||||||
896 | Orion Corp. | 85,188 | ||||||
681 | Pearl Abyss Corp. (a) | 131,210 | ||||||
1,183 | POSCO | 314,024 | ||||||
5,492 | Posco Daewoo Corp. | 103,624 | ||||||
1,253 | S-1 Corp. | 103,245 | ||||||
424 | Samsung Biologics Co., Ltd. (a) | 204,038 | ||||||
634 | Samsung Electro-Mechanics Co., Ltd. | 79,408 | ||||||
79,922 | Samsung Electronics Co., Ltd. | 3,344,806 | ||||||
6,043 | Samsung Engineering Co Ltd. (a) | 105,132 | ||||||
15,151 | Samsung Heavy Industries Co., Ltd. (a) | 110,333 | ||||||
538 | Samsung SDS Co., Ltd. | 112,019 | ||||||
4,764 | Shinhan Financial Group Co., Ltd. | 192,506 | ||||||
384 | Shinsegae, Inc. | 125,540 | ||||||
3,156 | SillaJen, Inc. (a) | 291,193 | ||||||
10,866 | SK Hynix, Inc. | 718,872 | ||||||
1,264 | SK Innovation Co., Ltd. | 245,014 | ||||||
563 | SK Telecom Co., Ltd. | 142,740 | ||||||
7,752 | Woori Bank | 118,042 | ||||||
13,531,007 | ||||||||
Russian Federation - 3.17% |
| |||||||
23,178 | Gazprom PJSC - ADR | 115,195 | ||||||
8,435 | LUKOIL PJSC - ADR | 644,771 | ||||||
5,938 | MMC Norilsk Nickel PJSC - ADR (c) | 102,074 | ||||||
715 | Novatek PJSC - ADR | 127,531 | ||||||
4,003 | Novolipetsk Steel PJSC | 107,740 | ||||||
13,889 | Rosneft Oil Co. PJSC - ADR (a) | 104,547 | ||||||
56,299 | Sberbank of Russia PJSC - ADR (c) | 707,960 | ||||||
9,904 | Severstal PJSC - GDR | 164,951 | ||||||
36,200 | Surgutneftegas PJSC - ADR | 150,230 | ||||||
5,065 | Tatneft PJSC - ADR | 386,459 | ||||||
112,651 | VTB Bank PJSC - GDR | 150,808 | ||||||
3,865 | X5 Retail Group NV | 87,447 | ||||||
2,849,713 | ||||||||
South Africa - 4.68% |
| |||||||
13,226 | Absa Group Ltd. | 141,851 | ||||||
3,968 | Anglo American Platinum Ltd. | 129,726 | ||||||
18,731 | AngloGold Ashanti Ltd. | 161,851 |
Number of | Value | |||||||
South Africa (Continued) |
| |||||||
1,711 | Capitec Bank Holdings Ltd. | $ | 123,767 | |||||
7,902 | Clicks Group Ltd. | 97,664 | ||||||
36,518 | Coronation Fund Managers Ltd. | 139,164 | ||||||
10,717 | Exxaro Resources Ltd. | 110,174 | ||||||
32,408 | FirstRand Ltd. | 155,456 | ||||||
10,257 | Imperial Holdings Ltd. | 126,817 | ||||||
8,198 | Kumba Iron Ore Ltd. | 185,754 | ||||||
17,516 | Mr. Price Group Ltd. | 282,489 | ||||||
4,842 | Naspers Ltd. - N Shares | 1,042,719 | ||||||
5,835 | Nedbank Group Ltd. | 109,154 | ||||||
47,961 | Netcare Ltd. | 81,962 | ||||||
39,837 | Old Mutual Ltd. | 85,329 | ||||||
36,910 | Pick n Pay Stores Ltd. | 179,522 | ||||||
4,304 | Sasol Ltd. | 166,290 | ||||||
9,834 | Shoprite Holdings Ltd. | 133,161 | ||||||
20,668 | Standard Bank Group Ltd. | 255,571 | ||||||
36,360 | Telkom SA SOC Ltd. | 132,793 | ||||||
9,714 | The Bidvest Group Ltd. | 127,066 | ||||||
20,400 | Truworths International Ltd. | 120,322 | ||||||
32,969 | Woolworths Holdings Ltd. | 115,587 | ||||||
4,204,189 | ||||||||
Taiwan, Province of China - 12.71% |
| |||||||
141,076 | Acer, Inc. | 116,523 | ||||||
29,739 | Advantech Co., Ltd. | 221,341 | ||||||
9,227 | Airtac International Group | 90,351 | ||||||
60,830 | Asia Cement Corp. | 82,663 | ||||||
626,054 | AU Optronics Corp. | 264,020 | ||||||
8,170 | Catcher Technology Co., Ltd. | 89,812 | ||||||
94,186 | Cathay Financial Holding Co., Ltd. | 161,869 | ||||||
30,785 | Chailease Holding Co., Ltd. | 107,745 | ||||||
860,915 | China Airlines Ltd. | 260,764 | ||||||
382,822 | China Development Financial Holding Corp. | 142,836 | ||||||
109,311 | China Steel Corp. | 91,277 | ||||||
35,054 | Chunghwa Telecom Co., Ltd. | 126,263 | ||||||
191,657 | CTBC Financial Holding Co., Ltd. | 144,302 | ||||||
7,352 | Eclat Textile Co., Ltd. | 90,982 | ||||||
200,820 | E. Sun Financial Holdings Co., Ltd. | 148,271 | ||||||
387,854 | Eva Airways Corp. | 188,600 | ||||||
237,528 | Evergreen Marine Corp. Taiwan Ltd. | 99,554 | ||||||
75,889 | Far Eastern New Century Corp. | 88,740 | ||||||
49,624 | Far EasTone Telecommunications Co., Ltd. | 118,318 | ||||||
46,893 | Feng TAY Enterprise Co., Ltd. | 288,783 | ||||||
22,181 | Formosa Chemicals & Fibre Corp. | 92,953 | ||||||
27,820 | Formosa Petrochemical Corp. | 134,850 | ||||||
23,932 | Formosa Plastics Corp. | 91,678 | ||||||
42,739 | Foxconn Technology Co., Ltd. | 104,297 | ||||||
103,394 | Fubon Financial Holding Co., Ltd. | 175,371 | ||||||
20,700 | General Interface Solution Holding Ltd. | 87,236 | ||||||
16,019 | Globalwafers Co., Ltd. | 176,530 | ||||||
13,914 | Hiwin Technologies Corp. | 114,962 | ||||||
61,741 | Hon Hai Precision Industry Co., Ltd. | 160,106 | ||||||
601,000 | Innolux Corp. | 208,704 | ||||||
130,069 | Inventec Corp. | 116,706 | ||||||
1,054 | Largan Precision Co., Ltd. | 125,217 | ||||||
123,966 | Macronix International | 103,277 | ||||||
12,584 | MediaTek, Inc. | 101,541 | ||||||
104,845 | Mega Financial Holding Co., Ltd. | 94,393 | ||||||
52,459 | Micro-Star International Co., Ltd. | 141,897 | ||||||
37,684 | Nan Ya Plastics Corp. | 104,624 | ||||||
27,517 | Nien Made Enterprise Co., Ltd. | 215,359 |
See notes to financial statements.
51
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Taiwan, Province of China (Continued) |
| |||||||
11,709 | Phison Electronics Corp. | $ | 93,318 | |||||
107,426 | Pou Chen Corp. | 113,425 | ||||||
33,264 | President Chain Store Corp. | 390,543 | ||||||
38,439 | Realtek Semiconductor Corp. | 171,295 | ||||||
468,306 | Shin Kong Financial Holding Co., Ltd. | 183,147 | ||||||
289,842 | SinoPac Financial Holdings Co., Ltd. | 105,809 | ||||||
56,134 | Standard Foods Corp. | 93,325 | ||||||
319,073 | Taishin Financial Holding Co., Ltd. | 154,089 | ||||||
253,334 | Taiwan Business Bank | 92,080 | ||||||
63,007 | Taiwan Cement Corp. | 84,777 | ||||||
368,796 | Taiwan Cooperative Financial Holding Co., Ltd. | 224,627 | ||||||
33,743 | Taiwan Mobile Co., Ltd. | 120,990 | ||||||
394,663 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3,367,871 | ||||||
155,373 | Uni-President Enterprises Corp. | 405,369 | ||||||
189,440 | United Microelectronics Corp. | 99,951 | ||||||
39,029 | Vanguard International Semiconductor Corp. | 87,105 | ||||||
12,546 | Walsin Technology Corp. | 87,531 | ||||||
238,584 | Winbond Electronics Corp. | 113,474 | ||||||
10,373 | Yageo Corp. | 155,767 | ||||||
11,417,208 | ||||||||
Thailand - 2.13% |
| |||||||
27,971 | Advanced Info Service PCL - NVDR | 173,879 | ||||||
98,006 | Airports of Thailand PCL - NVDR | 198,497 | ||||||
25,077 | Bumrungrad Hospital PCL - NVDR | 144,151 | ||||||
97,065 | CP ALL PCL - NVDR | 207,135 | ||||||
422,822 | Home Product Center PCL - NVDR | 206,696 | ||||||
57,815 | Indorama Ventures PCL - NVDR | 105,498 | ||||||
25,039 | PTT Exploration & Production PCL - NVDR | 120,170 | ||||||
61,463 | PTT Global Chemical PCL - NVDR | 154,451 | ||||||
250,880 | PTT PCL - NVDR | 421,174 | ||||||
65,998 | Thai Oil PCL - NVDR | 180,708 | ||||||
1,912,359 | ||||||||
Turkey - 2.13% |
| |||||||
110,695 | Akbank T.A.S. | 126,794 | ||||||
17,369 | Aselsan Elektronik Sanayi Ve Ticaret AS | 79,020 | ||||||
16,127 | BIM Birlesik Magazalar AS | 217,090 | ||||||
82,905 | Eregli Demir ve Celik Fabrikalari TAS | 151,269 | ||||||
8,447 | Ford Otomotiv Sanayi AS | 91,992 | ||||||
115,676 | Haci Omer Sabanci Holding AS | 145,886 | ||||||
87,899 | Turk Hava Yollari AO (a) | 277,245 | ||||||
111,671 | Turkiye Garanti Bankasi AS | 142,374 | ||||||
155,519 | Turkiye Halk Bankasi AS | 172,404 | ||||||
177,923 | Turkiye Is Bankasi AS - Series C | 129,946 | ||||||
120,019 | Turkiye Sise ve Cam Fabrikalari AS | 115,909 | ||||||
223,222 | Turkiye Vakiflar Bankasi TAO - Class D | 139,775 | ||||||
409,870 | Yapi ve Kredi Bankasi AS (a) | 127,365 | ||||||
1,917,069 | ||||||||
United Arab Emirates - 0.11% |
| |||||||
24,493 | First Abu Dhabi Bank PJSC | 95,577 | ||||||
Total Common Stocks | 76,014,810 | |||||||
INVESTMENT COMPANIES - 11.92% |
| |||||||
China - 3.88% |
| |||||||
54,631 | iShares Core MSCI Emerging Markets ETF | 2,828,793 | ||||||
22,642 | KraneShares Bosera MSCI China A ETF (c) | 655,033 | ||||||
3,483,826 | ||||||||
Number of | Value | |||||||
India - 8.04% |
| |||||||
222,491 | iShares MSCI India ETF | $ | 7,224,283 | |||||
Total Investment Companies | 10,708,109 | |||||||
PREFERRED STOCKS - 3.10% |
| |||||||
Brazil - 2.05% |
| |||||||
44,382 | Banco Bradesco SA - Preference Shares | 314,082 | ||||||
33,540 | Centrais Eletricas Brasileiras SA - Preference Shares (a) | 153,393 | ||||||
29,912 | Gerdau SA - Preference Shares | 126,505 | ||||||
58,907 | Itau Unibanco Holding SA - Preference Shares | 643,688 | ||||||
38,402 | Itausa - Investimentos Itau SA - Preference Shares | 95,659 | ||||||
97,539 | Petroleo Brasileiro SA - Preference Shares | 509,607 | ||||||
1,842,934 | ||||||||
Chile - 0.11% |
| |||||||
25,151 | Embotelladora Andina SA | 97,888 | ||||||
Republic of Korea - 0.94% |
| |||||||
932 | Amorepacific Corp. - Preference Shares | 115,512 | ||||||
317 | LG Household & Health Care Ltd. - Preference Shares | 229,742 | ||||||
14,623 | Samsung Electronics Co., Ltd. - Preference Shares | 498,750 | ||||||
844,004 | ||||||||
Total Preferred Stocks | 2,784,826 | |||||||
SHORT TERM INVESTMENTS - 0.06% |
| |||||||
Money Market Funds - 0.06% |
| |||||||
49,134 | Deutsche Government Money Market Series - Institutional Shares | 49,134 | ||||||
Total Short Term Investments | 49,134 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.58% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 1.58% |
| |||||||
1,420,509 | Mount Vernon Liquid Assets Portfolio, LLC | 1,420,509 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 1,420,509 | |||||||
Total Investments | 90,977,388 | |||||||
Liabilities in Excess of | (1,139,645 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 89,837,743 | ||||||
Percentages are stated as a percent of net assets.
ADR | - | American Depositary Receipt | ||
GDR | - | Global Depositary Receipt | ||
NVDR | - | Non-Voting Depositary Receipt |
(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 $646,732, which represents 0.71% of total net assets. |
(c) | All or portion of this security is on loan. |
(d) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
52
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)
September 30, 2018
COMMON STOCKS |
| |||
Aerospace & Defense | 0.23% | |||
Air Freight & Logistics | 0.10% | |||
Airlines | 1.20% | |||
Auto Components | 0.39% | |||
Automobiles | 0.86% | |||
Banks | 11.67% | |||
Beverages | 0.86% | |||
Biotechnology | 0.69% | |||
Capital Markets | 0.59% | |||
Chemicals | 1.49% | |||
Commercial Services & Supplies | 0.22% | |||
Construction & Engineering | 0.55% | |||
Construction Materials | 0.86% | |||
Distributors | 0.14% | |||
Diversified Consumer Services | 0.35% | |||
Diversified Financial Services | 0.65% | |||
Diversified Telecommunication Services | 1.50% | |||
Electric Utilities | 0.53% | |||
Electronic Equipment, Instruments & Components | 1.59% | |||
Energy Equipment & Services | 0.18% | |||
Entertainment | 6.50% | |||
Food & Staples Retailing | 2.70% | |||
Food Products | 3.03% | |||
Gas Utilities | 0.96% | |||
Health Care Equipment & Supplies | 0.29% | |||
Health Care Providers & Services | 0.52% | |||
Health Care Technology | 0.09% | |||
Hotels, Restaurants & Leisure | 0.58% | |||
Household Durables | 1.05% | |||
Household Products | 0.46% | |||
Industrial Conglomerates | 1.11% | |||
Insurance | 3.50% | |||
Interactive Media & Services | 2.28% | |||
Internet & Direct Marketing Retail | 3.86% | |||
IT Services | 0.28% | |||
Leisure Products | 0.24% | |||
Life Sciences Tools & Services | 0.45% | |||
Machinery | 0.80% | |||
Marine | 0.11% | |||
Media | 0.19% | |||
Metals & Mining | 2.86% | |||
Multiline Retail | 0.84% | |||
Multi-Utilities | 0.15% | |||
Oil, Gas & Consumable Fuels | 6.99% |
Paper & Forest Products | 0.53% | |||
Personal Products | 0.51% | |||
Pharmaceuticals | 1.47% | |||
Real Estate Management & Development | 0.93% | |||
Road & Rail | 0.12% | |||
Semiconductors & Semiconductor Equipment | 9.40% | |||
Software | 0.37% | |||
Specialty Retail | 1.08% | |||
Technology Hardware, Storage & Peripherals | 0.76% | |||
Textiles, Apparel & Luxury Goods | 1.50% | |||
Tobacco | 0.47% | |||
Trading Companies & Distributors | 0.12% | |||
Transportation Infrastructure | 0.22% | |||
Water Utilities | 0.13% | |||
Wireless Telecommunication Services | 2.51% | |||
TOTAL COMMON STOCKS | 84.61% | |||
INVESTMENT COMPANIES | ||||
Exchange Traded Funds | 11.92% | |||
TOTAL INVESTMENT COMPANIES | 11.92% | |||
PREFERRED STOCKS | ||||
Banks | 1.17% | |||
Beverages | 0.11% | |||
Electric Utilities | 0.17% | |||
Metals & Mining | 0.14% | |||
Oil, Gas & Consumable Fuels | 0.57% | |||
Personal Products | 0.38% | |||
Semiconductors & Semiconductor Equipment | 0.56% | |||
TOTAL PREFERRED STOCKS | 3.10% | |||
SHORT TERM INVESTMENTS | ||||
Money Market Funds | 0.06% | |||
TOTAL SHORT TERM INVESTMENTS | 0.06% | |||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL |
| |||
Investments Purchased with Proceeds from Securities Lending Collateral | 1.58% | |||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | 1.58% | |||
TOTAL INVESTMENTS | 101.27% | |||
Liabilities in Excess of Other Assets | (1.27)% | |||
TOTAL NET ASSETS | 100.00% | |||
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS - 90.41% |
| |||||||
Aerospace & Defense - 1.31% |
| |||||||
427 | AAR Corp. | $ | 20,449 | |||||
509 | Aerojet Rocketdyne Holdings, Inc. (a) | 17,301 | ||||||
204 | AeroVironment, Inc. (a) | 22,883 | ||||||
294 | Astronics Corp. (a) | 12,789 | ||||||
938 | Axon Enterprise, Inc. (a) | 64,187 | ||||||
992 | BWX Technologies, Inc. | 62,040 | ||||||
186 | Cubic Corp. | 13,587 | ||||||
306 | Curtiss-Wright Corp. | 42,051 | ||||||
555 | Ducommun, Inc. (a) | 22,666 | ||||||
545 | Engility Holdings, Inc. (a) | 19,615 | ||||||
317 | Esterline Technologies Corp. (a) | 28,831 | ||||||
272 | HEICO Corp. (b) | 25,190 | ||||||
583 | HEICO Corp. - Class A | 44,016 | ||||||
525 | Hexcel Corp. | 35,201 | ||||||
324 | Huntington Ingalls Industries, Inc. | 82,970 | ||||||
563 | KLX, Inc. (a) | 35,345 | ||||||
559 | Maxar Technologies, Ltd. | 18,486 | ||||||
411 | Moog, Inc. - Class A | 35,334 | ||||||
1,072 | Spirit AeroSystems Holdings, Inc. - Class A | 98,270 | ||||||
303 | Teledyne Technologies, Inc. (a) | 74,744 | ||||||
2,190 | The KEYW Holding Corp. (a) | 18,965 | ||||||
1,203 | Vectrus, Inc. (a) | 37,522 | ||||||
832,442 | ||||||||
Air Freight & Logistics - 0.24% |
| |||||||
2,482 | Echo Global Logistics, Inc. (a) | 76,818 | ||||||
226 | Forward Air Corp. | 16,204 | ||||||
303 | Hub Group, Inc. - Class A (a) | 13,817 | ||||||
8,035 | Radiant Logistics, Inc. (a) | 47,487 | ||||||
154,326 | ||||||||
Airlines - 0.28% | ||||||||
900 | Alaska Air Group, Inc. | 61,974 | ||||||
334 | Copa Holdings SA - Class A | 26,667 | ||||||
2,890 | JetBlue Airways Corp. (a)(b) | 55,950 | ||||||
365 | SkyWest, Inc. | 21,498 | ||||||
275 | Spirit Airlines, Inc. (a) | 12,917 | ||||||
179,006 | ||||||||
Auto Components - 0.72% |
| |||||||
581 | Adient PLC - ADR | 22,839 | ||||||
2,352 | American Axle & Manufacturing Holdings, Inc. (a) | 41,019 | ||||||
159 | Cooper-Standard Holdings, Inc. (a) | 19,077 | ||||||
1,536 | Dana, Inc. | 28,677 | ||||||
404 | Dorman Products, Inc. (a) | 31,076 | ||||||
632 | Fox Factory Holding Corp. (a) | 44,271 | ||||||
2,772 | Gentex Corp. | 59,487 | ||||||
327 | Gentherm, Inc. (a) | 14,862 | ||||||
2,143 | Goodyear Tire & Rubber Co. | 50,125 | ||||||
258 | LCI Industries | 21,362 | ||||||
340 | Standard Motor Products, Inc. | 16,735 | ||||||
1,594 | Stoneridge, Inc. (a) | 47,374 | ||||||
289 | Tenneco, Inc. | 12,178 | ||||||
184 | Visteon Corp. (a) | 17,094 | ||||||
263 | WABCO Holdings, Inc. (a) | 31,018 | ||||||
457,194 | ||||||||
Automobiles - 0.20% |
| |||||||
571 | Harley-Davidson, Inc. | 25,866 | ||||||
914 | Thor Industries, Inc. | 76,502 |
Number of | Value | |||||||
Automobiles (Continued) |
| |||||||
674 | Winnebago Industries, Inc. | $ | 22,343 | |||||
124,711 | ||||||||
Banks - 5.23% |
| |||||||
831 | 1st Constitution Bancorp | 17,202 | ||||||
274 | 1st Source Corp. | 14,418 | ||||||
364 | ACNB Corp. | 13,541 | ||||||
1,911 | Associated Banc-Corp. | 49,686 | ||||||
1,500 | Banc of California, Inc. | 28,350 | ||||||
562 | BancFirst Corp. | 33,692 | ||||||
1,548 | Bancorp, Inc. (a) | 14,845 | ||||||
758 | BancorpSouth, Inc. | 24,787 | ||||||
1,501 | Bank of Commerce Holdings | 18,312 | ||||||
455 | Bank of Hawaii Corp. | 35,904 | ||||||
213 | Bank of Marin Bancorp | 17,871 | ||||||
883 | Bank OZK | 33,519 | ||||||
1,592 | BankUnited, Inc. | 56,357 | ||||||
1,121 | BCB Bancorp, Inc. | 15,526 | ||||||
193 | BOK Financial Corp. (b) | 18,775 | ||||||
375 | Bryn Mawr Bank Corp. | 17,587 | ||||||
284 | C&F Financial Corp. | 16,685 | ||||||
628 | Cadence BanCorp | 16,403 | ||||||
374 | Camden National Corp. | 16,247 | ||||||
347 | Carolina Financial Corp. | 13,089 | ||||||
568 | Cathay General Bancorp | 23,538 | ||||||
1,243 | CenterState Bank Corp. | 34,852 | ||||||
370 | Century Bancorp, Inc. - Class A | 26,732 | ||||||
313 | Chemical Financial Corp. | 16,714 | ||||||
306 | Chemung Financial Corp. | 12,984 | ||||||
852 | CIT Group, Inc. | 43,972 | ||||||
221 | City Holding Co. | 16,973 | ||||||
931 | Commerce Bancshares, Inc. | 61,465 | ||||||
248 | Community Bank Systems, Inc. | 15,145 | ||||||
1,549 | Community Bankers Trust Corp. (a) | 13,631 | ||||||
356 | Community Trust Bancorp, Inc. | 16,501 | ||||||
991 | Cullen Frost Bankers, Inc. | 103,500 | ||||||
645 | Customers Bancorp, Inc. (a) | 15,177 | ||||||
1,796 | East West Bancorp, Inc. | 108,425 | ||||||
953 | Enterprise Financial Services Corp. | 50,557 | ||||||
713 | Esquire Financial Holdings, Inc. (a) | 17,796 | ||||||
320 | Evans Bancorp, Inc. | 15,024 | ||||||
1,296 | F.N.B. Corp. | 16,485 | ||||||
1,281 | Farmers National Banc Corp. | 19,599 | ||||||
502 | FCB Financial Holdings, Inc. - Class A (a) | 23,795 | ||||||
733 | Fidelity Southern Corp. | 18,164 | ||||||
437 | First Bancorp | 17,703 | ||||||
2,432 | First BanCorp (a) | 22,131 | ||||||
329 | First Bancshares, Inc. | 12,847 | ||||||
1,304 | First Bank | 17,148 | ||||||
591 | First Business Financial Services, Inc. | 13,699 | ||||||
105 | First Citizens BancShares, Inc. - Class A | 47,489 | ||||||
1,060 | First Commonwealth Financial Corp. | 17,108 | ||||||
545 | First Community Bancshares, Inc. | 18,465 | ||||||
521 | First Community Corp/SC | 12,608 | ||||||
1,398 | First Financial Bancorp | 41,521 | ||||||
575 | First Financial Bankshares, Inc. | 33,982 | ||||||
723 | First Guaranty Bancshares, Inc. | 18,574 | ||||||
1,267 | First Horizon National Corp. | 21,868 | ||||||
320 | First Interstate BancSystem, Inc. - Class A | 14,336 | ||||||
500 | First Merchants Corp. | 22,495 |
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Banks (Continued) |
| |||||||
405 | First Mid-Illinois Bancshares, Inc. | $ | 16,334 | |||||
1,790 | Fulton Financial Corp. | 29,803 | ||||||
365 | Glacier Bancorp, Inc. (b) | 15,728 | ||||||
343 | Great Southern Bancorp, Inc. | 18,985 | ||||||
550 | Guaranty Bancorp | 16,335 | ||||||
814 | Hancock Whitney Corp. | 38,706 | ||||||
402 | Heartland Financial U.S.A., Inc. | 23,336 | ||||||
867 | Heritage Commerce Corp. | 12,936 | ||||||
356 | Heritage Financial Corp. | 12,513 | ||||||
755 | Hilltop Holdings, Inc. | 15,228 | ||||||
926 | Hope Bancorp, Inc. | 14,973 | ||||||
394 | IBERIABANK Corp. | 32,052 | ||||||
861 | Independent Bank Corp. | 20,363 | ||||||
879 | International Bancshares Corp. | 39,555 | ||||||
529 | Investar Holding Corp. | 14,204 | ||||||
1,515 | Investors Bancorp, Inc. | 18,589 | ||||||
981 | Lakeland Bancorp, Inc. | 17,707 | ||||||
310 | LegacyTexas Financial Group, Inc. | 13,206 | ||||||
1,077 | Live Oak Bancshares, Inc. | 28,864 | ||||||
1,115 | Macatawa Bank Corp. | 13,057 | ||||||
400 | MB Financial, Inc. | 18,444 | ||||||
462 | National Bank Holdings Corp. - Class A | 17,394 | ||||||
328 | Nicolet Bankshares, Inc. (a) | 17,879 | ||||||
885 | Northeast Bancorp | 19,204 | ||||||
355 | Northrim BanCorp, Inc. | 14,750 | ||||||
354 | Ohio Valley Banc Corp. | 12,974 | ||||||
458 | Old Line Bancshares, Inc. | 14,491 | ||||||
1,437 | Old National Bancorp | 27,734 | ||||||
1,571 | Old Second Bancorp, Inc. | 24,272 | ||||||
1,955 | Pacific Mercantile Bancorp (a) | 18,279 | ||||||
822 | PacWest Bancorp | 39,168 | ||||||
1,302 | Parke Bancorp, Inc. | 29,230 | ||||||
577 | Peoples Bancorp, Inc. | 20,212 | ||||||
371 | People’s Utah Bancorp | 12,595 | ||||||
286 | Pinnacle Financial Partners, Inc. | 17,203 | ||||||
844 | Popular, Inc. | 43,255 | ||||||
336 | Preferred Bank | 19,656 | ||||||
833 | Premier Financial Bancorp, Inc. | 15,402 | ||||||
524 | Prosperity Bancshares, Inc. | 36,339 | ||||||
353 | QCR Holdings, Inc. | 14,420 | ||||||
689 | RBB Bancorp | 16,881 | ||||||
324 | Republic Bancorp, Inc. - Class A | 14,936 | ||||||
511 | S&T Bancorp, Inc. | 22,157 | ||||||
438 | Sandy Spring Bancorp, Inc. | 17,218 | ||||||
626 | SB One Bancorp | 15,775 | ||||||
429 | Seacoast Banking Corp. of Florida (a) | 12,527 | ||||||
838 | ServisFirst Bancshares, Inc. | 32,808 | ||||||
1,465 | Shore Bancshares, Inc. | 26,106 | ||||||
203 | Signature Bank | 23,313 | ||||||
593 | Simmons First National Corp. - Class A | 17,464 | ||||||
563 | Sterling Bancorp | 12,386 | ||||||
582 | Summit Financial Group, Inc. | 13,508 | ||||||
1,749 | Synovus Financial Corp. | 80,087 | ||||||
2,390 | TCF Financial Corp. | 56,906 | ||||||
496 | Texas Capital Bancshares, Inc. (a) | 40,994 | ||||||
834 | The Bank of N.T. Butterfield & Son, Ltd. | 43,251 | ||||||
593 | TowneBank | 18,294 | ||||||
827 | TriState Capital Holdings, Inc. (a) | 22,825 | ||||||
493 | Triumph Bancorp, Inc. (a) | 18,833 | ||||||
386 | Trustmark Corp. | 12,989 |
Number of | Value | |||||||
Banks (Continued) |
| |||||||
342 | UMB Financial Corp. | $ | 24,248 | |||||
1,727 | Umpqua Holdings Corp. | 35,922 | ||||||
443 | Union Bankshares Corp. | 17,069 | ||||||
248 | Union Bankshares, Inc. | 13,181 | ||||||
477 | United Bankshares, Inc. | 17,339 | ||||||
776 | Unity Bancorp, Inc. | 17,770 | ||||||
1,796 | Valley National Bancorp | 20,205 | ||||||
323 | Washington Trust Bancorp, Inc. | 17,862 | ||||||
652 | Webster Financial Corp. | 38,442 | ||||||
1,028 | WesBanco, Inc. | 45,828 | ||||||
901 | West Bancorporation, Inc. | 21,174 | ||||||
1,071 | Western Alliance Bancorp (a) | 60,929 | ||||||
852 | Wintrust Financial Corp. | 72,369 | ||||||
1,851 | Zions Bancorporation (b) | 92,828 | ||||||
3,335,598 | ||||||||
Beverages - 0.33% |
| |||||||
220 | Boston Beer Co., Inc. - Class A (a) | 63,250 | ||||||
15,567 | Castle Brands, Inc. (a) | 16,657 | ||||||
5,255 | Celsius Holdings, Inc. (a)(b) | 21,177 | ||||||
142 | Coca-Cola Bottling Co. | 25,884 | ||||||
262 | MGP Ingredients, Inc. | 20,693 | ||||||
405 | National Beverage Corp. (a) | 47,231 | ||||||
988 | Primo Water Corp. (a) | 17,833 | ||||||
212,725 | ||||||||
Biotechnology - 3.54% |
| |||||||
2,543 | Acorda Therapeutics, Inc. (a) | 49,970 | ||||||
2,535 | ADMA Biologics, Inc. (a) | 15,742 | ||||||
3,115 | Adverum Biotechnologies, Inc. (a) | 18,846 | ||||||
1,727 | Aeglea BioTherapeutics, Inc. (a) | 16,527 | ||||||
1,164 | Alkermes PLC (a) | 49,400 | ||||||
2,238 | AMAG Pharmaceuticals, Inc. (a)(b) | 44,760 | ||||||
182 | AnaptysBio, Inc. (a) | 18,158 | ||||||
1,421 | Arbutus Biopharma Corp. (a) | 13,428 | ||||||
360 | Arena Pharmaceuticals, Inc. (a) | 16,567 | ||||||
3,527 | ArQule, Inc. (a) | 19,963 | ||||||
1,321 | Arrowhead Pharmaceuticals, Inc. (a) | 25,324 | ||||||
432 | Atara Biotherapeutics, Inc. (a) | 17,863 | ||||||
2,101 | Avid Bioservices, Inc. (a) | 14,413 | ||||||
235 | Bluebird Bio, Inc. (a) | 34,310 | ||||||
991 | CareDx, Inc. (a) | 28,590 | ||||||
3,010 | CASI Pharmaceuticals, Inc. (a) | 14,057 | ||||||
1,673 | Catalyst Biosciences, Inc. (a) | 18,035 | ||||||
442 | Celcuity, Inc. (a) | 12,712 | ||||||
904 | Cellular Biomedicine Group, Inc. (a) | 16,408 | ||||||
2,432 | Concert Pharmaceuticals, Inc. (a) | 36,091 | ||||||
1,094 | CytomX Therapeutics, Inc. (a) | 20,239 | ||||||
896 | Dicerna Pharmaceuticals, Inc. (a) | 13,673 | ||||||
724 | Eagle Pharmaceuticals, Inc. (a) | 50,195 | ||||||
729 | Emergent BioSolutions, Inc. (a) | 47,990 | ||||||
196 | Enanta Pharmaceuticals, Inc. (a) | 16,750 | ||||||
563 | Exact Sciences Corp. (a) | 44,432 | ||||||
1,434 | Exelixis, Inc. (a) | 25,410 | ||||||
1,548 | Fate Therapeutics, Inc. (a) | 25,217 | ||||||
322 | FibroGen, Inc. (a) | 19,561 | ||||||
248 | G1 Therapeutics, Inc. (a) | 12,968 | ||||||
984 | Genomic Health, Inc. (a) | 69,096 | ||||||
3,380 | Geron Corp. (a)(b) | 5,949 | ||||||
453 | Global Blood Therapeutics, Inc. (a)(b) | 17,214 | ||||||
6,856 | GTx, Inc. (a) | 10,764 |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Biotechnology (Continued) |
| |||||||
892 | Halozyme Therapeutics, Inc. (a) | $ | 16,208 | |||||
408 | Heron Therapeutics, Inc. (a) | 12,913 | ||||||
2,358 | ImmunoGen, Inc. (a) | 22,330 | ||||||
2,007 | Immunomedics, Inc. (a)(b) | 41,806 | ||||||
1,690 | Insys Therapeutics, Inc. (a)(b) | 17,035 | ||||||
108 | Intercept Pharmaceuticals, Inc. (a) | 13,647 | ||||||
764 | Invitae Corp. (a) | 12,782 | ||||||
580 | Ionis Pharmaceuticals, Inc. (a) | 29,916 | ||||||
1,114 | Iovance Biotherapeutics, Inc. (a) | 12,532 | ||||||
1,008 | Karyopharm Therapeutics, Inc. (a) | 17,166 | ||||||
1,343 | Kindred Biosciences, Inc. (a) | 18,735 | ||||||
800 | Kura Oncology, Inc. (a) | 14,000 | ||||||
139 | Ligand Pharmaceuticals, Inc. - Class B (a) | 38,154 | ||||||
184 | Loxo Oncology, Inc. (a)(b) | 31,433 | ||||||
92 | Madrigal Pharmaceuticals, Inc. (a) | 19,700 | ||||||
1,412 | MediciNova, Inc. (a) | 17,636 | ||||||
11,310 | MiMedx Group, Inc. (a)(b) | 69,896 | ||||||
241 | Mirati Therapeutics, Inc. (a) | 11,351 | ||||||
570 | Momenta Pharmaceuticals, Inc. (a) | 14,991 | ||||||
2,389 | Myriad Genetics, Inc. (a) | 109,894 | ||||||
2,235 | Natera, Inc. (a) | 53,506 | ||||||
425 | Neurocrine Biosciences, Inc. (a) | 52,254 | ||||||
59,386 | Palatin Technologies, Inc. (a) | 59,238 | ||||||
5,386 | Pieris Pharmaceuticals, Inc. (a) | 30,162 | ||||||
369 | PTC Therapeutics, Inc. (a) | 17,343 | ||||||
2,312 | Recro Pharma, Inc. (a) | 16,438 | ||||||
234 | REGENXBIO, Inc. (a) | 17,667 | ||||||
232 | Repligen Corp. (a) | 12,867 | ||||||
868 | Rocket Pharmaceuticals, Inc. (a) | 21,370 | ||||||
299 | Sarepta Therapeutics, Inc. (a) | 48,291 | ||||||
1,149 | Savara, Inc. (a) | 12,823 | ||||||
782 | Seattle Genetics, Inc. (a) | 60,308 | ||||||
989 | Selecta Biosciences, Inc. (a) | 15,379 | ||||||
3,037 | Sorrento Therapeutics, Inc. (a)(b) | 13,363 | ||||||
1,010 | Spectrum Pharmaceuticals, Inc. (a) | 16,968 | ||||||
163 | Ultragenyx Pharmaceutical, Inc. (a) | 12,443 | ||||||
1,200 | United Therapeutics Corp. (a) | 153,456 | ||||||
1,290 | Vanda Pharmaceuticals, Inc. (a) | 29,606 | ||||||
2,390 | Veracyte, Inc. (a) | 22,825 | ||||||
1,597 | Verastem, Inc. (a) | 11,578 | ||||||
3,438 | Vericel Corp. (a) | 48,648 | ||||||
1,144 | Viking Therapeutics, Inc. (a) | 19,928 | ||||||
805 | Voyager Therapeutics, Inc. (a) | 15,231 | ||||||
459 | Xencor, Inc. (a) | 17,887 | ||||||
2,695 | XOMA Corp. (a) | 47,351 | ||||||
2,017 | Zafgen, Inc. (a) | 23,579 | ||||||
2,253,256 | ||||||||
Building Products - 1.42% |
| |||||||
1,860 | A. O. Smith Corp. | 99,268 | ||||||
727 | AAON, Inc. | 27,481 | ||||||
599 | Advanced Drainage Systems, Inc. | 18,509 | ||||||
794 | Allegion PLC | 71,913 | ||||||
173 | American Woodmark Corp. (a) | 13,572 | ||||||
477 | Apogee Enterprises, Inc. | 19,710 | ||||||
865 | Armstrong Flooring, Inc. (a) | 15,656 | ||||||
777 | Armstrong World Industries, Inc. (a) | 54,079 | ||||||
1,941 | Builders FirstSource, Inc. (a) | 28,494 | ||||||
780 | Continental Building Products, Inc. (a) | 29,289 | ||||||
338 | CSW Industrials, Inc. (a) | 18,151 |
Number of | Value | |||||||
Building Products (Continued) |
| |||||||
1,318 | Fortune Brands Home & Security, Inc. | $ | 69,010 | |||||
504 | Insteel Industries, Inc. | 18,084 | ||||||
623 | JELD-WEN Holding, Inc. (a) | 15,363 | ||||||
393 | Lennox International, Inc. | 85,831 | ||||||
233 | Masonite International Corp. (a) | 14,935 | ||||||
1,480 | NCI Building Systems, Inc. (a) | 22,422 | ||||||
982 | Owens Corning, Inc. | 53,293 | ||||||
311 | Patrick Industries, Inc. (a) | 18,411 | ||||||
672 | PGT Innovations, Inc. (a) | 14,515 | ||||||
867 | Quanex Building Products Corp. | 15,779 | ||||||
502 | Simpson Manufacturing Co., Inc. | 36,375 | ||||||
1,024 | Trex Co., Inc. (a) | 78,828 | ||||||
807 | Universal Forest Products, Inc. | 28,511 | ||||||
835 | USG Corp. (a) | 36,164 | ||||||
903,643 | ||||||||
Capital Markets - 1.92% |
| |||||||
1,629 | Artisan Partners Asset Management, Inc. - Class A | 52,780 | ||||||
192 | Ashford, Inc. (a) | 14,567 | ||||||
896 | B. Riley Financial, Inc. | 20,294 | ||||||
1,578 | Blucora, Inc. (a) | 63,515 | ||||||
573 | Cohen & Steers, Inc. | 23,270 | ||||||
106 | Diamond Hill Investment Group, Inc. | 17,531 | ||||||
1,353 | Eaton Vance Corp. | 71,114 | ||||||
643 | Evercore Partners, Inc. - Class A | 64,654 | ||||||
539 | FactSet Research Systems, Inc. (b) | 120,580 | ||||||
1,410 | Federated Investors, Inc. - Class B | 34,009 | ||||||
672 | Greenhill & Co., Inc. | 17,707 | ||||||
582 | Hamilton Lane, Inc. | 25,771 | ||||||
748 | Houlihan Lokey, Inc. | 33,608 | ||||||
372 | INTL. FCStone, Inc. (a) | 17,975 | ||||||
1,871 | Lazard, Ltd. - Class A | 90,051 | ||||||
732 | Legg Mason, Inc. | 22,860 | ||||||
1,302 | LPL Financial Holdings, Inc. | 83,992 | ||||||
363 | MarketAxess Holdings, Inc. | 64,792 | ||||||
743 | Moelis & Co. - Class A | 40,716 | ||||||
478 | Morningstar, Inc. | 60,180 | ||||||
705 | Oppenheimer Holdings, Inc. - Class A | 22,278 | ||||||
206 | Piper Jaffray Cos. | 15,728 | ||||||
376 | PJT Partners, Inc. - Class A | 19,684 | ||||||
2,329 | Pzena Investment Management, Inc. - Class A | 22,219 | ||||||
1,551 | SEI Investments Co. | 94,766 | ||||||
1,873 | Siebert Financial Corp. (a)(b) | 27,439 | ||||||
934 | Virtu Financial, Inc. - Class A | 19,100 | ||||||
1,568 | Waddell & Reed Financial, Inc. - Class A | 33,210 | ||||||
258 | Westwood Holdings Group, Inc. | 13,349 | ||||||
1,631 | WisdomTree Investments, Inc. | 13,831 | ||||||
1,221,570 | ||||||||
Chemicals - 1.62% |
| |||||||
507 | AdvanSix, Inc. (a) | 17,213 | ||||||
2,035 | AgroFresh Solutions, Inc. (a) | 12,678 | ||||||
831 | American Vanguard Corp. | 14,958 | ||||||
358 | Ashland Global Holdings, Inc. | 30,022 | ||||||
1,344 | Axalta Coating Systems, Ltd. (a) | 39,191 | ||||||
184 | Balchem Corp. | 20,625 | ||||||
379 | Cabot Corp. | 23,771 | ||||||
1,971 | CF Industries Holdings, Inc. | 107,301 | ||||||
222 | Chase Corp. | 26,673 | ||||||
858 | FutureFuel Corp. | 15,907 | ||||||
305 | H.B. Fuller Co. | 15,759 |
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Chemicals (Continued) |
| |||||||
312 | Hawkins, Inc. | $ | 12,932 | |||||
2,022 | Huntsman Corp. | 55,059 | ||||||
828 | Ingevity Corp. (a) | 84,357 | ||||||
4,850 | Intrepid Potash, Inc. (a) | 17,412 | ||||||
488 | KMG Chemicals, Inc. | 36,873 | ||||||
595 | Kraton Corp. (a) | 28,054 | ||||||
191 | Minerals Technologies, Inc. | 12,912 | ||||||
81 | NewMarket Corp. | 32,846 | ||||||
1,503 | Olin Corp. | 38,597 | ||||||
2,853 | Platform Specialty Products Corp. (a) | 35,577 | ||||||
799 | PolyOne Corp. | 34,932 | ||||||
196 | Quaker Chemical Corp. | 39,633 | ||||||
1,320 | Rayonier Advanced Materials, Inc. | 24,328 | ||||||
1,084 | RPM International, Inc. | 70,395 | ||||||
279 | Stepan Co. | 24,276 | ||||||
1,124 | The Chemours Co. | 44,331 | ||||||
210 | The Scotts Miracle-Gro Co. - Class A | 16,533 | ||||||
752 | Trinseo SA | 58,882 | ||||||
1,089 | Tronox, Ltd. - Class A | 13,014 | ||||||
1,393 | Valvoline, Inc. | 29,963 | ||||||
1,035,004 | ||||||||
Commercial Services & Supplies - 1.80% |
| |||||||
384 | ABM Industries, Inc. | 12,384 | ||||||
2,731 | ACCO Brands Corp. | 30,860 | ||||||
732 | Advanced Disposal Services, Inc. (a) | 19,823 | ||||||
858 | Avery Dennison Corp. | 92,964 | ||||||
243 | Barrett Business Services, Inc. | 16,228 | ||||||
1,008 | Casella Waste Systems, Inc. - Class A (a) | 31,308 | ||||||
470 | Cimpress NV (a) | 64,207 | ||||||
216 | Clean Harbors, Inc. (a) | 15,461 | ||||||
629 | Comfort Systems USA, Inc. | 35,476 | ||||||
1,061 | Covanta Holding Corp. | 17,241 | ||||||
646 | Deluxe Corp. | 36,783 | ||||||
1,376 | Essendant, Inc. | 17,640 | ||||||
681 | Healthcare Services Group, Inc. | 27,662 | ||||||
868 | Heritage-Crystal Clean, Inc. (a) | 18,532 | ||||||
1,750 | Herman Miller, Inc. | 67,200 | ||||||
813 | HNI Corp. | 35,967 | ||||||
857 | Interface, Inc. | 20,011 | ||||||
895 | KAR Auction Services, Inc. | 53,423 | ||||||
4,551 | Kimball International, Inc. - Class B | 76,229 | ||||||
814 | Knoll, Inc. | 19,088 | ||||||
298 | McGrath RentCorp | 16,232 | ||||||
379 | Mobile Mini, Inc. | 16,619 | ||||||
476 | MSA Safety, Inc. | 50,665 | ||||||
2,371 | Pitney Bowes, Inc. | 16,787 | ||||||
641 | Quad/Graphics, Inc. | 13,358 | ||||||
1,520 | Rollins, Inc. | 92,249 | ||||||
415 | SP Plus Corp. (a) | 15,148 | ||||||
2,012 | Steelcase, Inc. - Class A | 37,222 | ||||||
379 | Stericycle, Inc. (a) | 22,240 | ||||||
2,013 | Sykes Enterprises, Inc. (a) | 61,376 | ||||||
897 | Team, Inc. (a)(b) | 20,183 | ||||||
568 | Tetra Tech, Inc. | 38,794 | ||||||
370 | The Brinks Co. | 25,808 | ||||||
177 | US Ecology, Inc. | 13,054 | ||||||
1,148,222 | ||||||||
Number of | Value | |||||||
Communications Equipment - 1.05% |
| |||||||
848 | ADTRAN, Inc. | $ | 14,967 | |||||
557 | Applied Optoelectronics, Inc. (a)(b) | 13,736 | ||||||
2,169 | ARRIS International PLC (a) | 56,372 | ||||||
2,729 | Calix, Inc. (a) | 22,105 | ||||||
973 | Casa Systems, Inc. (a) | 14,352 | ||||||
1,376 | Ciena Corp. (a) | 42,986 | ||||||
1,147 | Clearfield, Inc. (a) | 15,427 | ||||||
1,893 | CommScope Holding Co., Inc. (a) | 58,229 | ||||||
494 | Comtech Telecommunications Corp. | 17,917 | ||||||
1,823 | DASAN Zhone Solutions, Inc. (a) | 25,868 | ||||||
2,114 | Digi International, Inc. (a) | 28,433 | ||||||
527 | EchoStar Corp. - Class A (a) | 24,437 | ||||||
7,657 | Extreme Networks, Inc. (a) | 41,960 | ||||||
2,338 | Harmonic, Inc. (a) | 12,859 | ||||||
500 | InterDigital, Inc. | 40,000 | ||||||
1,623 | KVH Industries, Inc. (a) | 21,261 | ||||||
368 | Lumentum Holdings, Inc. (a) | 22,062 | ||||||
460 | NETGEAR, Inc. (a) | 28,911 | ||||||
1,520 | NetScout Systems, Inc. (a) | 38,380 | ||||||
1,515 | Oclaro, Inc. (a) | 13,544 | ||||||
344 | Plantronics, Inc. | 20,743 | ||||||
1,248 | Quantenna Communications, Inc. (a) | 23,026 | ||||||
3,650 | Ribbon Communications, Inc. (a) | 24,930 | ||||||
339 | Ubiquiti Networks, Inc. (b) | 33,514 | ||||||
201 | ViaSat, Inc. (a) | 12,854 | ||||||
668,873 | ||||||||
Construction & Engineering - 0.62% |
| |||||||
957 | AECOM (a) | 31,256 | ||||||
892 | Aegion Corp. (a) | 22,639 | ||||||
1,005 | Ameresco, Inc. (a) | 13,718 | ||||||
203 | Dycom Industries, Inc. (a) | 17,174 | ||||||
423 | EMCOR Group, Inc. | 31,771 | ||||||
844 | Fluor Corp. | 49,036 | ||||||
896 | IES Holdings, Inc. (a) | 17,472 | ||||||
662 | Jacobs Engineering Group, Inc. | 50,643 | ||||||
1,513 | KBR, Inc. | 31,970 | ||||||
304 | MasTec, Inc. (a) | 13,574 | ||||||
500 | NV5 Global, Inc. (a) | 43,350 | ||||||
2,495 | Orion Group Holdings, Inc. (a) | 18,837 | ||||||
765 | Quanta Services, Inc. (a) | 25,536 | ||||||
892 | Tutor Perini Corp. (a) | 16,770 | ||||||
761 | Willscot Corp. (a)(b) | 13,051 | ||||||
396,797 | ||||||||
Construction Materials - 0.05% |
| |||||||
211 | Eagle Materials, Inc. | 17,986 | ||||||
278 | US Concrete, Inc. (a) | 12,746 | ||||||
30,732 | ||||||||
Consumer Finance - 0.97% |
| |||||||
203 | Credit Acceptance Corp. (a)(b) | 88,928 | ||||||
1,039 | Curo Group Holdings Corp. (a) | 31,409 | ||||||
1,500 | Elevate Credit, Inc. (a) | 12,090 | ||||||
2,599 | Enova International, Inc. (a) | 74,851 | ||||||
1,290 | EZCORP, Inc. - Class A (a) | 13,803 | ||||||
395 | FirstCash, Inc. | 32,390 | ||||||
427 | Green Dot Corp. - Class A (a) | 37,926 | ||||||
3,776 | Navient Corp. | 50,900 | ||||||
510 | Nelnet, Inc. - Class A | 29,157 | ||||||
535 | OneMain Holdings, Inc. (a) | 17,981 |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Consumer Finance (Continued) |
| |||||||
648 | PRA Group, Inc. (a) | $ | 23,328 | |||||
2,519 | Regional Management Corp. (a) | 72,623 | ||||||
3,790 | Santander Consumer USA Holdings, Inc. | 75,952 | ||||||
5,225 | SLM Corp. (a) | 58,259 | ||||||
619,597 | ||||||||
Containers & Packaging - 0.60% |
| |||||||
308 | AptarGroup, Inc. | 33,184 | ||||||
1,101 | Berry Plastics Group, Inc. (a) | 53,277 | ||||||
314 | Greif, Inc. - Class A | 16,849 | ||||||
2,215 | Myers Industries, Inc. | 51,499 | ||||||
1,321 | Owens-Illinois, Inc. (a) | 24,821 | ||||||
949 | Packaging Corp. of America | 104,096 | ||||||
1,158 | Sealed Air Corp. | 46,494 | ||||||
776 | Silgan Holdings, Inc. | 21,573 | ||||||
572 | Sonoco Products Co. | 31,746 | ||||||
383,539 | ||||||||
Distributors - 0.10% |
| |||||||
1,025 | Core-Mark Holding Co., Inc. | 34,809 | ||||||
1,326 | Funko, Inc. (a) | 31,413 | ||||||
66,222 | ||||||||
Diversified Consumer Services - 1.79% |
| |||||||
2,044 | Adtalem Global Education, Inc. (a) | 98,521 | ||||||
1,527 | American Public Education, Inc. (a) | 50,467 | ||||||
303 | Bright Horizons Family Solutions, Inc. (a) | 35,705 | ||||||
3,846 | Cambium Learning Group, Inc. (a) | 45,537 | ||||||
3,491 | Career Education Corp. (a) | 52,121 | ||||||
674 | Carriage Services, Inc. | 14,525 | ||||||
2,460 | Chegg, Inc. (a) | 69,938 | ||||||
87 | Graham Holdings Co. - Class B | 50,399 | ||||||
638 | Grand Canyon Education, Inc. (a) | 71,966 | ||||||
4,372 | H&R Block, Inc. | 112,579 | ||||||
1,275 | Hillenbrand, Inc. | 66,682 | ||||||
3,657 | Houghton Mifflin Harcourt Co. (a) | 25,599 | ||||||
2,317 | K12, Inc. (a) | 41,011 | ||||||
321 | Matthews International Corp. - Class A | 16,098 | ||||||
2,606 | Regis Corp. (a) | 53,240 | ||||||
746 | Service Corp. International | 32,973 | ||||||
1,055 | ServiceMaster Global Holdings, Inc. (a) | 65,442 | ||||||
751 | Sotheby’s - Class A (a) | 36,942 | ||||||
934 | Strategic Education, Inc. | 127,986 | ||||||
1,024 | Weight Watchers International, Inc. (a) | 73,718 | ||||||
1,141,449 | ||||||||
Diversified Financial Services - 0.21% |
| |||||||
684 | Cannae Holdings, Inc. (a) | 14,330 | ||||||
707 | Encore Capital Group, Inc. (a)(b) | 25,346 | ||||||
1,791 | On Deck Capital, Inc. (a) | 13,558 | ||||||
831 | Voya Financial, Inc. | 41,275 | ||||||
361 | World Acceptance Corp. (a) | 41,284 | ||||||
135,793 | ||||||||
Diversified Telecommunication Services - 0.38% |
| |||||||
351 | Cogent Communications Holdings, Inc. | 19,586 | ||||||
3,367 | Frontier Communications Corp. | 21,852 | ||||||
570 | Intelsat SA (a) | 17,100 | ||||||
658 | Iridium Communications, Inc. (a) | 14,805 | ||||||
2,159 | Ooma, Inc. (a) | 35,840 | ||||||
6,705 | Vonage Holdings Corp. (a) | 94,943 | ||||||
3,056 | Windstream Holdings, Inc. (a) | 14,974 |
Number of | Value | |||||||
Diversified Telecommunication Services (Continued) |
| |||||||
649 | Zayo Group Holdings, Inc. (a) | $ | 22,533 | |||||
241,633 | ||||||||
Electric Utilities - 0.35% |
| |||||||
446 | ALLETE, Inc. | 33,454 | ||||||
280 | El Paso Electric Co. | 16,016 | ||||||
718 | Hawaiian Electric Industries, Inc. | 25,554 | ||||||
307 | IDACORP, Inc. | 30,464 | ||||||
943 | OGE Energy Corp. | 34,250 | ||||||
353 | Pinnacle West Capital Corp. | 27,951 | ||||||
520 | Portland General Electric Co. | 23,717 | ||||||
3,618 | Spark Energy, Inc. - Class A (b) | 29,848 | ||||||
221,254 | ||||||||
Electrical Equipment - 0.96% |
| |||||||
437 | Acuity Brands, Inc. | 68,696 | ||||||
510 | Allied Motion Technologies, Inc. | 27,759 | ||||||
831 | Atkore International Group, Inc. (a) | 22,047 | ||||||
344 | Belden, Inc. | 24,565 | ||||||
662 | Brady Corp. - Class A | 28,963 | ||||||
253 | EnerSys | 22,044 | ||||||
3,041 | Enphase Energy, Inc. (a) | 14,749 | ||||||
524 | Franklin Electric Co., Inc. | 24,759 | ||||||
583 | Generac Holdings, Inc. (a) | 32,887 | ||||||
993 | GrafTech International, Ltd. | 19,373 | ||||||
327 | Hubbell, Inc. | 43,677 | ||||||
527 | II-VI, Inc. (a) | 24,927 | ||||||
1,048 | nVent Electric PLC | 28,464 | ||||||
287 | Preformed Line Products Co. | 20,170 | ||||||
450 | Regal Beloit Corp. | 37,103 | ||||||
1,068 | Sensata Technologies Holding PLC (a) | 52,919 | ||||||
1,342 | Sunrun, Inc. (a) | 16,695 | ||||||
494 | Thermon Group Holdings, Inc. (a) | 12,735 | ||||||
1,499 | Vicor Corp. (a) | 68,954 | ||||||
229 | Woodward Governor Co. | 18,517 | ||||||
610,003 | ||||||||
Electronic Equipment, Instruments & Components - 2.83% |
| |||||||
842 | Anixter International, Inc. (a) | 59,193 | ||||||
891 | Arlo Technologies, Inc. (a)(b) | 12,928 | ||||||
516 | Arrow Electronics, Inc. (a) | 38,039 | ||||||
609 | Avnet, Inc. | 27,265 | ||||||
1,250 | AVX Corp. | 22,562 | ||||||
654 | Bel Fuse, Inc. - Class B | 17,331 | ||||||
1,066 | Benchmark Electronics, Inc. | 24,944 | ||||||
1,881 | CDW Corp. | 167,258 | ||||||
1,526 | Cognex Corp. | 85,181 | ||||||
183 | Coherent, Inc. (a) | 31,511 | ||||||
1,716 | Control4 Corp. (a) | 58,910 | ||||||
508 | CTS Corp. | 17,424 | ||||||
2,185 | Daktronics, Inc. | 17,130 | ||||||
571 | Dolby Laboratories, Inc. - Class A | 39,953 | ||||||
2,170 | Electro Scientific Industries, Inc. (a) | 37,866 | ||||||
506 | Fabrinet (a) | 23,408 | ||||||
394 | FARO Technologies, Inc. (a) | 25,354 | ||||||
3,074 | Fitbit, Inc. - Class A (a) | 16,446 | ||||||
1,161 | FLIR Systems, Inc. | 71,367 | ||||||
428 | Insight Enterprises, Inc. (a) | 23,151 | ||||||
3,876 | Iteris, Inc. (a) | 20,853 | ||||||
503 | Itron, Inc. (a) | 32,293 | ||||||
532 | Jabil, Inc. | 14,407 |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Electronic Equipment, Instruments & Components (Continued) |
| |||||||
1,312 | KEMET Corp. (a) | $ | 24,338 | |||||
1,545 | Keysight Technologies, Inc. (a) | 102,403 | ||||||
867 | Kimball Electronics, Inc. (a) | 17,037 | ||||||
1,326 | Knowles Corp. (a) | 22,038 | ||||||
107 | Littelfuse, Inc. | 21,174 | ||||||
95 | Mesa Laboratories, Inc. | 17,634 | ||||||
519 | Methode Electronics, Inc. | 18,788 | ||||||
295 | MTS Systems Corp. | 16,151 | ||||||
1,714 | Napco Security Technologies, Inc. (a) | 25,624 | ||||||
1,509 | National Instruments Corp. | 72,930 | ||||||
501 | Novanta, Inc. (a) | 34,268 | ||||||
244 | OSI Systems, Inc. (a) | 18,620 | ||||||
1,123 | PAR Technology Corp. (a) | 24,953 | ||||||
926 | PC Connection, Inc. | 36,012 | ||||||
474 | Plexus Corp. (a) | 27,734 | ||||||
166 | Rogers Corp. (a) | 24,455 | ||||||
1,146 | Sanmina Corp. (a) | 31,630 | ||||||
544 | ScanSource, Inc. (a) | 21,706 | ||||||
278 | SYNNEX Corp. | 23,547 | ||||||
347 | Tech Data Corp. (a) | 24,835 | ||||||
2,242 | Trimble, Inc. (a) | 97,437 | ||||||
1,874 | TTM Technologies, Inc. (a) | 29,815 | ||||||
1,951 | Vishay Intertechnology, Inc. | 39,703 | ||||||
493 | Vishay Precision Group, Inc. (a) | 18,438 | ||||||
733 | Zebra Technologies Corp. - Class A (a) | 129,616 | ||||||
1,805,660 | ||||||||
Energy Equipment & Services - 1.14% |
| |||||||
471 | Apergy Corp. (a) | 20,517 | ||||||
1,399 | Basic Energy Services, Inc. (a) | 13,976 | ||||||
342 | Cactus, Inc. (a) | 13,092 | ||||||
2,641 | Dawson Geophysical Co. (a) | 16,348 | ||||||
1,787 | Diamond Offshore Drilling, Inc. (a)(b) | 35,740 | ||||||
341 | Dril-Quip, Inc. (a) | 17,817 | ||||||
2,604 | FTS International, Inc. (a) | 30,701 | ||||||
1,577 | Helix Energy Solutions Group, Inc. (a) | 15,581 | ||||||
492 | Helmerich & Payne, Inc. | 33,835 | ||||||
1,152 | ION Geophysical Corp. (a) | 17,914 | ||||||
1 | KLX Energy Services Holdings, Inc. (a) | 6 | ||||||
596 | Liberty Oilfield Services, Inc. | 12,856 | ||||||
1,173 | Mammoth Energy Services, Inc. | 34,134 | ||||||
1,952 | Matrix Service Co. (a) | 48,117 | ||||||
1,553 | McDermott International, Inc. (a) | 28,622 | ||||||
1,671 | Newpark Resources, Inc. (a) | 17,295 | ||||||
5,098 | Noble Corp. PLC (a) | 35,839 | ||||||
860 | Ocean Rig UDW, Inc. (a) | 29,773 | ||||||
1,099 | Oceaneering International, Inc. (a) | 30,332 | ||||||
639 | Oil States International, Inc. (a) | 21,215 | ||||||
4,287 | Pioneer Energy Services Corp. (a) | 12,647 | ||||||
8,517 | Profire Energy, Inc. (a) | 27,169 | ||||||
1,191 | RigNet, Inc. (a) | 24,237 | ||||||
1,746 | Rowan Cos., Inc. - Class A (a) | 32,877 | ||||||
1,003 | RPC, Inc. (b) | 15,527 | ||||||
330 | Seacor Holdings, Inc. (a) | 16,305 | ||||||
624 | SEACOR Marine Holdings, Inc. (a) | 14,121 | ||||||
4,142 | TETRA Technologies, Inc. (a) | 18,680 | ||||||
412 | Tidewater, Inc. (a) | 12,850 | ||||||
5,532 | Transocean, Ltd. (a)(b) | 77,171 | ||||||
725,294 | ||||||||
Number of | Value | |||||||
Entertainment - 0.61% |
| |||||||
688 | AMC Entertainment Holdings, Inc. - Class A (b) | $ | 14,104 | |||||
1,376 | Eros International PLC (a) | 16,581 | ||||||
4,166 | Glu Mobile, Inc. (a) | 31,037 | ||||||
866 | Lions Gate Entertainment Corp. - Class A | 21,122 | ||||||
751 | Lions Gate Entertainment Corp. - Class B | 17,498 | ||||||
1,506 | Live Nation Entertainment, Inc. (a) | 82,032 | ||||||
3,344 | Pandora Media, Inc. (a)(b) | 31,801 | ||||||
2,667 | Rosetta Stone, Inc. (a) | 53,046 | ||||||
93 | The Madison Square Garden Co. - Class A (a) | 29,325 | ||||||
329 | The Marcus Corp. | 13,834 | ||||||
641 | World Wrestling Entertainment, Inc. - Class A | 62,004 | ||||||
3,683 | Zynga, Inc. - Class A (a) | 14,769 | ||||||
387,153 | ||||||||
Food & Staples Retailing - 1.03% |
| |||||||
896 | BJ’s Wholesale Club Holdings, Inc. (a) | 23,995 | ||||||
532 | Casey’s General Stores, Inc. | 68,687 | ||||||
1,791 | Diplomat Pharmacy, Inc. (a) | 34,763 | ||||||
1,090 | Ingles Markets, Inc. - Class A | 37,332 | ||||||
2,198 | Natural Grocers by Vitamin Cottage, Inc. (a) | 37,124 | ||||||
1,597 | Performance Food Group Co. (a) | 53,180 | ||||||
186 | PriceSmart, Inc. | 15,057 | ||||||
15,276 | Rite Aid Corp. (a) | 19,553 | ||||||
1,656 | SpartanNash Co. | 33,219 | ||||||
1,988 | Sprouts Farmers Market, Inc. (a) | 54,491 | ||||||
757 | SUPERVALU, Inc. (a) | 24,391 | ||||||
1,314 | The Chefs’ Warehouse, Inc. (a) | 47,764 | ||||||
883 | United Natural Foods, Inc. (a) | 26,446 | ||||||
3,185 | US Foods Holding Corp. (a) | 98,162 | ||||||
1,158 | Village Super Market, Inc. - Class A | 31,498 | ||||||
1,093 | Weis Markets, Inc. | 47,436 | ||||||
653,098 | ||||||||
Food Products - 1.09% |
| |||||||
188 | Calavo Growers, Inc. | 18,161 | ||||||
349 | Cal-Maine Foods, Inc. | 16,857 | ||||||
1,576 | Darling International, Inc. (a) | 30,448 | ||||||
5,105 | Dean Foods Co. | 36,246 | ||||||
1,330 | Farmer Brothers Co. (a) | 35,112 | ||||||
2,828 | Flowers Foods, Inc. | 52,770 | ||||||
612 | Fresh Del Monte Produce, Inc. | 20,741 | ||||||
1,758 | Freshpet, Inc. (a)(b) | 64,519 | ||||||
1,124 | Hostess Brands, Inc. (a) | 12,443 | ||||||
647 | Ingredion, Inc. | 67,909 | ||||||
160 | J&J Snack Foods Corp. | 24,142 | ||||||
181 | John B. Sanfilippo & Son, Inc. | 12,920 | ||||||
1,157 | Lamb Weston Holdings, Inc. | 77,056 | ||||||
169 | Lancaster Colony Corp. | 25,216 | ||||||
814 | Pilgrim’s Pride Corp. (a) | 14,725 | ||||||
735 | Pinnacle Foods, Inc. | 47,635 | ||||||
384 | Post Holdings, Inc. (a) | 37,647 | ||||||
319 | Sanderson Farms, Inc. (b) | 32,975 | ||||||
415 | Seneca Foods Corp. - Class A (a) | 13,986 | ||||||
723 | Simply Good Foods Co. (a) | 14,062 | ||||||
550 | The Hain Celestial Group, Inc. (a) | 14,916 | ||||||
555 | TreeHouse Foods, Inc. (a)(b) | 26,557 | ||||||
697,043 | ||||||||
Gas Utilities - 0.36% |
| |||||||
414 | Atmos Energy Corp. | 38,878 | ||||||
365 | National Fuel Gas Co. | 20,462 |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Gas Utilities (Continued) |
| |||||||
378 | New Jersey Resources Corp. | $ | 17,426 | |||||
340 | ONE Gas, Inc. | 27,975 | ||||||
209 | Spire, Inc. | 15,372 | ||||||
1,985 | UGI Corp. | 110,128 | ||||||
230,241 | ||||||||
Health Care Equipment & Supplies - 4.53% |
| |||||||
4,669 | Accuray, Inc. (a) | 21,011 | ||||||
1,268 | AngioDynamics, Inc. (a) | 27,566 | ||||||
405 | Anika Therapeutics, Inc. (a) | 17,083 | ||||||
5,550 | Antares Pharma, Inc. (a) | 18,648 | ||||||
886 | AtriCure, Inc. (a) | 31,037 | ||||||
59 | Atrion Corp. | 40,993 | ||||||
445 | Avanos Medical, Inc. (a) | 30,483 | ||||||
1,754 | AxoGen, Inc. (a) | 64,635 | ||||||
455 | Cantel Medical Corp. | 41,887 | ||||||
1,253 | Cardiovascular Systems, Inc. (a) | 49,042 | ||||||
2,558 | Cerus Corp. (a) | 18,443 | ||||||
304 | CONMED Corp. | 24,083 | ||||||
422 | CryoLife, Inc. (a) | 14,854 | ||||||
1,251 | CryoPort, Inc. (a)(b) | 16,025 | ||||||
1,762 | Cutera, Inc. (a) | 57,353 | ||||||
1,114 | CytoSorbents Corp. (a) | 14,371 | ||||||
1,099 | DexCom, Inc. (a) | 157,201 | ||||||
599 | FONAR Corp. (a) | 14,915 | ||||||
858 | Glaukos Corp. (a) | 55,684 | ||||||
2,053 | Globus Medical, Inc. - Class A (a) | 116,528 | ||||||
776 | Haemonetics Corp. (a) | 88,914 | ||||||
631 | Heska Corp. (a) | 71,499 | ||||||
720 | Hill-Rom Holdings, Inc. | 67,968 | ||||||
155 | ICU Medical, Inc. (a) | 43,826 | ||||||
510 | Inogen, Inc. (a) | 124,501 | ||||||
691 | Insulet Corp. (a) | 73,212 | ||||||
750 | Integer Holdings Corp. (a) | 62,213 | ||||||
593 | Integra LifeSciences Holdings Corp. (a) | 39,061 | ||||||
568 | IntriCon Corp. (a) | 31,922 | ||||||
901 | iRadimed Corp. (a) | 33,472 | ||||||
506 | iRhythm Technologies, Inc. (a) | 47,898 | ||||||
820 | K2M Group Holdings, Inc. (a) | 22,443 | ||||||
1,876 | Lantheus Holdings, Inc. (a) | 28,046 | ||||||
1,427 | LeMaitre Vascular, Inc. | 55,282 | ||||||
283 | LivaNova PLC (a) | 35,084 | ||||||
631 | Masimo Corp. (a) | 78,585 | ||||||
1,166 | Meridian Bioscience, Inc. | 17,373 | ||||||
423 | Merit Medical Systems, Inc. (a) | 25,993 | ||||||
451 | Natus Medical, Inc. (a) | 16,078 | ||||||
382 | Neogen Corp. (a) | 27,325 | ||||||
768 | Neuronetics, Inc. (a) | 24,622 | ||||||
949 | Novocure, Ltd. (a) | 49,728 | ||||||
1,082 | NuVasive, Inc. (a) | 76,800 | ||||||
577 | Nuvectra Corp. (a) | 12,683 | ||||||
1,161 | NxStage Medical, Inc. (a) | 32,380 | ||||||
1,229 | OraSure Technologies, Inc. (a) | 18,988 | ||||||
758 | Orthofix Medical, Inc. (a) | 43,820 | ||||||
443 | OrthoPediatrics Corp. (a) | 16,232 | ||||||
1,134 | Oxford Immunotec Global PLC (a) | 18,405 | ||||||
384 | Penumbra, Inc. (a) | 57,485 | ||||||
453 | Quidel Corp. (a) | 29,522 | ||||||
4,041 | RTI Surgical, Inc. (a) | 18,185 | ||||||
1,422 | SeaSpine Holdings Corp. (a) | 22,126 |
Number of | Value | |||||||
Health Care Equipment & Supplies (Continued) |
| |||||||
623 | Sientra, Inc. (a) | $ | 14,877 | |||||
2,583 | STAAR Surgical Co. (a) | 123,984 | ||||||
576 | STERIS PLC | 65,894 | ||||||
516 | SurModics, Inc. (a) | 38,519 | ||||||
1,630 | Tactile Systems Technology, Inc. (a)(b) | 115,812 | ||||||
1,260 | Tandem Diabetes Care, Inc. (a) | 53,978 | ||||||
330 | The Cooper Cos., Inc. | 91,460 | ||||||
3,619 | TransEnterix, Inc. (a)(b) | 20,990 | ||||||
146 | Utah Medical Products, Inc. | 13,753 | ||||||
834 | Varex Imaging Corp. (a) | 23,902 | ||||||
527 | West Pharmaceutical Services, Inc. | 65,069 | ||||||
563 | Wright Medical Group NV (a) | 16,338 | ||||||
2,888,089 | ||||||||
Health Care Providers & Services - 2.89% |
| |||||||
662 | Acadia Healthcare Co., Inc. (a) | 23,302 | ||||||
555 | Addus HomeCare Corp. (a) | 38,933 | ||||||
925 | Amedisys, Inc. (a)(b) | 115,588 | ||||||
855 | American Renal Associates Holdings, Inc. (a) | 18,511 | ||||||
1,069 | AMN Healthcare Services, Inc. (a) | 58,474 | ||||||
717 | Apollo Medical Holdings, Inc. (a)(b) | 15,824 | ||||||
8,380 | BioScrip, Inc. (a) | 25,978 | ||||||
1,015 | BioTelemetry, Inc. (a) | 65,417 | ||||||
2,567 | Brookdale Senior Living, Inc. (a) | 25,234 | ||||||
1,522 | Capital Senior Living Corp. (a) | 14,368 | ||||||
234 | Chemed Corp. | 74,782 | ||||||
1,001 | Civitas Solutions, Inc. (a) | 14,765 | ||||||
359 | CorVel Corp. (a) | 21,630 | ||||||
5,394 | Cross Country Healthcare, Inc. (a) | 47,090 | ||||||
1,150 | Encompass Health Corp. | 89,642 | ||||||
1,418 | Envision Healthcare Corp. (a) | 64,845 | ||||||
592 | HealthEquity, Inc. (a) | 55,891 | ||||||
534 | HMS Holdings Corp. (a) | 17,520 | ||||||
437 | LHC Group, Inc. (a) | 45,007 | ||||||
432 | LifePoint Health, Inc. (a) | 27,821 | ||||||
514 | Magellan Health Services, Inc. (a) | 37,034 | ||||||
882 | MEDNAX, Inc. (a) | 41,154 | ||||||
1,059 | Molina Healthcare, Inc. (a) | 157,473 | ||||||
334 | National HealthCare Corp. | 25,174 | ||||||
1,763 | National Research Corp. - Class A | 68,052 | ||||||
1,531 | Owens & Minor, Inc. | 25,292 | ||||||
682 | Patterson Cos., Inc. (b) | 16,675 | ||||||
1,108 | PerkinElmer, Inc. | 107,775 | ||||||
310 | PetIQ, Inc. (a) | 12,186 | ||||||
503 | Premier, Inc. - Class A (a) | 23,027 | ||||||
192 | Providence Service Corp. (a) | 12,918 | ||||||
3,496 | R1 RCM, Inc. (a) | 35,519 | ||||||
5,556 | RadNet, Inc. (a) | 83,618 | ||||||
1,287 | Select Medical Holdings Corp. (a) | 23,681 | ||||||
1,686 | Surgery Partners, Inc. (a) | 27,819 | ||||||
898 | The Ensign Group, Inc. | 34,052 | ||||||
590 | Tivity Health, Inc. (a) | 18,968 | ||||||
1,845 | Triple-S Management Corp. - Class B (a) | 34,852 | ||||||
518 | Trupanion, Inc. (a) | 18,508 | ||||||
123 | US Physical Therapy, Inc. | 14,588 | ||||||
508 | WellCare Health Plans, Inc. (a) | 162,809 | ||||||
1,841,796 | ||||||||
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Health Care Technology - 0.86% |
| |||||||
2,306 | Allscripts Healthcare Solutions, Inc. (a) | $ | 32,860 | |||||
354 | athenahealth, Inc. (a) | 47,294 | ||||||
615 | Computer Programs & Systems, Inc. | 16,513 | ||||||
465 | Evolent Health, Inc. - Class A (a) | 13,206 | ||||||
477 | Inspire Medical Systems, Inc. (a) | 20,072 | ||||||
532 | Medidata Solutions, Inc. (a) | 39,001 | ||||||
5,284 | NextGen Healthcare, Inc. (a) | 106,103 | ||||||
389 | Omnicell, Inc. (a) | 27,969 | ||||||
1,387 | Simulations Plus, Inc. | 28,017 | ||||||
388 | Tabula Rasa HealthCare, Inc. (a) | 31,502 | ||||||
453 | Teladoc Health, Inc. (a) | 39,117 | ||||||
1,027 | Veeva Systems, Inc. - Class A (a) | 111,809 | ||||||
958 | Vocera Communications, Inc. (a) | 35,044 | ||||||
548,507 | ||||||||
Hotels, Restaurants & Leisure - 2.71% |
| |||||||
1,029 | Aramark | 44,268 | ||||||
2,504 | BBX Capital Corp. | 18,580 | ||||||
79 | Biglari Holdings, Inc. - Class B (a) | 14,327 | ||||||
193 | BJ’s Restaurants, Inc. | 13,935 | ||||||
678 | Bloomin’ Brands, Inc. | 13,418 | ||||||
1,093 | Bluegreen Vacations Corp. | 19,554 | ||||||
1,175 | Bojangles’, Inc. (a) | 18,447 | ||||||
1,048 | Boyd Gaming Corp. | 35,475 | ||||||
1,253 | Brinker International, Inc. | 58,553 | ||||||
3,135 | Callaway Golf Co. | 76,149 | ||||||
2,607 | Century Casinos, Inc. (a) | 19,448 | ||||||
504 | Cheesecake Factory, Inc. | 26,984 | ||||||
990 | Choice Hotels International, Inc. | 82,467 | ||||||
187 | Churchill Downs, Inc. | 51,930 | ||||||
606 | Chuy’s Holdings, Inc. (a) | 15,908 | ||||||
100 | Cracker Barrel Old Country Store, Inc. (b) | 14,713 | ||||||
258 | Dave & Buster’s Entertainment, Inc. | 17,085 | ||||||
1,351 | Del Taco Restaurants, Inc. (a) | 15,955 | ||||||
1,622 | Denny’s Corp. (a) | 23,876 | ||||||
177 | Dine Brands Global, Inc. | 14,392 | ||||||
559 | Domino’s Pizza, Inc. | 164,793 | ||||||
2,597 | Drive Shack, Inc. (a) | 15,478 | ||||||
428 | Dunkin’ Brands Group, Inc. | 31,552 | ||||||
1,638 | El Pollo Loco Holdings, Inc. (a) | 20,557 | ||||||
668 | Eldorado Resorts, Inc. (a) | 32,465 | ||||||
1,475 | Extended Stay America, Inc. | 29,839 | ||||||
843 | Fiesta Restaurant Group, Inc. (a) | 22,550 | ||||||
440 | Hyatt Hotels Corp. - Class A | 35,020 | ||||||
415 | International Speedway Corp. - Class A | 18,177 | ||||||
1,482 | J Alexander’s Holdings, Inc. (a) | 17,636 | ||||||
252 | Jack in the Box, Inc. | 21,125 | ||||||
929 | Lindblad Expeditions Holdings, Inc. (a) | 13,814 | ||||||
331 | Marriott Vacations Worldwide Corp. | 37,004 | ||||||
405 | Monarch Casino & Resort, Inc. (a) | 18,407 | ||||||
274 | Nathan’s Famous, Inc. | 22,578 | ||||||
1,514 | Noodles & Co. - Class A (a) | 18,319 | ||||||
530 | Papa John’s International, Inc. (b) | 27,178 | ||||||
1,180 | Penn National Gaming, Inc. (a)(b) | 38,846 | ||||||
1,363 | Pinnacle Entertainment, Inc. (a) | 45,919 | ||||||
518 | Planet Fitness, Inc. - Class A (a) | 27,988 | ||||||
2,910 | Potbelly Corp. (a) | 35,793 | ||||||
481 | RCI Hospitality Holdings, Inc. | 14,242 | ||||||
1,064 | Red Lion Hotels Corp. (a) | 13,300 | ||||||
422 | Red Robin Gourmet Burgers, Inc. (a) | 16,943 |
Number of | Value | |||||||
Hotels, Restaurants & Leisure (Continued) |
| |||||||
514 | Red Rock Resorts, Inc. | $ | 13,698 | |||||
1,273 | Ruth’s Hospitality Group, Inc. | 40,163 | ||||||
529 | SeaWorld Entertainment, Inc. (a) | 16,626 | ||||||
289 | Shake Shack, Inc. (a) | 18,210 | ||||||
271 | Six Flags Entertainment Corp. (b) | 18,921 | ||||||
715 | Sonic Corp. | 30,988 | ||||||
745 | Speedway Motorsports, Inc. | 13,298 | ||||||
400 | Texas Roadhouse, Inc. | 27,716 | ||||||
736 | The Wendy’s Co. | 12,615 | ||||||
2,837 | Town Sports International Holdings, Inc. (a) | 24,540 | ||||||
203 | Vail Resorts, Inc. | 55,707 | ||||||
703 | Wingstop, Inc. (b) | 47,994 | ||||||
593 | Wyndham Destinations, Inc. | 25,712 | ||||||
854 | Wyndham Hotels & Resorts, Inc. | 47,457 | ||||||
1,728,632 | ||||||||
Household Durables - 1.41% |
| |||||||
906 | AV Homes, Inc. (a) | 18,120 | ||||||
1,227 | Bassett Furniture Industries, Inc. | 26,074 | ||||||
1,217 | Beazer Homes USA, Inc. (a) | 12,778 | ||||||
75 | Cavco Industries, Inc. (a) | 18,975 | ||||||
1,142 | Ethan Allen Interiors, Inc. | 23,696 | ||||||
3,118 | GoPro, Inc. - Class A (a) | 22,450 | ||||||
2,156 | Green Brick Partners, Inc. (a) | 21,776 | ||||||
747 | Hamilton Beach Brands Holding Co. | 16,389 | ||||||
273 | Helen of Troy, Ltd. (a) | 35,736 | ||||||
676 | Hooker Furniture Corp. | 22,849 | ||||||
9,989 | Hovnanian Enterprises, Inc. - Class A (a) | 15,982 | ||||||
412 | Installed Building Products, Inc. (a) | 16,068 | ||||||
480 | iRobot Corp. (a) | 52,762 | ||||||
1,716 | KB Home | 41,029 | ||||||
953 | La-Z-Boy, Inc. | 30,115 | ||||||
521 | Lovesac Co. (a) | 13,015 | ||||||
145 | National Presto Industries, Inc. | 18,799 | ||||||
38 | NVR, Inc. (a) | 93,890 | ||||||
2,241 | PulteGroup, Inc. | 55,510 | ||||||
2,606 | Purple Innovation, Inc. (a)(b) | 15,115 | ||||||
652 | Roku, Inc. (a)(b) | 47,616 | ||||||
712 | Skyline Champion Corp. | 20,342 | ||||||
728 | Taylor Morrison Home Corp. - Class A (a) | 13,133 | ||||||
527 | Tempur Sealy International, Inc. (a)(b) | 27,878 | ||||||
1,323 | Toll Brothers, Inc. | 43,699 | ||||||
329 | TopBuild Corp. (a) | 18,694 | ||||||
1,636 | TRI Pointe Group, Inc. (a) | 20,286 | ||||||
973 | Tupperware Brands Corp. | 32,547 | ||||||
1,728 | Turtle Beach Corp. (a) | 34,456 | ||||||
400 | Universal Electronics, Inc. (a) | 15,740 | ||||||
838 | William Lyon Homes (a) | 13,316 | ||||||
2,710 | ZAGG, Inc. (a) | 39,972 | ||||||
898,807 | ||||||||
Household Products - 0.31% |
| |||||||
537 | Central Garden & Pet Co. (a) | 19,353 | ||||||
653 | Central Garden & Pet Co. - Class A (a) | 21,640 | ||||||
568 | Energizer Holdings, Inc. | 33,313 | ||||||
437 | Oil-Dri Corp. of America | 16,851 | ||||||
387 | Spectrum Brands Holdings, Inc. | 28,917 | ||||||
438 | WD-40 Co. | 75,380 | ||||||
195,454 | ||||||||
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Independent Power and Renewable Electricity |
| |||||||
18,511 | Atlantic Power Corp. (a) | $ | 40,724 | |||||
2,258 | Clearway Energy, Inc. - Class A | 42,992 | ||||||
2,316 | Clearway Energy, Inc. - Class C | 44,583 | ||||||
3,684 | NRG Energy, Inc. | 137,782 | ||||||
6,962 | Vistra Energy Corp. (a) | 173,215 | ||||||
439,296 | ||||||||
Industrial Conglomerates - 0.17% |
| |||||||
276 | Carlisle Companies, Inc. | 33,617 | ||||||
523 | Otter Tail Corp. | 25,052 | ||||||
467 | Raven Industries, Inc. | 21,365 | ||||||
4 | Seaboard Corp. | 14,840 | ||||||
622 | Tredegar Corp. | 13,466 | ||||||
108,340 | ||||||||
Insurance - 2.96% |
| |||||||
64 | Alleghany Corp. | 41,762 | ||||||
1,252 | American Equity Investment Life Holding Co. | 44,271 | ||||||
951 | American Financial Group, Inc. | 105,532 | ||||||
99 | American National Insurance Co. | 12,800 | ||||||
868 | AMERISAFE, Inc. | 53,773 | ||||||
1,659 | AmTrust Financial Services, Inc. | 24,089 | ||||||
244 | Argo Group International Holdings, Ltd. | 15,384 | ||||||
731 | Assurant, Inc. | 78,911 | ||||||
1,871 | Assured Guaranty, Ltd. | 79,012 | ||||||
3,370 | Brown & Brown, Inc. | 99,651 | ||||||
1,653 | CNO Financial Group, Inc. | 35,077 | ||||||
1,841 | Crawford & Co. - Class B | 16,956 | ||||||
662 | Employers Holdings, Inc. | 29,989 | ||||||
419 | Erie Indemnity Co. - Class A (b) | 53,435 | ||||||
253 | Everest Re Group, Ltd. | 57,803 | ||||||
222 | FBL Financial Group, Inc. - Class A | 16,705 | ||||||
777 | FedNat Holding Co. | 19,798 | ||||||
1,313 | First American Financial Corp. | 67,738 | ||||||
725 | Health Insurance Innovations, Inc. - Class A (a)(b) | 44,696 | ||||||
1,279 | Heritage Insurance Holdings, Inc. | 18,955 | ||||||
419 | Horace Mann Educators Corp. | 18,813 | ||||||
510 | Independence Holding Co. | 18,309 | ||||||
124 | Investors Title Co. | 20,820 | ||||||
470 | James River Group Holdings, Ltd. | 20,031 | ||||||
529 | Kemper Corp. | 42,558 | ||||||
1,144 | National General Holdings Corp. | 30,705 | ||||||
85 | National Western Life Group, Inc. - Class A | 27,132 | ||||||
2,660 | Old Republic International Corp. | 59,531 | ||||||
626 | Primerica, Inc. | 75,464 | ||||||
452 | ProAssurance Corp. | 21,221 | ||||||
686 | Reinsurance Group of America, Inc. | 99,168 | ||||||
391 | RLI Corp. | 30,725 | ||||||
147 | Safety Insurance Group, Inc. | 13,171 | ||||||
612 | Selective Insurance Group, Inc. | 38,862 | ||||||
412 | State Auto Financial Corp. | 12,582 | ||||||
286 | Stewart Information Services Corp. | 12,873 | ||||||
373 | The Hanover Insurance Group, Inc. | 46,017 | ||||||
184 | The Navigators Group, Inc. | 12,714 | ||||||
1,253 | Third Point Reinsurance, Ltd. (a) | 16,289 | ||||||
2,196 | Tiptree, Inc. - Class A | 14,384 | ||||||
1,415 | Torchmark Corp. | 122,666 | ||||||
340 | United Fire Group, Inc. | 17,262 | ||||||
908 | United Insurance Holdings Corp. | 20,321 | ||||||
1,750 | Universal Insurance Holdings, Inc. | 84,963 |
Number of | Value | |||||||
Insurance (Continued) |
| |||||||
1,191 | W.R. Berkley Corp. | $ | 95,197 | |||||
1,888,115 | ||||||||
Interactive Media & Services - 1.11% |
| |||||||
1,338 | Care.com, Inc. (a) | 29,583 | ||||||
1,189 | Cargurus, Inc. (a) | 66,215 | ||||||
1,377 | Cars.com, Inc. (a) | 38,019 | ||||||
1,307 | Match Group, Inc. (a) | 75,688 | ||||||
5,757 | QuinStreet, Inc. (a) | 78,123 | ||||||
12,783 | The Meet Group, Inc. (a) | 63,276 | ||||||
3,583 | Travelzoo (a) | 42,459 | ||||||
1,136 | TripAdvisor, Inc. (a) | 58,016 | ||||||
4,511 | TrueCar, Inc. (a) | 63,605 | ||||||
1,735 | XO Group, Inc. (a) | 59,823 | ||||||
1,671 | Yelp, Inc. - Class A (a) | 82,213 | ||||||
442 | Zillow Group, Inc. - Class A (a) | 19,536 | ||||||
701 | Zillow Group, Inc. - Class C (a) | 31,019 | ||||||
707,575 | ||||||||
Internet & Direct Marketing Retail - 1.18% |
| |||||||
3,202 | 1-800-Flowers.Com, Inc. - Class A (a) | 37,784 | ||||||
1,341 | Duluth Holdings, Inc. - Class B (a) | 42,188 | ||||||
1,570 | Etsy, Inc. (a) | 80,667 | ||||||
924 | Gaia, Inc. (a) | 14,230 | ||||||
8,004 | Groupon, Inc. (a) | 30,175 | ||||||
462 | GrubHub, Inc. (a) | 64,042 | ||||||
1,853 | Lands’ End, Inc. (a) | 32,520 | ||||||
2,185 | Leaf Group, Ltd. (a) | 21,850 | ||||||
486 | Liberty Expedia Holdings, Inc. - Class A (a) | 22,861 | ||||||
838 | Nutrisystem, Inc. | 31,048 | ||||||
1,462 | Overstock.com, Inc. (a)(b) | 40,497 | ||||||
707 | PetMed Express, Inc. | 23,338 | ||||||
1,601 | Quotient Technology, Inc. (a) | 24,816 | ||||||
4,549 | Remark Holdings, Inc. (a) | 14,511 | ||||||
514 | Shutterfly, Inc. (a) | 33,867 | ||||||
614 | Shutterstock, Inc. (b) | 33,512 | ||||||
269 | Stamps.com, Inc. (a)(b) | 60,848 | ||||||
974 | Wayfair, Inc. - Class A (a)(b) | 143,831 | ||||||
752,585 | ||||||||
IT Services - 3.38% |
| |||||||
1,113 | Acxiom Holdings, Inc. (a) | 54,993 | ||||||
1,167 | Black Knight, Inc. (a) | 60,626 | ||||||
2,269 | Booz Allen Hamilton Holding Corp. - Class A | 112,610 | ||||||
3,529 | Brightcove, Inc. (a) | 29,644 | ||||||
464 | CACI International, Inc. - Class A (a) | 85,446 | ||||||
1,506 | Carbonite, Inc. (a) | 53,689 | ||||||
1,084 | Cardtronics PLC - Class A (a) | 34,298 | ||||||
195 | Cass Information Systems, Inc. | 12,698 | ||||||
2,788 | Conduent, Inc. (a) | 62,786 | ||||||
3,676 | Convergys Corp. | 87,268 | ||||||
1,088 | CoreLogic, Inc. (a) | 53,758 | ||||||
1,294 | CSG Systems International, Inc. | 51,941 | ||||||
515 | EPAM Systems, Inc. (a) | 70,915 | ||||||
438 | Euronet Worldwide, Inc. (a)(b) | 43,896 | ||||||
1,520 | �� | EVERTEC, Inc. | 36,632 | |||||
2,303 | Exela Technologies, Inc. (a) | 16,420 | ||||||
538 | ExlService Holdings, Inc. (a) | 35,616 | ||||||
1,853 | Genpact, Ltd. | 56,720 | ||||||
969 | GoDaddy, Inc. - Class A (a) | 80,805 | ||||||
349 | GTT Communications, Inc. (a)(b) | 15,147 |
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
IT Services (Continued) |
| |||||||
8,664 | Information Services Group, Inc. (a) | $ | 41,414 | |||||
1,338 | Leidos Holdings, Inc. | 92,536 | ||||||
668 | ManTech International Corp. - Class A | 42,284 | ||||||
1,785 | Maximus, Inc. | 116,132 | ||||||
2,526 | NIC, Inc. | 37,385 | ||||||
535 | Okta, Inc. (a) | 37,643 | ||||||
1,853 | Perficient, Inc. (a) | 49,382 | ||||||
2,475 | Perspecta, Inc. | 63,657 | ||||||
5,185 | PFSweb, Inc. (a) | 38,369 | ||||||
2,096 | Presidio, Inc. | 31,964 | ||||||
2,565 | PRGX Global, Inc. (a) | 22,316 | ||||||
2,331 | Sabre Corp. | 60,792 | ||||||
660 | Science Applications International Corp. | 53,196 | ||||||
6,271 | ServiceSource International, Inc. (a) | 17,872 | ||||||
1,262 | Syntel, Inc. (a) | 51,717 | ||||||
2,154 | The Hackett Group, Inc. | 43,403 | ||||||
2,118 | Travelport Worldwide, Ltd. | 35,731 | ||||||
840 | TTEC Holdings, Inc. | 21,756 | ||||||
331 | Tucows, Inc. - Class A (a)(b) | 18,453 | ||||||
767 | Twilio, Inc. - Class A (a)(b) | 66,177 | ||||||
2,157 | Unisys Corp. (a)(b) | 44,003 | ||||||
572 | Virtusa Corp. (a) | 30,722 | ||||||
1,374 | Web.com Group, Inc. (a) | 38,335 | ||||||
222 | WEX, Inc. (a) | 44,569 | ||||||
2,155,716 | ||||||||
Leisure Products - 1.06% |
| |||||||
1,131 | Acushnet Holdings Corp. | 31,023 | ||||||
1,726 | American Outdoor Brands Corp. (a) | 26,805 | ||||||
926 | Brunswick Corp. | 62,061 | ||||||
1,226 | Clarus Corp. | 13,547 | ||||||
509 | Johnson Outdoors, Inc. - Class A | 47,332 | ||||||
970 | Malibu Boats, Inc. - Class A (a) | 53,078 | ||||||
1,817 | Marine Products Corp. | 41,591 | ||||||
1,367 | Mattel, Inc. (a)(b) | 21,462 | ||||||
2,894 | MCBC Holdings, Inc. (a) | 103,837 | ||||||
1,586 | Nautilus, Inc. (a) | 22,125 | ||||||
556 | Polaris Industries, Inc. (b) | 56,128 | ||||||
860 | Pool Corp. | 143,517 | ||||||
504 | Sturm, Ruger & Company, Inc. | 34,801 | ||||||
1,047 | Vista Outdoor, Inc. (a) | 18,731 | ||||||
676,038 | ||||||||
�� | ||||||||
Life Sciences Tools & Services - 1.14% |
| |||||||
153 | Bio-Rad Laboratories, Inc. - Class A (a) | 47,887 | ||||||
196 | Bio-Techne Corp. | 40,006 | ||||||
1,386 | Bruker Corp. | 46,362 | ||||||
768 | Cambrex Corp. (a) | 52,531 | ||||||
594 | Charles River Laboratories International, Inc. (a) | 79,917 | ||||||
927 | Codexis, Inc. (a) | 15,898 | ||||||
4,620 | Enzo Biochem, Inc. (a) | 19,034 | ||||||
2,185 | Fluidigm Corp. (a) | 16,366 | ||||||
3,326 | Harvard Bioscience, Inc. (a) | 17,462 | ||||||
1,706 | Luminex Corp. | 51,709 | ||||||
1,775 | Medpace Holdings, Inc. (a) | 106,340 | ||||||
1,627 | NanoString Technologies, Inc. (a) | 29,009 | ||||||
1,351 | NeoGenomics, Inc. (a) | 20,738 | ||||||
532 | PRA Health Sciences, Inc. (a) | 58,621 | ||||||
1,855 | QIAGEN NV (a) | 70,267 | ||||||
1,055 | Syneos Health, Inc. (a) | 54,385 | ||||||
726,532 | ||||||||
Number of | Value | |||||||
Machinery - 3.37% |
| |||||||
604 | AGCO Corp. | $ | 36,717 | |||||
225 | Alamo Group, Inc. | 20,612 | ||||||
1,274 | Allison Transmission Holdings, Inc. | 66,261 | ||||||
388 | Altra Industrial Motion Corp. | 16,024 | ||||||
263 | Astec Industries, Inc. | 13,258 | ||||||
525 | Badger Meter, Inc. (b) | 27,799 | ||||||
583 | Barnes Group, Inc. | 41,410 | ||||||
730 | Blue Bird Corp. (a) | 17,885 | ||||||
398 | Chart Industries, Inc. (a) | 31,175 | ||||||
716 | Colfax Corp. (a) | 25,819 | ||||||
1,234 | Columbus McKinnon Corp. | 48,792 | ||||||
501 | Crane Co. | 49,273 | ||||||
564 | DMC Global, Inc. | 23,011 | ||||||
1,055 | Donaldson Co., Inc. | 61,464 | ||||||
612 | Douglas Dynamics, Inc. | 26,867 | ||||||
232 | EnPro Industries, Inc. | 16,920 | ||||||
347 | ESCO Technologies, Inc. | 23,613 | ||||||
753 | Federal Signal Corp. | 20,165 | ||||||
492 | Flowserve Corp. | 26,907 | ||||||
1,191 | Gardner Denver Holdings, Inc. (a) | 33,753 | ||||||
751 | Gates Industrial Corp PLC (a) | 14,645 | ||||||
363 | Global Brass & Copper Holdings, Inc. | 13,395 | ||||||
385 | Gorman Rupp Co. | 14,052 | ||||||
1,917 | Graco, Inc. | 88,834 | ||||||
681 | Graham Corp. | 19,184 | ||||||
1,042 | Harsco Corp. (a) | 29,749 | ||||||
396 | Hurco Cos., Inc. | 17,860 | ||||||
215 | Hyster-Yale Materials Handling, Inc. | 13,229 | ||||||
788 | IDEX Corp. | 118,720 | ||||||
531 | ITT, Inc. | 32,529 | ||||||
581 | John Bean Technologies Corp. | 69,313 | ||||||
241 | Kadant, Inc. | 25,992 | ||||||
667 | Kennametal, Inc. | 29,055 | ||||||
777 | L.B. Foster Co. - Class A (a) | 15,967 | ||||||
623 | Lincoln Electric Holdings, Inc. | 58,213 | ||||||
1,403 | Meritor, Inc. (a) | 27,162 | ||||||
898 | Milacron Holdings Corp. (a) | 18,184 | ||||||
335 | Navistar International Corp. (a) | 12,898 | ||||||
398 | Nordson Corp. | 55,282 | ||||||
635 | Omega Flex, Inc. | 45,187 | ||||||
697 | Oshkosh Corp. | 49,654 | ||||||
396 | Park-Ohio Holdings Corp. | 15,187 | ||||||
788 | Pentair PLC | 34,160 | ||||||
326 | Proto Labs, Inc. (a) | 52,731 | ||||||
103 | RBC Bearings, Inc. (a) | 15,487 | ||||||
789 | Rexnord Corp. (a) | 24,301 | ||||||
552 | Snap-on, Inc. | 101,347 | ||||||
1,046 | Spartan Motors, Inc. | 15,429 | ||||||
902 | SPX Corp. (a) | 30,046 | ||||||
586 | SPX FLOW, Inc. (a) | 30,472 | ||||||
346 | Tennant Co. | 26,279 | ||||||
1,239 | Terex Corp. (b) | 49,448 | ||||||
568 | The Eastern Co. | 16,131 | ||||||
441 | The Greenbrier Companies, Inc. | 26,504 | ||||||
142 | The Middleby Corp. (a)(b) | 18,368 | ||||||
428 | The Timken Co. | 21,336 | ||||||
1,201 | Toro Co. | 72,024 | ||||||
1,320 | TriMas Corp. (a) | 40,128 | ||||||
819 | Trinity Industries, Inc. | 30,008 | ||||||
570 | Twin Disc, Inc. (a) | 13,133 |
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Machinery (Continued) |
| |||||||
118 | Valmont Industries, Inc. | $ | 16,343 | |||||
1,564 | Wabash National Corp. | 28,512 | ||||||
450 | Wabtec Corp. | 47,196 | ||||||
300 | Watts Water Technologies, Inc. - Class A | 24,900 | ||||||
2,146,299 | ||||||||
Marine - 0.14% |
| |||||||
2,458 | Costamare, Inc. | 15,952 | ||||||
1,083 | Genco Shipping & Trading, Ltd. (a) | 15,162 | ||||||
446 | Kirby Corp. (a) | 36,684 | ||||||
488 | Matson, Inc. | 19,344 | ||||||
87,142 | ||||||||
Media - 1.03% |
| |||||||
240 | AMC Networks, Inc. - Class A (a) | 15,922 | ||||||
1,973 | Beasley Broadcast Group, Inc. | 13,614 | ||||||
841 | Boston Omaha Corp. (a) | 25,146 | ||||||
44 | Cable One, Inc. | 38,879 | ||||||
672 | Cardlytics, Inc. (a) | 16,827 | ||||||
4,264 | Central European Media Enterprises, Ltd. - Class A (a) | 15,990 | ||||||
819 | Emerald Expositions Events, Inc. | 13,497 | ||||||
4,041 | Entravision Communications Corp. - Class A | 19,801 | ||||||
3,330 | Gannett Co., Inc. | 33,333 | ||||||
612 | GCI Liberty, Inc. (a) | 31,212 | ||||||
1,048 | Gray Television, Inc. (a) | 18,340 | ||||||
651 | John Wiley & Sons, Inc. - Class A | 39,451 | ||||||
519 | Liberty Media Group - Class C (a) | 19,302 | ||||||
1,208 | MSG Networks, Inc. - Class A (a) | 31,166 | ||||||
1,435 | National CineMedia, Inc. | 15,197 | ||||||
2,037 | New Media Investment Group, Inc. | 31,960 | ||||||
329 | Nexstar Media Group, Inc. - Class A | 26,781 | ||||||
644 | Scholastic Corp. | 30,068 | ||||||
729 | Sinclair Broadcast Group, Inc. - Class A | 20,667 | ||||||
2,794 | TechTarget, Inc. (a) | 54,259 | ||||||
1,573 | TEGNA, Inc. | 18,813 | ||||||
1,961 | The Interpublic Group of Companies, Inc. | 44,848 | ||||||
1,653 | The New York Times Co. - Class A | 38,267 | ||||||
527 | Tribune Media Co. - Class A | 20,253 | ||||||
1,174 | tronc, Inc. (a) | 19,171 | ||||||
652,764 | ||||||||
Metals & Mining - 0.95% |
| |||||||
1,827 | Alcoa Corp. (a) | 73,811 | ||||||
657 | Allegheny Technologies, Inc. (a) | 19,414 | ||||||
370 | Carpenter Technology Corp. | 21,812 | ||||||
1,224 | Century Aluminum Co. (a) | 14,651 | ||||||
1,751 | Cleveland-Cliffs, Inc. (a)(b) | 22,168 | ||||||
738 | Commercial Metals Co. | 15,144 | ||||||
3,195 | Ferroglobe Representation & Warranty Insurance Trust (a)(e)(f) | – | ||||||
503 | Gibraltar Industries, Inc. (a) | 22,937 | ||||||
2,684 | Gold Resource Corp. | 13,796 | ||||||
483 | Haynes International, Inc. | 17,147 | ||||||
540 | Materion Corp. | 32,670 | ||||||
892 | Olympic Steel, Inc. | 18,616 | ||||||
863 | Reliance Steel & Aluminum Co. | 73,605 | ||||||
306 | Royal Gold, Inc. | 23,580 | ||||||
707 | Schnitzer Steel Industries, Inc. - Class A | 19,124 | ||||||
1,884 | Steel Dynamics, Inc. | 85,138 | ||||||
1,976 | SunCoke Energy, Inc. (a) | 22,961 |
Number of | Value | |||||||
Metals & Mining (Continued) |
| |||||||
576 | Synalloy Corp. | $ | 13,162 | |||||
1,376 | United States Steel Corp. | 41,940 | ||||||
495 | Universal Stainless & Alloy Products, Inc. (a) | 12,627 | ||||||
1,005 | Warrior Met Coal, Inc. | 27,175 | ||||||
314 | Worthington Industries, Inc. | 13,615 | ||||||
605,093 | ||||||||
Multiline Retail - 0.86% |
| |||||||
822 | Big Lots, Inc. | 34,351 | ||||||
836 | Burlington Stores, Inc. (a) | 136,201 | ||||||
343 | Dillard’s, Inc. - Class A (b) | 26,185 | ||||||
10,640 | J.C. Penney Co., Inc. (a)(b) | 17,663 | ||||||
2,394 | Kohl’s Corp. | 178,473 | ||||||
1,599 | Nordstrom, Inc. (b) | 95,636 | ||||||
511 | Ollie’s Bargain Outlet Holdings, Inc. (a) | 49,107 | ||||||
13,194 | Sears Holdings Corp. (a) | 12,769 | ||||||
550,385 | ||||||||
Multi-Utilities - 0.34% |
| |||||||
981 | Alliant Energy Corp. | 41,761 | ||||||
294 | Avista Corp. | 14,865 | ||||||
634 | Black Hills Corp. (b) | 36,829 | ||||||
1,637 | MDU Resources Group, Inc. | 42,055 | ||||||
520 | NorthWestern Corp. | 30,503 | ||||||
472 | SCANA Corp. | 18,356 | ||||||
407 | Vectren Corp. | 29,096 | ||||||
213,465 | ||||||||
Oil, Gas & Consumable Fuels - 1.81% |
| |||||||
312 | Adams Resources & Energy, Inc. | 13,248 | ||||||
4,177 | Amyris, Inc. (a) | 33,165 | ||||||
926 | Antero Resources Corp. (a) | 16,399 | ||||||
424 | Arch Coal, Inc. - Class A | 37,906 | ||||||
2,097 | Ardmore Shipping Corp. (a) | 13,630 | ||||||
534 | California Resources Corp. (a) | 25,915 | ||||||
705 | Carrizo Oil & Gas, Inc. (a) | 17,766 | ||||||
7,546 | Cloud Peak Energy, Inc. (a) | 17,356 | ||||||
2,575 | CNX Resources Corp. (a) | 36,848 | ||||||
382 | CONSOL Energy, Inc. (a) | 15,589 | ||||||
602 | CVR Energy, Inc. | 24,212 | ||||||
569 | Delek US Holdings, Inc. | 24,143 | ||||||
7,587 | Denbury Resources, Inc. (a)(b) | 47,039 | ||||||
4,203 | DHT Holdings, Inc. | 19,754 | ||||||
2,527 | Dorian LPG, Ltd. (a) | 20,140 | ||||||
356 | Energen Corp. (a) | 30,677 | ||||||
6,063 | Energy Fuels, Inc. (a) | 19,887 | ||||||
1,333 | Evolution Petroleum Corp. | 14,730 | ||||||
561 | Golar LNG, Ltd. | 15,596 | ||||||
2,294 | Hallador Energy Co. | 14,269 | ||||||
1,588 | HollyFrontier Corp. | 111,001 | ||||||
613 | Matador Resources Co. (a) | 20,260 | ||||||
593 | Murphy Oil Corp. | 19,771 | ||||||
620 | NACCO Industries, Inc. - Class A | 20,305 | ||||||
4,377 | Northern Oil and Gas, Inc. (a) | 17,508 | ||||||
1,358 | Oasis Petroleum, Inc. (a) | 19,256 | ||||||
7,211 | Overseas Shipholding Group, Inc. - Class A (a) | 22,715 | ||||||
1,067 | Par Pacific Holdings, Inc. (a) | 21,767 | ||||||
827 | Parsley Energy, Inc. - Class A (a) | 24,190 | ||||||
1,520 | PBF Energy, Inc. - Class A | 75,863 | ||||||
1,236 | Peabody Energy Corp. | 44,051 | ||||||
218 | Penn Virginia Corp. (a) | 17,558 |
See notes to financial statements.
64
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Oil, Gas & Consumable Fuels (Continued) |
| |||||||
1,133 | Renewable Energy Group, Inc. (a) | $ | 32,630 | |||||
689 | SM Energy Co. | 21,724 | ||||||
844 | Targa Resources Corp. | 47,526 | ||||||
15,243 | Teekay Tankers, Ltd. - Class A | 15,057 | ||||||
2,750 | W&T Offshore, Inc. (a)(b) | 26,510 | ||||||
895 | Whiting Petroleum Corp. (a) | 47,471 | ||||||
692 | WildHorse Resource Development Corp. (a)(b) | 16,359 | ||||||
1,111 | World Fuel Services Corp. | 30,752 | ||||||
2,176 | WPX Energy, Inc. (a) | 43,781 | ||||||
1,154,324 | ||||||||
Paper & Forest Products - 0.33% |
| |||||||
697 | Boise Cascade Co. | 25,650 | ||||||
749 | Domtar Corp. | 39,075 | ||||||
1,302 | KapStone Paper and Packaging Corp. | 44,151 | ||||||
1,419 | Louisiana-Pacific Corp. | 37,589 | ||||||
694 | PH Glatfelter Co. | 13,262 | ||||||
315 | Schweitzer-Mauduit International, Inc. | 12,068 | ||||||
1,129 | Verso Corp. (a) | 38,013 | ||||||
209,808 | ||||||||
Personal Products - 0.90% |
| |||||||
369 | Edgewell Personal Care Co. (a) | 17,059 | ||||||
1,430 | elf Beauty, Inc. (a)(b) | 18,204 | ||||||
2,012 | Herbalife Nutrition, Ltd. (a) | 109,754 | ||||||
433 | Inter Parfums, Inc. | 27,907 | ||||||
585 | Medifast, Inc. (b) | 129,607 | ||||||
1,438 | Natural Health Trends Corp. | 33,477 | ||||||
2,712 | Nature’s Sunshine Products, Inc. (a) | 23,730 | ||||||
999 | Nu Skin Enterprises, Inc. - Class A | 82,337 | ||||||
847 | Revlon, Inc. - Class A (a)(b) | 18,888 | ||||||
929 | USANA Health Sciences, Inc. (a) | 111,991 | ||||||
572,954 | ||||||||
Pharmaceuticals - 1.62% |
| |||||||
388 | Akcea Therapeutics, Inc. (a)(b) | 13,588 | ||||||
1,514 | Akorn, Inc. (a) | 19,652 | ||||||
790 | Amneal Pharmaceuticals, Inc. (a) | 17,530 | ||||||
32,714 | Ampio Pharmaceuticals, Inc. (a) | 16,619 | ||||||
606 | ANI Pharmaceuticals, Inc. (a) | 34,263 | ||||||
5,605 | Assertio Therapeutics, Inc. (a) | 32,957 | ||||||
1,090 | Catalent, Inc. (a) | 49,649 | ||||||
1,689 | Collegium Pharmaceutical, Inc. (a) | 24,896 | ||||||
3,327 | Corcept Therapeutics, Inc. (a)(b) | 46,645 | ||||||
1,385 | Cymabay Therapeutics, Inc. (a) | 15,346 | ||||||
23,980 | Durect Corp. (a) | 26,378 | ||||||
1,002 | Eloxx Pharmaceuticals, Inc. (a) | 17,074 | ||||||
5,356 | Endo International PLC (a) | 90,141 | ||||||
870 | Endocyte, Inc. (a) | 15,451 | ||||||
3,558 | Horizon Pharma PLC (a) | 69,666 | ||||||
2,979 | Innoviva, Inc. (a)(b) | 45,400 | ||||||
1,116 | Intersect ENT, Inc. (a) | 32,085 | ||||||
615 | Jazz Pharmaceuticals PLC (a) | 103,400 | ||||||
9,734 | Lannett Co., Inc. (a)(b) | 46,237 | ||||||
2,548 | Mallinckrodt PLC (a) | 74,682 | ||||||
287 | MyoKardia, Inc. (a) | 18,712 | ||||||
372 | Pacira Pharmaceuticals, Inc. (a) | 18,284 | ||||||
1,033 | Phibro Animal Health Corp. - Class A | 44,316 | ||||||
1,325 | Prestige Consumer Healthcare, Inc. (a) | 50,204 | ||||||
170 | Reata Pharmaceuticals, Inc. (a) | 13,899 | ||||||
1,825 | SIGA Technologies, Inc. (a) | 12,574 |
Number of | Value | |||||||
Pharmaceuticals (Continued) |
| |||||||
1,034 | Supernus Pharmaceuticals, Inc. (a) | $ | 52,062 | |||||
350 | WaVe Life Sciences, Ltd. (a) | 17,500 | ||||||
264 | Zogenix, Inc. (a) | 13,094 | ||||||
1,032,304 | ||||||||
Professional Services - 1.56% |
| |||||||
4,510 | Acacia Research Corp. (a) | 14,432 | ||||||
965 | ASGN, Inc. (a) | 76,167 | ||||||
1,417 | BG Staffing, Inc. | 38,542 | ||||||
1,552 | CBIZ, Inc. (a) | 36,782 | ||||||
422 | CRA International, Inc. | 21,193 | ||||||
360 | Exponent, Inc. | 19,296 | ||||||
540 | Forrester Research, Inc. | 24,786 | ||||||
1,236 | Franklin Covey Co. (a) | 29,231 | ||||||
504 | FTI Consulting, Inc. (a) | 36,888 | ||||||
556 | Heidrick & Struggles International, Inc. | 18,821 | ||||||
428 | Huron Consulting Group, Inc. (a) | 21,143 | ||||||
520 | ICF International, Inc. | 39,234 | ||||||
3,030 | InnerWorkings, Inc. (a) | 23,998 | ||||||
518 | Insperity, Inc. | 61,098 | ||||||
1,003 | Kelly Services, Inc. - Class A | 24,102 | ||||||
1,318 | Kforce, Inc. | 49,557 | ||||||
507 | Korn/Ferry International | 24,965 | ||||||
903 | ManpowerGroup, Inc. | 77,622 | ||||||
708 | Mistras Group, Inc. (a) | 15,342 | ||||||
1,639 | Navigant Consulting, Inc. | 37,795 | ||||||
1,372 | Resources Connection, Inc. | 22,775 | ||||||
2,013 | Robert Half International, Inc. | 141,675 | ||||||
401 | The Dun & Bradstreet Corp. | 57,147 | ||||||
349 | TriNet Group, Inc. (a) | 19,656 | ||||||
1,336 | TrueBlue, Inc. (a) | 34,803 | ||||||
837 | Willdan Group, Inc. (a) | 28,425 | ||||||
995,475 | ||||||||
Real Estate Management & Development - 0.75% |
| |||||||
2,783 | Altisource Portfolio Solutions SA (a)(b) | 89,696 | ||||||
1,049 | Forestar Group, Inc. (a) | 22,239 | ||||||
292 | FRP Holdings, Inc. (a) | 18,133 | ||||||
419 | Griffin Industrial Realty, Inc. | 16,341 | ||||||
390 | HFF, Inc. - Class A | 16,567 | ||||||
149 | Howard Hughes Corp. (a) | 18,509 | ||||||
540 | Jones Lang LaSalle, Inc. | 77,933 | ||||||
866 | Kennedy-Wilson Holdings, Inc. | 18,619 | ||||||
1,593 | Marcus & Millichap, Inc. (a) | 55,293 | ||||||
1,334 | Newmark Group, Inc. | 14,928 | ||||||
1,822 | Realogy Holdings Corp. (b) | 37,606 | ||||||
860 | Redfin Corp. (a)(b) | 16,082 | ||||||
799 | The RMR Group, Inc. - Class A | 74,147 | ||||||
476,093 | ||||||||
Road & Rail - 0.47% |
| |||||||
1,332 | ArcBest Corp. | 64,669 | ||||||
1,647 | Daseke, Inc. (a) | 13,209 | ||||||
532 | Genesee & Wyoming, Inc. - Class A (a) | 48,407 | ||||||
449 | Knight-Swift Transportation Holdings, Inc. | 15,481 | ||||||
580 | Landstar System, Inc. | 70,760 | ||||||
729 | Marten Transport, Ltd. | 15,345 | ||||||
254 | PAM Transportation Services, Inc. (a) | 16,533 | ||||||
255 | Saia, Inc. (a) | 19,495 | ||||||
451 | Universal Logistics Holdings, Inc. | 16,597 | ||||||
1,040 | USA Truck, Inc. (a) | 21,039 | ||||||
301,535 | ||||||||
See notes to financial statements.
65
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment - 2.45% |
| |||||||
505 | Advanced Energy Industries, Inc. (a) | $ | 26,083 | |||||
9,001 | Advanced Micro Devices, Inc. (a) | 278,041 | ||||||
3,038 | Amkor Technology, Inc. (a) | 22,451 | ||||||
1,454 | Aquantia Corp. (a) | 18,597 | ||||||
879 | Axcelis Technologies, Inc. (a) | 17,272 | ||||||
1,139 | Brooks Automation, Inc. | 39,899 | ||||||
358 | Cabot Microelectronics Corp. | 36,935 | ||||||
1,151 | Cirrus Logic, Inc. (a) | 44,429 | ||||||
678 | Cohu, Inc. | 17,018 | ||||||
983 | Cree, Inc. (a) | 37,226 | ||||||
3,433 | Cypress Semiconductor Corp. | 49,744 | ||||||
1,068 | Diodes, Inc. (a) | 35,554 | ||||||
1,319 | Entegris, Inc. | 38,185 | ||||||
925 | First Solar, Inc. (a) | 44,788 | ||||||
1,180 | FormFactor, Inc. (a) | 16,225 | ||||||
689 | Ichor Holdings, Ltd. (a) | 14,069 | ||||||
1,351 | Integrated Device Technology, Inc. (a) | 63,511 | ||||||
4,578 | Marvell Technology Group, Ltd. | 88,355 | ||||||
737 | MaxLinear, Inc. - Class A (a) | 14,652 | ||||||
689 | MKS Instruments, Inc. | 55,223 | ||||||
785 | Monolithic Power Systems, Inc. | 98,541 | ||||||
877 | Nanometrics, Inc. (a) | 32,905 | ||||||
169 | NVE Corp. | 17,894 | ||||||
4,933 | ON Semiconductor Corp. (a) | 90,915 | ||||||
755 | Power Integrations, Inc. | 47,716 | ||||||
1,845 | Rambus, Inc. (a) | 20,129 | ||||||
1,090 | Rudolph Technologies, Inc. (a) | 26,650 | ||||||
503 | Semtech Corp. (a) | 27,967 | ||||||
198 | Silicon Laboratories, Inc. (a) | 18,176 | ||||||
534 | SMART Global Holdings, Inc. (a) | 15,347 | ||||||
2,439 | Teradyne, Inc. | 90,194 | ||||||
1,361 | Ultra Clean Holdings, Inc. (a) | 17,081 | ||||||
1,166 | Versum Materials, Inc. | 41,988 | ||||||
2,729 | Xcerra Corp. (a) | 38,943 | ||||||
1,063 | Xperi Corp. | 15,786 | ||||||
1,558,489 | ||||||||
Software - 6.79% |
| |||||||
1,274 | 2U, Inc. (a) | 95,792 | ||||||
2,202 | 8x8, Inc. (a) | 46,792 | ||||||
649 | ACI Worldwide, Inc. (a) | 18,263 | ||||||
1,011 | Agilysys, Inc. (a) | 16,479 | ||||||
698 | Alarm.com Holdings, Inc. (a)(b) | 40,065 | ||||||
625 | Altair Engineering, Inc. (a) | 27,156 | ||||||
651 | Alteryx, Inc. (a)(b) | 37,244 | ||||||
2,536 | Amber Road, Inc. (a) | 24,396 | ||||||
2,127 | American Software, Inc. - Class A | 25,801 | ||||||
1,366 | Appfolio, Inc. - Class A (a) | 107,094 | ||||||
1,259 | Apptio, Inc. - Class A (a) | 46,533 | ||||||
1,181 | Aspen Technology, Inc. (a) | 134,528 | ||||||
2,331 | Avaya Holdings Corp. (a) | 51,608 | ||||||
425 | Blackbaud, Inc. | 43,129 | ||||||
314 | Blackline, Inc. (a) | 17,732 | ||||||
426 | Bottomline Technologies DE, Inc. (a) | 30,974 | ||||||
2,035 | Box, Inc. - Class A (a)(b) | 48,657 | ||||||
3,310 | Cadence Design System, Inc. (a) | 150,009 | ||||||
301 | Ceridian HCM Holding, Inc. (a) | 12,651 | ||||||
2,174 | ChannelAdvisor Corp. (a) | 27,066 | ||||||
1,086 | Cision, Ltd. (a) | 18,245 | ||||||
1,441 | Cloudera, Inc. (a) | 25,434 |
Number of | Value | |||||||
Software (Continued) |
| |||||||
979 | CommVault Systems, Inc. (a) | $ | 68,530 | |||||
607 | Cornerstone OnDemand, Inc. (a) | 34,447 | ||||||
331 | Coupa Software, Inc. (a) | 26,182 | ||||||
647 | DocuSign, Inc. (a) | 34,013 | ||||||
210 | Ebix, Inc. | 16,621 | ||||||
4,503 | eGain Corp. (a) | 36,474 | ||||||
236 | Ellie Mae, Inc. (a) | 22,366 | ||||||
260 | Envestnet, Inc. (a) | 15,847 | ||||||
325 | ePlus, Inc. (a) | 30,127 | ||||||
712 | Everbridge, Inc. (a) | 41,040 | ||||||
323 | Fair Isaac Corp. (a) | 73,822 | ||||||
1,718 | Five9, Inc. (a) | 75,059 | ||||||
564 | ForeScout Technologies, Inc. (a) | 21,297 | ||||||
1,575 | Fortinet, Inc. (a) | 145,325 | ||||||
272 | Guidewire Software, Inc. (a) | 27,475 | ||||||
3,005 | Hortonworks, Inc. (a) | 68,544 | ||||||
515 | HubSpot, Inc. (a) | 77,739 | ||||||
457 | Imperva, Inc. (a) | 21,228 | ||||||
1,272 | Instructure, Inc. (a) | 45,029 | ||||||
782 | j2 Global, Inc. | 64,789 | ||||||
750 | Jack Henry & Associates, Inc. | 120,060 | ||||||
2,398 | LivePerson, Inc. (a) | 62,228 | ||||||
499 | LogMeIn, Inc. | 44,461 | ||||||
962 | Manhattan Associates, Inc. (a)(b) | 52,525 | ||||||
225 | MicroStrategy, Inc. - Class A (a) | 31,639 | ||||||
678 | MINDBODY, Inc. - Class A (a)(b) | 27,561 | ||||||
2,264 | Mitek Systems, Inc. (a) | 15,961 | ||||||
8,689 | MobileIron, Inc. (a) | 46,052 | ||||||
1,181 | Model N, Inc. (a) | 18,719 | ||||||
689 | Monotype Imaging Holdings, Inc. | 13,918 | ||||||
672 | New Relic, Inc. (a) | 63,323 | ||||||
3,512 | Nuance Communications, Inc. (a) | 60,828 | ||||||
1,284 | Nutanix, Inc. - Class A (a) | 54,852 | ||||||
2,018 | OneSpan, Inc. (a) | 38,443 | ||||||
465 | Paycom Software, Inc. (a) | 72,266 | ||||||
229 | Paylocity Holding Corp. (a) | 18,393 | ||||||
854 | Pegasystems, Inc. (b) | 53,460 | ||||||
2,176 | Progress Software Corp. | 76,791 | ||||||
428 | Proofpoint, Inc. (a) | 45,509 | ||||||
984 | PROS Holdings, Inc. (a) | 34,460 | ||||||
1,100 | PTC, Inc. (a) | 116,809 | ||||||
430 | Q2 Holdings, Inc. (a) | 26,036 | ||||||
927 | QAD, Inc. - Class A | 52,515 | ||||||
364 | Qualys, Inc. (a) | 32,432 | ||||||
1,767 | Rapid7, Inc. (a) | 65,238 | ||||||
674 | RealPage, Inc. (a) | 44,417 | ||||||
8,984 | Rimini Street, Inc. (a) | 56,689 | ||||||
1,398 | RingCentral, Inc. - Class A (a)(b) | 130,084 | ||||||
495 | SailPoint Technologies Holding, Inc. (a) | 16,840 | ||||||
558 | SendGrid, Inc. (a)(b) | 20,529 | ||||||
468 | ShotSpotter, Inc. (a) | 28,684 | ||||||
311 | SPS Commerce, Inc. (a) | 30,864 | ||||||
1,351 | SS&C Technologies Holdings, Inc. | 76,777 | ||||||
816 | Tableau Software, Inc. - Class A (a) | 91,180 | ||||||
281 | The Trade Desk, Inc. - Class A (a)(b) | 42,406 | ||||||
291 | The Ultimate Software Group, Inc. (a) | 93,757 | ||||||
1,940 | TiVo Corp. | 24,153 | ||||||
173 | Tyler Technologies, Inc. (a) | 42,395 | ||||||
578 | Upland Software, Inc. (a) | 18,675 | ||||||
901 | Varonis Systems, Inc. (a) | 65,998 |
See notes to financial statements.
66
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Software (Continued) |
| |||||||
865 | Verint Systems, Inc. (a) | $ | 43,336 | |||||
3,046 | Workiva, Inc. (a) | 120,317 | ||||||
1,655 | Yext, Inc. (a) | 39,224 | ||||||
980 | Zendesk, Inc. (a) | 69,580 | ||||||
6,476 | Zix Corp. (a) | 35,942 | ||||||
4,327,928 | ||||||||
Specialty Retail - 4.23% |
| |||||||
1,581 | Aaron’s, Inc. | 86,101 | ||||||
3,108 | Abercrombie & Fitch Co. - Class A | 65,641 | ||||||
2,873 | American Eagle Outfitters, Inc. | 71,337 | ||||||
979 | America’s Car-Mart, Inc. (a) | 76,558 | ||||||
305 | Asbury Automotive Group, Inc. (a) | 20,969 | ||||||
13,828 | Ascena Retail Group, Inc. (a) | 63,194 | ||||||
392 | AutoNation, Inc. (a)(b) | 16,288 | ||||||
2,780 | Barnes & Noble Education, Inc. (a) | 16,013 | ||||||
3,657 | Barnes & Noble, Inc. | 21,211 | ||||||
2,262 | Bed Bath & Beyond, Inc. | 33,930 | ||||||
4,161 | Big 5 Sporting Goods Corp. | 21,221 | ||||||
545 | Boot Barn Holdings, Inc. (a) | 15,483 | ||||||
1,182 | Caleres, Inc. | 42,386 | ||||||
869 | Camping World Holdings, Inc. - Class A (b) | 18,527 | ||||||
313 | Carvana Co. (a) | 18,495 | ||||||
5,859 | Chico’s FAS, Inc. | 50,797 | ||||||
1,115 | Citi Trends, Inc. | 32,079 | ||||||
856 | Conn’s, Inc. (a) | 30,260 | ||||||
1,061 | Dick’s Sporting Goods, Inc. | 37,644 | ||||||
1,484 | DSW, Inc. - Class A | 50,278 | ||||||
4,127 | Express, Inc. (a) | 45,645 | ||||||
708 | Five Below, Inc. (a) | 92,082 | ||||||
704 | Floor & Decor Holdings, Inc. - Class A (a) | 21,240 | ||||||
1,458 | Foot Locker, Inc. | 74,329 | ||||||
6,042 | Francesca’s Holdings Corp. (a) | 22,416 | ||||||
3,138 | GameStop Corp. - Class A | 47,917 | ||||||
1,016 | Genesco, Inc. (a) | 47,854 | ||||||
1,879 | GNC Holdings, Inc. - Class A (a)(d) | 7,779 | ||||||
1,392 | Guess?, Inc. | 31,459 | ||||||
2,397 | Haverty Furniture Cos., Inc. | 52,974 | ||||||
1,720 | Hibbett Sports, Inc. (a) | 32,336 | ||||||
1,090 | Hudson, Ltd. (a) | 24,590 | ||||||
5,888 | J. Jill, Inc. (a) | 36,388 | ||||||
3,057 | Kirkland’s, Inc. (a) | 30,845 | ||||||
193 | Lithia Motors, Inc. - Class A (d) | 15,760 | ||||||
1,374 | Lumber Liquidators Holdings, Inc. (a) | 21,283 | ||||||
700 | MarineMax, Inc. (a) | 14,875 | ||||||
222 | Monro, Inc. | 15,451 | ||||||
391 | Murphy USA, Inc. (a) | 33,415 | ||||||
512 | National Vision Holdings, Inc. (a) | 23,112 | ||||||
9,144 | New York & Co., Inc. (a) | 35,296 | ||||||
8,138 | Office Depot, Inc. | 26,123 | ||||||
15,587 | Pier 1 Imports, Inc. | 23,380 | ||||||
6,113 | Rent-A-Center, Inc. (a) | 87,905 | ||||||
346 | REX American Resources Corp. (a) | 26,140 | ||||||
647 | RH (a) | 84,763 | ||||||
2,166 | Sally Beauty Holdings, Inc. (a)(b) | 39,833 | ||||||
1,211 | Shoe Carnival, Inc. | 46,623 | ||||||
938 | Signet Jewelers, Ltd. | 61,842 | ||||||
1,009 | Sleep Number Corp. (a) | 37,111 | ||||||
4,349 | Sportsman’s Warehouse Holdings, Inc. (a) | 25,442 | ||||||
1,951 | Tailored Brands, Inc. (b) | 49,146 |
Number of | Value | |||||||
Specialty Retail (Continued) |
| |||||||
1,332 | The Buckle, Inc. | $ | 30,703 | |||||
1,540 | The Cato Corp. - Class A | 32,371 | ||||||
694 | The Children’s Place, Inc. | 88,693 | ||||||
9,664 | The Container Store Group, Inc. (a)(b) | 107,270 | ||||||
2,846 | The Michaels Cos., Inc. (a) | 46,191 | ||||||
2,700 | Tile Shop Holdings, Inc. | 19,305 | ||||||
5,143 | Tilly’s, Inc. - Class A | 97,460 | ||||||
1,930 | Urban Outfitters, Inc. (a) | 78,937 | ||||||
1,189 | Williams Sonoma, Inc. (b) | 78,141 | ||||||
232 | Winmark Corp. | 38,512 | ||||||
2,120 | Zumiez, Inc. (a) | 55,862 | ||||||
2,697,211 | ||||||||
Technology Hardware, Storage & Peripherals - 0.56% |
| |||||||
2,305 | 3D Systems Corp. (a) | 43,564 | ||||||
6,364 | Aerohive Networks, Inc. (a) | 26,220 | ||||||
4,908 | Avid Technology, Inc. (a) | 29,104 | ||||||
608 | Electronics for Imaging, Inc. (a) | 20,721 | ||||||
1,131 | NCR Corp. (a) | 32,132 | ||||||
2,380 | Pure Storage, Inc. - Class A (a) | 61,761 | ||||||
825 | Stratasys, Ltd. (a) | 19,066 | ||||||
687 | Synaptics, Inc. (a) | 31,341 | ||||||
2,047 | Teradata Corp. (a) | 77,192 | ||||||
1,933 | USA Technologies, Inc. (a) | 13,918 | ||||||
355,019 | ||||||||
Textiles, Apparel & Luxury Goods - 1.98% |
| |||||||
562 | Carter’s, Inc. | 55,413 | ||||||
846 | Columbia Sportswear Co. | 78,737 | ||||||
6,576 | Crocs, Inc. (a) | 140,003 | ||||||
613 | Deckers Outdoor Corp. (a) | 72,690 | ||||||
3,367 | Fossil Group, Inc. (a)(b) | 78,384 | ||||||
855 | G-III Apparel Group, Ltd. (a) | 41,203 | ||||||
1,877 | Hanesbrands, Inc. (b) | 34,593 | ||||||
2,084 | Michael Kors Holdings, Ltd. (a) | 142,879 | ||||||
770 | Movado Group, Inc. | 32,263 | ||||||
490 | Oxford Industries, Inc. | 44,198 | ||||||
1,992 | Perry Ellis International, Inc. (a) | 54,441 | ||||||
832 | Ralph Lauren Corp. | 114,442 | ||||||
830 | Rocky Brands, Inc. | 23,489 | ||||||
1,969 | Skechers U.S.A., Inc. - Class A (a) | 54,994 | ||||||
1,419 | Steven Madden, Ltd. | 75,065 | ||||||
1,066 | Superior Uniform Group, Inc. | 20,275 | ||||||
213 | UniFirst Corp. | 36,988 | ||||||
2,836 | Vera Bradley, Inc. (a) | 43,277 | ||||||
461 | Weyco Group, Inc. | 16,218 | ||||||
2,656 | Wolverine World Wide, Inc. | 103,717 | ||||||
1,263,269 | ||||||||
Thrifts & Mortgage Finance - 1.16% |
| |||||||
1,401 | Axos Financial, Inc. (a) | 48,180 | ||||||
464 | Berkshire Hills Bancorp, Inc. | 18,885 | ||||||
910 | Brookline Bancorp, Inc. | 15,197 | ||||||
932 | Dime Community Bancshares | 16,636 | ||||||
747 | Entegra Financial Corp. (a) | 19,833 | ||||||
488 | Federal Agricultural Mortgage Corp. - Class C | 35,224 | ||||||
606 | First Defiance Financial Corp. | 18,247 | ||||||
843 | Flagstar Bancorp, Inc. (a) | 26,529 | ||||||
308 | FS Bancorp, Inc. | 17,162 | ||||||
189 | Hingham Institution for Savings | 41,544 | ||||||
375 | Home Bancorp, Inc. | 16,305 |
See notes to financial statements.
67
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Thrifts & Mortgage Finance (Continued) |
| |||||||
953 | HomeStreet, Inc. (a) | $ | 25,255 | |||||
74 | LendingTree, Inc. (a) | 17,028 | ||||||
684 | Merchants Bancorp | 17,387 | ||||||
881 | Meridian Bancorp, Inc. | 14,977 | ||||||
216 | Meta Financial Group, Inc. | 17,852 | ||||||
1,828 | New York Community Bancorp, Inc. | 18,956 | ||||||
1,752 | NMI Holdings, Inc. - Class A (a) | 39,683 | ||||||
4,248 | Ocwen Financial Corp. (a) | 16,737 | ||||||
1,028 | PennyMac Financial Services, Inc. - Class A | 21,485 | ||||||
2,453 | People’s United Financial, Inc. | 41,995 | ||||||
2,986 | Radian Group, Inc. | 61,721 | ||||||
1,975 | Riverview Bancorp, Inc. | 17,459 | ||||||
1,117 | Sterling Bancorp, Inc. | 12,633 | ||||||
546 | Timberland Bancorp, Inc. | 17,057 | ||||||
875 | Walker & Dunlop, Inc. | 46,270 | ||||||
1,436 | Washington Federal, Inc. | 45,952 | ||||||
973 | Waterstone Financial, Inc. | 16,687 | ||||||
12,472 | WMIH Corp. (a) | 17,336 | ||||||
740,212 | ||||||||
Tobacco - 0.12% |
| |||||||
715 | Pyxus International, Inc. (a) | 16,445 | ||||||
634 | Turning Point Brands, Inc. | 26,286 | ||||||
281 | Universal Corp. | 18,265 | ||||||
1,121 | Vector Group, Ltd. | 15,453 | ||||||
76,449 | ||||||||
Trading Companies & Distributors - 1.53% |
| |||||||
540 | Applied Industrial Technologies, Inc. | 42,255 | ||||||
1,013 | Beacon Roofing Supply, Inc. (a) | 36,660 | ||||||
465 | BlueLinx Holdings, Inc. (a) | 14,643 | ||||||
1,611 | BMC Stock Holdings, Inc. (a) | 30,045 | ||||||
1,598 | DXP Enterprises, Inc. (a) | 64,032 | ||||||
563 | EnviroStar, Inc. (b) | 21,929 | ||||||
1,120 | Foundation Building Materials, Inc. (a) | 13,966 | ||||||
149 | GATX Corp. | 12,902 | ||||||
1,372 | General Finance Corp. (a) | 21,883 | ||||||
1,139 | GMS, Inc. (a) | 26,425 | ||||||
1,102 | H&E Equipment Services, Inc. | 41,634 | ||||||
2,476 | HD Supply Holdings, Inc. (a) | 105,948 | ||||||
464 | Kaman Corp. | 30,986 | ||||||
1,339 | Lawson Products, Inc. (a) | 45,392 | ||||||
650 | MSC Industrial Direct Co., Inc. - Class A | 57,271 | ||||||
1,885 | Nexeo Solutions, Inc. (a) | 23,091 | ||||||
1,082 | NOW, Inc. (a) | 17,907 | ||||||
672 | Rush Enterprises, Inc. - Class A | 26,416 | ||||||
588 | Rush Enterprises, Inc. - Class B | 23,455 | ||||||
1,051 | SiteOne Landscape Supply, Inc. (a) | 79,182 | ||||||
1,325 | Systemax, Inc. | 43,646 | ||||||
1,280 | Titan Machinery, Inc. (a) | 19,821 | ||||||
1,289 | Univar, Inc. (a) | 39,521 | ||||||
710 | Veritiv Corp. (a) | 25,844 | ||||||
328 | Watsco, Inc. - Class A | 58,417 | ||||||
577 | WESCO International, Inc. (a) | 35,457 | ||||||
368 | Willis Lease Finance Corp. (a) | 12,700 | ||||||
971,428 | ||||||||
Water Utilities - 0.14% |
| |||||||
303 | American States Water Co. | 18,526 | ||||||
691 | Aqua America, Inc. | 25,498 | ||||||
817 | AquaVenture Holdings, Ltd. (a) | 14,763 |
Number of | Value | |||||||
Water Utilities (Continued) |
| |||||||
1,396 | Consolidated Water Co., Ltd. - Ordinary Shares | $ | 19,335 | |||||
1,148 | Pure Cycle Corp. (a) | 13,259 | ||||||
91,381 | ||||||||
Wireless Telecommunication Services - 0.17% |
| |||||||
684 | Boingo Wireless, Inc. (a) | 23,872 | ||||||
3,419 | NII Holdings, Inc. (a) | 20,035 | ||||||
443 | Shenandoah Telecommunications Co. | 17,166 | ||||||
1,003 | Telephone & Data Systems, Inc. | 30,521 | ||||||
434 | United States Cellular Corp. (a)(b) | 19,435 | ||||||
111,029 | ||||||||
Total Common Stocks | 57,617,616 | |||||||
INVESTMENT COMPANIES - 3.60% |
| |||||||
Exchange Traded Funds - 3.60% |
| |||||||
18,704 | Vanguard Extended Market ETF | 2,293,485 | ||||||
Total Investment Companies | 2,293,485 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 5.36% |
| |||||||
Real Estate Investment Trusts - 5.36% |
| |||||||
2,354 | AG Mortgage Investment Trust, Inc. | 42,796 | ||||||
5,412 | AGNC Investment Corp. | 100,826 | ||||||
242 | Agree Realty Corp. | 12,855 | ||||||
446 | American Assets Trust, Inc. | 16,631 | ||||||
427 | American Campus Communities, Inc. | 17,575 | ||||||
2,056 | American Homes 4 Rent - Class A | 45,006 | ||||||
1,259 | Annaly Capital Management, Inc. | 12,883 | ||||||
3,560 | Anworth Mortgage Asset Corp. | 16,483 | ||||||
1,662 | Apollo Commercial Real Estate Finance, Inc. | 31,362 | ||||||
1,699 | Apple Hospitality REIT, Inc. | 29,716 | ||||||
1,175 | Arbor Realty Trust, Inc. | 13,489 | ||||||
1,064 | Ares Commercial Real Estate Corp. | 14,864 | ||||||
1,437 | ARMOUR Residential REIT, Inc. | 32,261 | ||||||
7,056 | Ashford Hospitality Trust, Inc. | 45,088 | ||||||
1,124 | Blackstone Mortgage Trust, Inc. | 37,665 | ||||||
1,311 | Bluerock Residential Growth REIT, Inc. | 12,848 | ||||||
3,309 | Braemar Hotels & Resorts, Inc. | 38,947 | ||||||
1,249 | Brandywine Realty Trust | 19,634 | ||||||
2,774 | BRT Apartments Corp. | 33,399 | ||||||
683 | Camden Property Trust | 63,908 | ||||||
1,746 | Capstead Mortgage Corp. | 13,811 | ||||||
6,088 | CBL & Associates Properties, Inc. (b) | 24,291 | ||||||
2,004 | Chatham Lodging Trust | 41,864 | ||||||
1,570 | Cherry Hill Mortgage Investment Corp. | 28,417 | ||||||
2,119 | Chesapeake Lodging Trust | 67,956 | ||||||
5,792 | Chimera Investment Corp. | 105,009 | ||||||
2,904 | Colony Capital, Inc. | 17,685 | ||||||
553 | Columbia Property Trust, Inc. | 13,073 | ||||||
565 | CoreCivic, Inc. | 13,746 | ||||||
467 | CorEnergy Infrastructure Trust, Inc. (b) | 17,550 | ||||||
118 | CoreSite Realty Corp. | 13,115 | ||||||
1,170 | Corporate Office Properties Trust | 34,901 | ||||||
2,591 | Cousins Properties, Inc. | 23,034 | ||||||
926 | CubeSmart | 26,419 | ||||||
353 | CyrusOne, Inc. | 22,380 | ||||||
1,446 | DDR Corp. | 19,362 | ||||||
2,872 | DiamondRock Hospitality Co. | 33,516 | ||||||
900 | Duke Realty Corp. | 25,533 | ||||||
4,279 | Dynex Capital, Inc. | 27,300 |
See notes to financial statements.
68
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (Continued) |
| |||||||
Real Estate Investment Trusts (Continued) |
| |||||||
168 | EastGroup Properties, Inc. | $ | 16,064 | |||||
1,356 | Empire State Realty Trust, Inc. - Class A (b) | 22,523 | ||||||
280 | EPR Properties | 19,155 | ||||||
545 | Equity Commonwealth (a) | 17,489 | ||||||
329 | Equity LifeStyle Properties, Inc. | 31,732 | ||||||
1,162 | Exantas Capital Corp. | 12,759 | ||||||
495 | First Industrial Realty Trust, Inc. | 15,543 | ||||||
1,856 | Forest City Realty Trust, Inc. - Class A | 46,567 | ||||||
2,239 | Franklin Street Properties Corp. | 17,890 | ||||||
535 | Gramercy Property Trust | 14,680 | ||||||
700 | Healthcare Trust of America, Inc. - Class A | 18,669 | ||||||
1,235 | Hersha Hospitality Trust | 27,997 | ||||||
301 | Highwoods Properties, Inc. | 14,225 | ||||||
1,287 | Hospitality Properties Trust | 37,117 | ||||||
853 | Hudson Pacific Properties, Inc. | 27,910 | ||||||
1,209 | InfraREIT, Inc. | 25,570 | ||||||
325 | Innovative Industrial Properties, Inc. (b) | 15,678 | ||||||
3,318 | Invesco Mortgage Capital, Inc. | 52,491 | ||||||
524 | Iron Mountain, Inc. | 18,088 | ||||||
348 | JBG SMITH Properties | 12,817 | ||||||
247 | Kilroy Realty Corp. | 17,707 | ||||||
1,729 | Kimco Realty Corp. | 28,943 | ||||||
968 | Kite Realty Group Trust | 16,117 | ||||||
799 | Ladder Capital Corp. | 13,535 | ||||||
336 | Lamar Advertising Co. - Class A | 26,141 | ||||||
1,206 | LaSalle Hotel Properties | 41,716 | ||||||
1,555 | Lexington Realty Trust | 12,906 | ||||||
1,051 | Liberty Property Trust | 44,405 | ||||||
240 | Life Storage, Inc. | 22,838 | ||||||
335 | Macerich Co. | 18,522 | ||||||
1,153 | Mack-Cali Realty Corp. | 24,513 | ||||||
1,741 | MedEquities Realty Trust, Inc. | 16,923 | ||||||
1,613 | Medical Properties Trust, Inc. | 24,050 | ||||||
4,941 | MFA Financial, Inc. | 36,316 | ||||||
524 | National Retail Properties, Inc. | 23,486 | ||||||
1,700 | National Storage Affiliates Trust | 43,248 | ||||||
5,437 | New Residential Investment Corp. | 96,887 | ||||||
4,044 | New Senior Investment Group, Inc. | 23,860 | ||||||
2,931 | New York Mortgage Trust, Inc. (b) | 17,820 | ||||||
399 | NexPoint Residential Trust, Inc. | 13,247 | ||||||
580 | Omega Healthcare Investors, Inc. | 19,007 | ||||||
678 | One Liberty Properties, Inc. | 18,835 | ||||||
1,867 | Paramount Group, Inc. | 28,173 | ||||||
2,233 | Park Hotels & Resorts, Inc. | 73,287 | ||||||
991 | Pebblebrook Hotel Trust | 36,043 | ||||||
2,282 | Pennsylvania Real Estate Investment Trust | 21,588 | ||||||
1,237 | PennyMac Mortgage Investment Trust | 25,037 | ||||||
1,059 | Piedmont Office Realty Trust, Inc. - Class A | 20,047 | ||||||
318 | PotlatchDeltic Corp. | 13,022 | ||||||
850 | Preferred Apartment Communities, Inc. - Class A | 14,943 | ||||||
439 | QTS Realty Trust, Inc. - Class A | 18,732 | ||||||
1,174 | Ramco-Gershenson Properties Trust | 15,966 | ||||||
832 | Rayonier, Inc. | 28,130 | ||||||
1,695 | Redwood Trust, Inc. (b) | 27,527 | ||||||
497 | Regency Centers Corp. | 32,141 | ||||||
1,116 | Retail Properties of America, Inc. - Class A | 13,604 | ||||||
724 | Retail Value, Inc. (a) | 23,668 | ||||||
890 | Rexford Industrial Realty, Inc. | 28,444 | ||||||
2,181 | RLJ Lodging Trust | 48,047 |
Number of | Value | |||||||
Real Estate Investment Trusts (Continued) |
| |||||||
346 | Ryman Hospitality Properties, Inc. | $ | 29,815 | |||||
1,588 | Sabra Health Care REIT, Inc. | 36,715 | ||||||
665 | Select Income REIT | 14,590 | ||||||
810 | Senior Housing Properties Trust | 14,224 | ||||||
2,675 | Spirit Realty Capital, Inc. | 21,561 | ||||||
2,407 | Starwood Property Trust, Inc. | 51,799 | ||||||
878 | STORE Capital Corp. | 24,400 | ||||||
2,202 | Summit Hotel Properties, Inc. | 29,793 | ||||||
545 | Sun Communities, Inc. | 55,339 | ||||||
3,165 | Sunstone Hotel Investors, Inc. | 51,779 | ||||||
803 | Sutherland Asset Management Corp. | 13,370 | ||||||
1,054 | Tanger Factory Outlet Centers, Inc. (b) | 24,116 | ||||||
309 | Taubman Centers, Inc. | 18,487 | ||||||
382 | Terreno Realty Corp. | 14,401 | ||||||
780 | The Geo Group, Inc. | 19,625 | ||||||
764 | Tier REIT, Inc. | 18,412 | ||||||
940 | TPG RE Finance Trust, Inc. | 18,819 | ||||||
4,057 | Two Harbors Investment Corp. | 60,571 | ||||||
924 | Uniti Group, Inc. | 18,619 | ||||||
4,365 | VEREIT, Inc. | 31,690 | ||||||
854 | VICI Properties, Inc. | 18,463 | ||||||
3,119 | Washington Prime Group, Inc. | 22,769 | ||||||
1,717 | Western Asset Mortgage Capital Corp. | 17,204 | ||||||
1,975 | Xenia Hotels & Resorts, Inc. | 46,808 | ||||||
Total Real Estate Investment Trusts | 3,414,952 | |||||||
RIGHTS - 0.00% | ||||||||
395 | Schulman, Inc. Contingent Value Right (a)(d)(f) | 0 | ||||||
Total Rights | 0 | |||||||
SHORT TERM INVESTMENTS - 0.47% |
| |||||||
Money Market Funds - 0.47% | ||||||||
298,672 | Deutsche Government Money Market Series - Institutional Shares | 298,672 | ||||||
Total Short Term Investments | 298,672 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.16% |
| |||||||
Investments Purchased with Proceeds from Securities Lending - 5.16% |
| |||||||
3,287,009 | Mount Vernon Liquid Assets Portfolio, LLC | 3,287,009 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 3,287,009 | |||||||
Total Investments | 66,911,734 | |||||||
Liabilities in Excess of | (3,185,497 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 63,726,237 | ||||||
See notes to financial statements.
69
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Seven-day yield as of September 30, 2018. |
(d) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $23,539, which represents 0.04% of total net assets. |
(e) | As of September 30, 2018, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets. |
(f) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
Glossary of Terms
ADR | - | American Depositary Receipt |
See notes to financial statements.
70
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS - 94.59% |
| |||||||
Australia - 5.18% |
| |||||||
2,815 | AGL Energy, Ltd. | $ | 39,709 | |||||
89,885 | Alumina, Ltd. | 179,935 | ||||||
34,550 | AMP, Ltd. | 79,646 | ||||||
22,629 | Aristocrat Leisure, Ltd. | 464,732 | ||||||
2,880 | ASX, Ltd. | 132,471 | ||||||
14,453 | Australia & New Zealand Banking Group, Ltd. | 294,216 | ||||||
11,973 | Bank of Queensland, Ltd. | 95,320 | ||||||
28,322 | Bendigo & Adelaide Bank, Ltd. | 219,957 | ||||||
23,337 | BHP Billiton, Ltd. | 581,347 | ||||||
50,082 | BlueScope Steel, Ltd. | 614,244 | ||||||
3,304 | CIMIC Group, Ltd. | 122,629 | ||||||
5,823 | Coca-Cola Amatil, Ltd. | 41,049 | ||||||
5,777 | Cochlear, Ltd. | 837,644 | ||||||
10,538 | Commonwealth Bank of Australia | 543,906 | ||||||
10,246 | Computershare, Ltd. | 147,555 | ||||||
8,173 | Crown Resorts, Ltd. | 80,829 | ||||||
4,882 | CSL, Ltd. | 709,353 | ||||||
19,165 | Flight Centre Travel Group, Ltd. | 735,972 | ||||||
18,317 | Harvey Norman Holdings, Ltd. | 46,594 | ||||||
29,109 | Healthscope, Ltd. | 44,158 | ||||||
47,326 | Insurance Australia Group, Ltd. | 250,200 | ||||||
13,731 | LendLease Group - Stapled Security (f) | 195,090 | ||||||
3,623 | Macquarie Group, Ltd. | 329,579 | ||||||
103,275 | Medibank Private, Ltd. | 217,159 | ||||||
7,400 | National Australia Bank, Ltd. | 148,563 | ||||||
11,304 | Oil Search, Ltd. | 73,837 | ||||||
19,570 | Origin Energy, Ltd. (a) | 116,650 | ||||||
3,334 | REA Group, Ltd. | 206,850 | ||||||
4,948 | Rio Tinto, Ltd. | 281,406 | ||||||
43,054 | Santos, Ltd. | 226,042 | ||||||
8,096 | SEEK, Ltd. | 121,222 | ||||||
7,495 | Sonic Healthcare, Ltd. | 134,855 | ||||||
103,921 | South32, Ltd. | 292,050 | ||||||
15,086 | Suncorp Group, Ltd. | 157,625 | ||||||
10,317 | TPG Telecom, Ltd. | 63,640 | ||||||
22,180 | Treasury Wine Estates, Ltd. | 279,955 | ||||||
19,034 | Wesfarmers, Ltd. | 685,401 | ||||||
14,404 | Westpac Banking Corp. | 289,675 | ||||||
3,567 | Woodside Petroleum, Ltd. | 99,508 | ||||||
44,361 | Woolworths, Ltd. | 899,724 | ||||||
11,080,297 | ||||||||
Austria - 0.32% |
| |||||||
3,497 | ANDRITZ AG | 203,963 | ||||||
2,904 | Erste Group Bank AG | 120,565 | ||||||
2,263 | OMV AG | 126,952 | ||||||
8,310 | Raiffeisen Bank International AG | 239,174 | ||||||
690,654 | ||||||||
Belgium - 0.57% |
| |||||||
6,626 | Ageas SA | 356,205 | ||||||
6,795 | Colruyt SA (b) | 384,544 | ||||||
1,319 | KBC Group NV | 98,079 | ||||||
1,011 | UCB SA | 90,852 | ||||||
5,001 | Umicore SA | 279,348 | ||||||
1,209,028 | ||||||||
Canada - 7.81% |
| |||||||
1,749 | Alimentation Couche-Tard, Inc. - Series B (a) | 87,487 | ||||||
26,986 | Aurora Cannabis, Inc. (a) | 259,278 |
Number of | Value | |||||||
Canada (Continued) |
| |||||||
693 | AUSTRALIS CAPITAL, Inc. (a)(c) | $ | 134 | |||||
6,023 | Bank of Montreal (a) | 496,799 | ||||||
25,950 | Bausch Health Cos., Inc. (a) | 666,405 | ||||||
43,339 | Bombardier, Inc. - Class B (a) | 154,345 | ||||||
1,489 | Brookfield Asset Management, Inc. - Class A (a) | 66,274 | ||||||
10,426 | CAE, Inc. (a) | 211,644 | ||||||
3,989 | Canadian Imperial Bank of Commerce (a) | 373,777 | ||||||
2,402 | Canadian National Railway Co. (a) | 215,532 | ||||||
2,988 | Canadian Natural Resources, Ltd. (a) | 97,622 | ||||||
1,283 | Canadian Pacific Railway, Ltd. (a) | 271,400 | ||||||
334 | Canadian Tire Corp., Ltd. - Class A | 39,134 | ||||||
23,271 | Cenovus Energy, Inc. (a) | 233,674 | ||||||
3,890 | CGI Group, Inc. - Class A (a) | 250,810 | ||||||
28,411 | CI Financial Corp. (a) | 451,136 | ||||||
1,466 | Constellation Software, Inc. (a) | 1,078,086 | ||||||
21,354 | Dollarama, Inc. (a) | 672,701 | ||||||
43,246 | Empire Co., Ltd. - Series A (a) | 788,148 | ||||||
4,916 | Encana Corp. | 64,435 | ||||||
815 | Fairfax Financial Holdings, Ltd. (a) | 442,781 | ||||||
4,168 | Finning International, Inc. (a) | 101,808 | ||||||
8,011 | First Quantum Minerals, Ltd. | 91,234 | ||||||
5,529 | George Weston, Ltd. (a) | 418,512 | ||||||
2,178 | Great-West Lifeco, Inc. | 52,846 | ||||||
31,594 | Husky Energy, Inc. (a) | 554,757 | ||||||
1,579 | Imperial Oil, Ltd. (a) | 51,099 | ||||||
7,569 | Industrial Alliance Insurance & Financial Services, Inc. (a) | 302,666 | ||||||
4,242 | Linamar Corp. (a) | 195,441 | ||||||
4,369 | Loblaw Cos., Ltd. (a) | 224,462 | ||||||
7,234 | Magna International, Inc. (a) | 380,000 | ||||||
9,842 | Manulife Financial Corp. (a) | 175,939 | ||||||
3,414 | Methanex Corp. (a) | 269,494 | ||||||
5,939 | National Bank of Canada (a) | 296,617 | ||||||
24,881 | Power Corp. of Canada | 540,519 | ||||||
12,222 | Power Financial Corp. | 279,990 | ||||||
14,689 | Royal Bank of Canada (a) | 1,177,485 | ||||||
8,027 | Saputo, Inc. (a) | 238,762 | ||||||
1,451 | Shopify, Inc. - Class A (a) | 238,491 | ||||||
5,632 | Sun Life Financial, Inc. (a) | 223,902 | ||||||
11,599 | Suncor Energy, Inc. (a) | 448,820 | ||||||
24,717 | Teck Resources, Ltd. - Class B (a) | 595,703 | ||||||
9,140 | The Bank of Nova Scotia (a) | 544,798 | ||||||
18,085 | The Toronto-Dominion Bank (a) | 1,098,976 | ||||||
5,737 | West Fraser Timber Co., Ltd. (a) | 326,502 | ||||||
17,402 | WSP Global, Inc. (a) | 952,384 | ||||||
16,702,809 | ||||||||
Denmark - 1.67% |
| |||||||
178 | A.P. Moller - Maersk A/S - Class A | 233,350 | ||||||
186 | A.P. Moller - Maersk A/S - Class B | 261,306 | ||||||
3,494 | Carlsberg AS - Series B | 419,018 | ||||||
2,225 | Chr. Hansen Holding AS | 225,583 | ||||||
2,775 | Coloplast AS - Series B | 283,481 | ||||||
3,052 | Danske Bank AS | 80,001 | ||||||
1,518 | DSV AS | 137,941 | ||||||
2,380 | H. Lundbeck AS | 146,914 | ||||||
18,772 | Novo Nordisk AS - Series B | 883,505 | ||||||
4,764 | Orsted AS | 323,728 | ||||||
1,884 | Pandora AS | 117,653 | ||||||
3,302 | Tryg AS | 82,223 |
See notes to financial statements.
71
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Denmark (Continued) |
| |||||||
1,634 | Vestas Wind Systems AS | $ | 110,387 | |||||
7,188 | William Demant Holdings AS (a) | 269,826 | ||||||
3,574,916 | ||||||||
Finland - 0.87% |
| |||||||
11,124 | Fortum OYJ | 278,782 | ||||||
4,852 | Neste OYJ | 399,928 | ||||||
14,128 | Nokia OYJ | 78,548 | ||||||
13,910 | Orion OYJ - Class B | 526,457 | ||||||
2,467 | Sampo OYJ - Series A | 127,665 | ||||||
14,395 | Stora Enso OYJ - R Shares | 274,889 | ||||||
4,227 | UPM-Kymmene OYJ | 165,778 | ||||||
1,852,047 | ||||||||
France - 9.44% |
| |||||||
835 | Accor SA | 42,895 | ||||||
1,688 | Aeroports de Paris | 380,055 | ||||||
1,422 | Air Liquide SA | 186,740 | ||||||
2,922 | Alstom SA | 130,697 | ||||||
5,537 | Arkema SA | 686,195 | ||||||
6,221 | Atos SE | 740,217 | ||||||
22,682 | AXA SA | 607,780 | ||||||
5,296 | BioMerieux | 442,058 | ||||||
10,528 | BNP Paribas SA | 644,699 | ||||||
85,222 | Bollore SA | 368,110 | ||||||
1,979 | Capgemini SE | 249,152 | ||||||
14,840 | Carrefour SA | 284,438 | ||||||
15,806 | Casino Guichard Perrachon SA (b) | 665,219 | ||||||
1,148 | Cie de Saint-Gobain | 49,480 | ||||||
1,782 | Cie Generale des Etablissements Michelin SCA | 212,692 | ||||||
14,536 | CNP Assurances | 350,400 | ||||||
29,740 | Credit Agricole SA | 427,512 | ||||||
4,545 | Danone SA | 353,215 | ||||||
81 | Dassault Aviation SA | 149,906 | ||||||
2,398 | Dassault Systemes SE | 358,830 | ||||||
4,614 | Edenred | 175,828 | ||||||
4,167 | Eiffage SA | 465,494 | ||||||
9,471 | Electricite de France SA | 166,565 | ||||||
6,140 | Engie SA | 90,395 | ||||||
1,349 | Essilor International Cie Generale d’Optique SA | 199,679 | ||||||
4,210 | Eurazeo SE | 331,499 | ||||||
4,628 | Faurecia SA | 278,327 | ||||||
1,191 | Hermes International | 789,066 | ||||||
1,958 | Ingenico Group SA | 148,869 | ||||||
4,215 | Ipsen SA | 709,607 | ||||||
1,028 | Kering SA | 551,372 | ||||||
2,169 | Legrand SA | 158,155 | ||||||
3,123 | L’Oreal SA | 752,915 | ||||||
3,098 | LVMH Moet Hennessy Louis Vuitton SE | 1,094,743 | ||||||
14,775 | Natixis SA | 100,335 | ||||||
1,789 | Pernod Ricard SA | 293,409 | ||||||
28,167 | Peugeot SA | 759,825 | ||||||
869 | Publicis Groupe SA | 51,897 | ||||||
1,030 | Remy Cointreau SA | 134,333 | ||||||
35,852 | Rexel SA | 538,517 | ||||||
2,866 | Safran SA | 401,309 | ||||||
8,452 | Sanofi-Aventis SA | 755,162 | ||||||
2,793 | Schneider Electric SE | 224,269 | ||||||
2,189 | SEB SA | 372,321 | ||||||
2,665 | Societe BIC SA | 243,977 |
Number of | Value | |||||||
France (Continued) |
| |||||||
8,424 | Societe Generale SA | $ | 361,730 | |||||
1,328 | Teleperformance | 250,534 | ||||||
19,647 | Total SA | 1,277,462 | ||||||
9,066 | Ubisoft Entertainment SA (a) | 978,952 | ||||||
1,964 | Vinci SA | 186,854 | ||||||
20,173,690 | ||||||||
Germany - 6.11% |
| |||||||
3,459 | adidas AG | 845,931 | ||||||
4,696 | Allianz SE | 1,045,173 | ||||||
3,854 | Axel Springer SE | 259,100 | ||||||
5,485 | BASF SE | 486,701 | ||||||
7,671 | Bayer AG | 680,422 | ||||||
2,987 | Beiersdorf AG | 336,704 | ||||||
896 | Brenntag AG | 55,258 | ||||||
41,301 | Commerzbank AG (a) | 429,114 | ||||||
5,178 | Covestro AG | 419,145 | ||||||
5,418 | Delivery Hero SE (a) | 260,167 | ||||||
2,719 | Deutsche Boerse AG | 363,548 | ||||||
37,142 | Deutsche Lufthansa AG | 911,610 | ||||||
17,798 | Deutsche Post AG | 632,796 | ||||||
14,428 | Deutsche Telekom AG | 232,271 | ||||||
3,361 | Deutsche Wohnen SE | 161,434 | ||||||
2,086 | Fresenius SE & Co. KGaA | 152,967 | ||||||
1,890 | HeidelbergCement AG | 147,623 | ||||||
1,907 | HOCHTIEF AG | 316,134 | ||||||
7,151 | HUGO BOSS AG | 550,162 | ||||||
5,844 | Infineon Technologies AG | 132,985 | ||||||
2,201 | KION Group AG | 135,144 | ||||||
1,042 | Linde AG | 246,076 | ||||||
2,437 | Merck KGaA | 251,792 | ||||||
10,524 | METRO AG | 164,837 | ||||||
1,265 | MTU Aero Engines AG | 284,978 | ||||||
570 | Muenchener Rueckversicherungs-Gesellschaft AG | 125,905 | ||||||
2,651 | ProSiebenSat.1 Media AG | 68,682 | ||||||
954 | Puma SE | 470,708 | ||||||
6,112 | RWE AG | 150,901 | ||||||
7,601 | SAP SE | 934,645 | ||||||
3,150 | Siemens AG | 402,770 | ||||||
1,921 | Symrise AG | 175,154 | ||||||
4,230 | Vonovia SE | 206,882 | ||||||
2,935 | Wirecard AG | 634,984 | ||||||
9,875 | Zalando SE (a) | 383,726 | ||||||
13,056,429 | ||||||||
Hong Kong - 3.07% |
| |||||||
105,160 | AIA Group, Ltd. | 937,703 | ||||||
13,151 | ASM Pacific Technology, Ltd. | 134,388 | ||||||
37,856 | CK Asset Holdings, Ltd. | 283,776 | ||||||
17,894 | CK Hutchison Holdings, Ltd. | 205,973 | ||||||
70,138 | Dairy Farm International Holdings, Ltd. | 631,060 | ||||||
35,975 | Galaxy Entertainment Group, Ltd. | 227,257 | ||||||
54,576 | Hang Lung Group, Ltd. | 145,353 | ||||||
9,619 | Hang Seng Bank, Ltd. | 261,002 | ||||||
125,438 | HK Electric Investments & HK Electric Investments, Ltd. - Stapled Security (f) | 126,657 | ||||||
14,402 | Hong Kong Exchange & Clearing, Ltd. | 411,531 | ||||||
18,908 | Hysan Development Co., Ltd. | 95,487 | ||||||
1,525 | Jardine Matheson Holdings, Ltd. | 95,674 | ||||||
1,835 | Jardine Strategic Holdings, Ltd. | 66,600 | ||||||
116,654 | Kerry Properties, Ltd. | 396,105 |
See notes to financial statements.
72
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Hong Kong (Continued) |
| |||||||
4,121 | Melco Resorts & Entertainment, Ltd. - ADR | $ | 87,159 | |||||
455,548 | PCCW, Ltd. | 265,417 | ||||||
60,480 | Shangri-La Asia, Ltd. | 89,517 | ||||||
413,044 | SJM Holdings, Ltd. | 380,563 | ||||||
41,424 | Swire Pacific, Ltd. - Class A | 453,657 | ||||||
64,606 | Techtronic Industries Co., Ltd. | 412,102 | ||||||
29,706 | The Bank of East Asia, Ltd. | 110,551 | ||||||
173,636 | The Hong Kong and China Gas Co., Ltd. | 344,156 | ||||||
41,188 | Wheelock & Co., Ltd. | 247,627 | ||||||
213,765 | WH Group, Ltd. | 150,075 | ||||||
6,559,390 | ||||||||
Ireland - 0.20% |
| |||||||
7,801 | Bank of Ireland Group PLC | 59,654 | ||||||
3,285 | CRH PLC | 107,467 | ||||||
474 | DCC PLC | 42,993 | ||||||
10,368 | James Hardie Industries PLC | 157,049 | ||||||
569 | Kerry Group PLC - Series A | 62,793 | ||||||
429,956 | ||||||||
Israel - 1.02% |
| |||||||
6,806 | Bank Hapoalim BM | 49,838 | ||||||
48,098 | Bank Leumi Le-Israel BM | 316,983 | ||||||
210,820 | Bezeq the Israel Telecommunication Corp., Ltd. | 242,625 | ||||||
1,671 | Check Point Software Technologies, Ltd. (a) | 196,626 | ||||||
2,689 | Frutarom Industries, Ltd. | 278,996 | ||||||
3,380 | Mizrahi Tefahot Bank, Ltd. | 59,190 | ||||||
1,962 | Nice, Ltd. (a) | 223,479 | ||||||
37,337 | Teva Pharmaceutical Industries, Ltd. - ADR | 804,239 | ||||||
2,171,976 | ||||||||
Italy - 2.69% |
| |||||||
26,400 | Assicurazioni Generali SpA | 454,604 | ||||||
7,159 | Davide Campari-Milano SpA | 60,964 | ||||||
19,873 | Enel SpA | 101,581 | ||||||
19,043 | Eni SpA | 358,952 | ||||||
6,082 | EXOR NV | 405,795 | ||||||
3,540 | Ferrari NV | 486,241 | ||||||
179,191 | Intesa Sanpaolo SpA | 456,567 | ||||||
8,073 | Luxottica Group SpA | 547,130 | ||||||
7,428 | Mediobanca Banca di Credito Finanziario SpA | 73,922 | ||||||
14,325 | Moncler SpA | 616,367 | ||||||
51,585 | Poste Italiane SpA | 411,461 | ||||||
8,014 | Prysmian SpA | 186,068 | ||||||
9,444 | Recordati SpA | 319,338 | ||||||
689,292 | Telecom Italia SpA (a) | 416,665 | ||||||
784,558 | Telecom Italia SpA - Savings Share | 420,878 | ||||||
29,349 | UniCredit SpA | 440,373 | ||||||
5,756,906 | ||||||||
Japan - 24.84% |
| |||||||
2,731 | ABC-Mart, Inc. | 151,921 | ||||||
12,707 | Aeon Co., Ltd. | 306,179 | ||||||
17,953 | Alfresa Holdings Corp. | 480,885 | ||||||
5,221 | Asahi Group Holdings, Ltd. | 226,525 | ||||||
11,108 | Asahi Kasei Corp. | 168,421 | ||||||
19,362 | Asics Corp. | 288,760 | ||||||
38,627 | Astellas Pharma, Inc. | 674,542 | ||||||
5,803 | Bandai Namco Holdings, Inc. | 225,452 | ||||||
1,770 | Bridgestone Corp. | 66,895 |
Number of | Value | |||||||
Japan (Continued) |
| |||||||
12,458 | Brother Industries, Ltd. | $ | 245,986 | |||||
10,937 | Calbee, Inc. | 360,113 | ||||||
9,494 | Canon, Inc. | 301,051 | ||||||
7,975 | Casio Computer Co., Ltd. | 130,354 | ||||||
1,192 | Central Japan Railway Co. | 248,172 | ||||||
19,433 | Chubu Electric Power Co., Inc. | 294,370 | ||||||
3,758 | Chugai Pharmaceutical Co., Ltd. | 241,577 | ||||||
5,014 | Chugoku Electric Power Co., Inc. | 64,434 | ||||||
10,806 | Coca-Cola Bottlers Japan, Inc. | 289,215 | ||||||
13,045 | Credit Saison Co., Ltd. | 212,757 | ||||||
10,915 | CyberAgent, Inc. | 580,860 | ||||||
8,359 | Daicel Corp. | 97,099 | ||||||
19,685 | Dai-ichi Life Holdings, Inc. | 410,340 | ||||||
9,579 | Daiichi Sankyo Co., Ltd. | 415,230 | ||||||
517 | Daikin Industries, Ltd. | 68,815 | ||||||
704 | Daito Trust Construction Co., Ltd. | 90,722 | ||||||
3,519 | DeNA Co., Ltd. | 62,139 | ||||||
1,896 | Denso Corp. | 100,162 | ||||||
693 | Disco Corp. | 116,052 | ||||||
3,408 | Don Quijote Co., Ltd. | 172,457 | ||||||
3,871 | Eisai Co., Ltd. | 377,102 | ||||||
16,418 | Electric Power Development Co., Ltd. | 454,446 | ||||||
3,304 | FamilyMart UNY Holdings Co., Ltd. | 344,286 | ||||||
1,566 | Fast Retailing Co., Ltd. | 793,334 | ||||||
8,061 | FUJIFILM Holdings Corp. | 362,658 | ||||||
4,634 | Fujitsu, Ltd. | 330,096 | ||||||
5,531 | Hamamatsu Photonics KK | 220,280 | ||||||
2,084 | Hikari Tsushin, Inc. | 411,869 | ||||||
3,175 | Hisamitsu Pharmaceutical Co., Inc. | 243,498 | ||||||
3,433 | Hitachi Construction Machinery Co., Ltd. | 114,773 | ||||||
18,468 | Hitachi, Ltd. | 627,751 | ||||||
26,169 | Honda Motor Co., Ltd. | 788,112 | ||||||
1,146 | Hoshizaki Corp. | 118,616 | ||||||
11,129 | Hoya Corp. | 660,962 | ||||||
12,129 | Idemitsu Kosan Co., Ltd. | 642,164 | ||||||
6,526 | Iida Group Holdings Co., Ltd. | 115,983 | ||||||
45,168 | Isetan Mitsukoshi Holdings, Ltd. | 554,527 | ||||||
27,479 | ITOCHU Corp. | 502,951 | ||||||
8,242 | J Front Retailing Co., Ltd. | 127,828 | ||||||
3,165 | Japan Airlines Co., Ltd. | 113,757 | ||||||
1,013 | Japan Airport Terminal Co., Ltd. | 46,082 | ||||||
16,959 | Japan Post Holdings Co., Ltd. | 201,832 | ||||||
4,718 | JGC Corp. | 108,189 | ||||||
98,087 | JXTG Holdings, Inc. | 741,910 | ||||||
21,225 | Kajima Corp. | 308,616 | ||||||
33,774 | Kakaku.com, Inc. | 659,875 | ||||||
9,940 | Kao Corp. | 802,931 | ||||||
2,414 | KDDI Corp. | 66,594 | ||||||
3,523 | Keihan Electric Railway Co., Ltd. | 134,542 | ||||||
867 | Keio Corp. | 47,454 | ||||||
1,366 | Keisei Electric Railway Co., Ltd. | 48,080 | ||||||
337 | Keyence Corp. | 195,759 | ||||||
8,059 | Kikkoman Corp. | 479,967 | ||||||
12,672 | Kirin Holdings Co., Ltd. | 325,011 | ||||||
2,426 | Kobayashi Pharmaceutical Co., Ltd. | 178,605 | ||||||
41,490 | Kobe Steel, Ltd. | 368,718 | ||||||
4,888 | Komatsu, Ltd. | 148,746 | ||||||
755 | Konami Holdings Corp. | 29,563 | ||||||
35,832 | Konica Minolta, Inc. | 381,323 | ||||||
4,525 | Kose Corp. | 862,218 |
See notes to financial statements.
73
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Japan (Continued) |
| |||||||
3,101 | Kyowa Hakko Kirin Co., Ltd. | $ | 58,189 | |||||
5,334 | Lawson, Inc. | 324,854 | ||||||
9,815 | LINE Corp. (a) | 413,507 | ||||||
24,150 | Lion Corp. | 536,363 | ||||||
16,560 | M3, Inc. | 375,554 | ||||||
1,370 | Makita Corp. | 68,604 | ||||||
63,250 | Marubeni Corp. | 578,460 | ||||||
3,951 | Marui Group Co., Ltd. | 97,486 | ||||||
44,472 | Mazda Motor Corp. | 534,553 | ||||||
19,174 | Medipal Holdings Corp. | 400,579 | ||||||
3,741 | MEIJI Holdings Co., Ltd. | 251,440 | ||||||
20,950 | MISUMI Group, Inc. | 542,071 | ||||||
50,998 | Mitsubishi Chemical Holdings Corp. | 488,080 | ||||||
21,021 | Mitsubishi Corp. | 647,504 | ||||||
9,119 | Mitsubishi Heavy Industries, Ltd. | 352,152 | ||||||
50,639 | Mitsubishi UFJ Financial Group, Inc. | 314,605 | ||||||
58,348 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 343,409 | ||||||
35,937 | Mitsui & Co., Ltd. | 638,624 | ||||||
199,633 | Mizuho Financial Group, Inc. | 347,921 | ||||||
326 | Murata Manufacturing Co., Ltd. | 50,092 | ||||||
6,373 | Nexon Co., Ltd. (a) | 83,305 | ||||||
9,083 | NGK Spark Plug Co., Ltd. | 264,766 | ||||||
2,554 | Nidec Corp. | 367,254 | ||||||
19,709 | Nikon Corp. | 370,358 | ||||||
7,806 | Nippon Electric Glass Co., Ltd. | 245,388 | ||||||
9,500 | Nippon Telegraph & Telephone Corp. | 428,738 | ||||||
2,847 | Nissan Chemical Industries, Ltd. | 150,380 | ||||||
6,333 | Nisshin Seifun Group, Inc. | 138,887 | ||||||
3,658 | Nitori Holdings Co., Ltd. | 524,213 | ||||||
32,718 | Nomura Holdings, Inc. | 156,047 | ||||||
1,795 | Nomura Research Institute, Ltd. | 90,644 | ||||||
9,218 | NTT Data Corp. | 127,607 | ||||||
10,741 | NTT DoCoMo, Inc. | 288,692 | ||||||
3,086 | Obic Co., Ltd. | 291,879 | ||||||
56,701 | Oji Holdings Corp. | 411,760 | ||||||
8,417 | Olympus Corp. | 328,439 | ||||||
8,379 | OMRON Corp. | 354,078 | ||||||
4,702 | Ono Pharmaceutical Co., Ltd. | 133,097 | ||||||
1,826 | Oracle Corp. | 147,125 | ||||||
4,050 | Oriental Land Co., Ltd. | 423,448 | ||||||
22,858 | ORIX Corp. | 370,108 | ||||||
13,691 | Osaka Gas Co., Ltd. | 267,339 | ||||||
5,486 | Otsuka Corp. | 204,628 | ||||||
12,963 | Panasonic Corp. | 150,257 | ||||||
10,262 | Persol Holdings Co., Ltd. | 240,855 | ||||||
18,127 | Pola Orbis Holdings, Inc. | 662,055 | ||||||
12,376 | Rakuten, Inc. | 94,813 | ||||||
32,045 | Recruit Holdings Co., Ltd. | 1,070,350 | ||||||
42,166 | Resona Holdings, Inc. | 236,740 | ||||||
13,977 | Ricoh Co., Ltd. | 150,177 | ||||||
2,239 | Ryohin Keikaku Co., Ltd. | 665,519 | ||||||
1,118 | Sankyo Co., Ltd. | 43,735 | ||||||
7,426 | SBI Holdings, Inc. | 230,500 | ||||||
3,841 | Sega Sammy Holdings, Inc. | 56,637 | ||||||
3,687 | Seiko Epson Corp. | 62,898 | ||||||
8,347 | Sekisui House, Ltd. | 127,286 | ||||||
1,039 | Seven & I Holdings Co., Ltd. - Series A | 46,324 | ||||||
9,938 | Shimadzu Corp. | 311,434 | ||||||
1,291 | Shimamura Co., Ltd. | 122,462 |
Number of | Value | |||||||
Japan (Continued) |
| |||||||
11,911 | Shinsei Bank, Ltd. | $ | 194,592 | |||||
16,249 | Shiseido Co., Ltd. | 1,258,452 | ||||||
3,909 | Showa Denko KK | 215,618 | ||||||
5,874 | Showa Shell Sekiyu KK | 124,605 | ||||||
12,469 | Sony Corp. | 757,962 | ||||||
2,591 | Stanley Electric Co., Ltd. | 88,580 | ||||||
20,905 | Start Today Co., Ltd. | 632,369 | ||||||
1,445 | Subaru Corp. | 44,295 | ||||||
6,482 | SUMCO Corp. | 94,427 | ||||||
41,940 | Sumitomo Chemical Co., Ltd. | 245,447 | ||||||
26,591 | Sumitomo Corp. | 443,145 | ||||||
14,852 | Sumitomo Dainippon Pharma Co., Ltd. | 341,099 | ||||||
2,954 | Sumitomo Heavy Industries, Ltd. | 105,433 | ||||||
11,496 | Sumitomo Mitsui Financial Group, Inc. | 462,643 | ||||||
3,254 | Sumitomo Mitsui Trust Holdings, Inc. | 133,891 | ||||||
2,867 | Sumitomo Realty & Development Co., Ltd. | 102,852 | ||||||
2,780 | Sumitomo Rubber Industries, Ltd. | 41,745 | ||||||
12,072 | Sundrug Co., Ltd. | 430,759 | ||||||
14,152 | Suzuken Co., Ltd. | 671,501 | ||||||
2,403 | Suzuki Motor Corp. | 137,719 | ||||||
7,130 | Sysmex Corp. | 614,844 | ||||||
5,040 | Taiheiyo Cement Corp. | 158,069 | ||||||
4,875 | Taisei Corp. | 222,219 | ||||||
1,466 | Taisho Pharmaceutical Holdings Co., Ltd. | 179,342 | ||||||
8,113 | Taiyo Nippon Sanso Corp. | 121,421 | ||||||
2,905 | Takeda Pharmaceutical Co., Ltd. (b) | 124,212 | ||||||
2,029 | TDK Corp. | 221,078 | ||||||
4,844 | Teijin, Ltd. | 92,902 | ||||||
5,620 | Terumo Corp. | 332,614 | ||||||
38,840 | The Kansai Electric Power Co., Inc. | 586,252 | ||||||
6,111 | The Yokohama Rubber Co., Ltd. | 131,717 | ||||||
3,105 | Tokio Marine Holdings, Inc. | 154,143 | ||||||
3,560 | Tokyo Century Corp. | 221,115 | ||||||
118,480 | Tokyo Electric Power Co. Holdings, Inc. (a) | 582,219 | ||||||
1,680 | Tokyo Electron, Ltd. | 231,538 | ||||||
1,921 | Tokyo Gas Co., Ltd. | 47,253 | ||||||
2,636 | Tokyu Corp. | 48,202 | ||||||
8,409 | Tosoh Corp. | 129,515 | ||||||
2,537 | TOTO, Ltd. | 105,220 | ||||||
10,880 | Toyota Motor Corp. | 677,854 | ||||||
7,803 | Toyota Tsusho Corp. | 294,616 | ||||||
4,031 | Tsuruha Holdings, Inc. | 496,175 | ||||||
4,695 | Unicharm Corp. | 155,337 | ||||||
1,886 | Yakult Honsha Co., Ltd. | 154,672 | ||||||
93,219 | Yamada Denki Co., Ltd. | 471,618 | ||||||
3,977 | Yamaha Corp. | 210,733 | ||||||
3,279 | Yamaha Motor Co., Ltd. | 91,953 | ||||||
7,371 | Yamato Holdings Co., Ltd. | 226,319 | ||||||
16,623 | Yamazaki Baking Co., Ltd. | 332,992 | ||||||
4,634 | Yaskawa Electric Corp. | 137,635 | ||||||
3,817 | Yokogawa Electric Corp. | 80,741 | ||||||
53,098,416 | ||||||||
Jersey - 0.85% |
| |||||||
11,375 | Ferguson PLC | 964,854 | ||||||
82,517 | Glencore PLC | 355,706 | ||||||
8,356 | Shire PLC | 504,838 | ||||||
1,825,398 | ||||||||
Luxembourg - 0.21% |
| |||||||
1,933 | Millicom International Cellular SA | 110,859 |
See notes to financial statements.
74
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Luxembourg (Continued) |
| |||||||
4,102 | RTL Group SA | $ | 292,579 | |||||
2,484 | Tenaris SA | 41,601 | ||||||
445,039 | ||||||||
Macau - 0.10% |
| |||||||
13,842 | Sands China, Ltd. | 62,338 | ||||||
68,153 | Wynn Macau, Ltd. | 156,520 | ||||||
218,858 | ||||||||
Netherlands - 3.88% |
| |||||||
7,600 | ABN AMRO Group NV | 206,979 | ||||||
105,212 | Aegon NV | 682,883 | ||||||
740 | AerCap Holdings NV (a) | 42,565 | ||||||
3,762 | Airbus SE | 472,291 | ||||||
22,352 | ArcelorMittal | 693,945 | ||||||
2,629 | ASML Holding NV | 493,606 | ||||||
26,931 | CNH Industrial NV | 323,183 | ||||||
42,308 | Fiat Chrysler Automobiles NV (a) | 739,925 | ||||||
2,850 | Heineken Holding NV | 258,428 | ||||||
582 | Heineken NV | 54,621 | ||||||
26,038 | ING Groep NV | 337,950 | ||||||
34,488 | Koninklijke Ahold Delhaize NV | 791,241 | ||||||
2,829 | Koninklijke DSM NV | 299,629 | ||||||
7,207 | Koninklijke Philips NV | 328,505 | ||||||
15,731 | NN Group NV | 702,113 | ||||||
1,984 | NXP Semiconductors NV | 169,632 | ||||||
5,672 | Randstad Holding NV | 302,740 | ||||||
14,365 | STMicroelectronics NV | 262,917 | ||||||
11,748 | Unilever NV | 653,480 | ||||||
7,688 | Wolters Kluwer NV | 479,269 | ||||||
8,295,902 | ||||||||
New Zealand - 0.38% |
| |||||||
34,389 | a2 Milk Co., Ltd. (a) | 256,521 | ||||||
39,340 | Fisher & Paykel Healthcare Corp., Ltd. | 392,269 | ||||||
20,389 | Meridian Energy, Ltd. | 44,390 | ||||||
13,376 | Ryman Healthcare, Ltd. | 124,023 | ||||||
817,203 | ||||||||
Norway - 0.92% |
| |||||||
8,683 | Aker BP ASA | 367,666 | ||||||
3,386 | DNB ASA | 71,257 | ||||||
15,152 | Equinor ASA | 426,018 | ||||||
7,262 | Gjensidige Forsikring ASA | 122,394 | ||||||
3,449 | Marine Harvest ASA | 79,920 | ||||||
32,799 | Norsk Hydro ASA | 196,691 | ||||||
15,073 | Schibsted ASA - Class B | 523,851 | ||||||
8,607 | Telenor ASA | 168,315 | ||||||
1,956,112 | ||||||||
Portugal - 0.23% |
| |||||||
5,142 | Galp Energia SGPS SA | 101,955 | ||||||
26,476 | Jeronimo Martins SGPS SA | 390,247 | ||||||
492,202 | ||||||||
Singapore - 1.31% |
| |||||||
9,081 | City Developments, Ltd. | 60,544 | ||||||
19,423 | DBS Group Holdings, Ltd. | 370,536 | ||||||
15,925 | Jardine Cycle & Carriage, Ltd. | 372,740 | ||||||
21,826 | Keppel Corp., Ltd. | 111,122 | ||||||
54,908 | Oversea-Chinese Banking Corp., Ltd. | 459,454 |
Number of | Value | |||||||
Singapore (Continued) |
| |||||||
126,789 | Singapore Exchange, Ltd. | $ | 683,339 | |||||
17,955 | United Overseas Bank, Ltd. | 354,942 | ||||||
44,753 | UOL Group, Ltd. | 225,696 | ||||||
11,737 | Venture Corp., Ltd. | 151,345 | ||||||
2,789,718 | ||||||||
Spain - 1.92% |
| |||||||
6,161 | ACS, Actividades de Construccion y Servicios SA | 261,675 | ||||||
455 | Aena SME SA | 78,832 | ||||||
9,621 | Amadeus IT Holdings SA - Class A | 891,759 | ||||||
45,186 | Banco Bilbao Vizcaya Argentaria SA | 286,490 | ||||||
91,264 | Banco Santander SA | 456,928 | ||||||
4,960 | Ferrovial SA | 102,638 | ||||||
5,609 | Iberdrola SA | 41,197 | ||||||
23,704 | Industria de Diseno Textil SA | 716,134 | ||||||
56,300 | Mapfre SA | 176,098 | ||||||
3,144 | Naturgy Energy Group SA | 85,705 | ||||||
42,363 | Repsol SA | 843,333 | ||||||
21,120 | Telefonica SA | 166,602 | ||||||
4,107,391 | ||||||||
Sweden - 1.60% |
| |||||||
1,596 | Alfa Laval AB | 43,185 | ||||||
8,962 | Atlas Copco AB - Class A | 257,731 | ||||||
7,724 | Atlas Copco AB - Class B | 205,792 | ||||||
5,806 | Electrolux AB - Series B | 127,902 | ||||||
5,173 | Epiroc AB (a) | 57,799 | ||||||
38,491 | Hennes & Mauritz AB - Series B (b) | 711,317 | ||||||
6,945 | Kinnevik AB - Class B | 209,715 | ||||||
8,488 | Lundin Petroleum AB | 323,539 | ||||||
5,065 | Sandvik AB | 89,672 | ||||||
11,173 | Swedish Match AB | 571,111 | ||||||
11,338 | Tele2 AB - B Shares | 136,264 | ||||||
36,117 | Telefonaktiebolaget LM Ericsson - Series B | 319,664 | ||||||
1,498 | Vifor Pharma AG | 259,709 | ||||||
5,499 | Volvo AB - Class B | 96,986 | ||||||
3,410,386 | ||||||||
Switzerland - 5.59% |
| |||||||
840 | Adecco Group AG | 44,157 | ||||||
1,037 | Baloise Holding AG | 158,028 | ||||||
307 | Barry Callebaut AG | 581,345 | ||||||
2 | Chocoladefabriken Lindt & Spruengli AG | 163,822 | ||||||
2,659 | Cie Financiere Richemont SA | 216,789 | ||||||
3,778 | Clariant AG | 98,278 | ||||||
11,743 | Credit Suisse Group AG | 176,209 | ||||||
818 | Dufry AG | 92,421 | ||||||
120 | Geberit AG | 55,697 | ||||||
81 | Givaudan SA | 199,307 | ||||||
3,414 | Kuehne & Nagel International AG | 541,717 | ||||||
854 | LafargeHolcim, Ltd. | 42,279 | ||||||
370 | Lonza Group AG | 126,576 | ||||||
27,910 | Nestle SA | 2,323,134 | ||||||
15,078 | Novartis AG | 1,297,891 | ||||||
1,570 | Pargesa Holding SA | 126,140 | ||||||
960 | Partners Group Holding AG | 761,010 | ||||||
6,843 | Roche Holdings AG | 1,654,743 | ||||||
230 | SGS SA | 605,575 | ||||||
1,260 | Sika AG | 183,355 | ||||||
1,504 | Sonova Holding AG | 298,496 | ||||||
519 | Straumann Holding AG | 390,996 |
See notes to financial statements.
75
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Switzerland (Continued) |
| |||||||
1,155 | Swiss Life Holding AG | $ | 437,943 | |||||
669 | Swiss Re AG | 61,639 | ||||||
271 | Swisscom AG | 122,914 | ||||||
2,843 | Temenos AG | 463,046 | ||||||
415 | The Swatch Group AG - Group I | 164,935 | ||||||
1,708 | The Swatch Group AG - Group N | 133,032 | ||||||
10,691 | UBS Group AG | 168,796 | ||||||
801 | Zurich Insurance Group AG | 252,560 | ||||||
11,942,830 | ||||||||
United Kingdom - 13.81% |
| |||||||
33,417 | 3i Group PLC | 409,189 | ||||||
24,030 | Admiral Group PLC | 651,390 | ||||||
40,685 | Anglo American PLC | 910,168 | ||||||
9,095 | Ashtead Group PLC | 288,570 | ||||||
5,413 | Associated British Foods PLC | 161,554 | ||||||
9,859 | AstraZeneca PLC | 768,455 | ||||||
148,847 | Auto Trader Group PLC | 865,884 | ||||||
9,519 | Berkeley Group Holdings PLC | 456,027 | ||||||
14,898 | BHP Billiton PLC | 325,100 | ||||||
154,770 | BP Plc | 1,186,279 | ||||||
8,248 | British American Tobacco PLC | 384,528 | ||||||
26,654 | British Sky Broadcasting Group PLC | 600,611 | ||||||
39,713 | Burberry Group PLC | 1,042,841 | ||||||
53,786 | Centrica PLC | 108,696 | ||||||
3,098 | Coca-Cola European Partners PLC | 140,866 | ||||||
10,405 | Coca-Cola HBC AG | 354,491 | ||||||
4,461 | Croda International PLC | 302,385 | ||||||
14,412 | Diageo PLC | 510,592 | ||||||
19,487 | Direct Line Insurance Group Plc | 82,251 | ||||||
7,235 | easyJet PLC | 123,807 | ||||||
23,023 | Experian PLC | 590,775 | ||||||
34,567 | GlaxoSmithKline PLC | 693,235 | ||||||
6,282 | GVC Holdings PLC | 75,174 | ||||||
44,356 | Hargreaves Lansdown PLC | 1,291,237 | ||||||
161,500 | HSBC Holdings PLC | 1,409,158 | ||||||
5,974 | Imperial Brands PLC | 207,884 | ||||||
10,253 | Informa PLC | 101,839 | ||||||
9,245 | InterContinental Hotels Group PLC | 575,478 | ||||||
96,984 | International Consolidated Airlines Group SA | 831,984 | ||||||
1,625 | Intertek Group PLC | 105,711 | ||||||
15,363 | Investec PLC | 107,774 | ||||||
203,508 | J. Sainsbury PLC | 852,601 | ||||||
45,075 | Kingfisher PLC | 152,410 | ||||||
124,791 | Legal & General Group PLC | 426,013 | ||||||
299,693 | Lloyds Banking Group PLC | 230,491 | ||||||
4,133 | London Stock Exchange Group PLC | 246,976 | ||||||
97,998 | Marks & Spencer Group PLC | 368,714 | ||||||
48,999 | Mediclinic International PLC | 273,666 | ||||||
26,808 | Meggitt PLC | 197,922 | ||||||
10,390 | Merlin Entertainments PLC | 54,186 | ||||||
7,253 | Micro Focus International PLC | 134,884 | ||||||
9,045 | Next PLC | 647,319 | ||||||
4,883 | NMC Health PLC | 215,854 | ||||||
23,007 | Pearson PLC | 266,339 | ||||||
10,020 | Persimmon PLC | 308,491 | ||||||
22,351 | Prudential PLC | 512,468 | ||||||
16,232 | RELX PLC (LN) | 341,469 | ||||||
15,890 | RELX PLC (EB) | 333,836 |
Number of | Value | |||||||
United Kingdom (Continued) |
| |||||||
10,331 | Rio Tinto PLC | $ | 521,114 | |||||
17,555 | Rolls-Royce Holdings PLC (a) | 225,853 | ||||||
33,593 | Royal Dutch Shell Plc - Class A | 1,151,859 | ||||||
27,187 | Royal Dutch Shell Plc - Class B | 951,729 | ||||||
184,206 | Royal Mail PLC | 1,145,102 | ||||||
3,073 | Schroders PLC | 123,776 | ||||||
32,082 | Smith & Nephew PLC | 585,328 | ||||||
3,172 | Smiths Group PLC | 61,760 | ||||||
5,860 | Standard Chartered PLC | 48,552 | ||||||
37,775 | Taylor Wimpey PLC | 84,435 | ||||||
137,159 | Tesco PLC | 428,832 | ||||||
46,551 | The Sage Group PLC | 355,537 | ||||||
6,204 | Travis Perkins PLC | 86,094 | ||||||
18,949 | TUI AG | 363,493 | ||||||
11,891 | Unilever PLC | 653,225 | ||||||
286,414 | Vodafone Group PLC | 613,680 | ||||||
8,185 | Whitbread PLC | 503,068 | ||||||
111,857 | Wm Morrison Supermarkets PLC | 378,188 | ||||||
29,509,197 | ||||||||
Total Common Stocks | 202,166,750 | |||||||
INVESTMENT COMPANIES - 3.06% |
| |||||||
Canada - 0.26% |
| |||||||
19,586 | iShares MSCI Canada ETF (b) | 563,685 | ||||||
Japan - 2.79% |
| |||||||
87,768 | iShares MSCI EAFE ETF | 5,967,346 | ||||||
Total Investment Companies | 6,531,031 | |||||||
PARTICIPATORY NOTES - 0.11% |
| |||||||
Switzerland - 0.11% |
| |||||||
26 | Chocoladefabriken Lindt & Spruengli AG (e) | 181,961 | ||||||
268 | Schindler Holding AG (e) | 66,881 | ||||||
Total Participatory Notes | 248,842 | |||||||
PREFERRED STOCKS - 0.38% |
| |||||||
Germany - 0.38% |
| |||||||
6,028 | FUCHS PETROLUB SE - Preference Shares | 336,380 | ||||||
1,979 | Porsche Automobil Holding SE | 133,221 | ||||||
1,168 | Sartorius AG | 189,322 | ||||||
3,645 | Schaeffler AG | 46,494 | ||||||
592 | Volkswagen AG - Preference Shares | 103,963 | ||||||
Total Preferred Stocks | 809,380 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 0.44% |
| |||||||
Australia - 0.05% |
| |||||||
13,957 | Goodman Group | 104,700 | ||||||
France - 0.14% |
| |||||||
720 | Covivio | 75,180 | ||||||
988 | Gecina SA | 164,955 | ||||||
664 | ICADE | 61,375 | ||||||
301,510 | ||||||||
Hong Kong - 0.11% |
| |||||||
23,827 | Link Real Estate Investment Trust | 234,600 | ||||||
United Kingdom - 0.14% |
| |||||||
35,903 | Segro PLC | 298,761 | ||||||
Total Real Estate Investment Trusts | 939,571 | |||||||
See notes to financial statements.
76
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Number of | Value | |||||||
RIGHTS - 0.00% |
| |||||||
Australia - 0.00% |
| |||||||
1 | Harvey Norman Holdings, Ltd. (a) | $ | 0 | |||||
Total Rights | 0 | |||||||
SHORT TERM INVESTMENTS - 0.44% |
| |||||||
Money Market Funds - 0.44% |
| |||||||
937,164 | Deutsche Government Money Market Series - Institutional Shares | 937,164 | ||||||
Total Short Term Investments | 937,164 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.12% |
| |||||||
Investments Purchased with Proceeds from Securities Lending - 1.12% |
| |||||||
2,398,152 | Mount Vernon Liquid Assets Portfolio, LLC | 2,398,152 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 2,398,152 | |||||||
Total Investments | 214,030,890 | |||||||
Liabilities in Excess of | (308,582 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 213,722,308 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Value determined using significant unobservable inputs. |
(d) | Seven-day yield as of September 30, 2018. |
(e) | Represents the value of the underlying security. See note 3t. of the Notes to Financial Statements. |
(f) | 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 | |||
LN | London Stock Exchange | |||
EB | Cboe European Equities |
See notes to financial statements.
77
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)
September 30, 2018
COMMON STOCKS | ||||
0.43% | ||||
Aerospace & Defense | 0.98% | |||
Air Freight & Logistics | 1.11% | |||
Airlines | 0.93% | |||
Auto Components | 0.82% | |||
Automobiles | 1.99% | |||
Banks | 7.37% | |||
Beverages | 1.59% | |||
Biotechnology | 0.33% | |||
Building Products | 0.13% | |||
Capital Markets | 2.70% | |||
Chemicals | 3.15% | |||
Commercial Services & Supplies | 0.47% | |||
Communications Equipment | 0.19% | |||
Construction & Engineering | 1.43% | |||
Construction Materials | 0.29% | |||
Consumer Finance | 0.27% | |||
Distributors | 0.17% | |||
Diversified Financial Services | 0.97% | |||
Diversified Telecommunication Services | 1.21% | |||
Electric Utilities | 1.20% | |||
Electrical Equipment | 0.55% | |||
Electronic Equipment, Instruments & Components | 1.76% | |||
Energy Equipment & Services | 0.02% | |||
Entertainment | 0.08% | |||
Food & Staples Retailing | 4.65% | |||
Food Products | 3.46% | |||
Gas Utilities | 0.35% | |||
Health Care Equipment & Supplies | 2.33% | |||
Health Care Providers & Services | 1.17% | |||
Health Care Technology | 0.18% | |||
Hotels, Restaurants & Leisure | 2.22% | |||
Household Durables | 1.42% | |||
Household Products | 0.70% | |||
Independent Power and Renewable Electricity Producers | 0.23% | |||
Industrial Conglomerates | 0.68% | |||
Insurance | 5.70% | |||
Interactive Media & Services | 0.81% | |||
Internet & Direct Marketing Retail | 0.75% | |||
IT Services | 1.91% | |||
Leisure Products | 0.42% | |||
Machinery | 1.34% | |||
Marine | 0.48% | |||
Media | 1.44% | |||
Metals & Mining | 2.81% | |||
Multiline Retail | 1.27% | |||
Multi-Utilities | 0.18% | |||
Oil, Gas & Consumable Fuels | 4.94% | |||
Paper & Forest Products | 0.55% | |||
Personal Products | 1.90% | |||
Pharmaceuticals | 5.84% | |||
Professional Services | 1.66% |
Real Estate Management & Development | 1.28% | |||
Road & Rail | 0.48% | |||
Semiconductors & Semiconductor Equipment | 0.77% | |||
Software | 2.47% | |||
Specialty Retail | 2.30% | |||
Technology Hardware, Storage & Peripherals | 0.53% | |||
Textiles, Apparel & Luxury Goods | 3.48% | |||
Tobacco | 0.54% | |||
Trading Companies & Distributors | 2.43% | |||
Transportation Infrastructure | 0.24% | |||
Wireless Telecommunication Services | 0.54% | |||
TOTAL COMMON STOCKS | 94.59% | |||
INVESTMENT COMPANIES | ||||
Exchange Traded Funds | 3.06% | |||
TOTAL INVESTMENT COMPANIES | 3.06% | |||
PARTICIPATORY NOTES | ||||
Food Products | 0.08% | |||
Machinery | 0.03% | |||
TOTAL PARTICIPATORY NOTES | 0.11% | |||
PREFERRED STOCKS | ||||
Auto Components | 0.02% | |||
Automobiles | 0.11% | |||
Chemicals | 0.16% | |||
Health Care Equipment & Supplies | 0.09% | |||
TOTAL PREFERRED STOCKS | 0.38% | |||
REAL ESTATE INVESTMENT TRUSTS | ||||
Real Estate Investment Trusts | 0.44% | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 0.44% | |||
RIGHTS | ||||
Specialty Retail | 0.00% | |||
TOTAL RIGHTS | 0.00% | |||
SHORT TERM INVESTMENTS | ||||
Money Market Funds | 0.44% | |||
TOTAL SHORT TERM INVESTMENTS | 0.44% | |||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | ||||
Investments Purchased with Proceeds from Securities Lending Collateral | 1.12% | |||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | 1.12% | |||
100.14% | ||||
Liabilities in Excess of Other Assets | (0.14)% | |||
TOTAL NET ASSETS | 100.00% | |||
Percentages are stated as a percent of net assets.
See notes to financial statements.
78
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Principal | Value | |||||||
ASSET BACKED SECURITIES - 18.93% |
| |||||||
395,000 | AIMCO CLO | $ | 393,395 | |||||
510,000 | Ally Auto Receivables Trust 2017-4 | 504,146 | ||||||
395,000 | Ally Master Owner Trust | 391,085 | ||||||
223,148 | Americredit Automobile Receivables Trust | 222,046 | ||||||
320,000 | AmeriCredit Automobile Receivables Trust | 316,109 | ||||||
392,000 | AMMC CLO 21 Ltd. | 392,757 | ||||||
500,000 | Apidos CLO XII | 498,690 | ||||||
250,000 | Atlas Senior Loan Fund X Ltd. | 248,861 | ||||||
400,000 | Atrium XII | 398,776 | ||||||
250,000 | Babson CLO Ltd. | 250,001 | ||||||
Barings CLO, Ltd. | ||||||||
575,000 | Series 2013-IA, 3.148% (3 Month LIBOR USD + 0.800%, 0.800% Floor), 01/20/2028 (b)(c) | 571,835 | ||||||
250,000 | Series 2018-III, 3.020% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 07/20/2029 (b)(c) | 249,110 | ||||||
BlueMountain CLO, Ltd. | ||||||||
390,000 | Series 2015-2, 3.260% (3 Month LIBOR USD + 0.930%, 0.930% Floor), 07/19/2027 (b)(c) | 389,915 | ||||||
397,000 | Series 2013-2R, 3.527% (3 Month LIBOR USD + 1.180%, 0.000% Floor), 10/22/2030 (b)(c) | 397,380 | ||||||
403,000 | Series 2015-3R, 3.348% (3 Month LIBOR USD + 1.000%, 0.000% Floor), 04/20/2031 (b)(c) | 399,845 | ||||||
315,000 | BMW Vehicle Lease Trust | 312,581 | ||||||
385,000 | Bristol Park CLO Ltd. | 385,448 | ||||||
735,000 | Capital One Multi-Asset Execution Trust | 727,984 | ||||||
Carlyle Global Market Strategies CLO, Ltd. | ||||||||
250,000 | Series 2013-2, 3.223% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (b)(c) | 247,712 | ||||||
250,000 | Series 2013-3A, 3.439% (3 Month LIBOR USD + 1.100%, 0.000% Floor), 10/15/2030 (b)(c) | 249,972 | ||||||
370,000 | Series 2013-4A, 3.339% (3 Month LIBOR USD + 1.000%, 1.000% Floor), 01/15/2031 (b)(c) | 368,110 | ||||||
250,000 | Series 2018-1, 3.075% (3 Month LIBOR USD + 1.020%, 0.000% Floor), 04/20/2031 (b)(c) | 248,944 | ||||||
645,000 | Chase Issuance Trust | 638,899 | ||||||
CIFC Funding, Ltd. | ||||||||
365,000 | Series 2013-IR, 3.589% (3 Month LIBOR USD + 1.250%, 0.000% Floor), 07/15/2030 (b)(c) | 365,760 |
Principal | Value | |||||||
ASSET BACKED SECURITIES (Continued) |
| |||||||
390,000 | Series 2013-IIR, 3.543% (3 Month LIBOR USD + 1.210%, 0.000% Floor), 10/18/2030 (b)(c) | $ | 390,621 | |||||
250,000 | Series 2015-IR, 3.457% (3 Month LIBOR USD + 1.110%, 1.110% Floor), 01/22/2031 (b)(c) | 249,359 | ||||||
250,000 | Series 2018-1, 3.157% (3 Month LIBOR USD + 1.000%, 0.000% Floor), 04/18/2031 (b)(c) | 248,156 | ||||||
13,920 | CIG AUTO RECEIVABLES TRUST | 13,828 | ||||||
105,000 | CNH Equipment Trust | 105,004 | ||||||
13,390 | Conn’s Receivables Funding LLC | 13,389 | ||||||
156,607 | Credit Suisse ABS Trust | 156,680 | ||||||
189,525 | Domino’s Pizza Master Issuer LLC | 188,987 | ||||||
530,000 | Dryden 50 Senior Loan Fund | 530,367 | ||||||
108,272 | Engs Commercial Finance Trust | 108,252 | ||||||
269,691 | Flagship Credit Auto Trust | 269,435 | ||||||
300,000 | Ford Credit Auto Lease Trust | 297,507 | ||||||
485,000 | Ford Credit Auto Owner Trust | 483,071 | ||||||
295,000 | Galaxy XXII CLO, Ltd. | 294,419 | ||||||
100,000 | GCO Education Loan Funding Trust | 97,652 | ||||||
570,000 | GM Financial Automobile Leasing Trust | 567,962 | ||||||
300,000 | GTP Acquisition Partners I LLC | 292,431 | ||||||
KKR Financial CLO, Ltd. | ||||||||
340,000 | Series 2016-16, 3.838% (3 Month LIBOR USD + 1.490%, 0.000% Floor), 01/22/2029 (b)(c) | 340,824 | ||||||
250,000 | Series 2013-IA, 3.629% (3 Month LIBOR USD + 1.290%, 0.000% Floor), 04/15/2029 (b)(c) | 251,307 | ||||||
400,000 | Series 2015-11R, 3.519% (3 Month LIBOR USD + 1.180%, 0.000% Floor), 01/15/2031 (b)(c) | 400,307 | ||||||
280,000 | Series 2014-21, 3.345% (3 Month LIBOR USD + 1.000%, 0.000% Floor), 04/15/2031 (b)(c) | 277,950 | ||||||
250,000 | LCM XX LP | 250,000 | ||||||
320,000 | LCM XXII, Ltd. | 322,054 | ||||||
250,000 | LCM XXV, Ltd. | 250,336 | ||||||
100,000 | Lendmark Funding Trust | 100,118 | ||||||
261,000 | Madison Park Funding XI, Ltd. | 261,117 |
See notes to financial statements.
79
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
ASSET BACKED SECURITIES (Continued) |
| |||||||
101,590 | Marlette Funding Trust | $ | 101,448 | |||||
76,071 | Nationstar HECM Loan Trust | 76,156 | ||||||
270,000 | Neuberger Berman CLO XX, Ltd. | 269,543 | ||||||
Neuberger Berman CLO, Ltd. | ||||||||
401,000 | Series 2017-16A, 3.189% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 01/18/2028 (b)(c) | 398,731 | ||||||
345,000 | Series 2018-27A, 3.739% (3 Month LIBOR USD + 1.400%, 0.000% Floor), 01/15/2030 (b)(c) | 340,789 | ||||||
NRZ Advance Receivables Trust | ||||||||
73,500 | Series 2016-T2, 2.575%, 10/15/2049 (c) | 72,964 | ||||||
136,000 | Series 2015-ON1, 3.107%, 12/15/2050 (c) | 134,675 | ||||||
120,000 | Series 2017-T1, 3.214%, 02/15/2051 (c) | 118,901 | ||||||
NRZ Excess Spread-Collateralized Notes Series | ||||||||
325,146 | Series 2018-PLS1, 3.193%, 01/25/2023 (c) | 323,543 | ||||||
119,728 | Series 2018-PLS2, 3.265%, 02/25/2023 (c) | 118,913 | ||||||
273,164 | Series 2018-FNT1, 3.610%, 05/25/2023 (c) | 272,853 | ||||||
304,722 | Series 2018-FNT2, 3.790%, 07/25/2024 (c) | 305,232 | ||||||
OCP CLO Ltd. | ||||||||
275,000 | Series 2015-8R, 3.186% (3 Month LIBOR USD + 0.850%, 0.000% Floor), 04/17/2027 (b)(c) | 274,313 | ||||||
335,000 | Series 2015-9R, 3.139% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (b)(c) | 334,216 | ||||||
250,000 | Octagon Investment Partners XXI Ltd. | 250,123 | ||||||
OneMain Financial Issuance Trust | ||||||||
331,000 | Series 2018-1A, 3.300%, 03/14/2029 (c) | 328,628 | ||||||
120,000 | Series 2017-1A, 2.370%, 09/14/2032 (c) | 117,994 | ||||||
250,000 | OZLM VII Ltd. | 249,112 | ||||||
300,000 | OZLM XII Ltd. | 299,693 | ||||||
250,000 | Palmer Square Loan Funding 2018-4 Ltd. | 250,000 | ||||||
140,914 | Prosper Marketplace Issuance Trust | 140,820 | ||||||
180,000 | Regional Management Issuance Trust | 176,892 | ||||||
400,000 | RR 3, Ltd. | 398,988 | ||||||
250,000 | Shackleton 2014-VI-R CLO, Ltd. | 248,970 | ||||||
125,519 | Skopos Auto Receivables Trust | 125,500 | ||||||
Sofi Consumer Loan Program Trust | ||||||||
127,066 | Series 2018-2, 2.930%, 04/26/2027 (c) | 126,820 | ||||||
246,479 | Series 2016-2, 3.090%, 10/27/2025 (c)(h) | 246,042 | ||||||
142,909 | Series 2018-1, 2.550%, 02/25/2027 (c) | 142,318 | ||||||
315,000 | Sound Point CLO II, Ltd. | 313,542 |
Principal | Value | |||||||
335,000 | Sound Point CLO III, Ltd. | $ | 333,073 | |||||
250,000 | Sound Point CLO IV-R, Ltd. | 249,728 | ||||||
401,000 | Sound Point CLO XVIII, Ltd. | 399,558 | ||||||
125,000 | Springleaf Funding Trust | 122,544 | ||||||
395,000 | TICP CLO III, Ltd. | 392,683 | ||||||
Voya CLO, Ltd. | ||||||||
400,000 | Series 2014-3, 3.055% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/25/2026 (b)(c) | 399,911 | ||||||
480,000 | Series 2015-1, 3.233% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (b)(c) | 478,428 | ||||||
79,400 | Wendy’s Funding LLC | 76,315 | ||||||
230,000 | World Omni Auto Receivables Trust | 225,494 | ||||||
400,000 | Z Capital Credit Partners CLO, Ltd. | 399,011 | ||||||
Total Asset Backed Securities | 25,564,958 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 10.93% |
| |||||||
204,966 | Ajax Mortgage Loan Trust | 200,880 | ||||||
Angel Oak Mortgage Trust LLC | ||||||||
16,337 | Series 2017-1, 2.810%, 01/25/2047 (a)(c) | 16,243 | ||||||
33,080 | Series 2017-2, 2.478%, 07/25/2047 (a)(c) | 32,617 | ||||||
31,318 | Series 2017-3, 2.708%, 11/25/2047 (a)(c) | 30,924 | ||||||
170,007 | Series 2018-1, 3.258%, 04/25/2048 (a)(c) | 170,416 | ||||||
230,416 | Series 2018-3, 3.649%, 09/25/2048 (a)(c) | 230,788 | ||||||
259,971 | Arroyo Mortgage Trust | 259,506 | ||||||
106,563 | Bayview Koitere Fund Trust | 105,846 | ||||||
295,052 | Bayview Mortgage Fund IVc Trust | 293,186 | ||||||
Bayview Opportunity Master Fund IVa Trust | ||||||||
268,940 | Series 2017-SPL5A, 3.500%, 07/28/2057 (a)(c) | 267,930 | ||||||
89,756 | Series 2017-SPL1A, 4.000%, 10/28/2064 (a)(c) | 90,485 | ||||||
Bayview Opportunity Master Fund IVb Trust | ||||||||
75,593 | Series 2017-SPL3, 4.000%, 11/28/2053 (a)(c) | 75,988 | ||||||
101,457 | Series 2017-RT6, 3.500%, 10/28/2057 (a)(c) | 101,057 | ||||||
BBCMS Mortgage Trust | ||||||||
132,000 | Series 2017-DELC, 3.008% (1 Month LIBOR USD + 0.850%), 08/15/2036 (b)(c) | 132,205 | ||||||
374,000 | Series 2017-C1, 3.674%, 02/17/2050 | 370,197 | ||||||
92,000 | CD 2017-CD4 Mortgage Trust | 90,542 | ||||||
153,000 | CFCRE Commercial Mortgage Trust | 150,156 | ||||||
44,197 | Chase Mortgage Finance Trust | 44,409 |
See notes to financial statements.
80
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
99,153 | CIM Trust | $ | 98,192 | |||||
Citigroup Commercial Mortgage Trust | ||||||||
407,000 | Series 2016-P4, 2.902%, 07/12/2049 | 384,263 | ||||||
383,000 | Series 2016-P6, 3.720%, 12/10/2049 (a) | 382,404 | ||||||
Citigroup Mortgage Loan Trust, Inc | ||||||||
310,991 | Series 2018-R2, 3.500%, 02/25/2058 (a)(c) | 311,744 | ||||||
137,124 | Series 2018-R, 3.000%, 09/25/2064 (a)(c) | 137,788 | ||||||
COLT Mortgage Loan Trust | ||||||||
40,253 | Series 2017-1, 2.614%, 05/27/2047 (a)(c) | 40,043 | ||||||
89,552 | Series 2018-1, 2.930%, 02/25/2048 (a)(c) | 88,805 | ||||||
239,576 | Series 2018-2, 3.470%, 07/27/2048 (a)(c) | 239,974 | ||||||
120,000 | COMM Mortgage Trust | 124,480 | ||||||
Countrywide Home Loans, Inc. | ||||||||
9,982 | Series 2004-HYB6, 3.975%, 11/20/2034 (a) | 10,216 | ||||||
87,527 | Series 2005-11, 2.816% (1 Month LIBOR USD + 0.600%, 0.300% Floor, 10.500% Cap), 03/25/2035 (b) | 80,973 | ||||||
44,778 | CSMC Trust | 43,658 | ||||||
394,000 | DBJPM Mortgage Trust | 372,718 | ||||||
Deephaven Residential Mortgage Trust | ||||||||
59,079 | Series 2017-3, 2.577%, 10/25/2047 (a)(c) | 58,699 | ||||||
217,267 | Series 2018-2, 3.479%, 04/25/2058 (a)(c) | 216,790 | ||||||
58,696 | Finance of America Structured Securities Trust | 58,696 | ||||||
383,395 | Four Times Square Trust | 398,606 | ||||||
81,308 | Galton Funding Mortgage Trust 2017-1 | 81,124 | ||||||
GS Mortgage Securities Trust | ||||||||
145,000 | Series 2012-ALOH, 3.551%, 04/12/2034 (c) | 145,579 | ||||||
145,000 | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | 141,337 | ||||||
35,000 | Series 2015-GC34, 3.506%, 10/13/2048 | 34,676 | ||||||
370,000 | Series 2016-GS4, 3.442%, 11/15/2049 (a) | 362,836 | ||||||
107,921 | Series 2017-GS5, 3.674%, 03/11/2050 | 107,534 | ||||||
650,295 | JPMBB Commercial Mortgage Securities Trust | 650,300 | ||||||
Mill City Mortgage Loan Trust | ||||||||
305,193 | Series 2018-2, 3.500%, 05/25/2058 (a)(c) | 303,561 | ||||||
324,384 | Series 2017-3, 2.750%, 01/25/2061 (a)(c) | 318,178 | ||||||
224,931 | Series 2018-1, 3.250%, 05/25/2062 (a)(c) | 222,303 | ||||||
212,316 | Morgan Stanley ABS Capital I, Inc. Trust | 210,906 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
175,000 | Series 2016-C29, 3.325%, 05/17/2049 | 170,516 | ||||||
403,000 | Series 2016-C30, 2.860%, 09/17/2049 | 377,739 | ||||||
Morgan Stanley Capital I Trust | ||||||||
185,000 | Series 2014-MP, 3.469%, 08/11/2033 (c) | 186,181 | ||||||
152,000 | Series 2017-H1, 3.530%, 06/17/2050 | 148,697 | ||||||
New Residential Mortgage Loan Trust | ||||||||
108,083 | Series 2016-2, 3.750%, 11/25/2035 (a)(c) | 108,174 | ||||||
86,021 | Series 2016-4, 3.750%, 11/25/2056 (a)(c) | 85,822 | ||||||
146,155 | Series 2017-1, 4.000%, 02/25/2057 (a)(c) | 146,932 | ||||||
129,539 | Series 2017-2, 4.000%, 03/25/2057 (a)(c) | 130,582 |
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
74,385 | Series 2017-3, 4.000%, 04/25/2057 (a)(c) | $ | 74,887 | |||||
81,550 | Series 2017-4, 4.000%, 05/25/2057 (a)(c) | 82,138 | ||||||
94,195 | Series 2017-5, 3.716% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (b)(c) | 97,011 | ||||||
104,691 | Series 2017-6, 4.000%, 08/25/2057 (a)(c) | 105,270 | ||||||
225,516 | Series 2018-1, 4.000%, 12/25/2057 (a)(c) | 228,085 | ||||||
230,824 | Series 2018-2, 4.500%, 02/25/2058 (a)(c) | 236,019 | ||||||
130,000 | OBP Depositor LLC Trust | 132,580 | ||||||
SBA Tower Trust | ||||||||
155,000 | Series 2014-1-2, 2.898%, 10/15/2044 (c) | 154,728 | ||||||
90,000 | Series 2017-1, 3.168%, 04/15/2047 (c) | 88,683 | ||||||
125,000 | Series 2018-1, 3.448%, 03/15/2048 (c) | 123,311 | ||||||
75,000 | SG Commercial Mortgage Securities Trust | 71,242 | ||||||
215,407 | SG Residential Mortgage Trust | 215,393 | ||||||
Towd Point Mortgage Trust | ||||||||
190,625 | Series 2015-6, 2.750%, 04/25/2055 (a)(c) | 187,390 | ||||||
72,695 | Series 2016-2, 2.750%, 08/25/2055 (a)(c) | 71,284 | ||||||
80,727 | Series 2016-3, 2.250%, 08/25/2055 (a)(c) | 79,106 | ||||||
164,664 | Series 2017-1, 2.750%, 10/25/2056 (a)(c) | 161,854 | ||||||
87,765 | Series 2017-5, 2.816% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (b)(c) | 88,063 | ||||||
332,005 | Series 2017-2, 2.750%, 04/25/2057 (a)(c) | 326,185 | ||||||
78,087 | Series 2017-3, 2.750%, 06/25/2057 (a)(c) | 76,405 | ||||||
90,096 | Series 2017-4, 2.750%, 06/25/2057 (a)(c) | 87,992 | ||||||
360,893 | Series 2017-6, 2.750%, 10/25/2057 (a)(c) | 352,006 | ||||||
116,832 | Series 2018-1, 3.000%, 01/28/2058 (a)(c) | 115,531 | ||||||
317,200 | Series 2018-2, 3.250%, 03/25/2058 (a)(c) | 313,069 | ||||||
225,778 | Series 2018-3, 3.750%, 05/25/2058 (a)(c) | 226,544 | ||||||
Verus Securitization Trust | ||||||||
262,012 | Series 2017-SG1, 2.690%, 11/25/2047 (a)(c) | 260,002 | ||||||
240,513 | Verus Securitization Trust 2018-2 | 240,635 | ||||||
380,000 | Wells Fargo Commercial Mortgage Trust | 375,561 | ||||||
540,000 | Wells Fargo-RBS Commercial Mortgage Trust | 543,376 | ||||||
Total Collateralized Mortgage Obligations | 14,758,751 | |||||||
CORPORATE OBLIGATIONS - 30.23% |
| |||||||
Aerospace & Defense - 0.65% |
| |||||||
185,000 | Lockheed Martin Corp. | 176,916 | ||||||
United Technologies Corp. | ||||||||
385,000 | 3.650%, 08/16/2023 | 383,715 | ||||||
100,000 | 3.950%, 08/16/2025 | 99,675 | ||||||
205,000 | 3.125%, 05/04/2027 | 191,850 | ||||||
25,000 | 4.625%, 11/16/2048 | 25,241 | ||||||
877,397 | ||||||||
Air Freight & Logistics - 0.16% |
| |||||||
FedEx Corp. | ||||||||
50,000 | 4.100%, 02/01/2045 | 45,805 | ||||||
15,000 | 4.550%, 04/01/2046 | 14,747 | ||||||
105,000 | 4.400%, 01/15/2047 | 100,690 | ||||||
60,000 | 4.050%, 02/15/2048 | 54,670 | ||||||
215,912 | ||||||||
See notes to financial statements.
81
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Airlines - 0.14% |
| |||||||
Delta Air Lines, Inc. | ||||||||
90,000 | 3.625%, 03/15/2022 | $ | 88,945 | |||||
100,000 | 3.800%, 04/19/2023 | 98,324 | ||||||
187,269 | ||||||||
Automobiles - 0.34% | ||||||||
70,000 | Ford Motor Co. | 62,561 | ||||||
General Motors Co. | ||||||||
15,000 | 6.250%, 10/02/2043 | 15,430 | ||||||
175,000 | 6.750%, 04/01/2046 | 190,033 | ||||||
130,000 | 5.400%, 04/01/2048 (d) | 121,781 | ||||||
70,000 | 5.950%, 04/01/2049 | 69,772 | ||||||
459,577 | ||||||||
Banks - 6.12% |
| |||||||
200,000 | Banco Santander SA | 182,061 | ||||||
Bank of America Corp. | ||||||||
345,000 | 2.250%, 04/21/2020 | 340,668 | ||||||
35,000 | 2.503%, 10/21/2022 | 33,534 | ||||||
370,000 | 3.124% (3 Month LIBOR USD + 1.160%), 01/20/2023 (a) | 363,542 | ||||||
190,000 | 4.100%, 07/24/2023 | 193,911 | ||||||
45,000 | 4.000%, 01/22/2025 | 44,446 | �� | |||||
330,000 | 3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (a) | 317,626 | ||||||
85,000 | 4.183%, 11/25/2027 (d) | 83,119 | ||||||
100,000 | 6.110%, 01/29/2037 | 115,336 | ||||||
200,000 | 5.000%, 01/21/2044 | 213,525 | ||||||
200,000 | Barclays Bank PLC | 196,132 | ||||||
270,000 | BNP Paribas SA | 255,953 | ||||||
250,000 | BPCE SA | 239,160 | ||||||
Citigroup, Inc. | ||||||||
240,000 | 2.700%, 10/27/2022 | 231,001 | ||||||
55,000 | 3.412% (3 Month LIBOR USD + 1.100%), 05/17/2024 (b) | 55,473 | ||||||
360,000 | 3.700%, 01/12/2026 | 349,845 | ||||||
235,000 | 4.300%, 11/20/2026 | 232,070 | ||||||
75,000 | 4.450%, 09/29/2027 | 74,215 | ||||||
245,000 | 3.887% (3 Month LIBOR USD + 1.563%), 01/10/2028 (a) | 238,105 | ||||||
35,000 | 3.520% (3 Month LIBOR USD + 1.151%), 10/27/2028 (a) | 32,972 | ||||||
250,000 | Credit Agricole SA | 232,447 | ||||||
280,000 | European Investment Bank | 273,460 | ||||||
65,000 | Fifth Third Bancorp | 64,615 | ||||||
570,000 | HSBC Holdings PLC | 558,758 | ||||||
200,000 | Intesa Sanpaolo SpA | 169,268 |
Principal | Value | |||||||
Banks (Continued) |
| |||||||
JPMorgan Chase & Co. | ||||||||
80,000 | 3.572% (3 Month LIBOR USD + 1.230%), 10/24/2023 (b) | $ | 81,649 | |||||
150,000 | 3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (a) | 149,891 | ||||||
225,000 | 3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (a) | 218,182 | ||||||
170,000 | 3.300%, 04/01/2026 | 163,061 | ||||||
90,000 | 2.950%, 10/01/2026 | 83,759 | ||||||
300,000 | 3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a) | 292,259 | ||||||
205,000 | 3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (a)(d) | 194,403 | ||||||
Royal Bank of Canada | ||||||||
185,000 | 2.125%, 03/02/2020 | 183,100 | ||||||
120,000 | 2.150%, 10/26/2020 | 117,634 | ||||||
235,000 | Santander Holdings USA, Inc. | 232,298 | ||||||
200,000 | UBS AG | 196,102 | ||||||
Wells Fargo & Co. | ||||||||
120,000 | 2.550%, 12/07/2020 | 118,148 | ||||||
150,000 | 2.625%, 07/22/2022 | 144,956 | ||||||
120,000 | 3.000%, 04/22/2026 | 111,786 | ||||||
135,000 | 3.000%, 10/23/2026 | 125,406 | ||||||
390,000 | 3.584% (3 Month LIBOR USD + 1.310%), 05/22/2028 (a) | 374,608 | ||||||
1,000 | 5.606%, 01/15/2044 | 1,107 | ||||||
105,000 | 4.400%, 06/14/2046 | 99,139 | ||||||
45,000 | 4.750%, 12/07/2046 | 44,931 | ||||||
250,000 | Wells Fargo Bank NA | 245,870 | ||||||
8,269,531 | ||||||||
Beverages - 0.55% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
70,000 | 3.500%, 01/12/2024 | 69,354 | ||||||
65,000 | 8.200%, 01/15/2039 | 91,507 | ||||||
75,000 | 4.600%, 04/15/2048 | 72,940 | ||||||
155,000 | 4.750%, 04/15/2058 | 151,109 | ||||||
Constellation Brands, Inc. | ||||||||
115,000 | 2.700%, 05/09/2022 | 110,985 | ||||||
80,000 | 2.650%, 11/07/2022 | 76,536 | ||||||
175,000 | 3.600%, 02/15/2028 | 164,069 | ||||||
5,000 | 4.500%, 05/09/2047 | 4,683 | ||||||
741,183 | ||||||||
Biotechnology - 0.36% |
| |||||||
Amgen, Inc. | ||||||||
45,000 | 2.650%, 05/11/2022 | 43,740 | ||||||
125,000 | 4.400%, 05/01/2045 | 121,471 | ||||||
Gilead Sciences, Inc. | ||||||||
80,000 | 2.500%, 09/01/2023 | 76,403 | ||||||
260,000 | 4.150%, 03/01/2047 | 246,926 | ||||||
488,540 | ||||||||
Capital Markets - 2.36% |
| |||||||
Morgan Stanley | ||||||||
75,000 | 2.625%, 11/17/2021 | 72,956 | ||||||
35,000 | 2.750%, 05/19/2022 | 33,958 |
See notes to financial statements.
82
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Capital Markets (Continued) |
| |||||||
195,000 | 3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (a) | $ | 193,545 | |||||
230,000 | 3.700%, 10/23/2024 | 226,642 | ||||||
190,000 | 3.125%, 07/27/2026 | 177,196 | ||||||
40,000 | 4.350%, 09/08/2026 | 39,757 | ||||||
50,000 | 3.950%, 04/23/2027 | 48,077 | ||||||
580,000 | 3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (a) | 550,912 | ||||||
15,000 | 3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (a) | 14,050 | ||||||
155,000 | The Bank of New York Mellon Corp. | 150,079 | ||||||
The Goldman Sachs Group, Inc. | ||||||||
117,000 | 2.750%, 09/15/2020 | 115,857 | ||||||
275,000 | 2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (a) | 268,294 | ||||||
390,000 | 2.908% (3 Month LIBOR USD + 1.053%), 06/05/2023 (a) | 377,537 | ||||||
55,000 | 2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (a) | 53,187 | ||||||
140,000 | 3.500%, 01/23/2025 | 135,725 | ||||||
150,000 | 3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (a) | 143,441 | ||||||
255,000 | 3.691% (3 Month LIBOR USD + 1.510%), 06/05/2028 (a) | 242,965 | ||||||
15,000 | 4.223% (3 Month LIBOR USD + 1.301%), 05/01/2029 (a) | 14,809 | ||||||
140,000 | 6.750%, 10/01/2037 | 168,703 | ||||||
90,000 | 4.017% (3 Month LIBOR USD + 1.373%), 10/31/2038 (a)(d) | 83,585 | ||||||
40,000 | 6.250%, 02/01/2041 | 48,171 | ||||||
5,000 | 4.750%, 10/21/2045 | 5,097 | ||||||
25,000 | Willis North America, Inc. | 24,324 | ||||||
3,188,867 | ||||||||
Chemicals - 0.30% |
| |||||||
25,000 | Methanex Corp. | 24,159 | ||||||
200,000 | Syngenta Finance NV | 191,697 | ||||||
The Sherwin-Williams Co. | ||||||||
45,000 | 3.125%, 06/01/2024 | 43,277 | ||||||
150,000 | 3.450%, 06/01/2027 | 143,009 | ||||||
402,142 | ||||||||
Commercial Services & Supplies - 0.05% |
| |||||||
55,000 | ERAC USA Finance LLC | 69,076 | ||||||
Communications Equipment - 0.05% |
| |||||||
75,000 | QUALCOMM, Inc. | 73,828 | ||||||
Construction & Engineering - 0.07% |
| |||||||
95,000 | Fluor Corp. | 93,219 | ||||||
Principal | Value | |||||||
Consumer Finance - 0.11% |
| |||||||
John Deere Capital Corp. | ||||||||
125,000 | 1.950%, 06/22/2020 | $ | 122,812 | |||||
25,000 | 3.450%, 06/07/2023 | 24,961 | ||||||
147,773 | ||||||||
Diversified Financial Services - 1.19% |
| |||||||
385,000 | Anheuser-Busch InBev Finance, Inc. | 374,460 | ||||||
BAT Capital Corp. | ||||||||
500,000 | 2.297%, 08/14/2020 (c) | 490,205 | ||||||
180,000 | 3.222%, 08/15/2024 (c) | 171,791 | ||||||
95,000 | 4.390%, 08/15/2037 (c) | 88,658 | ||||||
75,000 | Caterpillar Financial Services Corp. | 73,202 | ||||||
200,000 | GlaxoSmithKline Capital PLC | 199,762 | ||||||
160,000 | GlaxoSmithKline Capital, Inc. | 159,905 | ||||||
45,000 | Shell International Finance BV | 46,842 | ||||||
1,604,825 | ||||||||
Diversified Telecommunication Services - 1.31% |
| |||||||
AT&T, Inc. | ||||||||
55,000 | 4.250%, 03/01/2027 | 54,385 | ||||||
190,000 | 4.100%, 02/15/2028 (c) | 184,812 | ||||||
235,000 | 4.500%, 05/15/2035 | 220,179 | ||||||
125,000 | 6.350%, 03/15/2040 | 137,876 | ||||||
155,000 | 4.750%, 05/15/2046 | 142,135 | ||||||
Verizon Communications, Inc. | ||||||||
355,000 | 4.125%, 03/16/2027 | 357,251 | ||||||
140,000 | 4.500%, 08/10/2033 | 139,221 | ||||||
60,000 | 5.250%, 03/16/2037 | 64,162 | ||||||
20,000 | 4.812%, 03/15/2039 | 20,228 | ||||||
260,000 | 4.862%, 08/21/2046 | 260,340 | ||||||
105,000 | 4.522%, 09/15/2048 | 100,252 | ||||||
90,000 | 5.012%, 08/21/2054 | 90,826 | ||||||
5,000 | 4.672%, 03/15/2055 | 4,720 | ||||||
1,776,387 | ||||||||
Electric Utilities - 1.65% |
| |||||||
65,000 | Alabama Power Co. | 63,027 | ||||||
50,000 | Berkshire Hathaway Energy Co. | 47,395 | ||||||
45,000 | Duke Energy Carolinas LLC | 43,278 | ||||||
60,000 | Duke Energy Florida LLC | 52,365 | ||||||
60,000 | Duke Energy Indiana, Inc. | 65,549 | ||||||
235,000 | Duke Energy Progress LLC | 230,358 | ||||||
5,000 | Emera US Finance LP | 4,891 | ||||||
185,000 | Exelon Corp. | 179,901 | ||||||
20,000 | Fortis, Inc. | 19,120 |
See notes to financial statements.
83
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Electric Utilities (Continued) |
| |||||||
Georgia Power Co. | ||||||||
187,000 | 2.000%, 09/08/2020 | $ | 182,403 | |||||
85,000 | 2.400%, 04/01/2021 | 82,788 | ||||||
20,000 | Oncor Electric Delivery Co. LLC | 22,625 | ||||||
Pacific Gas & Electric Co. | ||||||||
30,000 | 3.400%, 08/15/2024 | 28,666 | ||||||
15,000 | 2.950%, 03/01/2026 | 13,683 | ||||||
100,000 | 3.300%, 12/01/2027 | 91,600 | ||||||
155,000 | 6.050%, 03/01/2034 | 176,636 | ||||||
180,000 | 4.750%, 02/15/2044 | 175,809 | ||||||
110,000 | Sierra Pacific Power Co. | 101,559 | ||||||
South Carolina Electric & Gas Co. | ||||||||
95,000 | 3.500%, 08/15/2021 | 95,107 | ||||||
80,000 | 4.250%, 08/15/2028 | 79,837 | ||||||
31,000 | 5.100%, 06/01/2065 | 31,187 | ||||||
Southern California Edison Co. | ||||||||
250,000 | 2.900%, 03/01/2021 | 247,730 | ||||||
5,000 | 3.700%, 08/01/2025 | 4,972 | ||||||
10,000 | 4.125%, 03/01/2048 | 9,583 | ||||||
The Southern Co. | ||||||||
20,000 | 2.950%, 07/01/2023 | 19,233 | ||||||
160,000 | 3.250%, 07/01/2026 | 149,476 | ||||||
25,000 | 4.400%, 07/01/2046 | 23,907 | ||||||
2,242,685 | ||||||||
Engineering & Construction - 0.13% |
| |||||||
200,000 | Mexico City Airport Trust | 180,002 | ||||||
Entertainment - 0.27% |
| |||||||
Viacom, Inc. | ||||||||
250,000 | 4.250%, 09/01/2023 | 251,968 | ||||||
64,000 | 4.850%, 12/15/2034 | 60,705 | ||||||
60,000 | 4.375%, 03/15/2043 | 52,549 | ||||||
365,222 | ||||||||
Financials - 0.19% |
| |||||||
250,000 | Bank of America Corp. | 250,162 | ||||||
Food & Staples Retailing - 0.24% |
| |||||||
325,000 | Walmart, Inc. | 326,624 | ||||||
Food Products - 0.49% |
| |||||||
Kraft Heinz Foods Co. | ||||||||
40,000 | 2.800%, 07/02/2020 | 39,676 | ||||||
80,000 | 4.625%, 01/30/2029 | 80,030 | ||||||
185,000 | 5.000%, 07/15/2035 | 183,259 | ||||||
35,000 | 4.375%, 06/01/2046 | 31,029 | ||||||
325,000 | Nestle Holdings, Inc. | |||||||
3.350%, 09/24/2023 (c) | 324,400 | |||||||
658,394 | ||||||||
Gas Utilities - 0.01% |
| |||||||
10,000 | Southern Co. Gas Capital Corp. | 9,393 | ||||||
Principal | Value | |||||||
Health Care Equipment & Supplies - 0.92% |
| |||||||
75,000 | Abbott Laboratories | $ | 74,311 | |||||
Becton Dickinson and Co. | ||||||||
205,000 | 3.125%, 11/08/2021 | 201,891 | ||||||
195,000 | 3.700%, 06/06/2027 | 186,808 | ||||||
180,000 | Boston Scientific Corp. | 178,191 | ||||||
295,000 | Dignity Health | 293,209 | ||||||
Medtronic, Inc. | ||||||||
46,000 | 4.375%, 03/15/2035 | 47,656 | ||||||
65,000 | 4.625%, 03/15/2045 | 69,004 | ||||||
Shire Acquisitions Investments Ireland Designated Activity Co. | ||||||||
70,000 | 2.400%, 09/23/2021 | 67,660 | ||||||
125,000 | 2.875%, 09/23/2023 | 119,178 | ||||||
1,237,908 | ||||||||
Health Care Providers & Services - 1.95% |
| |||||||
Anthem, Inc. | ||||||||
150,000 | 2.500%, 11/21/2020 | 147,703 | ||||||
280,000 | 3.650%, 12/01/2027 | 266,508 | ||||||
75,000 | 4.101%, 03/01/2028 | 74,011 | ||||||
Cardinal Health, Inc. | ||||||||
10,000 | 2.616%, 06/15/2022 | 9,576 | ||||||
215,000 | 3.200%, 03/15/2023 | 209,140 | ||||||
Cigna Corp. | ||||||||
30,000 | 3.050%, 10/15/2027 | �� | 27,085 | |||||
25,000 | 3.875%, 10/15/2047 | 21,411 | ||||||
CVS Health Corp. | ||||||||
115,000 | 3.125%, 03/09/2020 | 115,056 | ||||||
553,000 | 2.800%, 07/20/2020 | 548,104 | ||||||
220,000 | 2.125%, 06/01/2021 | 212,485 | ||||||
205,000 | 4.100%, 03/25/2025 | 204,740 | ||||||
59,000 | 3.875%, 07/20/2025 | 58,227 | ||||||
165,000 | 2.875%, 06/01/2026 | 151,570 | ||||||
55,000 | 5.125%, 07/20/2045 | 56,748 | ||||||
125,000 | 5.050%, 03/25/2048 | 128,346 | ||||||
60,000 | Humana, Inc. | 58,925 | ||||||
UnitedHealth Group, Inc. | ||||||||
55,000 | 1.700%, 02/15/2019 | 54,802 | ||||||
70,000 | 3.350%, 07/15/2022 | 69,940 | ||||||
20,000 | 3.500%, 06/15/2023 | 20,054 | ||||||
135,000 | 3.950%, 10/15/2042 | 129,045 | ||||||
40,000 | 4.750%, 07/15/2045 | 42,907 | ||||||
10,000 | 4.250%, 04/15/2047 | 10,059 | ||||||
15,000 | 3.750%, 10/15/2047 | 14,006 | ||||||
10,000 | 4.250%, 06/15/2048 | 10,062 | ||||||
2,640,510 | ||||||||
Hotels, Restaurants & Leisure - 0.29% |
| |||||||
100,000 | GLP Capital LP / GLP Financing II, Inc. | 100,540 | ||||||
McDonald’s Corp. | ||||||||
115,000 | 3.350%, 04/01/2023 | 114,141 | ||||||
20,000 | 4.600%, 05/26/2045 | 20,166 | ||||||
15,000 | 4.875%, 12/09/2045 | 15,746 | ||||||
Starbucks Corp. | ||||||||
90,000 | 3.800%, 08/15/2025 | 89,540 | ||||||
55,000 | 4.000%, 11/15/2028 | 54,958 | ||||||
395,091 | ||||||||
See notes to financial statements.
84
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Insurance - 1.50% |
| |||||||
204,000 | American International Group, Inc. | $ | 204,217 | |||||
595,000 | Assurant, Inc. | 596,186 | ||||||
135,000 | Berkshire Hathaway Finance Corp. | 134,436 | ||||||
45,000 | CNA Financial Corp. | 41,745 | ||||||
Halfmoon Parent, Inc. | ||||||||
115,000 | 4.125%, 11/15/2025 (c) | 114,848 | ||||||
625,000 | 4.375%, 10/15/2028 (c) | 624,435 | ||||||
70,000 | Marsh & McLennan Cos., Inc. | 70,722 | ||||||
13,000 | Massachusetts Mutual Life Insurance Co. | 19,999 | ||||||
New York Life Global Funding | ||||||||
130,000 | 1.950%, 02/11/2020 (c) | 128,173 | ||||||
40,000 | 2.000%, 04/13/2021 (c) | 38,827 | ||||||
55,000 | Trinity Acquisition PLC | 54,809 | ||||||
2,028,397 | ||||||||
Internet & Direct Marketing Retail - 0.33% |
| |||||||
200,000 | Alibaba Group Holding, Ltd. | 186,635 | ||||||
Amazon.com, Inc. | ||||||||
15,000 | 2.800%, 08/22/2024 | 14,492 | ||||||
180,000 | 3.875%, 08/22/2037 | 176,813 | ||||||
60,000 | 4.950%, 12/05/2044 | 67,356 | ||||||
445,296 | ||||||||
IT Services - 0.46% |
| |||||||
200,000 | Alibaba Group Holding, Ltd. | 182,883 | ||||||
70,000 | Fidelity National Information Services, Inc. | 70,273 | ||||||
Visa, Inc. | ||||||||
165,000 | 2.800%, 12/14/2022 | 161,821 | ||||||
160,000 | 3.150%, 12/14/2025 | 155,288 | ||||||
45,000 | 4.300%, 12/14/2045 | 46,641 | ||||||
616,906 | ||||||||
Life Sciences Tools & Services - 0.12% |
| |||||||
Thermo Fisher Scientific, Inc. | ||||||||
160,000 | 3.000%, 04/15/2023 | 155,283 | ||||||
10,000 | 2.950%, 09/19/2026 | 9,277 | ||||||
164,560 | ||||||||
Machinery - 0.03% |
| |||||||
35,000 | Fortive Corp. | 33,932 | ||||||
Media - 1.83% | ||||||||
175,000 | 21st Century Fox America, Inc. | 180,048 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
115,000 | 4.464%, 07/23/2022 | 117,023 | ||||||
5,000 | 4.908%, 07/23/2025 | 5,084 | ||||||
230,000 | 3.750%, 02/15/2028 | 212,204 |
Principal | Value | |||||||
Media (Continued) | ||||||||
130,000 | 6.484%, 10/23/2045 | $ | 140,206 | |||||
150,000 | 5.375%, 05/01/2047 | 142,630 | ||||||
110,000 | 5.750%, 04/01/2048 (d) | 110,457 | ||||||
Comcast Corp. | ||||||||
165,000 | 3.375%, 08/15/2025 | 159,473 | ||||||
240,000 | 3.150%, 03/01/2026 | 226,802 | ||||||
35,000 | 2.350%, 01/15/2027 | 30,831 | ||||||
35,000 | 3.200%, 07/15/2036 | 29,261 | ||||||
40,000 | 4.049%, 11/01/2052 | 35,564 | ||||||
Cox Communications, Inc. | ||||||||
375,000 | 3.250%, 12/15/2022 (c)(d) | 364,641 | ||||||
80,000 | 3.150%, 08/15/2024 (c) | 75,807 | ||||||
Discovery Communications LLC | ||||||||
101,000 | 2.800%, 06/15/2020 (c) | 100,015 | ||||||
28,000 | 3.950%, 06/15/2025 (c) | 27,362 | ||||||
45,000 | 3.800%, 03/13/2024 | 44,188 | ||||||
180,000 | 4.900%, 03/11/2026 (d) | 185,020 | ||||||
Time Warner Cable, Inc. | ||||||||
30,000 | 5.500%, 09/01/2041 | 28,988 | ||||||
50,000 | 4.500%, 09/15/2042 | 42,816 | ||||||
Warner Media LLC | ||||||||
60,000 | 2.950%, 07/15/2026 | 54,499 | ||||||
170,000 | 3.800%, 02/15/2027 | 162,902 | ||||||
2,475,821 | ||||||||
Metals & Mining - 0.14% |
| |||||||
Vale Overseas, Ltd. | ||||||||
65,000 | 6.250%, 08/10/2026 | 71,396 | ||||||
100,000 | 6.875%, 11/10/2039 | 117,650 | ||||||
189,046 | ||||||||
Multi-Utilities - 0.55% |
| |||||||
175,000 | CenterPoint Energy, Inc. | 167,417 | ||||||
Dominion Energy, Inc. | ||||||||
160,000 | 2.579%, 07/01/2020 | 157,916 | ||||||
240,000 | 2.850%, 08/15/2026 | 218,885 | ||||||
25,000 | 4.250%, 06/01/2028 | 25,129 | ||||||
40,000 | DTE Energy Co. | 39,377 | ||||||
130,000 | Sempra Energy | 128,421 | ||||||
737,145 | ||||||||
Oil, Gas & Consumable Fuels - 1.85% |
| |||||||
Anadarko Petroleum Corp. | ||||||||
50,000 | 8.700%, 03/15/2019 | 51,262 | ||||||
15,000 | 6.950%, 06/15/2019 | 15,400 | ||||||
135,000 | 3.450%, 07/15/2024 | 130,122 | ||||||
45,000 | 4.500%, 07/15/2044 | 41,368 | ||||||
10,000 | 6.600%, 03/15/2046 | 11,800 | ||||||
60,000 | Andeavor Logistics LP | 57,168 | ||||||
120,000 | Andeavor Logistics LP / Tesoro Logistics Finance Corp. | 117,471 | ||||||
Canadian Natural Resources, Ltd. | ||||||||
80,000 | 3.800%, 04/15/2024 | 79,275 | ||||||
170,000 | 3.900%, 02/01/2025 | 168,046 | ||||||
25,000 | 3.850%, 06/01/2027 | 24,391 | ||||||
15,000 | 6.500%, 02/15/2037 | 17,852 |
See notes to financial statements.
85
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Oil, Gas & Consumable Fuels (Continued) |
| |||||||
280,000 | Encana Corp. | $ | 281,385 | |||||
60,000 | Energy Transfer Partners LP | 60,542 | ||||||
Hess Corp. | ||||||||
30,000 | �� | 5.600%, 02/15/2041 | 30,558 | |||||
75,000 | 5.800%, 04/01/2047 | 79,267 | ||||||
135,000 | Marathon Oil Corp. | 132,161 | ||||||
MPLX LP | ||||||||
50,000 | 4.000%, 03/15/2028 | 48,184 | ||||||
100,000 | 5.200%, 03/01/2047 | 100,569 | ||||||
30,000 | 4.700%, 04/15/2048 | 28,065 | ||||||
122,000 | Petroleos Mexicanos | 116,716 | ||||||
170,000 | Phillips 66 | 167,996 | ||||||
10,000 | Phillips 66 Partners LP | 9,539 | ||||||
95,000 | Principal Life Global Funding II | 93,676 | ||||||
50,000 | Sabine Pass Liquefaction LLC | 48,597 | ||||||
Sunoco Logistics Partners Operations LP | ||||||||
5,000 | 5.300%, 04/01/2044 | 4,809 | ||||||
5,000 | 5.350%, 05/15/2045 | 4,892 | ||||||
40,000 | Texas Eastern Transmission LP | 37,856 | ||||||
TransCanada PipeLines, Ltd. | ||||||||
50,000 | 4.750%, 05/15/2038 | 51,067 | ||||||
10,000 | 6.100%, 06/01/2040 | 11,536 | ||||||
40,000 | Transcontinental Gas Pipe Line Co. LLC | 39,162 | ||||||
115,000 | Valero Energy Corp. | 109,507 | ||||||
160,000 | Valero Energy Partners LP | 157,467 | ||||||
Western Gas Partners LP | ||||||||
160,000 | 4.500%, 03/01/2028 | 153,769 | ||||||
10,000 | 4.750%, 08/15/2028 | 9,827 | ||||||
10,000 | 5.500%, 08/15/2048 | 9,461 | ||||||
2,500,763 | ||||||||
Pharmaceuticals - 0.65% |
| |||||||
135,000 | Allergan Funding SCS | 134,204 | ||||||
230,000 | Bayer US Finance II LLC | 228,797 | ||||||
Johnson & Johnson | ||||||||
155,000 | 2.625%, 01/15/2025 | 149,041 | ||||||
75,000 | 3.550%, 03/01/2036 | 71,787 | ||||||
55,000 | 3.625%, 03/03/2037 | 53,024 | ||||||
Mylan NV | ||||||||
60,000 | 3.750%, 12/15/2020 | 60,075 | ||||||
5,000 | 3.150%, 06/15/2021 | 4,928 | ||||||
54,000 | 3.950%, 06/15/2026 | 51,164 | ||||||
Mylan, Inc. | ||||||||
80,000 | 4.550%, 04/15/2028 (c) | 77,920 | ||||||
45,000 | 5.200%, 04/15/2048 (c) | 41,736 | ||||||
872,676 | ||||||||
Principal | Value | |||||||
Road & Rail - 0.22% |
| |||||||
110,000 | CSX Corp. | $ | 104,439 | |||||
Union Pacific Corp. | ||||||||
50,000 | 4.375%, 09/10/2038 | 51,019 | ||||||
160,000 | 4.100%, 09/15/2067 | 142,373 | ||||||
297,831 | ||||||||
Semiconductors & Semiconductor Equipment - 0.72% |
| |||||||
10,000 | Applied Materials, Inc. | 9,980 | ||||||
Broadcom Corp / Broadcom Cayman Finance Ltd. | ||||||||
170,000 | 2.375%, 01/15/2020 | 168,058 | ||||||
370,000 | 3.625%, 01/15/2024 | 359,915 | ||||||
75,000 | 3.125%, 01/15/2025 | 69,778 | ||||||
Intel Corp. | ||||||||
30,000 | 1.700%, 05/19/2021 | 28,991 | ||||||
185,000 | 3.300%, 10/01/2021 | 186,056 | ||||||
14,000 | 3.734%, 12/08/2047 | 13,080 | ||||||
135,000 | Microchip Technology, Inc. | 134,301 | ||||||
970,159 | ||||||||
Software - 0.64% |
| |||||||
Microsoft Corp. | ||||||||
50,000 | 2.375%, 02/12/2022 | 48,842 | ||||||
155,000 | 4.450%, 11/03/2045 | 166,646 | ||||||
90,000 | 3.700%, 08/08/2046 | 86,303 | ||||||
Oracle Corp. | ||||||||
155,000 | 4.300%, 07/08/2034 | 158,549 | ||||||
25,000 | 3.900%, 05/15/2035 | 24,238 | ||||||
50,000 | 3.800%, 11/15/2037 | 47,729 | ||||||
salesforce.com, Inc. | ||||||||
85,000 | 3.250%, 04/11/2023 | 84,438 | ||||||
55,000 | 3.700%, 04/11/2028 | 54,594 | ||||||
200,000 | Tencent Holdings, Ltd. | 189,524 | ||||||
860,863 | ||||||||
Specialty Retail - 0.18% |
| |||||||
Home Depot, Inc. | ||||||||
140,000 | 3.350%, 09/15/2025 | 138,506 | ||||||
65,000 | 5.875%, 12/16/2036 | 79,255 | ||||||
5,000 | 3.500%, 09/15/2056 | 4,334 | ||||||
25,000 | Lowe’s Cos., Inc. | |||||||
3.700%, 04/15/2046 | 22,758 | |||||||
244,853 | ||||||||
Technology Hardware, Storage & Peripherals - 0.23% |
| |||||||
Apple, Inc. | ||||||||
185,000 | 2.400%, 05/03/2023 | 177,977 | ||||||
5,000 | 3.000%, 02/09/2024 | 4,905 | ||||||
20,000 | 3.350%, 02/09/2027 | 19,585 | ||||||
85,000 | 3.450%, 02/09/2045 | 76,453 | ||||||
25,000 | Hewlett Packard Enterprise Co. | |||||||
6.350%, 10/15/2045 | 25,774 | |||||||
304,694 | ||||||||
Tobacco - 0.32% |
| |||||||
Altria Group, Inc. | ||||||||
40,000 | 4.250%, 08/09/2042 | 37,193 | ||||||
165,000 | 3.875%, 09/16/2046 | 144,673 |
See notes to financial statements.
86
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Tobacco (Continued) |
| |||||||
170,000 | Philip Morris International, Inc. | $ | 163,182 | |||||
80,000 | Reynolds American, Inc. | 87,301 | ||||||
432,349 | ||||||||
Water Utilities - 0.10% |
| |||||||
140,000 | American Water Capital Corp. | 138,823 | ||||||
Wireless Telecommunication Services - 0.46% |
| |||||||
Telefonica Emisiones SAU | ||||||||
150,000 | 4.103%, 03/08/2027 | 144,447 | ||||||
205,000 | 4.895%, 03/06/2048 | 191,651 | ||||||
285,000 | Vodafone Group PLC | 281,337 | ||||||
617,435 | ||||||||
Total Corporate Obligations | 40,833,066 | |||||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.68% |
| |||||||
335,000 | Abu Dhabi Government International Bond | 317,339 | ||||||
400,000 | Japan Bank for International Cooperation | 393,014 | ||||||
200,000 | Qatar Government International Bond | 208,420 | ||||||
Total Foreign Government Debt Obligations | 918,773 | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 35.43% |
| |||||||
Federal Home Loan Mortgage Corp. | ||||||||
292,039 | Series K706, 2.323%, 10/25/2018 | 292,039 | ||||||
600,000 | Series K709, 2.086%, 03/25/2019 | 598,274 | ||||||
29,297 | Pool #D9-6291 4.500%, 09/01/2023 | 30,265 | ||||||
78,632 | Pool #G1-3624 5.000%, 08/01/2024 | 81,652 | ||||||
82,000 | Series K-068, 3.244%, 08/25/2027 | 80,034 | ||||||
162,810 | Series 2329, 6.500%, 06/15/2031 | 180,532 | ||||||
73,566 | Series 2338, 6.500%, 07/15/2031 | 80,237 | ||||||
116,148 | Pool #78-0447 4.086% (1 Year CMT Rate + 2.250%, 0.000% Floor, 9.309% Cap), 04/01/2033 (b) | 122,488 | ||||||
104 | Pool #A4-3129 5.500%, 02/01/2036 | 111 | ||||||
78,224 | Series 3883, 3.000%, 05/15/2041 | 76,810 | ||||||
400,000 | Pool #TBA 4.000%, 10/15/2041 (g) | 403,952 | ||||||
2,300,000 | Pool #TBA 4.500%, 10/15/2041 (g) | 2,374,121 | ||||||
497,439 | Pool #U9-0688 4.000%, 05/01/2042 | 507,238 | ||||||
2,700,000 | Pool #TBA 3.500%, 10/15/2042 (g) | 2,657,602 | ||||||
717,131 | Pool #Q4-9389 3.500%, 07/01/2047 | 706,888 | ||||||
649,940 | Pool #Q5-2093 3.500%, 11/01/2047 | 640,367 | ||||||
Federal National Mortgage Association | ||||||||
30,245 | Series 2014-C01, 3.816% (1 Month LIBOR USD + 1.600%), 01/25/2024 (b) | 30,418 | ||||||
493,462 | Pool #AJ8325 3.000%, 12/01/2026 | 490,076 | ||||||
110,000 | Pool #AN6110 3.000%, 07/01/2027 | 105,377 | ||||||
150,000 | Pool #AN6257 3.160%, 08/01/2027 | 145,557 | ||||||
155,111 | Pool #AN7376 2.880%, 11/01/2027 | 147,040 | ||||||
870,000 | Pool #AN8322 3.190%, 02/01/2028 | 843,375 | ||||||
1,030,000 | Pool #AN8695 3.550%, 03/01/2028 | 1,026,687 |
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
3,606 | Pool #544859 2.816% (11th District Cost of Funds Index + 1.798%, 0.000% Floor, 14.702% Cap), 08/01/2029 (b) | $ | 3,599 | |||||
205,407 | Series 2018-C04, 2.966% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 12/26/2030 (b) | 205,969 | ||||||
73,810 | Pool #BC4938 2.500%, 04/01/2031 | 71,574 | ||||||
122,332 | Pool #786848 7.000%, 10/01/2031 | 136,168 | ||||||
3,924 | Pool #727181 5.000%, 08/01/2033 | 4,170 | ||||||
1,832 | Pool #730727 5.000%, 08/01/2033 | 1,946 | ||||||
563 | Pool #741862 5.500%, 09/01/2033 | 611 | ||||||
688 | Pool #766197 5.500%, 02/01/2034 | 746 | ||||||
132 | Pool #776974 5.500%, 04/01/2034 | 143 | ||||||
113,510 | Pool #888504 3.950% (1 Year CMT Rate + 2.083%, 0.000% Floor, 9.296% Cap), 04/01/2034 (b) | 119,225 | ||||||
311,528 | Pool #MA1870 4.500%, 04/01/2034 | 323,155 | ||||||
5,915 | Pool #775776 5.500%, 05/01/2034 | 6,402 | ||||||
132,969 | Pool #802783 3.661% (12 Month LIBOR USD + 1.612%, 0.000% Floor, 10.241% Cap), 10/01/2034 (b) | 138,665 | ||||||
4,166 | Pool #781629 5.500%, 12/01/2034 | 4,509 | ||||||
5,656 | Pool #822815 5.500%, 04/01/2035 | 6,133 | ||||||
4,919 | Pool #357850 5.500%, 07/01/2035 | 5,345 | ||||||
3,027 | Pool #820242 5.000%, 07/01/2035 | 3,214 | ||||||
839 | Pool #838452 5.500%, 09/01/2035 | 911 | ||||||
4,846 | Pool #865854 6.000%, 03/01/2036 | 5,321 | ||||||
7,322 | Pool #891474 6.000%, 04/01/2036 | 8,063 | ||||||
6,176 | Pool #906000 6.000%, 01/01/2037 | 6,799 | ||||||
61 | Pool #928062 5.500%, 02/01/2037 | 67 | ||||||
63 | Pool #899119 5.500%, 04/01/2037 | 67 | ||||||
492,208 | Pool #AS9772 3.500%, 06/01/2037 | 492,339 | ||||||
183 | Pool #970131 5.500%, 03/01/2038 | 198 | ||||||
53 | Pool #981313 5.500%, 06/01/2038 | 56 | ||||||
114 | Pool #985108 5.500%, 07/01/2038 | 124 | ||||||
53 | Pool #964930 5.500%, 08/01/2038 | 57 | ||||||
69 | Pool #987032 5.500%, 08/01/2038 | 74 | ||||||
99 | Pool #968371 5.500%, 09/01/2038 | 106 | ||||||
38 | Pool #993050 5.500%, 12/01/2038 | 42 | ||||||
18,807 | Pool #993579 4.000%, 05/01/2039 | 19,142 | ||||||
3,836 | Pool #AA5840 4.000%, 06/01/2039 | 3,904 | ||||||
55,053 | Pool #AA8715 4.000%, 06/01/2039 | 56,029 | ||||||
202,990 | Pool #AD0586 4.500%, 12/01/2039 | 211,920 | ||||||
550,297 | Pool #AD4062 5.000%, 05/01/2040 | 585,803 | ||||||
480,669 | Pool #AD6929 5.000%, 06/01/2040 | 511,482 | ||||||
12,116 | Pool #AD9896 4.000%, 08/01/2040 | 12,332 | ||||||
14,305 | Pool #AB1500 4.000%, 09/01/2040 | 14,561 | ||||||
12,846 | Pool #AD9856 4.000%, 09/01/2040 | 13,075 | ||||||
9,183 | Pool #AE2559 4.000%, 09/01/2040 | 9,347 | ||||||
3,307 | Pool #AE2562 4.000%, 09/01/2040 | 3,366 | ||||||
4,028 | Pool #AE2566 4.000%, 09/01/2040 | 4,081 | ||||||
26,708 | Pool #AE4124 4.000%, 10/01/2040 | 27,186 | ||||||
15,441 | Pool #AE4888 4.000%, 10/01/2040 | 15,717 | ||||||
10,200,000 | Pool #TBA 3.500%, 10/01/2040 (g) | 10,037,892 | ||||||
22,541 | Pool #AE3916 4.000%, 11/01/2040 | 22,944 | ||||||
2,974 | Pool #AE5147 4.000%, 11/01/2040 | 3,027 | ||||||
37,959 | Pool #AE8715 4.000%, 11/01/2040 | 38,638 | ||||||
4,498 | Pool #AH0006 4.000%, 12/01/2040 | 4,578 | ||||||
11,881 | Pool #AH0020 4.000%, 12/01/2040 | 12,094 | ||||||
22,413 | Pool #AH0599 4.000%, 12/01/2040 | 22,813 |
See notes to financial statements.
87
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
8,257 | Pool #AH0601 4.000%, 12/01/2040 | $ | 8,404 | |||||
16,273 | Pool #AH1263 4.000%, 01/01/2041 | 16,564 | ||||||
67,266 | Pool #AL5233 4.000%, 01/01/2041 | 68,459 | ||||||
5,319 | Pool #AH4659 4.000%, 02/01/2041 | 5,414 | ||||||
75,558 | Pool #AH5653 4.000%, 02/01/2041 | 76,908 | ||||||
101,178 | Pool #AL0934 5.000%, 02/01/2041 | 107,694 | ||||||
148,936 | Pool #AD1889 4.500%, 03/01/2041 | 155,118 | ||||||
9,242 | Pool #AH6150 4.000%, 03/01/2041 | 9,407 | ||||||
94,999 | Pool #AL0215 4.500%, 04/01/2041 | 98,904 | ||||||
76,146 | Pool #AL0187 5.000%, 05/01/2041 | 81,050 | ||||||
13,554 | Pool #AL0456 5.000%, 06/01/2041 | 14,418 | ||||||
61,266 | Pool #AI8842 4.500%, 08/01/2041 | 63,759 | ||||||
35,908 | Pool #AL0815 4.000%, 09/01/2041 | 36,699 | ||||||
68,208 | Series 2012-21, 2.000%, 09/25/2041 | 63,954 | ||||||
12,264 | Pool #AJ1562 4.000%, 10/01/2041 | 12,535 | ||||||
12,176 | Pool #AJ1972 4.000%, 10/01/2041 | 12,444 | ||||||
620,649 | Pool #AJ2212 4.500%, 10/01/2041 | 645,431 | ||||||
17,788 | Pool #AJ4756 4.000%, 10/01/2041 | 18,180 | ||||||
15,310 | Pool #AJ3330 4.000%, 11/01/2041 | 15,647 | ||||||
15,255 | Pool #AJ4549 4.000%, 11/01/2041 | 15,591 | ||||||
12,117 | Pool #AJ4698 4.000%, 11/01/2041 | 12,384 | ||||||
24,733 | Pool #AJ5424 4.000%, 11/01/2041 | 25,278 | ||||||
9,925 | Pool #AJ7840 4.000%, 11/01/2041 | 10,144 | ||||||
15,712 | Pool #AB3995 4.000%, 12/01/2041 | 16,058 | ||||||
14,508 | Pool #AI0848 4.000%, 12/01/2041 | 14,828 | ||||||
13,083 | Pool #AJ4187 4.000%, 12/01/2041 | 13,371 | ||||||
16,461 | Pool #AJ5736 4.000%, 12/01/2041 | 16,824 | ||||||
9,636 | Pool #AJ5968 4.000%, 12/01/2041 | 9,809 | ||||||
18,817 | Pool #AJ6061 4.000%, 12/01/2041 | 19,231 | ||||||
12,033 | Pool #AJ7868 4.000%, 12/01/2041 | 12,299 | ||||||
27,523 | Pool #AJ8104 4.000%, 12/01/2041 | 28,129 | ||||||
17,315 | Pool #AJ8109 4.000%, 12/01/2041 | 17,697 | ||||||
10,313 | Pool #AJ8171 4.000%, 12/01/2041 | 10,540 | ||||||
18,627 | Pool #AJ8341 4.000%, 12/01/2041 | 19,037 | ||||||
30,898 | Pool #AJ8436 4.000%, 12/01/2041 | 31,578 | ||||||
11,708 | Pool #AJ8912 4.000%, 12/01/2041 | 11,966 | ||||||
15,431 | Pool #AJ9248 4.000%, 12/01/2041 | 15,771 | ||||||
130,182 | Series 2012-18, 2.000%, 12/25/2041 | 122,380 | ||||||
141,308 | Series 2012-75, 2.500%, 12/25/2041 | 135,486 | ||||||
13,907 | Pool #AJ2446 4.000%, 01/01/2042 | 14,156 | ||||||
20,279 | Pool #AJ7538 4.000%, 01/01/2042 | 20,726 | ||||||
5,862 | Pool #AJ8001 4.000%, 01/01/2042 | 5,967 | ||||||
18,158 | Pool #AJ8369 4.000%, 01/01/2042 | 18,558 | ||||||
16,624 | Pool #AJ9162 4.000%, 01/01/2042 | 16,990 | ||||||
94,244 | Pool #AJ9330 4.000%, 01/01/2042 | 96,319 | ||||||
10,525 | Pool #AJ9779 4.000%, 01/01/2042 | 10,685 | ||||||
15,840 | Pool #AK0170 4.000%, 01/01/2042 | 16,188 | ||||||
32,996 | Pool #AK0543 4.000%, 01/01/2042 | 33,722 | ||||||
13,591 | Pool #AK0563 4.000%, 01/01/2042 | 13,890 | ||||||
26,770 | Pool #AK1827 4.000%, 01/01/2042 | 27,359 | ||||||
345,078 | Pool #AL2752 5.000%, 03/01/2042 | 367,207 | ||||||
79,204 | Series 2012-52, 3.500%, 05/25/2042 | 79,354 | ||||||
80,499 | Pool #AB5529 4.000%, 07/01/2042 | 81,660 | ||||||
192,463 | Pool #AB6228 3.500%, 09/01/2042 | 190,964 | ||||||
800,000 | Pool #TBA 3.000%, 10/15/2042 (g) | 765,483 | ||||||
378,916 | Pool #AQ9316 2.500%, 01/01/2043 | 352,675 | ||||||
184,724 | Series 2015-48, 3.000%, 02/25/2043 | 180,536 | ||||||
1,016,333 | Pool #AT2720 3.000%, 05/01/2043 | 981,622 | ||||||
770,622 | Pool #AT5900 3.000%, 06/01/2043 | 743,995 |
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
426,155 | Pool #AU1625 3.500%, 07/01/2043 | $ | 422,145 | |||||
192,031 | Series 2018-38, 3.500%, 03/25/2045 | 192,386 | ||||||
675,955 | Pool #AS5469 4.000%, 07/01/2045 | 684,270 | ||||||
746,214 | Pool #AZ0832 4.000%, 07/01/2045 | 755,208 | ||||||
148,784 | Pool #AS5597 3.500%, 08/01/2045 | 147,096 | ||||||
119,184 | Series 2016-11, 2.500%, 03/25/2046 | 114,306 | ||||||
885,374 | Pool #AS7170 3.500%, 05/01/2046 | 874,823 | ||||||
912,278 | Pool #AS7242 3.500%, 05/01/2046 | 901,316 | ||||||
664,488 | Pool #BC9468 3.000%, 06/01/2046 | 636,834 | ||||||
805,249 | Pool #AS7492 4.000%, 07/01/2046 | 815,587 | ||||||
374,255 | Pool #AS8299 3.000%, 11/01/2046 | 358,886 | ||||||
562,735 | Pool #AS8947 3.500%, 03/01/2047 | 554,493 | ||||||
137,614 | Pool #MA3038 4.500%, 06/01/2047 | 142,290 | ||||||
162,883 | Series 2017-72, 3.000%, 09/25/2047 | 158,881 | ||||||
169,584 | Series 2017-72, 3.000%, 09/25/2047 | 165,413 | ||||||
210,000 | Series 2018-80, 3.500%, 12/25/2047 | 208,344 | ||||||
100,000 | Series 2018-77, 3.500%, 02/25/2048 (j)(k) | 99,563 | ||||||
156,077 | Series 2018-23, 3.500%, 04/25/2048 | 155,527 | ||||||
197,293 | Series 2017-96, 3.000%, 12/25/2054 | 192,442 | ||||||
199,590 | Series 2018-70, 0.000%, 10/25/2056 | 198,779 | ||||||
Government National Mortgage Association | ||||||||
11,593 | Pool #614436X 5.000%, 08/15/2033 | 12,085 | ||||||
35,232 | Pool #736686X 5.000%, 02/15/2039 | 37,438 | ||||||
643,704 | Pool #723248X 5.000%, 10/15/2039 | 686,635 | ||||||
333,835 | Pool #783403X 3.500%, 09/15/2041 | 333,572 | ||||||
1,500,000 | Pool #TBA 4.500%, 10/15/2041 (g) | 1,550,341 | ||||||
500,000 | Pool #TBA 3.500%, 10/15/2041 (g) | 496,623 | ||||||
1,300,000 | Pool #TBA 4.000%, 10/15/2041 (g) | 1,322,191 | ||||||
212,528 | Series 2013-37, 2.000%, 01/20/2042 | 203,048 | ||||||
1,400,000 | Pool #TBA 3.500%, 10/15/2042 (g) | 1,392,180 | ||||||
800,000 | Pool #TBA 3.000%, 10/15/2044 (g) | 774,813 | ||||||
139,775 | Pool #MA4587M 4.000%, 07/20/2047 | 142,868 | ||||||
344,720 | Pool #MA4652M 3.500%, 08/20/2047 | 343,138 | ||||||
678,361 | Pool #MA4778M 3.500%, 10/20/2047 | 675,246 | ||||||
519,503 | Pool #MA4779M 4.000%, 10/20/2047 | 528,979 | ||||||
681,770 | Pool #MA4780M 4.500%, 10/20/2047 | 705,588 | ||||||
Total Mortgage Backed Securities - U.S. Government Agency | 47,867,649 | |||||||
MUNICIPAL DEBT OBLIGATIONS - 0.24% |
| |||||||
California, GO, | ||||||||
80,000 | 7.550%, 04/01/2039 | 117,051 | ||||||
10,000 | 7.350%, 11/01/2039 | 14,076 | ||||||
20,000 | 7.625%, 03/01/2040 | 29,192 | ||||||
5,000 | 7.600%, 11/01/2040 | 7,450 | ||||||
105,000 | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, | 133,736 | ||||||
15,000 | University of California Medical Center, | 19,695 | ||||||
Total Municipal Debt Obligations | 321,200 | |||||||
See notes to financial statements.
88
GuideMark Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Notional | Value | |||||||
Purchased Options - 0.04% |
| |||||||
Put Interest Rate Swaption - 0.04% |
| |||||||
3,955,000 | 10-Year Interest Rate Swap, 3-MO-USD-LIBOR, Receive Floating Rate, Counterparty: Bank of America | $ | 59,210 | |||||
Total Purchased Options | 59,210 | |||||||
U.S. TREASURY OBLIGATIONS - 17.26% |
| |||||||
U.S. Treasury Bonds - 8.47% |
| |||||||
3,123,566 | 0.375%, 07/15/2027 (f)(i) | 2,985,609 | ||||||
219,000 | 4.500%, 08/15/2039 | 263,929 | ||||||
320,000 | 4.375%, 11/15/2039 | 379,825 | ||||||
2,460,000 | 3.125%, 11/15/2041 | 2,436,361 | ||||||
545,000 | 3.625%, 08/15/2043 | 584,960 | ||||||
1,380,000 | 3.750%, 11/15/2043 | 1,511,369 | ||||||
495,000 | 3.625%, 02/15/2044 | 531,854 | ||||||
240,000 | 3.000%, 11/15/2045 | 231,516 | ||||||
2,365,000 | 2.500%, 05/15/2046 | 2,062,908 | ||||||
255,000 | 3.000%, 02/15/2047 | 245,806 | ||||||
215,000 | 3.000%, 02/15/2048 | 206,959 | ||||||
U.S. Treasury Notes - 8.79% | ||||||||
890,000 | 1.875%, 11/30/2021 | 862,953 | ||||||
3,745,000 | 2.000%, 02/15/2022 | 3,637,331 | ||||||
3,220,000 | 2.375%, 08/15/2024 | 3,114,344 | ||||||
1,707,000 | 2.000%, 02/15/2025 | 1,608,014 | ||||||
2,190,000 | 2.875%, 05/31/2025 | 2,172,206 | ||||||
72,000 | 1.625%, 05/15/2026 | 65,143 | ||||||
455,000 | 2.000%, 11/15/2026 | 421,026 | ||||||
Total U.S. Treasury Obligations | 23,322,113 | |||||||
Number of | ||||||||
SHORT TERM INVESTMENTS - 2.58% |
| |||||||
Money Market Funds - 2.58% |
| |||||||
3,487,547 | Deutsche Government Money Market | 3,487,547 | ||||||
Total Short Term Investments | 3,487,547 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.82% |
| |||||||
Investments Purchased with Proceeds from Securities Lending - 0.82% |
| |||||||
1,110,200 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 1,110,200 | |||||
Total Investments Purchased with Proceeds from Securities Lending | 1,110,200 | |||||||
Total Investments | 158,243,467 | |||||||
Liabilities in Excess of | (23,149,607 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 135,093,860 | ||||||
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security as purchase.
(a) | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2018. |
(b) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 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 $36,112,155, which represents 26.73% of total net assets. |
(d) | All or portion of this security is on loan. |
(e) | Seven-day yield as of September 30, 2018. |
(f) | Represents a U.S. Treasury Inflation Protected Security. |
(g) | Security purchased on a when-issued basis. On September 30, 2018, the total value of investments purchased on a when-issued basis was $21,775,198 or 16.12% of total net assets. |
(h) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $1,352,833, which represents 1.00% of total net assets. |
(i) | All or a portion of this security is held as collateral for certain swap and futures contracts. |
(j) | As of September 30, 2018, the Valuation Committee has fair valued these securities. The value of these securities was $0, which represents 0.00% of total net assets. |
(k) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
Glossary of Terms
LIBOR | - | London Interbank Offered Rate | ||
CMT | - | Constant Maturing Treasury Rate |
See notes to financial statements.
89
GuideMark Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2018
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Unrealized Appreciation (Depreciation) | ||||||||||
U.S. Tresury 2 Year Note Futures | 28 | 5,900,563 | Dec-18 | $ | (678 | ) | ||||||||
U.S. Tresury 5 Year Note Futures | 106 | 11,922,516 | Dec-18 | (85,390 | ) | |||||||||
U.S. Tresury 10 Year Note Futures | (22 | ) | (2,613,188 | ) | Dec-18 | 27,733 | ||||||||
U.S. Treasury Ultra 10 Year Note Futures | (11 | ) | (1,386,000 | ) | Dec-18 | 19,045 | ||||||||
U.S. Treasury Ultra Bond Futures | 13 | 2,005,656 | Dec-18 | (42,555 | ) | |||||||||
$ | (81,845 | ) | ||||||||||||
GuideMark Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
September 30, 2018
Reference Obligation | Implied Credit Spread at 9/30/2018(2) | Fixed Pay Rate | Maturity Date | Counterparty | Payment Frequency | Notional Amount | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
CDX. NA. IG. 29 Index* | 54.6% | 1.000% | 6/20/2023 | Morgan Stanley | Quarterly | $ | 3,215,000 | $ | 63,643 | $ | 60,598 | $ | 3,045 | |||||||||||||||||||
$ | 63,643 | $ | 60,598 | $ | 3,045 | |||||||||||||||||||||||||||
GuideMark Core Fixed Income Fund
INTEREST RATE SWAPS (Unaudited)
September 30, 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 | 2.250% | Semi-Annual | 9/21/2026 | | Morgan Stanley | | $ | 4,143,000 | $ | 246,715 | $ | (181,289 | ) | $ | 428,004 | ||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 2.250% | Semi-Annual | 6/20/2028 | | Morgan Stanley | | 4,241,000 | 308,065 | 224,030 | 84,035 | |||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 2.750% | Semi-Annual | 12/20/2047 | | Morgan Stanley | | 775,000 | 51,818 | (30,165 | ) | 81,983 | ||||||||||||||||||||||
$ | 606,598 | $ | 12,576 | $ | 594,022 | |||||||||||||||||||||||||||||||
1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2) | Implied credit spreads, represented in absolute terms, utilized in determining the 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 include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
3) | The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
* | Centrally cleared swap, clearing agent: Intercontinental Exchange |
** | Centrally cleared swap, clearing agent: Clearnet |
See notes to financial statements.
90
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS - 98.72% |
| |||||||
Alabama - 1.43% |
| |||||||
The Lower Alabama Gas District, Series A, Revenue Bond, | ||||||||
$ | 100,000 | 5.000%, 09/01/2034 | $ | 115,396 | ||||
225,000 | 5.000%, 09/01/2046 | 263,041 | ||||||
378,437 | ||||||||
Alaska - 0.32% |
| |||||||
85,000 | Northern Tobacco Securitization Corp., Series A, Revenue Bond, | 85,000 | ||||||
Arizona - 2.89% |
| |||||||
145,000 | Arizona Board of Regents, Prerefunded, Revenue Bond, | 159,853 | ||||||
55,000 | Arizona Board of Regents, Unrefunded, Revenue Bond, | 60,217 | ||||||
150,000 | Arizona Industrial Development Authority, Revenue Bond, | 156,193 | ||||||
100,000 | City of Phoenix Industrial Development Authority, Series A, Revenue Bond, | 108,758 | ||||||
Pima County Industrial Development Authority, Revenue Bond, | ||||||||
35,000 | 5.000%, 06/15/2047 | 35,161 | ||||||
30,000 | 5.000%, 06/15/2052 | 30,038 | ||||||
150,000 | Salt Verde Financial Corp., Revenue Bond, | 174,113 | ||||||
40,000 | Tempe Industrial Development Authority, Series A, Revenue Bond, | 43,470 | ||||||
767,803 | ||||||||
Arkansas - 0.97% |
| |||||||
250,000 | University of Arkansas, Series A, Revenue Bond, | 257,395 | ||||||
California - 16.05% |
| |||||||
100,000 | California Health Facilities Financing Authority, Series A, Revenue Bond, | 116,370 | ||||||
100,000 | California Municipal Finance Authority, Community Medical Centers, Series A, Refunding, Revenue Bond, | 109,242 | ||||||
195,000 | California Municipal Finance Authority, Mobile Home Park, Series A, Prerefunded, Revenue Bond, | 209,065 | ||||||
150,000 | California Municipal Finance Authority, Revenue Bond, | 163,515 | ||||||
200,000 | California State University, Series A, Refunding, Revenue Bond, | 228,038 | ||||||
50,000 | California Statewide Communities Development Authority, Revenue Bond, | 54,547 |
Principal | Value | |||||||
California (Continued) |
| |||||||
California Statewide Communities Development Authority, Series A, Revenue Bond, | ||||||||
$ | 160,000 | 6.125%, 11/01/2033 | $ | 183,475 | ||||
150,000 | 5.250%, 12/01/2056 | 159,917 | ||||||
300,000 | California Statewide Communities Development Authority, Series A, Revenue Bond, CMI Insured, | 330,933 | ||||||
265,000 | California, Prerefunded, GO, | 271,365 | ||||||
California, Refunding, GO, | ||||||||
150,000 | 5.000%, 10/01/2029 | 166,871 | ||||||
300,000 | 5.000%, 11/01/2043 | 330,600 | ||||||
235,000 | California, Unrefunded, GO, | 240,278 | ||||||
100,000 | Golden State Tobacco Securitization Corp., | 104,886 | ||||||
100,000 | Golden State Tobacco Securitization Corp., | 111,279 | ||||||
Golden State Tobacco Securitization Corp., | ||||||||
125,000 | 5.000%, 06/01/2047 | 128,057 | ||||||
180,000 | 5.250%, 06/01/2047 | 186,779 | ||||||
500,000 | Los Angeles Department of Airports, Series A, Revenue Bond, | 510,535 | ||||||
250,000 | M-S-R Energy Authority, Revenue Bond, | 342,825 | ||||||
300,000 | San Mateo Joint Powers Financing Authority, | 312,348 | ||||||
4,260,925 | ||||||||
Colorado - 3.48% |
| |||||||
150,000 | Castle Pines North Metropolitan District, Refunding, Revenue Bond, | 150,881 | ||||||
130,000 | Colorado Health Facilities Authority, Revenue Bond, | 147,195 | ||||||
220,000 | Public Authority for Colorado Energy, Revenue Bond, | 295,878 | ||||||
300,000 | Regional Transportation District, Series A, Revenue Bond, | 329,895 | ||||||
923,849 | ||||||||
Delaware - 1.03% |
| |||||||
35,000 | County of Kent, Series A, Revenue Bond, | 36,742 | ||||||
200,000 | Delaware, Series A, Refunding, GO, | 237,210 | ||||||
273,952 | ||||||||
Florida - 3.79% |
| |||||||
300,000 | Brevard County Health Facilities Authority, Prerefunded, Revenue Bond, | 307,626 | ||||||
100,000 | Florida Development Finance Corp., Revenue Bond, | 104,289 |
See notes to financial statements.
91
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
Florida (Continued) |
| |||||||
$ | 225,000 | Miami-Dade County Educational Facilities, Series A, Refunding, Revenue Bond, | $ | 245,691 | ||||
275,000 | Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond, | 290,163 | ||||||
40,000 | Palm Beach County Florida Health Facilities Authority, Series A, Refunding, Revenue Bond, | 45,564 | ||||||
10,000 | Palm Beach County Florida Health Facilities Authority, Series A, Revenue Bond, | 11,321 | ||||||
1,004,654 | ||||||||
Georgia - 1.25% |
| |||||||
300,000 | Atlanta Water & Wastewater, Refunding, Revenue Bond, | 332,370 | ||||||
Illinois - 8.34% |
| |||||||
Chicago Board of Education, Revenue Bond, | ||||||||
100,000 | 5.000%, 04/01/2042 | 106,921 | ||||||
100,000 | 5.000%, 04/01/2046 | 106,624 | ||||||
100,000 | Chicago Board of Education, Series G, Refunding, GO, | 101,834 | ||||||
100,000 | Chicago Board of Education, Series H, GO, | 102,656 | ||||||
70,000 | Chicago Waterworks, Revenue Bond, | 78,116 | ||||||
65,000 | Chicago, Series A, Refunding, GO, | 69,092 | ||||||
225,000 | Illinois Finance Authority, Prerefunded, Revenue Bond, | 234,661 | ||||||
160,000 | Illinois Finance Authority, Refunding, Revenue Bond, | 164,249 | ||||||
140,000 | Illinois Finance Authority, Series A, Revenue Bond, | 149,713 | ||||||
Illinois, GO, | ||||||||
345,000 | 5.000%, 01/01/2029 | 359,880 | ||||||
20,000 | 5.000%, 05/01/2036 | 20,508 | ||||||
70,000 | 5.000%, 11/01/2036 | 72,346 | ||||||
30,000 | 5.000%, 02/01/2039 | 30,574 | ||||||
30,000 | Illinois, Series A, GO, | 30,617 | ||||||
100,000 | O’Hare International Airport, Series B, Refunding, Revenue Bond, | 109,521 | ||||||
150,000 | O’Hare International Airport, Series D, Refunding, Revenue Bond, | 164,739 | ||||||
150,000 | Sales Tax Securitization Corp., Series A, Revenue Bond, | 163,794 | ||||||
120,000 | Southwestern Illinois Development Authority, Prerefunded, Revenue Bond, | 147,352 | ||||||
2,213,197 | ||||||||
Principal | Value | |||||||
Indiana - 4.48% |
| |||||||
$ | 500,000 | Fishers Redevelopment District, Prerefunded, Revenue Bond, | $ | 521,035 | ||||
100,000 | Indiana Health Facility Financing Authority, | 112,051 | ||||||
250,000 | Indiana Municipal Power Agency, Series A, Prerefunded, Revenue Bond, | 284,305 | ||||||
125,000 | Shoals Exempt Facilities, Revenue Bond, | 139,072 | ||||||
115,000 | Valparaiso Exempt Facilities, Revenue Bond, | 133,476 | ||||||
1,189,939 | ||||||||
Iowa - 0.37% |
| |||||||
100,000 | Iowa Finance Authority, Revenue Bond, | 99,312 | ||||||
Louisiana - 0.85% |
| |||||||
200,000 | Louisiana Highway Improvement, Series A, Revenue Bond, | 224,266 | ||||||
Maryland - 0.80% |
| |||||||
200,000 | Westminster Project Revenue, Lutheran Village at Miller’s Grant, Series A, Revenue Bond, | 212,532 | ||||||
Michigan - 0.41% |
| |||||||
100,000 | Royal Oak Hospital Finance Authority, Series D, Refunding, Revenue Bond, | 109,661 | ||||||
Minnesota - 2.89% |
| |||||||
100,000 | Apple Valley Senior Living, Series D, Revenue Bond, | 100,229 | ||||||
160,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Series A, Refunding, Revenue Bond, | 177,143 | ||||||
150,000 | Rochester Health Care & Housing Facility, Series A, Refunding, Revenue Bond, | 168,591 | ||||||
300,000 | Rochester Health Care Facilities Mayo Clinic, | 319,752 | ||||||
765,715 | ||||||||
Mississippi - 0.38% |
| |||||||
100,000 | Mississippi Business Finance Corp., Series G, Revenue Bond, | 100,000 | ||||||
Missouri - 2.12% |
| |||||||
200,000 | Conley Road Transportation Development District, Revenue Bond, | 202,364 | ||||||
350,000 | St. Louis Airport, Revenue Bond, | 361,242 | ||||||
563,606 | ||||||||
Montana - 0.39% |
| |||||||
100,000 | City of Kalispell, Series A, Revenue Bond, | 103,426 | ||||||
See notes to financial statements.
92
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
Nebraska - 3.43% |
| |||||||
$ | 200,000 | Central Plains Energy Project, Revenue Bond, | $ | 231,276 | ||||
130,000 | Douglas County Hospital Authority No. 3, Refunding, Revenue Bond, | 146,583 | ||||||
500,000 | Omaha Public Power District, Series B, Prerefunded, Revenue Bond, | 533,505 | ||||||
911,364 | ||||||||
New Hampshire - 0.49% |
| |||||||
120,000 | New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond, | 128,749 | ||||||
New Jersey - 1.70% |
| |||||||
150,000 | New Jersey Economic Development Authority, Refunding, Revenue Bond, | 165,271 | ||||||
100,000 | New Jersey Transportation Trust Fund Authority, Series A, Refunding, Revenue Bond, | 109,763 | ||||||
25,000 | South Jersey Port Corp., Series A, Revenue Bond, | 27,036 | ||||||
40,000 | Tobacco Settlement Financing Corp., Series A, Revenue Bond, | 43,012 | ||||||
100,000 | Tobacco Settlement Financing Corp., Series B, Revenue Bond, | 105,644 | ||||||
450,726 | ||||||||
New York - 9.14% |
| |||||||
325,000 | Brooklyn Arena Local Development Corp., Prerefunded, Revenue Bond, | 344,152 | ||||||
200,000 | City of New York, Series B, GO, | 225,948 | ||||||
100,000 | City of New York, Series E, GO, | 112,880 | ||||||
140,000 | New York City Industrial Development Agency, Revenue Bond, | 141,341 | ||||||
40,000 | New York City Industrial Development Agency, Series A, Refunding, Revenue Bond, | 43,420 | ||||||
35,000 | New York City, Series I, Unrefunded, GO, | 35,581 | ||||||
100,000 | New York Dormitory Authority, Refunding, Revenue Bond, | 109,014 | ||||||
250,000 | New York Dormitory Authority, Series B, Refunding, Revenue Bond, | 272,308 | ||||||
500,000 | New York Environmental Facilities Corp., Series B, Prerefunded, Revenue Bond, | 609,795 | ||||||
175,000 | New York Liberty Development Corp., Refunding, Revenue Bond, | 212,975 |
Principal | Value | |||||||
New York (Continued) |
| |||||||
$ | 100,000 | New York Transportation Development Corp., Revenue Bond, | $ | 109,114 | ||||
200,000 | New York, Series E, GO, | 210,056 | ||||||
2,426,584 | ||||||||
North Carolina - 1.33% |
| |||||||
320,000 | North Carolina Eastern Municipal Power Agency Power Systems, Series A, Prerefunded, Revenue Bond, | 352,899 | ||||||
Ohio - 4.45% |
| |||||||
Buckeye Tobacco Settlement Financing Authority, Series A, Revenue Bond, | ||||||||
550,000 | 5.875%, 06/01/2047 | 550,000 | ||||||
145,000 | 6.500%, 06/01/2047 | 147,902 | ||||||
135,000 | County of Cuyahoga, Revenue Bond, | 144,026 | ||||||
100,000 | Ohio Higher Education Facilities Commission, Refunding, Revenue Bond, | 108,398 | ||||||
200,000 | Ohio, Series A, Refunding, Revenue Bond, | 231,036 | ||||||
1,181,362 | ||||||||
Oklahoma - 0.25% |
| |||||||
60,000 | Oklahoma Development Finance Authority, Series B, Revenue Bond, | 66,246 | ||||||
Pennsylvania - 4.80% |
| |||||||
Allegheny County Hospital Development Authority, Series A, Revenue Bond, | ||||||||
50,000 | 4.000%, 04/01/2044 | 48,750 | ||||||
50,000 | 5.000%, 04/01/2047 | 53,877 | ||||||
100,000 | Allentown Neighborhood Improvement Zone Development Authority, Revenue Bond, | 108,305 | ||||||
350,000 | Butler County Hospital Authority, Prerefunded, Revenue Bond, | 363,304 | ||||||
300,000 | Commonwealth Financing Authority, Revenue Bond, | 335,049 | ||||||
150,000 | Pennsylvania Economic Development Financing Authority, Revenue Bond, | 152,741 | ||||||
200,000 | Pennsylvania Higher Educational Facilities Authority, Prerefunded, Revenue Bond, | 212,552 | ||||||
1,274,578 | ||||||||
South Carolina - 1.69% |
| |||||||
400,000 | Charleston Educational Excellence Financing Corp., Refunding, Revenue Bond, | 448,356 | ||||||
South Dakota - 0.41% |
| |||||||
100,000 | South Dakota Educational Enhancement Funding Corp. Tobaccos Settlement, Series B, Refunding, Revenue Bond, | 108,595 | ||||||
See notes to financial statements.
93
GuideMark® Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
Texas - 7.06% |
| |||||||
$ | 200,000 | Central Texas Regional Mobility Authority, Series A, Prerefunded, Revenue Bond, | $ | 216,612 | ||||
100,000 | Central Texas Turnpike System, Series C, Refunding, Revenue Bond, | 109,056 | ||||||
200,000 | Dallas-Fort Worth International Airport, Series B, Revenue Bond, | 218,384 | ||||||
200,000 | New Hope Cultural Education Facilities Corp., | 217,222 | ||||||
225,000 | North Texas Tollway Authority, Refunding, Revenue Bond, | 227,846 | ||||||
100,000 | North Texas Tollway Authority, Series B, Refunding, Revenue Bond, | 112,586 | ||||||
100,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bond, | 109,573 | ||||||
Texas Private Activity Surface Transportation Corp., Revenue Bond, | ||||||||
200,000 | 7.500%, 12/31/2031 | 212,474 | ||||||
200,000 | 7.500%, 06/30/2033 | 216,846 | ||||||
85,000 | 7.000%, 12/31/2038 | 99,408 | ||||||
115,000 | 6.750%, 06/30/2043 | 132,688 | ||||||
1,872,695 | ||||||||
Utah - 2.46% |
| |||||||
100,000 | Salt Lake City Corp. Airport, Series B, Revenue Bond, | 111,853 | ||||||
500,000 | Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond, | 540,420 | ||||||
652,273 | ||||||||
Virginia - 2.06% |
| |||||||
1,475,000 | Tobacco Settlement Financing Corp., Series C, Revenue Bond, | 164,359 | ||||||
300,000 | Virginia College Building Educational Facilities Authority, Revenue Bond, | 383,292 | ||||||
547,651 | ||||||||
Washington - 2.28% |
| |||||||
325,000 | Central Puget Sound Regional Transit Authority, Series P-1, Refunding, Revenue Bond, | 353,515 | ||||||
250,000 | Washington Health Care Facilities Authority, Refunding, Revenue Bond, | 250,748 | ||||||
604,263 | ||||||||
Principal | Value | |||||||
Wisconsin - 4.93% |
| |||||||
$ | 100,000 | Wisconsin Health & Educational Facilities Authority, Refunding, Revenue Bond, | $ | 109,237 | ||||
30,000 | Wisconsin Health & Educational Facilities Authority, Series A1, Revenue Bond, | 28,544 | ||||||
100,000 | Wisconsin Health & Educational Facilities Authority, Series C, Revenue Bond, | 98,256 | ||||||
Wisconsin Public Finance Authority, Refunding, Revenue Bond, | ||||||||
125,000 | 5.000%, 07/01/2022 | 131,691 | ||||||
150,000 | 5.750%, 10/01/2031 | 150,636 | ||||||
225,000 | 5.250%, 05/15/2047 | 242,208 | ||||||
10,000 | Wisconsin, Series 2, Prerefunded, GO, | 10,988 | ||||||
490,000 | Wisconsin, Series 2, Unrefunded, GO, | 535,923 | ||||||
1,307,483 | ||||||||
Total Municipal Debt Obligations | 26,199,863 | |||||||
Number of | ||||||||
SHORT TERM INVESTMENTS - 0.19% | ||||||||
Money Market Funds - 0.19% | ||||||||
50,907 | Government TaxAdvantage Portfolio - | 50,907 | ||||||
Total Short Term Investments | 50,907 | |||||||
Total Investments | 26,250,770 | |||||||
Other Assets in Excess of | 289,980 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 26,540,750 | ||||||
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 September 30, 2018. |
(c) | Zero coupon bond. The Effective yield is listed. |
Glossary of Terms
CMI | - | California Mortgage Insurance | ||
GO | - | General Obligation |
See notes to financial statements.
94
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE |
| |||||||
649,606 | Alternative Loan Trust | $ | 584,366 | |||||
626,278 | Banc of America Funding Corp. | 559,319 | ||||||
690,665 | Chase Mortgage Finance Trust | 551,893 | ||||||
Credit Suisse Mortgage Capital Mortgage-Backed Trust | ||||||||
196,310 | Series 2006-9, 6.000%, 11/25/2036 | 190,665 | ||||||
343,388 | Series 2007-1, 6.000%, 02/25/2037 | 302,354 | ||||||
211,478 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | 204,669 | ||||||
314,967 | First Horizon Alternative Mortgage Securities Trust | 248,544 | ||||||
319,218 | First Horizon Mortgage Pass-Through Trust | 265,071 | ||||||
GSR Mortgage Loan Trust | ||||||||
579,595 | Series 2006-9F, 6.500%, 10/25/2036 | 488,888 | ||||||
222,399 | Series 2007-4F, 6.000%, 07/25/2037 | 202,712 | ||||||
497,422 | IndyMac IMJA Mortgage Loan Trust | 391,372 | ||||||
276,174 | IndyMac INDX Mortgage Loan Trust | 278,255 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
5,843,351 | Series 2012-C8, 1.941%, 10/17/2045 (a)(i) | 325,195 | ||||||
1,622 | Series 2007-LDP10, 5.464%, 01/15/2049 (a) | 1,627 | ||||||
396,137 | Lehman Mortgage Trust | 398,432 | ||||||
271,617 | MASTR Adjustable Rate Mortgages Trust | 268,703 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
749,426 | Series 2005-10, 6.000%, 12/25/2035 | 597,019 | ||||||
531,858 | Series 2007-12, 6.250%, 08/25/2037 | 434,935 | ||||||
Residential Asset Securitization Trust | ||||||||
682,017 | Series 2007-A2, 6.000%, 04/25/2037 | 601,983 | ||||||
494,255 | Series 2007-A6, 6.000%, 06/25/2037 | 439,751 | ||||||
824,864 | Series 2007-A7, 6.000%, 07/25/2037 | 557,502 | ||||||
831,658 | TBW Mortgage-Backed Trust | 442,889 | ||||||
379,928 | Washington Mutual Asset-Backed Certificates Trust | 355,817 | ||||||
187,617 | Washington Mutual Mortgage Pass-Through Certificates Trust | 172,200 | ||||||
194,962 | Wells Fargo Alternative Loan Trust | 185,268 | ||||||
Total Collateralized Mortgage Obligations | 9,049,429 | |||||||
Number of Shares | Value | |||||||
COMMON STOCKS - 0.01% |
| |||||||
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 - 0.01% |
| |||||||
22 | CEVA Holdings LLC (d) | 4,196 | ||||||
Total Common Stocks | 4,196 | |||||||
Principal Amount | ||||||||
CONVERTIBLE OBLIGATIONS - 1.38% |
| |||||||
Metals & Mining - 1.38% |
| |||||||
780,000 | B2Gold Corp. | 780,000 | ||||||
Total Convertible Obligations | 780,000 | |||||||
CORPORATE OBLIGATIONS - 0.11% |
| |||||||
Specialty Retail - 0.11% |
| |||||||
K2016470219 South Africa, Ltd. | ||||||||
946,655 | 0.000% Cash or 3.000% PIK, 12/31/2022 (e)(n) | 33,038 | ||||||
174,132 | 0.000% Cash or 8.000% PIK, 12/31/2022 (e)(n) | 5,176 | ||||||
199,775 | K2016470260 South Africa, Ltd. | 25,971 | ||||||
Total Corporate Obligations | 64,185 | |||||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 32.83% |
| |||||||
20,000 | Argentina POM Politica Monetaria | 574 | ||||||
Argentine Bonos del Tesoro | ||||||||
6,954,000 | 18.200%, 10/03/2021 | 136,419 | ||||||
10,209,900 | 16.000%, 10/17/2023 | 205,649 | ||||||
22,986,100 | 15.500%, 10/17/2026 | 408,827 | ||||||
9,000 | Bonos de la Nacion Argentina con Ajuste por CER | 257 | ||||||
90,000 | Bonos de la Nacion Argentina en Moneda Dua 4.500%, 02/13/2020 | 85,950 | ||||||
5,100,000 | Brazil Letras do Tesouro Nacional | 974,219 | ||||||
Brazil Notas do Tesouro Nacional - Serie F | ||||||||
2,065,000 | 10.000%, 01/01/2021 | 529,765 | ||||||
120,000 | 10.000%, 01/01/2023 (n) | 29,652 | ||||||
1,630,000 | 10.000%, 01/01/2025 (n) | 391,067 | ||||||
5,220,000 | 10.000%, 01/01/2027 (n) | 1,220,933 | ||||||
160,000,000 | Colombia Government International Bond 7.750%, 04/14/2021 | 56,843 | ||||||
Colombian TES | ||||||||
583,000,000 | 10.000%, 07/24/2024 | 232,107 | ||||||
296,500,000 | 7.500%, 08/26/2026 | 105,411 | ||||||
342,500,000 | 6.000%, 04/28/2028 | 108,728 | ||||||
2,411,000,000 | 7.750%, 09/18/2030 | 861,696 | ||||||
Ghana Government Bond | ||||||||
99,000 | 24.500%, 10/22/2018 | 20,230 | ||||||
300,000 | 18.750%, 01/24/2022 | 58,924 | ||||||
200,000 | 16.500%, 02/06/2023 | 36,017 | ||||||
300,000 | 19.750%, 03/25/2024 | 58,989 | ||||||
910,000 | 19.750%, 03/15/2032 | 173,198 |
See notes to financial statements.
95
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal Amount | Value | |||||||
FOREIGN GOVERNMENT DEBT |
| |||||||
Ghana Treasury Note | ||||||||
170,000 | 22.500%, 12/10/2018 | $ | 35,256 | |||||
340,000 | 21.000%, 01/07/2019 | 70,644 | ||||||
290,000 | 19.950%, 05/06/2019 | 60,374 | ||||||
460,000 | 16.500%, 02/17/2020 | 92,280 | ||||||
120,000 | 16.500%, 03/16/2020 | 23,981 | ||||||
India Government Bond | ||||||||
25,000,000 | 8.200%, 02/15/2022 | 346,944 | ||||||
44,000,000 | 8.150%, 06/11/2022 | 609,894 | ||||||
7,000,000 | 8.080%, 08/02/2022 | 96,478 | ||||||
90,000,000 | 8.130%, 09/21/2022 | 1,247,138 | ||||||
2,000,000 | 6.840%, 12/19/2022 | 26,456 | ||||||
74,000,000 | 8.830%, 11/25/2023 | 1,049,210 | ||||||
15,000,000 | 7.680%, 12/15/2023 | 203,014 | ||||||
Indonesia Treasury Bond | ||||||||
9,416,000,000 | 8.250%, 07/15/2021 | 641,667 | ||||||
1,500,000,000 | 7.000%, 05/15/2022 | 98,605 | ||||||
890,000,000 | 5.625%, 05/15/2023 | 54,320 | ||||||
25,441,000,000 | 8.375%, 09/15/2026 | 1,728,230 | ||||||
606,000,000 | 9.000%, 03/15/2029 | 42,756 | ||||||
140,000,000 | 10.500%, 08/15/2030 | 10,913 | ||||||
1,689,000,000 | 8.750%, 05/15/2031 | 116,745 | ||||||
7,580,000,000 | 8.375%, 03/15/2034 | 501,250 | ||||||
Korea Treasury Bond | ||||||||
400,000,000 | 4.250%, 06/10/2021 | 381,317 | ||||||
581,500,000 | 3.375%, 09/10/2023 | 553,290 | ||||||
459,000,000 | 3.500%, 03/10/2024 | 440,091 | ||||||
267,000,000 | 3.000%, 09/10/2024 | 250,492 | ||||||
Mexican Bonos | ||||||||
378,200 | 5.000%, 12/11/2019 | 1,956,054 | ||||||
11,000 | 8.000%, 06/11/2020 | 59,031 | ||||||
7,600 | 6.500%, 06/10/2021 | 39,412 | ||||||
Mexican Udibonos | ||||||||
16,186 | 4.000%, 06/13/2019 (j) | 86,547 | ||||||
13,376 | 2.500%, 12/10/2020 (j) | 69,848 | ||||||
Philippine Government Bond | ||||||||
22,580,000 | 3.875%, 11/22/2019 | 409,547 | ||||||
15,690,000 | 3.375%, 08/20/2020 | 275,525 | ||||||
Republic of Ghana Government Bond | ||||||||
1,810,000 | 16.250%, 05/17/2021 | 339,168 | ||||||
200,000 | 24.500%, 06/21/2021 | 44,411 | ||||||
390,000 | 24.750%, 07/19/2021 | 86,859 | ||||||
150,000 | 16.250%, 04/07/2025 | 25,516 | ||||||
910,000 | 19.000%, 11/02/2026 | 170,317 | ||||||
1,071,000 | Ukraine Government International Bond | 567,780 | ||||||
Total Foreign Government Debt Obligations | 18,506,815 | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 16.90% |
| |||||||
Federal Home Loan Mortgage Corp. | ||||||||
1,069,947 | Pool #4062, 3.500%, 06/15/2042 | 1,029,416 | ||||||
811,668 | Pool #4171, 3.000%, 02/15/2043 | 732,572 | ||||||
478,844 | Pool #4768, 2.458% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 03/15/2048 (b) | 477,905 | ||||||
Federal National Mortgage Association | ||||||||
576,506 | Pool #1201, 3.500%, 10/01/2032 | 578,878 |
Principal Amount | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
287,891 | Pool #2005-56, 6.000% (1 Month LIBOR USD + 42.300%, 6.000% Cap, 0.000% Floor), 08/25/2033 (b)(m) | $ | 310,978 | |||||
34,124 | Pool #2011-113, 4.000%, 03/25/2040 | 34,194 | ||||||
507,962 | Pool #2012-63, 2.000%, 08/25/2040 | 487,944 | ||||||
1,038,134 | Pool #2014-95, 3.000%, 04/25/2041 | 1,012,909 | ||||||
481,702 | Pool #2012-150, 1.750%, 01/25/2043 | 450,453 | ||||||
721,456 | Pool #2018-23, 2.750%, 12/25/2043 | 696,739 | ||||||
475,301 | Pool #2018-27, 3.000%, 12/25/2047 | 453,337 | ||||||
464,040 | Pool #3392, 4.000%, 01/01/2048 | 469,037 | ||||||
486,582 | Pool #2018-31, 2.516% (1 Month LIBOR USD + 0.300%, 6.500% Cap, 0.300% Floor), 05/25/2048 (b) | 485,467 | ||||||
483,170 | Pool #2018-36, 3.000%, 06/25/2048 | 465,552 | ||||||
469,249 | Pool #2018-38, 3.000%, 06/25/2048 | 450,839 | ||||||
494,502 | Pool #3414, 3.500%, 07/01/2048 | 487,053 | ||||||
Government National Mortgage Association | ||||||||
595,379 | Pool #2010-62, 3.585% (1 Month LIBOR USD + 5.750%, 5.750% Cap, 0.000% Floor), 05/20/2040 (b)(i)(m) | 65,478 | ||||||
603,698 | Pool #2011-72, 3.215% (1 Month LIBOR USD + 5.380%, 5.380% Cap, 0.000% Floor), 05/20/2041 (b)(i)(m) | 64,574 | ||||||
651,186 | Pool #2012-40, 4.000%, 01/20/2042 | 651,309 | ||||||
1,159,230 | Pool #2013-113, 4.085% (1 Month LIBOR USD + 6.250%, 6.250% Cap, 0.000% Floor), 03/20/2043 (b)(i)(m) | 122,233 | ||||||
Total Mortgage Backed Securities - | 9,526,867 | |||||||
Number of Shares | ||||||||
PREFERRED STOCKS - 0.02% |
| |||||||
Transportation - 0.02% |
| |||||||
49 | CEVA Holdings LLC (c)(d) | 9,081 | ||||||
Total Preferred Stocks | 9,081 | |||||||
WARRANTS - 0.00% |
| |||||||
Textiles, Apparel & Luxury Goods - 0.00% |
| |||||||
361 | Edcon Holdings, Ltd. F - | 0 | ||||||
6,464,770 | Edcon Holdings, Ltd. F1 - | 0 | ||||||
523,517 | Edcon Holdings, Ltd. F2 - | 0 | ||||||
Total Warrants | 0 | |||||||
Principal Amount | ||||||||
SHORT TERM INVESTMENTS - 29.06% |
| |||||||
Foreign Government Debt Obligation - 6.44% |
| |||||||
Banco Central de la Republica Argentina | ||||||||
2,333,000 | 21.960%, 10/17/2018 (f) | 55,852 | ||||||
228,000 | 30.890%, 11/21/2018 (f) | 5,248 | ||||||
286,000 | Bonos de la Nacion Argentina Con Ajuste Por Cer | 8,632 |
See notes to financial statements.
96
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
September 30, 2018
Principal Amount | Value | |||||||
SHORT TERM INVESTMENTS (Continued) |
| |||||||
Foreign Government Debt Obligation (Continued) |
| |||||||
Argentina Treasury Bill | ||||||||
129,000 | 45.520%, 10/12/2018 (f) | $ | 3,122 | |||||
771,000 | 48.090%, 03/29/2019 (f) | 18,525 | ||||||
9,164,000 | 49.530%, 09/30/2019 (f) | 228,161 | ||||||
Egypt Treasury Bill | ||||||||
2,300,000 | 10.710%, 10/16/2018 (f) | 127,376 | ||||||
6,100,000 | 19.680%, 11/06/2018 (f) | 335,446 | ||||||
2,525,000 | 14.310%, 11/27/2018 (f) | 136,919 | ||||||
1,275,000 | 19.690%, 12/04/2018 (f) | 69,129 | ||||||
Mexico Cetes | ||||||||
808,600 | 9.820%, 10/11/2018 (f) | 431,186 | ||||||
117,340 | 8.270%, 11/08/2018 (f) | 62,194 | ||||||
1,049,640 | 8.230%, 12/06/2018 (f) | 552,601 | ||||||
393,540 | 8.080%, 01/31/2019 (f) | 204,656 | ||||||
1,088,340 | 7.910%, 03/28/2019 (f) | 559,081 | ||||||
1,481,350 | 7.990%, 05/23/2019 (f) | 751,828 | ||||||
164,070 | 8.160%, 07/04/2019 (f) | 82,522 | ||||||
3,632,478 | ||||||||
Money Market Funds - 9.96% | ||||||||
5,614,949 | Deutsche Government Money Market | 5,614,949 | ||||||
United States Treasury Bills - 12.66% | ||||||||
5,350,000 | 1.860%, 10/11/2018 (f) | 5,347,136 | ||||||
1,800,000 | 2.140%, 12/27/2018 (f) | 1,790,659 | ||||||
7,137,795 | ||||||||
Total Short Term Investments | 16,385,222 | |||||||
Total Investments | 54,325,795 | |||||||
Other Assets in Excess of | 2,049,778 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 56,375,573 | ||||||
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
(a) | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2018. |
(b) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2018. |
(c) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $9,081, which represents 0.02% 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 $631,965, which represents 1.12% of total net assets. |
(f) | Zero Coupon Bond. The effective yield is listed. |
(g) | As of September 30, 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 September 30, 2018. These securities are liquid according to the Fund’s liquidity guidelines and the value of these securities total $577,480, which represents 1.02% of total net assets. |
(j) | Represents an inflation protected security. |
(k) | Seven-day yield as of September 30, 2018. |
(l) | Step-up bond; the interest rate shown is the rate in effect as of September 30, 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.
97
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)
September 30, 2018
Forward | Counterparty | Currency to be received | Amount of | Currency to be delivered | Amount of | Unrealized | ||||||||||||
3/21/2019 | Citibank | Brazilian Real | 3,300,000 | Euro | 658,880 | $ | 27,301 | |||||||||||
10/2/2018 | Deutsche Bank | Japanese Yen | 40,134,658 | U.S. Dollar | 353,952 | (613 | ) | |||||||||||
10/3/2018 | Citibank | Mexican Peso | 46,884,480 | Euro | 1,972,837 | 211,908 | ||||||||||||
1/14/2019 | Citibank | Mexican Peso | 16,860,600 | Euro | 723,419 | 37,839 | ||||||||||||
10/11/2018 | JP Morgan Chase | U.S. Dollar | 176,295 | Australian Dollar | 245,500 | (1,176 | ) | |||||||||||
10/12/2018 | JP Morgan Chase | U.S. Dollar | 355,025 | Australian Dollar | 491,000 | 81 | ||||||||||||
10/15/2018 | JP Morgan Chase | U.S. Dollar | 249,179 | Australian Dollar | 339,000 | 4,109 | ||||||||||||
10/15/2018 | Citibank | U.S. Dollar | 154,593 | Australian Dollar | 217,744 | (2,819 | ) | |||||||||||
10/22/2018 | JP Morgan Chase | U.S. Dollar | 1,070,889 | Australian Dollar | 1,489,000 | (5,608 | ) | |||||||||||
11/13/2018 | Citibank | U.S. Dollar | 154,624 | Australian Dollar | 217,744 | (2,824 | ) | |||||||||||
11/13/2018 | JP Morgan Chase | U.S. Dollar | 181,830 | Australian Dollar | 245,500 | 4,311 | ||||||||||||
11/16/2018 | JP Morgan Chase | U.S. Dollar | 122,990 | Australian Dollar | 169,500 | 424 | ||||||||||||
11/23/2018 | Citibank | U.S. Dollar | 270,422 | Australian Dollar | 370,000 | 2,860 | ||||||||||||
12/13/2018 | Citibank | U.S. Dollar | 155,198 | Australian Dollar | 218,512 | (2,847 | ) | |||||||||||
2/15/2019 | JP Morgan Chase | U.S. Dollar | 125,002 | Australian Dollar | 169,500 | 2,302 | ||||||||||||
10/5/2018 | Deutsche Bank | U.S. Dollar | 214,645 | Euro | 183,683 | 1,262 | ||||||||||||
10/5/2018 | Bank of America | U.S. Dollar | 218,932 | Euro | 186,500 | 2,277 | ||||||||||||
10/22/2018 | Deutsche Bank | U.S. Dollar | 51,507 | Euro | 44,000 | 322 | ||||||||||||
10/22/2018 | Morgan Stanley | U.S. Dollar | 51,842 | Euro | 44,250 | 367 | ||||||||||||
10/22/2018 | Goldman Sachs | U.S. Dollar | 398,939 | Euro | 340,000 | 3,421 | ||||||||||||
10/23/2018 | Morgan Stanley | U.S. Dollar | 51,229 | Euro | 44,250 | (251 | ) | |||||||||||
10/24/2018 | Deutsche Bank | U.S. Dollar | 91,987 | Euro | 78,923 | 162 | ||||||||||||
10/24/2018 | UBS | U.S. Dollar | 239,680 | Euro | 203,500 | 2,913 | ||||||||||||
10/25/2018 | Deutsche Bank | U.S. Dollar | 51,876 | Euro | 44,000 | 679 | ||||||||||||
10/25/2018 | JP Morgan Chase | U.S. Dollar | 70,817 | Euro | 60,167 | 808 | ||||||||||||
10/31/2018 | Goldman Sachs | U.S. Dollar | 53,531 | Euro | 45,500 | 563 | ||||||||||||
10/31/2018 | Deutsche Bank | U.S. Dollar | 392,744 | Euro | 333,733 | 4,233 | ||||||||||||
11/2/2018 | HSBC | U.S. Dollar | 40,316 | Euro | 34,118 | 592 | ||||||||||||
11/2/2018 | JP Morgan Chase | U.S. Dollar | 310,920 | Euro | 263,000 | 4,702 | ||||||||||||
11/8/2018 | Citibank | U.S. Dollar | 77,673 | Euro | 66,790 | (131 | ) | |||||||||||
11/9/2018 | Barclays | U.S. Dollar | 220,878 | Euro | 189,000 | 695 | ||||||||||||
11/9/2018 | BNP Paribas | U.S. Dollar | 2,156,012 | Euro | 1,845,000 | 6,606 | ||||||||||||
11/16/2018 | Deutsche Bank | U.S. Dollar | 13,761 | Euro | 12,000 | (226 | ) | |||||||||||
11/16/2018 | JP Morgan Chase | U.S. Dollar | 68,960 | Euro | 60,167 | (1,173 | ) | |||||||||||
11/20/2018 | JP Morgan Chase | U.S. Dollar | 101,337 | Euro | 88,500 | (1,857 | ) | |||||||||||
11/21/2018 | JP Morgan Chase | U.S. Dollar | 68,955 | Euro | 60,167 | (1,207 | ) | |||||||||||
11/26/2018 | Bank of America | U.S. Dollar | 367,268 | Euro | 319,000 | (4,878 | ) | |||||||||||
11/26/2018 | Citibank | U.S. Dollar | 1,893,116 | Euro | 1,620,000 | 3,219 | ||||||||||||
11/28/2018 | Goldman Sachs | U.S. Dollar | 53,144 | Euro | 45,500 | 54 | ||||||||||||
11/29/2018 | Deutsche Bank | U.S. Dollar | 391,723 | Euro | 333,864 | 2,123 | ||||||||||||
12/7/2018 | Deutsche Bank | U.S. Dollar | 214,944 | Euro | 183,683 | 417 | ||||||||||||
12/7/2018 | Bank of America | U.S. Dollar | 726,059 | Euro | 620,500 | 1,364 | ||||||||||||
12/13/2018 | Citibank | U.S. Dollar | 74,146 | Euro | 63,594 | (174 | ) | |||||||||||
10/2/2018 | Deutsche Bank | U.S. Dollar | 366,199 | Japanese Yen | 40,134,658 | 12,859 | ||||||||||||
10/4/2018 | JP Morgan Chase | U.S. Dollar | 155,101 | Japanese Yen | 17,142,239 | 4,161 | ||||||||||||
10/12/2018 | JP Morgan Chase | U.S. Dollar | 396,412 | Japanese Yen | 43,970,000 | 9,018 | ||||||||||||
10/15/2018 | Deutsche Bank | U.S. Dollar | 2,298,474 | Japanese Yen | 254,142,270 | 58,875 | ||||||||||||
11/2/2018 | Deutsche Bank | U.S. Dollar | 365,870 | Japanese Yen | 40,545,342 | 8,087 | ||||||||||||
11/9/2018 | BNP Paribas | U.S. Dollar | 804,267 | Japanese Yen | 88,730,000 | 20,880 | ||||||||||||
11/20/2018 | Bank of America | U.S. Dollar | 136,258 | Japanese Yen | 15,015,000 | 3,583 | ||||||||||||
11/30/2018 | JP Morgan Chase | U.S. Dollar | 88,343 | Japanese Yen | 9,750,000 | 2,116 | ||||||||||||
12/4/2018 | JP Morgan Chase | U.S. Dollar | 155,780 | Japanese Yen | 17,142,239 | 4,109 | ||||||||||||
12/11/2018 | HSBC | U.S. Dollar | 348,479 | Japanese Yen | 38,500,000 | 7,569 | ||||||||||||
12/12/2018 | Deutsche Bank | U.S. Dollar | 142,227 | Japanese Yen | 15,700,000 | 3,191 | ||||||||||||
12/12/2018 | HSBC | U.S. Dollar | 429,891 | Japanese Yen | 47,460,000 | 9,595 | ||||||||||||
12/18/2018 | Bank of America | U.S. Dollar | 135,392 | Japanese Yen | 15,015,000 | 2,332 | ||||||||||||
12/18/2018 | HSBC | U.S. Dollar | 975,145 | Japanese Yen | 106,620,000 | 30,297 | ||||||||||||
12/18/2018 | JP Morgan Chase | U.S. Dollar | 166,467 | Japanese Yen | 18,500,000 | 2,523 | ||||||||||||
12/28/2018 | JP Morgan Chase | U.S. Dollar | 86,869 | Japanese Yen | 9,750,000 | 371 |
See notes to financial statements.
98
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Continued) (Unaudited)
September 30, 2018
Forward | Counterparty | Currency to be received | Amount of | Currency to be delivered | Amount of | Unrealized | ||||||||||||
1/4/2019 | Deutsche Bank | U.S. Dollar | 356,692 | Japanese Yen | 40,134,658 | $ | 435 | |||||||||||
1/11/2019 | Goldman Sachs | U.S. Dollar | 179,333 | Japanese Yen | 19,732,000 | 4,083 | ||||||||||||
1/16/2019 | JP Morgan Chase | U.S. Dollar | 410,018 | Japanese Yen | 44,610,000 | 13,655 | ||||||||||||
1/25/2019 | Citibank | U.S. Dollar | 337,106 | Japanese Yen | 36,309,000 | 14,265 | ||||||||||||
1/25/2019 | JP Morgan Chase | U.S. Dollar | 519,485 | Japanese Yen | 56,000,000 | 21,562 | ||||||||||||
2/4/2019 | JP Morgan Chase | U.S. Dollar | 1,882,814 | Japanese Yen | 200,000,000 | 103,090 | ||||||||||||
2/14/2019 | Citibank | U.S. Dollar | 111,948 | Japanese Yen | 11,860,000 | 6,325 | ||||||||||||
2/15/2019 | JP Morgan Chase | U.S. Dollar | 379,108 | Japanese Yen | 41,463,000 | 9,819 | ||||||||||||
3/20/2019 | Citibank | U.S. Dollar | 527,533 | Japanese Yen | 58,390,000 | 6,103 | ||||||||||||
3/25/2019 | JP Morgan Chase | U.S. Dollar | 348,368 | Japanese Yen | 38,610,000 | 3,437 | ||||||||||||
3/26/2019 | Deutsche Bank | U.S. Dollar | 159,804 | Japanese Yen | 17,733,000 | 1,370 | ||||||||||||
3/26/2019 | Citibank | U.S. Dollar | 321,387 | Japanese Yen | 35,670,000 | 2,695 | ||||||||||||
10/29/2018 | HSBC | U.S. Dollar | 245,475 | South Korea Won | 270,856,853 | 1,135 | ||||||||||||
11/13/2018 | JP Morgan Chase | U.S. Dollar | 373,030 | South Korea Won | 400,000,000 | 12,059 | ||||||||||||
11/23/2018 | Citibank | U.S. Dollar | 47,055 | South Korea Won | 52,836,000 | (637 | ) | |||||||||||
12/7/2018 | Goldman Sachs | U.S. Dollar | 965,235 | South Korea Won | 1,037,000,000 | 28,779 | ||||||||||||
$ | 709,871 | |||||||||||||||||
GuideMark® Opportunistic Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)
Interest Rate Swaps
September 30, 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 | $ | (523,684 | ) | $ | 0 | $ | (523,684 | ) | |||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 2.587% | Semi-Annual | 7/27/2047 | Citibank | 1,100,000 | 117,087 | 0 | 117,087 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.973% | Semi-Annual | 1/27/2025 | Citibank | 360,000 | 22,909 | 0 | 22,909 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | Quarterly | 2.980% | Semi-Annual | 2/20/2048 | Citibank | 274,000 | 8,029 | 0 | 8,029 | ||||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 3.002% | Semi-Annual | 2/22/2048 | HSBC | 274,000 | 6,816 | 0 | 6,816 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 3.019% | Semi-Annual | 2/23/2048 | HSBC | 274,000 | 5,888 | 0 | 5,888 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.914% | Semi-Annual | 1/22/2025 | HSBC | 196,000 | 13,116 | 0 | 13,116 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.817% | Semi-Annual | 2/3/2025 | Citibank | 120,000 | 8,751 | 0 | 8,751 | |||||||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | * | Quarterly | 1.942% | Semi-Annual | 1/30/2025 | Citibank | 80,000 | 5,242 | 0 | 5,242 | |||||||||||||||||||||||||
$ | (335,846 | ) | $ | 0 | $ | (335,846 | ) | |||||||||||||||||||||||||||||
* | Centrally cleared swap, clearing agent: JP Morgan Chase |
** | Centrally cleared swap, clearing agent: Citibank |
See notes to financial statements.
99
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.65% |
| |||||||
Exchange Traded Funds - 98.65% |
| |||||||
257,241 | iShares Core MSCI EAFE ETF | $ | 16,484,003 | |||||
1,194,274 | iShares Core MSCI Emerging Markets ETF (a) | 61,839,508 | ||||||
960,103 | iShares Core S&P Small-Cap ETF (a) | 83,759,386 | ||||||
758,535 | iShares MSCI Canada ETF (a) | 21,830,637 | ||||||
437,650 | iShares MSCI Switzerland Capped ETF | 15,182,079 | ||||||
1,315,518 | Schwab U.S. Large-Cap ETF | 91,507,432 | ||||||
388,211 | SPDR S&P 600 Small Cap Growth ETF (a) | 26,204,243 | ||||||
344,796 | SPDR S&P China ETF | 33,331,429 | ||||||
4,267,715 | Vanguard FTSE Developed Markets ETF (a) | 184,664,028 | ||||||
235,478 | Vanguard Global ex-U.S. Real Estate ETF | 13,226,799 | ||||||
293,011 | Vanguard Real Estate ETF (a) | 23,640,127 | ||||||
711,553 | Vanguard S&P 500 ETF | 190,020,229 | ||||||
53,105 | Vanguard Value ETF (a) | 5,877,661 | ||||||
767,567,561 | ||||||||
Total Investment Companies | 767,567,561 | |||||||
SHORT TERM INVESTMENTS - 1.35% |
| |||||||
Money Market Funds - 1.35% |
| |||||||
10,465,788 | Deutsche Government Money Market Series - Institutional Shares | 10,465,788 | ||||||
Total Short Term Investments | 10,465,788 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 31.29% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 31.29% |
| |||||||
243,463,154 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 243,463,154 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 243,463,154 | |||||||
Total Investments | 1,021,496,503 | |||||||
Liabilities in Excess of | (243,472,178 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 778,024,325 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
100
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Shares | Value | |||||||
INVESTMENT COMPANIES - 98.80% |
| |||||||
Exchange Traded Funds - 98.80% |
| |||||||
89,013 | Invesco DB Gold Fund | $ | 3,330,866 | |||||
349,746 | iShares 1-3 Year Treasury Bond ETF (a) | 29,060,395 | ||||||
304,518 | iShares 7-10 Year Treasury Bond ETF (a) | 30,808,086 | ||||||
182,177 | iShares 20+ Year Treasury Bond ETF | 21,363,897 | ||||||
78,143 | iShares Core MSCI Emerging Markets ETF (a) | 4,046,245 | ||||||
231,481 | iShares Core S&P Small-Cap ETF (a) | 20,194,402 | ||||||
266,571 | iShares Edge MSCI Min Vol USA ETF (a) | 15,205,210 | ||||||
30,865 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 3,327,556 | ||||||
149,814 | iShares Long Term Corporate Bond ETF (a) | 8,729,662 | ||||||
114,278 | iShares MSCI Canada ETF | 3,288,921 | ||||||
223,022 | iShares MSCI Switzerland Capped ETF (a) | 7,736,633 | ||||||
163,203 | iShares U.S. Credit Bond ETF (a) | 8,750,945 | ||||||
535,642 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 19,309,894 | ||||||
122,411 | SPDR Bloomberg Barclays International Treasury Bond ETF | 3,351,613 | ||||||
162,257 | SPDR Bloomberg Barclays TIPS ETF | 8,838,139 | ||||||
25,890 | SPDR S&P 600 Small CapValue ETF | 1,767,510 | ||||||
42,551 | SPDR S&P China ETF | 4,113,405 | ||||||
767,323 | Vanguard FTSE Developed Markets ETF (a) | 33,202,066 | ||||||
749,727 | Vanguard Mortgage-Backed Securities ETF | 38,236,077 | ||||||
69,178 | Vanguard Real Estate ETF (a) | 5,581,281 | ||||||
153,060 | Vanguard S&P 500 ETF (a) | 40,874,673 | ||||||
25,368 | Vanguard Total Bond Market ETF | 1,996,462 | ||||||
60,929 | Vanguard Value ETF (a) | 6,743,622 | ||||||
Total Investment Companies | 319,857,560 | |||||||
Shares | Value | |||||||
SHORT TERM INVESTMENTS - 1.23% |
| |||||||
Money Market Funds - 1.23% |
| |||||||
3,994,551 | Deutsche Government Money Market Series - Institutional Shares | $ | 3,994,551 | |||||
Total Short Term Investments | 3,994,551 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 27.65% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 27.65% |
| |||||||
89,536,755 | Mount Vernon Liquid Assets Portfolio, LLC | 89,536,755 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 89,536,755 | |||||||
Total Investments | 413,388,866 | |||||||
Liabilities in Excess of | (89,619,658 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 323,769,208 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
101
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.70% |
| |||||||
Exchange Traded Funds - 98.70% |
| |||||||
121,425 | Healthcare Select Sector SPDR Fund | $ | 11,553,589 | |||||
127,000 | Invesco QQQ Trust Series 1 (a) | 23,595,330 | ||||||
90,917 | iShares Core S&P 500 ETF | 26,614,133 | ||||||
246,710 | ProShares Ultra S&P 500 ETF (a) | 31,460,459 | ||||||
804,309 | Schwab U.S. Large-Cap ETF (a) | 55,947,734 | ||||||
12,612 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 1,155,007 | ||||||
42,851 | SPDR S&P 500 ETF Trust | 12,457,643 | ||||||
156,776 | Technology Select Sector SPDR ETF | 11,809,936 | ||||||
236,683 | Vanguard Growth ETF (a) | 38,115,430 | ||||||
99,313 | Vanguard Mid-Cap Growth ETF | 14,152,103 | ||||||
304,729 | Vanguard S&P 500 ETF (a) | 81,377,879 | ||||||
78,035 | Vanguard Small-Cap Growth ETF (a) | 14,617,516 | ||||||
79,038 | Vanguard Small-Cap Value ETF (a) | 11,014,736 | ||||||
117,751 | Vanguard Value ETF | 13,032,681 | ||||||
346,904,176 | ||||||||
Total Investment Companies | 346,904,176 | |||||||
SHORT TERM INVESTMENTS - 1.18% |
| |||||||
Money Market Funds - 1.18% |
| |||||||
4,149,221 | Deutsche Government Money Market Series - Institutional Shares | 4,149,221 | ||||||
Total Short Term Investments | 4,149,221 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.35% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 18.35% |
| |||||||
64,496,463 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 64,496,463 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 64,496,463 | |||||||
Total Investments | 415,549,860 | |||||||
Liabilities in Excess of | (64,071,034 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 351,478,826 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
102
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 99.08% |
| |||||||
Exchange Traded Funds - 56.06% |
| |||||||
29,417 | Invesco DB Agriculture Fund (a) | $ | 497,442 | |||||
10,707 | Invesco DB Base Metals Fund (a)(b) | 177,950 | ||||||
18,875 | Invesco DB Energy Fund (a) | 342,175 | ||||||
373,869 | iShares 1-3 Year Treasury Bond ETF (b) | 31,064,775 | ||||||
156,560 | iShares 3-7 Year Treasury Bond ETF (b) | 18,641,599 | ||||||
72,144 | iShares Core MSCI Emerging Markets ETF (b) | 3,735,616 | ||||||
190,323 | iShares J.P. Morgan USD Emerging Markets Bond ETF (b) | 20,518,723 | ||||||
150,768 | ProShares Investment Grade-Interest Rate Hedged ETF | 11,422,184 | ||||||
40,701 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 3,727,398 | ||||||
517,722 | SPDR Bloomberg Barclays High Yield Bond ETF (b) | 18,663,878 | ||||||
807,794 | SPDR Portfolio Short Term Corporate Bond ETF | 24,379,223 | ||||||
92,368 | Vanguard FTSE Developed Markets ETF (b) | 3,996,763 | ||||||
304,910 | Vanguard Mortgage-Backed Securities ETF | 15,550,410 | ||||||
33,216 | Vanguard S&P 500 ETF (b) | 8,870,333 | ||||||
160,822 | Vanguard Total Bond Market ETF | 12,656,691 | ||||||
174,245,160 | ||||||||
Mutual Funds - 43.02% | ||||||||
819,798 | BlackRock Low Duration Bond Portfolio - Institutional Shares | 7,763,483 | ||||||
894,945 | DoubleLine Core Fixed Income Fund - Institutional Shares | 9,522,212 | ||||||
1,560,105 | DoubleLine Low Duration Bond Fund - Institutional Shares | 15,507,442 | ||||||
573,709 | DoubleLine Multi-Asset Growth Fund - Institutional Shares (d) | 5,444,496 | ||||||
3,904,059 | DoubleLine Total Return Bond Fund - Institutional Shares | 40,367,975 | ||||||
2,721,979 | T. Rowe Price Institutional Floating Rate Fund | 27,192,572 | ||||||
4,834,166 | Vanguard High-Yield Corporate Fund - Admiral Shares | 27,893,138 | ||||||
133,691,318 | ||||||||
Total Investment Companies | 307,936,478 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 0.94% |
| |||||||
Money Market Funds - 0.94% |
| |||||||
2,932,840 | Deutsche Government Money Market Series - Institutional Shares | $ | 2,932,840 | |||||
Total Short Term Investments | 2,932,840 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 13.21% |
| |||||||
Investments Purchased with Proceeds from Securities Lending Collateral - 13.21% |
| |||||||
41,058,857 | Mount Vernon Liquid Assets Portfolio, LLC | 41,058,857 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 41,058,857 | |||||||
Total Investments | 351,928,175 | |||||||
Liabilities in Excess of | (41,119,829 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 310,808,346 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Seven-day yield as of September 30, 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 1.04% of total net assets as of September 30, 2018. |
See notes to financial statements.
103
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.68% |
| |||||||
Exchange Traded Funds - 79.46% |
| |||||||
84,630 | Global X MLP ETF (a) | $ | 808,217 | |||||
132,522 | iShares 0-5 Year High Yield Corporate Bond ETF | 6,239,135 | ||||||
45,015 | iShares 20+ Year Treasury Bond ETF (a) | 5,278,909 | ||||||
47,092 | iShares Currency Hedged MSCI Eurozone ETF | 1,396,749 | ||||||
21,210 | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 2,437,665 | ||||||
145,100 | iShares Income Emerging Markets Dividend ETF (a) | 5,645,841 | ||||||
19,964 | iShares MBS ETF | 2,062,880 | ||||||
218,149 | iShares U.S. Preferred Stock ETF (a) | 8,099,872 | ||||||
211,958 | SPDR Portfolio Aggregate Bond ETF (a) | 5,873,356 | ||||||
132,803 | SPDR Portfolio Long Term Corporate Bond ETF | 3,475,455 | ||||||
653,875 | SPDR Portfolio S&P 500 High Dividend ETF | 24,530,120 | ||||||
28,606 | SPDR Portfolio Short Term Corporate Bond ETF | 863,329 | ||||||
29,061 | SPDR S&P Global Dividend ETF (a) | 1,972,661 | ||||||
34,251 | SPDR S&P Global Infrastructure ETF (a) | 1,658,091 | ||||||
35,659 | Vanguard Emerging Markets Government Bond ETF (a) | 2,704,022 | ||||||
49,982 | Vanguard Global ex-U.S. Real Estate ETF | 2,807,489 | ||||||
41,026 | Vanguard Intermediate-Term Corporate Bond ETF | 3,426,902 | ||||||
202,024 | Vanguard International High Dividend Yield ETF | 12,691,148 | ||||||
52,018 | Vanguard Real Estate ETF (a) | 4,196,812 | ||||||
2,995 | Vanguard S&P 500 ETF | 799,815 | ||||||
160,374 | WisdomTree U.S. SmallCap Dividend Fund (a) | 4,764,712 | ||||||
101,733,180 | ||||||||
Mutual Funds - 19.22% | ||||||||
281,103 | BlackRock Strategic Income Opportunities Portfolio - Institutional Shares | 2,735,129 | ||||||
239,804 | Loomis Sayles Global Equity and Income Fund - Institutional Shares | 5,575,442 | ||||||
760,908 | T. Rowe Price Institutional Floating Rate Fund | 7,601,472 | ||||||
1,508,367 | Vanguard High-Yield Corporate Fund - Admiral Shares | 8,703,276 | ||||||
24,615,319 | ||||||||
Total Investment Companies | 126,348,499 | |||||||
SHORT TERM INVESTMENTS - 1.24% |
| |||||||
Money Market Funds - 1.24% |
| |||||||
1,586,508 | Deutsche Government Money Market | 1,586,508 | ||||||
Total Short Term Investments | 1,586,508 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.41% |
| |||||||
Investments Purchased with Proceeds from |
| |||||||
14,614,425 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 2.32% (b) | $ | 14,614,425 | |||||
Total Investments Purchased with Proceeds from Securities Lending | 14,614,425 | |||||||
Total Investments | 142,549,432 | |||||||
Liabilities in Excess of | (14,507,623 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 128,041,809 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
104
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 99.11% |
| |||||||
Exchange Traded Funds - 69.02% |
| |||||||
171,496 | iShares 0-5 Year High Yield Corporate Bond ETF | $ | 8,074,032 | |||||
62,239 | iShares iBoxx $ High Yield Corporate Bond ETF (a) | 5,379,939 | ||||||
298,196 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 10,749,966 | ||||||
292,398 | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 8,067,261 | ||||||
5,974 | Vanguard Total Bond Market ETF | 470,154 | ||||||
32,741,352 | ||||||||
Mutual Funds - 30.09% |
| |||||||
371,301 | BlackRock High Yield Portfolio - Institutional Shares | 2,847,878 | ||||||
1,980,534 | Vanguard High-Yield Corporate Fund - Admiral Shares | 11,427,678 | ||||||
14,275,556 | ||||||||
Total Investment Companies | 47,016,908 | |||||||
SHORT TERM INVESTMENTS - 0.94% |
| |||||||
Money Market Funds - 0.94% |
| |||||||
444,228 | Deutsche Government Money Market Series - Institutional Shares | 444,228 | ||||||
Total Short Term Investments | 444,228 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 33.73% |
| |||||||
Investments Purchased with Proceeds from Securities Lending - 33.73% |
| |||||||
15,999,467 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 2.32% (b) | $ | 15,999,467 | |||||
Total Investments Purchased with Proceeds from Securities Lending | 15,999,467 | |||||||
Total Investments | 63,460,603 | |||||||
Liabilities in Excess of | (16,022,836 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 47,437,767 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
105
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Principal | Value | |||||||
SHORT TERM INVESTMENTS - 97.15% |
| |||||||
Certificates of Deposit - 65.20% |
| |||||||
Banco Del Estado De Chile | ||||||||
4,000,000 | 2.330% (1 Month LIBOR USD + 0.210%), 03/04/2019 (a) | $ | 4,002,060 | |||||
2,000,000 | 2.130%, 10/03/2018 | 2,000,001 | ||||||
4,000,000 | Bank of Montreal | |||||||
2.343% (1 Month LIBOR USD + 0.210%), 01/10/2019 (a) | 4,002,124 | |||||||
4,500,000 | BNP Paribas SA | |||||||
2.310%, 10/04/2018 | 4,500,002 | |||||||
6,700,000 | CIBC | |||||||
2.130%, 10/01/2018 | 6,700,000 | |||||||
2,000,000 | Commonwealth Bank of Australia | |||||||
2.374% (1 Month LIBOR USD + 0.260%), 01/03/2019 (a) | 2,001,318 | |||||||
5,000,000 | Credit Industriel et Commercial Bank | |||||||
2.300%, 12/20/2018 | 5,000,193 | |||||||
5,000,000 | Dexia Credit Local SA | |||||||
2.412% (3 Month LIBOR USD + 0.100%), 05/17/2019 (a) | 5,000,129 | |||||||
DNB ASA | ||||||||
1,000,000 | 2.090%, 10/02/2018 | 1,000,000 | ||||||
5,000,000 | 2.210%, 11/08/2018 | 5,000,000 | ||||||
Landesbank Hessen-Thueringen Girozentrale | ||||||||
3,500,000 | 2.280%, 10/10/2018 | 3,500,000 | ||||||
1,500,000 | 2.280%, 10/16/2018 | 1,500,000 | ||||||
5,000,000 | Mitsubishi UFJ Trust & Banking Corp. | |||||||
2.340%, 10/16/2018 | 5,000,000 | |||||||
Mizuho Bank, Ltd. | ||||||||
4,500,000 | 2.260%, 10/23/2018 | 4,500,000 | ||||||
1,500,000 | 2.350%, 12/27/2018 | 1,500,000 | ||||||
6,700,000 | National Bank of Kuwait | |||||||
2.160%, 10/01/2018 | 6,700,000 | |||||||
6,200,000 | The Norinchukin Bank | |||||||
2.050%, 10/02/2018 | 6,200,000 | |||||||
2,100,000 | Oversea-Chinese Banking Corp., Ltd. | |||||||
2.260%, 10/09/2018 | 2,100,000 | |||||||
Royal Bank of Canada | ||||||||
1,600,000 | 2.631% (3 Month LIBOR USD + 0.250%), 03/27/2019 (a) | 1,601,665 | ||||||
1,800,000 | 2.449% (1 Month LIBOR USD + 0.310%), 06/12/2019 (a) | 1,801,676 | ||||||
1,000,000 | 2.461% (3 Month LIBOR USD + 0.130%), 07/10/2019 (a) | 1,000,494 | ||||||
1,500,000 | Sumitomo Mitsui Banking Corp. | |||||||
2.270%, 10/22/2018 | 1,500,000 | |||||||
5,000,000 | Sumitomo Mitsui Trust Bank, Ltd. | |||||||
2.340%, 10/15/2018 | 5,000,000 | |||||||
4,000,000 | Svenska Handelsbanken | |||||||
2.375% (1 Month LIBOR USD + 0.210%), 11/20/2018 (a) | 4,000,000 | |||||||
1,000,000 | Swedbank AB | |||||||
2.339% (1 Month LIBOR USD + 0.200%), 02/12/2019 (a) | 1,000,552 | |||||||
The Toronto-Dominion Bank | ||||||||
4,500,000 | 2.460%, 02/28/2019 | 4,498,957 | ||||||
1,500,000 | 2.455%, 02/11/2019 | 1,499,800 | ||||||
92,108,971 | ||||||||
Principal | Value | |||||||
Commercial Paper - 15.64% |
| |||||||
3,000,000 | Bank of America | |||||||
2.450%, 02/12/2019 | $ | 2,999,643 | ||||||
5,100,000 | COFCO Capital Corp. | |||||||
2.174%, 10/09/2018 | 5,097,541 | |||||||
4,500,000 | ING U.S. Funding, LLC. | |||||||
2.295% (1 Month LIBOR USD + 0.230%), 11/26/2018 (a) | 4,500,000 | |||||||
5,500,000 | Santander UK PLC | |||||||
2.260%, 10/16/2018 | 5,494,850 | |||||||
4,000,000 | Swedbank AB | |||||||
2.288%, 10/04/2018 | 3,999,243 | |||||||
22,091,277 | ||||||||
Number of | ||||||||
Money Market Funds - 4.83% |
| |||||||
6,831,370 | Deutsche Government Money Market Series - Institutional Shares | |||||||
Effective Yield, 1.93% (b)(c) | 6,831,370 | |||||||
6,831,370 | ||||||||
Principal | ||||||||
U.S. Treasury Bill - 11.48% |
| |||||||
5,500,000 | 2.070%, 10/04/2018 (c)(d)(e) | 5,499,119 | ||||||
4,500,000 | 2.089%, 11/01/2018 (c)(d)(e) | 4,492,353 | ||||||
3,500,000 | 2.158%, 12/06/2018 (c)(d)(e) | 3,486,381 | ||||||
2,750,000 | 2.211%, 01/03/2019 (d)(e) | 2,734,257 | ||||||
16,212,110 | ||||||||
Total Short Term Investments | 137,243,728 | |||||||
Total Investments | 137,243,728 | |||||||
Other Assets in Excess of | 4,023,243 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 141,266,971 | ||||||
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
(a) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2018. |
(b) | Seven-day yield as of September 30, 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. |
See notes to financial statements.
106
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)
September 30, 2018
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value/Unrealized Appreciation (Depreciation) | ||||||||||
Amsterdam IDX Futures | 54 | $ | 6,889,735 | Oct-18 | $ | 45,942 | ||||||||
Australian 3-Year Treasury Bond Futures | 208 | 16,729,243 | Dec-18 | (35,133 | ) | |||||||||
Australian 10-Year Treasury Bond Futures | 66 | 6,147,347 | Dec-18 | (46,297 | ) | |||||||||
Australian Dollar Futures | (255 | ) | (18,428,850 | ) | Dec-18 | (290,650 | ) | |||||||
Brent Crude Futures (a) | 56 | 4,632,880 | Oct-18 | 373,244 | ||||||||||
British Pound Futures | (145 | ) | (11,859,188 | ) | Dec-18 | (2,029 | ) | |||||||
CAC40 Index Futures | 133 | 8,476,860 | Oct-18 | 156,282 | ||||||||||
Canadian 10-Year Bond Futures | (350 | ) | (35,936,206 | ) | Dec-18 | 43,648 | ||||||||
Canadian Dollar Futures | (234 | ) | (18,136,170 | ) | Dec-18 | (320,929 | ) | |||||||
Cocoa Futures (a) | 7 | 143,990 | Dec-18 | (18,750 | ) | |||||||||
Coffee ‘C’ Futures (a) | (134 | ) | (5,148,113 | ) | Dec-18 | 271,339 | ||||||||
Copper Futures (a) | (63 | ) | (4,417,875 | ) | Dec-18 | (254,233 | ) | |||||||
Corn Futures (a) | (312 | ) | (5,557,500 | ) | Dec-18 | 405,818 | ||||||||
Cotton No. 2 Futures (a) | 30 | 1,145,550 | Dec-18 | (186,147 | ) | |||||||||
DAX® Index Futures | (6 | ) | (2,131,947 | ) | Dec-18 | (26,629 | ) | |||||||
DJIA E-Mini CBOT Futures | 104 | 13,767,520 | Dec-18 | 151,405 | ||||||||||
E-mini Nasdaq 100 Futures | 77 | 11,789,085 | Dec-18 | 169,103 | ||||||||||
E-mini Russell 2000 Futures | 111 | 9,439,440 | Dec-18 | (130,391 | ) | |||||||||
E-mini S&P 500 Futures | 93 | 13,573,350 | Dec-18 | 116,437 | ||||||||||
E-mini S&P Mid Cap 400 Futures | 55 | 11,138,600 | Dec-18 | (115,771 | ) | |||||||||
Euribor 3 Month Futures | 210 | 61,125,753 | Mar-19 | $2,736 | ||||||||||
Euro Fx Futures | (122 | ) | (17,815,050 | ) | Dec-18 | 13,146 | ||||||||
Euro Stoxx 50® Index Futures | (34 | ) | (1,337,041 | ) | Dec-18 | (17,819 | ) | |||||||
Euro-Bobl Futures | 98 | 14,871,414 | Dec-18 | (76,245 | ) | |||||||||
Euro-BTP Futures | (22 | ) | (3,163,255 | ) | Dec-18 | (17,651 | ) | |||||||
Euro-BTP Futures - Short | 24 | 3,044,271 | Dec-18 | (13,780 | ) | |||||||||
Euro-Bund Futures | 118 | 21,754,833 | Dec-18 | (142,646 | ) | |||||||||
Euro-Buxl® 30 Year Futures | 61 | 12,346,039 | Dec-18 | (96,380 | ) | |||||||||
Eurodollar 90 Day Futures | (1,049 | ) | (255,274,150 | ) | Dec-18 | (3,029 | ) | |||||||
Euro-OATS Futures | 161 | 28,235,612 | Dec-18 | (232,441 | ) | |||||||||
Euro-Schatz Futures | (355 | ) | (46,070,574 | ) | Dec-18 | (9,293 | ) | |||||||
FTSE 100 Index Futures | 64 | 6,245,093 | Dec-18 | 120,050 | ||||||||||
FTSE MIB Index Futures | (5 | ) | (600,291 | ) | Dec-18 | 8,522 | ||||||||
FTSE/JSE Top 40 Index Futures | (38 | ) | (1,346,785 | ) | Dec-18 | 18,224 | ||||||||
Gold 100 Oz. Futures (a) | (52 | ) | (6,220,240 | ) | Dec-18 | 147,121 | ||||||||
Hang Seng Index Futures | 5 | 890,258 | Oct-18 | 391 | ||||||||||
HSCEI Index Futures | (5 | ) | (353,331 | ) | Oct-18 | (6,459 | ) | |||||||
IBEX 35® Index Futures | (29 | ) | (3,154,245 | ) | Oct-18 | 6,171 | ||||||||
Japanese Yen Futures | (290 | ) | (32,095,750 | ) | Dec-18 | 345,838 | ||||||||
Live Cattle Futures (a) | (4 | ) | (190,160 | ) | Dec-18 | (2,362 | ) | |||||||
LME Aluminium Futures (a)(b) | (95 | ) | (4,929,313 | ) | Dec-18 | 99,441 | ||||||||
LME Aluminium Futures (a)(b) | 25 | 1,297,188 | Dec-18 | (35,467 | ) | |||||||||
LME Copper Futures (a)(b) | 11 | 1,722,188 | Dec-18 | (1,854 | ) | |||||||||
LME Copper Futures (a)(b) | (35 | ) | (5,479,688 | ) | Dec-18 | (96,192 | ) | |||||||
LME Nickel Futures (a)(b) | (6 | ) | (453,312 | ) | Dec-18 | (5,908 | ) | |||||||
LME Nickel Futures (a)(b) | 12 | 906,624 | Dec-18 | (45,866 | ) | |||||||||
LME Zinc Futures (a)(b) | 6 | 393,300 | Dec-18 | 16,526 | ||||||||||
LME Zinc Futures (a)(b) | (45 | ) | (2,949,750 | ) | Dec-18 | (109,065 | ) | |||||||
Long Gilt Futures | 46 | 7,251,167 | Dec-18 | (82,848 | ) | |||||||||
Low Sulphur Gas Oil Futures (a) | 66 | 4,780,050 | Nov-18 | 268,276 | ||||||||||
Mexican Peso Futures | 766 | 20,218,570 | Dec-18 | 399,849 | ||||||||||
MSCI EAFE Index Futures | 41 | 4,049,775 | Dec-18 | (40,449 | ) | |||||||||
MSCI Emerging Markets Index Futures | (48 | ) | (2,519,280 | ) | Dec-18 | (47,519 | ) | |||||||
MSCI Singapore Index Futures | 21 | 568,761 | Oct-18 | 1,007 | ||||||||||
MSCI Taiwan Index Futures | 149 | 6,117,940 | Oct-18 | 8,112 | ||||||||||
New Zealand Dollar Futures | (279 | ) | (18,500,490 | ) | Dec-18 | (309,103 | ) | |||||||
Nikkei 225 Futures | 65 | 13,798,627 | Dec-18 | 715,908 | ||||||||||
NY Harbor ULSD Futures (a) | 48 | 4,734,576 | Oct-18 | 190,908 | ||||||||||
OMXS30 Futures | 531 | 9,918,086 | Oct-18 | 203,465 |
See notes to financial statements.
107
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)
September 30, 2018
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value/Unrealized Appreciation (Depreciation) | ||||||||||
RBOB Gasoline Futures (a) | 56 | $ | 4,905,566 | Oct-18 | $ | 271,448 | ||||||||
S&P/TSX 60 Index Futures | 69 | 10,153,014 | Dec-18 | 43,435 | ||||||||||
Silver Futures (a) | (87 | ) | (6,399,720 | ) | Dec-18 | 56,521 | ||||||||
South African Rand Futures | (80 | ) | (2,798,000 | ) | Dec-18 | (193,257 | ) | |||||||
Soybean Futures (a) | (119 | ) | (5,030,725 | ) | Nov-18 | 406,743 | ||||||||
Soybean Meal Futures (a) | (83 | ) | (2,564,700 | ) | Dec-18 | 23,688 | ||||||||
Soybean Oil Futures (a) | (95 | ) | (1,652,430 | ) | Dec-18 | 61,206 | ||||||||
SPI 200TM Index Futures | 96 | 10,745,621 | Dec-18 | 59,320 | ||||||||||
Sterling 90 Day Futures | 573 | 92,460,311 | Mar-19 | (12,234 | ) | |||||||||
Sugar No. 11 Futures (a) | (305 | ) | (3,825,920 | ) | Feb-19 | 224,436 | ||||||||
Swiss Franc Futures | 23 | 2,956,650 | Dec-18 | (61,874 | ) | |||||||||
TOPIX Index Futures | 74 | 11,837,265 | Dec-18 | 322,046 | ||||||||||
U.S. Treasury 2-Year Note Futures | (483 | ) | (101,784,704 | ) | Dec-18 | 305,387 | ||||||||
U.S. Treasury 5-Year Note Futures | (561 | ) | (63,099,352 | ) | Dec-18 | 136,221 | ||||||||
U.S. Treasury 10-Year Note Futures | (318 | ) | (37,772,438 | ) | Dec-18 | 68,653 | ||||||||
U.S. Treasury Long Bond Futures | (118 | ) | (16,579,000 | ) | Dec-18 | 173,645 | ||||||||
U.S. Treasury Ultra Bond Futures | (86 | ) | (13,268,188 | ) | Dec-18 | 160,986 | ||||||||
Wheat Futures (a) | 7 | 178,150 | Dec-18 | (4,857 | ) | |||||||||
WTI Crude Futures (a) | 64 | 4,688,000 | Oct-18 | 273,942 | ||||||||||
$ | 3,795,029 | |||||||||||||
(a) | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
(b) | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities. |
See notes to financial statements.
108
GuidePath® Conservative Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 50.80% | ||||||||
Exchange Traded Funds - 50.80% | ||||||||
334 | Invesco Senior Loan ETF | $ | 7,739 | |||||
163 | iShares 0-5 Year High Yield Corporate Bond ETF | 7,674 | ||||||
309 | iShares 0-5 Year Investment Grade Corporate Bond ETF | 15,345 | ||||||
664 | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 20,444 | ||||||
51,202 | ||||||||
Total Investment Companies | 51,202 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 56.43% | ||||||||
Money Market Funds - 56.43% | ||||||||
56,882 | Deutsche Government Money Market Series - | $ | 56,882 | |||||
Total Short Term Investments | 56,882 | |||||||
Total Investments | 108,084 | |||||||
Liabilities in Excess of | (7,287 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 100,797 | ||||||
Percentages are stated as a percent of net assets.
(a) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
109
GuidePath® Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 106.87% |
| |||||||
Exchange Traded Funds - 106.87% |
| |||||||
78 | iShares Core U.S. Aggregate Bond ETF | $ | 8,231 | |||||
138 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 15,860 | ||||||
37 | iShares JP Morgan USD Emerging Markets Bond ETF | 3,989 | ||||||
389 | iShares US Preferred Stock ETF | 14,444 | ||||||
289 | Schwab U.S. TIPs ETF | 15,594 | ||||||
575 | SPDR Bloomberg Barclays High Yield Bond ETF | 20,729 | ||||||
175 | VanEck Vectors Emerging Markets High Yield Bond ETF | 4,006 | ||||||
822 | Wisdomtree CBOE S&P 500 PutWrite Strategy Fund | 25,186 | ||||||
108,039 | ||||||||
Total Investment Companies | 108,039 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 7.13% |
| |||||||
Money Market Funds - 7.13% |
| |||||||
7,211 | Deutsche Government Money Market Series - | $ | 7,211 | |||||
Total Short Term Investments | 7,211 | |||||||
Total Investments | 115,250 | |||||||
Liabilities in Excess of | (14,157 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 101,093 | ||||||
Percentages are stated as a percent of net assets.
(a) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
110
GuidePath® Growth & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2018
Number of | Value | |||||||
INVESTMENT COMPANIES - 102.67% |
| |||||||
Exchange Traded Funds - 102.67% |
| |||||||
1,102 | Global X MLP ETF | $ | 10,524 | |||||
159 | Schwab U.S. Large-Cap ETF | 11,060 | ||||||
636 | Vanguard High Dividend Yield ETF (a) | 54,518 | ||||||
392 | Vanguard Real Estate ETF (a) | 31,627 | ||||||
107,729 | ||||||||
Total Investment Companies | 107,729 | |||||||
SHORT TERM INVESTMENTS - 3.82% |
| |||||||
Money Market Funds - 3.82% |
| |||||||
4,007 | Deutsche Government Money Market Series - | 4,007 | ||||||
Total Short Term Investments | 4,007 | |||||||
Total Investments | 111,736 | |||||||
Liabilities in Excess of | (6,807 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 104,929 | ||||||
Percentages are stated as a percent of net assets.
(a) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(b) | Seven-day yield as of September 30, 2018. |
See notes to financial statements.
111
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited)
September 30, 2018
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $256,405,412, $75,914,332 and $48,202,828, respectively)1 | $ | 357,201,547 | $ | 90,977,388 | $ | 66,911,734 | ||||||
Foreign currencies (cost $0, $233,705, and $0, respectively) | — | 236,281 | — | |||||||||
Income receivable | 250,446 | 107,262 | 70,826 | |||||||||
Receivable for dividend reclaims | 4,009 | 38,245 | 14 | |||||||||
Receivable for Investment securities sold | — | — | 12,992 | |||||||||
Receivable for fund shares sold | 577,875 | 45,900 | 116,594 | |||||||||
Other assets | 48,549 | 28,811 | 31,831 | |||||||||
Total Assets | 358,082,426 | 91,433,887 | 67,143,991 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 14,679,865 | 1,420,509 | 3,287,009 | |||||||||
Payable for investment securities purchased | — | — | 6,321 | |||||||||
Payable for fund shares redeemed | 92,207 | 16,921 | 16,130 | |||||||||
Payable to Investment Advisor | 193,998 | 60,520 | 42,810 | |||||||||
Payable to custodian | 4,514 | 9,357 | 4,025 | |||||||||
Accrued Trustee fees and expenses | 6,007 | 1,764 | 1,207 | |||||||||
Accrued distribution and shareholder servicing fees | 88,089 | 26,009 | 17,187 | |||||||||
Other accrued expenses | 83,306 | 61,064 | 43,065 | |||||||||
Total Liabilities | 15,147,986 | 1,596,144 | 3,417,754 | |||||||||
NET ASSETS | $ | 342,934,440 | $ | 89,837,743 | $ | 63,726,237 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 237,618,023 | 70,569,568 | 42,238,671 | |||||||||
Total distributable earnings | 105,316,417 | 19,268,175 | 21,487,566 | |||||||||
Total Net Assets | $ | 342,934,440 | $ | 89,837,743 | $ | 63,726,237 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 35,470 | 666 | — | |||||||||
Net assets | 706,840 | 9,808 | — | |||||||||
Net asset value, offering and redemption price per share | $ | 19.928 | $ | 14.732 | 2 | $ | — | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 17,472,125 | 5,940,857 | 3,817,456 | |||||||||
Net assets | 342,227,600 | 89,827,935 | 63,726,237 | |||||||||
Net asset value, offering and redemption price per share | $ | 19.587 | $ | 15.121 | 2 | $ | 16.693 | |||||
1Includes loaned securities with a value of: | $ | 14,416,373 | $ | 1,383,427 | $ | 3,202,239 | ||||||
2Differences in actual and calculated net asset value shown are due to rounding. |
See notes to financial statements.
112
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2018
World ex-US Fund | Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $185,332,523, $160,895,319 and $25,275,663, respectively)1 | $ | 214,030,890 | $ | 158,243,467 | $ | 26,250,770 | ||||||
Foreign currencies (cost $653,145, $0, and $0, respectively) | 653,119 | — | — | |||||||||
Appreciation on swap agreements | — | 597,067 | — | |||||||||
Variation margin on futures | — | 1,952 | — | |||||||||
Income receivable | 611,685 | 760,039 | 404,523 | |||||||||
Receivable for dividend reclaims | 846,956 | — | — | |||||||||
Receivable for investment securities sold | — | 353,473 | — | |||||||||
Receivable for fund shares sold | 305,759 | 180,903 | 1,491 | |||||||||
Swap premiums paid | — | 284,628 | — | |||||||||
Other assets | 32,656 | 32,011 | 23,839 | |||||||||
Total Assets | 216,481,065 | 160,453,540 | 26,680,623 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 2,398,152 | 1,110,200 | — | |||||||||
Payable for investment securities purchased | — | 23,174,644 | — | |||||||||
Payable for fund shares redeemed | 80,466 | 17,084 | 87,463 | |||||||||
Payable to Investment Advisor | 131,985 | 54,885 | 9,872 | |||||||||
Payable to custodian | 15,705 | 6,076 | 483 | |||||||||
Accrued Trustee fees and expenses | 3,981 | 2,445 | 514 | |||||||||
Accrued distribution and shareholder servicing fees | 52,864 | 36,782 | 13,328 | |||||||||
Swap premiums received | — | 211,454 | — | |||||||||
Payable for deposits with broker for swaps | — | 652,232 | — | |||||||||
Other accrued expenses | 75,604 | 93,878 | 28,213 | |||||||||
Total Liabilities | 2,758,757 | 25,359,680 | 139,873 | |||||||||
NET ASSETS | $ | 213,722,308 | $ | 135,093,860 | $ | 26,540,750 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 181,041,589 | 138,469,979 | 25,501,199 | |||||||||
Total distributable earnings (loss) | 32,680,719 | (3,376,119 | ) | 1,039,551 | ||||||||
Total Net Assets | $ | 213,722,308 | $ | 135,093,860 | $ | 26,540,750 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 64,170 | — | — | |||||||||
Net assets | 630,020 | — | — | |||||||||
Net asset value, offering and redemption price per share | $ | 9.818 | $ | — | $ | — | ||||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 22,344,824 | 14,984,270 | 2,406,739 | |||||||||
Net assets | 213,092,288 | 135,093,860 | 26,540,750 | |||||||||
Net asset value, offering and redemption price per share | $ | 9.537 | $ | 9.016 | $ | 11.028 | ||||||
1Includes loaned securities with a value of: | $ | 2,277,088 | $ | 1,088,551 | $ | — | ||||||
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2018
Opportunistic Fixed Income Fund | Growth Allocation Fund | Conservative Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $61,590,751, $893,861,707, and $400,293,886, respectively)1 | $ | 54,325,795 | $ | 1,021,496,503 | $ | 413,388,866 | ||||||
Foreign currencies (cost $142,455, $0, and $0, respectively) | 137,587 | — | — | |||||||||
Deposits with brokers for forwards and swaps | 1,039,885 | — | — | |||||||||
Income receivable | 467,552 | 1,914,083 | 489,309 | |||||||||
Receivable for dividend reclaims | 618 | — | — | |||||||||
Receivable for fund shares sold | 100,302 | 1,728,577 | 742,609 | |||||||||
Appreciation of forward foreign currency contracts | 741,347 | — | — | |||||||||
Appreciation of swap agreements | 187,838 | — | — | |||||||||
Other assets | 19,257 | 57,452 | 66,028 | |||||||||
Total Assets | 57,020,181 | 1,025,196,615 | 414,686,812 | |||||||||
LIABILITIES: | ||||||||||||
Depreciation of forward foreign currency contracts | 31,476 | — | — | |||||||||
Depreciation on swap agreements | 523,684 | — | — | |||||||||
Payable for collateral on securities loaned | — | 243,463,154 | 89,536,755 | |||||||||
Payable for investment securities and foreign currencies purchased | — | 2,512,478 | 857,807 | |||||||||
Payable for fund shares redeemed | 2,442 | 472,682 | 257,706 | |||||||||
Payable to Investment Advisor | 30,640 | 313,647 | 96,896 | |||||||||
Payable to custodian | 10,150 | 7,163 | 6,051 | |||||||||
Accrued Trustee fees and expenses | 1,033 | 12,254 | 5,159 | |||||||||
Accrued distribution and shareholder servicing fees | 15,500 | 207,911 | 87,460 | |||||||||
Other accrued expenses | 29,683 | 183,001 | 69,770 | |||||||||
Total Liabilities | 644,608 | 247,172,290 | 90,917,604 | |||||||||
NET ASSETS | $ | 56,375,573 | $ | 778,024,325 | $ | 323,769,208 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 77,408,949 | 646,150,117 | 309,314,193 | |||||||||
Total distributable earnings | (21,033,376 | ) | 131,874,208 | 14,455,015 | ||||||||
Total Net Assets | $ | 56,375,573 | $ | 778,024,325 | $ | 323,769,208 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 46,995 | 544,613 | 260,622 | |||||||||
Net assets | 412,467 | 6,574,389 | 2,541,073 | |||||||||
Net asset value, offering and redemption price per share | $ | 8.777 | $ | 12.072 | $ | 9.750 | ||||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 6,414,172 | 64,521,663 | 33,240,907 | |||||||||
Net assets | 55,963,106 | 771,449,936 | 321,228,135 | |||||||||
Net asset value, offering and redemption price per share | $ | 8.725 | $ | 11.956 | $ | 9.664 | ||||||
1Includes loaned securities with a value of: | $ | — | $ | 237,491,388 | $ | 87,451,150 | ||||||
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2018
Tactical Allocation Fund | Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $360,967,949, $354,253,265 and $140,485,941, respectively)1 | $ | 415,549,860 | $ | 351,928,175 | $ | 142,549,432 | ||||||
Income receivable | 921,681 | 523,268 | 357,787 | |||||||||
Receivable for investment securities sold | — | 215,051 | — | |||||||||
Receivable for fund shares sold | 612,778 | 399,904 | 225,269 | |||||||||
Other assets | 46,201 | 41,068 | 67,562 | |||||||||
Total Assets | 417,130,520 | 353,107,466 | 143,200,050 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 64,496,463 | 41,058,857 | 14,614,425 | |||||||||
Payable for investment securities purchased | 495,843 | 131,007 | 318,529 | |||||||||
Payable for fund shares redeemed | 294,527 | 844,085 | 75,431 | |||||||||
Payable to Investment Advisor | 170,966 | 87,703 | 63,416 | |||||||||
Payable to custodian | 5,347 | 8,679 | 5,919 | |||||||||
Accrued Trustee fees and expenses | 5,461 | 5,024 | 2,228 | |||||||||
Accrued distribution and shareholder servicing fees | 95,779 | 83,997 | 33,096 | |||||||||
Other accrued expenses | 87,308 | 79,768 | 45,197 | |||||||||
Total Liabilities | 65,651,694 | 42,299,120 | 15,158,241 | |||||||||
NET ASSETS | $ | 351,478,826 | $ | 310,808,346 | $ | 128,041,809 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 292,233,428 | 316,408,000 | 126,285,542 | |||||||||
Total distributable earnings (loss) | 59,245,398 | (5,599,654 | ) | 1,756,267 | ||||||||
Total Net Assets | $ | 351,478,826 | $ | 310,808,346 | $ | 128,041,809 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 150,882 | 80,139 | — | |||||||||
Net assets | 1,844,882 | 835,296 | — | |||||||||
Net asset value, offering and redemption price per share | $ | 12.227 | $ | 10.422 | 2 | $ | — | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 28,794,085 | 29,789,704 | 12,067,295 | |||||||||
Net assets | 349,633,944 | 309,973,050 | 128,041,809 | |||||||||
Net asset value, offering and redemption price per share | $ | 12.143 | $ | 10.405 | $ | 10.610 | 2 | |||||
1Includes loaned securities with a value of: | $ | 63,183,353 | $ | 40,018,239 | $ | 14,356,576 | ||||||
2Differences in actual and calculated net asset value shown are due to rounding. |
|
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2018
Flexible Income Allocation Fund | Managed2 Futures Strategy Fund | |||||||
ASSETS: | ||||||||
Investments, at value (cost $63,668,257, and $137,235,856, respectively)1 | $ | 63,460,603 | $ | 137,243,728 | ||||
Deposits with brokers for futures | — | 3,072,849 | ||||||
Variation margin on futures | — | 795,715 | ||||||
Income receivable | 70,166 | 279,584 | ||||||
Receivable for fund shares sold | 59,574 | 346,928 | ||||||
Receivable for unsettled open futures contracts | — | 115,967 | ||||||
Other assets | 37,353 | 16,296 | ||||||
Total Assets | 63,627,696 | 141,871,067 | ||||||
LIABILITIES: | ||||||||
Payable for collateral on securities loaned | 15,999,467 | — | ||||||
Payable for fund shares redeemed | 125,534 | 68,570 | ||||||
Payable for unsettled open futures contracts | — | 294,353 | ||||||
Payable to investment advisor | 7,497 | 153,588 | ||||||
Payable to custodian | 2,208 | 3,140 | ||||||
Accrued Trustee fees and expenses | 997 | 2,287 | ||||||
Accrued distribution and shareholder servicing fees | 15,364 | 39,003 | ||||||
Other accrued expenses | 38,862 | 43,155 | ||||||
Total Liabilities | 16,189,929 | 604,096 | ||||||
NET ASSETS | $ | 47,437,767 | $ | 141,266,971 | ||||
NET ASSETS CONSIST OF: | ||||||||
Capital stock | 55,663,014 | 148,145,316 | ||||||
Total distributable earnings | (8,225,247 | ) | (6,878,345 | ) | ||||
Total Net Assets | $ | 47,437,767 | $ | 141,266,971 | ||||
Institutional Shares | ||||||||
Shares outstanding (unlimited shares of no par value authorized) | 5,009 | 121,534 | ||||||
Net assets | 47,811 | 1,021,392 | ||||||
Net asset value, offering and redemption price per share | $ | 9.543 | 3 | $ | 8.406 | 3 | ||
Service Shares | ||||||||
Shares outstanding (unlimited shares of no par value authorized) | 4,991,419 | 16,960,009 | ||||||
Net assets | 47,389,956 | 140,245,579 | ||||||
Net asset value, offering and redemption price per share | $ | 9.493 | 3 | $ | 8.272 | 3 | ||
1Includes loaned securities with a value of: | $ | 15,616,681 | $ | — | ||||
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.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Unaudited) (Continued)
September 30, 2018
Conservative Income Fund | Income Fund | Growth & Income Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $107,950, $114,819 and $108,331, respectively) | $ | 108,084 | $ | 115,250 | $ | 111,736 | ||||||
Income receivable | 86 | 9 | 424 | |||||||||
Receivable for investment securities sold | — | 8,765 | — | |||||||||
Receivable from investment advisor | 2,017 | 2,184 | 2,001 | |||||||||
Other assets | 393 | 401 | 404 | |||||||||
Total Assets | 110,580 | 126,609 | 114,565 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | — | 14,879 | — | |||||||||
Payable to custodian | 571 | 1,449 | 431 | |||||||||
Payable for audit and tax fees | 6,885 | 6,885 | 6,885 | |||||||||
Payable for transfer agent fees and expenses | 1,071 | 1,071 | 1,071 | |||||||||
Accrued Trustee fees and expenses | 153 | 153 | 153 | |||||||||
Other accrued expenses | 1,103 | 1,079 | 1,096 | |||||||||
Total Liabilities | 9,783 | 25,516 | 9,636 | |||||||||
NET ASSETS | $ | 100,797 | $ | 101,093 | $ | 104,929 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 100,604 | 100,742 | 100,736 | |||||||||
Total distributable earnings | 193 | 351 | 4,193 | |||||||||
Total Net Assets | $ | 100,797 | $ | 101,093 | $ | 104,929 | ||||||
Shares outstanding (unlimited shares of no par value authorized) | 10,060 | 10,074 | 10,072 | |||||||||
Net assets | 100,797 | 101,093 | 104,929 | |||||||||
Net asset value, offering and redemption price per share | $ | 10.019 | 1 | $ | 10.035 | $ | 10.418 | |||||
1Differences in actual and calculated net asset value shown are due to rounding. |
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited)
For the Period Ended September 30, 2018
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of withholding tax of $337, $220,068, and $104, respectively) | $ | 2,399,887 | $ | 1,517,513 | $ | 371,733 | ||||||
Interest income | 155,548 | 4,953 | 4,998 | |||||||||
Total investment income | 2,555,435 | 1,522,466 | 376,731 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 722,751 | 288,962 | 170,309 | |||||||||
Distribution (12b-1) fees – Service Shares | 400,646 | 122,428 | 74,697 | |||||||||
Administrative service fees – Service Shares | 392,484 | 118,603 | 73,415 | |||||||||
Shareholder servicing fees – Service Shares | 142,630 | 39,739 | 25,005 | |||||||||
Administration fees | 67,688 | 27,631 | 21,103 | |||||||||
Legal fees | 38,552 | 44,714 | 12,078 | |||||||||
Fund accounting fees | 38,468 | 20,069 | 31,876 | |||||||||
Reports to shareholders | 25,678 | 8,179 | 5,570 | |||||||||
Federal and state registration fees | 23,867 | 19,945 | 19,427 | |||||||||
Trustee fees and expenses | 21,379 | 7,444 | 3,935 | |||||||||
Custody fees | 12,339 | 76,519 | 6,053 | |||||||||
Audit and tax fees | 10,797 | 11,072 | 11,285 | |||||||||
Compliance fees | 10,522 | 3,539 | 1,922 | |||||||||
Transfer agent fees and expenses | 9,545 | 5,277 | 4,209 | |||||||||
Insurance fees | 4,818 | 3,476 | 2,348 | |||||||||
Miscellaneous expenses | 1,159 | 1,098 | 1,098 | |||||||||
Interest expenses | 115 | 4,326 | 437 | |||||||||
Total expenses | 1,923,438 | 803,021 | 464,767 | |||||||||
Less securities lending credit (See Note 7) | (62,864 | ) | (6,781 | ) | (39,868 | ) | ||||||
Net expenses | 1,860,574 | 796,240 | 424,899 | |||||||||
Net investment income (loss) | 694,861 | 726,226 | (48,168 | ) | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 685,257 | 3,919,521 | 2,454,671 | |||||||||
Foreign currencies | — | (51,870 | ) | — | ||||||||
Total | 685,257 | 3,867,651 | 2,454,671 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 34,664,063 | (16,856,448 | ) | 4,151,788 | ||||||||
Foreign currencies | — | (3,685 | ) | — | ||||||||
Total | 34,664,063 | (16,860,133 | ) | 4,151,788 | ||||||||
Net realized and unrealized gain (loss) | 35,349,320 | (12,992,482 | ) | 6,606,459 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 36,044,181 | $ | (12,266,256 | ) | $ | 6,558,291 | |||||
See notes to financial statements.
118
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2018
World ex-US Fund | Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of withholding tax of $327,508, $0, and $0, respectively) | $ | 3,251,236 | $ | — | $ | — | ||||||
Interest income | 15,358 | 2,046,753 | 584,580 | |||||||||
Total investment income | 3,266,594 | 2,046,753 | 584,580 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 519,297 | 268,173 | 68,287 | |||||||||
Distribution (12b-1) fees – Service Shares | 258,820 | 167,608 | 34,143 | |||||||||
Administrative service fees – Service Shares | 255,939 | 163,072 | 30,656 | |||||||||
Shareholder servicing fees – Service Shares | 93,176 | 55,086 | 9,787 | |||||||||
Administration fees | 55,801 | 31,164 | 6,220 | |||||||||
Legal fees | 27,084 | 26,382 | 7,472 | |||||||||
Fund accounting fees | 60,942 | 100,956 | 10,829 | |||||||||
Reports to shareholders | 17,613 | 10,918 | 2,257 | |||||||||
Federal and state registration fees | 20,131 | 20,558 | 18,695 | |||||||||
Trustee fees and expenses | 13,998 | 9,302 | 1,921 | |||||||||
Custody fees | 54,562 | 16,564 | 1,159 | |||||||||
Audit and tax fees | 12,261 | 12,535 | 12,535 | |||||||||
Compliance fees | 6,740 | 4,514 | 915 | |||||||||
Transfer agent fees and expenses | 7,319 | 5,886 | 3,202 | |||||||||
Insurance fees | 5,184 | 5,429 | 975 | |||||||||
Miscellaneous expenses | 1,128 | 1,097 | 732 | |||||||||
Interest expenses | 1,102 | 50 | 45 | |||||||||
Total expenses | 1,411,097 | 899,294 | 209,830 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | 34,629 | (90,700 | ) | (33,605 | ) | |||||||
Less securities lending credit (See Note 7) | (8,845 | ) | (10,732 | ) | — | |||||||
Net expenses | 1,436,881 | 797,862 | 176,225 | |||||||||
Net investment income | 1,829,713 | 1,248,891 | 408,355 | |||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 543,561 | (350,311 | ) | 39,246 | ||||||||
Foreign currencies | (4,383 | ) | — | — | ||||||||
Swaps | — | 39,530 | — | |||||||||
Futures contracts | — | 18,695 | — | |||||||||
Total | 539,178 | (292,086 | ) | 39,246 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (1,423,430 | ) | (1,636,264 | ) | (324,116 | ) | ||||||
Foreign currencies | (25,238 | ) | — | — | ||||||||
Swaps | — | 319,504 | — | |||||||||
Futures contracts | — | (90,735 | ) | — | ||||||||
Total | (1,448,668 | ) | (1,407,495 | ) | (324,116 | ) | ||||||
Net realized and unrealized loss | (909,490 | ) | (1,699,581 | ) | (284,870 | ) | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 920,223 | $ | (450,690 | ) | $ | 123,485 | |||||
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2018
Opportunistic Fixed Income Fund | Growth Allocation Fund | Conservative Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | — | $ | 7,904,885 | $ | 3,967,383 | ||||||
Interest income (net of withholding tax of $45,672, $0, and $0, respectively) | 1,756,904 | 84,026 | 35,898 | |||||||||
Total investment income | 1,756,904 | 7,988,911 | 4,003,281 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 196,477 | 884,009 | 375,559 | |||||||||
Distribution (12b-1) fees – Service Shares | 69,675 | 875,712 | 371,948 | |||||||||
Administrative service fees – Service Shares | 68,965 | 875,362 | 371,825 | |||||||||
Shareholder servicing fees – Service Shares | 20,251 | 339,776 | 145,803 | |||||||||
Administration fees | 13,204 | 140,572 | 62,019 | |||||||||
Legal fees | 14,731 | 69,174 | 23,211 | |||||||||
Fund accounting fees | 28,953 | 59,738 | 25,780 | |||||||||
Reports to shareholders | 5,582 | 54,857 | 23,788 | |||||||||
Federal and state registration fees | 18,019 | 19,972 | 19,179 | |||||||||
Trustee fees and expenses | 3,872 | 45,811 | 19,641 | |||||||||
Custody fees | 47,833 | 24,772 | 19,069 | |||||||||
Audit and tax fees | 14,945 | 7,503 | 7,503 | |||||||||
Compliance fees | 823 | 10,218 | 4,331 | |||||||||
Transfer agent fees and expenses | 4,148 | 17,049 | 9,027 | |||||||||
Insurance fees | 305 | 10,125 | 2,288 | |||||||||
Miscellaneous expenses | 1,098 | 1,464 | 1,159 | |||||||||
Interest expenses | — | 3,323 | — | |||||||||
Total expenses | 508,881 | 3,439,437 | 1,482,130 | |||||||||
Net expense reimbursement by Advisor (See Note 4) | (75,013 | ) | — | (193,764 | ) | |||||||
Less securities lending credit (See Note 7) | — | (140,620 | ) | (245,469 | ) | |||||||
Net expenses | 433,868 | 3,298,817 | 1,042,897 | |||||||||
Net investment income | 1,323,036 | 4,690,094 | 2,960,384 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (510,150 | ) | 254,232 | (1,402,573 | ) | |||||||
Net long-term capital gain distributions received | — | — | 398 | |||||||||
Foreign currencies | 4,949 | — | — | |||||||||
Forward currency exchange contracts | 913,374 | — | — | |||||||||
Swaps | (41,584 | ) | — | — | ||||||||
Total | 366,589 | 254,232 | (1,402,175 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (4,259,627 | ) | 24,594,520 | 4,136,558 | ||||||||
Foreign currencies | (39,382 | ) | — | — | ||||||||
Forward currency contracts | 950,757 | — | — | |||||||||
Swaps | 393,454 | — | — | |||||||||
Total | (2,954,798 | ) | 24,594,520 | 4,136,558 | ||||||||
Net realized and unrealized gain (loss) | (2,588,209 | ) | 24,848,752 | 2,734,383 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,265,173 | ) | $ | 29,538,846 | $ | 5,694,767 | |||||
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2018
Tactical Allocation Fund | Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | 2,493,462 | $ | 5,305,189 | $ | 2,748,080 | ||||||
Interest income | 33,358 | 29,086 | 11,902 | |||||||||
Total investment income | 2,526,820 | 5,334,275 | 2,759,982 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 546,474 | 533,453 | 221,801 | |||||||||
Distribution (12b-1) fees – Service Shares | 388,100 | 379,424 | 158,429 | |||||||||
Administrative service fees – Service Shares | 387,790 | 379,372 | 158,429 | |||||||||
Shareholder servicing fees – Service Shares | 143,428 | 147,472 | 60,942 | |||||||||
Administration fees | 66,534 | 63,508 | 26,865 | |||||||||
Legal fees | 36,051 | 25,559 | 14,548 | |||||||||
Fund accounting fees | 26,360 | 26,576 | 9,520 | |||||||||
Reports to shareholders | 24,369 | 24,556 | 10,096 | |||||||||
Federal and state registration fees | 19,088 | 18,751 | 18,261 | |||||||||
Trustee fees and expenses | 20,222 | 20,529 | 8,723 | |||||||||
Custody fees | 16,685 | 27,260 | 18,083 | |||||||||
Audit and tax fees | 7,503 | 7,503 | 7,503 | |||||||||
Compliance fees | 4,483 | 4,545 | 1,891 | |||||||||
Transfer agent fees and expenses | 9,180 | 9,635 | 3,904 | |||||||||
Insurance fees | 4,911 | 1,952 | 2,075 | |||||||||
Miscellaneous expenses | 1,281 | 1,159 | 824 | |||||||||
Interest expenses | 1,745 | 2,043 | 591 | |||||||||
Total expenses | 1,704,204 | 1,673,297 | 722,485 | |||||||||
Net expense reimbursement by Advisor (See Note 4) | — | (294,485 | ) | — | ||||||||
Less securities lending credit (See Note 7) | (131,841 | ) | (161,322 | ) | (231,173 | ) | ||||||
Net expenses | 1,572,363 | 1,217,490 | 491,312 | |||||||||
Net investment income | 954,457 | 4,116,785 | 2,268,670 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (262,226 | ) | (2,546,677 | ) | (365,090 | ) | ||||||
Net long-term capital gain distributions received | — | 2,669 | — | |||||||||
Total | (262,226 | ) | (2,544,008 | ) | (365,090 | ) | ||||||
Net change in unrealized appreciation on: | ||||||||||||
Investments | 32,859,493 | 93,752 | 18,191 | |||||||||
Total | 32,859,493 | 93,752 | 18,191 | |||||||||
Net realized and unrealized gain (loss) | 32,597,267 | (2,450,256 | ) | (346,899 | ) | |||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 33,551,724 | $ | 1,666,529 | $ | 1,921,771 | ||||||
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2018
Flexible Income Allocation Fund | Managed1 Futures Strategy Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividend income | $ | 1,239,586 | $ | — | ||||
Interest income | 4,788 | 1,399,380 | ||||||
Total investment income | 1,244,374 | 1,399,380 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 67,464 | 701,871 | ||||||
Distribution (12b-1) fees – Service Shares | 67,272 | 165,670 | ||||||
Administrative service fees – Service Shares | 67,253 | 165,525 | ||||||
Shareholder servicing fees – Service Shares | 26,141 | 64,490 | ||||||
Administration fees | 11,587 | 28,144 | ||||||
Legal fees | 24,857 | 19,464 | ||||||
Fund accounting fees | 5,217 | 22,543 | ||||||
Reports to shareholders | 4,514 | 11,453 | ||||||
Federal and state registration fees | 18,139 | 19,025 | ||||||
Trustee fees and expenses | 3,843 | 8,600 | ||||||
Custody fees | 6,651 | 8,911 | ||||||
Audit and tax fees | 7,503 | 15,768 | ||||||
Compliance fees | 823 | 1,922 | ||||||
Transfer agent fees and expenses | 4,179 | 5,672 | ||||||
Insurance fees | 1,495 | 1,159 | ||||||
Miscellaneous expenses | 1,098 | 1,098 | ||||||
Interest expenses | 1,993 | 3,315 | ||||||
Total expenses | 320,029 | 1,244,630 | ||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | (26,229 | ) | 24,301 | |||||
Less securities lending credit (See Note 7) | (89,876 | ) | — | |||||
Net expenses | 203,924 | 1,268,931 | ||||||
Net investment income | 1,040,450 | 130,449 | ||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | 385,429 | — | ||||||
Net long-term capital gain distributions | 83 | — | ||||||
Foreign currency translation | — | 4,100 | ||||||
Futures contracts | — | (7,778,171 | ) | |||||
Total | 385,512 | (7,774,071 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (413,411 | ) | 14,651 | |||||
Foreign currencies | — | 16,599 | ||||||
Futures contracts | — | 3,103,904 | ||||||
Total | (413,411 | ) | 3,135,154 | |||||
Net realized and unrealized gain (loss) | (27,899 | ) | (4,638,917 | ) | ||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,012,551 | $ | (4,508,468 | ) | |||
1Consolidated | Statement of Operations for the period (see note 3b). |
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Period Ended September 30, 2018
Conservative Income Fund1 | Income Fund1 | Growth & Income Fund1 | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | 502 | $ | 970 | $ | 1,880 | ||||||
Interest income | 409 | 82 | 28 | |||||||||
Total investment income | 911 | 1,052 | 1,908 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 146 | 188 | 193 | |||||||||
Administrative service fees – Service Shares | 105 | 105 | 107 | |||||||||
Administration fees | 429 | 429 | 429 | |||||||||
Legal fees | 153 | 153 | 153 | |||||||||
Fund accounting fees | 153 | 153 | 153 | |||||||||
Reports to shareholders | 153 | 153 | 153 | |||||||||
Federal and state registration fees | 625 | 617 | 625 | |||||||||
Trustee fees and expenses | 153 | 153 | 153 | |||||||||
Custody fees | 612 | 1,530 | 612 | |||||||||
Audit and tax fees | 6,885 | 6,885 | 6,885 | |||||||||
Compliance fees | 153 | 153 | 153 | |||||||||
Transfer agent fees and expenses | 1,071 | 1,071 | 1,071 | |||||||||
Miscellaneous expenses | 970 | 970 | 970 | |||||||||
Total expenses | 11,608 | 12,560 | 11,657 | |||||||||
Net expense reimbursement by Advisor (See Note 4) | (11,341 | ) | (12,229 | ) | (11,318 | ) | ||||||
Net expenses | 267 | 331 | 339 | |||||||||
Net investment income | 644 | 721 | 1,569 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized loss on investments | 19 | (59 | ) | (45 | ) | |||||||
Net change in unrealized appreciation on investments | 134 | 431 | 3,405 | |||||||||
Net realized and unrealized gain | 153 | 372 | 3,360 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 797 | $ | 1,093 | $ | 4,929 | ||||||
1Statement | of Operations for the period April 30, 2018 (commencement of operations) through September 30, 2018. |
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
Large Cap Core Fund | Emerging Markets Fund | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 694,861 | $ | 1,258,613 | $ | 726,226 | $ | 745,048 | ||||||||
Net realized gain on investment transactions | 685,257 | 8,719,296 | 3,867,651 | 13,213,297 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 34,664,063 | 26,592,290 | (16,860,133 | ) | 12,758,316 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 36,044,181 | 36,570,199 | (12,266,256 | ) | 26,716,661 | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 77,475 | 4,372,610 | — | 589,158 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 53,109 | — | 123 | ||||||||||||
Shares redeemed | (273,207 | ) | (47,873,563 | ) | — | (13,478,239 | ) | |||||||||
Net decrease | (195,732 | ) | (43,447,844 | ) | — | (12,888,958 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 51,735,530 | 260,741,902 | 11,495,732 | 17,192,001 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 12,413,999 | — | 804,883 | ||||||||||||
Shares redeemed | (51,920,588 | ) | (149,253,945 | ) | (18,992,399 | ) | (39,421,987 | ) | ||||||||
Net increase (decrease) | (185,058 | ) | 123,901,956 | (7,496,667 | ) | (21,425,103 | ) | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | (53,109 | ) | — | (123 | ) | ||||||||||
Net dividends and distributions – Service Shares | — | (12,414,000 | ) | — | (805,139 | ) | ||||||||||
Total dividends and distributions | — | (12,467,109 | ) | — | (806,262 | ) | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | 35,663,391 | 104,557,202 | (19,762,923 | ) | (8,402,660 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 307,271,049 | 202,713,847 | 109,600,666 | (118,003,328 | ) | |||||||||||
End of year | $ | 342,934,440 | $ | 307,271,049 | $ | 89,837,743 | $ | 109,600,666 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 4,168 | 263,389 | — | 42,076 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 2,989 | — | 8 | ||||||||||||
Shares redeemed | (14,941 | ) | (2,875,478 | ) | — | (927,381 | ) | |||||||||
Net decrease | (10,773 | ) | (2,609,100 | ) | — | (885,297 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 2,784,810 | 15,512,423 | 736,666 | 1,080,290 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 707,673 | — | 49,559 | ||||||||||||
Shares redeemed | (2,821,443 | ) | (8,744,098 | ) | (1,218,238 | ) | (2,509,052 | ) | ||||||||
Net increase (decrease) | (36,633 | ) | 7,475,998 | (481,572 | ) | (1,379,203 | ) | |||||||||
* | Total dividends and distributions include net investment income distributions of $10,529 and $1,390,681, and net realized gain distributions of $42,580 and $11,023,319 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $222,243. |
** | Total dividends and distributions include net investment income distributions of $123 and $805,139 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment loss of $(208,273). |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Small/Mid Cap Core Fund | World ex-US Fund | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (48,168 | ) | $ | (37,149 | ) | $ | 1,829,713 | $ | 2,100,036 | ||||||
Net realized gain on investment transactions | 2,454,671 | 13,793,276 | 539,178 | 19,338,319 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 4,151,788 | (6,175,054 | ) | (1,448,668 | ) | 6,585,365 | ||||||||||
Net increase in net assets resulting from operations | 6,558,291 | 7,581,073 | 920,223 | 28,023,720 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | 3,294,382 | 81,130 | 5,303,995 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | — | — | 20,197 | ||||||||||||
Shares redeemed | — | (69,583,874 | ) | (281,942 | ) | (85,854,669 | ) | |||||||||
Net decrease | — | (66,289,492 | ) | (200,812 | ) | (80,530,477 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 10,417,832 | 12,520,861 | 37,037,149 | 134,859,726 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 14,158,393 | — | 2,881,634 | ||||||||||||
Shares redeemed | (7,721,246 | ) | (14,817,655 | ) | (36,906,766 | ) | (57,493,685 | ) | ||||||||
Net increase | 2,696,586 | 11,861,599 | 130,383 | 80,247,675 | ||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | — | — | (20,197 | ) | |||||||||||
Net dividends and distributions – Service Shares | — | (14,158,394 | ) | — | (2,881,638 | ) | ||||||||||
Total dividends and distributions | — | (14,158,394 | ) | — | (2,901,835 | ) | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | 9,254,877 | (61,005,214 | ) | 849,794 | 24,839,083 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 54,471,360 | 115,476,574 | 212,872,514 | 188,033,431 | ||||||||||||
End of year | $ | 63,726,237 | $ | 54,471,360 | $ | 213,722,308 | $ | 212,872,514 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | 177,429 | 8,259 | 593,187 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | — | — | 2,084 | ||||||||||||
Shares redeemed | — | (3,712,055 | ) | (28,403 | ) | (9,491,767 | ) | |||||||||
Net decrease | — | (3,534,626 | ) | (20,144 | ) | (8,896,496 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 637,953 | 722,902 | 3,875,389 | 14,549,010 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 947,176 | — | 304,774 | ||||||||||||
Shares redeemed | (474,297 | ) | (851,979 | ) | (3,834,110 | ) | (6,197,310 | ) | ||||||||
Net increase | 163,656 | 818,099 | 41,279 | 8,656,474 | ||||||||||||
* | Total dividends and distributions include net investment income distributions of $136,787 and net realized gain distributions of $14,021,607 for the service class. End of year Net Assets include accumulated undistributed net investment loss of $(4,745). |
** | Total dividends and distributions include net investment income distributions of $20,197 and $2,881,638 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $2,124,397. |
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Core Fixed Income Fund | Tax-Exempt Fixed Income Fund | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,248,891 | $ | 1,950,325 | $ | 408,355 | $ | 819,595 | ||||||||
Net realized gain (loss) on investment transactions | (292,086 | ) | 740,599 | 39,246 | 386,070 | |||||||||||
Net change in unrealized depreciation on investments | (1,407,495 | ) | (2,020,466 | ) | (324,116 | ) | (516,683 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (450,690 | ) | 670,458 | 123,485 | 688,982 | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | 336,969 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 20,203 | — | — | ||||||||||||
Shares redeemed | — | (9,569,499 | ) | — | — | |||||||||||
Net decrease | — | (9,212,327 | ) | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 17,104,015 | 39,073,028 | 1,593,908 | 6,785,527 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 1,350,817 | 3,198,632 | 401,551 | 818,223 | ||||||||||||
Shares redeemed | (15,814,514 | ) | (42,724,698 | ) | (3,005,609 | ) | (9,962,657 | ) | ||||||||
Net increase (decrease) | 2,640,318 | (453,038 | ) | (1,010,150 | ) | (2,358,907 | ) | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | (20,203 | ) | — | — | |||||||||||
Net dividends and distributions – Service Shares | (1,350,827 | ) | (3,198,658 | ) | (401,617 | ) | (818,304 | ) | ||||||||
Total dividends and distributions | (1,350,827 | ) | (3,218,861 | ) | (401,617 | ) | (818,304 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 838,801 | (12,213,768 | ) | (1,288,282 | ) | (2,488,229 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 134,255,059 | 146,468,827 | 27,829,032 | 30,317,261 | ||||||||||||
End of year | $ | 135,093,860 | $ | 134,255,059 | $ | 26,540,750 | $ | 27,829,032 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | 36,068 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 2,161 | — | — | ||||||||||||
Shares redeemed | — | (1,023,488 | ) | — | — | |||||||||||
Net decrease | — | (985,259 | ) | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 1,884,258 | 4,186,911 | 142,672 | 599,756 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 149,854 | 343,575 | 36,223 | 72,377 | ||||||||||||
Shares redeemed | (1,743,789 | ) | (4,568,237 | ) | (269,302 | ) | (878,150 | ) | ||||||||
Net increase (decrease) | 290,323 | (37,751 | ) | (90,407 | ) | (206,017 | ) | |||||||||
* | Total dividends and distributions include net investment income distributions of $20,203 and $2,400,585, and net realized gain distributions of $0 and $798,073 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment loss of $(183,924). |
** | Total dividends and distributions include net investment income distributions of $0 and $818,304 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $18,460. |
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Opportunistic Fixed Income Fund | Growth Allocation Fund | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,323,036 | $ | 2,374,524 | $ | 4,690,094 | $ | 7,335,731 | ||||||||
Net realized gain on investment transactions | 366,589 | 680,995 | 254,232 | 54,780,124 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,954,798 | ) | (2,354,977 | ) | 24,594,520 | 10,017,412 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (1,265,173 | ) | 700,542 | 29,538,846 | 72,133,267 | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 73,652 | 449,049 | 537,169 | 2,523,648 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 104,381 | — | 1,388,964 | ||||||||||||
Shares redeemed | (13,763 | ) | (9,413,119 | ) | (915,349 | ) | (10,819,692 | ) | ||||||||
Net increase (decrease) | 59,889 | (8,859,689 | ) | (378,180 | ) | (6,907,080 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 9,234,992 | 15,558,270 | 182,585,088 | 278,345,941 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 4,326,289 | — | 62,893,814 | ||||||||||||
Shares redeemed | (6,563,016 | ) | (19,087,569 | ) | (52,297,245 | ) | (287,925,270 | ) | ||||||||
Net increase | 2,671,976 | 796,990 | 130,287,843 | 53,314,485 | ||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | (104,381 | ) | — | (1,388,963 | ) | ||||||||||
Net dividends and distributions – Service Shares | — | (4,326,289 | ) | — | (62,893,814 | ) | ||||||||||
Total dividends and distributions | — | (4,430,670 | ) | — | (64,282,777 | ) | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | 1,466,692 | (11,792,827 | ) | 159,448,509 | 54,257,895 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 54,908,881 | 66,701,708 | 618,575,816 | 564,317,921 | ||||||||||||
End of year | $ | 56,375,573 | $ | 54,908,881 | $ | 778,024,325 | $ | 618,575,816 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 8,408 | 48,181 | 45,391 | 209,011 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 11,250 | — | 119,450 | ||||||||||||
Shares redeemed | (1,560 | ) | (1,003,642 | ) | (77,081 | ) | (914,322 | ) | ||||||||
Net increase (decrease) | 6,848 | (944,211 | ) | (31,690 | ) | (585,861 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 1,048,340 | 1,701,534 | 15,561,125 | 23,312,075 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 472,366 | — | 5,436,409 | ||||||||||||
Shares redeemed | (747,515 | ) | (2,060,900 | ) | (4,446,597 | ) | (24,168,108 | ) | ||||||||
Net increase | 300,825 | 113,000 | 11,114,528 | 4,580,376 | ||||||||||||
* | Total dividends and distributions include net investment income distributions of $104,381 and $4,326,289 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $944,724. |
** | Total dividends and distributions include net investment income distributions of $193,533 and $6,641,966, and net realized gain distributions of $1,195,430 and $56,251,848 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $478,743. |
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Conservative Allocation Fund | Tactical Allocation Fund | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,960,384 | $ | 2,841,036 | $ | 954,457 | $ | 2,186,198 | ||||||||
Net realized gain (loss) on investment transactions | (1,402,175 | ) | 5,051,600 | (262,226 | ) | 28,030,926 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 4,136,558 | 525,206 | 32,859,493 | (1,769,869 | ) | |||||||||||
Net increase in net assets resulting from operations | 5,694,767 | 8,417,842 | 33,551,724 | 28,447,255 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 206,127 | 2,546,752 | 220,151 | 549,058 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 122,304 | — | 107,641 | ||||||||||||
Shares redeemed | (872,384 | ) | (4,764,568 | ) | (253,717 | ) | (2,966,618 | ) | ||||||||
Net decrease | (666,257 | ) | (2,095,512 | ) | (33,566 | ) | (2,309,919 | ) | ||||||||
Service Shares | ||||||||||||||||
Shares sold | 75,407,611 | 209,548,761 | 72,495,624 | 103,820,830 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 3,944,370 | — | 8,805,598 | ||||||||||||
Shares redeemed | (27,887,786 | ) | (60,479,631 | ) | (27,676,163 | ) | (164,636,103 | ) | ||||||||
Net increase (decrease) | 47,519,825 | 153,013,500 | 44,819,461 | (52,009,675 | ) | |||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | (122,304 | ) | — | (107,640 | ) | ||||||||||
Net dividends and distributions – Service Shares | — | (3,944,370 | ) | — | (8,805,598 | ) | ||||||||||
Total dividends and distributions | — | (4,066,674 | ) | — | (8,913,238 | ) | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | 52,548,335 | 155,269,156 | 78,337,619 | (34,785,577 | ) | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 271,220,873 | 115,951,717 | 273,141,207 | 307,926,784 | ||||||||||||
End of year | $ | 323,769,208 | $ | 271,220,873 | $ | 351,478,826 | $ | 273,141,207 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 21,372 | 267,536 | 19,205 | 50,552 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 12,665 | — | 9,684 | ||||||||||||
Shares redeemed | (90,041 | ) | (496,437 | ) | (21,838 | ) | (274,312 | ) | ||||||||
Net decrease | (68,669 | ) | (216,236 | ) | (2,633 | ) | (214,076 | ) | ||||||||
Service Shares | ||||||||||||||||
Shares sold | 7,880,275 | 22,005,525 | 6,304,889 | 9,607,899 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 410,231 | — | 794,156 | ||||||||||||
Shares redeemed | (2,910,815 | ) | (6,394,533 | ) | (2,400,062 | ) | (15,493,609 | ) | ||||||||
Net increase (decrease) | 4,969,460 | 16,021,223 | 3,904,827 | (5,091,564 | ) | |||||||||||
* | Total dividends and distributions include net investment income distributions of $110,165 and $3,431,566, and net realized gain distributions of $12,139 and $512,804 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $502,586. |
** | Total dividends and distributions include net investment income distributions of $81,265 and $5,848,776, and net realized gain distributions of $26,375 and $2,956,822 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $259,442. |
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,116,785 | $ | 4,458,899 | $ | 2,268,670 | $ | 3,184,269 | ||||||||
Net realized gain (loss) on investment transactions | (2,544,008 | ) | 7,816,385 | (365,090 | ) | 9,903,304 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 93,752 | (10,584,721 | ) | 18,191 | (8,413,102 | ) | ||||||||||
Net increase in net assets resulting from operations | 1,666,529 | 1,690,563 | 1,921,771 | 4,674,471 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 433,934 | 1,737,724 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 30,997 | — | — | ||||||||||||
Shares redeemed | (951,172 | ) | (1,338,543 | ) | — | — | ||||||||||
Net increase (decrease) | (517,238 | ) | 430,178 | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 81,560,137 | 260,237,667 | 25,414,113 | 73,321,770 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 3,863,620 | 1,807,591 | 3,084,967 | ||||||||||||
Shares redeemed | (40,495,189 | ) | (123,603,021 | ) | (18,385,689 | ) | (78,721,755 | ) | ||||||||
Net increase (decrease) | 41,064,948 | 140,498,266 | 8,836,015 | (2,315,018 | ) | |||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | (30,997 | ) | — | — | |||||||||||
Net dividends and distributions – Service Shares | — | (3,863,620 | ) | (1,807,592 | ) | (3,084,967 | ) | |||||||||
Total dividends and distributions | — | (3,894,617 | ) | (1,807,592 | ) | (3,084,967 | ) | |||||||||
INCREASE (DECREASE) IN NET ASSETS | 42,214,239 | 138,724,390 | 8,950,194 | (725,514 | ) | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 268,594,107 | 129,869,717 | 119,091,615 | 119,817,129 | ||||||||||||
End of year | $ | 310,808,346 | $ | 268,594,107 | $ | 128,041,809 | $ | 119,091,615 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 41,904 | 165,570 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 2,980 | — | — | ||||||||||||
Shares redeemed | (91,780 | ) | (128,107 | ) | — | — | ||||||||||
Net increase (decrease) | (49,876 | ) | 40,443 | — | — | |||||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 7,879,999 | 24,770,678 | 2,386,453 | 6,824,299 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | 370,398 | 170,424 | 287,574 | ||||||||||||
Shares redeemed | (3,913,707 | ) | (11,811,030 | ) | (1,727,784 | ) | (7,323,838 | ) | ||||||||
Net increase (decrease) | 3,966,292 | 13,330,046 | 829,093 | (211,965 | ) | |||||||||||
* | Total dividends and distributions include net investment income distributions of $30,997 and $3,863,620 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $1,176,844. |
** | Total dividends and distributions include net investment income distributions of $0 and $3,084,967 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $212,169. |
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Flexible Income Allocation Fund | Managed Futures Strategy Fund1 | |||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018* | Period Ended September 30, 2018 | Year Ended March 31, 2018** | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,040,450 | $ | 2,559,199 | $ | 130,449 | $ | (548,598 | ) | |||||||
Net realized gain (loss) on investment transactions | 385,512 | 2,279,047 | (7,774,071 | ) | (1,691,147 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | (413,411 | ) | (1,865,761 | ) | 3,135,154 | 726,418 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 1,012,551 | 2,972,485 | $ | (4,508,468 | ) | (1,513,327 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 5,695 | 258,984 | 132,279 | 466,184 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 3,025 | 6,034 | — | — | ||||||||||||
Shares redeemed | (185,316 | ) | (87,175 | ) | (290,782 | ) | (740,330 | ) | ||||||||
Net increase (decrease) | (176,596 | ) | 177,843 | (158,503 | ) | (274,146 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 8,281,995 | 52,982,964 | 35,059,917 | 67,533,971 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 1,154,122 | 2,455,239 | — | — | ||||||||||||
Shares redeemed | (17,148,127 | ) | (100,283,926 | ) | (11,703,271 | ) | (25,861,027 | ) | ||||||||
Net increase (decrease) | (7,712,010 | ) | (44,845,723 | ) | 23,356,646 | 41,672,944 | ||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | (3,025 | ) | (6,034 | ) | — | — | ||||||||||
Net dividends and distributions – Service Shares | (1,154,122 | ) | (2,455,238 | ) | — | — | ||||||||||
Total dividends and distributions | (1,157,147 | ) | (2,461,272 | ) | — | — | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | (8,033,202 | ) | (44,156,667 | ) | 18,689,675 | 39,885,471 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 55,470,969 | 99,627,636 | 122,577,296 | 82,691,825 | ||||||||||||
End of year | $ | 47,437,767 | $ | 55,470,969 | $ | 141,266,971 | $ | 122,577,296 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 595 | 26,286 | 15,426 | 53,202 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 319 | 624 | — | — | ||||||||||||
Shares redeemed | (19,345 | ) | (8,899 | ) | (34,109 | ) | (82,970 | ) | ||||||||
Net increase (decrease) | (18,431 | ) | 18,011 | (18,683 | ) | (29,768 | ) | |||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 870,521 | 5,422,981 | 4,154,687 | 7,771,183 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 122,236 | 254,168 | — | — | ||||||||||||
Shares redeemed | (1,800,689 | ) | (10,240,226 | ) | (1,386,193 | ) | (2,982,141 | ) | ||||||||
Net increase (decrease) | (807,932 | ) | (4,563,077 | ) | 2,768,494 | 4,789,042 | ||||||||||
1 | Consolidated Statements of Changes in Net Assets (see note 3b). |
* | Total dividends and distributions include net investment income distributions of $6,034 and $2,455,238 for the institutional and service class respectively. End of year Net Assets include accumulated undistributed net investment income of $132,176. |
** | End of year Net Assets include accumulated undistributed net investment loss of $(141,312). |
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Conservative Income Fund1 | Income Fund1 | Growth & Income Fund1 | ||||||||||
April 30, 2018 Ended September 30, 2018 | April 30, 2018 Ended September 30, 2018 | April 30, 2018 Ended September 30, 2018 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 644 | $ | 721 | $ | 1,569 | ||||||
Net realized gain (loss) on investment transactions | 19 | (59 | ) | (45 | ) | |||||||
Net change in unrealized appreciation on investments | 134 | 431 | 3,405 | |||||||||
Net increase in net assets resulting from operations | 797 | 1,093 | 4,929 | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Shares sold | 100,000 | 100,000 | 100,000 | |||||||||
Shares issued to holders in reinvestment of dividends | 604 | 742 | 736 | |||||||||
Shares redeemed | — | — | — | |||||||||
Net increase | 100,604 | 100,742 | 100,736 | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Net dividends and distributions | (604 | ) | (742 | ) | (736 | ) | ||||||
Total dividends and distributions | (604 | ) | (742 | ) | (736 | ) | ||||||
INCREASE IN NET ASSETS | 100,797 | 101,093 | 104,929 | |||||||||
NET ASSETS: | ||||||||||||
Beginning of year | — | — | — | |||||||||
End of year | $ | 100,797 | $ | 101,093 | $ | 104,929 | ||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||
Shares sold | 10,000 | 10,000 | 10,000 | |||||||||
Shares issued to holders in reinvestment of dividends | 60 | 74 | 72 | |||||||||
Shares redeemed | — | — | — | |||||||||
Net increase | 10,060 | 10,074 | 10,072 | |||||||||
1Commencement | of operations. |
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Large Cap Core Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $17.755 | $16.140 | $14.85 | $15.29 | $13.67 | $11.20 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.096 | 1 | 0.157 | 1 | 0.20 | 1 | 0.13 | 1 | 0.14 | 0.09 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 2.077 | 2.280 | 1.62 | (0.06 | )2 | 1.57 | 2.46 | |||||||||||||||||
Total from investment operations | 2.173 | 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 period | $19.928 | $17.755 | $16.14 | $14.85 | $15.29 | $13.67 | ||||||||||||||||||
Total return | 12.24%3 | 15.10% | 12.46% | 0.47% | 12.51% | 22.81% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $706,840 | $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 expense4 | 0.62%5 | 0.65% | 0.66% | 0.80% | 0.87% | 0.90% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.58%5 | 0.60% | 0.59% | 0.76% | 0.85% | 0.89% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.62%5 | 0.65% | 0.66% | 0.80% | 0.87% | 0.90% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.58%5 | 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 | 0.98%5 | 0.91% | 1.23% | 0.79% | 0.88% | 0.63% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.02%5 | 0.96% | 1.30% | 0.83% | 0.90% | 0.64% | ||||||||||||||||||
Portfolio turnover rate | 20.47%3 | 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 period. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | Not Annualized. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
5 | Annualized. |
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Large Cap Core Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | $17.503 | $15.930 | $14.68 | $15.14 | $13.56 | $11.12 | ||||||||||||||||||
Net asset value, beginning of period | ||||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.040 | 1 | 0.074 | 1 | 0.11 | 1 | 0.07 | 1 | 0.05 | — | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 2.044 | 2.241 | 1.59 | (0.08 | )2 | 1.56 | 2.45 | |||||||||||||||||
Total from investment operations | 2.084 | 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 period | $19.587 | $17.503 | $15.93 | $14.68 | $15.14 | $13.56 | ||||||||||||||||||
Total return | 11.91%3 | 14.53% | 11.74% | -0.08% | 11.87% | 22.04% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $342,227,600 | $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 expense4 | 1.20%5 | 1.21% | 1.23% | 1.33% | 1.44% | 1.48% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.16%5 | 1.17% | 1.16% | 1.27% | 1.45% | 1.49% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.20%5 | 1.21% | 1.23% | 1.33% | 1.44% | 1.48% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.16%5 | 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 | 0.39%5 | 0.40% | 0.65% | 0.41% | 0.32% | 0.05% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.43%5 | 0.44% | 0.72% | 0.47% | 0.31% | 0.04% | ||||||||||||||||||
Portfolio turnover rate | 20.47%3 | 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 period. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | Not Annualized. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
5 | Annualized. |
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Emerging Markets Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $16.577 | $13.460 | $11.37 | $12.46 | $11.73 | $9.43 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.162 | 1 | 0.254 | 1 | 0.14 | 1 | 0.16 | 1 | 0.21 | 0.17 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.007 | ) | 3.049 | 2.05 | (1.03 | ) | 0.74 | 2.31 | ||||||||||||||||
Total from investment operations | (1.845 | ) | 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 period | $14.732 | $16.577 | $13.46 | $11.37 | $12.46 | $11.73 | ||||||||||||||||||
Total return | -11.13%3 | 24.52%4 | 19.61% | -6.98% | 8.08% | 26.38% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $9,808 | $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 | 1.05%5 | 1.01% | 1.06% | 0.88% | 0.86% | 0.89% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.04%5 | 1.00% | 1.05% | 0.84% | 0.84% | 0.88% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.05%5 | 1.01% | 1.06% | 0.88% | 0.86% | 0.89% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.04%5 | 1.00% | 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 | 2.08%5 | 2.13% | 1.10% | 1.25% | 1.87% | 1.57% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.09%5 | 2.14% | 1.11% | 1.29% | 1.89% | 1.58% | ||||||||||||||||||
Portfolio turnover rate | 18.59%3 | 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 period. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
3 | Not annualized. |
4 | 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. |
5 | Annualized. |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Emerging Markets Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $17.063 | $13.600 | $11.49 | $12.57 | $11.84 | $9.52 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.118 | 1 | 0.096 | 1 | 0.09 | 1 | 0.06 | 1 | 0.15 | 0.13 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.060 | ) | 3.485 | 2.06 | (0.99 | ) | 0.73 | 2.31 | ||||||||||||||||
Total from investment operations | (1.942 | ) | 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 period | $15.121 | $17.063 | $13.60 | $11.49 | $12.57 | $11.84 | ||||||||||||||||||
Total return | -11.38%2 | 26.37% | 18.78% | -7.38% | 7.46% | 25.63% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $89,827,935 | $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 expense3 | 1.64%4 | 1.58% | 1.64% | 1.52% | 1.43% | 1.46% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.63%4 | 1.57% | 1.63% | 1.48% | 1.41% | 1.45% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.63%4 | 1.58% | 1.64% | 1.52% | 1.43% | 1.46% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.62%4 | 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 | 1.47%4 | 0.61% | 0.73% | 0.44% | 1.30% | 1.01% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.48%4 | 0.62% | 0.74% | 0.48% | 1.32% | 1.02% | ||||||||||||||||||
Portfolio turnover rate | 18.59%2 | 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 period. |
2 | Not annualized. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Annualized. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Small/Mid Cap Core Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $14.908 | $17.860 | $14.96 | $17.31 | $16.61 | $13.45 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.013 | )1 | (0.022 | )1 | 0.04 | 1 | (0.03 | )1 | (0.09 | ) | (0.12 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.798 | 2.259 | 2.91 | (1.90 | ) | 1.91 | 3.28 | |||||||||||||||||
Total from investment operations | 1.785 | 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 period | $16.693 | $14.908 | $17.86 | $14.96 | $17.31 | $16.61 | ||||||||||||||||||
Total return | 11.97%2 | 12.45% | 19.71% | -11.15% | 11.19% | 23.49% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $63,726,237 | $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 expense3 | 1.55%4 | 1.55% | 1.50% | 1.58% | 1.58% | 1.60% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.42%4 | 1.39% | 1.24% | 1.41% | 1.59% | 1.59% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.55%4 | 1.55% | 1.50% | 1.58% | 1.58% | 1.60% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.42%4 | 1.39% | 1.24% | 1.14% | 1.59% | 1.59% | ||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | -0.29%4 | -0.29% | 0.00% | -0.32% | -0.62% | -0.62% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | -0.16%4 | -0.13% | 0.26% | -0.15% | -0.63% | -0.61% | ||||||||||||||||||
Portfolio turnover rate | 22.04%2 | 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 period. |
2 | Not Annualized. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Annualized. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
World ex-US Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.759 | $8.380 | $7.74 | $8.75 | $8.94 | $8.06 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.117 | 1 | 0.243 | 1 | 0.15 | 1 | 0.13 | 1 | 0.25 | 0.11 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.058 | ) | 1.305 | 0.65 | (0.91 | ) | (0.26 | ) | 0.86 | |||||||||||||||
Total from investment operations | 0.059 | 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 period | $9.818 | $9.759 | $8.38 | $7.74 | $8.75 | $8.94 | ||||||||||||||||||
Total return | 0.60%2 | 18.49%5 | 10.48% | -9.00% | -0.10% | 12.09% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $630,020 | $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 expense3 | 0.77%4 | 0.83% | 0.84% | 0.95% | 0.98% | 1.03% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.79%4 | 0.79% | 0.79% | 0.90% | 0.98% | 1.03% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.77%4 | 0.83% | 0.84% | 0.95% | 0.98% | 1.03% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79%4 | 0.79% | 0.79% | 0.90% | 0.98% | 1.03% | ||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.40%4 | 3.01% | 1.83% | 1.54% | 2.68% | 1.44% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.38%4 | 3.05% | 1.88% | 1.59% | 2.68% | 1.44% | ||||||||||||||||||
Portfolio turnover rate | 26.97%2 | 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 period. |
2 | Not Annualized. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Annualized. |
5 | During the period August 3, 2017 through September 5, 2017 there were no Institutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
See notes to financial statements.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
World ex-US Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.507 | $8.260 | $7.66 | $8.70 | $8.89 | $8.05 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.084 | 1 | 0.087 | 1 | 0.11 | 1 | 0.08 | 1 | 0.17 | 0.07 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.054 | ) | 1.296 | 0.63 | (0.91 | ) | (0.23 | ) | 0.85 | |||||||||||||||
Total from investment operations | 0.030 | 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 period | $9.537 | $9.507 | $8.26 | $7.66 | $8.70 | $8.89 | ||||||||||||||||||
Total return | 0.32%2 | 16.76% | 9.85% | -9.59% | -0.68% | 11.47% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $213,092,288 | $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 expense4 | 1.36%3 | 1.38% | 1.42% | 1.52% | 1.55% | 1.60% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.38%3 | 1.39% | 1.39% | 1.52% | 1.59% | 1.59% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.36%3 | 1.38% | 1.42% | 1.52% | 1.55% | 1.60% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.38%3 | 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 | 1.78%3 | 0.95% | 1.36% | 0.92% | 1.96% | 0.94% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.76%3 | 0.94% | 1.39% | 0.92% | 1.92% | 0.95% | ||||||||||||||||||
Portfolio turnover rate | 26.97%2 | 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 period. |
2 | Not Annualized. |
3 | Annualized. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Core Fixed Income Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.131 | $9.320 | $9.54 | $9.69 | $9.39 | $9.88 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.085 | 1 | 0.133 | 1 | 0.12 | 1 | 0.12 | 1 | 0.10 | 0.11 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.109 | ) | (0.098 | ) | (0.11 | ) | (0.03 | ) | 0.33 | (0.25 | ) | |||||||||||||
Total from investment operations | (0.024 | ) | 0.035 | 0.01 | 0.09 | 0.43 | (0.14 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.091 | ) | (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 | (0.091 | ) | (0.224 | ) | (0.23 | ) | (0.24 | ) | (0.13 | ) | (0.35 | ) | ||||||||||||
Net asset value, end of period | $9.016 | $9.131 | $9.32 | $9.54 | $9.69 | $9.39 | ||||||||||||||||||
Total return | -0.26%2 | 0.35% | 0.02% | 1.01% | 4.64% | -1.33% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $135,093,860 | $134,170,830 | $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 expense3 | 1.34%4 | 1.38% | 1.36% | 1.31% | 1.29% | 1.29% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.19%4 | 1.26% | 1.29% | 1.29% | 1.29% | 1.29% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.34%4 | 1.38% | 1.36% | 1.31% | 1.29% | 1.29% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.19%4 | 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 | 1.71%4 | 1.30% | 1.14% | 1.22% | 1.11% | 1.10% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.86%4 | 1.42% | 1.21% | 1.24% | 1.11% | 1.10% | ||||||||||||||||||
Portfolio turnover rate | 105.42%2 | 192.15% | 164.81% | 157.49% | 185.11% | 112.86% |
1 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the period. |
2 | Not annualized. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Annualized. |
See notes to financial statements.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tax-Exempt Fixed Income Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $11.145 | $11.220 | $11.62 | $11.58 | $11.18 | $11.70 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.167 | 1 | 0.321 | 1 | 0.30 | 1 | 0.31 | 1 | 0.32 | 0.34 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.118 | ) | (0.074 | ) | (0.38 | ) | 0.06 | 0.40 | (0.52 | ) | ||||||||||||||
Total from investment operations | 0.049 | 0.247 | (0.08 | ) | 0.37 | 0.72 | (0.18 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.166 | ) | (0.322 | ) | (0.32 | ) | (0.33 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||
Total distributions | (0.166 | ) | (0.322 | ) | (0.32 | ) | (0.33 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||
Net asset value, end of period | $11.028 | $11.145 | $11.22 | $11.62 | $11.58 | $11.18 | ||||||||||||||||||
Total return | 0.44%2 | 2.28% | -0.82% | 3.22% | 6.45% | -1.48% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $26,540,750 | $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 expense3 | 1.54%4 | 1.48% | 1.43% | 1.42% | 1.38% | 1.38% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.29%4 | 1.29% | 1.29% | 1.28% | 1.29% | 1.29% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.54%4 | 1.48% | 1.43% | 1.42% | 1.38% | 1.38% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.29%4 | 1.29% | 1.29% | 1.28% | 1.29% | 1.29% | ||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursement (recapture) | 2.74%4 | 2.64% | 2.43% | 2.53% | 2.64% | 2.90% | ||||||||||||||||||
After expense reimbursement (recapture) | 2.99%4 | 2.83% | 2.57% | 2.67% | 2.73% | 2.99% | ||||||||||||||||||
Portfolio turnover rate | 14.17%2 | 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 period. |
2 | Not annualized. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Annualized. |
See notes to financial statements.
140
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Opportunistic Fixed Income Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $8.835 | $9.460 | $9.05 | $9.53 | $9.94 | $10.27 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.245 | 1 | 0.427 | 1 | 0.46 | 1 | 0.36 | 1 | 0.41 | 0.34 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.303 | ) | (0.250 | ) | 0.30 | (0.76 | ) | (0.32 | ) | (0.37 | ) | |||||||||||||
Total from investment operations | (0.058 | ) | 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 period | $8.777 | $8.835 | $9.46 | $9.05 | $9.53 | $9.94 | ||||||||||||||||||
Total return | -0.66%2 | 1.81% | 8.77% | -4.22% | 0.88% | -0.21% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $412,467 | $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) | 1.25%3 | 1.34% | 1.21% | 1.13% | 1.08% | 1.01% | ||||||||||||||||||
After expense reimbursement (recapture) | 0.95%3 | 0.95% | 0.95% | 0.99% | 1.05% | 1.01% | ||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursement (recapture) | 5.28%3 | 4.16% | 4.78% | 3.71% | 3.84% | 4.10% | ||||||||||||||||||
After expense reimbursement (recapture) | 5.58%3 | 4.55% | 5.04% | 3.85% | 3.87% | 4.10% | ||||||||||||||||||
Portfolio turnover rate | 10.46%2 | 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 period. |
2 | Not Annualized. |
3 | Annualized. |
See notes to financial statements.
141
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Opportunistic Fixed Income Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $8.932 | $9.560 | $9.05 | $9.55 | $9.93 | $10.28 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.207 | 1 | 0.391 | 1 | 0.40 | 1 | 0.30 | 1 | 0.33 | 0.35 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.414 | ) | (0.259 | ) | 0.32 | (0.72 | ) | (0.29 | ) | (0.43 | ) | |||||||||||||
Total from investment operations | (0.207 | ) | 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 period | $8.725 | $8.932 | $9.56 | $9.05 | $9.55 | $9.93 | ||||||||||||||||||
Total return | -2.32%2 | 1.29% | 8.20% | -4.44% | 0.33% | -0.71% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $55,963,106 | $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) | 1.82%3 | 1.90% | 1.78% | 1.68% | 1.66% | 1.59% | ||||||||||||||||||
After expense reimbursement (recapture) | 1.55%3 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% | ||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursement (recapture) | 4.44%3 | 3.87% | 4.17% | 3.08% | 3.28% | 3.51% | ||||||||||||||||||
After expense reimbursement (recapture) | 4.71%3 | 4.22% | 4.40% | 3.21% | 3.39% | 3.55% | ||||||||||||||||||
Portfolio turnover rate | 10.46%2 | 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 period. |
2 | Not Annualized. |
3 | Annualized. |
See notes to financial statements.
142
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth Allocation Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $11.534 | $11.340 | $10.46 | $11.65 | $11.45 | $10.25 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.112 | 1 | 0.236 | 1 | 0.19 | 1 | 0.20 | 1 | 0.16 | (0.03 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | 0.426 | 1.466 | 1.20 | (1.02 | ) | 0.41 | 1.56 | |||||||||||||||||
Total from investment operations | 0.538 | 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 period | $12.072 | $11.534 | $11.34 | $10.46 | $11.65 | $11.45 | ||||||||||||||||||
Total return | 4.66%2 | 14.90% | 13.54% | -7.11% | 5.04% | 15.00% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $6,574,389 | $6,646,937 | $13,176,782 | $10,968,769 | $7,737,997 | $3,534,178 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.38%5 | 0.40% | 0.42% | 0.43% | 0.41% | 0.40% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.34%5 | 0.35% | 0.32% | 0.31% | 0.34% | 0.36% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.38%5 | 0.40% | 0.42% | 0.43% | 0.41% | 0.40% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.34%5 | 0.35% | 0.32% | 0.31% | 0.34% | 0.36% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.85%5 | 1.91% | 1.64% | 1.67% | 1.63% | 1.42% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.89%5 | 1.96% | 1.74% | 1.79% | 1.70% | 1.46% | ||||||||||||||||||
Portfolio turnover rate | 3.95%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
143
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth Allocation Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $11.458 | $11.290 | $10.42 | $11.62 | $11.43 | $10.26 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.078 | 1 | 0.152 | 1 | 0.12 | 1 | 0.13 | 1 | 0.12 | 0.07 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.420 | 1.467 | 1.20 | (1.02 | ) | 0.38 | 1.38 | |||||||||||||||||
Total from investment operations | 0.498 | 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 period | $11.956 | $11.458 | $11.29 | $10.42 | $11.62 | $11.43 | ||||||||||||||||||
Total return | 4.35%2 | 14.22% | 12.91% | -7.67% | 4.47% | 14.20% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $771,449,936 | $611,928,879 | $551,141,139 | $383,423,651 | $259,838,374 | $288,401,436 | ||||||||||||||||||
Ratio of expenses to average net assets4 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.98%3 | 1.00% | 1.01% | 1.02% | 1.00% | 1.00% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.94%3 | 0.95% | 0.92% | 0.91% | 0.95% | 1.00% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.98%3 | 0.99% | 1.01% | 1.02% | 1.00% | 1.00% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.94%3 | 0.94% | 0.92% | 0.91% | 0.95% | 1.00% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.28%3 | 1.22% | 0.99% | 1.05% | 0.94% | 0.61% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.32%3 | 1.27% | 1.08% | 1.16% | 0.99% | 0.61% | ||||||||||||||||||
Portfolio turnover rate | 3.95%2 | 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 period. |
2 | Not Annualized. |
3 | Annualized. |
4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
144
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Allocation Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.538 | $9.100 | $9.51 | $11.26 | $11.39 | $10.43 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.124 | 1 | 0.204 | 1 | 0.19 | 1 | 0.16 | 1 | 0.26 | 0.18 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.088 | 0.442 | 0.35 | (0.89 | ) | 0.41 | 0.98 | |||||||||||||||||
Total from investment operations | 0.212 | 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 period | $9.750 | $9.538 | $9.10 | $9.51 | $11.26 | $11.39 | ||||||||||||||||||
Total return | 2.22%2 | 7.07% | 6.09% | -6.65% | 6.01% | 11.13% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $2,541,073 | $3,140,896 | $4,966,270 | $4,220,428 | $6,173,168 | $2,680,327 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.39%5 | 0.44% | 0.51% | 0.47% | 0.42% | 0.43% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.10%5 | 0.27% | 0.30% | 0.37% | 0.37% | 0.38% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.39%5 | 0.44% | 0.51% | 0.47% | 0.42% | 0.43% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.10%5 | 0.27% | 0.30% | 0.37% | 0.37% | 0.38% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.28%5 | 1.97% | 1.78% | 1.39% | 1.96% | 1.42% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.57%5 | 2.14% | 1.99% | 1.49% | 2.01% | 1.47% | ||||||||||||||||||
Portfolio turnover rate | 8.05%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
145
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Allocation Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.482 | $9.060 | $9.53 | $11.29 | $11.39 | $10.44 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.094 | 1 | 0.143 | 1 | 0.12 | 1 | 0.09 | 1 | 0.15 | 0.08 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.088 | 0.438 | 0.36 | (0.89 | ) | 0.46 | 1.01 | |||||||||||||||||
Total from investment operations | 0.182 | 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 period | $9.664 | $9.482 | $9.06 | $9.53 | $11.29 | $11.39 | ||||||||||||||||||
Total return | 1.92%2 | 6.39% | 5.44% | -7.18% | 5.42% | 10.40% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $321,228,135 | $268,079,977 | $110,985,447 | $51,768,546 | $174,138,417 | $195,498,995 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.99%5 | 1.03% | 1.10% | 1.05% | 1.01% | 1.02% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.70%5 | 0.83% | 0.89% | 0.99% | 1.00% | 1.00% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.99%5 | 1.03% | 1.10% | 1.05% | 1.01% | 1.02% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.70%5 | 0.83% | 0.89% | 0.99% | 1.00% | 1.00% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.67%5 | 1.31% | 1.10% | 0.79% | 1.17% | 0.67% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.96%5 | 1.51% | 1.31% | 0.85% | 1.18% | 0.69% | ||||||||||||||||||
Portfolio turnover rate | 8.05%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
146
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tactical Allocation Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $10.950 | $10.250 | $9.38 | $10.34 | $10.80 | $10.25 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.068 | 1 | 0.142 | 1 | 0.18 | 1 | 0.13 | 1 | 0.17 | 0.07 | ||||||||||||||
Net realized and unrealized gains on investments | 1.209 | 1.078 | 0.81 | (0.97 | ) | 0.21 | 0.75 | |||||||||||||||||
Total from investment operations | 1.277 | 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 period | $12.227 | $10.950 | $10.25 | $9.38 | $10.34 | $10.80 | ||||||||||||||||||
Total return | 11.66%2 | 11.83% | 10.63% | -8.18% | 3.63% | 8.01% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $1,844,882 | $1,681,043 | $3,767,220 | $5,005,303 | $5,977,217 | $1,496,066 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.50%5 | 0.52% | 0.53% | 0.51% | 0.51% | 0.51% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.42%5 | 0.45% | 0.40% | 0.41% | 0.36% | 0.46% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.50%5 | 0.52% | 0.53% | 0.51% | 0.51% | 0.51% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.42%5 | 0.45% | 0.40% | 0.41% | 0.36% | 0.46% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.09%5 | 1.25% | 1.69% | 1.20% | 2.01% | 1.14% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.17%5 | 1.32% | 1.82% | 1.30% | 2.16% | 1.19% | ||||||||||||||||||
Portfolio turnover rate | 93.99%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
147
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tactical Allocation Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $10.907 | $10.150 | $9.32 | $10.32 | $10.79 | $10.27 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.035 | 1 | 0.082 | 1 | 0.11 | 1 | 0.07 | 1 | 0.15 | 0.05 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.201 | 1.054 | 0.82 | (0.97 | ) | 0.17 | 0.70 | |||||||||||||||||
Total from investment operations | 1.236 | 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 period | $12.143 | $10.907 | $10.15 | $9.32 | $10.32 | $10.79 | ||||||||||||||||||
Total return | 11.33%2 | 11.14% | 10.05% | -8.74% | 3.08% | 7.27% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $349,633,944 | $271,460,164 | $304,159,564 | $393,657,458 | $480,492,438 | $377,469,190 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.09%5 | 1.11% | 1.12% | 1.11% | 1.10% | 1.10% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.01%5 | 1.03% | 1.00% | 1.01% | 0.97% | 1.10% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.09%5 | 1.11% | 1.12% | 1.11% | 1.10% | 1.10% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.01%5 | 1.03% | 1.00% | 1.01% | 0.97% | 1.10% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.52%5 | 0.69% | 1.07% | 0.62% | 1.30% | 0.51% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.60%5 | 0.77% | 1.19% | 0.72% | 1.43% | 0.51% | ||||||||||||||||||
Portfolio turnover rate | 93.99%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
* | Amount represents less than $0.01 per share. |
See notes to financial statements.
148
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Absolute Return Allocation Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $10.335 | $10.290 | $9.80 | $10.02 | $10.00 | $10.16 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.168 | 1 | 0.292 | 1 | 0.37 | 1 | 0.26 | 1 | 0.40 | 0.41 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.081 | ) | (0.037 | ) | 0.52 | (0.21 | ) | (0.10 | )2 | (0.31 | ) | |||||||||||||
Total from investment operations | 0.087 | 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 period | $10.422 | $10.335 | $10.29 | $9.80 | $10.02 | $10.00 | ||||||||||||||||||
Total return | 0.84% | 3 | 2.47% | 9.14% | 0.56% | 3.05% | 1.08% | |||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $835,296 | $1,343,813 | $921,609 | $1,107,629 | $2,673,347 | $1,014,889 | ||||||||||||||||||
Ratio of expenses to average net assets4 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.50%6 | 0.53% | 0.58% | 0.53% | 0.51% | 0.51% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.20%6 | 0.37% | 0.50% | 0.39% | 0.34% | 0.36% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.50%6 | 0.53% | 0.58% | 0.53% | 0.51% | 0.51% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.20%6 | 0.37% | 0.50% | 0.39% | 0.34% | 0.36% | ||||||||||||||||||
Ratio of net investment income to average net assets7 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.94%6 | 2.64% | 3.58% | 2.49% | 2.64% | 2.24% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 3.24%6 | 2.80% | 3.66% | 2.63% | 2.81% | 2.39% | ||||||||||||||||||
Portfolio turnover rate | 39.85%3 | 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 period. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
3 | Not Annualized. |
4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
6 | Annualized. |
7 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
149
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Absolute Return Allocation Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $10.348 | $10.320 | $9.81 | $10.04 | $10.01 | $10.17 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.140 | 1 | 0.231 | 1 | 0.30 | 1 | 0.20 | 1 | 0.23 | 0.19 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.083 | ) | (0.036 | ) | 0.53 | (0.22 | ) | 0.02 | (0.15 | ) | ||||||||||||||
Total from investment operations | 0.057 | 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 period | $10.405 | $(10.348 | ) | $10.32 | $9.81 | $10.04 | $10.01 | |||||||||||||||||
Total return | 0.55%2 | 1.88% | 8.54% | -0.19% | 2.47% | 0.43% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $309,973,050 | $267,250,294 | $128,948,108 | $145,830,207 | $366,970,865 | $449,186,398 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.10%5 | 1.12% | 1.18% | 1.13% | 1.11% | 1.10% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.80%5 | 0.96% | 1.10% | 0.99% | 0.93% | 1.00% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.10%5 | 1.12% | 1.18% | 1.13% | 1.11% | 1.10% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.80%5 | 0.96% | 1.10% | 0.99% | 0.93% | 1.00% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.40%5 | 2.04% | 2.91% | 1.92% | 1.92% | 1.64% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.70%5 | 2.20% | 2.99% | 2.06% | 2.10% | 1.74% | ||||||||||||||||||
Portfolio turnover rate | 39.85%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
150
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Multi-Asset Income Allocation Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $10.603 | $10.460 | $9.94 | $10.62 | $10.76 | $10.58 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.191 | 1 | 0.287 | 1 | 0.29 | 1 | 0.34 | 1 | 0.36 | 0.38 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.033 | ) | 0.137 | 0.52 | (0.61 | ) | (0.05 | ) | 0.21 | |||||||||||||||
Total from investment operations | 0.158 | 0.424 | 0.81 | (0.27 | ) | 0.31 | 0.59 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.151 | ) | (0.281 | ) | (0.29 | ) | (0.37 | ) | (0.38 | ) | (0.40 | ) | ||||||||||||
Dividends from net realized gains | — | — | — | (0.04 | ) | (0.07 | ) | (0.01 | ) | |||||||||||||||
Total distributions | (0.151 | ) | (0.281 | ) | (0.29 | ) | (0.41 | ) | (0.45 | ) | (0.41 | ) | ||||||||||||
Net asset value, end of period | $10.610 | $10.603 | $10.46 | $9.94 | $10.62 | $10.76 | ||||||||||||||||||
Total return | 1.49%2 | 4.05% | 8.24% | -2.49% | 3.01% | 5.63% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $128,041,809 | $119,091,615 | $119,817,129 | $106,901,424 | $140,497,937 | $115,477,776 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.14%5 | 1.13% | 1.17% | 1.17% | 1.14% | 1.18% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.78%5 | 0.98% | 0.97% | 0.96% | 0.88% | 0.88% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.14%5 | 1.13% | 1.17% | 1.17% | 1.14% | 1.18% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.78%5 | 0.98% | 0.97% | 0.96% | 0.88% | 0.88% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 3.22%5 | 2.52% | 2.66% | 3.15% | 3.23% | 3.66% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 3.58%5 | 2.67% | 2.86% | 3.36% | 3.49% | 3.96% | ||||||||||||||||||
Portfolio turnover rate | 17.13%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
151
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Flexible Income Allocation Fund | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.577 | $9.670 | $9.62 | $9.76 | $9.65 | $10.00 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.215 | 1 | 0.543 | 1 | 0.24 | 1 | 0.18 | 1 | 0.25 | 0.19 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.007 | ) | (0.158 | )7 | 0.07 | (0.11 | ) | 0.11 | (0.27 | ) | ||||||||||||||
Total from investment operations | 0.208 | 0.385 | 0.31 | 0.07 | 0.36 | (0.08 | ) | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.242 | ) | (0.478 | ) | (0.26 | ) | (0.21 | ) | (0.25 | ) | (0.24 | ) | ||||||||||||
Dividends from net realized gains | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions | (0.242 | ) | (0.478 | ) | (0.26 | ) | (0.21 | ) | (0.25 | ) | (0.27 | ) | ||||||||||||
Net asset value, end of period | $9.543 | $9.577 | $9.67 | $9.62 | $9.76 | $9.65 | ||||||||||||||||||
Total return | 2.20%2 | 3.99% | 3.23% | 0.70% | 3.75% | -0.83% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $47,811 | $224,505 | $52,492 | $49,872 | $2,257,327 | $960,185 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.57%5 | 0.52% | 0.50% | 0.44% | 0.42% | 0.41% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.15%5 | 0.27% | 0.37% | 0.36% | 0.31% | 0.32% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.57%5 | 0.52% | 0.50% | 0.44% | 0.42% | 0.41% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.15%5 | 0.27% | 0.37% | 0.36% | 0.31% | 0.32% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 4.06%5 | 5.27% | 2.32% | 1.76% | 2.66% | 1.98% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 4.48%5 | 5.52% | 2.45% | 1.84% | 2.77% | 2.07% | ||||||||||||||||||
Portfolio turnover rate | 76.42%2 | 232.11% | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
7 | Realized and unrealized gains and losses per 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.
152
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Flexible Income Allocation Fund | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||
Period Ended September 30, 2018 | 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 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||||||||||||||||||||||
Net asset value, beginning of period | $9.525 | $9.610 | $9.55 | $9.77 | $9.64 | $9.98 | ||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.184 | 1 | 0.340 | 1 | 0.18 | 1 | 0.14 | 1 | 0.19 | 0.15 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.003 | ) | (0.018 | )7 | 0.08 | (0.21 | ) | 0.13 | (0.30 | ) | ||||||||||||||
Total from investment operations | 0.181 | 0.322 | 0.26 | (0.07 | ) | 0.32 | (0.15 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.213 | ) | (0.407 | ) | (0.20 | ) | (0.15 | ) | (0.19 | ) | (0.16 | ) | ||||||||||||
Dividends from net realized gains | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions | (0.213 | ) | (0.407 | ) | (0.20 | ) | (0.15 | ) | (0.19 | ) | (0.19 | ) | ||||||||||||
Net asset value, end of period | $9.493 | $9.525 | $9.61 | $9.55 | $9.77 | $9.64 | ||||||||||||||||||
Total return | 1.92%2 | 3.35% | 2.73% | -0.75% | 3.32% | -1.47% | ||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $47,389,956 | $55,246,464 | $99,575,144 | $114,740,157 | $143,904,504 | $213,499,393 | ||||||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 1.19%5 | 1.12% | 1.09% | 1.04% | 1.02% | 1.01% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.76%5 | 0.93% | 0.91% | 0.93% | 0.92% | 0.92% | ||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.18%5 | 1.12% | 1.09% | 1.04% | 1.02% | 1.01% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.75%5 | 0.93% | 0.91% | 0.93% | 0.92% | 0.92% | ||||||||||||||||||
Ratio of net investment income to average net assets6 | ||||||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 3.42%5 | 3.30% | 1.72% | 1.32% | 1.72% | 1.40% | ||||||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 3.85%5 | 3.49% | 1.90% | 1.43% | 1.82% | 1.49% | ||||||||||||||||||
Portfolio turnover rate | 76.42%2 | 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 period. |
2 | Not Annualized. |
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 | Annualized. |
6 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
7 | Realized and unrealized gains and losses per 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.
153
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Managed Futures Strategy Fund (Consolidated) | ||||||||||||||||
Institutional | ||||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | January 19, 20161 Through March 31, 2016 | |||||||||||||
(Unaudited) | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||
Net asset value, beginning of year | $8.665 | $8.700 | $9.75 | $10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||
Net investment gain (loss) | 0.033 | 2 | (0.002 | )2 | (0.06 | )2 | (0.02 | )2 | ||||||||
Net realized and unrealized losses on investments | (0.292 | ) | (0.033 | ) | (0.83 | ) | (0.23 | ) | ||||||||
Total from investment operations | (0.259 | ) | (0.035 | ) | (0.89 | ) | (0.25 | ) | ||||||||
Less distributions: | ||||||||||||||||
Dividends from net investment income | — | — | — | — | ||||||||||||
Dividends from net realized gains | — | — | (0.16 | ) | — | |||||||||||
Total distributions | — | — | (0.16 | ) | — | |||||||||||
Net asset value, end of year | $8.406 | $8.665 | $8.70 | $9.75 | ||||||||||||
Total return | -2.99%3 | -0.40% | -9.17% | -2.50%3 | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of year | $1,021,392 | $1,215,018 | $1,478,880 | $4,338,706 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||
Before expense reimbursement (recapture) and fees waived including interest expense5 | 1.27%4 | 1.38% | 1.37% | 1.61%4 | ||||||||||||
After expense reimbursement (recapture) and fees waived including interest expense5 | 1.30%4 | 1.34% | 1.34% | 1.30%4 | ||||||||||||
Before expense reimbursement (recapture) and fees waived excluding interest expense | 1.27%4 | 1.34% | 1.33% | 1.61%4 | ||||||||||||
After expense reimbursement (recapture) and fees waived excluding interest expense | 1.30%4 | 1.30% | 1.30% | 1.30%4 | ||||||||||||
Ratio of net investment gain (loss) to average net assets | ||||||||||||||||
Before expense reimbursement (recapture) and fees waived | 0.81%4 | -0.07% | -0.69% | -1.12%4 | ||||||||||||
After expense reimbursement (recapture) and fees waived | 0.78%4 | -0.03% | -0.66% | -0.81%4 | ||||||||||||
Portfolio turnover rate | 0.00%3 | 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.
154
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Managed Futures Strategy Fund (Consolidated) | ||||||||||||||||
Service | ||||||||||||||||
Period Ended September 30, 2018 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | January 19, 20161 Through March 31, 2016 | |||||||||||||
(Unaudited) | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||
Net asset value, beginning of year | $8.552 | $8.640 | $9.73 | $10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||
Net investment gain (loss) | 0.007 | 2 | (0.050 | )2 | (0.11 | )2 | (0.03 | )2 | ||||||||
Net realized and unrealized losses on investments | (0.287 | ) | (0.038 | ) | (0.82 | ) | (0.24 | ) | ||||||||
Total from investment operations | (0.280 | ) | (0.088 | ) | (0.93 | ) | (0.27 | ) | ||||||||
Less distributions: | ||||||||||||||||
Dividends from net investment income | — | — | — | — | ||||||||||||
Dividends from net realized gains | — | — | (0.16 | ) | — | |||||||||||
Total distributions | — | — | (0.16 | ) | — | |||||||||||
Net asset value, end of year | $8.272 | $8.552 | $8.64 | $9.73 | ||||||||||||
Total return | -3.26%3 | -0.92% | -9.70% | -2.70%3 | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of year | $140,245,579 | $121,362,278 | $81,212,945 | $183,020,093 | ||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||
Before expense reimbursement (recapture) and fees waived including interest expense5 | 1.86%4 | 1.97% | 1.97% | 2.20%4 | ||||||||||||
After expense reimbursement (recapture) and fees waived including interest expense5 | 1.90%4 | 1.94% | 1.94% | 1.90%4 | ||||||||||||
Before expense reimbursement (recapture) and fees waived excluding interest expense | 1.86%4 | 1.93% | 1.93% | 2.20%4 | ||||||||||||
After expense reimbursement (recapture) and fees waived excluding interest expense | 1.90%4 | 1.90% | 1.90% | 1.90%4 | ||||||||||||
Ratio of net investment gain (loss) to average net assets | ||||||||||||||||
Before expense reimbursement (recapture) and fees waived | 0.23%4 | -0.61% | -1.27% | -1.71%4 | ||||||||||||
After expense reimbursement (recapture) and fees waived | 0.19%4 | -0.58% | -1.24% | -1.41%4 | ||||||||||||
Portfolio turnover rate | 0.00%3 | 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.
155
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Income Fund | ||||
April 30, 20181 Through September 30, 2018 | ||||
(Unaudited) | ||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||
Net asset value, beginning of period | $10.000 | |||
Income from investment operations: | ||||
Net investment income | 0.065 | 2 | ||
Net realized and unrealized gains (losses) on investments | 0.032 | |||
Total from investment operations | 0.097 | |||
Less distributions: | ||||
Dividends from net investment income | (0.078 | ) | ||
Total distributions | (0.078 | ) | ||
Net asset value, end of period | $10.019 | |||
Total return | 0.79%3 | |||
Supplemental data and ratios: | ||||
Net assets, end of period | $100,797 | |||
Ratio of expenses to average net assets4 | ||||
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | 27.79%6 | |||
After expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.64%6 | |||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 27.79%6 | |||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.64%6 | |||
Ratio of net investment income to average net assets7 | ||||
Before expense reimbursement (recapture) and fees waived | (25.61)%6 | |||
After expense reimbursement (recapture) and fees waived | 1.54%6 | |||
Portfolio turnover rate | 106.86%3 |
1 | Commencement of operations. |
2 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the period. |
3 | Not Annualized. |
4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
6 | Annualized. |
7 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
156
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Income Fund | ||||
April 30, 20181 Through September 30, 2018 | ||||
(Unaudited) | ||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||
Net asset value, beginning of period | $10.000 | |||
Income from investment operations: | ||||
Net investment income | 0.073 | 2 | ||
Net realized and unrealized gains (losses) on investments | 0.060 | |||
Total from investment operations | 0.133 | |||
Less distributions: | ||||
Dividends from net investment income | (0.098 | ) | ||
Total distributions | (0.098 | ) | ||
Net asset value, end of period | $10.035 | |||
Total return | 1.09%3 | |||
Supplemental data and ratios: | ||||
Net assets, end of period | $101,093 | |||
Ratio of expenses to average net assets4 | ||||
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | 30.00%6 | |||
After expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.79%6 | |||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 30.00%6 | |||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79%6 | |||
Ratio of net investment income to average net assets7 | ||||
Before expense reimbursement (recapture) and fees waived | (27.49)%6 | |||
After expense reimbursement (recapture) and fees waived | 1.72%6 | |||
Portfolio turnover rate | 115.43%3 |
1 | Commencement of operations. |
2 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the period. |
3 | Not Annualized. |
4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
6 | Annualized. |
7 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
157
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth & Income Fund | ||||
April 30, 20181 Through September 30, 2018 | ||||
(Unaudited) | ||||
Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows: | ||||
Net asset value, beginning of period | $10.000 | |||
Income from investment operations: | ||||
Net investment income | 0.157 | 2 | ||
Net realized and unrealized gains (losses) on investments | 0.414 | |||
Total from investment operations | 0.571 | |||
Less distributions: | ||||
Dividends from net investment income | (0.153 | ) | ||
Total distributions | (0.153 | ) | ||
Net asset value, end of period | $10.418 | |||
Total return | 4.93%3 | |||
Supplemental data and ratios: | ||||
Net assets, end of period | $104,929 | |||
Ratio of expenses to average net assets4 | ||||
Before expense reimbursement (recapture) and securities lending credit including interest expense5 | 27.18%6 | |||
After expense reimbursement (recapture) and securities lending credit including interest expense5 | 0.79%6 | |||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 27.18%6 | |||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79%6 | |||
Ratio of net investment income to average net assets7 | ||||
Before expense reimbursement (recapture) and fees waived | (22.73)%6 | |||
After expense reimbursement (recapture) and fees waived | 3.66%6 | |||
Portfolio turnover rate | 170.94%3 |
1 | Commencement of operations. |
2 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the period. |
3 | Not Annualized. |
4 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
6 | Annualized. |
7 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
158
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)
September 30, 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 11 funds: GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund, GuidePath® Managed Futures Strategy Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund (collectively, the “Funds”). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The GuideMark® Opportunistic Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuideMark® Opportunistic Fixed Income Fund commenced operations on April 1, 2011. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the Statement of Changes in Net Assets. The GuidePath® Conservative Income Fund, GuidePath® Income Fund, and GuidePath® Growth and Income Fund are only offered with a single share class. 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, GuidePath® Flexible Income
Allocation Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund each operate as a “Fund of Funds,” investing primarily in registered 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.
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GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current day prices and transaction prices. When the comparison results exceed pre-defined thresholds, the Advisor challenges the prices exceeding tolerance levels with the pricing service or broker. Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the applicable Fund’s Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the applicable Board of Trustees (the “Board”).
The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
During the period, certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.
Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, convertible obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts and swaps.
Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.
Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.
Forward currency contracts and swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.
Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities.
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.
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GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2018:
GuideMark® Large Cap Core Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 323,819,065 | $ | — | $ | — | $ | 323,819,065 | ||||||||
Investment Companies | 11,343,483 | — | — | 11,343,483 | ||||||||||||
Real Estate Investment Trusts | 4,647,923 | — | — | 4,647,923 | ||||||||||||
Short Term Investments | 2,711,211 | — | — | 2,711,211 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 14,679,865 | ||||||||||||
Total Investments in Securities | $ | 342,521,682 | $ | — | $ | — | $ | 357,201,547 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuideMark® Emerging Markets Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 3,047,540 | $ | 3,477,870 | $ | — | $ | 6,525,410 | ||||||||
Consumer Discretionary | 4,641,834 | 6,020,542 | — | 10,662,376 | ||||||||||||
Consumer Staples | 2,455,081 | 4,937,870 | — | 7,392,951 | ||||||||||||
Energy | 2,181,635 | 4,260,846 | — | 6,442,481 | ||||||||||||
Financials | 2,793,648 | 11,943,208 | — | 14,736,856 | ||||||||||||
Health Care | 151,303 | 3,007,311 | — | 3,158,614 | ||||||||||||
Industrials | 436,124 | 3,842,565 | — | 4,278,689 | ||||||||||||
Information Technology | 255,264 | 14,979,128 | — | 15,234,392 | ||||||||||||
Materials | 1,627,927 | 3,528,990 | — | 5,156,917 | ||||||||||||
Real Estate | 143,083 | 692,980 | — | 836,063 | ||||||||||||
Utilities | 266,175 | 1,323,886 | — | 1,590,061 | ||||||||||||
Total Common Stocks | 17,999,614 | 58,015,196 | — | 76,014,810 | ||||||||||||
Investment Companies | 10,708,109 | — | — | 10,708,109 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer Staples | 97,888 | 345,254 | — | 443,142 | ||||||||||||
Energy | 509,607 | — | — | 509,607 | ||||||||||||
Financials | 1,053,429 | — | — | 1,053,429 | ||||||||||||
Information Technology | — | 498,750 | — | 498,750 | ||||||||||||
Materials | 126,505 | — | 126,505 | |||||||||||||
Utilities | 153,393 | — | — | 153,393 | ||||||||||||
Total Preferred Stocks | 1,940,822 | 844,004 | — | 2,784,826 | ||||||||||||
Short Term Investments | 49,134 | — | — | 49,134 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 1,420,509 | ||||||||||||
Total Investments in Securities | $ | 30,697,679 | $ | 58,859,200 | $ | — | $ | 90,977,388 | ||||||||
* | 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.
161
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
GuideMark® Small/Mid Cap Core Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stock | $ | 57,617,616 | $ | — | $ | 0 | $ | 57,617,616 | ||||||||
Investment Companies | 2,293,485 | — | — | 2,293,485 | ||||||||||||
Real Estate Investment Trusts | 3,414,952 | — | — | 3,414,952 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Short Term Investments | 298,672 | — | — | 298,672 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 3,287,009 | ||||||||||||
Total Investments in Securities | $ | 63,624,725 | $ | — | $ | — | $ | 66,911,734 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Common Stocks | Rights | ||||||
Balance as of April 1, 2018 | $ | 0 | $ | 0 | ||||
Purchases | — | — | ||||||
Sales proceeds and paydowns | — | — | ||||||
Accreted discounts, net | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | — | ||||||
Transfers into/(out of) Level 3 | — | — | ||||||
Balance as of September 30, 2018 | $ | 0 | $ | 0 | ||||
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2018. | $ | — | $ | — | ||||
GuideMark® World ex-US Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | — | $ | 7,308,163 | $ | — | $ | 7,308,163 | ||||||||
Consumer Discretionary | 2,529,384 | 30,660,196 | — | 33,189,580 | ||||||||||||
Consumer Staples | 1,873,543 | 25,555,988 | — | 27,429,531 | ||||||||||||
Energy | 1,450,407 | 9,155,971 | — | 10,606,378 | ||||||||||||
Financials | 6,524,504 | 30,053,845 | — | 36,578,349 | ||||||||||||
Health Care | 1,729,922 | 20,336,032 | 134 | 22,066,088 | ||||||||||||
Industrials | 2,585,290 | 24,989,025 | — | 27,574,315 | ||||||||||||
Information Technology | 1,695,155 | 14,492,157 | — | 16,187,312 | ||||||||||||
Materials | 1,282,933 | 13,241,536 | — | 14,524,469 | ||||||||||||
Real Estate | — | 2,503,790 | — | 2,503,790 | ||||||||||||
Utilities | — | 4,198,775 | — | 4,198,775 | ||||||||||||
Total Common Stocks | 19,671,138 | 182,495,478 | 134 | 202,166,750 | ||||||||||||
Investment Companies | 6,531,031 | — | — | 6,531,031 | ||||||||||||
Participatory Notes | — | 248,842 | — | 248,842 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer Discretionary | — | 283,678 | — | 283,678 | ||||||||||||
Health Care | — | 189,322 | — | 189,322 | ||||||||||||
Materials | — | 336,380 | — | 336,380 | ||||||||||||
Total Preferred Stocks | — | 809,380 | — | 809,380 | ||||||||||||
Real Estate Investment Trusts | 164,955 | 774,616 | — | 939,571 | ||||||||||||
Rights | 0 | — | — | 0 | ||||||||||||
Short Term Investments | 937,164 | — | — | 937,164 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 2,398,152 | ||||||||||||
Total Investments in Securities | $ | 27,304,288 | $ | 184,328,316 | $ | 134 | $ | 214,030,890 | ||||||||
162
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Common Stocks | |||
Balance as of April 1, 2018 | $ | — | ||
Purchases | 0 | |||
Sales proceeds and paydowns | — | |||
Accreted discounts, net | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | 134 | |||
Transfers into/(out of) Level 3 | — | |||
Balance as of September 30, 2018 | $ | 134 | ||
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2018 | $ | 134 | ||
GuideMark® Core Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 25,564,958 | $ | — | $ | 25,564,958 | ||||||||
Collateralized Mortgage Obligations | — | 14,758,751 | — | 14,758,751 | ||||||||||||
Corporate Obligations | — | 40,833,066 | — | 40,833,066 | ||||||||||||
Foreign Government Debt Obligations | — | 918,773 | — | 918,773 | ||||||||||||
Mortgage Backed Securities – U.S. Government Agency | — | 47,768,086 | 99,563 | 47,867,649 | ||||||||||||
Municipal Debt Obligations | — | 321,200 | — | 321,200 | ||||||||||||
U.S. Treasury Obligations | — | 23,322,113 | — | 23,322,113 | ||||||||||||
Total Fixed Income | — | 153,486,947 | 99,563 | 153,586,510 | ||||||||||||
Swaptions | — | 59,210 | — | 59,210 | ||||||||||||
Short Term Investments | 3,487,547 | — | — | 3,487,547 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 1,110,200 | ||||||||||||
Total Investments in Securities | $ | 3,487,547 | $ | 153,546,157 | $ | 99,563 | $ | 158,243,467 | ||||||||
Other Financial Instruments** | ||||||||||||||||
Futures | $ | (81,845 | ) | $ | — | $ | — | $ | (81,845 | ) | ||||||
Swaps | — | 597,067 | — | 597,067 |
* | 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. |
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Mortgage Backed Securities – U.S. Government Agency | |||
Balance as of April 1, 2018 | $ | — | ||
Purchases | 99,563 | |||
Sales proceeds and paydowns | — | |||
Accreted discounts, net | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Transfers into/(out of) Level 3 | — | |||
Balance as of September 30, 2018 | $ | 99,563 | ||
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2018 | $ | — | ||
163
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
GuideMark® Tax-Exempt Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Debt Obligations | $ | — | $ | 26,199,863 | $ | — | $ | 26,199,863 | ||||||||
Short Term Investments | 50,907 | — | — | 50,907 | ||||||||||||
Total Investments in Securities | $ | 50,907 | $ | 26,199,863 | $ | — | $ | 26,250,770 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments.
GuideMark® Opportunistic Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stock | $ | — | $ | 4,196 | $ | 0 | $ | 4,196 | ||||||||
Preferred Stock | — | 9,081 | — | 9,081 | ||||||||||||
Total Equity | — | 13,277 | — | 13,277 | ||||||||||||
Fixed Income | ||||||||||||||||
Collateralized Mortgage Obligations | — | 9,049,429 | — | 9,049,429 | ||||||||||||
Convertible Obligations | — | 780,000 | — | 780,000 | ||||||||||||
Corporate Obligations | — | 64,185 | — | 64,185 | ||||||||||||
Foreign Government Obligations | — | 18,506,815 | — | 18,506,815 | ||||||||||||
Mortgage Backed Securities – U.S. Government Agency | — | 9,526,867 | — | 9,526,867 | ||||||||||||
Total Fixed Income | — | 37,927,296 | — | 37,927,296 | ||||||||||||
Warrants | — | — | 0 | 0 | ||||||||||||
Short Term Investments | 5,614,949 | 10,770,273 | — | 16,385,222 | ||||||||||||
Total Investments in Securities | $ | 5,614,949 | $ | 48,710,846 | $ | 0 | $ | 54,325,795 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 709,871 | $ | — | $ | 709,871 | ||||||||
Swaps | — | (335,846 | ) | — | (335,846 | ) |
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts and swaps. Forward currency contracts and swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Common Stocks | Warrants | ||||||
Balance as of April 1, 2018 | $ | 0 | $ | 0 | ||||
Purchases | — | — | ||||||
Sales proceeds and paydowns | — | — | ||||||
Accreted discounts, net | — | — | ||||||
Amortization, net | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | — | ||||||
Transfers into/(out of) Level 3 | — | — | ||||||
Balance as of September 30, 2018 | $ | 0 | $ | 0 | ||||
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2018. | $ | — | $ | — | ||||
GuidePath® Growth Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 767,567,561 | $ | — | $ | — | $ | 767,567,561 | ||||||||
Short Term Investments | 10,465,788 | — | — | 10,465,788 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 243,463,154 | ||||||||||||
Total Investments in Securities | $ | 778,033,349 | $ | — | $ | — | $ | 1,021,496,503 | ||||||||
* | 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. |
164
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Conservative Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 319,857,560 | $ | — | $ | — | $ | 319,857,560 | ||||||||
Short Term Investments | 3,994,551 | — | — | 3,994,551 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 89,536,755 | ||||||||||||
Total Investments in Securities | $ | 323,852,111 | $ | — | $ | — | $ | 413,388,866 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Tactical Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 346,904,176 | $ | — | $ | — | $ | 346,904,176 | ||||||||
Short Term Investments | 4,149,221 | — | — | 4,149,221 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 64,496,463 | ||||||||||||
Total Investments in Securities | $ | 351,053,397 | $ | — | $ | — | $ | 415,549,860 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Absolute Return Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 307,936,478 | $ | — | $ | — | $ | 307,936,478 | ||||||||
Short Term Investments | 2,932,840 | — | — | 2,932,840 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 41,058,857 | ||||||||||||
Total Investments in Securities | $ | 310,869,318 | $ | — | $ | — | $ | 351,928,175 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Multi-Asset Income Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 126,348,499 | $ | — | $ | — | $ | 126,348,499 | ||||||||
Short Term Investments | 1,586,508 | — | — | 1,586,508 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 14,614,425 | ||||||||||||
Total Investments in Securities | $ | 127,935,007 | $ | — | $ | — | $ | 142,549,432 | ||||||||
* | 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.
165
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
GuidePath® Flexible Income Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 47,016,908 | $ | — | $ | — | $ | 47,016,908 | ||||||||
Short Term Investments | 444,228 | — | — | 444,228 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 15,999,467 | ||||||||||||
Total Investments in Securities | $ | 47,461,136 | $ | — | $ | — | $ | 63,460,603 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Managed Futures Strategy Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short Term Investments | $ | 6,831,370 | $ | 130,412,358 | $ | — | $ | 137,243,728 | ||||||||
Total Investments in Securities | $ | 6,831,370 | $ | 130,412,358 | $ | — | $ | 137,243,728 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Futures | $ | 3,795,029 | $ | — | $ | — | $ | 3,795,029 |
*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. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Conservative Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 51,202 | $ | — | $ | — | $ | 51,202 | ||||||||
Short Term Investments | 56,882 | — | — | 56,882 | ||||||||||||
Total Investments in Securities | $ | 108,084 | $ | — | $ | — | $ | 108,084 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 108,039 | $ | — | $ | — | $ | 108,039 | ||||||||
Short Term Investments | 7,211 | — | — | 7,211 | ||||||||||||
Total Investments in Securities | $ | 115,250 | $ | — | $ | — | $ | 115,250 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Growth & Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 107,729 | $ | — | $ | — | $ | 107,729 | ||||||||
Short Term Investments | 4,007 | — | — | 4,007 | ||||||||||||
Total Investments in Securities | $ | 111,736 | $ | — | $ | — | $ | 111,736 | ||||||||
For further information regarding security characteristics, see the Schedule of Investments.
(b) | Consolidation of Subsidiary |
The GuidePath® Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath Managed Futures Strategy Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath® Managed Futures Strategy Fund. The financial statements of the GuidePath® Managed Futures Strategy Fund include the operations of the
Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The GuidePath® Managed Futures Strategy Fund had 5.42% of its total assets invested in the Subsidiary as of September 30, 2018.
166
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 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). 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.
167
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
(k) | Distributions to Shareholders |
The Funds, with the exception of the Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Allocation Fund, Flexible Income Allocation Fund, Conservative Income Fund, Income Fund and Growth and Income Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund will distribute any net investment income quarterly. The Conservative Income Fund, Income Fund and Growth and Income Fund will distribute any net investment income monthly. All of the Funds will generally distribute any net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.
(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 futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.
Futures contracts are valued at the daily quoted settlement prices.
Swaps
The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.
Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.
Derivative Instruments and Hedging Activities
Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
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September 30, 2018
In general, the use of derivatives may increase the risk within the Funds. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.
GuideMark® Core Fixed Income Fund
During the period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX), 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 September 30, 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 | $ | 3,045 | Depreciation on swap agreements | $ | — | ||||||
Interest Rate Contracts – Swaps | Appreciation on swap agreements | 594,022 | Depreciation on swap agreements | — | ||||||||
Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts** | 46,778 | Unrealized depreciation on futures contracts** | 128,623 | ||||||||
Total | $ | 643,845 | $ | 128,623 |
* | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
** | Included in total distributable loss on the Statement of Assets and Liabilities. |
The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2018 | ||||||||||||||||
Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||||||
Futures Contracts | Swaps | Purchased Options* | Total | |||||||||||||
Credit Contracts | $ | — | $ | (10,434 | ) | $ | — | $ | (10,434 | ) | ||||||
Interest Rate Contracts | 18,695 | 49,964 | 8,260 | 76,919 | ||||||||||||
Total | $ | 18,695 | $ | 39,530 | $ | 8,260 | $ | 66,485 |
* | 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 | $ | — | $ | 1,082 | $ | — | $ | 1,082 | ||||||||
Interest Rate Contracts | (90,734 | ) | 318,422 | 16,438 | 244,126 | |||||||||||
Total | $ | (90,734 | ) | $ | 319,504 | $ | 16,438 | $ | 245,208 |
* | 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.
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September 30, 2018
The Fund used currency forwards during the period for the purpose of hedging exposures within the Fund to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In general, the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.
Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 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 | $ | 187,838 | Depreciation on swap agreements | $ | 523,684 | ||||||
Foreign Exchange Contracts – Forward Currency Contracts | Appreciation of forward currency contracts | 741,347 | Depreciation of forward currency contracts | 31,476 | ||||||||
Total | $ | 929,185 | $ | 555,160 |
The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2018 | ||||||||||||
Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||
Forward Currency Contracts | Swaps | Total | ||||||||||
Foreign Exchange Contracts | $ | 913,374 | $ | — | $ | 913,374 | ||||||
Interest Rate Contracts | — | (41,584 | ) | (41,584 | ) | |||||||
Total | $ | 913,374 | $ | (41,584 | ) | $ | 871,790 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||
Forward Currency Contracts | Swaps | Total | ||||||||||
Foreign Exchange Contracts | $ | 950,757 | $ | — | $ | 950,757 | ||||||
Interest Rate Contracts | — | 393,454 | 393,454 | |||||||||
Total | $ | 950,757 | $ | 393,454 | $ | 1,344,211 |
GuidePath® Managed Futures Strategy Fund
The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the period ended September 30, 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 September 30, 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** | $ | 3,090,657 | Unrealized depreciation on futures contracts** | $ | 760,701 | ||||||
Equity Contracts – Futures* | Unrealized appreciation on futures contracts** | 2,145,820 | Unrealized depreciation on futures contracts** | 385,037 | ||||||||
Foreign Exchange Contracts – Futures* | Unrealized appreciation on futures contracts** | 758,833 | Unrealized depreciation on futures contracts** | 1,177,842 | ||||||||
Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts** | 891,276 | Unrealized depreciation on futures contracts** | 767,977 | ||||||||
Total | $ | 6,886,586 | $ | 3,091,557 |
* | Includes cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
** | Included in total distributable loss on the Statement of Assets and Liabilities. |
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September 30, 2018
The Effect of Derivative Instruments on the Statement of Operations for the period ended September 30, 2018 | ||||
Amount of Realized Gain (Loss) on Derivatives | ||||
Futures Contracts | ||||
Commodity Contracts | $ | 224,313 | ||
Equity Contracts | (1,787,512 | ) | ||
Foreign Exchange Contracts | (2,425,448 | ) | ||
Interest Rate Contracts | (3,789,524 | ) | ||
Total | $ | (7,778,171 | ) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||
Futures Contracts | ||||
Commodity Contracts | $ | 1,574,869 | ||
Equity Contracts | 2,756,516 | |||
Foreign Exchange Contracts | (62,368 | ) | ||
Interest Rate Contracts | (1,165,113 | ) | ||
Total | $ | 3,103,904 |
The average monthly value outstanding of purchased and written options during the period ended September 30, 2018 were as follows:
GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | ||||||||||
Purchased Options | $ | 78,924 | $ | — | $ | — | ||||||
Written Options | $ | — | $ | — | $ | — |
Volume Disclosures
The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2018 were as follows:
Long Positions | GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | |||||||||
Futures | $ | 23,842,660 | $ | — | $ | 400,810,759 | ||||||
Forwards | $ | — | $ | 25,682,131 | $ | — | ||||||
Swaps | $ | 12,531,429 | $ | 6,820,000 | $ | — | ||||||
Short Positions | GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | |||||||||
Futures | $ | (9,271,710 | ) | $ | — | $ | (478,619,842 | ) | ||||
Forwards | $ | — | $ | (646,376 | ) | $ | — | |||||
Cross Currency | GuideMark® Core Fixed Income Fund | GuideMark® Opportunistic Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | |||||||||
Forwards | $ | — | $ | 5,157,621 | $ | — |
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.
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September 30, 2018
Offsetting Assets and Liabilities
GuideMark® Core Fixed Income Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of September 30, 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 | $ | 7,109 | $ | (5,157 | ) | $ | 1,952 | $ | — | $ | — | $ | 1,952 | |||||||||||
Swaps | ||||||||||||||||||||||||
Morgan Stanley | 597,067 | — | 597,067 | — | — | 597,067 | ||||||||||||||||||
$ | 604,176 | $ | (5,157 | ) | $ | 599,019 | $ | — | $ | — | $ | 599,019 | ||||||||||||
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 | $ | 5,157 | $ | (5,157 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Swaps | ||||||||||||||||||||||||
Morgan Stanley | — | — | — | — | — | — | ||||||||||||||||||
$ | 5,157 | $ | (5,157 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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.
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September 30, 2018
The table below, as of September 30, 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 | $ | 9,556 | $ | — | $ | 9,556 | $ | (4,878 | ) | $ | — | $ | 4,678 | |||||||||||
Barclays | 695 | — | 695 | — | — | 695 | ||||||||||||||||||
BNP Paribas | 27,486 | — | 27,486 | — | — | 27,486 | ||||||||||||||||||
Citibank | 312,515 | — | 312,515 | (9,432 | ) | — | 303,083 | |||||||||||||||||
Deutsche Bank | 130,915 | — | 130,915 | (839 | ) | — | 130,076 | |||||||||||||||||
HSBC | 49,188 | — | 49,188 | — | — | 49,188 | ||||||||||||||||||
JP Morgan Chase | 207,712 | — | 207,712 | (16,076 | ) | — | 191,636 | |||||||||||||||||
Morgan Stanley | 367 | — | 367 | (251 | ) | — | 116 | |||||||||||||||||
UBS | 2,913 | — | 2,913 | — | — | 2,913 | ||||||||||||||||||
Swaps | ||||||||||||||||||||||||
Citibank | 162,018 | — | 162,018 | — | — | 162,018 | ||||||||||||||||||
HSBC | 25,820 | — | 25,820 | — | — | 25,820 | ||||||||||||||||||
$ | 929,185 | $ | — | $ | 929,185 | $ | (31,476 | ) | $ | — | $ | 897,709 | ||||||||||||
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 | $ | 4,878 | $ | — | $ | 4,878 | $ | (4,878 | ) | $ | — | $ | — | |||||||||||
Citibank | 9,432 | — | 9,432 | (9,432 | ) | — | — | |||||||||||||||||
Deutsche Bank | 839 | — | 839 | (839 | ) | — | — | |||||||||||||||||
JP Morgan Chase | 16,076 | — | 16,076 | (16,076 | ) | — | — | |||||||||||||||||
Morgan Stanley | 251 | — | 251 | (251 | ) | — | — | |||||||||||||||||
Swaps | ||||||||||||||||||||||||
JP Morgan Chase | 523,684 | — | 523,684 | — | (523,684 | ) | — | |||||||||||||||||
$ | 555,160 | $ | — | $ | 555,160 | $ | (31,476 | ) | $ | (523,684 | ) | $ | — | |||||||||||
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.
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September 30, 2018
The table below, as of September 30, 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 | $ | 1,969,995 | $ | — | $ | 346,232 | $ | — | $ | — | $ | 346,232 | ||||||||||||
$ | 1,969,995 | $ | — | $ | 346,232 | $ | — | $ | — | $ | 346,232 | |||||||||||||
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 | $ | 1,623,763 | $ | (1,623,763 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
$ | 1,623,763 | $ | (1,623,763 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
* | 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 in 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 |
No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than
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15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so in accordance with Rule 22e-4 under the Investment Company Act of 1940.
(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. 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 September 30, 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% | |||
Conservative Income Fund | 0.35% | |||
Income Fund | 0.45% | |||
Growth and Income Fund | 0.45% |
175
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
AssetMark also provides certain administrative services to the Service Shares of the Funds as applicable, 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, 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 | Single Class | ||||||||||
Large Cap Core Fund | 1.24% | 0.64% | ||||||||||
Emerging Markets Fund | 1.65% | 1.05% | ||||||||||
Small/Mid Cap Core Fund | 1.45% | 0.85% | ||||||||||
World ex-US Fund | 1.39% | 0.79% | ||||||||||
Core Fixed Income Fund | 1.19% | 0.59% | ||||||||||
Tax-Exempt Fixed Income Fund | 1.29% | 0.69% | ||||||||||
Opportunistic Fixed Income Fund | 1.55% | 0.95% | ||||||||||
Growth Allocation Fund | 1.00% | 0.40% | ||||||||||
Conservative Allocation Fund | 0.70% | 0.10% | ||||||||||
Tactical Allocation Fund | 1.10% | 0.50% | ||||||||||
Absolute Return Allocation Fund | 0.80% | 0.20% | ||||||||||
Multi-Asset Income Allocation Fund | 1.10% | 0.50% | ||||||||||
Flexible Income Allocation Fund | 0.75% | 0.15% | ||||||||||
Managed Futures Strategy Fund | 1.90% | 1.30% | ||||||||||
Conservative Income Fund | 0.64% | |||||||||||
Income Fund | 0.79% | |||||||||||
Growth and Income Fund | 0.79% |
Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s Expense Limits at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years after the end of the calendar month in which the fee or expense was waived or reimbursed. As of September 30, 2018, Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund, World ex-US Fund Service Class, 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 | Year of Expiration 30/31/2022 | |||||||||||||
World ex-US Fund | $ | 4,500 | $ | 18,036 | $ | 4,462 | $ | 4 | ||||||||
Core Fixed Income Fund | 56,910 | 109,659 | 140,476 | 90,700 | ||||||||||||
Tax-Exempt Fixed Income Fund | 82,292 | 60,304 | 53,567 | 33,605 | ||||||||||||
Opportunistic Fixed Income Fund | 242,737 | 175,049 | 197,441 | 75,013 | ||||||||||||
Conservative Allocation Fund | — | — | 123,290 | 193,764 | ||||||||||||
Absolute Return Allocation Fund | — | — | 152,010 | 294,485 | ||||||||||||
Flexible Income Allocation Fund | — | — | 17,899 | 42,741 | ||||||||||||
Managed Futures Strategy Fund | 37,088 | 62,978 | 47,553 | — | ||||||||||||
Conservative Income Fund | — | — | — | 11,340 | ||||||||||||
Income Fund | — | — | — | 12,229 | ||||||||||||
Growth and Income Fund | — | — | — | 11,318 |
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.
176
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
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 back office shareholder servicing and recordkeeping services that facilitate the operation of the AssetMark Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent period ended September 30, 2018.
6. | Service, Custody, and Line of Credit Agreements |
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and U.S. Bank, N.A. provide certain transfer agency, administrative, accounting and custody services.
The Funds, excluding the Conservative Income Fund, Income Fund and Growth and Income Fund, have established a line of credit (“LoC”) with 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, 2018 and will mature, unless renewed, on July 31, 2019. 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 5.25% at September 30, 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 period April 1, 2018 to September 30, 2018, the details of the borrowings were as follows:
Fund | Average Daily Borrowings | Weighted Average Annualized Interest Rate | Maximum Borrowings | |||||||||
Large Cap Core Fund | $ | 4,240 | 5.00 | % | $ | 455,000 | ||||||
Emerging Markets Fund | 167,699 | 5.00 | % | 9,444,000 | ||||||||
Small/Mid Cap Core Fund | 17,492 | 5.00 | % | 1,006,000 | ||||||||
World ex-US Fund | 37,454 | 4.75 | % | 4,940,000 | ||||||||
Core Fixed Income Fund | — | — | — | |||||||||
Tax-Exempt Fixed Income Fund | — | — | — | |||||||||
Opportunistic Fixed Income Fund | — | — | — | |||||||||
Growth Allocation Fund | — | — | — | |||||||||
Conservative Allocation Fund | — | — | — | |||||||||
Tactical Allocation Fund | — | — | — | |||||||||
Absolute Return Allocation Fund | 48,596 | 4.75 | % | 8,893,000 | ||||||||
Multi-Asset Income Allocation Fund | — | — | — | |||||||||
Flexible Income Allocation Fund | 41,148 | 5.00 | % | 7,212,000 | ||||||||
Managed Futures Strategy Fund | — | — | — | |||||||||
Conservative Income Fund | — | — | — | |||||||||
Income Fund | — | — | — | |||||||||
Growth and Income 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.
177
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
During the period ended September 30, 2018, the Funds (excluding the Tax-Exempt Fixed Income Fund, Opportunistic Fixed Income Fund, Managed Futures Strategy Fund, Conservative Income Fund, Income Fund and Growth and Income Fund) had loaned securities that were collateralized by cash. The 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 | $ | 14,679,865 | ||
Emerging Markets Fund | 1,420,509 | |||
Small/Mid Cap Core Fund | 3,287,009 | |||
World ex-US Fund | 2,398,152 | |||
Core Fixed Income Fund | 1,110,200 | |||
Tax-Exempt Fixed Income Fund | — | |||
Opportunistic Fixed Income Fund | — | |||
Growth Allocation Fund | 243,463,154 | |||
Conservative Allocation Fund | 89,536,755 | |||
Tactical Allocation Fund | 64,496,463 | |||
Absolute Return Allocation Fund | 41,058,857 | |||
Multi-Asset Income Allocation Fund | 14,614,425 | |||
Flexible Income Allocation Fund | 15,999,467 | |||
Managed Futures Strategy Fund | — | |||
Conservative Income Fund | — | |||
Income Fund | — | |||
Growth & Income Fund | — | |||
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | $ | 492,064,856 |
* | Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral). |
8. | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2018 are summarized below.
Purchases | Sales | |||||||
Large Cap Core Fund | $ | 65,666,540 | $ | 62,591,371 | ||||
Emerging Markets Fund | 18,179,119 | 24,578,743 | ||||||
Small/Mid Cap Core Fund | 15,794,785 | 11,980,358 | ||||||
World ex-US Fund | 57,515,617 | 54,903,689 | ||||||
Core Fixed Income Fund* | 164,284,808 | 160,481,635 | ||||||
Tax-Exempt Fixed Income Fund | 3,818,995 | 5,295,602 | ||||||
Opportunistic Fixed Income Fund** | 7,067,180 | 4,116,974 | ||||||
Growth Allocation Fund | 160,009,294 | 27,430,459 | ||||||
Conservative Allocation Fund | 73,048,844 | 23,808,246 | ||||||
Tactical Allocation Fund | 332,639,210 | 288,039,246 | ||||||
Absolute Return Allocation Fund | 165,275,436 | 118,784,506 | ||||||
Multi-Asset Income Allocation Fund | 30,164,258 | 21,301,187 | ||||||
Flexible Income Allocation Fund | 40,402,648 | 47,907,562 | ||||||
Managed Futures Strategy Fund | — | — | ||||||
Conservative Income Fund | 105,465 | 54,416 | ||||||
Income Fund | 225,150 | 117,483 | ||||||
Growth and Income Fund | 283,470 | 179,101 |
* | Included in these amounts were $144,925,176 of purchases and $146,523,724 of sales of U.S. Government Securities. |
** | Included in these amounts were $10,772,775 of purchases and $951,215 of sales of U.S. Government Securities. |
9. | New Accounting Pronouncements |
In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management is currently evaluating the impact these changes will have on the financial statements and disclosures.
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.
178
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
10. | Other Tax Information |
Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial
statements because of 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, debt modifications 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 | ) |
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 | — | — |
179
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
Ordinary Late Year Loss | Capital Loss | |||||||
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 | ||||||
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. |
180
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
September 30, 2018
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 |
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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September 30, 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)
September 30, 2018
3. | Disclosure Regarding Fund Trustees and Officers (Unaudited) |
Name, Address | Position(s) Held | Term of Office and | Principal Occupation | # of | Other Director/ | |||||
GPS Funds I and GPS Funds II | ||||||||||
Independent Trustees | ||||||||||
David M. Dunford Year of Birth: 1949 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Lead Independent Trustee | Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II) | Retired; formerly, Senior Vice President, Merrill Lynch Insurance Group (1989-2001). | 18 | Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); Director, Hospice and Palliative Care of Cape Cod (2006-2011). | |||||
Paul S. Feinberg Year of Birth: 1942 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Independent Trustee | Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II) | Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker- dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005). | 18 | Trustee, Savos Investments Trust (2015-present). | |||||
Dennis G. Schmal Year of Birth: 1947 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Independent Trustee | Indefinite Term (since 2007 for GPS Funds I and since 2013 for GPS Funds II) | Self-employed consultant (1999-present); formerly, Partner, Arthur Andersen LLP (audit services) (1972-1999). | 18 | Trustee, Savos Investments Trust (2015-present); Director, Blue Calypso, Inc. (2015-present); Director, Owens Realty Mortgage Inc. (2013-present); Director, Cambria ETF Series Trust (2013-present) Director/Chairman, Sitoa Global Inc. (2011-2013); Director, Wells Fargo GAI Hedge Funds (closed-end hedge funds) (2008- present); Director/Chairman, Pacific Metrics Corp. (educational services) (2005-2014); Director, Merriman Holdings, Inc. (financial services) (2003-2016); Director, Grail Advisors ETF Trust (2009-2011); Director, Varian Semiconductor Equipment Associates, Inc. (2004-2011); Director, North Bay Bancorp (2006-2007). | |||||
Interested Trustee | ||||||||||
Carrie E. Hansen* Concord, CA 94520 | Interested Trustee and Chairperson
President | Indefinite Term since 2014
Renewed 1-Year Term since 2008 | President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present). | 18 | Trustee, Savos Investments Trust (2014-present); Chairperson, AssetMark Trust Co. (2008-present); Treasurer, Acalanes Booster Club (Feb 2017-present); Director, Lamorinda Soccer Club (2011-2013). |
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GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 2018
Name, Address | Position(s) Held | Term of Office and | Principal Occupation During Past Five Years | |||
Officers of the Trusts** | ||||||
John Koval 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 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 Concord, CA 94520 | Secretary | Renewed 1-Year Term since 2014 | Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present); Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009). |
* | Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates. |
** | Each Officer of the Trusts serves at the pleasure of the Board. |
The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.
4. | Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.
5. | Availability of Quarterly Portfolio Holdings Schedules (Unaudited) |
The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on 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.
6. | Statement Regarding the Basis for Approval of Investment Advisory Agreement (Unaudited) |
GPS FUNDS II: Consideration and Approval of New Investment Advisory Agreement
At the supplemental organizational meeting held for the GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund (each, a “New Fund” and collectively, the “New Funds”) on December 13, 2017 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds II (the “Trust”) considered the approval of the investment advisory agreement between AssetMark, Inc. (“AssetMark”) and the Trust on behalf of the New Funds (the “Advisory Agreement”).
The Board – including a majority of the Trustees who are not “interested persons” of the New Funds or AssetMark as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) – determined to approve the Advisory Agreement on behalf of each New Fund. The material factors considered and the conclusions that formed the basis of the Board’s approval of the Advisory Agreement 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 Advisory Agreement, the Trustees requested, received, and reviewed information deemed relevant to their consideration of the Advisory Agreement. Prior to approving the Advisory Agreement, the Independent Trustees met in executive session with independent legal counsel to the Independent Trustees (“Independent Counsel”) without representatives of AssetMark or its affiliates. The Independent Trustees were assisted by Independent Counsel throughout the review process. The Trustees also received assistance and advice regarding legal and industry standards from Independent Counsel. 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 the Advisory Agreement and the weight to be given to each factor. The determination to approve the Advisory Agreement 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 conclusions with respect to the approval of the Advisory Agreement.
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GuideMark® Funds and GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
September 30, 2018
Materials Reviewed and the Review Process
Prior to voting to approve the Advisory Agreement, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials for purposes of their review of the Advisory Agreement. The materials provided to the Board with regard to the New Funds related to, among other things: (1) a copy of the proposed form of Advisory Agreement; (2) information describing the nature, quality and extent of the services that AssetMark will provide to the New Funds, the fees AssetMark would charge to the New 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 New Funds; (3) information concerning AssetMark’s business and operations, investment team, compliance program and internal procedures; (4) information describing the New Funds’ anticipated expense ratio compared to the New Funds’ peer group of other registered investment companies with investment objectives similar to the investment objectives of the New Funds; (5) information regarding the financial condition of AssetMark; and (6) other information relevant to an evaluation of the nature, extent and quality of the services to be provided by AssetMark in response to a questionnaire prepared with input from Independent Counsel on behalf of the Independent Trustees. The Trustees met with representatives of AssetMark and considered that the New Funds had been designed for AssetMark’s wealth management platform. The Trustees also considered their discussions with representatives of AssetMark throughout the course of the Meeting and during the executive session, and their discussions and considerations regarding the advisory arrangements for the Trust that had taken place at the regular quarterly Board meeting held earlier that day.
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 Agreement. The Independent Trustees discussed the Advisory Agreement 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
In connection with their consideration of the Advisory Agreement, 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 the New Funds by AssetMark; (2) the costs of the services to the New Funds; (3) the anticipated profitability to be realized by AssetMark; (4) any potential “fall-out” or ancillary benefits to AssetMark or its affiliates; (5) the potential effects of asset growth and related economies of scale on the New Funds’ expenses; and (6) the fees charged by investment advisors of other comparable funds. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, quality and extent of services that AssetMark would provide to the New Funds, noting their discussions at the regular quarterly Board meeting that had taken place immediately prior to the Meeting. The Trustees considered AssetMark’s investment team and its capabilities. The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services to be provided to the New 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 New Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained.
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 other funds overseen by the Board; and (d) AssetMark’s supervision of third-party service providers to other funds overseen by the Board.
The Board considered the breadth and quality of services that AssetMark provides to the other funds overseen by the Board. The Trustees also considered that the New Funds and the other funds advised by AssetMark are an integral part of AssetMark’s program of asset allocation and shareholder services.
Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year in the context of other funds overseen by the Board and advised by AssetMark, the Trustees concluded that it was satisfied with the nature, extent and quality of the services to be provided by AssetMark to the New Funds.
Advisory Fees and Expenses
The Trustees considered the advisory fees proposed to be charged by AssetMark in connection with its relationship with the New Funds and their anticipated expenses. The Trustees considered AssetMark’s commitment to limit the New Funds’ expenses through a fee waiver/expense limitation agreement with the Trust. The Trustees further examined how the proposed advisory fees compared to those of similar funds by reviewing comparative information supplied by a third-party data provider. The Trustees concluded that the proposed fees and anticipated expenses were reasonable.
In analyzing the New Funds’ proposed fee levels as compared to other similar funds, the Trustees considered the New Funds’ fee levels in light of the special distribution structure of the AssetMark funds, under which the New Funds would be 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 the New Funds’ anticipated fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the New Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees
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ADDITIONAL INFORMATION (Continued)
September 30, 2018
concluded that the level of fees paid to AssetMark with respect to the New Funds was reasonable. In addition, the Trustees, including all of the Independent Trustees, determined that the proposed fees to be charged by AssetMark pursuant to the Advisory Agreement are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
Investment Performance
Because the New Funds are newly formed and had not yet commenced investment operations at the time of the Meeting, the Trustees could not consider AssetMark’s investment performance with respect to its management of the New Funds as a factor in evaluating the Advisory Agreement. The Trustees considered their recent discussions regarding AssetMark’s investment performance during their consideration of the renewal of the investment advisory agreement between the Trust and AssetMark on behalf of the Trust’s other series, and concluded that the historical performance record for AssetMark, viewed together with other relevant factors considered by the Trustees, supported a decision to approve the Advisory Agreement on behalf of the New Funds.
Profitability, Economies of Scale and Ancillary Benefits
The Trustees considered AssetMark’s expected profitability in managing the New Funds and potential economies of scale that may be realized in the operation of the New Funds. Because the New Funds are newly formed, specific information was not available concerning the potential effect that asset growth and economies of scale may have on the New Funds’ expenses. The Trustees reviewed AssetMark’s profitability methodology, which was included in the Meeting materials, and considered their recent discussions regarding profitability and economies of scale during their consideration of the renewal of the investment advisory agreement between the Trust and AssetMark on behalf of the Trust’s other series. The Trustees concluded it was appropriate to revisit the potential for economies of scale in connection with the consideration of future annual reviews of the Advisory Agreement.
The Trustees considered ancillary benefits anticipated to be received by AssetMark as a result of its relationship with the New Funds as well as the other funds overseen by the Board, 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 concluded, in light of the foregoing factors, that AssetMark’s expected profitability with respect to each New Fund is reasonable and concluded that economies of scale were not currently being realized by AssetMark and were not expected to be realized in the immediate future.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, but with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, concluded to approve the Advisory Agreement for the New Funds, including the fees payable thereunder.
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GuideMark® Funds
GuidePath® Funds
GUIDEMARK® FUNDS & GUIDEPATH® FUNDS
GuideMark® Large Cap Core Fund
GuideMark® Emerging Markets Fund
GuideMark® Small/Mid Cap Core Fund
GuideMark® World ex-US Fund
GuideMark® Core Fixed Income Fund
GuideMark® Tax-Exempt Fixed Income Fund
GuideMark® Opportunistic Fixed Income Fund
GuidePath® Growth Allocation Fund
GuidePath® Conservative Allocation Fund
GuidePath® Tactical Allocation Fund
GuidePath® Absolute Return Allocation Fund
GuidePath® Multi-Asset Income Allocation Fund
GuidePath® Flexible Income Allocation Fund
GuidePath® Managed Futures Strategy Fund
GuidePath® Conservative Income Fund
GuidePath® Income Fund
GuidePath® Growth and Income Fund
Investment Advisor
AssetMark, Inc.
1655 Grant Street, 10th Floor
Concord, CA 94520
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 North Water St.
Suite 830
Milwaukee, WI 53202
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC,
doing business as U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Distributor
AssetMark BrokerageTM, LLC
1655 Grant Street, 10th Floor
Concord, CA 94520
This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.
Semi-Annual Report
September 30, 2018
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-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. Not applicable for semi-annual reports. |
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under 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.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | GPS Funds I |
By (Signature and Title) | /s/ Carrie E. Hansen | |
Carrie E. Hansen, Principal Executive Officer/President |
Date | 12/5/18 |
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 | 12/5/18 |
By (Signature and Title) | /s/ Patrick Young | |
Patrick R Young, Principal Financial Officer/Treasurer |
Date | 12/5/18 |
3