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, 2021
Date of reporting period: April 1, 2020 through March 31, 2021
Item 1. Reports to Stockholders.
(a) |
(b) | Not applicable. |
GuideMark® Funds
GuidePath® Funds
Investment Advisor
AssetMark, Inc.
ANNUAL REPORT
March 31, 2021
GUIDEMARK® LARGE CAP CORE FUND
GUIDEMARK® EMERGING MARKETS FUND
GUIDEMARK® SMALL/MID CAP CORE FUND
GUIDEMARK® WORLD EX-US FUND
GUIDEMARK® CORE FIXED INCOME FUND
GUIDEPATH® GROWTH ALLOCATION FUND
GUIDEPATH® CONSERVATIVE ALLOCATION FUND
GUIDEPATH® TACTICAL ALLOCATION FUND
GUIDEPATH® ABSOLUTE RETURN ALLOCATION FUND
GUIDEPATH® MULTI-ASSET INCOME ALLOCATION FUND
GUIDEPATH® FLEXIBLE INCOME ALLOCATION FUND
GUIDEPATH® MANAGED FUTURES STRATEGY FUND
GUIDEPATH® CONSERVATIVE INCOME FUND
GUIDEPATH® INCOME FUND
GUIDEPATH® GROWTH AND INCOME FUND
May 28, 2021
Dear Shareholder:
Enclosed is the Annual Report for the GuideMark® and GuidePath® Funds covering the period from April 1, 2020 to March 31, 2021.
Market Review
The 12-month reporting period covered quite an extraordinary market environment. Following the bottom of the market crash on March 23, 2020, for the 12-month period ended March 31, 2021, the S&P 500® Index (the “S&P 500®”) saw a return of 56.4%, which ranked in the top five 12-month returns for the index since 1925.1 During the reporting period, the US equity market was strengthened by extensive support from the Federal Reserve and fiscal stimulus measures along with the economy starting to reopen with the development of COVID-19 vaccines. Emerging markets posted the strongest returns for the one-year period at 58.9%, benefiting from a weaker US dollar and the pickup in economic activity.2 International developed markets lagged behind US and emerging markets, returning 45.2% for the year due to slower economic activity in light of ongoing headwinds from the pandemic.3
While gains across many economic sectors helped lift the returns of the S&P 500® over the one year period, returns were very uneven and included a significant rotation half way through the year in terms of market leadership. For the first six months of the reporting period, a handful of technology stocks were the major drivers of the returns of the US equity market. The group of companies that has been coined ‘FANAMA’ – Facebook, Amazon, Netflix, Apple, Microsoft and Alphabet (Google’s parent company) – comprised over 20% of the S&P 500® but contributed over 30% to its return during the six-month period.4 For the last six months of the period, however, market leadership broadened as economically sensitive sectors and industries that had fallen the most in the pandemic-related market crash started to rally strongly. Market leadership rotated into the energy and financial sectors during the six months ended March 31, 2021. Energy and financials returned 67.2% and 42.9% respectively over the six-month period ending March 31, 2021, compared to the S&P 500® return of 19.1%, with first half market leaders technology and consumer discretionary returning 14.0% and 11.4% respectively for the same period.5
Not only did we see the shift in market leadership from growth to value in the second half of the reporting period, we also saw a shift in market favor from large-caps to small-caps. Value outperformed growth by over 13 percentage points for the last six months of the period, having trailed growth by over 20 percentage points in the first six months of the period.6 Small-caps trailed large caps by 5 percentage points in the six months ended September 30, 2020 but outperformed by over 35 percentage points in the six months ended March 31, 2021.7 The wide margin between small caps and large caps in the six months ended March 31, 2021 was the largest on record since 1994.8
Real Estate Investment Trusts (REITs) struggled for much of the period relative to the broad US market, but rallied strongly in the first quarter of 2021, returning 8.3% compared to the 6.2% return of the S&P 500® for the same period.9 The rapid rise in interest rates helped lift the returns of this bond-proxy sector for the quarter. Commodities outperformed the bond markets over the one-year period, with a return of 35.0%, but trailed the equity market.10 Along with energy and petroleum, metals were a large driver of commodities returns for the year, with precious metals leading the way in the first six-months of the period as the US dollar weakened and industrial metals leading the way in the second six-month period as economic recovery picked up speed and investors left the yieldless, perceived safe haven of gold.
The bond market started 2021 with one of its worst first quarter returns on record. The rise in bond yields, especially in longer durations, led to negative returns across most bond sectors. The Bloomberg Barclays US Aggregate Bond Index (the “US Aggregate Bond Index”) returned -3.4% for the first quarter of 2021, driven by longer maturity Treasuries, which fell 13.5% for the quarter.11 The first quarter of 2021 marked the worst first quarter for both the US Aggregate Bond Index and long-term Treasuries since 1980. For the full one-year period ending March 31, 2021, the US bond market was just positive with a return of 0.7%, while long Treasuries returned -15.8%. Treasuries and mortgage-backed securities generally weighed on the returns of the US bond market, with a return of -4.4% and -0.1% respectively, while investment-grade corporate bonds returned 8.7% for the one year period.12 Higher returns were found in the less interest-rate sensitive sectors of high-yield corporate bonds and leveraged loans which returned 23.7% and 20.7% respectively for the year.13
1 | US equities represented by S&P 500® Index. |
2 | Emerging markets represented by MSCI Emerging Markets Index. |
3 | International developed markets represented by the MSCI EAFE Index. |
4 | Source: Standard & Poor’s, Zephyr Style Advisor, AssetMark. |
5 | Consumer discretionary sector represented by S&P 500® Consumer Discretionary (Sector) Index; technology sector represented by S&P 500® Information Technology (Sector) Index; energy sector represented by S&P 500® Energy (Sector) Index; financials sector represented by S&P 500® Financials (Sector) Index. |
6 | Large-cap growth stocks represented by S&P 500® Growth Index; large-cap value stocks represented by S&P 500® Value Index. |
7 | US small cap equities represented by S&P 600® Index; US large cap represented by S&P 500® Index. |
8 | Source: Zephyr Style Advisor |
9 | REITS represented by FTSE NAREIT All Equity REITS. |
10 | Commodities represented by Bloomberg Commodity Index. |
11 | US bonds represented by Bloomberg Barclays US Aggregate Bond Index; long-term US Treasuries represented by Bloomberg Barclays US Long Treasury Index. |
12 | Mortgage backed securities (MBS) represented by Bloomberg Barclays US MBS Index; US Treasuries represented by Bloomberg Barclays US Treasury Index; investment grade bonds represented by Bloomberg Barclays US Corporate Bond Index. |
13 | High-yield corporate bonds represented by Bloomberg Barclays US Corporate High Yield Bond Index; leveraged loans represented by S&P/LSTA Leveraged Loan 100 Index. |
1
Fund Review
Looking across the fund family, 12 of the 15 funds outperformed their benchmarks over the twelve-month period.
Most of the GuideMark® funds outperformed their respective benchmarks during the reporting period. Only two funds trailed their benchmarks. The GuideMark® Large Cap Core Fund and GuideMark® Small/Mid Cap Core Funds both outperformed by fairly wide margins, helped by all three investment factors at different times during the period. The quality and momentum factors benefitted Fund returns in the six months ended September 30, 2020, while the value factor contributed to gains in the six months ended March 31, 2021. The GuideMark® World ex-US Fund and GuideMark® Emerging Markets Fund trailed their respective benchmarks for the period due to the impact of the quality factor. The GuideMark® Core Fixed Income Fund benefited from an underweight allocation to Treasuries relative to its benchmark, favoring corporate bonds and active credit selection, which led to the Fund’s relative outperformance for the period.
All of the GuidePath® allocation funds outperformed their respective benchmarks for the twelve-month period. The funds outperformed generally due exposure to higher-risk assets which rebounded and rallied strongly from the market bottom. GuidePath® Growth Allocation Fund tilted toward small-caps and larger-cap growth while the GuidePath® Conservative Allocation Fund, GuidePath® Flexible Income Fund and GuidePath® Absolute Return Fund all benefited from exposure to credit, especially high-yield, investment-grade, and emerging markets. The GuidePath® Multi-Asset Income Allocation Fund made up significant ground in 2021 from exposure to the highest paying dividend securities and REITs as they rallied. The GuidePath® Tactical Allocation Fund benefited from higher equity exposure relative to its benchmark. The GuidePath® Managed Futures Strategy Fund uses derivatives to implement its investment strategy, specifically futures contracts. Positioning across most asset classes benefitted the Fund’s performance during the year. Long futures positioning within bonds during the first half of the reporting period followed by a shift to a short position by the end of the period coupled with the Fund’s long futures positioning in equities, energy and metals contributed positively to the Fund’s returns for the period.
Of the three GuidePath® income focused funds, only the GuidePath® Growth and Income Fund trailed its benchmark for the reporting period, due to the Fund’s lower risk exposure during the market rally. Emphasis on credit risk and inflation-linked exposure within the GuidePath® Conservative Income and GuidePath® Income Funds benefited returns as interest rates rose over the period, pushing Treasury returns negative and increasing inflation fears .
Looking Ahead
Faster-than-expected-progress vaccinating Americans and $1.9 trillion in COVID-19 relief on top of the already unprecedented relief spending approved by Congress in 2020 further bolstered investor optimism for the rebound of the US economy, which in turn has provided a tailwind for risk assets like equities and a headwind for safe-haven assets like Treasury bonds and gold. Investor anxiety has quickly pivoted from anxiety about deflation to anxiety about inflation. Investors have not really worried about inflation since 2011 and as a result, investors’ expectations for inflation tend be based on the experiences of the late 1970s and early ‘80s. We think today’s circumstances are quite different from those and that any inflation we might experience this time is likely to be short-lived, also known as “transitory”, as it was in 2011. One of investors’ key concerns about inflation is that it will ultimately lead to rising interest rates when the Fed decides it needs to slow growth in order to pre-empt inflation and that rising rates will hurt stock prices. We believe expectations of higher rates to be reasonable, but history suggests that the stock market has a surprising capacity to absorb interest rate increases and still deliver above-average returns.
Please contact your financial advisor to discuss any questions about your investment strategy or changes in your financial goals. We thank you for including the funds in your portfolio and appreciate the trust you have placed in us.
Sincerely,
Carrie E. Hansen
Trustee, Chairperson and President of the Funds
Important Information
All index returns are sourced from Morningstar and Bloomberg. It is not possible to invest directly in any index.
Past performance is no guarantee of future results.
The AssetMark platform provides fee-based investment advisory programs. Investors are advised to refer to the appropriate Disclosure Brochure, which can be obtained from your financial advisor, for a full description of services provided, including all applicable fees.
The prospectus includes additional information about the GuideMark® and GuidePath® Funds including investment objectives, risk factors, fees and charges as well as other important information that should be carefully read and considered before investing. You may obtain a prospectus by contacting your registered representative.
AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. The Principal Underwriter for the GuideMark® and GuidePath® Funds is AssetMark Brokerage™, LLC, a member of the Financial Industry Regulatory Authority, Inc. AssetMark Brokerage™, LLC is an affiliate of AssetMark, Inc. and shares its address. ©2021 AssetMark, Inc. All rights reserved.
Investment Terms
Market Capitalization or Market Cap refers to the total value of an issuer’s outstanding shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares.
2
Small Cap stocks generally refer to shares of companies with a market cap between $300 million and $2 billion.
Mid Cap stocks generally refer to shares of companies with a market cap between $2 billion and $10 billion.
Large Cap stocks generally refer to shares of companies with a market cap of $10 billion or greater.
Mega Cap stocks generally refer to shares of companies with market caps well above the rest of the market, generally $200 billion and greater.
Investment Factors:
Value refers to how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow.
Momentum refers to whether a company’s share price is trending up or down.
Quality refers to profitability.
Volatility is a statistical measure of the dispersion of returns for a given security, market index or portfolio over a period of time. Low volatility means that the value of a security, market index or portfolio stays relatively stable. High volatility means that the value of a security, market index or portfolio experiences rapid increases and dramatic falls and may move erratically.
Inflation is the measure of average prices of a ‘basket’ of consumer goods over time.
Risk refers to the price volatility of an investment, and typically refers to equities or credit-based investments. “Risking” or “de-risking” a portfolio refers to increasing or decreasing the amount of these assets.
Index Definitions
Bloomberg Barclays US Aggregate Bond Index is a broad-based index that measures the investment-grade, US dollar-denominated, fixed rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).
Bloomberg Barclays US Corporate High Yield Bond Index measures the US dollar denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays’ emerging market country definition, are excluded.
Bloomberg Barclays US Corporate Bond Index measures the performance of the investment-grade, fixed-rate, taxable corporate bond market. It includes US dollar-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.
Bloomberg Barclays US MBS Index tracks fixed-rate agency mortgage backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual “to-be-announced” deliverable mortgage-backed security pools into aggregates or generics based on program, coupon and vintage.
Bloomberg Barclays US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint.
Bloomberg Barclays US Long Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 10 years or more to maturity.
Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements.
FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of US equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
MSCI EAFE (Europe, Australasia, Far East) Index is an equity index which captures large and mid-cap representation across developed markets countries around the world, excluding the US and Canada.
MSCI Emerging Markets Index captures large and mid-cap representation across twenty-six emerging markets countries.
S&P 500® Index focuses on the large-cap segment of the US equity market. It includes 500 leading companies in leading industries of the US economy, capturing approximately 75% coverage of US equities.
S&P 500® Energy (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® energy sector.
S&P 500® Financials (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® financials sector.
S&P 500® Information Technology (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® information technology sector.
S&P 500® Consumer Discretionary (Sector) Index comprises those companies included in the S&P 500® Index that are classified as members of the GICS® consumer discretionary sector.
S&P 500® Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. Constituents are drawn from the S&P 500® Index.
3
S&P 500® Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. Constituents are drawn from the S&P 500® Index.
S&P 600® Index measures the performance of 600 small-sized companies in the U.S. Constituents generally have a market-cap between $400 million and $1.8 billion and meet criteria designed to ensure they are liquid and financially viable.
S&P/LSTA Leveraged Loan 100 Index is designed to reflect the performance of the largest facilities in the leveraged loan market.
4
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2011. 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 8, 2020, the market capitalization of the companies in the Russell 1000® Index ranged from $1.8 billion to $1.4 trillion.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Large Cap Core Fund | ||||||||||||||||
Service Shares | 65.69 | % | 15.04 | % | 11.85 | % | 6.24 | % | ||||||||
Institutional Shares | 66.66 | % | 15.71 | % | N/A | 12.24 | % | |||||||||
Russell 1000® Index | 60.59 | % | 16.66 | % | 13.97 | % | 8.56 | %(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 13.75%. |
5
GuideMark® Large Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 65.7%, outperforming the Russell 1000® Index at 60.6%. |
• | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value factor was a contributor to Fund performance as cheaper stocks significantly outperformed during the latter half of the 12-month period. |
• | The Fund saw positive contributions from the quality factor, as well as favorable sector weightings including an overweight allocation to the technology and consumer discretionary sectors and underweight exposure to the energy and financial sectors relative to the benchmark. |
• | The momentum factor detracted from Fund results for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Apple, Inc. | 5.07 | % | |||||
2 | Microsoft Corp. | 4.55 | % | |||||
3 | Amazon.com, Inc. | 3.37 | % | |||||
4 | Vanguard S&P 500 ETF | 2.38 | % | |||||
5 | Facebook, Inc. – Class A | 1.84 | % | |||||
6 | Alphabet, Inc. – Class C | 1.55 | % | |||||
7 | Alphabet, Inc. – Class A | 1.54 | % | |||||
8 | Johnson & Johnson | 1.04 | % | |||||
9 | UnitedHealth Group, Inc. | 0.92 | % | |||||
10 | Intel Corp. | 0.84 | % |
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.
6
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2011. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI EMERGING MARKETS INDEX – The MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Emerging Markets Fund | ||||||||||||||||
Service Shares | 57.85 | %(2) | 11.43 | % | 9.67 | % | 5.53 | % | ||||||||
MSCI Emerging Markets Index | 58.92 | % | 12.48 | % | 4.02 | % | 10.30 | % |
(1) | Inception date is 6/29/01. |
(2) | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
7
GuideMark® Emerging Markets Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 57.9%, underperforming the MSCI Emerging Markets Index at 58.9%. |
• | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the quality factor was a detractor from Fund results for the period. |
• | The Fund saw positive contributions from the value and momentum factors, as well as favorable sector weightings including an underweight allocation to the financial sector relative to the benchmark. |
• | The Fund’s underweight allocation to the momentum factor relative to the benchmark detracted from Fund performance for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Taiwan Semiconductor Manufacturing Co., Ltd. | 5.83 | % | |||||
2 | Tencent Holdings, Ltd. | 4.92 | % | |||||
3 | iShares Core MSCI Emerging Markets ETF | 4.84 | % | |||||
4 | KraneShares Bosera MSCI China ETF – Class A | 4.52 | % | |||||
5 | Alibaba Group Holding, Ltd. | 4.48 | % | |||||
6 | Samsung Electronics Co., Ltd. | 3.82 | % | |||||
7 | iShares MSCI Saudi Arabia ETF | 1.88 | % | |||||
8 | Meituan | 1.24 | % | |||||
9 | Infosys Ltd. | 1.11 | % | |||||
10 | Vale SA | 0.89 | % |
8
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2011. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
RUSSELL 2500TM INDEX – The Russell 2500TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of May 10, 2020, the market capitalization of the companies in the Russell 2500TM Index ranged from $95 million to $11.5 billion.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Small/Mid Cap Core Fund | ||||||||||||||||
Service Shares | 99.76 | % | 16.02 | % | 11.54 | % | 8.74 | % | ||||||||
Russell 2500TM Index | 89.40 | % | 15.93 | % | 12.20 | % | 9.93 | % |
(1) | Inception date is 6/29/01. |
9
GuideMark® Small/Mid Cap Core Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 99.8%, outperforming the Russell 2500™ Index at 89.4%. |
• | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the quality factor was a contributor to Fund performance for the period. |
• | The Fund saw positive contributions from the value factor, as well as favorable sector weightings including an overweight allocation to the consumer discretionary sector and underweight exposure to the financial and real estate sectors relative to the benchmark. |
• | The momentum factor detracted from Fund results for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard Extended Market ETF | 3.52 | % | |||||
2 | Teradyne, Inc. | 0.34 | % | |||||
3 | Horizon Therapeutics Plc | 0.33 | % | |||||
4 | Etsy, Inc. | 0.32 | % | |||||
5 | Monolithic Power Systems, Inc. | 0.29 | % | |||||
6 | Molina Healthcare, Inc. | 0.27 | % | |||||
7 | Enphase Energy, Inc. | 0.26 | % | |||||
8 | Gamestop Corp. – Class A | 0.25 | % | |||||
9 | HubSpot, Inc. | 0.25 | % | |||||
10 | Williams Sonoma, Inc. | 0.25 | % |
10
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2011. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI WORLD EX-USA INDEX – The MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 developed markets countries excluding the U.S. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® World ex-US Fund | ||||||||||||||||
Service Shares | 45.89 | % | 8.23 | % | 3.83 | % | 3.36 | % | ||||||||
Institutional Shares(2) | 46.72 | % | 9.04 | % | N/A | 4.09 | % | |||||||||
MSCI World ex-USA Index | 46.51 | % | 9.48 | % | 5.73 | % | 6.18 | %(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 5.20%. |
11
GuideMark® World ex-US Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 45.9%, underperforming the MSCI World ex-USA Index at 46.5%. |
• | As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the momentum factor was a detractor from Fund performance for the period. |
• | The Fund saw positive contributions from the value factor, as well as favorable sector weightings including overweight allocations to the consumer discretionary sector relative to the benchmark. |
• | The quality factor detracted from Fund results for the period, as did an underweight allocation to market sensitive stocks relative to the benchmark. |
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 | 3.03 | % | |||||
2 | Nestle SA | 1.56 | % | |||||
3 | Roche Holdings AG | 1.40 | % | |||||
4 | ASML Holding NV | 1.03 | % | |||||
5 | LVMH Moet Hennessy Louis Vuitton SE | 1.00 | % | |||||
6 | Novartis AG | 0.88 | % | |||||
7 | WSP Global, Inc. | 0.70 | % | |||||
8 | Novo Nordisk AS – Series B | 0.69 | % | |||||
9 | L’Oreal SA | 0.65 | % | |||||
10 | AstraZeneca PLC | 0.64 | % |
12
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on March 31, 2011. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||||||
One Year | Five Year | Ten Year | Since Inception(1) | |||||||||||||
GuideMark® Core Fixed Income Fund | ||||||||||||||||
Service Shares | 2.47 | % | 2.68 | % | 2.75 | % | 3.79 | % | ||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 0.71 | % | 3.10 | % | 3.44 | % | 4.52 | % |
(1) | Inception date is 6/29/01. |
13
GuideMark® Core Fixed Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 2.5%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 0.7%. |
• | The Fund’s overweight allocation to investment grade corporate credit as well as favorable sector weightings, including overweight exposure to the communications, consumer non-cyclicals and technology sectors, relative to the benchmark benefitted Fund returns for the 12-month period. |
• | Exposure to the securitized credit sector including non-agency residential mortgage-backed securities, collateralized loan obligations, and commercial mortgage-backed securities had a positive impact on returns. |
• | While positioning within US Treasuries, including exposure to Treasury Inflation-Protected Securities (TIPS), was additive over the period the Fund’s tactical duration positioning, especially in the first half of the period hurt returns. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures and swap contracts.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Federal National Mortgage Association, 2.000%, 5/15/2050 | 5.03 | % | |||||
2 | U.S. Treasury Note, 1.375%, 8/31/2023 | 4.49 | % | |||||
3 | U.S. Treasury Note, 2.875%, 7/31/2025 | 4.20 | % | |||||
4 | Government National Mortgage Association, 2.500%, 9/20/2049 | 2.35 | % | |||||
5 | Federal National Mortgage Association, 2.500%, 5/15/2051 | 2.33 | % | |||||
6 | Federal National Mortgage Association, 2.000%, 9/25/2050 | 2.22 | % | |||||
7 | U.S. Treasury Note, 1.625%, 8/15/2029 | 1.91 | % | |||||
8 | Federal National Mortgage Association, 2.000%, 4/15/2036 | 1.75 | % | |||||
9 | Federal National Mortgage Association, 3.000%, 4/1/2051 | 1.73 | % | |||||
10 | U.S. Treasury Note, 0.125%, 8/31/2022 | 1.70 | % |
14
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK AGGRESSIVE INDEX – The S&P® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Growth Allocation Fund | ||||||||||||
Service Shares | 58.23 | % | 12.95 | % | 7.85 | % | ||||||
Institutional Shares | 59.19 | % | 13.62 | % | 10.17 | % | ||||||
S&P® Target Risk Aggressive Index | 43.88 | % | 11.65 | % | 9.16 | %(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 10.19%. |
15
GuidePath® Growth Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 58.2%, outperforming the S&P® Target Risk Aggressive Index at 43.9%. |
• | Fund returns benefited from a tilt towards large cap growth stocks, which were viewed more favorably during the period. Exposure to global small cap equity also benefitted the Fund’s returns, as a resurgence in small cap equity took hold with investors in the latter half of the period on news of a COVID-19 vaccine. |
• | Exposure to emerging market equities benefitted Fund returns during the period as global economies started to reopen and investor risk appetites returned. |
• | Exposure to global real estate investment trusts (REITs) dampened Fund returns for the period as the ongoing COVID-19 pandemic caused uncertainty around the impacts to shopping malls and office buildings. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard S&P 500 ETF | 18.30 | % | |||||
2 | Vanguard FTSE Developed Markets ETF | 10.37 | % | |||||
3 | Schwab U.S. Large-Cap ETF | 7.32 | % | |||||
4 | AMCAP Fund – Class F3 | 6.22 | % | |||||
5 | American Funds – The Growth Fund of America – Class F3 | 6.04 | % | |||||
6 | Vanguard Russell 1000 Growth ETF | 6.01 | % | |||||
7 | Schwab U.S. Large-Cap Growth ETF | 5.98 | % | |||||
8 | iShares Core S&P Small-Cap ETF | 5.90 | % | |||||
9 | American Funds – Fundamental Investors – Class F3 | 5.09 | % | |||||
10 | iShares Core MSCI Emerging Markets ETF | 4.99 | % |
16
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P® TARGET RISK CONSERVATIVE INDEX – The S&P® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Conservative Allocation Fund | ||||||||||||
Service Shares | 23.67 | % | 6.82 | % | 4.87 | % | ||||||
Institutional Shares | 24.42 | % | 7.48 | % | 6.23 | % | ||||||
S&P® Target Risk Conservative Index | 17.12 | % | 6.77 | % | 5.46 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the S&P® Target Risk Conservative Index is annualized from the inception date of the Service Shares. The S&P® Target Risk Conservative Index average annual return from the inception date of the Institutional Shares is 5.52%. |
17
GuidePath® Conservative Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 23.7%, outperforming the S&P® Target Risk Conservative Index at 17.1%. |
• | Fund returns benefited from high yield bond exposure which was aided by the Federal Reserve’s asset purchase program and investor demand for riskier fixed income securities. Investment grade corporate bonds and emerging market bonds were also additive during the period. |
• | US large cap and small cap equity exposure benefitted Fund returns during the period as economies reopened and the economic outlook turned positive. |
• | Exposure to mortgage-backed securities and to US Treasuries across the curve detracted from Fund returns for the period as the Federal Reserve signaled lower interest rates are expected to persist for longer. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard Mortgage-Backed Securities ETF | 7.65 | % | |||||
2 | iShares Core Growth Allocation ETF | 6.42 | % | |||||
3 | American Funds – The Income Fund of America – Class F3 | 6.36 | % | |||||
4 | American Funds – Capital Income Builder – Class F3 | 6.34 | % | |||||
5 | Vanguard S&P 500 ETF | 5.67 | % | |||||
6 | iShares Core Aggressive Allocation ETF | 5.01 | % | |||||
7 | Vanguard High Dividend Yield ETF | 3.94 | % | |||||
8 | American Funds – Mutual Fund – Class F3 | 3.90 | % | |||||
9 | Vanguard FTSE Developed Markets ETF | 3.72 | % | |||||
10 | iShares 7-10 Year Treasury Bond ETF | 3.71 | % |
18
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 29, 2011 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
S&P 500® DAILY RISK CONTROL 10% INDEX – The S&P 500® Daily Risk Control 10% Index represents a portfolio of the S&P 500® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Tactical Allocation Fund | ||||||||||||
Service Shares | 19.96 | % | 7.94 | % | 4.50 | % | ||||||
Institutional Shares | 20.69 | % | 8.58 | % | 6.12 | % | ||||||
S&P 500® Daily Risk Control 10% Index | 15.98 | % | 11.20 | % | 8.11 | %(2) |
(1) | Inception date is 4/29/11 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the S&P 500® Daily Risk Control 10% Index is annualized from the inception date of the Service Shares. The S&P 500® Daily Risk Control 10% Index average annual return from the inception date of the Institutional Shares is 9.48%. |
19
GuidePath® Tactical Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 20.0%, outperforming the S&P® 500 Daily Risk Control 10% Index at 16.0%. |
• | Overweight equity positioning relative to the benchmark during the period contributed positively to returns. In the market rally, the Fund added back equity exposure at a faster pace when compared to its benchmark. |
• | Construction related themes within the industrials sector benefitted Fund returns. Residential homebuilder industry exposure contributed to gains as a result of strong housing demand amidst a low interest rate environment. |
• | Overweight exposure to the utilities and consumer staples sectors which were the bottom two performing sectors during the period dampened Fund returns. Exposure to the insurance industry and financial ratings agencies also detracted from the Fund’s results for the period. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard S&P 500 ETF | 8.91 | % | |||||
2 | Target Corp. | 7.62 | % | |||||
3 | Apple, Inc. | 4.12 | % | |||||
4 | Cognizant Technology Solutions Corp. | 3.71 | % | |||||
5 | CVS Health Corp. | 3.28 | % | |||||
6 | Cadence Design Systems, Inc. | 2.95 | % | |||||
7 | Aflac, Inc. | 2.91 | % | |||||
8 | Clorox Co. | 2.77 | % | |||||
9 | Newmont Corp. | 2.75 | % | |||||
10 | Bio-Rad Laboratories, Inc. | 2.64 | % |
20
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 March 31) | ||||||||||||
One Year | Five Year | Since Inception(1) | ||||||||||
GuidePath® Absolute Return Allocation Fund | ||||||||||||
Service Shares | 8.26 | % | 4.01 | % | 2.65 | % | ||||||
Institutional Shares | 8.92 | % | 4.62 | % | 3.41 | % | ||||||
FTSE 3-Month Treasury Bill Index | 0.21 | % | 1.15 | % | 0.61 | %(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 0.69%. |
21
GuidePath® Absolute Return Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 8.3%, outperforming the FTSE 3-Month Treasury Bill Index at 0.2%. |
• | Exposure to high yield bonds, emerging market government bonds, low duration bonds and investment grade corporate bonds helped drive the Fund’s relative outperformance during the period. |
• | Returns from a small exposure to global equities benefitted Fund returns during the period, as global economies reopened and the economic outlook turned positive. |
• | Exposure to mortgage-backed securities and to US Treasuries across the curve detracted from Fund returns for the period as the Federal Reserve signaled lower interest rates are expected to persist for longer. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard Mortgage-Backed Securities ETF | 13.13 | % | |||||
2 | Vanguard Emerging Markets Government Bond ETF | 11.90 | % | |||||
3 | DoubleLine Total Return Bond Fund – Institutional Shares | 10.40 | % | |||||
4 | ProShares Investment Grade-Interest Rate Hedged ETF | 8.63 | % | |||||
5 | DoubleLine Flexible Income Fund – Institutional Shares | 7.47 | % | |||||
6 | BlackRock Low Duration Bond Portfolio – Institutional Shares | 7.24 | % | |||||
7 | DoubleLine Low Duration Bond Fund – Institutional Shares | 7.23 | % | |||||
8 | SPDR Bloomberg Barclays High Yield Bond ETF | 6.52 | % | |||||
9 | Xtrackers USD High Yield Corporate Bond ETF | 6.52 | % | |||||
10 | Schwab Short-Term U.S. Treasury ETF | 4.97 | % |
22
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Multi-Asset Income Allocation Fund | ||||||||||||
Service Shares | 28.42 | % | 5.67 | % | 4.86 | % | ||||||
Morningstar Multi-Asset High Income Index | 22.71 | % | 4.60 | % | 3.90 | % |
(1) | Inception date is 8/31/12. |
23
GuidePath® Multi-Asset Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 28.4%, outperforming the Morningstar Multi-Asset High Income Index at 22.7%. |
• | Exposure to global dividend and US small cap dividend equity securities was the primary driver of the Fund’s returns for the period as global economies started to reopen and the economic outlook turned positive. Global REITs and global infrastructure equity exposures also benefitted Fund performance, specifically in the latter part of the period. |
• | The Fund’s returns were boosted by high yield bond exposure which was aided by the Federal Reserve’s asset purchase program and investor demand for riskier fixed income securities. Floating rate notes and emerging market bonds were also additive to the Fund’s performance. |
• | Exposure to mortgage-backed securities and to US Treasuries across the curve detracted from Fund returns as the Federal Reserve signaled lower interest rates are expected to persist for longer. |
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 | Global X U.S. Preferred ETF | 6.85 | % | |||||
2 | Vanguard High-Yield Corporate Fund – Admiral Shares | 6.48 | % | |||||
3 | Vanguard High Dividend Yield ETF | 5.90 | % | |||||
4 | Schwab U.S. Dividend Equity ETF | 5.27 | % | |||||
5 | Vanguard Long-Term Treasury ETF | 5.17 | % | |||||
6 | Loomis Sayles Global Allocation Fund – Class Y | 5.00 | % | |||||
7 | iShares 0-5 Year High Yield Corporate Bond ETF | 4.95 | % | |||||
8 | WisdomTree U.S. Large Cap Dividend Fund | 4.93 | % | |||||
9 | iShares Select Dividend ETF | 4.82 | % | |||||
10 | iShares International Select Dividend ETF | 4.21 | % |
24
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on August 31, 2012 (commencement of the Fund’s Service Shares operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Flexible Income Allocation Fund | ||||||||||||
Service Shares | 15.38 | % | 5.13 | % | 3.15 | % | ||||||
Institutional Shares | 16.10 | % | 5.74 | % | 3.85 | % | ||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 0.71 | % | 3.10 | % | 2.71 | %(2) |
(1) | Inception date is 8/31/12 for Service Shares and 9/13/12 for Institutional Shares. |
(2) | The return shown for the Bloomberg Barclays U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg Barclays U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 2.77%. |
25
GuidePath® Flexible Income Allocation Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 15.4%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 0.7%. |
• | Positioning in high yield bonds, convertible bonds, emerging market government bonds and Treasury Inflation-Protected Securities (TIPS) resulted in strong returns and was the main driver of the Fund’s outperformance relative to the benchmark for the 12 month period. |
• | A small allocation to equity, specifically technology industries, added to the Fund’s returns as the technology sector saw strong returns during the period. |
• | Exposure to US Treasuries across the curve detracted from Fund returns as the Federal Reserve signaled lower interest rates are expected to persist for longer. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | BlackRock High Yield Portfolio – Institutional Shares | 13.39 | % | |||||
2 | Xtrackers USD High Yield Corporate Bond ETF | 8.15 | % | |||||
3 | Schwab Short-Term U.S. Treasury ETF | 7.98 | % | |||||
4 | Vanguard Short-Term Treasury ETF | 7.98 | % | |||||
5 | SPDR Portfolio Short Term Treasury ETF | 7.42 | % | |||||
6 | Vanguard High-Yield Corporate Fund – Admiral Shares | 6.76 | % | |||||
7 | SPDR Portfolio Aggregate Bond ETF | 6.56 | % | |||||
8 | Schwab U.S. TIPS ETF | 6.30 | % | |||||
9 | iShares Convertible Bond ETF | 4.99 | % | |||||
10 | SPDR Bloomberg Barclays High Yield Bond ETF | 4.75 | % |
26
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.
SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator. Currently, one of the ten managers whose performance is tracked by the index is AlphaSimplex Group LLC, sub-advisor to the GuidePath® Managed Futures Strategy Fund.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||||||
One Year | Five Years | Since Inception(1) | ||||||||||
GuidePath® Managed Futures Strategy Fund | ||||||||||||
Service Shares | 10.84 | % | 0.91 | % | 0.35 | % | ||||||
Institutional Shares | 11.46 | % | 1.49 | % | 0.94 | % | ||||||
FTSE 3-Month Treasury Bill Index | 0.21 | % | 1.15 | % | 1.12 | % | ||||||
SG Trend Index | 8.02 | % | 0.62 | % | 0.17 | % |
(1) | Inception date is 1/19/16 for Service Shares and Institutional Shares. |
27
GuidePath® Managed Futures Strategy Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund’s Service Shares returned 10.8%, outperforming the SG Trend Index at 8.0%. |
• | Long exposures to global equities were a significant driver of the Fund’s returns as equity markets consistently trended higher during the 12 month period. |
• | Long exposures to precious metals and grain commodities, along with net short US dollar exposure were positive contributors to the Fund’s returns for the period, as the US dollar weakened amid unprecedented monetary and fiscal policy interventions in response to the COVID-19 pandemic. |
• | Long exposures to global bonds were a headwind to Fund returns as interest rates rose during the period due to inflationary forces and stronger global growth. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio.
Percentages expressed exclude derivative instruments, such as futures and forward currency contracts.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||
The GuidePath® Managed Futures Strategy Fund did not hold any long term investments as of March 31, 2021. |
28
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. 1-3 YEAR TREASURY BOND INDEX – The Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
One Year | Since Inception(1) | |||||||
GuidePath® Conservative Income Fund | ||||||||
Shares | 0.74 | % | 1.00 | % | ||||
Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index | 0.34 | % | 2.95 | % |
(1) | Inception date for the Fund is 4/30/18. |
29
GuidePath® Conservative Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund returned 0.7%, outperforming the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index at 0.3%. |
• | Exposure to high yield credit and inflation-linked bonds boosted Fund returns for the period as risk assets continued to price in a strengthening global economic rebound. |
• | A target allocation of 50% to cash equivalents dampened the Fund’s returns for the period, as the Federal Reserve signaled the intention to keep short-term rates lower for longer. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | iShares 0-5 Year Investment Grade Corporate Bond ETF | 20.79 | % | |||||
2 | iShares 0-5 Year TIPS Bond ETF | 10.52 | % | |||||
3 | iShares 0-5 Year High Yield Corporate Bond ETF | 7.86 | % | |||||
4 | Schwab Short-Term U.S. Treasury ETF | 7.77 | % | |||||
5 | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 5.10 | % |
30
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX – The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg Barclays U.S. Aggregate Bond Index have a minimum term to maturity of one year.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
One Year | Since Inception(1) | |||||||
GuidePath® Income Fund | ||||||||
Shares | 2.79 | % | 2.10 | % | ||||
Bloomberg Barclays U.S. Aggregate Bond Index | 0.71 | % | 5.06 | % |
(1) | Inception date for the Fund is 4/30/18. |
31
GuidePath® Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund returned 2.8%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index at 0.7%. |
• | Exposure to high yield credit (both domestic and emerging market) and inflation-linked bonds boosted Fund returns for the period as risk assets continued to price in a strengthening global economic rebound. |
• | Exposure to US Treasuries through holding core bond ETFs detracted from the Fund’s returns as interest rose during the period, signaling a global economic rebound. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | iShares Core U.S. Aggregate Bond ETF | 43.38 | % | |||||
2 | SPDR Bloomberg Barclays High Yield Bond ETF | 19.18 | % | |||||
3 | VanEck Vectors Emerging Markets High Yield Bond ETF | 15.57 | % | |||||
4 | Schwab U.S. TIPS ETF | 9.97 | % | |||||
5 | Vanguard Total Bond Market ETF | 5.82 | % | |||||
6 | iShares Preferred & Income Securities ETF | 4.93 | % |
32
GuidePath® Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
TOTAL RETURN BASED ON A $10,000 INVESTMENT
This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.
MSCI USA HIGH DIVIDEND YIELD INDEX – The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.
AVERAGE ANNUAL TOTAL RETURN (for periods ended March 31) | ||||||||
One Year | Since Inception(1) | |||||||
GuidePath® Growth and Income Fund | ||||||||
Shares | 35.67 | % | 7.36 | % | ||||
MSCI USA High Dividend Yield Index | 39.22 | % | 10.71 | % |
(1) | Inception date for the Fund is 4/30/18. |
33
GuidePath® Growth and Income Fund
MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)
• | For the 12 months ended March 31, 2021, the Fund returned 35.7%, trailing the MSCI USA High Dividend Yield Index at 39.2%. |
• | Exposure to S&P 500® Index component stocks boosted Fund returns, as dividend-oriented stocks generally lagged their core and growth counterparts during the period. |
• | The Fund’s put-write strategy was a slight detractor from returns during the period, as put-write strategies tend to lag the broader equity market in strongly rising market conditions. |
• | The Fund’s volatility targeting component detracted from returns as volatility receded at a much slower pace than the equity market advanced. |
Components of Portfolio Holdings*
* Pie chart represents percentages of total portfolio, less securities lending collateral.
Percentages expressed exclude derivative instruments, such as futures and written options.
Top Ten Holdings
Rank | Security/Holding | % of Net Assets | ||||||
1 | Vanguard High Dividend Yield ETF | 30.02 | % | |||||
2 | Global X MLP ETF | 4.88 | % | |||||
3 | U.S. Treasury Note, 1.750%, 11/30/2021 | 3.49 | % | |||||
4 | U.S. Treasury Note, 1.125%, 9/30/2021 | 3.47 | % | |||||
5 | U.S. Treasury Note, 1.125%, 6/30/2021 | 3.46 | % | |||||
6 | Johnson & Johnson | 1.50 | % | |||||
7 | Home Depot, Inc. | 1.34 | % | |||||
8 | Procter & Gamble Co. | 1.23 | % | |||||
9 | Intel Corp. | 1.13 | % | |||||
10 | Verizon Communications, Inc. | 1.09 | % |
34
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Unaudited)
March 31, 2021
As a shareholder of the GuideMark® & GuidePath® Funds (the “Funds”), you incur ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from October 1, 2020 to March 31, 2021.
Actual Expenses
The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
The example includes, but is not limited to, management fees, shareholder servicing fees, distribution fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by a Fund and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expenses ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Fund | Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio1 based on the period October 1, 2020 – March 31, 2021 | Expenses Paid During Period2 October 1, 2020 – March 31, 2021 | ||||||||||||||
INSTITUTIONAL SHARES | ||||||||||||||||||
GuideMark® Large Cap Core Fund | Actual | $ | 1,000.00 | $ | 1,227.40 | 0.56% | $ | 3.11 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,022.14 | 0.56% | $ | 2.82 | |||||||||||
GuideMark® World ex-US Fund | Actual | $ | 1,000.00 | $ | 1,183.00 | 0.79% | $ | 4.30 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.99 | 0.79% | $ | 3.98 | |||||||||||
GuidePath® Growth Allocation Fund | Actual | $ | 1,000.00 | $ | 1,211.70 | 0.33% | $ | 1.82 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,023.29 | 0.33% | $ | 1.66 | |||||||||||
GuidePath® Conservative Allocation Fund | Actual | $ | 1,000.00 | $ | 1,093.60 | 0.16% | $ | 0.84 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,024.13 | 0.16% | $ | 0.81 | |||||||||||
GuidePath® Tactical Allocation Fund | Actual | $ | 1,000.00 | $ | 1,114.10 | 0.47% | $ | 2.48 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,022.59 | 0.47% | $ | 2.37 | |||||||||||
GuidePath® Absolute Return Allocation Fund | Actual | $ | 1,000.00 | $ | 1,022.70 | 0.26% | $ | 1.31 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,023.64 | 0.26% | $ | 1.31 | |||||||||||
GuidePath® Flexible Income Allocation Fund | Actual | $ | 1,000.00 | $ | 1,040.20 | 0.26% | $ | 1.32 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,023.64 | 0.26% | $ | 1.31 | |||||||||||
GuidePath® Managed Futures Strategy Fund | Actual | $ | 1,000.00 | $ | 1,127.40 | 1.28% | $ | 6.79 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,018.55 | 1.28% | $ | 6.44 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
3 | 5% annualized return before expenses. |
35
GuideMark® Funds & GuidePath® Funds
EXPENSE EXAMPLE (Continued) (Unaudited)
March 31, 2021
Fund | Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio1 based on the period October 1, 2020 – March 31, 2021 | Expenses Paid During Period2 October 1, 2020 – March 31, 2021 | ||||||||||||||
SINGLE CLASS SHARES | ||||||||||||||||||
GuidePath® Conservative Income Fund | Actual | $ | 1,000.00 | $ | 1,003.30 | 0.78% | $ | 3.90 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,021.04 | 0.78% | $ | 3.93 | |||||||||||
GuidePath® Income Fund | Actual | $ | 1,000.00 | $ | 1,002.70 | 0.85% | $ | 4.24 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.69 | 0.85% | $ | 4.28 | |||||||||||
GuidePath® Growth and Income Fund | Actual | $ | 1,000.00 | $ | 1,154.40 | 0.86% | $ | 4.62 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.64 | 0.86% | $ | 4.33 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
3 | 5% annualized return before expenses. |
Fund | Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio1 based on the period October 1, 2020 – March 31, 2021 | Expenses Paid During Period2 October 1, 2020 – March 31, 2021 | ||||||||||||||
SERVICE SHARES | ||||||||||||||||||
GuideMark® Large Cap Core Fund | Actual | $ | 1,000.00 | $ | 1,223.70 | 1.15% | $ | 6.38 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.20 | 1.15% | $ | 5.79 | |||||||||||
GuideMark® Emerging Markets Fund | Actual | $ | 1,000.00 | $ | 1,224.00 | 1.66% | $ | 9.20 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,016.65 | 1.66% | $ | 8.35 | |||||||||||
GuideMark® Small/Mid Cap Core Fund | Actual | $ | 1,000.00 | $ | 1,461.80 | 1.45% | $ | 8.90 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,017.70 | 1.45% | $ | 7.29 | |||||||||||
GuideMark® World ex-US Fund | Actual | $ | 1,000.00 | $ | 1,179.90 | 1.36% | $ | 7.39 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,018.15 | 1.36% | $ | 6.84 | |||||||||||
GuideMark® Core Fixed Income Fund | Actual | $ | 1,000.00 | $ | 972.90 | 1.20% | $ | 5.90 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,018.95 | 1.20% | $ | 6.04 | |||||||||||
GuidePath® Growth Allocation Fund | Actual | $ | 1,000.00 | $ | 1,208.20 | 0.93% | $ | 5.12 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.29 | 0.93% | $ | 4.68 | |||||||||||
GuidePath® Conservative Allocation Fund | Actual | $ | 1,000.00 | $ | 1,090.30 | 0.76% | $ | 3.96 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,021.14 | 0.76% | $ | 3.83 | |||||||||||
GuidePath® Tactical Allocation Fund | Actual | $ | 1,000.00 | $ | 1,110.70 | 1.07% | $ | 5.63 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.60 | 1.07% | $ | 5.39 | |||||||||||
GuidePath® Absolute Return Allocation Fund | Actual | $ | 1,000.00 | $ | 1,019.60 | 0.86% | $ | 4.33 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.64 | 0.86% | $ | 4.33 | |||||||||||
GuidePath® Multi-Asset Income Allocation Fund | Actual | $ | 1,000.00 | $ | 1,141.30 | 1.08% | $ | 5.77 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,019.55 | 1.08% | $ | 5.44 | |||||||||||
GuidePath® Flexible Income Allocation Fund | Actual | $ | 1,000.00 | $ | 1,037.10 | 0.84% | $ | 4.27 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,020.74 | 0.84% | $ | 4.23 | |||||||||||
GuidePath® Managed Futures Strategy Fund | Actual | $ | 1,000.00 | $ | 1,124.30 | 1.80% | $ | 9.53 | ||||||||||
Hypothetical3 | $ | 1,000.00 | $ | 1,015.96 | 1.80% | $ | 9.05 |
1 | The expense ratio excludes the securities lending credit. |
2 | Expenses are (net of waiver, if applicable) equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
3 | 5% annualized return before expenses. |
36
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS - 95.86% |
| |||||||
Aerospace & Defense - 0.54% |
| |||||||
3,858 | BWX Technologies, Inc. | $ | 254,396 | |||||
1,227 | L3Harris Technologies, Inc. | 248,688 | ||||||
1,560 | Lockheed Martin Corp. | 576,420 | ||||||
1,111 | Northrop Grumman Corp. | 359,564 | ||||||
6,366 | Raytheon Technologies Corp. | 491,901 | ||||||
1,054 | Teledyne Technologies, Inc. (a) | 435,987 | ||||||
12,883 | Textron, Inc. | 722,479 | ||||||
5,944 | Virgin Galactic Holdings, Inc. (a)(b) | 182,065 | ||||||
3,271,500 | ||||||||
Air Freight & Logistics - 0.33% |
| |||||||
5,629 | C.H. Robinson Worldwide, Inc. | 537,175 | ||||||
2,095 | FedEx Corp. | 595,064 | ||||||
3,092 | United Parcel Service, Inc. - Class B | 525,609 | ||||||
2,572 | XPO Logistics, Inc. (a) | 317,128 | ||||||
1,974,976 | ||||||||
Airlines - 0.03% |
| |||||||
2,525 | Copa Holdings SA - Class A (a) | 203,995 | ||||||
Auto Components - 0.10% |
| |||||||
3,178 | Aptiv PLC (a) | 438,246 | ||||||
4,092 | Gentex Corp. | 145,962 | ||||||
584,208 | ||||||||
Automobiles - 1.16% |
| |||||||
157,974 | Ford Motor Co. (a) | 1,935,182 | ||||||
7,916 | General Motors Co. (a) | 454,853 | ||||||
6,323 | Tesla, Inc. (a) | 4,223,321 | ||||||
2,676 | Thor Industries, Inc. (b) | 360,564 | ||||||
6,973,920 | ||||||||
Banks - 1.95% |
| |||||||
13,902 | Associated Banc-Corp. | 296,669 | ||||||
53,991 | Bank of America Corp. | 2,088,912 | ||||||
19,759 | Citigroup, Inc. | 1,437,467 | ||||||
9,249 | Citizens Financial Group, Inc. | 408,343 | ||||||
19,017 | F.N.B. Corp. | 241,516 | ||||||
11,772 | Fifth Third Bancorp | 440,861 | ||||||
151 | First Citizens BancShares, Inc. - Class A | 126,201 | ||||||
30,729 | JPMorgan Chase & Co. | 4,677,876 | ||||||
7,361 | Popular, Inc. | 517,626 | ||||||
928 | SVB Financial Group (a) | 458,116 | ||||||
12,196 | Synovus Financial Corp. | 557,967 | ||||||
2,534 | Western Alliance Bancorp | 239,311 | ||||||
3,385 | Wintrust Financial Corp. | 256,583 | ||||||
11,747,448 | ||||||||
Beverages - 1.21% |
| |||||||
706 | Boston Beer Co., Inc. - Class A (a) | 851,634 | ||||||
3,673 | Brown-Forman Corp. - Class A | 233,860 | ||||||
8,227 | Brown-Forman Corp. - Class B | 567,416 | ||||||
553 | Constellation Brands, Inc. - Class A | 126,084 | ||||||
33,539 | Molson Coors Brewing Co. - Class B (a)(b) | 1,715,520 | ||||||
7,928 | Monster Beverage Corp. (a) | 722,161 | ||||||
14,822 | PepsiCo, Inc. | 2,096,572 | ||||||
18,920 | The Coca-Cola Co. | 997,273 | ||||||
7,310,520 | ||||||||
Biotechnology - 2.20% |
| |||||||
2,361 | Acceleron Pharma, Inc. (a) | 320,175 | ||||||
3,926 | Alexion Pharmaceuticals, Inc. (a) | 600,325 |
Number of | Value | |||||||
Biotechnology (Continued) |
| |||||||
26,807 | Alkermes PLC (a) | $ | 500,755 | |||||
9,783 | Amgen, Inc. | 2,434,108 | ||||||
3,795 | Biogen, Inc. (a) | 1,061,651 | ||||||
2,398 | BioMarin Pharmaceutical, Inc. (a) | 181,073 | ||||||
1,353 | Exact Sciences Corp. (a) | 178,299 | ||||||
25,126 | Exelixis, Inc. (a) | 567,596 | ||||||
25,418 | Gilead Sciences, Inc. | 1,642,765 | ||||||
8,671 | Incyte Corp. (a) | 704,692 | ||||||
6,395 | Moderna, Inc. (a) | 837,425 | ||||||
1,047 | Regeneron Pharmaceuticals, Inc. (a) | 495,378 | ||||||
1,983 | Repligen Corp. (a) | 385,515 | ||||||
6,968 | Sage Therapeutics, Inc. (a) | 521,555 | ||||||
5,098 | Seagen, Inc. (a) | 707,908 | ||||||
6,030 | United Therapeutics Corp. (a) | 1,008,638 | ||||||
5,128 | Vertex Pharmaceuticals, Inc. (a) | 1,101,956 | ||||||
13,249,814 | ||||||||
Building Products - 0.83% |
| |||||||
4,380 | A. O. Smith Corp. - Class A | 296,132 | ||||||
3,942 | Allegion PLC | 495,194 | ||||||
12,208 | Carrier Global Corp. | 515,422 | ||||||
2,102 | Fortune Brands Home & Security, Inc. | 201,414 | ||||||
9,259 | Johnson Controls International PLC | 552,485 | ||||||
1,889 | Lennox International, Inc. (b) | 588,593 | ||||||
9,597 | Masco Corp. | 574,860 | ||||||
10,776 | Owens Corning, Inc. | 992,362 | ||||||
2,092 | Trane Technologies PLC | 346,351 | ||||||
5,175 | Trex Co., Inc. (a)(b) | 473,719 | ||||||
5,036,532 | ||||||||
Capital Markets - 2.43% |
| |||||||
1,639 | Affiliated Managers Group, Inc. | 244,260 | ||||||
3,667 | Ameriprise Financial, Inc. | 852,394 | ||||||
2,218 | Ares Management Corp. - Class A | 124,275 | ||||||
988 | BlackRock, Inc. | 744,913 | ||||||
1,922 | Cboe Global Markets, Inc. | 189,682 | ||||||
4,359 | Evercore, Inc. - Class A | 574,255 | ||||||
2,192 | FactSet Research Systems, Inc. | 676,429 | ||||||
3,693 | Intercontinental Exchange, Inc. | 412,434 | ||||||
67,573 | Invesco Ltd. | 1,704,191 | ||||||
15,094 | Lazard, Ltd. - Class A | 656,740 | ||||||
5,784 | LPL Financial Holdings, Inc. | 822,253 | ||||||
1,373 | MarketAxess Holdings, Inc. | 683,644 | ||||||
4,390 | Moody’s Corp. | 1,310,898 | ||||||
8,753 | Morgan Stanley | 679,758 | ||||||
1,683 | Morningstar, Inc. | 378,742 | ||||||
1,605 | NASDAQ OMX Group, Inc. | 236,673 | ||||||
3,749 | S&P Global, Inc. | 1,322,910 | ||||||
4,970 | SEI Investments Co. | 302,822 | ||||||
4,488 | State Street Corp. (b) | 377,037 | ||||||
4,991 | T. Rowe Price Group, Inc. | 856,456 | ||||||
10,187 | The Bank of New York Mellon Corp. | 481,743 | ||||||
7,426 | The Charles Schwab Corp. | 484,027 | ||||||
1,868 | Tradeweb Markets, Inc. - Class A | 138,232 | ||||||
12,728 | Virtu Financial, Inc. - Class A | 395,204 | ||||||
14,649,972 | ||||||||
Chemicals - 0.85% |
| |||||||
2,300 | Albemarle Corp. | 336,053 | ||||||
8,620 | Corteva, Inc. | 401,864 | ||||||
3,841 | Dow, Inc. | 245,594 |
See notes to financial statements.
37
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Chemicals (Continued) |
| |||||||
2,359 | DuPont de Nemours, Inc. | $ | 182,304 | |||||
4,564 | Eastman Chemical Co. | 502,588 | ||||||
1,932 | Ecolab, Inc. | 413,583 | ||||||
18,197 | Element Solutions, Inc. | 332,823 | ||||||
709 | Linde PLC | 198,619 | ||||||
6,458 | Olin Corp. | 245,210 | ||||||
1,175 | PPG Industries, Inc. | 176,555 | ||||||
7,229 | RPM International, Inc. | 663,984 | ||||||
20,777 | The Mosaic Co. | 656,761 | ||||||
2,271 | The Scotts Miracle-Gro Co. - Class A | 556,327 | ||||||
9,304 | Valvoline, Inc. | 242,555 | ||||||
5,154,820 | ||||||||
Commercial Services & Supplies - 0.43% |
| |||||||
41,703 | ADT, Inc. (b) | 351,973 | ||||||
2,336 | Cintas Corp. | 797,300 | ||||||
4,760 | Copart, Inc. (a) | 516,984 | ||||||
2,661 | IAA, Inc. (a) | 146,728 | ||||||
23,682 | Rollins, Inc. (b) | 815,134 | ||||||
2,628,119 | ||||||||
Communications Equipment - 1.34% |
| |||||||
1,159 | Arista Networks, Inc. (a) | 349,891 | ||||||
3,923 | Ciena Corp. (a) | 214,667 | ||||||
30,925 | Cisco Systems, Inc. | 1,599,132 | ||||||
2,681 | F5 Networks, Inc. (a) | 559,310 | ||||||
1,915 | Lumentum Holdings, Inc. (a) | 174,935 | ||||||
2,542 | Motorola Solutions, Inc. | 478,023 | ||||||
2,141 | Palo Alto Networks, Inc. (a) | 689,530 | ||||||
21,695 | Qualcomm, Inc. | 2,876,540 | ||||||
3,785 | Ubiquiti, Inc. | 1,129,065 | ||||||
8,071,093 | ||||||||
Construction & Engineering - 0.52% |
| |||||||
20,908 | AECOM (a) | 1,340,412 | ||||||
20,301 | Quanta Services, Inc. | 1,786,082 | ||||||
3,126,494 | ||||||||
Construction Materials - 0.02% |
| |||||||
955 | Eagle Materials, Inc. (a) | 128,362 | ||||||
Consumer Finance - 0.87% |
| |||||||
29,160 | Ally Financial, Inc. | 1,318,324 | ||||||
5,033 | American Express Co. | 711,867 | ||||||
647 | Credit Acceptance Corp. (a)(b) | 233,069 | ||||||
2,636 | Discover Financial Services | 250,394 | ||||||
22,077 | OneMain Holdings, Inc. | 1,185,976 | ||||||
23,148 | Santander Consumer USA Holdings, Inc. (b) | 626,385 | ||||||
22,008 | Synchrony Financial | 894,845 | ||||||
5,220,860 | ||||||||
Containers & Packaging - 0.45% |
| |||||||
9,556 | Berry Plastics Group, Inc. (a) | 586,738 | ||||||
4,339 | Crown Holdings, Inc. | 421,057 | ||||||
5,931 | International Paper Co. | 320,689 | ||||||
4,403 | Silgan Holdings, Inc. | 185,058 | ||||||
22,658 | WestRock Co. | 1,179,349 | ||||||
2,692,891 | ||||||||
Distributors - 0.24% |
| |||||||
3,321 | Genuine Parts Co. | 383,875 | ||||||
25,404 | LKQ Corp. (a) | 1,075,351 | ||||||
1,459,226 | ||||||||
Number of | Value | |||||||
Diversified Consumer Services - 0.57% |
| |||||||
4,417 | Chegg, Inc. (a)(b) | $ | 378,360 | |||||
9,636 | frontdoor, Inc. (a) | 517,935 | ||||||
3,099 | Graham Holdings Co. - Class B | 1,743,002 | ||||||
11,429 | H&R Block, Inc. | 249,152 | ||||||
5,099 | Service Corp. International | 260,304 | ||||||
6,502 | Terminix Global Holdings, Inc. (a) | 309,950 | ||||||
3,458,703 | ||||||||
Diversified Financial Services - 0.20% |
| |||||||
41,055 | Jefferies Financial Group, Inc. | 1,235,756 | ||||||
Diversified Telecommunication Services - 0.75% |
| |||||||
50,933 | AT&T, Inc. | 1,541,742 | ||||||
76,268 | Lumen Technologies, Inc. | 1,018,178 | ||||||
33,725 | Verizon Communications, Inc. | 1,961,108 | ||||||
4,521,028 | ||||||||
Electric Utilities - 0.54% |
| |||||||
1,909 | American Electric Power Co., Inc. | 161,692 | ||||||
4,834 | Duke Energy Corp. | 466,626 | ||||||
2,500 | Edison International | 146,500 | ||||||
4,459 | Evergy, Inc. | 265,444 | ||||||
8,917 | Exelon Corp. | 390,030 | ||||||
5,118 | Hawaiian Electric Industries, Inc. | 227,393 | ||||||
9,411 | NextEra Energy, Inc. | 711,566 | ||||||
25,639 | PG&E Corp. (a) | 300,233 | ||||||
1,712 | Pinnacle West Capital Corp. | 139,271 | ||||||
4,855 | PPL Corp. | 140,018 | ||||||
4,590 | The Southern Co. | 285,314 | ||||||
3,234,087 | ||||||||
Electrical Equipment - 1.14% |
| |||||||
5,718 | Acuity Brands, Inc. (b) | 943,470 | ||||||
2,439 | Agilent Technologies, Inc. | 310,094 | ||||||
995 | AMETEK, Inc. | 127,091 | ||||||
1,760 | Eaton Corp. PLC | 243,373 | ||||||
6,553 | Emerson Electric Co. | 591,212 | ||||||
5,101 | Enphase Energy, Inc. (a) | 827,178 | ||||||
2,355 | Generac Holdings, Inc. (a) | 771,145 | ||||||
66,298 | GrafTech International, Ltd. | 810,824 | ||||||
9,165 | nVent Electric PLC | 255,795 | ||||||
4,694 | Regal Beloit Corp. (b) | 669,740 | ||||||
3,472 | Rockwell Automation, Inc. | 921,608 | ||||||
20,284 | Vertiv Holdings Co. | 405,680 | ||||||
6,877,210 | ||||||||
Electronic Equipment, Instruments & Components - 1.36% |
| |||||||
14,716 | Arrow Electronics, Inc. (a) | 1,630,827 | ||||||
37,240 | Avnet, Inc. | 1,545,833 | ||||||
3,815 | CDW Corp. | 632,336 | ||||||
2,117 | Cognex Corp. | 175,690 | ||||||
2,181 | Dolby Laboratories, Inc. - Class A | 215,308 | ||||||
4,428 | Keysight Technologies, Inc. (a) | 634,975 | ||||||
14,111 | National Instruments Corp. | 609,384 | ||||||
11,617 | SYNNEX Corp. | 1,334,096 | ||||||
2,031 | Trimble, Inc. (a) | 157,992 | ||||||
2,629 | Zebra Technologies Corp. - Class A (a) | 1,275,538 | ||||||
8,211,979 | ||||||||
Energy Equipment & Services - 0.40% |
| |||||||
12,574 | Baker Hughes Co. | 271,724 | ||||||
19,368 | Halliburton Co. | 415,637 | ||||||
13,034 | Helmerich & Payne, Inc. | 351,397 |
See notes to financial statements.
38
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Energy Equipment & Services (Continued) |
| |||||||
98,901 | NOV, Inc. (a) | $ | 1,356,922 | |||||
2,395,680 | ||||||||
Entertainment - 1.70% |
| |||||||
8,494 | Activision Blizzard, Inc. | 789,942 | ||||||
3,293 | Electronic Arts, Inc. | 445,774 | ||||||
145,735 | Lions Gate Entertainment Corp. - Class A (a)(b) | 2,178,738 | ||||||
147,162 | Lions Gate Entertainment Corp. - Class B (a) | 1,898,390 | ||||||
3,614 | Netflix, Inc. (a) | 1,885,279 | ||||||
5,616 | Playtika Holding Corp. (a) | 152,811 | ||||||
2,022 | Spotify Technology SA (a) | 541,795 | ||||||
2,489 | Take-Two Interactive Software, Inc. (a)(b) | 439,806 | ||||||
8,844 | The Walt Disney Co. (a) | 1,631,895 | ||||||
26,042 | Zynga, Inc. - Class A (a) | 265,889 | ||||||
10,230,319 | ||||||||
Food & Staples Retailing - 2.21% |
| |||||||
3,519 | Casey’s General Stores, Inc. (b) | 760,773 | ||||||
5,583 | Costco Wholesale Corp. | 1,967,896 | ||||||
33,321 | CVS Health Corp. | 2,506,739 | ||||||
36,487 | Kroger Co. (b) | 1,313,167 | ||||||
36,959 | Sprouts Farmers Market, Inc. (a) | 983,848 | ||||||
11,517 | SYSCO Corp. | 906,849 | ||||||
17,105 | US Foods Holding Corp. (a) | 652,043 | ||||||
25,886 | Walgreens Boots Alliance, Inc. | 1,421,141 | ||||||
20,597 | Walmart, Inc. | 2,797,690 | ||||||
13,310,146 | ||||||||
Food Products - 1.26% |
| |||||||
3,242 | Archer-Daniels-Midland Co. | 184,794 | ||||||
1,119 | Beyond Meat, Inc. (a)(b) | 145,604 | ||||||
4,424 | Bunge Ltd. | 350,690 | ||||||
5,325 | Campbell Soup Co. (b) | 267,688 | ||||||
9,801 | ConAgra Brands, Inc. | 368,518 | ||||||
17,075 | Flowers Foods, Inc. | 406,385 | ||||||
9,147 | General Mills, Inc. | 560,894 | ||||||
5,396 | Ingredion, Inc. (b) | 485,208 | ||||||
4,298 | Kellogg Co. (b) | 272,063 | ||||||
17,795 | Pilgrim’s Pride Corp. (a) | 423,343 | ||||||
3,666 | Post Holdings, Inc. (a) | 387,570 | ||||||
6,634 | The Hain Celestial Group, Inc. (a) | 289,242 | ||||||
4,524 | The Hershey Co. (b) | 715,516 | ||||||
2,495 | The J.M. Smucker Co. (b) | 315,692 | ||||||
4,955 | The Kraft Heinz Co. | 198,200 | ||||||
25,294 | TreeHouse Foods, Inc. (a) | 1,321,359 | ||||||
11,855 | Tyson Foods, Inc. - Class A | 880,827 | ||||||
7,573,593 | ||||||||
Gas Utilities - 0.33% |
| |||||||
74,271 | EQT Corp. (a) | 1,379,955 | ||||||
14,726 | UGI Corp. | 603,913 | ||||||
1,983,868 | ||||||||
Health Care Equipment & Supplies - 2.43% |
| |||||||
2,442 | ABIOMED, Inc. (a) | 778,339 | ||||||
2,505 | Align Technology, Inc. (a) | 1,356,533 | ||||||
2,719 | Baxter International, Inc. | 229,320 | ||||||
1,018 | Becton Dickinson and Co. | 247,527 | ||||||
4,106 | Danaher Corp. | 924,178 | ||||||
2,324 | DexCom, Inc. (a) | 835,222 | ||||||
13,821 | Edwards Lifesciences Corp. (a) | 1,155,988 |
Number of | Value | |||||||
Health Care Equipment & Supplies (Continued) |
| |||||||
5,996 | Envista Holdings Corp. (a) | $ | 244,637 | |||||
8,783 | Hologic, Inc. (a) | 653,279 | ||||||
1,290 | ICU Medical, Inc. (a) | 265,018 | ||||||
3,271 | IDEXX Laboratories, Inc. (a) | 1,600,533 | ||||||
3,505 | Insulet Corp. (a) | 914,525 | ||||||
473 | Intuitive Surgical, Inc. (a) | 349,519 | ||||||
3,408 | Masimo Corp. (a) | 782,681 | ||||||
2,343 | Novocure, Ltd. (a)(b) | 309,698 | ||||||
3,645 | Penumbra, Inc. (a)(b) | 986,264 | ||||||
4,002 | Quidel Corp. (a)(b) | 511,976 | ||||||
4,334 | ResMed, Inc. | 840,883 | ||||||
3,419 | Stryker Corp. | 832,800 | ||||||
1,413 | Tandem Diabetes Care, Inc. (a) | 124,697 | ||||||
1,009 | Varian Medical Systems, Inc. (a) | 178,119 | ||||||
1,990 | West Pharmaceutical Services, Inc. | 560,742 | ||||||
14,682,478 | ||||||||
Health Care Providers & Services - 3.21% |
| |||||||
13,151 | Acadia Healthcare Co., Inc. (a) | 751,448 | ||||||
1,768 | Amedisys, Inc. (a) | 468,149 | ||||||
2,438 | AmerisourceBergen Corp. | 287,855 | ||||||
3,815 | Anthem, Inc. | 1,369,394 | ||||||
6,915 | Cardinal Health, Inc. | 420,086 | ||||||
20,685 | Centene Corp. (a) | 1,321,978 | ||||||
8,781 | Cerner Corp. | 631,178 | ||||||
1,542 | Chemed Corp. | 709,043 | ||||||
8,544 | Cigna Corp. | 2,065,427 | ||||||
3,760 | DaVita, Inc. (a) | 405,215 | ||||||
2,443 | Guardant Health, Inc. (a) | 372,924 | ||||||
1,808 | HCA Healthcare, Inc. | 340,519 | ||||||
6,941 | Henry Schein, Inc. (a) | 480,595 | ||||||
2,907 | Humana, Inc. | 1,218,760 | ||||||
2,052 | Laboratory Corp. of America Holdings (a) | 523,322 | ||||||
2,561 | McKesson Corp. | 499,497 | ||||||
1,670 | Molina Healthcare, Inc. (a) | 390,379 | ||||||
1,272 | PerkinElmer, Inc. | 163,185 | ||||||
1,171 | Quest Diagnostics, Inc. | 150,286 | ||||||
14,849 | UnitedHealth Group, Inc. | 5,524,867 | ||||||
9,302 | Universal Health Services, Inc. - Class B | 1,240,794 | ||||||
19,334,901 | ||||||||
Health Care Technology - 0.15% |
| |||||||
1,732 | Teladoc Health, Inc. (a)(b) | 314,791 | ||||||
2,280 | Veeva Systems, Inc. - Class A (a) | 595,627 | ||||||
910,418 | ||||||||
Hotels, Restaurants & Leisure - 0.67% |
| |||||||
445 | Chipotle Mexican Grill, Inc. (a) | 632,265 | ||||||
1,975 | Domino’s Pizza, Inc. | 726,385 | ||||||
6,181 | Extended Stay America, Inc. | 122,075 | ||||||
3,844 | McDonald’s Corp. | 861,594 | ||||||
3,125 | MGM Resorts International | 118,719 | ||||||
2,554 | Six Flags Entertainment Corp. (a) | 118,684 | ||||||
8,220 | The Wendy’s Co. | 166,537 | ||||||
389 | Vail Resorts, Inc. (a) | 113,456 | ||||||
3,021 | Yum China Holdings, Inc. | 178,874 | ||||||
9,072 | Yum! Brands, Inc. | 981,409 | ||||||
4,019,998 | ||||||||
Household Durables - 1.00% |
| |||||||
5,112 | DR Horton, Inc. | 455,581 | ||||||
2,296 | Garmin Ltd. | 302,728 |
See notes to financial statements.
39
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Household Durables (Continued) |
| |||||||
7,612 | Lennar Corp. - Class A | $ | 770,563 | |||||
7,934 | Lennar Corp. - Class B | 653,285 | ||||||
2,885 | Mohawk Industries, Inc. (a) | 554,814 | ||||||
88 | NVR, Inc. (a) | 414,562 | ||||||
3,320 | PulteGroup, Inc. | 174,101 | ||||||
3,701 | Roku, Inc. (a) | 1,205,675 | ||||||
17,220 | Tempur Sealy International, Inc. | 629,563 | ||||||
9,245 | Toll Brothers, Inc. | 524,469 | ||||||
1,526 | Whirlpool Corp. | 336,254 | ||||||
6,021,595 | ||||||||
Household Products - 1.38% |
| |||||||
4,244 | Church & Dwight, Inc. | 370,713 | ||||||
3,274 | Clorox Co. | 631,489 | ||||||
12,247 | Colgate-Palmolive Co. | 965,431 | ||||||
5,589 | Kimberly-Clark Corp. | 777,151 | ||||||
15,233 | Spectrum Brands Holdings, Inc. | 1,294,805 | ||||||
31,546 | The Procter & Gamble Co. | 4,272,275 | ||||||
8,311,864 | ||||||||
Independent Power and Renewable Electricity Producers - 0.60% |
| |||||||
15,849 | AES Corp. | 424,912 | ||||||
25,009 | NRG Energy, Inc. | 943,589 | ||||||
125,459 | Vistra Energy Corp. | 2,218,115 | ||||||
3,586,616 | ||||||||
Industrial Conglomerates - 0.27% |
| |||||||
3,394 | 3M Co. | 653,956 | ||||||
43,743 | General Electric Co. | 574,345 | ||||||
1,825 | Honeywell International, Inc. | 396,153 | ||||||
1,624,454 | ||||||||
Insurance - 1.81% |
| |||||||
5,074 | Aon PLC - Class A (b) | 1,167,578 | ||||||
2,582 | Arthur J. Gallagher & Co. | 322,156 | ||||||
18,166 | Berkshire Hathaway, Inc. - Class B (a) | 4,640,868 | ||||||
4,940 | Brown & Brown, Inc. | 225,807 | ||||||
1,183 | Erie Indemnity Co. - Class A (b) | 261,337 | ||||||
6,142 | Fidelity National Financial, Inc. | 249,734 | ||||||
5,187 | First American Financial Corp. | 293,844 | ||||||
3,585 | Hartford Financial Services Group, Inc. | 239,442 | ||||||
4,804 | Marsh & McLennan Cos., Inc. | 585,127 | ||||||
13,584 | MetLife, Inc. | 825,771 | ||||||
3,650 | Principal Financial Group, Inc. | 218,854 | ||||||
1,564 | Reinsurance Group of America, Inc. | 197,142 | ||||||
2,544 | The Allstate Corp. | 292,306 | ||||||
5,567 | The Progressive Corp. | 532,261 | ||||||
21,269 | Unum Group | 591,916 | ||||||
1,086 | Willis Towers Watson PLC | 248,564 | ||||||
10,892,707 | ||||||||
Interactive Media & Services - 5.59% |
| |||||||
4,511 | Alphabet, Inc. - Class A (a) | 9,304,028 | ||||||
4,506 | Alphabet, Inc. - Class C (a) | 9,321,247 | ||||||
37,632 | Facebook, Inc. - Class A (a) | 11,083,753 | ||||||
9,261 | Match Group, Inc. (a) | 1,272,276 | ||||||
9,384 | Pinterest, Inc. - Class A (a) | 694,697 | ||||||
9,350 | TripAdvisor, Inc. - Class A (a)(b) | 502,936 | ||||||
9,655 | Twitter, Inc. (a) | 614,348 | ||||||
3,053 | Zillow Group, Inc. - Class A (a)(b) | 401,103 |
Number of | Value | |||||||
Interactive Media & Services (Continued) |
| |||||||
3,793 | Zillow Group, Inc. - Class C (a) | $ | 491,725 | |||||
33,686,113 | ||||||||
Internet & Direct Marketing Retail - 4.59% |
| |||||||
6,557 | Amazon.com, Inc. (a) | 20,287,882 | ||||||
440 | Booking Holdings, Inc. (a) | 1,025,130 | ||||||
12,078 | eBay, Inc. | 739,657 | ||||||
4,795 | Etsy, Inc. (a) | 967,008 | ||||||
2,712 | Expedia Group, Inc. - Class A (a) | 466,789 | ||||||
2,390 | GrubHub, Inc. (a)(b) | 143,400 | ||||||
178,286 | Qurate Retail, Inc. - Series A | 2,096,643 | ||||||
6,165 | Wayfair, Inc. - Class A (a)(b) | 1,940,434 | ||||||
27,666,943 | ||||||||
IT Services - 4.74% |
| |||||||
9,809 | Accenture PLC - Class A | 2,709,736 | ||||||
2,745 | Akamai Technologies, Inc. (a) | 279,715 | ||||||
17,879 | Alliance Data Systems Corp. | 2,004,057 | ||||||
5,871 | Amdocs Ltd. | 411,851 | ||||||
4,085 | Black Knight, Inc. (a) | 302,249 | ||||||
4,386 | Booz Allen Hamilton Holding Corp. - Class A | 353,205 | ||||||
1,036 | Broadridge Financial Solutions, Inc. | 158,612 | ||||||
3,214 | CACI International, Inc. - Class A (a) | 792,765 | ||||||
12,604 | Cognizant Technology Solutions Corp. - Class A | 984,624 | ||||||
5,504 | Concentrix Corp. (a) | 824,059 | ||||||
6,780 | CoreLogic, Inc. | 537,315 | ||||||
59,246 | DXC Technology Co. (a) | 1,852,030 | ||||||
1,029 | EPAM Systems, Inc. (a) | 408,194 | ||||||
3,677 | Euronet Worldwide, Inc. (a) | 508,529 | ||||||
5,286 | Fastly, Inc. - Class A (a)(b) | 355,642 | ||||||
5,441 | Fidelity National Information Services, Inc. | 765,059 | ||||||
8,576 | Fiserv, Inc. (a) | 1,020,887 | ||||||
556 | FleetCor Technologies, Inc. (a) | 149,358 | ||||||
1,795 | Gartner, Inc. (a) | 327,677 | ||||||
8,668 | Genpact, Ltd. | 371,164 | ||||||
2,241 | Global Payments, Inc. | 451,741 | ||||||
3,004 | GoDaddy, Inc. - Class A (a) | 233,170 | ||||||
8,795 | MasterCard, Inc. - Class A | 3,131,460 | ||||||
1,546 | MongoDB, Inc. (a) | 413,447 | ||||||
2,162 | Okta, Inc. - Class A (a) | 476,570 | ||||||
9,614 | PayPal Holdings, Inc. (a) | 2,334,664 | ||||||
5,737 | Science Applications International Corp. | 479,556 | ||||||
5,041 | Square, Inc. - Class A (a) | 1,144,559 | ||||||
12,400 | The Western Union Co. (b) | 305,784 | ||||||
1,906 | Twilio, Inc. - Class A (a) | 649,489 | ||||||
2,820 | VeriSign, Inc. (a) | 560,503 | ||||||
13,119 | Visa, Inc. - Class A | 2,777,686 | ||||||
2,473 | WEX, Inc. (a) | 517,401 | ||||||
28,592,758 | ||||||||
Leisure Products - 0.48% |
| |||||||
2,462 | Brunswick Corp. | 234,801 | ||||||
32,649 | Mattel, Inc. (a) | 650,368 | ||||||
5,834 | Peloton Interactive, Inc. - Class A (a) | 655,975 | ||||||
2,175 | Polaris Industries, Inc. | 290,363 | ||||||
3,080 | Pool Corp. | 1,063,339 | ||||||
2,894,846 | ||||||||
Life Sciences Tools & Services - 1.23% |
| |||||||
2,919 | 10X Genomics, Inc. - Class A (a) | 528,339 | ||||||
4,264 | Adaptive Biotechnologies Corp. (a) | 171,669 |
See notes to financial statements.
40
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Life Sciences Tools & Services (Continued) |
| |||||||
679 | Bio-Rad Laboratories, Inc. - Class A (a) | $ | 387,824 | |||||
899 | Bio-Techne Corp. | 343,355 | ||||||
4,895 | Bruker Corp. | 314,651 | ||||||
1,963 | Charles River Laboratories International, Inc. (a) | 568,936 | ||||||
1,797 | Illumina, Inc. (a) | 690,156 | ||||||
1,686 | IQVIA Holdings, Inc. (a) | 325,634 | ||||||
702 | Mettler-Toledo International, Inc. (a) | 811,294 | ||||||
4,884 | PPD, Inc. (a) | 184,810 | ||||||
7,624 | QIAGEN NV (a)(b) | 371,213 | ||||||
6,602 | Syneos Health, Inc. (a) | 500,762 | ||||||
3,637 | Thermo Fisher Scientific, Inc. | 1,659,854 | ||||||
1,989 | Waters Corp. (a) | 565,214 | ||||||
7,423,711 | ||||||||
Machinery - 1.65% |
| |||||||
9,463 | AGCO Corp. | 1,359,360 | ||||||
4,127 | Caterpillar, Inc. | 956,927 | ||||||
1,837 | Cummins, Inc. | 475,985 | ||||||
2,049 | Deere & Co. | 766,613 | ||||||
4,671 | Donaldson Co., Inc. | 271,665 | ||||||
1,319 | Dover Corp. | 180,874 | ||||||
30,199 | Gates Industrial Corp PLC (a) | 482,882 | ||||||
6,628 | Graco, Inc. | 474,697 | ||||||
615 | IDEX Corp. | 128,732 | ||||||
4,569 | Illinois Tool Works, Inc. | 1,012,125 | ||||||
3,945 | Lincoln Electric Holdings, Inc. | 484,998 | ||||||
1,529 | Nordson Corp. | 303,782 | ||||||
4,015 | Oshkosh Corp. | 476,420 | ||||||
671 | Parker-Hannifin Corp. | 211,654 | ||||||
4,024 | Pentair PLC | 250,776 | ||||||
920 | Snap-on, Inc. | 212,281 | ||||||
10,471 | The Timken Co. | 849,931 | ||||||
5,601 | The Toro Co. | 577,687 | ||||||
1,259 | Valmont Industries, Inc. | 299,227 | ||||||
2,332 | Wabtec Corp. | 184,601 | ||||||
9,961,217 | ||||||||
Media - 1.69% |
| |||||||
1,317 | Charter Communications, Inc. - Class A (a) | 812,615 | ||||||
28,552 | Comcast Corp. - Class A | 1,544,949 | ||||||
19,791 | Discovery Communications, Inc. - Series A (a)(b) | 860,117 | ||||||
18,966 | Discovery Communications, Inc. - | 699,656 | ||||||
8,990 | Fox Corp. - Class A | 324,629 | ||||||
7,178 | Fox Corp. - Class B | 250,728 | ||||||
4,328 | John Wiley & Sons, Inc. - Class A | 234,578 | ||||||
17,355 | Liberty Media Corp.-Liberty SiriusXM - | 765,008 | ||||||
19,072 | Liberty Media Corp.-Liberty SiriusXM - | 841,266 | ||||||
16,397 | News Corp. - Class A | 416,976 | ||||||
14,872 | News Corp. - Class B | 348,897 | ||||||
3,887 | Nexstar Media Group, Inc. - Class A | 545,851 | ||||||
79,835 | Sirius XM Holdings, Inc. (b) | 486,195 | ||||||
11,256 | The Interpublic Group of Companies, Inc. | 328,675 | ||||||
9,360 | The New York Times Co. - Class A | 473,803 | ||||||
10,805 | ViacomCBS, Inc. - Class A | 509,672 | ||||||
16,083 | ViacomCBS, Inc. - Class B (b) | 725,343 | ||||||
10,168,958 | ||||||||
Number of | Value | |||||||
Metals & Mining - 0.59% |
| |||||||
21,671 | Freeport-McMoRan, Inc. (a) | $ | 713,626 | |||||
8,538 | Newmont Goldcorp Corp. | 514,585 | ||||||
1,754 | Nucor Corp. | 140,793 | ||||||
10,192 | Reliance Steel & Aluminum Co. | 1,552,140 | ||||||
7,180 | Southern Copper Corp. | 487,307 | ||||||
2,593 | Steel Dynamics, Inc. | 131,621 | ||||||
3,540,072 | ||||||||
Multiline Retail - 1.40% |
| |||||||
2,895 | Burlington Stores, Inc. (a) | 865,026 | ||||||
5,005 | Dollar General Corp. | 1,014,113 | ||||||
2,542 | Dollar Tree, Inc. (a) | 290,957 | ||||||
53,654 | Kohl’s Corp. | 3,198,315 | ||||||
22,511 | Nordstrom, Inc. (a)(b) | 852,492 | ||||||
3,830 | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | 333,210 | ||||||
9,438 | Target Corp. | 1,869,385 | ||||||
8,423,498 | ||||||||
Multi-Utilities - 0.21% |
| |||||||
5,853 | CenterPoint Energy, Inc. | 132,570 | ||||||
2,724 | Consolidated Edison, Inc. | 203,755 | ||||||
1,880 | DTE Energy Co. | 250,303 | ||||||
8,698 | MDU Resources Group, Inc. | 274,944 | ||||||
4,107 | Public Service Enterprise Group, Inc. (b) | 247,283 | ||||||
1,114 | Sempra Energy | 147,694 | ||||||
1,256,549 | ||||||||
Oil, Gas & Consumable Fuels - 0.49% |
| |||||||
50,675 | Antero Midstream Corp. | 457,595 | ||||||
6,467 | APA Corp. | 115,759 | ||||||
1,679 | Cheniere Energy, Inc. (a) | 120,905 | ||||||
2,524 | Chevron Corp. | 264,490 | ||||||
5,575 | Cimarex Energy Co. | 331,099 | ||||||
5,462 | Devon Energy Corp. | 119,345 | ||||||
1,824 | EOG Resources, Inc. | 132,295 | ||||||
85,810 | Equitrans Midstream Corp. | 700,210 | ||||||
2,181 | Exxon Mobil Corp. | 121,765 | ||||||
11,261 | Marathon Oil Corp. | 120,268 | ||||||
10,120 | Targa Resources Corp. | 321,310 | ||||||
5,305 | The Williams Companies, Inc. | 125,675 | ||||||
2,930,716 | ||||||||
Personal Products - 0.46% |
| |||||||
15,613 | Herbalife Nutrition, Ltd. (a) | 692,593 | ||||||
14,992 | Nu Skin Enterprises, Inc. - Class A | 792,927 | ||||||
4,379 | The Estee Lauder Cos., Inc. - Class A | 1,273,632 | ||||||
2,759,152 | ||||||||
Pharmaceuticals - 4.19% |
| |||||||
17,992 | Abbott Laboratories | 2,156,161 | ||||||
27,326 | AbbVie, Inc. | 2,957,220 | ||||||
34,399 | Bristol-Myers Squibb Co. | 2,171,609 | ||||||
5,263 | Catalent, Inc. (a) | 554,247 | ||||||
12,632 | Eli Lilly & Co. | 2,359,910 | ||||||
5,997 | Horizon Therapeutics PLC (a) | 551,964 | ||||||
5,588 | Jazz Pharmaceuticals PLC (a)(b) | 918,500 | ||||||
38,120 | Johnson & Johnson | 6,265,022 | ||||||
30,850 | Merck & Co., Inc. | 2,378,226 | ||||||
26,955 | Perrigo Co. PLC | 1,090,869 | ||||||
48,283 | Pfizer, Inc. | 1,749,293 | ||||||
66,283 | Viatris, Inc. (a) | 925,973 | ||||||
7,342 | Zoetis, Inc. | 1,156,218 | ||||||
25,235,212 | ||||||||
See notes to financial statements.
41
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Professional Services - 0.39% |
| |||||||
16,220 | ManpowerGroup, Inc. | $ | 1,604,158 | |||||
9,792 | Robert Half International, Inc. | 764,461 | ||||||
2,368,619 | ||||||||
Real Estate Management & Development - 0.45% |
| |||||||
7,391 | CBRE Group, Inc. - Class A (a) | 584,702 | ||||||
12,044 | Jones Lang LaSalle, Inc. (a) | 2,156,358 | ||||||
2,741,060 | ||||||||
Road & Rail - 0.91% |
| |||||||
592 | AMERCO | 362,659 | ||||||
1,904 | CSX Corp. | 183,584 | ||||||
1,219 | J.B. Hunt Transport Services, Inc. | 204,877 | ||||||
885 | Kansas City Southern | 233,569 | ||||||
4,761 | Knight-Swift Transportation Holdings, Inc. | 228,957 | ||||||
4,683 | Landstar System, Inc. | 772,976 | ||||||
963 | Norfolk Southern Corp. | 258,585 | ||||||
1,548 | Old Dominion Freight Line, Inc. | 372,155 | ||||||
24,916 | Ryder System, Inc. | 1,884,895 | ||||||
5,824 | Uber Technologies, Inc. (a) | 317,466 | ||||||
2,992 | Union Pacific Corp. | 659,467 | ||||||
5,479,190 | ||||||||
Semiconductors & Semiconductor Equipment - 5.57% |
| |||||||
28,440 | Advanced Micro Devices, Inc. (a) | 2,232,540 | ||||||
2,379 | Analog Devices, Inc. | 368,935 | ||||||
16,998 | Applied Materials, Inc. | 2,270,933 | ||||||
4,757 | Broadcom, Inc. | 2,205,631 | ||||||
10,536 | Cirrus Logic, Inc. (a) | 893,347 | ||||||
1,719 | Cree, Inc. (a)(b) | 185,875 | ||||||
5,231 | Entegris, Inc. | 584,826 | ||||||
1,926 | First Solar, Inc. (a) | 168,140 | ||||||
2,599 | Inphi Corp. (a) | 463,687 | ||||||
78,985 | Intel Corp. | 5,055,040 | ||||||
3,672 | KLA-Tencor Corp. | 1,213,229 | ||||||
3,314 | Lam Research Corp. | 1,972,625 | ||||||
6,736 | Marvell Technology Group, Ltd. (b) | 329,929 | ||||||
4,912 | Maxim Integrated Products, Inc. (a) | 448,809 | ||||||
3,440 | Microchip Technology, Inc. | 533,957 | ||||||
12,099 | Micron Technology, Inc. (a) | 1,067,253 | ||||||
3,761 | MKS Instruments, Inc. (b) | 697,365 | ||||||
2,014 | Monolithic Power Systems, Inc. | 711,365 | ||||||
8,454 | NVIDIA Corp. | 4,513,844 | ||||||
28,065 | ON Semiconductor Corp. (a) | 1,167,785 | ||||||
5,954 | Qorvo, Inc. (a) | 1,087,796 | ||||||
5,069 | Skyworks Solutions, Inc. | 930,060 | ||||||
1,705 | SolarEdge Technologies, Inc. (a) | 490,085 | ||||||
9,410 | Teradyne, Inc. | 1,145,009 | ||||||
12,913 | Texas Instruments, Inc. | 2,440,428 | ||||||
3,362 | Xilinx, Inc. (a) | 416,552 | ||||||
33,595,045 | ||||||||
Software - 10.45% |
| |||||||
16,527 | 2U, Inc. (a)(b) | 631,827 | ||||||
7,247 | Adobe Systems, Inc. (a) | 3,445,006 | ||||||
2,056 | Alteryx, Inc. - Class A (a) | 170,566 | ||||||
10,491 | Anaplan, Inc. (a) | 564,940 | ||||||
701 | ANSYS, Inc. (a) | 238,032 | ||||||
3,032 | Aspen Technology, Inc. (a) | 437,609 | ||||||
2,588 | Atlassian Corp. PLC - Class A (a) | 545,447 |
Number of | Value | |||||||
Software (Continued) |
| |||||||
4,176 | Autodesk, Inc. (a) | $ | 1,157,378 | |||||
2,305 | Avalara, Inc. (a) | 307,556 | ||||||
2,545 | Bill.com Holdings, Inc. (a) | 370,297 | ||||||
9,281 | Cadence Design System, Inc. (a) | 1,271,404 | ||||||
6,297 | CDK Global, Inc. (b) | 340,416 | ||||||
7,015 | Citrix Systems, Inc. | 984,625 | ||||||
6,241 | Cloudflare, Inc. - Class A (a) | 438,493 | ||||||
1,485 | Coupa Software, Inc. (a)(b) | 377,903 | ||||||
3,312 | Crowdstrike Holdings, Inc. - Class A (a) | 604,473 | ||||||
5,165 | Datadog, Inc. - Class A (a) | 430,451 | ||||||
5,328 | DocuSign, Inc. (a) | 1,078,654 | ||||||
15,701 | Dropbox, Inc. - Class A (a) | 418,589 | ||||||
5,144 | Dynatrace, Inc. (a) | 248,147 | ||||||
2,266 | Elastic NV (a) | 251,979 | ||||||
2,198 | Fair Isaac Corp. (a) | 1,068,338 | ||||||
2,954 | Five9, Inc. (a) | 461,799 | ||||||
4,479 | Fortinet, Inc. (a) | 826,017 | ||||||
823 | HubSpot, Inc. (a) | 373,815 | ||||||
2,764 | Intuit, Inc. | 1,058,778 | ||||||
2,523 | Jack Henry & Associates, Inc. | 382,790 | ||||||
9,498 | Manhattan Associates, Inc. (a) | 1,114,875 | ||||||
116,211 | Microsoft Corp. | 27,399,067 | ||||||
3,458 | New Relic, Inc. (a)(b) | 212,598 | ||||||
36,086 | NortonLifeLock, Inc. | 767,188 | ||||||
21,303 | Nuance Communications, Inc. (a)(b) | 929,663 | ||||||
14,379 | Nutanix, Inc. - Class A (a) | 381,906 | ||||||
21,715 | Oracle Corp. | 1,523,742 | ||||||
5,781 | PagerDuty, Inc. (a) | 232,570 | ||||||
990 | Paycom Software, Inc. (a) | 366,359 | ||||||
1,444 | Paylocity Holding Corp. (a) | 259,674 | ||||||
6,247 | Pegasystems, Inc. (b) | 714,282 | ||||||
993 | Proofpoint, Inc. (a) | 124,909 | ||||||
2,424 | PTC, Inc. (a) | 333,664 | ||||||
4,997 | RingCentral, Inc. - Class A (a) | 1,488,506 | ||||||
7,232 | salesforce.com, Inc. (a) | 1,532,244 | ||||||
3,451 | ServiceNow, Inc. (a) | 1,725,880 | ||||||
4,102 | Smartsheet, Inc. - Class A (a) | 262,200 | ||||||
1,694 | Splunk, Inc. (a) | 229,503 | ||||||
8,722 | SS&C Technologies Holdings, Inc. | 609,406 | ||||||
3,819 | Synopsys, Inc. (a) | 946,272 | ||||||
670 | The Trade Desk, Inc. - Class A (a) | 436,612 | ||||||
1,013 | Tyler Technologies, Inc. (a) | 430,049 | ||||||
1,673 | VMware, Inc. - Class A (a)(b) | 251,703 | ||||||
1,949 | Workday, Inc. - Class A (a) | 484,190 | ||||||
3,681 | Zendesk, Inc. (a)(b) | 488,174 | ||||||
1,758 | Zoom Video Communications, Inc. - Class A (a) | 564,828 | ||||||
4,298 | Zscaler, Inc. (a) | 737,838 | ||||||
63,033,231 | ||||||||
Specialty Retail - 4.36% |
| |||||||
1,551 | Advance Auto Parts, Inc. | 284,593 | ||||||
28,390 | AutoNation, Inc. (a) | 2,646,516 | ||||||
788 | AutoZone, Inc. (a) | 1,106,588 | ||||||
9,523 | Best Buy Co., Inc. | 1,093,336 | ||||||
1,404 | Carvana Co. (a)(b) | 368,410 | ||||||
11,087 | Dick’s Sporting Goods, Inc. (b) | 844,275 | ||||||
1,655 | Five Below, Inc. (a) | 315,757 | ||||||
3,902 | Floor & Decor Holdings, Inc. - Class A (a) | 372,563 | ||||||
18,801 | Foot Locker, Inc. | 1,057,556 | ||||||
22,129 | L Brands, Inc. (a) | 1,368,900 |
See notes to financial statements.
42
GuideMark® Large Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Specialty Retail (Continued) |
| |||||||
13,483 | Lowe’s Cos., Inc. | $ | 2,564,197 | |||||
1,882 | O’Reilly Automotive, Inc. (a) | 954,645 | ||||||
25,619 | Penske Automotive Group, Inc. | 2,055,669 | ||||||
2,275 | Ross Stores, Inc. | 272,795 | ||||||
1,651 | Sherwin-Williams Co. | 1,218,455 | ||||||
31,864 | The Gap, Inc. (a)(b) | 948,910 | ||||||
16,294 | The Home Depot, Inc. | 4,973,743 | ||||||
11,603 | The TJX Cos., Inc. | 767,538 | ||||||
4,976 | Tractor Supply Co. | 881,150 | ||||||
2,472 | Ulta Beauty, Inc. (a) | 764,268 | ||||||
3,282 | Vroom, Inc. (a) | 127,965 | ||||||
7,145 | Williams Sonoma, Inc. (b) | 1,280,384 | ||||||
26,268,213 | ||||||||
Technology Hardware, Storage & Peripherals - 5.79% |
| |||||||
250,359 | Apple, Inc. | 30,581,352 | ||||||
1,396 | Dell Technologies, Inc. - Class C (a) | 123,058 | ||||||
12,136 | HP, Inc. | 385,318 | ||||||
7,548 | International Business Machines Corp. | 1,005,847 | ||||||
17,492 | NCR Corp. (a) | 663,821 | ||||||
9,717 | NetApp, Inc. | 706,134 | ||||||
26,967 | Pure Storage, Inc. - Class A (a)(b) | 580,869 | ||||||
18,643 | Teradata Corp. (a)(b) | 718,501 | ||||||
7,254 | Xerox Holdings Corp. (b) | 176,055 | ||||||
34,940,955 | ||||||||
Textiles, Apparel & Luxury Goods - 1.94% |
| |||||||
19,525 | Capri Holdings, Ltd. (a) | 995,775 | ||||||
4,409 | Carter’s, Inc. (a) | 392,092 | ||||||
5,320 | Columbia Sportswear Co. | 561,952 | ||||||
5,044 | lululemon athletica, Inc. (a)(b) | 1,547,045 | ||||||
17,729 | NIKE, Inc. - Class B | 2,356,007 | ||||||
14,843 | PVH Corp. (a) | 1,568,905 | ||||||
4,096 | Ralph Lauren Corp. - Class A (a) | 504,463 | ||||||
11,450 | Skechers U.S.A., Inc. - Class A (a) | 477,580 | ||||||
29,781 | Tapestry, Inc. (a) | 1,227,275 | ||||||
41,942 | Under Armour, Inc. - Class A (a)(b) | 929,435 | ||||||
26,607 | Under Armour, Inc. - Class C (a)(b) | 491,165 | ||||||
8,220 | VF Corp. | 656,942 | ||||||
11,708,636 | ||||||||
Tobacco - 0.37% |
| |||||||
3,774 | Altria Group, Inc. | 193,078 | ||||||
22,856 | Philip Morris International, Inc. | 2,028,241 | ||||||
2,221,319 | ||||||||
Trading Companies & Distributors - 0.74% |
| |||||||
16,968 | Fastenal Co. | 853,151 | ||||||
7,154 | MSC Industrial Direct Co., Inc. - Class A | 645,219 | ||||||
1,317 | United Rentals, Inc. (a) | 433,701 | ||||||
58,513 | Univar, Inc. (a) | 1,260,370 | ||||||
2,021 | W.W. Grainger, Inc. | 810,280 | ||||||
1,774 | Watsco, Inc. - Class A (b) | 462,571 | ||||||
4,465,292 | ||||||||
Transportation Infrastructure - 0.05% |
| |||||||
8,570 | Macquarie Infrastructure Corp. | 272,612 | ||||||
Wireless Telecommunication Services - 0.05% |
| |||||||
8,252 | United States Cellular Corp. (a) | 301,033 | ||||||
Total Common Stocks | 577,837,100 | |||||||
Number of | Value | |||||||
INVESTMENT COMPANIES - 2.38% |
| |||||||
Exchange Traded Funds - 2.38% |
| |||||||
39,377 | Vanguard S&P 500 ETF | $ | 14,345,041 | |||||
Total Investment Companies | 14,345,041 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 0.96% |
| |||||||
Real Estate Investment Trusts - 0.96% |
| |||||||
8,245 | American Homes 4 Rent - Class A | 274,888 | ||||||
314,505 | Apartment Investment and Management Co. - Class A | 1,931,061 | ||||||
11,647 | Brandywine Realty Trust | 150,363 | ||||||
13,667 | Brixmor Property Group, Inc. | 276,483 | ||||||
11,366 | Brookfield Property REIT, Inc. - Class A | 204,020 | ||||||
2,446 | Camden Property Trust | 268,840 | ||||||
6,200 | Corporate Office Properties Trust | 163,246 | ||||||
3,292 | CubeSmart | 124,536 | ||||||
2,815 | Digital Realty Trust, Inc. | 396,465 | ||||||
81,102 | Empire State Realty Trust, Inc. - Class A (a)(b) | 902,665 | ||||||
952 | Extra Space Storage, Inc. | 126,188 | ||||||
3,666 | Highwoods Properties, Inc. | 157,418 | ||||||
2,141 | Life Storage, Inc. | 184,019 | ||||||
53,033 | Paramount Group, Inc. | 537,224 | ||||||
4,429 | VICI Properties, Inc. | 125,075 | ||||||
Total Real Estate Investment Trusts | 5,822,491 | |||||||
SHORT TERM INVESTMENTS - 0.72% |
| |||||||
Money Market Funds - 0.72% |
| |||||||
4,347,830 | DWS Government Money Market Series - Institutional Shares | 4,347,830 | ||||||
Total Short Term Investments | 4,347,830 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 5.63% |
| |||||||
33,919,804 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (c) | 33,919,804 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 33,919,804 | |||||||
Total Investments | 636,272,266 | |||||||
Liabilities in Excess of | (33,482,969 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 602,789,297 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
43
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS - 85.62% |
| |||||||
Argentina - 0.31% |
| |||||||
932 | Globant SA - ADR (a) | $ | 193,492 | |||||
26,700 | YPF SA - ADR (a) | 109,737 | ||||||
303,229 | ||||||||
Brazil - 4.33% |
| |||||||
43,485 | Ambev SA | 118,357 | ||||||
13,415 | B3 SA - Brasil Bolsa Balcao | 130,297 | ||||||
18,352 | Banco do Brasil SA | 99,542 | ||||||
3,149 | Banco Inter SA | 87,455 | ||||||
31,060 | BB Seguridade Participacoes SA | 133,816 | ||||||
15,268 | Cia de Saneamento Basico do Estado de Sao Paulo | 111,133 | ||||||
23,742 | Cia Siderurgica Nacional SA | 159,147 | ||||||
44,925 | Hapvida Participacoes e Investimentos SA | 118,525 | ||||||
49,607 | JBS SA | 265,280 | ||||||
20,630 | Klabin SA (a) | 100,866 | ||||||
20,096 | Lojas Renner SA | 151,774 | ||||||
93,870 | Magazine Luiza SA | 334,878 | ||||||
13,627 | Natura & Co., Holding SA (a) | 116,281 | ||||||
11,648 | Notre Dame Intermedica Participacoes SA | 171,554 | ||||||
54,732 | Petroleo Brasileiro SA | 233,080 | ||||||
63,055 | Raia Drogasil SA | 281,855 | ||||||
22,560 | Sul America SA | 137,398 | ||||||
9,594 | Suzano SA (a) | 117,286 | ||||||
49,899 | Vale SA | 864,621 | ||||||
51,477 | Via Varejo SA (a) | 110,204 | ||||||
27,710 | WEG SA | 368,686 | ||||||
4,212,035 | ||||||||
Chile - 0.37% | ||||||||
96,093 | Cencosud SA | 205,400 | ||||||
34,490 | Falabella SA | 156,647 | ||||||
362,047 | ||||||||
China - 25.51% | ||||||||
373,865 | Agricultural Bank of China, Ltd. - Series H | 149,868 | ||||||
6,516 | Airtac International Group | 232,426 | ||||||
19,218 | Alibaba Group Holding, Ltd. - ADR (a) | 4,357,297 | ||||||
25,182 | Anhui Conch Cement Co., Ltd. - Series H | 164,444 | ||||||
14,532 | ANTA Sports Products, Ltd. | 238,352 | ||||||
1,070 | Autohome, Inc. - ADR (b) | 99,799 | ||||||
2,593 | Baidu, Inc. - ADR (a) | 564,107 | ||||||
877,670 | Bank of China, Ltd. - Series H | 334,773 | ||||||
246,960 | Bank of Communications Co., Ltd. - Series H | 157,472 | ||||||
4,540 | Baozun, Inc. - ADR (a)(b) | 173,156 | ||||||
287 | BeiGene, Ltd. - ADR (a) | 99,899 | ||||||
1,961 | Bilibili, Inc. - ADR (a) | 209,945 | ||||||
5,713 | BYD Co., Ltd. - Series H | 123,611 | ||||||
19,947 | BYD Electronic International Co., Ltd. | 117,583 | ||||||
3,241 | CanSino Biologics, Inc. - Series H (a) | 122,974 | ||||||
569,672 | China Cinda Asset Management Co., Ltd. - Series H | 118,837 | ||||||
268,528 | China CITIC Bank Corp., Ltd. - Series H | 136,575 | ||||||
205,203 | China Communications Services Corp., Ltd. - Series H | 92,443 | ||||||
780,597 | China Construction Bank Corp. - Series H | 657,978 | ||||||
347,000 | China Everbright Bank Co., Ltd. - Series H | 151,571 | ||||||
185,323 | China Hongqiao Group, Ltd. | 247,862 | ||||||
26,659 | China Meidong Auto Holdings, Ltd. | 123,808 | ||||||
26,705 | China Merchants Bank Co., Ltd. - Series H | 204,592 | ||||||
230,247 | China Minsheng Banking Corp., Ltd. - Series H | 133,688 |
Number of | Value | |||||||
China (Continued) | ||||||||
170,617 | China National Building Material Co., Ltd. - Series H | $ | 247,175 | |||||
346,614 | China Resources Pharmaceutical Group, Ltd. | 216,381 | ||||||
169,767 | China Southern Airlines Co., Ltd. - Series H (a) | 126,026 | ||||||
125,120 | COSCO SHIPPING Holdings Co., Ltd. - Series H (a) | 161,941 | ||||||
19,609 | Country Garden Services Holdings Co., Ltd. | 199,864 | ||||||
177,622 | CSPC Pharmaceutical Group, Ltd. | 215,954 | ||||||
1,293 | Daqo New Energy Corp. - ADR (a) | 97,622 | ||||||
99,027 | Dongfeng Motor Group Co., Ltd. - Series H | 92,379 | ||||||
50,659 | Great Wall Motor Co., Ltd. - Series H | 141,647 | ||||||
3,349 | GSX Techedu, Inc. - ADR (a)(b) | 113,464 | ||||||
21,462 | Haidilao International Holding, Ltd. | 147,199 | ||||||
500,755 | Industrial & Commercial Bank of China Ltd. - Series H | 360,193 | ||||||
12,914 | Innovent Biologics, Inc. (a) | 132,074 | ||||||
8,785 | JD.com, Inc. - ADR (a)(b) | 740,839 | ||||||
1,555 | JOYY, Inc. - ADR | 145,750 | ||||||
199,859 | Kaisa Group Holdings, Ltd. | 99,088 | ||||||
54,570 | Kingdee International Software Group Co., Ltd. | 171,131 | ||||||
158,377 | Lenovo Group, Ltd. | 226,035 | ||||||
47,695 | Li Ning Co., Ltd. | 312,020 | ||||||
18,881 | Longfor Properties Co., Ltd. | 125,230 | ||||||
30,920 | Meituan - Class B (a) | 1,206,628 | ||||||
20,351 | Microport Scientific Corp. | 115,536 | ||||||
5,955 | Momo, Inc. - ADR | 87,777 | ||||||
4,590 | NetEase, Inc. - ADR (b) | 473,963 | ||||||
7,339 | NIO, Inc. - ADR (a) | 286,074 | ||||||
172,318 | PICC Property & Casualty Co., Ltd. - Series H | 149,934 | ||||||
3,123 | Pinduoduo, Inc. - ADR (a) | 418,107 | ||||||
52,932 | Ping An Insurance Group Co. of China, Ltd. - Series H | 633,139 | ||||||
94,865 | Seazen Group, Ltd. | 116,587 | ||||||
57,018 | Shanghai Pharmaceuticals Holding Co., Ltd. - Series H | 112,073 | ||||||
3,167 | Silergy Corp. | 261,219 | ||||||
5,944 | Sunny Optical Technology Group Co., Ltd. | 136,558 | ||||||
1,402 | TAL Education Group - ADR (a) | 75,498 | ||||||
59,941 | Tencent Holdings, Ltd. | 4,783,745 | ||||||
136,824 | Tingyi Cayman Islands Holding Corp. | 251,582 | ||||||
76,974 | Topsports International Holdings, Ltd. | 114,778 | ||||||
100,731 | Uni-President China Holdings, Ltd. | 122,562 | ||||||
14,454 | Vipshop Holdings, Ltd. - ADR (a) | 431,596 | ||||||
23,457 | Wuxi Biologics Cayman, Inc. (a) | 295,811 | ||||||
62,913 | Xiaomi Corp. (a) | 210,136 | ||||||
86,748 | Xinyi Solar Holdings, Ltd. | 143,789 | ||||||
72,489 | Yadea Group Holdings, Ltd. | 161,482 | ||||||
120,761 | Yanzhou Coal Mining Co., Ltd. - Series H | 143,210 | ||||||
20,942 | Yihai International Holding, Ltd. | 218,495 | ||||||
6,045 | Yum China Holdings, Inc. | 357,925 | ||||||
1,416 | Zai Lab Ltd. - ADR (a) | 188,937 | ||||||
20,376 | Zhongsheng Group Holdings, Ltd. | 144,349 | ||||||
74,293 | Zijin Mining Group Co., Ltd. - Series H | 91,879 | ||||||
24,818,441 | ||||||||
Cyprus - 0.10% | ||||||||
1,703 | TCS Group Holding PLC (d) | 98,700 | ||||||
Egypt - 0.21% | ||||||||
54,211 | Commercial International Bank Egypt SAE | 199,339 | ||||||
See notes to financial statements.
44
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Hong Kong - 2.11% | ||||||||
34,569 | Beijing Enterprises Holdings, Ltd. | $ | 122,354 | |||||
332,982 | Bosideng International Holdings, Ltd. | 150,372 | ||||||
399,513 | China Youzan, Ltd. (a) | 131,658 | ||||||
243,638 | China Jinmao Holdings Group, Ltd. | 98,053 | ||||||
40,216 | China Mengniu Dairy Co., Ltd. | 231,675 | ||||||
15,171 | China Resources Beer Holdings Co., Ltd. | 119,574 | ||||||
89,903 | China Resources Cement Holdings, Ltd. | 101,412 | ||||||
63,200 | China Taiping Insurance Holdings Co., Ltd. | 129,252 | ||||||
39,664 | Hopson Development Holdings, Ltd. | 143,027 | ||||||
43,417 | Kingboard Chemical Holdings, Ltd. | 234,990 | ||||||
195,089 | Kunlun Energy Co., Ltd. | 205,822 | ||||||
33,223 | Shimao Property Holdings, Ltd. | 104,905 | ||||||
134,762 | Sino Biopharmaceutical, Ltd. | 135,280 | ||||||
612,961 | Yuexiu Property Co., Ltd. | 139,106 | ||||||
2,047,480 | ||||||||
Hungary - 0.29% | ||||||||
16,022 | MOL Hungarian Oil & Gas Plc (a) | 115,987 | ||||||
5,750 | Richter Gedeon Nyrt | 169,528 | ||||||
285,515 | ||||||||
India - 9.42% | ||||||||
14,887 | Adani Green Energy, Ltd. (a) | 225,882 | ||||||
9,436 | Adani Port & Special Economic Zone, Ltd. (a) | 90,860 | ||||||
2,929 | Apollo Hospitals Enterprise, Ltd. | 116,550 | ||||||
6,122 | Asian Paints, Ltd. | 213,002 | ||||||
12,157 | Aurobindo Pharma, Ltd. | 146,914 | ||||||
9,076 | Cipla, Ltd. (a) | 101,400 | ||||||
7,870 | Colgate-Palmolive India, Ltd. | 168,178 | ||||||
15,965 | Dabur India, Ltd. | 118,218 | ||||||
5,602 | Divi’s Laboratories, Ltd. (a) | 278,032 | ||||||
4,115 | Dr. Reddy’s Laboratories, Ltd. | 254,576 | ||||||
14,668 | Grasim Industries, Ltd. | 291,769 | ||||||
6,692 | Havells India, Ltd. | 96,379 | ||||||
36,488 | HCL Technologies, Ltd. | 491,791 | ||||||
5,869 | HDFC Asset Management Co., Ltd. | 235,024 | ||||||
11,862 | HDFC Life Insurance Co., Ltd. (a) | 113,207 | ||||||
45,384 | Hindalco Industries, Ltd. | 204,147 | ||||||
4,109 | Hindustan Unilever, Ltd. | 137,046 | ||||||
12,978 | Housing Development Finance Corp., Ltd. | 445,916 | ||||||
25,648 | ICICI Bank, Ltd. (a) | 205,169 | ||||||
5,071 | ICICI Lombard General Insurance Co., Ltd. | 99,679 | ||||||
57,688 | Infosys, Ltd. | 1,082,469 | ||||||
4,904 | Ipca Laboratories, Ltd. | 127,836 | ||||||
4,646 | Larsen & Toubro Infotech, Ltd. | 258,307 | ||||||
19,797 | Marico, Ltd. | 111,640 | ||||||
5,758 | Muthoot Finance, Ltd. (a) | 95,035 | ||||||
1,127 | Nestle India, Ltd. | 265,054 | ||||||
142,033 | Oil & Natural Gas Corp., Ltd. | 199,098 | ||||||
370 | Page Industries, Ltd. | 153,794 | ||||||
4,322 | Pidilite Industries, Ltd. (a) | 107,232 | ||||||
125,009 | REC, Ltd. | 225,168 | ||||||
18,913 | Reliance Industries, Ltd. | 520,036 | ||||||
10,654 | Tata Consultancy Services, Ltd. | 464,215 | ||||||
16,464 | Tata Consumer Products, Ltd. | 144,241 | ||||||
45,516 | Tata Motors, Ltd. (a) | 189,161 | ||||||
17,088 | Tata Steel, Ltd. | 190,643 | ||||||
9,079 | Tech Mahindra, Ltd. | 123,472 | ||||||
3,068 | Torrent Pharmaceuticals, Ltd. | 106,925 | ||||||
139,798 | Vedanta, Ltd. | 439,121 |
Number of | Value | |||||||
India (Continued) | ||||||||
40,542 | Wipro, Ltd. | $ | 230,089 | |||||
35,514 | Zee Entertainment Enterprises, Ltd. | 99,145 | ||||||
9,166,420 | ||||||||
Indonesia - 1.00% | ||||||||
637,700 | Aneka Tambang Tbk | 99,413 | ||||||
44,748 | Bank Central Asia Tbk PT | 95,832 | ||||||
233,522 | Indah Kiat Pulp & Paper Corp. Tbk PT | 168,409 | ||||||
296,654 | Indofood Sukses Makmur Tbk PT | 135,117 | ||||||
1,215,482 | Kalbe Farma Tbk PT | 131,381 | ||||||
764,160 | Merdeka Copper Gold Tbk PT (a) | 113,667 | ||||||
463,270 | Telekomunikasi Indonesia Persero Tbk PT | 109,349 | ||||||
260,065 | Unilever Indonesia Tbk PT | 117,813 | ||||||
970,981 | ||||||||
Mexico - 1.65% | ||||||||
400,485 | America Movil SAB de CV - Series L | 272,940 | ||||||
70,120 | Becle SAB de CV | 159,935 | ||||||
484,811 | Cemex SAB de CV (a) | 340,847 | ||||||
9,053 | Gruma SAB de CV - Series B | 107,186 | ||||||
70,159 | Grupo Bimbo SAB de CV - Series A | 147,255 | ||||||
53,835 | Grupo Mexico SAB de CV - Series B | 283,773 | ||||||
93,130 | Wal-Mart de Mexico SAB de CV | 294,114 | ||||||
1,606,050 | ||||||||
Philippines - 0.47% | ||||||||
5,802 | Globe Telecom, Inc. | 224,977 | ||||||
1,399,258 | Metro Pacific Investments Corp. | 107,990 | ||||||
4,771 | PLDT, Inc. | 120,693 | ||||||
453,660 | ||||||||
Poland - 0.62% | ||||||||
4,277 | Dino Polska SA (a) | 281,953 | ||||||
62,574 | Orange Polska SA (a) | 104,182 | ||||||
62,689 | PGE Polska Grupa Energetyczna SA (a) | 107,777 | ||||||
69,306 | Polskie Gornictwo Naftowe i Gazownictwo SA | 105,387 | ||||||
599,299 | ||||||||
Peru - 0.10% | ||||||||
1,412 | Southern Copper Corp. | 95,832 | ||||||
Qatar - 0.77% | ||||||||
91,205 | Masraf Al Rayan QSC | 107,495 | ||||||
137,960 | Ooredoo QPSC | 268,340 | ||||||
27,710 | Qatar Islamic Bank SAQ | 125,313 | ||||||
50,280 | Qatar National Bank QPSC | 248,521 | ||||||
749,669 | ||||||||
Republic of Korea - 14.28% | ||||||||
1,950 | Alteogen, Inc. (a) | 155,134 | ||||||
925 | Amorepacific Corp. | 212,437 | ||||||
1,113 | Celltrion Healthcare Co., Ltd. (a) | 134,314 | ||||||
913 | Celltrion Pharm, Inc. (a) | 121,736 | ||||||
512 | Celltrion, Inc. (a) | 147,579 | ||||||
8,743 | Cheil Worldwide, Inc. | 164,672 | ||||||
467 | CJ CheilJedang Corp. | 169,923 | ||||||
1,860 | CJ Corp. | 155,121 | ||||||
791 | CJ ENM Co., Ltd. | 99,944 | ||||||
3,929 | DB Insurance Co., Ltd. | 164,296 | ||||||
6,073 | GS Engineering & Construction Corp. | 231,988 | ||||||
5,093 | GS Holdings Corp. | 176,719 | ||||||
3,062 | GS Retail Co., Ltd. | 103,583 | ||||||
5,533 | Hana Financial Group, Inc. | 209,275 |
See notes to financial statements.
45
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Republic of Korea (Continued) | ||||||||
4,323 | Hankook Tire Co., Ltd. | $ | 188,163 | |||||
2,458 | Hanwha Chemical Corp. (a) | 109,888 | ||||||
5,513 | Hanwha Corp. | 156,139 | ||||||
4,188 | Hyundai Engineering & Construction Co., Ltd. | 163,746 | ||||||
1,003 | Hyundai Glovis Co., Ltd. | 167,106 | ||||||
5,096 | Hyundai Marine & Fire Insurance Co., Ltd. | 110,410 | ||||||
441 | Hyundai Mobis Co., Ltd. | 114,392 | ||||||
562 | Hyundai Motor Co. | 108,920 | ||||||
16,741 | Industrial Bank of Korea | 135,609 | ||||||
713 | Kakao Corp. | 314,704 | ||||||
4,354 | KB Financial Group, Inc. | 214,598 | ||||||
5,113 | Kia Motors Corp. | 375,827 | ||||||
4,064 | Korea Gas Corp. (a) | 121,419 | ||||||
1,180 | Korea Investment Holdings Co., Ltd. | 89,651 | ||||||
467 | Kumho Petrochemical Co., Ltd. | 109,471 | ||||||
342 | LG Chemical, Ltd. | 244,743 | ||||||
2,269 | LG Electronics, Inc. | 302,923 | ||||||
236 | LG Household & Health Care, Ltd. | 327,480 | ||||||
15,796 | LG Uplus Corp. | 171,400 | ||||||
3,233 | Lotte Corp. | 97,378 | ||||||
1,482 | Lotte Shopping Co., Ltd. | 165,764 | ||||||
46,426 | Meritz Securities Co., Ltd. | 189,608 | ||||||
11,298 | Mirae Asset Daewoo Co., Ltd. | 98,832 | ||||||
1,116 | Naver Corp. | 373,639 | ||||||
449 | NCSoft Corp. | 347,052 | ||||||
9,686 | NH Investment & Securities Co., Ltd. | 100,106 | ||||||
1,006 | Orion Corp. | 116,682 | ||||||
681 | Pearl Abyss Corp. (a) | 186,186 | ||||||
1,183 | POSCO | 335,210 | ||||||
818 | POSCO Chemical Co., Ltd. | 113,081 | ||||||
721 | Samsung Electro-Mechanics Co., Ltd. | 120,347 | ||||||
51,401 | Samsung Electronics Co., Ltd. | 3,718,586 | ||||||
463 | Samsung SDI Co., Ltd. | 272,254 | ||||||
2,897 | Samsung Securities Co., Ltd. | 101,409 | ||||||
1,777 | Seegene, Inc. | 204,714 | ||||||
1,866 | Shin Poong Pharmaceutical Co., Ltd. | 141,582 | ||||||
7,430 | Shinhan Financial Group Co., Ltd. | 246,765 | ||||||
529 | Shinsegae, Inc. | 132,012 | ||||||
453 | SK Chemicals Co., Ltd. | 100,767 | ||||||
5,371 | SK Hynix, Inc. | 634,110 | ||||||
3,601 | Woongjin Coway Co., Ltd. | 209,213 | ||||||
12,323 | Woori Financial Group Inc. | 109,991 | ||||||
13,888,598 | ||||||||
Russian Federation - 2.58% | ||||||||
4,630 | LUKOIL PJSC - ADR | 374,058 | ||||||
9,067 | Magnit PJSC - ADR (d) | 135,927 | ||||||
7,479 | MMC Norilsk Nickel PJSC - ADR (b) | 234,018 | ||||||
12,192 | Mobile TeleSystems PJSC - ADR | 101,681 | ||||||
3,627 | Novolipetsk Steel PJSC - GDR | 115,592 | ||||||
2,567 | Polyus PJSC - GDR (d) | 236,184 | ||||||
30,029 | Sberbank of Russia PJSC - ADR | 462,747 | ||||||
9,904 | Severstal PJSC - GDR (d) | 199,776 | ||||||
36,200 | Surgutneftegas OJSC - ADR | 163,805 | ||||||
4,243 | Tatneft PJSC - ADR (b) | 198,700 | ||||||
3,865 | X5 Retail Group NV - GDR (d) | 124,595 | ||||||
2,515 | Yandex NV - Class A - ADR (a) | 161,111 | ||||||
2,508,194 | ||||||||
Number of | Value | |||||||
South Africa - 4.01% | ||||||||
21,809 | Absa Group, Ltd. | $ | 186,308 | |||||
5,915 | African Rainbow Minerals, Ltd. | 111,093 | ||||||
1,408 | Anglo American Platinum, Ltd. | 205,351 | ||||||
5,801 | AngloGold Ashanti, Ltd. | 126,270 | ||||||
20,362 | Aspen Pharmacare Holdings, Ltd. (a) | 198,960 | ||||||
7,292 | Bid Corp., Ltd. (a) | 141,358 | ||||||
7,902 | Clicks Group, Ltd. | 128,702 | ||||||
50,165 | FirstRand, Ltd. | 175,312 | ||||||
17,627 | Gold Fields, Ltd. | 165,673 | ||||||
19,194 | Impala Platinum Holdings, Ltd. | 354,351 | ||||||
4,843 | Kumba Iron Ore, Ltd. | 199,445 | ||||||
13,842 | Mr. Price Group, Ltd. | 181,310 | ||||||
19,943 | MTN Group, Ltd. | 117,135 | ||||||
19,305 | MultiChoice Group, Ltd. | 168,121 | ||||||
2,263 | Naspers, Ltd. - N Shares | 542,012 | ||||||
21,482 | Nedbank Group, Ltd. | 203,659 | ||||||
7,473 | Northam Platinum, Ltd. (a) | 129,838 | ||||||
6,791 | Sasol, Ltd. (a) | 98,126 | ||||||
27,370 | Sibanye Stillwater, Ltd. | 121,846 | ||||||
17,604 | Standard Bank Group, Ltd. | 149,454 | ||||||
57,566 | Woolworths Holdings, Ltd. (a) | 192,811 | ||||||
3,897,135 | ||||||||
Taiwan, Province of China - 14.97% | ||||||||
28,514 | Accton Technology Corp. | 277,218 | ||||||
102,617 | Acer, Inc. | 113,562 | ||||||
20,761 | Advantech Co., Ltd. | 258,978 | ||||||
3,175 | ASMedia Technology, Inc. | 167,598 | ||||||
138,815 | AU Optronics Corp. (a) | 103,558 | ||||||
69,121 | Cathay Financial Holding Co., Ltd. | 116,392 | ||||||
32,975 | Chailease Holding Co., Ltd. | 228,226 | ||||||
43,026 | Chicony Electronics Co., Ltd. | 153,589 | ||||||
191,655 | China Life Insurance Co., Ltd. | 173,196 | ||||||
187,746 | Compal Electronics, Inc. | 176,276 | ||||||
19,794 | Delta Electronics, Inc. - NVDR | 201,871 | ||||||
11,065 | Eclat Textile Co., Ltd. | 186,489 | ||||||
161,701 | Evergreen Marine Corp. Taiwan, Ltd. (a) | 259,544 | ||||||
98,235 | Far Eastern New Century Corp. | 104,288 | ||||||
36,956 | Feng TAY Enterprise Co., Ltd. | 253,241 | ||||||
103,394 | Fubon Financial Holding Co., Ltd. | 206,325 | ||||||
6,782 | Globalwafers Co., Ltd. | 179,805 | ||||||
127,951 | Hon Hai Precision Industry Co., Ltd. | 561,285 | ||||||
144,294 | Innolux Corp. | 107,687 | ||||||
1,054 | Largan Precision Co., Ltd. | 119,208 | ||||||
56,679 | Lite-On Technology Corp. | 125,699 | ||||||
19,435 | MediaTek, Inc. | 668,502 | ||||||
34,179 | Micro-Star International Co., Ltd. | 210,009 | ||||||
10,617 | Nan Ya Printed Circuit Board Corp. | 132,767 | ||||||
22,253 | Nien Made Enterprise Co., Ltd. | 311,174 | ||||||
13,853 | Novatek Microelectronics Corp. | 282,190 | ||||||
24,045 | Oneness Biotech Co., Ltd. (a) | 223,495 | ||||||
107,426 | Pou Chen Corp. | 124,680 | ||||||
33,661 | Powertech Technology, Inc. | 124,942 | ||||||
26,608 | President Chain Store Corp. | 254,459 | ||||||
36,197 | Quanta Computer, Inc. | 124,845 | ||||||
23,737 | Realtek Semiconductor Corp. | 414,380 | ||||||
60,655 | Ruentex Development Co., Ltd. | 105,466 | ||||||
427,176 | Shin Kong Financial Holding Co., Ltd. | 137,370 | ||||||
59,629 | Synnex Technology International Corp. | 114,273 | ||||||
33,743 | Taiwan Mobile Co., Ltd. | 116,131 |
See notes to financial statements.
46
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) |
| |||||||
Taiwan, Province of China (Continued) | ||||||||
269,519 | Taiwan Semiconductor Manufacturing Co., Ltd. | $ | 5,675,858 | |||||
34,512 | Unimicron Technology Corp. | 111,578 | ||||||
138,249 | Uni-President Enterprises Corp. | 355,012 | ||||||
356,601 | United Microelectronics Corp. | 639,621 | ||||||
32,634 | Vanguard International Semiconductor Corp. | 124,466 | ||||||
9,815 | Win Semiconductors Corp. | 135,538 | ||||||
61,274 | WPG Holdings, Ltd. | 105,085 | ||||||
14,565,876 | ||||||||
Thailand - 1.47% | ||||||||
20,684 | Advanced Info Service PCL - NVDR | 115,039 | ||||||
121,550 | Charoen Pokphand Foods PCL - NVDR | 115,004 | ||||||
61,152 | CP ALL PCL - NVDR | 135,679 | ||||||
36,443 | Delta Electronics Thailand PCL - NVDR | 340,063 | ||||||
253,363 | Home Product Center PCL - NVDR | 120,386 | ||||||
38,578 | Krungthai Card PCL - NVDR | 97,839 | ||||||
79,676 | Muangthai Capital PCL - NVDR | 180,726 | ||||||
125,548 | Osotspa PCL - NVDR | 141,819 | ||||||
68,680 | Srisawad Corp. PCL - NVDR | 187,586 | ||||||
1,434,141 | ||||||||
Turkey - 0.93% | ||||||||
176,271 | Akbank Turk AS | 100,590 | ||||||
25,776 | BIM Birlesik Magazalar AS | 220,774 | ||||||
3,603 | Ford Otomotiv Sanayi AS | 84,345 | ||||||
115,676 | Haci Omer Sabanci Holding AS | 120,824 | ||||||
31,107 | KOC Holding AS | 73,354 | ||||||
106,286 | Turkiye Garanti Bankasi AS | 86,163 | ||||||
235,956 | Turkiye Is Bankasi - Series C | 138,115 | ||||||
315,645 | Yapi ve Kredi Bankasi AS | 84,327 | ||||||
908,492 | ||||||||
United Arab Emirates - 0.12% | ||||||||
19,902 | Emirates Telecommunications Group Co. PJSC | 117,251 | ||||||
Total Common Stocks | 83,288,384 | |||||||
INVESTMENT COMPANIES - 11.24% |
| |||||||
China - 9.36% |
| |||||||
73,173 | iShares Core MSCI Emerging Markets ETF | 4,709,414 | �� | |||||
99,416 | KraneShares Bosera MSCI China ETF - Class A (b) | 4,398,164 | ||||||
9,107,578 | ||||||||
Saudi Arabia - 1.88% |
| |||||||
50,796 | iShares MSCI Saudi Arabia ETF (b) | 1,825,100 | ||||||
Total Investment Companies | 10,932,678 | |||||||
PREFERRED STOCKS - 2.27% | ||||||||
Brazil - 1.09% | ||||||||
42,605 | Banco Bradesco SA | 201,646 | ||||||
56,982 | Cia Energetica de Minas Gerais | 131,809 | ||||||
87,760 | Cia Paranaense de Energia - Series B | 111,325 | ||||||
22,680 | Gerdau SA | 121,285 | ||||||
47,999 | Itau Unibanco Holding SA | 238,347 | ||||||
58,108 | Petroleo Brasileiro SA | 249,728 | ||||||
1,054,140 | ||||||||
Chile - 0.11% | ||||||||
2,030 | Sociedad Quimica y Minera de Chile SA - Class B | 108,248 | ||||||
Number of | Value | |||||||
Republic of Korea - 1.07% | ||||||||
285 | LG Chem, Ltd. | $ | 97,503 | |||||
393 | LG Household & Health Care, Ltd. | 238,185 | ||||||
10,895 | Samsung Electronics Co., Ltd. | 705,650 | ||||||
1,041,338 | ||||||||
Total Preferred Stocks | 2,203,726 | |||||||
RIGHTS - 0.00% (e) | ||||||||
Chile - 0.00% (e) | ||||||||
378 | Sociedad Quimica y Minera de Chile SA (a) | 1,512 | ||||||
Total Rights | 1,512 | |||||||
SHORT TERM INVESTMENTS - 0.70% |
| |||||||
Money Market Funds - 0.70% |
| |||||||
684,992 | DWS Government Money Market Series - Institutional Shares | 684,992 | ||||||
Total Short Term Investments | 684,992 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 4.77% |
| |||||||
4,637,812 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (c) | 4,637,812 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 4,637,812 | |||||||
Total Investments | 101,749,104 | |||||||
Liabilities in Excess of | (4,853,241 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 96,895,863 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Seven-day yield as of March 31, 2021. |
(d) | Regulation S securities, as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $795,182, which represents 0.82% of total net assets. |
(e) | Less than 0.01%. |
Glossary of Terms
ADR | - | American Depositary Receipt | ||
GDR | - | Global Depositary Receipt | ||
NVDR | - | Non-Voting Depositary Receipt |
See notes to financial statements.
47
GuideMark® Emerging Markets Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2021
COMMON STOCKS | ||||
Air Freight & Logistics | 0.17% | |||
Airlines | 0.13% | |||
Auto Components | 0.31% | |||
Automobiles | 1.61% | |||
Banks | 6.05% | |||
Beverages | 0.55% | |||
Biotechnology | 0.95% | |||
Capital Markets | 1.09% | |||
Chemicals | 0.91% | |||
Commercial Services & Supplies | 0.21% | |||
Communications Equipment | 0.41% | |||
Construction & Engineering | 0.41% | |||
Construction Materials | 1.29% | |||
Consumer Finance | 0.58% | |||
Containers & Packaging | 0.10% | |||
Diversified Consumer Services | 0.19% | |||
Diversified Financial Services | 0.88% | |||
Diversified Telecommunication Services | 0.89% | |||
Electric Utilities | 0.11% | |||
Electrical Equipment | 0.48% | |||
Electronic Equipment, Instruments & Components | 2.74% | |||
Entertainment | 0.89% | |||
Food & Staples Retailing | 2.37% | |||
Food Products | 2.72% | |||
Gas Utilities | 0.25% | |||
Health Care Equipment & Supplies | 0.12% | |||
Health Care Providers & Services | 0.67% | |||
Hotels, Restaurants & Leisure | 0.52% | |||
Household Durables | 0.97% | |||
Household Products | 0.48% | |||
Independent Power and Renewable Electricity Producers | 0.23% | |||
Industrial Conglomerates | 0.60% | |||
Insurance | 2.37% | |||
Interactive Media & Services | 1.25% | |||
Internet & Direct Marketing Retail | 7.64% | |||
IT Services | 8.20% | |||
Life Sciences Tools & Services | 0.59% | |||
Machinery | 0.24% | |||
Marine | 0.43% | |||
Media | 1.00% | |||
Metals & Mining | 5.47% | |||
Multiline Retail | 1.17% | |||
Oil, Gas & Consumable Fuels | 2.72% | |||
Paper & Forest Products | 0.29% | |||
Personal Products | 0.75% |
Pharmaceuticals | 2.48% | |||
Real Estate Management & Development | 0.96% | |||
Semiconductors & Semiconductor Equipment | 13.63% | |||
Software | 0.87% | |||
Specialty Retail | 0.82% | |||
Technology Hardware, Storage & Peripherals | 1.64% | |||
Textiles, Apparel & Luxury Goods | 1.46% | |||
Thrifts & Mortgage Finance | 0.46% | |||
Transportation Infrastructure | 0.09% | |||
Water Utilities | 0.11% | |||
Wireless Telecommunication Services | 1.10% | |||
TOTAL COMMON STOCKS | 85.62% | |||
INVESTMENT COMPANIES | ||||
Exchange Traded Funds | 11.24% | |||
TOTAL INVESTMENT COMPANIES | 11.24% | |||
PREFERRED STOCKS | ||||
Banks | 0.45% | |||
Chemicals | 0.21% | |||
Electric Utilities | 0.25% | |||
Metals & Mining | 0.12% | |||
Oil, Gas & Consumable Fuels | 0.26% | |||
Personal Products | 0.24% | |||
Semiconductors & Semiconductor Equipment | 0.74% | |||
TOTAL PREFERRED STOCKS | 2.27% | |||
RIGHTS | ||||
Chemicals | 0.00% | |||
TOTAL RIGHTS | 0.00% | |||
SHORT TERM INVESTMENTS | ||||
Money Market Funds | 0.70% | |||
TOTAL SHORT TERM INVESTMENTS | 0.70% | |||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | ||||
Private Investment Fund | 4.77% | |||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | 4.77% | |||
TOTAL INVESTMENTS | 104.60% | |||
Liabilities in Excess of Other Assets | (4.60)% | |||
TOTAL NET ASSETS | 100.00% | |||
Percentages are stated as a percent of net assets.
See notes to financial statements.
48
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS - 92.18% | ||||||||
Aerospace & Defense - 0.74% | ||||||||
509 | Aerojet Rocketdyne Holdings, Inc. | $ | 23,903 | |||||
204 | AeroVironment, Inc. (a) | 23,676 | ||||||
1,598 | Astronics Corp. (a) | 28,828 | ||||||
938 | Axon Enterprise, Inc. (a) | 133,590 | ||||||
453 | BWX Technologies, Inc. | 29,871 | ||||||
283 | Curtiss-Wright Corp. | 33,564 | ||||||
395 | Ducommun, Inc. (a) | 23,700 | ||||||
374 | Hexcel Corp. (a) | 20,944 | ||||||
835 | Howmet Aerospace, Inc. (a) | 26,828 | ||||||
280 | Huntington Ingalls Industries, Inc. | 57,638 | ||||||
1,178 | Kratos Defense & Security Solutions, Inc. (a) | 32,136 | ||||||
865 | Maxar Technologies, Inc. | 32,714 | ||||||
411 | Moog, Inc. - Class A | 34,175 | ||||||
908 | Parsons Corp. (a) | 36,719 | ||||||
1,362 | Textron, Inc. | 76,381 | ||||||
613 | Vectrus, Inc. (a) | 32,759 | ||||||
1,248 | Virgin Galactic Holdings, Inc. (a)(b) | 38,226 | ||||||
685,652 | ||||||||
Air Freight & Logistics - 0.35% | ||||||||
612 | Atlas Air Worldwide Holdings, Inc. (a) | 36,989 | ||||||
2,482 | Echo Global Logistics, Inc. (a) | 77,960 | ||||||
466 | Hub Group, Inc. - Class A (a) | 31,353 | ||||||
8,035 | Radiant Logistics, Inc. (a) | 55,843 | ||||||
978 | XPO Logistics, Inc. (a) | 120,587 | ||||||
322,732 | ||||||||
Airlines - 0.19% | ||||||||
445 | Alaska Air Group, Inc. (a) | 30,798 | ||||||
79 | Allegiant Travel Co. (a) | 19,281 | ||||||
218 | Copa Holdings SA - Class A (a) | 17,612 | ||||||
4,708 | Mesa Air Group, Inc. (a) | 63,323 | ||||||
750 | SkyWest, Inc. | 40,860 | ||||||
171,874 | ||||||||
Auto Components - 0.83% | ||||||||
499 | Adient PLC (a) | 22,056 | ||||||
3,589 | American Axle & Manufacturing Holdings, Inc. (a) | 34,670 | ||||||
1,780 | BorgWarner, Inc. | 82,521 | ||||||
968 | Cooper Tire & Rubber Co. | 54,189 | ||||||
1,536 | Dana, Inc. | 37,371 | ||||||
404 | Dorman Products, Inc. (a) | 41,467 | ||||||
381 | Fox Factory Holding Corp. (a) | 48,410 | ||||||
2,520 | Gentex Corp. | 89,888 | ||||||
464 | Gentherm, Inc. (a) | 34,387 | ||||||
2,143 | Goodyear Tire & Rubber Co. (a) | 37,653 | ||||||
258 | LCI Industries | 34,128 | ||||||
341 | Lear Corp. | 61,806 | ||||||
2,834 | Modine Manufacturing Co. (a) | 41,858 | ||||||
865 | Motorcar Parts of America, Inc. (a) | 19,462 | ||||||
424 | Standard Motor Products, Inc. | 17,630 | ||||||
1,319 | Stoneridge, Inc. (a) | 41,957 | ||||||
216 | Visteon Corp. (a) | 26,341 | ||||||
896 | XPEL, Inc. (a) | 46,529 | ||||||
772,323 | ||||||||
Automobiles - 0.22% | ||||||||
757 | Harley-Davidson, Inc. | 30,356 | ||||||
722 | Thor Industries, Inc. (b) | 97,282 | ||||||
674 | Winnebago Industries, Inc. | 51,703 |
Number of | Value | |||||||
Automobiles (Continued) | ||||||||
1,520 | Workhorse Group, Inc. (a)(b) | $ | 20,930 | |||||
200,271 | ||||||||
Banks - 3.57% | ||||||||
920 | Ameris Bancorp | 48,309 | ||||||
1,911 | Associated Banc-Corp. | 40,781 | ||||||
693 | Atlantic Union Bankshares Corp. | 26,583 | ||||||
246 | BancFirst Corp. | 17,390 | ||||||
3,049 | Bancorp, Inc. (a) | 63,175 | ||||||
758 | BancorpSouth, Inc. | 24,620 | ||||||
455 | Bank of Hawaii Corp. | 40,718 | ||||||
1,046 | Bank OZK (b) | 42,729 | ||||||
779 | BankUnited, Inc. | 34,237 | ||||||
306 | BOK Financial Corp. | 27,332 | ||||||
923 | Cadence BanCorp | 19,134 | ||||||
937 | Capital Bancorp, Inc. (a) | 18,075 | ||||||
340 | City Holding Co. | 27,805 | ||||||
1,144 | Comerica, Inc. | 82,071 | ||||||
1,183 | Commerce Bancshares, Inc. | 90,630 | ||||||
229 | Community Bank Systems, Inc. | 17,569 | ||||||
432 | Cullen Frost Bankers, Inc. | 46,984 | ||||||
1,558 | Customers Bancorp, Inc. (a) | 49,576 | ||||||
737 | Eagle Bancorp Montana, Inc. | 17,924 | ||||||
579 | Eagle Bancorp, Inc. | 30,809 | ||||||
1,796 | East West Bancorp, Inc. | 132,545 | ||||||
508 | Enterprise Financial Services Corp. | 25,115 | ||||||
2,369 | F.N.B. Corp. | 30,086 | ||||||
2,103 | First BanCorp (Puerto Rico) | 23,680 | ||||||
105 | First Citizens BancShares, Inc. - Class A | 87,756 | ||||||
1,027 | First Financial Bancorp. | 24,648 | ||||||
1,365 | First Financial Bankshares, Inc. | 63,786 | ||||||
804 | First Hawaiian, Inc. | 22,005 | ||||||
5,258 | First Horizon National Corp. | 88,913 | ||||||
684 | First Internet Bancorp | 24,097 | ||||||
291 | First Savings Financial Group, Inc. | 19,538 | ||||||
663 | First Western Financial, Inc. (a) | 16,582 | ||||||
1,790 | Fulton Financial Corp. | 30,484 | ||||||
667 | Glacier Bancorp, Inc. | 38,072 | ||||||
1,650 | HBT Financial, Inc. | 28,248 | ||||||
1,517 | Hilltop Holdings, Inc. | 51,775 | ||||||
985 | Home BancShares, Inc. | 26,644 | ||||||
1,579 | Hope Bancorp, Inc. | 23,780 | ||||||
1,337 | Independent Bank Corp. | 31,607 | ||||||
412 | Independent Bank Group, Inc. | 29,763 | ||||||
371 | International Bancshares Corp. | 17,222 | ||||||
400 | Lakeland Financial Corp. | 27,676 | ||||||
654 | Landmark Bancorp, Inc. | 17,279 | ||||||
346 | Live Oak Bancshares, Inc. | 23,697 | ||||||
2,210 | Macatawa Bank Corp. | 21,989 | ||||||
712 | Meridian Corp. | 18,512 | ||||||
1,438 | Metrocity Bankshares, Inc. | 22,116 | ||||||
971 | MVB Financial Corp. | 32,820 | ||||||
328 | Nicolet Bankshares, Inc. (a) | 27,375 | ||||||
885 | Northeast Bank | 23,355 | ||||||
423 | Northrim BanCorp, Inc. | 17,982 | ||||||
1,437 | Old National Bancorp | 27,792 | ||||||
1,813 | Old Second Bancorp, Inc. | 23,950 | ||||||
420 | Pacific Premier Bancorp, Inc. | 18,245 | ||||||
139 | Park National Corp. | 17,973 | ||||||
1,432 | Parke Bancorp, Inc. | 28,626 |
See notes to financial statements.
49
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Banks (Continued) | ||||||||
503 | Pinnacle Financial Partners, Inc. | $ | 44,596 | |||||
607 | Plumas Bancorp | 17,755 | ||||||
1,178 | Popular, Inc. | 82,837 | ||||||
551 | Preferred Bank | 35,088 | ||||||
700 | Prosperity Bancshares, Inc. | 52,423 | ||||||
452 | Sandy Spring Bancorp, Inc. | 19,630 | ||||||
838 | ServisFirst Bancshares, Inc. | 51,394 | ||||||
1,465 | Shore Bancshares, Inc. | 24,934 | ||||||
634 | Signature Bank | 143,347 | ||||||
307 | Silvergate Capital Corp. - Class A (a) | 43,646 | ||||||
919 | Simmons First National Corp. - Class A | 27,267 | ||||||
1,393 | Sterling Bancorp | 32,067 | ||||||
558 | Stock Yards Bancorp, Inc. | 28,491 | ||||||
2,082 | Synovus Financial Corp. | 95,251 | ||||||
649 | TCF Financial Corp. | 30,153 | ||||||
496 | Texas Capital Bancshares, Inc. (a) | 35,176 | ||||||
1,000 | The Bank of N.T. Butterfield & Son, Ltd. | 38,220 | ||||||
1,271 | TriState Capital Holdings, Inc. (a) | 29,309 | ||||||
234 | Triumph Bancorp, Inc. (a) | 18,109 | ||||||
342 | UMB Financial Corp. | 31,577 | ||||||
1,263 | Unity Bancorp, Inc. | 27,786 | ||||||
3,562 | Valley National Bancorp | 48,942 | ||||||
527 | Washington Trust Bancorp, Inc. | 27,209 | ||||||
976 | Webster Financial Corp. | 53,787 | ||||||
548 | WesBanco, Inc. (b) | 19,761 | ||||||
901 | West Bancorporation, Inc. | 21,705 | ||||||
1,599 | Western Alliance Bancorp | 151,010 | ||||||
737 | Wintrust Financial Corp. | 55,865 | ||||||
1,363 | Zions Bancorporation | 74,910 | ||||||
3,314,429 | ||||||||
Beverages - 0.58% | ||||||||
171 | Boston Beer Co., Inc. - Class A (a) | 206,274 | ||||||
2,211 | Celsius Holdings, Inc. (a) | 106,238 | ||||||
197 | Coca-Cola Consolidated, Inc. | 56,890 | ||||||
316 | MGP Ingredients, Inc. | 18,691 | ||||||
1,104 | National Beverage Corp. | 53,997 | ||||||
12,037 | NewAge, Inc. (a) | 34,426 | ||||||
3,800 | Primo Water Corp. | 61,788 | ||||||
538,304 | ||||||||
Biotechnology - 4.51% | ||||||||
1,553 | ACADIA Pharmaceuticals, Inc. (a) | 40,067 | ||||||
317 | Acceleron Pharma, Inc. (a) | 42,988 | ||||||
4,854 | Achillion Pharmaceuticals, Inc. (a)(c)(d)(f) | 2,233 | ||||||
1,181 | Aduro Biotech, Inc. (a)(c)(d)(f) | — | ||||||
4,880 | Affimed NV (a) | 38,601 | ||||||
561 | Agios Pharmaceuticals, Inc. (a) | 28,970 | ||||||
7,738 | Akebia Therapeutics, Inc. (a) | 26,193 | ||||||
2,352 | Alkermes PLC (a) | 43,935 | ||||||
203 | Allakos, Inc. (a) | 23,300 | ||||||
1,911 | Amicus Therapeutics, Inc. (a) | 18,881 | ||||||
2,672 | Anavex Life Sciences Corp. (a) | 39,946 | ||||||
511 | Apellis Pharmaceuticals, Inc. (a) | 21,927 | ||||||
445 | Arcturus Therapeutics Holdings, Inc. (a)(b) | 18,378 | ||||||
1,167 | Arcus Biosciences, Inc. (a) | 32,769 | ||||||
672 | Arena Pharmaceuticals, Inc. (a) | 46,630 | ||||||
697 | Arrowhead Pharmaceuticals, Inc. (a) | 46,218 | ||||||
2,170 | Avid Bioservices, Inc. (a) | 39,559 | ||||||
299 | Beam Therapeutics, Inc. (a)(b) | 23,932 |
Number of | Value | |||||||
Biotechnology (Continued) | ||||||||
4,465 | BioCryst Pharmaceuticals, Inc. (a) | $ | 45,409 | |||||
311 | Biohaven Pharmaceutical Holding Co., Ltd. (a)(b) | 21,257 | ||||||
655 | Blueprint Medicines Corp. (a) | 63,686 | ||||||
4,802 | BrainStorm Cell Therapeutics, Inc. (a) | 18,392 | ||||||
883 | Bridgebio Pharma, Inc. (a)(b) | 54,393 | ||||||
620 | CareDx, Inc. (a) | 42,216 | ||||||
994 | Cassava Sciences, Inc. (a)(b) | 44,680 | ||||||
531 | Castle Biosciences, Inc. (a) | 36,352 | ||||||
16,439 | Catalyst Pharmaceuticals, Inc. (a) | 75,784 | ||||||
1,436 | CEL-SCI Corp. (a)(b) | 21,842 | ||||||
374 | ChemoCentryx, Inc. (a) | 19,164 | ||||||
2,064 | Chimerix, Inc. (a) | 19,897 | ||||||
2,622 | Coherus Biosciences, Inc. (a) | 38,307 | ||||||
874 | Cytokinetics, Inc. (a) | 20,329 | ||||||
701 | Denali Therapeutics, Inc. (a)(b) | 40,027 | ||||||
815 | DermTech, Inc. (a)(b) | 41,394 | ||||||
1,812 | Dicerna Pharmaceuticals, Inc. (a) | 46,333 | ||||||
1,526 | Eagle Pharmaceuticals, Inc. (a) | 63,695 | ||||||
445 | Editas Medicine, Inc. (a)(b) | 18,690 | ||||||
1,097 | Emergent BioSolutions, Inc. (a) | 101,922 | ||||||
6,253 | Exelixis, Inc. (a) | 141,255 | ||||||
451 | Fate Therapeutics, Inc. (a) | 37,185 | ||||||
520 | Five Prime Therapeutics, Inc. (a) | 19,588 | ||||||
4,893 | Fortress Biotech, Inc. (a) | 17,272 | ||||||
1,156 | Halozyme Therapeutics, Inc. (a) | 48,194 | ||||||
2,876 | Ideaya Biosciences, Inc. (a) | 67,586 | ||||||
1,372 | ImmunityBio, Inc. (a)(b) | 32,571 | ||||||
4,239 | ImmunoGen, Inc. (a) | 34,336 | ||||||
1,153 | Immunovant, Inc. (a) | 18,494 | ||||||
2,823 | Inovio Pharmaceuticals, Inc. (a)(b) | 26,197 | ||||||
756 | Insmed, Inc. (a) | 25,749 | ||||||
627 | Intellia Therapeutics, Inc. (a) | 50,320 | ||||||
965 | Invitae Corp. (a)(b) | 36,873 | ||||||
399 | Ionis Pharmaceuticals, Inc. (a) | 17,939 | ||||||
852 | Iovance Biotherapeutics, Inc. (a)(b) | 26,974 | ||||||
4,300 | Ironwood Pharmaceuticals, Inc. - Class A (a) | 48,074 | ||||||
204 | Karuna Therapeutics, Inc. (a) | 24,527 | ||||||
307 | Keros Therapeutics, Inc. (a) | 18,896 | ||||||
330 | Kodiak Sciences, Inc. (a) | 37,419 | ||||||
255 | Krystal Biotech, Inc. (a) | 19,645 | ||||||
826 | Kura Oncology, Inc. (a) | 23,351 | ||||||
7,439 | MannKind Corp. (a) | 29,161 | ||||||
382 | Mirati Therapeutics, Inc. (a) | 65,437 | ||||||
299 | Morphic Holding, Inc. (a) | 18,921 | ||||||
1,419 | Myriad Genetics, Inc. (a) | 43,209 | ||||||
805 | Natera, Inc. (a)(b) | 81,740 | ||||||
832 | Neurocrine Biosciences, Inc. (a) | 80,912 | ||||||
602 | NGM Biopharmaceuticals, Inc. (a) | 17,500 | ||||||
407 | Novavax, Inc. (a)(b) | 73,793 | ||||||
4,189 | Oncocyte Corp. (a) | 21,741 | ||||||
6,633 | OPKO Health, Inc. (a) | 28,456 | ||||||
2,715 | Organogenesis Holdings, Inc. (a) | 49,467 | ||||||
738 | Protagonist Therapeutics, Inc. (a) | 19,114 | ||||||
491 | PTC Therapeutics, Inc. (a) | 23,249 | ||||||
7,223 | Puma Biotechnology, Inc. (a)(b) | 70,208 | ||||||
2,675 | Radius Health, Inc. (a) | 55,800 | ||||||
379 | Repligen Corp. (a) | 73,681 | ||||||
808 | Replimune Group, Inc. (a) | 24,652 | ||||||
610 | Rocket Pharmaceuticals, Inc. (a) | 27,066 | ||||||
1,150 | Sage Therapeutics, Inc. (a) | 86,078 |
See notes to financial statements.
50
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Biotechnology (Continued) | ||||||||
2,070 | Sangamo Therapeutics, Inc. (a) | $ | 25,937 | |||||
590 | Sarepta Therapeutics, Inc. (a) | 43,973 | ||||||
348 | Scholar Rock Holding Corp. (a) | 17,630 | ||||||
7,262 | Selecta Biosciences, Inc. (a) | 32,861 | ||||||
904 | Seres Therapeutics, Inc. (a) | 18,613 | ||||||
2,671 | Sorrento Therapeutics, Inc. (a) | 22,089 | ||||||
339 | SpringWorks Therapeutics, Inc. (a) | 24,940 | ||||||
6,964 | Stereotaxis, Inc. (a) | 46,798 | ||||||
454 | Stoke Therapeutics, Inc. (a) | 17,633 | ||||||
871 | Syndax Pharmaceuticals, Inc. (a) | 19,476 | ||||||
869 | TCR2 Therapeutics, Inc. (a) | 19,188 | ||||||
1,046 | TG Therapeutics, Inc. (a) | 50,417 | ||||||
2,725 | Translate Bio, Inc. (a)(b) | 44,935 | ||||||
1,087 | Travere Therapeutics, Inc. (a) | 27,142 | ||||||
231 | Turning Point Therapeutics, Inc. (a) | 21,850 | ||||||
316 | Twist Bioscience Corp. (a) | 39,140 | ||||||
423 | Ultragenyx Pharmaceutical, Inc. (a) | 48,163 | ||||||
1,170 | United Therapeutics Corp. (a) | 195,706 | ||||||
2,876 | UNITY Biotechnology, Inc. (a) | 17,256 | ||||||
6,125 | Vanda Pharmaceuticals, Inc. (a) | 91,998 | ||||||
3,910 | Vaxart, Inc. (a)(b) | 23,656 | ||||||
6,795 | VBI Vaccines, Inc. (a) | 21,132 | ||||||
840 | Veracyte, Inc. (a) | 45,150 | ||||||
2,767 | Vericel Corp. (a)(b) | 153,707 | ||||||
832 | Vir Biotechnology, Inc. (a) | 42,657 | ||||||
1,277 | XBiotech, Inc. (a) | 21,926 | ||||||
460 | Xencor, Inc. (a) | 19,808 | ||||||
4,184,707 | ||||||||
Building Products - 1.98% | ||||||||
1,860 | A. O. Smith Corp. - Class A | 125,755 | ||||||
727 | AAON, Inc. | 50,897 | ||||||
599 | Advanced Drainage Systems, Inc. | 61,931 | ||||||
782 | Allegion PLC | 98,235 | ||||||
4,158 | Alpha Pro Tech, Ltd. (a)(b) | 40,582 | ||||||
363 | American Woodmark Corp. (a) | 35,785 | ||||||
897 | Apogee Enterprises, Inc. | 36,669 | ||||||
199 | Armstrong World Industries, Inc. | 17,928 | ||||||
3,987 | Builders FirstSource, Inc. (a) | 184,877 | ||||||
1,959 | Caesarstone, Ltd. | 26,897 | ||||||
2,905 | Cornerstone Building Brands, Inc. (a) | 40,757 | ||||||
224 | CSW Industrials, Inc. | 30,240 | ||||||
1,905 | Fortune Brands Home & Security, Inc. | 182,537 | ||||||
1,017 | Griffon Corp. | 27,632 | ||||||
765 | Insteel Industries, Inc. | 23,593 | ||||||
1,681 | JELD-WEN Holding, Inc. (a) | 46,547 | ||||||
443 | Lennox International, Inc. (b) | 138,034 | ||||||
353 | Masonite International Corp. (a) | 40,680 | ||||||
1,261 | Owens Corning, Inc. | 116,125 | ||||||
485 | Patrick Industries, Inc. | 41,225 | ||||||
1,608 | PGT Innovations, Inc. (a) | 40,602 | ||||||
1,328 | Quanex Building Products Corp. | 34,833 | ||||||
1,857 | Resideo Technologies, Inc. (a) | 52,460 | ||||||
749 | Simpson Manufacturing Co., Inc. | 77,694 | ||||||
1,851 | Trex Co., Inc. (a)(b) | 169,441 | ||||||
1,254 | UFP Industries, Inc. | 95,103 | ||||||
1,837,059 | ||||||||
Capital Markets - 2.41% | ||||||||
287 | Affiliated Managers Group, Inc. | 42,772 |
Number of | Value | |||||||
Capital Markets (Continued) | ||||||||
1,462 | Ares Management Corp. - Class A | $ | 81,916 | |||||
1,629 | Artisan Partners Asset Management, Inc. - Class A | 84,985 | ||||||
1,168 | B. Riley Financial, Inc. | 65,852 | ||||||
4,399 | Brightsphere Investment Group, Inc. | 89,652 | ||||||
733 | Cohen & Steers, Inc. | 47,887 | ||||||
2,109 | Cowen Group, Inc. - Class A | 74,131 | ||||||
214 | Diamond Hill Investment Group, Inc. | 33,386 | ||||||
1,614 | Donnelley Financial Solutions, Inc. (a) | 44,918 | ||||||
762 | Evercore, Inc. - Class A | 100,386 | ||||||
351 | FactSet Research Systems, Inc. | 108,315 | ||||||
1,946 | Federated Investors, Inc. - Class B | 60,910 | ||||||
681 | Focus Financial Partners, Inc. - Class A (a) | 28,343 | ||||||
2,298 | GAMCO Investors, Inc. - Class A | 42,628 | ||||||
1,677 | Greenhill & Co., Inc. | 27,637 | ||||||
733 | Hamilton Lane, Inc. - Class A | 64,914 | ||||||
748 | Houlihan Lokey, Inc. | 49,749 | ||||||
3,479 | Invesco, Ltd. | 87,740 | ||||||
1,871 | Lazard, Ltd. - Class A | 81,407 | ||||||
1,383 | LPL Financial Holdings, Inc. | 196,607 | ||||||
1,150 | Moelis & Co. - Class A | 63,112 | ||||||
478 | Morningstar, Inc. | 107,569 | ||||||
705 | Oppenheimer Holdings, Inc. - Class A | 28,235 | ||||||
324 | Piper Jaffray Cos. | 35,527 | ||||||
874 | PJT Partners, Inc. - Class A | 59,126 | ||||||
3,100 | Pzena Investment Management, Inc. - Class A | 32,643 | ||||||
1,551 | SEI Investments Co. | 94,502 | ||||||
1,765 | Silvercrest Asset Management Group, Inc. - Class A | 25,381 | ||||||
1,148 | StepStone Group, Inc. - Class A | 40,490 | ||||||
1,617 | Stifel Financial Corp. | 103,585 | ||||||
655 | StoneX Group, Inc. (a) | 42,824 | ||||||
623 | The Carlyle Group Inc | 22,901 | ||||||
2,138 | Virtu Financial, Inc. - Class A | 66,385 | ||||||
241 | Virtus Investment Partners, Inc. | 56,756 | ||||||
1,577 | Waddell & Reed Financial, Inc. - Class A | 39,504 | ||||||
2,232,675 | ||||||||
Chemicals - 1.70% | ||||||||
4,602 | Advanced Emissions Solutions, Inc. (a) | 25,311 | ||||||
690 | AdvanSix, Inc. (a) | 18,506 | ||||||
602 | Albemarle Corp. | 87,958 | ||||||
358 | Ashland Global Holdings, Inc. | 31,780 | ||||||
799 | Avient Corp. | 37,769 | ||||||
1,344 | Axalta Coating Systems, Ltd. (a) | 39,756 | ||||||
373 | Cabot Corp. | 19,560 | ||||||
1,971 | CF Industries Holdings, Inc. | 89,444 | ||||||
222 | Chase Corp. | 25,839 | ||||||
2,064 | Element Solutions, Inc. | 37,751 | ||||||
1,455 | FutureFuel Corp. | 21,141 | ||||||
431 | H.B. Fuller Co. | 27,114 | ||||||
948 | Hawkins, Inc. | 31,777 | ||||||
641 | Huntsman Corp. | 18,480 | ||||||
304 | Ingevity Corp. (a) | 22,961 | ||||||
223 | Innospec, Inc. | 22,900 | ||||||
1,373 | Intrepid Potash, Inc. (a) | 44,705 | ||||||
1,084 | Koppers Holdings, Inc. (a) | 37,680 | ||||||
1,489 | Kraton Corp. (a) | 54,482 | ||||||
2,242 | Livent Corp. (a) | 38,831 | ||||||
304 | Minerals Technologies, Inc. | 22,897 | ||||||
81 | NewMarket Corp. | 30,793 |
See notes to financial statements.
51
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Chemicals (Continued) | ||||||||
1,503 | Olin Corp. | $ | 57,069 | |||||
911 | Orion Engineered Carbons SA (a) | 17,965 | ||||||
1,415 | PQ Group Holdings, Inc. | 23,630 | ||||||
119 | Quaker Chemical Corp. | 29,009 | ||||||
3,015 | Rayonier Advanced Materials, Inc. (a) | 27,346 | ||||||
1,372 | RPM International, Inc. | 126,018 | ||||||
298 | Sensient Technologies Corp. | 23,244 | ||||||
138 | Stepan Co. | 17,541 | ||||||
1,666 | The Chemours Co. | 46,498 | ||||||
3,473 | The Mosaic Co. | 109,782 | ||||||
515 | The Scotts Miracle-Gro Co. - Class A | 126,160 | ||||||
3,209 | Trecora Resources (a) | 24,934 | ||||||
292 | Trinseo SA | 18,592 | ||||||
2,871 | Tronox Holdings PLC - Class A | 52,539 | ||||||
2,407 | Valvoline, Inc. | 62,750 | ||||||
285 | Westlake Chemical Corp. | 25,305 | ||||||
1,575,817 | ||||||||
Commercial Services & Supplies - 1.50% | ||||||||
595 | ABM Industries, Inc. | 30,351 | ||||||
2,731 | ACCO Brands Corp. | 23,050 | ||||||
2,505 | ADT, Inc. | 21,142 | ||||||
858 | Avery Dennison Corp. | 157,572 | ||||||
1,573 | BrightView Holdings, Inc. (a) | 26,537 | ||||||
470 | Cimpress PLC (a) | 47,061 | ||||||
319 | Clean Harbors, Inc. (a) | 26,815 | ||||||
759 | Comfort Systems USA, Inc. | 56,750 | ||||||
1,550 | Deluxe Corp. | 65,038 | ||||||
642 | Healthcare Services Group, Inc. | 17,995 | ||||||
1,750 | Herman Miller, Inc. | 72,012 | ||||||
1,219 | HNI Corp. | 48,224 | ||||||
1,008 | IAA, Inc. (a) | 55,581 | ||||||
3,635 | Interface, Inc. | 45,365 | ||||||
1,536 | KAR Auction Services, Inc. (a) | 23,040 | ||||||
4,551 | Kimball International, Inc. - Class B | 63,714 | ||||||
1,639 | Knoll, Inc. | 27,060 | ||||||
476 | MSA Safety, Inc. (b) | 71,410 | ||||||
3,990 | NL Industries, Inc. | 29,725 | ||||||
10,793 | Orion Energy Systems, Inc. (a) | 75,119 | ||||||
5,960 | Pitney Bowes, Inc. | 49,110 | ||||||
6,136 | Quad/Graphics, Inc. (a) | 21,660 | ||||||
530 | SP Plus Corp. (a) | 17,379 | ||||||
2,956 | Steelcase, Inc. - Class A | 42,537 | ||||||
500 | Stericycle, Inc. (a) | 33,755 | ||||||
2,235 | Sykes Enterprises, Inc. (a) | 98,519 | ||||||
5,171 | Team, Inc. (a) | 59,622 | ||||||
500 | Tetra Tech, Inc. | 67,860 | ||||||
228 | The Brinks Co. | 18,064 | ||||||
1,392,067 | ||||||||
Communications Equipment - 1.30% | ||||||||
1,732 | ADTRAN, Inc. | 28,890 | ||||||
2,860 | Calix, Inc. (a) | 99,128 | ||||||
2,972 | Cambium Networks Corp. (a) | 138,852 | ||||||
4,257 | Casa Systems, Inc. (a) | 40,569 | ||||||
2,543 | Ciena Corp. (a) | 139,153 | ||||||
1,147 | Clearfield, Inc. (a) | 34,559 | ||||||
2,581 | CommScope Holding Co., Inc. (a) | 39,644 | ||||||
1,468 | Digi International, Inc. (a) | 27,877 | ||||||
1,541 | DZS, Inc. (a) | 23,963 |
Number of | Value | |||||||
Communications Equipment (Continued) | ||||||||
11,381 | Extreme Networks, Inc. (a) | $ | 99,584 | |||||
3,420 | Harmonic, Inc. (a) | 26,813 | ||||||
3,666 | Inseego Corp. (a) | 36,660 | ||||||
1,466 | KVH Industries, Inc. (a) | 18,589 | ||||||
464 | Loral Space & Communications Ltd. | 17,479 | ||||||
734 | Lumentum Holdings, Inc. (a) | 67,051 | ||||||
1,017 | NETGEAR, Inc. (a) | 41,799 | ||||||
1,520 | NetScout Systems, Inc. (a) | 42,803 | ||||||
4,950 | PCTEL, Inc. | 34,402 | ||||||
1,522 | Plantronics, Inc. (a) | 59,221 | ||||||
4,312 | Resonant, Inc. (a) | 18,283 | ||||||
10,376 | Ribbon Communications, Inc. (a) | 85,187 | ||||||
27,188 | Seachange International, Inc. (a) | 42,141 | ||||||
2,605 | Viavi Solutions, Inc. (a) | 40,898 | ||||||
1,203,545 | ||||||||
Computers & Peripherals - 0.04% | ||||||||
2,670 | Diebold Nixdorf, Inc. (a) | 37,727 | ||||||
Construction & Engineering - 1.41% | ||||||||
1,904 | AECOM (a) | 122,066 | ||||||
1,248 | Aegion Corp. (a) | 35,880 | ||||||
1,005 | Ameresco, Inc. - Class A (a) | 48,873 | ||||||
1,053 | API Group Corp. (a) | 21,776 | ||||||
660 | Arcosa, Inc. | 42,959 | ||||||
1,006 | Construction Partners, Inc. - Class A (a) | 30,059 | ||||||
504 | Dycom Industries, Inc. (a) | 46,796 | ||||||
681 | EMCOR Group, Inc. | 76,381 | ||||||
494 | Granite Construction, Inc. (b) | 19,884 | ||||||
2,947 | Great Lakes Dredge & Dock Corp. (a) | 42,967 | ||||||
5,921 | HC2 Holdings, Inc. (a) | 23,329 | ||||||
1,189 | IES Holdings, Inc. (a) | 59,938 | ||||||
1,211 | Jacobs Engineering Group, Inc. | 156,546 | ||||||
1,567 | KBR, Inc. | 60,157 | ||||||
789 | MasTec, Inc. (a) | 73,929 | ||||||
437 | MYR Group, Inc. (a) | 31,320 | ||||||
707 | Northwest Pipe Co. (a) | 23,628 | ||||||
500 | NV5 Global, Inc. (a) | 48,285 | ||||||
1,178 | Primoris Services Corp. | 39,027 | ||||||
1,717 | Quanta Services, Inc. | 151,062 | ||||||
1,820 | Sterling Construction Co., Inc. (a) | 42,224 | ||||||
4,119 | Tutor Perini Corp. (a) | 78,055 | ||||||
1,215 | WillScot Mobile Mini Holdings Corp. (a) | 33,716 | ||||||
1,308,857 | ||||||||
Construction Materials - 0.21% | ||||||||
211 | Eagle Materials, Inc. | 28,361 | ||||||
2,510 | Forterra, Inc. (a) | 58,358 | ||||||
1,257 | Summit Materials, Inc. - Class A (a) | 35,221 | ||||||
976 | US Concrete, Inc. (a) | 71,560 | ||||||
193,500 | ||||||||
Consumer Finance - 1.08% | ||||||||
3,457 | Ally Financial, Inc. | 156,291 | ||||||
2,036 | Atlanticus Holdings Corp. (a) | 61,752 | ||||||
203 | Credit Acceptance Corp. (a)(b) | 73,127 | ||||||
4,960 | Curo Group Holdings Corp. | 72,366 | ||||||
2,599 | Enova International, Inc. (a) | 92,213 | ||||||
395 | FirstCash, Inc. | 25,940 | ||||||
661 | Green Dot Corp. - Class A (a) | 30,267 | ||||||
6,122 | Navient Corp. | 87,606 | ||||||
510 | Nelnet, Inc. - Class A | 37,097 |
See notes to financial statements.
52
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Consumer Finance (Continued) | ||||||||
2,326 | OneMain Holdings, Inc. | $ | 124,953 | |||||
648 | PRA Group, Inc. (a) | 24,021 | ||||||
572 | PROG Holdings, Inc. | 24,762 | ||||||
1,248 | Regional Management Corp. | 43,256 | ||||||
2,055 | Santander Consumer USA Holdings, Inc. | 55,608 | ||||||
5,225 | SLM Corp. | 93,893 | ||||||
1,003,152 | ||||||||
Containers & Packaging - 0.78% | ||||||||
414 | AptarGroup, Inc. | 58,651 | ||||||
1,518 | Berry Plastics Group, Inc. (a) | 93,205 | ||||||
1,242 | Crown Holdings, Inc. | 120,524 | ||||||
1,198 | Graphic Packaging Holding Co. | 21,756 | ||||||
518 | Greif, Inc. - Class A | 29,526 | ||||||
436 | Greif, Inc. - Class B | 24,957 | ||||||
2,215 | Myers Industries, Inc. | 43,768 | ||||||
1,663 | O-I Glass, Inc. (a) | 24,512 | ||||||
883 | Packaging Corp. of America | 118,746 | ||||||
1,954 | Ranpak Holdings Corp. (a) | 39,197 | ||||||
1,563 | Sealed Air Corp. | 71,617 | ||||||
990 | Silgan Holdings, Inc. | 41,610 | ||||||
538 | Sonoco Products Co. | 34,055 | ||||||
722,124 | ||||||||
Distributors - 0.18% | ||||||||
1,251 | Core-Mark Holding Co., Inc. | 48,401 | ||||||
2,813 | Funko, Inc. (a) | 55,360 | ||||||
4,850 | Greenlane Holdings, Inc. - Class A (a) | 25,729 | ||||||
2,185 | VOXX International Corp. (a) | 41,646 | ||||||
171,136 | ||||||||
Diversified Consumer Services - 1.25% | ||||||||
1,613 | Adtalem Global Education, Inc. (a) | 63,778 | ||||||
1,527 | American Public Education, Inc. (a) | 54,407 | ||||||
2,909 | Aspen Group, Inc. (a) | 17,454 | ||||||
250 | Bright Horizons Family Solutions, Inc. (a) | 42,863 | ||||||
1,028 | Carriage Services, Inc. | 36,175 | ||||||
693 | Chegg, Inc. (a)(b) | 59,362 | ||||||
7,799 | Envela Corp. (a) | 39,151 | ||||||
794 | Franchise Group, Inc. | 28,671 | ||||||
1,340 | frontdoor, Inc. (a) | 72,025 | ||||||
80 | Graham Holdings Co. - Class B | 44,995 | ||||||
410 | Grand Canyon Education, Inc. (a) | 43,911 | ||||||
2,442 | H&R Block, Inc. | 53,236 | ||||||
1,493 | Hillenbrand, Inc. | 71,231 | ||||||
14,858 | Houghton Mifflin Harcourt Co. (a) | 113,218 | ||||||
3,032 | Laureate Education, Inc. - Class A (a) | 41,205 | ||||||
841 | Matthews International Corp. - Class A | 33,262 | ||||||
4,836 | Perdoceo Education Corp. (a) | 57,839 | ||||||
1,362 | Service Corp. International | 69,530 | ||||||
197 | Strategic Education, Inc. | 18,106 | ||||||
2,317 | Stride, Inc. (a) | 69,765 | ||||||
1,069 | Terminix Global Holdings, Inc. (a) | 50,959 | ||||||
3,050 | Universal Technical Institute, Inc. (a) | 17,812 | ||||||
2,012 | WW International, Inc. (a) | 62,935 | ||||||
1,161,890 | ||||||||
Diversified Financial Services - 0.38% | ||||||||
578 | Alerus Financial Corp. | 17,213 | ||||||
946 | A-Mark Precious Metals, Inc. | 34,056 |
Number of | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
1,942 | Cannae Holdings, Inc. (a) | $ | 76,942 | |||||
898 | Encore Capital Group, Inc. (a)(b) | 36,127 | ||||||
2,954 | Jefferies Financial Group, Inc. | 88,915 | ||||||
851 | Voya Financial, Inc. | 54,158 | ||||||
361 | World Acceptance Corp. (a)(b) | 46,843 | ||||||
354,254 | ||||||||
Diversified Telecommunication Services - 0.48% | ||||||||
7,599 | Alaska Communications Systems Group, Inc. | 24,697 | ||||||
270 | Bandwidth, Inc. - Class A (a)(b) | 34,220 | ||||||
558 | Cogent Communications Holdings, Inc. | 38,368 | ||||||
3,839 | Consolidated Communications Holdings, Inc. (a) | 27,641 | ||||||
3,765 | Genasys, Inc. (a) | 25,188 | ||||||
3,834 | IDT Corp. - Class B (a) | 86,878 | ||||||
658 | Iridium Communications, Inc. (a) | 27,142 | ||||||
3,341 | Ooma, Inc. (a) | 52,955 | ||||||
6,631 | ORBCOMM, Inc. (a) | 50,595 | ||||||
6,705 | Vonage Holdings Corp. (a) | 79,253 | ||||||
446,937 | ||||||||
Electric Utilities - 0.31% | ||||||||
6,794 | Genie Energy Ltd. - Class B | 43,074 | ||||||
614 | Hawaiian Electric Industries, Inc. | 27,280 | ||||||
176 | IDACORP, Inc. | 17,595 | ||||||
539 | OGE Energy Corp. | 17,442 | ||||||
3,524 | PG&E Corp. (a) | 41,266 | ||||||
306 | Pinnacle West Capital Corp. | 24,893 | ||||||
415 | PNM Resources, Inc. | 20,356 | ||||||
369 | Portland General Electric Co. | 17,516 | ||||||
7,364 | Spark Energy, Inc. - Class A | 78,648 | ||||||
288,070 | ||||||||
Electrical Equipment - 1.97% | ||||||||
677 | Acuity Brands, Inc. (b) | 111,705 | ||||||
510 | Allied Motion Technologies, Inc. | 26,178 | ||||||
1,166 | American Superconductor Corp. (a) | 22,107 | ||||||
1,079 | Atkore International Group, Inc. (a) | 77,580 | ||||||
417 | AZZ, Inc. | 20,996 | ||||||
462 | Belden, Inc. | 20,499 | ||||||
838 | Bloom Energy Corp. - Class A (a) | 22,668 | ||||||
926 | Brady Corp. - Class A | 49,495 | ||||||
327 | EnerSys | 29,692 | ||||||
1,498 | Enphase Energy, Inc. (a) | 242,916 | ||||||
656 | Franklin Electric Co., Inc. | 51,785 | ||||||
4,625 | FuelCell Energy, Inc. (a) | 66,646 | ||||||
678 | Generac Holdings, Inc. (a) | 222,011 | ||||||
3,356 | GrafTech International, Ltd. | 41,044 | ||||||
582 | Hubbell, Inc. (b) | 108,770 | ||||||
795 | II-VI, Inc. (a)(b) | 54,354 | ||||||
7,184 | LSI Industries, Inc. | 61,279 | ||||||
1,048 | nVent Electric PLC | 29,250 | ||||||
3,132 | Plug Power, Inc. (a)(b) | 112,251 | ||||||
746 | Powell Industries, Inc. | 25,267 | ||||||
272 | Preformed Line Products Co. | 18,700 | ||||||
526 | Regal Beloit Corp. (b) | 75,050 | ||||||
919 | Sensata Technologies Holding PLC (a) | 53,256 | ||||||
1,369 | Sunrun, Inc. (a)(b) | 82,797 | ||||||
923 | Thermon Group Holdings, Inc. (a) | 17,989 | ||||||
542 | TPI Composites, Inc. (a) | 30,585 | ||||||
2,041 | Vertiv Holdings Co. | 40,820 | ||||||
849 | Vicor Corp. (a) | 72,190 |
See notes to financial statements.
53
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Electrical Equipment (Continued) | ||||||||
362 | Woodward Governor Co. | $ | 43,668 | |||||
1,831,548 | ||||||||
Electronic Equipment, Instruments & Components - 2.07% |
| |||||||
400 | 908 Devices, Inc. (a) | 19,400 | ||||||
1,418 | Akoustis Technologies, Inc. (a) | 18,916 | ||||||
2,584 | Arlo Technologies, Inc. (a) | 16,227 | ||||||
863 | Arrow Electronics, Inc. (a) | 95,638 | ||||||
1,197 | Avnet, Inc. | 49,687 | ||||||
1,530 | Bel Fuse, Inc. - Class B | 30,432 | ||||||
1,066 | Benchmark Electronics, Inc. | 32,961 | ||||||
1,665 | Cognex Corp. | 138,178 | ||||||
208 | Coherent, Inc. (a) | 52,601 | ||||||
3,905 | Daktronics, Inc. (a) | 24,484 | ||||||
764 | Dolby Laboratories, Inc. - Class A | 75,422 | ||||||
549 | Fabrinet (a) | 49,624 | ||||||
394 | FARO Technologies, Inc. (a) | 34,109 | ||||||
1,161 | FLIR Systems, Inc. | 65,562 | ||||||
832 | Insight Enterprises, Inc. (a) | 79,389 | ||||||
5,229 | Iteris, Inc. (a) | 32,263 | ||||||
206 | Itron, Inc. (a) | 18,262 | ||||||
963 | Jabil, Inc. | 50,230 | ||||||
1,595 | Kimball Electronics, Inc. (a) | 41,151 | ||||||
1,326 | Knowles Corp. (a)(b) | 27,740 | ||||||
107 | Littelfuse, Inc. | 28,295 | ||||||
4,507 | Luna Innovations, Inc. (a) | 47,459 | ||||||
788 | Methode Electronics, Inc. | 33,080 | ||||||
1,714 | Napco Security Technologies, Inc. (a)(b) | 59,699 | ||||||
2,025 | National Instruments Corp. | 87,450 | ||||||
609 | nLight, Inc. (a) | 19,732 | ||||||
501 | Novanta, Inc. (a) | 66,077 | ||||||
244 | OSI Systems, Inc. (a) | 23,448 | ||||||
572 | PAR Technology Corp. (a)(b) | 37,415 | ||||||
926 | PC Connection, Inc. | 42,957 | ||||||
272 | Plexus Corp. (a) | 24,980 | ||||||
166 | Rogers Corp. (a) | 31,243 | ||||||
1,129 | Sanmina Corp. (a) | 46,718 | ||||||
1,282 | ScanSource, Inc. (a) | 38,396 | ||||||
672 | SYNNEX Corp. | 77,172 | ||||||
2,532 | Trimble, Inc. (a) | 196,964 | ||||||
1,874 | TTM Technologies, Inc. (a) | 27,173 | ||||||
227 | Universal Display Corp. | 53,747 | ||||||
1,208 | Vishay Intertechnology, Inc. | 29,089 | ||||||
1,923,370 | ||||||||
Energy Equipment & Services - 0.38% | ||||||||
1,895 | Archrock, Inc. | 17,984 | ||||||
1,986 | Aspen Aerogels, Inc. (a) | 40,395 | ||||||
888 | ChampionX Corp. (a) | 19,296 | ||||||
956 | Helmerich & Payne, Inc. | 25,774 | ||||||
11,309 | Newpark Resources, Inc. (a) | 35,510 | ||||||
6,490 | NexTier Oilfield Solutions, Inc. (a) | 24,143 | ||||||
2,111 | NOV, Inc. (a) | 28,963 | ||||||
4,821 | Oil States International, Inc. (a) | 29,071 | ||||||
4,342 | Patterson-UTI Energy, Inc. | 30,958 | ||||||
4,112 | ProPetro Holding Corp. (a) | 43,834 | ||||||
496 | Seacor Holdings, Inc. (a) | 20,212 | ||||||
4,260 | Select Energy Services, Inc. - Class A (a) | 21,215 | ||||||
1,584 | US Silica Holdings, Inc. (a) | 19,467 | ||||||
356,822 | ||||||||
Number of | Value | |||||||
Entertainment - 0.35% | ||||||||
1,659 | AMC Entertainment Holdings, Inc. - Class A (a) | $ | 16,938 | |||||
5,123 | Glu Mobile, Inc. (a) | 63,935 | ||||||
1,223 | Liberty Media Corp. - Liberty Formula One - | 52,944 | ||||||
2,092 | Lions Gate Entertainment Corp. - Class A (a)(b) | 31,276 | ||||||
2,917 | Lions Gate Entertainment Corp. - Class B (a) | 37,629 | ||||||
3,041 | LiveXLive Media, Inc. (a) | 13,198 | ||||||
493 | World Wrestling Entertainment, Inc. - Class A | 26,750 | ||||||
7,616 | Zynga, Inc. - Class A (a) | 77,759 | ||||||
320,429 | ||||||||
Food & Staples Retailing - 1.24% | ||||||||
2,391 | Albertsons Cos., Inc. | 45,596 | ||||||
2,426 | BJ’s Wholesale Club Holdings, Inc. (a)(b) | 108,830 | ||||||
532 | Casey’s General Stores, Inc. (b) | 115,013 | ||||||
1,065 | Grocery Outlet Holding Corp. (a) | 39,288 | ||||||
1,090 | Ingles Markets, Inc. - Class A | 67,199 | ||||||
2,198 | Natural Grocers by Vitamin Cottage, Inc. | 38,575 | ||||||
2,705 | Performance Food Group Co. (a) | 155,835 | ||||||
396 | PriceSmart, Inc. | 38,313 | ||||||
2,111 | Rite Aid Corp. (a)(b) | 43,191 | ||||||
2,533 | SpartanNash Co. | 49,723 | ||||||
2,724 | Sprouts Farmers Market, Inc. (a) | 72,513 | ||||||
709 | The Chefs’ Warehouse, Inc. (a)(b) | 21,596 | ||||||
3,654 | United Natural Foods, Inc. (a) | 120,363 | ||||||
3,862 | US Foods Holding Corp. (a) | 147,220 | ||||||
1,158 | Village Super Market, Inc. - Class A | 27,294 | ||||||
1,093 | Weis Markets, Inc. (b) | 61,776 | ||||||
1,152,325 | ||||||||
Food Products - 1.17% | ||||||||
1,325 | B&G Foods, Inc. (b) | 41,154 | ||||||
445 | Beyond Meat, Inc. (a)(b) | 57,903 | ||||||
724 | Bunge, Ltd. | 57,391 | ||||||
1,576 | Darling International, Inc. (a) | 115,962 | ||||||
3,405 | Farmer Brothers Co. (a) | 35,548 | ||||||
3,135 | Flowers Foods, Inc. | 74,613 | ||||||
1,120 | Fresh Del Monte Produce, Inc. | 32,066 | ||||||
1,109 | Freshpet, Inc. (a) | 176,120 | ||||||
2,081 | Hostess Brands, Inc. (a) | 29,842 | ||||||
696 | Ingredion, Inc. (b) | 62,584 | ||||||
160 | J&J Snack Foods Corp. (b) | 25,125 | ||||||
272 | John B. Sanfilippo & Son, Inc. | 24,581 | ||||||
535 | Lamb Weston Holdings, Inc. | 41,452 | ||||||
242 | Lancaster Colony Corp. (b) | 42,437 | ||||||
1,107 | Pilgrim’s Pride Corp. (a) | 26,335 | ||||||
544 | Post Holdings, Inc. (a) | 57,512 | ||||||
142 | Sanderson Farms, Inc. | 22,121 | ||||||
912 | Seneca Foods Corp. - Class A (a) | 42,946 | ||||||
618 | Simply Good Foods Co. (a) | 18,800 | ||||||
764 | The Hain Celestial Group, Inc. (a) | 33,310 | ||||||
965 | TreeHouse Foods, Inc. (a) | 50,412 | ||||||
850 | Vital Farms, Inc. (a) | 18,564 | ||||||
1,086,778 | ||||||||
Gas Utilities - 0.23% | ||||||||
728 | Brookfield Infrastructure Corp. - Class A | 55,597 | ||||||
2,615 | EQT Corp. (a) | 48,587 | ||||||
289 | Spire, Inc. (b) | 21,354 | ||||||
2,110 | UGI Corp. | 86,531 | ||||||
212,069 | ||||||||
See notes to financial statements.
54
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care Equipment & Supplies - 3.28% | ||||||||
6,304 | Accuray, Inc. (a) | $ | 31,205 | |||||
4,890 | Alphatec Holdings, Inc. (a) | 77,213 | ||||||
1,314 | AngioDynamics, Inc. (a) | 30,748 | ||||||
1,178 | Anika Therapeutics, Inc. (a) | 48,051 | ||||||
10,317 | Antares Pharma, Inc. (a) | 42,403 | ||||||
5,033 | Aspira Womens Health, Inc. (a) | 33,973 | ||||||
743 | AtriCure, Inc. (a) | 48,681 | ||||||
27 | Atrion Corp. | 17,315 | ||||||
1,301 | AxoGen, Inc. (a) | 26,358 | ||||||
390 | Axonics Modulation Technologies, Inc. (a) | 23,357 | ||||||
490 | Cantel Medical Corp. (a) | 39,122 | ||||||
1,253 | Cardiovascular Systems, Inc. (a) | 48,040 | ||||||
4,802 | Chembio Diagnostics, Inc. (a) | 16,855 | ||||||
2,931 | Co-Diagnostics, Inc. (a)(b) | 27,962 | ||||||
304 | CONMED Corp. | 39,699 | ||||||
920 | CryoPort, Inc. (a) | 47,849 | ||||||
2,317 | Cutera, Inc. (a) | 69,626 | ||||||
4,203 | CytoSorbents Corp. (a) | 36,482 | ||||||
3,220 | Electromed, Inc. (a) | 33,939 | ||||||
1,578 | Envista Holdings Corp. (a) | 64,382 | ||||||
1,219 | FONAR Corp. (a) | 22,052 | ||||||
2,359 | GenMark Diagnostics, Inc. (a) | 56,380 | ||||||
232 | Glaukos Corp. (a) | 19,472 | ||||||
921 | Globus Medical, Inc. - Class A (a) | 56,798 | ||||||
626 | Haemonetics Corp. (a) | 69,492 | ||||||
216 | Heska Corp. (a) | 36,387 | ||||||
974 | Hill-Rom Holdings, Inc. | 107,608 | ||||||
177 | ICU Medical, Inc. (a) | 36,363 | ||||||
346 | Inari Medical, Inc. (a) | 37,022 | ||||||
510 | Inogen, Inc. (a) | 26,785 | ||||||
479 | Integer Holdings Corp. (a) | 44,116 | ||||||
593 | Integra LifeSciences Holdings Corp. (a) | 40,970 | ||||||
3,443 | Invacare Corp. | 27,613 | ||||||
901 | iRadimed Corp. (a) | 23,219 | ||||||
580 | iRhythm Technologies, Inc. (a) | 80,539 | ||||||
1,238 | LeMaitre Vascular, Inc. | 60,390 | ||||||
258 | LivaNova PLC (a) | 19,022 | ||||||
4,094 | Meridian Bioscience, Inc. (a)(b) | 107,467 | ||||||
534 | Merit Medical Systems, Inc. (a) | 31,976 | ||||||
2,157 | Natus Medical, Inc. (a)(b) | 55,241 | ||||||
203 | Neogen Corp. (a) | 18,045 | ||||||
1,245 | Novocure, Ltd. (a)(b) | 164,564 | ||||||
556 | NuVasive, Inc. (a) | 36,451 | ||||||
1,567 | Ocular Therapeutix, Inc. (a) | 25,714 | ||||||
1,924 | OraSure Technologies, Inc. (a) | 22,453 | ||||||
1,490 | Orthofix Medical, Inc. (a)(b) | 64,592 | ||||||
4,385 | PAVmed, Inc. (a) | 19,469 | ||||||
474 | Penumbra, Inc. (a)(b) | 128,255 | ||||||
818 | Pulse Biosciences, Inc. (a) | 19,370 | ||||||
708 | Quidel Corp. (a) | 90,574 | ||||||
3,947 | Retractable Technologies, Inc. (a)(b) | 50,601 | ||||||
2,448 | SeaSpine Holdings Corp. (a) | 42,595 | ||||||
200 | Shockwave Medical, Inc. (a) | 26,052 | ||||||
603 | SI-BONE, Inc. (a) | 19,181 | ||||||
567 | Silk Road Medical, Inc. (a) | 28,719 | ||||||
1,258 | STAAR Surgical Co. (a) | 132,606 | ||||||
9,095 | Surgalign Holdings, Inc. (a) | 19,827 | ||||||
721 | SurModics, Inc. (a) | 40,426 | ||||||
1,301 | Tactile Systems Technology, Inc. (a) | 70,891 |
Number of | Value | |||||||
Health Care Equipment & Supplies (Continued) |
| |||||||
1,260 | Tandem Diabetes Care, Inc. (a) | $ | 111,195 | |||||
1,414 | Tela Bio, Inc. (a) | 21,069 | ||||||
438 | TransMedics Group, Inc. (a) | 18,173 | ||||||
882 | Vapotherm, Inc. (a) | 21,186 | ||||||
1,071 | Varex Imaging Corp. (a) | 21,945 | ||||||
877 | Wright Medical Group NV (a)(c)(d)(f) | — | ||||||
4,160 | Zynex, Inc. (a)(b) | 63,523 | ||||||
3,039,648 | ||||||||
Health Care Providers & Services - 3.43% | ||||||||
659 | 1Life Healthcare, Inc. (a) | 25,754 | ||||||
1,893 | Acadia Healthcare Co., Inc. (a) | 108,166 | ||||||
638 | AdaptHealth Corp. (a) | 23,453 | ||||||
435 | Addus HomeCare Corp. (a) | 45,497 | ||||||
641 | Amedisys, Inc. (a) | 169,730 | ||||||
1,206 | AMN Healthcare Services, Inc. (a) | 88,882 | ||||||
7,745 | Brookdale Senior Living, Inc. (a) | 46,857 | ||||||
234 | Chemed Corp. | 107,598 | ||||||
4,836 | Community Health Systems, Inc. (a) | 65,383 | ||||||
275 | CorVel Corp. (a) | 28,212 | ||||||
2,025 | Covetrus, Inc. (a) | 60,689 | ||||||
7,393 | Cross Country Healthcare, Inc. (a) | 92,339 | ||||||
582 | Encompass Health Corp. | 47,666 | ||||||
2,904 | Five Star Senior Living, Inc. (a) | 17,772 | ||||||
795 | Fulgent Genetics, Inc. (a)(b) | 76,813 | ||||||
421 | Guardant Health, Inc. (a) | 64,266 | ||||||
1,119 | Hanger Orthopedic Group, Inc. (a) | 25,536 | ||||||
492 | HMS Holdings Corp. (a) | 18,192 | ||||||
3,300 | InfuSystem Holdings, Inc. (a)(b) | 67,188 | ||||||
437 | LHC Group, Inc. (a) | 83,559 | ||||||
854 | Magellan Health Services, Inc. (a) | 79,627 | ||||||
2,983 | MEDNAX, Inc. (a)(b) | 75,977 | ||||||
491 | ModivCare, Inc. (a) | 72,727 | ||||||
1,059 | Molina Healthcare, Inc. (a) | 247,552 | ||||||
414 | National HealthCare Corp. | 32,255 | ||||||
1,573 | National Research Corp. - Class A | 73,664 | ||||||
1,295 | Ontrak, Inc. (a) | 42,165 | ||||||
2,095 | Option Care Health, Inc. (a) | 37,165 | ||||||
4,302 | Owens & Minor, Inc. | 161,712 | ||||||
2,306 | Patterson Cos., Inc. (b) | 73,677 | ||||||
1,463 | PerkinElmer, Inc. | 187,688 | ||||||
556 | PetIQ, Inc. (a) | 19,605 | ||||||
848 | Premier, Inc. - Class A | 28,705 | ||||||
2,564 | R1 RCM, Inc. (a) | 63,279 | ||||||
2,634 | RadNet, Inc. (a) | 57,289 | ||||||
1,810 | Select Medical Holdings Corp. (a) | 61,721 | ||||||
2,703 | Sharps Compliance Corp. (a) | 38,842 | ||||||
1,512 | Surgery Partners, Inc. (a) | 66,921 | ||||||
1,777 | Tenet Healthcare Corp. (a) | 92,404 | ||||||
898 | The Ensign Group, Inc. | 84,268 | ||||||
2,113 | The Joint Corp (a) | 102,206 | ||||||
3,610 | Tivity Health, Inc. (a) | 80,575 | ||||||
2,225 | Triple-S Management Corp. - Class B (a) | 57,917 | ||||||
330 | Trupanion, Inc. (a) | 25,149 | ||||||
5,787 | Viemed Healthcare, Inc. (a) | 58,564 | ||||||
3,185,206 | ||||||||
Health Care Technology - 0.80% | ||||||||
2,147 | Allscripts Healthcare Solutions, Inc. (a) | 32,237 | ||||||
825 | BioLife Solutions, Inc. (a) | 29,700 |
See notes to financial statements.
55
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care Technology (Continued) | ||||||||
1,687 | Change Healthcare, Inc. (a) | $ | 37,283 | |||||
1,866 | Computer Programs & Systems, Inc. | 57,100 | ||||||
1,968 | Evolent Health, Inc. - Class A (a)(b) | 39,754 | ||||||
450 | Health Catalyst, Inc. (a) | 21,046 | ||||||
3,414 | iCAD, Inc. (a) | 72,445 | ||||||
1,016 | Inovalon Holdings, Inc. - Class A (a) | 29,240 | ||||||
477 | Inspire Medical Systems, Inc. (a) | 98,734 | ||||||
6,097 | NextGen Healthcare, Inc. (a) | 110,356 | ||||||
419 | Omnicell, Inc. (a) | 54,416 | ||||||
775 | OptimizeRx Corp. (a) | 37,781 | ||||||
503 | Phreesia, Inc. (a) | 26,206 | ||||||
331 | Schrodinger, Inc. (a)(b) | 25,252 | ||||||
592 | Simulations Plus, Inc. | 37,438 | ||||||
958 | Vocera Communications, Inc. (a) | 36,845 | ||||||
745,833 | ||||||||
Hotels, Restaurants & Leisure - 1.95% |
| |||||||
1,237 | Aramark | 46,734 | ||||||
285 | Bally’s Corp. (a) | 18,519 | ||||||
34 | Biglari Holdings, Inc. - Class A (a) | 22,968 | ||||||
327 | Biglari Holdings, Inc. - Class B (a) | 43,412 | ||||||
731 | BJ’s Restaurants, Inc. (a) | 42,456 | ||||||
3,651 | Bluegreen Vacations Corp. | 39,358 | ||||||
2,006 | Bluegreen Vacations Holding Corp. (a) | 37,191 | ||||||
1,048 | Boyd Gaming Corp. (a) | 61,790 | ||||||
729 | Brinker International, Inc. (a) | 51,803 | ||||||
1,270 | Caesars Entertainment, Inc. (a) | 111,061 | ||||||
3,135 | Callaway Golf Co. | 83,861 | ||||||
305 | Cheesecake Factory, Inc. (a) | 17,846 | ||||||
231 | Churchill Downs, Inc. | 52,534 | ||||||
1,016 | Chuy’s Holdings, Inc. (a) | 45,029 | ||||||
5,046 | Del Taco Restaurants, Inc. | 48,341 | ||||||
210 | Dine Brands Global, Inc. (a) | 18,906 | ||||||
1,638 | El Pollo Loco Holdings, Inc. (a) | 26,405 | ||||||
1,453 | Everi Holdings, Inc. (a) | 20,502 | ||||||
996 | Extended Stay America, Inc. | 19,671 | ||||||
3,939 | Fiesta Restaurant Group, Inc. (a)(b) | 49,592 | ||||||
785 | GAN Ltd. (a) | 14,287 | ||||||
477 | Hilton Grand Vacations, Inc. (a) | 17,883 | ||||||
3,100 | International Game Technology PLC (a) | 49,755 | ||||||
252 | Jack in the Box, Inc. | 27,665 | ||||||
503 | Marriott Vacations Worldwide Corp. (a) | 87,613 | ||||||
405 | Monarch Casino & Resort, Inc. (a) | 24,551 | ||||||
267 | Nathan’s Famous, Inc. | 16,845 | ||||||
686 | Norwegian Cruise Line Holdings, Ltd. (a)(b) | 18,927 | ||||||
618 | Papa John’s International, Inc. (b) | 54,780 | ||||||
1,491 | Penn National Gaming, Inc. (a) | 156,316 | ||||||
6,904 | PlayAGS, Inc. (a) | 55,784 | ||||||
623 | RCI Hospitality Holdings, Inc. | 39,617 | ||||||
1,433 | Scientific Games Corp. - Class A (a)(b) | 55,199 | ||||||
354 | SeaWorld Entertainment, Inc. (a) | 17,583 | ||||||
192 | Shake Shack, Inc. - Class A (a) | 21,652 | ||||||
411 | Six Flags Entertainment Corp. (a) | 19,099 | ||||||
16,049 | Target Hospitality Corp. (a) | 40,283 | ||||||
293 | Texas Roadhouse, Inc. (a) | 28,110 | ||||||
1,114 | The Wendy’s Co. | 22,570 | ||||||
409 | Travel + Leisure Co. | 25,014 | ||||||
193 | Vail Resorts, Inc. (a) | 56,290 | ||||||
614 | Wingstop, Inc. | 78,082 |
Number of | Value | |||||||
Hotels, Restaurants & Leisure (Continued) |
| |||||||
260 | Wyndham Hotels & Resorts Inc. | $ | 18,143 | |||||
1,804,027 | ||||||||
Household Durables - 2.61% |
| |||||||
1,900 | Beazer Homes USA, Inc. (a) | 39,748 | ||||||
4,771 | Casper Sleep, Inc. (a) | 34,542 | ||||||
114 | Cavco Industries, Inc. (a) | 25,720 | ||||||
692 | Century Communities, Inc. (a) | 41,741 | ||||||
2,485 | Ethan Allen Interiors, Inc. | 68,611 | ||||||
6,318 | GoPro, Inc. - Class A (a) | 73,542 | ||||||
2,156 | Green Brick Partners, Inc. (a) | 48,898 | ||||||
1,654 | Hamilton Beach Brands Holding Co. - Class A | 29,987 | ||||||
358 | Helen of Troy, Ltd. (a)(b) | 75,416 | ||||||
690 | Hooker Furniture Corp. | 25,157 | ||||||
549 | Installed Building Products, Inc. (b) | 60,873 | ||||||
689 | iRobot Corp. (a) | 84,182 | ||||||
1,517 | KB Home | 70,586 | ||||||
1,375 | La-Z-Boy, Inc. | 58,410 | ||||||
716 | Leggett & Platt, Inc. | 32,685 | ||||||
233 | LGI Homes, Inc. (a) | 34,789 | ||||||
2,883 | Lifetime Brands, Inc. | 42,351 | ||||||
1,726 | Lovesac Co. (a) | 97,692 | ||||||
434 | M.D.C Holdings, Inc. | 25,780 | ||||||
840 | M/I Homes, Inc. (a) | 49,619 | ||||||
563 | Meritage Homes Corp. (a) | 51,751 | ||||||
485 | Mohawk Industries, Inc. (a) | 93,270 | ||||||
2,946 | Newell Rubbermaid, Inc. | 78,894 | ||||||
40 | NVR, Inc. (a) | 188,437 | ||||||
2,867 | PulteGroup, Inc. | 150,346 | ||||||
2,913 | Purple Innovation, Inc. (a) | 92,196 | ||||||
1,203 | Skyline Champion Corp. (a) | 54,448 | ||||||
2,422 | Sonos, Inc. (a) | 90,752 | ||||||
1,783 | Taylor Morrison Home Corp. - Class A (a) | 54,934 | ||||||
3,064 | Tempur Sealy International, Inc. | 112,020 | ||||||
1,872 | Toll Brothers, Inc. | 106,199 | ||||||
329 | TopBuild Corp. (a) | 68,903 | ||||||
2,754 | TRI Pointe Group, Inc. (a) | 56,071 | ||||||
4,591 | Tupperware Brands Corp. (a) | 121,248 | ||||||
2,153 | Turtle Beach Corp. (a) | 57,421 | ||||||
400 | Universal Electronics, Inc. (a) | 21,988 | ||||||
2,419,207 | ||||||||
Household Products - 0.32% |
| |||||||
537 | Central Garden & Pet Co. (a) | 31,151 | ||||||
890 | Central Garden & Pet Co. - Class A (a) | 46,182 | ||||||
656 | Oil-Dri Corp. of America | 22,593 | ||||||
747 | Spectrum Brands Holdings, Inc. | 63,495 | ||||||
438 | WD-40 Co. | 134,107 | ||||||
297,528 | ||||||||
Independent Power and Renewable Electricity |
| |||||||
21,080 | Atlantic Power Corp. (a) | 60,921 | ||||||
1,367 | Brookfield Renewable Corp. - Class A | 63,976 | ||||||
2,339 | Clearway Energy, Inc. - Class A | 62,007 | ||||||
2,842 | Clearway Energy, Inc. - Class C | 79,974 | ||||||
3,648 | NRG Energy, Inc. | 137,639 | ||||||
575 | Sunnova Energy International, Inc. (a) | 23,471 | ||||||
7,317 | Vistra Energy Corp. | 129,365 | ||||||
557,353 | ||||||||
See notes to financial statements.
56
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Industrial Conglomerates - 0.10% |
| |||||||
535 | Carlisle Companies, Inc. | $ | 88,050 | |||||
Insurance - 2.28% |
| |||||||
81 | Alleghany Corp. (a) | 50,729 | ||||||
2,136 | American Equity Investment Life Holding Co. (b) | 67,348 | ||||||
733 | American Financial Group, Inc. | 83,635 | ||||||
245 | American National Group, Inc. | 26,428 | ||||||
619 | AMERISAFE, Inc. | 39,616 | ||||||
427 | Assurant, Inc. | 60,536 | ||||||
1,105 | Assured Guaranty, Ltd. | 46,719 | ||||||
642 | Athene Holding, Ltd. - Class A (a) | 32,357 | ||||||
342 | Axis Capital Holdings, Ltd. | 16,953 | ||||||
3,370 | Brown & Brown, Inc. | 154,043 | ||||||
1,532 | CNO Financial Group, Inc. | 37,212 | ||||||
662 | Employers Holdings, Inc. | 28,506 | ||||||
159 | Enstar Group Ltd. (a) | 39,230 | ||||||
419 | Erie Indemnity Co. - Class A (b) | 92,561 | ||||||
249 | Everest Re Group, Ltd. | 61,705 | ||||||
461 | FBL Financial Group, Inc. - Class A | 25,779 | ||||||
1,905 | First American Financial Corp. | 107,918 | ||||||
6,765 | Genworth Financial, Inc. - Class A (a) | 22,460 | ||||||
969 | Globe Life, Inc. | 93,634 | ||||||
211 | Goosehead Insurance, Inc. - Class A | 22,615 | ||||||
424 | HCI Group, Inc. | 32,572 | ||||||
600 | Horace Mann Educators Corp. | 25,926 | ||||||
124 | Investors Title Co. | 20,584 | ||||||
826 | Kemper Corp. | 65,849 | ||||||
338 | Kinsale Capital Group, Inc. | 55,702 | ||||||
560 | Mercury General Corp. | 34,054 | ||||||
85 | National Western Life Group, Inc. - Class A | 21,165 | ||||||
2,234 | Old Republic International Corp. | 48,791 | ||||||
626 | Primerica, Inc. | 92,535 | ||||||
476 | Reinsurance Group of America, Inc. | 60,000 | ||||||
623 | RenaissanceRe Holdings, Ltd. | 99,836 | ||||||
294 | RLI Corp. (b) | 32,802 | ||||||
215 | Safety Insurance Group, Inc. | 18,114 | ||||||
3,127 | Security National Financial Corp. - Class A (a) | 29,237 | ||||||
612 | Selective Insurance Group, Inc. | 44,394 | ||||||
507 | Stewart Information Services Corp. | 26,379 | ||||||
633 | The Hanover Insurance Group, Inc. | 81,948 | ||||||
1,058 | Trean Insurance Group, Inc. (a) | 17,087 | ||||||
2,048 | Unum Group | 56,996 | ||||||
1,540 | W.R. Berkley Corp. | 116,039 | ||||||
23 | White Mountains Insurance Group, Ltd. | 25,643 | ||||||
2,115,637 | ||||||||
Interactive Media & Services - 0.67% |
| |||||||
1,727 | Cargurus, Inc. (a) | 41,154 | ||||||
4,373 | Cars.com, Inc. (a) | 56,674 | ||||||
9,148 | DHI Group, Inc. (a) | 30,646 | ||||||
1,970 | EverQuote, Inc. - Class A (a) | 71,491 | ||||||
1,981 | QuinStreet, Inc. (a) | 40,214 | ||||||
1,536 | TripAdvisor, Inc. - Class A (a) | 82,622 | ||||||
12,005 | TrueCar, Inc. (a) | 57,444 | ||||||
1,972 | Yelp, Inc. - Class A (a) | 76,908 | ||||||
442 | Zillow Group, Inc. - Class A (a)(b) | 58,070 | ||||||
840 | Zillow Group, Inc. - Class C (a) | 108,898 | ||||||
624,121 | ||||||||
Number of | Value | |||||||
Internet & Direct Marketing Retail - 1.41% |
| |||||||
3,202 | 1-800-Flowers.com, Inc. - Class A (a) | $ | 88,407 | |||||
4,468 | CarParts.com, Inc. (a)(b) | 63,803 | ||||||
4,411 | Duluth Holdings, Inc. - Class B (a) | 74,722 | ||||||
1,482 | Etsy, Inc. (a) | 298,875 | ||||||
1,645 | Groupon, Inc. (a) | 83,147 | ||||||
558 | GrubHub, Inc. (a)(b) | 33,480 | ||||||
2,840 | Lands’ End, Inc. (a) | 70,460 | ||||||
665 | Magnite, Inc. (a) | 27,671 | ||||||
1,348 | PetMed Express, Inc. | 47,416 | ||||||
1,231 | Quotient Technology, Inc. (a) | 20,115 | ||||||
4,874 | Qurate Retail, Inc. - Series A | 57,318 | ||||||
931 | Shutterstock, Inc. | 82,896 | ||||||
575 | Stamps.com, Inc. (a) | 114,718 | ||||||
1,901 | Stitch Fix, Inc. - Class A (a) | 94,176 | ||||||
2,011 | The RealReal, Inc. (a)(b) | 45,509 | ||||||
34,443 | Waitr Holdings, Inc. (a)(b) | 100,918 | ||||||
1,303,631 | ||||||||
IT Services - 3.18% |
| |||||||
1,038 | Alliance Data Systems Corp. | 116,349 | ||||||
1,662 | Amdocs, Ltd. | 116,589 | ||||||
1,843 | Benefitfocus, Inc. (a) | 25,452 | ||||||
1,286 | Black Knight, Inc. (a) | 95,151 | ||||||
239 | BM Technologies, Inc. (a) | 2,784 | ||||||
2,269 | Booz Allen Hamilton Holding Corp. - Class A | 182,723 | ||||||
3,529 | Brightcove, Inc. (a) | 71,004 | ||||||
529 | CACI International, Inc. - Class A (a) | 130,483 | ||||||
1,873 | Cardtronics PLC - Class A (a) | 72,672 | ||||||
516 | Cass Information Systems, Inc. | 23,875 | ||||||
583 | Concentrix Corp. (a) | 87,287 | ||||||
13,016 | Conduent, Inc. (a) | 86,687 | ||||||
898 | CoreLogic, Inc. | 71,167 | ||||||
1,294 | CSG Systems International, Inc. | 58,088 | ||||||
3,911 | DXC Technology Co. (a) | 122,258 | ||||||
314 | Euronet Worldwide, Inc. (a) | 43,426 | ||||||
1,046 | EVERTEC, Inc. | 38,932 | ||||||
644 | ExlService Holdings, Inc. (a) | 58,063 | ||||||
893 | Fastly, Inc. - Class A (a)(b) | 60,081 | ||||||
2,720 | Genpact, Ltd. | 116,470 | ||||||
1,822 | Gogo, Inc. (a) | 17,600 | ||||||
1,144 | Grid Dynamics Holdings, Inc. (a) | 18,224 | ||||||
29,973 | GTT Communications, Inc. (a)(b) | 54,851 | ||||||
755 | I3 Verticals, Inc. - Class A (a) | 23,499 | ||||||
2,322 | IBEX Holdings, Ltd. (a) | 51,084 | ||||||
14,832 | Information Services Group, Inc. (a) | 65,261 | ||||||
2,412 | International Money Express, Inc. (a) | 36,204 | ||||||
6,579 | Limelight Networks, Inc. (a) | 23,487 | ||||||
1,057 | Liquidity Services, Inc. (a) | 19,639 | ||||||
483 | LiveRamp Holdings, Inc. (a) | 25,058 | ||||||
203 | ManTech International Corp. - Class A | 17,651 | ||||||
1,785 | Maximus, Inc. | 158,936 | ||||||
459 | MongoDB, Inc. (a) | 122,750 | ||||||
2,271 | NIC, Inc. | 77,055 | ||||||
1,704 | Perficient, Inc. (a) | 100,059 | ||||||
3,120 | Perspecta, Inc. | 90,636 | ||||||
4,780 | PFSweb, Inc. (a) | 32,265 | ||||||
2,388 | Priority Technology Holdings, Inc. (a) | 16,573 | ||||||
458 | Science Applications International Corp. | 38,284 | ||||||
15,694 | ServiceSource International, Inc. (a) | 23,070 | ||||||
1,603 | StoneCo, Ltd. - Class A (a) | 98,136 |
See notes to financial statements.
57
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
IT Services (Continued) |
| |||||||
3,658 | The Hackett Group, Inc. | $ | 59,955 | |||||
840 | TTEC Holdings, Inc. | 84,378 | ||||||
722 | Unisys Corp. (a) | 18,353 | ||||||
430 | WEX, Inc. (a) | 89,965 | ||||||
2,942,514 | ||||||||
Leisure Products - 1.28% | ||||||||
1,131 | Acushnet Holdings Corp. | 46,744 | ||||||
1,036 | American Outdoor Brands, Inc. (a) | 26,107 | ||||||
963 | Brunswick Corp. | 91,841 | ||||||
1,230 | Clarus Corp. | 20,972 | ||||||
876 | Escalade, Inc. | 18,317 | ||||||
509 | Johnson Outdoors, Inc. - Class A | 72,660 | ||||||
633 | Malibu Boats, Inc. - Class A (a) | 50,437 | ||||||
1,817 | Marine Products Corp. | 29,563 | ||||||
2,894 | MasterCraft Boat Holdings, Inc. (a) | 76,952 | ||||||
4,397 | Mattel, Inc. (a) | 87,588 | ||||||
4,591 | Nautilus, Inc. (a)(b) | 71,803 | ||||||
852 | Polaris Industries, Inc. | 113,742 | ||||||
611 | Pool Corp. | 210,942 | ||||||
3,283 | Smith & Wesson Brands, Inc. | 57,288 | ||||||
635 | Sturm, Ruger & Co., Inc. | 41,955 | ||||||
2,090 | Vista Outdoor, Inc. (a) | 67,026 | ||||||
1,459 | YETI Holdings, Inc. (a) | 105,354 | ||||||
1,189,291 | ||||||||
Life Sciences Tools & Services - 1.59% | ||||||||
656 | 10X Genomics, Inc. - Class A (a) | 118,736 | ||||||
663 | Adaptive Biotechnologies Corp. (a) | 26,692 | ||||||
349 | Bio-Techne Corp. | 133,294 | ||||||
1,583 | Bruker Corp. | 101,755 | ||||||
614 | Charles River Laboratories International, Inc. (a) | 177,956 | ||||||
6,109 | ChromaDex Corp. (a) | 57,058 | ||||||
22,010 | Harvard Bioscience, Inc. (a) | 120,175 | ||||||
1,706 | Luminex Corp. | 54,421 | ||||||
517 | Medpace holdings, Inc. (a) | 84,814 | ||||||
778 | NanoString Technologies, Inc. (a) | 51,122 | ||||||
1,170 | NeoGenomics, Inc. (a) | 56,429 | ||||||
1,777 | Pacific Biosciences of California, Inc. (a) | 59,192 | ||||||
981 | Personalis, Inc. (a) | 24,142 | ||||||
996 | PPD, Inc. (a) | 37,689 | ||||||
791 | PRA Health Sciences, Inc. (a) | 121,284 | ||||||
2,299 | QIAGEN NV (a)(b) | 111,938 | ||||||
426 | Quanterix Corp. (a) | 24,908 | ||||||
1,463 | Syneos Health, Inc. (a) | 110,969 | ||||||
1,472,574 | ||||||||
Machinery - 3.20% | ||||||||
696 | AGCO Corp. | 99,980 | ||||||
225 | Alamo Group, Inc. | 35,134 | ||||||
270 | Albany International Corp. - Class A (b) | 22,537 | ||||||
977 | Allison Transmission Holdings, Inc. | 39,891 | ||||||
1,361 | Altra Industrial Motion Corp. | 75,291 | ||||||
506 | Astec Industries, Inc. | 38,163 | ||||||
525 | Badger Meter, Inc. | 48,862 | ||||||
583 | Barnes Group, Inc. | 28,882 | ||||||
1,214 | Blue Bird Corp. (a) | 30,386 | ||||||
423 | Chart Industries, Inc. (a) | 60,214 | ||||||
763 | Colfax Corp. (a) | 33,427 | ||||||
617 | Columbus McKinnon Corp. | 32,553 |
Number of | Value | |||||||
Machinery (Continued) | ||||||||
406 | Crane Co. | $ | 38,127 | |||||
646 | DMC Global, Inc. | 35,052 | ||||||
1,525 | Donaldson Co., Inc. | 88,694 | ||||||
2,190 | Energy Recovery, Inc. (a) | 40,165 | ||||||
208 | EnPro Industries, Inc. | 17,736 | ||||||
1,477 | Evoqua Water Technologies Corp. (a) | 38,845 | ||||||
753 | Federal Signal Corp. | 28,840 | ||||||
743 | Flowserve Corp. (b) | 28,836 | ||||||
1,670 | Gates Industrial Corp PLC (a) | 26,703 | ||||||
2,035 | Graco, Inc. | 145,747 | ||||||
357 | Hyster-Yale Materials Handling, Inc. | 31,102 | ||||||
640 | ITT, Inc. | 58,182 | ||||||
449 | John Bean Technologies Corp. | 59,870 | ||||||
241 | Kadant, Inc. | 44,587 | ||||||
781 | Lincoln Electric Holdings, Inc. | 96,016 | ||||||
154 | Lindsay Corp. | 25,659 | ||||||
1,944 | Lydall, Inc. (a) | 65,591 | ||||||
1,403 | Meritor, Inc. (a) | 41,276 | ||||||
710 | Mueller Industries, Inc. | 29,359 | ||||||
1,838 | Mueller Water Products, Inc. - Class A | 25,530 | ||||||
446 | Navistar International Corp. (a) | 19,637 | ||||||
617 | Nordson Corp. | 122,586 | ||||||
577 | Omega Flex, Inc. | 91,097 | ||||||
697 | Oshkosh Corp. | 82,706 | ||||||
968 | Park-Ohio Holdings Corp. | 30,482 | ||||||
1,549 | Pentair PLC | 96,534 | ||||||
376 | Proto Labs, Inc. (a) | 45,778 | ||||||
2,677 | REV Group, Inc. | 51,291 | ||||||
452 | Rexnord Corp. | 21,285 | ||||||
748 | Snap-on, Inc. | 172,594 | ||||||
414 | SPX Corp. (a) | 24,124 | ||||||
586 | SPX FLOW, Inc. | 37,111 | ||||||
456 | Tennant Co. | 36,430 | ||||||
1,043 | Terex Corp. | 48,051 | ||||||
929 | The Eastern Co. | 24,897 | ||||||
603 | The ExOne Company (a) | 18,910 | ||||||
615 | The Greenbrier Companies, Inc. | 29,040 | ||||||
350 | The Middleby Corp. (a)(b) | 58,012 | ||||||
931 | The Shyft Group Inc | 34,633 | ||||||
859 | The Timken Co. | 69,725 | ||||||
1,416 | The Toro Co. | 146,046 | ||||||
1,035 | TriMas Corp. (a) | 31,381 | ||||||
1,020 | Trinity Industries, Inc. | 29,060 | ||||||
204 | Valmont Industries, Inc. | 48,485 | ||||||
2,327 | Wabash National Corp. | 43,748 | ||||||
361 | Watts Water Technologies, Inc. - Class A | 42,890 | ||||||
2,967,770 | ||||||||
Marine - 0.08% |
| |||||||
3,394 | Costamere, Inc. | 32,650 | ||||||
396 | Kirby Corp. (a) | 23,871 | ||||||
5,837 | Pangaea Logistics Solutions Ltd. | 18,445 | ||||||
74,966 | ||||||||
Media - 1.19% |
| |||||||
722 | AMC Networks, Inc. - Class A (a)(b) | 38,382 | ||||||
505 | Boston Omaha Corp. - Class A (a) | 14,928 | ||||||
29 | Cable One, Inc. | 53,022 | ||||||
397 | Cardlytics, Inc. (a) | 43,551 | ||||||
12,915 | Entercom Communications Corp. - Class A (a) | 67,804 | ||||||
8,066 | Fluent, Inc. (a) | 33,071 |
See notes to financial statements.
58
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Media (Continued) |
| |||||||
3,444 | Gannett Co, Inc. (a) | $ | 18,529 | |||||
1,370 | Gray Television, Inc. | 25,208 | ||||||
2,219 | iHeartMedia, Inc. - Class A (a)(b) | 40,275 | ||||||
870 | John Wiley & Sons, Inc. - Class A | 47,154 | ||||||
1,853 | Liberty Latin America Ltd. - Class A (a) | 23,774 | ||||||
2,759 | Liberty Latin America, Ltd. - Class C (a)(b) | 35,812 | ||||||
1,625 | Meredith Corp. (a) | 48,392 | ||||||
1,733 | MSG Networks, Inc. - Class A (a)(b) | 26,064 | ||||||
3,711 | News Corp. - Class A | 94,371 | ||||||
990 | News Corp. - Class B | 23,225 | ||||||
468 | Nexstar Media Group, Inc. - Class A | 65,721 | ||||||
1,227 | Sinclair Broadcast Group, Inc. - Class A (b) | 35,902 | ||||||
726 | TechTarget, Inc. (a) | 50,421 | ||||||
2,414 | TEGNA, Inc. | 45,456 | ||||||
915 | The E.W. Scripps Co. - Class A | 17,632 | ||||||
2,701 | The Interpublic Group of Companies, Inc. | 78,869 | ||||||
2,099 | The New York Times Co. - Class A | 106,251 | ||||||
1,051 | Tribune Publishing Co. (a) | 18,907 | ||||||
1,007 | Value Line, Inc. | 28,387 | ||||||
1,312 | WideOpenWest, Inc. (a) | 17,830 | ||||||
1,098,938 | ||||||||
Metals & Mining - 1.22% |
| |||||||
2,495 | Alcoa Corp. (a) | 81,063 | ||||||
2,128 | Allegheny Technologies, Inc. (a)(b) | 44,816 | ||||||
941 | Arconic Corp. (a) | 23,892 | ||||||
467 | Carpenter Technology Corp. | 19,217 | ||||||
2,355 | Century Aluminum Co. (a) | 41,589 | ||||||
2,476 | Cleveland-Cliffs, Inc. | 49,792 | ||||||
2,826 | Coeur Mining, Inc. (a) | 25,519 | ||||||
1,823 | Commercial Metals Co. | 56,221 | ||||||
503 | Gibraltar Industries, Inc. (a) | 46,030 | ||||||
5,106 | Hecla Mining Co. | 29,053 | ||||||
262 | Kaiser Aluminum Corp. | 28,951 | ||||||
540 | Materion Corp. | 35,770 | ||||||
2,390 | Olympic Steel, Inc. | 70,385 | ||||||
947 | Reliance Steel & Aluminum Co. | 144,219 | ||||||
361 | Royal Gold, Inc. | 38,851 | ||||||
4,713 | Ryerson Holding Corp. (a) | 80,309 | ||||||
1,101 | Schnitzer Steel Industries, Inc. - Class A | 46,011 | ||||||
1,602 | Steel Dynamics, Inc. | 81,318 | ||||||
6,980 | SunCoke Energy, Inc. | 48,930 | ||||||
4,206 | TimkenSteel Corp. (a) | 49,420 | ||||||
998 | United States Steel Corp. | 26,118 | ||||||
1,872 | Warrior Met Coal, Inc. | 32,067 | ||||||
483 | Worthington Industries, Inc. | 32,404 | ||||||
1,131,945 | ||||||||
Multiline Retail - 0.66% |
| |||||||
1,391 | Big Lots, Inc. | 95,005 | ||||||
1,118 | Dillard’s, Inc. - Class A (b) | 107,965 | ||||||
2,778 | Kohl’s Corp. | 165,597 | ||||||
8,172 | Macy’s, Inc. (a) | 132,305 | ||||||
1,569 | Nordstrom, Inc. (a)(b) | 59,418 | ||||||
645 | Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | 56,115 | ||||||
616,405 | ||||||||
Multi-Utilities - 0.09% |
| |||||||
2,100 | MDU Resources Group, Inc. | 66,381 |
Number of | Value | |||||||
Multi-Utilities (Continued) |
| |||||||
326 | NorthWestern Corp. | $ | 21,255 | |||||
87,636 | ||||||||
Oil, Gas & Consumable Fuels - 0.97% |
| |||||||
1,826 | Amyris, Inc. (a) | 34,877 | ||||||
2,675 | Antero Midstream Corp. | 24,155 | ||||||
3,141 | Antero Resources Corp. (a)(b) | 32,038 | ||||||
2,028 | APA Corp. | 36,301 | ||||||
491 | Cimarex Energy Co. | 29,160 | ||||||
1,334 | Clean Energy Fuels Corp. (a) | 18,329 | ||||||
2,335 | CNX Resources Corp. (a) | 34,324 | ||||||
2,530 | Devon Energy Corp. | 55,280 | ||||||
4,203 | DHT Holdings, Inc. | 24,924 | ||||||
669 | Diamondback Energy, Inc. | 49,165 | ||||||
2,527 | Dorian LPG, Ltd. (a) | 33,180 | ||||||
3,179 | Energy Fuels, Inc. (a) | 18,057 | ||||||
2,390 | Equitrans Midstream Corp. | 19,502 | ||||||
759 | Green Plains, Inc. (a) | 20,546 | ||||||
583 | HollyFrontier Corp. | 20,860 | ||||||
1,239 | International Seaways, Inc. (b) | 24,012 | ||||||
4,225 | Marathon Oil Corp. | 45,123 | ||||||
836 | Matador Resources Co. | 19,604 | ||||||
6,499 | Nordic American Tankers, Ltd. | 21,122 | ||||||
1,454 | Ovintiv, Inc. | 34,634 | ||||||
581 | PDC Energy, Inc. (a) | 19,986 | ||||||
3,105 | Range Resources Corp. (a) | 32,075 | ||||||
1,306 | Renewable Energy Group, Inc. (a) | 86,248 | ||||||
1,159 | SM Energy Co. | 18,973 | ||||||
8,310 | Southwestern Energy Co. (a) | 38,642 | ||||||
1,437 | Targa Resources Corp. | 45,625 | ||||||
7,303 | Uranium Energy Corp. (a) | 20,887 | ||||||
1,111 | World Fuel Services Corp. | 39,107 | ||||||
896,736 | ||||||||
Paper & Forest Products - 0.27% |
| |||||||
1,083 | Boise Cascade Co. | 64,796 | ||||||
775 | Clearwater Paper Corp. (a) | 29,155 | ||||||
749 | Domtar Corp. | 27,676 | ||||||
1,385 | Glatfelter Corp. | 23,753 | ||||||
1,496 | Louisiana-Pacific Corp. | 82,968 | ||||||
530 | Schweitzer-Mauduit International, Inc. | 25,954 | ||||||
254,302 | ||||||||
Personal Products - 0.78% |
| |||||||
1,684 | BellRing Brands, Inc. - Class A (a) | 39,759 | ||||||
994 | Edgewell Personal Care Co. (b) | 39,363 | ||||||
1,430 | elf Beauty, Inc. (a) | 38,367 | ||||||
2,012 | Herbalife Nutrition, Ltd. (a) | 89,252 | ||||||
537 | Inter Parfums, Inc. | 38,090 | ||||||
3,935 | Lifevantage Corp. (a) | 36,792 | ||||||
546 | Medifast, Inc. | 115,654 | ||||||
4,728 | Nature’s Sunshine Products, Inc. | 94,371 | ||||||
1,975 | Nu Skin Enterprises, Inc. - Class A | 104,458 | ||||||
3,010 | Revlon, Inc. - Class A (a)(b) | 37,113 | ||||||
929 | USANA Health Sciences, Inc. (a) | 90,670 | ||||||
723,889 | ||||||||
Pharmaceuticals - 2.25% |
| |||||||
12,151 | Amneal Pharmaceuticals, Inc. (a) | 81,776 | ||||||
1,014 | Amphastar Pharmaceuticals, Inc. (a) | 18,576 | ||||||
1,640 | ANI Pharmaceuticals, Inc. (a) | 59,270 |
See notes to financial statements.
59
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Pharmaceuticals (Continued) |
| |||||||
8,417 | Aquestive Therapeutics, Inc. (a) | $ | 43,768 | |||||
14,411 | BioDelivery Sciences International, Inc. (a) | 56,347 | ||||||
1,356 | Catalent, Inc. (a) | 142,800 | ||||||
2,866 | Champions Oncology, Inc. (a) | 32,386 | ||||||
4,933 | Collegium Pharmaceutical, Inc. (a) | 116,912 | ||||||
5,510 | Corcept Therapeutics, Inc. (a)(b) | 131,083 | ||||||
2,040 | CorMedix, Inc. (a) | 20,380 | ||||||
13,061 | Durect Corp. (a) | 25,861 | ||||||
14,660 | Endo International PLC (a)(b) | 108,631 | ||||||
5,066 | Harrow Health, Inc. (a) | 34,195 | ||||||
3,348 | Horizon Therapeutics PLC (a) | 308,150 | ||||||
5,750 | Innoviva, Inc. (a) | 68,712 | ||||||
1,645 | Intersect ENT, Inc. (a) | 34,348 | ||||||
1,054 | Jazz Pharmaceuticals PLC (a) | 173,246 | ||||||
11,735 | Lannett Co., Inc. (a)(b) | 61,961 | ||||||
2,178 | Ligand Pharmaceuticals (a)(c)(d)(f) | 1,633 | ||||||
9,183 | MEI Pharma, Inc. (a) | 31,498 | ||||||
10,683 | Milestone Scientific, Inc. (a) | 38,138 | ||||||
13,676 | Osmotica Pharmaceuticals, PLC (a)(b) | 44,584 | ||||||
676 | Pacira Pharmaceuticals, Inc. (a) | 47,381 | ||||||
2,246 | Perrigo Co. PLC | 90,896 | ||||||
1,033 | Phibro Animal Health Corp. - Class A | 25,205 | ||||||
1,992 | Prestige Consumer Healthcare, Inc. (a) | 87,807 | ||||||
2,673 | SIGA Technologies, Inc. (a) | 17,375 | ||||||
6,536 | Strongbridge Biopharma PLC (a) | 18,039 | ||||||
2,950 | Supernus Pharmaceuticals, Inc. (a) | 77,231 | ||||||
6,468 | Veru, Inc. (a) | 69,693 | ||||||
4,192 | Xeris Pharmaceuticals, Inc. (a) | 18,906 | ||||||
2,086,788 | ||||||||
Professional Services - 1.39% |
| |||||||
3,347 | Acacia Research Corp. (a) | 22,257 | ||||||
965 | ASGN, Inc. (a) | 92,100 | ||||||
3,417 | BGSF, Inc. | 47,838 | ||||||
732 | CBIZ, Inc. (a) | 23,907 | ||||||
422 | CRA International, Inc. | 31,498 | ||||||
540 | Forrester Research, Inc. (a) | 22,939 | ||||||
1,236 | Franklin Covey Co. (a) | 34,966 | ||||||
504 | FTI Consulting, Inc. (a) | 70,615 | ||||||
2,148 | GP Strategies Corp. (a) | 37,483 | ||||||
428 | Huron Consulting Group, Inc. (a) | 21,563 | ||||||
520 | ICF International, Inc. | 45,448 | ||||||
705 | Insperity, Inc. | 59,037 | ||||||
1,821 | Kelly Services, Inc. - Class A (a) | 40,554 | ||||||
1,318 | Kforce, Inc. | 70,645 | ||||||
507 | Korn Ferry International | 31,622 | ||||||
903 | ManpowerGroup, Inc. | 89,307 | ||||||
1,726 | Mastech Digital, Inc. (a) | 30,395 | ||||||
4,857 | Mistras Group, Inc. (a) | 55,418 | ||||||
1,828 | Nielsen Holdings PLC (b) | 45,974 | ||||||
1,610 | Red Violet, Inc. (a)(b) | 29,656 | ||||||
2,235 | Resources Connection, Inc. | 30,262 | ||||||
2,013 | Robert Half International, Inc. | 157,155 | ||||||
349 | TriNet Group, Inc. (a) | 27,208 | ||||||
2,352 | TrueBlue, Inc. (a) | 51,791 | ||||||
1,365 | Upwork, Inc. (a) | 61,111 | ||||||
609 | VSE Corp. | 24,055 | ||||||
837 | Willdan Group, Inc. (a) | 34,359 | ||||||
1,289,163 | ||||||||
Number of | Value | |||||||
Real Estate Management & Development - 0.70% |
| |||||||
4,149 | Altisource Portfolio Solutions SA (a) | $ | 38,129 | |||||
2,380 | eXp World Holdings, Inc. (a) | 108,409 | ||||||
502 | FRP Holdings, Inc. (a) | 24,708 | ||||||
378 | Indus Realty Trust, Inc. | 22,741 | ||||||
619 | Jones Lang LaSalle, Inc. (a) | 110,826 | ||||||
1,593 | Marcus & Millichap, Inc. (a) | 53,684 | ||||||
419 | Rafael Holdings, Inc. (a) | 16,727 | ||||||
580 | RE/MAX Holdings, Inc. - Class A | 22,846 | ||||||
7,456 | Realogy Holdings Corp. (a) | 112,809 | ||||||
647 | Redfin Corp. (a)(b) | 43,084 | ||||||
567 | The RMR Group, Inc. - Class A | 23,139 | ||||||
938 | The St. Joe Co. | 40,240 | ||||||
5,386 | VirnetX Holding Corp. | 30,000 | ||||||
647,342 | ||||||||
Road & Rail - 0.52% |
| |||||||
54 | AMERCO | 33,080 | ||||||
1,081 | ArcBest Corp. | 76,070 | ||||||
700 | Avis Budget Group, Inc. (a) | 50,778 | ||||||
5,512 | Daseke, Inc. (a) | 46,797 | ||||||
958 | Knight-Swift Transportation Holdings, Inc. | 46,070 | ||||||
643 | Landstar System, Inc. | 106,134 | ||||||
531 | Ryder System, Inc. | 40,170 | ||||||
255 | Saia, Inc. (a) | 58,798 | ||||||
447 | Werner Enterprises, Inc. (b) | 21,085 | ||||||
478,982 | ||||||||
Semiconductors & Semiconductor Equipment - 3.61% |
| |||||||
514 | Advanced Energy Industries, Inc. | 56,113 | ||||||
1,115 | Allegro MicroSystems, Inc. (a) | 28,265 | ||||||
1,427 | Alpha & Omega Semiconductor, Ltd. (a) | 46,663 | ||||||
346 | Ambarella, Inc. (a) | 34,735 | ||||||
4,307 | Amkor Technology, Inc. | 102,119 | ||||||
1,645 | Atomera, Inc. (a) | 40,303 | ||||||
1,199 | Axcelis Technologies, Inc. (a) | 49,267 | ||||||
2,938 | AXT, Inc. (a) | 34,257 | ||||||
856 | Brooks Automation, Inc. | 69,893 | ||||||
561 | CEVA, Inc. (a) | 31,500 | ||||||
1,474 | Cirrus Logic, Inc. (a) | 124,981 | ||||||
168 | CMC Materials, Inc. | 29,701 | ||||||
1,246 | Cohu, Inc. (a) | 52,133 | ||||||
543 | Cree, Inc. (a)(b) | 58,715 | ||||||
739 | CyberOptics Corp. (a) | 19,192 | ||||||
957 | Diodes, Inc. (a) | 76,407 | ||||||
1,364 | DSP Group, Inc. (a) | 19,437 | ||||||
1,539 | Entegris, Inc. | 172,060 | ||||||
663 | First Solar, Inc. (a) | 57,880 | ||||||
1,653 | FormFactor, Inc. (a) | 74,567 | ||||||
927 | Ichor Holdings, Ltd. (a) | 49,873 | ||||||
728 | Impinj, Inc. (a) | 41,401 | ||||||
610 | Inphi Corp. (a) | 108,830 | ||||||
1,890 | Lattice Semiconductor Corp. (a) | 85,088 | ||||||
612 | MACOM Technology Solutions Holdings, Inc. (a) | 35,508 | ||||||
1,192 | MaxLinear, Inc. - Class A (a) | 40,623 | ||||||
689 | MKS Instruments, Inc. | 127,754 | ||||||
759 | Monolithic Power Systems, Inc. | 268,087 | ||||||
7,724 | NeoPhotonics Corp. (a) | 92,302 | ||||||
5,271 | ON Semiconductor Corp. (a) | 219,326 | ||||||
1,115 | Onto Innovation, Inc. (a) | 73,267 | ||||||
4,214 | Photronics, Inc. (a) | 54,192 | ||||||
10,085 | Pixelworks, Inc. (a) | 33,381 |
See notes to financial statements.
60
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Semiconductors & Semiconductor Equipment (Continued) |
| |||||||
963 | Power Integrations, Inc. | $ | 78,465 | |||||
2,869 | Rambus, Inc. (a) | 55,773 | ||||||
751 | Semtech Corp. (a) | 51,819 | ||||||
319 | Silicon Laboratories, Inc. (a) | 45,001 | ||||||
450 | SiTime Corp. (a) | 44,370 | ||||||
1,665 | SMART Global Holdings, Inc. (a) | 76,623 | ||||||
427 | SolarEdge Technologies, Inc. (a) | 122,737 | ||||||
630 | SunPower Corp. (a)(b) | 21,074 | ||||||
2,618 | Teradyne, Inc. | 318,558 | ||||||
1,734 | Ultra Clean Holdings, Inc. (a) | 100,641 | ||||||
1,191 | Veeco Instruments, Inc. (a) | 24,701 | ||||||
3,347,582 | ||||||||
Software - 6.95% |
| |||||||
1,438 | 2U, Inc. (a)(b) | 54,975 | ||||||
2,527 | 8x8, Inc. (a) | 81,976 | ||||||
5,059 | A10 Networks, Inc. (a) | 48,617 | ||||||
1,447 | ACI Worldwide, Inc. (a) | 55,058 | ||||||
1,402 | Agilysys, Inc. (a) | 67,240 | ||||||
959 | Alarm.com Holdings, Inc. (a) | 82,838 | ||||||
1,157 | Altair Engineering, Inc. - Class A (a) | 72,394 | ||||||
651 | Alteryx, Inc. - Class A (a) | 54,007 | ||||||
2,127 | American Software, Inc. - Class A | 44,029 | ||||||
1,821 | Anaplan, Inc. (a) | 98,061 | ||||||
601 | Appfolio, Inc. - Class A (a)(b) | 84,987 | ||||||
877 | Appian Corp. (a)(b) | 116,597 | ||||||
819 | Aspen Technology, Inc. (a) | 118,206 | ||||||
674 | Avalara, Inc. (a) | 89,932 | ||||||
4,488 | Avaya Holdings Corp. (a) | 125,799 | ||||||
380 | Bill.com Holdings, Inc. (a) | 55,290 | ||||||
425 | Blackbaud, Inc. (a) | 30,209 | ||||||
364 | Blackline, Inc. (a) | 39,458 | ||||||
633 | Bottomline Technologies, Inc. (a) | 28,643 | ||||||
2,645 | Box, Inc. - Class A (a) | 60,729 | ||||||
1,363 | CDK Global, Inc. | 73,684 | ||||||
579 | Cerence, Inc. (a) | 51,867 | ||||||
616 | Ceridian HCM Holding, Inc. (a) | 51,910 | ||||||
6,151 | ChannelAdvisor Corp. (a) | 144,856 | ||||||
2,343 | Cloudera, Inc. (a) | 28,514 | ||||||
1,087 | Cloudflare, Inc. - Class A (a) | 76,373 | ||||||
1,130 | Cognyte Software, Ltd. (a) | 31,425 | ||||||
1,135 | CommVault Systems, Inc. (a) | 73,208 | ||||||
546 | Cornerstone OnDemand, Inc. (a) | 23,795 | ||||||
2,476 | Digital Turbine, Inc. (a) | 198,971 | ||||||
1,736 | Domo, Inc. - Class B (a) | 97,719 | ||||||
445 | Duck Creek Technologies, Inc. (a) | 20,087 | ||||||
1,107 | Dynatrace, Inc. (a) | 53,402 | ||||||
2,204 | Ebix, Inc. | 70,594 | ||||||
4,503 | eGain Corp. (a) | 42,733 | ||||||
819 | Elastic NV (a) | 91,073 | ||||||
373 | Envestnet, Inc. (a) | 26,942 | ||||||
325 | ePlus, Inc. (a) | 32,383 | ||||||
326 | Everbridge, Inc. (a) | 39,505 | ||||||
380 | Fair Isaac Corp. (a) | 184,699 | ||||||
878 | FireEye, Inc. (a) | 17,182 | ||||||
723 | Five9, Inc. (a) | 113,027 | ||||||
352 | Globant SA (a) | 73,079 | ||||||
406 | Guidewire Software, Inc. (a) | 41,262 | ||||||
515 | HubSpot, Inc. (a) | 233,918 |
Number of | Value | |||||||
Software (Continued) |
| |||||||
3,432 | Intellicheck, Inc. (a) | $ | 28,760 | |||||
664 | Intelligent Systems Corp. (a) | 27,164 | ||||||
958 | j2 Global, Inc. (a)(b) | 114,826 | ||||||
1,991 | LivePerson, Inc. (a)(b) | 105,005 | ||||||
1,209 | Manhattan Associates, Inc. (a) | 141,912 | ||||||
824 | McAfee Corp. | 18,738 | ||||||
980 | Medallia, Inc. (a) | 27,332 | ||||||
128 | MicroStrategy, Inc. - Class A (a)(b) | 86,886 | ||||||
703 | Mimecast, Ltd. (a) | 28,268 | ||||||
4,010 | Mitek Systems, Inc. (a) | 58,466 | ||||||
1,181 | Model N, Inc. (a) | 41,607 | ||||||
290 | nCino, Inc. (a) | 19,349 | ||||||
804 | New Relic, Inc. (a) | 49,430 | ||||||
3,180 | Nuance Communications, Inc. (a) | 138,775 | ||||||
2,755 | Nutanix, Inc. - Class A (a) | 73,173 | ||||||
2,018 | OneSpan, Inc. (a) | 49,441 | ||||||
618 | PagerDuty, Inc. (a) | 24,862 | ||||||
229 | Paylocity Holding Corp. (a) | 41,181 | ||||||
854 | Pegasystems, Inc. (b) | 97,646 | ||||||
1,164 | Pluralsight, Inc. - Class A (a) | 26,004 | ||||||
1,970 | Progress Software Corp. | 86,798 | ||||||
608 | Proofpoint, Inc. (a) | 76,480 | ||||||
571 | PROS Holdings, Inc. (a) | 24,268 | ||||||
1,250 | PTC, Inc. (a) | 172,063 | ||||||
430 | Q2 Holdings, Inc. (a)(b) | 43,086 | ||||||
927 | QAD, Inc. - Class A | 61,720 | ||||||
518 | Qualys, Inc. (a)(b) | 54,276 | ||||||
1,025 | Rapid7, Inc. (a) | 76,475 | ||||||
772 | RealPage, Inc. (a) | 67,318 | ||||||
9,325 | Rimini Street Inc. (a) | 83,645 | ||||||
955 | SailPoint Technologies Holding Inc. (a) | 48,361 | ||||||
706 | Sapiens International Corp NV | 22,444 | ||||||
2,585 | SecureWorks Corp. - Class A (a) | 34,587 | ||||||
881 | ShotSpotter, Inc. (a) | 30,897 | ||||||
1,209 | Smartsheet, Inc. - Class A (a) | 77,279 | ||||||
10,816 | Smith Micro Software, Inc. (a) | 59,542 | ||||||
762 | SPS Commerce, Inc. (a) | 75,674 | ||||||
1,365 | SVMK, Inc. (a) | 25,007 | ||||||
11,621 | Synchronoss Technologies, Inc. (a) | 41,487 | ||||||
1,362 | Tenable Holdings, Inc. (a) | 49,284 | ||||||
2,370 | Varonis Systems, Inc. (a) | 121,676 | ||||||
1,333 | Verint Systems, Inc. (a) | 60,638 | ||||||
1,502 | Veritone, Inc. (a) | 36,018 | ||||||
1,122 | Workiva, Inc. (a) | 99,028 | ||||||
3,708 | Xperi Holding Corp. | 80,723 | ||||||
2,651 | Yext, Inc. (a) | 38,386 | ||||||
1,285 | Zendesk, Inc. (a)(b) | 170,417 | ||||||
586 | Zscaler, Inc. (a) | 100,599 | ||||||
1,961 | Zuora, Inc. - Class A (a) | 29,023 | ||||||
6,447,277 | ||||||||
Specialty Retail - 5.32% |
| |||||||
1,425 | Aaron’s Co., Inc. | 36,594 | ||||||
3,108 | Abercrombie & Fitch Co. - Class A (a) | 106,636 | ||||||
759 | Academy Sports & Outdoors, Inc. (a)(b) | 20,485 | ||||||
2,873 | American Eagle Outfitters, Inc. | 84,007 | ||||||
773 | America’s Car-Mart, Inc. (a) | 117,782 | ||||||
461 | Asbury Automotive Group, Inc. (a) | 90,587 | ||||||
1,526 | At Home Group, Inc. (a) | 43,796 | ||||||
1,252 | AutoNation, Inc. (a) | 116,711 |
See notes to financial statements.
61
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Specialty Retail (Continued) |
| |||||||
4,674 | Bed Bath & Beyond, Inc. (a)(b) | $ | 136,247 | |||||
758 | Boot Barn Holdings, Inc. (a) | 47,231 | ||||||
4,189 | Caleres, Inc. | 91,320 | ||||||
1,566 | Camping World Holdings, Inc. - Class A (b) | 56,971 | ||||||
7,399 | Chico’s FAS, Inc. (a) | 24,491 | ||||||
2,170 | Citi Trends, Inc. (a) | 181,803 | ||||||
2,272 | Conn’s, Inc. (a) | 44,190 | ||||||
1,401 | Dick’s Sporting Goods, Inc. | 106,686 | ||||||
663 | Five Below, Inc. (a) | 126,494 | ||||||
1,134 | Floor & Decor Holdings, Inc. - Class A (a) | 108,274 | ||||||
1,702 | Foot Locker, Inc. | 95,738 | ||||||
1,243 | GameStop Corp. - Class A (a)(b) | 235,946 | ||||||
1,394 | Genesco, Inc. (a) | 66,215 | ||||||
301 | Group 1 Automotive, Inc. | 47,495 | ||||||
1,392 | Guess?, Inc. | 32,712 | ||||||
2,397 | Haverty Furniture Cos., Inc. (b) | 89,144 | ||||||
1,720 | Hibbett Sports, Inc. (a) | 118,491 | ||||||
3,615 | L Brands, Inc. (a) | 223,624 | ||||||
2,024 | Leslie’s, Inc. (a) | 49,568 | ||||||
368 | Lithia Motors, Inc. - Class A | 143,553 | ||||||
4,222 | Lumber Liquidators Holdings, Inc. (a) | 106,057 | ||||||
1,827 | MarineMax, Inc. (a)(b) | 90,181 | ||||||
383 | Monro, Inc. (b) | 25,201 | ||||||
544 | Murphy USA, Inc. | 78,641 | ||||||
1,078 | National Vision Holdings, Inc. (a) | 47,249 | ||||||
1,655 | ODP Corp. (a) | 71,645 | ||||||
406 | Penske Automotive Group, Inc. | 32,577 | ||||||
1,707 | Petco Health & Wellness Co, Inc. (a) | 37,827 | ||||||
2,384 | Rent-A-Center, Inc. | 137,461 | ||||||
315 | RH (a)(b) | 187,929 | ||||||
3,026 | Sally Beauty Holdings, Inc. (a) | 60,913 | ||||||
1,211 | Shoe Carnival, Inc. | 74,937 | ||||||
2,149 | Signet Jewelers, Ltd. (a) | 124,599 | ||||||
1,009 | Sleep Number Corp. (a) | 144,781 | ||||||
1,067 | Sonic Automotive, Inc. - Class A | 52,891 | ||||||
6,041 | Sportsman’s Warehouse Holdings, Inc. (a) | 104,147 | ||||||
1,628 | The Buckle, Inc. | 63,948 | ||||||
982 | The Children’s Place, Inc. (a) | 68,445 | ||||||
6,889 | The Container Store Group, Inc. (a) | 114,633 | ||||||
2,557 | The Gap, Inc. (a) | 76,147 | ||||||
5,110 | The Michaels Cos., Inc. (a) | 112,113 | ||||||
4,339 | Tilly’s, Inc. - Class A (a) | 49,117 | ||||||
1,209 | Urban Outfitters, Inc. (a) | 44,963 | ||||||
529 | Vroom, Inc. (a) | 20,626 | ||||||
1,298 | Williams Sonoma, Inc. (b) | 232,602 | ||||||
232 | Winmark Corp. | 43,252 | ||||||
2,120 | Zumiez, Inc. (a) | 90,948 | ||||||
4,936,621 | ||||||||
Technology Hardware, Storage & Peripherals - 0.86% |
| |||||||
3,313 | 3D Systems Corp. (a)(b) | 90,909 | ||||||
4,908 | Avid Technology, Inc. (a) | 103,608 | ||||||
826 | Corsair Gaming, Inc. (a) | 27,498 | ||||||
1,506 | NCR Corp. (a) | 57,153 | ||||||
3,840 | Pure Storage, Inc. - Class A (a) | 82,714 | ||||||
11,461 | Quantum Corp. (a) | 95,470 | ||||||
915 | Super Micro Computer, Inc. (a) | 35,740 | ||||||
1,256 | Synaptics, Inc. (a) | 170,087 | ||||||
2,047 | Teradata Corp. (a)(b) | 78,891 |
Number of | Value | |||||||
Technology Hardware, Storage & Peripherals (Continued) |
| |||||||
2,301 | Xerox Holdings Corp. (b) | $ | 55,845 | |||||
797,915 | ||||||||
Textiles, Apparel & Luxury Goods - 2.16% |
| |||||||
2,902 | Capri Holdings, Ltd. (a) | 148,002 | ||||||
633 | Carter’s, Inc. (a) | 56,293 | ||||||
846 | Columbia Sportswear Co. | 89,363 | ||||||
2,014 | Crocs, Inc. (a) | 162,026 | ||||||
585 | Deckers Outdoor Corp. (a) | 193,296 | ||||||
6,323 | Fossil Group, Inc. (a) | 78,405 | ||||||
2,482 | G-III Apparel Group, Ltd. (a) | 74,808 | ||||||
4,585 | Hanesbrands, Inc. | 90,187 | ||||||
843 | Kontoor Brands, Inc. | 40,911 | ||||||
1,227 | Lakeland Industries, Inc. (a) | 34,184 | ||||||
2,221 | Movado Group, Inc. | 63,187 | ||||||
631 | Oxford Industries, Inc. | 55,162 | ||||||
1,173 | PVH Corp. (a) | 123,986 | ||||||
453 | Ralph Lauren Corp. - Class A (a) | 55,792 | ||||||
830 | Rocky Brands, Inc. | 44,870 | ||||||
1,558 | Skechers U.S.A., Inc. - Class A (a) | 64,984 | ||||||
1,405 | Steven Madden, Ltd. | 52,350 | ||||||
2,247 | Superior Uniform Group, Inc. | 57,119 | ||||||
3,301 | Tapestry, Inc. (a) | 136,034 | ||||||
2,825 | Under Armour, Inc. - Class A (a)(b) | 62,602 | ||||||
3,116 | Under Armour, Inc. - Class C (a)(b) | 57,521 | ||||||
1,790 | Unifi, Inc. (a) | 49,332 | ||||||
213 | UniFirst Corp. | 47,650 | ||||||
4,951 | Vera Bradley, Inc. (a) | 50,005 | ||||||
1,132 | Weyco Group, Inc. | 24,485 | ||||||
2,333 | Wolverine World Wide, Inc. | 89,401 | ||||||
2,001,955 | ||||||||
Thrifts & Mortgage Finance - 1.12% |
| |||||||
1,401 | Axos Financial, Inc. (a) | 65,861 | ||||||
1,022 | Bank7 Corp. | 17,997 | ||||||
1,421 | Essent Group, Ltd. | 67,483 | ||||||
488 | Federal Agricultural Mortgage Corp. - Class C | 49,151 | ||||||
843 | Flagstar Bancorp, Inc. | 38,019 | ||||||
345 | FS Bancorp, Inc. | 23,184 | ||||||
739 | Greene County Bancorp, Inc. | 18,482 | ||||||
189 | Hingham Institution for Savings | 53,631 | ||||||
953 | HomeStreet, Inc. | 41,999 | ||||||
1,070 | Merchants Bancorp | 44,876 | ||||||
4,983 | MGIC Investment Corp. | 69,015 | ||||||
1,187 | MMA Capital Holdings, Inc. (a) | 27,076 | ||||||
2,471 | Mr Cooper Group, Inc. (a) | 85,892 | ||||||
3,984 | New York Community Bancorp, Inc. | 50,278 | ||||||
1,752 | NMI Holdings, Inc. - Class A (a) | 41,417 | ||||||
1,291 | PennyMac Financial Services, Inc. | 86,329 | ||||||
1,781 | People’s United Financial, Inc. | 31,880 | ||||||
2,772 | Radian Group, Inc. | 64,449 | ||||||
915 | Timberland Bancorp, Inc. | 25,446 | ||||||
875 | Walker & Dunlop, Inc. | 89,898 | ||||||
880 | Washington Federal, Inc. | 27,104 | ||||||
973 | Waterstone Financial, Inc. | 19,869 | ||||||
1,039,336 | ||||||||
Tobacco - 0.10% |
| |||||||
634 | Turning Point Brands, Inc. | 33,076 | ||||||
389 | Universal Corp. | 22,947 | ||||||
2,758 | Vector Group, Ltd. | 38,474 | ||||||
94,497 | ||||||||
See notes to financial statements.
62
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Trading Companies & Distributors - 1.66% |
| |||||||
897 | Applied Industrial Technologies, Inc. | $ | 81,779 | |||||
1,387 | Beacon Roofing Supply, Inc. (a) | 72,568 | ||||||
811 | CAI International, Inc. | 36,917 | ||||||
2,035 | DXP Enterprises, Inc. (a) | 61,396 | ||||||
853 | EVI Industries, Inc. (a) | 24,541 | ||||||
2,276 | GMS, Inc. (a) | 95,023 | ||||||
1,102 | H&E Equipment Services, Inc. | 41,876 | ||||||
200 | Herc Holdings, Inc. (a) | 20,266 | ||||||
1,339 | Lawson Products, Inc. (a) | 69,441 | ||||||
4,114 | MRC Global, Inc. (a) | 37,149 | ||||||
844 | MSC Industrial Direct Co., Inc. - Class A | 76,120 | ||||||
6,286 | NOW, Inc. (a) | 63,426 | ||||||
1,008 | Rush Enterprises, Inc. - Class A | 50,229 | ||||||
882 | Rush Enterprises, Inc. - Class B | 39,769 | ||||||
941 | SiteOne Landscape Supply, Inc. (a) | 160,666 | ||||||
1,668 | Systemax, Inc. | 68,588 | ||||||
1,587 | Textainer Group Holdings, Ltd. (a) | 45,468 | ||||||
1,940 | Titan Machinery, Inc. (a) | 49,470 | ||||||
650 | Transcat, Inc. (a) | 31,902 | ||||||
954 | Triton International, Ltd. | 52,460 | ||||||
2,437 | Univar, Inc. (a) | 52,493 | ||||||
2,644 | Veritiv Corp. (a) | 112,476 | ||||||
435 | Watsco, Inc. - Class A (b) | 113,426 | ||||||
988 | WESCO International, Inc. (a) | 85,492 | ||||||
1,542,941 | ||||||||
Transportation Infrastructure - 0.03% | ||||||||
733 | Macquarie Infrastructure Corp. | 23,317 | ||||||
Water Utilities - 0.05% |
| |||||||
1,705 | Consolidated Water Co., Ltd. - Ordinary Shares | 22,932 | ||||||
512 | Essential Utilities, Inc. | 22,912 | ||||||
45,844 | ||||||||
Wireless Telecommunication Services - 0.09% |
| |||||||
412 | Shenandoah Telecommunications Co. | 20,110 | ||||||
1,576 | Telephone & Data Systems, Inc. | 36,185 | ||||||
716 | United States Cellular Corp. (a) | 26,119 | ||||||
82,414 | ||||||||
Total Common Stocks | 85,501,624 | |||||||
INVESTMENT COMPANIES - 3.52% |
| |||||||
Exchange Traded Funds - 3.52% |
| |||||||
18,459 | Vanguard Extended Market ETF | 3,265,582 | ||||||
Total Investment Companies | 3,265,582 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 3.52% |
| |||||||
Real Estate Investment Trusts - 3.52% |
| |||||||
1,751 | Acadia Realty Trust | 33,216 | ||||||
4,627 | AGNC Investment Corp. | 77,549 | ||||||
344 | Agree Realty Corp. | 23,155 | ||||||
2,320 | Alexander & Baldwin, Inc. | 38,953 | ||||||
677 | American Assets Trust, Inc. | 21,962 | ||||||
702 | American Campus Communities, Inc. | 30,305 | ||||||
2,911 | American Homes 4 Rent - Class A | 97,053 | ||||||
1,052 | Americold Realty Trust | 40,470 | ||||||
396 | Apartment Income REIT Corp. | 16,933 | ||||||
6,603 | Apartment Investment and Management Co. - Class A | 40,542 |
Number of | Value | |||||||
Real Estate Investment Trusts (Continued) |
| |||||||
1,662 | Apollo Commercial Real Estate Finance, Inc. | $ | 23,218 | |||||
1,483 | Apple Hospitality REIT, Inc. (a) | 21,607 | ||||||
1,671 | Arbor Realty Trust, Inc. | 26,569 | ||||||
1,648 | Armada Hoffler Properties, Inc. | 20,666 | ||||||
847 | Blackstone Mortgage Trust, Inc. | 26,257 | ||||||
1,670 | Brandywine Realty Trust | 21,560 | ||||||
2,889 | Brixmor Property Group, Inc. | 58,444 | ||||||
735 | Camden Property Trust | 80,784 | ||||||
849 | CareTrust REIT, Inc. | 19,769 | ||||||
358 | Centerspace | 24,344 | ||||||
1,759 | City Office REIT, Inc. | 18,681 | ||||||
5,770 | Colony Capital, Inc. - Class A (b) | 37,390 | ||||||
1,357 | Columbia Property Trust, Inc. | 23,205 | ||||||
3,277 | CoreCivic, Inc. | 29,657 | ||||||
1,988 | CorePoint Lodging, Inc. | 17,952 | ||||||
239 | CoreSite Realty Corp. | 28,644 | ||||||
1,170 | Corporate Office Properties Trust | 30,806 | ||||||
1,543 | Cousins Properties, Inc. | 54,545 | ||||||
926 | CubeSmart | 35,031 | ||||||
569 | CyrusOne, Inc. | 38,533 | ||||||
12,768 | Diversified Healthcare Trust | 61,031 | ||||||
1,010 | Douglas Emmett, Inc. | 31,714 | ||||||
2,218 | Dynex Capital, Inc. | 41,987 | ||||||
1,084 | Easterly Government Properties, Inc. | 22,471 | ||||||
4,558 | Empire State Realty Trust, Inc. - Class A | 50,731 | ||||||
536 | Equity LifeStyle Properties, Inc. | 34,111 | ||||||
2,660 | Farmland Partners, Inc. | 29,819 | ||||||
453 | First Industrial Realty Trust, Inc. | 20,743 | ||||||
8,957 | Franklin Street Properties Corp. | 48,816 | ||||||
1,257 | Gaming and Leisure Properties, Inc. | 53,335 | ||||||
1,216 | Gladstone Commercial Corp. | 23,785 | ||||||
1,311 | Gladstone Land Corp. | 23,991 | ||||||
1,967 | Great Ajax Corp. | 21,440 | ||||||
744 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 41,738 | ||||||
817 | Healthcare Realty Trust, Inc. | 24,771 | ||||||
835 | Healthcare Trust of America, Inc. - Class A (b) | 23,029 | ||||||
865 | Highwoods Properties, Inc. | 37,143 | ||||||
853 | Hudson Pacific Properties, Inc. (b) | 23,142 | ||||||
915 | Industrial Logistics Properties Trust | 21,164 | ||||||
211 | Innovative Industrial Properties, Inc. (b) | 38,014 | ||||||
1,029 | Iron Mountain, Inc. | 38,083 | ||||||
1,610 | iStar Financial, Inc. | 28,626 | ||||||
780 | JBG SMITH Properties | 24,796 | ||||||
675 | Kilroy Realty Corp. | 44,300 | ||||||
2,823 | Kimco Realty Corp. | 52,931 | ||||||
2,067 | Kite Realty Group Trust | 39,872 | ||||||
323 | Lamar Advertising Co. - Class A | 30,336 | ||||||
438 | Life Storage, Inc. | 37,646 | ||||||
2,003 | Mack-Cali Realty Corp. | 31,006 | ||||||
1,956 | Medical Properties Trust, Inc. | 41,624 | ||||||
474 | National Retail Properties, Inc. | 20,889 | ||||||
925 | National Storage Affiliates Trust | 36,935 | ||||||
7,098 | New Senior Investment Group, Inc. | 44,221 | ||||||
1,395 | Office Properties Income Trust | 38,390 | ||||||
707 | Omega Healthcare Investors, Inc. | 25,897 | ||||||
3,424 | Paramount Group, Inc. | 34,685 | ||||||
1,431 | Physicians Realty Trust | 25,286 | ||||||
1,695 | Piedmont Office Realty Trust, Inc. - Class A | 29,442 | ||||||
352 | PotlatchDeltic Corp. | 18,628 |
See notes to financial statements.
63
GuideMark® Small/Mid Cap Core Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS (Continued) |
| |||||||
Real Estate Investment Trusts (Continued) |
| |||||||
576 | QTS Realty Trust, Inc. - Class A | $ | 35,735 | |||||
862 | Regency Centers Corp. | 48,884 | ||||||
2,042 | Retail Opportunity Investments Corp. | 32,407 | ||||||
4,388 | Retail Properties of America, Inc. - Class A | 45,986 | ||||||
3,281 | Retail Value, Inc. | 61,388 | ||||||
341 | Rexford Industrial Realty, Inc. | 17,186 | ||||||
1,923 | RPT Realty | 21,941 | ||||||
2,054 | Sabra Health Care REIT, Inc. | 35,657 | ||||||
2,081 | Service Properties Trust | 24,681 | ||||||
2,624 | SITE Centers Corp. | 35,581 | ||||||
346 | SL Green Realty Corp. (b) | 24,217 | ||||||
460 | Spirit Realty Capital, Inc. | 19,550 | ||||||
520 | STAG Industrial, Inc. | 17,477 | ||||||
2,766 | Starwood Property Trust, Inc. | 68,431 | ||||||
1,017 | STORE Capital Corp. | 34,070 | ||||||
3,216 | Tanger Factory Outlet Centers, Inc. | 48,658 | ||||||
3,846 | The Geo Group, Inc. | 29,845 | ||||||
3,728 | Uniti Group, Inc. | 41,120 | ||||||
1,406 | Urban Edge Properties | 23,227 | ||||||
1,582 | Urstadt Biddle Properties, Inc. - Class A | 26,340 | ||||||
1,175 | VEREIT, Inc. | 45,378 | ||||||
3,365 | VICI Properties, Inc. | 95,028 | ||||||
653 | Weingarten Realty Investors | 17,572 | ||||||
3,491 | Whitestone | 33,863 | ||||||
Total Real Estate Investment Trusts | 3,258,590 | |||||||
SHORT TERM INVESTMENTS - 0.74% |
| |||||||
Money Market Funds - 0.74% |
| |||||||
689,166 | DWS Government Money Market Series - | 689,166 | ||||||
Total Short Term Investments | 689,166 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 7.09% |
| |||||||
6,578,455 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 6,578,455 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 6,578,455 | |||||||
Total Investments | 99,293,417 | |||||||
Liabilities in Excess of | (6,537,067 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 92,756,350 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
(d) | As of March 31, 2021, the Valuation Committee has fair valued this security. The value of these securities were $3,866, which represents less than 0.01% of total net assets. |
(e) | Seven-day yield as of March 31, 2021. |
(f) | These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $3,866, which represents less than 0.01% of total net assets. |
See notes to financial statements.
64
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS - 94.02% | ||||||||
Australia - 3.96% | ||||||||
2,547 | Afterpay, Ltd. (a) | $ | 198,931 | |||||
17,514 | AGL Energy, Ltd. | 128,750 | ||||||
638 | ASX, Ltd. | 34,535 | ||||||
12,006 | Australia & New Zealand Banking Group, Ltd. | 257,774 | ||||||
6,700 | BHP Group, Ltd. | 232,419 | ||||||
20,160 | BlueScope Steel, Ltd. | 297,496 | ||||||
4,127 | Coca-Cola Amatil, Ltd. | 42,203 | ||||||
1,204 | Cochlear, Ltd. | 193,669 | ||||||
42,802 | Coles Group, Ltd. | 521,951 | ||||||
6,172 | Commonwealth Bank of Australia | 404,974 | ||||||
2,190 | CSL, Ltd. | 442,607 | ||||||
23,835 | Fortescue Metals Group, Ltd. | 363,260 | ||||||
477 | Macquarie Group, Ltd. | 55,608 | ||||||
8,717 | Magellan Financial Group, Ltd. | 300,873 | ||||||
35,968 | Medibank Private, Ltd. | 76,666 | ||||||
9,139 | National Australia Bank, Ltd. | 181,066 | ||||||
2,064 | Newcrest Mining, Ltd. | 38,993 | ||||||
4,152 | Northern Star Resources, Ltd. | 30,076 | ||||||
2,762 | REA Group, Ltd. | 298,886 | ||||||
842 | Rio Tinto, Ltd. | 71,163 | ||||||
1,326 | SEEK, Ltd. (a) | 28,903 | ||||||
1,891 | Sonic Healthcare, Ltd. | 50,568 | ||||||
42,422 | South32, Ltd. | 91,044 | ||||||
9,926 | Suncorp Group, Ltd. | 74,784 | ||||||
12,878 | Telstra Corp., Ltd. | 33,346 | ||||||
1,747 | Washington H Soul Pattinson & Co., Ltd. | 42,057 | ||||||
8,803 | Wesfarmers, Ltd. | 353,516 | ||||||
7,753 | Westpac Banking Corp. | 143,810 | ||||||
1,155 | WiseTech Global, Ltd. | 25,701 | ||||||
14,478 | Woolworths, Ltd. | 450,906 | ||||||
5,466,535 | ||||||||
Austria - 0.70% | ||||||||
1,125 | Erste Group Bank AG | 38,113 | ||||||
2,506 | OMV AG | 126,998 | ||||||
13,423 | Raiffeisen Bank International AG | 294,674 | ||||||
695 | Verbund AG | 50,484 | ||||||
10,845 | voestalpine AG | 449,123 | ||||||
959,392 | ||||||||
Belgium - 0.54% | ||||||||
4,843 | Ageas SA | 292,451 | ||||||
801 | Anheuser-Busch InBev SA | 50,353 | ||||||
487 | Sofina SA | 164,647 | ||||||
2,497 | UCB SA | 237,376 | ||||||
744,827 | ||||||||
Canada - 8.44% | ||||||||
2,206 | Agnico Eagle Mines, Ltd. | 127,529 | ||||||
7,200 | Alimentation Couche-Tard, Inc. - Series B | 232,151 | ||||||
3,399 | AltaGas, Ltd. | 56,636 | ||||||
21,483 | B2Gold Corp. | 92,483 | ||||||
5,093 | Ballard Power Systems, Inc. (a) | 124,215 | ||||||
4,031 | Bank of Montreal | 359,316 | ||||||
10,568 | Barrick Gold Corp. | 209,644 | ||||||
2,085 | Bausch Health Cos., Inc. | 66,149 | ||||||
13,791 | BlackBerry, Ltd. (a) | 115,666 | ||||||
6,069 | Cameco Corp. | 100,643 | ||||||
2,109 | Canadian Imperial Bank of Commerce | 206,503 | ||||||
1,495 | Canadian National Railway Co. | 173,495 |
Number of | Value | |||||||
Canada (Continued) | ||||||||
5,684 | Canadian Natural Resources, Ltd. | $ | 175,717 | |||||
558 | Canadian Pacific Railway, Ltd. | 213,130 | ||||||
451 | Canadian Tire Corp., Ltd. - Class A | 63,998 | ||||||
1,487 | Canopy Growth Corp. (a) | 47,756 | ||||||
788 | CCL Industries, Inc. - Class B | 43,592 | ||||||
5,048 | Cenovus Energy, Inc. | 37,919 | ||||||
985 | CGI, Inc. (a) | 82,048 | ||||||
525 | Constellation Software, Inc. | 733,187 | ||||||
4,819 | Dollarama, Inc. | 212,900 | ||||||
18,226 | Empire Co., Ltd. - Series A | 568,230 | ||||||
2,243 | First Quantum Minerals, Ltd. | 42,747 | ||||||
667 | FirstService Corp. | 99,007 | ||||||
898 | Franco-Nevada Corp. | 112,538 | ||||||
3,090 | George Weston, Ltd. | 273,618 | ||||||
2,869 | GFL Environmental, Inc. | 100,222 | ||||||
5,010 | Great-West Lifeco, Inc. | 133,313 | ||||||
5,011 | iA Financial Corp., Inc. | 272,461 | ||||||
244 | Intact Financial Corp. | 29,901 | ||||||
17,938 | Kinross Gold Corp. | 119,472 | ||||||
1,691 | Kirkland Lake Gold, Ltd. | 57,107 | ||||||
7,543 | Loblaw Cos., Ltd. | 421,356 | ||||||
2,271 | Lundin Mining Corp. | 23,366 | ||||||
3,179 | Magna International, Inc. | 279,981 | ||||||
25,276 | Manulife Financial Corp. | 543,654 | ||||||
2,573 | Metro, Inc. | 117,379 | ||||||
2,357 | National Bank of Canada | 160,115 | ||||||
3,695 | Northland Power, Inc. | 133,928 | ||||||
2,433 | Nutrien, Ltd. | 131,069 | ||||||
2,808 | Pan American Silver Corp. | 84,238 | ||||||
7,942 | Power Corp. of Canada | 208,741 | ||||||
1,968 | Ritchie Bros Auctioneers, Inc. | 115,227 | ||||||
9,264 | Royal Bank of Canada | 854,157 | ||||||
1,602 | Saputo, Inc. | 48,173 | ||||||
613 | Shopify, Inc. - Class A (a) | 676,768 | ||||||
1,709 | Sun Life Financial, Inc. | 86,368 | ||||||
2,398 | Teck Resources, Ltd. - Class B | 45,930 | ||||||
2,044 | TELUS Corp. | 40,711 | ||||||
4,974 | The Bank of Nova Scotia | 311,177 | ||||||
10,374 | The Toronto-Dominion Bank | 676,576 | ||||||
439 | Thomson Reuters Corp. | 38,457 | ||||||
862 | Toromont Industries, Ltd. | 65,979 | ||||||
1,433 | West Fraser Timber Co., Ltd. | 103,093 | ||||||
3,622 | Wheaton Precious Metals Corp. | 138,343 | ||||||
10,106 | WSP Global, Inc. | 961,465 | ||||||
24,961 | Yamana Gold, Inc. | 108,448 | ||||||
11,657,992 | ||||||||
Chile - 0.12% | ||||||||
7,073 | Antofagasta PLC | 164,753 | ||||||
Denmark - 2.60% | ||||||||
160 | A.P. Moeller - Maersk AS - Class A | 348,171 | ||||||
165 | A.P. Moeller - Maersk AS - Class B | 383,050 | ||||||
2,617 | Ambu AS - Class B | 122,901 | ||||||
230 | Carlsberg AS - Series B | 35,273 | ||||||
2,222 | Coloplast AS - Series B | 334,071 | ||||||
7,614 | Danske Bank AS | 142,438 | ||||||
1,050 | DSV PANALPINA AS | 205,951 | ||||||
566 | Genmab AS (a) | 186,154 | ||||||
350 | GN Store Nord AS | 27,548 | ||||||
14,192 | Novo Nordisk AS - Series B | 956,309 |
See notes to financial statements.
65
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Denmark (Continued) | ||||||||
1,508 | Orsted AS | $ | 243,490 | |||||
3,470 | Pandora AS (a) | 371,114 | ||||||
144 | ROCKWOOL International AS - B Shares | 60,609 | ||||||
852 | Vestas Wind Systems AS | 175,756 | ||||||
3,592,835 | ||||||||
Finland - 0.65% | ||||||||
499 | Elisa OYJ | 29,932 | ||||||
4,430 | Kesko OYJ - Class B | 135,480 | ||||||
1,254 | Kone OYJ - Series B | 102,497 | ||||||
2,519 | Neste OYJ | 133,774 | ||||||
18,329 | Nokia OYJ (a) | 73,200 | ||||||
10,599 | Orion OYJ - Class B | 424,669 | ||||||
899,552 | ||||||||
France - 9.64% | ||||||||
2,209 | Air Liquide SA | 360,678 | ||||||
335 | Arkema SA | 40,570 | ||||||
6,890 | Atos SE (a) | 537,179 | ||||||
3,572 | AXA SA | 95,888 | ||||||
3,075 | BioMerieux | 391,199 | ||||||
7,222 | BNP Paribas SA | 440,033 | ||||||
90,143 | Bollore SA | 435,022 | ||||||
5,605 | Bouygues SA | 224,507 | ||||||
840 | Capgemini SE | 142,823 | ||||||
16,429 | Carrefour SA | 297,458 | ||||||
8,316 | Cie de Saint-Gobain | 491,074 | ||||||
328 | Cie Generale des Etablissements Michelin SCA | 49,125 | ||||||
20,289 | CNP Assurances | 384,821 | ||||||
15,602 | Credit Agricole SA | 225,952 | ||||||
3,625 | Danone SA | 248,125 | ||||||
175 | Dassault Systemes SE | 37,404 | ||||||
2,670 | Eiffage SA | 266,971 | ||||||
5,417 | Engie SA | 76,951 | ||||||
874 | EssilorLuxottica SA | 142,381 | ||||||
565 | Hermes International | 624,891 | ||||||
379 | Iliad SA | 71,993 | ||||||
4,852 | Ipsen SA | 415,938 | ||||||
471 | Kering SA | 325,018 | ||||||
10,225 | La Francaise des Jeux SAEM | 464,647 | ||||||
901 | Legrand SA | 83,711 | ||||||
2,346 | L’Oreal SA | 898,712 | ||||||
2,073 | LVMH Moet Hennessy Louis Vuitton SE | 1,384,669 | ||||||
4,181 | Orange SA | 51,451 | ||||||
6,193 | Publicis Groupe SA | 377,665 | ||||||
893 | Remy Cointreau SA | 164,842 | ||||||
655 | Safran SA (a) | 89,098 | ||||||
8,167 | Sanofi | 807,590 | ||||||
1,403 | Sartorius Stedim Biotech | 577,404 | ||||||
2,818 | Schneider Electric SE | 429,282 | ||||||
1,955 | SEB SA | 344,412 | ||||||
8,682 | Suez Environnement Co. SA | 183,877 | ||||||
413 | Teleperformance | 150,578 | ||||||
7,590 | Total SA | 353,845 | ||||||
1,065 | Ubisoft Entertainment SA (a) | 80,946 | ||||||
5,204 | Veolia Environnement SA | 133,507 | ||||||
3,062 | Vinci SA | 313,617 | ||||||
766 | Vivendi SA | 25,143 | ||||||
879 | Worldline SA (a) | 73,587 | ||||||
13,314,584 | ||||||||
Number of | Value | |||||||
Germany - 7.69% | ||||||||
1,696 | adidas AG | $ | 529,817 | |||||
1,937 | Allianz SE | 492,688 | ||||||
6,417 | Bayer AG | 406,666 | ||||||
1,932 | Bayerische Motoren Werke AG | 200,497 | ||||||
2,051 | Beiersdorf AG | 216,711 | ||||||
2,052 | Brenntag AG | 175,301 | ||||||
1,040 | Carl Zeiss Meditec AG | 156,764 | ||||||
1,501 | Covestro AG | 100,989 | ||||||
6,826 | Daimler AG | 609,221 | ||||||
1,660 | Delivery Hero SE (a) | 215,165 | ||||||
1,085 | Deutsche Boerse AG | 180,294 | ||||||
12,788 | Deutsche Post AG | 701,563 | ||||||
11,027 | Deutsche Telekom AG | 222,233 | ||||||
1,560 | Deutsche Wohnen SE | 72,772 | ||||||
1,391 | Fresenius Medical Care AG & Co. KGaA | 102,464 | ||||||
5,861 | Fresenius SE & Co. KGaA | 261,169 | ||||||
1,008 | GEA Group AG | 41,344 | ||||||
5,655 | HeidelbergCement AG | 513,804 | ||||||
7,203 | HelloFresh SE (a) | 536,682 | ||||||
879 | HOCHTIEF AG | 78,695 | ||||||
6,239 | Infineon Technologies AG | 265,455 | ||||||
1,592 | KION Group AG | 157,299 | ||||||
2,052 | Knorr-Bremse AG | 256,075 | ||||||
1,822 | Merck KGaA | 311,662 | ||||||
3,765 | Nemetschek SE | 240,336 | ||||||
4,227 | Puma SE | 414,423 | ||||||
253 | Rational AG | 196,532 | ||||||
3,296 | RWE AG | 129,341 | ||||||
4,888 | SAP SE | 599,548 | ||||||
2,057 | Siemens AG | 337,990 | ||||||
5,185 | Siemens Energy AG (a) | 186,191 | ||||||
550 | Symrise AG | 66,733 | ||||||
790 | TeamViewer AG (a) | 33,785 | ||||||
9,320 | Uniper SE | 337,601 | ||||||
3,148 | United Internet AG | 126,380 | ||||||
1,379 | Volkswagen AG | 500,285 | ||||||
1,374 | Vonovia SE | 89,790 | ||||||
5,731 | Zalando SE (a) | 561,569 | ||||||
10,625,834 | ||||||||
Hong Kong - 2.78% | ||||||||
72,146 | AIA Group, Ltd. | 882,834 | ||||||
29,999 | BOC Hong Kong Holdings, Ltd. | 104,948 | ||||||
27,576 | CK Asset Holdings, Ltd. | 167,871 | ||||||
52,531 | CK Hutchison Holdings, Ltd. | 419,687 | ||||||
1,758 | Hang Seng Bank, Ltd. | 34,137 | ||||||
11,939 | Hong Kong Exchange & Clearing, Ltd. | 708,292 | ||||||
2,811 | Jardine Matheson Holdings, Ltd. | 184,168 | ||||||
11,846 | Jardine Strategic Holdings, Ltd. | 391,407 | ||||||
155,130 | PCCW, Ltd. | 87,607 | ||||||
8,517 | Swire Pacific, Ltd. - Class A | 64,158 | ||||||
22,687 | Techtronic Industries Co., Ltd. | 388,942 | ||||||
258,702 | WH Group, Ltd. | 210,177 | ||||||
56,720 | Xinyi Glass Holdings, Ltd. | 186,330 | ||||||
3,830,558 | ||||||||
Ireland - 0.53% | ||||||||
1,417 | CRH PLC | 66,311 | ||||||
559 | DCC PLC | 48,488 | ||||||
876 | Flutter Entertainment PLC (a) | 187,910 | ||||||
5,189 | James Hardie Industries PLC - CDI | 156,830 |
See notes to financial statements.
66
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Ireland (Continued) | ||||||||
643 | Kingspan Group PLC | $ | 54,480 | |||||
842 | Kingspan Group PLC | 71,233 | ||||||
3,254 | Smurfit Kappa Group PLC | 152,680 | ||||||
737,932 | ||||||||
Isle Of Man - 0.20% | ||||||||
13,132 | Entain PLC (a) | 274,627 | ||||||
Israel - 0.60% | ||||||||
713 | Nice, Ltd. (a) | 155,008 | ||||||
35,711 | Teva Pharmaceutical Industries, Ltd. - ADR (a) | 412,105 | ||||||
920 | Wix.com, Ltd. (a) | 256,882 | ||||||
823,995 | ||||||||
Italy - 2.63% | ||||||||
7,382 | Assicurazioni Generali SpA | 147,486 | ||||||
2,326 | Atlantia SpA (a) | 43,530 | ||||||
1,457 | DiaSorin SpA | 233,769 | ||||||
52,665 | Enel SpA | 523,879 | ||||||
876 | Ferrari NV | 183,245 | ||||||
14,455 | FinecoBank Banca Fineco SpA (a) | 236,482 | ||||||
3,862 | Infrastrutture Wireless Italiane SpA | 43,013 | ||||||
91,018 | Intesa Sanpaolo SpA | 246,621 | ||||||
5,656 | Moncler SpA | 323,914 | ||||||
24,195 | Poste Italiane SpA | 307,267 | ||||||
4,911 | Prysmian SpA | 159,461 | ||||||
3,313 | Recordati SpA | 178,172 | ||||||
10,238 | Snam SpA | 56,759 | ||||||
882,574 | Telecom Italia SpA | 477,459 | ||||||
792,543 | Telecom Italia SpA - Savings Shares | 455,732 | ||||||
3,616,789 | ||||||||
Japan - 22.81% | ||||||||
484 | ABC-Mart, Inc. | 27,332 | ||||||
4,641 | Advantest Corp. | 407,629 | ||||||
4,688 | Aeon Co., Ltd. | 140,031 | ||||||
2,387 | Aisin Seiki Co., Ltd. | 90,912 | ||||||
6,296 | Asahi Intecc Co., Ltd. | 173,786 | ||||||
22,224 | Astellas Pharma, Inc. | 342,345 | ||||||
2,412 | Azbil Corp. | 103,992 | ||||||
2,653 | Bandai Namco Holdings, Inc. | 189,656 | ||||||
10,130 | Brother Industries, Ltd. | 224,992 | ||||||
7,477 | Calbee, Inc. | 190,598 | ||||||
7,504 | Capcom Co., Ltd. | 244,113 | ||||||
10,906 | Chubu Electric Power Co., Inc. | 140,529 | ||||||
8,283 | Chugai Pharmaceutical Co., Ltd. | 336,570 | ||||||
5,715 | Coca-Cola Bottlers Japan, Inc. | 99,740 | ||||||
630 | Cosmos Pharmaceutical Corp. | 98,279 | ||||||
19,568 | CyberAgent, Inc. | 353,213 | ||||||
1,403 | Daifuku Co., Ltd. | 137,872 | ||||||
10,239 | Daiichi Sankyo Co., Ltd. | 298,731 | ||||||
839 | Daikin Industries, Ltd. | 169,611 | ||||||
268 | Disco Corp. | 84,689 | ||||||
1,390 | Don Quijote Co., Ltd. | 32,810 | ||||||
3,051 | Eisai Co., Ltd. | 205,070 | ||||||
110 | FANUC Corp. | 26,445 | ||||||
243 | Fast Retailing Co., Ltd. | 194,249 | ||||||
1,957 | FUJIFILM Holdings Corp. | 116,419 | ||||||
1,626 | Fujitsu, Ltd. | 236,605 | ||||||
771 | GMO Payment Gateway, Inc. | 102,448 | ||||||
4,154 | Hakuhodo DY Holdings, Inc. | 69,381 |
Number of | Value | |||||||
Japan (Continued) | ||||||||
822 | Hamamatsu Photonics KK | $ | 48,699 | |||||
748 | Harmonic Drive Systems, Inc. | 50,713 | ||||||
5,927 | Hitachi, Ltd. | 268,661 | ||||||
14,393 | Honda Motor Co., Ltd. | 433,885 | ||||||
4,525 | Hoya Corp. | 532,578 | ||||||
1,257 | Ibiden Co., Ltd. | 58,076 | ||||||
13,825 | Iida Group Holdings Co., Ltd. | 334,989 | ||||||
35,064 | Inpex Corp. | 239,764 | ||||||
4,584 | Ito En, Ltd. | 281,177 | ||||||
15,336 | ITOCHU Corp. | 497,899 | ||||||
1,721 | Itochu Techno-Solutions Corp. | 55,614 | ||||||
32,630 | Japan Post Holdings Co., Ltd. | 290,806 | ||||||
17,295 | Japan Post Insurance Co., Ltd. | 355,285 | ||||||
3,182 | JSR Corp. | 96,299 | ||||||
97,944 | JXTG Holdings, Inc. | 444,359 | ||||||
15,669 | Kajima Corp. | 222,865 | ||||||
8,068 | Kakaku.com, Inc. | 220,841 | ||||||
2,364 | Kao Corp. | 156,423 | ||||||
9,195 | KDDI Corp. | 283,304 | ||||||
347 | Keio Corp. | 23,363 | ||||||
680 | Keyence Corp. | 309,914 | ||||||
2,949 | Kikkoman Corp. | 175,863 | ||||||
1,469 | Kobayashi Pharmaceutical Co., Ltd. | 137,205 | ||||||
5,782 | Kobe Bussan Co., Ltd. | 155,028 | ||||||
2,752 | Koei Tecmo Holdings Co., Ltd. | 123,896 | ||||||
407 | Konami Holdings Corp. | 24,298 | ||||||
2,291 | Kose Corp. | 324,703 | ||||||
3,344 | Kubota Corp. | 76,283 | ||||||
1,959 | Lasertec Corp. | 258,708 | ||||||
1,447 | Lawson, Inc. | 71,004 | ||||||
4,011 | Lion Corp. | 78,191 | ||||||
8,259 | Lixil Group Corp. | 229,842 | ||||||
4,662 | M3, Inc. | 320,037 | ||||||
60,169 | Marubeni Corp. | 502,536 | ||||||
9,811 | Medipal Holdings Corp. | 188,582 | ||||||
2,262 | MEIJI Holdings Co., Ltd. | 145,460 | ||||||
2,027 | Mercari, Inc. (a) | 92,541 | ||||||
7,536 | MISUMI Group, Inc. | 219,520 | ||||||
57,415 | Mitsubishi Chemical Holdings Corp. | 431,221 | ||||||
14,173 | Mitsubishi Corp. | 401,791 | ||||||
3,234 | Mitsubishi Gas Chemical Co., Inc. | 79,549 | ||||||
40,974 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 247,686 | ||||||
1,736 | Mitsui & Co., Ltd. | 36,231 | ||||||
4,580 | Mitsui Chemicals, Inc. | 144,947 | ||||||
1,684 | Miura Co., Ltd. | 91,117 | ||||||
6,560 | Mizuho Financial Group, Inc. | 94,860 | ||||||
21,150 | MonotaRO Co., Ltd. | 573,765 | ||||||
2,991 | Murata Manufacturing Co., Ltd. | 240,762 | ||||||
1,495 | Nabtesco Corp. | 68,408 | ||||||
938 | NEC Corp. | 55,385 | ||||||
4,277 | Nexon Co., Ltd. | 138,780 | ||||||
1,910 | Nidec Corp. | 232,882 | ||||||
4,570 | Nihon M&A Center, Inc. | 123,955 | ||||||
461 | Nintendo Co., Ltd. | 259,836 | ||||||
11,220 | Nippon Paint Holdings Co., Ltd. | 162,058 | ||||||
22,212 | Nippon Telegraph & Telephone Corp. | 573,112 | ||||||
25,892 | Nissan Motor Co. (a) | 144,650 | ||||||
614 | Nissin Foods Holdings Co., Ltd. | 45,523 | ||||||
1,636 | Nitori Holdings Co., Ltd. | 316,900 | ||||||
1,350 | Nitto Denko Corp. | 115,723 |
See notes to financial statements.
67
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Japan (Continued) | ||||||||
31,686 | Nomura Holdings, Inc. | $ | 167,887 | |||||
5,232 | Nomura Research Institute, Ltd. | 162,547 | ||||||
17,264 | Obayashi Corp. | 158,466 | ||||||
471 | Obic Co., Ltd. | 86,425 | ||||||
32,055 | Oji Holdings Corp. | 207,844 | ||||||
16,119 | Olympus Corp. | 334,371 | ||||||
3,329 | Omron Corp. | 260,769 | ||||||
4,253 | Ono Pharmaceutical Co., Ltd. | 111,226 | ||||||
455 | Oracle Corp. | 44,542 | ||||||
10,871 | ORIX Corp. | 183,859 | ||||||
3,368 | Osaka Securities Exchange Co., Ltd. | 79,116 | ||||||
2,529 | Otsuka Holdings Co., Ltd. | 107,252 | ||||||
14,250 | Persol Holdings Co., Ltd. | 280,103 | ||||||
4,912 | Pigeon Corp. | 186,259 | ||||||
15,072 | Pola Orbis Holdings, Inc. | 363,500 | ||||||
8,678 | Rakuten, Inc. | 103,675 | ||||||
11,724 | Recruit Holdings Co., Ltd. | 575,721 | ||||||
2,415 | Renesas Electronics Corp. (a) | 26,441 | ||||||
42,166 | Resona Holdings, Inc. | 177,119 | ||||||
25,688 | Ricoh Co., Ltd. | 261,842 | ||||||
582 | Rinnai Corp. | 65,278 | ||||||
10,894 | Ryohin Keikaku Co., Ltd. | 258,583 | ||||||
4,071 | Seiko Epson Corp. | 66,459 | ||||||
18,161 | Sekisui House, Ltd. | 390,646 | ||||||
3,693 | Seven & I Holdings Co., Ltd. - Series A | 149,129 | ||||||
4,920 | SG Holdings Co., Ltd. | 112,960 | ||||||
755 | Shimadzu Corp. | 27,377 | ||||||
1,080 | Shimamura Co., Ltd. | 124,800 | ||||||
456 | Shimano, Inc. | 108,911 | ||||||
1,337 | Shin-Etsu Chemical Co., Ltd. | 226,488 | ||||||
3,325 | Shinsei Bank, Ltd. | 53,736 | ||||||
5,821 | Shiseido Co., Ltd. | 391,487 | ||||||
271 | SMC Corp. | 157,825 | ||||||
4,581 | SoftBank Group Corp. | 390,016 | ||||||
7,541 | Sony Corp. | 798,090 | ||||||
981 | Square Enix Holdings Co., Ltd. | 54,562 | ||||||
4,768 | Subaru Corp. | 95,296 | ||||||
52,314 | Sumitomo Chemical Co., Ltd. | 271,420 | ||||||
17,884 | Sumitomo Corp. | 255,950 | ||||||
10,968 | Sumitomo Dainippon Pharma Co., Ltd. | 191,327 | ||||||
1,579 | Sumitomo Metal Mining Co., Ltd. | 68,426 | ||||||
8,670 | Sumitomo Mitsui Financial Group, Inc. | 314,264 | ||||||
4,758 | Sumitomo Mitsui Trust Holdings, Inc. | 166,004 | ||||||
7,070 | Sundrug Co., Ltd. | 259,020 | ||||||
3,549 | Suzuken Co., Ltd. | 138,852 | ||||||
2,855 | Sysmex Corp. | 308,179 | ||||||
8,800 | T&D Holdings, Inc. | 113,235 | ||||||
8,006 | Taiheiyo Cement Corp. | 210,954 | ||||||
795 | Taisho Pharmaceutical Holdings Co., Ltd. | 51,374 | ||||||
5,406 | Takeda Pharmaceutical Co., Ltd. | 197,060 | ||||||
515 | TDK Corp. | 71,692 | ||||||
1,499 | Toho Gas Co., Ltd. | 92,501 | ||||||
851 | Tokyo Century Corp. | 57,340 | ||||||
997 | Tokyo Electron, Ltd. | 433,330 | ||||||
6,897 | Tokyo Gas Co., Ltd. | 153,656 | ||||||
37,272 | Toray Industries, Inc. | 240,636 | ||||||
1,424 | Toyo Suisan Kaisha, Ltd. | 59,764 | ||||||
310 | Toyota Industries Corp. | 27,701 | ||||||
4,207 | Toyota Motor Corp. | 327,389 |
Number of | Value | |||||||
Japan (Continued) | ||||||||
8,962 | Toyota Tsusho Corp. | $ | 377,394 | |||||
1,343 | Trend Micro, Inc. | 67,416 | ||||||
1,819 | Tsuruha Holdings, Inc. | 234,720 | ||||||
2,478 | Unicharm Corp. | 104,053 | ||||||
11,512 | Welcia Holdings Co., Ltd. | 394,975 | ||||||
60,098 | Yamada Denki Co., Ltd. | 324,783 | ||||||
3,184 | Yamato Holdings Co., Ltd. | 87,437 | ||||||
14,269 | Yamazaki Baking Co., Ltd. | 230,546 | ||||||
530 | Yaskawa Electric Corp. | 26,480 | ||||||
20,486 | Z Holdings Corp. | 102,188 | ||||||
15,136 | ZOZO, Inc. | 448,395 | ||||||
31,505,467 | ||||||||
Jersey - 0.80% | ||||||||
5,660 | Ferguson PLC | 676,119 | ||||||
62,698 | Glencore PLC | 246,179 | ||||||
14,671 | WPP PLC | 186,961 | ||||||
1,109,259 | ||||||||
Luxembourg - 0.41% | ||||||||
1,961 | Eurofins Scientific SE (a) | 187,434 | ||||||
10,917 | SES SA | 86,605 | ||||||
25,615 | Tenaris SA | 289,654 | ||||||
563,693 | ||||||||
Mexico - 0.08% | ||||||||
9,784 | Fresnillo PLC | 116,535 | ||||||
Netherlands - 4.38% | ||||||||
108 | Adyen NV (a) | 240,993 | ||||||
566 | Akzo Nobel NV | 63,192 | ||||||
26,793 | ArcelorMittal (a) | 771,144 | ||||||
263 | Argenx SE (a) | 72,318 | ||||||
377 | ASM International NV | 109,309 | ||||||
2,308 | ASML Holding NV | 1,416,123 | ||||||
28,833 | ING Groep NV | 352,170 | ||||||
22,273 | Koninklijke Ahold Delhaize NV | 621,260 | ||||||
1,334 | Koninklijke DSM NV | 225,524 | ||||||
5,910 | Koninklijke Philips NV | 337,021 | ||||||
8,411 | NN Group NV | 410,302 | ||||||
1,695 | Prosus NV | 188,618 | ||||||
2,437 | QIAGEN NV (a) | 117,949 | ||||||
5,342 | Randstad Holding NV | 374,983 | ||||||
9,706 | STMicroelectronics NV | 370,823 | ||||||
4,488 | Wolters Kluwer NV | 389,806 | ||||||
6,061,535 | ||||||||
New Zealand - 0.42% | ||||||||
6,669 | a2 Milk Co., Ltd. (a) | 40,259 | ||||||
7,064 | Fisher & Paykel Healthcare Corp., Ltd. | 158,605 | ||||||
15,343 | Meridian Energy, Ltd. | 57,841 | ||||||
17,409 | Spark New Zealand, Ltd. | 54,528 | ||||||
2,732 | Xero, Ltd. (a) | 264,419 | ||||||
575,652 | ||||||||
Norway - 0.57% | ||||||||
4,603 | Adevinta ASA (a) | 67,822 | ||||||
5,590 | Gjensidige Forsikring ASA | 131,098 | ||||||
48,035 | Norsk Hydro ASA | 308,527 | ||||||
9,998 | Orkla ASA | 98,051 | ||||||
2,091 | Schibsted ASA - Class A | 87,887 |
See notes to financial statements.
68
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Norway (Continued) | ||||||||
2,795 | Schibsted ASA - Class B | $ | 100,180 | |||||
793,565 | ||||||||
Portugal - 0.32% | ||||||||
27,515 | EDP - Energias de Portugal SA | 157,157 | ||||||
16,910 | Jeronimo Martins SGPS SA | 284,283 | ||||||
441,440 | ||||||||
Singapore - 1.17% | ||||||||
12,484 | DBS Group Holdings, Ltd. | 267,674 | ||||||
26,845 | Oversea-Chinese Banking Corp., Ltd. | 234,867 | ||||||
78,960 | Singapore Exchange, Ltd. | 585,625 | ||||||
15,474 | United Overseas Bank, Ltd. | 298,370 | ||||||
3,725 | Venture Corp., Ltd. | 55,623 | ||||||
44,277 | Wilmar International, Ltd. | 178,819 | ||||||
1,620,978 | ||||||||
Spain - 1.59% | ||||||||
19,460 | ACS, Actividades de Construccion y Servicios SA | 646,767 | ||||||
47,053 | CaixaBank SA | 146,090 | ||||||
2,345 | Cellnex Telecom SA | 135,185 | ||||||
2,125 | Enagas SA | 46,263 | ||||||
3,702 | Endesa SA | 98,112 | ||||||
1,762 | Grifols SA | 46,115 | ||||||
21,976 | Iberdrola SA | 283,644 | ||||||
13,470 | Industria de Diseno Textil SA | 445,050 | ||||||
6,082 | Siemens Gamesa Renewable Energy SA | 235,888 | ||||||
26,193 | Telefonica SA | 117,761 | ||||||
2,200,875 | ||||||||
Sweden - 2.95% | ||||||||
1,290 | Assa Abloy AB - Class B | 37,127 | ||||||
3,759 | Atlas Copco AB - Class A | 229,176 | ||||||
2,654 | Atlas Copco AB - Class B | 138,320 | ||||||
669 | Boliden AB | 24,822 | ||||||
1,307 | Electrolux AB - Series B (a)(b) | 36,336 | ||||||
2,834 | Epiroc AB - Class A | 64,202 | ||||||
4,137 | Epiroc AB - Class B | 86,180 | ||||||
6,090 | EQT AB | 200,506 | ||||||
2,515 | Evolution Gaming Group AB | 370,372 | ||||||
15,091 | Hennes & Mauritz AB - Series B (a) | 340,098 | ||||||
798 | Hexagon AB - Class B | 73,662 | ||||||
9,979 | Husqvarna AB - Class B | 143,863 | ||||||
1,010 | ICA Gruppen AB | 49,390 | ||||||
4,512 | Investment AB Latour - B Shares | 116,914 | ||||||
4,173 | Investor AB - B Shares | 332,963 | ||||||
7,217 | Kinnevik AB - B Shares (a) | 350,761 | ||||||
7,130 | Nibe Industrier AB - B Shares | 221,125 | ||||||
11,856 | Skanska AB - B Shares (b) | 297,344 | ||||||
2,274 | SKF AB - B Shares | 64,706 | ||||||
8,135 | Svenska Cellulosa AB - Series B | 143,990 | ||||||
6,600 | Swedish Match AB | 514,874 | ||||||
13,828 | Telefonaktiebolaget LM Ericsson - B Shares | 183,294 | ||||||
2,218 | Volvo AB - Class B (b) | 56,171 | ||||||
4,076,196 | ||||||||
Switzerland - 7.37% | ||||||||
4,775 | ABB, Ltd. | 145,263 | ||||||
2,066 | Adecco Group AG | 139,356 | ||||||
637 | Banque Cantonale Vaudoise | 62,154 | ||||||
426 | Cie Financiere Richemont SA | 40,906 |
Number of | Value | |||||||
Switzerland (Continued) | ||||||||
1,669 | Coca-Cola HBC AG | $ | 53,048 | |||||
33,072 | Credit Suisse Group AG | 349,881 | ||||||
148 | EMS-Chemie Holding AG | 132,211 | ||||||
62 | Givaudan SA | 239,149 | ||||||
2,024 | Kuehne & Nagel International AG | 578,107 | ||||||
4,060 | LafargeHolcim, Ltd. | 238,748 | ||||||
4,029 | Logitech International SA | 422,538 | ||||||
429 | Lonza Group AG | 239,939 | ||||||
19,336 | Nestle SA | 2,155,507 | ||||||
14,290 | Novartis AG | 1,221,519 | ||||||
438 | Partners Group Holding AG | 559,732 | ||||||
375 | Roche Holding AG - BR | 128,466 | ||||||
5,984 | Roche Holding AG - GENUS | 1,938,477 | ||||||
121 | SGS SA | 343,809 | ||||||
635 | Sika AG | 181,581 | ||||||
110 | Sonova Holding AG (a) | 29,158 | ||||||
221 | Straumann Holding AG | 275,923 | ||||||
96 | Swiss Life Holding AG | 47,178 | ||||||
559 | The Swatch Group AG - Group I | 160,958 | ||||||
2,516 | The Swatch Group AG - Group N | 140,293 | ||||||
16,125 | UBS Group AG | 249,478 | ||||||
239 | Zurich Insurance Group AG | 101,731 | ||||||
10,175,110 | ||||||||
United Kingdom - 10.07% | ||||||||
15,937 | Admiral Group PLC | 681,165 | ||||||
4,830 | Anglo American PLC | 189,182 | ||||||
4,729 | Ashtead Group PLC | 282,302 | ||||||
3,495 | Associated British Foods PLC (a) | 116,117 | ||||||
8,918 | AstraZeneca PLC | 890,097 | ||||||
55,535 | Auto Trader Group PLC (a) | 424,624 | ||||||
663 | AVEVA Group PLC | 31,275 | ||||||
76,040 | Aviva PLC | 428,616 | ||||||
89,497 | Barclays PLC | 229,196 | ||||||
5,708 | Barratt Developments PLC | 58,713 | ||||||
8,596 | BHP Group PLC | 247,498 | ||||||
19,034 | BP PLC | 77,316 | ||||||
14,115 | British American Tobacco PLC | 536,520 | ||||||
55,570 | BT Group PLC (a) | 118,549 | ||||||
3,603 | Bunzl PLC | 115,324 | ||||||
13,587 | Burberry Group PLC (a) | 355,435 | ||||||
2,237 | Coca-Cola European Partners PLC | 116,682 | ||||||
1,709 | Croda International PLC | 149,532 | ||||||
3,700 | Diageo PLC | 152,002 | ||||||
44,173 | Evraz PLC | 351,787 | ||||||
32,875 | GlaxoSmithKline PLC | 581,983 | ||||||
4,288 | Halma PLC | 140,290 | ||||||
20,564 | Hargreaves Lansdown PLC | 436,939 | ||||||
5,512 | Hikma Pharmaceuticals PLC | 172,911 | ||||||
7,300 | HSBC Holdings PLC | 42,550 | ||||||
3,972 | Imperial Brands PLC | 81,430 | ||||||
156,242 | J. Sainsbury PLC | 522,474 | ||||||
40,986 | JD Sports Fashion PLC (a) | 465,922 | ||||||
5,056 | Johnson Matthey PLC | 210,027 | ||||||
89,378 | Kingfisher PLC | 391,749 | ||||||
56,220 | Legal & General Group PLC | 215,859 | ||||||
2,456 | London Stock Exchange Group PLC | 234,794 | ||||||
183,237 | M&G PLC | 523,633 | ||||||
2,722 | Next PLC (a) | 295,018 | ||||||
9,077 | Ocado Group PLC (a) | 254,495 |
See notes to financial statements.
69
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
United Kingdom (Continued) | ||||||||
3,858 | Pearson PLC | $ | 41,138 | |||||
2,381 | Reckitt Benckiser Group PLC | 213,125 | ||||||
10,464 | RELX PLC | 262,447 | ||||||
6,621 | Rentokil Initial PLC | 44,205 | ||||||
4,724 | Rio Tinto PLC | 360,387 | ||||||
19,393 | Royal Dutch Shell PLC - Class A | 376,982 | ||||||
18,696 | Royal Dutch Shell PLC - Class B | 344,147 | ||||||
884 | Schroders PLC | 42,651 | ||||||
7,933 | Smith & Nephew PLC | 150,609 | ||||||
394 | Spirax-Sarco Engineering PLC | 61,905 | ||||||
14,071 | St. James’s Place PLC | 247,036 | ||||||
31,220 | Standard Chartered PLC | 214,968 | ||||||
16,149 | Tesco PLC | 50,986 | ||||||
39,771 | The Sage Group PLC | 335,995 | ||||||
11,301 | Unilever PLC | 630,597 | ||||||
2,301 | United Utilities Group PLC | 29,403 | ||||||
201,080 | Vodafone Group PLC | 366,686 | ||||||
13,895,273 | ||||||||
Total Common Stocks | 129,845,783 | |||||||
INVESTMENT COMPANIES - 3.32% | ||||||||
Canada - 0.29% | ||||||||
11,886 | iShares MSCI Canada ETF (b) | 404,719 | ||||||
Japan - 3.03% | ||||||||
55,144 | iShares MSCI EAFE ETF | 4,183,775 | ||||||
Total Investment Companies | 4,588,494 | |||||||
PARTICIPATORY NOTES - 0.03% | ||||||||
Switzerland - 0.03% | ||||||||
129 | Schindler Holding AG (f) | 37,901 | ||||||
Total Participatory Notes | 37,901 | |||||||
PREFERRED STOCKS - 0.77% | ||||||||
Germany - 0.77% | ||||||||
1,571 | Bayerische Motoren Werke AG | 125,064 | ||||||
3,918 | Fuchs Petrolub SE | 187,748 | ||||||
442 | Sartorius AG | 220,364 | ||||||
1,888 | Volkswagen AG | 528,492 | ||||||
Total Preferred Stocks | 1,061,668 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 0.26% |
| |||||||
Australia - 0.12% | ||||||||
9,369 | Goodman Group | 129,371 | ||||||
10,821 | Stockland | 36,325 | ||||||
165,696 | ||||||||
Japan - 0.04% | ||||||||
15 | Nippon Prologis REIT, Inc. | 48,233 | ||||||
Singapore - 0.03% | ||||||||
30,689 | Mapletree Logistics Trust | 44,128 | ||||||
United Kingdom - 0.07% | ||||||||
7,577 | Segro PLC | 97,919 | ||||||
Total Real Estate Investment Trusts | 355,976 | |||||||
Number of | Value | |||||||
RIGHTS - 0.00% | ||||||||
Italy - 0.00% (g) | ||||||||
10,238 | Snam SpA (c)(d)(g) | $ | 3,326 | |||||
Total Rights | 3,326 | |||||||
SHORT TERM INVESTMENTS - 0.60% |
| |||||||
Money Market Funds - 0.60% |
| |||||||
834,008 | DWS Government Money Market Series - Institutional Shares | 834,008 | ||||||
Total Short Term Investments | 834,008 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.51% |
| |||||||
702,165 | Mount Vernon Liquid Assets Portfolio, LLC | 702,165 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 702,165 | |||||||
Total Investments | 137,429,321 | |||||||
Other Assets in Excess of | 682,689 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 138,112,010 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Value determined using significant unobservable inputs. Classified as level 3 in the fair value hierarchy. |
(d) | As of March 31, 2021, the Valuation Committee has fair valued these securities. The value of these securities total $3,326, which represents less than 0.01% of total net assets. |
(e) | Seven-day yield as of March 31, 2021. |
(f) | Represents the value of the underlying security. See note 3u. of the Notes to Financial Statements. |
(g) | Less than 0.01%. |
Glossary of Terms
ADR | - | American Depositary Receipt | ||
CDI | - | CREST Depository Interest |
See notes to financial statements.
70
GuideMark® World ex-US Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
March 31, 2021
COMMON STOCKS | ||||
Aerospace & Defense | 0.06% | |||
Air Freight & Logistics | 0.97% | |||
Auto Components | 0.32% | |||
Automobiles | 1.81% | |||
Banks | 5.77% | |||
Beverages | 0.72% | |||
Biotechnology | 0.54% | |||
Building Products | 1.10% | |||
Capital Markets | 3.21% | |||
Chemicals | 2.66% | |||
Commercial Services & Supplies | 0.19% | |||
Communications Equipment | 0.19% | |||
Construction & Engineering | 2.30% | |||
Construction Materials | 0.86% | |||
Containers & Packaging | 0.14% | |||
Diversified Financial Services | 1.35% | |||
Diversified Telecommunication Services | 2.12% | |||
Electric Utilities | 1.22% | |||
Electrical Equipment | 1.15% | |||
Electronic Equipment, Instruments & Components | 1.22% | |||
Energy Equipment & Services | 0.21% | |||
Entertainment | 0.44% | |||
Food & Staples Retailing | 4.38% | |||
Food Products | 3.24% | |||
Gas Utilities | 0.22% | |||
Health Care Equipment & Supplies | 2.72% | |||
Health Care Providers & Services | 0.54% | |||
Health Care Technology | 0.23% | |||
Hotels, Restaurants & Leisure | 0.94% | |||
Household Durables | 1.85% | |||
Household Products | 0.53% | |||
Independent Power and Renewable Electricity Producers | 0.38% | |||
Industrial Conglomerates | 1.16% | |||
Insurance | 4.93% | |||
Interactive Media & Services | 0.73% | |||
Internet & Direct Marketing Retail | 1.74% | |||
IT Services | 2.14% | |||
Leisure Products | 0.22% | |||
Life Sciences Tools & Services | 0.81% | |||
Machinery | 1.65% | |||
Marine | 0.95% | |||
Media | 0.94% | |||
Metals & Mining | 4.04% | |||
Multiline Retail | 0.88% | |||
Multi-Utilities | 0.47% | |||
Oil, Gas & Consumable Fuels | 1.85% | |||
Paper & Forest Products | 0.33% | |||
Personal Products | 1.69% | |||
Pharmaceuticals | 7.99% |
Professional Services | 1.96% | |||
Real Estate Management & Development | 0.36% | |||
Road & Rail | 0.45% | |||
Semiconductors & Semiconductor Equipment | 2.44% | |||
Software | 2.11% | |||
Specialty Retail | 1.90% | |||
Technology Hardware, Storage & Peripherals | 0.91% | |||
Textiles, Apparel & Luxury Goods | 3.49% | |||
Tobacco | 0.82% | |||
Trading Companies & Distributors | 2.88% | |||
Transportation Infrastructure | 0.03% | |||
Water Utilities | 0.02% | |||
Wireless Telecommunication Services | 0.55% | |||
TOTAL COMMON STOCKS | 94.02% | |||
INVESTMENT COMPANIES | ||||
Exchange Traded Funds | 3.32% | |||
TOTAL INVESTMENT COMPANIES | 3.32% | |||
PARTICIPATORY NOTES | ||||
Machinery | 0.03% | |||
TOTAL PARTICIPATORY NOTES | 0.03% | |||
PREFERRED STOCKS | ||||
Automobiles | 0.47% | |||
Chemicals | 0.14% | |||
Health Care Equipment & Supplies | 0.16% | |||
TOTAL PREFERRED STOCKS | 0.77% | |||
REAL ESTATE INVESTMENT TRUSTS | ||||
Real Estate Investment Trusts | 0.26% | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 0.26% | |||
RIGHTS | ||||
Energy Equipment & Services | 0.00% | |||
TOTAL RIGHTS | 0.00% | |||
SHORT TERM INVESTMENTS | ||||
Money Market Funds | 0.60% | |||
TOTAL SHORT TERM INVESTMENTS | 0.60% | |||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | ||||
Private Investment Fund | 0.51% | |||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | 0.51% | |||
TOTAL INVESTMENTS | 99.51% | |||
Other Assets in Excess of Liabilities | 0.49% | |||
TOTAL NET ASSETS | 100.00% | |||
Percentages are stated as a percent of net assets.
See notes to financial statements.
71
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Principal | Value | |||||||
ASSET BACKED SECURITIES - 3.41% |
| |||||||
Affirm Asset Securitization Trust | ||||||||
60,993 | Series 2020-Z1A, 3.460%, 10/15/2024 (c)(g) | $ | 61,833 | |||||
182,127 | Series 2020-Z2A, 1.900%, 01/15/2025 (c)(g) | 184,096 | ||||||
150,000 | AmeriCredit Automobile Receivables Trust | 155,897 | ||||||
379,779 | Atrium XII | 379,746 | ||||||
Carlyle Global Market Strategies CLO, Ltd. | ||||||||
249,672 | Series 2013-2A, 1.113% (3 Month LIBOR USD + 0.890%, 0.000% Floor), 01/18/2029 (a)(c) | 249,833 | ||||||
442,445 | Series 2017-1A, 1.524% (3 Month LIBOR USD + 1.300%, 0.000% Floor), 04/21/2031 (a)(c) | 443,062 | ||||||
94,800 | CF Hippolyta LLC | 94,126 | ||||||
Domino’s Pizza Master Issuer LLC | ||||||||
185,725 | Series 2018-1, 4.116%, 07/25/2048 (c)(g) | 195,614 | ||||||
74,250 | Series 2019-1, 3.668%, 10/25/2049 (c) | 78,517 | ||||||
135,000 | Drive Auto Receivables Trust | 139,530 | ||||||
Exeter Automobile Receivables Trust | ||||||||
90,000 | Series 2020-1, 2.730%, 12/15/2025 (c) | 92,939 | ||||||
300,000 | Series 2019-4, 2.580%, 09/15/2025 (c) | 308,967 | ||||||
100,000 | GCO Education Loan Funding Trust | 98,819 | ||||||
70,156 | GLS Auto Receivables Issuer Trust | 70,972 | ||||||
300,000 | GTP Acquisition Partners I LLC | 319,374 | ||||||
221,921 | LCM XX LP | 222,009 | ||||||
90,130 | Marlette Funding Trust | 91,020 | ||||||
120,000 | Mercury Financial Credit Card Master Trust | 120,088 | ||||||
95,902 | OCP CLO, Ltd. | 95,941 | ||||||
OneMain Financial Issuance Trust | ||||||||
319,426 | Series 2018-1A, 3.300%, 03/14/2029 (c) | 322,265 | ||||||
10,560 | Series 2017-1A, 2.370%, 09/14/2032 (c) | 10,577 | ||||||
238,635 | OZLM VII, Ltd. | 238,440 | ||||||
212,015 | OZLM XII, Ltd. | 212,126 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
17,948 | Series 2020-1, 2.070%, 01/15/2023 | 17,988 | ||||||
205,000 | Series 2019-3, 2.680%, 10/15/2025 | 212,125 | ||||||
45,000 | Series 2020-4, 1.480%, 01/15/2027 | 45,377 | ||||||
335,000 | Sound Point CLO, Ltd. | 335,649 | ||||||
55,298 | Springleaf Funding Trust | 55,461 | ||||||
100,000 | Summit Issuer LLC | 99,855 |
Principal | Value | |||||||
ASSET BACKED SECURITIES (Continued) |
| |||||||
345,791 | TICP CLO, Ltd. | $ | 344,989 | |||||
Voya CLO, Ltd. | ||||||||
44,130 | Series 2014-3, 0.938% (3 Month LIBOR USD + 0.720%, 0.000% Floor), 07/27/2026 (a)(c) | 44,114 | ||||||
480,000 | Series 2015-1, 1.123% (3 Month LIBOR USD + 0.900%, 0.900% Floor), 01/18/2029 (a)(c) | 480,163 | ||||||
77,400 | Wendy’s Funding LLC | 81,872 | ||||||
220,000 | Westlake Automobile Receivables Trust | 227,640 | ||||||
100,000 | Wingstop Funding LLC | 101,558 | ||||||
176,367 | Z Capital Credit Partners CLO, Ltd. | 176,093 | ||||||
Total Asset Backed Securities | 6,408,675 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 12.36% |
| |||||||
Angel Oak Mortgage Trust | ||||||||
62,043 | Series 2018-3, 3.649%, 09/25/2048 (b)(c) | 62,675 | ||||||
70,217 | Series 2019-2, 3.628%, 03/25/2049 (b)(c) | 71,618 | ||||||
200,801 | Series 2019-4, 2.993%, 07/26/2049 (b)(c) | 202,376 | ||||||
287,029 | Series 2020-R1, 0.990%, 04/25/2053 (b)(c) | 289,859 | ||||||
133,769 | Series 2019-3, 2.930%, 05/25/2059 (b)(c) | 135,593 | ||||||
83,016 | Series 2020-6 TR, 1.261%, 05/25/2065 (b)(c) | 83,667 | ||||||
308,000 | Series 2021-1, 0.909%, 01/25/2066 (b)(c) | 310,503 | ||||||
Arroyo Mortgage Trust | ||||||||
116,584 | Series 2018-1, 3.763%, 04/25/2048 (b)(c) | 123,650 | ||||||
172,462 | Series 2019-3, 2.962%, 10/25/2048 (b)(c) | 176,028 | ||||||
196,297 | Series 2019-2, 3.347%, 04/25/2049 (b)(c) | 207,072 | ||||||
BANK | ||||||||
2,147,618 | Series 2019-BNK23, 0.698%, 12/17/2052 (b)(j) | 109,859 | ||||||
992,711 | Series 2019-BNK18, 0.902%, 05/17/2062 (b)(j) | 61,217 | ||||||
1,276,838 | Series 2019-BNK20, 0.837%, 09/15/2062 (b)(j) | 75,911 | ||||||
1,319,261 | Series 2019-BNK22, 0.601%, 11/17/2062 (b)(j) | 59,957 | ||||||
995,597 | Series 2019-BNK24, 0.647%, 11/17/2062 (b)(j) | 48,011 | ||||||
994,977 | Series 2020-BNK26, 1.237%, 03/16/2063 (b)(j) | 86,518 | ||||||
1,562,418 | Series 2020-BNK28, 1.786%, 03/16/2063 (b)(j) | 220,276 | ||||||
Bayview Koitere Fund Trust | ||||||||
40,674 | Series 2017-SPL3, 4.000%, 11/28/2053 (b)(c) | 41,875 | ||||||
54,786 | Series 2017-RT4, 3.500%, 07/28/2057 (b)(c) | 56,372 | ||||||
154,220 | Bayview Mortgage Fund IVc Trust | 156,119 | ||||||
Bayview Opportunity Master Fund IVa Trust | ||||||||
143,834 | Series 2017-SPL5A, 3.500%, 06/28/2057 (b)(c) | 147,492 | ||||||
50,353 | Series 2017-SPL1A, 4.000%, 10/28/2064 (b)(c) | 52,218 | ||||||
51,772 | Bayview Opportunity Master Fund IVb Trust | 53,304 | ||||||
132,000 | BBCMS Mortgage Trust | 132,072 | ||||||
Benchmark Mortgage Trust | ||||||||
325,000 | Series 2019-B11, 3.410%, 05/17/2052 | 345,117 | ||||||
1,000,479 | Series 2019-B12, 1.065%, 08/16/2052 (b)(j) | 64,715 | ||||||
394,757 | Series 2020-B18, 1.794%, 07/17/2053 (b)(j) | 44,768 | ||||||
753,665 | Series 2020-B22, 1.523%, 01/15/2054 (b)(j) | 90,441 |
See notes to financial statements.
72
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
1,502,651 | Series 2019-B10, 1.229%, 03/17/2062 (b)(j) | $ | 115,706 | |||||
260,000 | BlueMountain CLO XXIV, Ltd. | 260,158 | ||||||
BX Commercial Mortgage Trust | ||||||||
106,183 | Series 2018-IND, 0.856% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 11/15/2035 (a)(c) | 106,312 | ||||||
324,476 | Series 2019-XL, 1.026% (1 Month LIBOR USD + 0.920%, 0.920% Floor), 10/15/2036 (a)(c) | 324,679 | ||||||
100,000 | CAMB Commercial Mortgage Trust | 100,237 | ||||||
145,000 | Century Plaza Towers | 150,420 | ||||||
13,125 | Chase Mortgage Finance Trust | 13,770 | ||||||
43,260 | CIM Trust | 44,111 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
296,312 | Series 2016-P3, 3.329%, 04/16/2049 | 319,512 | ||||||
505,000 | Series 2016-P4, 2.902%, 07/12/2049 | 536,274 | ||||||
Citigroup Mortgage Loan Trust, Inc. | ||||||||
66,562 | Series 2019-IMC1, 2.720%, 07/25/2049 (b)(c) | 67,905 | ||||||
206,001 | Series 2018-RP2, 3.139%, 02/25/2058 (b)(c) | 217,478 | ||||||
90,002 | Series 2018-RP1, 3.000%, 09/25/2064 (b)(c) | 95,921 | ||||||
133,128 | Series 2019-E, 3.228%, 11/25/2070 (c)(k) | 134,337 | ||||||
COLT Mortgage Loan Trust | ||||||||
58,297 | Series 2019-3, 2.764%, 08/25/2049 (b)(c) | 58,871 | ||||||
127,609 | Series 2019-4, 2.579%, 11/25/2049 (b)(c) | 128,868 | ||||||
428,508 | Series 2020-RPL1, 1.390%, 01/25/2065 (b)(c) | 430,311 | ||||||
72,221 | Series 2020-1R, 1.255%, 09/25/2065 (b)(c) | 72,748 | ||||||
261,438 | Series 2020-2R, 1.325%, 10/26/2065 (b)(c) | 261,928 | ||||||
COMM Mortgage Trust | ||||||||
120,000 | Series 2013-300P, 4.353%, 08/12/2030 (c) | 128,101 | ||||||
290,000 | Series 2019-WCM, 1.006% (1 Month LIBOR USD + 0.900%, 0.900% Floor), 10/16/2034 (a)(c) | 290,725 | ||||||
Countrywide Home Loans, Inc. | ||||||||
6,481 | Series 2004-HYB6, 2.770%, 11/20/2034 (b) | 6,697 | ||||||
71,181 | Series 2005-11, 0.709% (1 Month LIBOR USD + 0.600%, 0.600% Floor, 10.500% Cap), 03/25/2035 (a) | 59,190 | ||||||
375,000 | CSAIL Commercial Mortgage Trust | 394,053 | ||||||
CSMC Trust | ||||||||
100,000 | Series 2020-NET, 2.257%, 08/17/2037 (c) | 101,877 | ||||||
32,083 | Series 2017-FHA1, 3.250%, 04/25/2047 (b)(c) | 32,780 | ||||||
334,476 | Series 2020-RPL4, 2.000%, 01/25/2060 (b)(c) | 346,788 | ||||||
359,273 | Series 2020-NQM1, 1.208%, 05/25/2065 (c)(k) | 361,319 | ||||||
410,000 | Series 2021-NQM2, 1.179%, 02/25/2066 (b)(c) | 413,074 | ||||||
11,911,850 | DBGS Mortgage Trust | 162,573 | ||||||
DBJPM Mortgage Trust | ||||||||
359,996 | Series 2016-C1, 3.038%, 05/12/2049 | 378,705 | ||||||
475,000 | Series 2016-C3, 2.890%, 08/12/2049 | 504,139 | ||||||
310,747 | Series 2020-C9, 1.714%, 08/15/2053 (b)(j) | 33,187 |
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
Deephaven Residential Mortgage Trust | ||||||||
54,346 | Series 2019-2, 3.558%, 04/25/2059 (b)(c) | $ | 54,605 | |||||
141,776 | Series 2019-3, 2.964%, 07/25/2059 (b)(c) | 143,671 | ||||||
326,745 | GCAT Trust | 329,269 | ||||||
GS Mortgage Securities Trust | ||||||||
145,000 | Series 2012-ALOH, 3.551%, 04/12/2034 (c) | 147,135 | ||||||
145,000 | Series 2012-BWTR, 2.954%, 11/07/2034 (c) | 146,701 | ||||||
35,000 | Series 2015-GC34, 3.506%, 10/13/2048 | 38,083 | ||||||
1,448,978 | Series 2020-GC45, 0.674%, 02/14/2053 (b)(j) | 68,790 | ||||||
220,000 | Hawaii Hotel Trust 2019-MAUI | 220,563 | ||||||
67,075 | Homeward Opportunities Fund I Trust | 67,549 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
90,000 | Series 2020-NNN, 2.812%, 01/16/2037 (c) | 93,180 | ||||||
230,735 | Series 2013-C12, 3.157%, 07/17/2045 | 234,163 | ||||||
84,012 | MFRA Trust | 84,201 | ||||||
Mill City Mortgage Loan Trust | ||||||||
148,511 | Series 2018-2, 3.500%, 05/25/2058 (b)(c) | 153,029 | ||||||
371,333 | Series 2019-GS1, 2.750%, 07/25/2059 (b)(c) | 392,705 | ||||||
155,021 | Series 2017-3, 2.750%, 01/25/2061 (b)(c) | 158,266 | ||||||
122,164 | Series 2018-1, 3.250%, 05/25/2062 (b)(c) | 126,610 | ||||||
213,421 | Series 2019-1, 3.250%, 10/25/2069 (b)(c) | 226,063 | ||||||
123,091 | Morgan Stanley ABS Capital I, Inc. Trust | 123,025 | ||||||
175,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 189,009 | ||||||
185,000 | Morgan Stanley Capital I Trust | 185,512 | ||||||
222,000 | Mortgage Insurance-Linked Notes | 223,095 | ||||||
MTRO Commercial Mortgage Trust | ||||||||
100,000 | Series 2019-TECH B, 1.206% (1 Month LIBOR USD + 1.100%, 1.100% Floor), 12/15/2033 (a)(c) | 99,933 | ||||||
100,000 | Series 2019-TECH C, 1.406% (1 Month LIBOR USD + 1.300%, 1.300% Floor), 12/15/2033 (a)(c) | 99,305 | ||||||
160,000 | Natixis Commercial Mortgage Securities Trust | 162,146 | ||||||
New Residential Mortgage Loan Trust | ||||||||
150,035 | Series 2018-FNT1, 3.610%, 05/25/2023 (c) | 149,539 | ||||||
166,576 | Series 2018-FNT2, 3.790%, 07/25/2024 (c) | 167,068 | ||||||
60,366 | Series 2016-2, 3.750%, 11/25/2035 (b)(c) | 64,127 | ||||||
148,644 | Series 2018-4, 0.859% (1 Month LIBOR USD + 0.750%, 0.750% Floor), 01/27/2048 (a)(c) | 149,643 | ||||||
50,998 | Series 2016-4, 3.750%, 11/25/2056 (b)(c) | 54,444 | ||||||
81,291 | Series 2017-1, 4.000%, 02/25/2057 (b)(c) | 87,437 | ||||||
74,216 | Series 2017-2, 4.000%, 03/25/2057 (b)(c) | 79,431 | ||||||
41,286 | Series 2017-3, 4.000%, 04/25/2057 (b)(c) | 43,934 | ||||||
42,496 | Series 2017-4, 4.000%, 05/25/2057 (b)(c) | 45,346 |
See notes to financial statements.
73
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
41,476 | Series 2017-5, 1.609% (1 Month LIBOR USD + 1.500%, 1.500% Floor), 06/25/2057 (a)(c) | $ | 42,219 | |||||
63,070 | Series 2017-6, 4.000%, 08/25/2057 (b)(c) | 67,708 | ||||||
137,561 | Series 2018-1, 4.000%, 12/25/2057 (b)(c) | 153,801 | ||||||
125,577 | Series 2018-2, 4.500%, 02/25/2058 (b)(c) | 134,348 | ||||||
283,306 | Series 2018-3, 4.500%, 05/25/2058 (b)(c) | 307,395 | ||||||
214,435 | Series 2019-3, 3.750%, 11/25/2058 (b)(c) | 229,356 | ||||||
168,145 | Series 2019-5, 3.500%, 08/25/2059 (b)(c) | 176,376 | ||||||
90,575 | Series 2019-NQM4, 2.492%, 09/25/2059 (b)(c) | 94,150 | ||||||
85,807 | Series 2020-NPL2, 3.228%, 08/25/2060 (c)(k) | 87,091 | ||||||
390,000 | OBX Trust | 392,440 | ||||||
PRPM Trust | ||||||||
93,107 | Series 2019-GS1, 3.500%, 10/25/2024 (b)(c) | 93,951 | ||||||
252,729 | Series 2020-3, 2.857%, 09/25/2025 (c)(k) | 256,636 | ||||||
88,162 | Series 2020-6, 2.363%, 11/25/2025 (c)(k) | 88,564 | ||||||
SBA Tower Trust | ||||||||
155,000 | Series 2019-1, 2.836%, 01/15/2025 (c) | 162,769 | ||||||
90,000 | Series 2017-1, 3.168%, 04/15/2047 (c) | 90,238 | ||||||
125,000 | Series 2018-1, 3.448%, 03/15/2048 (c) | 131,687 | ||||||
70,502 | Seasoned Credit Risk Transfer Trust Series | 76,483 | ||||||
SG Commercial Mortgage Securities Trust | ||||||||
355,000 | Series 2020-COVE, 2.632%, 04/17/2037 (c) | 366,597 | ||||||
75,000 | Series 2016-C5, 3.055%, 10/13/2048 | 79,135 | ||||||
Starwood Mortgage Residential Trust | ||||||||
80,541 | Series 2020-3, 1.486%, 04/25/2065 (b)(c) | 81,112 | ||||||
410,000 | Series 2021-1, 1.219%, 05/25/2065 (b)(c) | 409,992 | ||||||
415,000 | Thompson Park CLO, Ltd. | 415,000 | ||||||
Towd Point Mortgage Trust | ||||||||
53,319 | Series 2015-6, 2.750%, 04/25/2055 (b)(c) | 53,743 | ||||||
26,858 | Series 2016-2, 2.750%, 08/25/2055 (b)(c) | 27,240 | ||||||
22,703 | Series 2016-3, 2.250%, 08/25/2055 (b)(c) | 22,893 | ||||||
301,498 | Series 2017-1, 2.750%, 10/25/2056 (b)(c) | 306,789 | ||||||
167,716 | Series 2017-5, 0.709% (1 Month LIBOR USD + 0.600%, 0.000% Floor), 02/26/2057 (a)(c) | 167,800 | ||||||
149,176 | Series 2017-2, 2.750%, 04/25/2057 (b)(c) | 151,592 | ||||||
37,697 | Series 2017-3, 2.750%, 06/25/2057 (b)(c) | 38,431 | ||||||
214,156 | Series 2017-4, 2.750%, 06/25/2057 (b)(c) | 221,119 | ||||||
327,495 | Series 2017-6, 2.750%, 10/25/2057 (b)(c) | 338,175 | ||||||
64,918 | Series 2018-1, 3.000%, 01/28/2058 (b)(c) | 67,105 | ||||||
187,417 | Series 2018-2, 3.250%, 03/25/2058 (b)(c) | 195,756 | ||||||
359,390 | Series 2019-1, 3.750%, 03/25/2058 (b)(c) | 381,253 | ||||||
143,095 | Series 2018-3, 3.750%, 05/25/2058 (b)(c) | 153,341 | ||||||
229,641 | Series 2020-4, 1.750%, 10/25/2060 (c) | 236,450 | ||||||
100,000 | VCAT Asset Securitization LLC | 99,999 | ||||||
410,000 | Venture 42 CLO, Ltd. | 410,248 | ||||||
120,000 | Vericrest Opportunity Loan Transferee | 120,932 | ||||||
Verus Securitization Trust | ||||||||
162,110 | Series 2020-NPL1, 3.598%, 08/25/2050 (c)(k) | 163,314 | ||||||
71,788 | Series 2019-2, 3.211%, 05/25/2059 (b)(c) | 74,744 |
Principal | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) |
| |||||||
166,410 | Series 2019-3, 2.784%, 07/25/2059 (c)(k) | $ | 169,801 | |||||
215,869 | Series 2019-4, 3.142%, 10/25/2059 (b)(c) | 220,132 | ||||||
240,000 | Series 2021-R2 A-1, 0.918%, 02/25/2064 (b)(c) | 241,333 | ||||||
265,000 | Wells Fargo Commercial Mortgage Trust 2015-NXS1 | 284,082 | ||||||
384,939 | Wells Fargo-RBS Commercial Mortgage Trust | 387,473 | ||||||
Total Collateralized Mortgage Obligations | 23,240,407 | |||||||
CORPORATE OBLIGATIONS - 29.92% | ||||||||
Aerospace & Defense - 0.64% | ||||||||
235,000 | Boeing Co. | 267,990 | ||||||
60,000 | General Dynamics Corp. | 70,606 | ||||||
L3Harris Technologies, Inc. | ||||||||
150,000 | 3.850%, 06/15/2023 | 160,106 | ||||||
31,000 | 4.400%, 06/15/2028 | 35,211 | ||||||
75,000 | Lockheed Martin Corp. | 87,874 | ||||||
190,000 | Northrop Grumman Corp. | 238,575 | ||||||
Raytheon Technologies Corp. | ||||||||
100,000 | 3.950%, 08/16/2025 | 111,090 | ||||||
140,000 | 3.125%, 05/04/2027 | 150,572 | ||||||
20,000 | 4.450%, 11/16/2038 | 23,150 | ||||||
50,000 | 4.625%, 11/16/2048 | 59,797 | ||||||
1,204,971 | ||||||||
Air Freight & Logistics - 0.19% | ||||||||
FedEx Corp. | ||||||||
50,000 | 3.300%, 03/15/2027 | 54,323 | ||||||
265,000 | 4.250%, 05/15/2030 (e) | 301,044 | ||||||
355,367 | ||||||||
Automobiles - 0.07% | ||||||||
General Motors Co. | ||||||||
55,000 | 6.125%, 10/01/2025 (e) | 64,714 | ||||||
55,000 | 5.200%, 04/01/2045 | 63,084 | ||||||
127,798 | ||||||||
Banks - 4.12% | ||||||||
Bank of America Corp. | ||||||||
190,000 | 4.100%, 07/24/2023 | 205,340 | ||||||
250,000 | 3.864% (3 Month LIBOR USD + 0.940%), 07/23/2024 (a) | 267,846 | ||||||
140,000 | 2.456% (3 Month LIBOR USD + 0.870%), 10/22/2025 (a) | 146,846 | ||||||
185,000 | 3.366% (3 Month LIBOR USD + 0.810%), 01/23/2026 (a) | 198,836 | ||||||
330,000 | 1.658% (SOFR + 0.910%), 03/11/2027 (a) | 330,557 | ||||||
720,000 | 1.922% (SOFR + 1.370%), 10/24/2031 (a) | 677,630 | ||||||
550,000 | 4.083% (3 Month LIBOR USD + 3.150%), 03/20/2051 (a) | 614,050 | ||||||
200,000 | BNP Paribas SA | 205,156 |
See notes to financial statements.
74
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Banks (Continued) | ||||||||
Citigroup, Inc. | ||||||||
125,000 | 3.352% (3 Month LIBOR USD + 0.897%), 04/24/2025 (a) | $ | 133,647 | |||||
280,000 | 3.700%, 01/12/2026 | 307,806 | ||||||
200,000 | 4.412% (SOFR + 3.914%), 03/31/2031 (a) | 227,625 | ||||||
70,000 | 2.572% (SOFR + 2.107%), 06/03/2031 (a) | 69,952 | ||||||
200,000 | Danske Bank AS | 223,148 | ||||||
95,000 | Fifth Third Bancorp | 99,126 | ||||||
HSBC Holdings PLC | ||||||||
370,000 | 3.262% (3 Month LIBOR USD + 1.055%), 03/13/2023 (a) | 379,133 | ||||||
200,000 | 1.589% (SOFR + 1.290%), 05/24/2027 (a) | 196,864 | ||||||
200,000 | 4.583% (3 Month LIBOR USD + 1.535%), 06/19/2029 (a) | 224,914 | ||||||
JPMorgan Chase & Co. | ||||||||
150,000 | 3.797% (3 Month LIBOR USD + 0.890%), 07/23/2024 (a) | 160,594 | ||||||
155,000 | 4.023% (3 Month LIBOR USD + 1.000%), 12/05/2024 (a) | 168,219 | ||||||
225,000 | 3.220% (3 Month LIBOR USD + 1.155%), 03/01/2025 (a) | 240,098 | ||||||
170,000 | 3.300%, 04/01/2026 | 185,016 | ||||||
90,000 | 2.950%, 10/01/2026 | 96,267 | ||||||
300,000 | 3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a) | 331,328 | ||||||
80,000 | 3.509% (3 Month LIBOR USD + 0.945%), 01/23/2029 (a) | 86,538 | ||||||
225,000 | 3.702% (3 Month LIBOR USD + 1.160%), 05/06/2030 (a) | 244,723 | ||||||
175,000 | 3.109% (SOFR + 2.460%), 04/22/2041 (a) | 174,051 | ||||||
70,000 | 3.109% (SOFR + 2.440%), 04/22/2051 (a)(e) | 67,998 | ||||||
145,000 | KeyCorp | 146,811 | ||||||
PNC Financial Services Group, Inc. | ||||||||
55,000 | 2.200%, 11/01/2024 | 57,852 | ||||||
65,000 | 3.450%, 04/23/2029 | 70,243 | ||||||
235,000 | Santander Holdings USA, Inc. | 241,636 | ||||||
370,000 | Truist Bank | 361,763 | ||||||
Wells Fargo & Co. | ||||||||
85,000 | 2.406% (3 Month LIBOR USD + 0.825%), 10/30/2025 (a) | 88,823 | ||||||
120,000 | 3.000%, 04/22/2026 | 128,265 | ||||||
135,000 | 3.000%, 10/23/2026 | 144,409 | ||||||
41,000 | 5.606%, 01/15/2044 | 52,719 | ||||||
45,000 | 4.750%, 12/07/2046 (e) | 52,850 | ||||||
115,000 | 5.013% (3 Month LIBOR USD + 4.240%), 04/04/2051 (a)(e) | 147,217 | ||||||
7,755,896 | ||||||||
Beverages - 0.78% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
180,000 | 5.450%, 01/23/2039 | 224,997 | ||||||
55,000 | 3.750%, 07/15/2042 | 56,434 | ||||||
20,000 | 4.900%, 02/01/2046 | 23,742 | ||||||
145,000 | 4.600%, 04/15/2048 | 166,218 |
Principal | Value | |||||||
Beverages (Continued) | ||||||||
112,000 | 4.750%, 04/15/2058 | $ | 129,037 | |||||
35,000 | Coca-Cola Co. | 33,911 | ||||||
Constellation Brands, Inc. | ||||||||
75,000 | 4.400%, 11/15/2025 | 84,586 | ||||||
204,000 | 3.600%, 02/15/2028 | 221,867 | ||||||
25,000 | 4.650%, 11/15/2028 | 28,747 | ||||||
6,000 | 3.150%, 08/01/2029 | 6,287 | ||||||
10,000 | 3.750%, 05/01/2050 | 10,403 | ||||||
200,000 | Diageo Capital Plc | 195,551 | ||||||
50,000 | Keurig Dr Pepper, Inc. | 49,729 | ||||||
PepsiCo, Inc. | ||||||||
40,000 | 2.625%, 03/19/2027 | 42,570 | ||||||
5,000 | 1.625%, 05/01/2030 | 4,782 | ||||||
175,000 | 3.625%, 03/19/2050 | 191,801 | ||||||
1,470,662 | ||||||||
Biotechnology - 1.14% | ||||||||
AbbVie, Inc. | ||||||||
135,000 | 3.450%, 03/15/2022 | 138,131 | ||||||
205,000 | 2.950%, 11/21/2026 | 218,432 | ||||||
355,000 | 3.200%, 11/21/2029 | 377,669 | ||||||
295,000 | 4.250%, 11/21/2049 | 332,920 | ||||||
Amgen, Inc. | ||||||||
45,000 | 2.650%, 05/11/2022 | 45,940 | ||||||
55,000 | 1.900%, 02/21/2025 | 56,845 | ||||||
95,000 | 2.200%, 02/21/2027 | 97,451 | ||||||
475,000 | 2.300%, 02/25/2031 | 470,513 | ||||||
Gilead Sciences, Inc. | ||||||||
80,000 | 2.500%, 09/01/2023 | 83,426 | ||||||
335,000 | 1.650%, 10/01/2030 | 314,618 | ||||||
2,135,945 | ||||||||
Building Products - 0.05% | ||||||||
90,000 | Carrier Global Corp. | 90,059 | ||||||
Capital Markets - 1.97% | ||||||||
320,000 | BlackRock, Inc. | |||||||
1.900%, 01/28/2031 | 309,679 | |||||||
60,000 | BP Capital Markets America, Inc. | |||||||
2.939%, 06/04/2051 | 53,487 | |||||||
Morgan Stanley | ||||||||
75,000 | 2.625%, 11/17/2021 | 76,140 | ||||||
195,000 | 3.737% (3 Month LIBOR USD + 0.847%), 04/24/2024 (a) | 207,358 | ||||||
180,000 | 3.700%, 10/23/2024 (e) | 197,138 | ||||||
65,000 | 3.125%, 07/27/2026 | 70,040 | ||||||
340,000 | 3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028 (a) | 370,775 | ||||||
55,000 | 4.431% (3 Month LIBOR USD + 1.628%), 01/23/2030 (a) | 62,980 | ||||||
210,000 | 2.699% (SOFR + 1.143%), 01/22/2031 (a) | 213,783 | ||||||
285,000 | 1.794% (SOFR + 1.034%), 02/13/2032 (a) | 265,006 | ||||||
145,000 | 1.928% (SOFR + 1.020%), 04/28/2032 (a) | 136,219 | ||||||
180,000 | 3.971% (3 Month LIBOR USD + 1.455%), 07/22/2038 (a) | 200,997 | ||||||
State Street Corp. | ||||||||
80,000 | 3.776% (3 Month LIBOR USD + 0.770%), 12/03/2024 (a) | 86,670 |
See notes to financial statements.
75
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Capital Markets (Continued) | ||||||||
90,000 | 2.354% (SOFR + 0.940%), 11/01/2025 (a) | $ | 94,707 | |||||
80,000 | 2.901% (SOFR + 2.600%), 03/30/2026 (a) | 85,131 | ||||||
The Bank of New York Mellon Corp. | ||||||||
70,000 | 1.950%, 08/23/2022 | 71,608 | ||||||
125,000 | 2.661% (3 Month LIBOR USD + 0.634%), 05/16/2023 (a) | 128,275 | ||||||
120,000 | 2.100%, 10/24/2024 | 126,326 | ||||||
90,000 | 2.450%, 08/17/2026 | 94,645 | ||||||
The Goldman Sachs Group, Inc. | ||||||||
135,000 | 2.876% (3 Month LIBOR USD + 0.821%), 10/31/2022 (a) | 136,806 | ||||||
55,000 | 2.905% (3 Month LIBOR USD + 0.990%), 07/24/2023 (a) | 56,634 | ||||||
140,000 | 3.500%, 01/23/2025 | 151,182 | ||||||
40,000 | 3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025 (a) | 42,932 | ||||||
70,000 | 1.992% (SOFR + 1.090%), 01/27/2032 (a) | 66,250 | ||||||
140,000 | 6.750%, 10/01/2037 | 197,268 | ||||||
20,000 | 6.250%, 02/01/2041 | 28,216 | ||||||
Willis North America, Inc. | ||||||||
25,000 | 3.600%, 05/15/2024 | 26,951 | ||||||
145,000 | 2.950%, 09/15/2029 | 149,903 | ||||||
3,707,106 | ||||||||
Chemicals - 0.36% | ||||||||
Air Products and Chemicals, Inc. | ||||||||
20,000 | 1.500%, 10/15/2025 | 20,300 | ||||||
40,000 | 1.850%, 05/15/2027 | 40,447 | ||||||
295,000 | DuPont de Nemours, Inc. | 320,520 | ||||||
The Sherwin-Williams Co. | ||||||||
15,000 | 3.450%, 06/01/2027 | 16,377 | ||||||
95,000 | 2.950%, 08/15/2029 | 99,049 | ||||||
105,000 | 2.300%, 05/15/2030 | 103,505 | ||||||
75,000 | 3.300%, 05/15/2050 | 74,047 | ||||||
674,245 | ||||||||
Commercial Services & Supplies - 0.15% | ||||||||
240,000 | Republic Services, Inc. | 219,433 | ||||||
Waste Management, Inc. | ||||||||
20,000 | 4.150%, 07/15/2049 | 22,859 | ||||||
40,000 | 2.500%, 11/15/2050 | 34,496 | ||||||
276,788 | ||||||||
Consumer Finance - 0.36% | ||||||||
155,000 | American Express Co. | 175,388 | ||||||
John Deere Capital Corp. | ||||||||
135,000 | 3.200%, 01/10/2022 | 138,118 | ||||||
25,000 | 1.200%, 04/06/2023 | 25,408 | ||||||
25,000 | 3.450%, 06/07/2023 | 26,605 | ||||||
145,000 | 2.600%, 03/07/2024 | 153,625 | ||||||
25,000 | 1.750%, 03/09/2027 | 25,261 | ||||||
125,000 | NiSource, Inc. | 135,748 | ||||||
680,153 | ||||||||
Principal | Value | |||||||
Diversified Consumer Services - 0.09% | ||||||||
Howard University | ||||||||
100,000 | 2.901%, 10/01/2031 | $ | 100,741 | |||||
75,000 | 3.476%, 10/01/2041 | 72,080 | ||||||
172,821 | ||||||||
Diversified Financial Services - 1.09% | ||||||||
BAT Capital Corp. | ||||||||
55,000 | 3.222%, 08/15/2024 | 58,572 | ||||||
275,000 | 2.789%, 09/06/2024 | 290,062 | ||||||
200,000 | 2.259%, 03/25/2028 | 196,950 | ||||||
120,000 | BAT International Finance Plc | 118,816 | ||||||
340,000 | Equitable Financial Life Global Funding | 332,523 | ||||||
200,000 | GE Capital Funding LLC | 226,449 | ||||||
160,000 | GlaxoSmithKline Capital, Inc. | 176,004 | ||||||
55,000 | LYB International Finance III LLC | 54,330 | ||||||
85,000 | 3.800%, 10/01/2060 | 83,100 | ||||||
200,000 | NTT Finance Corp. | 197,410 | ||||||
310,000 | Siemens Financieringsmaatschappij NV | 306,477 | ||||||
2,040,693 | ||||||||
Diversified Telecommunication Services - 1.43% | ||||||||
AT&T, Inc. | ||||||||
210,000 | 1.700%, 03/25/2026 | 210,042 | ||||||
175,000 | 4.500%, 05/15/2035 | 197,501 | ||||||
110,000 | 3.650%, 06/01/2051 (e) | 106,325 | ||||||
168,000 | 3.500%, 09/15/2053 (c)(e) | 154,798 | ||||||
91,000 | 3.550%, 09/15/2055 (c) | 83,258 | ||||||
113,000 | 3.800%, 12/01/2057 (c) | 107,227 | ||||||
165,000 | 3.500%, 02/01/2061 | 149,493 | ||||||
Verizon Communications, Inc. | ||||||||
140,000 | 4.500%, 08/10/2033 | 162,630 | ||||||
20,000 | 4.812%, 03/15/2039 | 23,913 | ||||||
130,000 | 2.650%, 11/20/2040 | 118,704 | ||||||
620,000 | 3.400%, 03/22/2041 | 627,403 | ||||||
155,000 | 4.862%, 08/21/2046 | 185,875 | ||||||
30,000 | 4.000%, 03/22/2050 | 32,251 | ||||||
525,000 | 3.550%, 03/22/2051 | 523,634 | ||||||
3,000 | 4.672%, 03/15/2055 | 3,567 | ||||||
2,686,621 | ||||||||
Electric Utilities - 2.51% | ||||||||
Alabama Power Co. | ||||||||
65,000 | 2.450%, 03/30/2022 | 66,267 | ||||||
80,000 | 4.150%, 08/15/2044 | 88,753 | ||||||
70,000 | BP Capital Markets America, Inc. | 76,718 | ||||||
Cleco Corporate Holdings LLC | ||||||||
46,000 | 3.743%, 05/01/2026 | 49,975 | ||||||
5,000 | 4.973%, 05/01/2046 | 5,523 | ||||||
120,000 | Commonwealth Edison Co. | 127,788 | ||||||
Duke Energy Carolinas LLC | ||||||||
45,000 | 2.500%, 03/15/2023 | 46,652 | ||||||
301,000 | 5.300%, 02/15/2040 | 385,818 |
See notes to financial statements.
76
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Electric Utilities (Continued) | ||||||||
60,000 | Duke Energy Indiana, Inc. | $ | 72,341 | |||||
170,000 | Duke Energy Ohio, Inc. | 184,999 | ||||||
45,000 | Evergy Metro, Inc. | 44,462 | ||||||
Evergy, Inc. | ||||||||
55,000 | 2.450%, 09/15/2024 | 57,608 | ||||||
180,000 | 2.900%, 09/15/2029 | 183,659 | ||||||
Exelon Corp. | ||||||||
185,000 | 2.450%, 04/15/2021 | 184,609 | ||||||
10,000 | 4.700%, 04/15/2050 | 11,983 | ||||||
25,000 | FirstEnergy Corp. | 24,340 | ||||||
Georgia Power Co. | ||||||||
130,000 | 2.100%, 07/30/2023 | 134,255 | ||||||
105,000 | 4.750%, 09/01/2040 | 122,226 | ||||||
210,000 | ITC Holdings Corp. | 214,326 | ||||||
325,000 | NextEra Energy Capital Holdings, Inc. | 318,010 | ||||||
230,000 | Oglethorpe Power Corp. | 270,902 | ||||||
50,000 | Oncor Electric Delivery Co. LLC | 61,912 | ||||||
410,000 | Pacific Gas and Electric Co. | 387,221 | ||||||
PacifiCorp | ||||||||
60,000 | 2.700%, 09/15/2030 | 61,559 | ||||||
33,000 | 4.125%, 01/15/2049 | 36,703 | ||||||
10,000 | 3.300%, 03/15/2051 | 9,946 | ||||||
Puget Energy, Inc. | ||||||||
135,000 | 3.650%, 05/15/2025 | 146,037 | ||||||
190,000 | 4.100%, 06/15/2030 | 206,155 | ||||||
110,000 | Sierra Pacific Power Co. | 116,118 | ||||||
122,000 | South Carolina Electric & Gas Co. | 161,818 | ||||||
Southern California Edison Co. | ||||||||
90,000 | 2.850%, 08/01/2029 | 91,482 | ||||||
225,000 | 2.250%, 06/01/2030 | 218,079 | ||||||
19,000 | 4.000%, 04/01/2047 | 19,549 | ||||||
61,000 | 4.125%, 03/01/2048 | 63,784 | ||||||
80,000 | 3.650%, 02/01/2050 | 78,946 | ||||||
The Southern Co. | ||||||||
230,000 | 3.700%, 04/30/2030 (e) | 248,725 | ||||||
25,000 | 4.400%, 07/01/2046 | 27,829 | ||||||
120,000 | Xcel Energy, Inc. | 121,185 | ||||||
4,728,262 | ||||||||
Entertainment - 0.15% | ||||||||
235,000 | ViacomCBS, Inc. | 278,106 | ||||||
Equity Real Estate Investment Trusts (REITs) - 0.35% |
| |||||||
American Tower Corp. | ||||||||
105,000 | 2.400%, 03/15/2025 | 109,526 | ||||||
250,000 | 1.500%, 01/31/2028 | 238,551 | ||||||
110,000 | 2.950%, 01/15/2051 (e) | 97,110 |
Principal | Value | |||||||
Equity Real Estate Investment Trusts (REITs) (Continued) |
| |||||||
45,000 | Brixmor Operating Partnership LP | |||||||
4.050%, 07/01/2030 | $ | 48,494 | ||||||
25,000 | Equinix, Inc. | 24,542 | ||||||
VEREIT Operating Partnership LP | ||||||||
35,000 | 3.400%, 01/15/2028 | 36,926 | ||||||
10,000 | 2.200%, 06/15/2028 | 9,818 | ||||||
10,000 | 2.850%, 12/15/2032 | 9,686 | ||||||
85,000 | Welltower, Inc. | 88,673 | ||||||
663,326 | ||||||||
Food Products - 0.40% | ||||||||
75,000 | Archer-Daniels-Midland Co. | 80,590 | ||||||
Conagra Brands, Inc. | ||||||||
145,000 | 1.375%, 11/01/2027 | 139,768 | ||||||
130,000 | 4.850%, 11/01/2028 | 151,402 | ||||||
190,000 | General Mills, Inc. | 196,164 | ||||||
Mondelez International, Inc. | ||||||||
15,000 | 2.750%, 04/13/2030 | 15,321 | ||||||
175,000 | 1.500%, 02/04/2031 | 160,281 | ||||||
743,526 | ||||||||
Gas Utilities - 0.01% | ||||||||
10,000 | Southern Co. Gas Capital Corp. | 10,418 | ||||||
Health Care Equipment & Supplies - 0.47% | ||||||||
200,000 | Alcon Finance Corp. | 211,594 | ||||||
65,000 | Baxter International, Inc. | 73,180 | ||||||
Becton Dickinson and Co. | ||||||||
35,000 | 2.823%, 05/20/2030 (e) | 35,898 | ||||||
80,000 | 1.957%, 02/11/2031 | 75,901 | ||||||
Boston Scientific Corp. | ||||||||
85,000 | 1.900%, 06/01/2025 | 87,241 | ||||||
250,000 | 3.750%, 03/01/2026 | 276,090 | ||||||
125,000 | Shire Acquisitions Investments Ireland Designated Activity Co. | 131,398 | ||||||
891,302 | ||||||||
Health Care Providers & Services - 0.78% | ||||||||
Anthem, Inc. | ||||||||
95,000 | 3.650%, 12/01/2027 | 104,822 | ||||||
180,000 | 2.875%, 09/15/2029 | 186,871 | ||||||
40,000 | 4.375%, 12/01/2047 | 46,018 | ||||||
345,000 | Cigna Corp. | 340,664 | ||||||
70,000 | CommonSpirit Health | 74,196 | ||||||
CVS Health Corp. | ||||||||
100,000 | 4.125%, 04/01/2040 | 110,468 | ||||||
55,000 | 5.125%, 07/20/2045 | 67,260 | ||||||
100,000 | 5.050%, 03/25/2048 | 122,572 | ||||||
100,000 | Quest Diagnostics, Inc. | 101,740 | ||||||
75,000 | Sutter Health | 74,184 |
See notes to financial statements.
77
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Health Care Providers & Services (Continued) | ||||||||
UnitedHealth Group, Inc. | ||||||||
70,000 | 2.375%, 08/15/2024 | $ | 73,795 | |||||
10,000 | 3.500%, 08/15/2039 | 10,754 | ||||||
135,000 | 3.950%, 10/15/2042 | 154,271 | ||||||
1,467,615 | ||||||||
Hotels, Restaurants & Leisure - 0.31% | ||||||||
65,000 | GLP Capital LP / GLP Financing II, Inc. | 73,050 | ||||||
80,000 | Las Vegas Sands Corp. | 83,436 | ||||||
McDonald’s Corp. | ||||||||
80,000 | 3.350%, 04/01/2023 | 84,325 | ||||||
50,000 | 4.600%, 05/26/2045 | 58,393 | ||||||
15,000 | 4.875%, 12/09/2045 | 18,165 | ||||||
85,000 | 3.625%, 09/01/2049 | 88,320 | ||||||
90,000 | 4.200%, 04/01/2050 (e) | 102,175 | ||||||
65,000 | Starbucks Corp. | 71,662 | ||||||
579,526 | ||||||||
Industrial Conglomerates - 0.57% | ||||||||
255,000 | General Electric Co. | 274,468 | ||||||
325,000 | Honeywell International, Inc. | 320,933 | ||||||
NXP BV / NXP Funding LLC | ||||||||
232,000 | 4.875%, 03/01/2024 (c) | 257,943 | ||||||
135,000 | 4.300%, 06/18/2029 (c) | 151,153 | ||||||
60,000 | 3.150%, 05/01/2027 (c) | 63,777 | ||||||
1,068,274 | ||||||||
Insurance - 0.59% | ||||||||
325,000 | American International Group, Inc. | 341,069 | ||||||
135,000 | Berkshire Hathaway Finance Corp. | 154,851 | ||||||
Marsh & McLennan Cos, Inc. | ||||||||
110,000 | 3.875%, 03/15/2024 | 120,224 | ||||||
65,000 | 4.375%, 03/15/2029 | 74,554 | ||||||
90,000 | 4.750%, 03/15/2039 | 110,927 | ||||||
70,000 | Marsh & McLennan Cos., Inc. | 75,655 | ||||||
12,000 | Massachusetts Mutual Life Insurance Co. | 11,819 | ||||||
40,000 | New York Life Global Funding | 39,941 | ||||||
105,000 | Progressive Corp. | 112,840 | ||||||
55,000 | Trinity Acquisition PLC | 61,963 | ||||||
1,103,843 | ||||||||
Interactive Media & Services - 0.34% | ||||||||
365,000 | Alphabet, Inc. | 300,546 | ||||||
350,000 | Tencent Holdings Ltd. | 338,193 | ||||||
638,739 | ||||||||
Principal | Value | |||||||
Internet & Direct Marketing Retail - 0.25% | ||||||||
200,000 | Alibaba Group Holding, Ltd. | $ | 214,567 | |||||
Amazon.com, Inc. | ||||||||
150,000 | 3.875%, 08/22/2037 | 171,135 | ||||||
60,000 | 4.950%, 12/05/2044 | 78,440 | ||||||
464,142 | ||||||||
IT Services - 0.99% | ||||||||
350,000 | Fidelity National Information Services, Inc. | 343,115 | ||||||
Fiserv, Inc. | ||||||||
135,000 | 3.200%, 07/01/2026 | 145,623 | ||||||
385,000 | 2.250%, 06/01/2027 | 393,668 | ||||||
Global Payments, Inc. | ||||||||
55,000 | 3.200%, 08/15/2029 | 57,952 | ||||||
180,000 | 2.900%, 05/15/2030 | 183,043 | ||||||
International Business Machines Corp. | ||||||||
385,000 | 1.950%, 05/15/2030 | 372,714 | ||||||
100,000 | 4.250%, 05/15/2049 | 115,171 | ||||||
85,000 | Leidos, Inc. | 92,331 | ||||||
95,000 | Mastercard, Inc. | 93,234 | ||||||
55,000 | Visa, Inc. | 66,310 | ||||||
1,863,161 | ||||||||
Machinery - 0.34% | ||||||||
130,000 | Caterpillar, Inc. | 133,129 | ||||||
495,000 | Otis Worldwide Corp. | 498,795 | ||||||
631,924 | ||||||||
Media - 1.51% | ||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
40,000 | 4.908%, 07/23/2025 (e) | 45,392 | ||||||
230,000 | 3.750%, 02/15/2028 (e) | 249,298 | ||||||
125,000 | 2.800%, 04/01/2031 | 123,693 | ||||||
125,000 | 2.300%, 02/01/2032 | 116,244 | ||||||
150,000 | 5.375%, 05/01/2047 | 174,232 | ||||||
55,000 | 5.750%, 04/01/2048 | 67,037 | ||||||
75,000 | 5.125%, 07/01/2049 | 84,284 | ||||||
30,000 | 4.800%, 03/01/2050 | 32,169 | ||||||
75,000 | 3.700%, 04/01/2051 (e) | 70,056 | ||||||
Comcast Corp. | ||||||||
35,000 | 3.200%, 07/15/2036 | 36,581 | ||||||
125,000 | 4.600%, 10/15/2038 (e) | 150,748 | ||||||
90,000 | 3.250%, 11/01/2039 | 92,646 | ||||||
255,000 | 3.750%, 04/01/2040 (e) | 279,575 | ||||||
180,000 | 4.750%, 03/01/2044 | 221,309 | ||||||
30,000 | 3.400%, 07/15/2046 | 30,857 | ||||||
25,000 | 4.700%, 10/15/2048 (e) | 30,879 | ||||||
50,000 | 4.950%, 10/15/2058 | 65,324 | ||||||
291,000 | Cox Communications, Inc. | 310,877 | ||||||
Discovery Communications, LLC | ||||||||
45,000 | 3.800%, 03/13/2024 | 48,484 | ||||||
28,000 | 3.950%, 06/15/2025 | 30,657 | ||||||
100,000 | 5.200%, 09/20/2047 | 118,260 |
See notes to financial statements.
78
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Media (Continued) | ||||||||
97,000 | 5.300%, 05/15/2049 | $ | 115,930 | |||||
115,000 | 4.650%, 05/15/2050 | 126,761 | ||||||
Time Warner Cable, Inc. | ||||||||
30,000 | 5.500%, 09/01/2041 | 35,541 | ||||||
50,000 | 4.500%, 09/15/2042 | 53,386 | ||||||
110,000 | ViacomCBS, Inc. | 123,464 | ||||||
2,833,684 | ||||||||
Metals & Mining - 0.15% | ||||||||
15,000 | Steel Dynamics, Inc. | 15,883 | ||||||
260,000 | Vale Overseas, Ltd. | 272,910 | ||||||
288,793 | ||||||||
Multi-Utilities - 0.70% | ||||||||
Berkshire Hathaway Energy Co. | ||||||||
50,000 | 3.250%, 04/15/2028 | 53,943 | ||||||
65,000 | 6.125%, 04/01/2036 | 87,689 | ||||||
170,000 | Dominion Energy, Inc. | 180,560 | ||||||
290,000 | NiSource, Inc. | 314,584 | ||||||
475,000 | Public Service Enterprise Group, Inc. | 438,154 | ||||||
Sempra Energy | ||||||||
150,000 | 3.400%, 02/01/2028 | 160,924 | ||||||
75,000 | 4.000%, 02/01/2048 | 78,896 | ||||||
1,314,750 | ||||||||
Oil, Gas & Consumable Fuels - 1.33% | ||||||||
15,000 | Canadian Natural Resources, Ltd. | 19,048 | ||||||
65,000 | Eastern Energy Gas Holdings LLC | 68,178 | ||||||
Energy Transfer Operating LP | ||||||||
180,000 | 5.250%, 04/15/2029 | 204,906 | ||||||
140,000 | 6.125%, 12/15/2045 | 160,281 | ||||||
85,000 | 6.250%, 04/15/2049 | 99,739 | ||||||
270,000 | Enterprise Products Operating LLC | 309,675 | ||||||
Equinor ASA | ||||||||
95,000 | 3.625%, 04/06/2040 | 101,053 | ||||||
100,000 | 3.700%, 04/06/2050 | 106,247 | ||||||
135,000 | Exxon Mobil Corp. | 152,332 | ||||||
200,000 | Galaxy Pipeline Assets Bidco, Ltd. | 193,467 | ||||||
100,000 | Hess Corp. | 127,752 | ||||||
130,000 | Marathon Petroleum Corp. | 146,603 | ||||||
MPLX LP | ||||||||
100,000 | 1.750%, 03/01/2026 | 100,177 | ||||||
35,000 | 4.250%, 12/01/2027 | 39,362 | ||||||
140,000 | 5.200%, 03/01/2047 | 160,027 | ||||||
ONEOK, Inc. | ||||||||
65,000 | 5.850%, 01/15/2026 | 76,142 | ||||||
30,000 | 4.000%, 07/13/2027 | 32,512 | ||||||
20,000 | 3.100%, 03/15/2030 | 20,149 |
Principal | Value | |||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
135,000 | Sabine Pass Liquefaction LLC | $ | 151,671 | |||||
Sunoco Logistics Partners Operations LP | ||||||||
5,000 | 5.300%, 04/01/2044 | 5,261 | ||||||
5,000 | 5.350%, 05/15/2045 | 5,250 | ||||||
TransCanada PipeLines, Ltd. | ||||||||
110,000 | 4.100%, 04/15/2030 | 122,671 | ||||||
5,000 | 4.750%, 05/15/2038 | 5,737 | ||||||
10,000 | 6.100%, 06/01/2040 | 12,981 | ||||||
65,000 | 5.100%, 03/15/2049 (e) | 79,503 | ||||||
2,500,724 | ||||||||
Personal Products - 0.03% | ||||||||
50,000 | The Estee Lauder Cos, Inc. | 51,543 | ||||||
Pharmaceuticals - 1.21% | ||||||||
230,000 | Bayer US Finance II LLC | 256,069 | ||||||
Bristol-Myers Squibb Co. | ||||||||
30,000 | 3.200%, 06/15/2026 | 32,642 | ||||||
230,000 | 1.125%, 11/13/2027 (e) | 222,437 | ||||||
75,000 | 3.400%, 07/26/2029 | 81,977 | ||||||
70,000 | 2.550%, 11/13/2050 | 62,430 | ||||||
195,000 | GlaxoSmithKline Capital PLC | 200,080 | ||||||
Johnson & Johnson | ||||||||
75,000 | 3.550%, 03/01/2036 | 83,859 | ||||||
55,000 | 3.625%, 03/03/2037 | 62,158 | ||||||
Novartis Capital Corp. | ||||||||
195,000 | 2.000%, 02/14/2027 | 200,908 | ||||||
205,000 | 2.200%, 08/14/2030 | 206,169 | ||||||
Pfizer, Inc. | ||||||||
120,000 | 2.625%, 04/01/2030 | 124,520 | ||||||
135,000 | 1.700%, 05/28/2030 | 130,463 | ||||||
Royalty Pharma PLC | ||||||||
15,000 | 1.750%, 09/02/2027 (c) | 14,571 | ||||||
200,000 | 2.200%, 09/02/2030 (c) | 191,036 | ||||||
120,000 | 3.300%, 09/02/2040 (c) | 115,722 | ||||||
105,000 | 3.550%, 09/02/2050 (c) | 100,017 | ||||||
200,000 | Takeda Pharmaceutical Co., Ltd | 192,735 | ||||||
2,277,793 | ||||||||
Professional Services - 0.05% | ||||||||
Equifax, Inc. | ||||||||
67,000 | 2.600%, 12/15/2025 | 70,329 | ||||||
20,000 | 3.100%, 05/15/2030 | 20,777 | ||||||
91,106 | ||||||||
Road & Rail - 0.13% | ||||||||
45,000 | CSX Corp. | 52,025 | ||||||
30,000 | Norfolk Southern Corp. | 29,729 | ||||||
160,000 | Union Pacific Corp. | 171,291 | ||||||
253,045 | ||||||||
Semiconductors & Semiconductor Equipment - 1.04% |
| |||||||
Broadcom, Inc. | ||||||||
45,000 | 3.150%, 11/15/2025 | 47,973 |
See notes to financial statements.
79
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
CORPORATE OBLIGATIONS (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment (Continued) |
| |||||||
300,000 | 4.110%, 09/15/2028 | $ | 327,885 | |||||
425,000 | 5.000%, 04/15/2030 | 483,577 | ||||||
105,000 | 2.600%, 02/15/2033 (c) | 97,748 | ||||||
205,000 | 3.420%, 04/15/2033 | 206,593 | ||||||
Intel Corp. | ||||||||
310,000 | 2.450%, 11/15/2029 | 317,494 | ||||||
19,000 | 3.734%, 12/08/2047 | 20,458 | ||||||
115,000 | 3.250%, 11/15/2049 (e) | 114,102 | ||||||
150,000 | Microchip Technology, Inc. | 156,299 | ||||||
170,000 | NVIDIA Corp. | 182,804 | ||||||
1,954,933 | ||||||||
Software - 0.75% | ||||||||
155,000 | Microsoft Corp. | 141,439 | ||||||
Oracle Corp. | ||||||||
270,000 | 2.300%, 03/25/2028 | 273,171 | ||||||
145,000 | 2.875%, 03/25/2031 | 147,811 | ||||||
185,000 | 4.300%, 07/08/2034 | 208,162 | ||||||
25,000 | 3.900%, 05/15/2035 | 26,981 | ||||||
50,000 | 3.800%, 11/15/2037 | 52,064 | ||||||
185,000 | 3.600%, 04/01/2040 (e) | 186,105 | ||||||
170,000 | 3.600%, 04/01/2050 | 164,967 | ||||||
80,000 | 3.950%, 03/25/2051 | 82,176 | ||||||
55,000 | 4.100%, 03/25/2061 | 56,656 | ||||||
75,000 | salesforce.com, Inc. | 79,255 | ||||||
1,418,787 | ||||||||
Specialty Retail - 0.60% | ||||||||
75,000 | AutoZone, Inc. | 81,722 | ||||||
Home Depot, Inc. | ||||||||
235,000 | 3.300%, 04/15/2040 | 247,305 | ||||||
5,000 | 3.500%, 09/15/2056 | 5,149 | ||||||
Lowe’s Cos, Inc. | ||||||||
150,000 | 2.625%, 04/01/2031 | 150,634 | ||||||
345,000 | 1.700%, 10/15/2030 | 324,094 | ||||||
25,000 | 3.700%, 04/15/2046 | 26,071 | ||||||
310,000 | The Home Depot, Inc. | 285,892 | ||||||
1,120,867 | ||||||||
Technology Hardware, Storage & Peripherals - 0.58% |
| |||||||
Apple, Inc. | ||||||||
360,000 | 1.125%, 05/11/2025 | 362,422 | ||||||
310,000 | 1.200%, 02/08/2028 | 298,529 | ||||||
40,000 | 3.450%, 02/09/2045 | 42,331 | ||||||
430,000 | 2.650%, 02/08/2051 | 392,433 | ||||||
1,095,715 | ||||||||
Tobacco - 0.31% | ||||||||
Altria Group, Inc. | ||||||||
45,000 | 2.350%, 05/06/2025 | 46,676 | ||||||
39,000 | 4.400%, 02/14/2026 | 44,001 | ||||||
145,000 | 2.625%, 09/16/2026 | 151,083 | ||||||
80,000 | 2.450%, 02/04/2032 | 76,094 | ||||||
45,000 | 5.800%, 02/14/2039 | 54,963 |
Principal | Value | |||||||
Tobacco (Continued) | ||||||||
15,000 | 5.375%, 01/31/2044 | $ | 17,490 | |||||
165,000 | 3.875%, 09/16/2046 | 159,903 | ||||||
45,000 | 3.700%, 02/04/2051 | 40,970 | ||||||
591,180 | ||||||||
Water Utilities - 0.11% | ||||||||
American Water Capital Corp. | ||||||||
140,000 | 3.750%, 09/01/2028 | 155,800 | ||||||
40,000 | 2.800%, 05/01/2030 | 41,222 | ||||||
15,000 | 4.150%, 06/01/2049 | 17,237 | ||||||
214,259 | ||||||||
Wireless Telecommunication Services - 0.92% | ||||||||
205,000 | Telefonica Emisiones SA | 234,503 | ||||||
T-Mobile USA, Inc. | ||||||||
235,000 | 3.500%, 04/15/2025 (c) | 253,896 | ||||||
360,000 | 1.500%, 02/15/2026 (c) | 357,161 | ||||||
65,000 | 2.050%, 02/15/2028 (c) | 63,924 | ||||||
290,000 | 3.875%, 04/15/2030 (c) | 316,384 | ||||||
255,000 | 3.000%, 02/15/2041 (c) | 239,226 | ||||||
155,000 | 4.500%, 04/15/2050 (c)(e) | 173,892 | ||||||
90,000 | Vodafone Group Plc | 99,023 | ||||||
1,738,009 | ||||||||
Total Corporate Obligations | 56,256,477 | |||||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.25% |
| |||||||
Mexico Government International Bond | ||||||||
330,000 | 2.659%, 05/24/2031 | 311,797 | ||||||
200,000 | 4.750%, 04/27/2032 | 223,200 | ||||||
176,000 | 4.750%, 03/08/2044 | 185,584 | ||||||
Panama Government International Bond | ||||||||
345,000 | 2.252%, 09/29/2032 | 328,789 | ||||||
220,000 | 3.870%, 07/23/2060 | 217,780 | ||||||
Peruvian Government International Bond | ||||||||
40,000 | 2.392%, 01/23/2026 | 41,167 | ||||||
215,000 | 2.783%, 01/23/2031 | 215,486 | ||||||
130,000 | 3.300%, 03/11/2041 | 126,546 | ||||||
80,000 | 3.550%, 03/10/2051 | 77,989 | ||||||
200,000 | Qatar Government International Bond | 253,447 | ||||||
400,000 | Saudi Government International Bond | 377,332 | ||||||
Total Foreign Government Debt Obligations | 2,359,117 | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 37.47% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
9,982 | Pool #D9-6291 4.500%, 09/01/2023 | 10,842 | ||||||
21,725 | Pool #G1-3624 5.000%, 08/01/2024 | 22,836 | ||||||
82,000 | Series K-068, 3.244%, 08/25/2027 | 91,015 | ||||||
723,882 | Series K-104, 1.127%, 01/25/2030 (b)(j) | 61,519 | ||||||
334,651 | Series K-110, 1.698%, 04/25/2030 (b)(j) | 43,143 | ||||||
1,326,082 | Series K-111, 1.572%, 05/25/2030 (j) | 162,962 | ||||||
934,206 | Series K-114, 1.118%, 06/25/2030 (b)(j) | 83,604 | ||||||
299,888 | Series K-122, 0.883%, 11/25/2030 (b)(j) | 21,698 | ||||||
93,482 | Series 2329, 6.500%, 06/15/2031 | 106,273 | ||||||
47,793 | Series 2338, 6.500%, 07/15/2031 | 55,751 |
See notes to financial statements.
80
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
52,120 | Pool #78-0447 3.426% (1 Year CMT Rate + 2.250%, 2.250% Floor, 9.329% Cap), 04/01/2033 (a) | $ | 54,449 | |||||
74 | Pool #A4-3129 5.500%, 02/01/2036 | 83 | ||||||
88,974 | Series 4216, 1.700%, 10/15/2039 | 90,418 | ||||||
46,768 | Series 3883, 3.000%, 05/15/2041 | 50,304 | ||||||
172,578 | Series 4139, 2.500%, 11/15/2041 | 180,799 | ||||||
234,526 | Pool #U9-0688 4.000%, 05/01/2042 | 257,334 | ||||||
165,679 | Series 4961, 2.500%, 12/15/2042 | 173,010 | ||||||
374,089 | Pool #Q4-9389 3.500%, 07/01/2047 | 401,436 | ||||||
325,943 | Pool #Q5-2093 3.500%, 11/01/2047 | 346,362 | ||||||
2,999,998 | Pool #SD-8123 3.000%, 01/01/2051 | 3,140,549 | ||||||
Federal National Mortgage Association | ||||||||
244,887 | Pool #AJ8325 3.000%, 12/01/2026 | 259,851 | ||||||
1,100,000 | Pool #TBA 3.000%, 04/15/2027 (h) | 1,161,016 | ||||||
854,730 | Pool #AN8322 3.190%, 02/01/2028 | 937,496 | ||||||
1,000,654 | Pool #AN8695 3.550%, 03/01/2028 | 1,120,149 | ||||||
1,767 | Pool #544859 2.298% (11th District Cost of Funds Index + 1.841%, 1.841% Floor, 14.718% Cap), 08/01/2029 (a) | 1,767 | ||||||
36,635 | Pool #BC4938 2.500%, 04/01/2031 | 38,263 | ||||||
70,805 | Pool #786848 7.000%, 10/01/2031 | 81,967 | ||||||
2,385 | Pool #727181 5.000%, 08/01/2033 | 2,750 | ||||||
1,050 | Pool #730727 5.000%, 08/01/2033 | 1,209 | ||||||
338 | Pool #741862 5.500%, 09/01/2033 | 395 | ||||||
340 | Pool #766197 5.500%, 02/01/2034 | 392 | ||||||
87 | Pool #776974 5.500%, 04/01/2034 | 102 | ||||||
52,993 | Pool #888504 3.562% (1 Year CMT Rate + 2.062%, 2.062% Floor, 9.321% Cap), 04/01/2034 (a) | 56,174 | ||||||
178,415 | Pool #MA1870 4.500%, 04/01/2034 | 197,251 | ||||||
3,070 | Pool #775776 5.500%, 05/01/2034 | 3,557 | ||||||
1,556,380 | Series 2019-M21, 1.211%, 06/25/2034 (b)(j) | 180,498 | ||||||
103,906 | Pool #802783 2.112% (12 Month LIBOR USD + 1.612%, 1.612% Floor, 10.299% Cap), 10/01/2034 (a) | 106,020 | ||||||
2,749 | Pool #781629 5.500%, 12/01/2034 | 3,220 | ||||||
3,967 | Pool #822815 5.500%, 04/01/2035 | 4,646 | ||||||
3,407 | Pool #357850 5.500%, 07/01/2035 | 3,991 | ||||||
2,329 | Pool #820242 5.000%, 07/01/2035 | 2,711 | ||||||
537 | Pool #838452 5.500%, 09/01/2035 | 630 | ||||||
1,650,000 | Pool #TBA 1.500%, 11/25/2035 (h) | 1,654,477 | ||||||
2,812 | Pool #865854 6.000%, 03/01/2036 | 3,363 | ||||||
4,955 | Pool #891474 6.000%, 04/01/2036 | 5,926 | ||||||
1,650,000 | Pool #TBA 1.500%, 04/15/2036 (h) | 1,657,090 | ||||||
3,200,000 | Pool #TBA 2.000%, 04/15/2036 (h) | 3,283,375 | ||||||
1,916 | Pool #906000 6.000%, 01/01/2037 | 2,288 | ||||||
38 | Pool #928062 5.500%, 02/01/2037 | 45 | ||||||
57 | Pool #899119 5.500%, 04/01/2037 | 64 | ||||||
261,794 | Pool #AS9772 3.500%, 06/01/2037 | 283,020 | ||||||
101 | Pool #970131 5.500%, 03/01/2038 | 119 | ||||||
59 | Pool #985108 5.500%, 07/01/2038 | 69 | ||||||
49 | Pool #964930 5.500%, 08/01/2038 | 55 | ||||||
42 | Pool #987032 5.500%, 08/01/2038 | 49 | ||||||
63 | Pool #968371 5.500%, 09/01/2038 | 72 | ||||||
26 | Pool #993050 5.500%, 12/01/2038 | 30 | ||||||
10,454 | Pool #993579 4.000%, 05/01/2039 | 11,520 | ||||||
2,013 | Pool #AA5840 4.000%, 06/01/2039 | 2,219 | ||||||
37,289 | Pool #AA8715 4.000%, 06/01/2039 | 41,581 |
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
117,008 | Pool #AD0586 4.500%, 12/01/2039 | $ | 131,993 | |||||
282,413 | Pool #AD4062 5.000%, 05/01/2040 | 328,685 | ||||||
236,239 | Pool #AD6929 5.000%, 06/01/2040 | 272,068 | ||||||
5,181 | Pool #AD9896 4.000%, 08/01/2040 | 5,684 | ||||||
6,909 | Pool #AB1500 4.000%, 09/01/2040 | 7,583 | ||||||
8,349 | Pool #AD9856 4.000%, 09/01/2040 | 9,249 | ||||||
3,497 | Pool #AE2559 4.000%, 09/01/2040 | 3,837 | ||||||
1,123 | Pool #AE2562 4.000%, 09/01/2040 | 1,233 | ||||||
1,335 | Pool #AE2566 4.000%, 09/01/2040 | 1,465 | ||||||
14,396 | Pool #AE4124 4.000%, 10/01/2040 | 15,874 | ||||||
7,673 | Pool #AE4888 4.000%, 10/01/2040 | 8,445 | ||||||
9,755 | Pool #AE3916 4.000%, 11/01/2040 | 10,752 | ||||||
1,472 | Pool #AE5147 4.000%, 11/01/2040 | 1,615 | ||||||
16,688 | Pool #AE8715 4.000%, 11/01/2040 | 18,307 | ||||||
2,172 | Pool #AH0006 4.000%, 12/01/2040 | 2,394 | ||||||
6,863 | Pool #AH0020 4.000%, 12/01/2040 | 7,566 | ||||||
11,183 | Pool #AH0599 4.000%, 12/01/2040 | 12,270 | ||||||
4,024 | Pool #AH0601 4.000%, 12/01/2040 | 4,455 | ||||||
6,898 | Pool #AH1263 4.000%, 01/01/2041 | 7,568 | ||||||
36,912 | Pool #AL5233 4.000%, 01/01/2041 | 40,635 | ||||||
2,361 | Pool #AH4659 4.000%, 02/01/2041 | 2,590 | ||||||
41,960 | Pool #AH5653 4.000%, 02/01/2041 | 46,263 | ||||||
56,249 | Pool #AL0934 5.000%, 02/01/2041 | 65,172 | ||||||
80,060 | Pool #AD1889 4.500%, 03/01/2041 | 89,211 | ||||||
6,162 | Pool #AH6150 4.000%, 03/01/2041 | 6,824 | ||||||
53,869 | Pool #AL0215 4.500%, 04/01/2041 | 60,448 | ||||||
400,000 | Pool #TBA 4.000%, 04/15/2041 (h) | 429,281 | ||||||
42,906 | Pool #AL0187 5.000%, 05/01/2041 | 49,930 | ||||||
7,452 | Pool #AL0456 5.000%, 06/01/2041 | 8,611 | ||||||
33,441 | Pool #AI8842 4.500%, 08/01/2041 | 37,764 | ||||||
109,899 | Series 2013-43, 1.500%, 08/25/2041 | 112,288 | ||||||
23,381 | Pool #AL0815 4.000%, 09/01/2041 | 26,064 | ||||||
36,328 | Series 2012-21, 2.000%, 09/25/2041 | 37,462 | ||||||
8,719 | Pool #AJ1562 4.000%, 10/01/2041 | 9,719 | ||||||
6,344 | Pool #AJ1972 4.000%, 10/01/2041 | 7,072 | ||||||
357,547 | Pool #AJ2212 4.500%, 10/01/2041 | 403,763 | ||||||
12,188 | Pool #AJ4756 4.000%, 10/01/2041 | 13,586 | ||||||
10,765 | Pool #AJ3330 4.000%, 11/01/2041 | 12,000 | ||||||
10,013 | Pool #AJ4549 4.000%, 11/01/2041 | 11,162 | ||||||
9,161 | Pool #AJ4698 4.000%, 11/01/2041 | 10,212 | ||||||
16,497 | Pool #AJ5424 4.000%, 11/01/2041 | 18,390 | ||||||
6,500 | Pool #AJ7840 4.000%, 11/01/2041 | 7,246 | ||||||
10,592 | Pool #AB3995 4.000%, 12/01/2041 | 11,807 | ||||||
9,296 | Pool #AI0848 4.000%, 12/01/2041 | 10,362 | ||||||
8,609 | Pool #AJ4187 4.000%, 12/01/2041 | 9,597 | ||||||
8,778 | Pool #AJ5736 4.000%, 12/01/2041 | 9,785 | ||||||
5,642 | Pool #AJ5968 4.000%, 12/01/2041 | 6,249 | ||||||
11,438 | Pool #AJ6061 4.000%, 12/01/2041 | 12,656 | ||||||
8,547 | Pool #AJ7868 4.000%, 12/01/2041 | 9,528 | ||||||
16,381 | Pool #AJ8104 4.000%, 12/01/2041 | 18,261 | ||||||
12,894 | Pool #AJ8109 4.000%, 12/01/2041 | 14,373 | ||||||
7,194 | Pool #AJ8171 4.000%, 12/01/2041 | 8,019 | ||||||
13,406 | Pool #AJ8341 4.000%, 12/01/2041 | 14,945 | ||||||
22,835 | Pool #AJ8436 4.000%, 12/01/2041 | 25,455 | ||||||
7,938 | Pool #AJ8912 4.000%, 12/01/2041 | 8,849 | ||||||
8,894 | Pool #AJ9248 4.000%, 12/01/2041 | 9,915 | ||||||
66,718 | Series 2012-18, 2.000%, 12/25/2041 | 68,952 | ||||||
63,758 | Series 2012-75, 2.500%, 12/25/2041 | 65,842 | ||||||
7,834 | Pool #AJ2446 4.000%, 01/01/2042 | 8,677 |
See notes to financial statements.
81
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
13,799 | Pool #AJ7538 4.000%, 01/01/2042 | $ | 15,383 | |||||
3,489 | Pool #AJ8001 4.000%, 01/01/2042 | 3,839 | ||||||
11,356 | Pool #AJ8369 4.000%, 01/01/2042 | 12,659 | ||||||
10,668 | Pool #AJ9162 4.000%, 01/01/2042 | 11,894 | ||||||
62,519 | Pool #AJ9330 4.000%, 01/01/2042 | 69,705 | ||||||
5,954 | Pool #AJ9779 4.000%, 01/01/2042 | 6,516 | ||||||
10,109 | Pool #AK0170 4.000%, 01/01/2042 | 11,272 | ||||||
22,150 | Pool #AK0543 4.000%, 01/01/2042 | 24,692 | ||||||
9,974 | Pool #AK0563 4.000%, 01/01/2042 | 11,119 | ||||||
16,891 | Pool #AK1827 4.000%, 01/01/2042 | 18,832 | ||||||
196,768 | Pool #AL2752 5.000%, 03/01/2042 | 228,534 | ||||||
45,059 | Series 2012-52, 3.500%, 05/25/2042 | 48,770 | ||||||
157,774 | Series 2012-128, 1.500%, 06/25/2042 | 161,099 | ||||||
36,989 | Pool #AB5529 4.000%, 07/01/2042 | 40,572 | ||||||
108,018 | Pool #AB6228 3.500%, 09/01/2042 | 116,771 | ||||||
109,819 | Series 415, 3.000%, 11/01/2042 | 113,111 | ||||||
238,562 | Pool #AQ9316 2.500%, 01/01/2043 | 247,150 | ||||||
100,971 | Series 2015-48, 3.000%, 02/25/2043 | 104,887 | ||||||
658,261 | Pool #AT2720 3.000%, 05/01/2043 | 700,125 | ||||||
439,306 | Pool #AT5900 3.000%, 06/01/2043 | 465,305 | ||||||
83,712 | Series 2013-77, 1.700%, 06/25/2043 | 85,168 | ||||||
276,378 | Pool #AU1625 3.500%, 07/01/2043 | 298,922 | ||||||
97,631 | Series 2017-26, 3.500%, 07/25/2044 | 102,348 | ||||||
52,388 | Series 2018-38, 3.500%, 03/25/2045 | 53,113 | ||||||
332,177 | Pool #AS5469 4.000%, 07/01/2045 | 365,025 | ||||||
426,564 | Pool #AZ0832 4.000%, 07/01/2045 | 471,639 | ||||||
66,226 | Pool #AS5597 3.500%, 08/01/2045 | 71,064 | ||||||
35,249 | Series 2016-38, 3.000%, 01/25/2046 | 37,905 | ||||||
71,573 | Series 2016-11, 2.500%, 03/25/2046 | 74,637 | ||||||
356,465 | Pool #AS7170 3.500%, 05/01/2046 | 380,965 | ||||||
246,039 | Pool #AS7242 3.500%, 05/01/2046 | 262,213 | ||||||
395,348 | Pool #BC9468 3.000%, 06/01/2046 | 417,669 | ||||||
270,698 | Pool #AS7492 4.000%, 07/01/2046 | 294,017 | ||||||
291,277 | Pool #AS8947 3.500%, 03/01/2047 | 312,820 | ||||||
48,327 | Series 2017-34, 3.000%, 05/25/2047 | 50,065 | ||||||
48,660 | Pool #MA3038 4.500%, 06/01/2047 | 53,442 | ||||||
87,193 | Series 2017-72, 3.000%, 09/25/2047 | 92,823 | ||||||
91,010 | Series 2017-72, 3.000%, 09/25/2047 | 96,991 | ||||||
2,998,826 | Pool #CA0858 3.500%, 12/01/2047 | 3,178,494 | ||||||
85,110 | Series 2018-80, 3.500%, 12/25/2047 | 89,760 | ||||||
43,248 | Series 2018-77, 3.500%, 02/25/2048 | 46,047 | ||||||
96,879 | Series 2018-23, 3.500%, 04/25/2048 | 104,321 | ||||||
1,018,077 | Pool #BN5279 4.000%, 02/01/2049 | 1,092,432 | ||||||
110,882 | Series 2019-06, 3.000%, 02/25/2049 | 117,888 | ||||||
107,373 | Series 2019-07, 3.500%, 03/25/2049 | 115,068 | ||||||
126,825 | Series 2019-14, 3.500%, 04/25/2049 | 137,963 | ||||||
150,544 | Series 2019-45, 3.000%, 08/25/2049 | 161,989 | ||||||
1,210,000 | Pool #TBA 2.500%, 09/25/2049 (h) | 1,240,888 | ||||||
9,500,000 | Pool #TBA 2.000%, 05/15/2050 (h) | 9,455,283 | ||||||
4,195,000 | Pool #TBA 2.000%, 09/25/2050 (h) | 4,182,956 | ||||||
3,100,000 | Pool #MA4307 3.000%, 04/01/2051 | 3,252,273 | ||||||
4,290,000 | Pool #TBA 2.500%, 05/15/2051 (h) | 4,390,296 | ||||||
137,175 | Series 2019-41, 2.500%, 03/25/2053 | 142,926 | ||||||
114,697 | Series 2017-35, 3.500%, 04/25/2053 | 118,610 | ||||||
82,045 | Series 2017-84, 3.500%, 04/25/2053 | 84,702 | ||||||
129,190 | Series 2019-15, 3.500%, 05/25/2053 | 136,687 | ||||||
93,558 | Series 2017-49, 4.000%, 07/25/2053 | 97,960 | ||||||
146,765 | Series 2018-72, 3.500%, 07/25/2054 | 154,519 | ||||||
125,380 | Series 2017-96, 3.000%, 12/25/2054 | 131,880 |
Principal | Value | |||||||
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued) |
| |||||||
63,901 | Series 2018-19, 3.500%, 05/25/2056 | $ | 67,203 | |||||
100,960 | Series 2018-70, 3.500%, 10/25/2056 | 106,716 | ||||||
108,533 | Series 2019-07, 3.500%, 11/25/2057 | 115,608 | ||||||
125,302 | Series 2019-12, 3.500%, 11/25/2057 | 134,925 | ||||||
352,990 | Series 2020-1, 3.500%, 08/25/2058 | 382,214 | ||||||
112,818 | Series 2019-28, 3.500%, 06/25/2059 | 122,456 | ||||||
Government National Mortgage Association | ||||||||
9,145 | Pool #614436X 5.000%, 08/15/2033 | 10,322 | ||||||
16,464 | Pool #736686X 5.000%, 02/15/2039 | 18,981 | ||||||
410,215 | Pool #723248X 5.000%, 10/15/2039 | 477,921 | ||||||
121,871 | Series 2015-56, 1.500%, 04/16/2040 | 123,245 | ||||||
177,469 | Pool #783403X 3.500%, 09/15/2041 | 190,444 | ||||||
90,471 | Series 2013-37, 2.000%, 01/20/2042 | 92,966 | ||||||
900,000 | Pool #TBA 4.000%, 04/15/2042 (h) | 960,820 | ||||||
1,525,000 | Pool #TBA 3.000%, 04/15/2045 (h) | 1,588,532 | ||||||
700,000 | Pool #TBA 3.500%, 04/15/2045 (h) | 738,774 | ||||||
1,775,000 | Pool # TBA 3.000%, 05/15/2045 (h) | 1,849,848 | ||||||
700,000 | Pool #TBA 3.500%, 05/15/2045 (h) | 739,266 | ||||||
67,122 | Series 2015-151, 1.700%, 10/20/2045 | 68,025 | ||||||
54,465 | Pool #MA4587M 4.000%, 07/20/2047 | 59,082 | ||||||
144,641 | Pool #MA4652M 3.500%, 08/20/2047 | 154,076 | ||||||
275,038 | Pool #MA4778M 3.500%, 10/20/2047 | 293,900 | ||||||
204,831 | Pool #MA4779M 4.000%, 10/20/2047 | 222,201 | ||||||
234,043 | Pool #MA4780M 4.500%, 10/20/2047 | 256,788 | ||||||
4,300,000 | Pool #TBA 2.500%, 09/20/2049 (h) | 4,425,389 | ||||||
1,000,000 | Pool #TBA, 2.500%, 04/15/2050 (h) | 1,031,152 | ||||||
2,700,000 | Pool #TBA 2.000%, 04/15/2051 (h) | 2,724,943 | ||||||
Total Mortgage Backed Securities - U.S. Government Agency | 70,455,612 | |||||||
MUNICIPAL DEBT OBLIGATIONS - 1.60% | ||||||||
California, GO, | ||||||||
30,000 | 7.550%, 04/01/2039 (e) | 48,520 | ||||||
60,000 | 7.300%, 10/01/2039 | 91,573 | ||||||
5,000 | 7.625%, 03/01/2040 | 8,028 | ||||||
105,000 | Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, | 146,844 | ||||||
20,000 | Chicago Transit Authority Sales Tax Receipts, Revenue Bond | 21,262 | ||||||
County of Riverside CA | ||||||||
345,000 | 2.963%, 02/15/2027 | 367,315 | ||||||
345,000 | 3.070%, 02/15/2028 | 369,397 | ||||||
125,000 | District of Columbia, Revenue Bond | 123,016 | ||||||
255,000 | Metropolitan Transportation Authority, Series C-1, Revenue Bond | 317,386 | ||||||
100,000 | Metropolitan Transportation Authority, Series C-2, Revenue Bond | 120,099 | ||||||
60,000 | New York State Thruway Authority - Series M, Revenue Bond | 62,222 | ||||||
370,000 | New York Transportation Development Corp., Revenue Bond | 405,328 |
See notes to financial statements.
82
GuideMark® Core Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Principal | Value | |||||||
MUNICIPAL DEBT OBLIGATIONS (Continued) |
| |||||||
355,000 | Philadelphia Authority for Industrial Development, Series C, Revenue Bond | $ | 436,038 | |||||
215,000 | Port Authority of New York & New Jersey, Series AAA, Revenue Bond | 218,250 | ||||||
250,000 | State Board of Administration Finance Corp., Revenue Bond | 252,423 | ||||||
15,000 | University of California Medical Center, Series H, Revenue Bond, | 22,627 | ||||||
Total Municipal Debt Obligations | 3,010,328 | |||||||
U.S. TREASURY OBLIGATIONS - 29.24% | ||||||||
U.S. Treasury Bonds - 10.63% | ||||||||
2,150,000 | 6.875%, 08/15/2025 | 2,716,643 | ||||||
503,544 | 0.375%, 01/15/2027 (f) | 555,438 | ||||||
114,630 | 0.750%, 07/15/2028 (f) | 130,687 | ||||||
188,746 | 0.125%, 07/15/2030 (f) | 204,773 | ||||||
690,000 | 1.875%, 02/15/2041 | 641,053 | ||||||
1,075,000 | 3.125%, 02/15/2043 | 1,220,839 | ||||||
275,000 | 3.625%, 08/15/2043 | 336,886 | ||||||
1,830,000 | 3.750%, 11/15/2043 | 2,285,320 | ||||||
1,050,000 | 3.625%, 02/15/2044 | 1,288,342 | ||||||
1,600,000 | 3.125%, 08/15/2044 | 1,817,469 | ||||||
240,000 | 3.000%, 11/15/2045 | 267,389 | ||||||
950,000 | 2.500%, 02/15/2046 | 966,143 | ||||||
2,365,000 | 2.500%, 05/15/2046 | 2,405,464 | ||||||
1,600,000 | 3.000%, 02/15/2047 | 1,785,781 | ||||||
500,000 | 3.000%, 02/15/2048 | 559,023 | ||||||
132,596 | 1.000%, 02/15/2048 (f) | 164,296 | ||||||
940,000 | 3.125%, 05/15/2048 | 1,075,290 | ||||||
740,000 | 3.000%, 02/15/2049 | 829,349 | ||||||
126,000 | 1.250%, 05/15/2050 | 94,805 | ||||||
390,000 | 1.375%, 08/15/2050 | 303,225 | ||||||
395,000 | 1.875%, 02/15/2051 | 349,174 | ||||||
19,997,389 | ||||||||
U.S. Treasury Notes - 18.61% | ||||||||
3,195,000 | 0.125%, 08/31/2022 | 3,195,374 | ||||||
8,210,000 | 1.375%, 08/31/2023 | 8,439,142 | ||||||
1,600,000 | 2.375%, 08/15/2024 (i) | 1,702,844 | ||||||
2,190,000 | 2.875%, 05/31/2025 | 2,385,432 | ||||||
7,240,000 | 2.875%, 07/31/2025 | 7,895,418 | ||||||
2,335,000 | 0.375%, 01/31/2026 | 2,276,078 | ||||||
2,860,000 | 2.000%, 11/15/2026 | 3,000,151 | ||||||
3,585,000 | 1.625%, 08/15/2029 | 3,596,133 | ||||||
2,700,000 | 0.875%, 11/15/2030 | 2,494,969 | ||||||
34,985,541 | ||||||||
Total U.S. Treasury Obligations | 54,982,930 | |||||||
Number of | ||||||||
SHORT TERM INVESTMENTS - 7.11% |
| |||||||
Money Market Funds - 7.11% |
| |||||||
13,372,829 | DWS Government Money Market Series - Institutional Shares | 13,372,829 | ||||||
Total Short Term Investments | 13,372,829 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.44% |
| |||||||
4,583,430 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 4,583,430 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 4,583,430 | |||||||
Total Investments | 234,669,805 | |||||||
Liabilities in Excess of | (46,635,872 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 188,033,933 | ||||||
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchase.
(a) | Variable rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of March 31, 2021. |
(b) | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of March 31, 2021. |
(c) | Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another expemption from registration. The value of these securities total $30,276,831, which represents 16.10% of total net assets. |
(d) | Seven-day yield as of March 31, 2021. |
(e) | All or portion of this security is on loan. |
(f) | Represents a U.S. Treasury Inflation Protected Security. |
(g) | These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $715,993, which represents 0.38% of total net assets. |
(h) | Security purchased on a when-issued basis. On March 31, 2021, the total value of investments purchased on a when-issued basis was $41,513,386 or 22.08% of total net assets. |
(i) | All or a portion of this security is held as collateral for certain swap and futures contracts. The approximate value of the portion of this security held as collateral is $1,074,920. |
(j) | Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2021. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $1,795,353, which represents 0.95% of total net assets. |
(k) | Step-up bond; the interest rate shown is the rate in effect as of March 31, 2021. |
Glossary of Terms
LIBOR | - | London Interbank Offered Rate | ||
CMT | - | Constant Maturing Treasury Rate | ||
SOFR | - | Secured Overnight Financing Rate |
See notes to financial statements.
83
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2021
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value / Unrealized Appreciation (Depreciation) | ||||||||||||
U.S. Treasury 10 Year Note Futures | (49 | ) | $ | (6,415,938 | ) | Jun-21 | $ | 117,748 | ||||||||
U.S. Treasury Ultra 10 Year Note Futures | (63 | ) | (9,052,313 | ) | Jun-21 | 258,502 | ||||||||||
U.S. Treasury 5 Year Note Futures | (19 | ) | (2,344,570 | ) | Jun-21 | 7,246 | ||||||||||
U.S. Treasury Long Bond Futures | (6 | ) | (927,563 | ) | Jun-21 | 28,317 | ||||||||||
U.S. Treasury Ultra Bond Futures | (7 | ) | (1,268,531 | ) | Jun-21 | 29,612 | ||||||||||
$ | 441,425 | |||||||||||||||
GuideMark® Core Fixed Income Fund
SCHEDULE OF OPEN SWAP CONTRACTS
CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION(1)
March 31, 2021
Reference Obligation | Implied Credit Spread at 3/31/2021(2) | Fixed Pay Rate | Maturity Date | Counterparty | Payment Frequency | Notional Amount(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
CDX.NA.IG.36 Index* | 53.93% | 1.000% | 06/20/2026 | Morgan Stanley | Quarterly | $ | 6,670,000 | $ | 155,958 | $ | 146,705 | $ | 9,253 |
INTEREST RATE SWAPS
March 31, 2021
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 | 0.3800% | Semi-Annual | 12/16/2025 | Morgan Stanley | $ | 5,270,000 | $ | 146,547 | $ | (8,249 | ) | $ | 154,796 | ||||||||||||||||||||
Receive | 3-MO-USD-LIBOR | ** | Quarterly | 0.8100% | Semi-Annual | 9/16/2050 | Morgan Stanley | 690,000 | 218,373 | 2,114 | 216,259 | |||||||||||||||||||||||||
$ | 364,920 | $ | (6,135 | ) | $ | 371,055 | ||||||||||||||||||||||||||||||
1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
2) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year end serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
3) | The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
* | Centrally cleared swap, clearing agent: Intercontinental Exchange |
** | Centrally cleared swap, clearing agent: LCH |
See notes to financial statements.
84
GuidePath® Growth Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.75% | ||||||||
Exchange Traded Funds - 74.25% | ||||||||
24,315 | Invesco QQQ Trust Series 1 | $ | 7,759,646 | |||||
835,281 | iShares Core MSCI Emerging Markets ETF | 53,758,685 | ||||||
41,269 | iShares Core MSCI Europe ETF | 2,227,288 | ||||||
585,821 | iShares Core S&P Small-Cap ETF (a) | 63,579,153 | ||||||
352,758 | iShares MSCI ACWI ETF (a) | 33,564,924 | ||||||
196,425 | iShares MSCI Switzerland ETF | 8,683,949 | ||||||
479,196 | JPMorgan BetaBuilders Canada ETF | 14,160,242 | ||||||
822,225 | Schwab U.S. Large-Cap ETF (a) | 78,958,267 | ||||||
496,670 | Schwab U.S. Large-Cap Growth ETF (a) | 64,457,833 | ||||||
212,326 | SPDR S&P 600 Small Cap Growth ETF (a) | 18,228,187 | ||||||
125,423 | SPDR S&P China ETF | 16,425,396 | ||||||
105,571 | Vanguard FTSE All World ex-US Small-Cap ETF (a) | 13,552,149 | ||||||
2,275,782 | Vanguard FTSE Developed Markets ETF (a) | 111,763,654 | ||||||
220,374 | Vanguard Global ex-U.S. Real Estate ETF | 12,288,054 | ||||||
205,007 | Vanguard Real Estate ETF | 18,831,943 | ||||||
259,306 | Vanguard Russell 1000 Growth ETF (a) | 64,829,093 | ||||||
55,499 | Vanguard Russell 2000 Growth (a) | 12,140,961 | ||||||
541,691 | Vanguard S&P 500 ETF (a) | 197,338,031 | ||||||
60,492 | Vanguard Value ETF | 7,952,279 | ||||||
800,499,734 | ||||||||
Mutual Funds - 24.50% | ||||||||
1,631,529 | AMCAP Fund - Class F3 | 67,023,203 | ||||||
747,925 | American Funds - Fundamental Investors - Class F3 | 54,822,923 | ||||||
427,702 | American Funds - New Economy Fund - Class F2 | 25,580,849 | ||||||
424,035 | American Funds - New Perspective Fund - Class F2 | 26,120,582 | ||||||
305,268 | American Funds - Smallcap World Fund, Inc. - Class F3 | 25,477,689 | ||||||
940,526 | American Funds - The Growth Fund of America - Class F3 | 65,140,855 | ||||||
264,166,101 | ||||||||
Total Investment Companies | 1,064,665,835 | |||||||
SHORT TERM INVESTMENTS - 1.18% |
| |||||||
Money Market Funds - 1.18% |
| |||||||
12,717,743 | DWS Government Money Market Series - Institutional Shares | 12,717,743 | ||||||
Total Short Term Investments | 12,717,743 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 25.38% |
| |||||||
273,607,847 | Mount Vernon Liquid Assets Portfolio, LLC | 273,607,847 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 273,607,847 | |||||||
Total Investments | 1,350,991,425 | |||||||
Liabilities in Excess of | (272,868,483 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 1,078,122,942 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
85
GuidePath® Conservative Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.75% | ||||||||
Exchange Traded Funds - 70.63% | ||||||||
114,933 | iShares 1-3 Year Treasury Bond ETF (a) | $ | 9,912,971 | |||||
69,184 | iShares 3-7 Year Treasury Bond ETF | 8,986,310 | ||||||
151,808 | iShares 7-10 Year Treasury Bond ETF (a) | 17,143,677 | ||||||
59,826 | iShares 10+ Year Investment Grade Corporate Bond ETF (a) | 3,988,599 | ||||||
156,330 | iShares Broad USD High Yield Corporate Bond ETF (a) | 6,439,233 | ||||||
346,415 | iShares Core Aggressive Allocation ETF | 23,185,556 | ||||||
554,636 | iShares Core Growth Allocation ETF | 29,706,304 | ||||||
56,419 | iShares Core MSCI Emerging Markets ETF | 3,631,127 | ||||||
81,659 | iShares Core MSCI Europe ETF | 4,407,136 | ||||||
142,073 | iShares Core S&P Small-Cap ETF (a) | 15,419,183 | ||||||
97,894 | iShares Core U.S. Aggregate Bond ETF | 11,143,274 | ||||||
170,008 | iShares Edge MSCI Min Vol USA ETF | 11,762,853 | ||||||
24,831 | iShares iBoxx High Yield Corporate Bond ETF (a) | 2,164,767 | ||||||
29,827 | iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | 3,247,564 | ||||||
113,836 | iShares MSCI Switzerland ETF (a) | 5,032,690 | ||||||
55,301 | iShares TIPS Bond ETF (a) | 6,940,275 | ||||||
190,379 | iShares U.S. Credit Bond ETF | 11,239,976 | ||||||
70,678 | JPMorgan BetaBuilders Canada ETF | 2,088,535 | ||||||
119,500 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 13,001,600 | ||||||
64,077 | SPDR Bloomberg Barclays International Treasury Bond ETF (a) | 1,867,204 | ||||||
328,007 | SPDR Gold MiniShares Trust (a)(b) | 5,576,119 | ||||||
35,882 | SPDR S&P China ETF | 4,699,107 | ||||||
350,005 | Vanguard FTSE Developed Markets ETF (a) | 17,188,746 | ||||||
28,554 | Vanguard Global ex-U.S. Real Estate ETF | 1,592,171 | ||||||
180,161 | Vanguard High Dividend Yield ETF (a) | 18,212,475 | ||||||
173,444 | Vanguard Long-Term Treasury ETF | 14,361,163 | ||||||
662,767 | Vanguard Mortgage-Backed Securities ETF (a) | 35,371,875 | ||||||
45,038 | Vanguard Real Estate ETF | 4,137,191 | ||||||
71,995 | Vanguard S&P 500 ETF (a) | 26,227,778 | ||||||
15,916 | Vanguard Total Bond Market ETF | 1,348,404 | ||||||
49,991 | Vanguard Value ETF (a) | 6,571,817 | ||||||
326,595,680 | ||||||||
Mutual Funds - 28.12% | ||||||||
837,812 | American Funds - Bond Fund of America - Class F2 | 11,176,414 | ||||||
446,511 | American Funds - Capital Income Builder - Class F3 | 29,335,765 | ||||||
1,668,605 | American Funds - High-Income Trust - Class F3 | 17,136,578 | ||||||
376,962 | American Funds - Mutual Fund - Class F3 | 18,045,186 | ||||||
1,186,839 | American Funds - The Income Fund of America - Class F3 | 29,421,745 | ||||||
821,717 | American Funds - Intermediate Bond Fund of America - Class F2 | 11,339,693 | ||||||
2,295,204 | Vanguard High-Yield Corporate Fund - Admiral Shares | 13,564,653 | ||||||
130,020,034 | ||||||||
Total Investment Companies | 456,615,714 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 1.15% |
| |||||||
Money Market Funds - 1.15% |
| |||||||
5,336,506 | DWS Government Money Market Series - Institutional Shares | $ | 5,336,506 | |||||
Total Short Term Investments | 5,336,506 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 25.44% |
| |||||||
117,653,868 | Mount Vernon Liquid Assets Portfolio, LLC | 117,653,868 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 117,653,868 | |||||||
Total Investments | 579,606,088 | |||||||
Liabilities in Excess of | (117,195,127 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 462,410,961 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
86
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS - 70.07% |
| |||||||
Biotechnology - 5.83% |
| |||||||
38,793 | Biogen, Inc. (a)(b) | $ | 10,852,342 | |||||
22,755 | Regeneron Pharmaceuticals, Inc. (a)(b) | 10,766,301 | ||||||
34,746 | United Therapeutics Corp. (b) | 5,811,963 | ||||||
27,430,606 | ||||||||
Building Products - 0.80% |
| |||||||
89,532 | Carrier Global Corp. | 3,780,041 | ||||||
Capital Markets - 3.44% |
| |||||||
22,244 | FactSet Research Systems, Inc. | 6,864,276 | ||||||
9,191 | MarketAxess Holdings, Inc. | 4,576,383 | ||||||
15,958 | Moody’s Corp. (a) | 4,765,218 | ||||||
16,205,877 | ||||||||
Containers & Packaging - 0.79% |
| |||||||
88,868 | Silgan Holdings, Inc. | 3,735,122 | ||||||
Diversified Financial Services - 0.69% |
| |||||||
51,384 | Voya Financial, Inc. | 3,270,078 | ||||||
Entertainment - 2.15% |
| |||||||
36,465 | Activision Blizzard, Inc. | 3,391,245 | ||||||
49,608 | Electronic Arts, Inc. | 6,715,435 | ||||||
10,106,680 | ||||||||
Food & Staples Retailing - 0.72% |
| |||||||
93,639 | Kroger Co. (a) | 3,370,068 | ||||||
Food Products - 1.23% |
| |||||||
154,059 | Conagra Brands, Inc. | 5,792,618 | ||||||
Health Care Equipment & Supplies - 2.09% |
| |||||||
6,615 | Align Technology, Inc. (b) | 3,582,221 | ||||||
12,810 | IDEXX Laboratories, Inc. (b) | 6,268,061 | ||||||
9,850,282 | ||||||||
Health Care Providers & Services - 5.79% |
| |||||||
184,998 | Centene Corp. (b) | 11,823,222 | ||||||
204,985 | CVS Health Corp. | 15,421,022 | ||||||
27,244,244 | ||||||||
Hotels, Restaurants & Leisure - 0.68% |
| |||||||
21,623 | Marriott International, Inc. - Class A (b) | 3,202,582 | ||||||
Household Durables - 0.80% |
| |||||||
37,284 | Lennar Corp. - Class A | 3,774,259 | ||||||
Household Products - 2.77% |
| |||||||
67,568 | Clorox Co. (a) | 13,032,516 | ||||||
Insurance - 5.37% |
| |||||||
267,134 | Aflac, Inc. | 13,671,918 | ||||||
75,411 | Progressive Corp. (a) | 7,210,046 | ||||||
48,416 | Prudential Financial, Inc. | 4,410,697 | ||||||
25,292,661 | ||||||||
Interactive Media & Services - 2.38% |
| |||||||
38,098 | Facebook, Inc. - Class A (b) | 11,221,004 | ||||||
Internet & Direct Marketing Retail - 0.79% |
| |||||||
60,815 | eBay, Inc. (a) | 3,724,311 | ||||||
IT Services - 3.71% |
| |||||||
223,310 | Cognizant Technology Solutions Corp. - Class A | 17,444,977 | ||||||
Life Sciences Tools & Services - 3.41% | ||||||||
28,306 | Agilent Technologies, Inc. | 3,598,825 | ||||||
21,778 | Bio-Rad Laboratories, Inc. - Class A (b) | 12,438,940 | ||||||
16,037,765 | ||||||||
Number of | Value | |||||||
Machinery - 1.51% |
| |||||||
30,704 | Snap-on, Inc. (a) | $ | 7,084,641 | |||||
Media - 1.34% |
| |||||||
170,930 | Discovery, Inc. - Class C (a)(b) | 6,305,608 | ||||||
Metals & Mining - 2.75% |
| |||||||
214,596 | Newmont Corp. | 12,933,701 | ||||||
Multiline Retail - 7.62% |
| |||||||
180,976 | Target Corp. (a) | 35,845,916 | ||||||
Multi-Utilities - 0.74% |
| |||||||
26,078 | DTE Energy Co. (a) | 3,472,025 | ||||||
Oil, Gas & Consumable Fuels - 0.68% |
| |||||||
170,581 | Cabot Oil & Gas Corp. (a) | 3,203,511 | ||||||
Semiconductors & Semiconductor Equipment - 3.05% |
| |||||||
96,203 | Intel Corp. | 6,156,992 | ||||||
90,949 | Marvell Technology Group, Ltd. (a) | 4,454,682 | ||||||
20,379 | Skyworks Solutions, Inc. | 3,739,139 | ||||||
14,350,813 | ||||||||
Software - 2.95% |
| |||||||
101,384 | Cadence Design Systems, Inc. (b) | 13,888,594 | ||||||
Technology Hardware, Storage & Peripherals - 4.12% |
| |||||||
158,792 | Apple, Inc. | 19,396,443 | ||||||
Trading Companies & Distributors - 1.87% |
| |||||||
26,660 | United Rentals, Inc. (b) | 8,779,405 | ||||||
Total Common Stocks | 329,776,348 | |||||||
INVESTMENT COMPANIES - 8.91% |
| |||||||
Exchange Traded Funds - 8.91% |
| |||||||
115,114 | Vanguard S&P 500 ETF (a) | 41,936,030 | ||||||
Total Investment Companies | 41,936,030 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 1.00% |
| |||||||
548,473 | Annaly Capital Management, Inc. | 4,716,868 | ||||||
Total Real Estate Investment Trusts | 4,716,868 | |||||||
SHORT TERM INVESTMENTS - 20.16% |
| |||||||
Money Market Funds - 20.16% |
| |||||||
94,875,186 | DWS Government Money Market Series - Institutional Shares | |||||||
Effective Yield 0.04% (c) | 94,875,186 | |||||||
Total Short Term Investments | 94,875,186 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.13% |
| |||||||
104,133,886 | Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (c) | 104,133,886 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 104,133,886 | |||||||
Total Investments | 575,438,318 | |||||||
Liabilities in Excess of | (104,821,603 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 470,616,715 | ||||||
See notes to financial statements.
87
GuidePath® Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
88
GuidePath® Absolute Return Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.76% |
| |||||||
Exchange Traded Funds - 56.28% |
| |||||||
4,308 | Invesco DB Agriculture Fund (a) | $ | 72,977 | |||||
579 | Invesco DB Base Metals Fund (a) | 10,787 | ||||||
6,116 | Invesco DB Energy Fund (a) | 79,875 | ||||||
999 | iShares Core MSCI Emerging Markets ETF | 64,296 | ||||||
11,205 | iShares Interest Rate Hedged Corporate Bond ETF (b) | 1,081,507 | ||||||
238,699 | ProShares Investment Grade-Interest Rate Hedged ETF | 18,401,306 | ||||||
206,592 | Schwab Short-Term U.S. Treasury ETF | 10,600,235 | ||||||
3,464 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 316,956 | ||||||
127,712 | SPDR Bloomberg Barclays High Yield Bond ETF (b) | 13,895,066 | ||||||
327,397 | Vanguard Emerging Markets Government Bond ETF | 25,373,267 | ||||||
3,018 | Vanguard FTSE Developed Markets ETF (b) | 148,214 | ||||||
22,687 | Vanguard Intermediate-Term Corporate Bond ETF | 2,110,572 | ||||||
524,273 | Vanguard Mortgage-Backed Securities ETF (b) | 27,980,450 | ||||||
1,085 | Vanguard S&P 500 ETF (b) | 395,265 | ||||||
65,329 | Vanguard Total Bond Market ETF | 5,534,673 | ||||||
277,775 | Xtrackers USD High Yield Corporate Bond ETF (b) | 13,885,972 | ||||||
119,951,418 | ||||||||
Mutual Funds - 42.48% |
| |||||||
1,580,277 | BlackRock Low Duration Bond Portfolio - Institutional Shares | 15,423,506 | ||||||
311,984 | DoubleLine Core Fixed Income Fund - Institutional Shares | 3,434,942 | ||||||
1,650,861 | DoubleLine Flexible Income Fund - Institutional Shares (d) | 15,930,808 | ||||||
1,546,475 | DoubleLine Low Duration Bond Fund - Institutional Shares | 15,418,356 | ||||||
302,324 | DoubleLine Shiller Enhanced CAPE - Institutional Shares | 5,931,594 | ||||||
2,118,508 | DoubleLine Total Return Bond Fund - Institutional Shares | 22,159,590 | ||||||
817,951 | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | 7,966,844 | ||||||
719,943 | Vanguard High-Yield Corporate Fund - Admiral Shares | 4,254,863 | ||||||
90,520,503 | ||||||||
Total Investment Companies | 210,471,921 | |||||||
SHORT TERM INVESTMENTS - 1.66% |
| |||||||
Money Market Funds - 1.66% |
| |||||||
3,539,911 | DWS Government Money Market Series - Institutional Shares | 3,539,911 | ||||||
Total Short Term Investments | 3,539,911 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.79% |
| |||||||
33,662,416 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 33,662,416 | |||||
Total Investments Purchased with Proceeds from Securities Lending | 33,662,416 | |||||||
Total Investments | 247,674,248 | |||||||
Liabilities in Excess of | (34,541,313 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 213,132,935 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan. |
(c) | Seven-day yield as of March 31, 2021. |
(d) | Certain GuidePath® Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to $3,464,937 or 1.63% of total net assets as of March 31, 2021. |
See notes to financial statements.
89
GuidePath® Multi-Asset Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 99.00% |
| |||||||
Exchange Traded Funds - 79.31% |
| |||||||
356,416 | Global X US Preferred ETF (a) | $ | 9,092,172 | |||||
143,402 | iShares 0-5 Year High Yield Corporate Bond ETF (a) | 6,569,246 | ||||||
70,106 | iShares Broad USD High Yield Corporate Bond ETF (a) | 2,887,666 | ||||||
133,199 | iShares Emerging Markets Dividend ETF (a) | 5,218,737 | ||||||
27,720 | iShares ESG MSCI EM Leaders ETF (a) | 1,743,865 | ||||||
17,027 | iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 2,214,361 | ||||||
18,338 | iShares Interest Rate Hedged Corporate Bond ETF (a) | 1,769,984 | ||||||
177,511 | iShares International Select Dividend ETF (a) | 5,588,046 | ||||||
24,173 | iShares MSCI International Quality Factor ETF (a) | 880,864 | ||||||
56,147 | iShares Select Dividend ETF | 6,406,373 | ||||||
95,975 | Schwab US Dividend Equity ETF (a) | 6,998,497 | ||||||
133,114 | SPDR Portfolio Aggregate Bond ETF | 3,946,830 | ||||||
81,983 | SPDR Portfolio Long Term Corporate Bond ETF | 2,473,427 | ||||||
77,812 | SPDR Portfolio S&P 500 High Dividend ETF (a) | 2,995,762 | ||||||
32,693 | SPDR S&P Global Dividend ETF (a) | 2,161,504 | ||||||
31,571 | SPDR S&P Global Infrastructure ETF | 1,624,012 | ||||||
106,226 | SPDR S&P International Dividend ETF (a) | 4,051,460 | ||||||
36,790 | Vanguard Emerging Markets Government Bond ETF | 2,851,225 | ||||||
41,186 | Vanguard Global ex-U.S. Real Estate ETF | 2,296,531 | ||||||
77,551 | Vanguard High Dividend Yield ETF | 7,839,630 | ||||||
82,989 | Vanguard Long-Term Treasury ETF | 6,871,490 | ||||||
48,656 | Vanguard Mortgage-Backed Securities ETF | 2,596,771 | ||||||
44,308 | Vanguard Real Estate ETF | 4,070,133 | ||||||
2,176 | Vanguard S&P 500 ETF (a) | 792,717 | ||||||
12,806 | Vanguard Utilities ETF (a) | 1,799,371 | ||||||
57,049 | WisdomTree U.S. LargeCap Dividend Fund | 6,542,379 | ||||||
98,183 | WisdomTree U.S. SmallCap Dividend Fund (a) | 3,058,400 | ||||||
105,341,453 | ||||||||
Mutual Funds - 19.69% |
| |||||||
30,648 | BlackRock High Equity Income Fund - Institutional Shares | 873,787 | ||||||
206,035 | BlackRock Income Fund - Institutional Shares | 2,179,845 | ||||||
295,422 | BlackRock Strategic Income Opportunities Portfolio - Institutional Shares | 3,054,666 | ||||||
243,565 | Loomis Sayles Global Allocation Fund - Class Y | 6,639,588 | ||||||
492,334 | T. Rowe Price Institutional Floating Rate Fund - Investor Shares | 4,795,335 | ||||||
1,456,777 | Vanguard High-Yield Corporate Fund - Admiral Shares | 8,609,549 | ||||||
26,152,770 | ||||||||
Total Investment Companies | 131,494,223 | |||||||
SHORT TERM INVESTMENTS - 0.85% |
| |||||||
Money Market Funds - 0.85% |
| |||||||
1,122,706 | DWS Government Money Market Series - Institutional Shares | 1,122,706 | ||||||
Total Short Term Investments | 1,122,706 | |||||||
Number of | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 16.30% |
| |||||||
21,649,549 | Mount Vernon Liquid Assets Portfolio, LLC | $ | 21,649,549 | |||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 21,649,549 | |||||||
Total Investments | 154,266,478 | |||||||
Liabilities in Excess of | (21,445,465 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 132,821,013 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
90
GuidePath® Flexible Income Allocation Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.21% |
| |||||||
Exchange Traded Funds - 78.07% |
| |||||||
83,251 | iShares 0-5 Year High Yield Corporate Bond ETF (a) | $ | 3,813,728 | |||||
78,053 | iShares Agency Bond ETF | 9,189,180 | ||||||
92,390 | iShares Broad USD High Yield Corporate Bond ETF (a) | 3,805,544 | ||||||
142,072 | iShares Convertible Bond ETF | 13,954,312 | ||||||
131,133 | iShares MSCI EAFE Small-Cap ETF (a) | 9,420,595 | ||||||
269,555 | iShares MSCI France ETF | 9,388,601 | ||||||
435,475 | Schwab Short-Term U.S. Treasury ETF | 22,344,222 | ||||||
288,088 | Schwab U.S. TIPS ETF | 17,619,462 | ||||||
122,262 | SPDR Bloomberg Barclays High Yield Bond ETF (a) | 13,302,106 | ||||||
139,557 | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 3,814,093 | ||||||
618,765 | SPDR Portfolio Aggregate Bond ETF | 18,346,382 | ||||||
677,411 | SPDR Portfolio Short Term Treasury ETF (a) | 20,769,421 | ||||||
98,643 | Vanguard Intermediate-Term Corporate Bond ETF | 9,176,758 | ||||||
111,704 | Vanguard Short-Term Corporate Bond ETF (a) | 9,215,580 | ||||||
363,060 | Vanguard Short-Term Treasury ETF | 22,335,451 | ||||||
108,265 | Vanguard Total Bond Market ETF | 9,172,211 | ||||||
456,166 | Xtrackers USD High Yield Corporate Bond ETF (a) | 22,803,739 | ||||||
218,471,385 | ||||||||
Mutual Funds - 20.14% |
| |||||||
4,823,318 | BlackRock High Yield Portfolio - Institutional Shares | 37,477,183 | ||||||
3,198,735 | Vanguard High-Yield Corporate Fund - Admiral Shares | 18,904,522 | ||||||
56,381,705 | ||||||||
Total Investment Companies | 274,853,090 | |||||||
SHORT TERM INVESTMENTS - 0.50% |
| |||||||
Money Market Funds - 0.50% |
| |||||||
1,398,577 | DWS Government Money Market Series - Institutional Shares | 1,398,577 | ||||||
Total Short Term Investments | 1,398,577 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.95% |
| |||||||
58,619,752 | Mount Vernon Liquid Assets Portfolio, LLC | 58,619,752 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 58,619,752 | |||||||
Total Investments | 334,871,419 | |||||||
Liabilities in Excess of | (55,025,556 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 279,845,863 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
91
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2021
Principal | Value | |||||||
SHORT TERM INVESTMENTS - 94.64% |
| |||||||
Certificate of Deposits - 31.95% |
| |||||||
$ | 7,000,000 | Bank of Montreal | $ | 7,000,000 | ||||
CIBC | ||||||||
1,500,000 | 0.080%, 04/23/2021 | 1,500,000 | ||||||
6,000,000 | 0.150%, 08/24/2021 | 6,000,000 | ||||||
5,500,000 | Cooperatieve Centrale Raiffe | 5,500,084 | ||||||
7,000,000 | DG Bank | 7,000,000 | ||||||
5,000,000 | Mizuho Bank, Ltd. | 5,000,000 | ||||||
7,500,000 | Norinchukin Bank | 7,500,000 | ||||||
6,500,000 | Royal Bank of Canada | 6,501,632 | ||||||
8,000,000 | SEB | 8,000,000 | ||||||
Sumitomo Mitsui Banking Corp. | ||||||||
5,000,000 | 0.180%, 08/17/2021 | 5,000,000 | ||||||
2,500,000 | 0.190%, 09/08/2021 | 2,500,000 | ||||||
5,000,000 | Sumitomo Mitsui Trust Bank, Ltd. | 5,000,000 | ||||||
66,501,716 | ||||||||
Number of | ||||||||
Money Market Funds - 6.24% |
| |||||||
12,993,407 | DWS Government Money Market Series - Institutional Shares | 12,993,407 | ||||||
Principal | ||||||||
U.S. Treasury Bills - 56.45% |
| |||||||
$ | 8,000,000 | 0.033%, 04/06/2021 | 7,999,961 | |||||
3,500,000 | 0.033%, 04/08/2021 (c)(e) | 3,499,977 | ||||||
7,000,000 | 0.035%, 04/13/2021 (d) | 6,999,918 | ||||||
5,000,000 | 0.076%, 04/20/2021 (d) | 4,999,802 | ||||||
7,000,000 | 0.081%, 05/04/2021 (d) | 6,999,487 | ||||||
2,000,000 | 0.029%, 05/06/2021 (d)(e) | 1,999,945 | ||||||
5,000,000 | 0.030%, 05/11/2021 | 4,999,889 | ||||||
4,000,000 | 0.081%, 05/18/2021 (d) | 3,999,582 | ||||||
4,000,000 | 0.020%, 05/20/2021 (d) | 3,999,891 | ||||||
7,000,000 | 0.035%, 05/25/2021 (d) | 6,999,633 | ||||||
4,000,000 | 0.030%, 06/01/2021 (d) | 3,999,932 | ||||||
10,000,000 | 0.081%, 06/15/2021 (d) | 9,999,937 | ||||||
4,000,000 | 0.071%, 06/17/2021 (d) | 3,999,912 | ||||||
5,000,000 | 0.081%, 06/22/2021 (d) | 4,999,909 | ||||||
10,000,000 | 0.071%, 06/29/2021 (d) | 9,999,877 | ||||||
7,000,000 | 0.046%, 07/13/2021 (d) | 6,999,740 | ||||||
10,000,000 | 0.086%, 07/15/2021 (d) | 9,999,745 | ||||||
2,500,000 | 0.015%, 09/09/2021 (d) | 2,499,776 | ||||||
2,500,000 | 0.025%, 09/23/2021 (d) | 2,499,684 | ||||||
10,000,000 | 0.056%, 01/27/2022 (d) | 9,995,819 | ||||||
117,492,416 | ||||||||
Total Short Term Investments | 196,987,539 | |||||||
Total Investments | 196,987,539 | |||||||
Other Assets in Excess of | 11,149,649 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 208,137,188 | ||||||
Percentages are stated as a percent of net assets.
(a) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2021. |
(b) | Seven-day yield as of March 31, 2021. |
(c) | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
(d) | Zero coupon bond. The effective yield is listed. |
(e) | All or a portion of this security is held as collateral for certain futures contracts. The approximate value of the portion of these securities held as collateral is $5,499,922. |
See notes to financial statements.
92
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2021
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value / Unrealized Appreciation (Depreciation) | ||||||||||
Amsterdam IDX Futures | 16 | $ | $2,623,630 | Apr-21 | $ | 51,506 | ||||||||
Australian 10-Year Treasury Bond Futures | (108 | ) | (11,329,704 | ) | Jun-21 | 37,033 | ||||||||
Australian 3-Year Treasury Bond Futures | 24 | 2,133,606 | Jun-21 | (1,830 | ) | |||||||||
Australian Dollar Futures | 145 | 11,022,175 | Jun-21 | (85,281 | ) | |||||||||
Brazilian Real Futures | (16 | ) | (283,040 | ) | Apr-21 | (2,903 | ) | |||||||
Brent Crude Futures (a) | 86 | 5,358,660 | May-21 | (51,358 | ) | |||||||||
British Pound Futures | 99 | 8,526,994 | Jun-21 | (38,508 | ) | |||||||||
CAC40 Index Futures | 42 | 2,987,722 | Apr-21 | 16,488 | ||||||||||
Canadian 10-Year Bond Futures | (220 | ) | (24,293,308 | ) | Jun-21 | 346,181 | ||||||||
Canadian Dollar Futures | 248 | 19,733,360 | Jun-21 | 49,431 | ||||||||||
Cocoa Futures (a) | 12 | 286,200 | Jul-21 | (9,161 | ) | |||||||||
Coffee ‘C’ Futures (a) | 12 | 555,750 | May-21 | (12,446 | ) | |||||||||
Copper Futures (a) | 74 | 7,391,675 | May-21 | 698,140 | ||||||||||
Corn Futures (a) | 97 | 2,655,375 | Jul-21 | 99,004 | ||||||||||
Cotton No. 2 Futures (a) | 40 | 1,617,600 | May-21 | (23,538 | ) | |||||||||
DAX® Index Futures | 8 | 3,524,914 | Jun-21 | 98,493 | ||||||||||
DJIA E-Mini CBOT Futures | 44 | 7,237,560 | Jun-21 | 34,215 | ||||||||||
E-mini Nasdaq 100 Futures | 15 | 3,926,925 | Jun-21 | 100,355 | ||||||||||
E-mini Russell 2000 Futures | 34 | 3,778,250 | Jun-21 | (181,952 | ) | |||||||||
E-mini S&P 500 Futures | 33 | 6,546,210 | Jun-21 | 158,878 | ||||||||||
E-mini S&P Mid Cap 400 Futures | 17 | 4,429,010 | Jun-21 | (16,793 | ) | |||||||||
Euribor 3 Month Futures | 62 | 18,275,069 | Sep-21 | 2,634 | ||||||||||
Euro Fx Futures | (103 | ) | (15,117,825 | ) | Jun-21 | 65,290 | ||||||||
Euro Stoxx 50® Index Futures | 136 | 6,165,797 | Jun-21 | 96,255 | ||||||||||
Euro-Bobl Futures | (13 | ) | (2,059,315 | ) | Jun-21 | (1,302 | ) | |||||||
Euro-BTP Futures | 31 | 5,427,990 | Jun-21 | 16,505 | ||||||||||
Euro-BTP Futures - Short | 38 | 5,042,722 | Jun-21 | 4,622 | ||||||||||
Euro-Bund Futures | (28 | ) | (5,624,101 | ) | Jun-21 | 5,392 | ||||||||
Euro-Buxl® 30 Year Futures | (17 | ) | (4,107,607 | ) | Jun-21 | 64,131 | ||||||||
Eurodollar 90 Day Futures | 330 | 82,343,250 | Sep-21 | (8,781 | ) | |||||||||
Euro-Schatz Futures | (362 | ) | (47,588,568 | ) | Jun-21 | (6,844 | ) | |||||||
FTSE 100 Index Futures | 21 | 1,933,765 | Jun-21 | (12,551 | ) | |||||||||
FTSE China A50 Index Futures | 123 | 2,113,386 | Apr-21 | 9,932 | ||||||||||
FTSE JSE Top 40 Futures | 17 | 704,648 | Jun-21 | (7,446 | ) | |||||||||
FTSE MIB Index Futures | 14 | 2,002,486 | Jun-21 | 31,537 | ||||||||||
FTSE Taiwan Index Futures | 39 | 2,259,660 | Apr-21 | 60,370 | ||||||||||
Gold 100 Oz. Futures (a) | (12 | ) | (2,058,720 | ) | Jun-21 | (5,196 | ) | |||||||
Hang Seng Index Futures | 13 | 2,367,528 | Apr-21 | 12,073 | ||||||||||
HSCEI Index Futures | 27 | 1,900,291 | Apr-21 | 10,912 | ||||||||||
IBEX 35® Index Futures | 11 | 1,107,662 | Apr-21 | (10,076 | ) | |||||||||
Indian Rupee Futures | 89 | 2,422,580 | Apr-21 | (11,564 | ) | |||||||||
Japanese Yen Futures | (390 | ) | (44,048,063 | ) | Jun-21 | 719,055 | ||||||||
Lean Hogs Futures (a) | 21 | 884,520 | Jun-21 | 60,731 | ||||||||||
Live Cattle Futures (a) | 34 | 1,671,440 | Jun-21 | 47,869 | ||||||||||
LME Aluminium Futures (a)(b) | 80 | 4,417,500 | Jun-21 | 300,927 | ||||||||||
LME Copper Futures (a)(b) | (3 | ) | (659,081 | ) | Jun-21 | 31,276 | ||||||||
LME Copper Futures (a)(b) | 23 | 5,052,956 | Jun-21 | 376,698 | ||||||||||
LME Nickel Futures (a)(b) | 16 | 1,541,856 | Jun-21 | (218,647 | ) | |||||||||
LME Nickel Futures (a)(b) | (4 | ) | (385,464 | ) | Jun-21 | 2,508 | ||||||||
LME Zinc Futures (a)(b) | (2 | ) | (140,838 | ) | Jun-21 | (4,314 | ) | |||||||
LME Zinc Futures (a)(b) | 23 | 1,619,631 | Jun-21 | 62,510 | ||||||||||
Long Gilt Futures | (133 | ) | (23,394,226 | ) | Jun-21 | 112,559 | ||||||||
Low Sulphur Gas Oil Futures (a) | 57 | 2,892,750 | May-21 | (181,261 | ) | |||||||||
Mexican Peso Futures | 94 | 2,281,380 | Jun-21 | 109,922 | ||||||||||
MSCI EAFE Index Futures | 54 | 5,918,400 | Jun-21 | (18,732 | ) | |||||||||
MSCI Emerging Markets Index Futures | 62 | 4,099,750 | Jun-21 | (77,662 | ) | |||||||||
MSCI Singapore Index Futures | 50 | 1,330,471 | Apr-21 | 6,810 | ||||||||||
Natural Gas Futures (a) | (11 | ) | (286,880 | ) | Apr-21 | 22,081 | ||||||||
New Zealand Dollar Futures | 82 | 5,726,060 | Jun-21 | (142,366 | ) |
See notes to financial statements.
93
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued)
March 31, 2021
Description | Number of Contracts Purchased / (Sold) | Notional Value | Settlement Month | Value / Unrealized Appreciation (Depreciation) | ||||||||||
Nikkei 225 Futures | 11 | $ | 2,898,894 | Jun-21 | $ | 68,486 | ||||||||
NY Harbor ULSD Futures (a) | 38 | 2,824,601 | Apr-21 | (232,509 | ) | |||||||||
OMXS30 Futures | 112 | 2,804,985 | Apr-21 | 37,653 | ||||||||||
Platinum Futures (a) | 9 | 536,175 | Jul-21 | (4,974 | ) | |||||||||
RBOB Gasoline Futures (a) | 34 | 2,789,741 | May-21 | (53,493 | ) | |||||||||
S&P/TSX 60 Index Futures | 38 | 6,719,472 | Jun-21 | (10,035 | ) | |||||||||
Silver Futures (a) | 12 | 1,471,920 | May-21 | (170,416 | ) | |||||||||
South African Rand Futures | 65 | 2,181,563 | Jun-21 | 105,529 | ||||||||||
Soybean Futures (a) | 56 | 3,997,700 | Jul-21 | 216,500 | ||||||||||
Soybean Meal Futures (a) | 63 | 2,676,240 | Jul-21 | 6,679 | ||||||||||
Soybean Oil Futures (a) | 81 | 2,466,936 | Jul-21 | 334,649 | ||||||||||
SPI 200TM Index Futures | 25 | 3,211,945 | Jun-21 | 12,131 | ||||||||||
Sterling 90 Day Futures | (184 | ) | (31,677,833 | ) | Sep-21 | 1,910 | ||||||||
Sugar No. 11 Futures (a) | 96 | 1,588,070 | Jun-21 | (9,449 | ) | |||||||||
Swiss Franc Futures | (96 | ) | (12,714,000 | ) | Jun-21 | 125,499 | ||||||||
TOPIX Index Futures | 21 | 3,705,938 | Jun-21 | 87,887 | ||||||||||
U.S. Treasury 10-Year Note Futures | (150 | ) | (19,640,625 | ) | Jun-21 | 181,940 | ||||||||
U.S. Treasury 2-Year Note Futures | 110 | 24,279,922 | Jun-21 | (19,878 | ) | |||||||||
U.S. Treasury 5-Year Note Futures | (152 | ) | (18,756,563 | ) | Jun-21 | 83,920 | ||||||||
U.S. Treasury Long Bond Futures | (85 | ) | (13,140,469 | ) | Jun-21 | 384,799 | ||||||||
U.S. Treasury Ultra Bond Futures | (30 | ) | (5,436,563 | ) | Jun-21 | 246,492 | ||||||||
U.S. Ultra 10 Year Future | (154 | ) | (22,127,875 | ) | Jun-21 | 396,326 | ||||||||
Wheat Futures (a) | 43 | 1,323,863 | Jul-21 | (90,227 | ) | |||||||||
WTI Crude Futures (a) | 30 | 1,774,800 | Apr-21 | (93,930 | ) | |||||||||
WTI Crude Futures (a) | 45 | 2,663,100 | May-21 | (34,624 | ) | |||||||||
$ | 4,362,676 | |||||||||||||
(a) | All or a portion of this security is held by GuidePath® Managed Futures Strategy Cayman Fund Ltd. |
(b) | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated statement of assets and liabilities. |
GuidePath® Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2021
Forward | Counterparty | Currency to be received | Amount of | Currency to be delivered | Amount of | Unrealized | ||||||||||||
6/16/2021 | NatWest | Chinese Yuan Renminbi | 47,999,999 | U.S. Dollar | 7,304,890 | $ | (36,245 | ) | ||||||||||
6/16/2021 | NatWest | New Turkish Lira | 13,500,000 | U.S. Dollar | 1,689,742 | (142,137 | ) | |||||||||||
6/16/2021 | NatWest | Norwegian Krone | 35,999,999 | U.S. Dollar | 4,239,004 | (30,191 | ) | |||||||||||
6/16/2021 | NatWest | Polish Zloty | 7,000,000 | U.S. Dollar | 1,817,627 | (45,626 | ) | |||||||||||
6/16/2021 | NatWest | Singapore Dollar | 24,000,000 | U.S. Dollar | 17,823,419 | 11,475 | ||||||||||||
6/16/2021 | NatWest | Swedish Krona | 33,999,999 | U.S. Dollar | 3,994,195 | (98,293 | ) | |||||||||||
6/16/2021 | NatWest | U.S. Dollar | 1,708,454 | New Turkish Lira | 15,300,000 | (48,969 | ) | |||||||||||
6/16/2021 | NatWest | U.S. Dollar | 465,294 | Norwegian Krone | 4,000,000 | (2,352 | ) | |||||||||||
6/16/2021 | NatWest | U.S. Dollar | 1,910,321 | Polish Zloty | 7,500,000 | 11,748 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 637,759 | Polish Zloty | 2,500,000 | 4,901 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 385,867 | Polish Zloty | 1,500,000 | 6,152 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 1,394,747 | Singapore Dollar | 1,875,000 | 1,396 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 1,301,214 | Singapore Dollar | 1,750,000 | 753 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 5,291,818 | Singapore Dollar | 7,125,000 | (2,916 | ) | |||||||||||
6/16/2021 | NatWest | U.S. Dollar | 1,204,385 | Singapore Dollar | 1,625,000 | (3,186 | ) | |||||||||||
6/16/2021 | NatWest | U.S. Dollar | 1,145,667 | Swedish Krona | 10,000,000 | (187 | ) | |||||||||||
6/16/2021 | NatWest | U.S. Dollar | 3,007,596 | Swedish Krona | 26,000,000 | 28,376 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 463,639 | Swedish Krona | 4,000,000 | 5,298 | ||||||||||||
6/16/2021 | NatWest | U.S. Dollar | 469,932 | Swedish Krona | 4,000,000 | 11,591 | ||||||||||||
$ | (328,412 | ) | ||||||||||||||||
See notes to financial statements.
94
GuidePath® Conservative Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 52.05% |
| |||||||
Exchange Traded Funds - 52.05% |
| |||||||
27,313 | iShares 0-5 Year High Yield Corporate Bond ETF | $ | 1,251,209 | |||||
63,978 | iShares 0-5 Year Investment Grade Corporate Bond ETF (a) | 3,312,780 | ||||||
15,855 | iShares 0-5 Year TIPS Bond ETF (a) | 1,676,191 | ||||||
24,116 | Schwab Short-Term U.S. Treasury ETF | 1,237,392 | ||||||
26,529 | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 812,849 | ||||||
Total Investment Companies | 8,290,421 | |||||||
SHORT TERM INVESTMENTS - 47.83% |
| |||||||
Money Market Funds - 40.86% |
| |||||||
6,506,956 | DWS Government Money Market Series - Institutional Shares | 6,506,956 | ||||||
Principal | ||||||||
U.S. Treasury Notes - 6.97% |
| |||||||
$ | 300,000 | 1.125%, 06/30/2021 | 300,794 | |||||
300,000 | 2.125%, 09/30/2021 | 303,121 | ||||||
500,000 | 1.750%, 11/30/2021 | 505,658 | ||||||
1,109,573 | ||||||||
Total Short Term Investments | 7,616,529 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.37% |
| |||||||
537,300 | Mount Vernon Liquid Assets Portfolio, LLC | 537,300 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 537,300 | |||||||
Total Investments | 16,444,250 | |||||||
Liabilities in Excess of | (518,058 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 15,926,192 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2021. |
(c) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
See notes to financial statements.
95
GuidePath® Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
INVESTMENT COMPANIES - 98.86% |
| |||||||
Exchange Traded Funds - 98.86% |
| |||||||
144,948 | iShares Core U.S. Aggregate Bond ETF (a) | $ | 16,499,431 | |||||
48,862 | iShares Preferred & Income Securities ETF (b) | 1,876,301 | ||||||
61,988 | Schwab U.S. TIPS ETF | 3,791,186 | ||||||
67,060 | SPDR Bloomberg Barclays High Yield Bond ETF (b) | 7,296,128 | ||||||
250,579 | VanEck Vectors Emerging Markets High Yield Bond ETF | 5,921,182 | ||||||
26,119 | Vanguard Total Bond Market ETF | 2,212,801 | ||||||
Total Investment Companies | 37,597,029 | |||||||
SHORT TERM INVESTMENTS - 1.59% |
| |||||||
Money Market Funds - 1.59% |
| |||||||
606,482 | DWS Government Money Market Series - Institutional Shares | 606,482 | ||||||
Total Short Term Investments | 606,482 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.13% |
| |||||||
7,653,784 | Mount Vernon Liquid Assets Portfolio, LLC | 7,653,784 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | 7,653,784 | |||||||
Total Investments | 45,857,295 | |||||||
Liabilities in Excess of | (7,825,574 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 38,031,721 | ||||||
Percentages are stated as a percent of net assets.
(a) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
(b) | All or portion of this security is on loan. |
(c) | Seven-day yield as of March 31, 2021. |
See notes to financial statements.
96
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS
March 31, 2021
Number of | Value | |||||||
COMMON STOCKS - 37.24% |
| |||||||
Aerospace & Defense - 1.03% |
| |||||||
835 | General Dynamics Corp. | $ | 151,603 | |||||
959 | Lockheed Martin Corp. | 354,351 | ||||||
5,064 | Raytheon Technologies Corp. | 391,294 | ||||||
897,248 | ||||||||
Air Freight & Logistics - 0.64% |
| |||||||
3,254 | United Parcel Service, Inc. - Class B | 553,147 | ||||||
Banks - 1.70% |
| |||||||
4,728 | Citizens Financial Group, Inc. | 208,741 | ||||||
11,612 | Huntington Bancshares, Inc. | 182,541 | ||||||
737 | M&T Bank Corp. | 111,737 | ||||||
1,046 | PNC Financial Services Group, Inc. | 183,479 | ||||||
10,123 | Regions Financial Corp. | 209,141 | ||||||
6,280 | Truist Financial Corp. | 366,250 | ||||||
3,849 | U.S. Bancorp | 212,888 | ||||||
1,474,777 | ||||||||
Beverages - 2.05% |
| |||||||
17,718 | Coca-Cola Co. | 933,916 | ||||||
5,961 | PepsiCo, Inc. | 843,183 | ||||||
1,777,099 | ||||||||
Biotechnology - 1.88% |
| |||||||
6,506 | AbbVie, Inc. | 704,080 | ||||||
2,320 | Amgen, Inc. | 577,239 | ||||||
5,410 | Gilead Sciences, Inc. | 349,648 | ||||||
1,630,967 | ||||||||
Building Products - 0.27% |
| |||||||
3,908 | Johnson Controls International PLC | 233,190 | ||||||
Capital Markets - 1.35% |
| |||||||
468 | BlackRock, Inc. | 352,853 | ||||||
1,360 | CME Group, Inc. | 277,753 | ||||||
3,517 | State Street Corp. (a) | 295,463 | ||||||
1,417 | T. Rowe Price Group, Inc. (a) | 243,157 | ||||||
1,169,226 | ||||||||
Chemicals - 0.34% |
| |||||||
1,049 | Air Products & Chemicals, Inc. | 295,126 | ||||||
Communications Equipment - 1.00% |
| |||||||
16,748 | Cisco Systems, Inc. | 866,039 | ||||||
Consumer Finance - 0.22% |
| |||||||
4,742 | Synchrony Financial | 192,810 | ||||||
Diversified Telecommunication Services - 2.03% |
| |||||||
26,967 | AT&T, Inc. | 816,291 | ||||||
16,223 | Verizon Communications, Inc. | 943,368 | ||||||
1,759,659 | ||||||||
Electric Utilities - 1.75% |
| |||||||
1,953 | American Electric Power Co., Inc. | 165,419 | ||||||
3,543 | Duke Energy Corp. (a) | 342,006 | ||||||
789 | Eversource Energy | 68,320 | ||||||
9,258 | NextEra Energy, Inc. | 699,998 | ||||||
3,734 | Xcel Energy, Inc. | 248,348 | ||||||
1,524,091 | ||||||||
Electrical Equipment - 0.92% |
| |||||||
2,865 | Eaton Corp. PLC | 396,172 | ||||||
4,438 | Emerson Electric Co. | 400,397 | ||||||
796,569 | ||||||||
Number of | Value | |||||||
Food & Staples Retailing - 0.48% |
| |||||||
2,734 | Sysco Corp. | $ | 215,275 | |||||
3,720 | Walgreens Boots Alliance, Inc. | 204,228 | ||||||
419,503 | ||||||||
Food Products - 0.88% |
| |||||||
3,825 | Archer-Daniels-Midland Co. | 218,025 | ||||||
3,940 | General Mills, Inc. | 241,601 | ||||||
5,197 | Mondelez International, Inc. - Class A | 304,180 | ||||||
763,806 | ||||||||
Health Care Equipment & Supplies - 0.59% |
| |||||||
4,331 | Medtronic PLC | 511,621 | ||||||
Health Care Providers & Services - 0.53% |
| |||||||
6,134 | CVS Health Corp. | 461,461 | ||||||
Hotels, Restaurants & Leisure - 0.78% |
| |||||||
3,026 | McDonald’s Corp. | 678,248 | ||||||
Household Durables - 0.17% |
| |||||||
689 | Whirlpool Corp. | 151,821 | ||||||
Household Products - 1.86% |
| |||||||
4,488 | Colgate-Palmolive Co. | 353,789 | ||||||
1,356 | Kimberly-Clark Corp. | 188,552 | ||||||
7,896 | Procter & Gamble Co. | 1,069,355 | ||||||
1,611,696 | ||||||||
Industrial Conglomerates - 1.36% |
| |||||||
3,067 | 3M Co. | 590,950 | ||||||
2,724 | Honeywell International, Inc. | 591,299 | ||||||
1,182,249 | ||||||||
Insurance - 1.37% |
| |||||||
5,640 | Aflac, Inc. | 288,655 | ||||||
2,321 | Chubb Ltd. | 366,648 | ||||||
2,924 | Hartford Financial Services Group, Inc. | 195,294 | ||||||
2,032 | Progressive Corp. | 194,280 | ||||||
948 | Travelers Cos., Inc. | 142,579 | ||||||
1,187,456 | ||||||||
IT Services - 1.26% |
| |||||||
1,969 | Automatic Data Processing, Inc. | 371,097 | ||||||
4,279 | International Business Machines Corp. | 570,220 | ||||||
1,555 | Paychex, Inc. | 152,421 | ||||||
1,093,738 | ||||||||
Leisure Products - 0.08% |
| |||||||
723 | Hasbro, Inc. | 69,495 | ||||||
Machinery - 0.67% |
| |||||||
967 | Cummins, Inc. | 250,560 | ||||||
950 | Illinois Tool Works, Inc. | 210,444 | ||||||
1,283 | PACCAR, Inc. | 119,216 | ||||||
580,220 | ||||||||
Media - 0.14% |
| |||||||
2,714 | ViacomCBS, Inc. - Class B | 122,401 | ||||||
Metals & Mining - 0.29% |
| |||||||
3,196 | Nucor Corp. | 256,543 | ||||||
Multiline Retail - 0.38% |
| |||||||
1,650 | Target Corp. (a) | 326,816 | ||||||
Multi-Utilities - 1.02% |
| |||||||
2,937 | Ameren Corp. | 238,954 | ||||||
2,256 | Consolidated Edison, Inc. (a) | 168,749 |
See notes to financial statements.
97
GuidePath® Growth and Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2021
Number of | Value | |||||||
Multi-Utilities (Continued) |
| |||||||
1,655 | DTE Energy Co. | $ | 220,347 | |||||
1,939 | Sempra Energy | 257,072 | ||||||
885,122 | ||||||||
Pharmaceuticals - 4.86% |
| |||||||
9,880 | Bristol-Myers Squibb Co. | 623,724 | ||||||
3,541 | Eli Lilly & Co. | 661,530 | ||||||
7,914 | Johnson & Johnson | 1,300,665 | ||||||
10,566 | Merck & Co., Inc. | 814,533 | ||||||
22,700 | Pfizer, Inc. | 822,421 | ||||||
4,222,873 | ||||||||
Semiconductors & Semiconductor Equipment - 2.34% |
| |||||||
968 | Analog Devices, Inc. (a) | 150,117 | ||||||
15,393 | Intel Corp. | 985,152 | ||||||
2,110 | Maxim Integrated Products, Inc. | 192,791 | ||||||
3,727 | Texas Instruments, Inc. | 704,366 | ||||||
2,032,426 | ||||||||
Specialty Retail - 1.44% |
| |||||||
749 | Best Buy Co., Inc. (a) | 85,992 | ||||||
3,818 | Home Depot Inc. | 1,165,444 | ||||||
1,251,436 | ||||||||
Technology Hardware, Storage & Peripherals - 0.30% |
| |||||||
8,259 | HP, Inc. | 262,223 | ||||||
Tobacco - 1.26% |
| |||||||
8,668 | Altria Group, Inc. | 443,455 | ||||||
7,350 | Philip Morris International, Inc. | 652,239 | ||||||
1,095,694 | ||||||||
Total Common Stocks | 32,336,796 | |||||||
INVESTMENT COMPANIES - 35.00% |
| |||||||
Exchange Traded Funds - 35.00% |
| |||||||
128,024 | Global X MLP ETF | 4,235,034 | ||||||
1,038 | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 94,977 | ||||||
257,844 | Vanguard High Dividend Yield ETF (d) | 26,065,450 | ||||||
Total Investment Companies | 30,395,461 | |||||||
Number of | Value | |||||||
SHORT TERM INVESTMENTS - 27.69% |
| |||||||
Money Market Funds - 17.26% |
| |||||||
14,982,138 | DWS Government Money Market | $ | 14,982,138 | |||||
Principal | ||||||||
U.S. Treasury Notes - 10.43% |
| |||||||
$ | 3,000,000 | 1.125%, 06/30/2021 (c) | 3,007,941 | |||||
3,000,000 | 1.125%, 09/30/2021 (c) | 3,016,290 | ||||||
3,000,000 | 1.750%, 11/30/2021 (c) | 3,033,952 | ||||||
9,058,183 | ||||||||
Total Short Term Investments | 24,040,321 | |||||||
Number of | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.16% |
| |||||||
1,005,669 | Mount Vernon Liquid Assets Portfolio, LLC | 1,005,669 | ||||||
Total Investments Purchased with Proceeds from Securities Lending Collateral | 1,005,669 | |||||||
Total Investments | 87,778,247 | |||||||
Liabilities in Excess of | (944,871 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 86,833,376 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan. |
(b) | Seven-day yield as of March 31, 2021. |
(c) | All or a portion of this security is held as collateral for certain written options contracts. The approximate value of the portion on these securities held as collateral is $5,543,763. |
(d) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
See notes to financial statements.
98
GuidePath® Growth and Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2021
Description | Number of | Notional Value | Settlement Month | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
E-mini S&P 500 Futures | (10 | ) | $ | (1,983,700 | ) | Jun-21 | $ | (19,928 | ) | |||||
$ | (19,928 | ) | ||||||||||||
GuidePath® Growth and Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2021
Notional | Number of | Value | ||||||||||
Put Options | ||||||||||||
Options on Equities | ||||||||||||
$ | 1,915,000 | 5 | CBOE S&P 500 Index | $ | (75 | ) | ||||||
1,920,000 | 5 | CBOE S&P 500 Index | (100 | ) | ||||||||
1,965,000 | 5 | CBOE S&P 500 Index | (9,400 | ) | ||||||||
1,980,000 | 5 | CBOE S&P 500 Index | (13,560 | ) | ||||||||
1,955,000 | 5 | CBOE S&P 500 Index | (17,700 | ) | ||||||||
1,970,000 | 5 | CBOE S&P 500 Index | (22,825 | ) | ||||||||
1,965,000 | 5 | S&P 500 Index | (13,665 | ) | ||||||||
3,960,000 | 10 | S&P 500 Index | (39,490 | ) | ||||||||
Total Written Options (Premiums Received $344,643) | $ | (116,815 | ) | |||||||||
See notes to financial statements.
99
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2021
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $375,248,495, $67,734,122 and $58,637,562, respectively)1 | $ | 636,272,266 | $ | 101,749,104 | $ | 99,293,417 | ||||||
Foreign currencies (cost $0, $2,258, and $0, respectively) | — | 2,309 | — | |||||||||
Cash | — | — | 31 | |||||||||
Income receivable | 235,669 | 282,988 | 45,570 | |||||||||
Receivable for dividend reclaims | 3,729 | 1,058 | — | |||||||||
Receivable for fund shares sold | 1,616,592 | 100,072 | 279,836 | |||||||||
Other assets | 20,324 | 14,728 | 16,103 | |||||||||
Total Assets | 638,148,580 | 102,150,259 | 99,634,957 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 33,919,804 | 4,637,812 | 6,578,455 | |||||||||
Payable for fund shares redeemed | 792,689 | 56,927 | 152,988 | |||||||||
Payable to Investment Advisor | 354,618 | 72,573 | 66,912 | |||||||||
Payable to custodian | 5,579 | 13,904 | 1,725 | |||||||||
Accrued Trustee fees and expenses | 2,171 | 354 | 345 | |||||||||
Accrued distribution and shareholder servicing fees | 157,805 | 31,355 | 24,943 | |||||||||
Deferred Tax | — | 382,827 | — | |||||||||
Other accrued expenses | 126,617 | 58,644 | 53,239 | |||||||||
Total Liabilities | 35,359,283 | 5,254,396 | 6,878,607 | |||||||||
NET ASSETS | $ | 602,789,297 | $ | 96,895,863 | $ | 92,756,350 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 342,975,346 | 60,257,384 | 46,394,421 | |||||||||
Total distributable earnings | 259,813,951 | 36,638,479 | 46,361,929 | |||||||||
Total Net Assets | $ | 602,789,297 | $ | 96,895,863 | $ | 92,756,350 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 23,333 | — | — | |||||||||
Net assets | 630,350 | — | — | |||||||||
Net asset value, offering and redemption price per share | $ | 27.015 | $ | — | $ | — | ||||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 22,651,403 | 5,871,666 | 4,402,823 | |||||||||
Net assets | 602,158,947 | 96,895,863 | 92,756,350 | |||||||||
Net asset value, offering and redemption price per share | $ | 26.584 | $ | 16.502 | $ | 21.067 | ||||||
1Includes loaned securities with a value of: | $ | 33,216,688 | $ | 4,613,845 | $ | 6,513,442 | ||||||
See notes to financial statements.
100
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2021
World ex-US Fund | Core Fixed Income Fund | Growth Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $97,359,998, $231,702,992, and $985,354,359 respectively)1 | $ | 137,429,321 | $ | 234,669,805 | $ | 1,350,991,425 | ||||||
Foreign currencies (cost $228,009, $0, and $0, respectively) | 220,409 | — | — | |||||||||
Cash | — | 9,243 | — | |||||||||
Appreciation on swap agreements | — | 380,308 | — | |||||||||
Variation margin on futures | — | 47,742 | — | |||||||||
Income receivable | 432,161 | 887,695 | 9,954 | |||||||||
Receivable for dividend reclaims | 655,390 | — | — | |||||||||
Receivable for investment securities sold | 157,148 | 16,704,608 | — | |||||||||
Receivable for fund shares sold | 201,298 | 540,468 | 3,524,599 | |||||||||
Swap premiums paid | — | 148,819 | — | |||||||||
Other assets | 14,069 | 15,957 | 66,043 | |||||||||
Total Assets | 139,109,796 | 253,404,645 | 1,354,592,021 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 702,165 | 4,583,430 | 273,607,847 | |||||||||
Payable for investment securities purchased | — | 59,763,979 | 1,064,765 | |||||||||
Payable for fund shares redeemed | 85,556 | 293,541 | 814,014 | |||||||||
Payable to Investment Advisor | 86,986 | 70,455 | 453,018 | |||||||||
Payable to custodian | 12,475 | 7,783 | 15,791 | |||||||||
Accrued Trustee fees and expenses | 490 | 598 | 3,932 | |||||||||
Accrued distribution and shareholder servicing fees | 46,128 | 42,755 | 305,208 | |||||||||
Swap premiums received | — | 8,249 | — | |||||||||
Due to broker for swaps | — | 496,639 | — | |||||||||
Other accrued expenses | 63,986 | 103,283 | 204,504 | |||||||||
Total Liabilities | 997,786 | 65,370,712 | 276,469,079 | |||||||||
NET ASSETS | $ | 138,112,010 | $ | 188,033,933 | $ | 1,078,122,942 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 102,526,894 | 183,255,927 | 712,368,257 | |||||||||
Total distributable earnings | 35,585,116 | 4,778,006 | 365,754,685 | |||||||||
Total Net Assets | $ | 138,112,010 | $ | 188,033,933 | $ | 1,078,122,942 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 8,200 | — | 183,372 | |||||||||
Net assets | 88,302 | — | 2,892,788 | |||||||||
Net asset value, offering and redemption price per share | $ | 10.768 | 2 | $ | — | $ | 15.776 | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 13,214,251 | 19,384,099 | 68,764,916 | |||||||||
Net assets | 138,023,708 | 188,033,933 | 1,075,230,154 | |||||||||
Net asset value, offering and redemption price per share | $ | 10.445 | $ | 9.700 | $ | 15.636 | ||||||
1Includes loaned securities with a value of: | $ | 662,691 | $ | 4,497,539 | $ | 269,151,241 | ||||||
2Differences in actual and calculated net asset value shown are due to rounding. |
See notes to financial statements.
101
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2021
Conservative Allocation Fund | Tactical Allocation Fund | Absolute Return Allocation Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $519,030,474, $531,807,503, and $236,744,950, respectively)1 | $ | 579,606,088 | $ | 575,438,318 | $ | 247,674,248 | ||||||
Income receivable | 171,614 | 151,474 | 56,353 | |||||||||
Receivable for fund shares sold | 1,468,972 | 1,305,550 | 1,110,040 | |||||||||
Other assets | 37,789 | 30,585 | 43,981 | |||||||||
Total Assets | 581,284,463 | 576,925,927 | 248,884,622 | |||||||||
LIABILITIES: | ||||||||||||
Payable for collateral on securities loaned | 117,653,868 | 104,133,886 | 33,662,416 | |||||||||
Payable for investment securities purchased | 550,553 | 818,104 | 1,415,860 | |||||||||
Payable for fund shares redeemed | 314,835 | 874,724 | 451,848 | |||||||||
Payable to Investment Advisor | 117,500 | 235,048 | 85,596 | |||||||||
Payable to custodian | 11,789 | 11,130 | 5,815 | |||||||||
Accrued Trustee fees and expenses | 1,614 | 1,622 | 700 | |||||||||
Accrued distribution and shareholder servicing fees | 128,393 | 125,591 | 61,951 | |||||||||
Other accrued expenses | 94,950 | 109,107 | 67,501 | |||||||||
Total Liabilities | 118,873,502 | 106,309,212 | 35,751,687 | |||||||||
NET ASSETS | $ | 462,410,961 | $ | 470,616,715 | $ | 213,132,935 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 404,266,375 | 425,151,326 | 206,515,387 | |||||||||
Total distributable earnings | 58,144,586 | 45,465,389 | 6,617,548 | |||||||||
Total Net Assets | $ | 462,410,961 | $ | 470,616,715 | $ | 213,132,935 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 115,302 | 113,633 | 45,145 | |||||||||
Net assets | 1,287,200 | 1,305,328 | 476,449 | |||||||||
Net asset value, offering and redemption price per share | $ | 11.164 | $ | 11.487 | $ | 10.554 | ||||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 41,655,456 | 41,188,136 | 20,104,505 | |||||||||
Net assets | 461,123,761 | 469,311,387 | 212,656,486 | |||||||||
Net asset value, offering and redemption price per share | $ | 11.070 | $ | 11.394 | $ | 10.578 | ||||||
1Includes loaned securities with a value of: | $ | 115,284,158 | $ | 101,678,549 | $ | 33,023,815 | ||||||
See notes to financial statements.
102
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2021
Multi-Asset Income Allocation Fund | Flexible Income Allocation Fund | Managed2 Futures Strategy Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $134,290,323, $328,475,666 and $196,978,014, respectively)1 | $ | 154,266,478 | $ | 334,871,419 | $ | 196,987,539 | ||||||
Variation margin on futures | — | — | 927,352 | |||||||||
Cash held as collateral for forwards | — | — | 260,000 | |||||||||
Income receivable | 85,231 | 217,827 | 22,714 | |||||||||
Deposits with broker for futures | — | — | 9,827,379 | |||||||||
Receivable for investment securities sold | 399,881 | 2,160,849 | — | |||||||||
Receivable for fund shares sold | 163,299 | 1,428,431 | 423,533 | |||||||||
Receivable for unsettled open futures contracts | — | — | 773,919 | |||||||||
Appreciation on forward currency contracts | — | — | 81,690 | |||||||||
Other assets | 24,952 | 27,593 | 22,747 | |||||||||
Total Assets | 154,939,841 | 338,706,119 | 209,326,873 | |||||||||
LIABILITIES: | ||||||||||||
Depreciation on forward currency contracts | — | — | 410,102 | |||||||||
Payable for collateral on securities loaned | 21,649,549 | 58,619,752 | — | |||||||||
Payable for fund shares redeemed | 312,792 | 19,036 | 141,576 | |||||||||
Payable for unsettled open futures contracts | — | — | 222,961 | |||||||||
Payable to Investment Advisor | 68,019 | 62,055 | 229,509 | |||||||||
Payable to custodian | 7,191 | 6,189 | 7,887 | |||||||||
Accrued Trustee fees and expenses | 484 | 954 | 1,739 | |||||||||
Accrued distribution and shareholder servicing fees | 36,211 | 77,175 | 59,774 | |||||||||
Other accrued expenses | 44,582 | 75,095 | 116,137 | |||||||||
Total Liabilities | 22,118,828 | 58,860,256 | 1,189,685 | |||||||||
NET ASSETS | $ | 132,821,013 | $ | 279,845,863 | $ | 208,137,188 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 124,116,496 | 274,362,449 | 187,506,257 | |||||||||
Total distributable earnings | 8,704,517 | 5,483,414 | 20,630,931 | |||||||||
Total Net Assets | $ | 132,821,013 | $ | 279,845,863 | $ | 208,137,188 | ||||||
Institutional Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | — | 732 | 50,909 | |||||||||
Net assets | — | 7,747 | 483,785 | |||||||||
Net asset value, offering and redemption price per share | $ | — | $ | 10.5823 | $ | 9.504 | 3 | |||||
Service Shares | ||||||||||||
Shares outstanding (unlimited shares of no par value authorized) | 11,720,950 | 26,657,177 | 22,406,303 | |||||||||
Net assets | 132,821,013 | 279,838,116 | 207,653,403 | |||||||||
Net asset value, offering and redemption price per share | $ | 11.332 | $ | 10.497 | 3 | $ | 9.268 | |||||
1Includes loaned securities with a value of: | $ | 21,210,071 | $ | 57,441,467 | $ | — | ||||||
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.
103
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2021
Conservative Income Fund | Income Fund | Growth & Income Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $16,389,287, $45,642,392, and $82,818,345 respectively)1 | $ | 16,444,250 | $ | 45,857,295 | $ | 87,778,247 | ||||||
Income receivable | 3,941 | 22 | 94,214 | |||||||||
Receivable for dividend reclaims | — | — | 872 | |||||||||
Receivable for fund shares sold | 21,943 | 51,192 | 193,933 | |||||||||
Deposits with broker for futures | — | — | 137,699 | |||||||||
Other assets | 20,764 | 16,821 | 14,132 | |||||||||
Total Assets | 16,490,898 | 45,925,330 | 88,219,097 | |||||||||
LIABILITIES: | ||||||||||||
Written options, at value (premiums received $0, $0, and $344,643) | — | — | 116,815 | |||||||||
Payable for collateral on securities loaned | 537,300 | 7,653,784 | 1,005,669 | |||||||||
Payable for investment securities purchased | — | 194,075 | 193,721 | |||||||||
Payable for fund shares redeemed | 6,146 | 221 | 852 | |||||||||
Payable to Investment Advisor | 1,366 | 19,655 | 19,156 | |||||||||
Payable to custodian | 245 | 940 | 7,342 | |||||||||
Accrued Trustee fees and expenses | 30 | 143 | 277 | |||||||||
Other accrued expenses | 19,619 | 24,791 | 41,889 | |||||||||
Total Liabilities | 564,706 | 7,893,609 | 1,385,721 | |||||||||
NET ASSETS | $ | 15,926,192 | $ | 38,031,721 | $ | 86,833,376 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | 15,957,423 | 38,781,107 | 73,959,919 | |||||||||
Total distributable earnings (loss) | (31,231 | ) | (749,386 | ) | 12,873,457 | |||||||
Total Net Assets | $ | 15,926,192 | $ | 38,031,721 | $ | 86,833,376 | ||||||
Shares outstanding (unlimited shares of no par value authorized) | 1,602,511 | 3,822,343 | 7,432,647 | |||||||||
Net assets | 15,926,192 | 38,031,721 | 86,833,376 | |||||||||
Net asset value, offering and redemption price per share | $ | 9.938 | $ | 9.950 | $ | 11.683 | ||||||
1Includes loaned securities with a value of: | $ | 525,138 | $ | 7,519,776 | $ | 978,335 | ||||||
See notes to financial statements.
104
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2021
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of withholding tax of $1,014, $280,628, and $1,394, respectively) | $ | 6,923,780 | $ | 1,734,857 | $ | 811,530 | ||||||
Interest income | 2,457 | 427 | 450 | |||||||||
Total investment income | 6,926,237 | 1,735,284 | 811,980 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 2,287,332 | 516,469 | 436,778 | |||||||||
Distribution (12b-1) fees – Service Shares | 1,268,006 | 218,829 | 191,569 | |||||||||
Administrative service fees – Service Shares | 1,253,840 | 215,903 | 190,156 | |||||||||
Shareholder servicing fees – Service Shares | 465,214 | 69,945 | 67,442 | |||||||||
Legal fees | 107,236 | 29,278 | 19,004 | |||||||||
Administration fees | 89,444 | 31,595 | 34,303 | |||||||||
Fund accounting fees | 86,475 | 96,753 | 69,174 | |||||||||
Reports to shareholders | 84,376 | 14,007 | 21,377 | |||||||||
Trustee fees and expenses | 54,882 | 9,577 | 8,223 | |||||||||
Federal and state registration fees | 43,628 | 38,611 | 37,572 | |||||||||
Custody fees | 22,662 | 74,299 | 8,369 | |||||||||
Audit and tax fees | 21,503 | 25,299 | 22,503 | |||||||||
Transfer agent fees and expenses | 16,751 | 5,527 | 5,895 | |||||||||
Compliance fees | 15,593 | 2,722 | 2,369 | |||||||||
Insurance fees | 7,785 | 1,338 | 1,249 | |||||||||
Miscellaneous expenses | 2,663 | 2,272 | 2,238 | |||||||||
Interest expenses | 955 | 1,456 | 515 | |||||||||
Total expenses | 5,828,345 | 1,353,880 | 1,118,736 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | — | 103,382 | — | |||||||||
Less securities lending credit (See Note 7) | (245,924 | ) | (22,300 | ) | (115,145 | ) | ||||||
Net expenses | 5,582,421 | 1,434,962 | 1,003,591 | |||||||||
Net investment income (loss) | 1,343,816 | 300,322 | (191,611 | ) | ||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments (net of foreign capital gains tax of $0, $22,389, and $0, respectively) | 6,252,040 | 4,286,947 | 8,805,646 | |||||||||
Foreign currencies | — | (71,740 | ) | — | ||||||||
Total | 6,252,040 | 4,215,207 | 8,805,646 | |||||||||
Net change in unrealized appreciation on: | ||||||||||||
Investments (net of deferred foreign capital gains tax of $0, $382,827, $0, respectively) | 225,014,457 | 33,491,457 | 42,697,054 | |||||||||
Foreign currencies | — | 6,816 | — | |||||||||
Total | 225,014,457 | 33,498,273 | 42,697,054 | |||||||||
Net realized and unrealized gain | 231,226,497 | 37,713,480 | 51,502,700 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 232,610,313 | $ | 38,013,802 | $ | 51,311,089 | ||||||
See notes to financial statements.
105
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2021
World ex-US Fund | Core Fixed Income Fund | Growth Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of withholding tax of $365,154, $0, and $0, respectively) | $ | 2,883,821 | $ | — | $ | 12,476,311 | ||||||
Interest income | 439 | 3,524,347 | 7,111 | |||||||||
Total investment income | 2,884,260 | 3,524,347 | 12,483,422 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 639,875 | 614,896 | 2,264,803 | |||||||||
Distribution (12b-1) fees – Service Shares | 319,549 | 384,310 | 2,252,173 | |||||||||
Administrative service fees – Service Shares | 316,833 | 377,766 | 2,251,272 | |||||||||
Shareholder servicing fees – Service Shares | 111,779 | 135,158 | 889,104 | |||||||||
Legal fees | 36,766 | 37,245 | 172,863 | |||||||||
Administration fees | 47,485 | 35,168 | 140,482 | |||||||||
Fund accounting fees | 119,268 | 225,920 | 113,603 | |||||||||
Reports to shareholders | 35,546 | 22,939 | 91,335 | |||||||||
Trustee fees and expenses | 14,924 | 17,228 | 101,996 | |||||||||
Federal and state registration fees | 37,727 | 38,390 | 44,901 | |||||||||
Custody fees | 36,073 | 32,285 | 61,078 | |||||||||
Audit and tax fees | 26,671 | 25,012 | 15,613 | |||||||||
Transfer agent fees and expenses | 7,249 | 8,004 | 26,689 | |||||||||
Compliance fees | 3,944 | 4,762 | 27,964 | |||||||||
Insurance fees | 2,681 | 2,189 | 17,382 | |||||||||
Miscellaneous expenses | 2,280 | 2,373 | 3,016 | |||||||||
Interest expenses | 1,698 | — | 8,583 | |||||||||
Total expenses | 1,760,348 | 1,963,645 | 8,482,857 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | 15 | (123,677 | ) | — | ||||||||
Less securities lending credit (See Note 7) | (10,253 | ) | (10,652 | ) | (357,472 | ) | ||||||
Net expenses | 1,750,110 | 1,829,316 | 8,125,385 | |||||||||
Net investment income | 1,134,150 | 1,695,031 | 4,358,037 | |||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 263,853 | 3,760,167 | 20,562,986 | |||||||||
Foreign currencies | 20,783 | (818 | ) | — | ||||||||
Swaps | — | (1,948,621 | ) | — | ||||||||
Long-term capital gain distributions received | 80 | — | 7,202,543 | |||||||||
Futures contracts | — | 747,454 | — | |||||||||
Written options | — | 716,334 | — | |||||||||
Total | 284,716 | 3,274,516 | 27,765,529 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 44,997,686 | (4,773,449 | ) | 362,168,372 | ||||||||
Foreign currencies | 267 | — | — | |||||||||
Swaps | — | 1,763,195 | — | |||||||||
Futures contracts | — | 485,295 | — | |||||||||
Written options | — | 47,567 | — | |||||||||
Total | 44,997,953 | (2,477,392 | ) | 362,168,372 | ||||||||
Net realized and unrealized gain | 45,282,669 | 797,124 | 389,933,901 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 46,416,819 | $ | 2,492,155 | $ | 394,291,938 | ||||||
See notes to financial statements.
106
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2021
Conservative Allocation Fund | Tactical Allocation Fund | Absolute Return Allocation Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | 10,141,031 | $ | 4,647,732 | $ | 6,076,677 | ||||||
Dividends from affiliated investments | — | — | 576,105 | |||||||||
Interest income | 3,117 | 72,666 | 2,443 | |||||||||
Total investment income | 10,144,148 | 4,720,398 | 6,655,225 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 976,098 | 1,454,814 | 881,415 | |||||||||
Distribution (12b-1) fees – Service Shares | 971,164 | 1,034,395 | 627,673 | |||||||||
Administrative service fees – Service Shares | 970,946 | 1,034,126 | 627,514 | |||||||||
Shareholder servicing fees – Service Shares | 380,696 | 400,846 | 245,869 | |||||||||
Legal fees | 74,964 | 100,804 | 61,636 | |||||||||
Administration fees | 64,529 | 75,532 | 38,671 | |||||||||
Fund accounting fees | 53,704 | 57,272 | 37,614 | |||||||||
Reports to shareholders | 49,548 | 69,393 | 30,556 | |||||||||
Trustee fees and expenses | 43,882 | 46,464 | 31,742 | |||||||||
Federal and state registration fees | 40,919 | 48,445 | 42,448 | �� | ||||||||
Custody fees | 47,581 | 50,361 | 36,349 | |||||||||
Audit and tax fees | 14,991 | 14,991 | 14,994 | |||||||||
Transfer agent fees and expenses | 13,798 | 14,507 | 11,046 | |||||||||
Compliance fees | 11,893 | 12,826 | 8,420 | |||||||||
Insurance fees | 7,582 | 8,548 | 6,389 | |||||||||
Miscellaneous expenses | 2,541 | 2,527 | 2,407 | |||||||||
Interest expenses | 2,663 | — | 19,795 | |||||||||
Total expenses | 3,727,499 | 4,425,851 | 2,724,538 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | (725,482 | ) | — | (590,940 | ) | |||||||
Less securities lending credit (See Note 7) | (278,122 | ) | (82,623 | ) | (103,722 | ) | ||||||
Net expenses | 2,723,895 | 4,343,228 | 2,029,876 | |||||||||
Net investment income | 7,420,253 | 377,170 | 4,625,349 | |||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||
Net realized gain on: | ||||||||||||
Investments | 3,387,320 | 13,050,253 | 7,557,476 | |||||||||
Investments in affiliates | — | — | 830,104 | |||||||||
Long-term capital gain distributions received | 197,048 | — | 20,978 | |||||||||
Total | 3,584,368 | 13,050,253 | 8,408,558 | |||||||||
Net change in unrealized appreciation on: | ||||||||||||
Investments | 66,230,963 | 60,280,536 | 9,604,882 | |||||||||
Investments in affiliates | — | — | 3,164,895 | |||||||||
Total | 66,230,963 | 60,280,536 | 12,769,777 | |||||||||
Net realized and unrealized gains | 69,815,331 | 73,330,789 | 21,178,335 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 77,235,584 | $ | 73,707,959 | $ | 25,803,684 | ||||||
See notes to financial statements.
107
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2021
Multi-Asset Income Allocation Fund | Flexible Income Allocation Fund | Managed1 Futures Strategy Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | 4,394,534 | $ | 6,522,366 | $ | — | ||||||
Interest income | 986 | 2,411 | 782,581 | |||||||||
Total investment income | 4,395,520 | 6,524,777 | 782,581 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 430,548 | 515,003 | 2,540,516 | |||||||||
Distribution (12b-1) fees – Service Shares | 307,535 | 514,973 | 601,791 | |||||||||
Administrative service fees – Service Shares | 307,535 | 514,973 | 601,620 | |||||||||
Shareholder servicing fees – Service Shares | 119,323 | 201,869 | 235,307 | |||||||||
Legal fees | 25,958 | 50,001 | 58,609 | |||||||||
Administration fees | 20,575 | 31,231 | 39,413 | |||||||||
Fund accounting fees | 15,505 | 31,567 | 48,119 | |||||||||
Reports to shareholders | 9,006 | 42,921 | 49,469 | |||||||||
Trustee fees and expenses | 14,311 | 20,531 | 28,339 | |||||||||
Federal and state registration fees | 35,702 | 49,183 | 54,273 | |||||||||
Custody fees | 28,433 | 25,914 | 34,732 | |||||||||
Audit and tax fees | 14,996 | 15,007 | 31,494 | |||||||||
Transfer agent fees and expenses | 5,378 | 9,133 | 10,527 | |||||||||
Compliance fees | 3,792 | 6,179 | 8,212 | |||||||||
Insurance fees | 2,648 | 2,369 | 5,987 | |||||||||
Miscellaneous expenses | 2,285 | 2,378 | 3,547 | |||||||||
Interest expenses | 1,458 | 9,419 | — | |||||||||
Total expenses | 1,344,988 | 2,042,651 | 4,351,955 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | — | (287,982 | ) | 14,869 | ||||||||
Less securities lending credit (See Note 7) | (158,249 | ) | (200,313 | ) | — | |||||||
Net expenses | 1,186,739 | 1,554,356 | 4,366,824 | |||||||||
Net investment income (loss) | 3,208,781 | 4,970,421 | (3,584,243 | ) | ||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 1,135,497 | 10,412,026 | 1,267 | |||||||||
Long-term capital gain distributions received | 348,540 | 308,617 | — | |||||||||
Foreign currencies | — | — | (73,102 | ) | ||||||||
Forward currency contracts | — | — | 1,172,575 | |||||||||
Futures contracts | — | — | 30,448,077 | |||||||||
Total | 1,484,037 | 10,720,643 | 31,548,817 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 25,556,751 | 6,177,140 | 52,814 | |||||||||
Foreign currencies | — | — | 4,849 | |||||||||
Forward currency contracts | — | — | (1,901,107 | ) | ||||||||
Futures contracts | — | — | (3,812,134 | ) | ||||||||
Total | 25,556,751 | 6,177,140 | (5,655,578 | ) | ||||||||
Net realized and unrealized gain | 27,040,788 | 16,897,783 | 25,893,239 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30,249,569 | $ | 21,868,204 | $ | 22,308,996 | ||||||
1Consolidated Statement of Operations for the period (see Note 3b). |
See notes to financial statements.
108
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2021
Conservative Income Fund | Income Fund | Growth & Income Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $ | 82,732 | $ | 904,530 | $ | 1,257,815 | ||||||
Interest income | 9,439 | 389 | 44,380 | |||||||||
Total investment income | 92,171 | 904,919 | 1,302,195 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 34,480 | 153,874 | 280,968 | |||||||||
Administrative service fees | 24,629 | 85,486 | 156,093 | |||||||||
Legal fees | 1,183 | 7,276 | 27,511 | |||||||||
Administration fees | 1,788 | 5,176 | 10,669 | |||||||||
Fund accounting fees | 1,736 | 4,232 | 10,628 | |||||||||
Reports to shareholders | 1,284 | 2,536 | 7,640 | |||||||||
Trustee fees and expenses | 1,019 | 3,750 | 6,329 | |||||||||
Federal and state registration fees | 24,618 | 23,014 | 26,406 | |||||||||
Custody fees | 298 | 3,391 | 28,549 | |||||||||
Audit and tax fees | 15,005 | 15,005 | 20,498 | |||||||||
Transfer agent fees and expenses | 4,097 | 4,390 | 4,585 | |||||||||
Compliance fees | 300 | 1,072 | 1,897 | |||||||||
Insurance fees | 181 | 547 | 759 | |||||||||
Miscellaneous expenses | 1,503 | 1,536 | 1,570 | |||||||||
Interest expenses | — | 2,762 | 11,057 | |||||||||
Total expenses | 112,121 | 314,047 | 595,159 | |||||||||
Net expense recapture (reimbursement) by Advisor (See Note 4) | (38,716 | ) | (27,365 | ) | (81,402 | ) | ||||||
Less securities lending credit (See Note 7) | (10,356 | ) | (13,784 | ) | (9,445 | ) | ||||||
Net expenses | 63,049 | 272,898 | 504,312 | |||||||||
Net investment income | 29,122 | 632,021 | 797,883 | |||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 17,869 | 920,043 | 7,825,209 | |||||||||
Net long-term capital gain distribution received | — | 4,779 | — | |||||||||
Written options | — | — | 4,077,844 | |||||||||
Futures contracts | — | — | (2,047,298 | ) | ||||||||
Total | 17,869 | 924,822 | 9,855,755 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 30,391 | (864,099 | ) | 7,462,275 | ||||||||
Written options | — | — | 148,265 | |||||||||
Futures contracts | — | — | 19,639 | |||||||||
Total | 30,391 | (864,099 | ) | 7,630,179 | ||||||||
Net realized and unrealized gain | 48,260 | 60,723 | 17,485,934 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 77,382 | $ | 692,744 | $ | 18,283,817 | ||||||
See notes to financial statements.
109
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS
Large Cap Core Fund | Emerging Markets Fund | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,343,816 | $ | 2,330,571 | $ | 300,322 | $ | 1,084,599 | ||||||||
Net realized gain (loss) on investment transactions | 6,252,040 | (8,017,009 | ) | 4,215,207 | (619,470 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 225,014,457 | (46,491,017 | ) | 33,498,273 | (14,995,269 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 232,610,313 | (52,177,455 | ) | 38,013,802 | (14,530,140 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 652,611 | 513,901 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 11,020 | 14,706 | — | 238 | ||||||||||||
Shares redeemed | (958,792 | ) | (450,346 | ) | (10,975 | ) | — | |||||||||
Net increase (decrease) | (295,161 | ) | 78,261 | (10,975 | ) | 238 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 222,343,981 | 206,658,674 | 24,478,393 | 16,935,060 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 2,190,325 | 4,566,189 | 177,493 | 1,489,138 | ||||||||||||
Shares redeemed | (179,291,584 | ) | (160,145,611 | ) | (29,747,171 | ) | (23,876,328 | ) | ||||||||
Net increase (decrease) | 45,242,722 | 51,079,252 | (5,091,285 | ) | (5,452,130 | ) | ||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | (11,020 | ) | (14,706 | ) | — | (238 | ) | |||||||||
Net dividends and distributions – Service Shares | (2,190,325 | ) | (4,570,769 | ) | (177,627 | ) | (1,489,316 | ) | ||||||||
Total dividends and distributions | (2,201,345 | ) | (4,585,475 | ) | (177,627 | ) | (1,489,554 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 275,356,529 | (5,605,417 | ) | 32,733,915 | (21,471,586 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 327,432,768 | 333,038,185 | 64,161,948 | 85,633,534 | ||||||||||||
End of year | $ | 602,789,297 | $ | 327,432,768 | $ | 96,895,863 | $ | 64,161,948 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 31,375 | 27,051 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 438 | 706 | — | 18 | ||||||||||||
Shares redeemed | (37,830 | ) | (27,255 | ) | (795 | ) | — | |||||||||
Net increase (decrease) | (6,017 | ) | 502 | (795 | ) | 18 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 10,305,637 | 11,192,862 | 1,858,004 | 1,387,936 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 88,295 | 222,134 | 11,190 | 106,238 | ||||||||||||
Shares redeemed | (8,041,962 | ) | (9,185,190 | ) | (2,098,346 | ) | (1,842,829 | ) | ||||||||
Net increase (decrease) | 2,351,970 | 2,229,806 | (229,152 | ) | (348,655 | ) | ||||||||||
See notes to financial statements.
110
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Small/Mid Cap Core Fund | World ex-US Fund | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (191,611 | ) | $ | (33,242 | ) | $ | 1,134,150 | $ | 2,819,154 | ||||||
Net realized gain (loss) on investment transactions | 8,805,646 | 456,752 | 284,716 | (3,404,293 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 42,697,054 | (15,970,798 | ) | 44,997,953 | (22,860,422 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 51,311,089 | (15,547,288 | ) | 46,416,819 | (23,445,561 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | — | 88,861 | 42,416 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | — | 4,893 | 2,574 | ||||||||||||
Shares redeemed | — | — | (129,265 | ) | (470,575 | ) | ||||||||||
Net decrease | — | — | (35,511 | ) | (425,585 | ) | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 24,856,523 | 24,717,091 | 35,293,023 | 44,121,495 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 1,753,311 | 986,422 | 2,711,103 | 2,534,791 | ||||||||||||
Shares redeemed | (36,315,873 | ) | (20,170,137 | ) | (54,196,819 | ) | (126,573,250 | ) | ||||||||
Net increase (decrease) | (9,706,039 | ) | 5,533,376 | (16,192,693 | ) | (79,916,964 | ) | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | — | (4,893 | ) | (2,574 | ) | ||||||||||
Net dividends and distributions – Service Shares | (1,753,311 | ) | (986,422 | ) | (2,711,109 | ) | (2,539,718 | ) | ||||||||
Total dividends and distributions | (1,753,311 | ) | (986,422 | ) | (2,716,002 | ) | (2,542,292 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 39,851,739 | (11,000,334 | ) | 27,472,613 | (106,330,402 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 52,904,611 | 63,904,945 | 110,639,397 | 216,969,799 | ||||||||||||
End of year | $ | 92,756,350 | $ | 52,904,611 | $ | 138,112,010 | $ | 110,639,397 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | — | 9,817 | 4,693 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | — | 470 | 263 | ||||||||||||
Shares redeemed | — | — | (12,467 | ) | (53,285 | ) | ||||||||||
Net decrease | — | — | (2,180 | ) | (48,329 | ) | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 1,544,180 | 1,868,502 | 3,900,356 | 5,127,561 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 96,505 | 64,012 | 267,896 | 267,439 | ||||||||||||
Shares redeemed | (2,152,163 | ) | (1,460,604 | ) | (6,093,422 | ) | (14,696,494 | ) | ||||||||
Net increase (decrease) | (511,478 | ) | 471,910 | (1,925,170 | ) | (9,301,494 | ) | |||||||||
See notes to financial statements.
111
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Core Fixed Income Fund | Growth Allocation Fund | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,695,031 | $ | 2,439,710 | $ | 4,358,037 | $ | 9,295,484 | ||||||||
Net realized gain on investment transactions | 3,274,516 | 2,684,610 | 27,765,529 | 2,955,907 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,477,392 | ) | 4,413,771 | 362,168,372 | (106,645,627 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 2,492,155 | 9,538,091 | 394,291,938 | (94,394,236 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | — | 1,056,916 | 1,182,389 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | — | 130,543 | 92,823 | ||||||||||||
Shares redeemed | — | — | (4,797,400 | ) | (1,738,209 | ) | ||||||||||
Net decrease | — | — | (3,609,941 | ) | (462,997 | ) | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 93,103,633 | 48,416,876 | 314,130,015 | 359,009,853 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 5,600,988 | 1,893,151 | 18,559,997 | 10,362,363 | ||||||||||||
Shares redeemed | (42,948,776 | ) | (55,360,113 | ) | (370,911,135 | ) | (313,472,188 | ) | ||||||||
Net increase (decrease) | 55,755,845 | (5,050,086 | ) | (38,221,123 | ) | 55,900,028 | ||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | — | — | (130,543 | ) | (92,823 | ) | ||||||||||
Net dividends and distributions – Service Shares | (5,601,028 | ) | (1,893,282 | ) | (18,559,997 | ) | (10,362,363 | ) | ||||||||
Total dividends and distributions | (5,601,028 | ) | (1,893,282 | ) | (18,690,540 | ) | (10,455,186 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 52,646,972 | 2,594,723 | 333,770,334 | (49,412,391 | ) | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 135,386,961 | 132,792,238 | 744,352,608 | 793,764,999 | ||||||||||||
End of year | $ | 188,033,933 | $ | 135,386,961 | $ | 1,078,122,942 | $ | 744,352,608 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | — | — | 78,493 | 103,712 | ||||||||||||
Shares issued to holders in reinvestment of dividends | — | — | 8,720 | 7,252 | ||||||||||||
Shares redeemed | — | — | (338,046 | ) | (148,558 | ) | ||||||||||
Net decrease | — | — | (250,833 | ) | (37,594 | ) | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 9,269,060 | 5,049,690 | 23,367,321 | 31,144,526 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 556,486 | 197,922 | 1,249,074 | 814,523 | ||||||||||||
Shares redeemed | (4,258,071 | ) | (5,756,218 | ) | (29,389,992 | ) | (27,109,951 | ) | ||||||||
Net increase (decrease) | 5,567,475 | (508,606 | ) | (4,773,597 | ) | 4,849,098 | ||||||||||
See notes to financial statements.
112
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Conservative Allocation Fund | Tactical Allocation Fund | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 7,420,253 | $ | 8,221,295 | $ | 377,170 | $ | 2,004,239 | ||||||||
Net realized gain on investment transactions | 3,584,368 | 3,611,842 | 13,050,253 | 27,802,208 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 66,230,963 | (24,189,025 | ) | 60,280,536 | (47,253,237 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 77,235,584 | (12,355,888 | ) | 73,707,959 | (17,446,790 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 617,978 | 413,237 | 524,349 | 479,802 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 54,868 | 58,660 | 99,218 | 87,971 | ||||||||||||
Shares redeemed | (1,454,247 | ) | (933,549 | ) | (1,116,659 | ) | (357,458 | ) | ||||||||
Net increase (decrease) | (781,401 | ) | (461,652 | ) | (493,092 | ) | 210,315 | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 197,370,183 | 156,817,005 | 183,468,450 | 107,782,906 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 9,053,052 | 8,068,043 | 20,155,116 | 16,363,574 | ||||||||||||
Shares redeemed | (128,007,570 | ) | (166,691,144 | ) | (110,719,941 | ) | (109,051,599 | ) | ||||||||
Net increase (decrease) | 78,415,665 | (1,806,096 | ) | 92,903,625 | 15,094,881 | |||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | (54,868 | ) | (58,660 | ) | (99,218 | ) | (87,971 | ) | ||||||||
Net dividends and distributions – Service Shares | (9,053,052 | ) | (8,068,043 | ) | (20,155,116 | ) | (16,363,574 | ) | ||||||||
Total dividends and distributions | (9,107,920 | ) | (8,126,703 | ) | (20,254,334 | ) | (16,451,545 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 145,761,928 | (22,750,339 | ) | 145,864,158 | (18,593,139 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 316,649,033 | 339,399,372 | 324,752,557 | 343,345,696 | ||||||||||||
End of year | $ | 462,410,961 | $ | 316,649,033 | $ | 470,616,715 | $ | 324,752,557 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 58,784 | 40,748 | 48,825 | 42,127 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 5,024 | 5,696 | 9,281 | 7,518 | ||||||||||||
Shares redeemed | (134,647 | ) | (94,702 | ) | (99,478 | ) | (32,029 | ) | ||||||||
Net increase (decrease) | (70,839 | ) | (48,258 | ) | (41,372 | ) | 17,616 | |||||||||
Service Shares | ||||||||||||||||
Shares sold | 18,820,175 | 15,754,381 | 17,083,441 | 9,631,859 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 834,767 | 787,818 | 1,898,024 | 1,404,719 | ||||||||||||
Shares redeemed | (12,466,811 | ) | (17,129,739 | ) | (10,243,030 | ) | (9,893,741 | ) | ||||||||
Net increase (decrease) | 7,188,131 | (587,540 | ) | 8,738,435 | 1,142,837 | |||||||||||
See notes to financial statements.
113
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,625,349 | $ | 7,980,276 | $ | 3,208,781 | $ | 4,341,121 | ||||||||
Net realized gain (loss) on investment transactions | 8,408,558 | (178,118 | ) | 1,484,037 | (10,848,275 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 12,769,777 | (7,912,877 | ) | 25,556,751 | (9,697,818 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 25,803,684 | (110,719 | ) | 30,249,569 | (16,204,972 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 181,359 | 598,666 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 21,102 | 22,693 | — | — | ||||||||||||
Shares redeemed | (919,178 | ) | (148,461 | ) | — | — | ||||||||||
Net increase (decrease) | (716,717 | ) | 472,898 | — | — | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 105,413,474 | 222,565,439 | 43,121,432 | 51,742,493 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 5,175,637 | 8,291,027 | 3,193,649 | 3,921,757 | ||||||||||||
Shares redeemed | (309,657,292 | ) | (144,128,580 | ) | (52,594,741 | ) | (55,752,860 | ) | ||||||||
Net increase (decrease) | (199,068,181 | ) | 86,727,886 | (6,279,660 | ) | (88,610 | ) | |||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | (21,102 | ) | (22,693 | ) | — | — | ||||||||||
Net dividends and distributions – Service Shares | (5,175,637 | ) | (8,291,027 | ) | (3,193,649 | ) | (3,921,757 | ) | ||||||||
Total dividends and distributions | (5,196,739 | ) | (8,313,720 | ) | (3,193,649 | ) | (3,921,757 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | (179,177,953 | ) | 78,776,345 | 20,776,260 | (20,215,339 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 392,310,888 | 313,534,543 | 112,044,753 | 132,260,092 | ||||||||||||
End of year | $ | 213,132,935 | $ | 392,310,888 | $ | 132,821,013 | $ | 112,044,753 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 17,313 | 60,832 | — | — | ||||||||||||
Shares issued to holders in reinvestment of dividends | 1,991 | 2,165 | — | — | ||||||||||||
Shares redeemed | (87,461 | ) | (13,904 | ) | — | — | ||||||||||
Net increase (decrease) | (68,157 | ) | 49,093 | — | — | |||||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 10,022,096 | 21,905,893 | 4,180,052 | 4,878,457 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 486,386 | 789,546 | 312,405 | 363,964 | ||||||||||||
Shares redeemed | (29,483,384 | ) | (13,692,059 | ) | (5,143,894 | ) | (5,275,946 | ) | ||||||||
Net increase (decrease) | (18,974,902 | ) | 9,003,380 | (651,437 | ) | (33,525 | ) | |||||||||
See notes to financial statements.
114
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Flexible Income Allocation Fund | Managed Futures Strategy Fund1 | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 4,970,421 | $ | 2,881,327 | $ | (3,584,243 | ) | $ | 248,028 | |||||||
Net realized gain (loss) on investment transactions | 10,720,643 | (1,482,272 | ) | 31,548,817 | 15,984,318 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | 6,177,140 | (921,236 | ) | (5,655,578 | ) | 2,830,019 | ||||||||||
Net increase in net assets resulting from operations | 21,868,204 | 477,819 | 22,308,996 | 19,062,365 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 1,496 | 15,036 | 883,558 | 1,103,093 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 200 | 1,248 | 28,507 | 47,540 | ||||||||||||
Shares redeemed | (31,828 | ) | (7,977 | ) | (1,729,385 | ) | (962,837 | ) | ||||||||
Net increase (decrease) | (30,132 | ) | 8,307 | (817,320 | ) | 187,796 | ||||||||||
Service Shares | ||||||||||||||||
Shares sold | 272,070,564 | 73,398,512 | 206,736,848 | 226,293,387 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 4,975,041 | 2,892,886 | 6,341,510 | 7,130,028 | ||||||||||||
Shares redeemed | (112,613,106 | ) | (35,100,214 | ) | (243,151,657 | ) | (179,766,240 | ) | ||||||||
Net increase (decrease) | 164,432,499 | 41,191,184 | (30,073,299 | ) | 53,657,175 | |||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions – Institutional Shares | (200 | ) | (1,248 | ) | (28,507 | ) | (47,540 | ) | ||||||||
Net dividends and distributions – Service Shares | (4,975,041 | ) | (2,892,886 | ) | (6,341,510 | ) | (7,130,028 | ) | ||||||||
Total dividends and distributions | (4,975,241 | ) | (2,894,134 | ) | (6,370,017 | ) | (7,177,568 | ) | ||||||||
INCREASE (DECREASE) IN NET ASSETS | 181,295,330 | 38,783,176 | (14,951,640 | ) | 65,729,768 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 98,550,533 | 59,767,357 | 223,088,828 | 157,359,060 | ||||||||||||
End of year | $ | 279,845,863 | $ | 98,550,533 | $ | 208,137,188 | $ | 223,088,828 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 150 | 1,554 | 102,168 | 124,742 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 19 | 133 | 3,139 | 5,744 | ||||||||||||
Shares redeemed | (3,083 | ) | (830 | ) | (192,898 | ) | (111,224 | ) | ||||||||
Net increase (decrease) | (2,914 | ) | 857 | (87,591 | ) | 19,262 | ||||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 26,497,771 | 7,620,555 | 24,150,473 | 26,297,941 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 479,935 | 309,366 | 714,778 | 876,571 | ||||||||||||
Shares redeemed | (10,909,327 | ) | (3,718,790 | ) | (28,114,302 | ) | (21,281,209 | ) | ||||||||
Net increase (decrease) | 16,068,379 | 4,211,131 | (3,249,051 | ) | 5,893,303 | |||||||||||
1 Consolidated Statements of Changes in Net Assets (see note 3b). |
See notes to financial statements.
115
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Conservative Income Fund | Income Fund | |||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 29,122 | $ | 81,195 | $ | 632,021 | $ | 578,434 | ||||||||
Net realized gain (loss) on investment transactions | 17,869 | (99,937 | ) | 924,822 | (1,891,187 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 30,391 | 23,476 | (864,099 | ) | 1,035,114 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 77,382 | 4,734 | 692,744 | (277,639 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Shares sold | 16,684,553 | 9,021,060 | 22,531,050 | 31,868,029 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 33,374 | 81,578 | 628,224 | 589,863 | ||||||||||||
Shares redeemed | (7,560,561 | ) | (3,274,503 | ) | (17,686,947 | ) | (2,715,144 | ) | ||||||||
Net increase | 9,157,366 | 5,828,135 | 5,472,327 | 29,742,748 | ||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net dividends and distributions | (33,374 | ) | (81,578 | ) | (628,224 | ) | (589,863 | ) | ||||||||
Total dividends and distributions | (33,374 | ) | (81,578 | ) | (628,224 | ) | (589,863 | ) | ||||||||
INCREASE IN NET ASSETS | 9,201,374 | 5,751,291 | 5,536,847 | 28,875,246 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 6,724,818 | 973,527 | 32,494,874 | 3,619,628 | ||||||||||||
End of year | $ | 15,926,192 | $ | 6,724,818 | $ | 38,031,721 | $ | 32,494,874 | ||||||||
CHANGES IN SHARES OUTSTANDING | ||||||||||||||||
Shares sold | 1,681,782 | 900,671 | 2,245,317 | 3,142,291 | ||||||||||||
Shares issued to holders in reinvestment of dividends | 3,365 | 8,153 | 62,466 | 58,174 | ||||||||||||
Shares redeemed | (761,983 | ) | (326,952 | ) | (1,782,132 | ) | (269,703 | ) | ||||||||
Net increase | 923,164 | 581,872 | 525,651 | 2,930,762 | ||||||||||||
See notes to financial statements.
116
GuideMark® Funds & GuidePath® Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Growth & Income Fund | ||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 797,883 | $ | 454,681 | ||||
Net realized gain (loss) on investment transactions | 9,855,755 | (2,211,753 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 7,630,179 | (2,484,867 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 18,283,817 | (4,241,939 | ) | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Shares sold | 45,484,222 | 36,359,310 | ||||||
Shares issued to holders in reinvestment of dividends | 795,837 | 394,397 | ||||||
Shares redeemed | (10,862,322 | ) | (2,708,772 | ) | ||||
Net increase | 35,417,737 | 34,044,935 | ||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Net dividends and distributions | (795,837 | ) | (394,397 | ) | ||||
Total dividends and distributions | (795,837 | ) | (394,397 | ) | ||||
INCREASE IN NET ASSETS | 52,905,717 | 29,408,599 | ||||||
NET ASSETS: | ||||||||
Beginning of year | 33,927,659 | 4,519,060 | ||||||
End of year | $ | 86,833,376 | $ | 33,927,659 | ||||
CHANGES IN SHARES OUTSTANDING | ||||||||
Shares sold | 4,492,685 | 3,673,636 | ||||||
Shares issued to holders in reinvestment of dividends | 75,569 | 39,418 | ||||||
Shares redeemed | (1,027,656 | ) | (283,441 | ) | ||||
Net increase | 3,540,598 | 3,429,613 | ||||||
See notes to financial statements.
117
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Large Cap Core Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $16.348 | $18.650 | $17.755 | $16.140 | $14.85 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.195 | 0.234 | 0.175 | 0.157 | 0.20 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 10.688 | (2.234 | ) | 1.194 | 2.280 | 1.62 | ||||||||||||||
Total from investment operations | 10.883 | (2.000 | ) | 1.369 | 2.437 | 1.82 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.216 | ) | (0.116 | ) | (0.191 | ) | (0.163 | ) | (0.19 | ) | ||||||||||
Dividends from net realized gains | — | (0.186 | ) | (0.283 | ) | (0.659 | ) | (0.34 | ) | |||||||||||
Total distributions | (0.216 | ) | (0.302 | ) | (0.474 | ) | (0.822 | ) | (0.53 | ) | ||||||||||
Net asset value, end of year | $27.015 | $16.348 | $18.650 | $17.755 | $16.14 | |||||||||||||||
Total return | 66.66% | (11.07)% | 8.09% | 15.10% | 12.46% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $630,350 | $479,829 | $538,016 | $821,049 | $42,855,994 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 0.56% | 0.59% | 0.63% | 0.65% | 0.66% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 0.51% | 0.56% | 0.60% | 0.60% | 0.59% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.56% | 0.59% | 0.63% | 0.65% | 0.66% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.51% | 0.56% | 0.60% | 0.60% | 0.59% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.80% | 1.16% | 0.91% | 0.91% | 1.23% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.85% | 1.19% | 0.94% | 0.96% | 1.30% | |||||||||||||||
Portfolio turnover rate | 34.13% | 28.54% | 45.31% | 55.07% | 90.46% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
118
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Large Cap Core Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $16.106 | $18.401 | $17.503 | $15.930 | $14.68 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.059 | 0.114 | 0.073 | 0.074 | 0.11 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 10.515 | (2.202 | ) | 1.184 | 2.241 | 1.59 | ||||||||||||||
Total from investment operations | 10.574 | (2.088 | ) | 1.257 | 2.315 | 1.70 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.096 | ) | (0.021 | ) | (0.076 | ) | (0.083 | ) | (0.11 | ) | ||||||||||
Dividends from net realized gains | — | (0.186 | ) | (0.283 | ) | (0.659 | ) | (0.34 | ) | |||||||||||
Total distributions | (0.096 | ) | (0.207 | ) | (0.359 | ) | (0.742 | ) | (0.45 | ) | ||||||||||
Net asset value, end of year | $26.584 | $16.106 | $18.401 | $17.503 | $15.93 | |||||||||||||||
Total return | 65.69% | (11.59)% | 7.47% | 14.53% | 11.74% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $602,158,947 | $326,952,939 | $332,500,169 | $306,450,000 | $159,857,853 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.15% | 1.18% | 1.22% | 1.21% | 1.23% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.10% | 1.14% | 1.19% | 1.17% | 1.16% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.15% | 1.18% | 1.22% | 1.21% | 1.23% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.10% | 1.14% | 1.19% | 1.17% | 1.16% | |||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.21% | 0.55% | 0.37% | 0.40% | 0.65% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.26% | 0.59% | 0.40% | 0.44% | 0.72% | |||||||||||||||
Portfolio turnover rate | 34.13% | 28.54% | 45.31% | 55.07% | 90.46% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
119
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Emerging Markets Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.516 | $13.278 | $17.063 | $13.600 | $11.49 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.049 | 0.175 | 0.109 | 0.096 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 5.968 | (2.690 | ) | (2.028 | ) | 3.485 | 2.06 | |||||||||||||
Total from investment operations | 6.017 | (2.515 | ) | (1.919 | ) | 3.581 | 2.15 | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.031 | ) | (0.247 | ) | (1.196 | ) | (0.118 | ) | (0.04 | ) | ||||||||||
Dividends from net realized gains | — | — | (0.670 | ) | — | — | ||||||||||||||
Total distributions | (0.031 | ) | (0.247 | ) | (1.866 | ) | (0.118 | ) | (0.04 | ) | ||||||||||
Net asset value, end of year | $16.502 | $10.516 | $13.278 | $17.063 | $13.60 | |||||||||||||||
Total return | 57.85%3 | (19.40)% | (10.05)% | 26.37% | 18.78% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $96,895,863 | $64,153,851 | $85,623,549 | $109,589,630 | $106,077,974 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.55% | 1.79% | 1.69% | 1.58% | 1.64% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.64% | 1.65% | 1.66% | 1.57% | 1.63% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.55% | 1.79% | 1.68% | 1.58% | 1.64% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.64% | 1.65% | 1.65% | 1.57% | 1.63% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.43% | 1.20% | 0.72% | 0.61% | 0.73% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.34% | 1.34% | 0.75% | 0.62% | 0.74% | |||||||||||||||
Portfolio turnover rate | 58.36% | 42.60% | 47.18% | 30.97% | 60.19% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
3 | The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP). |
See notes to financial statements.
120
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Small/Mid Cap Core Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.765 | $14.385 | $14.908 | $17.860 | $14.96 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.040 | ) | (0.007 | ) | (0.022 | ) | (0.022 | ) | 0.04 | |||||||||||
Net realized and unrealized gains (losses) on investments | 10.720 | (3.393 | ) | 0.348 | 2.259 | 2.91 | ||||||||||||||
Total from investment operations | 10.680 | (3.400 | ) | 0.326 | 2.237 | 2.95 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.024 | ) | (0.016 | ) | — | (0.050 | ) | (0.05 | ) | |||||||||||
Dividends from net realized gains | (0.354 | ) | (0.204 | ) | (0.849 | ) | (5.139 | ) | — | |||||||||||
Total distributions | (0.378 | ) | (0.220 | ) | (0.849 | ) | (5.189 | ) | (0.05 | ) | ||||||||||
Net asset value, end of year | $21.067 | $10.765 | $14.385 | $14.908 | $17.86 | |||||||||||||||
Total return | 99.76% | (24.10)% | 2.99% | 12.45% | 19.71% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $92,756,350 | $52,904,611 | $63,904,945 | $54,471,360 | $50,657,342 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.46% | 1.50% | 1.56% | 1.55% | 1.50% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.31% | 1.39% | 1.45% | 1.39% | 1.24% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.46% | 1.50% | 1.56% | 1.55% | 1.50% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.31% | 1.39% | 1.45% | 1.39% | 1.24% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | (0.40)% | (0.16)% | (0.25)% | (0.29)% | 0.00% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | (0.25)% | (0.05)% | (0.14)% | (0.13)% | 0.26% | |||||||||||||||
Portfolio turnover rate | 37.81% | 26.54% | 39.01% | 32.87% | 42.22% |
1 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
121
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
World ex-US Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
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 | $7.537 | $9.100 | $9.759 | $8.380 | $7.74 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.125 | 0.222 | 0.194 | 0.243 | 0.15 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 3.386 | (1.610 | ) | (0.680 | ) | 1.305 | 0.65 | |||||||||||||
Total from investment operations | 3.511 | (1.388 | ) | (0.486 | ) | 1.548 | 0.80 | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.280 | ) | (0.175 | ) | (0.173 | ) | (0.169 | ) | (0.16 | ) | ||||||||||
Total distributions | (0.280 | ) | (0.175 | ) | (0.173 | ) | (0.169 | ) | (0.16 | ) | ||||||||||
Net asset value, end of year | $10.768 | $7.537 | $9.100 | $9.759 | $8.38 | |||||||||||||||
Total return | 46.72% | (15.69)% | (4.79)% | 18.49%3 | 10.48% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $88,302 | $78,232 | $534,233 | $822,817 | $75,295,608 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 0.79% | 0.77% | 0.80% | 0.83%4 | 0.84% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 0.79% | 0.79% | 0.79% | 0.79%4 | 0.79% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79% | 0.77% | 0.80% | 0.83%4 | 0.84% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79% | 0.79% | 0.79% | 0.79%4 | 0.79% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.30% | 2.43% | 2.04% | 3.01%4 | 1.83% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.30% | 2.41% | 2.05% | 3.05%4 | 1.88% | |||||||||||||||
Portfolio turnover rate | 46.15% | 25.52% | 59.18% | 84.22% | 60.68% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
3 | During the period August 3, 2017 through September 5, 2017 there were no Instutional Shares of the Fund outstanding. Performance information provided for the Institutional Shares during that period reflects the last calculated net asset value of the Institutional Shares on August 2, 2017, without any adjustments. Had there been Institutional Shares outstanding during the period August 3, 2017 through September 5, 2017, their annual returns would have been substantially similar to those of the Service Shares of the Fund because they would have been invested in the same portfolio securities, but would have differed to the extent that the classes have different expenses. Because the Service Shares have higher expenses than the Institutional Shares, the returns of the Service Shares would have been lower than the returns of the Institutional Shares during the same period. |
4 | Annualized. |
See notes to financial statements.
122
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
World ex-US Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
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 | $7.303 | $8.856 | $9.507 | $8.260 | $7.66 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.081 | 0.142 | 0.121 | 0.087 | 0.11 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 3.263 | (1.538 | ) | (0.643 | ) | 1.296 | 0.63 | |||||||||||||
Total from investment operations | 3.344 | (1.396 | ) | (0.522 | ) | 1.383 | 0.74 | |||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.202 | ) | (0.157 | ) | (0.129 | ) | (0.136 | ) | (0.14 | ) | ||||||||||
Total distributions | (0.202 | ) | (0.157 | ) | (0.129 | ) | (0.136 | ) | (0.14 | ) | ||||||||||
Net asset value, end of year | $10.445 | $7.303 | $8.856 | $9.507 | $8.26 | |||||||||||||||
Total return | 45.89% | (16.16)% | (5.36)% | 16.76% | 9.85% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $138,023,708 | $110,561,165 | $216,435,566 | $212,049,697 | $112,737,823 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.38% | 1.36% | 1.40% | 1.38% | 1.42% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.37% | 1.35% | 1.39% | 1.39% | 1.39% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.38% | 1.36% | 1.40% | 1.38% | 1.42% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.37% | 1.35% | 1.39% | 1.39% | 1.39% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.88% | 1.58% | 1.32% | 0.95% | 1.36% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.89% | 1.59% | 1.33% | 0.94% | 1.39% | |||||||||||||||
Portfolio turnover rate | 46.15% | 25.52% | 59.18% | 84.22% | 60.68% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
123
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Core Fixed Income Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.798 | $9.270 | $9.131 | $9.320 | $9.54 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.112 | 0.170 | 0.176 | 0.133 | 0.12 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.141 | 3 | 0.490 | 0.144 | (0.098 | ) | (0.11 | ) | ||||||||||||
Total from investment operations | 0.253 | 0.660 | 0.320 | 0.035 | 0.01 | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.184 | ) | (0.108 | ) | (0.181 | ) | (0.168 | ) | (0.17 | ) | ||||||||||
Dividends from net realized gains | (0.167 | ) | (0.024 | ) | — | (0.056 | ) | (0.06 | ) | |||||||||||
Total distributions | (0.351 | ) | (0.132 | ) | (0.181 | ) | (0.224 | ) | (0.23 | ) | ||||||||||
Net asset value, end of year | $9.700 | $9.798 | $9.270 | $9.131 | $9.32 | |||||||||||||||
Total return | 2.47% | 7.16% | 3.57% | 0.35% | 0.02% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $188,033,933 | $135,386,961 | $132,792,238 | $134,255,059 | $137,358,236 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.28% | 1.29% | 1.34% | 1.38% | 1.36% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense2 | 1.19% | 1.19% | 1.19% | 1.26% | 1.29% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.28% | 1.29% | 1.34% | 1.38% | 1.36% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.19% | 1.19% | 1.19% | 1.26% | 1.29% | |||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.01% | 1.67% | 1.80% | 1.30% | 1.14% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.10% | 1.77% | 1.95% | 1.42% | 1.21% | |||||||||||||||
Portfolio turnover rate | 283.45% | 278.67% | 239.11% | 193.12% | 164.81% |
1 | Net investment income/(loss) per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
3 | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
124
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.139 | $11.553 | $11.534 | $11.340 | $10.46 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.140 | 0.199 | 0.227 | 0.236 | 0.19 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 5.843 | (1.407 | ) | (0.003 | )5 | 1.466 | 1.20 | |||||||||||||
Total from investment operations | 5.983 | (1.208 | ) | 0.224 | 1.702 | 1.39 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.147 | ) | (0.206 | ) | (0.193 | ) | (0.210 | ) | (0.20 | ) | ||||||||||
Dividends from net realized gains | (0.199 | ) | — | (0.012 | ) | (1.298 | ) | (0.31 | ) | |||||||||||
Total distributions | (0.346 | ) | (0.206 | ) | (0.205 | ) | (1.508 | ) | (0.51 | ) | ||||||||||
Net asset value, end of year | $15.776 | $10.139 | $11.553 | $11.534 | $11.34 | |||||||||||||||
Total return | 59.19% | (10.82)% | 2.22% | 14.90% | 13.54% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $2,892,788 | $4,402,611 | $5,450,557 | $6,646,937 | $13,176,782 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.34% | 0.38% | 0.40% | 0.40% | 0.42% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.30% | 0.33% | 0.35% | 0.35% | 0.32% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.34% | 0.38% | 0.39% | 0.40% | 0.42% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.30% | 0.33% | 0.34% | 0.35% | 0.32% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.99% | 1.60% | 1.92% | 1.91% | 1.64% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.03% | 1.65% | 1.97% | 1.96% | 1.74% | |||||||||||||||
Portfolio turnover rate | 39.58% | 37.80% | 53.89% | 70.47% | 42.81% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
125
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.062 | $11.477 | $11.458 | $11.290 | $10.42 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.064 | 0.128 | 0.160 | 0.152 | 0.12 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 5.780 | (1.402 | ) | 0.0035 | 1.467 | 1.20 | ||||||||||||||
Total from investment operations | 5.844 | (1.274 | ) | 0.163 | 1.619 | 1.32 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.072 | ) | (0.141 | ) | (0.132 | ) | (0.153 | ) | (0.14 | ) | ||||||||||
Dividends from net realized gains | (0.198 | ) | — | (0.012 | ) | (1.298 | ) | (0.31 | ) | |||||||||||
Total distributions | (0.270 | ) | (0.141 | ) | (0.144 | ) | (1.451 | ) | (0.45 | ) | ||||||||||
Net asset value, end of year | $15.636 | $10.062 | $11.477 | $11.458 | $11.29 | |||||||||||||||
Total return | 58.23% | (11.35)% | 1.61% | 14.22% | 12.91% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $1,075,230,154 | $739,949,997 | $788,314,442 | $611,928,879 | $551,141,139 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.94% | 0.97% | 1.00% | 1.00% | 1.01% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.90% | 0.93% | 0.95% | 0.95% | 0.92% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.94% | 0.97% | 0.99% | 0.99% | 1.01% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.90% | 0.93% | 0.94% | 0.94% | 0.92% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.44% | 1.03% | 1.35% | 1.22% | 0.99% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.48% | 1.07% | 1.40% | 1.27% | 1.08% | |||||||||||||||
Portfolio turnover rate | 39.58% | 37.80% | 53.89% | 70.47% | 42.81% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
126
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.204 | $9.677 | $9.538 | $9.100 | $9.51 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.262 | 0.288 | 0.255 | 0.204 | 0.19 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.978 | (0.491 | ) | 0.104 | 0.442 | 0.35 | ||||||||||||||
Total from investment operations | 2.240 | (0.203 | ) | 0.359 | 0.646 | 0.54 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.244 | ) | (0.270 | ) | (0.205 | ) | (0.187 | ) | — | |||||||||||
Dividends from net realized gains | (0.036 | ) | — | (0.015 | ) | (0.021 | ) | (0.95 | ) | |||||||||||
Total distributions | (0.280 | ) | (0.270 | ) | (0.220 | ) | (0.208 | ) | (0.95 | ) | ||||||||||
Net asset value, end of year | $11.164 | $9.204 | $9.677 | $9.538 | $9.10 | |||||||||||||||
Total return | 24.42% | (2.41)% | 3.97% | 7.07% | 6.09% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $1,287,200 | $1,713,169 | $2,268,382 | $3,140,896 | $4,966,270 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.36% | 0.40% | 0.42% | 0.44% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.10% | 0.10% | 0.10% | 0.27% | 0.30% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.36% | 0.40% | 0.42% | 0.44% | 0.51% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.10% | 0.10% | 0.10% | 0.27% | 0.30% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.22% | 2.57% | 2.35% | 1.97% | 1.78% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.48% | 2.87% | 2.67% | 2.14% | 1.99% | |||||||||||||||
Portfolio turnover rate | 38.17% | 58.96% | 69.19% | 30.27% | 44.43% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
127
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.137 | $9.617 | $9.482 | $9.060 | $9.53 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.199 | 0.226 | 0.196 | 0.143 | 0.12 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.959 | (0.490 | ) | 0.107 | 0.438 | 0.36 | ||||||||||||||
Total from investment operations | 2.158 | (0.264 | ) | 0.303 | 0.581 | 0.48 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.189 | ) | (0.216 | ) | (0.153 | ) | (0.138 | ) | — | |||||||||||
Dividends from net realized gains | (0.036 | ) | — | (0.015 | ) | (0.021 | ) | (0.95 | ) | |||||||||||
Total distributions | (0.225 | ) | (0.216 | ) | (0.168 | ) | (0.159 | ) | (0.95 | ) | ||||||||||
Net asset value, end of year | $11.070 | $9.137 | $9.617 | $9.482 | $9.06 | |||||||||||||||
Total return | 23.67% | (2.99)% | 3.35% | 6.39% | 5.44% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $461,123,761 | $314,935,864 | $337,130,990 | $268,079,977 | $110,985,447 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.96% | 0.99% | 1.02% | 1.03% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.70% | 0.70% | 0.70% | 0.83% | 0.89% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.96% | 0.99% | 1.02% | 1.03% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.70% | 0.70% | 0.70% | 0.83% | 0.89% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.64% | 1.98% | 1.75% | 1.31% | 1.10% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.90% | 2.27% | 2.07% | 1.51% | 1.31% | |||||||||||||||
Portfolio turnover rate | 38.17% | 58.96% | 69.19% | 30.27% | 44.43% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
128
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tactical Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.019 | $10.962 | $10.950 | $10.250 | $9.38 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.073 | 0.129 | 0.138 | 0.142 | 0.18 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.958 | (0.517 | ) | 0.408 | 1.078 | 0.81 | ||||||||||||||
Total from investment operations | 2.031 | (0.388 | ) | 0.546 | 1.220 | 0.99 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.051 | ) | (0.108 | ) | (0.128 | ) | (0.393 | ) | (0.12 | ) | ||||||||||
Dividends from net realized gains | (0.512 | ) | (0.447 | ) | (0.406 | ) | (0.127 | ) | — | |||||||||||
Total distributions | (0.563 | ) | (0.555 | ) | (0.534 | ) | (0.520 | ) | (0.12 | ) | ||||||||||
Net asset value, end of year | $11.487 | $10.019 | $10.962 | $10.950 | $10.25 | |||||||||||||||
Total return | 20.69% | (4.27)% | 5.59% | 11.83% | 10.63% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $1,305,328 | $1,553,075 | $1,506,030 | $1,681,043 | $3,767,220 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.47% | 0.50% | 0.51% | 0.52% | 0.53% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.45% | 0.46% | 0.43% | 0.45% | 0.40% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.47% | 0.50% | 0.51% | 0.52% | 0.53% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.45% | 0.46% | 0.43% | 0.45% | 0.40% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.65% | 1.10% | 1.15% | 1.25% | 1.69% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.67% | 1.14% | 1.23% | 1.32% | 1.82% | |||||||||||||||
Portfolio turnover rate | 443.30% | 500.28% | 336.60% | 369.57% | 336.50% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
129
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Tactical Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.960 | $10.919 | $10.907 | $10.150 | $9.32 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.010 | 0.061 | 0.074 | 0.082 | 0.11 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.941 | (0.515 | ) | 0.410 | 1.054 | 0.82 | ||||||||||||||
Total from investment operations | 1.951 | (0.454 | ) | 0.484 | 1.136 | 0.93 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.005 | ) | (0.058 | ) | (0.066 | ) | (0.252 | ) | (0.10 | ) | ||||||||||
Dividends from net realized gains | (0.512 | ) | (0.447 | ) | (0.406 | ) | (0.127 | ) | — | |||||||||||
Total distributions | (0.517 | ) | (0.505 | ) | (0.472 | ) | (0.379 | ) | (0.10 | ) | ||||||||||
Net asset value, end of year | $11.394 | $9.960 | $10.919 | $10.907 | $10.15 | |||||||||||||||
Total return | 19.96% | (4.83)% | 4.96% | 11.14% | 10.05% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $469,311,387 | $323,199,482 | $341,839,666 | $271,460,164 | $304,159,564 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.07% | 1.10% | 1.11% | 1.11% | 1.12% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.05% | 1.06% | 1.03% | 1.03% | 1.00% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.07% | 1.10% | 1.11% | 1.11% | 1.12% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.05% | 1.06% | 1.03% | 1.03% | 1.00% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 0.07% | 0.50% | 0.58% | 0.69% | 1.07% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 0.09% | 0.54% | 0.66% | 0.77% | 1.19% | |||||||||||||||
Portfolio turnover rate | 443.30% | 500.28% | 336.60% | 369.57% | 336.50% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
130
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Absolute Return Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.005 | $10.402 | $10.335 | $10.290 | $9.80 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.256 | 0.329 | 0.346 | 0.292 | 0.37 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.638 | 2 | (0.367 | ) | (0.003 | )2 | (0.037 | ) | 0.52 | |||||||||||
Total from investment operations | 0.894 | (0.038 | ) | 0.343 | 0.255 | 0.89 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.345 | ) | (0.359 | ) | (0.276 | ) | (0.210 | ) | (0.40 | ) | ||||||||||
Total distributions | (0.345 | ) | (0.359 | ) | (0.276 | ) | (0.210 | ) | (0.40 | ) | ||||||||||
Net asset value, end of year | $10.554 | $10.005 | $10.402 | $10.335 | $10.29 | |||||||||||||||
Total return | 8.92% | (0.53)% | 3.43% | 2.47% | 9.14% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $476,449 | $1,133,623 | $667,898 | $1,343,813 | $921,609 | |||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.49% | 0.50% | 0.51% | 0.53% | 0.58% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.21% | 0.21% | 0.20% | 0.37% | 0.50% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.48% | 0.49% | 0.51% | 0.53% | 0.58% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.20% | 0.20% | 0.20% | 0.37% | 0.50% | |||||||||||||||
Ratio of net investment income to average net assets5 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.15% | 2.82% | 3.04% | 2.64% | 3.58% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.43% | 3.11% | 3.35% | 2.80% | 3.66% | |||||||||||||||
Portfolio turnover rate | 65.03% | 161.00% | 146.82% | 154.33% | 41.66% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
5 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
131
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Absolute Return Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $10.010 | $10.402 | $10.348 | 10.320 | $9.81 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.195 | 0.266 | 0.283 | 0.231 | 0.30 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.634 | 5 | (0.368 | ) | (0.001 | )5 | (0.036) | 0.53 | ||||||||||||
Total from investment operations | 0.829 | (0.102 | ) | 0.282 | 0.195 | 0.83 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.261 | ) | (0.290 | ) | (0.228 | ) | (0.167 | ) | (0.32 | ) | ||||||||||
Total distributions | (0.261 | ) | (0.290 | ) | (0.228 | ) | (0.167 | ) | (0.32 | ) | ||||||||||
Net asset value, end of year | $10.578 | $10.010 | $10.402 | $10.348 | $10.32 | |||||||||||||||
Total return | 8.26% | (1.11)% | 2.81% | 1.88% | 8.54% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $212,656,486 | $391,177,265 | $312,866,645 | 267,250,294 | $128,948,108 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.09% | 1.10% | 1.11% | 1.12% | 1.18% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.81% | 0.81% | 0.80% | 0.96% | 1.10% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.08% | 1.09% | 1.11% | 1.12% | 1.18% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.80% | 0.80% | 0.80% | 0.96% | 1.10% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.57% | 2.22% | 2.44% | 2.04% | 2.91% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 1.85% | 2.51% | 2.75% | 2.20% | 2.99% | |||||||||||||||
Portfolio turnover rate | 65.03% | 161.00% | 146.82% | 154.33% | 41.66% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
5 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
132
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Multi-Asset Income Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.056 | $10.660 | $10.603 | $10.460 | $9.94 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.270 | 0.344 | 0.358 | 0.287 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 2.272 | (1.632 | ) | 0.062 | 0.137 | 0.52 | ||||||||||||||
Total from investment operations | 2.542 | (1.288 | ) | 0.420 | 0.424 | 0.81 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.266 | ) | (0.313 | ) | (0.363 | ) | (0.281 | ) | (0.29 | ) | ||||||||||
Dividends from net realized gains | — | (0.003 | ) | — | — | — | ||||||||||||||
Total distributions | (0.266 | ) | (0.316 | ) | (0.363 | ) | (0.281 | ) | (0.29 | ) | ||||||||||
Net asset value, end of year | $11.332 | $9.056 | $10.660 | $10.603 | $10.46 | |||||||||||||||
Total return | 28.42% | (12.53)% | 4.13% | 4.05% | 8.24% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $132,821,013 | $112,044,753 | $132,260,092 | $119,091,615 | $119,817,129 | |||||||||||||||
Ratio of expenses to average net assets2 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense3 | 1.09% | 1.12% | 1.15% | 1.13% | 1.17% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense3 | 0.96% | 0.92% | 0.82% | 0.98% | 0.97% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 1.09% | 1.12% | 1.15% | 1.13% | 1.17% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.96% | 0.92% | 0.82% | 0.98% | 0.97% | |||||||||||||||
Ratio of net investment income to average net assets4 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.48% | 2.99% | 3.08% | 2.52% | 2.66% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.61% | 3.19% | 3.41% | 2.67% | 2.86% | |||||||||||||||
Portfolio turnover rate | 73.27% | 85.15% | 44.77% | 131.23% | 61.25% |
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
3 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
4 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
133
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Flexible Income Allocation Fund | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.368 | $9.422 | $9.577 | $9.670 | $9.62 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.511 | 0.391 | 0.426 | 0.543 | 0.24 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.9892 | (0.076 | )2 | (0.183 | ) | (0.158 | )2 | 0.07 | ||||||||||||
Total from investment operations | 1.500 | 0.315 | 0.243 | 0.385 | 0.31 | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.286 | ) | (0.369 | ) | (0.398 | ) | (0.478 | ) | (0.26 | ) | ||||||||||
Total distributions | (0.286 | ) | (0.369 | ) | (0.398 | ) | (0.478 | ) | (0.26 | ) | ||||||||||
Net asset value, end of year | $10.582 | $9.368 | $9.422 | $9.577 | $9.67 | |||||||||||||||
Total return | 16.10% | 3.38% | 2.58% | 3.99% | 3.23% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $7,747 | $34,154 | $26,280 | $224,505 | $52,492 | |||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.37% | 0.45% | 0.56% | 0.52% | 0.50% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.15% | 0.15% | 0.16% | 0.27% | 0.37% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.37% | 0.45% | 0.55% | 0.52% | 0.50% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.15% | 0.15% | 0.15% | 0.27% | 0.37% | |||||||||||||||
Ratio of net investment income to average net assets5 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 4.84% | 3.81% | 4.07% | 5.27% | 2.32% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 5.06% | 4.11% | 4.47% | 5.52% | 2.45% | |||||||||||||||
Portfolio turnover rate | 211.84% | 517.05% | 380.48% | 232.11% | 114.68% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
5 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
134
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Flexible Income Allocation Fund | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||||||||||
Net asset value, beginning of year | $9.304 | $9.366 | $9.525 | $9.610 | $9.55 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income1 | 0.250 | 0.331 | 0.361 | 0.340 | 0.18 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.1752 | (0.076 | )2 | (0.173 | ) | (0.018 | )2 | 0.08 | ||||||||||||
Total from investment operations | 1.425 | 0.255 | 0.188 | 0.322 | 0.26 | |||||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.232 | ) | (0.317 | ) | (0.347 | ) | (0.407 | ) | (0.20 | ) | ||||||||||
Total distributions | (0.232 | ) | (0.317 | ) | (0.347 | ) | (0.407 | ) | (0.20 | ) | ||||||||||
Net asset value, end of year | $10.497 | $9.304 | $9.366 | $9.525 | $9.61 | |||||||||||||||
Total return | 15.38% | 2.76% | 2.00% | 3.35% | 2.73% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $279,838,116 | $98,516,379 | $59,741,077 | $55,246,464 | $99,575,144 | |||||||||||||||
Ratio of expenses to average net assets3 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.99% | 1.05% | 1.15% | 1.12% | 1.09% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense4 | 0.75% | 0.75% | 0.77% | 0.93% | 0.91% | |||||||||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.99% | 1.05% | 1.13% | 1.12% | 1.09% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.75% | 0.75% | 0.75% | 0.93% | 0.91% | |||||||||||||||
Ratio of net investment income to average net assets5 | ||||||||||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 2.17% | 3.20% | 3.45% | 3.30% | 1.72% | |||||||||||||||
After expense reimbursement (recapture) and securities lending credit | 2.41% | 3.50% | 3.83% | 3.49% | 1.90% | |||||||||||||||
Portfolio turnover rate | 211.84% | 517.05% | 380.48% | 232.21% | 114.68% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income per share has been calculated based on average shares outstanding during the year. |
2 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
3 | These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests. |
4 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
5 | Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests. |
See notes to financial statements.
135
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Managed Futures Strategy Fund (Consolidated) | ||||||||||||||||||||
Institutional | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
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 | $ 8.813 | $ 8.067 | $ 8.665 | $ 8.700 | $ 9.75 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment gain (loss)1 | (0.084 | ) | 0.063 | 0.081 | (0.002 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gain (losses) on investments | 1.079 | 1.097 | (0.679 | ) | (0.033 | ) | (0.83 | ) | ||||||||||||
Total from investment operations | 0.995 | 1.160 | (0.598 | ) | (0.035 | ) | (0.89 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | — | (0.131 | ) | — | — | — | ||||||||||||||
Dividends from net realized gains | (0.304 | ) | (0.283 | ) | — | — | (0.16 | ) | ||||||||||||
Total distributions | (0.304 | ) | (0.414 | ) | — | — | (0.16 | ) | ||||||||||||
Net asset value, end of year | $ 9.504 | $ 8.813 | $ 8.067 | $ 8.665 | $ 8.70 | |||||||||||||||
Total return | 11.46% | 14.70% | (6.90)% | (0.40)% | (9.17)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $483,785 | $1,220,564 | $961,919 | $1,215,018 | $1,478,880 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and fees waived including interest expense2 | 1.21% | 1.25% | 1.27% | 1.38% | 1.37% | |||||||||||||||
After expense reimbursement (recapture) and fees waived including interest expense2 | 1.29% | 1.30% | 1.30% | 1.34% | 1.34% | |||||||||||||||
Before expense reimbursement (recapture) and fees waived excluding interest expense | 1.21% | 1.25% | 1.27% | 1.34% | 1.33% | |||||||||||||||
After expense reimbursement (recapture) and fees waived excluding interest expense | 1.29% | 1.30% | 1.30% | 1.30% | 1.30% | |||||||||||||||
Ratio of net investment gain (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and fees waived | (0.87)% | 0.79% | 1.03% | (0.07)% | (0.69)% | |||||||||||||||
After expense reimbursement (recapture) and fees waived | (0.95)% | 0.74% | 1.00% | (0.03)% | (0.66)% | |||||||||||||||
Portfolio turnover rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income (loss) per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
136
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Managed Futures Strategy Fund (Consolidated) | ||||||||||||||||||||
Service | ||||||||||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | Year Ended March 31, 2019 | Year Ended March 31, 2018 | Year Ended March 31, 2017 | ||||||||||||||||
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 | $ 8.648 | $ 7.914 | $ 8.551 | $ 8.640 | $ 9.73 | |||||||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment gain (loss)1 | (0.129 | ) | 0.011 | 0.035 | (0.050 | ) | (0.11 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.053 | 1.077 | (0.672 | ) | (0.039 | ) | (0.82 | ) | ||||||||||||
Total from investment operations | 0.924 | 1.088 | (0.637 | ) | (0.089 | ) | (0.93 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||
Dividends from net investment income | — | (0.071 | ) | — | — | — | ||||||||||||||
Dividends from net realized gains | (0.304 | ) | (0.283 | ) | — | — | (0.16 | ) | ||||||||||||
Total distributions | (0.304 | ) | (0.354 | ) | — | — | (0.16 | ) | ||||||||||||
Net asset value, end of year | $ 9.268 | $ 8.648 | $ 7.914 | $ 8.551 | $ 8.64 | |||||||||||||||
Total return | 10.84% | 14.03% | (7.45)% | (0.92)% | (9.70)% | |||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of year | $207,653,403 | $221,868,264 | $156,397,141 | $121,362,278 | $81,212,945 | |||||||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and fees waived including interest expense2 | 1.80% | 1.85% | 1.87% | 1.97% | 1.97% | |||||||||||||||
After expense reimbursement (recapture) and fees waived including interest expense2 | 1.81% | 1.90% | 1.90% | 1.94% | 1.94% | |||||||||||||||
Before expense reimbursement (recapture) and fees waived excluding interest expense | 1.80% | 1.85% | 1.87% | 1.93% | 1.93% | |||||||||||||||
After expense reimbursement (recapture) and fees waived excluding interest expense | 1.81% | 1.90% | 1.90% | 1.90% | 1.90% | |||||||||||||||
Ratio of net investment gain (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursement (recapture) and fees waived | (1.47)% | 0.18% | 0.47% | (0.61)% | (1.27)% | |||||||||||||||
After expense reimbursement (recapture) and fees waived | (1.48)% | 0.13% | 0.44% | (0.58)% | (1.24)% | |||||||||||||||
Portfolio turnover rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Portfolio Turnover is calculated for the Fund as a whole.
1 | Net investment income (loss) per share has been calculated based on average shares outstanding during the year. |
2 | Includes interest expense where applicable. See Note 6 in the Notes to Financial Statements. |
See notes to financial statements.
137
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Conservative Income Fund | ||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | April 30, 20181 through March 31, 2019 | ||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||
Net asset value, beginning of year | $9.899 | $9.987 | $10.000 | |||||||||
Income from investment operations: | ||||||||||||
Net investment income2 | 0.029 | 0.177 | 0.153 | |||||||||
Net realized and unrealized gains (losses) on investments | 0.044 | (0.092 | ) | (0.020 | )7 | |||||||
Total from investment operations | 0.073 | 0.085 | 0.133 | |||||||||
Less distributions: | ||||||||||||
Dividends from net investment income | (0.034 | ) | (0.173 | ) | (0.144 | ) | ||||||
Dividends from net realized gains | — | — | (0.002 | ) | ||||||||
Total distributions | (0.034 | ) | (0.173 | ) | (0.146 | ) | ||||||
Net asset value, end of year | $9.938 | $9.899 | $9.987 | |||||||||
Total return | 0.74% | 0.85% | 1.34%3 | |||||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of year | $15,926,192 | $6,724,818 | $973,527 | |||||||||
Ratio of expenses to average net assets4 | ||||||||||||
Before expense reimbursement (recapture) and securities lending credit | 1.14% | 2.23% | 43.40%5 | |||||||||
After expense reimbursement (recapture) and securities lending credit | 0.64% | 0.64% | 0.64%5 | |||||||||
Ratio of net investment income to average net assets6 | ||||||||||||
Before expense reimbursement (recapture) and fees waived | (0.20)% | 0.18% | (41.09)%5 | |||||||||
After expense reimbursement (recapture) and fees waived | 0.30% | 1.77% | 1.67%5 | |||||||||
Portfolio turnover rate | 190.65% | 190.99% | 388.79%3 |
1 | Commencement of operations. |
2 | Net investment income per share has been calculated based on average shares outstanding during the year. |
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 | 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 shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
See notes to financial statements.
138
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Income Fund | ||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | April 30, 20181 through March 31, 2019 | ||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||
Net asset value, beginning of year | $9.857 | $9.892 | $10.000 | |||||||||
Income from investment operations: | ||||||||||||
Net investment income2 | 0.186 | 0.284 | 0.079 | |||||||||
Net realized and unrealized gains (losses) on investments | 0.090 | 7 | (0.048 | )7 | 0.0167 | |||||||
Total from investment operations | 0.276 | 0.236 | 0.095 | |||||||||
Less distributions: | ||||||||||||
Dividends from net investment income | (0.183 | ) | (0.266 | ) | (0.203 | ) | ||||||
Dividends from net realized gains | — | (0.005 | ) | — | ||||||||
Total distributions | (0.183 | ) | (0.271 | ) | (0.203 | ) | ||||||
Net asset value, end of year | $9.950 | $9.857 | $9.892 | |||||||||
Total return | 2.79% | 2.34% | 0.99%3 | |||||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of year | $38,031,721 | $32,494,874 | $3,619,628 | |||||||||
Ratio of expenses to average net assets4 | ||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | 0.92% | 1.18% | 16.23%5 | |||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense8 | 0.80% | 0.79% | 0.79%5 | |||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.91% | 1.18% | 16.23%5 | |||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79% | 0.79% | 0.79%5 | |||||||||
Ratio of net investment income to average net assets6 | ||||||||||||
Before expense reimbursement (recapture) and fees waived | 1.73% | 2.39% | (14.57)%5 | |||||||||
After expense reimbursement (recapture) and fees waived | 1.85% | 2.79% | 0.87%5 | |||||||||
Portfolio turnover rate | 194.13% | 247.58% | 801.50%3 |
1 | Commencement of operations. |
2 | Net investment income per share has been calculated based on average shares outstanding during the year. |
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 | 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 shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
8 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
139
GuideMark® Funds & GuidePath® Funds
FINANCIAL HIGHLIGHTS
Growth & Income Fund | ||||||||||||
Year Ended March 31, 2021 | Year Ended March 31, 2020 | April 30, 20181 through March 31, 2019 | ||||||||||
Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows: | ||||||||||||
Net asset value, beginning of year | $8.717 | $9.772 | $10.000 | |||||||||
Income from investment operations: | ||||||||||||
Net investment income2 | 0.134 | 0.189 | 0.331 | |||||||||
Net realized and unrealized gains (losses) on investments | 2.959 | (1.094 | ) | (0.320 | )7 | |||||||
Total from investment operations | 3.093 | (0.905 | ) | 0.011 | ||||||||
Less distributions: | ||||||||||||
Dividends from net investment income | (0.127 | ) | (0.146 | ) | (0.239 | ) | ||||||
Dividends from net realized gains | — | (0.004 | ) | — | ||||||||
Total distributions | (0.127 | ) | (0.150 | ) | (0.239 | ) | ||||||
Net asset value, end of year | $11.683 | $8.717 | $9.772 | |||||||||
Total return | 35.67% | (9.45)% | 0.14%3 | |||||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of year | $86,833,376 | $33,927,659 | $4,519,060 | |||||||||
Ratio of expenses to average net assets4 | ||||||||||||
Before expense reimbursement (recapture) and securities lending credit including interest expense8 | 0.95% | 1.34% | 27.58%5 | |||||||||
After expense reimbursement (recapture) and securities lending credit including interest expense8 | 0.80% | 0.79% | 0.79%5 | |||||||||
Before expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.94% | 1.34% | 27.58%5 | |||||||||
After expense reimbursement (recapture) and securities lending credit excluding interest expense | 0.79% | 0.79% | 0.79%5 | |||||||||
Ratio of net investment income to average net assets6 | ||||||||||||
Before expense reimbursement (recapture) and fees waived | 1.13% | 1.34% | (23.11)%5 | |||||||||
After expense reimbursement (recapture) and fees waived | 1.28% | 1.89% | 3.68%5 | |||||||||
Portfolio turnover rate | 108.96% | 159.34% | 123.50%3 |
1 | Commencement of operations. |
2 | Net investment income per share has been calculated based on average shares outstanding during the year. |
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 | 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 shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
8 | Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements. |
See notes to financial statements.
140
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS
March 31, 2021
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 5 funds: GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US Fund, GuideMark® Core Fixed Income. GPS Funds II is comprised of the following 10 funds: GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund, GuidePath® Managed Futures Strategy Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund (collectively, the “Funds”). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund and GuidePath® Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath® Multi-Asset Income Allocation Fund and GuidePath® Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath® Managed Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund, which are only offered with a single share class. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the Statement of Changes in Net Assets. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
2. | Fund of Funds |
The GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, GuidePath® Flexible Income Allocation Fund, GuidePath® Conservative Income Fund, GuidePath® Income Fund and GuidePath® Growth and Income Fund each operate as a “Fund of Funds,” investing primarily (or, in the case of the GuidePath® Tactical Allocation Fund, between 10% and 100% of its assets) in registered investment companies, including mutual funds and
exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein as the “Underlying Funds.” The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.
3. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(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. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.
To assess the continuing appropriateness of security valuation, the Advisor regularly compares prior day prices with current
141
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
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 year. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
During the year, certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.
Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, 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.
142
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2021:
GuideMark® Large Cap Core Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 577,837,100 | $ | — | $ | — | $ | 577,837,100 | ||||||||
Investment Companies | 14,345,041 | — | — | 14,345,041 | ||||||||||||
Real Estate Investment Trusts | 5,822,491 | — | — | 5,822,491 | ||||||||||||
Short Term Investments | 4,347,830 | — | — | 4,347,830 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 33,919,804 | ||||||||||||
Total Investments in Securities | $ | 602,352,462 | $ | — | $ | — | $ | 636,272,266 | ||||||||
* | 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 | $ | 2,189,344 | $ | 7,040,129 | $ | — | $ | 9,229,473 | ||||||||
Consumer Discretionary | 7,751,437 | 7,206,845 | — | 14,958,282 | ||||||||||||
Consumer Staples | 1,502,685 | 5,041,921 | — | 6,544,606 | ||||||||||||
Energy | 1,079,379 | 1,564,385 | — | 2,643,764 | ||||||||||||
Financials | 1,051,255 | 10,307,794 | — | 11,359,049 | ||||||||||||
Health Care | 578,915 | 4,106,738 | — | 4,685,653 | ||||||||||||
Industrials | 368,686 | 2,316,162 | — | 2,684,848 | ||||||||||||
Information Technology | 452,225 | 21,499,881 | — | 21,952,106 | ||||||||||||
Materials | 2,196,391 | 5,658,756 | — | 7,855,147 | ||||||||||||
Real Estate | — | 686,891 | — | 686,891 | ||||||||||||
Utilities | 111,133 | 577,432 | — | 688,565 | ||||||||||||
Total Common Stocks | 17,281,450 | 66,006,934 | — | 83,288,384 | ||||||||||||
Investment Companies | 10,932,678 | — | — | 10,932,678 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer Staples | — | 238,186 | — | 238,186 | ||||||||||||
Energy | 249,728 | — | — | 249,728 | ||||||||||||
Financials | 439,993 | — | — | 439,993 | ||||||||||||
Information Technology | — | 705,650 | — | 705,650 | ||||||||||||
Materials | 121,285 | 205,751 | — | 327,036 | ||||||||||||
Utilities | 243,133 | — | — | 243,133 | ||||||||||||
Total Preferred Stocks | 1,054,139 | 1,149,587 | — | 2,203,726 | ||||||||||||
Rights | 1,512 | — | — | 1,512 | ||||||||||||
Short Term Investments | 684,992 | — | — | 684,992 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 4,637,812 | ||||||||||||
Total Investments in Securities | $ | 29,954,771 | $ | 67,156,521 | $ | — | $ | 101,749,104 | ||||||||
* | 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 more information regarding security characteristics, see the Schedule of Investments.
143
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
GuideMark® Small/Mid Cap Core Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stock | $ | 85,497,758 | $ | — | $ | 3,866 | $ | 85,501,624 | ||||||||
Investment Companies | 3,265,582 | — | — | 3,265,582 | ||||||||||||
Real Estate Investment Trusts | 3,258,590 | — | — | 3,258,590 | ||||||||||||
Short Term Investments | 689,166 | — | — | 689,166 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 6,578,455 | ||||||||||||
Total Investments in Securities | $ | 92,711,096 | $ | — | $ | 3,866 | $ | 99,293,417 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description | Common Stocks | Rights | ||||||
Balance as of April 1, 2020 | $ | 9,708 | 0 | |||||
Purchases | — | — | ||||||
Sales proceeds and paydowns | — | 0 | ||||||
Accreted discounts, net | — | |||||||
Corporate Actions | 0 | — | ||||||
Realized gain (loss) | — | 0 | ||||||
Change in unrealized appreciation (depreciation) | (5,842 | ) | — | |||||
Transfers into/(out of) Level 3 | — | — | ||||||
Balance as of March 31, 2021 | $ | 3,866 | — | |||||
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2021. | $ | (5,842 | ) | — | ||||
GuideMark® World ex-US Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 40,711 | $ | 6,186,617 | $ | — | $ | 6,227,328 | ||||||||
Consumer Discretionary | 556,879 | 18,245,478 | — | 18,802,357 | ||||||||||||
Consumer Staples | 2,008,135 | 13,715,016 | — | 15,723,151 | ||||||||||||
Energy | 314,279 | 2,531,919 | — | 2,846,198 | ||||||||||||
Financials | 3,842,282 | 17,302,110 | — | 21,144,392 | ||||||||||||
Health Care | 526,010 | 17,204,534 | — | 17,730,544 | ||||||||||||
Industrials | 1,792,189 | 18,452,961 | — | 20,245,150 | ||||||||||||
Information Technology | 1,864,551 | 10,551,705 | — | 12,416,256 | ||||||||||||
Materials | 1,439,599 | 9,652,502 | — | 11,092,101 | ||||||||||||
Real Estate | 99,007 | 321,820 | — | 420,827 | ||||||||||||
Utilities | 190,564 | 3,006,915 | — | 3,197,479 | ||||||||||||
Total Common Stocks | 12,674,206 | 117,171,577 | — | 129,845,783 | ||||||||||||
Investment Companies | 4,588,494 | — | — | 4,588,494 | ||||||||||||
Participatory Notes | — | 37,901 | — | 37,901 | ||||||||||||
Preferred Stocks | — | 1,061,668 | — | 1,061,668 | ||||||||||||
Real Estate Investment Trusts | — | 355,976 | — | 355,976 | ||||||||||||
Rights | — | — | 3,326 | 3,326 | ||||||||||||
Short Term Investments | 834,008 | — | — | 834,008 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 702,165 | ||||||||||||
Total Investments in Securities | $ | 18,096,708 | $ | 118,627,122 | $ | 3,326 | $ | 137,429,321 | ||||||||
* | 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. |
144
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
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 | Rights | |||
Balance as of April 1, 2020 | $ | — | ||
Purchases | — | |||
Sales proceeds and paydowns | — | |||
Accreted discounts, net | — | |||
Corporate Actions | 0 | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | 3,326 | |||
Transfers into/(out of) Level 3 | — | |||
Balance as of March 31, 2021 | $ | 3,326 | ||
Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2021. | $ | 3,326 | ||
GuideMark® Core Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 6,408,675 | $ | — | $ | 6,408,675 | ||||||||
Collateralized Mortgage Obligations | — | 23,240,407 | — | 23,240,407 | ||||||||||||
Corporate Obligations | — | 56,256,477 | — | 56,256,477 | ||||||||||||
Foreign Government Debt Obligations | — | 2,359,117 | — | 2,359,117 | ||||||||||||
Mortgage Backed Securities – U.S. Government Agency | — | 70,455,612 | — | 70,455,612 | ||||||||||||
Municipal Debt Obligations | — | 3,010,328 | — | 3,010,328 | ||||||||||||
U.S. Treasury Obligations | — | 54,982,930 | — | 54,982,930 | ||||||||||||
Total Fixed Income | — | 216,713,546 | — | 216,713,546 | ||||||||||||
Short Term Investments | 13,372,829 | — | — | 13,372,829 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 4,583,430 | ||||||||||||
Total Investments in Securities | $ | 13,372,829 | $ | 216,713,546 | $ | — | $ | 234,669,805 | ||||||||
Other Financial Instruments** | ||||||||||||||||
Futures | $ | 441,425 | $ | — | $ | — | $ | 441,425 | ||||||||
Swaps | — | 380,308 | — | 380,308 |
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
**Other | financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures and swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
For more information regarding security characteristics, see the Schedule of Investments.
GuidePath® Growth Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 1,064,665,835 | $ | — | $ | — | $ | 1,064,665,835 | ||||||||
Short Term Investments | 12,717,743 | — | — | 12,717,743 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 273,607,847 | ||||||||||||
Total Investments in Securities | $ | 1,077,383,578 | $ | — | $ | — | $ | 1,350,991,425 | ||||||||
* | 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.
145
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
GuidePath® Conservative Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 456,615,714 | $ | — | $ | — | $ | 456,615,714 | ||||||||
Short Term Investments | 5,336,506 | — | — | 5,336,506 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 117,653,868 | ||||||||||||
Total Investments in Securities | $ | 461,952,220 | $ | — | $ | — | $ | 579,606,088 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
GuidePath® Tactical Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 329,776,348 | $ | — | $ | — | $ | 329,776,348 | ||||||||
Investment Companies | 41,936,030 | — | — | 41,936,030 | ||||||||||||
Real Estate Investment Trusts | 4,716,868 | — | — | 4,716,868 | ||||||||||||
Short Term Investments | 94,875,186 | — | — | 94,875,186 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 104,133,886 | ||||||||||||
Total Investments in Securities | $ | 471,304,432 | $ | — | $ | — | $ | 575,438,318 | ||||||||
* | 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 | $ | 210,471,921 | $ | — | $ | — | $ | 210,471,921 | ||||||||
Short Term Investments | 3,539,911 | — | — | 3,539,911 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 33,662,416 | ||||||||||||
Total Investments in Securities | $ | 214,011,832 | $ | — | $ | — | $ | 247,674,248 | ||||||||
* | 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 | $ | 131,494,223 | $ | — | $ | — | $ | 131,494,223 | ||||||||
Short Term Investments | 1,122,706 | — | — | 1,122,706 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 21,649,549 | ||||||||||||
Total Investments in Securities | $ | 132,616,929 | $ | — | $ | — | $ | 154,266,478 | ||||||||
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
For further information regarding security characteristics, see the Schedule of Investments.
146
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
GuidePath® Flexible Income Allocation Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 274,853,090 | $ | — | $ | — | $ | 274,853,090 | ||||||||
Short Term Investments | 1,398,577 | — | — | 1,398,577 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 58,619,752 | ||||||||||||
Total Investments in Securities | $ | 276,251,667 | $ | — | $ | — | $ | 334,871,419 | ||||||||
* | 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 | $ | 12,993,407 | $ | 183,994,132 | $ | — | $ | 196,987,539 | ||||||||
Total Investments in Securities | $ | 12,993,407 | $ | 183,994,132 | $ | — | $ | 196,987,539 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Futures | $ | 4,362,676 | $ | — | $ | — | $ | 4,362,676 | ||||||||
Forward Currency Contracts | $ | — | $ | (328,412 | ) | $ | — | $ | (328,412 | ) |
* | Other financial instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures and forward currency contracts. Futures and forward currency contracts are reflected as the unrealized appreciation (depreciation) on the instrument. |
For further information regarding security characteristics, see the Consolidated Schedule of Investments.
GuidePath® Conservative Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 8,290,421 | $ | — | $ | — | $ | 8,290,421 | ||||||||
Short Term Investments | 6,506,956 | 1,109,573 | — | 7,616,529 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 537,300 | ||||||||||||
Total Investments in Securities | $ | 14,797,377 | $ | 1,109,573 | �� | $ | — | $ | 16,444,250 | |||||||
* | 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® Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment Companies | $ | 37,597,029 | $ | — | $ | — | $ | 37,597,029 | ||||||||
Short Term Investments | 606,482 | — | — | 606,482 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 7,653,784 | ||||||||||||
Total Investments in Securities | $ | 38,203,511 | $ | — | $ | — | $ | 45,857,295 | ||||||||
* | 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.
147
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
GuidePath® Growth & Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stock | $ | 32,336,796 | $ | — | $ | — | $ | 32,336,796 | ||||||||
Investment Companies | 30,395,461 | — | — | 30,395,461 | ||||||||||||
Short Term Investments | 14,982,138 | 9,058,183 | — | 24,040,321 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral* | — | — | — | 1,005,669 | ||||||||||||
Total Investments in Securities | $ | 77,714,395 | $ | 9,058,183 | $ | — | $ | 87,778,247 | ||||||||
Other Financial Instruments** | ||||||||||||||||
Futures | $ | (19,928 | ) | $ | — | $ | — | $ | (19,928 | ) | ||||||
Options Written | (116,815 | ) | — | — | (116,815 | ) |
* | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. |
** | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and written options. Futures are reflected as unrealized appreciation (depreciation) on the instrument, while written options are reflected at value. |
For further information regarding security characteristics, see the Schedule of Investments.
(b) | Consolidation of Subsidiary |
The GuidePath® Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath Managed Futures Strategy Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath® Managed Futures Strategy Fund. The financial statements of the GuidePath® Managed Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The GuidePath® Managed Futures Strategy Fund had 3.40% of its total assets invested in the Subsidiary as of March 31, 2021.
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, other than the following:
The Board of Trustees of the Trusts, based upon the recommendation of the Advisor, determined to terminate the Funds’ Distribution Plans pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, effective as of April 1, 2021. As a result, Service Shares of the Funds no longer pay Rule 12b-1 fees as of April 1, 2021. In addition, to correspond with the discontinuation of the Funds’ Rule 12b-1 plans, each Fund’s Expense Cap for Service Shares was lowered by 25 basis
points to reflect to the removal of Rule 12b-1 fees, effective April 1, 2021.
(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, 2021, 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
148
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal year ended March 31, 2021, 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 Fund and enable it legally to do business. The Funds expense organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 4). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.
(j) | Security Transactions and Income Recognition |
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and the interest income recorded using the effective yield method is accrued daily, and is recognized on an accrual basis. Premiums and discounts on the purchase of securities are amortized/accreted using the effective interest method. Withholding taxes on foreign dividends and taxes on capital gains, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in accordance with the Trusts’ understanding of the applicable
country’s tax rules and rates. Any deferred foreign capital gains tax is accrued based upon net unrealized gains, and is payable upon sale of such investment. Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.
(k) | Distributions to Shareholders |
The Funds, with the exception of the Core Fixed Income Fund, Multi-Asset Income Allocation Fund, Flexible Income Allocation Fund, Conservative Income Fund, Income Fund and Growth and Income Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund will distribute any net investment income quarterly. The Conservative Income Fund, Income Fund and Growth and Income Fund will generally distribute any net investment income monthly. All of the Funds will generally distribute any net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.
(l) | Derivatives |
Each Fund may invest in derivative securities including 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
149
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.
A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.
Futures
Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures
contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.
The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.
Futures contracts are valued at the daily quoted settlement prices.
Swaps
The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.
Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.
Derivative Instruments and Hedging Activities
Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
In general, the use of derivatives may increase the risk within the Funds. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.
GuideMark® Core Fixed Income Fund
During the year, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX and CMBX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the year included those based on short, medium, and long-term U.S. Treasury debt.
The Fund used futures contracts during the year primarily to manage interest rate risk. The Fund used investment grade CDX and CMBX to efficiently manage investment grade credit exposure.
150
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2021
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 | $ | 9,253 | Depreciation on swap agreements | $ | — | ||||||
Interest Rate Contracts – Swaps | Appreciation on swap agreements | 371,055 | Depreciation on swap agreements | — | ||||||||
Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts** | 441,425 | Unrealized depreciation on futures contracts** | — | ||||||||
Total | $ | 821,733 | $ | — |
* | Represents cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
** | Included in total distributable earnings on the Statement of Assets and Liabilities. |
The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2021 | ||||||||||||||||||||
Amount of Realized Gain or (Loss) on Derivatives | ||||||||||||||||||||
Futures Contracts | Swaps | Written Options | Purchased Options* | Total | ||||||||||||||||
Credit Contracts | $ | — | $ | (573,709 | ) | $ | 716,334 | $ | (13,402 | ) | $ | 129,223 | ||||||||
Interest Rate Contracts | 747,454 | (1,374,912 | ) | — | — | (627,458 | ) | |||||||||||||
Total | $ | 747,454 | $ | (1,948,621 | ) | $ | 716,334 | $ | (13,402 | ) | $ | (498,235 | ) |
* | Included in net realized gain (loss) on investments as reported in the Statement of Operations. |
Change in Unrealized Appreciation or (Depreciation) on Derivatives | ||||||||||||||||||||
Futures Contracts | Swaps | Written Options | Purchased Options* | Total | ||||||||||||||||
Credit Contracts | $ | — | $ | 109,855 | $ | 47,567 | $ | — | $ | 157,422 | ||||||||||
Interest Rate Contracts | 485,295 | 1,653,340 | — | 12,484 | 2,151,119 | |||||||||||||||
Total | $ | 485,295 | $ | 1,763,195 | $ | 47,567 | $ | 12,484 | $ | 2,308,541 |
* | Included in net change in unrealized appreciation (depreciation) on investments as reported in the Statement of Operations. |
GuidePath® Managed Futures Strategy Fund
The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the year ended March 31, 2021, 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.
151
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
Consolidated Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2021
Asset Derivatives | Liability Derivatives | |||||||||||
Consolidated Statement of Assets and Liabilities Location | Value | Consolidated Statement of Assets and Liabilities Location | Value | |||||||||
Commodity Contracts – Futures* | Unrealized appreciation on futures contracts** | $ | 2,259,572 | Unrealized depreciation on futures contracts** | $ | 1,195,543 | ||||||
Equity Contracts – Futures* | Unrealized appreciation on futures contracts** | 893,981 | Unrealized depreciation on futures contracts** | 335,247 | ||||||||
Foreign Exchange Contracts – Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 81,690 | Unrealized Depreciation on forward currency contracts | 410,102 | ||||||||
Foreign Exchange Contracts – Futures* | Unrealized appreciation on futures contracts** | 1,174,726 | Unrealized depreciation on futures contracts** | 280,622 | ||||||||
Interest Rate Contracts – Futures* | Unrealized appreciation on futures contracts** | 1,884,444 | Unrealized depreciation on futures contracts** | 38,635 | ||||||||
Total | $ | 6,294,413 | $ | 2,260,149 |
* | Represents cumulative appreciation/depreciation as reported on the Consolidated Schedule of Open Futures Contracts. |
** | Included in total distributable earnings on the Consolidated Statement of Assets and Liabilities. |
The Effect of Derivative Instruments on the Consolidated Statement of Operations for the year ended March 31, 2021 | ||||||||||||
Amount of Realized Gain (Loss) on Derivatives | ||||||||||||
Futures Contracts | Forward Currency Contracts | Total | ||||||||||
Commodity Contracts | $ | 9,721,640 | $ | — | $ | 9,721,640 | ||||||
Equity Contracts | 12,624,846 | — | 12,624,846 | |||||||||
Foreign Exchange Contracts | 2,029,033 | 1,172,575 | 3,201,608 | |||||||||
Interest Rate Contracts | 6,072,558 | — | 6,072,558 | |||||||||
Total | $ | 30,448,077 | $ | 1,172,575 | $ | 31,620,652 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||
Futures Contracts | Forward Currency Contracts | Total | ||||||||||
Commodity Contracts | $ | (3,082,808 | ) | $ | — | $ | (1,741,187 | ) | ||||
Equity Contracts | 1,033,271 | — | 1,033,271 | |||||||||
Foreign Exchange Contracts | 99,230 | (1,901,107 | ) | (1,664,348 | ) | |||||||
Interest Rate Contracts | (1,861,827 | ) | — | (3,340,977 | ) | |||||||
Total | $ | (3,812,134 | ) | $ | (1,901,107 | ) | $ | (5,713,241 | ) |
GuidePath® Growth and Income Fund
During the year, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and exchange trade funds (“ETFs”) options, for both hedging and investment purposes, primarily risk management, and the pursuit of excess premium opportunities. The Fund used futures contracts during the year primarily to manage portfolio risk (volatility). The Fund wrote collateralized put options in an attempt to generate returns through receiving the option premiums; together with investments in fixed income instruments, it intended to lower the volatility relative to as if the Fund held the S&P 500 index.
Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2021
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||||||
Equity Contracts – Futures* | Unrealized appreciation on futures contracts** | $ | — | Unrealized depreciation on futures contracts** | $ | 19,928 | ||||||
Equity Contracts – Options | Investments, at Value | — | Options Written, at Value | 116,815 | ||||||||
Total | $ | — | $ | 136,743 |
* | Represents cumulative appreciation/depreciation as reported on the Schedule of Open Futures Contracts. |
** | Included in total distributable earnings on the Statement of Assets and Liabilities. |
152
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
The Effect of Derivative Instruments on the Statement of Operations for the year ended March 31, 2021 | ||||||||||||
Amount of Realized Gain (Loss) on Derivatives | ||||||||||||
Futures Contracts | Written Options | Total | ||||||||||
Equity Contracts | $ | (2,047,298 | ) | $ | 4,077,844 | $ | 2,030,546 | |||||
Total | $ | (2,047,298 | ) | $ | 4,077,844 | $ | 2,030,546 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||
Futures Contracts | Written Options | Total | ||||||||||
Equity Contracts | $ | 19,639 | $ | 148,265 | $ | 167,904 | ||||||
Total | $ | 19,639 | $ | 148,265 | $ | 167,904 |
Volume Disclosures
The average monthly value outstanding of purchased and written options during the year ended March 31, 2021 were as follows:
GuideMark® Core Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | GuidePath® Growth and Income Fund | ||||||||||
Purchased Options | $ | 109 | $ | — | $ | — | ||||||
Written Options | $ | (61,444 | ) | $ | — | $ | (336,589 | ) |
The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2021 were as follows:
Long Positions | GuideMark® Core Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | GuidePath® Growth and Income Fund | |||||||||
Futures | $ | 6,950,142 | $ | 1,053,157,342 | $ | 1,086,808 | ||||||
Forwards | $ | — | $ | 44,515,204 | $ | — | ||||||
Swaps | $ | 13,744,615 | $ | — | $ | — | ||||||
Short Positions | GuideMark® Core Fixed Income Fund | GuidePath® Managed Futures Strategy Fund | GuidePath® Growth and Income Fund | |||||||||
Futures | �� | $ | (9,221,270 | ) | $ | (189,793,280 | ) | $ | (3,553,025 | ) | ||
Forwards | $ | — | $ | (61,033,621 | ) | $ | — |
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.
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.
153
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
The table below, as of March 31, 2021, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.
Assets | Gross Amounts not offset in the Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Futures | ||||||||||||||||||||||||
Credit Suisse | $ | 47,742 | $ | — | $ | 47,742 | $ | — | $ | — | $ | 47,742 | ||||||||||||
Swaps | ||||||||||||||||||||||||
Morgan Stanley | 529,127 | (8,249 | ) | 520,878 | — | — | 520,878 | |||||||||||||||||
$ | 576,869 | $ | (8,249 | ) | $ | 568,620 | $ | — | $ | — | $ | 568,620 | ||||||||||||
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 | ||||||||||||||||||||||||
Swaps | ||||||||||||||||||||||||
Morgan Stanley | $ | 8,249 | $ | (8,249 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
$ | 8,249 | $ | (8,249 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
GuidePath® Managed Futures Strategy Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2021, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.
Assets | Gross Amounts not offset in the Consolidated Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities | Net Amounts Presented in the Consolidated Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Forwards | ||||||||||||||||||||||||
NatWest | $ | 81,690 | $ | — | $ | 81,690 | $ | (81,690 | ) | $ | — | $ | — | |||||||||||
Futures* | ||||||||||||||||||||||||
Goldman Sachs | 2,392,629 | (691,358 | ) | 1,701,271 | (222,961 | ) | — | 1,478,310 | ||||||||||||||||
$ | 2,474,319 | $ | (691,358 | ) | $ | 1,782,961 | $ | (304,651 | ) | $ | — | $ | 1,478,310 | |||||||||||
154
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
Liabilities | Gross Amounts not offset in the Consolidated Statement of Assets and Liabilities | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities | Net Amounts Presented in the Consolidated Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Forwards | ||||||||||||||||||||||||
NatWest | $ | 410,102 | $ | — | $ | 410,102 | $ | (81,690 | ) | $ | (260,000 | ) | $ | 68,412 | ||||||||||
Futures* | ||||||||||||||||||||||||
Goldman Sachs | 914,319 | (691,358 | ) | 222,961 | (222,961 | ) | — | — | ||||||||||||||||
$ | 1,324,421 | $ | (691,358 | ) | $ | 633,063 | $ | (304,651 | ) | $ | (260,000 | ) | $ | 68,412 | ||||||||||
* | Cumulative appreciation/ depreciation on futures contracts is reported in the Consolidated Schedule of Open Futures Contracts—variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities. |
GuidePath® Growth and Income Fund
The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.
The table below, as of March 31, 2021, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.
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 | Cash Collateral Pledged | Net Amount | |||||||||||||||||||
Description / Counterparty | ||||||||||||||||||||||||
Options Written | ||||||||||||||||||||||||
Interactive Brokers | $ | 116,815 | $ | — | $ | 116,815 | $ | (116,815 | ) | $ | — | $ | — | |||||||||||
$ | 116,815 | $ | — | $ | 116,815 | $ | (116,815 | ) | $ | — | $ | — | ||||||||||||
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. Each Fund designated and maintains cash and/or marketable securities at least equal in value to commitments for securities purchased on a forward-commitment basis.
(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
155
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.
(o) | Foreign Currency Translation |
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Net realized gain (loss) on foreign currencies include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.
The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.
(p) | Restricted and Illiquid Securities |
No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to
the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds’ liquidity guidelines.
(q) | Auction Rate Securities |
The Core Fixed Income Fund and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.
(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 |
During the year ended March 31, 2021, for the services performed as Trustees of the consolidated Board of GPS Funds I, GPS Funds II, and Savos Investments Trust, which currently consists of one fund, the Independent Trustees receive a retainer fee of $87,500 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,000 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. Effective April 1, 2021, the Trustees will receive a retainer fee of $90,000 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,500 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The 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
156
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
(u) | Participatory Notes (“participation notes”) |
Each Fund may invest in participation notes. Participation notes are unsecured, bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay Stock Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership of local companies.
The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk. These securities have been deemed to be liquid as of March 31, 2021.
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 annual contractual rates, based on each Fund’s average daily net assets:
Large Cap Core Fund | 0.45% | |||
Emerging Markets Fund | 0.59% | |||
Small/Mid Cap Core Fund | 0.57% | |||
World ex-US Fund | 0.50% | |||
Core Fixed Income Fund | 0.40% | |||
Growth Allocation Fund | 0.25% | |||
Conservative Allocation Fund | 0.25% | |||
Tactical Allocation Fund | 0.35% | |||
Absolute Return Allocation Fund | 0.35% | |||
Multi-Asset Income Allocation Fund | 0.35% | |||
Flexible Income Allocation Fund | 0.25% | |||
Managed Futures Strategy Fund | 1.05% | |||
Conservative Income Fund | 0.35% | |||
Income Fund | 0.45% | |||
Growth and Income Fund | 0.45% |
AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a fee of 0.25% of the average daily net assets of the applicable class of shares of each Fund. The administrative services may include: (1) development
and maintenance of a web-based software platform for both investment advisers and clients; (2) creation of a customized full color client investment policy statement for each individual client; (3) initiation and set up of individual client accounts, as well as the daily administration, reconciliation and trading of accounts, including automated rebalancing among Funds in connection with the asset allocation strategy selected by the client; (4) production and distribution of comprehensive full-color quarterly performance reviews; (5) facilitation of new account investments, withdrawals, transfers, and account re-registrations with the applicable account custodian; (6) review and follow-up on all custodial paperwork; (7) telephone and on-line customer support, provided by a highly trained and licensed customer service department; (8) compliance work associated with the delivery of the AssetMark Platform services, including, but not limited to, maintaining Form ADV, handling regulatory audits, monitoring Code of Ethics, assisting financial advisory firms with compliance questions and concerns, and maintaining and updating all agreements financial advisors utilize with their clients; and (9) legal work associated with administering the AssetMark Platform. Investors holding Service Shares the Funds and/or shares of the Conservative Income Fund, Income Fund and Growth and Income Fund outside of the AssetMark Platform are subject to these administrative services fees, but may not receive all of the related services.
In addition, GPS Funds I and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to waive, 0.025% of each Fund’s annual advisory fee on GPS Funds I assets in excess of $6 billion and an additional 0.025% of each Fund’s annual advisory fee on GPS Funds I assets in excess of $12 billion.
Each Fund and the Advisor have also entered into an Expense Limitation Agreement under which the Advisor has agreed to waive, through July 31, 2022, 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% | — | |||||||||
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% |
157
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
Effective April 1, 2021, the Expense Limits for the applicable Funds’ Service Shares were reduced by 25 basis points in connection with the termination of the Funds’ Rule 12b-1 Plan. See note 2(c).
Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s Expense Limits at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup
such amounts for a period of three years after the end of the calendar month in which the fee or expense was waived or reimbursed. As of March 31, 2021, Large Cap Core Fund, Emerging Markets Fund Service Class Shares, Small/Mid Cap Core Fund, World ex-US Fund Service Class Shares, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Managed Futures Strategy Fund have recouped all potential recoverable waivers or reimbursed expenses.
The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:
Year of Expiration 03/31/2022 | Year of Expiration 03/31/2023 | Year of Expiration 03/31/2024 | ||||||||||
Emerging Markets Fund | $ | — | $ | 9 | $ | — | ||||||
World ex-US Fund | 17 | 3 | 21 | |||||||||
Core Fixed Income Fund | 187,844 | 132,507 | 123,677 | |||||||||
Conservative Allocation Fund | 461,910 | 778,668 | 725,482 | |||||||||
Absolute Return Allocation Fund | 735,890 | 847,340 | 590,940 | |||||||||
Flexible Income Allocation Fund | 67,053 | 205,738 | 289,266 | |||||||||
Conservative Income Fund | 55,574 | 70,018 | 38,716 | |||||||||
Income Fund | 58,215 | 74,536 | 27,465 | |||||||||
Growth and Income Fund | 56,091 | 124,031 | 81,402 |
Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.
5. | Distribution Plan |
For the year ended March 31, 2021, each Trust, on behalf of the Service Shares class of its Funds, as applicable, had a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which authorized each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds’ Service Shares. Payments under the 12b-1 Plan were 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 received portions of such payments for their services provided to facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. AssetMark BrokerageTM, LLC (“Distributor”), an affiliate of the Advisor, serves as the Funds principal underwriter and distributor. The Funds did not pay any commissions or other compensation, other than 12b-1 fees, to the Distributor during the Funds’ most recent fiscal year ended March 31, 2021.
As noted above, effective as of April 1, 2021, the Board determined to terminate the Funds’ 12b-1 Plans. As a result, Service Shares of the Funds no longer pay Rule 12b-1 fees as of April 1, 2021. Notwithstanding the foregoing, subsequent to the termination of the Rule 12b-1 Plans, financial intermediaries and affiliates of the Trust will continue to receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services.
6. | Service, Custody, and Line of Credit Agreements |
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S. Bank, N.A. (“USB” or the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services.
The Funds have established a line of credit (“LoC”) with USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. Savos Investments Trust, which is also managed by AssetMark, is also party to the same LoC agreement. The LoC was renewed August 1, 2020 and will mature, unless renewed, on July 31, 2021. Borrowing under the LoC is limited to the lesser of 20% of the gross market value of a Fund, 20% of specific marketable securities acceptable to USB, or $250,000,000 for all Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the prime rate, which was 3.25% at March 31, 2021. 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.
158
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
During the year April 1, 2020 to March 31, 2021, the details of the borrowings were as follows:
Fund | Average Daily Borrowings | Weighted Average Annualized Interest Rate | Maximum Borrowings | |||||||||
Large Cap Core Fund | $ | 29,299 | 3.25 | % | $ | 4,172,000 | ||||||
Emerging Markets Fund | 43,227 | 3.25 | % | 3,312,000 | ||||||||
Small/Mid Cap Core Fund | 15,619 | 3.25 | % | 1,877,000 | ||||||||
World ex-US Fund | 51,537 | 3.25 | % | 9,777,000 | ||||||||
Core Fixed Income Fund | — | — | — | |||||||||
Growth Allocation Fund | 260,466 | 3.25 | % | 51,145,000 | ||||||||
Conservative Allocation Fund | 81,219 | 3.25 | % | 18,115,000 | ||||||||
Tactical Allocation Fund | — | — | — | |||||||||
Absolute Return Allocation Fund | 600,737 | 3.25 | % | 63,211,000 | ||||||||
Multi-Asset Income Allocation Fund | 44,258 | 3.25 | % | 5,661,000 | ||||||||
Flexible Income Allocation Fund | 285,847 | 3.25 | % | 29,886,000 | ||||||||
Managed Futures Strategy Fund | — | — | — | |||||||||
Conservative Income Fund | — | — | — | |||||||||
Income Fund | 83,819 | 3.25 | % | 6,454,000 | ||||||||
Growth and Income Fund | 3,197 | 3.25 | % | 681,000 |
7. | Securities Lending |
The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with the Custodian. Under the terms of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used
as an offset against costs and other charges incurred by the Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.
During the year ended March 31, 2021, the Funds (excluding the Managed Futures Strategy Fund) had loaned securities that were collateralized by cash. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. The Funds also receive compensation in the form of fees which depend on a number of factors including the type of security and length of the loan. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.
Secured Borrowings
Securities Lending Transactions | ||||
Overnight and Continuous | Investments Purchased with Proceeds from Securities Lending Collateral | |||
Large Cap Core Fund | $ | 33,919,804 | ||
Emerging Markets Fund | 4,637,812 | |||
Small/Mid Cap Core Fund | 6,578,455 | |||
World ex-US Fund | 702,165 | |||
Core Fixed Income Fund | 4,583,430 | |||
Growth Allocation Fund | 273,607,847 | |||
Conservative Allocation Fund | 117,653,868 | |||
Tactical Allocation Fund | 104,133,886 | |||
Absolute Return Allocation Fund | 33,662,416 | |||
Multi-Asset Income Allocation Fund | 21,649,549 | |||
Flexible Income Allocation Fund | 58,619,752 | |||
Managed Futures Strategy Fund | — | |||
Conservative Income Fund | 537,300 | |||
Income Fund | 7,653,784 | |||
Growth & Income Fund | 1,005,669 | |||
Amounts related to agreements not included in offsetting disclosure in footnote 3 (Offsetting Assets and Liabilities). | $ | 668,945,737 |
159
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
8. | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2021 are summarized below.
Purchases | Sales | |||||||
Large Cap Core Fund | $ | 214,786,886 | $ | 169,028,130 | ||||
Emerging Markets Fund | 49,604,747 | 52,797,392 | ||||||
Small/Mid Cap Core Fund | 28,184,101 | 39,358,821 | ||||||
World ex-US Fund | 57,264,896 | 77,273,806 | ||||||
Core Fixed Income Fund* | 550,640,925 | 488,515,116 | ||||||
Growth Allocation Fund | 353,726,802 | 406,012,068 | ||||||
Conservative Allocation Fund | 221,182,404 | 146,889,140 | ||||||
Tactical Allocation Fund | 1,511,930,670 | 1,429,144,852 | ||||||
Absolute Return Allocation Fund | 165,875,258 | 365,304,552 | ||||||
Multi-Asset Income Allocation Fund | 88,737,444 | 93,297,791 | ||||||
Flexible Income Allocation Fund | 590,726,057 | 430,386,201 | ||||||
Managed Futures Strategy Fund | — | — | ||||||
Conservative Income Fund** | 15,592,491 | 10,885,111 | ||||||
Income Fund | 71,797,653 | 65,970,621 | ||||||
Growth and Income Fund*** | 79,417,931 | 52,214,075 |
* | Included in these amounts were $493,901,438 of purchases and $449,389,505 of sales of U.S. Government Securities. |
** | Included in these amounts were $309,000 of purchases and $300,000 of sales of U.S. Government Securities. |
*** | Included in these amounts were $4,056,250 of purchases and $2,150,000 of sales of U.S. Government Securities. |
9. | Transactions with Affiliates |
The GuidePath® Absolute Return Allocation Fund owned 5% or more of the voting securities of the following company during the year ended March 31, 2021. As a result, this company is deemed to be an affiliated company. The below table represents fair value:
Issuer | Value as of April 1, 2020 | Purchases | Sales | Realized Gain (Loss) | ||||||||
ProShares Investment Grade-Interest Rate Hedged ETF1 | $29,836,379 | $ | 9,415,828 | $24,845,900 | $ | 830,104 | ||||||
$29,836,379 | $ | 9,415,828 | $24,845,900 | $ | 830,104 | |||||||
Issuer | Change in Unrealized Appreciation (Depreciation) | Dividend Income | Fair Value as of March 31, 2021 | Share Balance as of March 31, 2021 | ||||||||
ProShares Investment Grade-Interest Rate Hedged ETF1 | $3,164,895 | $ | 576,105 | $18,401,306 | 238,699 | |||||||
$3,164,895 | $ | 576,105 | $18,401,306 | 238,699 | ||||||||
1No | longer an affiliate as of March 31, 2021. |
10. | COVID-19 Pandemic |
The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds’ invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.
11. | New Accounting Pronouncements |
In August 2018, FASB issued Accounting Standards Update (“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 has evaluated ASU 2018-13 and has adopted the relevant provisions of the disclosure framework.
12. | 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.
160
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
These differences are primarily due to CFC income reversal, partnerships and equalization. On the Statements of Assets and Liabilities, the following adjustments were made:
Total Distributable Earnings (Loss) | Capital Stock | |||||||
Large Cap Core Fund | $ | (4 | ) | $ | 4 | |||
Emerging Markets Fund | 9 | (9 | ) | |||||
Small/Mid Cap Core Fund | (10 | ) | 10 | |||||
World ex-US Fund | — | — | ||||||
Core Fixed Income Fund | 18 | (18 | ) | |||||
Growth Allocation Fund | 50 | (50 | ) | |||||
Conservative Allocation Fund | (321,342 | ) | 321,342 | |||||
Tactical Allocation Fund | (146,482 | ) | 146,482 | |||||
Absolute Return Allocation Fund | (2 | ) | 2 | |||||
Multi-Asset Income Allocation Fund | (22 | ) | 22 | |||||
Flexible Income Allocation Fund | (34 | ) | 34 | |||||
Managed Futures Strategy Fund | (458,264 | ) | 458,264 | |||||
Conservative Income Fund | 187 | (187 | ) | |||||
Income Fund | 2 | (2 | ) | |||||
Growth and Income Fund | — | — |
The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Losses are carried forward indefinitely and any corresponding loss character is retained. Capital loss carryforwards available for Federal income tax purposes are as follows:
Capital losses | ||||||||||||
Short Term | Long Term | Utilized | ||||||||||
Large Cap Core Fund | $ | 1,584,575 | $ | — | $ | (4,827,801 | ) | |||||
Emerging Markets Fund | — | — | (479,613 | ) | ||||||||
Small/Mid Cap Core Fund | — | — | — | |||||||||
World ex-US Fund | 3,959,293 | 1,340,690 | — | |||||||||
Core Fixed Income Fund | — | — | — | |||||||||
Growth Allocation Fund | — | — | (1,788,501 | ) | ||||||||
Conservative Allocation Fund | — | — | (691,182 | ) | ||||||||
Tactical Allocation Fund | — | — | — | |||||||||
Absolute Return Allocation Fund | — | 2,985,570 | (7,170,921 | ) | ||||||||
Multi-Asset Income Allocation Fund | — | 9,721,660 | — | |||||||||
Flexible Income Allocation Fund | — | 529,452 | (8,745,275 | ) | ||||||||
Managed Futures Strategy Fund | — | — | — | |||||||||
Conservative Income Fund | 81,722 | — | (18,665 | ) | ||||||||
Income Fund | 875,368 | — | (1,014,069 | ) | ||||||||
Growth and Income Fund | — | — | (1,178,671 | ) |
Additionally, at March 31, 2021, the Funds deferred on a tax basis losses as follows:
Ordinary Late Year Loss | Capital Loss | |||||||
Large Cap Core Fund | $ | — | $ | — | ||||
Emerging Markets Fund | — | — | ||||||
Small/Mid Cap Core Fund | — | — | ||||||
World ex-US Fund | — | — | ||||||
Core Fixed Income Fund | — | — | ||||||
Growth Allocation Fund | — | — | ||||||
Conservative Allocation Fund | — | — | ||||||
Tactical Allocation Fund | — | — | ||||||
Absolute Return Allocation Fund | — | — | ||||||
Multi-Asset Income Allocation Fund | — | — | ||||||
Flexible Income Allocation Fund | — | — | ||||||
Managed Futures Strategy Fund | — | — | ||||||
Conservative Income Fund | 3,677 | — | ||||||
Income Fund | — | — | ||||||
Growth and Income Fund | — | — |
161
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
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, 2021 and March 31, 2020 are as follows:
Year Ended March 31, 2021 | ||||||||
Ordinary Income Distributions | Long-Term Capital Gain Distributions | |||||||
Large Cap Core Fund | $ | 2,201,345 | $ | — | ||||
Emerging Markets Fund | 177,627 | — | ||||||
Small/Mid Cap Core Fund | 110,758 | 1,642,553 | ||||||
World ex-US Fund | 2,716,002 | — | ||||||
Core Fixed Income Fund | 4,964,515 | 636,513 | ||||||
Growth Allocation Fund | 4,754,892 | 13,935,648 | ||||||
Conservative Allocation Fund | 7,633,082 | 1,474,838 | ||||||
Tactical Allocation Fund | 2,082,296 | 18,172,038 | ||||||
Absolute Return Allocation Fund | 5,196,739 | — | ||||||
Multi-Asset Income Allocation Fund | 3,193,649 | — | ||||||
Flexible Income Allocation Fund | 4,975,241 | — | ||||||
Managed Futures Strategy Fund | — | 6,730,017 | ||||||
Conservative Income Fund | 33,188 | — | ||||||
Income Fund | 628,224 | — | ||||||
Growth and Income Fund | 795,837 | — | ||||||
Year Ended March 31, 2020 | ||||||||
Ordinary Income Distributions | Long-Term Capital Gain Distributions | |||||||
Large Cap Core Fund | $ | 460,107 | $ | 4,125,368 | ||||
Emerging Markets Fund | 1,489,554 | — | ||||||
Small/Mid Cap Core Fund | 23,201 | 963,221 | ||||||
World ex-US Fund | 2,542,292 | — | ||||||
Core Fixed Income Fund | 1,893,282 | — | ||||||
Growth Allocation Fund | 10,455,186 | — | ||||||
Conservative Allocation Fund | 8,126,703 | — | ||||||
Tactical Allocation Fund | 3,986,966 | 12,464,579 | ||||||
Absolute Return Allocation Fund | 8,313,720 | — | ||||||
Multi-Asset Income Allocation Fund | 3,881,432 | 40,325 | ||||||
Flexible Income Allocation Fund | 2,894,134 | — | ||||||
Managed Futures Strategy Fund | 2,629,756 | 4,547,812 | ||||||
Conservative Income Fund | 81,578 | — | ||||||
Income Fund | 589,175 | 688 | ||||||
Growth and Income Fund | 394,397 | — |
162
GuideMark® Funds & GuidePath® Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2021
At March 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:
Large Cap Core Fund | Emerging Markets Fund | Small/Mid Cap Core Fund | World ex-US Fund | Core Fixed Income Fund | ||||||||||||||||
Cost of Portfolio | $ | 376,038,202 | $ | 68,025,558 | $ | 59,127,968 | $ | 98,299,367 | $ | 232,668,829 | ||||||||||
Gross Unrealized Appreciation | $ | 265,402,778 | $ | 36,979,681 | $ | 42,561,164 | $ | 42,762,947 | $ | 5,793,619 | ||||||||||
Gross Unrealized Depreciation | (5,168,714 | ) | (3,261,683 | ) | (2,395,715 | ) | (3,407,861 | ) | (2,970,910 | ) | ||||||||||
Net Unrealized Appreciation/(Depreciation) | 260,234,064 | 33,717,998 | 40,165,449 | 39,355,086 | 2,822,709 | |||||||||||||||
Undistributed Ordinary Income | 1,164,556 | 1,566,762 | 592,915 | 1,530,013 | 875,716 | |||||||||||||||
Undistributed Long-Term Cap Gains | — | 1,736,546 | 5,603,577 | — | 1,079,581 | |||||||||||||||
Other Accumulated Gains/(Losses) | (1,584,669 | ) | (382,827 | ) | (12 | ) | (5,299,983 | ) | — | |||||||||||
Total Distributable Earnings/(Loss) | 259,813,951 | 36,638,479 | 46,361,929 | 35,585,116 | 4,778,006 | |||||||||||||||
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.
Growth Allocation Fund | Conservative Allocation Fund | Tactical Allocation Fund | Absolute Return Allocation Fund | Multi-Asset Income Allocation Fund | ||||||||||||||||
Cost of Portfolio | $ | 998,230,381 | $ | 524,828,112 | $ | 537,992,043 | $ | 238,825,598 | $ | 136,361,436 | ||||||||||
Gross Unrealized Appreciation | $ | 365,674,278 | $ | 63,616,512 | $ | 46,266,232 | $ | 11,816,540 | $ | 21,010,850 | ||||||||||
Gross Unrealized Depreciation | (12,913,234 | ) | (8,838,536 | ) | (8,819,957 | ) | (2,967,890 | ) | (3,105,808 | ) | ||||||||||
Net Unrealized Appreciation/(Depreciation) | 352,761,044 | 54,777,976 | 37,446,275 | 8,848,650 | 17,905,042 | |||||||||||||||
Undistributed Ordinary Income | — | 1,940,801 | 7,601,535 | 766,493 | 521,135 | |||||||||||||||
Undistributed Long-Term Cap Gains | 13,005,666 | 1,437,834 | 429,604 | — | — | |||||||||||||||
Other Accumulated Gains/(Losses) | (12,025 | ) | (12,025 | ) | (12,025 | ) | (2,997,595 | ) | (9,721,660 | ) | ||||||||||
Total Distributable Earnings/(Loss) | 365,754,685 | 58,144,586 | 45,465,389 | 6,617,548 | 8,704,517 | |||||||||||||||
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.
Flexible Income Allocation Fund | Managed Futures Strategy Fund | Conservative Income Fund | Income Fund | Growth and Income Fund | ||||||||||||||||
Cost of Portfolio* | $ | 328,896,765 | $ | 196,978,014 | $ | 16,390,082 | $ | 45,737,413 | $ | 83,375,631 | ||||||||||
Gross Unrealized Appreciation | $ | 7,629,134 | $ | 833,120 | $ | 56,253 | $ | 731,941 | $ | 5,284,354 | ||||||||||
Gross Unrealized Depreciation | (1,654,480 | ) | (94,084 | ) | (2,085 | ) | (612,058 | ) | (882,311 | ) | ||||||||||
Net Unrealized Appreciation/(Depreciation) | 5,974,654 | 739,036 | 54,168 | 119,883 | 4,402,043 | |||||||||||||||
Undistributed Ordinary Income | 38,212 | 14,193,328 | — | 6,099 | 2,772,261 | |||||||||||||||
Undistributed Long-Term Cap Gains | — | 5,162,651 | — | — | 5,699,153 | |||||||||||||||
Other Accumulated Gains/(Losses) | (529,452 | ) | 535,916 | (85,399 | ) | (875,368 | ) | — | ||||||||||||
Total Distributable Earnings/(Loss) | 5,483,414 | 20,630,931 | (31,231 | ) | (749,386 | ) | 12,873,457 | |||||||||||||
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 |
163
GuideMark® Funds & GuidePath® Funds
REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
GPS Funds I and GPS Funds II
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts, open swap contracts, and options written (including the consolidated statement of assets and liabilities and consolidated schedules of investments, open futures contracts and open forward currency contracts of GuidePath® Managed Futures Strategy Fund), of GPS Funds I and GPS Funds II comprising the funds listed below (the “Funds”) as of March 31, 2021, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2021, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Statements of Operations | Statements of | Financial Highlights | |||
GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, GuideMark® World ex-US Fund, GuideMark® Core Fixed Income Fund, GuidePath® Growth Allocation Fund, GuidePath® Conservative Allocation Fund, GuidePath® Tactical Allocation Fund, GuidePath® Absolute Return Allocation Fund, GuidePath® Multi-Asset Income Allocation Fund, and GuidePath® Flexible Income Allocation Fund | For the year ended March 31, 2021 | For the years ended March 31, 2021 and 2020 | For the years ended March 31, 2021, 2020, 2019, 2018 and 2017 | |||
GuidePath® Managed Futures Strategy Fund | Consolidated for the year ended March 31, 2021 | Consolidated for the years ended March 31, 2021 and 2020 | Consolidated for the years ended March 31, 2021, 2020, 2019, 2018 and 2017 | |||
GuidePath® Conservative Income Fund, GuidePath® Income Fund, and GuidePath® Growth and Income Fund | For the year ended March 31, 2021 | For the years ended March 31, 2021 and 2020 | For the years ended March 31, 2021 and 2020 and for the period from April 30, 2018 (commencement of operations) through March 31, 2019 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2014.
/s/ COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
May 28, 2021
164
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION
March 31, 2021
Additional Information
1. | Shareholder Notification of Federal Tax Status (Unaudited) |
The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2021 as dividends qualifying for the dividends received deduction available to corporate shareholders and as dividends from net investment income that are qualifying income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, respectively:
Dividends received deduction % for corporate shareholders | % of dividends as qualified income | |||||||
Large Cap Core Fund | 100.00% | 100.00% | ||||||
Emerging Markets Fund | 1.05% | 65.09% | ||||||
Small/Mid Cap Core Fund | 90.81% | 68.24% | ||||||
World ex-US Fund | 0.00% | 100.00% | ||||||
Core Fixed Income Fund | 0.00% | 0.00% | ||||||
Growth Allocation Fund | 85.03% | 100.00% | ||||||
Conservative Allocation Fund | 22.25% | 46.65% | ||||||
Tactical Allocation Fund | 0.00% | 5.44% | ||||||
Absolute Return Allocation Fund | 0.00% | 0.00% | ||||||
Multi-Asset Income Allocation Fund | 29.42% | 52.20% | ||||||
Flexible Income Allocation Fund | 2.44% | 2.65% | ||||||
Managed Futures Strategy Fund | 0.00% | 0.00% | ||||||
Conservative Income Fund | 0.00% | 0.00% | ||||||
Income Fund | 0.00% | 0.00% | ||||||
Growth and Income Fund | 0.00% | 0.00% |
The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited).
% of dividends as short-term capital gain | ||||
Large Cap Core Fund | 0.00% | |||
Emerging Markets Fund | 4.84% | |||
Small/Mid Cap Core Fund | 100.00% | |||
World ex-US Fund | 0.00% | |||
Core Fixed Income Fund | 42.11% | |||
Growth Allocation Fund | 0.00% | |||
Conservative Allocation Fund | 0.00% | |||
Tactical Allocation Fund | 0.00% | |||
Absolute Return Allocation Fund | 0.00% | |||
Multi-Asset Income Allocation Fund | 0.00% | |||
Flexible Income Allocation Fund | 0.00% | |||
Managed Futures Strategy Fund | 0.00% | |||
Conservative Income Fund | 0.00% | |||
Income Fund | 0.00% | |||
Growth and Income Fund | 0.00% |
2. | Foreign Tax Credit Pass Through (Unaudited) |
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the period ended March 31, 2021. 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 | $ | 259,188 | $ | 0.0441 | 94.37 | % | ||||||
World ex-US Fund | 282,892 | 0.0214 | 97.43 | % |
* | 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.
165
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.
3. | Disclosure Regarding Fund Trustees and Officers (Unaudited) |
Name, Address | 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). | 16 | Trustee, Savos Investments Trust (2015-present); Director, New England Bancorp (2006-2016); | |||||||
Paul S. Feinberg Year of Birth: 1942 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Independent Trustee | Indefinite Term (since 2013 for GPS Funds I and since 2011 for GPS Funds II) | Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker- dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005). | 16 | 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). | 16 | Trustee, Savos Investments Trust (2015-present); Director, Blue Calypso, Inc. (2015-2019); Director, Owens Realty Mortgage Inc. (2013-2019); Director, Cambria ETF Series Trust (2013-present); Director, Wells Fargo GAI Hedge Funds (2008-2019). Director, Merriman Holdings, Inc. (financial services) (2003-2016); | |||||||
Interested Trustee | ||||||||||||
Carrie E. Hansen* Year of Birth: 1970 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Interested Trustee and Chairperson President | Indefinite Term since 2014 Renewed 1-Year Term since 2008 | President, GPS Funds I (2007-present) and GPS Funds II (2011-present); President, Savos Investments Trust (“Savos”) (2008-present); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage™, LLC (2013-present). | 16 | Trustee, Savos Investments Trust (2014-present); Director and Chairperson, AssetMark Trust Co. (2008-present); Director, AssetMark, Inc. (2013-present); Treasurer, Acalanes Boosters Club (2017-2019). |
166
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
Name, Address | Position(s) Held | Term of Office and | Principal Occupation During Past Five Years | |||
Officers of the Trusts** | ||||||
John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Chief Compliance Officer and AML Compliance Officer | Renewed 1-Year Term since 2013 | Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009). | |||
Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Vice President and Treasurer | Renewed 1-Year Term since 2014 | Vice President and Treasurer, GPS Funds I, GPS Funds II, and Savos (May 2014-present); Director of Mutual Fund Operations and Finance, AssetMark (February 2016-present); Manager of Fund Administration, AssetMark (May 2014-February 2016); Senior Fund Administration Officer, AssetMark (2008-May 2014). | |||
Christine Villas-Chernak Year of Birth: 1968 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520 | Secretary | Renewed 1-Year Term since 2014 | Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present) Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009). |
* | Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates. |
** | Each Officer of the Trusts serves at the pleasure of the Board. |
The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.
4. | Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.
5. | Availability of Quarterly Portfolio Holdings Schedules (Unaudited) |
The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Funds’ Part F of Form N-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809.
6. | Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) |
GPS FUNDS I and GPS FUNDS II: Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements
At a meeting held on December 3, 2020 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of GPS Funds I and GPS Funds II (collectively, the “Trusts”) conducted its annual review and consideration of the renewal of the investment advisory agreements between AssetMark, Inc. (“AssetMark”) and each Trust on behalf of its respective series (each, a “Fund” and collectively, the “Funds”) and the renewal of the investment advisory agreement between AssetMark and the wholly-owned Cayman Islands subsidiary of the GuidePath® Managed Futures Strategy Fund, GuidePath® Managed Futures Strategy Cayman Fund Ltd. (the “Cayman Subsidiary”) (each such agreement, an “Advisory Agreement,” and collectively, the “Advisory Agreements”). Additionally, the Board considered the renewal of the investment sub-advisory agreements between (i) Goldman Sachs Asset Management, L.P. (“GSAM”) and AssetMark, on behalf of GuideMark® Large Cap Core Fund, GuideMark® Emerging Markets Fund, GuideMark® Small/Mid Cap Core Fund, and GuideMark® World ex-US Fund; (ii) Wellington Management Company LLP (“Wellington”) and AssetMark, on behalf of the GuideMark® Core Fixed Income Fund; and (iii) AlphaSimplex Group, LLC (“ASG”) and AssetMark, on behalf of the GuidePath® Managed Futures Strategy Fund and the Cayman Subsidiary (each, a “Sub-Advisory Agreement, and collectively, the “Sub-Advisory Agreements”).
Hereinafter, GSAM, Wellington, and ASG are collectively referred to as the “Sub-Advisors” and the above-listed Funds are collectively referred to as the “Sub-Advised Funds.” The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the “Agreements.” The Sub-Advised Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds’ portfolios. For those Sub-Advised Funds AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated, and are subject to replacement, at all times.
167
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
The Board – including a majority of the Trustees who are not “interested persons” of the Funds or AssetMark as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) – determined to approve the continuance of the Advisory Agreements and the Sub-Advisory Agreements. In connection with their consideration of the renewal of the Advisory Agreements, the Trustees considered several factors they deemed relevant to the process, including: the nature, quality and extent of the services provided to each Fund by the Advisor; the costs of providing services to each Fund; the anticipated profitability to be realized by the Advisor; any potential “fall-out” or ancillary benefits to the Advisor or its affiliates; the potential effects of asset growth and related economies of scale on each fund’s expenses; and the fees charged by investment advisers of other comparable funds. The material factors considered and the conclusions that formed the basis of the Board’s approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the Agreements. The Trustees also received assistance and advice regarding legal and industry standards from counsel to the Trusts and separately from independent legal counsel to the Independent Trustees (“Independent Counsel”). Prior to approving the Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel without representatives of the Advisor or its affiliates. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating each Investment Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information available to the Trustees and not the result of any particular information or any single factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching his conclusions with respect to the renewal of the Agreements.
The Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel and AssetMark for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds included, among other information: (1) a copy of each Advisory Agreement; (2) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund; (3) information describing the nature, quality and extent of the services that AssetMark provides to the respective Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the respective Funds; (4) information regarding AssetMark’s business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund’s expense ratio compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark’s profitability overall and with respect to each Fund, including information regarding the anticipated impact to the Advisor’s profitability of the proposed liquidation of the GuideMark Tax-Exempt Fixed Income Fund and GuideMark Opportunistic Fixed Income Fund (the “Liquidating Funds”) and the proposed changes to the GuideMark and GuidePath Funds’ fee structures, each anticipated to take effect on or about April 1, 2021; (8) reports on AssetMark’s evaluation of the Sub-Advisors, including reports relating to the monitoring of each Sub-Advisor’s trading and brokerage practices; (9) reports relating to the distribution, sales and redemptions of Fund shares and related shareholder services; (10) reports relating to the monitoring of the other service providers; and (11) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees met with representatives of AssetMark. The Trustees also considered their discussions with and presentations from representatives of AssetMark throughout the course of the Meeting. In addition, the Trustees considered information furnished to the Board and its Committees throughout the year and in between regularly scheduled meetings on particular matters as the need arose. Information provided to the Board and its Committees at their meetings throughout the year included, among other things, reports on Fund performance, compliance and risk management matters, sales activity, revenue and profitability of AssetMark, and the Funds’ distribution and servicing arrangements and related compensation.
The Trustees received assistance and advice regarding legal and industry standards from counsel to the Trusts and separately from Independent Counsel, which included detailed memoranda from Independent Counsel that described the Trustees’ legal duties and obligations in considering whether to approve the continuation of the Advisory Agreements. The Independent Trustees also discussed the Advisory Agreements prior to the Meeting and during the course of their meeting in executive session with Independent Counsel, at which no representatives of AssetMark were present.
Factors Considered
The Trustees considered and reached conclusions on a number of factors that they deemed relevant in making the decision to approve the renewal of each Advisory Agreement. These factors and conclusions are described below.
Nature, Quality and Extent of Services
The Trustees considered the nature, extent and quality of the services that AssetMark provides to the Funds. With respect to the Sub-Advised Funds, the Board considered the fact that, as an investment advisor operating within a manager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of the Sub-Advisors and considered each Advisory Agreement in this context. In this regard, the Trustees considered the information provided to them throughout the course of the year during regular meetings of the Board, which
168
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
included meetings with the Trusts’ CCO at which the Trustees are provided with details regarding AssetMark’s compliance functions. In addition, the Trustees took into account the Advisor’s communications with the Board in light of the market volatility amidst the coronavirus (“COVID-19”) pandemic.
The Trustees considered AssetMark’s investment team and its capabilities, including with respect to the responsibilities that AssetMark has for the Funds that pursue their investment objectives through investments in other funds (each a “Fund-of-Funds”). The Trustees also considered AssetMark’s capabilities with respect to the administrative and compliance services provided to the Funds. The Trustees considered the experience, capability and integrity of AssetMark’s management and other personnel, the role of AssetMark’s senior management and the extent of its involvement with the Funds, and AssetMark’s willingness to add personnel over time in order to ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds’ manager-of-managers structure, including: selecting and oversight of the Funds’ Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.
The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark’s regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark’s supervision of the Funds’ third-party service providers.
The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered that the Funds are an integral part of AssetMark’s program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark’s ability to provide administrative and compliance-related services in connection with AssetMark’s (a) oversight of the Sub-Advisors’ compliance with the Funds’ respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.
The Trustees also considered the Advisor’s investments in business continuity planning designed to benefit the Funds, and the implementation of the Advisor’s business continuity planning plans due to the COVID-19 pandemic. The Trustees also noted the Advisor’s commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes to the market, regulatory and control environments in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic.
Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.
Investment Performance
The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds’ performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund’s record of compliance with its respective investment restrictions.
The Trustees also considered each Fund’s investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party information provider. The Trustees also considered performance-related data received throughout the past year at and in connection with meetings of the Board. With respect to each Fund-of-Funds, the Trustees reviewed the performance of AssetMark in selecting the underlying funds for the Fund.
The Trustees considered that, as applicable, AssetMark continued to be proactive in seeking to replace and/or add Sub-Advisors or underlying funds, to reallocate assets among Sub-Advisors or underlying funds and to implement new investment strategies, with a view to improving Fund performance over the long term.
The Trustees concluded that AssetMark’s performance record in managing each of the Funds was satisfactory and supported a decision to approve the renewal of the Advisory Agreements.
Advisory Fees and Total Expenses
The Trustees considered a detailed analysis of each Fund’s fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by a third-party information provider; (ii) comparisons of each Fund’s expenses to industry averages; and (iii) fee schedules for the Funds’ Sub-Advisors , as applicable.
The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds’ expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including attempts to improve asset flows, implementing programs such as securities lending and negotiating strategic contracts with service providers.
In analyzing the Funds’ fee levels as compared to other similar funds, the Trustees considered the Funds’ fee levels in light of the Funds’ special distribution structure, under which the Funds were distributed as part of a suite of products and services with asset allocation modeling, full performance reporting and other services that are not typically provided with mutual funds. In this regard, while the Board recognized that
169
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
comparisons between a Fund and its peer group may be imprecise given the Funds’ special distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund’s fees and expenses.
After comparing each Fund’s fees with other comparable funds and industry averages, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, the Trustees, including all of the Independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund’s investment advisory agreement.
Profitability, Economies of Scale and Ancillary Benefits
The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the individual profitability of AssetMark with respect to each Fund under this methodology.
In evaluating AssetMark’s profitability, the Trustees acknowledged that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark’s investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark’s existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds’ overall expenses do not exceed certain levels.
The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as an integral part of AssetMark’s asset allocation investment programs and the related compensation paid by certain third-party custodians to AssetMark in exchange for AssetMark providing a combination of administrative/shareholder services and distribution-related services (custodial rebates). The Trustees concluded that these benefits were reasonable.
The Trustees considered AssetMark’s profitability in managing each Fund, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.
The Trustees concluded, in light of the foregoing factors, that AssetMark’s level of profitability with respect to each Fund is reasonable. Additionally, the Trustees concluded that the economies of scale being realized by AssetMark, if any, do not mandate the implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, concluded to approve the renewal of each Advisory Agreement with, and the fee to be paid to, AssetMark for each of the Funds.
The Sub-Advisory Agreements
Materials Reviewed and the Review Process
Prior to voting to approve the renewal of the Sub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel, AssetMark and each Sub-Advisor for purposes of their review. The materials provided to the Board included, among other information: (1) a copy of each Sub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by the Sub-Advisors; (3) the investment performance of each Sub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparable Sub-Advisor client accounts, to the extent applicable; (4) AssetMark’s evaluation of the nature, extent and quality of the services provided by each Sub-Advisor; (5) information regarding any benefits to each Sub-Advisor, such as receipt of research from brokers, that might result from the Sub-Advisor’s relationship with a Sub-Advised Fund; (6) information concerning each Sub-Advisor’s personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for the day-to-day management of the applicable Sub-Advised Fund’s portfolio; (7) information regarding each Sub-Advisor’s compliance policies and other internal procedures, including the Sub-Advisor’s brokerage practices; (8) information regarding the financial condition of each Sub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services provided by each Sub-Advisor provided in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub-Advisor and the methods and resources AssetMark utilized in its efforts to identify and engage Sub-Advisors for the Sub-Advised Funds.
In connection with their consideration of the Sub-Advisory Agreements, the Trustees considered several factors that they deemed relevant to this process, including: (1) the nature, quality and extent of the services to be provided to each Sub-Advised Fund by the respective Sub-Advisor; (2) the quantitative performance of each Sub-Advisor; (3) AssetMark’s evaluation, in accordance with its role as a “manager-of-managers,” of the nature, extent and quality of the services provided by each Sub-Advisor; (4) information that might suggest the potential for realizing economies of
170
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
scale that could potentially be shared with Fund shareholders; and (5) any potential “fall-out” or ancillary benefits to a Sub-Advisor or its affiliates. Prior to approving the continuation of the Sub-Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel. The Independent Trustees were assisted by Independent Counsel throughout the review process. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating each Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Independent Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Sub-Advisory Agreement. A more detailed summary of the important, but not necessarily all, of the factors the Independent Trustees considered with respect to their approval of the continuation of the Sub-Advisory Agreements is provided below.
Nature, Quality and Extent of Services
The Trustees considered each Sub-Advisor’s investment management process, including (a) the experience, capability and integrity of the Sub-Advisor’s management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and commitment of the Sub-Advisor’s regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor’s brokerage and trading practices; and (e) AssetMark’s evaluation of the nature, quality and extent of services performed by each Sub-Advisor.
The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Sub-Advised Fund’s portfolio. The Trustees also considered, with respect to each Sub-Advisor, the specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s performance record with respect to the relevant benchmark(s).
The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.
Sub-Advisor Investment Performance
The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund’s investment objective and style and considered each Sub-Advisor’s record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor’s investment performance relative to benchmark indices.
The Trustees considered that they had reviewed each Sub-Advisor, including the primary contributors to and detractors from performance, with AssetMark and concluded that each Sub-Advisor’s performance record is satisfactory.
Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits
The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to its relevant Sub-Advised Fund. The Trustees considered management’s representation that AssetMark’s focus in negotiating sub-advisory arrangements is on achieving favorable, competitive fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received and not the Funds. The Trustees also considered individual reports prepared with regard to each Sub-Advisor, containing comparative information regarding fees. The Trustees noted that each Sub-Advisor’s fees were generally similar to or lower than the fees charged by each Sub-Advisor to other comparable funds and accounts.
The Trustees considered each Sub-Advisor’s fee schedule, the anticipated effect of asset growth on each Fund’s expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub-Advisory Agreements’ fee schedules contain breakpoints that present potential economies of scale that could potentially be shared with the Sub-Advised Funds’ shareholders as assets of the Sub-Advised Funds grow.
The Trustees concluded that the fees to be paid to each Sub-Advisor by AssetMark are reasonable in light of the services performed for the Sub-Advised Funds by the Sub-Advisors and that the economies of scale being realized by the Sub-Advisors, if any, do not mandate the implementation of any new or amended breakpoints or other changes in the fee structure for any Sub-Advised Fund at this time.
The Trustees did not consider the profitability of the Sub-Advisors to be a material factor based on representations from AssetMark that it negotiates sub-advisory fees with the Sub-Advisors on an arm’s-length basis and reports regarding any relationships between the Sub-Advisors and AssetMark.
The Trustees considered the allocation (if any) of Fund brokerage to brokers affiliated with a Sub-Advisor, and benefits to the Sub-Advisors from the use of “soft dollar” commissions (if any) to pay for research and brokerage services. The Trustees also considered any other ancillary benefits that accrue to a Sub-Advisor or any affiliate by virtue of the Sub-Advisor’s relationship with the Fund, and concluded that such benefits, if any, were reasonable.
171
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
Conclusion
After consideration of the foregoing factors, and such other matters as were deemed relevant, and with no single factor being determinative to their decision, the Trustees, including all of the Independent Trustees, determined to approve the renewal of the Sub-Advisory Agreement with, and the fees to be paid to, each of the Sub-Advisors for each of the relevant Sub-Advised Funds.
7. | Statement Regarding the Trusts’ Liquidity Risk Management Program (Unaudited) |
This section discusses the operation and effectiveness of the Liquidity Risk Management Program (the “Program”) of GPS Funds I and GPS Funds II Trust (each, a “Trust” and collectively, the “Trusts”), including each of their respective series (each, a “Fund” and collectively, the “Funds”), established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Board of Trustees of each Trust (the “Board”), including a majority of the Trustees who are not “interested persons” as defined in the 1940 Act, previously approved the Program on behalf of each Fund, as required pursuant to the Liquidity Rule. The Board also approved the designation of AssetMark, Inc. (“AssetMark”), the investment adviser to each Fund, as the Program Administrator for the Program. AssetMark administers day-to-day implementation of the Program through a Liquidity Risk Management Committee (the “Committee”), as set forth in the Program.
At the meeting of the Board held on March 4, 2021, AssetMark, as Program Administrator, provided the Board with the annual report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation, including, if applicable, the operation of any highly liquid investments minimum (“HLIM”) and any material changes to the Program (the “Report”).
The Report included an overview of the operation of the Program from January 1, 2020 through December 31, 2020 (the “Review Period”), including liquidity events relevant to the Funds, if any, during the Review Period and conclusions with respect to the adequacy of the policies and procedures of the Program and its effectiveness of implementation.
I. Key Conclusions of the Report
The Report concluded that (i) the Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule; (ii) each Fund’s investment strategy is appropriate for an open-end fund; (iii) each Fund was able to meet requests for redemptions without significant dilution of remaining investors’ interests in the Fund during the Review Period; and (iv) the Program was implemented and operated effectively to assess and manage each Fund’s liquidity risk during the Review Period, including during periods of market volatility and net redemptions, as applicable.
There were no material liquidity matters impacting the Funds identified in the Report. In addition, the Report noted that there were no material changes to the Program during the Review Period.
II. Summary of the Review
A. Liquidity Risk Assessment and Review
Throughout the Review Period, the Program Administrator, in consultation with the Funds’ sub-advisers, as applicable, and portfolio management teams, monitored the Funds’ portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in quarterly Board reporting.
The Program Administrator also conducted an annual review assessing each Fund’s liquidity risk as described in the Report, in accordance with the requirements of the Program and the Liquidity Rule, taking into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:
a. Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives (including for hedging purposes);
b. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and
c. Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.
In addition, in connection with the review of the Funds’ liquidity risks and the operation of the Program and the adequacy and effectiveness of its implementation, the Program Administrator also reviewed:
• | Reasonably Anticipated Trade Size and Significant Value Impact metrics for each Fund |
• | Process for identifying and monitoring illiquid investments |
• | Responsibilities and operations of the Committee |
• | Effectiveness of third-party liquidity classification vendor |
172
GuideMark® Funds & GuidePath® Funds
ADDITIONAL INFORMATION (Continued)
March 31, 2021
In light of the assessment and review as discussed above, the Program Administrator did not recommend any changes in the management of the Funds’ liquidity risk.
B. Portfolio Holdings Classifications
During the Review Period, each Fund’s portfolio holdings (including derivative investments) were classified monthly as Highly Liquid Investments, Moderately Liquid Investments, Less Liquid Investments and Illiquid Investments pursuant to the Program, as required by the Liquidity Rule. Upon the Committee’s review and approval, the classifications were recorded for reporting in each Fund’s Form N-PORT filings during the Review Period. The Report reviewed the classification methodology as provided in the Program and noted the liquidity classifications process operated effectively during the Review Period.
C. HLIM
Each Fund qualified as a Primarily Highly Liquid Fund (“PHLF”) under the Program during the Review Period and accordingly, none of the Funds maintained or were required to establish an HLIM during the Review Period. There were no changes recommended in the Report with respect to the status of any Fund as a PHLF pursuant to the review.
D. Compliance with the 15% Limitation on Illiquid Investments
Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets (the “15% Limit”). All Funds were monitored daily for compliance with the 15% Limit during the Review Period. During the Review Period, the Funds operated in accordance with the relevant provisions of the Program addressing the 15% Limit, including with respect to temporary investment illiquidity as a result of extended market closures. The Report also addressed significant liquidity matters which occurred or were reported during the Review Period applicable to the Funds, if any, and actions to address such matters as applicable.
173
GuideMark® Funds
GuidePath® Funds
GUIDEMARK® FUNDS & GUIDEPATH® FUNDS
GuideMark® Large Cap Core Fund
GuideMark® Emerging Markets Fund
GuideMark® Small/Mid Cap Core Fund
GuideMark® World ex-US Fund
GuideMark® Core Fixed Income Fund
GuidePath® Growth Allocation Fund
GuidePath® Conservative Allocation Fund
GuidePath® Tactical Allocation Fund
GuidePath® Absolute Return Allocation Fund
GuidePath® Multi-Asset Income Allocation Fund
GuidePath® Flexible Income Allocation Fund
GuidePath® Managed Futures Strategy Fund
GuidePath® Conservative Income Fund
GuidePath® Income Fund
GuidePath® Growth and Income Fund
Investment Advisor
AssetMark, Inc.
1655 Grant Street, 10th Floor
Concord, CA 94520
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 North Water St.
Suite 830
Milwaukee, WI 53202
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC,
doing business as U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Distributor
AssetMark BrokerageTM, LLC
1655 Grant Street, 10th Floor
Concord, CA 94520
This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.
Annual Report
March 31, 2021
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
For the fiscal year ended March 31, 2021, the registrant’s principal accountant billed the registrant $90,500 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
For the fiscal year ended March 31, 2020, the registrant’s principal accountant billed the registrant $110,000 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.
(b) | Audit-Related Fees |
None.
c) | Tax Fees |
For the fiscal year ended March 31, 2021, the registrant’s principal accountant billed the registrant $30,000 for professional services rendered for tax compliance, tax advice and tax planning.
For the fiscal year ended March 31, 2020, the registrant’s principal accountant billed the registrant $30,000 for professional services rendered for tax compliance, tax advice and tax planning.
1
(d) | All Other Fees |
None.
(e)(1) | The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to provide non-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. |
(e)(2) | There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | None of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the fiscal year ended March 31, 2021 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees. |
(g) | The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2021 and March 31, 2020, were $0 and $0, respectively. |
(h) | The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
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.
2
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.
3
(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. |
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) GPS Funds I
By (Signature and Title) /s/ Carrie E. Hansen Carrie E. Hansen, Principal Executive Officer/President
Date 5/26/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Carrie E. Hansen Carrie E. Hansen, Principal Executive Officer/President
Date 5/26/2021
By (Signature and Title) /s/ Patrick Young Patrick R Young, Vice President/Treasurer
Date 5/26/2021 |
5