Annual Report for the GPS Funds I

N-CSR 1 d182983dncsr.htm ANNUAL REPORT FOR THE GPS FUNDS I Annual Report for the GPS Funds I

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, 10^th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10^th 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

US equities represented by S&P 500^® Index.

Emerging markets represented by MSCI Emerging Markets Index.

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.

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^®CoreFixed 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.

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.

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.

GuideMark^® Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

* 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.

GuideMark^® Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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).

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*

LOGO

* 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	%

GuideMark^®Small/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

RUSSELL 2500^TM INDEX – The Russell 2500^TM 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 2500^TM 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 2500^TM Index		89.40	%		15.93	%		12.20	%		9.93	%

⁽¹⁾	Inception date is 6/29/01.

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*

LOGO

* 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	%

GuideMark^®World ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

* 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	%

GuideMark^®Core Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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	%

GuidePath^®Growth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

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* 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	%

GuidePath^®ConservativeAllocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

GuidePath^®ConservativeAllocation 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*

LOGO

* 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	%

GuidePath^®Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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*

LOGO

* 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	%

GuidePath^®Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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%.

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.

•

Components of Portfolio Holdings*

LOGO

* 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	%

GuidePath^®Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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	%

GuidePath^®Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.


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%.

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*

LOGO

* 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	%

GuidePath^®Managed Futures StrategyFund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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.

GuidePath^®Conservative Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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	%

GuidePath^®Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO


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.

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*

LOGO

* 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	%

GuidePath^®Growth and Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

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.

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*

LOGO

* 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	%

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 Period²October 1, 2020 – March 31, 2021
INSTITUTIONAL SHARES
GuideMark^® Large Cap Core Fund	Actual	$	1,000.00	$	1,227.40		0.56%	$	3.11
GuideMark^® Large Cap Core Fund	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
GuideMark^® World ex-US Fund	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
GuidePath^® Growth Allocation Fund	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
GuidePath^® Conservative Allocation Fund	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
GuidePath^® Tactical Allocation Fund	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
GuidePath^® Absolute Return Allocation Fund	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
GuidePath^® Flexible Income Allocation Fund	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
GuidePath^® Managed Futures Strategy Fund	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.

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 Period²October 1, 2020 – March 31, 2021
SINGLE CLASS SHARES
GuidePath^® Conservative Income Fund	Actual	$	1,000.00	$	1,003.30		0.78%	$	3.90
GuidePath^® Conservative Income Fund	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
GuidePath^® Income Fund	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
GuidePath^® Growth and Income Fund	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 Period²October 1, 2020 – March 31, 2021
SERVICE SHARES
GuideMark^® Large Cap Core Fund	Actual	$	1,000.00	$	1,223.70		1.15%	$	6.38
GuideMark^® Large Cap Core Fund	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
GuideMark^® Emerging Markets Fund	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
GuideMark^® Small/Mid Cap Core Fund	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
GuideMark^® World ex-US Fund	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
GuideMark^® Core Fixed Income Fund	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
GuidePath^® Growth Allocation Fund	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
GuidePath^® Conservative Allocation Fund	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
GuidePath^® Tactical Allocation Fund	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
GuidePath^® Absolute Return Allocation Fund	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
GuidePath^® Multi-Asset Income Allocation Fund	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
GuidePath^® Flexible Income Allocation Fund	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
GuidePath^® Managed Futures Strategy Fund	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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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. - Series C (a)(b)		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 - Class A (a)(b)		765,008
	19,072	Liberty Media Corp.-Liberty SiriusXM - Class C (a)		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 Shares			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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 (Cost $322,011,736)		577,837,100


Number of Shares			Value
		INVESTMENT COMPANIES - 2.38%
		Exchange Traded Funds - 2.38%
	39,377	Vanguard S&P 500 ETF	$	14,345,041

		Total Investment Companies (Cost $10,165,054)		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 (Cost $4,804,071)		5,822,491

		SHORT TERM INVESTMENTS - 0.72%
		Money Market Funds - 0.72%
	4,347,830	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (c)		4,347,830

		Total Short Term Investments (Cost $4,347,830)		4,347,830


Number of Units
		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 (Cost $33,919,804)		33,919,804

		Total Investments (Cost $375,248,495) - 105.55%		636,272,266
		Liabilities in Excess of Other Assets - (5.55)%		(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.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 (Cost $51,763,488)		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 (Cost $9,188,235)		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 Shares			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 (Cost $1,459,595)		2,203,726

		RIGHTS - 0.00% (e)
		Chile - 0.00% (e)
	378	Sociedad Quimica y Minera de Chile SA (a)		1,512

		Total Rights (Cost $0)		1,512

		SHORT TERM INVESTMENTS - 0.70%
		Money Market Funds - 0.70%
	684,992	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (c)		684,992

		Total Short Term Investments (Cost $684,992)		684,992


Number of Units
		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 (Cost $4,637,812)		4,637,812

		Total Investments (Cost $67,734,122) - 104.60%		101,749,104
		Liabilities in Excess of Other Assets - (4.60)%		(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.

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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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 - Class C (a)		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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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 Producers - 0.60%
	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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 (Cost $45,802,032)		85,501,624

		INVESTMENT COMPANIES - 3.52%
		Exchange Traded Funds - 3.52%
	18,459	Vanguard Extended Market ETF		3,265,582

		Total Investment Companies (Cost $2,803,829)		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 Shares			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.

GuideMark^® Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 (Cost $2,764,080)		3,258,590

		SHORT TERM INVESTMENTS - 0.74%
		Money Market Funds - 0.74%
	689,166	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (e)		689,166

		Total Short Term Investments (Cost $689,166)		689,166


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 7.09%
	6,578,455	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (e)	$	6,578,455

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $6,578,455)		6,578,455

		Total Investments (Cost $58,637,562) - 107.05%		99,293,417
		Liabilities in Excess of Other Assets - (7.05)%		(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.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 Shares			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.

GuideMark^® World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 (Cost $90,362,090)		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 (Cost $4,454,292)		4,588,494

		PARTICIPATORY NOTES - 0.03%
		Switzerland - 0.03%
	129	Schindler Holding AG (f)		37,901

		Total Participatory Notes (Cost $29,164)		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 (Cost $743,430)		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 (Cost $234,849)		355,976


Number of Shares			Value
		RIGHTS - 0.00%
		Italy - 0.00% (g)
	10,238	Snam SpA (c)(d)(g)	$	3,326

		Total Rights (Cost $0)		3,326

		SHORT TERM INVESTMENTS - 0.60%
		Money Market Funds - 0.60%
	834,008	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (e)		834,008

		Total Short Term Investments (Cost $834,008)		834,008


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 0.51%
	702,165	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (e)		702,165

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $702,165)		702,165

		Total Investments (Cost $97,359,998) - 99.51%		137,429,321
		Other Assets in Excess of Liabilities - 0.49%		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.

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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Principal Amount			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 Series 2019-3D, 2.580%, 09/18/2025		155,897
	379,779	Atrium XII Series 2015-12R, 1.052% (3 Month LIBOR USD + 0.830%, 0.000% Floor), 04/22/2027 (a)(c)		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 Series 2020-1A2, 1.990%, 07/15/2060 (c)		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 Series 2019-4, 2.700%, 02/16/2027		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 Series 2006-1, 0.418% (3 Month LIBOR USD + 0.230%, 0.000% Floor), 05/25/2036 (a)		98,819
	70,156	GLS Auto Receivables Issuer Trust Series 2019-4, 2.470%, 11/15/2023 (c)		70,972
	300,000	GTP Acquisition Partners I LLC Series 2015-2, 3.482%, 06/15/2050 (c)		319,374
	221,921	LCM XX LP Series 2015-20R, 1.264% (3 Month LIBOR USD + 1.040%, 0.000% Floor), 10/20/2027 (a)(c)		222,009
	90,130	Marlette Funding Trust Series 2019-4, 2.390%, 12/15/2029 (c)(g)		91,020
	120,000	Mercury Financial Credit Card Master Trust Series 2021-1A, 1.540%, 03/20/2026 (c)		120,088
	95,902	OCP CLO, Ltd. Series 2015-9R, 1.041% (3 Month LIBOR USD + 0.800%, 0.000% Floor), 07/15/2027 (a)(c)		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. Series 2014-7R, 1.233% (3 Month LIBOR USD + 1.010%, 1.010% Floor), 07/17/2029 (a)(c)		238,440
	212,015	OZLM XII, Ltd. Series 2015-12R, 1.255% (3 Month LIBOR USD + 1.050%, 0.000% Floor), 04/30/2027 (a)(c)		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. Series 2018-3, 1.191% (3 Month LIBOR USD + 0.950%, 0.000% Floor), 04/16/2029 (a)(c)		335,649
	55,298	Springleaf Funding Trust Series 2017-A, 2.680%, 07/15/2030 (c)		55,461
	100,000	Summit Issuer LLC Series 2020-1, 2.290%, 12/20/2050 (c)		99,855


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	345,791	TICP CLO, Ltd. Series 2018-3, 1.064% (3 Month LIBOR USD + 0.840%, 0.840% Floor), 04/20/2028 (a)(c)	$	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 Series 2018-1, 3.884%, 03/15/2048 (c)(g)		81,872
	220,000	Westlake Automobile Receivables Trust Series 2019-3, 2.720%, 11/15/2024 (c)		227,640
	100,000	Wingstop Funding LLC Series 2020-1, 2.841%, 12/05/2050 (c)(g)		101,558
	176,367	Z Capital Credit Partners CLO, Ltd. Series 2015-1, 1.173% (3 Month LIBOR USD + 0.950%, 0.950% Floor), 07/16/2027 (a)(c)		176,093

		Total Asset Backed Securities (Cost $6,313,048)		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 Series 2017-RT3A, 3.500%, 01/28/2058 (b)(c)		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 Series 2017-RT6, 3.500%, 10/28/2057 (b)(c)		53,304
	132,000	BBCMS Mortgage Trust Series 2017-DELC, 0.956% (1 Month LIBOR USD + 0.850%, 0.850% Floor), 08/15/2036 (a)(c)		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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. Series 2019-24A AR, 0.000% (3 Month LIBOR USD + 1.100%, 1.100% Floor), 04/20/2034 (a)(c)		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 Series 2019-LIFE, 1.556% (1 Month LIBOR USD + 1.450%, 1.450% Floor), 12/15/2037 (a)(c)		100,237
	145,000	Century Plaza Towers Series 2019-CPT, 2.865%, 11/16/2039 (c)		150,420
	13,125	Chase Mortgage Finance Trust Series 2007-A1, 2.674%, 02/25/2037 (b)		13,770
	43,260	CIM Trust Series 2017-7, 3.000%, 04/25/2057 (b)(c)		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 Series 2016-C6, 2.960%, 01/15/2049		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 Series 2018-C1, 0.203%, 10/17/2051 (b)(j)		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 Amount			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 Series 2021-NQM1, 0.874%, 01/25/2066 (c)(k)		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 Series 2019-MAUI, 1.256% (1 Month LIBOR USD + 1.150%, 1.150% Floor), 05/17/2038 (a)(c)		220,563
	67,075	Homeward Opportunities Fund I Trust Series 2019-2, 2.702%, 08/25/2059 (b)(c)		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 Series 2020-NQM3 A1, 1.014%, 01/26/2065 (b)(c)		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 Series 2003-NC10, 1.129% (1 Month LIBOR USD + 1.020%, 1.020% Floor), 10/25/2033 (a)		123,025
	175,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29, 3.325%, 05/17/2049		189,009
	185,000	Morgan Stanley Capital I Trust Series 2014-MP, 3.469%, 08/11/2033 (c)		185,512
	222,000	Mortgage Insurance-Linked Notes Series 2019-1, 2.009% (1 Month LIBOR USD + 1.900%, 1.900% Floor), 11/26/2029 (a)(c)		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 Series 2019-1776, 2.507%, 10/17/2036 (c)		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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 Series 2021-NQM1, 1.072%, 02/25/2066 (b)(c)		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 Series 2019-3, 3.500%, 10/25/2058		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. Series 2021-1A A1, 0.000% (3 Month LIBOR USD + 1.000%, 1.000% Floor), 04/17/2034 (a)(c)		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 Series 2021-NPL2 A1, 2.115%, 03/27/2051 (c)(k)		99,999
	410,000	Venture 42 CLO, Ltd. Series 2021-42A A1A, 0.000% (3 Month LIBOR USD + 1.130%, 1.130% Floor), 04/17/2034 (a)(c)		410,248
	120,000	Vericrest Opportunity Loan Transferee Series 2021-NPL7, 2.116%, 04/25/2051 (c)(k)		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 Amount			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 Series A-5, 3.148%, 05/15/2048		284,082
	384,939	Wells Fargo-RBS Commercial Mortgage Trust Series 2014-C19, 3.660%, 03/15/2047		387,473

		Total Collateralized Mortgage Obligations (Cost $22,913,406)		23,240,407

		CORPORATE OBLIGATIONS - 29.92%
		Aerospace & Defense - 0.64%
	235,000	Boeing Co. 5.040%, 05/01/2027		267,990
	60,000	General Dynamics Corp. 4.250%, 04/01/2040		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. 4.090%, 09/15/2052		87,874
	190,000	Northrop Grumman Corp. 5.150%, 05/01/2040 (e)		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 2.219% (SOFR + 2.074%), 06/09/2026 (a)(c)		205,156

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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 5.375%, 01/12/2024 (c)		223,148
	95,000	Fifth Third Bancorp 2.375%, 01/28/2025		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 2.550%, 10/01/2029 (e)		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. 3.700%, 03/28/2022		241,636
	370,000	Truist Bank 2.250%, 03/11/2030		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 Amount			Value
		Beverages (Continued)
	112,000	4.750%, 04/15/2058	$	129,037
	35,000	Coca-Cola Co. 3.000%, 03/05/2051		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 2.000%, 04/29/2030		195,551
	50,000	Keurig Dr Pepper, Inc. 3.350%, 03/15/2051		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. 2.700%, 02/15/2031		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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. 4.205%, 11/15/2023		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. 1.450%, 02/15/2031		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. 4.200%, 11/06/2025		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. 3.490%, 05/15/2027		135,748

				680,153


Principal Amount			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 1.668%, 03/25/2026		118,816
	340,000	Equitable Financial Life Global Funding 1.800%, 03/08/2028 (c)(e)		332,523
	200,000	GE Capital Funding LLC 4.400%, 05/15/2030 (c)(e)		226,449
	160,000	GlaxoSmithKline Capital, Inc. 3.625%, 05/15/2025 (e)		176,004
	55,000	LYB International Finance III LLC 1.250%, 10/01/2025		54,330
	85,000	3.800%, 10/01/2060		83,100
	200,000	NTT Finance Corp. 1.162%, 04/03/2026 (c)		197,410
	310,000	Siemens Financieringsmaatschappij NV 1.200%, 03/11/2026 (c)		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. 3.633%, 04/06/2030		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. 3.650%, 06/15/2046		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities (Continued)
	60,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043	$	72,341
	170,000	Duke Energy Ohio, Inc. 3.650%, 02/01/2029		184,999
	45,000	Evergy Metro, Inc. 2.250%, 06/01/2030		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. 1.600%, 01/15/2026		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. 2.950%, 05/14/2030 (c)		214,326
	325,000	NextEra Energy Capital Holdings, Inc. 2.250%, 06/01/2030		318,010
	230,000	Oglethorpe Power Corp. 5.050%, 10/01/2048		270,902
	50,000	Oncor Electric Delivery Co. LLC 5.750%, 03/15/2029		61,912
	410,000	Pacific Gas and Electric Co. 2.500%, 02/01/2031		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. 2.600%, 05/01/2026		116,118
	122,000	South Carolina Electric & Gas Co. 5.100%, 06/01/2065		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. 2.600%, 12/01/2029		121,185

				4,728,262

		Entertainment - 0.15%
	235,000	ViacomCBS, Inc. 4.950%, 01/15/2031		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 Amount			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. 1.800%, 07/15/2027		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. 2.700%, 02/15/2027		88,673

				663,326

		Food Products - 0.40%
	75,000	Archer-Daniels-Midland Co. 3.250%, 03/27/2030		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. 2.875%, 04/15/2030		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. 2.450%, 10/01/2023		10,418

		Health Care Equipment & Supplies - 0.47%
	200,000	Alcon Finance Corp. 2.750%, 09/23/2026 (c)		211,594
	65,000	Baxter International, Inc. 3.950%, 04/01/2030 (c)(e)		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. 2.875%, 09/23/2023		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. 1.250%, 03/15/2026		340,664
	70,000	CommonSpirit Health 2.760%, 10/01/2024		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. 2.800%, 06/30/2031		101,740
	75,000	Sutter Health 3.361%, 08/15/2050		74,184

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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. 5.300%, 01/15/2029		73,050
	80,000	Las Vegas Sands Corp. 3.500%, 08/18/2026		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. 3.800%, 08/15/2025		71,662

				579,526

		Industrial Conglomerates - 0.57%
	255,000	General Electric Co. 3.625%, 05/01/2030 (e)		274,468
	325,000	Honeywell International, Inc. 1.950%, 06/01/2030		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. 2.500%, 06/30/2025		341,069
	135,000	Berkshire Hathaway Finance Corp. 4.200%, 08/15/2048		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. 4.050%, 10/15/2023		75,655
	12,000	Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070 (c)		11,819
	40,000	New York Life Global Funding 2.000%, 04/13/2021 (c)		39,941
	105,000	Progressive Corp. 3.200%, 03/26/2030		112,840
	55,000	Trinity Acquisition PLC 4.400%, 03/15/2026		61,963

				1,103,843

		Interactive Media & Services - 0.34%
	365,000	Alphabet, Inc. 2.050%, 08/15/2050 (e)		300,546
	350,000	Tencent Holdings Ltd. 2.390%, 06/03/2030 (c)		338,193

				638,739


Principal Amount			Value
		Internet & Direct Marketing Retail - 0.25%
	200,000	Alibaba Group Holding, Ltd. 3.400%, 12/06/2027	$	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. 2.250%, 03/01/2031		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. 3.625%, 05/15/2025 (c)		92,331
	95,000	Mastercard, Inc. 2.950%, 03/15/2051		93,234
	55,000	Visa, Inc. 4.300%, 12/14/2045		66,310

				1,863,161

		Machinery - 0.34%
	130,000	Caterpillar, Inc. 2.600%, 04/09/2030 (e)		133,129
	495,000	Otis Worldwide Corp. 2.565%, 02/15/2030		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. 3.150%, 08/15/2024 (c)		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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. 4.200%, 05/19/2032 (e)		123,464

				2,833,684

		Metals & Mining - 0.15%
	15,000	Steel Dynamics, Inc. 3.250%, 01/15/2031		15,883
	260,000	Vale Overseas, Ltd. 3.750%, 07/08/2030		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. 2.850%, 08/15/2026		180,560
	290,000	NiSource, Inc. 3.600%, 05/01/2030 (e)		314,584
	475,000	Public Service Enterprise Group, Inc. 1.600%, 08/15/2030		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. 6.500%, 02/15/2037		19,048
	65,000	Eastern Energy Gas Holdings LLC 2.500%, 11/15/2024		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 4.800%, 02/01/2049		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. 4.227%, 03/19/2040		152,332
	200,000	Galaxy Pipeline Assets Bidco, Ltd. 2.940%, 09/30/2040 (c)		193,467
	100,000	Hess Corp. 7.300%, 08/15/2031		127,752
	130,000	Marathon Petroleum Corp. 4.700%, 05/01/2025		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 Amount			Value
		Oil, Gas & Consumable Fuels (Continued)
	135,000	Sabine Pass Liquefaction LLC 4.500%, 05/15/2030	$	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. 2.600%, 04/15/2030		51,543

		Pharmaceuticals - 1.21%
	230,000	Bayer US Finance II LLC 4.250%, 12/15/2025 (c)		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 2.875%, 06/01/2022		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 2.050%, 03/31/2030 (e)		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. 4.500%, 03/15/2049		52,025
	30,000	Norfolk Southern Corp. 3.400%, 11/01/2049		29,729
	160,000	Union Pacific Corp. 4.100%, 09/15/2067		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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. 2.670%, 09/01/2023 (c)		156,299
	170,000	NVIDIA Corp. 3.500%, 04/01/2040		182,804

				1,954,933

		Software - 0.75%
	155,000	Microsoft Corp. 2.525%, 06/01/2050		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. 3.250%, 04/11/2023		79,255

				1,418,787

		Specialty Retail - 0.60%
	75,000	AutoZone, Inc. 3.625%, 04/15/2025		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. 1.375%, 03/15/2031		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 Amount			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 4.895%, 03/06/2048 (e)		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 4.250%, 09/17/2050 (e)		99,023

				1,738,009

		Total Corporate Obligations (Cost $54,548,969)		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 5.103%, 04/23/2048		253,447
	400,000	Saudi Government International Bond 2.250%, 02/02/2033 (c)		377,332

		Total Foreign Government Debt Obligations (Cost $2,453,948)		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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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 Amount			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.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			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 Amount			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 (Cost $69,254,085)		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, Series B, 6.899%, 12/01/2040		146,844
	20,000	Chicago Transit Authority Sales Tax Receipts, Revenue Bond 3.912%, 12/01/2040		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 3.432%, 04/01/2042		123,016
	255,000	Metropolitan Transportation Authority, Series C-1, Revenue Bond 5.175%, 11/15/2049		317,386
	100,000	Metropolitan Transportation Authority, Series C-2, Revenue Bond 5.000%, 11/15/2050		120,099
	60,000	New York State Thruway Authority - Series M, Revenue Bond 2.900%, 01/01/2035		62,222
	370,000	New York Transportation Development Corp., Revenue Bond 4.248%, 09/01/2035		405,328

See notes to financial statements.

GuideMark^® Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
	355,000	Philadelphia Authority for Industrial Development, Series C, Revenue Bond 6.550%, 10/15/2028	$	436,038
	215,000	Port Authority of New York & New Jersey, Series AAA, Revenue Bond 1.086%, 07/01/2023		218,250
	250,000	State Board of Administration Finance Corp., Revenue Bond 1.258%, 07/01/2025		252,423
	15,000	University of California Medical Center, Series H, Revenue Bond, 6.548%, 05/15/2048		22,627

		Total Municipal Debt Obligations (Cost $2,816,285)		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 (Cost $55,446,992)		54,982,930


Number of Shares
		SHORT TERM INVESTMENTS - 7.11%
		Money Market Funds - 7.11%
	13,372,829	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (d)		13,372,829

		Total Short Term Investments (Cost $13,372,829)		13,372,829


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.44%
	4,583,430	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (d)	$	4,583,430

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $4,583,430)		4,583,430

		Total Investments (Cost $231,702,992) - 124.80%		234,669,805
		Liabilities in Excess of Other Assets - (24.80)%		(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.

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	Floating Rate Index			Floating Payment Frequency		Fixed Pay Rate	Fixed Payment Frequency	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

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.

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.

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.

GuidePath^® Growth Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $699,028,769)		1,064,665,835

		SHORT TERM INVESTMENTS - 1.18%
		Money Market Funds - 1.18%
	12,717,743	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (b)		12,717,743

		Total Short Term Investments (Cost $12,717,743)		12,717,743


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 25.38%
	273,607,847	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (b)		273,607,847

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $273,607,847)		273,607,847

		Total Investments (Cost $985,354,359) - 125.31%		1,350,991,425
		Liabilities in Excess of Other Assets - (25.31)%		(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.

GuidePath^® Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $396,040,100)		456,615,714


Number of Shares			Value
		SHORT TERM INVESTMENTS - 1.15%
		Money Market Funds - 1.15%
	5,336,506	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (c)	$	5,336,506

		Total Short Term Investments (Cost $5,336,506)		5,336,506


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 25.44%
	117,653,868	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (c)		117,653,868

		Total Investments Purchased with Proceeds from Securities Lending (Cost $117,653,868)		117,653,868

		Total Investments (Cost $519,030,474) - 125.34%		579,606,088
		Liabilities in Excess of Other Assets - (25.34)%		(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.

GuidePath^® Tactical Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 Shares			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 (Cost $289,437,956)		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 (Cost $38,790,332)		41,936,030

		REAL ESTATE INVESTMENT TRUSTS - 1.00%
	548,473	Annaly Capital Management, Inc.		4,716,868

		Total Real Estate Investment Trusts (Cost $4,570,143)		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 (Cost $94,875,186)		94,875,186


Number of Units
		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 (Cost $104,133,886)		104,133,886

		Total Investments (Cost $531,807,503) - 122.27%		575,438,318
		Liabilities in Excess of Other Assets - (22.27)%		(104,821,603	)

		TOTAL NET ASSETS - 100.00%	$	470,616,715

See notes to financial statements.

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.

GuidePath^® Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $199,542,623)		210,471,921

		SHORT TERM INVESTMENTS - 1.66%
		Money Market Funds - 1.66%
	3,539,911	DWS Government Money Market Series - Institutional Shares Effective Yield 0.04%, (c)		3,539,911

		Total Short Term Investments (Cost $3,539,911)		3,539,911


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.79%
	33,662,416	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (c)	$	33,662,416

		Total Investments Purchased with Proceeds from Securities Lending (Cost $33,662,416)		33,662,416

		Total Investments (Cost $236,744,950) - 116.21%		247,674,248
		Liabilities in Excess of Other Assets - (16.21)%		(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.

GuidePath^® Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $111,518,068)		131,494,223

		SHORT TERM INVESTMENTS - 0.85%
		Money Market Funds - 0.85%
	1,122,706	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (b)		1,122,706

		Total Short Term Investments (Cost $1,122,706)		1,122,706


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 16.30%
	21,649,549	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (b)	$	21,649,549

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $21,649,549)		21,649,549

		Total Investments (Cost $134,290,323) - 116.15%		154,266,478
		Liabilities in Excess of Other Assets - (16.15)%		(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.

GuidePath^® Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $268,457,337)		274,853,090

		SHORT TERM INVESTMENTS - 0.50%
		Money Market Funds - 0.50%
	1,398,577	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (b)		1,398,577

		Total Short Term Investments (Cost $1,398,577)		1,398,577


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.95%
	58,619,752	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (b)		58,619,752

		Total Investments Purchased with Proceeds from Securities Lending (Cost $58,619,752)		58,619,752

		Total Investments (Cost $328,475,666) - 119.66%		334,871,419
		Liabilities in Excess of Other Assets - (19.66)%		(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.

GuidePath^® Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2021


Principal Amount			Value
		SHORT TERM INVESTMENTS - 94.64%
		Certificate of Deposits - 31.95%
$	7,000,000	Bank of Montreal 0.240%, 06/23/2021	$	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 0.230%, 07/20/2021		5,500,084
	7,000,000	DG Bank 0.140%, 06/03/2021		7,000,000
	5,000,000	Mizuho Bank, Ltd. 0.170%, 05/18/2021		5,000,000
	7,500,000	Norinchukin Bank 0.150%, 05/07/2021		7,500,000
	6,500,000	Royal Bank of Canada 0.287% (3 Month LIBOR USD + 0.110%), 06/11/2021 (a)		6,501,632
	8,000,000	SEB 0.180%, 07/15/2021		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. 0.150%, 06/21/2021		5,000,000

				66,501,716


Number of Shares
		Money Market Funds - 6.24%
	12,993,407	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.040% (b)(c)		12,993,407


Principal Amount
		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 (cost $196,978,014)		196,987,539

		Total Investments (Cost $196,978,014) - 94.64%		196,987,539
		Other Assets in Excess of Liabilities - 5.36%		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.

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.

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 Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
6/16/2021	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.

GuidePath^® Conservative Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $8,235,484)		8,290,421

		SHORT TERM INVESTMENTS - 47.83%
		Money Market Funds - 40.86%
	6,506,956	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (b)(c)		6,506,956


Principal Amount
		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 (Cost $7,616,503)		7,616,529


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.37%
	537,300	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (b)		537,300

		Total Investments Purchased with Proceeds from Securities Lending (Cost $537,300)		537,300

		Total Investments (Cost $16,389,287) - 103.25%		16,444,250
		Liabilities in Excess of Other Assets - (3.25)%		(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.

GuidePath^® Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 (Cost $37,382,126)		37,597,029

		SHORT TERM INVESTMENTS - 1.59%
		Money Market Funds - 1.59%
	606,482	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (c)		606,482

		Total Short Term Investments (Cost $606,482)		606,482


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.13%
	7,653,784	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (c)		7,653,784

		Total Investments Purchased with Proceeds from Securities Lending (Cost $7,653,784)		7,653,784

		Total Investments (Cost $45,642,392) - 120.58%		45,857,295
		Liabilities in Excess of Other Assets - (20.58)%		(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.

GuidePath^® Growth and Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2021


Number of Shares			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 Shares			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.

GuidePath^® Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021


Number of Shares			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 (Cost $27,446,225)		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 (Cost $30,329,263)		30,395,461


Number of Shares			Value
		SHORT TERM INVESTMENTS - 27.69%
		Money Market Funds - 17.26%
	14,982,138	DWS Government Money Market Series - Institutional Shares Effective Yield, 0.04% (b)	$	14,982,138


Principal Amount
		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 (Cost $24,037,188)		24,040,321


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 1.16%
	1,005,669	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 0.11% (b)		1,005,669

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $1,005,669)		1,005,669

		Total Investments (Cost $82,818,345) - 101.09%		87,778,247
		Liabilities in Excess of Other Assets - (1.09)%		(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)

See notes to financial statements.

GuidePath^® Growth and Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2021


Description	Number of Contracts Purchased / (Sold)			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 Amount		Number of Contracts			Value
				Put Options
				Options on Equities
$	1,915,000		5	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 01, 2021 Exercise Price: $3,830.00	$	(75	)
	1,920,000		5	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 01, 2021 Exercise Price: $3,840.00		(100	)
	1,965,000		5	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 09, 2021 Exercise Price: $3,930.00		(9,400	)
	1,980,000		5	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 09, 2021 Exercise Price: $3,960.00		(13,560	)
	1,955,000		5	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 23, 2021 Exercise Price: $3,910.00		(17,700	)
	1,970,000		5	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: April 23, 2021 Exercise Price: $3,940.00		(22,825	)
	1,965,000		5	S&P 500 Index Counterparty: Interactive Brokers Expiration: April 16, 2021 Exercise Price: $3,930.00		(13,665	)
	3,960,000		10	S&P 500 Index Counterparty: Interactive Brokers Expiration: April 16, 2021 Exercise Price: $3,960.00		(39,490	)

				Total Written Options (Premiums Received $344,643)	$	(116,815	)

See notes to financial statements.

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

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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

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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

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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

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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

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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.

Net investment income per share has been calculated based on average shares outstanding during the year.

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

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%

Net investment income/(loss) per share has been calculated based on average shares outstanding during the year.

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

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%

Net investment income/(loss) per share has been calculated based on average shares outstanding during the year.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

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

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

⁵

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

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.

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

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.

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

⁵

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 creditincluding 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%

Net investment income per share has been calculated based on average shares outstanding during the year.

These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

⁴

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 creditincluding 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.

Net investment income per share has been calculated based on average shares outstanding during the year.

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

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 creditincluding 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.

Net investment income per share has been calculated based on average shares outstanding during the year.

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

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.

Net investment income (loss) per share has been calculated based on average shares outstanding during the year.

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.

Net investment income (loss) per share has been calculated based on average shares outstanding during the year.

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

Commencement of operations.

Net investment income per share has been calculated based on average shares outstanding during the year.

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

⁷

See notes to financial statements.

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	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

Commencement of operations.

Net investment income per share has been calculated based on average shares outstanding during the year.

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

⁷

⁸

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

See notes to financial statements.

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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

Commencement of operations.

Net investment income per share has been calculated based on average shares outstanding during the year.

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

⁷

⁸

Includes interest expense where applicable. See Note 6 in the Notes to the Financial Statements.

See notes to financial statements.

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March 31, 2021

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.

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.

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

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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.

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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

For more information regarding security characteristics, see the Schedule of Investments.

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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

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

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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

**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

For further information regarding security characteristics, see the Schedule of Investments.

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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

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

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

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

For further information regarding security characteristics, see the Schedule of Investments.

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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

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

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

For further information regarding security characteristics, see the Schedule of Investments.

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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

)

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

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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

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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.

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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.

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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.

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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.

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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 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

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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



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

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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

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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.

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.

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 Brokerage^TM, 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.

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.

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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

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2021

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.

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

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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 Changes in Net Assets	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

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%

Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Fundsdesignate 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.

Disclosure Regarding Fund Trustees and Officers (Unaudited)

Name, Address
and Year of Birth

Position(s) Held
with the Trusts

Term of Office and
Length of Time Served

Principal Occupation
During Past Five Years or Longer

# of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Director/
Trustee Positions

GPS Funds I and GPS Funds II

Independent Trustees

David M. Dunford

Year of Birth: 1949

c/o AssetMark, Inc.

1655 Grant Street,

10th Floor

Concord, CA 94520

Lead Independent Trustee

Indefinite Term
(since 2013 for GPS Funds I and since 2011 for GPS Funds II)

Retired; formerly, Senior Vice President, Merrill Lynch Insurance Group (1989-2001).

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).

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).

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).

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 and Year of Birth	Position(s) Held with the Trusts	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
Officers of the Trusts**

John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520	Chief Compliance Officer and AML Compliance Officer	Renewed 1-Year Term since 2013	Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2013-present); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (September 2012-January 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009).

Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520	Vice President and Treasurer	Renewed 1-Year Term since 2014	Vice President and Treasurer, GPS Funds I, GPS Funds II, and Savos (May 2014-present); Director of Mutual Fund Operations and Finance, AssetMark (February 2016-present); Manager of Fund Administration, AssetMark (May 2014-February 2016); Senior Fund Administration Officer, AssetMark (2008-May 2014).

Christine Villas-Chernak Year of Birth: 1968 c/o AssetMark, Inc. 1655 Grant Street, 10th Floor Concord, CA 94520	Secretary	Renewed 1-Year Term since 2014	Secretary, GPS Funds I (2006-2013 and May 2014-present), GPS Funds II (2011-2013 and May 2014- present), Savos (2009-2010 and May 2014-present) Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009).

Ms. Hansen is a Trustee who is an “interested person” of the Trusts as defined in the 1940 Act because she is an officer of AssetMark or certain of its affiliates.

Each Officer of the Trusts serves at the pleasure of the Board.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.

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.

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.

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

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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

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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.

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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.

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

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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 Brokerage^TM, 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.

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.

(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.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.


(a)		(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

		(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.


		(3) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

		(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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