# EDGAR Filing Document

**Accession Number:** 0001131042
**File Stem:** 0001133228-26-008928
**Filing Date:** 2026-6
**Character Count:** 789696
**Document Hash:** b80ddefcfa30cf979c7d3f41790bbe82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008928.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001133228-26-008928

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GPS Funds I
- **CENTRAL INDEX KEY:** 0001131042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10267
- **FILM NUMBER:** 261069373

**BUSINESS ADDRESS:**
- **STREET 1:** 1655 GRANT STREET
- **STREET 2:** 10TH FLOOR
- **CITY:** CONCORD
- **STATE:** CA
- **ZIP:** 94520
- **BUSINESS PHONE:** 800-664-5345

**MAIL ADDRESS:**
- **STREET 1:** 1655 GRANT STREET
- **STREET 2:** 10TH FLOOR
- **CITY:** CONCORD
- **STATE:** CA
- **ZIP:** 94520

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSETMARK FUNDS
- **DATE OF NAME CHANGE:** 20010102

## Series and Classes Contracts Data

### GuideMark(R) Large Cap Core Fund (Series ID: S000006182)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017030 | Service Shares | GMLGX           |
| C000270753 | RS Shares      | GLCPX           |

### GuideMark(R) Emerging Markets Fund (Series ID: S000006183)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017031 | Service Shares | GMLVX           |
| C000270754 | RS Shares      | GEPRX           |

### GuideMark(R) Small/Mid Cap Core Fund (Series ID: S000006185)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017033 | Service Shares | GMSMX           |
| C000270755 | RS Shares      | GSMRX           |

### GuideMark(R) World ex-US Fund (Series ID: S000006186)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017034 | Service Shares | GMWEX           |
| C000270756 | RS Shares      | GWURX           |

### GuideMark(R) Core Fixed Income Fund (Series ID: S000006189)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017037 | Service Shares | GMCOX           |
| C000270757 | RS Shares      | GCFQX           |

?xml version='1.0' encoding='ASCII'? 2026-04-16190428_GuideMarkCoreFixedIncomeFund_RSClass_TSRAnnual

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 **<u>811-10267</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>GPS Funds I</u>**

(Exact name of registrant as specified in charter)

**<u>1655 Grant Street, 10th Floor</u>**

**<u>Concord, CA 94520</u>**

(Address of principal executive offices) (Zip code)

**<u>Patrick R Young</u>**

**<u>AssetMark, Inc.</u>**

**<u>1655 Grant Street, 10<sup>th</sup> Floor</u>**

**<u>Concord, CA 94520</u>**

(Name and address of agent for service)

**<u>800-664-5345</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31, 2026</u>**

Date of reporting period: **<u>April 1, 2025 through March 31, 2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Core Fixed Income Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | RS Shares \| GCFQX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Core Fixed Income Fund (the "Fund") for the period of March 13, 2026 (commencement of RS Shares operations), to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>2</sup>**  |
| RS Shares | $8 | 1.69% |

---

---

| | |
|:---|:---|
| 1 | Amount shown reflects the expenses of the RS Shares from March 13, 2026 (commencement of RS Shares operations) through March 31, 2026. Expenses for a full fiscal year would be higher. |

---

2 Expense ratio is annualized. Reflects the effect of fee waivers and/or expense reimbursements, as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

RS Shares of the Fund commenced investment operations on March 13, 2026. For the 12-month period ended March 31, 2026, the Service Shares of the Fund returned 3.68%, moderately underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index at 4.35%.While security selection within corporate credit and exposure to mortgage-backed securities contributed to performance during the period, curve and yield positioning was a detractor as was the allocation to Treasury Inflation Protected Securities (TIPS).

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts8159img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/13/2026)** |
| **GuideMark Core Fixed Income Fund RS Shares**  | 0.05 |
| **Bloomberg US Aggregate Bond Index**  | 0.12 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark Core Fixed Income Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K777

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $172444189 |
| **Number of Holdings** | 790 |
| **Net Advisory Fee** **\*** | $609250 |
| **Portfolio Turnover** | 210% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  U.S. Treasury Notes  | 19.9% |
|  Federal National Mortgage Association  | 18.6% |
|  U.S. Treasury Bonds  | 16.2% |
|  Government National Mortgage Association  | 6.9% |
|  Federal Home Loan Mortgage Corp.  | 6.5% |
|  JPMorgan U.S. Government Money Market Fund  | 5.5% |
|  Pretium Mortgage Credit Partners LLC  | 2.0% |
|  BX Trust  | 1.2% |
|  JPMorgan Chase & Co.  | 0.8% |
|  PRPM LLC  | 0.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 36.1% |
|  Mortgage-Backed Securities  | 32.5% |
|  Corporate Obligations  | 15.7% |
|  Collateralized Mortgage Obligations  | 15.3% |
|  Money Market Funds  | 5.5% |
|  Asset-Backed Securities  | 4.6% |
|  Foreign Government Debt Obligations  | 1.0% |
|  Interest Rate Swaps  | 0.2% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | -11.0% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Core Fixed Income Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K777

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Core Fixed Income Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMCOX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Core Fixed Income Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Shares | $96 | 0.94% |

---

\* Expense ratio is annualized. Reflects the effect of fee waivers and/or expense reimbursements, as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended March 31, 2026, the Fund returned 3.68%, moderately underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index at 4.35%. While security selection within corporate credit and exposure to mortgage-backed securities contributed to performance during the period, curve and yield positioning was a detractor as was the allocation to Treasury Inflation Protected Securities (TIPS).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7109img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuideMark Core Fixed Income Fund Service Shares**  | 3.68 | -0.19 | 1.24 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark Core Fixed Income Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K868

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $172444189 |
| **Number of Holdings** | 790 |
| **Net Advisory Fee** **\*** | $609250 |
| **Portfolio Turnover** | 210% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  U.S. Treasury Notes  | 19.9% |
|  Federal National Mortgage Association  | 18.6% |
|  U.S. Treasury Bonds  | 16.2% |
|  Government National Mortgage Association  | 6.9% |
|  Federal Home Loan Mortgage Corp.  | 6.5% |
|  JPMorgan U.S. Government Money Market Fund  | 5.5% |
|  Pretium Mortgage Credit Partners LLC  | 2.0% |
|  BX Trust  | 1.2% |
|  JPMorgan Chase & Co.  | 0.8% |
|  PRPM LLC  | 0.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 36.1% |
|  Mortgage-Backed Securities  | 32.5% |
|  Corporate Obligations  | 15.7% |
|  Collateralized Mortgage Obligations  | 15.3% |
|  Money Market Funds  | 5.5% |
|  Asset-Backed Securities  | 4.6% |
|  Foreign Government Debt Obligations  | 1.0% |
|  Interest Rate Swaps  | 0.2% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | -11.0% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Core Fixed Income Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K868

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Emerging Markets Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | RS Shares \| GEPRX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Emerging Markets Fund (the "Fund") for the period of March 13, 2026 (commencement of RS Shares operations), to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>2</sup>**  |
| RS Shares | $10 | 2.09% |

---

---

| | |
|:---|:---|
| 1 | Amount shown reflects the expenses of the RS Shares from March 13, 2026 (commencement of RS Shares operations) through March 31, 2026. Expenses for a full fiscal year would be higher. |

---

2 Expense ratio is annualized. Reflects voluntary fee waivers as well as the effect of expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

RS Shares of the Fund commenced investment operations on March 13, 2026. For the 12-month period ended March 31, 2026, the Service Shares of the Fund returned 32.22%, outperforming the MSCI Emerging Markets Index at 30.30%. As part of the Fund's equal weighted three-factor approach, exposure to the momentum and value factors contributed to the Fund's relative performance for the period. The Fund also saw positive impacts from country allocations, including underweight exposure to India and overweight exposure to Korea, driven by the Fund's factor-based investment approach.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts8160img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/13/2026)** |
| **GuideMark Emerging Markets Fund RS Shares**  | -1.04 |
| **MSCI Emerging Markets Index**  | -4.74 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark Emerging Markets Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K819

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $55670798 |
| **Number of Holdings** | 284 |
| **Net Advisory Fee** **\*** | $130509 |
| **Portfolio Turnover** | 64% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 14.0% |
|  Samsung Electronics Co. Ltd.  | 6.5% |
|  Tencent Holdings Ltd.  | 3.7% |
|  SK hynix, Inc.  | 3.7% |
|  iShares Core MSCI Emerging Markets ETF  | 3.3% |
|  iShares MSCI Saudi Arabia ETF  | 2.3% |
|  Alibaba Group Holding Ltd.  | 2.2% |
|  Delta Electronics, Inc.  | 1.0% |
|  China Construction Bank Corp.  | 1.0% |
|  PetroChina Co. Ltd.  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Information Technology  | 30.2% |
|  Financials  | 24.6% |
|  Communication Services  | 10.2% |
|  Consumer Discretionary  | 8.6% |
|  Materials  | 6.6% |
|  Energy  | 4.6% |
|  Consumer Staples  | 3.0% |
|  Industrials  | 3.0% |
|  Health Care  | 2.2% |
|  Cash & Other  | 7.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 20.0% |
|  Taiwan  | 18.7% |
|  South Korea  | 17.1% |
|  United States  | 8.5% |
|  India  | 8.4% |
|  Brazil  | 4.8% |
|  South Africa  | 3.7% |
|  Mexico  | 3.2% |
|  Hong Kong  | 3.2% |
|  Cash & Other  | 12.4% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Emerging Markets Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K819

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Emerging Markets Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMLVX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Emerging Markets Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Shares | $158 | 1.36% |

---

\* Expense ratio is annualized. Reflects voluntary fee waivers as well as the effect of expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended March 31, 2026, the Fund returned 32.22%, outperforming the MSCI Emerging Markets Index at 30.30%. As part of the Fund's equal weighted three-factor approach, exposure to the momentum and value factors contributed to the Fund's relative performance for the period. The Fund also saw positive impacts from country allocations, including underweight exposure to India and overweight exposure to Korea, driven by the Fund's factor-based investment approach.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7115img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuideMark Emerging Markets Fund Service Shares**  | 32.22 | 4.58 | 7.90 |
| **MSCI Emerging Markets Index**  | 30.30 | 4.16 | 8.24 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark Emerging Markets Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K306

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $55670798 |
| **Number of Holdings** | 284 |
| **Net Advisory Fee** **\*** | $130509 |
| **Portfolio Turnover** | 64% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 14.0% |
|  Samsung Electronics Co. Ltd.  | 6.5% |
|  Tencent Holdings Ltd.  | 3.7% |
|  SK hynix, Inc.  | 3.7% |
|  iShares Core MSCI Emerging Markets ETF  | 3.3% |
|  iShares MSCI Saudi Arabia ETF  | 2.3% |
|  Alibaba Group Holding Ltd.  | 2.2% |
|  Delta Electronics, Inc.  | 1.0% |
|  China Construction Bank Corp.  | 1.0% |
|  PetroChina Co. Ltd.  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Information Technology  | 30.2% |
|  Financials  | 24.6% |
|  Communication Services  | 10.2% |
|  Consumer Discretionary  | 8.6% |
|  Materials  | 6.6% |
|  Energy  | 4.6% |
|  Consumer Staples  | 3.0% |
|  Industrials  | 3.0% |
|  Health Care  | 2.2% |
|  Cash & Other  | 7.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 20.0% |
|  Taiwan  | 18.7% |
|  South Korea  | 17.1% |
|  United States  | 8.5% |
|  India  | 8.4% |
|  Brazil  | 4.8% |
|  South Africa  | 3.7% |
|  Mexico  | 3.2% |
|  Hong Kong  | 3.2% |
|  Cash & Other  | 12.4% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Emerging Markets Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K306

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Large Cap Core Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | RS Shares \| GLCPX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Large Cap Core Fund (the "Fund") for the period of March 13, 2026 (commencement of RS Shares operations), to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>2</sup>**  |
| RS Class | $8 | 1.62% |

---

---

| | |
|:---|:---|
| 1 | Amount shown reflects the expenses of the RS Shares from March 13, 2026 (commencement of RS Shares operations) through March 31, 2026. Expenses for a full fiscal year would be higher. |

---

2 Expense ratio is annualized. Reflects the effect of voluntary fee waivers as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

RS Shares of the Fund commenced investment operations on March 13, 2026. For the 12-month period ended March 31, 2026, the Service Shares of the Fund returned 15.36%, underperforming its benchmark, the Russell 1000 Index at 17.74%. As part of the Fund's equal weighted three-factor approach, exposure to the quality factor was the largest detractor from the Fund's relative performance for the period. The fund also saw negative impacts from sector allocations, including underweight exposure to energy and overweight exposure to financials, driven by the Fund's factor-based investment approach. This impact was most pronounced in the first quarter of 2026 as oil prices increased sharply.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts8161img003.jpg)

GuideMark Large Cap Core Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K827

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/13/2026)** |
| **GuideMark Large Cap Core Fund RS Shares**  | -0.64 |
| **Russell 3000 Index**  | -1.25 |
| **Russell 1000 Index**  | -1.35 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $727172787 |
| **Number of Holdings** | 335 |
| **Net Advisory Fee** **\*** | $2806813 |
| **Portfolio Turnover** | 79% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  NVIDIA Corp.  | 6.2% |
|  Apple, Inc.  | 5.4% |
|  Alphabet, Inc.  | 4.4% |
|  Microsoft Corp.  | 3.8% |
|  Vanguard S&P 500 ETF  | 3.7% |
|  Amazon.com, Inc.  | 2.6% |
|  Broadcom, Inc.  | 1.8% |
|  Meta Platforms, Inc.  | 1.7% |
|  JPMorgan Chase & Co.  | 1.4% |
|  Berkshire Hathaway, Inc.  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Information Technology  | 25.7% |
|  Financials  | 16.8% |
|  Consumer Discretionary  | 14.6% |
|  Communication Services  | 10.0% |
|  Health Care  | 9.5% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 8.0% |
|  Energy  | 1.7% |
|  Materials  | 1.1% |
|  Cash & Other  | 4.3% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Large Cap Core Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K827

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Large Cap Core Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMLGX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Large Cap Core Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Shares | $92 | 0.85% |

---

\* Expense ratio is annualized. Reflects the effect of voluntary fee waivers as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended March 31, 2026, the Fund returned 15.36%, underperforming its benchmark, the Russell 1000 Index at 17.74%. As part of the Fund's equal weighted three-factor approach, exposure to the quality factor was the largest detractor from the Fund's relative performance for the period. The fund also saw negative impacts from sector allocations, including underweight exposure to energy and overweight exposure to financials, driven by the Fund's factor-based investment approach. This impact was most pronounced in the first quarter of 2026 as oil prices increased sharply.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7110img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuideMark Large Cap Core Fund Service Shares**  | 15.36 | 9.79 | 12.38 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.72 |
| **Russell 1000 Index**  | 17.74 | 11.34 | 13.97 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark Large Cap Core Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K108

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $727172787 |
| **Number of Holdings** | 335 |
| **Net Advisory Fee** **\*** | $2806813 |
| **Portfolio Turnover** | 79% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  NVIDIA Corp.  | 6.2% |
|  Apple, Inc.  | 5.4% |
|  Alphabet, Inc.  | 4.4% |
|  Microsoft Corp.  | 3.8% |
|  Vanguard S&P 500 ETF  | 3.7% |
|  Amazon.com, Inc.  | 2.6% |
|  Broadcom, Inc.  | 1.8% |
|  Meta Platforms, Inc.  | 1.7% |
|  JPMorgan Chase & Co.  | 1.4% |
|  Berkshire Hathaway, Inc.  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Information Technology  | 25.7% |
|  Financials  | 16.8% |
|  Consumer Discretionary  | 14.6% |
|  Communication Services  | 10.0% |
|  Health Care  | 9.5% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 8.0% |
|  Energy  | 1.7% |
|  Materials  | 1.1% |
|  Cash & Other  | 4.3% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Large Cap Core Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K108

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Small/Mid Cap Core Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | RS Shares \| GSMRX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Small/Mid Cap Core Fund (the "Fund") for the period of March 13, 2026 (commencement of RS Shares operations), to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>2</sup>**  |
| RS Shares | $9 | 1.83% |

---

---

| | |
|:---|:---|
| 1 | Amount shown reflects the expenses of the RS Shares from March 13, 2026 (commencement of RS Shares operations) through March 31, 2026. Expenses for a full fiscal year would be higher. |

---

2 Expense ratio is annualized. Reflects the effect of voluntary fee waivers as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

RS Shares of the Fund commenced investment operations on March 13, 2026. For the 12-month period ended March 31, 2026, the Service Shares of the Fund returned 17.72%, underperforming its benchmark, the Russell 2500 Index at 23.45%. As part of the Fund's equal weighted three-factor approach, exposure to the quality factor was the largest detractor from the Fund's relative performance for the period. The Fund also saw negative impacts from industry allocations including underweight exposure to biotechnology stocks, which tend to score poorly based on profitability-based measures of quality.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts8162img003.jpg)

GuideMark Small/Mid Cap Core Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K793

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/13/2026)** |
| **GuideMark Small/Mid Cap Core Fund RS Shares**  | 1.25 |
| **Russell 3000 Index**  | -1.25 |
| **Russell 2500 Index**  | 0.95 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $95586318 |
| **Number of Holdings** | 1175 |
| **Net Advisory Fee** **\*** | $512254 |
| **Portfolio Turnover** | 42% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Vanguard Extended Market ETF  | 4.4% |
|  Ciena Corp.  | 0.9% |
|  Sandisk Corp.  | 0.8% |
|  Comfort Systems USA, Inc.  | 0.8% |
|  EMCOR Group, Inc.  | 0.6% |
|  Tapestry, Inc.  | 0.6% |
|  JPMorgan U.S. Government Money Market Fund  | 0.6% |
|  Casey's General Stores, Inc.  | 0.5% |
|  United Therapeutics Corp.  | 0.5% |
|  US Foods Holding Corp.  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 20.7% |
|  Industrials  | 20.3% |
|  Consumer Discretionary  | 13.0% |
|  Information Technology  | 12.7% |
|  Health Care  | 11.9% |
|  Consumer Staples  | 4.8% |
|  Energy  | 3.6% |
|  Materials  | 2.8% |
|  Communication Services  | 2.4% |
|  Cash & Other  | 7.8% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Small/Mid Cap Core Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K793

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Small/Mid Cap Core Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMSMX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark Small/Mid Cap Core Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Shares | $118 | 1.08% |

---

\* Expense ratio is annualized. Reflects the effect of voluntary fee waivers as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended March 31, 2026, the Fund returned 17.72%, underperforming its benchmark, the Russell 2500 Index at 23.45%. As part of the Fund's equal weighted three-factor approach, exposure to the quality factor was the largest detractor from the Fund's relative performance for the period. The Fund also saw negative impacts from industry allocations including underweight exposure to biotechnology stocks, which tend to score poorly based on profitability-based measures of quality.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7111img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuideMark Small/Mid Cap Core Fund Service Shares**  | 17.72 | 4.80 | 10.27 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.72 |
| **Russell 2500 Index**  | 23.45 | 5.48 | 10.58 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark Small/Mid Cap Core Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K504

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $95586318 |
| **Number of Holdings** | 1175 |
| **Net Advisory Fee** **\*** | $512254 |
| **Portfolio Turnover** | 42% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Vanguard Extended Market ETF  | 4.4% |
|  Ciena Corp.  | 0.9% |
|  Sandisk Corp.  | 0.8% |
|  Comfort Systems USA, Inc.  | 0.8% |
|  EMCOR Group, Inc.  | 0.6% |
|  Tapestry, Inc.  | 0.6% |
|  JPMorgan U.S. Government Money Market Fund  | 0.6% |
|  Casey's General Stores, Inc.  | 0.5% |
|  United Therapeutics Corp.  | 0.5% |
|  US Foods Holding Corp.  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 20.7% |
|  Industrials  | 20.3% |
|  Consumer Discretionary  | 13.0% |
|  Information Technology  | 12.7% |
|  Health Care  | 11.9% |
|  Consumer Staples  | 4.8% |
|  Energy  | 3.6% |
|  Materials  | 2.8% |
|  Communication Services  | 2.4% |
|  Cash & Other  | 7.8% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark Small/Mid Cap Core Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K504

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark World ex-US Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | RS Shares \| GWURX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark World ex-US Fund (the "Fund") for the period of March 13, 2026 (commencement of RS Shares operations), to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>2</sup>**  |
| RS Class | $9 | 1.81% |

---

---

| | |
|:---|:---|
| 1 | Amount shown reflects the expenses of the RS Shares from March 13, 2026 (commencement of RS Shares operations) through March 31, 2026. Expenses for a full fiscal year would be higher. |

---

---

| | |
|:---|:---|
| 2 | Expense ratio is annualized. Reflects the effect of voluntary fee waivers as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher. Additionally, reflects the effects of expense recoupment by Advisor during the period, without which, expenses would have been lower. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

RS Shares of the Fund commenced investment operations on March 13, 2026. For the 12-month period ended March 31, 2026, the Service Shares of the Fund returned 24.99%, outperforming its benchmark, the MSCI World ex-USA Index at 23.63%. As part of the Fund's equal weighted three-factor approach, exposure to the momentum and value factors were the largest contributors to the Fund's relative performance for the period. Relative performance also benefited from security selection in the Health Care and Consumer Staples sectors, which was driven by the Fund's factor-based investment approach.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts8163img003.jpg)

GuideMark World ex-US Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K785

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/13/2026)** |
| **GuideMark World ex-US Fund RS Shares**  | 1.64 |
| **MSCI World ex USA Index**  | -1.62 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $179007608 |
| **Number of Holdings** | 276 |
| **Net Advisory Fee** **\*** | $1019066 |
| **Portfolio Turnover** | 139% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  iShares MSCI EAFE ETF  | 2.9% |
|  ASML Holding NV  | 1.7% |
|  Novartis AG  | 1.7% |
|  Banco Bilbao Vizcaya Argentaria SA  | 1.3% |
|  Roche Holding AG  | 1.3% |
|  Toronto-Dominion Bank  | 1.3% |
|  Eiffage SA  | 1.2% |
|  Suncor Energy, Inc.  | 1.2% |
|  Banco Santander SA  | 1.2% |
|  Koninklijke Ahold Delhaize NV  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 33.0% |
|  Industrials  | 13.1% |
|  Consumer Staples  | 10.6% |
|  Health Care  | 9.8% |
|  Consumer Discretionary  | 8.7% |
|  Information Technology  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.6% |
|  Communication Services  | 2.3% |
|  Cash & Other  | 6.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 17.9% |
|  Canada  | 12.9% |
|  United Kingdom  | 9.7% |
|  Germany  | 8.5% |
|  Switzerland  | 7.3% |
|  United States  | 6.8% |
|  France  | 6.3% |
|  Italy  | 4.9% |
|  Spain  | 4.7% |
|  Cash & Other  | 21.0% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark World ex-US Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K785

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark World ex-US Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMWEX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuideMark World ex-US Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.assetmark.com/info/funds. You can also request this information by contacting us at 1-888-278-5809. You may obtain a copy of the Fund's prospectus by contacting your registered representative.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Service Shares | $127 | 1.13% |

---

\* Expense ratio is annualized. Reflects the effect of voluntary fee waivers as well as expense reductions generated when the Fund loaned its portfolio securities, without which expenses would have been higher. Additionally, reflects the effects of expense recoupment by Advisor during the period, without which, expenses would have been lower.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended March 31, 2026, the Fund returned 24.99%, outperforming its benchmark, the MSCI World ex-USA Index at 23.63%. As part of the Fund's equal weighted three-factor approach, exposure to the momentum and value factors were the largest contributors to the Fund's relative performance for the period. Relative performance also benefited from security selection in the Health Care and Consumer Staples sectors, which was driven by the Fund's factor-based investment approach.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted from results shown.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7116img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuideMark World ex-US Fund Service Shares**  | 24.99 | 8.28 | 8.26 |
| **MSCI World ex-USA Index**  | 23.63 | 8.97 | 9.22 |

---

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

GuideMark World ex-US Fund©2026 AssetMark, Inc. PAGE 1 TSR-AR-36191K702

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $179007608 |
| **Number of Holdings** | 276 |
| **Net Advisory Fee** **\*** | $1019066 |
| **Portfolio Turnover** | 139% |

---

\* Represents net advisory fees paid by all classes of the Fund for the fiscal year ended March 31, 2026.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  iShares MSCI EAFE ETF  | 2.9% |
|  ASML Holding NV  | 1.7% |
|  Novartis AG  | 1.7% |
|  Banco Bilbao Vizcaya Argentaria SA  | 1.3% |
|  Roche Holding AG  | 1.3% |
|  Toronto-Dominion Bank  | 1.3% |
|  Eiffage SA  | 1.2% |
|  Suncor Energy, Inc.  | 1.2% |
|  Banco Santander SA  | 1.2% |
|  Koninklijke Ahold Delhaize NV  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 33.0% |
|  Industrials  | 13.1% |
|  Consumer Staples  | 10.6% |
|  Health Care  | 9.8% |
|  Consumer Discretionary  | 8.7% |
|  Information Technology  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.6% |
|  Communication Services  | 2.3% |
|  Cash & Other  | 6.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 17.9% |
|  Canada  | 12.9% |
|  United Kingdom  | 9.7% |
|  Germany  | 8.5% |
|  Switzerland  | 7.3% |
|  United States  | 6.8% |
|  France  | 6.3% |
|  Italy  | 4.9% |
|  Spain  | 4.7% |
|  Cash & Other  | 21.0% |

---

---

| | |
|:---|:---|
| 1 | Percentages are stated as a percent of net assets. |

---

---

| | |
|:---|:---|
| 2 | Table represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral. |

---

3 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. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.assetmark.com/info/funds.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your AssetMark, Inc. documents not be householded, please contact AssetMark, Inc. at 1-888-278-5809, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by AssetMark, Inc. or your financial intermediary.

GuideMark World ex-US Fund©2026 AssetMark, Inc. PAGE 2 TSR-AR-36191K702

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

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.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

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.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

(a) <u>Audit Fees</u>

For the fiscal year ended March 31, 2026, the registrant's principal accountant billed the registrant $99,250 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, 2025, the registrant's principal accountant billed the registrant $96,750 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) <u>Audit-Related Fees</u>

For the fiscal year ended March 31, 2026, the registrant's principal accountant billed the registrant $0 for professional services rendered for the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.

For the fiscal year ended March 31, 2025, the registrant's principal accountant billed the registrant $0 for professional services rendered for the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.

c) <u>Tax Fees</u>

For the fiscal year ended March 31, 2026, the registrant's principal accountant billed the registrant $24,500 for professional services rendered for tax compliance, tax advice and tax planning, including review of the registrant's tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences.

For the fiscal year ended March 31, 2025, the registrant's principal accountant billed the registrant $24,500 for professional services rendered for tax compliance, tax advice and tax planning, including review of the registrant's tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences.

(d) <u>All Other Fees</u>

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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2026 and March 31, 2025,
 were $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) S chedule of Investments is included within the financial
 statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) ![](assetmark_logo.jpg)

**GuideMark<sup>®</sup> Funds** 

**GuidePath<sup>®</sup> Funds** 

**GUIDEMARK<sup>®</sup> CORE FIXED INCOME FUND** 

**GUIDEMARK<sup>®</sup> EMERGING MARKETS FUND** 

**GUIDEMARK<sup>®</sup> LARGE CAP CORE FUND** 

**GUIDEMARK<sup>®</sup> SMALL/MID CAP CORE FUND** 

**GUIDEMARK<sup>®</sup> WORLD EX-US FUND** 

**GUIDEPATH<sup>®</sup> ABSOLUTE RETURN ALLOCATION FUND** 

**GUIDEPATH<sup>®</sup> CONSERVATIVE ALLOCATION FUND** 

**GUIDEPATH<sup>®</sup> CONSERVATIVE INCOME FUND** 

**GUIDEPATH<sup>®</sup> FLEXIBLE INCOME ALLOCATION FUND** 

**GUIDEPATH<sup>®</sup> GROWTH ALLOCATION FUND** 

**GUIDEPATH<sup>®</sup> GROWTH AND INCOME FUND** 

**GUIDEPATH<sup>®</sup> INCOME FUND** 

**GUIDEPATH<sup>®</sup> MANAGED FUTURES STRATEGY FUND** 

**GUIDEPATH<sup>®</sup> MULTI-ASSET INCOME ALLOCATION FUND** 

**GUIDEPATH<sup>®</sup> TACTICAL ALLOCATION FUND** 

Core Financial Statements

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#toc_500)<br>|  |
| &nbsp;&nbsp;&nbsp; [GuideMark Core Fixed Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [GuideMark Emerging Markets Fund](#soi2) | [21](#soi2) |
| &nbsp;&nbsp;&nbsp; [GuideMark Large Cap Core Fund](#soi3) | [27](#soi3) |
| &nbsp;&nbsp;&nbsp; [GuideMark Small/Mid Cap Core Fund](#soi4) | [32](#soi4) |
| &nbsp;&nbsp;&nbsp; [GuideMark World ex-US Fund](#soi5) | [46](#soi5) |
| &nbsp;&nbsp;&nbsp; [GuidePath Absolute Return Allocation Fund](#soi6) | [51](#soi6) |
| &nbsp;&nbsp;&nbsp; [GuidePath Conservative Allocation Fund](#soi7) | [52](#soi7) |
| &nbsp;&nbsp;&nbsp; [GuidePath Conservative Income Fund](#soi8) | [54](#soi8) |
| &nbsp;&nbsp;&nbsp; [GuidePath Flexible Income Allocation Fund](#soi9) | [55](#soi9) |
| &nbsp;&nbsp;&nbsp; [GuidePath Growth Allocation Fund](#soi10) | [56](#soi10) |
| &nbsp;&nbsp;&nbsp; [GuidePath Growth and Income Fund](#soi11) | [57](#soi11) |
| &nbsp;&nbsp;&nbsp; [GuidePath Income Fund](#soi12) | [60](#soi12) |
| &nbsp;&nbsp;&nbsp; [GuidePath Managed Futures Strategy Fund](#soi13) | [61](#soi13) |
| &nbsp;&nbsp;&nbsp; [GuidePath Multi-Asset Income Allocation Fund](#soi14) | [66](#soi14) |
| &nbsp;&nbsp;&nbsp; [GuidePath Tactical Allocation Fund](#soi15) | [68](#soi15) |
| [Statements of Assets and Liabilities](#sal) | [70](#sal) |
| [Statements of Operations](#sop) | [76](#sop) |
| [Statements of Changes in Net Assets](#scna) | [82](#scna) |
| [Financial Highlights](#fihi) | [90](#fihi) |
| [Notes to Financial Statements](#notes) | [116](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [148](#report) |
| [Additional Information](#add) | [150](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 36.1%** | **U.S. TREASURY SECURITIES - 36.1%** |  |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2039 | $150000 | $145775  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 | 255000 | 253023  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 | 1050000 | 656312  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2041 | 325000 | 327387  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | 1151536 | 889936  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 1800000 | 1315125  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 2190000 | 1834082  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 84881 | 62762  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 2820000 | 2263270  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 590000 | 505026  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 795000 | 690687  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 844326 | 700297  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 2220000 | 1744434  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2045 | 393648 | 283706  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 810000 | 569436  |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/15/2045 | 625000 | 624365  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 240000 | 181913  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 950000 | 657059  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 1610000 | 1052349  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047<sup>(a)(b)</sup> | 2510000 | 1875146  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 1050000 | 742670  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 500000 | 369687  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 2220000 | 1674712  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 2996000 | 1427079  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 2069000 | 1015184  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 1020000 | 533926  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 1660000 | 1183431  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 695000 | 611301  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 1240000 | 1208952  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1495000 | 1343164  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2056 | 1225000 | 1198012  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 4565000 | 4321504  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 4935000 | 4733263  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 2025000 | 1959741  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/2030 | 925000 | 924169  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 1410000 | 1235513  |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/31/2030 | 1885000 | 1859818  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031 | 1380000 | 1421319  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 1630000 | 1414312  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 | 825000 | 839470  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 1075000 | 1005986  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 2320000 | 2147178  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/31/2032 | 810000 | 793579  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 1245000 | 1223018  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 590000 | 602618  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 1063401 | 1059912  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 3990000 | 3992026  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 3245000 | 3235873  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 1600000 | 1562125  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $69,446,462)** |  | 62271632  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 32.5%** | **MORTGAGE-BACKED SECURITIES - 32.5%** |  |
| Fannie Mae or Freddie Mac<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2053<sup>(c)</sup> | $2315000 | $2392408  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 000TBA, <br>5.50%, 05/15/2041<sup>(c)</sup> | 3395000 | 3406214  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 780447, 6.50% (1 yr. CMT <br>Rate + 2.25%), 04/01/2033 | 8791 | 8987  |
| &nbsp;&nbsp;&nbsp; Pool A43129, 5.50%, 02/01/2036 | 37 | 38  |
| &nbsp;&nbsp;&nbsp; Pool Q49389, 3.50%, 07/01/2047 | 140037 | 131080  |
| &nbsp;&nbsp;&nbsp; Pool Q52093, 3.50%, 11/01/2047 | 133092 | 123752  |
| &nbsp;&nbsp;&nbsp; Pool QC8858, 2.50%, 10/01/2051 | 1489473 | 1282762  |
| &nbsp;&nbsp;&nbsp; Pool QD4104, 2.00%, 01/01/2052 | 2052894 | 1663213  |
| &nbsp;&nbsp;&nbsp; Pool RA8424, 6.00%, 01/01/2053 | 2017862 | 2069313  |
| &nbsp;&nbsp;&nbsp; Pool RJ0314, 6.00%, 11/01/2053 | 1999365 | 2051497  |
| &nbsp;&nbsp;&nbsp; Pool SD0778, 2.50%, 12/01/2051 | 1006596 | 849587  |
| &nbsp;&nbsp;&nbsp; Pool SD8123, 3.00%, 01/01/2051 | 1314355 | 1162592  |
| &nbsp;&nbsp;&nbsp; Pool U90688, 4.00%, 05/01/2042 | 80096 | 77893  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2329, Class ZA, <br>6.50%, 06/15/2031 | 16407 | 16612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2338, Class ZC, <br>6.50%, 07/15/2031 | 13246 | 13698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3883, Class PB, <br>3.00%, 05/15/2041 | 17253 | 16542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4961, Class JB, <br>2.50%, 12/15/2042 | 74382 | 68289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP, <br>2.00%, 07/25/2050 | 259659 | 229522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5544, Class B, <br>5.00%, 08/25/2052 | 347568 | 348292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A2, <br>3.24%, 08/25/2027 (Callable 08/25/2027) | 82000 | 81085  |
| &nbsp;&nbsp;&nbsp; Series K104, Class X1, 1.11%, 01/25/2030 (Callable 01/25/2030)<sup>(d)(e)</sup> | 680871 | 23835  |
| &nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.64%, 04/25/2030 (Callable 04/25/2030)<sup>(d)(e)</sup> | 309072 | 16639  |
| &nbsp;&nbsp;&nbsp; Series K111, Class X1, 1.56%, 05/25/2030 (Callable 05/25/2030)<sup>(d)(e)</sup> | 1291458 | 69486  |
| &nbsp;&nbsp;&nbsp; Series K114, Class X1, 1.11%, 06/25/2030 (Callable 03/25/2030)<sup>(d)(e)</sup> | 917133 | 36385  |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.87%, 11/25/2030 (Callable 09/25/2030)<sup>(d)(e)</sup> | 291242 | 9692  |
| &nbsp;&nbsp;&nbsp; Series K545, Class A2, 4.29%, 07/25/2030 (Callable 07/25/2030)<sup>(e)</sup> | 435000 | 435949  |
| &nbsp;&nbsp;&nbsp; Series K549, Class A2, 4.34%, 09/25/2030 (Callable 09/25/2030)<sup>(e)</sup> | 435000 | 436562  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 04/15/2036<sup>(c)</sup> | 895000 | 804902  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/2041<sup>(c)</sup> | $1700000 | $1730802  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/25/2049<sup>(c)</sup> | 990000 | 833032  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/25/2054<sup>(c)</sup> | 1705000 | 1738091  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 000TBA, <br>4.50%, 05/15/2041<sup>(c)</sup> | 1995000 | 1923476  |
| &nbsp;&nbsp;&nbsp; Pool 310229, 3.50%, 08/01/2043 | 293408 | 277474  |
| &nbsp;&nbsp;&nbsp; Pool 357850, 5.50%, 07/01/2035 | 1406 | 1450  |
| &nbsp;&nbsp;&nbsp; Pool 544859, 4.48% (Ent 11th COFI Repl + 1.70%), 08/01/2029 | 26 | 26  |
| &nbsp;&nbsp;&nbsp; Pool 727181, 5.00%, 08/01/2033 | 719 | 720  |
| &nbsp;&nbsp;&nbsp; Pool 730727, 5.00%, 08/01/2033 | 344 | 345  |
| &nbsp;&nbsp;&nbsp; Pool 741862, 5.50%, 09/01/2033 | 112 | 114  |
| &nbsp;&nbsp;&nbsp; Pool 766197, 5.50%, 02/01/2034 | 121 | 122  |
| &nbsp;&nbsp;&nbsp; Pool 775776, 5.50%, 05/01/2034 | 993 | 1000  |
| &nbsp;&nbsp;&nbsp; Pool 776974, 5.50%, 04/01/2034 | 33 | 34  |
| &nbsp;&nbsp;&nbsp; Pool 781629, 5.50%, 12/01/2034 | 1044 | 1076  |
| &nbsp;&nbsp;&nbsp; Pool 786848, 7.00%, 10/01/2031 | 12455 | 13069  |
| &nbsp;&nbsp;&nbsp; Pool 802783, 6.18% (RFUCCT1Y + 1.61%), 10/01/2034 | 52703 | 53960  |
| &nbsp;&nbsp;&nbsp; Pool 820242, 5.00%, 07/01/2035 | 1169 | 1180  |
| &nbsp;&nbsp;&nbsp; Pool 822815, 5.50%, 04/01/2035 | 1197 | 1231  |
| &nbsp;&nbsp;&nbsp; Pool 838452, 5.50%, 09/01/2035 | 180 | 184  |
| &nbsp;&nbsp;&nbsp; Pool 865854, 6.00%, 03/01/2036 | 991 | 1037  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 888504, 6.25% (1 yr. CMT <br>Rate + 2.00%), 04/01/2034 | 18922 | 19337  |
| &nbsp;&nbsp;&nbsp; Pool 891474, 6.00%, 04/01/2036 | 1442 | 1482  |
| &nbsp;&nbsp;&nbsp; Pool 899119, 5.50%, 04/01/2037 | 22 | 22  |
| &nbsp;&nbsp;&nbsp; Pool 906000, 6.00%, 01/01/2037 | 752 | 787  |
| &nbsp;&nbsp;&nbsp; Pool 928062, 5.50%, 02/01/2037 | 19 | 19  |
| &nbsp;&nbsp;&nbsp; Pool 964930, 5.50%, 08/01/2038 | 40 | 41  |
| &nbsp;&nbsp;&nbsp; Pool 968371, 5.50%, 09/01/2038 | 9 | 9  |
| &nbsp;&nbsp;&nbsp; Pool 970131, 5.50%, 03/01/2038 | 44 | 45  |
| &nbsp;&nbsp;&nbsp; Pool 985108, 5.50%, 07/01/2038 | 28 | 29  |
| &nbsp;&nbsp;&nbsp; Pool 987032, 5.50%, 08/01/2038 | 20 | 20  |
| &nbsp;&nbsp;&nbsp; Pool 993050, 5.50%, 12/01/2038 | 12 | 12  |
| &nbsp;&nbsp;&nbsp; Pool 993579, 4.00%, 05/01/2039 | 4602 | 4438  |
| &nbsp;&nbsp;&nbsp; Pool AA5840, 4.00%, 06/01/2039 | 769 | 746  |
| &nbsp;&nbsp;&nbsp; Pool AA8715, 4.00%, 06/01/2039 | 16831 | 16316  |
| &nbsp;&nbsp;&nbsp; Pool AB1500, 4.00%, 09/01/2040 | 3053 | 2949  |
| &nbsp;&nbsp;&nbsp; Pool AB3995, 4.00%, 12/01/2041 | 5206 | 5033  |
| &nbsp;&nbsp;&nbsp; Pool AB5529, 4.00%, 07/01/2042 | 12163 | 11835  |
| &nbsp;&nbsp;&nbsp; Pool AB6228, 3.50%, 09/01/2042 | 42760 | 40331  |
| &nbsp;&nbsp;&nbsp; Pool AD0586, 4.50%, 12/01/2039 | 46273 | 45818  |
| &nbsp;&nbsp;&nbsp; Pool AD1889, 4.50%, 03/01/2041 | 28725 | 28422  |
| &nbsp;&nbsp;&nbsp; Pool AD4062, 5.00%, 05/01/2040 | 118942 | 120268  |
| &nbsp;&nbsp;&nbsp; Pool AD6929, 5.00%, 06/01/2040 | 75535 | 76377  |
| &nbsp;&nbsp;&nbsp; Pool AD9856, 4.00%, 09/01/2040 | 2865 | 2766  |
| &nbsp;&nbsp;&nbsp; Pool AD9896, 4.00%, 08/01/2040 | 2514 | 2422  |
| &nbsp;&nbsp;&nbsp; Pool AE2559, 4.00%, 09/01/2040 | 1452 | 1403  |
| &nbsp;&nbsp;&nbsp; Pool AE2562, 4.00%, 09/01/2040 | 462 | 446  |
| &nbsp;&nbsp;&nbsp; Pool AE2566, 4.00%, 09/01/2040 | 225 | 218  |
| &nbsp;&nbsp;&nbsp; Pool AE3916, 4.00%, 11/01/2040 | 3129 | 3027  |
| &nbsp;&nbsp;&nbsp; Pool AE4124, 4.00%, 10/01/2040 | 4725 | 4564  |
| &nbsp;&nbsp;&nbsp; Pool AE4888, 4.00%, 10/01/2040 | 3054 | 2952  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool AE5147, 4.00%, 11/01/2040 | $514 | $496  |
| &nbsp;&nbsp;&nbsp; Pool AE8715, 4.00%, 11/01/2040 | 6073 | 5865  |
| &nbsp;&nbsp;&nbsp; Pool AH0006, 4.00%, 12/01/2040 | 1061 | 1024  |
| &nbsp;&nbsp;&nbsp; Pool AH0020, 4.00%, 12/01/2040 | 3414 | 3297  |
| &nbsp;&nbsp;&nbsp; Pool AH0599, 4.00%, 12/01/2040 | 4225 | 4080  |
| &nbsp;&nbsp;&nbsp; Pool AH0601, 4.00%, 12/01/2040 | 600 | 580  |
| &nbsp;&nbsp;&nbsp; Pool AH1263, 4.00%, 01/01/2041 | 3753 | 3624  |
| &nbsp;&nbsp;&nbsp; Pool AH4659, 4.00%, 02/01/2041 | 822 | 795  |
| &nbsp;&nbsp;&nbsp; Pool AH5653, 4.00%, 02/01/2041 | 15608 | 15072  |
| &nbsp;&nbsp;&nbsp; Pool AH6150, 4.00%, 03/01/2041 | 2442 | 2358  |
| &nbsp;&nbsp;&nbsp; Pool AI0848, 4.00%, 12/01/2041 | 4400 | 4257  |
| &nbsp;&nbsp;&nbsp; Pool AI8842, 4.50%, 08/01/2041 | 13018 | 12890  |
| &nbsp;&nbsp;&nbsp; Pool AJ1562, 4.00%, 10/01/2041 | 5559 | 5362  |
| &nbsp;&nbsp;&nbsp; Pool AJ1972, 4.00%, 10/01/2041 | 2264 | 2188  |
| &nbsp;&nbsp;&nbsp; Pool AJ2212, 4.50%, 10/01/2041 | 153266 | 151601  |
| &nbsp;&nbsp;&nbsp; Pool AJ2446, 4.00%, 01/01/2042 | 3322 | 3206  |
| &nbsp;&nbsp;&nbsp; Pool AJ3330, 4.00%, 11/01/2041 | 4964 | 4800  |
| &nbsp;&nbsp;&nbsp; Pool AJ4187, 4.00%, 12/01/2041 | 3654 | 3534  |
| &nbsp;&nbsp;&nbsp; Pool AJ4549, 4.00%, 11/01/2041 | 4326 | 4182  |
| &nbsp;&nbsp;&nbsp; Pool AJ4698, 4.00%, 11/01/2041 | 3812 | 3685  |
| &nbsp;&nbsp;&nbsp; Pool AJ4756, 4.00%, 10/01/2041 | 5639 | 5450  |
| &nbsp;&nbsp;&nbsp; Pool AJ5424, 4.00%, 11/01/2041 | 8115 | 7842  |
| &nbsp;&nbsp;&nbsp; Pool AJ5736, 4.00%, 12/01/2041 | 4168 | 4028  |
| &nbsp;&nbsp;&nbsp; Pool AJ5968, 4.00%, 12/01/2041 | 2470 | 2384  |
| &nbsp;&nbsp;&nbsp; Pool AJ6061, 4.00%, 12/01/2041 | 4954 | 4778  |
| &nbsp;&nbsp;&nbsp; Pool AJ7538, 4.00%, 01/01/2042 | 6192 | 5974  |
| &nbsp;&nbsp;&nbsp; Pool AJ7840, 4.00%, 11/01/2041 | 2311 | 2231  |
| &nbsp;&nbsp;&nbsp; Pool AJ7868, 4.00%, 12/01/2041 | 3519 | 3404  |
| &nbsp;&nbsp;&nbsp; Pool AJ8001, 4.00%, 01/01/2042 | 2363 | 2279  |
| &nbsp;&nbsp;&nbsp; Pool AJ8104, 4.00%, 12/01/2041 | 7628 | 7371  |
| &nbsp;&nbsp;&nbsp; Pool AJ8109, 4.00%, 12/01/2041 | 6429 | 6215  |
| &nbsp;&nbsp;&nbsp; Pool AJ8171, 4.00%, 12/01/2041 | 2725 | 2631  |
| &nbsp;&nbsp;&nbsp; Pool AJ8325, 3.00%, 12/01/2026 | 9077 | 9028  |
| &nbsp;&nbsp;&nbsp; Pool AJ8341, 4.00%, 12/01/2041 | 6896 | 6669  |
| &nbsp;&nbsp;&nbsp; Pool AJ8369, 4.00%, 01/01/2042 | 5408 | 5228  |
| &nbsp;&nbsp;&nbsp; Pool AJ8436, 4.00%, 12/01/2041 | 8444 | 8161  |
| &nbsp;&nbsp;&nbsp; Pool AJ8912, 4.00%, 12/01/2041 | 3892 | 3763  |
| &nbsp;&nbsp;&nbsp; Pool AJ9162, 4.00%, 01/01/2042 | 5976 | 5777  |
| &nbsp;&nbsp;&nbsp; Pool AJ9248, 4.00%, 12/01/2041 | 4008 | 3874  |
| &nbsp;&nbsp;&nbsp; Pool AJ9330, 4.00%, 01/01/2042 | 27407 | 26490  |
| &nbsp;&nbsp;&nbsp; Pool AJ9779, 4.00%, 01/01/2042 | 1241 | 1205  |
| &nbsp;&nbsp;&nbsp; Pool AK0170, 4.00%, 01/01/2042 | 4774 | 4616  |
| &nbsp;&nbsp;&nbsp; Pool AK0543, 4.00%, 01/01/2042 | 10662 | 10303  |
| &nbsp;&nbsp;&nbsp; Pool AK0563, 4.00%, 01/01/2042 | 4447 | 4299  |
| &nbsp;&nbsp;&nbsp; Pool AK1827, 4.00%, 01/01/2042 | 8924 | 8625  |
| &nbsp;&nbsp;&nbsp; Pool AL0187, 5.00%, 05/01/2041 | 17399 | 17593  |
| &nbsp;&nbsp;&nbsp; Pool AL0215, 4.50%, 04/01/2041 | 21467 | 21256  |
| &nbsp;&nbsp;&nbsp; Pool AL0456, 5.00%, 06/01/2041 | 3299 | 3336  |
| &nbsp;&nbsp;&nbsp; Pool AL0815, 4.00%, 09/01/2041 | 11017 | 10646  |
| &nbsp;&nbsp;&nbsp; Pool AL0934, 5.00%, 02/01/2041 | 22697 | 22950  |
| &nbsp;&nbsp;&nbsp; Pool AL2752, 5.00%, 03/01/2042 | 70342 | 71126  |
| &nbsp;&nbsp;&nbsp; Pool AL5233, 4.00%, 01/01/2041 | 14441 | 13987  |
| &nbsp;&nbsp;&nbsp; Pool AQ9316, 2.50%, 01/01/2043 | 121575 | 108271  |
| &nbsp;&nbsp;&nbsp; Pool AS5469, 4.00%, 07/01/2045 | 137812 | 132663  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool AS5597, 3.50%, 08/01/2045 | $24205 | $22739  |
| &nbsp;&nbsp;&nbsp; Pool AS7170, 3.50%, 05/01/2046 | 101730 | 95210  |
| &nbsp;&nbsp;&nbsp; Pool AS7242, 3.50%, 05/01/2046 | 95262 | 89117  |
| &nbsp;&nbsp;&nbsp; Pool AS7492, 4.00%, 07/01/2046 | 78092 | 74884  |
| &nbsp;&nbsp;&nbsp; Pool AS8947, 3.50%, 03/01/2047 | 131844 | 123312  |
| &nbsp;&nbsp;&nbsp; Pool AS9772, 3.50%, 06/01/2037 | 96958 | 93464  |
| &nbsp;&nbsp;&nbsp; Pool AT2720, 3.00%, 05/01/2043 | 312331 | 286686  |
| &nbsp;&nbsp;&nbsp; Pool AT5900, 3.00%, 06/01/2043 | 195698 | 179477  |
| &nbsp;&nbsp;&nbsp; Pool AU1625, 3.50%, 07/01/2043 | 121816 | 114580  |
| &nbsp;&nbsp;&nbsp; Pool AZ0832, 4.00%, 07/01/2045 | 184660 | 177808  |
| &nbsp;&nbsp;&nbsp; Pool BC4938, 2.50%, 04/01/2031 | 8638 | 8364  |
| &nbsp;&nbsp;&nbsp; Pool BC9468, 3.00%, 06/01/2046 | 172973 | 156701  |
| &nbsp;&nbsp;&nbsp; Pool BN5279, 4.00%, 02/01/2049 | 294718 | 282157  |
| &nbsp;&nbsp;&nbsp; Pool BV2993, 2.00%, 04/01/2052 | 754817 | 609271  |
| &nbsp;&nbsp;&nbsp; Pool BV9804, 2.00%, 05/01/2052 | 164278 | 132574  |
| &nbsp;&nbsp;&nbsp; Pool CA0858, 3.50%, 12/01/2047 | 976076 | 909074  |
| &nbsp;&nbsp;&nbsp; Pool CB6431, 5.50%, 06/01/2053 | 1451062 | 1463331  |
| &nbsp;&nbsp;&nbsp; Pool CB6870, 5.50%, 08/01/2053 | 1340027 | 1351562  |
| &nbsp;&nbsp;&nbsp; Pool FM7678, 2.50%, 06/01/2051 | 1501259 | 1289955  |
| &nbsp;&nbsp;&nbsp; Pool FM9491, 2.50%, 11/01/2051 | 1505735 | 1294016  |
| &nbsp;&nbsp;&nbsp; Pool FS1069, 2.00%, 12/01/2051 | 353921 | 285350  |
| &nbsp;&nbsp;&nbsp; Pool FS1108, 2.50%, 09/01/2051 | 1460390 | 1250512  |
| &nbsp;&nbsp;&nbsp; Pool FS1598, 2.00%, 04/01/2052 | 120822 | 97755  |
| &nbsp;&nbsp;&nbsp; Pool MA1870, 4.50%, 04/01/2034 | 69770 | 69826  |
| &nbsp;&nbsp;&nbsp; Pool MA3038, 4.50%, 06/01/2047 | 15381 | 15143  |
| &nbsp;&nbsp;&nbsp; Pool MA4307, 3.00%, 04/01/2051 | 1557627 | 1380179  |
| &nbsp;&nbsp;&nbsp; Pool MA5884, 4.00%, 11/01/2040 | 1919999 | 1874600  |
| &nbsp;&nbsp;&nbsp; Series 2012-18, Class GA, 2.00%, 12/25/2041 | 18361 | 17276  |
| &nbsp;&nbsp;&nbsp; Series 2012-21, Class PQ, 2.00%, 09/25/2041 | 9067 | 8628  |
| &nbsp;&nbsp;&nbsp; Series 2012-52, Class PA, 3.50%, 05/25/2042 | 15837 | 15281  |
| &nbsp;&nbsp;&nbsp; Series 2015-48, Class QB, 3.00%, 02/25/2043 | 11363 | 11206  |
| &nbsp;&nbsp;&nbsp; Series 2016-11, Class GA, 2.50%, 03/25/2046 | 27075 | 25373  |
| &nbsp;&nbsp;&nbsp; Series 2016-38, Class NA, 3.00%, 01/25/2046 | 15665 | 14676  |
| &nbsp;&nbsp;&nbsp; Series 2017-16, Class PB, 3.00%, 03/25/2047 | 217000 | 190532  |
| &nbsp;&nbsp;&nbsp; Series 2017-26, Class CG, 3.50%, 07/25/2044 | 7402 | 7365  |
| &nbsp;&nbsp;&nbsp; Series 2017-34, Class JK, 3.00%, 05/25/2047 | 7193 | 7074  |
| &nbsp;&nbsp;&nbsp; Series 2017-35, Class AH, 3.50%, 04/25/2053 | 8477 | 8440  |
| &nbsp;&nbsp;&nbsp; Series 2017-49, Class JA, 4.00%, 07/25/2053 | 12804 | 12763  |
| &nbsp;&nbsp;&nbsp; Series 2017-84, Class KA, 3.50%, 04/25/2053 | 15654 | 15551  |
| &nbsp;&nbsp;&nbsp; Series 2018-23, Class LA, 3.50%, 04/25/2048 | 43839 | 41970  |
| &nbsp;&nbsp;&nbsp; Series 2018-70, Class HA, 3.50%, 10/25/2056 | 26431 | 25827  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-12, Class HA, 3.50%, 11/25/2057 | $54842 | $52739  |
| &nbsp;&nbsp;&nbsp; Series 2019-14, Class CA, 3.50%, 04/25/2049 | 48995 | 47297  |
| &nbsp;&nbsp;&nbsp; Series 2019-45, Class PT, 3.00%, 08/25/2049 | 47972 | 43585  |
| &nbsp;&nbsp;&nbsp; Series 2019-M21, Class X3, 1.13%, 06/25/2034<sup>(d)(e)</sup> | 1317250 | 73410  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class AC, 3.50%, 08/25/2058 | 132273 | 126308  |
| &nbsp;&nbsp;&nbsp; Series 2022-90, Class AY, 4.50%, 12/25/2041 | 515000 | 510266  |
| &nbsp;&nbsp;&nbsp; Series 415, Class A3, 3.00%, 11/25/2042 | 38893 | 35782  |
| &nbsp;&nbsp;&nbsp; Series Pool #TBA, Pool TBA, 5.50%, 03/25/2053<sup>(c)</sup> | 2590000 | 2602299  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 6.56% (30 day avg SOFR US + 2.90%), 04/25/2042 (Callable 04/25/2027)<sup>(f)</sup> | 95000 | 96747  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.01% (30 day avg SOFR US + 3.35%), 05/25/2042 (Callable 05/25/2027)<sup>(f)</sup> | 240000 | 245248  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1B, 8.66% (30 day avg SOFR US + 5.00%), 03/25/2052 (Callable 09/25/2027)<sup>(f)</sup> | 320000 | 336429  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.21% (30 day avg SOFR US + 3.55%), 08/25/2042 (Callable 08/25/2027)<sup>(f)</sup> | 175000 | 180064  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1B, 7.16% (30 day avg SOFR US + 3.50%), 05/25/2043 (Callable 05/25/2028)<sup>(f)</sup> | 95000 | 99253  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2041<sup>(c)</sup> | 2300000 | 2277542  |
| &nbsp;&nbsp;&nbsp; Pool 614436, 5.00%, 08/15/2033 | 3681 | 3734  |
| &nbsp;&nbsp;&nbsp; Pool 723248, 5.00%, 10/15/2039 | 194803 | 198917  |
| &nbsp;&nbsp;&nbsp; Pool 736686, 5.00%, 02/15/2039 | 8604 | 8778  |
| &nbsp;&nbsp;&nbsp; Pool 783403, 3.50%, 09/15/2041 | 74034 | 69656  |
| &nbsp;&nbsp;&nbsp; Pool MA4587, 4.00%, 07/20/2047 | 16461 | 15744  |
| &nbsp;&nbsp;&nbsp; Pool MA4652, 3.50%, 08/20/2047 | 48320 | 45540  |
| &nbsp;&nbsp;&nbsp; Pool MA4778, 3.50%, 10/20/2047 | 89529 | 83437  |
| &nbsp;&nbsp;&nbsp; Pool MA4779, 4.00%, 10/20/2047 | 63256 | 60413  |
| &nbsp;&nbsp;&nbsp; Pool MA4780, 4.50%, 10/20/2047 | 71227 | 70233  |
| &nbsp;&nbsp;&nbsp; Pool MA7051, 2.00%, 12/20/2050 | 1068648 | 882739  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 1893657 | 1693596  |
| &nbsp;&nbsp;&nbsp; Pool MA8199, 3.50%, 08/20/2052 | 963701 | 890403  |
| &nbsp;&nbsp;&nbsp; Pool MA9362, 5.50%, 12/20/2053 | 1134745 | 1153829  |
| &nbsp;&nbsp;&nbsp; Pool MA9780, 6.00%, 07/20/2054 | 721777 | 735487  |
| &nbsp;&nbsp;&nbsp; Pool MB0092, 5.50%, 12/20/2054 | 459671 | 464082  |
| &nbsp;&nbsp;&nbsp; Pool MB0873, 6.00%, 01/20/2056 | 750817 | 765754  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool MB0935, 4.50%, 02/20/2056 | $1367031 | $1321045  |
| &nbsp;&nbsp;&nbsp; Pool MB0937, 5.50%, 02/20/2056 | 471536 | 475803  |
| &nbsp;&nbsp;&nbsp; Pool TBA, 4.00%, 05/15/2042<sup>(c)</sup> | 325000 | 304069  |
| &nbsp;&nbsp;&nbsp; Series 2013-37, Class LG, 2.00%, 01/20/2042 | 9566 | 9432  |
| &nbsp;&nbsp;&nbsp; Series 2025-110, Class J, 5.00%, 09/20/2051 | 333201 | 332608  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $57,644,829)** |  | 56026609  |
| **CORPORATE OBLIGATIONS - 15.7%** | **CORPORATE OBLIGATIONS - 15.7%** |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029 (Callable 12/01/2028) | 40000 | 38589  |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/01/2030 (Callable 11/01/2029) | 45000 | 42345  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 (Callable 02/01/2030) | 90000 | 91391  |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 (Callable 03/01/2031) | 55000 | 58693  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 (Callable 02/01/2034) | 20000 | 21792  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 (Callable 11/01/2039) | 164000 | 164370  |
|  |  | 417180  |
| **Air Freight & Logistics - 0.1%**<br>|  |  |
| Fedex Freight Holding Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2031 (Callable 02/15/2031)<sup>(f)</sup> | 85000 | 83523  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2033 (Callable 01/15/2033)<sup>(f)</sup> | 80000 | 78093  |
|  |  | 161616  |
| **Banks - 1.6%**<br>|  |  |
|  Bank of America Corp., 1.92% to 10/24/2030 then SOFR + 1.37%, 10/24/2031 (Callable 10/24/2030) | 365000 | 323482  |
|  Citigroup, Inc., 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 (Callable 09/11/2030) | 275000 | 271963  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.24% to 05/13/2030 then SOFR + 1.57%, 05/13/2031 (Callable 05/13/2030) | 200000 | 202986  |
| &nbsp;&nbsp;&nbsp; 4.62% to 11/06/2030 then SOFR + 1.19%, 11/06/2031 (Callable 11/06/2030) | 200000 | 197264  |
| &nbsp;&nbsp;&nbsp; 4.68% to 03/10/2031 then SOFR + 1.21%, 03/10/2032 (Callable 03/10/2031) | 200000 | 197301  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 (Callable 04/26/2027) | 20000 | 19994  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 (Callable 10/22/2027) | $45000 | $45054  |
| &nbsp;&nbsp;&nbsp; 3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | 45000 | 44287  |
| &nbsp;&nbsp;&nbsp; 5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 (Callable 07/24/2028) | 175000 | 178274  |
| &nbsp;&nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 (Callable 04/22/2029) | 180000 | 185528  |
| &nbsp;&nbsp;&nbsp; 5.00% to 07/22/2029 then SOFR + 1.13%, 07/22/2030 (Callable 07/22/2029) | 180000 | 182619  |
| &nbsp;&nbsp;&nbsp; 2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030 (Callable 10/15/2029) | 55000 | 51784  |
| &nbsp;&nbsp;&nbsp; 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 (Callable 04/22/2030) | 235000 | 239327  |
| &nbsp;&nbsp;&nbsp; 4.26% to 10/22/2030 then SOFR + 0.93%, 10/22/2031 (Callable 10/22/2030) | 145000 | 142805  |
| &nbsp;&nbsp;&nbsp; 2.55% to 11/08/2031 then SOFR + 1.18%, 11/08/2032 (Callable 11/08/2031) | 160000 | 142321  |
| &nbsp;&nbsp;&nbsp; 5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 (Callable 01/23/2034) | 90000 | 91415  |
| &nbsp;&nbsp;&nbsp; 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 (Callable 10/22/2034) | 30000 | 29685  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028) | 35000 | 36457  |
| &nbsp;&nbsp;&nbsp; 2.57% to 02/11/2030 then 3 mo. Term SOFR + 1.26%, 02/11/2031 (Callable 02/11/2030) | 35000 | 32381  |
| &nbsp;&nbsp;&nbsp; 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 (Callable 04/23/2030) | 80000 | 81374  |
| &nbsp;&nbsp;&nbsp; 4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033 (Callable 07/25/2032) | 35000 | 34820  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 (Callable 10/23/2033) | 20000 | 21652  |
| &nbsp;&nbsp;&nbsp; 5.01% to 04/04/2050 then 3 mo. Term SOFR + 4.50%, 04/04/2051 (Callable 04/04/2050) | 70000 | 61809  |
|  |  | 2814582  |
| **Beverages - 0.5%**<br>|  |  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/2046 (Callable 08/01/2045) | 150000 | 135526  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Beverages - (Continued)**  | **Beverages - (Continued)**  | **Beverages - (Continued)**  |
|  Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 06/15/2033 (Callable 03/15/2033)<sup>(f)</sup> | $100000 | $99147  |
| Keurig Dr Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/15/2029 (Callable 02/15/2029) | 65000 | 63685  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/2030 (Callable 02/01/2030) | 12000 | 11256  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 (Callable 04/15/2030) | 115000 | 113824  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/15/2031 (Callable 12/15/2030) | 182000 | 160814  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2031 (Callable 01/15/2031) | 63000 | 63709  |
| &nbsp;&nbsp;&nbsp; 4.05%, 04/15/2032 (Callable 01/15/2032) | 90000 | 85184  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2034 (Callable 12/15/2033) | 95000 | 94281  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2035 (Callable 02/15/2035) | 20000 | 19519  |
|  |  | 846945  |
| **Broadline Retail - 0.2%**<br>|  |  |
|  Amazon.com, Inc., 5.95%, 03/13/2066 (Callable 09/13/2065) | 310000 | 311901  |
| **Capital Markets - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., <br>4.03% (SOFR + 0.63%), 01/22/2030 (Callable 01/22/2029) | 160000 | 158355  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 (Callable 07/23/2029) | 120000 | 121450  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 (Callable 10/23/2029) | 110000 | 110071  |
| &nbsp;&nbsp;&nbsp; 5.21% to 01/28/2030 then SOFR + 1.08%, 01/28/2031 (Callable 01/28/2030) | 80000 | 81296  |
| &nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 (Callable 04/23/2030) | 135000 | 137336  |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., <br>2.65%, 09/15/2040 (Callable 03/15/2040) | 185000 | 136018  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.41% to 11/01/2028 then SOFR + 1.83%, 11/01/2029 (Callable 11/01/2028) | 65000 | 67856  |
| &nbsp;&nbsp;&nbsp; 4.24% (SOFR + 0.80%), 01/09/2030 (Callable 01/09/2029) | 30000 | 29699  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 (Callable 04/18/2029) | 195000 | 200615  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 (Callable 01/15/2030) | $50000 | $50777  |
| &nbsp;&nbsp;&nbsp; 2.70% to 01/22/2030 then SOFR + 1.14%, 01/22/2031 (Callable 01/22/2030) | 120000 | 111465  |
| &nbsp;&nbsp;&nbsp; 1.79% to 02/13/2031 then SOFR + 1.03%, 02/13/2032 (Callable 02/13/2031) | 180000 | 155916  |
| &nbsp;&nbsp;&nbsp; 4.71% to 03/12/2031 then SOFR + 1.20%, 03/12/2032 (Callable 03/12/2031) | 90000 | 89422  |
| &nbsp;&nbsp;&nbsp; 2.51% to 10/20/2031 then SOFR + 1.20%, 10/20/2032 (Callable 10/20/2031) | 35000 | 30913  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 (Callable 01/18/2034) | 40000 | 40683  |
| &nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 (Callable 04/19/2034) | 80000 | 83045  |
|  Morgan Stanley Private Bank NA, 4.21% to 02/08/2029 then SOFR + 0.76%, 02/08/2030 (Callable 02/08/2029) | 250000 | 247461  |
|  |  | 1852378  |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |  |
|  Element Fleet Management Corp., 4.64%, 11/24/2030 (Callable 10/24/2030)<sup>(f)</sup> | 180000 | 177578  |
|  Veralto Corp., 5.50%, 09/18/2026 (Callable 08/18/2026) | 40000 | 40170  |
|  |  | 217748  |
| **Consumer Finance - 0.3%**<br>|  |  |
|  American Express Co., 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031 (Callable 01/30/2030) | 60000 | 61049  |
| Synchrony Financial<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 then SOFR + 1.68%, 03/06/2031 (Callable 03/06/2030) | 195000 | 195058  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/2031 (Callable 07/28/2031) | 10000 | 8729  |
| &nbsp;&nbsp;&nbsp; 4.95% to 02/25/2031 then SOFR + 1.53%, 02/25/2032 (Callable 02/25/2031) | 60000 | 58264  |
| &nbsp;&nbsp;&nbsp; 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036 (Callable 07/29/2035) | 155000 | 153095  |
|  |  | 476195  |
| **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** |  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2040 (Callable 10/01/2039) | 250000 | 203070  |
| &nbsp;&nbsp;&nbsp; 3.40%, 07/15/2046 (Callable 01/15/2046) | 15000 | 10260  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Diversified Telecommunication Services - (Continued)**  | **Diversified Telecommunication Services - (Continued)**  | **Diversified Telecommunication Services - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 2.80%, 01/15/2051 (Callable 07/15/2050) | $20000 | $11485  |
| &nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 (Callable 05/01/2051) | 135000 | 78171  |
|  Orange SA, 4.25%, 01/13/2031 (Callable 12/13/2030)<sup>(f)</sup> | 200000 | 196316  |
|  |  | 499302  |
| **Electric Utilities - 2.8%**<br>|  |  |
| Alabama Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/2031 (Callable 01/15/2031) | 165000 | 163390  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2049 (Callable 04/01/2049) | 45000 | 31456  |
| &nbsp;&nbsp;&nbsp; Cleco Corporate Holdings LLC, <br>3.38%, 09/15/2029 (Callable 06/15/2029) | 50000 | 46763  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 (Callable 03/01/2030) | 50000 | 46090  |
| &nbsp;&nbsp;&nbsp; 2.55%, 06/15/2031 (Callable 03/15/2031) | 139000 | 125080  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2034 (Callable 03/15/2034) | 25000 | 25574  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/2035 (Callable 06/15/2035) | 195000 | 190384  |
| Duke Energy Ohio, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2033 (Callable 01/01/2033) | 20000 | 20458  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 (Callable 09/15/2053) | 90000 | 86414  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2030 (Callable 02/15/2030) | 115000 | 119249  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2031 (Callable 02/15/2031) | 110000 | 107590  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 12/15/2030 (Callable 11/15/2030) | 30000 | 29593  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2033 (Callable 02/15/2033) | 145000 | 144693  |
|  FirstEnergy Corp., 3.90%, 07/15/2027 (Callable 04/15/2027)<sup>(g)</sup> | 50000 | 49596  |
| Georgia Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2028 (Callable 09/01/2028) | 65000 | 64638  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/2030 (Callable 01/15/2030) | 65000 | 65268  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2035 (Callable 09/15/2034) | 15000 | 15248  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2040 | 50000 | 46909  |
|  Jersey Central Power & Light Co., 5.10%, 01/15/2035 (Callable 10/15/2034) | 35000 | 35027  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Ohio Power Co., 5.00%, 06/01/2033 (Callable 03/01/2033) | $160000 | $159730  |
| Pacific Gas and Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/01/2030 (Callable 01/01/2030) | 95000 | 93688  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/2031 (Callable 11/01/2030) | 210000 | 188207  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031 (Callable 03/01/2031) | 45000 | 41535  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2033 (Callable 10/15/2032) | 113000 | 118284  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/2034 (Callable 12/15/2033) | 147000 | 161034  |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/15/2034 (Callable 02/15/2034) | 170000 | 174364  |
| &nbsp;&nbsp;&nbsp; 3.30%, 08/01/2040 (Callable 02/01/2040) | 50000 | 37468  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/15/2043 (Callable 12/15/2042) | 18000 | 14910  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2044 (Callable 08/15/2043) | 35000 | 29327  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/2045 (Callable 09/15/2044) | 43000 | 33598  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/2050 (Callable 02/01/2050) | 35000 | 23158  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2053 (Callable 07/15/2052) | 111000 | 115496  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2055 (Callable 04/15/2055) | 25000 | 24062  |
| PacifiCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/15/2033 (Callable 02/15/2033) | 35000 | 35133  |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/15/2036 (Callable 01/15/2036) | 35000 | 35312  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/2049 (Callable 07/15/2048) | 11000 | 8085  |
| Pinnacle West Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2028 (Callable 04/15/2028) | 73000 | 73577  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 (Callable 04/15/2030) | 95000 | 96474  |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, <br>5.20%, 01/15/2035 (Callable 10/15/2034) | 175000 | 174383  |
|  Public Service Enterprise Group, Inc., 6.13%, 10/15/2033 (Callable 07/15/2033) | 35000 | 37102  |
| Southern California Edison Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/01/2029 (Callable 05/01/2029) | 95000 | 96361  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 (Callable 03/01/2030) | 50000 | 45217  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 (Callable 11/01/2031) | 65000 | 57973  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2034 | 35000 | 36551  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/2035 (Callable 12/01/2034) | 35000 | 35164  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Electric Utilities - (Continued)**  | **Electric Utilities - (Continued)**  | **Electric Utilities - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/15/2043 (Callable 09/15/2042) | $25000 | $18976  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 (Callable 04/01/2043) | 45000 | 37855  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 (Callable 10/01/2046) | 13000 | 9697  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2048 (Callable 09/01/2047) | 132000 | 99102  |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/01/2050 (Callable 08/01/2049) | 70000 | 48033  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2052 (Callable 12/01/2051) | 82000 | 72836  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2053 (Callable 09/01/2052) | 88000 | 81107  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/01/2055 (Callable 09/01/2054) | 10000 | 9547  |
| Southern Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/15/2028 (Callable 04/15/2028) | 45000 | 45452  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 (Callable 09/15/2033) | 40000 | 41481  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2035 (Callable 09/15/2034) | 40000 | 38954  |
| Southwestern Electric Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2033 (Callable 01/01/2033) | 45000 | 45661  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2036 (Callable 01/01/2036) | 35000 | 34453  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/01/2056 (Callable 10/01/2055) | 55000 | 53735  |
| Virginia Electric and Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2034 (Callable 10/15/2033) | 65000 | 64842  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 (Callable 05/15/2034) | 45000 | 45001  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2035 (Callable 12/15/2034) | 60000 | 60030  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/15/2035 (Callable 06/15/2035) | 215000 | 210682  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2036 (Callable 12/15/2035) | 290000 | 282823  |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/15/2045 (Callable 11/15/2044) | 10000 | 8077  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2054 (Callable 07/15/2053) | 30000 | 27712  |
|  Xcel Energy, Inc., 5.60%, 04/15/2035 (Callable 10/15/2034) | 180000 | 183136  |
|  |  | 4878805  |
| **Financial Services - 0.4%**<br>|  |  |
| Ares Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 09/09/2030 (Callable 08/09/2030)<sup>(f)</sup> | 110000 | 107033  |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/15/2031 (Callable 12/15/2030)<sup>(f)</sup> | 190000 | 179602  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/15/2031 (Callable 03/15/2031)<sup>(f)</sup> | $155000 | $148577  |
| Prologis Targeted US Logistics Fund LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2031 (Callable 12/15/2030)<sup>(f)</sup> | 55000 | 53822  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2036 (Callable 10/15/2035)<sup>(f)</sup> | 130000 | 124917  |
|  |  | 613951  |
| **Food Products - 0.6%**<br>|  |  |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033) | 40000 | 41270  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (Callable 12/15/2033) | 90000 | 98982  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2036 (Callable 10/15/2035) | 20000 | 20000  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/10/2037 (Callable 12/10/2036)<sup>(f)</sup> | 40000 | 40107  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2053 (Callable 05/15/2053) | 55000 | 60531  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2056 (Callable 09/01/2055) | 30000 | 29217  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2066 (Callable 10/15/2065) | 235000 | 230136  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028 (Callable 02/01/2028)<sup>(f)</sup> | 40000 | 40258  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030 (Callable 02/01/2030)<sup>(f)</sup> | 90000 | 90972  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034)<sup>(f)</sup> | 55000 | 55580  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045 (Callable 11/01/2044)<sup>(f)</sup> | 340000 | 336487  |
|  |  | 1043540  |
| **Gas Utilities - 0.1%**<br>|  |  |
| Southern California Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2053 (Callable 12/01/2052) | 50000 | 48695  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2055 (Callable 12/15/2054) | 80000 | 80278  |
|  |  | 128973  |
| **Ground Transportation - 0.2%**<br>|  |  |
|  CSX Corp., 5.05%, 06/15/2035 (Callable 03/15/2035) | 100000 | 100477  |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., <br>4.80%, 09/15/2035 (Callable 06/15/2035) | 160000 | 155719  |
|  |  | 256196  |
| **Health Care Equipment & Supplies - 0.0%<sup>(h)</sup>** | **Health Care Equipment & Supplies - 0.0%<sup>(h)</sup>** |  |
|  GE HealthCare Technologies, Inc., 5.50%, 06/15/2035 (Callable 03/15/2035) | 50000 | 51062  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Health Care Providers & Services - 0.3%** | **Health Care Providers & Services - 0.3%** |  |
| Cardinal Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 (Callable 10/15/2029) | $195000 | $197914  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2030 (Callable 08/15/2030) | 150000 | 149319  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030) | 50000 | 41881  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 (Callable 05/01/2031) | 120000 | 100317  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2034 (Callable 12/15/2033) | 29000 | 29569  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2035 (Callable 02/01/2035) | 50000 | 49511  |
|  |  | 568511  |
| **Insurance - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp., <br>5.35%, 11/15/2035 (Callable 08/15/2035)<sup>(i)</sup> | 135000 | 131701  |
| **Interactive Media & Services - 0.5%**<br>|  |  |
| Alphabet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2045 (Callable 05/15/2045) | 60000 | 58780  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 (Callable 11/15/2064) | 235000 | 217703  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2066 (Callable 08/15/2065) | 35000 | 34771  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/2075 (Callable 05/15/2075) | 185000 | 180014  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 (Callable 05/15/2045) | 5000 | 4740  |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/15/2055 (Callable 05/15/2055) | 40000 | 37642  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 (Callable 02/15/2064) | 190000 | 171544  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 (Callable 05/15/2065) | 180000 | 167694  |
|  |  | 872888  |
| **Life Sciences Tools & Services - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Augusta SpinCo Corp., <br>4.66%, 03/23/2031 (Callable 02/23/2031) | 70000 | 69675  |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., <br>4.47%, 10/07/2032 (Callable 08/07/2032) | 250000 | 247660  |
|  |  | 317335  |
| **Machinery - 0.1%**<br>|  |  |
| Westinghouse Air Brake Technologies Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/29/2030 (Callable 04/29/2030) | 110000 | 111231  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.61%, 03/11/2034 (Callable 12/11/2033) | $125000 | $128744  |
|  |  | 239975  |
| **Media - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 02/01/2034 (Callable 11/01/2033) | 45000 | 46990  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 (Callable 03/01/2034) | 60000 | 62356  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 (Callable 04/23/2035) | 160000 | 163029  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 (Callable 09/01/2041) | 44000 | 30223  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2047 (Callable 11/01/2046) | 65000 | 52465  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2048 (Callable 10/01/2047) | 55000 | 45996  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/2049 (Callable 01/01/2049) | 70000 | 53904  |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/2061 (Callable 06/01/2061) | 50000 | 32219  |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 06/15/2031 (Callable 03/15/2031)<sup>(f)</sup> | 65000 | 57583  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034 (Callable 06/01/2034)<sup>(f)</sup> | 30000 | 28834  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/2054 (Callable 03/01/2054)<sup>(f)</sup> | 115000 | 100560  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2043 | 159000 | 96026  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043 (Callable 03/01/2043) | 249000 | 172565  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/19/2050 (Callable 11/19/2049) | 130000 | 77703  |
| Time Warner Cable, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 (Callable 03/01/2041) | 30000 | 25886  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 (Callable 03/15/2042) | 50000 | 37751  |
|  |  | 1084090  |
| **Metals & Mining - 0.2%**<br>|  |  |
| BHP Billiton Finance USA Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/21/2032 (Callable 12/21/2031) | 15000 | 15320  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/2033 (Callable 11/28/2032) | 60000 | 60260  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(f)</sup> | 160000 | 163352  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/2030 (Callable 08/06/2030)<sup>(f)</sup> | 70000 | 74290  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033 (Callable 07/06/2033)<sup>(f)</sup> | 45000 | 48743  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Metals & Mining - (Continued)**  | **Metals & Mining - (Continued)**  | **Metals & Mining - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2034 (Callable 01/04/2034)<sup>(f)</sup> | $25000 | $25608  |
|  |  | 387573  |
| **Multi-Utilities - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., <br>5.40%, 06/01/2029 (Callable 05/01/2029) | 121000 | 124053  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 (Callable 02/01/2030) | 154000 | 148508  |
| &nbsp;&nbsp;&nbsp; 5.35%, 07/15/2035 (Callable 04/15/2035) | 140000 | 141126  |
|  Public Service Enterprise Group, Inc., 5.45%, 04/01/2034 (Callable 01/01/2034) | 30000 | 30479  |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., <br>4.75%, 01/15/2028 (Callable 12/15/2027) | 90000 | 90689  |
|  |  | 534855  |
| **Natural Gas Distribution - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co., <br>4.87%, 08/05/2032 (Callable 05/05/2032)<sup>(f)</sup> | 110000 | 107681  |
|  Puget Energy, Inc., 5.73%, 03/15/2035 (Callable 12/15/2034) | 280000 | 282564  |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., <br>5.10%, 09/15/2035 (Callable 03/15/2035) | 90000 | 88949  |
|  |  | 479194  |
| **Oil, Gas & Consumable Fuels - 1.3%**<br>|  |  |
| Columbia Pipelines Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 10/01/2031 (Callable 08/01/2031)<sup>(f)</sup> | 6000 | 6036  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/17/2032 (Callable 09/17/2032)<sup>(f)</sup> | 105000 | 104356  |
| ConocoPhillips Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/2052 (Callable 09/15/2051) | 117000 | 85734  |
| &nbsp;&nbsp;&nbsp; 4.03%, 03/15/2062 (Callable 09/15/2061) | 80000 | 57816  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2063 (Callable 03/15/2063) | 15000 | 14467  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2065 (Callable 06/15/2064) | 30000 | 28641  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/18/2034 (Callable 01/18/2034) | 145000 | 147322  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 (Callable 09/15/2052) | 15000 | 15174  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 (Callable 10/18/2063) | 125000 | 118598  |
|  Energy Transfer LP, 5.00%, 05/15/2050 (Callable 11/15/2049) | 86000 | 71512  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Enterprise Products Operating LLC, 5.20%, 01/15/2036 (Callable 10/15/2035) | $70000 | $70446  |
|  Equinor ASA, 3.63%, 04/06/2040 (Callable 10/06/2039) | 45000 | 37698  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 (Callable 01/15/2031) | 50000 | 50137  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 (Callable 11/15/2032) | 180000 | 178809  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 (Callable 03/01/2034) | 160000 | 161792  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2031 (Callable 08/15/2031) | 65000 | 64331  |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 (Callable 08/15/2032) | 15000 | 15811  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 (Callable 06/01/2033) | 90000 | 94333  |
| &nbsp;&nbsp;&nbsp; 5.05%, 11/01/2034 (Callable 08/01/2034) | 195000 | 189872  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2053 (Callable 03/01/2053) | 15000 | 15440  |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., <br>6.38%, 06/02/2055 (Callable 12/02/2054)<sup>(f)</sup> | 200000 | 199285  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/15/2031 (Callable 03/15/2031) | 55000 | 53844  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/30/2036 (Callable 04/30/2036) | 110000 | 109266  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 (Callable 07/15/2026) | 65000 | 61595  |
| TotalEnergies Capital SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.64%, 04/05/2064 (Callable 10/05/2063) | 160000 | 153791  |
| &nbsp;&nbsp;&nbsp; 5.43%, 09/10/2064 (Callable 03/10/2064) | 15000 | 13976  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2033 (Callable 12/15/2032) | 50000 | 51693  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2036 (Callable 12/15/2035) | 80000 | 78874  |
|  |  | 2250649  |
| **Other Electric Power Generation - 0.5%** | **Other Electric Power Generation - 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co., <br>5.70%, 08/15/2034 (Callable 05/15/2034) | 60000 | 62255  |
|  CenterPoint Energy Resources Corp., 1.75%, 10/01/2030 (Callable 07/01/2030) | 30000 | 26597  |
| Consolidated Edison Co. of New York, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 (Callable 06/01/2051) | 130000 | 85076  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Other Electric Power Generation - (Continued)**  | **Other Electric Power Generation - (Continued)**  | **Other Electric Power Generation - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2055 (Callable 09/15/2054) | $105000 | $100174  |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, <br>5.30%, 02/15/2040 | 86000 | 85094  |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana, Inc., <br>4.90%, 07/15/2043 (Callable 01/15/2043) | 55000 | 50347  |
| Duke Energy Progress LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2035 (Callable 12/15/2034) | 65000 | 65192  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2055 (Callable 09/15/2054) | 45000 | 43549  |
| NSTAR Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/2034 (Callable 03/01/2034) | 25000 | 25586  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034) | 100000 | 100829  |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., <br>5.05%, 10/01/2048 (Callable 04/01/2048) | 65000 | 56982  |
| Ohio Edison Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2029 (Callable 11/15/2029)<sup>(f)</sup> | 45000 | 45495  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2033 (Callable 10/15/2032)<sup>(f)</sup> | 25000 | 25760  |
|  Southern Power Co., 4.90%, 10/01/2035 (Callable 04/01/2035) | 125000 | 121019  |
|  |  | 893955  |
| **Pharmaceuticals - 0.1%**<br>|  |  |
|  Royalty Pharma PLC, 5.20%, 09/25/2035 (Callable 06/25/2035) | 80000 | 79036  |
|  Viatris, Inc., 4.00%, 06/22/2050 (Callable 12/22/2049) | 135000 | 88757  |
|  |  | 167793  |
| **Retail REITs - 0.1%**<br>|  |  |
|  Realty Income Corp., 4.50%, 02/01/2033 (Callable 12/01/2032) | 180000 | 175691  |
| **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/15/2030 (Callable 09/15/2030) | 210000 | 207729  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2035 (Callable 04/15/2035) | 90000 | 90753  |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, <br>6.15%, 01/25/2032 (Callable 11/25/2031)<sup>(f)</sup> | 400000 | 417896  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/11/2047 (Callable 11/11/2046) | 50000 | 37436  |
| &nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047 (Callable 06/08/2047) | 205000 | 143594  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2049 (Callable 05/15/2049) | 18000 | 11405  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/25/2050 (Callable 09/25/2049) | $75000 | $60859  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/05/2062 (Callable 02/05/2062) | 95000 | 77051  |
|  NVIDIA Corp., 3.50%, 04/01/2040 (Callable 10/01/2039) | 220000 | 183485  |
|  |  | 1230208  |
| **Software - 1.2%**<br>|  |  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 (Callable 07/26/2032) | 330000 | 314272  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | 20000 | 18974  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/04/2033 (Callable 03/04/2033) | 145000 | 141241  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 (Callable 01/08/2034) | 192000 | 170420  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 (Callable 06/27/2034) | 100000 | 91373  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037 (Callable 05/15/2037) | 50000 | 39756  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 (Callable 10/01/2039) | 59000 | 42834  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 (Callable 09/25/2040) | 18000 | 12831  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 (Callable 10/01/2049) | 167000 | 101106  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 (Callable 09/25/2050) | 110000 | 69621  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053 (Callable 08/06/2052) | 44000 | 35188  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/2054 (Callable 03/27/2054) | 26000 | 20207  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/2055 (Callable 02/03/2055) | 40000 | 33671  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/25/2061 (Callable 09/25/2060) | 45000 | 27758  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 (Callable 03/27/2064) | 65000 | 49952  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/03/2065 (Callable 02/03/2065) | 55000 | 45664  |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/26/2065 (Callable 03/26/2065) | 20000 | 16608  |
| &nbsp;&nbsp;&nbsp; 6.85%, 02/04/2066 (Callable 08/04/2065) | 205000 | 189056  |
| Salesforce, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2029 (Callable 02/15/2029) | 110000 | 110197  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2033 (Callable 01/15/2033) | 115000 | 114886  |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/15/2046 (Callable 09/15/2045) | 255000 | 257085  |
| &nbsp;&nbsp;&nbsp; 6.70%, 03/15/2066 (Callable 09/15/2065) | 140000 | 142975  |
|  |  | 2045675  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Specialty Retail - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., <br>5.00%, 08/19/2034 (Callable 05/19/2034) | $40000 | $39581  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026 (Callable 05/01/2026)<sup>(f)</sup> | 55000 | 54967  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (Callable 07/01/2028)<sup>(f)</sup> | 50000 | 51445  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/15/2031 (Callable 12/15/2030)<sup>(f)</sup> | 45000 | 44551  |
|  |  | 190544  |
| **Textiles, Apparel & Luxury Goods - 0.0%<sup>(h)</sup>** | **Textiles, Apparel & Luxury Goods - 0.0%<sup>(h)</sup>** |  |
|  Tapestry, Inc., 5.50%, 03/11/2035 (Callable 12/11/2034) | 45000 | 45120  |
| **Tobacco - 0.4%**<br>|  |  |
|  BAT Capital Corp., 5.83%, 02/20/2031 (Callable 12/20/2030) | 50000 | 52329  |
| Philip Morris International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 (Callable 01/15/2028) | 41000 | 41430  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 (Callable 12/15/2029) | 220000 | 224507  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 (Callable 12/13/2030) | 80000 | 81861  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 (Callable 09/01/2031) | 145000 | 145689  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 (Callable 11/15/2032) | 50000 | 51381  |
|  |  | 597197  |
|  **Trust, Fiduciary, and Custody Activities - 0.1%**<br>|  |  |
|  Equitable America Global Funding, 4.70%, 09/15/2032<sup>(f)</sup> | 90000 | 87504  |
|  **Wireless Telecommunications Carriers (except Satellite) - 0.1%**<br>|  |  |
|  T-Mobile USA, Inc., 2.55%, 02/15/2031 (Callable 11/15/2030) | 145000 | 131901  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $27,694,581)** |  | 27002733  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 15.3%**<br>|  |  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6, Class A1, <br>1.26%, 05/25/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | 18187 | 16960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R1, Class A1, <br>0.99%, 04/25/2053 (Callable 04/25/2026)<sup>(e)(f)</sup> | 26833 | 25940  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, <br>0.91%, 01/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | $58573 | $52211  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, <br>0.99%, 04/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 65898 | 57251  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, <br>1.07%, 05/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 124833 | 108545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, <br>1.04%, 01/20/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | 108065 | 92880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, <br>0.95%, 07/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 156397 | 136379  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, <br>1.82%, 11/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 120218 | 107717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, <br>4.04%, 01/25/2067 (Callable 04/25/2026)<sup>(e)(f)</sup> | 39110 | 37463  |
|  AREIT Trust, Series 2025-CRE11, Class A, 5.23% (1 mo. Term SOFR + 1.55%), 07/25/2043 (Callable 07/18/2028)<sup>(f)</sup> | 260000 | 260707  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, <br>3.35%, 04/25/2049 (Callable 04/25/2026)<sup>(e)(f)</sup> | 28944 | 28195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, <br>2.96%, 10/25/2048 (Callable 04/25/2026)<sup>(e)(f)</sup> | 30911 | 29665  |
| BANK<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class XA, <br>0.88%, 05/15/2062 (Callable 02/15/2029)<sup>(d)(e)</sup> | 958561 | 23247  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class XA, <br>0.81%, 09/15/2062 (Callable 07/15/2029)<sup>(d)(e)</sup> | 1117194 | 26432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class XA, <br>0.58%, 11/15/2062 (Callable 08/15/2029)<sup>(d)(e)</sup> | 1279121 | 23500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class XA, <br>0.68%, 12/15/2052 (Callable 09/15/2029)<sup>(d)(e)</sup> | 2097767 | 43609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class XA, <br>0.63%, 11/15/2062 (Callable 09/15/2029)<sup>(d)(e)</sup> | 967581 | 20105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class XA, <br>1.19%, 03/15/2063 (Callable 12/15/2029)<sup>(d)(e)</sup> | 931851 | 31774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class XA, <br>1.76%, 03/15/2063 (Callable 07/15/2030)<sup>(d)(e)</sup> | 1491920 | 94440  |
| &nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, 1.07%, 02/15/2056 (Callable 10/15/2032)<sup>(d)(e)</sup> | 883807 | 47965  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
|  BANK5 Trust, Series 2026-5YR20, Class AS, 5.34%, 02/15/2059 (Callable 02/15/2031) | $280000 | $284408  |
|  BBCMS Mortgage Trust, Series 2022-C15, Class A5, 3.66%, 04/15/2055 (Callable 04/15/2032)<sup>(e)</sup> | 90000 | 83096  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, <br>1.62%, 02/15/2057 (Callable 11/15/2033)<sup>(d)(e)</sup> | 991131 | 88681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, <br>1.11%, 09/15/2057 (Callable 05/15/2034)<sup>(d)(e)</sup> | 995703 | 71632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, <br>1.13%, 02/15/2062 (Callable 10/15/2034)<sup>(d)(e)</sup> | 998231 | 80168  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-5C40, Class AS, <br>5.53%, 02/15/2059 (Callable 01/15/2031)<sup>(e)</sup> | 415000 | 421153  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class XA, <br>1.21%, 03/15/2062 (Callable 02/15/2029)<sup>(d)(e)</sup> | 1222287 | 36536  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class XA, <br>1.02%, 08/15/2052 (Callable 05/15/2029)<sup>(d)(e)</sup> | 855073 | 19843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class XA, <br>1.74%, 07/15/2053 (Callable 08/15/2030)<sup>(d)(e)</sup> | 299749 | 15384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class XA, <br>1.49%, 01/15/2054 (Callable 11/15/2030)<sup>(d)(e)</sup> | 737393 | 41704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, <br>0.57%, 07/15/2056 (Callable 03/15/2033)<sup>(d)(e)</sup> | 1823355 | 61529  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, <br>1.17%, 12/15/2056 (Callable 10/15/2033)<sup>(d)(e)</sup> | 965665 | 49105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-V20, Class AM, <br>5.44%, 02/15/2059 (Callable 02/15/2031) | 140000 | 143647  |
| &nbsp;&nbsp;&nbsp; BINOM Securitization Trust, Series 2021-INV1, Class A1, <br>2.03%, 06/25/2056 (Callable 04/25/2026)<sup>(e)(f)</sup> | 70881 | 65391  |
|  BMO Mortgage Trust, Series 2024-C9, Class XA, 0.86%, 07/15/2057 (Callable 05/15/2034)<sup>(d)(e)</sup> | 1070634 | 64665  |
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, <br>5.27% (1 mo. Term SOFR + 1.60%), 12/15/2042<sup>(f)</sup> | 320000 | 320726  |
|  BPR Trust, Series 2024-PMDW, Class A, 5.36%, 11/05/2041<sup>(e)(f)</sup> | 195000 | 197798  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.94%, 02/25/2049 (Callable 04/25/2026)<sup>(e)(f)</sup> | $30970 | $29383  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 0.97%, 03/25/2060 (Callable 04/25/2026)<sup>(e)(f)</sup> | 9212 | 9088  |
| &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust, Series 2025-HUB, Class A, <br>4.57%, 04/13/2041<sup>(e)(f)</sup> | 100000 | 99847  |
|  BWAY Mortgage Trust, Series 2025-1535, Class A, 5.89%, 05/05/2042<sup>(e)(f)</sup> | 230000 | 233188  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, <br>5.03%, 12/13/2042<sup>(e)(f)</sup> | 225000 | 226440  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ALOHA, Class A, <br>5.05% (1 mo. Term SOFR + 1.35%), 04/15/2043<sup>(f)</sup> | 515000 | 515000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CART, Class A, <br>4.72% (1 mo. Term SOFR + 1.05%), 02/15/2036<sup>(f)</sup> | 755000 | 749634  |
| &nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class A, 5.07% (1 mo. Term SOFR + 1.40%), 02/15/2043<sup>(f)</sup> | 550000 | 550685  |
|  CENT Trust, Series 2025-CITY, Class A, 4.92%, 07/10/2040<sup>(e)(f)</sup> | 180000 | 180776  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, <br>2.90%, 07/10/2049 (Callable 07/10/2026) | 505000 | 503055  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, <br>1.40%, 10/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 127154 | 108647  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A1, <br>4.76%, 02/25/2071 (Callable 01/25/2029)<sup>(e)(f)</sup> | 136469 | 135598  |
| COLT Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2R, Class A1, <br>1.33%, 10/26/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | 27479 | 26145  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1, <br>1.39%, 01/25/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | 235308 | 201648  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, <br>0.91%, 06/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 96036 | 83741  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, <br>0.96%, 09/27/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 194524 | 163113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HX1, Class A1, <br>1.11%, 10/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 274020 | 237076  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, <br>2.28%, 12/27/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 290284 | 267039  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
| COMM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HC, Class A, <br>2.82%, 01/10/2039 (Callable 01/10/2027)<sup>(f)</sup> | $100000 | $97119  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HC, Class C, <br>3.38%, 01/10/2039 (Callable 01/10/2027)<sup>(f)</sup> | 100000 | 95195  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, <br>6.34%, 08/10/2044<sup>(f)</sup> | 115000 | 119965  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, <br>5.87%, 12/10/2041 (Callable 12/10/2029)<sup>(e)(f)</sup> | 80000 | 81096  |
|  COOPR Residential Mortgage Trust, Series 2026-CES1, Class A1A, 4.87%, 01/01/2061 (Callable 01/25/2029)<sup>(f)(g)</sup> | 98634 | 97969  |
| CSMC Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-FHA1, Class A1, <br>3.25%, 04/25/2047 (Callable 05/25/2042)<sup>(e)(f)</sup> | 16256 | 15334  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.21%, 05/25/2065 (Callable 04/25/2026)<sup>(f)(g)</sup> | 41724 | 40131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class A1, <br>2.00%, 01/25/2060 (Callable 08/25/2041)<sup>(e)(f)</sup> | 136090 | 122946  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A1, 0.94%, 05/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 104049 | 86029  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A1, 1.17%, 07/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 242103 | 209150  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A1, 2.84%, 10/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 134131 | 122410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL4, Class A1, <br>4.15%, 12/27/2060 (Callable 04/25/2026)<sup>(e)(f)</sup> | 74616 | 74409  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 3.27%, 11/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 367978 | 333830  |
| DBGS Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C1, Class A4, <br>4.47%, 10/15/2051 (Callable 10/15/2028) | 215000 | 213523  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C1, Class XA, <br>0.19%, 10/15/2051 (Callable 07/15/2028)<sup>(d)(e)</sup> | 10335250 | 42615  |
| DBJPM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class A5, <br>2.89%, 08/10/2049 (Callable 02/10/2029) | 475000 | 472900  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C9, Class XA, <br>1.58%, 09/15/2053 (Callable 08/15/2030)<sup>(d)(e)</sup> | $239425 | $9582  |
| &nbsp;&nbsp;&nbsp; DC Commercial Mortgage Trust, Series 2024-HLTN, Class A, <br>5.73%, 04/13/2040<sup>(e)(f)</sup> | 90000 | 90775  |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, <br>0.90%, 04/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 42765 | 38216  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, <br>0.93%, 06/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 49453 | 42208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, <br>2.21%, 01/25/2067 (Callable 04/25/2026)<sup>(e)(f)</sup> | 164375 | 147175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV5, Class A1, <br>5.08%, 12/25/2070 (Callable 11/25/2028)<sup>(e)(f)</sup> | 184042 | 183470  |
| Extended Stay America Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ESH, Class A, 4.97% <br>(1 mo. Term SOFR + 1.30%), 10/15/2042<sup>(f)</sup> | 100000 | 100371  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ESH2, Class A, 4.87% <br>(1 mo. Term SOFR + 1.20%), 02/15/2043<sup>(f)</sup> | 396272 | 396784  |
| &nbsp;&nbsp;&nbsp; FIGRE Trust 2023-HE1, <br>Series 2026-HE1, Class A, <br>4.98%, 01/25/2056 (Callable 06/25/2033)<sup>(e)(f)</sup> | 144313 | 143149  |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust, <br>Series 2022-SFR1, Class A, <br>4.15%, 05/19/2039<sup>(f)</sup> | 110074 | 109702  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.87%, 01/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 72183 | 64655  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.09%, 05/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 118832 | 104815  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.09%, 08/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 184003 | 155851  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class A1, 1.92%, 08/25/2066 (Callable 04/25/2032)<sup>(e)(f)</sup> | 80226 | 74731  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, Series 2020-GC45, Class XA, <br>0.61%, 02/13/2053 (Callable 10/13/2029)<sup>(d)(e)</sup> | 1338994 | 25198  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2012-BWTR, Class A, <br>2.95%, 11/05/2034 (Callable 11/05/2026)<sup>(f)</sup> | 136818 | 119953  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1, 4.87%, 03/25/2066 (Callable 01/25/2029)<sup>(e)(f)</sup> | $208530 | $207850  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A2, 5.12%, 03/25/2066 (Callable 01/25/2029)<sup>(f)(g)</sup> | 124148 | 123736  |
|  HIH Trust, Series 2024-61P, Class A, 5.51% (1 mo. Term SOFR + 1.84%), 10/15/2041<sup>(f)</sup> | 101853 | 102003  |
| &nbsp;&nbsp;&nbsp; HTL Commercial Mortgage Trust, Series 2024-T53, Class A, <br>5.88%, 05/10/2039<sup>(e)(f)</sup> | 100000 | 100813  |
| Imperial Fund Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.07%, 09/25/2056 (Callable 04/25/2026)<sup>(e)(f)</sup> | 95496 | 81473  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 4.64%, 03/25/2067 (Callable 04/25/2026)<sup>(f)(g)</sup> | 357891 | 344697  |
|  INT Commercial Mortgage Trust 2025-PLAZA, Series 2025-PLAZA, Class A, 4.55%, 11/05/2037<sup>(e)(f)</sup> | 160000 | 159653  |
|  JPMBB Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, 01/16/2037 (Callable 04/16/2026)<sup>(f)</sup> | 90000 | 81447  |
| &nbsp;&nbsp;&nbsp; LBTY Commercial Mortgage Trust, Series 2026-225L, Class A, <br>4.59%, 02/10/2043<sup>(e)(f)</sup> | 245000 | 241756  |
| Legacy Mortgage Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS3, Class A1, <br>5.75%, 07/25/2061 (Callable 04/25/2026)<sup>(f)(g)</sup> | 98792 | 98897  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS4, Class A1, <br>5.65%, 11/25/2060 (Callable 04/25/2026)<sup>(f)(g)</sup> | 54834 | 54909  |
| &nbsp;&nbsp;&nbsp; Madison Avenue Trust, <br>Series 2025-11MD, Class A, <br>4.44%, 10/15/2042<sup>(e)(f)</sup> | 355000 | 353753  |
| &nbsp;&nbsp;&nbsp; Mcp Holding Co. LLC, <br>Series 2024-70P, Class A, 4.96%, 03/10/2041<sup>(e)(f)</sup> | 425000 | 428451  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM3, Class A1, 1.01%, 01/26/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | 8802 | 8461  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.03%, 11/25/2064 (Callable 04/25/2026)<sup>(e)(f)</sup> | 64038 | 56833  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049 (Callable 01/15/2028) | 29123 | 28866  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPL1, Class A1, <br>4.25%, 02/25/2065 (Callable 09/25/2028)<sup>(e)(f)</sup> | $327678 | $322019  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-DSC1, Class A1, <br>4.77%, 01/25/2071 (Callable 01/25/2029)<sup>(e)(f)</sup> | 397841 | 394664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-DSC1, Class A2, <br>5.02%, 01/25/2071 (Callable 01/25/2029)<sup>(f)(g)</sup> | 168745 | 167703  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1, 4.81%, 12/25/2070 (Callable 01/25/2029)<sup>(e)(f)</sup> | 227671 | 226904  |
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, <br>0.92%, 12/15/2056 (Callable 09/15/2033)<sup>(d)(e)</sup> | 229616 | 12393  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75%, 11/26/2035 (Callable 09/25/2031)<sup>(e)(f)</sup> | 20294 | 19698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75%, 11/25/2056 (Callable 03/25/2034)<sup>(e)(f)</sup> | 18535 | 17789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class A1, <br>5.29% (1 mo. Term SOFR + 1.61%), 06/25/2057 (Callable 05/25/2030)<sup>(f)</sup> | 11152 | 11295  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00%, 12/25/2057 (Callable 01/25/2034)<sup>(e)(f)</sup> | 50022 | 48836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, <br>4.50%, 05/25/2058 (Callable 05/25/2035)<sup>(e)(f)</sup> | 108388 | 105672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class A1S, <br>4.54% (1 mo. Term SOFR + 0.86%), 01/25/2048 (Callable 08/25/2030)<sup>(f)</sup> | 37436 | 36869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1A, <br>3.75%, 11/25/2058 (Callable 07/25/2033)<sup>(e)(f)</sup> | 73236 | 70728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50%, 08/25/2059 (Callable 09/25/2037)<sup>(e)(f)</sup> | 51823 | 49009  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, 09/25/2059 (Callable 04/25/2026)<sup>(e)(f)</sup> | 12082 | 11653  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.16%, 11/27/2056 (Callable 04/25/2026)<sup>(e)(f)</sup> | 181701 | 167103  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.28%, 04/25/2061 (Callable 04/25/2026)<sup>(e)(f)</sup> | 301914 | 273705  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
|  New Residential Mortgage Loan Trust 2023-NQM1<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.01%, 10/26/2065 (Callable 12/25/2028)<sup>(e)(f)</sup> | $95650 | $95188  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A2, 5.26%, 10/26/2065 (Callable 12/25/2028)<sup>(f)(g)</sup> | 344339 | 343758  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1, 4.82%, 11/25/2065 (Callable 01/25/2029)<sup>(e)(f)</sup> | 106722 | 106367  |
|  NMLT Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056 (Callable 04/25/2026)<sup>(e)(f)</sup> | 184864 | 163342  |
| &nbsp;&nbsp;&nbsp; North Park Mortgage Trust, <br>Series 2025-PARK, Class A, <br>5.07% (1 mo. Term SOFR + 1.39%), 10/15/2040<sup>(f)</sup> | 210000 | 210031  |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust, Series 2025-299P, Class A, <br>5.66%, 02/10/2047<sup>(e)(f)</sup> | 65000 | 67585  |
| NYC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3BP, Class A, <br>4.89% (1 mo. Term SOFR + 1.21%), 02/15/2042<sup>(f)</sup> | 195000 | 194360  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1PARK, Class A, <br>4.93% (1 mo. Term SOFR + 1.25%), 02/15/2043<sup>(f)</sup> | 105000 | 104971  |
|  OBX Trust, Series 2021-NQM1, Class A1, 1.07%, 02/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 107827 | 95966  |
| &nbsp;&nbsp;&nbsp; Ocwen Loan Investment Trust, Series 2025-HB2, Class A, <br>3.00%, 11/25/2038<sup>(e)(f)</sup> | 95900 | 93595  |
|  Onslow Bay Mortgage Loan Trust, Series 2026-NQM2, Class A1, 4.82%, 12/01/2065 (Callable 01/25/2029)<sup>(e)(f)</sup> | 226396 | 225631  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL11, Class A1, 5.19%, 10/25/2055 (Callable 10/25/2026)<sup>(f)(g)</sup> | 493903 | 494269  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL14, Class A1, 5.27%, 12/25/2055 (Callable 12/25/2026)<sup>(f)(g)</sup> | 251782 | 250131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL4, Class A1, <br>6.37%, 04/25/2055 (Callable 05/25/2026)<sup>(f)(g)</sup> | 317709 | 318244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL6, Class A1, <br>5.74%, 06/25/2055 (Callable 07/25/2026)<sup>(f)(g)</sup> | 377593 | 377160  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL7, Class A1, <br>5.66%, 07/25/2055 (Callable 07/25/2026)<sup>(f)(g)</sup> | 238752 | 238413  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL8, Class A1, <br>5.73%, 08/25/2055 (Callable 07/25/2026)<sup>(f)(g)</sup> | $229854 | $229592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL9, Class A1, <br>5.39%, 08/25/2055 (Callable 08/25/2026)<sup>(f)(g)</sup> | 315683 | 316192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL5, Class A1, <br>4.15%, 01/25/2070 (Callable 10/25/2027)<sup>(f)(g)</sup> | 349430 | 339564  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL6, Class A1, <br>3.85%, 09/25/2069 (Callable 11/25/2027)<sup>(f)(g)</sup> | 501791 | 485445  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RPL1, Class A1, <br>4.15%, 01/25/2070 (Callable 02/25/2028)<sup>(f)(g)</sup> | 443375 | 446675  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR4, Class A, <br>4.44%, 05/17/2041<sup>(f)</sup> | 294726 | 291380  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, <br>4.45%, 06/17/2039<sup>(f)</sup> | 93325 | 92935  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR7, Class A, <br>4.75%, 10/27/2039<sup>(f)</sup> | 141259 | 141199  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-SFR1, Class B, <br>4.00%, 02/17/2043<sup>(f)</sup> | 130000 | 124079  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>6.26%, 05/25/2030 (Callable 05/25/2026)<sup>(f)(g)</sup> | 79828 | 80514  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, <br>5.77%, 08/25/2028 (Callable 08/25/2026)<sup>(f)(g)</sup> | 201993 | 202477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br>5.50%, 08/25/2030 (Callable 08/25/2026)<sup>(f)(g)</sup> | 148490 | 148106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, <br>3.25%, 04/25/2055 (Callable 04/25/2026)<sup>(f)(g)</sup> | 532077 | 515083  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A1, <br>5.19%, 02/25/2031 (Callable 02/25/2029)<sup>(f)(g)</sup> | 259829 | 259394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RCF1, Class A1, <br>4.85%, 01/25/2056 (Callable 01/25/2028)<sup>(f)(g)</sup> | 104634 | 104244  |
| SG Commercial Mortgage Securities Trust | SG Commercial Mortgage Securities Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class A4, <br>3.06%, 10/10/2048 (Callable 07/10/2026) | 75000 | 74665  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COVE, Class A, <br>2.63%, 03/15/2037<sup>(f)</sup> | 355000 | 340379  |
|  SGR Residential Mortgage Trust, Series 2021-1, Class A1, 1.16%, 07/25/2061 (Callable 04/25/2026)<sup>(e)(f)</sup> | 194529 | 164086  |
|  SHR Trust, Series 2024-LXRY, Class A, 5.62% (1 mo. Term SOFR + 1.95%), 10/15/2041<sup>(f)</sup> | 450000 | 450149  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, <br>1.49%, 04/25/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | $5342 | $5254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, <br>0.94%, 05/25/2065 (Callable 04/25/2026)<sup>(e)(f)</sup> | 18319 | 17492  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, <br>1.92%, 11/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 199766 | 176865  |
|  TEXAS Commercial Mortgage Trust 2025-TWR, Series 2025-TWR, Class A, 4.97% (1 mo. Term SOFR + 1.29%), 04/15/2042<sup>(f)</sup> | 325000 | 323589  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, <br>3.75%, 05/25/2058 (Callable 01/25/2030)<sup>(e)(f)</sup> | 39046 | 38367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75%, 03/25/2058 (Callable 09/25/2031)<sup>(e)(f)</sup> | 126484 | 122764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 (Callable 08/25/2031)<sup>(f)</sup> | 90602 | 82740  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, <br>2.92%, 11/30/2060<sup>(e)(f)</sup> | 371689 | 331702  |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust, <br>Series 2026-SFR1, Class A, <br>4.77% (1 mo. Term SOFR + 1.10%), 02/17/2043<sup>(f)</sup> | 244404 | 245017  |
| &nbsp;&nbsp;&nbsp; Vericrest Opportunity Loan Transferee, Series 2021-NPL9, Class A1, <br>5.99%, 05/25/2051 (Callable 04/25/2026)<sup>(f)(g)</sup> | 22611 | 22626  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, <br>1.03%, 02/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 46202 | 42306  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, <br>0.94%, 07/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 84120 | 71804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, <br>1.01%, 09/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 286159 | 246774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, <br>2.82%, 11/25/2066 (Callable 04/25/2026)<sup>(e)(f)</sup> | 133848 | 122791  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R2, Class A1, <br>0.92%, 02/25/2064 (Callable 04/25/2026)<sup>(e)(f)</sup> | 34365 | 32783  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, <br>3.72%, 01/25/2067 (Callable 04/25/2026)<sup>(f)(g)</sup> | 214881 | 203323  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wells Fargo Commercial Mortgage Trust, Series 2024-C63, Class XA, 1.00%, 08/15/2057 (Callable 05/15/2034)<sup>(d)(e)</sup> | $1353572 | $92399  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $28,026,139)** |  | 26435213  |
| **ASSET-BACKED SECURITIES - 4.6%** | **ASSET-BACKED SECURITIES - 4.6%** | **ASSET-BACKED SECURITIES - 4.6%** |
|  Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.00%, 08/17/2048 (Callable 08/15/2026)<sup>(f)</sup> | 210000 | 211509  |
|  Amur Equipment Finance Receivables LLC, Series 2024-1A, Class B, 5.37%, 01/21/2031 (Callable 01/20/2028)<sup>(f)</sup> | 100000 | 101566  |
|  Auxilior Term Funding LLC, Series 2024-1A, Class A3, 5.49%, 07/15/2031 (Callable 02/15/2029)<sup>(f)</sup> | 137160 | 138955  |
|  Bain Capital Credit CLO, Series 2017-2A, Class A1R3, 5.07% (3 mo. Term SOFR + 1.40%), 07/25/2037 (Callable 07/25/2026)<sup>(f)</sup> | 420000 | 420198  |
|  Benefit Street Partners CLO Ltd., Series 2023-31A, Class BR, 5.42% (3 mo. Term SOFR + 1.75%), 04/25/2038 (Callable 04/25/2027)<sup>(f)</sup> | 250000 | 249840  |
| CF Hippolyta Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 1.69%, 07/15/2060<sup>(f)</sup> | 88235 | 74643  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A2, 1.99%, 07/15/2060 (Callable 04/15/2026)<sup>(f)</sup> | 85193 | 69908  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.53%, 03/15/2061<sup>(f)</sup> | 92453 | 75045  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.97%, 08/15/2062 (Callable 04/15/2026)<sup>(f)</sup> | 105441 | 105579  |
|  Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 07/16/2029 (Callable 06/15/2027)<sup>(f)</sup> | 56926 | 57538  |
|  Credit Acceptance Corp., Series 2024-2A, Class B, 6.11%, 08/15/2034 (Callable 04/15/2028)<sup>(f)</sup> | 305000 | 311525  |
|  DB Master Finance Parent LLC, Series 2021-1A, Class A23, 2.79%, 11/20/2051 (Callable 11/20/2027)<sup>(f)</sup> | 588863 | 522110  |
| DigitalBridge Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2A, 5.00%, 09/15/2048 (Callable 09/15/2026)<sup>(f)</sup> | 315000 | 313492  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.99%, 09/15/2049 (Callable 09/15/2027)<sup>(f)</sup> | 175000 | 170414  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| Domino's SPV Guarantor LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2, <br>3.67%, 10/25/2049 (Callable 10/25/2026)<sup>(f)</sup> | $72000 | $69264  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, <br>2.66%, 04/25/2051 (Callable 04/25/2026)<sup>(f)</sup> | 481388 | 456112  |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., <br>Series 2023-2A, Class BR, <br>5.42% (3 mo. Term SOFR + 1.75%), 04/16/2036 (Callable 07/16/2026)<sup>(f)</sup> | 250000 | 249873  |
| &nbsp;&nbsp;&nbsp; GreatAmerica Leasing Receivables, Series 2024-1, Class B, <br>5.18%, 12/16/2030 (Callable 02/15/2028)<sup>(f)</sup> | 55000 | 55780  |
| &nbsp;&nbsp;&nbsp; GS REFT 2026-FL1 Issuer Ltd., Series 2026-FL1, Class A, <br>5.17% (1 mo. Term SOFR + 1.50%), 04/19/2043 (Callable 09/19/2028)<sup>(f)</sup> | 350000 | 350875  |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc., Series 2025-2A, Class A, <br>5.13%, 09/25/2031 (Callable 09/25/2030)<sup>(f)</sup> | 110000 | 111078  |
| Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, <br>0.97%, 12/16/2069 (Callable 09/15/2030)<sup>(f)</sup> | 66979 | 59995  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, <br>1.11%, 02/18/2070 (Callable 02/15/2031)<sup>(f)</sup> | 115015 | 102657  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071 (Callable 09/15/2033)<sup>(f)</sup> | 142557 | 144353  |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2024-1A, Class A2R, <br>4.81% (3 mo. Term SOFR + 1.15%), 10/15/2032 (Callable 04/15/2026)<sup>(f)</sup> | 380000 | 378975  |
|  Rad CLO, Series 2021-12A, Class A1AR, 4.99% (3 mo. Term SOFR + 1.32%), 07/30/2040 (Callable 07/30/2027)<sup>(f)</sup> | 315000 | 314989  |
| RR, Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R2, <br>5.32% (3 mo. Term SOFR + 1.65%), 07/15/2037 (Callable 07/15/2027)<sup>(f)</sup> | 420000 | 419218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A2R, <br>5.17% (3 mo. Term SOFR + 1.50%), 04/15/2038 (Callable 04/15/2026)<sup>(f)</sup> | 250000 | 249754  |
| &nbsp;&nbsp;&nbsp; Sabey Data Center Issuer LLC, Series 2024-1, Class A2, <br>6.00%, 04/20/2049 (Callable 04/20/2027)<sup>(f)</sup> | 50000 | 50583  |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC, Series 2024-1A, Class A3, <br>5.52%, 01/20/2032 (Callable 02/20/2030)<sup>(f)</sup> | 100000 | 101684  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Stack Infrastructure Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, <br>5.90%, 07/25/2048 (Callable 06/25/2026)<sup>(f)</sup> | $180000 | $180905  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, <br>5.90%, 03/25/2049 (Callable 03/25/2027)<sup>(f)</sup> | 100000 | 101132  |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC, <br>Series 2021-1A, Class A2II, <br>2.29%, 08/25/2051<sup>(f)</sup> | 725085 | 671796  |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class BR, <br>5.32% (3 mo. Term SOFR + 1.65%), 07/20/2038 (Callable 07/20/2027)<sup>(f)</sup> | 250000 | 249687  |
|  Vertical Bridge Holdings LLC, Series 2024-1A, Class C2, 5.59%, 05/15/2054 (Callable 05/15/2027)<sup>(f)</sup> | 205000 | 206555  |
|  VFI ABS LLC, Series 2025-1A, Class A, 4.78%, 06/24/2030 (Callable 01/24/2028)<sup>(f)</sup> | 72223 | 72481  |
|  Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048 (Callable 06/15/2026)<sup>(f)</sup> | 155923 | 153122  |
|  Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 06/05/2026)<sup>(f)</sup> | 197000 | 190856  |
|  Zayo Group LLC, Series 2025-1A, Class A2, 5.65%, 03/20/2055 (Callable 09/20/2028)<sup>(f)</sup> | 225000 | 227237  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $7,894,299)** |  | 7991283  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.0%**<br>|  |  |
|  Israel Government International Bond, 5.38%, 02/19/2030 | 200000 | 203109  |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/22/2033 (Callable 01/22/2033) | 400000 | 391000  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/09/2034 (Callable 12/09/2033) | 200000 | 195850  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/22/2035 (Callable 06/22/2035) | 200000 | 192800  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036 (Callable 02/07/2036) | 200000 | 199120  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038 (Callable 10/29/2037) | 200000 | 203224  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/08/2044 | 44000 | 35332  |
|  Romanian Government International Bond, 3.63%, 03/27/2032 | 340000 | 298810  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $1,707,692)** |  | 1719245  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL DEBT OBLIGATIONS - 0.0%<sup>(h)</sup>** | **MUNICIPAL DEBT OBLIGATIONS - 0.0%<sup>(h)</sup>** | **MUNICIPAL DEBT OBLIGATIONS - 0.0%<sup>(h)</sup>** |
|  Regents of the University of California Medical Center Pooled Revenue, 6.55%, 05/15/2048 | $35000 | $37171  |
|  Texas Natural Gas Securitization Finance Corp., 5.10%, 04/01/2035 | 0<sup>(j)</sup> | 0<sup>(j)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL DEBT OBLIGATIONS** <br>**(Cost $49,191)** |  | 37171  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 5.5%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(k)</sup> | 9433942 | 9433942  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,433,942)** |  | 9433942  |
|  | **Par**  |  |
| **U.S. TREASURY BILLS - 0.1%**<br>|  |  |
| 0.00%, 04/30/2026<sup>(l)</sup> | $190000 | 189446  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $189,446)** |  | 189446  |
|  | **Units**  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0%<sup>(h)</sup>**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(k)</sup> | 40097 | 40097  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $40,097)** |  | 40097  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.8%**<br>**(Cost $202,126,678)** |  | $191147371  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.8)% |  | (18703182)  |
| **TOTAL NET ASSETS - 100.0%** |  | $172444189 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

Ent 11th COFI Repl - Enterprise 11th District COFI Replacement Index

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

RFUCCT1Y - Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR - Secured Overnight Financing Rate

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> All or a portion of the security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of March 31, 2026 was $145,590.

<sup>(b)</sup> All or a portion of the security has been pledged as collateral for swaps contracts. The fair value of assets committed as collateral as of March 31, 2026 was $940,047.

<sup>(c)</sup> To-be-announced security.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2026.

<sup>(f)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $35,592,376 or 20.6% of the Fund's net assets.

<sup>(g)</sup> Step coupon bond. The rate disclosed is as of March 31, 2026.

<sup>(h)</sup> Represents less than 0.05% of net assets.

<sup>(i)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $39,527.

<sup>(j)</sup> Rounds to zero.

<sup>(k)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(l)</sup> Zero coupon bonds make no periodic interest payments.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**March 31, 2026** 

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 06/18/2026 | $666281 | &nbsp;&nbsp;&nbsp;&nbsp; $(11227)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 06/30/2026 | 12239274 | &nbsp;&nbsp;&nbsp;&nbsp; (9237)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 06/18/2026 | 699375 | &nbsp;&nbsp;&nbsp;&nbsp; (18072)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(38536) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized Appreciation (Depreciation)**  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 06/18/2026 | $567578 | &nbsp;&nbsp;&nbsp;&nbsp; $2806  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp; 06/30/2026 | 3353571 | &nbsp;&nbsp;&nbsp;&nbsp; 27094  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp; 06/18/2026 | 2733000 | &nbsp;&nbsp;&nbsp;&nbsp; 58558  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $88458  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $49922 |

---

The Fund has recorded a liability of $7,021 as of March 31, 2026 related to the current day's variation margin related to these contracts.

**SCHEDULE OF CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate** | **Floating** <br>**Rate** | **Floating** <br>**Rate** <br>**Index** | **Fixed** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Upfront** <br>**Payments** <br>(Receipts) | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value**  |
| Receive | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 4.16% | Monthly | 03/19/2045 | $2485000 | $(4836) | $(3652) | $(8488)  |
| Receive | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 1.56% | Monthly | 12/15/2051 | $565000 | (3014) | 238860 | 235846  |
| Receive | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 2.97% | Monthly | 03/15/2053 | $560000 | 1627 | 105087 | 106714  |
| Receive | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 2.88% | Monthly | 03/15/2053 | $310000 | 3260 | 60378 | 63638  |
| Receive | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.59% | Monthly | 09/20/2053 | $180000 | 708 | 15925 | 16633  |
| **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | $(2255) | $416598 | $414343 |

---

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

**SELL PROTECTION** 

**March 31, 2026** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Financing Rate Received (Paid)** | **Payment Frequency** | **Rating of Reference Entity** | **Maturity Date** | **Notional Amount<sup>(b)</sup>** | **Value<sup>(c)</sup>** | **Upfront Payments**<br>(Receipts) | **Unrealized Appreciation (Depreciation)**  |
| **Sell Protection<sup>(a)</sup>:**<br>|  |  |  |  |  |  |  |  |
|  CDS ORACLE CORPORATION  | &nbsp;&nbsp;&nbsp; 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 0 | 12/20/2030 | $455000 | $(14583) | $(4881) | &nbsp;&nbsp;&nbsp; $(9702)  |
| &nbsp;&nbsp;&nbsp; PARAMOUNT <br>GLOBAL CDS  | &nbsp;&nbsp;&nbsp; 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 0 | 06/20/2031 | 45000 | (4577) | (4592) | &nbsp;&nbsp;&nbsp; 15  |
| CDX-NAIGS45V1 | &nbsp;&nbsp;&nbsp; 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 0 | 12/20/2030 | 2575000 | 46556 | 50282 | &nbsp;&nbsp;&nbsp; (3726)  |
|  |  |  |  |  |  | $27396 | $40809 | &nbsp;&nbsp;&nbsp; $(13413) |

---

Morgan Stanley is the counterparty for the swap.

<sup>(a)</sup> 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 of underlying securities comprising the referenced index.

<sup>(b)</sup> The maximum potential amount the Fund could be required to pay as a 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.

<sup>(c)</sup> The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, 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. 

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK EMERGING MARKETS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.0%**<br>|  |  |
| **Australia - 0.2%**<br>|  |  |
| MMG Ltd.<sup>(a)</sup> | 124490 | $117948  |
| **Bermuda - 0.3%**<br>|  |  |
| Orient Overseas International Ltd. | 8039 | 143371  |
| **Brazil - 3.3%**<br>|  |  |
| Ambev SA | 40816 | 120166  |
| Banco Bradesco SA | 22790 | 73652  |
| Banco BTG Pactual SA | 4966 | 54234  |
| BB Seguridade Participacoes SA | 14779 | 99404  |
| Caixa Seguridade Participacoes S/A | 4130 | 14527  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3452 | 105711  |
| CPFL Energia SA | 8840 | 83095  |
| Localiza Rent a Car SA | 3489 | 31685  |
| MBRF Global Foods Co. SA | 9888 | 41252  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 5355 | 76951  |
| Petroleo Brasileiro SA - Petrobras | 13620 | 141200  |
| Porto Seguro SA | 17141 | 166782  |
| Raia Drogasil SA | 8147 | 36836  |
| Telefonica Brasil SA | 35132 | 278894  |
| TIM SA | 36513 | 193426  |
| TOTVS SA | 17569 | 118815  |
| Ultrapar Participacoes SA | 14564 | 80554  |
| Vale SA | 4997 | 79559  |
| Vibra Energia SA | 5035 | 30639  |
| XP, Inc. - Class A | 1075 | 20468  |
|  |  | 1847850  |
| **Canada - 0.2%**<br>|  |  |
|  China Gold International Resources Corp. Ltd. | 5856 | 115950  |
| **Cayman Islands - 0.2%**<br>|  |  |
| Chow Tai Fook Jewellery Group Ltd. | 76486 | 107507  |
| **Chile - 1.8%**<br>|  |  |
| Banco de Chile | 729253 | 132497  |
| Banco de Credito e Inversiones SA | 872 | 56554  |
| Banco Santander Chile | 2091130 | 173158  |
| Cencosud SA | 86743 | 236819  |
| Falabella SA | 30561 | 187076  |
| Latam Airlines Group SA | 9077003 | 223981  |
|  |  | 1010085  |
| **China - 20.0%**<br>|  |  |
|  37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A | 34892 | 109768  |
| 3SBio, Inc.<sup>(b)</sup> | 54581 | 160903  |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. - <br>Class A  | 45144 | 43784  |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. - <br>Class H | 144649 | 103468  |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd. - <br>Class A | 41884 | 70438  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd. - <br>Class H | &nbsp;&nbsp; 170462 | $249380  |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 5096 | 49817  |
| Bank of Chengdu Co. Ltd. - Class A | &nbsp;&nbsp; 15562 | 38638  |
| Bank of China Ltd. - Class H | &nbsp;&nbsp; 175255 | 111907  |
| Bank of Hangzhou Co. Ltd. - Class A | &nbsp;&nbsp; 12500 | 30367  |
| Bank of Ningbo Co. Ltd. - Class A | &nbsp;&nbsp; 2858 | 12629  |
| Bilibili, Inc. - Class Z<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 39672  |
| China CITIC Bank Corp. Ltd. - Class H | &nbsp;&nbsp; 37315 | 37797  |
|  China CITIC Financial Asset Management Co. Ltd. - Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 917716 | 93271  |
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp. - <br>Class H | &nbsp;&nbsp; 498673 | 538175  |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 79603 | 359583  |
| &nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd. - <br>Class H | &nbsp;&nbsp; 85480 | 272701  |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 50647 | 111895  |
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd. - <br>Class H | &nbsp;&nbsp; 6739 | 42821  |
| China Nonferrous Mining Corp. Ltd. | &nbsp;&nbsp; 106292 | 159524  |
| China Oilfield Services Ltd. - Class H | &nbsp;&nbsp; 94030 | 107739  |
|  China Pacific Insurance Group Co. Ltd. - Class A | &nbsp;&nbsp; 18741 | 101542  |
|  China Pacific Insurance Group Co. Ltd. - Class H | &nbsp;&nbsp; 48812 | 199914  |
|  China Petroleum & Chemical Corp. - Class A | &nbsp;&nbsp; 26800 | 22742  |
|  China Petroleum & Chemical Corp. - Class H | &nbsp;&nbsp; 100954 | 58031  |
| China Tower Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 29781 | 40720  |
| CMOC Group Ltd. - Class A | &nbsp;&nbsp; 33400 | 85168  |
| CMOC Group Ltd. - Class H | &nbsp;&nbsp; 56642 | 119127  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class A | &nbsp;&nbsp; 15887 | 34684  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | &nbsp;&nbsp; 46776 | 89074  |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 169967 | 200589  |
| Ecovacs Robotics Co. Ltd. - Class A | &nbsp;&nbsp; 16200 | 144990  |
| Eoptolink Technology, Inc. Ltd. | &nbsp;&nbsp; 1300 | 86275  |
| Haier Smart Home Co. Ltd. - Class H | &nbsp;&nbsp; 6176 | 16545  |
| &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. <br>Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18058 | 82660  |
|  Industrial & Commercial Bank of China Ltd. - Class H | &nbsp;&nbsp; 224736 | 198093  |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6506 | 71563  |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18236 | 23605  |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5019 | 30635  |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 53971 | 95275  |
| JD.com, Inc. - Class A | &nbsp;&nbsp; 17187 | 253345  |
|  Jinduicheng Molybdenum Co. Ltd. - Class A | &nbsp;&nbsp; 11200 | 30630  |
| Kanzhun Ltd. - ADR | &nbsp;&nbsp; 1082 | 14488  |
| Kingnet Network Co. Ltd. | &nbsp;&nbsp; 6941 | 18039  |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 30717 | 180933  |
| Lenovo Group Ltd. | &nbsp;&nbsp; 41423 | 49820  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK EMERGING MARKETS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **China - (Continued)**  | **China - (Continued)**  | **China - (Continued)**  |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 52784 | $145833  |
| Meituan - Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 28003 | 305576  |
| NetEase, Inc. | &nbsp;&nbsp; 12899 | 288226  |
|  New China Life Insurance Co. Ltd. - Class A | &nbsp;&nbsp; 19500 | 175940  |
|  New China Life Insurance Co. Ltd. - Class H | &nbsp;&nbsp; 49751 | 296189  |
|  New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 13188 | 74700  |
|  People's Insurance Co. Group of China Ltd. - Class A | &nbsp;&nbsp; 117871 | 125399  |
|  People's Insurance Co. Group of China Ltd. - Class H | &nbsp;&nbsp; 307706 | 214295  |
| PetroChina Co. Ltd. - Class A | &nbsp;&nbsp; 126600 | 221380  |
| PetroChina Co. Ltd. - Class H | &nbsp;&nbsp; 367924 | 504741  |
|  PICC Property & Casualty Co. Ltd. - Class H | &nbsp;&nbsp; 94881 | 174655  |
|  Ping An Insurance Group Co. of China Ltd. - Class A | &nbsp;&nbsp; 3476 | 28802  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | &nbsp;&nbsp; 27447 | 211046  |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9039 | 168156  |
|  Shanghai Allist Pharmaceuticals Co. Ltd. - Class A | &nbsp;&nbsp; 3645 | 51171  |
|  Shanjin International Gold Co. Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 27609  |
|  Sungrow Power Supply Co. Ltd. - Class A | &nbsp;&nbsp; 2900 | 64502  |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 32942 | 2077730  |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 59678 | 99634  |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 49801 | 115220  |
| Vipshop Holdings Ltd. - ADR | &nbsp;&nbsp; 13658 | 214704  |
| Western Mining Co. Ltd. - Class A | &nbsp;&nbsp; 7900 | 29211  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 69239 | 286003  |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 1162 | 57718  |
| Yunnan Aluminium Co. Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 6600 | 30116  |
| Yunnan Yuntianhua Co. Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 4700 | 22826  |
| Yunnan Yuntianhua Co. Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 2021 | 9815  |
|  Zhejiang Century Huatong Group Co. Ltd. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 34600 | 80905  |
| Zijin Mining Group Co. Ltd. - Class H | &nbsp;&nbsp; 13556 | 60982  |
|  |  | 11155848  |
| **Colombia - 0.5%**<br>|  |  |
| Grupo Cibest SA | &nbsp;&nbsp; 12872 | 297479  |
| **Czech Republic - 0.5%**<br>|  |  |
| CEZ AS | &nbsp;&nbsp; 811 | 45834  |
| Komercni Banka AS | &nbsp;&nbsp; 1206 | 61530  |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 18984 | 165480  |
|  |  | 272844  |
| **Egypt - 0.6%**<br>|  |  |
|  Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 160056 | 355517  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hong Kong - 3.2%**<br>|  |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 79307 | $1243097  |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 191466 | 98553  |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 47307 | 128117  |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 360011 | 273508  |
| Want Want China Holdings, Ltd. | &nbsp;&nbsp; 57610 | 34090  |
|  |  | 1777365  |
| **Hungary - 1.3%**<br>|  |  |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 11542 | 138277  |
| OTP Bank Nyrt | &nbsp;&nbsp; 3932 | 421620  |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 4153 | 147854  |
|  |  | 707751  |
| **India - 8.4%**<br>|  |  |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1026 | 21184  |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1403 | 19511  |
| Axis Bank Ltd. | &nbsp;&nbsp; 5745 | 71153  |
| Bank of Baroda | &nbsp;&nbsp; 61858 | 163070  |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 3152 | 13488  |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 35446 | 106276  |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 14540 | 276309  |
| Canara Bank | &nbsp;&nbsp; 203418 | 267995  |
| Coromandel International Ltd. | &nbsp;&nbsp; 2369 | 48243  |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 5281 | 70780  |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 1329 | 11253  |
| HCL Technologies Ltd. | &nbsp;&nbsp; 5782 | 83219  |
| HDFC Bank Ltd. | &nbsp;&nbsp; 45019 | 352636  |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 845 | 45676  |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 9607 | 90848  |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 16788 | 59826  |
| ICICI Bank Ltd. | &nbsp;&nbsp; 21337 | 273908  |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 22336 | 31885  |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 32085 | 142840  |
| Infosys Ltd. | &nbsp;&nbsp; 12382 | 167006  |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1830 | 77245  |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 565 | 21005  |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 459 | 19757  |
| Lupin Ltd. | &nbsp;&nbsp; 982 | 24303  |
| Mphasis Ltd. | &nbsp;&nbsp; 1208 | 26548  |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 5540 | 186042  |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 70386 | 212053  |
| Persistent Systems Ltd. | &nbsp;&nbsp; 623 | 32707  |
| Polycab India Ltd. | &nbsp;&nbsp; 753 | 55099  |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 43088 | 174168  |
| Punjab National Bank | &nbsp;&nbsp; 71777 | 76898  |
| REC Ltd. | &nbsp;&nbsp; 37588 | 122413  |
| Reliance Industries Ltd. | &nbsp;&nbsp; 8638 | 124228  |
|  Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 110105 | 123577  |
| Shriram Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16312 | 151764  |
| Solar Industries India Ltd. | &nbsp;&nbsp; 84 | 10767  |
| State Bank of India | &nbsp;&nbsp; 21104 | 220097  |
| Tata Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4747 | 20274  |
| Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 37176 | 117770  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK EMERGING MARKETS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **India - (Continued)**  | **India - (Continued)**  | **India - (Continued)**  |
| Tata Steel Ltd. | &nbsp;&nbsp; 38728 | $79461  |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 3851 | 57204  |
| Union Bank of India Ltd. | &nbsp;&nbsp; 143819 | 252159  |
| UPL Ltd. | &nbsp;&nbsp; 11200 | 67939  |
| Vedanta Ltd. | &nbsp;&nbsp; 12543 | 88004  |
|  |  | 4658588  |
| **Indonesia - 0.5%**<br>|  |  |
| Astra International Tbk PT | &nbsp;&nbsp; 182947 | 67538  |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 577616 | 104434  |
| United Tractors Tbk PT | &nbsp;&nbsp; 51650 | 94452  |
|  |  | 266424  |
| **Ireland - 0.7%**<br>|  |  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 408720  |
| **Mexico - 3.2%**<br>|  |  |
| America Movil SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 184025 | 233997  |
| Cemex SAB de CV | &nbsp;&nbsp; 238967 | 273593  |
| Gruma SAB de CV - Class B | &nbsp;&nbsp; 2828 | 51770  |
|  Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 1126 | 16153  |
| Grupo Bimbo SAB de CV - Class A | &nbsp;&nbsp; 22664 | 75909  |
| Grupo Comercial Chedraui SAB de CV | &nbsp;&nbsp; 10657 | 62379  |
| Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp; 29499 | 326640  |
| Grupo Mexico SAB de CV - Class B | &nbsp;&nbsp; 14951 | 159920  |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 7090 | 316057  |
| Sigma Foods SAB de CV - Class A | &nbsp;&nbsp; 239784 | 239878  |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 16000 | 52170  |
|  |  | 1808466  |
| **Netherlands - 0.3%**<br>|  |  |
| JBS NV - Class A | &nbsp;&nbsp; 8944 | 160634  |
| **Peru - 0.5%**<br>|  |  |
| Credicorp Ltd. | &nbsp;&nbsp; 737 | 249976  |
| **Poland - 2.4%**<br>|  |  |
| Asseco Poland SA | &nbsp;&nbsp; 932 | 42940  |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 4727 | 280094  |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1110 | 10032  |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 378 | 109976  |
| ORLEN SA | &nbsp;&nbsp; 9162 | 331978  |
|  Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 12292 | 290755  |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 13466 | 234402  |
| Santander Bank Polska SA | &nbsp;&nbsp; 396 | 62787  |
|  |  | 1362964  |
| **Qatar - 0.7%**<br>|  |  |
| Commercial Bank PSQC | &nbsp;&nbsp; 31681 | 37119  |
| Ooredoo QPSC | &nbsp;&nbsp; 30061 | 102536  |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 9928 | 62040  |
| Qatar National Bank QPSC | &nbsp;&nbsp; 38394 | 179685  |
|  |  | 381380  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Russia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Magnit PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 1813 | $0  |
| PhosAgro PJSC - GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 33 | 0  |
| PhosAgro PJSC - GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 5197 | 0  |
| Polyus PJSC - GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 994 | 0  |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 13382 | 0  |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 120116 | 0  |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 25684 | 0  |
|  |  | 0  |
| **South Africa - 3.7%**<br>|  |  |
| Absa Group Ltd. | &nbsp;&nbsp; 10676 | 153787  |
| FirstRand Ltd. | &nbsp;&nbsp; 24575 | 125807  |
| Gold Fields Ltd. | &nbsp;&nbsp; 6221 | 285868  |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 12954 | 197896  |
| MTN Group Ltd. | &nbsp;&nbsp; 33613 | 392488  |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 64633 | 86894  |
| Sanlam Ltd. | &nbsp;&nbsp; 26208 | 137948  |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14971 | 197470  |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 13373 | 242182  |
| Vodacom Group Ltd. | &nbsp;&nbsp; 26211 | 223552  |
|  |  | 2043892  |
| **South Korea - 16.3%**<br>|  |  |
| Amorepacific Corp. | &nbsp;&nbsp; 740 | 68217  |
| APR Corp. | &nbsp;&nbsp; 111 | 25327  |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 1406 | 157703  |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 1547 | 112772  |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 1444 | 242173  |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 220 | 124671  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 548 | 127008  |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 1269 | 180237  |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 272 | 70182  |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 791 | 91088  |
| Industrial Bank of Korea | &nbsp;&nbsp; 1268 | 18316  |
| KB Financial Group, Inc. | &nbsp;&nbsp; 1993 | 195654  |
| Kia Corp. | &nbsp;&nbsp; 3196 | 315544  |
| Korea Electric Power Corp. | &nbsp;&nbsp; 4222 | 120033  |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 2296 | 320321  |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13509 | 99193  |
| LG Electronics, Inc. | &nbsp;&nbsp; 2863 | 207567  |
| LG Uplus Corp. | &nbsp;&nbsp; 42073 | 437545  |
| Meritz Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 75831  |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 3482 | 147581  |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 402 | 115177  |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 27309 | 3194099  |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 1492 | 88925  |
| SK hynix, Inc. | &nbsp;&nbsp; 3620 | 2053862  |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 6672 | 345211  |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 6727 | 147468  |
|  |  | 9081705  |
| **Taiwan - 18.7%**<br>|  |  |
| Accton Technology Corp. | &nbsp;&nbsp; 3262 | 160938  |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 707 | 46697  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK EMERGING MARKETS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Taiwan - (Continued)**  | **Taiwan - (Continued)**  | **Taiwan - (Continued)**  |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 164 | $56530  |
| Bizlink Holding, Inc. | &nbsp;&nbsp; 1575 | 90439  |
| Chroma ATE, Inc. | &nbsp;&nbsp; 2265 | 108685  |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 137287 | 223108  |
| Delta Electronics, Inc. | &nbsp;&nbsp; 12749 | 574857  |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 790 | 67424  |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 15036 | 94846  |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 29811 | 81614  |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 1344 | 37898  |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3569 | 21816  |
| Hon Precision, Inc. | &nbsp;&nbsp; 500 | 55323  |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 1105 | 114495  |
| MediaTek, Inc. | &nbsp;&nbsp; 9144 | 438593  |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 10632 | 161701  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 134295 | 7766887  |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 55603 | 124203  |
| United Microelectronics Corp. | &nbsp;&nbsp; 38292 | 68642  |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 13541 | 90493  |
|  |  | 10385189  |
| **Thailand - 0.2%**<br>|  |  |
| Advanced Info Service PCL - NVDR | &nbsp;&nbsp; 5999 | 68474  |
| &nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL - <br>NVDR | &nbsp;&nbsp; 3289 | 26713  |
| Gulf Development PCL | &nbsp;&nbsp; 0<sup>(e)</sup> | 0<sup>(e)</sup>  |
|  |  | 95187  |
| **Turkey - 0.9%**<br>|  |  |
| Akbank TAS | &nbsp;&nbsp; 93178 | 139075  |
| BIM Birlesik Magazalar AS | &nbsp;&nbsp; 8417 | 129739  |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 49383 | 118073  |
| Turkiye Is Bankasi AS - Class C | &nbsp;&nbsp; 49195 | 14589  |
| Yapi ve Kredi Bankasi AS<sup>(a)</sup> | &nbsp;&nbsp; 150873 | 113002  |
|  |  | 514478  |
| **United Arab Emirates - 1.6%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 26135 | 89230  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 30158 | 173508  |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 79036 | 160319  |
| Emaar Development PJSC | &nbsp;&nbsp; 14930 | 56516  |
| Emaar Properties PJSC | &nbsp;&nbsp; 20450 | 66921  |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 30630 | 230764  |
|  Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 4319 | 22305  |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 23679 | 112353  |
|  |  | 911916  |
| **United Kingdom - 0.5%**<br>|  |  |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 2901 | 289555  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United States - 0.3%**<br>|  |  |
| BeOne Medicines Ltd.<sup>(a)</sup> | 5247 | $117703  |
| Southern Copper Corp.<sup>(f)</sup> | 169 | 29078  |
|  |  | 146781  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $29,543,392)** |  | $50675370  |
| **INVESTMENT COMPANIES - 5.7%**<br>|  |  |
| **United States - 5.7%**<br>|  |  |
|  iShares Core MSCI Emerging Markets ETF | 26660 | 1859535  |
| iShares MSCI Saudi Arabia ETF<sup>(f)</sup> | 32551 | 1293902  |
|  |  | 3153437  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $2,983,461)** |  | 3153437  |
| **PREFERRED STOCKS - 2.9%**<br>|  |  |
| **Brazil - 1.5%**<br>|  |  |
| Banco Bradesco SA - Preference Shares | 40504 | 149979  |
|  Itau Unibanco Holding SA - Preference Shares | 53004 | 444919  |
| Itausa SA | 30194 | 81141  |
| Petroleo Brasileiro SA - Petrobras | 18430 | 172849  |
|  |  | 848888  |
| **Colombia - 0.6%**<br>|  |  |
| Grupo Cibest SA | 16835 | 309328  |
| **India - 0.0%<sup>(c)</sup>**<br>|  |  |
| TVS Motor Co. Ltd.<sup>(d)</sup> | 2608 | 0  |
| **South Korea - 0.8%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 5596 | 451729  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $865,154)** |  | 1609945  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(g)</sup> | 1305140 | 1305140  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,305,140)** |  | 1305140  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK EMERGING MARKETS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 72990 | $72990  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $72,990)** |  | 72990  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.1%**<br>**(Cost $34,770,137)** |  | $56816882  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.1)% |  | (1146084)  |
| **TOTAL NET ASSETS - 100.0%** |  | $55670798 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

LLC - Limited Liability Company

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $1,875,103 or 3.4% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2026.

<sup>(e)</sup> Rounds to zero.

<sup>(f)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $1,306,736.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK EMERGING MARKETS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

**Sector Classification as of March 31, 2026** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Information Technology | $16682046 | 30.0%  |
| Financials | 13614287 | 24.5  |
| Communication Services | 5776077 | 10.4  |
| Consumer Discretionary | 4798077 | 8.6  |
| Materials | 3723749 | 6.7  |
| Energy | 2569830 | 4.6  |
| Consumer Staples | 1711585 | 3.1  |
| Industrials | 1699756 | 3.1  |
| Health Care | 1231798 | 2.2  |
| Utilities | 354673 | 0.6  |
| Real Estate | 123437 | 0.2  |
| Investment Companies | 3153437 | 5.7  |
| Investments Purchased with Proceeds from Securities Lending | 1305140 | 2.3  |
| Money Market Funds | 72990 | 0.1  |
| Other Assets in Excess of Liabilities | (1146084) | (2.1)  |
|  | $55670798 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.4%**<br>|  |  |
| **Air Freight & Logistics - 0.7%** | **Air Freight & Logistics - 0.7%** | **Air Freight & Logistics - 0.7%** |
| C.H. Robinson Worldwide, Inc.  | 22786 | $3784071  |
|  Expeditors International of Washington, Inc.  | 5165 | 739783  |
| FedEx Corp.  | 2003 | 713429  |
|  |  | 5237283  |
| **Automobile Components - 0.4%** | **Automobile Components - 0.4%** | **Automobile Components - 0.4%** |
| Aptiv PLC<sup>(a)</sup> | 7247 | 503231  |
| BorgWarner, Inc.  | 43458 | 2358031  |
| Gentex Corp.  | 9362 | 204560  |
|  |  | 3065822  |
| **Automobiles - 0.8%** | **Automobiles - 0.8%** | **Automobiles - 0.8%** |
| Tesla, Inc.<sup>(a)</sup> | 14308 | 5318999  |
| Thor Industries, Inc.  | 4713 | 376522  |
|  |  | 5695521  |
| **Banks - 3.4%** | **Banks - 3.4%** | **Banks - 3.4%** |
| Bank of America Corp.  | 68960 | 3361800  |
| Bank OZK<sup>(b)</sup> | 5999 | 275294  |
| Citigroup, Inc.  | 19532 | 2215124  |
| East West Bancorp, Inc.  | 9998 | 1067387  |
| Fifth Third Bancorp  | 3325 | 154480  |
| First Horizon Corp.  | 6897 | 156976  |
| JPMorgan Chase & Co.  | 34407 | 10121163  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 10584 | 152092  |
| PNC Financial Services Group, Inc.  | 2346 | 488179  |
| Popular, Inc.  | 13066 | 1753065  |
| Regions Financial Corp.  | 10544 | 275409  |
| U.S. Bancorp  | 18596 | 967178  |
| Wells Fargo & Co.  | 33284 | 2649739  |
| Wintrust Financial Corp.  | 1210 | 168118  |
| Zions Bancorp NA  | 12315 | 709590  |
|  |  | 24515594  |
| **Beverages - 1.4%** | **Beverages - 1.4%** | **Beverages - 1.4%** |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 12654 | 2915482  |
| Coca-Cola Co.  | 7297 | 554937  |
| Coca-Cola Consolidated, Inc.  | 20060 | 3846304  |
| Monster Beverage Corp.<sup>(a)</sup> | 28278 | 2049024  |
| PepsiCo, Inc.  | 7181 | 1115137  |
|  |  | 10480884  |
| **Biotechnology - 3.8%** | **Biotechnology - 3.8%** | **Biotechnology - 3.8%** |
| AbbVie, Inc.  | 15248 | 3316287  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1799 | 595235  |
| Amgen, Inc.  | 1021 | 359239  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 29866 | 1201509  |
| Biogen, Inc.<sup>(a)</sup> | 6884 | 1262044  |
| Exelixis, Inc.<sup>(a)</sup> | 99413 | 4263824  |
| Gilead Sciences, Inc.  | 29753 | 4146676  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 29099 | 1880668  |
| Incyte Corp.<sup>(a)</sup> | 47619 | 4481900  |
| Natera, Inc.<sup>(a)</sup> | 2389 | 477776  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Regeneron Pharmaceuticals, Inc.  | 1055 | $815135  |
| Roivant Sciences Ltd.<sup>(a)</sup> | 23377 | 647543  |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 13367 | 253438  |
| United Therapeutics Corp.<sup>(a)</sup> | 3768 | 2234349  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2985 | 1332922  |
|  |  | 27268545  |
| **Broadline Retail - 4.2%** | **Broadline Retail - 4.2%** | **Broadline Retail - 4.2%** |
| Amazon.com, Inc.<sup>(a)</sup> | 92365 | 19236858  |
| Coupang, Inc.<sup>(a)</sup> | 10438 | 197069  |
| Dillard's, Inc. - Class A  | 5351 | 3061361  |
| eBay, Inc.  | 15459 | 1407078  |
| Etsy, Inc.<sup>(a)</sup> | 48563 | 2427179  |
| Macy's, Inc.  | 244521 | 4423385  |
|  |  | 30752930  |
| **Building Products - 0.9%** | **Building Products - 0.9%** | **Building Products - 0.9%** |
| A O Smith Corp.  | 21635 | 1426612  |
| Advanced Drainage Systems, Inc.  | 1357 | 186085  |
| Allegion PLC  | 9043 | 1313858  |
| Armstrong World Industries, Inc.  | 4120 | 678976  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 20662 | 1701102  |
| Carlisle Cos., Inc.  | 431 | 143790  |
| Masco Corp.<sup>(b)</sup> | 12248 | 739412  |
| Simpson Manufacturing Co., Inc.  | 1821 | 312520  |
| Trane Technologies PLC  | 878 | 365898  |
|  |  | 6868253  |
| **Capital Markets - 3.6%** | **Capital Markets - 3.6%** | **Capital Markets - 3.6%** |
| Affiliated Managers Group, Inc.  | 7380 | 2042046  |
| Ameriprise Financial, Inc.  | 3415 | 1517626  |
| Bank of New York Mellon Corp.  | 25098 | 2977376  |
| Cboe Global Markets, Inc.  | 3764 | 1057947  |
| Charles Schwab Corp.  | 21518 | 2022262  |
| CME Group, Inc.  | 833 | 246027  |
| Evercore, Inc. - Class A  | 3969 | 1184786  |
| Janus Henderson Group PLC  | 7753 | 398272  |
| Lazard, Inc.  | 23230 | 986810  |
| Morgan Stanley  | 22535 | 3708585  |
| Northern Trust Corp.  | 15674 | 2187620  |
| Raymond James Financial, Inc.  | 5322 | 770572  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 15246 | 1056548  |
| SEI Investments Co.  | 7598 | 596215  |
| State Street Corp.  | 18159 | 2298203  |
| Virtu Financial, Inc. - Class A  | 65058 | 2861251  |
| XP, Inc. - Class A  | 24522 | 466899  |
|  |  | 26379045  |
| **Chemicals - 0.6%** | **Chemicals - 0.6%** | **Chemicals - 0.6%** |
| CF Industries Holdings, Inc.  | 8351 | 1084294  |
| Corteva, Inc.  | 3819 | 319689  |
| NewMarket Corp.  | 3471 | 2224737  |
| Scotts Miracle-Gro Co.  | 6615 | 402258  |
|  |  | 4030978  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** |
| MSA Safety, Inc.  | 1845 | $302488  |
| Rollins, Inc.  | 24020 | 1282908  |
|  |  | 1585396  |
| **Communications Equipment - 1.4%** | **Communications Equipment - 1.4%** | **Communications Equipment - 1.4%** |
| Ciena Corp.<sup>(a)</sup> | 7544 | 2928807  |
| Cisco Systems, Inc.  | 42030 | 3261108  |
| F5, Inc.<sup>(a)</sup> | 5320 | 1539235  |
| Ubiquiti, Inc.  | 3051 | 2411175  |
|  |  | 10140325  |
| **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** |
| API Group Corp.<sup>(a)</sup> | 39408 | 1596812  |
| Comfort Systems USA, Inc.  | 1329 | 1832678  |
| EMCOR Group, Inc.  | 4852 | 3582280  |
| Valmont Industries, Inc.  | 6322 | 2526082  |
|  |  | 9537852  |
| **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** |
| American Express Co.  | 8857 | 2679066  |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | 2829 | 1197968  |
| OneMain Holdings, Inc.  | 44665 | 2389131  |
| SLM Corp.<sup>(b)</sup> | 100969 | 2161746  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 27836 | 442036  |
| Synchrony Financial  | 50265 | 3419025  |
|  |  | 12288972  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 5.5%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 5.5%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 5.5%** |
| Albertsons Cos., Inc. - Class A  | 120173 | 2047748  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc.<sup>(a)(b)</sup> | 17410 | 1713492  |
| Casey's General Stores, Inc.  | 4232 | 3080304  |
| Costco Wholesale Corp.  | 3940 | 3925934  |
| Dollar General Corp.  | 31117 | 3694521  |
| Dollar Tree, Inc.<sup>(a)</sup> | 35950 | 3936885  |
| Kroger Co.  | 54794 | 3964894  |
| Maplebear, Inc.<sup>(a)</sup> | 33964 | 1272291  |
| Performance Food Group Co.<sup>(a)</sup> | 27011 | 2313762  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 16390 | 1264161  |
| SYSCO Corp.  | 21113 | 1505990  |
| Target Corp.  | 6588 | 798466  |
| US Foods Holding Corp.<sup>(a)(b)</sup> | 40263 | 3712651  |
| Walmart, Inc.  | 55799 | 6934700  |
|  |  | 40165799  |
| **Containers & Packaging - 0.0%<sup>(c)</sup>** | **Containers & Packaging - 0.0%<sup>(c)</sup>** | **Containers & Packaging - 0.0%<sup>(c)</sup>** |
| Sealed Air Corp.  | 4401 | 185062  |
| **Distributors - 0.2%** | **Distributors - 0.2%** | **Distributors - 0.2%** |
| LKQ Corp.  | 36102 | 1060316  |
| **Diversified Consumer Services - 0.5%** | **Diversified Consumer Services - 0.5%** | **Diversified Consumer Services - 0.5%** |
| ADT, Inc.  | 95243 | 625746  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 10204 | 1734986  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| H&R Block, Inc.  | 27878 | $884848  |
|  |  | 3245580  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 0.6%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 0.6%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 0.6%** |
| AT&T, Inc.  | 63708 | 1846895  |
| GCI Liberty, Inc. - Class A<sup>(a)</sup> | 400 | 14740  |
| Verizon Communications, Inc.  | 46115 | 2314973  |
|  |  | 4176608  |
| **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** |
| Acuity, Inc.  | 7941 | 2225227  |
| GE Vernova, Inc.  | 2993 | 2612590  |
| Generac Holdings, Inc.<sup>(a)</sup> | 2261 | 441641  |
| Vertiv Holdings Co. - Class A  | 928 | 232538  |
|  |  | 5511996  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.3%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.3%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.3%** |
| Amphenol Corp. - Class A  | 5683 | 718047  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1265 | 357198  |
| Vontier Corp.  | 32797 | 1163310  |
|  |  | 2238555  |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
| NOV, Inc.  | 20639 | 388220  |
| **Entertainment - 1.3%** | **Entertainment - 1.3%** | **Entertainment - 1.3%** |
| Electronic Arts, Inc.  | 13706 | 2794242  |
| Netflix, Inc.<sup>(a)</sup> | 33156 | 3187950  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 8539 | 482966  |
| Roku, Inc.<sup>(a)</sup> | 15176 | 1435953  |
| Spotify Technology SA<sup>(a)</sup> | 341 | 165354  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 54606 | 1499481  |
|  |  | 9565946  |
| **Financial Services - 3.0%** | **Financial Services - 3.0%** | **Financial Services - 3.0%** |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 16682 | 7994014  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 5924 | 393176  |
| Mastercard, Inc. - Class A  | 7574 | 3784425  |
| MGIC Investment Corp.  | 38019 | 997999  |
| PayPal Holdings, Inc.  | 17025 | 770041  |
| Visa, Inc. - Class A  | 16006 | 4837653  |
| Voya Financial, Inc.  | 1081 | 73854  |
| Western Union Co.<sup>(b)</sup> | 295015 | 2575481  |
| WEX, Inc.<sup>(a)</sup> | 4229 | 647206  |
|  |  | 22073849  |
| **Food Products - 0.1%** | **Food Products - 0.1%** | **Food Products - 0.1%** |
| Flowers Foods, Inc.  | 129142 | 1052507  |
| **Ground Transportation - 0.5%** | **Ground Transportation - 0.5%** | **Ground Transportation - 0.5%** |
| Landstar System, Inc.  | 2099 | 336491  |
| Lyft, Inc. - Class A<sup>(a)(b)</sup> | 112746 | 1499522  |
| Ryder System, Inc.  | 2799 | 572983  |
| Uber Technologies, Inc.<sup>(a)</sup> | 12493 | 898621  |
|  |  | 3307617  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care Equipment & Supplies - 0.9%** | **Health Care Equipment & Supplies - 0.9%** | **Health Care Equipment & Supplies - 0.9%** |
| Abbott Laboratories  | 6805 | $698669  |
| Align Technology, Inc.<sup>(a)</sup> | 10217 | 1751500  |
| Boston Scientific Corp.<sup>(a)</sup> | 2061 | 129328  |
| Envista Holdings Corp.<sup>(a)</sup> | 56300 | 1428331  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 14292 | 1231399  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 378 | 212394  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 10955 | 565059  |
| ResMed, Inc.  | 3124 | 701276  |
|  |  | 6717956  |
| **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** |
| Chemed Corp.  | 3871 | 1462231  |
| CVS Health Corp.  | 22612 | 1623994  |
| Elevance Health, Inc.  | 247 | 72309  |
| HCA Healthcare, Inc.  | 2494 | 1180261  |
| Henry Schein, Inc.<sup>(a)</sup> | 23290 | 1716473  |
| Humana, Inc.  | 6631 | 1149749  |
| Labcorp Holdings, Inc.  | 275 | 73373  |
| McKesson Corp.  | 348 | 301145  |
| Quest Diagnostics, Inc.  | 2372 | 464865  |
| UnitedHealth Group, Inc.  | 6782 | 1835141  |
|  |  | 9879541  |
| **Hotels, Restaurants & Leisure - 1.1%** | **Hotels, Restaurants & Leisure - 1.1%** | **Hotels, Restaurants & Leisure - 1.1%** |
| Booking Holdings, Inc.  | 509 | 2143053  |
| Boyd Gaming Corp.<sup>(b)</sup> | 8335 | 684970  |
| Domino's Pizza, Inc.  | 1705 | 611737  |
| Expedia Group, Inc.  | 9967 | 2301281  |
| Travel + Leisure Co.  | 19847 | 1373214  |
| Yum! Brands, Inc.  | 3392 | 527388  |
|  |  | 7641643  |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
| NVR, Inc.<sup>(a)</sup> | 67 | 441518  |
| SharkNinja, Inc.<sup>(a)(b)</sup> | 15029 | 1591571  |
| TopBuild Corp.<sup>(a)</sup> | 1036 | 363947  |
|  |  | 2397036  |
| **Household Products - 0.2%** | **Household Products - 0.2%** | **Household Products - 0.2%** |
| Colgate-Palmolive Co.  | 5732 | 488538  |
| Procter & Gamble Co.  | 7351 | 1061779  |
|  |  | 1550317  |
| **Insurance - 4.8%** | **Insurance - 4.8%** | **Insurance - 4.8%** |
| Allstate Corp.  | 18891 | 3916860  |
| American Financial Group, Inc.  | 8173 | 1043774  |
| Aon PLC - Class A  | 1999 | 645237  |
| Arch Capital Group, Ltd.<sup>(a)</sup> | 15429 | 1481030  |
| Axis Capital Holdings Ltd.  | 22837 | 2315900  |
| Chubb, Ltd.  | 4555 | 1484611  |
| Cincinnati Financial Corp.  | 3966 | 624050  |
| Globe Life, Inc.  | 17201 | 2393863  |
| Hanover Insurance Group, Inc.  | 12851 | 2227721  |
| Hartford Insurance Group, Inc.  | 22681 | 3067152  |
| Kinsale Capital Group, Inc.  | 211 | 72090  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Lincoln National Corp.  | &nbsp;&nbsp; 38101 | $1352585  |
| Marsh & McLennan Cos., Inc.  | &nbsp;&nbsp; 576 | 99907  |
| Old Republic International Corp.  | &nbsp;&nbsp; 44688 | 1783051  |
| Primerica, Inc.  | &nbsp;&nbsp; 4670 | 1169742  |
| Progressive Corp.  | &nbsp;&nbsp; 15050 | 2983512  |
| RenaissanceRe Holdings Ltd.  | &nbsp;&nbsp; 9159 | 2722330  |
| Travelers Cos., Inc.  | &nbsp;&nbsp; 9608 | 2802461  |
| W R Berkley Corp.  | &nbsp;&nbsp; 31654 | 2098027  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance <br>Group Ltd.  | &nbsp;&nbsp; 223 | 489922  |
| Willis Towers Watson PLC  | &nbsp;&nbsp; 945 | 274712  |
|  |  | 35048537  |
| **Interactive Media & Services - 6.7%** | **Interactive Media & Services - 6.7%** | **Interactive Media & Services - 6.7%** |
| Alphabet, Inc. - Class A  | &nbsp;&nbsp; 61942 | 17812042  |
| Alphabet, Inc. - Class C  | &nbsp;&nbsp; 50382 | 14452580  |
| Match Group, Inc.  | &nbsp;&nbsp; 74293 | 2281538  |
| Meta Platforms, Inc. - Class A  | &nbsp;&nbsp; 22179 | 12689271  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 55997 | 1026985  |
| Reddit, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 2066 | 278187  |
|  |  | 48540603  |
| **IT Services - 0.7%** | **IT Services - 0.7%** | **IT Services - 0.7%** |
| Accenture PLC - Class A  | &nbsp;&nbsp; 2985 | 591896  |
|  Cognizant Technology Solutions Corp. - Class A  | &nbsp;&nbsp; 7126 | 437180  |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 278678  |
| &nbsp;&nbsp;&nbsp; International Business Machines <br>Corp.  | &nbsp;&nbsp; 3544 | 859030  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37776 | 495621  |
| Twilio, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 1517 | 190869  |
| VeriSign, Inc.  | &nbsp;&nbsp; 8866 | 2201960  |
|  |  | 5055234  |
| **Leisure Products - 0.9%** | **Leisure Products - 0.9%** | **Leisure Products - 0.9%** |
| Brunswick Corp.  | &nbsp;&nbsp; 4378 | 318543  |
| Hasbro, Inc.  | &nbsp;&nbsp; 17606 | 1647921  |
| Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 122724 | 1783180  |
| YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 73991 | 2707331  |
|  |  | 6456975  |
| **Life Sciences Tools & Services - 0.2%** | **Life Sciences Tools & Services - 0.2%** | **Life Sciences Tools & Services - 0.2%** |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9771 | 1204373  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 198 | 249718  |
|  |  | 1454091  |
| **Machinery - 1.4%** | **Machinery - 1.4%** | **Machinery - 1.4%** |
| AGCO Corp.  | &nbsp;&nbsp; 6102 | 707039  |
| Caterpillar, Inc.  | &nbsp;&nbsp; 1728 | 1224219  |
| Cummins, Inc.  | &nbsp;&nbsp; 675 | 363163  |
| Donaldson Co., Inc.  | &nbsp;&nbsp; 16809 | 1426580  |
| Flowserve Corp.  | &nbsp;&nbsp; 2543 | 186936  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp; 6611 | 149475  |
| Lincoln Electric Holdings, Inc.  | &nbsp;&nbsp; 3507 | 873523  |
| Mueller Industries, Inc.  | &nbsp;&nbsp; 15662 | 1735350  |
| Oshkosh Corp.  | &nbsp;&nbsp; 1979 | 291329  |
| Otis Worldwide Corp.  | &nbsp;&nbsp; 9219 | 710600  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Machinery - (Continued)**  | **Machinery - (Continued)**  | **Machinery - (Continued)**  |
| Snap-on, Inc.  | 595 | $216116  |
| Toro Co.  | 22980 | 2147251  |
|  |  | 10031581  |
| **Media - 0.9%** | **Media - 0.9%** | **Media - 0.9%** |
| Fox Corp. - Class A  | 22236 | 1298582  |
| Fox Corp. - Class B  | 23008 | 1221725  |
| New York Times Co. - Class A  | 36792 | 3080594  |
| Nexstar Media Group, Inc.  | 4556 | 823862  |
| Versant Media Group, Inc.  | 7949 | 294272  |
|  |  | 6719035  |
| **Metals & Mining - 0.5%** | **Metals & Mining - 0.5%** | **Metals & Mining - 0.5%** |
| Newmont Corp.  | 19078 | 2065194  |
| Reliance, Inc.  | 6199 | 1884000  |
|  |  | 3949194  |
| **Oil, Gas & Consumable Fuels - 1.6%** | **Oil, Gas & Consumable Fuels - 1.6%** | **Oil, Gas & Consumable Fuels - 1.6%** |
| APA Corp.<sup>(b)</sup> | 114694 | 4867613  |
| Devon Energy Corp.  | 26388 | 1327844  |
| EOG Resources, Inc.  | 11731 | 1695951  |
| Exxon Mobil Corp.  | 21570 | 3659566  |
| Marathon Petroleum Corp.  | 309 | 75452  |
| Valero Energy Corp.  | 612 | 151213  |
|  |  | 11777639  |
| **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 11752 | 1082007  |
| **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** |
| BellRing Brands, Inc.<sup>(a)</sup> | 5949 | 95720  |
| elf Beauty, Inc.<sup>(a)</sup> | 12461 | 755261  |
| Estee Lauder Cos., Inc. - Class A  | 10460 | 750714  |
|  |  | 1601695  |
| **Pharmaceuticals - 3.2%** | **Pharmaceuticals - 3.2%** | **Pharmaceuticals - 3.2%** |
| Bristol-Myers Squibb Co.  | 47578 | 2885606  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 7916 | 319094  |
| Eli Lilly & Co.  | 6719 | 6179934  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 17563 | 3320285  |
| Johnson & Johnson  | 26209 | 6406528  |
| Merck & Co., Inc.  | 24746 | 2976696  |
| Organon & Co.  | 67122 | 402061  |
| Viatris, Inc.  | 75825 | 1024396  |
|  |  | 23514600  |
| **Professional Services - 0.7%** | **Professional Services - 0.7%** | **Professional Services - 0.7%** |
| Booz Allen Hamilton Holding Corp.  | 1879 | 146618  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 3423 | 1861667  |
| Concentrix Corp.<sup>(b)</sup> | 33759 | 923646  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 13192 | 401696  |
| Genpact, Ltd.  | 27154 | 1011487  |
| Leidos Holdings, Inc.  | 3459 | 537944  |
| Parsons Corp.<sup>(a)</sup> | 8333 | 451399  |
|  |  | 5334457  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 10.9%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 10.9%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 10.9%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1490 | $303111  |
| Applied Materials, Inc.  | 8510 | 2908633  |
| Broadcom, Inc.  | 42642 | 13198125  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 23347 | 3376443  |
| KLA Corp.  | 2146 | 3159792  |
| Lam Research Corp.  | 18853 | 4028132  |
| Micron Technology, Inc.  | 9076 | 3066236  |
| NVIDIA Corp.  | 256465 | 44727496  |
| Qorvo, Inc.<sup>(a)</sup> | 15854 | 1227100  |
| QUALCOMM, Inc.  | 16966 | 2184881  |
| Teradyne, Inc.  | 2900 | 859734  |
|  |  | 79039683  |
| **Software - 6.6%** | **Software - 6.6%** | **Software - 6.6%** |
| Adobe, Inc.<sup>(a)</sup> | 5932 | 1441950  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 1525 | 240675  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 5424 | 2158752  |
| Autodesk, Inc.<sup>(a)</sup> | 476 | 113954  |
| Docusign, Inc.<sup>(a)</sup> | 24591 | 1165859  |
| Dropbox, Inc. - Class A<sup>(a)(b)</sup> | 107237 | 2436425  |
| Fortinet, Inc.<sup>(a)</sup> | 6999 | 571958  |
| Intuit, Inc.  | 202 | 87341  |
| Microsoft Corp.  | 73798 | 27317806  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 19268 | 732377  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - <br>Class A<sup>(a)</sup> | 29496 | 4314675  |
| Pegasystems, Inc.  | 39326 | 1673714  |
| RingCentral, Inc. - Class A  | 67767 | 2520255  |
| Salesforce, Inc.  | 3010 | 561877  |
| Teradata Corp.<sup>(a)</sup> | 76460 | 1959670  |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - <br>Class A<sup>(a)</sup> | 11059 | 889033  |
|  |  | 48186321  |
| **Specialty Retail - 4.0%** | **Specialty Retail - 4.0%** | **Specialty Retail - 4.0%** |
| AutoZone, Inc.<sup>(a)</sup> | 526 | 1776712  |
| Bath & Body Works, Inc.  | 71079 | 1327045  |
| Best Buy Co., Inc.<sup>(b)</sup> | 22948 | 1473262  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 31515 | 850905  |
| Five Below, Inc.<sup>(a)</sup> | 8236 | 1881761  |
| Gap, Inc.  | 161883 | 3917569  |
| Home Depot, Inc.  | 5900 | 1940451  |
| Lowe's Cos., Inc.  | 7878 | 1861414  |
| Murphy USA, Inc.  | 2852 | 1408802  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 15010 | 1385573  |
| Penske Automotive Group, Inc.  | 1075 | 160734  |
| Ross Stores, Inc.  | 4518 | 978734  |
| TJX Cos., Inc.  | 17746 | 2834036  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 5567 | 2909927  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | 32900 | 2474409  |
| Williams Sonoma, Inc.  | 9820 | 1790481  |
|  |  | 28971815  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 5.8%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 5.8%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 5.8%** |
| Apple, Inc.  | 154319 | $39164619  |
| Dell Technologies, Inc. - Class C  | 661 | 108490  |
| Everpure, Inc. - Class A<sup>(a)</sup> | 9544 | 563478  |
| NetApp, Inc.  | 9589 | 981818  |
| Sandisk Corp.<sup>(a)</sup> | 507 | 322117  |
| Western Digital Corp.  | 4785 | 1294294  |
|  |  | 42434816  |
| **Textiles, Apparel & Luxury Goods - 2.2%** | **Textiles, Apparel & Luxury Goods - 2.2%** | **Textiles, Apparel & Luxury Goods - 2.2%** |
| Columbia Sportswear Co.  | 21371 | 1171344  |
| Crocs, Inc.<sup>(a)(b)</sup> | 27740 | 2302975  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 11190 | 1120007  |
| lululemon athletica, Inc.<sup>(a)</sup> | 5470 | 837457  |
| On Holding AG - Class A<sup>(a)</sup> | 10578 | 359863  |
| PVH Corp.  | 27692 | 1931794  |
| Ralph Lauren Corp.  | 8509 | 2927011  |
| Tapestry, Inc.  | 29657 | 4184899  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 24573 | 142278  |
| VF Corp.  | 37038 | 629276  |
|  |  | 15606904  |
| **Tobacco - 0.6%** | **Tobacco - 0.6%** | **Tobacco - 0.6%** |
| Altria Group, Inc.  | 28299 | 1867451  |
| Philip Morris International, Inc.  | 15892 | 2627583  |
|  |  | 4495034  |
| **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** |
| Applied Industrial Technologies, Inc. | 4446 | 1179613  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 35882 | 1772571  |
| Fastenal Co.  | 23866 | 1107382  |
| Ferguson Enterprises, Inc.  | 10043 | 2342630  |
|  MSC Industrial Direct Co., Inc. - Class A  | 17838 | 1645912  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 12413 | 1652295  |
| W.W. Grainger, Inc.  | 989 | 1078811  |
| WESCO International, Inc.  | 3635 | 994609  |
|  |  | 11773823  |
| **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** |
| Millicom International Cellular SA  | 43275 | 3243029  |
| T-Mobile USA, Inc.  | 2904 | 609927  |
|  |  | 3852956  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $436,078,948)** |  | 693932948  |
| **INVESTMENT COMPANIES - 3.7%**<br>|  |  |
| Vanguard S&P 500 ETF  | 44865 | 26809081  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $26,006,650)** |  | 26809081  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - 0.3%**<br>|  |  |
| **Real Estate Investment Trusts - 0.3%** | **Real Estate Investment Trusts - 0.3%** | **Real Estate Investment Trusts - 0.3%** |
| AGNC Investment Corp.  | 80455 | $806964  |
| Annaly Capital Management, Inc.  | 50409 | 1066150  |
| Rithm Capital Corp.  | 34657 | 328548  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $2,204,561)** |  | 2201662  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.3%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.3%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.3%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(d)</sup> | 16770568 | 16770568  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $16,770,568)** |  | 16770568  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(d)</sup> | 4532840 | 4532840  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,532,840)** |  | 4532840  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $485,593,567)** |  | $744247099  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.3)%  |  | (17074312)  |
| **TOTAL NET ASSETS - 100.0%** |  | $727172787 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $16,741,931.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.2%**  | **COMMON STOCKS - 93.2%**  | **COMMON STOCKS - 93.2%**  |
| **Aerospace & Defense - 2.5%**  | **Aerospace & Defense - 2.5%**  | **Aerospace & Defense - 2.5%**  |
| AAR Corp.<sup>(a)</sup> | 176 | $19265  |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 47 | 8603  |
| Astronics Corp.<sup>(a)</sup> | 1268 | 84614  |
| ATI, Inc.<sup>(a)</sup> | 1500 | 218190  |
| BWX Technologies, Inc.  | 845 | 172794  |
| Carpenter Technology Corp.  | 626 | 246738  |
| Curtiss-Wright Corp.  | 527 | 358950  |
| Ducommun, Inc.<sup>(a)</sup> | 294 | 35868  |
| FTAI Aviation Ltd.  | 1318 | 322910  |
| Huntington Ingalls Industries, Inc.  | 443 | 168296  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 256 | 20493  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 1252 | 88279  |
| Moog, Inc. - Class A  | 211 | 61747  |
| Rocket Lab Corp.<sup>(a)</sup> | 3306 | 212311  |
| Textron, Inc.  | 1789 | 156645  |
| Woodward Governor Co.  | 622 | 222626  |
|  |  | 2398329  |
| **Air Freight & Logistics - 0.5%**  | **Air Freight & Logistics - 0.5%**  | **Air Freight & Logistics - 0.5%**  |
| C.H. Robinson Worldwide, Inc.  | 1763 | 292781  |
| GXO Logistics, Inc.<sup>(a)</sup> | 906 | 46976  |
| Radiant Logistics, Inc.<sup>(a)</sup> | 13978 | 98545  |
|  |  | 438302  |
| **Automobile Components - 1.1%**  | **Automobile Components - 1.1%**  | **Automobile Components - 1.1%**  |
| Adient PLC<sup>(a)</sup> | 938 | 18957  |
| BorgWarner, Inc.  | 3834 | 208033  |
| Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 573 | 15969  |
| Dana, Inc.  | 583 | 19618  |
| Dorman Products, Inc.<sup>(a)</sup> | 419 | 43727  |
| Garrett Motion, Inc.  | 5717 | 103878  |
| Gentex Corp.  | 760 | 16606  |
| LCI Industries  | 746 | 91743  |
| Lear Corp.  | 485 | 58724  |
| Motorcar Parts of America, Inc.<sup>(a)</sup> | 2086 | 23071  |
| Patrick Industries, Inc.  | 938 | 104184  |
| Phinia, Inc.  | 994 | 68029  |
| Solid Power, Inc.<sup>(a)</sup> | 12953 | 38859  |
| Standard Motor Products, Inc.  | 538 | 18690  |
| Strattec Security Corp.<sup>(a)</sup> | 1061 | 83119  |
| Visteon Corp.  | 327 | 29793  |
| XPEL, Inc.<sup>(a)</sup> | 1715 | 75906  |
|  |  | 1018906  |
| **Automobiles - 0.2%**  | **Automobiles - 0.2%**  | **Automobiles - 0.2%**  |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 8038 | 120972  |
| Thor Industries, Inc.  | 828 | 66149  |
|  |  | 187121  |
| **Banks - 8.1%**  | **Banks - 8.1%**  | **Banks - 8.1%**  |
| 1st Source Corp.  | 317 | 21940  |
| Amalgamated Financial Corp.  | 887 | 34478  |
| Ameris Bancorp  | 1321 | 103025  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ames National Corp.  | 1178 | $33243  |
| Associated Banc-Corp.  | 1748 | 45203  |
| Axos Financial, Inc.<sup>(a)</sup> | 1593 | 135548  |
| Banc of California, Inc.  | 1922 | 33789  |
| BancFirst Corp.  | 159 | 17251  |
| Bancorp, Inc.<sup>(a)</sup> | 1876 | 100797  |
| Bank First Corp.  | 171 | 23095  |
| Bank of Hawaii Corp.  | 564 | 41877  |
| Bank of NT Butterfield & Son Ltd.  | 2475 | 129888  |
| Bank OZK<sup>(b)</sup> | 2458 | 112798  |
| Bank7 Corp.  | 1049 | 41834  |
| BankUnited, Inc.  | 1807 | 81604  |
| Bankwell Financial Group, Inc.  | 1132 | 54925  |
| BOK Financial Corp.  | 321 | 41107  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 2501 | 44268  |
|  Burke & Herbert Financial Services Corp.  | 198 | 12333  |
| Business First Bancshares, Inc.  | 784 | 21199  |
| C&F Financial Corp.  | 460 | 33552  |
| California BanCorp  | 1000 | 17720  |
| Capital Bancorp, Inc.  | 1212 | 36045  |
| Capital City Bank Group, Inc.  | 630 | 27380  |
| Cathay General Bancorp<sup>(b)</sup> | 1534 | 76485  |
| Central Pacific Financial Corp.  | 1395 | 44584  |
| CF Bankshares, Inc.  | 1145 | 31957  |
| Citizens Community Bancorp, Inc.  | 528 | 10454  |
| Citizens Financial Services, Inc.  | 300 | 18345  |
| City Holding Co.  | 172 | 20557  |
| Civista Bancshares, Inc.  | 1842 | 41979  |
| Columbia Banking System, Inc.  | 3489 | 95703  |
| Commerce Bancshares, Inc.  | 1227 | 60368  |
| Community Trust Bancorp, Inc.  | 422 | 25624  |
| Community West Bancshares  | 850 | 19805  |
| Cullen Frost Bankers, Inc.  | 1032 | 141467  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 1261 | 87526  |
| East West Bancorp, Inc.  | 2696 | 287825  |
| ECB Bancorp, Inc.<sup>(a)</sup> | 696 | 11644  |
| Enterprise Financial Services Corp.  | 778 | 42098  |
| Esquire Financial Holdings, Inc.  | 600 | 64500  |
| Financial Institutions, Inc.  | 752 | 23846  |
| First BanCorp  | 4691 | 100200  |
| First Bancorp, Inc.  | 696 | 19509  |
| First Bank  | 1773 | 28368  |
| First Business Financial Services, Inc.  | 1148 | 61912  |
| First Capital, Inc.  | 666 | 33054  |
| First Community Corp.  | 1311 | 38320  |
| First Financial Bancorp  | 1133 | 31588  |
| First Financial Corp.  | 1249 | 78937  |
| First Hawaiian, Inc.  | 1295 | 31909  |
| First Horizon Corp.  | 9096 | 207025  |
|  First Interstate BancSystem, Inc. - Class A  | 970 | 32398  |
| First Merchants Corp.  | 1456 | 56391  |
| First United Corp.  | 1151 | 42173  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Five Star Bancorp  | 1009 | $38059  |
| FNB Corp.  | 5798 | 96943  |
| Franklin Financial Services Corp.  | 997 | 50927  |
| FS Bancorp, Inc.  | 354 | 13661  |
| Fulton Financial Corp.  | 3394 | 69034  |
| Hancock Whitney Corp.  | 1961 | 124700  |
| Hanmi Financial Corp.  | 2531 | 66717  |
| Hawthorn Bancshares, Inc.  | 1217 | 41001  |
| HBT Financial, Inc.  | 1136 | 30354  |
| Home Bancorp, Inc.  | 895 | 54219  |
| Home BancShares, Inc.  | 1760 | 47397  |
| HomeTrust Bancshares, Inc.  | 965 | 41157  |
| Independent Bank Corp.  | 1207 | 40193  |
| Independent Bank Corp.  | 228 | 17148  |
| International Bancshares Corp.  | 1140 | 76711  |
| Investar Holding Corp.  | 1211 | 33024  |
| Landmark Bancorp, Inc.  | 968 | 24006  |
| Mechanics Bancorp - Class A  | 1336 | 19706  |
| Mercantile Bank Corp.  | 1080 | 54540  |
| Meridian Corp.  | 2958 | 56084  |
| Metropolitan Bank Holding Corp.  | 906 | 75461  |
| MVB Financial Corp.  | 1074 | 26667  |
| NB Bancorp, Inc.  | 551 | 11610  |
| Nicolet Bankshares, Inc.  | 311 | 46221  |
| Northeast Bank  | 543 | 61017  |
| Northeast Community Bancorp, Inc.  | 912 | 21706  |
| Northrim BanCorp, Inc.  | 3716 | 85022  |
| Oak Valley Bancorp  | 1214 | 39370  |
| OFG Bancorp  | 1507 | 60973  |
| Ohio Valley Banc Corp.  | 641 | 28114  |
| Old National Bancorp<sup>(b)</sup> | 3817 | 84356  |
| Old Second Bancorp, Inc.  | 1551 | 31268  |
| OP Bancorp  | 2122 | 28223  |
| Orange County Bancorp, Inc.  | 609 | 19476  |
| Orrstown Financial Services, Inc.  | 564 | 20349  |
| Parke Bancorp, Inc.  | 2063 | 58589  |
| Pathward Financial, Inc.  | 1145 | 102168  |
| PCB Bancorp  | 1646 | 37019  |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, <br>Inc.  | 1069 | 41862  |
| Peoples Bancorp, Inc.  | 563 | 18506  |
| Pinnacle Financial Partners, Inc.  | 2166 | 186579  |
| Plumas Bancorp  | 431 | 21041  |
| Ponce Financial Group, Inc.<sup>(a)</sup> | 1599 | 26719  |
| Popular, Inc.  | 1589 | 213196  |
| Preferred Bank  | 865 | 78447  |
| Primis Financial Corp.  | 2224 | 29535  |
| Prosperity Bancshares, Inc.  | 353 | 23715  |
| Provident Financial Services, Inc.  | 2982 | 63099  |
| QCR Holdings, Inc.  | 345 | 29480  |
| Red River Bancshares, Inc.  | 724 | 65479  |
| Republic Bancorp, Inc. - Class A  | 279 | 19683  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Rhinebeck Bancorp, Inc.<sup>(a)</sup> | 831 | $12814  |
| S&T Bancorp, Inc.  | 253 | 10583  |
| SB Financial Group, Inc.  | 586 | 12306  |
| ServisFirst Bancshares, Inc.  | 497 | 36196  |
| Shore Bancshares, Inc.  | 3152 | 58879  |
| Sierra Bancorp  | 1036 | 35141  |
| SmartFinancial, Inc.  | 574 | 22432  |
| South Plains Financial, Inc.  | 1202 | 50364  |
| Southern First Bancshares, Inc.<sup>(a)</sup> | 367 | 20001  |
| Southern Missouri Bancorp, Inc.  | 255 | 16305  |
| Southstate Bank Corp.  | 717 | 66337  |
| SR Bancorp, Inc.  | 2338 | 39465  |
| Stellar Bancorp, Inc.  | 1280 | 46861  |
| Stock Yards Bancorp, Inc.  | 157 | 10407  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 617 | 58541  |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 1672 | 63252  |
| Timberland Bancorp, Inc.  | 610 | 24052  |
| Tompkins Financial Corp.  | 630 | 49669  |
| TrustCo Bank Corp. NY  | 449 | 19657  |
| Trustmark Corp.  | 1207 | 50863  |
| UMB Financial Corp.  | 958 | 108053  |
| United Bankshares, Inc.  | 868 | 35953  |
| United Community Banks, Inc.  | 1000 | 31490  |
| Unity Bancorp, Inc.  | 1067 | 55303  |
| Univest Financial Corp.  | 1503 | 51493  |
| Valley National Bancorp  | 8824 | 108359  |
| Virginia National Bankshares Corp.  | 307 | 11727  |
| WaFd, Inc.  | 592 | 18589  |
| Webster Financial Corp.  | 2767 | 192085  |
| West BanCorp, Inc.  | 972 | 23124  |
| Westamerica BanCorp  | 197 | 10274  |
| Western Alliance Bancorp  | 2312 | 163805  |
| Wintrust Financial Corp.  | 1373 | 190765  |
| WSFS Financial Corp.<sup>(b)</sup> | 807 | 52826  |
| Zions Bancorp NA  | 3331 | 191932  |
|  |  | 7711884  |
| **Beverages - 0.4%**  | **Beverages - 0.4%**  | **Beverages - 0.4%**  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 279 | 64282  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 1442 | 51162  |
| Coca-Cola Consolidated, Inc.  | 1325 | 254055  |
| National Beverage Corp.<sup>(a)</sup> | 385 | 12955  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 549 | 26303  |
|  |  | 408757  |
| **Biotechnology - 4.3%**  | **Biotechnology - 4.3%**  | **Biotechnology - 4.3%**  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 5454 | 121406  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 3535 | 31850  |
| Aduro Biotech, Inc.<sup>(a)(c)</sup> | 1181 | 0  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 51293 | 71297  |
| Alkermes PLC<sup>(a)</sup> | 5794 | 204876  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 3517 | 50856  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 1898 | 76357  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 4091 | 96384  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 880 | 55176  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 6725 | $64022  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 1160 | 86142  |
| CareDx, Inc.<sup>(a)</sup> | 5990 | 103986  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 6138 | 151977  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 10393 | 86262  |
| Exelixis, Inc.<sup>(a)</sup> | 7447 | 319402  |
| Fennec Pharmaceuticals, Inc.<sup>(a)</sup> | 9445 | 58087  |
| Gyre Therapeutics, Inc.<sup>(a)(b)</sup> | 6213 | 43305  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 2180 | 140893  |
| Insmed, Inc.<sup>(a)</sup> | 1673 | 273569  |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 385 | 28910  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 19255 | 67585  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 251 | 64838  |
| MiMedx Group, Inc.<sup>(a)</sup> | 11167 | 44110  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 1252 | 115660  |
| Myriad Genetics, Inc.<sup>(a)</sup> | 4803 | 21613  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 767 | 101045  |
| Organogenesis Holdings, Inc.<sup>(a)</sup> | 25930 | 61454  |
| Protalix BioTherapeutics, Inc.<sup>(a)</sup> | 33278 | 72213  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 2979 | 202959  |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 42929 | 274316  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 516 | 50181  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 774 | 67315  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 4252 | 114974  |
| Roivant Sciences Ltd.<sup>(a)</sup> | 675 | 18697  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 922 | 20063  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 2532 | 84113  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 3249 | 96528  |
| TriSalus Life Sciences, Inc.<sup>(a)</sup> | 2670 | 10680  |
| Twist Bioscience Corp.<sup>(a)</sup> | 404 | 19198  |
| United Therapeutics Corp.<sup>(a)</sup> | 761 | 451258  |
| UroGen Pharma Ltd.<sup>(a)</sup> | 2525 | 45399  |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 2857 | 19742  |
| Vericel Corp.<sup>(a)</sup> | 536 | 17243  |
|  |  | 4105941  |
| **Broadline Retail - 0.6%**  | **Broadline Retail - 0.6%**  | **Broadline Retail - 0.6%**  |
| Dillard's, Inc. - Class A  | 235 | 134446  |
| Etsy, Inc.<sup>(a)</sup> | 1967 | 98311  |
| Groupon, Inc.<sup>(a)</sup> | 2117 | 25192  |
| Kohl's Corp.  | 6419 | 82805  |
| Macy's, Inc.  | 9629 | 174189  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc.<sup>(a)</sup> | 485 | 44639  |
| Savers Value Village, Inc.<sup>(a)</sup> | 7416 | 55175  |
|  |  | 614757  |
| **Building Products - 1.6%**  | **Building Products - 1.6%**  | **Building Products - 1.6%**  |
| A O Smith Corp.  | 1634 | 107746  |
| AAON, Inc.  | 313 | 25901  |
| Advanced Drainage Systems, Inc.  | 820 | 112447  |
| Allegion PLC  | 1246 | 181031  |
| Apogee Enterprises, Inc.  | 556 | 18648  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Armstrong World Industries, Inc.  | 694 | $114371  |
| AZZ, Inc.  | 691 | 86465  |
| Fortune Brands Innovations, Inc.  | 1038 | 40451  |
| Griffon Corp.  | 1589 | 115488  |
| Janus International Group, Inc.<sup>(a)</sup> | 3673 | 18916  |
| Modine Manufacturing Co.<sup>(a)</sup> | 966 | 209342  |
| Owens Corning, Inc.<sup>(b)</sup> | 998 | 108004  |
| Quanex Building Products Corp.  | 1082 | 19443  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 3162 | 106591  |
| Simpson Manufacturing Co., Inc.  | 476 | 81691  |
| Trex Co., Inc.<sup>(a)(b)</sup> | 280 | 10198  |
| UFP Industries, Inc.  | 632 | 58220  |
| Zurn Elkay Water Solutions Corp.  | 1794 | 80443  |
|  |  | 1495396  |
| **Capital Markets - 3.0%**  | **Capital Markets - 3.0%**  | **Capital Markets - 3.0%**  |
| Acadian Asset Management, Inc.  | 1988 | 108187  |
| Affiliated Managers Group, Inc.  | 818 | 226341  |
|  Artisan Partners Asset Management, Inc. - Class A  | 1825 | 66412  |
| BGC Group, Inc. - Class A  | 2750 | 26895  |
| Carlyle Group, Inc.  | 3430 | 165978  |
| Diamond Hill Investment Group, Inc.  | 188 | 32355  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 341 | 16075  |
| Evercore, Inc. - Class A  | 790 | 235823  |
| FactSet Research Systems, Inc.  | 339 | 73560  |
| Franklin Resources, Inc.  | 1735 | 40981  |
| Hamilton Lane, Inc. - Class A  | 402 | 39959  |
| Houlihan Lokey, Inc.  | 767 | 110156  |
| Invesco Ltd.  | 5085 | 123515  |
| Janus Henderson Group PLC  | 2752 | 141370  |
| Jefferies Financial Group, Inc.  | 1695 | 69953  |
| Lazard, Inc.  | 1935 | 82199  |
| Marex Group PLC  | 2876 | 128212  |
| MarketAxess Holdings, Inc.  | 176 | 29036  |
| Moelis & Co. - Class A  | 861 | 49077  |
| Patria Investments Ltd. - Class A  | 1266 | 15951  |
| Piper Sandler Cos.  | 1128 | 86348  |
| PJT Partners, Inc. - Class A<sup>(b)</sup> | 561 | 78383  |
| SEI Investments Co.  | 1638 | 128534  |
| Siebert Financial Corp.<sup>(a)</sup> | 5740 | 11021  |
| Stifel Financial Corp.  | 2794 | 206495  |
| StoneX Group, Inc.<sup>(a)</sup> | 2903 | 234087  |
|  Victory Capital Holdings, Inc. - Class A<sup>(b)</sup> | 700 | 45836  |
| Virtu Financial, Inc. - Class A  | 3087 | 135766  |
| Virtus Investment Partners, Inc.  | 161 | 21630  |
| WisdomTree, Inc.  | 4896 | 71286  |
| XP, Inc. - Class A  | 5588 | 106395  |
|  |  | 2907816  |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| Albemarle Corp.  | 496 | 89047  |
| Ascent Industries Co.<sup>(a)</sup> | 1538 | 20471  |
| Axalta Coating Systems, Ltd.<sup>(a)</sup> | 902 | 24985  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Chemicals - (Continued)**  | **Chemicals - (Continued)**  | **Chemicals - (Continued)**  |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 1912 | $42829  |
| Element Solutions, Inc.  | 1171 | 39978  |
| Hawkins, Inc.  | 388 | 59597  |
| Ingevity Corp.<sup>(a)</sup> | 985 | 70161  |
| Mativ Holdings, Inc.  | 4768 | 41482  |
| Mosaic Co.  | 1877 | 47863  |
| NewMarket Corp.  | 140 | 89733  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1160 | 28327  |
| RPM International, Inc.  | 1515 | 150591  |
| Scotts Miracle-Gro Co.  | 467 | 28398  |
| Sensient Technologies Corp.  | 165 | 14263  |
|  |  | 747725  |
| **Commercial Services & Supplies - 1.0%**  | **Commercial Services & Supplies - 1.0%**  | **Commercial Services & Supplies - 1.0%**  |
| Brink's Co.  | 317 | 32851  |
| Cimpress PLC<sup>(a)</sup> | 1468 | 107164  |
| Clean Harbors, Inc.<sup>(a)</sup> | 475 | 136197  |
| Deluxe Corp.  | 4126 | 113630  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 3316 | 61512  |
| HNI Corp.  | 1782 | 59501  |
| Interface, Inc.  | 4242 | 105711  |
| Liquidity Services, Inc.<sup>(a)</sup> | 677 | 20696  |
| MillerKnoll, Inc.  | 2597 | 37553  |
| &nbsp;&nbsp;&nbsp; Montrose Environmental Group, <br>Inc.<sup>(a)</sup> | 2056 | 45006  |
| MSA Safety, Inc.  | 374 | 61317  |
| OPENLANE, Inc.<sup>(a)</sup> | 614 | 17898  |
| Pitney Bowes, Inc.  | 6604 | 72974  |
| Quad/Graphics, Inc.  | 12253 | 80992  |
| Tetra Tech, Inc.<sup>(b)</sup> | 602 | 18132  |
| UniFirst Corp.  | 119 | 29939  |
|  |  | 1001073  |
| **Communications Equipment - 2.6%**  | **Communications Equipment - 2.6%**  | **Communications Equipment - 2.6%**  |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 9433 | 118667  |
| Aviat Networks, Inc.<sup>(a)</sup> | 565 | 12775  |
| BK Technologies Corp.<sup>(a)</sup> | 1321 | 98586  |
| Calix, Inc.<sup>(a)</sup> | 2172 | 106406  |
| Ciena Corp.<sup>(a)</sup> | 2139 | 830424  |
| Digi International, Inc.<sup>(a)</sup> | 1572 | 75770  |
| Extreme Networks, Inc.<sup>(a)</sup> | 5413 | 81628  |
| F5, Inc.<sup>(a)</sup> | 896 | 259240  |
| Harmonic, Inc.<sup>(a)</sup> | 2666 | 23941  |
| Inseego Corp.<sup>(a)</sup> | 3108 | 34561  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 566 | 397762  |
| NETGEAR, Inc.<sup>(a)</sup> | 441 | 9631  |
| NetScout Systems, Inc.<sup>(a)</sup> | 2848 | 90538  |
| Ribbon Communications, Inc.<sup>(a)</sup> | 15763 | 33418  |
| ViaSat, Inc.<sup>(a)</sup> | 1932 | 88486  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 4441 | 147796  |
| Vistance Networks, Inc.<sup>(a)</sup> | 5795 | 105469  |
|  |  | 2515098  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Construction & Engineering - 4.0%**  | **Construction & Engineering - 4.0%**  | **Construction & Engineering - 4.0%**  |
| AECOM  | 1091 | $92539  |
| API Group Corp.<sup>(a)</sup> | 5663 | 229465  |
| Arcosa, Inc.  | 201 | 21334  |
| Argan, Inc.  | 168 | 91501  |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 3442 | 97890  |
| Comfort Systems USA, Inc.  | 568 | 783266  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. - <br>Class A<sup>(a)</sup> | 255 | 28336  |
| Dycom Industries, Inc.<sup>(a)</sup> | 373 | 126380  |
| EMCOR Group, Inc.  | 819 | 604676  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 588 | 69419  |
| Fluor Corp.<sup>(a)</sup> | 1093 | 50988  |
| Granite Construction, Inc.  | 784 | 93986  |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 1128 | 19176  |
| IES Holdings, Inc.<sup>(a)</sup> | 600 | 285882  |
| MasTec, Inc.<sup>(a)</sup> | 820 | 263827  |
| MYR Group, Inc.<sup>(a)</sup> | 339 | 95706  |
| NWPX Infrastructure, Inc.<sup>(a)</sup> | 724 | 56371  |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 3621 | 39469  |
| Primoris Services Corp.  | 1322 | 189099  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 571 | 232551  |
| Tutor Perini Corp.  | 2220 | 171362  |
| Valmont Industries, Inc.  | 466 | 186200  |
|  |  | 3829423  |
| **Construction Materials - 0.0%<sup>(d)</sup>** | **Construction Materials - 0.0%<sup>(d)</sup>** | **Construction Materials - 0.0%<sup>(d)</sup>** |
| United States Lime & Minerals, Inc.  | 114 | 14890  |
| **Consumer Finance - 2.0%**  | **Consumer Finance - 2.0%**  | **Consumer Finance - 2.0%**  |
| Ally Financial, Inc.  | 3201 | 125575  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | 1991 | 104468  |
| Bread Financial Holdings, Inc.  | 2052 | 153674  |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | 182 | 77070  |
| Dave, Inc.<sup>(a)</sup> | 734 | 127782  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 539 | 37795  |
| Enova International, Inc.<sup>(a)</sup> | 1538 | 208907  |
| FirstCash Holdings, Inc.  | 804 | 151152  |
| Jefferson Capital, Inc.  | 1568 | 30153  |
| LendingClub Corp.<sup>(a)</sup> | 2320 | 33222  |
| LendingTree, Inc.<sup>(a)</sup> | 486 | 20840  |
| Medallion Financial Corp.<sup>(b)</sup> | 5255 | 44983  |
| Nelnet, Inc. - Class A  | 248 | 31982  |
| OneMain Holdings, Inc.  | 3551 | 189943  |
| PROG Holdings, Inc.  | 2751 | 78926  |
| Regional Management Corp.  | 2378 | 76690  |
| SLM Corp.  | 6237 | 133534  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 16108 | 255795  |
| World Acceptance Corp.<sup>(a)</sup> | 403 | 54421  |
|  |  | 1936912  |
| **Consumer Staples Distribution & Retail - 2.8%**  | **Consumer Staples Distribution & Retail - 2.8%**  | **Consumer Staples Distribution & Retail - 2.8%**  |
| Albertsons Cos., Inc. - Class A  | 7394 | 125994  |
| Andersons, Inc.  | 353 | 25338  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc.<sup>(a)(b)</sup> | 2338 | 230106  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Staples Distribution & Retail - (Continued)**  | **Consumer Staples Distribution & Retail - (Continued)**  | **Consumer Staples Distribution & Retail - (Continued)**  |
| Casey's General Stores, Inc.  | 687 | $500040  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 1822 | 108318  |
| HF Foods Group, Inc.<sup>(a)</sup> | 8352 | 15451  |
| Ingles Markets, Inc. - Class A<sup>(b)</sup> | 1439 | 129352  |
| Maplebear, Inc.<sup>(a)</sup> | 3114 | 116650  |
| &nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br>Inc.  | 1665 | 43040  |
| Performance Food Group Co.<sup>(a)</sup> | 3221 | 275911  |
| PriceSmart, Inc.  | 858 | 129129  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1850 | 142691  |
| United Natural Foods, Inc.<sup>(a)</sup> | 5475 | 246703  |
| US Foods Holding Corp.<sup>(a)</sup> | 4422 | 407753  |
| Village Super Market, Inc. - Class A  | 3130 | 132180  |
| Weis Markets, Inc.  | 923 | 63124  |
|  |  | 2691780  |
| **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  |
| AptarGroup, Inc.  | 344 | 43351  |
| Avery Dennison Corp.  | 700 | 120876  |
| Crown Holdings, Inc.  | 1201 | 120400  |
| Greif, Inc. - Class B  | 234 | 20484  |
| Myers Industries, Inc.  | 5128 | 108611  |
| Packaging Corp. of America  | 845 | 179326  |
| Sealed Air Corp.  | 961 | 40410  |
| Sonoco Products Co.  | 357 | 19310  |
| TriMas Corp.  | 544 | 19552  |
|  |  | 672320  |
| **Distributors - 0.2%**  | **Distributors - 0.2%**  | **Distributors - 0.2%**  |
| &nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. - <br>Class A<sup>(a)</sup> | 1181 | 53594  |
| LKQ Corp.  | 2362 | 69372  |
| Pool Corp.  | 194 | 39252  |
| Weyco Group, Inc.  | 1086 | 34806  |
|  |  | 197024  |
| **Diversified Consumer Services - 1.5%**  | **Diversified Consumer Services - 1.5%**  | **Diversified Consumer Services - 1.5%**  |
| ADT, Inc.  | 6734 | 44242  |
| American Public Education, Inc.<sup>(a)</sup> | 3530 | 200786  |
| Coursera, Inc.<sup>(a)</sup> | 2210 | 12862  |
| Covista, Inc.<sup>(a)</sup> | 1315 | 151554  |
| Frontdoor, Inc.<sup>(a)</sup> | 2275 | 120257  |
| Graham Holdings Co. - Class B  | 59 | 62378  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 516 | 87736  |
| H&R Block, Inc.  | 1798 | 57069  |
| Laureate Education, Inc.<sup>(a)</sup> | 1905 | 66370  |
| &nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. - <br>Class C<sup>(a)</sup> | 413 | 38867  |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 3748 | 152469  |
| Perdoceo Education Corp.  | 3815 | 141956  |
| Stride, Inc.<sup>(a)</sup> | 1671 | 147332  |
| Udemy, Inc.<sup>(a)</sup> | 4685 | 21645  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 2528 | 91261  |
|  |  | 1396784  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Diversified Telecommunication Services - 0.4%**  | **Diversified Telecommunication Services - 0.4%**  | **Diversified Telecommunication Services - 0.4%**  |
| AST SpaceMobile, Inc.<sup>(a)(b)</sup> | 678 | $56186  |
| ATN International, Inc.  | 871 | 23709  |
| Bandwidth, Inc. - Class A<sup>(a)</sup> | 2884 | 51393  |
| IDT Corp. - Class B  | 2379 | 116809  |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. - <br>Class C<sup>(a)</sup> | 1200 | 10584  |
| Lumen Technologies, Inc.<sup>(a)</sup> | 11872 | 82510  |
|  |  | 341191  |
| **Electric Utilities - 0.3%**  | **Electric Utilities - 0.3%**  | **Electric Utilities - 0.3%**  |
| Genie Energy Ltd. - Class B  | 2189 | 30952  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 2301 | 34147  |
| IDACORP, Inc.  | 265 | 37887  |
| OGE Energy Corp.  | 1068 | 51221  |
| Oklo, Inc.<sup>(a)(b)</sup> | 907 | 44978  |
| Pinnacle West Capital Corp.  | 730 | 73548  |
| TXNM Energy, Inc.  | 251 | 14674  |
|  |  | 287407  |
| **Electrical Equipment - 2.2%**  | **Electrical Equipment - 2.2%**  | **Electrical Equipment - 2.2%**  |
| Acuity, Inc.  | 705 | 197555  |
| Allient, Inc.  | 1899 | 112212  |
| Array Technologies, Inc.<sup>(a)</sup> | 3693 | 26700  |
| Atkore, Inc.  | 1123 | 66156  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 1560 | 211365  |
| EnerSys  | 899 | 156174  |
| Generac Holdings, Inc.<sup>(a)</sup> | 692 | 135168  |
| LSI Industries, Inc.  | 2504 | 46574  |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 1693 | 204091  |
| nVent Electric PLC  | 1687 | 199538  |
| Powell Industries, Inc.  | 282 | 152585  |
| Power Solutions International, Inc.<sup>(a)</sup> | 1246 | 75857  |
| Preformed Line Products Co.  | 549 | 148642  |
| Regal Rexnord Corp.  | 765 | 143254  |
| Sensata Technologies Holding PLC | 984 | 34657  |
| SunPower, Inc.<sup>(a)(b)</sup> | 11463 | 14558  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 1401 | 70610  |
| Vicor Corp.<sup>(a)</sup> | 769 | 123809  |
|  |  | 2119505  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 3.1%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 3.1%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 3.1%**  |
| Advanced Energy Industries, Inc.  | 433 | 139733  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 4268 | 60734  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 485 | 69554  |
| Avnet, Inc.  | 896 | 55212  |
| Badger Meter, Inc.  | 236 | 35955  |
| Bel Fuse, Inc. - Class A  | 99 | 17840  |
| Bel Fuse, Inc. - Class B - Class B  | 208 | 41180  |
| Belden, Inc.  | 735 | 84400  |
| Cognex Corp.  | 1619 | 79315  |
| Coherent Corp.<sup>(a)</sup> | 1588 | 378277  |
| CTS Corp.  | 413 | 19725  |
| Daktronics, Inc.<sup>(a)</sup> | 4582 | 89578  |
| ePlus, Inc.  | 537 | 40409  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - (Continued)**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - (Continued)**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - (Continued)**  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 3104 | $18779  |
| Fabrinet<sup>(a)</sup> | 315 | 164279  |
| Flex Ltd.<sup>(a)</sup> | 3727 | 243969  |
| Itron, Inc.<sup>(a)</sup> | 491 | 44008  |
| Jabil, Inc.  | 1460 | 387820  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 972 | 23027  |
| Knowles Corp.<sup>(a)</sup> | 1215 | 31201  |
| Littelfuse, Inc.  | 244 | 82801  |
| Methode Electronics, Inc.  | 3647 | 20131  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 547 | 10169  |
| Napco Security Technologies, Inc.  | 1770 | 69720  |
| nLight, Inc.<sup>(a)</sup> | 320 | 18246  |
| OSI Systems, Inc.<sup>(a)</sup> | 221 | 58678  |
| PC Connection, Inc.  | 296 | 17304  |
| Plexus Corp.<sup>(a)</sup> | 141 | 28558  |
| Richardson Electronics Ltd.  | 2099 | 22984  |
| Sanmina Corp.<sup>(a)</sup> | 807 | 104620  |
| ScanSource, Inc.<sup>(a)</sup> | 299 | 10854  |
| TD SYNNEX Corp.  | 1029 | 173603  |
| TTM Technologies, Inc.<sup>(a)</sup> | 1464 | 142623  |
| Vishay Precision Group, Inc.<sup>(a)</sup> | 1136 | 49325  |
| Vontier Corp.  | 2798 | 99245  |
|  |  | 2933856  |
| **Energy Equipment & Services - 1.7%**  | **Energy Equipment & Services - 1.7%**  | **Energy Equipment & Services - 1.7%**  |
| Archrock, Inc.  | 776 | 27005  |
| Borr Drilling Ltd.  | 3900 | 22503  |
| DMC Global, Inc.<sup>(a)</sup> | 5029 | 26201  |
| Energy Services of America Corp.  | 1428 | 18750  |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 3332 | 195455  |
| Helmerich & Payne, Inc.  | 537 | 19348  |
| Innovex International, Inc.<sup>(a)</sup> | 1391 | 33926  |
| Liberty Energy, Inc.  | 2531 | 72893  |
| Nabors Industries Ltd.<sup>(a)</sup> | 239 | 20568  |
|  National Energy Services Reunited Corp.<sup>(a)</sup> | 1347 | 28920  |
| Noble Corp. PLC  | 413 | 20266  |
| NOV, Inc.  | 4492 | 84495  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1972 | 69947  |
| Oil States International, Inc.<sup>(a)</sup> | 4942 | 57525  |
| Patterson-UTI Energy, Inc.  | 6023 | 65229  |
| ProFrac Holding Corp. - Class A<sup>(a)</sup> | 3584 | 22221  |
| ProPetro Holding Corp.<sup>(a)</sup> | 3118 | 44930  |
| &nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc. - <br>Class A | 2321 | 39782  |
| RPC, Inc.  | 3288 | 23279  |
| TechnipFMC PLC  | 5198 | 359338  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 9397 | 80062  |
| Tidewater, Inc.<sup>(a)</sup> | 1159 | 96834  |
| Transocean, Ltd.<sup>(a)(b)</sup> | 8979 | 59531  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Valaris Ltd.<sup>(a)</sup> | 491 | $48138  |
| Weatherford International PLC  | 448 | 42372  |
|  |  | 1579518  |
| **Entertainment - 0.3%**  | **Entertainment - 0.3%**  | **Entertainment - 0.3%**  |
| CuriosityStream, Inc.  | 7607 | 22517  |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 883 | 52017  |
| Meridian Holdings, Inc.<sup>(a)</sup> | 1937 | 13984  |
| Playstudios, Inc.<sup>(a)</sup> | 49732 | 23334  |
| Playtika Holding Corp.  | 5451 | 15154  |
| Roku, Inc.<sup>(a)</sup> | 1808 | 171073  |
| Sphere Entertainment Co.<sup>(a)</sup> | 172 | 20193  |
|  |  | 318272  |
| **Financial Services - 2.4%**  | **Financial Services - 2.4%**  | **Financial Services - 2.4%**  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 1668 | 76428  |
|  Banco Latinoamericano de Comercio Exterior SA  | 2716 | 138733  |
| Cantaloupe, Inc.<sup>(a)</sup> | 2648 | 28625  |
| Corebridge Financial, Inc.  | 1110 | 26485  |
| Enact Holdings, Inc.  | 2072 | 84558  |
| Equitable Holdings, Inc.  | 3341 | 123985  |
| Essent Group Ltd.  | 1995 | 116588  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 932 | 61857  |
| EVERTEC, Inc.  | 322 | 9087  |
|  Federal Agricultural Mortgage Corp. - Class C  | 457 | 67796  |
| Finance Of America Cos., Inc.<sup>(a)</sup> | 1388 | 23041  |
| International Money Express, Inc.<sup>(a)</sup> | 1586 | 25059  |
| Jack Henry & Associates, Inc.  | 859 | 135756  |
| Jackson Financial, Inc. - Class A  | 803 | 84893  |
| loanDepot, Inc. - Class A<sup>(a)</sup> | 12251 | 17396  |
| Merchants Bancorp  | 1770 | 75951  |
| MGIC Investment Corp.  | 6462 | 169627  |
| NCR Atleos Corp.<sup>(a)</sup> | 1625 | 70817  |
| NewtekOne, Inc.  | 4093 | 44818  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 2205 | 82710  |
| Onity Group, Inc.<sup>(a)</sup> | 1588 | 62361  |
| Pagseguro Digital Ltd. - Class A  | 9161 | 91793  |
| Paysign, Inc.<sup>(a)</sup> | 6418 | 37866  |
| PennyMac Financial Services, Inc.  | 865 | 75601  |
| Radian Group, Inc.  | 3316 | 109693  |
| Sezzle, Inc.<sup>(a)</sup> | 1407 | 89049  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 302 | 13206  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 3307 | 46695  |
| Velocity Financial, Inc.<sup>(a)</sup> | 1011 | 18289  |
| Voya Financial, Inc.  | 2006 | 137050  |
| Western Union Co.<sup>(b)</sup> | 8627 | 75314  |
| WEX, Inc.<sup>(a)</sup> | 515 | 78816  |
|  |  | 2299943  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Food Products - 0.5%**  | **Food Products - 0.5%**  | **Food Products - 0.5%**  |
| Cal-Maine Foods, Inc.  | 1718 | $135980  |
| Darling International, Inc.<sup>(a)</sup> | 1005 | 62159  |
| Flowers Foods, Inc.  | 2518 | 20522  |
| Fresh Del Monte Produce, Inc.  | 677 | 27256  |
| Ingredion, Inc.  | 539 | 60724  |
| Lifeway Foods, Inc.<sup>(a)</sup> | 1395 | 26979  |
| Mama's Creations, Inc.<sup>(a)</sup> | 4689 | 71929  |
| Marzetti Co.  | 164 | 22686  |
| Pilgrim's Pride Corp.  | 256 | 9667  |
| Post Holdings, Inc.<sup>(a)</sup> | 263 | 26000  |
| Seneca Foods Corp. - Class A<sup>(a)</sup> | 297 | 44883  |
| Vital Farms, Inc.<sup>(a)</sup> | 609 | 8599  |
|  |  | 517384  |
| **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. - <br>Class A  | 1553 | 61374  |
| MDU Resources Group, Inc.  | 805 | 16680  |
| National Fuel Gas Co.  | 870 | 81745  |
| Southwest Gas Holdings, Inc.  | 813 | 70650  |
| Spire, Inc.  | 139 | 12585  |
| UGI Corp.  | 2933 | 106820  |
|  |  | 349854  |
| **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  |
|  Knight-Swift Transportation Holdings, Inc.  | 365 | 21017  |
| Landstar System, Inc.  | 447 | 71658  |
| Lyft, Inc. - Class A<sup>(a)(b)</sup> | 7991 | 106280  |
| Ryder System, Inc.  | 666 | 136337  |
| XPO, Inc.<sup>(a)</sup> | 834 | 162255  |
|  |  | 497547  |
| **Health Care Equipment & Supplies - 1.7%**  | **Health Care Equipment & Supplies - 1.7%**  | **Health Care Equipment & Supplies - 1.7%**  |
| Acme United Corp.  | 941 | 42260  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 5025 | 54672  |
| AngioDynamics, Inc.<sup>(a)</sup> | 3369 | 38306  |
| AtriCure, Inc.<sup>(a)</sup> | 1570 | 44792  |
| Avanos Medical, Inc.<sup>(a)</sup> | 2422 | 33932  |
| Axogen, Inc.<sup>(a)</sup> | 1842 | 61026  |
| Cerus Corp.<sup>(a)</sup> | 23192 | 42209  |
| CVRx, Inc.<sup>(a)</sup> | 4246 | 40167  |
| Delcath Systems, Inc.<sup>(a)</sup> | 1425 | 13224  |
| Electromed, Inc.<sup>(a)</sup> | 1197 | 28022  |
| Embecta Corp.  | 3700 | 32708  |
| Envista Holdings Corp.<sup>(a)</sup> | 3400 | 86258  |
| Glaukos Corp.<sup>(a)</sup> | 195 | 20994  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 1429 | 123123  |
| Haemonetics Corp.<sup>(a)</sup> | 208 | 11723  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 271 | 13978  |
| iRadimed Corp.  | 896 | 86249  |
| IRhythm Holdings, Inc.<sup>(a)</sup> | 557 | 65737  |
| KORU Medical Systems, Inc.<sup>(a)</sup> | 6535 | 28231  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 1267 | 96102  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LivaNova PLC<sup>(a)</sup> | 1051 | $66802  |
| Masimo Corp.<sup>(a)</sup> | 490 | 87156  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 154 | 10615  |
| NeuroPace, Inc.<sup>(a)</sup> | 1115 | 14662  |
| Omnicell, Inc.<sup>(a)</sup> | 644 | 21497  |
| Orthofix Medical, Inc.<sup>(a)</sup> | 1715 | 19671  |
| Penumbra, Inc.<sup>(a)(b)</sup> | 463 | 152035  |
| SANUWAVE Health, Inc.<sup>(a)</sup> | 587 | 10149  |
| SI-BONE, Inc.<sup>(a)</sup> | 1701 | 21484  |
| Sight Sciences, Inc.<sup>(a)</sup> | 5474 | 20637  |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 7498 | 195923  |
| TransMedics Group, Inc.<sup>(a)</sup> | 353 | 35092  |
| Varex Imaging Corp.<sup>(a)</sup> | 2402 | 25485  |
|  |  | 1644921  |
| **Health Care Providers & Services - 2.3%**  | **Health Care Providers & Services - 2.3%**  | **Health Care Providers & Services - 2.3%**  |
| Addus HomeCare Corp.<sup>(a)</sup> | 206 | 19292  |
| AirSculpt Technologies, Inc.<sup>(a)(b)</sup> | 15652 | 44295  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 3384 | 59626  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 1286 | 23585  |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 3515 | 22637  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc.<sup>(a)(b)</sup> | 2451 | 104437  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 1268 | 31129  |
| Chemed Corp.  | 215 | 81214  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 2857 | 26856  |
| DaVita, Inc.<sup>(a)</sup> | 358 | 55021  |
| Encompass Health Corp.  | 919 | 88895  |
| Enhabit, Inc.<sup>(a)</sup> | 7398 | 104238  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 516 | 33137  |
| Guardant Health, Inc.<sup>(a)</sup> | 1388 | 128210  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 2371 | 89292  |
| HealthEquity, Inc.<sup>(a)</sup> | 552 | 46131  |
| Henry Schein, Inc.<sup>(a)</sup> | 2033 | 149832  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 2573 | 53415  |
| Innovage Holding Corp.<sup>(a)</sup> | 13206 | 105912  |
| Nutex Health, Inc.<sup>(a)(b)</sup> | 1051 | 99887  |
| Oncology Institute, Inc.<sup>(a)</sup> | 15839 | 48626  |
| Option Care Health, Inc.<sup>(a)</sup> | 2640 | 71069  |
| PACS Group, Inc.<sup>(a)</sup> | 596 | 19144  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 3298 | 70544  |
| Privia Health Group, Inc.<sup>(a)</sup> | 552 | 11355  |
| Progyny, Inc.<sup>(a)</sup> | 3014 | 51178  |
| Talkspace, Inc.<sup>(a)</sup> | 17893 | 92596  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 1210 | 228339  |
| The Ensign Group, Inc.  | 453 | 91279  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B  | 634 | 113467  |
| Viemed Healthcare, Inc.<sup>(a)</sup> | 6613 | 60906  |
|  |  | 2225544  |
| **Health Care Technology - 0.2%**  | **Health Care Technology - 0.2%**  | **Health Care Technology - 0.2%**  |
| HealthStream, Inc.  | 457 | 9464  |
| LifeMD, Inc.<sup>(a)</sup> | 12528 | 45226  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care Technology - (Continued)**  | **Health Care Technology - (Continued)**  | **Health Care Technology - (Continued)**  |
| OptimizeRx Corp.<sup>(a)</sup> | 5288 | $33209  |
| Phreesia, Inc.<sup>(a)</sup> | 2150 | 18017  |
| Teladoc Health, Inc.<sup>(a)</sup> | 13138 | 71602  |
| TruBridge, Inc.<sup>(a)</sup> | 3232 | 47317  |
|  |  | 224835  |
| **Hotels, Restaurants & Leisure - 0.8%** | **Hotels, Restaurants & Leisure - 0.8%** | **Hotels, Restaurants & Leisure - 0.8%** |
| Aramark  | 617 | 25013  |
| Boyd Gaming Corp.<sup>(b)</sup> | 977 | 80290  |
| Brinker International, Inc.<sup>(a)</sup> | 943 | 134632  |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, <br>Inc.<sup>(a)</sup> | 2349 | 40638  |
| Monarch Casino & Resort, Inc.  | 144 | 13766  |
| Nathan's Famous, Inc.  | 397 | 39990  |
|  Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> | 612 | 11444  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 4199 | 91328  |
| Target Hospitality Corp.<sup>(a)</sup> | 1077 | 9995  |
| Texas Roadhouse, Inc.  | 401 | 66221  |
| Travel + Leisure Co.  | 1275 | 88217  |
| Wingstop, Inc.  | 341 | 52845  |
| Wynn Resorts Ltd.  | 631 | 64078  |
|  |  | 718457  |
| **Household Durables - 1.6%**  | **Household Durables - 1.6%**  | **Household Durables - 1.6%**  |
| Bassett Furniture Industries, Inc.  | 2598 | 36762  |
| Cavco Industries, Inc.<sup>(a)</sup> | 218 | 105575  |
| Champion Homes, Inc.<sup>(a)</sup> | 1146 | 85228  |
| Ethan Allen Interiors, Inc.  | 783 | 17430  |
| Flexsteel Industries, Inc.  | 419 | 18830  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 1473 | 94935  |
|  Hamilton Beach Brands Holding Co. - Class A  | 1267 | 24010  |
| Installed Building Products, Inc.  | 491 | 130189  |
| La-Z-Boy, Inc.  | 1187 | 38150  |
| Lovesac Co.<sup>(a)</sup> | 1221 | 18034  |
| M/I Homes, Inc.<sup>(a)</sup> | 124 | 15184  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 437 | 43027  |
| SharkNinja, Inc.<sup>(a)(b)</sup> | 1371 | 145189  |
| Somnigroup International, Inc.  | 2881 | 212963  |
| Sonos, Inc.<sup>(a)</sup> | 6726 | 90128  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 903 | 52591  |
| Toll Brothers, Inc.  | 1133 | 154620  |
| TopBuild Corp.<sup>(a)</sup> | 457 | 160544  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 1856 | 86731  |
|  |  | 1530120  |
| **Household Products - 0.2%**  | **Household Products - 0.2%**  | **Household Products - 0.2%**  |
| Central Garden & Pet Co. - Class A<sup>(a)</sup> | 882 | 28594  |
| Oil-Dri Corp. of America  | 1009 | 65676  |
| Spectrum Brands Holdings, Inc.  | 254 | 18720  |
| WD-40 Co.  | 153 | 31203  |
|  |  | 144193  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers - 0.2%**  | &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers - 0.2%**  | &nbsp;&nbsp;&nbsp; **Independent Power and Renewable** <br>**Electricity Producers - 0.2%**  |
| Ormat Technologies, Inc.  | 267 | $29882  |
| Talen Energy Corp.<sup>(a)</sup> | 390 | 124500  |
|  |  | 154382  |
| **Insurance - 4.4%**  | **Insurance - 4.4%**  | **Insurance - 4.4%**  |
| American Coastal Insurance Corp.  | 5520 | 62100  |
| American Financial Group, Inc.  | 1330 | 169854  |
| Assurant, Inc.  | 775 | 168803  |
| Assured Guaranty, Ltd.  | 477 | 38866  |
| Axis Capital Holdings Ltd.  | 1864 | 189028  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 668 | 40000  |
| CNO Financial Group, Inc.  | 2294 | 94192  |
| Crawford & Co. - Class A  | 3668 | 36570  |
| Donegal Group, Inc. - Class A  | 3960 | 68033  |
| Everest Group Ltd.  | 518 | 169308  |
| Fidelis Insurance Holdings Ltd.  | 2298 | 43915  |
| First American Financial Corp.  | 1002 | 60411  |
| Genworth Financial, Inc. - Class A<sup>(a)</sup> | 5072 | 41185  |
| Globe Life, Inc.  | 1750 | 243547  |
|  Hamilton Insurance Group Ltd. - Class B  | 4001 | 119350  |
| Hanover Insurance Group, Inc.  | 815 | 141280  |
| HCI Group, Inc.  | 617 | 95394  |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 4274 | 112192  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 1480 | 38569  |
| Horace Mann Educators Corp.  | 1222 | 52155  |
| Investors Title Co.  | 202 | 43903  |
| Kingstone Cos., Inc.  | 5188 | 75589  |
| Kinsale Capital Group, Inc.  | 308 | 105231  |
| Lincoln National Corp.  | 4545 | 161347  |
| Mercury General Corp.  | 1536 | 135398  |
| Old Republic International Corp.  | 5622 | 224318  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 410 | 48995  |
| Primerica, Inc.  | 609 | 152542  |
| Reinsurance Group of America, Inc.  | 802 | 163736  |
| RenaissanceRe Holdings Ltd.  | 1000 | 297230  |
| RLI Corp.  | 895 | 51051  |
| Root, Inc.<sup>(a)</sup> | 508 | 22438  |
| Ryan Specialty Holdings, Inc.  | 950 | 32053  |
| Selective Insurance Group, Inc.  | 1180 | 88960  |
| Selectquote, Inc.<sup>(a)</sup> | 19920 | 12540  |
| SiriusPoint Ltd.<sup>(a)</sup> | 3508 | 75562  |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 792 | 34595  |
| Tiptree, Inc.  | 1227 | 20761  |
| United Fire Group, Inc.  | 2078 | 77011  |
| Universal Insurance Holdings, Inc.  | 3860 | 131858  |
| Unum Group  | 2953 | 215658  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group <br>Ltd.  | 16 | 35151  |
|  |  | 4190679  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Interactive Media & Services - 0.6%**  | **Interactive Media & Services - 0.6%**  | **Interactive Media & Services - 0.6%**  |
| Angi, Inc.<sup>(a)</sup> | 5944 | $40716  |
| Arena Group Holdings, Inc.<sup>(a)(b)</sup> | 15784 | 34251  |
| Cargurus, Inc.<sup>(a)</sup> | 2694 | 91731  |
| Cars.com, Inc.<sup>(a)</sup> | 6672 | 54177  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 4393 | 67740  |
| IAC, Inc.<sup>(a)</sup> | 248 | 9927  |
| Match Group, Inc.  | 4159 | 127723  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 4229 | 39330  |
| Shutterstock, Inc.  | 1683 | 27955  |
| Travelzoo<sup>(a)</sup> | 2842 | 16825  |
| TripAdvisor, Inc.<sup>(a)</sup> | 4313 | 45976  |
| Yelp, Inc.<sup>(a)</sup> | 2472 | 61157  |
|  |  | 617508  |
| **IT Services - 0.5%**  | **IT Services - 0.5%**  | **IT Services - 0.5%**  |
| Amdocs Ltd.  | 1162 | 75832  |
| Applied Digital Corp.<sup>(a)</sup> | 781 | 18541  |
| ASGN, Inc.<sup>(a)</sup> | 261 | 10103  |
| Backblaze, Inc. - Class A<sup>(a)</sup> | 11012 | 37991  |
| Commerce.com, Inc.<sup>(a)</sup> | 9180 | 24511  |
| Crexendo, Inc.<sup>(a)</sup> | 6749 | 41641  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 723 | 62019  |
| EPAM Systems, Inc.<sup>(a)</sup> | 351 | 47526  |
| Information Services Group, Inc.  | 24448 | 93880  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 3657 | 47980  |
| VTEX - Class A<sup>(a)</sup> | 2395 | 9580  |
|  |  | 469604  |
| **Leisure Products - 0.9%**  | **Leisure Products - 0.9%**  | **Leisure Products - 0.9%**  |
| Acushnet Holdings Corp.  | 883 | 82543  |
| Brunswick Corp.  | 917 | 66721  |
| Callaway Golf Co.<sup>(a)</sup> | 2364 | 32812  |
| Escalade, Inc.  | 528 | 9066  |
| Hasbro, Inc.  | 1893 | 177185  |
| JAKKS Pacific, Inc.  | 1449 | 28864  |
| Johnson Outdoors, Inc. - Class A  | 1736 | 80741  |
| Latham Group, Inc.<sup>(a)</sup> | 3588 | 19268  |
| Mattel, Inc.<sup>(a)</sup> | 7935 | 115296  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 12983 | 55697  |
| Polaris, Inc.  | 1032 | 56244  |
| Sturm Ruger & Co., Inc.  | 616 | 24695  |
| YETI Holdings, Inc.<sup>(a)</sup> | 2755 | 100805  |
|  |  | 849937  |
| **Life Sciences Tools & Services - 0.8%**  | **Life Sciences Tools & Services - 0.8%**  | **Life Sciences Tools & Services - 0.8%**  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 6189 | 131392  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 4583 | 63612  |
| Avantor, Inc.<sup>(a)</sup> | 3925 | 30772  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 46 | 12823  |
| Bio-Techne Corp.  | 1501 | 78442  |
| Bruker Corp.<sup>(b)</sup> | 456 | 16471  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 514 | 88665  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 364 | 174789  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mesa Laboratories, Inc.  | 753 | $66580  |
| QIAGEN NV  | 1942 | 77758  |
|  |  | 741304  |
| **Machinery - 4.3%**  | **Machinery - 4.3%**  | **Machinery - 4.3%**  |
| AGCO Corp.  | 1004 | 116333  |
| Alamo Group, Inc.  | 57 | 9403  |
| Allison Transmission Holdings, Inc.  | 1081 | 126542  |
| Astec Industries, Inc.  | 1640 | 88298  |
| Atmus Filtration Technologies, Inc.  | 1748 | 99234  |
| Blue Bird Corp.<sup>(a)</sup> | 1722 | 97792  |
| CECO Environmental Corp.<sup>(a)</sup> | 325 | 19363  |
| Chart Industries, Inc.<sup>(a)</sup> | 330 | 68228  |
| Crane Co.  | 676 | 115596  |
| Donaldson Co., Inc.  | 2064 | 175172  |
| Douglas Dynamics, Inc.  | 596 | 25086  |
| Energy Recovery, Inc.<sup>(a)</sup> | 2267 | 22829  |
| Enerpac Tool Group Corp.  | 370 | 13494  |
| Enpro, Inc.  | 140 | 35091  |
| Esab Corp.  | 550 | 53163  |
| ESCO Technologies, Inc.  | 177 | 49802  |
| Federal Signal Corp.  | 846 | 91486  |
| Flowserve Corp.  | 1690 | 124232  |
| Franklin Electric Co., Inc.  | 262 | 24149  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 4241 | 95889  |
| Gorman-Rupp Co.  | 310 | 19260  |
| Graco, Inc.  | 1750 | 148137  |
| Helios Technologies, Inc.  | 294 | 19025  |
| Hyster-Yale Materials Handling, Inc. | 322 | 10468  |
| ITT, Inc.  | 984 | 187482  |
| JBT Marel Corp.  | 152 | 19436  |
| Kadant, Inc.  | 46 | 13448  |
| Kennametal, Inc.  | 1450 | 52389  |
| L B Foster Co. - Class A<sup>(a)</sup> | 2791 | 77869  |
| Lincoln Electric Holdings, Inc.  | 831 | 206985  |
| Manitowoc Co., Inc.<sup>(a)</sup> | 2042 | 23789  |
| Microvast Holdings, Inc.<sup>(a)</sup> | 8254 | 12381  |
| Middleby Corp.<sup>(a)</sup> | 315 | 41763  |
| Mueller Industries, Inc.  | 2306 | 255505  |
| Mueller Water Products, Inc. - Class A | 1233 | 33895  |
| Nordson Corp.  | 444 | 118131  |
| Oshkosh Corp.  | 781 | 114971  |
| Pentair PLC  | 1560 | 135892  |
| Proto Labs, Inc.<sup>(a)</sup> | 1342 | 76521  |
| RBC Bearings, Inc.<sup>(a)</sup> | 226 | 122745  |
| Snap-on, Inc.  | 741 | 269146  |
| SPX Technologies, Inc.<sup>(a)</sup> | 562 | 112366  |
| Stanley Black & Decker, Inc.  | 585 | 41570  |
| Tennant Co.<sup>(b)</sup> | 167 | 11089  |
| Terex Corp.  | 2615 | 154546  |
| Timken Co.  | 746 | 75025  |
| Toro Co.  | 1518 | 141842  |
|  Watts Water Technologies, Inc. - Class A<sup>(b)</sup> | 568 | 164885  |
|  |  | 4111743  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Marine Transportation - 0.1%**  | **Marine Transportation - 0.1%**  | **Marine Transportation - 0.1%**  |
| Costamare, Inc.  | 2214 | $37416  |
| Kirby Corp.<sup>(a)</sup> | 423 | 56208  |
| Matson, Inc.  | 289 | 47379  |
|  |  | 141003  |
| **Media - 0.9%**  | **Media - 0.9%**  | **Media - 0.9%**  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 3640 | 24716  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 606 | 70944  |
| EW Scripps Co. - Class A<sup>(a)</sup> | 4370 | 16256  |
| Gambling.com Group Ltd.<sup>(a)</sup> | 4113 | 15959  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 1723 | 51638  |
| iHeartMedia, Inc. - Class A<sup>(a)</sup> | 7837 | 22884  |
| New York Times Co. - Class A  | 2751 | 230341  |
| News Corp. - Class A  | 3864 | 96330  |
| News Corp. - Class B  | 942 | 26856  |
| Nexstar Media Group, Inc.  | 533 | 96382  |
| Nexxen International Ltd.<sup>(a)</sup> | 4082 | 26615  |
| Scholastic Corp.  | 2759 | 107767  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 10291 | 28197  |
| USA TODAY Co., Inc.<sup>(a)</sup> | 12104 | 85333  |
|  |  | 900218  |
| **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  |
| Alcoa Corp.  | 1992 | 132129  |
| Caledonia Mining Corp. PLC  | 2039 | 46061  |
| Coeur Mining, Inc.<sup>(a)(b)</sup> | 5955 | 111775  |
| Commercial Metals Co.  | 1567 | 96261  |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, <br>Inc.<sup>(a)</sup> | 1550 | 36192  |
| Constellium SE<sup>(a)</sup> | 1232 | 30283  |
| Hecla Mining Co.  | 3202 | 59653  |
| Ivanhoe Electric, Inc.<sup>(a)</sup> | 1544 | 18250  |
| Materion Corp.  | 132 | 19094  |
| Reliance, Inc.  | 893 | 271401  |
| Royal Gold, Inc.  | 562 | 143023  |
| Ryerson Holding Corp.  | 6806 | 152999  |
| SSR Mining, Inc.<sup>(a)</sup> | 2252 | 66209  |
| Tredegar Corp.<sup>(a)</sup> | 5301 | 42143  |
| United States Antimony Corp.<sup>(a)(b)</sup> | 4292 | 37469  |
|  |  | 1262942  |
| **Multi-Utilities - 0.2%**  | **Multi-Utilities - 0.2%**  | **Multi-Utilities - 0.2%**  |
| NiSource, Inc.  | 4521 | 210950  |
| **Oil, Gas & Consumable Fuels - 1.9%**  | **Oil, Gas & Consumable Fuels - 1.9%**  | **Oil, Gas & Consumable Fuels - 1.9%**  |
| Antero Midstream Corp.  | 1724 | 39307  |
| Antero Resources Corp.<sup>(a)</sup> | 2141 | 90864  |
| APA Corp.  | 7348 | 311849  |
| California Resources Corp.  | 1421 | 98362  |
| CNX Resources Corp.<sup>(a)</sup> | 1584 | 61063  |
| DT Midstream, Inc.  | 734 | 98848  |
| Green Plains, Inc.<sup>(a)</sup> | 1144 | 18819  |
| Gulfport Energy Corp.<sup>(a)</sup> | 200 | 42314  |
| HF Sinclair Corp.  | 2009 | 125341  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Magnolia Oil & Gas Corp. - Class A  | 3231 | $102003  |
| Matador Resources Co.  | 1079 | 68171  |
| Murphy Oil Corp.  | 716 | 29535  |
| Ovintiv, Inc.  | 3131 | 185856  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 1108 | 69405  |
| Permian Resources Corp.  | 5181 | 110459  |
| PrimeEnergy Resources Corp.<sup>(a)</sup> | 386 | 89880  |
| Range Resources Corp.<sup>(b)</sup> | 1642 | 74186  |
| Scorpio Tankers, Inc.  | 520 | 38823  |
| SM Energy Co.  | 1448 | 45149  |
| Talos Energy, Inc.<sup>(a)</sup> | 2433 | 38344  |
| Teekay Corp. Ltd.  | 9919 | 121111  |
|  |  | 1859689  |
| **Paper & Forest Products - 0.0%<sup>(d)</sup>** | **Paper & Forest Products - 0.0%<sup>(d)</sup>** | **Paper & Forest Products - 0.0%<sup>(d)</sup>** |
| Louisiana-Pacific Corp.  | 340 | 24735  |
| Resolute Forest Products<sup>(a)(c)</sup> | 2770 | 3933  |
|  |  | 28668  |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Group, Inc.<sup>(a)</sup> | 3728 | 40039  |
| Joby Aviation, Inc.<sup>(a)</sup> | 2555 | 21104  |
| SkyWest, Inc.<sup>(a)</sup> | 497 | 45639  |
|  |  | 106782  |
| **Personal Care Products - 0.8%**  | **Personal Care Products - 0.8%**  | **Personal Care Products - 0.8%**  |
| Beauty Health Co.<sup>(a)</sup> | 37412 | 33297  |
| BellRing Brands, Inc.<sup>(a)</sup> | 1667 | 26822  |
| elf Beauty, Inc.<sup>(a)</sup> | 1308 | 79278  |
| Herbalife Ltd.<sup>(a)</sup> | 9674 | 142401  |
| Honest Co., Inc.<sup>(a)</sup> | 3450 | 10143  |
| Interparfums, Inc.  | 143 | 12990  |
| Lifevantage Corp.<sup>(b)</sup> | 5058 | 21851  |
| Medifast, Inc.<sup>(a)</sup> | 2945 | 30009  |
| Nature's Sunshine Products, Inc.<sup>(a)</sup> | 6599 | 158310  |
| Niagen Bioscience, Inc.<sup>(a)</sup> | 10825 | 47738  |
| Nu Skin Enterprises, Inc. - Class A  | 13537 | 98549  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 2655 | 46383  |
| Waldencast PLC<sup>(a)</sup> | 11713 | 11124  |
|  |  | 718895  |
| **Pharmaceuticals - 2.6%**  | **Pharmaceuticals - 2.6%**  | **Pharmaceuticals - 2.6%**  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 15857 | 197103  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 1151 | 88512  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 773 | 130652  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 3564 | 117861  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 2598 | 104725  |
| CorMedix, Inc.<sup>(a)(b)</sup> | 5184 | 35199  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 7278 | 174163  |
| Esperion Therapeutics, Inc.<sup>(a)</sup> | 19167 | 52518  |
| Eton Pharmaceuticals, Inc.<sup>(a)</sup> | 2747 | 67796  |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, <br>Inc.<sup>(a)</sup> | 4054 | 113553  |
| Harrow, Inc.<sup>(a)</sup> | 1716 | 60506  |
| Indivior Pharmaceuticals, Inc.<sup>(a)</sup> | 1036 | 31577  |
| Innoviva, Inc.<sup>(a)</sup> | 4084 | 95157  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1404 | $265426  |
| Liquidia Corp.<sup>(a)</sup> | 573 | 21625  |
| Organon & Co.  | 5926 | 35497  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 5642 | 127509  |
| Phathom Pharmaceuticals, Inc.<sup>(a)</sup> | 2281 | 25342  |
| Phibro Animal Health Corp. - Class A | 2696 | 149116  |
| SIGA Technologies, Inc.  | 20574 | 110071  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 3594 | 185774  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 1209 | 84811  |
| Viatris, Inc.  | 14196 | 191788  |
|  |  | 2466281  |
| **Professional Services - 1.6%**  | **Professional Services - 1.6%**  | **Professional Services - 1.6%**  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 680 | 17734  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 379 | 206127  |
| Concentrix Corp.  | 1194 | 32668  |
| CSG Systems International, Inc.  | 1600 | 127904  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 1494 | 45492  |
| Forrester Research, Inc.<sup>(a)</sup> | 2715 | 15367  |
| Franklin Covey Co.<sup>(a)</sup> | 1942 | 30664  |
| FTI Consulting, Inc.<sup>(a)</sup> | 216 | 38182  |
| Genpact, Ltd.  | 2603 | 96962  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 477 | 60813  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 3272 | 87755  |
| ICF International, Inc.  | 193 | 12601  |
| Innodata, Inc.<sup>(a)</sup> | 2299 | 88787  |
| Kelly Services, Inc. - Class A  | 1821 | 16116  |
| Kforce, Inc.  | 640 | 18714  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 5896 | 33430  |
| Maximus, Inc.  | 704 | 45126  |
| Mistras Group, Inc.<sup>(a)</sup> | 6027 | 89079  |
| Parsons Corp.<sup>(a)</sup> | 637 | 34506  |
| Planet Labs PBC<sup>(a)</sup> | 706 | 19733  |
| RCM Technologies, Inc.<sup>(a)</sup> | 1986 | 38012  |
| &nbsp;&nbsp;&nbsp; Resolute Holdings Management, <br>Inc.<sup>(a)</sup> | 215 | 34895  |
| Resources Connection, Inc.  | 5474 | 20418  |
| Robert Half, Inc.  | 840 | 21336  |
| &nbsp;&nbsp;&nbsp; Science Applications International <br>Corp.  | 117 | 11106  |
| Skillsoft Corp.<sup>(a)(b)</sup> | 4770 | 20463  |
| Spire Global, Inc.<sup>(a)</sup> | 5264 | 66221  |
| Upwork, Inc.<sup>(a)</sup> | 5249 | 57529  |
| Willdan Group, Inc.<sup>(a)</sup> | 1439 | 110170  |
|  |  | 1497910  |
| **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  |
| Compass, Inc. - Class A<sup>(a)</sup> | 18628 | 136171  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 4360 | 53453  |
| Douglas Elliman, Inc.<sup>(a)</sup> | 34859 | 57169  |
| eXp World Holdings, Inc.  | 11083 | 66387  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 552 | 167985  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Real Brokerage, Inc.<sup>(a)</sup> | 16281 | $40702  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 1305 | 54001  |
|  |  | 575868  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 2.2%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 2.2%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 2.2%**  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 1120 | 35314  |
| Ambarella, Inc.<sup>(a)</sup> | 278 | 14310  |
| Amkor Technology, Inc.  | 487 | 21930  |
| Astera Labs, Inc.<sup>(a)</sup> | 1574 | 172510  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 747 | 69531  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 1359 | 196539  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 1919 | 180136  |
| Diodes, Inc.<sup>(a)</sup> | 287 | 19591  |
| FormFactor, Inc.<sup>(a)</sup> | 361 | 35013  |
| Impinj, Inc.<sup>(a)</sup> | 380 | 39026  |
| Kulicke & Soffa Industries, Inc.  | 318 | 20899  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 2020 | 187375  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 669 | 148565  |
| MaxLinear, Inc.<sup>(a)</sup> | 1137 | 19772  |
| MKS, Inc.  | 795 | 182699  |
| Onto Innovation, Inc.<sup>(a)</sup> | 342 | 70134  |
| PDF Solutions, Inc.<sup>(a)(b)</sup> | 577 | 18874  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 2459 | 43278  |
| Photronics, Inc.<sup>(a)</sup> | 567 | 22912  |
| Qorvo, Inc.<sup>(a)</sup> | 1322 | 102323  |
| Rambus, Inc.<sup>(a)</sup> | 2018 | 173608  |
| Semtech Corp.<sup>(a)</sup> | 1729 | 132943  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 272 | 56617  |
| SiTime Corp.<sup>(a)</sup> | 83 | 28664  |
| Skyworks Solutions, Inc.  | 1109 | 59387  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 326 | 20271  |
|  |  | 2072221  |
| **Software - 2.9%** | **Software - 2.9%** | **Software - 2.9%** |
| 8x8, Inc.<sup>(a)</sup> | 48280 | 80145  |
| A10 Networks, Inc.  | 2735 | 63233  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 509 | 20874  |
| Adeia, Inc.  | 645 | 15499  |
| Agilysys, Inc.<sup>(a)</sup> | 140 | 9960  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 344 | 54290  |
| Appian Corp. - Class A<sup>(a)</sup> | 460 | 11091  |
| Arteris, Inc.<sup>(a)</sup> | 2607 | 42859  |
| AvePoint, Inc.<sup>(a)</sup> | 911 | 8664  |
| Bentley Systems, Inc. - Class B<sup>(b)</sup> | 252 | 8850  |
| Bitdeer Technologies Group<sup>(a)(b)</sup> | 2497 | 21599  |
| Box, Inc. - Class A<sup>(a)</sup> | 1620 | 38297  |
| Cerence, Inc.<sup>(a)</sup> | 6208 | 39172  |
| Chaince Digital Holdings, Inc.<sup>(a)</sup> | 5517 | 21958  |
| Cleanspark, Inc.<sup>(a)</sup> | 4150 | 35317  |
| Clear Secure, Inc. - Class A  | 1315 | 63659  |
| CommVault Systems, Inc.<sup>(a)</sup> | 552 | 42995  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 3300 | 78342  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| Digital Turbine, Inc.<sup>(a)</sup> | 6082 | $17516  |
| Dolby Laboratories, Inc. - Class A  | 155 | 9309  |
| Domo, Inc. - Class B<sup>(a)</sup> | 4065 | 12439  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 5291 | 120212  |
| Dynatrace, Inc.<sup>(a)</sup> | 2492 | 92154  |
| eGain Corp.<sup>(a)</sup> | 10229 | 80707  |
| Elastic NV<sup>(a)</sup> | 718 | 35893  |
| Five9, Inc.<sup>(a)</sup> | 749 | 11362  |
| Gen Digital, Inc.  | 4082 | 76864  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 581 | 12573  |
| Guidewire Software, Inc.<sup>(a)</sup> | 526 | 78669  |
| InterDigital, Inc.  | 369 | 111438  |
| Life360, Inc.<sup>(a)(b)</sup> | 538 | 21961  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 1957 | 51900  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 746 | 99308  |
| Mitek Systems, Inc.<sup>(a)</sup> | 2332 | 31482  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 3315 | 126003  |
| OneSpan, Inc.  | 3248 | 34201  |
| Ooma, Inc.<sup>(a)(b)</sup> | 4975 | 72386  |
| &nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd. - <br>Class A<sup>(a)</sup> | 5311 | 61873  |
| Pegasystems, Inc.  | 2295 | 97675  |
| Porch Group, Inc.<sup>(a)</sup> | 3548 | 25439  |
| Procore Technologies, Inc.<sup>(a)</sup> | 1105 | 62985  |
| Qualys, Inc.<sup>(a)</sup> | 239 | 20996  |
| Red Violet, Inc.<sup>(a)</sup> | 1464 | 50654  |
| Rezolve AI PLC<sup>(a)(b)</sup> | 6753 | 17288  |
| Rimini Street, Inc.<sup>(a)</sup> | 10862 | 35627  |
| RingCentral, Inc. - Class A  | 2894 | 107628  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 794 | 38882  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 1184 | 14137  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 1918 | 11508  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 2638 | 15037  |
| Teradata Corp.<sup>(a)</sup> | 2592 | 66433  |
| Terawulf, Inc.<sup>(a)</sup> | 5979 | 86277  |
| UiPath, Inc. - Class A<sup>(a)(b)</sup> | 3585 | 39793  |
| Unity Software, Inc.<sup>(a)</sup> | 3894 | 85434  |
| WM Technology, Inc.<sup>(a)</sup> | 67922 | 44720  |
| Yext, Inc.<sup>(a)</sup> | 8226 | 31588  |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. - <br>Class A<sup>(a)</sup> | 4804 | 76480  |
|  |  | 2743635  |
| **Specialty Retail - 3.9%**  | **Specialty Retail - 3.9%**  | **Specialty Retail - 3.9%**  |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. - <br>Class A<sup>(a)</sup> | 1214 | 110923  |
| Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 1616 | 91223  |
| American Eagle Outfitters, Inc.  | 4485 | 74899  |
| Arhaus, Inc.  | 1698 | 11512  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 188 | 36737  |
| AutoNation, Inc.<sup>(a)</sup> | 380 | 74199  |
| Bath & Body Works, Inc.  | 4092 | 76398  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 557 | 81523  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 2243 | $84000  |
| Caleres, Inc.  | 1279 | 13481  |
| Citi Trends, Inc.<sup>(a)</sup> | 1948 | 84387  |
| Designer Brands, Inc. - Class A<sup>(b)</sup> | 18740 | 106631  |
| Dick's Sporting Goods, Inc.<sup>(b)</sup> | 742 | 147131  |
| Envela Corp.<sup>(a)</sup> | 4880 | 81301  |
| EVgo, Inc.<sup>(a)</sup> | 9091 | 15637  |
| Five Below, Inc.<sup>(a)</sup> | 814 | 185983  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 548 | 27838  |
| GameStop Corp. - Class A<sup>(a)(b)</sup> | 1284 | 29583  |
| Gap, Inc.  | 7302 | 176708  |
| Genesco, Inc.<sup>(a)</sup> | 4071 | 118018  |
| Group 1 Automotive, Inc.  | 295 | 97536  |
| Haverty Furniture Cos., Inc.  | 2996 | 63455  |
| J Jill, Inc.  | 2720 | 31171  |
| Lands' End, Inc.<sup>(a)(b)</sup> | 5370 | 60359  |
| Lithia Motors, Inc.  | 130 | 32464  |
| MarineMax, Inc.<sup>(a)</sup> | 733 | 19835  |
| Monro, Inc.  | 1223 | 19617  |
| Murphy USA, Inc.  | 286 | 141275  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 4920 | 127428  |
| Penske Automotive Group, Inc.<sup>(b)</sup> | 260 | 38875  |
| Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 15047 | 41831  |
| RealReal, Inc.<sup>(a)</sup> | 10818 | 98227  |
| Revolve Group, Inc.<sup>(a)</sup> | 1826 | 41286  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 8408 | 116451  |
| Signet Jewelers Ltd.  | 1951 | 165133  |
| Sleep Number Corp.<sup>(a)</sup> | 4039 | 7250  |
| Sonic Automotive, Inc. - Class A<sup>(b)</sup> | 1394 | 95587  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 22538 | 74601  |
| The Buckle, Inc.  | 1292 | 65065  |
| ThredUp, Inc. - Class A<sup>(a)</sup> | 8727 | 28625  |
| Upbound Group, Inc.  | 2958 | 53392  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 2126 | 134682  |
| Victoria's Secret & Co.<sup>(a)</sup> | 3798 | 176075  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 3222 | 67888  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | 2264 | 170275  |
| Winmark Corp.  | 145 | 61995  |
| Zumiez, Inc.<sup>(a)</sup> | 3594 | 79643  |
|  |  | 3738133  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 1.4%**  | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 1.4%**  | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 1.4%**  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 5880 | 32634  |
| CPI Card Group, Inc.<sup>(a)</sup> | 2545 | 36928  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | 1478 | 111500  |
| Everpure, Inc. - Class A<sup>(a)</sup> | 4873 | 287702  |
| GPGI, Inc.  | 1918 | 32798  |
| IonQ, Inc.<sup>(a)(b)</sup> | 714 | 20585  |
| Sandisk Corp.<sup>(a)</sup> | 1248 | 792904  |
| Turtle Beach Corp.<sup>(a)</sup> | 5909 | 59917  |
|  |  | 1374968  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Textiles, Apparel & Luxury Goods - 2.2%**  | **Textiles, Apparel & Luxury Goods - 2.2%**  | **Textiles, Apparel & Luxury Goods - 2.2%**  |
| Amer Sports, Inc.<sup>(a)</sup> | 1798 | $59190  |
| Birkenstock Holding PLC<sup>(a)(b)</sup> | 451 | 16159  |
| Capri Holdings Ltd.<sup>(a)</sup> | 2199 | 38746  |
| Carter's, Inc.  | 1032 | 36904  |
| Columbia Sportswear Co.  | 565 | 30968  |
| Crocs, Inc.<sup>(a)</sup> | 1469 | 121956  |
| Ermenegildo Zegna NV  | 5680 | 59186  |
| Figs, Inc. - Class A<sup>(a)</sup> | 10331 | 152589  |
| G-III Apparel Group, Ltd.  | 3389 | 93875  |
| Kontoor Brands, Inc.  | 1341 | 94259  |
| Movado Group, Inc.  | 1876 | 45812  |
| PVH Corp.  | 1562 | 108965  |
| Ralph Lauren Corp.  | 882 | 303399  |
| Rocky Brands, Inc.  | 1923 | 74459  |
| Steven Madden, Ltd.  | 1942 | 65873  |
| Superior Group of Cos., Inc.  | 1142 | 11603  |
| Tapestry, Inc.  | 3946 | 556820  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 3058 | 18073  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 3143 | 18198  |
| VF Corp.  | 5131 | 87176  |
| Wolverine World Wide, Inc.  | 4492 | 73309  |
|  |  | 2067519  |
| **Tobacco - 0.1%**  | **Tobacco - 0.1%**  | **Tobacco - 0.1%**  |
| Turning Point Brands, Inc.  | 749 | 65006  |
| **Trading Companies & Distributors - 1.9%**  | **Trading Companies & Distributors - 1.9%**  | **Trading Companies & Distributors - 1.9%**  |
| Applied Industrial Technologies, Inc. | 730 | 193684  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 3280 | 162032  |
| DNOW, Inc.<sup>(a)</sup> | 6149 | 73235  |
| DXP Enterprises, Inc.<sup>(a)</sup> | 1404 | 196181  |
| EVI Industries, Inc.  | 2778 | 57171  |
| Global Industrial Co.  | 1737 | 54750  |
| Hudson Technologies, Inc.<sup>(a)</sup> | 1953 | 11484  |
| Karat Packaging, Inc.  | 1571 | 43862  |
|  MSC Industrial Direct Co., Inc. - Class A  | 1247 | 115061  |
| NPK International, Inc.<sup>(a)</sup> | 1376 | 19938  |
| QXO, Inc.<sup>(a)</sup> | 2063 | 40063  |
| Rush Enterprises, Inc. - Class A  | 2344 | 154962  |
| Rush Enterprises, Inc. - Class B  | 1405 | 90412  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 941 | 125256  |
| Titan Machinery, Inc.<sup>(a)</sup> | 2351 | 39309  |
| Watsco, Inc.<sup>(b)</sup> | 361 | 131328  |
| WESCO International, Inc.  | 947 | 259118  |
| Xometry, Inc. - Class A<sup>(a)(b)</sup> | 933 | 38104  |
|  |  | 1805950  |
| **Water Utilities - 0.1%**  | **Water Utilities - 0.1%**  | **Water Utilities - 0.1%**  |
| Consolidated Water Co. Ltd.  | 1475 | 48852  |
| Essential Utilities, Inc.  | 874 | 35196  |
|  |  | 84048  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Wireless Telecommunication Services - 0.2%**  | **Wireless Telecommunication Services - 0.2%**  | **Wireless Telecommunication Services - 0.2%**  |
| Millicom International Cellular SA  | 2137 | $160147  |
| Telephone and Data Systems, Inc.  | 1435 | 60413  |
|  |  | 220560  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,410,249)** |  | 89099188  |
| **INVESTMENT COMPANIES - 4.4%**  | **INVESTMENT COMPANIES - 4.4%**  | **INVESTMENT COMPANIES - 4.4%**  |
| **International Equity Funds - 4.4%**  | **International Equity Funds - 4.4%**  | **International Equity Funds - 4.4%**  |
| Vanguard Extended Market ETF<sup>(b)</sup> | 20413 | 4200996  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $3,296,276)** |  | 4200996  |
| **REAL ESTATE INVESTMENT TRUSTS - 2.0%**  | **REAL ESTATE INVESTMENT TRUSTS - 2.0%**  | **REAL ESTATE INVESTMENT TRUSTS - 2.0%**  |
| **Real Estate Investment Trusts - 2.0%**  | **Real Estate Investment Trusts - 2.0%**  | **Real Estate Investment Trusts - 2.0%**  |
| Adamas Trust, Inc.  | 7241 | 53294  |
| AGNC Investment Corp.  | 14409 | 144522  |
| Agree Realty Corp.  | 293 | 22086  |
| American Healthcare REIT, Inc.  | 1089 | 51357  |
| American Homes 4 Rent - Class A  | 475 | 13262  |
| Angel Oak Mortgage REIT, Inc.  | 2789 | 22926  |
| Annaly Capital Management, Inc.  | 9254 | 195722  |
|  Apollo Commercial Real Estate Finance, Inc.  | 916 | 9673  |
| ARMOUR Residential REIT, Inc.  | 1139 | 18999  |
| Brixmor Property Group, Inc.  | 1596 | 45965  |
| BXP, Inc.  | 910 | 47229  |
| Camden Property Trust  | 501 | 48928  |
| CareTrust REIT, Inc.  | 1146 | 42001  |
| CBL & Associates Properties, Inc.  | 1596 | 61334  |
| DiamondRock Hospitality Co.  | 1268 | 11881  |
| Diversified Healthcare Trust  | 7498 | 49787  |
| Dynex Capital, Inc.  | 2628 | 33533  |
| EastGroup Properties, Inc.  | 57 | 10550  |
| Ellington Financial, Inc.  | 3238 | 38370  |
| EPR Properties  | 398 | 19884  |
| Equity LifeStyle Properties, Inc.  | 423 | 26404  |
| First Industrial Realty Trust, Inc.  | 176 | 10182  |
| Gaming and Leisure Properties, Inc.  | 988 | 43838  |
| Host Hotels & Resorts, Inc.  | 7203 | 138009  |
| Industrial Logistics Properties Trust  | 3550 | 20164  |
| Invesco Mortgage Capital, Inc.  | 5622 | 45426  |
| Kilroy Realty Corp.  | 756 | 21327  |
| Kimco Realty Corp.  | 3920 | 88082  |
| Lamar Advertising Co. - Class A  | 614 | 77769  |
| MFA Financial, Inc.  | 1252 | 11994  |
| Nexpoint Real Estate Finance, Inc.  | 4926 | 66353  |
| Omega Healthcare Investors, Inc.  | 2021 | 88560  |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment <br>Trust  | 1485 | 17315  |
| Piedmont Realty Trust, Inc. - Class A | 3350 | 22009  |
| Regency Centers Corp.  | 917 | 69380  |
| Rithm Capital Corp.  | 11793 | 111798  |
| Sabra Health Care REIT, Inc.  | 864 | 16615  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  |
| **Real Estate Investment Trusts - (Continued)**  | **Real Estate Investment Trusts - (Continued)**  | **Real Estate Investment Trusts - (Continued)**  |
| STAG Industrial, Inc.  | 247 | $8907  |
| Starwood Property Trust, Inc.  | 740 | 12743  |
| TPG Mortgage Investment Trust, Inc. | 2243 | 16396  |
| Vornado Realty Trust  | 1060 | 27549  |
| Xenia Hotels & Resorts, Inc.  | 761 | 11286  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,705,718)** |  | 1893409  |
| **RIGHTS - 0.0%<sup>(d)</sup>**  | **RIGHTS - 0.0%<sup>(d)</sup>**  | **RIGHTS - 0.0%<sup>(d)</sup>**  |
| **Biotechnology - 0.0%<sup>(d)</sup>** | **Biotechnology - 0.0%<sup>(d)</sup>** | **Biotechnology - 0.0%<sup>(d)</sup>** |
| Alkermes PLC, Expires 02/16/2027, Exercise Price $1.00<sup>(a)(c)</sup> | 1741 | 1114  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.0%<sup>(d)</sup>** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.0%<sup>(d)</sup>** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.0%<sup>(d)</sup>** |
| Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00<sup>(a)(c)</sup> | 2645 | 1402  |
| **Media - 0.0%<sup>(d)</sup>** | **Media - 0.0%<sup>(d)</sup>** | **Media - 0.0%<sup>(d)</sup>** |
|  EW Scripps Co., Expires 12/09/2026, Exercise Price $2.19<sup>(a)(c)</sup> | 7945 | 12156  |
| **Pharmaceuticals - 0.0%<sup>(d)</sup>** | **Pharmaceuticals - 0.0%<sup>(d)</sup>** | **Pharmaceuticals - 0.0%<sup>(d)</sup>** |
|  Sanofi SA, Expires 07/21/2026, Exercise Price $6.00<sup>(a)(c)</sup> | 237 | 109  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $5,568)** |  | 14781  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.1%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.1%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.1%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(e)</sup> | 3941461 | 3941461  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,941,461)** |  | 3941461  |
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 0.6%**  | **MONEY MARKET FUNDS - 0.6%**  | **MONEY MARKET FUNDS - 0.6%**  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(e)</sup> | 550675 | 550675  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $550,675)** |  | 550675  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.3%** <br>**(Cost $64,909,947)** |  | $99700510  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.3)%  |  | (4114192)  |
| **TOTAL NET ASSETS - 100.0%** |  | $95586318 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $3,971,736.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $18,714 or 0.0% of net assets as of March 31, 2026.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.6%**<br>|  |  |
| **Australia - 3.0%** | **Australia - 3.0%** |  |
| Aristocrat Leisure, Ltd. | 577 | $18340  |
| BHP Billiton, Ltd. | 3592 | 129968  |
| Coles Group, Ltd. | 61146 | 927265  |
| Evolution Mining Ltd. | 10515 | 94684  |
| Fortescue Ltd. | 19627 | 280462  |
| Insurance Australia Group, Ltd. | 55037 | 278720  |
| Lottery Corp. Ltd. | 36187 | 135142  |
| Medibank Private, Ltd. | 9720 | 29411  |
| QBE Insurance Group, Ltd. | 84430 | 1245914  |
| Telstra Group Ltd. | 263440 | 972518  |
| Wesfarmers, Ltd. | 11889 | 607005  |
| Woolworths, Ltd. | 25487 | 643604  |
|  |  | 5363033  |
| **Austria - 0.5%** | **Austria - 0.5%** |  |
| BAWAG Group AG<sup>(a)</sup> | 1850 | 281252  |
| Erste Group Bank AG | 5986 | 646643  |
|  |  | 927895  |
| **Belgium - 1.0%** | **Belgium - 1.0%** |  |
| Ageas SA | 16700 | 1229343  |
| KBC Group NV | 4059 | 496791  |
|  |  | 1726134  |
| **Canada - 12.9%** | **Canada - 12.9%** |  |
| Agnico Eagle Mines Ltd. | 633 | 128488  |
| ARC Resources Ltd. | 2301 | 47886  |
| Bank of Montreal | 2812 | 380876  |
| Bank of Nova Scotia | 2322 | 161026  |
| Barrick Mining Corp. | 1552 | 63425  |
| Canadian Imperial Bank of Commerce | 12709 | 1204482  |
| Canadian Tire Corp. Ltd. - Class A | 1618 | 217594  |
| Cenovus Energy, Inc. | 33215 | 881531  |
| Constellation Software, Inc. | 143 | 251028  |
| Empire Co. Ltd. | 49469 | 1772008  |
| Fairfax Financial Holdings Ltd. | 882 | 1502855  |
| FirstService Corp. | 2316 | 322186  |
| George Weston, Ltd. | 16300 | 1151581  |
| Great-West Lifeco, Inc. | 4873 | 228219  |
| iA Financial Corp., Inc. | 2614 | 290094  |
| Imperial Oil, Ltd. | 2412 | 315930  |
| Kinross Gold Corp. | 47260 | 1444877  |
| Loblaw Cos. Ltd. | 32470 | 1480302  |
| Lundin Gold, Inc. | 12659 | 967420  |
| Magna International, Inc. | 1203 | 67185  |
| Metro, Inc. | 452 | 30926  |
| National Bank of Canada | 559 | 72335  |
| Open Text Corp. | 13099 | 291905  |
| Power Corp. of Canada | 9763 | 470008  |
| Royal Bank of Canada | 12518 | 2023613  |
| Saputo, Inc. | 40056 | 1251408  |
| Stantec, Inc. | 6534 | 564862  |
| Sun Life Financial, Inc. | 1054 | 66031  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Suncor Energy, Inc. | 32446 | $2146040  |
| Toronto-Dominion Bank | 24147 | 2255178  |
| WSP Global, Inc. | 6859 | 1067482  |
|  |  | 23118781  |
| **Denmark - 1.3%** | **Denmark - 1.3%** |  |
| Danske Bank AS | 12439 | 613026  |
| Demant AS<sup>(b)</sup> | 9541 | 289126  |
| Genmab AS<sup>(b)</sup> | 2027 | 545915  |
| Novo Nordisk AS | 2277 | 83326  |
| Pandora AS | 4826 | 344933  |
| ROCKWOOL AS | 14116 | 392068  |
|  |  | 2268394  |
| **Finland - 1.2%** | **Finland - 1.2%** |  |
| Nokia OYJ | 15833 | 127013  |
| Nordea Bank Abp | 50710 | 873188  |
| Orion Oyj - Class B | 4850 | 392011  |
| Sampo Oyj | 38776 | 414529  |
| Wartsila OYJ Abp | 9296 | 346259  |
|  |  | 2153000  |
| **France - 6.2%** | **France - 6.2%** |  |
| AXA SA | 23416 | 1076007  |
| Ayvens SA<sup>(a)</sup> | 10961 | 129232  |
| BioMerieux | 1322 | 141235  |
| BNP Paribas SA | 2299 | 219012  |
| Bureau Veritas SA | 3993 | 119517  |
| Capgemini SE | 656 | 77407  |
| Carrefour SA | 43190 | 799704  |
| Cie de Saint-Gobain SA | 3089 | 255753  |
| Danone SA | 4216 | 336890  |
| Eiffage SA | 14550 | 2231510  |
| Ipsen SA | 7682 | 1435647  |
| Legrand SA | 765 | 118847  |
| L'Oreal SA | 1143 | 466678  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton <br>SE | 1124 | 614437  |
| Rexel SA | 12608 | 499607  |
| Schneider Electric SE | 65 | 17705  |
| Societe Generale SA | 7631 | 557195  |
| TotalEnergies SE | 8562 | 785774  |
| Vinci SA | 8351 | 1253485  |
|  |  | 11135642  |
| **Germany - 8.5%** | **Germany - 8.5%** |  |
| Allianz SE | 4074 | 1720534  |
| Bayer AG | 38577 | 1785284  |
| Brenntag SE | 7668 | 519419  |
| Continental AG | 1953 | 136334  |
| Delivery Hero SE<sup>(a)(b)</sup> | 3274 | 60835  |
| Deutsche Bank AG | 1320 | 39283  |
| Deutsche Lufthansa AG | 48629 | 414116  |
| Deutsche Post AG | 33242 | 1752092  |
| Deutsche Telekom AG | 25417 | 948650  |
| GEA Group AG | 9810 | 703554 |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Germany - (Continued)**  | **Germany - (Continued)**  | **Germany - (Continued)**  |
| Heidelberg Materials AG | 6446 | $1360348  |
| Henkel AG & Co. KGaA | 213 | 15300  |
| HOCHTIEF AG | 2630 | 1196318  |
| Knorr-Bremse AG | 6214 | 709964  |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 1301 | 821639  |
| Rheinmetall AG | 360 | 607246  |
| SAP SE | 4701 | 801443  |
| Siemens AG | 1095 | 266781  |
| Siemens Energy AG | 370 | 63807  |
| Talanx AG | 3393 | 421030  |
| Zalando SE<sup>(a)(b)</sup> | 37043 | 904992  |
|  |  | 15248969  |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |  |
| AIA Group, Ltd. | 78557 | 872873  |
| BOC Hong Kong Holdings, Ltd. | 77777 | 429096  |
| Futu Holdings Ltd. - ADR<sup>(b)</sup> | 1428 | 195293  |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchange & Clearing, <br>Ltd. | 3798 | 191602  |
| Prudential PLC | 73339 | 1019634  |
| SITC International Holdings Co. Ltd. | 281569 | 1232856  |
| Techtronic Industries Co. Ltd. | 70458 | 935699  |
| WH Group, Ltd.<sup>(a)</sup> | 1123978 | 1477398  |
|  |  | 6354451  |
| **Ireland - 0.5%** | **Ireland - 0.5%** |  |
| AIB Group PLC | 80898 | 863599  |
| **Israel - 2.4%** | **Israel - 2.4%** |  |
| Bank Hapoalim BM | 30052 | 705771  |
| Bank Leumi Le-Israel BM | 41046 | 917906  |
|  Check Point Software Technologies, Ltd.<sup>(b)</sup> | 1157 | 165277  |
| Israel Discount Bank Ltd. - Class A | 35181 | 355249  |
| Mizrahi Tefahot Bank, Ltd. | 9780 | 714689  |
| Monday.com Ltd.<sup>(b)</sup> | 632 | 43678  |
| Nice, Ltd.<sup>(b)</sup> | 2559 | 282536  |
| Phoenix Financial Ltd. | 21574 | 1151924  |
|  |  | 4337030  |
| **Italy - 4.9%** | **Italy - 4.9%** |  |
| Banca Mediolanum SpA | 73165 | 1482419  |
| Banco BPM SpA | 50086 | 696724  |
| BPER Banca SPA | 33224 | 435410  |
| Buzzi SpA | 2915 | 147375  |
| Enel SpA | 43319 | 473602  |
| Generali | 624 | 25105  |
| Intesa Sanpaolo SpA | 196256 | 1186939  |
| Italgas SpA | 3561 | 41482  |
| Poste Italiane SpA<sup>(a)</sup> | 43751 | 1029849  |
| Prysmian SpA | 8371 | 988545  |
| Telecom Italia SpA<sup>(b)</sup> | 258851 | 181741  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Telecom Italia SpA - Savings Shares<sup>(b)</sup> | 65301 | $53931  |
| UniCredit SpA | 19237 | 1380142  |
| Unipol Assicurazioni SpA | 27218 | 632282  |
|  |  | 8755546  |
| **Japan - 17.9%** | **Japan - 17.9%** |  |
| Advantest Corp. | 13287 | 1833695  |
| Aeon Co. Ltd. | 36889 | 441043  |
| Aisin Corp. | 17530 | 246965  |
| Ajinomoto Co., Inc. | 1821 | 51482  |
| Asahi Kasei Corp. | 32827 | 321195  |
| Asics Corp. | 26683 | 717376  |
| Astellas Pharma, Inc. | 74058 | 1207280  |
| Bandai Namco Holdings, Inc. | 17645 | 435309  |
| Bridgestone Corp. | 41290 | 860412  |
| Daiichi Life Group, Inc. | 66417 | 612497  |
| Daikin Industries, Ltd. | 1788 | 214465  |
| Don Quijote Co., Ltd. | 109440 | 667612  |
| Eisai Co. Ltd. | 1188 | 37192  |
| ENEOS Holdings, Inc. | 4169 | 37563  |
| Fujikura Ltd. | 30030 | 825886  |
| Fujitsu, Ltd. | 26420 | 540307  |
| Hitachi, Ltd. | 11940 | 350266  |
| Hoya Corp. | 573 | 99336  |
| Inpex Corp. | 32780 | 969616  |
| Japan Airlines Co. Ltd. | 90261 | 1473638  |
| Kirin Holdings Co. Ltd. | 9286 | 147705  |
| Kyowa Kirin Co. Ltd. | 5292 | 86609  |
| Lasertec Corp. | 1029 | 229028  |
| MatsukiyoCocokara & Co. | 77028 | 1226002  |
| Mitsubishi Chemical Group Corp. | 68758 | 401968  |
| Mitsubishi Electric Corp. | 23152 | 757235  |
| Mitsubishi UFJ Financial Group, Inc. | 17592 | 297902  |
| &nbsp;&nbsp;&nbsp; MS & AD Insurance Group Holdings, <br>Inc. | 48664 | 1269915  |
| NEC Corp. | 43463 | 1081494  |
| Nitto Denko Corp. | 2701 | 54031  |
| Nomura Research Institute, Ltd. | 2693 | 73701  |
| NTT, Inc. | 45207 | 45228  |
| Olympus Corp. | 15686 | 149446  |
| ORIX Corp. | 1095 | 32490  |
| Osaka Gas Co. Ltd. | 7994 | 323793  |
| Otsuka Corp. | 2001 | 38309  |
| Otsuka Holdings Co. Ltd. | 21159 | 1501673  |
| Recruit Holdings Co. Ltd. | 21567 | 939674  |
| Ryohin Keikaku Co. Ltd. | 35003 | 746950  |
| SBI Holdings, Inc. | 70493 | 1305273  |
| SCREEN Holdings Co. Ltd. | 7382 | 439794  |
| Seibu Holdings, Inc. | 2558 | 71467  |
| Sekisui Chemical Co. Ltd. | 13191 | 221459  |
| Seven & i Holdings Co. Ltd. | 47848 | 643539  |
| Shiseido Co. Ltd. | 38277 | 782008  |
| Sony Financial Group, Inc. | 163054 | 149366  |
| Sony Group Corp. | 15533 | 323750 |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Japan - (Continued)**  | **Japan - (Continued)**  | **Japan - (Continued)**  |
| Subaru Corp. | 2182 | $35155  |
| Sumitomo Corp. | 1430 | 53509  |
| Sumitomo Electric Industries Ltd. | 18211 | 1034751  |
| Suntory Beverage & Food Ltd. | 3212 | 90707  |
| Suzuki Motor Corp. | 40901 | 498531  |
| T&D Holdings, Inc. | 14596 | 373870  |
| Takeda Pharmaceutical Co. Ltd. | 5880 | 216548  |
| TIS, Inc. | 17798 | 380547  |
| Tokio Marine Holdings, Inc. | 34429 | 1616131  |
| Tokyo Electron, Ltd. | 1647 | 409199  |
| Tokyo Gas Co. Ltd. | 12288 | 578716  |
| Toyota Tsusho Corp. | 4782 | 185335  |
| Tsuruha Holdings, Inc. | 16605 | 260564  |
| Yokogawa Electric Corp. | 29935 | 925104  |
| Zensho Holdings Co. Ltd. | 3301 | 192722  |
|  |  | 32134333  |
| **Mexico - 0.9%** | **Mexico - 0.9%** |  |
| Fresnillo PLC | 34987 | 1550825  |
| **Netherlands - 3.6%** | **Netherlands - 3.6%** |  |
| ASML Holding NV | 2355 | 3131592  |
| Heineken Holding NV | 451 | 32096  |
| ING Groep NV | 26974 | 700159  |
| Koninklijke Ahold Delhaize NV | 44301 | 2063072  |
| Koninklijke Philips NV | 1335 | 36515  |
| Nebius Group NV<sup>(b)</sup> | 2769 | 287312  |
| Randstad Holding NV | 10274 | 268151  |
|  |  | 6518897  |
| **Norway - 1.6%** | **Norway - 1.6%** |  |
| DNB Bank ASA | 30612 | 957808  |
| Equinor ASA | 19640 | 836750  |
| Gjensidige Forsikring ASA | 9674 | 253059  |
| Yara International ASA | 13222 | 772885  |
|  |  | 2820502  |
| **Poland - 0.2%** | **Poland - 0.2%** |  |
| InPost SA<sup>(b)</sup> | 22797 | 403599  |
| **Portugal - 0.5%** | **Portugal - 0.5%** |  |
| Banco Comercial Portugues SA | 179122 | 174460  |
| Jeronimo Martins SGPS SA | 26679 | 637934  |
|  |  | 812394  |
| **Singapore - 1.0%** | **Singapore - 1.0%** |  |
| DBS Group Holdings, Ltd. | 27181 | 1209558  |
| Oversea-Chinese Banking Corp. Ltd. | 9733 | 166705  |
| Sea Ltd. - ADR<sup>(b)</sup> | 1864 | 154358  |
| Singapore Exchange, Ltd. | 14139 | 215692  |
|  |  | 1746313  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Spain - 4.7%** | **Spain - 4.7%** |  |
| Acciona SA | 1669 | $438886  |
|  ACS, Actividades de Construccion y Servicios SA | 799 | 97443  |
| Banco Bilbao Vizcaya Argentaria SA | 110300 | 2382444  |
| Banco de Sabadell SA | 191640 | 686514  |
| Banco Santander SA | 188747 | 2116000  |
| Bankinter SA | 46459 | 735792  |
| CaixaBank SA | 96248 | 1153794  |
| Endesa SA | 14700 | 613038  |
| Mapfre SA | 42149 | 187838  |
|  |  | 8411749  |
| **Sweden - 2.3%** | **Sweden - 2.3%** |  |
| H & M Hennes & Mauritz AB - Class B | 37515 | 701863  |
| Industrivarden AB | 695 | 34450  |
| Investor AB<sup>(b)</sup> | 931 | 35261  |
| Sandvik AB | 3304 | 127012  |
| Securitas AB - Class B | 18536 | 310440  |
|  Skandinaviska Enskilda Banken AB - Class A | 888 | 16409  |
| Spotify Technology SA<sup>(b)</sup> | 641 | 310827  |
| Svenska Handelsbanken AB - Class A | 18400 | 242581  |
| Swedbank AB - Class A<sup>(c)</sup> | 24032 | 819095  |
| Tele2 AB - B Shares - Class B | 1703 | 35248  |
|  Telefonaktiebolaget LM Ericsson - Class B | 132573 | 1511363  |
|  |  | 4144549  |
| **Switzerland - 7.3%** | **Switzerland - 7.3%** |  |
| ABB, Ltd. | 883 | 71795  |
| Avolta AG | 26927 | 1614445  |
| Belimo Holding AG<sup>(b)</sup> | 72 | 58475  |
| Coca-Cola HBC AG | 9040 | 509213  |
| Holcim AG | 12336 | 1019718  |
| Kuehne & Nagel International AG | 1172 | 268394  |
| Logitech International SA | 6818 | 633150  |
| Nestle SA | 3790 | 371765  |
| Novartis AG | 19446 | 2984853  |
| Roche Holding AG | 5834 | 2328296  |
| SGS SA | 5378 | 566782  |
| Swiss Life Holding AG | 243 | 264679  |
| Swiss Re AG | 3534 | 593632  |
| Swisscom AG | 626 | 525316  |
| VAT Group AG<sup>(a)</sup> | 137 | 85466  |
| Zurich Insurance Group AG | 1558 | 1101223  |
|  |  | 12997202  |
| **United Kingdom - 9.7%** | **United Kingdom - 9.7%** |  |
| 3i Group PLC | 17501 | 570372  |
| Admiral Group PLC | 26058 | 1089889  |
| Airtel Africa PLC<sup>(a)</sup> | 88088 | 406201  |
| Associated British Foods PLC | 10485 | 262462 |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United Kingdom - (Continued)**  | **United Kingdom - (Continued)**  | **United Kingdom - (Continued)**  |
| AstraZeneca PLC | 10319 | $2017765  |
| Autotrader Group PLC<sup>(a)</sup> | 8052 | 50398  |
| Barclays PLC | 75113 | 393100  |
| BP PLC | 32379 | 253422  |
| Endeavour Mining PLC | 13320 | 802522  |
| Entain PLC | 58263 | 437692  |
| GSK PLC | 53009 | 1460149  |
| HSBC Holdings PLC | 109551 | 1799100  |
| Imperial Brands PLC | 9516 | 385851  |
| JD Sports Fashion PLC | 1272604 | 1207005  |
| Kingfisher PLC | 405738 | 1542743  |
| Lloyds Banking Group PLC | 85750 | 106281  |
| NatWest Group PLC | 123608 | 915676  |
| Next PLC | 5620 | 949487  |
| Shell PLC | 9447 | 437535  |
| Smith & Nephew PLC | 28356 | 449270  |
| Smiths Group PLC | 4942 | 150810  |
| Standard Chartered PLC | 34423 | 717366  |
| Vodafone Group PLC | 589932 | 889820  |
|  |  | 17294916  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $125,588,627)** |  | 171087753  |
| **INVESTMENT COMPANIES - 3.2%**<br>|  |  |
| **United States - 3.2%** | **United States - 3.2%** |  |
| iShares MSCI Canada ETF | 9254 | 507026  |
| iShares MSCI EAFE ETF<sup>(c)</sup> | 54175 | 5262018  |
|  |  | 5769044  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $6,068,231)** |  | 5769044  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.1%** | **REAL ESTATE INVESTMENT TRUSTS - 0.1%** | **REAL ESTATE INVESTMENT TRUSTS - 0.1%** |
| **France - 0.1%** | **France - 0.1%** |  |
| Unibail-Rodamco-Westfield | 1844 | 203441  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $192,564)** |  | 203441  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Italy - 0.0%<sup>(d)</sup>** | **Italy - 0.0%<sup>(d)</sup>** |  |
|  Telecom Italia SpA, Expires 04/02/2026, Exercise Price $0.51<sup>(b)(e)</sup> | 324152 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **WARRANTS - 0.0%<sup>(d)</sup>** | **WARRANTS - 0.0%<sup>(d)</sup>** |  |
| **Canada - 0.0%<sup>(d)</sup>** | **Canada - 0.0%<sup>(d)</sup>** |  |
|  Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(b)(e)</sup> | 282 | $0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(f)</sup> | 5757991 | 5757991  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,757,991)** |  | 5757991  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(f)</sup> | 661154 | 661154  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $661,154)** |  | 661154  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.5%**<br>**(Cost $138,268,567)** |  | $183479383  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.5)% |  | (4471775)  |
| **TOTAL NET ASSETS - 100.0%** |  | $179007608 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $4,425,623 or 2.5% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

<sup>(c)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $5,791,465.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2026.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

**Sector Classification as of March 31, 2026** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $59201121 | 33.2%  |
| Industrials | 23888025 | 13.3  |
| Consumer Staples | 18258507 | 10.2  |
| Health Care | 17247476 | 9.6  |
| Consumer Discretionary | 15473923 | 8.6  |
| Information Technology | 13554882 | 7.6  |
| Materials | 9540191 | 5.3  |
| Energy | 6712047 | 3.7  |
| Communication Services | 4419878 | 2.5  |
| Utilities | 2469517 | 1.4  |
| Real Estate | 525627 | 0.3  |
| Investment Companies | 5769044 | 3.2  |
| Investments Purchased with Proceeds from Securities Lending | 5757991 | 3.2  |
| Money Market Funds | 661154 | 0.4  |
| Other Assets in Excess of Liabilities | (4471775) | (2.5)  |
|  | $179007608 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH ABSOLUTE RETURN ALLOCATION FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 97.3%** | **INVESTMENT COMPANIES - 97.3%** | **INVESTMENT COMPANIES - 97.3%** |
| **Alternative Funds - 70.0%** | **Alternative Funds - 70.0%** |  |
|  abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF<sup>(a)</sup> | 127284 | $4554221  |
|  AQR Equity Market Neutral Fund - Class I | 2405695 | 29012684  |
|  AQR Managed Futures Strategy Fund - Class I | 2396012 | 25158130  |
|  AQR Risk-Balanced Commodities Fund - Class I | 552158 | 6024043  |
|  BlackRock Global Equity Market Neutral Fund - Class I | 1922909 | 29035925  |
|  BlackRock Systematic Multi-Strategy Fund - Class I | 1459667 | 15282714  |
|  BlackRock Tactical Opportunities Fund - Class I<sup>(b)</sup> | 936412 | 15319692  |
|  Campbell Systematic Macro Fund - Class I | 757313 | 7588276  |
|  Catalyst/Millburn Hedge Strategy Fund - Class I | 174643 | 7776831  |
| Franklin Systematic Style Premia ETF | 387859 | 10549765  |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)(d)</sup> | 155838 | 4673582  |
|  Harbor Commodity All Weather Strategy ETF<sup>(a)</sup> | 1040557 | 32267673  |
|  Parametric Commodity Strategy - Class I | 776030 | 5990955  |
|  Simplify Managed Futures Strategy ETF<sup>(a)</sup> | 526056 | 15897412  |
| SPDR Gold MiniShares Trust<sup>(b)(d)</sup> | 66729 | 6185111  |
|  |  | 215317014  |
| **Domestic Equity Funds - 11.9%** | **Domestic Equity Funds - 11.9%** |  |
| First Trust Long/Short Equity ETF<sup>(a)</sup> | 431363 | 30350701  |
|  iShares Defense Industrials Active ETF<sup>(a)</sup> | 194580 | 6366657  |
|  |  | 36717358  |
| **Domestic Fixed Income Funds - 8.8%** | **Domestic Fixed Income Funds - 8.8%** |  |
|  First Trust Low Duration Opportunities ETF<sup>(a)</sup> | 316414 | 15760581  |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond <br>ETF<sup>(a)</sup> | 117904 | 11252758  |
|  |  | 27013339  |
| **International Equity Funds - 6.6%** | **International Equity Funds - 6.6%** |  |
| Sprott Critical Materials ETF | 73333 | 2425856  |
| VanEck Gold Miners ETF<sup>(a)</sup> | 71256 | 6539163  |
|  Wisdomtree Artificial Intelligence And Innovation Fund | 400217 | 11298126  |
|  |  | 20263145  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $292,214,213)** |  | 299310856 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(c)</sup> | 48138025 | $48138025  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $48,138,025)** |  | 48138025  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.4%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(c)</sup> | 4246538 | 4246538  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,246,538)** |  | 4246538  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 114.3%**<br>**(Cost $344,598,776)** |  | $351695419  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (14.3)% |  | (44029946)  |
| **TOTAL NET ASSETS - 100.0%** |  | $307665473 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $47,519,245.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> All or portion of this security is held by GuidePath Absolute Return Allocation Cayman Fund Ltd.

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH CONSERVATIVE ALLOCATION FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.2%** | **INVESTMENT COMPANIES - 99.2%** | **INVESTMENT COMPANIES - 99.2%** |
| **Alternative Funds - 1.7%** | **Alternative Funds - 1.7%** |  |
| SPDR Gold MiniShares Trust<sup>(a)(b)(d)</sup> | 109170 | $10118967  |
| **Domestic Equity Funds - 24.3%** | **Domestic Equity Funds - 24.3%** |  |
| American Mutual Fund - Class F-3 | 248389 | 14515832  |
|  iShares 10+ Year Investment Grade Corporate Bond ETF<sup>(b)</sup> | 65043 | 3228084  |
| iShares Core S&P Small-Cap ETF | 129867 | 16143767  |
| iShares Global 100 ETF | 40495 | 4898680  |
|  iShares MSCI USA Min Vol Factor ETF<sup>(b)</sup> | 154254 | 14305516  |
|  State Street SPDR MSCI World StrategicFactors ETF | 36030 | 5157284  |
|  State Street SPDR S&P 600 Small Cap Value ETF | 644 | 60909  |
| Vanguard High Dividend Yield ETF<sup>(b)</sup> | 101079 | 14969800  |
| Vanguard S&P 500 ETF | 64727 | 38677619  |
| Vanguard Value ETF<sup>(b)</sup> | 87844 | 17234993  |
|  Washington Mutual Investors Fund - Class F-3 | 226598 | 14246187  |
|  |  | 143438671  |
| **Domestic Fixed Income Funds - 44.0%** | **Domestic Fixed Income Funds - 44.0%** |  |
|  American Funds Multi-Sector Income Fund - Class F-3 | 2353881 | 21891095  |
| &nbsp;&nbsp;&nbsp; American High-Income Trust - <br>Class F-3 | 1502795 | 14682306  |
| Bond Fund of America - Class F-3 | 1940354 | 21945408  |
| iShares 7-10 Year Treasury Bond ETF | 239090 | 22818750  |
|  iShares Broad USD High Yield Corporate Bond ETF<sup>(b)</sup> | 319355 | 11765038  |
|  iShares Broad USD Investment Grade Corporate Bond ETF<sup>(b)</sup> | 129403 | 6629316  |
| &nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond <br>ETF | 219852 | 21824708  |
|  iShares iBoxx USD High Yield Corporate Bond ETF<sup>(b)</sup> | 34504 | 2745138  |
| iShares TIPS Bond ETF<sup>(b)</sup> | 120796 | 13331046  |
|  State Street SPDR Portfolio Short Term Treasury ETF | 365581 | 10667654  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 8086778 | 44072942  |
|  Vanguard Intermediate-Term Corporate Bond ETF<sup>(b)</sup> | 78642 | 6507625  |
| Vanguard Long-Term Treasury ETF<sup>(b)</sup> | 355825 | 19696693  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(b)</sup> | 146741 | 6889490  |
|  Vanguard Short-Term Corporate Bond ETF<sup>(b)</sup> | 27521 | 2181590  |
| Vanguard Total Bond Market ETF | 23949 | 1763604  |
| &nbsp;&nbsp;&nbsp; Vanguard Total International Bond <br>ETF | 44393 | 2133084  |
|  WisdomTree Floating Rate Treasury Fund<sup>(b)</sup> | 553158 | 27845974  |
|  |  | 259391461  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Emerging Markets Equity Funds - 2.6%** | **Emerging Markets Equity Funds - 2.6%** |  |
|  iShares Core MSCI Emerging Markets ETF | 155959 | $10878140  |
| State Street SPDR S&P China ETF<sup>(b)</sup> | 48628 | 4528240  |
|  |  | 15406380  |
| **Emerging Markets Fixed Income Funds - 3.4%** | **Emerging Markets Fixed Income Funds - 3.4%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 91235 | 8569704  |
|  Vanguard Emerging Markets Government Bond ETF<sup>(b)</sup> | 171315 | 11253682  |
|  |  | 19823386  |
| **Hybrid Funds - 14.5%** | **Hybrid Funds - 14.5%** |  |
| Capital Income Builder, Inc. - Class F-3 | 290161 | 22528093  |
| Income Fund of America - Class F-3 | 857117 | 22842159  |
|  iShares Core 60/40 Balanced Allocation ETF | 285976 | 18402556  |
|  iShares Core 80/20 Aggressive Allocation ETF<sup>(b)</sup> | 244840 | 21665892  |
|  |  | 85438700  |
| **International Equity Funds - 7.5%** | **International Equity Funds - 7.5%** |  |
|  Capital World Growth and Income Fund - Class F-3 | 146140 | 10275133  |
| iShares Core MSCI Europe ETF<sup>(b)</sup> | 47062 | 3307047  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE Min Vol Factor <br>ETF | 96186 | 8788515  |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders Canada <br>ETF<sup>(b)</sup> | 27340 | 2571600  |
|  Vanguard FTSE Developed Markets ETF<sup>(b)</sup> | 298466 | 19125701  |
|  |  | 44067996  |
| **International Fixed Income Funds - 0.2%** | **International Fixed Income Funds - 0.2%** |  |
|  SPDR Bloomberg International Treasury Bond ETF<sup>(b)</sup> | 68540 | 1504453  |
| **Real Estate Funds - 1.0%** | **Real Estate Funds - 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Vanguard Global ex-U.S. Real Estate <br>ETF | 31275 | 1390174  |
| Vanguard Real Estate ETF<sup>(b)</sup> | 50703 | 4497356  |
|  |  | 5887530  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $480,695,792)** |  | 585077544  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(c)</sup> | 108376733 | 108376733  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $108,376,733)** |  | 108376733  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH CONSERVATIVE ALLOCATION FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(c)</sup> | 6352643 | $6352643  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,352,643)** |  | 6352643  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.7%**<br>**(Cost $595,425,168)** |  | $699806920  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (18.7)% |  | (110036446)  |
| **TOTAL NET ASSETS - 100.0%** |  | $589770474 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $107,868,481.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> All or portion of this security is held by GuidePath Conservative Allocation Fund LLC.

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH CONSERVATIVE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 41.7%**<br>|  |  |
| **Domestic Fixed Income Funds - 41.7%** | **Domestic Fixed Income Funds - 41.7%** |  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF<sup>(a)</sup> | 92289 | $4659672  |
| iShares 0-5 Year TIPS Bond ETF | 24761 | 2561030  |
|  |  | 7220702  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $7,226,948)** |  | 7220702  |
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 11.4%** | **U.S. TREASURY SECURITIES - 11.4%** | **U.S. TREASURY SECURITIES - 11.4%** |
| U.S. Treasury Notes  | U.S. Treasury Notes  | U.S. Treasury Notes  |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | $750000 | 744755  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 750000 | 739413  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 500000 | 491853  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,978,171)** |  | 1976021  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 46.8%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(a)(b)</sup> | 8109314 | 8109314  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,109,314)** |  | 8109314  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $17,314,433)** |  | $17306037  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 9674  |
| **TOTAL NET ASSETS - 100.0%** |  | $17315711 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> 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.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH FLEXIBLE INCOME ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 97.5%** | **INVESTMENT COMPANIES - 97.5%** | **INVESTMENT COMPANIES - 97.5%** |
| **Alternative Funds - 18.3%** | **Alternative Funds - 18.3%** |  |
|  JPMorgan Hedged Equity Fund - Select Shares - Class I | 359060 | $12057222  |
|  JPMorgan Research Market Neutral Fund - Class I | 439847 | 6720855  |
| SPDR Gold MiniShares Trust<sup>(a)(b)</sup> | 15169 | 1406014  |
|  Stone Ridge Diversified Alternatives Fund - Class I | 3667588 | 37226023  |
| &nbsp;&nbsp;&nbsp; Vanguard Market Neutral Fund - <br>Class I | 740878 | 10890904  |
|  |  | 68301018  |
| **Domestic Fixed Income Funds - 65.1%** | **Domestic Fixed Income Funds - 65.1%** |  |
|  DFA Short Duration Real Return Portfolio - Class I | 740918 | 7846319  |
|  Eaton Vance Short Duration Income ETF<sup>(b)</sup> | 65953 | 3359646  |
|  iShares Broad USD High Yield Corporate Bond ETF<sup>(b)</sup> | 879127 | 32387039  |
| iShares Convertible Bond ETF | 96189 | 9791078  |
|  iShares iBoxx USD Investment Grade Corporate Bond ETF<sup>(b)</sup> | 91111 | 9930188  |
| JPMorgan Flexible Debt ETF<sup>(b)</sup> | 246047 | 12221351  |
|  JPMorgan Short Duration Core Plus Fund - Class I | 1449312 | 13623530  |
|  Pacer Aristotle Pacific Floating Rate High Income ETF<sup>(b)</sup> | 146145 | 6767975  |
|  PIMCO Short Asset Investment Fund - Class I | 1293021 | 12930206  |
| Schwab US TIPS ETF | 499696 | 13296911  |
|  State Street DoubleLine Short Duration Total Return Tactical ETF | 51193 | 2412726  |
|  State Street SPDR Bloomberg High Yield Bond ETF<sup>(b)</sup> | 63433 | 6071807  |
|  State Street SPDR Bloomberg Short Term High Yield Bond ETF<sup>(b)</sup> | 275317 | 6877419  |
|  State Street SPDR Portfolio Short Term Treasury ETF | 349102 | 10186796  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 8631807 | 47043348  |
| Vanguard Long-Term Treasury ETF | 239518 | 13258519  |
| Vanguard Total Bond Market ETF | 43956 | 3236920  |
|  Xtrackers USD High Yield Corporate Bond ETF<sup>(b)</sup> | 890020 | 32183123  |
|  |  | 243424901  |
| **Emerging Markets Equity Funds - 0.3%** | **Emerging Markets Equity Funds - 0.3%** |  |
|  iShares Core MSCI Emerging Markets ETF | 19292 | 1345617  |
| **International Equity Funds - 0.4%** | **International Equity Funds - 0.4%** |  |
| iShares Core MSCI EAFE ETF | 15089 | 1366007  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Opportunistic Fixed Income Funds - 13.4%** | **Opportunistic Fixed Income Funds - 13.4%** |  |
|  Eaton Vance Strategic Income Fund - Class I | 2798765 | $19003617  |
| JPMorgan Income Fund - Class I | 1278827 | 10882817  |
|  Navigator Tactical Fixed Income Fund - Institutional Shares - Class I | 2106741 | 20098306  |
|  |  | 49984740  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $357,781,660)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $357,781,660)** | 364422283  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(c)</sup> | 55995062 | 55995062  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $55,995,062)** |  | 55995062  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.4%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(c)</sup> | 8934428 | 8934428  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,934,428)** |  | 8934428  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 114.9%**<br>**(Cost $424,704,313)** |  | $429351773  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (14.9)% |  | (55640733)  |
| **TOTAL NET ASSETS - 100.0%** |  | $373711040 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $55,225,839.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH GROWTH ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.1%** | **INVESTMENT COMPANIES - 99.1%** | **INVESTMENT COMPANIES - 99.1%** |
| **Domestic Equity Funds - 70.8%** | **Domestic Equity Funds - 70.8%** |  |
| AMCAP Fund - Class F-3 | 1194389 | $50988454  |
|  American Funds Fundamental Investors - Class F-3 | 409142 | 36254091  |
| &nbsp;&nbsp;&nbsp; Growth Fund of America - <br>Class F-3 | 1152108 | 85302047  |
| Invesco QQQ Trust Series 1<sup>(a)</sup> | 17806 | 10277267  |
| &nbsp;&nbsp;&nbsp; Investment Co. of America - <br>Class F-3 | 595841 | 35398919  |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Small-Cap <br>ETF<sup>(a)</sup> | 853414 | 106087894  |
| New Economy Fund - Class F-3 | 515650 | 35853147  |
| New Perspective Fund - Class F-3 | 796761 | 53327192  |
| Schwab U.S. Large-Cap ETF<sup>(a)</sup> | 6485315 | 166283477  |
|  Schwab U.S. Large-Cap Growth ETF<sup>(a)</sup> | 2825644 | 82311010  |
| &nbsp;&nbsp;&nbsp; Smallcap World Fund, Inc. - <br>Class F-3 | 744123 | 55273490  |
|  State Street SPDR S&P 600 Small Cap Growth ETF | 55583 | 5370429  |
| Vanguard Growth ETF<sup>(a)</sup> | 11396 | 4977659  |
|  Vanguard Russell 1000 Growth ETF<sup>(a)</sup> | 454313 | 49833593  |
| Vanguard Russell 2000 Growth<sup>(a)</sup> | 114650 | 26259218  |
| Vanguard S&P 500 ETF | 371056 | 221724513  |
|  |  | 1025522400  |
| **Emerging Markets Equity Funds - 6.0%** | **Emerging Markets Equity Funds - 6.0%** |  |
|  iShares Core MSCI Emerging Markets ETF | 1008151 | 70318532  |
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P China <br>ETF<sup>(a)</sup> | 172501 | 16063293  |
|  |  | 86381825  |
| **International Equity Funds - 19.6%** | **International Equity Funds - 19.6%** |  |
| iShares Core MSCI Europe ETF | 63445 | 4458280  |
| iShares MSCI ACWI ETF<sup>(a)</sup> | 432352 | 59824546  |
|  iShares MSCI EAFE Min Vol Factor ETF | 46134 | 4215264  |
|  JPMorgan BetaBuilders Canada ETF<sup>(a)</sup> | 206201 | 19395266  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(a)</sup> | 194150 | 28305128  |
|  Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | 2628024 | 168403778  |
|  |  | 284602262  |
| **Real Estate Funds - 2.7%** | **Real Estate Funds - 2.7%** |  |
|  Vanguard Global ex-U.S. Real Estate ETF | 326580 | 14516481  |
| Vanguard Real Estate ETF<sup>(a)</sup> | 272196 | 24143785  |
|  |  | 38660266  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $834,274,554)** |  | 1435166753 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(b)</sup> | 115476363 | $115476363  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $115,476,363)** |  | 115476363  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government <br>Money Market Fund - <br>Class IM, 3.60%<sup>(b)</sup> | 15229467 | 15229467  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $15,229,467)** |  | 15229467  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.1%**<br>**(Cost $964,980,384)** |  | $1565872583  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.1)% |  | (116670019)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1449202564 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $116,146,913.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 49.7%**<br>|  |  |
| **Aerospace & Defense - 1.5%**<br>|  |  |
| General Dynamics Corp. | 648 | $222407  |
| L3Harris Technologies, Inc. | 3028 | 1045114  |
| Lockheed Martin Corp. | 1103 | 666642  |
|  |  | 1934163  |
| **Banks - 1.6%**<br>|  |  |
| Citizens Financial Group, Inc. | 7638 | 458051  |
| Huntington Bancshares, Inc. | 31237 | 488859  |
| M&T Bank Corp. | 1199 | 247857  |
| Regions Financial Corp. | 19687 | 514225  |
| US Bancorp | 8441 | 439016  |
|  |  | 2148008  |
| **Beverages - 2.2%**<br>|  |  |
| Coca-Cola Co. | 26112 | 1985817  |
| PepsiCo, Inc. | 6368 | 988887  |
|  |  | 2974704  |
| **Biotechnology - 2.3%**<br>|  |  |
| AbbVie, Inc. | 7360 | 1600726  |
| Amgen, Inc. | 4193 | 1475307  |
|  |  | 3076033  |
| **Building Products - 0.7%**<br>|  |  |
| Johnson Controls International PLC | 7097 | 929352  |
| **Capital Markets - 1.3%**<br>|  |  |
| Blackrock, Inc. | 675 | 649154  |
| CME Group, Inc. | 3487 | 1029886  |
|  |  | 1679040  |
| **Chemicals - 0.7%**<br>|  |  |
| Air Products and Chemicals, Inc. | 2406 | 698919  |
| CF Industries Holdings, Inc. | 1282 | 166455  |
|  |  | 865374  |
| **Communications Equipment - 1.3%**<br>|  |  |
| Cisco Systems, Inc. | 21594 | 1675478  |
| **Consumer Finance - 0.1%**<br>|  |  |
| Synchrony Financial | 2124 | 144474  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.5%**<br>|  |  |
| Kroger Co. | 9206 | 666146  |
| Sysco Corp. | 10283 | 733486  |
| Target Corp. | 4759 | 576791  |
|  |  | 1976423  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 1.2%**<br>|  |  |
| Comcast Corp. - Class A | 11143 | 319915  |
| Verizon Communications, Inc. | 25614 | 1285823  |
|  |  | 1605738  |
| **Electric Utilities - 0.9%**<br>|  |  |
| American Electric Power Co., Inc. | 9407 | 1233070  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Electrical Equipment - 0.7%**<br>|  |  |
| Emerson Electric Co. | 7147 | $936400  |
| **Food Products - 1.1%**<br>|  |  |
| Archer-Daniels-Midland Co. | 3393 | 246637  |
| General Mills, Inc. | 10510 | 391182  |
| Mondelez International, Inc. - Class A | 13762 | 793242  |
|  |  | 1431061  |
| **Ground Transportation - 1.1%**<br>|  |  |
| Norfolk Southern Corp. | 2622 | 752514  |
| Union Pacific Corp. | 2704 | 656044  |
|  |  | 1408558  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 1.4%**<br>|  |  |
| Abbott Laboratories | 10984 | 1127727  |
| Medtronic PLC | 8062 | 698573  |
|  |  | 1826300  |
| **Health Care Providers & Services - 1.7%**<br>|  |  |
| Cigna Group | 387 | 103232  |
| CVS Health Corp. | 9347 | 671301  |
| UnitedHealth Group, Inc. | 5674 | 1535328  |
|  |  | 2309861  |
| **Hotels, Restaurants & Leisure - 1.9%**<br>|  |  |
| McDonald's Corp. | 5531 | 1718979  |
| Starbucks Corp. | 4087 | 366154  |
| Yum! Brands, Inc. | 3114 | 484165  |
|  |  | 2569298  |
| **Household Durables - 0.1%**<br>|  |  |
| Garmin Ltd. | 557 | 129230  |
| **Household Products - 2.0%**<br>|  |  |
| Colgate-Palmolive Co. | 7144 | 608883  |
| Kimberly-Clark Corp. | 2692 | 259697  |
| Procter & Gamble Co. | 12269 | 1772135  |
|  |  | 2640715  |
| **Industrial Conglomerates - 0.4%**<br>|  |  |
| Honeywell International, Inc. | 2647 | 598301  |
| **Insurance - 1.4%**<br>|  |  |
| Aflac, Inc. | 1072 | 117609  |
| F&G Annuities & Life, Inc. | 927 | 23472  |
| Fidelity National Financial, Inc. | 15785 | 732108  |
| Hartford Insurance Group, Inc. | 4377 | 591902  |
| Travelers Cos., Inc. | 1175 | 342724  |
|  |  | 1807815  |
| **IT Services - 1.5%**<br>|  |  |
| Accenture PLC - Class A | 2797 | 554617  |
| International Business Machines Corp. | 6002 | 1454825  |
|  |  | 2009442  |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery - 1.8%**<br>|  |  |
| Illinois Tool Works, Inc. | 1821 | $473988  |
| PACCAR, Inc. | 16016 | 1849848  |
|  |  | 2323836  |
| **Media - 0.0%<sup>(a)</sup>**<br>|  |  |
| Versant Media Group, Inc. | 435 | 16104  |
| **Multi-Utilities - 0.9%**<br>|  |  |
| Ameren Corp. | 4646 | 510688  |
| Consolidated Edison, Inc. | 2453 | 277631  |
| DTE Energy Co. | 2765 | 404298  |
|  |  | 1192617  |
| **Oil, Gas & Consumable Fuels - 6.0%**<br>|  |  |
| Chevron Corp. | 13880 | 2871772  |
| ConocoPhillips | 6295 | 830940  |
| Coterra Energy, Inc. | 7648 | 268751  |
| Exxon Mobil Corp. | 18490 | 3137013  |
| Kinder Morgan, Inc. | 22767 | 763378  |
|  |  | 7871854  |
| **Personal Care Products - 0.2%**<br>|  |  |
| Kenvue, Inc. | 14778 | 254773  |
| **Pharmaceuticals - 4.5%**<br>|  |  |
| Johnson & Johnson | 8836 | 2159872  |
| Merck & Co., Inc. | 14099 | 1695969  |
| Pfizer, Inc. | 38249 | 1074032  |
| Zoetis, Inc. | 8883 | 1050059  |
|  |  | 5979932  |
| **Professional Services - 0.5%**<br>|  |  |
| Automatic Data Processing, Inc. | 2634 | 535176  |
| Paychex, Inc. | 2004 | 184609  |
|  |  | 719785  |
|  **Semiconductors & Semiconductor Equipment - 1.7%**<br>|  |  |
| QUALCOMM, Inc. | 9111 | 1173315  |
| Texas Instruments, Inc. | 5650 | 1096891  |
|  |  | 2270206  |
| **Software - 0.1%**<br>|  |  |
| Gen Digital, Inc. | 4623 | 87051  |
| **Specialty Retail - 1.5%**<br>|  |  |
| Home Depot, Inc. | 5736 | 1886513  |
| Lowe's Cos., Inc. | 528 | 124756  |
|  |  | 2011269  |
|  **Technology Hardware, Storage & Peripherals - 0.9%**<br>|  |  |
| Dell Technologies, Inc. - Class C | 5191 | 851999  |
| HP, Inc. | 16987 | 326320  |
|  |  | 1178319  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Textiles, Apparel & Luxury Goods - 0.5%**<br>|  |  |
| NIKE, Inc. - Class B | 11371 | $600616  |
| **Tobacco - 1.7%**<br>|  |  |
| Altria Group, Inc. | 11547 | 761987  |
| Philip Morris International, Inc. | 9019 | 1491201  |
|  |  | 2253188  |
| **Trading Companies & Distributors - 0.8%**<br>|  |  |
| Ferguson Enterprises, Inc. | 3268 | 762294  |
| Watsco, Inc.<sup>(b)</sup> | 648 | 235736  |
|  |  | 998030  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $54,350,570)** |  | 65666418  |
| **INVESTMENT COMPANIES - 48.3%**<br>|  |  |
| **Domestic Equity Funds - 37.8%**<br>|  |  |
| Vanguard High Dividend Yield ETF<sup>(b)(c)</sup> | 336678 | 49862012  |
| **Domestic Fixed Income Funds - 0.3%**<br>|  |  |
|  State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 4850 | 444454  |
| **International Equity Funds - 10.2%**<br>|  |  |
|  Vanguard International High Dividend Yield ETF | 143217 | 13496770  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $58,625,730)** |  | 63803236  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 24.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(d)</sup> | 31662848 | 31662848  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $31,662,848)** |  | 31662848  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.0%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(d)</sup> | 2628054 | 2628054  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,628,054)** |  | 2628054  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 124.0%**<br>**(Cost $147,267,202)** |  | $163760556  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (24.0)% |  | (31658138)  |
| **TOTAL NET ASSETS - 100.0%** |  | $132102418 |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $31,579,407.

<sup>(c)</sup> 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.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 97.2%** | **INVESTMENT COMPANIES - 97.2%** | **INVESTMENT COMPANIES - 97.2%** |
| **Domestic Fixed Income Funds - 97.2%** | **Domestic Fixed Income Funds - 97.2%** |  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF<sup>(a)</sup> | 545337 | $29022835  |
|  iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 311887 | 30961023  |
| Schwab US TIPS ETF | 728027 | 19372798  |
|  VanEck Emerging Markets High Yield Bond ETF | 728918 | 14381552  |
|  |  | 93738208  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $92,951,649)** |  | 93738208  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.9%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(b)</sup> | 2842786 | 2842786  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,842,786)** |  | 2842786  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $95,794,435)** |  | $96580994 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (56506)  |
| **TOTAL NET ASSETS - 100.0%** |  | $96524488 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> 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.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 90.5%**  | **SHORT-TERM INVESTMENTS - 90.5%**  | **SHORT-TERM INVESTMENTS - 90.5%**  |
| **Certificate of Deposit - 37.4%**  | **Certificate of Deposit - 37.4%**  | **Certificate of Deposit - 37.4%**  |
|  Bank of Montreal, 4.04% (SOFR + 0.36%), 05/07/2026 | $2000000 | $2000000  |
|  Credit Agricole Corp. & Investment Bank, 4.05%, 06/01/2026 | 2000000 | 2000983  |
| DG Bank, 3.80%, 08/04/2026 | 2000000 | 1999510  |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, <br>3.71%, 05/06/2026 | 2000000 | 2000000  |
|  First Abu Dhabi Bank, 3.97%, 05/05/2026 | 1500000 | 1500000  |
|  Mizuho Bank Ltd., 3.78%, 08/20/2026 | 2000000 | 1998471  |
|  MUFG Bank Ltd., 3.71%, 05/07/2026 | 2500000 | 2500000  |
|  Nordea Bank ABP, 3.70%, 07/09/2026 | 1500000 | 1499152  |
|  Oversea Chinese Bank, 3.76%, 06/18/2026 | 2500000 | 2499138  |
| Swedbank AB, 3.98%, 10/30/2026 | 1500000 | 1499300  |
|  Westpac Banking Corp., 4.08% (SOFR + 0.40%), 04/20/2026 | 2000000 | 2000000  |
|  |  | 21496554  |
|  | **Shares** |  |
| **Money Market Funds - 18.5%**  | **Money Market Funds - 18.5%**  | **Money Market Funds - 18.5%**  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(b)(c)</sup> | 10679143 | 10679143  |
|  | **Par** |  |
| **U.S. Treasury Bills - 34.6%**  | **U.S. Treasury Bills - 34.6%**  | **U.S. Treasury Bills - 34.6%**  |
| 3.62%, 04/02/2026<sup>(a)</sup> | $4500000 | 4499549  |
| 3.63%, 04/09/2026<sup>(a)</sup> | 2500000 | 2497992  |
| 3.64%, 04/16/2026<sup>(a)</sup> | 3000000 | 2995469  |
| 3.64%, 04/23/2026<sup>(a)</sup> | 5000000 | 4988916  |
| 3.63%, 04/30/2026<sup>(a)</sup> | 5000000 | 4985439  |
|  |  | 19967365  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENT** <br>**(Cost $52,146,670)** |  | 52143062  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 90.5%** <br>**(Cost $52,146,670)** |  | $52143062  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 9.5% |  | 5500236  |
| **TOTAL NET ASSETS - 100.0%** |  | $57643298 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(c)</sup> All or portion of this security is held by GuidePath<sup>®</sup> Managed Futures Strategy Cayman Fund Ltd.

The accompanying notes are an integral part of these financial statements.

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**March 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| ASX SPI 200 Index | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/18/2026 | $293677 | $(4384)  |
| AUD/USD Cross Currency Rate | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp; 06/15/2026 | 6607200 | (168342)  |
| Brazilian Real/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp; 04/30/2026 | 1550340 | 13813  |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 04/30/2026 | 1663520 | 415354  |
| Copper<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 05/27/2026 | 561400 | (25184)  |
| Crude Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 04/21/2026 | 1622080 | 408513  |
| Crude Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 07/14/2026 | 1859760 | 239546  |
| Dow Jones Industrial Average Index | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/18/2026 | 465820 | (3089)  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/19/2026 | 508114 | (10825)  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 06/19/2026 | 1349931 | (10789)  |
| FTSE China A50 Index | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 04/29/2026 | 247112 | (1700)  |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/18/2026 | 189500 | (1179)  |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/19/2026 | 503676 | 4919  |
| Gold<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/26/2026 | 935720 | 35947  |
| Hang Seng Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 04/29/2026 | 157852 | (3070)  |
| Hard Red Winter Wheat<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 07/14/2026 | 162188 | 4202  |
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 04/17/2026 | 588325 | 3019  |
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 06/12/2026 | 420200 | 826  |
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 06/30/2026 | 1070410 | 45176  |
| London Metals – Aluminum<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 06/15/2026 | 2002230 | 205086  |
| London Metals – Copper<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/15/2026 | 616676 | (39917)  |
| London Metals – Nickel<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 06/15/2026 | 717612 | (28859)  |
| London Metals – Zinc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 06/15/2026 | 810750 | (32945)  |
| Low Sulphur Gas Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 05/12/2026 | 1363175 | 381220  |
| Mexican Peso/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp; 06/15/2026 | 4096640 | (86188)  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/19/2026 | 1160440 | (8320)  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 06/19/2026 | 727300 | (8015)  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 04/29/2026 | 475414 | 2323  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/18/2026 | 478300 | (13870)  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/11/2026 | 322359 | (19724)  |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 04/30/2026 | 1209457 | 300483  |
| OMXS30 Index | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 04/17/2026 | 925354 | (18137)  |
| Palladium<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/26/2026 | 148750 | (16702)  |
| Platinum<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 07/29/2026 | 394040 | (38800)  |
| Reformulated Gasoline Blendstock<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 04/30/2026 | 1749329 | 287121  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 06/18/2026 | 628050 | 3862  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/18/2026 | 657075 | (11548)  |
| S&P Mid Cap 400 Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/18/2026 | 1018950 | 9635  |
| S&P/Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/18/2026 | 2194292 | (7229)  |
| SGX FTSE Taiwan Index | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 04/29/2026 | 723240 | (48516)  |
| SGX TSI Iron Ore<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp; 05/29/2026 | 970416 | (10679)  |
| Silver<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 05/27/2026 | 374595 | (10990)  |
| South African Rand/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp; 06/15/2026 | 1406400 | (58254)  |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 07/14/2026 | 471450 | (7962)  |
| Soybeans<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 07/14/2026 | 2016200 | (12815)  |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 06/19/2026 | 400643 | (6876)  |
| TOPIX Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/11/2026 | 662361 | (26671)  |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 07/14/2026 | 125300 | 1938  |
|  |  |  |  | $1621404 |

---

The accompanying notes are an integral part of these financial statements.

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**March 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 06/18/2026 | $567578 | $(2833)  |
| 3 Month Canadian Overnight Repo Rate Average | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp; 12/15/2026 | 4202070 | (8985)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp; 09/14/2026 | 28103183 | (3013)  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp;(135) | &nbsp;&nbsp; 12/15/2026 | 32513062 | 59055  |
| Arabica Coffee<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 07/21/2026 | 327150 | 8927  |
| Austrailian Government 10 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp; 06/15/2026 | 4163306 | 15954  |
| Austrailian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(142) | &nbsp;&nbsp; 06/15/2026 | 10155374 | 35442  |
| Australian 90 Day Bank Bills | &nbsp;&nbsp;&nbsp;&nbsp;(84) | &nbsp;&nbsp; 09/10/2026 | 57286353 | (1194)  |
| British Pound/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp; 06/15/2026 | 661300 | (1490)  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 06/19/2026 | 776429 | (7228)  |
| Canadian Dollar/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp; 06/16/2026 | 4320000 | 6924  |
| Corn No. 2 Yellow<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp; 07/14/2026 | 187300 | (8162)  |
| Cotton No.2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp; 07/09/2026 | 468845 | (8983)  |
| Euro BUXL 30 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 06/08/2026 | 1147002 | (6061)  |
| Euro/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp; 06/15/2026 | 7240938 | (38300)  |
| Euro-BOBL | &nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp; 06/08/2026 | 9339429 | 21299  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp; 06/08/2026 | 1075223 | (5196)  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp; 06/08/2026 | 3478386 | 7247  |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;(157) | &nbsp;&nbsp; 06/08/2026 | 19190381 | 71905  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp; 06/08/2026 | 2606581 | (6954)  |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 04/29/2026 | 106578 | 188  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp; 12/15/2026 | 21843333 | (12661)  |
| ICE European Climate Exchange Emissions<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 12/14/2026 | 251433 | (13123)  |
| Indian Rupee/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(132) | &nbsp;&nbsp; 04/28/2026 | 2792592 | 41209  |
| Japanese 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 06/15/2026 | 821083 | 9575  |
| Japanese Yen/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp; 06/15/2026 | 8867600 | 65696  |
| Korean Won/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 04/20/2026 | 147600 | 3930  |
| London Cocoa<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 07/16/2026 | 299238 | (4870)  |
| London Metals – Aluminum<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 06/15/2026 | 261160 | (14330)  |
| London Metals – Copper<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 06/15/2026 | 308338 | (2853)  |
| London Metals – Nickel<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 06/15/2026 | 102516 | 1458  |
| London Metals – Zinc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 06/15/2026 | 324300 | (13608)  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp; 06/26/2026 | 1742972 | (4826)  |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 04/28/2026 | 259560 | 36828  |
| New Zealand Dollar/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp; 06/15/2026 | 1380720 | (3081)  |
| Nifty 50 Index | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp; 04/28/2026 | 1079112 | 40703  |
| Short-term Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp; 06/08/2026 | 8686659 | 35243  |
| Sugar #11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp; 06/30/2026 | 333670 | 1252  |
| Swiss Franc/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 06/15/2026 | 314950 | 231  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp; 06/18/2026 | 2331984 | (13250)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp; 06/30/2026 | 22404094 | 23658  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(62) | &nbsp;&nbsp; 06/30/2026 | 6707141 | (20143)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 06/18/2026 | 349687 | (845)  |
| US Cocoa<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp; 07/16/2026 | 505050 | (4022)  |
|  |  |  |  | $280713  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $1902117 |

---

The accompanying notes are an integral part of these financial statements.

63<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**March 31, 2026(Continued)** 

<sup>(a)</sup>

All or portion of this security is held by GuidePath<sup>®</sup> Managed Futures Strategy Cayman Fund Ltd.

<sup>(b)</sup> 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. 

The accompanying notes are an integral part of these financial statements.

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**March 31, 2026** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| UBS AG | 06/17/2026 | USD | 428830 | SEK | 4000000 | $4612  |
| UBS AG | 06/17/2026 | USD | 135435 | PLN | 500000 | 783  |
| UBS AG | 06/17/2026 | USD | 587421 | SGD | 750000 | 856  |
| UBS AG | 06/17/2026 | USD | 215353 | SEK | 2000000 | 3244  |
| UBS AG | 06/17/2026 | USD | 1919340 | SEK | 18000000 | 10362  |
| UBS AG | 06/17/2026 | USD | 196533 | SGD | 250000 | 1012  |
| UBS AG | 06/17/2026 | USD | 205050 | NOK | 2000000 | (1360)  |
| UBS AG | 06/17/2026 | USD | 266911 | PLN | 1000000 | (2394)  |
| UBS AG | 06/17/2026 | USD | 206146 | NOK | 2000000 | (264)  |
| UBS AG | 06/17/2026 | USD | 1267693 | SEK | 12000000 | (4959)  |
| UBS AG | 06/17/2026 | USD | 1209224 | PLN | 4500000 | (2648)  |
| UBS AG | 06/17/2026 | USD | 538563 | PLN | 2000000 | (47)  |
| UBS AG | 06/17/2026 | USD | 973508 | SGD | 1250000 | (4101)  |
| UBS AG | 06/17/2026 | USD | 205620 | NOK | 2000000 | (790)  |
| UBS AG | 06/17/2026 | USD | 3126810 | SGD | 4000000 | (1536)  |
| UBS AG | 06/17/2026 | CNH | 26000000 | USD | 3807232 | (11646)  |
| UBS AG | 06/17/2026 | NOK | 44000000 | USD | 4582781 | (41748)  |
| UBS AG | 06/17/2026 | PLN | 12000000 | USD | 3285809 | (54150)  |
| UBS AG | 06/17/2026 | SEK | 30000000 | USD | 3306913 | (125284)  |
| UBS AG | 06/17/2026 | SGD | 5625000 | USD | 4454673 | (55436)  |
| UBS AG | 06/17/2026 | TRY | 9600000 | USD | 203633 | (5924)  |
| UBS AG | 06/17/2026 | USD | 615341 | NOK | 6000000 | (3890)  |
| UBS AG | 06/17/2026 | USD | 670762 | PLN | 2500000 | (2500)  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $(297808) |

---

CNH - Chinese Offshore Renminbi

NOK - Norwegian Krone

PLN - Polish Zloty

SEK - Swedish Krona

SGD - Singapore Dollar

TRY - Turkish Lira

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

65<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GuidePath Multi-Asset Income Allocation Fund** 

**Schedule of Investments** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.9%** | **INVESTMENT COMPANIES - 98.9%** | **INVESTMENT COMPANIES - 98.9%** |
| **Domestic Equity Funds - 31.9%**<br>|  |  |
|  BlackRock High Equity Income Fund - Class I | 23796 | $686033  |
| Global X US Preferred ETF<sup>(a)</sup> | 199516 | 3671094  |
| Invesco S&P 500 BuyWrite ETF | 57690 | 1268603  |
| iShares Select Dividend ETF | 25656 | 3884575  |
|  iShares U.S. Large Cap Premium Income Active ETF<sup>(a)</sup> | 28250 | 870383  |
|  JPMorgan Equity Premium Income ETF<sup>(a)</sup> | 15481 | 877463  |
| Schwab US Dividend Equity ETF<sup>(a)</sup> | 320109 | 9820944  |
|  State Street Financial Select Sector SPDR ETF | 6667 | 329150  |
|  State Street SPDR Portfolio S&P 500 High Dividend ETF | 48302 | 2198707  |
| Vanguard High Dividend Yield ETF | 33592 | 4974975  |
| Vanguard S&P 500 ETF | 1035 | 618464  |
| Vanguard Utilities ETF | 1893 | 375079  |
|  WisdomTree U.S. SmallCap Dividend Fund<sup>(a)</sup> | 45347 | 1629771  |
|  WisdomTree US LargeCap Dividend Fund | 41921 | 3744803  |
|  |  | 34950044  |
| **Domestic Fixed Income Funds - 33.2%**<br>|  |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 161906 | 6850243  |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond <br>ETF | 7461 | 712078  |
|  iShares Aaa - A Rated Corporate Bond ETF | 18686 | 889267  |
| iShares Convertible Bond ETF | 14491 | 1475039  |
| iShares Flexible Income Active ETF | 54514 | 2830912  |
|  Ishares High Yield Corporate Bond Buywrite Strategy ETF | 24105 | 711016  |
|  iShares iBoxx USD Investment Grade Corporate Bond ETF<sup>(a)</sup> | 9289 | 1012408  |
|  iShares Investment Grade Systematic Bond ETF | 31510 | 1419841  |
| &nbsp;&nbsp;&nbsp; Schwab 5-10 Year Corporate Bond <br>ETF | 39159 | 888126  |
|  State Street SPDR Portfolio Aggregate Bond ETF | 16913 | 433311  |
|  State Street SPDR Portfolio Long Term Corporate Bond ETF | 63493 | 1410814  |
|  State Street SPDR Portfolio Short Term Treasury ETF | 17034 | 497052  |
|  T Rowe Price Institutional Floating Rate Fund - Class I | 116498 | 1075278  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 1197459 | 6526153  |
|  Vanguard Intermediate-Term Treasury ETF | 22732 | 1353691  |
| Vanguard Long-Term Treasury ETF<sup>(a)</sup> | 75280 | 4167124  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | 10994 | $516168  |
|  WisdomTree Floating Rate Treasury Fund | 69598 | 3503563  |
|  |  | 36272084  |
| **Emerging Markets Equity Funds - 5.7%** | **Emerging Markets Equity Funds - 5.7%** | **Emerging Markets Equity Funds - 5.7%** |
|  iShares Core MSCI Emerging Markets ETF | 10185 | 710404  |
|  iShares Emerging Markets Dividend ETF | 160116 | 5504788  |
|  |  | 6215192  |
| **Emerging Markets Fixed Income Funds - 2.6%** | **Emerging Markets Fixed Income Funds - 2.6%** | **Emerging Markets Fixed Income Funds - 2.6%** |
|  VanEck J. P. Morgan EM Local Currency Bond ETF | 20882 | 524347  |
|  Vanguard Emerging Markets Government Bond ETF | 28160 | 1849830  |
|  WisdomTree Emerging Markets Local Debt Fund | 18434 | 512834  |
|  |  | 2887011  |
| **International Equity Funds - 15.4%**<br>|  |  |
|  BlackRock Advantage International Fund - Class I | 91086 | 2119571  |
| iShares Global Infrastructure ETF | 5831 | 390677  |
|  iShares International Select Dividend ETF | 94277 | 4012429  |
|  Vanguard FTSE Developed Markets ETF | 33423 | 2141746  |
|  Vanguard International High Dividend Yield ETF | 87401 | 8236670  |
|  |  | 16901093  |
| **International Fixed Income Funds - 3.3%** | **International Fixed Income Funds - 3.3%** | **International Fixed Income Funds - 3.3%** |
|  iShares Euro High Yield Corporate Bond USD Hedged ETF | 20227 | 1061197  |
| Janus Henderson AAA CLO ETF<sup>(a)</sup> | 49921 | 2514521  |
|  |  | 3575718  |
| **Multi-Asset Funds - 4.7%**<br>|  |  |
|  Loomis Sayles Global Allocation Fund - Class Y | 204840 | 5180406  |
| **Real Estate Funds - 2.1%**<br>|  |  |
| Vanguard Real Estate ETF<sup>(a)</sup> | 25835 | 2291565  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $88,266,177)** |  | 108273113 |

---

The accompanying notes are an integral part of these financial statements.

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GuidePath Multi-Asset Income Allocation Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(b)</sup> | 11093541 | $11093541  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $11,093,541)** |  | 11093541 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(b)</sup> | 1157132 | 1157132  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,157,132)** |  | 1157132  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.1%** <br>**(Cost $100,516,850)** |  | $120523786  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.1)% |  | (11103065)  |
| **TOTAL NET ASSETS - 100.0%** |  | $109420721 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $10,906,112.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH TACTICAL ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 71.6%**<br>|  |  |
| **Biotechnology - 6.8%**<br>|  |  |
| Exelixis, Inc.<sup>(a)</sup> | 467198 | $20038122  |
| United Therapeutics Corp.<sup>(a)</sup> | 49592 | 29407064  |
|  |  | 49445186  |
| **Consumer Finance - 2.5%**<br>|  |  |
| Synchrony Financial | 267675 | 18207254  |
|  **Diversified Telecommunication Services - 2.3%**<br>|  |  |
| AT&T, Inc. | 589986 | 17103694  |
| **Electric Utilities - 4.3%**<br>|  |  |
| Edison International | 140621 | 10290645  |
| NRG Energy, Inc. | 142101 | 20766640  |
|  |  | 31057285  |
| **Electrical Equipment - 1.6%**<br>|  |  |
| Nextpower, Inc. - Class A<sup>(a)(b)</sup> | 93593 | 11282636  |
| **Financial Services - 1.7%**<br>|  |  |
| MGIC Investment Corp. | 482215 | 12658144  |
| **Food Products - 3.3%**<br>|  |  |
| Ingredion, Inc.<sup>(b)</sup> | 119169 | 13425580  |
| Pilgrim's Pride Corp.<sup>(b)</sup> | 281153 | 10616337  |
|  |  | 24041917  |
| **Household Durables - 5.2%**<br>|  |  |
| DR Horton, Inc. | 99002 | 13585055  |
| PulteGroup, Inc. | 121189 | 14253038  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 170200 | 9912448  |
|  |  | 37750541  |
| **Household Products - 2.4%**<br>|  |  |
| Procter & Gamble Co. | 121144 | 17498039  |
| **Insurance - 10.5%**<br>|  |  |
| Aflac, Inc. | 191813 | 21043804  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 163670 | 15710683  |
| Everest Group Ltd. | 43357 | 14171236  |
| Hartford Insurance Group, Inc. | 191252 | 25863008  |
|  |  | 76788731  |
| **Interactive Media & Services - 6.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 90123 | 25915770  |
| Meta Platforms, Inc. - Class A | 38327 | 21928026  |
|  |  | 47843796  |
| **Machinery - 1.8%**<br>|  |  |
| Snap-on, Inc.<sup>(b)</sup> | 35284 | 12815854  |
| **Media - 2.9%**<br>|  |  |
| Fox Corp. - Class A | 364520 | 21287968  |
| **Metals & Mining - 3.8%**<br>|  |  |
| Newmont Corp. | 257998 | 27928284  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Passenger Airlines - 1.4%**<br>|  |  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 108577 | $9996684  |
|  **Semiconductors & Semiconductor Equipment - 7.6%**<br>|  |  |
| Micron Technology, Inc. | 39479 | 13337585  |
| NVIDIA Corp. | 195621 | 34116302  |
| QUALCOMM, Inc. | 61365 | 7902585  |
|  |  | 55356472  |
| **Software - 2.5%**<br>|  |  |
| Microsoft Corp. | 48305 | 17881062  |
|  **Technology Hardware, Storage & Peripherals - 4.4%**<br>|  |  |
| Apple, Inc. | 95215 | 24164615  |
| Western Digital Corp. | 28869 | 7808776  |
|  |  | 31973391  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $425,448,034)** |  | 520916938  |
| **INVESTMENT COMPANIES - 8.9%** | **INVESTMENT COMPANIES - 8.9%** | **INVESTMENT COMPANIES - 8.9%** |
| **Domestic Equity Funds - 8.9%**<br>|  |  |
| iShares Core S&P 500 ETF | 99718 | 65136795  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $65,184,659)** |  | 65136795  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 19.5%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%<sup>(c)</sup> | 142343897 | 142343897  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $142,343,897)** |  | 142343897  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(c)</sup> | 24730522 | 24730522  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $24,730,522)** |  | 24730522  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%** <br>**(Cost $657,707,112)** |  | $753128152 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.4)% |  | (25087999)  |
| **TOTAL NET ASSETS - 100.0%** |  | $728040153 |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH TACTICAL ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $25,104,616.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $191147371 | $56816882 | $744247099 | $99700510 | $183479383  |
| Receivable for investments sold | 7291704 |  | 17296 | 30643 | —  |
| Interest receivable | 1056619 |  |  |  | —  |
| Appreciation on swap agreements | 431708 |  |  |  | —  |
| Receivable for fund shares sold | 137373 | 24077 | 699790 | 96133 | 98557  |
| Swap premiums paid | 38554 |  |  |  | —  |
| Dividends receivable | 9590 | 173925 | 404382 | 53873 | 767189  |
| Cash | 3000 |  |  |  | —  |
| Dividend tax reclaims receivable |  | 760 | 227 |  | 412079  |
| Foreign currency, at value |  | 234136 |  |  | 377711  |
| Prepaid expenses and other assets | 28309 | 25803 | 40910 | 28928 | 27299  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 200144228 | 57275583 | 745409704 | 99910087 | 185162218  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable for investments purchased (When issued securities of $25,113,113, $0, $0, $0, and $0, respectively) | 26706416 |  |  |  | 77  |
| Due to broker for swaps for margin | 443995 |  |  |  | —  |
| Payable for fund shares redeemed | 208769 | 15737 | 785414 | 210006 | 99479  |
|  Payable for fund administration and accounting fees | 106203 | 45981 | 84098 | 45600 | 63190  |
| Payable to Adviser | 89190 | 13663 | 422964 | 63740 | 99916  |
| Payable upon return of securities loaned | 40097 | 1305140 | 16770568 | 3941461 | 5757991  |
| Depreciation on swap agreements | 28522 |  |  |  | —  |
| Payable for audit fees | 26249 | 49519 | 22754 | 23755 | 27178  |
| Payable for printing and mailing | 18107 | 10939 | 67818 | 19203 | 55491  |
| Payable for shareholder servicing fees | 11251 | 8645 | 56332 | 6509 | 19828  |
| Variation margin on futures contracts | 7021 |  |  |  | —  |
| Payable for legal fees | 5164 | 12239 | 11038 | 6970 | 8034  |
| Interest payable |  | 47 |  | 1 | 984  |
| Deferred foreign capital gains tax |  | 125756 |  |  | —  |
| Payable for expenses and other liabilities | 9055 | 17119 | 15931 | 6524 | 22442  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 27700039 | 1604785 | 18236917 | 4323769 | 6154610  |
| **NET ASSETS** | $172444189 | $55670798 | $727172787 | $95586318 | $179007608  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $200815686 | $31799256 | $440218327 | $59904250 | $127624891  |
|  Total distributable earnings/(accumulated losses) | (28371497) | 23871542 | 286954460 | 35682068 | 51382717  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $172444189 | $55670798 | $727172787 | $95586318 | $179007608  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
| **RS Shares**<br>|  |  |  |  |  |
| Net assets | $10010 | $9900 | $9940 | $10127 | $10168  |
| Shares issued and outstanding<sup>(a)</sup> | 1216 | 668 | 330 | 509 | 831  |
| Net asset value per share | $8.23 | $14.83<sup>(b)</sup> | $30.08<sup>(b)</sup> | $19.89<sup>(b)</sup> | $12.24  |
| **Service Shares**<br>|  |  |  |  |  |
| Net assets | $172434179 | $55660898 | $727162847 | $95576191 | $178997440  |
| Shares issued and outstanding<sup>(a)</sup> | 20930975 | 3753781 | 24171441 | 4803663 | 14621582  |
| Net asset value per share | $8.24 | $14.83 | $30.08 | $19.90 | $12.24  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $202126678 | $34770137 | $485593567 | $64909947 | $138268567  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $235625 | $— | $— | $380153  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $39527 | $1306736 | $16741931 | $3971736 | $5791465 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> Differences in actual and calculated net asset value shown are due to rounding.

The accompanying notes are an integral part of these financial statements.

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Absolute Return** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Income Fund** | **GuidePath** <br>**Flexible Income** <br>**Allocation Fund** | **GuidePath** <br>**Growth** <br>**Allocation Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $351695419 | $699806920 | $17306037 | $429351773 | $1565872583  |
| Receivable for investments sold | 10434068 |  |  | 178092 | —  |
| Receivable for fund shares sold | 136102 | 381560 | 10538 | 290025 | 1017754  |
| Dividends receivable | 21720 | 582686 | 24345 | 507641 | 367250 |
| Cash | 4388432 | 16882 |  |  | —  |
| Interest receivable |  |  | 3762 |  | —  |
| Prepaid expenses and other assets | 66240 | 64971 | 12798 | 54056 | 73216  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 366741981 | 700853019 | 17357480 | 430381587 | 1567330803  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 48138025 | 108376733 |  | 55995062 | 115476363  |
| Payable for investments purchased | 10526115 | 361249 |  |  | 479990  |
| Payable for fund shares redeemed | 177698 | 265946 | 8012 | 328779 | 1108563  |
| Payable to Adviser | 123231 | 256041 | 3972 | 160767 | 627142  |
| Payable for shareholder servicing fees | 29730 | 51082 | 7 | 31646 | 135399  |
|  Payable for fund administration and accounting fees | 22299 | 75783 | 4383 | 46810 | 151787  |
| Payable for registration fees | 19380 | 591 | 3040 | 24527 | 7880  |
| Payable for audit fees | 16253 | 16255 | 16253 | 16252 | 16948  |
| Payable for legal fees | 10809 | 11204 | 1275 | 10612 | 10712  |
| Payable for printing and mailing | 3317 | 48368 | 2405 | 42587 | 85251  |
| Deferred tax liability |  | 1602639 |  |  | —  |
| Payable for expenses and other liabilities | 9651 | 16654 | 2422 | 13505 | 28204  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 59076508 | 111082545 | 41769 | 56670547 | 118128239  |
| **NET ASSETS** | $307665473 | $589770474 | $17315711 | $373711040 | $1449202564  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $318879235 | $496921468 | $17949510 | $428596870 | 828727823  |
|  Total distributable earnings/(accumulated losses) | (11213762) | 92849006 | (633799) | (54885830) | 620474741  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $307665473 | $589770474 | $17315711 | $373711040 | $1449202564  |
| **Institutional Shares**<br>|  |  |  |  |  |
| Net assets | $— | $— | $17315711 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | 1807214 |  | —  |
| Net asset value per share | $— | $— | $9.58 | $— | $—  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Absolute Return** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Income Fund** | **GuidePath** <br>**Flexible Income** <br>**Allocation Fund** | **GuidePath** <br>**Growth** <br>**Allocation Fund**  |
| **RS Shares**<br>|  |  |  |  |  |
| Net assets | $9996 | $9969 | $— | $10010 | $9891  |
| Shares issued and outstanding<sup>(a)</sup> | 984 | 832 |  | 1157 | 506  |
| Net asset value per share | $10.16 | $11.99<sup>(b)</sup> | $— | $8.65 | $19.56<sup>(b)</sup>  |
| **Service Shares**<br>|  |  |  |  |  |
| Net assets | $307655477 | $589760505 | $— | $373701030 | $1449192673  |
| Shares issued and outstanding<sup>(a)</sup> | 30270292 | 49191311 |  | 43159395 | 74074185  |
| Net asset value per share | $10.16 | $11.99 | $— | $8.66 | $19.56  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $344598776 | $595425168 | $17314433 | $424711150 | $964980384  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $47519245 | $107868481 | $— | $55225839 | $116146913 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> Differences in actual and calculated net asset value shown are due to rounding.

The accompanying notes are an integral part of these financial statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $163760556 | $96580994 | &nbsp;&nbsp; $52143062 | $120523786 | $753128152  |
| Dividends receivable | 116633 | 8880 | &nbsp;&nbsp; 32056 | 82427 | 361486  |
| Receivable for fund shares sold | 17181 | 24128 | &nbsp;&nbsp; 4136 | 11986 | 538584  |
| Dividend tax reclaims receivable | 2138 |  | &nbsp;&nbsp; — |  | —  |
| Restricted cash for forwards |  |  | &nbsp;&nbsp; 860054 |  | —  |
|  Receivable for open forward currency contracts |  |  | &nbsp;&nbsp; 13261 |  | —  |
| Interest receivable |  |  | &nbsp;&nbsp; 138471 |  | —  |
|  Receivable for unsettled open future contracts |  |  | &nbsp;&nbsp; 206348 |  | —  |
| Deposit at broker for future contracts |  |  | &nbsp;&nbsp; 4973589 |  | —  |
| Prepaid expenses and other assets | 19240 | 25653 | &nbsp;&nbsp; 17076 | 32099 | 43955  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 163915748 | 96639655 | &nbsp;&nbsp; 58388053 | 120650298 | 754072177  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 31662848 |  | &nbsp;&nbsp; — | 11093541 | 24730522  |
| Payable to Adviser | 80645 | 57944 | &nbsp;&nbsp; 64032 | 56217 | 373971  |
| Payable for audit fees | 21744 | 16245 | &nbsp;&nbsp; 32745 | 16253 | 16251  |
|  Payable for fund administration and accounting fees | 15299 | 12687 | &nbsp;&nbsp; 42665 | 14421 | 78635  |
| Payable for fund shares redeemed | 9876 | 14194 | &nbsp;&nbsp; 16350 | 17917 | 676608  |
| Payable for printing and mailing | 6206 | 5233 | &nbsp;&nbsp; 52063 | 8180 | 66632  |
| Payable for registration fees | 4802 | 2448 | &nbsp;&nbsp; 9169 | 286 | 3046  |
| Payable for legal fees | 3864 | 2714 | &nbsp;&nbsp; 60258 | 6236 | 9937  |
| Payable for shareholder servicing fees | 62 | 38 | &nbsp;&nbsp; 5037 | 9468 | 60653  |
|  Payable for open forward currency contracts |  |  | &nbsp;&nbsp; 311068 |  | —  |
| Variation margin on futures contracts |  |  | &nbsp;&nbsp; 9651 |  | —  |
|  Payable for unsettled open futures contracts |  |  | &nbsp;&nbsp; 132316 |  | —  |
| Payable for expenses and other liabilities | 7984 | 3664 | &nbsp;&nbsp; 9401 | 7058 | 15769  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 31813330 | 115167 | &nbsp;&nbsp; 744755 | 11229577 | 26032024  |
| **NET ASSETS** | $132102418 | $96524488 | &nbsp;&nbsp; $57643298 | $109420721 | $728040153  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $113820493 | $104972248 | &nbsp;&nbsp; $133785130 | $93964353 | $645308147  |
|  Total distributable earnings/(accumulated losses) | 18281925 | (8447760) | &nbsp;&nbsp; (76141832) | 15456368 | 82732006  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $132102418 | $96524488 | &nbsp;&nbsp; $57643298 | $109420721 | $728040153  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
| **Institutional Shares**<br>|  |  |  |  |  |
| Net assets | $132102418 | $96524488 | &nbsp;&nbsp; $— | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 10243264 | 11352080 | &nbsp;&nbsp; — |  | —  |
| Net asset value per share | $12.90 | $8.50 | &nbsp;&nbsp; $— | $— | $—  |
| **RS Shares**<br>|  |  |  |  |  |
| Net assets | $— | $— | &nbsp;&nbsp; $— | $10049 | $9955  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | &nbsp;&nbsp; — | 834 | 780  |
| Net asset value per share | $— | $— | &nbsp;&nbsp; $— | $12.05 | $12.76  |
| **Service Shares**<br>|  |  |  |  |  |
| Net assets | $— | $— | &nbsp;&nbsp; $57643298 | $109410672 | $728030198  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | &nbsp;&nbsp; 7630679 | 9073325 | 57030408  |
| Net asset value per share | $— | $— | &nbsp;&nbsp; $7.55 | $12.06 | $12.77  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $147267202 | $95794435 | &nbsp;&nbsp; $52146670 | $100516850 | $657707112  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $31579407 | $— | &nbsp;&nbsp; $— | $10906112 | $25104616 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

75<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $121318 | $1619625 | $8352428 | $1239752 | $6262866  |
| Less: dividend withholding taxes |  | (193866) | (24416) | (3183) | (629869)  |
| Less: issuance fees |  | (715) | (12) | (11) | (74)  |
| Interest income | 7433296 |  |  |  | 3481  |
| Less: Interest withholding taxes | (211) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7554403 | 1425044 | 8328000 | 1236558 | 5636404  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 681612 | 325394 | 2937362 | 545766 | 985312 |
| Administrative service fees - RS Shares | 4 | 4 | 4 | 4 | 4  |
| Administrative service fees - Service Shares | 423648 | 136776 | 1617477 | 238661 | 490836  |
| Fund administration and accounting fees | 228357 | 133097 | 172260 | 91555 | 167271  |
| Shareholder service costs - Service Shares | 170402 | 55151 | 652747 | 95748 | 197062  |
| Custodian fees | 32985 | 157494 | 34430 | 17612 | 122238  |
| Federal and state registration fees | 29848 | 27201 | 41625 | 28787 | 29335  |
| Legal fees | 27990 | 7004 | 94907 | 11839 | 27011  |
| Audit fees | 26461 | 83173 | 24642 | 23873 | 28789  |
| Reports to shareholders | 23282 | 12978 | 74358 | 25100 | 68476  |
| Trustees' fees | 19104 | 5573 | 76727 | 10345 | 18469  |
| Transfer agent fees | 4850 | 4271 | 8934 | 4464 | 5091  |
| Compliance fees | 3934 | 1240 | 15682 | 2146 | 4273  |
| Interest expense | 260 | 12865 | 218 | 2915 | 59640  |
| Other expenses and fees | 5286 | 1598 | 11339 | 1989 | 2472  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1678023 | 963819 | 5762712 | 1100804 | 2206279  |
| &nbsp;&nbsp;&nbsp; Expense (reimbursement) recoupment by Adviser | (72362) | (161794) |  |  | 114550  |
| &nbsp;&nbsp;&nbsp; Fees waived by voluntary waiver |  | (33091) | (130549) | (33512) | (80796)  |
| &nbsp;&nbsp;&nbsp; Security lending credit | (1625) | (17036) | (87343) | (36596) | (14676)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1604036 | 751898 | 5544820 | 1030696 | 2225357  |
| **Net investment income** | 5950367 | 673146 | 2783180 | 205862 | 3411047  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (322324) | 5240975 | 157299127 | 7303546 | 32601195  |
| &nbsp;&nbsp;&nbsp; Foreign capital gains tax |  | (253733) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (512580) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | 3809 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 103890 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (15829) |  |  | (316624)  |
| Net realized gain (loss) | (731014) | 4975222 | 157299127 | 7303546 | 32284571  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $693470 | $9501888 | $(89539403) | $7923563 | $8012279  |
| &nbsp;&nbsp;&nbsp; Future contracts | 193027 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 51235 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax |  | 218407 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (2278) |  |  | 12930  |
|  Net change in unrealized appreciation (depreciation) | 937732 | 9718017 | (89539403) | 7923563 | 8025209  |
| **Net realized and unrealized gain (loss)** | 206718 | 14693239 | 67759724 | 15227109 | 40309780  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $6157085 | $15366385 | $70542904 | $15432971 | $43720827 |

---

The accompanying notes are an integral part of these financial statements.

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Absolute Return** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Income Fund** | **GuidePath** <br>**Flexible Income** <br>**Allocation Fund** | **GuidePath** <br>**Growth** <br>**Allocation Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $9611250 | $20368965 | $894843 | $22207000 | $21521989  |
|  Dividend Income from Affiliated Investments | 890639 |  |  |  |  |
| Interest income |  | 3 | 93267 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 10501889 | 20368968 | 988110 | 22207000 | 21521989  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 708952 | 1428323 | 79061 | 1049835 | 3657135  |
|  Administrative service fees - Institutional Shares  | —  | —  | 56453  | —  |  |
|  Administrative service fees - RS Shares | 4 | 4 |  | 4 | 4  |
|  Administrative service fees - Service Shares | 506191 | 1427750 |  | 1049834 | 3655671  |
|  Shareholder service costs - Service Shares | 202558 | 571329 |  | 419934 | 1462853  |
|  Shareholder service costs - Institutional Shares |  |  | 96 |  | —  |
| Legal fees | 58071 | 154767 | 3383 | 67046 | 205133  |
| Reports to shareholders | 46817 | 73351 | 4536 | 74079 | 131448  |
|  Fund administration and accounting fees | 39795 | 146441 | 8612 | 96330 | 314059  |
| Custodian fees | 38949 | 60234 | 1400 | 49146 | 86816  |
| Excise tax expense | 27785 |  |  |  | —  |
| Trustees' fees | 25009 | 62117 | 2365 | 39161 | 160286  |
| Federal and state registration fees | 24233 | 26619 | 23576 | 41817 | 28207  |
| Audit fees | 17072 | 17724 | 16754 | 16965 | 20876  |
| Interest expense | 13477 | 8949 | 700 | 23606 | 25871  |
| Compliance fees | 5507 | 13345 | 493 | 8882 | 35220  |
| Transfer agent fees | 4656 | 6750 | 4117 | 6383 | 11119  |
| Other expenses and fees | 4088 | 9785 | 1250 | 13789 | 19677  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1723164 | 4007488 | 202796 | 2956811 | 9814375  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (126887) |  | (49111) |  | —  |
| &nbsp;&nbsp;&nbsp; Security lending credit | (157363) | (313225) | (8416) | (158536) | (430119)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1438914 | 3694263 | 145269 | 2798275 | 9384256  |
| **Net investment income** | 9062975<sup>(a)</sup> | 16674705 | 842841 | 19408725 | 12137733  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Absolute Return** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Income Fund** | **GuidePath** <br>**Flexible Income** <br>**Allocation Fund** | **GuidePath** <br>**Growth** <br>**Allocation Fund**  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11382931 | 5314507 | (126808) | 330092 | 50647501  |
| &nbsp;&nbsp;&nbsp; Current tax expense |  | (677500) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments | 1166081 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | 149845 | 5150235 |  | 41871 | 27760744  |
| Net realized gain (loss) | 12698857 | 9787242 | (126808) | 371963 | 78408245  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $3290769 | $30034329 | $(29629) | $(2869473) | $168625923  |
| &nbsp;&nbsp;&nbsp; Deferred tax |  | (1602639) |  |  | —  |
|  Net change in unrealized appreciation (depreciation) | 3290769 | 28431690 | (29629) | (2869473) | 168625923  |
|  **Net realized and unrealized gain (loss)** | 15989626 | 38218932 | (156437) | (2497510) | 247034168  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $25052601 | $54893637 | $686404 | $16911215 | $259171901 |

---

<sup>(a)</sup> Net investment income before tax expense was $9,090,760. 

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $3668723 | $4434290 | $548212 | $4851233 | $11968067  |
| Less: dividend withholding taxes | (610) |  |  |  | —  |
| Interest income |  |  | 6821649 |  | —  |
| Less: Interest withholding taxes |  |  | (3042) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3668113 | 4434290 | 7366819 | 4851233 | 11968067  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 531964 | 415007 | 1826901 | 375908 | 2498934  |
|  Administrative service fees - Institutional Shares  | 295449  | 230515  | —  | —  |  |
| Administrative service fees - RS Shares |  |  |  | 4 | 4  |
| Administrative service fees - Service Shares |  |  | 434715 | 268398 | 1784238  |
| Fund administration and accounting fees | 30803 | 24431 | 79203 | 30144 | 162434  |
| Custodian fees | 29470 | 5718 | 11015 | 24630 | 48873  |
| Federal and state registration fees | 24730 | 24150 | 26339 | 24887 | 31379  |
| Audit fees | 21788 | 16799 | 33401 | 16890 | 18893  |
| Legal fees | 15028 | 14758 | 32661 | 23015 | 91052  |
| Trustees' fees | 12294 | 10480 | 20508 | 12002 | 77977  |
| Reports to shareholders | 7984 | 8098 | 49631 | 11195 | 101179  |
| Transfer agent fees | 4570 | 4451 | 5175 | 4514 | 7462  |
| Compliance fees | 2687 | 2167 | 4616 | 2647 | 17259  |
|  Shareholder service costs - Institutional Shares | 537 | 446 |  |  | —  |
| Shareholder service costs - Service Shares |  |  | 173991 | 107402 | 713981  |
| Interest expense |  | 5563 |  | 475 | —  |
| Other expenses and fees | 2295 | 2118 | 4598 | 2447 | 9945  |
| &nbsp;&nbsp;&nbsp; Total expenses | 979599 | 764701 | 2702754 | 904558 | 5563610  |
| &nbsp;&nbsp;&nbsp; Expense recoupment by Adviser | 18193 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Security lending credit | (63900) | (76181) | (771) | (164220) | (49087)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 933892 | 688520 | 2701983 | 740338 | 5514523  |
| **Net investment income** | 2734221 | 3745770 | 4664836 | 4110895 | 6453544  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4248573 | 421025 | 23616 | 3232452 | 53150413  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  |  | (15824200) |  | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | 447724 |  | —  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies |  |  |  | 344402 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | (691604) |  | —  |
| Net realized gain (loss) | 4248573 | 421025 | (16044464) | 3576854 | 53150413  |

---

The accompanying notes are an integral part of these financial statements.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $7834379 | $(1634724) | $(15091) | $5289042 | $(10581201)  |
| &nbsp;&nbsp;&nbsp; Future contracts |  |  | 5325652 |  | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | (359062) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | 848 |  | —  |
|  Net change in unrealized appreciation (depreciation) | 7834379 | (1634724)  | 4952347 | 5289042 | (10581201)  |
| **Net realized and unrealized gain (loss)** | 12082952 | (1213699)  | (11092117) | 8865896 | 42569212  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14817173  | $2532071 | $(6427281) | $12976791 | $49022756 |

---

The accompanying notes are an integral part of these financial statements.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuideMark Core Fixed** <br>**Income Fund** | **GuideMark Core Fixed** <br>**Income Fund** | **GuideMark Emerging** <br>**Markets Fund**  | **GuideMark Emerging** <br>**Markets Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5950367 | $6001758 | $673146 | $943843  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (731014) | (931171) | 4975222 | 581975  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 937732 | 2096652 | 9718017 | 1768834  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6157085 | 7167239 | 15366385 | 3294652  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - RS Shares | (78) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares | (5980605) | (6553125) | (850125) | (1356041)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5980683) | (6553125) | (850125) | (1356041)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 10004 |  | 10004 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - RS Shares | 78 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 49969210 | 42135733 | 11590057 | 7116219  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 5980572 | 6553089 | 848911 | 1353908  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (51034637) | (54223823) | (15891614) | (13741159)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4925227 | (5535001) | (3442642) | (5271032)  |
| **Net increase (decrease) in net assets**  | 5101629 | (4920887) | 11073618 | (3332421)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 167342560 | 172263447 | 44597180 | 47929601  |
| &nbsp;&nbsp;&nbsp; End of the year | $172444189 | $167342560 | $55670798 | $44597180  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 1207 |  | 668 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - RS Shares | 9 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 6024786 | 5129014 | 926532 | 617260  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 723124 | 797988 | 59850 | 120411  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (6150756) | (6594028) | (1150064) | (1196387)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 598370 | (667026) | (163014) | (458716) |

---

The accompanying notes are an integral part of these financial statements.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuideMark Large** <br>**Cap Core Fund** | **GuideMark Large** <br>**Cap Core Fund** | **GuideMark Small/Mid** <br>**Cap Core Fund**  | **GuideMark Small/Mid** <br>**Cap Core Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2783180 | $3219685 | $205862 | $223191  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 157299127 | 33007725 | 7303546 | 7268081  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (89539403) | (8510146) | 7923563 | (10929293)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 70542904 | 27717264 | 15432971 | (3438021)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares | (120716144) | (31527674) | (6250137) | (8312014)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (120716144) | (31527674) | (6250137) | (8312014)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 10004 |  | 10002 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 345158324 | 144001887 | 20616812 | 19300249  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 120716132 | 31527671 | 6250137 | 8312014  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (406445106) | (177702588) | (30364000) | (28938155)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 59439354 | (2173030) | (3487049) | (1325892)  |
| **Net increase (decrease) in net assets**  | 9266114 | (5983440) | 5695785 | (13075927)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 717906673 | 723890113 | 89890533 | 102966460  |
| &nbsp;&nbsp;&nbsp; End of the year | $727172787 | $717906673 | $95586318 | $89890533  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 330 |  | 509 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 9825964 | 4433364 | 1041513 | 954747  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 3766494 | 949057 | 307586 | 422874  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (12697876) | (5510604) | (1526541) | (1446525)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T**otal increase (decrease) in shares** <br>**outstanding** | 894912 | (128183) | (176933) | (68904) |

---

The accompanying notes are an integral part of these financial statements.

83<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuideMark World ex-US Fund** | **GuideMark World ex-US Fund** | **GuidePath Absolute Return** <br>**Allocation Fund (Consolidated)**  | **GuidePath Absolute Return** <br>**Allocation Fund (Consolidated)**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3411047 | $2123665 | $9062975 | $9166295  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32284571 | 3921967 | 12698857 | (193106)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8025209 | 2001700 | 3290769 | 2053649  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 43720827 | 8047332 | 25052601 | 11026838  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares | (23288236) | (3178682) | (9642453) | (9957282)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (23288236) | (3178682) | (9642453) | (9957282)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  |  |  | (89)  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 10004 |  | 10002 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 182804720 | 23555972 | 292543474 | 77565986  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 23288185 | 3178673 | 9642453 | 9957282  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (163571164) | (33008102) | (218178668) | (84112832)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 42531745 | (6273457) | 84017261 | 3410347  |
| **Net increase (decrease) in net assets**  | 62964336 | (1404807) | 99427409 | 4479903  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 116043272 | 117448079 | 208238064 | 203758161  |
| &nbsp;&nbsp;&nbsp; End of the year | $179007608 | $116043272 | $307665473 | $208238064  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  |  |  | (9)  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 831 |  | 984 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 14981594 | 2151755 | 29881073 | 8167166  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 1906524 | 303627 | 993965 | 1075301  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (12611886) | (3025036) | (22684016) | (8870836)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 4277063 | (569654) | 8192006 | 371622 |

---

The accompanying notes are an integral part of these financial statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Conservative** <br>**Allocation Fund (Consolidated)** | **GuidePath Conservative** <br>**Allocation Fund (Consolidated)** | **GuidePath Conservative** <br>**Income Fund**  | **GuidePath Conservative** <br>**Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $16674705 | $17113782 | $842841 | $929014  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9787242 | 1907734 | (126808) | 49911  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28431690 | 16512202 | (29629) | (37556)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 54893637 | 35533718 | 686404 | 941369  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares |  |  | (850515) | (938383)  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares | (21968372) | (16649348) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (21968372) | (16649348) | (850515) | (938383)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares |  |  | 20644819 | 18441799  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Shares |  |  | 850515 | 938383  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  |  | (19759334) | (17729345)  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 10004 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 142432074 | 128758973 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 21968372 | 16649348 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (166881473) | (136055881) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2471023) | 9352440 | 1736000 | 1650837  |
| **Net increase in net assets**  | 30454242 | 28236810 | 1571889 | 1653823  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 559316232 | 531079422 | 15743822 | 14089999  |
| &nbsp;&nbsp;&nbsp; End of the year | $589770474 | $559316232 | $17315711 | $15743822  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares |  |  | 2140456 | 1906310  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Shares |  |  | 88419 | 97094  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  |  | (2051711) | (1831425)  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 832 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 11877698 | 11453570 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 1826588 | 1498187 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (14130266) | (12134051) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (425148) | 817706 | 177164 | 171979 |

---

The accompanying notes are an integral part of these financial statements.

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Flexible Income** <br>**Allocation Fund** | **GuidePath Flexible Income** <br>**Allocation Fund** | **GuidePath Growth** <br>**Allocation Fund**  | **GuidePath Growth** <br>**Allocation Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $19408725 | $13740797 | $12137733 | $12933923  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 371963 | (1772007) | 78408245 | 57589775  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2869473) | 1150543 | 168625923 | (6444528)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 16911215 | 13119333 | 259171901 | 64079170  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - RS Shares | (132) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares | (19157799) | (14734776) | (68195140) | (60039606)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (19157931) | (14734776) | (68195140) | (60039606)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  | (44) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 10004 |  | 10004 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - RS Shares | 132 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 419080765 | 91717976 | 254250119 | 278179791  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 19157799 | 14734776 | 68195140 | 60039606  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (324873717) | (107925949) | (398240365) | (287859885)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 113374983 | (1473197) | (75785102) | 50359512  |
| **Net increase (decrease) in net assets**  | 111128267 | (3088684) | 115191659 | 54399076  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 262582773 | 265671457 | 1334010905 | 1279611829  |
| &nbsp;&nbsp;&nbsp; End of the year | $373711040 | $262582773 | $1449202564 | $1334010905  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  | (5) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 1142 |  | 506 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - RS Shares | 15 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 48122109 | 10215242 | 12954638 | 15574468  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 2191671 | 1656412 | 3345851 | 3347622  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (36863362) | (12043859) | (20353634) | (16211565)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 13451575 | (172210) | (4052639) | 2710525 |

---

The accompanying notes are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Growth and Income Fund** | **GuidePath Growth and Income Fund** | **GuidePath Income Fund**  | **GuidePath Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2734221 | $1338953 | $3745770 | $4108773  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4248573 | 15159750 | 421025 | 1701005  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7834379 | (8953731) | (1634724) | (115067)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 14817173 | 7544972 | 2532071 | 5694711  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | (16304720) | (1219975) | (3745770) | (4148561)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Institutional Shares |  |  | (21902) | (19847)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (16304720) | (1219975) | (3767672) | (4168408)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares | 30397933 | 21772858 | 23774094 | 31073688  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Shares | 16304720 | 1219975 | 3767672 | 4168408  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares | (17946803) | (33940188) | (26626397) | (19548903)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 28755850 | (10947355) | 915369 | 15693193  |
| **Net increase (decrease) in net assets**  | 27268303 | (4622358) | (320232) | 17219496  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 104834115 | 109456473 | 96844720 | 79625224  |
| &nbsp;&nbsp;&nbsp; End of the year | $132102418 | $104834115 | $96524488 | $96844720  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares | 2313858 | 1705078 | 2760256 | 3668492  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Shares | 1300141 | 95098 | 438550 | 489230  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares | (1368108) | (2805328) | (3114450) | (2290831)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 2245891 | (1005152) | 84356 | 1866891 |

---

The accompanying notes are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Managed Futures** <br>**Strategy Fund (Consolidated)** | **GuidePath Managed Futures** <br>**Strategy Fund (Consolidated)** | **GuidePath Multi-Asset Income** <br>**Allocation Fund**  | **GuidePath Multi-Asset Income** <br>**Allocation Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4664836 | $9029375 | $4110895 | $4371674  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (16044464) | (44654785) | 3576854 | 1884692  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4952347 | (13537662) | 5289042 | 1453528  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (6427281) | (49163072) | 12976791 | 7709894  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - RS Shares |  |  | (54) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares |  | (39597) | (4215965) | (4479990)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (39597) | (4216019) | (4479990)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  | (1398) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares |  |  | 10002 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - RS Shares |  |  | 54 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 99838597 | 83327481 | 19467540 | 20526870  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares |  | 39597 | 4215965 | 4479991  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (282664759) | (77076162) | (29849882) | (25937085)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (182826162) | 6289518 | (6156321) | (930224)  |
| **Net increase (decrease) in net assets**  | (189253443) | (42913151) | 2604451 | 2299680  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 246896741 | 289809892 | 106816270 | 104516590  |
| &nbsp;&nbsp;&nbsp; End of the year | $57643298 | $246896741 | $109420721 | $106816270  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  | (153) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares |  |  | 829 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - RS Shares |  |  | 5 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 15060228 | 10316785 | 1671884 | 1864751  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares |  | 5002 | 363103 | 410167  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (41066599) | (9482756) | (2582978) | (2362854)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (26006371) | 838878 | (547157) | (87936) |

---

The accompanying notes are an integral part of these financial statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **GuidePath Tactical Allocation Fund**  | **GuidePath Tactical Allocation Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6453544 | $4709509  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 53150413 | 34495221  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (10581201) | (13053877)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 49022756 | 26150853  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Shares | (58204852) | (40005997)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (58204852) | (40005997)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 10004 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 197670193 | 169406514  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 58204852 | 40005996  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (163226855) | (146353852)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 92658194 | 63058658  |
| **Net increase in net assets** | 83476098 | 49203514  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 644564055 | 595360541  |
| &nbsp;&nbsp;&nbsp; End of the year | $728040153 | $644564055  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - RS Shares | 780 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Shares | 14789570 | 12352444  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Service Shares | 4347539 | 2954653  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Shares | (12167462) | (10730688)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 6970427 | 4576409 |

---

The accompanying notes are an integral part of these financial statements.

89<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $8.29  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.23  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.05%<sup>(e)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including <br>interest expense | &nbsp;&nbsp;&nbsp;&nbsp; 1.77%<sup>(f)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including <br>interest expense | &nbsp;&nbsp;&nbsp;&nbsp; 1.69%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3.63%<sup>(f)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 210% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

90<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK CORE FIXED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.23 | $8.20 | $8.27 | $9.01 | $9.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.29 | 0.29 | 0.26 | 0.20 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.01 | 0.05 | (0.06) | (0.74) | (0.57)  |
| **Total from investment operations** | 0.30 | 0.34 | 0.20 | (0.54) | (0.46)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.29) | (0.31) | (0.27) | (0.20) | (0.12)  |
| Net realized gains |  |  |  |  | (0.11)  |
| **Total distributions** | (0.29) | (0.31) | (0.27) | (0.20) | (0.23)  |
| **Net asset value, end of year** | $8.24 | $8.23 | $8.20 | $8.27 | $9.01  |
| Total return | 3.68% | 4.25% | 2.56% | (6.02)% | (4.88)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $172434 | $167343 | $172263 | $170248 | $200560  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense | 0.98% | 0.99% | 1.00% | 0.99% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense | 0.94% | 0.94% | 0.94% | 0.94% | 0.94%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00%<sup>(c)</sup> | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets | 3.49% | 3.49% | 3.29% | 2.33% | 1.14%  |
| Portfolio turnover rate | 210% | 191% | 267% | 252% | 264% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

91<br>

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**GUIDEMARK EMERGING MARKETS FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $14.98  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.16)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.83  |
| Total return | &nbsp;&nbsp;&nbsp; (1.04)%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.73%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.09%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.09%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.36%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 64% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> The effect of the voluntary expense waiver on the RS Shares was 0.06%.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

92<br>

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**GUIDEMARK EMERGING MARKETS FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.38 | $10.95 | $10.30 | $13.57 | $16.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.17 | 0.23 | 0.22 | 0.33 | 0.22  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.49 | 0.54 | 0.80 | (1.87) | (1.73)  |
| **Total from investment operations** | 3.66 | 0.77 | 1.02 | (1.54) | (1.51)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.18) | (0.34) | (0.37) | (0.49) | (0.26)  |
| Net realized gains | (0.03) |  |  | (1.24) | (1.16)  |
| **Total distributions** | (0.21) | (0.34) | (0.37) | (1.73) | (1.42)  |
| **Net asset value, end of year** | $14.83 | $11.38 | $10.95 | $10.30 | $13.57  |
| Total return | 32.22% | 7.07% | 10.03% | (11.02)% | (9.75)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $55661 | $44597 | $47930 | $45699 | $71780  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 1.75%<sup>(d)</sup> | 1.76%<sup>(d)</sup> | 1.88%<sup>(d)</sup> | 1.84% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 1.36%<sup>(d)</sup> | 1.34%<sup>(d)</sup> | 1.34%<sup>(d)</sup> | 1.40% | 1.39%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.02% | 0.01% | 0.01% | 0.01% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(c)</sup> | 1.34% | 1.33% | 1.33% | 1.39% | 1.39%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.22% | 1.96% | 2.09% | 2.83% | 1.33%  |
| Portfolio turnover rate | 64% | 30% | 44% | 44% | 48% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> The effect of the voluntary expense waiver on the Service Shares was 0.06%. 

The accompanying notes are an integral part of these financial statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $30.27  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.19)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.08  |
| Total return | &nbsp;&nbsp;&nbsp; (0.64)%<sup>(g)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.64%<sup>(h)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.62%<sup>(h)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.62%<sup>(h)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.15)%<sup>(h)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 79% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(e)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> The effect of the voluntary expense waiver on the RS Shares was 0.02%. 

<sup>(g)</sup> Not annualized for periods less than one year.

<sup>(h)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK LARGE CAP CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $30.84 | $30.93 | $23.82 | $28.80 | $26.58  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.14 | 0.14 | 0.17 | 0.20 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 4.95 | 1.15 | 7.15 | (2.88) | 3.05  |
| **Total from investment operations** | 5.09 | 1.29 | 7.32 | (2.68) | 3.15  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.14) | (0.13) | (0.20) | (0.16) | (0.12)  |
| Net realized gains | (5.71) | (1.25) | (0.01) | (2.14) | (0.81)  |
| **Total distributions** | (5.85) | (1.38) | (0.21) | (2.30) | (0.93)  |
| **Net asset value, end of year** | $30.08 | $30.84 | $30.93 | $23.82 | $28.80  |
| Total return | 15.36% | 3.85% | 30.82% | -8.81% | 11.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $727163 | $717907 | $723890 | $607842 | $691939  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.88%<sup>(d)</sup> | 0.88%<sup>(d)</sup> | 0.89%<sup>(d)</sup> | 0.90% | 0.89%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.85%<sup>(d)</sup> | 0.85%<sup>(d)</sup> | 0.82%<sup>(d)</sup> | 0.87% | 0.89%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.00%<sup>(e)</sup> | —% | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp; Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold <br>short<sup>(c)</sup> | 0.85% | 0.85% | 0.82% | 0.87% | 0.89%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 0.43% | 0.43% | 0.65% | 0.82% | 0.33%  |
| Portfolio turnover rate | 79% | 18% | 19% | 46% | 25% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> The effect of the voluntary expense waiver on the Service Shares was 0.02%.

<sup>(e)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.65  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.89  |
| Total return | &nbsp;&nbsp;&nbsp; 1.25%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.93%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.83%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.83%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (1.85)%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 42% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> The effect of the voluntary expense waiver on the RS Shares was 0.035%. 

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.05 | $20.39 | $16.76 | $19.12 | $21.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.04 | 0.04 | 0.07 | 0.09 | 0.00<sup>(b)</sup>  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.18 | (0.61) | 3.69 | (2.08) | 0.44  |
| **Total from investment operations** | 3.22 | (0.57) | 3.76 | (1.99) | 0.44  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.07) | (0.09) | (0.07) | (0.06) | (0.04)  |
| Net realized gains | (1.30) | (1.68) | (0.06) | (0.31) | (2.35)  |
| **Total distributions** | (1.37) | (1.77) | (0.13) | (0.37) | (2.39)  |
| **Net asset value, end of year** | $19.90 | $18.05 | $20.39 | $16.76 | $19.12  |
| Total return | 17.72% | (3.51)% | 22.44% | (10.34)% | 1.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $95576 | $89891 | $102966 | $95301 | $107106  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | 1.15%<sup>(e)</sup> | 1.15%<sup>(e)</sup> | 1.16%<sup>(e)</sup> | 1.17% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | 1.08%<sup>(e)</sup> | 1.07%<sup>(e)</sup> | 1.04%<sup>(e)</sup> | 1.06% | 1.14%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(d)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.01% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | 1.07% | 1.07% | 1.03% | 1.06% | 1.14%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 0.23% | 0.23% | 0.37% | 0.52% | 0.01%  |
| Portfolio turnover rate | 42% | 18% | 16% | 25% | 36% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> The effect of the voluntary expense waiver on the Service Shares was 0.035%.

<sup>(f)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK WORLD EX-US FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.04  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.17  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 0.20  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $12.24  |
| Total return | &nbsp;&nbsp;&nbsp; 1.64%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.87%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.81%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.81%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 7.00%<sup>(g)(h)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 139% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> The effect of the voluntary expense waiver on the RS Shares was 0.041%.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Ratio disclosed is higher than the Service Class Shares due to timing of income over the shortened fiscal period that the class was operating.

The accompanying notes are an integral part of these financial statements.

98<br>

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**GUIDEMARK WORLD EX-US FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.22 | $10.76 | $9.73 | $10.31 | $10.45  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.22 | 0.20 | 0.19 | 0.23 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.57 | 0.57 | 1.19 | (0.53) | (0.15)  |
| **Total from investment operations** | 2.79 | 0.77 | 1.38 | (0.30) | (0.02)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.18) | (0.31) | (0.23) | (0.21) | (0.12)  |
| Net realized gains | (1.59) |  | (0.12) | (0.07) | —  |
| **Total distributions** | (1.77) | (0.31) | (0.35) | (0.28) | (0.12)  |
| **Net asset value, end of year** | $12.24 | $11.22 | $10.76 | $9.73 | $10.31  |
| Total return | 24.99% | 7.29% | 14.42% | (2.70)% | (0.27)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $178997 | $116043 | $117488 | $109715 | $125034  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment and securities lending credit including interest expense<sup>(c)</sup> | 1.12%<sup>(d)</sup> | 1.20%<sup>(d)</sup> | 1.24%<sup>(d)</sup> | 1.26% | 1.25%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 1.13%<sup>(d)</sup> | 1.10%<sup>(d)</sup> | 1.10%<sup>(d)</sup> | 1.14% | 1.14%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.03% | 0.01% | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup> | 0.00%<sup>(e)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(c)</sup> | 1.10% | 1.09% | 1.10% | 1.14% | 1.14%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.73% | 1.84% | 1.91% | 2.49% | 1.19%  |
| Portfolio turnover rate | 139% | 33% | 30% | 54% | 34% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> The effect of the voluntary expense waiver on the Service Shares was 0.041%.

<sup>(e)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

99<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH ABSOLUTE RETURN ALLOCATION FUND (CONSOLIDATED)** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended**<br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.17  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.00<sup>(c)</sup>  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.16  |
| Total return | &nbsp;&nbsp;&nbsp; (0.06)%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.71%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.44%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, borrowing expense on securities sold short, and tax expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.44%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (2.55)%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 185% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the period.

<sup>(e)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

100<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH ABSOLUTE RETURN ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026**<br>(Consolidated) | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp; $9.43 | $9.39 | $9.39 | $10.08 | $10.58  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp; 0.44 | 0.42 | 0.40 | 0.28 | 0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; 0.61 | 0.08 | 0.05 | (0.75) | (0.52)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 0.50 | 0.45 | (0.47) | (0.29)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32) | (0.46) | (0.45) | (0.22) | (0.21)  |
| **Total distributions** | &nbsp;&nbsp; (0.32) | (0.46) | (0.45) | (0.22) | (0.21)  |
| **Net asset value, end of year** | &nbsp;&nbsp; $10.16 | $9.43 | $9.39 | $9.39 | $10.08  |
| Total return | &nbsp;&nbsp; 11.32% | 5.45% | 4.72% | (4.56)% | (2.80)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $307655 | $208238 | $203758 | $224227 | $236003  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense and tax expense<sup>(c)</sup> | &nbsp;&nbsp; 0.85% | 0.81% | 0.84% | 0.86% | 0.82%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense and tax expense<sup>(c)</sup> | &nbsp;&nbsp; 0.71% | 0.65%<sup>(e)</sup> | 0.55% | 0.58% | 0.55%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | &nbsp;&nbsp; 0.01% | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.03% | 0.00%<sup>(d)</sup>  |
| Ratio of tax expenses to average net assets<sup>(c)</sup> | &nbsp;&nbsp; 0.01% | —% | —% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, borrowing expense on securities sold short, and tax expense<sup>(c)</sup> | &nbsp;&nbsp; 0.69% | 0.65% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(f)</sup> | &nbsp;&nbsp; 4.47% | 4.42% | 4.20% | 3.01% | 2.14%  |
| Portfolio turnover rate | &nbsp;&nbsp; 185% | 55% | 53% | 153% | 28% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Effective August 1, 2024 the expense limitation was changed from 0.55% to 0.69%. 

<sup>(f)</sup> 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.

The accompanying notes are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH CONSERVATIVE ALLOCATION FUND (CONSOLIDATED)** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.03  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $11.99  |
| Total return | &nbsp;&nbsp;&nbsp; (0.35)%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.57%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.48%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.48%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 4.22%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 30% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> 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.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH CONSERVATIVE ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026**<br>(Consolidated)  | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp; $11.27 | $10.88 | $10.17 | $10.98 | $11.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | 0.35 | 0.34 | 0.27 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 0.38 | 0.71 | (0.87) | 0.10  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 0.73 | 1.05 | (0.60) | 0.31  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.43) | (0.34) | (0.34) | (0.17) | (0.20)  |
| Net realized gains | &nbsp;&nbsp; (0.03) |  |  | (0.04) | (0.20)  |
| **Total distributions** | &nbsp;&nbsp; (0.46) | (0.34) | (0.34) | (0.21) | (0.40)  |
| **Net asset value, end of year** | &nbsp;&nbsp; $11.99 | $11.27 | $10.88 | $10.17 | $10.98  |
| Total return | &nbsp;&nbsp; 10.40% | 6.78% | 10.48% | (5.39)% | 2.60%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $589761 | $559316 | $531079 | $428328 | $509796  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | &nbsp;&nbsp; 0.70% | 0.68%<sup>(f)</sup> | 0.70% | 0.71% | 0.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | &nbsp;&nbsp; 0.65% | 0.56% | 0.45% | 0.45% | 0.45% |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | &nbsp;&nbsp; 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup>  |
|  Ratio of income tax and deferred tax to average net assets<sup>(c)</sup>  | &nbsp;&nbsp; (0.40)%  | —%  | —%  | —%  | —% |
| &nbsp;&nbsp;&nbsp; Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold <br>short<sup>(c)</sup> | &nbsp;&nbsp; 0.65% | 0.56% | 0.45% | 0.45% | 0.45%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(e)</sup> | &nbsp;&nbsp; 2.92% | 3.11% | 3.26% | 2.63% | 1.81%  |
| Portfolio turnover rate | &nbsp;&nbsp; 30% | 14% | 20% | 48% | 28% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> 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.

<sup>(f)</sup> Effective August 1, 2024 the expense limitation was changed from 0.45% to 0.75%. 

The accompanying notes are an integral part of these financial statements.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH CONSERVATIVE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.66 | $9.66 | $9.63 | $9.78 | $9.94  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.36 | 0.44 | 0.43 | 0.20 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.09) | (0.01) | 0.02 | (0.13) | (0.16)  |
| **Total from investment operations** | 0.27 | 0.43 | 0.45 | 0.07 | (0.11)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.35) | (0.43) | (0.42) | (0.22) | (0.05)  |
| **Total distributions** | (0.35) | (0.43) | (0.42) | (0.22) | (0.05)  |
| **Net asset value, end of year** | $9.58 | $9.66 | $9.66 | $9.63 | $9.78  |
| Total return | 2.89% | 4.50% | 4.82% | 0.71% | (1.12)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $17316 | $15744 | $14090 | $11781 | $10912  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.90% | 0.90% | 0.92% | 0.95% | 1.06%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.64% | 0.64% | 0.64% | 0.64% | 0.64%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.00%<sup>(d)</sup> | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(e)</sup> | 3.73% | 4.49% | 4.48% | 2.12% | 0.50%  |
| Portfolio turnover rate | 780% | 216% | 259% | 398% | 161% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> 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.

The accompanying notes are an integral part of these financial statements.

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH FLEXIBLE INCOME ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $8.76  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.65  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.30%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 149% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> 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.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH FLEXIBLE INCOME ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.84 | $8.89 | $8.97 | $9.99 | $10.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.41 | 0.46 | 0.47 | 0.23 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.19) | (0.02) | (0.10) | (0.96) | (0.44)  |
| **Total from investment operations** | 0.22 | 0.44 | 0.37 | (0.73) | (0.23)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.40) | (0.49) | (0.45) | (0.22) | (0.21)  |
| Net realized gains |  |  |  | (0.07) | (0.07)  |
| **Total distributions** | (0.40) | (0.49) | (0.45) | (0.29) | (0.28)  |
| **Net asset value, end of year** | $8.66 | $8.84 | $8.89 | $8.97 | $9.99  |
| Total return | 2.58% | 5.02% | 4.19% | (7.27)% | (2.33)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $373701 | $262583 | $265671 | $295107 | $347767  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.70% | 0.70% | 0.71% | 0.70% | 0.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.67% | 0.56%<sup>(f)</sup> | 0.50% | 0.50% | 0.50%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.01% | —% | 0.01% | 0.00%<sup>(d)</sup> | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(c)</sup> | 0.66% | 0.56% | 0.49% | 0.50% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(e)</sup> | 4.62% | 5.08% | 5.25% | 2.48% | 2.03%  |
| Portfolio turnover rate | 149% | 81% | 247% | 484% | 196% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> 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.

<sup>(f)</sup> Effective August 1, 2024, the expense limitation was changed from 0.50% to 0.80%. 

The accompanying notes are an integral part of these financial statements.

106<br>

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**GUIDEPATH GROWTH ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.78  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.24)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.22)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.56  |
| Total return | &nbsp;&nbsp;&nbsp; (1.14)%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.46%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.42%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.42%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 2.65%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 12% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> 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.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

107<br>

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**GUIDEPATH GROWTH ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $17.07 | $16.97 | $13.90 | $16.03 | $15.64  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.16 | 0.17 | 0.17 | 0.13 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.29 | 0.72 | 3.21 | (1.72) | 0.73  |
| **Total from investment operations** | 3.45 | 0.89 | 3.38 | (1.59) | 0.85  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.18) | (0.18) | (0.26) | (0.03) | (0.13)  |
| Net realized gains | (0.78) | (0.61) | (0.05) | (0.51) | (0.33)  |
| **Total distributions** | (0.96) | (0.79) | (0.31) | (0.54) | (0.46)  |
| **Net asset value, end of year** | $19.56 | $17.07 | $16.97 | $13.90 | $16.03  |
| Total return | 19.98% | 5.04% | 24.46% | (9.69)% | 5.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1449193 | $1334011 | $1279612 | $950179 | $1136476  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.67% | 0.66% | 0.67% | 0.69% | 0.68%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.64% | 0.64% | 0.62% | 0.64% | 0.64%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.00%<sup>(d)</sup> | —% | —% | 0.01% | —%  |
| &nbsp;&nbsp;&nbsp; Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold <br>short<sup>(c)</sup> | 0.64% | 0.64% | 0.62% | 0.63% | 0.64%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(e)</sup> | 0.83% | 0.95% | 1.14% | 0.92% | 0.75%  |
| Portfolio turnover rate | 12% | 17% | 19% | 23% | 17% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> 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.

The accompanying notes are an integral part of these financial statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH GROWTH AND INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $13.11 | $12.16 | $10.46 | $11.02 | $11.68  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.31 | 0.17 | 0.26 | 0.24 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.31 | 0.94 | 1.70 | (0.58) | 0.89  |
| **Total from investment operations** | 1.62 | 1.11 | 1.96 | (0.34) | 1.00  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.28) | (0.16) | (0.26) | (0.22) | (0.14)  |
| Net realized gains | (1.55) |  |  |  | (1.52)  |
| **Total distributions** | (1.83) | (0.16) | (0.26) | (0.22) | (1.66)  |
| **Net asset value, end of year** | $12.90 | $13.11 | $12.16 | $10.46 | $11.02  |
| Total return | 13.02% | 9.14% | 19.08% | (3.02)% | 7.90%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $132102 | $104834 | $109456 | $106817 | $116834  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.83% | 0.87% | 0.94% | 0.94% | 0.87%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.79% | 0.81% | 0.88% | 0.89% | 0.81%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | —% | 0.02% | 0.09% | 0.10% | 0.02%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(c)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(d)</sup> | 2.31% | 1.35% | 2.41% | 2.26% | 0.92%  |
| Portfolio turnover rate | 92% | 87% | 123% | 73% | 174% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> 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.

The accompanying notes are an integral part of these financial statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.59 | $8.47 | $8.46 | $9.20 | $9.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.35 | 0.38 | 0.31 | 0.17 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.09) | 0.12 | (0.00)<sup>(c)</sup> | (0.74) | (0.75)  |
| **Total from investment operations** | 0.26 | 0.50 | 0.31 | (0.57) | (0.54)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.35) | (0.38) | (0.30) | (0.17) | (0.21)  |
| Return of capital | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  |  | —  |
| **Total distributions** | (0.35) | (0.38) | (0.30) | (0.17) | (0.21)  |
| **Net asset value, end of year** | $8.50 | $8.59 | $8.47 | $8.46 | $9.20  |
| Total return | 3.07% | 6.14% | 3.82% | (6.21)% | (5.53)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $96524 | $96845 | $79625 | $56634 | $44470  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | 0.83% | 0.81% | 0.84% | 0.85% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | 0.75% | 0.62% | 0.79% | 0.79% | 0.79%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(d)</sup> | 0.01% | —% | —% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | 0.74% | 0.62% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)(e)</sup> | 4.06% | 4.45% | 3.75% | 1.97% | 2.11%  |
| Portfolio turnover rate | 344% | 81% | 289% | 301% | 223% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> 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.

The accompanying notes are an integral part of these financial statements.

110<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEPATH MANAGED FUTURES STRATEGY FUND (CONSOLIDATED)** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $7.34 | $8.84 | $8.25 | $9.89 | $9.27  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.18 | 0.28 | 0.31 | 0.16 | (0.14)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.03 | (1.78) | 0.29 | 0.54 | 1.57  |
| **Total from investment operations** | 0.21 | (1.50) | 0.60 | 0.70 | 1.43  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income |  | (0.00)<sup>(c)</sup> | (0.01) | (1.04) | (0.20)  |
| Net realized gains |  |  |  | (1.30) | (0.61)  |
| **Total distributions** |  | (0.00)<sup>(c)</sup> | (0.01) | (2.34) | (0.81)  |
| **Net asset value, end of year** | $7.55 | $7.34 | $8.84 | $8.25 | $9.89  |
| Total return | 2.92% | (16.97)% | 7.23% | 5.04% | 16.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $57643 | $246897 | $289808 | $498939 | $251273  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.55% | 1.52% | 1.50% | 1.52% | 1.54%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense | 1.55% | 1.52% | 1.50% | 1.52% | 1.54%  |
|  Ratio of net investment income (loss) to average net assets | 2.68% | 3.37% | 3.66% | 1.52% | (1.47)%  |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

111<br>

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**GUIDEPATH MULTI-ASSET INCOME ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.06  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $12.05  |
| Total return | &nbsp;&nbsp;&nbsp; 0.48%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.70%<sup>(g)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.60%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.60%<sup>(g)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 1.84%<sup>(g)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 39% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(e)</sup> 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.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

112<br>

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**GUIDEPATH MULTI-ASSET INCOME ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.10 | $10.77 | $10.17 | $11.37 | $11.33  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.45 | 0.46 | 0.41 | 0.37 | 0.31  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.97 | 0.35 | 0.60 | (1.17) | 0.05  |
| **Total from investment operations** | 1.42 | 0.81 | 1.01 | (0.80) | 0.36  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.46) | (0.48) | (0.41) | (0.40) | (0.32)  |
| **Total distributions** | (0.46) | (0.48) | (0.41) | (0.40) | (0.32)  |
| **Net asset value, end of year** | $12.06 | $11.10 | $10.77 | $10.17 | $11.37  |
| Total return | 12.96% | 7.64% | 10.15% | (6.92)% | 3.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $109411 | $106816 | $104517 | $88872 | $111888  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.84% | 0.83% | 0.85% | 0.85% | 0.84%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.69% | 0.71% | 0.71% | 0.59% | 0.70%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(c)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.00%<sup>(d)</sup> | 0.01% | 0.00%<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold <br>short<sup>(c)</sup> | 0.69% | 0.71% | 0.71% | 0.58% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(e)</sup> | 3.83% | 4.19% | 4.03% | 3.58% | 2.69%  |
| Portfolio turnover rate | 39% | 47% | 28% | 66% | 24% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> 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.

The accompanying notes are an integral part of these financial statements.

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**GUIDEPATH TACTICAL ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**RS SHARES** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.83  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $12.76  |
| Total return | &nbsp;&nbsp;&nbsp; (0.50)%<sup>(g)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.56%<sup>(h)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.56%<sup>(h)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 0.50%<sup>(h)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 285% |

---

Portfolio turnover is calculated for the fund as a whole and reflects the fund's full fiscal year.

<sup>(a)</sup> Inception date of the RS Shares of the Fund was March 13, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(e)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> 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.

<sup>(g)</sup> Not annualized for periods less than one year.

<sup>(h)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**GUIDEPATH TACTICAL ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE SHARES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $12.88 | $13.09 | $10.56 | $11.40 | $11.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.12 | 0.10 | 0.09 | 0.15 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.88 | 0.55 | 2.58 | (0.49) | 1.15  |
| **Total from investment operations** | 1.00 | 0.65 | 2.67 | (0.34) | 1.20  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.11) | (0.17) | (0.14) |  | (0.05)  |
| Net realized gains | (1.00) | (0.69) |  | (0.50) | (1.14)  |
| **Total distributions** | (1.11) | (0.86) | (0.14) | (0.50) | (1.19)  |
| **Net asset value, end of year** | $12.77 | $12.88 | $13.09 | $10.56 | $11.40  |
| Total return | 7.34% | 4.59% | 25.45% | (2.90)% | 10.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $728030 | $644564 | $595361 | $500975 | $518623  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.78% | 0.78% | 0.79% | 0.80% | 0.81%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(c)</sup> | 0.77% | 0.76% | 0.77% | 0.79% | 0.78%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(d)</sup> | 0.90% | 0.74% | 0.79% | 1.38% | 0.39%  |
| Portfolio turnover rate | 285% | 274% | 333% | 248% | 406% |

---

Portfolio turnover is calculated for the fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> 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.

The accompanying notes are an integral part of these financial statements.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026** 

1. Organization

GPS Funds I and GPS Funds II (the "Trusts") are organized as Delaware statutory trusts under Declarations of Trusts dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. GPS Funds I is comprised of the following 5 funds: GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, GuideMark World ex-US Fund, GuideMark Core Fixed Income. GPS Funds II is comprised of the following 10 funds: GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Managed Futures Strategy Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund (collectively, the "Funds"). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund and GuidePath Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund and GuidePath Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath Multi-Asset Income Allocation Fund and GuidePath Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath Managed Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and RS Shares, except GuidePath Managed Futures Strategy Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund, which are only offered with a single share class. The RS Shares commenced operations on March 13, 2026. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

2. Fund of Funds

The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund each operate as a "Fund of Funds," investing primarily or, in the case of the GuidePath Tactical Allocation Fund, between 10% and 100% of its assets, in registered investment companies, including mutual funds and exchange-traded funds ("ETFs"). The funds in which the Fund of Funds may invest are referred to herein as the "Underlying Funds." AssetMark, Inc. (the "Advisor" or "AssetMark") believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund's direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

3. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Investment Valuation* – The Funds value their investments at fair value. Portfolio securities listed on a national or foreign securities
 exchange, except those listed on NASDAQ, for which market quotations are available are valued at the last quoted sale price on each business
 day. Portfolio securities traded on NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP") on each business day.
 If there is no reported sale on an exchange or NASDAQ, the portfolio security will be valued at the mean between the most recent quoted
 bid and asked price. Price information on listed securities is taken from the exchange where the security is primarily traded.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.

Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost, which approximates fair value.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share.

Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security's last close and the time that a Fund next calculates its net asset value will be valued at their fair value in accordance with the requirements of Rule 2a-5. The Board designated the Advisor as Valuation Designee of the Trusts. The Valuation Designee has established a Valuation Committee to oversee the implementation of the valuation procedures on behalf of the Funds.

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the year. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts).

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

During the year, certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

<u>Level 2 Investments.</u> The Funds' investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, options written, and swaps.

Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers' internal models typically use inputs that are observable such as institutional-sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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.

<u>Level 3 Investments.</u> The Funds' investments that were categorized as Level 3 include: fair valued securities for which observable inputs are not available.

Fair valued securities are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures approved by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.

To verify Level 3 unobservable inputs, the Valuation Committee uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' net assets as of March 31, 2026:

**GuideMark Core Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments in Securities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $62271632 | $— | $62271632  |
| &nbsp;&nbsp;&nbsp; Mortgage Backed Securities |  | 56026609 |  | 56026609  |
| &nbsp;&nbsp;&nbsp; Corporate Obligations |  | 27002733 |  | 27002733  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 26435213 |  | 26435213  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 7991283 |  | 7991283  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 1719245 |  | 1719245  |
| &nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 37171 |  | 37171  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9433942 |  |  | 9433942  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 189446 |  | 189446  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 40097  |
| **Total Investments in Securities** | $9433942 | $181673332 | $— | $191147371  |

---

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets (Continued)**  | **Assets (Continued)**  | **Assets (Continued)**  | **Assets (Continued)**  | **Assets (Continued)**  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $88458 | $— | $— | $88458  |
| &nbsp;&nbsp;&nbsp; Swaps |  | 469387 |  | 469387  |
| &nbsp;&nbsp;&nbsp; **Total Other Financial** <br>**Instruments** | $88458 | $469387 | $— | $557845  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $(38536) | $— | $— | $(38536)  |
| &nbsp;&nbsp;&nbsp; Swaps |  | (27648) |  | (27648)  |
| &nbsp;&nbsp;&nbsp; **Total Other Financial** <br>**Instruments** | $(38536) | $(27648) | $— | $(66184) |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

\*\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swaps. Futures are reflected as the unrealized appreciation (depreciation) on the instrument. Swaps are reflected as the fair value on the instrument. 

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

**GuideMark Emerging Markets Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Common Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $117948 | $— | $117948  |
| &nbsp;&nbsp;&nbsp; Bermuda |  | 143371 |  | 143371  |
| &nbsp;&nbsp;&nbsp; Brazil | 1847850 |  |  | 1847850  |
| &nbsp;&nbsp;&nbsp; Canada |  | 115950 |  | 115950  |
| &nbsp;&nbsp;&nbsp; Cayman Island |  | 107507 |  | 107507  |
| &nbsp;&nbsp;&nbsp; Chile | 597053 | 413032 |  | 1010085  |
| &nbsp;&nbsp;&nbsp; China | 272976 | 10882872 |  | 11155848  |
| &nbsp;&nbsp;&nbsp; Colombia | 297479 |  |  | 297479  |
| &nbsp;&nbsp;&nbsp; Czech Republic | 45834 | 227010 |  | 272844  |
| &nbsp;&nbsp;&nbsp; Egypt |  | 355517 |  | 355517  |
| &nbsp;&nbsp;&nbsp; Hong Kong |  | 1777365 |  | 1777365  |
| &nbsp;&nbsp;&nbsp; Hungary | 147854 | 559897 |  | 707751  |
| &nbsp;&nbsp;&nbsp; India | 31885 | 4626703 |  | 4658588  |
| &nbsp;&nbsp;&nbsp; Indonesia |  | 266424 |  | 266424  |
| &nbsp;&nbsp;&nbsp; Ireland | 408720 |  |  | 408720  |
| &nbsp;&nbsp;&nbsp; Mexico | 1808466 |  |  | 1808466  |
| &nbsp;&nbsp;&nbsp; Netherlands | 160634 |  |  | 160634  |
| &nbsp;&nbsp;&nbsp; Peru | 249976 |  |  | 249976  |
| &nbsp;&nbsp;&nbsp; Poland |  | 1362964 |  | 1362964  |
| &nbsp;&nbsp;&nbsp; Qatar | 216804 | 164576 |  | 381380  |
| &nbsp;&nbsp;&nbsp; Russia |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; South Africa | 223552 | 1820340 |  | 2043892  |
| &nbsp;&nbsp;&nbsp; South Korea |  | 9081705 |  | 9081705  |
| &nbsp;&nbsp;&nbsp; Tawain |  | 10385189 |  | 10385189  |
| &nbsp;&nbsp;&nbsp; Thailand |  | 95187 |  | 95187  |

---

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Common Stocks (Continued)**  | **Common Stocks (Continued)**  | **Common Stocks (Continued)**  | **Common Stocks (Continued)**  | **Common Stocks (Continued)**  |
| &nbsp;&nbsp;&nbsp; Turkey | $— | $514478 | $— | $514478  |
| &nbsp;&nbsp;&nbsp; United Arab Emirates |  | 911916 |  | 911916  |
| &nbsp;&nbsp;&nbsp; United Kingdom |  | 289555 |  | 289555  |
| &nbsp;&nbsp;&nbsp; United States | 29078 | 117703 |  | 146781  |
| **Total Common Stocks** | 6338161 | 44337209 | 0 | 50675370  |
| **Investment Companies**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | 3153437 |  |  | 3153437  |
| **Total Investment Companies** | 3153437 |  |  | 3153437  |
| **Preferred Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | 848888 |  |  | 848888  |
| &nbsp;&nbsp;&nbsp; Colombia | 309328 |  |  | 309328  |
| &nbsp;&nbsp;&nbsp; India |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; South Korea |  | 451729 |  | 451729  |
| **Total Preferred Stocks** | 1158216 | 451729 | 0 | 1609945  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 1305140  |
| **Money Market Funds** | 72990 |  |  | 72990  |
| **Total Investments in Securities** | $10722804 | $44788938 | $0 | $56816882 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | | |
|:---|:---|:---|
| **Description** | **Common Stock** | **Preferred Stock**  |
| Balance as of April 1, 2025 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp; — | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Balance as of March 31, 2026** | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2026. | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**GuideMark Large Cap Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $693932948 | $— | $— | $693932948  |
| Investment Companies | 26809081 |  |  | 26809081  |
| Real Estate Investment Trusts | 2201662 |  |  | 2201662  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 16770568  |
| Money Market Funds | 4532840 |  |  | 4532840  |
| **Total Investments in Securities** | $727476531 | $— | $— | $744247099 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
| **Description** | **Common Stock**  |
| Balance as of April 1, 2025 | &nbsp;&nbsp; $3538  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp;&nbsp;&nbsp;(8)  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp;&nbsp;&nbsp;(97)  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp; (202119)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 198686  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp; —  |
| **Balance as of March 31, 2026** | &nbsp;&nbsp; $—  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2026. | &nbsp;&nbsp; $— |

---

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

**GuideMark Small/Mid Cap Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $89095255 | $— | $3933 | $89099188  |
| Investment Companies | 4200996 |  |  | 4200996  |
| Real Estate Investment Trusts | 1893409 |  |  | 1893409  |
| Rights |  |  | 14781 | 14781  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 3941461  |
| Money Market Funds | 550675 |  |  | 550675  |
| **Total Investments in Securities** | $95740335 | $— | $18714 | $99700510 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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, 2025 | &nbsp;&nbsp;&nbsp; $5013 | $—  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp;&nbsp;&nbsp;(1) | —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp;&nbsp; (15) | 5568  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp; (31550) | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 30486 | 9213  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp;&nbsp; — | —  |
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp; $3933 | $14781  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2026. | &nbsp;&nbsp;&nbsp; $— | $9213 |

---

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

**GuideMark World ex-US Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Common Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $278720 | $5084313 | $— | $5363033  |
| &nbsp;&nbsp;&nbsp; Austria |  | 927895 |  | 927895  |
| &nbsp;&nbsp;&nbsp; Belgium |  | 1726134 |  | 1726134  |
| &nbsp;&nbsp;&nbsp; Canada | 23118781 |  |  | 23118781  |
| &nbsp;&nbsp;&nbsp; Denmark |  | 2268394 |  | 2268394  |
| &nbsp;&nbsp;&nbsp; Finland |  | 2153000 |  | 2153000  |
| &nbsp;&nbsp;&nbsp; France |  | 11135642 |  | 11135642  |
| &nbsp;&nbsp;&nbsp; Germany |  | 15248969 |  | 15248969  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 195293 | 6159158 |  | 6354451  |
| &nbsp;&nbsp;&nbsp; Ireland |  | 863599 |  | 863599  |
| &nbsp;&nbsp;&nbsp; Israel | 208955 | 4128075 |  | 4337030  |
| &nbsp;&nbsp;&nbsp; Italy |  | 8755546 |  | 8755546  |
| &nbsp;&nbsp;&nbsp; Japan | 1226002 | 30908331 |  | 32134333  |
| &nbsp;&nbsp;&nbsp; Mexico |  | 1550825 |  | 1550825  |
| &nbsp;&nbsp;&nbsp; Netherlands | 2350384 | 4168513 |  | 6518897  |
| &nbsp;&nbsp;&nbsp; Norway |  | 2820502 |  | 2820502  |
| &nbsp;&nbsp;&nbsp; Poland |  | 403599 |  | 403599  |
| &nbsp;&nbsp;&nbsp; Portugal |  | 812394 |  | 812394  |
| &nbsp;&nbsp;&nbsp; Singapore | 154358 | 1591955 |  | 1746313  |
| &nbsp;&nbsp;&nbsp; Spain | 613038 | 7798711 |  | 8411749  |
| &nbsp;&nbsp;&nbsp; Sweden | 310827 | 3833722 |  | 4144549  |
| &nbsp;&nbsp;&nbsp; Switzerland |  | 12997202 |  | 12997202  |
| &nbsp;&nbsp;&nbsp; United Kingdom |  | 17294916 |  | 17294916  |
| **Total Common Stocks** | 28456358 | 142631395 |  | 171087753  |

---

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investment Companies**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | $5769044 | $— | $— | $5769044  |
| **Total Investment Companies** | 5769044 |  |  | 5769044  |
| **Real Estate Investment Trusts**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; France |  | 203441 |  | 203441  |
|  **Total Real Estate Investment Trusts** |  | 203441 |  | 203441  |
| **Rights**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Italy |  |  | 0 | 0 |
| **Total Rights** |  |  | 0 | 0  |
| **Warrants**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Canada |  |  | 0 | 0 |
| **Total Warrants** |  |  | 0 | 0  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 5757991  |
| **Money Market Funds** | 661154 |  |  | 661154  |
| **Total Investments in Securities** | $34886556 | $142834836 | $0 | $183479383 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | | |
|:---|:---|:---|
| **Description** | **Rights** | **Warrants**  |
| Balance as of April 1, 2025 | $— | $0  |
| &nbsp;&nbsp;&nbsp; Purchases |  | —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns |  | —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net |  | —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | 0 | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | —  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 |  | —  |
| **Balance as of March 31, 2026** | $0 | $0  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2026. | $— | $— |

---

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**GuidePath Absolute Return Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $299310856 | $— | $— | $299310856  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 48138025  |
| Money Market Funds | 4246538 |  |  | 4246538  |
| **Total Investments in Securities** | $303557394 | $— | $— | $351695419 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

**GuidePath Conservative Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $585077544 | $— | $— | $585077544  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 108376733  |
| Money Market Funds | 6352643 |  |  | 6352643  |
| **Total Investments in Securities** | $591430187 | $— | $— | $699806920 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

**GuidePath Conservative Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $7220702 | $— | $— | $7220702  |
| U.S. Treasury Securities |  | 1976021 |  | 1976021  |
| Money Market Funds | 8109314 |  |  | 8109314 |
| **Total Investments in Securities** | $15330016 | $1976021 | $— | $17306037 |

---

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

**GuidePath Flexible Income Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $345418666 | $19003617 | $— | $364422283  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 55995062  |
| Money Market Funds | 8934428 |  |  | 8934428  |
| **Total Investments in Securities** | $354353094 | $19003617 | $— | $429351773 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**GuidePath Growth Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $1435166753 | $— | $— | $1435166753  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 115476363  |
| Money Market Funds | 15229467 |  |  | 15229467  |
| **Total Investments in Securities** | $1450396220 | $— | $— | $1565872583 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

**GuidePath Growth & Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $65666418 | $— | $— | $65666418  |
| Investment Companies | 63803236 |  |  | 63803236  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 31662848  |
| Money Market Funds | 2628054 |  |  | 2628054  |
| **Total Investments in Securities** | $132097708 | $— | $— | $163760556 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

**GuidePath Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $93738208 | $— | $— | $93738208  |
| Money Market Funds | 2842786 |  |  | 2842786  |
| **Total Investments in Securities** | $96580994 | $— | $— | $96580994 |

---

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

**GuidePath Managed Futures Strategy Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments in Securities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | $— | $21496554 | $— | $21496554  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19967365 |  | 19967365 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10679143 |  |  | 10679143  |
| **Total Investments in Securities** | $10679143 | $41463919 | $— | $52143062  |

---

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets (Continued)**  | **Assets (Continued)**  | **Assets (Continued)**  | **Assets (Continued)**  | **Assets (Continued)**  |
| **Other Financial Instruments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $2849707 | $— | $— | $2849707  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts |  | 20869 |  | 20869  |
| &nbsp;&nbsp;&nbsp; **Total Other Financial** <br>**Instruments** | $2849707 | $20869 | $— | $2870576  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $(947590) | $— | $— | $(947590)  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts |  | (318677) |  | (318677)  |
| &nbsp;&nbsp;&nbsp; **Total Other Financial** <br>**Instruments** | $(947590) | $(318677) | $— | $(1266267) |

---

\* 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 Multi-Asset Income Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $108273113 | $— | $— | $108273113  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 11093541  |
| Money Market Funds | 1157132 |  |  | 1157132  |
| **Total Investments in Securities** | $109430245 | $— | $— | $120523786 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

**GuidePath Tactical Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $520916938 | $— | $— | $520916938  |
| Investment Companies | 65136795 |  |  | 65136795  |
| Money Market Funds | 142343897 |  |  | 142343897  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 24730522  |
| **Total Investments in Securities** | $728397630 | $— | $— | $753128152 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Consolidation of Subsidiaries* – The GuidePath<sup></sup>Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath
 Managed Futures Strategy Cayman Fund Ltd. (the "Managed Futures Strategy Fund Subsidiary"). The Managed Futures Strategy Fund
 Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath<sup></sup>Managed Futures
 Strategy Fund. The financial statements of the GuidePath<sup></sup>Managed Futures Strategy Fund include the operations of the Managed
 Futures Strategy Fund Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Managed Futures
 Strategy Fund 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<sup></sup>Managed Futures Strategy Fund had 17.19% of its total assets
 invested in the Managed Futures Strategy Fund Subsidiary as of March 31, 2026.

The GuidePath Absolute Return Allocation Fund may invest up to 25% of its total assets in GuidePath Absolute Return Allocation Cayman Fund Ltd. (the "Absolute Return Allocation Fund Subsidiary"). The Absolute Return Allocation Fund Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by GuidePath Absolute Return Allocation Fund. The financial statements of the GuidePath Absolute Return Allocation Fund include the operations of the Absolute Return Allocation Fund Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Absolute Return Allocation Fund Subsidiary acts as an investment vehicle in order to invest in commodity-linked instruments consistent with the Fund's investment objectives and policies. The GuidePath Absolute Return Allocation Fund had 3.42% of its total assets invested in the Absolute Return Allocation Fund Subsidiary as of March 31, 2026.

The Managed Futures Strategy Fund Subsidiary and the Absolute Return Allocation Fund Subsidiary are exempted Cayman Islands investment companies and as such are not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Managed Futures Strategy Fund Subsidiary and the Absolute Return Allocation Fund Subsidiary are Controlled Foreign Corporations ("CFCs") not subject to U.S. income taxes. As wholly-owned CFCs, however, the Managed Futures Strategy Fund Subsidiary's and the Absolute Return Allocation Fund Subsidiary's net income and capital gains, if any, will be included each year in the GuidePath Managed Futures Strategy Fund's and GuidePath Absolute Return Allocation Fund's investment company taxable income.

The GuidePath Conservative Allocation Fund may invest up to 25% of its assets in GuidePath Conservative Allocation Fund LLC (the "Delaware Subsidiary"). The Delaware Subsidiary, which is organized as a Delaware limited liability company, is wholly-owned and controlled by GuidePath Conservative Allocation Fund. The financial statements of the GuidePath Conservative Allocation Fund include the operations of the Delaware Subsidiary.

All intercompany accounts and transactions have been eliminated in consolidation. The Delaware Subsidiary acts as an investment vehicle in order to invest in commodity-linked instruments consistent with the Fund's investment objectives and policies. The GuidePath Conservative Allocation Fund had 1.44% of its total assets invested in the Delaware Subsidiary as of March 31, 2026. With respect to the Delaware Subsidiary, because such Subsidiary is itself subject to U.S. federal income tax (as well as applicable state and local income taxes) on its taxable income, the Fund's after-tax returns may be affected.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *ASU 2023-07 Segment Reporting* – Each Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280)
 — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The
 segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund,
 as set forth in the applicable Fund's prospectus. Subject to the oversight of each Trust's Board of Trustees, the President
 of the Trusts, together with the other Executive Officers of the Trusts, collectively act as the Chief Operating Decision Maker ("CODM")
 of the Trusts. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's
 performance and to make decisions for each Fund's single segment is consistent with that presented with each Fund's financial
 statements.

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(D) *ASU 2023-09 Income Taxes* – Each Trust has adopted FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements
 to Income Tax Disclosures ("ASU 2023-09"). Adoption of the new standard by the Funds' financial position or results
 of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes
 paid by the Funds for the year were determined to not be significant.

&nbsp;&nbsp;&nbsp;&nbsp;(E) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(F) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) *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, 2026, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal year ended March 31, 2026, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(H) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(I) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(J) *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. Income,
 other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based
 on its relative net assets.

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(K) *Security Transactions and Income Recognition* – Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend
 date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received.
 Interest recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and taxes on capital gains,
 which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in
 accordance with the Trusts' understanding of the applicable country's tax rules and rates. Realized gains and losses on investment
 transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as
 an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses
 from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment
 companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;(L) *Foreign Taxes* – Tax reclaims receivable, if any, are recorded based upon the Funds' interpretation of country-specific taxation of accrued
 dividend and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable
 or the Funds' interpretation of country specific taxation of dividend income and related amounts reclaimable.

&nbsp;&nbsp;&nbsp;&nbsp;(M) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(N) *Derivatives* – The Funds listed below may invest in derivative instruments including call and put options, futures, forward currency contracts
 and swaps. These instruments may be used by Fund for hedging purposes as well as direct investment.

**Forward Currency Contracts** 

The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract

**Options** 

The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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** 

The Funds may 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.

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**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, CMBX, purchased/written options and sold (wrote) options to efficiently manage investment grade credit exposure.

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Value** | **Statement of Assets and** <br>**Liabilities Location** | **Value**  |
|  Interest Rate Contracts - Swaps | Appreciation on swap agreements | $420250 | Depreciation on swap agreements | $3652  |
|  Interest Rate Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 88458 | Unrealized depreciation on futures contracts\*\* | 38536  |
|  Credit Default Contracts - Swaps | Appreciation on swap agreements | 15 | Depreciation on swap agreements | 13428  |
| **Total** |  | $508723 |  | $55616 |

---

\* Includes 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, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount of Realized Gain or (Loss) on Derivatives**  | **Amount of Realized Gain or (Loss) on Derivatives**  | **Amount of Realized Gain or (Loss) on Derivatives**  | **Amount of Realized Gain or (Loss) on Derivatives**  |
|  | **Futures** <br>**Contracts** | **Swaps** | **Options** | **Total**  |
| Interest Rate Contracts | $(512580) | $102320 | $(83246) | $(493506)  |
| Credit Default Contracts |  | 1570 |  | 1570  |
| **Total** | $(512580) | $103890 | $(83246) | $(491936) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation or** <br>(Depreciation) on Derivatives  | **Change in Unrealized Appreciation or** <br>(Depreciation) on Derivatives  | **Change in Unrealized Appreciation or** <br>(Depreciation) on Derivatives  |
|  | **Futures** <br>**Contracts** | **Swaps** | **Total**  |
| Interest Rate Contracts | $193027 | $65672 | $258699  |
| Credit Default Contracts |  | (14437) | (14437)  |
| **Total** | $193027 | $51235 | $244262 |

---

**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, 2026, the Fund

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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.

Consolidated Statement of Assets and Liabilities — Values of Derivative Instruments as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Value** | **Statement of Assets and** <br>**Liabilities Location** | **Value**  |
| Commodity Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | $2373877 | Unrealized depreciation on futures contracts\*\* | $281681  |
| Equity Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 64649 | Unrealized depreciation on futures contracts\*\* | 203942  |
|  Foreign Exchange Contracts - Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 13261 | Unrealized depreciation on forward currency contracts | 311068  |
|  Foreign Exchange Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 131803 | Unrealized depreciation on futures contracts\*\* | 355655  |
| Interest Rate Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 279378 | Unrealized depreciation on futures contracts\*\* | 106312  |
| **Total** |  | $2862968 |  | $1258658 |

---

\* Includes 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, 2026

**Amount of Realized Gain (Loss) on Derivatives** 

---

| | | |
|:---|:---|:---|
|  | **Futures** <br>**Contracts** | **Forward Currency** <br>**Contracts**  |
| Commodity Contracts | $1350122 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Equity Contracts | (1361887) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Foreign Exchange Contracts | (1619464) | &nbsp;&nbsp;&nbsp;&nbsp; 447724  |
| Interest Rate Contracts | (14192971) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | $(15824200) | &nbsp;&nbsp;&nbsp;&nbsp; $447724 |

---

**Change in Unrealized Appreciation (Depreciation) on Derivatives** 

---

| | | |
|:---|:---|:---|
|  | **Futures**<br>**Contracts** | **ForwardCurrency**<br>**Contracts**  |
| Commodity Contracts | $2080788 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Equity Contracts | 3933732 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Foreign Exchange Contracts | (134558) | &nbsp;&nbsp;&nbsp;&nbsp; (359062)  |
| Interest Rate Contracts | (554310) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | $5325652 | &nbsp;&nbsp;&nbsp;&nbsp; $(359062) |

---

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Volume Disclosures** 

The average monthly notional amount outstanding of futures, forwards, options and swaps during the year ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Long Positions** | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Futures | $7562947 | $471104823  |
| Forwards | $— | $67371910  |
| Options | $658077 | $—  |
| Swaps | $4603077 | $— |

---

---

| | | |
|:---|:---|:---|
| **Short Positions** | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Futures | $(10393466) | $(306365034)  |
| Forwards | $— | $(34464166) |

---

**Derivative Risks** 

The risks of using the various types of derivatives in which the Funds may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Funds in the manner intended by the Advisor or sub-advisor; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Funds; the risk that there may not be a liquid secondary market for the derivative at a time when the Funds would look to disengage the position; the risk that additional capital from the Funds may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Funds may induce leverage in the Funds, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Funds.

**Offsetting Assets and Liabilities** 

**GuideMark Core Fixed Income Fund** 

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of March 31, 2026, 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.

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Gross** <br>**Amounts of** <br>**Recognized**<br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement of** <br>**Assets and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement of** <br>**Assets and Liabilities** | **Net** <br>**Amount**  |
| **Assets**  | **Gross** <br>**Amounts of** <br>**Recognized**<br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Swaps<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | $470262  | &nbsp;&nbsp; $(470262) | &nbsp;&nbsp;&nbsp; $—-  | &nbsp;&nbsp; $—  | $—  | $—  |
|  | $470262  | &nbsp;&nbsp; $(470262) | &nbsp;&nbsp;&nbsp; $—-  | &nbsp;&nbsp; $—  | $—  | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement of** <br>**Assets and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement of** <br>**Assets and Liabilities** | **Net** <br>**Amount**  |
| **Liabilities** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citigroup | $7021 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $7021 | &nbsp;&nbsp; $(7021) | $— | $—  |
| Swaps<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 472517  | (470262) | &nbsp;&nbsp;&nbsp;&nbsp; 2255  | &nbsp;&nbsp; (2255) | —  | —  |
|  | $479538  | $(470262) | &nbsp;&nbsp;&nbsp;&nbsp; $9276  | &nbsp;&nbsp; $(9276) | $—  | $— |

---

\* Cumulative appreciation/depreciation on futures contracts is reported in the Schedule of Futures Contracts – variation margin and receivable/payable for unsettled open futures contracts presented above is presented in the Statements of Assets and Liabilities.

**GuidePath Managed Futures Strategy Fund** 

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The table below, as of March 31, 2026, 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.

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts not Offset in** <br>**the Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts not Offset in** <br>**the Consolidated Statement** <br>**of Assets and Liabilities** | |
| **Assets** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Forward<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; UBS AG | $13261 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13261 | &nbsp;&nbsp; $(13261) | $— | $—  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 206349 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 206349 | &nbsp;&nbsp; (141968) |  | 64381  |
|  | $219610 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $219610 | &nbsp;&nbsp; $(155229) | $— | $64381 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets and Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets and Liabilities** | |
| **Liabilities** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Forward<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; UBS AG | $311068 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $311068 | &nbsp;&nbsp; $(13261) | &nbsp;&nbsp; $(297807) | $—  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 141968 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141968 | &nbsp;&nbsp; (141968) | &nbsp;&nbsp; — |  |
|  | $453036 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $453036 | &nbsp;&nbsp; $(155229) | &nbsp;&nbsp; $(297807) | $— |

---

\* Cumulative appreciation/ depreciation on futures contracts is reported in the Consolidated Schedule of Futures Contracts - variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities.

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

&nbsp;&nbsp;&nbsp;&nbsp;(O) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(P) *Foreign Securities* – For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized
 outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include
 currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading
 markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities
 markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices
 more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these
 values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect
 the value of a Fund's securities, these securities may be valued at their fair value in accordance with Rule 2a-5 pursuant
 to procedures approved by the Board

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(Q) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(R) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(S) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(T) *Trustee Compensation* – Effective April 1, 2025, for the services performed as Trustees of the consolidated Board of GPS Funds I and GPS Funds II,
 the Independent Trustees receive a retainer fee of $117,000 per year, $6,000 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 $3,000 for each special meeting
 attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated
 proportionally to each Fund within the Trusts based on total assets under management.

The "interested persons" who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(U) *Pending Litigation* – The Funds are subject to claims and suits that arise from time to time in the ordinary course of business. Although management
 currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on financial
 position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management's view of these
 matters may change in the future.

&nbsp;&nbsp;&nbsp;&nbsp;(V) *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, 2026.

4. Investment Advisor

Each Trust has an Investment Advisory Agreement (the "Agreement") with AssetMark, Inc., with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. The Cayman subsidiary of the GuidePath Managed Futures Strategy Fund also has an Investment Advisory Agreement with AssetMark, with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Fund. Under the terms of the Agreement, the Funds compensate the Advisor monthly for its management services at the following annual contractual rates, based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| Core Fixed Income Fund | 0.40%  |
| Emerging Markets Fund | 0.59%  |
| Large Cap Core Fund | 0.45%  |
| Small/Mid Cap Core Fund | 0.57%  |
| World ex-US Fund | 0.50%  |
| Absolute Return Allocation Fund | 0.35%  |
| Conservative Allocation Fund | 0.25%  |
| Conservative Income Fund | 0.35%  |
| Flexible Income Allocation Fund | 0.25%  |
| Growth Allocation Fund | 0.25%  |
| Growth and Income Fund | 0.45%  |
| Income Fund | 0.45%  |
| Managed Futures Strategy Fund | 1.05%  |
| Multi-Asset Income Allocation Fund | 0.35%  |
| Tactical Allocation Fund | 0.35% |

---

Effective April 1, 2023, AssetMark implemented a voluntary fee waiver with respect to the Emerging Markets Fund, Large Cap Core Fund, Small/Mid Cap Core Fund and World ex-US Fund. The voluntary fee waiver may be

discontinued by the Advisor at any time. Pursuant to the voluntary waiver, AssetMark is waiving a portion of its

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

advisory fees as a percentage of the average daily net assets of the Fund at the rate specified below. AssetMark will not have any right to seek reimbursement or recoupment from the Funds of any fees waived pursuant to the voluntary waiver.

---

| | |
|:---|:---|
| Emerging Markets Fund | 0.060%  |
| Large Cap Core Fund | 0.020%  |
| Small/Mid Cap Core Fund | 0.035%  |
| World ex-US Fund | 0.041% |

---

AssetMark also provides certain administrative services to the shares of the Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark with respect to each class of Shares, for which AssetMark receives a monthly fee at an annual rate of 0.25% for the Service Shares and 1.00% for the RS Shares of the average daily net assets of the applicable class of shares of each Fund. Pursuant to administrative services agreements for the Funds, and for the Service Shares and RS Shares classes of such Funds, where applicable, AssetMark provides services in connection with the operation and administration of the AssetMark Platform, including, among other things, back-office, administrative, custodial support and clerical services. Such services differ between each Class, consistent with the terms of each administrative services agreement. Investors holding shares of the Funds outside of the AssetMark Platform are subject to these administrative services fees, but may not receive all of the related services.

In addition, GPS Funds I and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to waive, through July 31, 2027, 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, 2027, 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 Shares** | **RS Shares** | **Single Class**  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.64%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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, 2026, Large Cap Core Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Income

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Fund, Managed Futures Strategy Fund, Multi-Asset Income Allocation Fund and Tactical Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.

The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year of** <br>**Expiration** <br>**03/31/2027** | **Year of** <br>**Expiration** <br>**03/31/2028** | **Year of** <br>**Expiration** <br>**03/31/2029**  |
| Core Fixed Income Fund | $84536 | $78457 | $72363  |
| Emerging Markets Fund | 213513 | 160528 | 161794  |
| World ex-US Fund | 87033 | 60652 | 20284  |
| Absolute Return Allocation Fund |  | 49802 | 152784  |
| Conservative Income Fund | 24845 | 50414 | 49111  |
| Growth and Income Fund |  | 31855 | 3970 |

---

Additionally, the following amounts are subject to potential recovery if each Fund begins operating below the previous expense limits, also stated in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **Previous** <br>**Expense** <br>**Limit** | **Year of** <br>**Expiration** <br>**03/31/2027** | **Year of** <br>**Expiration** <br>**03/31/2028\***  |
| Absolute Return Allocation Fund | &nbsp;&nbsp; 0.55% | $476268 | $148542  |
| Conservative Allocation Fund | &nbsp;&nbsp; 0.45% | 789646 | 308782  |
| Flexible Income Allocation Fund | &nbsp;&nbsp; 0.50% | 374053 | 96576 |

---

\* Recoupment can only be utilized before August 1, 2027.

Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund's average daily net assets that is allocated to the sub-advisor.

5. 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 unencumbered securities in the Funds' portfolios as collateral. The LoC was renewed July 25, 2025 and will mature, unless renewed, on July 24, 2026. Borrowing under the LoC is limited to the lesser of 30% of the gross market value of a Fund, 30% 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 6.75% at March 31, 2026. 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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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

During the year April 1, 2025 to March 31, 2026, the details of the borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average Daily** <br>**Borrowings** | **Weighted** <br>**Average** <br>**Annualized** <br>**Interest Rate** | **Maximum** <br>**Borrowings**  |
| Core Fixed Income Fund | &nbsp;&nbsp; $3542 | &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | $431000  |
| Emerging Markets Fund | &nbsp;&nbsp; 173455 | &nbsp;&nbsp;&nbsp;&nbsp; 7.31% | 6278000  |
| Large Cap Core Fund | &nbsp;&nbsp; 34167 | &nbsp;&nbsp;&nbsp;&nbsp; 7.49% | 11306000  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp; 38323 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 4660000  |
| World ex-US Fund | &nbsp;&nbsp; 809885 | &nbsp;&nbsp;&nbsp;&nbsp; 7.26% | 77000000  |
| Absolute Return Allocation Fund | &nbsp;&nbsp; 179956 | &nbsp;&nbsp;&nbsp;&nbsp; 7.39% | 50750000  |
| Conservative Allocation Fund | &nbsp;&nbsp; 125227 | &nbsp;&nbsp;&nbsp;&nbsp; 7.05% | 18178000  |
| Conservative Income Fund | &nbsp;&nbsp; 9205 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 845000  |
| Flexible Income Allocation Fund | &nbsp;&nbsp; 332614 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 40468000  |
| Growth Allocation Fund | &nbsp;&nbsp; 350362 | &nbsp;&nbsp;&nbsp;&nbsp; 7.28% | 36998000  |
| Income Fund | &nbsp;&nbsp; 73153 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 8566000  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp; 8003 | &nbsp;&nbsp;&nbsp;&nbsp; 7.47% | 218280 |

---

As of March 31, 2026, no Funds had outstanding borrowings.

6. 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. If the Market Value of Collateral delivered to the Fund is less than 100% of the Market Value of the Loaned Securities of the Fund at the close of trading on any business day, the Custodian will require an additional amount of Collateral delivered to reach the required percentage of collateral by the close of business on the following business day. 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, 2026, the Funds had loaned securities that were collateralized by cash. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. The cash collateral received was invested in securities as listed in each Fund's Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund's portion of total cash collateral received. The Funds also receive compensation in the form of fees which depend on a number of factors including the type of security and length of the loan. Securities lending income is disclosed in each Fund's Statement of Operations as a securities lending credit.

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Secured Borrowings** 

**Securities Lending Transactions** 

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments** <br>**Purchased** <br>**with Proceeds** <br>**from Securities** <br>**Lending** <br>**Collateral**  |
| Core Fixed Income Fund | $40097  |
| Emerging Markets Fund | 1305140  |
| Large Cap Core Fund | 16770568  |
| Small/Mid Cap Core Fund | 3941461  |
| World ex-US Fund | 5757991  |
| Absolute Return Allocation Fund | 48138025  |
| Conservative Allocation Fund | 108376733  |
| Flexible Income Allocation Fund | 55995062  |
| Growth and Income Fund | 31662848  |
| Growth Allocation Fund | 115476363  |
| Multi-Asset Income Allocation Fund | 11093541  |
| Tactical Allocation Fund | 24730522  |
|  Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities). | $423288351 |

---

7. Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2026 are summarized below.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Core Fixed Income Fund\* | $391004296 | $393370467  |
| Emerging Markets Fund | 35334021 | 39477322  |
| Large Cap Core Fund | 529467760 | 587481576  |
| Small/Mid Cap Core Fund | 39590248 | 49018571  |
| World ex-US Fund | 283999690 | 261856155  |
| Absolute Return Allocation Fund | 471871951 | 394143326  |
| Conservative Allocation Fund | 171706294 | 175227182  |
| Conservative Income Fund | 74675061 | 73808672  |
| Flexible Income Allocation Fund | 689844775 | 578425313  |
| Growth Allocation Fund | 174650224 | 279185476  |
| Growth and Income Fund | 119715654 | 105971920  |
| Income Fund | 308385862 | 308410816  |
| Managed Futures Strategy Fund |  | —  |
| Multi-Asset Income Allocation Fund | 41432453 | 47161364  |
| Tactical Allocation Fund | 1872384627 | 1780387182 |

---

\* Included in these amounts were $329,649,759 of purchases and $323,817,414 of sales of U.S. Government Securities. 

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

8. Transactions with Affiliates

The GuidePath Absolute Return Allocation Fund owned 5% or more of the voting securities of the following companies during the year ended March 31, 2026. As a result, these companies are deemed to be affiliated companies. The below table represents fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer**  | **Value as of** <br>**April 1, 2025**  | **Purchases**  | **Sales**  | **Realized** <br>**Gain (Loss)**  |
| AltShares Merger Arbitrage ETF  | &nbsp;&nbsp; $—  | $8160700  | $(8186358)  | $25658  |
| First Trust Alternative Absolute Return Strategy ETF  | &nbsp;&nbsp; —  | 31308072  | (32448495)  | 1140423  |
|  | &nbsp;&nbsp; $—  | $39468772  | $(40634853)  | $1166081 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer**  | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Dividend** <br>**Income**  | **Fair Value** <br>**as of March 31,** <br>**2026**  | **Share Balance** <br>**as of March 31,** <br>**2026**  |
| AltShares Merger Arbitrage ETF  | &nbsp;&nbsp; $—  | $31541  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  |
| First Trust Alternative Absolute Return Strategy ETF  | &nbsp;&nbsp; —  | 859098  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  |
|  | &nbsp;&nbsp; $—  | $890639  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $— |

---

9. Macroeconomic Risks

Developments such as public health crises, armed conflict, changing interest rates, inflation, supply chain disruptions, geopolitical risks, and economic sanctions may disrupt economic markets and the prolonged economic impacts of these types of developments are uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration, spread, and conclusion of global events, and such uncertainty may in turn impact the value of the Funds' investments.

10. Regional Risk

To the extent that the Funds invest a significant portion of its assets in a specific geographic region, the Funds will have increased exposure to the risks affecting that specific geographic region. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region where a substantial portion of the Funds' assets are invested, the Funds may experience substantial illiquidity or reduction in the value of the Funds' investments. In addition, adverse economic events in a certain region can impact securities of issuers in other countries whose economies appear to be unrelated. There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. The Chinese economy is heavily dependent on its large export sector and its economic growth may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services it produces. Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE"). VIEs are common and are well known to Chinese officials and regulators, but historically the VIE structure has not been formally recognized under Chinese law. There is uncertainty as to whether Chinese courts or arbitration bodies would enforce the contractual rights of foreign investors in a VIE structure and whether Chinese officials and regulators will reverse their acceptance of the VIE structure generally, or with respect to certain industries.

11. Financials Sector

Companies operating in the financials sector of the economy are often subject to extensive governmental regulation and intervention, which limits their activities, the prices they can charge and the amount of capital they must maintain. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. The impact of recent or future regulation on any individual financial company, the banking industry or on the sector as a whole cannot be predicted. The valuation of financial companies has been subject to significant volatility and may be influenced by unpredictable

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

factors, including interest rate changes and sovereign debt default. Certain risks may impact the value of investments in the financials sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. In addition, certain financial companies are subject to intense competitive pressures, including market share and price competition. Companies in the financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. Additionally, financial services companies may also have concentrated portfolios, which makes them vulnerable to unstable economic conditions.

12. Information Technology Sector

The information technology (IT) sector has historically been relatively volatile due to the rapid pace of product development within the sector. Products and services of IT companies may not achieve commercial success or may become obsolete quickly. Stock prices of companies operating within this sector may be subject to abrupt or erratic movements. Additionally, these companies are subject to significant competitive pressures, such as new market entrants, aggressive pricing and tight profit margins. The activities of these companies may also be adversely affected by changes in government regulations.

13. Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to CFC and domestic subsidiary income reversal, partnerships, distributions in excess, return of capital distributions, net operating loss, non-deductible excise tax paid, and utilization of earnings and profits on redemption of shares. On the Statements of Assets and Liabilities, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** <br>(Loss) | **Capital Stock**  |
| Core Fixed Income Fund | $1 | $(1)  |
| Emerging Markets Fund | (107088) | 107088  |
| Large Cap Core Fund | (26245322) | 26245322  |
| Small/Mid Cap Core Fund | (679995) | 679995  |
| World ex-US Fund | (9617362) | 9617362  |
| Absolute Return Allocation Fund | 25285 | (25285)  |
| Conservative Allocation Fund | (4084480) | 4084480  |
| Conservative Income Fund | 2 | (2)  |
| Flexible Income Allocation Fund | 34 | (34)  |
| Growth Allocation Fund | (10327054) | 10327054  |
| Growth and Income Fund | (1502091) | 1502091  |
| Income Fund | 21922 | (21922)  |
| Managed Futures Strategy Fund | 1280797 | (1280797)  |
| Multi-Asset Income Allocation Fund | 19 | (19)  |
| Tactical Allocation Fund | (6287605) | 6287605 |

---

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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** | **Capital losses** |  |
|  | **Short Term** | **Long Term** | **Utilized**  |
| Core Fixed Income Fund | $6765440 | $10855540 | $—  |
| Emerging Markets Fund |  |  | 1756636  |
| Large Cap Core Fund |  |  | —  |
| Small/Mid Cap Core Fund |  |  | —  |
| World ex-US Fund |  |  | —  |
| Absolute Return Allocation Fund | 10974646 | 15107086 | 1254984  |
| Conservative Allocation Fund |  |  | 1556346  |
| Conservative Income Fund | 615680 | 14260 | —  |
| Flexible Income Allocation Fund | 47573054 | 10677575 | 1068785  |
| Growth Allocation Fund |  |  | —  |
| Growth and Income Fund |  |  | —  |
| Income Fund | 6901990 | 1870761 | —  |
| Managed Futures Strategy Fund | 41697769 | 42458598 | —  |
| Multi-Asset Income Allocation Fund |  | 956658 | 3566242  |
| Tactical Allocation Fund |  |  |  |

---

Additionally, at March 31, 2026, the Funds deferred on a tax basis losses as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Late** <br>**Year Loss** | **Capital Loss**  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $—  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 1401712 |

---

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.

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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

The character of distributions for tax purposes paid during the fiscal years ended March 31, 2026 and March 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31, 2026**  | **Year Ended March 31, 2026**  | **Year Ended March 31, 2026**  |
|  | **Ordinary** <br>**Income** <br>**Distributions** | **Long-Term** <br>**Capital Gain** <br>**Distributions** | **Return of** <br>**Capital**  |
| Core Fixed Income Fund | $5980683 | $— | $—  |
| Emerging Markets Fund | 184803 | 665322 | —  |
| Large Cap Core Fund | 2927273 | 117788871 | —  |
| Small/Mid Cap Core Fund | 131253 | 6118884 | —  |
| World ex-US Fund | 9928596 | 13359640 | —  |
| Absolute Return Allocation Fund | 9642453 |  | —  |
| Conservative Allocation Fund | 20501993 | 1466379 | —  |
| Conservative Income Fund | 850515 |  | —  |
| Flexible Income Allocation Fund | 19157931 |  | —  |
| Growth Allocation Fund | 17646066 | 50549074 | —  |
| Growth and Income Fund | 4170162 | 12134557 | —  |
| Income Fund | 3745770 |  | 21902  |
| Managed Futures Strategy Fund |  |  | —  |
| Multi-Asset Income Allocation Fund | 4216019 |  | —  |
| Tactical Allocation Fund | 24104416 | 34100436 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  |
|  | **Ordinary** <br>**Income** <br>**Distributions** | **Long-Term** <br>**Capital Gain** <br>**Distributions** | **Return of** <br>**Capital**  |
| Core Fixed Income Fund | $6553125 | $— | $—  |
| Emerging Markets Fund | 1356041 |  | —  |
| Large Cap Core Fund | 2859176 | 28668498 | —  |
| Small/Mid Cap Core Fund | 473309 | 7838705 | —  |
| World ex-US Fund | 3178682 |  | —  |
| Absolute Return Allocation Fund | 9957282 |  | —  |
| Conservative Allocation Fund | 16649348 |  | —  |
| Conservative Income Fund | 938383 |  | —  |
| Flexible Income Allocation Fund | 14734776 |  | —  |
| Growth Allocation Fund | 20893619 | 39145987 | —  |
| Growth and Income Fund | 1219975 |  | —  |
| Income Fund | 4148561 |  | 19847  |
| Managed Futures Strategy Fund | 39597 |  | —  |
| Multi-Asset Income Allocation Fund | 4479990 |  | —  |
| Tactical Allocation Fund | 26015477 | 13990520 |  |

---

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

At March 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed** <br>**Income Fund** | **Emerging** <br>**Markets Fund** | **Large Cap** <br>**Core Fund** | **Small/Mid Cap** <br>**Core Fund** | **World ex-US** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup> | $202650994 | $35533717 | $485951025 | $65175901 | $139482954  |
| Gross Unrealized Appreciation | $921100 | $24510166 | $285484224 | $39907530 | $50159653  |
| Gross Unrealized Depreciation | (11969456) | (3121311) | (27188152) | (5382921) | (5772788)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | (11048356) | 21388855 | 258296072 | 34524609 | 44386865  |
| Undistributed Ordinary Income | 297839 |  | 840138 |  | 5899604  |
|  Undistributed Long-Term Cap Gains |  | 2482687 | 27818250 | 1157459 | 1096248  |
| Other Accumulated Gains/(Losses) | (17620980) |  |  |  | —  |
| Total Distributable Earnings/(Loss) | $(28371497) | $23871542 | $286954460 | $35682068 | $51382717 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return** <br>**Allocation** <br>**Fund** | **Conservative** <br>**Allocation** <br>**Fund** | **Conservative** <br>**Income Fund** | **Flexible Income** <br>**Allocation Fund** | **Growth** <br>**Allocation** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup> | $344788440 | $612594359 | $17317036 | $426408399 | $986077593  |
| Gross Unrealized Appreciation | $11377169 | $108920468 | $5480 | $6308143 | $604255769  |
| Gross Unrealized Depreciation | (4470190) | (23310546) | (16479) | (3364769) | (24460779)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | 6906979 | 85609922 | (10999) | 2943374  | 579794990  |
| Undistributed Ordinary Income | 7960991 | 2604134 | 7140 | 421425 | 113340  |
|  Undistributed Long-Term Cap Gains |  | 4634950 |  |  | 40566411  |
| Other Accumulated Gains/(Losses) | (26081732) |  | (629940) | (58250629) | —  |
| Total Distributable Earnings/(Loss) | $(11213762) | $92849006 | $(633799) | $(54885830) | $620474741 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth and** <br>**Income Fund** | **Income** <br>**Fund** | **Managed** <br>**Futures** <br>**Strategy Fund** | **Multi-Asset** <br>**Income** <br>**Allocation** <br>**Fund** | **Tactical** <br>**Allocation** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup> | $148551538 | $96256003 | $52146670 | $104159882 | $678097935  |
| Gross Unrealized Appreciation | $18302677 | $980366 | $117543 | $20215758 | $111243363  |
| Gross Unrealized Depreciation | (3093660) | (655375) | (129166) | (3851854) | (36213146)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | 15209017 | 324991 | (11623) | 16363904 | 75030217  |
| Undistributed Ordinary Income | 2729181 |  | 5960373 | 49122 | 791292  |
|  Undistributed Long-Term Cap Gains | 343727 |  |  |  | 8312209  |
| Other Accumulated Gains/(Losses) |  | (8772751) | (82090582) | (956658) | (1401712)  |
| Total Distributable Earnings/(Loss) | $18281925 | $(8447760) | $(76141832) | $15456368 | $82732006 |

---

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 passive foreign investment companies.

\* Portfolio includes investments and derivative contracts

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

<u>Sub-Fund Income Taxes</u>

The GuidePath Conservative Allocation Fund may hold certain investments through a consolidated taxable subsidiary. Accordingly, the Fund's provision for income taxes consists of a state and federal deferred tax liability and is reflective of the U.S. federal statutory corporate tax rate of 21.0% and blended state tax rate net of Federal benefit of 6.873%. The consolidated subsidiary recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated balance sheet using the applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse.

As of March 31, 2026, the Fund recorded a deferred tax liability of $1,602,639, included within "Deferred tax liability" in the accompanying consolidated balance sheet. The only component of the deferred tax liability is net unrealized appreciation on investments held within the Sub-Fund. As of March 31, 2026, the Sub-Fund had a Taxable Income of $2,200,440.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31, 2026**  | **Year Ended March 31, 2026**  | **Year Ended March 31, 2026**  |
|  | **Current** | **Deferred** | **Total**  |
| Federal | $467000 | $1207456 | $1674456  |
| State | 210500 | 395183 | 605683  |
| Total Tax Expense | **677500** | **1602639** | **2280139** |

---

The Sub-Fund's effective tax rate for the year ended March 31, 2026 was 27.9905%. The Fund's effective tax rate differs from the U.S. federal statutory corporate tax rate of 21.0% primarily due to the inclusion of state taxes owed and non-deductible expenses.

---

| | | |
|:---|:---|:---|
| Federal Income Tax Expense at Statutory Rate | $1790744 | 21.0000%  |
| Nontaxable or nondeductible items | (96690) | (1.1339)  |
| State Taxes Net of Federal Benefit | 586085 | 6.8730%  |
| Estimated income tax expense/(benefit) | 2280139 | 26.7391% |

---

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**GuideMark Funds & GuidePath Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

GPS Funds I and GPS Funds II

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, futures contracts, centrally cleared interest rate swap contracts, and centrally cleared credit default swap contracts (including the consolidated statement of assets and liabilities and consolidated schedules of investments, futures contracts, and forward currency contracts of GuidePath Absolute Return Allocation Fund, GuidePath Conservative Allocation Fund, and GuidePath<sup>®</sup> Managed Futures Strategy Fund), of GPS Funds I and GPS Funds II comprising the funds listed below (the "Funds") as of March 31, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (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, 2026, 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** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| GuideMark<sup>®</sup> Core Fixed Income Fund, <br>GuideMark<sup>®</sup> Emerging Markets Fund, <br>GuideMark<sup>®</sup> Large Cap Core Fund, <br>GuideMark<sup>®</sup> Small/Mid Cap Core Fund, <br>GuideMark<sup>®</sup> World ex-US Fund, <br>GuidePath<sup>®</sup> Conservative Income Fund, <br>GuidePath<sup>®</sup> Flexible Income Allocation Fund, <br>GuidePath<sup>®</sup> Growth Allocation Fund, <br>GuidePath<sup>®</sup> Growth and Income Fund, <br>GuidePath<sup>®</sup> Income Fund, <br>GuidePath<sup>®</sup> Multi-Asset Income Allocation Fund, and <br>GuidePath<sup>®</sup> Tactical Allocation Fund  | For the year ended March 31, 2026  | For the years ended March 31, 2026 and 2025  | For the years ended March 31, 2026, 2025, 2024, 2023, and 2022  |
| GuidePath<sup>®</sup> Absolute Return Allocation Fund\*, <br>GuidePath<sup>®</sup> Conservative Allocation Fund\*, <br>GuidePath<sup>®</sup> Managed Futures Strategy Fund  | Consolidated for the year ended March 31, 2026  | Consolidated for the years ended March 31, 2026 and 2025  | Consolidated for the years ended March 31, 2026, 2025, 2024, 2023, and 2022 |

---

\* Consolidated only for the year ended March 31, 2026.

<u>Basis for Opinion</u>

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.

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**GuideMark Funds & GuidePath Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

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, 2026, 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.

![](15843_signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 29, 2026

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**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)** 

1. Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the year ended March 31, 2026 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** <br>**Deduction % for** <br>**Corporate Shareholders** | **% of Dividends as** <br>**Qualified Income**  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53.30%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.02%  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72%  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79.30%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.88%  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.99% |

---

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** <br>**Short-term** <br>**Capital Gain**  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76.00%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.97%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.11%  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76.52% |

---

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**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

2. Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 2026. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable Foreign** <br>**Taxes Paid** | **Per Share** <br>**Amount** | **Portion of Ordinary Income**<br>**Distribution Derived from** <br>**Foreign Sourced Income\***  |
| Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp; $429366 | $0.1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94.43%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp; 487495 | 0.0027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96.17% |

---

\* The Funds listed above did not derive any income from "ineligible foreign sources" as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.

3. Proxy Voting Policies and Procedures and Proxy Voting Record

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.

4. Availability of Quarterly Portfolio Holdings Schedules

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.

5. Statement Regarding the Basis for Approval of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)

**<u>GPS FUNDS I and GPS FUNDS II: Annual Consideration and Approval of Investment Advisory and</u> <u>Sub-Advisory Agreements</u>** 

At a meeting held on December 14, 2025 (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<sup>®</sup> Managed Futures Strategy Fund, GuidePath<sup>®</sup> 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<sup>®</sup> Large Cap Core Fund, GuideMark<sup>®</sup> Emerging Markets Fund, GuideMark<sup>®</sup> Small/Mid Cap Core Fund, and GuideMark<sup>®</sup> World ex-US Fund; (ii) Wellington Management Company LLP ("Wellington") and AssetMark, on behalf of the GuideMark<sup>®</sup> Core Fixed

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**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

Income Fund; and (iii) AlphaSimplex Group, LLC ("ASG") and AssetMark, on behalf of the GuidePath<sup>®</sup> Managed Futures Strategy Fund and the Cayman Subsidiary (each, a "Sub-Advisory Agreement, and collectively, the "Sub-Advisory Agreements").

Hereinafter, GSAM, Wellington, and ASG are collectively referred to as the "Sub-Advisors" and the above-listed Funds are collectively referred to as the "Sub-Advised Funds." The Advisory Agreements and Sub-Advisory Agreements are collectively referred to herein as the "Agreements." The Sub-Advised Funds are managed using a "manager-of-managers" structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Sub-Advised Funds' portfolios. For those Sub-Advised Funds, AssetMark is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining, or replacing sub-advisors. The Board is engaged in monitoring this process in connection with its meetings held throughout the year, and under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated on an ongoing basis, and are subject to replacement, at all times.

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 AssetMark; the costs of providing the services to each Fund; the anticipated profitability to be realized by AssetMark; any potential "fall-out" or ancillary benefits to AssetMark or its affiliates; the potential effects of asset growth and related economies of scale on each fund's expenses; and the fees charged by investment advisers of other comparable funds, among other considerations. The material factors considered and the conclusions that formed the basis of the Board's approval of the renewal of the Agreements are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. Prior to considering the approval of the renewal of the Agreements, the Trustees requested, received, and reviewed information relevant to their consideration of the renewal 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 renewal of the Advisory Agreements, the Independent Trustees met in executive session with Independent Counsel without representatives of the AssetMark 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 provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to various information and factors in reaching conclusions with respect to the renewal of the Agreements.

**The Advisory Agreements**

**<u>Materials Reviewed and the Review Process</u>** 

Prior to voting to approve the renewal of the Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel and AssetMark for purposes of their review of each Advisory Agreement. The materials provided to the Board with regard to the Funds included, among other information: (1) a copy of each Advisory Agreement; (2) information describing each Fund's performance compared to the Fund's peer group of other investment companies with investment objectives similar to the investment objective(s) of the Fund; (3) information describing the nature, quality and extent of the services that AssetMark provides to the Funds, and the fees AssetMark charges to the Funds for such services, and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds; (4) information regarding AssetMark's business and operations, investment team, compliance program and internal procedures; (5) information describing each Fund's expense ratio compared to the Fund's peer group of other registered investment companies with investment objectives similar to the investment objective(s) of the Fund; (6) information regarding the financial condition of AssetMark; (7) information regarding AssetMark's profitability with respect to each Fund; (8) reports on AssetMark's evaluation of the Sub-Advisors, including reports relating to the monitoring of each Sub-Advisor's trading and brokerage practices; (9) information relating to shareholder and administrative services provided to the Funds; (10) reports relating to the Funds' distribution

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**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

structure, sales and redemptions of the Funds' shares; (11) reports relating to the monitoring of Fund service providers; and (12) other information relevant to an evaluation of the nature, extent and quality of the services provided by AssetMark in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees discussed various matters relating to the approvals with representatives of AssetMark. The Trustees also considered their discussions with and presentations from representatives of AssetMark throughout the course of the Meeting. In addition, the Trustees considered communications, discussions held and information furnished to the Board and its Committees throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Trustees received assistance and advice regarding legal and industry standards from counsel to the Trusts. The Independent Trustees also received separate assistance and advice from Independent Counsel throughout the review process, which included detailed memoranda that described the Trustees' legal duties and obligations in considering whether to approve the continuation of the Advisory Agreements. In addition to discussions held with management during the November 14, 2025 meeting and at the Meeting, the Independent Trustees also separately 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. In evaluating the services, the Board considered both the breadth and quality of services that AssetMark provides to the Funds. With respect to the Sub-Advised Funds, the Board considered the fact that, as an investment advisor operating within a manager-of-managers structure, AssetMark maintains a primary focus on the selection, evaluation and oversight of the Sub-Advisors and considered each Advisory Agreement in this context. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and risks assumed by AssetMark that were not delegated to or assumed by the Sub-Advisors. The Trustees considered the information provided to them throughout the course of the year during regular meetings of the Board, which included meetings with the Trusts' Chief Compliance Officer ("CCO") at which the Trustees are provided with details regarding AssetMark's compliance functions.

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 and capabilities 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 maintain appropriate staffing levels. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds' manager-of-managers structure, including the selection and oversight of the Funds' Sub-Advisors; maintaining a comprehensive compliance and administration program; and implementing Fund policies.

The Trustees also considered (a) the financial position of AssetMark; (b) the quality of AssetMark's regulatory and legal compliance policies, procedures and systems; (c) the nature, extent and quality of administrative and shareholder services provided by AssetMark to the Funds; and (d) AssetMark's supervision of the Funds' third-party service providers.

The Board considered the breadth and quality of services that AssetMark provides to the Funds. The Trustees also considered AssetMark management's commitment to the Funds as an integral part of AssetMark's program of asset allocation and shareholder services, as demonstrated to the Board throughout the year. 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.

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**[**TABLE OF CONTENTS**](#TOC)**

**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

Based on the factors described above, among other factors, as well as the information provided to the Board throughout the year, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by AssetMark, which will continue to be provided to each Fund.

Investment Performance

The Trustees considered the overall investment performance of the Funds, and, with respect to the Sub-Advised Funds, evaluated the Funds' performance in the context of the manager-of-managers structure. The Trustees considered whether the Funds operated in a manner consistent with their investment objectives and styles and considered each Fund's record of compliance with its respective investment restrictions.

The Trustees also considered each Fund's investment performance relative to its respective benchmark index and relative to the performance of funds with comparable investment strategies selected by a third-party 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, as applicable, that AssetMark continued to be proactive in seeking to enhance the Funds' investment strategies, with a view to improving Fund performance over the long term.

The Trustees concluded that AssetMark's performance record in managing each of the Funds was satisfactory.

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 and AssetMark's commitment that such expense limitation arrangements will continue for at least one additional year. 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 efforts 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' distribution structure pursuant to which the Funds are distributed as part of a suite of products and services with asset allocation modeling, specialized performance reporting and other services that are not typically provided with mutual funds. In this regard, while the Board recognized that comparisons between a Fund and its peer group may be imprecise given the Funds' distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund's fees and expenses.

After comparing each Fund's fee levels with other comparable funds, and in light of the nature, extent and quality of services provided to the Funds by AssetMark, as well as the costs incurred by AssetMark in rendering those services, the Trustees concluded that the level of fees paid to AssetMark with respect to each Fund was reasonable. In addition, with respect to each Fund of Funds, the Trustees, including all of the Independent Trustees, determined that the fees to be charged by AssetMark pursuant to the Advisory Agreements are for services provided in addition to, rather than duplicative of, services provided under any underlying fund's investment advisory agreement.

Profitability, Economies of Scale and Ancillary Benefits

The Trustees reviewed and discussed the financial information presented by AssetMark, including information relating to the financial stability of AssetMark and its historical and anticipated profitability with respect to its management of the Funds. The Trustees discussed the methods used by AssetMark to allocate expenses to the Funds under its profitability analysis, and the Trustees considered the profitability of AssetMark with respect to each Fund under this practice. The Trustees noted that AssetMark provides updated profitability analysis each quarter in connection with the quarterly Board meetings.

154<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

In evaluating AssetMark's profitability, the Trustees noted that the Funds are distributed in connection with AssetMark providing a package of administrative and other services as the sponsor of AssetMark's investment platform and considered the benefits that flow to Fund shareholders as a result of these services. Additionally, the Trustees considered AssetMark's existing agreements to waive advisory fees received from certain Funds and/or pay certain Fund expenses to the extent necessary to ensure that the Funds' overall expenses do not exceed certain levels.

The Trustees considered ancillary benefits received by AssetMark as a result of its relationship with the Funds, including the benefits of offering an integrated set of investment options as a part of AssetMark's asset allocation investment programs and the related marketing rebates received by AssetMark. The Trustees concluded that these benefits were reasonable.

The Trustees considered AssetMark's profitability in managing each Fund, the anticipated effect of potential asset growth on each Fund's expenses, and other information that might suggest the potential for realizing economies of scale that could be shared with Fund shareholders. The Trustees considered the fee waiver agreements under which AssetMark had agreed to waive expenses based upon the achievement of certain breakpoints listed in the agreement.

The Trustees concluded, in light of the foregoing factors, that AssetMark's level of profitability with respect to each Fund is reasonable. Additionally, the Board concluded that the economies of scale being realized by AssetMark, if any, do not mandate implementation of new or amended breakpoints or other changes in the fee structure for any Fund at this time.

**<u>Conclusion</u>** 

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**

**<u>Materials Reviewed and the Review Process</u>** 

Prior to voting to approve the renewal of the Sub-Advisory Agreements, the Trustees – assisted by Independent Counsel – specifically requested and were furnished with materials supplied by counsel, AssetMark and each Sub-Advisor for purposes of their review. The materials provided to the Board included, among other information: (1) a copy of each Sub-Advisory Agreement; (2) information regarding the nature, quality and scope of the services to be provided by the Sub-Advisors; (3) the investment performance of each Sub-Advisor in managing their respective Fund compared to an industry peer group, appropriate benchmark, and comparable Sub-Advisor client accounts, to the extent applicable; (4) AssetMark's evaluation of the nature, extent and quality of the services provided by each Sub-Advisor; (5) information regarding any benefits to each Sub-Advisor, such as receipt of research from brokers, that might result from the Sub-Advisor's relationship with a Sub-Advised Fund; (6) information concerning each Sub-Advisor's personnel, business, operations and investment team, including biographical information for the investment professionals that are responsible for the day-to-day management of the applicable Sub-Advised Fund's portfolio; (7) information regarding each Sub-Advisor's compliance policies and other internal procedures, including the Sub-Advisor's brokerage practices; (8) information regarding the financial condition of each Sub-Advisor or its parent company; and (9) other information relevant to an evaluation of the nature, extent and quality of the services, including information provided by each Sub-Advisor in response to a series of detailed questions posed by Independent Counsel on behalf of the Independent Trustees. The Trustees also considered the recommendations of AssetMark with respect to each Sub-Advisor and the methods and resources AssetMark utilized in its efforts to evaluate the Sub-Advisors for the Sub-Advised Funds.

In connection with their consideration of the renewal of the Sub-Advisory Agreements, the Trustees considered several factors that they deemed relevant to this process, including: (1) the nature, quality and extent of the services to be provided to each Sub-Advised Fund by the respective Sub-Advisor; (2) the quantitative performance of each Sub-Advisor; (3) AssetMark's evaluation, in accordance with its role as a "manager-of-managers," of the nature, extent and quality of the services provided by each Sub-Advisor; (4) information that might suggest the potential for realizing economies of scale that could potentially be shared with Fund shareholders; and (5) any potential "fall-out" or ancillary benefits to a Sub-Advisor or its affiliates. Prior to approving the continuation of the Sub-Advisory Agreements, the

155<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

Independent Trustees met in executive session with Independent Counsel. The Independent Trustees were assisted by Independent Counsel throughout the review process. The Independent Trustees relied upon the advice of Independent Counsel and their own business judgment in determining the material factors to be considered in evaluating each Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Independent Trustees were based on a comprehensive evaluation of all of the information provided to the Board throughout the year and specifically with respect to the renewal and were not the result of any one factor. Moreover, each Independent Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Sub-Advisory Agreement. A more detailed summary of the important, but not necessarily all, of the factors the Independent Trustees considered with respect to their approval of the continuation of the Sub-Advisory Agreements is provided below.

Nature, Quality and Extent of Services

The Trustees considered each Sub-Advisor's investment management process, including (a) the experience and capabilities of the Sub-Advisor's management, investment professionals and other personnel; (b) the financial position of the Sub-Advisor; (c) the quality and implementation of the Sub-Advisor's regulatory and legal compliance policies, procedures and systems; (d) the Sub-Advisor's brokerage and trading practices; and (e) AssetMark's evaluation of the nature, quality and extent of services performed by each Sub-Advisor.

The Trustees specifically considered the qualifications, experience and track record of the individuals and portfolio management teams at each Sub-Advisor that are responsible for the day-to-day management of each Sub-Advised Fund's portfolio. The Trustees also considered, with respect to each Sub-Advisor, its specific investment approach and level of expertise within its particular asset class. The Trustees considered whether each Sub-Advisor operated within its respective Fund's investment objective and style and considered each Sub-Advisor's record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor's performance record with respect to the relevant benchmark(s).

The Trustees concluded that the nature, extent and quality of the services provided by each Sub-Advisor to its respective Sub-Advised Fund is satisfactory.

Sub-Advisor Investment Performance

The Trustees considered whether each Sub-Advisor operated within its respective Sub-Advised Fund's investment objective and style and considered each Sub-Advisor's record of compliance with applicable investment restrictions. The Trustees also considered each Sub-Advisor's investment performance relative to benchmark indices.

The Trustees considered information received regarding each Sub-Advisor's performance, as reviewed with AssetMark. In connection with the review of investment performance, the Independent Trustees noted that the GuidePath<sup>®</sup> Managed Futures

Strategy Fund had continued to underperform its benchmark index and/or comparable funds over multiple time periods and discussed steps to be taken to improve performance with AssetMark.

Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits

The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to the respective Sub-Advised Fund. The Trustees considered management's representation that AssetMark's focus in negotiating sub-advisory arrangements is on negotiating favorable fee structures for each Fund, and that the sub-advisory fees are paid by AssetMark out of the investment advisory fees received and not the Funds. The Trustees also considered individual reports and data prepared with regard to each Sub-Advised Fund, including comparative information regarding fees. The Trustees noted that each Sub-Advisor's fees were reasonable in view of 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 potential asset growth on each Fund's expenses, and other information that might suggest the potential for realizing economies of scale that could be

156<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

shared with Fund shareholders. In this regard, the Trustees noted that certain of the Sub-Advisory Agreements' fee schedules contain breakpoints that present opportunities to share economies of scale 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.

**<u>Conclusion</u>** 

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.

157<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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.*](gf-efp24677_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](gf-efp24677_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Changes in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](gf-efp24677_ex99906cert.htm)

**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 <u>5/29/2026</u>

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 <u>5/29/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Patrick R. Young |
|  | Patrick R. Young, Vice President/Treasurer |

---

Date <u>5/29/2026</u>

 

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE**

**ASSETMARK CODE OF ETHICS AND BUSINESS**

**CONDUCT**

<u>Contents</u>

---

| | | | |
|:---|:---|:---|:---|
| **Part One: Policy on Personal Investing** | **Part One: Policy on Personal Investing** | **Part One: Policy on Personal Investing** | **3** |
| **I.** | **Introduction** | **Introduction** | **3** |
| **II.** | **Sanctions** | **Sanctions** | **4** |
| **III.** | **Definitions** | **Definitions** | **5** |
| **IV.** | **Standards of Business Conduct** | **Standards of Business Conduct** | **9** |
|  | A. | Comply with Policies, Laws, Rules and Regulations | 10 |
|  | B. | Disclose and Avoid Conflicts of Interest | 11 |
|  | C. | Place the Interests of Clients First | 12 |
|  | D. | Avoid Taking Inappropriate Advantage of Your Position | 12 |
|  | E. | Avoid Misusing Corporate Assets | 12 |
|  | F. | Corporate and Investment Opportunities | 13 |
|  | G. | Undue Influence | 13 |
|  | H. | Protect and Do Not Disclose Confidential Information | 13 |
|  | I. | Conduct Your Personal Securities Transactions in Full Compliance with this Code | 14 |
|  | J. | If You Are A Covered Associate, Abide by the Political Contributions Policy | 14 |
|  | K. | Your Responsibility to Maintain AssetMark's Controllership | 14 |
| **V.** | **Personal Investment Transaction Policies** | **Personal Investment Transaction Policies** | **15** |
|  | A. | Restrictions on Personal Investment Transactions | 15 |
|  | B. | Pre-Clearance Requirements for Access Persons | 16 |
| **VI.** | **Reporting Requirements of Access Persons** | **Reporting Requirements of Access Persons** | **18** |
|  | A. | List of Accounts | 18 |
|  | B. | Initial Holdings Report | 19 |
|  | C. | Quarterly Transactions Reports | 19 |
|  | D. | Annual Holdings Report | 20 |
|  | E. | Reporting Requirement Exceptions | 21 |
|  | F. | Reporting Requirements of Access Persons Who Resign or are Terminated | 22 |

---

AssetMark Code of Ethics and Business Conduct 1 Effective 05/01/2026

---

| | | | |
|:---|:---|:---|:---|
|  | G. | Annual Certification of Compliance with this Code | 22 |
| **Part Two: Policy Prohibiting Insider Trading** | **Part Two: Policy Prohibiting Insider Trading** | **Part Two: Policy Prohibiting Insider Trading** | **22** |
| **I.** | **Who is an Insider?** | **Who is an Insider?** | **23** |
| **II.** | **What is Material Information?** | **What is Material Information?** | **23** |
| **III.** | **What is Nonpublic Information?** | **What is Nonpublic Information?** | **24** |
|  | A. | Not Certain if You Have "Inside" Information? | 24 |
|  | B. | Penalties for Insider Trading | 24 |
|  | C. | Serving as an Officer or Director of a Publicly Traded Company | 25 |
| **Part Three: Gift & Entertainment Policy** | **Part Three: Gift & Entertainment Policy** | **Part Three: Gift & Entertainment Policy** | **25** |
| **I.** | **Applicable Laws and Regulations** | **Applicable Laws and Regulations** | **25** |
| **II.** | **Policy** | **Policy** | **26** |
|  | A. | General Prohibitions | 26 |
|  | B. | Limitations on Giving or Receiving Gifts | 26 |
|  | C. | Limitations on Receiving Entertainment | 27 |
| **III.** | **Compliance Procedures** | **Compliance Procedures** | **27** |
|  | A. | Providing Policy to Employees | 27 |
|  | B. | Annual Certification | 27 |
| **Part Four: Whistleblower Procedures** | **Part Four: Whistleblower Procedures** | **Part Four: Whistleblower Procedures** | **28** |
| **I.** | **Submission of Complaints** | **Submission of Complaints** | **28** |
| **II.** | **Reporting of Submissions** | **Reporting of Submissions** | **28** |
| **III.** | **Publication and Amendment of Procedures** | **Publication and Amendment of Procedures** | **28** |
| **IV.** | **Contact Information** | **Contact Information** | **28** |
| **Exhibit A:** | **Reportable Fund List of Mutual Fund Families** | **Reportable Fund List of Mutual Fund Families** | **29** |
| **Exhibit B:** | **Reportable Account Types for Access Persons** | **Reportable Account Types for Access Persons** | **30** |
| **Exhibit C:** | **Pre-Clearance Chart for Access Persons** | **Pre-Clearance Chart for Access Persons** | **31** |
| **Exhibit D:** | **ETFs Exempt From Pre-clearance** | **ETFs Exempt From Pre-clearance** | **32** |

---

AssetMark Code of Ethics and Business Conduct 2 Effective 05/01/2026

**<u>Part One: Policy on Personal Investing</u>**

&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction

The AssetMark Code of Ethics and Business Conduct applies to AssetMark, Inc., ("AssetMark"), AssetMark Trust Company ("ATC"), AssetMark Services, Inc. ("AMS"), and AssetMark Brokerage, LLC ("AMB"), (together the "Companies") and the mutual funds advised by AssetMark (each a "Fund" and collectively the "Trusts," as identified in Exhibit A). The Companies are subsidiaries of AssetMark Financial Holdings, Inc. ("AFHI"). As a matter of policy and practice, and consistent with industry best practices and SEC requirements (SEC Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940, applicable to firms that act as investment adviser, or principal underwriter, to a registered investment company), the Companies have adopted a written Code of Ethics (the "Code") covering all Supervised Persons (as defined in Section III below). The Code is divided into four major parts. **Part One** contains the **Policy on Personal Investing; Part Two** contains the **Policy Prohibiting Insider Trading**; **Part Three** contains the **Gift and Entertainment Policy**; and **Part Four** contains the **Whistleblower Procedures**.

The Trusts are investment companies registered under the Investment Company Act of 1940, as amended ("1940 Act"). AssetMark is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and provides investment advisory services to various client accounts and to the Trusts. ATC provides its custodial services exclusively to AssetMark clients. AMB acts as the principal underwriter/distributor of mutual fund shares within the Trusts.

The Code includes standards of business conduct with which the Companies' Supervised Persons are required to comply and reflects the Companies' fiduciary duties to the Trusts and Companies' clients. The Code requires compliance with applicable

U.S. Federal Securities Laws and incorporates procedures to implement such compliance. The responsibility for maintenance and enforcement of the Code lies substantially with the Chief Compliance Officer ("CCO") of AssetMark (as defined in Section III below). Any violations, or suspected violations, of the Code must be reported promptly to the CCO.

To promote best practices, this Code imposes obligations on officers, directors, Supervised Persons and Access Persons of the Companies and the Trusts, in addition to those required by Rule 17j-1 and Rule 204A-1. In doing so, the Companies and the Board of Trustees ("Trustees") of the Trusts recognize that a failure to comply with any non-mandatory sections herein should not be construed as a violation of Rule 17j-1 or Rule 204A-1.

AssetMark Code of Ethics and Business Conduct 3 Effective 05/01/2026

As we promote our core values of Heart, Client Success, Integrity, Excellence, and Respect, it is our responsibility to commit to ethical conduct. As such, we commit to high standards of behavior that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustain a culture where ethical conduct is recognized and highly valued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adheres to all applicable laws and regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promotes honesty, fairness and trustworthiness in all our business activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoids conflicts of interest

As well, it is our responsibility to demonstrate compliance with company policy and rules.

**Prevent compliance problems by**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensuring that risks associated with the business processes under your management are systematically identiﬁed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensuring that policies and procedures are tailored to the particular risk areas
within each department or business unit, and are issued and communicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing education and legal counseling to ensure that employees, and, where
appropriate, third parties understand the requirements of policies and applicable law

**Detect compliance problems by**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementing appropriate control measures in business processes to detect heightened risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promoting an effective whistleblower system that permits employees to raise concerns without fear of
retaliation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensuring that periodic compliance reviews are conducted to assess the effectiveness of the business'
compliance measures and to identify ways of improving them

**Respond to compliance problems by**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking prompt corrective action to ﬁx any identiﬁed weaknesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking appropriate disciplinary action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consulting with legal counsel and making appropriate disclosures to regulators and law enforcement
authorities

&nbsp;&nbsp;&nbsp;&nbsp;II. Sanctions

In response to a violation of any part of this Code, the Companies or the Trustees may impose such sanctions as they deem appropriate under the circumstances. Sanctions include but are not limited to: a letter of caution or warning, suspension of personal trading rights, suspension of employment (with or without compensation), civil referral to the Securities and Exchange Commission, criminal referral or termination of employment. Violators may be required to give up any profit or other benefit realized from any transaction in violation of this Code. The following are examples of conduct that may result in discipline:

AssetMark Code of Ethics and Business Conduct 4 Effective 05/01/2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actions that violate a policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requesting others to violate a policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to promptly raise a known or suspected violation of a policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to cooperate in investigations of possible violations of a policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retaliation against another employee for reporting an integrity concern

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to demonstrate the diligence needed to ensure compliance with AssetMark policies and applicable
law

Violation of an AssetMark policy or the Code can also mean breaking the law, subjecting you or the Companies to criminal penalties (ﬁnes or jail sentences) or civil sanctions (damage awards or ﬁnes).

&nbsp;&nbsp;&nbsp;&nbsp;III. Definitions

This section defines the terms used throughout the first three parts of the Code. The terms defined in this section do not apply to the Whistleblower Procedures found in Part Four.

**<u>ACCESS PERSON:</u>** The term "Access Person" shall mean any trustee, officer or director (or other person occupying a similar status or performing similar functions) of the Companies or the Trusts. It also includes certain employees, consultants, contractors or interns of the Companies or the Trusts (as further defined below), and any other person who is subject to the supervision and control of the Companies and has access to non-public information regarding any clients' purchase or sale of securities, or access to non-public information regarding holdings within any Managed Account or Reportable Fund, provides or has access to investment advice to clients on behalf of the Companies, or who makes non-public securities recommendations to clients on behalf of the Companies. If an individual obtains information that may affect his or her access to information as described above, he or she is required to make the CCO aware of this potential change. Should any such individual be deemed to have obtained access to such information, the CCO will inform such individual of the change in his or her access status and pre-clearance and reporting requirements. The CCO will maintain a list of all Access Persons.

An Access Person is further defined as:

**<u>Access Person:</u>** An employee of the Companies (including a consultant, "on-shore" contractor, or intern) who may be in a position, through their daily activities, to receive advance notice of trades placed in Managed Accounts or Reportable Funds. Unless exempted by the CCO, persons working in Trade Operations, Custody Operations, Reporting, Investments, IT Infrastructure Services, Legal, Compliance, all members of the Executive Management team of AssetMark or the Companies, including any other person as determined by the CCO, are deemed Access Persons.

AssetMark Code of Ethics and Business Conduct 5 Effective 05/01/2026

**<u>AUTOMATIC INVESTMENT PLAN:</u>** The term "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a Direct Participation Plan or Dividend Reinvestment Plan. An Automatic Investment Plan may be a Reportable Account if it holds or is capable of holding Reportable Securities.

**<u>BENEFICIAL OWNERSHIP:</u>** The term "Beneficial Ownership" will be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Accordingly, an Access Person will be deemed a "Beneficial Owner" of any security in which the person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest (i.e., the opportunity to profit directly or indirectly from a transaction in the security). An Access Person will be presumed to have Beneficial Ownership in securities held by the person's spouse and other immediate family members (children, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, in-laws and adoptive relationships) who share the same household, as well as securities held by a Domestic Partner.

In addition, an Access Person will be presumed to have Beneficial Ownership in securities and accounts subject to the person's direct or indirect influence or control and/or through which the person obtains the substantial equivalent of ownership, such as securities held by a trust in which the person is a Trustee or beneficiary, securities held by a partnership in which the person is the general partner, securities held by a corporation in which the person is a controlling shareholder or officer, or any other similar arrangement.

Any report required by Part One, Section VI of the Code may include a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the security to which the report relates.

**<u>CHIEF COMPLIANCE OFFICER:</u>** The CCO is an officer of AssetMark who is specifically designated by the Companies or an officer of the Trusts, or who is specifically designated by the Trustees, to perform functions pursuant to this Code.

**<u>COVERED ASSOCIATE:</u>** 1) any general partner, managing member or executive officer, or other individual with a similar status or function; 2) any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee and 3) any political action committee controlled by the investment adviser or by any person described in 1 and 2.

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**<u>DISCRETIONARY MANAGED ACCOUNT:</u>** An employee account where the employee has given an advisor or investment firm discretionary authority to execute trades in the Account. The Employee will exert no control over investment decisions in the Account, and at no time will unsolicited orders be accepted. The Advisor will actively trade in the Accounts without consulting the Employee. These accounts are subject to the same reporting requirements for Access Persons as all other Reportable Accounts.

**<u>DOMESTIC PARTNERSHIP:</u>** A person 18 years of age or older who lives in the same residence with an Access Person in an exclusive committed relationship but is neither married nor related.

**<u>FEDERAL SECURITIES LAWS:</u>** The term "Federal Securities Laws**"** means the Securities Act of 1933, as amended (the "1933 Act"); the Securities Exchange Act of 1934, as amended (the "1934 Act"); the Sarbanes-Oxley Act of 2002, as amended; the 1940 Act; the Advisers Act; Title V of the Gramm-Leach-Bliley Act, as amended; any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes; the Bank Secrecy Act as it applies to investment companies and investment advisers; and any rules adopted thereunder by the SEC, the Department of the Treasury, or the Department of Labor (ERISA).

**<u>INDEPENDENT TRUSTEE:</u>** The term "Independent Trustee" shall mean any Trustee of the Trusts who is not an "interested person" of the Trusts, as defined in section 2(a)(19) of the 1940 Act.

**<u>INITIAL COIN OFFERING:</u>** The term "Initial Coin Offering" means an offering of virtual coins or tokens (also known as "cryptocurrency") that are created and disseminated through blockchain technologies. Depending on the facts and circumstances, these offerings can meet the definition of a security in the federal securities laws.

**<u>INITIAL PUBLIC OFFERING:</u>** The term "Initial Public Offering" means an offering of securities registered under 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the 1934 Act.

**<u>LIMITED OFFERING:</u>** The term "Limited Offering" means an offering that is exempt from registration under the 1933 Act pursuant to section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506, thereunder. Limited Offerings may commonly be referred to as private placements. Limited Offerings are required to be pre-cleared by Access Persons.

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**<u>MANAGED ACCOUNT:</u>** The term "Managed Account" means any client account (other than a Reportable Fund) managed by AssetMark Asset Management or any outside investment adviser that AssetMark employs to manage client accounts on its behalf.

**<u>REPORTABLE ACCOUNT:</u>** The term "Reportable Account,**"** is an account at a broker, dealer, bank or other financial institution over which an Access Person has either direct or indirect ownership, and that holds or is capable of holding Reportable Securities. Any brokerage account related to AssetMark's Health Savings Accounts (HSA's), including any other HSA brokerage account, are also Reportable Accounts. See Exhibit B for more information.

***Special Note*:** A Reportable Account does NOT include an account held directly with an open-end investment company. If any account, other than an AssetMark house account, holds a Reportable Fund as defined below, it is a Reportable Account.

**<u>REPORTABLE FUND:</u>** A "Reportable Fund" means any Fund that is a series of the Trusts listed in Exhibit A and any other Fund for which AssetMark serves as an adviser or sub-advisor.

**<u>REPORTABLE SECURITY:</u>** The term "Reportable Security" shall have the same meaning as the definition of "security" as set forth in section 2(a)(36) of the 1940 Act, which includes the following: any note; stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit-sharing agreement; collateral-trust certificate; pre-organization certificate or subscription; transferable share; investment contract; voting-trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas or other mineral rights; any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof). In addition, shares of any exchange-traded products ("ETFs", "ETNs", etc.) and exchange-traded closed-end funds, are Reportable Securities**.**

Further note, the term "Reportable Security" differs from the definition of security under section 2(a)(36) in that it does NOT include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the U.S. government; treasuries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers' acceptances, bank certificates of deposit, commercial paper and
high quality short-term debt instruments (including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares of registered open-end investment companies, other than the Reportable Funds or ETFs; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds
that are not Reportable Funds.

**<u>SECURITY HELD OR TO BE ACQUIRED:</u>** A security that is "Held or to Be Acquired" means (1) any security which, within the most recent 15 days (a) is or has been held by the Trusts, or (b) is being or has been considered by the Trusts or the Adviser or a sub-adviser to the Trusts for purchase by the Trusts; and (2) any option to purchase or sell, and any security convertible into, or exchanged for such a security.

**<u>SECURITY BEING CONSIDERED FOR PURCHASE OR SALE:</u>** A security is "Being Considered for Purchase or Sale" when a recommendation to purchase or sell has been made or communicated to the person responsible for trading. This includes the Trusts' "buy" and "sell" orders.

**<u>SUPERVISED PERSON:</u>** The term "Supervised Person" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of the Companies and any other persons that the CCO may, in her discretion, deem to be subject to certain provisions of this Code. Employees deemed Access Persons are also Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Standards of Business Conduct

The Code reflects the requirements of the Federal Securities Laws, including Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Each Supervised Person must adhere to the highest standard of professional and ethical conduct and should be sensitive to situations that may give rise to an actual conflict or the appearance of a conflict with our clients' interests, or have the potential to cause damage to the reputation of the Companies or the Trusts. To this end, each Supervised Person must act in an ethical manner and with integrity, honesty and dignity. Acts of dishonesty including the spreading of rumors about AssetMark, the Trusts, or companies whose securities are held in the Managed Accounts or Trusts, that could manipulate markets or cause harm to the Managed Accounts or the Reportable Funds is strictly prohibited. Moreover, each Supervised Person must exercise reasonable care and professional judgment to avoid engaging in actions that put the image of the Companies or the Trusts or their reputations at risk.

While it is not possible to anticipate all instances of potential conflict or unprofessional conduct, the standard is clear that if you are a Supervised Person and have any doubt as to the appropriateness of any activity, you should consult the CCO. In addition, all Supervised Persons must report any violations of this Code promptly to the CCO. Supervised Persons are subject to this Code as prescribed herein. Adherence to the Code is a basic condition of employment or service.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Comply with Policies, Laws, Rules and Regulations</u> 

Supervised Persons must comply with all laws, rules and regulations applicable to the operations and business of the Companies and the Trusts as well as internal AssetMark policies. Supervised Persons should seek guidance whenever they are in doubt as to the applicability of any law, rule or regulation regarding any contemplated course of action.

As a Supervised Person, you must comply with all applicable Federal Securities Laws. This means that Supervised Persons must NOT:

Ø employ any device, scheme or artifice to defraud the Trusts, a Managed Account or any other client of the Companies in any manner;

Ø make any untrue statement of a material fact to the Trusts, a Managed Account or any other client of the Companies, or omit to state a material fact necessary in order to make such a statement, in light of the circumstances under which it is made, not misleading;

Ø engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Trusts, a Managed Account or any other client of the Companies; or

Ø engage in any manipulative practice with respect to the Trusts, a Managed Account or any other client of the Companies.

**<u>Competition Laws</u>**

The competition laws (referred to in the United States as the antitrust laws) are a critical part of the business environment in which AssetMark operates. They govern the day-to-day conduct of AssetMark's businesses in setting prices and other aspects of purchasing, selling and marketing goods and services. AssetMark is dedicated to compliance with the competition laws in all of its activities. Every employee is responsible for compliance with those laws, as well as for promptly raising concerns about any possible violations to legal counsel, senior management, or through the Whistleblower process. If you have any questions, please consult Legal.

**<u>Anti-Money Laundering</u>**

People who are involved in criminal activity may try to "launder" the proceeds of their crimes to hide them or make the proceeds appear legitimate. AssetMark will conduct business only with reputable customers who are involved in legitimate business activities and whose funds are derived from legitimate sources. As required by the applicable regulations, ATC currently abides by its AML policy and procedures. Please consult with ATC compliance with any questions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Disclose and Avoid Conflicts of Interest</u> 

Each Supervised Person should avoid any conflict of interest with regard to the Adviser and its clients, including the Trusts. A "conflict of interest" occurs when your private or personal interest interferes with the interests of the Adviser and/or the interests of its clients, including the Trusts. You must disclose any conflict of interest that arises in a specific situation or transaction and resolve the conflict before taking any action.

AssetMark recognizes and respects that employees may take part in legitimate ﬁnancial, business and other activities outside their jobs. However, those activities must be lawful and free of conﬂicts with their responsibilities as AssetMark employees.

**<u>Core Requirements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid actions or relationships that might conﬂict or appear to conﬂict with your job responsibilities or the interests of the Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain necessary approvals from your Manager and disclose the activity to Compliance before accepting
any position as an ofﬁcer or director of an outside business concern

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain the approval of your manager when accepting a board position with a not-for-proﬁt entity,
when there may be a Company business relationship with the entity or an expectation of ﬁnancial or other support from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose all of your outside activities to Compliance prior to engaging in the activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose your ﬁnancial interests or relationships that may present a possible conﬂict of
interest (or may present the appearance of a conﬂict) to your manager as well as legal counsel or compliance. Make these disclosures
in writing when such a situation arises, as well as when asked to complete a Conﬂicts of Interest Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose when an outside activity becomes a prospective AssetMark service provider. Additional Compliance
review is required before continuing the activity.

**<u>Examples of potential conflicts:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding a ﬁnancial interest in a company where you could personally affect AssetMark's business with that company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking a part-time job where you may be tempted to spend time on that job during your normal working
hours or to use Company equipment or materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving gifts of greater than nominal value from suppliers, customers or competitors while you are
in a position to inﬂuence Company decisions that might affect or appear to affect the outside concern (See "Part Three: Gift
& Entertainment Policy" for specific dollar thresholds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving personal discounts or other beneﬁts from suppliers, service providers or customers not available to the general public or similarly
situated employees

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting an offer to purchase "friends and family stock" in a company issuing shares through
an initial public offering (IPO) if you interface with that company in your business activities (See "Policy on Personal Investing"
for your pre-clearance responsibilities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directing business to a supplier that is owned or managed by a relative or close friend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferential hiring of, direct supervision of, or making a promotion decision about a spouse, relative
or close personal friend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A romantic or other personal relationship that may create a conﬂict of interest with the employee's
Company responsibilities or compromise Company interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Influencing the procurement of a vendor which you have a vested interest in without disclosing this
information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Place the Interests of Clients First</u> 

All Supervised Persons must avoid serving their own personal interests ahead of the interests of the Trusts or any Managed Account. Every Supervised Person shall notify the CCO of any personal actual or potential conflict of interest or other relationship which may involve the Trusts or any Managed Account, such as the existence of any economic relationship between personal transactions and Securities Held or to Be Acquired by any series of the Trusts or any Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Avoid Taking Inappropriate Advantage of Your Position</u> 

The receipt of investment opportunities, perquisites or gifts from persons seeking business with the Companies, the Trusts or any Managed Account could call into question the exercise of a Supervised Person's independent judgment. As a Supervised Person, you may not, for example, use your knowledge of portfolio transactions to profit from the market effect of such transactions or accept gifts of such value as to potentially impair your judgment in selecting brokers or other vendors on behalf of the Companies, the Trusts or any Managed Account. In addition, misusing resources, your position or inﬂuence to promote or assist an outside business or not-for-proﬁt activity is also an example of a possible violation of this standard of business conduct. All Supervised Persons must also comply with the Gift & Entertainment Policy, which is set forth in Part Three of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Avoid Misusing Corporate Assets</u> 

In order to provide services to its clients, AssetMark contracts with various outside investment advisers to provide recommendations that AssetMark uses to invest its clients' assets in the Managed Accounts and the Trusts. These portfolio recommendations are proprietary assets of those outside advisers, and become proprietary assets to AssetMark upon receipt. As a Supervised Person, you may not use your knowledge of the portfolio construction and transactions effected by AssetMark

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or a contracted outside adviser to perform portfolio management duties for your own account. For example, a Supervised Person might violate this Code by constructing a substantially similar portfolio to one recommended by a contracted outside adviser. On a more broad scale, you should not misuse the Companies' resources, intellectual property, time or facilities (including office equipment, e-mail, and computer applications), for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Corporate and Investment Opportunities</u> 

As a Supervised Person, you may not take personal advantage of any opportunity properly belonging to any Managed Account, the Trusts or AssetMark. For example, you should not acquire Beneficial Ownership in any security of limited availability without first offering the opportunity to purchase such security to AssetMark for the relevant Managed Account or Trusts. On a similar note, you should not personally enrich yourself by using opportunities that the Companies could have an interest in that are discovered through the use of your position, the Companies' information or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Undue Influence</u> 

As a Supervised Person, you may not cause or attempt to cause any Managed Account or the Trusts to purchase, sell or hold any security in a manner calculated to create any personal benefit to you. If you stand to benefit materially from an investment decision for a Managed Account or the Trusts, and you are making or participating in the investment decision, then you must disclose the potential benefit to those persons with authority to make investment decisions for the Managed Account or the Trusts (or, if you are the investment person with authority to make investment decisions for the Managed Account or the Trusts, to the **CCO**). The person to whom you report the interest, in consultation with the **CCO**, must determine whether or not you will be restricted in making or participating in the investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Protect and Do Not Disclose Confidential Information</u> 

Generally, information relating to the investment activities of the Companies, the Trusts and any Managed Account is confidential. Such information shall not be disclosed to any persons other than authorized Supervised Persons. Consideration of a particular purchase or sale of a security for the Trusts or any Managed Account shall not be disclosed except to authorized persons, as appropriate. As a Supervised Person, you may obtain nonpublic information concerning the Trusts or any Managed Account**,** and you must respect the confidential nature of the information and not divulge it unless specifically authorized by the CCO.

Confidential information includes proprietary information and company trade secrets. Supervised Persons should be aware of the broad scope of confidential information and take steps to properly protect all Companies' confidential information. Clearly marking non-public company information, limiting distribution and refraining from sharing company information with anyone outside of AssetMark or in any external forum are some examples of safeguarding company information. If you should have any specific questions in reference to safeguarding company information, please contact the **CCO**.

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Each employee must take care to protect individually identiﬁable consumer information and other sensitive personal information from inappropriate or unauthorized use or disclosure. AssetMark has adopted policies to protect confidential client and business information and take reasonable steps to ensure compliance with such procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not acquire, use, or disclose individual consumer information in ways that are inconsistent with
the Companies' privacy policies or with applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you have access to individual consumer information, use that information only for authorized business
purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Keep secure your business' records of individual consumer information, client personal identifiable
information, and company confidential information. This includes both paper and electronic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consult with legal counsel before establishing or updating any system, process, or procedure to collect,
use, disclose, or transmit individual consumer information or ﬁnancial records, or other sensitive personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Conduct Your Personal Securities Transactions in Full Compliance with this Code</u> 

Doubtful situations should be resolved in favor of the Trusts or any Managed Account. Technical compliance with the Code's procedures will not automatically insulate you from scrutiny with regard to any trades that indicate an abuse of fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>If You Are A Covered Associate, Abide by the Political Contributions Policy</u> 

AssetMark, as a registered investment adviser, may advise assets of certain government entities and must therefore abide by Rule 206(4)-5 of the Advisers Act. Certain Supervised Persons are also considered Covered Associates, as defined in Rule 206(4)-5, and must disclose political contributions. If you are a Covered Associate, you must abide by the political contributions reporting and pre-clearance requirements as specified in the Political Contributions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Your Responsibility to Maintain AssetMark's Controllership</u> 

Controllership comprises four elements that each employee is responsible for keeping: (1) compliance with applicable laws, regulations and AssetMark policies; (2) rigorous business processes and controls to ensure that AssetMark's physical, ﬁnancial and intellectual property assets are safeguarded; (3) integrity in communications to

AssetMark Code of Ethics and Business Conduct 14 Effective 05/01/2026

ensure timely, complete, fair, understandable and accurate reporting of actual and forecasted ﬁnancial information and non-ﬁnancial information in reports and documents that AssetMark submits to its owners or other government agencies and in public communications; (4) preservation of required documents and records, including all documents that are known to be relevant to pending or reasonably foreseeable litigation, audits or investigations.

&nbsp;&nbsp;&nbsp;&nbsp;V. Personal Investment Transaction Policies

Laws and ethical standards impose duties on the Companies, the Trusts and their Supervised Persons to avoid conflicts of interest between personal investment transactions and the transactions that the Companies make on behalf of their clients. In view of the sensitivity of this issue, it is important to avoid even the appearance of impropriety. The following personal investment transaction policies are designed to reduce the possibilities for such actual or apparent conflicts and/or inappropriate appearances, while at the same time, preserving reasonable flexibility and privacy in personal securities transactions. Except as otherwise noted, restrictions on personal investment transactions apply to all Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Restrictions on Personal Investment Transactions</u> 

---

| | |
|:---|:---|
| As a Supervised Person, unless you are specifically exempt below, the following transactions are prohibited: | As a Supervised Person, unless you are specifically exempt below, the following transactions are prohibited: |
| Ø | **You may not engage in any conduct or trading activity with respect to a Security Held or to Be Acquired by the Reportable Funds or any Managed Account if that conduct would defraud** the Reportable Funds or Managed Accounts or be (or appear to be) a manipulative practice with respect to the Reportable Funds or Managed Accounts, including the market timing of Reportable Funds' shares or short selling a security when it is held long by any Reportable Fund or Managed Account. |
| Ø | **You may not engage in excessive short-term trading of shares of Reportable Funds in any account including your AssetMark 401k.** Supervised Persons are subject to the market timing policies outlined in the prospectuses of the Reportable Funds. |
| Ø | **You may not purchase or sell, directly or indirectly, for your own account or for any account in which you may have a beneficial interest: any Reportable Security or Reportable Fund which, to your knowledge, is being purchased or sold** or is Being Considered for Purchase or Sale by AssetMark, sub-advisers to the Reportable Funds, or any client, including Managed Accounts, until one day after the Reportable Funds or any client, including Managed Accounts', have completed their buying or selling of such **Reportable Security** or |

---

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| | | |
|:---|:---|:---|
|  | **Reportable Fund** . **This restriction is known as a "Same-Day Blackout Period."** | **Reportable Fund** . **This restriction is known as a "Same-Day Blackout Period."** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Same-Day Blackout Period does NOT apply to: | &nbsp;&nbsp;&nbsp;&nbsp;The Same-Day Blackout Period does NOT apply to: | &nbsp;&nbsp;&nbsp;&nbsp;The Same-Day Blackout Period does NOT apply to: |
|  | ▪ | Independent Trustees (unless they should otherwise gain access to such information) |
|  | ▪ | Purchases or sales effected in any account over which a Supervised Person has no direct or indirect influence or control. |
|  | ▪ | Purchases or sales of securities that are not eligible for purchase or sale by the Reportable Funds or any Managed Account. |
|  | ▪ | Purchases or sales that are not based on the decision of the Supervised Person. |
|  | ▪ | Purchases or sales that are part of an Automatic Investment Plan, **as long as the transaction was not made outside of a pre-set/pre-determined allocation.** |
|  | ▪ | Purchases effected upon exercise of rights issued by an issuer pro-rata to all holders of a class of securities, to the extent that such rights were acquired from such issuer. |
|  | ▪ | Purchases or sales not otherwise exempt that receive the prior approval of the CCO because they are only remotely potentially harmful to the Reportable Funds or Managed Accounts. A purchase or sale that would be only remotely potentially harmful to the Trusts is one that is very unlikely to affect a highly institutional market or is clearly not related economically to the securities to be purchased, sold or held for the account of the Trusts. In granting such approval, the CCO shall determine that you are not trading upon any special knowledge acquired by virtue of your position. |
| | ▪ | Purchases or sales of shares of a Reportable Fund when the Funds are held in a Managed Account (i.e. AssetMark "House Accounts"). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Pre-Clearance Requirements for Access Persons</u> 

Access Persons must obtain prior approval from the CCO in writing before directly or indirectly acquiring a Beneficial Ownership in any security in an Initial Public Offering, Limited Offering, or Initial Coin Offering.

AssetMark Code of Ethics and Business Conduct 16 Effective 05/01/2026

Access Persons must also obtain pre-approval for Reportable Security transactions, including Reportable Security transactions to be made in

Beneficially Owned accounts of spouses and Domestic Partners, unless the transaction falls under an exception listed below. Upon receiving written approval, **<u>you will have until the close of market on the next trading day to effect the trade</u>,** or such other time period deemed appropriate by the CCO. Should you fail to effect the trade during the pre-approval period, the approval period will expire, and you must obtain a new written pre-approval before effecting the transaction. The CCO may refuse to authorize any transaction in a Reportable Security by an Access Person without disclosing the reason for the refusal. Please refer to Exhibit C for more information on the types of securities requiring approval.

Note: Transactions that are effected through limit orders, stop loss orders, etc.; or similar actions are <u>not</u> exempt from preclearance requirements. Therefore, caution must be applied to any trade utilizing these or similar market actions to ensure that all trades have a current and approved preclearance request.

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| | |
|:---|:---|
| **EXCEPTIONS TO PRE-CLEARANCE FOR <u>ACCESS PERSONS</u>:** | **EXCEPTIONS TO PRE-CLEARANCE FOR <u>ACCESS PERSONS</u>:** |
| Ø | Investments made in Managed Accounts or the Trusts for which you have no direct influence or control over the securities purchased or sold. This is known as an AssetMark "House Account." |
| Ø | Purchases or sales of securities that do not meet the definition of Reportable Security; e.g. money market, CDs, government securities, cryptocurrency, and mutual funds. |
| Ø | Exercising corporate stock options (including Restricted Stock Unit ("RSU") accounts when stock becomes unrestricted), when the sale is done 'automatically' by AssetMark for tax payment purposes.<br> Note that sales of unrestricted stock or stock options not sold automatically (self-directed) must be pre-cleared and the account must be reported in the quarter the stock becomes unrestricted. |
| Ø | Market driven exercise activity that is related to the purchase of a previously pre-approved options contract. Call/Put writing is <u>not</u> exempted from pre-clearance. |
| Ø | Any acquisition of securities through the exercise of rights, as a result of corporate actions, as gifts or an inheritance. However, opening a new Reportable Account must be reported and sales of Reportable Securities must be pre-cleared. |
| Ø | Any fixed income security considered a Reportable Security. |

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AssetMark Code of Ethics and Business Conduct 17 Effective 05/01/2026

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| | |
|:---|:---|
| Ø | Any futures contract (excluding single stock futures) |
| Ø | Purchases or sales made in a Discretionary Managed Account. However, this account type is <u>not</u> exempt from reporting requirements. |
| Ø | Purchases or sales of Reportable Securities made pursuant to a set allocation in an Automatic Investment Plan that is a Reportable Account. If a purchase or sale of a Reportable Security is made outside of the set allocation, it must be pre-cleared. (See Exhibit C for more information) |
| Ø | Purchases or sales in Reportable Securities in an account that is Beneficially Owned by a relative, other than a spouse or Domestic Partner, living in the same household as the Access Person. **Note:** Spousal and Domestic Partner Reportable Security Transactions must be pre-cleared. |
| Ø | Purchases or sales in Reportable Securities or Reportable Funds held in the AssetMark 401k. |
| Ø | Purchases or sales of broad-based ETFs listed in Exhibit D |

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&nbsp;&nbsp;&nbsp;&nbsp;VI. Reporting Requirements of Access Persons<sup>1</sup>

**NOTE*:*** This section applies primarily to Access Persons (see footnote). **However, Compliance reserves the right to request documentation related to this section from <u>any</u> Supervised Person at any time. As well, if you are registered with AMB, you must continue to report opened and closed accounts to the AMB CCO in a timely manner.**

The Companies and the Trusts will identify all Access Persons who are required to report and will inform you of your reporting obligations. Each Access Person must submit the following reports to the CCO, except with respect to transactions effected for, and Reportable Securities and Reportable Funds held in, any account over which the Access Person has no direct or indirect influence or control, or if the Access Person is otherwise exempted below. The required content of each report is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>List of Accounts</u> 

Must be received **<u>no later than 10 days after you become an Access Person</u>**

<sup>1</sup> **Items "E" and "G" are applicable to all Supervised Persons**. For Access Persons, any report required by this section may contain a statement that the report will not be construed as an admission that you have any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

AssetMark Code of Ethics and Business Conduct 18 Effective 05/01/2026

**<u>and must include</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Persons in your household who are considered "covered persons," which includes all persons
defined as **Beneficial Owners**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage or other accounts maintained by you or such covered persons in which Reportable Securities
are held or traded, or capable of being held or traded, including accounts managed on a discretionary basis. With respect to such discretionary
accounts, where the Access Person has no investment discretion and the account is a managed account based on model portfolios, you must
provide (i) a copy of the discretionary investment advisory agreement for the account, and (ii) all other reports set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Initial Holdings Report</u> 

This report must be received **<u>no later than 10 days after you become an Access Person.</u>** The report must be current as of a date no more than **<u>45 days</u>** prior to the date you become an Access Person and must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about any Reportable Security or Reportable Fund in which you had any direct or indirect
Beneficial Ownership as of the date you became an Access Person, including the title and type of security; the exchange ticker symbol
or CUSIP number, as applicable; and the number of shares and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with whom you maintained a Reportable Account as of the date
you became an **Access Person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date on which you submit the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quarterly Transactions Reports</u> 

Must be submitted <u>no later than 30 days after the end of a calendar quarter</u> in which any of the following transactions occur and must cover all transactions effected during the relevant calendar quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** Any transaction in a Reportable Security or Reportable Fund of which you had any direct or indirect
Beneficial Ownership. This includes any transaction in a Reportable Security held in a current 401k (such as a spousal 401k), past live
401k (from a previous employer), Discretionary Managed Accounts, and any brokerage account related to your AssetMark HSA account, including
any brokerage account related to another HSA account **.** In this instance, the report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction; the title; the exchange ticker symbol or CUSIP number, as applicable; the
interest rate and maturity date, if applicable; the number of shares and the principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

AssetMark Code of Ethics and Business Conduct 19 Effective 05/01/2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date on which you submit the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** Any Reportable Account in which any securities were held during the quarter for your direct or indirect
benefit. In this instance, the report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date on which you submit the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** Any transactions in an unrestricted securities account. In this instance, the report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom you have the unrestricted stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Reportable Security stock became unrestricted.

You need NOT:

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| | |
|:---|:---|
| Ø | Report any allocation driven transactions effected pursuant to an Automatic Investment Plan. **Transactions that override the set allocation schedule, must be reported.** |

---

---

| | |
|:---|:---|
| Ø | Report any transactions for any account in which all of the information required to be in the Quarterly Transaction Report is contained in the records of the Companies or the Trusts (i.e. "House Accounts"). **Note**: Transactions for discretionary accounts managed outside of AssetMark must still be reported on a quarterly basis. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Annual Holdings Report<sup>2</sup></u> 

Must be received annually, by the date specified by the CCO (the information must be current as of a date no more than <u>45 days</u> before the report is submitted). This holding report includes any Reportable Security held in any beneficially owned Reportable Account, including any current or past live 401k, the brokerage account related to your AssetMark HSA account, or any brokerage account related to another HSA account. Information must include:

<sup>2</sup>Any report required by this section may contain a statement that the report will not be construed as an admission that you have any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

AssetMark Code of Ethics and Business Conduct 20 Effective 05/01/2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about any Reportable Security or Reportable Fund in which you have or had any direct or
indirect Beneficial Ownership, including the title and type of security; the exchange ticker symbol or CUSIP number, as applicable; the
number of shares and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with whom you maintain a Reportable Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date on which you submit the report.

You need NOT:

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| | |
|:---|:---|
| Ø | Report any holdings for any account in which all of the information required to be in the Annual Holdings Report is contained in the records of the Companies or the Trusts (i.e. AssetMark "House Accounts"). **Note**: Holdings for discretionary accounts managed outside of AssetMark must still be reported. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Reporting Requirement Exceptions</u> 

**Access Persons on an official leave of absence**, as approved by Human Resources ("HR"), will not be bound to the reporting requirements of the Code for the extent of their leave, provided that they do not have access to any information that would qualify them as an Access Person under the Code, including email access and/or access to any other company systems. Other issues and potential violations pertaining, but not limited to, leaves of absence such as planned or unplanned leaves of absence will be determined at the CCO's discretion and will take into account the reasonable foreseeability of the circumstances surrounding the issue(s).

**Supervised Persons:** If any **Supervised Person** should gain access to any company system, including company email or have access to any non-public or sensitive company information while on leave of absence, they will automatically be restored to their full status under the Code upon obtaining such access or information. Therefore, they will be bound and subject to all applicable requirements of this Code, including all applicable reporting requirements herein. HR will immediately notify Compliance of such event.

**Independent Trustees** need not submit an Initial Holdings Report or Annual Holdings Report if required to do so solely by reason of being a Trustee of the Trusts. In addition, you need not submit a Quarterly Transaction Report if required to do so solely by reason of being a Trustee of the Trusts, unless you knew or, in the ordinary course of fulfilling your official duties as a trustee, should have known, that during the 15 day period immediately before or after your transaction in a Reportable Security, one of the series of the Trusts purchased or

AssetMark Code of Ethics and Business Conduct 21 Effective 05/01/2026

sold the Reportable Security or one of the series of the Trusts or AssetMark considered purchasing or selling the Reportable Security. Independent Trustees are also exempt from Annual Reporting Requirements.

F.<u> </u> <u>Reporting Requirements of Access Persons Who Resign or are Terminated</u>

In the event that an Access Person resigns or is terminated, he or she must promptly provide Compliance with copies of statements for all of their Reportable Accounts through the end of the month in which the Access Person was terminated or resigned. If an Access Person receives quarterly statements for a Reportable Account, the Access Person will be required to provide quarterly statements through the end of the quarter in which the Access Person resigned or was terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Annual Certification of Compliance with this Code</u> 

As a Supervised Person, you must certify annually that you have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read and understood that you are subject to and have complied with the requirements of this Code in
entirety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported all personal transactions in Reportable Accounts required to be reported by this Code, if applicable.

**<u>Part Two: Policy Prohibiting Insider Trading</u>**

The Policy Prohibiting Insider Trading is designed to prevent insider trading and the misuse of nonpublic information, as required by section 204A of the Advisers Act. All defined terms should be referenced back to Section III of Part I of the Code. The laws concerning insider trading generally prohibit:

Ø The purchase or sale of securities by an insider, while in possession of material nonpublic information;

Ø The purchase or sale of securities by a non-insider, while in possession of material nonpublic information which was misappropriated or disclosed to the non-insider in violation of an insider's duty to keep the information confidential; and

Ø The communication of material nonpublic information in violation of a confidentiality obligation where the information leads to the purchase or sale of securities.

AssetMark Code of Ethics and Business Conduct 22 Effective 05/01/2026

The term "insider trading" is generally used to refer to (i) a person's use of material nonpublic information in connection with transactions in securities, or (ii) certain communications of material nonpublic information. This policy applies to trades made by Supervised Persons in personal accounts as well as trades made on behalf of clients of the Companies, including the Trusts and any Managed Account. The Companies and the Trusts require that Supervised Persons obey the law and not trade on the basis of material nonpublic information. In addition, Supervised Persons are discouraged from seeking or knowingly obtaining material nonpublic information about publicly traded companies. It is also considered insider information if a Supervised Person has access to any material nonpublic information relating to any investment decisions or proprietary product development relating to AssetMark and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;I. Who is an Insider?

The concept of "insider" is broad. It includes the officers, trustees, employees and majority shareholders of a company. In addition, you can be considered a "temporary insider" of a company if you enter into a confidential relationship in the conduct of the company's affairs and, as a result, are given access to company information that is intended to be used solely for company purposes. Analysts are usually not considered insiders of the companies that they follow, although if an analyst is given confidential information by a company's representative in a manner which the analyst knows or should know to be a breach of that representative's duties to the company, the analyst may be deemed a temporary insider.

&nbsp;&nbsp;&nbsp;&nbsp;II. What is Material Information?

Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. To fulfill the materiality requirement, there must be a substantial likelihood that a fact would have been viewed by the reasonable investor as having significantly altered the total mix of information made available. No simple "bright-line" test exists to determine whether information is material. Because assessments of materiality are highly fact-specific, you should direct any questions regarding the materiality of information to the CCO.

It is impossible to create an exhaustive list of the types of information or events that would be material in all circumstances. However, the following items are some types of information or events that should be reviewed carefully to determine whether they are material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ earnings information, estimates or results, and earnings announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ mergers, acquisitions, tender offers, joint ventures or changes in assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ new products or discoveries, or developments regarding customers or suppliers (e.g., the acquisition
or loss of a contract);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ changes in control or in management;

AssetMark Code of Ethics and Business Conduct 23 Effective 05/01/2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ change in auditors or auditor notification that the issuer may no longer rely on an auditor's
audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ events regarding the issuer's securities -- e.g., defaults on senior securities, calls of securities
for redemption, repurchase plans, stock splits or changes in dividends, changes to the rights of security holders, public or private sales
of additional securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ bankruptcies or receiverships; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ major lawsuit or claim.

&nbsp;&nbsp;&nbsp;&nbsp;III. What is Nonpublic Information?

Information is nonpublic if it has not been disseminated in a manner making it available to investors generally. For example, information contained in a report filed with the SEC, a press release, or other press report appearing in a publication (including a website) of general circulation (i.e., Bloomberg, The Wall Street Journal, Reuters, Associated Press, etc.) would usually be considered generally available to the public. Limited disclosure does not make the information public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Not Certain if You Have "Inside" Information?</u> 

If you have any doubts about whether you are in possession of material, nonpublic information about AssetMark or another company, consult the CCO.

If you think that you may have access to material, nonpublic information, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Report the information and any proposed trade immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not purchase or sell the securities on behalf of yourself or others, including the Trusts or any Managed
Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not communicate the information to any other employee or person other than the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ After the CCO has reviewed the issue, the CCO will determine whether the information is material and
non-public and, if so, what action you and the Companies should take.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Penalties for Insider Trading</u> 

The penalties for trading on or communicating material nonpublic information are severe, both for the individuals involved in the unlawful conduct and for their employers. You can be subject to some or all of the penalties set forth below even if you do not personally benefit from the violation. Penalties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ administrative penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ disgorgement of profits;

AssetMark Code of Ethics and Business Conduct 24 Effective 05/01/2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ substantial fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ criminal penalties and/or jail sentences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ serious disciplinary measures imposed by the Trusts and/or the Companies, including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Serving as an Officer or Director of a Publicly Traded Company</u> 

Because officers, directors or trustees of a publicly traded company have special information about that company, the Companies and the Trusts require the CCO's approval before any of their trustees, directors, officers or employees may agree to serve as an officer or director of a publicly traded company. The CCO will design appropriate procedures to mitigate any conflicts of interest and any potential insider trading issues depending upon the requirements of each individual situation.

**<u>Part Three: Gift & Entertainment Policy</u>**

The Companies and the Trusts have jointly adopted this Gift & Entertainment Policy. The purpose of this Policy is to ensure that Supervised Persons, in carrying out their respective duties: (i) act in accordance with the highest ethical standards; (ii) meet all applicable legal and regulatory requirements with respect to the giving and receipt of gifts and entertainment; and (iii) avoid any actual or potential conflicts of interest that may result from the giving or receipt of gifts or entertainment.

For purposes of this Policy, the distinction between a "gift" and "entertainment" is an important one. Throughout this Policy, the term "gift" refers to all items that are accepted from or given to any person as a result of a primary business relationship. "Entertainment" means any event, meal or activity whose primary purpose is business-related and is offered *and attended by* a person who himself/herself or through his/her employer or affiliate has a current or prospective business relationship with AssetMark or the Trusts. If the person or entity paying for the entertainment does not have a person or representative attend the event, the event constitutes a "gift" subject to the gift policy.

&nbsp;&nbsp;&nbsp;&nbsp;I. Applicable Laws and Regulations

As an investment adviser, AssetMark owes general fiduciary duties to its advisory clients that are relevant when considering the receipt of gifts and/or entertainment. All employees who are registered with AMB are under the additional duty to comply with AMB's Written Supervisory Procedures pertaining to gifts and entertainment and non-cash compensation arrangements that may be given or received in connection with the business of AMB.

AssetMark Code of Ethics and Business Conduct 25 Effective 05/01/2026

&nbsp;&nbsp;&nbsp;&nbsp;II. Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General Prohibitions</u> 

No employee of the Companies may accept or provide any gifts or business entertainment relating to the Companies' business unless permitted in this Policy. Before accepting or providing any gift or business entertainment, all employees should use their judgment and consider whether their giving or receipt of such gift or entertainment is consistent with both the letter and the objectives of this Policy. **If you have any questions as to the propriety of a specific gift or business entertainment event, you should contact the CCO prior to acceptance.**

As a matter of general policy, you are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Giving or receiving any gift or entertainment that is conditioned upon any future or continuing business
relationship with AssetMark, the Trusts or a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Soliciting any gifts or entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accepting cash gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Limitations on Giving or Receiving Gifts</u> 

All gifts must be pre-cleared with Compliance, in writing, prior to gifting unless specifically exempted in this policy.

You are prohibited from giving or receiving any gift with a value greater than $300 per person, **per year, in aggregate** to or from any person or entity that does business with the Trusts, a Managed Account or the Companies, including a financial advisor client, vendor, such as any service provider, or manager, or strategist.

If you are giving a gift or entertainment to an ERISA Plan Sponsor, the total value of gifts and entertainment together given per year to any one sponsor cannot exceed $250 in aggregate.

Gifts given to third-party financial advisors for life events are exempt from the $300 per individual, per year in aggregate total, as such gifts are given by the Adviser, in regard to the Adviser's business relationship with the third-party financial advisor, not the Firm. Life event gifts must still be precleared prior to gifting. Examples of life event gifts are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bereavement gifts for the loss of a family member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wedding gift

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrival of a new-born

AssetMark Code of Ethics and Business Conduct 26 Effective 05/01/2026

Additionally, AssetMark logoed gifts shall be exempt from inclusion in the $300 per individual, per year, in aggregate calculation if such gift is valued at no more than $90. AssetMark logoed items given with a value greater than $90 will be included in the $300 per individual, per year, in aggregate calculation, and must be pre-cleared prior to gifting.

Employees registered with AMB must also comply with their policies regarding gifting, which also requires pre-clearance prior to gifting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Limitations on Receiving Entertainment</u> 

You may receive or participate in "reasonable and customary" business entertainment such as an occasional meal, round of golf, sporting event, theater production or comparable entertainment event, so long as it is neither so frequent nor so extensive as to raise any question of impropriety. As a general guideline, entertainment provided more frequently than once per quarter by the same vendor or advisor may not be considered "reasonable and customary" business entertainment.

**Before accepting any business entertainment that is valued at greater than $250.00, you must request pre-approval from the CCO. The giver of the entertainment must be present at the event in order to qualify as business entertainment. If the person giving the entertainment is not present at the event, the entertainment is considered a gift and is subject to the $300 per person per year limitation.**

Employees registered with AMB must also comply with their policies pertaining to entertainment that may be given or received in connection with the business of AssetMark.

&nbsp;&nbsp;&nbsp;&nbsp;III. Compliance Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Providing Policy to Employees</u> 

AssetMark will provide each Supervised Person a copy of this Policy upon commencement of their employment and periodically thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annual Certification</u> 

Each Supervised Person will certify annually that the employee has received, understands and is in compliance with this Policy or, if not in compliance, shall provide a relevant explanation of the circumstances.

AssetMark Code of Ethics and Business Conduct 27 Effective 05/01/2026

**<u>Part Four: Whistleblower Procedures</u>**

This section outlines the Procedures for raising an integrity concern or for reporting a Reportable Issue within the Companies. For purposes of these Procedures, "Reportable Issues" include, but are not limited to, issues related to accounting, internal controls or financial reporting for the Trusts; violations of applicable laws, rules or regulations; violations of this Code of Ethics and Business Conduct of the Companies and the Trusts; and any other unethical behavior; "Interested Persons" as used herein, means all employees of the Companies. **No retaliation against employees will be permitted for good faith reporting of relevant concerns regarding Reportable Issues.**

&nbsp;&nbsp;&nbsp;&nbsp;I. Submission of Complaints

Employees are required to report to the CCO any Reportable Issue that constitutes a violation of this Code. Employees are urged to report any potential Reportable Issue or integrity concern and are directed to report this issue locally within their business segment to their supervisor or manager. Employees may also report a concern to any member of the Compliance team or internal Legal counsel. The employee may also utilize the independent reporting agency to anonymously submit concerns surrounding a Reportable Issue. (See section IV. below) All submissions, as well as any follow-up communications, will be handled through the proper channels and dealt with on confidential basis, if an employee so desires.

&nbsp;&nbsp;&nbsp;&nbsp;II. Reporting of Submissions

Issues related to accounting, internal controls or financial reporting for a Trust shall be reported to members of the Audit Committee of the Trust within a reasonable time period, but no later than the next regularly scheduled meeting of the Board. The Board shall consider any such complaints and take action that the Audit Committee, in its discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;III. Publication and Amendment of Procedures

These Procedures shall be made readily accessible to all Interested Persons. The Trustees shall approve these Procedures and any amendments hereto.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Contact Information

AssetMark has contracted with the following agency to receive employee integrity concerns:

Independent Reporting Agency: **Lighthouse Services, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Online Submission: **www.lighthouse-services.com/assetmark** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Email: **reports@lighthouse-services.com** (must include company name with report)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Toll Free Telephone number: **(855) 780-0076** 

AssetMark Code of Ethics and Business Conduct 28 Effective 05/01/2026

**EXHIBIT A –List of Reportable Mutual Fund**

**<u>The Trusts</u>**

(Registered Investment Companies advised by AssetMark, Inc.)

GPS Funds I (GuideMark Funds)

GPS Funds II (GuidePath Funds)

AssetMark Code of Ethics and Business Conduct 29 Effective 05/01/2026

**EXHIBIT B – Reportable Account Types for Access Persons**

The following table is a guide to assist **Access Persons** in understanding the reporting requirements, for specific account types under the Code.

---

| | | | |
|:---|:---|:---|:---|
| **Account Type**<br> **(All account types are reportable if you can purchase or sell Reportable Securities or Reportable Funds)** | **Reporting Requirement** | **Reporting Requirement** | **Reporting Requirement** |
| **Account Type**<br> **(All account types are reportable if you can purchase or sell Reportable Securities or Reportable Funds)** | **Initial Holdings (within 10 days of hire)** | **Quarterly Transactions (within 30 days after quarter end)** | **Annual Holdings<sup>1</sup>** |
| Brokerage trading account | Yes<sup>2</sup> | Yes<sup>2</sup> | Yes<sup>2</sup> |
| Mutual Fund Only Account held at Fund Company (Non-Reportable Fund) | No | No | No |
| Brokerage account related to your AssetMark Health Savings Account (HSA) | N/A | Yes | Yes |
| Brokerage account related to a non-AssetMark HSA account | Yes | Yes | Yes |
| 401K (Non-AssetMark 401K, that does not hold and is not capable of holding Reportable Securities) | <br> No | <br> No | <br> No |
| 401K (Non-AssetMark 401K, if it holds or is capable of holding Reportable Securities) | <br>Yes | <br>Yes | <br>Yes |
| Managed Account on the AssetMark platform ("House Accounts") | <br> No | <br> No | <br> No |
| &nbsp;&nbsp; Discretionary Managed Accounts, with Reportable Securities4 (Outside Advisory<br> Accounts, including Robo Advisors) | <br> Yes | <br> Yes | <br> Yes |
| Peer to Peer Lending Accounts | Yes | Yes | Yes |
| 529 College Savings Plans | No5 | No5 | No5 |
| Direct Stock Purchase Plans | Yes | No6 | Yes |
| Dividend Reinvestment Plans (DRIPs) | Yes | No6 | Yes |
| Employee Stock Ownership Plans (ESOPs) and Employee Stock Purchase Plans (ESPPs) ("Company Stock Funds") | Yes | No6 | Yes |
| Cryptocurrency only accounts | Yes | No | Yes |
| Physical certificates for stock, ETFs, Closed-End funds or other Reportable securities | Yes | Yes | Yes |

---

**<u>If your account type is not listed, please contact Compliance</u>**

<sup>1</sup> Fulfilled by fourth quarter transaction report from broker if it includes all holdings.

<sup>2</sup> This includes outside accounts that hold the Reportable Funds.

<sup>3</sup> Currently offers no reportable securities as investment options

<sup>4</sup> This requires a discretionary management agreement and reporting.

<sup>5</sup> Unless it holds or is capable of holding Reportable Securities

<sup>6</sup> Transactions that override the set allocation schedule must be reported. This includes fund to fund transfers in your AssetMark 401k or AssetMark Deferred Compensation Plan

AssetMark Code of Ethics and Business Conduct 30 Effective 05/01/2026

**EXHIBIT C – Pre-clearance Chart for Access Persons**

The following table is a guide to the Pre-Clearance requirements for transactions in certain security types for Access Persons.

---

| | |
|:---|:---|
| <br>**Security Type** | <br>**Must be Pre-cleared Prior to Executing the Transaction** |
| Initial Public Offering (IPO*)* | Yes |
| Initial Coin Offering (ICO) | Yes |
| Limited Offerings, Private Placements | Yes |
| Stock | Yes<sup>1, 2</sup> |
| Options (including Call/Put writing) | Yes |
| Exchange-Traded Products (ETFs, ETNs, REITs, etc.) | Yes<sup>1, 2</sup> |
| Exchange-Traded Closed-End Fund | Yes<sup>1, 2,4</sup> |
| Futures Contracts | No<sup>3</sup> |
| Broad-Based Index Options | Yes |
| CDs | No |
| Cryptocurrency | No |
| Government Securities | No |
| Mutual Funds | No |
| Money Market | No |
| Bonds or other fixed-income securities | No |

---

 

<sup>1</sup> Transactions executed automatically based on a set allocation in an Automatic Investment Plan are exempt from pre-clearance.

<sup>2</sup> Transactions executed by a discretionary manager as part of a discretionary management agreement are exempt from pre-clearance.

<sup>3</sup> Single stock futures require pre-clearance

<sup>4</sup> ETFS listed in Exhibit D are exempt from preclearance

AssetMark Code of Ethics and Business Conduct 31 Effective 05/01/2026

**EXHIBIT D – ETFs Exempt From Pre-clearance**

The following broad-based ETFs are exempt from pre-clearance for Access Persons.

Transactions in these ETFs remain subject to all reporting requirements and other provisions of the Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Ticker** | <br>**Fund Name** | <br>**Issuer** |
| VOO | Vanguard S&P 500 ETF | Vanguard |
| IVV | iShares Core S&P 500 ETF | BlackRock, Inc. |
| SPY | State Street SPDR S&P 500 ETF | State Street |
| VTI | Vanguard Total Stock Market ETF | Vanguard |
| QQQ | Invesco QQQ Trust Series I | Invesco |
| VEA | Vanguard FTSE Developed Markets ETF | Vanguard |
| IEFA | iShares Core MSCI EAFE ETF | BlackRock, Inc. |
| IEMG | iShares Core MSCI Emerging Markets ETF | BlackRock, Inc. |
| VXUS | Vanguard Total International Stock ETF | Vanguard |
| VWO | Vanguard FTSE Emerging Markets ETF | Vanguard |
| VGT | Vanguard Information Technology ETF | Vanguard |
| IJH | iShares Core S&P Mid-Cap ETF | BlackRock, Inc. |
| VIG | Vanguard Dividend Appreciation ETF | Vanguard |
| SPYM | SPDR Portfolio S&P 500 ETF | State Street |
| VO | Vanguard Mid-Cap ETF | Vanguard |
| IJR | iShares Core S&P Small Cap ETF | BlackRock, Inc. |
| XLK | State Street Technology Select Sector SPDR ETF | State Street |
| RSP | Invesco S&P 500 Equal Weight ETF | Invesco |
| SCHD | Schwab US Dividend Equity ETF | The Charles Schwab Corp. |
| ITOT | iShares Core S&P Total U.S. Stock Market ETF | BlackRock, Inc. |

---

AssetMark Code of Ethics and Business Conduct 32 Effective 05/01/2026

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Carrie E. Hansen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of GPS Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/29/2026 | /s/ Carrie E. Hansen |
|  |  | Carrie E. Hansen |
|  |  | Principal Executive Officer/President |

---

**<u>CERTIFICATIONS</u>**

I, Patrick R. Young, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of GPS Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/29/2026 | /s/ Patrick R. Young |
|  |  | Patrick R. Young |
|  |  | Vice President/Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the GPS Funds I, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the GPS Funds I for the year ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the GPS Funds I for the stated period.

---

| | |
|:---|:---|
| /s/ Carrie E. Hansen | /s/ Patrick R. Young |
| Carrie E. Hansen | Patrick R. Young |
| Principal Executive Officer/President | Vice President/Treasurer |
| GPS Funds I | GPS Funds I |

---

Dated: <u>5/29/2026</u> Dated: <u>5/29/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by GPS Funds I for purposes of Section 18 of the Securities Exchange Act of 1934.